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)

5005 Lyndon B. Johnson Freeway, Suite 2200

                Dallas, TX 75244-6152                

(Address of principal executive offices) (Zip code)

Matthew A. Wolfe, Esq.

GuideStone Financial Resources of the Southern Baptist Convention

5005 Lyndon B. Johnson Freeway, Suite 2200

                                         Dallas, TX 75244-6152                                        

(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, 2018

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 investment 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 which 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 solutions 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	14
MyDestination 2015 Fund	14
MyDestination 2025 Fund	16
MyDestination 2035 Fund	18
MyDestination 2045 Fund	20
MyDestination 2055 Fund	22
Financial Statements	24
Asset Allocation Funds	32
Conservative Allocation Fund	32
Balanced Allocation Fund	34
Growth Allocation Fund	36
Aggressive Allocation Fund	38
Financial Statements	40
Fixed Income Select Funds	46
Money Market Fund	46
Low-Duration Bond Fund	49
Medium-Duration Bond Fund	76
Extended-Duration Bond Fund	128
Global Bond Fund	133
Financial Statements	150
Equity Select Funds	159
Defensive Market Strategies Fund	159
Equity Index Fund	171
Value Equity Fund	178
Growth Equity Fund	183
Small Cap Equity Fund	186
International Equity Index Fund	192
International Equity Fund	203
Emerging Markets Equity Fund	218
Financial Statements	236
Real Assets Select Funds	248
Global Real Estate Securities Fund	248
Financial Statements	252
Alternatives Select Fund	256
Strategic Alternatives Fund	256
Financial Statements	277
Notes to Financial Statements	281
Fund Management	332
Board Review of Advisory Agreements	336

This report has been prepared for shareholders of GuideStone Funds. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current prospectus, which contains more complete information about the Funds. Investors are reminded to read the prospectus carefully before investing. The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.com. 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 2018 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 2018, our staff continued to work diligently on behalf of all of our investors. Many members of our team are being called upon by the likes of Bloomberg, Reuters, CNBC and Fox Business Channel for their expertise as these media outlets look for voices who can speak to the financial and market issues of our day. This same thought leadership is diligently focused on your investments each and every day.

Our offices will be making a move — our first in almost three decades — on August 20, 2018. Our new state-of-the-art office is about 10 miles from our current offices. The team is looking forward to new space that will allow us to collaborate even more efficiently for the benefit of our investors.

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

2

FROM THE CHIEF INVESTMENT OFFICER

Matt L. Peden, CFA

U.S. equity markets started the year on a hot streak, extending 2017’s gains and recording the strongest January performance since 1997. After 15 consecutive months of positive returns, however, markets ran out of steam in February and briefly entered correction territory on fears of rising inflation and higher interest rates. The struggle for returns continued into the second quarter, as the S&P 500^® Index¹ posted its worst start to the month of April since 1929. Things picked up in May and June, driven largely by robust corporate earnings, strong gains in the technology sector and a meaningful decline in volatility. The S&P 500^® Index finished the six-month period ended June 30, 2018, up 2.65%, with the NASDAQ² up 9.37%. The Dow Jones Industrial Average³ was slightly negative, closing the first half of the year down -0.73%.

A strong U.S. dollar was a significant headwind for non-U.S. securities during the first half of the year, especially in the second quarter, while weakening foreign economic growth also contributed to a challenging return environment. The MSCI EAFE Index⁴, which measures equity market performance in global developed markets (excluding the United States and Canada), finished down -2.75% for the six months ended June 30, 2018. The MSCI Emerging Markets Index⁵, which measures equity market performance in 24 emerging market countries, was down -6.66%. The Bloomberg Barclays Global Aggregate Bond Index⁶, which provides a broad-based measure of the global investment grade bond market, was down -1.46%.

U.S. fixed-income markets, characterized by a flattening U.S. Treasury yield curve and modestly widening spreads, also had difficulty over the first six months of the year. The broad U.S. investment grade market, as measured by the Bloomberg Barclays US Aggregate Bond Index⁷, ended the most recent six months down -1.62%, while the Bloomberg Barclays US Corporate High Yield Index⁸ finished relatively flat at 0.16%.

The table below summarizes the 2018 returns for each index described above.

Index	1st Quarter 2018  Returns			2nd Quarter 2018  Returns			YTD Returns as of June 30, 2018
U.S. Equities
S&P 500®		-0.76	%		3.43	%		2.65	%
Dow Jones Industrial Average		-1.96	%		1.26	%		-0.73	%
NASDAQ		2.59	%		6.61	%		9.37	%
International Equities
MSCI EAFE		-1.53	%		-1.24	%		-2.75	%
MSCI Emerging Markets		1.42	%		-7.96	%		-6.66	%
U.S. Fixed Income
Bloomberg Barclays US Aggregate Bond		-1.46	%		-0.16	%		-1.62	%
Bloomberg Barclays US High Yield – Corporate		-0.86	%		1.03	%		0.16	%
Global Fixed Income
Bloomberg Barclays Global Aggregate Bond		1.36	%		-2.78	%		-1.46	%

Tariffs and Trade

Tariffs and trade policy seemed to dominate headlines throughout the first half of the year as President Trump pursued his “America First” campaign promise to level the playing field on trade. The administration’s first major trade actions occurred in January, with the U.S. imposing tariffs on solar panels and washing machines. Fears of a potential trade war were sparked a couple of months later when President Trump levied tariffs on aluminum and steel imports. In June, the President announced additional tariffs on approximately $50 billion of Chinese goods, with the threat of further tariffs on another $200 billion.

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President Trump has generally hardened his rhetoric on trade over the past few months, especially as it relates to China. In response, many of America’s key trading partners have imposed retaliatory tariffs on U.S. exports, with China strategically targeting goods that are produced in the American heartland where a large contingent of the President’s most ardent supporters reside. Despite the back-and-forth gamesmanship we have seen displayed between President Trump and other world leaders, the tariffs to date, both levied and threatened, remain fairly small relative to the overall size of the U.S. economy and are dwarfed by the expected financial benefits of the Tax Cuts and Jobs Act of 2017, President Trump’s keynote tax reform legislation. This is an important issue to watch, however, as small tariffs can quickly escalate into a trade war that can have significant negative ramifications on economic growth and financial markets.

Financial Tightening

As expected, the Federal Reserve (“Fed”) raised the federal funds rate twice during the first half of the year, once in March and once in June. Spurred by full employment, moderate inflation and an expectation of continued economic strength, the Fed has become increasingly hawkish under the leadership of new chairman Jerome Powell. After its March meeting, the Fed announced it had raised its estimate for calendar year 2019 from two to three rate increases. Furthermore, the Fed indicated after its June meeting that two additional rate hikes are likely to occur in 2018. The first six months of the year was characterized by a flattening yield curve.

While the Fed is currently the most hawkish of the global central banks – and thus the farthest along in its tightening activities – another key central bank began to lay the groundwork for future financial tightening. At its June meeting, the European Central Bank announced its intention to wind down quantitative easing⁹ by the end of the year. Barring a sharp reversal in the world economy, financial tightening should start to gradually proliferate across the globe in the not-too-distant future – slowing the flow of money and reducing global liquidity.

Conclusion

When considering present-day economic and financial market conditions, there are reasons for investors to be optimistic. Despite the prolonged length of the current bull market, the U.S. economy continues to be in expansion mode, unemployment is at its lowest level in over 18 years and both business and consumer sentiment remain at historically strong levels. Moreover, the full impact of the Tax Cuts and Jobs Act has likely not yet been felt.

Equities, however, are demonstrating clear signs of late cycle behavior (such as technology sector leadership) and investor risk appetite is beginning to fall. Investors appear to be reacting more quickly to negative headlines, while tightening financial conditions (i.e., rising interest rates, inflation and oil prices) should reduce investors’ desire for risky assets over time. Going forward, we believe volatility will likely return to higher, and historically normal, levels, with additional market drawdowns possible as the year progresses. As a reminder, declines in the 10% range are very normal and are, at times, considered healthy developments for markets that have produced outsized gains.

It is also important to remember that the average market decline in a mid-term election year (which 2018 is) is approximately -18%. Now may be a good time to evaluate portfolio allocations and consider whether an opportunity exists to de-risk into asset classes that perform better in a more volatile environment. During times of uncertainty, it is important for investors to be appropriately diversified and remain committed to their long-term investment strategy. As always, we do not recommend trying to time the market.

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Thank you for investing in GuideStone Funds and for the confidence and trust you have placed in us. We strive to manage the GuideStone Funds lineup with strong conviction and prudent stewardship, while remaining proactive with respect to investor demands. As such, we welcome any comments or questions that you may have. For additional commentary on capital markets and information on GuideStone Funds, we invite you to visit our website at GuideStoneFunds.com.

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  The S&P 500^® Index is a market capitalization-weighted equity index composed of approximately 500 U.S. companies representing all major industries. The Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of its constituents.

²  The NASDAQ Composite Index is the market capitalization-weighted index of over 3,300 common equities listed on the NASDAQ stock exchange.

³  The Dow Jones Industrial Average (DJIA) is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange (NYSE) and the NASDAQ.

⁴  The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

⁵  The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates.

⁶  The Bloomberg Barclays Global Aggregate Bond Index is a flagship measure of the 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.

⁷  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-throughs), ABS and CMBS (agency and non-agency).

⁸  The Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Bond 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.

⁹  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.

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, 2018 to June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Actual
Fund	Class		Beginning Account Value 01/01/18		Ending Account Value 06/30/18		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
MyDestination 2015		Institutional	$	1,000.00	$	998.10		0.14	%	$	0.71
		Investor		1,000.00		996.10		0.39			1.91
MyDestination 2025		Institutional		1,000.00		1,000.00		0.13			0.63
		Investor		1,000.00		999.00		0.38			1.86
MyDestination 2035		Institutional		1,000.00		1,004.00		0.14			0.68
		Investor		1,000.00		1,004.00		0.38			1.91
MyDestination 2045		Institutional		1,000.00		1,008.30		0.14			0.72
		Investor		1,000.00		1,007.30		0.39			1.95
MyDestination 2055		Institutional		1,000.00		1,009.70		0.20			0.99
		Investor		1,000.00		1,008.20		0.40			1.99
Conservation Allocation		Institutional		1,000.00		1,001.70		0.18			0.89
		Investor		1,000.00		1,000.00		0.40			1.99
Balanced Allocation		Institutional		1,000.00		1,000.80		0.13			0.63
		Investor		1,000.00		997.50		0.38			1.86
Growth Allocation		Institutional		1,000.00		1,006.40		0.13			0.65
		Investor		1,000.00		1,004.80		0.38			1.87
Aggressive Allocation		Institutional		1,000.00		1,011.40		0.14			0.68
		Investor		1,000.00		1,009.80		0.37			1.86
Money Market		Institutional		1,000.00		1,007.20		0.15			0.76
		Investor		1,000.00		1,006.00		0.41			2.02

6

Actual
Fund	Class		Beginning Account Value 01/01/18		Ending Account Value 06/30/18		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
Low-Duration Bond		Institutional	$	1,000.00	$	1,002.80		0.35	%	$	1.73
		Investor		1,000.00		1,001.60		0.61			3.02
Medium-Duration Bond		Institutional		1,000.00		983.20		0.37			1.81
		Investor		1,000.00		981.40		0.63			3.11
Extended-Duration Bond		Institutional		1,000.00		966.00		0.56			2.71
		Investor		1,000.00		964.80		0.82			4.01
Global Bond		Institutional		1,000.00		965.40		0.53			2.58
		Investor		1,000.00		964.20		0.80			3.91
Defensive Market Strategies		Institutional		1,000.00		1,018.00		0.66			3.29
		Investor		1,000.00		1,016.80		0.92			4.61
Equity Index		Institutional		1,000.00		1,027.30		0.12			0.62
		Investor		1,000.00		1,026.10		0.38			1.91
Value Equity		Institutional		1,000.00		989.10		0.56			2.76
		Investor		1,000.00		987.50		0.82			4.04
Growth Equity		Institutional		1,000.00		1,099.50		0.70			3.64
		Investor		1,000.00		1,098.20		0.96			4.98
Small Cap Equity		Institutional		1,000.00		1,062.60		0.99			5.06
		Investor		1,000.00		1,061.00		1.25			6.40
International Equity Index		Institutional		1,000.00		977.70		0.29			1.40
International Equity (3)		Institutional		1,000.00		977.70		1.16			5.70
		Investor		1,000.00		976.50		1.43			7.00
Emerging Markets Equity		Institutional		1,000.00		914.50		1.20			5.72
		Investor		1,000.00		912.70		1.51			7.17
Global Real Estate Securities		Institutional		1,000.00		1,008.90		0.85			4.25
		Investor		1,000.00		1,007.60		1.14			5.66
Strategic Alternatives		Institutional		1,000.00		1,006.00		1.05			5.23
		Investor		1,000.00		1,004.00		1.37			6.81

Hypothetical (assuming a 5% return before expenses)
Fund	Class	Beginning Account Value 01/01/18		Ending Account Value 06/30/18		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
MyDestination 2015	Institutional	$	1,000.00	$	1,024.08		0.14	%	$	0.72
	Investor		1,000.00		1,022.88		0.39			1.93
MyDestination 2025	Institutional		1,000.00		1,024.16		0.13			0.64
	Investor		1,000.00		1,022.93		0.38			1.89
MyDestination 2035	Institutional		1,000.00		1,024.11		0.14			0.69
	Investor		1,000.00		1,022.89		0.38			1.93
MyDestination 2045	Institutional		1,000.00		1,024.08		0.14			0.72
	Investor		1,000.00		1,022.85		0.39			1.97
MyDestination 2055	Institutional		1,000.00		1,023.81		0.20			1.00
	Investor		1,000.00		1,022.81		0.40			2.00

7

About Your Expenses (Unaudited) (Continued)

Hypothetical (assuming a 5% return before expenses)
Fund	Class	Beginning Account Value 01/01/18		Ending Account Value 06/30/18		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
Conservation Allocation	Institutional	$	1,000.00	$	1,023.90		0.18	%	$	0.90
	Investor		1,000.00		1,022.80		0.40			2.01
Balanced Allocation	Institutional		1,000.00		1,024.16		0.13			0.64
	Investor		1,000.00		1,022.93		0.38			1.88
Growth Allocation	Institutional		1,000.00		1,024.14		0.13			0.66
	Investor		1,000.00		1,022.93		0.38			1.88
Aggressive Allocation	Institutional		1,000.00		1,024.12		0.14			0.69
	Investor		1,000.00		1,022.94		0.37			1.87
Money Market	Institutional		1,000.00		1,024.03		0.15			0.77
	Investor		1,000.00		1,022.78		0.41			2.03
Low-Duration Bond	Institutional		1,000.00		1,023.07		0.35			1.75
	Investor		1,000.00		1,021.78		0.61			3.05
Medium-Duration Bond	Institutional		1,000.00		1,022.97		0.37			1.85
	Investor		1,000.00		1,021.66		0.63			3.17
Extended-Duration Bond	Institutional		1,000.00		1,022.03		0.56			2.79
	Investor		1,000.00		1,020.71		0.82			4.13
Global Bond	Institutional		1,000.00		1,022.17		0.53			2.65
	Investor		1,000.00		1,020.81		0.80			4.02
Defensive Market Strategies	Institutional		1,000.00		1,021.54		0.66			3.29
	Investor		1,000.00		1,020.22		0.92			4.62
Equity Index	Institutional		1,000.00		1,024.19		0.12			0.61
	Investor		1,000.00		1,022.91		0.38			1.90
Value Equity	Institutional		1,000.00		1,022.02		0.56			2.80
	Investor		1,000.00		1,020.73		0.82			4.11
Growth Equity	Institutional		1,000.00		1,021.33		0.70			3.51
	Investor		1,000.00		1,020.05		0.96			4.80
Small Cap Equity	Institutional		1,000.00		1,019.89		0.99			4.95
	Investor		1,000.00		1,018.59		1.25			6.26
International Equity Index	Institutional		1,000.00		1,023.38		0.29			1.43
International Equity (3)	Institutional		1,000.00		1,019.03		1.16			5.82
	Investor		1,000.00		1,017.71		1.43			7.15
Emerging Markets Equity	Institutional		1,000.00		1,018.82		1.20			6.03
	Investor		1,000.00		1,017.30		1.51			7.56
Global Real Estate Securities	Institutional		1,000.00		1,020.57		0.85			4.27
	Investor		1,000.00		1,019.16		1.14			5.69
Strategic Alternatives	Institutional		1,000.00		1,019.58		1.05			5.27
	Investor		1,000.00		1,018.00		1.37			6.86

⁽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, 2018 through June 30, 2018, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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

9

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INVESTMENT ABBREVIATIONS:

1M	—	1 Month
1Y	—	1 Year
3M	—	3 Month
5Y	—	5 Year
6M	—	6 Month
7D	—	7 Day
ACES	—	Alternative Credit Enhancement Securities
ADR	—	American Depositary Receipt
ASX	—	Australian Securities Exchange
BBSW	—	Bank Bill Swap Rate
BUBOR	—	Budapest Interbank Offered Rate
CDI	—	Crest Depository Interest
CDOR	—	Canadian Dollar Offered Rate
CDX	—	A series of indexes that track North American and emerging market credit derivative indexes.
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.
CMT	—	Constant Maturity
COF	—	Cost of Funds
CONV	—	Convertible
CVA	—	Dutch Certificate
ETF	—	Exchange Traded Fund
EURIBOR	—	Euro Interbank Offered Rate
GDR	—	Global Depositary Receipt
HIBOR	—	Hong Kong Interbank Offered Rate
ICE LIBOR	—	Intercontinental Exchange London Interbank Offered Rate
IO	—	Interest Only (Principal amount shown is notional)
iTraxx	—	A group of international credit derivative indexes that are monitored by the International Index Company (IIC). iTraxx indexes cover credit derivatives markets in Europe, Asia and Australia
JIBAR	—	Johannesburg Interbank Average Rate
LIBOR	—	London Interbank Offered Rate
LLC	—	Limited Liability Company
LP	—	Limited Partnership
MIBID	—	Mumbai Interbank Bid Rate
MIBOR	—	Mumbai Interbank Offered Rate
MXN- TIIE-	—	The Equilibrium Interbank Interest Rate (“TIIE”) represents
Banxico		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
PRIBOR	—	Prague Interbank Offered Rate
REIT	—	Real Estate Investment Trust
REMIC	—	Real Estate Mortgage Investment Conduit
SDR	—	Special Drawing Rights
SPDR	—	Standard and Poor’s Depositary
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
WIBOR	—	Warsaw Interbank Offered Rate
144A	—	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of June 30, 2018, 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	$	241,136,226		25.61	%
Medium-Duration Bond		219,205,096		14.40
Extended-Duration Bond		20,320,524		8.71
Global Bond		113,746,826		20.94
Defensive Market Strategies		91,521,419		8.86
International Equity Index		1,514,755		0.80
International Equity		13,164,356		0.82
Emerging Markets Equity		7,152,316		1.56
Strategic Alternatives		32,802,080		8.55

INVESTMENT FOOTNOTES:

p	—	Century bond maturing in 2115.
‡‡	—	All or a portion of the security was held as collateral for open futures, options, securities sold short and/or swap contracts.
‡	—	Security represents underlying investment on open options contracts.
*	—	Non-income producing security.
#	—	Security in default.
§	—	Security purchased with the cash proceeds from securities loaned.
^	—	Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
†	—	Variable rate security. Rate shown reflects the rate in effect as of June 30, 2018. Maturity date for money market instruments is the date of the next interest rate reset.
g	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
W	—	Rate shown reflects the effective yield as of June 30, 2018.
¥	—	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 a Level 3 investment (see Note 1 in Notes to Schedules of Investments).
y	—	Security is valued at fair value by the Valuation Committee (see Note 1 in Notes to Schedules of Investments). As of June 30, 2018, the total market values and percentages of net assets for Fair Valued securities by fund were as follows:

Fund	Value of Fair Valued Securities		Percentage of Net Assets
Low-Duration Bond	$	—		—	%
Medium-Duration Bond		2,607,168		0.17
Global Bond		54,947		0.01
Small Cap Equity		—		—
International Equity		93,822		0.01
Emerging Markets Equity		—		—

10

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

FOREIGN BOND FOOTNOTES:
(A)	—	Par is denominated in Australian Dollars (AUD).
(B)	—	Par is denominated in Brazilian Reals (BRL).
(C)	—	Par is denominated in Canadian Dollars (CAD).
(E)	—	Par is denominated in Euro (EUR).
(I)	—	Par is denominated in Indonesian Rupiahs (IDR).
(K)	—	Par is denominated in Norwegian Kroner (NOK).
(M)	—	Par is denominated in Mexican Pesos (MXN).
(Q)	—	Par is denominated in Russian Rubles (RUB).
(S)	—	Par is denominated in South African Rand (ZAR).
(T)	—	Par is denominated in Turkish Lira (TRY).
(U)	—	Par is denominated in British Pounds (GBP).
(V)	—	Par is denominated in Dominican Pesos (DOP).
(X)	—	Par is denominated in Colombian Pesos (COP).
(Y)	—	Par is denominated in Chinese Yuan (CNY).
(Z)	—	Par is denominated in New Zealand Dollars (NZD).
(ZA)	—	Par is denominated in Argentine Pesos (ARS).

COUNTERPARTYABBREVIATIONS:
ANZ	—	Counterparty to contract is Australia and New Zealand Banking Group.
BAR	—	Counterparty to contract is Barclays Capital.
BNP	—	Counterparty to contract is BNP Paribas.
BOA	—	Counterparty to contract is Bank of America.
CITI	—	Counterparty to contract is Citibank NA London.
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.
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
MSCS	—	Counterparty to contract is Morgan Stanley Capital Services.
NAB	—	Counterparty to contract is National Australia Bank.
NT	—	Counterparty to contract is Northern Trust.
RBC	—	Counterparty to contract is Royal Bank of Canada.
RBS	—	Counterparty to contract is Royal Bank of Scotland.
SC	—	Counterparty to contract is Standard Chartered PLC.
SS	—	Counterparty to contract is State Street Global Markets.
TD	—	Counterparty to contract is Toronto-Dominion Bank.
UBS	—	Counterparty to contract is UBS AG.

11

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INDEX DEFINITIONS:

The Bloomberg Barclays Global Aggregate Bond 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-throughs), ABS and CMBS (agency and non-agency).

The Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Bond 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 Long Credit Index is a long maturity constrained version of the Bloomberg Barclays US Credit Index which 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, supranationals and local authorities.

The Bloomberg Barclays US Long Government Bond Index is a long maturity constrained version of the Bloomberg Barclays US Government Bond Index which is comprised of the US Treasury and US Agency Indexes. 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 Long Government/Credit Bond Index is a long maturity constrained version of the Bloomberg Barclays US Government/Credit Bond Index which is a broad-based benchmark that measures the non-securitized component of the US Aggregate Index. It includes investment grade, US dollar-denominated, fixed-rate Treasuries, government-related and corporate securities.

The Bloomberg Barclays US Intermediate Government/Credit Bond Index is an intermediate maturity constrained version of the Bloomberg Barclays US Government/Credit Bond Index which is a broad-based benchmark that measures the non-securitized component of the US Aggregate Index. It includes investment grade, US dollar-denominated, fixed-rate Treasuries, government-related and corporate securities.

The Dow Jones Industrial Average (DJIA) is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange (NYSE) and NASDAQ.

The FTSE 3-Month Treasury Bill Index measures monthly return equivalents of yield averages that are not marked to market, consisting of the last three three-month Treasury bill issues.

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.

The ICE BofAML 0-3 Month U.S. Treasury Bill Index is a subset of ICE BofAML U.S. Treasury Bill Index including all securities with a remaining term to final maturity less than 3 months.

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

The ICE BofAML U.S. 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date.

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

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

12

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

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

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates.

The NASDAQ Composite Index is the market capitalization-weighted index of over 3,300 common equities listed on the NASDAQ stock exchange.

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

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

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

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

The S&P 500^® Index is a market capitalization-weighted equity index composed of approximately 500 U.S. companies representing all major industries. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of its constituents.

13

MYDESTINATION 2015 FUND
SCHEDULE OF INVESTMENTS	June 30, 2018 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Institutional Class)¥		9,126,241	$	9,126,241
GuideStone Low-Duration Bond Fund (Institutional Class)¥		7,212,602		95,639,099
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		11,070,711		158,753,987
GuideStone Global Bond Fund (Institutional Class)¥		6,632,289		63,006,749
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		5,692,724		72,183,743
GuideStone Equity Index Fund (Institutional Class)¥		1,239,785		37,131,559
GuideStone Value Equity Fund (Institutional Class)¥		1,731,726		38,392,371
GuideStone Growth Equity Fund (Institutional Class)¥		1,378,720		38,149,188
GuideStone Small Cap Equity Fund (Institutional Class)¥		611,921		11,938,584
GuideStone International Equity Index Fund (Institutional Class)¥		1,964,363		20,665,094
GuideStone International Equity Fund (Institutional Class)¥		2,746,650		42,216,005
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		1,728,634		17,372,770
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		643,375		6,118,498
GuideStone Strategic Alternatives Fund (Institutional Class)¥		2,811,496		28,480,458
Total Mutual Funds (Cost $628,318,840)				639,174,346

	Shares	Value
MONEY MARKET FUNDS — 0.0%
Northern Institutional
U.S. Government Portfolio (Cost $11,225)	11,225	$11,225
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
2.09%, 12/06/18 (Cost $297,267)	$300,000	297,351
TOTAL INVESTMENTS — 100.1% (Cost $628,627,332)		639,482,922
Liabilities in Excess of Other Assets — (0.1)%		(497,683)
NET ASSETS — 100.0%		$638,985,239

PORTFOLIO SUMMARY (based on net assets)

	%
Fixed Income Select Funds		51.1
U.S. Equity Select Funds		30.9
Non-U.S. Equity Select Funds		12.6
Alternative Select Funds		4.4
Real Return Select Funds		1.0
U.S. Treasury Obligations		0.1
Money Market Funds		—	**
		100.1

** Rounds to less than 0.05%

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note		09/2018		34	$	4,086,375		GSC	$	36,794
MSCI EAFE Index E-Mini		09/2018		11		1,075,470		GSC		(35,330	)
MSCI Emerging Markets E-Mini		09/2018		8		425,320		GSC		(27,037	)
S&P 500®E-Mini		09/2018		16		2,177,280		GSC		(45,722	)
Total Futures Contracts outstanding at June 30, 2018					$	7,764,445			$	(71,295	)

See Notes to Financial Statements.

14

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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:
Money Market Funds	$	11,225		$	11,225		$	—	$	—
Mutual Funds		639,174,346			639,174,346			—		—
U.S. Treasury Obligation		297,351			—			297,351		—
Total Assets — Investments in Securities	$	639,482,922		$	639,185,571		$	297,351	$	—
Other Financial Instruments***
Futures Contracts	$	36,794		$	36,794		$	—	$	—
Total Assets — Other Financial Instruments	$	36,794		$	36,794		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(108,089	)	$	(108,089	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(108,089	)	$	(108,089	)	$	—	$	—

*** Other financial instruments are derivative instruments, 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 preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

15

MYDESTINATION 2025 FUND
SCHEDULE OF INVESTMENTS	June 30, 2018 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		19,188,695	$	19,188,695
GuideStone Low-Duration Bond Fund (Institutional Class)¥		3,234,740		42,892,657
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		20,333,521		291,582,686
GuideStone Global Bond Fund (Institutional Class)¥		8,752,150		83,145,426
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		9,891,936		125,429,743
GuideStone Equity Index Fund (Institutional Class)¥		3,213,310		96,238,639
GuideStone Value Equity Fund (Institutional Class)¥		4,473,209		99,171,047
GuideStone Growth Equity Fund (Institutional Class)¥		3,603,830		99,717,989
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,584,020		30,904,238
GuideStone International Equity Index Fund (Institutional Class)¥		5,118,024		53,841,609
GuideStone International Equity Fund (Institutional Class)¥		7,159,215		110,037,141
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		4,476,365		44,987,464
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		1,521,168		14,466,312
GuideStone Strategic Alternatives Fund (Institutional Class)¥		2,785,452		28,216,626
Total Mutual Funds (Cost $1,106,180,068)				1,139,820,272

	Shares		Value
MONEY MARKET FUNDS — 0.0%
Northern Institutional U.S. Government Portfolio (Cost $39,505)		39,505	$	39,505
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
2.09%, 12/06/18W‡‡ (Cost $594,533)	$	600,000		594,701
TOTAL INVESTMENTS — 100.0% (Cost $1,106,814,106)				1,140,454,478
Other Assets in Excess of Liabilities — 0.0%				90,117
NET ASSETS — 100.0%			$	1,140,544,595

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		39.6
Fixed Income Select Funds		38.3
Non-U.S. Equity Select Funds		18.3
Alternative Select Funds		2.5
Real Return Select Funds		1.2
U.S. Treasury Obligation		0.1
Money Market Funds		—	**
		100.0

** Rounds to less than 0.005%

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note		09/2018		67	$	8,052,563		GSC	$	75,291
MSCI EAFE Index E-Mini		09/2018		32		3,128,640		GSC		(101,988	)
MSCI Emerging Markets E-Mini		09/2018		17		903,805		GSC		(59,047	)
S&P 500®E-Mini		09/2018		48		6,531,840		GSC		(130,495	)
Total Futures Contracts outstanding at June 30, 2018					$	18,616,848			$	(216,239	)

See Notes to Financial Statements.

16

VALUATION HIERARCHY    

The following is a summary of the inputs used, as of June 30, 2018, 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:
Money Market Funds	$	39,505		$	39,505		$	—	$	—
Mutual Funds		1,139,820,272			1,139,820,272			—		—
U.S. Treasury Obligation		594,701			—			594,701		—
Total Assets — Investments in Securities	$	1,140,454,478		$	1,139,859,777		$	594,701	$	—
Other Financial Instruments***
Futures Contracts	$	75,291		$	75,291		$	—	$	—
Total Assets — Other Financial Instruments	$	75,291		$	75,291		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(291,530	)	$	(291,530	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(291,530	)	$	(291,530	)	$	—	$	—

*** Other financial instruments are derivative instruments, 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 preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

17

MYDESTINATION 2035 FUND
SCHEDULE OF INVESTMENTS	June 30, 2018 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.1%
GuideStone Money Market Fund (Institutional Class)¥		16,265,564	$	16,265,564
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		7,858,280		112,687,737
GuideStone Global Bond Fund (Institutional Class)¥		2,950,763		28,032,252
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		3,111,660		39,455,854
GuideStone Equity Index Fund (Institutional Class)¥		2,902,998		86,944,799
GuideStone Value Equity Fund (Institutional Class)¥		3,994,169		88,550,734
GuideStone Growth Equity Fund (Institutional Class)¥		3,279,593		90,746,347
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,391,372		27,145,663
GuideStone International Equity Index Fund (Institutional Class)¥		4,603,792		48,431,889
GuideStone International Equity Fund (Institutional Class)¥		6,431,362		98,850,041
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		4,218,824		42,399,184
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		1,173,247		11,157,577
Total Mutual Funds (Cost $660,576,813)				690,667,641
MONEY MARKET FUNDS — 0.0%
Northern Institutional U.S. Government Portfolio (Cost $53,017)		53,017		53,017

	Par		Value
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
2.09%, 12/06/18W‡‡ (Cost $693,622)	$	700,000	$	693,818
TOTAL INVESTMENTS — 100.2% (Cost $661,323,452)				691,414,476
Liabilities in Excess of Other Assets — (0.2)%				(1,344,089	)
NET ASSETS — 100.0%			$	690,070,387

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		48.2
Non-U.S. Equity Select Funds		27.5
Fixed Income Select Funds		22.8
Real Return Select Funds		1.6
U.S. Treasury Obligation		0.1
Money Market Funds		—	**
		100.2

** Rounds to less than 0.05%

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note		09/2018		28	$	3,365,250		GSC	$	31,465
MSCI EAFE Index E-Mini		09/2018		39		3,813,030		GSC		(124,358	)
MSCI Emerging Markets E-Mini		09/2018		20		1,063,300		GSC		(69,060	)
S&P 500®E-Mini		09/2018		52		7,076,160		GSC		(141,369	)
Total Futures Contracts outstanding at June 30, 2018					$	15,317,740			$	(303,322	)

See Notes to Financial Statements.

18

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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:
Money Market Funds	$	53,017		$	53,017		$	—	$	—
Mutual Funds		690,667,641			690,667,641			—		—
U.S. Treasury Obligation		693,818			—			693,818		—
Total Assets — Investments in Securities	$	691,414,476		$	690,720,658		$	693,818	$	—
Other Financial Instruments***
Future Contracts	$	31,465		$	31,465		$	—	$	—
Total Assets — Other Financial Instruments	$	31,465		$	31,465		$	—	$	—
Liabilities:
Other Financial Instruments***
Future Contracts	$	(334,787	)	$	(334,787	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(334,787	)	$	(334,787	)	$	—	$	—

*** Other financial instruments are derivative instruments, 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 preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

19

MYDESTINATION 2045 FUND
SCHEDULE OF INVESTMENTS	June 30, 2018 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		11,497,526	$	11,497,526
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		2,851,590		40,891,801
GuideStone Global Bond Fund (Institutional Class)¥		1,072,172		10,185,631
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		2,044,072		25,918,838
GuideStone Equity Index Fund (Institutional Class)¥		2,579,310		77,250,345
GuideStone Value Equity Fund (Institutional Class)¥		3,531,800		78,300,012
GuideStone Growth Equity Fund (Institutional Class)¥		2,840,299		78,591,059
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,206,206		23,533,081
GuideStone International Equity Index Fund (Institutional Class)¥		4,151,687		43,675,742
GuideStone International Equity Fund (Institutional Class)¥		5,840,413		89,767,149
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		3,542,944		35,606,587
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		1,013,213		9,635,656
Total Mutual Funds (Cost $494,841,509)				524,853,427
MONEY MARKET FUNDS — 0.0%
Northern Institutional U.S. Government Portfolio, 1.72% (Cost $49,432)		49,432		49,432

	Par		Value
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
2.09%, 12/06/18W‡‡ (Cost $495,444)	$	500,000	$	495,584
TOTAL INVESTMENTS — 100.0% (Cost $495,386,385)				525,398,443
Liabilities in Excess of Other Assets — (0.0)%				(168,177	)
NET ASSETS — 100.0%			$	525,230,266

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		54.0
Non-U.S. Equity Select Funds		32.2
Fixed Income Select Funds		11.9
Real Return Select Funds		1.8
U.S. Treasury Obligations		0.1
Money Market Funds		—	**
		100.0

** Rounds to less than 0.05%

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note		09/2018		9	$	1,081,688		GSC	$	10,114
MSCI EAFE Index E-Mini		09/2018		32		3,128,640		GSC		(101,821	)
MSCI Emerging Markets E-Mini		09/2018		16		850,640		GSC		(54,342	)
S&P 500®E-Mini		09/2018		46		6,259,680		GSC		(128,013	)
Total Futures Contracts outstanding at June 30, 2018					$	11,320,648			$	(274,062	)

See Notes to Financial Statements.

20

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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:
Money Market Funds	$	49,432		$	49,432		$	—	$	—
Mutual Funds		524,853,427			524,853,427			—		—
U.S. Treasury Obligation		495,584			—			495,584		—
Total Assets — Investments in Securities	$	525,398,443		$	524,902,859		$	495,584	$	—
Other Financial Instruments***
Futures Contracts	$	10,114		$	10,114		$	—	$	—
Total Assets — Other Financial Instruments	$	10,114		$	10,114		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(284,176	)	$	(284,176	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(284,176	)	$	(284,176	)	$	—	$	—

*** Other financial instruments are derivative instruments, 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 preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

21

MYDESTINATION 2055 FUND
SCHEDULE OF INVESTMENTS	June 30, 2018 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		2,959,184	$	2,959,184
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		529,980		7,599,916
GuideStone Global Bond Fund (Institutional Class)¥		199,342		1,893,745
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		529,360		6,712,283
GuideStone Equity Index Fund (Institutional Class)¥		683,980		20,485,204
GuideStone Value Equity Fund (Institutional Class)¥		942,234		20,889,331
GuideStone Growth Equity Fund (Institutional Class)¥		751,328		20,789,247
GuideStone Small Cap Equity Fund (Institutional Class)¥		314,545		6,136,782
GuideStone International Equity Index Fund (Institutional Class)¥		1,131,047		11,898,618
GuideStone International Equity Fund (Institutional Class)¥		1,549,287		23,812,543
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		1,002,119		10,071,292
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		266,456		2,533,995
Total Mutual Funds (Cost $126,959,512)				135,782,140
MONEY MARKET FUNDS — 0.0%
Northern Institutional
U.S. Government Portfolio (Cost $13,312)		13,312		13,312

	Par		Value
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
1.74%, 08/02/18W‡‡ (Cost $149,770)	$	150,000	$	149,767
TOTAL INVESTMENTS — 100.0% (Cost $127,122,594)				135,945,219
Liabilities in Excess of Other Assets — (0.0)%				(39,999	)
NET ASSETS — 100.0%			$	135,905,220

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		55.2
Non-U.S. Equity Select Funds		33.7
Fixed Income Select Funds		9.1
Real Return Select Funds		1.9
U.S. Treasury Obligation		0.1
Money Market Funds		—	**
		100.0

** Rounds to less than 0.05%

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note		09/2018		1	$	120,188		GSC	$	1,123
MSCI EAFE Index E-Mini		09/2018		8		782,160		GSC		(26,017	)
MSCI Emerging Markets E-Mini		09/2018		3		159,495		GSC		(10,019	)
S&P 500®E-Mini		09/2018		13		1,769,040		GSC		(29,776	)
Total Futures Contracts outstanding at June 30, 2018					$	2,830,883			$	(64,689	)

See Notes to Financial Statements.

22

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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:
Money Market Funds		$	13,312		$	13,312		$	—	$	—
Mutual Funds			135,782,140			135,782,140			—		—
U.S. Treasury Obligation			149,767			—			149,767		—
Total Assets — Investments in Securities		$	135,945,219		$	135,795,452		$	149,767	$	—
Other Financial Instruments***
Futures Contracts		$	1,123		$	1,123		$	—	$	—
Total Assets — Other Financial Instruments		$	1,123		$	1,123		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(65,812	)	$	(65,812	)	$	—	$	—
Total Liabilities — Other Financial Instruments		$	(65,812	)	$	(65,812	)	$	—	$	—
	��

*** Other financial instruments are derivative instruments, 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 preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

23

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2018 (Unaudited)

	MyDestination 2015 Fund		MyDestination 2025 Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	308,576	$	634,206
Investments in securities of affiliated issuers, at value		639,174,346		1,139,820,272
Total investments, at value(1)		639,482,922		1,140,454,478
Receivables:
Dividends		14,247		29,719
From advisor		—		—
Fund shares sold		38,510		361,516
Variation margin on financial futures contracts		15,845		40,445
Prepaid expenses and other assets		7,208		11,953
Total Assets		639,558,732		1,140,898,111
Liabilities
Payables:
Investment securities purchased		—		—
Fund shares redeemed		350,160		113
Accrued expenses:
Investment advisory fees		53,009		94,482
Professional fees		24,339		22,539
Shareholder servicing fees		109,554		188,279
Other expenses		36,431		48,103
Total Liabilities		573,493		353,516
Net Assets	$	638,985,239	$	1,140,544,595
Net Assets Consist of:
Paid-in-capital	$	610,271,981	$	1,079,395,093
Accumulated net investment income		14,260,225		17,863,972
Undistributed (accumulated) net realized gain on investments and derivative transactions		3,668,738		9,861,397
Net unrealized appreciation (depreciation) on investments and derivative transactions		10,784,295		33,424,133
Net Assets	$	638,985,239	$	1,140,544,595
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	110,660,099	$	231,889,160
Institutional shares outstanding		10,692,576		22,619,446
Net asset value, offering and redemption price per Institutional share	$	10.35	$	10.25
Net assets applicable to the Investor Class	$	528,325,140	$	908,655,435
Investor shares outstanding		51,092,330		88,644,179
Net asset value, offering and redemption price per Investor share	$	10.34	$	10.25
(1)      Investments in securities of unaffiliated issuers, at cost	$	308,492	$	634,038
Investments in securities of affiliated issuers, at cost		628,318,840		1,106,180,068
Total investments, at cost	$	628,627,332	$	1,106,814,106

See Notes to Financial Statements.

24

MyDestination 2035 Fund		MyDestination 2045 Fund		MyDestination 2055 Fund
$	746,835	$	545,016	$	163,079
	690,667,641		524,853,427		135,782,140
	691,414,476		525,398,443		135,945,219
	23,692		17,395		4,595
	—		—		7,756
	110,437		84,445		72,694
	47,945		39,310		9,060
	7,808		4,525		2,106
	691,604,358		525,544,118		136,041,430
	1,200,000		—		—
	110,755		140,642		61,009
	57,180		43,687		11,251
	24,764		25,339		26,585
	109,856		77,110		18,939
	31,416		27,074		18,426
	1,533,971		313,852		136,210
$	690,070,387	$	525,230,266	$	135,905,220
$	644,629,145	$	483,921,322	$	124,864,413
	13,189,888		9,297,521		2,148,428
	2,463,652		2,273,427		134,443
	29,787,702		29,737,996		8,757,936
$	690,070,387	$	525,230,266	$	135,905,220
$	159,955,482	$	154,412,363	$	44,163,449
	16,005,458		15,952,009		3,253,158
$	9.99	$	9.68	$	13.58
$	530,114,905	$	370,817,903	$	91,741,771
	53,086,209		38,358,783		6,767,997
$	9.99	$	9.67	$	13.56
$	746,639	$	544,876	$	163,082
	660,576,813		494,841,509		126,959,512
$	661,323,452	$	495,386,385	$	127,122,594

See Notes to Financial Statements.

25

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2018 (Unaudited)

	MyDestination 2015 Fund
Investment Income
Income distributions received from affiliated funds	$	5,305,015
Interest		730
Total Investment Income		5,305,745
Expenses
Investment advisory fees		318,005
Transfer agent fees:
Institutional shares		1,639
Investor shares		8,226
Custodian fees		11,755
Shareholder servicing fees:
Investor shares		657,444
Accounting and administration fees		9,866
Professional fees		35,451
Blue sky fees:
Institutional shares		8,501
Investor shares		14,825
Shareholder reporting fees:
Institutional shares		234
Investor shares		5,327
Trustees expenses		2,346
Line of credit facility fees and interest expense		1,645
Interest expense		—
Other expenses		16,894
Total Expenses		1,092,158
Expenses waived/reimbursed net of amount recaptured(1)		—
Net Expenses		1,092,158
Net Investment Income		4,213,587
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		1,188,167
Net realized gain on investment securities of affiliated issuers		632,618
Net realized gain on futures transactions		32,510
Net realized gain		1,853,295
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		(7,922,801	)
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		178
Change in unrealized appreciation (depreciation) on futures		(111,118	)
Net change in unrealized appreciation (depreciation)		(8,033,741	)
Net Realized and Unrealized Gain (Loss)		(6,180,446	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,966,859	)

⁽¹⁾   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
$	8,177,062		$	3,849,526		$	2,432,264		$	583,574
	—			—			—			—
	8,177,062			3,849,526			2,432,264			583,574
	562,374			336,354			255,938			63,799
	1,694			1,628			1,629			1,569
	11,554			7,957			7,387			6,432
	13,853			10,839			9,752			5,563
	1,121,999			645,830			451,066			107,454
	19,330			10,453			7,957			1,990
	35,451			35,451			35,451			35,451
	8,937			8,452			9,606			9,232
	16,294			12,913			12,987			15,608
	237			226			154			121
	7,934			5,543			3,789			402
	3,569			1,982			1,435			229
	2,694			1,669			1,310			296
	3,254			3,416			2,979			3,178
	26,259			19,796			17,644			11,418
	1,835,433			1,102,509			819,084			262,742
	—			—			—			(46,579	)
	1,835,433			1,102,509			819,084			216,163
	6,341,629			2,747,017			1,613,180			367,411
	2,361,108			1,266,096			1,013,395			267,446
	1,659,520			1,514,817			2,098,877			569,221
	36,658			289,766			402,102			67,610
	4,057,286			3,070,679			3,514,374			904,277
	(11,604,846	)		(3,725,436	)		(1,663,812	)		(505,776	)
	281			309			234			14
	(355,339	)		(454,296	)		(410,771	)		(88,317	)
	(11,959,904	)		(4,179,423	)		(2,074,349	)		(594,079	)
	(7,902,618	)		(1,108,744	)		1,440,025			310,198
$	(1,560,989	)	$	1,638,273		$	3,053,205		$	677,609

See Notes to Financial Statements.

27

STATEMENTS OF CHANGES IN NET ASSETS

	MyDestination 2015 Fund						MyDestination 2025 Fund
	For the Six Months Ended 06/30/18			For the  Year Ended 12/31/17			For the Six Months Ended 06/30/18			For the  Year Ended 12/31/17
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	4,213,587		$	7,514,026		$	6,341,629		$	12,023,440
Net realized gain on investment securities and futures transactions		1,853,295			17,241,242			4,057,286			40,153,102
Net change in unrealized appreciation (depreciation) on investment securities and futures		(8,033,741	)		39,760,391			(11,959,904	)		84,809,914
Net increase (decrease) in net assets resulting from operations		(1,966,859	)		64,515,659			(1,560,989	)		136,986,456
Dividends and Distributions to Shareholders:(1)
Dividends from net investment income
Institutional shares		—			(641,478	)		—			(2,639,827	)
Investor shares		—			(1,860,261	)		—			(8,364,170	)
Distributions from net realized capital gains
Institutional shares		—			(2,417,980	)		—			(6,291,456	)
Investor shares		—			(11,453,131	)		—			(24,908,061	)
Total dividends and distributions		—			(16,372,850	)		—			(42,203,514	)
Capital Share Transactions:(1)
Proceeds from shares sold
Institutional shares		11,791,550			113,256,141			17,371,003			214,353,950
Investor shares		54,968,810			82,501,857			63,113,025			138,861,919
Reinvestment of dividends and distributions
Institutional shares		—			3,059,458			—			8,931,283
Investor shares		—			13,312,314			—			33,271,048
Total proceeds from shares sold and reinvested		66,760,360			212,129,770			80,484,028			395,418,200
Value of shares redeemed
Institutional shares		(9,886,788	)		(11,401,387	)		(7,412,835	)		(10,202,150	)
Investor shares		(46,235,560	)		(153,957,686	)		(31,575,431	)		(234,560,442	)
Total value of shares redeemed		(56,122,348	)		(165,359,073	)		(38,988,266	)		(244,762,592	)
Net increase from capital share transactions(2)		10,638,012			46,770,697			41,495,762			150,655,608
Total increase in net assets		8,671,153			94,913,506			39,934,773			245,438,550
Net Assets:
Beginning of Period		630,314,086			535,400,580			1,100,609,822			855,171,272
End of Period*	$	638,985,239		$	630,314,086		$	1,140,544,595		$	1,100,609,822
* Including undistributed net investment income	$	14,260,225		$	10,046,638		$	17,863,972		$	11,522,343

⁽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 06/30/18			For the  Year Ended 12/31/17			For the Six Months Ended 06/30/18			For the  Year Ended 12/31/17			For the Six Months Ended 06/30/18			For the  Year Ended 12/31/17
(Unaudited)						(Unaudited)						(Unaudited)
$	2,747,017		$	7,319,043		$	1,613,180		$	5,308,261		$	367,411		$	1,199,419
	3,070,679			23,550,810			3,514,374			19,778,145			904,277			5,359,954
	(4,179,423	)		65,248,091			(2,074,349	)		54,716,484			(594,079	)		10,735,017
	1,638,273			96,117,944			3,053,205			79,802,890			677,609			17,294,390
	—			(1,105,684	)		—			(1,124,943	)		—			(65,415	)
	—			(2,490,452	)		—			(1,895,549	)		—			(41,040	)
	—			(4,865,521	)		—			(5,234,610	)		—			(1,616,713	)
	—			(16,041,331	)		—			(12,491,640	)		—			(3,294,180	)
	—			(24,502,988	)		—			(20,746,742	)		—			(5,017,348	)
	12,728,613			143,246,388			11,224,543			134,495,227			7,190,966			35,427,273
	40,459,282			78,857,500			29,143,397			53,664,908			16,346,688			31,044,282
	—			5,971,204			—			6,359,553			—			1,682,128
	—			18,531,779			—			14,387,189			—			3,335,220
	53,187,895			246,606,871			40,367,940			208,906,877			23,537,654			71,488,903
	(5,728,053	)		(5,699,759	)		(3,205,885	)		(4,856,474	)		(1,456,283	)		(1,236,265	)
	(10,256,235	)		(140,345,026	)		(4,475,406	)		(127,887,444	)		(3,038,424	)		(29,318,397	)
	(15,984,288	)		(146,044,785	)		(7,681,291	)		(132,743,918	)		(4,494,707	)		(30,554,662	)
	37,203,607			100,562,086			32,686,649			76,162,959			19,042,947			40,934,241
	38,841,880			172,177,042			35,739,854			135,219,107			19,720,556			53,211,283
	651,228,507			479,051,465			489,490,412			354,271,305			116,184,664			62,973,381
$	690,070,387		$	651,228,507		$	525,230,266		$	489,490,412		$	135,905,220		$	116,184,664
$	13,189,888		$	10,442,871		$	9,297,521		$	7,684,341		$	2,148,428		$	1,781,017

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
2018(5)	$	10.37	$	0.08	#	$	0.02	$	(0.12	)	$	—		$	—		$	10.35		(0.19	)%	$	110,660		0.14	%		0.14	%		1.52	%		6	%
2017(6)		9.97		0.12	#		0.23		0.35			(0.06	)		(0.24	)		10.37		6.99			108,975		0.16			0.16			1.78			17
Investor Class
2018(5)	$	10.38	$	0.07	#	$	0.02	$	(0.13	)	$	—		$	—		$	10.34		(0.39	)%	$	528,325		0.39	%		0.39	%		1.28	%		6	%
2017		9.54		0.12	#		0.22		0.78			(0.04	)		(0.24	)		10.38		11.67			521,339		0.38			0.39			1.21			17
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
MyDestination 2025 Fund
Institutional Class
2018(5)	$	10.25	$	0.07	#	$	0.02	$	(0.09	)	$	—		$	—		$	10.25		—	%	$	231,889		0.13	%		0.13	%		1.33	%		4	%
2017(6)		9.79		0.13	#		0.31		0.44			(0.12	)		(0.30	)		10.25		9.08			222,031		0.14			0.14			1.82			15
Investor Class
2018(5)	$	10.26	$	0.06	#	$	0.02	$	(0.09	)	$	—		$	—		$	10.25		(0.10	)%	$	908,656		0.38	%		0.38	%		1.08	%		4	%
2017		9.28		0.11	#		0.29		0.98			(0.10	)		(0.30	)		10.26		14.92			878,579		0.38			0.38			1.12			15
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
MyDestination 2035 Fund
Institutional Class
2018(5)	$	9.95	$	0.05	#	$	0.02	$	(0.03	)	$	—		$	—		$	9.99		0.40	%	$	159,955		0.14	%		0.14	%		1.00	%		4	%
2017(6)		9.29		0.13	#		0.38		0.55			(0.07	)		(0.33	)		9.95		11.51			152,421		0.15			0.15			1.99			35
Investor Class
2018(5)	$	9.96	$	0.04	#	$	0.02	$	(0.03	)	$	—		$	—		$	9.99		0.40	%	$	530,115		0.38	%		0.38	%		0.76	%		4	%
2017		8.72		0.11	#		0.36		1.15			(0.05	)		(0.33	)		9.96		18.66			498,807		0.38			0.39			1.16			35
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

# 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%, 0.59%, 0.63%, 0.65% and 0.67%, respectively for 2018, 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, 2018. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(6) 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.

(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
2018(5)	$	9.60	$	0.04	#	$	0.02	$	0.02		$	—		$	—		$	9.68		0.83	%	$	154,412		0.14	%		0.14	%		0.80	%		6	%
2017(6)		8.90		0.13	#		0.41		0.60			(0.07	)		(0.37	)		9.60		12.85			145,343		0.16			0.16			1.99			10
Investor Class
2018(5)	$	9.60	$	0.03	#	$	0.02	$	0.02		$	—		$	—		$	9.67		0.73	%	$	370,818		0.39	%		0.39	%		0.56	%		6	%
2017		8.29		0.10	#		0.37		1.26			(0.05	)		(0.37	)		9.60		20.90			344,147		0.38			0.40			1.06			10
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
MyDestination 2055 Fund
Institutional Class
2018	$	13.45	$	0.05	#	$	0.03	$	0.05		$	—		$	—		$	13.58		0.97	%	$	44,163		0.20	%		0.24	%		0.71	%		7	%
2017(6)		12.43		0.18	#		0.64		0.83			(0.02	)		(0.61	)		13.45		13.33			38,161		0.20			0.33			2.04			9
Investor Class
2018	$	13.45	$	0.03	#	$	0.03	$	0.05		$	—		$	—		$	13.56		0.82	%	$	91,742		0.40	%		0.49	%		0.51	%		7	%
2017		11.56		0.14	#		0.60		1.77			(0.01	)		(0.61	)		13.45		21.73			78,024		0.38			0.55			1.12			9
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

# 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%, 0.59%, 0.63%, 0.65% and 0.67%, respectively for 2018, 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, 2018. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(6) 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.

(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, 2018 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Institutional Class)¥		6,122,470	$	6,122,470
GuideStone Low-Duration Bond Fund (Institutional Class)¥		18,850,668		249,959,860
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		4,684,920		67,181,754
GuideStone Global Bond Fund (Institutional Class)¥		1,710,972		16,254,236
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		3,036,548		38,503,426
GuideStone Value Equity Fund (Institutional Class)¥		1,355,942		30,061,245
GuideStone Growth Equity Fund (Institutional Class)¥		1,094,060		30,272,645
GuideStone Small Cap Equity Fund (Institutional Class)¥		303,745		5,926,057
GuideStone International Equity Fund (Institutional Class)¥		2,109,236		32,418,951
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		883,398		8,878,155
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		685,296		6,517,161
GuideStone Strategic Alternatives Fund (Institutional Class)¥		2,539,926		25,729,453
Total Mutual Funds (Cost $515,583,785)				517,825,413
MONEY MARKET FUNDS — 0.0%
Northern Institutional U.S. Government Portfolio (Cost $6,403)		6,403		6,403

	Par		Value
U.S. TREASURY OBLIGATION — 0.0%
U.S. Treasury Bill 2.09%, 12/06/18W‡‡ (Cost $297,267)	$	300,000	$	297,351
TOTAL INVESTMENTS — 100.0% (Cost $515,887,455)				518,129,167
Liabilities in Excess of Other Assets — (0.0)%				(88,391	)
NET ASSETS — 100.0%			$	518,040,776

PORTFOLIO SUMMARY (based on net assets)

	%
Fixed Income Select Funds		65.5
U.S. Equity Select Funds		20.2
Non-U.S. Equity Select Funds		8.0
Alternative Select Funds		5.0
Real Return Select Funds		1.3
U.S. Treasury Obligation		—	**
Money Market Funds		—	**
		100.0

** Rounds to less than 0.05%

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
MSCI EAFE Index E-Mini		09/2018		6	$	586,620		GSC	$	(19,312	)
MSCI Emerging Markets E-Mini		09/2018		4		212,660		GSC		(13,026	)
S&P 500® E-Mini		09/2018		8		1,088,640		GSC		(21,749	)
2-Year U.S. Treasury Note		09/2018		29		6,143,016		GSC		3,620
Total Futures Contracts outstanding at June 30, 2018					$	8,030,936			$	(50,467	)

See Notes to Financial Statements.

32

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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:
Money Market Fund	$	6,403		$	6,403		$	—	$	—
Mutual Funds		517,825,413			517,825,413			—		—
U.S. Treasury Obligation		297,351			—			297,351		—
Total Assets — Investments in Securities	$	518,129,167		$	517,831,816		$	297,351	$	—
Other Financial Instruments***
Futures Contracts	$	3,620		$	3,620		$	—	$	—
Total Assets — Other Financial Instruments	$	3,620		$	3,620		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(54,087	)	$	(54,087	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(54,087	)	$	(54,087	)	$	—	$	—

*** Other financial instruments are derivative instruments, 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 preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

33

BALANCED ALLOCATION FUND SCHEDULE OF INVESTMENTS   June 30, 2018 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Institutional Class)¥		34,775,403	$	34,775,403
GuideStone Low-Duration Bond Fund (Institutional Class)¥		7,657,978		101,544,786
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		25,843,361		370,593,793
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		4,055,986		68,789,515
GuideStone Global Bond Fund (Institutional Class)¥		13,743,039		130,558,872
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		12,980,174		164,588,610
GuideStone Value Equity Fund (Institutional Class)¥		7,667,820		169,995,575
GuideStone Growth Equity Fund (Institutional Class)¥		6,168,932		170,694,353
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,780,465		34,736,877
GuideStone International Equity Fund (Institutional Class)¥		12,053,473		185,261,882
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		4,994,971		50,199,459
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		3,655,034		34,759,372
GuideStone Strategic Alternatives Fund (Institutional Class)¥		6,166,688		62,468,544
Total Mutual Funds (Cost $1,579,162,801)				1,578,967,041
MONEY MARKET FUNDS — 0.0%
Northern Institutional U.S. Government Portfolio (Cost $67,725)		67,725		67,725

	Par		Value
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
2.09%, 12/06/18W‡‡ (Cost $990,889)	$	1,000,000	$	991,169
TOTAL INVESTMENTS — 100.1% (Cost $1,580,221,415)				1,580,025,935
Liabilities in Excess of Other Assets — (0.1)%				(978,085	)
NET ASSETS — 100.0%			$	1,579,047,850

PORTFOLIO SUMMARY (based on net assets)

	%
Fixed Income Select Funds		44.7
U.S. Equity Select Funds		34.2
Non-U.S. Equity Select Funds		14.9
Alternative Select Funds		4.0
Real Return Select Funds		2.2
U.S. Treasury Obligation		0.1
Money Market Funds		—	**
		100.1

** Rounds to less than 0.05%

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note		09/2018		47	$	5,648,813		GSC	$	50,156
Long U.S. Treasury Bond		09/2018		21		3,045,000		GSC		70,377
MSCI EAFE Index E-Mini		09/2018		53		5,181,810		GSC		(169,606	)
MSCI Emerging Markets E-Mini		09/2018		31		1,648,115		GSC		(107,142	)
S&P 500® E-Mini		09/2018		80		10,886,400		GSC		(217,491	)
5-Year U.S. Treasury Note		09/2018		48		5,453,625		GSC		23,083
Total Futures Contracts outstanding at June 30, 2018					$	31,863,763			$	(350,623	)

See Notes to Financial Statements.

34

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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:
Money Market Funds	$	67,725		$	67,725		$	—	$	—
Mutual Funds		1,578,967,041			1,578,967,041			—		—
U.S. Treasury Obligation		991,169			—			991,169		—
Total Assets — Investments in Securities	$	1,580,025,935		$	1,579,034,766		$	991,169	$	—
Other Financial Instruments***
Future Contracts	$	143,616		$	143,616		$	—	$	—
Total Assets — Other Financial Instruments	$	143,616		$	143,616		$	—	$	—
Liabilities:
Other Financial Instruments***
Future Contracts	$	(494,239	)	$	(494,239	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(494,239	)	$	(494,239	)	$	—	$	—

*** Other financial instruments are derivative instruments, 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 preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

35

GROWTH ALLOCATION FUND SCHEDULE OF INVESTMENTS   June 30, 2018 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		30,855,380	$	30,855,380
GuideStone Low-Duration Bond Fund (Institutional Class)¥		2,705,923		35,880,536
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		8,994,765		128,984,932
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		1,435,149		24,340,120
GuideStone Global Bond Fund (Institutional Class)¥		4,783,860		45,446,671
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		4,468,102		56,655,540
GuideStone Value Equity Fund (Institutional Class)¥		10,500,197		232,789,364
GuideStone Growth Equity Fund (Institutional Class)¥		8,200,111		226,897,061
GuideStone Small Cap Equity Fund (Institutional Class)¥		2,442,837		47,659,752
GuideStone International Equity Fund (Institutional Class)¥		16,930,850		260,227,166
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		6,977,458		70,123,449
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		4,188,138		39,829,196
GuideStone Strategic Alternatives Fund (Institutional Class)¥		2,996,917		30,358,775
Total Mutual Funds (Cost $1,218,549,627)				1,230,047,942

	Shares		Value
MONEY MARKET FUNDS — 0.0%
Northern Institutional U.S. Government Portfolio
(Cost $210,855)		210,855	$	210,855
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
2.09%, 12/06/18W‡‡ (Cost $990,889)	$	1,000,000		991,169
TOTAL INVESTMENTS — 100.0% (Cost $1,219,751,371)				1,231,249,966
Liabilities in Excess of Other Assets — (0.0)%				(553,467	)
NET ASSETS — 100.0%			$	1,230,696,499

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		45.8
Non-U.S. Equity Select Funds		26.8
Fixed Income Select Funds		19.1
Real Return Select Funds		3.2
Money Market Funds		2.5
Alternative Select Funds		2.5
U.S. Treasury Obligation		0.1
		100.0

** Rounds to less than 0.05%

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note		09/2018		21	$	2,523,938		GSC	$	19,499
Long U.S. Treasury Bond		09/2018		9		1,305,000		GSC		29,180
MSCI EAFE Index E-Mini		09/2018		76		7,430,520		GSC		(242,201	)
MSCI Emerging Markets E-Mini		09/2018		40		2,126,600		GSC		(137,049	)
S&P 500 ® E-Mini		09/2018		106		14,424,480		GSC		(296,441	)
5-Year U.S. Treasury Note		09/2018		19		2,158,726		GSC		9,519
Total Futures Contracts outstanding at June 30, 2018					$	29,969,264			$	(617,493	)

See Notes to Financial Statements.

36

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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:
Money Market Funds	$	210,855		$	210,855		$	—	$	—
Mutual Funds		1,230,047,942			1,230,047,942			—		—
U.S. Treasury Obligation		991,169			—			991,169		—
Total Assets — Investments in Securities	$	1,231,249,966		$	1,230,258,797		$	991,169	$	—
Other Financial Instruments***
Futures Contracts	$	58,198		$	58,198		$	—	$	—
Total Assets — Other Financial Instruments	$	58,198		$	58,198		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(675,691	)	$	(675,691	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(675,691	)	$	(675,691	)	$	—	$	—

*** Other financial instruments are derivative instruments, 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 preceding "Futures Contracts outstanding" disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

37

AGGRESSIVE ALLOCATION FUND SCHEDULE OF INVESTMENTS   June 30, 2018 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		25,725,448	$	25,725,448
GuideStone Value Equity Fund (Institutional Class)¥		12,817,537		284,164,790
GuideStone Growth Equity Fund (Institutional Class)¥		10,019,691		277,244,841
GuideStone Small Cap Equity Fund (Institutional Class)¥		2,994,380		58,420,354
GuideStone International Equity Fund (Institutional Class)¥		20,682,775		317,894,259
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		8,871,985		89,163,452
Total Mutual Funds
(Cost $1,025,109,076)				1,052,613,144
MONEY MARKET FUNDS — 0.0%
Northern Institutional
U.S. Government Portfolio (Cost $331,880)		331,880		331,880
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
2.09%, 12/06/18W‡‡ (Cost $990,889)	$	1,000,000		991,169
TOTAL INVESTMENTS — 100.0% (Cost $1,026,431,845)				1,053,936,193
Liabilities in Excess of Other Assets — (0.0)%				(427,183	)
NET ASSETS — 100.0%			$	1,053,509,010

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Equity Select Funds		58.8
Non-U.S. Equity Select Funds		38.6
Fixed Income Select Funds		2.5
U.S. Treasury Obligation		0.1
Money Market Funds		—	**
		100.0

** Rounds to less than 0.05%

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Value  and Unrealized Appreciation (Depreciation)
MSCI EAFE Index E-Mini		09/2018		84	$	8,212,680		GSC	$	(253,580	)
MSCI Emerging Markets E-Mini		09/2018		44		2,339,260		GSC		(132,922	)
S&P 500® E-Mini		09/2018		116		15,785,280		GSC		(313,751	)
Total Futures Contracts outstanding at June 30, 2018					$	26,337,220			$	(700,253	)

See Notes to Financial Statements.

38

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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:
Money Market Funds	$	331,880		$	331,880		$	—	$	—
Mutual Funds		1,052,613,144			1,052,613,144			—		—
U.S. Treasury Obligation		991,169			—			991,169		—
Total Assets — Investments in Securities	$	1,053,936,193		$	1,052,945,024		$	991,169	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(700,253	)	$	(700,253	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(700,253	)	$	(700,253	)	$	—	$	—

*** Other financial instruments are derivative instruments, 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 preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

39

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2018 (Unaudited)

	Conservative Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	303,754		$	1,058,894		$	1,202,024		$	1,323,049
Investments in securities of affiliated issuers, at value		517,825,413			1,578,967,041			1,230,047,942			1,052,613,144
Total investments, at value(1)		518,129,167			1,580,025,935			1,231,249,966			1,053,936,193
Receivables:
Dividends from affiliated funds		11,082			47,919			41,309			34,467
Investment securities sold		—			—			1,500,000			—
Fund shares sold		529,161			5,123			77,293			63,014
Variation margin on financial futures contracts		8,230			70,326			95,151			104,540
Prepaid expenses and other assets		5,768			14,563			14,832			13,599
Total Assets		518,683,408			1,580,163,866			1,232,978,551			1,054,151,813
Liabilities
Payables:
Investment securities purchased		—			—			1,500,000			—
Fund shares redeemed		384,900			600,170			386,291			295,907
Variation margin on financial futures contracts		906			1,125			445			—
Accrued expenses:
Investment advisory fees		42,906			131,118			102,743			88,500
Professional fees		36,838			18,831			21,459			22,650
Shareholder servicing fees		88,832			261,246			199,837			180,671
Other expenses		88,250			103,526			71,277			55,075
Total Liabilities		642,632			1,116,016			2,282,052			642,803
Net Assets	$	518,040,776		$	1,579,047,850		$	1,230,696,499		$	1,053,509,010
Net Assets Consist of:
Paid-in-capital	$	510,065,379		$	1,554,546,942		$	1,201,303,960		$	1,012,947,770
Accumulated net investment income		8,413,502			37,324,906			24,445,849			16,070,944
Undistributed net realized loss on investments and derivative transactions		(2,629,350	)		(12,277,895	)		(5,934,412	)		(2,313,799	)
Net unrealized appreciation (depreciation) on investments and derivative transactions		2,191,245			(546,103	)		10,881,102			26,804,095
Net Assets	$	518,040,776		$	1,579,047,850		$	1,230,696,499		$	1,053,509,010
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	88,841,385		$	320,630,128		$	272,964,704		$	193,062,461
Institutional shares outstanding		7,733,638			26,393,666			21,829,684			15,545,615
Net asset value, offering and redemption price per Institutional share	$	11.49		$	12.15		$	12.50		$	12.42
Net assets applicable to the Investor Class	$	429,199,391		$	1,258,417,722		$	957,731,795		$	860,446,549
Investor shares outstanding		37,410,015			103,740,587			76,732,974			69,593,924
Net asset value, offering and redemption price per Investor share	$	11.47		$	12.13		$	12.48		$	12.36
(1)     Investments in securities of unaffiliated issuers, at cost	$	303,670		$	1,058,614		$	1,201,744		$	1,322,769
Investments in securities of affiliated issuers, at cost		515,583,785			1,579,162,801			1,218,549,627			1,025,109,076
Total investments, at cost	$	515,887,455		$	1,580,221,415		$	1,219,751,371		$	1,026,431,845

See Notes to Financial Statements.

40

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2018 (Unaudited)

	Conservative			Balanced			Growth			Aggressive
	Allocation Fund			Allocation Fund			Allocation Fund			Allocation Fund
Investment Income
Income distributions received from affiliated funds	$	4,196,879		$	12,647,867		$	6,778,110		$	2,667,210
Interest		422			8,496			7,356			7,559
Total Investment Income		4,197,301			12,656,363			6,785,466			2,674,769
Expenses
Investment advisory fees		257,404			796,737			622,819			535,526
Transfer agent fees:
Institutional shares		2,202			2,378			2,267			2,194
Investor shares		13,040			21,525			14,995			12,283
Custodian fees		24,155			18,486			15,816			11,508
Shareholder servicing fees:
Investor shares		533,976			1,584,942			1,210,221			1,092,471
Accounting and administration fees		7,986			24,689			19,303			16,600
Professional fees		36,263			35,520			35,520			35,519
Blue sky fees:
Institutional shares		18,440			19,050			18,951			17,330
Investor shares		20,578			13,240			11,012			9,515
Shareholder reporting fees:
Institutional shares		189			225			269			139
Investor shares		7,160			32,855			19,916			8,017
Trustees expenses		1,740			6,989			5,065			4,291
Line of credit facility fees and interest expense		1,359			4,491			3,354			2,769
Other expenses		12,285			25,524			20,892			19,712
Total Expenses		936,777			2,586,651			2,000,400			1,767,874
Net Investment Income		3,260,524			10,069,712			4,785,066			906,895
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		668,760			3,671,329			2,559,238			2,099,457
Net realized gain (loss) on investment securities of affiliated issuers		(239,694	)		727,902			1,981,508			2,116,195
Net realized gain (loss) on futures transactions		(7,081	)		(37,590	)		343,164			429,983
Net realized gain		421,985			4,361,641			4,883,910			4,645,635
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		(3,200,958	)		(17,577,153	)		(2,421,578	)		6,857,277
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		140			469			469			468
Change in unrealized appreciation (depreciation) on futures		(54,863	)		(566,074	)		(913,323	)		(1,008,997	)
Net change in unrealized appreciation (depreciation)		(3,255,681	)		(18,142,758	)		(3,334,432	)		5,848,748
Net Realized and Unrealized Gain (Loss)		(2,833,696	)		(13,781,117	)		1,549,478			10,494,383
Net Increase (Decrease) in Net Assets Resulting from Operations	$	426,828		$	(3,711,405	)	$	6,334,544		$	11,401,278

See Notes to Financial Statements.

41

STATEMENTS OF CHANGES IN NET ASSETS

	Conservative Allocation Fund						Balanced Allocation Fund
	For the Six Months Ended 06/30/18			For the Year Ended 12/31/17			For the Six Months Ended 06/30/18			For the Year Ended 12/31/17
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	3,260,524		$	6,045,409		$	10,069,712		$	21,658,910
Net realized gain on investment securities and futures transactions		421,985			6,214,889			4,361,641			36,237,086
Net change in unrealized appreciation (depreciation) on investment securities and futures		(3,255,681	)		20,214,120			(18,142,758	)		123,828,812
Net increase (decrease) in net assets resulting from operations		426,828			32,474,418			(3,711,405	)		181,724,808
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		—			(363,818	)		—			(4,352,882	)
Investor shares		—			(907,016	)		—			(13,704,307	)
Distributions from net realized capital gains
Institutional shares		—			(1,195,256	)		—			(4,343,325	)
Investor shares		—			(5,832,761	)		—			(16,711,610	)
Total dividends and distributions		—			(8,298,851	)		—			(39,112,124	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		10,492,262			28,983,265			7,072,753			42,494,809
Investor shares		28,068,379			121,045,545			25,626,866			68,762,452
Shares issued from Merger
Investor shares		—			105,467,529			��			—
Reinvestment of dividends and distributions
Institutional shares		—			1,551,407			—			8,648,353
Investor shares		—			6,736,883			—			30,408,884
Total proceeds from shares sold and reinvested		38,560,641			263,784,629			32,699,619			150,314,498
Value of shares redeemed
Institutional shares		(7,290,070	)		(24,731,445	)		(20,163,213	)		(73,970,553	)
Investor shares		(26,623,420	)		(131,895,052	)		(44,177,462	)		(87,585,030	)
Total value of shares redeemed		(33,913,490	)		(156,626,497	)		(64,340,675	)		(161,555,583	)
Net increase (decrease) from capital share transactions(1)		4,647,151			107,158,132			(31,641,056	)		(11,241,085	)
Total increase (decrease) in net assets		5,073,979			131,333,699			(35,352,461	)		131,371,599
Net Assets:
Beginning of Period		512,966,797			381,633,098			1,614,400,311			1,483,028,712
End of Period*	$	518,040,776		$	512,966,797		$	1,579,047,850		$	1,614,400,311
*Including undistributed net investment income	$	8,413,502		$	5,152,978		$	37,324,906		$	27,255,194

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

See Notes to Financial Statements.

42

Growth Allocation Fund						Aggressive Allocation Fund
For the Six Months Ended 06/30/18			For the Year Ended 12/31/17			For the Six Months Ended 06/30/18			For the Year Ended 12/31/17
(Unaudited)						(Unaudited)
$	4,785,066		$	14,120,166		$	906,895		$	7,693,809
	4,883,910			55,330,354			4,645,635			69,194,704
	(3,334,432	)		131,811,745			5,848,748			142,399,607
	6,334,544			201,262,265			11,401,278			219,288,120
	—			(2,439,768	)		—			(2,123,426	)
	—			(6,311,843	)		—			(7,542,741	)
	—			(10,773,669	)		—			(11,458,334	)
	—			(37,730,860	)		—			(50,772,473	)
	—			(57,256,140	)		—			(71,896,974	)
	3,366,959			11,722,106			2,768,203			5,993,845
	18,127,177			44,551,351			16,239,431			31,226,891
	—			—			—			—
	—			13,192,179			—			13,577,714
	—			44,033,935			—			58,306,688
	21,494,136			113,499,571			19,007,634			109,105,138
	(11,279,792	)		(22,885,997	)		(8,072,389	)		(17,607,915	)
	(38,237,145	)		(69,886,447	)		(29,326,951	)		(52,785,968	)
	(49,516,937	)		(92,772,444	)		(37,399,340	)		(70,393,883	)
	(28,022,801	)		20,727,127			(18,391,706	)		38,711,255
	(21,688,257	)		164,733,252			(6,990,428	)		186,102,401
	1,252,384,756			1,087,651,504			1,060,499,438			874,397,037
$	1,230,696,499		$	1,252,384,756		$	1,053,509,010		$	1,060,499,438
$	24,445,849		$	19,660,783		$	16,070,944		$	15,164,049

See Notes to Financial Statements.

43

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
2018(5)	$	11.47	$	0.08	#	$	0.01	$	(0.07	)	$	—		$	—		$	11.49		0.17	%	$	88,841		0.18	%		0.18	%		1.46	%		6	%
2017		10.88		0.16	#		0.20		0.44			(0.05	)		(0.16	)		11.47		7.33			85,482		0.19			0.19			1.40			19
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
2018(5)	$	11.47	$	0.07	#	$	0.01	$	(0.08	)	$	—		$	—		$	11.47		—	%	$	429,199		0.40	%		0.40	%		1.23	%		6	%
2017		10.88		0.13	#		0.21		0.43			(0.02	)		(0.16	)		11.47		7.11			427,485		0.42			0.42			1.19			19
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
Balanced Allocation Fund
Institutional Class
2018(5)	$	12.16	$	0.08		$	0.03	$	(0.12	)	$	—		$	—		$	12.15		(0.08	)%	$	320,630		0.13	%		0.13	%		1.46	%		6	%
2017		11.09		0.19	#		1.39		(0.19	)		(0.16	)		(0.16	)		12.16		12.57			334,114		0.12			0.13			1.57			19
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
2018(5)	$	12.16	$	0.07		$	0.03	$	(0.13	)	$	—		$	—		$	12.13		(0.25	)%	$	1,258,418		0.38	%		0.38	%		1.21	%		6	%
2017		11.09		0.16	#		0.10		1.10			(0.13	)		(0.16	)		12.16		12.30			1,280,286		0.37			0.38			1.34			19
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

# 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 0.53%, 0.64%, 0.74% and 0.81%, respectively for 2018, 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, 2018. 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.

44

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
2018(5)	$	12.43	$	0.06	#	$	0.03	$	(0.02	)	$	—		$	—		$	12.50		0.64	%	$	272,965		0.13	%		0.13	%		0.96	%		3	%
2017		10.97		0.17	#		0.60		1.30			(0.11	)		(0.50	)		12.43		18.94			279,148		0.13			0.13			1.38			17
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
2018(5)	$	12.42	$	0.04	#	$	0.03	$	(0.01	)	$	—		$	—		$	12.48		0.48	%	$	957,732		0.38	%		0.38	%		0.71	%		3	%
2017		10.97		0.14	#		0.60		1.29			(0.08	)		(0.50	)		12.42		18.59			973,237		0.37			0.37			1.14			17
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
Aggressive Allocation Fund
Institutional Class
2018(5)	$	12.28	$	0.02	#	$	0.02	$	0.10		$	—		$	—		$	12.42		1.14	%	$	193,062		0.14	%		0.14	%		0.36	%		2	%
2017		10.48		0.12	#		0.82		1.76			(0.13	)		(0.77	)		12.28		25.88			195,991		0.14			0.14			0.98			7
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
2018(5)	$	12.24	$	0.01	#	$	0.02	$	0.09		$	—		$	—		$	12.36		0.98	%	$	860,447		0.37	%		0.37	%		0.13	%		2	%
2017		10.46		0.09	#		0.82		1.75			(0.11	)		(0.77	)		12.24		25.49			864,508		0.38			0.38			0.75			7
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

# 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 0.53%, 0.64%, 0.74% and 0.81%, respectively for 2018, 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, 2018. 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.

45

MONEY MARKET FUND
SCHEDULE OF INVESTMENTS	June 30, 2018 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 44.1%
Federal Farm Credit Bank
(Floating, ICE LIBOR USD 1M - 0.05%), 1.97%, 07/07/18†	$	13,700,000	$	13,699,775
(Floating, ICE LIBOR USD 1M - 0.05%), 2.01%, 07/30/18†		5,720,000		5,716,206
Federal Farm Credit Bank Discount Notes
1.54%, 08/10/18		1,065,000		1,063,201
1.97%, 09/10/18		7,690,000		7,660,577
1.96%, 09/19/18		11,765,000		11,714,541
2.08%, 11/19/18		17,290,000		17,151,176
2.18%, 12/24/18		4,120,000		4,076,694
2.16%, 01/04/19		6,010,000		5,943,507
2.17%, 01/16/19		11,545,000		11,408,429
2.16%, 02/08/19		1,285,000		1,268,122
2.25%, 03/11/19		6,510,000		6,408,433
2.26%, 03/19/19		6,510,000		6,404,750
2.24%, 04/12/19		1,740,000		1,709,420
Federal Home Loan Bank
(Floating, ICE LIBOR USD 1M - 0.05%), 1.99%, 07/02/18†		13,000,000		13,000,000
(Floating, ICE LIBOR USD 1M - 0.05%), 1.98%, 07/03/18†		10,000,000		10,000,000
(Floating, ICE LIBOR USD 1M - 0.05%), 1.87%, 07/05/18†		12,360,000		12,360,000
(Floating, ICE LIBOR USD 1M - 0.05%), 1.98%, 07/11/18†		2,825,000		2,825,615
(Floating, ICE LIBOR USD 1M - 0.05%), 1.99%, 07/11/18†		10,000,000		10,000,000
(Floating, ICE LIBOR USD 1M - 0.05%), 1.91%, 07/14/18†		11,060,000		11,060,000
(Floating, ICE LIBOR USD 1M - 0.05%), 1.93%, 07/15/18†		4,970,000		4,970,000
(Floating, ICE LIBOR USD 1M - 0.05%), 1.96%, 07/16/18†		20,400,000		20,400,000
(Floating, ICE LIBOR USD 1M - 0.05%), 2.02%, 07/19/18†		18,000,000		18,000,000
(Floating, ICE LIBOR USD 1M - 0.05%), 1.94%, 07/22/18†		9,940,000		9,940,000
(Floating, ICE LIBOR USD 1M - 0.05%), 1.97%, 07/25/18†		30,000,000		30,000,000
(Floating, ICE LIBOR USD 1M - 0.05%), 1.98%, 07/25/18†		16,000,000		16,000,000
(Floating, ICE LIBOR USD 1M - 0.05%), 2.00%, 07/25/18†		7,080,000		7,080,000
(Floating, ICE LIBOR USD 1M - 0.05%), 1.96%, 07/26/18†		16,000,000		16,000,000
(Floating, ICE LIBOR USD 1M - 0.05%), 1.95%, 07/27/18†		8,060,000		8,060,000
(Floating, ICE LIBOR USD 1M - 0.05%), 2.02%, 07/27/18†		7,925,000		7,925,000
(Floating, ICE LIBOR USD 1M - 0.05%), 2.04%, 07/27/18†		5,980,000		5,980,000

	Par		Value
(Floating, ICE LIBOR USD 1M - 0.05%), 1.97%, 07/28/18†	$	5,525,000	$	5,525,000
(Floating, ICE LIBOR USD 1M - 0.05%), 2.17%, 09/12/18†		3,695,000		3,694,088
(Floating, ICE LIBOR USD 1M - 0.05%), 2.19%, 09/19/18†		4,765,000		4,765,000
(Floating, ICE LIBOR USD 1M - 0.05%), 2.17%, 09/20/18†		21,140,000		21,140,000
Federal Home Loan Bank Discount Notes
1.89%, 07/10/18		8,795,000		8,790,910
1.84%, 07/11/18		10,765,000		10,759,474
1.84%, 07/18/18		21,635,000		21,615,895
1.86%, 07/20/18		6,465,000		6,458,739
1.82%, 07/25/18		19,145,000		19,121,273
1.89%, 08/03/18		6,750,000		6,738,275
1.88%, 08/08/18		11,010,000		10,988,163
1.74%, 08/10/18		20,500,000		20,460,617
1.89%, 08/22/18		15,555,000		15,512,422
1.93%, 08/29/18		2,420,000		2,412,385
1.94%, 09/07/18		8,360,000		8,329,523
2.03%, 10/19/18		13,060,000		12,980,189
2.02%, 10/22/18		1,175,000		1,167,624
2.02%, 10/24/18		460,000		457,061
Federal Home Loan Mortgage Corporation
(Floating, ICE LIBOR USD 1M - 0.05%), 1.93%, 07/08/18†		10,510,000		10,504,244
0.88%, 10/12/18		8,370,000		8,352,439
Federal Home Loan Mortgage Corporation Discount Notes
1.81%, 07/26/18		20,185,000		20,159,909
1.92%, 08/20/18		8,745,000		8,722,044
Total Agency Obligations (Cost $526,480,720)				526,480,720
U.S. TREASURY OBLIGATIONS — 19.4%
U.S. Treasury Bills
1.50%, 07/19/18W		23,240,000		23,221,408
1.74%, 08/02/18W		20,560,000		20,530,302
1.65%, 08/09/18W		2,440,000		2,435,639
1.87%, 08/23/18W		4,795,000		4,782,152
1.90%, 09/20/18W		85,000,000		84,627,063
1.84%, 09/27/18W		25,000,000		24,884,194
1.98%, 10/25/18W		26,660,000		26,489,434
2.08%, 12/27/18W		20,875,000		20,658,587
				207,628,779
U.S. Treasury Floating Rate Notes
(Floating, ICE LIBOR USD 1M - 0.05%), 2.12%, 07/01/18†		6,000,000		6,000,542

See Notes to Financial Statements.

46

	Par		Value
U.S. Treasury Notes
1.38%, 07/31/18	$	16,235,000	$	16,230,727
1.13%, 01/31/19		565,000		561,531
1.25%, 01/31/19		565,000		561,937
				17,354,195
Total U.S. Treasury Obligations (Cost $230,983,516)				230,983,516
	Shares
MONEY MARKET FUNDS — 0.0%
Northern Institutional Funds - U.S. Government Select Portfolio (Cost $437,606)		437,606		437,606
	Par
REPURCHASE AGREEMENTS — 36.3%
Bank of Montreal 2.10% (dated 06/29/18, due 07/02/18, repurchase price $60,010,500, collateralized by Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, Government National Mortgage Association, U.S. Treasury Bond and U.S. Treasury Bill, 0.000% to 5.500%, due 08/16/18 to 06/01/48, total market value $61,462,541)	$	60,000,000		60,000,000
Bank of Nova Scotia 2.10% (dated 06/29/18, due 07/02/18, repurchase price $45,007,875, collateralized by U.S. Treasury Bonds, 0.625% to 3.125%, due 07/31/18 to 02/15/43, total market value $45,908,118)		45,000,000		45,000,000
BNP Paribas 2.12% (dated 06/29/18, due 07/02/18, repurchase price $22,003,887, collateralized by Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, Government National Mortgage Association and U.S. Treasury Strip, 0.000% to 5.058%, due 02/15/25 to 11/15/47, total market value $22,555,148)		22,000,000		22,000,000
Citigroup Global Markets, Inc. 2.12% (dated 06/29/18, due 07/02/18, repurchase price $10,001,767, collateralized by Federal National Mortgage Association, Government National Mortgage Association and U.S. Treasury Bonds, 0.000% to 4.500%, due 06/30/18 to 12/20/47, total market value $10,200,151)		10,000,000		10,000,000

	Par		Value
Credit Agricole 2.12% (dated 06/29/18, due 07/02/18, repurchase price $40,007,067, collateralized by U.S. Treasury Bond, 2.000%, due 08/15/25, total market value $40,800,055)	$	40,000,000	$	40,000,000
Goldman Sachs & Co. 2.07% (dated 06/29/18, due 07/02/18, repurchase price $20,003,450, collateralized by Government National Mortgage Association, 3.500%, due 11/20/44, total market value $20,400,000)		20,000,000		20,000,000
2.00% (dated 06/27/18, due 07/03/18, repurchase price $21,102,032, collateralized by Government National Mortgage Association, 3.500% to 4.500%, due 09/15/45 to 07/15/53, total market value $21,516,901)		21,095,000		21,095,000
HSBC Securities USA, Inc. 2.11% (dated 06/29/18, due 07/02/18, repurchase price $40,007,033, collateralized by U.S. Treasury Bill, 0.000%, due 06/20/19, total market value $40,801,508)		40,000,000		40,000,000
1.91% (dated 06/26/18, due 07/03/18, repurchase price $6,002,228, collateralized by U.S. Treasury Bond, 0.375%, due 01/15/27, total market value $6,123,615)		6,000,000		6,000,000
1.94% (dated 06/27/18, due 07/03/18, repurchase price $6,502,102, collateralized by U.S. Treasury Bond, 0.375%, due 01/15/27, total market value $6,633,076)		6,500,000		6,500,000
1.95% (dated 06/28/18, due 07/05/18, repurchase price $11,004,171, collateralized by U.S. Treasury Bond, 0.375%, due 01/15/27, total market value $11,223,265)		11,000,000		11,000,000
Mitsubishi UFJ Securities USA, Inc. 2.11% (dated 06/29/18, due 07/02/18, repurchase price $30,005,275, collateralized by Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association, 3.500% to 4.500%, due 06/01/36 to 10/01/47, total market value $30,899,993)		30,000,000		30,000,000

See Notes to Financial Statements.

47

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Mizuho Securities USA, Inc. 2.12% (dated 06/29/18, due 07/02/18, repurchase price $47,008,303, collateralized by U.S. Treasury Bond, 2.875%, due 05/15/28, total market value $47,940,068)	$	47,000,000	$	47,000,000
Natixis S.A. 2.10% (dated 06/29/18, due 07/02/18, repurchase price $21,003,675, collateralized by U.S. Treasury Bonds, 0.125% to 6.875%, due 04/15/19 to 11/15/47, total market value $21,420,062)		21,000,000		21,000,000
2.12% (dated 06/29/18, due 07/02/18, repurchase price $4,000,707, collateralized by Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and U.S. Treasury Bonds, 2.000% to 5.771%, due 06/30/24 to 11/15/47, total market value $4,119,218)		4,000,000		4,000,000
TD Securities USA LLC 2.12% (dated 06/29/18, due 07/02/18, repurchase price $50,008,833, collateralized by Federal National Mortgage Association and Government National Mortgage Association, 3.500% to 4.000%, due 12/01/47 to 05/20/48, total market value $51,144,145)		50,000,000		50,000,000
Total Repurchase Agreements (Cost $433,595,000)				433,595,000
TOTAL INVESTMENTS — 99.8% (Cost $1,191,496,842)				1,191,496,842
Other Assets in Excess of Liabilities — 0.2%				1,969,632
NET ASSETS — 100.0%			$	1,193,466,474

PORTFOLIO SUMMARY (based on net assets)

	%
Agency Obligations		44.1
Repurchase Agreements		36.3
U.S. Treasury Obligations		19.4
Money Market Funds		—	**
		99.8

** Rounds to less than 0.05%

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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	$	526,480,720	$	—	$	526,480,720	$	—
Money Market Funds		437,606		437,606		—		—
Repurchase Agreements		433,595,000		—		433,595,000		—
U.S. Treasury Obligations		230,983,516		—		230,983,516		—
Total Assets—Investments in Securities	$	1,191,496,842	$	437,606	$	1,191,059,236	$	—

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

48

LOW-DURATION BOND FUND
SCHEDULE OF INVESTMENTS	June 30, 2018 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 1.2%
Federal Home Loan Bank
2.38%, 03/30/20	$	2,720,000	$	2,712,176
1.38%, 09/28/20		2,230,000		2,168,828
Federal Home Loan Mortgage Corporation
2.50%, 04/23/20		1,950,000		1,946,935
Federal National Mortgage Association
1.50%, 02/28/20		1,700,000		1,671,541
2.75%, 06/22/21		2,980,000		2,983,916
Total Agency Obligations (Cost $11,572,616)				11,483,396
ASSET-BACKED SECURITIES — 16.5%
Adams Mill CLO, Ltd., Series 2014-1A, Class A2R
(Floating, ICE LIBOR USD 3M + 1.10%), 3.45%, 07/15/26 144A†		800,000		800,025
Ally Auto Receivables Trust, Series 2018-1, Class A2
2.14%, 09/15/20		3,000,000		2,993,314
Ally Auto Receivables Trust, Series 2018-3, Class A2
2.72%, 05/17/21		1,030,000		1,029,974
ALM XII, Ltd., Series 2015-12A, Class A1R2
(Floating, ICE LIBOR USD 3M + 0.89%, 0.89% Floor), 2.98%, 04/16/27 144A†		440,000		440,224
AmeriCredit Automobile Receivables Trust, Series 2014-1, Class C
2.15%, 03/09/20		144,531		144,510
AmeriCredit Automobile Receivables Trust, Series 2016-2, Class A3
1.60%, 11/09/20		368,232		367,307
AmeriCredit Automobile Receivables Trust, Series 2016-2, Class C
2.87%, 11/08/21		230,000		229,709
AmeriCredit Automobile Receivables Trust, Series 2016-3, Class A3
1.46%, 05/10/21		1,032,807		1,027,033
AmeriCredit Automobile Receivables Trust, Series 2017-1, Class A3
1.87%, 08/18/21		210,000		208,473
AmeriCredit Automobile Receivables Trust, Series 2017-2, Class A3
1.98%, 12/20/21		1,360,000		1,347,442
Americredit Automobile Receivables Trust, Series 2018-1, Class A3
3.07%, 12/19/22		650,000		650,219
AMMC CLO XIII, Ltd., Series 2013-13A, Class A1LR
(Floating, ICE LIBOR USD 3M + 1.26%), 3.62%, 07/24/29 144A†		2,000,000		2,005,440

	Par		Value
Apidos CLO XXI, Series 2015-21A, Class A1R
(Floating, ICE LIBOR USD 3M + 0.93%, 0.93% Floor), 3.27%, 07/18/27 144A†	$	3,215,000	$	3,215,000
Arbor Realty Commercial Real Estate Notes, Ltd., Series 2016-FL1A, Class A
(Floating, ICE LIBOR USD 1M + 1.70%), 3.77%, 09/15/26 144A†		490,000		490,157
Arbor Realty Commercial Real Estate Notes, Ltd., Series 2017-FL1, Class A
(Floating, ICE LIBOR USD 1M + 1.30%, 1.30% Floor), 3.37%, 04/15/27 144A †		1,610,000		1,617,693
Atlas Senior Loan Fund IV, Ltd., Series 2013-2A, Class A1RR
(Floating, ICE LIBOR USD 3M + 0.68%), 3.02%, 02/17/26 144A†		685,000		684,844
Atrium X, Series 10A, Class AR
(Floating, ICE LIBOR USD 3M + 0.95%), 3.30%, 07/16/25 144A†		2,513,420		2,513,816
BA Credit Card Trust, Series 2018-A2, Class A2 3.00%, 09/15/23		560,000		560,401
Barings CLO, Ltd., Series 2013-IA, Class AR
(Floating, ICE LIBOR USD 3M + 0.80%, 0.80% Floor), 3.16%, 01/20/28 144A †		1,200,000		1,192,507
Bayview Koitere Fund Trust, Series 2018-RN4, Class A1
(Step to 4.62% on 03/28/20), 3.62%, 03/28/33 144A STEP		357,864		357,941
Bayview Opportunity Master Fund IIIa Trust, Series 2017-RN8, Class A1
(Step to 4.35% on 12/28/19), 3.35%, 11/28/32 144A STEP		196,364		196,005
Bear Stearns Asset Backed Securities I Trust, Series 2007-HE7, Class 1A1
(Floating, ICE LIBOR USD 1M + 1.00%, 1.00% Floor), 3.09%, 10/25/37†		417,864		420,620
Bear Stearns Asset Backed Securities Trust, Series 2004-SD1, Class A2
(Floating, ICE LIBOR USD 1M + 0.45%, 0.45% Floor), 2.54%, 12/25/42†		42,814		42,553
BlueMountain CLO, Ltd., Series 2013-3A, Class AR
(Floating, ICE LIBOR USD 3M + 0.89%), 3.25%, 10/29/25 144A†		737,745		737,833

See Notes to Financial Statements.

49

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
BlueMountain CLO, Ltd., Series 2013-4A, Class AR
(Floating, ICE LIBOR USD 3M + 1.01%), 3.36%, 04/15/25 144A†	$	878,865	$	878,863
BMW Floorplan Master Owner Trust, Series 2018-1, Class A1
3.15%, 05/15/23 144A		830,000		830,788
BMW Vehicle Owner Trust, Series 2016-A, Class A3
1.16%, 11/25/20		1,290,805		1,279,626
BSPRT Issuer, Ltd., Series 2017-FL1, Class A
(Floating, ICE LIBOR USD 1M + 1.35%), 3.42%, 06/15/27 144A†		550,000		551,066
BSPRT Issuer, Ltd., Series 2018-FL3, Class A
(Floating, ICE LIBOR USD 1M + 1.05%), 3.12%, 03/15/28 144A†		950,000		949,646
Capital Auto Receivables Asset Trust, Series 2016-2, Class B
2.11%, 03/22/21		170,000		168,316
Capital Auto Receivables Asset Trust, Series 2017-1, Class A3
2.02%, 08/20/21 144A		650,000		644,162
Capital One Multi-Asset Execution Trust, Series 2015-A2, Class A2
2.08%, 03/15/23		90,000		88,685
Capital One Multi-Asset Execution Trust, Series 2016-A4, Class A4
1.33%, 06/15/22		2,320,000		2,284,060
Chesapeake Funding II LLC, Series 2017-3A, Class A1
1.91%, 08/15/29 144A		1,987,451		1,964,284
Chesapeake Funding II LLC, Series 2017-4A, Class A1
2.12%, 11/15/29 144A		1,720,000		1,701,248
Chesapeake Funding II LLC, Series 2018-1A, Class A1
3.04%, 04/15/30 144A		960,000		958,743
CIFC Funding 2015-II, Ltd., Series 2015-2A, Class AR
(Floating, ICE LIBOR USD 3M + 0.78%, 0.78% Floor), 3.13%, 04/15/27 144A†		1,000,000		997,593
Citibank Credit Card Issuance Trust, Series 2017-A9, Class A9
1.80%, 09/20/21		4,770,000		4,712,366
CNH Equipment Trust, Series 2016-B, Class A3
1.63%, 08/15/21		923,540		915,271
CNH Equipment Trust, Series 2016-C, Class A3
1.44%, 12/15/21		1,140,000		1,124,556
CNH Equipment Trust, Series 2017-B, Class A3
1.86%, 09/15/22		1,110,000		1,091,583

	Par		Value
Colony Starwood Homes Trust, Series 2016-2A, Class A
(Floating, ICE LIBOR USD 1M + 1.25%, 1.25% Floor), 3.32%, 12/17/33 144A†	$	1,057,383	$	1,062,437
Credit Acceptance Auto Loan Trust, Series 2016-2A, Class A
2.42%, 11/15/23 144A		1,845,878		1,843,129
Credit Acceptance Auto Loan Trust, Series 2017-1A, Class A
2.56%, 10/15/25 144A		1,020,000		1,014,544
Credit Acceptance Auto Loan Trust, Series 2018-1A, Class A
3.01%, 02/16/27 144A		1,380,000		1,367,459
Credit Acceptance Auto Loan Trust, Series 2018-2A, Class A
3.47%, 05/17/27 144A		1,410,000		1,413,905
CSAB Mortgage-Backed Trust, Series 2006-2, Class A6A
(Step to 6.22% on 04/25/19), 5.72%, 09/25/36 STEP		353,840		208,172
CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-6, Class 1A1
(Floating, ICE LIBOR USD 1M + 0.54%, 0.27% Floor), 2.63%, 12/25/34†		1,139,001		1,131,298
Dell Equipment Finance Trust, Series 2017-2, Class A3
2.19%, 10/24/22 144A		560,000		554,214
Drive Auto Receivables Trust, Series 2017-2, Class B
2.25%, 06/15/21		420,000		419,403
Drive Auto Receivables Trust, Series 2018-2, Class A3
2.88%, 06/15/21		980,000		975,158
Drug Royalty II LP 2, Series 2014-1, Class A1
(Floating, ICE LIBOR USD 3M + 2.85%, 2.85% Floor), 5.20%, 07/15/23 144A†		79,358		80,172
Dryden XXV Senior Loan Fund, Series 2012-25A, Class ARR
(Floating, ICE LIBOR USD 3M + 0.90%), 3.25%, 10/15/27 144A†		1,680,000		1,675,260
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR
(Floating, ICE LIBOR USD 3M + 0.90%), 3.25%, 04/15/29 144A†		1,000,000		999,571
Enterprise Fleet Financing LLC, Series 2016-2, Class A2
1.74%, 02/22/22 144A		757,559		754,424
Enterprise Fleet Financing LLC, Series 2016-2, Class A3
2.04%, 02/22/22 144A		730,000		719,521

See Notes to Financial Statements.

50

	Par		Value
Enterprise Fleet Financing LLC, Series 2017-1, Class A2
2.13%, 07/20/22 144A	$	284,010	$	282,386
Enterprise Fleet Financing LLC, Series 2017-1, Class A3
2.60%, 07/20/22 144A		250,000		248,065
Enterprise Fleet Financing LLC, Series 2017-3, Class A2
2.13%, 05/22/23 144A		1,040,000		1,030,174
FHLMC Structured Pass-Through Certificates, Series T-32
(Floating, ICE LIBOR USD 1M +
0.26%, 0.13% Floor), 2.35%, 08/25/31†		345,788		344,216
Flatiron CLO, Ltd., Series 2015-1A, Class AR
(Floating, ICE LIBOR USD 3M + 0.89%), 3.24%, 04/15/27 144A†		1,765,000		1,765,164
Ford Credit Floorplan Master Owner Trust, Series 2016-1, Class A2
(Floating, ICE LIBOR USD 1M + 0.90%), 2.97%, 02/15/21†		625,000		628,115
Ford Credit Floorplan Master Owner Trust, Series 2017-2, Class A1
2.16%, 09/15/22		1,600,000		1,569,582
GM Financial Automobile Leasing Trust, Series 2016-1, Class C
3.24%, 03/20/20		800,000		801,837
GM Financial Automobile Leasing Trust, Series 2018-2, Class A3
3.06%, 06/21/21		790,000		789,955
Greystone Commercial Real Estate Notes, Ltd., Series 2017-FL1A, Class A
(Floating, ICE LIBOR USD 1M + 1.55%), 3.62%, 03/15/27 144A†		900,000		897,705
GT Loan Financing I, Ltd., Series 2013-1A, Class A
(Floating, ICE LIBOR USD 3M + 1.27%), 3.63%, 10/28/24 144A†		120,670		120,692
Honda Auto Receivables Owner Trust, Series 2017-3, Class A3
1.79%, 09/20/21		1,500,000		1,476,469
Hyundai Auto Receivables Trust, Series 2016-A, Class A3
1.56%, 09/15/20		767,581		763,846
Hyundai Auto Receivables Trust, Series 2016-B, Class D
2.68%, 09/15/23		680,000		661,695
Invitation Homes Trust, Series 2018-SFR1, Class A
(Floating, ICE LIBOR USD 1M + 0.70%), 2.79%, 03/17/37 144A†		1,244,019		1,242,995

	Par		Value
John Deere Owner Trust, Series 2017-B, Class A3
1.82%, 10/15/21	$	575,000	$	566,811
JP Morgan Mortgage Acquisition Corporation, Series 2006-FRE2, Class A1
(Floating, ICE LIBOR USD 1M + 0.18%, 0.18% Floor), 2.27%, 02/25/36†		38,179		38,255
Kubota Credit Owner Trust, Series 2017-1A, Class A3
1.88%, 08/16/21 144A		1,730,000		1,697,067
LA Arena Funding LLC, Series 1, Class A
7.66%, 12/15/26 144A		131,894		137,870
LCM XVII LP, Series 17A, Class AR
(Floating, ICE LIBOR USD 3M + 1.35%, 1.35% Floor), 3.70%, 10/15/26 144A†		1,250,000		1,251,763
Lendmark Funding Trust, Series 2018-1A, Class A
3.81%, 12/21/26 144A		960,000		964,701
LoanCore Issuer, Ltd., Series 2018-CRE1, Class A
(Floating, ICE LIBOR USD 1M + 1.13%, 1.13% Floor), 3.20%, 05/15/28 144A†		630,000		631,738
Madison Park Funding XIV, Ltd., Series 2014-14A, Class A2R
(Floating, ICE LIBOR USD 3M + 1.12%), 3.48%, 07/20/26 144A†		250,000		250,014
Madison Park Funding XIV, Ltd., Series 2014-14A, Class BR
(Floating, ICE LIBOR USD 3M + 1.55%), 3.91%, 07/20/26 144A†		1,370,000		1,372,028
Magnetite VII, Ltd., Series 2012-7A, Class A1R2
(Floating, ICE LIBOR USD 3M + 0.80%), 3.15%, 01/15/28 144A†		2,890,000		2,886,587
Magnetite VIII, Ltd.
(Floating, ICE LIBOR USD 3M + 0.98%, 0.98% Floor), 3.07%, 04/15/31 144A†		530,000		530,337
Marathon CRE, Ltd., Series 2018-FL1, Class A
(Floating, ICE LIBOR USD 1M + 1.15%, 1.15% Floor), 3.24%, 06/15/28 144A†		290,000		290,428
Mercedes-Benz Master Owner Trust, Series 2016-BA, Class A
(Floating, ICE LIBOR USD 1M + 0.70%, 0.75% Floor), 2.77%, 05/17/21 144A†		1,354,000		1,360,647

See Notes to Financial Statements.

51

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Mercedes-Benz Master Owner Trust, Series 2017-BA, Class A
(Floating, ICE LIBOR USD 1M + 0.42%), 2.49%, 05/16/22 144A†	$	1,750,000	$	1,755,258
Mercedes-Benz Master Owner Trust, Series 2018-BA, Class A
(Floating, ICE LIBOR USD 1M + 0.34%), 2.27%, 05/15/23 144A†		1,790,000		1,792,024
Mill City Mortgage Loan Trust, Series 2016-1, Class A1
2.50%, 04/25/57 144A		1,075,340		1,058,914
MMAF Equipment Finance LLC, Series 2017-AA, Class A3
2.04%, 02/16/22 144A		2,210,000		2,175,025
Mountain Hawk II CLO, Ltd., Series 2013-2A, Class A1
(Floating, ICE LIBOR USD 3M + 1.16%), 3.52%, 07/22/24 144A†		222,022		222,023
MVW Owner Trust, Series 2017-1A, Class A
2.42%, 12/20/34 144A		843,511		823,036
Navient Private Education Loan Trust, Series 2014-CTA, Class A
(Floating, ICE LIBOR USD 1M + 0.70%, 0.70% Floor), 2.77%, 09/16/24 144A †		53,346		53,425
Navient Student Loan Trust, Series 2016-5A, Class A
(Floating, ICE LIBOR USD 1M + 1.25%), 3.34%, 06/25/65 144A†		626,836		644,189
Navient Student Loan Trust, Series 2016-6A, Class A2
(Floating, ICE LIBOR USD 1M + 0.75%), 2.84%, 03/25/66 144A†		1,500,000		1,513,921
Navient Student Loan Trust, Series 2017-2A, Class A
(Floating, ICE LIBOR USD 1M + 1.05%), 3.14%, 12/27/66 144A†		1,255,848		1,276,457
Navient Student Loan Trust, Series 2017-5A, Class A
(Floating, ICE LIBOR USD 1M + 0.80%), 2.89%, 07/26/66 144A†		1,332,340		1,346,677
Nelnet Student Loan Trust, Series 2016-1A, Class A
(Floating, ICE LIBOR USD 1M + 0.80%), 2.76%, 09/25/65 144A†		1,399,772		1,416,588
Neuberger Berman CLO, Ltd., Series 2017-16SA, Class A
(Floating, ICE LIBOR USD 3M + 0.85%), 3.20%, 01/15/28 144A†		1,145,000		1,139,753
Nissan Auto Receivables Owner Trust, Series 2016-A, Class A4
1.59%, 07/15/22		2,860,000		2,806,554

	Par		Value
Nissan Master Owner Receivables Trust, Series 2016-A, Class A2
1.54%, 06/15/21	$	1,440,000	$	1,423,581
Nissan Master Owner Receivables Trust, Series 2017-B, Class A
(Floating, ICE LIBOR USD 1M + 0.43%), 2.50%, 04/18/22†		1,650,000		1,655,034
Nissan Master Owner Receivables Trust, Series 2017-C, Class A
(Floating, ICE LIBOR USD 1M + 0.32%), 2.39%, 10/17/22†		1,471,000		1,473,720
OCP CLO, Ltd., Series 2014-7A, Class A1AR
(Floating, ICE LIBOR USD 3M + 0.95%), 3.31%, 10/20/26 144A†		570,000		570,106
Octagon Investment Partners 25, Ltd., Series 2015-1A, Class AR
(Floating, ICE LIBOR USD 3M + 0.80%, 0.80% Floor), 3.16%, 10/20/26 144A†		1,760,000		1,759,999
OneMain Financial Issuance Trust, Series 2015-2A, Class A
2.57%, 07/18/25 144A		162,268		162,432
OZLM Funding II, Ltd., Series 2012-2A, Class A1R
(Floating, ICE LIBOR USD 3M + 1.44%, 1.44% Floor), 3.80%, 10/30/27 144A†		950,000		952,527
Palmer Square CLO, Ltd., Series 2013-2A, Class A1AR
(Floating, ICE LIBOR USD 3M + 1.22%), 3.57%, 10/17/27 144A†		1,405,000		1,406,554
Palmer Square Loan Funding, Ltd., Series 2017-1A, Class A1
(Floating, ICE LIBOR USD 3M + 0.74%), 3.09%, 10/15/25 144A†		763,952		761,081
PFS Financing Corporation, Series 2016-BA, Class A
1.87%, 10/15/21 144A		290,000		286,191
PFS Financing Corporation, Series 2018-B, Class A
2.89%, 02/15/23 144A		2,330,000		2,310,831
Regatta V Funding, Ltd., Series 2014-1A, Class A1AR
(Floating, ICE LIBOR USD 3M + 1.16%), 3.52%, 10/25/26 144A†		2,000,000		2,000,187
Santander Drive Auto Receivables Trust, Series 2014-4, Class C
2.60%, 11/16/20		131,001		131,006
Santander Drive Auto Receivables Trust, Series 2015-1, Class D
3.24%, 04/15/21		320,000		320,543
Santander Drive Auto Receivables Trust, Series 2015-2, Class D
3.02%, 04/15/21		555,000		555,875

See Notes to Financial Statements.

52

	Par		Value
Santander Drive Auto Receivables Trust, Series 2016-2, Class C
2.66%, 11/15/21	$	640,000	$	637,653
Santander Drive Auto Receivables Trust, Series 2017-1, Class A3
1.77%, 09/15/20		190,000		189,644
Santander Drive Auto Receivables Trust, Series 2018-1, Class A3
2.32%, 08/16/21		350,000		347,420
Santander Drive Auto Receivables Trust, Series 2018-3, Class A3
3.03%, 02/15/22		200,000		200,208
Securitized Asset-Backed Receivables LLC Trust, Series 2006-OP1, Class M1
(Floating, ICE LIBOR USD 1M + 0.37%, 0.37% Floor), 2.46%, 10/25/35†		872,863		873,100
Securitized Term Auto Receivables Trust, Series 2017-2A, Class A3
2.04%, 04/26/21 144A		1,390,000		1,370,894
SLC Student Loan Trust, Series 2006-2, Class A5
(Floating, ICE LIBOR USD 3M + 0.10%), 2.44%, 09/15/26†		825,352		823,938
SLM Private Credit Student Loan Trust, Series 2005-A, Class A3
(Floating, ICE LIBOR USD 3M + 0.20%), 2.54%, 06/15/23†		1,705,078		1,702,657
SLM Private Education Loan Trust, Series 2010-A, Class 2A
(Floating, ICE LIBOR USD 1M + 3.25%, 3.25% Floor), 5.32%, 05/16/44 144A†		641,121		654,907
SLM Private Education Loan Trust, Series 2011-B, Class A2
3.74%, 02/15/29 144A		563,281		565,886
SLM Private Education Loan Trust, Series 2014-A, Class A2A
2.59%, 01/15/26 144A		278,950		278,374
SLM Private Education Loan Trust, Series 2014-A, Class A2B
(Floating, ICE LIBOR USD 1M + 1.15%), 3.22%, 01/15/26 144A†		625,753		628,778
SLM Student Loan Trust, Series 2003-5, Class A5
(Floating, Euribor 3M + 0.27%), 0.00%, 06/17/24†		333,439		390,185
SLM Student Loan Trust, Series 2004-2, Class A5
(Floating, Euribor 3M + 0.18%), 0.00%, 01/25/24†		2,087,488		2,439,716
SLM Student Loan Trust, Series 2004-3, Class A5
(Floating, ICE LIBOR USD 3M + 0.17%, 0.17% Floor), 2.53%, 07/25/23†		847,722		847,960
SLM Student Loan Trust, Series 2005-8, Class A4
(Floating, ICE LIBOR USD 3M + 0.55%), 2.91%, 01/25/28†		2,105,445		2,113,032

	Par		Value
SMB Private Education Loan Trust, Series 2015-C, Class A2A
2.75%, 07/15/27 144A	$	562,160	$	557,954
SMB Private Education Loan Trust, Series 2016-A, Class A2A
2.70%, 05/15/31 144A		428,477		419,769
SMB Private Education Loan Trust, Series 2016-B, Class A2A
2.43%, 02/17/32 144A		280,095		272,240
SMB Private Education Loan Trust, Series 2018-A, Class A2A
3.50%, 02/15/36 144A		1,105,000		1,106,096
SMB Private Education Loan Trust, Series 2018-B, Class A2B
(Floating, ICE LIBOR USD 1M + 0.72%), 2.80%, 01/15/37 144A†		640,000		641,220
Sofi Consumer Loan Program, Series 2017-5, Class A1
2.14%, 09/25/26 144A		859,393		854,849
SoFi Professional Loan Program LLC, Series 2015-A, Class A1
(Floating, ICE LIBOR USD 1M + 1.20%, 1.20% Floor), 3.29%, 03/25/33 144A†		331,537		335,046
SoFi Professional Loan Program LLC, Series 2015-D, Class A2
2.72%, 10/27/36 144A		1,188,713		1,173,440
Sofi Professional Loan Program LLC, Series 2016-A, Class A2
2.76%, 12/26/36 144A		412,710		408,089
SoFi Professional Loan Program LLC, Series 2016-C, Class A2B
2.36%, 12/27/32 144A		210,000		203,825
SoFi Professional Loan Program LLC, Series 2016-D, Class A2A
1.53%, 04/25/33 144A		114,479		114,042
SoFi Professional Loan Program LLC, Series 2016-D, Class A2B
2.34%, 04/25/33 144A		190,000		185,623
Sofi Professional Loan Program LLC, Series 2016-F, Class A2
3.02%, 02/25/40 144A		1,327,526		1,298,627
Sofi Professional Loan Program LLC, Series 2017-C, Class A2A
1.75%, 07/25/40 144A		447,647		443,854
Springleaf Funding Trust, Series 2015-AA, Class A
3.16%, 11/15/24 144A		342,799		342,709
Starwood Waypoint Homes Trust, Series 2017-1, Class A
(Floating, ICE LIBOR USD 1M + 0.95%, 0.95% Floor), 3.04%, 01/17/35 144A†		2,020,632		2,030,542
Structured Asset Securities Corporation Mortgage Loan Trust, Series 2005-7XS, Class 2A1A
(Floating, ICE LIBOR USD 1M + 1.50%, 1.50% Floor), 3.48%, 04/25/35†		273,887		269,109

See Notes to Financial Statements.

53

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Symphony CLO VIII LP, Series 2012-8A, Class AR
(Floating, ICE LIBOR USD 3M + 1.10%), 3.43%, 01/09/23 144A†	$	160,568	$	160,567
Towd Point Mortgage Trust, Series 2016-3, Class A1
2.25%, 04/25/56 144A		645,224		632,891
Toyota Auto Receivables Owner Trust, Series 2016-B, Class A3
1.30%, 04/15/20		388,247		386,238
Toyota Auto Receivables Owner Trust, Series 2018-A, Class A3
2.35%, 05/16/22		1,250,000		1,237,819
Treman Park CLO, Ltd., Series 2015-1A, Class AR
(Floating, ICE LIBOR USD 3M + 1.37%), 3.73%, 04/20/27 144A†		1,000,000		997,816
Tryon Park CLO, Ltd., Series 2013-1A, Class A1SR
(Floating, ICE LIBOR USD 3M + 0.89%), 3.24%, 04/15/29 144A†		3,070,000		3,067,492
USAA Auto Owner Trust, Series 2017-1, Class A3
1.70%, 05/17/21		660,000		653,446
Venture XVII CLO, Ltd.
(Floating, ICE LIBOR USD 3M + 0.88%), 3.23%, 04/15/27 144A†		360,000		359,307
Verizon Owner Trust, Series 2017-3A, Class A1A
2.06%, 04/20/22 144A		3,000,000		2,952,360
Vibrant CLO III, Ltd., Series 2015-3A, Class A1R
(Floating, ICE LIBOR USD 3M + 1.48%), 3.84%, 04/20/26 144A†		250,000		250,172
VOLT LIX LLC, Series 2017-NPL6, Class A1
(Step to 6.25% on 06/25/20), 3.25%, 05/25/47 144A STEP		524,341		521,796
VOLT LVIII LLC, Series 2017-NPL5, Class A1
(Step to 6.40% on 05/25/20), 3.38%, 05/28/47 144A STEP		628,620		629,142
VOLT LX LLC, Series 2017-NPL7, Class A1
(Step to 6.25% on 07/25/20), 3.25%, 06/25/47 144A STEP		276,099		275,248
VOLT LXI LLC, Series 2017-NPL8, Class A1
(Step to 6.13% on 06/25/20), 3.13%, 06/25/47 144A STEP		312,243		310,846
VOLT XL LLC, Series 2015-NP14, Class A1
(Step to 7.38% on 01/25/19), 4.38%, 11/27/45 144A STEP		84,928		85,808
Westlake Automobile Receivables Trust, Series 2016-2A, Class D
4.10%, 06/15/21 144A		350,000		353,139

	Par		Value
Westlake Automobile Receivables Trust, Series 2017-1A, Class C
2.70%, 10/17/22 144A	$	740,000	$	737,041
Wheels SPV 2 LLC, Series 2016-1A, Class A2
1.59%, 05/20/25 144A		89,168		88,798
Wheels SPV 2 LLC, Series 2017-1A, Class A2
1.88%, 04/20/26 144A		201,763		200,200
Total Asset-Backed Securities (Cost $156,021,692)				155,648,728
CERTIFICATES OF DEPOSIT — 0.5%
Bank of America NA
2.43%, 10/10/18		1,500,000		1,500,058
Mizuho Bank, Ltd.
2.34%, 01/15/20		1,500,000		1,500,090
Natixis SA
2.40%, 07/31/18		1,500,000		1,500,520
Total Certificates Of Deposit (Cost $4,500,000)				4,500,668
COMMERCIAL PAPER — 1.1%
Barclays Bank PLC
0.00%, 09/28/18		1,500,000		1,491,044
Florida Power & Light Co.
0.00%, 11/28/18		3,200,000		3,163,777
Mitsubishi UFJ Trust & Banking Corporation
0.00%, 07/06/18		1,500,000		1,499,434
Suncorp-Metway, Ltd.
0.00%, 10/10/18		1,500,000		1,489,752
UBS AG
0.00%, 09/04/18		1,500,000		1,493,914
(Floating, ICE LIBOR USD 3M + 0.33%), 2.65%, 04/04/19 144A†		1,500,000		1,501,616
Total Commercial Paper (Cost $10,636,740)				10,639,537
CORPORATE BONDS — 23.7%
Abbott Laboratories
2.35%, 11/22/19D		115,000		114,365
AbbVie, Inc.
2.30%, 05/14/21		2,300,000		2,236,505
2.90%, 11/06/22D		160,000		155,416
AES Corporation
4.00%, 03/15/21		850,000		847,875
Aetna, Inc.
2.20%, 03/15/19		75,000		74,774
Air Lease Corporation
2.63%, 07/01/22		150,000		143,869
Alliant Energy Finance LLC
3.75%, 06/15/23 144A		415,000		415,389
Allstate Corporation
(Floating, ICE LIBOR USD 3M + 0.63%), 2.96%, 03/29/23†		900,000		904,971
American Electric Power Co., Inc.
2.95%, 12/15/22		220,000		214,378

See Notes to Financial Statements.

54

	Par		Value
American Express Co.
2.50%, 08/01/22D	$	265,000	$	254,365
American Express Credit Corporation
1.88%, 05/03/19		390,000		387,183
2.20%, 03/03/20		735,000		725,533
2.38%, 05/26/20		1,550,000		1,527,926
American Tower Corporation REIT
2.25%, 01/15/22		2,700,000		2,583,465
3.50%, 01/31/23		95,000		93,548
Amphenol Corporation
2.20%, 04/01/20		365,000		359,153
Analog Devices, Inc.
2.85%, 03/12/20		110,000		109,505
Andeavor Logistics LP
6.25%, 10/15/22		199,000		206,387
3.50%, 12/01/22		265,000		259,187
Anthem, Inc.
2.25%, 08/15/19		355,000		352,122
2.50%, 11/21/20		260,000		255,734
Apache Corporation
3.63%, 02/01/21		115,000		115,445
3.25%, 04/15/22		300,000		295,169
Ares Capital Corporation
3.63%, 01/19/22		1,325,000		1,293,189
Arizona Public Service Co.
2.20%, 01/15/20		1,580,000		1,560,470
Assurant, Inc.
(Floating, ICE LIBOR USD 3M + 1.25%), 3.59 %, 03/26/21†		710,000		711,862
Astoria Financial Corporation
3.50%, 06/08/20		480,000		480,004
AT&T, Inc.
2.30%, 03/11/19		1,070,000		1,066,219
(Floating, ICE LIBOR USD 3M + 0.75%), 2.97%, 06/01/21†		2,900,000		2,913,283
(Floating, ICE LIBOR USD 3M + 0.95%), 3.30%, 07/15/21†		1,000,000		1,009,955
3.60%, 02/17/23D		855,000		843,244
Athene Global Funding
2.75%, 04/20/20 144A		1,445,000		1,427,838
Aviation Capital Group LLC
2.88%, 09/17/18 144A		2,000,000		2,000,436
AXA Equitable Holdings, Inc.
3.90%, 04/20/23 144A		70,000		69,524
Bank of America Corporation
5.49%, 03/15/19		200,000		203,402
2.65%, 04/01/19D		2,500,000		2,497,620
(Variable, ICE LIBOR USD 3M + 0.66%), 2.37%, 07/21/21^		1,300,000		1,274,761
(Variable, ICE LIBOR USD 3M + 0.63%), 2.33%, 10/01/21^		765,000		748,112
(Floating, ICE LIBOR USD 3M + 0.38%), 2.74%, 01/23/22† D		900,000		894,791
(Variable, ICE LIBOR USD 3M + 0.63%), 3.50%, 05/17/22^		425,000		425,027
(Floating, ICE LIBOR USD 3M + 0.65%), 2.99%, 06/25/22†		750,000		749,618

	Par		Value
2.50%, 10/21/22D	$	775,000	$	742,781
(Variable, ICE LIBOR USD 3M + 1.02%), 2.88%, 04/24/23^		415,000		403,342
BB&T Corporation
3.20%, 09/03/21		675,000		673,168
Becton Dickinson and Co.
2.13%, 06/06/19		1,275,000		1,269,062
2.40%, 06/05/20		325,000		319,316
BGC Partners, Inc.
5.13%, 05/27/21		1,400,000		1,428,281
BMW US Capital LLC
(Floating, ICE LIBOR USD 3M + 0.41%), 2.75%, 04/12/21 144A†		900,000		903,404
Boston Properties LP REIT
5.63%, 11/15/20		595,000		623,344
Branch Banking & Trust Co.
1.45%, 05/10/19D		1,180,000		1,167,342
Broadcom Corporation
2.38%, 01/15/20		1,575,000		1,555,057
3.00%, 01/15/22		401,000		390,360
2.65%, 01/15/23D		300,000		282,819
Burlington Northern Santa Fe LLC
3.40%, 09/01/24		500,000		495,791
CA, Inc.
3.60%, 08/15/22		205,000		203,213
Cantor Fitzgerald LP
6.50%, 06/17/22 144A		750,000		796,878
Capital One Bank USA NA
2.30%, 06/05/19D		250,000		248,568
Capital One Financial Corporation
2.40%, 10/30/20D		1,330,000		1,297,989
(Floating, ICE LIBOR USD 3M + 0.95%), 3.28%, 03/09/22†		995,000		999,285
3.75%, 04/24/24		135,000		132,584
Capital One NA
2.35%, 01/31/20		1,030,000		1,015,570
Cardinal Health, Inc.
1.95%, 06/14/19D		745,000		738,979
Caterpillar Financial Services Corporation
1.70%, 08/09/21D		205,000		196,429
Cboe Global Markets, Inc.
1.95%, 06/28/19		320,000		317,029
CenterPoint Energy Resources Corporation
3.55%, 04/01/23		200,000		198,391
CenturyLink, Inc.
5.63%, 04/01/20D		530,000		537,950
Charter Communications
Operating LLC
4.46%, 07/23/22		640,000		648,438
(Floating, ICE LIBOR USD 3M + 1.65%), 4.04%, 02/01/24†		700,000		702,051
4.50%, 02/01/24		150,000		150,036

See Notes to Financial Statements.

55

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Cheniere Corpus Christi Holdings LLC
5.88%, 03/31/25	$	630,000	$	657,563
CIT Group, Inc.
4.13%, 03/09/21		780,000		777,075
Citibank NA
1.85%, 09/18/19		1,090,000		1,077,237
2.10%, 06/12/20		1,050,000		1,028,639
2.13%, 10/20/20D		800,000		781,064
Citigroup, Inc.
2.50%, 07/29/19		290,000		288,775
2.45%, 01/10/20D		820,000		811,090
2.75%, 04/25/22		1,100,000		1,065,695
(Variable, ICE LIBOR USD 3M + 0.95%), 2.88%, 07/24/23^		325,000		313,689
(Floating, ICE LIBOR USD 3M + 1.02%), 3.35%, 06/01/24†		1,000,000		1,001,707
Citizens Bank NA
2.45%, 12/04/19		600,000		594,698
2.25%, 03/02/20		285,000		280,453
2.20%, 05/26/20		370,000		362,382
(Floating, ICE LIBOR USD 3M + 0.57%), 2.89%, 05/26/20†		750,000		752,279
CNH Industrial Capital LLC
3.38%, 07/15/19		275,000		275,908
3.88%, 10/15/21		145,000		144,638
Continental Airlines Pass Through Trust, Series 2010-1, Class B
6.00%, 01/12/19		119,123		121,208
Cox Communications, Inc.
3.15%, 08/15/24 144A		480,000		455,361
Crown Castle International Corporation REIT
4.88%, 04/15/22		325,000		335,335
Crown Castle Towers LLC
3.22%, 05/15/22 144A		1,500,000		1,473,630
CSX Corporation
3.70%, 10/30/20		310,000		313,368
CVS Health Corporation
3.13%, 03/09/20		1,475,000		1,473,695
3.35%, 03/09/21		1,700,000		1,699,212
3.70%, 03/09/23		1,160,000		1,155,349
D.R. Horton, Inc.
4.00%, 02/15/20		1,100,000		1,111,134
Daimler Finance North America LLC
1.50%, 07/05/19 144A		1,810,000		1,783,911
2.20%, 05/05/20 144A		230,000		225,638
2.30%, 02/12/21 144A		1,455,000		1,413,857
(Floating, ICE LIBOR USD 3M + 0.84%), 3.20%, 05/04/23 144A† D		3,000,000		3,010,959
DCP Midstream Operating LP
2.70%, 04/01/19		420,000		416,850
5.35%, 03/15/20 144A		275,000		280,844
Dell International LLC
3.48%, 06/01/19 144A		1,455,000		1,458,989
4.42%, 06/15/21 144A		1,417,000		1,438,682
5.88%, 06/15/21 144A		140,000		142,257
5.45%, 06/15/23 144A		500,000		523,868

	Par		Value
Delta Air Lines, Inc.
2.88%, 03/13/20	$	465,000	$	462,127
3.63%, 03/15/22D		2,100,000		2,078,082
Devon Energy Corporation
3.25%, 05/15/22		440,000		432,917
Discover Bank
3.35%, 02/06/23		250,000		243,881
Discovery Communications LLC
4.38%, 06/15/21		220,000		225,033
DISH DBS Corporation
6.75%, 06/01/21		700,000		702,625
Dominion Energy Gas Holdings LLC
(Floating, ICE LIBOR USD 3M + 0.60%), 2.93%, 06/15/21†		1,800,000		1,799,739
Dominion Energy, Inc.
2.96%, 07/01/19 STEP		1,125,000		1,122,769
2.58%, 07/01/20		335,000		330,246
Dow Chemical Co.
4.25%, 11/15/20		175,000		178,847
DTE Energy Co.
1.50%, 10/01/19		400,000		392,338
Duke Energy Corporation
1.80%, 09/01/21		405,000		387,961
2.40%, 08/15/22		195,000		187,729
3.95%, 10/15/23		430,000		435,335
DXC Technology Co.
2.88%, 03/27/20		140,000		139,055
eBay, Inc.
2.15%, 06/05/20D		580,000		570,118
Emera US Finance LP
2.15%, 06/15/19D		250,000		247,448
Enbridge Energy Partners LP
5.20%, 03/15/20		280,000		288,042
4.38%, 10/15/20		15,000		15,281
Energy Transfer Equity LP
4.25%, 03/15/23D		630,000		609,531
Energy Transfer Partners LP
4.15%, 10/01/20		400,000		404,766
3.60%, 02/01/23D		105,000		102,689
EnLink Midstream Partners LP
2.70%, 04/01/19D		685,000		678,447
EOG Resources, Inc.
2.45%, 04/01/20		290,000		286,847
EQT Corporation
2.50%, 10/01/20D		395,000		386,155
Exelon Corporation
2.45%, 04/15/21		175,000		170,186
Exelon Generation Co. LLC
5.20%, 10/01/19		240,000		245,712
Fifth Third Bank
2.30%, 03/15/19		370,000		368,782
FirstEnergy Corporation
2.85%, 07/15/22		2,357,000		2,286,345
Ford Motor Credit Co. LLC
2.94%, 01/08/19		1,300,000		1,300,476
2.26%, 03/28/19		535,000		532,219
2.02%, 05/03/19		420,000		416,608

See Notes to Financial Statements.

56

	Par		Value
2.43%, 06/12/20	$	1,135,000	$	1,113,072
3.16%, 08/04/20D		225,000		223,560
(Floating, ICE LIBOR USD 3M + 1.27%), 3.61%, 03/28/22† D		435,000		440,121
4.14%, 02/15/23D		345,000		345,244
Fortive Corporation
1.80%, 06/15/19D		200,000		197,834
Freeport-McMoRan, Inc.
3.55%, 03/01/22		200,000		190,500
GameStop Corporation
6.75%, 03/15/21 144A D		350,000		356,125
General Dynamics Corporation
(Floating, ICE LIBOR USD 3M + 0.38%), 2.74%, 05/11/21†		635,000		637,474
General Electric Co.
(Variable, ICE LIBOR USD 3M +
3.33%), 5.00%, 01/21/21D ^		700,000		690,375
General Mills, Inc.
(Floating, ICE LIBOR USD 3M + 1.01%), 3.36%, 10/17/23†		200,000		201,842
General Motors Financial Co., Inc.
3.10%, 01/15/19		175,000		175,188
2.40%, 05/09/19		780,000		776,527
2.65%, 04/13/20		460,000		454,658
(Floating, ICE LIBOR USD 3M + 0.93%), 3.27%, 04/13/20†		1,010,000		1,017,086
2.45%, 11/06/20		605,000		591,779
3.20%, 07/06/21		420,000		414,830
(Floating, ICE LIBOR USD 3M + 1.55%), 3.90%, 01/14/22†		895,000		917,515
(Floating, ICE LIBOR USD 3M + 1.31%), 3.64%, 06/30/22†		900,000		914,985
3.25%, 01/05/23		290,000		281,321
4.15%, 06/19/23		235,000		235,205
Georgia-Pacific LLC
3.73%, 07/15/23 144A		500,000		502,572
Gilead Sciences, Inc.
2.50%, 09/01/23		95,000		90,628
Glencore Funding LLC
(Floating, ICE LIBOR USD 3M + 1.36%), 3.71%, 01/15/19 144A †		680,000		682,651
3.00%, 10/27/22 144A D		380,000		364,847
Goldman Sachs Group, Inc.
2.00%, 04/25/19		55,000		54,630
2.60%, 04/23/20		925,000		916,672
2.60%, 12/27/20		990,000		973,764
3.00%, 04/26/22		1,710,000		1,671,394
3.20%, 02/23/23		510,000		497,496
Harley-Davidson Financial Services, Inc.
2.15%, 02/26/20 144A		260,000		255,087
Hartford Financial Services Group, Inc.
5.13%, 04/15/22		263,000		277,787
HCA, Inc.
3.75%, 03/15/19		1,600,000		1,610,000
Hewlett Packard Enterprise Co.
2.85%, 10/05/18		399,000		399,605

	Par		Value
2.10%, 10/04/19 144A	$	1,315,000	$	1,298,845
HSBC USA, Inc.
(Floating, ICE LIBOR USD 3M + 0.61%), 2.97%, 11/13/19†		2,000,000		2,009,448
2.75%, 08/07/20		1,500,000		1,486,648
Hughes Satellite Systems Corporation
6.50%, 06/15/19		275,000		282,480
Huntington National Bank
2.38%, 03/10/20		1,240,000		1,224,012
Hyundai Capital America
2.40%, 10/30/18 144A		155,000		154,784
2.50%, 03/18/19 144A		30,000		29,867
1.75%, 09/27/19 144A		435,000		426,770
2.55%, 04/03/20 144A		315,000		309,691
International Lease Finance Corporation
5.88%, 04/01/19		1,385,000		1,413,603
6.25%, 05/15/19		1,300,000		1,333,135
8.25%, 12/15/20		800,000		882,601
Iron Mountain, Inc. REIT
4.38%, 06/01/21 144A		435,000		435,409
iStar, Inc. REIT
4.63%, 09/15/20		225,000		222,188
JPMorgan Chase & Co.
(Floating, ICE LIBOR USD 3M + 1.21%), 3.56%, 10/29/20†		5,900,000		6,015,094
(Floating, ICE LIBOR USD 3M + 0.68%), 2.98%, 06/01/21†		1,265,000		1,271,525
(Floating, ICE LIBOR USD 3M + 0.61%), 2.94%, 06/18/22†		540,000		540,108
2.97%, 01/15/23D		570,000		555,507
(Variable, ICE LIBOR USD 3M + 0.94%), 2.78%, 04/25/23^		815,000		790,516
(Variable, ICE LIBOR USD 3M + 0.73%), 3.56%, 04/23/24^		310,000		307,297
JPMorgan Chase Bank NA
(Variable, ICE LIBOR USD 3M + 0.28%), 2.60%, 02/01/21^		1,600,000		1,586,224
KeyBank NA
2.35%, 03/08/19		440,000		438,776
3.35%, 06/15/21		500,000		500,935
Kinder Morgan Energy Partners LP
5.00%, 10/01/21		300,000		311,502
Kinder Morgan, Inc.
3.05%, 12/01/19		1,734,000		1,729,232
5.00%, 02/15/21 144A		320,000		331,152
3.15%, 01/15/23		220,000		212,636
(Floating, ICE LIBOR USD 3M + 1.28%), 3.63%, 01/15/23†		695,000		706,546
Kraft Heinz Foods Co.
2.00%, 07/02/18		1,100,000		1,100,000
2.80%, 07/02/20		175,000		173,831
(Floating, ICE LIBOR USD 3M + 0.82%), 3.17%, 08/10/22†		400,000		401,575
Lam Research Corporation
2.75%, 03/15/20		1,575,000		1,566,435
Lehman Escrow Bonds
0.00%, 01/18/12#		600,000		18,300

See Notes to Financial Statements.

57

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
0.00%, 12/28/17y ††† #	$	2,600,000	$	—
Lennar Corporation
4.13%, 01/15/22		1,250,000		1,242,187
Maple Escrow Subsidiary, Inc.
3.55%, 05/25/21 144A		448,000		448,702
4.06%, 05/25/23 144A D		335,000		336,181
Marriott International, Inc.
3.00%, 03/01/19		225,000		225,050
3.13%, 10/15/21		600,000		593,758
Masco Corporation
5.95%, 03/15/22		683,000		731,260
McCormick & Co., Inc.
2.70%, 08/15/22		200,000		193,217
Metropolitan Life Global Funding I
2.40%, 01/08/21 144A		790,000		775,429
Microchip Technology, Inc.
3.92%, 06/01/21 144A		475,000		476,114
Moody’s Corporation
2.63%, 01/15/23D		315,000		302,066
Morgan Stanley
2.45%, 02/01/19		560,000		559,130
2.38%, 07/23/19		540,000		536,990
5.50%, 01/26/20		969,000		1,002,890
(Floating, ICE LIBOR USD 3M + 0.55%), 2.90%, 02/10/21†		1,500,000		1,503,291
2.75%, 05/19/22		755,000		731,806
(Floating, ICE LIBOR USD 3M + 0.93%), 3.29%, 07/22/22†		1,330,000		1,341,296
(Variable, ICE LIBOR USD 3M + 0.85%), 3.74%, 04/24/24^		415,000		412,960
Motorola Solutions, Inc.
3.50%, 09/01/21		1,900,000		1,889,859
MPLX LP
3.38%, 03/15/23		190,000		186,010
Nabors Industries, Inc.
4.63%, 09/15/21D		1,050,000		1,031,625
National Retail Properties, Inc. REIT
5.50%, 07/15/21		151,000		158,860
Navient Corporation
5.50%, 01/15/19		1,800,000		1,816,650
4.88%, 06/17/19		900,000		905,625
8.00%, 03/25/20		400,000		423,000
6.63%, 07/26/21		400,000		411,880
NetApp, Inc.
2.00%, 09/27/19D		495,000		488,237
Newmont Mining Corporation
3.50%, 03/15/22		280,000		278,667
Nissan Motor Acceptance Corporation
2.00%, 03/08/19 144A D		5,740,000		5,709,618
2.25%, 01/13/20 144A D		310,000		305,661
2.15%, 09/28/20 144A D		515,000		501,913
Northwest Airlines Pass Through Trust, Series 2002-1, Class G2
6.26%, 11/20/21		67,004		69,517
Nuance Communications, Inc.
5.38%, 08/15/20 144A		274,000		274,685

	Par		Value
NuStar Logistics LP
6.75%, 02/01/21	$	250,000	$	262,500
Nuveen Finance LLC
2.95%, 11/01/19 144A		1,300,000		1,295,347
ONEOK, Inc.
4.25%, 02/01/22		300,000		305,559
Oracle Corporation
1.90%, 09/15/21D		370,000		352,557
Pennsylvania Electric Co.
5.20%, 04/01/20		500,000		513,824
Penske Truck Leasing Co. LP
2.50%, 06/15/19 144A		190,000		188,993
3.05%, 01/09/20 144A		760,000		756,699
3.20%, 07/15/20 144A		1,000,000		998,023
3.38%, 02/01/22 144A D		755,000		744,787
Phillips 66
(Floating, ICE LIBOR USD 3M + 0.60%), 2.92%, 02/26/21†		595,000		595,983
Pioneer Natural Resources Co.
3.45%, 01/15/21		300,000		300,783
Pitney Bowes, Inc.
3.63%, 09/15/20		175,000		171,500
Protective Life Global Funding
2.16%, 09/25/20 144A		1,565,000		1,528,841
QEP Resources, Inc.
6.88%, 03/01/21		1,105,000		1,179,587
QUALCOMM, Inc.
3.00%, 05/20/22		575,000		566,640
2.60%, 01/30/23		510,000		487,992
Realty Income Corporation REIT
3.25%, 10/15/22		315,000		310,416
Reliance Standard Life Global Funding II
2.15%, 10/15/18 144A		1,000,000		998,550
Rockies Express Pipeline LLC
6.00%, 01/15/19 144A		285,000		289,631
Ryder System, Inc.
3.75%, 06/09/23		250,000		250,082
S&P Global, Inc.
3.30%, 08/14/20		800,000		801,249
Sabine Pass Liquefaction LLC
5.63%, 02/01/21D		1,170,000		1,223,401
6.25%, 03/15/22		1,100,000		1,184,260
Santander Holdings USA, Inc.
2.65%, 04/17/20D		1,230,000		1,219,693
3.70%, 03/28/22D		815,000		803,701
Sempra Energy
1.63%, 10/07/19		385,000		377,856
2.40%, 02/01/20		290,000		286,605
(Floating, ICE LIBOR USD 3M + 0.50%), 2.85%, 01/15/21†		630,000		630,367
Sirius XM Radio, Inc.
3.88%, 08/01/22 144A D		470,000		455,900
SLM Corporation
5.13%, 04/05/22		404,000		402,990

See Notes to Financial Statements.

58

	Par		Value
Smithfield Foods, Inc.
2.70%, 01/31/20 144A	$	250,000	$	246,507
2.65%, 10/03/21 144A		495,000		471,819
Southern California Edison Co.
2.90%, 03/01/21		1,000,000		993,958
1.85%, 02/01/22		857,143		836,205
Southern Co.
2.95%, 07/01/23		1,500,000		1,448,575
Spectra Energy Partners LP
4.75%, 03/15/24		90,000		91,960
Sprint Communications, Inc.
9.00%, 11/15/18 144A		313,000		319,651
Sprint Spectrum Co., LLC
3.36%, 09/20/21 144A		1,519,375		1,505,255
4.74%, 03/20/25 144A		245,000		243,726
Starwood Property Trust, Inc. REIT
3.63%, 02/01/21 144A		270,000		264,600
5.00%, 12/15/21		275,000		277,750
Sunoco Logistics Partners Operations LP		130,000
5.50%, 02/15/20		130,000		133,952
SunTrust Bank
(Variable, ICE LIBOR USD 3M + 0.30%), 2.59%, 01/29/21^		1,515,000		1,502,158
SunTrust Banks, Inc.
2.70%, 01/27/22		445,000		433,936
Synchrony Bank
3.00%, 06/15/22		490,000		472,300
Synchrony Financial
3.00%, 08/15/19		390,000		389,278
(Floating, ICE LIBOR USD 3M + 1.23%), 3.58%, 02/03/20†		250,000		252,403
Targa Resources Partners LP
4.13%, 11/15/19		150,000		150,375
Texas Eastern Transmission LP
2.80%, 10/15/22 144A		340,000		325,401
Thermo Fisher Scientific, Inc.
3.30%, 02/15/22		285,000		283,576
3.00%, 04/15/23		240,000		233,609
Time Warner Cable LLC
6.75%, 07/01/18		1,000,000		1,000,000
8.75%, 02/14/19		150,000		155,028
8.25%, 04/01/19		95,000		98,556
Total System Services, Inc.
3.75%, 06/01/23		240,000		238,109
TRI Pointe Group, Inc.
4.88%, 07/01/21D		300,000		302,625
Unit Corporation
6.63%, 05/15/21		175,000		175,438
US Airways Pass-Through Trust,
Series 2011-1, Class B
9.75%, 10/22/18		629,083		642,058
US Airways Pass-Through Trust,
Series 2012-1, Class B
8.00%, 10/01/19		233,601		245,573

	Par		Value
US Bank NA
2.13%, 10/28/19D	$	370,000	$	366,675
Verizon Communications, Inc.
(Floating, ICE LIBOR USD 3M + 0.55%), 2.88%, 05/22/20†		1,480,000		1,491,205
1.75%, 08/15/21		265,000		253,474
3.00%, 11/01/21		165,000		162,436
2.95%, 03/15/22D		880,000		864,434
(Floating, ICE LIBOR USD 3M + 1.10%), 3.44%, 05/15/25†		2,100,000		2,099,536
Virginia Electric & Power Co.
5.00%, 06/30/19		175,000		178,401
Walgreen Co.
3.10%, 09/15/22		370,000		362,578
Walgreens Boots Alliance, Inc.
2.70%, 11/18/19		490,000		488,109
Walmart, Inc.
3.13%, 06/23/21D		1,050,000		1,055,656
Warner Media LLC
4.70%, 01/15/21		170,000		175,073
WEA Finance LLC REIT
2.70%, 09/17/19 144A		260,000		258,968
WEC Energy Group, Inc.
3.38%, 06/15/21		890,000		893,135
Wells Fargo & Co.
2.13%, 04/22/19		325,000		323,206
(Floating, ICE LIBOR USD 3M + 0.93%), 3.29%, 02/11/22†		1,505,000		1,520,976
2.63%, 07/22/22D		110,000		106,011
3.07%, 01/24/23		50,000		48,653
Wells Fargo Bank NA
(Floating, ICE LIBOR USD 3M + 0.25%),
2.58%, 04/05/19†		1,500,000		1,501,510
2.60%, 01/15/21D		1,500,000		1,476,640
Welltower, Inc. REIT
6.13%, 04/15/20		784,000		820,848
WestRock Co.
3.75%, 03/15/25 144A		115,000		112,909
Williams Cos., Inc.
4.55%, 06/24/24		325,000		326,625
Williams Partners LP
4.00%, 11/15/21		175,000		176,658
3.60%, 03/15/22		265,000		263,931
Willis North America, Inc.
3.60%, 05/15/24D		230,000		222,562
WR Grace & Co-Conn
5.13%, 10/01/21 144A		135,000		137,997
Xerox Corporation
3.50%, 08/20/20		270,000		269,069
3.63%, 03/15/23		115,000		110,459
Xilinx, Inc.
2.13%, 03/15/19		325,000		323,606
Zimmer Biomet Holdings, Inc.
2.70%, 04/01/20		190,000		188,238

See Notes to Financial Statements.

59

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Zoetis, Inc.
3.45%, 11/13/20	$	300,000	$	300,893
Total Corporate Bonds (Cost $224,494,759)				222,816,799
FOREIGN BONDS — 13.8%
Australia — 0.8%
Australia & New Zealand Banking
Group, Ltd.
2.25%, 11/09/20		250,000		244,029
Commonwealth Bank of Australia
2.30%, 09/06/19		250,000		248,214
Macquarie Group, Ltd.
(Floating, ICE LIBOR USD 3M + 1.02%), 3.34%, 11/28/23 144A†		1,690,000		1,696,368
National Australia Bank, Ltd.
2.25%, 03/16/21 144A		1,500,000		1,467,428
Suncorp-Metway, Ltd.
2.10%, 05/03/19 144A		1,700,000		1,688,644
2.35%, 04/27/20 144A		420,000		413,609
2.38%, 11/09/20 144A		785,000		766,479
Virgin Australia Pass-Through Trust, Series 2013-1A		266,277
5.00%, 10/23/23 144A		266,277		271,040
Woodside Finance, Ltd.
4.60%, 05/10/21 144A		400,000		409,693
3.70%, 09/15/26 144A		400,000		384,967
				7,590,471
Bermuda — 0.0%
Enstar Group, Ltd.
4.50%, 03/10/22		275,000		274,352
Brazil — 0.0%
Vale Overseas, Ltd.
4.38%, 01/11/22		119,000		120,724
Canada — 1.0%
Bank of Montreal
1.75%, 09/11/19		360,000		355,453
Cenovus Energy, Inc.
5.70%, 10/15/19		1,200,000		1,231,100
Enbridge, Inc.
2.90%, 07/15/22D		270,000		262,493
National Bank of Canada
(Floating, ICE LIBOR USD 3M + 0.60%), 2.95%, 01/17/20†		400,000		402,090
Province of Alberta Canada
1.90%, 12/06/19D		1,000,000		988,795
1.75%, 08/26/20 144A		1,000,000		976,472
Royal Bank of Canada
2.20%, 09/23/19D		247,000		245,346
2.10%, 10/14/20		1,050,000		1,028,393
Toronto-Dominion Bank
2.25%, 03/15/21 144A		800,000		782,674
2.50%, 01/18/22 144A		2,600,000		2,546,530
TransCanada PipeLines, Ltd.
3.13%, 01/15/19		115,000		115,187
3.75%, 10/16/23D		330,000		331,544
				9,266,077

	Par		Value
Chile — 0.2%
Banco del Estado de Chile
2.67%, 01/08/21 144A	$	725,000	$	706,761
Banco Santander Chile
2.50%, 12/15/20 144A		635,000		619,144
Itau CorpBanca
3.88%, 09/22/19 144A		500,000		502,407
				1,828,312
China — 0.1%
Baidu, Inc.
2.88%, 07/06/22		235,000		226,632
Park Aerospace Holdings, Ltd.
5.25%, 08/15/22 144A		135,000		134,158
Sinopec Group Overseas Development 2017, Ltd.
2.38%, 04/12/20 144AD		970,000		954,651
				1,315,441
Denmark — 0.1%
AP Moeller - Maersk A/S
2.55%, 09/22/19 144A		670,000		663,251
Finland — 0.0%
Nokia OYJ
5.38%, 05/15/19		79,000		80,086
3.38%, 06/12/22		185,000		179,558
				259,644
France — 0.7%
Banque Federative du Credit Mutuel
2.20%, 07/20/20 144A		1,230,000		1,201,901
BNP Paribas SA
(Floating, ICE LIBOR USD 3M + 0.25%), 2.57%, 04/08/19†		1,500,000		1,501,754
2.95%, 05/23/22 144A		480,000		463,777
BPCE SA
(Floating, ICE LIBOR USD 3M + 1.22%), 3.55%, 05/22/22 144A †		545,000		553,323
Credit Agricole SA
3.38%, 01/10/22 144A		680,000		666,301
3.75%, 04/24/23 144AD		250,000		245,204
Dexia Credit Local SA
2.25%, 02/18/20		2,100,000		2,079,338
				6,711,598
Germany — 1.0%
Deutsche Bank AG
3.15%, 01/22/21		1,690,000		1,636,529
Erste Abwicklungsanstalt
1.38%, 10/30/19		2,000,000		1,965,961
(Floating, ICE LIBOR USD 3M + 0.21%), 2.54%, 03/09/20†		4,000,000		4,012,828
IHO Verwaltungs GmbH Cash coupon 4.13% or PIK
4.88%, 09/15/21 144A		400,000		395,000
KFW
1.88%, 11/30/20		1,095,000		1,073,205
				9,083,523

See Notes to Financial Statements.

60

	Par		Value
Hong Kong — 0.1%
CK Hutchison International 17 II, Ltd.
2.25%, 09/29/20 144AD	$	990,000	$	968,606
India — 0.3%
Export-Import Bank of India
2.75%, 04/01/20		1,300,000		1,278,072
ICICI Bank, Ltd.
3.13%, 08/12/20		1,000,000		984,661
State Bank of India
(Floating, ICE LIBOR USD 3M + 0.95%), 3.27%, 04/06/20†		1,000,000		1,003,400
				3,266,133
Indonesia — 0.1%
Pelabuhan Indonesia III Persero PT
4.50%, 05/02/23 144A		1,175,000		1,167,870
Ireland — 1.2%
AerCap Ireland Capital DAC
3.75%, 05/15/19		745,000		749,601
3.95%, 02/01/22D		940,000		935,227
3.50%, 05/26/22		460,000		450,353
3.30%, 01/23/23		155,000		149,139
GE Capital International Funding Co.
2.34%, 11/15/20		785,000		767,585
Shire Acquisitions Investments Ireland DAC
1.90%, 09/23/19		6,320,000		6,222,552
2.40%, 09/23/21		740,000		708,992
2.88%, 09/23/23		565,000		532,184
SMBC Aviation Capital Finance DAC
2.65%, 07/15/21 144A		390,000		378,417
3.00%, 07/15/22 144AD		540,000		521,219
Willis Towers Watson PLC
5.75%, 03/15/21		131,000		138,192
				11,553,461
Italy — 0.0%
Intesa Sanpaolo SpA
3.38%, 01/12/23 144AD		200,000		184,028
Japan — 1.8%
Central Nippon Expressway Co., Ltd.
(Floating, ICE LIBOR USD 3M + 0.85%), 3.19%, 09/14/21†		1,000,000		1,010,661
2.85%, 03/03/22		2,000,000		1,959,270
Japan Finance Organization for Municipalities		200,000
2.00%, 09/08/20 144A		200,000		195,570
Mitsubishi UFJ Financial Group, Inc.
2.95%, 03/01/21		250,000		247,396
(Floating, ICE LIBOR USD 3M + 0.79%), 3.15%, 07/25/22†		1,500,000		1,507,258
(Floating, ICE LIBOR USD 3M + 0.74%), 3.06%, 03/02/23†		900,000		902,453
Mitsubishi UFJ Lease & Finance Co., Ltd.		500,000
2.25%, 09/07/21		500,000		479,588
Mitsubishi UFJ Trust & Banking Corporation		480,000
2.45%, 10/16/19 144A		480,000		476,087

	Par		Value
2.65%, 10/19/20 144A	$	700,000	$	689,128
Mizuho Bank, Ltd.
2.65%, 09/25/19 144A		320,000		318,384
2.40%, 03/26/20 144A		510,000		502,681
Mizuho Financial Group, Inc.
(Floating, ICE LIBOR USD 3M + 0.94%), 3.26%, 02/28/22†		3,350,000		3,378,227
Sumitomo Mitsui Financial Group, Inc.
2.06%, 07/14/21		1,100,000		1,055,352
2.85%, 01/11/22		335,000		327,360
(Floating, ICE LIBOR USD 3M + 0.74%),
3.10%, 10/18/22†		2,000,000		2,002,702
Sumitomo Mitsui Trust Bank, Ltd.
2.05%, 03/06/19 144A		420,000		417,778
1.95%, 09/19/19 144A		490,000		483,519
2.05%, 10/18/19 144A		520,000		512,863
				16,466,277
Luxembourg — 0.1%
ArcelorMittal
5.25%, 08/05/20		500,000		518,750
Malaysia — 0.1%
Petronas Capital, Ltd.
5.25%, 08/12/19		900,000		921,793
Netherlands — 1.8%
Bank Nederlandse Gemeenten NV
2.50%, 02/28/20 144AD		2,000,000		1,992,270
1.75%, 10/05/20 144A		1,450,000		1,416,620
Cooperatieve Rabobank UA
(Floating, ICE LIBOR USD 3M + 0.20%), 2.54%, 04/05/19†		1,500,000		1,501,400
3.13%, 04/26/21		1,570,000		1,564,613
Deutsche Telekom International Finance BV
6.00%, 07/08/19		390,000		401,879
Enel Finance International NV
2.88%, 05/25/22 144A		200,000		190,739
ING Groep NV
(Floating, ICE LIBOR USD 3M + 1.15%),
3.48%, 03/29/22†		365,000		371,376
LeasePlan Corporation NV
2.88%, 01/22/19 144A		1,500,000		1,497,698
Mylan NV
2.50%, 06/07/19		336,000		334,546
Nederlandse Waterschapsbank NV
(Floating, ICE LIBOR USD 3M + 0.02%), 2.36%, 03/15/19 144A†		6,000,000		6,001,131
NXP BV
4.13%, 06/15/20 144A		275,000		278,438
4.13%, 06/01/21 144A		1,600,000		1,600,000
3.88%, 09/01/22 144A		200,000		197,000
				17,347,710
New Zealand — 0.0%
ANZ New Zealand International, Ltd.
2.20%, 07/17/20 144A		340,000		333,327

See Notes to Financial Statements.

61

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Norway — 0.3%
DNB Bank ASA
2.13%, 10/02/20 144A	$	950,000	$	926,736
DNB Boligkreditt AS
2.00%, 05/28/20 144A		1,500,000		1,474,363
				2,401,099
Peru — 0.1%
Fondo MIVIVIENDA SA
3.50%, 01/31/23 144AD		690,000		666,892
Qatar — 0.1%
QNB Finance, Ltd.
2.75%, 10/31/18D		900,000		899,716
2.13%, 09/07/21		200,000		189,863
				1,089,579
Singapore — 0.7%
BOC Aviation, Ltd.
3.00%, 05/23/22		700,000		676,936
ST Engineering Financial I, Ltd.
4.80%, 07/16/19D		6,000,000		6,100,296
				6,777,232
South Korea — 0.5%
Hyundai Capital Services, Inc.
1.63%, 08/30/19 144A		520,000		510,056
Korea Western Power Co., Ltd.
2.88%, 10/10/18		3,000,000		2,996,795
KT Corporation
2.63%, 04/22/19		800,000		795,749
				4,302,600
Sweden — 0.3%
Nordea Bank AB
(Floating, ICE LIBOR USD 3M + 0.20%), 2.54%, 04/05/19†		1,500,000		1,500,951
1.63%, 09/30/19 144A		280,000		275,284
Stadshypotek AB
2.50%, 04/05/22 144AD		1,000,000		976,590
Telefonaktiebolaget LM Ericsson
4.13%, 05/15/22		155,000		152,824
				2,905,649
Switzerland — 0.7%
Credit Suisse Group AG
3.57%, 01/09/23 144AD		750,000		735,407
Credit Suisse Group Funding Guernsey, Ltd.		900,000
2.75%, 03/26/20		900,000		890,534
3.80%, 09/15/22		450,000		448,456
UBS AG
2.38%, 08/14/19		250,000		248,479
2.20%, 06/08/20 144A		1,490,000		1,460,820
2.45%, 12/01/20 144A		755,000		738,969

	Par		Value
UBS Group Funding Switzerland AG
(Floating, ICE LIBOR USD 3M + 1.78%), 4.13%, 04/14/21 144A†	$	900,000	$	929,472
(Floating, ICE LIBOR USD 3M + 1.22%), 3.55%, 05/23/23 144A†		1,009,000		1,021,714
(Variable, ICE LIBOR USD 3M + 0.95%), 2.86%, 08/15/23 144A^		365,000		349,548
				6,823,399
United Arab Emirates — 0.2%
Abu Dhabi Government International Bond
2.50%, 10/11/22 144A		655,000		628,391
ADCB Finance Cayman, Ltd.
3.00%, 03/04/19D		1,000,000		1,000,073
				1,628,464
United Kingdom — 1.5%
Aon PLC
2.80%, 03/15/21		225,000		221,332
Barclays Bank PLC
(Floating, ICE LIBOR USD 3M + 0.46%), 2.80%, 01/11/21†D		730,000		730,073
Barclays PLC
2.75%, 11/08/19		700,000		694,985
3.25%, 01/12/21		725,000		716,178
HSBC Holdings PLC
(Floating, ICE LIBOR USD 3M + 0.60%), 2.93%, 05/18/21†		900,000		901,557
(Variable, ICE LIBOR USD 3M + 1.06%), 3.26%, 03/13/23^		555,000		543,916
Jaguar Land Rover Automotive PLC
3.50%, 03/15/20 144AD		300,000		296,625
Lloyds Banking Group PLC
(Floating, ICE LIBOR USD 3M + 0.80%), 3.13%, 06/21/21†		2,000,000		2,000,243
4.50%, 11/04/24		370,000		366,281
Royal Bank of Scotland Group PLC
(Floating, ICE LIBOR USD 3M + 1.47%), 3.81%, 05/15/23†		1,810,000		1,819,844
Santander UK Group Holdings PLC
2.88%, 08/05/21		3,500,000		3,394,657
3.57%, 01/10/23D		350,000		340,326
(Variable, ICE LIBOR USD 3M + 1.08%), 3.37%, 01/05/24^		215,000		206,942
Santander UK PLC
2.50%, 03/14/19		370,000		369,293
Sky PLC
2.63%, 09/16/19 144A		221,000		219,504
Standard Chartered PLC
2.10%, 08/19/19 144AD		580,000		572,293

See Notes to Financial Statements.

62

	Par		Value
Vodafone Group PLC
(Floating, ICE LIBOR USD 3M + 0.99%), 3.29%, 01/16/24†	$	500,000	$	498,063
				13,892,112
Total Foreign Bonds (Cost $131,695,805)				130,328,374
MORTGAGE-BACKED SECURITIES — 16.2%
American Home Mortgage Assets Trust, Series 2006-5, Class A1
(Floating, Federal Reserve U.S. 12 1Y CMT + 0.92%, 0.92% Floor), 2.48%, 11/25/46†		716,035		398,507
American Home Mortgage Investment Trust, Series 2004-3, Class 5A
(Floating, ICE LIBOR USD 1Y + 1.50%, 1.50% Floor), 3.75%, 10/25/34†		55,575		55,850
Americold LLC, Series 2010-ARTA, Class A1
3.85%, 01/14/29 144A		518,024		522,868
Americold LLC, Series 2010-ARTA, Class A2FL
(Floating, ICE LIBOR USD 1M + 1.50%, 1.00% Floor), 3.56%, 01/14/29 144A†		1,686,220		1,686,599
AOA Mortgage Trust, Series 2015-1177, Class A
2.96%, 12/13/29 144A		1,330,000		1,310,131
Apollo Trust, Series 2009-1, Class A3
(Floating, Australian BBSW 1M + 1.30%), 3.18%, 10/03/40†		82,961		59,473
Aventura Mall Trust, Series 2013-AVM, Class A
3.87%, 12/05/32 144A†g		1,055,000		1,072,298
Banc of America Funding Trust, Series 2006-J, Class 4A1
4.05%, 01/20/47†g		252,801		244,263
Banc of America Mortgage Trust, Series 2003-L, Class 3A1
3.78%, 01/25/34†g		85,872		85,188
Banc of America Mortgage Trust, Series 2004-2, Class 5A1
6.50%, 10/25/31		28,831		30,159
Banc of America Mortgage Trust, Series 2004-I, Class 3A2
3.78%, 10/25/34†g		144,012		146,142
Bear Stearns ALT-A Trust, Series 2004-10, Class 2A1
(Floating, ICE LIBOR USD 1M + 0.66%, 0.33% Floor), 2.75%, 09/25/34†		861,626		845,289
Bear Stearns ALT-A Trust, Series 2004-13, Class A1
(Floating, ICE LIBOR USD 1M + 0.74%, 0.37% Floor), 2.83%, 11/25/34†		36,452		36,532
Bear Stearns ARM Trust, Series 2003-8, Class 4A1
3.81%, 01/25/34†g		149,219		150,703
Bear Stearns ARM Trust, Series 2004-5, Class 2A
4.24%, 07/25/34†g		143,194		142,300

	Par		Value
Bear Stearns ARM Trust, Series 2004-7, Class 4A
3.87%, 10/25/34†g	$	3,385	$	3,402
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-T26, Class AM
5.51%, 01/12/45		235,257		236,289
BX Trust, Series 2017-APPL, Class A
(Floating, ICE LIBOR USD 1M + 0.88%, 0.88% Floor), 2.95%, 07/15/34 144A†		2,170,496		2,174,047
Caesars Palace Las Vegas Trust, Series 2017-VICI, Class A
3.53%, 10/15/34 144A		585,000		587,100
CFCRE Commercial Mortgage Trust, Series 2017-C8, Class ASB
3.37%, 06/15/50		1,500,000		1,484,136
CGBAM Commercial Mortgage Trust, Series 2015-SMRT, Class B
3.21%, 04/10/28 144A		850,000		846,738
CHL Mortgage Pass-Through Trust, Series 2004-29, Class 1A1
(Floating, ICE LIBOR USD 1M + 0.54%, 0.27% Floor), 2.63%, 02/25/35†		83,021		79,603
Citigroup Commercial Mortgage Trust, Series 2015-SHP2, Class A
(Floating, ICE LIBOR USD 1M + 1.28%, 1.28% Floor), 3.35%, 07/15/27 144A†		1,035,000		1,035,779
CLNS Trust, Series 2017-IKPR, Class A
(Floating, ICE LIBOR USD 1M + 0.80%, 0.80% Floor), 2.85%, 06/11/32 144A†		420,000		419,989
COMM Mortgage Trust, Series 2012-CR4, Class ASB
2.44%, 10/15/45		629,009		620,795
COMM Mortgage Trust, Series 2013-CR12, Class A2
2.90%, 10/10/46		1,679,790		1,679,500
COMM Mortgage Trust, Series 2013-SFS, Class A1
1.87%, 04/12/35 144A		405,575		392,487
COMM Mortgage Trust, Series 2014-CR17, Class ASB
3.60%, 05/10/47		1,525,000		1,543,963
COMM Mortgage Trust, Series 2014-PAT, Class A
(Floating, ICE LIBOR USD 1M + 0.80%, 0.80% Floor), 2.85%, 08/13/27 144A†		100,000		99,964
COMM Mortgage Trust, Series 2014-TWC, Class A
(Floating, ICE LIBOR USD 1M + 0.85%, 0.85% Floor), 2.90%, 02/13/32 144A†		1,728,000		1,728,924
COMM Mortgage Trust, Series 2014-UBS3, Class ASB
3.37%, 06/10/47		875,000		878,841
COMM Mortgage Trust, Series 2014-UBS5, Class ASB
3.55%, 09/10/47		390,000		393,145

See Notes to Financial Statements.

63

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SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
COMM Mortgage Trust, Series 2015-CR24, Class ASB
3.45%, 08/10/48	$	480,000	$	481,083
COMM Mortgage Trust, Series 2015-CR25, Class ASB
3.54%, 08/10/48		1,160,000		1,167,196
COMM Trust, Series 2013-GAM, Class A1
1.71%, 02/10/28 144A		512,635		503,442
Core Industrial Trust, Series 2015-TEXW, Class A
3.08%, 02/10/34 144A		1,450,000		1,441,793
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class XA
1.96%, 01/15/49† IO g		990,482		95,743
CSMC Trust Series 2017-1
4.50%, 03/25/21		464,450		468,845
CSMC Trust, Series 2013-IVR2, Class AD
1.55%, 04/25/43 144A		654,781		628,736
Deutsche Alt-B Securities Mortgage Loan Trust Series, Series 2006-AB4, Class A6A1
(Step to 5.67% on 05/25/20), 5.87%, 10/25/36 STEP		225,197		214,442
Deutsche Alt-B Securities Mortgage
Loan Trust Series, Series 2006-AB4, Class A6A2
(Step to 5.67% on 08/25/18), 5.89%, 10/25/36 STEP		225,668		214,888
Exantas Capital Corporation, Ltd., Series 2018-RSO6, Class A
(Floating, ICE LIBOR USD 1M + 0.83%, 0.83% Floor), 2.79%, 06/15/35 144A†		430,000		430,000
Fannie Mae Connecticut Avenue Securities, Series 2013-C01
(Floating, ICE LIBOR USD 1M + 2.00%), 4.09%, 10/25/23†		80,936		81,285
Fannie Mae Connecticut Avenue Securities, Series 2014-C02
(Floating, ICE LIBOR USD 1M + 0.95%, 0.95% Floor), 3.04%, 05/25/24†		153,178		153,624
Fannie Mae Connecticut Avenue Securities, Series 2016-C02
(Floating, ICE LIBOR USD 1M + 2.15%), 4.24%, 09/25/28†		172,096		173,107
Fannie Mae Connecticut Avenue Securities, Series 2016-C05
(Floating, ICE LIBOR USD 1M + 1.35%, 1.35% Floor), 3.44%, 01/25/29†		297,227		298,489
Fannie Mae Connecticut Avenue Securities, Series 2017-C02
(Floating, ICE LIBOR USD 1M + 1.15%), 3.24%, 09/25/29†		646,939		650,656
Fannie Mae Connecticut Avenue Securities, Series 2017-C04
(Floating, ICE LIBOR USD 1M + 0.85%), 2.94%, 11/25/29†		813,053		815,606

	Par		Value
Federal Home Loan Mortgage Corporation
5.00%, 01/01/19	$	6,317	$	6,413
5.00%, 02/01/19		8,762		8,898
5.00%, 12/01/19		35,765		36,327
5.50%, 05/01/22		117,416		119,605
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.36%, 13.10% Cap), 3.77%, 07/01/27†		5,096		5,353
2.50%, 11/01/27		1,586,110		1,551,859
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.25%, 10.99% Cap), 3.49%, 11/01/31†		36,760		38,812
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.25%, 10.92% Cap), 4.12%, 04/01/32†		5,966		6,237
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.04%, 9.69% Cap), 3.90%, 06/01/33†		472,372		495,947
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.25%, 9.49% Cap), 3.50%, 10/01/34†		89,892		95,092
(Floating, ICE LIBOR USD 1Y + 1.75%, 10.78% Cap), 4.17%, 08/01/35†		357,667		376,979
(Floating, ICE LIBOR USD 1Y + 1.35%, 10.31% Cap), 3.13%, 09/01/35†		162,027		168,244
(Floating, ICE LIBOR USD 1Y + 1.63%, 10.85% Cap), 3.38%, 10/01/35†		182,087		191,060
(Floating, ICE LIBOR USD 1Y + 1.52%, 11.84% Cap), 3.42%, 04/01/36†		228,530		236,978
Federal Home Loan Mortgage Corporation REMIC, Series 3228
(Floating, ICE LIBOR USD 1M + 0.50%, 0.50% Floor), 2.57%, 10/15/36†		1,719,295		1,738,328
Federal Home Loan Mortgage Corporation REMIC, Series 3710
4.00%, 08/15/25 STEP		157,847		165,368
Federal Home Loan Mortgage Corporation REMIC, Series 3959
4.50%, 11/15/41		391,042		409,191
Federal Home Loan Mortgage Corporation REMIC, Series 3986
4.50%, 09/15/41		444,883		463,419
Federal Home Loan Mortgage Corporation REMIC, Series 4274
3.50%, 10/15/35		360,885		365,798
Federal Home Loan Mortgage Corporation REMIC, Series 4390
3.50%, 06/15/50		473,401		477,629
Federal Home Loan Mortgage Corporation REMIC, Series 4446
3.50%, 12/15/50		936,189		941,275

See Notes to Financial Statements.

64

	Par		Value
Federal Home Loan Mortgage
Corporation REMIC, Series 4459
3.00%, 08/15/43	$	687,236	$	677,023
Federal Home Loan Mortgage
Corporation REMIC, Series 4482
3.00%, 06/15/42		386,064		385,872
Federal Home Loan Mortgage
Corporation REMIC, Series 4493
3.00%, 02/15/44		524,375		522,462
Federal Home Loan Mortgage
Corporation REMIC, Series 4494
3.75%, 10/15/42		632,520		645,548
Federal Home Loan Mortgage
Corporation REMIC, Series 4593
4.00%, 04/15/54		1,143,455		1,179,674
Federal National Mortgage Association
5.00%, 07/01/19		6,791		6,910
5.00%, 05/01/21		32,521		33,090
5.00%, 11/01/21		20,079		20,431
3.74%, 09/01/23		2,790,055		2,840,112
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.99%, 10.58% Cap), 3.36%, 12/01/24 CONV†		10,243		10,415
2.50%, 12/01/27		943,121		924,393
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.22%, 11.64% Cap), 3.53%, 09/01/31†		47,423		49,246
2.50%, 10/01/31		893,401		870,376
2.50%, 11/01/31		1,779,491		1,733,622
2.50%, 01/01/32		16,713		16,296
(Floating, ICE LIBOR USD 1M + 1.30%, 11.27% Cap), 3.18%, 08/01/32†		393,623		401,755
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.21%, 9.67% Cap), 3.56%, 12/01/32†		337,776		356,157
(Floating, ICE LIBOR USD 1Y + 1.45%, 9.61% Cap), 3.24%, 06/01/33†		50,042		52,711
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.41%, 9.36% Cap), 4.28%, 06/01/33†		30,850		32,179
2.50%, 07/18/33 TBA		1,985,000		1,929,333
3.00%, 07/18/33 TBA		8,600,000		8,550,189
4.00%, 07/18/33 TBA		545,000		559,136
4.50%, 07/18/33 TBA		510,000		513,267
(Floating, ICE LIBOR USD 1Y + 1.80%, 9.23% Cap), 3.56%, 10/01/33†		94,008		99,162
(Floating, ICE LIBOR USD 1Y + 1.42%, 10.02% Cap), 3.17%, 09/01/34†		62,886		65,616
(Floating, ICE LIBOR USD 1Y + 1.42%, 9.89% Cap), 3.17%, 09/01/34†		78,665		82,066

	Par		Value
(Floating, ICE LIBOR USD 1Y + 1.32%, 9.85% Cap), 3.07%, 10/01/34†	$	81,231	$	84,386
(Floating, ICE LIBOR USD 1Y + 1.50%, 10.10% Cap), 3.24%, 10/01/34†		96,419		100,843
(Floating, ICE LIBOR USD 1Y + 1.66%, 10.09% Cap), 3.48%, 02/01/35†		161,627		169,754
(Floating, ICE LIBOR USD 1Y + 1.73%, 10.72% Cap), 3.49%, 09/01/35†		139,867		146,693
(Floating, ICE LIBOR USD 1Y + 1.74%, 11.11% Cap), 3.49%, 12/01/35†		5,095		5,138
(Floating, ICE LIBOR USD 1Y + 1.73%, 9.50% Cap), 3.71%, 05/01/38†		1,607,397		1,694,553
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.20%, 10.74% Cap), 2.66%, 08/01/42†		146,133		148,251
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.20%, 9.26% Cap), 2.66%, 08/01/42†		153,439		155,774
(Floating, ICE LIBOR USD 1Y + 1.74%, 8.44% Cap), 3.31%, 09/01/42†		721,934		731,885
(Floating, ICE LIBOR USD 1Y + 1.70%, 7.72% Cap), 2.72%, 07/01/43†		1,208,067		1,209,031
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.20%, 8.48% Cap), 2.66%, 07/01/44†		150,169		152,511
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.20%, 9.68% Cap), 2.66%, 10/01/44†		126,601		128,509
(Floating, ICE LIBOR USD 1Y + 1.59%, 7.68% Cap), 2.68%, 06/01/45†		1,392,459		1,389,034
Federal National Mortgage Association ACES, Series 2015-M4
0.58%, 07/25/22† IO g		21,156,923		340,775
Federal National Mortgage Association ACES, Series 2016-M6
1.79%, 06/25/19		440,338		438,653
Federal National Mortgage Association REMIC, Series 2004-80
4.00%, 11/25/19		2,871		2,873
Federal National Mortgage Association REMIC, Series 2006-98
(Floating, ICE LIBOR USD 1M + 0.43%, 0.43% Floor), 2.52%, 10/25/36†		244,459		245,749

See Notes to Financial Statements.

65

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Federal National Mortgage Association REMIC, Series 2007-100
(Floating, ICE LIBOR USD 1M + 0.55%, 0.55% Floor), 2.64%, 10/25/37†	$	437,978	$	441,680
Federal National Mortgage Association REMIC, Series 2010-72
(Floating, ICE LIBOR USD 1M + 0.72%, 0.72% Floor), 2.81%, 07/25/40†		1,089,198		1,108,019
Federal National Mortgage Association REMIC, Series 2011-48
4.00%, 06/25/26 STEP		241,759		253,038
Federal National Mortgage Association REMIC, Series 2011-87
(Floating, ICE LIBOR USD 1M + 0.55%, 0.55% Floor), 2.64%, 09/25/41†		1,229,383		1,238,802
Federal National Mortgage Association REMIC, Series 2012-79
(Floating, ICE LIBOR USD 1M + 0.45%, 0.45% Floor), 2.54%, 07/25/42†		328,269		330,945
Federal National Mortgage Association REMIC, Series 2015-38
(Floating, ICE LIBOR USD 1M + 0.31%, 0.31% Floor), 2.22%, 06/25/55†		464,638		464,972
Federal National Mortgage Association REMIC, Series 2016-11
(Floating, ICE LIBOR USD 1M + 0.50%, 0.50% Floor), 2.41%, 03/25/46†		2,404,302		2,404,197
Federal National Mortgage Association REMIC, Series 2016-40
(Floating, ICE LIBOR USD 1M + 0.45%, 0.45% Floor), 2.36%, 07/25/46†		2,820,468		2,817,498
Federal National Mortgage Association REMIC, Series 2018-49
4.00%, 12/25/42		1,700,000		1,732,324
FHLMC Multifamily Structured Pass Through Certificates, Series KIR2
2.75%, 03/25/27		463,255		456,192
FHLMC Multifamily Structured Pass Through Certificates, Series KJ18
3.07%, 08/25/22		390,000		390,441
FHLMC Multifamily Structured Pass Through Certificates, Series KW01
1.12%, 01/25/26† IO g		2,657,147		155,758
FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-HQA3
(Floating, ICE LIBOR USD 1M + 0.55%), 2.64%, 04/25/30†		929,458		928,871

	Par		Value
FHLMC Structured Pass-Through Certificates, Series T-56
(Floating, ICE LIBOR USD 1M + 1.00%, 1.00% Floor), 3.09%, 05/25/43†	$	504,653	$	516,375
FHLMC Structured Pass-Through Certificates, Series T-61
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.40%, 1.40% Floor), 2.84%, 07/25/44†		657,170		661,124
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA1, Class A1
4.02%, 06/25/34† g		193,575		192,943
Flagstar Mortgage Trust, Series 2018-4, Class A4
4.00%, 07/25/48		2,130,000		2,145,716
FNBA Mortgage Loan Trust, Series 2004-AR1, Class A2
(Floating, ICE LIBOR USD 1M + 0.40%, 0.40% Floor), 2.48%, 08/19/34†		532,100		530,667
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class AFL1
(Floating, ICE LIBOR USD 1M + 1.30%, 1.30% Floor), 3.47%, 12/15/34 144A †		285,277		285,478
Gosforth Funding PLC, Series 2016-1A, Class A1B
(Floating, ICE LIBOR GBP 3M + 0.60%), 1.24%, 02/15/58 144A †		463,986		613,743
Government National Mortgage Association
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%, 2.00% Floor), 2.63%, 06/20/21†		912		923
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%, 0.50% Floor), 3.38%, 03/20/22†		54,873		55,312
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%, 1.50% Floor), 3.38%, 03/20/22†		6,935		7,005
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%, 1.50% Floor), 3.38%, 01/20/23†		10,803		10,977
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%, 10.00% Cap), 2.63%, 05/20/24†		24,131		24,686
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%, 1.50% Floor), 2.75%, 07/20/25†		31,641		32,466
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%, 1.00% Floor), 2.75%, 08/20/25†		9,441		9,690

See Notes to Financial Statements.

66

	Par		Value
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%, 1.00% Floor), 3.13%, 11/20/25†	$	32,919	$	33,802
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%, 1.50% Floor), 3.13%, 12/20/26†		47,404		48,792
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%, 1.00% Floor), 2.75%, 07/20/27†		1,080		1,113
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%, 10.00% Cap), 3.13%, 10/20/27†		17,104		17,633
8.50%, 10/15/29		21,008		21,413
8.50%, 03/15/30		431		432
8.50%, 04/15/30		4,166		4,218
8.50%, 05/15/30		56,926		58,746
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%, 1.50% Floor), 2.63%, 05/20/30†		27,063		28,031
8.50%, 07/15/30		42,496		44,424
8.50%, 08/15/30		4,922		4,995
8.50%, 11/15/30		6,849		7,100
8.50%, 12/15/30		25,367		28,237
8.50%, 02/15/31		15,193		15,689
Government National Mortgage Association, Series 2000-9
(Floating, ICE LIBOR USD 1M + 0.60%, 0.60% Floor), 2.69%, 02/16/30†		45,273		45,708
Government National Mortgage Association, Series 2007-30
(Floating, ICE LIBOR USD 1M + 0.30%, 0.30% Floor), 2.38%, 05/20/37†		128,048		127,704
Government National Mortgage Association, Series 2011-H08
(Floating, ICE LIBOR USD 1M + 0.60%, 0.60% Floor), 2.52%, 02/20/61†		1,149,705		1,155,331
Government National Mortgage Association, Series 2012-102
3.50%, 08/20/39		1,500,000		1,499,915
Government National Mortgage Association, Series 2013-H13
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 0.45%, 0.45% Floor), 2.70%, 05/20/63†		1,831,426		1,834,610
Government National Mortgage Association, Series 2016-H07
(Floating, ICE LIBOR USD 1M + 0.77%, 0.77% Floor), 2.69%, 02/20/66†		902,237		907,205
Government National Mortgage Association, Series 2016-H22
(Floating, ICE LIBOR USD 1M + 0.77%, 0.77% Floor), 2.69%, 10/20/66†		2,370,551		2,403,392

	Par		Value
Government National Mortgage Association, Series 2017-H09
(Floating, ICE LIBOR USD 1Y + 0.75%, 0.75% Floor), 3.25%, 04/20/67†	$	2,964,437	$	3,058,478
Government National Mortgage Association, Series 2017-H10
(Floating, ICE LIBOR USD 1Y + 0.75%, 0.75% Floor), 3.25%, 04/20/67†		3,383,163		3,489,107
Government National Mortgage Association, Series 2018-36
3.00%, 02/20/46		791,005		781,114
GRACE Mortgage Trust, Series 2014-GRCE, Class A
3.37%, 06/10/28 144A		1,250,000		1,256,386
Great Wolf Trust, Series 2017-WOLF, Class A
(Floating, ICE LIBOR USD 1M + 0.85%, 1.00% Floor), 3.07%, 09/15/34 144A †		390,000		390,743
GreenPoint Mortgage Funding Trust, Series 2005-AR5, Class 1A1
(Floating, ICE LIBOR USD 1M + 0.54%, 0.27% Floor), 2.63%, 11/25/45†		146,175		130,338
GreenPoint Mortgage Funding Trust, Series 2006-OH1, Class A1
(Floating, ICE LIBOR USD 1M + 0.18%, 0.18% Floor), 2.27%, 01/25/37†		436,537		412,022
GS Mortgage Securities Trust, Series 2013-GC13, Class AAB
3.72%, 07/10/46		2,700,000		2,733,666
GSR Mortgage Loan Trust, Series 2004-11, Class 5A1
4.05%, 09/25/34† g		207,683		212,677
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1
3.68%, 09/25/35† g		133,192		136,179
Impac CMB Trust, Series 2003-1, Class 1A1
(Floating, ICE LIBOR USD 1M + 0.80%, 0.40% Floor), 2.89%, 03/25/33†		79,283		79,010
IndyMac INDX Mortgage Loan Trust, Series 2006-AR12, Class A1
(Floating, ICE LIBOR USD 1M + 0.19%, 0.19% Floor), 2.28%, 09/25/46†		531,549		494,138
IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2
(Floating, ICE LIBOR USD 1M + 0.27%, 0.27% Floor), 2.36%, 06/25/37†		257,306		198,539
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C4, Class A3
4.11%, 07/15/46 144A		98,177		98,079

See Notes to Financial Statements.

67

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-CBX, Class A4
3.48%, 06/15/45	$	1,310,000	$	1,315,743
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-CBX, Class A4FX
3.48%, 06/15/45 144A		800,000		803,508
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class ASB
2.55%, 04/15/46		1,252,630		1,236,648
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class XA
0.94%, 12/15/49† IO g		1,977,521		82,807
JP Morgan Mortgage Trust, Series 2005-A1, Class 6T1
3.98%, 02/25/35† g		38,772		38,695
JP Morgan Mortgage Trust, Series 2013-1, Class 2A2
2.50%, 03/25/43 144A		192,555		186,583
JP Morgan Mortgage Trust, Series 2016-2, Class A1
2.71%, 06/25/46 144A † g		1,042,068		1,034,267
JP Morgan Mortgage Trust, Series 2017-1, Class A4
3.50%, 01/25/47 144A		1,080,322		1,075,825
JP Morgan Mortgage Trust, Series 2017-1, Class A5
3.50%, 01/25/47 144A		935,254		933,574
JP Morgan Mortgage Trust, Series 2017-3, Class 1A6
3.00%, 08/25/47 144A		2,617,629		2,620,964
JP Morgan Mortgage Trust, Series 2017-5, Class A1A
3.00%, 10/26/48 144A		2,400,552		2,385,904
JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class ASB
3.66%, 09/15/47		365,000		369,845
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP7, Class A3
3.38%, 09/15/50		1,500,000		1,483,114
Lanark Master Issuer PLC, Series 2018-2X, Class 1A
(Floating, ICE LIBOR USD 3M + 0.42%), 2.76%, 12/22/69†		1,370,000		1,370,342
LB-UBS Commercial Mortgage Trust, Series 2007-C6, Class AM
6.11%, 07/15/40		97,197		97,177
LSTAR Commercial Mortgage Trust, Series 2017-5, Class A1
2.42%, 03/10/50 144A		1,019,750		1,001,603
Luminent Mortgage Trust, Series 2006-7, Class 2A1
(Floating, ICE LIBOR USD 1M + 0.17%, 0.17% Floor), 2.26%, 12/25/36†		518,013		464,379
MASTR Adjustable Rate Mortgages Trust, Series 2003-6, Class 3A1
3.62%, 12/25/33† g		204,572		206,135

	Par		Value
Merrill Lynch Mortgage Investors Trust Series MLCC, Series 2006-1, Class 2A1
3.59%, 02/25/36† g	$	280,234	$	282,370
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12, Class ASB
3.82%, 10/15/46		1,500,000		1,525,535
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class AAB
2.66%, 05/15/46		288,982		286,019
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class ASB
3.62%, 10/15/47		520,000		525,452
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB
3.04%, 04/15/48		2,000,000		1,978,471
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class XA
0.90%, 12/15/49† IO g		1,975,991		95,559
Morgan Stanley Capital I Trust, Series 2014-CPT, Class A
3.35%, 07/13/29 144A		815,000		818,313
National Rmbs Trust, Series 2012-2, Class A1
(Floating, Australian BBSW 1M + 1.10%), 3.06%, 06/20/44†		148,040		110,096
NCUA Guaranteed Notes Trust, Series 2011-C1, Class 2A
(Floating, ICE LIBOR USD 1M + 0.53%, 0.53% Floor), 2.55%, 03/09/21†		731,784		730,585
New Residential Mortgage Loan Trust, Series 2017-3A, Class A1
4.00%, 04/25/57 144A		2,062,600		2,087,698
New Residential Mortgage Loan Trust, Series 2017-4A, Class A1
4.00%, 05/25/57 144A		2,101,119		2,131,756
Permanent Master Issuer PLC, Series 2018-1A, Class 1A1
(Floating, ICE LIBOR USD 3M + 0.38%), 2.75%, 07/15/58 144A †		830,000		830,383
RAIT Trust, Series 2017-FL7, Class A
(Floating, ICE LIBOR USD 1M + 0.95%, 0.95% Floor), 3.02%, 06/15/37 144A †		376,759		377,003
Resource Capital Corporation, Ltd., Series 2017-CRE5, Class A
(Floating, ICE LIBOR USD 1M + 0.80%), 2.87%, 07/15/34 144A †		457,672		457,775
RFMSI Trust, Series 2003-S9, Class A1
6.50%, 03/25/32		7,378		7,608
Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MA
3.50%, 11/25/57		669,220		674,970

See Notes to Financial Statements.

68

	Par		Value
Sequoia Mortgage Trust 2017-CH1 A2
3.50%, 08/25/47 144A	$	755,354	$	752,831
Sequoia Mortgage Trust, Series 2012-1, Class 1A1
2.87%, 01/25/42		91,126		91,819
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.45%, 02/25/43		223,730		216,733
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.55%, 04/25/43		389,920		371,875
Sequoia Mortgage Trust, Series 2017-CH1, Class A11
3.50%, 08/25/47 144A		1,286,278		1,286,864
Sequoia Mortgage Trust, Series 2017-CH2, Class A10
4.00%, 12/25/47 144A		1,139,424		1,151,967
STACR Trust, Series 2018-DNA2, Class M1
(Floating, ICE LIBOR USD 1M + 0.80%), 2.86%, 12/25/30 144A †		1,620,000		1,620,375
STACR Trust, Series 2018-HRP1, Class M2
(Floating, ICE LIBOR USD 1M + 1.65%), 3.74%, 04/25/43 144A †		1,160,000		1,166,854
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-10, Class 3A1
3.78%, 08/25/34† g		290,968		288,023
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-13, Class A2
0.49%, 09/25/34		70,848		66,535
Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A1
(Floating, ICE LIBOR USD 1M + 0.25%, 0.25% Floor), 2.33%, 07/19/35†		62,490		61,235
Structured Asset Mortgage Investments II Trust, Series 2005-AR8, Class A1A
(Floating, ICE LIBOR USD 1M + 0.28%, 0.28% Floor), 2.37%, 02/25/36†		412,906		384,426
TBW Mortgage-Backed Trust, Series 2007-2, Class A6A
(Step to 4.82% on 08/25/18), 6.01%, 07/25/37 STEP		276,104		200,395
TORRENS Trust, Series 2013-1, Class A
(Floating, Australian BBSW 1M + 0.95%), 2.86%, 04/12/44†		747,337		553,199
Waldorf Astoria Boca Raton Trust, Series 2016-BOCA, Class A
(Floating, ICE LIBOR USD 1M + 1.35%, 1.35% Floor), 3.42%, 06/15/29 144A †		210,000		210,272

	Par		Value
Washington Mutual Mortgage Pass-Through Certificates, Series 2002-AR6, Class A
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.40%, 1.40% Floor), 2.96%, 06/25/42†	$	8,897	$	8,558
Washington Mutual Mortgage Pass-Through Certificates, Series 2003-AR8, Class A
3.27%, 08/25/33† g		217,958		221,529
Washington Mutual Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A1A
(Floating, ICE LIBOR USD 1M + 0.31%, 0.31% Floor), 2.40%, 01/25/45†		394,311		392,746
Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR19, Class 1A
(Floating, Federal Reserve U.S. 12 1Y CMT + 0.74%, 0.74% Floor), 2.30%, 01/25/47†		375,316		348,478
Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR5, Class A12A
(Floating, Federal Reserve U.S. 12 1Y CMT + 0.98%, 0.98% Floor), 2.54%, 06/25/46†		752,455		760,411
Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY1, Class 1A1
3.31%, 02/25/37† g		291,436		270,345
Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY5, Class 2A1
3.35%, 05/25/37† g		350,327		297,606
Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY7, Class 2A1
3.31%, 07/25/37† g		897,415		745,563
Washington Mutual Mortgage Pass-Through Certificates, Series 2007-OA5, Class A1B
(Floating, Federal Reserve U.S. 12 1Y CMT + 0.84%, 0.84% Floor), 2.40%, 05/25/47†		100,873		27,320
Wells Fargo Commercial Mortgage Trust, Series 2010-C1, Class A1
3.35%, 11/15/43 144A		405,707		407,570
Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class ASB
3.48%, 08/15/50		940,000		948,359
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class A6FL
(Floating, ICE LIBOR USD 1M + 1.55%, 1.55% Floor), 3.62%, 01/15/59 144A †		2,000,000		2,100,946

See Notes to Financial Statements.

69

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-EE, Class 2A1
4.15%, 12/25/34† g	$	152,081	$	155,501
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 1A1
4.11%, 08/25/33† g		29,692		30,353
WFRBS Commercial Mortgage Trust, Series 2014-C21, Class ASB
3.39%, 08/15/47		775,000		779,266
WFRBS Commercial Mortgage Trust, Series 2014-LC14, Class ASB
3.52%, 03/15/47		702,000		708,128
Total Mortgage-Backed Securities (Cost $154,201,050)				152,231,800
MUNICIPAL BONDS — 1.4%
California Earthquake Authority, Revenue Bond
2.81%, 07/01/19		1,092,000		1,092,087
New York City Transitional Finance Authority Future Tax Secured, Revenue Bond
1.90%, 02/01/20		4,560,000		4,503,935
North Texas Higher Education Authority, Inc., Series 2011-1
(Floating, ICE LIBOR USD 3M + 1.10%, 1.10% Floor), 3.44%, 04/01/40†		1,775,689		1,800,753
State of California, General Obligation, Series B
(Floating, ICE LIBOR USD 1M + 0.00%), 2.22%, 12/01/31†		3,000,000		3,042,045
State of California, General Obligation, Series C
(Floating, ICE LIBOR USD 1M + 0.00%), 2.87%, 04/01/47†		1,500,000		1,509,930
State of Texas, General Obligation, Series C-2
(Floating, ICE LIBOR USD 1M + 0.00%), 2.49%, 06/01/19†		1,710,000		1,710,351
Total Municipal Bonds (Cost $13,630,478)				13,659,101

	Number of Contracts		Notional Amount
PURCHASED OPTIONS — 0.0%
Call Swaption — 0.0%
Pay 3-Month LIBOR (Quarterly); Receive 2.75% (Semiannually): Interest Rate Swap Maturing 8/28/2020 USD, Strike Price $2.75, Expires 08/23/18 (UBS)		1	$	61,400,000	38,836

	Number of Contracts		Notional Amount		Value
Put Swaption — 0.0%
Pay 3.04% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 8/28/2020 USD, Strike Price $3.04, Expires 08/23/18 (UBS)		1	$	61,400,000	$	11,479
Total Purchased Options (Premiums received $81,798)						50,315

	Par
U.S. TREASURY OBLIGATIONS — 26.8%
U.S. Treasury Notes
1.50%, 02/28/19	$	4,400,000	4,378,772
1.63%, 04/30/19		2,000,000	1,988,672
1.13%, 05/31/19		6,000,000	5,934,492
1.25%, 05/31/19		10,500,000	10,397,667
1.50%, 05/31/19		6,000,000	5,955,351
1.38%, 07/31/19		11,500,000	11,376,691
1.25%, 08/31/19‡‡		16,670,000	16,449,256
1.50%, 10/31/19‡‡		114,600,000	113,192,139
2.00%, 01/31/20		19,280,000	19,137,280
2.25%, 02/29/20		1,050,000	1,045,816
2.25%, 03/31/20		31,640,000	31,500,341
2.38%, 04/30/20		2,970,000	2,962,691
2.50%, 06/30/20		4,250,000	4,247,758
2.25%, 02/15/21‡‡		1,700,000	1,685,191
2.63%, 05/15/21‡‡		8,900,000	8,901,562
2.63%, 06/15/21		12,900,000	12,902,774
Total U.S. Treasury Obligations (Cost $252,485,018)			252,056,453
	Shares
MONEY MARKET FUNDS — 3.5%
GuideStone Money Market Fund (Investor Class)¥		22,547,561	22,547,561
Northern Institutional Liquid Assets Portfolio§		8,503,586	8,503,586
Northern Institutional U.S. Government Portfolio, 1.72%		1,691,804	1,691,804
Total Money Market Funds (Cost $32,742,951)			32,742,951

See Notes to Financial Statements.

70

	Par		Value
REPURCHASE AGREEMENT — 0.2%
Bank of New York Mellon Corporation (The) 2.22% (dated 06/29/18, due 07/02/18, repurchase price $2,300,426, collateralized by U.S. Treasury Bonds, 3.625%, due 08/15/2043, total market value $2,346,418) (Cost $2,300,000)	$	2,300,000	$	2,300,000
TOTAL INVESTMENTS — 104.9% (Cost $994,362,907)				988,458,122

	Number of Contracts		Notional Amount
WRITTEN OPTIONS — (0.0)%
Call Swaptions — (0.0)%
Pay 2.35% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 2/25/2022 USD, Strike Price $2.35, Expires 02/21/20 (MSCS)		1	$	(40,520,000	)	(100,030	)
Pay 3-Month LIBOR (Quarterly); Receive 2.88% (Semiannually): Interest Rate Swap Maturing 8/28/2028 USD, Strike Price $2.88, Expires 08/23/18 (UBS)		1		(14,200,000	)	(74,246	)
						(174,276	)
Put Swaptions — (0.0)%
Pay 3.00% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 7/30/2023 USD, Strike Price $3.00, Expires 07/26/18 (MSCS)		1		(24,700,000	)	(21,472	)

	Number of Contracts		Notional Amount			Value
Pay 3.41% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 8/28/2028 USD, Strike Price $3.41, Expires 08/23/18 (UBS)		1	$	(14,200,000	)	$	(3,293	)
Pay3-MonthLIBOR (Quarterly); Receive 1.85% (Semiannually): Interest Rate Swap Maturing 2/25/2022 USD, Strike Price $3.35, Expires 02/21/20 (MSCS)		1		(40,520,000	)		(147,703	)
Pay3-MonthLIBOR (Quarterly); Receive 3.1% (Semiannually): Interest Rate Swap Maturing 3/4/2021 USD, Strike Price $3.10, Expires 02/28/19 (MSCS)		1		(44,495,000	)		(104,460	)
Sell Protection on Down Jones CDX.NA.IG30 Index; Receive 1.00% (Quarterly): Credit Default Swap Maturing 6/20/2023 USD, Strike Price $0.73, Expires 07/18/18 (JPM)		1		(2,900,000	)		(1,267	)
Sell Protection on Down Jones CDX.NA.IG30 Index; Receive 1.00% (Quarterly): Credit Default Swap Maturing 6/20/2023 USD, Strike Price $0.75, Expires 07/18/18 (BOA)		1		(2,200,000	)		(558	)

See Notes to Financial Statements.

71

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Number of Contracts		Notional Amount			Value
Sell Protection on Down Jones CDX.NA.IG30 Index; Receive 1.00% (Quarterly): Credit Default Swap Maturing 6/20/2023 USD, Strike Price $0.90, Expires 09/19/18 (BNP)		1	$	(2,400,000	)	$	(2,200	)��
							(280,953	)
Total Written Options (Premiums received $ (529,834))							(455,229	)

	Par
SECURITY SOLD SHORT — (1.5)%
U.S. Treasury Notes 2.75%, 04/30/23 (Proceeds $(14,512,955))	$	(14,500,000	)		(14,515,863	)
Liabilities in Excess of Other Assets — (3.4)%					(31,883,964	)
NET ASSETS — 100.0%				$	941,603,066

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Treasury Obligations		26.8
Corporate Bonds		23.7
Asset-Backed Securities		16.5
Mortgage-Backed Securities		16.2
Foreign Bonds		13.8
Money Market Funds		3.5
Municipal Bonds		1.4
Agency Obligations		1.2
Commercial Paper		1.1
Certificates Of Deposit		0.5
Repurchase Agreement		0.2
Purchased Options		—	**
Written Options		(—	)**
Security Sold Short		(1.5	)
		103.4

** Rounds to less than 0.05%

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Value and Unrealized Appreciation (Depreciation)
Euro-Bund		09/2018		(22	)	$	(4,176,170	)		GSC	$	(37,030	)
10-Year U.S. Treasury Note		09/2018		(45	)		(5,408,437	)		UBS		(28,477	)
10-Year U.S. Treasury Note		09/2018		(56	)		(6,730,500	)		CITI		(62,562	)
Ultra Long U.S. Treasury Bond		09/2018		(3	)		(478,688	)		UBS		(12,156	)
Ultra Long U.S. Treasury Bond		09/2018		(16	)		(2,553,000	)		CITI		(65,000	)
Long GILT		09/2018		(86	)		(13,967,127	)		CITI		(143,535	)
2-Year U.S. Treasury Note		09/2018		531			112,480,735			UBS		135,948
2-Year U.S. Treasury Note		09/2018		482			102,101,156			CITI		105,437
2-Year U.S. Treasury Note		09/2018		145			30,715,078			GSC		27,937
5-Year U.S. Treasury Note		09/2018		(238	)		(27,040,891	)		UBS		95,912
5-Year U.S. Treasury Note		09/2018		(56	)		(6,362,562	)		GSC		(34,998	)
5-Year U.S. Treasury Note		09/2018		(221	)		(25,109,398	)		CITI		(100,141	)
Ultra 10-Year U.S. Treasury Note		09/2018		(25	)		(3,205,859	)		UBS		3,703
90-Day Eurodollar		12/2018		1,212			295,000,800			CITI		(856,025	)
90-Day Bank Acceptance		03/2019		89			16,541,313			CITI		(22,415	)
90-Day Bank Acceptance		06/2019		146			27,104,648			CITI		(2,401	)
90-Day Eurodollar		06/2019		518			125,802,775			CITI		(223,675	)
90-Day Bank Acceptance		09/2019		29			5,379,112			CITI		5,373
90-Day Eurodollar		12/2019		(757	)		(183,638,738	)		CITI		591,531
90-Day Eurodollar		06/2020		(60	)		(14,553,000	)		CITI		9,000
Total Futures Contracts outstanding at June 30, 2018						$	421,901,247				$	(613,574	)

See Notes to Financial Statements.

72

Forward Foreign Currency Contracts outstanding at June 30, 2018:

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold		Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/03/18	U.S. Dollars		9,817,719		Japanese Yen		1,066,300,000		BNP	$	184,703
08/02/18	U.S. Dollars		9,683,638		Japanese Yen		1,066,300,000		JPM		30,679
09/20/18	Canadian Dollars		932,788		New Zealand Dollars		1,020,000		ANZ		19,633
07/03/18	Euro		1,677,000		U.S. Dollars		1,946,880		UBS		11,960
07/05/18	U.S. Dollars		397,354		Australian Dollars		524,000		NAB		9,561
07/10/18	U.S. Dollars		622,159		British Pounds		465,000		HSBC		8,187
09/20/18	Canadian Dollars		981,603		Australian Dollars		1,000,000		ANZ		7,487
07/03/18	U.S. Dollars		4,839,523		Euro		4,139,000		GSC		4,914
07/03/18	U.S. Dollars		153,488		Canadian Dollars		199,000		GSC		2,109
09/20/18	Norwegian Kroner		477,529		Euro		50,000		TDB		69
08/27/18	U.S. Dollars		1,568		Mexican Pesos		30,189		UBS		63
09/20/18	Canadian Dollars		88,929		New Zealand Dollars		100,000		NAB		4
09/20/18	Swedish Kronor		522,949		Euro		50,000		TDB		1
Subtotal Appreciation										$	279,370
09/20/18	Canadian Dollars		480,000		Swiss Francs		360,090		RBS	$	(627	)
09/20/18	Japanese Yen		82,421,625		U.S. Dollars		750,000		HSBC		(1,178	)
08/07/18	U.S. Dollars		364,330		Australian Dollars		494,000		BNP		(1,304	)
09/20/18	Norwegian Kroner		3,035,390		Swiss Francs		370,000		HSBC		(2,399	)
09/20/18	Norwegian Kroner		5,693,408		Euro		600,000		HSBC		(3,726	)
09/20/18	Japanese Yen		82,270,454		Swiss Francs		740,000		HSBC		(5,233	)
08/02/18	British Pounds		2,777,000		U.S. Dollars		3,677,092		UBS		(6,481	)
08/15/18	Norwegian Kroner		3,585,000		U.S. Dollars		450,587		RBS		(9,570	)
09/20/18	Swedish Kronor		6,121,475		Euro		600,000		JPM		(17,279	)
07/03/18	British Pounds		2,777,000		U.S. Dollars		3,704,076		JPM		(38,614	)
Subtotal Depreciation										$	(86,411	)
Total Forward Foreign Currency Contracts outstanding at June 30, 2018										$	192,959

Swap agreements outstanding at June 30, 2018:

Pay Rate Index/Pay Rate	Receive Rate/ Receive Rate Index			Maturity Date		Counterparty		Currency		Notional Amount		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swaps
1-Month LIBOR + 0.14%(Quarterly)		3-MonthLIBOR	(Quarterly)		5/10/2021		CME		USD		50,720,000	$	9,735	$	—	$	9,735
1-Month LIBOR + 0.14%(Quarterly)		3-MonthLIBOR	(Quarterly)		5/11/2021		CME		USD		25,400,000		17,769		—		17,769
1-Month LIBOR + 0.14%(Quarterly)		3-MonthLIBOR	(Quarterly)		5/14/2021		CME		USD		31,480,000		6,488		—		6,488
Total Swap agreements outstanding at June 30, 2018												$	33,992	$	—	$	33,992

See Notes to Financial Statements.

73

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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	$	11,483,396	$	—	$	11,483,396	$	—
Asset-Backed Securities		155,648,728		—		155,648,728		—
Certificates Of Deposit		4,500,668		—		4,500,668		—
Commercial Paper		10,639,537		—		10,639,537		—
Corporate Bonds		222,816,799		—		222,816,799		—	**
Foreign Bonds
Australia		7,590,471		—		7,590,471		—
Bermuda		274,352		—		274,352		—
Brazil		120,724		—		120,724		—
Canada		9,266,077		—		9,266,077		—
Chile		1,828,312		—		1,828,312		—
China		1,315,441		—		1,315,441		—
Denmark		663,251		—		663,251		—
Finland		259,644		—		259,644		—
France		6,711,598		—		6,711,598		—
Germany		9,083,523		—		9,083,523		—
Hong Kong		968,606		—		968,606		—
India		3,266,133		—		3,266,133		—
Indonesia		1,167,870		—		1,167,870		—
Ireland		11,553,461		—		11,553,461		—
Italy		184,028		—		184,028		—
Japan		16,466,277		—		16,466,277		—
Luxembourg		518,750		—		518,750		—
Malaysia		921,793		—		921,793		—
Netherlands		17,347,710		—		17,347,710		—
New Zealand		333,327		—		333,327		—
Norway		2,401,099		—		2,401,099		—
Peru		666,892		—		666,892		—
Qatar		1,089,579		—		1,089,579		—
Singapore		6,777,232		—		6,777,232		—
South Korea		4,302,600		—		4,302,600		—
Sweden		2,905,649		—		2,905,649		—
Switzerland		6,823,399		—		6,823,399		—
United Arab Emirates		1,628,464		—		1,628,464		—
United Kingdom		13,892,112		—		13,892,112		—
Money Market Funds		32,742,951		32,742,951		—		—
Mortgage-Backed Securities		152,231,800		—		152,231,800		—
Municipal Bonds		13,659,101		—		13,659,101		—
Purchased Options		50,315		—		50,315		—
Repurchase Agreements		2,300,000		—		2,300,000		—
U.S. Treasury Obligations		252,056,453		—		252,056,453		—
Total Assets — Investments in Securities	$	988,458,122	$	32,742,951	$	955,715,171	$	—	**

See Notes to Financial Statements.

74

							Level 2			Level 3
	Total			Level 1			Other Significant			Significant
	Value			Quoted Prices			Observable Inputs			Unobservable Inputs
Other Financial Instruments***
Futures Contracts	$	974,841		$	974,841		$	—		$	—
Forward Foreign Currency Contracts		279,370			—			279,370			—
Swap Agreements		33,992			—			33,992			—
Total Assets — Other Financial Instruments	$	1,288,203		$	974,841		$	313,362		$	—
Liabilities:
Investments in Securities:
Written Option	$	(455,229	)	$	—		$	(455,229	)	$	—
Security Sold Short		(14,515,863	)		—			(14,515,863	)		—
Total Liabilities — Investments in Securities	$	(14,971,092	)	$	—		$	(14,971,092	)	$	—
Other Financial Instruments***
Futures Contracts	$	(1,588,415	)	$	(1,588,415	)	$	—		$	—
Forward Foreign Currency Contracts		(86,411	)		—			(86,411	)		—
Total Liabilities — Other Financial Instruments	$	(1,674,826	)	$	(1,588,415	)	$	(86,411	)	$	—

** Level 3 security has zero value.

*** Other financial instruments are derivative instruments, such as futures contracts and forwards contracts, which are valued at the unrealized appreciation (depreciation) on the investment and swap contracts, which are valued at the market value of the investment for this fund. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding”, “Forwards Foreign Currency Contracts outstanding” and “Swap agreements outstanding” disclosures.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

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

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 year ended June 30, 2018.

See Notes to Financial Statements.

75

MEDIUM-DURATION BOND FUND
SCHEDULE OF INVESTMENTS	June 30, 2018 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 0.8%
Federal Home Loan Bank
3.38%, 12/08/23	$	200,000	$	205,273
2.13%, 02/11/20		270,000		268,393
Federal Home Loan Bank Discount Notes
1.91%, 08/17/18W		750,000		748,170
1.92%, 08/27/18W		1,720,000		1,714,889
Federal National Mortgage Association
2.51%, 10/09/19W		3,350,000		3,243,912
2.63%, 09/06/24		200,000		196,836
1.88%, 09/24/26		2,200,000		2,011,118
6.25%, 05/15/29		500,000		643,022
6.63%, 11/15/30		1,170,000		1,571,481
NCUA Guaranteed Notes
3.00%, 06/12/19		300,000		301,185
Tennessee Valley Authority
3.88%, 02/15/21D		1,000,000		1,030,015
Total Agency Obligations (Cost $11,997,797)				11,934,294
ASSET-BACKED SECURITIES — 7.5%
Academic Loan Funding Trust, Series 2012-1A, Class A2
(Floating, ICE LIBOR USD 1M + 1.10%), 3.19%, 12/27/44 144A †		1,184,011		1,194,073
Access Group, Inc., Series 2015-1, Class A
(Floating, ICE LIBOR USD 1M + 0.70%, 0.70% Floor), 2.79%, 07/25/56 144A †		302,169		302,188
AccessLex Institute, Series 2007-1, Class A4
(Floating, ICE LIBOR USD 3M + 0.06%, 0.06% Floor), 2.42%, 01/25/23†		425,657		417,640
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R10, Class M3
(Floating, ICE LIBOR USD 1M + 0.45%, 0.45% Floor), 2.54%, 01/25/36†		2,900,000		2,856,082
AMMC CLO XI, Ltd., Series 2012-11A, Class A1R2
(Floating, ICE LIBOR USD 3M + 1.01%), 3.37%, 04/30/31 144A †		1,210,000		1,207,964
Ares XXXIII CLO, Ltd., Series 2015-1A, Class A1R
(Floating, ICE LIBOR USD 3M + 1.35%), 3.67%, 12/05/25 144A †		1,000,000		1,002,919

	Par		Value
Atlas Senior Loan Fund V Ltd, Series 2014-1A, Class AR2
(Floating, ICE LIBOR USD 3M + 1.26%), 3.61%, 07/16/29 144A †	$	1,400,000	$	1,404,144
Avis Budget Rental Car Funding AESOP LLC, Series 2017-2A, Class A
2.97%, 03/20/24 144A		610,000		595,917
Ballyrock CLO, Ltd., Series 2018-1A, Class C
(Floating, ICE LIBOR USD 3M + 3.15%), 5.51%, 04/20/31 144A †		1,000,000		999,763
Bayview Opportunity Master Fund IVa Trust, Series 2018-RN3, Class A1
(Step to 4.67% on 03/28/20), 3.67%, 03/28/33 144A STEP		539,231		537,919
Bayview Opportunity Master Fund IVa Trust, Series 2018-SBR1, Class A1
(Step to 6.72% on 03/28/21), 3.72%, 02/28/33 144A STEP		1,722,744		1,720,970
Bear Stearns Asset Backed Securities Trust, Series 2007-SD1, Class 1A2A
6.00%, 10/25/36		1,194,328		950,407
Bear Stearns Asset Backed Securities Trust, Series 2007-SD1, Class 1A3A
6.50%, 10/25/36		2,214,131		1,725,834
Benefit Street Partners CLO II, Ltd., Series 2013-IIA, Class A1R
(Floating, ICE LIBOR USD 3M + 1.25%), 3.60%, 07/15/29 144A †		1,400,000		1,404,327
BlueMountain CLO, Ltd., Series 2012-2A, Class AR
(Floating, ICE LIBOR USD 3M + 1.42%, 1.42% Floor), 3.75%, 11/20/28 144A †		1,250,000		1,253,060
BlueMountain CLO, Ltd., Series 2014-2A, Class DR
(Floating, ICE LIBOR USD 3M + 3.00%), 5.36%, 07/20/26 144A †		1,250,000		1,251,619
BlueMountain CLO, Ltd., Series 2015-1A, Class A1R
(Floating, ICE LIBOR USD 3M + 1.33%), 3.67%, 04/13/27 144A †		1,000,000		999,154
BlueMountain CLO, Ltd., Series 2016-1A, Class CR
(Floating, ICE LIBOR USD 3M + 1.85%), 4.21%, 04/20/27 144A †		800,000		800,694

See Notes to Financial Statements.

76

	Par		Value
Capital One Multi-Asset Execution Trust, Series 2016-A1, Class A1
(Floating, ICE LIBOR USD 1M + 0.45%), 2.52%, 02/15/22†	$	800,000	$	802,231
Carrington Mortgage Loan Trust, Series 2005-OPT2, Class M4
(Floating, ICE LIBOR USD 1M + 0.98%, 0.65% Floor), 3.07%, 05/25/35†		2,700,000		2,727,227
Catamaran CLO, Ltd., Series 2013-1A, Class AR
(Floating, ICE LIBOR USD 3M + 0.85%), 3.22%, 01/27/28 144A †		1,600,000		1,597,564
Cent CLO 21, Ltd., Series 2014-21A, Class A1BR
(Floating, ICE LIBOR USD 3M + 1.21%), 3.58%, 07/27/26 144A †		500,000		500,011
Chapel BV, Series 2007, Class A2
(Floating, Euribor 3M + 0.36%), 0.03%, 07/17/66(E) †		422,136		493,020
Community Funding CLO, Series 2015-1A, Class A
(Step to 6.38% on 11/01/20), 5.75%, 11/01/27 144A Y ††† STEP		860,000		857,831
Countrywide Asset-Backed Certificates, Series 2006-1, Class AV3
(Floating, ICE LIBOR USD 1M + 0.30%, 0.30% Floor), 2.39%, 07/25/36†		746,826		746,622
CWABS, Inc. Asset-Backed Certificates, Series 2004-1, Class M1
(Floating, ICE LIBOR USD 1M + 0.75%, 0.50% Floor), 2.84%, 03/25/34†		542,386		546,378
CWHEQ Revolving Home Equity Loan Trust, Series 2005-F, Class 2A
(Floating, ICE LIBOR USD 1M + 0.24%, 0.24% Floor), 2.31%, 12/15/35†		78,360		68,903
CWHEQ Revolving Home Equity Loan Trust, Series 2006-E, Class 2A
(Floating, ICE LIBOR USD 1M + 0.14%, 0.14% Floor), 2.21%, 07/15/36†		218,454		208,652
ECMC Group Student Loan Trust, Series 2016-1A, Class A
(Floating, ICE LIBOR USD 1M + 1.35%), 3.44%, 07/26/66 144A †		732,109		745,038
ECMC Group Student Loan Trust, Series 2017-1A, Class A
(Floating, ICE LIBOR USD 1M + 1.20%), 3.29%, 12/27/66 144A †		1,780,774		1,812,781

	Par		Value
ECMC Group Student Loan Trust, Series 2018-1A, Class A
(Floating, ICE LIBOR USD 1M + 0.75%), 2.84%, 02/27/68 144A †	$	3,565,547	$	3,572,101
Edsouth Indenture No. 7 LLC, Series 2014-3, Class A
(Floating, ICE LIBOR USD 1M + 0.60%), 2.69%, 02/25/36 144A †		807,784		797,594
EFS Volunteer No. 2 LLC, Series 2012-1, Class A2
(Floating, ICE LIBOR USD 1M + 1.35%, 1.35% Floor), 3.44%, 03/25/36 144A †		1,200,000		1,224,969
EFS Volunteer No. 3 LLC, Series 2012-1, Class A3
(Floating, ICE LIBOR USD 1M + 1.00%, 1.00% Floor), 3.09%, 04/25/33 144A †		2,100,000		2,115,193
Financial Asset Securities Corporation AAA Trust, Series 2005-1A, Class 1A3B
(Floating, ICE LIBOR USD 1M + 0.41%, 0.41% Floor), 2.51%, 02/27/35 144A †		901,369		826,553
Ford Credit Floorplan Master Owner Trust A, Series 2015-4, Class A2
(Floating, ICE LIBOR USD 1M + 0.60%, 0.60% Floor), 2.67%, 08/15/20†		500,000		500,243
GMACM Home Equity Loan Trust, Series 2007-HE3, Class 1A1
6.95%, 09/25/37		15,527		15,771
GMACM Home Equity Loan Trust, Series 2007-HE3, Class 2A1
6.80%, 09/25/37		75,180		76,429
Golden Credit Card Trust, Series 2016-5A, Class A
1.60%, 09/15/21 144A		900,000		887,127
Golden Credit Card Trust, Series 2017-2A, Class A
1.98%, 04/15/22 144A		500,000		490,696
GSAMP Trust, Series 2007-HS1, Class A1
(Floating, ICE LIBOR USD 1M + 0.85%, 0.85% Floor), 2.94%, 02/25/47†		312,931		311,581
Hertz Vehicle Financing II LP, Series 2017-1A, Class B
3.56%, 10/25/21 144A		1,030,000		1,022,177
Hertz Vehicle Financing II LP, Series 2018-1A, Class A
3.29%, 02/25/24 144A		1,820,000		1,788,601
Hertz Vehicle Financing II LP, Series 2018-1A, Class B
3.60%, 02/25/24 144A		580,000		563,303

See Notes to Financial Statements.

77

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Hertz Vehicle Financing II LP, Series 2018-1A, Class C
4.39%, 02/25/24 144A	$	580,000	$	570,044
Higher Education Funding I, Series 2014-1, Class A
(Floating, ICE LIBOR USD 3M + 1.05%, 1.05% Floor), 3.38%, 05/25/34 144A †		954,580		960,366
Jackson Mill CLO, Ltd.
(Floating, ICE LIBOR USD 3M + 2.80%, 2.80% Floor), 4.87%, 04/15/27 144A †		750,000		741,970
Kabbage Asset Securitization LLC, Series 2017-1, Class B
5.79%, 03/15/22 144A		1,240,000		1,265,479
LCM XXIII, Ltd., Series 23A, Class A1
(Floating, ICE LIBOR USD 3M + 1.40%), 3.76%, 10/20/29 144A †		1,000,000		1,005,388
Madison Park Funding XXX, Ltd., Series 2018-30A, Class A
(Floating, ICE LIBOR USD 3M + 0.75%, 0.75% Floor), 3.09%, 04/15/29 144A †		2,750,000		2,726,357
Marlette Funding Trust, Series 2018-2A, Class A
3.06%, 07/17/28 144A		3,000,000		3,001,500
Mississippi Higher Education Assistance Corporation, Series 2014-1, Class A1
(Floating, ICE LIBOR USD 1M + 0.68%, 0.68% Floor), 2.77%, 10/25/35†		556,044		556,967
Montana Higher Education Student Assistance Corporation, Series 2012-1, Class A3
(Floating, ICE LIBOR USD 1M + 1.05%, 1.05% Floor), 3.00%, 07/20/43†		700,000		704,795
Mosaic Solar Loan Trust, Series 2018-2GS, Class A
4.20%, 02/20/44 144A		3,280,000		3,296,533
Navient Student Loan Trust, Series 2016-5A, Class A
(Floating, ICE LIBOR USD 1M + 1.25%), 3.34%, 06/25/65 144A †		1,802,153		1,852,044
Navient Student Loan Trust, Series 2016-7A, Class A
(Floating, ICE LIBOR USD 1M + 1.15%), 3.24%, 03/25/66 144A †		889,153		906,932
Navient Student Loan Trust, Series 2017-2A, Class A
(Floating, ICE LIBOR USD 1M + 1.05%), 3.14%, 12/27/66 144A †		1,883,772		1,914,685
Navient Student Loan Trust, Series 2017-3A, Class A3
(Floating, ICE LIBOR USD 1M + 1.05%), 3.14%, 07/26/66 144A †		1,110,000		1,137,167

	Par		Value
Nelnet Student Loan Trust, Series 2006-1, Class A6
(Floating, ICE LIBOR USD 3M + 0.45%, 0.45% Floor), 2.78%, 08/23/36 144A †	$	1,200,000	$	1,175,959
Nelnet Student Loan Trust, Series 2006-2, Class A5
(Floating, ICE LIBOR USD 3M + 0.10%), 2.46%, 01/25/30†		590,334		589,881
OHA Loan Funding, Ltd., Series 2015-1A, Class AR
(Floating, ICE LIBOR USD 3M + 1.41%), 3.75%, 08/15/29 144A †		1,000,000		1,004,897
OZLM XV, Ltd., Series 2016-15A, Class B
(Floating, ICE LIBOR USD 3M + 2.70%), 5.06%, 01/20/29 144A †		1,000,000		1,006,933
Panhandle-Plains Higher Education Authority, Inc., Series 2010-2, Class A1
(Floating, ICE LIBOR USD 3M + 1.13%, 18.00% Cap), 3.44%, 10/01/35†		293,442		295,461
Park Place Securities, Inc. Pass-Through Trust Certificates, Series 2005-WCH1, Class M3
(Floating, ICE LIBOR USD 1M + 0.84%, 0.56% Floor), 2.93%, 01/25/36†		65,555		65,761
PHEAA Student Loan Trust, Series 2012-1A, Class A1
(Floating, ICE LIBOR USD 1M + 0.55%), 2.64%, 05/25/57 144A †		842,430		843,906
PHEAA Student Loan Trust, Series 2016-1A, Class A
(Floating, ICE LIBOR USD 1M + 1.15%, 1.15% Floor), 3.24%, 09/25/65 144A †		714,758		726,389
PHEAA Student Loan Trust, Series 2016-2A, Class A
(Floating, ICE LIBOR USD 1M + 0.95%), 3.04%, 11/25/65 144A †		1,571,005		1,592,604
Prosper Marketplace Issuance Trust, Series 2017-1A, Class A
2.56%, 06/15/23 144A		232,432		232,478
RAMP Trust, Series 2005-EFC6, Class M2
(Floating, ICE LIBOR USD 1M + 0.65%, 0.43% Floor), 2.74%, 11/25/35†		1,893,209		1,902,281
Ready Capital Mortgage Financing, Series 2018-FL2, Class A
(Floating, ICE LIBOR USD 1M + 0.85%), 2.83%, 06/25/35 144A †		600,000		600,861
RMAT LP, Series 2018-NPL1, Class A1
(Step to 7.09% on 06/25/21), 4.09%, 05/25/48 144A STEP		1,235,770		1,238,962

See Notes to Financial Statements.

78

	Par		Value
Saxon Asset Securities Trust, Series 2004-1, Class M1
(Floating, ICE LIBOR USD 1M + 0.80%, 0.53% Floor), 2.05%, 03/25/35†	$	383,719	$	376,242
SBA Small Business Investment Cos., Series 2016-10A, Class 1
2.51%, 03/10/26		328,675		320,141
2.52%, 09/10/27		435,227		422,351
SBA Small Business Investment Cos., Series 2018-10A, Class 1
3.19%, 03/10/28		410,000		408,942
Scholar Funding Trust, Series 2010-A, Class A
(Floating, ICE LIBOR USD 3M + 0.75%), 3.11%, 10/28/41 144A †		274,226		273,451
SLC Student Loan Trust, Series 2005-3, Class A3
(Floating, ICE LIBOR USD 3M + 0.12%), 2.46%, 06/15/29†		797,842		793,994
SLM Private Education Loan Trust, Series 2010-A, Class 2A
(Floating, ICE LIBOR USD 1M + 3.25%, 3.25% Floor), 5.32%, 05/16/44 144A †		267,134		272,878
SLM Student Loan EDC Repackaging Trust, Series 2013-M1, Class M1
3.50%, 10/28/29 144A		117,630		115,790
SLM Student Loan Trust, Series 2003-7A, Class A5A
(Floating, ICE LIBOR USD 3M + 1.20%, 1.20% Floor), 3.54%, 12/15/33 144A †		863,771		875,348
SLM Student Loan Trust, Series 2004-8A, Class A6
(Floating, ICE LIBOR USD 3M + 0.63%, 0.40% Floor), 2.99%, 01/25/40 144A †		600,000		604,090
SLM Student Loan Trust, Series 2005-4, Class A3
(Floating, ICE LIBOR USD 3M + 0.12%), 2.48%, 01/25/27†		140,533		140,074
SLM Student Loan Trust, Series 2005-5, Class A4
(Floating, ICE LIBOR USD 3M + 0.14%, 0.14% Floor), 2.50%, 10/25/28†		900,000		897,326
SLM Student Loan Trust, Series 2006-2, Class A5
(Floating, ICE LIBOR USD 3M + 0.11%), 2.47%, 07/25/25†		126,706		126,701
SLM Student Loan Trust, Series 2007-7, Class A4
(Floating, ICE LIBOR USD 3M + 0.33%), 2.69%, 01/25/22†		433,031		424,868
SLM Student Loan Trust, Series 2008-2, Class A3
(Floating, ICE LIBOR USD 3M + 0.75%), 3.11%, 04/25/23†		143,502		143,262
SLM Student Loan Trust, Series 2008-4, Class A4
(Floating, ICE LIBOR USD 3M + 1.65%), 4.01%, 07/25/22†		398,522		407,070

	Par		Value
SLM Student Loan Trust, Series 2008-5, Class A4
(Floating, ICE LIBOR USD 3M + 1.70%, 1.70% Floor), 4.06%, 07/25/23†	$	1,565,603	$	1,607,916
SLM Student Loan Trust, Series 2008-6, Class A4
(Floating, ICE LIBOR USD 3M + 1.10%), 3.46%, 07/25/23†		854,111		861,761
SLM Student Loan Trust, Series 2008-8, Class A4
(Floating, ICE LIBOR USD 3M + 1.50%), 3.86%, 04/25/23†		400,000		409,714
SLM Student Loan Trust, Series 2008-9, Class A
(Floating, ICE LIBOR USD 3M + 1.50%), 3.86%, 04/25/23†		2,105,685		2,147,757
SoFi Consumer Loan Program, Series 2017-4, Class A
2.50%, 05/26/26 144A		704,405		695,757
Soundview Home Loan Trust, Series 2006-OPT2, Class A3
(Floating, ICE LIBOR USD 1M + 0.18%, 0.18% Floor), 2.27%, 05/25/36†		514,182		514,399
Specialty Underwriting & Residential Finance Trust, Series 2004-BC3, Class M1
(Floating, ICE LIBOR USD 1M + 0.93%, 0.62% Floor), 3.02%, 07/25/35†		1,902,012		1,898,301
Structured Asset Investment Loan Trust, Series 2005-1, Class M3
(Floating, ICE LIBOR USD 1M + 0.78%, 0.52% Floor), 2.87%, 02/25/35 144A †		2,700,000		2,661,679
TCW ClO, Ltd., Series 2017-1A, Class A
(Floating, ICE LIBOR USD 3M + 1.28%), 3.64%, 07/29/29 144A †		1,500,000		1,502,640
TIAA CLO II, Ltd., Series 2017-1A, Class A
(Floating, ICE LIBOR USD 3M + 1.28%), 3.64%, 04/20/29 144A †		3,950,000		3,962,719
Tryon Park CLO, Ltd., Series 2013-1A, Class A1SR
(Floating, ICE LIBOR USD 3M + 0.89%), 3.24%, 04/15/29 144A †		2,690,000		2,687,802
Upstart Securitization Trust, Series 2017-2, Class A
2.51%, 03/20/25 144A		981,993		980,188
Utah State Board of Regents, Series 2015-1, Class A
(Floating, ICE LIBOR USD 1M + 0.60%, 0.60% Floor), 2.56%, 02/25/43†		514,592		515,611
Vibrant CLO VI, Ltd., Series 2017-6A, Class A
(Floating, ICE LIBOR USD 3M + 1.24%), 3.56%, 06/20/29 144A †		2,750,000		2,759,638

See Notes to Financial Statements.

79

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Voya CLO, Ltd., Series 2014-4A, Class A1R
(Floating, ICE LIBOR USD 3M + 0.95%), 3.30%, 10/14/26 144A†	$	2,000,000	$	1,999,990
Voya CLO, Ltd., Series 2017-3A, Class A1A
(Floating, ICE LIBOR USD 3M + 1.23%), 3.59%, 07/20/30 144A†		4,150,000		4,162,237
Total Asset-Backed Securities (Cost $113,534,692)				113,810,507
CERTIFICATES OF DEPOSIT — 0.0%
Barclays Bank PLC
1.94%, 09/04/18 (Cost $300,000)		300,000		299,834
COMMERCIAL PAPER — 2.5%
AT&T, Inc.
0.00%, 10/05/18		1,937,000		1,923,132
0.00%, 10/09/18		800,000		794,039
Bank of Montreal
0.00%, 08/09/18		3,030,000		3,022,746
BNP Paribas Fortis SA
0.00%, 08/03/18		2,480,000		2,475,137
Duke Energy Corporation
0.00%, 08/27/18		1,000,000		996,313
Hewlett Packard Enterprise Co.
0.00%, 07/10/18		500,000		499,706
0.00%, 07/11/18		938,000		937,390
HP, Inc.
0.00%, 07/02/18		2,350,000		2,349,836
0.00%, 07/23/18		750,000		749,016
JP Morgan Securities LLC
0.00%, 09/27/18		5,040,000		5,010,768
Marriott International, Inc.
0.00%, 07/05/18		1,450,000		1,449,613
0.00%, 08/21/18		2,000,000		1,993,058
Mondelez International, Inc.
0.00%, 10/01/18		1,700,000		1,688,628
MUFG Bank Ltd.
0.00%, 07/24/18		580,000		579,171
Natixis SA
0.00%, 08/02/18		3,820,000		3,812,763
Southern Co. (The)
0.00%, 08/30/18		751,000		747,822
United Overseas Bank
0.00%, 07/27/18		1,868,000		1,865,013
Versailles Commercial Paper LLC
0.00%, 07/09/18		2,039,000		2,037,845
Victory Receivables Corporation
0.00%, 10/02/18		3,750,000		3,727,111
VW Credit, Inc.
0.00%, 09/20/18		1,350,000		1,342,135
Total Commercial Paper (Cost $38,001,796)				38,001,242
CORPORATE BONDS — 18.1%
21st Century Fox America, Inc.
3.70%, 09/15/24		625,000		623,431

	Par		Value
6.15%, 03/01/37	$	175,000	$	205,861
6.65%, 11/15/37		150,000		186,739
ABB Finance USA, Inc.
4.38%, 05/08/42		40,000		41,118
Abbott Laboratories
3.75%, 11/30/26		260,000		256,017
4.75%, 11/30/36D		170,000		179,590
4.90%, 11/30/46		210,000		226,958
AbbVie, Inc.
2.85%, 05/14/23		1,050,000		1,012,386
3.60%, 05/14/25		440,000		426,784
3.20%, 05/14/26		300,000		280,604
AES Corporation
4.88%, 05/15/23		40,000		40,100
Aetna, Inc.
2.80%, 06/15/23		225,000		214,631
Allegion US Holding Co., Inc.
3.20%, 10/01/24		400,000		379,240
Alliant Energy Finance LLC
3.75%, 06/15/23 144A		275,000		275,258
4.25%, 06/15/28 144A		75,000		75,131
Allison Transmission, Inc.
5.00%, 10/01/24 144A		200,000		197,250
Amazon.com, Inc.
3.15%, 08/22/27D		1,170,000		1,122,696
3.88%, 08/22/37		160,000		156,701
4.95%, 12/05/44		220,000		245,062
4.05%, 08/22/47		890,000		875,549
American Campus Communities Operating Partnership LP REIT
3.75%, 04/15/23		525,000		522,764
American Express Credit Corporation
2.38%, 05/26/20		310,000		305,585
American International Group, Inc.
4.20%, 04/01/28D		1,050,000		1,029,323
(Variable, ICE LIBOR USD 3M + 2.06%), 6.25%, 03/15/87^		278,000		287,035
American Tower Corporation REIT
3.40%, 02/15/19		200,000		200,569
3.38%, 10/15/26		1,500,000		1,390,839
American Tower Trust #1 REIT
3.07%, 03/15/23 144A		940,000		923,384
Amgen, Inc.
2.13%, 05/01/20		70,000		68,847
3.63%, 05/22/24		50,000		49,857
4.66%, 06/15/51		34,000		33,760
Anadarko Petroleum Corporation
4.85%, 03/15/21		290,000		298,623
3.45%, 07/15/24D		95,000		91,408
5.55%, 03/15/26D		925,000		992,857
6.45%, 09/15/36		280,000		324,494
6.60%, 03/15/46		470,000		566,835
Anthem, Inc.
2.95%, 12/01/22D		390,000		379,156
3.35%, 12/01/24		130,000		125,767
3.65%, 12/01/27		200,000		189,830
Apache Corporation
3.25%, 04/15/22		30,000		29,517

See Notes to Financial Statements.

80

	Par		Value
5.10%, 09/01/40	$	180,000	$	177,689
4.25%, 01/15/44		1,300,000		1,153,599
Apple, Inc.
2.00%, 11/13/20		260,000		255,307
1.55%, 08/04/21		230,000		220,521
2.40%, 05/03/23		350,000		337,428
2.45%, 08/04/26		720,000		661,562
2.90%, 09/12/27		600,000		563,917
Arch Capital Group, Ltd.
7.35%, 05/01/34		175,000		224,973
Ashtead Capital, Inc.
4.38%, 08/15/27 144A		200,000		186,500
AT&T, Inc.
4.45%, 05/15/21		80,000		81,956
3.00%, 02/15/22		170,000		166,126
3.00%, 06/30/22		475,000		461,557
4.45%, 04/01/24		725,000		732,817
3.40%, 05/15/25D		1,805,000		1,695,171
4.13%, 02/17/26		175,000		171,325
4.25%, 03/01/27D		1,400,000		1,372,658
5.25%, 03/01/37D		225,000		221,952
4.35%, 06/15/45		100,000		85,028
5.45%, 03/01/47D		175,000		172,395
4.50%, 03/09/48		190,000		164,424
AXA Equitable Holdings, Inc.
3.90%, 04/20/23 144A		225,000		223,470
4.35%, 04/20/28 144A		1,375,000		1,317,038
Bank of America Corporation
2.60%, 01/15/19		47,000		46,974
3.30%, 01/11/23		120,000		118,313
(Variable, ICE LIBOR USD 3M + 0.79%), 3.00%, 12/20/23^		329,000		319,175
(Variable, ICE LIBOR USD 3M + 0.78%), 3.55%, 03/05/24^		530,000		524,910
4.00%, 04/01/24		420,000		424,004
4.20%, 08/26/24		390,000		392,352
(Variable, ICE LIBOR USD 3M + 3.71%), 6.25%, 09/05/24^		300,000		313,875
(Variable, ICE LIBOR USD 3M + 4.17%), 6.50%, 10/23/24D ^		150,000		159,563
4.00%, 01/22/25		440,000		434,719
(Variable, ICE LIBOR USD 3M + 1.09%), 3.09%, 10/01/25^		2,200,000		2,096,664
4.45%, 03/03/26		420,000		421,652
3.50%, 04/19/26D		2,760,000		2,672,362
4.25%, 10/22/26		440,000		435,244
3.25%, 10/21/27		275,000		256,595
4.18%, 11/25/27		825,000		805,009
(Variable, ICE LIBOR USD 3M + 1.58%), 3.82%, 01/20/28^		575,000		561,488
(Variable, ICE LIBOR USD 3M + 1.51%), 3.71%, 04/24/28^		1,300,000		1,255,158
(Variable, ICE LIBOR USD 3M + 1.37%), 3.59%, 07/21/28^		1,360,000		1,299,927
(Variable, ICE LIBOR USD 3M + 1.04%), 3.42%, 12/20/28D ^		694,000		654,302
5.00%, 01/21/44		790,000		838,608

	Par		Value
(Variable, ICE LIBOR USD 3M + 1.19%), 3.95%, 01/23/49^	$	270,000	$	243,759
Barrick North America Finance LLC
4.40%, 05/30/21		138,000		142,859
5.70%, 05/30/41D		150,000		166,950
Beacon Roofing Supply, Inc.
4.88%, 11/01/25 144AD		80,000		73,952
Becton Dickinson and Co.
4.67%, 06/06/47D		75,000		72,765
Becton, Dickinson and Co.
(Floating, ICE LIBOR USD 3M + 0.88%), 3.21%, 12/29/20†		800,000		801,386
2.89%, 06/06/22		700,000		677,684
3.36%, 06/06/24		855,000		822,389
3.73%, 12/15/24		171,000		167,176
4.69%, 12/15/44		345,000		335,652
Berkshire Hathaway Energy Co.
3.25%, 04/15/28		825,000		785,588
Blackstone CQP Holdco LP
6.50%, 03/20/21 144A		600,000		603,000
BMW US Capital LLC
1.85%, 09/15/21 144AD		60,000		57,241
Boeing Capital Corporation
4.70%, 10/27/19D		230,000		235,903
Boeing Co.
4.88%, 02/15/20		50,000		51,650
6.63%, 02/15/38		210,000		283,889
Brighthouse Financial, Inc.
3.70%, 06/22/27D		1,600,000		1,423,696
4.70%, 06/22/47		310,000		256,404
Broadcom Corporation
3.00%, 01/15/22		550,000		535,407
2.65%, 01/15/23D		225,000		212,114
3.13%, 01/15/25D		220,000		204,382
3.88%, 01/15/27		940,000		890,691
Cardinal Health, Inc.
2.62%, 06/15/22		130,000		124,735
3.08%, 06/15/24D		640,000		603,774
Catholic Health Initiatives
4.35%, 11/01/42		40,000		37,987
CCO Holdings LLC
5.13%, 05/01/27 144AD		130,000		121,956
Celgene Corporation
2.25%, 08/15/21D		270,000		259,927
3.55%, 08/15/22D		170,000		168,867
3.88%, 08/15/25		710,000		692,009
5.00%, 08/15/45		110,000		108,107
Centene Corporation
5.63%, 02/15/21		80,000		81,890
4.75%, 05/15/22D		150,000		151,688
6.13%, 02/15/24		220,000		232,375
4.75%, 01/15/25		50,000		49,875
CH Robinson Worldwide, Inc.
4.20%, 04/15/28		1,500,000		1,476,435

See Notes to Financial Statements.

81

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Charles Schwab Corporation
(Variable, ICE LIBOR USD 3M + 2.58%), 5.00%, 12/01/27D ^	$	1,000,000	$	958,750
Charter Communications Operating LLC
3.58%, 07/23/20		895,000		894,303
4.46%, 07/23/22		725,000		734,558
4.50%, 02/01/24		600,000		600,143
4.91%, 07/23/25		2,310,000		2,336,184
3.75%, 02/15/28D		1,800,000		1,633,405
4.20%, 03/15/28		1,710,000		1,603,999
6.48%, 10/23/45		90,000		95,173
Cheniere Corpus Christi Holdings LLC
5.13%, 06/30/27		150,000		149,250
Chesapeake Energy Corporation
6.13%, 02/15/21		160,000		162,800
Chevron Corporation
2.95%, 05/16/26		540,000		518,608
Chubb INA Holdings, Inc.
2.30%, 11/03/20		90,000		88,428
3.35%, 05/03/26		120,000		116,467
Cimarex Energy Co.
3.90%, 05/15/27D		470,000		452,133
Cintas Corporation No. 2
2.90%, 04/01/22		180,000		176,180
3.70%, 04/01/27		690,000		678,072
Cisco Systems, Inc.
5.50%, 01/15/40		225,000		268,098
CIT Group, Inc.
5.25%, 03/07/25		1,040,000		1,050,400
Citibank NA
3.05%, 05/01/20		975,000		974,903
Citigroup, Inc.
(Floating, ICE LIBOR USD 3M + 0.93%), 3.25%, 06/07/19†		700,000		704,410
(Floating, ICE LIBOR USD 3M + 1.19%), 3.55%, 08/02/21†		1,300,000		1,323,264
(Variable, ICE LIBOR USD 3M + 4.07%), 5.95%, 01/30/23D ^		170,000		173,188
3.50%, 05/15/23		220,000		215,378
(Variable, ICE LIBOR USD 3M + 3.47%), 5.35%, 05/15/23D ^		180,000		177,966
(Variable, ICE LIBOR USD 3M + 1.02%), 4.04%, 06/01/24^		1,700,000		1,711,092
(Variable, ICE LIBOR USD 3M + 3.91%), 5.95%, 05/15/25^		690,000		696,900
4.40%, 06/10/25		450,000		447,940
5.50%, 09/13/25		290,000		308,351
(Variable, ICE LIBOR USD 3M + 4.52%), 6.25%, 08/15/26^		150,000		155,813
3.20%, 10/21/26		500,000		465,465
4.30%, 11/20/26		1,675,000		1,637,294
4.45%, 09/29/27		1,480,000		1,457,412
4.13%, 07/25/28D		125,000		119,819
(Variable, ICE LIBOR USD 3M + 1.19%), 4.08%, 04/23/29^		800,000		785,863

	Par		Value
6.63%, 06/15/32	$	50,000	$	59,051
8.13%, 07/15/39		20,000		28,215
6.68%, 09/13/43		10,000		12,125
5.30%, 05/06/44		24,000		24,797
4.65%, 07/30/45		894,000		893,057
4.75%, 05/18/46		40,000		38,181
CNOOC Finance 2015 USA LLC
3.50%, 05/05/25		760,000		733,699
Comcast Corporation
3.38%, 08/15/25		275,000		264,036
3.15%, 02/15/28		500,000		462,674
5.65%, 06/15/35		420,000		466,176
3.20%, 07/15/36		380,000		316,761
3.90%, 03/01/38		30,000		27,278
Compass Bank
5.50%, 04/01/20		300,000		308,768
Concho Resources, Inc.
4.30%, 08/15/28		610,000		612,640
ConocoPhillips Holding Co.
6.95%, 04/15/29		220,000		271,657
Continental Resources, Inc.
4.50%, 04/15/23		750,000		761,863
4.38%, 01/15/28		130,000		129,488
Cott Holdings, Inc.
5.50%, 04/01/25 144A		170,000		165,750
CRH America Finance, Inc.
3.95%, 04/04/28 144A		500,000		483,676
Crown Castle International Corporation REIT
5.25%, 01/15/23		525,000		550,669
3.15%, 07/15/23D		725,000		694,823
3.65%, 09/01/27		50,000		46,597
Crown Castle Towers LLC
4.88%, 08/15/20 144A		1,900,000		1,949,578
CVS Health Corporation
3.35%, 03/09/21		210,000		209,903
2.75%, 12/01/22		210,000		201,476
3.70%, 03/09/23		720,000		717,113
4.00%, 12/05/23		800,000		804,261
4.10%, 03/25/25		590,000		587,730
3.88%, 07/20/25		1,013,000		983,026
4.30%, 03/25/28		2,890,000		2,856,340
4.78%, 03/25/38		150,000		148,003
5.13%, 07/20/45		350,000		355,941
5.05%, 03/25/48		950,000		970,535
CVS Pass-Through Trust
6.94%, 01/10/30		627,737		706,658
DAE Funding LLC
4.50%, 08/01/22 144AD		70,000		68,075
5.00%, 08/01/24 144A		80,000		77,040
Dell International LLC
3.48%, 06/01/19 144A		1,010,000		1,012,769
4.42%, 06/15/21 144AD		2,320,000		2,355,499
5.45%, 06/15/23 144AD		150,000		157,160

See Notes to Financial Statements.

82

	Par		Value
Delta Air Lines Pass Through Trust, Series 2007-1, Class A
6.82%, 08/10/22	$	284,441	$	310,439
Depository Trust & Clearing Corporation
(Variable, ICE LIBOR USD 3M + 3.17%), 4.88%, 06/15/20 144A ^		750,000		759,375
Devon Energy Corporation
3.25%, 05/15/22		220,000		216,459
5.85%, 12/15/25		250,000		275,630
5.60%, 07/15/41		437,000		472,933
4.75%, 05/15/4D		130,000		127,362
5.00%, 06/15/45		660,000		673,887
Digital Realty Trust LP REIT
3.40%, 10/01/20		900,000		900,168
Discover Financial Services
3.75%, 03/04/25		450,000		430,307
DISH DBS Corporation
5.88%, 07/15/2D		130,000		122,688
5.88%, 11/15/2D		70,000		59,500
Dollar Tree, Inc.
4.00%, 05/15/25		500,000		489,378
4.20%, 05/15/28		550,000		531,957
Duke Energy Carolinas LLC
3.95%, 03/15/48		300,000		291,907
Duke Energy Corporation
3.75%, 04/15/24D		200,000		199,831
3.15%, 08/15/27D		550,000		511,509
3.95%, 08/15/47		30,000		27,497
Eaton Corporation
2.75%, 11/02/22		710,000		690,037
4.15%, 11/02/42		200,000		193,592
Ecolab, Inc.
4.35%, 12/08/21		82,000		84,704
5.50%, 12/08/41		24,000		28,323
3.95%, 12/01/47		193,000		185,314
Eli Lilly & Co.
3.10%, 05/15/27		140,000		134,163
Enable Midstream Partners LP
4.95%, 05/15/28D		900,000		876,610
Energy Transfer Partners LP
4.65%, 06/01/21		650,000		666,051
5.88%, 03/01/22		100,000		105,842
4.20%, 09/15/23		625,000		625,417
4.50%, 11/01/23		310,000		312,180
5.30%, 04/15/47		200,000		183,998
Entergy Louisiana LLC
5.40%, 11/01/24		1,200,000		1,311,445
Enterprise Products Operating LLC
5.70%, 02/15/42D		60,000		66,511
(Variable, ICE LIBOR USD 3M + 3.71%), 6.07%, 08/01/66†D		550,000		552,063
EOG Resources, Inc.
4.15%, 01/15/26		140,000		143,415
EQT Midstream Partners LP
4.75%, 07/15/23D		775,000		774,609
4.13%, 12/01/26		1,800,000		1,661,753

	Par		Value
ERP Operating LP REIT
4.63%, 12/15/21	$	150,000	$	155,551
Exelon Corporation
5.63%, 06/15/35		415,000		481,617
Expedia Group, Inc.
3.80%, 02/15/28		300,000		275,266
Exxon Mobil Corporation
3.04%, 03/01/26D		280,000		272,626
4.11%, 03/01/46D		530,000		540,786
First Data Corporation
5.38%, 08/15/23 144A		70,000		70,823
FirstEnergy Corporation
4.25%, 03/15/23		490,000		498,362
3.90%, 07/15/27		2,190,000		2,128,540
7.38%, 11/15/31		1,800,000		2,338,241
Florida Power & Light Co.
3.80%, 12/15/42		425,000		417,169
3.95%, 03/01/48		275,000		270,509
Ford Motor Credit Co LLC
3.20%, 01/15/21		200,000		197,866
Ford Motor Credit Co. LLC
2.94%, 01/08/19		400,000		400,147
(Floating, ICE LIBOR USD 3M + 0.83%), 3.16%, 03/12/19†		200,000		200,646
2.46%, 03/27/20		800,000		787,405
3.16%, 08/04/20D		225,000		223,560
5.75%, 02/01/21		200,000		209,983
3.34%, 03/18/21		250,000		247,917
5.88%, 08/02/21		800,000		848,693
Freeport-McMoRan, Inc.
6.88%, 02/15/23		10,000		10,587
5.45%, 03/15/43		122,000		107,628
General Dynamics Corporation
(Floating, ICE LIBOR USD 3M + 0.38%), 2.74%, 05/11/21†		300,000		301,169
3.00%, 05/11/21		600,000		598,316
3.38%, 05/15/23		175,000		175,469
General Electric Co.
6.00%, 08/07/19		301,000		311,265
5.50%, 01/08/20		40,000		41,471
4.38%, 09/16/20		198,000		202,862
5.30%, 02/11/21		104,000		108,843
4.65%, 10/17/21		140,000		145,682
3.15%, 09/07/22		230,000		225,479
6.88%, 01/10/39		500,000		634,320
4.50%, 03/11/44D		790,000		776,278
General Mills, Inc.
4.20%, 04/17/28D		600,000		586,983
General Motors Co.
5.15%, 04/01/38		50,000		47,730
General Motors Financial Co., Inc.
3.50%, 07/10/19		300,000		301,581
(Floating, ICE LIBOR USD 3M + 1.27%), 3.61%, 10/04/19†		400,000		404,144
3.20%, 07/13/20D		1,000,000		995,768
2.45%, 11/06/20		130,000		127,159
4.38%, 09/25/21		400,000		408,015

See Notes to Financial Statements.

83

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
3.45%, 04/10/22	$	230,000	$	226,201
4.25%, 05/15/23		40,000		40,004
4.35%, 01/17/27D		860,000		833,615
Gilead Sciences, Inc.
2.55%, 09/01/20		80,000		79,064
3.70%, 04/01/24		230,000		230,610
4.50%, 02/01/45		400,000		400,744
4.75%, 03/01/46		20,000		20,692
4.15%, 03/01/47D		300,000		287,470
Glencore Funding LLC
2.88%, 04/16/20 144A		90,000		89,079
4.13%, 05/30/23 144AD		375,000		374,591
4.63%, 04/29/24 144A		175,000		176,321
4.00%, 03/27/27 144A		480,000		453,906
Goldman Sachs Capital II
(Variable, ICE LIBOR USD 3M + 0.77%), 4.00%, 08/06/18†		3,000		2,529
Goldman Sachs Group, Inc.
(Floating, ICE LIBOR USD 3M + 1.10%), 3.44%, 11/15/18†		3,800,000		3,814,404
5.38%, 03/15/20		200,000		207,198
6.00%, 06/15/20		540,000		568,174
5.25%, 07/27/21		560,000		588,771
3.85%, 07/08/24		150,000		148,859
4.25%, 10/21/25		1,470,000		1,449,798
3.50%, 11/16/26		2,180,000		2,056,229
(Variable, ICE LIBOR USD 3M + 1.16%), 3.81%, 04/23/29D ^		690,000		657,079
(Variable, ICE LIBOR USD 3M + 1.30%), 4.22%, 05/01/29^		700,000		690,811
6.75%, 10/01/37		110,000		130,777
6.25%, 02/01/41		750,000		877,362
5.15%, 05/22/45		330,000		329,137
4.75%, 10/21/45D		530,000		525,715
Goodman US Finance Three LLC REIT
3.70%, 03/15/28 144A		1,000,000		945,192
Great-West Lifeco Finance 2018 LP
4.05%, 05/17/28 144A		225,000		227,039
Halliburton Co.
3.80%, 11/15/25		670,000		666,269
4.85%, 11/15/35		30,000		31,112
5.00%, 11/15/45D		730,000		780,721
Harris Corporation
5.05%, 04/27/45		110,000		114,171
Hartford Financial Services Group, Inc.
5.13%, 04/15/22		50,000		52,811
HCA, Inc.
5.25%, 04/15/25		120,000		120,300
7.69%, 06/15/25		250,000		272,500
5.25%, 06/15/26		10,000		9,957
5.50%, 06/15/47		50,000		46,000
HCP, Inc. REIT
2.63%, 02/01/20		300,000		296,534
Hewlett Packard Enterprise Co.
4.90%, 10/15/25		425,000		434,438
Hilton Worldwide Finance LLC
4.88%, 04/01/27D		110,000		106,425

	Par		Value
HSBC USA, Inc.
(Floating, ICE LIBOR USD 3M + 0.77%), 3.13%, 08/07/18†	$	1,700,000	$	1,701,425
Humana, Inc.
3.15%, 12/01/22		70,000		68,206
3.95%, 03/15/27		150,000		147,775
4.63%, 12/01/42		60,000		60,056
4.95%, 10/01/44		70,000		73,286
4.80%, 03/15/47D		10,000		10,313
Huntington Bancshares, Inc.
4.00%, 05/15/25		550,000		552,428
Intel Corporation
3.70%, 07/29/25		805,000		810,989
3.73%, 12/08/47		76,000		71,790
International Lease Finance Corporation
7.13%, 09/01/18 144A		1,975,000		1,987,967
8.63%, 01/15/22		420,000		482,223
Jefferies Group LLC
4.15%, 01/23/30		50,000		44,219
John Deere Capital Corporation
2.25%, 04/17/19		160,000		159,598
1.70%, 01/15/20		80,000		78,666
Johnson & Johnson
2.45%, 03/01/26		1,060,000		995,550
3.63%, 03/03/37		720,000		705,003
JPMorgan Chase & Co.
(Variable, ICE LIBOR USD 3M + 3.80%), 5.30%, 05/01/20^		550,000		561,550
4.40%, 07/22/20		980,000		1,004,152
2.55%, 03/01/21		300,000		294,109
2.40%, 06/07/21D		1,100,000		1,072,138
4.35%, 08/15/21		70,000		72,018
2.97%, 01/15/23D		475,000		462,922
3.88%, 09/10/24		860,000		852,721
3.13%, 01/23/25		900,000		861,434
3.90%, 07/15/25		700,000		698,011
2.95%, 10/01/26		700,000		650,929
4.25%, 10/01/27		780,000		775,765
(Variable, ICE LIBOR USD 3M + 0.95%), 3.51%, 01/23/29^		1,520,000		1,441,860
(Variable, ICE LIBOR USD 3M + 1.36%), 3.88%, 07/24/38^		175,000		161,947
4.95%, 06/01/45D		400,000		408,023
Kerr-McGee Corporation
6.95%, 07/01/24		290,000		329,454
7.88%, 09/15/31		280,000		355,862
Kilroy Realty LP REIT
3.80%, 01/15/23D		400,000		398,063
Kimberly-Clark Corporation
3.70%, 06/01/43		200,000		188,511
Kinder Morgan Energy Partners LP
9.00%, 02/01/19		700,000		723,695
3.95%, 09/01/22D		520,000		520,426
4.25%, 09/01/24		980,000		983,338
Kinder Morgan, Inc.
5.63%, 11/15/23 144A		900,000		959,440

See Notes to Financial Statements.

84

	Par		Value
KKR Group Finance Co. II LLC
5.50%, 02/01/43 144AD	$	30,000	$	31,363
Kraft Heinz Foods Co.
5.38%, 02/10/20		223,000		230,710
3.50%, 07/15/22D		90,000		89,037
4.00%, 06/15/23		20,000		19,963
3.95%, 07/15/25D		110,000		107,083
3.00%, 06/01/26D		1,830,000		1,650,804
5.00%, 07/15/35		100,000		98,791
5.00%, 06/04/42		50,000		47,899
5.20%, 07/15/45		60,000		58,579
4.38%, 06/01/46		100,000		86,838
Kroger Co.
6.15%, 01/15/20		360,000		376,198
Lamb Weston Holdings, Inc.
4.63%, 11/01/24 144A		150,000		146,625
Lehman Escrow Bonds
0.00%, 01/18/12#		200,000		6,100
0.00%, 01/24/13#		2,300,000		70,150
0.00%, 07/19/17Y††† #		150,000		—
0.00%, 12/28/17Y††† #		3,340,000		—
0.00%, 11/29/49††† #		2,330,000		—
Lennar Corporation
4.75%, 11/29/27		150,000		141,420
Life Storage LP REIT
3.88%, 12/15/27		900,000		853,400
Lockheed Martin Corporation
3.10%, 01/15/23		40,000		39,523
3.55%, 01/15/26		310,000		305,160
4.50%, 05/15/36D		50,000		52,050
Maple Escrow Subsidiary, Inc.
4.06%, 05/25/23 144AD		475,000		476,675
Marathon Oil Corporation
4.40%, 07/15/27		400,000		402,141
McDonald’s Corporation
3.70%, 01/30/26		240,000		238,674
3.50%, 03/01/27		500,000		489,492
Medtronic Global Holdings SCA
3.35%, 04/01/27		750,000		731,520
Medtronic, Inc.
3.50%, 03/15/25		30,000		29,712
4.63%, 03/15/45		250,000		265,633
MetLife Capital Trust IV
7.88%, 12/15/37 144A		300,000		373,476
MetLife, Inc.
4.75%, 02/08/21		209,000		217,136
6.40%, 12/15/36D		50,000		53,125
4.05%, 03/01/45		25,000		23,274
Microchip Technology, Inc.
3.92%, 06/01/21 144A		350,000		350,821
Microsoft Corporation
1.55%, 08/08/21		400,000		383,735
2.40%, 02/06/22		600,000		587,578
2.88%, 02/06/24		470,000		460,484
2.70%, 02/12/25D		120,000		115,191
3.13%, 11/03/25		450,000		442,513
2.40%, 08/08/26D		2,040,000		1,889,148

	Par		Value
3.30%, 02/06/27D	$	800,000	$	788,621
3.45%, 08/08/36		10,000		9,593
4.10%, 02/06/37		50,000		52,194
3.95%, 08/08/56		130,000		127,454
Moody’s Corporation
4.50%, 09/01/22		800,000		827,447
Morgan Stanley
5.50%, 07/24/20		550,000		574,832
(Floating, ICE LIBOR USD 3M + 1.40%), 3.76%, 04/21/21†		100,000		102,456
(Floating, ICE LIBOR USD 3M + 1.40%), 3.76%, 10/24/23†		225,000		230,286
(Variable, ICE LIBOR USD 3M + 0.85%), 3.74%, 04/24/24^		500,000		497,543
3.88%, 04/29/24D		275,000		275,701
3.70%, 10/23/24D		450,000		444,632
3.63%, 01/20/27D		1,475,000		1,417,875
(Variable, ICE LIBOR USD 3M + 1.14%), 3.77%, 01/24/29^		630,000		607,618
MPLX LP
4.88%, 12/01/24		230,000		237,437
4.88%, 06/01/25		240,000		247,111
4.50%, 04/15/38		580,000		537,422
4.70%, 04/15/48		695,000		646,904
National Retail Properties, Inc. REIT
3.60%, 12/15/26		250,000		237,086
Navient Corporation
5.88%, 03/25/21		300,000		305,625
NCL Corporation, Ltd.
4.75%, 12/15/21 144AD		40,000		40,000
Netflix, Inc.
5.50%, 02/15/22D		90,000		93,024
Newell Brands, Inc.
3.15%, 04/01/21		230,000		228,014
3.85%, 04/01/23		200,000		197,214
4.20%, 04/01/26D		150,000		145,050
NiSource, Inc.
3.65%, 06/15/23 144A		400,000		400,040
3.49%, 05/15/27		925,000		886,159
Nissan Motor Acceptance Corporation
(Floating, ICE LIBOR USD 3M + 0.89%), 3.23%, 01/13/22 144A†		1,900,000		1,925,413
Noble Energy, Inc.
4.15%, 12/15/21		620,000		630,407
3.85%, 01/15/28D		230,000		220,229
4.95%, 08/15/47		110,000		110,540
Northrop Grumman Corporation
2.93%, 01/15/25		1,620,000		1,540,227
3.25%, 01/15/28		1,595,000		1,501,471
Northwell Healthcare, Inc.
6.15%, 11/01/43		375,000		465,438
Northwestern Mutual Life Insurance Co.
6.06%, 03/30/40 144A		300,000		373,765
3.85%, 09/30/47 144AD		250,000		229,504
Nuveen Finance LLC
2.95%, 11/01/19 144A		170,000		169,392

See Notes to Financial Statements.

85

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Oasis Petroleum, Inc.
6.88%, 03/15/22	$	57,000	$	58,123
Occidental Petroleum Corporation
3.13%, 02/15/22		100,000		99,801
2.70%, 02/15/23		20,000		19,443
3.40%, 04/15/26		500,000		489,116
3.00%, 02/15/27D		150,000		141,841
4.63%, 06/15/45		130,000		136,260
4.40%, 04/15/46D		60,000		60,694
4.10%, 02/15/47		210,000		205,714
ONEOK, Inc.
4.55%, 07/15/28		1,100,000		1,111,849
Oracle Corporation
4.00%, 07/15/46		375,000		354,716
Oshkosh Corporation
4.60%, 05/15/28		300,000		300,000
Pacific Gas & Electric Co.
3.30%, 03/15/27		175,000		158,405
6.05%, 03/01/34		670,000		725,380
5.80%, 03/01/37D		210,000		220,153
4.00%, 12/01/46		200,000		173,050
Penske Truck Leasing Co. LP
3.95%, 03/10/25 144A		1,000,000		989,777
Phillips 66
3.90%, 03/15/28		600,000		586,759
Phillips 66 Partners LP
3.55%, 10/01/26		175,000		163,933
Physicians Realty LP REIT
3.95%, 01/15/28		2,400,000		2,244,218
Pioneer Natural Resources Co.
3.95%, 07/15/22		75,000		75,924
Plains All American Pipeline LP
3.65%, 06/01/22		200,000		196,225
4.50%, 12/15/26		600,000		588,344
Principal Life Global Funding II
2.38%, 09/11/19 144A		2,900,000		2,880,276
Progress Energy, Inc.
7.75%, 03/01/31		350,000		466,723
Prudential Financial, Inc.
3.88%, 03/27/28		675,000		668,504
Quicken Loans, Inc.
5.75%, 05/01/25 144AD		50,000		49,189
Range Resources Corporation
5.00%, 03/15/23		130,000		126,425
4.88%, 05/15/25D		10,000		9,425
Raytheon Co.
3.13%, 10/15/20		200,000		200,995
Reliance Standard Life Global Funding II
2.50%, 01/15/20 144A		100,000		98,973
RELX Capital, Inc.
3.50%, 03/16/23		1,300,000		1,287,630
Rensselaer Polytechnic Institute
5.60%, 09/01/20		675,000		705,647
Reynolds Group Issuer, Inc.
5.13%, 07/15/23 144A		160,000		158,200
Rockwell Collins, Inc.
3.50%, 03/15/27		550,000		523,689

	Par		Value
Sabine Pass Liquefaction LLC
6.25%, 03/15/22	$	475,000	$	511,385
5.75%, 05/15/24		1,000,000		1,067,937
5.63%, 03/01/25		450,000		479,295
salesforce.com, Inc.
3.25%, 04/11/23		300,000		298,437
3.70%, 04/11/28		100,000		99,406
Santander Holdings USA, Inc.
2.70%, 05/24/19		379,000		377,941
4.50%, 07/17/25		60,000		58,942
Schlumberger Holdings Corporation
3.00%, 12/21/20 144AD		250,000		248,647
4.00%, 12/21/25 144A		190,000		189,669
Select Income REIT
3.60%, 02/01/20		125,000		124,382
Sempra Energy
(Floating, ICE LIBOR USD 3M + 0.50%), 2.85%, 01/15/21†		625,000		625,364
2.90%, 02/01/23D		1,125,000		1,093,293
3.40%, 02/01/28		275,000		258,517
Sherwin-Williams Co.
2.75%, 06/01/22		125,000		121,236
3.13%, 06/01/24		75,000		71,730
3.45%, 06/01/27		350,000		331,295
4.50%, 06/01/47D		200,000		191,639
Southern Co.
3.25%, 07/01/26		1,400,000		1,316,421
Southern Co. Gas Capital Corporation
3.25%, 06/15/26		300,000		285,214
Southern Copper Corporation
5.25%, 11/08/42D		960,000		953,396
Southern Natural Gas Co. LLC
8.00%, 03/01/32		400,000		518,386
Spectrum Brands, Inc.
5.75%, 07/15/25D		110,000		109,175
Spirit Airlines Pass-Through Trust, Series 2015-1, Class A
4.10%, 04/01/28		1,295,883		1,293,997
Sprint Corporation
7.25%, 09/15/21		30,000		31,275
7.63%, 02/15/25		300,000		306,753
Sprint Spectrum Co., LLC
3.36%, 09/20/21 144AD		162,500		161,078
4.74%, 03/20/25 144A		1,430,000		1,422,564
5.15%, 03/20/28 144A		1,100,000		1,080,750
Stryker Corporation
2.63%, 03/15/21		125,000		122,960
Sunoco Logistics Partners Operations LP
4.25%, 04/01/24		100,000		99,179
5.95%, 12/01/25		800,000		853,455
SunTrust Bank
(Variable, ICE LIBOR USD 3M + 0.30%), 2.59%, 01/29/21^		875,000		867,583
Synchrony Financial
2.70%, 02/03/20		200,000		197,967
4.25%, 08/15/24		75,000		73,621
4.50%, 07/23/25D		907,000		892,106

See Notes to Financial Statements.

86

	Par		Value
Teachers Insurance & Annuity Association of America
6.85%, 12/16/39 144A	$	46,000	$	61,021
4.90%, 09/15/44 144A		655,000		691,059
Thermo Fisher Scientific, Inc.
3.00%, 04/15/23		100,000		97,337
3.65%, 12/15/25		200,000		195,576
Time Warner Cable LLC
4.13%, 02/15/21		400,000		402,261
7.30%, 07/01/38		620,000		704,722
5.88%, 11/15/40		100,000		98,132
Time Warner Entertainment Co. LP
8.38%, 07/15/33		390,000		482,617
TJX Cos, Inc.
2.25%, 09/15/26		40,000		35,709
T-Mobile USA, Inc.
4.50%, 02/01/26D		350,000		327,250
Toll Brothers Finance Corporation
4.38%, 04/15/23D		120,000		118,050
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26		350,000		424,789
Union Pacific Corporation
3.75%, 07/15/25D		210,000		210,151
3.95%, 09/10/28		1,180,000		1,188,058
4.50%, 09/10/48D		410,000		418,503
United Airlines Pass-Through Trust, Series 2016-2, Class A
3.10%, 10/07/28		778,855		730,582
United Airlines Pass-Through Trust, Series 2016-2, Class AA
2.88%, 10/07/28D		778,855		723,249
United Parcel Service, Inc.
2.50%, 04/01/23		120,000		116,010
3.05%, 11/15/27		100,000		95,296
United Rentals North America, Inc.
5.50%, 07/15/25		140,000		141,575
4.88%, 01/15/28		40,000		37,138
United Technologies Corporation
4.50%, 06/01/42		120,000		118,844
UnitedHealth Group, Inc.
1.63%, 03/15/19		170,000		168,774
2.70%, 07/15/20		280,000		278,410
2.88%, 12/15/21D		180,000		178,295
3.75%, 07/15/25		270,000		270,294
4.63%, 07/15/35		150,000		158,041
Univision Communications, Inc.
5.13%, 02/15/25 144AD		150,000		138,938
US Bank NA
3.15%, 04/26/21		300,000		300,790
VEREIT Operating Partnership LP REIT
3.00%, 02/06/19		500,000		499,832
4.13%, 06/01/21		200,000		202,860
Verizon Communications, Inc.
3.50%, 11/01/24		150,000		145,288
3.38%, 02/15/25		1,095,000		1,049,751

	Par		Value
(Floating, ICE LIBOR USD 3M + 1.10%), 3.44%, 05/15/25†	$	1,700,000	$	1,699,624
2.63%, 08/15/26		3,455,000		3,071,948
4.13%, 03/16/27		460,000		456,061
4.33%, 09/21/28 144AD		2,443,000		2,426,223
5.25%, 03/16/37		680,000		700,450
4.86%, 08/21/46		350,000		335,706
5.50%, 03/16/47		40,000		42,069
5.01%, 04/15/49		591,000		577,775
Visa, Inc.
3.15%, 12/14/25		900,000		871,498
4.30%, 12/14/45		460,000		479,140
VMware, Inc.
3.90%, 08/21/27		500,000		462,559
Voya Financial, Inc.
5.70%, 07/15/43		170,000		187,537
Wachovia Capital Trust III
(Variable, ICE LIBOR USD 3M + 0.93%), 5.57%, 08/06/18†D		560,000		553,000
Walmart, Inc.
3.70%, 06/26/28		620,000		625,985
4.05%, 06/29/48		250,000		252,398
Warner Media LLC
6.10%, 07/15/40		140,000		151,061
Waste Management, Inc.
3.50%, 05/15/24		140,000		138,850
7.38%, 05/15/29		140,000		174,907
WEA Finance LLC REIT
3.75%, 09/17/24 144A		770,000		761,344
Wells Fargo & Co.
4.60%, 04/01/21		70,000		72,306
3.45%, 02/13/23		200,000		196,213
(Floating, ICE LIBOR USD 3M + 1.23%), 3.59%, 10/31/23†		600,000		612,517
4.48%, 01/16/24		2,196,000		2,242,672
(Variable, ICE LIBOR USD 3M + 3.99%), 5.88%, 06/15/25D ^		600,000		619,500
3.00%, 04/22/26		900,000		835,198
4.10%, 06/03/26		440,000		431,589
3.00%, 10/23/26		3,700,000		3,420,049
4.30%, 07/22/27D		1,590,000		1,569,835
(Variable, ICE LIBOR USD 3M + 1.31%), 3.58%, 05/22/28^		600,000		575,522
5.38%, 11/02/43		190,000		198,820
4.65%, 11/04/44		70,000		66,833
4.90%, 11/17/45		370,000		366,252
4.40%, 06/14/46		70,000		64,234
4.75%, 12/07/46D		260,000		252,175
Wells Fargo Capital X
5.95%, 12/15/36		140,000		151,343
Welltower, Inc. REIT
4.25%, 04/01/26		900,000		891,958
Western Gas Partners LP
3.95%, 06/01/25		200,000		188,895
WestRock Co.
3.75%, 03/15/25 144A		500,000		490,907
4.00%, 03/15/28 144A		1,100,000		1,086,351

See Notes to Financial Statements.

87

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
WestRock RKT Co.
3.50%, 03/01/20	$	150,000	$	150,359
4.00%, 03/01/23		30,000		30,397
Whiting Petroleum Corporation
6.25%, 04/01/23D		50,000		51,375
6.63%, 01/15/26 144AD		140,000		144,375
Williams Cos., Inc.
7.50%, 01/15/31		100,000		119,435
7.75%, 06/15/31		885,000		1,067,469
8.75%, 03/15/32		181,000		234,277
Williams Partners LP
5.25%, 03/15/20		140,000		144,382
3.60%, 03/15/22		155,000		154,375
3.90%, 01/15/25		350,000		341,920
5.10%, 09/15/45		105,000		104,093
Wm.Wrigley Jr. Co.
2.40%, 10/21/18 144A		60,000		59,960
2.90%, 10/21/19 144A		230,000		229,460
WPX Energy, Inc.
6.00%, 01/15/22		10,000		10,450
8.25%, 08/01/23		30,000		34,125
Total Corporate Bonds (Cost $279,835,638)				275,474,002
FOREIGN BONDS — 11.1%
Argentina — 0.4%
Argentina POM Politica Monetaria
(Floating, Argentina Central Bank 7D Repo Rate + 0.00%), 40.00%, 06/21/20(ZA)†		1,110,000		39,873
Argentine Bonos del Tesoro
21.20%, 09/19/18(ZA)		230,000		7,698
18.20%, 10/03/21(ZA)		13,930,000		421,750
Argentine Republic Government International Bond
5.63%, 01/26/22		1,650,000		1,546,050
5.88%, 01/11/28		1,210,000		986,906
7.13%, 07/06/36		720,000		580,500
6.88%, 01/11/48		1,970,000		1,484,415
Provincia de Buenos Aires
6.50%, 02/15/23 144A		230,000		210,820
7.88%, 06/15/27 144A		180,000		158,400
				5,436,412
Australia — 0.3%
BHP Billiton Finance (USA), Ltd.
2.88%, 02/24/22D		20,000		19,762
5.00%, 09/30/43		540,000		607,246
(Variable, USD Swap 5Y + 5.09%), 6.75%, 10/19/75 144A ^		880,000		956,560
CNOOC Finance 2015 Australia Proprietary, Ltd.
2.63%, 05/05/20D		1,300,000		1,284,371
Commonwealth Bank of Australia
5.00%, 10/15/19 144A		50,000		51,298
3.90%, 07/12/47 144AD		520,000		485,880
Westpac Banking Corporation
2.30%, 05/26/20D		50,000		49,205

	Par		Value
2.60%, 11/23/20D	$	310,000	$	305,205
(Variable, USD ICE Swap Rate 5Y + 2.24%), 4.32%, 11/23/31^		175,000		168,907
				3,928,434
Bermuda — 0.0%
XLIT, Ltd.
4.45%, 03/31/25		349,000		343,870
Brazil — 0.4%
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/21(B)		7,392,000		1,938,137
10.00%, 01/01/23(B)		7,128,000		1,798,185
10.00%, 01/01/27(B)		1,013,000		238,780
Brazilian Government International Bond
5.63%, 01/07/41D		750,000		653,250
Vale Overseas, Ltd.
6.88%, 11/21/36		591,000		666,471
				5,294,823
Canada — 0.3%
Alimentation Couche-Tard, Inc.
2.70%, 07/26/22 144A		275,000		264,561
3.55%, 07/26/27 144A		75,000		71,233
Bank of Nova Scotia
1.88%, 04/26/21		1,600,000		1,549,003
Barrick Gold Corporation
5.25%, 04/01/42		560,000		587,696
Brookfield Finance, Inc.
3.90%, 01/25/28		800,000		757,784
Canadian Natural Resources, Ltd.
3.85%, 06/01/27D		350,000		342,119
Nutrien Ltd.
4.88%, 03/30/20		110,000		112,323
Royal Bank of Canada
2.15%, 10/26/20		270,000		263,879
3.20%, 04/30/21		300,000		299,991
Toronto-Dominion Bank
3.25%, 06/11/21		370,000		370,044
Transcanada Trust
(Variable, ICE LIBOR USD 3M + 3.21%), 5.30%, 03/15/77^		370,000		350,534
Valeant Pharmaceuticals International, Inc.
7.00%, 03/15/24 144A		280,000		294,616
				5,263,783
Chile — 0.1%
Latam Airlines Pass Through Trust, Series 2015-1, Class A
4.20%, 11/15/27		782,809		744,295
China — 0.1%
China Evergrande Group
8.75%, 06/28/25		200,000		176,377
China Government Bond
3.31%, 11/30/25(Y)		1,000,000		144,354

See Notes to Financial Statements.

88

	Par		Value
Park Aerospace Holdings, Ltd.
5.25%, 08/15/22 144A	$	60,000	$	59,626
5.50%, 02/15/24 144A		80,000		79,183
Sinopec Group Overseas Development 2014, Ltd.
4.38%, 04/10/24 144A		750,000		766,056
				1,225,596
Colombia — 0.1%
Colombia Government International Bond
5.63%, 02/26/44		480,000		511,200
Ecopetrol SA
5.88%, 05/28/45D		720,000		685,584
				1,196,784
Dominican Republic — 0.0%
Dominican Republic International Bond
10.38%, 03/04/22(V)		800,000		17,083
14.50%, 02/10/23(V)		1,300,000		31,289
11.38%, 07/06/29(V)		700,000		15,441
				63,813
Ecuador — 0.1%
Ecuador Government International Bond
9.63%, 06/02/27 144A		200,000		186,490
8.88%, 10/23/27 144AD		330,000		292,859
7.88%, 01/23/28 144A		370,000		311,336
				790,685
Egypt — 0.0%
Egypt Government International Bond
5.58%, 02/21/23 144A		410,000		389,500
Finland — 0.0%
Nokia OYJ
4.38%, 06/12/27		259,000		244,107
France — 0.4%
BNP Paribas SA
3.50%, 03/01/23 144A		925,000		902,560
3.38%, 01/09/25 144AD		450,000		425,720
(Variable, USD Swap 5Y + 1.48%), 4.38%, 03/01/33 144A ^		440,000		413,283
Credit Agricole SA
2.50%, 04/15/19 144A		250,000		249,486
(Variable, ICE LIBOR USD 3M + 6.98%), 8.38%, 10/13/19 144A ^		510,000		532,950
4.38%, 03/17/25		275,000		266,436
4.13%, 01/10/27 144AD		450,000		436,132
(Variable, USD Swap 5Y + 1.64%), 4.00%, 01/10/33 144AD ^		250,000		228,644
Danone SA
2.59%, 11/02/23 144A		650,000		612,920

	Par		Value
2.95%, 11/02/26 144A	$	310,000	$	285,519
Unibail-Rodamco SE REIT
(Floating, ICE LIBOR USD 3M + 0.77%), 3.12%, 04/16/19†		1,600,000		1,606,890
				5,960,540
Germany — 0.9%
Deutsche Bank AG
2.50%, 02/13/19D		100,000		99,321
2.85%, 05/10/19		1,600,000		1,586,284
4.25%, 10/14/21		1,500,000		1,479,925
KFW
1.13%, 08/06/18		1,800,000		1,798,315
1.50%, 09/09/19		8,750,000		8,642,620
				13,606,465
Hong Kong — 0.0%
AIA Group, Ltd.
3.90%, 04/06/28 144A		200,000		199,987
India — 0.0%
Bharti Airtel, Ltd.
4.38%, 06/10/25 144AD		330,000		304,743
Reliance Industries, Ltd.
3.67%, 11/30/27 144AD		250,000		230,522
				535,265
Indonesia — 0.2%
Indonesia Government International Bond
4.88%, 05/05/21		770,000		793,291
4.75%, 01/08/26 144A		250,000		253,919
3.85%, 07/18/27 144A		500,000		475,194
3.50%, 01/11/28		450,000		416,690
5.13%, 01/15/45 144A		200,000		197,023
5.25%, 01/08/47 144A		200,000		200,638
4.35%, 01/11/48		500,000		448,881
				2,785,636
Ireland — 0.4%
AerCap Ireland Capital DAC
5.00%, 10/01/21		150,000		154,677
4.63%, 07/01/22D		550,000		561,370
3.30%, 01/23/23		1,625,000		1,563,551
3.50%, 01/15/25		600,000		563,661
GE Capital International Funding Co.
2.34%, 11/15/20		1,723,000		1,684,775
3.37%, 11/15/25D		597,000		573,568
Shire Acquisitions Investments Ireland DAC
1.90%, 09/23/19		500,000		492,291
2.40%, 09/23/21		1,000,000		958,097
				6,551,990
Israel — 0.1%
Israel Government AID Bond
5.50%, 09/18/23		1,200,000		1,351,726

See Notes to Financial Statements.

89

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
5.50%, 12/04/23	$	200,000	$	226,240
5.50%, 04/26/24		500,000		568,549
				2,146,515
Italy — 0.3%
Intesa Sanpaolo SpA
3.13%, 07/14/22 144AD		580,000		535,831
3.38%, 01/12/23 144AD		1,070,000		984,551
5.02%, 06/26/24 144AD		1,310,000		1,190,537
5.71%, 01/15/26 144AD		200,000		183,145
3.88%, 07/14/27 144A		1,000,000		864,448
Wind Tre SpA
5.00%, 01/20/26 144A		750,000		598,282
				4,356,794
Jamaica — 0.0%
Digicel, Ltd.
6.75%, 03/01/23 144AD		300,000		250,500
Japan — 0.3%
Development Bank of Japan, Inc.
1.63%, 09/01/21 144A		1,300,000		1,240,639
Japan Finance Organization for Municipalities
2.13%, 10/25/23 144A		2,200,000		2,066,582
Mitsubishi UFJ Financial Group, Inc.
2.95%, 03/01/21		250,000		247,396
3.00%, 02/22/22		180,000		176,807
Sumitomo Mitsui Financial Group, Inc.
2.06%, 07/14/21		260,000		249,447
4.44%, 04/02/24 144A		350,000		354,206
				4,335,077
Jersey — 0.0%
UBM PLC
5.75%, 11/03/20 144A		230,000		234,671
Jordan — 0.1%
Hashemite Kingdom of Jordan Government AID Bond
2.50%, 10/30/20		1,200,000		1,195,431
Kazakhstan — 0.0%
KazMunayGas National Co. JSC
5.38%, 04/24/30 144A		200,000		201,128
Kenya — 0.0%
Kenya Government International Bond
6.88%, 06/24/24		200,000		197,984
7.25%, 02/28/28 144A		200,000		192,534
				390,518
Kuwait — 0.1%
Kuwait International Government Bond
3.50%, 03/20/27 144A		1,490,000		1,453,227
Luxembourg — 0.0%
Altice Financing SA
6.63%, 02/15/23 144A		350,000		345,800

	Par		Value
ArcelorMittal
6.25%, 02/25/22D	$	50,000	$	53,437
7.00%, 10/15/39		70,000		80,724
				479,961
Mexico — 0.6%
America Movil SAB de CV
6.00%, 06/09/19(M)		3,030,000		149,080
5.00%, 03/30/20		240,000		246,834
Mexican Bonos
8.00%, 06/11/20(M)		5,120,000		259,395
6.50%, 06/10/21(M)		1,415,500		69,071
8.00%, 12/07/23(M)		121,800		6,225
10.00%, 12/05/24(M)		25,130,000		1,422,206
8.50%, 11/18/38(M)		31,478,500		1,722,578
7.75%, 11/13/42(M)		49,885,200		2,533,212
8.00%, 11/07/47(M)		19,952,200		1,041,137
Petroleos Mexicanos
6.38%, 02/04/21		11,000		11,605
5.13%, 03/15/23(E)		110,000		141,085
6.88%, 08/04/26		200,000		210,700
6.50%, 03/13/27		470,000		482,535
6.63%, 06/15/35		19,000		18,644
5.50%, 06/27/44D		170,000		143,820
6.38%, 01/23/45		500,000		461,750
6.75%, 09/21/47		290,000		274,166
				9,194,043
Morocco & Antilles — 0.0%
OCP SA
4.50%, 10/22/25 144A		450,000		429,560
Netherlands — 1.1%
ABN AMRO Bank NV
4.75%, 07/28/25 144A		200,000		199,244
Alcoa Nederland Holding BV
7.00%, 09/30/26 144A		200,000		214,000
Cooperatieve Rabobank UA
(Variable, ICE LIBOR USD 3M + 10.87%), 11.00%, 06/30/19 144A ^		487,000		523,525
4.75%, 01/15/20 144A		540,000		553,076
4.63%, 12/01/23D		400,000		403,388
4.38%, 08/04/25		920,000		903,357
5.25%, 08/04/45		620,000		649,350
Equate Petrochemical BV
4.25%, 11/03/26 144A		260,000		252,753
ING Bank NV
5.80%, 09/25/23 144A		340,000		360,681
(Variable, USD ICE Swap Rate 5Y + 2.70%), 4.13%, 11/21/23^		600,000		601,886
Myriad International Holdings BV
4.85%, 07/06/27 144A		420,000		412,138
Petrobras Global Finance BV
6.13%, 01/17/22D		51,000		51,995
6.25%, 03/17/24		380,000		378,195
5.30%, 01/27/25 144A		2,446,000		2,263,161

See Notes to Financial Statements.

90

	Par		Value
7.38%, 01/17/27	$	120,000	$	120,150
5.75%, 02/01/29		210,000		184,932
6.85%, 06/05/15p		550,000		464,200
Shell International Finance BV
4.38%, 03/25/20		320,000		328,404
2.88%, 05/10/26D		1,210,000		1,151,036
4.55%, 08/12/43D		120,000		125,944
4.38%, 05/11/45		230,000		236,286
4.00%, 05/10/46		190,000		184,471
Stichting AK Rabobank Certificaten
6.50%, 03/29/18(E)		700,000		970,881
Syngenta Finance NV
3.70%, 04/24/20 144AD		565,000		563,193
3.93%, 04/23/21 144AD		2,800,000		2,794,742
4.44%, 04/24/23 144AD		1,075,000		1,070,129
5.18%, 04/24/28 144A		200,000		193,531
				16,154,648
Nigeria — 0.0%
Nigeria Government International Bond
6.50%, 11/28/27 144A		200,000		186,573
7.14%, 02/23/30 144A		250,000		236,615
				423,188
Norway — 0.1%
Yara International ASA
4.75%, 06/01/28 144AD		1,100,000		1,107,939
Peru — 0.0%
Peruvian Government International Bond
5.63%, 11/18/50D		330,000		384,037
Poland — 0.1%
Republic of Poland Government International Bond
4.00%, 01/22/24		1,180,000		1,200,196
Russia — 0.4%
Gazprom OAO Via Gaz Capital SA
7.29%, 08/16/37		100,000		113,034
Russian Federal Bond - OFZ
7.00%, 01/25/23(Q)		34,070,000		535,552
7.00%, 08/16/23(Q)		52,440,000		825,609
7.75%, 09/16/26(Q)		9,710,000		156,799
8.15%, 02/03/27(Q)		63,930,000		1,057,405
7.05%, 01/19/28(Q)		169,471,000		2,610,692
				5,299,091
Saudi Arabia — 0.2%
Saudi Government International Bond
4.00%, 04/17/25 144A		3,000,000		2,989,590
4.63%, 10/04/47 144A		700,000		654,178
				3,643,768
Singapore — 0.0%
ABJA Investment Co., Pte, Ltd.
5.45%, 01/24/28		200,000		169,742

	Par		Value
South Africa — 0.1%
Republic of South Africa Government Bond
8.00%, 01/31/30(S)	$	780,000	$	51,953
7.00%, 02/28/31(S)		2,020,000		122,425
8.25%, 03/31/32(S)		5,580,000		371,178
8.88%, 02/28/35(S)		720,000		49,666
6.25%, 03/31/36(S)		915,000		48,333
9.00%, 01/31/40(S)		90,000		6,176
6.50%, 02/28/41(S)		390,000		20,288
8.75%, 01/31/44(S)		1,500,000		100,052
				770,071
South Korea — 0.1%
Export-Import Bank of Korea
5.00%, 04/11/22		900,000		943,931
Spain — 0.1%
Banco Santander SA
3.13%, 02/23/23		400,000		379,968
(Floating, ICE LIBOR USD 3M + 1.12%), 3.46%, 04/12/23†		200,000		199,886
3.85%, 04/12/23		400,000		391,619
4.38%, 04/12/28		800,000		766,400
Telefonica Emisiones SA Unipersonal
5.88%, 07/15/19		70,000		72,023
5.21%, 03/08/47		400,000		386,975
				2,196,871
Supranational — 0.7%
African Development Bank
2.63%, 03/22/21		5,530,000		5,509,213
International Bank for Reconstruction & Development
1.63%, 09/04/20		5,210,000		5,096,633
				10,605,846
Sweden — 0.1%
Nordea Bank AB
4.88%, 05/13/21 144A		640,000		658,535
Stadshypotek AB
1.88%, 10/02/19 144A		900,000		889,645
Svenska Handelsbanken AB
3.35%, 05/24/21D		250,000		250,468
				1,798,648
Switzerland — 0.7%
Credit Suisse AG
6.50%, 08/08/23 144A		225,000		239,847
Credit Suisse Group AG
4.28%, 01/09/28 144A		1,550,000		1,509,502
(Variable, ICE LIBOR USD 3M + 1.41%), 3.87%, 01/12/29 144A^		1,225,000		1,154,159
Credit Suisse Group Funding Guernsey, Ltd.
3.45%, 04/16/21		800,000		797,516
4.55%, 04/17/26		2,440,000		2,443,781

See Notes to Financial Statements.

91

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
4.88%, 05/15/45	$	350,000	$	346,735
UBS Group Funding Switzerland AG
3.00%, 04/15/21 144A		1,500,000		1,477,660
2.65%, 02/01/22 144A		300,000		289,165
(Floating, ICE LIBOR USD 3M + 1.53%), 3.89%, 02/01/22 144A†		200,000		205,846
3.49%, 05/23/23 144A		880,000		860,875
4.13%, 09/24/25 144A		440,000		437,331
4.25%, 03/23/28 144A		1,490,000		1,482,035
				11,244,452
Turkey — 0.1%
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A
4.20%, 03/15/27 144A		1,281,329		1,199,645
United Arab Emirates — 0.1%
Abu Dhabi Government International Bond
2.50%, 10/11/22 144A		610,000		585,219
3.13%, 10/11/27 144A		500,000		466,400
				1,051,619
United Kingdom — 2.0%
Anglo American Capital PLC
3.63%, 09/11/24 144AD		700,000		663,491
4.00%, 09/11/27 144A		220,000		205,134
Barclays PLC
(Variable, EUR Swap Rate 5Y + 5.88%), 6.50%, 09/15/19(E)^		800,000		963,764
(Variable, USD Swap 5Y + 5.02%), 6.63%, 09/15/19^		200,000		200,591
(Floating, ICE LIBOR USD 3M + 2.11%), 4.46%, 08/10/21†D		1,600,000		1,661,294
(Floating, ICE LIBOR USD 3M + 1.38%), 3.71%, 05/16/24†		1,600,000		1,588,050
3.25%, 02/12/27(U)		500,000		645,484
(Variable, ICE LIBOR USD 3M + 1.90%), 4.97%, 05/16/29^		1,060,000		1,052,189
4.95%, 01/10/47		200,000		188,196
BP Capital Markets PLC
3.56%, 11/01/21D		30,000		30,307
3.22%, 11/28/23		370,000		363,173
3.81%, 02/10/24		330,000		333,620
3.54%, 11/04/24		60,000		59,587
3.51%, 03/17/25		330,000		327,504
3.12%, 05/04/26		570,000		545,239
Centrica PLC
4.25%, 09/12/44(U)		200,000		302,644
Ensco PLC
8.00%, 01/31/24D		79,000		79,790
GlaxoSmithKline Capital PLC
2.85%, 05/08/22D		220,000		216,394
5.25%, 12/19/33(U)		100,000		174,320
Hammerson PLC REIT
3.50%, 10/27/25(U)		100,000		137,206
HSBC Bank PLC
4.75%, 01/19/21 144A		200,000		206,513

	Par		Value
HSBC Holdings PLC
3.40%, 03/08/21	$	610,000	$	610,013
(Floating, ICE LIBOR USD 3M + 0.60%), 2.93%, 05/18/21†		400,000		400,692
(Floating, ICE LIBOR USD 3M + 1.50%), 3.84%, 01/05/22†		400,000		411,932
(Variable, ICE LIBOR USD 3M + 1.06%), 3.26%, 03/13/23^		525,000		514,515
(Variable, USD ICE Swap Rate 5Y + 3.45%), 6.25%, 03/23/23^		540,000		530,550
4.25%, 03/14/24		240,000		239,075
(Floating, ICE LIBOR USD 3M + 1.00%), 3.33%, 05/18/24†D		900,000		898,016
4.25%, 08/18/25		220,000		216,321
(Variable, ICE LIBOR USD 3M + 1.55%), 4.04%, 03/13/28^		700,000		680,295
(Variable, USD ICE Swap Rate 5Y + 3.61%), 6.50%, 03/23/28^		540,000		519,075
(Variable, ICE LIBOR USD 3M + 1.53%), 4.58%, 06/19/29^		800,000		808,991
6.50%, 09/15/37		1,000,000		1,169,985
Lloyds Bank PLC
(Variable, ICE LIBOR USD 3M + 11.76%), 12.00%, 12/16/24 144AD^		1,200,000		1,473,761
Lloyds Banking Group PLC
2.25%, 10/16/24(U)		400,000		513,424
4.50%, 11/04/24		240,000		237,588
4.38%, 03/22/28		800,000		790,763
(Variable, ICE LIBOR USD 3M + 1.21%), 3.57%, 11/07/28D^		200,000		184,886
Nationwide Building Society
(Variable, ICE LIBOR USD 3M + 1.06%), 3.77%, 03/08/24 144AD ^		2,000,000		1,960,512
Reckitt Benckiser Group PLC
2.75%, 06/26/24 144A		600,000		567,307
Royal Bank of Scotland Group PLC
6.13%, 12/15/22		180,000		189,618
(Variable, ICE LIBOR USD 3M + 1.48%), 3.50%, 05/15/23D^		650,000		630,222
3.88%, 09/12/23		579,000		563,106
6.00%, 12/19/23		110,000		115,565
5.13%, 05/28/24		280,000		282,785
(Variable, ICE LIBOR USD 3M + 1.55%), 4.52%, 06/25/24^		1,980,000		1,983,609
Santander UK Group Holdings PLC
(Variable, ICE LIBOR USD 3M + 1.40%), 3.82%, 11/03/28^		800,000		735,904
Santander UK PLC
2.38%, 03/16/20		160,000		157,613
Severn Trent Utilities Finance PLC
6.25%, 06/07/29(U)		100,000		175,699
Standard Chartered PLC
5.70%, 03/26/44 144AD		680,000		712,238
Vodafone Group PLC
3.75%, 01/16/24		1,025,000		1,017,501

See Notes to Financial Statements.

92

	Par		Value
4.38%, 05/30/28	$	1,070,000	$	1,059,388
5.25%, 05/30/48		580,000		580,574
				30,876,013
Total Foreign Bonds (Cost $175,346,149)				168,299,115
LOAN AGREEMENTS — 1.2%
Air Medical Group Holdings, Inc. 2018 Term Loan
(Floating, ICE LIBOR USD 1M + 3.25%, 1.00% Floor), 5.28%, 04/28/22†		465,293		452,497
American Airlines, Inc. 2017 Class B Term Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 4.07%, 12/14/23†		346,500		343,468
American Airlines, Inc. 2018 Replacement Term Loan
(Floating, ICE LIBOR USD 1M + 1.75%), 3.85%, 06/27/25†		350,000		344,559
American Axle & Manufacturing, Inc. Tranche B Term Loan
(Floating, ICE LIBOR USD 1M + 2.25%, 0.75% Floor), 4.35%, 04/06/24†		66,830		66,680
American Builders & Contractors Supply Co., Inc. Term B-2 Loan
(Floating, ICE LIBOR USD 1M + 2.00%, 0.75% Floor), 4.09%, 10/31/23†		694,724		690,303
Avolon TLB Borrower 1 (US) LLC Term B-3 Loan
(Floating, ICE LIBOR USD 1M + 2.00%, 0.75% Floor), 4.09%, 01/15/25†		944,218		934,351
Beacon Roofing Supply, Inc. Initial Term Loan
(Floating, ICE LIBOR USD 1M + 2.25%), 4.28%, 01/02/25†		700,245		697,728
Berry Global, Inc. Term Q Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 4.05%, 10/01/22†		94,081		94,081
(Floating, ICE LIBOR USD 1M + 2.00%), 4.09%, 10/01/22†		145,919		145,919
Berry Global, Inc. Term R Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 4.05%, 01/19/24†		459,585		458,866
BWay Holding Co. Initial Term Loan
(Floating, ICE LIBOR USD 3M + 3.25%), 5.59%, 04/03/24†		425,700		426,631
Catalent Pharma Solutions, Inc. Dollar Term Loan
(Floating, ICE LIBOR USD 1M + 2.25%, 1.00% Floor), 4.34%, 05/20/24†		363,701		364,041
CenturyLink, Inc. Initial Term B Loan
(Floating, ICE LIBOR USD 1M + 2.75%), 4.84%, 01/31/25†		293,549		287,992
Charter Communications Operating LLC Term B Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 4.10%, 04/30/25†		985,000		985,224

	Par		Value
Dell International LLC Refinancing Term B Loan
(Floating, ICE LIBOR USD 1M + 2.00%, 0.75% Floor), 4.10%, 09/07/23†	$	716,400	$	714,065
Delos Finance S.a.r.l. New Loan
(Floating, ICE LIBOR USD 3M + 1.75%), 4.08%, 10/06/23†		700,000		700,875
First Data Corporation 2024A New Dollar Term Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 4.09%, 04/26/24†		911,932		907,600
Flying Fortress Holdings LLC New Loan
(Floating, ICE LIBOR USD 3M + 1.75%), 4.08%, 10/30/22†		410,000		411,281
Four Seasons Holdings, Inc. Term Loan 2013
(Floating, ICE LIBOR USD 1M + 2.00%), 4.09%, 11/30/23†		403,850		403,345
HCA, Inc. Tranche B-10 Term Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 4.09%, 03/13/25†		114,424		114,911
Hilton Worldwide Finance LLC Series B-2 Term Loan
(Floating, ICE LIBOR USD 1M + 1.75%), 3.84%, 10/25/23†		607,629		607,977
Jaguar Holding Co. I LLC 2018 Term Loan
(Floating, ICE LIBOR USD 1M + 2.50%, 1.00% Floor), 4.59%, 08/18/22†		694,629		691,301
Michaels Stores, Inc. 2018 New Replacement Term B Loan
(Floating, ICE LIBOR USD 1M + 2.50%, 1.00% Floor), 4.56%, 01/30/23†		255,540		253,879
(Floating, ICE LIBOR USD 1M + 2.50%, 1.00% Floor), 4.59%, 01/30/23†		44,059		43,772
(Floating, ICE LIBOR USD 1M + 2.50%, 1.00% Floor), 4.59%, 01/30/23†		681,201		676,775
MPH Acquisition Holdings LLC Initial Term Loan
(Floating, ICE LIBOR USD 3M + 2.75%, 1.00% Floor), 5.08%, 06/07/23†		648,786		646,302
Numericable U.S. LLC USD TLB Term Loan
(Floating, ICE LIBOR USD 3M + 3.00%), 5.35%, 01/31/26†		513,420		506,040
ON Semiconductor Corporation 2018 New Replacement Term B-3 Loan
(Floating, ICE LIBOR USD 1M + 1.75%), 3.84%, 03/31/23†		80,589		80,645
PetSmart, Inc. Tranche B-2 Loan
(Floating, ICE LIBOR USD 1M + 3.00%, 1.00% Floor), 5.01%, 03/11/22†		982,279		816,028

See Notes to Financial Statements.

93

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Post Holdings, Inc. Series A Incremental Term Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 4.10%, 05/24/24†	$	128,700	$	128,118
Prime Security Services Borrower LLC 2016-2 Refinancing Term B-1 Loan
(Floating, ICE LIBOR USD 1M + 2.75%, 1.00% Floor), 4.84%, 05/02/22†		692,705		690,486
Realogy Group LLC Extended 2025 Term Loan
(Floating, ICE LIBOR USD 1M + 2.25%), 4.30%, 02/08/25†		133,277		133,402
Reynolds Group Holdings, Inc. Incremental U.S. Term Loan
(Floating, ICE LIBOR USD 1M + 2.75%), 4.84%, 02/05/23†		208,413		208,384
RPI Finance Trust Initial Term Loan B-6
(Floating, ICE LIBOR USD 3M + 2.00%), 4.33%, 03/27/23†		679,004		679,489
Sinclair Television Group, Inc. Term Loan B
0.00%, 12/12/24†S		410,000		409,896
Sprint Communications, Inc. Initial Term Loan
(Floating, ICE LIBOR USD 1M + 2.50%, 0.75% Floor), 4.63%, 02/02/24†		457,525		455,667
Trans Union LLC 2017 Replacement Term B-3 Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 4.09%, 04/10/23†		470,759		470,053
Unitymedia Finance LLC Facility D Loan
(Floating, ICE LIBOR USD 1M + 2.25%), 4.32%, 01/15/26†		250,000		249,063
Univision Communications, Inc. 2017 Replacement Repriced First-Lien Term Loan
(Floating, ICE LIBOR USD 1M + 2.75%, 1.00% Floor), 4.84%, 03/15/24†		981,283		950,092
UPC Financing Partnership Facility AR
(Floating, ICE LIBOR USD 1M + 2.50%), 4.57%, 01/15/26†		560,000		554,610
Total Loan Agreements (Cost $19,142,249)				18,796,396
MORTGAGE-BACKED SECURITIES — 39.4%
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A
(Floating, ICE LIBOR USD 1M + 0.88%, 0.88% Floor), 2.95%, 09/15/34 144A †		1,200,000		1,201,862
Aggregator of Loans Backed by Assets PLC, Series 2015-1, Class A
(Floating, ICE LIBOR GBP 1M + 1.25%), 1.75%, 04/24/49(U)†		688,624		915,768

	Par		Value
Alba PLC, Series 2007-1, Class A3
(Floating, ICE LIBOR GBP 3M + 0.17%), 0.80%, 03/17/39(U)†	$	788,304	$	997,066
Alternative Loan Trust, Series 2006-OA11, Class A1B
(Floating, ICE LIBOR USD 1M + 0.19%, 0.19% Floor), 2.28%, 09/25/46†		454,988		417,637
American Home Mortgage Assets Trust, Series 2006-5, Class A1
(Floating, Federal Reserve U.S. 12 1Y CMT + 0.92%, 0.92% Floor), 2.48%, 11/25/46†		823,779		458,471
American Home Mortgage Investment Trust, Series 2005-2, Class 4A1
(Floating, ICE LIBOR USD 6M + 1.50%, 1.50% Floor), 4.00%, 09/25/45†		575,913		578,642
Banc of America Funding Trust, Series 2005-D, Class A1
3.91%, 05/25/35†g		680,198		715,381
Banc of America Mortgage Trust, Series 2004-F, Class 1A1
4.40%, 07/25/34†g		54,436		55,815
BANK, Series 2017-BNK9, Class XA
0.96%, 11/15/54† IO g		10,002,670		600,055
BBCCRE Trust, Series 2015-GTP, Class A
3.97%, 08/10/33 144A		1,600,000		1,607,793
BBCCRE Trust, Series 2015-GTP, Class D
4.71%, 08/10/33 144A†g		390,000		367,392
BBCCRE Trust, Series 2015-GTP, Class E
4.71%, 08/10/33 144A †g		1,210,000		1,068,565
BBCMS Trust, Series 2015-STP, Class A
3.32%, 09/10/28 144A		1,304,467		1,305,810
BCAP LLC, Series 2014-RR2, Class 7A1
(Floating, ICE LIBOR USD 1M + 0.20%, 0.20% Floor), 2.16%, 01/26/38 144A†		1,234,537		1,179,510
Bear Stearns ALT-A Trust, Series 2005-4, Class 23A2
3.78%, 05/25/35†g		196,876		200,444
Bear Stearns ARM Trust, Series 2002-11, Class 1A1
3.62%, 02/25/33†g		8,875		8,956
Bear Stearns ARM Trust, Series 2004-2, Class 24A
2.37%, 05/25/34		19,471		18,327
Bear Stearns Structured Products, Inc. Trust, Series 2007-R6, Class 1A1
3.66%, 01/26/36†g		568,592		508,434
Berica 8 Residential MBS S.r.l., Series 8, Class A
(Floating, Euribor 6M + 0.20%), 0.00%, 03/31/48(E)†		56,431		65,736

See Notes to Financial Statements.

94

	Par		Value
Berica ABS S.r.l., Series 2011-1, Class A1
(Floating, Euribor 3M + 0.30%), 0.00%, 12/31/55(E)†	$	216,858	$	253,422
BX Trust, Series 2017-IMC, Class F
(Floating, ICE LIBOR USD 1M + 4.25%, 4.25% Floor), 6.32%, 10/15/32 144A†		1,000,000		1,006,875
CD Mortgage Trust, Series 2016-CD2, Class A4
3.53%, 11/10/49		380,000		377,377
CD Mortgage Trust, Series 2017-CD5, Class A4
3.43%, 08/15/50		440,000		430,906
Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-4A, Class A1
(Floating, ICE LIBOR USD 1M + 0.23%, 0.23% Floor), 2.32%, 10/25/35 144A†		163,353		160,731
CHL Mortgage Pass-Through Trust, Series 2003-58, Class 2A2
3.73%, 02/19/34†g		313,210		317,357
CHL Mortgage Pass-Through Trust, Series 2004-HYB5, Class 2A1
3.48%, 04/20/35†g		470,351		468,844
CHT Mortgage Trust, Series 2017-CSMO, Class A
(Floating, ICE LIBOR USD 1M + 0.93%, 0.88% Floor), 3.00%, 11/15/36 144A†		540,000		540,352
Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A1A
6.25%, 12/10/49†g		40,562		40,519
Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class XA
1.38%, 05/10/47†IOg		1,031,464		54,657
Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A5
3.14%, 02/10/48		650,000		634,372
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class D
3.11%, 04/10/48 144A		420,000		327,682
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class A4
3.47%, 10/12/50		1,150,000		1,129,517
Citigroup Commercial Mortgage Trust, Series 2018-B2, Class A4
4.01%, 03/10/51		1,440,000		1,470,193
Cold Storage Trust, Series 2017-ICE3, Class B
(Floating, ICE LIBOR USD 1M + 1.25%, 1.25% Floor), 3.32%,
04/15/36 144A†		460,000		462,014
COMM Mortgage Trust, Series 2013-CR12, Class AM
4.30%, 10/10/46		50,000		51,347
COMM Mortgage Trust, Series 2013-CR12, Class B
4.76%, 10/10/46		40,000		41,323

	Par		Value
COMM Mortgage Trust, Series 2013-CR12, Class C
5.25%, 10/10/46†g	$	20,000	$	19,848
COMM Mortgage Trust, Series 2013-CR13, Class XA
1.05%, 11/10/46†IOg		1,063,957		31,751
COMM Mortgage Trust, Series 2013-CR6, Class B
3.40%, 03/10/46 144A		390,000		382,197
COMM Mortgage Trust, Series 2014-277P, Class A
3.73%, 08/10/49 144A†g		160,000		160,953
COMM Mortgage Trust, Series 2014-CR19, Class C
4.87%, 08/10/47†g		218,000		216,622
COMM Mortgage Trust, Series 2015-DC1, Class B
4.04%, 02/10/48		100,000		99,232
COMM Mortgage Trust, Series 2015-DC1, Class C
4.50%, 02/10/48†g		80,000		77,611
COMM Mortgage Trust, Series 2015-LC19, Class B
3.83%, 02/10/48		100,000		99,065
COMM Mortgage Trust, Series 2015-LC19, Class C
4.40%, 02/10/48†g		190,000		187,910
Credit Suisse First Boston Mortgage Securities Corporation, Series 2003-AR20, Class 2X
0.00%, 08/25/33 IO		15,119		—
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class B
4.04%, 04/15/50		60,000		60,278
CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class A5
4.03%, 04/15/51		610,000		622,397
CSFB Mortgage-Backed Pass-Through Certificates Series, Series 2003-AR18, Class 2X
0.00%, 07/25/33 IO		26,848		—
CSMC Trust, Series 2010-16, Class B9
4.13%, 06/25/50 144A†g		2,202,279		1,780,362
CSMC Trust, Series 2018-J1, Class A2
3.50%, 02/25/48 144A†g		5,750,000		5,624,018
CSMC, Series 2017-TIME, Class A
3.65%, 11/13/39 144A		530,000		517,207
DBJPM Mortgage Trust, Series 2017-C6, Class A5
3.33%, 06/10/50		130,000		126,492
DBUBS Mortgage Trust, Series 2017-BRBK, Class A
3.45%, 10/10/34 144A		1,150,000		1,143,841
Exantas Capital Corporation, Ltd., Series 2018-RSO6, Class A
(Floating, ICE LIBOR USD 1M + 0.83%, 0.83% Floor), 2.79%,
06/15/35 144A†		1,400,000		1,399,999

See Notes to Financial Statements.

95

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Fannie Mae Connecticut Avenue Securities, Series 2016-C04
(Floating, ICE LIBOR USD 1M + 4.25%), 6.34%, 01/25/29†	$	200,000	$	226,475
Federal Home Loan Mortgage Corporation
4.50%, 09/01/18		54		54
8.00%, 08/01/24		905		962
4.00%, 10/01/25		167,210		171,986
5.50%, 02/01/27		30,179		32,286
4.50%, 10/01/29		2,368		2,469
7.50%, 11/01/29		3,570		4,046
7.50%, 12/01/29		3,732		4,217
7.50%, 02/01/31		4,358		4,512
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.23%, 11.36% Cap), 3.36%, 07/01/31†		3,003		3,092
7.50%, 11/01/31		8,089		8,108
(Floating, ICE LIBOR USD 1Y + 1.98%, 10.46% Cap), 4.35%, 04/01/32†		1,517		1,579
3.50%, 08/01/33		701,546		706,733
5.00%, 08/01/33		4,526		4,816
5.00%, 09/01/33		907		965
5.00%, 10/01/33		2,801		2,979
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.35%, 9.31% Cap), 4.17%, 03/01/34†		1,314		1,392
5.00%, 12/01/34		78,170		83,193
5.50%, 05/01/35		248,807		270,036
5.00%, 07/01/35		4,036		4,307
5.00%, 11/01/35		117,256		124,820
5.50%, 11/01/35		25,861		28,041
5.00%, 12/01/35		11,050		11,861
5.50%, 01/01/36		15,232		16,537
6.00%, 02/01/36		197,616		216,011
5.00%, 02/01/37		9,820		10,435
5.50%, 07/01/37		31,864		34,693
5.50%, 04/01/38		7,517		8,136
7.00%, 02/01/39		100,648		113,236
7.00%, 03/01/39		18,233		20,092
5.50%, 04/01/39		215,926		233,141
4.50%, 06/01/39		91,664		96,163
6.50%, 09/01/39		36,597		40,773
5.50%, 08/01/40		163,994		177,522
4.00%, 02/01/41		66,300		68,175
5.00%, 06/01/41		3,080		3,290
3.50%, 10/01/42		123,537		123,605
4.00%, 10/01/42		54,684		56,262
3.50%, 11/01/42		266,768		266,914
3.50%, 12/01/42		69,435		69,473
3.50%, 01/01/43		415,708		415,934
3.50%, 02/01/43		285,859		286,015
3.50%, 03/01/43		692,511		692,888
4.00%, 04/01/43		129,481		133,191
3.50%, 05/01/43		464,094		465,642
4.00%, 05/01/43		60,321		62,340

	Par		Value
4.00%, 06/01/43	$	66,271	$	68,490
4.00%, 07/01/43		230,716		238,144
4.00%, 08/01/43		128,034		131,694
4.50%, 12/01/43		870,168		917,001
3.50%, 02/01/44		68,090		68,127
4.50%, 02/01/44		701,606		739,631
4.50%, 03/01/44		202,689		213,535
3.50%, 03/01/45		733,125		733,524
4.00%, 12/01/45		525,728		538,255
4.00%, 09/01/46		1,664,495		1,704,269
4.50%, 01/01/47		1,034,122		1,077,245
4.00%, 07/01/47		802,682		820,430
4.00%, 08/01/47		185,487		189,838
4.00%, 04/01/48		296,798		303,029
4.00%, 05/01/48		1,877,100		1,916,504
3.00%, 07/18/48 TBA		1,400,000		1,355,134
3.50%, 07/18/48 TBA		2,000,000		1,989,658
4.00%, 07/18/48 TBA		6,400,000		6,523,834
4.00%, 08/01/48		1,200,000		1,223,472
Federal Home Loan Mortgage Corporation Reference REMIC, Series R007
6.00%, 05/15/36		182,787		201,500
Federal Home Loan Mortgage Corporation REMIC, Series 3325
(Floating, ICE LIBOR USD 1M + 0.50%, 0.50% Floor), 2.57%, 06/15/37†		130,421		131,294
Federal Home Loan Mortgage Corporation REMIC, Series 3621
(Floating, ICE LIBOR USD 1M + 6.23%, 6.23% Cap), 4.16%, 01/15/40† IO		258,302		34,100
Federal Home Loan Mortgage Corporation REMIC, Series 3947
(Floating, ICE LIBOR USD 1M + 5.95%, 5.95% Cap), 3.88%, 10/15/41† IO		167,336		24,431
Federal Home Loan Mortgage Corporation REMIC, Series 3973
(Floating, ICE LIBOR USD 1M + 6.49%, 6.49% Cap), 4.42%, 12/15/41† IO		310,600		55,852
Federal Home Loan Mortgage Corporation REMIC, Series 4099
(Floating, ICE LIBOR USD 1M + 6.00%, 6.00% Cap), 3.93%, 08/15/42† IO		252,575		42,922
Federal Home Loan Mortgage Corporation REMIC, Series 4194
3.50%, 04/15/43 IO		934,427		152,351
Federal Home Loan Mortgage Corporation REMIC, Series 4210
3.00%, 05/15/43		342,113		313,585
Federal Home Loan Mortgage Corporation REMIC, Series 4239
3.50%, 06/15/27 IO		354,345		33,759
Federal Home Loan Mortgage Corporation REMIC, Series 4298
4.00%, 04/15/43 IO		298,693		41,472

See Notes to Financial Statements.

96

	Par		Value
Federal Home Loan Mortgage Corporation REMIC, Series 4310
(Floating, ICE LIBOR USD 1M + 5.95%, 5.95% Cap), 3.88%, 02/15/44† IO	$	123,801	$	18,202
Federal Home Loan Mortgage Corporation REMIC, Series 4335
(Floating, ICE LIBOR USD 1M + 6.00%, 6.00% Cap), 3.93%, 05/15/44† IO		130,577		20,141
Federal Home Loan Mortgage Corporation REMIC, Series 4415
1.40%, 04/15/41† IOg		210,154		9,925
Federal Home Loan Mortgage Corporation REMIC, Series 4638
(Floating, ICE LIBOR USD 1M + 0.44%, 9999.00% Cap), 2.35%, 07/15/40†		516,145		515,347
Federal Home Loan Mortgage Corporation REMIC, Series 4793
3.00%, 05/15/48		1,485,867		1,442,585
3.00%, 06/15/48		1,095,060		1,063,940
Federal Home Loan Mortgage Corporation STRIP, Series 353
(Floating, ICE LIBOR USD 1M + 6.00%, 6.00% Cap), 3.93%, 12/15/46W†IO		438,793		76,524
Federal National Mortgage Association
9.50%, 05/01/22		117		118
(Floating, COF 11th District San Francisco + 1.25%, 12.75% Cap), 2.03%, 07/01/22†		1,819		1,807
5.50%, 09/01/23		27,426		28,443
5.00%, 10/01/23		81,743		86,666
5.50%, 10/01/23		6,269		6,506
5.00%, 11/01/23		69,493		73,677
9.50%, 07/01/24		155		161
5.00%, 03/01/25		78,862		83,611
2.81%, 04/01/25		50,000		48,657
5.50%, 05/01/25		23,536		23,912
(Floating, COF 11th District San Francisco + 1.25%, 12.05% Cap), 2.06%, 07/01/27†		9,627		9,529
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.13%, 11.86% Cap), 3.75%, 08/01/27†		15,684		16,307
(Floating, COF 11th District San Francisco + 1.25%, 10.61% Cap), 2.06%, 11/01/27 CONV†		10,484		10,418
2.84%, 01/01/28		820,000		777,745
3.08%, 01/01/28		140,000		136,068
3.15%, 03/01/28		150,000		146,483
5.00%, 03/01/28		104,080		110,348
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.64%, 12.39% Cap), 3.76%, 02/01/30†		73,489		75,090

	Par		Value
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.38%, 10.65% Cap), 3.51%, 06/01/30 CONV†	$	12,257	$	12,485
8.00%, 10/01/30		10,535		12,205
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.51%, 12.62% Cap), 3.76%, 12/01/30 CONV†		3,613		3,667
(Floating, COF 11th District San Francisco + 1.25%, 10.55% Cap), 2.06%, 01/01/31†		5,210		5,138
4.50%, 04/01/31		52,423		54,812
4.50%, 05/01/31		189,513		198,146
4.50%, 06/01/31		56,944		59,546
5.00%, 08/01/31		1,290,413		1,368,124
4.50%, 11/01/31		81,735		85,459
6.00%, 11/01/31		1,990		2,193
4.50%, 12/01/31		133,395		139,491
6.00%, 01/01/32		55,650		60,882
6.00%, 03/01/32		4,321		4,729
6.00%, 04/01/32		111,766		122,366
(Floating, COF 11th District San Francisco + 1.25%, 10.95% Cap), 2.06%, 06/01/32†		6,902		6,803
(Floating, COF 11th District San Francisco + 1.25%, 12.22% Cap), 2.03%, 08/01/32†		7,026		6,926
6.00%, 08/01/32		743		812
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.13%, 9.75% Cap), 3.88%, 02/01/33†		932		940
5.50%, 04/01/33		20,935		23,210
(Floating, COF 11th District San Francisco + 1.25%, 11.98% Cap), 2.03%, 05/01/33†		18,304		18,065
6.00%, 05/01/33		413		451
5.00%, 07/01/33		24,027		25,742
3.00%, 07/18/33 TBA		800,000		795,366
3.50%, 07/18/33 TBA		8,000,000		8,096,248
5.00%, 08/01/33		2,136		2,292
5.00%, 09/01/33		78,232		83,810
5.50%, 09/01/33		1,185		1,292
5.50%, 12/01/33		5,125		5,589
6.00%, 12/01/33		208		227
5.50%, 02/01/34		1,391		1,516
5.50%, 04/01/34		283		309
3.50%, 05/01/34		163,167		165,662
5.50%, 08/01/34		2,314		2,532
5.50%, 10/01/34		103		113
6.00%, 10/01/34		27,311		29,868
(Floating, ICE LIBOR USD 1Y + 1.60%, 9.80% Cap), 3.35%, 12/01/34†		34,279		36,123
5.50%, 12/01/34		9,125		9,937
6.00%, 05/01/35		455,062		501,659
5.50%, 07/01/35		126		136
6.00%, 07/01/35		96,878		106,217

See Notes to Financial Statements.

97

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
5.50%, 08/01/35	$	209	$	229
5.50%, 09/01/35		60,241		64,632
5.00%, 10/01/35		81,263		87,081
6.00%, 10/01/35		23,094		25,367
(Floating, COF 11th District San Francisco + 1.25%, 10.54% Cap), 2.06%, 11/01/35†		3,678		3,680
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.97%, 8.98% Cap), 3.43%, 11/01/35†		42,594		44,388
6.00%, 11/01/35		355,913		390,507
5.50%, 12/01/35		941		1,029
6.00%, 12/01/35		4,250		4,687
6.00%, 02/01/36		1,859		2,052
6.00%, 03/01/36		864		944
5.50%, 04/01/36		5,203		5,419
6.00%, 04/01/36		3,416		3,770
(Floating, COF 11th District San Francisco + 1.25%, 3.52% Floor), 3.97%, 05/01/36†		37,505		39,293
5.50%, 11/01/36		67,629		73,344
6.00%, 01/01/37		108,939		119,136
5.50%, 02/01/37		111		121
6.00%, 02/01/37		271,930		299,802
5.50%, 03/01/37		4,144		4,496
6.00%, 03/01/37		15,619		17,235
5.50%, 04/01/37		177		190
5.50%, 06/01/37		42		46
6.00%, 07/01/37		595,561		656,895
5.50%, 08/01/37		198,536		215,443
6.00%, 08/01/37		22,443		24,544
6.00%, 09/01/37		92,648		101,992
6.50%, 10/01/37		52,344		57,751
7.00%, 10/01/37		1,357		1,435
7.00%, 11/01/37		5,083		5,508
(Floating, COF 11th District San Francisco + 1.25%, 10.65% Cap), 2.06%, 12/01/37†		24,722		24,355
6.00%, 12/01/37		151,083		165,452
7.00%, 12/01/37		3,370		3,840
(Floating, COF 11th District San Francisco + 1.25%, 10.52% Cap), 2.06%, 01/01/38†		15,596		15,456
6.00%, 01/01/38		142,133		156,552
5.50%, 02/01/38		2,371		2,575
7.00%, 02/01/38		1,770		1,916
4.50%, 03/01/38		5,006		5,258
5.50%, 03/01/38		329		359
6.00%, 03/01/38		776		848
4.50%, 04/01/38		79,350		83,493
5.00%, 04/01/38		81,673		86,849
5.50%, 05/01/38		112		120
6.00%, 05/01/38		17,486		19,128
5.00%, 06/01/38		86,572		91,997
5.50%, 06/01/38		152		163
5.50%, 07/01/38		47,319		51,583
5.50%, 08/01/38		48,058		52,383
5.50%, 09/01/38		216		234
6.00%, 11/01/38		21,672		23,873

	Par		Value
7.00%, 11/01/38	$	17,902	$	20,192
5.50%, 12/01/38		85		92
6.00%, 12/01/38		25,941		28,628
7.00%, 02/01/39		7,921		8,813
7.00%, 03/01/39		69,755		77,478
6.00%, 09/01/39		14,936		16,447
6.00%, 12/01/39		278,427		306,856
5.00%, 05/01/40		171,342		183,746
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.40%, 9.69% Cap), 2.86%, 06/01/40†		32,390		33,370
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.40%, 10.66% Cap), 2.86%, 10/01/40†		5,403		5,504
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.40%, 10.52% Cap), 2.86%, 10/01/40†		102,282		102,353
(Floating, COF 11th District San Francisco + 1.25%, 10.25% Cap), 2.06%, 11/01/40†		13,984		13,810
4.50%, 04/01/41		103,397		108,816
6.00%, 05/01/41		563,768		621,945
4.50%, 08/01/41		63,216		66,405
4.50%, 11/01/41		323,711		340,346
4.00%, 06/01/42		54,597		56,135
3.50%, 09/01/42		57,365		57,355
2.50%, 10/01/42		400,490		377,019
4.00%, 10/01/42		230,753		236,872
2.50%, 11/01/42		23,648		22,265
4.00%, 11/01/42		1,859,100		1,915,239
2.50%, 12/01/42		18,018		16,962
3.00%, 12/01/42		17,887		17,487
4.00%, 12/01/42		128,928		132,480
2.50%, 01/01/43		17,084		16,083
3.00%, 01/01/43		325,431		317,961
3.50%, 01/01/43		1,763,723		1,761,262
2.50%, 02/01/43		19,983		18,812
2.50%, 03/01/43		1,508,080		1,419,671
3.00%, 03/01/43		207,846		203,197
2.50%, 04/01/43		1,257,353		1,183,642
3.00%, 04/01/43		312,097		305,172
4.00%, 04/01/43		59,575		61,463
2.50%, 05/01/43		29,065		27,363
3.00%, 05/01/43		197,755		193,353
2.50%, 06/01/43		27,328		25,726
3.00%, 06/01/43		62,051		60,769
4.00%, 06/01/43		550,147		566,566
3.00%, 07/01/43		536,868		524,727
4.00%, 07/01/43		558,750		575,063
2.50%, 08/01/43		850,105		799,196
4.00%, 08/01/43		191,537		196,591
4.50%, 09/01/43		595,614		625,479
2.50%, 10/01/43		39,473		37,079
4.50%, 10/01/43		201,440		211,237
4.50%, 11/01/43		136,068		142,713
4.50%, 12/01/43		192,755		202,123
4.50%, 01/01/44		122,402		128,360
4.50%, 02/01/44		841,046		881,120

See Notes to Financial Statements.

98

	Par		Value
4.50%, 07/01/44	$	112,787	$	118,698
4.50%, 10/01/44		474,641		499,079
4.00%, 01/01/45		179,876		185,069
4.50%, 02/01/45		1,144,308		1,210,315
4.50%, 04/01/45		671,826		709,741
4.50%, 05/01/45		76,919		81,145
3.50%, 06/01/45		697,544		696,569
4.50%, 06/01/45		895,101		937,551
3.00%, 11/01/45		1,577,513		1,531,869
3.50%, 12/01/45		1,996,440		1,993,812
3.50%, 01/01/46		476,508		476,367
3.00%, 11/01/46		3,079,959		2,991,745
4.50%, 11/01/46		877,425		914,761
5.00%, 11/01/46		1,180,312		1,260,641
4.50%, 03/01/47		1,097,175		1,147,959
4.00%, 04/01/47		800,864		819,815
4.50%, 04/01/47		37,576		39,215
4.00%, 05/01/47		184,057		188,148
4.50%, 05/01/47		926,615		965,986
5.00%, 05/01/47		48,342		51,322
4.50%, 06/01/47		811,574		846,057
4.50%, 07/01/47		158,173		164,899
4.00%, 08/01/47		1,669,355		1,704,856
5.00%, 08/01/47		817,059		866,264
4.50%, 10/01/47		981,242		1,027,779
4.50%, 11/01/47		109,907		114,743
4.50%, 12/01/47		162,033		169,192
5.00%, 12/01/47		77,789		82,534
4.50%, 01/01/48		3,093,188		3,230,724
5.00%, 02/01/48		66,020		71,126
3.50%, 03/01/48		17,459,986		17,402,892
4.50%, 03/01/48		168,121		175,215
5.00%, 03/01/48		1,358,387		1,447,404
4.00%, 04/01/48		5,965,298		6,092,764
4.50%, 04/01/48		992,941		1,036,228
5.00%, 04/01/48		1,787,472		1,896,584
5.00%, 05/01/48		1,172,323		1,243,564
4.50%, 06/01/48		2,490,677		2,599,243
3.00%, 07/18/48 TBA		2,720,000		2,635,106
3.50%, 07/18/48 TBA		6,000,000		5,972,244
4.00%, 07/18/48 TBA		7,600,000		7,748,808
4.50%, 07/18/48 TBA		26,200,000		27,285,073
5.00%, 07/18/48 TBA		7,700,000		8,157,896
3.00%, 08/18/48 TBA		15,000,000		14,517,773
3.50%, 08/18/48 TBA		141,140,000		140,310,661
4.00%, 08/18/48 TBA		4,500,000		4,581,605
4.50%, 08/18/48 TBA		30,400,000		31,602,016
4.00%, 02/01/56		602,922		619,671
4.50%, 04/01/56		942,428		992,454
5.50%, 09/01/56		902,764		982,072
4.00%, 01/01/57		357,524		367,459
3.50%, 03/01/57		2,716,213		2,698,995
4.00%, 06/01/57		666,624		683,093
4.50%, 09/01/57		1,079,721		1,130,238

	Par		Value
Federal National Mortgage Association ACES Series 2015-M1
0.65%, 09/25/24† IO g	$	3,881,452	$	111,382
Federal National Mortgage Association ACES, Series 2016-M11
2.94%, 07/25/39		279,127		270,927
Federal National Mortgage Association ACES, Series 2017-M15
3.20%, 11/25/27†g		340,000		330,501
Federal National Mortgage Association ACES, Series 2018-M2
3.00%, 01/25/28†g		860,000		826,057
Federal National Mortgage Association Interest STRIP, Series 409
3.00%, 04/25/27W IO		293,126		25,119
4.50%, 11/25/39W IO		48,434		10,753
3.50%, 11/25/41W IO		184,452		36,107
4.00%, 11/25/41W IO		227,922		48,275
4.00%, 04/25/42W IO		425,234		83,785
Federal National Mortgage Association REMIC, Series 1991-137
868.32%, 10/25/21 IO		29		312
Federal National Mortgage Association REMIC, Series 1991-97
1,009.30%, 08/25/21 IO		17		193
Federal National Mortgage Association REMIC, Series 2000-32
(Floating, ICE LIBOR USD 1M + 0.45%, 0.45% Floor), 2.54%, 10/18/30†		7,985		8,014
Federal National Mortgage Association REMIC, Series 2005-29
5.50%, 04/25/35		382,098		423,934
Federal National Mortgage Association REMIC, Series 2007-24
(Floating, ICE LIBOR USD 1M + 6.75%, 6.75% Cap), 4.66%, 03/25/37† IO		562,981		84,409
Federal National Mortgage Association REMIC, Series 2011-52
5.00%, 06/25/41		339,810		362,845
Federal National Mortgage Association REMIC, Series 2011-59
5.50%, 07/25/41		1,033,785		1,124,939

See Notes to Financial Statements.

99

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Federal National Mortgage Association REMIC, Series 2011-87
(Floating, ICE LIBOR USD 1M + 0.55%, 0.55% Floor), 2.64%, 09/25/41†	$	1,454,770	$	1,465,916
Federal National Mortgage Association REMIC, Series 2011-96
(Floating, ICE LIBOR USD 1M + 6.55%, 6.55% Cap), 4.46%, 10/25/41† IO		433,607		58,553
Federal National Mortgage Association REMIC, Series 2012-101
4.00%, 09/25/27 IO		184,819		16,891
Federal National Mortgage Association REMIC, Series 2012-111
7.00%, 10/25/42		30,287		34,628
Federal National Mortgage Association REMIC, Series 2012-118
3.50%, 12/25/39 IO		272,638		29,002
Federal National Mortgage Association REMIC, Series 2012-133
(Floating, ICE LIBOR USD 1M + 6.15%, 6.15% Cap), 4.06%, 12/25/42† IO		145,219		23,500
Federal National Mortgage Association REMIC, Series 2012-153
7.00%, 07/25/42		101,114		114,638
Federal National Mortgage Association REMIC, Series 2012-28
6.50%, 06/25/39		13,481		14,404
Federal National Mortgage Association REMIC, Series 2012-35
(Floating, ICE LIBOR USD 1M + 6.50%, 6.50% Cap), 4.41%, 04/25/42† IO		142,567		23,993
Federal National Mortgage Association REMIC, Series 2012-46
6.00%, 05/25/42		148,916		163,033
Federal National Mortgage Association REMIC, Series 2012-70
(Floating, ICE LIBOR USD 1M + 6.65%, 6.65% Cap), 4.56%, 02/25/41† IO		29,450		3,344
Federal National Mortgage Association REMIC, Series 2012-74
(Floating, ICE LIBOR USD 1M + 6.65%, 6.65% Cap), 4.56%, 03/25/42† IO		182,317		22,399

	Par		Value
Federal National Mortgage Association REMIC, Series 2012-75
(Floating, ICE LIBOR USD 1M + 6.60%, 6.60% Cap), 4.51%, 07/25/42† IO	$	50,994	$	8,654
Federal National Mortgage Association REMIC, Series 2013-124
(Floating, ICE LIBOR USD 1M + 5.95%, 5.95% Cap), 3.86%, 12/25/43† IO		534,155		90,811
Federal National Mortgage Association REMIC, Series 2013-14
4.00%, 03/25/43 IO		216,172		42,431
Federal National Mortgage Association REMIC, Series 2013-17
3.00%, 03/25/28 IO		1,129,547		106,471
Federal National Mortgage Association REMIC, Series 2013-29
4.00%, 04/25/43 IO		607,329		120,555
Federal National Mortgage Association REMIC, Series 2013-54
(Floating, ICE LIBOR USD 1M + 6.15%, 6.15% Cap), 4.06%, 06/25/43† IO		245,208		43,010
Federal National Mortgage Association REMIC, Series 2013-9
5.50%, 04/25/42		623,309		677,352
6.50%, 07/25/42		254,137		286,271
Federal National Mortgage Association REMIC, Series 2014-47
1.44%, 08/25/44†IOg		566,518		31,149
Federal National Mortgage Association REMIC, Series 2015-55
1.24%, 08/25/55†IOg		192,461		9,524
Federal National Mortgage Association REMIC, Series 2015-56
(Floating, ICE LIBOR USD 1M + 6.15%, 6.15% Cap), 4.06%, 08/25/45† IO		72,356		14,030
Federal National Mortgage Association REMIC, Series 2017-76
(Floating, ICE LIBOR USD 1M + 6.10%, 6.10% Cap), 4.01%, 10/25/57† IO		1,036,628		177,309

See Notes to Financial Statements.

100

	Par		Value
Federal National Mortgage Association REMIC, Series 2017-85
(Floating, ICE LIBOR USD 1M + 6.20%, 6.20% Cap), 4.11%, 11/25/47† IO	$	347,596	$	51,527
FHLMC Multifamily Structured Pass Through Certificates, Series K072
3.44%, 12/25/27		570,000		571,653
FHLMC Multifamily Structured Pass-Through Certificates, Series K015
1.75%, 07/25/21† IO g		589,248		23,904
FHLMC Multifamily Structured Pass-Through Certificates, Series K016
1.67%, 10/25/21† IO g		194,605		7,918
FHLMC Multifamily Structured Pass-Through Certificates, Series K044
0.88%, 01/25/25† IO g		1,282,505		51,775
FHLMC Multifamily Structured Pass-Through Certificates, Series K068
0.57%, 08/25/27† IO g		2,444,429		83,993
FHLMC Multifamily Structured Pass-Through Certificates, Series K723
1.08%, 08/25/23† IO g		3,296,987		131,870
FHLMC Multifamily Structured Pass-Through Certificates, Series KF11
(Floating, ICE LIBOR USD 1M + 0.65%), 2.65%, 09/25/25†		831,433		834,667
FHLMC Multifamily Structured Pass-Through Certificates, Series KJ17
2.98%, 11/25/25		590,000		581,319
FHLMC Structured Agency Credit Risk Debt Notes, Series 2015-DNA1
(Floating, ICE LIBOR USD 1M + 4.15%), 6.24%, 01/25/25†		350,034		375,960
FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-DNA4
(Floating, ICE LIBOR USD 1M + 3.80%, 3.80% Floor), 5.89%, 03/25/29†		250,000		278,548
FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-HQA2
(Floating, ICE LIBOR USD 1M + 5.15%), 7.24%, 11/25/28†		300,000		357,039
FHLMC Structured Pass-Through Certificates, Series T-61
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.40%, 1.40% Floor), 2.84%, 07/25/44†		663,038		667,026
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA1, Class A1
4.02%, 06/25/34†g		258,100		257,257

	Par		Value
Flagstar Mortgage Trust, Series 2018-2, Class A4
3.50%, 04/25/48 144A†g	$	1,325,647	$	1,309,068
FREMF Mortgage Trust, Series 2012-K20, Class X2A
0.20%, 05/25/45 144A IO		5,397,706		33,379
Government National Mortgage Association
7.00%, 01/15/26		2,838		3,001
7.00%, 07/15/27		30,044		33,409
7.00%, 01/15/28		12,361		12,524
7.00%, 03/15/28		41,393		46,102
7.00%, 07/15/28		5,848		6,216
7.50%, 07/15/28		10,618		10,799
6.50%, 08/15/28		2,758		3,044
7.00%, 08/15/28		8,758		9,487
7.50%, 08/15/28		7,391		8,022
6.50%, 09/15/28		5,067		5,610
7.00%, 10/15/28		31,420		32,608
7.50%, 03/15/29		13,025		14,899
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%, 1.00% Floor), 3.13%, 11/20/29†		24,061		24,878
8.50%, 08/15/30		578		601
8.50%, 11/20/30		5,674		6,475
6.50%, 08/15/31		32,076		35,603
7.50%, 08/15/31		8,947		9,822
6.50%, 10/15/31		53,896		59,775
6.00%, 11/15/31		105,344		116,158
6.50%, 11/15/31		69,823		77,028
6.00%, 12/15/31		22,235		24,514
6.00%, 01/15/32		77,336		84,906
6.00%, 02/15/32		102,442		112,056
6.50%, 02/15/32		91,483		100,939
6.00%, 04/15/32		40,675		44,493
7.50%, 04/15/32		38,853		39,514
6.50%, 06/15/32		56,132		61,951
6.50%, 08/15/32		124,302		137,164
6.50%, 09/15/32		100,649		112,160
6.00%, 10/15/32		80,611		89,214
5.50%, 11/15/32		10,836		11,726
6.00%, 11/15/32		62,681		68,730
6.00%, 12/15/32		28,546		31,359
6.50%, 12/15/32		8,926		9,851
5.50%, 01/15/33		6,367		6,879
6.00%, 01/15/33		30,858		34,258
5.50%, 02/15/33		16,203		17,708
6.00%, 02/15/33		28,668		31,702
5.50%, 03/15/33		16,193		17,693
6.50%, 04/15/33		182,865		207,814
6.00%, 06/15/33		19,051		20,839
5.50%, 07/15/33		16,508		17,987
5.50%, 08/15/33		7,705		8,372
5.50%, 09/15/33		5,071		5,499
6.00%, 10/15/33		36,968		40,437
6.50%, 10/15/33		81,299		89,712

See Notes to Financial Statements.

101

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
6.00%, 12/15/33	$	77,104	$	84,340
5.50%, 04/15/34		11,004		12,002
5.50%, 05/15/34		2,686		2,896
6.50%, 08/15/34		148,582		165,034
5.50%, 09/15/34		71,474		78,079
5.50%, 12/15/34		70,055		76,577
5.50%, 01/15/35		51,095		55,640
6.00%, 09/20/38		171,025		187,990
5.00%, 07/20/40		14,574		15,687
5.00%, 09/20/40		63,186		67,689
4.00%, 10/20/40		8,193		8,476
6.00%, 10/20/40		25,438		27,946
6.00%, 01/20/41		22,539		24,903
4.50%, 04/20/41		283,605		298,199
4.00%, 08/20/43		483,001		499,085
4.00%, 10/20/43		1,588,060		1,645,613
3.00%, 01/15/45		4,004,477		3,922,820
3.00%, 02/15/45		161,699		158,762
3.50%, 04/15/45		882,648		885,731
4.00%, 05/20/45		44,821		46,404
4.00%, 08/20/45		898,539		928,430
4.00%, 09/20/45		315,247		325,735
4.00%, 10/20/45		383,439		396,201
3.50%, 09/20/46		2,937,627		2,959,813
4.00%, 06/20/47		926,200		951,863
4.00%, 07/20/47		917,934		945,394
4.00%, 08/20/47		2,036,810		2,090,386
3.00%, 09/20/47		1,431,770		1,402,501
3.50%, 10/20/47		1,165,494		1,171,945
3.00%, 11/20/47		2,922,080		2,861,591
3.50%, 11/20/47		97,295		97,788
5.00%, 11/20/47		100,000		105,111
4.50%, 12/20/47		299,971		312,141
5.00%, 12/20/47		399,991		420,115
4.50%, 01/20/48		5,000,003		5,202,785
3.50%, 02/20/48		1,099,999		1,105,573
4.50%, 05/20/48		997,884		1,038,041
5.00%, 05/20/48		798,190		839,515
4.00%, 06/20/48		300,001		307,939
5.00%, 06/20/48		1,197,538		1,259,540
3.00%, 07/18/48 TBA		5,300,000		5,185,615
3.50%, 07/18/48 TBA		1,200,000		1,204,711
4.00%, 07/18/48 TBA		9,400,000		9,635,000
4.50%, 07/18/48 TBA		29,040,000		30,188,242
5.00%, 07/18/48 TBA		1,600,000		1,679,960
4.00%, 08/18/48 TBA		10,000,000		10,235,160
Government National Mortgage Association, Series 2007-30
(Floating, ICE LIBOR USD 1M + 0.30%, 0.30% Floor), 2.38%, 05/20/37†		132,178		131,823
Government National Mortgage Association, Series 2007-51
(Floating, ICE LIBOR USD 1M + 6.58%, 6.58% Cap), 4.50%, 08/20/37† IO		1,185,681		162,774

	Par		Value
Government National Mortgage Association, Series 2010-31
(Floating, ICE LIBOR USD 1M + 6.50%, 6.50% Cap), 4.42%, 03/20/39† IO	$	21,667	$	917
Government National Mortgage Association, Series 2010-85
(Floating, ICE LIBOR USD 1M + 6.65%, 6.65% Cap), 4.57%, 01/20/40† IO		44,958		4,262
Government National Mortgage Association, Series 2010-H28
(Floating, ICE LIBOR USD 1M + 0.40%, 0.40% Floor), 2.32%, 12/20/60†		264,138		264,346
Government National Mortgage Association, Series 2011-H08
(Floating, ICE LIBOR USD 1M + 0.48%, 0.48% Floor), 2.40%, 03/20/61†		355,827		356,800
Government National Mortgage Association, Series 2011-H09
(Floating, ICE LIBOR USD 1M + 0.50%, 0.50% Floor), 2.42%, 03/20/61†		248,058		248,854
Government National Mortgage Association, Series 2012-144
0.47%, 01/16/53† IO g		8,126,442		243,119
Government National Mortgage Association, Series 2012-34
(Floating, ICE LIBOR USD 1M + 6.05%, 6.05% Cap), 3.97%, 03/20/42† IO		43,642		6,064
Government National Mortgage Association, Series 2012-66
3.50%, 02/20/38 IO		167,171		13,472
Government National Mortgage Association, Series 2012-H27
(Variable, ICE LIBOR USD 1M + 0.00%), 1.75%, 10/20/62† IO		827,823		47,433
Government National Mortgage Association, Series 2012-H30
(Floating, ICE LIBOR USD 1M + 0.35%, 0.35% Floor), 2.27%, 12/20/62†		1,202,445		1,201,848
Government National Mortgage Association, Series 2013-113
(Floating, ICE LIBOR USD 1M + 6.70%, 6.70% Cap), 4.61%, 08/16/43† IO		153,444		24,241
Government National Mortgage Association, Series 2013-53
3.50%, 04/20/43 IO		138,679		20,638
Government National Mortgage Association, Series 2014-117
(Floating, ICE LIBOR USD 1M + 5.60%, 5.60% Cap), 3.52%, 08/20/44† IO		47,469		6,270

See Notes to Financial Statements.

102

	Par		Value
Government National Mortgage Association, Series 2014-118
(Floating, ICE LIBOR USD 1M + 6.20%, 6.20% Cap), 4.12%, 08/20/44† IO	$	252,479	$	45,139
Government National Mortgage Association, Series 2014-135
0.83%, 01/16/56† IO g		6,475,043		348,807
Government National Mortgage Association, Series 2014-93
0.77%, 11/16/55† IO g		3,153,497		141,688
Government National Mortgage Association, Series 2015-167
4.00%, 04/16/45 IO		133,168		26,037
Government National Mortgage Association, Series 2015-H11
(Floating, ICE LIBOR USD 1M + 0.55%, 0.55% Floor), 2.47%, 05/20/65†		2,576,412		2,586,036
Government National Mortgage Association, Series 2015-H14
(Floating, ICE LIBOR USD 1M + 0.43%, 0.43% Floor), 2.35%, 05/20/65†		2,591,880		2,596,495
(Floating, ICE LIBOR USD 1M + 0.57%, 0.57% Floor), 2.49%, 06/20/65†		4,187,082		4,205,438
Government National Mortgage Association, Series 2015-H15
(Floating, ICE LIBOR USD 1M + 0.58%, 0.58% Floor), 2.50%, 06/20/65†		1,582,428		1,590,704
(Floating, ICE LIBOR USD 1M + 0.60%, 0.60% Floor), 2.52%, 06/20/65†		3,944,162		3,966,876
Government National Mortgage Association, Series 2015-H16
(Floating, ICE LIBOR USD 1M + 0.60%, 0.60% Floor), 2.52%, 07/20/65†		4,043,573		4,067,446
Government National Mortgage Association, Series 2015-H17
(Floating, ICE LIBOR USD 1M + 0.46%, 0.46% Floor), 2.34%, 06/20/65†		632,455		634,214
Government National Mortgage Association, Series 2015-H18
(Floating, ICE LIBOR USD 1M + 0.60%, 0.60% Floor), 2.52%, 07/20/65†		597,000		600,433
Government National Mortgage Association, Series 2015-H19
(Floating, ICE LIBOR USD 1M + 0.60%, 0.60% Floor), 2.52%, 08/20/65†		634,022		637,691
Government National Mortgage Association, Series 2015-H22
(Floating, ICE LIBOR USD 1M + 0.60%, 0.60% Floor), 2.52%, 09/20/65†		626,270		630,111

	Par		Value
Government National Mortgage Association, Series 2015-H23
(Floating, ICE LIBOR USD 1M + 0.62%, 0.62% Floor), 2.54%, 09/20/65†	$	754,055	$	759,144
Government National Mortgage Association, Series 2015-H26
(Floating, ICE LIBOR USD 1M + 0.52%, 0.52% Floor), 2.44%, 10/20/65†		1,429,012		1,439,135
Government National Mortgage Association, Series 2015-H30
(Floating, ICE LIBOR USD 1M + 0.68%, 0.68% Floor), 2.60%, 08/20/61†		272,322		272,992
Government National Mortgage Association, Series 2016-152
0.98%, 08/15/58† IO g		5,788,524		449,004
Government National Mortgage Association, Series 2017-190
0.69%, 03/16/60† IO g		7,384,088		453,981
Government National Mortgage Association, Series 2017-H15
(Variable, ICE LIBOR USD 1Y + 0.00%), 2.17%, 07/20/67† IO		603,540		93,930
(Floating, ICE LIBOR USD 1Y + 0.80%, 0.80% Floor), 2.53%, 07/20/67†		1,912,269		1,982,267
Government National Mortgage Association, Series 2017-H18
(Variable, ICE LIBOR USD 1Y + 0.00%), 1.64%, 09/20/67† IO		4,650,021		487,637
Government National Mortgage Association, Series 2017-H20
(Variable, ICE LIBOR USD 1Y + 0.00%), 1.97%, 10/20/67† IO		200,723		25,773
Government National Mortgage Association, Series 2017-H22
(Variable, ICE LIBOR USD 1Y + 0.00%), 2.37%, 11/20/67† IO		1,743,643		232,122
Government National Mortgage Association, Series 2018-H07
(Floating, ICE LIBOR USD 1M + 0.30%, 0.30% Floor), 2.22%, 05/20/68†		1,191,901		1,189,516
GPMT, Ltd., Series 2018-FL1, Class A
(Floating, ICE LIBOR USD 1M + 0.90%, 0.90% Floor), 2.99%, 11/21/35 144A†		2,200,000		2,199,177
GreenPoint Mortgage Funding Trust, Series 2006-OH1, Class A1
(Floating, ICE LIBOR USD 1M + 0.18%, 0.18% Floor), 2.27%, 01/25/37†		552,947		521,895
GS Mortgage Securities Corporation II, Series 2015-GC30, Class AS
3.78%, 05/10/50		370,000		370,227

See Notes to Financial Statements.

103

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
GS Mortgage Securities Corporation II, Series 2015-GC30, Class D
3.38%, 05/10/50	$	490,000	$	397,068
GS Mortgage Securities Corporation II, Series 2018-SRP5, Class A
(Floating, ICE LIBOR USD 1M + 1.30%, 1.30% Floor), 3.28%, 09/15/31 144A†		1,530,000		1,533,934
GS Mortgage Securities Trust, Series 2007-GG10, Class AM
5.98%, 08/10/45†g		97,666		99,756
GS Mortgage Securities Trust, Series 2013-GC16, Class B
5.16%, 11/10/46		130,000		138,314
GS Mortgage Securities Trust, Series 2015-GC28, Class C
4.47%, 02/10/48†g		290,000		280,422
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1
3.68%, 09/25/35† g		642,455		656,861
Harben Finance PLC, Series 2017-1X, Class A
(Floating, ICE LIBOR GBP 3M + 0.80%), 1.42%, 08/20/56(U)†		645,659		855,746
Impac CMB Trust, Series 2004-8, Class 1A
(Floating, ICE LIBOR USD 1M + 0.72%, 0.36% Floor), 2.81%, 10/25/34†		37,545		37,032
IndyMac ARM Trust, Series 2001-H2, Class A1
2.78%, 01/25/32† g		5,954		5,909
IndyMac INDX Mortgage Loan Trust, Series 2006-AR12, Class A1
(Floating, ICE LIBOR USD 1M + 0.19%, 0.19% Floor), 2.28%, 09/25/46†		665,044		618,237
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2017-MAUI, Class A
(Floating, ICE LIBOR USD 1M + 0.83%, 0.83% Floor), 2.88%, 07/15/34 144A†		4,000,000		4,004,044
JP Morgan Alternative Loan Trust, Series 2005-A2, Class 1A1
(Floating, ICE LIBOR USD 1M + 0.52%, 0.26% Floor), 2.61%, 01/25/36†		136,006		135,061
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-C6, Class D
5.31%, 05/15/45†g		280,000		274,401
JP Morgan Mortgage Trust, Series 2005-A1, Class 6T1
3.98%, 02/25/35†g		50,888		50,787
JP Morgan Mortgage Trust, Series 2018-3, Class A1
3.50%, 09/25/48 144A†g		2,961,850		2,934,269
JP Morgan Mortgage Trust, Series 2018-4, Class A1
3.50%, 10/25/48 144A†g		1,164,431		1,154,283

	Par		Value
JPMBB Commercial Mortgage Securities Trust, Series 2013-C15, Class C
5.25%, 11/15/45†g	$	90,000	$	93,459
JPMBB Commercial Mortgage Securities Trust, Series 2013-C17, Class B
5.04%, 01/15/47†g		50,000		52,261
JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class ASB
3.41%, 11/15/47		840,000		843,490
JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class A5
3.82%, 07/15/48		880,000		892,666
JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class A3
3.80%, 08/15/48		1,700,000		1,721,484
JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class C
4.77%, 08/15/48†g		710,000		703,423
JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class ASB
3.36%, 11/15/48		800,000		799,926
JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class D
4.32%, 11/15/48†g		530,000		428,271
Kensington Mortgage Securities PLC, Series 2007-1X, Class A3C
(Floating, ICE LIBOR USD 3M + 0.17%), 2.51%, 06/14/40†		951,345		932,914
LB-UBS Commercial Mortgage Trust, Series 2001-C3, Class X
0.23%, 06/15/36 144A IO		14,305		1
London Wall Mortgage Capital PLC, Series 2017-FL1, Class A
(Floating, ICE LIBOR GBP 3M + 0.85%), 1.49%, 11/15/49(U)†		1,680,020		2,219,961
Ludgate Funding PLC, Series 2007-1, Class A2A
(Floating, ICE LIBOR GBP 3M + 0.16%), 0.83%, 01/01/61(U)†		817,122		1,037,153
Ludgate Funding PLC, Series 2008-W1X, Class A1
(Floating, ICE LIBOR GBP 3M + 0.60%), 1.27%, 01/01/61(U)†		665,130		861,797
Magnolia Finance X, Ltd., Series 2015-3GNA, Class A1
(Floating, ICE LIBOR GBP 3M + 2.48%), 3.24%, 03/12/20(U) 144A†Y†††		990,488		1,274,517
Magnolia Finance X, Ltd., Series 2015-3GNA, Class A2
(Floating, ICE LIBOR GBP 3M + 3.75%), 4.50%, 03/12/20(U) 144A†Y†††		369,005		474,820

See Notes to Financial Statements.

104

	Par		Value
Mansard Mortgages PLC, Series 2007-1X, Class A2
(Floating, ICE LIBOR GBP 3M + 0.18%), 0.97%, 04/15/47(U)†	$	798,601	$	1,019,914
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7
3.91%, 11/21/34†g		301,319		310,727
MASTR Adjustable Rate Mortgages Trust, Series 2004-4, Class 4A1
3.80%, 05/25/34†g		110,067		109,900
MASTR Adjustable Rate Mortgages Trust, Series 2007-R5, Class A1
3.71%, 11/25/35 144A†g		449,069		372,757
Merrill Lynch Mortgage Investors Trust Series, Series 2005-2, Class 1A
(Floating, ICE LIBOR USD 6M + 1.25%, 1.25% Floor), 3.72%, 10/25/35†		22,006		22,267
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class A4
3.10%, 05/15/46		300,000		295,704
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class AS
3.46%, 05/15/46		140,000		137,750
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class B
4.00%, 12/15/47		370,000		365,238
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class AS
3.56%, 04/15/48		480,000		471,918
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class A4
3.37%, 10/15/48		1,400,000		1,380,420
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB
3.56%, 12/15/47		800,000		808,376
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class C
4.27%, 09/15/49†g		450,000		437,124
Morgan Stanley Capital I Trust, Series 2014-CPT, Class B
3.56%, 07/13/29 144A†g		800,000		795,451
Morgan Stanley Capital I Trust, Series 2016-UB12, Class A4
3.60%, 12/15/49		380,000		376,920
MortgageIT Trust, Series 2005-4, Class A1
(Floating, ICE LIBOR USD 1M + 0.28%, 0.28% Floor), 2.37%, 10/25/35†		379,052		375,739

	Par		Value
MSCG Trust, Series 2015-ALDR, Class A2
3.58%, 06/07/35 144A†g	$	580,000	$	566,761
MSCG Trust, Series 2016-SNR, Class C
5.21%, 11/15/34 144A		347,519		346,596
Nomura Resecuritization Trust, Series 2014-7R, Class 2A3
(Floating, ICE LIBOR USD 1M + 0.20%, 0.20% Floor), 2.16%, 12/26/35 144A†		495,154		491,642
OBX Trust, Series 2018-1, Class A2
(Floating, ICE LIBOR USD 1M + 0.65%), 2.74%, 06/25/57 144A†		1,254,147		1,258,777
One Market Plaza Trust, Series 2017-1MKT, Class A
3.61%, 02/10/32 144A		1,020,000		1,019,427
Prime Mortgage Trust, Series 2006-DR1, Class 2A1
5.50%, 05/25/35 144A		2,168,171		1,570,363
Prime Mortgage Trust, Series 2006-DR1, Class 2A2
6.00%, 05/25/35 144A		1,730,298		1,277,282
ResLoC UK PLC, Series 2007-1X, Class A3A
(Floating, Euribor 3M + 0.16%), 0.00%, 12/15/43(E)†		1,157,651		1,307,960
(Floating, ICE LIBOR GBP 3M + 0.16%), 0.79%, 12/15/43(U)†		289,413		369,513
Ripon Mortgages PLC, Series 1X, Class A1
(Floating, ICE LIBOR GBP 3M + 0.80%), 1.42%, 08/20/56(U)†		187,317		248,312
Ripon Mortgages PLC, Series 1X, Class A2
(Floating, ICE LIBOR GBP 3M + 0.80%), 1.42%, 08/20/56(U)†		2,033,722		2,695,925
Rosslyn Portfolio Trust, Series 2017-ROSS, Class A
(Floating, ICE LIBOR USD 1M + 0.95%, 1.94% Floor), 3.02%, 06/15/33 144A†		450,000		450,696
Sequoia Mortgage Trust, Series 2003-4, Class 1A2
(Floating, ICE LIBOR USD 6M + 0.66%, 0.33% Floor), 2.59%, 07/20/33†		79,432		75,411
Sequoia Mortgage Trust, Series 6, Class A
(Floating, ICE LIBOR USD 1M + 0.64%, 0.32% Floor), 2.72%, 04/19/27†		370,395		353,292
Shops at Crystals Trust, Series 2016-CSTL, Class A
3.13%, 07/05/36 144A		340,000		323,965

See Notes to Financial Statements.

105

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Station Place Securitization Trust, Series 2015-2, Class A
(Floating, ICE LIBOR USD 1M + 0.55%, 0.55% Floor), 2.61%, 07/15/19 144A†	$	350,000	$	350,000
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-19XS, Class 2A1
(Floating, ICE LIBOR USD 1M + 0.30%, 0.30% Floor), 2.39%, 10/25/35†		733,418		725,160
Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A1
(Floating, ICE LIBOR USD 1M + 0.25%, 0.25% Floor), 2.33%, 07/19/35†		82,018		80,371
Thornburg Mortgage Securities Trust, Series 2003-4, Class A1
(Floating, ICE LIBOR USD 1M + 0.64%, 0.32% Floor), 2.73%, 09/25/43†		8,731		8,492
Thornburg Mortgage Securities Trust, Series 2005-1, Class A3
3.38%, 04/25/45†g		72,235		72,845
Towd Point Mortgage Funding Vantage1 PLC, Series 2016-V1A, Class A1
(Floating, ICE LIBOR GBP 3M + 1.20%), 1.82%, 02/20/54(U) 144A†		442,304		588,023
TPG Real Estate Finance Issuer, Ltd., Series 2018-FL1, Class A
(Floating, ICE LIBOR USD 1M + 0.75%, 0.75% Floor), 2.82%, 02/15/35 144A†		1,000,000		999,008
Trinity Square PLC, Series 2015-1A, Class A
(Floating, ICE LIBOR GBP 3M + 1.15%), 1.94%, 07/15/51(U) 144A†		262,545		350,624
UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class D
4.63%, 12/10/45 144A†g		320,000		284,613
VNDO Mortgage Trust, Series 2012-6AVE, Class A
3.00%, 11/15/30 144A		100,000		98,690
Washington Mutual Mortgage Pass-Through Certificates, Series 2002-AR19, Class A7
3.43%, 02/25/33†g		4,952		4,940
Washington Mutual Mortgage Pass-Through Certificates, Series 2002-AR6, Class A
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.40%, 1.40% Floor), 2.96%, 06/25/42†		10,565		10,162
Washington Mutual Mortgage Pass-Through Certificates, Series 2005-AR1, Class A1B
(Floating, ICE LIBOR USD 1M + 0.78%, 0.39% Floor), 2.87%, 01/25/45†		1,375,817		1,377,300

	Par		Value
Washington Mutual Mortgage Pass-Through Certificates, Series 2005-AR13, Class A1A1
(Floating, ICE LIBOR USD 1M + 0.29%, 0.29% Floor), 2.38%, 10/25/45†	$	1,025,545	$	1,028,278
Washington Mutual Mortgage Pass-Through Certificates, Series 2005-AR8, Class 1A1A
(Floating, ICE LIBOR USD 1M + 0.54%, 0.27% Floor), 2.63%, 07/25/45†		662,153		661,799
Washington Mutual Mortgage Pass-Through Certificates, Series 2005-AR8, Class 2A1A
(Floating, ICE LIBOR USD 1M + 0.58%, 0.29% Floor), 2.67%, 07/25/45†		135,253		136,458
Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY1, Class 1A1
3.31%, 02/25/37†g		291,774		270,659
Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY1, Class 2A3
3.43%, 02/25/37†g		186,649		183,132
Washington Mutual Mortgage Pass-Through Certificates, Series 2007-OA3, Class 2A1A
(Floating, Federal Reserve U.S. 12 1Y CMT + 0.76%, 0.76% Floor), 2.32%, 04/25/47†		621,139		616,795
Waterfall Commercial Mortgage Trust, Series 2015-SBC5, Class A
4.10%, 09/14/22 144A		219,678		214,427
Wells Fargo Alternative Loan Trust, Series 2007-PA6, Class A1
3.72%, 12/28/37†g		578,620		571,371
Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class B
4.42%, 07/15/46†g		20,000		20,256
Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class XA
1.50%, 08/15/50† IOg		2,851,436		134,803
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class B
3.66%, 05/15/48		350,000		343,477
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class A4
3.59%, 12/15/50		1,590,000		1,575,203
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR2, Class 2A2
3.91%, 03/25/35†g		62,573		64,138
WFRBS Commercial Mortgage Trust, Series 2012-C7, Class XA
1.58%, 06/15/45 144A† IOg		280,033		11,911
WFRBS Commercial Mortgage Trust, Series 2013-C13, Class XA
1.35%, 05/15/45 144A† IOg		2,501,336		121,035

See Notes to Financial Statements.

106

	Par		Value
WFRBS Commercial Mortgage Trust, Series 2014-C19, Class XA
1.27%, 03/15/47† IOg	$	992,130	$	43,413
WFRBS Commercial Mortgage Trust, Series 2014-C21, Class XA
1.23%, 08/15/47† IOg		3,450,552		162,171
WFRBS Commercial Mortgage Trust, Series 2014-C24, Class AS
3.93%, 11/15/47		290,000		292,693
WFRBS Commercial Mortgage Trust, Series 2014-C24, Class C
4.29%, 11/15/47		300,000		286,157
Total Mortgage-Backed Securities (Cost $603,196,707)				600,204,945
MUNICIPAL BONDS — 0.6%
Alameda County Joint Powers Authority, Revenue Bond, Series Z
7.05%, 12/01/44		1,780,000		2,564,126
American Municipal Power, Inc., Hydroelectric Projects, Revenue Bond, Series B
8.08%, 02/15/50		600,000		974,313
American Municipal Power, Inc., Revenue Bond, Series E
6.27%, 02/15/50		250,000		319,656
Chicago Transit Authority, Revenue Bond, Series A
6.90%, 12/01/40		700,000		912,726
Chicago Transit Authority, Revenue Bond, Series B
6.90%, 12/01/40		300,000		391,169
Northstar Education Finance, Inc.
(Floating, ICE LIBOR USD 3M + 0.10%, 0.10% Floor), 2.46%, 04/28/30†		176,166		175,187
Port Authority of New York & New Jersey, Revenue Bond, Series 192
4.81%, 10/15/65		300,000		338,856
State of California, General Obligation
7.95%, 03/01/36		265,000		285,940
7.55%, 04/01/39		410,000		606,095
State of Illinois, General Obligation
5.10%, 06/01/33		315,000		298,603
6.63%, 02/01/35		495,000		525,309
7.35%, 07/01/35		465,000		519,998
Utah State Board of Regents, Series 2016-1, Class A
(Floating, ICE LIBOR USD 1M + 0.75%, 25.00% Cap), 2.84%, 09/25/56†		1,467,228		1,471,101
Total Municipal Bonds (Cost $8,674,226)				9,383,079

	Number of Contracts		Notional Amount		Value
PURCHASED OPTIONS — 0.2%
Call Options — 0.0%
1 Year Mid Curve, Strike Price $97.12, Expires 12/14/18 (GSC)		152	$	36,873,300	$	53,200
1 Year Mid Curve, Strike Price $97.37, Expires 12/14/18 (GSC)		148		35,902,950		26,825
10-Year U.S. Treasury Note Future expiration date 8/2018, Strike Price $119.50, Expires 07/27/18 (GSC)		1		120,188		875
10-Year U.S. Treasury Note Future expiration date 8/2018, Strike Price $120.20, Expires 07/27/18 (GSC)		107		12,860,062		45,141
10-Year U.S. Treasury Note Future expiration date 8/2018, Strike Price $120.50, Expires 07/27/18 (GSC)		112		13,461,000		36,751
10-Year U.S. Treasury Note Future expiration date 8/2018, Strike Price $120.70, Expires 07/27/18 (GSC)		38		4,567,125		9,500
10-Year U.S. Treasury Note Future expiration date 8/2018, Strike Price $121.10, Expires 07/27/18 (GSC)		183		21,994,312		34,312
2-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $107.30, Expires 08/24/18 (GSC)		92		19,486,750		1,438
5-Year U.S. Treasury Note Future expiration date 8/2018, Strike Price $114.00, Expires 07/27/18 (GSC)		94		10,680,016		13,953
5-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $113.50, Expires 08/24/18 (GSC)		75		8,521,289		36,328

See Notes to Financial Statements.

107

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SCHEDULE OF INVESTMENTS (Continued)

	Number of Contracts		Notional Amount		Value
5-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $114.00, Expires 08/24/18 (GSC)		75	$	8,521,289	$	20,508
Euro vs. U.S. Dollar, Strike Price $1.17, Expires 08/16/18 (CITI)		1		7,870,000		106,457
Long U.S. Treasury Bond Futures expiration date 8/2018, Strike Price $144.50, Expires 07/27/18 (GSC)		19		2,755,000		24,047
Long U.S. Treasury Bond Futures expiration date 8/2018, Strike Price $145.00, Expires 07/27/18 (GSC)		37		5,365,000		37,000
Long U.S. Treasury Bond Futures expiration date 8/2018, Strike Price $145.50, Expires 07/27/18 (GSC)		38		5,510,000		29,688
						476,023
Call Swaptions — 0.1%
Pay 2-year Treasury (Quarterly); Receive 2.00% (Semiannually): Interest Rate Swap Maturing 12/21/2018 USD, Strike Price $2.00, Expires 12/19/18 (GSC)		1		60,000,000		5,152
Pay 2-year Treasury (Quarterly); Receive 2.15% (Semiannually): Interest Rate Swap Maturing 2/4/2021 USD, Strike Price $2.15, Expires 01/31/19 (GSC)		1		72,500,000		18,127
Pay 3-Month LIBOR (Quarterly); Receive 1.65% (Semiannually): Interest Rate Swap Maturing 11/19/2020 USD, Strike Price $1.65, Expires 11/15/18 (MSCS)		1		22,800,000		254

	Number of Contracts		Notional Amount		Value
Pay 3-Month LIBOR (Quarterly); Receive 1.85% (Semiannually): Interest Rate Swap Maturing 11/30/2018 USD, Strike Price $1.85, Expires 11/30/18 (CS)		1	$	57,100,000	$	4,230
Pay 3-Month LIBOR (Quarterly); Receive 3.04% (Semiannually): Interest Rate Swap Maturing 6/24/2021 USD, Strike Price $3.04, Expires 06/22/20 (MSCS)		1		211,400,000		820,555
Pay 3-Month LIBOR (Quarterly); Receive 3.04% (Semiannually): Interest Rate Swap Maturing 6/24/2021 USD, Strike Price $3.04, Expires 06/22/20 (MSCS)		1		30,200,000		117,222
Purchased Protection on Down Jones CDX.NA.IG30 Index; Receive 1.00% (Quarterly): Credit Default Swap Maturing 6/20/2023 USD, Strike Price $0.63, Expires 08/16/18 (CITI)		1		11,930,000		14,210
						979,750
Put Options — 0.0%
10-Year U.S. Treasury Note Future expiration date 8/2018, Strike Price $120.00, Expires 07/27/18 (GSC)		75		9,014,062		26,954
10-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $107.00, Expires 08/24/18 (MSCS)		172		20,672,250		172

See Notes to Financial Statements.

108

	Number of Contracts		Notional Amount		Value
10-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $107.50, Expires 08/24/18 (MSCS)		534	$	64,180,125	$	534
5-Year U.S. Treasury Note Future expiration date 8/2018, Strike Price $107.50, Expires 07/27/18 (GSC)		720		81,804,375		720
5-Year U.S. Treasury Note Future expiration date 8/2018, Strike Price $109.50, Expires 07/27/18 (GSC)		180		20,451,094		180
5-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $105.50, Expires 08/24/18 (MSCS)		444		50,446,031		444
5-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $105.70, Expires 08/24/18 (MSCS)		41		4,658,305		41
5-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $108.20, Expires 08/24/18 (GSC)		250		28,404,297		1,953
5-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $108.50, Expires 08/24/18 (GSC)		350		39,766,016		2,734
5-Year U.S. Treasury Note Future expiration date 9/2018,, Strike Price $106.50, Expires 08/24/18 (MSCS)		411		46,696,664		411
Long U.S. Treasury Bond Futures expiration date 8/2018, Strike Price $145.00, Expires 07/27/18 (GSC)		19		2,755,000		19,000

	Number of Contracts		Notional Amount		Value
Mexican Peso vs. U.S. Dollar, Strike Price $19.36, Expires 08/17/18 (CITI)		1	$	8,840,000	$	80,682
						133,825
Put Swaptions — 0.1%
Pay 2.30% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 10/23/2049 USD, Strike Price $2.30, Expires 10/21/19 (GSC)		1		7,700,000		1,107,440
Pay 2.50% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 11/12/2049 USD, Strike Price $2.50, Expires 11/07/19 (DEUT)		1		3,100,000		349,344
Pay 2.91% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 8/22/2048 USD, Strike Price $2.91, Expires 08/20/18 (MSCS)		1		1,100,000		20,424
Pay 2.91% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 8/22/2048 USD, Strike Price $2.91, Expires 08/20/18 (MSCS)		1		500,000		9,284

See Notes to Financial Statements.

109

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Number of Contracts		Notional Amount		Value
Pay 2.94% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 8/22/2048 USD, Strike Price $2.94, Expires 08/20/18 (GSC)		1	$	500,000	$	7,423
						1,493,915
Total Purchased Options (Premiums received $3,182,497)						3,083,513
			Par
U.S. TREASURY OBLIGATIONS — 24.5%
U.S. Treasury Bills
2.05%, 11/15/18W			$	7,930,000		7,870,160
1.87%, 08/23/18WD				7,850,000		7,829,378
						15,699,538
U.S. Treasury Bonds
4.25%, 05/15/39				5,300,000		6,395,298
4.38%, 11/15/39				200,000		245,711
2.75%, 08/15/42				600,000		577,571
2.75%, 11/15/42				1,080,000		1,039,247
3.13%, 02/15/43				650,000		667,482
2.88%, 05/15/43				800,000		786,281
3.75%, 11/15/43				23,920,000		27,199,193
3.63%, 02/15/44				1,000,000		1,115,840
3.13%, 08/15/44				760,000		780,574
3.00%, 11/15/44				3,800,000		3,816,403
2.50%, 02/15/45				1,450,000		1,322,417
3.00%, 05/15/45				690,000		692,843
2.88%, 08/15/45				360,000		352,898
2.88%, 11/15/46‡‡				17,290,000		16,933,057
3.00%, 02/15/47				6,430,000		6,454,617
3.00%, 05/15/47				8,130,000		8,155,723
2.75%, 08/15/47				5,140,000		4,906,091
2.75%, 11/15/47				3,480,000		3,321,429
3.00%, 02/15/48D				2,230,000		2,237,970
3.13%, 05/15/48				6,040,000		6,208,812
						93,209,457
U.S. Treasury
Inflationary Index Bonds
0.13%, 07/15/22				700,000		750,208
0.13%, 07/15/24				6,300,000		6,464,639
0.63%, 01/15/26‡‡				4,100,000		4,301,945
0.13%, 07/15/26				400,000		400,761
2.13%, 02/15/40				920,000		1,342,553
0.75%, 02/15/42				380,000		412,065
1.38%, 02/15/44				1,040,000		1,249,964
						14,922,135

	Par		Value
U.S. Treasury Notes
1.13%, 06/30/21	$	11,280,000	$	10,794,430
1.13%, 07/31/21		3,430,000		3,278,061
2.00%, 12/31/21‡‡		1,500,000		1,466,924
1.88%, 03/31/22‡‡		8,800,000		8,548,549
1.88%, 04/30/22		25,700,000		24,941,554
1.75%, 05/31/22		10,480,000		10,114,426
1.88%, 07/31/22		5,000,000		4,841,210
1.88%, 09/30/22‡‡		3,000,000		2,900,683
2.00%, 10/31/22‡‡		2,700,000		2,621,954
2.63%, 06/30/23		3,490,000		3,473,300
2.13%, 03/31/24		3,380,000		3,263,152
2.13%, 07/31/24		28,890,000		27,812,273
2.38%, 08/15/24		440,000		429,610
2.13%, 09/30/24		8,550,000		8,220,526
2.25%, 11/15/24		11,210,000		10,848,522
2.13%, 11/30/24		29,360,000		28,195,920
2.25%, 12/31/24		17,080,000		16,520,229
2.00%, 02/15/25		13,550,000		12,889,437
2.88%, 04/30/25		2,530,000		2,540,229
2.75%, 06/30/25		10,000		9,959
2.25%, 11/15/25		170,000		163,529
2.00%, 11/15/26		14,000,000		13,122,536
2.25%, 02/15/27		7,718,000		7,366,318
2.38%, 05/15/27		10,970,000		10,565,909
2.25%, 08/15/27		33,000,000		31,413,805
2.75%, 02/15/28		1,402,000		1,390,253
2.88%, 05/15/28		803,000		804,710
				248,538,008
Total U.S. Treasury Obligations (Cost $381,121,639)				372,369,138
	Shares
PREFERRED STOCK — 0.0%
GMAC Capital Trust I
8.13%, 02/15/40† (Cost $173,227)		6,979		183,548
MONEY MARKET FUNDS — 8.7%
GuideStone Money Market Fund (Investor Class)¥		121,526,467		121,526,467
Northern Institutional Liquid Assets Portfolio§		3,485,913		3,485,913
Northern Institutional U.S. Government Portfolio		7,964,521		7,964,521
Total Money Market Funds (Cost $132,976,901)				132,976,901

See Notes to Financial Statements.

110

	Par		Value
REPURCHASE AGREEMENTS — 18.8%
Barclays Bank 2.10% (dated 07/02/18, due 07/03/18, repurchase price $143,100,000, collateralized by U.S. Treasury Note and U.S. Treasury Bond, 2.000% to 2.250%, due 12/31/21 to 08/15/27, total market value $150,595,000)	$	143,100,000	$	143,100,000
2.17% (dated 06/29/18, due 07/02/18, repurchase price $142,734,407, collateralized by U.S. Treasury Notes, 0.750% to 1.875%, due 08/15/19 to 08/31/24, total market value $150,817,000)		142,700,000		142,700,000
Total Repurchase Agreements (Cost $285,800,000)				285,800,000
TOTAL INVESTMENTS — 133.4% (Cost $2,053,283,518)				2,030,616,514

	Number of			Notional
	Contracts			Amount
WRITTEN OPTIONS — (0.3)%
Call Options — (0.0)%
1Year Mid Curve, Strike Price $97.50, Expires 12/14/18 (GSC)		(304	)	$	(73,746,600	)	(39,900	)
10-Year U.S. Treasury Note Future expiration date 8/2018, Strike Price $120.00, Expires 07/27/18 (MSCS)		(183	)		(21,994,312	)	(100,079	)
10-Year U.S. Treasury Note Future expiration date 8/2018, Strike Price $121.00, Expires 07/27/18		(112	)		(13,461,000	)	(21,000	)
10-Year U.S. Treasury Note Future expiration date 8/2018, Strike Price $122.00, Expires 07/27/18 (GSC)		(152	)		(18,268,500	)	(9,500	)
10-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $120.50, Expires 08/24/18 (GSC)		(57	)		(6,850,688	)	(31,172	)
10-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $121.00, Expires 08/24/18 (GSC)		(159	)		(19,109,812	)	(59,625	)

	Number of			Notional
	Contracts			Amount			Value
10-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $121.50, Expires 08/24/18 (GSC)		(190	)	$	(22,835,625	)	$	(47,500	)
10-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $122.00, Expires 08/24/18 (GSC)		(114	)		(13,701,375	)		(19,595	)
2 Year Mid Curve, Strike Price $97.37, Expires 12/14/18 (GSC)		(148	)		(35,897,400	)		(31,450	)
5-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $114.25, Expires 08/24/18 (GSC)		(38	)		(4,317,453	)		(7,719	)
5-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $114.75, Expires 08/24/18 (GSC)		(110	)		(12,497,891	)		(12,031	)
5-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $115.20, Expires 08/24/18 (GSC)		(150	)		(17,042,578	)		(9,375	)
Euro vs. U.S. Dollar, Strike Price $1.15, Expires 08/28/18 (BAR)		1			(7,880,000	)		(44,934	)
Euro-Bund, Strike Price $162.50, Expires 07/27/18 (GSC)		(28	)		(5,314,670	)		(23,870	)
Euro-Bund, Strike Price $163.50, Expires 07/27/18 (GSC)		(56	)		(10,629,340	)		(22,235	)
Long U.S. Treasury Bond Futures expiration date 8/2018, Strike Price $146.00, Expires 07/27/18 (GSC)		(43	)		(6,235,000	)		(25,531	)
Long U.S. Treasury Bond Futures expiration date 8/2018, Strike Price $147.00, Expires 07/27/18 (GSC)		(94	)		(13,630,000	)		(30,844	)
								(536,360	)

See Notes to Financial Statements.

111

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Number of			Notional
	Contracts			Amount			Value
Call Swaptions — (0.1)%
Pay 10-year Treasury (Quarterly); Receive 2.19% (Semiannually): Interest Rate Swap Maturing 12/21/2018 USD, Strike Price $2.19, Expires 12/19/18 (GSC)		1		$	(12,630,000	)	$	(12,982	)
Pay3-MonthLIBOR (Quarterly); Receive 2.00% (Semiannually): Interest Rate Swap Maturing 11/19/2028 USD, Strike Price $2.00, Expires 11/15/18 (MSCS)		1			(4,900,000	)		(1,631	)
Pay3-MonthLIBOR (Quarterly); Receive 2.21% (Semiannually): Interest Rate Swap Maturing 2/4/2029 USD, Strike Price $2.21, Expires 01/31/19 (GSC)		1			(14,500,000	)		(24,109	)
Pay3-MonthLIBOR (Quarterly); Receive 3.02% (Semiannually): Interest Rate Swap Maturing 6/23/2022 USD, Strike Price $3.02, Expires 06/21/21 (MSCS)		1			(211,400,000	)		(1,088,141	)
Pay3-MonthLIBOR (Quarterly); Receive 3.02% (Semiannually): Interest Rate Swap Maturing 6/23/2022 USD, Strike Price $3.02, Expires 06/21/21 (MSCS)		1			(30,200,000	)		(155,449	)
								(1,282,312	)
Put Options — (0.0)%
10-Year U.S. Treasury Note Future expiration date 8/2018, Strike Price $118.00, Expires 07/27/18 (GSC)		(38	)		(4,567,125	)		(1,187	)

	Number of			Notional
	Contracts			Amount			Value
10-Year U.S. Treasury Note Future expiration date 9/2018, Strike Price $117.50, Expires 08/24/18 (GSC)		(38	)	$	(4,567,125	)	$	(2,375	)
Euro-Bund, Strike Price $159.50, Expires 07/27/18 (GSC)		(56	)		(10,629,340	)		(3,270	)
Long U.S. Treasury Bond Futures expiration date 8/2018, Strike Price $139.00, Expires 07/27/18 (GSC)		(56	)		(8,120,000	)		(1,750	)
South Korean Won vs. U.S. Dollar, Strike Price $1,084.00, Expires 09/20/18 (CITI)		1			(5,844,201	)		(35,680	)
								(44,262	)
Put Swaptions — (0.2)%
Pay 2.00% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 10/23/2024 USD, Strike Price $2.00, Expires 10/21/19 (GSC)		1			(38,500,000	)		(1,735,003	)
Pay 2.25% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 11/12/2024 USD, Strike Price $2.25, Expires 11/07/19 (DEUT)		1			(15,500,000	)		(550,052	)
Pay 2.80% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 8/22/2023 USD, Strike Price $2.80, Expires 08/20/18 (MSCS)		1			(4,900,000	)		(32,026	)

See Notes to Financial Statements.

112

	Number of		Notional
	Contracts		Amount			Value
Pay 2.80% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 8/22/2023 USD, Strike Price $2.80, Expires 08/20/18 (MSCS)		1	$	(2,200,000	)	$	(14,379	)
Pay 2.80% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 8/22/2023 USD, Strike Price $2.80, Expires 08/20/18 (GSC)		1		(2,300,000	)		(15,032	)
Sell Protection on Dow Jones CDX.NA.IG30 Index (Quarterly); Receive 1.00% (Quarterly): Credit Default Swap Maturing 6/20/2023 USD, Strike Price $0.95, Expires 07/18/18 (BAR)		1		(1,200,000	)		(16	)
Sell Protection on Dow Jones CDX.NA.IG30 Index (Quarterly); Receive 1.00% (Quarterly): Credit Default Swap Maturing 6/20/2023 USD, Strike Price $0.95, Expires 07/18/18 (DEUT)		1		(3,100,000	)		(41	)
Sell Protection on Down Jones CDX.NA.IG30 Index; Receive 1.00% (Quarterly): Credit Default Swap Maturing 6/20/2023 USD, Strike Price $0.73, Expires 07/18/18 (JPM)		1		(2,500,000	)		(1,092	)
Sell Protection on Down Jones CDX.NA.IG30 Index; Receive 1.00% (Quarterly): Credit Default Swap Maturing 6/20/2023 USD, Strike Price $0.75, Expires 07/18/18 (BNP)		1		(2,600,000	)		(659	)

	Number of		Notional
	Contracts		Amount			Value
Sell Protection on Down Jones CDX.NA.IG30 Index; Receive 1.00% (Quarterly): Credit Default Swap Maturing 6/20/2023 USD, Strike Price $0.80, Expires 08/16/18 (CITI)		1	$	(11,930,000	)	$	(8,746	)
							(2,357,046	)
Total Written Options (Premiums received $ (3,333,053))							(4,219,980	)
			Par
TBA SALE COMMITMENTS — (0.5)%
Government National Mortgage Association 3.00%, 07/18/48 TBA			$	(1,000,000	)		(978,555	)
Government National Mortgage Association 4.00%, 07/18/48 TBA				(6,000,000	)		(6,150,000	)
Total TBA Sale Commitments (Proceeds $(7,108,750))							(7,128,555	)
Liabilities in Excess of Other Assets — (32.6)%							(496,572,665	)
NET ASSETS — 100.0%						$	1,522,695,314

PORTFOLIO SUMMARY (based on net assets)

	%
Mortgage-Backed Securities		39.4
U.S. Treasury Obligations		24.5
Repurchase Agreements		18.8
Corporate Bonds		18.1
Foreign Bonds		11.1
Money Market Funds		8.7
Asset-Backed Securities		7.5
Commercial Papers		2.5
Loan Agreements		1.2
Agency Obligations		0.8
Municipal Bonds		0.6
Purchased Options		0.2
Certificates Of Deposit		—	**
Preferred Stocks		—	**
Written Options		(0.3	)
TBA Sale Commitments		(0.5	)
		132.6

** Rounds to less than 0.005%

See Notes to Financial Statements.

113

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market  Value of Contracts			Counter- party		Value and Unrealized Appreciation (Depreciation)
Euro-BTP		09/2018		56		$	8,321,089			GSC	$	13,694
Euro-BTP		09/2018		12			1,550,885			GSC		2,440
Euro-Bund		09/2018		11			2,088,085			GSC		9,052
Euro-Bund		09/2018		(17	)		(3,227,040	)		MSCS		(13,046	)
Euro-Bund		09/2018		(392	)		(74,411,750	)		GSC		(292,638	)
Euro-OAT		09/2018		(12	)		(2,165,662	)		GSC		(9,598	)
Euro-OAT		09/2018		(44	)		(7,940,760	)		MSCS		(88,351	)
10-Year Japanese Treasury Bond		09/2018		(9	)		(12,261,753	)		GSC		(12,223	)
3-Year Commonwealth Treasury Bond		09/2018		91			7,498,381			GSC		17,070
90-day Eurodollar		09/2018		(32	)		(7,803,600	)		GSC		66,800
90-day Eurodollar		09/2018		504			122,906,700			MSCS		18,079
Euro		09/2018		(8	)		(1,173,650	)		GSC		12,052
10-Year U.S. Treasury Note		09/2018		789			94,827,938			MSCS		520,597
10-Year U.S. Treasury Note		09/2018		(54	)		(6,490,125	)		GSC		(44,632	)
10-Year U.S. Treasury Note		09/2018		(390	)		(46,873,125	)		GSC		(116,641	)
Long U.S. Treasury Bond		09/2018		171			24,795,000			GSC		420,581
Long U.S. Treasury Bond		09/2018		60			8,700,000			MSCS		129,844
Long U.S. Treasury Bond		09/2018		(451	)		(65,395,000	)		GSC		(535,508	)
Ultra Long U.S. Treasury Bond		09/2018		291			46,432,687			GSC		1,320,955
Ultra Long U.S. Treasury Bond		09/2018		214			34,146,375			MSCS		660,391
Ultra Long U.S. Treasury Bond		09/2018		42			6,701,625			GSC		112,401
10-Year U.S. Ultra Treasury Note		09/2018		27			3,462,328			GSC		30,496
10-Year U.S. Ultra Treasury Note		09/2018		1			128,234			GSC		1,089
2-Year U.S. Treasury Note		09/2018		(75	)		(15,887,109	)		GSC		39,844
2-Year U.S. Treasury Note		09/2018		186			39,400,031			GSC		(25,967	)
5-Year U.S. Treasury Note		09/2018		1,747			198,489,227			GSC		434,646
5-Year U.S. Treasury Note		09/2018		1,219			138,499,352			MSCS		259,922
5-Year U.S. Treasury Note		09/2018		93			10,566,398			GSC		(872	)
90-day Eurodollar		12/2018		(128	)		(31,155,200	)		GSC		193,600
90-day Eurodollar		12/2018		339			82,512,600			MSCS		(275,438	)
90-day Eurodollar		03/2019		(54	)		(13,127,400	)		GSC		68,850
90-day Eurodollar		03/2019		636			154,611,600			MSCS		(596,250	)
90-day Eurodollar		06/2019		(609	)		(147,903,263	)		MSCS		1,169,287
90-day Eurodollar		06/2019		(34	)		(8,257,325	)		GSC		72,675
90-day Eurodollar		09/2019		(508	)		(123,291,600	)		MSCS		772,755
90-day Eurodollar		12/2019		(1,084	)		(262,964,850	)		MSCS		1,568,325
90-day Eurodollar		12/2019		1,068			259,083,450			GSC		(290,888	)
90-day Eurodollar		03/2020		(636	)		(154,261,800	)		MSCS		636,000
90-day Eurodollar		06/2020		345			83,679,750			GSC		(304,225	)
90-day Eurodollar		12/2020		(256	)		(62,092,800	)		GSC		16,925
90-day Eurodollar		03/2021		42			10,188,150			GSC		(42,525	)
Total Futures Contracts outstanding at June 30, 2018						$	291,906,073				$	5,919,568

Forward Foreign Currency Contracts outstanding at June 30, 2018:

Expiration Date	Currency Purchased		Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/19/18		U.S. Dollars		7,678,151	Chinese Yuan Renminbi		48,702,511		BAR	$	337,818
07/19/18		U.S. Dollars		5,912,188	Euro		4,854,472		CITI		235,081
07/19/18		U.S. Dollars		2,884,428	British Pounds		2,018,669		BAR		217,911

See Notes to Financial Statements.

114

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/19/18	U.S. Dollars		6,120,170	Japanese Yen		653,533,201		CITI	$	209,637
07/19/18	U.S. Dollars		5,675,797	Euro		4,724,988		CITI		150,116
08/08/18	U.S. Dollars		2,005,222	South African Rand		25,590,248		JPM		149,326
07/19/18	U.S. Dollars		4,558,752	Philippine Pesos		238,833,000		BAR		89,991
07/03/18	U.S. Dollars		8,031,057	British Pounds		6,021,000		JPM		83,721
12/17/18	Japanese Yen		970,000,000	U.S. Dollars		8,794,437		GSC		83,124
08/08/18	U.S. Dollars		752,300	South African Rand		9,450,503		SS		66,916
07/19/18	U.S. Dollars		1,360,730	Chinese Offshore Yuan		8,611,515		CITI		63,469
08/24/18	U.S. Dollars		2,646,000	Russian Rubles		164,171,070		BAR		47,777
07/19/18	U.S. Dollars		2,978,317	Australian Dollars		3,961,937		CITI		46,084
08/14/18	U.S. Dollars		2,740,244	British Pounds		2,047,914		SS		31,857
07/19/18	Euro		1,290,000	Japanese Yen		163,785,237		CITI		27,334
08/24/18	U.S. Dollars		2,081,945	Russian Rubles		130,125,300		HSBC		22,541
07/03/18	U.S. Dollars		620,983	Brazilian Reals		2,338,000		DEUT		17,966
08/24/18	U.S. Dollars		1,921,000	Russian Rubles		120,293,020		JPM		17,205
08/02/18	U.S. Dollars		615,993	Brazilian Reals		2,338,000		DEUT		15,145
08/02/18	U.S. Dollars		7,972,551	British Pounds		6,021,000		UBS		14,052
07/19/18	U.S. Dollars		162,918	Mexican Pesos		3,000,000		BAR		12,324
07/19/18	U.S. Dollars		262,517	Mexican Pesos		5,000,000		CITI		11,527
08/14/18	U.S. Dollars		1,496,978	British Pounds		1,124,435		CITI		9,901
09/19/18	U.S. Dollars		698,793	Canadian Dollars		906,055		SS		8,628
07/19/18	U.S. Dollars		459,911	Mexican Pesos		9,000,000		BAR		8,130
08/14/18	U.S. Dollars		558,095	British Pounds		416,548		JPM		7,206
09/19/18	Euro		450,151	British Pounds		394,872		JPM		5,923
08/20/18	U.S. Dollars		2,952,508	Mexican Pesos		59,010,000		CITI		5,896
09/19/18	Euro		150,044	New Zealand Dollars		251,728		BOA		5,808
07/19/18	U.S. Dollars		87,302	Euro		70,000		BAR		5,440
08/24/18	U.S. Dollars		652,000	Russian Rubles		40,854,320		GSC		5,427
09/19/18	Euro		151,042	New Zealand Dollars		254,243		SS		5,277
09/19/18	Euro		151,050	New Zealand Dollars		254,801		CITI		4,909
08/14/18	U.S. Dollars		739,696	British Pounds		555,758		CITI		4,700
08/14/18	U.S. Dollars		621,470	British Pounds		466,447		SS		4,589
09/19/18	U.S. Dollars		173,124	Australian Dollars		229,007		CITI		3,606
09/19/18	U.S. Dollars		87,248	New Zealand Dollars		124,008		UBS		3,250
09/19/18	U.S. Dollars		173,829	New Zealand Dollars		251,992		BOA		3,140
09/19/18	Euro		161,856	Swedish Kronor		1,665,486		JPM		3,070
09/19/18	Euro		74,046	New Zealand Dollars		123,944		BOA		3,058
08/08/18	South African Rand		23,275,000	U.S. Dollars		1,684,947		BAR		3,039
09/19/18	Euro		73,993	Swedish Kronor		748,465		SS		2,855
09/19/18	Euro		74,048	New Zealand Dollars		124,259		BOA		2,846
09/19/18	U.S. Dollars		174,580	New Zealand Dollars		254,046		UBS		2,500
09/19/18	U.S. Dollars		119,132	New Zealand Dollars		172,283		BOA		2,435
09/19/18	Euro		272,128	U.S. Dollars		317,418		SS		2,362
09/19/18	U.S. Dollars		173,523	New Zealand Dollars		252,695		UBS		2,358
09/19/18	Euro		73,994	Swedish Kronor		753,530		SS		2,288
09/19/18	Euro		317,972	Norwegian Kroner		3,014,865		UBS		2,253
09/19/18	Euro		147,997	British Pounds		129,797		JPM		1,981
09/19/18	Euro		151,912	U.S. Dollars		176,621		UBS		1,893
09/19/18	Swiss Francs		331,866	Euro		285,670		SS		1,829
09/19/18	U.S. Dollars		86,869	Australian Dollars		114,990		UBS		1,749
09/19/18	U.S. Dollars		174,959	Japanese Yen		19,071,824		BOA		1,699
09/19/18	U.S. Dollars		45,732	Swedish Kronor		392,284		SS		1,657
09/19/18	Australian Dollars		118,970	New Zealand Dollars		127,629		UBS		1,616
09/19/18	Euro		151,045	Australian Dollars		237,680		SS		1,556
09/19/18	U.S. Dollars		42,408	Swedish Kronor		363,643		SS		1,550
09/19/18	Australian Dollars		110,520	New Zealand Dollars		118,625		JPM		1,459

See Notes to Financial Statements.

115

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	U.S. Dollars		87,430	British Pounds		64,951		UBS	$	1,396
09/19/18	Australian Dollars		119,005	New Zealand Dollars		128,121		BOA		1,308
09/19/18	U.S. Dollars		142,848	New Zealand Dollars		208,976		SS		1,296
07/19/18	Euro		480,000	U.S. Dollars		560,081		CITI		1,260
09/19/18	Euro		74,951	Swedish Kronor		772,809		UBS		1,246
08/31/18	Euro		194,000	U.S. Dollars		226,407		CITI		1,233
08/29/18	U.S. Dollars		2,002,690	Euro		1,706,000		BAR		1,177
07/19/18	U.S. Dollars		235,063	Euro		200,000		BAR		1,171
09/19/18	Norwegian Kroner		1,437,652	U.S. Dollars		175,998		JPM		1,105
07/19/18	U.S. Dollars		176,781	Mexican Pesos		3,500,000		BAR		1,088
09/19/18	U.S. Dollars		88,099	Euro		74,052		UBS		1,080
07/19/18	U.S. Dollars		503,943	Euro		430,000		CITI		1,075
09/19/18	Euro		45,072	Swedish Kronor		463,061		CITI		937
09/19/18	U.S. Dollars		86,941	Canadian Dollars		112,952		RBC		902
09/19/18	Euro		74,998	U.S. Dollars		87,238		UBS		893
09/19/18	Euro		75,009	U.S. Dollars		87,330		UBS		814
09/19/18	Euro		75,009	U.S. Dollars		87,368		UBS		776
09/19/18	Euro		75,025	Japanese Yen		9,621,046		BOA		759
09/19/18	Euro		73,991	British Pounds		65,075		DEUT		748
09/19/18	U.S. Dollars		69,382	Canadian Dollars		90,141		UBS		719
09/19/18	Euro		74,958	U.S. Dollars		87,366		UBS		718
09/19/18	U.S. Dollars		174,052	Japanese Yen		19,080,935		UBS		709
09/19/18	U.S. Dollars		39,856	Norwegian Kroner		318,345		UBS		639
09/19/18	Euro		151,063	Canadian Dollars		232,206		RBC		638
09/19/18	U.S. Dollars		88,648	British Pounds		66,442		UBS		638
09/19/18	U.S. Dollars		88,036	Japanese Yen		9,626,338		SS		584
09/19/18	Canadian Dollars		56,114	U.S. Dollars		42,191		SS		553
07/19/18	U.S. Dollars		380,578	Euro		325,000		CITI		504
07/03/18	U.S. Dollars		4,358,507	Euro		3,731,000		GSC		468
09/19/18	Euro		75,048	U.S. Dollars		87,726		UBS		464
09/19/18	U.S. Dollars		87,082	Australian Dollars		117,014		CITI		464
09/19/18	Euro		76,022	Swedish Kronor		791,170		SS		441
09/19/18	British Pounds		25,836	Australian Dollars		45,738		BOA		366
09/19/18	U.S. Dollars		42,416	British Pounds		31,752		CITI		357
09/19/18	Euro		75,961	Swedish Kronor		791,452		CITI		337
09/19/18	Euro		308,005	U.S. Dollars		361,637		RBC		303
09/19/18	U.S. Dollars		27,261	Canadian Dollars		35,407		UBS		291
09/19/18	Euro		29,477	Norwegian Kroner		279,098		CITI		257
07/19/18	U.S. Dollars		818,874	Euro		700,000		CITI		252
09/19/18	Canadian Dollars		35,013	Euro		22,497		SS		234
09/19/18	Swiss Francs		85,734	Euro		74,012		UBS		223
09/19/18	Swiss Francs		172,286	U.S. Dollars		175,022		UBS		201
09/19/18	Norwegian Kroner		737,018	U.S. Dollars		90,594		JPM		198
09/19/18	Euro		73,988	Canadian Dollars		113,885		SS		195
09/19/18	Australian Dollars		119,033	U.S. Dollars		87,928		DEUT		185
09/19/18	U.S. Dollars		33,905	Norwegian Kroner		273,883		JPM		165
09/19/18	Canadian Dollars		114,409	U.S. Dollars		87,009		RBC		140
08/03/18	U.S. Dollars		291,585	Taiwan Dollars		8,860,000		CITI		119
09/19/18	U.S. Dollars		52,949	Euro		44,991		UBS		80
09/19/18	Swiss Francs		86,748	Euro		75,020		UBS		70
09/19/18	U.S. Dollars		88,013	Norwegian Kroner		713,904		CITI		68
09/19/18	Japanese Yen		9,579,365	Euro		74,012		UBS		52
09/19/18	Norwegian Kroner		284,567	U.S. Dollars		35,009		CITI		47
09/19/18	U.S. Dollars		41,970	Norwegian Kroner		340,463		SS		29
Subtotal Appreciation									$	2,120,777

See Notes to Financial Statements.

116

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	Australian Dollars		35,042	Euro		22,082		CITI	$	(9	)
09/19/18	Australian Dollars		50,239	British Pounds		28,096		BOA		(28	)
09/19/18	U.S. Dollars		88,736	British Pounds		67,021		JPM		(41	)
09/19/18	Canadian Dollars		114,064	U.S. Dollars		86,968		JPM		(83	)
09/19/18	Euro		74,054	U.S. Dollars		87,116		RBC		(95	)
09/19/18	New Zealand Dollars		262,126	Australian Dollars		239,989		SS		(95	)
09/19/18	Swedish Kronor		409,515	U.S. Dollars		46,128		SS		(116	)
09/19/18	Norwegian Kroner		705,035	U.S. Dollars		86,975		DEUT		(123	)
09/19/18	Euro		74,052	U.S. Dollars		87,144		BOA		(124	)
09/19/18	Australian Dollars		117,955	U.S. Dollars		87,539		UBS		(225	)
09/19/18	Japanese Yen		9,548,558	U.S. Dollars		86,975		SS		(231	)
09/19/18	Canadian Dollars		229,450	U.S. Dollars		175,011		RBC		(233	)
09/19/18	U.S. Dollars		98,819	New Zealand Dollars		146,268		CITI		(257	)
09/19/18	Norwegian Kroner		283,777	Euro		29,970		DEUT		(260	)
09/19/18	U.S. Dollars		45,681	Canadian Dollars		60,313		SS		(261	)
09/19/18	Canadian Dollars		88,485	U.S. Dollars		67,670		UBS		(269	)
09/19/18	Australian Dollars		117,993	U.S. Dollars		87,621		DEUT		(279	)
09/19/18	U.S. Dollars		88,531	Australian Dollars		119,995		SS		(293	)
09/19/18	U.S. Dollars		87,806	Australian Dollars		119,041		UBS		(312	)
07/19/18	U.S. Dollars		151,710	Euro		130,000		CITI		(320	)
09/19/18	Japanese Yen		9,545,493	U.S. Dollars		87,041		UBS		(324	)
09/19/18	U.S. Dollars		88,905	Euro		75,953		UBS		(348	)
09/19/18	U.S. Dollars		86,957	Australian Dollars		117,964		UBS		(364	)
09/19/18	U.S. Dollars		88,880	Euro		75,953		UBS		(373	)
09/19/18	U.S. Dollars		39,372	Canadian Dollars		52,179		UBS		(375	)
09/19/18	New Zealand Dollars		127,979	U.S. Dollars		87,084		SS		(396	)
09/19/18	British Pounds		66,269	Euro		75,050		UBS		(411	)
09/19/18	U.S. Dollars		80,827	Australian Dollars		109,752		UBS		(416	)
09/19/18	Euro		73,997	U.S. Dollars		87,379		BOA		(425	)
09/19/18	British Pounds		31,259	U.S. Dollars		41,837		CITI		(430	)
09/19/18	U.S. Dollars		87,677	Euro		74,985		DEUT		(438	)
09/19/18	Australian Dollars		120,066	Euro		76,037		BOA		(475	)
09/19/18	Japanese Yen		8,982,906	U.S. Dollars		82,089		JPM		(483	)
09/19/18	Japanese Yen		38,469,399	U.S. Dollars		349,984		SS		(505	)
09/19/18	Japanese Yen		19,200,800	U.S. Dollars		174,962		DEUT		(531	)
09/19/18	Canadian Dollars		113,497	U.S. Dollars		86,988		CITI		(535	)
09/19/18	U.S. Dollars		153,166	Canadian Dollars		201,787		DEUT		(541	)
09/19/18	Canadian Dollars		59,162	U.S. Dollars		45,622		SS		(557	)
09/19/18	Swedish Kronor		370,232	U.S. Dollars		42,170		SS		(572	)
09/19/18	U.S. Dollars		177,005	British Pounds		134,109		UBS		(637	)
09/19/18	Australian Dollars		115,980	U.S. Dollars		86,597		UBS		(745	)
09/19/18	Canadian Dollars		113,280	U.S. Dollars		87,033		RBC		(745	)
09/19/18	U.S. Dollars		87,370	Euro		74,990		JPM		(752	)
09/19/18	British Pounds		65,994	Euro		75,056		UBS		(783	)
09/19/18	Australian Dollars		236,983	U.S. Dollars		176,218		JPM		(795	)
09/19/18	New Zealand Dollars		128,872	Australian Dollars		119,027		CITI		(815	)
09/19/18	Norwegian Kroner		708,308	Euro		74,952		BOA		(821	)
09/19/18	U.S. Dollars		87,339	Euro		75,028		UBS		(827	)
09/19/18	Euro		148,000	U.S. Dollars		174,779		JPM		(863	)
09/19/18	British Pounds		65,040	U.S. Dollars		87,026		BOA		(872	)
09/19/18	New Zealand Dollars		128,734	Australian Dollars		119,047		UBS		(923	)
09/19/18	British Pounds		66,686	Euro		75,956		JPM		(924	)
09/19/18	U.S. Dollars		175,302	Euro		149,975		UBS		(935	)
07/19/18	Russian Rubles		10,390,000	U.S. Dollars		166,054		BAR		(960	)
09/19/18	U.S. Dollars		173,651	Australian Dollars		235,968		DEUT		(1,021	)
09/19/18	U.S. Dollars		156,009	Euro		133,643		JPM		(1,036	)

See Notes to Financial Statements.

117

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	U.S. Dollars		88,020	Canadian Dollars		117,090		SS	$	(1,171	)
09/19/18	Australian Dollars		455,721	U.S. Dollars		338,519		UBS		(1,178	)
08/03/18	U.S. Dollars		1,093,957	Taiwan Dollars		33,290,000		CITI		(1,181	)
09/19/18	New Zealand Dollars		127,136	Australian Dollars		117,950		DEUT		(1,194	)
07/19/18	Russian Rubles		17,310,000	U.S. Dollars		276,319		CITI		(1,269	)
09/19/18	Japanese Yen		19,116,871	U.S. Dollars		174,959		SS		(1,290	)
09/19/18	U.S. Dollars		174,991	Euro		150,047		UBS		(1,331	)
09/19/18	U.S. Dollars		175,354	Australian Dollars		238,993		CITI		(1,557	)
09/19/18	Indian Rupees		9,281,163	U.S. Dollars		135,670		BNP		(1,640	)
09/19/18	Japanese Yen		19,085,252	U.S. Dollars		175,042		UBS		(1,660	)
09/19/18	Japanese Yen		60,443,310	U.S. Dollars		550,827		JPM		(1,724	)
08/29/18	Euro		1,706,000	U.S. Dollars		2,003,467		CITI		(1,953	)
09/19/18	Euro		148,000	U.S. Dollars		176,048		JPM		(2,132	)
09/19/18	Swedish Kronor		765,403	Euro		75,010		BOA		(2,147	)
09/19/18	Swedish Kronor		764,201	Euro		75,045		UBS		(2,323	)
09/19/18	Australian Dollars		115,019	U.S. Dollars		87,548		UBS		(2,407	)
09/19/18	U.S. Dollars		346,874	Australian Dollars		471,951		UBS		(2,480	)
09/19/18	Swedish Kronor		761,840	Euro		75,022		CITI		(2,561	)
09/19/18	New Zealand Dollars		123,982	U.S. Dollars		86,587		UBS		(2,607	)
09/19/18	U.S. Dollars		262,455	Canadian Dollars		348,369		DEUT		(2,906	)
07/19/18	U.S. Dollars		347,823	Euro		300,000		CITI		(3,015	)
07/19/18	Japanese Yen		494,318,814	U.S. Dollars		4,474,474		BAR		(3,870	)
09/19/18	New Zealand Dollars		243,165	U.S. Dollars		169,043		CITI		(4,333	)
08/08/18	South African Rand		37,975,000	U.S. Dollars		2,762,206		RBS		(8,123	)
09/19/18	Australian Dollars		1,487,906	U.S. Dollars		1,109,621		BOA		(8,221	)
08/28/18	U.S. Dollars		253,098	Mexican Pesos		5,245,572		RBC		(8,487	)
07/19/18	Russian Rubles		113,106,000	U.S. Dollars		1,806,701		BAR		(9,483	)
09/19/18	U.S. Dollars		2,014,759	Euro		1,722,723		JPM		(9,630	)
09/19/18	British Pounds		1,482,303	U.S. Dollars		1,976,293		DEUT		(12,813	)
08/08/18	U.S. Dollars		2,617,560	South African Rand		36,284,000		GSC		(13,886	)
07/03/18	Brazilian Reals		2,338,000	U.S. Dollars		617,701		DEUT		(14,684	)
12/17/18	U.S. Dollars		8,859,257	Japanese Yen		970,000,000		GSC		(18,305	)
09/19/18	Swedish Kronor		8,964,545	Euro		881,647		CITI		(28,808	)
09/19/18	Swedish Kronor		10,020,407	Euro		982,822		UBS		(29,066	)
07/19/18	Euro		2,191,954	U.S. Dollars		2,595,414		CITI		(32,013	)
09/19/18	Swedish Kronor		8,955,633	Euro		883,665		CITI		(32,180	)
07/19/18	Chinese Offshore Yuan		5,654,033	U.S. Dollars		888,301		CITI		(36,562	)
08/17/18	Euro		1,967,500	U.S. Dollars		2,347,680		CITI		(41,573	)
08/24/18	Russian Rubles		451,195,958	U.S. Dollars		7,182,510		UBS		(41,741	)
07/19/18	Indonesian Rupiahs		22,179,120,000	U.S. Dollars		1,597,459		BAR		(51,375	)
09/19/18	New Zealand Dollars		2,185,043	U.S. Dollars		1,536,260		JPM		(56,204	)
07/19/18	Mexican Pesos		28,020,000	U.S. Dollars		1,471,523		CITI		(64,978	)
08/15/18	Japanese Yen		545,400,000	U.S. Dollars		5,012,637		JPM		(70,581	)
10/03/18	Argentine Pesos		5,160,000	U.S. Dollars		233,273		CITI		(71,134	)
10/03/18	Argentine Pesos		5,200,000	U.S. Dollars		234,975		CITI		(71,579	)
07/19/18	Japanese Yen		481,450,000	U.S. Dollars		4,430,532		CITI		(76,314	)
07/19/18	Chinese Yuan Renminbi		13,174,084	U.S. Dollars		2,065,875		BAR		(80,307	)
07/19/18	Euro		1,106,999	U.S. Dollars		1,375,463		BAR		(80,873	)
10/03/18	Argentine Pesos		7,550,000	U.S. Dollars		341,166		CITI		(103,928	)
07/19/18	Indian Rupees		285,290,000	U.S. Dollars		4,327,165		CITI		(172,274	)
07/19/18	Mexican Pesos		51,090,000	U.S. Dollars		2,755,842		CITI		(191,233	)
10/03/18	Argentine Pesos		15,810,000	U.S. Dollars		714,738		CITI		(217,952	)
07/19/18	Brazilian Reals		11,180,600	U.S. Dollars		3,272,147		CITI		(394,082	)
Subtotal Depreciation									$	(2,122,925	)
Total Forward Foreign Currency Contracts outstanding at June 30, 2018									$	(2,148	)

See Notes to Financial Statements.

118

Swap agreements outstanding at June 30, 2018:

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 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		430,000	$	(2,795	)	$	(2,680	)	$	(115	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		220,000		(1,430	)		(1,463	)		33
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		190,000		(1,235	)		(657	)		(578	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		190,000		(1,235	)		(517	)		(718	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		180,000		(1,170	)		(455	)		(715	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		140,000		(910	)		(789	)		(121	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		130,000		(845	)		(228	)		(617	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		120,000		(780	)		(233	)		(547	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		JPM		USD		120,000		(780	)		(407	)		(373	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		80,000		(520	)		(332	)		(188	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		JPM		USD		60,000		(390	)		(233	)		(157	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		20,000		(130	)		(133	)		3
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		950,000		(8,182	)		—			(8,182	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		250,000		(2,153	)		(1,704	)		(449	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		210,000		(1,809	)		(1,523	)		(286	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		120,000		(1,033	)		(780	)		(253	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		120,000		(1,033	)		(793	)		(240	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		120,000		(1,033	)		(1,567	)		534
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		80,000		(689	)		(1,231	)		542
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		60,000		(517	)		(387	)		(130	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		60,000		(517	)		(392	)		(125	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		JPM		USD		50,000		(431	)		(353	)		(78	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		BOA		USD		30,000		(258	)		(184	)		(74	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		BOA		USD		20,000		(172	)		(136	)		(36	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		JPM		USD		10,000		(86	)		(63	)		(23	)
Credit Suisse (USA), Inc. 6.5% due 1/15/2018 (Pay Quarterly; Receive Semiannually)		(1.00	)%		9/20/2020		GSC		USD		300,000		(2,718	)		6,900			(9,618	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2020		JPM		USD		340,000		(5,436	)		573			(6,009	)

See Notes to Financial Statements.

119

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 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2020		BOA		USD		300,000	$	(4,797	)	$	1,691		$	(6,488	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2020		CITI		USD		270,000		(4,317	)		2,259			(6,576	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2020		JPM		USD		100,000		(1,599	)		805			(2,404	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2020		JPM		USD		90,000		(1,439	)		793			(2,232	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2020		CITI		USD		60,000		(959	)		404			(1,363	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2020		JPM		USD		60,000		(959	)		323			(1,282	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		BOA		USD		460,000		(8,016	)		5,499			(13,515	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		BOA		USD		460,000		(7,918	)		(4,609	)		(3,309	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		CITI		USD		270,000		(4,705	)		1,372			(6,077	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		CITI		USD		160,000		(2,788	)		1,566			(4,354	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		CITI		USD		160,000		(2,788	)		349			(3,137	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		JPM		USD		150,000		(2,614	)		762			(3,376	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		DEUT		USD		130,000		(2,265	)		1,411			(3,676	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		DEUT		USD		110,000		(1,916	)		253			(2,169	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		CITI		USD		90,000		(1,568	)		874			(2,442	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		CITI		USD		80,000		(1,394	)		870			(2,264	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		CITI		USD		70,000		(1,220	)		796			(2,016	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		BOA		USD		60,000		(1,045	)		578			(1,623	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		DEUT		USD		60,000		(1,046	)		714			(1,760	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		CITI		USD		60,000		(1,046	)		577			(1,623	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		JPM		USD		60,000		(1,046	)		216			(1,262	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		DEUT		USD		60,000		(1,046	)		223			(1,269	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		JPM		USD		40,000		(697	)		411			(1,108	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		JPM		USD		40,000		(697	)		87			(784	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		JPM		USD		30,000		(522	)		(252	)		(270	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		CITI		USD		30,000		(523	)		291			(814	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2021		DEUT		USD		410,000		(7,100	)		1,508			(8,608	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2021		JPM		USD		220,000		(3,810	)		846			(4,656	)

See Notes to Financial Statements.

120

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 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2021		DEUT		USD		20,000	$	(346	)	$	131		$	(477	)
Peoples Republic of China, 7.5% due 10/28/27 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2022		GSC		USD		180,000		(3,098	)		(3,428	)		330
Peoples Republic of China, 7.5% due 10/28/27 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2022		GSC		USD		170,000		(2,926	)		(2,226	)		(700	)
Peoples Republic of China, 7.5% due 10/28/27 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2022		GSC		USD		130,000		(2,237	)		(2,276	)		39
												$	(116,734	)	$	3,051		$	(119,785	)

Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swaps on Corporate Issuers—Sell Protection
Berkshire Hathaway, Inc., 1.55% due 02/09/18 (Pay Semiannually; Receive Quarterly)		0.40	%		1.00	%		12/20/2021		ICE		USD		400,000	$	8,137	$	5,258	$	2,879
Berkshire Hathaway, Inc., 1.55% due 02/09/18 (Pay Semiannually; Receive Quarterly)		0.46	%		1.00	%		6/20/2022		ICE		USD		100,000		2,082		1,852		230
															$	10,219	$	7,110	$	3,109

Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap on Credit Indexes — Buy Protection
Dow Jones CDX.NA.HY29 Index (Pay 0; Receive 0)		0.00	%		(5.00	)%		6/20/2023		ICE		USD		5,540,000	$	(331,628	)	$	(423,510	)	$	91,882
															$	(331,628	)	$	(423,510	)	$	91,882

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 Indexes — Sell Protection
Dow Jones CDX.NA.IG30 Index (Pay Quarterly; Receive Quarterly)		0.67	%		(1.00	)%		6/20/2023		CITI		USD		36,560,000	$	561,314	$	600,304		$	(38,990	)
Dow Jones CMBX.NA.AAA.7 Index (Pay Monthly; Receive Monthly)		0.38	%		0.50	%		1/17/2047		GSC		USD		1,700,000		9,766		(75,678	)		85,444
Dow Jones CMBX.NA.AAA.8 Index (Pay Monthly; Receive Monthly)		0.45	%		0.50	%		10/17/2057		GSC		USD		1,700,000		5,334		(102,781	)		108,115
Dow Jones CMBX.NA.AAA.8 Index (Pay Monthly; Receive Monthly)		0.45	%		0.50	%		10/17/2057		DEUT		USD		1,100,000		3,451		(75,584	)		79,035
Dow Jones CMBX.NA.AAA.8 Index (Pay Monthly; Receive Monthly)		0.45	%		0.50	%		10/17/2057		DEUT		USD		600,000		1,882		(41,341	)		43,223
															$	581,747	$	304,920		$	276,827

See Notes to Financial Statements.

121

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swaps on Credit Indexes — Sell Protection
Dow Jones CDX.NA.HY29 Index (Pay Quarterly ; Receive Quarterly )		3.59	%		5.00	%		12/20/2022		ICE		USD		3,900,000	$	233,456		$	242,275		$	(8,819	)
Dow Jones CDX.NA.HY29 Index (Pay 0; Receive 0)		0.67	%		(1.00	)%		6/20/2023		ICE		USD		24,725,000		379,608			479,542			(99,934	)
Dow Jones CDX.NA.HY29 Index (Pay 0; Receive 0)		1.90	%		1.00	%		6/20/2023		ICE		USD		2,850,000		(112,260	)		(73,915	)		(38,345	)
CDX ITraxx Europe.29 (Pay 0; Receive 0)		0.73	%		1.00	%		6/20/2023		ICE		EUR		1,900,000		29,610			35,612			(6,002	)
Dow Jones CDX.NA.HY30 Index (Pay 0; Receive 0)		(0.00	%)		5.00	%		6/20/2023		ICE		USD		2,825,000		(169,106	)		(218,713	)		49,607
															$	361,308		$	464,801		$	(103,493	)

Pay Rate Index/Pay Rate	Receive Rate/Receive Rate Index	Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swaps
2.00% (Semiannually)	3-Month LIBOR (Quarterly)		12/16/2019		CME		USD		3,500,000	$	35,574		$	(26,031	)	$	61,605
MXN-TIIE-Banxico (Monthly)	7.60% (Monthly)		6/17/2020		CME		MXN		20,000,000		(11,897	)		(833	)		(11,064	)
1.25% (Semiannually)	3-Month LIBOR (Quarterly)		6/21/2020		CME		USD		9,500,000		283,851			220,586			63,265
0.10% (Annually)	6-Month EURIBOR (Semiannually)		9/2/2020		LCH		EUR		29,930,000		(45,931	)		(40,558	)		(5,373	)
3-Month CDOR (Semiannually)	2.00% (Semiannually)		9/19/2020		LCH		CAD		6,600,000		(33,399	)		(39,392	)		5,993
3-Month EURIBOR (Quarterly)	0.10% (Annually)		9/19/2020		LCH		EUR		9,370,000		63,482			44,103			19,379
3-Month JIBAR (Quarterly)	7.50% (Quarterly)		9/19/2020		LCH		ZAR		9,300,000		1,471			621			850
0.10% (Annually)	3-Month STIBOR (Quarterly)		9/19/2020		LCH		SEK		76,150,000		(31,699	)		(19,519	)		(12,180	)
1.00% (Semiannually)	6-Month LIBOR (Semiannually)		9/19/2020		LCH		GBP		1,210,000		2,978			1,160			1,818
6-Month NIBOR (Semiannually)	1.60% (Annually)		9/19/2020		LCH		NOK		34,550,000		5,095			6,198			(1,103	)
0.10% (Annually)	6-Month EURIBOR (Semiannually)		10/15/2020		LCH		EUR		1,390,000		(7,351	)		(7,712	)		361
3-Month LIBOR (Quarterly)	2.14% (Semiannually)		11/20/2020		LCH		USD		50,390,000		(742,012	)		(82,440	)		(659,572	)
28-Day Mexico Interbank TIIE (Monthly)	7.35% (Monthly)		4/5/2021		CME		MXN		766,870,000		(649,073	)		(31,259	)		(617,814	)
1.25% (Semiannually)	3-Month LIBOR (Quarterly)		6/21/2021		CME		USD		7,800,000		358,743			233,690			125,053
0.50% (Annually)	3-Month STIBOR (Quarterly)		12/16/2021		LCH		SEK		146,260,000		(31,650	)		86,262			(117,912	)
6-Month EURIBOR (Semiannually)	0.35% (Annually)		12/16/2021		LCH		EUR		18,300,000		51,977			(66,392	)		118,369
3-Month LIBOR (Quarterly)	2.25% (Semiannually)		5/31/2022		CME		USD		13,923,000		(329,835	)		25,855			(355,690	)
6-Month CDOR (Semiannually)	2.03% (Semiannually)		7/18/2022		LCH		CAD		8,190,000		(88,190	)		(24,605	)		(63,585	)
3-Month LIBOR (Quarterly)	2.85% (Semiannually)		8/31/2022		CME		USD		38,640,000		(53,281	)		(11,017	)		(42,264	)
0.50% (Annually)	3-Month STIBOR (Quarterly)		9/19/2022		LCH		SEK		104,800,000		(89,478	)		(23,025	)		(66,453	)
6.75% (Lunar)	MXN-TIIE-Banxico (Lunar)		12/14/2022		CME		MXN		10,000		24			23			1
0.75% (Semiannually)	6-Month LIBOR (Semiannually)		1/9/2023		LCH		JPY		730,000,000		(211,414	)		100,867			(312,281	)
2.55% (Annually)	6-Month WIBOR (Semiannually)		3/21/2023		LCH		PLN		8,600,000		(19,385	)		5,410			(24,795	)
1-Day US Federal Fund Effective Rate (Quarterly)	3-Month LIBOR (Quarterly)		5/15/2023		CME		USD		28,509,000		2,021			(1,020	)		3,041
1-Day US Federal Fund Effective Rate (Quarterly)	3-Month LIBOR (Quarterly)		5/15/2023		CME		USD		24,122,000		2,288			(8,291	)		10,579

See Notes to Financial Statements.

122

Pay Rate Index/Pay Rate	Receive Rate/Receive Rate Index	Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
1-Day US Federal Fund Effective Rate + 0.36% (Quarterly)	3-Month LIBOR (Quarterly)		5/15/2023		CME		USD		16,128,000	$	(1,529	)	$	13,063		$	(14,592	)
1-Day US Federal Fund Effective Rate + 0.36% (Quarterly)	3-Month LIBOR (Quarterly)		5/15/2023		CME		USD		16,128,000		(1,507	)		13,484			(14,991	)
1-Day US Federal Fund Effective Rate + 0.36% (Quarterly)	3-Month LIBOR (Quarterly)		5/15/2023		CME		USD		15,400,000		(1,092	)		12,279			(13,371	)
1-Day US Federal Fund Effective Rate + 0.36% (Quarterly)	3-Month LIBOR (Quarterly)		5/15/2023		CME		USD		4,975,000		(353	)		3,583			(3,936	)
6-Month EURIBOR (Semiannually)	0.75% (Annually)		6/15/2023		LCH		EUR		15,710,000		117,175			9,648			107,527
2.75% (Semiannually)	3-Month BBR-FRA / BBR-Telerate (Quarterly)		9/19/2023		LCH		NZD		2,970,000		(15,989	)		3,016			(19,005	)
2.25% (Semiannually)	3-Month CDOR (Semiannually)		9/19/2023		LCH		CAD		350,000		2,959			2,716			243
3-Month LIBOR (Quarterly)	2.25% (Semiannually)		9/19/2023		LCH		USD		13,650,000		(417,251	)		(456,140	)		38,889
3-Month LIBOR (Quarterly)	1-Day US Federal Fund Effective Rate + 0.36% (Quarterly)		9/19/2023		CME		USD		52,631,000		52,188			—			52,188
0.75% (Annually)	3-Month STIBOR (Quarterly)		9/19/2023		LCH		SEK		139,100,000		(196,920	)		(103,076	)		(93,844	)
6-Month EURIBOR (Semiannually)	0.50% (Annually)		9/19/2023		LCH		EUR		15,270,000		162,872			45,647			117,225
1.25% (Semiannually)	6-Month LIBOR (Semiannually)		9/19/2023		LCH		GBP		10,410,000		64,301			71,003			(6,702	)
2.28% (Semiannually)	3-Month LIBOR (Quarterly)		11/20/2023		LCH		USD		21,970,000		660,872			48,177			612,695
6-Month LIBOR (Semiannually)	1.20% (Semiannually)		11/21/2023		LCH		GBP		8,940,000		(99,203	)		(131,723	)		32,520
2.88% (Semiannually)	3-Month LIBOR (Quarterly)		2/28/2025		LCH		USD		10,770,000		5,962			60,021			(54,059	)
2.50% (Semiannually)	3-Month LIBOR (Quarterly)		12/16/2025		LCH		USD		1,500,000		40,065			(20,888	)		60,953
1.75% (Semiannually)	3-Month LIBOR (Quarterly)		12/21/2026		LCH		USD		4,800,000		421,033			273,340			147,693
1.75% (Semiannually)	3-Month LIBOR (Quarterly)		12/21/2026		CME		USD		400,000		35,086			23,697			11,389
1.50% (Semiannually)	3-Month LIBOR (Quarterly)		6/21/2027		CME		USD		4,600,000		518,868			310,356			208,512
2.00% (Annually)	3-Month STIBOR (Quarterly)		11/2/2027		LCH		SEK		13,780,000		(16,545	)		1,258			(17,803	)
2.50% (Semiannually)	3-Month LIBOR (Quarterly)		12/20/2027		CME		USD		2,200,000		76,886			49,008			27,878
2.25% (Semiannually)	3-Month LIBOR (Quarterly)		6/20/2028		LCH		USD		51,000,000		3,022,030			3,014,782			7,248
2.25% (Semiannually)	3-Month LIBOR (Quarterly)		6/20/2028		CME		USD		41,700,000		2,470,954			2,813,960			(343,006	)
3.25% (Semiannually)	3-Month BBR-FRA / BBR-Telerate (Quarterly)		9/19/2028		LCH		NZD		2,390,000		(27,486	)		789			(28,275	)
3-Month CDOR (Semiannually)	2.25% (Semiannually)		9/19/2028		LCH		CAD		1,610,000		(36,524	)		(44,328	)		7,804
3-Month LIBOR (Quarterly)	2.50% (Semiannually)		9/19/2028		LCH		USD		180,000		(6,988	)		(8,878	)		1,890
1.25% (Annually)	3-Month STIBOR (Quarterly)		9/19/2028		LCH		SEK		9,090,000		(5,753	)		10,114			(15,867	)
6-Month ASX Australian Bank Bill Short Term Rates Mid (Semiannually)	2.75% (Semiannually)		9/19/2028		LCH		AUD		2,180,000		(12,377	)		(37,275	)		24,898
1.50% (Semiannually)	6-Month LIBOR (Semiannually)		9/19/2028		LCH		GBP		14,200,000		83,665			310,155			(226,490	)
1.40% (Semiannually)	6-Month LIBOR (Semiannually)		11/21/2028		LCH		GBP		5,420,000		112,310			139,953			(27,643	)
2.05% (Semiannually)	6-Month LIBOR (Semiannually)		2/1/2037		LCH		GBP		3,300,000		(89,773	)		(57,850	)		(31,923	)
2.04% (Semiannually)	6-Month LIBOR (Semiannually)		2/1/2037		LCH		GBP		2,100,000		(54,803	)		(29,953	)		(24,850	)
6-Month EURIBOR (Semiannually)	2.05% (Annually)		2/3/2037		LCH		EUR		5,600,000		43,141			26,857			16,284

See Notes to Financial Statements.

123

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Pay Rate Index/Pay Rate	Receive Rate/Receive Rate Index	Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
1.75% (Semiannually)	6-Month LIBOR (Semiannually)		12/14/2037		LCH		GBP		3,660,000	$	16,213		$	12,131		$	4,082
1.50% (Annually)	6-Month EURIBOR (Semiannually)		9/19/2038		LCH		EUR		3,030,000		(59,731	)		1,630			(61,361	)
2.95% (Semiannually)	3-Month LIBOR (Quarterly)		11/15/2043		CME		USD		6,522,000		40,990			(42,648	)		83,638
2.75% (Semiannually)	3-Month LIBOR (Quarterly)		12/16/2045		CME		USD		8,200,000		292,011			(76,299	)		368,310
2.50% (Semiannually)	3-Month LIBOR (Quarterly)		6/15/2046		CME		USD		4,700,000		403,148			(59,355	)		462,503
2.25% (Semiannually)	3-Month LIBOR (Quarterly)		12/21/2046		CME		USD		600,000		82,224			58,844			23,380
2.75% (Semiannually)	3-Month LIBOR (Quarterly)		12/20/2047		CME		USD		3,200,000		115,354			(116,555	)		231,909
2.54% (Semiannually)	3-Month LIBOR (Quarterly)		3/23/2048		CME		USD		500,000		36,682			—			36,682
3-Month LIBOR (Quarterly)	3.00% (Semiannually)		6/15/2048		LCH		USD		8,510,000		81,055			3,155			77,900
2.54% (Semiannually)	6-Month CDOR
	(Semiannually)		7/18/2048		LCH		CAD		1,200,000		15,497			4,536			10,961
1.50% (Annually)	6-Month EURIBOR (Semiannually)		9/19/2048		LCH		EUR		780,000		(8,113	)		12,866			(20,979	)
1.00% (Semiannually)	6-Month LIBOR (Semiannually)		9/19/2048		LCH		JPY		189,610,000		(71,669	)		(58,931	)		(12,738	)
										$	6,312,844		$	6,448,850		$	(136,006	)
Total Swap agreements outstanding at June 30, 2018										$	6,817,756		$	6,805,222		$	12,534

See Notes to Financial Statements.

124

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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	$	11,934,294	$	—	$	11,934,294	$	—
Asset-Backed Securities		113,810,507		—		112,952,676		857,831
Certificates of Deposit		299,834		—		299,834		—
Commercial Paper		38,001,242		—		38,001,242		—
Corporate Bonds		275,474,002		—		275,474,002		—
Foreign Bonds:
Argentina		5,436,412		—		5,436,412		—
Australia		3,928,434		—		3,928,434		—
Bermuda		343,870		—		343,870		—
Brazil		5,294,823		—		5,294,823		—
Canada		5,263,783		—		5,263,783		—
Chile		744,295		—		744,295		—
China		1,225,596		—		1,225,596		—
Colombia		1,196,784		—		1,196,784		—
Dominican Republic		63,813		—		63,813		—
Ecuador		790,685		—		790,685		—
Egypt		389,500		—		389,500		—
Finland		244,107		—		244,107		—
France		5,960,540		—		5,960,540		—
Germany		13,606,465		—		13,606,465		—
Hong Kong		199,987		—		199,987		—
India		535,265		—		535,265		—
Indonesia		2,785,636		—		2,785,636		—
Ireland		6,551,990		—		6,551,990		—
Israel		2,146,515		—		2,146,515		—
Italy		4,356,794		—		4,356,794		—
Jamaica		250,500		—		250,500		—
Japan		4,335,077		—		4,335,077		—
Jersey		234,671		—		234,671		—
Jordan		1,195,431		—		1,195,431		—
Kazakhstan		201,128		—		201,128		—
Kenya		390,518		—		390,518		—
Kuwait		1,453,227		—		1,453,227		—
Luxembourg		479,961		—		479,961		—
Mexico		9,194,043		—		9,194,043		—
Morocco & Antilles		429,560		—		429,560		—
Netherlands		16,154,648		—		16,154,648		—
Nigeria		423,188		—		423,188		—
Norway		1,107,939		—		1,107,939		—
Peru		384,037		—		384,037		—
Poland		1,200,196		—		1,200,196		—
Russia		5,299,091		—		5,299,091		—
Saudi Arabia		3,643,768		—		3,643,768		—

See Notes to Financial Statements.

125

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
Singapore	$	169,742		$	—		$	169,742		$	—
South Africa		770,071			—			770,071			—
South Korea		943,931			—			943,931			—
Spain		2,196,871			—			2,196,871			—
Supranational		10,605,846			—			10,605,846			—
Sweden		1,798,648			—			1,798,648			—
Switzerland		11,244,452			—			11,244,452			—
Turkey		1,199,645			—			1,199,645			—
United Arab Emirates		1,051,619			—			1,051,619			—
United Kingdom		30,876,013			—			30,876,013			—
Loan Agreements		18,796,396			—			18,796,396			—
Money Market Funds		132,976,901			132,976,901			—			—
Mortgage-Backed Securities		600,204,945			—			598,455,609			1,749,336
Municipal Bonds		9,383,079			—			9,383,079			—
Preferred Stock		183,548			183,548			—			—
Purchased Options:
Call Options		476,023			369,566			106,457			—
Call Swaptions		979,750			—			979,750			—
Put Options		133,825			53,143			80,682			—
Put Swaptions		1,493,915			—			1,493,915			—
Repurchase Agreements		285,800,000			—			285,800,000			—
U.S. Treasury Obligations		372,369,138			—			372,369,138			—
Total Assets — Investments in Securities	$	2,030,616,514		$	133,583,158		$	1,894,426,189		$	2,607,167
Other Financial Instruments***
Forward Foreign Currency Contracts	$	2,120,777		$	—		$	2,120,777		$	—
Futures Contracts		8,568,370			8,568,370			—			—
Swap Agreements		11,015,685			—			11,015,685			—
Total Assets — Other Financial Instruments	$	21,704,832		$	8,568,370		$	13,136,462		$	—
Liabilities:
Investments in Securities:
TBA Sale Commitments	$	(7,128,555	)	$	—		$	(7,128,555	)	$	—
Written Options:
Call Options		(536,360	)		(491,426	)		(44,934	)		—
Call Swaptions		(1,282,312	)		—			(1,282,312	)		—
Put Options		(44,262	)		(8,582	)		(35,680	)		—
Put Swaptions		(2,357,046	)		—			(2,357,046	)		—
Total Liabilities — Investments in Securities	$	(11,348,535	)	$	(500,008	)	$	(10,848,527	)	$	—

See Notes to Financial Statements.

126

							Level 2			Level 3
	Total			Level 1			Other Significant			Significant
	Value			Quoted Prices			Observable Inputs			Unobservable Inputs
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(2,122,925	)	$	—		$	(2,122,925	)	$	—
Futures Contracts		(2,648,802	)		(2,648,802	)		—			—
Swap Agreements		(4,197,929	)		—			(4,197,929	)		—
Total Liabilities — Other Financial Instruments	$	(8,969,656	)	$	(2,648,802	)	$	(6,320,854	)	$	—

*** Other financial instruments are derivative instruments, such as futures contracts and forwards contracts, which are valued at the unrealized appreciation (depreciation) on the investment and swap contracts, which are valued at the market value of the investment for this fund. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding”, “Forwards Foreign Currency Contracts outstanding” and “Swap agreements outstanding” disclosures.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

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

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 year ended June 30, 2018.

See Notes to Financial Statements.

127

EXTENDED-DURATION BOND FUND
SCHEDULE OF INVESTMENTS	June 30, 2018 (Unaudited)

	Par		Value
ASSET-BACKED SECURITY — 0.3%
Towd Point Mortgage Trust, Series 2016-4, Class A1
2.25%, 07/25/56 144A
(Cost $622,164)	$	630,001	$	616,251
CORPORATE BONDS — 32.4%
21st Century Fox America, Inc.
4.75%, 09/15/44		623,000		632,464
AbbVie, Inc.
4.70%, 05/14/45		558,000		554,053
AES Corporation
4.88%, 05/15/23		145,000		145,362
Aflac, Inc.
6.45%, 08/15/40		328,000		403,921
Allison Transmission, Inc.
4.75%, 10/01/27 144A		85,000		79,475
Ally Financial, Inc.
8.00%, 11/01/31		177,000		211,515
Alta Wind Holdings LLC
7.00%, 06/30/35 144A		392,294		422,746
American Airlines Pass Through Trust, Series 2016-1, Class B
5.25%, 01/15/24		609,458		622,732
American Airlines Pass Through Trust, Series 2017-1, Class B
4.95%, 02/15/25		126,056		128,062
American International Group, Inc.
3.90%, 04/01/26D		1,800,000		1,744,879
Anadarko Holding Co.
7.15%, 05/15/28		250,000		285,681
Antero Resources Corporation
5.38%, 11/01/21		125,000		127,031
5.13%, 12/01/22D		35,000		35,263
Apple, Inc.
4.38%, 05/13/45		676,000		697,563
3.85%, 08/04/46		367,000		347,025
4.25%, 02/09/47		242,000		246,054
AT&T, Inc.
4.30%, 02/15/30 144A		2,000,000		1,892,053
4.50%, 05/15/35		529,000		490,705
4.30%, 12/15/42		1,242,000		1,059,269
4.75%, 05/15/46		1,153,000		1,033,730
AXA Equitable Holdings, Inc.
5.00%, 04/20/48 144A		1,328,000		1,229,790
Bank of America Corporation
3.50%, 04/19/26		964,000		933,390
6.11%, 01/29/37		900,000		1,036,832
Bank of America NA
6.00%, 10/15/36D		1,315,000		1,553,897
Booking Holdings, Inc.
0.90%, 09/15/21 CONVD		110,000		131,693
Bruce Mansfield Unit 1 2007 Pass-Through Trust
6.85%, 06/01/34#		840,138		424,269
Burlington Northern Santa Fe LLC
4.15%, 04/01/45		879,000		859,163
CB Escrow Corporation
8.00%, 10/15/25 144AD		170,000		159,375

	Par		Value
CenturyLink, Inc.
6.88%, 01/15/28D	$	65,000	$	60,125
7.65%, 03/15/42		295,000		246,325
Chesapeake Energy Corporation
6.63%, 08/15/20		25,000		25,813
6.88%, 11/15/20		15,000		15,563
4.88%, 04/15/22D		70,000		67,550
5.75%, 03/15/23D		20,000		19,000
Citigroup, Inc.
8.13%, 07/15/39		858,000		1,210,440
(Variable, ICE LIBOR USD 3M + 1.84%), 4.28%, 04/24/48D^		533,000		506,131
Continental Airlines Pass Through Trust, Series 1999-2, Class B
7.57%, 03/15/20		45		48
Continental Resources, Inc.
4.50%, 04/15/23		40,000		40,633
3.80%, 06/01/24		125,000		122,102
Cox Communications, Inc.
4.60%, 08/15/47 144A		255,000		233,926
CSC Holdings LLC
5.38%, 02/01/28 144A		200,000		185,500
Cummins, Inc.
5.65%, 03/01/98		1,620,000		1,751,876
CVS Health Corporation
5.13%, 07/20/45		240,000		244,074
DCP Midstream Operating LP
6.45%, 11/03/36 144A		490,000		517,562
Dell International LLC
6.02%, 06/15/26 144A		140,000		147,281
8.10%, 07/15/36 144A		180,000		211,876
8.35%, 07/15/46 144A		130,000		157,034
Dillard’s, Inc.
7.00%, 12/01/28		500,000		542,523
DISH Network Corporation
2.38%, 03/15/24 CONV		1,080,000		955,107
Dow Chemical Co.
9.40%, 05/15/39		374,000		575,722
Dynegy, Inc.
8.13%, 01/30/26 144A		80,000		87,200
Enable Midstream Partners LP
5.00%, 05/15/44D		445,000		395,528
Enbridge Energy Partners LP
7.38%, 10/15/45		305,000		389,346
Energy Transfer Partners LP
5.15%, 03/15/45		770,000		688,681
Enterprise Products Operating LLC
5.10%, 02/15/45		595,000		614,790
EQT Corporation
3.90%, 10/01/27D		1,800,000		1,681,829
Foot Locker, Inc.
8.50%, 01/15/22		445,000		510,637
Ford Motor Co.
6.63%, 10/01/28		680,000		764,075
6.38%, 02/01/29		1,255,000		1,369,298
Freeport-McMoRan, Inc.
3.55%, 03/01/22		25,000		23,813

See Notes to Financial Statements.

128

	Par		Value
5.45%, 03/15/43	$	55,000	$	48,521
General Electric Co.
5.88%, 01/14/38		150,000		170,517
General Motors Co.
5.20%, 04/01/45		1,085,000		999,504
General Motors Financial Co., Inc.
3.45%, 04/10/22		130,000		127,853
5.25%, 03/01/26		250,000		259,454
Goldman Sachs Group, Inc.
3.50%, 11/16/26		2,755,000		2,598,583
6.75%, 10/01/37		500,000		594,442
Goodyear Tire & Rubber Co.
4.88%, 03/15/27D		355,000		325,272
HCA, Inc.
7.05%, 12/01/27		500,000		518,750
Hewlett Packard Enterprise Co.
6.35%, 10/15/45		135,000		133,792
iStar, Inc. REIT
3.13%, 09/15/22 144A CONV		75,000		73,119
Jefferies Group LLC
6.45%, 06/08/27		50,000		54,042
6.25%, 01/15/36		185,000		190,168
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		385,000		262,176
5.60%, 07/15/41		1,813,000		2,048,693
KB Home
1.38%, 02/01/19 CONV		80,000		87,074
Kinder Morgan Energy Partners LP
5.80%, 03/15/35		280,000		286,888
Kindred Healthcare, Inc.
8.75%, 01/15/23		70,000		74,594
Liberty Mutual Group, Inc.
6.50%, 03/15/35 144A		1,400,000		1,676,584
Lockheed Martin Corporation
4.70%, 05/15/46		903,000		963,786
Macy’s Retail Holdings, Inc.
6.38%, 03/15/37		124,000		125,154
Marathon Petroleum Corporation
3.63%, 09/15/24		1,500,000		1,466,971
Masco Corporation
7.75%, 08/01/29		129,000		156,594
6.50%, 08/15/32		15,000		16,792
McDonald’s Corporation
4.88%, 12/09/45		625,000		658,685
MetLife, Inc.
6.40%, 12/15/36D		310,000		329,375
5.88%, 02/06/41		300,000		351,778
Microchip Technology, Inc.
1.63%, 02/15/25 CONV		85,000		148,522
Microsoft Corporation
4.45%, 11/03/45		595,000		642,134
3.70%, 08/08/46		594,000		579,154
Morgan Stanley
4.75%, 11/16/18(A)		295,000		220,142
3.13%, 08/05/21(C)		235,000		179,734
4.30%, 01/27/45		1,092,000		1,035,607
MPLX LP
4.50%, 04/15/38		809,000		749,611

	Par		Value
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A	$	100,000	$	123,773
Navient Corporation
5.88%, 10/25/24D		30,000		29,138
6.75%, 06/15/26		120,000		117,564
5.63%, 08/01/33		1,460,000		1,241,000
New Albertsons LP
6.63%, 06/01/28		35,000		27,125
7.45%, 08/01/29		65,000		52,975
8.70%, 05/01/30		200,000		175,500
8.00%, 05/01/31D		370,000		305,250
Newell Brands, Inc.
5.38%, 04/01/36		417,000		415,746
5.50%, 04/01/46		483,000		471,767
NGL Energy Partners LP
6.88%, 10/15/21		15,000		15,244
7.50%, 11/01/23		100,000		101,375
6.13%, 03/01/25		220,000		209,000
Noble Energy, Inc.
5.05%, 11/15/44D		600,000		601,801
Nuance Communications, Inc.
1.25%, 04/01/25 CONV		60,000		56,707
1.00%, 12/15/35 CONV		85,000		76,500
Old Republic International Corporation
4.88%, 10/01/24		230,000		238,756
ON Semiconductor Corporation
1.00%, 12/01/20 CONV		85,000		112,037
ONEOK Partners LP
6.20%, 09/15/43		5,000		5,632
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		1,750,000		2,352,024
Prudential Financial, Inc.
6.63%, 06/21/40		548,000		689,437
PulteGroup, Inc.
6.38%, 05/15/33		1,000,000		1,005,000
Quicken Loans, Inc.
5.75%, 05/01/25 144AD		60,000		59,027
5.25%, 01/15/28 144A		65,000		60,193
Qwest Corporation
7.25%, 09/15/25		490,000		524,311
6.88%, 09/15/33		1,918,000		1,803,215
Rockwell Collins, Inc.
4.35%, 04/15/47		236,000		226,306
RPM International, Inc.
2.25%, 12/15/20 CONV		22,000		26,821
Sempra Energy
6.00%, 10/15/39		991,000		1,178,420
Sherwin-Williams Co.
4.50%, 06/01/47D		646,000		618,995
SM Energy Co.
1.50%, 07/01/21 CONV		80,000		82,815
5.00%, 01/15/24D		15,000		14,269
Southern Co.
4.40%, 07/01/46D		1,356,000		1,329,095
Springleaf Finance Corporation
6.88%, 03/15/25		170,000		169,150

See Notes to Financial Statements.

129

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Sprint Capital Corporation
6.88%, 11/15/28	$	1,025,000	$	984,000
8.75%, 03/15/32		20,000		21,450
Sprint Communications, Inc.
6.00%, 11/15/22		40,000		39,750
Sprint Corporation
7.13%, 06/15/24		15,000		15,181
Tenet Healthcare Corporation
5.13%, 05/01/25 144AD		310,000		295,856
Textron, Inc.
6.63%, 04/07/20(U)		160,000		228,406
Time Warner Cable LLC
5.50%, 09/01/41		25,000		23,333
4.50%, 09/15/42		45,000		37,100
Toro Co.
6.63%, 05/01/37		300,000		355,015
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26		455,000		552,226
Transocean, Inc.
5.80%, 10/15/22D		205,000		203,975
6.80%, 03/15/38		20,000		16,350
Tyson Foods, Inc.
4.55%, 06/02/47		357,000		343,232
United Airlines Pass-Through Trust, Series 2014-1, Class A
4.00%, 04/11/26D		95,784		96,262
United Rentals North America, Inc.
4.88%, 01/15/28		30,000		27,854
United States Steel Corporation
6.65%, 06/01/37D		95,000		87,162
Unum Group
5.75%, 08/15/42		800,000		853,429
US Airways Pass-Through Trust, Series 2012-1, Class A
5.90%, 10/01/24		318,013		341,056
Verizon Communications, Inc.
4.27%, 01/15/36		1,700,000		1,572,964
5.25%, 03/16/37		999,000		1,029,044
5.50%, 03/16/47		1,000,000		1,051,728
Visa, Inc.
4.30%, 12/14/45		700,000		729,126
Walmart, Inc.
3.63%, 12/15/47		261,000		243,617
Wand Merger Corporation
9.13%, 07/15/26 144A		175,000		177,187
Wells Fargo & Co.
3.90%, 05/01/45D		328,000		299,462
WestRock MWV LLC
7.55%, 03/01/47		515,000		670,191
Weyerhaeuser Co. REIT
6.88%, 12/15/33		580,000		710,207
Windstream Services LLC
7.75%, 10/15/20D		25,000		22,563
7.50%, 04/01/23		5,000		3,400
8.75%, 12/15/24 144AD		14,000		8,925
Total Corporate Bonds (Cost $72,042,237)				75,559,484

	Par		Value
FOREIGN BONDS — 11.3%
Australia — 0.3%
Barrick PD Australia Finance Proprietary, Ltd.
5.95%, 10/15/39	$	571,000	$	639,358
New South Wales Treasury Corporation
3.50%, 03/20/19(A)		60,000		44,890
				684,248
Brazil — 0.3%
Brazilian Government International Bond
10.25%, 01/10/28(B)		2,525,000		672,328
Canada — 3.6%
Bombardier, Inc.
6.00%, 10/15/22 144AD		515,000		515,489
Canadian Government Bond Residual STRIP
3.47%, 06/01/25(C)W		3,685,000		2,425,502
Enbridge, Inc.
5.50%, 12/01/46		549,000		588,227
MEG Energy Corporation
7.00%, 03/31/24 144AD		340,000		318,750
Province of Ontario Generic Residual STRIP
2.90%, 03/08/29(C)W		4,600,000		2,543,095
Province of Saskatchewan Residual STRIP
3.49%, 02/04/22(C)W		3,000,000		2,092,914
				8,483,977
Ireland — 0.1%
Johnson Controls International PLC
4.50%, 02/15/47		160,000		153,342
Italy — 0.3%
Telecom Italia Capital SA
6.00%, 09/30/34D		785,000		752,030
Luxembourg — 0.6%
ArcelorMittal
7.00%, 10/15/39		215,000		247,938
6.75%, 03/01/41		975,000		1,105,572
				1,353,510
Mexico — 1.3%
America Movil SAB de CV
6.45%, 12/05/22(M)		2,600,000		120,986
8.46%, 12/18/36(M)		12,000,000		531,717
Mexican Bonos
8.00%, 12/07/23(M)		21,300,000		1,088,710
10.00%, 12/05/24(M)		3,500,000		198,079
7.50%, 06/03/27(M)		3,500,000		175,306
8.50%, 05/31/29(M)		500,000		26,877
7.75%, 05/29/31(M)		1,000,000		50,896
Petroleos Mexicanos
6.50%, 03/13/27		181,000		185,827
6.35%, 02/12/48 144A		689,000		625,268
				3,003,666

See Notes to Financial Statements.

130

	Par		Value
Netherlands — 1.2%
Cooperatieve Rabobank UA
3.75%, 07/21/26	$	493,000	$	462,303
5.25%, 05/24/41		632,000		709,482
Embraer Netherlands Finance BV
5.40%, 02/01/27		80,000		82,872
Enel Finance International NV
6.00%, 10/07/39 144A		500,000		557,411
Petrobras Global Finance BV
5.63%, 05/20/43D		120,000		98,055
Shell International Finance BV
4.00%, 05/10/46		1,060,000		1,029,156
				2,939,279
New Zealand — 0.3%
New Zealand Government Bond
5.00%, 03/15/19(Z)		945,000		654,571
Norway — 0.0%
Norway Government Bond
4.50%, 05/22/19(K) 144A		265,000		33,622
3.75%, 05/25/21(K) 144A		196,000		25,877
				59,499
Saudi Arabia — 0.2%
Saudi Government International Bond
4.50%, 10/26/46 144A		520,000		481,298
Spain — 0.3%
Telefonica Emisiones SA Unipersonal
7.05%, 06/20/36		524,000		631,590
Switzerland — 0.5%
Credit Suisse Group AG
(Variable, ICE LIBOR USD 3M + 1.41%), 3.87%, 01/12/29 144A^		1,188,000		1,119,299
United Kingdom — 2.3%
Barclays PLC
4.38%, 01/12/26		865,000		842,256
HSBC Holdings PLC
(Variable, ICE LIBOR USD 3M + 1.53%), 4.58%, 06/19/29^		645,000		652,249
Lloyds Banking Group PLC
4.34%, 01/09/48		1,056,000		909,738
Royal Bank of Scotland Group PLC
3.88%, 09/12/23		1,761,000		1,712,661
Vodafone Group PLC
(Floating, ICE LIBOR USD 3M + 0.99%), 3.29%, 01/16/24†		1,197,000		1,192,363
				5,309,267
Total Foreign Bonds (Cost $28,219,043)				26,297,904
MORTGAGE-BACKED SECURITIES — 6.4%
Federal National Mortgage Association
4.50%, 12/01/47		1,156,492		1,207,590
3.50%, 01/01/48		8,000,394		7,978,244

	Par		Value
JP Morgan Mortgage Trust, Series 2017-1, Class A4
3.50%, 01/25/47 144A	$	2,715,519	$	2,704,214
JP Morgan Trust, Series 2015-6, Class A5
3.50%, 10/25/45 144A†g		3,133,165		3,123,619
Total Mortgage-Backed Securities (Cost $15,282,342)				15,013,667
MUNICIPAL BOND — 0.1%
State of Illinois, General Obligation
5.10%, 06/01/33
(Cost $188,083)		235,000		222,767
U.S. TREASURY OBLIGATIONS — 47.5%
U.S. Treasury Bills
1.69%, 07/05/18W		1,125,000		1,124,845
1.68%, 07/12/18WD		705,000		704,673
				1,829,518
U.S. Treasury Bonds
5.00%, 05/15/37		215,000		280,793
4.63%, 02/15/40		13,476,000		17,108,995
2.88%, 05/15/43		3,629,000		3,566,768
2.50%, 05/15/46		5,000,000		4,543,557
2.75%, 08/15/47		15,577,000		14,868,130
2.75%, 11/15/47		2,068,300		1,974,055
				42,342,298
U.S. Treasury Notes
0.75%, 08/31/18		905,000		903,323
1.25%, 10/31/19		4,875,000		4,799,303
1.75%, 11/30/19		19,430,000		19,236,837
2.00%, 01/31/20		2,000,000		1,985,195
2.25%, 03/31/20		5,000,000		4,977,930
2.00%, 11/30/22		27,892,000		27,073,760
2.63%, 02/28/23		1,000,000		996,094
2.25%, 02/15/27		1,610,000		1,536,638
2.25%, 11/15/27		3,400,000		3,232,591
2.75%, 02/15/28		1,800,000		1,784,918
				66,526,589
Total U.S. Treasury Obligations (Cost $113,030,219)				110,698,405
	Shares
COMMON STOCK — 0.0%
Industrials — 0.0%
Arconic, Inc.
(Cost $80,543)		2,606		44,328
PREFERRED STOCKS — 0.1%
Chesapeake Energy Corporation
5.00%, 04/30/18 CONV		620		37,510
5.75%, 04/30/18 144A CONV		80		48,920
El Paso Energy Capital Trust I
4.75%, 06/14/18 CONV		5,350		248,989
Total Preferred Stocks (Cost $354,717)				335,419

See Notes to Financial Statements.

131

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
MONEY MARKET FUNDS — 2.1%
GuideStone Money Market Fund (Investor Class)¥		3,820,844	$	3,820,844
Northern Institutional Liquid Assets Portfolio§		961,793		961,793
Northern Institutional U.S. Government Portfolio, 1.72%		188,667		188,667
Total Money Market Funds (Cost $4,971,304)				4,971,304
TOTAL INVESTMENTS — 100.2% (Cost $234,790,652)				233,759,529
Liabilities in Excess of Other Assets — (0.2)%				(565,989	)
NET ASSETS — 100.0%			$	233,193,540

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Treasury Obligations		47.5
Corporate Bonds		32.4
Foreign Bonds		11.3
Mortgage-Backed Securities		6.4
Money Market Funds		2.1
Asset-Backed Security		0.3
Preferred Stocks		0.1
Municipal Bond		0.1
Common Stock		—	**
		100.2

** Rounds to less than 0.05%

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Asset-Backed Security	$	616,251	$	—	$	616,251	$	—
Common Stock		44,328		44,328		—		—
Corporate Bonds		75,559,484		—		75,559,484		—
Foreign Bonds		26,297,904		—		26,297,904		—
Money Market Funds		4,971,304		4,971,304		—		—
Mortgage-Backed Securities		15,013,667		—		15,013,667		—
Municipal Bond		222,767		—		222,767		—
Preferred Stocks		335,419		—		335,419		—
U.S. Treasury Obligations		110,698,405		—		110,698,405		—
Total Assets - Investments in Securities	$	233,759,529	$	5,015,632	$	228,743,897	$	—

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

132

GLOBAL BOND FUND
SCHEDULE OF INVESTMENTS	June 30, 2018 (Unaudited)

	Par		Value
ASSET-BACKED SECURITIES — 1.1%
Bravo Mortgage Asset Trust, Series 2006-1A, Class M1
(Floating, ICE LIBOR USD 1M + 0.40%, 0.40% Floor), 2.49%, 07/25/36 144A†	$	880,000	$	817,890
Hertz Vehicle Financing II LP, Series 2016-3A, Class B
3.11%, 07/25/20 144A		309,000		307,932
Hertz Vehicle Financing II LP, Series 2017-1A, Class B
3.56%, 10/25/21 144A		610,000		605,367
PFCA Home Equity Investment Trust, Series 2003-IFC5, Class A
4.22%, 01/22/35 144A† g		1,130,928		1,143,210
SLM Student Loan Trust, Series 2003-4, Class A5E
(Floating, ICE LIBOR USD 3M + 0.75%), 3.09%, 03/15/33 144A†		266,349		266,718
SLM Student Loan Trust, Series 2006-10, Class A6
(Floating, ICE LIBOR USD 3M + 0.15%), 2.51%, 03/25/44†		480,000		464,671
Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HE4, Class 1A
(Floating, ICE LIBOR USD 1M + 0.17%, 0.17% Floor), 2.26%, 07/25/47†		3,039,427		2,350,970
Total Asset-Backed Securities (Cost $5,483,180)				5,956,758
CORPORATE BONDS — 34.0%
Abbott Laboratories
3.75%, 11/30/26		700,000		689,275
Allison Transmission, Inc.
5.00%, 10/01/24 144A		800,000		789,000
4.75%, 10/01/27 144A		210,000		196,350
Ally Financial, Inc.
8.00%, 12/31/18		104,000		106,210
8.00%, 03/15/20		161,000		172,471
5.13%, 09/30/24		920,000		938,400
8.00%, 11/01/31		345,000		412,275
Amazon.com, Inc.
3.88%, 08/22/37		870,000		852,063
American Airlines Pass Through Trust, Series 2013-1, Class B
5.63%, 01/15/21 144A		473,910		483,388
American Airlines Pass Through Trust, Series 2016-1, Class B
5.25%, 01/15/24		1,546,762		1,580,451
Anadarko Petroleum Corporation
3.45%, 07/15/24D		135,000		129,895
4.50%, 07/15/44		215,000		200,963
Andeavor Logistics LP
6.38%, 05/01/24		190,000		203,300
Antero Resources Corporation
5.38%, 11/01/21		365,000		370,931
5.13%, 12/01/22D		475,000		478,562
5.63%, 06/01/23		155,000		157,713

		Par		Value
Apple, Inc.
1.55%, 02/07/20		$	165,000	$	161,950
Ashtead Capital, Inc.
5.63%, 10/01/24 144A			330,000		339,389
4.13%, 08/15/25 144A			274,000		256,875
Avon Products, Inc.
8.95%, 03/15/43			115,000		89,446
Bank of America Corporation
5.49%, 03/15/19			100,000		101,701
(Variable, ICE LIBOR USD 3M + 4.17%), 6.50%, 10/23/24D^	��		490,000		521,237
4.25%, 10/22/26			100,000		98,919
(Variable, ICE LIBOR USD 3M + 1.04%), 3.42%, 12/20/28^			860,000		810,807
6.11%, 01/29/37			1,300,000		1,497,646
Barrick North America Finance LLC
5.75%, 05/01/43			2,440,000		2,731,155
Beacon Roofing Supply, Inc.
4.88%, 11/01/25 144AD			310,000		286,564
Beazer Homes USA, Inc.
7.25%, 02/01/23			3,000		3,083
Berry Petroleum Corporation (Escrow)
6.38%, 09/15/22†††#D			60,000		—
Best Buy Co., Inc.
5.00%, 08/01/18			3,455,000		3,460,590
Blue Cube Spinco LLC
10.00%, 10/15/25			1,525,000		1,780,437
Blue Racer Midstream LLC
6.13%, 11/15/22 144A			200,000		203,000
Booking Holdings, Inc.
0.90%, 09/15/21 CONVD			570,000		682,407
Braskem America Finance Co.
7.13%, 07/22/41			2,290,000		2,576,250
CalAmp Corporation
1.63%, 05/15/20 CONV			65,000		69,420
California Resources Corporation
8.00%, 12/15/22 144AD			1,390,000		1,268,375
Care Capital Properties LP REIT
5.13%, 08/15/26			220,000		210,558
Carrizo Oil & Gas, Inc.
6.25%, 04/15/23D			320,000		325,600
CB Escrow Corporation
8.00%, 10/15/25 144AD			405,000		379,688
CCO Holdings LLC
5.38%, 05/01/25 144A			380,000		368,600
Celgene Corporation
5.00%, 08/15/45			1,120,000		1,100,726
Centene Corporation
4.75%, 05/15/22			550,000		556,187
6.13%, 02/15/24			200,000		211,250
4.75%, 01/15/25			260,000		259,350
CenturyLink, Inc.
5.63%, 04/01/20D			295,000		299,425
6.75%, 12/01/23D			600,000		604,500
5.63%, 04/01/25D			90,000		85,275
7.60%, 09/15/39			810,000		676,350

See Notes to Financial Statements.

133

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
7.65%, 03/15/42	$	260,000	$	217,100
Charter Communications Operating LLC
6.48%, 10/23/45		300,000		317,243
5.75%, 04/01/48		1,000,000		971,508
Chemours Co.
6.63%, 05/15/23		37,000		38,850
Chesapeake Energy Corporation
6.63%, 08/15/20		145,000		149,713
6.88%, 11/15/20		5,000		5,188
6.13%, 02/15/21		665,000		676,637
5.38%, 06/15/21		80,000		78,800
4.88%, 04/15/22D		2,570,000		2,480,050
5.75%, 03/15/23D		870,000		826,500
5.50%, 09/15/26 CONV		40,000		40,751
Cincinnati Bell, Inc.
7.00%, 07/15/24 144AD		355,000		325,713
CIT Group, Inc.
5.00%, 08/15/22		412,000		417,665
5.00%, 08/01/23		670,000		679,447
5.25%, 03/07/25		750,000		757,500
Citigroup, Inc.
5.13%, 11/12/19(Z)		640,000		446,467
3.50%, 05/15/23		1,305,000		1,277,583
(Variable, ICE LIBOR USD 3M + 3.47%), 5.35%, 05/15/23D^		1,180,000		1,166,666
(Variable, ICE LIBOR USD 3M + 3.42%), 6.30%, 05/15/24^		1,330,000		1,351,493
(Variable, ICE LIBOR USD 3M + 3.91%), 5.95%, 05/15/25^		250,000		252,500
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/20D		345,000		344,238
CME Group, Inc.
5.30%, 09/15/43		860,000		1,012,088
Comcast Corporation
5.15%, 03/01/20		170,000		175,515
3.15%, 03/01/26		1,010,000		949,381
ConocoPhillips
6.50%, 02/01/39		20,000		25,622
Consolidated Communications, Inc.
6.50%, 10/01/22D		50,000		46,875
Continental Airlines Pass Through Trust, Series 2007-1, Class A
5.98%, 04/19/22		382,238		405,217
Continental Resources, Inc.
5.00%, 09/15/22		95,000		96,364
4.50%, 04/15/23		525,000		533,304
3.80%, 06/01/24		315,000		307,698
4.90%, 06/01/44		370,000		363,688
Covey Park Energy LLC
7.50%, 05/15/25 144AD		1,360,000		1,394,000
CSC Holdings LLC
5.38%, 02/01/28 144A		265,000		245,788
CTR Partnership LP REIT
5.25%, 06/01/25		600,000		580,500

	Par		Value
Cummins, Inc.
5.65%, 03/01/98	$	860,000	$	930,008
CVS Health Corporation
4.10%, 03/25/25		1,800,000		1,793,074
D.R. Horton, Inc.
4.38%, 09/15/22		1,405,000		1,437,133
DAE Funding LLC
4.50%, 08/01/22 144AD		365,000		354,963
5.00%, 08/01/24 144A		750,000		722,250
DaVita, Inc.
5.00%, 05/01/25		90,000		84,938
Dell International LLC
4.42%, 06/15/21 144A		610,000		619,334
5.88%, 06/15/21 144A		500,000		508,061
7.13%, 06/15/24 144A		290,000		307,498
6.02%, 06/15/26 144A		260,000		273,523
8.10%, 07/15/36 144A		440,000		517,919
8.35%, 07/15/46 144A		240,000		289,909
Delta Air Lines Pass Through Trust, Series 2007-1, Class B
8.02%, 08/10/22		39,193		43,122
Dillard’s, Inc.
7.75%, 07/15/26		890,000		1,003,552
DISH DBS Corporation
5.88%, 07/15/22D		600,000		566,250
5.00%, 03/15/23D		975,000		849,469
5.88%, 11/15/24D		1,370,000		1,164,500
7.75%, 07/01/26		2,020,000		1,777,600
DISH Network Corporation
2.38%, 03/15/24 CONV		1,785,000		1,578,579
DJO Finance LLC
8.13%, 06/15/21 144A		830,000		844,276
El Paso Natural Gas Co. LLC
8.63%, 01/15/22		90,000		103,615
8.38%, 06/15/32		75,000		94,382
Embarq Corporation
8.00%, 06/01/36		995,000		944,006
Enable Midstream Partners LP
5.00%, 05/15/44D		260,000		231,095
Enbridge Energy Partners LP
7.38%, 10/15/45		175,000		223,395
Energy Transfer Partners LP
5.88%, 03/01/22		340,000		359,862
5.00%, 10/01/22		80,000		82,885
EnLink Midstream Partners LP
4.15%, 06/01/25		460,000		425,763
Enterprise Products Operating LLC
(Variable, ICE LIBOR USD 3M + 3.71%), 6.07%, 08/01/66†D		60,000		60,225
EP Energy LLC
9.38%, 05/01/24 144A		110,000		90,750
ERAC USA Finance LLC
7.00%, 10/15/37 144A		1,065,000		1,334,769
Evolent Health, Inc.
2.00%, 12/01/21 CONV		95,000		108,224

See Notes to Financial Statements.

134

	Par		Value
Extraction Oil & Gas, Inc.
5.63%, 02/01/26 144A	$	1,220,000	$	1,169,748
Fidelity & Guaranty Life Holdings, Inc.
5.50%, 05/01/25 144A		600,000		586,500
First Data Corporation
7.00%, 12/01/23 144A		260,000		271,461
5.00%, 01/15/24 144AD		590,000		587,787
FirstEnergy Corporation
7.38%, 11/15/31		185,000		240,319
Ford Motor Co.
6.63%, 10/01/28		850,000		955,093
4.75%, 01/15/43D		350,000		303,540
Ford Motor Credit Co. LLC
4.39%, 01/08/26		3,085,000		3,035,992
Freeport-McMoRan, Inc.
3.55%, 03/01/22		380,000		361,950
5.45%, 03/15/43		2,185,000		1,927,607
Fresenius Medical Care US Finance II, Inc.
5.88%, 01/31/22 144AD		750,000		795,596
Frontier Communications Corporation
11.00%, 09/15/25		295,000		237,387
7.88%, 01/15/27		405,000		237,938
General Electric Co.
3.15%, 09/07/22D		95,000		93,133
6.75%, 03/15/32		30,000		36,713
6.88%, 01/10/39		161,000		204,251
General Motors Co.
5.20%, 04/01/45		210,000		193,452
General Motors Financial Co., Inc.
3.45%, 04/10/22		300,000		295,045
5.25%, 03/01/26		625,000		648,636
Genesis Energy LP
5.63%, 06/15/24		130,000		122,200
GEO Group, Inc. REIT
5.88%, 10/15/24		400,000		396,000
Georgia-Pacific LLC
8.88%, 05/15/31		605,000		885,942
Gilead Sciences, Inc.
4.00%, 09/01/36		940,000		906,211
Global Marine, Inc.
7.00%, 06/01/28		45,000		45,675
Goldman Sachs Capital II
(Variable, ICE LIBOR USD 3M + 0.77%), 4.00%, 08/06/18†		58,000		48,900
Goldman Sachs Group, Inc.
2.90%, 07/19/18		130,000		130,030
6.75%, 10/01/37		355,000		422,054
5.15%, 05/22/45		810,000		807,881
Goodyear Tire & Rubber Co.
5.13%, 11/15/23D		570,000		567,150
4.88%, 03/15/27D		835,000		765,077
7.00%, 03/15/28		690,000		731,400
Hanesbrands, Inc.
4.63%, 05/15/24 144AD		160,000		156,800

	Par		Value
4.88%, 05/15/26 144A	$	783,000	$	759,510
Harris Corporation
5.05%, 04/27/45		870,000		902,991
HCA, Inc.
7.50%, 02/15/22		40,000		43,600
5.88%, 05/01/23		30,000		31,200
5.00%, 03/15/24		50,000		50,125
8.36%, 04/15/24		90,000		101,025
5.38%, 02/01/25		620,000		612,064
7.69%, 06/15/25		275,000		299,750
7.58%, 09/15/25		715,000		775,775
5.25%, 06/15/26		500,000		497,850
4.50%, 02/15/27		450,000		424,687
7.05%, 12/01/27		20,000		20,750
7.50%, 11/06/33		205,000		216,788
7.75%, 07/15/36		120,000		127,200
Hercules LLC
6.50%, 06/30/29		250,000		254,375
Hilton Worldwide Finance LLC
4.63%, 04/01/25D		250,000		244,375
4.88%, 04/01/27		720,000		696,600
International Business Machines Corporation
1.63%, 05/15/20		720,000		703,672
International Lease Finance Corporation
6.25%, 05/15/19		75,000		76,912
4.63%, 04/15/21		300,000		307,158
INVISTA Finance LLC
4.25%, 10/15/19 144A		915,000		918,431
iStar, Inc. REIT
3.13%, 09/15/22 144A CONV		205,000		199,857
J.C. Penney Corporation, Inc.
6.38%, 10/15/36		480,000		272,400
7.63%, 03/01/97		815,000		468,625
Jaguar Holding Co. II
6.38%, 08/01/23 144A		190,000		189,563
Jefferies Finance LLC
7.50%, 04/15/21 144A		275,000		280,500
6.88%, 04/15/22 144A		200,000		200,500
Jefferies Group LLC
6.88%, 04/15/21		270,000		291,163
5.13%, 01/20/23		305,000		317,354
6.45%, 06/08/27		35,000		37,830
6.25%, 01/15/36		1,135,000		1,166,705
6.50%, 01/20/43		510,000		530,444
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		360,000		245,152
(Variable, ICE LIBOR USD 3M + 3.33%), 6.13%, 04/30/24^		260,000		267,475
K Hovnanian Enterprises, Inc.
5.00%, 11/01/21		795,000		727,425
KB Home
1.38%, 02/01/19 CONV		370,000		402,719
Kinder Morgan Energy Partners LP
6.50%, 02/01/37		75,000		81,192

See Notes to Financial Statements.

135

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
6.95%, 01/15/38	$	90,000	$	102,864
Kinder Morgan, Inc.
7.75%, 01/15/32		780,000		954,644
Kraft Heinz Foods Co.
4.88%, 02/15/25 144A		196,000		200,032
5.20%, 07/15/45		830,000		810,339
Lamb Weston Holdings, Inc.
4.63%, 11/01/24 144A		440,000		430,100
4.88%, 11/01/26 144A		1,430,000		1,394,250
Lennar Corporation
4.75%, 11/15/22		315,000		316,181
4.75%, 11/29/27		1,000,000		942,800
Leonardo US Holdings, Inc.
6.25%, 01/15/40 144A		143,000		155,155
Lions Gate Capital Holdings LLC
5.88%, 11/01/24 144A		500,000		508,595
Lockheed Martin Corporation
3.80%, 03/01/45		1,090,000		1,005,136
Magnum Hunter Resources Corporation (Escrow)
0.00%, 12/31/20Y †††		470,000		—
Masco Corporation
7.75%, 08/01/29		117,000		142,027
6.50%, 08/15/32		47,000		52,615
Match Group, Inc.
5.00%, 12/15/27 144A		650,000		606,125
MBIA Insurance Corporation
13.61%, 01/15/33 144A		435,000		224,025
Microchip Technology, Inc.
1.63%, 02/15/25 CONV		280,000		489,250
Midas Intermediate Holdco II LLC
7.88%, 10/01/22 144A		1,015,000		984,550
Morgan Stanley
4.75%, 11/16/18(A)		275,000		205,217
5.75%, 01/25/21		205,000		216,813
3.13%, 08/05/21(C)		535,000		409,183
4.10%, 05/22/23		370,000		371,821
6.25%, 08/09/26		400,000		451,501
4.35%, 09/08/26		940,000		928,752
3.95%, 04/23/27		125,000		119,380
MPH Acquisition Holdings LLC
7.13%, 06/01/24 144A		170,000		174,675
MPLX LP
4.50%, 07/15/23		20,000		20,445
4.88%, 06/01/25		75,000		77,222
MPT Operating Partnership LP REIT
5.25%, 08/01/26		340,000		334,900
5.00%, 10/15/27		1,090,000		1,043,675
Murray Energy Corporation Cash coupon 12.00% or PIK
3.00%, 04/15/24		229,000		229,000
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		1,200,000		1,485,280
Navient Corporation
8.00%, 03/25/20		600,000		634,500
5.88%, 03/25/21		320,000		326,000
5.50%, 01/25/23D		1,720,000		1,696,350

	Par		Value
6.13%, 03/25/24	$	1,480,000	$	1,468,900
5.88%, 10/25/24D		1,100,000		1,068,375
6.75%, 06/15/26		260,000		254,722
Navios Maritime Acquisition Corporation
8.13%, 11/15/21 144A		90,000		74,025
NCL Corporation, Ltd.
4.75%, 12/15/21 144AD		468,000		468,000
New Albertsons LP
7.75%, 06/15/26		410,000		356,700
6.63%, 06/01/28		60,000		46,500
7.45%, 08/01/29		1,415,000		1,153,225
8.70%, 05/01/30		320,000		280,800
8.00%, 05/01/31D		1,310,000		1,080,750
Newell Brands, Inc.
3.85%, 04/01/23		680,000		670,529
4.00%, 12/01/24		445,000		437,048
Newfield Exploration Co.
5.63%, 07/01/24D		955,000		1,011,106
Newmont Mining Corporation
4.88%, 03/15/42D		575,000		576,370
NGL Energy Partners LP
6.88%, 10/15/21		50,000		50,813
7.50%, 11/01/23		785,000		795,794
6.13%, 03/01/25		740,000		703,000
NGPL PipeCo LLC
4.38%, 08/15/22 144A		600,000		596,250
7.77%, 12/15/37 144A		200,000		236,000
Noble Holding International, Ltd.
7.88%, 02/01/26 144A		215,000		221,719
NRG Energy, Inc.
7.25%, 05/15/26		230,000		246,100
NRG REMA LLC
9.68%, 07/02/26		183,957		132,449
Nuance Communications, Inc.
1.25%, 04/01/25 CONVD		155,000		146,492
1.50%, 11/01/35 CONV		5,000		4,830
1.00%, 12/15/35 CONV		1,430,000		1,286,994
Oasis Petroleum, Inc.
6.88%, 03/15/22		313,000		319,169
6.88%, 01/15/23D		95,000		96,781
Old Republic International Corporation
4.88%, 10/01/24		520,000		539,796
ON Semiconductor Corporation
1.00%, 12/01/20 CONV		645,000		850,162
ONEOK Partners LP
4.90%, 03/15/25		60,000		62,037
6.20%, 09/15/43		20,000		22,528
Outfront Media Capital LLC
5.25%, 02/15/22		110,000		111,596
5.88%, 03/15/25		170,000		172,023
Owens Corning
7.00%, 12/01/36		1,043,000		1,211,529
Owens-Brockway Glass Container, Inc.
5.38%, 01/15/25 144A		1,500,000		1,468,125

See Notes to Financial Statements.

136

	Par		Value
Pactiv LLC
8.38%, 04/15/27	$	200,000	$	223,000
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		685,000		920,649
Pride International, Inc.
7.88%, 08/15/40D		270,000		243,675
PulteGroup, Inc.
7.88%, 06/15/32		1,500,000		1,725,000
6.38%, 05/15/33		470,000		472,350
6.00%, 02/15/35		180,000		174,600
QEP Resources, Inc.
5.38%, 10/01/22		315,000		322,088
5.25%, 05/01/23		1,500,000		1,473,750
Quicken Loans, Inc.
5.75%, 05/01/25 144A		1,895,000		1,864,263
5.25%, 01/15/28 144A		140,000		129,647
Qwest Capital Funding, Inc.
6.50%, 11/15/18		225,000		228,026
Qwest Corporation
6.88%, 09/15/33		2,124,000		1,996,887
7.25%, 10/15/35		110,000		107,543
Range Resources Corporation
5.00%, 08/15/22		520,000		517,400
5.00%, 03/15/23		1,450,000		1,410,125
4.88%, 05/15/25D		240,000		226,200
Reliance Holding USA, Inc.
4.50%, 10/19/20 144A		540,000		549,102
Reynolds Group Issuer, Inc.
5.75%, 10/15/20		58,146		58,437
5.13%, 07/15/23 144A		940,000		929,425
Rovi Corporation
0.50%, 03/01/20 CONV		985,000		937,656
RPM International, Inc.
2.25%, 12/15/20 CONVD		47,000		57,299
RSP Permian, Inc.
5.25%, 01/15/25D		910,000		977,977
Sealed Air Corporation
4.88%, 12/01/22 144A		25,000		25,344
ServiceMaster Co. LLC
7.45%, 08/15/27		1,195,000		1,275,662
SM Energy Co.
1.50%, 07/01/21 CONV		235,000		243,269
5.00%, 01/15/24D		40,000		38,050
Southern Copper Corporation
5.25%, 11/08/42		1,210,000		1,201,676
Southwestern Energy Co.
6.70%, 01/23/25D		280,000		275,100
Spectrum Brands, Inc.
5.75%, 07/15/25D		910,000		903,175
Springleaf Finance Corporation
6.13%, 05/15/22D		1,165,000		1,194,125
8.25%, 10/01/23D		55,000		60,500
6.88%, 03/15/25		525,000		522,375
Sprint Capital Corporation
6.88%, 11/15/28		2,865,000		2,750,400
8.75%, 03/15/32		765,000		820,462
Sprint Communications, Inc.
11.50%, 11/15/21		570,000		675,450

	Par		Value
Sprint Corporation
7.88%, 09/15/23	$	680,000	$	706,775
Targa Resources Partners LP
4.25%, 11/15/23		430,000		413,875
6.75%, 03/15/24		1,050,000		1,105,125
5.13%, 02/01/25D		60,000		59,400
5.88%, 04/15/26 144AD		870,000		877,612
5.38%, 02/01/27D		50,000		48,625
Taylor Morrison Communities, Inc.
5.25%, 04/15/21 144A		410,000		410,513
Tenet Healthcare Corporation
7.50%, 01/01/22 144A		400,000		417,500
8.13%, 04/01/22D		20,000		20,985
6.75%, 06/15/23D		285,000		284,644
5.13%, 05/01/25 144AD		950,000		906,656
6.88%, 11/15/31		85,000		77,775
Textron, Inc.
6.63%, 04/07/20(U)		130,000		185,580
Time Warner Cable LLC
8.75%, 02/14/19		190,000		196,369
8.25%, 04/01/19		40,000		41,497
5.50%, 09/01/41		60,000		55,999
4.50%, 09/15/42		105,000		86,567
Time Warner, Inc.
4.00%, 01/15/22		50,000		50,543
TransDigm, Inc.
6.50%, 07/15/24		199,000		202,980
6.50%, 05/15/25		195,000		197,681
Transocean Proteus, Ltd.
6.25%, 12/01/24 144A		1,364,250		1,383,008
Transocean, Inc.
5.80%, 10/15/22D		430,000		427,850
6.80%, 03/15/38D		80,000		65,400
TRI Pointe Group, Inc.
4.38%, 06/15/19D		100,000		101,020
5.88%, 06/15/24		5,000		4,988
TRU Taj LLC
11.00%, 01/22/19 144A†††		195,000		202,021
12.00%, 08/15/21 144A #		154,000		115,885
United Airlines Pass-Through Trust, Series 2007-1
6.64%, 07/02/22		152,574		160,636
United Airlines Pass-Through Trust, Series 2014-1, Class A
4.00%, 04/11/26D		208,227		209,265
United Airlines Pass-Through Trust, Series 2014-2, Class B
4.63%, 09/03/22		68,833		69,048
United Rentals North America, Inc.
5.75%, 11/15/24		540,000		550,800
4.63%, 10/15/25		150,000		143,250
5.50%, 05/15/27		890,000		865,525
4.88%, 01/15/28		445,000		413,160
United States Steel Corporation
6.65%, 06/01/37		760,000		697,300
Uniti Group, Inc. REIT
8.25%, 10/15/23D		170,000		163,200

See Notes to Financial Statements.

137

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
US Airways Pass-Through Trust, Series 2012-1, Class A
5.90%, 10/01/24	$	231,597	$	248,378
US Airways Pass-Through Trust, Series 2012-1, Class B
8.00%, 10/01/19		390,447		410,457
US Airways Pass-Through Trust, Series 2012-2, Class A
4.63%, 06/03/25		185,125		189,537
Valeant Pharmaceuticals International
9.25%, 04/01/26 144A		60,000		62,475
Valvoline, Inc.
4.38%, 08/15/25		650,000		605,312
Vantiv LLC
4.38%, 11/15/25 144A		625,000		598,731
Viking Cruises, Ltd.
5.88%, 09/15/27 144A		130,000		123,175
VOC Escrow, Ltd.
5.00%, 02/15/28 144A		390,000		370,387
Wand Merger Corporation
9.13%, 07/15/26 144A		415,000		420,187
Wells Fargo & Co.
4.48%, 01/16/24		124,000		126,635
(Variable, ICE LIBOR USD 3M + 3.99%), 5.88%, 06/15/25D ^		240,000		247,800
WestRock MWV LLC
8.20%, 01/15/30		145,000		192,113
7.95%, 02/15/31		45,000		59,170
WEX, Inc.
4.75%, 02/01/23 144A		440,000		443,443
Weyerhaeuser Co. REIT
8.50%, 01/15/25		405,000		499,903
6.95%, 10/01/27		55,000		65,524
7.38%, 03/15/32		370,000		471,394
6.88%, 12/15/33		490,000		600,002
Whiting Petroleum Corporation
5.75%, 03/15/21D		420,000		430,277
6.25%, 04/01/23D		980,000		1,006,950
6.63%, 01/15/26 144AD		615,000		634,219
William Lyon Homes, Inc.
7.00%, 08/15/22		20,000		20,425
Williams Cos., Inc.
7.50%, 01/15/31		60,000		71,661
5.75%, 06/24/44		440,000		457,050
Windstream Services LLC
7.75%, 10/15/20D		255,000		230,138
7.50%, 04/01/23		250,000		170,000
8.75%, 12/15/24 144AD		413,000		263,288
WPX Energy, Inc.
8.25%, 08/01/23		430,000		489,125
XPO Logistics, Inc.
6.50%, 06/15/22 144A		20,000		20,525
6.13%, 09/01/23 144A		490,000		504,700
ZF North America Capital, Inc.
4.75%, 04/29/25 144A		550,000		550,722
Total Corporate Bonds (Cost $179,091,266)				184,669,884

	Par		Value
FOREIGN BONDS — 31.6%
Argentina — 1.7%
Argentina POM Politica Monetaria
(Floating, Argentina Central Bank 7D Repo Rate + 0.00%), 40.00%, 06/21/20(ZA) †	$	5,680,000	$	204,036
Argentine Bonos del Tesoro
21.20%, 09/19/18(ZA)		37,563,000		1,257,191
18.20%, 10/03/21(ZA)		91,281,000		2,763,591
Argentine Republic Government International Bond
4.63%, 01/11/23		680,000		600,872
7.50%, 04/22/26		540,000		500,175
7.63%, 04/22/46		950,000		771,400
Pampa Energia SA
7.50%, 01/24/27 144A		1,810,000		1,638,050
Provincia de Buenos Aires
7.88%, 06/15/27 144A		780,000		686,400
YPF SA
8.50%, 03/23/21 144A		980,000		998,620
				9,420,335
Armenia — 0.1%
Armenia International Bond
6.00%, 09/30/20		520,000		533,234
Austria — 0.1%
Suzano Austria GmbH
5.75%, 07/14/26 144A		370,000		375,217
Bermuda — 0.3%
XLIT, Ltd.
6.38%, 11/15/24		585,000		657,925
6.25%, 05/15/27		640,000		732,865
				1,390,790
Brazil — 2.1%
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/21(B)		25,097,000		6,580,280
10.00%, 01/01/27(B)		927,000		218,508
Brazilian Government International Bond
10.25%, 01/10/28(B)		5,250,000		1,397,910
4.63%, 01/13/28		1,000,000		904,250
Itau Unibanco Holding SA
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.98%), 6.13%, 12/12/22 144A ^		1,060,000		992,425
Ultrapar International SA
5.25%, 10/06/26 144A		420,000		391,440
Vale Overseas, Ltd.
6.88%, 11/21/36		592,000		667,598
				11,152,411
Canada — 2.3%
1011778 BC ULC
5.00%, 10/15/25 144A		40,000		38,048

See Notes to Financial Statements.

138

	Par		Value
Baytex Energy Corporation
5.13%, 06/01/21 144A	$	110,000	$	106,975
5.63%, 06/01/24 144A		110,000		103,675
Bombardier, Inc.
6.00%, 10/15/22 144AD		1,200,000		1,201,140
First Quantum Minerals, Ltd.
6.50%, 03/01/24 144A		300,000		290,250
7.50%, 04/01/25 144A		650,000		643,922
6.88%, 03/01/26 144AD		200,000		192,000
Hudbay Minerals, Inc.
7.25%, 01/15/23 144A		190,000		196,650
7.63%, 01/15/25 144A		1,030,000		1,084,075
MEG Energy Corporation
6.38%, 01/30/23 144A		45,000		42,075
7.00%, 03/31/24 144AD		635,000		595,313
Methanex Corporation
5.25%, 03/01/22		75,000		77,310
Province of Ontario Canada
2.10%, 09/08/18(C)		3,500,000		2,664,835
Province of Ontario Generic Residual STRIP
2.96%, 07/13/22(C)W		2,600,000		1,788,337
2.90%, 03/08/29(C)W		2,400,000		1,326,832
Teine Energy, Ltd.
6.88%, 09/30/22 144A		60,000		60,900
Valeant Pharmaceuticals International, Inc.
7.50%, 07/15/21 144A		40,000		40,700
5.50%, 03/01/23 144AD		270,000		252,450
6.13%, 04/15/25 144A		1,460,000		1,350,500
5.50%, 11/01/25 144A		380,000		375,915
				12,431,902
Chile — 0.0%
Corporation Nacional del Cobre de Chile
3.63%, 08/01/27 144A		220,000		210,107
China — 0.3%
Park Aerospace Holdings, Ltd.
5.25%, 08/15/22 144A		310,000		308,066
4.50%, 03/15/23 144A		260,000		247,598
5.50%, 02/15/24 144A		1,160,000		1,148,156
				1,703,820
Colombia — 1.6%
Colombia Government International Bond
5.63%, 02/26/44		4,427,000		4,714,755
Colombian TES
10.00%, 07/24/24(X)		23,100,000		9,399
Ecopetrol SA
5.88%, 09/18/23		190,000		201,875
4.13%, 01/16/25		920,000		894,700
5.38%, 06/26/26		80,000		82,280

	Par		Value
Millicom Internatinal Cellular
5.13%, 01/15/28 144AD	$	1,820,000	$	1,680,770
Transportadora de Gas Internacional SA ESP
5.70%, 03/20/22		1,190,000		1,210,825
				8,794,604
Ecuador — 0.1%
Ecuador Government International Bond
9.65%, 12/13/26 144AD		810,000		761,765
France — 0.5%
3AB Optique Developpement SAS
4.00%, 10/01/23(E) 144A		200,000		221,290
Altice France SA
5.63%, 05/15/24(E) 144A		160,000		194,160
5.63%, 05/15/24(E)		500,000		606,751
7.38%, 05/01/26 144A		1,100,000		1,079,595
Burger King France SAS
(Floating, Euribor 3M + 5.25%), 5.25%, 05/01/23(E) 144A†		130,000		153,385
6.00%, 05/01/24(E) 144A		120,000		149,752
Europcar Groupe SA
5.75%, 06/15/22(E) 144A		170,000		203,984
				2,608,917
Germany — 1.0%
Bundesrepublik Deutschland Bundesanleihe
1.00%, 08/15/24(E)		2,180,000		2,721,943
IHO Verwaltungs GmbH
Cash coupon 4.13% or PIK 4.88%, 09/15/21 144A		210,000		207,375
Cash coupon 4.75% or PIK 5.50%, 09/15/26 144A		210,000		198,188
KME AG
6.75%, 02/01/23(E) 144A		670,000		777,928
Nidda BondCo GmbH
5.00%, 09/30/25(E)		710,000		760,768
Platin 1426 GmbH
5.38%, 06/15/23(E) 144A		480,000		538,265
				5,204,467
Ghana — 0.3%
Ghana Government International Bond
7.63%, 05/16/29 144AD		900,000		880,596
10.75%, 10/14/30 144A		540,000		657,612
				1,538,208
Guatemala — 0.1%
Guatemala Government Bond
4.38%, 06/05/27 144A		760,000		706,800

See Notes to Financial Statements.

139

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Honduras — 0.2%
Honduras Government International Bond
7.50%, 03/15/24	$	460,000	$	492,660
6.25%, 01/19/27 144A		620,000		623,658
				1,116,318
India — 0.2%
ICICI Bank, Ltd.
4.80%, 05/22/19 144A		920,000		932,442
Indonesia — 1.4%
Indonesia Government International Bond
5.88%, 01/15/24 144A		400,000		428,969
6.63%, 02/17/37		2,125,000		2,445,801
5.25%, 01/17/42 144A		2,710,000		2,729,726
Indonesia Treasury Bond
7.00%, 05/15/27(I)		30,479,000,000		2,004,106
				7,608,602
Ireland — 0.3%
AerCap Ireland Capital DAC
3.50%, 05/26/22		300,000		293,708
Ardagh Packaging Finance PLC
4.63%, 05/15/23 144A		250,000		247,813
7.25%, 05/15/24 144A		460,000		480,125
GE Capital International Funding Co.
3.37%, 11/15/25		246,000		236,344
4.42%, 11/15/35		569,000		552,225
				1,810,215
Italy — 1.7%
Enel SpA
(Variable, GBP Swap Rate 5Y + 5.66%), 7.75%, 09/10/75(U)^		440,000		641,951
Intesa Sanpaolo SpA
7.00%, 01/19/21(E)		770,000		920,464
Italy Buoni Poliennali Del Tesoro
2.05%, 08/01/27(E)		4,000,000		4,458,296
Nexi Capital SpA
4.13%, 11/01/23(E) 144A		540,000		619,892
Telecom Italia Capital SA
6.38%, 11/15/33		715,000		707,850
6.00%, 09/30/34		200,000		191,600
Telecom Italia SpA
5.30%, 05/30/24 144A		1,800,000		1,782,000
				9,322,053
Ivory Coast — 0.1%
Ivory Coast Government International Bond
5.75%, 12/31/32 144A STEP		737,100		685,287
Jersey — 0.2%
Adient Global Holdings, Ltd.
4.88%, 08/15/26 144AD		740,000		667,850
Delphi Technologies PLC
5.00%, 10/01/25 144A		290,000		277,312
				945,162

	Par		Value
Kazakhstan — 0.4%
KazMunayGas National Co. JSC
5.38%, 04/24/30 144A	$	500,000	$	502,820
6.38%, 10/24/48 144A		560,000		566,930
KazTransGas JSC
4.38%, 09/26/27 144A		880,000		820,600
				1,890,350
Kenya — 0.3%
Kenya Government International Bond
6.88%, 06/24/24 144A		1,180,000		1,168,107
7.25%, 02/28/28 144A		200,000		192,534
				1,360,641
Luxembourg — 0.5%
Altice Luxembourg SA
7.75%, 05/15/22 144AD		660,000		641,025
ArcelorMittal
5.50%, 03/01/21D		30,000		31,335
7.00%, 10/15/39		510,000		588,132
6.75%, 03/01/41		690,000		782,405
Hercule Debtco S.a.r.l. Cash coupon
6.75% or PIK
7.50%, 06/30/24(E) 144A		480,000		549,417
LSF9 Balta Issuer SA
7.75%, 09/15/22(E) 144A		291,600		356,798
				2,949,112
Mexico — 3.8%
Banco Mercantil del Norte SA
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.04%), 6.88%, 07/06/22 144A^		260,000		258,008
BBVA Bancomer SA
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.65%), 5.13%, 01/18/33 144A^		880,000		784,300
Mexican Bonos
6.50%, 06/09/22(M)		45,803,100		2,214,527
8.00%, 12/07/23(M)		41,500,000		2,121,196
10.00%, 12/05/24(M)		31,500,000		1,782,709
7.50%, 06/03/27(M)		154,900,000		7,758,552
8.50%, 05/31/29(M)		2,000,000		107,509
7.75%, 05/29/31(M)		3,000,000		152,687
7.75%, 11/13/42(M)		63,160,000		3,207,317
Mexichem SAB de CV
5.88%, 09/17/44 144A		1,530,000		1,415,250
Petroleos Mexicanos
5.50%, 01/21/21		750,000		773,055
				20,575,110
Morocco & Antilles — 0.2%
OCP SA
5.63%, 04/25/24 144AD		550,000		563,885
4.50%, 10/22/25 144A		520,000		496,380
				1,060,265

See Notes to Financial Statements.

140

	Par		Value
Netherlands — 3.0%
ABN AMRO Bank NV
7.13%, 07/06/22(E)	$	750,000	$	1,080,793
Alcoa Nederland Holding BV
6.75%, 09/30/24 144A		380,000		402,644
7.00%, 09/30/26 144A		250,000		267,500
CBR Fashion Finance BV
5.13%, 10/01/22(E)		540,000		542,035
Cooperatieve Rabobank UA
5.75%, 12/01/43D		880,000		986,593
EDP Finance BV
4.90%, 10/01/19 144A		1,600,000		1,630,872
4.13%, 01/15/20 144AD		540,000		545,430
Embraer Netherlands Finance BV
5.40%, 02/01/27D		250,000		258,975
Equate Petrochemical BV
4.25%, 11/03/26 144A		580,000		563,834
Marfrig Holdings Europe BV
8.00%, 06/08/23 144A		480,000		487,800
Myriad International Holdings BV
4.85%, 07/06/27 144A		1,670,000		1,638,741
OCI NV
5.00%, 04/15/23(E) 144A		230,000		274,691
6.63%, 04/15/23 144AD		840,000		856,044
Petrobras Global Finance BV
4.38%, 05/20/23D		250,000		234,875
6.25%, 03/17/24		3,860,000		3,841,665
6.88%, 01/20/40D		106,000		96,274
5.63%, 05/20/43D		275,000		224,711
Syngenta Finance NV
4.44%, 04/24/23 144AD		920,000		915,831
UPCB Finance IV, Ltd.
5.38%, 01/15/25 144A		250,000		238,775
VEON Holdings BV
7.50%, 03/01/22		200,000		213,900
7.50%, 03/01/22 144A		630,000		673,785
Ziggo Bond Finance BV
5.88%, 01/15/25 144A		200,000		187,878
				16,163,646
New Zealand — 0.3%
New Zealand Government Bond
5.00%, 03/15/19(Z)		2,385,000		1,652,013
Nigeria — 0.1%
Nigeria Government International Bond
7.14%, 02/23/30 144A		440,000		416,443
7.63%, 11/28/47 144A		310,000		283,386
				699,829
Norway — 0.0%
Norway Government Bond
4.50%, 05/22/19(K) 144A		172,000		21,823
3.75%, 05/25/21(K) 144A		129,000		17,031
				38,854

	Par		Value
Panama — 0.0%
Panama Government International Bond
6.70%, 01/26/36	$	3,000	$	3,690
Peru — 0.6%
Peruvian Government International Bond
6.55%, 03/14/37		890,000		1,114,725
Transportadora de Gas del Peru SA
4.25%, 04/30/28 144A		2,330,000		2,252,760
				3,367,485
Philippines — 0.0%
Philippine Government International Bond
4.00%, 01/15/21		200,000		202,745
Qatar — 0.0%
Ooredoo International Finance, Ltd.
4.75%, 02/16/21 144A		200,000		205,666
Russia — 1.9%
Russian Federal Bond - OFZ
8.15%, 02/03/27(Q)		257,799,000		4,264,005
7.05%, 01/19/28(Q)		385,541,000		5,939,239
				10,203,244
Saudi Arabia — 0.2%
Saudi Government International Bond
2.38%, 10/26/21 144A		395,000		379,832
3.25%, 10/26/26 144A		875,000		821,557
				1,201,389
Singapore — 0.2%
BOC Aviation, Ltd.
3.00%, 03/30/20 144A		1,000,000		993,937
South Africa — 0.9%
Republic of South Africa Government Bond
6.50%, 02/28/41(S)		68,700,000		3,573,872
Republic of South Africa Government International Bond
5.88%, 06/22/30D		1,320,000		1,312,323
				4,886,195
Spain — 0.2%
Masaria Investments SAU
5.00%, 09/15/24(E) 144A		710,000		783,950
(Floating, Euribor 3M + 5.25%), 5.25%, 09/15/24(E) 144A†		260,000		288,750
Telefonica Emisiones SA Unipersonal
5.13%, 04/27/20		75,000		77,406
				1,150,106
Sri Lanka — 0.2%
Sri Lanka Government International Bond
5.88%, 07/25/22		900,000		885,890

See Notes to Financial Statements.

141

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Switzerland — 0.1%
SCHMOLZ + BICKENBACH Luxembourg Finance SA
5.63%, 07/15/22(E) 144A	$	320,000	$	379,630
Turkey — 1.4%
Turk Telekomunikasyon AS
4.88%, 06/19/24 144A		2,640,000		2,413,815
Turkey Government Bond
10.60%, 02/11/26(T)		17,580,000		2,916,064
Turkey Government International Bond
6.00%, 03/25/27		2,190,000		2,062,238
4.88%, 04/16/43		500,000		373,675
				7,765,792
United Kingdom — 2.7%
Anglo American Capital PLC
4.75%, 04/10/27 144A		200,000		197,467
Barclays Bank PLC
7.63%, 11/21/22D		1,660,000		1,790,103
Barclays PLC
(Variable, EUR Swap Rate 5Y + 2.45%), 2.63%, 11/11/25(E) ^		300,000		357,293
Boparan Finance PLC
5.50%, 07/15/21(U)		270,000		311,062
Ensco PLC
8.00%, 01/31/24		33,000		33,330
HSBC Holdings PLC
6.00%, 06/10/19(E)		270,000		332,848
(Variable, USD ICE Swap Rate 5Y + 4.37%), 6.38%, 03/30/25^		600,000		590,250
Intelsat Jackson Holdings SA
5.50%, 08/01/23		330,000		296,901
Jerrold Finco PLC
6.13%, 01/15/24(U) 144A		760,000		1,011,851
KCA Deutag UK Finance PLC
7.25%, 05/15/21 144A		540,000		525,150
Lloyds Bank PLC
6.50%, 03/24/20(E)		326,000		420,394
Lloyds Banking Group PLC
4.34%, 01/09/48		1,581,000		1,362,023
Monitchem Holdco 2 SA
6.88%, 06/15/22(E)		220,000		228,075
Pinewood Finco PLC
3.75%, 12/01/23(U) 144A		190,000		251,443
Pinnacle Bidco PLC
6.38%, 02/15/25(U) 144A		220,000		293,237
Rio Tinto Finance USA PLC
4.13%, 08/21/42D		145,000		143,264
Royal Bank of Scotland Group PLC
6.10%, 06/10/23		1,880,000		1,982,123
6.00%, 12/19/23		275,000		288,913
(Variable, EUR Swap Rate 5Y + 2.65%), 3.63%, 03/25/24(E) ^		547,000		651,026

	Par		Value
Santander UK Group Holdings PLC
(Variable, GBP Swap Rate 5Y + 5.54%), 7.38%, 06/24/22(U) ^	$	390,000	$	536,963
Southern Gas Networks PLC
4.88%, 12/21/20(U)		270,000		386,116
Synlab Bondco PLC
6.25%, 07/01/22(E)		270,000		324,939
Tesco Property Finance 3 PLC
5.74%, 04/13/40(U)		273,445		421,233
Tesco Property Finance 6 PLC
5.41%, 07/13/44(U)		582,911		872,396
United Kingdom Gilt
4.50%, 09/07/34(U)		220,000		408,428
Virgin Media Secured Finance PLC
5.50%, 01/15/25(U)		378,000		509,279
5.50%, 08/15/26 144A		200,000		187,720
				14,713,827
Total Foreign Bonds (Cost $191,443,725)				171,602,072
FOREIGN GOVERNMENT INFLATION-LINKED BOND — 0.3%
Brazil — 0.3%
Brazil Notas do Tesouro Nacional Serie B
6.00%, 08/15/50(B) (Cost $2,543,647)		2,063,000		1,671,415
LOAN AGREEMENTS — 3.0%
1011778 B.C. Unlimited Liability Co. Term B-3 Loan
(Floating, ICE LIBOR USD 1M + 2.25%, 1.00% Floor), 4.34%, 02/16/24†		206,447		205,575
Air Medical Group Holdings, Inc. 2018 Term Loan
(Floating, ICE LIBOR USD 1M + 3.25%, 1.00% Floor), 5.28%, 04/28/22†		293,977		285,893
American Airlines, Inc. 2017 Class B Term Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 4.07%, 12/14/23†		198,000		196,267
American Airlines, Inc. 2018 Replacement Term Loan
(Floating, ICE LIBOR USD 1M + 1.75%), 3.85%, 06/27/25†		975,019		959,860
American Axle & Manufacturing, Inc. Tranche B Term Loan
(Floating, ICE LIBOR USD 1M + 2.25%, 0.75% Floor), 4.35%, 04/06/24†		40,000		39,910
American Builders & Contractors Supply Co., Inc. Term B-2 Loan
(Floating, ICE LIBOR USD 1M + 2.00%, 0.75% Floor), 2.00%, 10/31/23†		536,766		533,350

See Notes to Financial Statements.

142

	Par		Value
Avolon TLB Borrower 1 (US) LLC Term B-3 Loan
(Floating, ICE LIBOR USD 1M + 2.00%, 0.75% Floor), 4.09%, 01/15/25†	$	377,150	$	373,209
Beacon Roofing Supply, Inc. Initial Term Loan
(Floating, ICE LIBOR USD 1M + 2.25%), 4.28%, 01/02/25†		450,000		448,383
Berry Global, Inc. Term Q Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 4.05%, 10/01/22†		96,967		96,967
(Floating, ICE LIBOR USD 1M + 2.00%), 4.09%, 10/01/22†		150,395		150,395
Catalent Pharma Solutions, Inc. Dollar Term Loan
(Floating, ICE LIBOR USD 1M + 2.25%, 1.00% Floor), 4.34%, 05/20/24†		598,191		598,751
CBS Radio, Inc. Additional Term B-1 Loan
(Floating, ICE LIBOR USD 1M + 2.75%), 4.84%, 11/18/24†		457,700		455,507
CenturyLink, Inc. Initial Term B Loan
(Floating, ICE LIBOR USD 1M + 2.75%), 4.84%, 01/31/25†		188,726		185,153
Charter Communications Operating LLC Term B Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 4.10%, 04/30/25†		160,376		160,412
CSC Holdings LLC March 2017 Refinancing Term Loan
(Floating, ICE LIBOR USD 1M + 2.25%), 4.32%, 07/17/25†		259,875		258,313
Dell International LLC Refinancing Term B Loan
(Floating, ICE LIBOR USD 1M + 2.00%, 0.75% Floor), 4.10%, 09/07/23†		477,700		476,143
First Data Corporation 2024A New Dollar Term Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 4.09%, 04/26/24†		499,476		497,104
Flying Fortress Holdings LLC New Loan
(Floating, ICE LIBOR USD 3M + 1.75%), 4.08%, 10/30/22†		380,000		381,187
Four Seasons Holdings, Inc. Term Loan 2013
(Floating, ICE LIBOR USD 1M + 2.00%), 4.09%, 11/30/23†		678,278		677,431
Hilton Worldwide Finance LLC Series B-2 Term Loan
(Floating, ICE LIBOR USD 1M + 1.75%), 3.84%, 10/25/23†		522,266		522,566
Jaguar Holding Co. I LLC 2018 Term Loan
(Floating, ICE LIBOR USD 1M + 2.50%, 1.00% Floor), 4.59%, 08/18/22†		349,100		347,428
Level 3 Financing, Inc. Tranche B 2024 Term Loan
(Floating, ICE LIBOR USD 1M + 2.25%), 4.33%, 02/22/24†		150,000		149,836

	Par		Value
MPH Acquisition Holdings LLC Initial Term Loan
(Floating, ICE LIBOR USD 3M + 2.75%, 1.00% Floor), 5.08%, 06/07/23†	$	148,511	$	147,942
ON Semiconductor Corporation 2018 New Replacement Term B-3 Loan
(Floating, ICE LIBOR USD 1M + 1.75%), 3.84%, 03/31/23†		326,186		326,412
Party City Holdings, Inc. 2018 Replacement Term Loan
(Floating, ICE LIBOR USD 3M + 2.75%, 0.75% Floor), 4.85%, 08/19/22†		72,964		73,015
(Floating, ICE LIBOR USD 1M + 2.75%, 0.75% Floor), 5.28%, 08/19/22†		147,559		147,661
Petco Animal Supplies, Inc. Term Loan
(Floating, ICE LIBOR USD 3M + 3.25%, 1.00% Floor), 5.61%, 01/26/23†		402,789		291,821
PetSmart, Inc. Tranche B-2 Loan
(Floating, ICE LIBOR USD 1M + 3.00%, 1.00% Floor), 5.01%, 03/11/22†		970,000		805,827
Post Holdings, Inc. Series A Incremental Term Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 4.10%, 05/24/24†		436,692		434,718
Prime Security Services Borrower LLC 2016-2 Refinancing Term B-1 Loan
(Floating, ICE LIBOR USD 1M + 2.75%, 1.00% Floor), 4.84%, 05/02/22†		896,981		894,108
Quikrete Holdings, Inc. Initial Loan
(Floating, ICE LIBOR USD 1M + 2.75%), 4.84%, 11/15/23†		145,650		145,245
Reynolds Group Holdings, Inc. Incremental U.S. Term Loan
(Floating, ICE LIBOR USD 1M + 2.75%), 4.84%, 02/05/23†		618,405		618,319
Sinclair Television Group, Inc. Term Loan B
0.00%, 12/12/24†S		280,000		279,929
Trans Union LLC 2017 Replacement Term B-3 Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 4.09%, 04/10/23†		237,203		236,847
Unitymedia Hessen GmbH & Co. KG Facility B
(Floating, ICE LIBOR USD 1M + 2.25%), 4.32%, 09/30/25†		590,000		587,173
Univision Communications, Inc. 2017 Replacement Repriced First-Lien Term Loan
(Floating, ICE LIBOR USD 1M + 2.75%, 1.00% Floor), 4.84%, 03/15/24†		720,577		697,672
UPC Financing Partnership Facility AR
(Floating, ICE LIBOR USD 1M + 2.50%), 4.57%, 01/15/26†		500,000		495,187

See Notes to Financial Statements.

143

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Valeant Pharmaceuticals International, Inc. Initial Term Loan
(Floating, ICE LIBOR USD 3M + 3.00%), 4.98%, 06/02/25† Virgin Media Bristol LLC K Facility	$	358,395	$	357,680
(Floating, ICE LIBOR USD 1M + 2.50%), 4.57%, 01/15/26†		175,000		173,961
Vistra Operations Co. LLC Initial Term Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 4.09%, 08/04/23†		25,355		25,207
Western Digital Corporation U.S. Term B-4 Loan
(Floating, ICE LIBOR USD 1M + 1.75%), 3.84%, 04/29/23†		281,209		281,531
XPO Logistics, Inc. Refinancing Term Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 4.09%, 02/24/25†		380,000		377,838
Zebra Technologies Corporation Tranche B Term Loan
(Floating, ICE LIBOR USD 3M + 1.75%, 0.75% Floor), 4.06%, 10/27/21†		77,235		77,323
Ziggo Secured Finance Partnership Term Loan E Facility
(Floating, ICE LIBOR USD 1M + 2.50%), 4.57%, 04/15/25†		650,000		644,109
Total Loan Agreements (Cost $16,544,632)				16,119,165
MORTGAGE-BACKED SECURITIES — 3.2%
Commercial Mortgage Trust, Series 2007-CD4, Class AJ
5.40%, 12/11/49		14,632		8,742
Credit Suisse Commercial Mortgage Trust Series, Series 2006-C5, Class AJ
5.37%, 12/15/39		138,659		113,352
Credit Suisse Commercial Mortgage Trust Series, Series 2007-C5, Class AM
5.87%, 09/15/40		94,804		92,100
CSMC, Series 2015-2R, Class 3A2
2.17%, 04/27/36 144A†g		729,605		569,396
Fannie Mae Connecticut Avenue Securities, Series 2014-C02
(Floating, ICE LIBOR USD 1M + 2.60%, 2.60% Floor), 4.69%, 05/25/24†		1,453,815		1,534,599
Fannie Mae Connecticut Avenue Securities, Series 2015-C03
(Floating, ICE LIBOR USD 1M + 5.00%), 7.09%, 07/25/25†		313,277		355,853
FHLMC Structured Agency Credit Risk Debt Notes, Series 2015-DNA3
(Floating, ICE LIBOR USD 1M + 4.70%, 4.70% Floor), 6.79%, 04/25/28†		830,000		984,540

	Par		Value
FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA1
(Floating, ICE LIBOR USD 1M + 4.95%, 4.95% Floor), 7.04%, 07/25/29†	$	1,060,000	$	1,207,156
FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA2
(Floating, ICE LIBOR USD 1M + 5.15%), 7.24%, 10/25/29†		560,000		641,022
FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA3
(Floating, ICE LIBOR USD 1M + 2.50%), 4.59%, 03/25/30†		1,590,000		1,639,834
GS Mortgage Securities Corporation II, Series 2018-SRP5, Class C
(Floating, ICE LIBOR USD 1M + 3.75%, 3.75% Floor), 5.73%, 09/15/31 144A†		2,220,000		2,225,694
Impac Secured Assets Trust, Series 2006-2, Class 2M3
(Floating, ICE LIBOR USD 1M + 1.10%, 1.10% Floor), 3.19%, 08/25/36†		630,000		613,330
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LD12, Class AJ
6.17%, 02/15/51†g		11,240		11,038
Lone Star Portfolio Trust, Series 2015-LSMZ, Class M
(Floating, ICE LIBOR USD 1M + 7.22%, 7.22% Floor), 9.26%, 09/15/20 144A†		532,070		534,451
Lone Star Portfolio Trust, Series 2015-LSP, Class F
(Floating, ICE LIBOR USD 1M + 6.90%, 6.90% Floor), 8.97%, 09/15/28 144A†		767,900		773,591
LSTAR Securities Investment Trust, Series 2018-2, Class A2
(Floating, ICE LIBOR USD 1M + 2.50%), 4.48%, 04/01/23 144A†		1,790,000		1,795,103
Morgan Stanley Resecuritization Trust, Series 2015-R6, Class 1B
(Floating, ICE LIBOR USD 1M + 0.26%, 0.26% Floor), 2.48%, 07/26/45 144A†		553,447		345,690
Seasoned Credit Risk Transfer Trust, Series 2017-2, Class M1
4.00%, 08/25/56 144A		610,000		600,087
Seasoned Credit Risk Transfer Trust,Series 2017-2, Class M2
4.00%, 08/25/56 144A		800,000		744,000

See Notes to Financial Statements.

144

	Par		Value
WFCG Commercial Mortgage Trust, Series 2015-BXRP, Class C
(Floating, ICE LIBOR USD 1M + 1.77%, 1.77% Floor), 3.84%, 11/15/29 144A†	$	2,337,973	$	2,337,971
Total Mortgage-Backed Securities (Cost $16,451,770)				17,127,549
MUNICIPAL BOND — 0.0%
State of Illinois, General Obligation
5.10%, 06/01/33 (Cost $128,058)		160,000		151,671

	Number of Contracts		Notional Amount
PURCHASED OPTIONS — 0.0%
Put Options — 0.0%
Mexican Peso vs. U.S. Dollar, Strike Price $20.00, Expires 08/06/18 (CITI)		3,700,000	$	3,700,000	77,835
Russian Ruble vs. U.S. Dollar, Strike Price $62.00, Expires 07/11/18 (BAR)		3,260,000		3,260,000	10,753
Turkish Lira vs. U.S. Dollar, Strike Price $4.40, Expires 08/06/18 (CITI)		5,500,000		5,500,000	19,178
Total Purchased Options (Premiums received $235,053)					107,766

	Par
U.S. TREASURY OBLIGATIONS — 18.3%
U.S. Treasury Bill
2.18%, 04/25/19W	$	3,500,000	3,436,475
U.S. Treasury Bonds
3.50%, 02/15/39		860,000	937,232
4.25%, 05/15/39		40,000	48,266
3.88%, 08/15/40		30,000	34,534
2.75%, 08/15/42		120,000	115,514
3.13%, 02/15/43		9,716,000	9,977,312
2.88%, 05/15/43		120,000	117,942
3.00%, 05/15/45		40,000	40,165
3.00%, 11/15/45		920,000	923,468
2.50%, 05/15/46		820,000	745,143
2.25%, 08/15/46		960,000	826,838
2.88%, 11/15/46		2,120,000	2,076,234
3.00%, 05/15/47		80,000	80,253
2.75%, 08/15/47		120,000	114,539
			16,037,440
U.S. Treasury Notes
1.38%, 09/30/18		250,000	249,626
1.50%, 12/31/18		5,875,000	5,855,610
1.25%, 03/31/19		10,000,000	9,925,000

	Par		Value
1.25%, 06/30/19	$	3,000,000	$	2,967,481
1.63%, 06/30/19		10,000		9,928
1.25%, 10/31/19		110,000		108,292
3.63%, 02/15/21		14,549,000		14,923,528
1.88%, 01/31/22		710,000		690,808
2.00%, 02/15/22		120,000		117,246
1.63%, 08/15/22		17,580,000		16,843,152
2.75%, 02/15/24		6,650,000		6,642,469
2.25%, 11/15/24		20,630,000		19,964,765
2.00%, 02/15/25		100,000		95,125
1.63%, 02/15/26		180,000		165,168
1.63%, 05/15/26		470,000		430,004
2.00%, 11/15/26		1,220,000		1,143,535
				80,131,737
Total U.S. Treasury Obligations (Cost $100,228,967)				99,605,652
	Shares
COMMON STOCKS — 0.8%
Consumer Discretionary — 0.2%
Ford Motor Co.		96,849		1,072,118
Energy — 0.0%
Berry Petroleum Corporation*		2,350		27,613
Blue Ridge Mountain Resources, Inc.*		24,163		155,851
Hercules Offshore, Inc.Y†††D*		46,644		13,154
				196,618
Financials — 0.0%
Tricer Holdco SCAY†††*		4,654		19,454
Health Care — 0.2%
Bristol-Myers Squibb Co.		15,400		852,236
Industrials — 0.0%
Arconic, Inc.		14,757		251,016
Information Technology — 0.4%
Corning, Inc.		70,534		1,940,390
Materials — 0.0%
Ingevity Corporation*		1		66
WestRock Co.		1		50
				116
Total Common Stocks (Cost $5,684,931)				4,331,948
PREFERRED STOCKS — 0.4%
Bank of America Corporation
7.25%, 06/28/18 CONV		602		752,801
Chesapeake Energy Corporation
5.00%, 04/30/18 CONVD		3,950		238,975
5.75%, 04/30/18 CONV		30		18,345
5.75%, 04/30/18 CONV		780		488,983
5.75%, 04/30/18 144A CONV		50		30,575
4.50%, 05/31/18 CONVD		1,229		70,052
El Paso Energy Capital Trust I
4.75%, 06/14/18 CONV		10,304		479,548

See Notes to Financial Statements.

145

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
iStar, Inc. REIT
4.50%, 05/31/18 CONV		50	$	2,341
Tricer Holdco SCA
0.00%, 12/31/49Y †††		2,233,838		22,339
Total Preferred Stocks (Cost $1,973,828)				2,103,959
MONEY MARKET FUNDS — 8.5%
GuideStone Money Market Fund
(Investor Class)¥		33,816,884		33,816,884
Northern Institutional Liquid Assets Portfolio§		12,384,451		12,384,451
Northern Institutional
U.S. Government Portfolio, 1.72%		23,702		23,702
Total Money Market Funds (Cost $46,225,037)				46,225,037
TOTAL INVESTMENTS — 101.2% (Cost $566,034,094)				549,672,876

	Number of Contracts			Notional Amount
WRITTEN OPTION — (0.0)%
Call Option — (0.0)%
Mexican Peso vs. U.S. Dollar, Strike Price $19.60, Expires 07/11/18 (BAR) (Premiums received $(37,066))		(3,260,000	)	$	(3,260,000	)		(74,721	)
Liabilities in Excess of Other Assets — (1.2)%								(6,311,232	)
NET ASSETS — 100.0%							$	543,286,923

PORTFOLIO SUMMARY (based on net assets)
	%
Corporate Bonds		34.0
Foreign Bonds		31.6
U.S. Treasury Obligations		18.3
Money Market Funds		8.5
Mortgage-Backed Securities		3.2
Loan Agreements		3.0
Asset-Backed Securities		1.1
Common Stocks		0.8
Preferred Stocks		0.4
Foreign Government Inflation-Linked Bond		0.3
Municipal Bond		—	**
Purchased Options		—	**
Written Option		(—)	**
		101.2

** Rounds to less than 0.005%

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Value and Unrealized Appreciation (Depreciation)
Euro-Bund		09/2018		(97	)	$	(18,413,112	)		GSC	$	(94,751	)
Euro-Buxl®		09/2018		(3	)		(622,554	)		GSC		(9,432	)
10-Year U.S. Treasury Note		09/2018		73			8,773,688			GSC		112,266
2-Year U.S. Treasury Note		09/2018		3			635,484			GSC		141
5-Year U.S. Treasury Note		09/2018		120			13,634,063			GSC		34,392
90-day Eurodollar		12/2019		324			78,598,350			GSC		(132,720	)
Total Futures Contracts outstanding at June 30, 2018						$	82,605,919				$	(90,104	)

Forward Foreign Currency Contracts outstanding at June 30, 2018:

Expiration Date	Currency Purchased		Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/19/18		U.S. Dollars		2,277,272	British Pounds		1,593,751		BAR	$	172,042
07/19/18		U.S. Dollars		2,440,013	Mexican Pesos		45,234,921		CITI		169,317
07/19/18		U.S. Dollars		7,438,220	Euro		6,280,000		CITI		94,015

See Notes to Financial Statements.

146

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/19/18	U.S. Dollars		743,071	Brazilian Reals		2,539,000		CITI	$	89,492
07/19/18	U.S. Dollars		3,601,090	Turkish Lira		16,390,000		CITI		62,452
07/19/18	Euro		2,595,530	Polish Zloty		11,160,000		CITI		55,135
07/19/18	U.S. Dollars		387,790	Australian Dollars		500,000		CITI		17,739
07/19/18	Mexican Pesos		8,000,000	U.S. Dollars		391,618		BAR		9,965
07/19/18	U.S. Dollars		638,955	Euro		540,000		CITI		7,447
07/19/18	U.S. Dollars		58,733	Euro		50,000		CITI		260
07/19/18	U.S. Dollars		70,318	Euro		60,000		CITI		150
07/19/18	U.S. Dollars		46,840	Euro		40,000		CITI		62
07/19/18	U.S. Dollars		143,888	Euro		123,000		CITI		44
Subtotal Appreciation									$	678,120
07/19/18	Euro		600,000	U.S. Dollars		714,840		CITI	$	(13,164	)
07/19/18	Indian Rupees		62,250,000	U.S. Dollars		938,206		CITI		(31,613	)
07/19/18	U.S. Dollars		4,640,240	Euro		4,000,000		CITI		(37,598	)
07/19/18	Indonesian Rupiahs		26,810,100,000	U.S. Dollars		1,931,007		BAR		(62,102	)
07/19/18	Euro		4,900,000	U.S. Dollars		5,798,097		CITI		(67,746	)
07/19/18	Japanese Yen		449,500,000	U.S. Dollars		4,140,987		CITI		(75,723	)
07/19/18	U.S. Dollars		11,006,876	Euro		9,495,727		BAR		(97,990	)
07/19/18	Japanese Yen		407,970,000	U.S. Dollars		3,833,836		BAR		(144,169	)
07/19/18	Indian Rupees		360,867,535	U.S. Dollars		5,473,495		CITI		(217,911	)
07/19/18	Polish Zloty		11,280,000	U.S. Dollars		3,341,232		BAR		(328,954	)
07/19/18	Turkish Lira		20,722,800	U.S. Dollars		4,909,453		CITI		(435,353	)
07/19/18	Euro		6,770,000	U.S. Dollars		8,423,099		BAR		(505,859	)
07/19/18	Japanese Yen		2,591,505,000	U.S. Dollars		24,268,777		CITI		(831,289	)
07/19/18	Euro		21,491,137	U.S. Dollars		26,703,060		BAR		(1,570,048	)
Subtotal Depreciation									$	(4,419,519	)
Total Forward Foreign Currency Contracts outstanding at June 30, 2018									$	(3,741,399	)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Asset-Backed Securities	$	5,956,758	$	—	$	5,956,758	$	—
Common Stocks		4,331,948		4,299,341		—		32,607
Corporate Bonds		184,669,884		—		184,467,863		202,021
Foreign Bonds:
Argentina		9,420,335		—		9,420,335		—
Armenia		533,234		—		533,234		—
Austria		375,217		—		375,217		—
Bermuda		1,390,790		—		1,390,790		—
Brazil		11,152,411		—		11,152,411		—
Canada		12,431,902		—		12,431,902		—
Chile		210,107		—		210,107		—
China		1,703,820		—		1,703,820		—
Colombia		8,794,604		—		8,794,604		—

See Notes to Financial Statements.

147

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Ecuador	$	761,765	$	—	$	761,765	$	—
France		2,608,917		—		2,608,917		—
Germany		5,204,467		—		5,204,467		—
Ghana		1,538,208		—		1,538,208		—
Guatemala		706,800		—		706,800		—
Honduras		1,116,318		—		1,116,318		—
India		932,442		—		932,442		—
Indonesia		7,608,602		—		7,608,602		—
Ireland		1,810,215		—		1,810,215		—
Italy		9,322,053		—		9,322,053		—
Ivory Coast		685,287		—		685,287		—
Jersey		945,162		—		945,162		—
Kazakhstan		1,890,350		—		1,890,350		—
Kenya		1,360,641		—		1,360,641		—
Luxembourg		2,949,112		—		2,949,112		—
Mexico		20,575,110		—		20,575,110		—
Morocco & Antilles		1,060,265		—		1,060,265		—
Netherlands		16,163,646		—		16,163,646		—
New Zealand		1,652,013		—		1,652,013		—
Nigeria		699,829		—		699,829		—
Norway		38,854		—		38,854		—
Panama		3,690		—		3,690		—
Peru		3,367,485		—		3,367,485		—
Philippines		202,745		—		202,745		—
Qatar		205,666		—		205,666		—
Russia		10,203,244		—		10,203,244		—
Saudi Arabia		1,201,389		—		1,201,389		—
Singapore		993,937		—		993,937		—
South Africa		4,886,195		—		4,886,195		—
Spain		1,150,106		—		1,150,106		—
Sri Lanka		885,890		—		885,890		—
Switzerland		379,630		—		379,630		—
Turkey		7,765,792		—		7,765,792		—
United Kingdom		14,713,827		—		14,713,827		—
Foreign Government Inflation-Linked Bond		1,671,415		—		1,671,415		—
Loan Agreements		16,119,165		—		16,119,165		—
Money Market Funds		46,225,037		46,225,037		—		—
Mortgage-Backed Securities		17,127,549		—		17,127,549		—
Municipal Bond		151,671		—		151,671		—
Preferred Stocks		2,103,959		822,853		1,258,767		22,339
Purchased Options		107,766		—		107,766		—
U.S. Treasury Obligations		99,605,652		—		99,605,652		—
Total Assets — Investments in Securities	$	549,672,876	$	51,347,231	$	498,068,678	$	256,967

See Notes to Financial Statements.

148

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Other Financial Instruments***
Futures Contracts	$	146,799		$	146,799		$	—		$	—
Forward Foreign Currency Contracts		678,120			—			678,120			—
Total Assets — Other Financial Instruments	$	824,919		$	146,799		$	678,120		$	—
Liabilities:
Investments in Securities:
Written Option	$	(74,721	)	$	—		$	(74,721	)	$	—
Total Liabilities — Investments in Securities	$	(74,721	)	$	—		$	(74,721	)	$	—
Other Financial Instruments***
Futures Contracts	$	(236,903	)	$	(236,903	)	$	—		$	—
Forward Foreign Currency Contracts		(4,419,519	)		—			(4,419,519	)		—
Total Liabilities — Other Financial Instruments	$	(4,656,422	)	$	(236,903	)	$	(4,419,519	)	$	—

*** Other financial instruments are derivative instruments, 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 preceding “Futures Contracts outstanding” and “Forwards Foreign Currency Contracts outstanding” disclosures.

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 six-month period ended June 30, 2018.

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

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 year ended June 30, 2018.

See Notes to Financial Statements.

149

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2018 (Unaudited)

	Money Market Fund			Low-Duration Bond Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	757,901,842		$	963,610,561
Investments in repurchase agreements, at value		433,595,000			2,300,000
Investments in securities of affiliated issuers, at value		—			22,547,561
Total investments, at value(1), (2)		1,191,496,842			988,458,122
Cash		20,985,343			—
Cash collateral for derivatives		—			1,157,139
Deposits with broker		—			61,847
Foreign currency(3)		—			982,547
Upfront premiums paid from swap contracts		—			—
Receivables:
Dividends and reclaims		—			95,941
Interest		385,804			4,432,922
Securities lending		—			9,835
From advisor		—			4,942
Investment securities sold		—			38,293,981
Fund shares sold		11,827,307			32,327
Variation margin on financial futures contracts		—			1,128
Unrealized appreciation on foreign currency exchange contracts		—			279,370
Unrealized appreciation on bilateral swap agreements		—			—
Prepaid expenses and other assets		23,171			21,222
Total Assets		1,224,718,467			1,033,831,323
Liabilities
Securities sold short, at value(4)		—			14,515,863
TBA sale commitments, at value(5)		—			—
Options written, at value(6)		—			455,229
Upfront premiums received from swap contracts		—			—
Unrealized depreciation on foreign currency exchange contracts		—			86,411
Unrealized depreciation on bilateral swap agreements		—			—
Collateral held for securities on loan, at value		—			8,503,586
Collateral held for derivatives		—			3,783
Due to broker		—			982,409
Payables:
Investment securities purchased		—			66,940,882
Fund shares redeemed		29,925,339			217,169
Variation margin on centrally cleared swaps		—			12,586
Variation margin on financial futures contracts		—			18,442
Distributions		882,033			—
Securities lending		—			1,475
Accrued expenses:
Investment advisory fees		107,283			231,935
Professional fees		16,578			66,775
Shareholder servicing fees		186,007			63,382
Other expenses		134,753			128,330
Total Liabilities		31,251,993			92,228,257
Net Assets	$	1,193,466,474		$	941,603,066
Net Assets Consist of:
Paid-in-capital	$	1,193,463,279		$	958,137,597
Accumulated (distributions in excess of) net investment income (loss)		(5	)		379,077
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency and derivative transactions		3,200			(10,672,135	)
Net unrealized appreciation (depreciation) on investments, foreign currency and derivative transactions		—			(6,241,473	)
Net Assets	$	1,193,466,474		$	941,603,066
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	278,475,992		$	633,689,222
Institutional shares outstanding		278,476,908			47,797,690
Net asset value, offering and redemption price per Institutional share	$	1.00		$	13.26
Net assets applicable to the Investor Class	$	914,990,482		$	307,913,844
Investor shares outstanding		914,951,936			23,221,234
Net asset value, offering and redemption price per Investor share	$	1.00		$	13.26
(1)     Investments in securities of unaffiliated issuers, at cost	$	757,901,842		$	969,515,346
Investments in repurchase agreements, at cost		433,595,000			2,300,000
Investments in securities of affiliated issuers, at cost		—			22,547,561
Total investments, at cost	$	1,191,496,842		$	994,362,907
(2)     Includes securities loaned of:	$	—		$	33,616,754
(3)     Foreign currency, at cost	$	—		$	982,346
(4)     Proceeds from securities sold short	$	—		$	14,512,955
(5)     TBA sale commitments, at cost	$	—		$	—
(6)     Premiums received on options written	$	—		$	529,834

See Notes to Financial Statements.

150

Medium-Duration Bond Fund			Extended-Duration Bond Fund			Global Bond Fund
$	1,623,290,047		$	229,938,685		$	515,855,992
	285,800,000			—			—
	121,526,467			3,820,844			33,816,884
	2,030,616,514			233,759,529			549,672,876
	—			—			—
	22,676,819			—			790,040
	—			—			—
	3,151,808			—			3,380,856
	633,386			—			—
	208,618			9,982			89,948
	8,170,662			1,978,840			6,635,842
	12,046			3,685			24,263
	19,393			1,147			7,219
	355,181,875			267,716			1,498,622
	89,229			4,087			115,151
	179,133			—			—
	2,120,777			—			678,120
	317,298			—			—
	38,994			13,218			18,038
	2,423,416,552			236,038,204			562,910,975
	—			—			—
	7,128,555			—			—
	4,219,980			—			74,721
	325,415			—			—
	2,122,925			—			4,419,519
	160,256			—			—
	3,485,913			961,793			12,384,451
	16,463,202			—			—
	—			—			—
	864,526,608			1,631,204			2,314,068
	1,217,624			54,279			52,249
	—			—			—
	339,651			—			24,564
	—			—			—
	1,807			553			3,639
	401,041			91,752			212,330
	66,720			38,994			44,526
	55,431			23,278			25,838
	206,110			42,811			68,147
	900,721,238			2,844,664			19,624,052
$	1,522,695,314		$	233,193,540		$	543,286,923
$	1,564,292,686		$	233,262,741		$	567,111,955
	1,896,827			340,773			(187,785	)
	(25,710,564	)		625,882			(3,119,132	)
	(17,783,635	)		(1,035,856	)		(20,518,115	)
$	1,522,695,314		$	233,193,540		$	543,286,923
$	1,251,693,732		$	120,020,533		$	417,323,014
	87,281,800			7,074,815			43,931,280
$	14.34		$	16.96		$	9.50
$	271,001,582		$	113,173,007		$	125,963,909
	18,894,711			6,669,855			13,263,608
$	14.34		$	16.97		$	9.50
$	1,645,957,051		$	230,969,808		$	532,217,210
	285,800,000			—			—
	121,526,467			3,820,844			33,816,884
$	2,053,283,518		$	234,790,652		$	566,034,094
$	71,021,489		$	9,957,035		$	40,744,161
$	3,253,165		$	—		$	3,664,102
$	—		$	—		$	—
$	7,108,750		$	—		$	—
$	3,333,053		$	—		$	37,066

See Notes to Financial Statements.

151

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2018 (Unaudited)

	Money Market Fund		Low-Duration Bond Fund
Investment Income
Dividends	$	—	$	—
Income distributions received from affiliated funds		—		142,292
Interest		9,243,079		11,477,146
Securities lending		—		66,108
Less foreign taxes withheld		—		—
Total Investment Income		9,243,079		11,685,546
Expenses
Investment advisory fees		679,586		1,383,508
Transfer agent fees:
Institutional shares		2,064		2,075
Investor shares		14,009		13,122
Custodian fees		6,918		65,874
Shareholder servicing fees:
Investor shares		1,096,624		383,700
Accounting and administration fees		113,711		89,803
Professional fees		35,909		53,102
Blue sky fees:
Institutional shares		3,443		4,687
Investor shares		5,537		4,086
Shareholder reporting fees:
Institutional shares		472		471
Investor shares		9,287		2,150
Trustees expenses		6,051		3,892
Line of credit facility fees and interest expense		3,738		2,855
Other expenses		11,062		19,878
Total Expenses		1,988,411		2,029,203
Expenses waived/reimbursed net of amount recaptured(1)		—		(29,101	)
Net Expenses		1,988,411		2,000,102
Net Investment Income		7,254,668		9,685,444
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		1,070		(103,479	)
Investment securities sold short		—		291,787
Futures transactions		—		1,170,134
Swap agreements		—		14,777
Forward rate agreements		—		(867,388	)
Option contracts written		—		(119,160	)
Option contracts purchased		—		(84,610	)
Forward foreign currency contracts		—		(1,615,910	)
Foreign currency		—		(320,451	)
Net realized gain (loss)		1,070		(1,634,300	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		—		(7,545,819	)
Investment securities sold short		—		24,334
Futures		—		(625,674	)
Swap agreements		—		13,460
Forward rate agreements		—		31,798
Option contracts written		—		73,449
Option contracts purchased		—		(31,483	)
Forward foreign currency contracts		—		2,216,969
Foreign currency		—		19,328
Net change in unrealized appreciation (depreciation)		—		(5,823,638	)
Net Realized and Unrealized Gain (Loss)		1,070		(7,457,938	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,255,738	$	2,227,506

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

See Notes to Financial Statements.

152

Medium-Duration Bond Fund			Extended-Duration Bond Fund			Global Bond Fund
$	—		$	10,516		$	154,261
	469,718			33,757			217,910
	21,217,127			4,270,435			12,748,286
	75,006			29,943			129,338
	6,354			4			(26,583	)
	21,768,205			4,344,655			13,223,212
	2,387,663			561,348			1,301,689
	2,083			1,955			1,968
	13,630			9,334			11,449
	185,133			5,745			35,306
	334,012			144,234			156,334
	144,862			28,225			52,601
	53,102			44,972			48,840
	4,685			4,210			6,275
	4,725			3,462			4,346
	726			167			628
	2,234			3,401			2,177
	3,855			1,351			2,054
	9,650			735			1,301
	41,090			8,029			17,022
	3,187,450			817,168			1,641,990
	(98,657	)		(7,080	)		(45,126	)
	3,088,793			810,088			1,596,864
	18,679,412			3,534,567			11,626,348
	(11,091,612	)		810,262			1,666,629
	105,915			—			—
	(9,750,443	)		—			(881,590	)
	5,710,898			—			—
	—			—			—
	1,496,181			—			56,281
	(1,463,167	)		—			(96,343	)
	(1,409,831	)		—			1,596,688
	(996,502	)		(7,608	)		(60,445	)
	(17,398,561	)		802,654			2,281,220
	(32,494,198	)		(12,842,146	)		(28,796,579	)
	(22,606	)		—			—
	5,740,218			—			45,671
	(343,021	)		—			—
	—			—			—
	(869,770	)		—			(75,863	)
	183,104			—			(189,433	)
	785,927			—			(4,492,882	)
	(165,603	)		(3,781	)		(246,649	)
	(27,185,949	)		(12,845,927	)		(33,755,735	)
	(44,584,510	)		(12,043,273	)		(31,474,515	)
$	(25,905,098	)	$	(8,508,706	)	$	(19,848,167	)

See Notes to Financial Statements.

153

STATEMENTS OF CHANGES IN NET ASSETS

	Money Market Fund
	For the Six Months Ended 06/30/18			For the Year Ended 12/31/17
	(Unaudited)
Operations:
Net investment income	$	7,254,668		$	7,316,182
Net realized gain (loss) on investment securities, foreign currency and derivatives		1,070			2,130
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		—			—
Net increase (decrease) in net assets resulting from operations		7,255,738			7,318,312
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(1,978,356	)		(2,230,825	)
Investor shares		(5,276,312	)		(5,085,360	)
Total dividends and distributions		(7,254,668	)		(7,316,185	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		353,227,501			807,337,066
Investor shares		1,966,474,350			4,112,655,800
Reinvestment of dividends and distributions
Institutional shares		845,653			892,830
Investor shares		2,184,493			2,182,102
Total proceeds from shares sold and reinvested		2,322,731,997			4,923,067,798
Value of shares redeemed
Institutional shares		(344,545,322	)		(790,919,840	)
Investor shares		(1,948,232,473	)		(4,170,941,208	)
Total value of shares redeemed		(2,292,777,795	)		(4,961,861,048	)
Net increase (decrease) from capital share transactions(1)		29,954,202			(38,793,250	)
Total increase (decrease) in net assets		29,955,272			(38,791,123	)
Net Assets:
Beginning of Period		1,163,511,202			1,202,302,325
End of Period*	$	1,193,466,474		$	1,163,511,202
*Including undistributed (distributions in excess of) net investment income	$	(5	)	$	(5	)

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

See Notes to Financial Statements.

154

Low-Duration Bond Fund						Medium-Duration Bond Fund
For the Six Months Ended 06/30/18			For the Year Ended 12/31/17			For the Six Months Ended 06/30/18			For the Year Ended 12/31/17
(Unaudited)						(Unaudited)
$	9,685,444		$	14,183,786		$	18,679,412		$	26,225,976
	(1,634,300	)		(3,446,540	)		(17,398,561	)		3,037,605
	(5,823,638	)		4,069,979			(27,185,949	)		16,432,896
	2,227,506			14,807,225			(25,905,098	)		45,696,477
	(5,937,675	)		(10,229,709	)		(13,020,819	)		(20,072,788	)
	(2,596,947	)		(4,000,821	)		(2,517,266	)		(4,509,866	)
	(8,534,622	)		(14,230,530	)		(15,538,085	)		(24,582,654	)
	72,331,995			158,108,971			162,098,830			318,069,701
	18,491,465			59,956,096			22,799,896			66,368,668
	5,847,497			10,172,772			12,949,510			20,024,021
	2,595,824			3,998,619			2,514,934			4,505,754
	99,266,781			232,236,458			200,363,170			408,968,144
	(32,654,296	)		(162,008,400	)		(28,078,127	)		(31,659,087	)
	(21,235,672	)		(34,562,859	)		(16,106,222	)		(21,675,790	)
	(53,889,968	)		(196,571,259	)		(44,184,349	)		(53,334,877	)
	45,376,813			35,665,199			156,178,821			355,633,267
	39,069,697			36,241,894			114,735,638			376,747,090
	902,533,369			866,291,475			1,407,959,676			1,031,212,586
$	941,603,066		$	902,533,369		$	1,522,695,314		$	1,407,959,676
$	379,077		$	(771,745	)	$	1,896,827		$	(1,244,500	)

See Notes to Financial Statements.

155

STATEMENTS OF CHANGES IN NET ASSETS

	Extended-Duration Bond Fund						Global Bond Fund
	For the Six Months Ended 06/30/18			For the Year Ended 12/31/17			For the Six Months Ended 06/30/18			For the Year Ended 12/31/17
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	3,534,567		$	7,781,680		$	11,626,348		$	19,616,872
Net realized gain on investment securities, foreign currency and derivatives		802,654			2,794,827			2,281,220			3,444,253
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		(12,845,927	)		12,880,818			(33,755,735	)		12,397,199
Net increase (decrease) in net assets resulting from operations		(8,508,706	)		23,457,325			(19,848,167	)		35,458,324
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(1,711,129	)		(3,878,270	)		(9,611,815	)		(13,826,842	)
Investor shares		(1,489,530	)		(3,532,900	)		(2,749,316	)		(3,842,884	)
Distributions from net realized capital gains
Institutional shares		(895,573	)		(832,617	)		—			—
Investor shares		(851,870	)		(841,314	)		—			—
Total dividends and distributions		(4,948,102	)		(9,085,101	)		(12,361,131	)		(17,669,726	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		5,777,111			10,173,790			39,354,358			74,337,429
Investor shares		4,644,369			17,946,400			14,946,887			37,897,578
Reinvestment of dividends and distributions
Institutional shares		2,592,957			4,701,092			9,518,259			13,669,919
Investor shares		2,338,154			4,368,631			2,741,064			3,833,048
Total proceeds from shares sold and reinvested		15,352,591			37,189,913			66,560,568			129,737,974
Value of shares redeemed
Institutional shares		(4,068,863	)		(15,144,159	)		(12,214,653	)		(35,026,678	)
Investor shares		(12,231,517	)		(23,820,763	)		(7,381,097	)		(11,855,469	)
Total value of shares redeemed		(16,300,380	)		(38,964,922	)		(19,595,750	)		(46,882,147	)
Net increase (decrease) from capital share transactions(1)		(947,789	)		(1,775,009	)		46,964,818			82,855,827
Total increase (decrease) in net assets		(14,404,597	)		12,597,215			14,755,520			100,644,425
Net Assets:
Beginning of Period		247,598,137			235,000,922			528,531,403			427,886,978
End of Period*	$	233,193,540		$	247,598,137		$	543,286,923		$	528,531,403
*Including undistributed (distributions in excess of) net investment income	$	340,773		$	6,865		$	(187,785	)	$	546,998

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

See Notes to Financial Statements.

156

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
2018(3)	$	1.00	$	0.01	#	$	—	†	$	(0.01	)	$	—	†	$	1.00		0.72	%	$	278,476		0.15	%		0.15	%		1.46	%		N/A
2017		1.00		0.01	#		—	†		(0.01	)		—	†		1.00		0.76			268,948		0.17			0.17			0.77			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
Investor Class
2018(3)	$	1.00	$	0.01	#	$	—	†	$	(0.01	)	$	—	†	$	1.00		0.60	%	$	914,990		0.41	%		0.41	%		1.20	%		N/A
2017		1.00		0.01	#		—	†		(0.01	)		—	†		1.00		0.51			894,563		0.42			0.42			0.52			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
Low-Duration Bond Fund
Institutional Class
2018(3)	$	13.35	$	0.14	#	$	(0.10	)	$	(0.13	)	$	—		$	13.26		0.28	%	$	633,689		0.35	%		0.35	%		2.19	%		274	%
2017		13.34		0.21	#		0.01			(0.21	)		—			13.35		1.69			592,325		0.35			0.36			1.60			102
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
Investor Class
2018(3)	$	13.35	$	0.13	#	$	(0.11	)	$	(0.11	)	$	—		$	13.26		0.16	%	$	307,914		0.61	%		0.61	%		1.93	%		274	%
2017		13.34		0.18	#		0.01			(0.18	)		—			13.35		1.42			310,208		0.62			0.63			1.33			102
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
Medium-Duration Bond Fund
Institutional Class
2018	$	14.75	$	0.18	#	$	(0.44	)	$	(0.15	)	$	—		$	14.34		(1.68	)%	$	1,251,694		0.37	%		0.38	%		2.57	%		205	%
2017		14.46		0.34	#		0.26			(0.31	)		—			14.75		4.13			1,138,597		0.39			0.40			2.32			387
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
Investor Class
2018	$	14.75	$	0.16	#	$	(0.44	)	$	(0.13	)	$	—		$	14.34		(1.86	)%	$	271,001		0.63	%		0.65	%		2.27	%		205	%
2017		14.46		0.30	#		0.26			(0.27	)		—			14.75		3.93			269,362		0.66			0.67			2.05			387
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

† 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, 2018. 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.

157

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
2018(3)	$	17.94	$	0.27	#	$	(0.88	)	$	(0.24	)	$	(0.13	)	$	16.96		(3.40	)%	$	120,021		0.56	%		0.56	%		3.13	%		31	%
2017		16.90		0.59	#		1.13			(0.56	)		(0.12	)		17.94		10.38			122,526		0.57			0.58			3.37			93
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
Investor Class
2018(3)	$	17.95	$	0.24	#	$	(0.87	)	$	(0.22	)	$	(0.13	)	$	16.97		(3.52	)%	$	113,173		0.82	%		0.83	%		2.86	%		31	%
2017		16.90		0.54	#		1.15			(0.52	)		(0.12	)		17.95		10.13			125,072		0.85			0.85			3.09			93
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
Global Bond Fund
Institutional Class
2018(3)	$	10.08	$	0.21	#	$	(0.56	)	$	(0.23	)	$	—		$	9.50		(3.46	)%	$	417,323		0.53	%		0.55	%		4.38	%		13	%
2017		9.68		0.42	#		0.35			(0.37	)		—			10.08		8.09			405,411		0.56			0.58			4.18			31
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
2018(3)	$	10.07	$	0.20	#	$	(0.56	)	$	(0.21	)	$	—		$	9.50		(3.58	)%	$	125,964		0.80	%		0.82	%		4.10	%		13	%
2017		9.68		0.39	#		0.35			(0.35	)		—			10.07		7.69			123,120		0.83			0.85			3.89			31
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

# 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, 2018. 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 May 1, 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.

158

DEFENSIVE MARKET STRATEGIES FUND SCHEDULE OF INVESTMENTS   June 30, 2018  (Unaudited) 

	Shares		Value
COMMON STOCKS — 41.1%
Consumer Discretionary — 3.0%
Advance Auto Parts, Inc.		152	$	20,626
Amazon.com, Inc.*		2,361		4,013,228
AutoZone, Inc.*		38		25,495
Best Buy Co., Inc.		458		34,158
Booking Holdings, Inc.*		614		1,244,633
BorgWarner, Inc.		232		10,013
Cable One, Inc.D		120		87,995
CarMax, Inc.*		253		18,436
Carnival Corporation		22,056		1,264,029
CBS Corporation Class B (Non-Voting Shares)		817		45,932
Charter Communications, Inc. Class A*		375		109,954
Chipotle Mexican Grill, Inc.*		55		23,725
Comcast Corporation Class A		8,825		289,548
D.R. Horton, Inc.		552		22,632
Darden Restaurants, Inc.		10,008		1,071,456
Discovery, Inc. Class A*		454		12,485
Discovery, Inc. Class C*		631		16,090
DISH Network Corporation Class A*		461		15,494
Dollar General Corporation		458		45,159
Dollar Tree, Inc.*		418		35,530
Domino’s Pizza, Inc.		2,436		687,366
Expedia Group, Inc.		288		34,615
Foot Locker, Inc.		320		16,848
Ford Motor Co.		7,983		88,372
Gap, Inc. (The)		503		16,292
General Motors Co.		2,563		100,982
Genuine Parts Co.		12,028		1,104,050
Goodyear Tire & Rubber Co. (The)		280		6,521
H&R Block, Inc.		483		11,003
Hanesbrands, Inc.		827		18,211
Harley-Davidson, Inc.		372		15,654
Hasbro, Inc.		1,294		119,449
Hilton Worldwide Holdings, Inc.		368		29,131
Home Depot, Inc. (The)		14,632		2,854,703
Interpublic Group of Cos., Inc. (The)		849		19,901
Kohl’s Corporation		339		24,713
L Brands, Inc.		411		15,158
Leggett & Platt, Inc.		135		6,026
Lennar Corporation Class A		243		12,757
LKQ Corporation*		551		17,577
Lowe’s Cos., Inc.		6,722		642,422
Lululemon Athletica, Inc.*		12,805		1,598,704
Macy’s, Inc.		736		27,548
Marriott International, Inc. Class A		619		78,365
Mattel, Inc.		1,029		16,896
McDonald’s Corporation		34,540		5,412,073
Michael Kors Holdings, Ltd.*		280		18,648
Mohawk Industries, Inc.*		80		17,142
Netflix, Inc.*		1,944		760,940
Newell Brands, Inc.		917		23,649
News Corporation Class A		567		8,789
NIKE, Inc. Class B		16,221		1,292,489
Nordstrom, Inc.		287		14,861

	Shares		Value
Norwegian Cruise Line Holdings, Ltd.*		333	$	15,734
O’Reilly Automotive, Inc.*		165		45,139
Omnicom Group, Inc.		506		38,593
Pool Corporation		865		131,047
PulteGroup, Inc.		555		15,956
PVH Corporation		138		20,661
Ralph Lauren Corporation		137		17,224
Ross Stores, Inc.		601		50,935
Royal Caribbean Cruises, Ltd.		380		39,368
Starbucks Corporation		48,093		2,349,343
Tapestry, Inc.		641		29,941
Target Corporation		964		73,380
Tiffany & Co.		162		21,319
TJX Cos., Inc. (The)		8,541		812,932
Tractor Supply Co.		240		18,358
TripAdvisor, Inc.*		203		11,309
Twenty-First Century Fox, Inc. Class A		2,177		108,175
Twenty-First Century Fox, Inc. Class B		766		37,741
Ulta Beauty, Inc.*		534		124,668
Under Armour, Inc. Class A*		210		4,721
Under Armour, Inc. Class C*		211		4,448
VF Corporation		555		45,244
Walt Disney Co. (The)		19,301		2,022,938
Whirlpool Corporation		160		23,397
Williams-Sonoma, Inc.D		3,610		221,582
Yum! Brands, Inc.		13,566		1,061,133
				30,863,759
Consumer Staples — 5.0%
Archer-Daniels-Midland Co.		1,013		46,426
Campbell Soup Co.D		9,998		405,319
Church & Dwight Co., Inc.		7,123		378,659
Clorox Co. (The)		9,533		1,289,338
Coca-Cola Co. (The)		73,219		3,211,385
Colgate-Palmolive Co.		30,394		1,969,835
Conagra Brands, Inc.		599		21,402
Costco Wholesale Corporation		7,692		1,607,474
Coty, Inc. Class A		956		13,480
Dr. Pepper Snapple Group, Inc.		1,566		191,052
Estee Lauder Cos., Inc. (The) Class A		15,779		2,251,506
Flowers Foods, Inc.D		26,461		551,183
General Mills, Inc.		12,613		558,251
Hershey Co. (The)		26,387		2,455,574
Hormel Foods CorporationD		20,100		747,921
Ingredion, Inc.		2,921		323,355
J.M. Smucker Co. (The)		250		26,870
Kellogg Co.		848		59,250
Kimberly-Clark Corporation		10,185		1,072,888
Kraft Heinz Co. (The)		1,148		72,117
Kroger Co. (The)		1,673		47,597
Lamb Weston Holdings, Inc.		6,988		478,748
McCormick & Co., Inc. (Non-Voting Shares)D		9,381		1,089,040
Mondelez International, Inc. Class A		41,836		1,715,276

See Notes to Financial Statements.

159

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Monster Beverage Corporation*		22,638	$	1,297,157
Nu Skin Enterprises, Inc. Class A		8,245		644,677
PepsiCo, Inc.		82,519		8,983,844
Procter & Gamble Co. (The)		161,265		12,588,346
Sysco Corporation		28,529		1,948,245
Tyson Foods, Inc. Class A		2,758		189,888
Walgreens Boots Alliance, Inc.		1,718		103,106
Walmart, Inc.		57,513		4,925,988
				51,265,197
Energy — 1.1%
Anadarko Petroleum Corporation		970		71,052
Andeavor		259		33,976
Apache Corporation		795		37,166
Baker Hughes a GE Co.		1,193		39,405
Cabot Oil & Gas Corporation		793		18,873
Chevron Corporation		57,781		7,305,252
Cimarex Energy Co.		158		16,075
Concho Resources, Inc.*		225		31,129
ConocoPhillips		2,361		164,373
Devon Energy Corporation		909		39,960
EOG Resources, Inc.		1,122		139,610
EQT Corporation		356		19,644
Exxon Mobil Corporation		16,924		1,400,123
Halliburton Co.		1,400		63,084
Helmerich & Payne, Inc.		350		22,316
Hess Corporation		541		36,187
Kinder Morgan, Inc.		3,440		60,785
Marathon Oil Corporation		1,361		28,390
Marathon Petroleum Corporation		1,025		71,914
National Oilwell Varco, Inc.		635		27,559
Newfield Exploration Co.*		284		8,591
Noble Energy, Inc.		885		31,223
Occidental Petroleum Corporation		15,628		1,307,751
ONEOK, Inc.		903		63,056
Phillips 66		752		84,457
Pioneer Natural Resources Co.		361		68,316
Valero Energy Corporation		787		87,223
Williams Cos., Inc. (The)		1,532		41,533
				11,319,023
Financials — 7.2%
Affiliated Managers Group, Inc.		93		13,826
Aflac, Inc.		3,194		137,405
Alleghany Corporation		1,248		717,563
Allstate Corporation (The)		57,218		5,222,287
American Express Co.		7,014		687,372
American Financial Group, Inc.		7,038		755,388
American International Group, Inc.		1,829		96,974
Ameriprise Financial, Inc.		269		37,628
Arch Capital Group, Ltd.*		24,987		661,156
Arthur J. Gallagher & Co.		451		29,441
Assurant, Inc.		75		7,762
Bank of America Corporation		18,205		513,199
Bank of Hawaii CorporationD		4,834		403,252
Bank of New York Mellon
Corporation (The)		71,165		3,837,929
Bank of the Ozarks		11,349		511,159
BB&T Corporation		5,603		282,615

	Shares		Value
Berkshire Hathaway, Inc. Class B*		3,599	$	671,753
BlackRock, Inc.		1,580		788,483
Brighthouse Financial, Inc.*		274		10,979
Capital One Financial Corporation		901		82,802
Capitol Federal Financial, Inc.		220,700		2,904,412
Cboe Global Markets, Inc.		5,953		619,529
Charles Schwab Corporation (The)		2,042		104,346
Cincinnati Financial Corporation		334		22,331
Citigroup, Inc.		4,997		334,399
Citizens Financial Group, Inc.		836		32,520
CME Group, Inc.		14,026		2,299,142
Comerica, Inc.		302		27,458
Commerce Bancshares, Inc.		13,742		889,245
Discover Financial Services		702		49,428
E*TRADE Financial Corporation*		326		19,938
Erie Indemnity Co. Class A		1,670		195,824
Everest Re Group, Ltd.		96		22,126
Fifth Third Bancorp		1,381		39,635
FNF Group		42,598		1,602,537
Franklin Resources, Inc.		595		19,070
Goldman Sachs Group, Inc. (The)		615		135,651
Hartford Financial Services Group,
Inc. (The)		633		32,365
Huntington Bancshares, Inc.		1,372		20,251
Intercontinental Exchange, Inc.		5,078		373,487
Invesco, Ltd.		83,416		2,215,529
Jefferies Financial Group, Inc.		558		12,689
JPMorgan Chase & Co.		57,901		6,033,284
KeyCorp		1,880		36,735
Legg Mason, Inc.		19,500		677,235
Lincoln National Corporation		388		24,153
Loews Corporation		373		18,008
M&T Bank Corporation		7,078		1,204,322
Markel Corporation*		1,365		1,480,138
MarketAxess Holdings, Inc.		282		55,796
Marsh & McLennan Cos., Inc.		84,806		6,951,548
MetLife, Inc.		11,146		485,966
Moody’s Corporation		247		42,128
Morgan Stanley		2,432		115,277
Nasdaq, Inc.		251		22,909
Northern Trust Corporation		11,670		1,200,726
People’s United Financial, Inc.		674		12,193
PNC Financial Services Group, Inc.
(The)		65,768		8,885,257
Principal Financial Group, Inc.		631		33,412
ProAssurance Corporation		3,571		126,592
Progressive Corporation (The)		49,242		2,912,664
Prudential Financial, Inc.		855		79,951
Raymond James Financial, Inc.		240		21,444
Regions Financial Corporation		2,436		43,312
S&P Global, Inc.		1,008		205,521
SEI Investments Co.		5,739		358,802
State Street Corporation		650		60,508
SunTrust Banks, Inc.		48,860		3,225,737
SVB Financial Group*		1,464		422,745
Synchrony Financial		1,366		45,597
T. Rowe Price Group, Inc.		7,764		901,323
TFS Financial CorporationD		6,114		96,418

See Notes to Financial Statements.

160

	Shares		Value
Torchmark Corporation		219	$	17,829
Travelers Cos., Inc. (The)		17,969		2,198,327
U.S. Bancorp		72,431		3,622,999
Unum Group		295		10,912
W.R. Berkley Corporation		6,388		462,555
Wells Fargo & Co.		91,285		5,060,840
XL Group, Ltd.		585		32,731
Zions Bancorporation		159		8,378
				74,635,157
Health Care — 4.6%
Abbott Laboratories		4,948		301,779
AbbVie, Inc.		3,024		280,174
ABIOMED, Inc.*		4,325		1,769,141
Aetna, Inc.		649		119,091
Agilent Technologies, Inc.		577		35,682
Alexion Pharmaceuticals, Inc.*		484		60,089
Align Technology, Inc.*		4,816		1,647,746
Amgen, Inc.		3,173		585,704
Anthem, Inc.		6,078		1,446,746
Baxter International, Inc.		9,958		735,299
Becton, Dickinson and Co.		3,267		782,643
Biogen, Inc.*		1,998		579,900
Boston Scientific Corporation*		2,122		69,389
Bristol-Myers Squibb Co.		49,142		2,719,518
Cardinal Health, Inc.		11,650		568,869
Celgene Corporation*		3,532		280,511
Centene Corporation*		305		37,579
Cerner Corporation*		527		31,509
Cigna Corporation		4,840		822,558
Cooper Cos., Inc. (The)		88		20,720
CVS Health Corporation		2,007		129,150
Danaher Corporation		6,583		649,610
DaVita, Inc.*		265		18,402
DENTSPLY SIRONA, Inc.		472		20,659
Edwards Lifesciences Corporation*		2,990		435,254
Eli Lilly & Co.		35,536		3,032,287
Express Scripts Holding Co.*		1,154		89,100
Gilead Sciences, Inc.		2,517		178,304
HCA Healthcare, Inc.		500		51,300
Henry Schein, Inc.*		273		19,831
Hologic, Inc.*		376		14,946
Humana, Inc.		5,750		1,711,372
IDEXX Laboratories, Inc.*		1,453		316,667
Illumina, Inc.*		3,650		1,019,408
Incyte Corporation*		346		23,182
Intuitive Surgical, Inc.*		4,719		2,257,947
IQVIA Holdings, Inc.*		250		24,955
Johnson & Johnson		109,024		13,228,972
Laboratory Corporation of America
Holdings*		237		42,549
McKesson Corporation		399		53,227
Mettler-Toledo International, Inc.*		1,916		1,108,655
PerkinElmer, Inc.		318		23,287
Quest Diagnostics, Inc.		28,965		3,184,412
Regeneron Pharmaceuticals, Inc.*		143		49,334
ResMed, Inc.		769		79,653
Stryker Corporation		11,752		1,984,443

	Shares		Value
Thermo Fisher Scientific, Inc.		1,937	$	401,230
UnitedHealth Group, Inc.		14,046		3,446,046
Universal Health Services, Inc.
Class B		174		19,391
Varian Medical Systems, Inc.*		4,093		465,456
Veeva Systems, Inc. Class A*		344		26,440
Vertex Pharmaceuticals, Inc.*		2,042		347,058
Waters Corporation*		589		114,025
Zimmer Biomet Holdings, Inc.		334		37,221
Zoetis, Inc.		5,394		459,515
				47,957,935
Industrials — 5.5%
3M Co.		47,351		9,314,889
Alaska Air Group, Inc.		219		13,225
American Airlines Group, Inc.		801		30,406
AMETEK, Inc.		278		20,060
Arconic, Inc.		719		12,230
Boeing Co. (The)		6,928		2,324,413
C.H. Robinson Worldwide, Inc.		2,486		207,979
Caterpillar, Inc.		1,105		149,915
Cintas Corporation		3,415		632,014
Copart, Inc.*		7,550		427,028
CSX Corporation		1,596		101,793
Cummins, Inc.		798		106,134
Deere & Co.		524		73,255
Delta Air Lines, Inc.		1,312		64,997
Dover Corporation		192		14,054
Emerson Electric Co.		39,404		2,724,393
Equifax, Inc.		234		29,276
Expeditors International of
Washington, Inc.		15,263		1,115,725
Fastenal Co.		7,916		380,997
FedEx Corporation		2,361		536,089
Flowserve Corporation		291		11,756
Fluor Corporation		298		14,536
Fortive Corporation		3,879		299,110
Fortune Brands Home & Security, Inc.		191		10,255
General Dynamics Corporation		5,821		1,085,093
General Electric Co.		17,028		231,751
Harris Corporation		191		27,607
Honeywell International, Inc.		15,834		2,280,888
Huntington Ingalls Industries, Inc.		917		198,796
IDEX Corporation		1,348		183,975
IHS Markit, Ltd.*		500		25,795
Illinois ToolWorks, Inc.		15,066		2,087,244
J.B. Hunt Transport Services, Inc.		166		20,177
Jacobs Engineering Group, Inc.		78		4,952
Kansas City Southern		154		16,318
L3 Technologies, Inc.		139		26,732
Landstar System, Inc.		8,170		892,164
Lockheed Martin Corporation		5,294		1,564,006
Masco Corporation		401		15,005
Norfolk Southern Corporation		17,056		2,573,239
Northrop Grumman Corporation		5,607		1,725,274
PACCAR, Inc.		655		40,584
Parker-Hannifin Corporation		254		39,586
Quanta Services, Inc.*		139		4,643

See Notes to Financial Statements.

161

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Raytheon Co.		14,686	$	2,837,042
Republic Services, Inc.		128,228		8,765,666
Robert Half International, Inc.		7,443		484,539
Rockwell Automation, Inc.		198		32,914
Rockwell Collins, Inc.		275		37,037
Rollins, Inc.		27,873		1,465,562
Roper Technologies, Inc.		165		45,525
Snap-on, Inc.		112		18,001
Southwest Airlines Co.		20,462		1,041,107
Stanley Black & Decker, Inc.		216		28,687
Stericycle, Inc.*		234		15,278
Textron, Inc.		272		17,928
TransDigm Group, Inc.		70		24,160
Union Pacific Corporation		7,318		1,036,814
United Continental Holdings, Inc.*		462		32,215
United Parcel Service, Inc. Class B		26,959		2,863,855
United Rentals, Inc.*		123		18,157
United Technologies Corporation		6,080		760,182
Verisk Analytics, Inc.*		707		76,102
W.W. Grainger, Inc.		1,062		327,521
Waste Management, Inc.		64,280		5,228,535
Xylem, Inc.		293		19,742
				56,834,927
Information Technology — 7.2%
Activision Blizzard, Inc.		1,339		102,192
Adobe Systems, Inc.*		9,203		2,243,783
Advanced Micro Devices, Inc.*		1,790		26,832
Akamai Technologies, Inc.*		312		22,848
Alliance Data Systems Corporation		101		23,553
Alphabet, Inc. Class A*		3,099		3,499,360
Alphabet, Inc. Class C*		566		631,458
Amdocs, Ltd.		1,249		82,671
Amphenol Corporation Class A		6,664		580,768
Analog Devices, Inc.		634		60,813
ANSYS, Inc.*		1,340		233,401
Apple, Inc.		17,399		3,220,729
Applied Materials, Inc.		40,396		1,865,891
Arista Networks, Inc.*		1,341		345,294
Autodesk, Inc.*		417		54,664
Automatic Data Processing, Inc.		42,782		5,738,777
Broadcom, Inc.		787		190,958
Broadridge Financial Solutions, Inc.		3,582		412,288
CA, Inc.		706		25,169
Cadence Design Systems, Inc.*		3,618		156,696
Cisco Systems, Inc.		117,527		5,057,187
Citrix Systems, Inc.*		271		28,412
Cognizant Technology Solutions Corporation Class A		20,370		1,609,026
Corning, Inc.		1,580		43,466
Dolby Laboratories, Inc. Class A		2,230		137,569
DXC Technology Co.		501		40,386
eBay, Inc.*		1,618		58,669
Electronic Arts, Inc.*		5,542		781,533
F5 Networks, Inc.*		10,306		1,777,270
Facebook, Inc. Class A*		18,738		3,641,168
Fidelity National Information
Services, Inc.		549		58,210

	Shares		Value
Fiserv, Inc.*		7,396	$	547,970
FLIR Systems, Inc.		20,603		1,070,738
Fortinet, Inc.*		2,034		126,983
Gartner, Inc.*		125		16,612
Global Payments, Inc.		200		22,298
Hewlett Packard Enterprise Co.		3,316		48,447
HP, Inc.		2,972		67,435
Intel Corporation		66,031		3,282,401
International Business Machines
Corporation		8,101		1,131,710
Intuit, Inc.		13,910		2,841,882
IPG Photonics Corporation*		626		138,114
Jack Henry & Associates, Inc.		6,869		895,443
Juniper Networks, Inc.		571		15,657
KLA-Tencor Corporation		1,433		146,925
Lam Research Corporation		290		50,126
Manhattan Associates, Inc.*		1,564		73,524
MasterCard, Inc. Class A		17,045		3,349,683
Maxim Integrated Products, Inc.		80,992		4,750,991
Microchip Technology, Inc.		461		41,928
Micron Technology, Inc.*		2,018		105,824
Microsoft Corporation		53,374		5,263,210
Motorola Solutions, Inc.		226		26,300
National Instruments Corporation		4,818		202,260
NetApp, Inc.		478		37,537
NVIDIA Corporation		5,424		1,284,946
Oracle Corporation		92,466		4,074,052
Paychex, Inc.		47,019		3,213,749
PayPal Holdings, Inc.*		4,104		341,740
Qorvo, Inc.*		254		20,363
QUALCOMM, Inc.		2,850		159,942
Red Hat, Inc.*		3,115		418,563
salesforce.com, Inc.*		1,344		183,322
Skyworks Solutions, Inc.		4,409		426,130
Square, Inc. Class A*		5,108		314,857
Symantec Corporation		1,116		23,045
Synopsys, Inc.*		600		51,342
Take-Two Interactive Software, Inc.*		175		20,713
Teradata CorporationD*		2,305		92,546
Teradyne, Inc.		6,864		261,312
Texas Instruments, Inc.		26,098		2,877,304
Total System Services, Inc.		261		22,060
Twitter, Inc.*		1,000		43,670
VeriSign, Inc.*		1,528		209,978
Visa, Inc. Class AD		26,053		3,450,720
Western Digital Corporation		642		49,697
Western Union Co. (The)		864		17,565
Xerox Corporation		523		12,552
Xilinx, Inc.		6,231		406,635
				74,981,842
Materials — 1.1%
Air Products & Chemicals, Inc.		6,921		1,077,807
Albemarle Corporation		215		20,281
Ball Corporation		452		16,069
Bemis Co., Inc.		83,600		3,528,756
CF Industries Holdings, Inc.		530		23,532

See Notes to Financial Statements.

162

	Shares		Value
DowDuPont, Inc.		36,885	$	2,431,459
Eastman Chemical Co.		225		22,491
Ecolab, Inc.		7,513		1,054,299
FMC Corporation		211		18,823
Freeport-McMoRan, Inc.		2,471		42,649
International Flavors & Fragrances, Inc.		727		90,119
International Paper Co.		12,198		635,272
Martin Marietta Materials, Inc.		107		23,896
Mosaic Co. (The)		713		20,000
Newmont Mining Corporation		1,042		39,294
Nucor Corporation		550		34,375
Packaging Corporation of America		176		19,675
PPG Industries, Inc.		6,926		718,434
Praxair, Inc.		2,271		359,159
Sealed Air Corporation		225		9,551
Sherwin-Williams Co. (The)		1,781		725,882
Vulcan Materials Co.		331		42,719
WestRock Co.		597		34,041
				10,988,583
Real Estate — 0.8%
Alexandria Real Estate Equities, Inc.
REIT		172		21,701
American Tower Corporation REIT		14,463		2,085,131
Apartment Investment & Management Co. Class A REIT		481		20,346
AvalonBay Communities, Inc. REIT		351		60,333
Boston Properties, Inc. REIT		2,757		345,783
CBRE Group, Inc. Class A*		534		25,493
Crown Castle International Corporation REIT		826		89,059
Digital Realty Trust, Inc. REIT		362		40,392
Equinix, Inc. REIT		132		56,746
Equity Residential REIT		647		41,207
Essex Property Trust, Inc. REIT		109		26,059
Extra Space Storage, Inc. REIT		205		20,461
Federal Realty Investment Trust REIT		105		13,288
GGP, Inc. REIT		1,253		25,599
HCP, Inc. REIT		1,147		29,616
Host Hotels & Resorts, Inc. REIT		1,879		39,591
Iron Mountain, Inc. REIT		754		26,398
Kimco Realty Corporation REIT		934		15,869
Macerich Co. (The) REIT		275		15,628
Mid-America Apartment Communities, Inc. REIT		202		20,335
Prologis, Inc. REIT		1,007		66,150
Public Storage REIT		4,977		1,129,082
Realty Income Corporation REIT		579		31,144
SBA Communications Corporation REIT*		154		25,428
Simon Property Group, Inc. REIT		677		115,219
SL Green Realty Corporation REIT		174		17,492
UDR, Inc. REIT		300		11,262
Ventas, Inc. REIT		810		46,130
Vornado Realty Trust REIT		299		22,102
Welltower, Inc. REIT		825		51,719
Weyerhaeuser Co. REIT		100,907		3,679,069
				8,213,832

	Shares		Value
Telecommunication Services — 0.7%
AT&T, Inc.		19,891	$	638,708
CenturyLink, Inc.		2,272		42,350
Verizon Communications, Inc.		131,587		6,620,142
				7,301,200
Utilities — 4.9%
AES Corporation		1,420		19,042
Alliant Energy Corporation		4,100		173,512
Ameren Corporation		32,091		1,952,737
American Electric Power Co., Inc.		29,986		2,076,531
AmericanWater Works Co., Inc.		27,426		2,341,632
Aqua America, Inc.		30,479		1,072,251
Atmos Energy Corporation		66,804		6,021,713
CenterPoint Energy, Inc.		7,049		195,328
CMS Energy Corporation		8,819		416,962
Consolidated Edison, Inc.		18,667		1,455,653
Dominion Energy, Inc.D		14,558		992,564
DTE Energy Co.		9,627		997,646
Duke Energy Corporation		18,867		1,492,002
Edison International		26,686		1,688,423
Entergy Corporation		480		38,779
Evergy, Inc.		31,489		1,768,107
Eversource Energy		44,678		2,618,578
Exelon Corporation		6,555		279,243
FirstEnergy Corporation		1,116		40,076
NextEra Energy, Inc.		18,388		3,071,348
NiSource, Inc.		15,696		412,491
NRG Energy, Inc.		569		17,468
ONE Gas, Inc.		71,142		5,317,153
PG&E Corporation		9,676		411,811
PinnacleWest Capital Corporation		46,503		3,746,282
PPL Corporation		1,308		37,343
Public Service Enterprise Group, Inc.		37,556		2,033,282
SCANA Corporation		365		14,060
Sempra Energy		543		63,048
Southern Co. (The)		18,676		864,886
Spire, Inc.		66,922		4,728,039
UGI Corporation		34,345		1,788,344
WEC Energy Group, Inc.		21,216		1,371,614
Xcel Energy, Inc.		25,599		1,169,362
				50,687,310
Total Common Stocks (Cost $340,232,666)				425,048,765
FOREIGN COMMON STOCKS — 4.3%
Curacao — 0.6%
Schlumberger, Ltd.		87,092		5,837,777
France — 0.7%
TOTAL SA		124,323		7,580,078
Ireland — 1.2%
Accenture PLC Class A		18,269		2,988,626
Allegion PLC		156		12,068
Eaton Corporation PLC		32,316		2,415,298
Ingersoll-Rand PLC		551		49,441
Johnson Controls International PLC		1,898		63,488
Medtronic PLC		83,182		7,121,211

See Notes to Financial Statements.

163

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Pentair PLC		294	$	12,372
Seagate Technology PLC		660		37,270
Willis Towers Watson PLC		205		31,078
				12,730,852
Japan — 0.1%
Honda Motor Co., Ltd.		26,000		763,925
Toyota Motor Corporation		6,600		427,422
				1,191,347
Jersey — 0.0%
Aptiv PLC		5,196		476,110
Netherlands — 0.2%
LyondellBasell Industries NV Class A		2,581		283,523
Mylan NV*		4,025		145,463
Unilever NV CVA		26,400		1,473,208
				1,902,194
Sweden — 0.1%
Atlas Copco AB, B Shares		37,500		982,429
Switzerland — 1.0%
ABB, Ltd.		33,900		743,178
Chubb, Ltd.		54,948		6,979,495
Garmin, Ltd.		9,459		576,999
Roche Holding AG		8,200		1,826,224
TE Connectivity, Ltd.		617		55,567
				10,181,463
United Kingdom — 0.4%
Aon PLC		9,318		1,278,150
Nielsen Holdings PLC		803		24,837
Royal Dutch Shell PLC, A Shares		47,900		1,665,263
Smiths Group PLC		26,500		593,848
TechnipFMC PLC		1,083		34,374
				3,596,472
Total Foreign Common Stocks (Cost $41,048,909)				44,478,722
PREFERRED STOCKS — 1.4%
Bank of America Corporation,
7.25%,06/28/18 CONV		4,950		6,189,975
Stanley Black & Decker, Inc.,
5.38%,07/31/18 CONVD		58,005		6,077,764
Welltower, Inc. REIT,
6.50%,06/28/18 CONV		34,785		2,067,968
Total Preferred Stocks (Cost $14,856,188)				14,335,707
MUTUAL FUNDS — 1.0%
iShares Russell 1000 Value ETFD (Cost $10,932,552)		88,500		10,742,130
SYNTHETIC CONVERTIBLE INSTRUMENTS — 0.1%
Goldman Sachs International CONV (Cost $1,338,475)		16,700		1,358,245
	Par
CERTIFICATES OF DEPOSIT — 0.2%
UBS AG
0.00%, 06/24/20W (Cost $2,031,237)	$	24,300		2,050,434

	Par		Value
CORPORATE BONDS — 25.1%
Advanced Micro Devices, Inc.
2.13%, 09/01/26 CONV	$	373,000	$	741,389
Akamai Technologies, Inc.
0.00%, 02/15/19W CONV		1,850,000		1,857,206
0.13%, 05/01/25 144A CONV		3,199,000		3,211,332
Allscripts Healthcare Solutions, Inc.
1.25%, 07/01/20 CONVD		3,894,000		3,953,438
Altaba, Inc.
0.00%, 12/01/18W CONV		907,000		1,239,380
Ares Capital Corporation
3.75%, 02/01/22 CONV		4,376,000		4,403,232
Atlassian, Inc.
0.63%, 05/01/23 144A CONV		2,450,000		2,540,829
Bank of America Corporation
(Variable, ICE LIBOR USD 3M + 2.93%), 5.88%, 03/15/28D^		447,000		437,501
BioMarin Pharmaceutical, Inc.
1.50%, 10/15/20 CONVD		1,843,000		2,192,475
0.60%, 08/01/24 CONV		2,994,000		3,032,024
Blackstone Mortgage Trust, Inc. REIT
4.75%, 03/15/23 CONV		4,351,000		4,238,644
BofA Finance LLC
0.25%, 05/01/23 CONV		1,340,000		1,253,918
Booking Holdings, Inc.
0.35%, 06/15/20 CONV		390,000		604,752
Chart Industries, Inc.
1.00%, 11/15/24 144A CONV		1,076,000		1,312,838
Chegg, Inc.
0.25%, 05/15/23 144A CONV		990,000		1,174,548
Chesapeake Energy Corporation
5.50%, 09/15/26 CONV		2,103,000		2,142,505
Citigroup, Inc.
(Variable, ICE LIBOR USD 3M +
4.07%), 5.95%, 01/30/23D^		3,245,000		3,305,844
Citrix Systems, Inc.
0.50%, 04/15/19 CONV		1,338,000		1,946,114
Clovis Oncology, Inc.
1.25%, 05/01/25 CONV		1,555,000		1,436,862
Cypress Semiconductor Corporation
2.00%, 02/01/23 144A CONVD		2,171,000		2,260,958
DexCom, Inc.
0.75%, 05/15/22 144A CONVD		2,420,000		2,812,192
DISH Network Corporation
3.38%, 08/15/26 CONV		4,872,000		4,731,180
Dycom Industries, Inc.
0.75%, 09/15/21 CONV		2,067,000		2,404,000

See Notes to Financial Statements.

164

	Par		Value
Electronics for Imaging, Inc.
0.75%, 09/01/19 CONV	$	1,343,000	$	1,329,539
Empire State Realty OP LP REIT
2.63%, 08/15/19 144A CONV		1,332,000		1,359,309
Envestnet, Inc.
1.75%, 06/01/23 144A CONV		2,621,000		2,704,348
EuronetWorldwide, Inc.
1.50%, 10/01/44 CONV		997,000		1,224,299
Exact Sciences Corporation
1.00%, 01/15/25 CONV		3,003,000		3,165,862
Extra Space Storage LP REIT
3.13%, 10/01/35 144A CONVD		4,345,000		5,055,534
Finisar Corporation
0.50%, 12/15/36 CONV		1,395,000		1,269,659
Five9, Inc.
0.13%, 05/01/23 144A CONV		1,384,000		1,452,385
Goldman Sachs Group, Inc. (The)
(Variable, ICE LIBOR USD 3M + 3.83%), 5.30%, 11/10/26D^		2,516,000		2,465,680
Greenbrier Cos., Inc. (The)
2.88%, 02/01/24 CONVD		1,174,000		1,356,845
HubSpot, Inc.
0.25%, 06/01/22 CONV		594,000		850,051
IAC FinanceCo, Inc.
0.88%, 10/01/22 144A CONV		2,047,000		2,387,416
IH Merger Sub LLC REIT
3.50%, 01/15/22 CONV		3,390,000		3,792,074
Illumina, Inc.
0.50%, 06/15/21 CONVD		989,000		1,307,073
Insulet Corporation
1.38%, 11/15/24 144A CONV		1,107,000		1,246,225
Integrated Device Technology, Inc.
0.88%, 11/15/22 CONV		1,740,000		1,987,242
Intel Corporation
3.25%, 08/01/39 CONV		1,042,000		2,497,255
InterDigital, Inc.
1.50%, 03/01/20 CONV		628,000		771,657
Ionis Pharmaceuticals, Inc.
1.00%, 11/15/21 CONV		1,675,000		1,649,800
Jazz Investments I, Ltd.
1.88%, 08/15/21 CONV		3,716,000		4,053,565
LendingTree, Inc.
0.63%, 06/01/22 CONV		358,000		433,112
Liberty Expedia Holdings, Inc.
1.00%, 06/30/47 144A CONVD		3,825,000		3,786,892
Liberty Interactive LLC
1.75%, 09/30/46 144A CONV		1,596,000		1,745,288

	Par		Value
Liberty Media Corp-Liberty Formula One
1.00%, 01/30/23 CONV	$	1,080,000	$	1,265,806
Liberty Media Corporation
1.38%, 10/15/23 CONV		518,000		645,671
2.25%, 09/30/46 CONV		1,110,000		585,770
2.13%, 03/31/48 144A CONV		4,030,000		3,983,933
Ligand Pharmaceuticals, Inc.
0.75%, 05/15/23 144A CONV		1,990,000		2,063,234
Live Nation Entertainment, Inc.
2.50%, 03/15/23 144A CONV		4,768,000		4,948,769
Lumentum Holdings, Inc.
0.25%, 03/15/24 CONV		1,395,000		1,657,846
Macquarie Infrastructure Corporation
2.88%, 07/15/19 CONV		1,675,000		1,666,699
2.00%, 10/01/23 CONV		2,092,000		1,860,550
Marriott Vacations Worldwide Corporation
1.50%, 09/15/22 144A CONV		3,209,000		3,248,310
Meritor, Inc.
3.25%, 10/15/37 144A CONV		5,245,000		5,209,602
Microchip Technology, Inc.
1.63%, 02/15/27 CONV		8,947,000		10,442,330
Micron Technology, Inc.
3.00%, 11/15/43 CONV		579,000		1,044,147
Molina Healthcare, Inc.
1.13%, 01/15/20 CONV		554,000		1,344,236
Nabors Industries, Inc.
0.75%, 01/15/24 CONV		1,048,000		827,156
National Health Investors, Inc. REIT
3.25%, 04/01/21 CONV		1,406,000		1,573,483
Navistar International Corporation
4.75%, 04/15/19 CONV		2,453,000		2,534,145
Neurocrine Biosciences, Inc.
2.25%, 05/15/24 CONV		803,000		1,160,924
New Relic, Inc.
0.50%, 05/01/23 144A CONV		895,000		989,546
NextEra Energy Partners LP
1.50%, 09/15/20 144A CONV		4,500,000		4,596,444
Nice Systems, Inc.
1.25%, 01/15/24 CONVD		1,463,000		1,945,827
NRG Yield, Inc.
3.50%, 02/01/19 144A CONV		1,909,000		1,904,027

See Notes to Financial Statements.

165

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
3.25%, 06/01/20 144A CONV	$	1,502,000	$	1,493,940
Nuance Communications, Inc.
1.25%, 04/01/25 CONVD		2,406,000		2,273,935
1.00%, 12/15/35 CONVD		1,883,000		1,694,692
Nutanix, Inc.
0.00%, 01/15/23 144AW CONV		830,000		1,027,904
NuVasive, Inc.
2.25%, 03/15/21 CONVD		3,683,000		4,000,070
Oasis Petroleum, Inc.
2.63%, 09/15/23 CONVD		1,089,000		1,415,684
Oil States International, Inc.
1.50%, 02/15/23 144A CONVD		622,000		650,193
Okta, Inc.
0.25%, 02/15/23 144A CONV		1,090,000		1,350,885
ON Semiconductor Corporation
1.00%, 12/01/20 CONV		3,400,000		4,481,475
OSI Systems, Inc.
1.25%, 09/01/22 CONV		2,250,000		2,188,280
Pandora Media, Inc.
1.75%, 12/01/23 CONV		208,000		223,686
PDC Energy, Inc.
1.13%, 09/15/21 CONV		684,000		717,891
Plains All American Pipeline LP
(Variable, ICE LIBOR USD 3M + 4.11%), 6.13%, 11/15/22D^		2,617,000		2,486,150
Proofpoint, Inc.
0.75%, 06/15/20 CONV		1,296,000		1,907,335
Pure Storage, Inc.
0.13%, 04/15/23 144A CONV		1,035,000		1,159,064
Q2 Holdings, Inc.
0.75%, 02/15/23 144A CONVD		1,016,000		1,157,079
Red Hat, Inc.
0.25%, 10/01/19 CONV		295,000		538,965
RingCentral, Inc.
0.00%, 03/15/23 144AW CONV		1,245,000		1,324,751
Rovi Corporation
0.50%, 03/01/20 CONV		1,202,000		1,144,226
Royal Gold, Inc.
2.88%, 06/15/19 CONVD		4,892,000		5,196,742
ServiceNow, Inc.
0.00%, 06/01/22W CONV		1,698,000		2,304,415
Silicon Laboratories, Inc.
1.38%, 03/01/22 CONVD		1,126,000		1,378,591
SM Energy Co.
1.50%, 07/01/21 CONV		336,000		347,824
Spirit Realty Capital, Inc. REIT
2.88%, 05/15/19 CONV		1,821,000		1,814,612
Square, Inc.
0.50%, 05/15/23 144A CONV		3,685,000		3,949,859

	Par		Value
Starwood Property Trust, Inc. REIT
4.38%, 04/01/23 CONVD	$	4,858,000	$	4,886,662
Supernus Pharmaceuticals, Inc.
0.63%, 04/01/23 144A CONV		813,000		994,850
Teradyne, Inc.
1.25%, 12/15/23 CONVD		1,327,000		1,769,691
Tesla, Inc.
1.25%, 03/01/21 CONV		3,594,000		4,058,905
Transocean, Inc.
0.50%, 01/30/23 CONV		946,000		1,349,680
Tutor Perini Corporation
2.88%, 06/15/21 CONVD		2,981,000		2,992,844
Twilio, Inc.
0.25%, 06/01/23 144A CONV		1,400,000		1,457,424
Twitter, Inc.
0.25%, 06/15/24 144A CONV		2,090,000		2,164,245
Two Harbors Investment Corporation REIT
6.25%, 01/15/22 CONV		2,398,000		2,517,900
U.S. Bancorp
(Variable, ICE LIBOR USD 3M + 2.91%), 5.30%, 04/15/27^		3,063,000		3,059,018
Verint Systems, Inc.
1.50%, 06/01/21 CONVD		4,599,000		4,536,651
Wayfair, Inc.
0.38%, 09/01/22 144A CONV		1,028,000		1,326,904
Weatherford International, Ltd.
5.88%, 07/01/21 CONV		656,000		647,229
Web.com Group, Inc.
1.00%, 08/15/18 CONV		3,350,000		3,349,732
Wells Fargo & Co.
(Variable, ICE LIBOR USD 3M + 3.77%), 6.11%, 09/15/18†D		3,297,000		3,344,394
Wells Fargo Bank NA
5.95%, 10/03/18		6,500		684,720
Western Digital Corporation
1.50%, 02/01/24 144A CONVD		4,506,000		4,566,926
Workday, Inc.
0.25%, 10/01/22 144A CONV		3,863,000		4,064,958
Wright Medical Group, Inc.
2.00%, 02/15/20 CONV		3,048,000		3,305,178
Zendesk, Inc.
0.25%, 03/15/23 144A CONVD		1,235,000		1,340,195
Zillow Group, Inc.
2.00%, 12/01/21 CONV		1,044,000		1,327,763
1.50%, 07/01/23 CONV		2,354,000		2,387,615
Total Corporate Bonds (Cost $249,782,094)				258,984,458

See Notes to Financial Statements.

166

	Par		Value
FOREIGN BONDS — 2.8%
Canada — 0.2%
Canadian Imperial Bank of Commerce
0.00%, 11/07/18W	$	4,400	$	921,289
Royal Bank of Canada
0.00%, 09/07/18 144A CONV		7,600		288,040
0.00%, 09/13/18 144A CONV		6,400		1,110,464
				2,319,793
France — 0.9%
AXA SA
7.25%, 05/15/21 144A CONV		818,000		856,464
TOTAL SA
0.50%, 12/02/22 CONV		3,200,000		3,512,653
Valeo SA
0.00%, 06/16/21W CONV		2,000,000		1,917,500
Vinci SA
0.38%, 02/16/22 CONV		2,400,000		2,586,552
				8,873,169
Israel — 0.1%
Wix.com, Ltd.
0.00%, 07/01/23 144AW CONV		1,400,000		1,387,880
Jersey — 0.2%
Ensco Jersey Finance, Ltd.
3.00%, 01/31/24 CONVD		1,854,000		1,726,330
Netherlands — 0.7%
QIAGEN NV
0.38%, 03/19/19 CONV		1,800,000		2,312,955
Siemens Financieringsmaatschappij NV
1.65%, 08/16/19 CONV		2,500,000		2,885,325
STMicroelectronics NV
0.25%, 07/03/24 CONV		1,800,000		2,170,125
				7,368,405
Switzerland — 0.3%
Credit Suisse AG
0.00%, 07/12/18W		31,500		1,298,209
0.00%, 08/23/18W		1,900		427,489
0.00%, 09/07/18W		1,500		318,390
0.00%, 09/14/18W		1,800		385,776
				2,429,864
United Kingdom — 0.4%
Inmarsat PLC
3.88%, 09/09/23 CONV		3,200,000		4,432,000
Total Foreign Bonds (Cost $26,673,347)				28,537,441
	Shares
EQUITY-LINKED SECURITIES — 0.2%
L Brands, Inc., Issued by Merrill Lynch & Co., Inc., Maturity Date 7/12/2018		9,900		382,536

			Shares			Value
Lowe’s Cos., Inc., Issued by Merrill Lynch & Co., Inc., Maturity Date 11/15/2018				11,200		$	985,152
Martin Marietta Materials, Inc., Issued by Merrill Lynch & Co., Inc., Maturity Date 8/15/2018				4,600			996,314
Total Equity-Linked Securities (Cost $2,410,070)							2,364,002
MONEY MARKET FUNDS — 5.0%
GuideStone Money Market Fund (Investor Class)¥				34,204,619			34,204,619
Northern Institutional Liquid Assets Portfolio§				16,624,004			16,624,004
Northern Institutional U.S. Government Portfolio				846,471			846,471
Total Money Market Funds (Cost $51,675,094)							51,675,094
			Par
U.S. TREASURY OBLIGATIONS — 20.7%
U.S. Treasury Bills
1.20%, 07/19/18W			$	38,410,000			38,378,581
1.46%, 10/11/18W				31,940,000			31,767,620
2.30%, 06/20/19W				33,500,000			32,763,368
U.S. Treasury Notes
1.25%, 10/31/18				40,000,000			39,898,440
1.50%, 01/31/19				16,000,000			15,934,064
0.75%, 02/15/19				22,100,000			21,901,023
1.25%, 04/30/19				33,900,000			33,607,341
Total U.S. Treasury Obligations (Cost $214,376,727)							214,250,437
TOTAL INVESTMENTS — 101.9% (Cost $955,357,359)							1,053,825,435
CORPORATE BONDS SOLD SHORT — (0.0)%
Wright Medical Group, Inc.
1.63%, 06/15/23 144A CONV (Proceeds $(142,730))				(145,000	)		(144,565	)
	Number of Contracts		Notional Amount
WRITTEN OPTIONS — (0.1)%
Call Options — (0.0)%
S&P 500®, Strike Price $2,775.00, Expires 07/27/18 (MSCS)		(13)	$	(3,533,881	)		(14,820	)
S&P 500®, Strike Price $2,790.00, Expires 07/23/18 (MSCS)		(17)		(4,621,229	)		(8,670	)
S&P 500®, Strike Price $2,800.00, Expires 07/25/18 (MSCS)		(14)		(3,805,718	)		(5,740	)
S&P 500®, Strike Price $2,810.00, Expires 07/03/18 (MSCS)		(11)		(2,990,207	)		(55	)

See Notes to Financial Statements.

167

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Number of Contracts			Notional Amount			Value
S&P 500®, Strike Price $2,810.00, Expires 07/18/18 (MSCS)		(11	)	$	(2,990,207	)	$	(1,568	)
S&P 500®, Strike Price $2,810.00, Expires 07/20/18 (MSCS)		(13	)		(3,533,881	)		(2,665	)
S&P 500®, Strike Price $2,820.00, Expires 07/16/18 (MSCS)		(13	)		(3,533,881	)		(715	)
S&P 500®, Strike Price $2,825.00, Expires 07/06/18 (MSCS)		(13	)		(3,533,881	)		(130	)
S&P 500®, Strike Price $2,830.00, Expires 07/13/18 (MSCS)		(13	)		(3,533,881	)		(364	)
S&P 500®, Strike Price $2,840.00, Expires 07/09/18 (MSCS)		(12	)		(3,262,044	)		(180	)
S&P 500®, Strike Price $2,840.00, Expires 07/11/18 (MSCS)		(14	)		(3,805,718	)		(350	)
								(35,257	)
Put Options — (0.1)%
S&P 500®, Strike Price $2,615.00, Expires 07/27/18 (MSCS)		(70	)		(19,028,590	)		(84,000	)
S&P 500®, Strike Price $2,630.00, Expires 07/23/18 (MSCS)		(66	)		(17,941,242	)		(85,470	)
S&P 500®, Strike Price $2,650.00, Expires 07/25/18 (MSCS)		(67	)		(18,213,079	)		(116,915	)
S&P 500®, Strike Price $2,665.00, Expires 07/20/18 (MSCS)		(66	)		(17,941,242	)		(114,840	)
S&P 500®, Strike Price $2,675.00, Expires 07/18/18 (MSCS)		(68	)		(18,484,916	)		(120,020	)
S&P 500®, Strike Price $2,695.00, Expires 07/03/18 (MSCS)		(63	)		(17,125,731	)		(31,500	)
S&P 500®, Strike Price $2,695.00, Expires 07/16/18 (MSCS)		(68	)		(18,484,916	)		(137,020	)
S&P 500®, Strike Price $2,705.00, Expires 07/06/18 (MSCS)		(64	)		(17,397,568	)		(84,800	)

	Number of Contracts			Notional Amount			Value
S&P 500®, Strike Price $2,715.00, Expires 07/11/18 (MSCS)		(65	)	$	(17,669,405	)	$	(145,925	)
S&P 500®, Strike Price $2,715.00, Expires 07/13/18 (MSCS)		(65	)		(17,669,405	)		(163,150	)
S&P 500®, Strike Price $2,720.00, Expires 07/09/18 (MSCS)		(68	)		(18,484,916	)		(143,820	)
								(1,227,460	)
Total Written Options (Premiums received $(1,070,807))								(1,262,717	)
Liabilities in Excess of Other Assets — (1.8)%								(19,116,036	)
NET ASSETS — 100.0%							$	1,033,302,117

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds		25.1
U.S. Treasury Obligations		20.7
Financials		8.6
Information Technology		7.6
Industrials		6.6
Health Care		5.5
Consumer Staples		5.1
Money Market Funds		4.9
Utilities		4.9
Consumer Discretionary		3.2
Foreign Bonds		2.8
Energy		2.6
Materials		1.1
Mutual Funds		1.0
Real Estate		1.0
Telecommunication Services		0.7
Equity-Linked Securities		0.2
Certificates Of Deposit		0.2
Synthetic Convertible Instruments		0.1
Written Options		(0.1	)
Corporate Bonds Sold Short		(—	)**
		101.8

** Rounds to less than 0.05%

See Notes to Financial Statements.

168

Forward Foreign Currency Contracts outstanding at June 30, 2018:

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/28/18	U.S. Dollars		9,582,085	Euro		8,139,456		CS	$	10,735
09/28/18	U.S. Dollars		1,138,387	Japanese Yen		124,292,520		MSCS		8,494
09/28/18	U.S. Dollars		534,438	Swedish Kronor		4,713,660		GSC		4,458
09/28/18	U.S. Dollars		552,915	British Pounds		414,871		MSCS		3,157
09/28/18	Euro		200,928	U.S. Dollars		233,839		CS		2,437
09/28/18	U.S. Dollars		176,083	Swedish Kronor		1,550,340		GSC		1,771
09/28/18	U.S. Dollars		183,183	Swedish Kronor		1,614,938		GSC		1,608
09/28/18	U.S. Dollars		219,930	Euro		186,666		CS		425
09/28/18	Swedish Kronor		234,563	U.S. Dollars		26,350		GSC		23
Subtotal Appreciation									$	33,108
09/28/18	British Pounds		16,576	U.S. Dollars		22,029		MSCS	$	(64	)
09/28/18	Japanese Yen		3,688,200	U.S. Dollars		33,664		MSCS		(136	)
09/28/18	Japanese Yen		3,327,660	U.S. Dollars		30,589		MSCS		(339	)
09/28/18	U.S. Dollars		2,324,473	Swiss Francs		2,285,724		UBS		(2,058	)
09/28/18	U.S. Dollars		235,860	Euro		202,710		CS		(2,510	)
Subtotal Depreciation									$	(5,107	)
Total Forward Foreign Currency Contracts outstanding at June 30, 2018									$	28,001

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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:
Certificates of Deposit	$	2,050,434	$	—	$	—	$	2,050,434
Common Stocks		425,048,765		425,048,765		—		—
Corporate Bonds		258,984,458		—		256,596,843		2,387,615
Equity-Linked Securities		2,364,002		—		1,378,850		985,152
Foreign Bonds:
Canada		2,319,793		—		1,398,504		921,289
France		8,873,169		—		8,873,169		—
Israel		1,387,880		—		1,387,880		—
Jersey		1,726,330		—		1,726,330		—
Netherlands		7,368,405		—		7,368,405		—
Switzerland		2,429,864		—		704,166		1,725,698
United Kingdom		4,432,000		—		4,432,000		—
Foreign Common Stocks:
Curacao		5,837,777		5,837,777		—		—
France		7,580,078		7,580,078		—		—
Ireland		12,730,852		12,730,852		—		—
Japan		1,191,347		1,191,347		—		—
Jersey		476,110		476,110		—		—
Netherlands		1,902,194		1,902,194		—		—
Sweden		982,429		982,429		—		—
Switzerland		10,181,463		10,181,463		—		—

See Notes to Financial Statements.

169

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

							Level 2			Level 3
	Total			Level 1			Other Significant			Significant
	Value			Quoted Prices			Observable Inputs			Unobservable Inputs
United Kingdom	$	3,596,472		$	3,596,472		$	—		$	—
Money Market Funds		51,675,094			51,675,094			—			—
Mutual Funds		10,742,130			10,742,130			—			—
Preferred Stocks		14,335,707			14,335,707			—			—
Synthetic Convertible Instruments		1,358,245			—			—			1,358,245
U.S. Treasury Obligation		214,250,437			—			214,250,437			—
Total Assets — Investments in Securities	$	1,053,825,435		$	546,280,418		$	498,116,584		$	9,428,433
Other Financial Instruments***
Forward Foreign Currency Contracts	$	33,108		$	—		$	33,108		$	—
Total Assets — Other Financial Instruments	$	33,108		$	—		$	33,108		$	—
Liabilities:
Investments in Securities:
Corporate Bonds Sold Short	$	(144,565	)	$	—		$	(144,565	)	$	—
Written Options:
Call Options		(35,257	)		(35,257	)		—			—
Put Options		(1,227,460	)		(1,227,460	)		—			—
Total Liabilities — Investments in Securities	$	(1,407,282	)	$	(1,262,717	)	$	(144,565	)	$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(5,107	)	$	—		$	(5,107	)	$	—
Total Liabilities — Other Financial Instruments	$	(5,107	)	$	—		$	(5,107	)	$	—

*** Other financial instruments are derivative instruments, 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 preceding “Forwards Foreign Currency Contracts outstanding” disclosures.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

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

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 six-month period ended June 30, 2018.

See Notes to Financial Statements.

170

EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS	June 30, 2018 (Unaudited)

	Shares		Value
COMMON STOCKS — 93.2%
Consumer Discretionary — 12.2%
Advance Auto Parts, Inc.D		2,745	$	372,497
Amazon.com, Inc.*		16,783		28,527,743
AutoZone, Inc.*		1,114		747,416
Best Buy Co., Inc.		10,393		775,110
Booking Holdings, Inc.D*		2,162		4,382,569
BorgWarner, Inc.		6,279		271,002
CarMax, Inc.D*		7,247		528,089
Carnival Corporation		19,642		1,125,683
CBS Corporation Class B (Non-Voting Shares)		15,355		863,258
Charter Communications, Inc. Class A*		8,922		2,616,020
Chipotle Mexican Grill, Inc.*		1,449		625,055
Comcast Corporation Class A		196,067		6,432,958
D.R. Horton, Inc.		12,145		497,945
Darden Restaurants, Inc.		6,841		732,397
Discovery, Inc. Class AD*		5,482		150,755
Discovery, Inc. Class C*		15,921		405,986
DISH Network Corporation Class A*		6,703		225,288
Dollar General Corporation		10,512		1,036,483
Dollar Tree, Inc.*		10,063		855,355
Expedia Group, Inc.		5,070		609,363
Foot Locker, Inc.		5,069		266,883
Ford Motor Co.		184,915		2,047,009
Gap, Inc. (The)		8,085		261,873
General Motors Co.		51,917		2,045,530
Genuine Parts Co.		5,571		511,362
Goodyear Tire & Rubber Co. (The)		7,868		183,246
H&R Block, Inc.		8,300		189,074
Hanesbrands, Inc.D		14,216		313,036
Harley-Davidson, Inc.D		8,982		377,963
Hasbro, Inc.		4,114		379,763
Hilton Worldwide Holdings, Inc.		7,469		591,246
Home Depot, Inc. (The)		49,131		9,585,458
Interpublic Group of Cos., Inc. (The)D		17,812		417,513
Kohl’s CorporationD		6,969		508,040
L Brands, Inc.		9,448		348,442
Leggett & Platt, Inc.D		4,991		222,798
Lennar Corporation Class A		6,785		356,213
LKQ Corporation*		11,558		368,700
Lowe’s Cos., Inc.		34,920		3,337,304
Macy’s, Inc.		13,402		501,637
Marriott International, Inc. Class A		13,339		1,688,717
Mattel, Inc.D		19,187		315,051
McDonald’s Corporation		37,216		5,831,375
Michael Kors Holdings, Ltd.*		4,400		293,040
Mohawk Industries, Inc.*		2,387		511,463
Netflix, Inc.*		17,660		6,912,654
Newell Brands, Inc.		19,676		507,444
News Corporation Class A		13,865		214,908
News Corporation Class B		13,984		221,646
NIKE, Inc. Class B		53,054		4,227,343
Nordstrom, Inc.		4,745		245,696
Norwegian Cruise Line Holdings, Ltd.*		2,630		124,268

	Shares		Value
O’Reilly Automotive, Inc.*		3,583	$	980,201
Omnicom Group, Inc.		11,030		841,258
PulteGroup, Inc.		11,415		328,181
PVH Corporation		2,959		443,021
Ralph Lauren Corporation		2,058		258,732
Ross Stores, Inc.		14,955		1,267,436
Royal Caribbean Cruises, Ltd.		7,305		756,798
Starbucks Corporation		64,109		3,131,725
Tapestry, Inc.		10,404		485,971
Target Corporation		23,092		1,757,763
Tiffany & Co.		4,009		527,584
TJX Cos., Inc. (The)		25,659		2,442,224
Tractor Supply Co.		4,911		375,642
TripAdvisor, Inc.D*		4,311		240,166
Twenty-First Century Fox, Inc. Class A		40,561		2,015,476
Twenty-First Century Fox, Inc. Class B		27,297		1,344,923
Ulta Beauty, Inc.*		2,317		540,927
Under Armour, Inc. Class AD*		4,310		96,889
Under Armour, Inc. Class CD*		9,410		198,363
VF Corporation		12,323		1,004,571
Walt Disney Co. (The)		64,463		6,756,367
Whirlpool Corporation		2,806		410,321
Yum! Brands, Inc.		15,763		1,232,982
				123,125,188
Consumer Staples — 6.5%
Archer-Daniels-Midland Co.		30,251		1,386,403
Campbell Soup Co.D		11,361		460,575
Church & Dwight Co., Inc.		15,616		830,147
Clorox Co. (The)		7,450		1,007,613
Coca-Cola Co. (The)		210,206		9,219,635
Colgate-Palmolive Co.		44,276		2,869,528
Conagra Brands, Inc.		21,488		767,766
Costco Wholesale Corporation		19,512		4,077,618
Coty, Inc. Class AD		30,795		434,210
Estee Lauder Cos., Inc. (The) Class A		11,572		1,651,209
General Mills, Inc.		32,471		1,437,166
Hershey Co. (The)		8,923		830,374
Hormel Foods CorporationD		15,131		563,025
J.M. Smucker Co. (The)		6,605		709,905
Kellogg Co.		14,617		1,021,290
Kimberly-Clark Corporation		17,404		1,833,337
Kraft Heinz Co. (The)		35,075		2,203,411
Kroger Co. (The)		40,430		1,150,233
McCormick & Co., Inc. (Non-Voting Shares)		7,331		851,056
Mondelez International, Inc. Class A		71,270		2,922,070
Monster Beverage Corporation*		21,194		1,214,416
PepsiCo, Inc.		78,326		8,527,352
Procter & Gamble Co. (The)		117,304		9,156,750
Sysco Corporation		25,231		1,723,025
Tyson Foods, Inc. Class A		17,363		1,195,443
Walgreens Boots Alliance, Inc.		36,675		2,201,050
Walmart, Inc.		65,719		5,628,832
				65,873,439

See Notes to Financial Statements.

171

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Energy — 5.7%
Anadarko Petroleum Corporation		23,055	$	1,688,779
Andeavor		5,815		762,812
Apache CorporationD		13,964		652,817
Apergy Corporation*		2,888		120,574
Archrock, Inc.		13		156
Baker Hughes a GE Co.		19,911		657,660
Cabot Oil & Gas Corporation		17,428		414,786
Chevron Corporation		80,403		10,165,351
Cimarex Energy Co.		3,553		361,482
Concho Resources, Inc.D*		5,435		751,932
ConocoPhillips		49,195		3,424,956
Devon Energy Corporation		20,640		907,334
EOG Resources, Inc.		23,835		2,965,789
EQT Corporation		6,378		351,938
Exterran Corporation*		6		150
Exxon Mobil Corporation		182,408		15,090,614
Halliburton Co.		37,920		1,708,675
Helmerich & Payne, Inc.		4,961		316,313
Hess CorporationD		11,305		756,192
Kinder Morgan, Inc.		89,126		1,574,857
Marathon Oil Corporation		37,078		773,447
Marathon Petroleum Corporation		21,070		1,478,271
National Oilwell Varco, Inc.		16,866		731,984
Newfield Exploration Co.*		7,387		223,457
Noble Energy, Inc.		17,666		623,257
Occidental Petroleum Corporation		34,882		2,918,926
ONEOK, Inc.		16,720		1,167,558
Phillips 66		18,718		2,102,219
Pioneer Natural Resources Co.		7,424		1,404,918
Valero Energy Corporation		18,837		2,087,705
Williams Cos., Inc. (The)		38,539		1,044,792
				57,229,701
Financials — 13.0%
Affiliated Managers Group, Inc.		2,010		298,827
Aflac, Inc.		32,064		1,379,393
Allstate Corporation (The)		18,095		1,651,531
American Express Co.		32,417		3,176,866
American International Group, Inc.		41,489		2,199,747
Ameriprise Financial, Inc.		6,100		853,268
Arthur J. Gallagher & Co.		8,294		541,432
Assurant, Inc.		2,341		242,270
Bank of America Corporation		411,658		11,604,639
Bank of New York Mellon Corporation (The)		41,687		2,248,180
BB&T Corporation		31,819		1,604,950
Berkshire Hathaway, Inc. Class B*		78,815		14,710,820
BlackRock, Inc.		4,821		2,405,872
Brighthouse Financial, Inc.*		4,017		160,961
Capital One Financial Corporation		20,675		1,900,032
Cboe Global Markets, Inc.		2,027		210,950
Charles Schwab Corporation (The)		47,906		2,447,997
Cincinnati Financial Corporation		5,441		363,785
Citigroup, Inc.		113,739		7,611,414
Citizens Financial Group, Inc.		19,869		772,904
CME Group, Inc.		14,110		2,312,911
Comerica, Inc.		6,388		580,797

	Shares		Value
Discover Financial Services		17,665	$	1,243,793
E*TRADE Financial Corporation*		10,478		640,834
Everest Re Group, Ltd.		1,237		285,104
Fifth Third Bancorp		28,756		825,297
Franklin Resources, Inc.D		13,630		436,841
Goldman Sachs Group, Inc. (The)		14,836		3,272,376
Hartford Financial Services Group, Inc. (The)		14,682		750,691
Huntington Bancshares, Inc.		38,337		565,854
Intercontinental Exchange, Inc.		25,255		1,857,505
Invesco, Ltd.		15,292		406,156
Jefferies Financial Group, Inc.		12,259		278,770
JPMorgan Chase & Co.		147,012		15,318,650
KeyCorp		31,726		619,926
Lincoln National Corporation		8,875		552,469
Loews Corporation		12,502		603,597
M&T Bank Corporation		5,892		1,002,524
Marsh & McLennan Cos., Inc.		23,474		1,924,164
MetLife, Inc.		45,712		1,993,043
Moody’s Corporation		7,521		1,282,782
Morgan Stanley		56,134		2,660,752
MSCI, Inc.		3,800		628,634
Nasdaq, Inc.		4,269		389,632
Northern Trust Corporation		7,800		802,542
People’s United Financial, Inc.		11,480		207,673
PNC Financial Services Group, Inc. (The)		19,578		2,644,988
Principal Financial Group, Inc.		10,001		529,553
Progressive Corporation (The)		28,774		1,701,982
Prudential Financial, Inc.		17,136		1,602,387
Raymond James Financial, Inc.		2,928		261,617
Regions Financial Corporation		46,314		823,463
S&P Global, Inc.		10,813		2,204,663
State Street Corporation		14,760		1,374,008
SunTrust Banks, Inc.		18,647		1,231,075
SVB Financial Group*		2,215		639,603
Synchrony Financial		34,288		1,144,533
T. Rowe Price Group, Inc.		9,221		1,070,466
Torchmark Corporation		4,186		340,782
Travelers Cos., Inc. (The)		14,413		1,763,286
U.S. Bancorp		66,172		3,309,923
Unum Group		8,642		319,668
Wells Fargo & Co.		193,144		10,707,903
XL Group, Ltd.		12,627		706,481
Zions BancorporationD		7,446		392,330
				130,597,866
Health Care — 12.7%
Abbott Laboratories		83,683		5,103,826
AbbVie, Inc.		71,634		6,636,890
ABIOMED, Inc.*		1,000		409,050
Aetna, Inc.		13,737		2,520,739
Agilent Technologies, Inc.		12,235		756,612
Alexion Pharmaceuticals, Inc.*		10,659		1,323,315
Align Technology, Inc.*		2,249		769,473
Amgen, Inc.		33,367		6,159,215
Anthem, Inc.		11,135		2,650,464
Baxter International, Inc.		21,452		1,584,016

See Notes to Financial Statements.

172

		Shares		Value
Becton, Dickinson and Co.			12,992	$	3,112,364
Biogen, Inc.*			9,740		2,826,938
Boston Scientific Corporation*			55,711		1,821,750
Bristol-Myers Squibb Co.			91,207		5,047,395
Cardinal Health, Inc.			27,527		1,344,143
Celgene Corporation*			39,390		3,128,354
Centene Corporation*			8,263		1,018,084
Cerner Corporation*			13,126		784,804
Cigna Corporation			11,444		1,944,908
Cooper Cos., Inc. (The)D			1,862		438,408
CVS Health Corporation			42,193		2,715,120
Danaher Corporation			26,332		2,598,442
DaVita, Inc.*			8,768		608,850
DENTSPLY SIRONA, Inc.			10,241		448,249
Edwards Lifesciences Corporation*			10,109		1,471,567
Eli Lilly & Co.			66,359		5,662,413
Envision Healthcare CorporationD*			5,777		254,246
Express Scripts Holding Co.*			26,837		2,072,085
Gilead Sciences, Inc.			57,503		4,073,512
HCA Healthcare, Inc.			12,602		1,292,965
Henry Schein, Inc.D*			6,600		479,424
Hologic, Inc.*			11,305		449,374
Humana, Inc.			6,634		1,974,477
IDEXX Laboratories, Inc.*			4,626		1,008,190
Illumina, Inc.*			5,753		1,606,755
Incyte Corporation*			6,861		459,687
Intuitive Surgical, Inc.*			5,733		2,743,126
IQVIA Holdings, Inc.*			6,151		613,993
Johnson & Johnson			128,547		15,597,893
Laboratory Corporation of America Holdings*			7,436		1,334,985
McKesson Corporation			13,930		1,858,262
Mettler-Toledo International, Inc.*			1,034		598,303
Nektar TherapeuticsD*			6,743		329,261
PerkinElmer, Inc.			4,105		300,609
Quest Diagnostics, Inc.			9,445		1,038,383
Regeneron Pharmaceuticals, Inc.*			5,159		1,779,803
ResMed, Inc.			5,693		589,681
Stryker Corporation			14,905		2,516,858
Thermo Fisher Scientific, Inc.			16,321		3,380,732
UnitedHealth Group, Inc.			42,543		10,437,500
Universal Health Services, Inc. Class B			4,474		498,583
Varian Medical Systems, Inc.*			3,565		405,412
Vertex Pharmaceuticals, Inc.*			11,963		2,033,231
Waters Corporation*			3,363		651,043
Zimmer Biomet Holdings, Inc.			8,770		977,329
Zoetis, Inc.			44,839		3,819,834
					128,060,925
Industrials — 8.6%
3M Co.			25,449		5,006,327
Alaska Air Group, Inc.D			5,031		303,822
American Airlines Group, Inc.	��		21,202		804,828
AMETEK, Inc.			8,745		631,039
Arconic, Inc.			16,474		280,223
Boeing Co. (The)			23,761		7,972,053

	Shares		Value
C.H. Robinson Worldwide, Inc.		5,208	$	435,701
Caterpillar, Inc.		22,730		3,083,779
Cintas Corporation		3,159		584,636
Copart, Inc.*		8,500		480,760
CSX Corporation		35,484		2,263,170
Cummins, Inc.		5,861		779,513
Deere & Co.		11,036		1,542,833
Delta Air Lines, Inc.		31,735		1,572,152
Dover CorporationD		5,776		422,803
Emerson Electric Co.		23,868		1,650,234
Equifax, Inc.		5,167		646,443
Expeditors International of Washington, Inc.		6,818		498,396
Fastenal Co.D		10,759		517,831
FedEx Corporation		9,248		2,099,851
Flowserve Corporation		4,858		196,263
Fluor Corporation		5,110		249,266
Fortive CorporationD		11,111		856,769
Fortune Brands Home & Security, Inc.		5,687		305,335
General Dynamics Corporation		12,421		2,315,399
General Electric Co.		365,050		4,968,331
Harris Corporation		4,630		669,220
Honeywell International, Inc.		32,545		4,688,107
IHS Markit, Ltd.D*		13,436		693,163
Illinois ToolWorks, Inc.		12,023		1,665,666
J.B. Hunt Transport Services, Inc.		3,269		397,347
Jacobs Engineering Group, Inc.		4,647		295,038
Kansas City Southern		4,046		428,714
L3 Technologies, Inc.		2,814		541,188
Lockheed Martin Corporation		11,810		3,489,028
Masco Corporation		12,522		468,573
Norfolk Southern Corporation		12,103		1,825,980
Northrop Grumman Corporation		7,900		2,430,830
PACCAR, Inc.		12,988		804,737
Parker-Hannifin Corporation		5,009		780,653
Quanta Services, Inc.*		5,431		181,395
Raytheon Co.		13,849		2,675,350
Republic Services, Inc.		10,528		719,694
Robert Half International, Inc.		4,920		320,292
Rockwell Automation, Inc.		4,778		794,247
Rockwell Collins, Inc.		5,668		763,366
Roper Technologies, Inc.		4,043		1,115,504
Snap-on, Inc.D		2,136		343,298
Southwest Airlines Co.		25,802		1,312,806
Stanley Black & Decker, Inc.		5,530		734,439
Stericycle, Inc.*		3,095		202,073
Textron, Inc.		9,853		649,411
TransDigm Group, Inc.		1,980		683,377
Union Pacific Corporation		34,517		4,890,369
United Continental Holdings, Inc.*		12,532		873,856
United Parcel Service, Inc. Class B		26,728		2,839,315
United Rentals, Inc.*		3,295		486,408
United Technologies Corporation		32,471		4,059,849
Verisk Analytics, Inc.*		6,962		749,390
W.W. Grainger, Inc.		2,114		651,958
Waste Management, Inc.		18,003		1,464,364

See Notes to Financial Statements.

173

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Xylem, Inc.		6,524	$	439,587
				86,596,349
Information Technology — 24.5%
Activision Blizzard, Inc.		30,256		2,309,138
Adobe Systems, Inc.*		21,069		5,136,833
Advanced Micro Devices, Inc.D*		29,779		446,387
Akamai Technologies, Inc.*		6,606		483,757
Alliance Data Systems Corporation		2,399		559,447
Alphabet, Inc. Class A*		11,795		13,318,796
Alphabet, Inc. Class C*		13,472		15,030,037
Amphenol Corporation Class A		11,410		994,382
Analog Devices, Inc.		14,340		1,375,493
ANSYS, Inc.*		3,168		551,802
Apple, Inc.		216,363		40,050,955
Applied Materials, Inc.		42,064		1,942,936
Autodesk, Inc.*		8,418		1,103,516
Automatic Data Processing, Inc.		19,488		2,614,120
Broadcom, Inc.		16,977		4,119,299
CA, Inc.		15,066		537,103
Cadence Design Systems, Inc.*		11,000		476,410
Cisco Systems, Inc.		214,566		9,232,775
Citrix Systems, Inc.*		6,597		691,629
Cognizant Technology Solutions Corporation Class A		24,536		1,938,099
Corning, Inc.		39,819		1,095,421
DXC Technology Co.		11,080		893,159
eBay, Inc.*		39,141		1,419,253
Electronic Arts, Inc.*		12,894		1,818,312
F5 Networks, Inc.*		2,480		427,676
Facebook, Inc. Class A*		99,066		19,250,505
Fidelity National Information Services, Inc.		13,923		1,476,256
Fiserv, Inc.*		18,144		1,344,289
FleetCor Technologies, Inc.D*		3,100		653,015
FLIR Systems, Inc.		5,180		269,205
Gartner, Inc.*		3,738		496,780
Global Payments, Inc.		6,298		702,164
Hewlett Packard Enterprise Co.		71,981		1,051,642
HP, Inc.		76,485		1,735,445
Intel Corporation		198,349		9,859,929
International Business Machines CorporationD		37,622		5,255,793
Intuit, Inc.		10,186		2,081,051
Juniper Networks, Inc.		15,019		411,821
KLA-Tencor Corporation		5,691		583,498
Lam Research Corporation		6,401		1,106,413
MasterCard, Inc. Class A		40,518		7,962,597
Microchip Technology, Inc.D		8,808		801,088
Micron Technology, Inc.*		44,279		2,321,991
Microsoft Corporation		322,078		31,760,112
Motorola Solutions, Inc.		7,482		870,680
NetApp, Inc.		13,528		1,062,354
NVIDIA Corporation		25,436		6,025,788
Oracle Corporation		127,291		5,608,441
Paychex, Inc.		13,864		947,604
PayPal Holdings, Inc.*		47,900		3,988,633
Perspecta, Inc.		5,540		113,847
Qorvo, Inc.*		4,807		385,377

	Shares		Value
QUALCOMM, Inc.		62,704	$	3,518,949
Red Hat, Inc.*		7,540		1,013,150
salesforce.com, Inc.*		29,161		3,977,560
Skyworks Solutions, Inc.		6,957		672,394
Symantec Corporation		25,974		536,363
Synopsys, Inc.*		5,492		469,950
Take-Two Interactive Software, Inc.*		4,792		567,181
Texas Instruments, Inc.		40,373		4,451,123
Total System Services, Inc.		6,366		538,054
Twitter, Inc.D*		27,198		1,187,737
VeriSign, Inc.*		3,542		486,742
Visa, Inc. Class AD		79,198		10,489,775
Western Digital Corporation		12,943		1,001,918
Western Union Co. (The)D		21,787		442,930
Xerox Corporation		11,464		275,136
Xilinx, Inc.		9,444		616,315
				246,938,330
Materials — 2.5%
Air Products & Chemicals, Inc.		10,593		1,649,648
Albemarle CorporationD		5,038		475,235
Avery Dennison Corporation		3,272		334,071
Ball CorporationD		10,346		367,800
CF Industries Holdings, Inc.		10,281		456,476
DowDuPont, Inc.		99,454		6,556,008
Eastman Chemical Co.		7,141		713,814
Ecolab, Inc.		14,446		2,027,207
FMC Corporation		5,397		481,466
Freeport-McMoRan, Inc.		54,122		934,146
International Flavors & Fragrances, Inc.		3,799		470,924
International Paper Co.		16,786		874,215
Martin Marietta Materials, Inc.		2,361		527,282
Mosaic Co. (The)		16,259		456,065
Newmont Mining Corporation		23,284		878,040
Nucor Corporation		11,797		737,312
Packaging Corporation of America		3,120		348,785
PPG Industries, Inc.		12,109		1,256,067
Praxair, Inc.		13,550		2,142,932
Sealed Air Corporation		10,710		454,640
Sherwin-Williams Co. (The)		3,388		1,380,847
Vulcan Materials Co.		4,979		642,590
WestRock Co.		9,470		539,979
				24,705,549
Real Estate — 2.6%
Alexandria Real Estate Equities, Inc. REIT		3,214		405,510
American Tower Corporation REIT		16,945		2,442,961
Apartment Investment & Management Co. Class A REIT		5,951		251,727
AvalonBay Communities, Inc. REIT		5,872		1,009,338
Boston Properties, Inc. REIT		5,686		713,138
CBRE Group, Inc. Class A*		10,731		512,298
Crown Castle International Corporation REIT		17,114		1,845,231
Digital Realty Trust, Inc. REIT		7,642		852,694
Duke Realty Corporation REIT		8,002		232,298
Equinix, Inc. REIT		3,607		1,550,613

See Notes to Financial Statements.

174

	Shares		Value
Equity Residential REIT		13,641	$	868,795
Essex Property Trust, Inc. REIT		2,756		658,877
Extra Space Storage, Inc. REIT		4,684		467,510
Federal Realty Investment Trust REIT		2,600		329,030
GGP, Inc. REIT		26,486		541,109
HCP, Inc. REIT		20,825		537,702
Host Hotels & Resorts, Inc. REIT		27,531		580,078
Iron Mountain, Inc. REIT		8,763		306,793
Kimco Realty Corporation REIT		15,470		262,835
Macerich Co. (The) REIT		4,614		262,214
Mid-America Apartment Communities, Inc. REIT		4,060		408,720
Prologis, Inc. REIT		20,574		1,351,506
Public Storage REIT		6,469		1,467,557
Realty Income Corporation REIT		10,378		558,233
Regency Centers Corporation REIT		4,321		268,248
SBA Communications Corporation REITD*		4,700		776,064
Simon Property Group, Inc. REIT		13,751		2,340,283
SL Green Realty Corporation REIT		3,720		373,972
UDR, Inc. REIT		11,107		416,957
Ventas, Inc. REIT		21,311		1,213,661
Vornado Realty Trust REIT		6,562		485,063
Welltower, Inc. REIT		16,760		1,050,684
Weyerhaeuser Co. REIT		29,262		1,066,893
				26,408,592
Telecommunication Services — 1.9%
AT&T, Inc.		302,829		9,723,854
CenturyLink, Inc.		51,057		951,703
Verizon Communications, Inc.		173,394		8,723,452
				19,399,009
Utilities — 3.0%
AES Corporation		24,428		327,579
Alliant Energy Corporation		6,500		275,080
Ameren Corporation		9,053		550,875
American Electric Power Co., Inc.		22,632		1,567,266
AmericanWater Works Co., Inc.		8,825		753,479
CenterPoint Energy, Inc.		17,352		480,824
CMS Energy Corporation		10,396		491,523
Consolidated Edison, Inc.		13,128		1,023,721
Dominion Energy, Inc.		29,917		2,039,741
DTE Energy Co.		9,262		959,821
Duke Energy Corporation		33,572		2,654,874
Edison International		14,723		931,524
Entergy Corporation		9,511		768,394
Eversource Energy		11,754		688,902
Exelon Corporation		42,619		1,815,569
FirstEnergy Corporation		24,029		862,881
NextEra Energy, Inc.		23,020		3,845,031
NiSource, Inc.		23,079		606,516
NRG Energy, Inc.		11,763		361,124
PG&E Corporation		22,213		945,385
PinnacleWest Capital Corporation		4,108		330,941

	Shares		Value
PPL CorporationD		26,453	$	755,233
Public Service Enterprise Group, Inc.		20,147		1,090,759
SCANA Corporation		5,221		201,113
Sempra EnergyD		11,379		1,321,216
Southern Co. (The)		49,020		2,270,116
WEC Energy Group, Inc.		18,016		1,164,734
Xcel Energy, Inc.		21,338		974,720
				30,058,941
Total Common Stocks (Cost $576,670,492)				938,993,889
FOREIGN COMMON STOCKS — 3.0%
Curacao — 0.4%
Schlumberger, Ltd.		63,085		4,228,588
Ireland — 1.5%
Accenture PLC Class A		26,318		4,305,362
Allegion PLC		3,479		269,135
Eaton Corporation PLC		17,773		1,328,354
Ingersoll-Rand PLC		9,510		853,332
Johnson Controls International PLC		37,810		1,264,745
Medtronic PLC		59,491		5,093,025
Pentair PLC		6,692		281,599
Seagate Technology PLC		16,681		941,976
Willis Towers Watson PLC		6,037		915,209
				15,252,737
Jersey — 0.1%
Aptiv PLC		10,057		921,523
Netherlands — 0.3%
LyondellBasell Industries NV Class A		13,989		1,536,692
Mylan NV*		42,790		1,546,430
				3,083,122
Switzerland — 0.4%
Chubb, Ltd.		23,356		2,966,679
Garmin, Ltd.		4,430		270,230
TE Connectivity, Ltd.		13,229		1,191,404
				4,428,313
United Kingdom — 0.3%
Aon PLC		11,629		1,595,150
Nielsen Holdings PLC		15,059		465,775
TechnipFMC PLC		23,072		732,305
				2,793,230
Total Foreign Common Stocks (Cost $24,918,156)				30,707,513
MONEY MARKET FUNDS — 3.6%
GuideStone Money Market Fund (Investor Class)¥		34,514,023		34,514,023
Northern Institutional Liquid Assets Portfolio§		1,401,734		1,401,734

See Notes to Financial Statements.

175

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Northern Institutional U.S. Government Portfolio		110,230	$	110,230
Total Money Market Funds (Cost $36,025,987)				36,025,987
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
2.09%, 12/06/18W‡‡ (Cost $891,800)	$	900,000		892,052
TOTAL INVESTMENTS — 99.9% (Cost $638,506,435)				1,006,619,441
Other Assets in Excess of Liabilities — 0.1%				1,143,423
NET ASSETS — 100.0%			$	1,007,762,864

PORTFOLIO SUMMARY (based on net assets)

	%
Information Technology		25.1
Financials		13.5
Health Care		13.4
Consumer Discretionary		12.3
Industrials		9.1
Consumer Staples		6.5
Energy		6.2
Money Market Funds		3.6
Utilities		3.0
Real Estate		2.6
Materials		2.6
Telecommunication Services		1.9
U.S. Treasury Obligations		0.1
		99.9

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
S&P 500® E-Mini		09/2018		270	$	36,741,600		GSC	$	(757,715	)

See Notes to Financial Statements.

176

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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	$	938,993,889		$	938,993,889		$	—	$	—
Foreign Common Stocks		30,707,513			30,707,513			—		—
Money Market Funds		36,025,987			36,025,987			—		—
U.S. Treasury Obligation		892,052			—			892,052		—
Total Assets — Investments in Securities	$	1,006,619,441		$	1,005,727,389		$	892,052	$	—
Liabilities:
Other Financial Instruments***
Future Contracts	$	(757,715	)	$	(757,715	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(757,715	)	$	(757,715	)	$	—	$	—

*** Other financial instruments are derivative instruments, 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 preceding "Futures Contracts outstanding" disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

177

VALUE EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2018 (Unaudited)

	Shares		Value
COMMON STOCKS — 88.5%
Consumer Discretionary — 8.3%
Aaron’s, Inc.		19,077	$	828,896
Advance Auto Parts, Inc.D		38,770		5,261,089
American Eagle Outfitters, Inc.D		75,851		1,763,536
Carnival Corporation		13,185		755,632
Charter Communications, Inc. Class A*		1,698		497,871
Comcast Corporation Class A		794,777		26,076,633
Dana, Inc.		370,843		7,487,320
Dollar General Corporation		138,600		13,665,960
Foot Locker, Inc.		29,188		1,536,748
Ford Motor Co.		133,953		1,482,860
Gap, Inc. (The)		50,443		1,633,849
General Motors Co.		150,867		5,944,160
Hilton Grand Vacations, Inc.*		45,651		1,584,090
John Wiley & Sons, Inc. Class A		22,303		1,391,707
Lear Corporation		21,279		3,953,851
Lennar Corporation Class A		164,151		8,617,928
Lennar Corporation Class B		3,259		139,127
Lowe’s Cos., Inc.		151,269		14,456,778
McDonald’s Corporation		18,449		2,890,774
Michael Kors Holdings, Ltd.*		42,005		2,797,533
News Corporation Class A		191,341		2,965,786
PulteGroup, Inc.D		136,016		3,910,460
Tapestry, Inc.		127,093		5,936,514
Target Corporation		16,119		1,226,978
Tenneco, Inc.		45,842		2,015,214
Twenty-First Century Fox, Inc. Class A		30,139		1,497,607
Twenty-First Century Fox, Inc. Class B		13,798		679,827
Urban Outfitters, Inc.D*		24,771		1,103,548
Walt Disney Co. (The)		13,574		1,422,691
Yum! Brands, Inc.		6,129		479,410
				124,004,377
Consumer Staples — 4.5%
Coca-Cola Co. (The)		46,703		2,048,394
Colgate-Palmolive Co.		25,126		1,628,416
Estee Lauder Cos., Inc. (The) Class A		12,292		1,753,946
General Mills, Inc.		21,669		959,070
Ingredion, Inc.		39,042		4,321,949
Kimberly-Clark Corporation		4,174		439,689
Kraft Heinz Co. (The)		22,553		1,416,780
Kroger Co. (The)		51,479		1,464,578
Lamb Weston Holdings, Inc.		55,706		3,816,418
Mondelez International, Inc. Class A		48,776		1,999,816
Nu Skin Enterprises, Inc. Class A		47,379		3,704,564
PepsiCo, Inc.		131,374		14,302,687
Performance Food Group Co.*		57,703		2,117,700
Procter & Gamble Co. (The)		170,006		13,270,668
US Foods Holding Corporation*		98,959		3,742,629
Walgreens Boots Alliance, Inc.		25,792		1,547,907
Walmart, Inc.		94,696		8,110,712
				66,645,923
Energy — 9.7%
Anadarko Petroleum Corporation		8,307		608,488

	Shares		Value
Baker Hughes a GE Co.		288,374	$	9,524,993
Chevron Corporation		213,754		27,024,918
ConocoPhillips		264,633		18,423,749
Energen Corporation*		30,256		2,203,242
EOG Resources, Inc.		14,199		1,766,782
Exxon Mobil Corporation		291,121		24,084,440
HollyFrontier Corporation		30,201		2,066,654
Kinder Morgan, Inc.		56,571		999,610
Marathon Oil Corporation		96,515		2,013,303
Marathon Petroleum Corporation		76,110		5,339,878
Newfield Exploration Co.*		68,100		2,060,025
Occidental Petroleum Corporation		186,967		15,645,399
PBF Energy, Inc. Class A		43,107		1,807,476
Phillips 66		192,715		21,643,822
Pioneer Natural Resources Co.		1,759		332,873
QEP Resources, Inc.*		30,650		375,769
Southwestern Energy Co.*		283,275		1,501,357
Valero Energy Corporation		75,572		8,375,645
				145,798,423
Financials — 22.6%
Aflac, Inc.		23,307		1,002,667
Allstate Corporation (The)		79,077		7,217,358
Ally Financial, Inc.		212,544		5,583,531
American Express Co.		145,567		14,265,566
American International Group, Inc.		289,522		15,350,457
Ameriprise Financial, Inc.		20,322		2,842,641
Bank of America Corporation		1,027,744		28,972,103
Bank of New York Mellon Corporation (The)		107,920		5,820,126
BB&T Corporation		17,874		901,565
Berkshire Hathaway, Inc. Class B*		50,996		9,518,403
BlackRock, Inc.		3,611		1,802,033
Capital One Financial Corporation		32,358		2,973,700
Citigroup, Inc.		456,331		30,537,671
Citizens Financial Group, Inc.		138,396		5,383,604
CME Group, Inc.		8,872		1,454,298
CNO Financial Group, Inc.		131,413		2,502,104
Discover Financial Services		38,539		2,713,531
Evercore, Inc. Class A		6,130		646,409
FirstCash, Inc.		15,358		1,379,916
Goldman Sachs Group, Inc. (The)		25,599		5,646,371
Hartford Financial Services Group, Inc. (The)		140,875		7,202,939
Intercontinental Exchange, Inc.		149,116		10,967,482
Invesco, Ltd.		117,400		3,118,144
JPMorgan Chase & Co.		432,404		45,056,497
Lazard, Ltd. Class A		62,819		3,072,477
Lincoln National Corporation		75,169		4,679,270
LPL Financial Holdings, Inc.		32,864		2,153,907
Marsh & McLennan Cos., Inc.		6,869		563,052
MetLife, Inc.		84,909		3,702,032
Morgan Stanley		187,784		8,900,962
New York Community Bancorp, Inc.D		583,277		6,439,378
Old Republic International Corporation		68,691		1,367,638
PNC Financial Services Group, Inc. (The)		12,607		1,703,206

See Notes to Financial Statements.

178

	Shares		Value
Popular, Inc.		51,616	$	2,333,559
Prudential Financial, Inc.		83,679		7,824,823
Reinsurance Group of America, Inc.		29,734		3,968,894
S&P Global, Inc.		9,177		1,871,099
State Street Corporation		94,100		8,759,769
Synchrony Financial		189,389		6,321,805
Synovus Financial Corporation		89,560		4,731,455
TCF Financial Corporation		15,323		377,252
Travelers Cos., Inc. (The)		6,617		809,524
U.S. Bancorp		289,964		14,503,999
Unum Group		72,303		2,674,488
Voya Financial, Inc.		56,458		2,653,526
Wells Fargo & Co.		423,280		23,466,643
XL Group, Ltd.		70,541		3,946,769
Zions BancorporationD		168,700		8,888,803
				338,573,446
Health Care — 12.4%
Abbott Laboratories		53,341		3,253,268
Aetna, Inc.		7,453		1,367,625
Agilent Technologies, Inc.		59,270		3,665,257
Alexion Pharmaceuticals, Inc.*		3,145		390,452
Amgen, Inc.		5,676		1,047,733
Amneal Pharmaceuticals, Inc.D*		171,300		2,811,033
Anthem, Inc.		49,247		11,722,263
Baxter International, Inc.		110,825		8,183,318
Becton, Dickinson and Co.		7,836		1,877,192
Biogen, Inc.*		1,649		478,606
Boston Scientific Corporation*		11,136		364,147
Bristol-Myers Squibb Co.		115,435		6,388,173
Bruker Corporation		64,175		1,863,642
Cardinal Health, Inc.		174,700		8,530,601
Catalent, Inc.*		31,807		1,332,395
Centene Corporation*		68,100		8,390,601
Cigna Corporation		5,070		861,647
CVS Health Corporation		185,181		11,916,397
Danaher Corporation		20,400		2,013,072
Eli Lilly & Co.		111,166		9,485,795
Exelixis, Inc.*		65,174		1,402,544
Express Scripts Holding Co.*		179,438		13,854,408
Gilead Sciences, Inc.		148,652		10,530,508
HCA Healthcare, Inc.		3,480		357,048
Humana, Inc.		14,438		4,297,182
Johnson & Johnson		294,356		35,717,157
Ligand Pharmaceuticals, Inc.D*		7,911		1,638,922
McKesson Corporation		30,849		4,115,257
Molina Healthcare, Inc.D*		62,700		6,140,838
Thermo Fisher Scientific, Inc.		12,878		2,667,549
UnitedHealth Group, Inc.		47,800		11,727,252
WellCare Health Plans, Inc.*		8,801		2,167,158
Zoetis, Inc.		63,944		5,447,389
				186,006,429
Industrials — 7.2%
3M Co.		2,934		577,176
Avis Budget Group, Inc.*		32,856		1,067,820
CSX Corporation		11,882		757,834
Delta Air Lines, Inc.		16,993		841,833

	Shares		Value
Dun & Bradstreet Corporation (The)		19,994	$	2,452,264
EMCOR Group, Inc.		39,796		3,031,659
Emerson Electric Co.		4,654		321,778
EnerSys, Inc.		17,532		1,308,589
Fluor Corporation		41,900		2,043,882
General Dynamics Corporation		39,297		7,325,354
General Electric Co.		1,327,121		18,062,117
HD Supply Holdings, Inc.*		108,702		4,662,229
Honeywell International, Inc.		7,360		1,060,208
Huntington Ingalls Industries, Inc.		12,004		2,602,347
JetBlue Airways Corporation*		100,900		1,915,082
Korn/Ferry International		25,656		1,588,876
Lockheed Martin Corporation		1,328		392,331
ManpowerGroup, Inc.		29,944		2,576,981
Norfolk Southern Corporation		7,292		1,100,144
Oshkosh Corporation		7,971		560,521
Robert Half International, Inc.		65,084		4,236,968
Ryder System, Inc.		41,408		2,975,579
Southwest Airlines Co.		5,872		298,767
Spirit AeroSystems Holdings, Inc. Class A		31,885		2,739,240
Terex CorporationD		165,060		6,963,881
Textron, Inc.		230,803		15,212,226
Union Pacific Corporation		1,316		186,451
United Parcel Service, Inc. Class B		31,535		3,349,963
United Rentals, Inc.*		5,260		776,481
United Technologies Corporation		132,565		16,574,602
Waste Management, Inc.		312		25,378
				107,588,561
Information Technology — 12.0%
Amkor Technology, Inc.D*		93,364		801,997
Aspen Technology, Inc.*		47,235		4,380,574
Avnet, Inc.D		16,518		708,457
Broadcom, Inc.		21,308		5,170,173
CA, Inc.		105,016		3,743,820
Cisco Systems, Inc.		466,232		20,061,963
Citrix Systems, Inc.*		53,629		5,622,464
Cognizant Technology Solutions Corporation Class A		1,269		100,238
Corning, Inc.		317,444		8,732,884
Cypress Semiconductor CorporationD		661,100		10,299,938
eBay, Inc.*		18,630		675,524
F5 Networks, Inc.*		11,246		1,939,373
First Data Corporation Class A*		326,900		6,842,017
Hewlett Packard Enterprise Co.		198,811		2,904,629
HP, Inc.		328,255		7,448,106
Intel Corporation		203,657		10,123,789
International Business Machines Corporation		8,657		1,209,383
Intuit, Inc.		16,596		3,390,646
Jabil, Inc.		76,596		2,118,645
Micron Technology, Inc.*		49,783		2,610,621
Microsoft Corporation		161,464		15,921,965
ON Semiconductor Corporation*		255,536		5,681,843
Oracle Corporation		357,592		15,755,503
QUALCOMM, Inc.		197,365		11,076,124
Synopsys, Inc.*		22,266		1,905,302

See Notes to Financial Statements.

179

VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Texas Instruments, Inc.		104,200	$	11,488,050
VeriSign, Inc.*		37,395		5,138,821
Vishay Intertechnology, Inc.D		112,018		2,598,818
Western Digital Corporation		150,176		11,625,124
				180,076,791
Materials — 3.8%
Air Products & Chemicals, Inc.		88,820		13,831,938
Alcoa Corporation*		13,369		626,739
Domtar Corporation		29,024		1,385,606
DowDuPont, Inc.		289,345		19,073,622
Ecolab, Inc.		3,255		456,774
Freeport-McMoRan, Inc.		400,031		6,904,535
Louisiana-Pacific CorporationD		63,736		1,734,894
PPG Industries, Inc.		6,864		712,003
Praxair, Inc.		219		34,635
Reliance Steel & Aluminum Co.		52,953		4,635,506
Steel Dynamics, Inc.		98,901		4,544,501
Trinseo SA		30,530		2,166,103
				56,106,856
Real Estate — 1.8%
Apple Hospitality REIT, Inc.		54,519		974,800
CBRE Group, Inc. Class A*		127,425		6,083,270
Crown Castle International Corporation REIT		2,945		317,530
Hospitality Properties Trust REIT		62,277		1,781,745
Jones Lang LaSalle, Inc.		75,906		12,599,637
Park Hotels & Resorts, Inc. REITD		71,215		2,181,315
Prologis, Inc. REIT		13,138		863,035
Ryman Hospitality Properties, Inc. REIT		30,981		2,576,070
Simon Property Group, Inc. REIT		1,000		170,190
				27,547,592
Telecommunication Services — 2.7%
AT&T, Inc.		457,391		14,686,830
Telephone & Data Systems, Inc.		90,307		2,476,218
T-Mobile US, Inc.*		1,922		114,839
Verizon Communications, Inc.		467,349		23,512,328
				40,790,215
Utilities — 3.5%
AES Corporation		851,508		11,418,722
American Electric Power Co., Inc.		64,890		4,493,633
Dominion Energy, Inc.D		95,619		6,519,304
Duke Energy Corporation		24,681		1,951,774
Entergy Corporation		37,733		3,048,449
Exelon Corporation		156,579		6,670,265
NextEra Energy, Inc.		12,778		2,134,309
PinnacleWest Capital Corporation		12,184		981,543
Portland General Electric Co.		77,742		3,324,248
Public Service Enterprise Group, Inc.		156,573		8,476,862
Southern Co. (The)		30,901		1,431,025
Southwest Gas Holdings, Inc.		34,281		2,614,612
				53,064,746
Total Common Stocks (Cost $1,075,088,598)				1,326,203,359

	Shares		Value
FOREIGN COMMON STOCKS — 9.4%
Canada — 0.4%
Magna International, Inc.		41,487	$	2,411,639
Norbord, Inc.D		37,396		1,537,724
Valeant Pharmaceuticals International, Inc.*		80,091		1,861,315
				5,810,678
Curacao — 1.1%
Schlumberger, Ltd.		249,702		16,737,525
France — 0.6%
Sanofi ADRD		238,600		9,546,386
Ireland — 3.7%
Adient PLCD		101,717		5,003,459
Eaton Corporation PLC		13,605		1,016,838
Jazz Pharmaceuticals PLC*		12,095		2,083,969
Johnson Controls International PLC		590,598		19,755,503
Medtronic PLC		259,500		22,215,795
nVent Electric PLC*		66,864		1,678,286
Pentair PLC		71,164		2,994,581
				54,748,431
Israel — 0.1%
Taro Pharmaceutical Industries, Ltd.D*		12,207		1,412,228
Netherlands — 0.9%
Fiat Chrysler Automobiles NV*		71,933		1,358,814
Koninklijke Philips NV		86,700		3,664,809
LyondellBasell Industries NV Class A		47,300		5,195,905
Mylan NV*		65,201		2,356,364
NXP Semiconductor NV*		9,210		1,006,377
				13,582,269
Switzerland — 0.1%
Chubb, Ltd.		14,171		1,800,001
United Kingdom — 2.5%
BP PLC ADR		338,300		15,446,778
GlaxoSmithKline PLC ADRD		235,200		9,480,912
Nielsen Holdings PLC		216,100		6,683,973
TechnipFMC PLC		165,800		5,262,492
				36,874,155
Total Foreign Common Stocks (Cost $143,384,539)				140,511,673
MONEY MARKET FUNDS — 2.3%
GuideStone Money Market Fund (Investor Class)¥		31,215,782		31,215,782
Northern Institutional Liquid Assets Portfolio§		2,876,989		2,876,989
Northern Institutional U.S. Government Portfolio		150,299		150,299
Total Money Market Funds (Cost $34,243,070)				34,243,070

See Notes to Financial Statements.

180

	Par		Value
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill 2.09%,
12/06/18W‡‡ (Cost $1,783,600)	$	1,800,000	$	1,784,104
TOTAL INVESTMENTS — 100.3% (Cost $1,254,499,807)				1,502,742,206
Liabilities in Excess of Other Assets — (0.3)%				(4,783,696	)
NET ASSETS — 100.0%			$	1,497,958,510

PORTFOLIO SUMMARY (based on net assets)

	%
Financials		22.7
Health Care		15.9
Energy		12.2
Information Technology		12.1
Industrials		9.3
Consumer Discretionary		8.9
Consumer Staples		4.5
Materials		4.2
Utilities		3.6
Telecommunication Services		2.7
Money Market Funds		2.3
Real Estate		1.8
U.S. Treasury Obligations		0.1
		100.3

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
S&P 500® E-Mini		09/2018		261	$	35,516,880		GSC	$	(644,441	)

See Notes to Financial Statements.

181

VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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	$	1,326,203,359		$	1,326,203,359		$	—	$	—
Foreign Common Stocks		140,511,673			140,511,673			—		—
Money Market Funds		34,243,070			34,243,070			—		—
U.S. Treasury Obligation		1,784,104			—			1,784,104		—
Total Assets — Investments in Securities	$	1,502,742,206		$	1,500,958,102		$	1,784,104	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(644,441	)	$	(644,441	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(644,441	)	$	(644,441	)	$	—	$	—

*** Other financial instruments are derivative instruments, 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 preceding "Futures Contracts outstanding" disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

182

GROWTH EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2018 (Unaudited)

	Shares		Value
COMMON STOCKS — 89.5%
Consumer Discretionary — 14.9%
Amazon.com, Inc.*		75,036	$	127,546,193
Booking Holdings, Inc.*		11,696		23,708,845
Chipotle Mexican Grill, Inc.D*		13,890		5,991,729
Comcast Corporation Class A		308,310		10,115,651
Floor & Decor Holdings, Inc. Class AD*		82,000		4,045,060
Home Depot, Inc. (The)		69,160		13,493,116
Netflix, Inc.*		64,029		25,062,871
Starbucks Corporation		344,328		16,820,423
TJX Cos., Inc. (The)		99,344		9,455,562
Walt Disney Co. (The)		97,980		10,269,284
Yum China Holdings, Inc.		429,886		16,533,416
Yum! Brands, Inc.		129,702		10,145,290
				273,187,440
Consumer Staples — 6.5%
Coca-Cola Co. (The)		486,341		21,330,916
Colgate-Palmolive Co.		270,506		17,531,494
Costco Wholesale Corporation		96,743		20,217,352
Estee Lauder Cos., Inc. (The) Class A		63,292		9,031,135
McCormick & Co., Inc. (Non-Voting Shares)		57,344		6,657,065
Monster Beverage Corporation*		547,433		31,367,911
Procter & Gamble Co. (The)		168,762		13,173,562
				119,309,435
Energy — 0.4%
Pioneer Natural Resources Co.		39,510		7,476,872
Financials — 4.0%
American Express Co.		156,581		15,344,938
BlackRock, Inc.		23,350		11,652,584
Charles Schwab Corporation (The)		379,161		19,375,127
FactSet Research Systems, Inc.D		51,234		10,149,456
SEI Investments Co.		264,075		16,509,969
				73,032,074
Health Care — 14.7%
Alexion Pharmaceuticals, Inc.*		127,774		15,863,142
Align Technology, Inc.*		33,200		11,359,048
Amgen, Inc.		62,434		11,524,692
Biogen, Inc.*		36,730		10,660,515
BioMarin Pharmaceutical, Inc.*		110,106		10,371,985
Celgene Corporation*		137,600		10,928,192
Cerner Corporation*		200,251		11,973,007
Danaher Corporation		103,686		10,231,735
DENTSPLY SIRONA, Inc.		145,650		6,375,101
DexCom, Inc.*		90,129		8,560,452
Edwards Lifesciences Corporation*		120,532		17,545,843
Illumina, Inc.*		40,057		11,187,520
Intuitive Surgical, Inc.*		30,321		14,507,992
Johnson & Johnson		59,470		7,216,090
Loxo Oncology, Inc.*		32,752		5,681,817
Regeneron Pharmaceuticals, Inc.*		89,504		30,877,985
Thermo Fisher Scientific, Inc.		102,215		21,172,815

	Shares		Value
UnitedHealth Group, Inc.		67,350	$	16,523,649
Varian Medical Systems, Inc.*		97,052		11,036,754
Zoetis, Inc.		324,464		27,641,088
				271,239,422
Industrials — 7.3%
A.O. Smith Corporation		113,055		6,687,203
BWX Technologies, Inc.		106,967		6,666,183
Caterpillar, Inc.		54,620		7,410,295
Cintas Corporation		45,141		8,354,245
CoStar Group, Inc.*		23,442		9,672,872
Deere & Co.		107,806		15,071,279
Expeditors International of Washington, Inc.		273,925		20,023,918
Fortive Corporation		149,442		11,523,473
Honeywell International, Inc.		70,210		10,113,751
Roper Technologies, Inc.		43,954		12,127,348
United Parcel Service, Inc. Class B		146,631		15,576,611
W.W. Grainger, Inc.		38,140		11,762,376
				134,989,554
Information Technology — 38.9%
Activision Blizzard, Inc.		88,900		6,784,848
Adobe Systems, Inc.*		196,552		47,921,343
Akamai Technologies, Inc.*		176,400		12,917,772
Alphabet, Inc. Class A*		40,958		46,249,364
Alphabet, Inc. Class C*		43,772		48,834,232
Amphenol Corporation Class A		128,009		11,155,984
ANSYS, Inc.*		31,346		5,459,846
Apple, Inc.		64,410		11,922,935
Autodesk, Inc.*		216,344		28,360,535
Automatic Data Processing, Inc.		45,980		6,167,757
Cisco Systems, Inc.		328,504		14,135,527
Electronic Arts, Inc.*		82,491		11,632,881
Facebook, Inc. Class A*		425,085		82,602,517
FleetCor Technologies, Inc.D*		37,922		7,988,269
Genpact, Ltd.		306,032		8,853,506
Intuit, Inc.		73,248		14,964,933
Microsoft Corporation		438,678		43,258,038
Oracle Corporation		844,291		37,199,462
Palo Alto Networks, Inc.*		102,407		21,041,566
PayPal Holdings, Inc.*		295,148		24,576,974
QUALCOMM, Inc.		440,424		24,716,595
Red Hat, Inc.*		92,940		12,488,348
salesforce.com, Inc.*		254,214		34,674,790
ServiceNow, Inc.*		114,400		19,730,568
Splunk, Inc.*		178,103		17,651,788
Texas Instruments, Inc.		92,180		10,162,845
TiVo Corporation		7		94
Visa, Inc. Class AD		694,143		91,939,240
Vmware, Inc. Class AD*		47,270		6,947,272
Workday, Inc. Class A*		39,100		4,735,792
				715,075,621
Materials — 1.6%
Ecolab, Inc.		70,790		9,933,961

See Notes to Financial Statements.

183

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Praxair, Inc.		50,700	$	8,018,205
Sherwin-Williams Co. (The)		27,269		11,114,026
				29,066,192
Real Estate — 1.2%
Equinix, Inc. REIT		22,020		9,466,178
SBA Communications Corporation REIT*		73,988		12,216,898
				21,683,076
Total Common Stocks (Cost $1,136,750,858)				1,645,059,686
FOREIGN COMMON STOCKS — 6.8%
China — 3.8%
Alibaba Group Holding, Ltd. ADRD*		373,244		69,247,959
Curacao — 1.6%
Schlumberger, Ltd.		434,251		29,107,845
France — 0.9%
Danone SA ADRD		1,115,320		16,261,371
Switzerland — 0.5%
Novartis AG ADR		134,084		10,128,705
Total Foreign Common Stocks (Cost $97,061,360)				124,745,880
MONEY MARKET FUNDS — 3.4%
GuideStone Money Market Fund (Investor Class)¥		55,475,171		55,475,171
Northern Institutional Liquid Assets Portfolio§		7,090,548		7,090,548
Northern Institutional U.S. Government Portfolio		292,122		292,122
Total Money Market Funds (Cost $62,857,841)				62,857,841

	Par		Value
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill
2.09%, 12/06/18W‡‡ (Cost $2,675,400)	$	2,700,000	$	2,676,157
TOTAL INVESTMENTS — 99.9% (Cost $1,299,345,459)				1,835,339,564
Other Assets in Excess of Liabilities — 0.1%				2,442,255
NET ASSETS — 100.0%			$	1,837,781,819

PORTFOLIO SUMMARY (based on net assets)

	%
Information Technology		42.7
Health Care		15.3
Consumer Discretionary		14.8
Consumer Staples		7.4
Industrials		7.3
Financials		4.0
Money Market Funds		3.4
Energy		2.0
Materials		1.6
Real Estate		1.2
U.S. Treasury Obligation		0.2
		99.9

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
S&P 500® E-Mini		09/2018		399	$	54,295,920		GSC	$	(747,202	)

See Notes to Financial Statements.

184

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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	$	1,645,059,686		$	1,645,059,686		$	—	$	—
Foreign Common Stocks		124,745,880			124,745,880			—		—
Money Market Funds		62,857,841			62,857,841			—		—
U.S. Treasury Obligation		2,676,157			—			2,676,157		—
Total Assets — Investments in Securities	$	1,835,339,564		$	1,832,663,407		$	2,676,157	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(747,202	)	$	(747,202	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(747,202	)	$	(747,202	)	$	—	$	—

*** Other financial instruments are derivative instruments, 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 preceding "Futures Contracts outstanding" disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

185

SMALL CAP EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2018 (Unaudited)

	Shares		Value
COMMON STOCKS — 92.6%
Consumer Discretionary — 14.6%
American Eagle Outfitters, Inc.		35,330	$	821,422
Beazer Homes USA, Inc.*		58,304		859,984
Bright Horizons Family Solutions, Inc.*		51,500		5,279,780
Cable One, Inc.D		5,610		4,113,757
Carriage Services, Inc.		33,220		815,551
Cato Corporation (The) Class A		39,307		967,738
Cavco Industries, Inc.*		4,670		969,725
Chegg, Inc.D*		125,700		3,493,203
Chico’s FAS, Inc.D		77,422		630,215
Citi Trends, Inc.		24,390		669,262
Dana, Inc.		64,042		1,293,008
Dave & Buster’s Entertainment, Inc.*		11,130		529,788
Del Frisco’s Restaurant Group, Inc.*		41,080		517,608
Denny’s CorporationD*		33,423		532,428
Destination XL Group, Inc.D*		253,871		571,210
Express, Inc.D*		70,755		647,408
Floor & Decor Holdings, Inc. Class AD*		50,900		2,510,897
Fox Factory Holding CorporationD*		27,409		1,275,889
Francesca’s Holdings Corporation*		90,448		682,882
FTD Cos, Inc.*		101,143		469,304
Gannett Co., Inc.D		61,690		660,083
G-III Apparel Group, Ltd.*		19,020		844,488
Grand Canyon Education, Inc.*		38,659		4,314,731
Gray Television, Inc.D*		145,057		2,291,901
Hudson, Ltd. Class AD*		134,000		2,343,660
John Wiley & Sons, Inc. Class A		31,228		1,948,627
Johnson Outdoors, Inc. Class A		7,105		600,586
LCI IndustriesD		30,380		2,738,757
Libbey, Inc.D		27,791		225,941
Liberty TripAdvisor Holdings, Inc. Class A*		44,134		710,557
Lithia Motors, Inc. Class AD		14,800		1,399,636
Malibu Boats, Inc. Class A*		51,583		2,163,391
Michael Kors Holdings, Ltd.*		25,362		1,689,109
Monro, Inc.D		66,350		3,854,935
Motorcar Parts of America, Inc.D*		29,950		560,365
National Vision Holdings, Inc.D*		99,200		3,627,744
New Media Investment Group, Inc.		87,124		1,610,052
News Corporation Class A		102,328		1,586,084
Nexstar Media Group, Inc. Class AD		33,250		2,440,550
Ollie’s Bargain Outlet Holdings, Inc.D*		19,200		1,392,000
Papa John’s International, Inc.D		23,900		1,212,208
PulteGroup, Inc.		72,257		2,077,389
Scholastic Corporation		33,517		1,485,138
Speedway Motorsports, Inc.		6,049		105,011
Steven Madden, Ltd.		24,740		1,313,694
Stoneridge, Inc.*		58,430		2,053,230
Strayer Education, Inc.D		34,000		3,842,340
Tailored Brands, Inc.		25,375		647,570
Tenneco, Inc.		21,678		952,965
Tilly’s, Inc. Class AD		53,573		811,631
Tower International, Inc.		41,699		1,326,028
Unifi, Inc.D*		18,243		578,303

	Shares		Value
Universal Electronics, Inc.D*		41,505	$	1,371,740
William Lyon Homes Class AD*		26,100		605,520
ZAGG, Inc.*		166,059		2,872,821
				85,909,844
Consumer Staples — 1.5%
Avon Products, Inc.*		393,338		637,207
BJ’s Wholesale Club Holdings, Inc.*		85,800		2,029,170
Ingles Markets, Inc. Class AD		28,711		913,010
Ingredion, Inc.		9,430		1,043,901
Landec Corporation*		34,039		507,181
Medifast, Inc.		3,993		639,519
Nu Skin Enterprises, Inc. Class A		27,378		2,140,686
SpartanNash Co.		21,182		540,565
US Foods Holding Corporation*		14,158		535,455
				8,986,694
Energy — 4.2%
Arch Coal, Inc. Class A		11,895		932,925
Cactus, Inc. Class A*		43,600		1,473,244
Callon Petroleum Co.D*		114,800		1,232,952
CONSOL Energy, Inc.D*		17,092		655,478
Energen Corporation*		5,543		403,641
Exterran Corporation*		46,284		1,158,951
Gran Tierra Energy, Inc.D*		305,960		1,055,562
Gulfport Energy Corporation*		69,138		869,065
HollyFrontier Corporation		8,456		578,644
Matador Resources Co.D*		75,900		2,280,795
Midstates Petroleum Co., Inc.*		68,496		932,231
Pacific Ethanol, Inc.D*		69,693		181,202
PBF Energy, Inc. Class A		46,824		1,963,330
Penn Virginia CorporationD*		10,384		881,498
ProPetro Holding CorporationD*		43,312		679,132
Renewable Energy Group, Inc.D*		73,173		1,306,138
REX American Resources CorporationD*		11,562		936,175
Ring Energy, Inc.D*		176,159		2,223,127
SilverBow Resources, Inc.*		14,768		426,500
Solaris Oilfield Infrastructure, Inc. Class AD*		122,900		1,756,241
Southwestern Energy Co.*		197,644		1,047,513
W&T Offshore, Inc.D*		153,343		1,096,402
WildHorse Resource Development CorporationD*		27,539		698,389
				24,769,135
Financials — 14.0%
1st Source Corporation		23,699		1,266,238
AMERISAFE, Inc.		74,939		4,327,727
Argo Group International Holdings, Ltd.		37,545		2,183,242
BancFirst CorporationD		9,340		552,928
Bancorp, Inc. (The)*		108,730		1,137,316
Banner Corporation		34,268		2,060,535
BlackRock Capital Investment Corporation		108,444		632,229
Bridge Bancorp, Inc.		26,065		937,037
Cadence BanCorp		99,000		2,858,130
Central Pacific Financial Corporation		55,111		1,578,930

See Notes to Financial Statements.

186

	Shares		Value
Century Bancorp, Inc. Class A		7,942	$	606,769
Chemical Financial Corporation		44,661		2,486,278
CNO Financial Group, Inc.		89,564		1,705,299
Enova International, Inc.*		35,357		1,292,298
Financial Institutions, Inc.		35,198		1,158,014
First Busey Corporation		15,877		503,618
First Citizens BancShares, Inc. Class A		1,318		531,549
First Financial Corporation		3,062		138,862
FirstCash, Inc.		24,235		2,177,515
FS Bancorp, Inc.		10,533		666,212
Hamilton Lane, Inc. Class AD		49,100		2,355,327
Health Insurance Innovations, Inc. Class AD*		42,200		1,365,170
Heritage Commerce Corporation		59,407		1,009,325
Heritage Insurance Holdings, Inc.		20,445		340,818
HomeTrust Bancshares, Inc.*		3,800		106,970
Independent Bank CorporationD		49,133		1,252,892
INTL. FCStone, Inc.D*		28,592		1,478,492
Investment Technology Group, Inc.D		68,377		1,430,447
James River Group Holdings, Ltd.		19,780		777,156
Lazard, Ltd. Class A		36,183		1,769,711
LegacyTexas Financial Group, Inc.D		27,760		1,083,195
LPL Financial Holdings, Inc.		14,400		943,776
M I Acquisitions, Inc.D*		119,200		1,246,832
Meta Financial Group, Inc.D		26,300		2,561,620
National Bank Holdings Corporation Class A		24,112		930,482
OFG BancorpD		48,451		680,737
Old Republic International Corporation		101,540		2,021,661
Oppenheimer Holdings, Inc. Class A		34,910		977,480
Pacific Premier Bancorp, Inc.D*		56,915		2,171,307
Peapack Gladstone Financial Corporation		6,555		226,737
Pinnacle Financial Partners, Inc.D		17,166		1,053,134
Popular, Inc.		42,532		1,922,872
ProAssurance CorporationD		49,900		1,768,955
QCR Holdings, Inc.		21,062		999,392
Regional Management Corporation*		30,697		1,075,009
Reinsurance Group of America, Inc.		4,203		561,016
Republic Bancorp, Inc.		12,768		578,390
Safeguard Scientifics, Inc.D*		23,473		300,454
Santander Consumer USA Holdings, Inc.		43,293		826,463
Sierra Bancorp		29,985		846,776
Synovus Financial Corporation		47,969		2,534,202
Texas Capital Bancshares, Inc.*		23,620		2,161,230
Third Point Reinsurance, Ltd.D*		72,471		905,888
TriCo BancsharesD		32,127		1,203,156
TrustCo Bank CorporationD		130,874		1,164,779
United Community Banks, Inc.D		140,410		4,306,375
United Community Financial Corporation		61,911		680,402
Voya Financial, Inc.		16,328		767,416
Wintrust Financial Corporation		26,020		2,265,041
WisdomTree Investments, Inc.D		272,500		2,474,300
World Acceptance CorporationD*		5,795		643,303
				82,569,414

	Shares		Value
Health Care — 8.1%
Acceleron Pharma, Inc.*		20,000	$	970,400
Achaogen, Inc.D*		40,200		348,132
Amedisys, Inc.*		16,300		1,392,998
American Renal Associates Holdings, Inc.D*		40,900		644,993
Applied Genetic Technologies CorporationD*		53,275		197,118
BioSpecifics Technologies CorporationD*		8,587		385,213
Blueprint Medicines Corporation*		31,200		1,980,576
Civitas Solutions, Inc.*		40,804		669,186
Emergent BioSolutions, Inc.*		63,790		3,220,757
Enanta Pharmaceuticals, Inc.D*		11,268		1,305,961
Evolent Health, Inc. Class AD*		90,600		1,907,130
Five Star Quality Care, Inc.y*		2,086		—
Globus Medical, Inc. Class A*		41,747		2,106,554
HealthEquity, Inc.*		25,800		1,937,580
Innoviva, Inc.D*		69,116		953,801
Inogen, Inc.D*		12,500		2,329,125
Inspire Medical Systems, Inc.D*		35,200		1,255,232
Invacare CorporationD		54,280		1,009,608
iRhythm Technologies, Inc.*		28,000		2,271,640
K2M Group Holdings, Inc.D*		79,700		1,793,250
Loxo Oncology, Inc.*		5,100		884,748
Masimo Corporation*		17,010		1,661,026
Meridian Bioscience, Inc.D		81,258		1,292,002
MyoKardia, Inc.D*		22,300		1,107,195
Ophthotech Corporation*		221,918		605,836
Phibro Animal Health Corporation		31,309		1,441,779
PRA Health Sciences, Inc.*		20,700		1,932,552
Psychemedics CorporationD		14,308		275,286
Radius Health, Inc.D*		72,000		2,121,840
Repligen CorporationD*		61,500		2,892,960
Rhythm Pharmaceuticals, Inc.D*		31,300		978,438
RTI Surgical, Inc.D*		117,110		538,706
Sarepta Therapeutics, Inc.D*		6,800		898,824
Vanda Pharmaceuticals, Inc.*		58,258		1,109,815
West Pharmaceutical Services, Inc.D		29,360		2,915,154
				47,335,415
Industrials — 19.8%
ACCO Brands CorporationD		283,427		3,925,464
Aircastle, Ltd.		10,451		214,246
Albany International Corporation Class A		62,700		3,771,405
Allegiant Travel Co.D		15,250		2,118,988
ASGN, Inc.*		75,000		5,864,250
Astronics CorporationD*		72,289		2,600,235
Atento SA		111,000		760,350
Atkore International Group, Inc.*		57,288		1,189,872
AZZ, Inc.		13,977		607,301
Beacon Roofing Supply, Inc.*		100,300		4,274,786
BMC Stock Holdings, Inc.*		21,410		446,399
BrightView Holdings, Inc.*		6,300		138,285
CAI International, Inc.D*		23,518		546,558
CIRCOR International, Inc.D		50,300		1,859,088
Clean Harbors, Inc.D*		58,400		3,244,120
Columbus McKinnon Corporation		132,382		5,740,084

See Notes to Financial Statements.

187

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Commercial Vehicle Group, Inc.*		75,735	$	555,895
Continental Building Products, Inc.*		55,961		1,765,570
CRA International, Inc.		21,227		1,080,242
Ducommun, Inc.D*		58,002		1,919,286
Dycom Industries, Inc.D*		14,310		1,352,438
Eagle Bulk Shipping, Inc.*		102,867		559,596
EMCOR Group, Inc.		39,800		3,031,964
EnerSys, Inc.		24,710		1,844,354
Exponent, Inc.		56,800		2,743,440
Genco Shipping & Trading, Ltd.*		43,693		677,242
GMS, Inc.*		17,312		468,982
Greenbrier Cos., Inc. (The)D		62,877		3,316,762
H&E Equipment Services, Inc.		18,245		686,194
Healthcare Services Group, Inc.D		63,450		2,740,405
Heidrick & Struggles International, Inc.		29,796		1,042,860
ICF International, Inc.		25,700		1,825,985
Insteel Industries, Inc.D		55,236		1,844,882
Interface, Inc.		60,144		1,380,305
Kennametal, Inc.D		37,900		1,360,610
Kforce, Inc.		38,141		1,308,236
Korn/Ferry International		23,528		1,457,089
LSC Communications, Inc.		22,830		357,518
Lydall, Inc.*		27,653		1,207,053
ManpowerGroup, Inc.		18,491		1,591,335
Marten Transport, Ltd.D		12,943		303,513
Milacron Holdings Corporation*		105,000		1,987,650
Miller Industries, Inc.		27,520		703,136
Moog, Inc.		21,067		1,642,383
MYR Group, Inc.*		14,957		530,375
NCI Building Systems, Inc.*		90,615		1,902,915
NN, Inc.		124,860		2,359,854
Old Dominion Freight Line, Inc.		3,400		506,464
Patrick Industries, Inc.*		98,245		5,585,228
Primoris Services Corporation		60,450		1,646,054
RBC Bearings, Inc.D*		20,100		2,589,081
Rexnord Corporation*		70,400		2,045,824
Spirit AeroSystems Holdings, Inc. Class A		25,197		2,164,674
Spirit Airlines, Inc.D*		8,450		307,158
TriNet Group, Inc.*		74,800		4,184,312
TrueBlue, Inc.*		41,461		1,117,374
UniFirst Corporation		13,000		2,299,700
Universal Forest Products, Inc.		54,907		2,010,694
USA Truck, Inc.*		35,010		821,685
Vectrus, Inc.*		29,430		907,033
Viad Corporation		34,100		1,849,925
WageWorks, Inc.D*		81,750		4,087,500
Willscot CorporationD*		104,500		1,546,600
				116,518,806
Information Technology — 17.5%
2U, Inc.D*		47,500		3,969,100
ACI Worldwide, Inc.*		64,300		1,586,281
Alpha & Omega Semiconductor, Ltd.*		42,867		610,426
Ambarella, Inc.D*		11,840		457,142
American Software, Inc.		26,489		385,945

	Shares		Value
Amkor Technology, Inc.*		97,442	$	837,027
Aspen Technology, Inc.*		24,229		2,246,997
Avnet, Inc.D		34,117		1,463,278
Blackline, Inc.D*		53,700		2,332,191
Bottomline Technologies de, Inc.*		38,500		1,918,455
Cision, Ltd.D*		188,300		2,815,085
Coherent, Inc.D*		12,800		2,002,176
Cohu, Inc.D		19,442		476,523
DHI Group, Inc.*		259,702		610,300
Diodes, Inc.D*		15,504		534,423
Electro Scientific Industries, Inc.D*		38,350		604,779
Evo Payments, Inc. Class AD*		130,900		2,693,922
Exela Technologies, Inc.*		228,400		1,084,900
ExlService Holdings, Inc.*		54,250		3,071,092
Fair Isaac Corporation*		19,150		3,702,078
ForeScout Technologies, Inc.*		34,700		1,188,822
Insight Enterprises, Inc.*		14,831		725,681
Instructure, Inc.*		83,900		3,569,945
InterDigital, Inc.D		36,360		2,941,524
inTEST Corporation*		74,770		545,821
j2 Global, Inc.D		53,776		4,657,539
Jabil, Inc.		62,189		1,720,148
Kimball Electronics, Inc.*		45,187		826,922
Littelfuse, Inc.D		12,000		2,738,160
MicroStrategy, Inc. Class A*		993		126,856
MINDBODY, Inc. Class AD*		48,100		1,856,660
MKS Instruments, Inc.		77,887		7,453,786
New Relic, Inc.*		14,000		1,408,260
nLight, Inc.*		33,000		1,090,980
Paycom Software, Inc.D*		24,700		2,441,101
Paylocity Holding Corporation*		40,700		2,395,602
PC Connection, Inc.		25,924		860,677
Pegasystems, Inc.		35,500		1,945,400
Photronics, Inc.*		134,247		1,070,620
Pluralsight, Inc. Class A*		83,000		2,029,350
Progress Software Corporation		26,244		1,018,792
Q2 Holdings, Inc.D*		76,400		4,358,620
RealPage, Inc.D*		86,300		4,755,130
Reis, Inc.D		45,138		984,008
Rosetta Stone, Inc.*		83,800		1,343,314
Science Applications International Corporation		16,500		1,335,345
Seachange International, Inc.*		81,616		279,127
SendGrid, Inc.*		66,000		1,750,320
SMART Global Holdings, Inc.D*		20,064		639,440
Synaptics, Inc.D*		20,710		1,043,163
Synchronoss Technologies, Inc.D*		80,714		498,005
Take-Two Interactive Software, Inc.*		3,730		441,483
TESSCO Technologies, Inc.		37,309		645,446
TravelzooD*		17,499		299,233
Tyler Technologies, Inc.*		11,314		2,512,839
USA Technologies, Inc.D*		93,800		1,313,200
Varonis Systems, Inc.*		6,500		484,250
Vishay Intertechnology, Inc.D		63,475		1,472,620
Vishay Precision Group, Inc.*		18,620		710,353
XO Group, Inc.*		38,669		1,237,408

See Notes to Financial Statements.

188

	Shares		Value
Zix Corporation*		194,058	$	1,045,973
				103,164,043
Materials — 3.9%
AdvanSix, Inc.*		22,119		810,219
Boise Cascade Co.		39,609		1,770,522
Domtar Corporation		11,489		548,485
Ferro CorporationD*		58,040		1,210,134
FutureFuel Corporation		40,312		564,771
Koppers Holdings, Inc.*		36,889		1,414,693
Louisiana-Pacific Corporation		63,491		1,728,225
Mercer International, Inc.		89,215		1,561,262
OMNOVA Solutions, Inc.*		187,376		1,948,710
Orion Engineered Carbons SA		49,001		1,511,681
PolyOne Corporation		38,000		1,642,360
Resolute Forest Products, Inc.*		64,482		667,389
Schnitzer Steel Industries, Inc. Class A		41,714		1,405,762
Summit Materials, Inc. Class AD*		77,309		2,029,361
Trinseo SA		17,380		1,233,111
Universal Stainless & Alloy Products, Inc.*		61,156		1,447,563
Verso Corporation Class A*		41,642		906,130
Warrior Met Coal, Inc.D		24,624		678,884
				23,079,262
Real Estate — 5.7%
Apple Hospitality REIT, Inc.		129,114		2,308,558
Armada Hoffler Properties, Inc. REIT		13,445		200,331
Ashford Hospitality Trust, Inc. REITD		180,708		1,463,735
Braemar Hotels & Resorts, Inc. REIT		105,660		1,206,637
Cedar Realty Trust, Inc. REIT		181,192		855,226
Chesapeake Lodging Trust REITD		70,176		2,220,369
CubeSmart REITD		23,190		747,182
DiamondRock Hospitality Co. REIT		181,611		2,230,183
Hersha Hospitality Trust REIT		87,469		1,876,210
HFF, Inc. Class AD		31,600		1,085,460
Investors Real Estate Trust REIT		120,295		665,231
Jones Lang LaSalle, Inc.		13,050		2,166,170
Kennedy-Wilson Holdings, Inc.D		171,125		3,619,294
Marcus & Millichap, Inc.*		42,817		1,670,291
National Storage Affiliates Trust REITD		44,400		1,368,408
Paramount Group, Inc. REIT		14,201		218,695
Park Hotels & Resorts, Inc. REITD		64,954		1,989,541
Pebblebrook Hotel Trust REITD		30,880		1,198,144
Physicians Realty Trust REIT		39,670		632,340
RMR Group, Inc. (The) Class AD		18,112		1,420,886
Ryman Hospitality Properties, Inc. REIT		26,160		2,175,204
Xenia Hotels & Resorts, Inc. REIT		99,291		2,418,729
				33,736,824
Telecommunication Services — 1.3%
Cogent Communications Holdings, Inc.D		32,000		1,708,800
Shenandoah Telecommunications Co.D		81,500		2,665,050

	Shares		Value
Telephone & Data Systems, Inc.		50,661	$	1,389,125
Vonage Holdings CorporationD*		133,890		1,725,842
				7,488,817
Utilities — 2.0%
AES Corporation		88,309		1,184,224
Hawaiian Electric Industries, Inc.D		8,639		296,318
MDU Resources Group, Inc.		48,825		1,400,301
PNM Resources, Inc.		7,890		306,921
Portland General Electric Co.		53,575		2,290,867
Spire, Inc.		18,210		1,286,537
UGI Corporation		57,033		2,969,708
Unitil Corporation		24,162		1,233,228
Vistra Energy Corporation*		42,130		996,796
				11,964,900
Total Common Stocks (Cost $453,589,194)				545,523,154
FOREIGN COMMON STOCKS — 2.9%
Canada — 1.4%
Colliers International Group, Inc.D		20,203		1,529,367
FirstService Corporation		15,555		1,182,802
Fortuna Silver Mines, Inc.D*		223,165		1,267,577
IMAX CorporationD*		77,400		1,714,410
North American Construction Group, Ltd.		14,404		85,704
SunOpta, Inc.D*		166,500		1,398,600
Taseko Mines, Ltd.D*		290,881		314,152
Valeant Pharmaceuticals International, Inc.*		29,592		687,718
				8,180,330
France — 0.4%
Talend SA ADR*		39,500		2,460,060
Ireland — 0.4%
Horizon Pharma PLCD*		76,123		1,260,597
Mallinckrodt PLCD*		54,112		1,009,730
				2,270,327
Israel — 0.2%
Taro Pharmaceutical Industries, Ltd.*		11,230		1,299,198
Jersey — 0.3%
Novocure, Ltd.*		50,300		1,574,390
Netherlands — 0.1%
Argenx SE ADR*		8,700		720,882
United Kingdom — 0.1%
BrightSphere Investment Group PLC		40,312		574,849
Total Foreign Common Stocks (Cost $15,765,408)				17,080,036
MASTER LIMITED PARTNERSHIP — 0.8%
Compass Diversified Holdings (Cost $4,090,286)		270,275		4,675,758

See Notes to Financial Statements.

189

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
CORPORATE BONDS — 0.0%
Lehman Escrow Bonds
0.00%, 07/19/17Wy#	$	160,000	$	—
0.00%, 12/28/17Wy#		120,000		—
3.65%, 08/19/45Wy#		50,000		—
0.00%, 11/29/49W#		10,000		—
Total Corporate Bonds (Cost $0)				—
	Shares
MONEY MARKET FUNDS — 5.7%
GuideStone Money Market Fund (Investor Class)¥		21,270,447		21,270,447
Northern Institutional Liquid Assets
Portfolio§		12,515,437		12,515,437
Northern Institutional
U.S. Government Portfolio		106,077		106,077
Total Money Market Funds (Cost $33,891,961)				33,891,961
	Par
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill 2.09%, 12/06/18W‡‡ (Cost $990,889)	$	1,000,000		991,169
TOTAL INVESTMENTS — 102.2% (Cost $508,327,738)				602,162,078
Liabilities in Excess of Other Assets — (2.2)%				(13,098,031	)
NET ASSETS — 100.0%			$	589,064,047

PORTFOLIO SUMMARY (based on net assets)

	%
Industrials		19.8
Information Technology		17.9
Consumer Discretionary		14.9
Financials		14.1
Health Care		9.1
Real Estate		6.2
Money Market Funds		5.7
Energy		4.2
Materials		4.2
Utilities		2.0
Consumer Staples		1.8
Telecommunication Services		1.3
Master Limited Partnership		0.8
U.S. Treasury Obligation		0.2
Corporate Bonds		—	**
		102.2

^**   Rounds to less than 0.005%

See Notes to Financial Statements.

190

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
Russell 2000 Mini Index		09/2018		265	$	21,829,375		GSC	$	(317,534	)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks:
Consumer Discretionary	$	85,909,844		$	85,909,844		$	—	$	—
Consumer Staples		8,986,694			8,986,694			—		—
Energy		24,769,135			24,769,135			—		—
Financials		82,569,414			81,322,582			1,246,832		—
Health Care		47,335,415			47,335,415			—		—**
Industrials		116,518,806			116,518,806			—		—
Information Technology		103,164,043			103,164,043			—		—
Materials		23,079,262			23,079,262			—		—
Real Estate		33,736,824			33,736,824			—		—
Telecommunication Services		7,488,817			7,488,817			—		—
Utilities		11,964,900			11,964,900			—		—
Corporate Bonds		—			—			—		—**
Foreign Common Stocks		17,080,036			17,080,036			—		—
Master Limited Partnership		4,675,758			4,675,758			—		—
Money Market Funds		33,891,961			33,891,961			—		—
U.S. Treasury Obligation		991,169			—			991,169		—
Total Assets — Investments in Securities	$	602,162,078		$	599,924,077		$	2,238,001	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(317,534	)	$	(317,534	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(317,534	)	$	(317,534	)	$	—	$	—

** Level 3 security has zero value.

*** Other financial instruments are derivative instruments, 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 preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

191

INTERNATIONAL EQUITY INDEX FUND SCHEDULE OF INVESTMENTS June 30, 2018 (Unaudited)

	Shares		Value
FOREIGN COMMON STOCKS — 95.3%
Australia — 6.7%
AGL Energy, Ltd.		9,921	$	165,049
Alumina, Ltd.		20,465		42,406
Amcor, Ltd.		17,966		191,592
AMP, Ltd.		39,540		104,171
APA Group		18,011		131,291
ASX, Ltd.		2,561		122,036
Aurizon Holdings, Ltd.		25,222		80,822
Australia & New Zealand Banking Group, Ltd.		35,321		738,174
Bank of Queensland, Ltd.		4,076		30,738
Bendigo and Adelaide Bank, Ltd.D		5,305		42,557
BHP Billiton, Ltd.		39,404		988,847
BlueScope Steel, Ltd.		5,856		74,800
Boral, Ltd.		16,052		77,572
Brambles, Ltd.		18,049		118,612
Caltex Australia, Ltd.		3,172		76,386
Challenger, Ltd.		7,895		69,119
CIMIC Group, Ltd.		1,304		40,821
Coca-Cola Amatil, Ltd.		66,457		452,470
Cochlear, Ltd.		717		106,213
Commonwealth Bank of Australia		25,728		1,387,445
Computershare, Ltd.		7,203		98,243
CSL, Ltd.		5,701		812,669
Dexus REIT		13,896		99,855
Domino’s Pizza Enterprises, Ltd.		1,020		39,418
Flight Centre Travel Group, Ltd.		1,053		49,601
Fortescue Metals Group, Ltd.D		18,782		61,019
Goodman Group REIT		27,480		195,638
GPT Group (The) REIT		20,139		75,414
Harvey Norman Holdings, Ltd.D		9,185		22,567
Healthscope, Ltd.		21,042		34,414
Incitec Pivot, Ltd.		17,247		46,332
Insurance Australia Group, Ltd.		29,869		188,552
Lend Lease Group		7,738		113,442
Macquarie Group, Ltd.		3,969		363,192
Medibank Pvt., Ltd.		33,732		72,893
Mirvac Group REIT		50,361		80,875
National Australia Bank, Ltd.		42,241		856,849
Newcrest Mining, Ltd.		8,925		143,988
OneMarket, Ltd.*		1,376		1,303
Orica, Ltd.		4,853		63,749
Origin Energy, Ltd.*		21,981		163,158
QBE Insurance Group, Ltd.		15,735		113,419
Ramsay Health Care, Ltd.		1,607		64,196
REA Group, Ltd.		1,108		74,511
Rio Tinto, Ltd.		5,021		310,046
Santos, Ltd.*		23,166		107,493
Scentre Group REIT		83,660		271,796
SEEK, Ltd.		3,958		63,884
Sonic Healthcare, Ltd.		5,071		92,056
South32, Ltd.		58,584		156,512
Stockland REIT		27,645		81,221
Suncorp Group, Ltd.		15,116		163,212
Sydney Airport		13,845		73,361

	Shares		Value
Telstra Corporation, Ltd.		51,978	$	100,782
TPG Telecom, Ltd.D		4,589		17,558
Transurban Group		27,666		245,077
Vicinity Centres REIT		48,069		92,135
Wesfarmers, Ltd.		16,749		611,822
Westpac Banking Corporation		41,491		899,669
Woodside Petroleum, Ltd.		13,309		349,257
				12,512,299
Austria — 0.2%
ANDRITZ AG		720		38,223
Erste Group Bank AG*		3,328		138,940
OMV AG		1,954		110,831
Raiffeisen Bank International AG		1,472		45,193
voestalpine AG		1,264		58,232
				391,419
Belgium — 0.7%
Ageas		2,844		143,510
Groupe Bruxelles Lambert SA		2,113		222,870
KBC Group NV		3,232		249,559
Proximus SADP		2,723		61,404
Solvay SA		1,545		195,130
Telenet Group Holding NV*		1,213		56,662
UCB SA		3,028		238,121
Umicore SA		2,666		153,021
				1,320,277
Denmark — 1.3%
AP Moeller - Maersk A/S Class A		78		92,610
AP Moeller - Maersk A/S Class B		60		74,747
Chr. Hansen Holding A/S		2,070		191,233
Coloplast A/S Class B		2,017		201,638
Danske Bank A/S		11,314		354,230
DSV A/S		2,874		232,264
Genmab A/S*		831		128,272
H Lundbeck A/S		1,506		105,846
ISS A/SD		3,171		108,998
Novozymes A/S, B Shares		4,999		253,634
Orsted A/S 144A		3,274		198,084
Pandora A/SD		1,677		117,181
Tryg A/S		3,476		81,616
VestasWind Systems A/S		2,852		176,575
William Demant Holding A/S*		4,113		165,553
				2,482,481
Finland — 1.1%
Elisa OYJ		2,673		123,831
Fortum OYJ		6,738		160,835
Kone OYJ Class B		3,899		198,795
Metso OYJ		1,554		52,084
Neste OYJ		1,549		121,560
Nokia OYJ		76,564		440,798
Nokian Renkaat OYJ		1,038		41,020
Orion OYJ Class B		2,199		59,295
Sampo OYJ, A Shares		6,925		338,037
Stora Enso OYJ, R Shares		8,351		163,448

See Notes to Financial Statements.

192

	Shares		Value
UPM-Kymmene OYJ		7,209	$	257,780
Wartsila OYJ Abp		5,652		111,085
				2,068,568
France — 10.1%
Accor SA		3,183		156,193
Aeroports de Paris		428		96,815
Air Liquide SA		5,635		708,726
Alstom SAD		1,430		65,729
Amundi SA 144A		1,066		73,871
Arkema SA		687		81,351
Atos SED		1,612		220,158
AXA SA		25,613		628,577
BioMerieux		494		44,478
BNP Paribas SA		16,820		1,044,779
Bollore SA		12,527		58,282
Bouygues SA		2,324		100,173
Bureau Veritas SA		4,705		125,604
Capgemini SE		2,326		312,918
Carrefour SAD		7,729		125,190
Casino Guichard Perrachon SA		458		17,784
Cie de St-Gobain		9,316		416,348
Cie Generale des Etablissements Michelin SCA		2,270		276,489
CNP Assurances		2,393		54,466
Covivio REIT		802		83,449
Credit Agricole SA		13,884		185,404
Danone SA		10,720		787,058
Dassault Aviation SA		24		45,740
Dassault Systemes SA		2,155		301,993
EdenredD		3,457		109,243
Eiffage SA		840		91,405
Electricite de France SA		7,600		104,551
Engie SA		24,293		372,490
Essilor International Cie Generale d’Optique SA		2,757		389,253
Eurazeo SA		363		27,533
Eurofins Scientific SE Millicom International Cellular SA SDRD		243		135,191
Eutelsat Communications SA		2,168		44,977
Faurecia SA		908		64,809
Gecina SA REITD		693		115,971
Getlink		6,054		83,036
Hermes International		599		366,404
ICADE REIT		531		49,794
Iliad SA		371		58,641
Imerys SA		385		31,135
Ingenico Group		690		62,045
Ipsen SA		876		137,439
JCDecaux SA		1,071		35,845
Kering SA		1,209		682,780
Klepierre REIT		3,685		138,783
L’Oreal SA		3,708		915,838
Legrand SA		2,556		187,750
Natixis SA		17,495		124,178
Orange SA		28,100		470,734
Peugeot SA		7,506		171,453
Publicis Groupe SAD		2,439		167,877
Renault SA		2,555		217,305

	Shares		Value
Rexel SAD		2,931	$	42,152
Safran SA		3,803		462,101
Sanofi		17,390		1,394,147
Schneider Electric SE		7,149		596,257
SCOR SE		1,503		55,851
SEB SA		564		98,532
SES SAD		3,858		70,689
Societe BIC SA		295		27,353
Societe Generale SA		11,913		502,432
Sodexo SA		1,520		151,980
Suez		7,046		91,375
Teleperformance		689		121,738
Thales SA		1,262		162,630
TOTAL SA		33,004		2,012,282
Ubisoft Entertainment SA*		954		104,701
Unibail-Rodamco-Westfield REIT*		11,579		426,937
Valeo SA		3,416		186,775
Veolia Environnement SA		7,589		162,448
Vinci SA		6,807		654,697
Vivendi SA		13,522		331,611
Wendel SA		398		54,845
				19,079,568
Germany — 8.5%
1&1 Drillisch AG		634		36,101
adidas AG		2,491		543,836
Allianz SE		5,514		1,139,876
Axel Springer SE		487		35,232
BASF SE		11,630		1,112,462
Bayerische Motoren Werke AG		6,187		560,891
Beiersdorf AG		1,876		213,033
Brenntag AG		1,403		78,186
Commerzbank AG*		12,089		115,919
Continental AG		1,352		308,747
Covestro AG 144A		2,032		181,342
Daimler AG		12,831		826,070
Deutsche Bank AG		25,773		277,561
Deutsche Boerse AG		2,426		323,396
Deutsche Lufthansa AG		3,059		73,589
Deutsche Post AG		11,584		378,372
Deutsche Telekom AG*		55,783		864,453
Deutsche Wohnen SE		4,815		232,790
E.ON SE		26,940		287,990
Evonik Industries AG		1,751		59,975
Fraport AG Frankfurt Airport ServicesWorldwide		412		39,751
Fresenius Medical Care AG & Co. KGaA		3,248		327,641
Fresenius SE & Co. KGaA		5,768		463,428
GEA Group AG		2,114		71,322
Hannover Rueck SE		793		98,904
HeidelbergCement AG		1,752		147,475
HOCHTIEF AG		215		38,867
HUGO BOSS AG		951		86,359
Infineon Technologies AG		14,196		361,900
Innogy SE 144A		2,135		91,477
K+S AG		1,931		47,694
KION Group AG		713		51,324

See Notes to Financial Statements.

193

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
LANXESS AG		1,208	$	94,235
Linde AG		2,281		544,471
Merck KGaA		2,991		292,075
METRO AG		2,082		25,736
MTU Aero Engines AG		620		119,176
Muenchener Rueckversicherungs-Gesellschaft AG		1,808		382,266
OSRAM Licht AG		1,047		42,794
ProSiebenSat.1 Media SE		2,829		71,790
Puma SE		100		58,507
RTL Group SA		567		38,470
RWE AG		6,519		148,642
SAP SE		13,287		1,535,363
Siemens AG		9,951		1,315,704
Siemens Healthineers AG 144A*		1,840		75,969
Symrise AG		1,436		125,940
Telefonica Deutschland Holding AG		8,893		35,061
thyssenkrupp AG		4,887		118,821
TUI AG		5,007		109,858
Uniper SE		2,406		71,760
United Internet AG		2,030		116,303
Volkswagen AG		3,259		538,529
Vonovia SE		6,856		326,342
Wirecard AG		1,403		226,020
Zalando SE 144A*		1,333		74,518
				15,964,313
Hong Kong — 3.2%
AIA Group, Ltd.		159,200		1,392,006
ASM Pacific Technology, Ltd.		3,200		40,461
Bank of East Asia, Ltd. (The)		13,169		52,622
BOC Hong Kong Holdings, Ltd.		43,500		204,870
CK Asset Holdings, Ltd.		34,000		269,986
CK Hutchison Holdings, Ltd.		40,000		424,187
CK Infrastructure Holdings, Ltd.		9,500		70,412
CLP Holdings, Ltd.		26,000		280,030
Hang Lung Group, Ltd.		12,000		33,649
Hang Lung Properties, Ltd.		26,000		53,620
Hang Seng Bank, Ltd.		8,800		220,067
Henderson Land Development Co., Ltd.		15,705		83,073
HK Electric Investments & HK Electric Investments, Ltd. 144A		86,500		82,469
HKT Trust & HKT, Ltd.		69,000		88,123
Hong Kong & China Gas Co., Ltd.		167,663		320,982
Hong Kong Exchanges and Clearing, Ltd.		14,680		441,582
Hysan Development Co., Ltd.		9,000		50,245
Kerry Properties, Ltd.		9,500		45,468
Li & Fung, Ltd.		86,000		31,569
Link REIT		27,500		251,144
Minth Group, Ltd.		8,000		33,802
MTR Corporation, Ltd.		21,477		118,806
New World Development Co., Ltd.D		77,867		109,571
NWS Holdings, Ltd.		21,399		37,040
PCCW, Ltd.		102,000		57,464
Power Assets Holdings, Ltd.		17,500		122,346

	Shares		Value
Shangri-La Asia, Ltd.		32,000	$	60,202
Sino Land Co., Ltd.		41,835		68,040
Sun Hung Kai Properties, Ltd.		33,000		498,012
Swire Pacific, Ltd. Class A		6,500		68,847
Swire Properties, Ltd.		13,000		48,052
Techtronic Industries Co., Ltd.		17,500		97,586
WH Group, Ltd. 144A		113,500		92,442
Wharf Holdings, Ltd. (The)		15,000		48,180
Wharf Real Estate Investment Co., Ltd.		15,000		106,780
Wheelock & Co., Ltd.		10,000		69,657
Yue Yuen Industrial Holdings, Ltd.		8,000		22,586
				6,095,978
Ireland — 0.6%
AIB Group PLC		5,750		31,224
Bank of Ireland Group PLC		9,604		74,976
CRH PLC		9,682		343,157
DCC PLC		962		87,539
James Hardie Industries PLC CDI		5,216		87,547
Kerry Group PLC Class A		2,819		294,966
Smurfit Kappa Group PLC		3,617		146,570
				1,065,979
Israel — 0.4%
Azrieli Group		1,239		61,586
Bank Hapoalim BM		15,980		108,332
Bank Leumi Le-Israel BM		19,282		114,093
Bezeq The Israeli Telecommunication Corporation, Ltd.		44,100		49,701
Check Point Software Technologies, Ltd.D*		2,081		203,272
Elbit Systems, Ltd.		512		60,283
Frutarom Industries, Ltd.		340		33,439
Israel Chemicals, Ltd.		12,055		55,231
Mizrahi Tefahot Bank, Ltd.		1,129		20,771
Nice, Ltd.*		1,027		106,290
				812,998
Italy — 1.9%
Assicurazioni Generali SpA		14,904		250,108
Atlantia SpA		4,528		133,887
Enel SpA		105,552		586,365
Eni SpA		31,477		584,686
Intesa Sanpaolo SpA		185,751		550,269
Leonardo SpAD		3,992		39,467
Luxottica Group SpA		2,326		150,103
Mediobanca Banca di Credito Finanziario SpA		3,955		36,774
Moncler SpA		3,393		154,531
Poste Italiane SpA 144A		1,382		11,572
Prysmian SpA		1,492		37,164
Recordati SpA		2,880		114,553
Snam SpA		19,199		80,176
Telecom Italia SpA*		326,064		242,708
Tenaris SAD		5,417		99,413
Terna Rete Elettrica Nazionale SpAD		10,305		55,742

See Notes to Financial Statements.

194

	Shares		Value
UniCredit SpA		24,744	$	413,098
				3,540,616
Japan — 22.7%
ABC-Mart, Inc.		100		5,474
Acom Co., Ltd.		3,200		12,313
AEON Co., Ltd.		8,000		171,251
AEON Financial Service Co., Ltd.		800		17,082
AEON Mall Co., Ltd.		900		16,177
Aisin Seiki Co., Ltd.		1,900		86,664
Ajinomoto Co., Inc.		9,400		177,956
Alfresa Holdings Corporation		1,900		44,705
Alps Electric Co., Ltd.		2,100		53,982
Amada Holdings Co., Ltd.		3,200		30,782
ANA Holdings, Inc.		2,200		80,854
Aozora Bank, Ltd.		500		19,035
Asahi Glass Co., Ltd.		2,700		105,230
Asahi Kasei Corporation		15,000		190,760
ASICS Corporation		1,700		28,759
Astellas Pharma, Inc.		28,300		431,727
Bandai Namco Holdings, Inc.		2,400		99,065
Bank of Kyoto, Ltd. (The)		600		27,801
Benesse Holdings, Inc.		900		31,947
Bridgestone Corporation		7,700		301,351
Brother Industries, Ltd.		2,500		49,406
Calbee, Inc.		1,700		63,952
Canon, Inc.		14,400		472,261
Casio Computer Co., Ltd.D		2,100		34,180
Central Japan Railway Co.		1,800		373,283
Chiba Bank, Ltd. (The)		9,000		63,650
Chubu Electric Power Co., Inc.		8,200		123,020
Chugai Pharmaceutical Co., Ltd.		3,200		167,927
Chugoku Electric Power Co., Inc. (The)		3,100		40,096
Coca-Cola Bottlers Japan Holdings, Inc.		3,900		155,873
Concordia Financial Group, Ltd.		13,500		68,771
Credit Saison Co., Ltd.		2,000		31,504
CyberAgent, Inc.		2,000		120,309
CYBERDYNE, Inc.D*		1,200		14,069
Dai Nippon Printing Co., Ltd.		2,800		62,694
Daicel Corporation		3,100		34,328
Daifuku Co., Ltd.		1,200		52,622
Dai-ichi Life Holdings, Inc.		12,400		221,311
Daiichi Sankyo Co., Ltd.		8,300		317,636
Daikin Industries, Ltd.		3,000		359,572
Daito Trust Construction Co., Ltd.		800		130,136
Daiwa House Industry Co., Ltd.		7,100		242,150
Daiwa House REIT Investment Corporation		13		30,869
Daiwa Securities Group, Inc.		19,000		110,398
DeNA Co., Ltd.		1,200		22,512
Denso Corporation		6,000		293,294
Dentsu, Inc.		2,500		118,548
Disco CorporationD		300		51,240
Don Quijote Holdings Co., Ltd.		1,000		48,051
East Japan Railway Co.		4,300		412,270
Eisai Co., Ltd.		3,800		267,852
Electric Power Development Co., Ltd.		1,800		46,498

	Shares		Value
FamilyMart UNY Holdings Co., Ltd.		1,100	$	115,847
FANUC Corporation		2,500		496,884
Fast Retailing Co., Ltd.		700		321,880
Fuji Electric Co., Ltd.D		5,000		38,116
FUJIFILM Holdings Corporation		6,000		234,440
Fujitsu, Ltd.		26,000		157,764
Fukuoka Financial Group, Inc.D		8,000		40,247
Hakuhodo DY Holdings, Inc.		1,900		30,513
Hamamatsu Photonics KK		1,200		51,592
Hankyu Hanshin Holdings, Inc.		2,600		104,620
Hikari Tsushin, Inc.D		200		35,171
Hino Motors, Ltd.		2,100		22,439
Hirose Electric Co., Ltd.		105		13,021
Hisamitsu Pharmaceutical Co., Inc.		900		76,006
Hitachi Chemical Co., Ltd.		1,200		24,224
Hitachi Construction Machinery Co., Ltd.		900		29,264
Hitachi High-Technologies Corporation		600		24,495
Hitachi Metals, Ltd.		2,000		20,774
Hitachi, Ltd.		59,000		416,514
Honda Motor Co., Ltd.		21,200		622,893
Hoshizaki Corporation		600		60,751
Hoya Corporation		4,400		250,333
Hulic Co., Ltd.		5,100		54,494
Idemitsu Kosan Co., Ltd.		1,800		64,219
IHI Corporation		1,500		52,296
Iida Group Holdings Co., Ltd.D		2,500		48,255
Inpex Corporation		10,400		107,978
Isetan Mitsukoshi Holdings, Ltd.		3,600		45,002
Isuzu Motors, Ltd.		6,100		81,074
ITOCHU Corporation		21,800		395,281
J. Front Retailing Co., Ltd.		3,400		51,807
Japan Airlines Co., Ltd.		1,200		42,574
Japan Airport Terminal Co., Ltd.		400		18,751
Japan Exchange Group, Inc.		6,600		122,742
Japan Post Bank Co., Ltd.		3,800		44,276
Japan Post Holdings Co., Ltd.		17,600		192,827
Japan Prime Realty Investment Corporation REIT		9		32,719
Japan Real Estate Investment Corporation REIT		13		68,807
Japan Retail Fund Investment Corporation REIT		40		72,113
JFE Holdings, Inc.		6,600		124,948
JGC CorporationD		2,000		40,338
JSR Corporation		2,200		37,476
JTEKT Corporation		2,600		35,413
JXTG Holdings, Inc.		37,250		259,133
Kajima Corporation		10,000		77,496
Kakaku.com, Inc.		1,200		27,118
Kamigumi Co., Ltd.		1,000		20,801
Kaneka Corporation		3,000		26,907
Kansai Electric Power Co., Inc. (The)		8,700		126,986
Kansai Paint Co., Ltd.		2,000		41,584
Kao Corporation		6,000		457,933
Kawasaki Heavy Industries, Ltd.		1,500		44,235
KDDI Corporation		22,100		605,023
Keihan Holdings Co., Ltd.		400		14,361

See Notes to Financial Statements.

195

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Keikyu Corporation		3,000	$	49,207
Keio Corporation		1,400		67,778
Keisei Electric Railway Co., Ltd.		1,500		51,551
Keyence Corporation		1,200		678,065
Kikkoman Corporation		3,600		181,764
Kintetsu Group Holdings Co., Ltd.		1,900		77,569
Kobayashi Pharmaceutical Co., Ltd.		2,300		198,808
Kobe Steel, Ltd.		3,500		32,055
Koito Manufacturing Co., Ltd.		1,200		79,339
Komatsu, Ltd.		10,800		309,031
Konami Holdings Corporation		1,100		56,036
Konica Minolta, Inc.		4,700		43,682
Kose CorporationD		400		86,239
Kubota Corporation		12,500		196,789
Kuraray Co., Ltd.		3,800		52,376
KuritaWater Industries, Ltd.		900		25,688
Kyocera Corporation		3,600		203,127
Kyowa Hakko Kirin Co., Ltd.		3,000		60,507
Kyushu Electric Power Co., Inc.		6,800		75,914
Kyushu Railway Co.		1,100		33,681
Lawson, Inc.		600		37,502
LINE Corporation*		500		20,842
Lion CorporationD		3,300		60,507
LIXIL Group Corporation		2,600		52,040
M3, Inc.D		3,000		119,631
Mabuchi Motor Co., Ltd.		400		19,040
Makita Corporation		2,500		112,112
Marubeni Corporation		19,900		151,899
Marui Group Co., Ltd.		3,000		63,243
Maruichi Steel Tube, Ltd.		400		13,566
Mazda Motor Corporation		6,600		81,073
McDonald’s Holdings Co. Japan, Ltd.		800		40,826
Medipal Holdings Corporation		2,200		44,272
MEIJI Holdings Co., Ltd.		2,300		194,030
Minebea Mitsumi, Inc.		4,000		67,705
MISUMI Group, Inc.		2,800		81,687
Mitsubishi Chemical Holdings Corporation		17,100		143,238
Mitsubishi Corporation		18,800		522,661
Mitsubishi Electric Corporation		23,200		308,977
Mitsubishi Estate Co., Ltd.		16,000		279,926
Mitsubishi Gas Chemical Co., Inc.		2,000		45,342
Mitsubishi Heavy Industries, Ltd.		3,400		123,790
Mitsubishi Materials Corporation		1,200		33,004
Mitsubishi Motors Corporation		8,400		66,994
Mitsubishi Tanabe Pharma Corporation		3,000		51,863
Mitsubishi UFJ Financial Group, Inc.		154,000		877,834
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,000		24,604
Mitsui & Co., Ltd.		23,600		393,813
Mitsui Chemicals, Inc.		2,200		58,619
Mitsui Fudosan Co., Ltd.		11,000		265,673
Mitsui OSK Lines, Ltd.D		1,300		31,327
Mizuho Financial Group, Inc.		295,300		497,434
MS&AD Insurance Group Holdings, Inc.		5,400		167,977
Murata Manufacturing Co., Ltd.		2,200		369,995

	Shares		Value
Nabtesco Corporation		1,000	$	30,800
Nagoya Railroad Co., Ltd.		1,600		41,331
NEC Corporation		2,900		79,628
Nexon Co., Ltd.*		4,400		63,944
NGK Insulators, Ltd.		3,000		53,462
NGK Spark Plug Co., Ltd.		1,900		54,229
NH Foods, Ltd.		1,500		60,629
Nidec Corporation		2,900		435,465
Nikon Corporation		3,500		55,733
Nintendo Co., Ltd.		1,400		457,752
Nippon Building Fund, Inc. REIT		14		80,802
Nippon Electric Glass Co., Ltd.		600		16,692
Nippon Express Co., Ltd.		1,000		72,619
Nippon Paint Holdings Co., Ltd.D		1,900		81,859
Nippon Prologis REIT, Inc.		17		35,285
Nippon Steel & Sumitomo Metal Corporation		9,300		182,741
Nippon Telegraph & Telephone Corporation		8,800		400,278
Nippon Yusen KK		1,700		33,765
Nissan Chemical Industries, Ltd.		1,600		74,714
Nissan Motor Co., Ltd.		28,000		272,628
Nisshin Seifun Group, Inc.		5,500		116,493
Nissin Foods Holdings Co., Ltd.		1,600		115,757
Nitori Holdings Co., Ltd.		900		140,469
Nitto Denko Corporation		1,900		143,862
Nomura Holdings, Inc.		58,300		283,404
Nomura Real Estate Holdings, Inc.		2,000		44,402
Nomura Real Estate Master Fund, Inc. REIT		37		52,234
Nomura Research Institute, Ltd.		1,719		83,377
NSK, Ltd.		4,700		48,522
NTT Data Corporation		14,800		170,571
NTT DOCOMO, Inc.		17,400		443,585
Obayashi Corporation		7,300		76,023
Obic Co., Ltd.		700		57,978
Odakyu Electric Railway Co., Ltd.D		3,000		64,436
Oji Holdings Corporation		8,000		49,641
Olympus Corporation		3,200		119,948
Omron Corporation		2,100		98,063
Ono Pharmaceutical Co., Ltd.		6,400		150,122
Oracle Corporation		700		57,219
Oriental Land Co., Ltd.		2,900		304,498
ORIX Corporation		20,300		321,236
Osaka Gas Co., Ltd.D		4,600		95,249
Otsuka Corporation		1,400		54,943
Otsuka Holdings Co., Ltd.		5,500		266,468
Panasonic Corporation		25,700		346,682
Park24 Co., Ltd.		800		21,786
Persol Holdings Co., Ltd.		2,100		46,869
Pola Orbis Holdings, Inc.		1,400		61,645
Rakuten, Inc.		11,300		76,487
Recruit Holdings Co., Ltd.		12,800		354,467
Renesas Electronics Corporation*		15,500		152,039
Resona Holdings, Inc.		23,900		127,924
Ricoh Co., Ltd.		7,700		70,661
Rohm Co., Ltd.		1,100		92,399

See Notes to Financial Statements.

196

	Shares		Value
Ryohin Keikaku Co., Ltd.		300	$	105,677
Santen Pharmaceutical Co., Ltd.		4,300		74,997
SBI Holdings, Inc.		2,400		61,867
Secom Co., Ltd.		2,700		207,460
Seibu Holdings, Inc.		2,300		38,806
Seiko Epson Corporation		3,000		52,188
Sekisui Chemical Co., Ltd.		5,400		92,085
Sekisui House, Ltd.		6,900		122,151
Seven & i Holdings Co., Ltd.		9,300		405,801
Seven Bank, Ltd.		4,800		14,697
Sharp CorporationD		1,400		34,142
Shimadzu Corporation		3,000		90,774
Shimamura Co., Ltd.		200		17,613
Shimano, Inc.		900		132,177
Shimizu Corporation		6,000		62,268
Shin-Etsu Chemical Co., Ltd.		4,700		419,122
Shinsei Bank, Ltd.		400		6,164
Shionogi & Co., Ltd.		4,400		226,170
Shiseido Co., Ltd.		4,600		365,540
Shizuoka Bank, Ltd. (The)D		5,000		45,206
SMC Corporation		700		256,885
SoftBank Group Corporation		10,700		770,547
Sohgo Security Services Co., Ltd.		600		28,289
Sompo Holdings, Inc.		4,400		178,043
Sony Corporation		15,500		792,955
Sony Financial Holdings, Inc.		2,000		38,224
Stanley Electric Co., Ltd.		1,300		44,384
Start Today Co., Ltd.		2,600		94,287
Subaru Corporation		7,800		227,205
SUMCO Corporation		2,800		56,574
Sumitomo Chemical Co., Ltd.		19,000		107,772
Sumitomo Corporation		15,400		253,154
Sumitomo Dainippon Pharma Co., Ltd.		3,000		63,542
Sumitomo Electric Industries, Ltd.		8,800		131,148
Sumitomo Metal Mining Co., Ltd.		2,500		95,696
Sumitomo Mitsui Financial Group, Inc.		17,800		692,289
Sumitomo Mitsui Trust Holdings, Inc.		4,300		170,617
Sumitomo Realty & Development Co., Ltd.		5,000		184,663
Sumitomo Rubber Industries, Inc.		2,100		33,383
Sundrug Co., Ltd.		800		32,444
Suntory Beverage & Food, Ltd.		5,200		222,156
Suruga Bank, Ltd.		1,500		13,426
Suzuken Co., Ltd.D		900		38,125
Suzuki Motor Corporation		3,900		215,510
Sysmex Corporation		1,700		158,768
T&D Holdings, Inc.		6,200		93,211
Taiheiyo Cement Corporation		1,200		39,507
Taisei Corporation		2,500		137,967
Taisho Pharmaceutical Holdings Co., Ltd.		300		35,144
Taiyo Nippon Sanso Corporation		1,200		17,212
Takashimaya Co., Ltd.		3,000		25,688
Takeda Pharmaceutical Co., Ltd.		10,300		435,202
TDK Corporation		1,600		163,591
Teijin, Ltd.		2,600		47,719

	Shares		Value
Terumo Corporation		3,600	$	206,476
THK Co., Ltd.		1,000		28,677
Tobu Railway Co., Ltd.		2,000		61,238
Toho Co., Ltd.		1,600		53,687
Toho Gas Co., Ltd.		300		10,392
Tohoku Electric Power Co., Inc.		5,500		67,213
Tokio Marine Holdings, Inc.		8,400		393,995
Tokyo Century Corporation		2,400		136,133
Tokyo Electric Power Co. Holdings, Inc.*		16,800		78,298
Tokyo Electron, Ltd.		2,000		343,585
Tokyo Gas Co., Ltd.		4,700		124,828
Tokyo Tatemono Co., Ltd.		2,300		31,597
Tokyu Corporation		7,000		120,634
Tokyu Fudosan Holdings Corporation		5,600		39,554
Toppan Printing Co., Ltd.		5,000		39,200
Toray Industries, Inc.		17,000		134,200
Toshiba Corporation*		78,000		234,602
Tosoh Corporation		3,500		54,279
TOTO, Ltd.		2,000		92,851
Toyo Seikan Group Holdings, Ltd.		2,300		40,426
Toyo Suisan Kaisha, Ltd.		2,700		96,206
Toyoda Gosei Co., Ltd.		500		12,686
Toyota Industries Corporation		2,100		117,789
Toyota Motor Corporation		29,816		1,930,910
Toyota Tsusho Corporation		2,500		83,774
Trend Micro, Inc.		1,500		85,625
Tsuruha Holdings, Inc.		400		50,183
Unicharm Corporation		6,800		204,709
United Urban Investment Corporation REIT		28		43,474
USS Co., Ltd.		2,200		41,888
West Japan Railway Co.		1,900		140,104
Yahoo Japan CorporationD		17,200		57,170
Yakult Honsha Co., Ltd.		1,500		100,257
Yamada Denki Co., Ltd.		7,600		37,823
Yamaguchi Financial Group, Inc.		2,000		22,544
Yamaha Corporation		1,800		93,646
Yamaha Motor Co., Ltd.		3,100		78,008
Yamato Holdings Co., Ltd.		4,400		129,717
Yamazaki Baking Co., Ltd.		4,200		110,012
Yaskawa Electric Corporation		3,100		109,619
Yokogawa Electric Corporation		2,500		44,529
Yokohama Rubber Co., Ltd. (The)		1,000		20,801
				42,805,590
Jersey — 1.3%
Experian PLC		16,169		400,000
Ferguson PLC		3,649		296,170
Glencore PLC*		147,035		702,459
Randgold Resources, Ltd.		1,270		97,548
Shire PLC		11,828		665,767
WPP PLC		19,560		307,965
				2,469,909
Netherlands — 4.6%
ABN AMRO Group NV CVA 144A		4,659		120,894
Aegon NVD		22,563		135,329

See Notes to Financial Statements.

197

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
AerCap Holdings NV*		3,614	$	195,698
Airbus SE		7,178		840,426
Akzo Nobel NVD		3,052		261,322
ArcelorMittal		7,722		226,436
ASML Holding NV		5,765		1,142,483
BoskalisWestminsterD		42		1,224
CNH Industrial NV		11,766		124,982
EXOR NV		1,420		95,683
Ferrari NV		1,448		196,999
Fiat Chrysler Automobiles NV*		12,552		239,427
ING Groep NV		50,189		722,553
Koninklijke Ahold Delhaize NV		21,191		507,434
Koninklijke DSM NV		2,242		225,480
Koninklijke KPN NV		40,973		111,486
Koninklijke Philips NV		13,659		581,015
Koninklijke Vopak NVD		953		44,038
NN Group NV		4,139		168,400
NXP Semiconductor NV*		4,478		489,311
QIAGEN NV*		4,650		169,424
Randstad NV		1,696		99,861
RELX NV		15,283		325,984
STMicroelectronics NVD		7,951		177,440
Unilever NV CVA		22,025		1,229,068
Wolters Kluwer NV		4,696		264,657
				8,697,054
New Zealand — 0.2%
a2 Milk Co., Ltd.*		20,556		159,553
Auckland International Airport, Ltd.		10,999		50,508
Fisher & Paykel Healthcare Corporation, Ltd.		6,808		68,659
Fletcher Building, Ltd.		7,398		34,824
Meridian Energy, Ltd.		12,874		27,205
Ryman Healthcare, Ltd.		6,330		51,319
Spark New Zealand, Ltd.		18,489		46,709
				438,777
Norway — 0.9%
DNB ASA		16,685		326,351
Equinor ASA		16,350		434,429
Gjensidige Forsikring ASAD		1,151		18,881
Marine Harvest ASA		9,096		181,153
Norsk Hydro ASA		13,545		81,143
Orkla ASA		23,401		205,152
Schibsted ASA, B SharesD		1,488		42,022
Telenor ASA		10,261		210,591
Yara International ASA		2,045		84,870
				1,584,592
Papua New Guinea — 0.1%
Oil Search, Ltd.		15,218		100,233
Portugal — 0.1%
EDP - Energias de Portugal SA		30,694		121,871
Galp Energia SGPS SA		5,042		96,182
Jeronimo Martins SGPS SA		2,628		37,963
				256,016

	Shares		Value
Singapore — 1.6%
Ascendas Real Estate Investment Trust		32,500	$	62,973
CapitaLand Commercial Trust REIT		41,879		51,023
CapitaLand Mall Trust REIT		36,600		55,605
CapitaLand, Ltd.		42,200		97,873
City Developments, Ltd.		5,900		47,330
ComfortDelGro Corporation, Ltd.		29,600		51,053
Dairy Farm International Holdings, Ltd.		17,300		152,067
DBS Group Holdings, Ltd.		21,612		422,088
Golden Agri-Resources, Ltd.		115,400		25,833
Hongkong Land Holdings, Ltd.		16,600		118,690
Jardine Cycle & Carriage, Ltd.		1,111		25,947
Jardine Matheson Holdings, Ltd.		2,600		164,060
Jardine Strategic Holdings, Ltd.		2,500		91,200
Keppel Corporation, Ltd.		17,700		92,884
Oversea-Chinese Banking Corporation, Ltd.		37,462		320,042
SATS, Ltd.		9,200		33,762
Singapore Airlines, Ltd.		5,600		43,937
Singapore Exchange, Ltd.		7,800		41,047
Singapore Press Holdings, Ltd.D		18,400		35,112
Singapore Technologies Engineering, Ltd.		16,100		38,876
Singapore Telecommunications, Ltd.		112,100		253,408
Suntec Real Estate Investment Trust		26,900		34,156
United Overseas Bank, Ltd.		15,359		301,656
UOL Group, Ltd.		7,561		42,286
Venture Corporation, Ltd.		5,600		73,324
Wilmar International, Ltd.		100,200		225,036
Yangzijiang Shipbuilding Holdings, Ltd.		35,300		23,447
				2,924,715
Spain — 3.2%
ACS Actividades de Construccion y Servicios SA		3,313		134,252
Aena SME SA 144A		1,711		310,705
Amadeus IT Group SA		6,116		482,817
Banco Bilbao Vizcaya Argentaria SA		85,233		604,576
Banco de Sabadell SA		55,869		93,658
Banco Santander SA		203,829		1,093,041
Bankia SAD		11,453		42,893
Bankinter SA		2,364		23,030
CaixaBank SA		40,595		175,690
Enagas SA		3,584		104,802
Endesa SAD		3,605		79,546
Ferrovial SA		6,162		126,469
Gas Natural SDG SA		5,818		154,094
Grifols SA		5,932		178,588
Iberdrola SA		75,352		582,886
Industria de Diseno Textil SA		14,320		489,312
International Consolidated Airlines Group SA		24,657		216,592
Mapfre SAD		10,729		32,388
Red Electrica Corporation SA		6,258		127,453

See Notes to Financial Statements.

198

	Shares		Value
Repsol SA		17,667	$	345,888
Siemens Gamesa Renewable Energy SAD		2,932		39,393
Telefonica SA		63,352		538,518
				5,976,591
Sweden — 2.5%
Alfa Laval AB		2,935		69,666
Assa Abloy AB Class B		13,371		284,983
Atlas Copco AB, A Shares		8,156		237,484
Atlas Copco AB, B Shares		5,681		148,831
Boliden AB		2,787		90,424
Electrolux AB, Series B		4,581		104,337
Epiroc AB Class A*		8,156		85,587
Epiroc AB Class B*		5,681		52,010
Essity AB		17,048		421,025
Hennes & Mauritz AB, B SharesD		11,084		165,207
Hexagon AB, B Shares		2,571		143,380
ICA Gruppen ABD		628		19,261
Industrivarden AB, C Shares		527		10,220
Investor AB, B Shares		10,701		435,961
Kinnevik AB Class B		2,697		92,412
L E Lundbergforetagen AB, B Shares		660		20,279
Lundin Petroleum AB		2,436		77,703
Millicom International Cellular SA SDR		1,082		63,905
Nordea Bank AB		36,242		349,118
Sandvik AB		14,112		250,516
Securitas AB, B Shares		4,765		78,444
Skandinaviska Enskilda Banken AB Class A		18,567		176,533
Skanska AB, B Shares		3,302		60,018
SKF AB, B Shares		3,875		72,120
Svenska Handelsbanken AB, A Shares		17,553		195,113
Swedbank AB, A Shares		10,095		216,174
Tele2 AB, B Shares		3,418		40,184
Telefonaktiebolaget LM Ericsson, B Shares		35,949		277,983
Telia Co. AB		33,087		151,310
Volvo AB, B Shares		20,375		325,754
				4,715,942
Switzerland — 7.9%
ABB, Ltd.		22,627		496,044
Adecco Group AG		1,636		97,073
Baloise Holding AG		1,016		148,045
Barry Callebaut AG		10		17,974
Chocoladefabriken Lindt & Spruengli AG		32		207,776
Cie Financiere Richemont SA		7,743		657,721
Clariant AG*		2,778		66,820
Coca-Cola HBC AG*		8,487		283,490
Credit Suisse Group AG*		31,717		478,814
Dufry AGD*		1,201		153,293
EMS-Chemie Holding AG		12		7,713
Geberit AG		466		200,414
Givaudan SA		83		188,747
Julius Baer Group, Ltd.*		2,414		142,066
LafargeHolcim, Ltd.*		6,605		322,172

	Shares		Value
Lonza Group AG*		1,061	$	282,312
Nestle SA		41,483		3,221,289
Novartis AG		31,144		2,367,485
Pargesa Holding SA		251		21,316
Partners Group Holding AG		122		89,624
Roche Holding AG		9,536		2,123,765
Schindler Holding AG		1,136		245,026
SGS SA		61		162,741
Sika AG		2,220		308,016
Sonova Holding AG		524		94,106
Straumann Holding AG		116		88,438
Swatch Group AG (The)		3,651		318,842
Swiss Life Holding AG*		126		43,896
Swiss Prime Site AG*		335		30,834
Swiss Re AG		3,720		321,927
Swisscom AG		433		193,785
Temenos AG*		1,023		154,953
UBS Group AG*		49,666		768,587
Vifor Pharma AG		732		117,269
Zurich Insurance Group AG		1,706		506,649
				14,929,022
United Kingdom — 15.5%
3i Group PLC		11,550		137,279
Admiral Group PLC		2,653		66,787
Anglo American PLC		14,314		320,163
Antofagasta PLC		4,327		56,535
Ashtead Group PLC		5,481		164,419
Associated British Foods PLC		6,840		247,162
AstraZeneca PLC		19,375		1,343,200
Auto Trader Group PLC 144A		14,494		81,468
Aviva PLC		53,312		354,607
Babcock International Group PLC		4,474		48,288
BAE Systems PLC		48,502		414,020
Barclays PLC		205,713		513,116
Barratt Developments PLC		5,701		38,778
Berkeley Group Holdings PLC		1,312		65,538
BHP Billiton PLC		25,662		577,778
BP PLC		250,120		1,908,945
British Land Co. PLC (The) REIT		16,514		146,502
BT Group PLC		115,818		332,909
Bunzl PLC		5,323		161,224
Burberry Group PLC		5,023		143,189
Carnival PLC		3,039		174,346
Centrica PLC		79,677		165,775
Coca-Cola European Partners PLC		6,877		279,481
Compass Group PLC		23,000		491,284
ConvaTec Group PLC 144A		23,376		65,526
Croda International PLC		1,285		81,436
Direct Line Insurance Group PLC		17,390		78,697
easyJet PLC		1,707		37,690
Fresnillo PLC		3,206		48,383
G4S PLC		14,238		50,302
GlaxoSmithKline PLC		73,230		1,478,480
Hammerson PLC REIT		9,324		64,308
Hargreaves Lansdown PLC		3,813		99,210
HSBC Holdings PLC		263,192		2,468,600

See Notes to Financial Statements.

199

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Informa PLC		15,880	$	174,996
InterContinental Hotels Group PLC		3,300		205,564
Intertek Group PLC		2,227		167,998
Investec PLC		10,376		73,672
ITV PLC		47,151		108,276
J Sainsbury PLC		40,758		172,775
John Wood Group PLC		11,264		93,327
Johnson Matthey PLC		2,874		137,267
Kingfisher PLC		39,382		154,364
Land Securities Group PLC REIT		8,412		106,233
Legal & General Group PLC		74,727		262,332
Lloyds Banking Group PLC		870,342		724,214
London Stock Exchange Group PLC		5,129		302,642
Marks & Spencer Group PLCD		28,015		109,107
Mediclinic International PLC		7,116		49,455
Meggitt PLC		2,379		15,488
Melrose Industries PLC		59,741		167,699
Merlin Entertainments PLC 144A		10,663		54,418
Micro Focus International PLC		6,029		105,308
Mondi PLC		5,463		147,873
National Grid PLC		48,159		532,869
Next PLC		1,784		142,443
NMC Health PLC		3,000		141,820
Pearson PLC		12,528		146,324
Persimmon PLC		2,646		88,454
Prudential PLC		34,802		796,655
Reckitt Benckiser Group PLC		10,079		829,897
RELX PLC		15,143		324,256
Rio Tinto PLC		15,875		880,153
Rolls-Royce Holdings PLC*		1,170,864		213,609
Royal Bank of Scotland Group PLC*		59,422		200,839
Royal Dutch Shell PLC, A Shares		46,940		1,628,641
Royal Dutch Shell PLC, B Shares		62,521		2,238,966
Royal Mail PLC		9,538		63,619
RSA Insurance Group PLC		18,313		164,201
Sage Group PLC (The)		16,801		139,380
Schroders PLC		1,895		78,979
Segro PLC REIT		8,174		72,212
Severn Trent PLC		2,767		72,286
Sky PLC		13,562		261,586
Smith & Nephew PLC		17,235		317,988
Smiths Group PLC		6,916		154,983
SSE PLC		17,559		314,001
St. James’s Place PLC		4,906		74,297
Standard Chartered PLC		38,480		351,730
Standard Life Aberdeen PLC		37,077		159,373
Taylor Wimpey PLC		35,050		82,754
Tesco PLC		118,109		400,130
Travis Perkins PLC		1,670		31,352
Unilever PLC		18,385		1,017,130
United Utilities Group PLC		8,812		88,757

	Shares		Value
Vodafone Group PLC		332,910	$	807,628
Weir Group PLC (The)		3,401		89,769
Whitbread PLC		1,870		97,705
WM Morrison Supermarkets PLCD		47,098		156,637
				29,199,856
Total Foreign Common Stocks (Cost $169,041,779)				179,432,793
FOREIGN PREFERRED STOCKS — 0.5%
Germany — 0.5%
Henkel AG & Co KGaA
1.65%, 04/10/18		5,479		700,622
Porsche Automobil Holding SE
3.19%, 05/16/18		1,662		105,894
Sartorius AG
0.39%, 04/06/18		648		96,938
Schaeffler AG
4.92%, 04/23/18		1,753		22,826
				926,280
Total Foreign Preferred Stocks (Cost $921,501)				926,280
RIGHTS — 0.0%
ACS Actividades de Construccion y Servicios SA*		3,313		3,412
Intesa Sanpaolo SpA*		185,751		—
Repsol SAD*		17,667		10,029
Total Rights (Cost $13,569)				13,441
MONEY MARKET FUNDS — 3.6%
GuideStone Money Market Fund (Institutional Class)¥		5,846,389		5,846,389
Northern Institutional Liquid Assets Portfolio§		844,414		844,414
Northern Institutional U.S. Government Portfolio		20,027		20,027
Total Money Market Funds (Cost $6,710,830)				6,710,830

See Notes to Financial Statements.

200

	Par		Value
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill
2.09%, 12/06/18W‡‡
(Cost $396,356)	$	400,000	$	396,468
TOTAL INVESTMENTS — 99.6% (Cost $177,084,035)				187,479,812
Other Assets in Excess of Liabilities — 0.4%				753,240
NET ASSETS — 100.0%			$	188,233,052

PORTFOLIO SUMMARY (based on net assets)

	%
Financials		19.4
Industrials		13.9
Consumer Discretionary		11.2
Health Care		10.2
Consumer Staples		9.6
Materials		7.8
Information Technology		6.7
Energy		6.0
Telecommunication Services		3.8
Real Estate		3.7
Money Market Funds		3.6
Utilities		3.5
U.S. Treasury Obligation		0.2
Rights		—	**
		99.6

^**   Rounds to less than 0.005%

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
MSCI EAFE Index E-Mini		09/2018		75	$	7,332,750		GSC	$	(222,723	)

See Notes to Financial Statements.

201

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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	$	12,512,299		$	12,512,299		$	—	$	—
Austria		391,419			391,419			—		—
Belgium		1,320,277			1,320,277			—		—
Denmark		2,482,481			2,482,481			—		—
Finland		2,068,568			2,068,568			—		—
France		19,079,568			18,762,716			316,852		—
Germany		15,964,313			15,964,313			—		—
Hong Kong		6,095,978			6,095,978			—		—
Ireland		1,065,979			1,065,979			—		—
Israel		812,998			203,272			609,726		—
Italy		3,540,616			3,540,616			—		—
Japan		42,805,590			42,805,590			—		—
Jersey		2,469,909			2,469,909			—		—
Netherlands		8,697,054			8,697,054			—		—
New Zealand		438,777			438,777			—		—
Norway		1,584,592			1,584,592			—		—
Papua New Guinea		100,233			100,233			—		—
Portugal		256,016			256,016			—		—
Singapore		2,924,715			2,924,715			—		—
Spain		5,976,591			5,976,591			—		—
Sweden		4,715,942			4,715,942			—		—
Switzerland		14,929,022			14,929,022			—		—
United Kingdom		29,199,856			29,198,332			1,524		—
Foreign Preferred Stocks
Germany		926,280			926,280			—		—
Rights		13,441			13,441			—		—
Money Market Funds		6,710,830			6,710,830			—		—
U.S. Treasury Obligation		396,468			—			396,468		—
Total Assets — Investments in Securities	$	187,479,812		$	186,155,242		$	1,324,570	$	—
Liaibilities:
Other Financial Instruments***
Futures Contracts	$	(222,723	)	$	(222,723	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(222,723	)	$	(222,723	)	$	—	$	—

*** Other financial instruments are derivative instruments, 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 preceding “Futures Contracts outstanding” disclosure.

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 six-month period ended June 30, 2018.

There were no transfers between Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

202

INTERNATIONAL EQUITY FUND SCHEDULE OF INVESTMENTS June 30, 2018  (Unaudited) 

	Shares		Value
COMMON STOCKS — 2.1%
Consumer Discretionary — 1.3%
Amazon.com, Inc.*		3,082	$	5,238,784
Tesla, Inc.D*		16,342		5,604,489
Yum China Holdings, Inc.		258,614		9,946,294
				20,789,567
Health Care — 0.4%
Illumina, Inc.*		23,511		6,566,387
Information Technology — 0.4%
MercadoLibre, Inc.D		12,996		3,884,894
NVIDIA Corporation		6,881		1,630,109
				5,515,003
Real Estate — 0.0%
Unibail-Rodamco-Westfield REIT*		14,706		508,404
Total Common Stocks (Cost $19,298,553)				33,379,361
FOREIGN COMMON STOCKS — 96.4%
Australia — 2.5%
AGL Energy, Ltd.		16,115		268,094
Alumina, Ltd.		181,623		376,348
AMP, Ltd.		1,187,640		3,128,930
Ansell, Ltd.		29,008		583,698
ASX, Ltd.		2,303		109,742
Aurizon Holdings, Ltd.		366,051		1,172,980
Australia & New Zealand Banking Group, Ltd.		97,858		2,045,136
Bank of Queensland, Ltd.		21,677		163,469
BHP Billiton, Ltd.		58,894		1,477,951
BlueScope Steel, Ltd.		86,079		1,099,510
Caltex Australia, Ltd.		60,481		1,456,457
CIMIC Group, Ltd.		56,211		1,759,636
Cochlear, Ltd.		625		92,585
Commonwealth Bank of Australia		7,530		406,074
Dexus REIT		12,849		92,331
Flight Centre Travel Group, Ltd.		5,498		258,979
Fortescue Metals Group, Ltd.		112,688		366,103
Goodman Group REIT		30,218		215,130
GPT Group (The) REITy†††*		88,253		93,822
Lend Lease Group		282,524		4,141,912
Macquarie Group, Ltd.		1,846		168,922
Mirvac Group REIT		53,620		86,109
Newcrest Mining, Ltd.		110,280		1,779,157
Orica, Ltd.		292,298		3,839,594
Origin Energy, Ltd.*		147,021		1,091,293
Qantas Airways, Ltd.		361,243		1,646,801
QBE Insurance Group, Ltd.		875,515		6,310,789
REA Group, Ltd.		2,066		138,935
Rio Tinto, Ltd.		8,019		495,171
Santos, Ltd.*		20,394		94,631
Scentre Group REIT		93,514		303,810
South32, Ltd.		783,396		2,092,906
Stockland REIT		41,895		123,087
Suncorp Group, Ltd.		28,887		311,902
Vicinity Centres REIT		52,810		101,223
Wesfarmers, Ltd.		6,615		241,638
Westpac Banking Corporation		41,549		900,926

	Shares		Value
Woodside Petroleum, Ltd.		9,388	$	246,362
				39,282,143
Austria — 0.1%
ams AG*		13,015		969,652
Belgium — 0.4%
Ageas		18,048		910,714
Bekaert SA NV		6,611		214,625
Groupe Bruxelles Lambert SA		415		43,772
KBC Group NV		13,667		1,055,297
UCB SA		24,428		1,921,009
Umicore SA		50,121		2,876,814
				7,022,231
Canada — 1.0%
Alimentation Couche-Tard, Inc. Class B		18,900		821,039
Canadian National Railway Co.D		117,090		9,572,108
Cenovus Energy, Inc.		115,700		1,201,312
Suncor Energy, Inc.		97,128		3,952,647
				15,547,106
China — 3.2%
Alibaba Group Holding, Ltd. ADRD*		68,168		12,647,209
Baidu, Inc. ADR*		44,937		10,919,691
Ctrip.com International, Ltd. ADR*		79,099		3,767,485
New Oriental Education & Technology Group, Inc. ADR		50,658		4,795,286
Ping An Insurance Group Co. of China, Ltd. Class HD		301,000		2,769,986
TAL Education Group ADR*		107,059		3,939,771
Tencent Holdings, Ltd.		229,900		11,539,541
				50,378,969
Denmark — 1.5%
Chr. Hansen Holding A/S		14,926		1,378,911
Coloplast A/S Class B		1,713		171,248
Danske Bank A/S		31,611		989,710
Dfds A/S		2,815		179,755
Genmab A/SD*		21,170		3,267,771
GN Store Nord A/S		100,678		4,588,933
H Lundbeck A/S		25,581		1,797,901
ISS A/SD		281,864		9,688,599
Jyske Bank A/S		6,373		349,619
Novozymes A/S, B Shares		22,952		1,164,517
Rockwool International A/S, B Shares		2,523		985,480
William Demant Holding A/S*		4,113		165,553
				24,727,997
Finland — 0.4%
Fortum OYJ		50,027		1,194,136
Neste OYJ		20,963		1,645,096
Sampo OYJ, A Shares		3,023		147,565
Stora Enso OYJ, R Shares		16,189		316,856
UPM-Kymmene OYJ		73,250		2,619,276
				5,922,929
France — 9.8%
Air Liquide SA		62,361		7,843,272
Alstom SA		1,893		87,011

See Notes to Financial Statements.

203

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Amundi SA 144A		2,287	$	158,483
Atos SE		11,069		1,511,740
BNP Paribas SA		253,350		15,736,907
Bureau Veritas SA		111,388		2,973,604
Capgemini SE		12,858		1,729,794
Christian Dior SE		24,818		10,381,517
Cie de St-Gobain		187,580		8,383,270
Cie Generale des Etablissements Michelin SCA		20,662		2,516,663
CNP Assurances		12,903		293,678
Danone SA		46,415		3,407,770
Eiffage SA		1,035		112,624
Elior Group SA 144A		5,299		76,486
Engie SA		553,869		8,492,592
Essilor International Cie Generale d’Optique SA		5,545		782,882
Faurecia SA		8,237		587,924
Gecina SA REIT		674		112,791
Hermes International		1,366		835,573
Kering SA		12,291		6,941,319
Klepierre REIT		4,327		162,962
L’Oreal SA		55,559		13,722,501
Lagardere SCA		1,899		50,141
Peugeot SA		185,230		4,231,055
Publicis Groupe SAD		95,070		6,543,681
Renault SA		28,718		2,442,491
Safran SA		20,182		2,452,307
Sanofi		250,802		20,106,664
Schneider Electric SE		138,149		11,522,217
Societe BIC SA		954		88,458
Societe Generale SA		134,386		5,667,743
Sodexo SA		12,505		1,250,338
Sopra Steria Group		624		127,232
Teleperformance		1,657		292,772
Thales SA		14,548		1,874,753
TOTAL SA		118,830		7,245,165
Ubisoft Entertainment SA*		1,314		144,211
Valeo SA		87,061		4,760,182
Vinci SA		1,202		115,608
				155,766,381
Germany — 9.9%
adidas AG		2,146		468,515
AIXTRON SE*		60,791		788,008
Allianz SE		117,042		24,195,386
Aurubis AG		23,478		1,795,853
BASF SE		31,069		2,971,890
Bayerische Motoren Werke AG		163,512		14,823,395
Beiersdorf AG		85,533		9,712,860
Continental AG		31,170		7,118,084
Covestro AG 144A		51,291		4,577,377
Daimler AG		374,025		24,080,034
Delivery Hero AG 144A*		32,058		1,706,394
Deutsche Boerse AG		3,382		450,835
Deutsche Lufthansa AG		101,541		2,442,739
Deutsche Telekom AG*		563,822		8,737,384
Deutsche Wohnen SE		6,238		301,588

	Shares		Value
E.ON SE		116,783	$	1,248,415
Evonik Industries AG		179,602		6,151,651
Fresenius SE & Co. KGaA		5,433		436,512
Hella GmbH & Co. KGaA		9,153		513,066
HOCHTIEF AG		3,444		622,591
Infineon Technologies AG		97,473		2,484,886
Linde AG		3,498		834,967
MorphoSys AG*		10,637		1,304,298
Puma SE		984		575,707
Rheinmetall AG		20,680		2,283,634
Rocket Internet SE 144A*		46,096		1,480,350
RWE AG		96,909		2,209,651
Salzgitter AG		16,842		734,603
SAP SE		157,697		18,222,489
Scout24 AG 144A		1,750		92,864
Software AG		22,453		1,046,465
Spotify Technology SA*		20,189		3,396,597
Suedzucker AG		94,755		1,509,333
Talanx AG		9,752		356,229
TUI AG		106,814		2,343,590
Uniper SE		10,120		301,835
United Internet AG		1,371		78,548
Vonovia SE		8,154		388,127
Wirecard AG		3,032		488,449
Zalando SE 144A*		82,922		4,635,554
				157,910,753
Hong Kong — 3.7%
AIA Group, Ltd.		2,304,200		20,147,359
China Mobile, Ltd.		1,094,000		9,719,053
CK Hutchison Holdings, Ltd.		1,299,500		13,780,769
CK Infrastructure Holdings, Ltd.		11,000		81,530
Hang Lung Properties, Ltd.		41,000		84,554
Henderson Land Development Co., Ltd.		160,600		849,508
Hong Kong Exchanges and Clearing, Ltd.		65,507		1,970,487
Kerry Properties, Ltd.		179,000		856,716
Li & Fung, Ltd.		2,100,000		770,878
Link REIT		41,000		374,433
New World Development Co., Ltd.		436,000		613,521
NWS Holdings, Ltd.		121,000		209,440
PCCW, Ltd.		62,000		34,929
Sino Land Co., Ltd.		814,000		1,323,881
Sun Hung Kai Properties, Ltd.		131,000		1,976,955
WH Group, Ltd. 144A		4,575,500		3,726,604
Wharf Holdings, Ltd. (The)		237,000		761,242
Wheelock & Co., Ltd.		119,000		828,917
Yue Yuen Industrial Holdings, Ltd.		166,000		468,657
				58,579,433
India — 1.0%
Axis Bank, Ltd.		508,518		3,791,155
Housing Development Finance
Corporation, Ltd.		38,748		1,079,107
MakeMyTrip, Ltd.*		16,071		580,967

See Notes to Financial Statements.

204

	Shares		Value
Tata Consultancy Services, Ltd.		405,848	$	10,945,131
				16,396,360
Indonesia — 0.2%
PT Bank Mandiri Persero Tbk		7,248,200		3,464,771
Ireland — 0.5%
DCC PLC		2,685		244,326
Ryanair Holdings PLC ADRD*		16,000		1,827,680
Willis Towers Watson PLC		44,000		6,670,400
				8,742,406
Italy — 3.3%
A2A SpA		1,804,115		3,128,665
Autogrill SpA		81,387		1,010,315
BPER Banca		59,955		329,563
Enel SpA		2,861,704		15,897,409
Eni SpA		1,115,141		20,713,774
Intesa Sanpaolo SpA†††		3,777,664		10,969,334
Luxottica Group SpA		2,977		192,114
Moncler SpA		5,610		255,503
UniCredit SpA		31,875		532,149
				53,028,826
Japan — 15.2%
Advantest Corporation		7,100		148,009
Alfresa Holdings Corporation		14,600		343,522
Alps Electric Co., Ltd.		13,600		349,597
Amada Holdings Co., Ltd.		25,700		247,216
ANA Holdings, Inc.		4,800		176,410
Asahi Intecc Co., Ltd.		13,100		495,768
Asahi Kasei Corporation		18,800		239,086
Astellas Pharma, Inc.		99,300		1,514,860
Bandai Namco Holdings, Inc.		63,500		2,621,099
Brother Industries, Ltd.		55,400		1,094,840
Canon Marketing Japan, Inc.		4,700		97,978
Canon, Inc.		70,550		2,313,752
Citizen Holdings Co., Ltd.		13,400		88,111
Coca-Cola Bottlers Japan Holdings, Inc.		6,500		259,789
Daicel Corporation		40,300		446,261
Daifuku Co., Ltd.		9,200		403,432
Daikin Industries, Ltd.		86,300		10,343,684
Daito Trust Construction Co., Ltd.		1,000		162,670
Daiwa House Industry Co., Ltd.		9,100		310,361
Denso Corporation		141,200		6,902,176
Don Quijote Holdings Co., Ltd.		24,600		1,182,062
Fast Retailing Co., Ltd.		1,200		551,795
Fuji Electric Co., Ltd.		52,000		396,405
FUJIFILM Holdings Corporation		211,700		8,271,817
Fujitsu, Ltd.		183,000		1,110,413
Haseko Corporation		160,900		2,224,973
Hitachi Construction Machinery Co., Ltd.		20,900		679,583
Hitachi High-Technologies Corporation		5,900		240,871
Hitachi, Ltd.		580,000		4,094,549
Honda Motor Co., Ltd.		484,100		14,223,703
Hoya Corporation		187,400		10,661,903
Idemitsu Kosan Co., Ltd.		8,900		317,527

	Shares		Value
Isuzu Motors, Ltd.		244,800	$	3,253,608
ITOCHU Corporation		44,000		797,814
Itochu Techno-Solutions Corporation		7,700		133,115
Japan Airlines Co., Ltd.		48,000		1,702,967
Japan Real Estate Investment Corporation REIT		18		95,272
Japan Retail Fund Investment Corporation REIT		50		90,141
JFE Holdings, Inc.		10,800		204,460
JXTG Holdings, Inc.		348,000		2,420,897
Kajima Corporation		125,000		968,703
Kamigumi Co., Ltd.		13,500		280,816
Kao Corporation		1,900		145,012
Keyence Corporation		300		169,516
Konami Holdings Corporation		5,500		280,179
Kose Corporation		2,100		452,757
KuritaWater Industries, Ltd.		3,200		91,334
Kyocera Corporation		10,900		615,023
Kyowa Hakko Kirin Co., Ltd.		27,600		556,662
Kyushu Railway Co.		134,200		4,109,091
M3, Inc.D		122,500		4,884,952
Marubeni Corporation		16,300		124,420
Matsumotokiyoshi Holdings Co., Ltd.		32,400		1,455,900
McDonald’s Holdings Co. Japan, Ltd.		1,900		96,961
Mebuki Financial Group, Inc.		143,500		482,157
Minebea Mitsumi, Inc.		47,900		810,772
Mitsubishi Corporation		54,500		1,515,160
Mitsubishi Electric Corporation		491,200		6,541,791
Mitsubishi Estate Co., Ltd.		22,000		384,898
Mitsubishi Gas Chemical Co., Inc.		46,700		1,058,727
Mitsubishi UFJ Financial Group, Inc.		141,700		807,721
Mitsui & Co., Ltd.		25,100		418,843
Mitsui Fudosan Co., Ltd.		16,000		386,434
Mixi, Inc.		10,600		268,459
Mizuho Financial Group, Inc.		125,500		211,405
MS&AD Insurance Group Holdings, Inc.		30,200		939,428
Nexon Co., Ltd.*		144,700		2,102,897
NHK Spring Co., Ltd.		37,700		355,496
Nidec Corporation		21,500		3,228,447
Nikon Corporation		27,600		439,496
Nintendo Co., Ltd.		6,000		1,961,794
Nippon Building Fund, Inc. REIT		16		92,345
Nippon Electric Glass Co., Ltd.		6,500		180,825
Nippon Express Co., Ltd.		27,800		2,018,805
Nippon Telegraph & Telephone Corporation		35,400		1,610,210
Nitto Denko Corporation		11,100		840,458
Nomura Research Institute, Ltd.		2,600		126,108
NTT DOCOMO, Inc.		27,200		693,420
Obayashi Corporation		67,700		705,036
Obic Co., Ltd.		1,500		124,238
Olympus Corporation		317,200		11,889,807
Omron Corporation		17,600		821,858
Oriental Land Co., Ltd.		22,400		2,351,985
ORIX Corporation		95,700		1,514,396
Otsuka Corporation		9,100		357,129
Otsuka Holdings Co., Ltd.		52,000		2,519,333

See Notes to Financial Statements.

205

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Panasonic Corporation		29,700	$	400,641
Pigeon Corporation		29,400		1,431,296
Pola Orbis Holdings, Inc.		9,000		396,288
Recruit Holdings Co., Ltd.		21,200		587,086
Resona Holdings, Inc.		199,400		1,067,285
Rohm Co., Ltd.		12,300		1,033,193
Ryohin Keikaku Co., Ltd.		1,400		493,158
SBI Holdings, Inc.		50,200		1,294,050
SCSK Corporation		2,000		93,032
Secom Co., Ltd.		150,400		11,556,273
Sekisui Chemical Co., Ltd.		401,300		6,843,286
Shimadzu Corporation		28,300		856,298
Shimamura Co., Ltd.		3,500		308,224
Shimizu Corporation		51,200		531,353
Shinsei Bank, Ltd.		5,600		86,290
Shionogi & Co., Ltd.		16,000		822,436
Shiseido Co., Ltd.		30,200		2,399,852
SMC Corporation		12,000		4,403,739
SoftBank Group Corporation		71,600		5,156,183
Sojitz Corporation		296,800		1,077,664
Sony Corporation		33,600		1,718,921
Square Enix Holdings Co., Ltd.		14,900		732,114
Start Today Co., Ltd.		11,400		413,413
Subaru Corporation		4,700		136,906
SUMCO Corporation		6,700		135,374
Sumitomo Corporation		5,200		85,481
Sumitomo Dainippon Pharma Co., Ltd.		25,000		529,513
Sumitomo Electric Industries, Ltd.		518,500		7,727,273
Sumitomo Heavy Industries, Ltd.		6,400		216,195
Sumitomo Mitsui Financial Group, Inc.		10,800		420,041
Sumitomo Realty & Development Co., Ltd.		6,000		221,596
Suzuken Co., Ltd.		2,100		88,958
Sysmex Corporation		14,700		1,372,876
Taisei Corporation		32,900		1,815,644
Takeda Pharmaceutical Co., Ltd.		289,200		12,219,461
Terumo Corporation		99,900		5,729,711
THK Co., Ltd.		27,700		794,359
Tokio Marine Holdings, Inc.		209,800		9,840,504
Tokyo Electron, Ltd.		23,700		4,071,481
Toshiba Corporation*		112,000		336,865
Tosoh Corporation		93,400		1,448,474
TOTO, Ltd.		2,100		97,493
Toyota Boshoku Corporation		11,100		204,425
Toyota Motor Corporation		123,300		7,985,016
Toyota Tsusho Corporation		6,300		211,110
				242,594,531
Jersey — 2.7%
Experian PLC		486,065		12,024,624
Ferguson PLC		10,887		883,639
Glencore PLC*		1,883,503		8,998,427
IWG PLC		156,059		658,244
Randgold Resources, Ltd.		1,392		106,919

	Shares		Value
Shire PLC		18,051	$	1,016,043
WPP PLC		1,272,738		20,038,775
				43,726,671
Mexico — 0.2%
Grupo Televisa SAB SA ADR		165,900		3,143,805
Netherlands — 5.2%
Aalberts Industries NV		2,575		123,351
ABN AMRO Group NV CVA 144A		29,068		754,271
Aegon NV		57,399		344,269
Airbus SE		8,281		969,570
Akzo Nobel NV		14,887		1,274,671
ArcelorMittal		39,838		1,168,188
ASM International NV		17,655		976,445
ASML Holding NV		70,859		14,042,529
ASR Nederland NV		29,729		1,214,419
CNH Industrial NV		763,347		8,108,508
EXOR NV		93,503		6,300,425
Ferrari NV		47,642		6,481,632
Fiat Chrysler Automobiles NV*		250,405		4,776,437
Gemalto NV*		3,241		188,561
ING Groep NV		762,093		10,971,577
Koninklijke Ahold Delhaize NV		549,856		13,166,708
Koninklijke DSM NV		4,444		446,937
Koninklijke Philips NV		113,501		4,828,005
NN Group NV		19,408		789,637
Randstad NV		27,156		1,598,958
RELX NV		17,182		366,490
Signify NV 144A		25,549		663,854
STMicroelectronics NV		151,348		3,381,665
				82,937,107
Nigeria — 0.0%
Afriland Properties PLCy†††*		364,373		—
Norway — 0.5%
Equinor ASA		70,724		1,879,177
Leroy Seafood Group ASA		212,884		1,434,501
Norsk Hydro ASA		153,635		920,374
Salmar ASA		41,539		1,743,298
Schibsted ASA, B SharesD		37,866		1,069,352
Telenor ASA		70,150		1,439,719
				8,486,421
Portugal — 0.1%
EDP—Energias de Portugal SA		96,013		381,222
Galp Energia SGPS SA		13,234		252,452
Jeronimo Martins SGPS SA		44,882		648,351
				1,282,025
Singapore — 2.6%
Ascendas Real Estate Investment Trust		2,701,300		5,234,079
CapitaLand Commercial Trust REIT		68,900		83,944
CapitaLand Mall Trust REIT		58,400		88,725
DBS Group Holdings, Ltd.		433,000		8,456,609
Jardine Matheson Holdings, Ltd.		68,800		4,341,280

See Notes to Financial Statements.

206

	Shares		Value
Oversea-Chinese Banking
Corporation, Ltd.		15,300	$	130,710
Sembcorp Industries, Ltd.		14,800		29,872
Singapore Airlines, Ltd.		80,500		631,593
Singapore Exchange, Ltd.		13,600		71,568
Singapore Telecommunications, Ltd.		2,835,500		6,409,791
Suntec Real Estate Investment Trust		65,200		82,786
United Overseas Bank, Ltd.		736,058		14,456,449
UOL Group, Ltd.		14,686		82,134
Yangzijiang Shipbuilding Holdings, Ltd.		1,030,800		684,678
				40,784,218
South Africa — 0.5%
Naspers, Ltd. N Shares		30,132		7,655,186
South Korea — 0.1%
Celltrion, Inc.*		4,856		1,322,383
Samsung Electronics Co., Ltd.		12,900		539,960
				1,862,343
Spain — 3.8%
Acerinox SA		28,091		372,005
ACS Actividades de Construccion y Servicios SA		4,936		200,020
Amadeus IT Group SA		188,100		14,849,231
Banco Bilbao Vizcaya Argentaria SA		584,844		4,148,426
Banco Santander SA		816,809		4,380,169
Distribuidora Internacional de Alimentacion SAD		124,603		363,051
Endesa SA		56,964		1,256,944
Iberdrola SA		1,767,743		13,674,389
Industria de Diseno Textil SA		181,233		6,192,700
International Consolidated Airlines Group SA		118,164		1,035,488
Mapfre SA		356,381		1,075,830
Mediaset Espana Comunicacion SA		9,599		80,956
Melia Hotels International SA		16,181		221,841
Repsol SA		241,632		4,730,712
Telefonica SA		1,046,297		8,893,960
				61,475,722
Sweden — 3.6%
Alfa Laval AB		60,203		1,428,996
Atlas Copco AB, A Shares		93,109		2,711,120
Atlas Copco AB, B Shares		6,930		181,553
Boliden AB		84,197		2,731,755
Electrolux AB, Series B		60,293		1,373,241
Elekta AB, B Shares		87,614		1,154,264
Epiroc AB Class A*		93,109		977,064
Epiroc AB Class B*		6,930		63,445
Essity AB		5,400		133,361
Hennes & Mauritz AB, B SharesD		667,053		9,942,398
Investor AB, B Shares		8,150		332,033
Kinnevik AB Class B		82,721		2,834,407
Sandvik AB		71,394		1,267,384
SKF AB, B Shares		170,987		3,182,352
SSAB AB, A Shares		34,352		162,272
Svenska Handelsbanken AB, A Shares		252,504		2,806,743
Swedish Orphan Biovitrum AB*		14,465		315,648

	Shares		Value
Telefonaktiebolaget LM Ericsson, B SharesD		623,491	$	4,821,279
Telia Co. AB		3,211,690		14,687,339
Volvo AB, B Shares		381,394		6,097,705
				57,204,359
Switzerland — 7.9%
ABB, Ltd.		558,460		12,242,923
Adecco Group AG		40,094		2,379,000
Bucher Industries AG		309		103,718
Cie Financiere Richemont SA		63,545		5,397,764
Credit Suisse Group AG*		731,775		11,047,194
GAM Holding AG*		61,951		857,042
Georg Fischer AG		735		943,335
Kuehne + Nagel International AGD		18,370		2,767,650
LafargeHolcim, Ltd.*		131,200		6,409,629
Nestle SA		233,122		18,102,678
Novartis AG		265,159		20,156,689
OC Oerlikon Corporation AG*		33,701		516,933
Roche Holding AG		84,277		18,769,355
Sika AG		6,000		832,475
Sonova Holding AG		3,537		635,217
Swatch Group AG (The)		827		393,416
Swiss Life Holding AG*		3,588		1,249,985
Swiss Re AG		11,071		958,078
Temenos AG*		19,412		2,940,321
UBS Group AG*		605,064		9,363,431
Zurich Insurance Group AG		33,876		10,060,519
				126,127,352
Taiwan — 1.3%
Taiwan Semiconductor Manufacturing Co., Ltd.		468,000		3,323,286
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		469,846		17,177,570
				20,500,856
Turkey — 0.0%
Yapi ve Kredi Bankasi AS*		1		1
United Kingdom — 15.2%
3i Group PLC		34,312		407,821
AA PLC		104,645		171,458
Anglo American PLC		99,439		2,224,165
Antofagasta PLC		98,087		1,281,558
Ashtead Group PLC		144,508		4,334,939
Associated British Foods PLC		20,027		723,671
Barclays PLC		1,034,564		2,580,542
Barratt Developments PLC		282,313		1,920,291
BBA Aviation PLC		103,348		465,648
Bellway PLC		37,375		1,481,743
Berkeley Group Holdings PLC		6,690		334,182
BHP Billiton PLC		143,608		3,233,325
BP PLC		2,263,478		17,275,124
British Land Co. PLC (The) REIT		18,907		167,731
BT Group PLC		836,148		2,403,437
Burberry Group PLC		50,113		1,428,551
Close Brothers Group PLC		23,530		461,458
Compass Group PLC		536,049		11,450,090

See Notes to Financial Statements.

207

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Dialog Semiconductor PLCD*		18,339	$	279,697
Dixons Carphone PLC		548,821		1,351,556
Evraz PLC		50,181		336,695
G4S PLC		3,532,278		12,479,436
GlaxoSmithKline PLC		644,791		13,018,032
Hammerson PLC REIT		15,352		105,883
Hays PLC		64,673		159,267
HSBC Holdings PLC		64,678		606,645
Inchcape PLC		91,314		940,593
Indivior PLC*		131,264		663,839
Intermediate Capital Group PLC		66,979		974,119
Investec PLC		91,531		649,893
JD Sports Fashion PLC		111,898		650,667
John Wood Group PLC		1,074,888		8,905,868
Just Eat PLC*		30,770		316,342
Kingfisher PLC		2,661,798		10,433,337
Land Securities Group PLC REIT		14,472		182,762
Liberty Global PLC Class AD*		78,000		2,148,120
Liberty Global PLC Class C*		173,600		4,619,496
Lloyds Banking Group PLC		32,981,303		27,443,823
London Stock Exchange Group PLC		5,849		345,126
Man Group PLC		875,307		2,040,059
Meggitt PLC		305,322		1,987,746
Melrose Industries PLC		52,440		147,205
Moneysupermarket.com Group PLC		131,350		545,877
National Grid PLC		482,423		5,337,907
Ocado Group PLC*		129,994		1,762,775
Persimmon PLC		106,894		3,573,388
Reckitt Benckiser Group PLC		16,400		1,350,363
RELX PLC		20,897		447,466
Rio Tinto PLC		72,177		4,001,688
Rolls-Royce Holdings PLC*		51,846,942		9,228,651
Royal Bank of Scotland Group PLC*		1,781,123		6,019,982
Royal Dutch Shell PLC, A Shares		91,689		3,181,263
Royal Dutch Shell PLC, B Shares		569,380		20,390,306
Royal Mail PLC		151,983		1,013,729
Schroders PLC		145,618		6,069,025
Segro PLC REIT		14,592		128,912
Sky PLC		19,585		377,758
Smith & Nephew PLC		88,894		1,640,104
Smiths Group PLC		134,596		3,016,210
Spectris PLC		2,436		83,909
SSE PLC		584,293		10,448,686
Standard Chartered PLC		94,251		861,510
Standard Life Aberdeen PLC		96,917		416,591
Tate & Lyle PLC		77,697		663,233
Taylor Wimpey PLC		593,445		1,401,143
Tesco PLC		4,880,280		16,533,405
Thomas Cook Group PLC		343,136		487,723
Unilever PLC		21,864		1,209,602
				243,323,146
Total Foreign Common Stocks
(Cost $1,449,901,403)				1,538,843,700

	Shares			Value
FOREIGN PREFERRED STOCKS — 0.3%
Germany — 0.3%
Bayerische MotorenWerke AG
5.86%, 05/18/18		9,226		$	735,872
Porsche Automobil Holding SE
3.19%, 05/16/18		2,638			168,081
Sartorius AG
0.39%, 04/06/18		7,717			1,154,426
Schaeffler AG
4.92%, 04/23/18		62,992			820,217
Volkswagen AG
2.76%, 05/04/18		9,534			1,583,450
					4,462,046
Total Foreign Preferred Stocks
(Cost $4,635,960)					4,462,046
RIGHTS — 0.0%
Intesa Sanpaolo SpA*
(Cost $0)		3,777,664			—
MONEY MARKET FUNDS — 4.9%
GuideStone Money Market Fund (Investor Class)¥		70,635,416			70,635,416
Northern Institutional Liquid Assets Portfolio§		5,406,326			5,406,326
Northern Institutional U.S. Government Portfolio		1,901,632			1,901,632
Total Money Market Funds
(Cost $77,943,374)					77,943,374
	Par
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill
2.09%, 12/06/18W‡‡
(Cost $2,873,577)	$	2,900,000			2,874,390
TOTAL INVESTMENTS — 103.9%
(Cost $1,554,652,867)					1,657,502,871
	Shares
COMMON STOCKS SOLD SHORT — (0.1)%
Consumer Discretionary — (0.1)%
Altice USA, Inc. Class A
(Cost $(1,304,382))		(74,451	)		(1,270,134	)
FOREIGN COMMON STOCKS SOLD SHORT — (5.0)%
Australia — (0.3)%
Boral, Ltd.		(96,017	)		(464,005	)
Challenger, Ltd.		(97,987	)		(857,856	)
Healthscope, Ltd.		(235,273	)		(384,792	)
Magellan Financial Group, Ltd.		(62,046	)		(1,069,869	)
Platinum Asset Management, Ltd.		(20,016	)		(85,322	)
SEEK, Ltd.		(55,742	)		(899,703	)
TPG Telecom, Ltd.		(76,884	)		(294,163	)

See Notes to Financial Statements.

208

	Shares			Value
Vocus Group, Ltd.*		(440,212	)	$	(752,549	)
					(4,808,259	)
Belgium — (0.0)%
Telenet Group Holding NV*		(2,253	)		(105,242	)
Denmark — (0.2)%
AP Moeller-Maersk A/S Class B		(1,857	)		(2,313,409	)
Genmab A/SD*		(1,628	)		(251,296	)
Pandora A/S		(4,891	)		(341,760	)
VestasWind Systems A/S		(2,299	)		(142,337	)
					(3,048,802	)
Finland — (0.0)%
Amer Sports OYJ*		(10,154	)		(320,399	)
Huhtamaki OYJ		(8,710	)		(322,336	)
Outokumpu OYJ		(13,754	)		(85,578	)
					(728,313	)
France — (0.6)%
Air France-KLM*		(39,451	)		(321,759	)
Bollore SA		(366,211	)		(1,703,802	)
Carrefour SA		(8,133	)		(131,733	)
Casino Guichard Perrachon SA		(2,222	)		(86,279	)
Edenred		(76,201	)		(2,408,003	)
Electricite de France SA		(304	)		(4,182	)
Eurofins Scientific SE Millicom International Cellular SA SDR		(239	)		(132,965	)
Getlink		(45,250	)		(620,640	)
Iliad SA		(10,035	)		(1,586,150	)
Ingenico Group		(9,873	)		(887,786	)
JCDecaux SA		(4,752	)		(159,045	)
Suez		(98,011	)		(1,271,048	)
Technicolor SA*		(283,718	)		(349,218	)
Valeo SA		(10,866	)		(594,114	)
					(10,256,724	)
Germany — (0.1)%
Axel Springer SE		(1,237	)		(89,491	)
Deutsche Bank AG		(46,164	)		(497,161	)
Innogy SE 144A		(1,983	)		(84,965	)
thyssenkrupp AG		(48,169	)		(1,171,162	)
Zalando SE 144A*		(1,599	)		(89,388	)
					(1,932,167	)
Ireland — (0.0)%
James Hardie Industries PLC CDI
2.23%, 12/12/17		(27,486	)		(461,334	)
Italy — (0.6)%
Banco BPM SpA*		(374,370	)		(1,098,219	)
Brembo SpA		(15,477	)		(209,478	)
Buzzi Unicem SpA		(22,363	)		(548,165	)
Leonardo SpA		(208,414	)		(2,060,505	)
Recordati SpA		(24,683	)		(981,773	)
Tenaris SA		(165,910	)		(3,044,776	)
Unione di Banche Italiane SpA		(300,376	)		(1,154,765	)
					(9,097,681	)
Japan — (0.9)%
Acom Co., Ltd.		(62,000	)		(238,558	)

	Shares			Value
Bank of Kyoto, Ltd. (The)		(19,700	)	$	(912,803	)
Calbee, Inc.		(18,900	)		(711,001	)
Chugoku Electric Power Co., Inc. (The)		(43,300	)		(560,047	)
Fukuoka Financial Group, Inc.		(48,000	)		(241,485	)
Hitachi Metals, Ltd.		(18,900	)		(196,315	)
Hokuriku Electric Power Co*		(173,300	)		(1,742,157	)
Keikyu Corporation		(55,400	)		(908,697	)
Kyushu Electric Power Co., Inc.		(17,500	)		(195,367	)
LINE Corporation*		(30,500	)		(1,271,350	)
Marui Group Co., Ltd.		(14,000	)		(295,136	)
Nankai Electric Railway Co., Ltd.		(5,400	)		(149,980	)
Nippon Paint Holdings Co., Ltd.		(56,500	)		(2,434,223	)
Ricoh Co., Ltd.		(156,600	)		(1,437,074	)
Sawai Pharmaceutical Co., Ltd.		(6,900	)		(314,104	)
Sony Financial Holdings, Inc.		(66,700	)		(1,274,779	)
Taiyo Nippon Sanso Corporation		(6,100	)		(87,493	)
Toho Gas Co., Ltd.		(5,400	)		(187,048	)
Toray Industries, Inc.		(37,000	)		(292,083	)
Toyo Seikan Group Holdings, Ltd.		(5,300	)		(93,156	)
					(13,542,856	)
Jersey — (0.0)%
Petrofac, Ltd.		(79,621	)		(614,086	)
Luxembourg — (0.1)%
SES SA
6.87%, 04/23/18		(47,803	)		(875,884	)
Netherlands — (0.4)%
ALTICE EUROPE NV*		(178,840	)		(728,884	)
BoskalisWestminster		(37,356	)		(1,088,427	)
Koninklijke KPN NV		(31,605	)		(85,997	)
Koninklijke Vopak NV		(17,350	)		(801,741	)
OCI NV*		(84,229	)		(2,275,128	)
QIAGEN NV*		(11,191	)		(407,748	)
SBM Offshore NV		(16,956	)		(263,851	)
					(5,651,776	)
Norway — (0.2)%
Schibsted ASA Class A		(79,519	)		(2,417,492	)
Yara International ASA		(12,991	)		(539,142	)
					(2,956,634	)
Spain — (0.3)%
Almirall SA		(6,791	)		(91,042	)
Bankia SA		(229,401	)		(859,138	)
Cellnex Telecom SA 144A		(94,361	)		(2,380,207	)
Distribuidora Internacional de Alimentacion SAD		(40,451	)		(117,861	)
Telefonica SA		(172,045	)		(1,462,454	)
					(4,910,702	)
Sweden — (0.1)%
Getinge AB, B Shares		(40,418	)		(367,775	)
Hexpol AB		(9,425	)		(98,072	)
Millicom International Cellular SA SDR
1.98%, 05/07/18		(28,982	)		(1,711,723	)
					(2,177,570	)

See Notes to Financial Statements.

209

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares			Value
Switzerland — (0.2)%
Aryzta AG*		(70,310	)	$	(1,057,525	)
Vifor Pharma AG		(10,864	)		(1,740,456	)
					(2,797,981	)
United Kingdom — (1.0)%
Admiral Group PLC		(3,520	)		(88,613	)
Ashmore Group PLC		(17,159	)		(84,468	)
Babcock International Group PLC		(9,583	)		(103,429	)
BTG PLC*		(34,624	)		(235,786	)
Cobham PLC*		(340,419	)		(577,983	)
ConvaTec Group PLC 144A		(504,664	)		(1,414,649	)
Hargreaves Lansdown PLC		(13,150	)		(342,148	)
Inmarsat PLC		(100,398	)		(728,752	)
J Sainsbury PLC		(62,657	)		(265,605	)
John Wood Group PLC		(575,633	)		(4,769,345	)
Mediclinic International PLC		(14,102	)		(98,006	)
Merlin Entertainments PLC 144A		(144,739	)		(738,672	)
Micro Focus International PLC		(29,065	)		(507,675	)
Pennon Group PLC		(81,348	)		(852,860	)
Rightmove PLC		(4,907	)		(343,876	)
Severn Trent PLC		(55,839	)		(1,458,764	)
United Utilities Group PLC		(271,346	)		(2,733,087	)
WM Morrison Supermarkets PLC		(57,943	)		(192,705	)
					(15,536,423	)
Total Foreign Common Stocks Sold Short (Proceeds $(79,279,983))					(79,502,434	)
FOREIGN PREFERRED STOCKS SOLD SHORT — (0.1)%
Germany — (0.1)%
Sartorius AG
0.39%, 04/06/18 (Proceeds $(1,159,904))		(11,643	)		(1,741,737	)
Other Assets in Excess of Liabilities — 1.3%					21,057,454
NET ASSETS — 100.0%				$	1,596,046,020

PORTFOLIO SUMMARY (based on net assets)

	%
Consumer Discretionary		18.7
Financials		16.6
Industrials		13.7
Information Technology		11.1
Health Care		9.5
Energy		5.8
Consumer Staples		5.6
Money Market Funds		4.9
Materials		4.7
Utilities		3.4
Telecommunication Services		3.1
Real Estate		1.4
U.S. Treasury Obligation		0.2
		98.7

See Notes to Financial Statements.

210

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Value and Unrealized Appreciation (Depreciation)
AEX Index		07/2018		(12	)	$	(1,545,980	)		BAR	$	35,322
CAC 40 Index		07/2018		134			8,325,795			BAR		(214,728	)
IBEX 35 Index		07/2018		(43	)		(4,821,582	)		BAR		98,979
OMX 30 Index		07/2018		(576	)		(10,038,641	)		BAR		45,538
Hang Seng Index		07/2018		72			13,181,095			BAR		59,226
Hang Seng Index		07/2018		74			13,547,237			BAR		54,953
SGX MSCI Singapore Index		07/2018		59			1,584,881			BAR		3,831
SIMSCI Index		07/2018		5			134,312			BAR		320
TOPIX Index®		09/2018		204			31,885,652			BAR		(783,161	)
DAX Index		09/2018		39			14,014,520			BAR		(473,055	)
FTSE 100 Index®		09/2018		(226	)		(22,672,502	)		BAR		90,781
FTSE/MIB Index		09/2018		60			7,556,133			BAR		(185,644	)
MSCI EAFE Index		09/2018		666			65,114,820			GSC		(1,952,466	)
S&P/TSE 60 Index		09/2018		10			1,465,485			BAR		8,181
Swiss Market Index		09/2018		(13	)		(1,125,669	)		BAR		10,598
ASX SPI 200 Index		09/2018		(242	)		(27,526,457	)		BAR		(300,077	)
Total Futures Contracts outstanding at June 30, 2018						$	89,079,099				$	(3,501,402	)

Forward Foreign Currency Contracts outstanding at June 30, 2018:

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	U.S. Dollars		10,296,333	New Zealand Dollars		14,643,000		CITI	$	377,780
09/19/18	U.S. Dollars		6,950,801	Australian Dollars		9,096,000		CITI		217,623
09/19/18	U.S. Dollars		5,519,546	Swedish Kronor		47,274,250		CITI		207,977
09/19/18	U.S. Dollars		5,493,875	Swedish Kronor		47,274,250		CITI		182,306
09/19/18	U.S. Dollars		5,482,514	Swedish Kronor		47,274,250		CITI		170,945
09/19/18	U.S. Dollars		5,457,578	Swedish Kronor		47,274,250		CITI		146,010
09/19/18	U.S. Dollars		5,449,294	Swedish Kronor		47,274,250		CITI		137,726
09/19/18	U.S. Dollars		5,443,267	Swedish Kronor		47,274,250		CITI		131,699
09/19/18	U.S. Dollars		5,439,148	Swedish Kronor		47,274,250		CITI		127,579
09/19/18	U.S. Dollars		5,438,263	Swedish Kronor		47,274,250		CITI		126,695
09/19/18	U.S. Dollars		6,125,444	New Zealand Dollars		8,864,000		CITI		121,343
09/19/18	U.S. Dollars		5,428,811	Swedish Kronor		47,274,250		CITI		117,243
09/19/18	U.S. Dollars		5,416,995	Swedish Kronor		47,274,250		CITI		105,427
09/19/18	U.S. Dollars		3,500,514	Australian Dollars		4,593,000		CITI		100,615
09/19/18	Canadian Dollars		8,640,000	U.S. Dollars		6,501,153		CITI		80,155
09/19/18	U.S. Dollars		5,382,797	Swedish Kronor		47,274,250		CITI		71,228
09/19/18	U.S. Dollars		5,312,362	Swiss Francs		5,154,000		NT		70,500
09/19/18	U.S. Dollars		5,136,566	Swiss Francs		5,000,400		CITI		50,923
09/19/18	U.S. Dollars		2,309,990	Japanese Yen		248,791,000		CITI		49,825
09/19/18	U.S. Dollars		3,252,474	Norwegian Kroner		26,002,000		CITI		49,308
09/19/18	U.S. Dollars		5,133,205	Swiss Francs		5,000,400		CITI		47,562
09/19/18	Canadian Dollars		6,755,000	U.S. Dollars		5,099,479		CITI		45,976
09/19/18	U.S. Dollars		4,172,582	Japanese Yen		454,980,000		CITI		39,273
09/19/18	U.S. Dollars		5,122,344	Swiss Francs		5,000,400		CITI		36,701
09/19/18	U.S. Dollars		5,122,315	Swiss Francs		5,000,400		CITI		36,672
09/19/18	Norwegian Kroner		34,324,000	U.S. Dollars		4,193,874		CITI		34,473
09/19/18	U.S. Dollars		5,118,360	Swiss Francs		5,000,400		CITI		32,717
09/19/18	U.S. Dollars		5,117,629	Swiss Francs		5,000,400		CITI		31,987

See Notes to Financial Statements.

211

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold		Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	U.S. Dollars		5,117,282		Swiss Francs		5,000,400		CITI	$	31,639
09/19/18	British Pounds		2,750,000		U.S. Dollars		3,612,098		CITI		30,591
09/19/18	U.S. Dollars		5,115,250		Swiss Francs		5,000,400		CITI		29,607
09/19/18	U.S. Dollars		3,231,674		Norwegian Kroner		26,002,000		CITI		28,508
09/19/18	U.S. Dollars		5,338,821		Swedish Kronor		47,274,250		CITI		27,253
09/19/18	U.S. Dollars		5,108,902		Swiss Francs		5,000,400		CITI		23,259
09/19/18	U.S. Dollars		1,114,377		Swedish Kronor		9,725,000		CITI		21,710
09/19/18	U.S. Dollars		3,221,891		Norwegian Kroner		26,002,000		CITI		18,726
09/19/18	U.S. Dollars		2,251,792		Japanese Yen		245,966,000		CITI		17,291
09/19/18	Euro		3,110,000		U.S. Dollars		3,637,849		CITI		16,743
09/19/18	Danish Kroner		9,963,000		U.S. Dollars		1,556,524		CITI		15,363
09/19/18	U.S. Dollars		1,938,080		Australian Dollars		2,599,000		CITI		14,209
09/19/18	U.S. Dollars		3,216,769		Norwegian Kroner		26,002,000		CITI		13,603
09/19/18	Australian Dollars		3,259,000		U.S. Dollars		2,400,165		CITI		12,261
09/19/18	U.S. Dollars		1,378,602		Euro		1,162,750		CITI		12,243
09/19/18	U.S. Dollars		5,097,262		Swiss Francs		5,000,400		CITI		11,619
09/19/18	U.S. Dollars		6,280,982		Euro		5,336,000		CITI		10,595
09/19/18	U.S. Dollars		3,213,372		Norwegian Kroner		26,002,000		CITI		10,207
09/19/18	U.S. Dollars		1,375,215		Euro		1,162,750		CITI		8,856
09/19/18	U.S. Dollars		5,094,307		Swiss Francs		5,000,400		CITI		8,664
09/19/18	U.S. Dollars		646,189		Danish Kroner		4,047,000		CITI		7,684
09/19/18	U.S. Dollars		1,373,331		Euro		1,162,750		CITI		6,971
09/19/18	British Pounds		4,362,000		U.S. Dollars		5,771,471		CITI		6,495
09/19/18	U.S. Dollars		1,371,830		Euro		1,162,750		CITI		5,470
09/19/18	U.S. Dollars		3,207,716		Norwegian Kroner		26,002,000		CITI		4,550
09/19/18	U.S. Dollars		5,090,107		Swiss Francs		5,000,400		CITI		4,465
09/19/18	U.S. Dollars		1,370,783		Euro		1,162,750		CITI		4,424
09/19/18	U.S. Dollars		1,370,512		Euro		1,162,750		CITI		4,153
09/19/18	U.S. Dollars		5,089,460		Swiss Francs		5,000,400		CITI		3,818
09/19/18	U.S. Dollars		277,419		Danish Kroner		1,740,000		CITI		2,894
09/19/18	U.S. Dollars		1,305,462		Norwegian Kroner		10,589,000		CITI		1,011
09/19/18	Euro		117,000		U.S. Dollars		136,639		CITI		849
09/19/18	U.S. Dollars		88,218		Singapore Dollars		119,000		CITI		723
09/19/18	U.S. Dollars		32,264		Singapore Dollars		43,000		CITI		648
09/19/18	U.S. Dollars		23,272		Singapore Dollars		31,000		CITI		480
09/19/18	Danish Kroner		288,000		U.S. Dollars		44,986		CITI		453
09/19/18	Singapore Dollars		105,000		U.S. Dollars		76,826		CITI		375
09/19/18	U.S. Dollars		67,838		British Pounds		51,000		CITI		283
09/20/18	U.S. Dollars		51,591		Israeli Shekels		187,000		CITI		172
09/20/18	U.S. Dollars		16,375		Israeli Shekels		59,000		CITI		151
09/19/18	Hong Kong Dollars		2,166,000		U.S. Dollars		276,328		CITI		135
09/19/18	U.S. Dollars		158,495		Hong Kong Dollars		1,241,000		CITI		97
09/19/18	Hong Kong Dollars		2,619,000		U.S. Dollars		334,209		CITI		74
09/19/18	Euro		4,000		U.S. Dollars		4,667		CITI		34
09/19/18	U.S. Dollars		6,272,317		Japanese Yen		690,431,000		CITI		32
09/19/18	U.S. Dollars		2,376		Euro		2,000		CITI		26
09/19/18	U.S. Dollars		25,020		Singapore Dollars		34,000		CITI		21
09/19/18	Danish Kroner		13,000		U.S. Dollars		2,042		CITI		9
09/19/18	Euro		1,000		U.S. Dollars		1,170		CITI		5
Subtotal Appreciation										$	3,367,717
09/19/18	Swedish Kronor		1,000		U.S. Dollars		114		CITI	$	(2	)
09/19/18	Hong Kong Dollars		114,000		U.S. Dollars		14,554		CITI		(3	)
09/19/18	Norwegian Kroner		26,000		U.S. Dollars		3,206		CITI		(3	)
09/19/18	U.S. Dollars		2,645		British Pounds		2,000		CITI		(4	)
09/19/18	U.S. Dollars		2,026		Swiss Francs		2,000		CITI		(8	)

See Notes to Financial Statements.

212

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	U.S. Dollars		86,892	Hong Kong Dollars		681,000		CITI	$	(30	)
09/19/18	U.S. Dollars		72,974	Hong Kong Dollars		572,000		CITI		(34	)
09/19/18	U.S. Dollars		169,079	Hong Kong Dollars		1,325,000		CITI		(41	)
09/19/18	U.S. Dollars		93,320	Singapore Dollars		127,000		CITI		(57	)
09/19/18	U.S. Dollars		11,615	Danish Kroner		74,000		CITI		(60	)
09/19/18	Hong Kong Dollars		1,315,250	U.S. Dollars		167,944		CITI		(69	)
09/19/18	Swedish Kronor		46,000	U.S. Dollars		5,255		CITI		(87	)
09/19/18	Hong Kong Dollars		1,315,250	U.S. Dollars		167,964		CITI		(89	)
09/19/18	Hong Kong Dollars		1,315,250	U.S. Dollars		167,974		CITI		(99	)
09/19/18	Hong Kong Dollars		1,315,250	U.S. Dollars		167,994		CITI		(118	)
09/20/18	Israeli Shekels		176,000	U.S. Dollars		48,516		CITI		(121	)
09/19/18	Hong Kong Dollars		1,315,250	U.S. Dollars		167,999		CITI		(124	)
09/20/18	Israeli Shekels		102,000	U.S. Dollars		28,191		CITI		(144	)
09/19/18	Hong Kong Dollars		1,315,250	U.S. Dollars		168,030		CITI		(155	)
09/19/18	British Pounds		8,000	U.S. Dollars		10,757		CITI		(160	)
09/19/18	Hong Kong Dollars		1,315,250	U.S. Dollars		168,041		CITI		(165	)
09/19/18	Hong Kong Dollars		1,315,250	U.S. Dollars		168,041		CITI		(165	)
09/19/18	Swedish Kronor		72,000	U.S. Dollars		8,286		CITI		(197	)
09/19/18	Hong Kong Dollars		1,632,000	U.S. Dollars		208,502		CITI		(197	)
09/19/18	U.S. Dollars		59,631	Euro		51,000		CITI		(300	)
09/20/18	Israeli Shekels		59,000	U.S. Dollars		16,617		CITI		(394	)
09/19/18	Singapore Dollars		46,000	U.S. Dollars		34,279		CITI		(458	)
09/19/18	Swedish Kronor		130,000	U.S. Dollars		15,092		CITI		(486	)
09/19/18	Japanese Yen		30,618,000	U.S. Dollars		278,712		CITI		(560	)
09/20/18	Israeli Shekels		93,000	U.S. Dollars		26,202		CITI		(630	)
09/19/18	U.S. Dollars		165,660	Danish Kroner		1,054,000		CITI		(633	)
09/19/18	U.S. Dollars		3,532,368	Japanese Yen		388,906,000		CITI		(685	)
09/20/18	Israeli Shekels		125,000	U.S. Dollars		35,104		CITI		(733	)
09/19/18	U.S. Dollars		196,662	Danish Kroner		1,252,000		CITI		(869	)
09/19/18	Singapore Dollars		79,000	U.S. Dollars		59,121		CITI		(1,036	)
09/19/18	British Pounds		154,800	U.S. Dollars		206,143		CITI		(1,093	)
09/19/18	Swedish Kronor		278,000	U.S. Dollars		32,346		CITI		(1,111	)
09/19/18	British Pounds		154,800	U.S. Dollars		206,506		CITI		(1,456	)
09/19/18	British Pounds		154,800	U.S. Dollars		206,555		CITI		(1,505	)
09/20/18	Israeli Shekels		216,000	U.S. Dollars		61,079		CITI		(1,686	)
09/19/18	U.S. Dollars		1,364,302	Euro		1,162,750		CITI		(2,057	)
09/19/18	British Pounds		154,800	U.S. Dollars		207,242		CITI		(2,192	)
09/19/18	U.S. Dollars		3,200,967	Norwegian Kroner		26,002,000		CITI		(2,199	)
09/19/18	British Pounds		154,800	U.S. Dollars		207,388		CITI		(2,337	)
09/20/18	Israeli Shekels		429,692	U.S. Dollars		120,489		CITI		(2,337	)
09/19/18	U.S. Dollars		1,022,285	Euro		872,000		CITI		(2,411	)
09/19/18	British Pounds		154,800	U.S. Dollars		207,767		CITI		(2,717	)
09/19/18	British Pounds		154,800	U.S. Dollars		207,916		CITI		(2,866	)
09/20/18	Israeli Shekels		429,693	U.S. Dollars		121,059		CITI		(2,907	)
09/20/18	Israeli Shekels		429,692	U.S. Dollars		121,095		CITI		(2,943	)
09/19/18	British Pounds		154,800	U.S. Dollars		208,006		CITI		(2,955	)
09/20/18	Israeli Shekels		429,692	U.S. Dollars		121,126		CITI		(2,974	)
09/20/18	Israeli Shekels		429,692	U.S. Dollars		121,143		CITI		(2,991	)
09/20/18	Israeli Shekels		429,692	U.S. Dollars		121,201		CITI		(3,049	)
09/20/18	Israeli Shekels		429,692	U.S. Dollars		121,228		CITI		(3,076	)
09/20/18	Israeli Shekels		429,693	U.S. Dollars		121,241		CITI		(3,088	)
09/20/18	Israeli Shekels		429,692	U.S. Dollars		121,350		CITI		(3,198	)
09/20/18	Israeli Shekels		429,693	U.S. Dollars		121,424		CITI		(3,271	)
09/19/18	British Pounds		154,800	U.S. Dollars		208,339		CITI		(3,288	)
09/19/18	British Pounds		154,800	U.S. Dollars		208,363		CITI		(3,313	)
09/19/18	U.S. Dollars		241,689	Danish Kroner		1,553,000		CITI		(3,332	)

See Notes to Financial Statements.

213

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/18	Israeli Shekels		429,692	U.S. Dollars		121,499		CITI	$	(3,347	)
09/19/18	British Pounds		154,800	U.S. Dollars		208,432		CITI		(3,382	)
09/20/18	Israeli Shekels		429,693	U.S. Dollars		121,578		CITI		(3,426	)
09/19/18	British Pounds		154,800	U.S. Dollars		208,512		CITI		(3,462	)
09/19/18	British Pounds		154,800	U.S. Dollars		208,672		CITI		(3,622	)
09/20/18	Israeli Shekels		429,692	U.S. Dollars		121,908		CITI		(3,755	)
09/19/18	British Pounds		154,800	U.S. Dollars		209,139		CITI		(4,089	)
09/19/18	British Pounds		154,800	U.S. Dollars		209,558		CITI		(4,508	)
09/19/18	U.S. Dollars		2,632,651	Swiss Francs		2,593,000		CITI		(4,552	)
09/19/18	British Pounds		2,026,000	U.S. Dollars		2,688,350		CITI		(4,682	)
09/19/18	U.S. Dollars		1,095,295	Swiss Francs		1,082,000		CITI		(5,150	)
09/19/18	Singapore Dollars		644,750	U.S. Dollars		480,066		CITI		(6,012	)
09/19/18	Singapore Dollars		644,750	U.S. Dollars		480,997		CITI		(6,944	)
09/19/18	U.S. Dollars		5,078,345	Swiss Francs		5,000,400		CITI		(7,298	)
09/19/18	Swedish Kronor		25,709,000	U.S. Dollars		2,895,984		CITI		(7,411	)
09/19/18	Singapore Dollars		644,750	U.S. Dollars		481,851		CITI		(7,797	)
09/19/18	U.S. Dollars		695,435	Danish Kroner		4,459,000		CITI		(8,072	)
09/19/18	Singapore Dollars		644,750	U.S. Dollars		482,477		CITI		(8,424	)
09/19/18	U.S. Dollars		1,053,100	Swiss Francs		1,044,000		CITI		(8,697	)
09/19/18	British Pounds		1,100,000	U.S. Dollars		1,467,807		CITI		(10,732	)
09/19/18	U.S. Dollars		1,354,686	Euro		1,162,750		CITI		(11,673	)
09/19/18	U.S. Dollars		3,272,594	Euro		2,796,000		CITI		(13,014	)
09/19/18	Swedish Kronor		44,073,000	U.S. Dollars		4,967,250		CITI		(15,362	)
09/19/18	U.S. Dollars		5,068,157	Swiss Francs		5,000,400		CITI		(17,486	)
09/19/18	Canadian Dollars		2,259,000	U.S. Dollars		1,740,890		CITI		(20,152	)
09/19/18	Swedish Kronor		10,940,000	U.S. Dollars		1,254,936		CITI		(25,756	)
09/19/18	British Pounds		1,063,000	U.S. Dollars		1,436,709		CITI		(28,645	)
09/19/18	U.S. Dollars		3,853,352	Euro		3,313,000		CITI		(39,787	)
09/19/18	U.S. Dollars		3,162,979	Norwegian Kroner		26,002,000		CITI		(40,187	)
09/19/18	Canadian Dollars		4,942,934	U.S. Dollars		3,807,455		CITI		(42,297	)
09/19/18	Canadian Dollars		4,942,933	U.S. Dollars		3,807,563		CITI		(42,405	)
09/19/18	Canadian Dollars		4,942,933	U.S. Dollars		3,808,819		CITI		(43,661	)
09/19/18	Canadian Dollars		4,942,934	U.S. Dollars		3,810,934		CITI		(45,775	)
09/19/18	U.S. Dollars		4,314,757	Euro		3,712,000		CITI		(47,252	)
09/19/18	Canadian Dollars		4,942,933	U.S. Dollars		3,814,323		CITI		(49,165	)
09/19/18	Canadian Dollars		4,942,934	U.S. Dollars		3,815,066		CITI		(49,908	)
09/19/18	Canadian Dollars		4,942,933	U.S. Dollars		3,815,625		CITI		(50,467	)
09/19/18	Canadian Dollars		4,565,000	U.S. Dollars		3,528,952		CITI		(51,675	)
09/19/18	Canadian Dollars		4,942,933	U.S. Dollars		3,817,511		CITI		(52,353	)
09/19/18	Canadian Dollars		4,942,933	U.S. Dollars		3,819,348		CITI		(54,190	)
09/19/18	Canadian Dollars		4,942,934	U.S. Dollars		3,827,245		CITI		(62,086	)
09/19/18	British Pounds		3,388,000	U.S. Dollars		4,550,423		CITI		(62,630	)
09/19/18	Canadian Dollars		4,942,934	U.S. Dollars		3,831,910		CITI		(66,751	)
09/19/18	Canadian Dollars		7,503,000	U.S. Dollars		5,787,319		CITI		(72,093	)
09/19/18	Canadian Dollars		3,314,000	U.S. Dollars		2,602,655		CITI		(78,297	)
09/19/18	Canadian Dollars		4,942,933	U.S. Dollars		3,843,589		CITI		(78,431	)
09/19/18	Canadian Dollars		4,942,933	U.S. Dollars		3,846,004		CITI		(80,846	)
09/19/18	Canadian Dollars		4,942,933	U.S. Dollars		3,855,070		CITI		(89,912	)
09/19/18	Australian Dollars		10,940,000	U.S. Dollars		8,207,383		CITI		(109,212	)
09/19/18	Canadian Dollars		4,942,933	U.S. Dollars		3,879,336		CITI		(114,178	)
09/19/18	Australian Dollars		22,843,000	U.S. Dollars		17,304,049		CITI		(394,860	)
09/19/18	Japanese Yen		3,597,756,000	U.S. Dollars		33,113,387		CITI		(429,234	)
09/19/18	Japanese Yen		3,597,756,000	U.S. Dollars		33,118,386		CITI		(434,233	)

See Notes to Financial Statements.

214

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold		Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	New Zealand Dollars		38,029,000		U.S. Dollars		26,423,775		CITI	$	(664,527	)
Subtotal Depreciation										$	(3,669,130	)
Total Forward Foreign Currency Contracts outstanding at June 30, 2018										$	(301,413	)

Swap agreements outstanding at June 30, 2018:

Reference Obligation	Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Total Return Swaps
MSCI Netherlands Index, Floating financing rate:1-Month EURIBOR -0.004		09/19/18		GSC		EUR		2,202,900	$	59,870		$	—	$	59,870
MSCI Sweden Index, Floating financing rate: 1-Month STIBOR-0.0031		09/19/18		GSC		SEK		71,250,231		35,958			—		35,958
MSCI Spain Index, Floating financing rate: 1-Month EURIBOR-0.0047		09/19/18		GSC		EUR		712,811		18,869			—		18,869
MSCI Switzerland Index, Floating financing rate: 1-Month ICE LIBOR CHF-0.0045		09/19/18		GSC		CHF		3,947,591		8,198			—		8,198
MSCI Australia Index, Floating financing rate: 1-Month ASX Australian Bank Bill Short Term Rates Mid + 0.0005		09/19/18		GSC		AUD		1,235,572		(27,299	)		—		(27,299	)
MSCI Italy Index, Floating financing rate: 1-Month EURIBOR-0.0035		09/19/18		GSC		EUR		7,659,029		(170,833	)		—		(170,833	)
MSCI Hong Kong Index, Floating financing rate: 1-Month HIBOR + 0.005		09/19/18		GSC		HKD		36,879,226		(270,493	)		—		(270,493	)
MSCI Japan Index, Floating financing rate: 1-Month ICE LIBOR JPY-0.0005		09/19/18		GSC		JPY		1,003,273,278		(296,592	)		—		(296,592	)
Total Swap agreements outstanding at June 30, 2018									$	(642,322	)	$	—	$	(642,322	)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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	$	33,379,361	$	33,012,527	$	366,834	$	—
Foreign Common Stocks
Australia		39,282,143		39,282,143		—		—**
Austria		969,652		969,652		—		—
Belgium		7,022,231		7,022,231		—		—
Canada		15,547,106		15,547,106		—		—
China		50,378,969		50,378,969		—		—
Denmark		24,727,997		24,727,997		—		—
Finland		5,922,929		5,922,929		—		—
France		155,766,381		155,766,381		—		—
Germany		157,910,753		157,910,753		—		—
Hong Kong		58,579,433		58,579,433		—		—
India		16,396,360		16,396,360		—		—

See Notes to Financial Statements.

215

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

							Level 2		Level 3
	Total			Level 1			Other Significant		Significant
	Value			Quoted Prices			Observable Inputs		Unobservable Inputs
Indonesia	$	3,464,771		$	3,464,771		$	—	$	—
Ireland		8,742,406			8,742,406			—		—
Italy		53,028,826			53,028,826			—		—
Japan		242,594,531			242,594,531			—		—
Jersey		43,726,671			43,726,671			—		—
Mexico		3,143,805			3,143,805			—		—
Netherlands		82,937,107			82,937,107			—		—
Nigeria		—			—			—		—**
Norway		8,486,421			8,486,421			—		—
Portugal		1,282,025			1,282,025			—		—
Singapore		40,784,218			40,784,218			—		—
South Africa		7,655,186			7,655,186			—		—
South Korea		1,862,343			1,862,343			—		—
Spain		61,475,722			61,475,722			—		—
Sweden		57,204,359			57,204,359			—		—
Switzerland		126,127,352			126,127,352			—		—
Taiwan		20,500,856			20,500,856			—		—
Turkey		1			1			—		—
United Kingdom		243,323,146			234,094,496			9,228,650		—
Foreign Preferred Stocks
Germany		4,462,046			4,462,046			—		—
Rights		—						—		—
Money Market Funds		77,943,374			77,943,374			—		—
U.S. Treasury Obligation		2,874,390			—			2,874,390		—
Total Assets — Investments in Securities	$	1,657,502,871		$	1,645,032,997		$	12,469,874	$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	3,367,717		$	—		$	3,367,717	$	—
Futures Contract		407,729			407,729			—		—
Swap Agreements		122,895			—			122,895		—
Total Assets — Other Financial Instruments	$	3,898,341		$	407,729		$	3,490,612	$	—
Liabilities:
Investments in Securities:
Common Stocks Sold Short	$	(1,270,134	)	$	(1,270,134	)	$	—	$	—
Foreign Common Stocks Sold Short
Australia		(4,808,259	)		(4,808,259	)		—		—
Belgium		(105,242	)		(105,242	)		—		—
Denmark		(3,048,802	)		(3,048,802	)		—		—
Finland		(728,313	)		(728,313	)		—		—
France		(10,256,724	)		(10,256,724	)		—		—
Germany		(1,932,167	)		(1,932,167	)		—		—
Ireland		(461,334	)		(461,334	)		—		—
Italy		(9,097,681	)		(9,097,681	)		—		—
Japan		(13,542,856	)		(13,542,856	)		—		—
Jersey		(614,086	)		(614,086	)		—		—
Luxembourg		(875,884	)		(875,884	)		—		—

See Notes to Financial Statements.

216

							Level 2			Level 3
	Total			Level 1			Other Significant			Significant
	Value			Quoted Prices			Observable Inputs			Unobservable Inputs
Netherlands	$	(5,651,776	)	$	(5,651,776	)	$	—		$	—
Norway		(2,956,634	)		(2,956,634	)		—			—
Spain		(4,910,702	)		(4,910,702	)		—			—
Sweden		(2,177,570	)		(2,177,570	)		—			—
Switzerland		(2,797,981	)		(2,797,981	)		—			—
United Kingdom		(15,536,423	)		(15,536,423	)		—			—
Foreign Preferred Stocks Sold Short
Germany		(1,741,737	)		(1,741,737	)		—			—
Total Liabilities — Investments in Securities	$	(82,514,305	)	$	(82,514,305	)	$	—		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(3,669,130	)	$	—		$	(3,669,130	)	$	—
Futures Contract		(3,909,131	)		(3,909,131	)		—			—
Swap Agreements		(765,217	)		—			(765,217	)		—
Total Liabilities — Other Financial Instruments	$	(8,343,478	)	$	(3,909,131	)	$	(4,434,347	)	$	—

** Level 3 security has zero value.

*** Other financial instruments are derivative instruments, such as futures contracts, 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 preceding “Futures Contracts outstanding”, “Forward Foreign Currency Contracts outstanding” and “Swap agreements outstanding” disclosures.

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 six-month period ended June 30, 2018.

There were no transfers between Level 2 and Level 3 during the six-month period ended June 30, 2018.

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 six-month period ended June 30, 2018.

See Notes to Financial Statements.

217

EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2018 (Unaudited)

	Shares		Value
COMMON STOCKS — 1.4%
Consumer Discretionary — 0.1%
Huazhu Group, Ltd. ADRD		5,382	$	225,990
Yum China Holdings, Inc.		14,537		559,093
				785,083
Health Care — 0.3%
BeiGene, Ltd. ADR*		3,400		522,682
Hutchison China MediTech, Ltd. ADR*		24,100		726,374
				1,249,056
Information Technology — 0.9%
Autohome, Inc. ADR		2,235		225,735
Cognizant Technology Solutions Corporation Class A		7,400		584,526
Globant SA*		12,000		681,480
Huami Corporation ADRD*		34,100		335,885
MercadoLibre, Inc.		1,100		328,823
Momo, Inc. ADR*		4,615		200,753
Pagseguro Digital, Ltd. Class A*		13,600		377,400
Weibo Corporation ADRD*		11,984		1,063,700
YY, Inc. ADRD*		1,875		188,381
				3,986,683
Materials — 0.1%
Nexa Resources SA*		27,300		321,321
Southern Copper Corporation		4,037		189,214
				510,535
Total Common Stocks (Cost $6,722,997)				6,531,357
FOREIGN COMMON STOCKS — 87.3%
Argentina — 0.3%
Grupo Financiero Galicia SA ADR		35,700		1,177,386
Grupo Supervielle SA ADR		32,300		341,734
				1,519,120
Australia — 0.0%
SEEK, Ltd.		11,576		186,842
Brazil — 3.6%
B3 SA—Brasil Bolsa Balcao*		120,900		640,724
Banco BTG Pactual SA*		194,600		911,305
Banco do Brasil SA*		87,900		645,231
BB Seguridade Participacoes SA		59,500		377,656
CVC Brasil Operadora e Agencia de Viagens SA		40,700		472,239
Embraer SA ADRD		36,466		908,003
Equatorial Energia SA		38,900		570,891
Fibria Celulose SA ADR		4,223		78,506
Fleury SA		56,100		383,867
Hapvida Participacoes e Investimentos SA 144A*		97,300		741,847
Lojas Renner SA*		137,900		1,029,691
Petrobras Distribuidora SA		67,000		312,894
Petroleo Brasileiro SA ADR*		86,100		863,583
Porto Seguro SA		23,500		245,323
Rumo SA*		340,800		1,231,039

	Shares		Value
Sul America SA		77,349	$	370,009
Suzano Papel e Celulose SA		169,940		1,960,838
TIM Participacoes SA ADR		2,578		43,465
Vale SA ADRD*		286,532		3,673,340
Via Varejo SA		189,800		915,761
Wiz Solucoes e Corretagem de Seguros SA		41,000		86,533
				16,462,745
Chile — 0.7%
Banco de Chile ADRD		15,508		1,441,624
Banco de Credito e Inversiones SA		1,711		113,871
Banco Santander Chile ADR		23,525		739,391
Empresas CMPC SA		34,024		123,933
Empresas COPEC SA		20,914		320,079
Enel Americas SA ADR		20,014		176,323
Enel Chile SA ADR		21,168		103,300
Itau CorpBanca		4,086,881		39,912
Latam Airlines Group SA ADRD		18,531		183,271
				3,241,704
China — 20.2%
58.com, Inc. ADR*		8,834		612,550
Air China, Ltd. Class H		160,000		154,584
Alibaba Group Holding, Ltd. ADRD*		99,796		18,515,152
Aluminum Corporation of China, Ltd. Class H*		358,000		157,882
Anhui Conch Cement Co., Ltd. Class H		200,000		1,147,140
Baidu, Inc. ADR*		11,523		2,800,089
Bank of China, Ltd. Class H		1,172,000		581,100
Beijing Capital International Airport Co., Ltd. Class H		718,000		756,840
China Communications Services Corporation, Ltd. Class H		556,000		352,213
China Construction Bank Corporation Class H		6,204,532		5,733,514
China Evergrande GroupD*		359,000		915,163
China Medical System Holdings, Ltd.		65,000		129,907
China Mengniu Dairy Co., Ltd.*		42,000		142,398
China Merchants Bank Co., Ltd. Class H		1,007,000		3,715,796
China National Building Material Co., Ltd.D		844,000		835,867
China Oilfield Services, Ltd. Class H		968,000		914,255
China Petroleum & Chemical Corporation Class H		1,198,000		1,070,406
China Shenhua Energy Co., Ltd. Class H		706,879		1,677,639
China Southern Airlines Co., Ltd. Class H		470,000		369,621
China Vanke Co., Ltd. Class H		97,700		341,830
Chongqing Rural Commercial Bank Co., Ltd. Class H		225,000		133,929
Country Garden Holdings Co., Ltd.		313,471		551,379
Ctrip.com International, Ltd. ADR*		29,343		1,397,607
Geely Automobile Holdings, Ltd.		1,168,000		3,029,571
Guangzhou Automobile Group Co., Ltd. Class H		764,000		746,900

See Notes to Financial Statements.

218

	Shares		Value
Haitian International Holdings, Ltd.		274,000	$	646,793
Huaneng Renewables Corporation, Ltd. Class H		156,000		51,897
Industrial & Commercial Bank of China, Ltd. Class H		6,251,000		4,676,936
JD.com, Inc. ADR*		58,161		2,265,371
Kingsoft Corporation, Ltd.		93,000		282,120
NetEase, Inc. ADR		3,144		794,395
New Oriental Education & Technology Group, Inc. ADR		18,906		1,789,642
People’s Insurance Co. Group of China, Ltd. (The) Class H		607,000		285,489
PICC Property & Casualty Co., Ltd. Class H		672,000		725,482
Ping An Insurance Group Co. of China, Ltd. Class HD		516,500		4,753,148
SINA Corporation*		2,218		187,842
Sinopec Engineering Group Co., Ltd. Class H		88,500		92,498
Sinopec Shanghai Petrochemical Co., Ltd. Class H		450,000		274,166
Sunac China Holdings, Ltd.		96,859		338,888
Sunny Optical Technology Group Co., Ltd.		97,900		1,821,836
TAL Education Group ADR*		8,970		330,096
Tencent Holdings, Ltd.		501,048		25,149,473
TravelSky Technology, Ltd. Class H		20,000		58,249
Vipshop Holdings, Ltd. ADR*		15,320		166,222
Weichai Power Co., Ltd. Class H		533,000		735,069
Zijin Mining Group Co., Ltd. Class H		246,000		94,065
				92,303,009
Colombia — 0.0%
Banco de Bogota SA		5,848		135,872
Czech Republic — 0.4%
Moneta Money Bank AS 144A		501,304		1,720,505
Egypt — 0.0%
Commercial International Bank Egypt SAE GDR		42,788		211,801
Germany — 0.1%
Infineon Technologies AG		13,965		356,011
Greece — 0.1%
JUMBO SA		12,751		210,256
Sarantis SA		31,417		271,497
				481,753
Hong Kong — 9.5%
AAC Technologies Holdings, Inc.		138,000		1,943,637
Agile Group Holdings, Ltd.		42,000		71,520
AIA Group, Ltd.		329,400		2,880,193
ANTA Sports Products, Ltd.		475,000		2,515,582
China Jinmao Holdings Group, Ltd.		115,599		58,053
China Literature, Ltd. 144A*		40,400		379,510
China Mobile, Ltd.		335,500		2,980,569
China Overseas Land & Investment, Ltd.		286,000		942,324
China Resources Cement Holdings, Ltd.		734,398		744,171
China Resources Gas Group, Ltd.		15,882		68,827

	Shares		Value
China Resources Land, Ltd.		204,000	$	687,749
China Taiping Insurance Holdings Co., Ltd.		46,400		145,192
China Traditional Chinese Medicine Holdings Co., Ltd.		56,000		48,465
China Unicom Hong Kong, Ltd.		1,440,000		1,798,715
CNOOC, Ltd.		3,495,000		6,031,699
Country Garden Services Holdings Co., Ltd.*		27,240		34,928
CSPC Pharmaceutical Group, Ltd.		1,345,124		4,063,353
ENN Energy Holdings, Ltd.		194,000		1,907,706
FIT Hon Teng, Ltd. 144A		941,000		425,786
Fosun International, Ltd.		329,500		619,891
Fullshare Holdings, Ltd.*		140,970		69,716
Haier Electronics Group Co., Ltd.		795,000		2,720,729
Hong Kong Exchanges and Clearing, Ltd.		77,800		2,340,267
IMAX China Holding, Inc. 144A		78,500		239,134
Kingboard Laminates Holdings, Ltd.		564,574		697,298
Kingdee International Software Group Co., Ltd.		201,064		205,790
Longfor Properties Co., Ltd.		37,384		100,779
Microport Scientific Corporation		981,000		1,185,362
Minth Group, Ltd.		152,000		642,245
MMG, Ltd.*		144,000		100,765
Nexteer Automotive Group, Ltd.		303,000		447,996
Nine Dragons Paper Holdings, Ltd.		123,201		157,032
Shenzhou International Group Holdings, Ltd.		3,000		37,034
Shimao Property Holdings, Ltd.		26,000		68,268
Sino Biopharmaceutical, Ltd.		2,185,000		3,353,141
Sinotruk Hong Kong, Ltd.D		160,500		264,309
SSY Group, Ltd.		272,000		301,968
Sun Art Retail Group, Ltd.		574,500		751,296
Tongda Group Holdings, Ltd.		3,630,000		735,661
Uni-President China Holdings, Ltd.		176,000		226,124
Wuxi Biologics Cayman, Inc. 144A*		19,500		217,106
				43,209,890
Hungary — 0.5%
OTP Bank Nyrt PLC		60,689		2,197,283
India — 6.9%
Abbott India, Ltd.		1,136		120,012
AIA Engineering, Ltd.		21,110		462,192
Amber Enterprises India, Ltd.*		18,014		239,534
Apollo Hospitals Enterprise, Ltd.		70,832		1,082,872
Bajaj Auto, Ltd.		3,118		127,892
Bajaj Finance, Ltd.		16,258		544,903
Bandhan Bank, Ltd. 144A*		25,938		199,338
Bharat Financial Inclusion, Ltd.*		163,292		2,756,290
Bharat Heavy Electricals, Ltd.		572,865		599,913
Bharat Petroleum Corporation, Ltd.		66,201		360,692
Coal India, Ltd.		15,044		58,044
Crompton Greaves Consumer Electricals, Ltd.		121,012		399,517
Divi’s Laboratories, Ltd.		24,584		372,662
Edelweiss Financial Services, Ltd.		118,885		511,007
Eicher Motors, Ltd.		2,833		1,182,175

See Notes to Financial Statements.

219

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
GAIL India, Ltd.		135,633	$	673,564
Godrej Consumer Products, Ltd.		5,692		101,827
Godrej Industries, Ltd.		68,406		622,708
HCL Technologies, Ltd.		58,304		788,208
Hero MotoCorp, Ltd.		23,380		1,185,294
Hindalco Industries, Ltd.		353,707		1,189,951
Hindustan Petroleum Corporation, Ltd.		28,273		106,960
Hindustan Unilever, Ltd.		16,075		385,047
Hindustan Zinc, Ltd.		105,752		423,687
Housing Development Finance Corporation, Ltd.		63,928		1,780,355
ICICI Bank, Ltd. ADR		117,700		945,131
ICICI Lombard General Insurance Co., Ltd. 144A		37,794		384,339
Idea Cellular, Ltd.*		312,969		271,104
Indiabulls Housing Finance, Ltd.		77,522		1,292,693
Indian Oil Corporation, Ltd.		209,486		476,973
Info Edge India, Ltd.		12,921		223,730
Infosys, Ltd. ADRD		93,564		1,817,949
InterGlobe Aviation, Ltd. 144A		9,123		144,937
Jindal Steel & Power, Ltd.*		99,998		325,543
JSW Steel, Ltd.		22,881		109,137
L&T Finance Holdings, Ltd.		550,797		1,219,125
Maruti Suzuki India, Ltd.		6,484		835,221
MRF, Ltd.		282		308,586
Navin Fluorine International, Ltd.		18,924		174,049
NTPC, Ltd.		51,330		119,606
Prestige Estates Projects, Ltd.		45,767		180,389
Procter & Gamble Hygiene & Health Care, Ltd.		882		127,762
Tata Consultancy Services, Ltd.		77,069		2,078,439
Tata Steel, Ltd.		62,123		514,783
TeamLease Services, Ltd.*		10,571		457,431
Tech Mahindra, Ltd.		161,599		1,545,940
Thermax, Ltd.		7,498		114,071
Wipro, Ltd.		27,305		104,215
Yes Bank, Ltd.		275,651		1,366,487
				31,412,284
Indonesia — 1.2%
Perusahaan Gas Negara Persero Tbk		665,800		92,692
PT Adaro Energy Tbk		7,892,500		985,874
PT Astra International Tbk		300,500		138,402
PT Bank Central Asia Tbk		800,900		1,200,232
PT Bank Mandiri Persero Tbk		646,600		309,086
PT Bank Negara Indonesia Persero Tbk		1,891,200		930,423
PT Bank Rakyat Indonesia Persero Tbk		3,237,100		641,547
PT BFI Finance Indonesia Tbk		3,215,100		152,566
PT Indofood Sukses Makmur Tbk		161,736		75,055
PT Semen Indonesia Persero Tbk		74,700		37,141
PT United Tractors Tbk		490,669		1,082,006
				5,645,024
Isle of Man — 0.0%
NEPI Rockcastle PLC		18,122		161,780

	Shares		Value
Malaysia — 1.7%
AirAsia Group Bhd		940,600	$	696,223
Bursa Malaysia Bhd		350,800		638,292
CIMB Group Holdings Bhd		438,600		591,749
Hartalega Holdings Bhd		61,500		91,196
Hong Leong Bank Bhd.		104,400		470,375
Malayan Banking Bhd		786,100		1,751,430
Malaysia Airports Holdings		397,500		865,949
My EG Services Bhd		3,077,100		735,091
Petronas Chemicals Group Bhd		35,699		74,323
Public Bank Bhd		278,000		1,607,644
Top Glove Corporation Bhd		54,400		163,490
				7,685,762
Mexico — 3.5%
Alpek SAB de CV		740,700		1,096,118
Alsea SAB de CV		140,700		484,722
America Movil SAB de CV, Series L ADR		204,563		3,408,020
Arca Continental SAB de CV		8,200		50,351
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand ADR		26,966		180,403
Bolsa Mexicana de Valores SAB de CV		295,200		496,899
Cemex SAB de CV ADR*		46,102		302,429
Fibra Uno Administracion SA de CV REIT		181,600		264,716
Fomento Economico Mexicano SAB de CV ADR		384		33,711
Gentera SAB de CVD		17,449		15,375
Gruma SAB de CV Series B		5,710		69,738
Grupo Aeroportuario del Pacifico SAB de CVD		12,700		117,854
Grupo Aeroportuario del Pacifico SAB de CV ADR		6,500		603,915
Grupo Aeroportuario del Sureste SAB de CV ADR		280		44,565
Grupo Cementos de Chihuahua SAB de CV		53,700		347,585
Grupo Financiero Banorte SAB de CV Series O		308,210		1,812,302
Grupo Mexico SAB de CV Series B		126,000		357,122
Mexichem SAB de CV		519,200		1,500,066
Unifin Financiera SAB de CV SOFOM ENR		134,800		361,634
Wal-Mart de Mexico SAB de CV		1,656,582		4,372,454
				15,919,979
Netherlands — 0.2%
X5 Retail Group NV GDR		42,537		1,126,380
Nigeria — 0.0%
Dangote Cement PLC		98,797		62,585
Peru — 1.0%
Alicorp SAA		67,038		225,569
BBVA Banco Continental SA		199,903		253,836
Cia de Minas Buenaventura SAA ADR		88,500		1,206,255

See Notes to Financial Statements.

220

	Shares		Value
Credicorp, Ltd.		11,787	$	2,653,490
Intercorp Financial Services, Inc.		6,774		270,621
				4,609,771
Philippines — 0.3%
Ayala Land, Inc.		182,600		129,677
BDO Unibank, Inc.		34,770		81,766
JG Summit Holdings, Inc.		87,290		81,782
Jollibee Foods Corporation		114,740		565,449
Metro Pacific Investments Corporation		308,400		26,582
Security Bank Corporation		15,900		59,587
SM Investments Corporation		22,185		363,740
SM Prime Holdings, Inc.		263,800		177,704
				1,486,287
Poland — 1.4%
Alior Bank SA*		24,322		434,408
Cyfrowy Polsat SA		18,318		113,166
Dino Polska SA 144A*		24,471		679,451
Jastrzebska Spolka Weglowa SA*		44,609		913,462
KRUK SA		5,753		307,183
LPP SA		211		477,977
PGE Polska Grupa Energetyczna SA*		77,097		192,246
Polski Koncern Naftowy ORLEN SA		67,341		1,511,269
Polskie Gornictwo Naftowe i Gazownictwo SA		195,938		298,695
Powszechna Kasa Oszczednosci Bank Polski SA*		109,840		1,084,720
Powszechny Zaklad Ubezpieczen SA		11,953		124,392
Tauron Polska Energia SA*		124,381		76,043
				6,213,012
Portugal — 0.1%
Galp Energia SGPS SA		29,230		557,592
Qatar — 0.1%
Qatar National Bank QPSC		7,963		332,585
Romania — 0.1%
Banca Transilvania SA		377,552		226,891
Russia — 2.5%
Gazprom PJSC ADR		193,596		852,016
LUKOIL PJSC ADR		37,837		2,587,294
Mobile TeleSystems PJSC ADR		68,458		604,484
Novatek PJSC GDR		3,047		451,870
Novolipetsk Steel PJSC GDR		34,489		841,876
Rosneft Oil Co. PJSC GDR		172,666		1,073,983
Sberbank of Russia PJSC ADR		173,364		2,502,509
Severstal PJSC GDR		91,028		1,331,740
Surgutneftegas OJSC ADR		42,924		191,355
Tatneft PJSC ADR		12,952		819,344
				11,256,471
South Africa — 4.1%
Alexander Forbes Group Holdings, Ltd.		820,195		344,999
Anglo American Platinum, Ltd.		5,071		132,713
Barclays Africa Group, Ltd.		117,089		1,365,633
Bid Corporation, Ltd.		18,513		371,556
Bidvest Group, Ltd. (The)		8,023		115,226

	Shares		Value
Dis-Chem Pharmacies, Ltd. 144A		210,641	$	401,857
Exxaro Resources, Ltd.		142,391		1,304,797
FirstRand, Ltd.		185,255		862,835
Foschini Group, Ltd. (The)		5,274		66,898
Growthpoint Properties, Ltd. REIT		183,623		357,273
Imperial Holdings, Ltd.		17,741		253,347
JSE, Ltd.		56,568		668,507
Mondi, Ltd.		2,351		63,686
Mr Price Group, Ltd.		54,879		905,188
Nampak, Ltd.*		893,877		1,021,760
Naspers, Ltd. N Shares		23,697		6,020,342
Old Mutual, Ltd.*		182,702		370,132
Redefine Properties, Ltd. REIT		270,430		206,802
Remgro, Ltd.		16,085		239,548
Resilient REIT, Ltd.		155,971		639,575
Santam, Ltd.		23,087		480,371
Sasol, Ltd.		38,409		1,408,008
SPAR Group, Ltd. (The)		4,550		61,503
Standard Bank Group, Ltd.		23,788		332,729
Tiger Brands, Ltd.		2,635		63,659
Transaction Capital, Ltd.		365,948		456,184
Woolworths Holdings, Ltd.		31,400		126,928
				18,642,056
South Korea — 14.1%
AMOREPACIFIC Group		669		74,133
Celltrion, Inc.*		1,681		457,769
Cuckoo Homesys Co., Ltd.*		4,291		854,735
Daelim Industrial Co., Ltd.		1,841		126,367
DB Insurance Co., Ltd.		739		39,122
DGB Financial Group, Inc.		4,823		44,357
Hana Financial Group, Inc.		41,574		1,598,426
Hankook Tire Co., Ltd.		20,297		766,715
Hanssem Co., Ltd.		1,867		175,895
Hanwha Corporation		847		23,977
Hanwha Life Insurance Co., Ltd.		97,896		465,544
HDC Holdings Co., Ltd.		1,961		50,333
HDC Hyundai Development Co-Engineering & Construction*		2,741		132,542
HLB, Inc.*		631		55,202
Hotel Shilla Co., Ltd.		1,385		153,475
Hugel, Inc.*		903		390,611
Hyundai Marine & Fire Insurance Co., Ltd.		21,814		659,607
ING Life Insurance Korea, Ltd. 144A		22,482		844,210
Jin Air Co., Ltd.		13,716		311,364
KB Financial Group, Inc.		43,020		2,038,094
Korea Gas Corporation*		6,102		351,501
Korea Investment Holdings Co., Ltd.		16,116		1,216,111
Korea Kolmar Co., Ltd.		5,009		379,776
KT Corporation ADRD		11,446		152,003
LG Chem, Ltd.		2,261		676,576
LG Corporation		26,288		1,700,641
LG Electronic, Ltd.		28,938		2,155,096
Lotte Chemical Corporation		1,997		623,559
Lotte Shopping Co., Ltd.		4,482		844,522
Medy-Tox, Inc.		708		487,437
NAVER Corporation		425		290,960

See Notes to Financial Statements.

221

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
NCSoft Corporation		1,750	$	582,548
Netmarble Corporation 144A		716		97,972
NH Investment & Securities Co., Ltd.		40,898		548,609
OCI Co., Ltd.		11,985		1,107,631
Osstem Implant Co., Ltd.*		2,387		109,016
POSCO		3,796		1,120,578
Posco Daewoo Corporation		14,726		282,760
Samsung Electro-Mechanics Co., Ltd.		15,992		2,130,832
Samsung Electronics Co., Ltd.		587,595		24,595,161
Samsung Fire & Marine Insurance Co., Ltd.		1,053		249,432
Samsung Life Insurance Co., Ltd.		8,892		785,081
Samsung SDS Co., Ltd.		6,426		1,156,046
Shinhan Financial Group Co., Ltd.		1,625		63,134
Shinsegae, Inc.		1,613		581,085
SK Hynix, Inc.		140,938		10,837,494
SK Innovation Co., Ltd.		4,909		889,742
SK Telecom Co., Ltd.		3,564		745,098
Woori Bank		22,346		326,819
				64,349,698
Spain — 0.1%
Prosegur Cash SA 144A		134,507		362,849
Taiwan — 10.8%
Advantech Co., Ltd.		103,000		679,043
ASE Technology Holding Co., Ltd.		70,000		164,390
ASPEED Technology, Inc.		45,000		1,179,297
Catcher Technology Co., Ltd.		264,000		2,952,720
Cathay Financial Holding Co., Ltd.		377,120		665,466
Chailease Holding Co., Ltd.		250,732		822,382
China Airlines, Ltd.*		1,853,000		578,597
China Development Financial Holding Corporation		833,000		304,638
China Life Insurance Co., Ltd.		625,953		659,038
Chroma ATE, Inc.		84,000		451,842
Chunghwa Precision Test Tech Co., Ltd.		14,000		370,566
Compal Electronics, Inc.		91,000		57,307
CTBC Financial Holding Co., Ltd.		1,377,173		991,487
Elite Material Co., Ltd.		316,000		827,092
Eva Airways Corporation		539,000		260,762
Evergreen Marine Corporation Taiwan, Ltd.*		416,000		177,378
First Financial Holding Co., Ltd.		1,296,269		875,843
Formosa Chemicals & Fibre Corporation		386,000		1,538,252
Formosa Petrochemical Corporation		16,671		66,983
Formosa Plastics Corporation		28,000		103,318
Fubon Financial Holding Co., Ltd.		324,000		543,038
General Interface Solution Holding, Ltd.		5,000		32,471
Globalwafers Co., Ltd.		32,000		532,135
Hiwin Technologies Corporation		81,000		956,426
Kingpak Technology, Inc.		35,000		228,447
Largan Precision Co., Ltd.		9,000		1,325,418
Lite-On Technology Corporation		92,883		112,416
Macronix International*		355,000		505,338
MediaTek, Inc.		30,000		295,193
Mega Financial Holding Co., Ltd.		37,420		33,016

	Shares		Value
Nan Ya Plastics Corporation		98,000	$	280,289
Nanya Technology Corporation		285,928		780,268
Nien Made Enterprise Co., Ltd.		36,000		307,591
Novatek Microelectronics Corporation		66,000		297,653
Phison Electronics Corporation		13,000		102,760
Pou Chen Corporation		114,000		132,365
Powertech Technology, Inc.		188,000		545,714
President Chain Store Corporation		21,000		237,975
Realtek Semiconductor Corporation		153,000		557,030
Shin Kong Financial Holding Co., Ltd.		2,409,000		928,407
Silergy Corporation		85,000		2,065,861
TaiMed Biologics, Inc.*		38,000		388,868
Taiwan Cooperative Financial Holding Co., Ltd.		366,000		214,281
Taiwan Semiconductor Manufacturing Co., Ltd.		736,000		5,226,364
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		396,902		14,510,737
Teco Electric and Machinery Co., Ltd.		121,000		90,883
Uni-President Enterprises Corporation		170,000		431,573
Walsin Technology Corporation		145,000		1,983,207
Win Semiconductors Corporation		267,000		1,922,249
Yageo Corporation*		4,000		147,597
Yuanta Financial Holding Co., Ltd.		91,000		41,488
				49,483,459
Thailand — 1.8%
Airports of Thailand PCL		304,200		578,467
Airports of Thailand PCL NVDR		188,600		358,642
Bangkok Bank PCL NVDR		11,870		70,045
Beauty Community PCL		568,100		209,201
Bumrungrad Hospital PCL NVDR		7,800		39,200
Central Pattana PCL NVDR		24,400		51,370
Home Product Center PCL NVDR		1,017,600		411,586
Indorama Ventures PCL NVDR		277,300		458,260
Kasikornbank PCL		34,400		207,667
Kasikornbank PCL NVDR		25,900		151,663
Krung Thai Bank PCL NVDR		743,635		374,848
PTT Exploration & Production PCL NVDR		90,700		384,647
PTT Global Chemical PCL NVDR		1,031,054		2,271,867
PTT PCL NVDR		836,200		1,211,518
Siam Cement PCL (The) NVDR		2,100		26,242
Thai Oil PCL NVDR		509,162		1,194,909
				8,000,132
Turkey — 1.2%
Akbank TAS		298,582		488,770
BIM Birlesik Magazalar AS		30,786		450,010
Eregli Demir ve Celik Fabrikalari TAS		238,838		530,306
Ford Otomotiv Sanayi AS		52,269		697,474
MLP Saglik Hizmetleri AS 144A*		62,729		196,359
Sok Marketler Ticaret AS*		141,289		266,656
TAV Havalimanlari Holding AS		144,529		705,994
Tofas Turk Otomobil Fabrikasi AS		49,727		260,442
Turk Hava Yollari AO*		339,950		1,001,975
Türkiye Garanti Bankasi AS		184,298		336,192
Türkiye Is Bankasi Class C		270,241		335,312

See Notes to Financial Statements.

222

	Shares		Value
Turkiye Vakiflar Bankasi TAO Class D		200,605	$	214,411
Yapi ve Kredi Bankasi AS*		1		1
				5,483,902
United Kingdom — 0.8%
Anglo American PLC		92,589		2,070,950
Bank of Georgia Group PLC		2,466		61,347
Ferrexpo PLC		137,962		333,653
Georgia Capital PLC*		2,206		29,987
KAZ Minerals PLC*		32,393		360,388
NMC Health PLC		12,825		606,282
Quilter PLC 144A*		60,900		117,116
TBC Bank Group PLC		10,754		247,803
				3,827,526
Total Foreign Common Stocks (Cost $379,983,339)				398,872,560
FOREIGN PREFERRED STOCKS — 1.3%
Brazil — 1.2%
Azul SA
0.00%,*		32,200		175,799
Azul SA ADR
0.00%, D*		30,500		498,980
Banco Bradesco SA
0.00%, 07/03/18*		100,000		690,963
Banco Bradesco SA ADR
0.00%, 07/03/18*		19,100		131,026
Braskem SA Class A
3.69%, 05/02/18		3,800		49,395
Gerdau SA
0.43%, 05/22/18		133,800		478,135
Itau Unibanco Holding SA ADR
0.47%, 07/02/18		162,931		1,691,224
Itausa — Investimentos Itau SA
0.65%, 09/03/18		179,110		424,697
Petroleo Brasileiro SA
0.00%, 05/22/18*		328,700		1,456,177
				5,596,396
Colombia — 0.1%
Grupo Aval Acciones y Valores SA
3.90%, 07/26/18		197,709		82,630
Grupo Aval Acciones y Valores SA ADR
4.23%, 07/30/18		6,900		57,201
				139,831
Total Foreign Preferred Stocks (Cost $6,625,468)				5,736,227
MONEY MARKET FUNDS — 8.9%
GuideStone Money Market Fund (Investor Class)¥		25,081,784		25,081,784
Northern Institutional Liquid Assets Portfolio§		1,862,134		1,862,134

	Shares		Value
Northern Institutional U.S. Government Portfolio		13,831,327	$	13,831,327
Total Money Market Funds (Cost $40,775,245)				40,775,245
	Par
U.S. TREASURY OBLIGATION — 0.3%
U.S. Treasury Bill
2.09%, 12/06/18W‡‡ (Cost $1,387,244)	$	1,400,000		1,387,637
TOTAL INVESTMENTS — 99.2% (Cost $435,494,293)				453,303,026
Other Assets in Excess of Liabilities — 0.8%				3,721,141
NET ASSETS — 100.0%			$	457,024,167

PORTFOLIO SUMMARY (based on net assets)

	%
Information Technology		31.4
Financials		20.5
Money Market Funds		8.9
Consumer Discretionary		8.8
Materials		7.7
Energy		6.3
Industrials		4.6
Health Care		3.5
Consumer Staples		2.5
Telecommunication Services		2.3
Real Estate		1.4
Utilities		1.0
U.S. Treasury Obligation		0.3
		99.2

See Notes to Financial Statements.

223

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Value and Unrealized Appreciation (Depreciation)
TAIEX		07/2018		33		$	2,311,304			GSC	$	(912	)
Tel Aviv 35 Index		07/2018		16			663,412			GSC		(2,395	)
HSCEI Index		07/2018		8			554,145			GSC		(7,104	)
HSCEI Index		07/2018		79			5,472,182			BAR		(8,319	)
MSCI Taiwan Index		07/2018		37			1,434,120			GSC		9,276
MSCI Taiwan Index		07/2018		30			1,162,800			BAR		9,108
SGX MSCI Singapore Index		07/2018		(72	)		(1,934,092	)		BAR		(1,804	)
FTSE Bursa Malaysia KLCI Index		07/2018		(15	)		(314,983	)		BAR		(4,541	)
Bovespa Index		08/2018		75			1,411,275			GSC		(11,461	)
BIST 30 Index		08/2018		(22	)		(58,031	)		JPM		(840	)
BIST 30 Index		08/2018		(121	)		(319,169	)		GSC		(2,491	)
KOSPI 200 Index		09/2018		19			1,278,600			GSC		(71,999	)
KOSPI 200 Index		09/2018		118			7,940,781			BAR		(427,448	)
FTSE/JSE Top 40 Index		09/2018		(108	)		(4,069,319	)		BAR		17,113
Mexican Bolsa Index		09/2018		(1	)		(24,292	)		BAR		(328	)
MSCI Emerging Markets Index		09/2018		590			31,367,350			GSC		(39,185	)
WIG20 Index		09/2018		(24	)		(267,062	)		GSC		15,455
SET50 Index		09/2018		(9	)		(56,820	)		BAR		554
Total Futures Contracts outstanding at June 30, 2018						$	46,552,201				$	(527,321	)

Forward Foreign Currency Contracts outstanding at June 30, 2018:

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	U.S. Dollars		1,318,371	South African Rand		16,700,000		CITI	$	113,935
09/19/18	U.S. Dollars		1,739,384	South Korean Won		1,853,840,000		CITI		70,363
09/19/18	U.S. Dollars		1,737,857	South Korean Won		1,853,840,000		CITI		68,836
09/19/18	U.S. Dollars		1,730,977	South Korean Won		1,853,840,000		CITI		61,956
09/19/18	U.S. Dollars		1,730,250	South Korean Won		1,853,840,000		CITI		61,229
09/19/18	U.S. Dollars		1,729,621	South Korean Won		1,853,840,000		CITI		60,599
09/19/18	U.S. Dollars		2,464,384	Brazilian Reals		9,400,000		CITI		59,519
09/19/18	Turkish Lira		6,183,000	U.S. Dollars		1,240,453		CITI		59,100
09/19/18	U.S. Dollars		1,725,583	South Korean Won		1,853,840,000		CITI		56,561
09/19/18	U.S. Dollars		1,724,857	South Korean Won		1,853,840,000		CITI		55,836
09/19/18	U.S. Dollars		1,722,053	South Korean Won		1,853,840,000		CITI		53,032
09/19/18	U.S. Dollars		844,044	Brazilian Reals		3,108,583		CITI		48,755
09/19/18	U.S. Dollars		843,895	Brazilian Reals		3,108,583		CITI		48,606
09/19/18	Turkish Lira		6,183,000	U.S. Dollars		1,251,000		CITI		48,554
09/19/18	U.S. Dollars		841,280	Brazilian Reals		3,108,583		CITI		45,991
09/19/18	U.S. Dollars		841,223	Brazilian Reals		3,108,583		CITI		45,934
09/19/18	U.S. Dollars		1,322,302	Brazilian Reals		5,000,000		CITI		43,119
09/19/18	Mexican Pesos		21,690,770	U.S. Dollars		1,040,476		CITI		37,645
09/19/18	Mexican Pesos		21,690,769	U.S. Dollars		1,043,904		CITI		34,217
09/19/18	U.S. Dollars		828,036	Brazilian Reals		3,108,583		CITI		32,747
09/19/18	Mexican Pesos		21,690,769	U.S. Dollars		1,047,338		CITI		30,783
09/19/18	U.S. Dollars		825,540	Brazilian Reals		3,108,584		CITI		30,251
09/19/18	U.S. Dollars		825,277	Brazilian Reals		3,108,584		CITI		29,988
09/19/18	U.S. Dollars		375,502	South African Rand		4,800,000		CITI		29,317
09/19/18	U.S. Dollars		823,812	Brazilian Reals		3,108,583		CITI		28,522
09/19/18	Mexican Pesos		21,690,770	U.S. Dollars		1,049,707		CITI		28,414

See Notes to Financial Statements.

224

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	U.S. Dollars		1,705,852	Chinese Offshore Yuan		11,179,000		CITI	$	26,040
09/19/18	U.S. Dollars		821,656	Indonesian Rupiahs		11,550,873,401		CITI		24,426
09/19/18	U.S. Dollars		420,306	Brazilian Reals		1,549,000		CITI		24,015
09/19/18	U.S. Dollars		741,688	Chinese Offshore Yuan		4,782,000		CITI		23,121
09/19/18	U.S. Dollars		819,034	Indonesian Rupiahs		11,550,873,401		CITI		21,805
09/19/18	U.S. Dollars		816,713	Brazilian Reals		3,108,584		CITI		21,423
09/19/18	U.S. Dollars		818,192	Indonesian Rupiahs		11,550,873,402		CITI		20,963
09/19/18	U.S. Dollars		583,363	South Korean Won		625,193,000		CITI		20,499
09/19/18	U.S. Dollars		390,048	Hungarian Forint		104,000,000		CITI		19,456
09/19/18	Turkish Lira		1,661,000	U.S. Dollars		331,244		CITI		17,867
09/19/18	Turkish Lira		6,183,000	U.S. Dollars		1,281,854		CITI		17,699
09/19/18	U.S. Dollars		426,641	Brazilian Reals		1,600,000		CITI		17,303
09/19/18	U.S. Dollars		590,243	Chinese Offshore Yuan		3,813,000		CITI		17,283
09/19/18	U.S. Dollars		1,014,991	Brazilian Reals		3,900,000		CITI		17,228
09/20/18	U.S. Dollars		492,341	Israeli Shekels		1,735,385		CITI		15,163
09/19/18	U.S. Dollars		439,419	Chinese Offshore Yuan		2,825,000		CITI		14,921
09/19/18	U.S. Dollars		810,051	Brazilian Reals		3,108,583		CITI		14,762
09/19/18	U.S. Dollars		389,045	South African Rand		5,200,000		CITI		14,011
09/20/18	U.S. Dollars		491,010	Israeli Shekels		1,735,384		CITI		13,833
09/19/18	U.S. Dollars		390,844	Colombian Pesos		1,110,000,000		CITI		13,586
09/20/18	U.S. Dollars		490,691	Israeli Shekels		1,735,385		CITI		13,513
09/19/18	Turkish Lira		6,183,000	U.S. Dollars		1,286,120		CITI		13,433
09/20/18	U.S. Dollars		490,386	Israeli Shekels		1,735,384		CITI		13,208
09/19/18	U.S. Dollars		1,232,028	Czech Republic Koruna		27,000,000		CITI		12,918
09/20/18	U.S. Dollars		490,088	Israeli Shekels		1,735,385		CITI		12,910
09/20/18	U.S. Dollars		489,646	Israeli Shekels		1,735,384		CITI		12,469
09/20/18	U.S. Dollars		489,598	Israeli Shekels		1,735,385		CITI		12,420
09/20/18	U.S. Dollars		489,487	Israeli Shekels		1,735,385		CITI		12,309
09/19/18	U.S. Dollars		366,082	Thai Baht		11,696,000		CITI		12,174
09/19/18	U.S. Dollars		831,835	Turkish Lira		3,900,000		CITI		12,127
09/20/18	U.S. Dollars		489,252	Israeli Shekels		1,735,385		CITI		12,075
09/19/18	Mexican Pesos		21,690,770	U.S. Dollars		1,066,082		CITI		12,039
09/20/18	U.S. Dollars		489,184	Israeli Shekels		1,735,385		CITI		12,006
09/19/18	U.S. Dollars		809,165	Indonesian Rupiahs		11,550,873,402		CITI		11,936
09/20/18	U.S. Dollars		489,059	Israeli Shekels		1,735,385		CITI		11,882
09/20/18	U.S. Dollars		488,914	Israeli Shekels		1,735,384		CITI		11,737
09/19/18	U.S. Dollars		379,336	South African Rand		5,100,000		CITI		11,514
09/19/18	U.S. Dollars		1,034,736	Brazilian Reals		4,000,000		CITI		11,389
09/19/18	U.S. Dollars		581,152	Taiwan Dollars		17,289,000		CITI		10,920
09/19/18	Mexican Pesos		21,690,769	U.S. Dollars		1,067,276		CITI		10,845
09/19/18	U.S. Dollars		284,636	South African Rand		3,800,000		CITI		10,573
09/19/18	Turkish Lira		5,100,000	U.S. Dollars		1,061,385		CITI		10,542
09/19/18	U.S. Dollars		240,510	Brazilian Reals		900,000		CITI		10,257
09/19/18	U.S. Dollars		854,255	Brazilian Reals		3,300,000		CITI		9,995
09/20/18	U.S. Dollars		486,613	Israeli Shekels		1,735,384		CITI		9,435
09/19/18	U.S. Dollars		256,600	Chinese Offshore Yuan		1,646,000		CITI		9,264
09/19/18	U.S. Dollars		804,392	Brazilian Reals		3,108,583		CITI		9,102
09/19/18	U.S. Dollars		514,727	Philippine Pesos		27,198,250		CITI		8,519
09/19/18	U.S. Dollars		470,049	South African Rand		6,400,000		CITI		8,469
09/19/18	U.S. Dollars		522,512	Singapore Dollars		700,000		CITI		7,836
09/19/18	U.S. Dollars		263,209	Brazilian Reals		1,000,000		CITI		7,373
09/19/18	U.S. Dollars		396,257	South African Rand		5,400,000		CITI		6,798
09/19/18	Mexican Pesos		21,690,769	U.S. Dollars		1,071,365		CITI		6,756
09/19/18	Mexican Pesos		21,690,769	U.S. Dollars		1,071,399		CITI		6,722
09/19/18	U.S. Dollars		512,834	Philippine Pesos		27,198,250		CITI		6,626
09/19/18	U.S. Dollars		512,689	Philippine Pesos		27,198,250		CITI		6,481

See Notes to Financial Statements.

225

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	U.S. Dollars		512,689	Philippine Pesos		27,198,250		CITI	$	6,481
09/19/18	U.S. Dollars		512,641	Philippine Pesos		27,198,250		CITI		6,433
09/19/18	U.S. Dollars		512,158	Philippine Pesos		27,198,250		CITI		5,950
09/19/18	U.S. Dollars		92,473	South African Rand		1,200,000		CITI		5,927
09/19/18	U.S. Dollars		511,956	Philippine Pesos		27,198,250		CITI		5,748
09/19/18	U.S. Dollars		107,937	Chinese Offshore Yuan		690,250		CITI		4,217
09/19/18	U.S. Dollars		510,380	Philippine Pesos		27,198,250		CITI		4,172
09/19/18	U.S. Dollars		107,607	Chinese Offshore Yuan		690,250		CITI		3,887
09/19/18	U.S. Dollars		107,606	Chinese Offshore Yuan		690,250		CITI		3,885
09/19/18	U.S. Dollars		107,572	Chinese Offshore Yuan		690,250		CITI		3,852
09/19/18	U.S. Dollars		107,330	Chinese Offshore Yuan		690,250		CITI		3,610
09/19/18	U.S. Dollars		318,874	Turkish Lira		1,500,000		CITI		3,601
09/19/18	Mexican Pesos		15,900,000	U.S. Dollars		786,767		CITI		3,529
09/19/18	U.S. Dollars		107,215	Chinese Offshore Yuan		690,250		CITI		3,494
09/19/18	Mexican Pesos		50,700,000	U.S. Dollars		2,516,513		CITI		3,486
09/19/18	U.S. Dollars		107,206	Chinese Offshore Yuan		690,250		CITI		3,486
09/19/18	U.S. Dollars		107,170	Chinese Offshore Yuan		690,250		CITI		3,449
09/19/18	U.S. Dollars		156,944	Brazilian Reals		600,000		CITI		3,442
09/19/18	U.S. Dollars		150,525	Chinese Offshore Yuan		980,000		CITI		3,265
09/19/18	U.S. Dollars		1,372,226	Chinese Offshore Yuan		9,112,000		CITI		3,012
09/19/18	U.S. Dollars		111,498	Colombian Pesos		320,000,000		CITI		2,739
09/20/18	U.S. Dollars		63,745	Chilean Pesos		40,000,000		CITI		2,530
09/19/18	U.S. Dollars		580,267	Chinese Offshore Yuan		3,845,000		CITI		2,498
09/19/18	U.S. Dollars		799,725	Indonesian Rupiahs		11,550,873,401		CITI		2,496
09/19/18	U.S. Dollars		177,066	Hungarian Forint		49,000,000		CITI		2,460
09/19/18	U.S. Dollars		71,932	Thai Baht		2,300,000		CITI		2,337
09/19/18	U.S. Dollars		67,120	Thai Baht		2,143,000		CITI		2,275
09/19/18	U.S. Dollars		64,579	Chinese Offshore Yuan		415,000		CITI		2,219
09/19/18	U.S. Dollars		239,024	Russian Rubles		15,000,000		CITI		2,198
09/19/18	U.S. Dollars		35,155	Brazilian Reals		130,000		CITI		1,896
09/19/18	U.S. Dollars		45,139	South African Rand		600,000		CITI		1,866
09/19/18	U.S. Dollars		51,734	Hungarian Forint		14,000,000		CITI		1,847
09/19/18	U.S. Dollars		187,944	Philippine Pesos		10,000,000		CITI		1,827
09/19/18	Mexican Pesos		21,690,769	U.S. Dollars		1,076,346		CITI		1,775
09/19/18	U.S. Dollars		43,402	Chinese Offshore Yuan		279,000		CITI		1,478
09/19/18	Indian Rupees		26,139,000	U.S. Dollars		376,026		CITI		1,447
09/19/18	U.S. Dollars		94,466	Philippine Pesos		5,000,000		CITI		1,407
09/19/18	U.S. Dollars		49,782	Thai Baht		1,600,000		CITI		1,367
09/19/18	Mexican Pesos		761,000	U.S. Dollars		36,576		CITI		1,249
09/19/18	Mexican Pesos		727,000	U.S. Dollars		34,937		CITI		1,198
09/19/18	U.S. Dollars		35,144	Colombian Pesos		100,000,000		CITI		1,157
09/19/18	U.S. Dollars		26,704	Brazilian Reals		100,000		CITI		1,120
09/19/18	U.S. Dollars		652,526	Philippine Pesos		35,000,000		CITI		1,114
09/19/18	U.S. Dollars		31,212	Thai Baht		1,000,000		CITI		953
09/19/18	U.S. Dollars		25,128	Thai Baht		800,000		CITI		921
09/19/18	U.S. Dollars		48,247	Russian Rubles		3,000,000		CITI		882
09/19/18	Turkish Lira		100,000	U.S. Dollars		20,244		CITI		774
09/19/18	U.S. Dollars		52,171	Singapore Dollars		70,000		CITI		703
09/19/18	U.S. Dollars		8,118	South African Rand		103,000		CITI		690
09/19/18	U.S. Dollars		84,720	Turkish Lira		400,000		CITI		647
09/19/18	U.S. Dollars		765,285	Hong Kong Dollars		5,991,000		CITI		608
09/19/18	Turkish Lira		200,000	U.S. Dollars		41,460		CITI		576
09/20/18	U.S. Dollars		46,483	Chilean Pesos		30,000,000		CITI		571
09/19/18	U.S. Dollars		541,463	South African Rand		7,500,000		CITI		548
09/19/18	Czech Republic Koruna		1,100,000	U.S. Dollars		49,124		CITI		544
09/19/18	Hong Kong Dollars		13,453,000	U.S. Dollars		1,716,574		CITI		534

See Notes to Financial Statements.

226

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	U.S. Dollars		15,638	Thai Baht		500,000		CITI	$	509
09/19/18	Euro		50,000	U.S. Dollars		58,254		CITI		502
09/19/18	U.S. Dollars		15,611	Thai Baht		500,000		CITI		481
09/19/18	U.S. Dollars		15,658	Colombian Pesos		45,000,000		CITI		364
09/19/18	U.S. Dollars		797,572	Indonesian Rupiahs		11,550,873,402		CITI		342
09/19/18	Hong Kong Dollars		10,687,000	U.S. Dollars		1,363,758		CITI		305
09/19/18	U.S. Dollars		15,594	Colombian Pesos		45,000,000		CITI		299
09/19/18	U.S. Dollars		408,966	Hong Kong Dollars		3,202,000		CITI		270
09/19/18	U.S. Dollars		23,726	Euro		20,000		CITI		223
09/19/18	U.S. Dollars		51,662	Thai Baht		1,700,000		CITI		222
09/19/18	U.S. Dollars		279,742	Hong Kong Dollars		2,190,000		CITI		216
09/19/18	U.S. Dollars		242,689	Hong Kong Dollars		1,900,000		CITI		178
09/19/18	Colombian Pesos		180,000,000	U.S. Dollars		61,041		CITI		136
09/19/18	U.S. Dollars		11,875	Euro		10,000		CITI		124
09/19/18	Hong Kong Dollars		2,300,000	U.S. Dollars		293,443		CITI		123
09/19/18	U.S. Dollars		3,147	Thai Baht		100,000		CITI		121
09/19/18	Euro		10,000	U.S. Dollars		11,632		CITI		119
09/19/18	U.S. Dollars		3,137	Thai Baht		100,000		CITI		111
09/19/18	U.S. Dollars		159,528	Hong Kong Dollars		1,249,000		CITI		109
09/19/18	Hong Kong Dollars		4,373,000	U.S. Dollars		558,052		CITI		107
09/19/18	Czech Republic Koruna		600,000	U.S. Dollars		26,986		CITI		105
09/19/18	U.S. Dollars		3,130	Thai Baht		100,000		CITI		104
09/19/18	U.S. Dollars		3,032	Thai Baht		97,000		CITI		97
09/19/18	U.S. Dollars		228,181	Hong Kong Dollars		1,787,000		CITI		92
09/19/18	Euro		50,000	U.S. Dollars		58,667		CITI		88
09/19/18	U.S. Dollars		24,294	Thai Baht		800,000		CITI		87
09/19/18	Hong Kong Dollars		2,900,000	U.S. Dollars		370,067		CITI		82
09/19/18	U.S. Dollars		11,832	Euro		10,000		CITI		81
09/19/18	Turkish Lira		10,000	U.S. Dollars		2,024		CITI		78
09/19/18	Hong Kong Dollars		1,122,000	U.S. Dollars		143,136		CITI		73
09/19/18	U.S. Dollars		24,359	Peruvian Nuevo Soles		80,000		CITI		68
09/19/18	U.S. Dollars		140,593	Hong Kong Dollars		1,101,000		CITI		64
09/19/18	U.S. Dollars		7,325	Thai Baht		240,000		CITI		63
09/19/18	U.S. Dollars		1,263,670	Hong Kong Dollars		9,900,000		CITI		59
09/19/18	U.S. Dollars		1,662	Thai Baht		53,000		CITI		58
09/19/18	Euro		10,000	U.S. Dollars		11,701		CITI		51
09/19/18	U.S. Dollars		11,798	Euro		10,000		CITI		47
09/19/18	U.S. Dollars		51,101	Hong Kong Dollars		400,000		CITI		46
09/19/18	U.S. Dollars		9,152	Peruvian Nuevo Soles		30,000		CITI		43
09/19/18	Peruvian Nuevo Soles		10,000	U.S. Dollars		2,996		CITI		40
09/19/18	Hong Kong Dollars		1,300,000	U.S. Dollars		165,890		CITI		39
09/19/18	Euro		10,000	U.S. Dollars		11,717		CITI		34
09/19/18	Polish Zloty		400,000	U.S. Dollars		106,901		CITI		32
09/19/18	U.S. Dollars		38,322	Hong Kong Dollars		300,000		CITI		31
09/19/18	Hong Kong Dollars		1,100,000	U.S. Dollars		140,374		CITI		27
09/19/18	U.S. Dollars		2,807	Mexican Pesos		56,000		CITI		24
09/19/18	Hong Kong Dollars		3,461,000	U.S. Dollars		441,731		CITI		22
09/19/18	U.S. Dollars		102,132	Hong Kong Dollars		800,000		CITI		22
09/19/18	U.S. Dollars		63,836	Hong Kong Dollars		500,000		CITI		18
09/19/18	U.S. Dollars		533	South Korean Won		573,000		CITI		17
09/19/18	U.S. Dollars		503	South Korean Won		540,000		CITI		16
09/19/18	U.S. Dollars		1,085	Polish Zloty		4,000		CITI		15
09/19/18	U.S. Dollars		102,125	Hong Kong Dollars		800,000		CITI		15
09/19/18	Mexican Pesos		8,000	U.S. Dollars		383		CITI		15
09/19/18	Mexican Pesos		3,005,000	U.S. Dollars		149,348		CITI		13
09/19/18	U.S. Dollars		1,454	Mexican Pesos		29,000		CITI		13

See Notes to Financial Statements.

227

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased		Amount of  Currency Purchased		Currency Sold		Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/20/18		U.S. Dollars		213		Chilean Pesos		133,000		CITI	$	9
09/19/18		U.S. Dollars		276		Polish Zloty		1,000		CITI		9
09/19/18		U.S. Dollars		149		South African Rand		2,000		CITI		5
09/19/18		U.S. Dollars		25,532		Hong Kong Dollars		200,000		CITI		5
09/19/18		U.S. Dollars		1,972		Thai Baht		65,000		CITI		5
09/19/18		U.S. Dollars		3,041		Peruvian Nuevo Soles		10,000		CITI		5
09/19/18		U.S. Dollars		3,039		Peruvian Nuevo Soles		10,000		CITI		3
09/19/18		Mexican Pesos		1,000		U.S. Dollars		48		CITI		2
09/19/18		Turkish Lira		1,300,000		U.S. Dollars		273,235		CITI		2
09/19/18		U.S. Dollars		59		Indian Rupees		4,000		CITI		1
09/19/18		U.S. Dollars		1,262		Turkish Lira		6,000		CITI		1
09/19/18		U.S. Dollars		1,404		Hong Kong Dollars		11,000		CITI		—
Subtotal Appreciation											$	2,180,849
09/19/18		U.S. Dollars		3,035		Peruvian Nuevo Soles		10,000		CITI	$	(1	)
09/19/18		Hong Kong Dollars		15,000		U.S. Dollars		1,916		CITI		(2	)
09/19/18		Colombian Pesos		10,000,000		U.S. Dollars		3,400		CITI		(2	)
09/19/18		U.S. Dollars		101,244		Thai Baht		3,346,000		CITI		(2	)
09/19/18		U.S. Dollars		834		Russian Rubles		53,000		CITI		(3	)
09/19/18		Euro		10,000		U.S. Dollars		11,755		CITI		(4	)
09/19/18		Thai Baht		600,000		U.S. Dollars		18,160		CITI		(4	)
09/19/18		U.S. Dollars		3,032		Peruvian Nuevo Soles		10,000		CITI		(5	)
09/19/18		Peruvian Nuevo Soles		10,000		U.S. Dollars		3,043		CITI		(7	)
09/19/18		Thai Baht		74,000		U.S. Dollars		2,248		CITI		(9	)
09/19/18		Hong Kong Dollars		343,000		U.S. Dollars		43,789		CITI		(10	)
09/19/18		U.S. Dollars		102,100		Hong Kong Dollars		800,000		CITI		(10	)
09/19/18		Peruvian Nuevo Soles		10,000		U.S. Dollars		3,048		CITI		(11	)
09/19/18		Peruvian Nuevo Soles		10,000		U.S. Dollars		3,049		CITI		(12	)
09/19/18		Hong Kong Dollars		506,000		U.S. Dollars		64,599		CITI		(14	)
09/19/18		U.S. Dollars		3,022		Peruvian Nuevo Soles		10,000		CITI		(15	)
09/19/18		U.S. Dollars		31,561		Russian Rubles		2,000,000		CITI		(16	)
09/19/18		U.S. Dollars		268,020		Hong Kong Dollars		2,100,000		CITI		(19	)
09/19/18		Peruvian Nuevo Soles		10,000		U.S. Dollars		3,060		CITI		(23	)
09/19/18		Czech Republic Koruna		300,000		U.S. Dollars		13,577		CITI		(31	)
09/19/18		Hong Kong Dollars		800,000		U.S. Dollars		102,143		CITI		(33	)
09/19/18		Hong Kong Dollars		1,200,000		U.S. Dollars		153,212		CITI		(47	)
09/19/18		U.S. Dollars		153,118		Hong Kong Dollars		1,200,000		CITI		(47	)
09/19/18		Taiwan Dollars		61,000		U.S. Dollars		2,060		CITI		(48	)
09/19/18		Thai Baht		47,000		U.S. Dollars		1,472		CITI		(49	)
09/19/18		Peruvian Nuevo Soles		20,000		U.S. Dollars		6,124		CITI		(51	)
09/19/18		U.S. Dollars		11,694		Euro		10,000		CITI		(57	)
09/19/18		U.S. Dollars		11,692		Euro		10,000		CITI		(59	)
09/19/18		Indian Rupees		1,000,000		U.S. Dollars		14,500		CITI		(59	)
09/19/18		Euro		10,000		U.S. Dollars		11,812		CITI		(61	)
09/19/18		Mexican Pesos		6,702,000		U.S. Dollars		333,180		CITI		(63	)
09/19/18		Hong Kong Dollars		700,000		U.S. Dollars		89,410		CITI		(63	)
09/19/18		U.S. Dollars		168,796		Hong Kong Dollars		1,323,000		CITI		(69	)
09/19/18		Philippine Pesos		1,747,000		U.S. Dollars		32,585		CITI		(70	)
09/19/18		U.S. Dollars		153,091		Hong Kong Dollars		1,200,000		CITI		(74	)
09/19/18		U.S. Dollars		153,089		Hong Kong Dollars		1,200,000		CITI		(76	)
09/19/18		Indonesian Rupiahs		469,098,000		U.S. Dollars		32,470		CITI		(94	)
09/19/18		Colombian Pesos		1,360,000,000		U.S. Dollars		462,321		CITI		(95	)
09/19/18		Thai Baht		100,000		U.S. Dollars		3,132		CITI		(106	)
09/19/18		U.S. Dollars		11,644		Euro		10,000		CITI		(107	)
09/19/18		Taiwan Dollars		161,000		U.S. Dollars		5,417		CITI		(107	)
09/19/18		Hong Kong Dollars		2,019,000		U.S. Dollars		257,816		CITI		(115	)

See Notes to Financial Statements.

228

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	Hong Kong Dollars		800,000	U.S. Dollars		102,229		CITI	$	(119	)
09/19/18	Hong Kong Dollars		2,100,000	U.S. Dollars		268,164		CITI		(125	)
09/19/18	Russian Rubles		5,179,000	U.S. Dollars		81,910		CITI		(142	)
09/19/18	Thai Baht		2,100,000	U.S. Dollars		63,691		CITI		(147	)
09/19/18	Thai Baht		600,000	U.S. Dollars		18,320		CITI		(165	)
09/19/18	Peruvian Nuevo Soles		409,874	U.S. Dollars		124,620		CITI		(168	)
09/19/18	Euro		50,000	U.S. Dollars		58,935		CITI		(179	)
09/19/18	Thai Baht		200,000	U.S. Dollars		6,241		CITI		(189	)
09/19/18	Euro		50,000	U.S. Dollars		58,946		CITI		(191	)
09/19/18	U.S. Dollars		101,053	Indonesian Rupiahs		1,466,926,000		CITI		(192	)
09/19/18	Hong Kong Dollars		3,300,000	U.S. Dollars		421,399		CITI		(195	)
09/19/18	Thai Baht		200,000	U.S. Dollars		6,274		CITI		(222	)
09/19/18	Euro		50,000	U.S. Dollars		58,991		CITI		(236	)
09/19/18	Hong Kong Dollars		4,804,750	U.S. Dollars		613,518		CITI		(252	)
09/19/18	Polish Zloty		400,000	U.S. Dollars		107,208		CITI		(275	)
09/19/18	Thai Baht		400,000	U.S. Dollars		12,400		CITI		(296	)
09/19/18	Euro		50,000	U.S. Dollars		59,056		CITI		(300	)
09/19/18	U.S. Dollars		47,060	Russian Rubles		3,000,000		CITI		(305	)
09/19/18	Hong Kong Dollars		4,804,750	U.S. Dollars		613,592		CITI		(325	)
09/19/18	U.S. Dollars		20,685	Turkish Lira		100,000		CITI		(334	)
09/19/18	Russian Rubles		24,000,000	U.S. Dollars		379,270		CITI		(349	)
09/19/18	Hong Kong Dollars		4,804,750	U.S. Dollars		613,628		CITI		(361	)
09/19/18	Thai Baht		300,000	U.S. Dollars		9,451		CITI		(374	)
09/19/18	Euro		50,000	U.S. Dollars		59,137		CITI		(381	)
09/19/18	Hong Kong Dollars		4,804,750	U.S. Dollars		613,698		CITI		(432	)
09/19/18	U.S. Dollars		31,138	Russian Rubles		2,000,000		CITI		(439	)
09/19/18	U.S. Dollars		324,101	South African Rand		4,500,000		CITI		(447	)
09/19/18	Hong Kong Dollars		4,804,750	U.S. Dollars		613,718		CITI		(452	)
09/19/18	Euro		50,000	U.S. Dollars		59,282		CITI		(527	)
09/19/18	Hong Kong Dollars		4,594,000	U.S. Dollars		586,927		CITI		(560	)
09/19/18	Hong Kong Dollars		4,804,750	U.S. Dollars		613,832		CITI		(565	)
09/19/18	Indian Rupees		25,000,000	U.S. Dollars		361,600		CITI		(575	)
09/19/18	Brazilian Reals		51,000	U.S. Dollars		13,627		CITI		(579	)
09/20/18	Chilean Pesos		10,000,000	U.S. Dollars		15,903		CITI		(600	)
09/19/18	Hong Kong Dollars		4,804,750	U.S. Dollars		613,871		CITI		(604	)
09/19/18	Hong Kong Dollars		4,804,750	U.S. Dollars		613,871		CITI		(604	)
09/19/18	U.S. Dollars		148,257	Philippine Pesos		8,000,000		CITI		(637	)
09/19/18	Hong Kong Dollars		5,850,000	U.S. Dollars		747,428		CITI		(748	)
09/19/18	U.S. Dollars		20,252	Turkish Lira		100,000		CITI		(766	)
09/19/18	Polish Zloty		81,000	U.S. Dollars		22,444		CITI		(790	)
09/19/18	Polish Zloty		200,000	U.S. Dollars		54,262		CITI		(795	)
09/19/18	Russian Rubles		79,608,500	U.S. Dollars		1,257,842		CITI		(954	)
09/19/18	U.S. Dollars		796,197	Indonesian Rupiahs		11,550,873,402		CITI		(1,032	)
09/19/18	Thai Baht		1,100,000	U.S. Dollars		34,371		CITI		(1,086	)
09/19/18	U.S. Dollars		219,917	Russian Rubles		14,000,000		CITI		(1,120	)
09/19/18	Philippine Pesos		5,187,000	U.S. Dollars		97,664		CITI		(1,124	)
09/20/18	Chilean Pesos		17,142,000	U.S. Dollars		27,383		CITI		(1,149	)
09/19/18	Indian Rupees		14,000,000	U.S. Dollars		203,341		CITI		(1,167	)
09/19/18	U.S. Dollars		994,248	Indian Rupees		68,931,000		CITI		(1,184	)
09/19/18	Thai Baht		3,200,000	U.S. Dollars		98,016		CITI		(1,187	)
09/20/18	Chilean Pesos		20,000,000	U.S. Dollars		31,835		CITI		(1,227	)
09/19/18	U.S. Dollars		19,779	Turkish Lira		100,000		CITI		(1,239	)
09/19/18	Indonesian Rupiahs		2,000,000,000	U.S. Dollars		139,325		CITI		(1,287	)
09/19/18	Thai Baht		1,500,000	U.S. Dollars		46,900		CITI		(1,512	)
09/19/18	U.S. Dollars		993,862	Indian Rupees		68,931,000		CITI		(1,571	)
09/19/18	Polish Zloty		1,300,000	U.S. Dollars		349,167		CITI		(1,636	)

See Notes to Financial Statements.

229

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	Polish Zloty		322,000	U.S. Dollars		87,791		CITI	$	(1,710	)
09/19/18	Turkish Lira		617,000	U.S. Dollars		131,393		CITI		(1,711	)
09/19/18	U.S. Dollars		795,512	Indonesian Rupiahs		11,550,873,401		CITI		(1,718	)
09/19/18	U.S. Dollars		2,247,105	Turkish Lira		10,700,000		CITI		(1,839	)
09/19/18	Indian Rupees		30,000,000	U.S. Dollars		435,187		CITI		(1,957	)
09/19/18	U.S. Dollars		793,266	Brazilian Reals		3,108,584		CITI		(2,023	)
09/19/18	U.S. Dollars		124,175	Russian Rubles		8,000,000		CITI		(2,132	)
09/19/18	Thai Baht		2,233,000	U.S. Dollars		69,891		CITI		(2,323	)
09/19/18	Colombian Pesos		270,000,000	U.S. Dollars		94,110		CITI		(2,344	)
09/19/18	Indonesian Rupiahs		4,300,000,000	U.S. Dollars		299,173		CITI		(2,392	)
09/19/18	U.S. Dollars		518,709	Philippine Pesos		28,000,000		CITI		(2,421	)
09/19/18	Turkish Lira		700,000	U.S. Dollars		149,577		CITI		(2,450	)
09/19/18	U.S. Dollars		348,649	South Korean Won		390,000,000		CITI		(2,470	)
09/19/18	Indonesian Rupiahs		5,000,000,000	U.S. Dollars		347,586		CITI		(2,491	)
09/19/18	Thai Baht		2,600,000	U.S. Dollars		81,203		CITI		(2,530	)
09/19/18	U.S. Dollars		418,437	Indonesian Rupiahs		6,100,000,000		CITI		(2,579	)
09/19/18	Indian Rupees		46,000,000	U.S. Dollars		666,871		CITI		(2,585	)
09/19/18	Indonesian Rupiahs		5,100,000,000	U.S. Dollars		354,685		CITI		(2,688	)
09/20/18	Chilean Pesos		45,713,500	U.S. Dollars		72,740		CITI		(2,781	)
09/19/18	Brazilian Reals		1,300,000	U.S. Dollars		335,400		CITI		(2,812	)
09/19/18	U.S. Dollars		620,434	Taiwan Dollars		18,900,000		CITI		(2,933	)
09/20/18	Chilean Pesos		45,713,500	U.S. Dollars		73,034		CITI		(3,075	)
09/20/18	Chilean Pesos		80,000,000	U.S. Dollars		125,510		CITI		(3,080	)
09/19/18	Philippine Pesos		11,000,000	U.S. Dollars		207,822		CITI		(3,093	)
09/19/18	Mexican Pesos		21,690,769	U.S. Dollars		1,081,239		CITI		(3,119	)
09/19/18	U.S. Dollars		534,132	Brazilian Reals		2,100,000		CITI		(3,125	)
09/19/18	Colombian Pesos		1,380,000,000	U.S. Dollars		472,162		CITI		(3,139	)
09/19/18	Chinese Offshore Yuan		1,088,000	U.S. Dollars		166,757		CITI		(3,269	)
09/19/18	Turkish Lira		1,900,000	U.S. Dollars		402,757		CITI		(3,411	)
09/19/18	U.S. Dollars		328,124	Russian Rubles		21,000,000		CITI		(3,432	)
09/20/18	Chilean Pesos		70,000,000	U.S. Dollars		110,559		CITI		(3,432	)
09/19/18	Thai Baht		3,182,000	U.S. Dollars		99,730		CITI		(3,446	)
09/19/18	U.S. Dollars		858,148	Turkish Lira		4,100,000		CITI		(3,597	)
09/19/18	Mexican Pesos		21,690,769	U.S. Dollars		1,081,817		CITI		(3,697	)
09/19/18	Polish Zloty		2,172,625	U.S. Dollars		584,926		CITI		(4,115	)
09/19/18	Mexican Pesos		21,690,769	U.S. Dollars		1,082,518		CITI		(4,397	)
09/19/18	Polish Zloty		2,172,625	U.S. Dollars		585,363		CITI		(4,552	)
09/19/18	Russian Rubles		51,000,000	U.S. Dollars		810,229		CITI		(5,022	)
09/19/18	Indian Rupees		20,000,000	U.S. Dollars		293,931		CITI		(5,111	)
09/19/18	U.S. Dollars		183,589	Mexican Pesos		3,800,000		CITI		(5,287	)
09/19/18	Chinese Offshore Yuan		894,000	U.S. Dollars		139,642		CITI		(5,305	)
09/19/18	South African Rand		757,000	U.S. Dollars		59,926		CITI		(5,330	)
09/19/18	U.S. Dollars		405,607	South African Rand		5,700,000		CITI		(5,488	)
09/19/18	Chinese Offshore Yuan		1,065,000	U.S. Dollars		165,602		CITI		(5,570	)
09/19/18	U.S. Dollars		278,281	Russian Rubles		18,000,000		CITI		(5,909	)
09/19/18	Indonesian Rupiahs		5,500,000,000	U.S. Dollars		385,615		CITI		(6,010	)
09/19/18	Indian Rupees		21,000,000	U.S. Dollars		309,316		CITI		(6,055	)
09/19/18	U.S. Dollars		498,270	Turkish Lira		2,400,000		CITI		(6,166	)
09/19/18	Indian Rupees		32,445,000	U.S. Dollars		474,760		CITI		(6,222	)
09/19/18	Indian Rupees		34,000,000	U.S. Dollars		497,308		CITI		(6,314	)
09/19/18	Indian Rupees		34,000,000	U.S. Dollars		497,313		CITI		(6,319	)
09/19/18	Indian Rupees		59,000,000	U.S. Dollars		858,449		CITI		(6,429	)
09/19/18	Indonesian Rupiahs		3,600,000,000	U.S. Dollars		255,103		CITI		(6,635	)
09/19/18	Indonesian Rupiahs		3,700,000,000	U.S. Dollars		262,090		CITI		(6,720	)
09/19/18	South Korean Won		297,267,000	U.S. Dollars		274,410		CITI		(6,779	)
09/19/18	U.S. Dollars		679,089	Mexican Pesos		13,800,000		CITI		(6,828	)

See Notes to Financial Statements.

230

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	Mexican Pesos		21,690,769	U.S. Dollars		1,085,009		CITI	$	(6,888	)
09/19/18	U.S. Dollars		172,001	Mexican Pesos		3,600,000		CITI		(6,934	)
09/19/18	Philippine Pesos		24,000,000	U.S. Dollars		453,859		CITI		(7,177	)
09/19/18	Indian Rupees		50,000,000	U.S. Dollars		729,556		CITI		(7,506	)
09/19/18	Indian Rupees		26,000,000	U.S. Dollars		383,154		CITI		(7,688	)
09/19/18	Philippine Pesos		32,000,000	U.S. Dollars		603,548		CITI		(7,971	)
09/19/18	Taiwan Dollars		17,795,000	U.S. Dollars		594,994		CITI		(8,072	)
09/19/18	Indonesian Rupiahs		3,800,000,000	U.S. Dollars		270,425		CITI		(8,153	)
09/19/18	Indonesian Rupiahs		4,000,000,000	U.S. Dollars		284,597		CITI		(8,521	)
09/19/18	Philippine Pesos		30,000,000	U.S. Dollars		566,922		CITI		(8,569	)
09/19/18	Indian Rupees		37,000,000	U.S. Dollars		542,932		CITI		(8,615	)
09/19/18	Indonesian Rupiahs		4,000,000,000	U.S. Dollars		284,881		CITI		(8,805	)
09/19/18	Polish Zloty		2,172,625	U.S. Dollars		589,629		CITI		(8,818	)
09/19/18	Polish Zloty		2,172,625	U.S. Dollars		589,751		CITI		(8,940	)
09/19/18	Chinese Offshore Yuan		1,457,000	U.S. Dollars		227,993		CITI		(9,057	)
09/19/18	Indian Rupees		48,000,000	U.S. Dollars		703,126		CITI		(9,958	)
09/20/18	Israeli Shekels		1,500,000	U.S. Dollars		422,469		CITI		(10,015	)
09/19/18	South African Rand		3,172,000	U.S. Dollars		238,899		CITI		(10,128	)
09/19/18	Taiwan Dollars		17,795,000	U.S. Dollars		597,932		CITI		(11,011	)
09/19/18	Indian Rupees		66,000,000	U.S. Dollars		964,446		CITI		(11,340	)
09/20/18	Chilean Pesos		210,000,000	U.S. Dollars		332,727		CITI		(11,348	)
09/20/18	Chilean Pesos		190,000,000	U.S. Dollars		302,180		CITI		(11,408	)
09/19/18	U.S. Dollars		261,637	Mexican Pesos		5,500,000		CITI		(11,735	)
09/19/18	Taiwan Dollars		17,795,000	U.S. Dollars		598,737		CITI		(11,816	)
09/19/18	Taiwan Dollars		17,795,000	U.S. Dollars		598,959		CITI		(12,038	)
09/19/18	Hungarian Forint		178,082,000	U.S. Dollars		646,633		CITI		(12,059	)
09/19/18	Polish Zloty		2,172,625	U.S. Dollars		593,193		CITI		(12,381	)
09/19/18	Taiwan Dollars		17,795,000	U.S. Dollars		599,605		CITI		(12,684	)
09/19/18	Taiwan Dollars		17,795,000	U.S. Dollars		599,665		CITI		(12,744	)
09/19/18	Polish Zloty		2,172,625	U.S. Dollars		593,810		CITI		(12,999	)
09/19/18	Polish Zloty		2,172,625	U.S. Dollars		594,574		CITI		(13,763	)
09/19/18	Taiwan Dollars		17,760,000	U.S. Dollars		600,205		CITI		(14,438	)
09/19/18	Russian Rubles		79,608,500	U.S. Dollars		1,272,967		CITI		(16,079	)
09/19/18	Taiwan Dollars		17,795,000	U.S. Dollars		603,182		CITI		(16,261	)
09/19/18	Russian Rubles		55,000,000	U.S. Dollars		885,242		CITI		(16,883	)
09/19/18	Taiwan Dollars		17,795,000	U.S. Dollars		603,837		CITI		(16,916	)
09/20/18	Chilean Pesos		310,000,000	U.S. Dollars		491,598		CITI		(17,181	)
09/19/18	Brazilian Reals		1,200,000	U.S. Dollars		325,072		CITI		(18,068	)
09/20/18	Chilean Pesos		350,000,000	U.S. Dollars		553,870		CITI		(18,238	)
09/19/18	South Korean Won		590,000,000	U.S. Dollars		550,581		CITI		(19,401	)
09/19/18	Russian Rubles		79,608,500	U.S. Dollars		1,276,396		CITI		(19,508	)
09/19/18	South African Rand		3,300,000	U.S. Dollars		258,455		CITI		(20,453	)
09/19/18	Brazilian Reals		2,600,000	U.S. Dollars		685,680		CITI		(20,505	)
09/19/18	Hungarian Forint		178,082,000	U.S. Dollars		655,517		CITI		(20,944	)
09/19/18	Polish Zloty		2,172,625	U.S. Dollars		601,771		CITI		(20,959	)
09/20/18	Chilean Pesos		380,000,000	U.S. Dollars		603,130		CITI		(21,586	)
09/19/18	Hungarian Forint		178,082,000	U.S. Dollars		656,453		CITI		(21,880	)
09/19/18	Hungarian Forint		178,082,000	U.S. Dollars		657,447		CITI		(22,874	)
09/19/18	South Korean Won		750,000,000	U.S. Dollars		698,147		CITI		(22,918	)
09/19/18	South Korean Won		770,000,000	U.S. Dollars		716,415		CITI		(23,180	)
09/19/18	U.S. Dollars		508,208	Mexican Pesos		10,700,000		CITI		(23,626	)
09/19/18	Hungarian Forint		178,082,000	U.S. Dollars		658,541		CITI		(23,968	)
09/19/18	Hungarian Forint		178,082,000	U.S. Dollars		658,614		CITI		(24,041	)
09/19/18	U.S. Dollars		585,288	Turkish Lira		2,900,000		CITI		(24,238	)
09/19/18	U.S. Dollars		562,210	Mexican Pesos		11,800,000		CITI		(24,299	)
09/19/18	Russian Rubles		79,608,500	U.S. Dollars		1,281,553		CITI		(24,666	)

See Notes to Financial Statements.

231

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of  Currency Purchased		Currency Sold		Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	South Korean Won		890,000,000		U.S. Dollars		826,718		CITI	$	(25,447	)
09/19/18	Hungarian Forint		178,082,000		U.S. Dollars		660,544		CITI		(25,971	)
09/19/18	Brazilian Reals		2,127,000		U.S. Dollars		572,299		CITI		(28,135	)
09/19/18	Singapore Dollars		3,112,500		U.S. Dollars		2,317,495		CITI		(29,025	)
09/19/18	Singapore Dollars		3,112,500		U.S. Dollars		2,321,990		CITI		(33,520	)
09/19/18	Hungarian Forint		178,082,000		U.S. Dollars		668,504		CITI		(33,930	)
09/19/18	South African Rand		6,019,375		U.S. Dollars		468,399		CITI		(34,270	)
09/19/18	U.S. Dollars		860,324		Mexican Pesos		18,000,000		CITI		(34,351	)
09/19/18	U.S. Dollars		783,143		Turkish Lira		3,900,000		CITI		(36,565	)
09/19/18	South African Rand		6,019,375		U.S. Dollars		471,149		CITI		(37,020	)
09/19/18	Singapore Dollars		3,112,500		U.S. Dollars		2,326,112		CITI		(37,642	)
09/19/18	South African Rand		6,019,375		U.S. Dollars		472,251		CITI		(38,123	)
09/19/18	South African Rand		6,019,375		U.S. Dollars		472,451		CITI		(38,322	)
09/19/18	South African Rand		6,019,375		U.S. Dollars		472,918		CITI		(38,790	)
09/19/18	South African Rand		6,019,375		U.S. Dollars		474,286		CITI		(40,157	)
09/19/18	Singapore Dollars		3,112,500		U.S. Dollars		2,329,136		CITI		(40,666	)
09/19/18	South African Rand		6,019,375		U.S. Dollars		475,815		CITI		(41,687	)
09/19/18	South African Rand		6,064,000		U.S. Dollars		479,233		CITI		(41,886	)
09/19/18	South African Rand		6,019,375		U.S. Dollars		476,226		CITI		(42,097	)
09/19/18	Brazilian Reals		5,100,000		U.S. Dollars		1,359,277		CITI		(54,510	)
09/19/18	Chinese Offshore Yuan		11,183,000		U.S. Dollars		1,738,549		CITI		(58,136	)
Subtotal Depreciation										$	(1,867,035	)
Total Forward Foreign Currency Contracts outstanding at June 30, 2018										$	313,814

Swap agreements outstanding at June 30, 2018:

Reference Obligation	Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Total Return Swaps
MSCI Poland Index, Floating financing rate: 1-Month WIBOR — 0.0025 (Monthly)		09/19/18		GSC		PLN		623,097	$	8,174		$	—	$	8,174
MSCI Turkey Index, Floating financing rate: 1-Month TRLIBOR -0.005 (Monthly)		09/19/18		GSC		TRY		65,603		25			—		25
MSCI Poland Index, Floating financing rate: 1-Month WIBOR — 0.0035 (Monthly)		09/19/18		GSC		PLN		720,636		10,239			—		10,239
MSCI China Index, Floating financing rate: 1-Month HIBOR + 0.005 (Monthly)		09/19/18		GSC		HKD		16,185,325		(206,507	)		—		(206,507	)
MSCI Thailand Index, Floating financing rate: 1-Month ICE LIBOR USD + 0.003 (Monthly)		09/19/18		GSC		USD		6,305		735					735
MSCI South Africa Index, Floating financing rate: 1-Month SAFE South Africa JIBAR -0.006 (Monthly)		09/19/18		GSC		ZAR		22,370,440		6,898			—		6,898
MSCI South Africa Index, Floating financing rate: 1-Month SAFE South Africa JIBAR -0.006 (Monthly)		09/19/18		GSC		ZAR		24,539,210		—			—		—
MSCI Mexico Index, Floating financing rate: 28-Day Mexico Interbank TIIE + 0.0005 (Monthly)		09/19/18		GSC		MXN		22,701,818		—			—		—
Total Swap agreements outstanding at June 30, 2018									$	(180,436	)	$	—	$	(180,436	)

See Notes to Financial Statements.

232

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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	$	6,531,357	$	6,531,357	$	—	$	—
Foreign Common Stocks:
Argentina		1,519,120		1,519,120		—		—
Australia		186,842		186,842		—		—
Brazil		16,462,745		16,462,745		—		—
Chile		3,241,704		3,241,704		—		—
China		92,303,009		92,303,009		—		—
Colombia		135,872		135,872		—		—
Czech Republic		1,720,505		1,720,505		—		—
Egypt		211,801		211,801		—		—
Germany		356,011		356,011		—		—
Greece		481,753		481,753		—		—
Hong Kong		43,209,890		43,209,890		—		—
Hungary		2,197,283		2,197,283		—		—
India		31,412,284		31,412,284		—		—
Indonesia		5,645,024		5,645,024		—		—
Isle of Man		161,780		161,780		—		—
Malaysia		7,685,762		7,685,762		—		—
Mexico		15,919,979		15,919,979		—		—
Netherlands		1,126,380		1,126,380		—		—
Nigeria		62,585		62,585		—		—
Peru		4,609,771		4,609,771		—		—
Philippines		1,486,287		1,486,287		—		—
Poland		6,213,012		6,213,012		—		—
Portugal		557,592		557,592		—		—
Qatar		332,585		—		332,585		—
Romania		226,891		226,891		—		—
Russia		11,256,471		11,256,471		—		—
South Africa		18,642,056		18,642,056		—		—
South Korea		64,349,698		64,349,698		—		—
Spain		362,849		362,849		—		—
Taiwan		49,483,459		49,483,459		—		—
Thailand		8,000,132		7,212,465		787,667		—
Turkey		5,483,902		5,483,902		—		—
United Kingdom		3,827,526		3,827,526		—		—
Foreign Preferred Stocks:
Brazil		5,596,396		5,596,396		—		—
Colombia		139,831		139,831		—		—
Money Market Funds		40,775,245		40,775,245		—		—
U.S. Treasury Obligation		1,387,637		—		1,387,637		—
Total Assets — Investments in Securities	$	453,303,026	$	450,795,137	$	2,507,889	$	—

See Notes to Financial Statements.

233

EMERGING MARKETS EQUITY 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 Contract	$	51,506		$	51,506		$	—		$	—
Forward Foreign Currency Contracts		2,180,849			—			2,180,849			—
Swap Agreements		26,071			—			26,071			—
Total Assets — Other Financial Instruments	$	2,258,426		$	51,506		$	2,206,920		$	—
Liabilities:
Other Financial Instruments***
Futures Contract	$	(578,827	)	$	(578,827	)	$	—		$	—
Forward Foreign Currency Contracts		(1,867,035	)		—			(1,867,035	)		—
Swap Agreements		(206,507	)		—			(206,507	)		—
Total Liabilities — Other Financial Instruments	$	(2,652,369	)	$	(578,827	)	$	(2,073,542	)	$	—

*** Other financial instruments are derivative instruments, such as futures contracts, 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 preceding “Futures Contracts outstanding”, “Forwards Foreign Currency Contracts outstanding” and “Swap agreements outstanding” disclosures.

Management has determined that the amount of transfers from Level 1 to Level 2 compared to total net assets is not material; therefore, the amount of transfers from Level 1 to Level 2 is not shown for the six-month period ended June 30, 2018.

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, 2017 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 1 as of June 30, 2018 is $55,411,279.

See Notes to Financial Statements.

234

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235

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2018 (Unaudited)

	Defensive Market Strategies Fund			Equity Index Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	1,019,620,816		$	972,105,418
Investments in securities of affiliated issuers, at value		34,204,619			34,514,023
Total investments, at value(1), (2)		1,053,825,435			1,006,619,441
Cash collateral for derivatives		—			—
Deposits with broker		—			610,400
Foreign currency(3)		—			—
Receivables:
Dividends and reclaims		643,351			690,797
Interest		1,734,727			—
Securities lending		18,752			4,587
From advisor		6,819			6,738
Investment securities sold		5,755,441			1,890,435
Fund shares sold		154,450			271,870
Variation margin on financial futures contracts		—			28,372
Unrealized appreciation on foreign currency exchange contracts		33,108			—
Unrealized appreciation on bilateral swap agreements		—			—
Prepaid expenses and other assets		39,962			23,817
Total Assets		1,062,212,045			1,010,146,457
Liabilities
Securities sold short, at value(4)		144,565			—
Options written, at value(5)		1,262,717			—
Unrealized depreciation on foreign currency exchange contracts		5,107			—
Unrealized depreciation on bilateral swap agreements		—			—
Collateral held for securities on loan, at value		16,624,004			1,401,734
Collateral held for derivatives		—			—
Due to broker		—			—
Payables:
Investment securities purchased		9,531,400			480,808
Dividends on short sales		—			—
Fund shares redeemed		591,386			161,448
Variation margin on financial futures contracts		—			—
Securities lending		2,813			688
Foreign capital gains taxes		—			—
Accrued expenses:
Investment advisory fees		528,607			75,779
Professional fees		37,198			27,964
Shareholder servicing fees		73,503			105,419
S&P license fees		—			24,956
Other expenses		108,628			104,797
Total Liabilities		28,909,928			2,383,593
Net Assets	$	1,033,302,117		$	1,007,762,864
Net Assets Consist of:
Paid-in-capital	$	909,558,415		$	641,521,133
Accumulated net investment income		351,073			1,082,337
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency and derivative transactions		25,091,811			(2,195,897	)
Net unrealized appreciation (depreciation) on investments, foreign currency and derivative transactions		98,300,818			367,355,291
Net Assets	$	1,033,302,117		$	1,007,762,864
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	676,908,600		$	499,900,773
Institutional shares outstanding		53,394,747			16,689,586
Net asset value, offering and redemption price per Institutional share	$	12.68		$	29.95
Net assets applicable to the Investor Class	$	356,393,517		$	507,862,091
Investor shares outstanding		28,106,044			16,947,109
Net asset value, offering and redemption price per Investor share	$	12.68		$	29.97
(1)     Investments in securities of unaffiliated issuers, at cost	$	921,152,740		$	603,992,412
Investments in securities of affiliated issuers, at cost		34,204,619			34,514,023
Total investments, at cost	$	955,357,359		$	638,506,435
(2)     Includes securities loaned of:	$	42,551,880		$	39,450,681
(3)     Foreign currency, at cost	$	—		$	—
(4)     Proceeds from securities sold short	$	(142,730	)	$	—
(5)     Premiums received on options written	$	(1,070,807	)	$	—

⁽⁶⁾  Net of $(524,864) and $(430,586) accrued foreign capital gains taxed on appreciated securities for International Equity Fund and Emerging Markets Equity Fund, respectively.

See Notes to Financial Statements.

236

Value Equity Fund		Growth Equity Fund		Small Cap Equity Fund		International Equity Index Fund			International Equity Fund			Emerging Markets Equity Fund
$	1,471,526,424	$	1,779,864,393	$	580,891,631	$	181,633,423		$	1,586,867,455		$	428,221,242
	31,215,782		55,475,171		21,270,447		5,846,389			70,635,416			25,081,784
	1,502,742,206		1,835,339,564		602,162,078		187,479,812			1,657,502,871			453,303,026
	—		—		—		—			3,782,083			2,314,654
	84,000		—		—		81,000			8,281,821			—
	—		—		—		576,052			8,486,623			1,400,303
	1,739,655		793,023		568,744		767,963			9,026,224			2,153,955
	—		—		—		—			—			—
	7,619		20,005		29,522		7,555			69,650			4,806
	6,584		11,690		3,821		—			13,674			2,865
	2,553,540		12,936,229		2,455,221		—			19,932,935			7,731,637
	115,745		1,197,443		52,259		205,604			2,510,138			26,777
	1,575		41,895		—		45,510			1,291,626			692,685
	—		—		—		—			3,367,717			2,180,849
	—		—		—		—			122,895			26,071
	27,441		27,106		8,759		25,080			30,441			26,756
	1,507,278,365		1,850,366,955		605,280,404		189,188,576			1,714,418,698			469,864,384
	—		—		—		—			82,514,305			—
	—		—		—		—			—			—
	—		—		—		—			3,669,130			1,867,035
	—		—		—		—			765,217			206,507
	2,876,989		7,090,548		12,515,437		844,414			5,406,326			1,862,134
	—		—		—		—			270,000			309,907
	—		—		—		—			16,432			—
	5,303,736		4,087,926		2,942,865		—			21,813,481			6,907,471
	—		—		—		—			156,757			—
	181,835		13,743		60,972		23,748			615,666			306,003
	18,382		—		42,400		260			1,129,671			203,055
	1,143		3,001		4,428		1,133			10,447			721
	—		—		—		—			524,864			430,586
	664,441		1,047,302		460,221		18,181			967,884			314,917
	32,654		31,871		37,691		32,582			37,281			39,420
	79,574		139,845		58,840		—			71,048			17,433
	—		—		—		—			—			—
	161,101		170,900		93,503		35,206			404,169			375,028
	9,319,855		12,585,136		16,216,357		955,524			118,372,678			12,840,217
$	1,497,958,510	$	1,837,781,819	$	589,064,047	$	188,233,052		$	1,596,046,020		$	457,024,167
$	1,216,696,842	$	1,233,575,364	$	451,411,626	$	175,698,520		$	1,404,486,488		$	432,595,122
	990,385		158,510		552,609		3,039,765			19,276,207			3,424,585
	32,673,325		68,801,042		43,583,008		(671,854	)		74,856,707			3,572,115
	247,597,958		535,246,903		93,516,804		10,166,621			97,426,618	(6)		17,432,345	(6)
$	1,497,958,510	$	1,837,781,819	$	589,064,047	$	188,233,052		$	1,596,046,020		$	457,024,167
$	1,116,936,048	$	1,163,899,321	$	305,703,537	$	188,233,052		$	1,257,616,796		$	379,419,837
	50,385,815		42,060,127		15,671,861		17,898,630			81,841,805			37,744,429
$	22.17	$	27.67	$	19.51	$	10.52		$	15.37		$	10.05
$	381,022,462	$	673,882,498	$	283,360,510		N/A		$	338,429,224		$	77,604,330
	17,177,288		24,438,746		14,535,517		N/A			22,013,858			7,732,033
$	22.18	$	27.57	$	19.49		N/A		$	15.37		$	10.04
$	1,223,284,025	$	1,243,870,288	$	487,057,291	$	171,237,646		$	1,484,017,451		$	410,412,509
	31,215,782		55,475,171		21,270,447		5,846,389			70,635,416			25,081,784
$	1,254,499,807	$	1,299,345,459	$	508,327,738	$	177,084,035		$	1,554,652,867		$	435,494,293
$	74,581,568	$	172,630,815	$	129,719,604	$	3,113,940		$	40,646,061		$	8,962,704
$	—	$	—	$	—	$	579,153		$	8,611,592		$	1,375,829
$	—	$	—	$	—	$	—		$	81,744,269		$	—
$	—	$	—	$	—	$	—		$	—		$	—

See Notes to Financial Statements.

237

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2018 (Unaudited)

	Defensive Market Strategies Fund			Equity Index Fund
Investment Income
Dividends	$	6,201,845		$	9,139,343
Income distributions received from affiliated funds		198,573			168,848
Interest		2,241,839			7,563
Securities lending		144,119			23,991
Other income		—			172,615
Less foreign taxes withheld		(29,955	)		7,094
Total Investment Income		8,756,421			9,519,454
Expenses
Investment advisory fees		3,111,336			449,170
Transfer agent fees:
Institutional shares		2,057			2,780
Investor shares		11,832			13,064
Custodian fees		30,885			14,856
Shareholder servicing fees:
Investor shares		439,500			624,837
Accounting and administration fees		98,083			96,849
Professional fees		44,629			41,011
Blue sky fees:
Institutional shares		4,534			4,380
Investor shares		13,822			5,619
Shareholder reporting fees:
Institutional shares		608			463
Investor shares		6,035			7,205
Trustees expenses		3,362			3,020
Line of credit facility fees and interest expense		2,349			2,246
Interest expense		—			—
Other expenses		38,754			20,185
Total Expenses		3,807,786			1,285,685
Dividends on securities sold short		—			—
Expenses waived/reimbursed net of amount recaptured(1)		(41,614	)		(34,847	)
Fees paid indirectly		—			—
Net Expenses		3,766,172			1,250,838
Net Investment Income		4,990,249			8,268,616
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		27,800,085			2,396,633
Investment securities sold short		—			—
Futures transactions		—			1,770,538
Swap agreements		—			—
Option contracts written		1,149,684			—
Forward foreign currency contracts		65,436			—
Foreign currency		10,411			—
Net realized gain		29,025,616			4,167,171
Net change in unrealized appreciation (depreciation) on:
Investment securities
(net of estimated capital gains taxes of $(479,059) and $(217,242) for International Equity Fund and Emerging Markets Fund, respectively)		(17,331,619	)		15,117,367
Investment securities sold short		(1,835	)		—
Futures		—			(990,405	)
Swap agreements		—			—
Option contracts written		(417,180	)		—
Forward foreign currency contracts		325,857			—
Foreign currency		(41,447	)		—
Net change in unrealized appreciation (depreciation)		(17,466,224	)		14,126,962
Net Realized and Unrealized Gain (Loss)		11,559,392			18,294,133
Net Increase (Decrease) in Net Assets Resulting from Operations	$	16,549,641		$	26,562,749

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

See Notes to Financial Statements.

238

Value Equity Fund		Growth Equity Fund			Small Cap Equity Fund			International Equity Index Fund			International Equity Fund			Emerging Markets Equity Fund
$	16,891,087	$	7,371,253		$	3,269,021		$	4,099,839		$	35,271,506		$	7,054,122
	207,828		342,359			118,224			42,762			376,701			88,084
	12,256		14,961			6,865			1,274			—			82,453
	45,597		133,057			126,276			45,483			374,624			37,817
	—		—			—			—			—			—
	12,896		(58,084	)		(5,097	)		(301,609	)		(2,556,269	)		(839,637	)
	17,169,664		7,803,546			3,515,289			3,887,749			33,466,562			6,422,839
	4,007,575		6,121,974			2,644,128			109,820			5,803,317			2,441,287
	2,075		2,063			2,060			1,861			2,557			1,961
	12,409		12,394			12,881			—			19,861			10,548
	25,781		22,770			35,440			42,720			284,004			422,511
	486,003		791,251			330,672			—			437,850			122,419
	147,308		177,238			55,049			18,378			158,903			48,292
	41,012		40,823			44,834			47,522			44,892			44,707
	4,510		9,300			9,634			6,443			4,738			6,619
	4,485		10,027			8,703			—			4,364			14,471
	593		641			717			4,926			1,222			835
	5,903		8,095			5,680			—			3,917			3,573
	5,795		6,519			2,063			763			5,427			1,765
	3,820		4,329			1,524			447			4,683			2,988
	—		—			—			—			33,170			—
	38,547		47,472			21,655			36,375			320,343			37,322
	4,785,816		7,254,896			3,175,040			269,255			7,129,248			3,159,298
	—		—			—			—			2,938,589			—
	(43,321)		(70,729	)		(24,663	)		—			(82,370	)		(18,642	)
	(10,971)		(14,830	)		(14,904	)		—			—			(2,951	)
	4,731,524		7,169,337			3,135,473			269,255			9,985,467			3,137,705
	12,438,140		634,209			379,816			3,618,494			23,481,095			3,285,134
	55,192,489		80,576,890			31,875,596			138,385			73,574,276			10,318,000
	—		—			—			—			(3,757,477	)		—
	1,839,591		2,030,402			2,004,787			111,111			2,964,480			(160,794	)
	—		—			—			—			(841,014	)		94,347
	—		—			—			—			—			—
	—		—			—			—			2,124,725			(1,481,011	)
	19		—			—			(35,354	)		(419,789	)		(270,765	)
	57,032,099		82,607,292			33,880,383			214,142			73,645,201			8,499,777
	(85,151,067)		90,515,081			635,341			(7,737,518	)		(131,234,114	)		(51,650,849	)
	—		—			—			—			4,929,618			—
	(1,065,633)		(1,286,268	)		(495,150	)		(309,355	)		(5,199,409	)		(2,082,869	)
	—		—			—			—			(1,101,159	)		(51,680	)
	—		—			—			—			—			—
	—		—			—			—			413,268			(122,406	)
	—		—			—			(21,927	)		(400,426	)		9,933
	(86,216,700)		89,228,813			140,191			(8,068,800	)		(132,592,222	)		(53,897,871	)
	(29,184,601)		171,836,105			34,020,574			(7,854,658	)		(58,947,021	)		(45,398,094	)
$	(16,746,461)	$	172,470,314		$	34,400,390		$	(4,236,164	)	$	(35,465,926	)	$	(42,112,960	)

See Notes to Financial Statements.

239

STATEMENTS OF CHANGES IN NET ASSETS

	Defensive Market Strategies Fund
	For the Six
	Months Ended			For the Year
	06/30/18			Ended 12/31/17
	(Unaudited)
Operations:
Net investment income	$	4,990,249		$	5,457,198
Net realized gain on investment securities, foreign currency and derivatives		29,025,616			51,735,832
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		(17,466,224	)		49,856,677
Net increase (decrease) in net assets resulting from operations		16,549,641			107,049,707
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(4,278,081	)		(3,675,515	)
Investor shares		(1,826,587	)		(1,266,103	)
Distributions from net realized capital gains
Institutional shares		(7,868,519	)		(29,895,180	)
Investor shares		(4,142,290	)		(16,821,249	)
Total dividends and distributions		(18,115,477	)		(51,658,047	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		83,766,870			140,679,912
Investor shares		33,708,841			119,380,649
Reinvestment of dividends and distributions
Institutional shares		12,054,520			33,471,335
Investor shares		5,934,855			18,031,024
Total proceeds from shares sold and reinvested		135,465,086			311,562,920
Value of shares redeemed
Institutional shares		(19,513,079	)		(155,485,244	)
Investor shares		(43,627,557	)		(72,161,976	)
Total value of shares redeemed		(63,140,636	)		(227,647,220	)
Net increase (decrease) from capital share transactions(1)		72,324,450			83,915,700
Total increase (decrease) in net assets		70,758,614			139,307,360
Net Assets:
Beginning of Period		962,543,503			823,236,143
End of Period*	$	1,033,302,117		$	962,543,503
*Including undistributed net investment income	$	351,073		$	1,465,492

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

See Notes to Financial Statements.

240

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
06/30/18			Ended 12/31/17			06/30/18			Ended 12/31/17			06/30/18			Ended 12/31/17
(Unaudited)						(Unaudited)						(Unaudited)
$	8,268,616		$	13,618,330		$	12,438,140		$	23,562,997		$	634,209		$	454,731
	4,167,171			5,819,552			57,032,099			77,849,471			82,607,292			152,061,534
	14,126,962			150,194,413			(86,216,700	)		101,520,581			89,228,813			273,005,847
	26,562,749			169,632,295			(16,746,461	)		202,933,049			172,470,314			425,522,112
	(3,905,840	)		(7,183,738	)		(9,384,353	)		(17,608,553	)		(475,699	)		(740,405	)
	(3,380,642	)		(6,406,244	)		(2,743,293	)		(5,433,418	)		—			—
	(899,055	)		(2,906,537	)		(8,021,909	)		(59,973,423	)		(227,050	)		(112,679,757	)
	(912,370	)		(3,026,151	)		(2,738,989	)		(21,470,715	)		(128,284	)		(57,082,011	)
	(9,097,907	)		(19,522,670	)		(22,888,544	)		(104,486,109	)		(831,033	)		(170,502,173	)
	31,570,817			71,678,208			24,529,397			97,004,036			25,706,947			65,442,695
	33,729,963			69,412,371			12,901,251			24,680,892			61,777,480			72,305,170
	4,774,058			10,072,333			17,381,942			77,497,179			701,781			113,344,523
	4,287,188			9,390,872			5,474,859			26,876,617			128,201			57,040,743
	74,362,026			160,553,784			60,287,449			226,058,724			88,314,409			308,133,131
	(28,835,001	)		(27,051,533	)		(23,998,693	)		(37,902,976	)		(127,692,321	)		(90,956,174	)
	(33,275,879	)		(47,764,607	)		(24,371,695	)		(51,948,137	)		(30,016,586	)		(51,399,978	)
	(62,110,880	)		(74,816,140	)		(48,370,388	)		(89,851,113	)		(157,708,907	)		(142,356,152	)
	12,251,146			85,737,644			11,917,061			136,207,611			(69,394,498	)		165,776,979
	29,715,988			235,847,269			(27,717,944	)		234,654,551			102,244,783			420,796,918
	978,046,876			742,199,607			1,525,676,454			1,291,021,903			1,735,537,036			1,314,740,118
$	1,007,762,864		$	978,046,876		$	1,497,958,510		$	1,525,676,454		$	1,837,781,819		$	1,735,537,036
$	1,082,337		$	100,203		$	990,385		$	679,891		$	158,510		$	—

See Notes to Financial Statements.

241

STATEMENTS OF CHANGES IN NET ASSETS

	Small Cap Equity Fund
	For the Six Months Ended			For the Year
	06/30/18			Ended 12/31/17
	(Unaudited)
Operations:
Net investment income (loss)	$	379,816		$	(131,678	)
Net realized gain on investment securities, foreign currency and derivatives		33,880,383			48,170,087
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		140,191			18,615,727
Net increase (decrease) in net assets resulting from operations		34,400,390			66,654,136
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		—			(500,162	)
Investor shares		—			—
Distributions from net realized capital gains
Institutional shares		—			(20,799,180	)
Investor shares		—			(18,504,594	)
Total dividends and distributions		—			(39,803,936	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		9,318,636			43,248,973
Investor shares		20,674,462			18,929,912
Reinvestment of dividends and distributions
Institutional shares		—			21,205,319
Investor shares		—			18,494,233
Total proceeds from shares sold and reinvested		29,993,098			101,878,437
Value of shares redeemed
Institutional shares		(16,161,153	)		(51,500,812	)
Investor shares		(15,064,359	)		(53,953,097	)
Total value of shares redeemed		(31,225,512	)		(105,453,909	)
Net increase (decrease) from capital share transactions(1)		(1,232,414	)		(3,575,472	)
Total increase (decrease) in net assets		33,167,976			23,274,728
Net Assets:
Beginning of Period		555,896,071			532,621,343
End of Period*	$	589,064,047		$	555,896,071
*Including undistributed (distributions in excess of) net investment income	$	552,609		$	172,793

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

See Notes to Financial Statements.

242

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
06/30/18			Ended 12/31/17			06/30/18			Ended 12/31/17			06/30/18			Ended 12/31/17
(Unaudited)						(Unaudited)						(Unaudited)
$	3,618,494		$	3,860,927		$	23,481,095		$	23,176,167		$	3,285,134		$	3,279,735
	214,142			1,338,938			73,645,201			122,699,609			8,499,777			34,187,976
	(8,068,800	)		28,586,903			(132,592,222	)		229,560,378			(53,897,871	)		86,051,190
	(4,236,164	)		33,786,768			(35,465,926	)		375,436,154			(42,112,960	)		123,518,901
	—			(4,274,787	)		—			(20,323,118	)		—			(3,877,025	)
	—			—			—			(4,650,292	)		—			(719,662	)
	—			(573,818	)		—			(81,493,158	)		—			—
	—			—			—			(22,039,724	)		—			—
	—			(4,848,605	)		—			(128,506,292	)		—			(4,596,687	)
	10,503,650			35,042,423			47,362,871			74,829,236			33,479,979			52,727,535
	—			—			20,876,101			44,880,631			26,057,838			58,762,844
	—			4,814,928			—			101,752,318			—			3,869,903
	—			—			—			26,539,536			—			718,614
	10,503,650			39,857,351			68,238,972			248,001,721			59,537,817			116,078,896
	(6,156,081	)		(13,695,024	)		(41,569,778	)		(111,081,403	)		(24,758,284	)		(40,941,162	)
	—			—			(19,791,848	)		(41,440,030	)		(34,629,590	)		(30,260,344	)
	(6,156,081	)		(13,695,024	)		(61,361,626	)		(152,521,433	)		(59,387,874	)		(71,201,506	)
	4,347,569			26,162,327			6,877,346			95,480,288			149,943			44,877,390
	111,405			55,100,490			(28,588,580	)		342,410,150			(41,963,017	)		163,799,604
	188,121,647			133,021,157			1,624,634,600			1,282,224,450			498,987,184			335,187,580
$	188,233,052		$	188,121,647		$	1,596,046,020		$	1,624,634,600		$	457,024,167		$	498,987,184
$	3,039,765		$	(578,729	)	$	19,276,207		$	(4,204,888	)	$	3,424,585		$	139,451

See Notes to Financial Statements.

243

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
2018(3)	$	12.68	$	0.07	#	$	0.16		$	(0.08	)	$	(0.15	)	$	12.68		1.80	%	$	676,909		0.66	%		0.67	%		1.09	%		34	%
2017		11.90		0.09	#		1.42			(0.08	)		(0.65	)		12.68		12.74			602,011		0.67	(4)		0.68			0.70			60
2016		11.21		0.17	#		1.15	(5)		(0.16	)		(0.47	)		11.90		11.80			547,132		0.69			0.70			1.42			78
2015		11.61		0.17	#		0.11	(5)		(0.17	)		(0.51	)		11.21		2.43			443,499		0.72	(4)		0.73			1.46			55
2014		11.43		0.15	#		1.05	(5)		(0.15	)		(0.87	)		11.61		10.55			98,903		0.88	(4)(6)		0.83	(6)		1.24			102
2013(7)		10.61		0.14	#		1.80	(5)		(0.15	)		(0.97	)		11.43		18.47			89,430		1.10	(4)(6)		1.13	(6)		1.25			208
Investor Class
2018(3)	$	12.68	$	0.05	#	$	0.17		$	(0.07	)	$	(0.15	)	$	12.68		1.68	%	$	356,394		0.92	%		0.93	%		0.82	%		34	%
2017		11.91		0.05	#		1.41			(0.04	)		(0.65	)		12.68		12.35			360,533		0.95	(4)		0.96			0.43			60
2016		11.22		0.14	#		1.15	(5)		(0.13	)		(0.47	)		11.91		11.53			276,104		0.97			0.98			1.15			78
2015		11.60		0.13	#		0.12	(5)		(0.12	)		(0.51	)		11.22		2.16			167,117		0.99	(4)		1.00			1.12			55
2014		11.42		0.12	#		1.06	(5)		(0.13	)		(0.87	)		11.60		10.35			476,129		1.09	(4)(6)		1.07	(6)		1.03			102
2013(7)		10.60		0.12	#		1.79	(5)		(0.12	)		(0.97	)		11.42		18.22			395,277		1.36	(4)(6)		1.38	(6)		0.99			208
Equity Index Fund
Institutional Class
2018(3)	$	29.43	$	0.26	#	$	0.55		$	(0.24	)	$	(0.05	)	$	29.95		2.73	%	$	499,901		0.12	%		0.13	%		1.80	%		1	%
2017		24.68		0.47	#		4.92			(0.46	)		(0.18	)		29.43		21.97			483,275		0.19			0.20			1.72			2
2016		22.81		0.46	#		2.27	(5)		(0.56	)		(0.30	)		24.68		12.16			355,404		0.15			0.16			1.97			3
2015		23.99		0.48	#		(0.26	)(5)		(0.61	)		(0.79	)		22.81		0.92			276,599		0.17			0.18			1.94			6
2014		22.48		0.40	#		2.62	(5)		(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	(5)		(0.69	)		(0.66	)		22.48		32.04			66,378		0.23			0.24			1.81			4
Investor Class
2018(3)	$	29.44	$	0.22	#	$	0.56		$	(0.20	)	$	(0.05	)	$	29.97		2.61	%	$	507,862		0.38	%		0.39	%		1.54	%		1	%
2017		24.70		0.40	#		4.91			(0.39	)		(0.18	)		29.44		21.65			494,771		0.45			0.46			1.46			2
2016		22.58		0.39	#		2.27	(5)		(0.29	)		(0.25	)		24.70		11.84			386,796		0.42			0.42			1.70			3
2015		22.90		0.37	#		(0.21	)(5)		(0.18	)		(0.30	)		22.58		0.70			332,005		0.41			0.44			1.62			6
2014		20.69		0.34	#		2.40	(5)		(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	(5)		(0.23	)		(0.25	)		20.69		31.95			289,937		0.38			0.48			1.66			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, 2018. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(4) The ratio for the Defensive Market Strategies Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00%, 0.01%, 0.00% and 0.00% for the years 2013, 2014, 2015 and 2017.

(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) The ratio for the Defensive Market Strategies Fund includes the effect of dividend expense on securities sold short which increased the ratio by 0.11% and 0.02% for the years 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.

244

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
2018(3)	$	22.76	$	0.19	#	$	(0.43	)	$	(0.19	)	$	(0.16	)	$	22.17		(1.09	)%	$	1,116,936		0.56	%(4)		0.57	%		1.71	%		19	%
2017		21.18		0.39	#		2.85			(0.37	)		(1.29	)		22.76		15.54			1,128,445		0.57	(4)		0.58			1.78			38
2016		19.75		0.41	#		2.30	(5)		(0.46	)		(0.82	)		21.18		14.11			920,433		0.59	(4)		0.60			2.05			36
2015		23.56		0.39	#		(1.20	)(5)		(0.44	)		(2.56	)		19.75		(3.44	)		917,208		0.61	(4)		0.62			1.73			32
2014		25.88		0.37	#		2.46	(5)		(0.65	)		(4.50	)		23.56		10.91			273,359		0.65	(4)		0.67			1.40			41
2013(6)		20.89		0.39	#		6.90	(5)		(0.89	)		(1.41	)		25.88		35.52			253,988		0.66	(4)		0.67			1.61			45
Investor Class
2018(3)	$	22.78	$	0.16	#	$	(0.44	)	$	(0.16	)	$	(0.16	)	$	22.18		(1.25	)%	$	381,023		0.82	%(4)		0.83	%		1.45	%		19	%
2017		21.20		0.34	#		2.85			(0.32	)		(1.29	)		22.78		15.25			397,231		0.83	(4)		0.84			1.52			38
2016		19.46		0.35	#		2.33	(5)		(0.26	)		(0.68	)		21.20		13.84			370,589		0.86	(4)		0.87			1.78			36
2015		21.31		0.27	#		(1.06	)(5)		(0.08	)		(0.98	)		19.46		(3.70	)		324,440		0.89	(4)		0.89			1.26			32
2014		21.00		0.25	#		1.97	(5)		(0.19	)		(1.72	)		21.31		10.61			1,141,998		0.90	(4)		0.91			1.16			41
2013(6)		16.18		0.26	#		5.39	(5)		(0.29	)		(0.54	)		21.00		35.22			1,089,026		0.90	(4)		0.91			1.36			45
Growth Equity Fund
Institutional Class
2018(3)	$	25.18	$	0.02		$	2.49		$	(0.01	)	$	(0.01	)	$	27.67		9.95	%	$	1,163,899		0.70	%(7)		0.71	%		0.16	%		10	%
2017		21.08		0.03			6.80			(0.02	)		(2.71	)		25.18		32.43			1,150,773		0.72	(7)		0.73			0.12			41
2016		22.25		—	†		(0.22	)(5)		—			(0.95	)		21.08		(0.98	)		890,530		0.75	(7)		0.76			0.01			24
2015		25.80		0.02			1.38	(5)		—			(4.95	)		22.25		5.67			932,232		0.77	(7)		0.78			0.09			79
2014		28.49		(0.05	)		2.92	(5)		—			(5.56	)		25.80		10.12			244,281		0.85	(7)		0.87			(0.12	)		54
2013(8)		28.47		—	†		9.62	(5)		—			(9.60	)		28.49		34.83			227,934		0.84	(7)		0.88			—			83
Investor Class
2018(3)	$	25.11	$	(0.01	)#	$	2.48		$	—		$	(0.01	)	$	27.57		9.82	%	$	673,883		0.96	%(7)		0.97	%		(0.10	)%		10	%
2017		21.07		(0.04	)#		6.79			—			(2.71	)		25.11		32.06			584,764		0.98	(7)		0.99			(0.14	)		41
2016		22.02		(0.05	)#		(0.24	)(5)		—			(0.66	)		21.07		(1.30	)		424,210		1.01	(7)		1.02			(0.26	)		24
2015		22.92		(0.05	)#		1.27	(5)		—			(2.12	)		22.02		5.44			483,385		1.04	(7)		1.06			(0.21	)		79
2014		23.02		(0.08	)#		2.36	(5)		—			(2.38	)		22.92		9.93			1,240,254		1.06	(7)		1.11			(0.33	)		54
2013(8)		20.26		(0.05	)#		6.92	(5)		—			(4.11	)		23.02		34.52			1,190,710		1.05	(7)		1.12			(0.22	)		83

† 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, 2018. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(4) The ratio for the Value Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00% for the years 2013, 2014, 2015, 2016, and 2017. For the six months ended June 30, 2018, the effect of the fees paid indirectly decreased the ratio by 0.00% and 0.00% for the Institutional Class and Investor Class, respectively.

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

(6) An out of period adjustment to Investment Income increased Net Investment Income per Share by $0.00 and $0.01, the Total Return did not change, and the Ratio of Net Investment Income to Average Net Assets increased by 0.02% and 0.02% for Institutional Class and Investor Class, respectively.

(7) The ratio for the Growth Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01% for the year 2013, and 0.00% for the years 2014, 2015, 2016 and 2017. For the six months ended June 30, 2018, the effect of the 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.

245

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
2018(3)	$	18.36	$	0.02	#	$	1.13		$	—		$	—		$	19.51		6.26	%	$	305,704		0.99	%(4)		1.00	%		0.26	%		39	%
2017		17.53		0.02	#		2.24			(0.03	)		(1.40	)		18.36		12.98			293,953		0.98	(4)		1.00			0.09			80
2016		15.14		0.06	#		2.59	(5)		(0.07	)		(0.19	)		17.53		17.48			265,627		1.01	(4)		1.03			0.36			77
2015		18.05		0.08	#		(1.13	)(5)		(0.06	)		(1.80	)		15.14		(5.66	)		264,962		1.00	(4)		1.03			0.45			74
2014		20.94		0.06	#		0.75	(5)		(0.12	)		(3.58	)		18.05		4.03			84,324		0.97	(4)		0.99			0.27			103
2013(6)		20.78		0.12	#		7.73	(5)		(0.16	)		(7.53	)		20.94		38.39			84,139		0.92	(4)		0.94			0.45			161
Investor Class
2018(3)	$	18.37	$	—	†#	$	1.12		$	—		$	—		$	19.49		6.10	%	$	283,361		1.25	%(4)		1.26	%		—	†%		39	%
2017		17.56		(0.03	)#		2.24			—			(1.40	)		18.37		12.67			261,943		1.25	(4)		1.27			(0.17	)		80
2016		15.17		0.02	#		2.59	(5)		(0.03	)		(0.19	)		17.56		17.17			266,994		1.27	(4)		1.30			0.11			77
2015		17.08		0.02	#		(1.04	)(5)		—			(0.89	)		15.17		(5.91	)		236,850		1.24	(4)		1.27			0.13			74
2014		18.19		0.01	#		0.67	(5)		(0.02	)		(1.77	)		17.08		3.83			468,938		1.20	(4)		1.24			0.03			103
2013(6)		15.94		0.04	#		5.97	(5)		(0.04	)		(3.72	)		18.19		38.09			490,706		1.16	(4)		1.19			0.22			161
International Equity Index Fund
Institutional Class
2018(3)	$	10.76	$	0.21	#	$	(0.45	)	$	—		$	—		$	10.52		(2.23	)%	$	188,233		0.29	%		0.29	%		3.84	%		4	%
2017		8.86		0.25	#		1.93			(0.25	)		(0.03	)		10.76		24.69			188,122		0.41			0.35			2.45			4
2016		8.94		0.23	#		(0.09	)(5)		(0.22	)		—			8.86		1.63			133,021		0.57			0.65			2.61			6
2015(7)		10.00		0.07	#		(1.06	)(5)		(0.07	)		—			8.94		(9.88	)		111,025		0.57			0.66			1.33			4

† 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, 2018. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(4) The ratio for the Small Cap Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01%, 0.01%, 0.02%, 0.01% and 0.01% for the years 2013, 2014, 2015, 2016 and 2017. For the six months ended June 30, 2018, the effect of fees paid indirectly decreased the ratio by 0.00% and 0.01% for Institutional Class and Investor Class, respectively.

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

(6) An out of period adjustment to Investment Income increased Net Investment Income per Share by $0.01 and $0.01, Total Return by 0.14% and 0.08%, and the Ratio of Net Investment Income to Average Net Assets by 0.07% and 0.08% for Institutional Class and Investor Class, respectively.

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

See Notes to Financial Statements.

246

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
2018(3)	$	15.72	$	0.23	#	$	(0.58	)	$	—		$	—		$	15.37		(2.23	)%	$	1,257,617		1.16	%(4)		1.17	%(4)		2.94	%		52	%
2017		13.16		0.25	#		3.65			(0.25	)		(1.09	)		15.72		29.85			1,279,089		0.92	(4)(5)		0.93	(4)		1.63			42
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	(4)		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	(4)		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	(4)		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	(4)		1.69			51
Investor Class
2018(3)	$	15.74	$	0.21	#	$	(0.58	)	$	—		$	—		$	15.37		(2.35	)%	$	338,429		1.43	%(4)		1.44	%(4)		2.68	%		52	%
2017		13.18		0.21	#		3.66			(0.22	)		(1.09	)		15.74		29.50			345,545		1.18	(4)(5)		1.19	(4)		1.37			42
2016		13.18		0.24	#		0.11	(6)		(0.24	)		(0.11	)		13.18		2.62			264,295		1.27	(4)(5)		1.28	(4)		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	(4)		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	(4)		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	(4)		1.44			51
Emerging Markets Equity Fund
Institutional Class
2018(3)	$	11.00	$	0.08	#	$	(1.03	)	$	—		$	—		$	10.05		(8.55	)%	$	379,420		1.20	%(8)		1.21	%(8)		1.41	%		108	%
2017		8.18		0.08	#		2.85			(0.11	)		—			11.00		35.80			404,641		1.30	(8)		1.31	(8)		0.83			56
2016		7.34		0.08	#		0.90	(6)		(0.14	)		—			8.18		13.46			290,082		1.30	(8)		1.48	(8)		0.98			54
2015		9.09		0.11	#		(1.83	)(6)		(0.03	)		—			7.34		(18.93	)		272,123		1.28	(8)		1.50	(8)		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
2018(3)	$	11.00	$	0.05	#	$	(1.01	)	$	—		$	—		$	10.04		(8.73	)%	$	77,604		1.51	%(8)		1.52	%(8)		0.99	%		108	%
2017		8.19		0.06	#		2.84			(0.09	)		—			11.00		35.37			94,346		1.57	(8)		1.66	(8)		0.57			56
2016		7.35		0.06	#		0.91	(6)		(0.13	)		—			8.19		13.20			45,106		1.56	(8)		1.87	(8)		0.73			54
2015		9.09		0.05	#		(1.79	)(6)		—			—			7.35		(19.14	)		25,659		1.51	(8)		1.83	(8)		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, 2018. 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 dividend expense on securities sold short which increased the ratio by 0.15%, 0.17%, 0.17%, 0.14%, 0.08% and 0.36% for the years 2013, 2014, 2015, 2016, 2017 and for the six months ended June 30, 2018.

(5) The ratio for the International Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00% for the years 2013, 2014, 2015, 2016 and 2017.

(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, 2016, 2017 and for the six months ended June 30, 2018.

(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.

247

GLOBAL REAL ESTATE SECURITIES FUND SCHEDULE OF INVESTMENTS June 30, 2018 (Unaudited)

	Shares		Value
COMMON STOCKS — 50.8%
Consumer Discretionary — 0.5%
Extended Stay America, Inc.		56,432	$	1,219,496
Real Estate — 50.3%
Acadia Realty Trust REITD		31,522		862,757
Agree Realty Corporation REIT		60,104		3,171,689
Alexandria Real Estate Equities, Inc. REIT		26,065		3,288,621
American Campus Communities, Inc. REIT		23,878		1,023,889
Americold Realty Trust REITD		67,461		1,485,491
Apartment Investment & Management Co. Class A REIT		32,650		1,381,095
AvalonBay Communities, Inc. REIT		16,239		2,791,322
Boston Properties, Inc. REIT		21,070		2,642,599
Brandywine Realty Trust REIT		50,070		845,182
Brixmor Property Group, Inc. REIT		68,277		1,190,068
Camden Property Trust REIT		46,131		4,203,918
CareTrust REIT Inc.		22,105		368,932
Columbia Property Trust Inc REIT		53,421		1,213,191
CoreSite Realty Corporation REITD		14,217		1,575,528
Cousins Properties, Inc. REITD		112,855		1,093,565
CubeSmart REITD		113,491		3,656,680
CyrusOne, Inc. REIT		26,823		1,565,390
DCT Industrial Trust, Inc. REIT		55,798		3,723,401
DDR Corporation REIT		32,281		577,830
Digital Realty Trust, Inc. REIT		3,980		444,088
Douglas Emmett, Inc. REITD		64,994		2,611,459
Education Realty Trust, Inc. REITD		18,903		784,475
Empire State Realty Trust, Inc. Class A REIT		47,975		820,372
Equinix, Inc. REIT		2,170		932,861
Equity LifeStyle Properties, Inc. REIT		31,437		2,889,060
Equity Residential REIT		64,141		4,085,140
Essential Properties Realty Trust, Inc. REITD*		21,720		294,089
Extra Space Storage, Inc. REIT		41,697		4,161,778
Federal Realty Investment Trust REIT		15,113		1,912,550
First Industrial Realty Trust, Inc. REIT		43,641		1,454,991
Four Corners Property Trust, Inc. REIT		48,112		1,184,999
GGP, Inc. REIT		51,227		1,046,568
HCP, Inc. REIT		52,919		1,366,369
Highwoods Properties, Inc. REIT		14,144		717,525
Host Hotels & Resorts, Inc. REIT		84,156		1,773,167
Hudson Pacific Properties, Inc. REIT		33,541		1,188,358
Invitation Homes, Inc. REIT		101,475		2,340,013
JBG SMITH Properties REIT		18,199		663,718
Kimco Realty Corporation REIT		24,876		422,643
LaSalle Hotel Properties REIT		10,426		356,882
Liberty Property Trust REIT		32,120		1,423,880
Life Storage, Inc. REIT		9,878		961,228
Macerich Co. (The) REIT		6,960		395,537
Mid-America Apartment Communities, Inc. REIT		25,230		2,539,904
National Retail Properties, Inc. REIT		45,879		2,016,841
Omega Healthcare Investors, Inc. REITD		47,950		1,486,450

	Shares		Value
Physicians Realty Trust REIT		132,069	$	2,105,180
Prologis, Inc. REIT		52,274		3,433,879
Public Storage REIT		8,490		1,926,041
Rayonier, Inc. REIT		23,063		892,307
Retail Properties of America, Inc. Class A REIT		157,194		2,008,939
Rexford Industrial Realty, Inc. REIT		54,506		1,710,943
Ryman Hospitality Properties, Inc. REIT		23,994		1,995,101
Sabra Health Care REIT, Inc.D		37,357		811,768
Simon Property Group, Inc. REIT		59,355		10,101,627
STORE Capital Corporation REITD		131,025		3,590,085
Summit Hotel Properties, Inc. REIT		21,417		306,477
Sunstone Hotel Investors, Inc. REITD		197,265		3,278,544
Ventas, Inc. REIT		12,587		716,830
Washington Real Estate Investment Trust		23,890		724,584
Welltower, Inc. REIT		100,096		6,275,018
				116,813,416
Total Common Stocks (Cost $112,996,127)				118,032,912
FOREIGN COMMON STOCKS — 47.0%
Australia — 4.8%
Goodman Group REIT		294,759		2,098,472
GPT Group (The) REIT		652,507		2,443,412
Ingenia Communities Group REIT		123,651		281,845
Investa Office Fund REIT		223,465		864,913
Mirvac Group REIT		1,063,524		1,707,922
Scentre Group REIT		1,091,322		3,545,508
Vicinity Centres REIT		113,297		217,160
				11,159,232
Belgium — 0.4%
Aedifica SA REIT		4,006		365,368
VGP NV		1,969		143,023
Warehouses De Pauw CVA REIT		3,203		405,466
				913,857
Canada — 2.7%
Allied Properties Real Estate
Investment Trust		19,547		622,251
Canadian Apartment Properties REIT		86,058		2,790,592
Dream Office Real Estate Investment Trust		23,769		423,617
First Capital Realty, Inc.		39,290		617,450
Granite Real Estate Investment Trust		35,612		1,452,490
InterRent Real Estate Investment Trust		37,576		314,408
				6,220,808
France — 1.8%
Carmila SA REIT		11,412		317,847
Gecina SA REITD		19,721		3,300,225
ICADE REIT		5,018		470,560
				4,088,632
Germany — 4.6%
ADLER Real Estate AG*		33,790		568,223
alstria office REIT-AG		41,251		619,986
Aroundtown SAD		46,346		380,754

See Notes to Financial Statements.

248

	Shares		Value
Deutsche Wohnen SE		50,443	$	2,438,764
TLG Immobilien AG		35,052		934,926
Vonovia SE		120,892		5,754,402
				10,697,055
Hong Kong — 7.5%
CK Asset Holdings, Ltd.		569,873		4,525,223
Hang Lung Properties, Ltd.		203,296		419,258
Lifestyle International Holdings, Ltd.		199,619		423,379
Link REIT		438,448		4,004,129
New World Development Co., Ltd.D		1,097,868		1,544,874
Sino Land Co., Ltd.		1,064,562		1,731,392
Sun Hung Kai Properties, Ltd.		130,896		1,975,386
Swire Properties, Ltd.		153,527		567,488
Wharf Real Estate Investment Co., Ltd.		264,677		1,884,140
Wheelock & Co., Ltd.		59,995		417,906
				17,493,175
Ireland — 0.8%
Cairn Homes PLC*		123,289		255,703
Green REIT PLC		330,236		577,318
Hibernia REIT PLC		327,690		564,830
Irish Residential Properties REIT PLC		229,899		370,497
				1,768,348
Japan — 10.8%
AEON REIT Investment Corporation		359		414,075
Daibiru Corporation		29,900		304,361
Daiwa House REIT Investment Corporation		273		648,256
Frontier Real Estate Investment Corporation REIT		192		771,711
Global One Real Estate Investment Corporation REITD		1,923		1,936,635
Hulic Reit, Inc.		339		525,425
Ichigo Hotel REIT Investment Corporation		143		179,921
Japan Hotel REIT Investment Corporation		686		514,275
Japan Logistics Fund, Inc. REIT		549		1,119,174
Japan Real Estate Investment Corporation REIT		187		989,766
Japan Rental Housing Investments, Inc. REIT		686		552,072
Kenedix Office Investment Corporation REIT		110		683,557
Kenedix Residential Next Investment Corporation REIT		292		436,226
Mitsubishi Estate Co., Ltd.		324,095		5,670,162
Mitsui Fudosan Co., Ltd.		144,326		3,485,776
Mori Hills Investment Corporation REIT		486		623,769
Mori Trust Sogo REIT, Inc.		271		388,454
Nippon Building Fund, Inc. REIT		137		790,706
Nippon Healthcare Investment Corporation REIT		14		21,699
NTT Urban Development Corporation		101,900		1,095,254

	Shares		Value
Orix JREIT, Inc.		346	$	552,837
Premier Investment Corporation REIT		1,897		1,925,871
Sumitomo Realty & Development Co., Ltd.		29,374		1,084,860
XYMAX REIT Investment CorporationD*		406		421,713
				25,136,555
Netherlands — 2.3%
InterXion Holding NV*		5,028		313,848
Unibail-Rodamco-Westfield REITD		22,910		5,044,523
				5,358,371
Singapore — 2.8%
CapitaLand Commercial Trust REIT		1,013,361		1,234,627
CapitaLand, Ltd.		186,300		432,079
City Developments, Ltd.		96,445		773,684
Hongkong Land Holdings, Ltd.		256,700		1,835,405
Mapletree Logistics Trust REIT		858,828		775,309
Suntec Real Estate Investment Trust		575,400		730,600
UOL Group, Ltd.		136,389		762,777
				6,544,481
Spain — 1.1%
Inmobiliaria Colonial Socimi SA REIT		42,660		471,531
Lar Espana Real Estate Socimi SA REIT		34,601		386,291
Merlin Properties Socimi SA REIT		114,006		1,658,212
				2,516,034
Sweden — 1.5%
Castellum AB		74,588		1,208,747
Catena AB		14,605		285,031
Fabege AB		61,086		728,933
Hemfosa Fastigheter AB		21,919		256,467
Hufvudstaden AB, A Shares		38,065		545,258
Samhallsbyggnadsbolaget i Norden AB		279,067		278,857
Wihlborgs Fastigheter AB		24,518		283,702
				3,586,995
Switzerland — 0.4%
PSP Swiss Property AG		10,474		973,047
United Kingdom — 5.5%
Assura PLC REIT		594,457		451,892
British Land Co. PLC (The) REIT		262,896		2,332,245
Derwent London PLC REIT		37,141		1,522,463
Grainger PLC		246,784		1,003,135
Great Portland Estates PLC REIT		99,314		936,362
Hammerson PLC REIT		142,716		984,314
Primary Health Properties PLC REIT		268,068		412,511
PRS REIT PLC (The)		415,300		572,756
Segro PLC REIT		281,916		2,490,561
Shaftesbury PLC REIT		27,974		345,374
St Modwen Properties PLC		52,744		292,636
Tritax Big Box REIT PLC		150,584		309,825

See Notes to Financial Statements.

249

GLOBAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
UNITE Group PLC (The) REIT		75,565	$	858,649
Warehouse Reit PLC		112,337		148,998
				12,661,721
Total Foreign Common Stocks (Cost $106,584,790)				109,118,311
MONEY MARKET FUNDS — 1.4%
GuideStone Money Market Fund (Investor Class)¥		2,658,644		2,658,644
Northern Institutional Liquid Assets Portfolio§		497,739		497,739
Northern Institutional U.S. Government Portfolio		18,720		18,720
Total Money Market Funds (Cost $3,175,103)				3,175,103
	Par
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill
2.09%, 12/06/18W‡‡ (Cost $396,355)	$	400,000		396,467
TOTAL INVESTMENTS — 99.4% (Cost $223,152,375)				230,722,793
Other Assets in Excess of Liabilities — 0.6%				1,464,198
NET ASSETS — 100.0%			$	232,186,991

PORTFOLIO SUMMARY (based on net assets)

	%
Real Estate		50.3
Foreign Common Stocks		47.0
Money Market Funds		1.4
Consumer Discretionary		0.5
U.S. Treasury Obligations		0.2
		99.4

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
S&P MidCap 400 Index E-Mini		09/2018		28	$	5,477,080		GSC	$	(116,825	)

See Notes to Financial Statements.

250

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, 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	$	118,032,912		$	118,032,912		$	—	$	—
Foreign Common Stocks
Australia		11,159,232			11,159,232			—		—
Belgium		913,857			913,857			—		—
Canada		6,220,808			6,220,808			—		—
France		4,088,632			4,088,632			—		—
Germany		10,697,055			10,697,055			—		—
Hong Kong		17,493,175			17,493,175			—		—
Ireland		1,768,348			1,768,348			—		—
Japan		25,136,555			25,136,555			—		—
Netherlands		5,358,371			5,358,371			—		—
Singapore		6,544,481			6,544,481			—		—
Spain		2,516,034			2,516,034			—		—
Sweden		3,586,995			3,586,995			—		—
Switzerland		973,047			973,047			—		—
United Kingdom		12,661,721			12,661,721			—		—
Money Market Funds		3,175,103			3,175,103			—		—
U.S. Treasury Obligation		396,467			—			396,467		—
Total Assets — Investments in Securities	$	230,722,793		$	230,326,326		$	396,467	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(116,825	)	$	(116,825	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(116,825	)	$	(116,825	)	$	—	$	—

*** Other financial instruments are derivative instruments, 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 preceding “Futures Contracts outstanding”disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

251

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2018 (Unaudited)

	Global Real Estate Securities Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	228,064,149
Investments in securities of affiliated issuers, at value		2,658,644
Total investments, at value(1), (2)		230,722,793
Foreign currency(3)		637,259
Receivables:
Dividends and reclaims		1,244,662
Securities lending		5,776
From advisor		753
Investment securities sold		3,201,560
Fund shares sold		44,387
Prepaid expenses and other assets		15,497
Total Assets		235,872,687
Liabilities
Collateral held for securities on loan, at value		497,739
Payables:
Investment securities purchased		2,913,294
Fund shares redeemed		19,324
Variation margin on financial futures contracts		219
Securities lending		866
Accrued expenses:
Investment advisory fees		130,133
Professional fees		34,203
Shareholder servicing fees		18,464
Other expenses		71,454
Total Liabilities		3,685,696
Net Assets	$	232,186,991
Net Assets Consist of:
Paid-in-capital	$	236,903,277
Accumulated distributions in excess of net investment loss		(4,429,423	)
Accumulated net realized loss on investments, foreign currency translations and derivative transactions		(7,731,525	)
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		7,444,662
Net Assets	$	232,186,991
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	142,002,378
Institutional shares outstanding		14,933,476
Net asset value, offering and redemption price per Institutional share	$	9.51
Net assets applicable to the Investor Class	$	90,184,613
Investor shares outstanding		9,452,455
Net asset value, offering and redemption price per Investor share	$	9.54
(1)     Investments in securities of unaffiliated issuers, at cost	$	220,493,731
Investments in securities of affiliated issuers, at cost		2,658,644
Total investments, at cost	$	223,152,375
(2)     Includes securities loaned of:	$	13,150,135
(3)     Foreign currency, at cost	$	637,489

See Notes to Financial Statements.

252

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2018 (Unaudited)

	Global Real  Estate Securities Fund
Investment Income
Dividends	$	4,684,448
Income distributions received from affiliated funds		23,178
Interest		1,625
Securities lending		26,197
Less foreign taxes withheld		(167,070	)
Total Investment Income		4,568,378
Expenses
Investment advisory fees		765,592
Transfer agent fees:
Institutional shares		1,233
Investor shares		10,531
Custodian fees		108,050
Shareholder servicing fees:
Investor shares		110,716
Accounting and administration fees		21,831
Professional fees		40,912
Blue sky fees:
Institutional shares		6,582
Investor shares		5,017
Shareholder reporting fees:
Institutional shares		327
Investor shares		5,127
Trustees expenses		1,562
Line of credit facility fees and interest expense		688
Other expenses		12,295
Total Expenses		1,090,463
Expenses waived/reimbursed net of amount recaptured(1)		(4,886	)
Fees paid indirectly		(6,212	)
Net Expenses		1,079,365
Net Investment Income		3,489,013
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		(286,125	)
Futures transactions		343,425
Forward foreign currency contracts		(1,956	)
Foreign currency		(10,457	)
Net realized gain		44,887
Net change in unrealized appreciation (depreciation) on:
Investment securities		(1,311,331	)
Futures		(129,090	)
Foreign currency		(10,271	)
Net change in unrealized appreciation (depreciation)		(1,450,692	)
Net Realized and Unrealized Loss		(1,405,805	)
Net Increase in Net Assets Resulting from Operations	$	2,083,208

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

See Notes to Financial Statements.

253

STATEMENTS OF CHANGES IN NET ASSETS

	Global Real Estate Securities Fund
	For the Six Months Ended 06/30/18			For the Year Ended 12/31/17
	(Unaudited)
Operations:
Net investment income	$	3,489,013		$	6,351,304
Net realized gain on investment securities, foreign currency and derivatives		44,887			2,564,978
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		(1,450,692	)		15,134,539
Net increase in net assets resulting from operations		2,083,208			24,050,821
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(3,839,253	)		(5,479,616	)
Investor shares		(2,326,233	)		(3,733,615	)
Total dividends and distributions		(6,165,486	)		(9,213,231	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		9,285,605			17,453,826
Investor shares		4,554,961			12,089,951
Reinvestment of dividends and distributions
Institutional shares		3,794,086			5,416,923
Investor shares		2,311,657			3,718,882
Total proceeds from shares sold and reinvested		19,946,309			38,679,582
Value of shares redeemed
Institutional shares		(2,470,342	)		(21,355,788	)
Investor shares		(12,603,770	)		(25,148,188	)
Total value of shares redeemed		(15,074,112	)		(46,503,976	)
Net increase (decrease) from capital share transactions(1)		4,872,197			(7,824,394	)
Total increase in net assets		789,919			7,013,196
Net Assets:
Beginning of Period		231,397,072			224,383,876
End of Period*	$	232,186,991		$	231,397,072
*Including distributions in excess of net investment income	$	(4,429,423	)	$	(1,752,950	)

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

See Notes to Financial Statements.

254

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
Global Real Estate Securities Fund
Institutional Class
2018(3)	$	9.69	$	0.15	#	$	(0.07	)	$	(0.26	)	$	—		$	9.51		0.89	%	$	142,002		0.85	%(4)		0.86	%		3.26	%		66	%
2017		9.10		0.27	#		0.73			(0.41	)		—			9.69		11.05			133,656		0.87	(4)		0.88			2.86			138
2016		9.46		0.20	#		0.18	(5)		(0.50	)		(0.24	)		9.10		4.07			123,574		0.88	(4)		0.90			2.07			130
2015(6)		10.50		0.12	#		(0.33	)		(0.27	)		(0.56	)		9.46		(1.89	)		159,196		0.93	(4)		0.94			1.83			137
Investor Class
2018(3)	$	9.72	$	0.14	#	$	(0.07	)	$	(0.25	)	$	—		$	9.54		0.76	%	$	90,185		1.14	%(4)		1.15	%		2.91	%		66	%
2017		9.13		0.24	#		0.73			(0.38	)		—			9.72		10.72			97,741		1.12	(4)		1.13			2.56			138
2016		9.49		0.16	#		0.19	(5)		(0.47	)		(0.24	)		9.13		3.78			100,810		1.14	(4)		1.19			1.68			130
2015		10.26		0.16	#		(0.13	)		(0.24	)		(0.56	)		9.49		0.34			99,357		1.12	(4)		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(7)		10.60		0.17	#		(0.02	)		(0.21	)		(1.18	)		9.36		1.49			234,903		1.05			1.05			1.56			168

# 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, 2018. 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 Global Real Estate Securities Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01% for the years 2015, 2016, 2017 and for the six months ended June 30, 2018.

(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) Inception date was May 1, 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 had no impact on Net Investment Income per Share or Total Return; however, the Ratio of Net Investment Income to Average Net Assets increased by 0.03%.

See Notes to Financial Statements.

255

STRATEGIC ALTERNATIVES FUND
SCHEDULE OF INVESTMENTS	June 30, 2018 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 1.8%
Federal Farm Credit Bank
0.75%, 07/18/18	$	1,000,000	$	999,508
Federal National Mortgage Association
0.90%, 07/13/18		1,000,000		999,700
1.13%, 12/14/18		5,000,000		4,977,617
Total Agency Obligations (Cost $6,975,756)				6,976,825
CORPORATE BONDS — 21.9%
AES Corporation
4.88%, 05/15/23		1,000,000		1,002,500
Aircastle, Ltd.
6.25%, 12/01/19		700,000		725,781
Ally Financial, Inc.
3.75%, 11/18/19		2,250,000		2,252,812
AMC Networks, Inc.
4.75%, 12/15/22		500,000		501,875
Amgen, Inc.
4.10%, 06/15/21		1,000,000		1,021,734
APX Group, Inc.
6.38%, 12/01/19		1,250,000		1,253,125
7.88%, 12/01/22		3,250,000		3,237,812
Berry Global, Inc.
5.50%, 05/15/22		542,000		547,501
CalAtlantic Group, Inc.
6.63%, 05/01/20		1,250,000		1,321,875
Calpine Corporation
6.00%, 01/15/22 144A		2,900,000		2,968,875
CCO Holdings LLC
5.25%, 03/15/21		750,000		755,625
5.25%, 09/30/22		1,250,000		1,256,250
Choice Hotels International, Inc.
5.75%, 07/01/22		395,000		411,294
Clean Harbors, Inc.
5.13%, 06/01/21		700,000		704,375
CNH Industrial Capital LLC
4.38%, 04/05/22		1,750,000		1,758,855
DaVita, Inc.
5.75%, 08/15/22		1,500,000		1,526,257
DISH DBS Corporation
7.88%, 09/01/19		500,000		520,000
5.13%, 05/01/20		2,500,000		2,484,375
Equinix, Inc. REIT
5.38%, 01/01/22		1,000,000		1,032,500
5.38%, 04/01/23		3,000,000		3,085,875
First Data Corporation
7.00%, 12/01/23 144A		3,500,000		3,654,280
Ford Motor Credit Co. LLC
2.68%, 01/09/20		1,735,000		1,719,360
Fresenius Medical Care US Finance II, Inc.
5.63%, 07/31/19 144A		1,072,000		1,098,401
Fresenius US Finance II, Inc.
4.50%, 01/15/23 144A		1,000,000		1,017,693

	Par		Value
GameStop Corporation
6.75%, 03/15/21 144A	$	1,000,000	$	1,017,500
Goodyear Tire & Rubber Co.
5.13%, 11/15/23		1,450,000		1,442,750
Group 1 Automotive, Inc.
5.00%, 06/01/22		1,000,000		997,500
Herc Rentals, Inc.
7.50%, 06/01/22 144A		250,000		265,625
Hughes Satellite Systems Corporation
7.63%, 06/15/21		1,000,000		1,067,500
International Lease Finance Corporation
6.25%, 05/15/19		1,000,000		1,025,488
Iron Mountain, Inc. REIT
6.00%, 08/15/23		2,000,000		2,050,000
John Deere Capital Corporation
2.15%, 09/08/22		1,250,000		1,190,311
(Floating, ICE LIBOR USD 3M + 0.48%), 2.80%, 09/08/22†		250,000		249,690
Kinder Morgan, Inc.
3.15%, 01/15/23		2,000,000		1,933,056
Lamar Media Corporation
5.00%, 05/01/23		1,000,000		1,018,750
Laredo Petroleum, Inc.
5.63%, 01/15/22		1,250,000		1,239,062
Lennar Corporation
4.75%, 04/01/21		1,000,000		1,018,000
Michaels Stores, Inc.
5.88%, 12/15/20 144A		1,000,000		1,008,850
MPLX LP
5.50%, 02/15/23		2,000,000		2,040,300
Murphy Oil USA, Inc.
6.00%, 08/15/23		100,000		102,750
NCR Corporation
5.88%, 12/15/21		250,000		254,688
NGPL PipeCo LLC
4.38%, 08/15/22 144A		1,029,000		1,022,569
Nielsen Co.
5.50%, 10/01/21 144A		3,005,000		3,027,537
Nuance Communications, Inc.
5.38%, 08/15/20 144A		1,500,000		1,503,750
Outfront Media Capital LLC
5.25%, 02/15/22		500,000		507,255
Owens-Brockway Glass Container, Inc.
5.00%, 01/15/22 144A		1,000,000		1,000,000
Party City Holdings, Inc.
6.13%, 08/15/23 144A		3,000,000		3,030,000
Penske Automotive Group, Inc.
5.75%, 10/01/22		2,250,000		2,279,531
Penske Truck Leasing Co. LP
2.70%, 03/14/23 144A		750,000		713,016
PulteGroup, Inc.
4.25%, 03/01/21		1,000,000		1,003,200
Realogy Group LLC
5.25%, 12/01/21 144A		3,675,000		3,661,219

See Notes to Financial Statements.

256

	Par		Value
Reynolds Group Issuer, Inc.
5.75%, 10/15/20	$	484,554	$	486,977
6.88%, 02/15/21		1,386,149		1,405,209
RSP Permian, Inc.
6.63%, 10/01/22		250,000		263,300
Sabine Pass Liquefaction LLC
5.63%, 02/01/21		1,500,000		1,568,463
SBA Communications Corporation REIT
4.88%, 07/15/22		1,500,000		1,490,625
Sinclair Television Group, Inc.
6.13%, 10/01/22		275,000		280,844
Sprint Capital Corporation
6.90%, 05/01/19		1,000,000		1,022,700
Starwood Property Trust, Inc. REIT
3.63%, 02/01/21 144A		1,250,000		1,225,000
Sunoco LP
4.88%, 01/15/23 144A		1,000,000		962,500
Taylor Morrison Communities, Inc.
5.25%, 04/15/21 144A		1,500,000		1,501,875
T-Mobile USA, Inc.
6.50%, 01/15/24		500,000		523,750
United Rentals North America, Inc.
4.63%, 07/15/23		250,000		250,313
Univision Communications, Inc.
6.75%, 09/15/22 144A		400,000		410,480
5.13%, 05/15/23 144A		1,000,000		962,500
Total Corporate Bonds (Cost $85,638,283)				83,883,463
FOREIGN BONDS — 1.5%
Argentina — 0.0%
Bonos De La Nacion Argentina En Moneda Dua
4.50%, 06/21/19		150,000		155,970
Canada — 0.8%
1011778 BC ULC
4.63%, 01/15/22 144A		750,000		751,875
Brookfield Residential Properties, Inc.
6.50%, 12/15/20 144A		1,969,000		1,998,535
Quebecor Media, Inc.
5.75%, 01/15/23		250,000		256,250
				3,006,660
Ireland — 0.4%
Fly Leasing, Ltd.
6.38%, 10/15/21		1,500,000		1,550,625
South Africa — 0.3%
Republic of South Africa Government Bond
8.50%, 01/31/37(S)		15,230,000		1,008,057
Total Foreign Bonds (Cost $5,872,841)				5,721,312
LOAN AGREEMENTS — 0.8%
Asurion, LLC Second Lien Replacement B-2 Term Loan
(Floating, ICE LIBOR USD 1M + 6.00%), 8.09%, 08/04/25†		2,100,000		2,122,641

		Par		Value
PetSmart, Inc. Tranche B-2 Loan
(Floating, ICE LIBOR USD 1M + 3.00%, 1.00% Floor), 5.01%, 03/11/22†		$	989,796	$	822,273
Total Loan Agreements (Cost $3,040,306)					2,944,914
MASTER LIMITED PARTNERSHIP — 0.2%
Spectra Energy Partners LP 0.00%,
(Cost $857,230)			26,532		939,763
MORTGAGE-BACKED SECURITIES — 0.4%
Federal National Mortgage Association REMIC, Series 2013-121 (Floating, ICE LIBOR USD 1M + 6.10%, 6.10% Cap), 4.01%, 12/25/43† IO			4,421,942		569,929
Government National Mortgage Association, Series 2015-110 (Floating, ICE LIBOR USD 1M + 5.71%, 5.71% Cap), 3.63%, 08/20/45† IO			2,271,560		287,625
Government National Mortgage Association, Series 2015-126
4.00%, 09/20/45 IO			3,000,436		523,693
Total Mortgage-Backed Securities (Cost $1,405,025)					1,381,247
	Number of Contracts	Notional Amount
PURCHASED OPTIONS — 0.1%
Call Options — 0.0%
Euro vs. U.S. Dollar, Strike Price $1.20, Expires 08/31/18 (CITI)	1	$	562,219		2,415
Euro vs. U.S. Dollar, Strike Price $1.23, Expires 11/22/18 (BNP)	1		1,419,805		9,451
Euro vs. U.S. Dollar, Strike Price $1.27, Expires 11/22/18 (BNP)	1		1,419,806		2,759
Norwegian Krone vs. Euro, Strike Price $9.51, Expires 07/05/18 (BAR)	1		1,149,000		3,782
					18,407
Put Options — 0.1%
Euro vs. U.S. Dollar, Strike Price $1.17, Expires 07/26/18 (BNP)	1		1,144,000		5,605
S&P 500®, Strike Price $2,600.00, Expires 09/21/18 (MSCS)	36		4,893,066		67,680

See Notes to Financial Statements.

257

STRATEGIC ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Number of Contracts		Notional Amount		Value
S&P 500®, Strike Price $2,775.00, Expires 09/21/18 (MSCS)		31	$	8,426,947	$	280,023
South Korean Won vs. U.S. Dollar, Strike Price $1,072.00, Expires 08/13/18 (BNP)		1		675,000		880
Swedish Krona vs. Norwegian Krone, Strike Price $1.02, Expires 09/06/18 (CITI)		1		5,747,575		368
Swedish Krona vs. Norwegian Krone, Strike Price $1.06, Expires 09/06/18 (CITI)		1		5,747,576		1,126
						355,682
Total Purchased Options (Premiums received $333,685)						374,089

	Par
U.S. TREASURY OBLIGATIONS — 31.3%
U.S. Treasury Bills
1.69%, 07/05/18W	$	1,000,000	999,863
1.68%, 07/12/18W		13,300,000	13,293,822
1.50%, 07/19/18W		25,600,000	25,579,059
1.87%, 08/16/18W		4,000,000	3,990,900
1.91%, 09/06/18W		750,000	747,425
1.90%, 09/20/18W		8,000,000	7,966,756
1.84%, 09/27/18W		8,750,000	8,710,249
1.78%, 01/03/19W		12,950,000	12,815,236
			74,103,310
U.S. Treasury Notes
1.25%, 10/31/18		16,200,000	16,158,868
0.75%, 02/15/19		16,900,000	16,747,841
1.25%, 04/30/19		13,200,000	13,086,044
			45,992,753
Total U.S. Treasury Obligations (Cost $120,148,441)			120,096,063
	Shares
COMMON STOCKS — 20.7%
Consumer Discretionary — 2.7%
Amazon.com, Inc.‡‡ *		464	788,707
CBS Corporation Class B (Non-Voting Shares)		15,891	893,392
Comcast Corporation Class A		30,685	1,006,775
ILG, Inc.		83,078	2,744,066
Marriott International, Inc. Class A		5,550	702,630
Rent-A-Center Inc*		60,455	889,898
Starbucks Corporation		9,845	480,928
Twenty-First Century Fox, Inc. Class A‡		60,002	2,981,500
			10,487,896

	Shares		Value
Consumer Staples — 2.2%
Dr. Pepper Snapple Group, Inc.		11,575	$	1,412,150
Hershey Co. (The)		4,901		456,087
Mondelez International, Inc. Class A		17,731		726,971
PepsiCo, Inc.‡‡		12,720		1,384,826
Pinnacle Foods, Inc.		50,762		3,302,576
Walmart, Inc.	��	14,587		1,249,377
				8,531,987
Energy — 2.8%
Anadarko Petroleum Corporation		7,631		558,971
Andeavor		31,266		4,101,474
Cheniere Energy Partners LP Holdings LLC		29,767		936,172
Devon Energy Corporation		13,461		591,745
Marathon Petroleum Corporation		15,537		1,090,076
Pioneer Natural Resources Co.		1,713		324,168
RSP Permian, Inc.*		70,805		3,116,836
				10,719,442
Financials — 1.8%
Bank of America Corporation		48,125		1,356,644
Citigroup, Inc.		13,323		891,575
CYS Investments, Inc. REIT		106,045		795,337
First Connecticut Bancorp, Inc.		41,742		1,277,305
MB Financial, Inc.		7,536		351,931
MTGE Investment Corporation REIT		28,425		557,130
State Bank Financial Corporation		48,294		1,613,020
				6,842,942
Health Care — 2.4%
Aetna, Inc.‡‡		15,347		2,816,174
Cotiviti Holdings, Inc.*		24,514		1,081,803
Envision Healthcare Corporation*		40,618		1,787,598
Express Scripts Holding Co.*		15,711		1,213,046
Thermo Fisher Scientific, Inc.‡‡		2,876		595,735
Zoetis, Inc.		17,704		1,508,204
				9,002,560
Industrials — 1.6%
Boeing Co. (The)		2,635		884,069
Honeywell International, Inc.		3,293		474,357
KLX, Inc.*		12,170		875,023
Northrop Grumman Corporation		1,169		359,701
Raytheon Co.		1,346		260,020
Rockwell Collins, Inc.‡‡		25,495		3,433,667
				6,286,837
Information Technology — 2.9%
Activision Blizzard, Inc.		7,087		540,880
Alphabet, Inc. Class A‡‡ *		503		567,983
Apple, Inc.‡‡		10,327		1,911,631
Cavium, Inc.*		26,072		2,255,228
Dell Technologies, Inc. Class V*		16,124		1,363,768
DXC Technology Co.		1,491		120,189
Facebook, Inc. Class A‡‡ *		1,478		287,205
HP, Inc.		30,327		688,120
Micron Technology, Inc.*		6,619		347,100

See Notes to Financial Statements.

258

	Shares		Value
Microsoft Corporation		11,766	$	1,160,245
Oclaro, Inc.*		24,774		221,232
Perspecta, Inc.		28,507		585,819
Take-Two Interactive Software, Inc.*		4,498		532,383
TiVo Corporation		25,160		338,402
Web.com Group, Inc.*		14,314		370,017
				11,290,202
Materials — 1.0%
A. Schulman, Inc.		9,097		404,816
FMC Corporation		9,768		871,403
Huntsman Corporation		25,844		754,645
KapStone Paper and Packaging Corporation		43,946		1,516,137
WR Grace & Co.		5,155		377,913
				3,924,914
Real Estate — 1.6%
American Tower Corporation REIT		1,484		213,948
Crown Castle International Corporation REIT		3,934		424,164
DCT Industrial Trust, Inc. REIT		6,333		422,601
GGP, Inc. REIT		62,128		1,269,275
Gramercy Property Trust REIT		97,975		2,676,677
Kimco Realty Corporation REIT		34,361		583,794
LaSalle Hotel Properties REIT		10,234		350,310
Senior Housing Properties Trust REIT		11,404		206,298
				6,147,067
Telecommunication Services — 1.2%
AT&T, Inc.		104,673		3,361,050
T-Mobile US, Inc.*		17,856		1,066,896
				4,427,946
Utilities — 0.5%
Vectren Corporation		26,206		1,872,419
Total Common Stocks (Cost $79,365,646)				79,534,212
FOREIGN COMMON STOCKS — 2.7%
Canada — 0.3%
Enbridge Income Fund Holdings, Inc.		34,713		851,289
First Quantum Minerals, Ltd.		17,093		251,848
Mitel Networks Corporation*		17,789		195,145
				1,298,282
Israel — 0.8%
Frutarom Industries, Ltd.		19,725		1,933,004
Orbotech, Ltd.*		19,804		1,223,888
				3,156,892
Jersey — 0.5%
Shire PLC ADR		10,074		1,700,491
Netherlands — 0.8%
NXP Semiconductor NV*		27,045		2,955,207
United Kingdom — 0.3%
Royal Dutch Shell PLC ADR Class A		18,449		1,277,224
Total Foreign Common Stocks (Cost $10,532,445)				10,388,096

	Shares			Value
MUTUAL FUNDS — 1.0%
Altaba, Inc.		35,338		$	2,587,095
SPDR S&P Regional Banking ETF		20,147			1,228,967
Total Mutual Funds (Cost $4,015,817)					3,816,062
MONEY MARKET FUNDS — 28.4%
GuideStone Money Market Fund (Investor Class)¥		23,007,764			23,007,764
Northern Institutional U.S. Government Portfolio		85,932,713			85,932,713
Total Money Market Funds (Cost $108,940,477)					108,940,477
TOTAL INVESTMENTS — 110.8% (Cost $427,125,952)					424,996,523
COMMON STOCKS SOLD SHORT — (7.5)%
Consumer Discretionary — (1.4)%
Darden Restaurants, Inc.		(7,201	)		(770,939	)
Marriott Vacations Worldwide Corporation		(13,540	)		(1,529,478	)
McDonald’s Corporation		(6,300	)		(987,147	)
Netflix, Inc. *		(913	)		(357,376	)
Target Corporation		(14,636	)		(1,114,092	)
Tesla, Inc. *		(935	)		(320,658	)
Walt Disney Co. (The)		(4,082	)		(427,835	)
					(5,507,525	)
Consumer Staples — (0.3)%
Conagra Brands, Inc.		(26,654	)		(952,347	)
Energy — (2.2)%
Cheniere Energy, Inc. *		(13,432	)		(875,632	)
Concho Resources, Inc. *		(19,720	)		(2,728,262	)
Exxon Mobil Corporation		(16,693	)		(1,381,012	)
Marathon Petroleum Corporation		(49,784	)		(3,492,845	)
					(8,477,751	)
Financials — (1.0)%
Annaly Capital Management, Inc. REIT		(27,024	)		(278,077	)
Cadence BanCorp		(56,050	)		(1,618,163	)
People’s United Financial, Inc.		(72,006	)		(1,302,589	)
Two Harbors Investment Corporation REIT		(51,670	)		(816,386	)
					(4,015,215	)
Health Care — (0.3)%
Cigna Corporation		(1,744	)		(296,393	)
CVS Health Corporation		(12,858	)		(827,412	)
					(1,123,805	)
Industrials — (0.6)%
3M Co.		(3,015	)		(593,111	)
PACCAR, Inc.		(5,472	)		(339,045	)
Parker-Hannifin Corporation		(3,978	)		(619,972	)
United Technologies Corporation		(6,274	)		(784,438	)
					(2,336,566	)
Information Technology — (1.0)%
KLA-Tencor Corporation		(4,950	)		(507,524	)

See Notes to Financial Statements.

259

STRATEGIC ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS (Continued)

			Shares			Value
Lumentum Holdings, Inc. *				(1,668	)	$	(96,577	)
Marvell Technology Group, Ltd.				(32,865	)		(704,626	)
PayPal Holdings, Inc. *				(6,342	)		(528,098	)
Texas Instruments, Inc.				(3,573	)		(393,923	)
Vmware, Inc. Class A *				(9,926	)		(1,458,824	)
							(3,689,572	)
Materials — (0.3)%
International Flavors & Fragrances, Inc.				(3,700	)		(458,652	)
PPG Industries, Inc.				(5,336	)		(553,503	)
							(1,012,155	)
Real Estate — (0.0)%
Prologis, Inc. REIT				(884	)		(58,070	)
Telecommunication Services — (0.4)%
AT&T, Inc.				(51,561	)		(1,655,624	)
Total Common Stocks Sold Short (Proceeds $(29,677,663))							(28,828,630	)
FOREIGN COMMON STOCKS SOLD SHORT — (1.5)%
Canada — (0.5)%
Enbridge, Inc.				(23,706	)		(847,512	)
Enbridge, Inc.				(27,497	)		(981,368	)
							(1,828,880	)
China — (0.6)%
Alibaba Group Holding, Ltd. ADR *				(13,798	)		(2,559,943	)
Ireland — (0.1)%
Johnson Controls International PLC				(13,914	)		(465,423	)
Japan — (0.3)%
Takeda Pharmaceutical Co., Ltd.				(25,222	)		(1,065,696	)
Total Foreign Common Stocks Sold Short (Proceeds $(6,100,465))							(5,919,942	)
MASTER LIMITED PARTNERSHIP SOLD SHORT — (0.1)%
Brookfield Property Partners LP (Proceeds $(168,858))				(9,039	)		(171,922	)
MUTUAL FUNDS SOLD SHORT — (1.0)%
Consumer Discretionary Select SPDR Fund				(5,491	)		(600,166	)
Consumer Staples Select SPDR Fund				(9,913	)		(510,817	)
Energy Select Sector SPDR Fund				(2,627	)		(199,494	)
iShares Russell 2000 ETF				(14,421	)		(2,361,727	)
SPDR S&P Metals & Mining ETF				(7,169	)		(254,285	)
Total Mutual Funds Sold Short (Proceeds $(3,907,335))							(3,926,489	)
	Number of Contracts		Notional Amount
WRITTEN OPTIONS — (0.2)%
Call Options — (0.1)%
Euro vs. U.S. Dollar, Strike Price $1.23, Expires 08/31/18 (CITI)		1	$	(562,219	)		(639	)

	Number of Contracts			Notional Amount			Value
Euro vs. U.S. Dollar, Strike Price $1.25, Expires 11/22/18 (BNP)		1		$	(2,839,611	)	$	(10,323	)
Norwegian Krone vs. Euro, Strike Price $9.59, Expires 07/05/18 (BAR)		1			(1,149,000	)		(927	)
S&P 500®, Strike Price $2,775.00, Expires 09/21/18 (MSCS)		(31	)		(8,426,947	)		(116,715	)
Twenty-First Century Fox, Inc. Class A, Strike Price $49.00, Expires 08/17/18 (CITI)		(466	)		(2,315,554	)		(95,996	)
								(224,600	)
Put Options — (0.1)%
Euro vs. U.S. Dollar, Strike Price $1.15, Expires 07/26/18 (BNP)		1			(572,000	)		(3,918	)
Euro vs. U.S. Dollar, Strike Price $1.15, Expires 07/26/18 (BNP)		1			(572,000	)		(654	)
Euro vs. U.S. Dollar, Strike Price $1.17, Expires 07/26/18 (BNP)		1			(572,000	)		(7,176	)
S&P 500®, Strike Price $2,615.00, Expires 07/27/18 (MSCS)		(23	)		(6,252,251	)		(27,600	)
S&P 500®, Strike Price $2,630.00, Expires 07/23/18 (MSCS)		(23	)		(6,252,251	)		(29,785	)
S&P 500®, Strike Price $2,650.00, Expires 07/25/18 (MSCS)		(24	)		(6,524,088	)		(41,880	)
S&P 500®, Strike Price $2,665.00, Expires 07/20/18 (MSCS)		(23	)		(6,252,251	)		(40,020	)
S&P 500®, Strike Price $2,675.00, Expires 07/18/18 (MSCS)		(25	)		(6,795,925	)		(44,125	)
S&P 500®, Strike Price $2,695.00, Expires 07/03/18 (MSCS)		(22	)		(5,980,414	)		(11,000	)
S&P 500®, Strike Price $2,695.00, Expires 07/16/18 (MSCS)		(23	)		(6,252,251	)		(46,345	)

See Notes to Financial Statements.

260

	Number of Contracts			Notional Amount			Value
S&P 500®, Strike Price $2,705.00, Expires 07/06/18 (MSCS)		(22	)	$	(5,980,414	)	$	(29,150	)
S&P 500®, Strike Price $2,715.00, Expires 07/11/18 (MSCS)		(23	)		(6,252,251	)		(51,635	)
S&P 500®, Strike Price $2,715.00, Expires 07/13/18 (MSCS)		(24	)		(6,524,088	)		(60,240	)
S&P 500®, Strike Price $2,720.00, Expires 07/09/18 (MSCS)		(23	)		(6,252,251	)		(48,645	)
South Korean Won vs. U.S. Dollar, Strike Price $1,060.00, Expires 08/13/18 (BNP)		1			(1,350,000	)		(921	)
Swedish Krona vs. Norwegian Krone, Strike Price $1.04, Expires 09/06/18 (CITI)		1			(11,495,151	)		(1,103	)
								(444,197	)
Total Written Options (Premiums received $ (649,072))								(668,797	)
Liabilities in Excess of Other Assets — (0.5)%								(1,757,939	)
NET ASSETS — 100.0%							$	383,722,804

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Treasury Obligations		31.3
Money Market Funds		28.4
Corporate Bonds		21.9
Common Stocks		20.7
Foreign Common Stocks		2.7
Agency Obligations		1.8
Foreign Bonds		1.5
Mutual Funds		1.0
Loan Agreements		0.8
Mortgage-Backed Securities		0.4
Master Limited Partnership		0.2
Purchased Options		0.1
Master Limited Partnership Sold Short		(0.1	)
Written Options		(0.2	)
Mutual Funds Sold Short		(1.0	)
Foreign Common Stocks Sold Short		(1.5	)
Common Stocks Sold Short		(7.5	)
		100.5

Futures Contracts outstanding at June 30, 2018:

Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Value and Unrealized Appreciation (Depreciation)
Euro-BTP		09/2018		11		$	1,421,645			MSCS	$	2,246
Euro-Bund		09/2018		10			1,898,259			MSCS		8,239
Euro-OAT		09/2018		(11	)		(1,985,190	)		MSCS		(8,810	)
3-Year Commonwealth Treasury Bond		09/2018		81			6,674,383			MSCS		15,084
10-Year U.S. Treasury Note		09/2018		103			12,379,312			MSCS		75,147
Long U.S. Treasury Bond		09/2018		7			1,015,000			MSCS		19,246
Ultra Long U.S. Treasury Bond		09/2018		(4	)		(638,250	)		MSCS		(1,544	)
2-Year U.S. Treasury Note		09/2018		(16	)		(3,389,250	)		MSCS		1,201
5-Year U.S. Treasury Note		09/2018		(214	)		(24,314,078	)		MSCS		(4,364	)
3-Month Euro Euribor		12/2019		(54	)		(15,785,795	)		MSCS		(3,897	)
Total Futures Contracts outstanding at June 30, 2018						$	(22,723,964	)			$	102,548

See Notes to Financial Statements.

261

STRATEGIC ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS (Continued)

Forward Foreign Currency Contracts outstanding at June 30, 2018:

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/24/18	U.S. Dollars		27,026,465	Euro		21,669,278		SS	$	1,675,662
07/24/18	U.S. Dollars		19,701,917	New Zealand Dollars		26,887,271		JPM		1,490,738
07/24/18	U.S. Dollars		17,381,384	Swedish Kronor		144,802,000		GSC		1,184,956
07/24/18	U.S. Dollars		8,090,009	British Pounds		5,669,469		SS		599,291
07/24/18	U.S. Dollars		7,889,811	New Zealand Dollars		10,776,885		SS		590,455
07/24/18	U.S. Dollars		7,968,855	Euro		6,391,861		GSC		491,042
07/24/18	U.S. Dollars		9,451,611	Norwegian Kroner		73,119,081		SS		464,874
07/24/18	U.S. Dollars		11,137,035	Canadian Dollars		14,051,764		JPM		443,817
07/24/18	U.S. Dollars		11,657,400	Japanese Yen		1,242,323,254		SS		418,020
07/24/18	U.S. Dollars		6,672,275	Euro		5,351,992		SS		411,001
07/24/18	U.S. Dollars		12,396,791	Swiss Francs		11,894,287		GSC		360,998
07/24/18	U.S. Dollars		4,637,126	New Zealand Dollars		6,329,303		SC		350,188
07/24/18	U.S. Dollars		4,603,153	British Pounds		3,222,639		SC		345,280
07/24/18	U.S. Dollars		5,006,513	Euro		4,014,556		RBC		309,899
07/24/18	U.S. Dollars		8,982,275	Swiss Francs		8,617,469		SS		262,285
07/24/18	U.S. Dollars		6,371,703	Japanese Yen		679,022,154		RBC		228,545
07/24/18	U.S. Dollars		5,956,996	Australian Dollars		7,763,480		JPM		211,135
07/24/18	U.S. Dollars		2,693,402	British Pounds		1,885,740		GSC		201,891
07/24/18	U.S. Dollars		6,817,550	Swiss Francs		6,540,962		JPM		198,771
07/24/18	U.S. Dollars		5,040,149	Swedish Kronor		43,427,458		GSC		182,691
07/24/18	U.S. Dollars		2,388,388	British Pounds		1,672,791		GSC		178,232
07/24/18	U.S. Dollars		3,443,814	Australian Dollars		4,422,205		JPM		170,878
08/08/18	U.S. Dollars		1,915,981	South African Rand		24,084,238		MSCS		169,306
07/24/18	U.S. Dollars		2,148,354	New Zealand Dollars		2,931,826		RBC		162,581
07/24/18	U.S. Dollars		2,001,456	British Pounds		1,399,375		SS		152,548
07/24/18	U.S. Dollars		3,144,730	Australian Dollars		4,043,837		SC		151,830
07/24/18	U.S. Dollars		3,647,692	Swedish Kronor		31,274,593		JPM		149,558
07/24/18	U.S. Dollars		3,709,389	New Zealand Dollars		5,265,690		JPM		142,853
07/24/18	U.S. Dollars		3,092,615	Canadian Dollars		3,876,611		JPM		142,562
07/24/18	U.S. Dollars		3,740,577	New Zealand Dollars		5,313,191		SC		141,867
07/24/18	U.S. Dollars		2,146,533	Euro		1,719,703		SS		134,660
07/24/18	U.S. Dollars		1,602,618	Mexican Pesos		29,334,073		SS		131,298
07/24/18	U.S. Dollars		4,571,603	Canadian Dollars		5,836,099		SS		130,404
07/24/18	U.S. Dollars		4,108,964	New Zealand Dollars		5,887,021		SC		121,590
07/24/18	U.S. Dollars		5,615,784	Canadian Dollars		7,224,089		SC		118,343
07/24/18	U.S. Dollars		4,432,874	Swedish Kronor		38,577,133		GSC		117,936
07/24/18	U.S. Dollars		2,105,158	Euro		1,699,421		SS		117,012
07/24/18	U.S. Dollars		4,937,834	Japanese Yen		534,035,179		GSC		106,383
07/24/18	U.S. Dollars		3,865,370	Australian Dollars		5,079,090		GSC		106,264
07/24/18	U.S. Dollars		5,206,028	Japanese Yen		564,297,538		JPM		100,792
07/24/18	U.S. Dollars		3,299,140	Canadian Dollars		4,208,086		GSC		96,839
07/24/18	U.S. Dollars		1,340,756	New Zealand Dollars		1,836,778		SS		96,677
07/24/18	U.S. Dollars		4,333,289	Australian Dollars		5,735,999		JPM		87,996
07/24/18	U.S. Dollars		3,815,939	Canadian Dollars		4,901,784		SS		85,743
07/24/18	U.S. Dollars		2,403,465	Norwegian Kroner		18,882,795		GSC		82,665
07/24/18	U.S. Dollars		4,902,229	Australian Dollars		6,516,928		RBC		78,959
07/24/18	U.S. Dollars		1,303,115	Euro		1,047,925		JPM		77,151
07/24/18	U.S. Dollars		4,659,885	Swedish Kronor		40,973,931		SS		76,859
07/24/18	U.S. Dollars		3,786,821	Australian Dollars		5,013,067		SC		76,579
07/24/18	U.S. Dollars		4,487,697	New Zealand Dollars		6,520,730		SS		71,102
07/24/18	U.S. Dollars		2,750,164	Canadian Dollars		3,521,365		SC		70,449
07/24/18	U.S. Dollars		2,587,250	Swedish Kronor		22,507,270		JPM		69,761
07/24/18	U.S. Dollars		1,522,272	South Korean Won		1,617,109,581		GSC		69,682
07/24/18	U.S. Dollars		2,144,262	New Zealand Dollars		3,065,412		GSC		68,009
07/24/18	U.S. Dollars		6,097,121	Japanese Yen		667,115,833		SS		61,680

See Notes to Financial Statements.

262

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/24/18	U.S. Dollars		2,015,145	Swedish Kronor		17,490,504		SS	$	58,793
07/24/18	U.S. Dollars		1,083,525	Australian Dollars		1,391,289		RBC		53,812
07/24/18	U.S. Dollars		2,790,076	Swedish Kronor		24,471,334		JPM		52,903
07/24/18	U.S. Dollars		6,901,796	Japanese Yen		757,123,537		JPM		52,050
07/24/18	U.S. Dollars		2,615,524	Australian Dollars		3,464,128		SC		51,674
07/24/18	U.S. Dollars		2,318,929	Canadian Dollars		2,979,905		SS		51,258
07/24/18	U.S. Dollars		1,907,346	British Pounds		1,405,213		JPM		50,725
07/24/18	U.S. Dollars		620,845	British Pounds		432,033		JPM		50,027
07/24/18	U.S. Dollars		4,511,332	British Pounds		3,377,777		GSC		48,484
07/24/18	U.S. Dollars		2,625,858	New Zealand Dollars		3,808,439		RBC		46,341
07/24/18	U.S. Dollars		4,170,381	Swedish Kronor		36,897,030		GSC		43,366
07/24/18	U.S. Dollars		1,008,990	Canadian Dollars		1,273,147		RBC		40,141
07/24/18	U.S. Dollars		5,045,017	British Pounds		3,789,741		SC		37,867
07/24/18	U.S. Dollars		2,349,135	Swedish Kronor		20,664,162		SC		37,802
07/24/18	Canadian Dollars		5,228,473	U.S. Dollars		3,941,790		GSC		37,013
07/03/18	U.S. Dollars		1,189,491	Brazilian Reals		4,468,917		MSCS		36,867
07/24/18	U.S. Dollars		1,762,762	Australian Dollars		2,332,131		SC		36,719
07/24/18	U.S. Dollars		4,747,017	Norwegian Kroner		38,340,737		JPM		34,729
07/24/18	U.S. Dollars		527,468	Swedish Kronor		4,406,551		JPM		34,585
07/24/18	U.S. Dollars		4,422,738	Norwegian Kroner		35,704,369		JPM		34,474
07/24/18	U.S. Dollars		1,011,114	Japanese Yen		107,956,602		SS		34,423
07/24/18	U.S. Dollars		844,493	New Zealand Dollars		1,198,331		SS		32,844
07/24/18	Euro		3,708,155	U.S. Dollars		4,305,465		GSC		32,691
07/24/18	U.S. Dollars		5,463,960	Euro		4,644,625		SS		30,232
07/24/18	U.S. Dollars		1,422,888	Norwegian Kroner		11,337,184		JPM		29,486
07/24/18	U.S. Dollars		2,705,306	Norwegian Kroner		21,789,891		SC		27,209
07/24/18	U.S. Dollars		2,256,317	Norwegian Kroner		18,138,225		SS		27,029
07/24/18	U.S. Dollars		1,801,230	Australian Dollars		2,398,043		SC		26,405
07/24/18	U.S. Dollars		1,464,572	British Pounds		1,088,873		SC		25,912
07/24/18	U.S. Dollars		729,571	British Pounds		532,615		SC		25,859
07/24/18	U.S. Dollars		1,766,569	Australian Dollars		2,353,279		SS		24,874
07/24/18	U.S. Dollars		3,060,615	Swiss Francs		3,001,698		SC		23,206
07/24/18	U.S. Dollars		1,165,189	Canadian Dollars		1,501,138		JPM		22,841
07/24/18	U.S. Dollars		564,634	Canadian Dollars		713,236		GSC		21,870
07/24/18	U.S. Dollars		2,125,094	Norwegian Kroner		17,120,607		SS		20,877
07/24/18	U.S. Dollars		2,777,233	Australian Dollars		3,725,044		JPM		20,275
09/19/18	U.S. Dollars		666,081	Chinese Offshore Yuan		4,298,289		MSCS		20,199
07/24/18	U.S. Dollars		414,568	Australian Dollars		532,884		SS		20,173
07/24/18	U.S. Dollars		498,633	Japanese Yen		53,100,453		SC		18,230
07/24/18	U.S. Dollars		990,067	Norwegian Kroner		7,911,299		JPM		17,724
07/24/18	Swiss Francs		2,985,275	U.S. Dollars		3,003,990		GSC		16,801
07/24/18	Swiss Francs		1,928,183	U.S. Dollars		1,935,233		JPM		15,889
07/03/18	U.S. Dollars		410,000	Brazilian Reals		1,528,222		MSCS		15,841
07/24/18	U.S. Dollars		830,688	Swiss Francs		805,391		GSC		15,715
07/24/18	U.S. Dollars		1,124,620	Canadian Dollars		1,457,372		SS		15,578
07/24/18	U.S. Dollars		900,327	Australian Dollars		1,195,946		SS		15,191
09/19/18	Mexican Pesos		7,054,525	U.S. Dollars		335,923		MSCS		14,716
07/24/18	Turkish Lira		5,115,137	U.S. Dollars		1,087,286		GSC		14,688
09/19/18	U.S. Dollars		402,163	Chinese Offshore Yuan		2,578,835		MSCS		14,655
09/19/18	U.S. Dollars		692,070	Singapore Dollars		922,121		MSCS		14,079
09/19/18	Euro		288,834	Chinese Offshore Yuan		2,166,296		MSCS		13,894
09/19/18	U.S. Dollars		1,119,135	Canadian Dollars		1,451,071		MSCS		13,818
07/24/18	U.S. Dollars		5,206,509	Swiss Francs		5,131,785		GSC		13,671
07/24/18	U.S. Dollars		3,626,611	Swiss Francs		3,570,671		SC		13,460
07/24/18	U.S. Dollars		275,842	South Korean Won		292,806,546		SS		12,825
07/24/18	U.S. Dollars		953,608	Japanese Yen		104,002,409		JPM		12,692

See Notes to Financial Statements.

263

STRATEGIC ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/24/18	Norwegian Kroner		13,751,365	U.S. Dollars		1,677,917		SC	$	12,202
07/24/18	U.S. Dollars		1,373,841	Japanese Yen		150,561,015		JPM		11,706
09/19/18	Euro		864,289	British Pounds		757,908		MSCS		11,699
07/24/18	U.S. Dollars		1,420,232	Canadian Dollars		1,850,936		GSC		11,693
09/19/18	Euro		288,085	New Zealand Dollars		483,319		MSCS		11,152
09/19/18	U.S. Dollars		336,016	Chinese Offshore Yuan		2,165,281		MSCS		10,650
09/19/18	U.S. Dollars		335,936	Chinese Offshore Yuan		2,167,061		MSCS		10,302
09/19/18	Euro		288,080	New Zealand Dollars		484,914		MSCS		10,066
07/24/18	U.S. Dollars		2,961,852	Japanese Yen		326,277,040		SS		10,003
09/19/18	Euro		288,095	New Zealand Dollars		485,685		MSCS		9,561
07/24/18	Swiss Francs		3,268,503	U.S. Dollars		3,297,920		GSC		9,468
07/24/18	Canadian Dollars		1,013,412	U.S. Dollars		761,763		CITI		9,430
07/24/18	U.S. Dollars		563,413	Norwegian Kroner		4,508,435		SS		9,301
09/19/18	Euro		249,095	Swedish Kronor		2,527,818		MSCS		8,698
09/19/18	U.S. Dollars		335,029	Chinese Offshore Yuan		2,172,159		MSCS		8,629
09/19/18	U.S. Dollars		339,116	Chinese Offshore Yuan		2,201,211		MSCS		8,351
07/24/18	U.S. Dollars		2,509,693	British Pounds		1,893,205		GSC		8,319
07/10/18	U.S. Dollars		833,000	Indonesian Rupiahs		11,824,435,000		MSCS		8,317
07/24/18	U.S. Dollars		560,676	British Pounds		418,187		SS		8,151
07/24/18	Japanese Yen		386,150,094	U.S. Dollars		3,485,477		RBC		8,048
07/24/18	U.S. Dollars		610,055	Swedish Kronor		5,384,419		SC		7,796
07/24/18	U.S. Dollars		1,375,262	Euro		1,168,963		SC		7,696
07/03/18	U.S. Dollars		165,990	Brazilian Reals		614,843		MSCS		7,410
07/11/18	U.S. Dollars		674,963	Indian Rupees		45,803,642		MSCS		7,281
09/19/18	U.S. Dollars		334,153	Australian Dollars		442,013		MSCS		6,959
07/03/18	U.S. Dollars		169,018	Brazilian Reals		629,678		MSCS		6,612
07/24/18	Canadian Dollars		3,600,362	U.S. Dollars		2,733,314		GSC		6,517
07/24/18	U.S. Dollars		687,355	Swedish Kronor		6,088,976		JPM		6,290
09/19/18	U.S. Dollars		168,163	New Zealand Dollars		239,015		MSCS		6,265
07/03/18	U.S. Dollars		168,942	Brazilian Reals		630,796		MSCS		6,247
09/19/18	U.S. Dollars		331,793	New Zealand Dollars		480,985		MSCS		5,994
07/24/18	British Pounds		2,286,593	U.S. Dollars		3,015,216		SS		5,918
09/19/18	Euro		143,090	New Zealand Dollars		239,514		MSCS		5,910
09/19/18	Euro		308,705	Swedish Kronor		3,176,556		MSCS		5,856
09/19/18	U.S. Dollars		405,818	British Pounds		301,977		MSCS		5,815
09/19/18	Euro		142,987	Swedish Kronor		1,446,357		MSCS		5,518
09/19/18	Euro		143,092	New Zealand Dollars		240,123		MSCS		5,500
07/18/18	U.S. Dollars		167,958	Chilean Pesos		106,191,275		MSCS		5,426
07/05/18	U.S. Dollars		174,256	Chilean Pesos		110,321,717		MSCS		5,410
07/24/18	Swiss Francs		845,942	U.S. Dollars		850,704		JPM		5,302
07/24/18	U.S. Dollars		1,820,722	Australian Dollars		2,453,242		CITI		5,043
08/02/18	U.S. Dollars		168,229	Brazilian Reals		635,636		MSCS		4,876
07/24/18	U.S. Dollars		607,646	Australian Dollars		814,450		SS		4,861
09/19/18	Euro		684,025	Norwegian Kroner		6,485,615		MSCS		4,847
07/11/18	U.S. Dollars		338,037	Indian Rupees		22,858,934		MSCS		4,822
07/27/18	U.S. Dollars		173,198	Indonesian Rupiahs		2,417,467,650		MSCS		4,756
09/19/18	U.S. Dollars		331,977	New Zealand Dollars		483,088		MSCS		4,754
09/19/18	U.S. Dollars		168,055	South African Rand		2,265,251		MSCS		4,681
09/19/18	U.S. Dollars		227,391	New Zealand Dollars		328,841		MSCS		4,648
09/19/18	Euro		517,313	U.S. Dollars		603,409		MSCS		4,490
09/19/18	U.S. Dollars		329,967	New Zealand Dollars		480,519		MSCS		4,484
07/24/18	Australian Dollars		6,810,197	U.S. Dollars		5,035,868		SS		4,454
09/19/18	Euro		142,989	Swedish Kronor		1,456,145		MSCS		4,421
07/03/18	U.S. Dollars		167,969	Brazilian Reals		634,142		MSCS		4,411
07/09/18	U.S. Dollars		169,055	Taiwan Dollars		5,017,995		MSCS		4,333
07/16/18	U.S. Dollars		336,118	Taiwan Dollars		10,103,026		MSCS		4,261

See Notes to Financial Statements.

264

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/24/18	U.S. Dollars		135,461	Swiss Francs		129,837		SC	$	4,079
07/03/18	U.S. Dollars		168,035	Brazilian Reals		635,972		MSCS		4,005
09/19/18	U.S. Dollars		171,278	Czech Republic Koruna		3,707,450		MSCS		3,879
09/19/18	Euro		285,994	British Pounds		250,824		MSCS		3,828
09/19/18	Mexican Pesos		1,414,152	U.S. Dollars		66,534		MSCS		3,755
07/27/18	U.S. Dollars		164,976	Taiwan Dollars		4,904,253		MSCS		3,723
07/16/18	U.S. Dollars		167,990	Taiwan Dollars		5,001,910		MSCS		3,691
09/19/18	Turkish Lira		1,089,698	U.S. Dollars		225,414		MSCS		3,620
09/19/18	Euro		287,834	U.S. Dollars		334,650		MSCS		3,587
09/19/18	Swiss Francs		650,210	Euro		559,701		MSCS		3,583
07/05/18	U.S. Dollars		98,286	South Korean Won		105,726,457		MSCS		3,400
09/19/18	U.S. Dollars		166,939	Australian Dollars		220,981		MSCS		3,362
09/19/18	Mexican Pesos		2,341,209	U.S. Dollars		113,017		MSCS		3,351
07/27/18	U.S. Dollars		167,979	Taiwan Dollars		5,007,955		MSCS		3,316
09/19/18	U.S. Dollars		88,157	Swedish Kronor		756,192		MSCS		3,194
09/19/18	Australian Dollars		225,943	New Zealand Dollars		242,248		MSCS		3,163
07/03/18	U.S. Dollars		169,952	Brazilian Reals		646,931		MSCS		3,095
07/03/18	U.S. Dollars		93,315	Brazilian Reals		349,801		MSCS		3,094
09/19/18	U.S. Dollars		333,921	Japanese Yen		36,420,109		MSCS		3,060
09/19/18	U.S. Dollars		81,652	Swedish Kronor		700,164		MSCS		2,984
07/27/18	U.S. Dollars		333,028	Taiwan Dollars		10,037,897		MSCS		2,979
09/19/18	Euro		288,086	Australian Dollars		453,324		MSCS		2,967
07/27/18	U.S. Dollars		334,007	Taiwan Dollars		10,068,224		MSCS		2,960
07/24/18	U.S. Dollars		843,930	Japanese Yen		92,966,539		SS		2,856
09/19/18	U.S. Dollars		167,034	Chinese Offshore Yuan		1,092,607		MSCS		2,853
09/19/18	U.S. Dollars		167,085	Chinese Offshore Yuan		1,092,963		MSCS		2,851
09/19/18	Australian Dollars		209,896	New Zealand Dollars		225,199		MSCS		2,832
07/27/18	U.S. Dollars		102,502	Taiwan Dollars		3,033,756		MSCS		2,751
07/24/18	U.S. Dollars		2,187,252	Swiss Francs		2,158,844		GSC		2,724
09/19/18	U.S. Dollars		587,555	Japanese Yen		64,379,238		MSCS		2,696
09/19/18	U.S. Dollars		169,446	British Pounds		125,904		MSCS		2,671
07/26/18	South Korean Won		741,839,887	U.S. Dollars		663,762		MSCS		2,667
09/19/18	Euro		288,000	U.S. Dollars		335,837		MSCS		2,595
07/03/18	U.S. Dollars		169,952	Brazilian Reals		648,954		MSCS		2,574
09/19/18	Australian Dollars		226,009	New Zealand Dollars		243,322		MSCS		2,483
09/19/18	U.S. Dollars		272,026	New Zealand Dollars		397,954		MSCS		2,468
09/19/18	Euro		143,907	Swedish Kronor		1,483,793		MSCS		2,392
09/19/18	Euro		143,992	Polish Zloty		624,205		MSCS		2,337
07/24/18	Norwegian Kroner		7,440,736	U.S. Dollars		912,246		GSC		2,262
07/24/18	Norwegian Kroner		4,637,119	U.S. Dollars		567,668		SS		2,259
09/04/18	U.S. Dollars		200,222	Euro		168,674		BAR		2,239
09/04/18	U.S. Dollars		200,191	Euro		168,674		MSCS		2,208
07/27/18	U.S. Dollars		165,927	Indonesian Rupiahs		2,350,558,648		MSCS		2,147
09/19/18	Norwegian Kroner		2,728,271	U.S. Dollars		333,996		MSCS		2,098
09/19/18	U.S. Dollars		170,128	Euro		143,100		MSCS		1,970
09/19/18	British Pounds		164,929	U.S. Dollars		218,467		MSCS		1,947
07/16/18	U.S. Dollars		824,156	Taiwan Dollars		25,032,104		MSCS		1,920
09/04/18	U.S. Dollars		200,982	Euro		169,624		BAR		1,885
09/19/18	U.S. Dollars		133,979	Canadian Dollars		173,437		MSCS		1,868
09/19/18	U.S. Dollars		167,000	Japanese Yen		18,184,913		MSCS		1,797
09/19/18	Euro		85,400	Swedish Kronor		877,378		MSCS		1,776
08/31/18	Euro		264,981	U.S. Dollars		309,161		MSCS		1,768
09/19/18	Euro		143,927	Polish Zloty		626,059		MSCS		1,765
09/19/18	Euro		144,017	U.S. Dollars		167,484		MSCS		1,752
09/19/18	U.S. Dollars		167,885	Canadian Dollars		218,114		MSCS		1,743
08/02/18	U.S. Dollars		167,015	Brazilian Reals		643,311		MSCS		1,689

See Notes to Financial Statements.

265

STRATEGIC ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	Euro		143,070	Czech Republic Koruna		3,687,054		MSCS	$	1,644
09/19/18	Turkish Lira		645,837	U.S. Dollars		134,105		MSCS		1,638
09/19/18	U.S. Dollars		172,881	Chinese Offshore Yuan		1,139,703		MSCS		1,624
09/19/18	Euro		143,996	U.S. Dollars		167,591		MSCS		1,620
07/19/18	U.S. Dollars		167,076	Indian Rupees		11,363,620		MSCS		1,579
07/24/18	U.S. Dollars		3,958,916	Euro		3,382,648		GSC		1,569
09/19/18	Euro		144,017	U.S. Dollars		167,681		MSCS		1,554
07/24/18	U.S. Dollars		587,571	Swiss Francs		579,134		CITI		1,547
09/05/18	U.S. Dollars		270,432	Swedish Kronor		2,395,746		MSCS		1,547
09/19/18	Euro		144,048	Japanese Yen		18,472,410		MSCS		1,458
09/19/18	Euro		57,072	Polish Zloty		245,429		MSCS		1,454
09/19/18	Euro		142,982	British Pounds		125,753		MSCS		1,446
09/19/18	U.S. Dollars		334,099	Japanese Yen		36,626,284		MSCS		1,364
09/19/18	Euro		142,920	U.S. Dollars		166,586		MSCS		1,361
08/14/18	U.S. Dollars		166,965	Thai Baht		5,481,704		MSCS		1,304
07/03/18	Brazilian Reals		528,401	U.S. Dollars		135,053		MSCS		1,232
09/19/18	U.S. Dollars		76,296	Norwegian Kroner		609,402		MSCS		1,224
09/19/18	Euro		288,120	Canadian Dollars		442,884		MSCS		1,217
09/19/18	Euro		342,790	U.S. Dollars		401,608		MSCS		1,208
07/23/18	U.S. Dollars		65,529	Indonesian Rupiahs		923,335,529		MSCS		1,179
08/17/18	Canadian Dollars		122,363	U.S. Dollars		92,038		MSCS		1,118
09/19/18	U.S. Dollars		167,068	Japanese Yen		18,268,165		MSCS		1,109
09/19/18	U.S. Dollars		169,081	British Pounds		126,844		MSCS		1,062
09/19/18	U.S. Dollars		170,596	Turkish Lira		806,610		MSCS		1,062
09/19/18	Canadian Dollars		106,992	U.S. Dollars		80,445		MSCS		1,054
07/27/18	U.S. Dollars		819,631	Taiwan Dollars		24,896,281		MSCS		1,033
07/24/18	Swiss Francs		1,922,039	U.S. Dollars		1,943,928		JPM		978
09/04/18	U.S. Dollars		200,046	Euro		169,624		BNP		949
09/19/18	Euro		144,093	U.S. Dollars		168,385		MSCS		940
09/19/18	U.S. Dollars		166,721	Australian Dollars		224,027		MSCS		888
07/26/18	U.S. Dollars		303,144	South Korean Won		336,505,282		MSCS		846
09/19/18	Euro		55,874	Polish Zloty		242,516		MSCS		826
07/24/18	U.S. Dollars		2,023,206	Euro		1,728,697		SC		811
09/19/18	Euro		144,041	Swedish Kronor		1,499,350		MSCS		803
09/19/18	Singapore Dollars		251,519	U.S. Dollars		184,182		MSCS		748
09/19/18	U.S. Dollars		52,955	Canadian Dollars		68,542		MSCS		744
09/19/18	U.S. Dollars		72,960	South African Rand		1,001,622		MSCS		721
09/19/18	British Pounds		50,083	Australian Dollars		88,662		MSCS		710
09/19/18	U.S. Dollars		80,811	British Pounds		60,494		MSCS		679
07/19/18	U.S. Dollars		105,393	Indian Rupees		7,191,930		MSCS		652
08/20/18	Russian Rubles		4,455,954	U.S. Dollars		69,906		MSCS		647
09/19/18	Euro		143,925	Swedish Kronor		1,499,593		MSCS		639
09/19/18	Euro		588,382	U.S. Dollars		690,835		MSCS		578
09/19/18	Euro		56,579	Norwegian Kroner		535,709		MSCS		493
09/19/18	Turkish Lira		321,464	U.S. Dollars		67,076		MSCS		489
07/19/18	U.S. Dollars		167,040	Indian Rupees		11,438,544		MSCS		452
09/19/18	Canadian Dollars		66,865	Euro		42,963		MSCS		447
09/19/18	Swiss Francs		165,675	Euro		143,024		MSCS		431
08/03/18	South Korean Won		592,619,711	U.S. Dollars		532,130		MSCS		423
09/19/18	Swiss Francs		328,820	U.S. Dollars		334,041		MSCS		384
09/19/18	Euro		142,976	Canadian Dollars		220,075		MSCS		376
09/19/18	Norwegian Kroner		1,398,659	U.S. Dollars		171,923		MSCS		376
07/24/18	Japanese Yen		439,752,518	U.S. Dollars		3,978,095		SS		375
07/09/18	Norwegian Kroner		2,816,490	Euro		295,734		MSCS		358
09/19/18	Euro		144,012	Hungarian Forint		47,391,959		MSCS		354
09/19/18	Euro		97,758	Swedish Kronor		1,019,294		MSCS		352

See Notes to Financial Statements.

266

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	Australian Dollars		226,062	U.S. Dollars		166,988		MSCS	$	350
09/19/18	U.S. Dollars		64,342	Norwegian Kroner		519,756		MSCS		314
07/24/18	U.S. Dollars		1,112,776	Swedish Kronor		9,946,107		CITI		282
07/19/18	U.S. Dollars		51,149	Indian Rupees		3,492,961		MSCS		278
09/19/18	Canadian Dollars		220,928	U.S. Dollars		168,017		MSCS		269
09/19/18	U.S. Dollars		128,069	South African Rand		1,772,228		MSCS		253
09/19/18	U.S. Dollars		165,936	South African Rand		2,297,660		MSCS		224
09/19/18	Singapore Dollars		273,195	U.S. Dollars		200,642		MSCS		224
07/05/18	South Korean Won		105,726,457	U.S. Dollars		94,716		MSCS		171
09/19/18	U.S. Dollars		101,191	Euro		85,982		MSCS		152
09/19/18	Swiss Francs		166,561	Euro		144,039		MSCS		139
09/19/18	U.S. Dollars		167,026	Norwegian Kroner		1,354,795		MSCS		130
09/19/18	Japanese Yen		18,511,475	Euro		143,024		MSCS		100
07/18/18	U.S. Dollars		7,336	Chilean Pesos		4,732,288		MSCS		93
09/19/18	Norwegian Kroner		544,742	U.S. Dollars		67,017		MSCS		89
09/04/18	Euro		169,624	U.S. Dollars		199,033		BAR		64
09/19/18	U.S. Dollars		80,024	Norwegian Kroner		649,156		MSCS		55
07/27/18	U.S. Dollars		166,945	Taiwan Dollars		5,075,710		MSCS		54
09/19/18	South African Rand		2,316,238	U.S. Dollars		167,007		MSCS		44
09/19/18	Turkish Lira		318,670	U.S. Dollars		66,976		MSCS		3
Subtotal Appreciation									$	16,570,181
09/19/18	Australian Dollars		66,882	Euro		42,146		MSCS	$	(18	)
08/20/18	U.S. Dollars		167,041	Russian Rubles		10,551,893		MSCS		(31	)
09/19/18	Australian Dollars		96,614	British Pounds		54,031		MSCS		(53	)
09/19/18	U.S. Dollars		168,200	British Pounds		127,039		MSCS		(78	)
09/19/18	South African Rand		1,521,281	U.S. Dollars		109,796		MSCS		(79	)
09/19/18	Norwegian Kroner		1,362,650	U.S. Dollars		167,952		MSCS		(89	)
07/05/18	Chilean Pesos		4,732,288	U.S. Dollars		7,337		MSCS		(94	)
09/19/18	Euro		143,103	U.S. Dollars		168,283		MSCS		(121	)
07/31/18	U.S. Dollars		175,200	South Korean Won		195,135,718		MSCS		(138	)
09/19/18	Canadian Dollars		220,261	U.S. Dollars		167,939		MSCS		(160	)
09/19/18	New Zealand Dollars		494,763	Australian Dollars		452,980		MSCS		(180	)
07/26/18	U.S. Dollars		94,760	South Korean Won		105,726,457		MSCS		(219	)
09/19/18	Swedish Kronor		773,917	U.S. Dollars		87,175		MSCS		(220	)
07/27/18	Taiwan Dollars		5,979,815	U.S. Dollars		196,851		MSCS		(233	)
07/19/18	U.S. Dollars		167,026	Indian Rupees		11,486,344		MSCS		(259	)
07/27/18	U.S. Dollars		166,972	Taiwan Dollars		5,086,300		MSCS		(267	)
09/19/18	U.S. Dollars		165,959	South African Rand		2,304,824		MSCS		(270	)
09/19/18	Chinese Offshore Yuan		1,307,966	U.S. Dollars		196,851		MSCS		(310	)
09/19/18	South African Rand		2,310,102	U.S. Dollars		166,955		MSCS		(346	)
07/26/18	U.S. Dollars		166,063	Colombian Pesos		488,361,444		MSCS		(360	)
07/27/18	U.S. Dollars		97,893	Indonesian Rupiahs		1,410,244,000		MSCS		(369	)
08/20/18	Russian Rubles		12,406,069	U.S. Dollars		196,851		MSCS		(422	)
07/26/18	U.S. Dollars		168,491	South Korean Won		188,044,548		MSCS		(438	)
09/19/18	Japanese Yen		18,438,595	U.S. Dollars		167,953		MSCS		(445	)
09/19/18	Canadian Dollars		440,544	U.S. Dollars		336,022		MSCS		(448	)
09/19/18	U.S. Dollars		76,119	Canadian Dollars		100,526		MSCS		(454	)
09/19/18	Euro		143,101	U.S. Dollars		168,632		MSCS		(472	)
09/19/18	Chinese Offshore Yuan		1,107,703	U.S. Dollars		166,923		MSCS		(474	)
09/19/18	U.S. Dollars		86,329	Canadian Dollars		113,981		MSCS		(493	)
09/19/18	Norwegian Kroner		539,175	Euro		56,944		MSCS		(494	)
07/24/18	U.S. Dollars		528,527	British Pounds		400,399		SS		(496	)
07/24/18	U.S. Dollars		453,615	New Zealand Dollars		670,481		GSC		(512	)
09/19/18	Canadian Dollars		169,948	U.S. Dollars		129,970		MSCS		(516	)
09/19/18	Australian Dollars		224,986	U.S. Dollars		167,075		MSCS		(532	)

See Notes to Financial Statements.

267

STRATEGIC ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	Australian Dollars		224,914	U.S. Dollars		167,034		MSCS	$	(544	)
09/19/18	U.S. Dollars		166,734	Australian Dollars		225,991		MSCS		(553	)
08/20/18	U.S. Dollars		166,964	Russian Rubles		10,580,084		MSCS		(554	)
08/02/18	Brazilian Reals		567,202	U.S. Dollars		146,330		MSCS		(563	)
07/26/18	Colombian Pesos		691,574,803	U.S. Dollars		236,244		MSCS		(571	)
08/06/18	Chilean Pesos		95,216,814	U.S. Dollars		146,330		MSCS		(591	)
09/19/18	U.S. Dollars		67,323	Turkish Lira		323,147		MSCS		(596	)
07/26/18	U.S. Dollars		169,509	South Korean Won		189,359,897		MSCS		(602	)
09/19/18	U.S. Dollars		154,294	Australian Dollars		209,273		MSCS		(617	)
07/26/18	U.S. Dollars		166,943	South Korean Won		186,541,874		MSCS		(636	)
07/19/18	Indian Rupees		11,293,047	U.S. Dollars		165,108		MSCS		(639	)
09/19/18	Japanese Yen		18,428,272	U.S. Dollars		168,080		MSCS		(666	)
09/19/18	Singapore Dollars		248,919	U.S. Dollars		183,694		MSCS		(676	)
09/19/18	U.S. Dollars		165,802	Australian Dollars		224,932		MSCS		(700	)
09/19/18	Mexican Pesos		2,929,217	U.S. Dollars		146,330		MSCS		(736	)
09/19/18	British Pounds		126,374	Euro		143,095		MSCS		(755	)
09/19/18	U.S. Dollars		166,577	Australian Dollars		226,077		MSCS		(774	)
09/19/18	U.S. Dollars		75,090	South African Rand		1,052,482		MSCS		(817	)
07/09/18	South Korean Won		185,127,350	U.S. Dollars		166,995		MSCS		(818	)
09/19/18	Euro		142,993	U.S. Dollars		168,854		MSCS		(821	)
09/19/18	British Pounds		60,186	U.S. Dollars		80,552		MSCS		(828	)
09/19/18	U.S. Dollars		167,176	Euro		142,971		MSCS		(831	)
09/19/18	New Zealand Dollars		243,961	U.S. Dollars		166,081		MSCS		(832	)
07/19/18	Indian Rupees		11,759,801	U.S. Dollars		172,158		MSCS		(891	)
09/19/18	Japanese Yen		36,886,785	U.S. Dollars		336,000		MSCS		(899	)
09/19/18	Australian Dollars		227,493	Euro		144,070		MSCS		(900	)
09/19/18	Japanese Yen		17,346,300	U.S. Dollars		158,516		MSCS		(932	)
09/19/18	Japanese Yen		73,751,332	U.S. Dollars		670,970		MSCS		(969	)
09/19/18	U.S. Dollars		168,130	Euro		143,910		MSCS		(980	)
09/19/18	South African Rand		2,300,544	U.S. Dollars		166,923		MSCS		(1,004	)
09/19/18	Japanese Yen		36,755,817	U.S. Dollars		334,928		MSCS		(1,016	)
09/19/18	Canadian Dollars		219,166	U.S. Dollars		167,977		MSCS		(1,032	)
09/19/18	U.S. Dollars		293,203	Canadian Dollars		386,279		MSCS		(1,035	)
09/19/18	Canadian Dollars		114,045	U.S. Dollars		87,944		MSCS		(1,073	)
09/19/18	Swedish Kronor		705,371	U.S. Dollars		80,343		MSCS		(1,090	)
07/31/18	U.S. Dollars		167,068	South Korean Won		187,165,743		MSCS		(1,109	)
09/19/18	Australian Dollars		869,140	U.S. Dollars		644,489		MSCS		(1,121	)
09/19/18	U.S. Dollars		167,929	Euro		143,910		MSCS		(1,182	)
07/09/18	South Korean Won		186,179,175	U.S. Dollars		168,342		MSCS		(1,220	)
09/19/18	Australian Dollars		451,968	U.S. Dollars		335,806		MSCS		(1,243	)
09/19/18	Swedish Kronor		435,765	Euro		42,787		MSCS		(1,318	)
09/19/18	U.S. Dollars		337,018	Euro		287,951		MSCS		(1,357	)
07/24/18	U.S. Dollars		1,377,570	Euro		1,178,705		SC		(1,392	)
07/03/18	Brazilian Reals		645,810	U.S. Dollars		167,992		MSCS		(1,424	)
09/19/18	Australian Dollars		222,961	U.S. Dollars		166,475		MSCS		(1,431	)
09/19/18	Canadian Dollars		218,747	U.S. Dollars		168,065		MSCS		(1,439	)
09/19/18	U.S. Dollars		167,750	Euro		143,981		MSCS		(1,444	)
09/19/18	U.S. Dollars		335,247	British Pounds		254,206		MSCS		(1,478	)
07/09/18	South Korean Won		191,469,629	U.S. Dollars		173,367		MSCS		(1,496	)
09/19/18	U.S. Dollars		167,003	South African Rand		2,336,394		MSCS		(1,502	)
09/19/18	Norwegian Kroner		1,360,342	Euro		143,907		MSCS		(1,528	)
09/19/18	British Pounds		126,685	Euro		144,107		MSCS		(1,534	)
09/04/18	Euro		168,674	U.S. Dollars		199,522		BAR		(1,539	)
09/19/18	U.S. Dollars		167,731	Euro		144,053		MSCS		(1,548	)
09/19/18	New Zealand Dollars		244,684	Australian Dollars		226,050		MSCS		(1,592	)
09/19/18	Euro		286,000	U.S. Dollars		337,749		MSCS		(1,667	)

See Notes to Financial Statements.

268

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/19/18	British Pounds		126,078	U.S. Dollars		168,696		MSCS	$	(1,691	)
09/19/18	British Pounds		126,355	Euro		143,917		MSCS		(1,747	)
09/19/18	Japanese Yen		18,190,024	U.S. Dollars		167,000		MSCS		(1,751	)
09/19/18	New Zealand Dollars		244,486	Australian Dollars		226,088		MSCS		(1,754	)
09/04/18	Euro		168,674	U.S. Dollars		199,768		MSCS		(1,785	)
09/19/18	Swedish Kronor		1,293,942	Euro		125,243		MSCS		(1,792	)
09/04/18	Euro		168,674	U.S. Dollars		199,816		BAR		(1,833	)
07/03/18	Brazilian Reals		779,610	U.S. Dollars		202,942		MSCS		(1,865	)
09/19/18	U.S. Dollars		331,114	Australian Dollars		449,939		MSCS		(1,946	)
09/19/18	U.S. Dollars		167,027	Turkish Lira		804,073		MSCS		(1,974	)
09/19/18	U.S. Dollars		297,553	Euro		254,895		MSCS		(1,977	)
09/19/18	Hungarian Forint		46,933,452	Euro		144,040		MSCS		(2,022	)
07/27/18	Taiwan Dollars		10,065,292	U.S. Dollars		332,974		MSCS		(2,024	)
09/19/18	Polish Zloty		625,254	Euro		144,071		MSCS		(2,149	)
07/24/18	U.S. Dollars		910,075	Euro		779,750		GSC		(2,151	)
09/19/18	U.S. Dollars		167,037	Canadian Dollars		222,205		MSCS		(2,222	)
09/19/18	New Zealand Dollars		243,497	Australian Dollars		225,903		MSCS		(2,287	)
07/09/18	U.S. Dollars		663,524	South Korean Won		741,839,887		MSCS		(2,380	)
09/19/18	Japanese Yen		36,376,674	U.S. Dollars		332,922		MSCS		(2,455	)
07/03/18	Brazilian Reals		641,585	U.S. Dollars		167,992		MSCS		(2,514	)
09/19/18	U.S. Dollars		335,982	Euro		288,091		MSCS		(2,556	)
09/19/18	South African Rand		2,279,791	U.S. Dollars		166,983		MSCS		(2,561	)
09/19/18	U.S. Dollars		66,988	Turkish Lira		331,136		MSCS		(2,611	)
09/19/18	U.S. Dollars		179,656	Canadian Dollars		239,316		MSCS		(2,637	)
08/22/18	Colombian Pesos		2,764,850,792	U.S. Dollars		943,700		MSCS		(2,699	)
07/03/18	Brazilian Reals		554,907	U.S. Dollars		145,825		MSCS		(2,703	)
07/27/18	U.S. Dollars		728,000	Indonesian Rupiahs		10,487,568,000		MSCS		(2,742	)
08/20/18	U.S. Dollars		166,987	Russian Rubles		10,719,957		MSCS		(2,746	)
09/19/18	Swedish Kronor		1,290,270	Euro		125,743		MSCS		(2,791	)
09/19/18	Singapore Dollars		453,227	Euro		286,006		MSCS		(2,853	)
09/19/18	U.S. Dollars		67,024	Mexican Pesos		1,406,403		MSCS		(2,880	)
07/24/18	Norwegian Kroner		30,287,423	U.S. Dollars		3,725,390		SS		(2,899	)
09/19/18	U.S. Dollars		332,415	Australian Dollars		452,987		MSCS		(2,901	)
09/19/18	Hungarian Forint		46,674,178	Euro		144,040		MSCS		(2,945	)
09/19/18	Japanese Yen		104,862,566	U.S. Dollars		955,624		MSCS		(2,990	)
09/19/18	Japanese Yen		36,432,616	U.S. Dollars		334,080		MSCS		(3,105	)
09/19/18	South African Rand		2,271,116	U.S. Dollars		167,003		MSCS		(3,206	)
07/11/18	Indian Rupees		38,645,983	U.S. Dollars		566,640		MSCS		(3,296	)
09/19/18	Hungarian Forint		46,137,575	Euro		142,951		MSCS		(3,578	)
07/24/18	U.S. Dollars		1,099,165	Norwegian Kroner		8,973,053		CITI		(3,673	)
08/20/18	U.S. Dollars		166,951	Russian Rubles		10,785,578		MSCS		(3,821	)
07/24/18	Swiss Francs		549,163	U.S. Dollars		559,565		SS		(3,869	)
08/08/18	South African Rand		4,090,868	U.S. Dollars		300,572		MSCS		(3,888	)
09/19/18	Euro		286,000	U.S. Dollars		340,201		MSCS		(4,120	)
09/19/18	Swedish Kronor		1,469,573	Euro		144,020		MSCS		(4,123	)
09/19/18	U.S. Dollars		100,003	Turkish Lira		495,521		MSCS		(4,146	)
07/24/18	New Zealand Dollars		1,543,498	U.S. Dollars		1,049,656		CITI		(4,220	)
07/26/18	U.S. Dollars		1,225,733	South Korean Won		1,369,144,042		MSCS		(4,232	)
08/20/18	U.S. Dollars		333,308	Russian Rubles		21,326,062		MSCS		(4,355	)
07/03/18	Brazilian Reals		634,496	U.S. Dollars		168,013		MSCS		(4,364	)
07/24/18	U.S. Dollars		540,618	Euro		465,871		CITI		(4,402	)
09/19/18	Chinese Offshore Yuan		2,192,932	U.S. Dollars		333,942		MSCS		(4,421	)
09/19/18	U.S. Dollars		661,548	Australian Dollars		899,906		MSCS		(4,594	)
09/19/18	Swedish Kronor		1,466,048	Euro		144,087		MSCS		(4,598	)
07/24/18	Swiss Francs		622,542	U.S. Dollars		634,584		JPM		(4,635	)
09/19/18	Australian Dollars		221,036	U.S. Dollars		168,259		MSCS		(4,641	)

See Notes to Financial Statements.

269

STRATEGIC ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/03/18	Brazilian Reals		638,720	U.S. Dollars		169,426		MSCS	$	(4,688	)
07/03/18	Brazilian Reals		629,321	U.S. Dollars		167,026		MSCS		(4,712	)
07/03/18	Brazilian Reals		635,636	U.S. Dollars		168,693		MSCS		(4,750	)
07/09/18	Taiwan Dollars		4,970,602	U.S. Dollars		167,926		MSCS		(4,759	)
09/19/18	Canadian Dollars		499,400	U.S. Dollars		385,188		MSCS		(4,783	)
09/19/18	Swedish Kronor		1,462,733	Euro		144,042		MSCS		(4,918	)
07/24/18	Japanese Yen		424,677,469	U.S. Dollars		3,847,054		GSC		(4,970	)
08/08/18	South African Rand		5,007,342	U.S. Dollars		368,158		MSCS		(5,007	)
09/19/18	New Zealand Dollars		238,965	U.S. Dollars		166,890		MSCS		(5,025	)
07/24/18	Swiss Francs		2,830,272	U.S. Dollars		2,869,070		SS		(5,127	)
07/03/18	Brazilian Reals		626,282	U.S. Dollars		167,025		MSCS		(5,494	)
09/19/18	U.S. Dollars		500,915	Canadian Dollars		664,887		MSCS		(5,546	)
08/14/18	Thai Baht		5,290,065	U.S. Dollars		165,433		MSCS		(5,564	)
09/19/18	U.S. Dollars		134,003	Turkish Lira		664,061		MSCS		(5,570	)
07/03/18	Brazilian Reals		623,206	U.S. Dollars		166,466		MSCS		(5,729	)
07/24/18	Japanese Yen		56,907,392	U.S. Dollars		520,578		JPM		(5,734	)
07/24/18	Swiss Francs		2,759,015	U.S. Dollars		2,797,843		SC		(6,005	)
07/24/18	U.S. Dollars		1,099,585	Canadian Dollars		1,452,914		SS		(6,065	)
07/03/18	Brazilian Reals		625,562	U.S. Dollars		167,522		MSCS		(6,177	)
07/24/18	Swiss Francs		5,538,138	U.S. Dollars		5,610,258		SS		(6,233	)
07/24/18	U.S. Dollars		544,603	Canadian Dollars		723,899		JPM		(6,275	)
07/05/18	Chilean Pesos		105,589,429	U.S. Dollars		167,995		MSCS		(6,391	)
07/24/18	U.S. Dollars		1,070,729	Swiss Francs		1,064,936		SS		(6,877	)
07/24/18	U.S. Dollars		851,132	Euro		733,665		SS		(7,180	)
09/19/18	Chinese Offshore Yuan		2,196,495	Euro		286,992		MSCS		(7,191	)
09/19/18	Hungarian Forint		139,916,458	Euro		430,478		MSCS		(7,284	)
07/09/18	South Korean Won		179,063,733	U.S. Dollars		168,040		MSCS		(7,306	)
07/03/18	Brazilian Reals		696,280	U.S. Dollars		186,975		MSCS		(7,391	)
07/24/18	U.S. Dollars		6,151,110	Australian Dollars		8,321,194		SS		(7,523	)
07/27/18	Taiwan Dollars		9,875,128	U.S. Dollars		332,967		MSCS		(8,269	)
09/19/18	New Zealand Dollars		464,931	U.S. Dollars		323,209		MSCS		(8,285	)
07/03/18	Brazilian Reals		1,269,829	U.S. Dollars		335,981		MSCS		(8,466	)
07/24/18	Euro		712,910	U.S. Dollars		842,852		SS		(8,821	)
07/24/18	U.S. Dollars		2,333,394	Swiss Francs		2,314,727		SS		(8,871	)
07/24/18	Swedish Kronor		6,095,272	U.S. Dollars		690,901		CITI		(9,131	)
07/03/18	Brazilian Reals		1,258,610	U.S. Dollars		333,840		MSCS		(9,219	)
07/24/18	British Pounds		817,182	U.S. Dollars		1,088,960		SC		(9,268	)
07/24/18	Japanese Yen		237,815,509	U.S. Dollars		2,161,723		CITI		(10,191	)
07/24/18	Norwegian Kroner		4,360,813	U.S. Dollars		546,451		SC		(10,483	)
07/24/18	Canadian Dollars		535,820	U.S. Dollars		418,929		JPM		(11,177	)
07/24/18	Swedish Kronor		47,926,426	U.S. Dollars		5,371,912		SS		(11,234	)
07/24/18	Euro		796,181	U.S. Dollars		944,031		SC		(12,582	)
07/24/18	U.S. Dollars		2,856,330	Norwegian Kroner		23,346,211		SC		(13,048	)
07/24/18	Japanese Yen		241,885,619	U.S. Dollars		2,201,762		GSC		(13,407	)
07/24/18	Norwegian Kroner		13,239,473	U.S. Dollars		1,640,681		GSC		(13,477	)
07/24/18	Japanese Yen		109,249,676	U.S. Dollars		1,001,950		SS		(13,561	)
07/24/18	Australian Dollars		3,789,749	U.S. Dollars		2,818,721		SC		(13,874	)
07/24/18	Norwegian Kroner		2,189,194	U.S. Dollars		283,201		SC		(14,137	)
09/19/18	Australian Dollars		2,822,369	U.S. Dollars		2,104,810		MSCS		(15,594	)
07/24/18	Japanese Yen		92,044,197	U.S. Dollars		848,897		SC		(16,167	)
09/19/18	Swedish Kronor		7,314,226	Euro		713,113		MSCS		(16,186	)
07/24/18	Norwegian Kroner		30,113,794	U.S. Dollars		3,717,430		GSC		(16,279	)
07/24/18	British Pounds		478,079	U.S. Dollars		648,426		JPM		(16,770	)
07/24/18	Euro		2,323,530	U.S. Dollars		2,735,392		GSC		(17,103	)
07/24/18	U.S. Dollars		2,740,348	Swiss Francs		2,725,723		RBC		(17,803	)
07/24/18	British Pounds		2,659,242	U.S. Dollars		3,531,433		CITI		(17,942	)

See Notes to Financial Statements.

270

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/24/18	U.S. Dollars		3,678,629	Swiss Francs		3,653,647		JPM	$	(18,486	)
07/05/18	Argentine Pesos		4,044,294	U.S. Dollars		157,857		MSCS		(18,801	)
07/10/18	Argentine Pesos		4,064,815	U.S. Dollars		157,857		MSCS		(18,862	)
07/24/18	Euro		1,897,307	U.S. Dollars		2,238,619		RBC		(18,967	)
09/19/18	U.S. Dollars		4,149,649	Euro		3,548,165		MSCS		(19,835	)
07/24/18	Canadian Dollars		1,988,191	U.S. Dollars		1,532,929		JPM		(19,941	)
07/24/18	New Zealand Dollars		1,443,528	U.S. Dollars		998,500		SC		(20,775	)
07/24/18	Swedish Kronor		16,138,154	U.S. Dollars		1,826,585		SC		(21,497	)
07/24/18	Swedish Kronor		6,249,807	U.S. Dollars		721,912		SS		(22,857	)
07/24/18	Swedish Kronor		13,078,589	U.S. Dollars		1,486,643		SC		(23,773	)
07/24/18	South Korean Won		602,132,217	U.S. Dollars		564,762		SS		(23,889	)
09/19/18	British Pounds		2,790,929	U.S. Dollars		3,721,028		MSCS		(24,125	)
07/24/18	U.S. Dollars		3,250,012	Euro		2,799,312		GSC		(24,892	)
07/24/18	Japanese Yen		372,696,471	U.S. Dollars		3,396,898		SC		(25,089	)
07/24/18	Norwegian Kroner		14,968,402	U.S. Dollars		1,864,981		GSC		(25,282	)
07/24/18	Norwegian Kroner		4,789,244	U.S. Dollars		615,767		GSC		(27,142	)
09/19/18	Hungarian Forint		305,595,642	Euro		949,792		MSCS		(27,157	)
07/24/18	Canadian Dollars		1,598,566	U.S. Dollars		1,244,465		RBC		(27,976	)
07/24/18	Swedish Kronor		17,516,807	U.S. Dollars		1,987,315		GSC		(28,021	)
09/19/18	Polish Zloty		4,562,198	Euro		1,061,915		MSCS		(28,247	)
07/24/18	Australian Dollars		2,299,786	U.S. Dollars		1,730,384		JPM		(28,280	)
09/19/18	Polish Zloty		3,319,513	U.S. Dollars		916,119		MSCS		(28,709	)
07/24/18	Norwegian Kroner		26,593,367	U.S. Dollars		3,297,919		SS		(29,448	)
07/24/18	Australian Dollars		1,477,255	U.S. Dollars		1,123,548		SS		(30,211	)
07/24/18	Euro		2,065,741	U.S. Dollars		2,447,128		SS		(30,426	)
07/24/18	Japanese Yen		287,518,740	U.S. Dollars		2,632,305		SC		(31,104	)
09/19/18	U.S. Dollars		771,786	Mexican Pesos		16,163,522		MSCS		(31,607	)
07/24/18	British Pounds		1,512,188	U.S. Dollars		2,031,222		SC		(33,262	)
07/24/18	Norwegian Kroner		5,154,275	U.S. Dollars		666,780		JPM		(33,291	)
07/24/18	U.S. Dollars		3,790,989	Swiss Francs		3,779,654		SS		(33,631	)
07/24/18	New Zealand Dollars		1,677,817	U.S. Dollars		1,170,789		JPM		(34,377	)
07/24/18	New Zealand Dollars		1,729,732	U.S. Dollars		1,206,350		SC		(34,775	)
07/24/18	Canadian Dollars		3,099,613	U.S. Dollars		2,393,797		SC		(35,030	)
07/24/18	New Zealand Dollars		1,503,085	U.S. Dollars		1,053,965		SS		(35,901	)
07/24/18	British Pounds		1,966,306	U.S. Dollars		2,634,087		JPM		(36,129	)
07/24/18	Australian Dollars		8,343,601	U.S. Dollars		6,211,794		GSC		(36,578	)
07/24/18	U.S. Dollars		3,259,091	Canadian Dollars		4,331,920		CITI		(37,446	)
07/19/18	Argentine Pesos		10,620,071	U.S. Dollars		397,012		MSCS		(37,473	)
07/24/18	Japanese Yen		324,590,151	U.S. Dollars		2,974,409		SS		(37,821	)
07/24/18	British Pounds		2,754,319	U.S. Dollars		3,680,776		SC		(41,664	)
07/24/18	Swedish Kronor		6,300,028	U.S. Dollars		747,056		GSC		(42,384	)
07/24/18	Swedish Kronor		40,982,380	U.S. Dollars		4,627,483		SS		(43,512	)
07/24/18	South Korean Won		1,309,682,826	U.S. Dollars		1,220,467		CITI		(44,027	)
07/24/18	Japanese Yen		395,077,122	U.S. Dollars		3,620,409		SC		(46,121	)
07/24/18	British Pounds		507,135	U.S. Dollars		716,234		GSC		(46,188	)
07/24/18	Australian Dollars		2,322,636	U.S. Dollars		1,766,799		JPM		(47,783	)
07/24/18	Canadian Dollars		4,666,957	U.S. Dollars		3,604,176		SC		(52,679	)
07/24/18	Canadian Dollars		3,158,098	U.S. Dollars		2,457,978		SC		(54,704	)
07/24/18	New Zealand Dollars		3,232,175	U.S. Dollars		2,244,206		GSC		(55,002	)
07/24/18	Australian Dollars		4,156,104	U.S. Dollars		3,135,843		SC		(59,852	)
09/19/18	Swedish Kronor		21,133,005	Euro		2,073,266		MSCS		(61,885	)
09/19/18	Swedish Kronor		19,046,563	Euro		1,874,165		MSCS		(62,346	)
07/10/18	Indonesian Rupiahs		73,607,442,000	U.S. Dollars		5,199,000		MSCS		(65,323	)
07/24/18	New Zealand Dollars		4,553,471	U.S. Dollars		3,151,043		JPM		(66,904	)
07/24/18	Swedish Kronor		22,576,751	U.S. Dollars		2,592,372		RBC		(67,112	)
09/19/18	Swedish Kronor		19,027,626	Euro		1,877,482		MSCS		(68,371	)

See Notes to Financial Statements.

271

STRATEGIC ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold		Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/24/18	Euro		5,678,984		U.S. Dollars		6,713,286		JPM	$	(69,465	)
07/24/18	Canadian Dollars		6,627,390		U.S. Dollars		5,114,102		JPM		(70,740	)
07/24/18	U.S. Dollars		9,338,035		Euro		8,042,868		GSC		(71,284	)
07/24/18	Swiss Francs		2,565,202		U.S. Dollars		2,671,390		GSC		(75,670	)
07/24/18	Euro		3,423,125		U.S. Dollars		4,081,734		SS		(77,034	)
07/24/18	Canadian Dollars		2,124,556		U.S. Dollars		1,693,879		SC		(77,118	)
07/24/18	New Zealand Dollars		6,678,417		U.S. Dollars		4,600,895		SS		(77,496	)
07/24/18	Australian Dollars		4,898,186		U.S. Dollars		3,704,709		GSC		(79,492	)
07/24/18	Euro		3,585,345		U.S. Dollars		4,274,807		GSC		(80,326	)
07/24/18	New Zealand Dollars		4,350,407		U.S. Dollars		3,027,070		JPM		(80,469	)
09/19/18	South African Rand		28,589,366		U.S. Dollars		2,143,115		MSCS		(81,196	)
07/24/18	British Pounds		2,063,102		U.S. Dollars		2,811,162		SS		(85,313	)
07/24/18	British Pounds		3,691,378		U.S. Dollars		4,969,632		JPM		(92,443	)
07/24/18	Swiss Francs		3,007,668		U.S. Dollars		3,136,974		RBC		(93,524	)
07/24/18	Euro		2,700,933		U.S. Dollars		3,254,195		JPM		(94,384	)
07/24/18	British Pounds		2,451,075		U.S. Dollars		3,333,119		GSC		(94,665	)
09/19/18	New Zealand Dollars		4,012,700		U.S. Dollars		2,820,643		MSCS		(102,609	)
07/24/18	Swedish Kronor		19,815,467		U.S. Dollars		2,321,276		JPM		(104,872	)
07/24/18	Euro		4,329,917		U.S. Dollars		5,173,168		JPM		(107,616	)
07/24/18	Australian Dollars		3,671,030		U.S. Dollars		2,826,620		SS		(109,639	)
07/24/18	Swedish Kronor		33,916,605		U.S. Dollars		3,909,944		JPM		(116,296	)
07/24/18	Mexican Pesos		29,346,247		U.S. Dollars		1,603,011		GSC		(131,081	)
07/24/18	Euro		2,262,573		U.S. Dollars		2,781,503		GSC		(134,528	)
07/24/18	New Zealand Dollars		5,817,401		U.S. Dollars		4,076,672		GSC		(136,453	)
07/24/18	Canadian Dollars		7,191,259		U.S. Dollars		5,612,712		GSC		(140,253	)
07/24/18	British Pounds		1,817,101		U.S. Dollars		2,546,798		GSC		(145,975	)
07/24/18	British Pounds		3,487,060		U.S. Dollars		4,754,530		JPM		(147,293	)
07/24/18	New Zealand Dollars		3,269,701		U.S. Dollars		2,362,130		SS		(147,509	)
08/15/18	Argentine Pesos		38,174,350		U.S. Dollars		1,417,540		MSCS		(160,480	)
07/24/18	Euro		4,173,013		U.S. Dollars		5,048,924		SS		(166,933	)
07/24/18	Canadian Dollars		5,581,965		U.S. Dollars		4,424,046		SS		(176,240	)
07/24/18	Swiss Francs		6,269,219		U.S. Dollars		6,523,634		SS		(179,831	)
07/24/18	Swedish Kronor		22,220,696		U.S. Dollars		2,668,608		SS		(183,173	)
07/24/18	New Zealand Dollars		3,481,840		U.S. Dollars		2,553,947		JPM		(195,641	)
07/24/18	Norwegian Kroner		34,242,033		U.S. Dollars		4,420,386		JPM		(211,852	)
07/24/18	Swedish Kronor		26,582,671		U.S. Dollars		3,191,312		RBC		(217,981	)
07/24/18	Norwegian Kroner		41,540,009		U.S. Dollars		5,378,594		RBC		(273,099	)
07/24/18	Japanese Yen		839,152,121		U.S. Dollars		7,874,438		GSC		(282,575	)
07/24/18	New Zealand Dollars		5,044,597		U.S. Dollars		3,703,693		SS		(286,906	)
07/24/18	British Pounds		2,873,438		U.S. Dollars		4,105,433		RBC		(308,937	)
07/24/18	Swedish Kronor		38,645,426		U.S. Dollars		4,635,912		JPM		(313,335	)
07/24/18	New Zealand Dollars		10,982,599		U.S. Dollars		7,824,256		GSC		(385,566	)
07/24/18	Japanese Yen		1,165,508,607		U.S. Dollars		10,931,990		JPM		(387,557	)
07/24/18	Swedish Kronor		48,440,881		U.S. Dollars		5,813,662		SC		(395,441	)
07/24/18	Euro		5,556,083		U.S. Dollars		6,931,147		SC		(431,107	)
07/24/18	Canadian Dollars		20,951,272		U.S. Dollars		16,613,358		GSC		(669,701	)
07/24/18	Norwegian Kroner		109,111,220		U.S. Dollars		14,120,043		GSC		(709,673	)
07/24/18	Euro		10,427,914		U.S. Dollars		12,997,143		JPM		(797,568	)
07/24/18	British Pounds		7,717,495		U.S. Dollars		11,020,699		JPM		(824,050	)
07/24/18	Australian Dollars		24,954,235		U.S. Dollars		19,427,246		GSC		(958,266	)
07/24/18	New Zealand Dollars		17,325,353		U.S. Dollars		12,695,326		GSC		(960,587	)
07/24/18	Swedish Kronor		259,176,192		U.S. Dollars		31,099,935		SS		(2,110,498	)
Subtotal Depreciation										$	(17,184,644	)
Total Forward Foreign Currency Contracts outstanding at June 30, 2018										$	(614,463	)

See Notes to Financial Statements.

272

Swap agreements outstanding at June 30, 2018:

Pay Rate Index/Pay Rate	Receive Rate/Receive Rate Index		Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Interest Rate Swaps
KRW-CD-KSDA-Bloomberg (Quarterly)		2.02% (Quarterly)		03/21/2020		CITI		KRW		9,000,000,000	$	14,120		$	—		$	14,120
1-Day COP-IBR-OIS (Quarterly)		4.75% (Quarterly)		06/20/2020		MSCS		COP		10,392,325,000		(7,614	)		10,844			(18,458	)
7-Day CFETS Repo Rate (Quarterly)		3.75% (Quarterly)		06/20/2020		CITI		CNY		38,780,000		76,298			41,943			34,355
KRW-CD-KSDA-Bloomberg (Quarterly)		2.00% (Quarterly)		06/20/2020		DEUT		KRW		2,096,410,000		1,917			(607	)		2,524
KRW-CD-KSDA-Bloomberg (Quarterly)		2.00% (Quarterly)		06/20/2020		DEUT		KRW		867,570,000		793			(106	)		899
7.00% (Semiannually)		6-Month NSE MIBID MIBOR (Semiannually)		09/19/2020		MSCS		INR		414,390,000		15,896			(1,490	)		17,386
KRW-CD-KSDA-Bloomberg (Quarterly)		2.00% (Quarterly)		09/19/2020		CITI		KRW		2,129,420,000		(487	)		(2,560	)		2,073
KRW-CD-KSDA-Bloomberg (Quarterly)		2.00% (Quarterly)		09/19/2020		CITI		KRW		2,047,390,000		(468	)		(1,678	)		1,210
KRW-CD-KSDA-Bloomberg (Quarterly)		2.00% (Quarterly)		09/19/2020		CITI		KRW		1,940,690,000		(444	)		(89	)		(355	)
KRW-CD-KSDA-Bloomberg (Quarterly)		2.00% (Quarterly)		09/19/2020		CITI		KRW		1,465,140,000		(335	)		(196	)		(139	)
KRW-CD-KSDA-Bloomberg (Quarterly)		2.00% (Quarterly)		09/19/2020		CITI		KRW		1,316,440,000		(301	)		(1,149	)		848
KRW-CD-KSDA-Bloomberg (Quarterly)		2.00% (Quarterly)		09/19/2020		CITI		KRW		1,314,500,000		(300	)		(1,582	)		1,282
3.25% (Semiannually)		6-Month CLP-TNA (Semiannually)		09/20/2020		CITI		CLP		283,150,000		1,401			2,212			(811	)
3.50% (Semiannually)		6-Month CLP-TNA (Semiannually)		09/20/2020		MSCS		CLP		280,900,000		(697	)		(761	)		64
3.50% (Semiannually)		6-Month CLP-TNA (Semiannually)		09/20/2020		MSCS		CLP		266,875,000		(662	)		(572	)		(90	)
3.50% (Semiannually)		6-Month CLP-TNA (Semiannually)		09/20/2020		MSCS		CLP		262,050,000		(650	)		(982	)		332
3.25% (Semiannually)		6-Month CLP-TNA (Semiannually)		09/20/2020		CITI		CLP		140,700,000		696			1,130			(434	)
3.25% (Semiannually)		6-Month CLP-TNA (Semiannually)		09/20/2020		CITI		CLP		283,175,000		1,401			2,131			(730	)
											$	100,564		$	46,488		$	54,076
Pay Rate Index/Pay Rate	Receive Rate/Receive Rate Index		Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swaps
8.05% (Monthly)		1-Day Brazil Cetip DI Interbank Deposit Rate (Monthly)		01/02/2020		CME		BRL		10,200,000	$	(9,031	)	$	(31,699	)	$	22,668
8.05% (Monthly)		1-Day Brazil Cetip DI Interbank Deposit Rate (Monthly)		01/02/2020		CME		BRL		15,770,000		(13,963	)		(21,841	)		7,878
8.20% (Monthly)		28-Day Mexico Interbank TIIE (Monthly)		09/16/2020		CME		MXN		73,450,000		392			6,210			(5,818	)
3-Month CDOR (Semiannually)		2.00% (Semiannually)		09/19/2020		LCH		CAD		5,930,000		(30,009	)		(35,394	)		5,385

See Notes to Financial Statements.

273

STRATEGIC ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS (Continued)

Pay Rate Index/Pay Rate	Receive Rate/Receive Rate Index	Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
6-Month BUBOR (Semiannually)	0.60% (Annually)		09/19/2020		LCH		HUF		1,131,450,000	$	(58,932	)	$	(38,852	)	$	(20,080	)
6-Month BUBOR (Semiannually)	1.44% (Annually)		09/19/2020		LCH		HUF		659,775,000		4,336			5,203			(867	)
6-Month LIBOR (Semiannually)	1.00% (Semiannually)		09/19/2020		LCH		GBP		440,000		(1,083	)		(872	)		(211	)
6-Month NIBOR (Semiannually)	1.60% (Annually)		09/19/2020		LCH		NOK		14,140,000		2,085			5,946			(3,861	)
1.65% (Annually)	6-Month PRIBOR (Semiannually)		09/19/2020		LCH		CZK		22,425,000		1,237			(178	)		1,415
6-Month WIBOR (Semiannually)	2.00% (Annually)		09/19/2020		LCH		PLN		42,825,000		(1,837	)		(897	)		(940	)
0.10% (Annually)	6-Month EURIBOR (Semiannually)		10/15/2020		LCH		EUR		1,230,000		(6,504	)		(6,824	)		320
3-Month LIBOR (Quarterly)	2.14% (Semiannually)		11/20/2020		LCH		USD		74,170,000		(1,092,181	)		(1,101,017	)		8,836
28-Day Mexico Interbank TIIE (Lunar)	8.25% (Lunar)		09/15/2021		CME		MXN		76,470,000		(15,636	)		(3,017	)		(12,619	)
0.50% (Annually)	3-Month STIBOR (Quarterly)		12/16/2021		LCH		SEK		146,440,000		(31,689	)		13,673			(45,362	)
6-Month EURIBOR (Semiannually)	0.35% (Annually)		12/16/2021		LCH		EUR		17,550,000		49,847			(34,042	)		83,889
1-Day Brazil Cetip DI Interbank Deposit Rate (Upon termination)	10.58% (Upon termination)		01/03/2022		CME		BRL		18,475,000		(62,872	)		(46,158	)		(16,714	)
1-Day Brazil Cetip DI Interbank Deposit Rate (Upon termination)	10.30% (Upon termination)		01/03/2022		CME		BRL		3,205,000		6,678			(5,115	)		11,793
1-Day Brazil Cetip DI Interbank Deposit Rate (Upon termination)	10.38% (Upon termination)		01/03/2022		CME		BRL		900,000		2,489			—			2,489
0.50% (Annually)	3-Month STIBOR (Quarterly)		09/19/2022		LCH		SEK		50,350,000		(42,988	)		(11,062	)		(31,926	)
10.61% (Upon termination)	1-Day Brazil Cetip DI Interbank Deposit Rate (Upon termination)		01/02/2023		CME		BRL		20,525,000		78,610			46,813			31,797
2.57% (Annually)	6-Month WIBOR (Semiannually)		03/21/2023		LCH		PLN		27,700,000		(69,422	)		(67,091	)		(2,331	)
3-Month CDOR (Semiannually)	2.25% (Semiannually)		09/19/2023		LCH		CAD		190,000		(1,606	)		(1,800	)		194
3-Month LIBOR (Quarterly)	2.25% (Semiannually)		09/19/2023		LCH		USD		12,900,000		(394,325	)		(431,809	)		37,484
2.75% (Semiannually)	3-Month New Zealand BBR FRA (Quarterly)		09/19/2023		LCH		NZD		2,670,000		(14,374	)		2,712			(17,086	)
0.75% (Annually)	3-Month STIBOR (Quarterly)		09/19/2023		LCH		SEK		139,050,000		(196,849	)		(102,952	)		(93,897	)
6-Month EURIBOR (Semiannually)	0.50% (Annually)		09/19/2023		LCH		EUR		15,340,000		163,619			45,838			117,781
1.25% (Semiannually)	6-Month LIBOR (Semiannually)		09/19/2023		LCH		GBP		9,450,000		58,371			64,448			(6,077	)
2.28% (Semiannually)	3-Month LIBOR (Quarterly)		11/20/2023		LCH		USD		33,290,000		1,001,385			1,084,971			(83,586	)
6-Month LIBOR (Semiannually)	1.20% (Semiannually)		11/21/2023		LCH		GBP		12,310,000		(136,598	)		(179,944	)		43,346
2.88% (Semiannually)	3-Month LIBOR (Quarterly)		02/28/2025		LCH		USD		14,710,000		8,142			86,105			(77,963	)
2.00% (Annually)	3-Month STIBOR (Quarterly)		11/02/2027		LCH		SEK		16,120,000		(19,354	)		(2,869	)		(16,485	)
8.35% (Monthly)	28-Day Mexico Interbank TIIE (Monthly)		09/06/2028		CME		MXN		28,540,000		(17,826	)		(17,828	)		2
3-Month CDOR (Semiannually)	2.25% (Semiannually)		09/19/2028		LCH		CAD		2,550,000		(57,848	)		(78,247	)		20,399
3.25% (Semiannually)	3-Month New Zealand BBR FRA (Quarterly)		09/19/2028		LCH		NZD		2,130,000		(24,496	)		703			(25,199	)
1.25% (Annually)	3-Month STIBOR (Quarterly)		09/19/2028		LCH		SEK		9,960,000		(6,303	)		11,083			(17,386	)

See Notes to Financial Statements.

274

Pay Rate Index/Pay Rate	Receive Rate/Receive Rate Index	Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
6-Month ASX Australian Bank Bill Short Term Rates Mid (Semiannually)	2.75% (Semiannually)		09/19/2028		LCH		AUD		1,940,000	$	(11,015	)	$	(33,171	)	$	22,156
1.50% (Semiannually)	6-Month LIBOR (Semiannually)		09/19/2028		LCH		GBP		710,000		4,412			7,183			(2,771	)
1.40% (Semiannually)	6-Month LIBOR (Semiannually)		11/21/2028		LCH		GBP		7,410,000		153,545			188,229			(34,684	)
1.75% (Semiannually)	6-Month LIBOR (Semiannually)		12/14/2037		LCH		GBP		3,390,000		15,017			38,039			(23,022	)
3-Month LIBOR (Quarterly)	3.00% (Semiannually)		06/15/2048		LCH		USD		7,320,000		69,720			3,815			65,905
1.50% (Annually)	6-Month EURIBOR (Semiannually)		09/19/2048		LCH		EUR		700,000		(7,281	)		11,523			(18,804	)
1.00% (Semiannually)	6-Month LIBOR (Semiannually)		09/19/2048		LCH		JPY		172,210,000		(65,092	)		(53,059	)		(12,033	)
										$	(769,229	)	$	(683,244	)	$	(85,985	)

Reference Obligation	Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Total Return Swaps
Republic of Columbia 11.00% Maturity 7/24/2020		07/13/18		BOA		COP		5,609,300,000	$	1,653		$	—		$	1,653
Rec Boardwalk Pipeline Partners LP, Pay Floating financing rate: 1-Month LIBOR + 0.0125		08/13/18		CITI		USD		33,775		47,117			—			47,117
									$	48,770		$	—		$	48,770
Total Swap agreements outstanding at June 30, 2018									$	(619,895	)	$	(636,756	)	$	16,861

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2018, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations	$	6,976,825	$	—	$	6,976,825	$	—
Common Stocks		79,534,212		79,534,212		—		—
Corporate Bonds		83,883,463		—		83,883,463		—
Foreign Bonds
Argentina		155,970		—		155,970		—
Canada		3,006,660		—		3,006,660		—
Ireland		1,550,625		—		1,550,625		—
South Africa		1,008,057		—		1,008,057		—
Foreign Common Stocks
Canada		1,298,282		1,298,282		—		—
Israel		3,156,892		3,156,892		—		—
Jersey		1,700,491		1,700,491		—		—
Netherlands		2,955,207		2,955,207		—		—

See Notes to Financial Statements.

275

STRATEGIC ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
United Kingdom	$	1,277,224		$	1,277,224		$	—		$	—
Loan Agreements		2,944,914			—			2,944,914			—
Master Limited Partnership		939,763			939,763			—			—
Mortgage-Backed Securities		1,381,247			—			1,381,247			—
Money Market Funds		108,940,477			—			108,940,477			—
Mutual Funds		3,816,062			3,816,062			—			—
Purchased Options
Call Options		18,407			—			18,407			—
Put Options		355,682			347,703			7,979			—
U.S. Treasury Obligations		120,096,063			—			120,096,063			—
Total Assets — Investments in Securities	$	424,996,523		$	95,025,836		$	329,970,687		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	16,570,181		$	—		$	16,570,181		$	—
Futures		121,163			121,163			—			—
Swap Agreements		1,781,177			—			1,781,177			—
Total Assets — Other Financial Instruments	$	18,472,521		$	121,163		$	18,351,358		$	—
Liabilities:
Investments in Securities:
Common Stocks Sold Short	$	(28,828,630	)	$	(28,828,630	)	$	—		$	—
Foreign Common Stocks Sold Short
Canada		(1,828,880	)		(1,828,880	)		—			—
China		(2,559,943	)		(2,559,943	)		—			—
Ireland		(465,423	)		(465,423	)		—			—
Japan		(1,065,696	)		(1,065,696	)		—			—
Master Limited Partnership Sold Short		(171,922	)		(171,922	)		—			—
Mutual Funds Sold Short		(3,926,489	)		(3,926,489	)		—			—
Written Options
Call Options		(224,600	)		(212,711	)		(11,889	)		—
Put Options		(444,197	)		(430,425	)		(13,772	)		—
Total Liabilities — Investments in Securities	$	(39,515,780	)	$	(39,490,119	)	$	(25,661	)	$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(17,184,644	)	$	—		$	(17,184,644	)	$	—
Futures		(18,615	)		(18,615	)		—			—
Swap Agreements		(2,401,072	)		—			(2,401,072	)		—
Total Liabilities — Other Financial Instruments	$	(19,604,331	)	$	(18,615	)	$	(19,585,716	)	$	—

*** Other financial instruments are derivative instruments, such as futures contracts and forwards contracts, which are valued at the unrealized appreciation (depreciation) on the investment and swap contracts, which are valued at the market value of the investment for this fund. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding”, “Forward Foreign Currency Contracts outstanding” and “Swap agreements outstanding” disclosures.

There were no transfers between Level 1, Level 2 and Level 3 during the six-month period ended June 30, 2018.

See Notes to Financial Statements.

276

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2018 (Unaudited)

	Strategic Alternatives Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	401,988,759
Investments in securities of affiliated issuers, at value		23,007,764
Total investments, at value(1)		424,996,523
Cash collateral for derivatives		7,580,247
Foreign currency(2)		1,111,077
Upfront premiums paid from swap contracts		58,261
Receivables:
Dividends and reclaims		122,025
Interest		1,415,719
From advisor		2,759
Investment securities sold		14,505,490
Fund shares sold		13,960
Variation margin on financial futures contracts		12,818
Unrealized appreciation on foreign currency exchange contracts		16,570,181
Unrealized appreciation on bilateral swap agreements		123,863
Prepaid expenses and other assets		19,369
Total Assets		466,532,292
Liabilities
Securities sold short, at value(3)		38,846,983
Options written, at value(4)		668,797
Upfront premiums received from swap contracts		11,773
Unrealized depreciation on foreign currency exchange contracts		17,184,644
Unrealized depreciation on bilateral swap agreements		21,017
Collateral held for derivatives		3,664,162
Payables:
Investment securities purchased		21,900,133
Dividends on short sales		43,223
Fund shares redeemed		7,961
Variation margin on financial futures contracts		9,166
Accrued expenses:
Investment advisory fees		276,970
Professional fees		29,965
Shareholder servicing fees		14,740
Other expenses		129,954
Total Liabilities		82,809,488
Net Assets	$	383,722,804
Net Assets Consist of:
Paid-in-capital	$	381,306,477
Accumulated net investment income		2,541,912
Undistributed net realized gain on investments and derivative transactions		1,521,130
Net unrealized appreciation (depreciation) on investments, foreign currency and derivative transactions		(1,646,715	)
Net Assets	$	383,722,804
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	312,175,723
Institutional shares outstanding		30,822,863
Net asset value, offering and redemption price per Institutional share	$	10.13
Net assets applicable to the Investor Class	$	71,547,081
Investor shares outstanding		7,078,112
Net asset value, offering and redemption price per Investor share	$	10.11
(1)     Investments in securities of unaffiliated issuers, at cost	$	404,118,188
Investments in securities of affiliated issuers, at cost		23,007,764
Total investments, at cost	$	427,125,952
(2)     Foreign currency, at cost	$	1,129,513
(3)     Proceeds from securities sold short	$	(39,854,321	)
(4)     Premiums received on options written	$	(649,072	)

See Notes to Financial Statements.

277

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2018 (Unaudited)

	Strategic Alternatives Fund
Investment Income
Dividends	$	700,007
Income distributions received from affiliated funds		117,055
Interest		3,596,839
Less foreign taxes withheld		(1,738	)
Total Investment Income		4,412,163
Expenses
Investment advisory fees		1,605,324
Transfer agent fees:
Institutional shares		964
Investor shares		4,870
Custodian fees		10,438
Shareholder servicing fees:
Investor shares		83,057
Accounting and administration fees		33,945
Professional fees		30,935
Blue sky fees:
Institutional shares		9,721
Investor shares		12,491
Shareholder reporting fees:
Institutional shares		11,633
Investor shares		9,864
Trustees expenses		764
Line of credit facility fees and interest expense		567
Other expenses		1,135
Total Expenses		1,815,708
Dividends on securities sold short		264,769
Expenses waived/reimbursed net of amount recaptured(1)		(24,496	)
Net Expenses		2,055,981
Net Investment Income		2,356,182
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		(49,947	)
Futures transactions		(34,605	)
Swap agreements		2,795
Option contracts written		1,997,447
Option contracts purchased		(1,176,606	)
Forward foreign currency contracts		793,658
Foreign currency		15,338
Net realized gain		1,548,080
Net change in unrealized appreciation (depreciation) on:
Investment securities		(3,924,408	)
Investment securities sold short		1,979,444
Futures		102,548
Swap agreements		28,196
Option contracts written		(9,996	)
Option contracts purchased		92,879
Forward foreign currency contracts		(342,508	)
Foreign currency		(21,179	)
Net change in unrealized appreciation (depreciation)		(2,095,024	)
Net Realized and Unrealized Loss		(546,944	)
Net Increase in Net Assets Resulting from Operations	$	1,809,238

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

See Notes to Financial Statements.

278

STATEMENTS OF CHANGES IN NET ASSETS

	Strategic Alternatives Fund			Strategic Alternatives Fund(1)
	For the Six Months Ended 06/30/18			Since Inception 12/31/17
	(Unaudited)
Operations:
Net investment income	$	2,356,182		$	746,959
Net realized gain on investment securities, foreign currency and derivatives		1,548,080			1,697,228
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		(2,095,024	)		448,309
Net increase in net assets resulting from operations		1,809,238			2,892,496
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		—			(1,536,102	)
Investor shares		—			(261,510	)
Institutional shares		—			(448,116	)
Investor shares		—			(91,616	)
Total dividends and distributions		—			(2,337,344	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		16,692,544			307,033,823
Investor shares		17,356,304			62,729,965
Reinvestment of dividends and distributions
Institutional shares		—			1,984,218
Investor shares		—			353,065
Total proceeds from shares sold and reinvested		34,048,848			372,101,071
Value of shares redeemed
Institutional shares		(8,687,066	)		(6,895,207	)
Investor shares		(4,638,920	)		(4,570,312	)
Total value of shares redeemed		(13,325,986	)		(11,465,519	)
Net increase from capital share transactions(2)		20,722,862			360,635,552
Total increase in net assets		22,532,100			361,190,704
Net Assets:
Beginning of Period		361,190,704			—
End of Period*	$	383,722,804		$	361,190,704
*Including undistributed net investment income	$	2,541,912		$	185,730

⁽¹⁾   Inception date was June 30, 2017.

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

See Notes to Financial Statements.

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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
Strategic Alternatives Fund
Institutional Class
2018(3)	$	10.07	$	0.07	#	$	(0.01	)	$	—		$	—		$	10.13		0.60	%	$	312,176		1.05	%(4)		1.06	%(4)		1.33	%		136	%
2017(5)		10.00		0.04	#		0.10			(0.05	)		(0.02	)		10.07		1.40			302,592		1.26	(4)		1.28	(4)		0.69			88
Investor Class
2018(3)	$	10.07	$	0.05	#	$	(0.01	)	$	—		$	—		$	10.11		0.40	%	$	71,547		1.37	%(4)		1.38	%(4)		1.02	%		136	%
2017(5)		10.00		0.01	#		0.12			(0.04	)		(0.02	)		10.07		1.31			58,599		1.63	(4)		1.65	(4)		0.25			88

# 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, 2018. 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 Strategic Alternatives Fund includes the effect of dividend expense on securities sold short which increased the ratio by 0.11% and 0.14% for the period ended December 31, 2017 and June 30, 2018.

(5) Inception date was June 30, 2017. 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.

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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 24 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 Global Real Estate Securities Fund is referred to as the “Real Assets Fund.”

The Strategic Alternatives Fund 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 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 and Asset Allocation Funds are commonly referred to as “Fund of Funds.”

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in the accounting and the preparation of its financial statements. The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946 (“ASC 946”). The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including but not limited to ASC 946. The preparation of financial statements requires 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.

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a. Valuation of Securities

Each Fund, except the Money Market Fund, values 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, LLC (“GSCM”) 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.

Options, rights and warrants for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, at the closing bid price. Options, rights and warrants not traded on a national securities exchange are valued at the last quoted bid price.

Swap agreements are valued daily based upon the terms specific to each agreement with its counterparty. (Please see Note 2i., “Derivative Financial Instruments” for additional information regarding the valuation of swap agreements).

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

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its Net Asset Value (“NAV”). The closing prices of such securities may no longer reflect their market value at the time the Fund calculates its NAV if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector. If a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its NAV, a Valuation Committee meeting may be called. The Trust uses Intercontinental Exchange (“ICE”) as a third party fair valuation vendor. ICE provides a fair value for foreign equity securities held by the Trust based on certain factors and methodologies applied by ICE 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 procedures 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 ICE.

The Target Date and Asset Allocation Funds value their investments in the underlying Select Funds daily at the closing NAV of each respective Fund.

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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, the Northern Institutional Liquid Assets Portfolio and the Northern Institutional U.S. Government Portfolio, which are valued at their closing NAV each business day.

Master limited partnerships which are registered with the Securities and Exchange Commission, and are freely tradable on securities exchanges such as the New York Stock Exchange and the NASDAQ Stock Market.

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 ICE;

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

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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 broker quoted as there have been no adjustments to prices received from third parties as of June 30, 2018.

A valuation hierarchy including information regarding transfers between Level 1 and 2 securities and Level 3 securities, where applicable, is shown at the end of each Fund’s Schedule of Investments.

b. Fixed Income Securities

The Fixed Income Funds, the Strategic Alternatives Fund and the Money Market 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/or 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 U.S. 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

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of tenants to make loan payments, and the ability of a property to attract and retain tenants. CMOs and CMBS may be less liquid and may exhibit greater price volatility than other types of mortgage- or asset-backed securities.

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

Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity.

“TBA” (to be announced) commitments are commitments to purchase or sell mortgage-backed securities for a fixed price at a future date, typically not exceeding 45 days. TBAs may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines prior to settlement date. This risk is in addition to the risk of decline in each Fund’s other assets. Unsettled TBAs are valued at the current market value of the underlying securities, according to the procedures described in the section entitled “Valuation of Securities”.

The Fixed Income Funds 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, 2018, 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 U.S. 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 U.S. 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.

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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 U.S. 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 U.S. government.

c. Foreign Currency Translations

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in the exchange rate.

d. Loan Participations

The Fixed Income Funds, Defensive Market Strategies Fund and Strategic Alternatives 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, Defensive Market Strategies Fund, and 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. 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.

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

f. Repurchase Agreements

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

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

At June 30, 2018, 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		45,000,000		(45,000,000	)		—		—
BNP Paribas		22,000,000		(22,000,000	)		—		—
Citigroup Global Markets Inc.		10,000,000		(10,000,000	)		—		—
Credit Agricole		40,000,000		(40,000,000	)		—		—
Goldman Sachs & Co.		41,095,000		(41,095,000	)		—		—
HSBC Securities USA, Inc.		63,500,000		(63,500,000	)		—		—
Mitsubishi UFJ Securities USA, Inc.		30,000,000		(30,000,000	)		—		—
Mizuho Securities USA, Inc.		47,000,000		(47,000,000	)		—		—
Natixis S.A.		25,000,000		(25,000,000	)		—		—
TD Securities USA LLC		50,000,000		(50,000,000	)		—		—
Total Repurchase Agreements	$	433,595,000	$	(433,595,000	)	$	—	$	—
Low-Duration Bond
Bank of New York Mellon Corporation (The)	$	2,300,000	$	(2,300,000	)	$	—	$	—
Medium-Duration Bond
Barclays Bank	$	285,800,000	$	(285,800,000	)	$	—	$	—

⁽¹⁾  The value of the related collateral received exceeded the value of the repurchase agreements as of June 30, 2018.

⁽²⁾ Net amount represents the net amount of receivable due from (payable to) the counterparty in the event of a 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.

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g. Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. The Fund’s obligation to replace the security borrowed and sold short will be 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 Fixed Income Funds and Strategic Alternatives Fund may sell short U.S. Treasury securities and derivatives such as, but not limited to, swaps, futures contracts and currency forwards to manage risk (e.g., duration, currency, credit, etc.). The Fixed Income Funds may 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. The Fixed Income Funds did not have any dollar roll transactions at June 30, 2018. The Strategic Alternatives Fund may establish short positions in stocks of companies with a market value of up to 40% of the Fund’s assets. 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 10% of the Fund’s assets.

At June 30, 2018, the values of securities sold short in the Low-Duration Bond Fund, Strategic Alternatives Fund, Defensive Market Strategies and International Equity Fund amounted to $14,515,863, $38,846,983, $144,565 and $82,514,305, respectively.

h. Synthetic Convertible Instruments

The Defensive Market Strategies Fund establishes synthetic convertible instruments. Synthetic convertible instruments combine fixed-income securities (which may be convertible or non-convertible) with the right to acquire equity securities. In establishing a synthetic instrument, a basket of fixed-income securities are pooled with a basket of options or warrants that produce the characteristics similar to a convertible security. The risks of investing in synthetic convertible instruments include unfavorable price movements in the underlying security and the credit risk of the issuing financial institution. There may be no guarantee of a return of principal with synthetic convertible instruments and the appreciation potential may be limited. Synthetic convertible instruments may be more volatile and less liquid than other investments held by the Fund.

i. Derivative Financial Instruments

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

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

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

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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, Strategic Alternatives Fund and Defensive Market Strategies Fund may also enter into futures contracts on foreign currencies and related options on transactions as a short or long hedge against possible variations in foreign exchange rates.

Forward Foreign Exchange Contracts — Certain Funds may enter into forward foreign currency exchange contracts to hedge against adverse exchange rate fluctuation to the U.S. dollar or between different foreign currencies in connection with either specific security transactions or portfolio positions. Each contract is valued daily and the change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the opening value and the closing value of the contract. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statements of Assets and Liabilities. The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Options — Certain Funds are authorized to write and purchase put and call options. The risk in writing a call option is that the Funds give up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. The Funds also may write over-the-counter options where completing the obligation depends upon the credit standing of the other party and that party’s ability to perform. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

Options purchased are recorded as an asset, and written options are recorded as liabilities to the extent of premiums paid or received. Each Fund will realize a gain or loss when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option or the cost of a security for a purchased put or call option is adjusted by the amount of the premium received or paid.

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.

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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, the Fixed Income Funds may enter into interest rate and credit default swaps, and the Strategic Alternatives Fund may enter into equity swap contracts and interest rate swaps. The Fixed Income Funds, International Equity Fund and Emerging Markets Equity Fund may enter into cross- currency swaps, and each Select Fund may enter into total return swaps.

Swap agreements are privately negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. A swap may be entered into in order to, among other things, change the maturity of a Fund’s portfolio, to protect a Fund’s value from changes in interest rates, to expose a Fund to a different security or market, or to help a Fund achieve a strategy relative to an index or other benchmark. By entering into a swap agreement, a Fund is exposed to the risk of unanticipated movements in interest rates or in the value of an underlying security or index (or the risk that the counterparty will not fulfill its obligation under the agreement). Credit default swaps involve the payment of amounts based on a specified rate multiplied by a notional amount as well as upon an event of default. In connection with these agreements, securities are set aside as collateral by the Fund’s custodian.

Swaps are marked-to-market daily based upon values from third party vendors or quotations from market makers to the extent available; and the change in value, if any, is recorded as an unrealized gain or loss on the Statements of Assets and Liabilities. In the event that market quotations are not readily available or deemed reliable, certain swap agreements may be valued pursuant to guidelines established by the Board of Trustees. In the event that market quotes are not readily available and the swap cannot be valued pursuant to one of the valuation methods, the value of the swap will be determined in good faith by the Valuation Committee, generally based upon recommendations provided by the Fund’s sub-adviser.

Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations.

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 six-month period ended June 30, 2018, 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.

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Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

Credit Default Swaps — Credit default swap (“CDS”) agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on CDS agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

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

The sub-advisers monitor a variety of factors including cash flow assumptions, market activity, market sentiment and valuation as part of their ongoing process of assessing payment and performance risk. As payment and performance risk increases, the value of a CDS increases, resulting in recognition of unrealized gains for long positions and unrealized losses for short positions. Conversely, as payment and performance risk decreases, unrealized gains are recognized for short positions and unrealized losses are recognized for long positions. Any current or future declines in the fair value of the swap may be partially offset by upfront payments received by the Fund as a seller of protection if applicable. The change in value is recorded within unrealized appreciation (depreciation) until the occurrence of a credit event or the termination of the swap, at which time a realized gain (loss) is recorded.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

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

291

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, 2018, there were no investments in CDS agreements on asset-backed securities.

CDS agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. A Fund may use CDS on credit indexes to hedge a portfolio of CDS or bonds with a CDS on indexes which is less expensive than it would be to buy many CDS to achieve a similar effect. CDS on indexes 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 indexes, 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.

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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, London Clearing House 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.

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, 2018, 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 indexes 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

293

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.

Forward Rate Agreements — Forward rate agreements represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount on a fixed future date. The Funds enter into forward rate agreements to gain yield exposure based on anticipated market conditions at the specified termination date of the agreement.

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, 2018, 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 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, 2018, the Medium-Duration Bond Fund is the buyer (“receiving protection”) on a total notional amount of $14,730,000, and the seller (“providing protection”) on a total notional amount of $78,360,000, respectively. The notional amounts of the swaps are not recorded in the financial statements; however, the notional amounts do approximate the maximum potential amounts of future payments that the Fund could be required to make if the Fund was the seller of protection and a credit event was to occur. Those credit default swaps for which the Fund is 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	$	10,219	$	—	$	943,055	$	—	$	953,274
Maximum potential amount of future payments		500,000		—		77,860,000		—		78,360,000
Recourse provisions with third parties to recover any amounts paid under the credit derivatives (including any purchased credit protection)		—		—		—		—		—
Collateral held by the Funds or other third parties which the Funds can obtain upon occurrence of triggering event		—		—		—		—		—

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At June 30, 2018, 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 Fund 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 Fund is 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	$	—	$	—	$	66,510,000	$	—	$	5,100,000	$	71,610,000
101 - 250		—		—		2,850,000		—		—		2,850,000
251 - 500		—		—		3,900,000		—		—		3,900,000
501 - 1,000		—		—		—		—		—		—
Greater than 1,000		—		—		—		—		—		—
Total	$	—	$	—	$	73,260,000	$	—	$	5,100,000	$	78,360,000

Offsetting of Financial and Derivative Assets and Liabilities

Certain Funds are parties to International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“MA”) with various counterparties that govern over-the-counter derivative and foreign exchange contracts entered into from time to time. The ISDA MA may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the ISDA MA, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or repledged, are presented in the Fund’s portfolio or Statements of Assets and Liabilities. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to an ISDA MA in the Statements of Assets and Liabilities.

At June 30, 2018, derivative assets and liabilities (by type) held by the Funds are as follows:

Fund	Assets		Liabilities
MyDestination 2015
Derivative Financial Instruments:
Financial futures contracts	$	15,845	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		15,845		—
Derivatives not subject to an MA or similar agreement		15,845		—
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2025
Derivative Financial Instruments:
Financial futures contracts	$	40,445	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		40,445		—
Derivatives not subject to an MA or similar agreement		40,445		—
Total assets and liabilities subject to an MA	$	—	$	—

295

Fund	Assets		Liabilities
MyDestination 2035
Derivative Financial Instruments:
Financial futures contracts	$	47,945	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		47,945		—
Derivatives not subject to an MA or similar agreement		47,945		—
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2045
Derivative Financial Instruments:
Financial futures contracts	$	39,310	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		39,310		—
Derivatives not subject to an MA or similar agreement		39,310		—
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2055
Derivative Financial Instruments:
Financial futures contracts	$	9,060	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		9,060		—
Derivatives not subject to an MA or similar agreement		9,060		—
Total assets and liabilities subject to an MA	$	—	$	—
Conservative Allocation
Derivative Financial Instruments:
Financial futures contracts	$	8,230	$	906
Total derivative assets and liabilities in the Statements of Assets and Liabilities		8,230		906
Derivatives not subject to an MA or similar agreement		8,230		906
Total assets and liabilities subject to an MA	$	—	$	—
Balanced Allocation
Derivative Financial Instruments:
Financial futures contracts	$	70,326	$	1,125
Total derivative assets and liabilities in the Statements of Assets and Liabilities		70,326		1,125
Derivatives not subject to an MA or similar agreement		70,326		1,125
Total assets and liabilities subject to an MA	$	—	$	—
Growth Allocation
Derivative Financial Instruments:
Financial futures contracts	$	95,151	$	445
Total derivative assets and liabilities in the Statements of Assets and Liabilities		95,151		445
Derivatives not subject to an MA or similar agreement		95,151		445
Total assets and liabilities subject to an MA	$	—	$	—

296

Fund	Assets		Liabilities
Aggressive Allocation
Derivative Financial Instruments:
Financial futures contracts	$	104,540	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		104,540		—
Derivatives not subject to an MA or similar agreement		104,540		—
Total assets and liabilities subject to an MA	$	—	$	—
Low-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	1,128	$	18,442
Forward foreign exchange contracts		279,370		86,411
Options		50,315		455,229
Swaps and forward rate agreements		—		12,586
Total derivative assets and liabilities in the Statements of Assets and Liabilities		330,813		572,668
Derivatives not subject to an MA or similar agreement		88,198		518,003
Total assets and liabilities subject to an MA	$	242,615	$	54,665
Medium-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	179,133	$	339,651
Forward foreign exchange contracts		2,120,777		2,122,925
Options		3,083,513		4,219,980
Swaps		317,298		160,256
Total derivative assets and liabilities in the Statements of Assets and Liabilities		5,700,721		6,842,812
Derivatives not subject to an MA or similar agreement		4,198,654		5,055,776
Total assets and liabilities subject to an MA	$	1,502,067	$	1,787,036
Global Bond
Derivative Financial Instruments:
Financial futures contracts	$	—	$	24,564
Forward foreign exchange contracts		678,120		4,419,519
Options		107,766		74,721
Total derivative assets and liabilities in the Statements of Assets and Liabilities		785,886		4,518,804
Derivatives not subject to an MA or similar agreement		696,394		4,207,178
Total assets and liabilities subject to an MA	$	89,492	$	311,626
Defensive Market Strategies
Derivative Financial Instruments:
Forward foreign exchange contracts	$	33,108	$	5,107
Options		—		1,262,717
Total derivative assets and liabilities in the Statements of Assets and Liabilities		33,108		1,267,824
Derivatives not subject to an MA or similar agreement		33,108		1,267,824
Total assets and liabilities subject to an MA	$	—	$	—

297

Fund	Assets			Liabilities
Equity Index
Derivative Financial Instruments:
Financial futures contracts	$	28,372		$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		28,372			—
Derivatives not subject to an MA or similar agreement		28,372			—
Total assets and liabilities subject to an MA	$	—		$	—
Value Equity
Derivative Financial Instruments:
Financial futures contracts	$	1,575		$	18,382
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,575			18,382
Derivatives not subject to an MA or similar agreement		1,575			18,382
Total assets and liabilities subject to an MA	$	—		$	—
Growth Equity
Derivative Financial Instruments:
Financial futures contracts	$	41,895		$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		41,895			—
Derivatives not subject to an MA or similar agreement		41,895			—
Total assets and liabilities subject to an MA	$	—		$	—
Small Cap Equity
Derivative Financial Instruments:
Financial futures contracts	$	—		$	42,400
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—	��		42,400
Derivatives not subject to an MA or similar agreement		—			42,400
Total assets and liabilities subject to an MA	$	—		$	—
International Equity Index
Derivative Financial Instruments:
Financial futures contracts	$	45,510		$	260
Total derivative assets and liabilities in the Statements of Assets and Liabilities		45,510			260
Derivatives not subject to an MA or similar agreement		45,510			260
Total assets and liabilities subject to an MA	$	—		$	—
International Equity
Derivative Financial Instruments:
Financial futures contracts	$	1,291,626		$	1,129,671
Forward foreign exchange contracts		3,367,717			3,669,130
Swaps		122,895			765,217
Total derivative assets and liabilities in the Statements of Assets and Liabilities		4,782,238			5,564,018
Derivatives not subject to an MA or similar agreement		1,406,448			1,129,675
Total assets and liabilities subject to an MA	$	3,375,790		$	4,434,343

298

Fund	Assets		Liabilities
Emerging Markets Equity
Derivative Financial Instruments:
Financial futures contracts	$	692,685	$	203,055
Forward foreign exchange contracts		2,180,849		1,867,035
Swaps		26,071		206,507
Total derivative assets and liabilities in the Statements of Assets and Liabilities		2,899,605		2,276,597
Derivatives not subject to an MA or similar agreement		692,686		203,057
Total assets and liabilities subject to an MA	$	2,206,919	$	2,073,540
Global Real Estate Securities
Derivative Financial Instruments:
Financial futures contracts	$	—	$	219
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		219
Derivatives not subject to an MA or similar agreement		—		219
Total assets and liabilities subject to an MA	$	—	$	—
Strategic Alternatives
Derivative Financial Instruments:
Financial futures contracts	$	12,818	$	9,166
Forward foreign exchange contracts		16,570,181		17,184,644
Options		374,089		668,797
Swaps		123,863		21,017
Total derivative assets and liabilities in the Statements of Assets and Liabilities		17,080,951		17,883,624
Derivatives not subject to an MA or similar agreement		2,991,351		3,392,749
Total assets and liabilities subject to an MA	$	14,089,600	$	14,490,875

299

At June 30, 2018, 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 B
Other Counterparties*	$	234,428	$	(54,665	)	$	179,763		$	—		$	179,763
Sub-adviser C
Other Counterparties*		8,187		—			8,187			—			8,187
Total Derivatives	$	242,615	$	(54,665	)	$	187,950		$	—		$	187,950
Medium-Duration Bond
Sub-adviser A
Other Counterparties*	$	268,173	$	(372,066	)	$	(103,893	)	$	—		$	(103,893	)
Sub-adviser B
Other Counterparties*		742,497		(202,884	)		539,613			165,000			704,613
Sub-adviser C
Other Counterparties*		491,397		(1,212,086	)		(720,689	)		—			(720,689	)
Total Derivatives	$	1,502,067	$	(1,787,036	)	$	(284,969	)	$	165,000		$	(119,969	)
Global Bond
Sub-adviser A
Other Counterparties*	$	89,492	$	(311,626	)	$	(222,134	)	$	—		$	(222,134	)
Total Derivatives	$	89,492	$	(311,626	)	$	(222,134	)	$	—		$	(222,134	)
International Equity
Sub-adviser A
Other Counterparties*	$	3,375,790	$	(4,434,343	)	$	(1,058,553	)	$	(580,000	)	$	(1,638,553	)
Total Derivatives	$	3,375,790	$	(4,434,343	)	$	(1,058,553	)	$	(580,000	)	$	(1,638,553	)
Emerging Markets Equity
Sub-adviser A
Other Counterparties*	$	2,206,919	$	(2,073,540	)	$	133,379		$	(180,436	)	$	(47,057	)
Total Derivatives	$	2,206,919	$	(2,073,540	)	$	133,379		$	(180,436	)	$	(47,057	)
Strategic Alternatives
Sub-adviser A
SS	$	5,871,845	$	(3,977,025	)	$	1,894,820		$	—		$	1,894,820
Other Counterparties*		8,217,755		(10,513,850	)		(2,296,095	)		2,079,721			(216,374	)
Total Derivatives	$	14,089,600	$	(14,490,875	)	$	(401,275	)	$	2,079,721		$	1,678,446

* 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 Derivative Financial Instruments and Securities Lending sections of the Notes to Financial Statements.

300

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,	Options written, at value
	at value
	Receivables: Variation margin*	Payables: Variation margin*
	Unrealized appreciation on bilateral swap and forward rate agreements	Unrealized depreciation on bilateral swap and forward rate agreements
Foreign exchange contracts	Investments in securities of unaffiliated issuers, at value	Options written, at value
	Unrealized appreciation on foreign currency	Unrealized depreciation on foreign currency
	exchange contracts	exchange contracts
Credit contracts	Unrealized appreciation on bilateral swap and forward rate agreements	Unrealized depreciation on bilateral swap and forward rate 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, 2018.

	Asset Derivative Value
Fund	Total  Value at 06/30/18		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2015
Futures	$	36,794	$	36,794	$	—	$	—	$	—
MyDestination 2025
Futures	$	75,291	$	75,291	$	—	$	—	$	—
MyDestination 2035
Futures	$	31,465	$	31,465	$	—	$	—	$	—
MyDestination 2045
Futures	$	10,114	$	10,114	$	—	$	—	$	—
MyDestination 2055
Futures	$	1,123	$	1,123	$	—	$	—	$	—
Conservative Allocation
Futures	$	3,620	$	3,620	$	—	$	—	$	—
Balanced Allocation
Futures	$	143,616	$	143,616	$	—	$	—	$	—
Growth Allocation
Futures	$	58,198	$	58,198	$	—	$	—	$	—

301

	Asset Derivative Value
Fund	Total Value at 06/30/18		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Low-Duration Bond
Forwards	$	279,370	$	—	$	279,370	$	—	$	—
Futures		974,841		974,841		—		—		—
Swaps		33,992		33,992		—		—		—
Totals	$	1,288,203	$	1,008,833	$	279,370	$	—	$	—
Medium-Duration Bond
Forwards	$	2,120,777	$	—	$	2,120,777	$	—	$	—
Futures		8,568,370		8,568,370		—		—		—
Purchased Options		3,083,513		2,896,374		187,139		—		—
Swaps		11,015,685		9,781,045		—		1,234,640		—
Totals	$	24,788,345	$	21,245,789	$	2,307,916	$	1,234,640	$	—
Global Bond Fund
Forwards	$	678,120	$	—	$	678,120	$	—	$	—
Futures		146,799		146,799		—		—		—
Purchased Options		107,766		—		107,766		—		—
Totals	$	932,685	$	146,799	$	785,886	$	—	$	—
Defensive Market Strategies
Forwards	$	33,108	$	—	$	33,108	$	—	$	—
International Equity
Forwards	$	3,367,717	$	—	$	3,367,717	$	—	$	—
Futures		407,729		—		—		—		407,729
Swaps		122,895		—		—		—		122,895
Totals	$	3,898,341	$	—	$	3,367,717	$	—	$	530,624
Emerging Markets Equity
Forwards	$	2,180,849	$	—	$	2,180,849	$	—	$	—
Futures		51,506		—		—		—		51,506
Swaps		26,071		—		—		—		26,071
Totals	$	2,258,426	$	—	$	2,180,849	$	—	$	77,577
Strategic Alternatives
Forwards	$	16,570,181	$	—	$	16,570,181	$	—	$	—
Futures		121,163		121,163		—		—		—
Swaps		1,781,177		1,732,407		—		—		48,770
Purchased Options		374,089		347,703		26,386		—		—
Totals	$	18,846,610	$	2,201,273	$	16,596,567	$	—	$	48,770
	Liability Derivative Value
Fund	Total Value at 06/30/18		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2015
Futures	$	108,089	$	—	$	—	$	—	$	108,089

302

	Liability Derivative Value
Fund	Total Value at 06/30/18		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2025
Futures	$	291,530	$	—	$	—	$	—	$	291,530
MyDestination 2035
Futures	$	334,787	$	—	$	—	$	—	$	334,787
MyDestination 2045
Futures	$	284,176	$	—	$	—	$	—	$	284,176
MyDestination 2055
Futures	$	65,812	$	—	$	—	$	—	$	65,812
Conservative Allocation
Futures	$	54,087	$	—	$	—	$	—	$	54,087
Balanced Allocation
Futures	$	494,239	$	—	$	—	$	—	$	494,239
Growth Allocation
Futures	$	675,691	$	—	$	—	$	—	$	675,691
Aggressive Allocation
Futures	$	700,253	$	—	$	—	$	—	$	700,253
Low-Duration Bond
Forwards	$	86,411	$	—	$	86,411	$	—	$	—
Futures		1,588,415		1,588,415		—		—		—
Totals	$	1,674,826	$	1,588,415	$	86,411	$	—	$	—
Medium-Duration Bond
Forwards	$	2,122,925	$	—	$	2,122,925	$	—	$	—
Futures		2,648,802		2,648,802		—		—		—
Swaps		4,197,929		3,637,307		—		560,622		—
Written Options		4,219,980		4,139,366		80,614		—		—
Totals	$	13,189,636	$	10,425,475	$	2,203,539	$	560,622	$	—
Global Bond Fund
Forwards	$	4,419,519	$	—	$	4,419,519	$	—	$	—
Futures		236,903		236,903		—		—		—
Written Options		74,721		—		74,721		—		—
Totals	$	4,731,143	$	236,903	$	4,494,240	$	—	$	—
Defensive Market Strategies
Forwards	$	5,107	$	—	$	5,107	$	—	$	—
Written Options		1,262,717		1,262,717		—		—		—
Totals	$	1,267,824	$	1,262,717	$	5,107	$	—	$	—
Equity Index
Futures	$	757,715	$	—	$	—	$	—	$	757,715

303

	Liability Derivative Value
Fund	Total Value at 06/30/18		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Value Equity
Futures	$	644,441	$	—	$	—	$	—	$	644,441
Growth Equity
Futures	$	747,202	$	—	$	—	$	—	$	747,202
Small Cap Equity
Futures	$	317,534	$	—	$	—	$	—	$	317,534
International Equity Index
Futures	$	222,723	$	—	$	—	$	—	$	222,723
International Equity
Forwards	$	3,669,130	$	—	$	3,669,130	$	—	$	—
Futures		3,909,131		—		—		—		3,909,131
Swaps		765,217		—		—		—		765,217
Totals	$	8,343,478	$	—	$	3,669,130	$	—	$	4,674,348
Emerging Markets Equity
Forwards	$	1,867,035	$	—	$	1,867,035	$	—	$	—
Futures		578,827		—		—		—		578,827
Swaps		206,507		—		—		—		206,507
Totals	$	2,652,369	$	—	$	1,867,035	$	—	$	785,334
Global Real Estate Securities
Futures	$	116,825	$	—	$	—	$	—	$	116,825
Strategic Alternatives
Forwards	$	17,184,644	$	—	$	17,184,644	$	—	$	—
Futures		18,615		18,615		—		—		—
Swaps		2,401,072		2,401,072		—		—		—
Written Options		668,797		643,136		25,661		—		—
Totals	$	20,273,128	$	3,062,823	$	17,210,305	$	—	$	—

304

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: Forward rate 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: Forward rate 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 written
	Net change in unrealized appreciation (depreciation) on: Option contracts purchased
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 unrealized appreciation (depreciation) on: Futures
	Net unrealized appreciation (depreciation) on: Option contracts written
	Net unrealized appreciation (depreciation) on: Option contracts purchased

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 6/30/18			Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2015
Futures	$	32,510		$	(128,568	)	$	—	$	—	$	161,078
MyDestination 2025
Futures	$	36,658		$	(278,149	)	$	—	$	—	$	314,807
MyDestination 2035
Futures	$	289,766		$	(123,143	)	$	—	$	—	$	412,909
MyDestination 2045
Futures	$	402,102		$	(46,286	)	$	—	$	—	$	448,388
MyDestination 2055
Futures	$	67,610		$	(1,144	)	$	—	$	—	$	68,754
Conservative Allocation
Futures	$	(7,081	)	$	(58,017	)	$	—	$	—	$	50,936
Balanced Allocation
Futures	$	(37,590	)	$	(500,569	)	$	—	$	—	$	462,979
Growth Allocation
Futures	$	343,164		$	(185,721	)	$	—	$	—	$	528,885

305

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 6/30/18			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
Aggressive Allocation
Futures	$	429,983		$	—		$	—		$	—	$	429,983
Low-Duration Bond
Forwards	$	(1,615,910	)	$	—		$	(1,615,910	)	$	—	$	—
Futures		1,170,134			1,170,134			—			—		—
Purchased Options		(84,610	)		(84,610	)		—			—		—
Swaps and Forward Rate Agreements		(852,611	)		(911,392	)		—			58,781		—
Written Options		(119,160	)		(139,948	)		20,788			—		—
Totals	$	(1,502,157	)	$	34,184		$	(1,595,122	)	$	58,781	$	—
Medium-Duration Bond
Forwards	$	(1,409,831	)	$	—		$	(1,409,831	)	$	—	$	—
Futures		(9,750,443	)		(9,766,245	)		15,802			—		—
Purchased Options		(1,463,167	)		(1,350,986	)		(112,181	)		—		—
Swaps		5,710,898			5,344,063			—			366,835		—
Written Options		1,496,181			1,120,044			376,137			—		—
Totals	$	(5,416,362	)	$	(4,653,124	)	$	(1,130,073	)	$	366,835	$	—
Global Bond
Forwards	$	1,596,688		$	—		$	1,596,688		$	—	$	—
Futures		(881,590	)		(881,590	)		—			—		—
Purchased Options		(96,343	)		—			(96,343	)		—		—
Written Options		56,281			16,746			39,535			—		—
Totals	$	675,036		$	(864,844	)	$	1,539,880		$	—	$	—
Defensive Market Strategies
Forwards	$	65,436		$	—		$	65,436		$	—	$	—
Written Options		1,149,684			—			—			—		1,149,684
Totals	$	1,215,120		$	—		$	65,436		$	—	$	1,149,684
Equity Index
Futures	$	1,770,538		$	—		$	—		$	—	$	1,770,538
Value Equity
Futures	$	1,839,591		$	—		$	—		$	—	$	1,839,591
Growth Equity
Futures	$	2,030,402		$	—		$	—		$	—	$	2,030,402
Small Cap Equity
Futures	$	2,004,787		$	—		$	—		$	—	$	2,004,787
International Equity Index
Futures	$	111,111		$	—		$	—		$	—	$	111,111

306

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 6/30/18			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
International Equity
Forwards	$	2,124,725		$	—		$	2,124,725		$	—	$	—
Futures		2,964,480			—			—			—		2,964,480
Swaps		(841,014	)		—			—			—		(841,014	)
Totals	$	4,248,191		$	—		$	2,124,725		$	—	$	2,123,466
Emerging Markets Equity
Forwards	$	(1,481,011	)		—		$	(1,481,011	)		—	$	—
Futures		(160,794	)		—			—			—		(160,794	)
Swaps		94,347			—			—			—		94,347
Totals	$	(1,547,458	)		—		$	(1,481,011	)		—	$	(66,447	)
Global Real Estate Securities
Forwards	$	(1,956	)	$	—		$	(1,956	)	$	—	$	—
Futures		343,425			—			—			—		343,425
Totals	$	341,469		$	—		$	(1,956	)	$	—	$	343,425
Strategic Alternatives
Forwards	$	793,658		$	—		$	793,658		$	—	$	—
Futures		(34,605	)		(23,644	)		—			—		(10,961	)
Purchased Options		(1,176,606	)		—			(29,519	)		—		(1,147,087	)
Swaps		2,795			2,795			—			—		—
Written Options		1,997,447			—			8,668			—		1,988,779
Totals	$	1,582,689		$	(20,849	)	$	772,807		$	—	$	830,731
	Change in Unrealized Appreciation (Depreciation) on Derivatives  Recognized in Income
	Total Value at 6/30/18			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
MyDestination 2015
Futures	$	(111,118	)	$	50,967		$	—		$	—	$	(162,085	)
MyDestination 2025
Futures	$	(355,339	)	$	113,588		$	—		$	—	$	(468,927	)
MyDestination 2035
Futures	$	(454,296	)	$	48,262		$	—		$	—	$	(502,558	)
MyDestination 2045
Futures	$	(410,771	)	$	15,489		$	—		$	—	$	(426,260	)
MyDestination 2055
Futures	$	(88,317	)	$	1,123		$	—		$	—	$	(89,440	)
Conservative Allocation
Futures	$	(54,863	)	$	11,680		$	—		$	—	$	(66,543	)
Balanced Allocation
Futures	$	(566,074	)	$	198,877		$	—		$	—	$	(764,951	)
Growth Allocation
Futures	$	(913,323	)	$	78,402		$	—		$	—	$	(991,725	)

307

	Change in Unrealized Appreciation (Depreciation) on Derivatives  Recognized in Income
	Total Value at 6/30/18			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Aggressive Allocation
Futures	$	(1,008,997	)	$	—		$	—		$	—		$	(1,008,997	)
Low-Duration Bond
Forwards	$	2,216,969		$	—		$	2,216,969		$	—		$	—
Futures		(625,674	)		(625,674	)		—			—			—
Purchased Options		(31,483	)		(31,483	)		—			—			—
Swaps		13,460			16,322			—			(2,862	)		—
Forward Rate Agreements		31,798			31,798			—			—			—
Written Options		73,449			73,449			—			—			—
Totals	$	1,678,519		$	(535,588	)	$	2,216,969		$	(2,862	)	$	—
Medium-Duration Bond
Forwards	$	785,927		$	—		$	785,927		$	—		$	—
Futures		5,740,218			5,705,366			34,852			—			—
Purchased Options		183,104			174,414			8,690			—			—
Swaps		(343,021	)		(339,280	)		—			(3,741	)		—
Written Options		(869,770	)		(925,641	)		55,871			—			—
Totals	$	5,496,458		$	4,614,859		$	885,340		$	(3,741	)	$	—
Global Bond
Forwards	$	(4,492,882	)	$	—		$	(4,492,882	)	$	—		$	—
Futures		45,671			45,671			—			—			—
Purchased Options		(189,433	)		—			(189,433	)		—			—
Written Options		(75,863	)		—			(75,863	)		—			—
Totals	$	(4,712,507	)	$	45,671		$	(4,758,178	)	$	—		$	—
Defensive Market Strategies
Forwards	$	325,857		$	—		$	325,857			—			—
Written Options		(417,180	)		—			—			—			(417,180	)
Totals	$	(91,323	)	$	—		$	325,857			—		$	(417,180	)
Equity Index
Futures	$	(990,405	)	$	—		$	—		$	—		$	(990,405	)
Value Equity
Futures	$	(1,065,633	)	$	—		$	—		$	—		$	(1,065,633	)
Growth Equity
Futures	$	(1,286,268	)	$	—		$	—		$	—		$	(1,286,268	)
Small Cap Equity
Futures	$	(495,150	)	$	—		$	—		$	—		$	(495,150	)
International Equity Index
Futures	$	(309,355	)	$	—		$	—		$	—		$	(309,355	)

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	Change in Unrealized Appreciation (Depreciation) on Derivatives  Recognized in Income
	Total Value at 6/30/18			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
International Equity
Forwards	$	413,268		$	—		$	413,268		$	—	$	—
Futures		(5,199,409	)		—			—			—		(5,199,409	)
Swaps		(1,101,159	)		—			—			—		(1,101,159	)
Totals	$	(5,887,300	)	$	—		$	413,268		$	—	$	(6,300,568	)
Emerging Markets Equity
Forwards	$	(122,406	)	$	—		$	(122,406	)	$	—	$	—
Futures		(2,082,869	)		—			—			—		(2,082,869	)
Swaps		(51,680	)		—			—			—		(51,680	)
Totals	$	(2,256,955	)	$	—		$	(122,406	)	$	—	$	(2,134,549	)
Global Real Estate Securities
Futures	$	(129,090	)	$	—		$	—		$	—	$	(129,090	)
Strategic Alternatives
Forwards	$	(342,508	)	$	—		$	(342,508	)	$	—	$	—
Futures		102,548			102,548			—			—		—
Purchased Options		92,879			—			(26,204	)		—		119,083
Written Options		(9,996	)		—			23,218			—		(33,214	)
Swaps		28,196			(20,574	)		—			—		48,770
Totals	$	(128,881	)	$	81,974		$	(345,494	)	$	—	$	134,639

Volume of Derivative Transactions

The table below summarizes the average balance of derivative holdings by fund during the six-month period ended June 30, 2018. 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		—		8,782,780		—		—
MyDestination 2025		—		18,378,468		—		—
MyDestination 2035		—		14,769,795		—		—
MyDestination 2045		—		10,993,716		—		—
MyDestination 2055		—		2,674,888		—		—
Conservative Allocation		—		7,201,210		—		—
Balanced Allocation		—		31,509,383		—		—
Growth Allocation		—		26,712,307		—		—
Aggressive Allocation		—		24,141,080		—		—
Low-Duration Bond		36,920,367		631,671,399		50,832		696,303,030
Medium-Duration Bond		107,263,273		1,082,253,375		2,435,056		394,365,430
Global Bond		23,215,024		88,137,584		90,467		—
Defensive Market Strategies		16,734,521		—		—		—
Equity Index		—		31,672,000		—		—
Value Equity		—		39,753,810		—		—
Growth Equity		—		54,949,540		—		—

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	Long Derivative Volume
	Forward Foreign Currency Contracts		Financial Futures Contracts		Purchased Option Contracts		Swap Contracts
Small Cap Equity		—		21,442,982		—		—
International Equity Index		—		7,302,563		—		—
International Equity		199,962,812		142,194,582		—		21,175,361
Emerging Markets Equity		84,150,602		58,784,841		—		120,224,838
Global Real Estate Securities		—		6,053,157		—		—
Strategic Alternatives		440,863,698		7,796,200		389,643		72,050,687
	Short Derivative Volume
	Forward Foreign Currency Contracts		Financial Futures Contracts		Written Option Contracts		Swap Contracts
Low-Duration Bond		31,354,871		330,074,753		364,588		378,933,019
Medium-Duration Bond		78,768,423		1,022,496,491		2,474,452		784,779,977
Global Bond		76,255,803		18,387,031		25,534		—
Defensive Market Strategies		165,550		—		599,188		—
International Equity		208,920,533		52,247,350		—		14,377,625
Emerging Markets Equity		98,270,008		12,391,150		—		1,332,271
Strategic Alternatives		438,018,961		15,370,854		872,494		52,994,238

j. Dividends and Distributions to Shareholders

The Low-Duration Bond Fund, Medium-Duration Bond Fund, Extended-Duration Bond Fund and Global Bond 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.

k. Expenses

Expenses arising in connection with a Fund are charged directly to that Fund. Expenses common to all Funds are generally allocated to each Fund in proportion to their relative net assets. Each Class of shares bears its pro-rata portion of expenses attributable to its Class, except that each Class separately bears expenses related specifically to that Class, such as shareholder reporting, registration, transfer agent, shareholder servicing and distribution fees.

l. Security Transactions, Income and Realized Gains and Losses

Security transactions are accounted for on the date securities are purchased or sold (the trade date). Dividend income is recognized on the ex-dividend date, except certain dividends from foreign securities where the ex-date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income is accrued daily, including the amortization of market premium and the accretion of market discount using the effective interest method. Realized gains and losses from security transactions are on an identified cost basis.

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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 six-month period ended June 30, 2018, 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	%		0.19	%
Extended-Duration Bond		0.25	%		0.23	%
Global Bond		0.25	%		0.23	%
Defensive Market Strategies		0.33	%		0.29	%
Equity Index		0.08	%		0.01	%
Value Equity		0.33	%		0.20	%
Growth Equity		0.33	%		0.34	%
Small Cap Equity		0.33	%		0.61	%
International Equity Index		0.10	%		0.02	%
International Equity		0.33	%		0.38	%
Emerging Markets Equity		0.33	%		0.65	%
Global Real Estate Securities		0.30	%		0.38	%
Strategic Alternatives		0.40	%		0.47	%

For the six-month period ended June 30, 2018, advisory fees and waivers for each Fund were as follows:

	Gross Advisory Fee		Waiver/ Reimbursements			Net Advisory Fee (Reimbursement)
MyDestination 2015	$	318,005	$	—		$	318,005
MyDestination 2025		562,374		—			562,374
MyDestination 2035		336,354		—			336,354
MyDestination 2045		255,938		—			255,938
MyDestination 2055		63,799		(46,579	)		17,220
Conservative Allocation		257,404		—			257,404
Balanced Allocation		796,737		—			796,737
Growth Allocation		622,819		—			622,819
Aggressive Allocation		535,526		—			535,526

311

	Gross Advisory Fee		Waiver/ Reimbursements			Net Advisory Fee (Reimbursement)
Money Market(1)	$	402,109	$	—		$	402,109
Low-Duration Bond		505,968		(29,101	)		476,867
Medium-Duration Bond		964,224		(98,657	)		865,567
Extended-Duration Bond		294,515		(7,080	)		287,435
Global Bond		673,760		(45,126	)		628,634
Defensive Market Strategies		1,657,368		(41,614	)		1,615,754
Equity Index		397,078		(34,847	)		362,231
Value Equity		2,492,751		(43,321	)		2,449,430
Growth Equity		2,996,602		(70,729	)		2,925,873
Small Cap Equity		930,258		(24,663	)		905,595
International Equity Index		94,225		—			94,225
International Equity		2,689,640		(82,370	)		2,607,270
Emerging Markets Equity		818,198		(18,642	)		799,556
Global Real Estate Securities		335,603		(4,886	)		330,717
Strategic Alternatives		741,678		(24,496	)		717,182

⁽¹⁾   The Statement of Operations “Expenses waived/reimbursed net of amount recaptured” for the Money Market Fund includes shareholder servicing fee waiver and other waivers.

b. Shareholder Servicing Fees (Affiliate)

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

GuideStone Financial Resources (or its affiliate) voluntarily agreed to waive shareholder servicing fees and/or reimburse expenses for the Investor Class of the Money Market Fund to the extent necessary to maintain a minimum daily net yield of at least 0.01%. This voluntary shareholder servicing fee waiver and expense reimbursement may be changed or terminated with the consent of the Board of Trustees at any time.

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, 2019.

c. Expense Limitation (Affiliate)

On February 23, 2018, GSCM agreed, through April 30, 2019, 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
	January 1, 2018
	to
	June 30, 2018
Fund	Institutional Class	Investor Class
MyDestination 2015	0.20%	0.40%
MyDestination 2025	0.20%	0.40%
MyDestination 2035	0.20%	0.40%
MyDestination 2045	0.20%	0.40%
MyDestination 2055	0.20%	0.40%

312

	For the Period
	January 1, 2018
	to
	June 30, 2018
Fund	Institutional Class	Investor Class
International Equity Index	0.57%	N/A
Emerging Markets Equity	1.32%	1.57%
Strategic Alternatives	1.28%	1.53%

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, 2018, 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 follows:

	Institutional Class								Investor Class
	2018		2019		2020		2021		2018		2019		2020			2021
MyDestination 2015		N/A		N/A		N/A		N/A	$	274,488	$	180,574	$	30,638			N/A
MyDestination 2025		N/A		N/A		N/A		N/A		311,332		185,515		(925	)		N/A
MyDestination 2035		N/A		N/A		N/A		N/A		325,538		206,887		24,128			N/A
MyDestination 2045		N/A		N/A		N/A		N/A		330,651		232,288		59,007			N/A
MyDestination 2055	$	28,120	$	28,120	$	28,120	$	8,261		363,630		253,134		110,489		$	38,318
International Equity Index		N/A		N/A		N/A		N/A		N/A		N/A		N/A			N/A
Emerging Markets Equity		933,435		518,000		16,344		N/A		518,941		191,393		77,711			N/A
Strategic Alternatives		7,343		7,343		7,343		N/A		26,774		26,774		26,774			N/A

d. Brokerage Service Arrangements

Subject to best execution, the Adviser directs the sub-advisers to place a certain percentage of security trades 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
Value Equity	$	10,971
Growth Equity		14,830
Small Cap Equity		14,904
Emerging Markets Equity		2,951
Global Real Estate Securities		6,212

e. Administrator, Transfer Agent and Distributor

The Northern Trust Company (“Northern Trust”) provides administrative and accounting services to the Funds. For its services as Administrator, Northern Trust is entitled to receive fees, computed daily and paid monthly, based upon the average daily net assets of each Fund. The fees, excluding out of pocket expenses, range between 0.004% and 0.0225% of average daily net assets. For its services as Transfer Agent, BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) receives a fee based mainly upon the

313

number of accounts serviced. Certain minimum fees and transaction charges may apply. For the six-month period ended June 30, 2018, BNY Mellon and Northern Trust received $1,853,291 in aggregate fees and expenses for services rendered under the various agreements described above.

Foreside Funds Distributors LLC serves as the Underwriter and does not receive any fees in its capacity as Underwriter from GuideStone Funds. The fees are paid by GSCM.

f. Investments in Affiliates

The 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, 2018, 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		10.16	%		4.55	%		—	%		—	%		—	%
Money Market		0.76			1.61			1.36			0.96			0.25
Medium-Duration Bond		10.43			19.15			7.40			2.69			0.50
Global Bond		11.60			15.30			5.16			1.87			0.35
Defensive Market Strategies		6.98			12.14			3.82			2.51			0.65
Equity Index		3.69			9.55			8.63			7.67			2.03
Value Equity		2.56			6.62			5.91			5.23			1.39
Growth Equity		2.07			5.42			4.93			4.27			1.13
Small Cap Equity		2.03			5.24			—			3.99			1.04
International Equity Index		10.97			28.59			25.72			23.20			6.32
International Equity		2.64			6.89			6.19			5.62			1.49
Emerging Markets Equity		3.80			9.84			9.28			7.79			2.20
Global Real Estate Securities		2.64			6.24			4.81			4.15			1.09
Strategic Alternatives Fund		7.42			7.35			—			—			—

	Conservative Allocation			Balanced Allocation			Growth Allocation			Aggressive Allocation
Fund	Fund			Fund			Fund			Fund
Low-Duration Bond		26.54	%		10.78	%		3.81	%		—	%
Money Market		0.51			2.91			2.59			2.16
Medium-Duration Bond		4.41			24.34			8.47			—
Extended-Duration Bond		—			29.51			10.44			—
Global Bond		2.99			24.03			8.36			—
Defensive Market Strategies		3.73			15.93			5.48			—
Value Equity		2.01			11.35			15.54			18.97
Growth Equity		1.65			9.28			12.33			15.07
Small Cap Equity		1.01			5.89			8.09			9.91
International Equity		2.03			11.61			16.30			19.91
Emerging Markets Equity		1.94			10.98			15.34			19.51
Global Real Estate Securities		2.81			14.99			17.17			—
Strategic Alternatives		6.70			16.27			7.91			—

314

A summary of the Funds’ total long-term and short-term purchases and sales of the shares of the underlying Select Funds during the six-month period ended June 30, 2018 is as follows (amounts in thousands):

	Total Value at 12/31/17		Purchases		Sales Proceeds		Net Realized Gains/(Losses)			Change in Unrealized Appreciation/ (Depreciation)			Total Value at 6/30/18		Dividend Income		Distributions of Realized Gains
MyDestination 2015
Money Market	$	12,106	$	39,621	$	42,601	$	—		$	—		$	9,126	$	72	$	—
Low-Duration Bond		83,676		13,174		590		(8	)		(613	)		95,639		901		—
Medium-Duration Bond		143,030		20,390		371		(19	)		(4,276	)		158,754		1,655		—
Global Bond		56,061		10,652		—		—			(3,706	)		63,007		1,425		—
Defensive Market Strategies		70,548		3,414		1,820		144			(102	)		72,184		456		838
Equity Index		36,262		2,191		2,034		407			306			37,132		290		67
Value Equity		38,924		738		250		(12	)		(1,008	)		38,392		323		276
Growth Equity		38,687		24		4,410		197			3,651			38,149		16		7
Small Cap Equity		11,294		310		400		16			719			11,939		—		—
International Equity Index		21,474		375		725		62			(521	)		20,665		—		—
International Equity		43,459		2,230		2,610		104			(967	)		42,216		—		—
Emerging Markets Equity		18,733		1,190		950		130			(1,730	)		17,373		—		—
Inflation Protected Bond		24,223		3		24,076		(377	)		227			—		2		—
Global Real Estate Securities		5,637		660		90		(12	)		(77	)		6,118		165		—
Strategic Alternatives		26,891		1,415		—		—			174			28,480		—		—
	$	631,005	$	96,387	$	80,927	$	632		$	(7,923	)	$	639,174	$	5,305	$	1,188
MyDestination 2025
Money Market	$	22,192	$	46,103	$	49,106	$	—		$	—		$	19,189	$	151	$	—
Low-Duration Bond		29,895		13,441		200		—			(243	)		42,893		365		—
Medium-Duration Bond		265,615		37,530		3,700		(173	)		(7,689	)		291,583		3,011		—
Global Bond		73,912		15,035		1,000		(11	)		(4,791	)		83,145		1,840		—
Defensive Market Strategies		118,178		8,118		810		61			(117	)		125,430		792		1,457
Equity Index		94,422		5,189		5,256		1,047			837			96,239		751		172
Value Equity		97,940		4,125		325		(17	)		(2,552	)		99,171		833		712
Growth Equity		98,695		461		9,175		322			9,415			99,718		41		20
Small Cap Equity		29,227		410		600		24			1,843			30,904		—		—
International Equity Index		54,954		1,335		1,230		110			(1,328	)		53,841		—		—
International Equity		111,542		3,110		2,200		110			(2,525	)		110,037		—		—
Emerging Markets Equity		47,581		3,900		2,400		366			(4,460	)		44,987		—		—
Inflation Protected Bond		17,885		2		17,775		(179	)		67			—		2		—
Global Real Estate Securities		13,292		1,396		—		—			(222	)		14,466		391		—
Strategic Alternatives		26,188		2,039		170		—			160			28,217		—		—
	$	1,101,518	$	142,194	$	93,947	$	1,660		$	(11,605	)	$	1,139,820	$	8,177	$	2,361

315

	Total Value at 12/31/17		Purchases		Sales Proceeds		Net Realized Gains/(Losses)			Change in Unrealized Appreciation/ (Depreciation)			Total Value at 6/30/18		Dividend Income		Distributions of Realized Gains
MyDestination 2035
Money Market	$	16,753	$	31,092	$	31,579	$	—		$	—		$	16,266	$	117	$	—
Medium-Duration Bond		99,953		17,936		2,325		(107	)		(2,769	)		112,688		1,122		—
Global Bond		24,897		6,532		1,825		(28	)		(1,544	)		28,032		605		—
Defensive Market Strategies		23,507		16,766		455		37			(399	)		39,456		250		461
Equity Index		85,735		3,095		3,510		741			884			86,945		679		156
Value Equity		87,173		7,217		3,624		(15	)		(2,200	)		88,551		739		632
Growth Equity		86,503		2,554		6,980		287			8,382			90,746		36		17
Small Cap Equity		25,877		360		725		38			1,596			27,146		—		—
International Equity Index		49,165		1,174		820		68			(1,155	)		48,432		—		—
International Equity		99,389		4,555		3,000		200			(2,294	)		98,850		—		—
Emerging Markets Equity		42,937		5,110		1,900		293			(4,041	)		42,399		—		—
Global Real Estate Securities		10,282		1,060		—		—			(185	)		11,157		302		—
	$	652,171	$	97,451	$	56,743	$	1,514		$	(3,725	)	$	690,668	$	3,850	$	1,266
MyDestination 2045
Money Market	$	12,588	$	27,027	$	28,118	$	—		$	—		$	11,497	$	87	$	—
Medium-Duration Bond		35,713		8,459		2,230		(83	)		(967	)		40,892		409		—
Global Bond		8,931		2,587		755		(16	)		(561	)		10,186		222		—
Defensive Market Strategies		—		26,695		175		(1	)		(600	)		25,919		162		298
Equity Index		76,209		3,806		4,264		898			601			77,250		603		139
Value Equity		77,815		6,068		3,668		—			(1,915	)		78,300		657		561
Growth Equity		76,823		1,952		7,875		284			7,407			78,591		32		15
Small Cap Equity		22,895		800		1,589		42			1,385			23,533		—		—
International Equity Index		43,705		2,925		2,025		210			(1,139	)		43,676		—		—
International Equity		88,834		7,440		4,722		309			(2,094	)		89,767		—		—
Emerging Markets Equity		38,085		3,291		2,600		456			(3,626	)		35,606		—		—
Global Real Estate Securities		8,735		1,056		—		—			(155	)		9,636		260		—
	$	490,333	$	92,106	$	58,021	$	2,099		$	(1,664	)	$	524,853	$	2,432	$	1,013
MyDestination 2055
Money Market	$	3,138	$	15,324	$	15,503	$	—		$	—		$	2,959	$	23	$	—
Medium-Duration Bond		4,532		3,900		685		(26	)		(121	)		7,600		71		—
Global Bond		1,132		963		100		(1	)		(101	)		1,893		38		—
Defensive Market Strategies		—		6,876		20		—			(144	)		6,712		42		77
Equity Index		18,933		2,499		1,315		273			95			20,485		160		37
Value Equity		19,220		3,328		1,135		(8	)		(515	)		20,890		174		149
Growth Equity		19,195		1,926		2,311		79			1,900			20,789		8		4
Small Cap Equity		5,663		492		386		65			303			6,137		—		—
International Equity Index		10,893		1,801		525		51			(321	)		11,899		—		—
International Equity		22,090		3,632		1,370		72			(611	)		23,813		—		—
Emerging Markets Equity		9,388		1,993		420		69			(959	)		10,071		—		—
Global Real Estate Securities		2,173		474		76		(5	)		(32	)		2,534		68		—
	$	116,357	$	43,208	$	23,846	$	569		$	(506	)	$	135,782	$	584	$	267

316

	Total Value at 12/31/17		Purchases		Sales Proceeds		Net Realized Gains/(Losses)			Change in Unrealized Appreciation/ (Depreciation)			Total Value at 6/30/18		Dividend Income		Distributions of Realized Gains
Conservative Allocation
Money Market	$	4,159	$	29,395	$	27,432	$	—		$	—		$	6,122	$	56	$	—
Low-Duration Bond		234,814		21,938		5,140		(179	)		(1,473	)		249,960		2,376		—
Medium-Duration Bond		61,978		7,107		65		(5	)		(1,833	)		67,182		700		—
Global Bond		15,659		1,674		100		(2	)		(977	)		16,254		379		—
Defensive Market Strategies		38,041		1,725		1,285		104			(82	)		38,503		243		447
Value Equity		30,018		2,593		1,830		(48	)		(672	)		30,061		253		216
Growth Equity		29,630		468		2,695		9			2,861			30,273		12		6
Small Cap Equity		6,073		230		775		29			369			5,926		—		—
International Equity		32,913		1,945		1,770		70			(739	)		32,419		—		—
Emerging Markets Equity		9,702		496		500		68			(888	)		8,878		—		—
Inflation Protected Bond		18,866		2		18,752		(287	)		171			—		2		—
Global Real Estate Securities		5,776		831		—		—			(90	)		6,517		176		—
Strategic Alternatives		25,067		560		50		1			152			25,730		—		—
	$	512,696	$	68,964	$	60,394	$	(240	)	$	(3,201	)	$	517,825	$	4,197	$	669
Balanced Allocation
Money Market	$	34,920	$	46,050	$	46,195	$	—		$	—		$	34,775	$	238	$	—
Low-Duration Bond		102,990		2,040		2,800		(27	)		(658	)		101,545		970		—
Medium-Duration Bond		323,215		64,078		6,400		(647	)		(9,652	)		370,594		3,907		—
Extended-Duration Bond		68,277		4,356		—		—			(3,843	)		68,790		970		507
Global Bond		136,355		4,222		2,100		(31	)		(7,887	)		130,559		3,082		—
Defensive Market Strategies		162,523		7,456		5,335		431			(486	)		164,589		1,039		1,911
Value Equity		172,871		3,649		2,060		(75	)		(4,389	)		169,996		1,428		1,220
Growth Equity		174,330		501		21,250		699			16,414			170,694		68		33
Small Cap Equity		34,568		400		2,450		127			2,092			34,737		—		—
International Equity		196,362		2,599		9,865		613			(4,447	)		185,262		—		—
Emerging Markets Equity		56,665		2,850		4,795		695			(5,216	)		50,199		—		—
Inflation Protected Bond		55,710		6		55,370		(962	)		616			—		6		—
Global Real Estate Securities		33,559		2,504		740		(95	)		(469	)		34,759		940		—
Strategic Alternatives		61,385		2,450		1,715		—			348			62,468		—		—
	$	1,613,730	$	143,161	$	161,075	$	728		$	(17,577	)	$	1,578,967	$	12,648	$	3,671
Growth Allocation
Money Market	$	25,873	$	39,971	$	34,989	$	—		$	—		$	30,855	$	188	$	—
Low-Duration Bond		35,221		1,886		990		(9	)		(227	)		35,881		337		—
Medium-Duration Bond		129,044		6,264		2,687		(150	)		(3,486	)		128,985		1,358		—
Extended-Duration Bond		23,521		2,150		—		—			(1,331	)		24,340		341		179
Global Bond		47,113		1,666		590		(8	)		(2,734	)		45,447		1,067		—
Defensive Market Strategies		56,934		2,482		2,720		(76	)		36			56,656		361		664
Value Equity		240,278		3,727		4,980		(269	)		(5,967	)		232,789		1,955		1,671
Growth Equity		233,527		1,324		31,100		1,195			21,951			226,897		94		45
Small Cap Equity		46,558		825		2,700		130			2,847			47,660		—		—
International Equity		268,037		5,995		8,270		548			(6,083	)		260,227		—		—
Emerging Markets Equity		77,118		3,663		4,410		642			(6,890	)		70,123		—		—
Global Real Estate Securities		38,184		2,367		—		—			(722	)		39,829		1,077		—
Strategic Alternatives		30,296		900		1,000		(21	)		184			30,359		—		—
	$	1,251,704	$	73,220	$	94,436	$	1,982		$	(2,422	)	$	1,230,048	$	6,778	$	2,559

317

	Total Value at 12/31/17		Purchases		Sales Proceeds		Net Realized Gains/(Losses)			Change in Unrealized Appreciation/ (Depreciation)			Total Value at 6/30/18		Dividend Income		Distributions of Realized Gains
Aggressive Allocation
Money Market	$	21,357	$	34,835	$	30,466	$	—		$	—		$	25,726	$	160	$	—
Value Equity		286,620		6,736		1,610		(77	)		(7,505	)		284,164		2,392		2,044
Growth Equity		280,845		530		32,160		1,500			26,530			277,245		115		55
Small Cap Equity		56,568		860		2,590		131			3,451			58,420		—		—
International Equity		321,532		4,750		1,210		23			(7,201	)		317,894		—		—
Emerging Markets Equity		92,968		7,575		3,500		539			(8,418	)		89,164		—		—
	$	1,059,890	$	55,286	$	71,536	$	2,116		$	6,857		$	1,052,613	$	2,667	$	2,099
Low-Duration Bond
Money Market	$	12,894	$	200,680	$	191,026	$	—		$	—		$	22,548	$	142	$	—
Medium-Duration Bond
Money Market	$	96,107	$	486,956	$	461,537	$	—		$	—		$	121,526	$	470	$	—
Extended-Duration Bond
Money Market	$	6,203	$	26,389	$	28,771	$	—		$	—		$	3,821	$	34	$	—
Global Bond
Money Market	$	29,746	$	186,795	$	182,724	$	—		$	—		$	33,817	$	218	$	—
Defensive Market Strategies
Money Market	$	33,299	$	255,538	$	254,632	$	—		$	—		$	34,205	$	199	$	—
Equity Index
Money Market	$	32,457	$	51,341	$	49,284	$	—		$	—		$	34,514	$	169	$	—
Value Equity
Money Market	$	35,766	$	99,957	$	104,507	$	—		$	—		$	31,216	$	208	$	—
Growth Equity
Money Market	$	51,856	$	225,739	$	222,120	$	—		$	—		$	55,475	$	342	$	—
Small Cap Equity
Money Market	$	24,758	$	88,331	$	91,819	$	—		$	—		$	21,270	$	118	$	—
International Equity Index
Money Market	$	7,056	$	22,627	$	23,837	$	—		$	—		$	5,846	$	43	$	—
International Equity
Money Market	$	69,015	$	258,349	$	256,729	$	—		$	—		$	70,635	$	377	$	—
Emerging Markets Equity
Money Market	$	19,609	$	86,083	$	80,610	$	—		$	—		$	25,082	$	88	$	—
Global Real Estate Securities
Money Market	$	4,591	$	23,776	$	25,708	$	—		$	—		$	2,659	$	23	$	—
Strategic Alternatives
Money Market	$	26,435	$	235,502	$	238,929	$	—		$	—		$	23,008	$	117	$	—

318

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, such as U.S. Treasury Bills and U.S. Treasury Notes, 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, 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, 2018, 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	$	33,616,754	$	25,988,131	$	8,503,586	$	34,491,717
Medium-Duration Bond		71,021,489		69,317,958		3,485,913		72,803,871
Extended-Duration Bond		9,957,035		9,269,252		961,793		10,231,045
Global Bond		40,744,161		29,423,659		12,384,451		41,808,110
Defensive Market Strategies		42,551,880		27,406,990		16,624,004		44,030,994
Equity Index		39,450,681		38,933,353		1,401,734		40,335,087
Value Equity		74,581,568		73,955,640		2,876,989		76,832,629
Growth Equity		172,630,815		170,523,344		7,090,548		177,613,892
Small Cap Equity		129,719,604		121,110,527		12,515,437		133,625,964
International Equity Index		3,113,940		2,518,477		844,414		3,362,891
International Equity		40,646,061		42,445,254		5,406,326		47,851,580
Emerging Markets Equity		8,962,704		7,386,705		1,862,134		9,248,839
Global Real Estate Securities		13,150,135		13,044,461		497,739		13,542,200

Securities lending transactions are entered into by the Funds under a Securities Lending Authorization Agreement which permits 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. Securities lending transactions pose certain risks to the Funds. There is a risk that a borrower may default on its obligations to return loaned securities. A Fund will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an unaffiliated or affiliated money market fund. A Fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to meet obligations to the borrower. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with a Fund’s ability to vote proxies or to settle transactions. At June 30, 2018, the securities loaned which are subjected 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	$	33,616,754	$	(25,988,131	)	$	(7,628,623	)	$	—
Medium-Duration Bond		71,021,489		(69,317,958	)		(1,703,531	)		—
Extended-Duration Bond		9,957,035		(9,269,252	)		(687,783	)		—
Global Bond		40,744,161		(29,423,659	)		(11,320,502	)		—

319

Fund	Value of Securities Loaned		Fair Value of Non-cash Collateral			Cash Collateral (Pledged)			Net Amount(1)
Defensive Market Strategies	$	42,551,880	$	(27,406,990	)	$	(15,144,890	)	$	—
Equity Index		39,450,681		(38,933,353	)		(517,328	)		—
Value Equity		74,581,568		(73,955,640	)		(625,928	)		—
Growth Equity		172,630,815		(170,523,344	)		(2,107,471	)		—
Small Cap Equity		129,719,604		(121,110,527	)		(8,609,077	)		—
International Equity Index		3,113,940		(2,518,477	)		(595,463	)		—
International Equity		40,646,061		(40,646,061	)		—			—
Emerging Markets Equity		8,962,704		(7,386,705	)		(1,575,999	)		—
Global Real Estate Securities		13,150,135		(13,044,461	)		(105,674	)		—

⁽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, 2018.

Fund	Overnight and Continuous		30 — 90 Days		Greater than 90 Days		Total
Low-Duration Bond
Corporate Bonds, Foreign Bonds	$	8,503,586	$	—	$	—	$	8,503,586
Medium-Duration Bond
Agency Obligations, Corporate Bonds, Foreign Bonds, U.S. Treasury Obligations		3,485,913		—		—		3,485,913
Extended-Duration Bond
Corporate Bonds, Foreign Bonds, Preferred Stocks, U.S. Treasury Obligations		961,793		—		—		961,793
Global Bond
Common Stocks, Corporate Bonds, Foreign Bonds, Preferred Stocks, U.S. Treasury Obligations		12,384,451		—		—		12,384,451
Defensive Market Strategies
Common Stocks, Corporate Bonds, Foreign Bonds, Preferred Stocks		16,624,004		—		—		16,624,004
Equity Index
Common Stocks		1,401,734		—		—		1,401,734
Value Equity
Common Stocks, Foreign Common Stocks		2,876,989		—		—		2,876,989
Growth Equity
Common Stocks, Foreign Common Stocks		7,090,548		—		—		7,090,548
Small Cap Equity
Common Stocks, Foreign Common Stocks		12,515,437		—		—		12,515,437
International Equity Index
Foreign Common Stocks		844,414		—		—		844,414
International Equity
Common Stocks, Foreign Common Stocks		5,406,326		—		—		5,406,326

320

Fund	Overnight and Continuous		30 — 90 Days		Greater than 90 Days		Total
Emerging Markets Equity
Common Stocks, Foreign Common Stocks	$	1,862,134	$	—	$	—	$	1,862,134
Global Real Estate Securities
Common Stocks, Foreign Common Stocks		497,739		—		—		497,739

5. INVESTMENT TRANSACTIONS

For the six-month period ended June 30, 2018 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	$	56,765,477	$	38,325,723	$	—	$	—
MyDestination 2025		96,091,609		44,840,330		—		—
MyDestination 2035		66,358,681		25,163,573		—		—
MyDestination 2045		65,078,302		29,903,000		—		—
MyDestination 2055		27,883,550		8,343,386		—		—
Conservative Allocation		39,568,357		32,961,974		—		—
Balanced Allocation		97,111,474		114,880,219		—		—
Growth Allocation		33,249,328		59,445,000		—		—
Aggressive Allocation		20,451,250		41,070,000		—		—
Low-Duration Bond		368,317,552		385,417,265		2,867,598,644		2,121,290,515
Medium-Duration Bond		275,996,398		122,049,281		3,050,801,626		2,894,928,387
Extended-Duration Bond		71,429,251		73,083,798		—		—
Global Bond		98,645,035		48,925,710		28,709,301		12,675,701
Defensive Market Strategies		296,650,155		257,351,835		—		—
Equity Index		17,132,813		8,182,363		—		—
Value Equity		293,775,157		284,083,074		—		—
Growth Equity		171,826,776		256,676,381		—		—
Small Cap Equity		220,842,899		214,474,868		—		—
International Equity Index		14,877,473		6,921,933		—		—
International Equity		808,550,807		797,149,950		—		—
Emerging Markets Equity		498,032,362		507,580,612		—		—
Global Real Estate Securities		150,311,201		146,272,253		—		—
Strategic Alternatives		330,091,524		165,092,622		—		—

321

6. CAPITAL SHARE TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended 6/30/18							Year Ended 12/31/17
	Institutional Class				Investor Class			Institutional Class			Investor Class
MyDestination 2015
Shares sold		1,142,758				5,330,769			11,311,755			8,161,355
Shares reinvested		—				—			294,297			1,282,525
Shares redeemed		(954,217	)			(4,471,194	)		(1,102,017	)		(15,353,846	)
Net increase (decrease)		188,541				859,575			10,504,035			(5,909,966	)
MyDestination 2025
Shares sold		1,686,136				6,120,268			21,786,823			13,964,826
Shares reinvested		—				—			866,930			3,230,196
Shares redeemed		(722,817	)			(3,073,982	)		(997,626	)		(23,795,418	)
Net increase (decrease)		963,319				3,046,286			21,656,127			(6,600,396	)
MyDestination 2035
Shares sold		1,261,183				4,003,363			15,294,295			8,309,475
Shares reinvested		—				—			599,898			1,865,235
Shares redeemed		(572,355	)			(1,019,952	)		(577,563	)		(15,040,131	)
Net increase (decrease)		688,828				2,983,411			15,316,630			(4,865,421	)
MyDestination 2045
Shares sold		1,146,263				2,976,694			14,986,419			5,916,597
Shares reinvested		—				—			662,778			1,502,334
Shares redeemed		(329,967	)			(460,141	)		(513,484	)		(14,314,901	)
Net increase (decrease)		816,296				2,516,553			15,135,713			(6,895,970	)
MyDestination 2055
Shares sold		523,638				1,188,525			2,804,021			2,448,608
Shares reinvested		—				—			125,955			250,170
Shares redeemed		(107,004	)			(222,908	)		(93,452	)		(2,345,351	)
Net increase (decrease)		416,634				965,617			2,836,524			353,427
Conservative Allocation
Shares sold		914,499				2,442,973			2,604,032			10,852,413
Shares issued for merger		—		��		—			—			9,553,188
Shares reinvested		—				9			135,077			587,792
Shares redeemed		(634,432	)			(2,315,180	)		(2,206,596	)		(11,853,182	)
Net increase (decrease)		280,067				127,802			532,513			9,140,211
Balanced Allocation
Shares sold		579,934				2,092,684			3,604,680			5,838,745
Shares reinvested		21				6			707,736			2,490,824
Shares redeemed		(1,651,658	)			(3,619,099	)		(6,264,351	)		(7,412,128	)
Net increase (decrease)		(1,071,703	)			(1,526,409	)		(1,951,935	)		917,441

322

	Six Months Ended 6/30/18						Year Ended 12/31/17
	Institutional Class			Investor Class			Institutional Class			Investor Class
Growth Allocation
Shares sold		266,452			1,435,545			979,587			3,728,084
Shares reinvested		—			9			1,059,613			3,547,036
Shares redeemed		(892,029	)		(3,040,748	)		(1,908,452	)		(5,796,094	)
Net increase (decrease)		(625,577	)		(1,605,194	)		130,748			1,479,026
Aggressive Allocation
Shares sold		218,817			1,287,824			498,052			2,635,197
Shares reinvested		—			(4	)		1,104,497			4,768,864
Shares redeemed		(637,720	)		(2,344,547	)		(1,500,639	)		(4,481,481	)
Net increase (decrease)		(418,903	)		(1,056,727	)		101,910			2,922,580
Money Market
Shares sold		353,227,501			1,966,474,350			807,335,296			4,112,657,567
Shares reinvested		845,653			2,184,493			892,830			2,182,091
Shares redeemed		(344,545,323	)		(1,948,232,473	)		(790,919,842	)		(4,170,940,970	)
Net increase (decrease)		9,527,831			20,426,370			17,308,284			(56,101,312	)
Low-Duration Bond
Shares sold		5,435,295			1,389,520			11,797,654			4,475,371
Shares reinvested		440,784			195,624			759,850			298,655
Shares redeemed		(2,452,591	)		(1,596,917	)		(12,093,538	)		(2,584,765	)
Net increase (decrease)		3,423,488			(11,773	)		463,966			2,189,261
Medium-Duration Bond
Shares sold		11,118,986			1,573,921			21,590,615			4,508,267
Shares reinvested		901,992			175,147			1,359,854			305,851
Shares redeemed		(1,944,814	)		(1,115,097	)		(2,144,985	)		(1,474,724	)
Net increase (decrease)		10,076,164			633,971			20,805,484			3,339,394
Extended-Duration Bond
Shares sold		330,419			268,793			574,697			1,018,406
Shares reinvested		151,558			136,624			267,374			248,393
Shares redeemed		(235,614	)		(703,930	)		(853,288	)		(1,366,343	)
Net increase (decrease)		246,363			(298,513	)		(11,217	)		(99,544	)
Global Bond
Shares sold		3,964,132			1,511,136			7,397,690			3,788,108
Shares reinvested		971,421			279,847			1,364,492			382,595
Shares redeemed		(1,237,453	)		(747,995	)		(3,478,226	)		(1,183,453	)
Net increase (decrease)		3,698,100			1,042,988			5,283,956			2,987,250
Defensive Market Strategies
Shares sold		6,497,617			2,641,346			10,935,031			9,469,733
Shares reinvested		938,826			461,856			2,633,634			1,418,838
Shares redeemed		(1,525,639	)		(3,423,423	)		(12,057,475	)		(5,648,763	)
Net increase (decrease)		5,910,804			(320,221	)		1,511,190			5,239,808

323

	Six Months Ended 6/30/18						Year Ended 12/31/17
	Institutional Class			Investor Class			Institutional Class			Investor Class
Equity Index
Shares sold		1,056,853			1,118,534			2,670,293			2,577,662
Shares reinvested		156,015			140,013			354,894			331,218
Shares redeemed		(946,764	)		(1,114,989	)		(999,744	)		(1,763,054	)
Net increase (decrease)		266,104			143,558			2,025,443			1,145,826
Value Equity
Shares sold		1,082,076			564,270			4,399,848			1,112,974
Shares reinvested		766,062			241,077			3,432,082			1,190,539
Shares redeemed		(1,040,595	)		(1,067,622	)		(1,704,687	)		(2,344,749	)
Net increase (decrease)		807,543			(262,275	)		6,127,243			(41,236	)
Growth Equity
Shares sold		958,957			2,283,645			2,633,409			2,940,628
Shares reinvested		24,512			4,494			4,487,829			2,263,183
Shares redeemed		(4,626,242	)		(1,134,866	)		(3,664,559	)		(2,053,753	)
Net increase (decrease)		(3,642,773	)		1,153,273			3,456,679			3,150,058
Small Cap Equity
Shares sold		496,782			1,082,007			2,426,384			1,038,450
Shares reinvested		—			—			1,162,291			1,014,494
Shares redeemed		(836,936	)		(805,166	)		(2,726,187	)		(2,996,412	)
Net increase (decrease)		(340,154	)		276,841			862,488			(943,468	)
International Equity Index
Shares sold		968,933						3,393,145
Shares reinvested		—						450,292
Shares redeemed		(558,874	)					(1,367,261	)
Net increase (decrease)		410,059						2,476,176
International Equity
Shares sold		3,010,764			1,303,739			4,762,687			2,917,522
Shares reinvested		—			—			6,500,917			1,695,817
Shares redeemed		(2,556,336	)		(1,237,564	)		(7,241,803	)		(2,711,267	)
Net increase (decrease)		454,428			66,175			4,021,801			1,902,072
Emerging Markets Equity
Shares sold		3,114,635			2,314,619			5,242,544			6,002,825
Shares reinvested		—			—			357,994			66,477
Shares redeemed		(2,161,244	)		(3,160,148	)		(4,253,483	)		(3,000,554	)
Net increase (decrease)		953,391			(845,529	)		1,347,055			3,068,748
Global Real Estate Securities
Shares sold		994,245			483,157			1,838,741			1,264,737
Shares reinvested		401,491			243,846			566,717			387,636
Shares redeemed		(261,865	)		(1,332,042	)		(2,190,546	)		(2,641,183	)
Net increase (decrease)		1,133,871			(605,039	)		214,912			(988,810	)

324

	Six Months Ended 6/30/18						Year Ended 12/31/17
	Institutional Class			Investor Class			Institutional Class			Investor Class
Strategic Alternatives
Shares sold		1,654,313			1,721,734			30,519,947			6,233,378
Shares reinvested		—			—			196,715			35,008
Shares redeemed		(865,626	)		(460,160	)		(682,486	)		(451,848	)
Net increase (decrease)		788,687			1,261,574			30,034,176			5,816,538

7. BANK BORROWINGS

On November 22, 2017, the Funds entered into a Line of Credit Agreement with The Northern Trust Company (“Northern Trust”) which will expire November 21, 2018. 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 six-month period ended June 30, 2018, and there were no outstanding loans at June 30, 2018.

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 six-month period ended June 30, 2018, the International Equity Fund and Emerging Markets Equity Fund accrued non-U.S. taxes on unrealized gains of $524,864 and $430,586, 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 and the current year (year ended December 31, 2015 through six-month period ended June 30, 2018) 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

325

Companies (“PFIC’s”). Distributions during the years ended December 31, 2017 and December 31, 2016, were characterized as follows for tax purposes:

Fund	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distribution
MyDestination 2015		2017	$	3,028,666	$	13,344,184	$	—	$	16,372,850
		2016		7,649,735		8,318,224		—		15,967,959
MyDestination 2025		2017		11,998,150		30,205,364		—		42,203,514
		2016		10,993,508		16,869,102		—		27,862,610
MyDestination 2035		2017		5,085,384		19,417,604		—		24,502,988
		2016		4,122,302		13,912,093		—		18,034,395
MyDestination 2045		2017		3,506,285		17,240,457		—		20,746,742
		2016		1,987,737		11,653,279		—		13,641,016
MyDestination 2055		2017		160,109		4,857,239		—		5,017,348
		2016		739,515		1,670,318		—		2,409,833
Conservative Allocation		2017		3,900,622		4,398,229		—		8,298,851
		2016		4,576,586		4,231,114		—		8,807,700
Balanced Allocation		2017		20,890,962		18,221,162		—		39,112,124
		2016		11,827,868		35,666,753		—		47,494,621
Growth Allocation		2017		11,871,095		45,385,045		—		57,256,140
		2016		9,341,558		50,366,158		—		59,707,716
Aggressive Allocation		2017		11,165,259		60,731,715		—		71,896,974
		2016		—		76,298,646		—		76,298,646
Money Market		2017		7,316,185		—		—		7,316,185
		2016		1,053,194		—		—		1,053,194
Low-Duration Bond		2017		14,230,530		—		—		14,230,530
		2016		11,925,492		—		—		11,925,492
Medium-Duration Bond		2017		24,582,654		—		—		24,582,654
		2016		25,404,080		—		—		25,404,080
Extended-Duration Bond		2017		7,411,170		1,673,931		—		9,085,101
		2016		11,423,388		9,012,613		—		20,436,001
Global Bond		2017		17,669,726		—		—		17,669,726
		2016		17,229,950		—		—		17,229,950
Defensive Market Strategies		2017		23,370,589		28,287,458		—		51,658,047
		2016		18,729,301		21,150,145		—		39,879,446
Equity Index		2017		15,992,257		3,530,413		—		19,522,670
		2016		12,542,180		7,516,991		—		20,059,171
Value Equity		2017		30,911,640		73,574,469		—		104,486,109
		2016		25,066,889		47,288,275		—		72,355,164
Growth Equity		2017		8,392,047		162,110,126		—		170,502,173
		2016		—		52,945,569		—		52,945,569
Small Cap Equity		2017		9,173,522		30,630,414		—		39,803,936
		2016		1,372,347		5,675,655		—		7,048,002
International Equity Index		2017		4,462,915		385,690		—		4,848,605
		2016		3,270,902		—		—		3,270,902
International Equity		2017		44,466,793		84,039,499		—		128,506,292
		2016		27,198,921		8,074,428		—		35,273,349
Emerging Markets Equity		2017		4,596,687		—		—		4,596,687
		2016		5,710,316		—		—		5,710,316

326

Fund	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distribution
Global Real Estate Securities		2017	$	9,213,231	$	—	$	—	$	9,213,231
		2016		16,886,427		633,874		—		17,520,301
Strategic Alternatives		2017		2,138,677		198,667		—		2,337,344

At December 31, 2017, 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	$	10,088,461	$	2,250,299		$	—		$	18,341,357
MyDestination 2025		11,661,528		6,683,836			—			44,365,127
MyDestination 2035		10,696,902		340,377			—			32,765,690
MyDestination 2045		7,803,077		325,534			—			30,127,128
MyDestination 2055		1,813,374		49,630			—			8,500,194
Conservative Allocation		5,152,978		—			—			2,395,591
Balanced Allocation		27,255,194		—			—			957,119
Growth Allocation		19,660,783		—			—			3,397,212
Aggressive Allocation		15,416,633		495,570			—			13,247,759
Money Market		2,130		—			—			—
Low-Duration Bond		—		(8,008,596	)		(682,378	)		(1,536,442	)
Medium-Duration Bond		—		(4,800,683	)		(1,079,171	)		5,725,663
Extended-Duration Bond		7,430		1,746,723			—			11,633,454
Global Bond		1,955,939		(4,801,020	)		—			10,874,290
Defensive Market Strategies		2,389,351		10,504,378			—			112,425,914
Equity Index		494,314		1,414,025			—			346,868,550
Value Equity		3,408,099		8,298,712			—			309,189,861
Growth Equity		353,807		—			(2,758,821	)		434,972,188
Small Cap Equity		2,984,500		8,453,827			—			91,813,704
International Equity Index		139,299		—			(123,740	)		16,755,137
International Equity		978,569		14,204,421			—			211,842,468
Emerging Markets Equity		826,870		(700,771	)		—			66,415,905
Global Real Estate Securities		4,005,323		(1,640,920	)		—			(2,998,411	)
Strategic Alternatives		712,636		57,368			—			(76,689	)

At June 30, 2018, the aggregate cost of investments for federal income tax purposes (including 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	$	629,064,188	$	10,347,439	$	22,054,919	$	(11,707,480	)
MyDestination 2025		1,107,693,915		32,518,319		49,968,002		(17,449,683	)

327

Fund	Federal Tax Cost		Net Unrealized Appreciation (Depreciation)			Appreciated Securities		Depreciated Securities
MyDestination 2035	$	662,373,913	$	28,737,240		$	35,057,195	$	(6,319,955	)
MyDestination 2045		496,934,893		28,189,488			31,123,010		(2,933,522	)
MyDestination 2055		127,950,787		7,929,743			8,397,057		(467,314	)
Conservative Allocation		518,934,393		(855,693	)		8,076,993		(8,932,686	)
Balanced Allocation		1,596,645,500		(16,970,188	)		32,747,699		(49,717,887	)
Growth Allocation		1,230,273,863		358,610			30,624,615		(30,266,005	)
Aggressive Allocation		1,033,830,689		19,405,251			34,951,225		(15,545,974	)
Money Market		1,191,496,842		—			—		—
Low-Duration Bond		980,386,387		(7,285,980	)		3,550,219		(10,836,199	)
Medium-Duration Bond		2,053,670,359		(21,667,204	)		21,325,050		(42,992,254	)
Extended-Duration Bond		234,967,269		(1,207,740	)		6,736,105		(7,943,845	)
Global Bond		567,762,906		(21,996,254	)		15,101,131		(37,097,385	)
Defensive Market Strategies		957,508,356		95,274,273			107,233,860		(11,959,587	)
Equity Index		644,633,524		361,228,202			378,284,688		(17,056,486	)
Value Equity		1,278,703,413		223,394,352			287,213,847		(63,819,495	)
Growth Equity		1,309,852,294		524,740,068			561,958,873		(37,218,805	)
Small Cap Equity		509,713,031		92,131,513			112,633,460		(20,501,947	)
International Equity Index		178,476,703		8,779,374			21,127,399		(12,348,025	)
International Equity		1,491,326,601		79,172,090			193,469,282		(114,297,192	)
Emerging Markets Equity		438,555,770		14,353,362			38,236,935		(23,883,573	)
Global Real Estate Securities		234,857,975		(4,252,007	)		5,469,431		(9,721,438	)
Strategic Alternatives		386,808,850		(2,459,917	)		19,137,977		(21,597,894	)

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, 2017, 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

328

received from regulated investment companies, defaulted bonds, reclassifications of dividends paid and non-deductible expenses. The following amounts were reclassified within the capital accounts:

Fund	Paid in Capital			Undistributed Net Investment Income			Accumulated Net Realized Gain (Loss) on Investments, Currency  Translations and Derivative Transactions
MyDestination 2015	$	—		$	2,771,569		$	(2,771,569	)
MyDestination 2025		—			5,664,314			(5,664,314	)
MyDestination 2035		—			3,127,635			(3,127,635	)
MyDestination 2045		—			2,380,927			(2,380,927	)
MyDestination 2055		—			582,337			(582,337	)
Conservative Allocation		958,818			(892,010	)		(66,808	)
Balanced Allocation		—			5,607,551			(5,607,551	)
Growth Allocation		—			5,545,335			(5,545,335	)
Aggressive Allocation		—			7,471,539			(7,471,539	)
Low-Duration Bond		—			(1,077,789	)		1,077,789
Medium-Duration Bond		—			(1,469,831	)		1,469,831
Extended-Duration Bond		—			(360,408	)		360,408
Global Bond		(6,001,516	)		(1,015,633	)		7,017,149
Defensive Market Strategies		—			343,966			(343,966	)
Growth Equity		—			285,674			(285,674	)
Small Cap Equity		—			777,339			(777,339	)
International Equity Index		—			23,187			(23,187	)
International Equity		—			(562,897	)		562,897
Emerging Markets Equity		—			1,259,502			(1,259,502	)
Global Real Estate Securities		—			3,579,595			(3,579,595	)
Strategic Alternatives		(51,937	)		1,236,383			(1,184,446	)

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

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relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund.

The market values of equities, such as common stocks and preferred stocks, or equity related investments such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. Market values may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

A Fund’s investments in commodity-linked derivative instruments may subject the Fund to greater market price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

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

Credit and Counterparty Risks — A Fund will be exposed to credit risk on parties with whom it trades and will also bear the risk of settlement default. A Fund minimizes concentrations of credit risk by undertaking transactions with a large number of customers and counterparties on recognized and reputable exchanges. A Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. Financial assets, which potentially expose a Fund to counterparty risk, consist principally of cash due from counterparties and investments. The investment advisers minimize counterparty risks to the Funds by performing extensive reviews of each counterparty and obtaining approval from the Counterparty Risk Committee prior to entering into transactions with a third party. All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

Each Fund may face potential risks associated with the United Kingdom’s vote 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. On March 29, 2017, Prime Minister Theresa May provided the European Council formal notification of the United Kingdom’s intention to withdraw from the EU pursuant to Article 50 of the Treaty of Lisbon. This formal notification begins a two-year period of negotiations about the terms of the United Kingdom’s exit from the EU. The effect on the United Kingdom’s economy will likely depend on the nature of trade relations with the EU, which are matters to be negotiated. 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

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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

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (Rule). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative instruments. The financial statements presented are in compliance with the most recent Regulation S-X amendments.

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 February 9, 2018, the Inflation Protected Bond Fund was liquidated in accordance with the Plan of Liquidation and Termination approved by the Board of Trustees on November 9, 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.

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FUND MANAGEMENT (Unaudited)

Information pertaining to the Trustees and officers of the Trust is set forth below. The statement of additional information (SAI) includes additional information about the Trustees and is available without charge, upon request, by calling 1-888-GS-FUNDS(1-888-473-8637).

Name, (DOB), Address and Position(s) with Trust	Term of Office and Length of Time Served1	Principal Occupation(s) During Past 5 years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships/ Directorships Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
William Craig George (1958) 5005 Lyndon B. Johnson Freeway, Suite 2200 Dallas, TX 75244-6152 Trustee	Since 2004	Senior Credit Officer, First National Bank of PA, 2014 – present; Chief Credit Officer, CapStone Bank, 2011 – 2014.	24	None
Barry D. Hartis (1945) 5005 Lyndon B. Johnson Freeway, Suite 2200 Dallas, TX 75244-6152 Trustee	Since 2014	Certified Public Accountant, 1987 – present.	24	GuideStone Financial Resources – Board of Trustees Member, 2004 – 2012; GuideStone Funds – Board of Trustees, Interested Trustee, 2005 – 2012.
Grady R. Hazel (1947) 5005 Lyndon B. Johnson Freeway, Suite 2200 Dallas, TX 75244-6152 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.	24	Neighbors Federal Credit Union – Vice Chairman of the Board; Stonetrust Commercial Insurance Company – Board of Directors Member and Chairman of Audit Committee; State Board of Certified Public Accountants of Louisiana – Board Member.
Christopher W. Kersey, MD, MBA (1969) 5005 Lyndon B. Johnson Freeway, Suite 2200 Dallas, TX 75244-6152 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.	24	Essence Group Holdings Corporation – Board of Directors Member, 2011 – 2017; IPG – Board of Directors Member, 2013 – 2016; Metabolon – Board of Directors Member, 2013 – 2016; Paragon Bioservices – Board of Directors Member 2013 – 2016; PatientSafe Solutions – Board of Directors Member 2010 – 2017; 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) 5005 Lyndon B. Johnson Freeway, Suite 2200 Dallas, TX 75244-6152 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; Contractor, South Carolina Citizens for Life, 2014 – present.	24	None
Franklin R. Morgan (1943) 5005 Lyndon B. Johnson Freeway, Suite 2200 Dallas, TX 75244-6152 Trustee	Since 2005	Retired – Senior Vice President, Director of International Administration, Prudential Securities, Inc., 1960 – 2003.	24	None
Kyle L. Tucker (1981) 5005 Lyndon B. Johnson Freeway, Suite 2200 Dallas, TX 75244-6152 Trustee	Since 2013	Vice President and Financial Advisor – CAPTRUST Financial Advisors, 2006 – Present.	24	Fellowship of Christian Athletes (NC) Triangle Board, 2012 – 2015; NC Values Coalition Board, 2015 – present; Institute for Faith and Family, 2015 – present; College Golf Fellowship, 2012 – present.

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FUND MANAGEMENT (Continued)

Name, (DOB), Address and Position(s) with Trust	Term of Office and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships/ Directorships Held by Trustee During Past 5 Years
INTERESTED TRUSTEES2
Randall T. Hahn, D.Min. (1965) 5005 Lyndon B. Johnson Freeway, Suite 2200 Dallas, TX 75244-6152 Trustee	Since 2018	Senior Pastor, The Heights Baptist Church, 2002 – present.	24	GuideStone Financial Resources – Board of Trustees Member, June 2015 – present.
John R. Morris (1938) 5005 Lyndon B. Johnson Freeway, Suite 2200 Dallas, TX 75244-6152 Trustee	Since 2017	Vice-President and Broker-in-Charge, Hound Ears Club, Inc., 2010 – 2018.	24	GuideStone Financial Resources – Chairman, June 2018-Present; GuideStone Financial Resources – Board of Trustees Member, June 2012 – present; GuideStone Capital Management, LLC, Board of Directors Member, May 2014 – present; GuideStone Investment Services, Board of Directors Member, July 2012 – present; GuideStone Resource Management, Inc., Board of Directors Member, May 2014 – present.
OFFICERS WHO ARE NOT TRUSTEES3
Ron W. Bass (1966) 5005 Lyndon B. Johnson Freeway, Suite 2200 Dallas, TX 75244-6152 Chief Compliance Officer and AML Officer	Since 2009	Director of Asset Management Compliance, GuideStone Financial Resources, June 2009 – present.	N/A	N/A
Melanie Childers (1971) 5005 Lyndon B. Johnson Freeway, Suite 2200 Dallas, TX 75244-6152 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) 5005 Lyndon B. Johnson Freeway, Suite 2200 Dallas, TX 75244-6152 President	Since 2000	Executive Vice President and Chief Operating Officer, GuideStone Financial Resources, 1997 – present.	N/A	N/A
Patrick Pattison (1974) 5005 Lyndon B. Johnson Freeway, Suite 2200 Dallas, TX 75244-6152 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) 5005 Lyndon B. Johnson Freeway, Suite 2200 Dallas, TX 75244-6152 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) 5005 Lyndon B. Johnson Freeway, Suite 2200 Dallas, TX 75244-6152 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.	N/A	N/A
Erin Wynne (1981) 5005 Lyndon B. Johnson Freeway, Suite 2200 Dallas, TX 75244-6152 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

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FUND MANAGEMENT (Continued)

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  Dr. Hahn and Mr. Morris are Interested Trustees of the Trust due to their positions 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.

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PROXY VOTING

A description of the policies and procedures that GuideStone Funds uses to determine how to vote proxies relating to their portfolio securities as well as information regarding how GuideStone Funds voted proxies during the most recent 12-month period ended June 30 is available without charge by calling 1-888-GS-FUNDS (1-888-473-8637), by visiting our website at GuideStoneFunds.com or by visiting the SEC’s website at http://www.sec.gov.

FORM N-MFP

Beginning December 2009, the GuideStone Money Market Fund began filing Form N-MFP with the SEC. Form N-MFP is filed on a monthly basis by money market mutual funds and includes detailed information about a money market fund’s investments and the market-based price of its portfolio known as its “shadow NAV” or mark-to-market valuation. The portfolio holdings information is posted on our website, 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 http://www.sec.gov.

QUARTERLY SCHEDULES OF INVESTMENTS

In addition to the semi-annual and annual reports that GuideStone Funds delivers to shareholders and makes available through its website, GuideStone Funds files a complete schedule of portfolio holdings with the SEC for each Fund’s first and third fiscal quarters on Form N-Q. GuideStone Funds does not deliver the schedule for the first and third fiscal quarters to shareholders; however, the schedule is posted to our website, GuideStoneFunds.com. You may also obtain the Form N-Q filings by accessing the SEC’s website at http://www.sec.gov or copy them at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling the SEC at (800) 732- 0330. You can also request copies of this information, upon payment of a fee for duplication, at the SEC’s email address (publicinfo@sec.gov) or by writing the Public Reference section of the SEC, Washington, DC 20549-0102.

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BOARD REVIEW OF NEW SUB-ADVISORY AGREEMENTS FOR THE EMERGING MARKETS EQUITY FUND (Unaudited)

As required by the Investment Company Act of 1940, as amended (the “1940 Act”), the Board of Trustees (the “Board”) of GuideStone Funds (the “Trust”), including a majority of the Trustees who are not “interested persons” of the Trust (the “Independent Trustees”), as the term “interested person” is defined in Section 2(a)(19) of the 1940 Act, considered the approval of two new sub-advisory agreements (the “New Sub-Advisory Agreements”) among GuideStone Capital Management, LLC (the “Adviser”), the Trust and respectively: (i) Wellington Management Company LLP (“Wellington”) and (ii) Goldman Sachs Asset Management, L.P. (“GSAM,” and together with Wellington, the “New Sub-Advisers”) on behalf of the Emerging Markets Equity Fund (the “EME Fund”). The Board approved the New Sub-Advisory Agreements at an in-person meeting of the Board held on May 21-22, 2018 (the “May Meeting”).

The Board’s decision to approve the New Sub-Advisory Agreements reflects the exercise of the Board’s business judgement and the Board’s consideration of its fiduciary duties to the EME Fund and its shareholders. Prior to approving the New Sub-Advisory Agreements, the Board requested and received information from the Adviser and the New Sub-Advisers, and considered such information 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 New Sub-Advisory Agreements. The factors considered by the Board included, but were not limited to: (i) the personnel resources of each New Sub-Adviser; (ii) the experience and expertise of each New Sub-Adviser; (iii) the financial capabilities and financial resources of each New Sub-Adviser; (iv) the compliance program and compliance history of each New Sub-Adviser; (v) the past performance of each New Sub-Adviser’s proposed investment strategy for the EME Fund in comparison to relevant benchmarks, and a composite of the New Sub-Adviser’s other clients; (vi) the amount of the contractual sub-advisory fee proposed to be paid to each New Sub-Adviser in comparison to available fee information for the New Sub-Adviser’s other clients; (vii) the expected profitability of each New Sub-Adviser with respect to the EME Fund and its overall business; (viii) the extent of any economies of scale and whether the fee structure for each New Sub-Adviser reflects such economies of scale; (ix) the existence of any collateral benefits realized by each New Sub-Adviser, such as affiliate brokerage arrangements or the use of soft dollars; and (xi) any collateral benefits that may be realized by the EME Fund. With respect to each New Sub-Advisory Agreement, the Board also evaluated whether the approval of the New Sub-Advisory Agreement was in the best interest of the EME Fund and its respective shareholders. No one factor was determinative in the Board’s consideration of the New Sub-Advisory Agreements, and each Trustee may have attributed different weights to the factors considered.

The Board undertook a review of the terms of the New Sub-Advisory Agreements, as well as the nature, extent and quality of the services to be provided by the New Sub-Advisers under the New Sub-Advisory Agreements and the proposed fees in exchange for such services. The Adviser provided the Board with information in the form of reports about the New Sub-Advisers prior to and during the May Meeting, which addressed the factors listed previously. During the May Meeting, the Adviser also gave a presentation to the Board during which the Adviser provided additional information about the New Sub-Advisers, discussed the comprehensive review process used by the Adviser to recommend the New Sub-Advisers as new sub-advisers to the EME Fund 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 New Sub-Advisory Agreements, as well as the Board’s responsibilities and duties in approving the agreements.

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BOARD APPROVAL OF NEW SUB-ADVISORY AGREEMENTS FOR THE EMERGING MARKETS EQUITY FUND

In considering the approval of the New Sub-Advisory Agreements for the EME Fund, the Board took into account the materials provided prior to and during the May Meeting, the presentations made during the May Meeting and the extensive discussions during the May Meeting, including the discussion the Independent Trustees had during their executive session with independent legal counsel. The Board also took into account the Investment Management Committee’s (the “Committee”) review of information related to the New Sub-Advisory Agreements and recommendations made by the Committee. The Board considered its responsibilities with respect to reviewing and approving the terms of the New Sub-Advisory Agreements, the investment management team at the New Sub-Advisers, the reasonableness of the New Sub-Advisers’ respective sub-advisory fees and whether the appointment of the New Sub-Advisers would be reasonable and fair to the EME Fund and its respective shareholders. The Board reviewed the factors that it should consider in evaluating whether to approve the New Sub-Advisory Agreements and the materials provided to support each factor.

In making its determination to approve the selection of the New Sub-Advisers, the Board, including the Independent Trustees advised by independent legal counsel, considered a number of factors. Such factors included the nature, extent and quality of the services to be provided by the New Sub-Advisers to the EME Fund; composite historical performance information for the Wellington Emerging Markets Equity Strategy (“Wellington Strategy”) and the GSAM Global Emerging Markets Equity Strategy (“GSAM Strategy”), the investment strategies to be utilized by Wellington and GSAM, respectively, on behalf of the EME Fund; the fees to be charged by each New Sub-Adviser to the EME Fund and to other clients that utilize similar emerging markets equity strategies; and information regarding each New Sub-Adviser’s ownership structure, investment management experience, personnel, clients, assets under management (“AUM”) or assets under supervision (“AUS”), legal and regulatory history, 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 that the Adviser used to recommend the New Sub-Advisers. The Board received and considered information about the potential of the New Sub-Advisers to contribute economies of scale as the EME Fund grows in size. The Board considered that the Adviser had been able to negotiate fees that were favorable compared to each New Sub-Adviser’s respective stated fee schedule. In addition, the Board noted that each New 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 also took into account the reputation and financial condition of each New Sub-Adviser. With respect to each New Sub-Adviser, the Board noted the experience of key personnel who would be providing investment management services to the EME Fund, the systems and resources used by such persons to implement and manage each applicable strategy and the ability of the New Sub-Adviser to attract and retain capable personnel. The Board also noted the terms of the New Sub-Advisory Agreements and the responsibilities that the New Sub-Advisers would have to the EME Fund, including the responsibility of day-to-day management and compliance with the EME Fund’s investment objective and policies and compliance with the Trust’s socially responsible investment restrictions. Because the engagement of each New Sub-Adviser with respect to the EME Fund was new, there was no relevant historical profitability information of the EME Fund for the Board to assess.

The Board noted that GSAM provided an estimate of profitability for providing its services to the EME Fund, which was based on an incremental cost approach. The Board noted that Wellington did not provide an estimate of profitability because it does not maintain financial records in a manner that isolates the profitability of a particular investment service or specific client. The Board considered the Adviser’s assessment of each New Sub-Adviser’s financial condition. The Board also noted that the Adviser, after reviewing certain financial information provided by the New Sub-Advisers, believed that each New Sub-Adviser was financially sound.

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The Board considered the fees to be paid to each New Sub-Adviser under the New Sub-Advisory Agreements, as well as the overall fee structures under the New Sub-Advisory Agreements, in light of the nature, extent and quality of the services to be provided. The Board noted that the EME Fund’s overall management and advisory fees would decrease as a result of the appointment of the New Sub-Advisers. The Board also noted that the EME Fund, and not the Adviser, would pay sub-advisory fees to the New Sub-Advisers directly. The Board considered that the EME Fund is subject to an expense limitation arrangement, for both its Institutional Class and Investor Class, whereby the Adviser is obligated to waive or reimburse certain expenses of each class of the EME Fund in order to limit the respective total expense ratio of the class. Accordingly, the Board took into account that the reduction in the EME Fund’s overall management and advisory fee could decrease the dollar amount of the expenses ultimately covered by the expense cap and that such a reduction would inure to the benefit of the Adviser. The Board noted the Adviser’s representation that any such decrease would be anticipated to have a positive, but not material, impact on the Adviser’s profitability.

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by each New Sub-Adviser and its respective affiliates as a result of its arrangement with the EME Fund. The Board concluded that any potential benefits to be derived by the New Sub-Advisers included potential access to additional research resources, larger AUM or AUS and reputational benefits, which were consistent with those generally derived by sub-advisers to mutual funds.

The Board also considered the qualifications, experience and capabilities of the Wellington investment professionals who will have primary portfolio management responsibilities for the EME Fund. The Board noted that Wellington is structured as a partnership with lineage dating back to 1928, and that Wellington currently has, along with its investment advisory affiliates, investment management authority of approximately $1 trillion in client assets as of March 31, 2018. The Board considered that Wellington serves as a sub-adviser for more than half of the assets in which it, including its investment advisory affiliates, has investment management authority. The Board further considered the qualifications, experience and capabilities of the GSAM investment professionals who will have primary portfolio management responsibilities for the EME Fund. The Board also noted that GSAM is a wholly owned subsidiary of The Goldman Sachs Group, Inc. (“Goldman Sachs”) and would benefit from certain resources of the Goldman Sachs organization.

The Board considered that the Adviser intends to allocate approximately 30% of the EME Fund’s assets to the Wellington Strategy, and approximately 17% of the EME Fund’s assets to the GSAM Strategy. The Board noted the Adviser’s determination that each of the New Sub-Advisers’ strategies would complement the other strategies currently utilized in the EME Fund. The Board considered the Adviser’s determination that the addition of the New Sub-Advisers improves the risk profile of the EME Fund and would further diversify its sources of returns, all in a manner consistent with the risk and return objectives of the EME Fund.

While noting that past performance does not indicate future results, the Board considered the Wellington Strategy’s and GSAM Strategy’s composite performance histories versus the applicable benchmark index, the MSCI Emerging Markets Index. With respect to Wellington, the Board observed that the composite performance of the Wellington Strategy, gross of fees for the periods ended March 31, 2018, versus the benchmark, had been favorable over historical time periods (evaluated since March 31, 1994). The Board noted that the Wellington Strategy had outperformed the benchmark index over the one-, three-, five- and seven-year annualized periods ended March 31, 2018. With respect to the GSAM Strategy, the Board observed that the composite performance of the GSAM Strategy, gross of fees for the periods ended March 31, 2018, versus the benchmark, had been favorable over historical time periods (evaluated since July 1, 2013). The Board noted that the GSAM Strategy had outperformed its benchmark index over the one- and three-year annualized periods ended March 31, 2018.

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The Board noted that the Adviser planned to engage a transition manager to re-allocate separate portions of the EME Fund’s assets to the New Sub-Advisers. The Board reviewed the Adviser’s estimate of the costs of the transition of assets and estimated the time that it would take the EME Fund to recover such costs. In connection with a discussion of costs, the Adviser noted that the transition would entail the sale and purchase of emerging markets equities and, therefore, may entail higher transaction costs than equity securities in other markets.

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

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INVESTMENT SUB-ADVISERS (Assets under management as of June 30, 2018) (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	$	6.3Tr
Low-Duration Bond	BlackRock Financial Management, Inc.		1988	$	6.3Tr
	Pacific Investment Management Company LLC		1971	$	1.7Tr
	Payden & Rygel		1983	$	112.2B
Medium-Duration Bond	Goldman Sachs Asset Management, L.P.		1984	$	1.3Tr
	Pacific Investment Management Company LLC		1971	$	1.7Tr
	Western Asset Management Company and
	Western Asset Management Company Limited		1971	$	420.0B
Extended-Duration Bond	Loomis, Sayles & Company, L.P.		1926	$	264.4B
	Schroder Investment Management North America Inc.		1804	$	111.2B
Global Bond	Loomis, Sayles & Company, L.P.		1926	$	264.4B
	Western Asset Management Company and
	Western Asset Management Company Limited		1971	$	420.0B
Defensive Market Strategies	American Century Investment Management, Inc.		1958	$	169.4B
	AQR Capital Management, LLC		1998	$	225.8B
	Parametric Portfolio Associates LLC		1992	$	231.5B
	Shenkman Capital Management, Inc.		1985	$	24.5B
Equity Index	Legal & General Investment Management America, Inc.		2006	$	175.3B
Value Equity	AJO, LP		1984	$	24.2B
	Barrow, Hanley, Mewhinney & Strauss, LLC		1979	$	84.9B
	Legal & General Investment Management America, Inc.		2006	$	175.3B
	TCW Investment Management Company LLC		1971	$	198.3B
Growth Equity	Brown Advisory, LLC		1993	$	34.3B
	ClearBridge Investments, LLC		2005	$	140.2B
	Loomis, Sayles & Company, L.P.		1926	$	264.4B
	Sands Capital Management, LLC		1992	$	43.4B
Small Cap Equity	AJO, LP		1984	$	24.2B
	RBC Global Asset Management (U.S.) Inc.		1983	$	34.2B
	TimesSquare Capital Management, LLC		2000	$	18.1B
International Equity Index	Legal & General Investment Management America, Inc.		2006	$	175.3B
International Equity	AQR Capital Management, LLC		1998	$	225.8B
	Baillie Gifford Overseas Limited		1983	$	254.7B
	Harris Associates L.P.		1976	$	139.5B
	MFS Institutional Advisors, Inc.		1970	$	473.1B
	Mondrian Investment Partners Ltd.		1990	$	55.8B
Emerging Markets Equity	AQR Capital Management, LLC		1998	$	225.8B
	Goldman Sachs Asset Management, L.P.		1984	$	1.3Tr
	Wellington Management Company LLP		1928	$	1.1Tr

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Fund	Sub-Adviser	Firm Established		Total  Assets Managed
Global Real Estate Securities	Heitman Real Estate Securities, LLC,
	Heitman International Real Estate Securities GmbH and
	Heitman International Real Estate Securities HK Limited		1989	$	41.5B
	RREEF America L.L.C.,
	Deutsche Investments Australia Limited and
	Deutsche Alternative Asset Management (Global) Limited		1975	$	60.6B
Strategic Alternatives	Allianz Global Investors U.S. LLC		1895	$	116.0B
	Goldman Sachs Asset Management, L.P.		1984	$	1.3Tr
	Neuberger Berman Investment Advisers LLC		2002	$	304.5B
	Parametric Portfolio Associates LLC		1992	$	231.5B
	Perella Weinberg Partners Capital Management LP		2006	$	13.6B1
Custodian for GuideStone Funds Assets	The Northern Trust Company		1889	$	8.1Tr
Cash Overlay for Target Date,Asset Allocation,
Fixed Income, Equity and Real Return Funds	Parametric Portfolio Associates LLC		1992	$	231.5B

⁽¹⁾   Assets as of March 1, 2018

341

5005 LBJ Freeway, Ste. 2200, Dallas, TX 75244-6152 1-888-GS-FUNDS • GuideStoneFunds.com	Funds distributed by Foreside Funds Distributors LLC 400 Berwyn Park, 899 Cassatt Road, Suite 110, Berwyn, PA 19312
	242691     07/18     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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable.

(b) Not applicable.

Item 13. 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 September 4, 2018

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 September 4, 2018

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

Date September 4, 2018

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