Semi-Annual Report dated June 30, 2014

N-CSRS 1 d780967dncsrs.htm SEMI-ANNUAL REPORT DATED JUNE 30, 2014 Semi-Annual Report dated June 30, 2014

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10263

GuideStone Funds

(Exact name of registrant as specified in charter)

2401 Cedar Springs Road

Dallas, TX 75201-1407

(Address of principal executive offices) (Zip code)

Cherika N. Latham, Esq.

GuideStone Financial Resources of the Southern Baptist Convention

2401 Cedar Springs Road

Dallas, TX 75201-1407

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2014

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

LOGO

Semi-Annual Report June 30, 2014 (Unaudited) Institutional Investor DATE TARGET FUNDS MyDestination 2005 Fund GMIZX MyDestination 2015 Fund GMTZX MyDestination 2025 Fund GMWZX MyDestination 2035 Fund GMHZX MyDestination 2045 Fund GMFZX MyDestination 2055 Fund GMGZX ASSET ALLOCATION FUNDS Conservative Allocation Fund GFIZX Balanced Allocation Fund GGIZX Growth Allocation Fund GCOZX Aggressive Allocation Fund GGBZX Conservative Allocation Fund I GFIYX Balanced Allocation Fund I GGIYX Growth Allocation Fund I GCOYX Aggressive Allocation Fund I GGBYX SELECT FUNDS Money Market Fund GMYXX GMZXX Low-Duration Bond Fund GLDYX GLDZX Medium-Duration Bond Fund GMDYX GMDZX Extended-Duration Bond Fund GEDYX GEDZX Inflation Protected Bond Fund GIPZX Global Bond Fund GGBFX Flexible Income Fund GFLZX Defensive Market Strategies Fund GDMYX GDMZX Real Assets Fund GRAZX Equity Index Fund GEQYX GEQZX Real Estate Securities Fund GREZX Value Equity Fund GVEYX GVEZX Growth Equity Fund GGEYX GGEZX Small Cap Equity Fund GSCYX GSCZX International Equity Fund GIEYX GIEZX Emerging Markets Equity Fund GEMYX GEMZX Global Natural Resources Equity Fund GNRZX Well Done…good and faithful servant. MATTHEW 25:21

GuideStone Funds

Privacy Notice

NOTICE CONCERNING YOUR PRIVACY RIGHTS

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

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

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

•

Information we receive from you on applications or other forms;

•

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

•

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

•

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

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

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

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

If you have any questions concerning our customer information policy, please contact a customer relations specialist at

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

TABLE OF CONTENTS


Letter from the President			2
From the Chief Investment Officer			3
About Your Expenses			5
Abbreviations, Footnotes and Index Definitions			8
Date Target Funds:
MyDestination 2005 Fund			12
MyDestination 2015 Fund			14
MyDestination 2025 Fund			16
MyDestination 2035 Fund			18
MyDestination 2045 Fund			20
MyDestination 2055 Fund			21
Financial Statements			22
Asset Allocation Funds:
Conservative Allocation Fund			30
Balanced Allocation Fund			32
Growth Allocation Fund			34
Aggressive Allocation Fund			36
Financial Statements			37
Conservative Allocation Fund I			43
Balanced Allocation Fund I			45
Growth Allocation Fund I			47
Aggressive Allocation Fund I			48
Financial Statements			49
Money Market and Bond Funds:
Money Market Fund			55
Low-Duration Bond Fund			59
Medium-Duration Bond Fund			73
Extended-Duration Bond Fund			94
Global Bond Fund			99
Financial Statements			112
Equity Funds:
Defensive Market Strategies Fund			122
Equity Index Fund			132
Value Equity Fund			138
Growth Equity Fund			142
Small Cap Equity Fund			145
International Equity Fund			151
Emerging Markets Equity Fund			161
Financial Statements			168
Real Return Funds:
Inflation Protected Bond Fund			179
Flexible Income Fund			181
Real Assets Fund			186
Real Estate Securities Fund			187
Global Natural Resources Equity Fund			191
Financial Statements			194
Notes to Financial Statements			201
Fund Management			270
Board Review of Advisory Agreements			273

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

LETTER FROM THE PRESIDENT

LOGO

Dear Shareholder:

We are pleased to present you with the 2014 GuideStone Funds Semi-Annual Report. This report reflects our unwavering commitment to integrity in financial reporting so you may stay fully informed of your investments. We trust that you will find this information valuable when making investment decisions.

For the third consecutive year, GuideStone Funds was recognized by the Lipper Fund Awards. Ranking No. 1 out of 57 eligible funds, the Extended-Duration Bond Fund was recognized as Best Fund Over 3 Years, and ranking No. 1 out of 51 eligible funds, as Best Fund Over 5 Years in the Corporate Debt A-Rated Funds category for the Fund’s performance ending November 30, 2013.

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

GuideStone Funds were made available to an expanded audience. In early May, we expanded our availability to individual and institutional retail investors, providing access to our award-winning, values-driven investments. This expansion helps provide additional economies of scale, allowing us to continue to provide quality services at competitive pricing for all of our investors.

eDelivery of shareholder reports were made available. Shareholders can now choose whether to receive shareholder disclosure reports electronically or through U.S. Mail. These disclosures include the prospectus, the annual report and other important disclosure documents. Shareholders interested in enrolling in the optional, free eDelivery service can do so by logging into their account at www.MyGuideStone.org, or by calling GuideStone. Visit www.GuideStoneFunds.com/Disclosures for more information about delivery preferences.

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

Sincerely,

LOGO

John R. Jones, CFA

President

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

FROM THE CHIEF INVESTMENT OFFICER

LOGO

Rodric E. Cummins, CFA

In the second quarter of 2014, the U.S. economy rebounded from the weather-related slowdown which began the year, and in doing so boosted investment returns throughout the capital markets. Although the current economic expansion is producing growth well below historical averages, corporate earnings remain strong and investors remain confident that the Federal Reserve will be quick to the rescue with continued pro-growth monetary policies when and if necessary.



As of 06/30/14
	2nd Quarter		Year-to-Date
U.S. Stocks		5.23%		7.14%
Non-U.S. Stocks		5.03%		5.53%
Bonds		2.04%		3.93%
Commodities		0.08%		7.08%
Commodity Producers (Equities)		9.48%		10.49%
Real Estate Investment Trust (Equities)		7.13%		18.14%
TIPS		3.81%		5.83%

For the quarter, all major asset classes moved noticeably higher and well-balanced portfolios continued to produce solid gains. The quarter was led by the broad category of real assets as the securities of commodity producers and Real Estate Investment Trusts posted high single digit returns. Year-to-date, these two real asset segments are up 10.49% and 18.14%, respectively. Also, Treasury Inflation Protected Securities, another key real asset strategy was up 3.81% for the quarter. It was also a good period for stocks, both in the U.S. and abroad. U.S. stocks returned 5.23% and closed near all-time highs. Finally, interest rates fell for the second consecutive quarter, resulting in a return of 2.04% for bond investments.

As we move into the second half of the year, the rebound in economic growth in the 2nd quarter serves as a testimony to the resilience of the US economy. While the rebound is an encouragement to investors, there is skepticism entering the minds of many institutional investors and well-respected economists that are looking further down the road. With interest rates remaining low and labor markets nearing full employment, there are growing concerns that the Federal Reserve is overstaying its aggressive monetary policies and pro-growth strategies. If this is the case, the Fed, after years of running monetary policy at full throttle, will be increasingly called upon to walk a proverbial tightrope that may very well introduce more volatility into the investment markets. The Fed will need to properly balance their economic growth objective, which is the remedy for secular deleveraging, with the risk of over stimulating the economy which may lead to inflationary pressures and asset bubbles.

Lastly, with stock market valuations near historical averages and interest rates near historical lows, we continue to expect capital market returns in the coming years will most likely reflect the slow economic growth pattern predicted of world economies. This reinforces the need for investors to maintain broad diversification to combat periods of rising volatility, maintain a broad opportunity set for investment returns, and apply a consistent and robust savings plan to combat periods of low returns. All three are proven principles that will help you face changing market environments with confidence and help you meet your investment objectives over time.

Asset Class Performance Comparison

The following graph illustrates the performance of the major assets classes during 2014.

LOGO

Index

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

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

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

⁴

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.

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

About Your Expenses

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, 2014 to June 30, 2014.

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
		Beginning		Ending		Annualized			Expenses
		Account Value		Account Value		Expense			Paid During
Fund	Class	01/01/14		06/30/14		Ratio (1)			Period (2)
MyDestination 2005	Investor	$	1,000.00	$	1,037.38		0.20	%	$	1.01
MyDestination 2015	Investor		1,000.00		1,050.14		0.14			0.71
MyDestination 2025	Investor		1,000.00		1,054.63		0.14			0.69
MyDestination 2035	Investor		1,000.00		1,054.68		0.15			0.78
MyDestination 2045	Investor		1,000.00		1,054.00		0.20			1.02
MyDestination 2055	Investor		1,000.00		1,052.51		0.20			1.02
Conservative Allocation	Investor		1,000.00		1,030.40		0.12			0.60
Balanced Allocation	Investor		1,000.00		1,054.80		0.12			0.61
Growth Allocation	Investor		1,000.00		1,054.29		0.12			0.61
Aggressive Allocation	Investor		1,000.00		1,046.55		0.12			0.61
Conservative Allocation I	Institutional		1,000.00		1,030.74		0.15			0.77
Balanced Allocation I	Institutional		1,000.00		1,055.19		0.13			0.67
Growth Allocation I	Institutional		1,000.00		1,054.65		0.14			0.72
Aggressive Allocation I	Institutional		1,000.00		1,047.15		0.15			0.77
Money Market	Institutional		1,000.00		1,000.09		0.18			0.90
	Investor		1,000.00		1,000.06		0.19			0.93
Low-Duration Bond	Institutional		1,000.00		1,010.67		0.36			1.79
	Investor		1,000.00		1,009.55		0.57			2.84
Medium-Duration Bond	Institutional		1,000.00		1,041.98		0.48			2.43
	Investor		1,000.00		1,040.97		0.63			3.19

About Your Expenses (Continued)


Actual
		Beginning		Ending		Annualized			Expenses
		Account Value		Account Value		Expense			Paid During
Fund	Class	01/01/14		06/30/14		Ratio (1)			Period (2)
Extended-Duration Bond	Institutional	$	1,000.00	$	1,122.04		0.56	%	$	2.97
	Investor		1,000.00		1,120.57		0.75			3.94
Global Bond	Investor		1,000.00		1,062.00		0.78			3.99
Defensive Market Strategies (3)	Institutional		1,000.00		1,069.22		1.02			5.26
	Investor		1,000.00		1,068.39		1.20			6.16
Equity Index	Institutional		1,000.00		1,070.20		0.21			1.10
	Investor		1,000.00		1,069.07		0.38			1.95
Value Equity	Institutional		1,000.00		1,066.49		0.66			3.36
	Investor		1,000.00		1,064.94		0.90			4.61
Growth Equity	Institutional		1,000.00		1,035.82		0.85			4.31
	Investor		1,000.00		1,035.06		1.06			5.33
Small Cap Equity	Institutional		1,000.00		1,022.22		0.97			4.84
	Investor		1,000.00		1,021.44		1.20			6.01
International Equity (3)	Institutional		1,000.00		1,038.09		1.19			6.02
	Investor		1,000.00		1,036.75		1.44			7.25
Emerging Markets Equity	Institutional		1,000.00		1,071.79		1.25			6.42
	Investor		1,000.00		1,070.77		1.50			7.70
Inflation Protected Bond	Investor		1,000.00		1,054.37		0.62			3.14
Flexible Income	Investor		1,000.00		1,014.96		1.20			6.00
Real Assets	Investor		1,000.00		1,074.34		0.12			0.62
Real Estate Securities	Investor		1,000.00		1,119.01		1.10			5.79
Global Natural Resources Equity	Investor		1,000.00		1,157.57		1.35			7.23

HYPOTHETICAL (assuming a 5% return before expenses)
		Beginning		Ending		Annualized			Expenses
		Account Value		Account Value		Expense			Paid During
Fund	Class	01/01/14		06/30/14		Ratio (1)			Period (2)
MyDestination 2005	Investor	$	1,000.00	$	1,023.79		0.20	%	$	1.00
MyDestination 2015	Investor		1,000.00		1,024.09		0.14			0.70
MyDestination 2025	Investor		1,000.00		1,024.11		0.14			0.68
MyDestination 2035	Investor		1,000.00		1,024.02		0.15			0.77
MyDestination 2045	Investor		1,000.00		1,023.79		0.20			1.00
MyDestination 2055	Investor		1,000.00		1,023.79		0.20			1.00
Conservative Allocation	Investor		1,000.00		1,024.19		0.12			0.60
Balanced Allocation	Investor		1,000.00		1,024.19		0.12			0.60
Growth Allocation	Investor		1,000.00		1,024.19		0.12			0.60
Aggressive Allocation	Investor		1,000.00		1,024.19		0.12			0.60
Conservative Allocation I	Institutional		1,000.00		1,024.03		0.15			0.76
Balanced Allocation I	Institutional		1,000.00		1,024.13		0.13			0.66
Growth Allocation I	Institutional		1,000.00		1,024.08		0.14			0.71
Aggressive Allocation I	Institutional		1,000.00		1,024.03		0.15			0.76
Money Market	Institutional		1,000.00		1,023.88		0.18			0.91
	Investor		1,000.00		1,023.85		0.19			0.94


HYPOTHETICAL (assuming a 5% return before expenses)
		Beginning		Ending		Annualized			Expenses
		Account Value		Account Value		Expense			Paid During
Fund	Class	01/01/14		06/30/14		Ratio (1)			Period (2)
Low-Duration Bond	Institutional	$	1,000.00	$	1,022.98		0.36	%	$	1.81
	Investor		1,000.00		1,021.93		0.57			2.86
Medium-Duration Bond	Institutional		1,000.00		1,022.38		0.48			2.41
	Investor		1,000.00		1,021.63		0.63			3.16
Extended-Duration Bond	Institutional		1,000.00		1,021.96		0.56			2.83
	Investor		1,000.00		1,021.02		0.75			3.77
Global Bond	Investor		1,000.00		1,020.87		0.78			3.92
Defensive Market Strategies (3)	Institutional		1,000.00		1,019.65		1.02			5.14
	Investor		1,000.00		1,018.76		1.20			6.03
Equity Index	Institutional		1,000.00		1,023.71		0.21			1.08
	Investor		1,000.00		1,022.88		0.38			1.91
Value Equity	Institutional		1,000.00		1,021.49		0.66			3.30
	Investor		1,000.00		1,020.27		0.90			4.52
Growth Equity	Institutional		1,000.00		1,020.50		0.85			4.29
	Investor		1,000.00		1,019.49		1.06			5.30
Small Cap Equity	Institutional		1,000.00		1,019.94		0.97			4.85
	Investor		1,000.00		1,018.77		1.20			6.02
International Equity (3)	Institutional		1,000.00		1,018.81		1.19			5.98
	Investor		1,000.00		1,017.58		1.44			7.21
Emerging Markets Equity	Institutional		1,000.00		1,018.51		1.25			6.28
	Investor		1,000.00		1,017.26		1.50			7.53
Inflation Protected Fund	Investor		1,000.00		1,021.69		0.62			3.10
Flexible Income	Investor		1,000.00		1,018.77		1.20			6.02
Real Assets	Investor		1,000.00		1,024.19		0.12			0.60
Real Estate Securities Fund	Investor		1,000.00		1,019.26		1.10			5.53
Global Natural Resources Equity	Investor		1,000.00		1,018.01		1.35			6.78

⁽¹⁾

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

⁽²⁾

Expenses are equal to the Fund’s annualized expense ratios for the period January 1, 2014 through June 30, 2014, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

⁽³⁾

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

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INVESTMENT ABBREVIATIONS:


ADR	—	American Depositary Receipt
AGM	—	Assured Guaranty Municipal Corporation
CDO	—	Collateralized Debt Obligation
CLO	—	Collateralized Loan Obligation
CMBS	—	Commercial Mortgage-Backed Securities
CONV	—	Convertible
EURIBOR	—	Euro Interbank Offered Rate
GDR	—	Global Depositary Receipt
IO	—	Interest Only (Principal amount shown is notional)
KLIBOR	—	Kuala Lumpur Interbank Offer Rate
KORIBOR	—	Korea Interbank Offer Rate
LIBOR	—	London Interbank Offered Rate
LLC	—	Limited Liability Company
LOC	—	Letter of Credit
LP	—	Limited Partnership
NVDR	—	Non-Voting Depository Receipt
PIK	—	Payment-in-Kind Bonds
PLC	—	Public Limited Company
PO	—	Principal Only
REIT	—	Real Estate Investment Trust
REMIC	—	Real Estate Mortgage Investment Conduit
STEP	—	Stepped Coupon Bonds: Interest rates shown reflect the rates currently in effect.
STRIP	—	Stripped Security
TBA	—	To be announced
VVPR	—	Voter Verified Paper Record
WIBOR	—	Warsaw Interbank Offered Rate
144A	—	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of June 30, 2014, the total market values and percentages of net assets for 144A securities by fund were as follows:


	Value of		Percentage of
Fund	144A Securities		Net Assets
Money Market	$	116,197,138		8.77	%
Low-Duration Bond		167,051,987		19.25
Medium-Duration Bond		68,441,100		7.95
Extended-Duration Bond		20,864,217		7.17
Global Bond		65,805,633		16.87
Defensive Market Strategies		32,592,910		6.03
Small Cap Equity		1		—
Flexible Income		1,849,219		1.52

INVESTMENT FOOTNOTES:


‡‡	—	All or a portion of the security was held as collateral for open futures, options, securities sold short and/or swap contracts.
@	—	Illiquid.
*	—	Non-income producing security.
#	—	Security in default.
§	—	Security purchased with the cash proceeds from securities loaned.
†	—	Variable rate security. Interest rates shown reflect the rates currently in effect. Maturity date for money market instruments is the date of the next interest rate reset.
W	—	Interest rates shown reflect the effective yields as of June 30, 2014.
¥	—	Affiliated fund.
D	—	Security either partially or fully on loan.
S	—	All or a portion of this position has not settled. Full contract rates do not take effect until settlement date.
+	—	Security is valued at fair value. As of June 30, 2014, 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	$	3,700,000		0.43	%
Medium-Duration Bond		2,660,511		0.31
Global Bond		1,996,881		0.51
Defensive Market Strategies		4,138,437		0.77
Equity Index		—		—
Small Cap Equity		26		—
International Equity		106,504		0.01
Real Estate Securities		100		—
Global Natural Resources Equity		343,607		0.11

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

FOREIGN BOND FOOTNOTES:


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

COUNTERPARTY ABBREVIATIONS:


ADV	—	Counterparty to contract is Advantage Investments.
BAR	—	Counterparty to contract is Barclays Capital.
BNP	—	Counterparty to contract is BNP Paribas.
BOA	—	Counterparty to contract is Bank of America.
CITI	—	Counterparty to contract is Citibank NA London.
CITIC	—	Counterparty to contract is Citicorp.
CME	—	Counterparty to contract is Chicago Mercantile Exchange.
CS	—	Counterparty to contract is Credit Suisse International.
DEUT	—	Counterparty to contract is Deutsche Bank AG.
GSC	—	Counterparty to contract is Goldman Sachs Capital Markets, LP.
HKSB	—	Counterparty to contract is Hong Kong & Shanghai Bank.
HSBC	—	Counterparty to contract is HSBC Securities.
JEFF	—	Counterparty to contract is Jefferies.
JPM	—	Counterparty to contract is JPMorgan Chase Bank.
MLCS	—	Counterparty to contract is Merrill Lynch Capital Services, Inc.
MSCS	—	Counterparty to contract is Morgan Stanley Capital Services.
NT	—	Counterparty to contract is Northern Trust Corporation.
RBC	—	Counterparty to contract is Royal Bank of Canada.
RBS	—	Counterparty to contract is Royal Bank of Scotland.
SS	—	Counterparty to contract is State Street Global Markets.
UBS	—	Counterparty to contract is UBS AG.
WDR	—	Counterparty to contract is Warburg Dillion Reed.
WEST	—	Counterparty to contract is Westpac Pollock.
WMR	—	Counterparty to contract is Westminster Research.

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INDEX DEFINITIONS:

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

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

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

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

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

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MYDESTINATION 2005 FUND
SCHEDULE OF INVESTMENTS		June 30, 2014 (Unaudited)


	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Investor Class)¥		1,695,469	$	1,695,469
GuideStone Low-Duration Bond Fund (Investor Class)¥		2,242,762		30,097,870
GuideStone Medium-Duration Bond Fund (Investor Class)¥		645,451		9,417,137
GuideStone Global Bond Fund (Investor Class)¥		225,953		2,381,544
GuideStone Defensive Market Strategies Fund (Investor Class)¥		821,948		9,896,251
GuideStone Value Equity Fund (Investor Class)¥		209,896		4,632,414
GuideStone Growth Equity Fund (Investor Class)¥		199,338		4,684,432
GuideStone Small Cap Equity Fund (Investor Class)¥		61,503		1,142,724
GuideStone International Equity Fund (Investor Class)¥		349,917		5,528,684
GuideStone Emerging Market Equity Fund (Investor Class)*¥		144,228		1,505,743
GuideStone Inflation Protected Bond Fund (Investor Class)¥		1,008,871		10,683,948
GuideStone Flexible Income Fund (Investor Class)¥		436,011		4,386,268
GuideStone Real Estate Securities Fund (Investor Class)¥		87,936		913,654
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		161,886		1,819,595
Credit Suisse Commodity Return Strategy Fund*		224,306		1,727,154

Total Mutual Funds (Cost $85,028,515)				90,512,887

TOTAL INVESTMENTS — 99.9% (Cost $85,028,515)				90,512,887
Other Assets in Excess of Liabilities — 0.1%				95,324

NET ASSETS — 100.0%			$	90,608,211

PORTFOLIO SUMMARY (based on net assets)


	%
Fixed Income Select Funds		48.1
U.S. Equity Select Funds		22.5
Real Return Select Funds		19.6
Non-U.S. Equity Select Funds		7.8
Credit Suisse Commodity Return Strategy		1.9

		99.9

See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


					Level 2		Level 3
	Total		Level 1		Other Significant		Significant
	Value		Quoted Prices		Observable Inputs		Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	90,512,887	$	90,512,887	$	—	$	—

Total Assets — Investments in Securities	$	90,512,887	$	90,512,887	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	8,762	$	8,762	$	—	$	—

Total Assets — Other Financial Instruments	$	8,762	$	8,762	$	—	$	—

***

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

See Notes to Financial Statements.


MYDESTINATION 2015 FUND
SCHEDULE OF INVESTMENTS		June 30, 2014 (Unaudited)


	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Investor Class)¥		7,249,082	$	7,249,082
GuideStone Low-Duration Bond Fund (Investor Class)¥		4,005,383		53,752,240
GuideStone Medium-Duration Bond Fund (Investor Class)¥		3,849,658		56,166,510
GuideStone Extended-Duration Bond Fund (Investor Class)¥		413,555		7,485,341
GuideStone Global Bond Fund (Investor Class)¥		2,013,336		21,220,566
GuideStone Defensive Market Strategies Fund (Investor Class)¥		7,127,814		85,818,885
GuideStone Value Equity Fund (Investor Class)¥		1,777,184		39,222,443
GuideStone Growth Equity Fund (Investor Class)¥		1,660,384		39,019,027
GuideStone Small Cap Equity Fund (Investor Class)¥		555,985		10,330,202
GuideStone International Equity Fund (Investor Class)¥		2,890,312		45,666,924
GuideStone Emerging Market Equity Fund (Investor Class)*¥		1,254,514		13,097,131
GuideStone Inflation Protected Bond Fund (Investor Class)¥		4,664,337		49,395,332
GuideStone Flexible Income Fund (Investor Class)¥		2,061,602		20,739,718
GuideStone Real Estate Securities Fund (Investor Class)¥		744,339		7,733,680
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		925,649		10,404,290
Credit Suisse Commodity Return Strategy Fund*		1,306,830		10,062,589

Total Mutual Funds (Cost $417,778,278)				477,363,960

TOTAL INVESTMENTS — 100.0% (Cost $417,778,278)				477,363,960
Liabilities in Excess of Other Assets — 0.0%				(14,831	)

NET ASSETS — 100.0%			$	477,349,129

PORTFOLIO SUMMARY (based on net assets)


	%
U.S. Equity Select Funds		36.5
Fixed Income Select Funds		30.6
Real Return Select Funds		18.5
Non-U.S. Equity Select Funds		12.3
Credit Suisse Commodity Return Strategy		2.1

		100.0

See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	477,363,960	$	477,363,960	$	—	$	—

Total Assets — Investments in Securities	$	477,363,960	$	477,363,960	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	46,717	$	46,717	$	—	$	—

Total Assets — Other Financial Instruments	$	46,717	$	46,717	$	—	$	—

***

See Notes to Financial Statements.


MYDESTINATION 2025 FUND
SCHEDULE OF INVESTMENTS		June 30, 2014 (Unaudited)


	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Investor Class)¥		10,057,158	$	10,057,158
GuideStone Low-Duration Bond Fund (Investor Class)¥		2,515,795		33,761,974
GuideStone Medium-Duration Bond Fund (Investor Class)¥		4,044,910		59,015,231
GuideStone Extended-Duration Bond Fund (Investor Class)¥		803,137		14,536,781
GuideStone Global Bond Fund (Investor Class)¥		3,724,071		39,251,709
GuideStone Defensive Market Strategies Fund (Investor Class)¥		8,713,172		104,906,585
GuideStone Value Equity Fund (Investor Class)¥		3,264,300		72,043,105
GuideStone Growth Equity Fund (Investor Class)¥		3,124,107		73,416,514
GuideStone Small Cap Equity Fund (Investor Class)¥		1,144,260		21,260,359
GuideStone International Equity Fund (Investor Class)¥		5,422,566		85,676,545
GuideStone Emerging Market Equity Fund (Investor Class)*¥		2,256,619		23,559,098
GuideStone Inflation Protected Bond Fund (Investor Class)¥		1,923,099		20,365,617
GuideStone Flexible Income Fund (Investor Class)¥		722,017		7,263,491
GuideStone Real Estate Securities Fund (Investor Class)¥		1,727,248		17,946,107
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,663,103		18,693,278
Credit Suisse Commodity Return Strategy Fund*		2,354,351		18,128,505

Total Mutual Funds (Cost $533,068,804)				619,882,057

TOTAL INVESTMENTS — 99.9% (Cost $533,068,804)				619,882,057
Other Assets in Excess of Liabilities — 0.1%				447,553

NET ASSETS — 100.0%			$	620,329,610

PORTFOLIO SUMMARY (based on net assets)


	%
U.S. Equity Select Funds		43.8
Fixed Income Select Funds		25.2
Non-U.S. Equity Select Funds		17.6
Real Return Select Funds		10.4
Credit Suisse Commodity Return Strategy		2.9

		99.9

See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


					Level 2		Level 3
	Total		Level 1		Other Significant		Significant
	Value		Quoted Prices		Observable Inputs		Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	619,882,057	$	619,882,057	$	—	$	—

Total Assets — Investments in Securities	$	619,882,057	$	619,882,057	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	69,168	$	69,168	$	—	$	—

Total Assets — Other Financial Instruments	$	69,168	$	69,168	$	—	$	—

***

See Notes to Financial Statements.


MYDESTINATION 2035 FUND
SCHEDULE OF INVESTMENTS		June 30, 2014 (Unaudited)


	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Investor Class)¥		7,194,594	$	7,194,594
GuideStone Medium-Duration Bond Fund (Investor Class)¥		777,552		11,344,483
GuideStone Extended-Duration Bond Fund (Investor Class)¥		550,411		9,962,445
GuideStone Global Bond Fund (Investor Class)¥		2,563,158		27,015,684
GuideStone Defensive Market Strategies Fund (Investor Class)¥		171,919		2,069,909
GuideStone Value Equity Fund (Investor Class)¥		2,881,656		63,598,141
GuideStone Growth Equity Fund (Investor Class)¥		2,735,200		64,277,211
GuideStone Small Cap Equity Fund (Investor Class)¥		1,176,694		21,862,978
GuideStone International Equity Fund (Investor Class)¥		4,888,321		77,235,477
GuideStone Emerging Market Equity Fund (Investor Class)*¥		2,027,895		21,171,226
GuideStone Real Estate Securities Fund (Investor Class)¥		1,059,430		11,007,479
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,004,457		11,290,099
Credit Suisse Commodity Return Strategy Fund*		1,346,377		10,367,103

Total Mutual Funds (Cost $283,127,504)				338,396,829

TOTAL INVESTMENTS — 99.9% (Cost $283,127,504)				338,396,829
Other Assets in Excess of Liabilities — 0.1%				237,272

NET ASSETS — 100.0%			$	338,634,101

PORTFOLIO SUMMARY (based on net assets)


	%
U.S. Equity Select Funds		44.8
Non-U.S. Equity Select Funds		29.0
Fixed Income Select Funds		16.4
Real Return Select Funds		6.6
Credit Suisse Commodity Return Strategy		3.1

		99.9

See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	338,396,829	$	338,396,829	$	—	$	—

Total Assets — Investments in Securities	$	338,396,829	$	338,396,829	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	58,163	$	58,163	$	—	$	—

Total Assets — Other Financial Instruments	$	58,163	$	58,163	$	—	$	—

***

See Notes to Financial Statements.

MYDESTINATION 2045 FUND

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Investor Class)¥		4,629,908	$	4,629,908
GuideStone Extended-Duration Bond Fund (Investor Class)¥		128,343		2,323,005
GuideStone Global Bond Fund (Investor Class)¥		1,220,474		12,863,792
GuideStone Value Equity Fund (Investor Class)¥		2,253,526		49,735,326
GuideStone Growth Equity Fund (Investor Class)¥		2,142,426		50,347,003
GuideStone Small Cap Equity Fund (Investor Class)¥		1,005,110		18,674,943
GuideStone International Equity Fund (Investor Class)¥		3,887,723		61,426,020
GuideStone Emerging Market Equity Fund (Investor Class)*¥		1,640,358		17,125,333
GuideStone Real Estate Securities Fund (Investor Class)¥		759,097		7,887,016
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		725,111		8,150,243
Credit Suisse Commodity Return Strategy Fund*		971,961		7,484,101

Total Mutual Funds (Cost $199,832,084)				240,646,690

TOTAL INVESTMENTS — 99.9% (Cost $199,832,084)				240,646,690
Other Assets in Excess of Liabilities — 0.1%				311,515

NET ASSETS — 100.0%			$	240,958,205

PORTFOLIO SUMMARY (based on net assets)


	%
U.S. Equity Select Funds		49.3
Non-U.S. Equity Select Funds		32.6
Fixed Income Select Funds		8.2
Real Return Select Funds		6.7
Credit Suisse Commodity Return Strategy		3.1

		99.9

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	240,646,690	$	240,646,690	$	—	$	—

Total Assets — Investments in Securities	$	240,646,690	$	240,646,690	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	43,327	$	43,327	$	—	$	—

Total Assets — Other Financial Instruments	$	43,327	$	43,327	$	—	$	—

***

See Notes to Financial Statements.

MYDESTINATION 2055 FUND

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Shares		Value
MUTUAL FUNDS — 99.7%
GuideStone Money Market Fund (Investor Class)¥		494,170	$	494,170
GuideStone Global Bond Fund (Investor Class)¥		101,176		1,066,392
GuideStone Value Equity Fund (Investor Class)¥		207,410		4,577,538
GuideStone Growth Equity Fund (Investor Class)¥		195,623		4,597,135
GuideStone Small Cap Equity Fund (Investor Class)¥		93,914		1,744,921
GuideStone International Equity Fund (Investor Class)¥		363,612		5,745,070
GuideStone Emerging Market Equity Fund (Investor Class)*¥		146,556		1,530,046
GuideStone Real Estate Securities Fund (Investor Class)¥		68,575		712,496
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		63,882		718,032
Credit Suisse Commodity Return Strategy Fund*		91,077		701,294

Total Mutual Funds (Cost $20,042,489)				21,887,094

TOTAL INVESTMENTS — 99.7% (Cost $20,042,489)				21,887,094
Other Assets in Excess of Liabilities — 0.3%				56,288

NET ASSETS — 100.0%			$	21,943,382

PORTFOLIO SUMMARY (based on net assets)


	%
U.S. Equity Select Funds		49.8
Non-U.S. Equity Select Funds		33.2
Fixed Income Select Funds		7.0
Real Return Select Funds		6.5
Credit Suisse Commodity Return Strategy		3.2

		99.7

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	21,887,094	$	21,887,094	$	—	$	—

Total Assets — Investments in Securities	$	21,887,094	$	21,887,094	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	5,840	$	5,840	$	—	$	—

Total Assets — Other Financial Instruments	$	5,840	$	5,840	$	—	$	—

***

See Notes to Financial Statements.


STATEMENTS OF ASSETS AND LIABILITIES		June 30, 2014 (Unaudited)


	MyDestination 2005 Fund		MyDestination 2015 Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	1,727,154	$	10,062,589
Investments in securities of affiliated issuers, at value		88,785,733		467,301,371

Total investments ⁽¹⁾		90,512,887		477,363,960
Cash collateral for derivatives		77,200		238,000
Receivables:
Dividends and reclaims		14		63
Receivable from advisor		—		—
Fund shares sold		51,628		29,485
Variation margin on financial futures contracts		120		2,904
Prepaid expenses and other assets		9,345		9,749

Total Assets		90,651,194		477,644,161

Liabilities
Payables:
Fund shares redeemed		13,782		222,985
Variation margin on financial futures contracts		—		800
Accrued expenses:
Investment advisory fees		4,745		39,683
Other expenses		24,456		31,564

Total Liabilities		42,983		295,032

Net Assets	$	90,608,211	$	477,349,129

Net Assets Consist of:
Paid-in-capital	$	83,663,036	$	409,115,905
Accumulated net investment income		462,678		2,094,504
Undistributed net realized gain on investments and derivative transactions		989,363		6,506,321
Net unrealized appreciation (depreciation) on investments and derivative transactions		5,493,134		59,632,399

Net Assets	$	90,608,211	$	477,349,129

Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Investor Class	$	90,608,211	$	477,349,129

Investor shares outstanding		8,160,612		41,430,892

Net asset value, offering and redemption price per Investor share	$	11.10	$	11.52


⁽¹⁾Investments in securities of unaffiliated issuers, at cost	$	1,632,332	$	9,596,400
Investments in securities of affiliated issuers, at cost		83,396,183		408,181,878

Total investments at cost	$	85,028,515	$	417,778,278

See Notes to Financial Statements.


MyDestination 2025 Fund		MyDestination 2035 Fund		MyDestination 2045 Fund		MyDestination 2055 Fund

$	18,128,505	$	10,367,103	$	7,484,101	$	701,294
	601,753,552		328,029,726		233,162,589		21,185,800

	619,882,057		338,396,829		240,646,690		21,887,094
	360,300		351,900		275,500		35,000

	83		58		40		4
	—		—		—		5,902
	160,802		51,528		79,955		24,227
	4,069		3,042		1,821		80
	10,074		9,316		8,881		7,397

	620,417,385		338,812,673		241,012,887		21,959,704



	20		119,798		—		1,509
	1,600		1,350		1,120		—

	51,330		28,078		26,506		—
	34,825		29,346		27,056		14,813

	87,775		178,572		54,682		16,322

$	620,329,610	$	338,634,101	$	240,958,205	$	21,943,382


$	519,112,671	$	272,177,178	$	192,556,824	$	19,224,714
	2,174,223		748,747		285,643		22,105
	12,160,295		10,380,688		7,257,805		846,118
	86,882,421		55,327,488		40,857,933		1,850,445

$	620,329,610	$	338,634,101	$	240,958,205	$	21,943,382



$	620,329,610	$	338,634,101	$	240,958,205	$	21,943,382

	54,439,627		29,745,373		22,051,815		1,609,685

$	11.39	$	11.38	$	10.93	$	13.63


$	17,133,700	$	9,778,450	$	7,113,900	$	668,480
	515,935,104		273,349,054		192,718,184		19,374,009

$	533,068,804	$	283,127,504	$	199,832,084	$	20,042,489

See Notes to Financial Statements.


STATEMENTS OF OPERATIONS		For the Six Months Ended June 30, 2014 (Unaudited)


	MyDestination 2005 Fund			MyDestination 2015 Fund
Investment Income
Income dividends received from affiliated funds	$	466,068		$	2,411,022

Total Investment Income		466,068			2,411,022

Expenses
Investment advisory fees		44,482			230,234
Transfer agent fees:
Investor Shares		9,722			11,701
Custodian fees		7,402			11,815
Distribution (12b-1) fees:
Shareholder servicing fees:
Accounting and administration fees		4,368			13,901
Professional fees		22,797			22,797
Blue sky fees:
Investor Shares		9,444			9,970
Shareholder reporting fees:
Investor Shares		2,576			6,807
Trustee expenses		414			2,127
Line of credit facility fees		311			1,593
Other expenses		4,643			5,573

Total Expenses		106,159			316,518
Expenses waived/reimbursed net of amount recaptured⁽¹⁾		(18,984	)		—

Net Expenses		87,175			316,518

Net investment income		378,893			2,094,504

Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		216,910			1,754,547
Net realized gain on investment securities of affiliated issuers		552,939			1,410,194
Net realized gain (loss) on investment securities of unaffiliated issuers		3,552			—
Net realized gain on futures transactions		47,041			354,582

Net realized gain		820,442			3,519,323

Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		2,005,607			16,597,784
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		106,662			614,211
Change in unrealized appreciation (depreciation) on futures		(9,341	)		(53,783	)

Net change in unrealized appreciation (depreciation)		2,102,928			17,158,212

Net Realized and Unrealized Gain		2,923,370			20,677,535

Net Increase in Net Assets Resulting from Operations	$	3,302,263		$	22,772,039

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

See Notes to Financial Statements.


MyDestination 2025 Fund		MyDestination 2035 Fund			MyDestination 2045 Fund			MyDestination 2055 Fund

$	2,563,656	$	984,705		$	506,451		$	40,629

	2,563,656		984,705			506,451			40,629


	292,081		157,656			112,916			9,492

	12,271		10,686			10,532			8,740
	14,962		12,009			10,271			3,564


	17,010		10,081			7,806			1,925
	22,797		22,797			22,797			22,797

	10,313		9,661			9,213			8,648

	8,333		4,830			4,506			947
	2,636		1,402			1,012			79
	1,973		1,048			757			59
	7,057		5,788			5,512			4,742

	389,433		235,958			185,322			60,993
	—		—			35,486			(42,469	)

	389,433		235,958			220,808			18,524

	2,174,223		748,747			285,643			22,105


	2,681,159		1,467,133			1,122,194			101,954
	1,239,856		378,632			84,021			—
	—		—			351,220			84,020
	609,371		539,348			380,437			30,761

	4,530,386		2,385,113			1,937,872			216,735

	24,262,108		13,724,241			9,475,165			772,085
	1,085,104		638,617			461,716			35,341
	(113,326)		(102,067	)		(86,195	)		(5,022	)

	25,233,886		14,260,791			9,850,686			802,404

	29,764,272		16,645,904			11,788,558			1,019,139

$	31,938,495	$	17,394,651		$	12,074,201		$	1,041,244

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS


	MyDestination 2005 Fund						MyDestination 2015 Fund
	For the Six Months Ended 06/30/14			For the Year Ended 12/31/13			For the Six Months Ended 06/30/14			For the Year Ended 12/31/13
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	378,893		$	737,222		$	2,094,504		$	4,363,754
Net realized gain on investment securities and futures transactions		820,442			6,635,901			3,519,323			30,185,454
Net change in unrealized appreciation (depreciation) on investment securities and futures		2,102,928			(2,368,726	)		17,158,212			4,099,123

Net increase in net assets resulting from operations		3,302,263			5,004,397			22,772,039			38,648,331

Dividends and Distributions to Shareholders:
Dividends from net investment income⁽¹⁾		—			(1,430,800	)		—			(11,087,547	)
Distributions from net realized capital gains		—			—			—			(502,477	)

Total dividends and distributions		—			(1,430,800	)		—			(11,590,024	)

Capital Share Transactions:
Proceeds from shares sold
Proceeds from Investor shares sold		12,333,092			25,244,242			36,333,966			84,263,438
Reinvestment of dividends and distributions into Investor shares		—			1,430,198			—			11,589,750
Value of Investor shares redeemed		(9,843,820	)		(26,013,585	)		(22,237,938	)		(35,006,811	)

Net increase from capital share transactions⁽²⁾		2,489,272			660,855			14,096,028			60,846,377

Total increase in net assets		5,791,535			4,234,452			36,868,067			87,904,684

Net Assets:
Beginning of Period		84,816,676			80,582,224			440,481,062			352,576,378

End of Period*	$	90,608,211		$	84,816,676		$	477,349,129		$	440,481,062

*Including undistributed net investment income	$	462,678		$	83,785		$	2,094,504		$	—

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

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

See Notes to Financial Statements.


MyDestination 2025 Fund						MyDestination 2035 Fund						MyDestination 2045 Fund						MyDestination 2055 Fund
For the Six Months Ended 06/30/14			For the Year Ended 12/31/13			For the Six Months Ended 06/30/14			For the Year Ended 12/31/13			For the Six Months Ended 06/30/14			For the Year Ended 12/31/13			For the Six Months Ended 06/30/14			For the Year Ended 12/31/13
(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)

$	2,174,223		$	5,440,061		$	748,747		$	2,496,038		$	285,643		$	1,602,964		$	22,105		$	113,731
	4,530,386			32,924,021			2,385,113			20,635,090			1,937,872			21,473,432			216,735			1,415,762
	25,233,886			25,057,082			14,260,791			22,713,146			9,850,686			12,875,542			802,404			717,247

	31,938,495			63,421,164			17,394,651			45,844,274			12,074,201			35,951,938			1,041,244			2,246,740


	—			(13,457,157	)		—			(5,775,453	)		—			(4,223,953	)		—			(317,866	)
	—			(12,131,890	)		—			(10,105,288	)		—			(12,839,584	)		—			(708,786	)

	—			(25,589,047	)		—			(15,880,741	)		—			(17,063,537	)		—			(1,026,652	)



	53,268,675			122,536,784			33,907,992			64,052,474			20,487,385			45,024,377			6,381,844			9,768,081
	—			25,589,047			—			15,880,741			—			17,063,537			—			1,026,652
	(10,529,600	)		(15,543,835	)		(4,542,067	)		(6,265,695	)		(3,705,001	)		(4,070,598	)		(1,862,218	)		(1,948,729	)

	42,739,075			132,581,996			29,365,925			73,667,520			16,782,384			58,017,316			4,519,626			8,846,004

	74,677,570			170,414,113			46,760,576			103,631,053			28,856,585			76,905,717			5,560,870			10,066,092


	545,652,040			375,237,927			291,873,525			188,242,472			212,101,620			135,195,903			16,382,512			6,316,420

$	620,329,610		$	545,652,040		$	338,634,101		$	291,873,525		$	240,958,205		$	212,101,620		$	21,943,382		$	16,382,512

$	2,174,223		$	—		$	748,747		$	—		$	285,643		$	—		$	22,105		$	—

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (Unaudited)


For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																								Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net (3)(4)			Expenses, Gross (3)(5)			Investment Income, Net (1)(4)			Portfolio Turnover Rate
MyDestination 2005 Fund
Investor Class
2014(6)	$	10.70	$	0.05	#	$	0.03	$	0.32		$	—		$	—		$	11.10		3.74	%	$	90,608		0.20	%		0.24	%		0.87	%		4	%
2013		10.25		0.09	#		0.25		0.29			(0.18	)		—			10.70		6.18			84,817		0.20			0.25			0.87			27
2012		9.60		0.13	#		0.18		0.55			(0.21	)		—			10.25		8.92			80,582		0.20			0.27			1.24			8
2011		9.53		0.14	#		0.05		0.05			(0.17	)		—			9.60		2.52			64,608		0.20			0.35			1.43			31
2010		8.84		0.14	#		0.09		0.70			(0.24	)		—			9.53		10.56			54,683		0.20			0.26			1.50			19
2009		7.44		0.18	#		0.04		1.40			(0.22	)		—			8.84		21.84			66,830		0.20			0.26			2.31			57
MyDestination 2015 Fund
Investor Class
2014(6)	$	10.97	$	0.05	#	$	0.04	$	0.46		$	—		$	—		$	11.52		5.01	%	$	477,349		0.14	%		0.14	%		0.92	%		1	%
2013		10.21		0.12	#		0.44		0.49			(0.28	)		(0.01	)		10.97		10.35			440,481		0.14			0.14			1.10			15
2012		9.37		0.15	#		0.22		0.70			(0.23	)		—			10.21		11.46			352,576		0.15			0.15			1.47			2
2011		9.36		0.14	#		0.05		(0.02	)		(0.16	)		—			9.37		1.84			274,096		0.17			0.17			1.46			33
2010		8.42		0.14	#		0.06		0.94			(0.20	)		—			9.36		13.54			245,672		0.16			0.16			1.65			28
2009		6.83		0.17	#		0.02		1.58			(0.18	)		—			8.42		26.27			219,264		0.16			0.16			2.25			25
MyDestination 2025 Fund
Investor Class
2014(6)	$	10.80	$	0.04	#	$	0.05	$	0.50		$	—		$	—		$	11.39		5.46	%	$	620,330		0.14	%		0.14	%		0.76	%		1	%
2013		9.84		0.13	#		0.57		0.78			(0.27	)		(0.25	)		10.80		15.15			545,652		0.14			0.14			1.19			16
2012		8.81		0.14	#		0.22		0.86			(0.19	)		—			9.84		13.90			375,238		0.15			0.15			1.51			2
2011		8.94		0.13	#		0.03		(0.16	)		(0.13	)		—			8.81		0.03			278,239		0.17			0.17			1.42			24
2010		7.88		0.14	#		0.03		1.04			(0.15	)		—			8.94		15.32			236,502		0.20			0.17			1.72			15
2009		6.18		0.14	#		0.01		1.69			(0.14	)		—			7.88		30.12			169,563		0.20			0.19			2.11			13

#	Calculated using the average shares outstanding method.

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

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

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

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

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

(6)	For the six months ended June 30, 2014. 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.


For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																									Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net (3)(4)			Expenses, Gross (3)(5)			Investment Income, Net (1)(4)			Portfolio Turnover Rate
MyDestination 2035 Fund
Investor Class
2014(6)	$	10.79	$	0.03	#	$	0.05		$	0.51		$	—		$	—		$	11.38		5.47	%	$	338,634		0.15	%		0.15	%		0.49	%		1	%
2013		9.40		0.11	#		0.64			1.26			(0.22	)		(0.40	)		10.79		21.41			291,874		0.19			0.16			1.05			17
2012		8.22		0.11	#		0.21			1.02			(0.11	)		(0.05	)		9.40		16.30			188,242		0.20			0.18			1.23			1
2011		8.62		0.10	#		0.01			(0.37	)		(0.09	)		(0.05	)		8.22		(2.99	)		131,446		0.20			0.23			1.13			10
2010		7.52		0.10	#		0.01			1.10			(0.10	)		(0.01	)		8.62		16.02			110,206		0.20			0.23			1.32			9
2009		5.85		0.10	#		—	†		1.70			(0.11	)		(0.02	)		7.52		30.99			75,419		0.20			0.28			1.57			4
MyDestination 2045 Fund
Investor Class
2014(6)	$	10.37	$	0.01	#	$	0.05		$	0.50		$	—		$	—		$	10.93		5.40	%	$	240,958		0.20	%		0.17	%		0.26	%		1	%
2013		9.14		0.10	#		0.68			1.35			(0.21	)		(0.69	)		10.37		23.44			212,102		0.20			0.18			0.94			18
2012		7.96		0.10	#		0.21			1.01			(0.09	)		(0.05	)		9.14		16.60			135,196		0.20			0.21			1.14			1
2011		8.52		0.07	#		—	†		(0.38	)		(0.07	)		(0.18	)		7.96		(3.63	)		89,954		0.20			0.29			0.87			25
2010		7.38		0.08	#		—	†		1.16			(0.07	)		(0.03	)		8.52		16.80			75,803		0.20			0.30			1.08			1
2009		5.75		0.08	#		—	†		1.67			(0.09	)		(0.03	)		7.38		30.71			44,159		0.20			0.41			1.23			7
MyDestination 2055 Fund
Investor Class
2014(6)	$	12.95	$	0.02	#	$	0.07		$	0.59		$	—		$	—		$	13.63		5.25	%	$	21,943		0.20	%		0.66	%		0.24	%		3	%
2013		11.20		0.13	#		1.02			1.47			(0.26	)		(0.61	)		12.95		23.44			16,383		0.20			1.01			1.05			30
2012*		10.00		0.13	#		0.30			0.98			(0.10	)		(0.11	)		11.20		14.18			6,316		0.20			2.31			1.24			18

†	Amount represents less than $0.005 per share.

#	Calculated using the average shares outstanding method.

*	Inception date was January 1, 2012.

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

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

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

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

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

(6)	For the six months ended June 30, 2014. 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.

CONSERVATIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Investor Class)¥		4,769,956	$	4,769,956
GuideStone Low-Duration Bond Fund (Investor Class)¥		13,595,692		182,454,184
GuideStone Defensive Market Strategies Fund (Investor Class)¥		1,991,597		23,978,831
GuideStone Value Equity Fund (Investor Class)¥		502,854		11,097,977
GuideStone Growth Equity Fund (Investor Class)¥		470,872		11,065,482
GuideStone Small Cap Equity Fund (Investor Class)¥		133,522		2,480,839
GuideStone International Equity Fund (Investor Class)¥		802,457		12,678,825
GuideStone Emerging Market Equity Fund (Investor Class)*¥		331,882		3,464,848
GuideStone Inflation Protected Bond Fund (Investor Class)¥		3,643,457		38,584,213
GuideStone Flexible Income Fund (Investor Class)¥		1,381,514		13,898,034
GuideStone Real Estate Securities Fund (Investor Class)¥		337,861		3,510,380
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,294,985		14,555,630

Total Mutual Funds (Cost $300,113,245)				322,539,199

TOTAL INVESTMENTS — 100.0% (Cost $300,113,245)				322,539,199
Other Assets in Excess of Liabilities — 0.0%				68,043

NET ASSETS — 100.0%			$	322,607,242

PORTFOLIO SUMMARY (based on net assets)


	%
Fixed Income Select Funds		58.0
Real Return Select Funds		21.9
U.S. Equity Select Funds		15.1
Non-U.S. Equity Select Funds		5.0

		100.0

See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	322,539,199	$	322,539,199	$	—	$	—

Total Assets — Investments in Securities	$	322,539,199	$	322,539,199	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	13,010	$	13,010	$	—	$	—

Total Assets — Other Financial Instruments	$	13,010	$	13,010	$	—	$	—

***

See Notes to Financial Statements.

BALANCED ALLOCATION FUND

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Investor Class)¥		29,252,191	$	29,252,191
GuideStone Low-Duration Bond Fund (Investor Class)¥		11,478,136		154,036,585
GuideStone Medium-Duration Bond Fund (Investor Class)¥		14,398,699		210,077,018
GuideStone Extended-Duration Bond Fund (Investor Class)¥		2,957,021		53,522,087
GuideStone Global Bond Fund (Investor Class)¥		10,190,341		107,406,199
GuideStone Defensive Market Strategies Fund (Investor Class)¥		8,915,887		107,347,282
GuideStone Value Equity Fund (Investor Class)¥		5,505,336		121,502,756
GuideStone Growth Equity Fund (Investor Class)¥		5,026,583		118,124,708
GuideStone Small Cap Equity Fund (Investor Class)¥		1,440,853		26,771,048
GuideStone International Equity Fund (Investor Class)¥		8,691,259		137,321,895
GuideStone Emerging Market Equity Fund (Investor Class)*¥		3,690,986		38,533,890
GuideStone Inflation Protected Bond Fund (Investor Class)¥		7,374,505		78,096,005
GuideStone Flexible Income Fund (Investor Class)¥		3,974,311		39,981,571
GuideStone Real Estate Securities Fund (Investor Class)¥		3,439,576		35,737,197
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		7,491,776		84,207,566

Total Mutual Funds (Cost $1,150,433,118)				1,341,917,998

TOTAL INVESTMENTS — 100.0% (Cost $1,150,433,118)				1,341,917,998
Other Assets in Excess of Liabilities — 0.0%				632,850

NET ASSETS — 100.0%			$	1,342,550,848

PORTFOLIO SUMMARY (based on net assets)


	%
Fixed Income Select Funds		41.4
U.S. Equity Select Funds		27.8
Real Return Select Funds		17.7
Non-U.S. Equity Select Funds		13.1

		100.0

See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


					Level 2		Level 3
	Total		Level 1		Other Significant		Significant
	Value		Quoted Prices		Observable Inputs		Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	1,341,917,998	$	1,341,917,998	$	—	$	—

Total Assets — Investments in Securities	$	1,341,917,998	$	1,341,917,998	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	169,112	$	169,112	$	—	$	—

Total Assets — Other Financial Instruments	$	169,112	$	169,112	$	—	$	—

***

See Notes to Financial Statements.

GROWTH ALLOCATION FUND

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Investor Class)¥		22,553,548	$	22,553,548
GuideStone Low-Duration Bond Fund (Investor Class)¥		5,093,559		68,355,566
GuideStone Medium-Duration Bond Fund (Investor Class)¥		6,374,445		93,003,152
GuideStone Extended-Duration Bond Fund (Investor Class)¥		1,327,336		24,024,788
GuideStone Global Bond Fund (Investor Class)¥		4,590,730		48,386,291
GuideStone Value Equity Fund (Investor Class)¥		7,846,019		173,161,648
GuideStone Growth Equity Fund (Investor Class)¥		7,383,158		173,504,219
GuideStone Small Cap Equity Fund (Investor Class)¥		2,108,036		39,167,304
GuideStone International Equity Fund (Investor Class)¥		12,607,398		199,196,881
GuideStone Emerging Market Equity Fund (Investor Class)*¥		5,379,214		56,158,992
GuideStone Real Estate Securities Fund (Investor Class)¥		3,332,181		34,621,358
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		5,738,877		64,504,979

Total Mutual Funds (Cost $838,647,901)				996,638,726

TOTAL INVESTMENTS — 100.0% (Cost $838,647,901)				996,638,726
Other Assets in Excess of Liabilities — 0.0%				486,559

NET ASSETS — 100.0%			$	997,125,285

PORTFOLIO SUMMARY (based on net assets)


	%
U.S. Equity Select Funds		38.7
Fixed Income Select Funds		25.7
Non-U.S. Equity Select Funds		25.6
Real Return Select Funds		10.0

		100.0

See Notes to Schedules of Investments.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


					Level 2		Level 3
	Total		Level 1		Other Significant		Significant
	Value		Quoted Prices		Observable Inputs		Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	996,638,726	$	996,638,726	$	—	$	—

Total Assets — Investments in Securities	$	996,638,726	$	996,638,726	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	185,556	$	185,556	$	—	$	—

Total Assets — Other Financial Instruments	$	185,556	$	185,556	$	—	$	—

***

See Notes to Schedules of Investments.

AGGRESSIVE ALLOCATION FUND

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Investor Class)¥		19,230,558	$	19,230,558
GuideStone Value Equity Fund (Investor Class)¥		10,721,799		236,630,107
GuideStone Growth Equity Fund (Investor Class)¥		10,158,877		238,733,609
GuideStone Small Cap Equity Fund (Investor Class)¥		2,854,019		53,027,670
GuideStone International Equity Fund (Investor Class)¥		17,367,867		274,412,296
GuideStone Emerging Market Equity Fund (Investor Class)*¥		7,068,516		73,795,304

Total Mutual Funds (Cost $718,044,856)				895,829,544

TOTAL INVESTMENTS — 99.9% (Cost $718,044,856)				895,829,544
Other Assets in Excess of Liabilities — 0.1%				1,009,833

NET ASSETS — 100.0%			$	896,839,377

PORTFOLIO SUMMARY (based on net assets)


	%
U.S. Equity Select Funds		58.9
Non-U.S. Equity Select Funds		38.8
Fixed Income Select Fund		2.2

		99.9

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


					Level 2		Level 3
	Total		Level 1		Other Significant		Significant
	Value		Quoted Prices		Observable Inputs		Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	895,829,544	$	895,829,544	$	—	$	—

Total Assets — Investments in Securities	$	895,829,544	$	895,829,544	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	176,839	$	176,839	$	—	$	—

Total Assets — Other Financial Instruments	$	176,839	$	176,839	$	—	$	—

***

See Notes to Financial Statements.


STATEMENTS OF ASSETS AND LIABILITIES		June 30, 2014 (Unaudited)


	Conservative		Balanced		Growth		Aggressive
	Allocation Fund		Allocation Fund		Allocation Fund		Allocation Fund
Assets
Investments in securities of affiliated issuers, at value ⁽¹⁾	$	322,539,199	$	1,341,917,998	$	996,638,726	$	895,829,544
Cash collateral for derivatives		74,200		884,600		983,400		947,200
Receivables:
Dividends from affiliated funds		42		234		189		143
Fund shares sold		111,193		141,005		20,504		179,026
Variation margin on financial futures contracts		897		16,934		11,094		7,220
Prepaid expenses and other assets		14,800		14,482		13,565		12,218

Total Assets		322,740,331		1,342,975,253		997,667,478		896,975,351

Liabilities
Cash overdraft		—		6		—		224
Payables:
Investment securities purchased		—		—		298		—
Fund shares redeemed		78,610		249,664		410,620		17,834
Variation margin on financial futures contracts		160		3,680		4,160		4,960
Accrued expenses:
Investment advisory fees		15,998		104,013		75,992		68,083
Professional fees		10,207		10,207		10,207		10,207
Other expenses		28,114		56,835		40,916		34,666

Total Liabilities		133,089		424,405		542,193		135,974

Net Assets	$	322,607,242	$	1,342,550,848	$	997,125,285	$	896,839,377

Net Assets Consist of:
Paid-in-capital	$	295,332,602	$	1,115,179,169	$	800,192,168	$	668,027,036
Accumulated net investment income		1,256,387		6,601,476		2,601,977		549,606
Undistributed net realized gain on investments and derivative transactions		3,579,289		29,116,211		36,154,759		50,301,208
Net unrealized appreciation (depreciation) on investments and derivative transactions		22,438,964		191,653,992		158,176,381		177,961,527

Net Assets	$	322,607,242	$	1,342,550,848	$	997,125,285	$	896,839,377

Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Investor Class	$	322,607,242	$	1,342,550,848	$	997,125,285	$	896,839,377

Investor shares outstanding		26,442,132		96,878,531		67,536,825		57,841,531

Net asset value, offering and redemption price per Investor share	$	12.20	$	13.86	$	14.76	$	15.51


⁽¹⁾Investments in securities of affiliated issuers, at cost	$	300,113,245	$	1,150,433,118	$	838,647,901	$	718,044,856

See Notes to Financial Statements.


STATEMENTS OF OPERATIONS		For the Six Months Ended June 30, 2014 (Unaudited)


	Conservative			Balanced			Growth			Aggressive
	Allocation Fund			Allocation Fund			Allocation Fund			Allocation Fund
Investment Income
Income dividends received from affiliated funds	$	1,446,067		$	7,379,286		$	3,179,706		$	1,068,659

Total Investment Income		1,446,067			7,379,286			3,179,706			1,068,659

Expenses
Investment advisory fees		160,332			662,475			490,383			441,667
Transfer agent fees:
Investor shares		15,811			29,086			19,079			16,912
Custodian fees		9,848			17,564			14,717			12,066
Accounting and administration fees		10,771			36,194			27,445			24,798
Professional fees		22,797			22,797			22,797			22,797
Blue sky fees:
Investor shares		13,989			11,685			11,117			10,641
Shareholder reporting fees:
Investor shares		13,304			27,280			18,074			15,561
Trustee expenses		1,537			6,200			4,587			4,153
Line of credit facility fees		1,155			4,656			3,443			3,115
Other expenses		4,337			5,216			5,662			5,558

Total Expenses		253,881			823,153			617,304			557,268
Expenses waived/reimbursed⁽¹⁾		(64,201	)		(45,343	)		(41,597	)		(38,215	)

Net Expenses		189,680			777,810			575,707			519,053

Net investment income		1,256,387			6,601,476			2,603,999			549,606

Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		580,697			3,892,573			3,969,684			5,336,726
Net realized gain on investment securities of affiliated issuers		2,104,359			2,760,061			2,600,708			6,398,749
Net realized gain on futures transactions		116,861			1,524,234			1,503,295			1,562,899

Net realized gain		2,801,917			8,176,868			8,073,687			13,298,374

Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		5,671,043			55,476,686			41,523,902			26,391,096
Change in unrealized appreciation (depreciation) on futures		(25,181	)		(224,031	)		(369,845	)		(579,215	)

Net change in unrealized appreciation		5,645,862			55,252,655			41,154,057			25,811,881

Net Realized and Unrealized Gain		8,447,779			63,429,523			49,227,744			39,110,255

Net Increase in Net Assets Resulting from Operations	$	9,704,166		$	70,030,999		$	51,831,743		$	39,659,861

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

See Notes to Financial Statements.

(This page intentionally left blank)

STATEMENTS OF CHANGES IN NET ASSETS


	Conservative Allocation Fund						Balanced Allocation Fund
	For the Six Months Ended 06/30/14			For the Year Ended 12/31/13			For the Six Months Ended 06/30/14			For the Year Ended 12/31/13
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	1,256,387		$	2,732,261		$	6,601,476		$	15,446,235
Net realized gain on investment securities and futures transactions		2,801,917			21,019,598			8,176,868			78,636,889
Net change in unrealized appreciation (depreciation) on investment securities and futures		5,645,862			(12,258,840	)		55,252,655			25,436,869

Net increase in net assets resulting from operations		9,704,166			11,493,019			70,030,999			119,519,993

Dividends and Distributions to Shareholders:
Dividends from net investment income⁽¹⁾		—			(4,587,228	)		—			(26,717,331	)
Distributions from net realized capital gains		—			(17,676,838	)		—			(54,188,791	)

Total dividends and distributions		—			(22,264,066	)		—			(80,906,122	)

Capital Share Transactions:
Proceeds from Investor shares sold		18,957,355			44,406,970			32,398,385			81,882,324
Reinvestment of dividends and distributions into Investor shares		—			22,243,595			—			80,865,441

Total proceeds from shares sold and reinvested		18,957,355			66,650,565			32,398,385			162,747,765

Value of Investor shares redeemed		(25,267,213	)		(63,987,436	)		(48,407,080	)		(117,701,721	)

Total value of shares redeemed		(25,267,213	)		(63,987,436	)		(48,407,080	)		(117,701,721	)

Net increase (decrease) from capital share transactions⁽²⁾		(6,309,858	)		2,663,129			(16,008,695	)		45,046,044

Total increase (decrease) in net assets		3,394,308			(8,107,918	)		54,022,304			83,659,915

Net Assets:
Beginning of Period		319,212,934			327,320,852			1,288,528,544			1,204,868,629

End of Period*	$	322,607,242		$	319,212,934		$	1,342,550,848		$	1,288,528,544

* Including undistributed net investment income	$	1,256,387		$	—		$	6,601,476		$	—

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

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

See Notes to Financial Statements.


Growth Allocation Fund						Aggressive Allocation Fund
For the Six Months Ended 06/30/14			For the Year Ended 12/31/13			For the Six Months Ended 06/30/14			For the Year Ended 12/31/13
(Unaudited)						(Unaudited)

$	2,603,999		$	9,316,274		$	549,606		$	6,114,532
	8,073,687			95,016,447			13,298,374			69,027,097
	41,154,057			48,875,218			25,811,881			118,241,629

	51,831,743			153,207,939			39,659,861			193,383,258


	(2,022	)		(18,512,739	)		—			(16,817,289	)
	—			(72,279,436	)		—			(41,616,328	)

	(2,022	)		(90,792,175	)		—			(58,433,617	)


	18,243,039			43,881,701			10,544,336			30,036,829
	2,022			90,787,186			—			58,430,316

	18,245,061			134,668,887			10,544,336			88,467,145

	(36,851,093	)		(86,415,713	)		(32,927,968	)		(70,518,946	)

	(36,851,093	)		(86,415,713	)		(32,927,968	)		(70,518,946	)

	(18,606,032	)		48,253,174			(22,383,632	)		17,948,199

	33,223,689			110,668,938			17,276,229			152,897,840


	963,901,596			853,232,658			879,563,148			726,665,308

$	997,125,285		$	963,901,596		$	896,839,377		$	879,563,148

$	2,601,977		$	—		$	549,606		$	—

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (Unaudited)


For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																									Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (000)		Expenses, Net (3)(4)			Expenses, Gross (3)(5)			Investment Income, Net (1)(4)			Portfolio Turnover Rate
Conservative Allocation Fund
Investor Class
2014(6)	$	11.84	$	0.05	#	$	0.02		$	0.29		$	—		$	—		$	12.20		3.04	%	$	322,607		0.12	%		0.16	%		0.79	%		1	%
2013		12.27		0.11	#		0.21			0.12			(0.17	)		(0.70	)		11.84		3.67			319,213		0.12			0.16			0.85			12
2012		11.70		0.16	#		0.16			0.50			(0.22	)		(0.03	)		12.27		7.02			327,321		0.12			0.16			1.29			3
2011		11.87		0.18	#		0.05			(0.03	)		(0.19	)		(0.18	)		11.70		1.71			293,236		0.12			0.17			1.47			9
2010		11.39		0.18	#		0.08			0.56			(0.27	)		(0.07	)		11.87		7.19			261,993		0.12			0.15			1.57			19
2009		10.33		0.26	#		—	†		1.44			(0.26	)		(0.38	)		11.39		16.58			284,750		0.12			0.16			2.37			32
Balanced Allocation Fund
Investor Class
2014(6)	$	13.14	$	0.07	#	$	0.04		$	0.61		$	—		$	—		$	13.86		5.48	%	$	1,342,551		0.12	%		0.13	%		1.02	%		1	%
2013		12.73		0.16	#		0.44			0.68			(0.28	)		(0.59	)		13.14		10.08			1,288,529		0.12			0.13			1.23			27
2012		11.77		0.19	#		0.22			0.97			(0.27	)		(0.15	)		12.73		11.79			1,204,869		0.12			0.13			1.54			3
2011		12.12		0.20	#		0.06			(0.14	)		(0.26	)		(0.21	)		11.77		1.01			1,097,275		0.12			0.13			1.65			16
2010		11.14		0.23	#		0.09			1.00			(0.34	)		—			12.12		11.87			1,120,981		0.12			0.12			1.95			17
2009		9.20		0.26	#		0.05			1.97			(0.27	)		(0.07	)		11.14		25.05			1,132,991		0.12			0.13			2.58			19
Growth Allocation Fund
Investor Class
2014(6)	$	14.00	$	0.04	#	$	0.06		$	0.66		$	—	†	$	—		$	14.76		5.43	%	$	997,125		0.12	%		0.13	%		0.54	%		1	%
2013		13.04		0.15	#		0.67			1.57			(0.27	)		(1.16	)		14.00		18.49			963,902		0.12			0.13			1.03			22
2012		11.60		0.15	#		0.26			1.30			(0.17	)		(0.10	)		13.04		14.84			853,233		0.12			0.13			1.17			2
2011		12.28		0.16	#		0.03			(0.49	)		(0.17	)		(0.21	)		11.60		(2.39	)		783,344		0.12			0.14			1.26			10
2010		11.11		0.16	#		0.05			1.31			(0.27	)		(0.08	)		12.28		13.65			841,926		0.12			0.13			1.43			8
2009		8.86		0.18	#		0.02			2.25			(0.15	)		(0.05	)		11.11		27.96			840,810		0.12			0.13			1.88			11
Aggressive Allocation Fund
Investor Class
2014(6)	$	14.82	$	0.01	#	$	0.09		$	0.59		$	—		$	—		$	15.51		4.66	%	$	896,839		0.12	%		0.13	%		0.13	%		1	%
2013		12.46		0.11	#		0.90			2.39			(0.29	)		(0.75	)		14.82		27.41			879,563		0.12			0.13			0.77			12
2012		10.89		0.11	#		0.26			1.50			(0.11	)		(0.19	)		12.46		17.19			726,665		0.12			0.13			0.91			5
2011		11.79		0.10	#		—	†		(0.71	)		(0.10	)		(0.19	)		10.89		(5.14	)		674,790		0.12			0.14			0.83			9
2010		10.43		0.10	#		—	†		1.48			(0.10	)		(0.12	)		11.79		15.16			745,493		0.12			0.13			0.91			1
2009		8.13		0.10	#		—	†		2.38			(0.10	)		(0.08	)		10.43		30.82			729,734		0.12			0.14			1.17			3

†	Amount represents less than $0.005 per share.

#	Calculated using the average shares outstanding method.

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

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

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

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

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

(6)	For the six months ended June 30, 2014. 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.


CONSERVATIVE ALLOCATION FUND I
SCHEDULE OF INVESTMENTS		June 30, 2014 (Unaudited)


	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Institutional Class)¥		1,166,186	$	1,166,186
GuideStone Low-Duration Bond Fund (Institutional Class)¥		5,442,043		46,583,890
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		508,449		6,126,813
GuideStone Value Equity Fund (Institutional Class)¥		276,843		2,834,869
GuideStone Growth Equity Fund (Institutional Class)¥		229,598		2,826,356
GuideStone Small Cap Equity Fund (Institutional Class)¥		60,027		635,090
GuideStone International Equity Fund (Institutional Class)¥		270,193		3,239,614
GuideStone Funds Emerging Market Equity Fund (Institutional Class)*¥		84,881		887,004
GuideStone Inflation Protected Bond Fund (Investor Class)¥		930,443		9,853,393
GuideStone Flexible Income Fund (Investor Class)¥		352,949		3,550,665
GuideStone Real Estate Securities Fund (Investor Class)¥		86,535		899,094
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		330,778		3,717,950

Total Mutual Funds (Cost $80,574,078)				82,320,924

TOTAL INVESTMENTS — 100.0% (Cost $80,574,078)				82,320,924
Other Assets in Excess of Liabilities — 0.0%				35,314

NET ASSETS — 100.0%			$	82,356,238

PORTFOLIO SUMMARY (based on net assets)


	%
Fixed Income Select Funds		58.0
Real Return Select Funds		21.9
U.S. Equity Select Funds		15.1
Non-U.S. Equity Select Funds		5.0

		100.0

See Notes to Financial Statements.

CONSERVATIVE ALLOCATION FUND I

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	82,320,924	$	82,320,924	$	—	$	—

Total Assets — Investments in Securities	$	82,320,924	$	82,320,924	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	2,702	$	2,702	$	—	$	—

Total Assets — Other Financial Instruments	$	2,702	$	2,702	$	—	$	—

***

See Notes to Financial Statements.

BALANCED ALLOCATION FUND I

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Institutional Class)¥		7,493,494	$	7,493,494
GuideStone Low-Duration Bond Fund (Institutional Class)¥		5,399,476		46,219,516
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		8,928,641		63,036,206
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		3,159,610		16,050,819
GuideStone Global Bond Fund (Investor Class)¥		3,057,833		32,229,562
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		2,673,322		32,213,536
GuideStone Value Equity Fund (Institutional Class)¥		3,560,829		36,462,890
GuideStone Growth Equity Fund (Institutional Class)¥		2,878,622		35,435,839
GuideStone Small Cap Equity Fund (Institutional Class)¥		759,744		8,038,095
GuideStone International Equity Fund (Institutional Class)¥		3,440,114		41,246,971
GuideStone Funds Emerging Market Equity Fund (Institutional Class)*¥		1,105,417		11,551,612
GuideStone Inflation Protected Bond Fund (Investor Class)¥		2,212,924		23,434,865
GuideStone Flexible Income Fund (Investor Class)¥		1,192,525		11,996,804
GuideStone Real Estate Securities Fund (Investor Class)¥		1,032,317		10,725,778
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		2,248,259		25,270,430

Total Mutual Funds (Cost $367,007,485)				401,406,417

TOTAL INVESTMENTS — 100.0% (Cost $367,007,485)				401,406,417
Other Assets in Excess of Liabilities — 0.0%				193,026

NET ASSETS — 100.0%			$	401,599,443

PORTFOLIO SUMMARY (based on net assets)


	%
Fixed Income Select Funds		41.2
U.S. Equity Select Funds		27.9
Real Return Select Funds		17.8
Non-U.S. Equity Select Funds		13.1

		100.0

See Notes to Financial Statements.

BALANCED ALLOCATION FUND I

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	401,406,417	$	401,406,417	$	—	$	—

Total Assets — Investments in Securities	$	401,406,417	$	401,406,417	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	41,605	$	41,605	$	—	$	—

Total Assets — Other Financial Instruments	$	41,605	$	41,605	$	—	$	—

***

See Notes to Financial Statements.

GROWTH ALLOCATION FUND I

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		5,410,217	$	5,410,217
GuideStone Low-Duration Bond Fund (Institutional Class)¥		2,264,313		19,382,516
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		3,735,089		26,369,731
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		1,340,682		6,810,666
GuideStone Global Bond Fund (Investor Class)¥		1,301,488		13,717,689
GuideStone Value Equity Fund (Institutional Class)¥		4,794,699		49,097,713
GuideStone Growth Equity Fund (Institutional Class)¥		3,994,872		49,176,873
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,049,987		11,108,861
GuideStone International Equity Fund (Institutional Class)¥		4,714,712		56,529,391
GuideStone Funds Emerging Market Equity Fund (Institutional Class)*¥		1,522,315		15,908,193
GuideStone Real Estate Securities Fund (Investor Class)¥		944,853		9,817,023
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,627,022		18,287,725

Total Mutual Funds (Cost $248,316,600)				281,616,598

TOTAL INVESTMENTS — 99.9% (Cost $248,316,600)				281,616,598
Other Assets in Excess of Liabilities — 0.1%				171,298

NET ASSETS — 100.0%			$	281,787,896

PORTFOLIO SUMMARY (based on net assets)


	%
U.S. Equity Select Funds		38.8
Non-U.S. Equity Select Funds		25.7
Fixed Income Select Funds		25.4
Real Return Select Funds		10.0

		99.9

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	281,616,598	$	281,616,598	$	—	$	—

Total Assets — Investments in Securities	$	281,616,598	$	281,616,598	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	42,052	$	42,052	$	—	$	—

Total Assets — Other Financial Instruments	$	42,052	$	42,052	$	—	$	—

***

See Notes to Financial Statements.

AGGRESSIVE ALLOCATION FUND I

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		3,687,894	$	3,687,894
GuideStone Value Equity Fund (Institutional Class)¥		5,058,874		51,802,867
GuideStone Growth Equity Fund (Institutional Class)¥		4,244,096		52,244,819
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,097,283		11,609,258
GuideStone International Equity Fund (Institutional Class)¥		5,014,887		60,128,490
GuideStone Funds Emerging Market Equity Fund (Institutional Class)*¥		1,544,374		16,138,707

Total Mutual Funds (Cost $170,394,462)				195,612,035

TOTAL INVESTMENTS — 99.9% (Cost $170,394,462)				195,612,035
Other Assets in Excess of Liabilities — 0.1%				188,336

NET ASSETS — 100.0%			$	195,800,371

PORTFOLIO SUMMARY (based on net assets)


	%
U.S. Equity Select Funds		59.1
Non-U.S. Equity Select Funds		38.9
Fixed Income Select Fund		1.9

		99.9

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	195,612,035	$	195,612,035	$	—	$	—

Total Assets — Investments in Securities	$	195,612,035	$	195,612,035	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	33,649	$	33,649	$	—	$	—

Total Assets — Other Financial Instruments	$	33,649	$	33,649	$	—	$	—

***

See Notes to Financial Statements.


STATEMENTS OF ASSETS AND LIABILITIES		June 30, 2014 (Unaudited)


	Conservative Allocation Fund I			Balanced Allocation Fund I			Growth Allocation Fund I			Aggressive Allocation Fund I
Assets
Investments in securities of affiliated issuers, at value ⁽¹⁾	$	82,320,924		$	401,406,417		$	281,616,598		$	195,612,035
Cash collateral for derivatives		50,400			238,850			221,950			240,000
Receivables:
Dividends from affiliated funds		17			115			77			57
Fund shares sold		8,103			10,845			3,357			3,163
Variation margin on financial futures contracts		40			3,991			2,375			1,415
Prepaid expenses and other assets		361			361			361			361

Total Assets		82,379,845			401,660,579			281,844,718			195,857,031

Liabilities
Payables:
Fund shares redeemed		—			—			8,563			18,614
Variation margin on financial futures contracts		—			800			800			960
Accrued expenses:
Investment advisory fees		3,871			33,430			23,393			16,595
Professional fees		10,207			10,207			10,207			10,207
Other expenses		9,529			16,699			13,859			10,284

Total Liabilities		23,607			61,136			56,822			56,660

Net Assets	$	82,356,238		$	401,599,443		$	281,787,896		$	195,800,371

Net Assets Consist of:
Paid-in-capital	$	81,368,906		$	381,504,130		$	251,272,171		$	172,337,753
Undistributed net investment income		510,537			8,927,175			3,126,710			4,866,469
Accumulated net realized loss on investments and futures transactions		(1,272,753	)		(23,272,399	)		(5,953,035	)		(6,655,073	)
Net unrealized appreciation (depreciation) on investments and futures		1,749,548			34,440,537			33,342,050			25,251,222

Net Assets	$	82,356,238		$	401,599,443		$	281,787,896		$	195,800,371

Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	82,356,238		$	401,599,443		$	281,787,896		$	195,800,371

Institutional shares outstanding		8,184,439			35,603,921			21,786,523			13,360,335

Net asset value, offering and redemption price per Institutional share	$	10.06		$	11.28		$	12.93		$	14.66


⁽¹⁾Investments in securities of affiliated issuers, at cost	$	80,574,078		$	367,007,485		$	248,316,600		$	170,394,462

See Notes to Financial Statements.


STATEMENTS OF OPERATIONS		For the Six Months Ended June 30, 2014 (Unaudited)


	Conservative Allocation Fund I			Balanced Allocation Fund I			Growth Allocation Fund I			Aggressive Allocation Fund I
Investment Income
Income dividends received from affiliated funds	$	572,938		$	3,907,222		$	1,851,377		$	616,215
Interest		—			—			66			—

Total Investment Income		572,938			3,907,222			1,851,443			616,215

Expenses
Investment advisory fees		41,606			196,528			136,960			94,920
Transfer agent fees:
Institutional Shares		1,927			2,006			1,914			1,914
Custodian fees		5,499			12,053			10,308			6,742
Accounting and administration fees		4,421			12,474			9,398			7,052
Professional fees		22,797			22,797			22,797			22,797
Blue sky fees:
Institutional Shares		900			900			900			900
Shareholder reporting fees		204			341			201			168
Trustee expenses		402			1,855			1,288			890
Line of credit facility fees		302			1,394			967			667
Other expenses		4,563			4,782			4,856			4,666

Total Expenses		82,621			255,130			189,589			140,716
Expenses waived/reimbursed net of amount recaptured⁽¹⁾		(20,220	)		—			—			(116	)

Net expenses		62,401			255,130			189,589			140,600

Net investment income		510,537			3,652,092			1,661,854			475,615

Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		223,933			2,011,829			2,227,584			2,308,226
Net realized gain (loss) on investment securities of affiliated issuers		191,770			1,156,653			388,348			(45,069	)
Net realized gain on futures transactions		19,366			370,856			338,021			284,651

Net realized gain		435,069			3,539,338			2,953,953			2,547,808

Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		1,620,438			13,941,071			10,207,288			5,849,211
Change in unrealized depreciation on futures		(4,539	)		(51,092	)		(98,527	)		(106,199	)

Net change in unrealized appreciation		1,615,899			13,889,979			10,108,761			5,743,012

Net Realized and Unrealized Gain		2,050,968			17,429,317			13,062,714			8,290,820

Net Increase in Net Assets Resulting from Operations	$	2,561,505		$	21,081,409		$	14,724,568		$	8,766,435

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

See Notes to Financial Statements.

(This page intentionally left blank)

STATEMENTS OF CHANGES IN NET ASSETS


	Conservative Allocation Fund I						Balanced Allocation Fund I
	For the Six Months Ended 06/30/14			For the Year Ended 12/31/13			For the Six Months Ended 06/30/14			For the Year Ended 12/31/13
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	510,537		$	1,260,250		$	3,652,092		$	9,394,078
Net realized gain on investment securities and futures transactions		435,069			5,102,173			3,539,338			21,655,771
Net change in unrealized appreciation (depreciation) on investment securities and futures		1,615,899			(3,235,070	)		13,889,979			4,996,631

Net increase in net assets resulting from operations		2,561,505			3,127,353			21,081,409			36,046,480

Dividends to Shareholders:
Dividends from net investment income⁽¹⁾		—			(2,555,816	)		—			(13,881,599	)
Distributions from net realized capital gains		—			(476,714	)		—			—

Total dividends		—			(3,032,530	)		—			(13,881,599	)

Capital Share Transactions:
Proceeds from Institutional shares sold		4,155,826			10,446,277			9,536,753			30,704,095
Reinvestment of dividends and distributions into Institutional shares		—			3,015,087			—			13,840,284
Value of Institutional shares redeemed		(7,999,978	)		(12,635,464	)		(16,386,074	)		(24,596,392	)

Net increase (decrease) from capital share transactions⁽²⁾		(3,844,152	)		825,900			(6,849,321	)		19,947,987

Total increase (decrease) in net assets		(1,282,647	)		920,723			14,232,088			42,112,868

Net Assets:
Beginning of Period		83,638,885			82,718,162			387,367,355			345,254,487

End of Period*	$	82,356,238		$	83,638,885		$	401,599,443		$	387,367,355

* Including undistributed net investment income	$	510,537		$	—		$	8,927,175		$	5,275,083

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

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

See Notes to Financial Statements.


Growth Allocation Fund I						Aggressive Allocation Fund I
For the Six Months Ended 06/30/14			For the Year Ended 12/31/13			For the Six Months Ended 06/30/14			For the Year Ended 12/31/13
(Unaudited)						(Unaudited)

$	1,661,854		$	5,423,835		$	475,615		$	2,726,763
	2,953,953			16,880,871			2,547,808			13,387,781
	10,108,761			20,212,758			5,743,012			24,808,491

	14,724,568			42,517,464			8,766,435			40,923,035


	—			(9,414,953	)		—			(4,675,371	)
	—			—			—			—

	—			(9,414,953	)		—			(4,675,371	)


	6,989,961			29,753,490			5,612,392			17,600,936
	—			9,406,951			—			4,673,297
	(11,022,636	)		(17,497,829	)		(7,439,858	)		(12,491,272	)

	(4,032,675	)		21,662,612			(1,827,466	)		9,782,961

	10,691,893			54,765,123			6,938,969			46,030,625


	271,096,003			216,330,880			188,861,402			142,830,777

$	281,787,896		$	271,096,003		$	195,800,371		$	188,861,402

$	3,126,710		$	1,464,856		$	4,866,469		$	4,390,854

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (Unaudited)


For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																									Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (000)		Expenses, Net (3)(4)			Expenses, Gross (3)(5)			Investment Income, Net (1)(4)			Portfolio Turnover Rate
Conservative Allocation Fund I
Institutional Class
2014(6)	$	9.76	$	0.06	#	$	0.03		$	0.21		$	—		$	—		$	10.06		3.07	%	$	82,356		0.15	%		0.20	%		1.24	%		3	%
2013		9.75		0.15	#		0.22			0.01			(0.31	)		(0.06	)		9.76		3.85			83,639		0.15			0.20			1.48			21
2012		9.35		0.20	#		0.15			0.31			(0.26	)		—			9.75		7.07			82,718		0.15			0.21			2.10			8
2011		9.42		0.22	#		0.05			(0.09	)		(0.25	)		—			9.35		1.92			74,141		0.15			0.24			2.26			26
2010		9.06		0.23	#		0.10			0.33			(0.30	)		—			9.42		7.25			71,926		0.15			0.20			2.50			12
2009		8.00		0.32	#		—	†		1.05			(0.31	)		—			9.06		17.13			64,230		0.15			0.23			3.70			35
Balanced Allocation Fund I
Institutional Class
2014(6)	$	10.69	$	0.10	#	$	0.06		$	0.43		$	—		$	—		$	11.28		5.52	%	$	401,599		0.13	%		0.13	%		1.89	%		2	%
2013		10.06		0.27	#		0.55			0.21			(0.40	)		—			10.69		10.22			387,367		0.13			0.13			2.51			31
2012		9.35		0.31	#		0.30			0.51			(0.41	)		—			10.06		12.05			345,254		0.14			0.14			3.06			5
2011		9.64		0.31	#		0.11			(0.31	)		(0.40	)		—			9.35		1.14			310,267		0.14			0.14			3.14			18
2010		9.00		0.33	#		0.15			0.60			(0.44	)		—			9.64		12.04			347,489		0.13			0.13			3.56			19
2009		7.53		0.37	#		0.08			1.46			(0.44	)		—			9.00		25.28			326,676		0.14			0.14			4.46			20
Growth Allocation Fund I
Institutional Class
2014(6)	$	12.26	$	0.08	#	$	0.10		$	0.49		$	—		$	—		$	12.93		5.47	%	$	281,788		0.14	%		0.14	%		1.24	%		3	%
2013		10.70		0.25	#		0.92			0.83			(0.44	)		—			12.26		18.72			271,096		0.14			0.14			2.15			28
2012		9.56		0.25	#		0.36			0.83			(0.30	)		—			10.70		15.09			216,331		0.15			0.15			2.41			4
2011		10.08		0.24	#		0.05			(0.51	)		(0.30	)		—			9.56		(2.21	)		197,883		0.15			0.15			2.34			13
2010		9.13		0.24	#		0.07			0.94			(0.30	)		—			10.08		13.68			233,557		0.14			0.14			2.60			13
2009		7.35		0.26	#		0.04			1.78			(0.30	)		—			9.13		28.22			209,059		0.15			0.15			3.28			13
Aggressive Allocation Fund I
Institutional Class
2014(6)	$	14.00	$	0.04	#	$	0.17		$	0.45		$	—		$	—		$	14.66		4.72	%	$	195,800		0.15	%		0.15	%		0.51	%		3	%
2013		11.24		0.21	#		1.40			1.51			(0.36	)		—			14.00		27.73			188,861		0.15			0.16			1.62			17
2012		9.74		0.20	#		0.37			1.11			(0.18	)		—			11.24		17.31			142,831		0.15			0.16			1.87			8
2011		10.44		0.16	#		0.01			(0.69	)		(0.18	)		—			9.74		(4.93	)		129,466		0.15			0.18			1.51			9
2010		9.21		0.16	#		—	†		1.24			(0.17	)		—			10.44		15.23			157,310		0.15			0.16			1.67			5
2009		7.20		0.16	#		—	†		2.06			(0.21	)		—			9.21		30.87			143,264		0.15			0.17			2.10			5

†	Amount represents less than $0.005 per share.

#	Calculated using the average shares outstanding method.

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

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

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

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

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

(6)	For the six months ended June 30, 2014. 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.


MONEY MARKET FUND
SCHEDULE OF INVESTMENTS		June 30, 2014 (Unaudited)


	Par		Value
AGENCY OBLIGATION — 1.1%
Federal Home Loan Bank
0.06%, 07/30/14 (Cost $15,047,334)	$	15,048,000	$	15,047,334

CERTIFICATES OF DEPOSIT — 28.9%
Bank of Montreal CHI
0.22%, 09/05/14†		15,000,000		15,000,000
0.23%, 04/09/15†		10,000,000		10,000,000
Bank of Nova Scotia Houston
0.38%, 10/06/14†		7,000,000		7,002,400
0.20%, 01/06/15†		10,500,000		10,500,000
0.23%, 06/24/15†		10,000,000		10,000,000
Bank of Tokyo-Mitsubishi UFJ, Ltd.
0.25%, 08/19/14		13,000,000		13,000,000
0.25%, 08/27/14		9,000,000		8,999,929
Canadian Imperial Bank of Commerce NY
0.22%, 08/08/14†		13,000,000		13,000,000
0.29%, 12/01/14†		10,000,000		10,000,000
0.22%, 06/17/15†		10,000,000		10,000,000
Citibank NA
0.23%, 11/07/14		24,000,000		24,000,000
0.24%, 11/21/14		10,000,000		10,000,000
Credit Suisse NY
0.30%, 11/14/14		17,500,000		17,500,000
Deutsche Bank AG NY
0.32%, 08/22/14†		6,000,000		6,000,000
Mitubishi UFJ Trust and Bank
0.23%, 07/31/14		15,000,000		15,000,000
National Australia Bank, Ltd. NY
0.24%, 08/08/14†		11,000,000		11,000,134
0.23%, 08/14/14†		15,000,000		15,000,000
National Bank of Canada NY
0.22%, 12/20/14†		5,000,000		5,000,000
0.25%, 03/24/15†		14,000,000		14,000,000
Natixis NY
0.27%, 09/03/14†		13,000,000		12,999,755
Rabobank Nederland NV NY
0.27%, 09/16/14†		20,500,000		20,500,000
0.35%, 01/12/15		5,000,000		5,000,000
0.27%, 05/06/15†		8,000,000		8,000,000
Royal Bank of Canada NY
0.24%, 10/23/14		9,250,000		9,250,000
0.23%, 02/23/15†		10,000,000		10,000,000
Skandinaviska Enskilda Banken AB
0.25%, 10/20/14		10,000,000		10,000,000
Societe Generale NY
0.33%, 09/03/14†		7,000,000		7,000,000
State Street Bank and Trust Co.
0.20%, 09/08/14		15,000,000		15,000,000
Sumitomo Mitsui Banking Corporation NY
0.25%, 12/03/14		22,000,000		22,000,000
Toronto-Dominion Bank NY
0.22%, 07/24/14†		7,000,000		7,000,000
0.25%, 08/12/14		10,000,000		10,000,000
UBS AG
0.22%, 09/05/14†		10,000,000		10,000,000


	Par		Value
Westpac Banking Corporation NY
0.26%, 07/18/14†	$	10,750,000	$	10,750,000

Total Certificates of Deposit
(Cost $382,502,218)				382,502,218

COMMERCIAL PAPER — 45.2%
Antalis US Funding Corporation
0.11%, 07/07/14		13,000,000		12,999,762
0.25%, 09/19/14		10,000,000		9,994,445
Bank Nederlandse Gemeenten
0.22%, 08/06/14		8,000,000		7,998,280
Bedford Row Funding Corporation
0.26%, 01/26/15		10,000,000		10,000,000
0.28%, 01/28/15		14,000,000		13,977,024
BNP Paribas Finance, Inc.
0.30%, 08/04/14		5,000,000		4,998,583
Chariot Funding LLC
0.22%, 08/27/14		8,000,000		7,997,213
Charta LLC
0.23%, 11/10/14		20,000,000		19,983,133
0.24%, 11/19/14		8,000,000		7,992,480
Collateralized Commercial Paper II Co., LLC
0.30%, 08/12/14		16,000,000		15,994,400
0.28%, 09/24/14		14,000,000		13,990,744
0.25%, 09/25/14		13,000,000		12,992,236
Commonwealth Bank of Australia
0.23%, 03/23/15 144A†		10,000,000		10,000,000
0.23%, 04/23/15 144A†		10,000,000		9,999,588
0.23%, 05/15/15 144A†		13,000,000		13,000,000
0.24%, 05/18/15 144A†		17,000,000		17,000,000
Credit Agricole North America
0.25%, 09/04/14		18,000,000		17,991,875
DNB Bank ASA
0.23%, 07/17/14		10,000,000		9,999,000
0.23%, 07/28/14		15,000,000		14,997,469
0.22%, 09/04/14		10,000,000		9,996,028
Fairway Finance Co., LLC
0.18%, 07/18/14		20,000,000		20,000,000
Gemini Securitization Corporation LLC
0.12%, 07/07/14		12,000,000		11,999,760
General Electric Capital Corporation
0.20%, 08/04/14		28,000,000		27,994,711
HSBC Bank PLC
0.24%, 10/22/14		15,000,000		15,000,000
0.23%, 10/30/14		12,000,000		12,000,000
ING U.S. Funding LLC
0.25%, 09/02/14		16,000,000		15,993,000
Jupiter Securitization Corporation
0.23%, 07/07/14		18,000,000		17,999,310
0.22%, 09/12/14		8,000,000		7,996,431
Kells Funding LLC
0.23%, 10/15/14		15,000,000		14,999,558
0.23%, 12/09/14		15,000,000		14,999,123
0.24%, 01/07/15		9,000,000		9,000,000
0.23%, 02/13/15		14,500,000		14,500,509
National Australia Funding
0.22%, 03/13/15		15,000,000		15,000,000

See Notes to Financial Statements.

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Nederlandse Water-schapsbank NV
0.27%, 07/28/14	$	2,000,000	$	2,000,030
0.27%, 07/30/14		2,000,000		2,000,032
0.28%, 10/27/14 144A†		13,000,000		13,002,175
Old Line Funding LLC
0.22%, 08/13/14		10,000,000		9,997,372
Sheffield Receivables Corporation
0.20%, 08/15/14 144A		18,500,000		18,495,375
Skandinaviska Enskilda Banken AB
0.25%, 09/26/14		20,000,000		19,987,917
Starbird Funding Corporation
0.12%, 07/01/14		21,000,000		21,000,000
Sumitomo Mitsui Banking Corporation
0.24%, 10/07/14		15,000,000		14,990,200
Svenska Handelsbanken AB
0.28%, 12/15/14 144A†		9,800,000		9,800,000
Total Capital Canada, Ltd.
0.07%, 07/10/14		29,000,000		28,999,493
Westpac Banking Corporation
0.24%, 04/17/15 144A†		20,000,000		20,000,000

Total Commercial Paper (Cost $599,657,256)				599,657,256

CORPORATE BOND — 0.4%
Jets Stadium Development LLC
0.12%, 07/02/14 144A† (Cost $4,900,000)		4,900,000		4,900,000

MUNICIPAL BONDS — 14.3%
California Housing Finance Agency, Revenue Bond, Series D
0.04%, 07/07/14†		3,400,000		3,400,000
California Housing Finance Agency, Multi-Family III, Revenue Bond, Series E (LOC-Fannie Mae, Freddie Mac)
0.06%, 07/07/14†		3,000,000		3,000,000
California Statewide Communities Development Authority, Hallmark House Apartments, Revenue Bond, Series ZZ
0.07%, 07/07/14†		6,420,000		6,420,000
California Statewide Communities Development Authority, Kimberly Woods Apartments, Revenue Bond, Series B
0.07%, 07/07/14†		17,100,000		17,100,000
Los Angeles Community Redevelopment Agency, Hollywood & Vine Apartments, Revenue Bond, Series A
0.07%, 07/07/14†		7,700,000		7,700,000
Los Angeles County Housing Authority, Malibu Meadows II, Revenue Bond, Series C
0.06%, 07/07/14†		5,799,000		5,799,000


	Par		Value
Maryland Community Development Administration, Multifamily Barrington Apartments Project, Revenue Bond, Series A
0.08%, 07/07/14†	$	27,575,000	$	27,575,000
New York City Industrial Development Agency, New York Law School Project, Revenue Bond, Series A (LOC-JPMorgan Chase Bank NA)
0.03%, 07/07/14†		7,400,000		7,400,000
New York City Municipal Water Finance Authority, Revenue Bond, Series B-1B
0.05%, 07/07/14†		5,000,000		5,000,000
New York Housing Development Corporation, Multi-Family Housing (155 West 21st Street), Revenue Bond, Series A
0.04%, 07/07/14†		3,100,000		3,100,000
New York Housing Development Corporation, Multi-Family Housing (90 West Street), Revenue Bond, Series A
0.04%, 07/07/14†		6,000,000		6,000,000
New York Housing Development Corporation, Multi-Family Housing (West 61st Street Apartments), Revenue Bond, Series A
0.04%, 07/07/14†		3,000,000		3,000,000
New York State Dormitory Authority, City University, Revenue Bond, Series D (LOC—TD Bank NA)
0.05%, 07/07/14†		9,900,000		9,900,000
New York State Housing Finance Agency, 10 Barclay Street Housing, Revenue Bond, Series A
0.05%, 07/07/14†		10,000,000		10,000,000
New York State Housing Finance Agency, 10 Liberty Housing, Revenue Bond, Series A (LOC—Freddie Mac)
0.04%, 07/07/14†		18,000,000		18,000,000
New York State Housing Finance Agency, Biltmore Tower Housing Project, Revenue Bond, Series A
0.04%, 07/07/14†		4,000,000		4,000,000
New York State Housing Finance Agency, Gotham West Project, Revenue Bond, Series A (LOC—Wells Fargo Bank N.A.)
0.09%, 07/07/14†		10,000,000		10,000,000
New York State Housing Finance Agency, Victory Housing, Revenue Bond, Series 2001-A
0.04%, 07/07/14†		2,700,000		2,700,000

See Notes to Financial Statements.


	Par		Value
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Revenue Bond, Series B (LOC-JP Morgan Chase Bank NA)
0.03%, 07/07/14†	$	4,600,000	$	4,600,000
Sacramento Housing Authority, The Lofts at Natomas Apartments, Revenue Bond, Series F
0.08%, 07/07/14†		10,190,000		10,190,000
Utah State Board of Regents, Revenue Bond, Series A (LOC—Royal Bank of Canada)
0.10%, 07/07/14†		24,400,000		24,400,000

Total Municipal Bonds (Cost $189,284,000)				189,284,000

TIME DEPOSITS — 2.6%
ING Bank NV
0.10%, 07/07/14		16,000,000		16,000,000
Natixis
0.05%, 07/01/14		18,000,000		18,000,000

Total Time Deposits (Cost $34,000,000)				34,000,000

U.S. TREASURY OBLIGATIONS — 5.0%
U.S. Treasury Bills
0.08%, 09/11/14		20,000,000		19,996,760
0.11%, 06/25/15		25,000,000		24,972,576

				44,969,336

U.S. Treasury Note
0.25%, 10/31/14		22,000,000		22,014,146

Total U.S. Treasury Obligations (Cost $66,983,482)				66,983,482

REPURCHASE AGREEMENTS — 2.5%
Goldman Sachs & Co. 0.10% (dated 06/30/14, due 07/01/14, repurchase price $32,581,091, collateralized by Ginnie Mae, 3.500% to 6.000%, due 10/15/25 to 01/15/44, total market value $33,232,621) (Cost $32,581,000)		32,581,000		32,581,000

TOTAL INVESTMENTS — 100.0% (Cost $1,324,955,290)				1,324,955,290
Other Assets in Excess of Liabilities — 0.0%				79,604

NET ASSETS — 100.0%			$	1,325,034,894

PORTFOLIO SUMMARY (based on net assets)


	%
Commercial Paper		45.2
Certificates of Deposit		28.9
Municipal Bonds		14.3
U.S. Treasury Obligations		5.0
Time Deposits		2.6
Repurchase Agreements		2.5
Agency Obligation		1.1
Corporate Bond		0.4

		100.0

See Notes to Financial Statements.

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligation	$	15,047,334	$	—	$	15,047,334	$	—
Certificates of Deposit		382,502,218		—		382,502,218		—
Commercial Paper		599,657,256		—		599,657,256		—
Corporate Bond		4,900,000		—		4,900,000		—
Municipal Bonds		189,284,000		—		189,284,000		—
Repurchase Agreements		32,581,000		—		32,581,000		—
Time Deposits		34,000,000		—		34,000,000		—
U.S. Treasury Obligations		66,983,482		—		66,983,482		—

Total Assets — Investments in Securities	$	1,324,955,290	$	—	$	1,324,955,290	$	—

See Notes to Financial Statements.


LOW-DURATION BOND FUND
SCHEDULE OF INVESTMENTS		June 30, 2014 (Unaudited)


	Par		Value
AGENCY OBLIGATIONS — 1.1%
Federal Home Loan Bank
1.63%, 04/28/17	$	8,200,000	$	8,292,406
0.60%, 05/28/19 STEP		1,400,000		1,400,262
Small Business Administration
6.95%, 11/01/16		84,241		87,992

Total Agency Obligations (Cost $9,776,281)				9,780,660

ASSET-BACKED SECURITIES — 9.6%
Aircraft Lease Securitisation, Ltd.
0.41%, 05/10/32 144A†		475,184		471,370
Ally Master Owner Trust
0.60%, 04/15/18†		1,400,000		1,402,535
American Express Credit Account Master Trust
0.98%, 05/15/19		2,250,000		2,252,934
1.26%, 01/15/20		3,000,000		2,999,940
American Homes 4 Rent
0.00%, 06/17/31 144AW†		440,000		441,085
1.25%, 06/17/31 144A†		550,000		551,356
AmeriCredit Automobile Receivables Trust
4.04%, 07/10/17		1,226,000		1,269,137
1.31%, 11/08/17		370,000		372,287
0.96%, 04/09/18		1,200,000		1,204,711
1.19%, 05/08/18		785,000		787,171
1.66%, 09/10/18		500,000		503,413
1.79%, 03/08/19		980,000		988,452
2.72%, 09/09/19		400,000		409,842
2.29%, 11/08/19		655,000		662,772
2.15%, 03/09/20		825,000		827,221
Apidos CDO
1.38%, 04/15/25 144A†		2,090,000		2,061,691
1.93%, 04/15/25 144A†		250,000		245,500
Asset-Backed Securities Corporation Home Equity Loan Trust
0.70%, 09/25/34†		50,356		50,060
BA Credit Card Trust
0.53%, 06/15/21†		1,110,000		1,110,036
Babson CLO, Ltd.
1.33%, 04/20/25 144A†		2,300,000		2,278,504
Bear Stearns Asset Backed Securities Trust
0.60%, 12/25/42†		136,387		133,591
Bear Stearns Asset-Backed Securities Trust
1.15%, 10/25/37†		778,114		722,391
0.34%, 01/25/47†		205,197		203,797
BNC Mortgage Loan Trust
0.21%, 03/25/37†		155,708		153,552
Capital Auto Receivables Asset Trust
1.29%, 04/20/18		260,000		260,927
1.74%, 10/22/18		270,000		270,488
Cent CLO 18, Ltd.
1.35%, 07/23/25 144A†D		1,400,000		1,380,079
CenterPoint Energy Transition Bond Co., LLC
0.90%, 04/15/18		969,137		970,753
Citibank Credit Card Issuance Trust
1.32%, 09/07/18		493,000		497,719


	Par		Value
1.02%, 02/22/19	$	2,600,000	$	2,598,679
5.65%, 09/20/19		3,500,000		3,975,223
Colony American Homes
1.40%, 05/17/31 144A†		578,220		581,121
Colony American Homes Single-Family Rental Pass-Through Certificates
1.10%, 07/17/31 144A†		850,000		850,522
Conseco Financial Corporation
6.04%, 11/01/29		7,674		7,911
Credit Acceptance Auto Loan Trust
1.50%, 04/15/21 144A		1,410,000		1,414,242
Credit-Based Asset Servicing and Securitization LLC
0.59%, 05/25/35†		373,247		370,912
Crusade ABS Trust
3.66%, 07/12/23(A)†		1,174,613		1,109,496
CSAB Mortgage Backed Trust
5.72%, 09/25/36 STEP		569,357		418,774
Drug Royalty II LP 2
3.08%, 07/15/23+ 144A†@		300,000		300,000
Dryden XXVIII Senior Loan Fund
1.32%, 08/15/25 144A†		930,000		919,056
1.77%, 08/15/25 144A†		1,175,000		1,137,132
DT Auto Owner Trust
1.85%, 04/17/17 144A		401,057		401,252
Enterprise Fleet Financing LLC
1.14%, 11/20/17 144A		716,625		718,009
FHLMC Structured Pass-Through Securities
0.41%, 08/25/31†		605,691		591,951
Ford Credit Floorplan Master Owner Trust
1.39%, 09/15/16		790,000		791,189
Gracechurch Card Funding PLC
0.96%, 02/15/17 144A(E)†		800,000		1,099,694
Great America Leasing Receivables Funding LLC
1.83%, 06/17/19 144A		200,000		200,665
HLSS Servicer Advance Receivables Backed Notes
1.29%, 09/15/44 144A		735,000		735,368
HLSS Servicer Advance Receivables Trust
1.24%, 01/17/45 144A		395,000		395,316
1.50%, 01/16/46 144A		700,000		700,350
Huntington Auto Trust
0.38%, 09/15/15		34,100		34,101
IFC SBA Loan-Backed Adjustable Rate Certificate
1.25%, 01/15/24 144A†		93,915		94,267
Invitation Homes 2013-SFR1 Trust
1.40%, 12/17/30 144A†		783,209		786,906
Invitation Homes 2014-SFR1 Trust
1.15%, 06/17/31 144A†		2,420,000		2,423,707
JP Morgan Mortgage Acquisition Corporation
0.64%, 07/25/35†		325,455		322,900
0.33%, 02/25/36†		480,509		457,139
LA Arena Funding LLC
7.66%, 12/15/26 144A		336,893		376,746

See Notes to Financial Statements.

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
MMAF Equipment Finance LLC
1.27%, 09/15/15 144A	$	217,643	$	217,801
Motor 2012 PLC
1.29%, 02/25/20 144A		134,400		134,551
Oaktree Enhanced Income Funding, Series III Ltd.
1.43%, 07/20/23 144A†		900,000		899,877
1.88%, 07/20/23 144A†		1,300,000		1,290,754
Octagon Investment Partners XIX, Ltd.
1.75%, 04/15/26 144A†		1,900,000		1,899,350
2.23%, 04/15/26 144A†		905,000		904,998
OHA Intrepid Leveraged Loan Fund, Ltd.
1.15%, 04/20/21 144A†		1,345,483		1,345,251
Red & Black Auto France
0.95%, 12/28/21(E)†		140,360		192,440
Santander Drive Auto Receivables Trust
3.11%, 05/16/16		1,155,000		1,163,734
0.80%, 10/17/16 144A		855,994		856,865
1.94%, 03/15/18		270,000		273,913
3.01%, 04/16/18		1,305,000		1,338,137
2.70%, 08/15/18		300,000		308,139
1.78%, 11/15/18 144A		1,770,000		1,790,665
1.76%, 01/15/19		1,690,000		1,705,191
3.12%, 10/15/19 144A		1,025,000		1,062,834
SLM Private Credit Student Loan Trust
0.43%, 06/15/21†		614,831		609,431
0.63%, 03/15/22†		441,107		440,633
SLM Private Education Loan Trust
1.25%, 12/15/21 144A†		190,925		191,685
1.00%, 02/15/22 144A†		1,058,529		1,063,768
1.25%, 08/15/23 144A†		849,280		855,678
0.90%, 10/16/23 144A†		321,967		323,099
1.55%, 12/15/23 144A†		977,831		985,945
1.30%, 01/15/26 144A†		1,245,000		1,260,510
2.59%, 01/15/26 144A		555,000		561,960
3.40%, 05/16/44 144A†		2,276,133		2,420,197
Structured Asset Securities Corporation Mortgage Loan Trust
1.65%, 04/25/35†		634,194		615,102
Trade MAPS 1, Ltd.
0.85%, 12/10/18 144A†		1,500,000		1,505,160
Turbo Finance 2 PLC
5.50%, 02/20/19(U)		848,000		1,477,469
Tyron Park CLO, Ltd.
1.35%, 07/15/25 144A†		1,270,000		1,256,901
1.78%, 07/15/25 144A†		1,175,000		1,145,808
Volkswagen Auto Loan Enhanced Trust
0.46%, 01/20/17		3,375,000		3,375,837
World Omni Master Owner Trust
0.50%, 02/15/18 144A†		750,000		750,866

Total Asset-Backed Securities (Cost $83,485,507)				83,520,491


	Par		Value
CORPORATE BONDS — 24.7%
AbbVie, Inc.
1.75%, 11/06/17D	$	1,130,000	$	1,137,083
ADT Corporation
4.13%, 04/15/19D		1,200,000		1,210,500
AES Corporation
0.13%, 06/01/19W†		800,000		808,000
3.23%, 06/01/19†		100,000		101,000
Air Lease Corporation
4.50%, 01/15/16D		1,700,000		1,783,938
3.38%, 01/15/19D		625,000		646,094
Ally Financial, Inc.
6.75%, 12/01/14D		700,000		716,188
8.30%, 02/12/15		300,000		313,125
4.63%, 06/26/15		500,000		516,875
2.75%, 01/30/17		1,400,000		1,419,250
American Express Credit Corporation
1.13%, 06/05/17D		630,000		629,790
0.78%, 03/18/19†		4,900,000		4,932,889
American Express, Co.
0.82%, 05/22/18†		1,240,000		1,250,459
American Honda Finance Corporation
1.13%, 10/07/16		500,000		503,220
American International Group, Inc.
2.38%, 08/24/15		320,000		325,841
AmeriGas Partners LP
6.25%, 08/20/19		500,000		536,250
Amgen, Inc.
1.25%, 05/22/17		1,210,000		1,209,771
Amsouth Bank
5.20%, 04/01/15		1,000,000		1,031,787
ARC Properties Operating Partnership LP
2.00%, 02/06/17 144A		2,450,000		2,457,438
Ashland, Inc.
3.00%, 03/15/16D		240,000		246,000
3.88%, 04/15/18		1,480,000		1,529,950
Astoria Financial Corporation
5.00%, 06/19/17		770,000		837,076
Autodesk, Inc.
1.95%, 12/15/17		350,000		353,958
Aviation Capital Group Corporation
3.88%, 09/27/16 144A		900,000		935,041
4.63%, 01/31/18 144AD		500,000		526,250
Bank of America Corporation
3.75%, 07/12/16		920,000		968,277
6.50%, 08/01/16		1,582,000		1,754,337
5.63%, 10/14/16		1,500,000		1,647,796
6.40%, 08/28/17		400,000		457,243
6.00%, 09/01/17		850,000		960,977
5.75%, 12/01/17		1,700,000		1,918,968
2.00%, 01/11/18		800,000		805,845
1.30%, 03/22/18†		1,200,000		1,216,553
6.88%, 04/25/18		800,000		943,311
1.27%, 01/15/19†		280,000		283,909
2.60%, 01/15/19		2,291,000		2,320,419
2.65%, 04/01/19D		2,778,000		2,818,909
Bank of New York Mellon Corporation
0.79%, 08/01/18†		640,000		644,508

See Notes to Financial Statements.


	Par		Value
BB&T Corporation
1.60%, 08/15/17D	$	340,000	$	343,360
Cameron International Corporation
1.40%, 06/15/17		270,000		271,079
Capital One Financial Corporation
1.00%, 11/06/15		920,000		922,830
CareFusion Corporation
1.45%, 05/15/17		1,250,000		1,249,941
Case New Holland Industrial, Inc.
7.88%, 12/01/17		380,000		444,600
CC Holdings GS V LLC
2.38%, 12/15/17		300,000		305,758
Chesapeake Energy Corporation
3.48%, 04/15/19†		3,300,000		3,339,188
Cisco Systems, Inc.
0.51%, 03/03/17†		1,000,000		1,004,637
1.10%, 03/03/17		900,000		903,388
CIT Group, Inc.
4.75%, 02/15/15 144A		2,800,000		2,861,250
4.25%, 08/15/17		1,950,000		2,038,969
Citigroup, Inc.
4.59%, 12/15/15		400,000		421,808
1.02%, 04/01/16†		1,160,000		1,167,866
3.95%, 06/15/16D		1,360,000		1,435,581
1.19%, 07/25/16†		3,200,000		3,236,387
4.45%, 01/10/17D		450,000		484,945
0.77%, 03/10/17†		1,300,000		1,301,569
Computer Sciences Corporation
2.50%, 09/15/15D		210,000		213,818
ConAgra Foods, Inc.
1.35%, 09/10/15		160,000		161,230
1.30%, 01/25/16		240,000		242,088
Continental Airlines 2010-1 Class B Pass Through Trust
6.00%, 07/12/20		494,249		523,904
Cox Communications, Inc.
6.25%, 06/01/18 144A		1,250,000		1,422,472
Crane Co.
2.75%, 12/15/18		600,000		614,314
Daimler Finance North America LLC
1.30%, 07/31/15 144A		500,000		504,188
1.25%, 01/11/16 144A		530,000		534,822
0.91%, 08/01/16 144A†		200,000		201,928
1.13%, 03/10/17 144A		300,000		299,800
Delta Air Lines 2010-2 Class B Pass Through Trust
6.75%, 05/23/17		300,000		321,000
Devon Energy Corporation
1.20%, 12/15/16		560,000		562,036
Digital Realty Trust LP
4.50%, 07/15/15D		905,000		930,992
DIRECTV Holdings LLC
3.13%, 02/15/16D		320,000		331,843
Discover Bank
2.00%, 02/21/18		1,380,000		1,389,432
DISH DBS Corporation
7.75%, 05/31/15		1,000,000		1,061,875
Eaton Corporation
0.95%, 11/02/15		450,000		452,133
EchoStar DBS Corporation
7.13%, 02/01/16		1,800,000		1,950,750


	Par		Value
Enterprise Products Operating LLC
1.25%, 08/13/15	$	230,000	$	231,684
ERAC USA Finance LLC
1.40%, 04/15/16 144A		180,000		181,464
6.38%, 10/15/17 144A		1,000,000		1,151,014
Express Scripts Holding Co.
1.25%, 06/02/17		380,000		379,603
Federal Express Corporation 2012 Pass-Through Trust
2.63%, 01/15/18 144A		366,803		372,830
Fidelity National Information Services, Inc.
2.00%, 04/15/18		340,000		338,953
Fifth Third Bank
1.15%, 11/18/16		700,000		702,675
First Republic Bank
2.38%, 06/17/19		400,000		402,164
Ford Motor Credit Co., LLC
3.98%, 06/15/16		1,600,000		1,691,472
8.00%, 12/15/16		1,820,000		2,116,571
3.00%, 06/12/17D		560,000		584,632
1.06%, 03/12/19†		4,460,000		4,489,713
Freeport-McMoRan Copper & Gold, Inc.
1.40%, 02/13/15		200,000		200,822
2.15%, 03/01/17		210,000		214,477
GATX Corporation
2.50%, 03/15/19D		500,000		503,814
General Electric Capital Corporation
0.88%, 07/12/16†		1,380,000		1,393,225
General Motors Co.
3.50%, 10/02/18 144AD		953,000		976,825
General Motors Financial Co., Inc.
2.75%, 05/15/16 144A		863,000		877,563
General Motors Financial Co., Inc.
2.75%, 05/15/16		1,100,000		1,118,562
Genzyme Corporation
3.63%, 06/15/15		395,000		407,372
Glencore Funding LLC
1.59%, 01/15/19 144A†D		1,200,000		1,207,104
GMAC, Inc.
6.75%, 12/01/14		100,000		102,500
Goldman Sachs Group, Inc.
1.60%, 11/23/15		640,000		646,863
5.35%, 01/15/16		761,000		812,211
3.63%, 02/07/16D		2,874,000		2,996,671
5.75%, 10/01/16D		135,000		148,617
6.25%, 09/01/17D		1,092,000		1,244,098
5.95%, 01/18/18		2,003,000		2,277,351
2.38%, 01/22/18		897,000		911,710
1.42%, 04/30/18†		1,250,000		1,271,365
1.32%, 11/15/18†		4,500,000		4,566,294
1.32%, 11/15/18†		580,000		588,545
Harley-Davidson Financial Services, Inc.
1.15%, 09/15/15 144A		340,000		341,892
HCA, Inc.
3.75%, 03/15/19		1,000,000		1,011,250
7.25%, 09/15/20D		360,000		386,550
Health Care REIT, Inc.
3.63%, 03/15/16		400,000		418,255

See Notes to Financial Statements.

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
6.20%, 06/01/16	$	1,546,000	$	1,697,103
Healthcare Realty Trust, Inc.
6.50%, 01/17/17		235,000		264,372
Hess Corporation
1.30%, 06/15/17		310,000		310,747
Hewlett-Packard Co.
1.17%, 01/14/19†		520,000		524,720
HSBC Finance Corporation
0.66%, 06/01/16†		400,000		400,300
HSBC USA, Inc.
1.11%, 09/24/18†		800,000		810,487
Huntington National Bank
1.30%, 11/20/16		500,000		502,468
0.65%, 04/24/17†		250,000		250,348
1.38%, 04/24/17D		290,000		290,968
Hyundai Capital America
1.63%, 10/02/15 144A		500,000		504,684
3.75%, 04/06/16 144A		190,000		198,932
1.45%, 02/06/17 144AD		800,000		803,523
IAC/InterActiveCorp
4.88%, 11/30/18		300,000		314,250
Ingredion, Inc.
3.20%, 11/01/15		200,000		206,178
International Lease Finance Corporation
4.88%, 04/01/15		1,350,000		1,386,281
8.63%, 09/15/15		600,000		651,000
5.75%, 05/15/16		1,000,000		1,073,125
6.75%, 09/01/16 144A		800,000		889,000
3.88%, 04/15/18		795,000		816,366
Interpublic Group of Cos., Inc.
2.25%, 11/15/17		283,000		287,869
IPALCO Enterprises, Inc.
7.25%, 04/01/16 144A		400,000		438,000
Jabil Circuit, Inc.
7.75%, 07/15/16		295,000		335,194
Jackson National Life Global Funding
1.25%, 02/21/17 144A		600,000		598,912
JB Hunt Transport Services, Inc.
3.38%, 09/15/15		550,000		566,582
2.40%, 03/15/19D		620,000		623,435
John Deere Capital Corporation
1.05%, 10/11/16		480,000		482,596
1.13%, 06/12/17		840,000		842,389
Johnson Controls, Inc.
1.40%, 11/02/17		130,000		130,015
JPMorgan Chase & Co.
0.85%, 02/26/16†		1,100,000		1,106,674
3.45%, 03/01/16		1,249,000		1,303,886
3.15%, 07/05/16		2,252,000		2,348,514
0.74%, 02/15/17†		3,400,000		3,414,579
1.35%, 02/15/17		1,240,000		1,245,202
2.00%, 08/15/17D		1,000,000		1,017,721
1.13%, 01/25/18†		3,610,000		3,664,049
KeyCorp
3.75%, 08/13/15D		360,000		372,510
Kroger Co.
2.20%, 01/15/17		500,000		513,366
Lehman Escrow Bonds
0.00%, 12/28/17+W†#		2,600,000		—
0.00%, 12/31/99W†#		600,000		119,250


	Par		Value
Lennar Corporation
4.50%, 06/15/19	$	1,000,000	$	1,023,750
Liberty Property LP
6.63%, 10/01/17		375,000		429,251
Life Technologies Corporation
3.50%, 01/15/16		800,000		831,353
Manufacturers & Traders Trust Co.
1.25%, 01/30/17D		700,000		702,748
Marsh & McLennan Cos., Inc.
2.55%, 10/15/18		495,000		506,428
Masco Corporation
4.80%, 06/15/15		365,000		377,907
6.13%, 10/03/16		500,000		553,125
Maxim Integrated Products, Inc.
2.50%, 11/15/18		1,350,000		1,367,349
McKesson Corporation
1.29%, 03/10/17D		300,000		300,991
Morgan Stanley
1.48%, 02/25/16†		930,000		943,379
5.75%, 10/18/16		6,600,000		7,282,328
4.75%, 03/22/17		1,015,000		1,105,782
1.51%, 04/25/18†		1,520,000		1,551,575
2.13%, 04/25/18D		234,000		236,786
Motorola Solutions, Inc.
6.00%, 11/15/17D		400,000		454,534
Mylan, Inc.
1.80%, 06/24/16D		180,000		182,637
Nabors Industries, Inc.
2.35%, 09/15/16		1,100,000		1,123,556
National Oilwell Varco, Inc.
1.35%, 12/01/17D		660,000		660,732
Naviet Corporation
6.25%, 01/25/16		3,000,000		3,198,750
NBCUniversal Enterprise, Inc.
0.91%, 04/15/18 144A†		355,000		359,284
NCUA Guaranteed Notes
1.40%, 06/12/15		1,180,000		1,193,322
NextEra Energy Capital Holdings, Inc.
1.20%, 06/01/15		170,000		171,073
1.34%, 09/01/15		4,300,000		4,332,809
Nissan Motor Acceptance Corporation
1.00%, 03/15/16 144A		910,000		912,462
1.95%, 09/12/17 144A		520,000		526,992
Northwest Airlines 2002-1 Class G-2 Pass Through Trust
6.26%, 05/20/23		135,265		146,316
Ohio Power Co.
6.05%, 05/01/18		1,000,000		1,152,404
Omnicom Group, Inc.
5.90%, 04/15/16D		285,000		309,552
PACCAR Financial Corporation
1.05%, 06/05/15		220,000		221,598
0.75%, 05/16/16		270,000		270,806
1.10%, 06/06/17		250,000		249,928
0.83%, 12/06/18†		250,000		252,566
Parker Hannifin Corporation
4.13%, 11/11/15(E)		700,000		1,004,500
Penske Truck Leasing Co. LP
2.50%, 03/15/16 144A		1,650,000		1,696,784
3.38%, 03/15/18 144A		1,115,000		1,176,363
2.50%, 06/15/19 144A		190,000		190,568

See Notes to Financial Statements.


	Par		Value
Phillips 66
2.95%, 05/01/17D	$	210,000	$	220,236
Pioneer Natural Resources Co.
5.88%, 07/15/16D		2,410,000		2,638,480
Plains Exploration & Production Co.
6.50%, 11/15/20		540,000		605,475
Principal Life Global Funding II
1.00%, 12/11/15 144A		530,000		533,008
ProLogis LP
6.63%, 05/15/18D		1,000,000		1,168,117
Prudential Covered Trust
3.00%, 09/30/15 144A		640,000		655,766
Prudential Financial, Inc.
1.00%, 08/15/18†		500,000		501,124
QVC, Inc.
3.13%, 04/01/19		750,000		762,758
7.50%, 10/01/19 144A		725,000		762,072
Regions Financial Corporation
2.00%, 05/15/18D		1,250,000		1,246,752
Retail Property Trust
7.88%, 03/15/16 144A		2,000,000		2,231,550
Samsung Electronics America, Inc.
1.75%, 04/10/17 144A		1,150,000		1,156,156
SBA Tower Trust
4.25%, 04/15/40 144A@		510,000		523,803
SteelRiver Transmission Co., LLC
4.71%, 06/30/17 144A		509,195		540,532
SunTrust Bank
1.35%, 02/15/17		1,240,000		1,246,159
Tesoro Corporation
4.25%, 10/01/17D		550,000		577,500
T-Mobile USA, Inc.
5.25%, 09/01/18D		600,000		632,250
Toyota Motor Credit Corp
1.13%, 05/16/17D		1,260,000		1,263,139
Union Bank NA
0.98%, 09/26/16†		600,000		606,339
United Air Lines 2009-1 Pass-Through Trust
10.40%, 05/01/18D		380,131		432,399
United Airline 2009-2A Pass Through Trust
9.75%, 07/15/18		552,897		633,067
UnitedHealth Group, Inc.
1.40%, 10/15/17		210,000		210,965
USG Corporation
8.38%, 10/15/18 144AD		100,000		105,700
Ventas Realty LP
1.55%, 09/26/16		414,000		418,442
1.25%, 04/17/17		230,000		230,187
2.00%, 02/15/18D		298,000		300,700
Verizon Communications, Inc.
1.35%, 06/09/17D		840,000		840,322
1.98%, 09/14/18†		570,000		601,989
Vesey Street Investment Trust
4.40%, 09/01/16 STEP		700,000		747,202
Volkswagen Group of America Finance LLC
1.25%, 05/23/17 144A		1,060,000		1,061,498
Voya Financial, Inc.
2.90%, 02/15/18		1,600,000		1,659,408


	Par		Value
WEA Finance LLC
5.75%, 09/02/15 144A@	$	1,500,000	$	1,622,108
WellPoint, Inc.
2.38%, 02/15/17D		1,060,000		1,090,629
2.30%, 07/15/18D		1,000,000		1,018,778
Wells Fargo & Co.
1.15%, 06/02/17D		990,000		988,964
0.86%, 04/23/18†		270,000		272,595
Wells Fargo Bank NA
4.75%, 02/09/15		1,000,000		1,026,942
Wm. Wrigley Jr. Co.
1.40%, 10/21/16 144A		200,000		201,499
2.00%, 10/20/17 144A		200,000		203,096
WPX Energy, Inc.
5.25%, 01/15/17D		780,000		834,600
Xcel Energy, Inc.
0.75%, 05/09/16		410,000		410,607

Total Corporate Bonds (Cost $212,126,395)				214,506,113

FOREIGN BONDS — 13.7%
Australia — 1.2%
Asciano Finance, Ltd.
5.00%, 04/07/18 144A		1,500,000		1,634,718
Australia & New Zealand Banking Group, Ltd.
0.78%, 05/15/18†D		1,230,000		1,238,740
Macquarie Bank, Ltd.
3.45%, 07/27/15 144A@		750,000		771,848
2.00%, 08/15/16 144A@		1,500,000		1,528,033
5.00%, 02/22/17 144A@D		250,000		272,620
Macquarie Group, Ltd.
1.22%, 01/31/17 144A†		1,240,000		1,242,361
4.88%, 08/10/17 144AD		355,000		387,560
National Australia Bank, Ltd.
1.30%, 06/30/17 144A		1,190,000		1,189,446
Perpetual Trustee- Apollo
3.96%, 10/03/40(A)		756,179		720,154
QBE Insurance Group, Ltd.
6.13%, 09/28/15(U)		250,000		450,057
Virgin Australia 2013-1A Trust
5.00%, 04/23/25 144AD		675,837		721,456

				10,156,993

Bermuda — 0.1%
Aircastle, Ltd.
6.75%, 04/15/17D		1,000,000		1,110,000

Brazil — 0.2%
Banco do Nordeste do Brasil SA
3.63%, 11/09/15 144A		710,000		731,300
Banco Santander Brasil SA
4.63%, 02/13/17 144A		1,000,000		1,068,750

				1,800,050

Canada — 0.4%
Husky Energy, Inc.
7.25%, 12/15/19		605,000		751,687
Nexen Energy ULC
5.20%, 03/10/15		790,000		816,609
Thomson Reuters Corporation
0.88%, 05/23/16D		600,000		600,036
TransAlta Corporation
1.90%, 06/03/17D		250,000		251,155

See Notes to Financial Statements.

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Xstrata Finance Canada, Ltd.
2.70%, 10/25/17 144AD	$	1,290,000	$	1,325,185

				3,744,672

Cayman Islands — 0.4%
Baidu, Inc.
2.25%, 11/28/17		440,000		446,046
Hutchison Whampoa International, (12) (II) Ltd.
2.00%, 11/08/17 144A		370,000		374,243
IPIC GMTN, Ltd.
3.13%, 11/15/15 144AD		330,000		341,035
Petrobras International Finance Co.
3.88%, 01/27/16		590,000		609,794
Seagate HDD Cayman
3.75%, 11/15/18 144A		985,000		1,009,625
Trafford Centre Finance, Ltd.
0.73%, 07/28/15(U)†		34,890		59,334
XLIT, Ltd.
2.30%, 12/15/18D		400,000		398,240

				3,238,317

Chile — 0.6%
Banco del Estado de Chile
2.00%, 11/09/17 144A		1,100,000		1,113,609
Banco Santander Chile
1.83%, 01/19/16 144A†		2,500,000		2,508,486
Celulosa Arauco y Constitucion SA
5.63%, 04/20/15		1,260,000		1,307,210

				4,929,305

Colombia — 0.0%
Bancolombia SA
4.25%, 01/12/16		210,000		220,238

Costa Rica — 0.1%
Banco Nacional de Costa Rica
4.88%, 11/01/18 144AD		500,000		513,750

France — 2.9%
Banque Federative du Credit Mutuel SA
1.08%, 10/28/16 144A†		1,425,000		1,435,643
BNP Paribas SA
0.82%, 12/12/16†		500,000		501,890
BPCE SA
1.48%, 04/25/16†		680,000		690,834
1.63%, 02/10/17D		440,000		443,898
0.84%, 06/23/17†		1,250,000		1,249,622
Credit Agricole SA
1.39%, 04/15/16 144A†		960,000		971,831
1.03%, 04/15/19 144A†		1,260,000		1,271,112
1.03%, 04/15/19 144A†@		3,300,000		3,329,103
Dexia Credit Local SA
0.60%, 11/07/16 144A†@		3,000,000		3,009,408
0.63%, 01/11/17†		9,800,000		9,840,631
Electricite de France
1.15%, 01/20/17 144A		777,000		777,650
RCI Banque SA
1.22%, 04/07/15(E)†		900,000		1,226,799

				24,748,421

Germany — 0.3%
Deutsche Bank AG
1.35%, 05/30/17D		2,500,000		2,500,948


	Par		Value
Iceland — 0.1%
Iceland Government International Bond
4.88%, 06/16/16	$	860,000	$	905,150

Ireland — 0.1%
AerCap Ireland Capital, Ltd.
2.75%, 05/15/17 144A@		700,000		705,250

Italy — 0.8%
Enel SpA
4.88%, 02/20/18(E)		1,500,000		2,315,817
Intesa Sanpaolo SpA
1.31%, 04/11/16W†		3,300,000		3,330,653
2.38%, 01/13/17		1,250,000		1,269,650

				6,916,120

Japan — 0.5%
Bank of Tokyo-Mitsubishi UFJ, Ltd.
0.64%, 03/10/17 144A†@		3,000,000		3,001,230
1.20%, 03/10/17 144AD		620,000		619,738
Japan Finance Organization for Municipalities
1.50%, 09/12/17		200,000		201,549
Mizuho Bank, Ltd.
1.30%, 04/16/17 144A		490,000		490,801
Sumitomo Mitsui Banking Corporation
0.90%, 01/18/16		390,000		390,645

				4,703,963

Luxembourg — 0.1%
ArcelorMittal
4.25%, 08/05/15D		600,000		618,000

Mexico — 0.6%
America Movil SAB de CV
6.00%, 06/09/19(M)		4,000,000		316,491
Kansas City Southern de Mexico SA de CV
0.93%, 10/28/16†		1,000,000		1,003,446
Mexico Cetes
1.37%, 08/21/14(M)W†		200,000,000		1,535,175
Petroleos Mexicanos
2.25%, 07/18/18†D		820,000		853,358
5.50%, 01/21/21		1,400,000		1,578,500

				5,286,970

Netherlands — 0.2%
ABN AMRO Bank NV
1.03%, 10/28/16 144A†		600,000		605,715
GMAC International Finance BV
7.50%, 04/21/15(E)		400,000		575,511
ING Bank NV
0.57%, 01/04/16 144A†@		250,000		250,019

				1,431,245

New Zealand — 0.1%
ANZ New Zealand International, Ltd.
1.13%, 03/24/16 144A		580,000		583,531
1.40%, 04/27/17 144AD		660,000		661,713

				1,245,244

See Notes to Financial Statements.


	Par		Value
Norway — 0.0%
Eksportfinans ASA
2.38%, 05/25/16D	$	300,000	$	300,750

Panama — 0.0%
Carnival Corporation
1.20%, 02/05/16		310,000		311,960

Peru — 0.1%
BBVA Banco Continental SA
2.25%, 07/29/16 144AD		500,000		506,250

Singapore — 0.3%
DBS Bank, Ltd.
5.00%, 11/15/19		3,000,000		3,036,657

South Korea — 3.2%
Export-Import Bank of Korea
1.08%, 09/17/16†		800,000		806,411
5.38%, 10/04/16 144A@		1,300,000		1,426,532
Hana Bank
1.35%, 11/09/16†		1,500,000		1,517,478
3.50%, 10/25/17		800,000		847,440
Hyundai Capital Services, Inc.
4.38%, 07/27/16D		1,657,000		1,763,353
4.38%, 07/27/16 144A		2,900,000		3,086,134
Industrial Bank of Korea
2.38%, 07/17/17		2,000,000		2,045,374
Kookmin Bank
1.10%, 01/27/17 144A†		3,300,000		3,320,104
Korea Development Bank
3.88%, 05/04/17		4,800,000		5,114,846
Korea Exchange Bank
1.75%, 09/27/15		500,000		505,226
Korea Land & Housing Corporation
1.88%, 08/02/17 144A		2,000,000		2,012,396
Korea Western Power Co., Ltd.
2.88%, 10/10/18		3,000,000		3,075,381
KT Corporation
1.75%, 04/22/17 144A		2,000,000		2,007,794

				27,528,469

Spain — 0.1%
Instituto de Credito Oficial
1.13%, 04/01/16 144A		1,300,000		1,298,637

Switzerland — 0.3%
Credit Suisse NY
1.38%, 05/26/17D		2,800,000		2,810,990

United Kingdom — 0.6%
Anglo American Capital PLC
1.18%, 04/15/16 144A†		300,000		301,085
AXIS Specialty Finance PLC
2.65%, 04/01/19		600,000		605,843
Barclays Bank PLC
0.81%, 02/17/17†		890,000		893,358
HBOS PLC
6.75%, 05/21/18 144A		480,000		553,934
HSBC Bank PLC
0.86%, 05/15/18 144A†D		1,190,000		1,202,092
Jaguar Land Rover Automotive PLC
4.13%, 12/15/18 144A		700,000		724,500
Rofin
1.97%, 08/16/46		466,169		802,754

				5,083,566


	Par		Value
Virgin Islands (British) — 0.4%
Sinopec Group Overseas Development 2014, Ltd.
1.01%, 04/10/17 144A†	$	3,000,000	$	3,004,500
TSMC Global, Ltd.
1.63%, 04/03/18 144A		370,000		365,272

				3,369,772

Total Foreign Bonds (Cost $117,888,988)				119,021,687

FOREIGN GOVERNMENT INFLATION-LINKED BONDS — 1.4%
Germany — 0.7%
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond
0.75%, 04/15/18(E)		4,100,000		6,301,413

Italy — 0.7%
Italy Buoni Poliennali Del Tesoro
2.45%, 03/26/16(E)		4,300,000		6,088,135

Total Foreign Government Inflation-Linked Bonds (Cost $12,338,726)				12,389,548

LOAN AGREEMENTS — 0.2%
Activision Blizzard, Inc. Term B Loan
3.25%, 10/11/20		720,375		721,600
FMG Resources August 2006 Proprietary, Ltd. Term Loan
4.25%, 06/30/19		843,625		843,945
H.J. Heinz Co. Bank Loan Term B2 Loan
3.50%,06/05/20		207,900		209,364

Total Loan Agreements (Cost $1,788,958)				1,774,909

MORTGAGE-BACKED SECURITIES — 22.7%
Adjustable Rate Mortgage Trust
3.97%, 03/25/37†		1,791,898		1,397,417
Alternative Loan Trust
6.00%, 10/25/32		20,815		20,312
American Home Mortgage Investment Trust
2.17%, 10/25/34†		395,576		397,807
American Home Mortgage Assets Trust
1.04%, 11/25/46†		929,945		518,249
Arran Residential Mortgages Funding PLC
1.68%, 11/19/47 144A†		1,294,777		1,310,614
Banc of America Commercial Mortgage Trust
5.45%, 01/15/49		186,298		186,349
5.77%, 06/10/49†		863,970		934,971
6.02%, 02/10/51†		1,290,000		1,443,920
Banc of America Mortgage 2003-L Trust
2.74%, 01/25/34†		521,225		514,198
Banc of America Mortgage 2004-I Trust
2.75%, 10/25/34†		441,798		441,633

See Notes to Financial Statements.

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Banc of America Funding 2006 J Trust
2.94%, 01/20/47†	$	530,804	$	411,691
Banc of America Mortgage Trust
6.50%, 10/25/31		73,969		77,790
Bear Stearns Adjustable Rate Mortgage Trust
2.77%, 01/25/34†		297,276		298,783
2.96%, 07/25/34†		419,233		420,522
2.76%, 10/25/34†		87,018		86,707
2.58%, 03/25/35†		678,545		688,412
Bear Stearns Alt-A Trust
0.89%, 11/25/34†		220,614		220,624
Bear Stearns Commercial Mortgage Securities Trust
5.60%, 03/11/39†		1,505,056		1,598,934
5.32%, 02/11/44		1,197,717		1,307,400
5.74%, 06/11/50		487,236		487,342
CD 2007-CD4 Commercial Mortgage Trust
5.37%, 12/11/49†		395,000		416,565
COBALT CMBS Commercial Mortgage Trust
5.97%, 05/15/46†		1,040,000		1,146,506
COMM 2006-C8 Mortgage Trust
5.31%, 12/10/46		1,160,000		1,249,963
COMM 2010-C1 Mortgage Trust
3.16%, 07/10/46 144A		1,214,652		1,240,255
COMM 2012-CCRE2 Mortgage Trust
0.00%, 08/15/45 IOW†		2,043,023		218,811
COMM 2013-CCRE11 Mortgage Trust
0.00%, 10/10/46 IOW†		5,984,444		467,535
COMM 2013-CCRE12 Mortgage Trust
2.90%, 10/10/46		2,055,000		2,136,497
COMM 2013-CCRE7 Mortgage Trust
0.00%, 03/10/46 IOW†		5,752,456		487,391
COMM 2013-FL3 Mortgage Trust
1.67%, 10/13/28 144A†		1,324,104		1,330,348
COMM 2013-SFS Mortgage Trust
1.87%, 04/12/35 144A		698,914		685,828
Commercial Mortgage Pass Through Certificates
1.05%, 06/11/27+ 144A†		3,400,000		3,400,000
Commercial Mortgage Trust
5.74%, 12/10/49		2,185,387		2,429,510
Countrywide Home Loan Mortgage Pass-Through Trust
0.69%, 02/25/35†		178,340		168,972
Credit Suisse Commercial Mortgage Trust
6.05%, 09/15/39†		207,200		208,128
5.62%, 09/15/40†		500,691		532,921
6.03%, 02/15/41†		451,104		452,514
Crusade Global Trust
0.28%, 11/15/37†		1,585,462		1,571,801
CSMC Series 2011-1R
1.15%, 02/27/47 144A†		359,461		359,045


	Par		Value
CSMC Trust 13-IVR3
1.55%, 05/25/43 144A†	$	631,547	$	594,631
CSMC Trust 2013-IVR2
1.55%, 04/25/43 144A†		1,241,021		1,163,054
DBRR 2011-C32 Trust
5.93%, 06/17/49 144A†		1,805,000		1,939,581
DBRR 2012- EZ1 Trust
0.95%, 09/25/45 144A		76,115		76,134
Del Coronado Trust 2013-DEL
0.95%, 03/15/26 144A†		530,000		529,417
Deutsche Alt-B Securities Mortgage Loan Trust
5.87%, 10/25/36 STEP		465,518		374,526
5.89%, 10/25/36 STEP		465,518		374,840
Fannie Mae Connecticut Avenue Securities
2.15%, 10/25/23†		1,160,116		1,190,813
1.75%, 01/25/24†		1,191,896		1,212,270
1.10%, 05/25/24†		1,734,168		1,735,531
Fannie Mae Grantor Trust
3.31%, 02/25/32		79,937		81,741
FDIC 2010-R1 Trust
2.18%, 05/25/50 144A		762,782		767,613
FDIC Guaranteed Notes Trust
0.87%, 12/04/20 144A†		1,606,565		1,615,992
3.25%, 04/25/38 144A		443,873		457,769
0.70%, 02/25/48 144A†		212,877		212,972
Federal Home Loan Mortgage Corporation
5.00%, 01/01/19		150,429		159,697
5.00%, 02/01/19		182,078		193,320
5.00%, 12/01/19		335,860		356,515
5.50%, 05/01/22		1,097,314		1,180,653
2.48%, 07/01/27†		12,438		13,019
2.38%, 11/01/31†		53,463		56,764
2.38%, 04/01/32†		10,165		10,797
2.16%, 06/01/33†		890,102		940,128
2.38%, 10/01/34†		219,870		234,681
2.32%, 08/01/35†		817,112		871,652
2.00%, 09/01/35†		456,154		476,839
2.27%, 10/01/35†		671,325		710,704
2.19%, 04/01/36†		564,579		595,856
5.50%, 05/01/38		653,212		728,109
5.50%, 02/01/40		204,333		227,762
Federal Home Loan Mortgage Corporation REMIC
4.00%, 08/15/25 STEP		416,417		435,311
3.50%, 08/15/41		3,171,681		3,363,708
4.50%, 09/15/41		987,999		1,062,970
4.50%, 11/15/41		1,057,421		1,155,771
Federal National Mortgage Association
0.50%, 01/25/17		1,489,260		1,491,616
5.00%, 07/01/19		77,907		82,936
5.00%, 05/01/21		675,061		718,478
5.00%, 11/01/21		285,031		303,387
2.20%, 12/01/24 CONV†		18,918		19,026
9.00%, 05/01/25		7,940		7,976
9.00%, 07/01/25		19,611		19,699
3.50%, 07/01/26 TBA		7,070,000		7,493,096
3.00%, 07/01/27 TBA		8,900,000		9,244,875
2.00%, 07/18/27 TBA		1,800,000		1,777,570
2.50%, 12/01/27		2,841,722		2,890,392
2.50%, 02/01/28		338,442		344,867
2.50%, 03/01/28		259,937		264,668

See Notes to Financial Statements.


	Par		Value
2.50%, 04/01/28	$	2,515,298	$	2,560,733
2.50%, 05/01/28		2,928,060		2,980,902
2.34%, 09/01/31†		79,871		85,217
1.45%, 08/01/32†		776,078		811,025
5.50%, 10/01/32		432,989		485,621
2.29%, 12/01/32†		495,105		501,039
2.00%, 04/01/33†		161,006		172,360
2.13%, 06/01/33†		140,857		149,854
2.54%, 06/01/33†		60,678		64,849
2.55%, 10/01/33†		285,210		303,377
2.34%, 12/01/33†		104,914		111,180
2.70%, 03/01/34†		96,151		97,384
2.06%, 09/01/34†		178,780		189,630
2.07%, 09/01/34†		228,668		242,478
1.94%, 10/01/34†		239,636		252,578
2.11%, 10/01/34†		275,978		290,912
2.29%, 02/01/35†		331,567		355,098
2.33%, 09/01/35†		565,840		605,644
2.36%, 12/01/35†		21,558		22,798
5.50%, 07/01/37 TBA		6,500,000		7,277,171
4.00%, 07/13/39 TBA		5,840,000		6,197,700
1.32%, 08/01/42†		497,300		511,813
3.70%, 09/01/42†		1,633,080		1,722,254
1.32%, 07/01/44†		354,757		362,306
1.32%, 10/01/44†		249,738		255,093
Federal National Mortgage Association REMIC
4.00%, 11/25/19		82,149		86,458
4.00%, 06/25/26 STEP		727,943		763,393
0.70%, 09/25/41†		3,945,302		3,973,838
FHLMC Multifamily Structured Pass-Through Certificates
0.00%, 05/25/19 IOW		5,284,763		390,407
FHLMC Multifamily VRD Certificates
5.50%, 08/15/51		3,000,000		3,240,000
FHLMC Structured Pass-Through Securities
1.15%, 05/25/43†		817,136		836,255
1.52%, 07/25/44†		1,223,089		1,220,621
First Horizon Alternative Mortgage Securities Trust
2.21%, 06/25/34†		469,089		464,659
GE Capital Commercial Mortgage Corporation
5.48%, 12/10/49†		1,013,231		1,112,022
Giovecca Mortgages SRL
0.93%, 04/23/48(E)†		562,744		761,003
GMAC Commercial Mortgage Securities, Inc.
5.23%, 11/10/45†		1,377,912		1,452,352
Government National Mortgage Association
1.63%, 06/20/17†		3,784		3,922
2.00%, 06/20/21†		3,272		3,397
1.63%, 03/20/22†		190,694		195,173
1.63%, 01/20/23†		29,115		30,247
1.63%, 05/20/24†		56,407		57,927
1.63%, 07/20/25†		73,656		75,792
1.63%, 08/20/25†		18,891		19,441
1.63%, 11/20/25†		59,398		61,103
1.63%, 12/20/26†		80,387		82,814
1.63%, 07/20/27†		1,947		2,009
1.63%, 10/20/27†		32,955		33,984


	Par		Value
8.50%, 10/15/29	$	24,755	$	25,666
0.75%, 02/16/30†		102,428		103,393
8.50%, 03/15/30		856		860
8.50%, 04/15/30		5,219		5,379
8.50%, 05/15/30		65,918		69,849
1.63%, 05/20/30†		52,055		53,868
8.50%, 07/15/30		52,835		57,593
8.50%, 08/15/30		13,315		14,821
8.50%, 09/15/30		1,675		1,691
8.50%, 11/15/30		8,530		9,121
8.50%, 12/15/30		29,686		34,106
8.50%, 02/15/31		17,418		18,465
0.45%, 03/20/37†		815,515		816,456
0.45%, 05/20/37†		347,499		347,228
Granite Master Issuer PLC
0.23%, 12/17/54†		677,428		672,715
0.24%, 12/17/54†		171,914		170,735
0.23%, 12/20/54†		1,620,313		1,608,973
0.29%, 12/20/54 144A†		635,994		631,943
Granite Mortgages 03-3 PLC
0.71%, 01/20/44(E)†		141,737		193,916
Granite Mortgages 04-1 PLC
0.87%, 03/20/44(U)†		335,449		571,128
Granite Mortgages 04-2 PLC
0.87%, 06/20/44(U)†		1,317,414		2,243,900
GreenPoint Mortgage Funding Trust
0.33%, 01/25/37†		735,879		547,233
0.42%, 11/25/45†		205,216		162,003
GS Mortgage Securities Trust
6.00%, 08/10/45†		290,586		319,238
GSR Mortgage Loan Trust
2.70%, 09/25/34†		482,205		467,143
2.66%, 09/25/35†		393,797		397,355
Hilton USA Trust 2013-HLF
1.15%, 11/05/30 144A†		1,220,000		1,220,700
Hilton USA Trust 2013-HLT
4.41%, 11/05/30 144A		825,000		853,602
5.61%, 11/05/30 144A†		975,000		1,009,133
Holmes Master Issuer PLC
1.58%, 10/15/54 144A†		140,886		140,941
1.78%, 10/15/54 144A†		405,038		407,158
1.88%, 10/15/54 144A†		1,196,333		1,207,313
2.28%, 10/15/54(U)†		839,595		1,450,824
Holmes Master Issuer PLC
1.78%, 10/15/54†		566,254		569,218
Impac CMB Trust
0.95%, 03/25/33†		393,314		394,381
IndyMac INDX Mortgage Loan Trust
0.42%, 06/25/37†		481,862		236,288
0.34%, 09/25/46†		814,448		699,416
JP Morgan Chase Commercial Mortgage Securities Trust
5.34%, 08/12/37†		1,062,397		1,083,191
5.50%, 10/12/37 144A		1,830,000		1,947,305
5.81%, 06/12/43†		2,974,000		3,211,816
5.43%, 06/12/47†		1,492,459		1,632,558
5.89%, 02/12/49†		777,597		863,505
5.85%, 02/15/51†		1,357,100		1,519,043
JP Morgan Mortgage Trust
2.95%, 02/25/35†		112,553		111,829
2.50%, 03/25/43 144A†		549,335		543,575

See Notes to Financial Statements.

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
JPMBB Commercial Mortgage Securities Trust
0.00%, 01/15/47 IOW†	$	4,131,634	$	280,243
Lanark Master Issuer PLC
1.63%, 12/22/54 144A†		756,352		767,562
LB-UBS Commercial Mortgage Trust
5.42%, 02/15/40		1,203,933		1,314,338
6.11%, 07/15/40†		455,000		505,677
6.37%, 09/15/45†		1,600,000		1,822,576
Luminent Mortgage Trust
0.32%, 12/25/36†		826,069		644,970
MASTR Adjustable Rate Mortgages Trust
2.52%, 12/25/33†		309,842		309,658
Merrill Lynch Mortgage Investors Trust
2.15%, 12/25/34†		533,914		532,580
2.14%, 02/25/36†		624,682		618,871
Morgan Stanley Bank of America Merrill Lynch Trust
0.00%, 08/15/45 IO 144AW†		9,614,513		865,364
0.00%, 11/15/46 IOW†		4,975,382		395,229
Morgan Stanley Capital I Trust
5.41%, 03/15/44		1,090,000		1,187,570
Morgan Stanley Re-REMIC Trust
2.50%, 03/23/51 144A		46,700		46,875
1.00%, 03/27/51 144A		249,705		250,017
Motel 6 Trust
1.50%, 10/05/25 144A		345,818		346,019
1.95%, 10/05/25 144A		1,695,000		1,674,378
National RMBS Trust
3.76%, 06/20/44(A)†		595,199		570,150
NCUA Guaranteed Notes Trust
1.84%, 10/07/20		86,358		87,152
0.71%, 12/08/20†		3,105,364		3,124,702
0.68%, 03/09/21		1,934,562		1,945,078
Opteum Mortgage Acceptance Corporation Trust
0.43%, 11/25/35†		1,681		1,681
Progress 2007-1G Trust
0.37%, 08/19/38 144A†		267,235		265,537
Provident Funding Mortgage Loan Trust
2.49%, 04/25/34†		617,382		622,428
RALI Series 2003-QS1 Trust
0.55%, 01/25/33†		69,838		68,337
RBSSP Resecuritization Trust
4.00%, 12/26/36 144A		982,949		987,877
RCMC LLC
5.62%, 11/15/44 144A		484,450		499,001
Residential Asset Securitization Trust
0.45%, 05/25/35†		29,591		29,541
RFMSI Series 2003-S9 Trust
6.50%, 03/25/32		16,827		17,466
Selkirk No. 1, Ltd.
1.33%, 02/20/41 144A@		2,927,808		2,924,424
Sequoia Mortgage Trust
2.87%, 01/25/42†		686,966		692,884
3.50%, 04/25/42†		681,756		694,566
1.45%, 02/25/43†		795,393		761,251
1.55%, 04/25/43†		824,508		758,141


	Par		Value
SMHL Global Fund
0.42%, 06/12/40(E)†	$	324,548	$	444,004
Springleaf Mortgage Loan Trust
2.22%, 10/25/57 144A†		347,990		352,418
1.27%, 06/25/58 144A†		1,022,346		1,020,360
1.57%, 12/25/59 144A†		481,551		481,289
1.78%, 12/25/65 144A†		517,889		517,007
STRIPs 2012-1, Ltd.
1.50%, 12/25/44 144A		425,481		421,226
Structured Adjustable Rate Mortgage Loan Trust
2.47%, 08/25/34†		765,922		743,885
0.45%, 09/25/34†		145,723		130,140
Structured Agency Credit Risk Debt Notes
1.60%, 11/25/23†		864,046		871,967
Structured Asset Mortgage Investments II Trust
2.02%, 10/19/34†		384,755		310,705
0.41%, 07/19/35†		134,037		121,861
0.43%, 02/25/36†		662,441		529,598
Talisman-6 Finance PLC
0.51%, 10/22/16(E)†		660,061		882,355
TBW Mortgage Backed Trust
6.01%, 07/25/37 STEP		432,835		322,157
Torrens Trust
3.61%, 04/12/44(A)†		2,458,372		2,321,138
UBS-Barclays Commercial Mortgage Trust
0.00%, 05/10/63 IO 144AW†		6,467,464		549,595
Wachovia Bank Commercial Mortgage Trust
5.42%, 01/15/45†		1,170,669		1,230,073
5.93%, 06/15/49†		1,089,680		1,199,136
Washington Mutual Mortgage Pass-Through Certificates
2.41%, 08/25/33†		531,173		538,315
2.19%, 02/25/37†		573,653		474,660
2.78%, 05/25/37†		610,419		517,612
2.20%, 07/25/37†		1,648,789		1,398,366
1.52%, 06/25/42†		21,965		20,929
0.46%, 01/25/45†		737,260		726,998
1.10%, 06/25/46†		1,247,050		1,237,422
0.86%, 01/25/47†		701,556		584,059
0.96%, 05/25/47 IO†		450,050		42,560
Wells Fargo Mortgage-Backed Securities 2004-EE Trust
2.61%, 12/25/34†		511,615		522,637
Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust
2.61%, 08/25/33†		93,268		95,525
WFRBS Commercial Mortgage Trust
0.00%, 08/15/45 IO 144AW†		3,643,304		406,454
0.00%, 11/15/45 IO 144AW†		6,213,283		743,028
0.00%, 03/15/47 IOW†		5,729,615		518,473

Total Mortgage-Backed Securities (Cost $198,518,794)				197,036,493

See Notes to Financial Statements.


	Par		Value
MUNICIPAL BONDS — 1.2%
Energy Northwest, Revenue Bond
1.79%, 07/01/18	$	400,000	$	405,276
Florida Hurricane Catastrophe Fund Finance Corporation, Series A, Revenue Bond
1.30%, 07/01/16		720,000		727,740
North Texas Higher Education Authority, Inc. Taxable Student Loan, Revenue Bond, Series 1
1.33%, 04/01/40†		327,590		332,698
State of California, General Obligation
5.10%, 08/01/14		40,000		40,160
State of Texas, General Obligation, Series C-2
0.55%, 06/01/19†		3,300,000		3,300,330
University of California, Revenue Bond
0.65%, 07/01/41†		1,000,000		1,001,530
University of California, Revenue Bond, Series Y-1
0.65%, 07/01/41†		1,100,000		1,101,683
University of Massachusetts Building Authority, Revenue Bond, Series 4
1.31%, 11/01/17		3,000,000		3,012,780

Total Municipal Bonds (Cost $9,889,297)				9,922,197

U.S. TREASURY OBLIGATIONS — 29.4%
U.S. Treasury Inflationary Index Bonds
1.13%, 01/15/21		3,310,000		3,888,190

U.S. Treasury Notes
0.38%, 06/30/15		840,000		842,018
0.25%, 10/31/15D		53,492,000		53,542,175
0.38%, 01/15/16		5,000,000		5,008,205
0.38%, 04/30/16D		17,500,000		17,495,905
0.25%, 05/15/16		11,160,000		11,129,489
0.38%, 05/31/16		66,550,000		66,494,098
0.38%, 06/30/16		1,700,000		1,701,527
0.88%, 09/15/16		9,245,000		9,313,256
0.63%, 12/15/16		26,905,000		26,893,431
0.75%, 01/15/17D		3,840,000		3,846,751
0.63%, 02/15/17D		3,180,000		3,172,422
0.88%, 02/28/17		4,070,000		4,085,580
0.88%, 04/15/17D		9,955,000		9,979,888
0.88%, 04/30/17		7,500,000		7,514,062
0.63%, 05/31/17		2,000,000		1,986,876
0.88%, 06/15/17D		13,400,000		13,405,762
0.63%, 04/30/18		7,400,000		7,226,270
1.38%, 06/30/18D		750,000		751,787
1.50%, 08/31/18		3,100,000		3,116,467
1.63%, 03/31/19		3,050,000		3,059,174
2.00%, 05/31/21D		600,000		595,570

				251,160,713

Total U.S. Treasury Obligations (Cost $254,642,847)				255,048,903


	Shares			Value
MONEY MARKET FUNDS — 16.3%
GuideStone Money Market Fund (Investor Class)¥		38,729,132		$	38,729,132
Northern Institutional Liquid Assets Portfolio§		102,504,619			102,504,619

Total Money Market Funds (Cost $141,233,751)					141,233,751

TOTAL INVESTMENTS — 120.3% (Cost $1,041,689,544)					1,044,234,752


	Notional Amount
WRITTEN OPTIONS — 0.0%
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price 1.20%, Expires 09/03/14 (DEUT)	$	(17,500,000	)		(558	)

Total Written Options (Premiums received $(15,050))					(558	)


	Par
SECURITY SOLD SHORT — (0.3)%
U.S. Treasury Notes 1.50%, 08/31/18 (Cost $(3,093,622))	$	(3,100,000	)		(3,116,467	)

TBA SALE COMMITMENT — (0.3)%
Federal National Mortgage Association 2.50%, 07/01/27 TBA (Cost $(2,412,577))		(2,385,000	)		(2,422,638	)

Liabilities in Excess of Other Assets — (19.7)%					(170,845,820	)

NET ASSETS — 100.0%				$	867,849,269


PORTFOLIO SUMMARY (based on net assets)


	%
U.S. Treasury Obligations		29.4
Corporate Bonds		24.7
Mortgage-Backed Securities		22.7
Money Market Funds		16.3
Foreign Bonds		13.7
Asset-Backed Securities		9.6
Foreign Government Inflation-Linked Bonds		1.4
Municipal Bonds		1.2
Agency Obligations		1.1
Loan Agreements		0.2
Written Options		—	**
Securities Sold Short		(0.3	)
TBA Sale Commitments		(0.3	)

		119.7

**	Rounds to less than 0.005%.

See Notes to Financial Statements.

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Swap agreements outstanding at June 30, 2014:


Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Sell Protection
Barclays Bank PLC, 1.551% due 10/27/15		47.59	%		1.00	%		12/20/17		GSC		EUR		1,200,000	$	30,320		$	(34,062	)	$	64,382
LaFarge SA, 5.375% due 11/29/18		101.66	%		1.00	%		06/20/19		CITI		EUR		100,000		(86	)		(587	)		501

															$	30,234		$	(34,649	)	$	64,883


Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Buy Protection
CMBX.NA.AAA.4 Index		(0.35	)%		02/17/51		GSC		USD		5,573,522	$	30,407	$	754,047	$	(723,640	)


Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Sell Protection
CMBX.NA.AAA.1 Index		0.00	%		1.00	%		10/12/52		CS		USD		375,757	$	(1,342	)	$	(1,217	)	$	(125	)


Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Interest Rate Swaps
Brazil CETIP Interbank Deposit		8.27	%		01/02/15		MSCS		BRL		2,500,000	$	(23,579	)	$	(3,096	)	$	(20,483	)
Brazil CETIP Interbank Deposit		8.56	%		01/02/15		UBS		BRL		2,200,000		(16,483	)		57			(16,540	)
Brazil CETIP Interbank Deposit		8.08	%		01/02/15		HSBC		BRL		1,200,000		(10,999	)		2,119			(13,118	)
Brazil CETIP Interbank Deposit		8.43	%		01/02/15		DEUT		BRL		1,000,000		(5,218	)		5,742			(10,960	)
Brazil CETIP Interbank Deposit		7.92	%		01/02/15		BAR		BRL		600,000		(7,038	)		(42	)		(6,996	)
Brazil CETIP Interbank Deposit		9.93	%		01/02/15		UBS		BRL		400,000		4,249			116			4,133
Brazil CETIP Interbank Deposit		8.83	%		01/02/15		HSBC		BRL		200,000		(222	)		338			(560	)
6-Month BBR BBSW Index		5.50	%		12/15/17		BAR		AUD		1,500,000		116,529			(3,516	)		120,045
6-Month BBR BBSW Index		5.50	%		12/15/17		DEUT		AUD		1,000,000		77,690			(2,085	)		79,775
6-Month BBR BBSW Index		3.75	%		12/11/18		CME		AUD		3,600,000		82,048			(8,057	)		90,105
6-Month BBR BBSW Index		3.75	%		03/15/23		CME		AUD		1,800,000		44,049			2,257			41,792
3-Month LIBOR		3.50	%		12/18/43		CME		USD		2,700,000		(106,473	)		152,280			(258,753	)
3-Month LIBOR		3.75	%		06/18/44		CME		USD		3,500,000		(308,115	)		(334,159	)		26,044

												$	(153,562	)	$	(188,046	)	$	34,484

Total Swap agreements outstanding at June 30, 2014												$	(94,263	)	$	530,135		$	(624,398	)

See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, 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	$	9,780,660	$	—	$	9,780,660		$	—
Asset-Backed Securities		83,520,491		—		78,345,345			5,175,146
Corporate Bonds		214,506,113		—		211,256,106			3,250,007
Foreign Bonds:
Australia		10,156,993		—		8,715,383			1,441,610
Bermuda		1,110,000		—		1,110,000			—
Brazil		1,800,050		—		1,800,050			—
Canada		3,744,672		—		3,744,672			—
Cayman Islands		3,238,317		—		3,238,317			—
Chile		4,929,305		—		4,929,305			—
Colombia		220,238		—		220,238			—
Costa Rica		513,750		—		513,750			—
France		24,748,421		—		24,748,421			—
Germany		2,500,948		—		2,500,948			—
Iceland		905,150		—		905,150			—
Ireland		705,250		—		705,250			—
Italy		6,916,120		—		6,916,120			—
Japan		4,703,963		—		4,703,963			—
Luxembourg		618,000		—		618,000			—
Mexico		5,286,970		—		5,286,970			—
Netherlands		1,431,245		—		1,431,245			—
New Zealand		1,245,244		—		1,245,244			—
Norway		300,750		—		300,750			—
Panama		311,960		—		311,960			—
Peru		506,250		—		506,250			—
Singapore		3,036,657		—		3,036,657			—
South Korea		27,528,469		—		27,528,469			—
Spain		1,298,637		—		1,298,637			—
Switzerland		2,810,990		—		2,810,990			—
United Kingdom		5,083,566		—		5,083,566			—
Virgin Islands (British)		3,369,772		—		3,369,772			—
Foreign Government Inflation-Linked Bonds		12,389,548		—		12,389,548			—
Loan Agreements		1,774,909		—		1,774,909			—
Money Market Funds		141,233,751		141,233,751		—			—
Mortgage-Backed Securities		197,036,493		—		186,873,945			10,162,548
Municipal Bonds		9,922,197		—		9,922,197			—
U.S. Treasury Obligations		255,048,903		—		255,048,903			—

Total Assets — Investments in Securities	$	1,044,234,752	$	141,233,751	$	882,971,690		$	20,029,311

Other Financial Instruments***
Futures Contracts	$	176,300	$	234,531	$	(58,232	)	$	—

Total Assets — Other Financial Instruments	$	176,300	$	234,531	$	(58,232	)	$	—

See Notes to Financial Statements.

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Total Value			Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Liabilities:
Investments in Securities:
Security Sold Short	$	(3,116,467	)	$	—	$	(3,116,467	)	$	—
TBA Sale Commitment		(2,422,638	)		—		(2,422,638	)		—
Written Options		(558	)		—		(558	)		—

Total Liabilities — Investments in Securities	$	(5,539,663	)	$	—	$	(5,539,663	)	$	—

Other Financial Instruments***
Forward Foreign Currency Contracts	$	(381,224	)	$	—	$	(381,224	)	$	—
Swap Agreements		(94,263	)		—		(94,263	)		—

Total Liabilities — Other Financial Instruments	$	(475,487	)	$	—	$	(475,487	)	$	—

***

Management has determined that the amount of transfers between Level 1 and Level 2 compared to total net assets of the Funds is not material, therefore, the transfers between Level 1 and Level 2 are not shown for the period ended June 30, 2014.

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

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


	Total Value			Asset-Backed Securities			Corporate Bonds			Foreign Bonds			Mortgage- Backed Securities			Written Option
Balance, 12/31/13	$	20,265,191		$	3,881,837		$	3,442,534		$	1,544,292		$	11,548,393		$	(151,865	)
Accrued discounts/premiums		(20,311	)		630			(17,079	)		(30	)		(3,832	)		—
Realized gain (loss)⁽¹⁾		(31,987	)		2,117			(14,379	)		(23,014	)		(34,480	)		37,769
Change in unrealized appreciation (depreciation)⁽²⁾		403,874			31,113			32,260			90,362			94,943			155,196
Purchases		6,498,864			3,098,864			—			—			3,400,000			—
Sales		(605,137	)		(107,551	)		—			(145,837	)		(310,649	)		(41,100	)
Transfers in to Level 3⁽³⁾		407,158			—			—			—			407,158			—
Transfers out of Level 3⁽⁴⁾		(5,014,873	)		(1,345,251	)		—			—			(3,669,622	)		—
Maturities		—			—			—			—			—			—
Paydowns		(1,873,468	)		(386,613	)		(193,329	)		(24,163	)		(1,269,363	)		—

Balance, 06/30/14	$	20,029,311		$	5,175,146		$	3,250,007		$	1,441,610		$	10,162,548		$	—

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

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

⁽³⁾	Transfers in to Level 3 represent the value of a security at June 30, 2014 that was transferred from Level 2 to Level 3 of the fair value hierarchy as a result of the inability of the Fund to obtain a price which was determined using observable inputs.

⁽⁴⁾	Transfers out of Level 3 represent the value of securities at June 30, 2014 that were transferred from Level 3 to Level 2 of the fair value hierarchy as a result of the ability of the Fund to obtain a price which was determined using observable inputs.

See Notes to Financial Statements.

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Par		Value
AGENCY OBLIGATIONS — 4.0%
Federal Farm Credit Bank
5.05%, 11/06/17	$	400,000	$	454,314
Federal Home Loan Bank
0.07%, 08/27/14		6,400,000		6,399,285
0.08%, 09/24/14		15,900,000		15,898,871
0.09%, 11/28/14W†		100,000		99,979
0.10%, 12/24/14W†		2,500,000		2,498,761
0.88%, 05/24/17D		20,000		20,015
3.00%, 09/10/21		800,000		838,062
3.38%, 12/08/23		200,000		209,847
Federal Home Loan Mortgage Corporation
2.38%, 01/13/22D		1,300,000		1,298,332
Federal National Mortgage Association
2.47%, 10/09/19W†		3,350,000		2,947,702
6.25%, 05/15/29		500,000		672,533
6.63%, 11/15/30		1,170,000		1,664,334
Tennessee Valley Authority
3.88%, 02/15/21		1,000,000		1,102,244
5.25%, 09/15/39		230,000		280,163
4.63%, 09/15/60		200,000		211,708

Total Agency Obligations (Cost $34,322,656)				34,596,150

ASSET-BACKED SECURITIES — 2.2%
Access Group, Inc.
1.53%, 10/27/25†		945,577		952,972
Amortizing Residential Collateral Trust
0.83%, 01/01/32†		27,815		24,577
Asset-Backed Securities Corporation Home Equity Loan Trust
0.70%, 09/25/34†		83,926		83,434
Avis Budget Rental Car Funding AESOP LLC
2.80%, 05/20/18 144A		550,000		570,973
1.92%, 09/20/19 144A		160,000		159,914
2.97%, 02/20/20 144A		160,000		165,315
2.46%, 07/20/20 144A		150,000		151,075
Bayview Financial Acquisition Trust
0.82%, 02/28/44†		158,732		157,232
Bear Stearns Asset-Backed Securities Trust
6.00%, 10/25/36		1,748,549		1,433,174
6.50%, 10/25/36		2,677,703		2,277,263
College Loan Corporation Trust
0.42%, 04/25/24†		300,000		299,120
0.32%, 10/25/25†		107,897		107,859
CWHEQ Revolving Home Equity Loan Trust
0.39%, 12/15/35†		339,700		290,566
0.29%, 07/15/36†		553,522		463,575
Education Funding Capital Trust
3.46%, 06/15/43W†		700,000		639,415
EMC Mortgage Loan Trust
0.70%, 11/25/41 144A†		44,071		43,674
Financial Asset Securities Corporation AAA Trust
0.56%, 02/27/35 144A†		946,858		698,095


	Par		Value
GMACM Home Equity Loan Trust
6.86%, 09/25/37†	$	144,048	$	152,570
7.00%, 09/25/37†		83,406		83,239
Hertz Vehicle Financing LLC
1.83%, 08/25/19 144A		210,000		208,848
Nelnet Education Loan Funding, Inc.
1.09%, 02/25/39†		800,000		758,599
Panhandle-Plains Higher Education Authority, Inc.
1.36%, 10/01/35†		560,305		571,964
Park Place Securities, Inc.
0.71%, 01/25/36 STEP†		100,000		95,854
Provident Home Equity Loan Trust
0.69%, 08/25/31†		87,939		58,665
RAMP Series 2004-RZ1 Trust
0.63%, 03/25/34†		320,306		313,271
Salomon Brothers Mortgage Securities VII, Inc.
0.63%, 03/25/28†		14,605		14,337
Saxon Asset Securities Trust
0.95%, 03/25/35†		1,027,737		926,709
SLM Private Education Loan Trust
3.40%, 05/16/44 144A†		948,389		1,008,415
SLM Student Loan EDC Repackaging Trust
3.50%, 10/28/29+ 144A		462,797		457,322
SLM Student Loan Trust
1.73%, 04/25/23†		4,042,873		4,180,613
0.98%, 12/15/25 144A†		400,000		400,004
0.35%, 01/25/27†		900,000		889,456
Structured Asset Investment Loan Trust
0.99%, 08/25/34†		388,919		381,071

Total Asset-Backed Securities (Cost $19,526,348)				19,019,170

CORPORATE BONDS — 17.0%
ABB Finance USA, Inc.
4.38%, 05/08/42		40,000		40,990
AbbVie, Inc.
1.75%, 11/06/17		520,000		523,259
2.90%, 11/06/22		320,000		310,019
Access Midstream Partners LP
5.88%, 04/15/21D		330,000		354,750
AES Corporation
4.88%, 05/15/23		80,000		79,600
AIG Life Holdings, Inc.
8.50%, 07/01/30		250,000		336,250
American Campus Communities Operating Partnership LP
3.75%, 04/15/23		525,000		519,899
American Express Co.
6.80%, 09/01/49†		425,000		468,562
6.80%, 09/01/66†		690,000		760,725
American Express Credit Corporation
5.13%, 08/25/14		160,000		161,146
American Honda Finance Corporation
1.00%, 08/11/15 144A		480,000		482,386

See Notes to Financial Statements.

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
American International Group, Inc.
2.38%, 08/24/15D	$	175,000	$	178,194
5.60%, 10/18/16		600,000		659,998
8.25%, 08/15/18 144A		200,000		248,706
6.40%, 12/15/20		150,000		181,332
6.25%, 03/15/87		380,000		427,025
American Tower Corporation REIT
3.40%, 02/15/19D		625,000		654,545
Amgen, Inc.
3.63%, 05/22/24		150,000		151,633
Anadarko Petroleum Corporation
6.38%, 09/15/17		10,000		11,522
6.45%, 09/15/36		250,000		319,848
Arch Coal, Inc.
7.25%, 06/15/21D		500,000		367,500
Arizona Public Service Co.
8.75%, 03/01/19		525,000		677,562
Ashland, Inc.
4.75%, 08/15/22D		250,000		252,500
AT&T, Inc.
2.95%, 05/15/16D		425,000		441,921
4.45%, 05/15/21D		80,000		87,976
3.88%, 08/15/21		400,000		426,205
3.00%, 02/15/22		170,000		169,526
3.90%, 03/11/24D		180,000		186,601
Atwood Oceanics, Inc.
6.50%, 02/01/20D		30,000		32,138
Avon Products, Inc.
4.60%, 03/15/20D		525,000		545,106
Axiall Corporation
4.88%, 05/15/23 144AD		50,000		49,938
Baker Hughes, Inc.
7.50%, 11/15/18		710,000		873,932
Ball Corporation
5.00%, 03/15/22		915,000		942,450
Bank of America Corporation
6.05%, 05/16/16D		275,000		299,242
3.88%, 03/22/17D		130,000		138,746
5.70%, 05/02/17		1,100,000		1,221,498
5.75%, 12/01/17		1,890,000		2,133,441
5.65%, 05/01/18		700,000		794,167
2.60%, 01/15/19		320,000		324,109
2.65%, 04/01/19		825,000		837,149
5.63%, 07/01/20		60,000		69,115
5.88%, 01/05/21D		150,000		175,736
5.00%, 05/13/21		320,000		357,705
3.30%, 01/11/23		110,000		108,622
4.13%, 01/22/24		1,000,000		1,033,024
4.00%, 04/01/24D		4,845,000		4,954,415
5.00%, 01/21/44		660,000		702,992
4.88%, 04/01/44		370,000		383,333
Barrick North America Finance LLC
4.40%, 05/30/21D		570,000		597,264
Bear Stearns Cos. LLC
6.40%, 10/02/17		1,200,000		1,384,549
Berkshire Hathaway Energy Co.
6.50%, 09/15/37D		70,000		90,569
Berkshire Hathaway, Inc.
3.20%, 02/11/15D		280,000		284,976


	Par		Value
Boeing Capital Corporation
4.70%, 10/27/19D	$	230,000	$	260,443
Boeing Co.
4.88%, 02/15/20		50,000		57,076
6.63%, 02/15/38		210,000		288,354
Calpine Corporation
7.88%, 01/15/23 144AD		620,000		694,400
Capital One Financial Corporation
1.00%, 11/06/15		325,000		326,000
Catholic Health Initiatives
4.35%, 11/01/42		40,000		38,483
CCO Holdings LLC
5.25%, 09/30/22		250,000		254,687
Celgene Corporation
2.25%, 05/15/19		225,000		225,880
Chesapeake Energy Corporation
3.48%, 04/15/19†D		3,200,000		3,238,000
6.13%, 02/15/21D		220,000		247,500
5.75%, 03/15/23D		70,000		78,134
Chubb Corporation
6.38%, 03/29/67†D		375,000		418,594
Cigna Corporation
2.75%, 11/15/16		225,000		233,800
Citigroup, Inc.
5.00%, 09/15/14		500,000		504,452
6.01%, 01/15/15		101,000		104,059
5.50%, 02/15/17D		1,160,000		1,276,510
6.13%, 11/21/17D		1,205,000		1,379,285
3.38%, 03/01/23		175,000		174,656
3.50%, 05/15/23D		260,000		253,573
3.88%, 10/25/23D		1,100,000		1,128,882
5.50%, 09/13/25		290,000		324,174
6.63%, 06/15/32		50,000		60,333
6.68%, 09/13/43		10,000		12,494
5.35%, 04/29/49†		180,000		173,489
5.95%, 07/29/49†D		170,000		171,912
6.30%, 12/29/49†		225,000		230,201
Clean Harbors, Inc.
5.25%, 08/01/20D		195,000		202,069
Cliffs Natural Resources, Inc.
3.95%, 01/15/18D		400,000		405,664
4.80%, 10/01/20D		130,000		127,383
4.88%, 04/01/21D		20,000		19,754
Comcast Corporation
5.70%, 05/15/18D		1,250,000		1,441,289
6.95%, 08/15/37		70,000		94,672
6.55%, 07/01/39		30,000		39,256
Commercial Mortgage Trust
3.25%, 06/15/34+†		400,000		400,000
Compass Bank
5.50%, 04/01/20		300,000		328,269
Concho Resources, Inc.
5.50%, 10/01/22		170,000		183,812
5.50%, 04/01/23D		30,000		32,400
ConocoPhillips Holding Co.
6.95%, 04/15/29D		220,000		302,027
Continental Airlines 1998-1 Class A Pass Through Trust
6.65%, 03/15/19		134,800		143,130
Cox Communications, Inc.
5.45%, 12/15/14		69,000		70,528
6.95%, 06/01/38 144A		10,000		12,292

See Notes to Financial Statements.


	Par		Value
Crown Americas LLC
4.50%, 01/15/23D	$	550,000	$	538,450
Crown Castle International Corporation REIT
5.25%, 01/15/23		425,000		445,188
CVS Caremark Corporation
2.75%, 12/01/22D		500,000		483,838
CVS Pass-Through Trust
6.94%, 01/10/30		751,372		909,838
D.R. Horton, Inc.
4.38%, 09/15/22		550,000		547,938
Daimler Finance North America LLC
1.30%, 07/31/15 144A		640,000		645,361
DaVita HealthCare Partners, Inc.
5.13%, 07/15/24D		230,000		231,869
DDR Corporation REIT
4.63%, 07/15/22		400,000		428,721
Delta Air Lines 2007-1 Class A Pass Through Trust
6.82%, 02/10/24		325,302		383,856
Devon Energy Corporation
3.25%, 05/15/22D		90,000		90,812
5.60%, 07/15/41		230,000		267,193
Devon Financing Corporation LLC
7.88%, 09/30/31		60,000		84,509
DIRECTV Holdings LLC
3.80%, 03/15/22		550,000		568,885
DISH DBS Corporation
6.63%, 10/01/14		30,000		30,412
7.75%, 05/31/15		200,000		212,375
5.88%, 07/15/22D		360,000		391,500
Eaton Corporation
1.50%, 11/02/17D		120,000		120,246
2.75%, 11/02/22		710,000		688,757
4.15%, 11/02/42D		200,000		194,314
Ecolab, Inc.
3.00%, 12/08/16		275,000		287,785
4.35%, 12/08/21		100,000		109,832
El Paso LLC
7.00%, 06/15/17		710,000		804,962
Enterprise Products Operating LLC
5.70%, 02/15/42D		220,000		257,432
8.38%, 08/01/66†		475,000		534,919
7.03%, 01/15/68†		475,000		542,595
Equinix, Inc.
7.00%, 07/15/21		450,000		498,938
ERP Operating LP REIT
4.63%, 12/15/21		250,000		275,609
4.50%, 07/01/44		550,000		554,047
Exelon Corporation
5.63%, 06/15/35		415,000		468,504
Express Scripts Holding, Co.
3.50%, 11/15/16		1,020,000		1,083,644
2.65%, 02/15/17D		250,000		259,890
First Niagara Financial Group, Inc.
6.75%, 03/19/20		250,000		289,330
FirstEnergy Corporation
2.75%, 03/15/18D		120,000		121,542
4.25%, 03/15/23		490,000		488,880
7.38%, 11/15/31		770,000		912,382


	Par		Value
Florida Power & Light Co.
3.80%, 12/15/42D	$	525,000	$	502,537
Ford Motor Co.
4.75%, 01/15/43		100,000		101,495
Ford Motor Credit Co., LLC
8.00%, 12/15/16		1,300,000		1,511,836
5.00%, 05/15/18D		225,000		250,524
5.88%, 08/02/21		575,000		676,085
Freeport-McMoRan Copper & Gold, Inc.
2.38%, 03/15/18D		50,000		50,790
3.10%, 03/15/20D		220,000		222,464
3.55%, 03/01/22D		230,000		228,148
Fresenius Medical Care US Finance, Inc.
6.88%, 07/15/17D		250,000		282,800
Frontier Communications Corporation
8.50%, 04/15/20D		200,000		237,000
GE Capital Trust
6.38%, 11/15/67†		321,000		357,915
General Electric Capital Corporation
1.63%, 07/02/15D		810,000		820,506
8.50%, 04/06/18(M)		1,000,000		87,525
6.00%, 08/07/19D		1,850,000		2,193,869
4.38%, 09/16/20		690,000		763,096
4.65%, 10/17/21		140,000		155,929
5.88%, 01/14/38		150,000		182,607
General Electric Co.
0.85%, 10/09/15		210,000		211,108
4.50%, 03/11/44		100,000		104,627
General Motors Financial Co., Inc.
2.75%, 05/15/16		90,000		91,519
3.25%, 05/15/18D		70,000		71,225
4.25%, 05/15/23		80,000		80,100
Genworth Holdings, Inc.
7.70%, 06/15/20		100,000		123,543
7.20%, 02/15/21D		175,000		213,553
GlaxoSmithKline Capital, Inc.
5.65%, 05/15/18D		380,000		436,208
Glencore Funding LLC
2.50%, 01/15/19 144A		400,000		399,407
Goldman Sachs Capital II
4.00%, 12/29/49†D		60,000		48,300
Goldman Sachs Group, Inc.
5.95%, 01/18/18D		1,000,000		1,136,970
1.32%, 11/15/18†		4,500,000		4,566,294
6.00%, 06/15/20D		540,000		630,229
5.25%, 07/27/21		560,000		629,782
4.00%, 03/03/24D		900,000		917,993
3.85%, 07/08/24		150,000		149,876
6.75%, 10/01/37		40,000		48,274
6.25%, 02/01/41		550,000		673,330
HCA, Inc.
9.00%, 12/15/14		200,000		206,750
6.50%, 02/15/16D		686,000		740,022
7.69%, 06/15/25D		250,000		283,125
HCP, Inc. REIT
6.00%, 01/30/17		300,000		336,034
2.63%, 02/01/20D		300,000		300,527
Hess Corporation
8.13%, 02/15/19		220,000		277,028
7.88%, 10/01/29		260,000		359,161

See Notes to Financial Statements.

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Hewlett-Packard Co.
3.00%, 09/15/16D	$	300,000	$	312,573
2.60%, 09/15/17D		300,000		310,302
2.75%, 01/14/19D		375,000		384,918
Humana, Inc.
7.20%, 06/15/18		480,000		570,683
3.15%, 12/01/22		90,000		88,487
Hyundai Capital America
2.13%, 10/02/17 144A		130,000		132,081
ILFC E-Capital Trust
6.25%, 12/21/65 144A†		280,000		281,400
International Lease Finance Corporation
6.50%, 09/01/14 144A		240,000		242,100
6.75%, 09/01/16 144A		840,000		933,450
7.13%, 09/01/18 144A		1,700,000		1,976,250
8.63%, 01/15/22		250,000		314,688
John Deere Capital Corporation
2.25%, 04/17/19		160,000		162,003
1.70%, 01/15/20D		80,000		77,764
JPMorgan Chase & Co.
5.15%, 10/01/15		960,000		1,011,160
0.78%, 04/25/18†		3,000,000		3,002,805
4.40%, 07/22/20		980,000		1,072,215
4.35%, 08/15/21		70,000		75,915
4.50%, 01/24/22D		700,000		768,242
3.38%, 05/01/23D		210,000		206,509
3.63%, 05/13/24D		1,680,000		1,690,213
Juniper Networks, Inc.
4.50%, 03/15/24D		150,000		157,189
Kerr-McGee Corporation
6.95%, 07/01/24		330,000		424,643
7.88%, 09/15/31		280,000		396,515
Kimberly-Clark Corporation
3.70%, 06/01/43D		500,000		464,715
Kraft Foods Group, Inc.
5.38%, 02/10/20		223,000		253,961
3.50%, 06/06/22		320,000		329,132
Kroger Co.
6.15%, 01/15/20		360,000		423,168
Lehman Escrow Bonds
0.00%, 07/19/17+W †#		150,000		—
0.00%, 12/28/47+W†#		140,000		—
0.00%, 11/30/49+W†#		2,330,000		—
0.00%, 12/31/99+W†#		3,200,000		—
Lehman Escrow Bonds
0.00%, 12/31/99W†#		2,500,000		488,250
Liberty Property LP REIT
4.75%, 10/01/20		575,000		625,090
M&T Bank Corporation
6.88%, 12/29/49		750,000		762,514
MarkWest Energy Partners LP
6.25%, 06/15/22		190,000		208,525
4.50%, 07/15/23		425,000		435,625
MDC Holdings, Inc.
5.63%, 02/01/20D		325,000		354,250
5.50%, 01/15/24		250,000		261,110
6.00%, 01/15/43D		225,000		213,975
Medtronic, Inc.
4.45%, 03/15/20D		300,000		332,676
MetLife Capital Trust
7.88%, 12/15/67 144A		300,000		374,250
MetLife, Inc.
4.75%, 02/08/21		270,000		302,180


	Par		Value
6.40%, 12/15/66D	$	50,000	$	56,125
Mondelez International, Inc.
5.38%, 02/10/20D		367,000		422,384
4.00%, 02/01/24		450,000		467,014
Monsanto Co.
2.13%, 07/15/19		425,000		426,557
Morgan Stanley
0.68%, 10/18/16†		340,000		339,813
4.75%, 03/22/17		60,000		65,366
6.25%, 08/28/17		350,000		399,178
6.63%, 04/01/18		1,400,000		1,637,945
NBCUniversal Media LLC
2.88%, 01/15/23D		750,000		746,283
NCUA Guaranteed Notes
3.00%, 06/12/19		300,000		317,478
Nielsen Finance LLC
4.50%, 10/01/20		300,000		303,750
Noble Energy, Inc.
4.15%, 12/15/21		620,000		667,663
Northwestern Mutual Life Insurance Co.
6.06%, 03/30/40 144A		500,000		622,401
Occidental Petroleum Corporation
3.13%, 02/15/22		100,000		101,543
2.70%, 02/15/23D		160,000		155,651
Oracle Corporation
1.20%, 10/15/17D		470,000		469,748
Pacific Gas & Electric Co.
8.25%, 10/15/18		130,000		162,580
6.05%, 03/01/34		40,000		49,621
5.80%, 03/01/37D		210,000		254,111
Peabody Energy Corporation
7.88%, 11/01/26D		1,100,000		1,157,750
Penske Truck Leasing Co. LP
2.88%, 07/17/18 144A		575,000		589,150
PepsiCo, Inc.
0.70%, 08/13/15		520,000		521,602
7.90%, 11/01/18		140,000		174,428
Plains Exploration & Production Co.
6.50%, 11/15/20		70,000		78,488
6.88%, 02/15/23		20,000		23,500
PNC Preferred Funding Trust
1.45%, 03/29/49 144A†D		600,000		584,250
Private Export Funding Corporation
5.45%, 09/15/17		1,600,000		1,822,080
Progress Energy, Inc.
7.75%, 03/01/31		350,000		495,968
Puget Sound Energy, Inc.
6.97%, 06/01/67†		200,000		209,237
PVH Corporation
4.50%, 12/15/22		410,000		405,900
PVNGS II Funding Corporation, Inc.
8.00%, 12/30/15		287,000		298,900
QEP Resources, Inc.
5.25%, 05/01/23D		80,000		82,200
Range Resources Corporation
5.00%, 03/15/23D		150,000		160,500
Raytheon Co.
3.13%, 10/15/20D		200,000		207,170
Regency Energy Partners LP
4.50%, 11/01/23		310,000		308,450

See Notes to Financial Statements.


	Par		Value
Rensselaer Polytechnic Institute
5.60%, 09/01/20	$	675,000	$	774,920
Reynolds Group Issuer, Inc.
7.13%, 04/15/19		400,000		420,000
5.75%, 10/15/20		10,000		10,600
Roche Holdings, Inc.
6.00%, 03/01/19 144A		176,000		206,983
Rock-Tenn Co.
3.50%, 03/01/20		150,000		154,549
4.00%, 03/01/23		30,000		30,840
Roper Industries, Inc.
2.05%, 10/01/18		450,000		451,186
Santander Holdings USA, Inc.
3.00%, 09/24/15		300,000		308,234
Senior Housing Properties Trust REIT
3.25%, 05/01/19		275,000		278,808
SESI LLC
7.13%, 12/15/21		80,000		90,600
Southern Copper Corporation
5.25%, 11/08/42D		660,000		610,076
Southern Natural Gas Co. LLC
8.00%, 03/01/32		400,000		548,571
Springleaf Finance Corporation
5.40%, 12/01/15		100,000		105,300
Sprint Capital Corporation
8.75%, 03/15/32D		120,000		139,200
Sprint Communications, Inc.
9.00%, 11/15/18 144AD		80,000		97,200
7.00%, 08/15/20D		40,000		44,450
State Street Corporation
4.96%, 03/15/18		530,000		581,955
SunTrust Banks, Inc.
3.60%, 04/15/16		300,000		314,648
Teachers Insurance & Annuity Association of America
6.85%, 12/16/39 144A		540,000		722,628
Tenet Healthcare Corporation
9.25%, 02/01/15		1,072,000		1,127,315
Tennessee Gas Pipeline Co. LLC
7.50%, 04/01/17		250,000		292,813
Thermo Fisher Scientific, Inc.
3.60%, 08/15/21		160,000		166,513
5.30%, 02/01/44D		30,000		33,428
Time Warner Cable, Inc.
4.13%, 02/15/21D		300,000		324,395
7.30%, 07/01/38		600,000		809,759
5.88%, 11/15/40		280,000		327,780
5.50%, 09/01/41		225,000		252,635
Time Warner, Inc.
4.70%, 01/15/21		10,000		11,089
7.70%, 05/01/32D		610,000		849,396
6.10%, 07/15/40		140,000		164,912
6.25%, 03/29/41D		40,000		48,304
Time Warner Entertainment Co. LP
8.38%, 07/15/33		390,000		573,779
T-Mobile USA, Inc.
6.63%, 04/01/23D		150,000		163,500


	Par		Value
Toyota Motor Credit Corporation
1.25%, 10/05/17	$	520,000	$	520,054
Transatlantic Holdings, Inc.
8.00%, 11/30/39		200,000		278,286
Union Bank NA
2.13%, 06/16/17		700,000		716,073
United Airline 1995 Pass Through Trust
9.56%, 10/19/18		123,906		31,596
United Airline 2009-2A Pass Through Trust
9.75%, 07/15/18		102,166		116,980
United Technologies Corporation
4.50%, 06/01/42		250,000		262,898
UnitedHealth Group, Inc.
1.63%, 03/15/19		170,000		167,567
Univision Communications, Inc.
6.75%, 09/15/22 144A		334,000		371,158
Verizon Communications, Inc.
1.76%, 09/15/16†		1,200,000		1,233,722
1.98%, 09/14/18†		400,000		422,448
3.65%, 09/14/18		775,000		829,657
6.35%, 04/01/19D		90,000		106,546
4.50%, 09/15/20D		975,000		1,073,954
3.45%, 03/15/21D		130,000		134,543
2.45%, 11/01/22		10,000		9,398
5.15%, 09/15/23D		1,320,000		1,479,947
4.15%, 03/15/24D		1,805,000		1,888,460
7.75%, 12/01/30		130,000		178,747
6.40%, 09/15/33		840,000		1,032,000
6.55%, 09/15/43		945,000		1,193,584
Voya Financial, Inc.
2.90%, 02/15/18		60,000		62,228
Wachovia Capital Trust
5.57%, 03/29/49†		580,000		565,500
Walgreen Co.
1.80%, 09/15/17		300,000		302,832
Waste Management, Inc.
3.50%, 05/15/24		150,000		151,208
7.38%, 05/15/29		140,000		185,614
WEA Finance LLC
7.13%, 04/15/18 144A		400,000		486,912
WellPoint, Inc.
1.25%, 09/10/15		110,000		110,872
5.88%, 06/15/17		720,000		808,637
Wells Fargo & Co.
3.68%, 06/15/16 STEP		290,000		306,183
4.60%, 04/01/21D		70,000		78,006
3.45%, 02/13/23D		200,000		199,389
4.48%, 01/16/24D		2,196,000		2,330,540
5.38%, 11/02/43		190,000		209,812
Wells Fargo Capital X
5.95%, 12/01/86		200,000		205,000
West Corporation
5.38%, 07/15/22 144A		200,000		200,500
Williams Cos., Inc.
7.50%, 01/15/31		10,000		11,857
7.75%, 06/15/31		25,000		30,200
8.75%, 03/15/32		451,000		589,480
Williams Partners LP
3.90%, 01/15/25		500,000		503,386

See Notes to Financial Statements.

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Wm. Wrigley Jr. Co.
2.40%, 10/21/18 144AD	$	60,000	$	61,004
2.90%, 10/21/19 144A		230,000		236,124
3.38%, 10/21/20 144A		70,000		72,577

Total Corporate Bonds (Cost $136,812,815)				146,184,931

FOREIGN BONDS — 14.2%
Australia — 0.5%
Australia & New Zealand Banking Group, Ltd.
4.50%, 03/19/24 144A		275,000		282,813
BHP Billiton Finance (USA), Ltd.
3.25%, 11/21/21D		940,000		967,956
5.00%, 09/30/43D		220,000		244,115
Commonwealth Bank of Australia
3.75%, 10/15/14 144A		440,000		444,354
1.25%, 09/18/15D		320,000		323,324
5.00%, 10/15/19 144A		50,000		56,563
FMG Resources August 2006 Proprietary, Ltd.
8.25%, 11/01/19 144AD		390,000		426,075
6.88%, 04/01/22 144AD		200,000		215,250
Macquarie Bank, Ltd.
2.60%, 06/24/19 144A		450,000		453,370
Rio Tinto Finance USA, Ltd.
2.50%, 05/20/16D		30,000		30,980
3.50%, 11/02/20D		770,000		806,779
4.13%, 05/20/21D		110,000		118,412
3.75%, 09/20/21		90,000		94,938

				4,464,929

Austria — 0.2%
Hypo Alpe-Adria-Bank International AG
4.38%, 01/24/17(E)		1,300,000		1,709,332

Bermuda — 0.1%
Arch Capital Group, Ltd.
7.35%, 05/01/34D		175,000		238,410
Endurance Specialty Holdings, Ltd.
6.15%, 10/15/15		150,000		159,097
Weatherford International, Ltd.
9.63%, 03/01/19		265,000		348,100

				745,607

Canada — 0.3%
Barrick Gold Corporation
3.85%, 04/01/22		130,000		129,555
4.10%, 05/01/23D		230,000		229,466
Nexen Energy ULC
6.40%, 05/15/37D		165,000		199,195
Pacific Rubiales Energy Corporation
5.38%, 01/26/19 144A		200,000		209,000
Potash Corporation of Saskatchewan, Inc.
4.88%, 03/30/20D		110,000		123,866
PTTEP Canada International Finance, Ltd.
5.69%, 04/05/21 144A		320,000		357,327
Rogers Communications, Inc.
6.75%, 03/15/15		10,000		10,457


	Par		Value
TransCanada PipeLines, Ltd.
6.35%, 05/15/67†	$	400,000	$	417,500
Videotron, Ltd.
5.00%, 07/15/22		300,000		309,750
Xstrata Finance Canada, Ltd.
2.05%, 10/23/15 144A		390,000		394,545
5.80%, 11/15/16 144A		80,000		88,076
2.70%, 10/25/17 144A		360,000		369,819

				2,838,556

Cayman Islands — 0.5%
Petrobras International Finance Co.
3.88%, 01/27/16		250,000		258,388
6.13%, 10/06/16D		271,000		296,203
5.75%, 01/20/20		235,000		251,755
5.38%, 01/27/21		990,000		1,036,758
Transocean, Inc.
5.05%, 12/15/16		130,000		141,304
6.50%, 11/15/20D		500,000		579,047
6.38%, 12/15/21		20,000		23,172
Vale Overseas, Ltd.
4.38%, 01/11/22D		932,000		961,544
8.25%, 01/17/34D		80,000		100,441
6.88%, 11/21/36D		511,000		568,252

				4,216,864

Chile — 0.1%
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22D		240,000		249,253
Chile Government International Bond
3.63%, 10/30/42		160,000		141,200
Corporacion Nacional del Cobre de Chile
4.75%, 10/15/14 144A		210,000		212,561

				603,014

Colombia — 0.1%
Colombia Government International Bond
4.00%, 02/26/24		394,000		407,199
5.63%, 02/26/44		510,000		569,925
Ecopetrol SA
5.88%, 05/28/45		290,000		301,391

				1,278,515

Dominican Republic — 0.1%
Dominican Republic International Bond
14.50%, 02/10/23(V)@		2,600,000		65,344
6.60%, 01/28/24 144A		140,000		153,160
7.45%, 04/30/44		320,000		343,040

				561,544

France — 0.9%
BNP Paribas SA
2.38%, 09/14/17		270,000		276,693
Credit Agricole SA
7.88%, 01/29/49 144A†		200,000		218,750
8.38%, 10/29/49 144A†		720,000		854,100
7.88%, 12/31/99 144A†		3,200,000		3,500,000

See Notes to Financial Statements.


	Par		Value
Dexia Credit Local SA
0.60%, 11/07/16 144A†	$	3,200,000	$	3,210,035

				8,059,578

Germany — 0.3%
State of North Rhine-Westphalia
1.63%, 09/17/14		2,500,000		2,507,395

Honduras — 0.0%
Republic of Honduras
8.75%, 12/16/20 144A		200,000		222,923

Iceland — 0.0%
Glitnir HF
6.69%, 06/15/16+ 144A#D		1,000,000		10
7.45%, 03/29/49+ 144A#		100,000		1
Kaupthing Bank HF
7.13%, 05/19/16+ 144A#		350,000		3

				14

Indonesia — 0.1%
Indonesia Government International Bond
4.88%, 05/05/21		770,000		811,869
7.75%, 01/17/38		100,000		125,000

				936,869

Israel — 0.3%
Israel Government AID Bond
5.50%, 09/18/23D		1,200,000		1,465,513
5.50%, 12/04/23D		200,000		244,045
5.50%, 04/26/24		500,000		611,228

				2,320,786

Italy — 0.9%
Intesa Sanpaolo SpA
3.63%, 08/12/15 144A		290,000		296,376
2.38%, 01/13/17		400,000		406,288
3.88%, 01/16/18		1,200,000		1,265,771
5.02%, 06/26/24 144A		975,000		988,445
Italy Buoni Poliennali Del Tesoro
3.75%, 05/01/21(E)		2,950,000		4,481,875

				7,438,755

Japan — 0.2%
Bank of Tokyo-Mitsubishi UFJ, Ltd.
3.85%, 01/22/15 144A		330,000		336,146
Resona Bank, Ltd.
5.85%, 09/29/49 144A†@		250,000		269,000
Sumitomo Mitsui Banking Corporation
3.15%, 07/22/15 144A		330,000		339,196
Sumitomo Mitsui Financial Group, Inc.
4.44%, 04/02/24 144A		550,000		575,913

				1,520,255

Jersey — 0.0%
UBM PLC
5.75%, 11/03/20 144A		230,000		247,853

Jordan — 0.1%
Hashemite Kingdom of Jordan Government AID Bond
2.50%, 10/30/20		1,200,000		1,207,500


	Par		Value
Luxembourg — 0.5%
Gazprom OAO Via Gaz Capital SA
6.51%, 03/07/22 144AD	$	3,100,000	$	3,374,350
Intelsat Jackson Holdings SA
7.50%, 04/01/21		500,000		549,375

				3,923,725

Mexico — 2.5%
America Movil SAB de CV
5.63%, 11/15/17		270,000		305,645
6.00%, 06/09/19(M)		3,030,000		239,742
5.00%, 03/30/20D		240,000		267,281
Mexican Bonos
8.00%, 06/11/20(M)		3,840,600		341,830
6.50%, 06/10/21(M)		1,625,000		134,805
6.50%, 06/09/22(M)		9,205,700		755,973
8.00%, 12/07/23(M)		1,761,600		158,907
7.50%, 06/03/27(M)		1,334,300		116,927
8.50%, 05/31/29(M)		964,000		90,956
10.00%, 11/20/36(M)		1,461,700		157,120
8.50%, 11/18/38(M)		4,891,800		461,443
7.75%, 11/13/42(M)		45,505,200		3,981,767
Mexico Cetes
9.11%, 07/03/14(M)W†		380,000,000		2,928,345
0.28%, 09/04/14(M)W†		40,000,000		306,690
0.00%, 09/18/14(M)W†		276,747,600		2,119,609
0.41%, 09/18/14(M)W†		60,000,000		459,540
2.62%, 10/02/14(M)W†		380,000,000		2,907,168
0.00%, 10/16/14(M)W†		86,719,600		662,641
Mexico Government International Bond
6.05%, 01/11/40D		134,000		163,078
4.75%, 03/08/44		1,578,000		1,617,450
5.55%, 01/21/45		1,210,000		1,379,400
Petroleos Mexicanos
3.50%, 07/18/18D		90,000		94,815
6.00%, 03/05/20		72,000		82,728
5.50%, 01/21/21D		370,000		417,175
6.63%, 06/15/35		159,000		188,018
6.38%, 01/23/45 144A		570,000		663,337
Trust F/1401
5.25%, 12/15/24 144A		200,000		210,500

				21,212,890

Netherlands — 1.0%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
4.63%, 12/01/23		400,000		423,586
11.00%, 12/29/49 144A†		487,000		655,107
Deutsche Telekom International Finance BV
5.75%, 03/23/16		510,000		551,878
ING Bank NV
2.00%, 09/25/15 144A		725,000		736,889
5.80%, 09/25/23 144AD		340,000		383,706
Petrobras Global Finance BV
2.59%, 03/17/17†D		3,800,000		3,854,720
4.88%, 03/17/20		320,000		329,472
6.25%, 03/17/24D		540,000		576,126
Royal Bank of Scotland NV
4.65%, 06/04/18		130,000		137,214

See Notes to Financial Statements.

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Shell International Finance BV
4.38%, 03/25/20D	$	700,000	$	779,748

				8,428,446

New Zealand — 0.2%
ANZ New Zealand International, Ltd.
1.85%, 10/15/15 144A		220,000		223,382
New Zealand Government Bond
3.00%, 04/15/20(Z)		1,460,000		1,201,671

				1,425,053

Norway — 0.1%
Kommunalbanken AS
1.00%, 09/26/17 144A		500,000		496,973

Poland — 0.2%
Poland Government Bond
4.00%, 10/25/23(P)		2,140,000		735,535
Poland Government International Bond
4.00%, 01/22/24		830,000		865,275

				1,600,810

Puerto Rico — 0.0%
Popular, Inc.
7.00%, 07/01/19		225,000		229,500

Russia — 0.1%
Russian Foreign Bond
7.50%, 03/31/30 STEP		752,815		873,371

Singapore — 0.0%
Temasek Financial I, Ltd.
2.38%, 01/23/23 144A		330,000		316,466

Slovenia — 0.2%
Slovenia Government Bond
4.13%, 01/26/20(E)		1,100,000		1,665,514

South Africa — 0.1%
South Africa Government International Bond
5.88%, 09/16/25D		660,000		735,570

South Korea — 0.4%
Hyundai Capital Services, Inc.
4.38%, 07/27/16 144A		3,400,000		3,618,226

Spain — 1.4%
Ayt Cedulas Cajas Global
4.75%, 05/25/27(E)		500,000		775,490
Santander US Debt SA Unipersonal
3.72%, 01/20/15 144A		300,000		304,481
3.78%, 10/07/15 144A		100,000		103,325
Spain Government Bond
4.50%, 01/31/18(E)		6,900,000		10,625,669
Telefonica Emisiones SA Unipersonal
6.42%, 06/20/16		90,000		99,127
6.22%, 07/03/17D		20,000		22,648
5.88%, 07/15/19		70,000		81,247

				12,011,987

Supranational — 0.0%
Inter-American Development Bank
1.00%, 02/27/18		400,000		387,866


	Par		Value
Sweden — 0.2%
Nordea Bank AB
4.88%, 05/13/21 144A	$	640,000	$	695,756
Stadshypotek AB
1.88%, 10/02/19 144AD		900,000		890,297

				1,586,053

Switzerland — 0.1%
Credit Suisse AG
6.50%, 08/08/23 144A		225,000		250,312
Credit Suisse Group AG
7.50%, 12/11/49 144A†D		275,000		305,085
6.25%, 12/29/49 144A†D		250,000		250,950

				806,347

Turkey — 0.2%
Turkey Government International Bond
7.00%, 03/11/19		230,000		265,592
5.63%, 03/30/21		160,000		175,200
6.25%, 09/26/22		820,000		926,026
5.75%, 03/22/24D		410,000		449,975

				1,816,793

United Kingdom — 1.5%
Bank of Scotland PLC
5.25%, 02/21/17 144AD		100,000		110,165
Barclays Bank PLC
6.05%, 12/04/17 144A@		230,000		261,733
2.50%, 02/20/19		500,000		507,005
BP Capital Markets PLC
3.88%, 03/10/15		310,000		317,775
3.56%, 11/01/21D		30,000		31,086
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		350,000		346,080
HSBC Bank PLC
4.75%, 01/19/21 144A		200,000		223,285
HSBC Holdings PLC
4.25%, 03/14/24D		240,000		247,480
Lloyds Bank PLC
2.30%, 11/27/18D		275,000		279,503
12.00%, 12/29/49 144A†@		3,800,000		5,548,000
NRAM Covered Bond LLP
5.63%, 06/22/17 144A		1,400,000		1,572,897
Royal Bank of Scotland PLC
9.50%, 03/16/22†		175,000		205,561
Royal Bank of Scotland Group PLC
2.55%, 09/18/15		560,000		571,720
6.40%, 10/21/19D		160,000		188,611
6.13%, 12/15/22		180,000		197,528
6.00%, 12/19/23		410,000		444,909
5.13%, 05/28/24D		280,000		284,861
7.64%, 03/29/49†		200,000		214,750
Standard Chartered PLC
5.70%, 03/26/44 144A		680,000		715,089
WPP Finance UK
8.00%, 09/15/14		336,000		341,024

				12,609,062

Virgin Islands (British) — 0.8%
Gerdau Trade, Inc.
5.75%, 01/30/21 144AD		3,000,000		3,217,500
Sinopec Group Overseas Development 2012, Ltd.

See Notes to Financial Statements.


	Par		Value
2.75%, 05/17/17 144A	$	230,000	$	237,296
Sinopec Group Overseas Development 2014, Ltd.
1.01%, 04/10/17 144A†		3,200,000		3,204,800
4.38%, 04/10/24 144AD		550,000		570,773

				7,230,369

Total Foreign Bonds
(Cost $118,201,632)				121,855,310

FOREIGN GOVERNMENT INFLATION-LINKED BOND — 0.7%
Germany — 0.7%
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond
0.75%, 04/15/18(E)		4,000,000		6,147,720

FOREIGN GOVERNMENT INFLATION-LINKED NOTE — 0.1%
Brazil — 0.1%
Brazil Notas do Tesouro Nacional Serie B
6.00%, 08/15/50+(B) (Cost $954,085)		899,000		969,834

LOAN AGREEMENT — 0.4%
Avago Technologies Cayman, Ltd. Term B Loan
3.75%, 05/06/21 (Cost $3,184,208)		3,200,000		3,208,864

MORTGAGE-BACKED SECURITIES — 27.9%
Aire Valley Mortgages PLC
0.45%, 09/20/66 144A†		139,166		135,898
0.47%, 09/20/66 144A†		333,079		324,419
0.57%, 09/20/66†		452,513		443,191
Alternative Loan Trust
5.50%, 10/25/33		80,697		86,495
0.48%, 11/20/35†		769,975		647,905
0.48%, 11/20/35†		1,480,666		1,221,516
0.42%, 01/25/36†		426,032		378,427
0.34%, 09/25/46†		908,999		741,186
American Home Mortgage Investment Trust
1.82%, 09/25/45†		1,837,673		1,751,644
American Home Mortgage Assets Trust
1.04%, 11/25/46†		1,069,876		596,231
Banc of America Commercial Mortgage Trust
5.45%, 09/10/47		40,000		43,008
5.79%, 04/10/49†		75,000		82,912
Banc of America Mortgage 2004-F Trust
2.51%, 07/25/34†		150,918		152,707
Banc of America Re-REMIC Trust
5.65%, 02/17/51 144A†		96,958		103,860
Bayview Commercial Asset Trust
0.52%, 01/25/35 144A†		737,200		680,243
Bear Stearns Adjustable Rate Mortgage Trust
2.34%, 02/25/33†		17,064		16,466


	Par		Value
2.63%, 05/25/34†	$	81,497	$	78,418
2.58%, 03/25/35†		664,409		674,070
Bear Stearns ALT-A Trust
2.58%, 05/25/35†		427,215		431,635
Bear Stearns Commercial Mortgage Securities Trust
5.60%, 06/11/50		873,832		976,823
Bear Stearns Structured Products, Inc. Trust
2.10%, 01/26/36†		1,089,850		907,034
Berica ABS SRL
0.61%, 12/31/55(E)†		1,297,996		1,746,851
CHL Mortgage Pass-Through Trust
2.59%, 02/19/34†		726,635		726,210
Citigroup Commercial Mortgage Trust
4.22%, 05/10/47W†		3,120,000		292,859
6.25%, 12/10/49†		618,236		699,287
COBALT CMBS Commercial Mortgage Trust
5.53%, 04/15/47†		60,000		66,033
COMM 2013-CCRE11 Mortgage Trust
4.72%, 10/10/46†		205,000		225,328
COMM 2013-CCRE12 Mortgage Trust
4.05%, 10/10/46		90,000		95,699
4.30%, 10/10/46		100,000		106,467
4.76%, 10/10/46†		40,000		43,060
5.26%, 10/10/46†		20,000		21,617
Commercial Mortgage Pass-Through Certificates
2.82%, 10/15/45		30,000		29,540
Commercial Mortgage Trust
6.01%, 07/10/38†		177,000		192,020
Credit Suisse Commercial Mortgage Trust
5.62%, 01/15/49†		203,000		222,471
Credit Suisse First Boston Mortgage Securities Corporation
0.00%, 07/25/33 IOW†		109,925		393
0.00%, 08/25/33 IOW†		109,975		—
DBUBS 2011-LC3 Mortgage Trust
11.31%, 08/10/44 IO 144AW†		1,245,919		34,645
EQTY 2014-INNS Mortgage Trust
2.50%, 05/08/31 144A†		300,000		301,123
Extended Stay America Trust
2.96%, 12/05/31 144A		100,000		101,456
Federal Home Loan Mortgage Corporation
7.00%, 04/01/15		2,016		2,021
7.00%, 12/01/15		889		890
8.50%, 06/01/18		1,835		1,954
4.50%, 09/01/18		5,778		6,151
8.00%, 08/01/24		1,821		2,049
4.00%, 10/01/25		546,140		585,272
5.50%, 02/01/27		82,140		91,918
7.50%, 11/01/29		5,968		7,170
7.50%, 12/01/29		8,925		10,419
7.50%, 02/01/31		22,791		25,539
2.36%, 07/01/31†		24,570		24,712

See Notes to Financial Statements.

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
2.36%, 08/01/31†	$	3,162	$	3,190
7.50%, 11/01/31		9,281		9,344
2.48%, 04/01/32†		2,347		2,502
5.00%, 08/01/33		12,473		13,856
5.00%, 09/01/33		2,512		2,790
5.00%, 10/01/33		8,071		8,946
2.48%, 03/01/34†		3,442		3,675
5.00%, 12/01/34		209,568		232,590
5.50%, 05/01/35		489,865		549,945
5.00%, 07/01/35		11,046		12,268
5.00%, 11/01/35		423,449		469,332
5.50%, 11/01/35		80,186		90,022
5.00%, 12/01/35		29,398		33,125
5.50%, 01/01/36		48,821		54,907
6.00%, 02/01/36		771,875		875,683
2.83%, 01/01/37†		641,758		693,111
5.00%, 02/01/37		52,602		58,212
5.50%, 07/01/37		99,365		111,863
1.87%, 09/01/37†		59,316		62,386
5.50%, 04/01/38		25,995		28,975
7.00%, 02/01/39		309,692		350,455
7.00%, 03/01/39		56,933		62,192
5.50%, 04/01/39		571,420		641,336
4.50%, 06/01/39		274,315		297,034
6.50%, 09/01/39		100,080		112,774
5.50%, 08/01/40		542,895		605,143
5.00%, 06/01/41		10,145		11,262
4.00%, 10/01/42		92,429		97,906
3.50%, 11/01/42		755,539		771,236
3.50%, 12/01/42		89,678		91,542
3.50%, 01/01/43		573,991		585,884
3.50%, 02/01/43		381,866		389,788
3.50%, 04/01/43		193,249		198,700
4.00%, 04/01/43		192,054		203,419
3.50%, 05/01/43		743,090		765,179
4.00%, 05/01/43		97,575		103,964
4.00%, 06/01/43		95,177		101,419
4.00%, 07/01/43		377,612		402,128
4.00%, 08/01/43		191,261		202,522
4.50%, 12/01/43		1,284,263		1,404,972
4.50%, 02/01/44		990,818		1,084,100
4.50%, 03/01/44		298,310		326,424
3.00%, 08/01/44 TBA		1,900,000		1,869,607
Federal Home Loan Mortgage Corporation REMIC
4.65%, 06/15/27 IOW†		870,311		109,135
0.27%, 09/15/31 IOW†		801,831		110,578
6.00%, 05/15/36		524,962		586,275
0.65%, 06/15/37†		414,495		416,422
10.14%, 07/15/37 IOW†		2,639,479		416,857
9.41%, 01/15/40 IOW†		651,442		96,185
5.18%, 10/15/41 IOW†		403,249		80,235
6.58%, 11/15/41 IOW†		386,716		70,905
5.74%, 07/15/42 IOW†		87,501		18,838
3.04%, 08/15/42 IOW†		88,083		20,089
4.00%, 08/15/42 IOW†		443,592		103,120
4.39%, 11/15/42 IOW†		91,696		21,093
4.82%, 11/15/42 IOW†		87,219		19,181
5.37%, 11/15/42 IOW†		90,280		19,663
3.00%, 05/15/43		406,772		339,186
3.00%, 07/15/43		205,569		168,567
2.79%, 02/15/44 IOW†		198,500		46,253
3.74%, 05/15/44 IOW†		199,316		45,609


	Par		Value
Federal Housing Administration
7.43%, 10/01/18@	$	46,323	$	47,665
Federal National Mortgage Association
8.00%, 06/01/15		2,272		2,318
8.00%, 09/01/15		2,492		2,543
3.07%, 12/01/17		941,336		983,123
5.00%, 12/01/17		14,245		15,329
2.80%, 03/01/18		561,427		588,459
3.74%, 05/01/18		1,339,377		1,442,560
3.84%, 05/01/18		420,000		454,042
4.51%, 06/01/19		1,000,000		1,099,393
3.42%, 10/01/20		284,302		302,877
3.62%, 12/01/20		179,884		191,578
4.38%, 06/01/21		685,257		760,073
9.50%, 05/01/22		910		1,005
2.02%, 07/01/22†		6,092		6,114
5.50%, 09/01/23		113,307		124,252
5.50%, 10/01/23		23,085		25,290
5.00%, 05/01/24		81,029		90,039
9.50%, 07/01/24		1,736		1,919
5.50%, 05/01/25		660,080		701,169
3.50%, 07/01/26 TBA		1,100,000		1,165,828
6.00%, 06/01/27		242,152		273,440
1.95%, 07/01/27†		19,135		19,737
2.50%, 07/01/27 TBA		300,000		304,734
3.00%, 07/01/27 TBA		2,800,000		2,908,500
2.26%, 08/01/27†		37,090		39,496
1.95%, 11/01/27 CONV†		23,215		23,958
2.76%, 02/01/30†		110,561		111,113
2.51%, 06/01/30 CONV†		16,159		16,340
8.00%, 10/01/30		23,118		27,692
2.63%, 12/01/30 CONV†		6,060		6,177
1.95%, 01/01/31†		6,855		6,872
4.50%, 04/01/31		144,338		157,883
2.32%, 05/01/31†		14,447		14,526
4.50%, 05/01/31		494,970		541,465
4.50%, 06/01/31		148,496		162,476
4.50%, 11/01/31		207,327		226,811
6.00%, 11/01/31		3,825		4,329
4.50%, 12/01/31		288,556		315,097
6.00%, 01/01/32		65,241		73,413
6.00%, 03/01/32		18,520		20,954
6.00%, 04/01/32		238,005		268,367
1.95%, 06/01/32†		8,407		8,527
2.02%, 08/01/32†		10,598		11,004
6.00%, 08/01/32		1,901		2,157
2.25%, 02/01/33†		2,795		2,809
5.50%, 04/01/33		44,629		50,740
2.02%, 05/01/33†		43,161		45,436
6.00%, 05/01/33		540		607
5.00%, 07/01/33		65,061		72,638
3.50%, 08/01/33		93,990		98,451
5.00%, 08/01/33		5,385		6,046
5.00%, 09/01/33		611,957		682,932
5.50%, 09/01/33		9,123		10,268
3.50%, 10/01/33		190,866		199,903
3.50%, 11/01/33		95,732		100,244
3.50%, 12/01/33		96,881		101,317
5.00%, 12/01/33		515,242		575,413
5.50%, 12/01/33		12,928		14,591
6.00%, 12/01/33		491		553
5.50%, 02/01/34		22,530		25,353

See Notes to Financial Statements.


	Par		Value
5.50%, 04/01/34	$	2,342	$	2,635
5.50%, 05/01/34		110,117		123,816
5.50%, 08/01/34		5,131		5,829
5.50%, 10/01/34		245		276
6.00%, 10/01/34		31,333		35,261
5.50%, 11/01/34		11,169		12,569
2.00%, 12/01/34†		123,187		130,384
5.50%, 12/01/34		24,308		27,450
6.00%, 12/01/34		356		400
5.50%, 02/01/35		2,722		3,060
6.00%, 05/01/35		1,277,374		1,441,218
5.50%, 07/01/35		282		315
6.00%, 07/01/35		243,304		275,074
5.50%, 08/01/35		506		572
6.00%, 08/01/35		95		107
5.50%, 09/01/35		79,079		88,540
5.00%, 10/01/35		220,843		246,413
6.00%, 10/01/35		50,251		56,803
1.95%, 11/01/35†		17,087		17,632
2.10%, 11/01/35†		91,126		96,335
2.10%, 11/01/35†		83,766		88,806
2.11%, 11/01/35†		108,309		114,544
2.12%, 11/01/35†		79,839		84,404
2.12%, 11/01/35†		118,040		125,967
6.00%, 11/01/35		589,486		666,138
5.00%, 12/01/35		363,012		403,821
5.50%, 12/01/35		2,313		2,628
6.00%, 12/01/35		10,474		11,836
6.00%, 01/01/36		108,363		121,970
6.00%, 02/01/36		5,180		5,838
6.00%, 03/01/36		6,373		7,191
5.50%, 04/01/36		79,203		86,186
6.00%, 04/01/36		9,518		10,710
3.79%, 05/01/36†		134,455		140,989
5.50%, 09/01/36		18,929		21,287
5.50%, 11/01/36		204,053		228,746
6.00%, 01/01/37		999,519		1,124,953
1.76%, 02/01/37†		715,893		748,882
5.50%, 02/01/37		297		334
6.00%, 02/01/37		836,529		946,431
5.50%, 03/01/37		12,147		13,626
6.00%, 03/01/37		645,395		727,102
5.50%, 04/01/37		515		578
5.50%, 05/01/37		556		626
5.50%, 06/01/37		186		209
6.00%, 06/01/37		399		449
6.00%, 07/01/37		1,777,072		2,001,942
5.50%, 08/01/37		561,077		629,773
6.00%, 09/01/37		1,233,065		1,387,521
6.50%, 10/01/37		150,195		169,518
7.00%, 10/01/37		10,584		11,754
7.00%, 11/01/37		11,034		13,153
1.95%, 12/01/37†		62,730		65,476
7.00%, 12/01/37		8,016		9,281
1.95%, 01/01/38†		40,394		42,128
6.00%, 01/01/38		439,780		496,769
5.50%, 02/01/38		7,224		8,109
6.00%, 02/01/38		497,859		560,222
7.00%, 02/01/38		10,865		11,956
4.50%, 03/01/38		16,698		18,092
5.50%, 03/01/38		731		824
6.00%, 03/01/38		388,598		437,276
4.50%, 04/01/38		596,032		645,768
5.00%, 04/01/38		265,529		295,057


	Par		Value
6.00%, 04/01/38	$	805	$	906
5.50%, 05/01/38		250		280
6.00%, 05/01/38		65,379		73,679
5.00%, 06/01/38		267,238		296,956
5.50%, 06/01/38		1,024		1,148
4.50%, 07/01/38 TBA		300,000		324,891
5.00%, 07/01/38 TBA		1,900,000		2,109,891
5.50%, 07/01/38		120,524		135,992
5.50%, 08/01/38		167,255		188,739
7.00%, 08/01/38		9,730		10,555
5.50%, 09/01/38		626		707
6.00%, 11/01/38		80,526		90,686
7.00%, 11/01/38		53,279		57,857
5.50%, 12/01/38		337		380
6.00%, 12/01/38		255,985		288,051
6.00%, 01/01/39		330,983		373,451
7.00%, 02/01/39		25,939		28,793
7.00%, 03/01/39		229,103		260,789
4.00%, 08/01/39 TBA		12,000,000		12,697,032
6.00%, 09/01/39		186,618		210,129
6.00%, 10/01/39		61,928		69,946
5.50%, 12/01/39		285,648		322,620
6.00%, 12/01/39		893,002		1,006,141
1.52%, 06/01/40†		59,374		62,142
4.00%, 07/01/40 TBA		2,400,000		2,547,000
4.50%, 07/01/40 TBA		1,000,000		1,082,969
5.00%, 07/01/40 TBA		1,000,000		1,110,469
1.52%, 10/01/40†		159,565		166,994
6.00%, 10/01/40		46,260		52,105
1.95%, 11/01/40†		19,623		20,274
4.50%, 01/01/41		1,167,935		1,265,394
6.00%, 05/01/41		2,306,329		2,599,987
4.50%, 06/01/41		737,342		798,870
3.50%, 07/01/41 TBA		12,000,000		12,352,500
4.50%, 08/01/41		157,639		170,793
4.50%, 09/01/41		461,699		500,226
4.50%, 10/01/41		40,163		43,514
4.50%, 11/01/41		596,075		646,952
5.00%, 05/01/42		216,211		240,468
4.00%, 06/01/42		82,529		87,709
4.00%, 07/01/42 TBA		6,000,000		6,367,500
3.00%, 08/01/42		343,601		340,811
3.00%, 09/01/42		297,571		295,316
2.50%, 10/01/42		642,769		610,130
3.50%, 10/01/42		1,760,941		1,800,838
4.00%, 10/01/42		367,209		388,002
3.00%, 11/01/42		133,353		132,296
3.00%, 12/01/42		1,841,570		1,826,592
3.50%, 12/01/42		555,911		571,404
4.00%, 12/01/42		261,606		278,026
3.00%, 01/01/43		1,735,135		1,718,216
3.00%, 02/01/43		474,316		470,561
3.00%, 03/01/43		421,085		417,894
3.50%, 03/01/43		283,784		291,694
3.00%, 04/01/43		516,473		512,562
3.50%, 04/01/43		1,235,268		1,269,700
4.00%, 04/01/43		92,141		98,181
3.00%, 05/01/43		21,668,460		21,432,198
3.50%, 05/01/43		95,115		97,767
4.00%, 05/01/43		374,946		399,101
3.00%, 06/01/43		1,067,692		1,056,318
4.00%, 06/01/43		938,818		999,137
2.50%, 07/01/43 TBA		5,000,000		4,739,844
3.00%, 07/01/43		816,560		810,372

See Notes to Financial Statements.

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
4.00%, 07/01/43	$	948,006	$	1,008,471
4.00%, 08/01/43		294,190		310,847
4.50%, 09/01/43		293,619		320,119
4.50%, 10/01/43		293,263		319,761
4.50%, 11/01/43		196,371		214,148
4.50%, 12/01/43		295,832		322,635
4.50%, 01/01/44		196,290		214,056
Federal National Mortgage Association Interest STRIP
1.88%, 04/25/27 IOW†		670,904		78,364
6.12%, 11/25/39 IOW†		142,448		28,220
2.12%, 11/25/41 IOW†		368,602		76,298
3.30%, 11/25/41 IOW†		519,648		120,534
4.70%, 04/25/42 IOW†		937,116		210,281
Federal National Mortgage Association REMIC
25.00%, 08/25/21 IOW†		66		1,226
13.52%, 10/25/21 IOW†		114		2,158
5.94%, 07/25/27 IOW†		1,810,866		203,424
0.60%, 10/18/30†		20,268		20,474
13.16%, 03/25/37 IOW†		1,573,920		238,598
6.50%, 06/25/39		59,118		66,346
4.26%, 12/25/39 IOW†		623,290		101,330
4.37%, 10/25/40 IOW†		812,161		153,221
14.15%, 12/25/40 IOW†		165,479		21,864
4.52%, 02/25/41 IOW†		80,266		15,416
5.00%, 06/25/41		750,000		817,728
5.50%, 07/25/41		943,159		1,073,561
0.70%, 09/25/41†		4,668,607		4,702,375
5.48%, 10/25/41 IOW†		968,635		172,845
8.27%, 03/25/42 IOW†		430,842		69,955
5.50%, 04/25/42		1,643,525		1,841,121
6.00%, 05/25/42		472,703		527,860
4.25%, 07/25/42 IOW†		155,487		32,929
6.50%, 07/25/42		780,227		870,289
7.00%, 07/25/42		306,553		352,739
9.63%, 07/25/42 IOW†		137,825		24,715
3.83%, 09/25/42 IOW†		262,897		57,274
7.00%, 10/25/42		112,712		124,679
3.76%, 11/25/42 IOW†		272,124		64,681
4.73%, 11/25/42 IOW†		183,456		41,922
4.46%, 12/25/42 IOW†		91,555		20,937
5.54%, 12/25/42 IOW†		265,832		55,149
5.75%, 12/25/42 IOW†		179,182		36,877
6.39%, 07/25/43 IOW†		187,150		39,296
FHLMC Multifamily Structured Pass Through Certificates
4.32%, 11/25/19		1,100,000		1,216,273
4.13%, 04/25/20 IOW†		2,258,264		116,890
4.25%, 06/25/20 IOW†		744,725		56,116
3.03%, 10/25/20		800,000		836,732
3.83%, 07/25/21 IOW†		1,413,939		134,086
3.80%, 10/25/21 IOW†		892,784		82,726
3.92%, 12/25/21 IOW†		731,098		61,870
2.78%, 09/25/22		289,755		300,817
3.65%, 09/25/22 IOW†		148,740		8,721
2.52%, 01/25/23		1,100,000		1,087,230
3.46%, 08/25/23		100,000		105,191
FHLMC Multifamily Structured Pass-Through Certificates
3.88%, 07/25/24+ IOW†		3,540,000		322,282
FHLMC Multifamily VRD Certificates
5.50%, 08/15/51		3,500,000		3,780,000


	Par		Value
FHLMC Structured Pass-Through Securities
1.52%, 07/25/44†	$	1,234,010	$	1,231,520
First Horizon Alternative Mortgage Securities Trust
2.21%, 06/25/34†		625,452		619,545
General Electric Capital Commercial Mortgage Corporation Series 2007-C1 Trust
5.54%, 12/10/49		800,000		869,040
Giovecca Mortgages SRL
0.93%, 04/23/48(E)†		562,744		761,003
Government National Mortgage Association
0.00%, 07/01/20+ IOW†		3,680,000		300,214
3.95%, 07/15/25		147,028		153,518
7.00%, 10/15/25		12,434		12,749
7.00%, 01/15/26		5,412		6,016
7.00%, 07/15/27		63,761		74,464
7.00%, 12/15/27		1,292		1,336
7.00%, 01/15/28		15,475		15,938
7.00%, 03/15/28		83,793		96,417
7.00%, 07/15/28		10,359		11,525
7.50%, 07/15/28		12,970		13,402
6.50%, 08/15/28		5,443		6,185
7.00%, 08/15/28		19,217		22,585
7.50%, 08/15/28		9,729		11,040
6.50%, 09/15/28		29,471		33,893
7.00%, 10/15/28		38,524		41,457
7.50%, 03/15/29		25,510		30,851
7.50%, 11/15/29		20,810		21,676
1.63%, 11/20/29†		43,725		45,190
8.50%, 08/15/30		838		974
8.50%, 11/20/30		9,028		10,583
6.50%, 08/15/31		47,125		53,602
7.50%, 08/15/31		11,534		13,140
6.50%, 10/15/31		90,953		104,050
6.00%, 11/15/31		204,348		229,713
6.50%, 11/15/31		102,796		116,923
6.00%, 12/15/31		52,964		59,538
6.00%, 01/15/32		122,597		140,258
6.00%, 02/15/32		223,338		251,060
6.50%, 02/15/32		118,593		135,120
6.00%, 04/15/32		65,274		73,424
7.50%, 04/15/32		64,812		67,503
6.50%, 06/15/32		107,590		122,376
6.50%, 07/15/32		2,010		2,286
6.50%, 08/15/32		234,765		267,028
6.50%, 09/15/32		206,654		235,053
6.00%, 10/15/32		139,186		156,463
5.50%, 11/15/32		38,556		43,367
6.00%, 11/15/32		113,086		128,157
6.00%, 12/15/32		42,124		47,353
6.50%, 12/15/32		16,917		19,242
5.50%, 01/15/33		34,175		38,354
6.00%, 01/15/33		79,487		89,353
5.50%, 02/15/33		31,991		36,013
6.00%, 02/15/33		56,783		63,831
5.50%, 03/15/33		35,259		39,620
6.50%, 04/15/33		390,154		443,771
6.00%, 05/15/33		351,422		395,044
6.00%, 06/15/33		21,755		24,455
5.50%, 07/15/33		38,769		43,462

See Notes to Financial Statements.


	Par		Value
5.50%, 08/15/33	$	20,474	$	23,032
5.50%, 09/15/33		17,351		19,394
6.00%, 10/15/33		153,387		172,426
6.50%, 10/15/33		161,495		183,689
6.00%, 12/15/33		232,094		260,904
5.50%, 04/15/34		19,912		22,454
5.50%, 05/15/34		26,095		29,455
6.50%, 08/15/34		355,502		411,118
5.50%, 09/15/34		195,472		220,562
5.50%, 12/15/34		152,744		172,416
5.50%, 01/15/35		162,703		183,454
2.25%, 03/16/35		176,645		180,290
0.45%, 03/20/37†		826,246		827,198
0.45%, 05/20/37†		358,709		358,429
7.95%, 02/20/38 IOW†		411,452		60,767
6.00%, 09/20/38		531,245		604,385
14.60%, 03/20/39 IOW†		124,744		16,615
16.82%, 01/20/40 IOW†		156,444		23,028
4.00%, 07/20/40 TBA		3,200,000		3,424,500
5.00%, 07/20/40		42,948		47,727
8.84%, 08/20/40 IOW†		261,604		49,268
5.00%, 09/20/40		169,774		188,635
6.00%, 10/20/40		67,848		76,311
6.00%, 01/20/41		80,931		91,173
4.50%, 04/20/41		853,295		934,556
4.50%, 07/20/41 TBA		600,000		655,148
7.67%, 10/16/41 IOW†		288,486		57,947
3.00%, 07/15/42 TBA		9,000,000		9,067,500
3.50%, 07/15/42 TBA		1,900,000		1,975,852
3.50%, 07/20/42 TBA		2,200,000		2,291,610
2.50%, 12/20/42		46,735		45,196
7.77%, 06/20/43 IOW†		550,914		112,659
0.00%, 08/16/43 IOW†@		404,008		61,523
6.73%, 12/20/43 IOW†		93,168		19,079
2.90%, 02/16/44		1,042,805		1,067,280
2.90%, 06/16/44		339,873		347,678
4.00%, 07/20/44 TBA		2,000,000		2,140,312
4.00%, 08/20/44 TBA		1,000,000		1,067,187
2.00%, 12/16/49		118,373		119,006
3.87%, 08/16/52 IOW†		870,112		57,795
4.62%, 06/16/55 IOW†		915,200		59,163
0.55%, 12/20/60†		428,091		425,112
0.63%, 03/20/61†		526,266		524,200
0.65%, 03/20/61†		337,476		336,414
0.50%, 12/20/62†		1,695,951		1,678,040
Granite Master Issuer PLC
0.29%, 12/20/54†		348,180		346,080
Granite Mortgages 03-3 PLC
0.71%, 01/20/44(E)†		118,114		161,597
0.91%, 01/20/44(U)†		35,858		61,247
GreenPoint Mortgage Funding Trust
0.33%, 01/25/37†		932,114		693,162
GS Mortgage Securities Trust
4.17%, 08/10/44 IO 144AW†		461,985		30,332
4.27%, 11/10/46		130,000		140,457
4.65%, 11/10/46		190,000		207,211
5.16%, 11/10/46†		150,000		165,187
GSMPS Mortgage Loan Trust
0.61%, 02/25/35 144A†		92,250		85,571
GSR Mortgage Loan Trust
2.66%, 09/25/35†		416,961		420,729


	Par		Value
Impac CMB Trust
0.87%, 10/25/34†	$	69,832	$	60,789
0.41%, 11/25/35†		770,743		605,804
IndyMac ARM Trust
1.72%, 01/25/32†		7,350		7,168
IndyMac INDX Mortgage Loan Trust
0.34%, 09/25/46†		1,018,991		875,070
JP Morgan Alternative Loan Trust
0.67%, 01/25/36†		377,838		345,717
JP Morgan Chase Commercial Mortgage Securities Trust
5.93%, 02/12/51†		300,000		336,561
6.08%, 02/12/51†		10,000		11,244
JP Morgan Mortgage Trust
2.95%, 02/25/35†		147,726		146,776
JPMBB Commercial Mortgage Securities Trust
4.42%, 11/15/45		220,000		236,362
5.25%, 11/15/45†		90,000		97,408
5.05%, 01/15/47†		50,000		54,572
LB Commercial Mortgage Trust
6.04%, 07/15/44†		688,431		763,318
6.09%, 07/15/44†		130,000		145,319
LB-UBS Commercial Mortgage Trust
0.00%, 06/15/36 IO 144AW†@		426,903		1,102
6.37%, 09/15/45†		70,000		79,738
Leek Finance Number Seventeen PLC
0.49%, 12/21/37(E)†		66,320		95,228
0.51%, 12/21/37 144A†		165,800		173,146
0.83%, 12/21/37(U)†		33,160		59,469
Leek Finance Number Eighteen PLC
0.47%, 09/21/38(E)†		50,036		71,188
0.49%, 09/21/38†		402,752		417,895
Lehman XS Trust
0.45%, 11/25/35†		564,955		496,012
Luminent Mortgage Trust
0.32%, 12/25/36†		2,263,201		1,767,040
0.35%, 02/25/46†		671,460		506,595
MASTR Adjustable Rate Mortgages Trust
2.40%, 05/25/34†		216,089		213,147
0.79%, 11/25/34†		339,214		335,704
2.62%, 11/25/35 144A†		848,113		620,499
Merrill Lynch Mortgage Investors Trust
1.05%, 11/25/29†		260,844		256,115
1.57%, 10/25/35†		59,038		58,332
ML-CFC Commercial Mortgage Trust
6.07%, 06/12/46†		1,395,570		1,501,929
Morgan Stanley Bank of America Merrill Lynch Trust
4.14%, 08/15/45 IO 144AW†		995,109		89,566
2.92%, 02/15/46		70,000		69,253
3.21%, 02/15/46		121,000		119,948
3.10%, 05/15/46		300,000		298,491
3.46%, 05/15/46		140,000		140,541

See Notes to Financial Statements.

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Morgan Stanley Capital I Trust
5.48%, 02/12/44†	$	50,000	$	54,734
PFP III 2014-1, Ltd.
4.25%, 06/14/31 144A†		460,000		463,902
Prime Mortgage Trust
5.50%, 05/25/35 144A		3,010,682		3,016,839
6.00%, 05/25/35 144A		2,608,824		2,663,730
Quadrivio Finance SRL
0.83%, 07/25/60(E)†		294,860		401,313
RBS Commercial Funding, Inc.
2013-GSP Trust
3.96%, 01/13/32 144A†		550,000		575,195
Reperforming Loan REMIC Trust
0.57%, 11/25/34 144A†		13,218		11,617
0.51%, 03/25/35 144A†		53,338		47,678
Sequoia Mortgage Trust
0.99%, 07/20/33†		137,801		129,794
Stru Cs-4579 Ai
6.22%, 07/30/34+ IOW†		2,800,000		211,312
Structured Adjustable Rate Mortgage Loan Trust
0.49%, 08/25/35†		276,034		264,004
Structured Asset Mortgage Investments II Trust
0.41%, 07/19/35†		175,924		159,942
Structured Asset Securities Corporation
0.50%, 06/25/35 144A†		165,411		133,989
Thornburg Mortgage Securities Trust
0.79%, 09/25/43†		20,325		19,983
2.24%, 04/25/45†		184,766		187,493
Thrones 2013-1 PLC
2.03%, 07/20/44(U)†		90,319		155,910
UBS-Barclays Commercial Mortgage Trust
3.32%, 12/10/45 144A		110,000		108,943
4.11%, 12/10/45 IO 144AW†		982,166		107,136
VNDO 2012-6AVE Mortgage Trust
3.00%, 11/15/30 144A		100,000		99,324
Wachovia Bank Commercial Mortgage Trust
5.38%, 12/15/43		140,000		152,294
Washington Mutual Mortgage Pass-Through Certificates
2.45%, 02/25/33†		11,262		11,190
2.19%, 02/25/37†		565,506		467,918
2.31%, 02/25/37†		379,260		321,475
1.52%, 06/25/42†		26,084		24,854
0.44%, 07/25/45†		267,720		252,917
0.88%, 04/25/47†		1,011,619		917,784
Wells Fargo Alternative Loan 2007-PA6 Trust
2.66%, 12/28/37†		1,207,899		1,005,042
Wells Fargo Commercial Mortgage Trust
4.34%, 08/15/50W†		3,090,000		289,340
Wells Fargo Mortgage Backed Securities 2005-AR13 Trust
5.24%, 05/25/35		114,730		116,703
Wells Fargo Mortgage Backed Securities 2005-AR2 Trust
2.61%, 03/25/35†		181,120		185,127


	Par		Value
Wells Fargo Mortgage-Backed Securities 2005-AR16 Trust
2.61%, 08/25/33†	$	279,804	$	286,575
WF-RBS Commercial Mortgage Trust
5.85%, 02/15/44 IO 144AW†		1,519,705		52,400
4.30%, 06/15/45 IO 144AW†		320,360		29,599
4.08%, 03/15/47 IOW†		1,087,397		90,581

Total Mortgage-Backed Securities (Cost $237,907,099)				240,625,170

MUNICIPAL BONDS — 0.9%
Alameda County Joint Powers Authority, Revenue Bond, Series Z
7.05%, 12/01/44		3,300,000		4,310,229
American Municipal Power, Inc., Hydroelectric Projects, Revenue Bond, Series B
8.08%, 02/15/50		300,000		451,842
American Municipal Power, Inc., Revenue Bond, Series E
6.27%, 02/15/50		250,000		307,795
Commonwealth of Puerto Rico, General Obligation, Series A
8.00%, 07/01/35		690,000		607,849
5.50%, 07/01/39		80,000		56,292
Commonwealth of Puerto Rico, General Obligation, Series A
6.00%, 07/01/34		10,000		7,439
5.25%, 07/01/37		20,000		14,144
5.00%, 07/01/41		10,000		6,941
5.75%, 07/01/41		10,000		7,220
Commonwealth of Puerto Rico, General Obligation, Series B
5.88%, 07/01/36		10,000		7,375
Commonwealth of Puerto Rico, General Obligation, Series C
6.00%, 07/01/39		10,000		7,325
Los Angeles Community College District, General Obligation, Series D
6.68%, 08/01/36		300,000		396,483
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bond, Series A
5.75%, 07/01/37		20,000		13,862
6.00%, 07/01/44		75,000		52,951
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Series C
5.25%, 08/01/40		10,000		8,897
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series A
5.25%, 08/01/27		5,000		4,316
5.50%, 08/01/28		30,000		26,034
6.13%, 08/01/29		5,000		4,614
0.00%, 08/01/32		50,000		39,983
0.00%, 08/01/33		25,000		14,656
5.50%, 08/01/37		30,000		23,875
5.75%, 08/01/37		35,000		28,586
5.38%, 08/01/39		5,000		3,881
6.38%, 08/01/39		5,000		4,353

See Notes to Financial Statements.


	Par		Value
5.50%, 08/01/42	$	60,000	$	46,884
6.00%, 08/01/42		10,000		8,252
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series A-1
5.00%, 08/01/43		10,000		7,213
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series C
0.00%, 08/01/37		10,000		1,395
6.00%, 08/01/39		20,000		16,787
5.25%, 08/01/41		40,000		30,225
State of California, General Obligation
7.95%, 03/01/36		165,000		201,300
7.55%, 04/01/39		85,000		127,867
State of Illinois, General Obligation
7.35%, 07/01/35		375,000		454,436

Total Municipal Bonds (Cost $6,762,619)				7,301,301


	Number of
	Contracts
PURCHASED OPTIONS — 0.0%
Call Options — 0.0%
Long U.S. Treasury Bond, Strike Price $138.00, Expires 07/30/14 (GSC)		15		9,375

	Notional
	Amount
U.S. Dollar vs. Japanese Yen, Strike Price $103.00, Expires 07/10/14 (DEUT)	$	65,400,000		326

				9,701


	Number of
	Contracts
Put Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $123.00, Expires 07/30/14 (JEFF)		15		703
10-Year U.S. Treasury Note, Strike Price $124.00, Expires 07/28/14 (JEFF)		15		2,578
Euro-BOBL, Strike Price $97.75, Expires 09/12/14 (ADV)		55		2,407
Euro-BOBL, Strike Price $98.63, Expires 12/31/14 (ADV)		48		5,400

				11,088


	Notional
	Amount
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price 3.45%, Expires 09/21/15 (RBS)	$	2,300,000		137,871
3-Month LIBOR, Strike Price 3.96%, Expires 05/1/15 (GSC)		15,300,000		202,226

				340,097

Total Purchased Options (Cost $651,447)				360,886


	Par		Value
U.S. TREASURY OBLIGATIONS — 29.8%
U.S. Treasury Bill
0.04%, 11/06/14	$	427,000	$	426,939

U.S. Treasury Bonds
3.63%, 08/15/43		4,500,000		4,754,178
3.75%, 11/15/43		9,890,000		10,682,743
3.63%, 02/15/44		3,200,000		3,377,501
3.38%, 05/15/44		2,710,000		2,728,631

				21,543,053

U.S. Treasury Floating Rate Note
0.09%, 04/30/16†		6,000,000		6,001,674

U.S. Treasury Inflationary Index Bonds
2.00%, 07/15/14		1,780,000		2,243,704
0.13%, 04/15/16		4,800,000		5,293,151
0.13%, 04/15/18		2,700,000		2,861,539
0.13%, 04/15/19		1,200,000		1,250,529
1.13%, 01/15/21		3,800,000		4,463,783
0.13%, 01/15/22		900,000		949,547
0.38%, 07/15/23		2,900,000		3,013,249
0.63%, 01/15/24		1,290,000		1,358,863
2.50%, 01/15/29		800,000		1,115,535
2.13%, 02/15/40		1,280,000		1,788,658
1.38%, 02/15/44		810,000		907,565

				25,246,123

U.S. Treasury Notes
0.25%, 09/30/15D		11,900,000		11,913,709
0.25%, 10/31/15D		3,191,000		3,193,993
0.38%, 02/15/16D		6,400,000		6,408,128
2.13%, 02/29/16		3,900,000		4,017,534
0.38%, 03/15/16D		8,600,000		8,605,547
0.38%, 03/31/16		34,100,000		34,109,309
2.25%, 03/31/16D		3,200,000		3,306,064
0.25%, 05/15/16		9,200,000		9,174,847
0.88%, 04/15/17D		110,000		110,275
0.75%, 10/31/17		3,120,000		3,090,263
1.38%, 06/30/18		1,430,000		1,433,408
1.50%, 08/31/18		1,410,000		1,417,490
1.50%, 12/31/18		1,520,000		1,520,950
1.63%, 04/30/19		30,510,000		30,570,776
1.50%, 05/31/19D		2,950,000		2,935,365
1.63%, 06/30/19		1,900,000		1,900,074
2.13%, 01/31/21		6,000,000		6,030,000
2.25%, 04/30/21		17,100,000		17,269,666
2.00%, 05/31/21		15,450,000		15,335,933
2.13%, 06/30/21		1,400,000		1,399,891
2.50%, 08/15/23		1,100,000		1,106,703
2.75%, 11/15/23D		850,000		871,283
2.75%, 02/15/24		26,200,000		26,797,675
2.50%, 05/15/24D		10,500,000		10,486,056

				203,004,939

U.S. Treasury STRIP
3.53%, 11/15/43W†D		540,000		194,244

Total U.S. Treasury Obligations (Cost $254,517,299)				256,416,972

See Notes to Financial Statements.

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Shares			Value
PREFERRED STOCKS — 0.1%
GMAC Capital Trust I, 8.125%, 02/15/40D* (Cost $592,347)		23,879		$	651,897

MONEY MARKET FUNDS — 20.4%
GuideStone Money Market Fund (Investor Class)¥		99,219,963			99,219,963
Northern Institutional Liquid Assets Portfolio§		76,619,111			76,619,111

Total Money Market Funds (Cost $175,839,074)					175,839,074

TOTAL INVESTMENTS — 117.7% (Cost $995,343,786)					1,013,177,279


	Number of
	Contracts
WRITTEN OPTIONS — (0.1)%
Call Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $126.00, Expires 08/25/14 (MLCS)		(18	)		(7,875	)
Euro-BOBL, Strike Price $97.88, Expires 12/12/14 (JEFF)		(77	)		(62,563	)
Long U.S. Treasury Bond, Strike Price $139.00, Expires 07/30/14 (MLCS)		(18	)		(5,906	)
Long U.S. Treasury Bond, Strike Price $139.00, Expires 08/25/14 (MLCS)		(21	)		(16,078	)

					(92,422	)

Put Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $123.00, Expires 08/25/14 (MLCS)		(18	)		(3,375	)
Euro-BOBL, Strike Price $97.50, Expires 09/12/14 (ADV)		(55	)		(687	)
Euro-BOBL, Strike Price $98.38, Expires 12/13/14 (ADV)		(48	)		(2,100	)
Long U.S. Treasury Bond, Strike Price $133.00, Expires 07/30/14 (MLCS)		(18	)		(1,406	)

	Notional
	Amount
U.S. Dollar vs. Japanese Yen, Strike Price $101.00, Expires 07/11/14 (DEUT)	$	(65,400,000	)		(1,708	)

					(9,276	)

Put Swaptions — (0.1)%
3-Month LIBOR, Strike Price 1.20%, Expires 09/03/14 (DEUT)		(17,200,000	)		(549	)
3-Month LIBOR, Strike Price 2.50%, Expires 08/25/14 (DEUT)		(20,300,000	)		(53,620	)
3-Month LIBOR, Strike Price 2.50%, Expires 09/21/15 (RBS)		(9,700,000	)		(146,935	)


	Notional
	Amount			Value
3-Month LIBOR, Strike Price 2.85%, Expires 08/25/14 (DEUT)	$	(14,700,000	)	$	(45,041	)
3-Month LIBOR, Strike Price 3.6%, Expires 05/12/15 (GSC)		(34,200,000	)		(212,922	)
3-Month LIBOR, Strike Price 4.25%, Expires 07/28/14 (RBS)+		(17,300,000	)		(467	)

					(459,534	)

Total Written Options (Premiums received $(1,086,496))					(561,232	)


	Par
SECURITY SOLD SHORT — (1.1)%
U.S. Treasury Note
1.63%, 08/15/22	$	(8,100,000	)		(7,691,201	)
2.75%, 11/15/23		(1,700,000	)		(1,742,567	)

Total Security Sold Short (Cost $(9,394,445))					(9,433,768	)

TBA SALE COMMITMENT — (1.4)%
Federal National Mortgage Association
3.00%, 07/01/42 TBA (Cost $(11,719,062))		(12,000,000	)		(11,854,691	)

Liabilities in Excess of Other Assets — (15.1)%					(130,298,103	)

NET ASSETS — 100.0%				$	861,029,485

PORTFOLIO SUMMARY (based on net assets)


	%
U.S. Treasury Obligations		29.8
Mortgage-Backed Securities		27.9
Money Market Funds		20.4
Corporate Bonds		17.0
Foreign Bonds		14.2
Agency Obligations		4.0
Asset-Backed Securities		2.2
Municipal Bonds		0.9
Foreign Government Inflation-Linked Bond		0.7
Loan Agreements		0.4
Foreign Government Inflation-Linked Note		0.1
Preferred Stocks		0.1
Purchased Options		—	**
Written Options		(0.1	)
Security Sold Short		(1.1	)
TBA Sale Commitments		(1.4	)

		115.1

**	Rounds to less than 0.005%.

See Notes to Financial Statements.

Swap agreements outstanding at June 30, 2014:


															Upfront
	Fixed														Premiums			Unrealized
	Deal			Maturity						Notional					Paid/			Appreciation
Reference Obligation	(Pay) Rate			Date		Counterparty		Currency		Amount		Market Value			(Received)			(Depreciation)
Credit Default Swaps on Corporate Issues — Buy Protection
CitiFinancial, 6.63% due 06/01/15		(0.15	)%		06/20/15		UBS		USD		300,000	$	146		$	—		$	146
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		950,000		(12,556	)		—			(12,556	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		460,000		(6,077	)		(2,054	)		(4,023	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		430,000		(6,338	)		(2,679	)		(3,659	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		250,000		(3,304	)		(1,655	)		(1,649	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		220,000		(3,243	)		(1,463	)		(1,780	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		210,000		(2,647	)		(1,469	)		(1,178	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		190,000		(2,799	)		(517	)		(2,282	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		190,000		(2,799	)		(657	)		(2,142	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		180,000		(2,653	)		(455	)		(2,198	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		140,000		(2,063	)		(789	)		(1,274	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		130,000		(1,915	)		(228	)		(1,687	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		120,000		(1,513	)		(1,739	)		226
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		120,000		(1,585	)		(772	)		(813	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		120,000		(1,585	)		(758	)		(827	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		120,000		(1,586	)		(1,542	)		(44	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		JPM		USD		120,000		(1,768	)		(407	)		(1,361	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		120,000		(1,769	)		(233	)		(1,536	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		80,000		(1,057	)		(1,217	)		160
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		80,000		(1,179	)		(332	)		(847	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		60,000		(793	)		(392	)		(401	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		60,000		(793	)		(376	)		(417	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		JPM		USD		60,000		(884	)		(233	)		(651	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		50,000		(661	)		(343	)		(318	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		40,000		(504	)		(530	)		26
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		BOA		USD		30,000		(397	)		(179	)		(218	)

See Notes to Financial Statements.

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


															Upfront
	Fixed														Premiums			Unrealized
	Deal			Maturity						Notional					Paid/			Appreciation
Reference Obligation	(Pay) Rate			Date		Counterparty		Currency		Amount		Market Value			(Received)			(Depreciation)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		BOA		USD		20,000	$	(264	)	$	(132	)	$	(132	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		20,000		(295	)		(39	)		(256	)
Peoples Republic of China, 4.25% due 10/28/14		(1.00	)%		06/20/19		JPM		USD		10,000		(132	)		(61	)		(71	)
Credit Suisse, Inc., 6.50%, due 01/15/12		(1.00	)%		09/20/20		GSC		USD		300,000		(5,626	)		4,812			(10,438	)

												$	(68,639	)	$	(16,439	)	$	(52,200	)


																	Upfront
	Implied			Fixed													Premiums		Unrealized
	Credit			Deal			Maturity						Notional				Paid/		Appreciation
Reference Obligation	Spread			(Pay) Rate			Date		Counterparty		Currency		Amount		Market Value		(Received)		(Depreciation)
Credit Default Swaps on Corporate Issues — Sell Protection
Federated Republic of Brazil, 12.50% due 03/06/30		1.08	%		(1.04	)%		05/20/17		DEUT		USD		1,000,000	$	7,197	$	—	$	7,197
GMAC LLC, 6.88% due 08/28/12		0.96	%		(3.53	)%		09/20/17		DEUT		USD		4,100,000		355,433		—		355,433
Republic of Italy, 6.875% due 09/27/33		0.92	%		1.00	%		06/20/19		HKSB		USD		100,000		414		899		(485	)
Republic of Italy, 6.875% due 09/27/33		0.92	%		1.00	%		09/20/19		CITI		USD		5,600,000		19,630		17,919		1,711

															$	382,674	$	18,818	$	363,856


															Upfront
	Fixed														Premiums			Unrealized
	Deal			Maturity						Notional					Paid/			Appreciation
Reference Obligation	(Pay) Rate			Date		Counterparty		Currency		Amount		Market Value			(Received)			(Depreciation)
Credit Default Swaps on Credit Indices — Buy Protection
Dow Jones CDX.NA.HY15 Index		(5.00	)%		12/20/15		CME		USD		2,090,000	$	(112,978	)	$	43,106		$	(156,084	)
Dow Jones CDX.NA.IG21 Index		(5.00	)%		12/20/18		CME		USD		1,800,000		(39,180	)		(31,533	)		(7,647	)

												$	(152,158	)	$	11,573		$	(163,731	)


																	Upfront
	Implied			Fixed													Premiums		Unrealized
	Credit			Deal			Maturity						Notional				Paid/		Appreciation
Reference Obligation	Spread			(Pay) Rate			Date		Counterparty		Currency		Amount		Market Value		(Received)		(Depreciation)
Credit Default Swaps on Credit Indices — Sell Protection
Dow Jones CDX.NA.IG16 Index		0.94	%		1.00	%		06/20/16		JPM		USD		4,825,000	$	78,166	$	7,989	$	70,177
Dow Jones CDX.NA.IG16 Index		0.97	%		1.00	%		06/20/16		BOA		USD		3,000,000		48,600		2,690		45,910
Dow Jones CDX.NA.IG16 Index		0.94	%		1.00	%		06/20/16		DEUT		USD		2,125,000		34,425		3,440		30,985
Dow Jones iTraxx		0.70	%		1.00	%		12/20/18		CME		EUR		1,350,000		37,253		25,758		11,495
Dow Jones CDX.NA.IG22 Index		0.58	%		1.00	%		06/20/19		CME		USD		5,900,000		118,812		98,607		20,205

															$	317,256	$	138,484	$	178,772

See Notes to Financial Statements.


															Upfront
	Fixed														Premiums			Unrealized
	Deal			Maturity						Notional					Paid/			Appreciation
Reference Obligation	(Pay) Rate			Date		Counterparty		Currency		Amount		Market Value			(Received)			(Depreciation)
Interest Rate Swaps
3-Month LIBOR		(1.00	)%		09/17/16		CME		USD		10,100,000	$	(64,091	)	$	(49,278	)	$	(14,813	)
Brazil CETIP Interbank Deposit		12.40	%		01/02/17		DEUT		BRL		2,760,000		26,013			—			26,013
Brazil CETIP Interbank Deposit		12.65	%		01/02/17		DEUT		BRL		1,810,000		21,042			—			21,042
Brazil CETIP Interbank Deposit		12.27	%		01/02/17		DEUT		BRL		1,620,000		13,351			—			13,351
3-Month KORIBOR		2.88	%		03/07/17		CITI		KRW		706,340,000		3,837			—			3,837
3-Month KLIBOR		(3.88	)%		11/14/18		DEUT		MYR		860,000		(333	)		—			(333	)
3-Month KLIBOR		(3.92	)%		11/19/18		CITI		MYR		960,000		283			—			283
3-Month KLIBOR		(3.97	)%		12/11/18		JPM		MYR		1,570,000		(345	)		—			(345	)
3-Month LIBOR		(2.25	)%		09/17/19		CME		USD		10,600,000		(219,368	)		(161,336	)		(58,032	)
3-Month LIBOR		2.56	%		10/20/20		CME		USD		2,800,000		103,054			11,262			91,792
3-Month LIBOR		2.75	%		09/17/21		CME		USD		4,800,000		150,763			115,013			35,750
3-Month LIBOR		2.65	%		07/31/23		CME		USD		6,200,000		144,209			—			144,209
3-Month KORIBOR		(3.45	)%		08/08/23		CITI		KRW		1,328,210,000		(52,234	)		—			(52,234	)
3-Month KORIBOR		(3.42	)%		08/13/23		JPM		KRW		391,340,000		(14,247	)		—			(14,247	)
3-Month KLIBOR		(4.49	)%		08/14/23		DEUT		MYR		220,000		(1,152	)		—			(1,152	)
3-Month KORIBOR		(3.49	)%		08/16/23		CITI		KRW		185,320,000		(7,616	)		—			(7,616	)
3-Month KORIBOR		(3.56	)%		08/19/23		JPM		KRW		228,920,000		(11,030	)		5			(11,035	)
3-Month KLIBOR		(4.33	)%		09/26/23		JPM		MYR		370,000		(303	)		—			(303	)
3-Month KLIBOR		(4.45	)%		11/15/23		CITI		MYR		600,000		(3,101	)		—			(3,101	)
6-Month WIBOR		(4.16	)%		11/28/23		CME		PLN		970,000		(21,769	)		—			(21,769	)
3-Month KORIBOR		(3.47	)%		12/23/23		CME		KRW		239,520,000		(9,548	)		—			(9,548	)
3-Month KORIBOR		(3.47	)%		12/23/23		JPM		KRW		114,310,000		(4,603	)		—			(4,603	)
3-Month KORIBOR		(3.47	)%		01/07/24		JPM		KRW		275,210,000		(11,627	)		—			(11,627	)
3-Month KORIBOR		(3.47	)%		01/07/24		CITI		KRW		172,160,000		(8,276	)		—			(8,276	)
3-Month KORIBOR		(3.47	)%		01/08/24		DEUT		KRW		137,280,000		(6,535	)		—			(6,535	)
3-Month KORIBOR		(3.48	)%		01/10/24		CITI		KRW		237,220,000		(10,098	)		—			(10,098	)
3-Month KORIBOR		(3.45	)%		01/13/24		JPM		KRW		71,390,000		(2,852	)		—			(2,852	)
3-Month KORIBOR		(3.47	)%		01/15/24		JPM		KRW		86,930,000		(3,000	)		—			(3,000	)
3-Month KORIBOR		(3.46	)%		01/16/24		JPM		KRW		87,250,000		(3,569	)		—			(3,569	)
3-Month KORIBOR		(3.45	)%		01/16/24		BOA		KRW		27,040,000		(1,080	)		—			(1,080	)
3-Month KORIBOR		(3.44	)%		01/17/24		JPM		KRW		119,775,000		(4,731	)		—			(4,731	)
3-Month KORIBOR		(3.38	)%		01/27/24		JPM		KRW		163,080,000		(5,426	)		—			(5,426	)
3-Month LIBOR		4.25	%		01/30/24		CME		USD		8,300,000		226,034			72,742			153,292
3-Month LIBOR		4.50	%		06/19/24		CME		USD		6,500,000		223,865			53,475			170,390
3-Month LIBOR		(3.00	)%		09/17/24		CME		GBP		8,500,000		(192,939	)		(129,541	)		(63,398	)
6-Month EURIBOR		2.00	%		09/17/24		CME		EUR		12,400,000		827,674			503,940			323,734
3-Month LIBOR		(1.63	)%		01/30/39		CME		USD		2,800,000		(5,198	)		(1,031	)		(4,167	)
3-Month LIBOR		(4.37	)%		01/30/39		CME		USD		2,800,000		(189,118	)		(59,500	)		(129,618	)
3-Month LIBOR		(3.00	)%		12/18/43		CME		USD		2,700,000		154,669			445,086			(290,417	)
6-Month EURIBOR		(2.75	)%		09/17/44		CME		EUR		5,000,000		(857,365	)		(604,001	)		(253,364	)

												$	183,240		$	196,836		$	(13,596	)

Upfront

Premiums

Unrealized

Maturity

Notional

Paid/

Appreciation

Reference Obligation

Date

Counterparty

Currency

Amount

Market Value

(Received)

(Depreciation)

Total Return Swap

Brazil Nota do Tesouro Nacional

04/10/15

DEUT

BRL

1,173,000

1,297,700

1,199,187

98,513

Total Swap agreements outstanding at June 30, 2014

1,960,073

1,548,459

411,614

See Notes to Financial Statements.

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, 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	$	34,596,150	$	—	$	34,596,150	$	—
Asset-Backed Securities		19,019,170		—		17,139,257		1,879,913
Corporate Bonds		146,184,931		—		144,343,390		1,841,541
Foreign Bonds:
Australia		4,464,929		—		4,464,929		—
Austria		1,709,332		—		1,709,332		—
Bermuda		745,607		—		745,607		—
Canada		2,838,556		—		2,838,556		—
Cayman Islands		4,216,864		—		4,216,864		—
Chile		603,014		—		603,014		—
Colombia		1,278,515		—		1,278,515		—
Dominican Republic		561,544		—		561,544		—
France		8,059,578		—		8,059,578		—
Germany		2,507,395		—		2,507,395		—
Honduras		222,923		—		222,923		—
Iceland		14		—		—		14
Indonesia		936,869		—		936,869		—
Israel		2,320,786		—		2,320,786		—
Italy		7,438,755		—		7,438,755		—
Japan		1,520,255		—		1,520,255		—
Jersey		247,853		—		247,853		—
Jordan		1,207,500		—		1,207,500		—
Luxembourg		3,923,725		—		3,923,725		—
Mexico		21,212,890		—		21,212,890		—
Netherlands		8,428,446		—		8,428,446		—
New Zealand		1,425,053		—		1,425,053		—
Norway		496,973		—		496,973		—
Poland		1,600,810		—		1,600,810		—
Puerto Rico		229,500		—		229,500		—
Russia		873,371		—		873,371		—
Singapore		316,466		—		316,466		—
Slovenia		1,665,514		—		1,665,514		—
South Africa		735,570		—		735,570		—
South Korea		3,618,226		—		3,618,226		—
Spain		12,011,987		—		12,011,987		—
Supranational		387,866		—		387,866		—
Sweden		1,586,053		—		1,586,053		—
Switzerland		806,347		—		806,347		—
Turkey		1,816,793		—		1,816,793		—
United Kingdom		12,609,062		—		12,609,062		—
Virgin Islands (British)		7,230,369		—		7,230,369		—
Foreign Government Inflation-Linked Bond		6,147,720		—		6,147,720		—
Foreign Government Inflation-Linked Note		969,834		—		—		969,834
Loan Agreement		3,208,864		—		3,208,864		—
Money Market Funds		175,839,074		175,839,074		—		—
Mortgage-Backed Securities		240,625,170		—		235,639,277		4,985,893
Municipal Bonds		7,301,301		—		7,301,301		—
Preferred Stocks		651,897		651,897		—		—
Purchased Options		360,886		20,463		340,423		—
U.S. Treasury Obligations		256,416,972		—		256,416,972		—

Total Assets — Investments in Securities	$	1,013,177,279	$	176,511,434	$	826,988,650	$	9,677,195

Other Financial Instruments***
Swap Agreements	$	1,960,073	$	—	$	662,373	$	1,297,700

Total Assets — Other Financial Instruments	$	1,960,073	$	—	$	662,373	$	1,297,700

See Notes to Financial Statements.


							Level 2			Level 3
	Total			Level 1			Other Significant			Significant
	Value			Quoted Prices			Observable Inputs			Unobservable Inputs
Liabilities:
Investments in Securities:
Security Sold Short	$	(9,433,768	)	$	—		$	(9,433,768	)	$	—
TBA Sale Commitment		(11,854,691	)		—			(11,854,691	)		—
Written Options		(561,232	)		(99,991	)		(461,241	)		—

Total Liabilities — Investments in Securities	$	(21,849,691	)	$	(99,991	)	$	(21,749,700	)	$	—

Other Financial Instruments***
Forward Foreign Currency Contracts	$	(88,722	)	$	67,760		$	(156,482	)	$	—
Futures Contracts		(361,685	)		(262,198	)		(99,487	)		—

Total Liabilities — Other Financial Instruments	$	(450,407	)	$	(194,438	)	$	(255,969	)	$	—

***

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

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


												Foreign
												Government
				Asset-								Inflation-		Mortgage-
	Total			Backed			Corporate			Foreign		Linked		Backed			Preferred			Swap		Written
	Value			Securities			Bonds			Bonds		Note		Securities			Stock			Agreement		Option
Balance, 12/31/13	$	10,579,728		$	1,885,701		$	1,506,297		$	14	$	—	$	4,716,402		$	2,652,000		$	—	$	(180,686	)
Accrued discounts/premiums		(3,226	)		3,332			(2,190	)		—		67		(4,435	)		—			—		—
Realized gain (loss)⁽¹⁾		1,562,626			1,013			(2,295	)		—		—		6,353			1,514,543			—		43,012
Change in unrealized appreciation (depreciation)⁽²⁾		(963,135	)		42,940			(25,077	)		—		15,749		(50,467	)		(1,231,367	)		98,513		186,574
Purchases		3,384,554			—			400,000			—		954,018		831,349			—			1,199,187		—
Sales		(3,239,207	)		—			—			—		—		(255,131	)		(2,935,176	)		—		(48,900	)
Transfers in to Level 3⁽³⁾		356,015			—			31,596			—		—		324,419			—			—		—
Transfers out of Level 3⁽⁴⁾		(575,196	)		—			—			—		—		(575,196	)		—			—		—
Maturities		—			—			—			—		—		—			—			—		—
Paydowns		(127,264	)		(53,073	)		(66,790	)		—		—		(7,401	)		—			—		—

Balance, 06/30/14	$	10,974,895		$	1,879,913		$	1,841,541		$	14	$	969,834	$	4,985,893		$	—		$	1,297,700	$	—

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

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

⁽³⁾	Transfers in to Level 3 represent the value of securities at June 30, 2014 that were transferred from Level 1 and Level 2 to Level 3 of the fair value hierarchy as a result of the inability of the Fund to obtain a price which was determined using observable inputs.

⁽⁴⁾	Transfers out of Level 3 represent the value of securities at June 30, 2014 that were transferred from Level 3 to Level 2 of the fair value hierarchy as a result of the ability of the Fund to obtain a price which was determined using observable inputs.

See Notes to Financial Statements.


EXTENDED-DURATION BOND FUND
SCHEDULE OF INVESTMENTS		June 30, 2014 (Unaudited)


	Par		Value
ASSET-BACKED SECURITY — 1.0%
Citibank Credit Card Issuance Trust
6.15%, 06/15/39 (Cost $3,086,864)	$	2,300,000	$	2,876,161

CORPORATE BONDS — 45.7%
AES Corporation
4.88%, 05/15/23D		60,000		59,700
Aflac, Inc.
6.45%, 08/15/40D		4,705,000		5,990,576
Alcatel-Lucent USA, Inc.
6.45%, 03/15/29		105,000		104,475
Alcoa, Inc.
5.87%, 02/23/22D		10,000		11,163
6.75%, 01/15/28		235,000		262,511
5.95%, 02/01/37D		85,000		86,377
Ally Financial, Inc.
8.00%, 11/01/31		177,000		227,002
Alta Wind Holdings LLC
7.00%, 06/30/35 144A		498,061		554,937
Andarko Holding Co.
7.15%, 05/15/28D		250,000		321,659
AT&T, Inc.
4.30%, 12/15/42		1,242,000		1,180,400
Bank of America Corporation
6.11%, 01/29/37		900,000		1,041,634
Bank of America NA
6.00%, 10/15/36		5,000,000		6,084,225
Barrick North America Finance LLC
5.70%, 05/30/41		3,634,000		3,758,799
Bruce Mansfield Unit
6.85%, 06/01/34		1,020,150		1,135,503
California Institute of Technology
4.70%, 11/01/11		4,030,000		3,922,544
CenturyLink, Inc.
6.45%, 06/15/21D		260,000		283,400
6.88%, 01/15/28		65,000		66,950
7.65%, 03/15/42D		295,000		297,212
Chesapeake Energy Corporation
6.63%, 08/15/20D		10,000		11,550
6.88%, 11/15/20D		15,000		17,475
2.75%, 11/15/35 CONVD		75,000		79,875
2.50%, 05/15/37 CONV		200,000		215,250
2.25%, 12/15/38 CONV		50,000		48,437
Ciena Corporation
3.75%, 10/15/18 CONV 144A		155,000		213,609
Citigroup, Inc.
8.13%, 07/15/39		3,584,000		5,397,214
Comcast Corporation
4.50%, 01/15/43D		1,460,000		1,494,437
Continental Airlines 1999-2 Class B Pass Through Trust
7.57%, 09/15/21		34,020		36,742
Continental Airlines 2000-2 Class B Pass Through Trust
8.31%, 10/02/19		89,269		96,411
Corning, Inc.
7.25%, 08/15/36		850,000		1,085,663


	Par		Value
Cummins, Inc.
5.65%, 03/01/98	$	1,620,000	$	1,843,419
Darden Restaurants, Inc.
6.00%, 08/15/35D		990,000		1,025,544
DCP Midstream LLC
6.45%, 11/03/36 144A		490,000		560,784
Dillard’s, Inc.
7.00%, 12/01/28D		500,000		522,500
Dow Chemical Co.
9.40%, 05/15/39		920,000		1,512,284
Foot Locker, Inc.
8.50%, 01/15/22D		1,000,000		1,225,000
Ford Motor Co.
4.25%, 11/15/16 CONV		175,000		350,547
6.63%, 10/01/28		680,000		843,656
6.38%, 02/01/29		1,255,000		1,496,918
General Electric Capital Corporation
6.75%, 03/15/32		2,000,000		2,645,798
6.15%, 08/07/37		3,000,000		3,738,834
5.88%, 01/14/38		150,000		182,607
Goldman Sachs Group, Inc.
6.75%, 10/01/37		500,000		603,429
HCA, Inc.
7.58%, 09/15/25		1,000,000		1,120,000
7.05%, 12/01/27		500,000		520,000
HSBC Bank USA NA
7.00%, 01/15/39		4,748,000		6,469,976
Intel Corporation
3.25%, 08/01/39 CONVD		1,155,000		1,783,759
International Lease Finance Corporation
5.88%, 08/15/22D		5,000		5,475
International Paper Co.
8.70%, 06/15/38D		2,643,000		3,992,059
iStar Financial, Inc.
3.00%, 11/15/16 CONV		95,000		134,841
7.13%, 02/15/18		180,000		200,700
4.88%, 07/01/18		100,000		100,750
Jefferies Group LLC
6.45%, 06/08/27		50,000		56,985
3.88%, 11/01/29 CONV		65,000		69,753
6.25%, 01/15/36		185,000		194,522
6.50%, 01/20/43		1,990,000		2,202,614
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		385,000		324,608
5.60%, 07/15/41		5,000,000		5,885,935
KB Home
1.38%, 02/01/19 CONV		30,000		30,300
Kinder Morgan Energy Partners LP
5.80%, 03/15/35D		280,000		309,245
Kraft Foods Group, Inc.
6.88%, 01/26/39		2,268,000		2,976,292
6.50%, 02/09/40		1,000,000		1,272,538
Liberty Mutual Group, Inc.
6.50%, 03/15/35 144A		1,400,000		1,725,447
Macy’s Retail Holdings, Inc.
6.38%, 03/15/37		240,000		299,419
Masco Corporation
7.75%, 08/01/29D		275,000		325,327
6.50%, 08/15/32		55,000		58,437
Mead Corporation
7.55%, 03/01/47@		515,000		615,565

See Notes to Financial Statements.


	Par		Value
MetLife, Inc.
5.88%, 02/06/41	$	2,675,000	$	3,309,293
6.40%, 12/15/66D		310,000		347,975
Morgan Stanley
4.75%, 11/16/18(A)		295,000		284,197
4.10%, 05/22/23		300,000		304,888
6.25%, 08/09/26		600,000		734,884
Motorola Solutions, Inc.
6.63%, 11/15/37		46,000		49,859
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		100,000		123,747
New Albertsons, Inc.
7.45%, 08/01/29		55,000		52,387
8.70%, 05/01/30		25,000		25,125
8.00%, 05/01/31		295,000		289,100
Old Republic International Corporation
3.75%, 03/15/18 CONVD		2,255,000		2,817,341
Owens Corning
7.00%, 12/01/36		2,360,000		2,884,302
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		1,750,000		2,364,696
Prudential Financial, Inc.
6.63%, 06/21/40		3,912,000		5,130,662
5.63%, 05/12/41		987,000		1,155,636
PulteGroup, Inc.
6.38%, 05/15/33		1,000,000		1,010,000
Qwest Corporation
7.25%, 09/15/25D		490,000		577,431
6.88%, 09/15/33D		2,250,000		2,274,714
RPM International, Inc.
2.25%, 12/15/20 CONVD		22,000		27,459
RR Donnelley & Sons Co.
7.00%, 02/15/22		285,000		315,637
SandRidge Energy, Inc.
7.50%, 02/15/23		350,000		381,500
Sempra Energy
6.00%, 10/15/39		991,000		1,234,061
SLM Corporation
5.00%, 06/15/18		335,000		336,675
5.63%, 08/01/33		1,460,000		1,261,075
Sprint Capital Corporation
6.90%, 05/01/19D		30,000		33,225
6.88%, 11/15/28		1,025,000		1,040,375
8.75%, 03/15/32D		20,000		23,200
Sprint Communications, Inc.
6.00%, 11/15/22D		25,000		25,625
Textron, Inc.
6.63%, 04/07/20(U)		160,000		313,967
Toro Co.
6.63%, 05/01/37@		300,000		343,349
United Air Lines 2014-1 Class A Pass Through Trust
4.00%, 10/11/27D		115,000		117,738
University of Pennsylvania
4.67%, 09/01/12		3,370,000		3,376,433
University of Southern California
5.25%, 10/01/11		2,779,000		3,371,711
US Airways 2012-1 Class A Pass Through Trust
5.90%, 04/01/26D		426,465		480,840
US Airways 2012-2 Class A Pass Through Trust
4.63%, 12/03/26		291,552		310,321


	Par		Value
Valeant Pharmaceuticals International
6.38%, 10/15/20 144A	$	310,000	$	330,537
Verizon Communications, Inc.
6.00%, 04/01/41D		2,770,000		3,255,969
6.55%, 09/15/43		878,000		1,108,960
Verizon Maryland, Inc.
5.13%, 06/15/33D		150,000		153,297
Wal-Mart Stores, Inc.
4.30%, 04/22/44		2,154,000		2,184,630
WellPoint, Inc.
6.38%, 06/15/37		1,208,000		1,523,017
Wells Fargo & Co.
5.61%, 01/15/44D		4,912,000		5,649,100
Weyerhaeuser Co.
6.88%, 12/15/33D		580,000		760,441

Total Corporate Bonds (Cost $113,476,879)				133,006,976

FOREIGN BONDS — 21.2%
Australia — 3.0%
Barrick PD Australia Finance Propriety, Ltd.
5.95%, 10/15/39D		2,870,000		3,022,836
BHP Billiton Finance (USA), Ltd.
5.00%, 09/30/43D		1,439,000		1,596,735
New South Wales Treasury Corporation
6.00%, 02/01/18(A)		730,000		759,256
Queensland Treasury Corporation
5.75%, 11/21/14(A)		60,000		57,260
Rio Tinto Finance USA, Ltd.
5.20%, 11/02/40		2,946,000		3,269,524

				8,705,611

Brazil — 0.4%
Brazilian Government International Bond
10.25%, 01/10/28(B)		2,525,000		1,205,646

Canada — 5.0%
Bombardier, Inc.
6.00%, 10/15/22 144AD		745,000		764,556
Canada Generic Residual STRIP
2.44%, 06/01/25(C)W†		3,685,000		2,662,055
Glencore Finance Canada, Ltd.
6.00%, 11/15/41 144A		3,591,000		3,976,867
Ontario Generic Residual STRIP
3.80%, 03/08/29(C)W†		4,600,000		2,502,334
Saskatchewan Residual STRIP
2.71%, 02/04/22(C)W†		3,000,000		2,222,640
Talisman Energy, Inc.
6.25%, 02/01/38D		450,000		524,966
TransCanada PipeLines, Ltd.
6.20%, 10/15/37		1,541,000		1,957,018

				14,610,436

Cayman Islands — 0.6%
XLIT, Ltd.
6.25%, 05/15/27D		1,530,000		1,828,093

See Notes to Financial Statements.

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Ireland — 0.1%
eircom Finance, Ltd.
9.25%, 05/15/20 144A(E)D	$	200,000	$	310,147

Italy — 0.6%
Telecom Italia Capital SA
6.38%, 11/15/33D		755,000		783,312
6.00%, 09/30/34D		1,010,000		1,017,575

				1,800,887

Luxembourg — 0.5%
ArcelorMittal
7.50%, 10/15/39		215,000		237,306
7.25%, 03/01/41D		975,000		1,040,813

				1,278,119

Malaysia — 0.1%
Telekom Malaysia Bhd
7.88%, 08/01/25 144A		225,000		298,354

Mexico — 1.0%
America Movil SAB de CV
6.45%, 12/05/22(M)		2,600,000		199,733
Mexican Bonos
8.00%, 12/07/23(M)		21,300,000		1,921,392
10.00%, 12/05/24(M)		2,500,000		257,791
7.50%, 06/03/27(M)		3,500,000		306,712
8.50%, 05/31/29(M)		500,000		47,176
7.75%, 05/29/31(M)		1,000,000		88,334

				2,821,138

Netherlands — 4.1%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
5.25%, 05/24/41		1,023,000		1,144,552
5.75%, 12/01/43		2,750,000		3,180,985
EDP Finance BV
4.90%, 10/01/19 144A		500,000		530,050
Enel Finance International NV
6.80%, 09/15/37 144A		100,000		122,418
6.00%, 10/07/39 144A		2,210,000		2,526,680
Koninklijke Philips Electronics NV
6.88%, 03/11/38		3,250,000		4,376,135

				11,880,820

New Zealand — 0.3%
New Zealand Government Bond
5.00%, 03/15/19(Z)		945,000		859,660

Norway — 0.5%
Norway Government Bond
5.00%, 05/15/15(K)		540,000		90,832
4.25%, 05/19/17(K)		7,670,000		1,348,790

				1,439,622

Spain — 0.9%
Autonomous Community of Madrid Spain
4.30%, 09/15/26(E)		285,000		423,192
Telefonica Emisiones SA Unipersonal
5.13%, 04/27/20		75,000		83,847
7.05%, 06/20/36D		1,720,000		2,200,644

				2,707,683


	Par		Value
Supranational — 1.0%
Inter-American Development Bank
6.00%, 12/15/17(Z)	$	3,115,000	$	2,848,377

United Kingdom — 3.1%
Barclays Bank PLC
3.68%, 08/20/15(W)		740,000,000		745,332
HBOS PLC
6.00%, 11/01/33 144A		925,000		1,035,599
Rio Tinto Finance USA PLC
4.13%, 08/21/42D		2,013,000		1,899,346
Standard Chartered PLC
5.70%, 03/26/44 144AD		4,985,000		5,242,231

				8,922,508

Total Foreign Bonds (Cost $52,979,027)				61,517,101

MORTGAGE-BACKED SECURITY — 0.4%
Community Program Loan Trust
4.50%, 04/01/29 (Cost $1,030,388)		1,143,031		1,153,768

MUNICIPAL BONDS — 17.4%
Austin Water & Wastewater System, Revenue Bond, Series A
5.00%, 11/15/43		1,250,000		1,373,812
Bay Area Toll Authority, Revenue Bond, Series S-4
5.00%, 04/01/43		1,395,000		1,516,309
5.13%, 04/01/48		510,000		553,523
California Educational Facilities Authority, Stanford University, Revenue Bond
5.25%, 04/01/40		3,690,000		4,816,963
Cook County Community College District No. 508, General Obligation
5.25%, 12/01/43		325,000		351,289
Grand Parkway Transportation Corporation, Revenue Bond, Series B
5.25%, 10/01/51		6,415,000		7,029,172
Los Angeles Department of Water & Power, Revenue Bond, Series B
5.00%, 07/01/43		2,405,000		2,646,998
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bond, Series B (AGM Insured)
5.39%, 06/15/45W†		9,800,000		1,976,856
5.40%, 06/15/46W†		1,240,000		235,315
5.41%, 06/15/47W†		400,000		71,596
Metropolitan Transportation Authority, Revenue Bond, Series A-1
5.25%, 11/15/39		1,840,000		2,057,764
Miami-Dade County Water & Sewer System, Revenue Bond, Series A
5.00%, 10/01/42		2,030,000		2,183,062

See Notes to Financial Statements.


	Par		Value
New York City Transitional Finance Authority, Revenue Bond, Sub-Series A-1
5.00%, 11/01/38	$	2,080,000	$	2,315,872
New York City Water & Sewer System, Revenue Bond, Series FF
5.00%, 06/15/45		1,190,000		1,292,269
New York State Dormitory Authority, Revenue Bond, Series A
5.00%, 03/15/43		2,210,000		2,442,713
Ohio State Turnpike Commission, Revenue Bond, Series A-2
4.67%, 02/15/36W†		925,000		357,235
4.69%, 02/15/37W†		1,635,000		598,933
4.71%, 02/15/38W†		1,995,000		692,624
4.77%, 02/15/40W†		1,670,000		524,831
4.82%, 02/15/41W†		1,585,000		474,866
4.83%, 02/15/42W†		1,200,000		342,684
4.85%, 02/15/43W†		830,000		225,876
Omaha Public Power District, Revenue Bond, Series A
5.00%, 02/01/42		1,475,000		1,619,049
Philadelphia Water & Wastewater, Revenue Bond, Series A
5.13%, 01/01/43		380,000		412,053
San Bernardino Community College District, General Obligation, Series B
5.50%, 08/01/48W†		2,845,000		491,417
Southwestern Community College District, General Obligation, Series C
5.27%, 08/01/46W†		3,975,000		830,815
State of California, General Obligation
5.00%, 02/01/43		1,775,000		1,955,571
5.00%, 04/01/43		2,000,000		2,206,760
State of Illinois, General Obligation
5.10%, 06/01/33		635,000		638,632
State of Illinois, General Obligation, Series B
5.52%, 04/01/38		425,000		430,002
University of California, Revenue Bond, Series AD
4.86%, 05/15/12		4,912,000		4,948,054
University of California, Revenue Bond, Series AI
5.00%, 05/15/38		405,000		453,900
University of Utah, Revenue Bond, Series A
5.00%, 08/01/43		1,545,000		1,720,048
Westside Union School District, General Obligation, Series B
5.34%, 08/01/40W†		1,600,000		449,312
5.31%, 08/01/45W†		2,170,000		471,910

Total Municipal Bonds (Cost $45,042,756)				50,708,085


	Par		Value
U.S. TREASURY OBLIGATIONS — 10.2%
U.S. Treasury Bonds
2.75%, 11/15/42D	$	1,200,000	$	1,071,469
2.88%, 05/15/43		4,055,000		3,706,521
3.63%, 08/15/43		795,000		839,905
3.75%, 11/15/43D		5,997,300		6,478,020
3.63%, 02/15/44D		5,869,000		6,194,547

				18,290,462

U.S. Treasury Note
0.25%, 02/29/16D		2,460,000		2,457,791

U.S. Treasury STRIP
3.52%, 08/15/42W†D		23,793,600		9,013,230

Total U.S. Treasury Obligations (Cost $28,335,319)				29,761,483

	Shares
PREFERRED STOCKS — 0.2%
Ally Financial, Inc.,
7.00%, 12/31/49 144A		82		82,208
Chesapeake Energy Corporation,
5.00%, 12/31/49 CONVD		620		64,108
Chesapeake Energy Corporation,
5.75%, 12/31/49 CONV 144A		80		101,350
El Paso Energy Capital Trust I,
4.75%, 03/31/28 CONVD		5,350		295,855

Total Preferred Stocks (Cost $367,852)				543,521

MONEY MARKET FUNDS — 13.5%
GuideStone Money Market Fund
(Investor Class)¥		8,079,634		8,079,634
Northern Institutional Liquid
Assets Portfolio§		31,264,565		31,264,565

Total Money Market Funds (Cost $39,344,199)				39,344,199

TOTAL INVESTMENTS — 109.6% (Cost $283,663,284)				318,911,294
Liabilities in Excess of Other Assets — (9.6)%				(27,959,426	)

NET ASSETS — 100.0%			$	290,951,868

See Notes to Financial Statements.

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

PORTFOLIO SUMMARY(based on net assets)


	%
Corporate Bonds		45.7
Foreign Bonds		21.2
Municipal Bonds		17.4
Money Market Funds		13.5
U.S. Treasury Obligations		10.2
Asset-Backed Security		1.0
Mortgage-Backed Security		0.4
Preferred Stocks		0.2

		109.6

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


					Level 2		Level 3
	Total		Level 1		Other Significant		Significant
	Value		Quoted Prices		Observable Inputs		Unobservable Inputs
Assets:
Investments in Securities:
Asset-Backed Security	$	2,876,161	$	—	$	2,876,161	$	—
Corporate Bonds		133,006,976		—		130,829,423		2,177,553
Foreign Bonds		61,517,101		—		61,517,101		—
Money Market Funds		39,344,199		39,344,199		—		—
Mortgage-Backed Security		1,153,768		—		1,153,768		—
Municipal Bonds		50,708,085		—		50,708,085		—
Preferred Stocks		543,521		461,313		—		82,208
U.S. Treasury Obligations		29,761,483		—		29,761,483		—

Total Assets — Investments in Securities	$	318,911,294	$	39,805,512	$	276,846,021	$	2,259,761

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2014.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ending June 30, 2014.

See Notes to Financial Statements.


GLOBAL BOND FUND
SCHEDULE OF INVESTMENTS		June 30, 2014 (Unaudited)


	Par		Value
CORPORATE BONDS — 34.7%
24 Hour Holdings III LLC
8.00%, 06/01/22 144AD	$	50,000	$	50,000
Acadia Healthcare Co., Inc.
12.88%, 11/01/18		106,000		127,200
5.13%, 07/01/22 144A		110,000		110,825
Access Midstream Partners LP
6.13%, 07/15/22		150,000		166,500
4.88%, 05/15/23		360,000		381,150
Activision Blizzard, Inc.
5.63%, 09/15/21 144A		70,000		75,600
6.13%, 09/15/23 144A		60,000		66,150
AES Corporation
8.00%, 06/01/20		350,000		422,625
7.38%, 07/01/21D		170,000		199,750
4.88%, 05/15/23D		1,710,000		1,701,450
Alcatel-Lucent USA, Inc.
6.45%, 03/15/29		275,000		273,625
Alcoa, Inc.
5.87%, 02/23/22D		5,000		5,582
5.90%, 02/01/27D		825,000		884,414
6.75%, 01/15/28		1,380,000		1,541,555
5.95%, 02/01/37D		65,000		66,053
Ally Financial, Inc.
6.75%, 12/01/14		399,000		408,227
5.50%, 02/15/17		70,000		75,994
8.00%, 12/31/18		104,000		123,760
3.50%, 01/27/19D		1,000,000		1,012,200
8.00%, 03/15/20		200,000		243,500
7.50%, 09/15/20D		415,000		501,631
8.00%, 11/01/31		345,000		442,462
American Axle & Manufacturing, Inc.
7.75%, 11/15/19		70,000		81,025
6.25%, 03/15/21		30,000		32,400
6.63%, 10/15/22D		150,000		165,000
American International Group, Inc.
5.45%, 05/18/17		25,000		27,909
Anadarko Petroleum Corporation
5.95%, 09/15/16		10,000		11,081
6.38%, 09/15/17		80,000		92,175
Appvion, Inc.
9.00%, 06/01/20 144A		210,000		209,738
Arch Coal, Inc.
9.88%, 06/15/19D		400,000		343,000
AT&T, Inc.
3.88%, 08/15/21		60,000		63,931
Atlas Pipeline Partners LP
4.75%, 11/15/21		110,000		108,350
Atrium Windows & Doors, Inc.
7.75%, 05/01/19 144AD		565,000		573,475
Atwood Oceanics, Inc.
6.50%, 02/01/20		180,000		192,825
Ball Corporation
5.75%, 05/15/21		380,000		406,125
Bank of America Corporation
5.49%, 03/15/19D		100,000		112,681
4.00%, 04/01/24		100,000		102,258
6.11%, 01/29/37		1,300,000		1,504,582
5.20%, 12/29/49†D		550,000		529,375


	Par		Value
Barrick North America Finance LLC
5.75%, 05/01/43D	$	1,000,000	$	1,039,597
Beazer Homes USA, Inc.
7.25%, 02/01/23D		50,000		52,062
Best Buy Co., Inc.
5.00%, 08/01/18D		3,455,000		3,640,706
Calpine Corporation
7.88%, 01/15/23 144AD		348,000		389,760
Calumet Specialty Products Partners LP
6.50%, 04/15/21 144A		230,000		235,750
CBS Outdoor Americas Capital LLC
5.25%, 02/15/22 144A		40,000		41,200
5.63%, 02/15/24 144A		40,000		41,400
CCO Holdings LLC
7.00%, 01/15/19D		230,000		243,225
6.50%, 04/30/21		100,000		106,875
Cemex Finance LLC
9.38%, 10/12/22		550,000		649,688
Centene Corporation
4.75%, 05/15/22		100,000		101,625
Century Intermediate Holding Co. 2
PIK 9.75%, 02/15/19 144A		130,000		139,262
CenturyLink, Inc.
7.60%, 09/15/39		755,000		761,606
Chesapeake Energy Corporation
6.63%, 08/15/20		5,000		5,775
6.88%, 11/15/20D		75,000		87,375
6.13%, 02/15/21		140,000		157,500
2.75%, 11/15/35 CONV		110,000		117,150
2.50%, 05/15/37 CONV		290,000		312,112
2.25%, 12/15/38 CONVD		925,000		896,094
Chrysler Group LLC
8.25%, 06/15/21		200,000		227,000
Ciena Corporation
0.88%, 06/15/17 CONVD		1,940,000		1,932,725
3.75%, 10/15/18 CONV 144A		415,000		571,922
Cimarex Energy Co.
4.38%, 06/01/24		90,000		91,912
Cincinnati Bell Telephone Co. LLC
6.30%, 12/01/28		155,000		150,350
CIT Group, Inc.
5.00%, 08/15/22		500,000		519,375
5.00%, 08/01/23		670,000		687,587
Citigroup, Inc.
3.50%, 05/15/23		1,305,000		1,272,743
5.35%, 04/29/49†		360,000		346,978
6.30%, 12/29/49†		370,000		378,553
Cleaver-Brooks, Inc.
8.75%, 12/15/19 144A		110,000		123,612
Cliffs Natural Resources, Inc.
3.95%, 01/15/18D		200,000		202,832
6.25%, 10/01/40D		1,920,000		1,666,710
Cogent Communications Group, Inc.
8.38%, 02/15/18 144A		410,000		439,725
Colorado Interstate Gas Co. LLC
5.95%, 03/15/15		20,000		20,756

See Notes to Financial Statements.

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
6.80%, 11/15/15	$	125,000	$	135,613
Comcast Corporation
5.15%, 03/01/20		170,000		195,054
Compiler Finance Sub, Inc.
7.00%, 05/01/21 144A		40,000		40,800
Concho Resources, Inc.
5.50%, 10/01/22		520,000		562,250
ConocoPhillips
6.50%, 02/01/39		20,000		26,915
CONSOL Energy, Inc.
8.25%, 04/01/20		621,000		675,337
Continental Airlines 2007-1 Class A Pass Through Trust
5.98%, 10/19/23		459,298		514,414
Continental Airlines 2009-1 Pass Through Trust
9.00%, 01/08/18		968,721		1,094,655
Countrywide Financial Corporation
6.25%, 05/15/16		280,000		305,678
Crestview DS Merger Sub II, Inc.
10.00%, 09/01/21 144A		265,000		297,462
CSC Holdings LLC
6.75%, 11/15/21		210,000		231,788
CST Brands, Inc.
5.00%, 05/01/23		170,000		170,850
CTR Partnership LP
5.88%, 06/01/21 144A		70,000		70,875
Cummins, Inc.
5.65%, 03/01/98		860,000		978,605
Curtis Palmer LLC
5.90%, 07/15/14 144A		360,000		360,564
D.R. Horton, Inc.
4.38%, 09/15/22		1,405,000		1,399,731
DaVita HealthCare Partners, Inc.
5.13%, 07/15/24		90,000		90,731
Delta Air Lines 2007-1 Class B Pass Through Trust
8.02%, 02/10/24		67,124		78,535
Dillard’s, Inc.
7.75%, 07/15/26D		890,000		994,575
DISH DBS Corporation
5.88%, 07/15/22 144A		600,000		652,500
DJO Finance LLC
8.75%, 03/15/18		400,000		432,000
Dynegy Holdings Escrow
0.00%, 06/01/19+W†#		893,000		—
Eagle Spinco, Inc.
4.63%, 02/15/21		520,000		518,700
El Paso LLC
7.75%, 01/15/32		80,000		88,000
El Paso Natural Gas Co. LLC
8.63%, 01/15/22		90,000		117,866
8.38%, 06/15/32		75,000		105,359
Embarq Corporation
8.00%, 06/01/36		995,000		1,092,012
Energy Future Holdings DIP Term
0.00%, 06/19/16		847,944		853,091
Enterprise Products Operating LLC
8.38%, 08/01/66†		60,000		67,569


	Par		Value
ERAC USA Finance LLC
7.00%, 10/15/37 144AD	$	1,065,000	$	1,400,042
Erickson, Inc.
8.25%, 05/01/20D		250,000		258,125
ExamWorks Group, Inc.
9.00%, 07/15/19		60,000		66,300
EXCO Resources, Inc.
8.50%, 04/15/22D		60,000		64,950
Exterran Partners
6.00%, 10/01/22 144A		90,000		91,800
First Cash Financial Services, Inc.
6.75%, 04/01/21 144A		40,000		42,700
First Data Corporation
12.63%, 01/15/21		320,000		394,800
First Quality Finance Co., Inc.
4.63%, 05/15/21 144A		30,000		28,500
First Wind Capital LLC
10.25%, 06/01/18 144A		150,000		160,875
FirstEnergy Corporation
7.38%, 11/15/31		185,000		219,209
Florida East Coast Holdings Corporation
6.75%, 05/01/19 144AD		140,000		148,225
9.75%, 05/01/20 144AD		120,000		127,350
Ford Motor Co.
4.25%, 11/15/16 CONV		830,000		1,662,594
6.63%, 10/01/28		850,000		1,054,570
Fresenius Medical Care US Finance, Inc.
5.75%, 02/15/21 144A		750,000		823,125
Fresenius US Finance II, Inc.
8.75%, 07/15/15 144A(E)		30,000		44,445
Frontier Communications Corporation
7.88%, 01/15/27		405,000		420,694
FTS International, Inc.
6.25%, 05/01/22 144A		110,000		113,025
General Electric Capital Corporation
7.63%, 12/10/14(Z)		1,025,000		912,286
4.88%, 03/04/15		370,000		381,639
6.50%, 09/28/15(Z)		255,000		229,247
6.75%, 09/26/16(Z)		150,000		136,392
3.15%, 09/07/22		330,000		332,101
6.75%, 03/15/32		30,000		39,687
General Motors Financial Co., Inc.
2.75%, 05/15/16 144A		10,000		10,169
GenOn REMA LLC
9.68%, 07/02/26		300,000		326,250
Georgia-Pacific LLC
8.88%, 05/15/31		605,000		909,388
Goldman Sachs Group, Inc.
2.90%, 07/19/18		130,000		134,063
4.75%, 10/12/21(E)		150,000		234,489
6.75%, 10/01/37		355,000		428,435
Goodyear Tire & Rubber Co.
7.00%, 03/15/28D		690,000		733,125
Griffon Corporation
5.25%, 03/01/22 144AD		950,000		943,825
GTP Acquisition Partners I LLC
7.63%, 06/15/16 144A		150,000		159,340

See Notes to Financial Statements.

100


	Par		Value
Guitar Center, Inc.
9.63%, 04/15/20 144AD	$	200,000	$	191,000
Gulfmark Offshore, Inc.
6.38%, 03/15/22		220,000		229,900
Halcon Resources Corporation
8.88%, 05/15/21		270,000		291,600
9.25%, 02/15/22D		1,440,000		1,573,200
HCA, Inc.
7.19%, 11/15/15		205,000		220,888
7.50%, 12/15/23		770,000		868,175
8.36%, 04/15/24		90,000		107,325
7.69%, 06/15/25		815,000		922,987
7.58%, 09/15/25		715,000		800,800
7.05%, 12/01/27		20,000		20,800
7.50%, 11/06/33		205,000		219,862
7.75%, 07/15/36D		120,000		128,400
Hercules Offshore, Inc.
10.25%, 04/01/19 144A		50,000		55,125
8.75%, 07/15/21 144A		775,000		823,438
7.50%, 10/01/21 144AD		1,885,000		1,880,288
Hercules, Inc.
6.50%, 06/30/29		250,000		228,750
Hexion US Finance Corporation
6.63%, 04/15/20		160,000		170,400
9.00%, 11/15/20D		185,000		189,625
Hiland Partners LP
7.25%, 10/01/20 144A		100,000		109,500
Hilton Worldwide Finance LLC
5.63%, 10/15/21 144A		180,000		191,588
HJ Heinz Co.
4.25%, 10/15/20D		70,000		70,525
Howard Hughes Corporation
6.88%, 10/01/21 144A		140,000		150,500
IASIS Healthcare LLC
8.38%, 05/15/19		520,000		555,750
Idearc, Inc. Escrow
0.00%, 11/15/16+W†#		185,000		—
Intel Corporation
2.95%, 12/15/35 CONVD		580,000		722,462
3.25%, 08/01/39 CONVD		460,000		710,415
Interactive Data Corporation
5.88%, 04/15/19 144AD		50,000		51,000
International Lease Finance Corporation
3.88%, 04/15/18		10,000		10,269
6.25%, 05/15/19		75,000		84,187
4.63%, 04/15/21D		300,000		310,312
5.88%, 08/15/22D		230,000		251,850
iStar Financial, Inc.
6.05%, 04/15/15		20,000		20,750
3.88%, 07/01/16D		30,000		30,675
3.00%, 11/15/16 CONV		75,000		106,453
7.13%, 02/15/18		150,000		167,250
4.88%, 07/01/18		95,000		95,712
JC Penney Corporation, Inc.
6.38%, 10/15/36		500,000		411,250
7.63%, 03/01/97D		910,000		753,025
Jefferies Finance LLC
6.88%, 04/15/22 144AD		200,000		203,000
Jefferies Group LLC
5.13%, 04/13/18		55,000		60,364
6.88%, 04/15/21		270,000		317,015
5.13%, 01/20/23		305,000		327,548
6.45%, 06/08/27		35,000		39,890


	Par		Value
3.88%, 11/01/29 CONV	$	55,000	$	59,022
6.25%, 01/15/36		135,000		141,948
6.50%, 01/20/43		1,510,000		1,671,330
Jones Group, Inc.
6.13%, 11/15/34		130,000		112,450
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		360,000		303,529
3.38%, 05/01/23		400,000		393,350
JPMorgan Chase Bank NA
4.38%, 11/30/21(E)†		350,000		506,825
Jurassic Holdings III, Inc.
6.88%, 02/15/21 144A		60,000		61,350
K Hovnanian Enterprises, Inc.
5.00%, 11/01/21		795,000		724,444
KB Home
1.38%, 02/01/19 CONV		180,000		181,800
Key Energy Services, Inc.
6.75%, 03/01/21		170,000		177,650
Kinder Morgan Energy Partners LP
6.50%, 02/01/37		75,000		88,366
6.95%, 01/15/38		90,000		111,312
Kinder Morgan, Inc.
5.63%, 11/15/23 144A		120,000		123,900
Lantheus Medical Imaging, Inc.
9.75%, 05/15/17D		380,000		396,150
Lennar Corporation
5.60%, 05/31/15		1,400,000		1,454,250
4.75%, 11/15/22D		215,000		215,000
Level 3 Financing, Inc.
9.38%, 04/01/19D		20,000		22,050
7.00%, 06/01/20		930,000		1,020,675
8.63%, 07/15/20		220,000		247,500
Magnum Hunter Resources Corporation
9.75%, 05/15/20		120,000		133,200
MarkWest Energy Partners LP
6.25%, 06/15/22		288,000		316,080
5.50%, 02/15/23D		240,000		256,800
Masco Corporation
5.85%, 03/15/17D		90,000		99,675
7.75%, 08/01/29		250,000		295,752
6.50%, 08/15/32		175,000		185,938
MBIA Insurance Corporation
11.50%, 01/15/33 144A		435,000		342,562
Meccanica Holdings USA, Inc.
6.25%, 01/15/40 144A		335,000		324,950
MedImpact Holdings, Inc.
10.50%, 02/01/18 144A		290,000		316,100
Merrill Lynch & Co., Inc.
6.05%, 06/01/34		700,000		810,898
Michael Baker International LLC
8.25%, 10/15/18 144A		100,000		107,000
Mirant Mid Atlantic Pass Through Trust
10.06%, 12/30/28		165,630		185,920
Molycorp, Inc.
10.00%, 06/01/20D		130,000		120,250
Morgan Stanley
4.75%, 11/16/18(A)		275,000		264,929
5.75%, 01/25/21		330,000		383,870
4.10%, 05/22/23		370,000		376,028
6.25%, 08/09/26		400,000		489,922

See Notes to Financial Statements.

101

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Motorola Solutions, Inc.
6.63%, 11/15/37	$	105,000	$	113,809
Murphy Oil USA, Inc.
6.00%, 08/15/23 144A		80,000		84,600
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		1,200,000		1,484,965
Natural Resource Partners LP / NRP Finance Corp
9.13%, 10/01/18		70,000		73,500
Neiman Marcus
Group LTD, Inc. LLC Cash coupon 8.75% or PIK
9.50%, 10/15/21 144AD		130,000		142,350
NES Rentals Holdings, Inc.
7.88%, 05/01/18 144A		60,000		64,200
Newfield Exploration Co.
5.63%, 07/01/24		955,000		1,052,888
Newmont Mining Corporation
4.88%, 03/15/42		575,000		520,017
Old Republic International Corporation
3.75%, 03/15/18 CONVD		1,600,000		1,999,000
Owens Corning
7.00%, 12/01/36		1,800,000		2,199,892
Owens-Brockway Glass Container, Inc.
3.00%, 06/01/15 CONV 144A		840,000		863,100
Pactiv LLC
8.38%, 04/15/27		200,000		218,000
Parker Drilling Co.
6.75%, 07/15/22 144A		80,000		83,600
Parsley Energy LLC
7.50%, 02/15/22 144A		100,000		107,250
Peabody Energy Corporation
6.50%, 09/15/20D		490,000		496,125
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		685,000		925,610
Pioneer Natural Resources Co.
5.88%, 07/15/16		900,000		985,324
Plains Exploration & Production Co.
8.63%, 10/15/19		55,000		59,125
ProLogis LP
6.63%, 05/15/18		14,000		16,354
PulteGroup, Inc.
7.88%, 06/15/32		1,500,000		1,702,500
6.38%, 05/15/33		470,000		474,700
6.00%, 02/15/35		180,000		170,100
QEP Resources, Inc.
6.88%, 03/01/21		290,000		326,975
5.25%, 05/01/23		1,900,000		1,952,250
Quicksilver Resources, Inc.
11.00%, 07/01/21D		90,000		91,575
Qwest Capital Funding, Inc.
6.50%, 11/15/18		225,000		252,000
Qwest Corporation
7.25%, 09/15/25D		615,000		724,735
6.88%, 09/15/33		2,500,000		2,527,460
7.25%, 10/15/35		110,000		114,448
Rain CII Carbon LLC
8.25%, 01/15/21 144AD		200,000		211,000
8.50%, 01/15/21(E)		100,000		143,503
Regal Entertainment Group
5.75%, 03/15/22		90,000		93,825


	Par		Value
Regency Energy Partners LP
5.88%, 03/01/22	$	340,000	$	370,175
Reliance Holding USA, Inc.
4.50%, 10/19/20 144A		540,000		564,517
Resolute Forest Products, Inc.
5.88%, 05/15/23		140,000		138,600
Reynolds Group Issuer, Inc.
9.00%, 04/15/19		330,000		351,038
5.75%, 10/15/20		60,000		63,600
Rice Energy, Inc.
6.25%, 05/01/22 144A		80,000		82,100
Rock-Tenn Co.
4.00%, 03/01/23		430,000		442,038
RPM International, Inc.
2.25%, 12/15/20 CONVD		47,000		58,662
RR Donnelley & Sons Co.
7.00%, 02/15/22D		495,000		548,212
Ryerson, Inc.
9.00%, 10/15/17		440,000		471,900
Sabine Pass Liquefaction LLC
5.63%, 02/01/21		100,000		106,250
Samson Investment Co.
10.50%, 02/15/20 144A		330,000		349,388
Sanchez Energy Corporation
7.75%, 06/15/21 144A		160,000		174,400
6.13%, 01/15/23 144A		70,000		72,450
SandRidge Energy, Inc.
7.50%, 02/15/23		250,000		272,500
Service Corporation International
7.50%, 04/01/27D		75,000		83,250
ServiceMaster Co.
7.00%, 08/15/20		520,000		555,750
7.45%, 08/15/27		900,000		965,250
Shea Homes LP
8.63%, 05/15/19		610,000		667,950
Sidewinder Drilling, Inc.
9.75%, 11/15/19 144A		820,000		836,400
Simon Property Group LP
5.75%, 12/01/15D		25,000		26,510
SLM Corporation
5.00%, 06/15/18		700,000		703,500
8.45%, 06/15/18		472,000		559,025
5.50%, 01/15/19D		75,000		79,875
4.88%, 06/17/19D		220,000		227,282
8.00%, 03/25/20		10,000		11,588
5.50%, 01/25/23D		1,720,000		1,707,100
6.13%, 03/25/24D		1,480,000		1,504,050
Southern Copper Corporation
5.38%, 04/16/20		70,000		77,759
6.75%, 04/16/40		700,000		768,114
5.25%, 11/08/42		550,000		508,396
Spencer Spirit Holdings, Inc.
Cash coupon 9.00% or PIK
9.75%, 05/01/18 144A		250,000		256,775
Springleaf Finance Corporation
5.75%, 09/15/16		700,000		745,500
6.50%, 09/15/17		400,000		436,000
7.75%, 10/01/21D		145,000		163,850
8.25%, 10/01/23D		55,000		62,700
Sprint Capital Corporation
6.88%, 11/15/28		2,915,000		2,958,725
8.75%, 03/15/32		745,000		864,200

See Notes to Financial Statements.

102


	Par		Value
Steel Dynamics, Inc.
7.63%, 03/15/20	$	100,000	$	107,625
6.38%, 08/15/22		400,000		437,000
Suburban Propane Partners LP
7.38%, 08/01/21		225,000		245,812
SunCoke Energy Partners LP
7.38%, 02/01/20 144A		40,000		42,900
Targa Resources Partners LP
4.25%, 11/15/23D		110,000		109,862
Taylor Morrison Communities, Inc.
5.25%, 04/15/21 144A		130,000		132,600
Teleflex, Inc.
5.25%, 06/15/24 144A		70,000		70,875
Tenet Healthcare Corporation
6.88%, 11/15/31		85,000		82,662
Textron Financial Corporation
5.13%, 08/15/14		30,000		30,119
Textron, Inc.
6.63%, 04/07/20(U)		130,000		255,098
Time Warner Cable, Inc.
8.75%, 02/14/19		190,000		243,911
8.25%, 04/01/19D		40,000		50,737
Time Warner, Inc.
4.00%, 01/15/22		100,000		105,619
TMX Finance LLC
8.50%, 09/15/18 144A		50,000		53,250
Toys “R” Us, Inc.
7.38%, 10/15/18D		215,000		162,862
TransDigm, Inc.
7.50%, 07/15/21D		970,000		1,079,125
6.00%, 07/15/22 144A		170,000		174,888
6.50%, 07/15/24 144A		199,000		207,458
Triumph Group, Inc.
5.25%, 06/01/22 144A		50,000		50,312
tw telecom holdings, Inc.
5.38%, 10/01/22		380,000		417,050
United Air Lines 2007-1 Pass-Through Trust
6.64%, 01/02/24		218,052		240,947
United Air Lines 2009-1 Pass-Through Trust
10.40%, 05/01/18D		38,564		43,867
United Air Lines 2014-1 Class A Pass Through Trust
4.00%, 10/11/27D		250,000		255,950
United Rentals North America, Inc.
8.38%, 09/15/20		270,000		297,675
United States Steel Corporation
2.75%, 04/01/19 CONV		400,000		498,750
Univision Communications, Inc.
7.88%, 11/01/20 144A		267,000		295,035
US Airways 2012-1 Class A Pass Through Trust
5.90%, 04/01/26D		310,578		350,177
US Airways 2012-1 Class B Pass Through Trust
8.00%, 04/01/21		542,076		619,322
US Airways 2012-1 Class C Pass Through Trust
9.13%, 10/01/15		359,512		381,981


	Par		Value
US Airways 2012-2 Class A Pass Through Trust
4.63%, 12/03/26	$	258,095	$	274,710
Valeant Pharmaceuticals International
6.38%, 10/15/20 144A		230,000		245,238
Verizon Communications, Inc.
6.00%, 04/01/41		70,000		82,281
6.55%, 09/15/43		611,000		771,725
Verizon Pennsylvania LLC
6.00%, 12/01/28		35,000		38,182
Watco Cos., LLC
6.38%, 04/01/23 144A		100,000		102,500
WellPoint, Inc.
6.38%, 06/15/37		221,000		278,632
Wells Fargo & Co.
4.48%, 01/16/24		124,000		131,597
West Corporation
5.38%, 07/15/22 144A		200,000		200,500
Westvaco Corporation
8.20%, 01/15/30		145,000		190,876
7.95%, 02/15/31		45,000		58,122
WEX, Inc.
4.75%, 02/01/23 144A		440,000		427,900
Weyerhaeuser Co.
8.50%, 01/15/25		405,000		546,179
6.95%, 10/01/27D		55,000		69,143
7.38%, 03/15/32		370,000		501,310
6.88%, 12/15/33		490,000		642,442
Williams Cos., Inc.
7.50%, 01/15/31		60,000		71,144
Windstream Corporation
7.75%, 10/01/21 144A		220,000		241,450
Zayo Group LLC
8.13%, 01/01/20		310,000		339,062

Total Corporate Bonds (Cost $119,851,397)				135,334,268

FOREIGN BONDS — 44.3%
Argentina — 0.1%
Pan American Energy LLC
7.88%, 05/07/21D		156,000		164,580
7.88%, 05/07/21 144A		61,000		64,355

				228,935

Australia — 0.9%
Barminco Finance Propriety, Ltd.
9.00%, 06/01/18 144AD		60,000		59,250
FMG Resources August 2006 Proprietary, Ltd.
6.88%, 04/01/22 144AD		380,000		408,975
New South Wales Treasury Corporation
6.00%, 02/01/18(A)		2,620,000		2,725,001
Queensland Treasury Corporation
7.13%, 09/18/17 144A(Z)		275,000		258,468
St. Barbara, Ltd.
8.88%, 04/15/18 144A		200,000		166,500

				3,618,194

Bermuda — 0.6%
Digicel Group, Ltd.
8.25%, 09/30/20D		550,000		602,250

See Notes to Financial Statements.

103

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Ooredoo International Finance, Ltd.
4.75%, 02/16/21 144A	$	200,000	$	217,800
Sirius International Group, Ltd.
6.38%, 03/20/17 144A		1,250,000		1,383,345

				2,203,395

Brazil — 2.7%
Brazil Notas do Tesouro Nacional Series B
6.00%, 08/15/50+(B)		1,563,000		1,686,151
Brazil Notas do Tesouro Nacional Series F
10.00%, 01/01/17(B)		7,053,000		3,093,185
BRF SA
4.75%, 05/22/24 144A		422,000		416,725
Centrais Eletricas Brasileiras SA
5.75%, 10/27/21D		200,000		206,176
Federal Republic of Brazil
10.25%, 01/10/28(B)		5,250,000		2,506,789
Hypermarcas SA
6.50%, 04/20/21 144A		150,000		164,625
Oi SA
5.75%, 02/10/22 144A		933,000		940,464
Samarco Mineracao SA
4.13%, 11/01/22 144AD		775,000		736,250
Telemar Norte Leste SA
5.50%, 10/23/20		200,000		205,940
Vale SA
5.63%, 09/11/42D		395,000		388,957

				10,345,262

Canada — 6.0%
Air Canada
7.63%, 10/01/19 144A(C)		1,520,000		1,534,886
Atlantic Power Corporation
9.00%, 11/15/18		50,000		52,625
Baytex Energy Corporation
5.63%, 06/01/24 144A		80,000		80,400
Bombardier, Inc.
6.00%, 10/15/22 144A		1,645,000		1,688,181
Canadian Government Bond
2.50%, 06/01/15(C)		4,720,000		4,484,310
1.50%, 08/01/15(C)		750,000		706,598
1.25%, 02/01/16(C)		3,545,000		3,332,077
Cascades, Inc.
5.50%, 07/15/22 144A		80,000		80,100
Kodiak Oil & Gas Corporation
8.13%, 12/01/19		90,000		100,125
5.50%, 02/01/22		410,000		427,425
Methanex Corporation
5.25%, 03/01/22		75,000		83,054
Novelis, Inc.
8.75%, 12/15/20		30,000		33,450
Ontario Generic Residual STRIP
0.00%, 07/13/22(C)W†		2,600,000		1,923,130
3.80%, 03/08/29(C)W†		2,400,000		1,305,566
Pacific Rubiales Energy Corporation
5.38%, 01/26/19 144A		540,000		564,300
Province of Manitoba
6.38%, 09/01/15(Z)		815,000		727,404


	Par		Value
Province of Ontario
2.10%, 09/08/18(C)	$	3,500,000	$	3,315,594
Province of Quebec
6.75%, 11/09/15(Z)		2,650,000		2,394,229
Stone Container Finance Company of Canada II Escrow
0.00%, 07/15/14+W†		330,000		6,600
Thompson Creek Metals Co., Inc.
12.50%, 05/01/19D		120,000		136,200
Valeant Pharmaceuticals International, Inc.
7.50%, 07/15/21 144AD		390,000		433,388

				23,409,642

Cayman Islands — 1.8%
Braskem Finance, Ltd.
5.75%, 04/15/21		900,000		945,450
Fibria Overseas Finance, Ltd.
5.25%, 05/12/24		200,000		199,500
Odebrecht Finance, Ltd.
4.38%, 04/25/25 144AD		1,070,000		1,059,300
Odebrecht Offshore Drilling Finance, Ltd.
6.75%, 10/01/22 144A		482,100		517,293
Petrobras International Finance Co.
6.88%, 01/20/40		390,000		412,425
6.75%, 01/27/41		270,000		279,450
Suzano Trading, Ltd.
5.88%, 01/23/21 144A		450,000		472,500
Vale Overseas, Ltd.
4.38%, 01/11/22D		800,000		825,360
6.88%, 11/21/36		592,000		658,328
XLIT, Ltd.
6.38%, 11/15/24		585,000		708,518
6.25%, 05/15/27D		640,000		764,692

				6,842,816

Chile — 0.5%
AES Gener SA
5.25%, 08/15/21 144A		420,000		449,831
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22		255,000		264,831
Colbun SA
6.00%, 01/21/20D		100,000		111,483
6.00%, 01/21/20 144A		110,000		122,631
Corporation Nacional del Cobre de Chile
3.88%, 11/03/21 144AD		420,000		437,258
ENTEL Chile SA
4.88%, 10/30/24 144A		220,000		229,645
Inversiones CMPC SA
4.38%, 05/15/23 144AD		400,000		399,469

				2,015,148

Colombia — 0.7%
Colombia Government International Bond
5.63%, 02/26/44		1,457,000		1,628,197
Ecopetrol SA
5.88%, 05/28/45		260,000		270,213
5.88%, 09/18/23D		181,000		203,625

See Notes to Financial Statements.

104


	Par		Value
Empresa de Energia de Bogota SA ESP
6.13%, 11/10/21 144AD	$	250,000	$	274,375
Empresas Publicas de Medellin ESP
7.63%, 07/29/19 144A		120,000		144,300
Transportadora de Gas Internacional SA ESP
5.70%, 03/20/22		260,000		280,800

				2,801,510

Croatia (Hrvatska) — 0.1%
Croatia Government International Bond
5.50%, 04/04/23 144AD		500,000		521,875

France — 0.7%
AXA SA
6.21%, 10/29/49(E)†		210,000		315,886
Electricite de France SA
5.25%, 01/29/49 144A†		380,000		388,599
5.63%, 12/29/49 144A†D		1,360,000		1,421,948
Europcar Groupe SA
11.50%, 05/15/17(E)		123,000		194,093
Numericable Group SA
5.63%, 05/15/24 144A(E)		160,000		234,698
Rexel SA
5.25%, 06/15/20 144A		210,000		219,450

				2,774,674

Germany — 4.5%
Bundesrepublik Deutschland
4.00%, 07/04/16(E)		2,000		2,955
3.75%, 01/04/19(E)		4,570,000		7,241,338
3.25%, 01/04/20(E)D		4,240,000		6,702,486
3.25%, 07/04/21(E)		1,300,000		2,090,778
KP Germany Erste GmbH
11.63%, 07/15/17(E)		180,000		278,516
KraussMaffei Group GmbH
8.75%, 12/15/20(E)		160,000		246,474
8.75%, 12/15/20 144A(E)		100,000		154,046
Rearden G Holdings EINS GmbH
7.88%, 03/30/20 144AD		400,000		427,000
Unitymedia KabelBW GmbH
9.50%, 03/15/21(E)		180,000		282,189

				17,425,782

Hungary — 0.8%
Hungary Government International Bond
5.75%, 11/22/23		2,654,000		2,939,305

Iceland — 0.0%
Kaupthing Bank HF
7.13%, 05/19/16+ 144A#		150,000		2

Indonesia — 0.7%
Indonesia Government International Bond
5.88%, 01/15/24 144A		400,000		442,500
6.63%, 02/17/37		225,000		251,438
5.25%, 01/17/42 144AD		770,000		739,200
Pertamina Persero PT
5.25%, 05/23/21 144A		400,000		414,000
4.88%, 05/03/22		900,000		895,500

				2,742,638


	Par		Value
Ireland — 0.8%
Ardagh Glass Finance PLC
7.13%, 06/15/17 144A(E)	$	112,000	$	156,237
Ardagh Packaging Finance PLC
9.13%, 10/15/20 144A		200,000		221,500
7.00%, 11/15/20 144A		35,294		36,706
EDC Finance, Ltd.
4.88%, 04/17/20 144A		500,000		491,250
eircom Finance, Ltd.
9.25%, 05/15/20 144A(E)D		200,000		310,147
Nara Cable Funding, Ltd.
8.88%, 12/01/18 144A		360,000		386,100
Novatek OAO via Novatek Finance, Ltd.
6.60%, 02/03/21 144AD		400,000		431,000
Ono Finance II PLC
11.13%, 07/15/19(E)		110,000		166,476
Rosneft Oil Co via Rosneft International Finance, Ltd.
4.20%, 03/06/22D		870,000		809,100

				3,008,516

Isle of Man (U.K.) — 0.1%
AngloGold Ashanti Holdings PLC
8.50%, 07/30/20D		270,000		303,412

Italy — 2.4%
Astaldi SpA
7.13%, 12/01/20(E)		100,000		150,103
7.13%, 12/01/20 144A(E)		210,000		315,216
Italy Buoni Poliennali Del Tesoro
4.50%, 03/01/24(E)		3,660,000		5,766,943
4.75%, 09/01/44(E)		1,230,000		1,922,298
Telecom Italia Capital SA
6.38%, 11/15/33		995,000		1,032,312
6.00%, 09/30/34		250,000		251,875

				9,438,747

Jersey — 0.1%
AA Bond Co., Ltd.
9.50%, 07/31/43 144A(U)		100,000		193,729

Luxembourg — 2.9%
Altice Finco SA
9.00%, 06/15/23 144A(E)		100,000		159,215
Andrade Gutierrez International SA
4.00%, 04/30/18 144A		780,000		778,050
ArcelorMittal
6.13%, 06/01/18		740,000		814,000
6.00%, 03/01/21		30,000		32,587
7.50%, 10/15/39D		510,000		562,912
7.25%, 03/01/41D		690,000		736,575
Ardagh Finance Holdings SA PIK
8.63%, 06/15/19 144AD		240,000		248,400
ConvaTec Healthcare E SA
10.88%, 12/15/18(E)		100,000		149,719
CSN Resources SA
6.50%, 07/21/20D		400,000		416,000
6.50%, 07/21/20 144AD		150,000		156,000
DH Services Luxembourg Sarl
7.75%, 12/15/20 144A		90,000		96,975

See Notes to Financial Statements.

105

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Evraz Group SA
9.50%, 04/24/18D	$	270,000	$	291,938
6.75%, 04/27/18 144AD		440,000		438,350
6.50%, 04/22/20 144A		480,000		452,400
gategroup Finance Luxembourg SA
6.75%, 03/01/19(E)D		370,000		542,106
Hannover Finance Luxembourg SA
5.75%, 09/14/40(E)†		50,000		80,162
INEOS Group Holdings SA
6.13%, 08/15/18 144AD		600,000		623,250
Intelsat Jackson Holdings SA
7.25%, 10/15/20		170,000		183,600
7.50%, 04/01/21		30,000		32,962
5.50%, 08/01/23D		2,490,000		2,486,888
Ontex IV SA
9.00%, 04/15/19(E)		100,000		148,569
Pacific Drilling SA
5.38%, 06/01/20 144A		100,000		98,500
Play Finance 1 SA
6.50%, 08/01/19 144A(E)		120,000		177,051
Puma International Financing SA
6.75%, 02/01/21 144A		420,000		434,742
Spie BondCo 3 SCA
11.00%, 08/15/19(E)		200,000		310,842
TMK OAO Via TMK Capital SA
6.75%, 04/03/20		200,000		197,000
Vimpel Communications OJSC Via UBS Luxembourg SA
8.25%, 05/23/16		275,000		301,648
Wind Acquisition Finance SA
7.25%, 02/15/18 144AD		420,000		444,150

				11,394,591

Marshall Islands — 0.0%
Navios Maritime Acquisition Corporation
8.13%, 11/15/21 144A		90,000		94,500

Mexico — 4.2%
Alfa SAB de CV
5.25%, 03/25/24 144A		200,000		209,200
6.88%, 03/25/44 144A		200,000		218,500
Alpek SA de CV
4.50%, 11/20/22 144A		200,000		201,400
America Movil SAB de CV
5.63%, 11/15/17		98,000		110,938
Axtel SAB de CV
8.00%, 01/31/20 STEP 144A		124,000		127,410
8.00%, 01/31/20 STEP CONV 144A(M)		141,300		17,971
Cemex SAB de CV
6.50%, 12/10/19 144A		1,100,000		1,181,125
Empresas ICA SAB de CV
8.88%, 05/29/24 144AD		339,000		349,340
Mexican Bonos
8.00%, 06/11/20(M)		5,137,700		457,278
6.50%, 06/09/22(M)		45,803,100		3,761,355
8.00%, 12/07/23(M)		41,500,000		3,743,557
10.00%, 12/05/24(M)		10,000,000		1,031,163
7.50%, 06/03/27(M)		7,500,000		657,240


	Par		Value
8.50%, 05/31/29(M)	$	2,000,000	$	188,706
7.75%, 05/29/31(M)		3,000,000		265,001
7.75%, 11/13/42(M)		14,659,500		1,282,726
Petroleos Mexicanos
5.50%, 01/21/21D		750,000		845,625
6.63%, 06/15/35		516,000		610,170
6.50%, 06/02/41		135,000		157,612
5.50%, 06/27/44		600,000		627,600
6.38%, 01/23/45 144A		303,000		352,616

				16,396,533

Morroco And Antilles — 0.2%
OCP SA
5.63%, 04/25/24 144A		550,000		578,188

Netherlands — 1.8%
Bharti Airtel International Netherlands BV
5.35%, 05/20/24 144A		280,000		291,914
EDP Finance BV
4.75%, 09/26/16(E)		300,000		440,207
6.00%, 02/02/18 144AD		600,000		661,494
4.90%, 10/01/19 144A		1,600,000		1,696,160
Indosat Palapa Co. BV
7.38%, 07/29/20		100,000		108,755
7.38%, 07/29/20 144A		100,000		108,755
JLL/Delta Dutch Newco BV
7.50%, 02/01/22 144A		90,000		93,487
Lukoil International Finance BV
6.36%, 06/07/17		200,000		220,180
6.66%, 06/07/22D		570,000		637,687
4.56%, 04/24/23 144AD		310,000		299,925
LyondellBasell Industries NV
5.75%, 04/15/24D		260,000		307,361
Petrobras Global Finance BV
4.38%, 05/20/23D		250,000		241,388
6.25%, 03/17/24		900,000		960,210
Polish Television Holding BV
Cash coupon 11.00%,
01/15/21 PIK 144A(E)		100,000		166,918
Schaeffler Holding Finance BV
Cash coupon 6.88%,
08/15/18 PIK 144A(E)		100,000		144,461
Swiss Reinsurance Co. Via ELM BV
5.25%, 05/29/49(E)†		400,000		575,889
VimpelCom Holdings BV
7.50%, 03/01/22		200,000		216,750

				7,171,541

New Zealand — 0.3%
New Zealand Government Bond
5.00%, 03/15/19(Z)		1,360,000		1,237,182

Norway — 0.6%
Norway Government Bond
5.00%, 05/15/15(K)		355,000		59,714
4.25%, 05/19/17(K)		12,330,000		2,168,263
Petroleum Geo-Services ASA
7.38%, 12/15/18 144A		200,000		214,500

				2,442,477

Panama — 0.0%
Panama Government International Bond
6.70%, 01/26/36		3,000		3,716

See Notes to Financial Statements.

106


	Par		Value
Peru — 0.1%
Transportadora de Gas del Peru SA
4.25%, 04/30/28 144A	$	550,000	$	521,125

Philippines — 0.1%
Philippine Government International Bond
4.00%, 01/15/21D		200,000		212,750

Poland — 1.4%
Poland Government Bond
4.00%, 10/25/23(P)		16,190,000		5,564,628

Russia — 0.6%
Russian Foreign Bond
4.88%, 09/16/23 144AD		1,600,000		1,660,000
7.50%, 03/31/30 STEP		598,005		693,770

				2,353,770

South Africa — 1.1%
Edcon Proprietary, Ltd.
9.50%, 03/01/18 144A(E)		210,000		291,924
South Africa Government Bond
10.50%, 12/21/26(S)D		8,229,811		903,588
South Africa Government International Bond
5.88%, 09/16/25D		2,824,000		3,147,348

				4,342,860

Spain — 0.1%
Autonomous Community of Madrid Spain
4.30%, 09/15/26(E)		230,000		341,524
Santander Issuances SA Unipersonal
5.91%, 06/20/16 144AD		100,000		105,470
Telefonica Emisiones SA Unipersonal
5.13%, 04/27/20		75,000		83,847

				530,841

Supranational — 0.8%
Inter-American Development Bank
6.00%, 12/15/17(Z)		3,250,000		2,971,822

Sweden — 0.1%
Corral Petroleum Holdings AB
Cash coupon 4.00% or PIK
11.00%, 12/31/17 144A(E)		186,035		242,001
TVN Finance Corporation III AB
7.38%, 12/15/20 144A(E)		125,000		194,269

				436,270

Trinidad and Tobago — 0.1%
Petroleum Co. of Trinidad & Tobago, Ltd.
9.75%, 08/14/19 144A		340,000		430,100

Turkey — 1.3%
Mersin Uluslararasi Liman Isletmeciligi AS
5.88%, 08/12/20 144A		400,000		425,760
Turk Telekomunikasyon AS
3.75%, 06/19/19 144A		480,000		475,932
4.88%, 06/19/24 144A		680,000		661,368


	Par		Value
Turkey Government Bond
9.50%, 01/12/22(T)	$	900,000	$	444,244
7.10%, 03/08/23(T)		510,000		218,819
Turkey Government International Bond
7.50%, 07/14/17		100,000		114,157
7.00%, 03/11/19		100,000		115,475
6.25%, 09/26/22		875,000		988,138
5.75%, 03/22/24		1,120,000		1,229,200
6.88%, 03/17/36		73,000		86,231
4.88%, 04/16/43		500,000		472,500

				5,231,824

United Arab Emirates — 0.4%
DP World, Ltd.
6.85%, 07/02/37 144A		1,500,000		1,680,000

United Kingdom — 3.6%
Anglian Water Osprey Financing PLC
7.00%, 01/31/18(U)		310,000		579,605
Annington Finance No. 4 PLC
6.57%, 01/10/23(U)†		460,000		814,116
Barclays Bank PLC
6.00%, 01/23/18(E)		450,000		708,764
Boparan Finance PLC
5.25%, 07/15/19 144A(U)		100,000		170,018
HBOS PLC
6.75%, 05/21/18 144A		500,000		577,015
6.00%, 11/01/33 144A		1,385,000		1,550,600
HSBC Holdings PLC
6.00%, 06/10/19(E)		270,000		446,353
Lloyds TSB Bank PLC
6.50%, 03/24/20(E)D		326,000		543,498
Priory Group No. 3 PLC
8.88%, 02/15/19(U)		100,000		183,975
R&R Ice Cream PLC
8.25%, 05/15/20 144A(A)		260,000		248,845
Royal Bank of Scotland PLC
6.13%, 01/11/21		350,000		412,287
13.13%, 03/19/22(A)†		160,000		181,584
Royal Bank of Scotland Group PLC
6.10%, 06/10/23		1,880,000		2,061,418
6.00%, 12/19/23		275,000		298,415
Southern Gas Networks PLC
4.88%, 12/21/20(U)		270,000		506,099
Tesco Property Finance 3 PLC
5.74%, 04/13/40(U)		277,873		519,894
United Kingdom Gilt
1.00%, 09/07/17(U)		1,420,000		2,392,352
Vedanta Resources PLC
6.75%, 06/07/16 144AD		200,000		212,500
6.00%, 01/31/19 144A		350,000		363,580
7.13%, 05/31/23		200,000		211,500
7.13%, 05/31/23 144A		400,000		423,000
Virgin Media Finance PLC
7.00%, 04/15/23 144A(U)		130,000		244,729
Virgin Media Secured Finance PLC
5.50%, 01/15/21(U)		100,000		178,515

				13,828,662

Venezuela — 0.8%
Petroleos de Venezuela SA
8.50%, 11/02/17		500,000		468,900

See Notes to Financial Statements.

107

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Venezuela Government International Bond
8.50%, 10/08/14D	$	26,000	$	26,130
5.75%, 02/26/16		753,000		714,974
7.75%, 10/13/19		860,000		748,200
9.25%, 09/15/27		1,154,000		998,210
9.38%, 01/13/34D		207,000		175,432

				3,131,846

Virgin Islands (British) — 0.3%
GTL Trade Finance, Inc.
5.89%, 04/29/24 144AD		941,000		989,461
Pacific Drilling V, Ltd.
7.25%, 12/01/17 144AD		270,000		286,875

				1,276,336

Total Foreign Bonds (Cost $164,196,747)				172,645,144

MORTGAGE-BACKED SECURITY — 0.1%
Credit Suisse Commercial Mortgage Trust
5.70%, 09/15/40† (Cost $130,509)		220,000		242,130

MUNICIPAL BOND — 0.1%
State of Illinois, General Obligation
5.10%, 06/01/33 (Cost $334,820)		435,000		437,488


	Par		Value
U.S. TREASURY OBLIGATIONS — 11.4%
U.S. Treasury Bonds
3.50%, 02/15/39	$	860,000	$	897,625
4.25%, 05/15/39		40,000		46,981
3.88%, 08/15/40D		30,000		33,291
2.75%, 08/15/42D		120,000		107,353
3.13%, 02/15/43D		9,160,000		8,820,082
2.88%, 05/15/43		120,000		109,687

				10,015,019

U.S. Treasury Notes
2.63%, 07/31/14		50,000		50,109
0.25%, 09/30/14		5,100,000		5,102,688
2.38%, 09/30/14		110,000		110,636
0.25%, 10/31/14D		2,860,000		2,861,676
1.25%, 08/31/15		90,000		91,162
0.25%, 09/30/15D		3,505,000		3,509,038
0.38%, 11/15/15		2,855,000		2,861,746
0.25%, 12/15/15		620,000		620,158
0.25%, 02/29/16D		5,435,000		5,430,119
0.88%, 04/15/17D		30,000		30,075
0.75%, 10/31/17D		20,000		19,809
0.63%, 04/30/18		530,000		517,557
1.38%, 07/31/18		3,130,000		3,134,401
1.38%, 09/30/18		250,000		249,717
1.25%, 10/31/19D		110,000		107,461
3.63%, 02/15/21D		5,810,000		6,395,764
2.00%, 02/15/22		120,000		118,153
1.63%, 08/15/22D		3,380,000		3,209,415
2.75%, 02/15/24		150,000		153,422

				34,573,106

Total U.S. Treasury Obligations (Cost $44,351,407)				44,588,125


	Shares
COMMON STOCKS — 0.9%
Healthcare — 0.2%
Bristol-Myers Squibb Co.		15,400		747,054

Materials & Processing — 0.3%
PPG Industries, Inc.		5,751		1,208,573
Rock-Tenn Co. Class A		188		19,851

				1,228,424

Technology — 0.4%
Corning, Inc.		70,534		1,548,221

Total Common Stocks (Cost $1,694,485)				3,523,699

See Notes to Financial Statements.

108


	Shares		Value
FOREIGN COMMON STOCKS — 0.4%
Norway — 0.1%
Deep Ocean Group Holding+@*		8,860	$	304,128

Spain — 0.2%
Repsol SA ADRD		15,820		419,230
Telefonica SA ADRD		22,180		380,609

				799,839

United Kingdom — 0.1%
Royal Dutch Shell PLC ADRD		6,443		530,710

Total Foreign Common Stocks
(Cost $1,283,346)				1,634,677

PREFERRED STOCKS — 0.6%
Ally Financial, Inc.,
7.00%, 12/31/49		400		401,012
Bank of America Corporation,
7.25%, 12/31/49 CONV*		602		702,534
Chesapeake Energy Corporation,
5.00%, 12/31/49 CONVD		3,950		408,430
Chesapeake Energy Corporation,
5.75%, 12/31/49 CONV 144A		50		63,344
Chesapeake Energy Corporation
4.50%, 12/31/49*		635		61,913
El Paso Energy Capital Trust I,
4.75%, 03/31/28 CONV		500		27,650
iStar Financial, Inc.
4.50%, 12/31/49*		463		29,105
Stanley Black & Decker, Inc. CONVD*		2,900		330,687
Weyerhaeuser Co.,
6.38%, 07/01/16D*		7,615		432,151

Total Preferred Stocks
(Cost $1,740,554)				2,456,826

MONEY MARKET FUNDS — 25.6%
GuideStone Money Market Fund
(Investor Class)¥		23,857,399		23,857,399
Northern Institutional Liquid
Assets Portfolio§		76,066,484		76,066,484

Total Money Market Funds
(Cost $99,923,883)				99,923,883

TOTAL INVESTMENTS — 118.1%
(Cost $433,507,148)				460,786,240
Liabilities in Excess of Other
Assets — (18.1)%				(70,667,069	)

NET ASSETS — 100.0%			$	390,119,171

PORTFOLIO SUMMARY (based on net assets)


	%
Foreign Bonds		44.3
Corporate Bonds		34.7
Money Market Funds		25.6
U.S. Treasury Obligations		11.4
Common Stocks		0.9
Preferred Stocks		0.6
Foreign Common Stocks		0.4
Mortgage-Backed Security		0.1
Municipal Bond		0.1

		118.1

See Notes to Financial Statements.

109

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, 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	$	3,523,699	$	3,523,699	$	—	$	—
Corporate Bonds		135,334,268		—		130,967,541		4,366,727
Foreign Bonds:
Argentina		228,935		—		228,935		—
Australia		3,618,194		—		3,618,194		—
Bermuda		2,203,395		—		2,203,395		—
Brazil		10,345,262		—		8,659,111		1,686,151
Canada		23,409,642		—		23,403,042		6,600
Cayman Islands		6,842,816		—		6,842,816		—
Chile		2,015,148		—		2,015,148		—
Colombia		2,801,510		—		2,801,510		—
Croatia (Hrvatska)		521,875		—		521,875		—
France		2,774,674		—		2,774,674		—
Germany		17,425,782		—		17,425,782		—
Hungary		2,939,305		—		2,939,305		—
Iceland		2		—		—		2
Indonesia		2,742,638		—		2,742,638		—
Ireland		3,008,516		—		3,008,516		—
Isle of Man (U.K.)		303,412		—		303,412		—
Italy		9,438,747		—		9,438,747		—
Jersey		193,729		—		193,729		—
Luxembourg		11,394,591		—		11,394,591		—
Marshall Islands		94,500		—		94,500		—
Mexico		16,396,533		—		16,396,533		—
Morroco And Antilles		578,188		—		578,188		—
Netherlands		7,171,541		—		7,171,541		—
New Zealand		1,237,182		—		1,237,182		—
Norway		2,442,477		—		2,442,477		—
Panama		3,716		—		3,716		—
Peru		521,125		—		521,125		—
Philippines		212,750		—		212,750		—
Poland		5,564,628		—		5,564,628		—
Russia		2,353,770		—		2,353,770		—
South Africa		4,342,860		—		4,342,860		—
Spain		530,841		—		530,841		—
Supranational		2,971,822		—		2,971,822		—
Sweden		436,270		—		436,270		—
Trinidad and Tobago		430,100		—		430,100		—
Turkey		5,231,824		—		5,231,824		—
United Arab Emirates		1,680,000		—		1,680,000		—
United Kingdom		13,828,662		—		13,828,662		—
Venezuela		3,131,846		—		3,131,846		—
Virgin Islands (British)		1,276,336		—		1,276,336		—
Foreign Common Stocks		1,634,677		1,330,549		—		304,128
Money Market Funds		99,923,883		99,923,883		—		—
Mortgage-Backed Security		242,130		—		242,130		—
Municipal Bond		437,488		—		437,488		—
Preferred Stocks		2,456,826		2,055,814		—		401,012
U.S. Treasury Obligations		44,588,125		—		44,588,125		—

Total Assets — Investments in Securities	$	460,786,240	$	106,833,945	$	347,187,675	$	6,764,620

See Notes to Financial Statements.

110


							Level 2			Level 3
	Total			Level 1			Other Significant			Significant
	Value			Quoted Prices			Observable Inputs			Unobservable Inputs
Liabilities:
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(33,561	)	$	—		$	(33,561	)	$	—
Futures Contracts		(105,403	)		(105,403	)		—			—

Total Liabilities — Other Financial Instruments	$	(138,964	)	$	(105,403	)	$	(33,561	)	$	—

***

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2014.

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

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


												Foreign
	Total			Common			Corporate			Foreign		Common		Preferred
	Value			Stocks			Bonds			Bonds		Stock		Stock
Balance, 12/31/13	$	5,009,071		$	2,462		$	4,325,984		$	6,602	$	291,986	$	382,037
Accrued discounts/premiums		3,229			—			3,070			159		—		—
Realized gain (loss)⁽¹⁾		(7,238	)		624			(7,862	)		—		—		—
Change in unrealized appreciation (depreciation)⁽²⁾		163,354			(358	)		68,299			36,296		12,142		46,975
Purchases		1,871,696			—			250,000			1,649,696		—		(28,000	)
Sales		(102,203	)		(2,728	)		(99,475	)		—		—		—
Transfers in to Level 3		—			—			—			—		—		—
Transfers out of Level 3		—			—			—			—		—		—
Maturities		—			—			—			—		—		—
Paydowns		(173,289	)		—			(173,289	)		—		—		—

Balance, 06/30/14	$	6,764,620		$	—		$	4,366,727		$	1,692,753	$	304,128	$	401,012

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

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

See Notes to Financial Statements.

111


STATEMENTS OF ASSETS AND LIABILITIES		June 30, 2014 (Unaudited)


		Money Market Fund		Low-Duration Bond Fund
Assets
Investments in securities of unaffiliated issuers, at value		$	1,292,374,290	$	1,005,505,620
Investments in repurchase agreements, at value			32,581,000		—
Investments in securities of affiliated issuers, at value			—		38,729,132

Total investments⁽¹⁾⁽²⁾			1,324,955,290		1,044,234,752
Cash			390		118,887
Cash collateral for derivatives			—		742,012
Foreign currency⁽³⁾			—		2,143,541
Swap premiums paid			—		916,956
Receivables:
Dividends and reclaims			—		323
Interest			234,899		3,367,673
Securities lending			—		11,749
Investment securities sold			—		3,391,026
Maturities			—		71,979
Fund shares sold			9,130,790		130,854
Variation margin on exchange traded swaps			—		502,004
Variation margin on financial futures contracts			—		37,533
Unrealized appreciation on foreign currency exchange contracts			—		590,242
Unrealized appreciation on swap agreements			—		426,777
Prepaid expenses and other assets			39,490		18,991

Total Assets			1,334,360,859		1,056,705,299

Liabilities
Securities sold short, at value⁽⁴⁾			—		3,116,467
TBA sale commitments, at value⁽⁵⁾			—		2,422,638
Options written at value⁽⁶⁾			—		558
Swap premiums received			—		386,821
Unrealized depreciation on foreign currency exchange contracts			—		971,466
Unrealized depreciation on swap agreements			—		1,051,175
Collateral held for securities on loan at value			—		102,504,619
Collateral held for derivatives			—		460,000
Payables:
Investment securities purchased			—		77,374,451
Fund shares redeemed			9,091,586		56,313
Variation margin on financial futures contracts			—		73,476
Distributions			6,517		—
Securities lending			—		2,586
Accrued expenses:
Investment advisory fees			158,163		174,863
Shareholder servicing fees			2,565		142,856
Other expenses			67,134		117,741

Total Liabilities			9,325,965		188,856,030

Net Assets		$	1,325,034,894	$	867,849,269

Net Assets Consist of:
Paid-in-capital		$	1,324,983,594	$	868,312,880
Accumulated (distributions in excess of) net investment income			—		31,010
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency translations and derivative transactions			51,300		(2,166,575	)
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions			—		1,671,954

Net Assets		$	1,325,034,894	$	867,849,269

Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class		$	140,308,983	$	142,424,858

Institutional shares outstanding			140,299,994		16,639,015

Net asset value, offering and redemption price per Institutional share		$	1.00	$	8.56

Net assets applicable to the Investor Class		$	1,184,725,911	$	725,424,411

Investor shares outstanding			1,184,648,953		54,049,968

Net asset value, offering and redemption price per Investor share		$	1.00	$	13.42


⁽¹⁾	Investments in securities of unaffiliated issuers, at cost	$	1,292,374,290	$	1,002,960,412
	Investments in repurchase agreements, at cost		32,581,000		—
	Investments in securities of affiliated issuers, at cost		—		38,729,132

	Total investments at cost	$	1,324,955,290	$	1,041,689,544

⁽²⁾	Includes securities loaned of:	$	—	$	100,892,424

⁽³⁾	Foreign currency at cost	$	—	$	2,169,847

⁽⁴⁾	Proceeds from securities sold short	$	—	$	3,093,622

⁽⁵⁾	TBA sale commitments at cost	$	—	$	2,412,577

⁽⁶⁾	Premiums received on options written	$	—	$	15,050

See Notes to Financial Statements.

112


Medium-Duration Bond Fund			Extended-Duration Bond Fund		Global Bond Fund

$	913,957,316		$	310,831,660	$	436,928,841
	—			—		—
	99,219,963			8,079,634		23,857,399

	1,013,177,279			318,911,294		460,786,240
	329,186			12,470		7,341
	1,875,116			—		480,003
	1,204,290			—		1,767,554
	2,605,930			—		—

	713			102		27,434
	4,573,729			3,228,134		4,752,449
	10,284			1,931		10,269
	53,297,087			3,308,053		29,488
	428			—		—
	106,648			6,050		73,798
	48,975			—		—
	26,588			—		—
	518,976			—		383,611
	1,625,877			—		—
	19,792			15,977		10,790

	1,079,420,898			325,484,011		468,328,977


	9,433,768			—		—
	11,854,691			—		—
	561,232			—		—
	1,057,471			—		—
	607,698			—		417,172
	1,214,263			—		—
	76,619,111			31,264,565		76,066,484
	1,090,560			—		—

	115,401,430			2,919,385		1,318,649
	39,816			152,558		113,527
	10,816			—		9,339
	—			—		—
	2,263			424		2,259

	213,490			101,335		140,465
	119,096			46,863		76,213
	165,708			47,013		65,698

	218,391,413			34,532,143		78,209,806

$	861,029,485		$	290,951,868	$	390,119,171


$	846,676,713		$	252,598,109	$	371,677,752
	357,823			349,700		(258,672	)

	(4,158,283	)		2,753,228		(8,454,063	)

	18,153,232			35,250,831		27,154,154

$	861,029,485		$	290,951,868	$	390,119,171



$	253,189,940		$	52,096,250		N/A

	35,861,171			10,254,140		N/A

$	7.06		$	5.08		N/A

$	607,839,545		$	238,855,618	$	390,119,171

	41,658,096			13,193,539		37,023,572

$	14.59		$	18.10	$	10.54


$	896,123,823		$	275,583,650	$	409,649,749
	—			—		—
	99,219,963			8,079,634		23,857,399

$	995,343,786		$	283,663,284	$	433,507,148

$	75,788,322		$	42,144,515	$	74,567,749

$	1,197,957		$	—	$	1,767,038

$	9,394,445		$	—	$	—

$	11,719,062		$	—	$	—

$	1,086,496		$	—	$	—

See Notes to Financial Statements.

113


STATEMENTS OF OPERATIONS		For the Six Months Ended June 30, 2014 (Unaudited)


	Money Market Fund			Low-Duration Bond Fund
Investment Income
Dividends	$	—		$	—
Income distributions received from affiliated funds		—			2,161
Interest		1,295,120			6,584,512
Securities lending		179			75,924
Less foreign taxes withheld		—			—

Total Investment Income		1,295,299			6,662,597

Expenses
Investment advisory fees		1,044,793			1,411,403
Transfer agent fees:
Institutional shares		1,958			1,957
Investor shares		18,459			12,844
Custodian fees		15,966			60,879
Shareholder servicing fees:
Investor shares		1,470,814			850,962
Accounting and administration fees		141,356			166,301
Professional fees		25,985			46,711
Blue sky fees:
Institutional shares		904			900
Investor shares		18,722			11,451
Shareholder reporting fees:
Institutional shares		412			358
Investor shares		17,429			7,360
Trustee expenses		6,537			4,110
Line of credit facility fees		4,928			3,199
Other expenses		18,965			30,996

Total expenses		2,787,228			2,609,431
Expenses waived/reimbursed net of amount recaptured⁽¹⁾		(1,527,466	)		(342,756	)

Net expenses		1,259,762			2,266,675

Net Investment Income		35,537			4,395,922

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		40,083			905,697
Investment securities sold short		—			(442,794	)
Futures transactions		—			(736,019	)
Swap agreements		—			(1,070,185	)
Option contracts written		—			386,289
Option contracts purchased		—			19,531
Foreign currency transactions		—			(377,692	)

Net realized gain (loss)		40,083			(1,315,173	)

Net change in unrealized appreciation (depreciation) on:
Investment securities		—			5,416,376
Investment securities sold short		—			(7,951	)
Futures		—			(213,047	)
Swap agreements		—			331,301
Option contracts written		—			272,340
Option contracts purchased		—			(155,525	)
Foreign currency translation		—			(537,185	)

Net change in unrealized appreciation (depreciation)		—			5,106,309

Net Realized and Unrealized Gain		40,083			3,791,136

Net Increase in Net Assets Resulting from Operations	$	75,620		$	8,187,058

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

See Notes to Financial Statements.

114


Medium-Duration Bond Fund			Extended-Duration Bond Fund			Global Bond Fund

$	114,251		$	7,333		$	136,114
	3,486			578			2,040
	11,870,770			6,955,846			8,282,361
	106,747			39,715			73,291
	—			—			(8,826	)

	12,095,254			7,003,472			8,484,980


	1,725,961			691,165			853,221

	1,954			1,885			—
	13,062			12,606			9,744
	93,879			11,862			31,643

	710,444			275,623			443,978
	196,101			48,780			88,437
	46,711			35,328			36,794

	900			900			—
	10,627			10,611			9,476

	360			215			—
	7,278			6,945			2,528
	3,970			1,342			1,763
	3,042			1,003			1,310
	42,670			8,999			15,266

	2,856,959			1,107,264			1,494,160
	(437,249	)		(93,594	)		(49,043	)

	2,419,710			1,013,670			1,445,117

	9,675,544			5,989,802			7,039,863



	7,913,274			2,524,234			1,041,646
	(185,382	)		—			(1,984	)
	661,320			—			80,428
	(783,818	)		—			—
	528,754			—			—
	(174,983	)		—			(197,327	)
	(291,790	)		379,767			(1,055,119	)

	7,667,375			2,904,001			(132,356	)


	16,108,507			23,379,291			15,483,668
	(235,133	)		—			—
	(193,386	)		—			(114,552	)
	378,307			—			—
	830,882			—			—
	(474,760	)		—			66,172
	(93,448	)		4,212			196,569

	16,320,969			23,383,503			15,631,857

	23,988,344			26,287,504			15,499,501

$	33,663,888		$	32,277,306		$	22,539,364

See Notes to Financial Statements.

115

STATEMENTS OF CHANGES IN NET ASSETS


	Money Market Fund
	For the Six Months Ended 06/30/14			For the Year Ended 12/31/13
	(Unaudited)
Operations:
Net investment income	$	35,537		$	199,522
Net realized gain (loss) on investment securities, foreign currency transactions and derivative transactions		40,083			64,118
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations and derivative transactions		—			—

Net increase (decrease) in net assets resulting from operations		75,620			263,640

Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(10,869	)		(39,682	)
Investor shares		(61,281	)		(123,227	)
Distributions from net realized capital gains
Institutional shares		—			(5,110	)
Investor shares		—			(60,366	)

Total dividends and distributions		(72,150	)		(228,385	)

Capital Share Transactions:
Proceeds from shares sold
Institutional shares		104,647,163			105,460,546
Investor shares		1,804,874,091			4,335,936,657
Reinvestment of dividends and distributions
Institutional shares		9,355			38,908
Investor shares		21,436			105,203

Total proceeds from shares sold and reinvested		1,909,552,045			4,441,541,314

Value of shares redeemed
Institutional shares		(70,407,810	)		(106,106,557	)
Investor shares		(1,883,110,800	)		(4,204,891,545	)

Total value of shares redeemed		(1,953,518,610	)		(4,310,998,102	)

Net increase (decrease) from capital share transactions⁽¹⁾		(43,966,565	)		130,543,212

Total increase (decrease) in net assets		(43,963,095	)		130,578,467

Net Assets:
Beginning of Period		1,368,997,989			1,238,419,522

End of Period*	$	1,325,034,894		$	1,368,997,989

*Including undistributed (distributions in excess of) net investment income	$	—		$	36,613

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

See Notes to Financial Statements.

116


Low-Duration Bond Fund						Medium-Duration Bond Fund
For the Six Months Ended 06/30/14			For the Year Ended 12/31/13			For the Six Months Ended 06/30/14			For the Year Ended 12/31/13
(Unaudited)						(Unaudited)

$	4,395,922		$	8,948,237		$	9,675,544		$	17,749,366
	(1,315,173	)		(199,750	)		7,667,375			(9,532,523	)
	5,106,309			(9,738,040	)		16,320,969			(25,840,900	)

	8,187,058			(989,553	)		33,663,888			(17,624,057	)



	(1,030,353	)		(2,638,146	)		(4,578,785	)		(8,960,565	)
	(2,714,620	)		(6,980,736	)		(5,280,281	)		(10,135,398	)

	(106,639	)		(130,184	)		—			(238,953	)
	(357,017	)		(404,740	)		—			(290,430	)

	(4,208,629	)		(10,153,806	)		(9,859,066	)		(19,625,346	)



	11,361,777			20,817,542			26,945,126			26,720,145
	34,860,873			96,538,640			24,731,348			73,101,056

	1,135,175			2,761,563			4,573,028			9,193,242
	3,071,440			7,383,801			5,279,340			10,422,967

	50,429,265			127,501,546			61,528,842			119,437,410


	(7,342,806	)		(19,428,445	)		(10,498,099	)		(46,258,722	)
	(17,479,860	)		(72,290,918	)		(23,429,068	)		(98,816,806	)

	(24,822,666	)		(91,719,363	)		(33,927,167	)		(145,075,528	)

	25,606,599			35,782,183			27,601,675			(25,638,118	)

	29,585,028			24,638,824			51,406,497			(62,887,521	)


	838,264,241			813,625,417			809,622,988			872,510,509

$	867,849,269		$	838,264,241		$	861,029,485		$	809,622,988

$	31,010		$	(619,939	)	$	357,823		$	541,345

See Notes to Financial Statements.

117

STATEMENTS OF CHANGES IN NET ASSETS


	Extended-Duration Bond Fund
	For the Six Months Ended 06/30/14			For the Year Ended 12/31/13
	(Unaudited)
Operations:
Net investment income	$	5,989,802		$	16,173,397
Net realized gain (loss) on investment securities, foreign currency transactions and derivative transactions		2,904,001			13,536,698
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations and derivative transactions		23,383,503			(55,249,908	)

Net increase (decrease) in net assets resulting from operations		32,277,306			(25,539,813	)

Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(2,678,998	)		(7,171,639	)
Investor shares		(3,115,367	)		(9,578,417	)
Distributions from net realized capital gains
Institutional shares		(218,192	)		(6,448,885	)
Investor shares		(269,288	)		(8,820,661	)

Total dividends and distributions		(6,281,845	)		(32,019,602	)

Capital Share Transactions:
Proceeds from shares sold
Institutional shares		7,592,549			8,686,398
Investor shares		23,270,857			32,327,945
Reinvestment of dividends and distributions
Institutional shares		2,894,343			13,606,468
Investor shares		3,382,468			18,389,399

Total proceeds from shares sold and reinvested		37,140,217			73,010,210

Value of shares redeemed
Institutional shares		(13,577,274	)		(38,446,492	)
Investor shares		(29,387,917	)		(177,196,077	)

Total value of shares redeemed		(42,965,191	)		(215,642,569	)

Net increase (decrease) from capital share transactions⁽¹⁾		(5,824,974	)		(142,632,359	)

Total increase (decrease) in net assets		20,170,487			(200,191,774	)

Net Assets:
Beginning of Period		270,781,381			470,973,155

End of Period*	$	290,951,868		$	270,781,381

*Including undistributed (distributions in excess of) net investment income	$	349,700		$	154,263

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

See Notes to Financial Statements.

118


Global Bond Fund
For the Six Months Ended 06/30/14			For the Year Ended 12/31/13
(Unaudited)

$	7,039,863		$	10,852,037
	(132,356	)		218,973
	15,631,857			(7,694,848	)

	22,539,364			3,376,162



	—			—
	(6,182,140	)		(9,497,750	)
	—			—

	—			—

	(6,182,140	)		(9,497,750	)



	—			—
	20,359,341			140,576,281

	—			—
	6,182,043			9,497,746

	26,541,384			150,074,027


	—			—
	(10,621,424	)		(18,966,067	)

	(10,621,424	)		(18,966,067	)

	15,919,960			131,107,960

	32,277,184			124,986,372


	357,841,987			232,855,615

$	390,119,171		$	357,841,987

$	(258,672	)	$	(1,116,395	)

See Notes to Financial Statements.

119

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
2014(3)	$	1.00	$	—	†#	$	—	†	$	—	†	$	—		$	1.00		0.01	%	$	140,309		0.18	%		0.19	%		0.01	%		N/A
2013(4)		1.00		—	†#		—	†		—	†		—	†		1.00		0.04			106,060		0.18			0.20			0.04			N/A
2012		1.00		—	†#		—	†		—	†		—	†		1.00		0.10			106,664		0.18			0.20			0.10			N/A
2011		1.00		—	†#		—	†		—	†		—	†		1.00		0.10			116,298		0.18			0.19			0.09			N/A
2010		1.00		—	†		—	†		—	†		—	†		1.00		0.18			119,311		0.17			0.18			0.17			N/A
2009		1.00		—	†		—	†		—	†		—	†		1.00		0.47			133,323		0.23	(5)		0.23	(5)		0.49			N/A
Investor Class
2014(3)	$	1.00	$	—	†#	$	—	†	$	—	†	$	—		$	1.00		0.01	%	$	1,184,726		0.19	%		0.44	%		0.00	%		N/A
2013(4)		1.00		—	†#		—	†		—	†		—	†		1.00		0.02			1,262,938		0.21			0.44			0.01			N/A
2012		1.00		—	†#		—	†		—	†		—	†		1.00		0.01			1,131,756		0.27			0.44			0.01			N/A
2011		1.00		—	†#		—	†		—	†		—	†		1.00		0.01			1,161,630		0.27			0.42			0.01			N/A
2010		1.00		—	†		—	†		—	†		—	†		1.00		0.02			1,180,141		0.33			0.37			0.01			N/A
2009		1.00		—	†		—	†		—	†		—	†		1.00		0.29			1,064,934		0.41	(5)		0.43	(5)		0.28			N/A
Low-Duration Bond Fund
Institutional Class
2014(3)	$	8.54	$	0.05	#	$	0.04		$	(0.06	)	$	(0.01	)	$	8.56		1.07	%	$	142,425		0.36	%		0.41	%		1.22	%		201	%
2013(6)		8.71		0.11	#		(0.11	)(7)		(0.16	)		(0.01	)		8.54		0.02			136,966		0.36			0.42			1.26			202
2012		8.59		0.15	#		0.22	(7)		(0.22	)		(0.03	)		8.71		4.35			135,526		0.36			0.41			1.68			228
2011		8.70		0.16	#		(0.01	)(7)		(0.23	)		(0.03	)		8.59		1.77			122,462		0.36			0.42			1.84			221
2010		8.70		0.20	#		0.17			(0.28	)		(0.09	)		8.70		4.35			128,143		0.36			0.41			2.27			257
2009		8.11		0.29	#		0.69			(0.39	)		—			8.70		12.29			115,741		0.36			0.42			3.47			322
Investor Class(6)
2014(3)	$	13.35	$	0.07	#	$	0.06		$	(0.05	)	$	(0.01	)	$	13.42		0.96	%	$	725,424		0.57	%		0.66	%		1.01	%		201	%
2013(6)		13.52		0.14	#		(0.16	)(7)		(0.14	)		(0.01	)		13.35		(0.20	)		701,299		0.57			0.66			1.04			202
2012		13.20		0.20	#		0.35	(7)		(0.20	)		(0.03	)		13.52		4.15			678,099		0.57			0.65			1.47			228
2011		13.23		0.22	#		(0.01	)(7)		(0.21	)		(0.03	)		13.20		1.58			621,713		0.55			0.65			1.64			221
2010		13.04		0.28	#		0.26			(0.26	)		(0.09	)		13.23		4.20			580,452		0.52			0.61			2.11			257
2009		11.99		0.42	#		1.00			(0.37	)		—			13.04		11.97			569,316		0.52			0.62			3.30			322
Medium-Duration Bond Fund
Institutional Class
2014(3)	$	6.91	$	0.09	#	$	0.20		$	(0.14	)	$	—		$	7.06		4.20	%	$	253,190		0.48	%		0.52	%		2.46	%		231	%
2013(8)		7.32		0.16	#		(0.29	)(7)		(0.27	)		(0.01	)		6.91		(1.90	)		227,172		0.48			0.52			2.21			409
2012		7.24		0.17	#		0.39	(7)		(0.28	)		(0.20	)		7.32		7.93			251,565		0.48			0.51			2.32			570
2011		7.25		0.20	#		0.27	(7)		(0.35	)		(0.13	)		7.24		6.56			228,024		0.48			0.52			2.76			609
2010		7.47		0.25	#		0.40			(0.41	)		(0.46	)		7.25		8.86			236,369		0.48			0.49			3.21			487
2009		7.13		0.31	#		0.85			(0.51	)		(0.31	)		7.47		17.07			139,917		0.48			0.51			4.17			427
Investor Class
2014(3)	$	14.14	$	0.16	#	$	0.42		$	(0.13	)	$	—		$	14.59		4.10	%	$	607,840		0.63	%		0.76	%		2.31	%		231	%
2013(8)		14.68		0.30	#		(0.59	)(7)		(0.24	)		(0.01	)		14.14		(1.98	)		582,451		0.63			0.77			2.06			409
2012		14.07		0.32	#		0.75	(7)		(0.26	)		(0.20	)		14.68		7.68			620,945		0.63			0.75			2.18			570
2011		13.65		0.37	#		0.51	(7)		(0.33	)		(0.13	)		14.07		6.49			636,218		0.61			0.75			2.62			609
2010		13.36		0.43	#		0.71			(0.39	)		(0.46	)		13.65		8.65			614,082		0.58			0.68			3.11			487
2009		12.16		0.53	#		1.48			(0.50	)		(0.31	)		13.36		16.97			868,800		0.58			0.70			4.08			427

†	Amount represents less than $0.005 per share.

#	Calculated using the average shares outstanding method.

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

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

(3)	For the six months ended June 30, 2014. 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)

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

(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)	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.

(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 0.07%, 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.

120


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
2014(3)	$	4.78	$	0.11	#	$	0.46		$	(0.25	)	$	(0.02	)	$	5.08		12.20	%	$	52,096		0.56	%		0.57	%		4.38	%		14	%
2013(4)		6.36		0.27	#		(0.58	)(5)		(0.63	)		(0.64	)		4.78		(5.10	)		51,959		0.55			0.55			4.61			37
2012		6.48		0.31	#		0.64	(5)		(0.65	)		(0.42	)		6.36		15.41			86,268		0.52			0.53			4.68			27
2011		6.93		0.37	#		0.49	(5)		(0.74	)		(0.57	)		6.48		13.33			74,591		0.54			0.55			5.32			41
2010		7.01		0.40	#		0.43			(0.80	)		(0.11	)		6.93		12.25			72,741		0.53			0.53			5.60			39
2009		6.31		0.44	#		1.04			(0.76	)		(0.02	)		7.01		25.27			67,699		0.53			0.53			6.78			41
Investor Class
2014(3)	$	16.39	$	0.36	#	$	1.60		$	(0.23	)	$	(0.02	)	$	18.10		12.06	%	$	238,856		0.75	%		0.83	%		4.19	%		14	%
2013(4)		18.58		0.78	#		(1.74	)(5)		(0.59	)		(0.64	)		16.39		(5.24	)		218,822		0.75			0.80			4.40			37
2012		17.08		0.81	#		1.72	(5)		(0.61	)		(0.42	)		18.58		15.06			384,705		0.75			0.78			4.45			27
2011		16.28		0.86	#		1.22	(5)		(0.71	)		(0.57	)		17.08		13.14			330,879		0.73			0.78			5.13			41
2010		15.34		0.88	#		0.94			(0.77	)		(0.11	)		16.28		12.05			337,760		0.69			0.72			5.43			39
2009		12.97		0.91	#		2.22			(0.74	)		(0.02	)		15.34		24.97			392,962		0.69			0.73			6.60			41
Global Bond Fund
Investor Class
2014(3)	$	10.09	$	0.19	#	$	0.43		$	(0.17	)	$	—		$	10.54		6.20	%	$	390,119		0.78	%		0.81	%		3.81	%		44	%
2013(6)		10.38		0.39	#		(0.36	)(5)		(0.32	)		—			10.09		0.30			357,842		0.80			0.83			3.77			101
2012		9.73		0.45	#		0.74	(5)		(0.54	)		—			10.38		12.52			232,856		0.83			0.86			4.41			64
2011		9.83		0.51	#		(0.09	)(5)		(0.52	)		—			9.73		4.35			170,167		0.86			0.88			5.09			68
2010		9.36		0.52	#		0.51			(0.56	)		—			9.83		11.29			161,070		0.79			0.81			5.40			40
2009		7.34		0.56	#		2.07			(0.61	)		—			9.36		37.35			221,555		0.79			0.81			6.81			96

#	Calculated using the average shares outstanding method.

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

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

(3)	For the six months ended June 30, 2014. 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 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.

(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, Total Return by 0.10%, and the Ratio of Net Investment Income to Average Net Assets by 0.02%.

See Notes to Financial Statements.

121

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Shares		Value
COMMON STOCKS — 44.3%
Consumer Discretionary — 4.4%
Advance Auto Parts, Inc.		200	$	26,984
Amazon.com, Inc.*		4,235		1,375,443
AutoNation, Inc.*		58		3,461
AutoZone, Inc.*		1,938		1,039,233
Avon Products, Inc.		1,225		17,897
Bed Bath & Beyond, Inc.D*		5,408		310,311
Best Buy Co., Inc.		307		9,520
Big Lots, Inc.*		400		18,280
Cablevision Systems Corporation Class A		805		14,208
CarMax, Inc.*		253		13,159
CBS Corporation Class B		626		38,900
Chipotle Mexican Grill, Inc.*		1,330		788,038
Coach, Inc.		313		10,702
Comcast Corporation Class A		2,958		158,785
Costco Wholesale Corporation		13,315		1,533,355
D.R. Horton, Inc.		223		5,481
Darden Restaurants, Inc.		149		6,894
DIRECTV*		662		56,277
Discovery Communications, Inc. Class A*		364		27,038
Dollar General Corporation*		302		17,323
Dollar Tree, Inc.*		9,593		522,435
Domino’s Pizza, Inc.		2,500		182,725
eBay, Inc.*		1,284		64,277
Estee Lauder Cos., Inc. (The) Class A		4,089		303,649
Expedia, Inc.		116		9,136
Family Dollar Stores, Inc.		1,379		91,207
Ford Motor Co.		4,478		77,201
GameStop Corporation Class A		130		5,261
Gannett Co., Inc.		255		7,984
Gap, Inc. (The)		301		12,513
General Motors Co.		1,213		44,032
Genuine Parts Co.		1,064		93,419
Goodyear Tire & Rubber Co. (The)		280		7,778
H&R Block, Inc.		314		10,525
Harley-Davidson, Inc.		250		17,463
Harman International Industries, Inc.		76		8,165
Hasbro, Inc.		91		4,828
Home Depot, Inc. (The)		16,798		1,359,966
Interpublic Group of Cos., Inc. (The)		481		9,384
Johnson Controls, Inc.		755		37,697
Kohl’s Corporation		228		12,011
L Brands, Inc.		443		25,986
Lennar Corporation Class A		243		10,201
Lowe’s Cos., Inc.		6,842		328,348
Macy’s, Inc.		419		24,310
Marriott International, Inc. Class A		425		27,243
Mattel, Inc.		387		15,081
McDonald’s Corporation		18,174		1,830,849
McGraw Hill Financial, Inc.		309		25,656
Mohawk Industries, Inc.*		35		4,842
Netflix, Inc.*		68		29,961
Newell Rubbermaid, Inc.		167		5,175
News Corporation Class A*		567		10,172
NIKE, Inc. Class B		7,645		592,870


	Shares		Value
Nordstrom, Inc.		287	$	19,496
Nu Skin Enterprises, Inc. Class A		1,500		110,940
Omnicom Group, Inc.		293		20,868
O’Reilly Automotive, Inc.*		3,321		500,143
Panera Bread Co. Class A*		2,200		329,626
PetSmart, Inc.D		8,075		482,885
Priceline Group, Inc. (The)*		664		798,792
PulteGroup, Inc.		257		5,181
PVH Corporation		92		10,727
Ralph Lauren Corporation		53		8,517
Ross Stores, Inc.		2,143		141,717
Scripps Networks Interactive, Inc. Class AD		3,443		279,365
Sears Holdings CorporationD*		800		31,968
Staples, Inc.		437		4,737
Starbucks Corporation		11,258		871,144
Starwood Hotels & Resorts Worldwide, Inc.		337		27,236
Target Corporation		11,717		679,000
Tiffany & Co.		105		10,526
Time Warner Cable, Inc.		315		46,400
Time Warner, Inc.		5,954		418,269
TJX Cos., Inc. (The)		10,907		579,707
Tractor Supply Co.		3,959		239,124
TripAdvisor, Inc.*		6,026		654,785
Twenty-First Century Fox, Inc. Class A		2,201		77,365
Under Armour, Inc. Class A*		210		12,493
Urban Outfitters, Inc.*		140		4,740
VF Corporation		493		31,059
Wal-Mart Stores, Inc.		58,235		4,371,701
Walt Disney Co. (The)		8,023		687,892
Whirlpool Corporation		34		4,734
Wyndham Worldwide Corporation		274		20,747
Yum! Brands, Inc.		12,304		999,085

				23,764,608

Consumer Staples — 6.4%
Archer-Daniels-Midland Co.		3,046		134,359
Campbell Soup Co.D		66,798		3,060,016
Church & Dwight Co., Inc.D		17,600		1,231,120
Clorox Co. (The)D		6,212		567,777
Coca-Cola Co. (The)		30,141		1,276,773
Coca-Cola Enterprises, Inc.		469		22,409
Colgate-Palmolive Co.		26,337		1,795,657
ConAgra Foods, Inc.		663		19,678
CVS Caremark Corporation		8,110		611,251
Dr. Pepper Snapple Group, Inc.		369		21,616
General Mills, Inc.		77,360		4,064,494
Hershey Co. (The)		12,272		1,194,925
Hormel Foods Corporation		10,555		520,889
J.M. Smucker Co. (The)		119		12,682
Kellogg Co.		10,444		686,171
Keurig Green Mountain, Inc.		65		8,100
Kimberly-Clark Corporation		15,916		1,770,177
Kraft Foods Group, Inc.		846		50,718
Kroger Co. (The)		12,095		597,856
McCormick & Co., Inc. (Non-Voting Shares)		10,686		765,011
Mead Johnson Nutrition Co.		233		21,708
Mondelez International, Inc. Class A		2,203		82,855
Monster Beverage Corporation*		3,900		277,017

See Notes to Financial Statements.

122


	Shares		Value
PepsiCo, Inc.		53,709	$	4,798,362
Procter & Gamble Co. (The)		72,584		5,704,376
Safeway, Inc.		1,442		49,518
Sysco CorporationD		104,571		3,916,184
Tyson Foods, Inc. Class A		304		11,412
Walgreen Co.		13,692		1,014,988
Whole Foods Market, Inc.		4,469		172,637

				34,460,736

Energy — 3.2%
Anadarko Petroleum Corporation		571		62,507
Apache Corporation		448		45,078
Baker Hughes, Inc.		1,497		111,452
Cabot Oil & Gas Corporation		422		14,407
Cameron International Corporation*		216		14,625
Chesapeake Energy Corporation		577		17,933
Chevron Corporation		32,000		4,177,600
ConocoPhillips		3,431		294,140
CONSOL Energy, Inc.		259		11,932
Denbury Resources, Inc.		309		5,704
Devon Energy Corporation		436		34,618
EOG Resources, Inc.		2,518		294,253
EQT Corporation		171		18,280
Exxon Mobil Corporation		82,760		8,332,277
First Solar, Inc.*		87		6,182
FMC Technologies, Inc.*		280		17,100
Halliburton Co.		973		69,093
Helmerich & Payne, Inc.		122		14,165
Hess Corporation		311		30,755
Kinder Morgan, Inc.		908		32,924
Marathon Oil Corporation		789		31,497
Marathon Petroleum Corporation		335		26,153
Murphy Oil Corporation		194		12,897
National Oilwell Varco, Inc.		487		40,104
Newfield Exploration Co.*		175		7,735
Noble Energy, Inc.		408		31,604
Occidental Petroleum Corporation		27,849		2,858,143
ONEOK, Inc.		236		16,067
Peabody Energy Corporation		315		5,150
Phillips 66		1,849		148,715
Pioneer Natural Resources Co.		172		39,527
QEP Resources, Inc.		203		7,004
Range Resources Corporation		186		16,173
Southwestern Energy Co.*		402		18,287
Spectra Energy Corporation		8,565		363,841
Tesoro Corporation		95		5,574
Valero Energy Corporation		605		30,311
Williams Cos., Inc. (The)		895		52,098

				17,315,905

Financial Services — 7.6%
Affiliated Managers Group, Inc.*		64		13,146
Aflac, Inc.		665		41,396
Alleghany Corporation*		700		306,684
Alliance Data Systems Corporation*		60		16,875
Allstate Corporation (The)		4,805		282,150
American Express Co.		1,064		100,942
American International Group, Inc.		1,660		90,603


	Shares		Value
American Tower Corporation REIT		447	$	40,221
Ameriprise Financial, Inc.		217		26,040
Annaly Capital Management, Inc. REIT		33,900		387,477
Apartment Investment & Management Co. Class A REIT		481		15,522
Assurant, Inc.		75		4,916
AvalonBay Communities, Inc. REIT		65		9,242
Bank of America Corporation		11,993		184,332
Bank of Hawaii CorporationD		12,200		716,018
Bank of New York Mellon Corporation (The)		1,007		37,742
BB&T Corporation		805		31,741
Berkshire Hathaway, Inc. Class B*		2,159		273,243
BlackRock, Inc.		159		50,816
Boston Properties, Inc. REIT		174		20,563
Capital One Financial Corporation		694		57,324
Capitol Federal Financial, Inc.		286,800		3,487,488
CBRE Group, Inc. Class A*		315		10,093
Charles Schwab Corporation (The)		1,326		35,709
Chubb Corporation (The)		32,767		3,020,134
Cincinnati Financial Corporation		105		5,044
Citigroup, Inc.		3,444		162,212
City National Corporation		2,800		212,128
CME Group, Inc.		232		16,460
Comerica, Inc.		101		5,066
Commerce Bancshares, Inc.D		25,799		1,199,654
Crown Castle International Corporation REIT		448		33,269
Cullen/Frost Bankers, Inc.D		15,900		1,262,778
Discover Financial Services		616		38,180
Dun & Bradstreet Corporation (The)		54		5,951
ETRADE Financial Corporation		326		6,931
Equifax, Inc.		138		10,011
Equity Residential REIT		467		29,421
Essex Property Trust, Inc. REIT		70		12,944
FactSet Research Systems, Inc.D		5,000		601,400
Fidelity National Information Services, Inc.		329		18,009
Fifth Third Bancorp		1,381		29,484
Fiserv, Inc.*		888		53,564
Franklin Resources, Inc.		456		26,375
General Growth Properties, Inc. REIT		589		13,877
Genworth Financial, Inc. Class A*		565		9,831
Goldman Sachs Group, Inc. (The)		4,166		697,555
Hartford Financial Services Group, Inc. (The)		507		18,156
HCP, Inc. REIT		516		21,352
Health Care REIT, Inc.		570		35,722
Host Hotels & Resorts, Inc. REIT		861		18,951
Hudson City Bancorp, Inc.		522		5,131
Huntington Bancshares, Inc.		953		9,092

See Notes to Financial Statements.

123

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)


	Shares		Value
IntercontinentalExchange Group, Inc.		120	$	22,668
Jack Henry & Associates, Inc.		600		35,658
JPMorgan Chase & Co.		22,043		1,270,118
KeyCorp		54,767		784,811
Kimco Realty Corporation REIT		228		5,239
Leucadia National Corporation		355		9,308
Lincoln National Corporation		300		15,432
Loews Corporation		130		5,721
M&T Bank CorporationD		8,999		1,116,326
Macerich Co. (The) REIT		159		10,613
Markel CorporationD*		1,200		786,768
Marsh & McLennan Cos., Inc.D		67,135		3,478,936
Mastercard, Inc. Class A		10,157		746,235
MetLife, Inc.		1,274		70,783
Moody’s Corporation		279		24,457
Morgan Stanley		1,593		51,502
Navient Corporation		520		9,209
New York Community Bancorp, Inc.D		34,400		549,712
Northern Trust Corporation		80,853		5,191,571
People’s United Financial, Inc.D		64,245		974,597
Piedmont Office Realty Trust, Inc. Class A REITD		58,800		1,113,672
Plum Creek Timber Co., Inc. REIT		202		9,110
PNC Financial Services Group, Inc. (The)		55,266		4,921,437
Principal Financial Group, Inc.		312		15,750
Progressive Corporation (The)		5,613		142,346
Prologis, Inc. REIT		334		13,724
Prudential Financial, Inc.		524		46,516
Public Storage REIT		108		18,506
Regions Financial Corporation		1,188		12,617
Reinsurance Group of America, Inc.		3,300		260,370
Signature Bank*		1,800		227,124
Simon Property Group, Inc. REIT		415		69,006
State Street Corporation		490		32,957
SunTrust Banks, Inc.		9,007		360,820
T Rowe Price Group, Inc.		297		25,070
Torchmark Corporation		214		17,531
Total System Services, Inc.		162		5,088
Travelers Cos., Inc. (The)		10,301		969,015
Unum Group		295		10,254
US Bancorp		25,989		1,125,844
Ventas, Inc. REIT		333		21,345
Visa, Inc. Class AD		6,164		1,298,816
Vornado Realty Trust REIT		197		21,026
W.R. Berkley Corporation		1,900		87,989
Wells Fargo & Co.		26,061		1,369,766
Western Union Co. (The)		622		10,786
Weyerhaeuser Co. REIT		511		16,909
Zions Bancorporation		159		4,686

				41,206,709

Healthcare — 6.6%
Abbott Laboratories		16,909		691,578
AbbVie, Inc.		16,572		935,324
Aetna, Inc.		6,711		544,128
Alexion Pharmaceuticals, Inc.*		2,924		456,875
Allergan, Inc.		591		100,009
Amgen, Inc.		4,585		542,726


	Shares		Value
Baxter International, Inc.		8,506	$	614,984
Becton, Dickinson and Co.D		32,732		3,872,196
Biogen Idec, Inc.*		2,368		746,654
Boston Scientific Corporation*		1,348		17,214
Bristol-Myers Squibb Co.		21,948		1,064,697
C.R. Bard, Inc.D		5,074		725,633
Cardinal Health, Inc.		6,676		457,707
CareFusion Corporation*		76		3,371
Celgene Corporation*		6,790		583,125
Cerner Corporation*		1,935		99,807
Cigna Corporation		310		28,511
Covance, Inc.*		200		17,116
DaVita HealthCare Partners, Inc.*		200		14,464
DENTSPLY International, Inc.		161		7,623
Edwards Lifesciences CorporationD*		1,568		134,597
Eli Lilly & Co.		57,405		3,568,869
Express Scripts Holding Co.*		6,745		467,631
Forest Laboratories, Inc.*		322		31,878
Gilead Sciences, Inc.*		1,936		160,514
Henry Schein, Inc.*		2,100		249,207
Hospira, Inc.*		189		9,709
Humana, Inc.		2,976		380,095
IDEXX Laboratories, Inc.*		3,600		480,852
Intuitive Surgical, Inc.*		43		17,707
Johnson & Johnson		99,047		10,362,297
Laboratory Corporation of America Holdings*		2,051		210,022
McKesson Corporation		6,182		1,151,150
MEDNAX, Inc.*		3,800		220,970
Medtronic, Inc.D		11,429		728,713
Mylan, Inc.*		1,226		63,213
Patterson Cos., Inc.		120		4,741
PerkinElmer, Inc.		128		5,996
Quest Diagnostics, Inc.D		51,143		3,001,583
Regeneron Pharmaceuticals, Inc.*		89		25,140
Seattle Genetics, Inc.D*		1,800		68,850
St. Jude Medical, Inc.		321		22,229
Stryker Corporation		11,335		955,767
Tenet Healthcare Corporation*		123		5,774
Thermo Fisher Scientific, Inc.		444		52,392
UnitedHealth Group, Inc.		15,609		1,276,036
Vertex Pharmaceuticals, Inc.*		2,068		195,798
WellPoint, Inc.		740		79,631
Zimmer Holdings, Inc.		1,372		142,496
Zoetis, Inc.		1,809		58,376

				35,655,975

Materials & Processing — 0.7%
Air Products & Chemicals, Inc.		12,840		1,651,481
Airgas, Inc.		46		5,010
Alcoa, Inc.		1,077		16,037
Allegheny Technologies, Inc.		139		6,269
Ball Corporation		161		10,091
Bemis Co., Inc.		204		8,295
CF Industries Holdings, Inc.		63		15,153
Dow Chemical Co. (The)		1,623		83,520
E.I. du Pont de Nemours & Co.		1,053		68,908
Eastman Chemical Co.		174		15,199
Ecolab, Inc.		340		37,856
Fastenal Co.D		5,308		262,693
FMC Corporation		151		10,750

See Notes to Financial Statements.

124


	Shares		Value
Freeport-McMoRan Copper & Gold, Inc.		1,602	$	58,473
International Flavors & Fragrances, Inc.		693		72,266
International Paper Co.		550		27,758
Masco Corporation		401		8,902
MeadWestvaco Corporation		255		11,286
Monsanto Co.		513		63,992
Mosaic Co. (The)		346		17,110
Newmont Mining Corporation		511		13,000
Nucor CorporationD		9,254		455,759
Owens-Illinois, Inc.*		127		4,399
PPG Industries, Inc.		657		138,069
Praxair, Inc.		319		42,376
Precision Castparts Corporation		158		39,879
Sealed Air Corporation		225		7,688
Sherwin-Williams Co. (The)		2,187		452,512
Sigma-Aldrich CorporationD		852		86,461
United States Steel Corporation		19		495
Vulcan Materials Co.		147		9,371

				3,701,058

Producer Durables — 4.8%
3M Co.		14,017		2,007,795
ADT Corporation (The)D		30,008		1,048,479
Agilent Technologies, Inc.		377		21,655
Alaska Air Group, Inc.D		1,700		161,585
AMETEK, Inc.		278		14,534
Automatic Data Processing, Inc.		19,827		1,571,885
Boeing Co. (The)		6,461		822,033
Caterpillar, Inc.		705		76,612
CH Robinson Worldwide, Inc.		98		6,251
Cintas CorporationD		3,300		209,682
Clean Harbors, Inc.D*		1,200		77,100
CSX Corporation		1,157		35,647
Cummins, Inc.		196		30,241
Danaher Corporation		3,257		256,424
Deere & Co.		419		37,940
Delta Air Lines, Inc.		1,218		47,161
Dover Corporation		192		17,462
Emerson Electric Co.		694		46,054
Expeditors International of Washington, Inc.		129		5,697
FedEx Corporation		264		39,964
FLIR Systems, Inc.		8,145		282,876
Flowserve Corporation		133		9,888
Fluor Corporation		182		13,996
General Dynamics CorporationD		3,769		439,277
General Electric Co.		133,449		3,507,040
Honeywell International, Inc.		3,189		296,417
Illinois Tool Works, Inc.		443		38,789
Iron Mountain, Inc.		193		6,842
Jacobs Engineering Group, Inc.*		78		4,156
Kansas City Southern		102		10,966
Landstar System, Inc.		500		32,000
Lockheed Martin Corporation		3,364		540,696
Mettler Toledo International, Inc.*		1,500		379,770
MSC Industrial Direct Co., Inc. Class AD		3,700		353,868
Norfolk Southern Corporation		332		34,206
Northrop Grumman Corporation		3,047		364,513


	Shares		Value
PACCAR, Inc.		409	$	25,697
Pall Corporation		102		8,710
Parker Hannifin Corporation		153		19,237
Paychex, Inc.D		21,169		879,784
Pitney Bowes, Inc.		332		9,170
Quanta Services, Inc.*		139		4,807
Raytheon Co.		6,236		575,271
Republic Services, Inc.		56,213		2,134,408
Robert Half International, Inc.		115		5,490
Rockwell Automation, Inc.		141		17,648
Rockwell Collins, Inc.D		5,904		461,339
Roper Industries, Inc.		44		6,424
Ryder System, Inc.		111		9,778
Snap-on, Inc.		44		5,215
Southwest Airlines Co.		13,593		365,108
Stanley Black & Decker, Inc.		177		15,544
Stericycle, Inc.*		9,497		1,124,635
Textron, Inc.		272		10,415
Union Pacific Corporation		7,214		719,596
United Parcel Service, Inc. Class B		47,152		4,840,624
United Technologies Corporation		3,372		389,297
W.W. Grainger, Inc.		8		2,034
Waste Management, Inc.		31,491		1,408,592
Xerox Corporation		1,257		15,637
Xylem, Inc.		246		9,614

				25,913,575

Technology — 3.6%
Adobe Systems, Inc.*		1,128		81,622
Akamai Technologies, Inc.*		203		12,395
Altera Corporation		4,058		141,056
Amphenol Corporation Class A		214		20,617
Analog Devices, Inc.		14,854		803,156
Apple, Inc.		17,661		1,641,237
Applied Materials, Inc.D		103,070		2,324,228
Autodesk, Inc.*		2,557		144,164
Broadcom Corporation Class A		627		23,274
CA, Inc.		368		10,576
Cisco Systems, Inc.		34,071		846,664
Citrix Systems, Inc.*		176		11,009
Cognizant Technology Solutions Corporation Class A*		3,490		170,696
Computer Sciences Corporation		165		10,428
Corning, Inc.		1,580		34,681
Electronic Arts, Inc.*		351		12,590
EMC Corporation		2,300		60,582
F5 Networks, Inc.D*		2,946		328,302
Facebook, Inc. Class A*		2,166		145,750
Gartner, Inc.*		900		63,468
Google, Inc. Class A*		2,220		1,297,967
Google, Inc. Class C*		320		184,090
Groupon, Inc.D*		38,200		252,884
Harris Corporation		120		9,090
Hewlett-Packard Co.		2,151		72,446
Intel Corporation		73,298		2,264,908
International Business Machines Corporation		7,599		1,377,471
Intuit, Inc.		13,822		1,113,086
Jabil Circuit, Inc.		271		5,664
Juniper Networks, Inc.*		571		14,012
KLA-Tencor Corporation		3,188		231,576
Lam Research Corporation		181		12,232

See Notes to Financial Statements.

125

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)


	Shares		Value
Linear Technology Corporation		19,568	$	921,066
LinkedIn Corporation, Class A*		1,900		325,793
Maxim Integrated Products, Inc.		6,300		213,003
Microchip Technology, Inc.D		3,028		147,797
Micron Technology, Inc.*		1,206		39,738
Microsoft Corporation		33,007		1,376,392
Motorola Solutions, Inc.		226		15,045
NetApp, Inc.		3,574		130,522
NVIDIA Corporation		633		11,736
Oracle Corporation		3,927		159,161
Palo Alto Networks, Inc.*		3,000		251,550
QUALCOMM, Inc.		12,888		1,020,730
Red Hat, Inc.*		2,580		142,597
Salesforce.com, Inc.*		703		40,830
SanDisk Corporation		256		26,734
Skyworks Solutions, Inc.		800		37,568
Splunk, Inc.D*		2,300		127,259
Symantec Corporation		785		17,977
Synopsys, Inc.*		2,000		77,640
Teradata Corporation*		180		7,236
Texas Instruments, Inc.		4,931		235,652
VeriSign, Inc.*		180		8,786
VMware, Inc. Class AD*		1,700		164,577
Western Digital Corporation		239		22,060
Xilinx, Inc.		9,704		459,096
Yahoo!, Inc.*		1,008		35,411

				19,737,877

Utilities — 7.0%
AES Corporation		1,420		22,081
AGL Resources, Inc.D		4,300		236,629
Alliant Energy Corporation		1,900		115,634
Ameren Corporation		174		7,113
American Electric Power Co., Inc.		11,678		651,282
American Water Works Co., Inc.		23,000		1,137,350
Aqua America, Inc.		3,000		78,660
AT&T, Inc.		37,670		1,332,011
Atmos Energy Corporation		8,700		464,580
CenterPoint Energy, Inc.		11,288		288,296
CenturyLink, Inc.		13,761		498,148
CMS Energy Corporation		355		11,058
Consolidated Edison, Inc.D		13,857		800,103
Dominion Resources, Inc.		18,393		1,315,467
DTE Energy Co.		10,001		778,778
Duke Energy Corporation		10,636		789,085
Edison International		371		21,559
Entergy Corporation		204		16,746
Exelon Corporation		974		35,532
FirstEnergy Corporation		633		21,978
Frontier Communications Corporation		2,478		14,472
NextEra Energy, Inc.		7,994		819,225
NiSource, Inc.		9,257		364,170
Northeast Utilities		356		16,828
NRG Energy, Inc.		370		13,764
ONE Gas, Inc.		114,449		4,320,450
Pepco Holdings, Inc.		280		7,694
PG&E CorporationD		48,720		2,339,534
Piedmont Natural Gas Co., Inc.D		84,100		3,146,181
Pinnacle West Capital CorporationD		3,600		208,224
PPL Corporation		1,005		35,708


	Shares		Value
Public Service Enterprise Group, Inc.D		13,775	$	561,882
Questar Corporation		18,400		456,320
SCANA Corporation		161		8,663
Sempra Energy		16,773		1,756,301
Southern Co. (The)		25,237		1,145,255
TECO Energy, Inc.		293		5,415
tw telecom, Inc.*		8,200		330,542
UGI Corporation		10,200		515,100
Vectren CorporationD		11,500		488,750
Verizon Communications, Inc.		117,733		5,760,676
Westar Energy, Inc.D		69,900		2,669,481
WGL Holdings, Inc.D		81,400		3,508,340
Windstream Holdings, Inc.		1,811		18,038
Wisconsin Energy CorporationD		3,909		183,410
Xcel Energy, Inc.D		9,067		292,229

				37,608,742

Total Common Stocks (Cost $197,867,185)				239,365,185

FOREIGN COMMON STOCKS — 2.7%
Bermuda — 0.3%
Arch Capital Group, Ltd.*		5,000		287,200
Everest Re Group, Ltd.		5,900		946,891
Invesco, Ltd.		543		20,498
Nabors Industries, Ltd.		295		8,664
RenaissanceRe Holdings, Ltd.D		3,200		342,400

				1,605,653

British Virgin Islands — 0.0%
Michael Kors Holdings, Ltd.*		280		24,822

Canada — 0.3%
Goldcorp, Inc.D		18,900		527,499
Potash Corporation of Saskatchewan, Inc.D		31,200		1,184,352

				1,711,851

Curacao — 0.0%
Schlumberger, Ltd.		2,187		257,957

France — 0.8%
Total SA		57,800		4,177,302

Ireland — 0.2%
Accenture PLC Class A		9,898		800,154
Allegion PLC		94		5,328
Covidien PLC		520		46,894
Eaton Corporation PLC		540		41,677
Ingersoll-Rand PLC		294		18,378
Mallinckrodt PLCD*		400		32,008
Pentair PLC		224		16,155
Seagate Technology PLC		372		21,137
XL Group PLC		164		5,368

				987,099

Japan — 0.1%
Honda Motor Co., Ltd.		11,400		398,024

Jersey — 0.0%
Delphi Automotive PLC		227		15,604

Netherlands — 0.2%
Koninklijke Philips NV		30,392		964,446
LyondellBasell Industries NV Class A		489		47,751
Nielsen NV		323		15,636

				1,027,833

See Notes to Financial Statements.

126


	Shares		Value
Panama — 0.0%
Carnival Corporation		498	$	18,750
Copa Holdings SA Class A		200		28,514

				47,264

Singapore — 0.0%
Avago Technologies, Ltd.		271		19,531

Switzerland — 0.5%
ABB, Ltd.*		39,800		916,459
ACE, Ltd.		7,433		770,802
Garmin, Ltd.		139		8,465
TE Connectivity, Ltd.		347		21,458
Transocean, Ltd.		556		25,037
Tyco International, Ltd.		27,866		1,270,690

				3,012,911

United Kingdom — 0.3%
Aon PLC		5,019		452,162
BAE Systems PLC		129,900		962,379
Ensco PLC Class A		457		25,395
Noble Corporation PLC		288		9,665
Rowan Cos. PLC Class A		157		5,013

				1,454,614

Total Foreign Common Stocks (Cost $12,136,049)				14,740,465

PREFERRED STOCKS — 5.1%
Bank of America Corporation,
7.25%, 12/31/49*		6,115		7,136,205
Health Care REIT, Inc.,
6.25%*		43,300		2,500,142
Laclede Group, Inc. (The)*		30,276		1,606,142
MetLife, Inc.,
5.0%, 03/26/14*		24,300		776,628
Stanley Black & Decker, Inc.,
4.75%, 2/19/14*		29,500		3,882,200
US Bancorp,
6.00%, 3/26/14*		167,000		4,577,470
Wells Fargo & Co.,
7.50%, 12/31/49*		5,672		6,885,808

Total Preferred Stocks (Cost $26,200,492)				27,364,595

MASTER LIMITED PARTNERSHIP — 0.5%
Spectra Energy Partners LP (Cost $2,597,277)		53,981		2,879,886

MONEY MARKET FUNDS — 17.3%
GuideStone Money Market Fund (Investor Class)¥		17,759,892		17,759,892
Northern Institutional Liquid Assets Portfolio§		75,859,414		75,859,414

Total Money Market Funds (Cost $93,619,306)				93,619,306

SYNTHETIC CONVERTIBLE INSTRUMENT — 0.8%
Citigroup, Inc.+		10,900		616,831
Credit Suisse NY+		60,000		878,400
Morgan Stanley+ 144A		23,200		899,928
UBS AG+		25,800		1,743,278

Total Synthetic Convertible Instrument (Cost $4,114,352)				4,138,437


	Par		Value
CORPORATE BONDS — 23.7%
Akamai Technologies, Inc.
(0.48)%, 02/15/19 CONV 144AW†D	$	2,350,000	$	2,401,418
Alere, Inc.
3.00%, 05/15/16 CONV		1,400,000		1,556,625
American Realty Capital Properties, Inc.
3.00%, 08/01/18 CONVD		730,000		742,319
3.75%, 12/15/20 CONVD		2,125,000		2,220,636
Ares Capital Corporation
5.13%, 06/01/16 CONVD		1,825,000		1,967,578
BioMarin Pharmaceutical, Inc.
0.75%, 10/15/18 CONV		425,000		441,734
Biomet, Inc.
6.50%, 10/01/20		495,000		530,888
Bristow Group, Inc.
3.00%, 06/15/38 CONV		700,000		890,312
CCO Holdings LLC
5.25%, 09/30/22		310,000		315,812
Chesapeake Energy Corporation
2.50%, 05/15/37 CONV		2,650,000		2,852,062
Chiquita Brands International, Inc.
4.25%, 08/15/16 CONV		275,000		278,266
Ciena Corporation
0.88%, 06/15/17 CONVD		2,250,000		2,241,562
Citigroup, Inc.
5.95%, 07/29/49†D		2,543,000		2,571,609
Clearwire Communications LLC
8.25%, 12/01/40 CONV 144A		1,880,000		2,199,600
Covanta Holding Corporation
5.88%, 03/01/24		300,000		311,625
Dealertrack Technologies, Inc.
1.50%, 03/15/17 CONVD		315,000		423,281
Electronic Arts, Inc.
0.75%, 07/15/16 CONV		2,390,000		3,033,806
Extra Space Storage LP
2.38%, 07/01/33 CONV 144A		2,390,000		2,582,694
Forest City Enterprises, Inc.
3.63%, 08/15/20 CONV 144A		2,450,000		2,587,812
Frontier Communications Corporation
8.50%, 04/15/20		465,000		551,025
General Electric Capital Corporation
6.25%, 12/29/49†		2,700,000		3,008,745
Goodrich Petroleum Corporation
5.00%, 10/01/32 CONVD		1,300,000		1,616,875
Greenbrier Cos., Inc.
3.50%, 04/01/18 CONV		1,090,000		1,832,562
Griffon Corporation
4.00%, 01/15/17 CONV 144AD		775,000		897,547
Group 1 Automotive, Inc.
2.25%, 06/15/36 STEP		1,740,000		2,486,025
Health Care REIT, Inc.
3.00%, 12/01/29 CONV		650,000		803,969

See Notes to Financial Statements.

127

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Hologic, Inc.
2.00%, 03/01/42 STEP	$	1,885,000	$	2,065,253
2.10%, 12/15/43 STEPW		585,000		641,672
HomeAway, Inc.
0.13%, 04/01/19 CONV 144AD		1,075,000		1,052,828
Iconix Brand Group, Inc.
2.50%, 06/01/16 CONV		1,835,000		2,660,750
Illumina, Inc.
(5.70)%, 06/15/19 CONV 144AW†		575,000		591,172
Integra LifeSciences Holdings Corporation
1.63%, 12/15/16 CONVD		2,010,000		2,175,825
Intel Corporation
2.95%, 12/15/35 CONVD		5,850,000		7,286,906
Janus Capital Group, Inc.
3.25%, 07/15/14 CONVD		1,219,000		1,229,666
0.75%, 07/15/18 CONV		938,000		1,225,262
Jarden Corporation
1.88%, 09/15/18 CONV		885,000		1,224,066
JDS Uniphase Corporation
0.63%, 08/15/33 CONV 144AD		1,320,000		1,326,600
Lam Research Corporation
0.50%, 05/15/16 CONVD		2,025,000		2,529,984
Leap Wireless International, Inc.
4.50%, 07/15/14 CONV		1,160,000		1,162,900
Liberty Interactive LLC
1.00%, 09/30/43 CONV 144AD		2,450,000		2,544,938
Live Nation Entertainment, Inc.
2.50%, 05/15/19 CONV 144A		465,000		485,344
2.88%, 07/15/27 CONV		1,545,000		1,544,034
Mediacom LLC
7.25%, 02/15/22D		365,000		399,675
Meritor, Inc.
7.88%, 03/01/26 CONV		1,275,000		2,058,328
4.00%, 02/15/27 STEP		470,000		501,725
Michaels Stores, Inc.
5.88%, 12/15/20 144AD		500,000		511,500
Microchip Technology, Inc.
2.13%, 12/15/37 CONV		729,000		1,396,491
National Health Investors, Inc.
3.25%, 04/01/21 CONV		575,000		581,828
Navistar International Corporation
4.75%, 04/15/19 CONV 144A		2,475,000		2,652,891
NetSuite, Inc.
0.25%, 06/01/18 CONV		335,000		345,259
Newmont Mining Corporation
1.25%, 07/15/14 CONV		410,000		410,258
Nuance Communications, Inc.
2.75%, 11/01/31 CONVD		2,165,000		2,173,119
NuVasive, Inc.
2.75%, 07/01/17 CONV		2,535,000		2,912,081
NVIDIA Corporation
1.00%, 12/01/18 CONV 144A		2,160,000		2,394,900
Omnicare, Inc.
3.25%, 12/15/35 CONV		2,400,000		2,565,000


	Par		Value
Owens-Brockway Glass Container, Inc.
3.00%, 06/01/15 CONV 144A	$	2,245,000	$	2,306,738
Prologis LP
3.25%, 03/15/15 CONVD		1,620,000		1,817,438
Regis Corporation
5.00%, 07/15/14 CONV		390,000		390,731
Reynolds Group Issuer, Inc.
9.88%, 08/15/19D		250,000		278,125
Rovi Corporation
2.63%, 02/15/40 CONVD		975,000		989,016
Royal Gold, Inc.
2.88%, 06/15/19 CONV		1,895,000		2,040,678
RTI International Metals, Inc.
1.63%, 10/15/19 CONVD		1,675,000		1,689,656
Ryland Group, Inc.
0.25%, 06/01/19 CONVD		2,230,000		2,048,812
Salix Pharmaceuticals, Ltd.
1.50%, 03/15/19 CONV		325,000		639,641
SEACOR Holdings, Inc.
2.50%, 12/15/27 CONV		1,550,000		1,776,688
Shutterfly, Inc.
0.25%, 05/15/18 CONV 144A		1,950,000		1,968,281
Sinclair Television Group, Inc.
6.38%, 11/01/21D		410,000		438,188
Sirius XM Holdings, Inc.
5.88%, 10/01/20 144A		200,000		212,000
Sprint Corporation
7.88%, 09/15/23 144A		435,000		485,025
7.13%, 06/15/24 144A		100,000		106,250
Ssalesforce.com, Inc.
0.25%, 04/01/18 CONVD		1,960,000		2,260,125
Starwood Property Trust, Inc.
4.55%, 03/01/18 CONV		2,275,000		2,572,172
TIBCO Software, Inc.
2.25%, 05/01/32 CONV		2,290,000		2,322,919
T-Mobile USA, Inc.
6.63%, 04/28/21D		310,000		336,738
6.13%, 01/15/22		300,000		319,500
Toll Brothers Finance Corporation
0.50%, 09/15/32 CONVD		2,435,000		2,596,319
TransDigm, Inc.
6.50%, 07/15/24 144A		150,000		156,375
Trinity Industries, Inc.
3.88%, 06/01/36 CONV		1,300,000		2,426,938
Volcano Corporation
1.75%, 12/01/17 CONVD		1,930,000		1,873,306
Walter Investment Management Corporation
4.50%, 11/01/19 CONV		2,290,000		2,131,131
WebMD Health Corporation
2.50%, 01/31/18 CONVD		2,225,000		2,350,156
Yahoo!, Inc.
0.04%, 12/01/18 CONV 144AW†D		1,470,000		1,470,000

Total Corporate Bonds (Cost $116,958,124)				127,999,588

See Notes to Financial Statements.

128


	Par			Value
FOREIGN BONDS — 0.9%
Bermuda — 0.4%
Energy XXI Bermuda, Ltd.
3.00%, 12/15/18 CONV 144A	$	2,335,000		$	2,314,569

Canada — 0.1%
Valeant Pharmaceuticals International, Inc.
7.50%, 07/15/21 144AD		400,000			444,500

Netherlands — 0.4%
Siemens Financierings-maatschappij NV
1.05%, 08/16/17 CONVD		2,000,000			2,232,020

Total Foreign Bonds (Cost $4,699,070)					4,991,089

U.S. TREASURY OBLIGATIONS — 18.3%
U.S. Treasury Bills
0.06%, 07/24/14		23,000,000			22,999,740
0.08%, 10/16/14		23,000,000			22,997,355
0.10%, 01/08/15		23,000,000			22,995,262
0.09%, 04/02/15		29,550,000			29,537,293

					98,529,650

Total U.S. Treasury Obligations (Cost $98,513,530)					98,529,650

TOTAL INVESTMENTS — 113.6% (Cost $556,705,385)					613,628,201


	Number of Contracts
WRITTEN OPTIONS — 0.0%
Call Options — 0.0%
S&P 500^® Index, Strike Price $1,975.00, Expires 07/11/14 (MSCS)		(26	)		(10,660	)
S&P 500^® Index, Strike Price $1,985.00, Expires 07/08/14 (MSCS)		(12	)		(240	)
S&P 500^® Index, Strike Price $1,990.00, Expires 07/29/14 (MSCS)		(25	)		(10,300	)
S&P 500^® Index, Strike Price $1,990.00, Expires 07/30/14 (MSCS)		(26	)		(8,060	)
S&P 500^® Index, Strike Price $2,000.00, Expires 08/01/14 (MSCS)		(12	)		(4,680	)

					(33,940	)


	Number of Contracts			Value
Put Options — 0.0%
S&P 500^® Index, Strike Price $1,885.00, Expires 07/11/14 (MSCS)		(125	)	$	(22,625	)
S&P 500^® Index, Strike Price $1,900.00, Expires 07/03/14 (MSCS)		(201	)		(14,070	)
S&P 500^® Index, Strike Price $1,905.00, Expires 08/01/14 (MSCS)		(62	)		(54,870	)
S&P 500^® Index, Strike Price $1,995.00, Expires 07/19/14 (MSCS)		(131	)		(70,085	)

					(161,650	)

Total Written Options
(Premiums received $(442,029))					(195,590	)

Other Assets in Excess of Liabilities — (13.6)%					(73,168,483	)

NET ASSETS — 100.0%				$	540,264,128

PORTFOLIO SUMMARY (based on net assets)


	%
Corporate Bonds		23.7
U.S. Treasury Obligations		18.3
Money Market Funds		17.3
Financial Services		7.6
Utilities		7.0
Healthcare		6.6
Consumer Staples		6.4
Preferred Stocks		5.1
Producer Durables		4.8
Consumer Discretionary		4.4
Technology		3.6
Energy		3.2
Foreign Common Stocks		2.7
Foreign Bonds		0.9
Synthetic Convertible Instruments		0.8
Materials & Processing		0.7
Master Limited Partnerships		0.5
Written Options		—	**

		113.6

**	Rounds to less than 0.005%.

See Notes to Financial Statements.

129

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, 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	$	239,365,185	$	239,365,185	$	—	$	—
Corporate Bonds		127,999,588		—		127,999,588		—
Foreign Bonds		4,991,089		—		4,991,089		—
Foreign Common Stocks:
Bermuda		1,605,653		1,605,653		—		—
British Virgin Islands		24,822		24,822		—		—
Canada		1,711,851		1,711,851		—		—
Curacao		257,957		257,957		—		—
France		4,177,302		4,177,302		—		—
Ireland		987,099		987,099		—		—
Japan		398,024		398,024		—		—
Jersey		15,604		15,604		—		—
Netherlands		1,027,833		1,027,833		—		—
Panama		47,264		47,264		—		—
Singapore		19,531		19,531		—		—
Switzerland		3,012,911		3,012,911		—		—
United Kingdom		1,454,614		1,454,614		—		—
Master Limited Partnership		2,879,886		2,879,886		—		—
Money Market Funds		93,619,306		93,619,306		—		—
Preferred Stocks		27,364,595		20,478,787		—		6,885,808
U.S. Treasury Obligations		98,529,650		—		98,529,650		—
Synthetic Convertible Instrument		4,138,437		—		—		4,138,437

Total Assets — Investments in Securities	$	613,628,201	$	371,083,629	$	231,520,327	$	11,024,245

Other Financial Instruments***
Futures Contracts	$	198,923	$	198,923	$	—	$	—

Total Assets — Other Financial Instruments	$	198,923	$	198,923	$	—	$	—

See Notes to Financial Statements.

130


	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Liabilities:
Investments in Securities:
Written Options	$	(195,590	)	$	(195,590	)	$	—		$	—

Total Liabilities — Investments in Securities	$	(195,590	)	$	(195,590	)	$	—		$	—

Other Financial Instruments***
Forward Foreign Currency Contracts	$	(47,065	)	$	—		$	(47,065	)	$	—

Total Liabilities — Other Financial Instruments	$	(47,065	)	$	—		$	(47,065	)	$	—

***

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2014.

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, 2013 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 1 as of June 30, 2014 is $6,456,231.

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

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


	Total Value			Corporate Bonds			Preferred Stock			Synthetic Convertible Instruments
Balance, 12/31/13	$	12,995,786		$	3,024,494		$	7,867,600		$	2,103,692
Accrued discounts/premiums		(58,588	)		(58,588	)		—			—
Realized gain (loss)⁽¹⁾		436,028			140,861			295,167			—
Change in unrealized appreciation (depreciation)⁽²⁾		351,445			(178,770	)		461,829			68,386
Purchases		4,732,999			—			618,647			4,114,352
Sales		(7,433,425	)		(2,927,997	)		(2,357,435	)		(2,147,993	)
Transfers in to Level 3		—			—			—			—
Transfers out of Level 3		—			—			—			—
Maturities		—			—			—			—
Paydowns		—			—			—			—

Balance, 06/30/14	$	11,024,245		$	—		$	6,885,808		$	4,138,437

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

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

See Notes to Financial Statements.

131

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Shares		Value
COMMON STOCKS — 92.2%
Consumer Discretionary — 12.9%
Amazon.com, Inc.*		8,243	$	2,677,162
AutoNation, Inc.D*		1,371		81,821
AutoZone, Inc.*		725		388,774
Avon Products, Inc.		9,673		141,323
Bed Bath & Beyond, Inc.*		4,510		258,784
Best Buy Co., Inc.D		6,203		192,355
BorgWarner, Inc.		5,000		325,950
Cablevision Systems Corporation Class AD		4,693		82,831
CarMax, Inc.*		4,833		251,364
CBS Corporation Class B		11,651		723,993
Chipotle Mexican Grill, Inc.*		688		407,647
Coach, Inc.D		6,136		209,790
Comcast Corporation Class A		57,508		3,087,029
Costco Wholesale Corporation		9,686		1,115,440
D.R. Horton, Inc.		6,344		155,935
Darden Restaurants, Inc.D		2,908		134,553
DIRECTV*		10,362		880,874
Discovery Communications, Inc. Class A*		4,882		362,635
Dollar General Corporation*		6,705		384,599
Dollar Tree, Inc.*		4,518		246,050
eBay, Inc.*		25,282		1,265,617
Estee Lauder Cos., Inc. (The) Class A		5,632		418,232
Expedia, Inc.D		2,221		174,926
Family Dollar Stores, Inc.D		2,045		135,256
Ford Motor Co.		87,440		1,507,466
Fossil Group, Inc.*		1,072		112,045
GameStop Corporation Class AD		2,459		99,516
Gannett Co., Inc.		5,186		162,374
Gap, Inc. (The)		5,843		242,893
General Motors Co.		29,086		1,055,822
Genuine Parts Co.		3,415		299,837
Goodyear Tire & Rubber Co. (The)		6,278		174,403
Graham Holdings, Co. Class B		100		71,811
H&R Block, Inc.		5,973		200,215
Harley-Davidson, Inc.		4,769		333,115
Harman International Industries, Inc.		1,495		160,608
Hasbro, Inc.D		2,508		133,049
Home Depot, Inc. (The)		30,193		2,444,425
Interpublic Group of Cos., Inc. (The)		9,347		182,360
Johnson Controls, Inc.		14,689		733,422
Kohl’s Corporation		4,336		228,420
L Brands, Inc.		5,429		318,465
Leggett & Platt, Inc.D		3,123		107,056
Lennar Corporation Class A		3,932		165,065
Lowe’s Cos., Inc.		22,044		1,057,892
Macy’s, Inc.		8,011		464,798
Marriott International, Inc. Class AD		4,861		311,590
Mattel, Inc.D		7,416		289,001
McDonald’s Corporation		21,855		2,201,673
McGraw Hill Financial, Inc.		6,021		499,924
Mohawk Industries, Inc.*		1,359		188,004
Netflix, Inc.*		1,325		583,795
Newell Rubbermaid, Inc.		5,983		185,413


	Shares		Value
News Corporation Class A*		10,703	$	192,012
NIKE, Inc. Class B		16,300		1,264,065
Nordstrom, Inc.		3,166		215,066
Omnicom Group, Inc.		5,711		406,737
O’Reilly Automotive, Inc.*		2,348		353,609
PetSmart, Inc.D		2,271		135,806
Priceline Group, Inc. (The)*		1,159		1,394,277
PulteGroup, Inc.D		7,550		152,208
PVH Corporation		1,811		211,163
Ralph Lauren CorporationD		1,323		212,593
Ross Stores, Inc.		4,760		314,779
Scripps Networks Interactive, Inc. Class AD		2,307		187,190
Staples, Inc.D		14,101		152,855
Starbucks Corporation		16,652		1,288,532
Starwood Hotels & Resorts Worldwide, Inc.		4,248		343,323
Target Corporation		14,000		811,300
Tiffany & Co.D		2,453		245,913
Time Warner Cable, Inc.		6,162		907,663
Time Warner, Inc.		19,507		1,370,367
TJX Cos., Inc. (The)		15,473		822,390
Tractor Supply Co.		3,127		188,871
TripAdvisor, Inc.D*		2,509		272,628
Twenty-First Century Fox, Inc. Class A		42,345		1,488,427
Under Armour, Inc. Class AD*		3,618		215,235
Urban Outfitters, Inc.*		2,209		74,797
VF Corporation		7,540		475,020
Wal-Mart Stores, Inc.		35,650		2,676,245
Walt Disney Co. (The)		35,632		3,055,088
Whirlpool Corporation		1,753		244,053
Wyndham Worldwide Corporation		2,789		211,183
Yum! Brands, Inc.		9,762		792,674

				49,293,466

Consumer Staples — 6.7%
Archer-Daniels-Midland Co.		14,471		638,316
Campbell Soup Co.D		3,915		179,346
Clorox Co. (The)D		2,895		264,603
Coca-Cola Co. (The)		83,608		3,541,635
Coca-Cola Enterprises, Inc.		5,278		252,183
Colgate-Palmolive Co.		19,208		1,309,601
ConAgra Foods, Inc.		9,381		278,428
CVS Caremark Corporation		25,859		1,948,993
Dr. Pepper Snapple Group, Inc.		4,334		253,886
General Mills, Inc.		13,676		718,537
Hershey Co. (The)		3,292		320,542
Hormel Foods Corporation		3,034		149,728
J.M. Smucker Co. (The)D		2,296		244,685
Kellogg Co.		5,549		364,569
Keurig Green Mountain, Inc.D		2,800		348,908
Kimberly-Clark Corporation		8,328		926,240
Kraft Foods Group, Inc.		13,148		788,223
Kroger Co. (The)		11,331		560,091
McCormick & Co., Inc. (Non-Voting Shares)		2,892		207,038
Mead Johnson Nutrition Co.		4,466		416,097
Mondelez International, Inc. Class A		37,404		1,406,764
Monster Beverage Corporation*		2,921		207,479
PepsiCo, Inc.		33,540		2,996,464
Procter & Gamble Co. (The)		59,841		4,702,904
Safeway, Inc.		5,219		179,220

See Notes to Financial Statements.

132


	Shares		Value
Sysco CorporationD		12,893	$	482,843
Tyson Foods, Inc. Class A		6,078		228,168
Walgreen Co.		19,420		1,439,605
Whole Foods Market, Inc.		8,059		311,319

				25,666,415

Energy — 9.8%
Anadarko Petroleum Corporation		11,168		1,222,561
Apache Corporation		8,494		854,666
Baker Hughes, Inc.		9,627		716,730
Cabot Oil & Gas CorporationD		9,249		315,761
Cameron International Corporation*		4,533		306,929
Chesapeake Energy Corporation		11,186		347,661
Chevron Corporation		42,099		5,496,024
Cimarex Energy Co.		1,924		276,017
ConocoPhillips		27,147		2,327,312
CONSOL Energy, Inc.		5,000		230,350
Denbury Resources, Inc.D		7,628		140,813
Devon Energy Corporation		8,464		672,042
Diamond Offshore Drilling, Inc.D		1,605		79,656
EOG Resources, Inc.		12,087		1,412,487
EQT CorporationD		3,349		358,008
Exterran Holdings, Inc.		13		585
Exxon Mobil Corporation		94,975		9,562,083
First Solar, Inc.D*		1,556		110,569
FMC Technologies, Inc.*		5,267		321,656
Halliburton Co.		18,665		1,325,402
Helmerich & Payne, Inc.		2,420		280,986
Hess Corporation		5,824		575,935
Kinder Morgan, Inc.D		14,773		535,669
Marathon Oil Corporation		15,067		601,475
Marathon Petroleum Corporation		6,418		501,053
Murphy Oil Corporation		3,685		244,979
National Oilwell Varco, Inc.		9,477		780,431
Newfield Exploration Co.D*		3,088		136,490
Noble Energy, Inc.		7,938		614,877
Occidental Petroleum Corporation		17,365		1,782,170
ONEOK, Inc.		4,584		312,079
Peabody Energy CorporationD		6,264		102,416
Phillips 66		12,560		1,010,201
Pioneer Natural Resources Co.		3,176		729,876
QEP Resources, Inc.D		3,912		134,964
Range Resources Corporation		3,719		323,367
Southwestern Energy Co.*		7,791		354,413
Spectra Energy Corporation		14,810		629,129
Tesoro CorporationD		2,931		171,962
Valero Energy Corporation		11,796		590,980
Williams Cos., Inc. (The)		16,333		950,744

				37,441,508

Financial Services — 17.0%
Affiliated Managers Group, Inc.*		1,224		251,410
Aflac, Inc.		10,024		623,994
Alliance Data Systems CorporationD*		1,198		336,937
Allstate Corporation (The)		9,640		566,061
American Express Co.		20,154		1,912,010


	Shares		Value
American International Group, Inc.		31,986	$	1,745,796
American Tower Corporation REIT		8,757		787,955
Ameriprise Financial, Inc.		4,206		504,720
Apartment Investment & Management Co. Class A REIT		3,208		103,522
Assurant, Inc.		1,564		102,520
AvalonBay Communities, Inc. REIT		2,665		378,936
Bank of America Corporation		232,555		3,574,370
Bank of New York Mellon Corporation (The)		25,240		945,995
BB&T Corporation		15,866		625,596
Berkshire Hathaway, Inc. Class B*		39,819		5,039,493
BlackRock, Inc.		2,773		886,251
Boston Properties, Inc. REIT		3,382		399,685
Capital One Financial Corporation		12,651		1,044,973
CBRE Group, Inc. Class A*		6,145		196,886
Charles Schwab Corporation (The)		25,922		698,079
Chubb Corporation (The)		5,383		496,151
Cincinnati Financial Corporation		3,303		158,676
Citigroup, Inc.		67,172		3,163,801
CME Group, Inc.		6,975		494,876
Comerica, Inc.D		4,006		200,941
Crown Castle International Corporation REIT		7,379		547,965
Discover Financial Services		10,325		639,944
Dun & Bradstreet Corporation (The)D		779		85,846
ETRADE Financial Corporation		6,245		132,769
Equifax, Inc.		2,764		200,501
Equity Residential REIT		7,437		468,531
Essex Property Trust, Inc. REIT		1,383		255,731
Fidelity National Information Services, Inc.		6,427		351,814
Fifth Third Bancorp		18,748		400,270
Fiserv, Inc.*		5,482		330,674
Franklin Resources, Inc.		8,899		514,718
General Growth Properties, Inc. REIT		11,348		267,359
Genworth Financial, Inc. Class A*		11,153		194,062
Goldman Sachs Group, Inc. (The)		9,197		1,539,946
Hartford Financial Services Group, Inc. (The)		9,910		354,877
HCP, Inc. REIT		10,230		423,317
Health Care REIT, Inc.D		6,739		422,333
Host Hotels & Resorts, Inc. REIT		16,756		368,800
Hudson City Bancorp, Inc.		10,419		102,419
Huntington Bancshares, Inc.		18,206		173,685
IntercontinentalExchange Group, Inc.		2,543		480,373
JPMorgan Chase & Co.		83,702		4,822,909
KeyCorp		19,829		284,150
Kimco Realty Corporation REIT		9,031		207,532
Legg Mason, Inc.		2,303		118,167
Leucadia National Corporation		7,085		185,769

See Notes to Financial Statements.

133

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)


	Shares		Value
Lincoln National Corporation		5,841	$	300,461
Loews Corporation		6,721		295,791
M&T Bank CorporationD		2,940		364,707
Macerich Co. (The) REIT		3,112		207,726
Marsh & McLennan Cos., Inc.D		12,151		629,665
Mastercard, Inc. Class A		22,217		1,632,283
MetLife, Inc.		24,895		1,383,166
Moody’s Corporation		4,158		364,490
Morgan Stanley		30,965		1,001,098
NASDAQ OMX Group, Inc. (The)D		2,549		98,442
Navient Corporation		9,051		160,293
Northern Trust Corporation		4,750		304,997
People’s United Financial, Inc.D		7,078		107,373
Plum Creek Timber Co., Inc. REITD		3,916		176,612
PNC Financial Services Group, Inc. (The)		11,811		1,051,770
Principal Financial Group, Inc.		6,131		309,493
Progressive Corporation (The)		12,205		309,519
Prologis, Inc. REIT		11,064		454,620
Prudential Financial, Inc.		10,217		906,963
Public Storage REIT		3,211		550,205
Regions Financial Corporation		30,289		321,669
Simon Property Group, Inc. REIT		6,881		1,144,173
State Street Corporation		9,531		641,055
SunTrust Banks, Inc.D		11,761		471,146
T Rowe Price Group, Inc.		5,822		491,435
Torchmark CorporationD		1,902		155,812
Total System Services, Inc.		3,753		117,882
Travelers Cos., Inc. (The)		7,670		721,517
Unum Group		5,716		198,688
US Bancorp		40,150		1,739,298
Ventas, Inc. REIT		6,495		416,329
Visa, Inc. Class AD		11,116		2,342,252
Vornado Realty Trust REIT		3,865		412,511
Wells Fargo & Co.		106,031		5,572,989
Western Union Co. (The)D		11,769		204,074
Weyerhaeuser Co. REITD		12,935		428,019
Zions Bancorporation		4,106		121,004

				65,223,622

Healthcare — 10.4%
Abbott Laboratories		33,194		1,357,635
AbbVie, Inc.		35,182		1,985,672
Aetna, Inc.		7,921		642,235
Alexion Pharmaceuticals, Inc.*		4,375		683,594
Allergan, Inc.		6,581		1,113,637
Amgen, Inc.		16,747		1,982,342
Baxter International, Inc.		11,998		867,455
Becton, Dickinson and Co.		4,273		505,496
Biogen Idec, Inc.*		5,247		1,654,432
Boston Scientific Corporation*		29,405		375,502
Bristol-Myers Squibb Co.		36,655		1,778,134
C.R. Bard, Inc.D		1,662		237,683
Cardinal Health, Inc.		7,516		515,297
CareFusion Corporation*		4,580		203,123
Celgene Corporation*		17,718		1,521,622
Cerner Corporation*		6,518		336,198
Cigna Corporation		5,885		541,243
DaVita HealthCare Partners, Inc.*		3,903		282,265
DENTSPLY International, Inc.D		3,058		144,796


	Shares		Value
Edwards Lifesciences CorporationD*		2,377	$	204,042
Eli Lilly & Co.		21,802		1,355,430
Express Scripts Holding Co.*		17,083		1,184,364
Gilead Sciences, Inc.*		33,967		2,816,204
Hospira, Inc.*		3,705		190,326
Humana, Inc.		3,420		436,802
Intuitive Surgical, Inc.*		849		349,618
Johnson & Johnson		62,598		6,549,003
Laboratory Corporation of America Holdings*		1,887		193,229
McKesson Corporation		5,097		949,112
Medtronic, Inc.D		22,093		1,408,650
Mylan, Inc.D*		8,271		426,453
Patterson Cos., Inc.D		1,939		76,610
PerkinElmer, Inc.		2,539		118,927
Quest Diagnostics, Inc.D		3,242		190,273
Regeneron Pharmaceuticals, Inc.*		1,763		497,995
St. Jude Medical, Inc.		6,289		435,513
Stryker Corporation		6,544		551,790
Tenet Healthcare CorporationD*		2,255		105,850
Thermo Fisher Scientific, Inc.		8,816		1,040,288
UnitedHealth Group, Inc.		21,663		1,770,950
Varian Medical Systems, Inc.D*		2,323		193,134
Vertex Pharmaceuticals, Inc.*		5,224		494,608
WellPoint, Inc.D		6,177		664,707
Zimmer Holdings, Inc.		3,712		385,528
Zoetis, Inc.		11,087		357,778

				39,675,545

Materials & Processing — 3.6%
Air Products & Chemicals, Inc.		4,697		604,128
Airgas, Inc.D		1,439		156,721
Alcoa, Inc.		25,938		386,217
Allegheny Technologies, Inc.D		2,381		107,383
Ball CorporationD		3,080		193,054
Bemis Co., Inc.		2,220		90,265
CF Industries Holdings, Inc.		1,158		278,534
Dow Chemical Co. (The)		26,639		1,370,843
E.I. du Pont de Nemours & Co.		20,331		1,330,461
Eastman Chemical Co.		3,278		286,333
Ecolab, Inc.		5,990		666,927
Fastenal Co.D		6,114		302,582
FMC Corporation		2,957		210,509
Freeport-McMoRan Copper & Gold, Inc.		22,966		838,259
International Flavors & Fragrances, Inc.		1,839		191,771
International Paper Co.		9,582		483,604
Masco Corporation		7,924		175,913
MeadWestvaco Corporation		3,690		163,319
Monsanto Co.		11,597		1,446,610
Mosaic Co. (The)		7,188		355,447
Newmont Mining Corporation		11,013		280,171
Nucor CorporationD		7,033		346,375
Owens-Illinois, Inc.*		3,629		125,709
PPG Industries, Inc.		3,062		643,479
Praxair, Inc.		6,483		861,202
Precision Castparts Corporation		3,202		808,185
Sealed Air Corporation		4,329		147,922
Sherwin-Williams Co. (The)		1,851		382,990
Sigma-Aldrich CorporationD		2,586		262,427

See Notes to Financial Statements.

134


	Shares		Value
United States Steel
CorporationD		3,237	$	84,291
Vulcan Materials Co.		2,940		187,425

				13,769,056

Producer Durables — 10.1%
3M Co.		13,755		1,970,266
ADT Corporation (The)D		3,922		137,035
Agilent Technologies, Inc.		7,364		422,988
AMETEK, Inc.		5,440		284,403
Automatic Data Processing, Inc.		10,641		843,618
Avery Dennison Corporation		2,177		111,571
Boeing Co. (The)		14,838		1,887,839
Caterpillar, Inc.		13,811		1,500,841
CH Robinson Worldwide, Inc.D		3,229		205,978
Cintas CorporationD		2,298		146,015
CSX Corporation		22,216		684,475
Cummins, Inc.		3,788		584,450
Danaher Corporation		13,313		1,048,132
Deere & Co.		8,037		727,750
Delta Air Lines, Inc.		18,712		724,529
Dover Corporation		3,646		331,604
Emerson Electric Co.		15,535		1,030,903
Expeditors International of Washington, Inc.		4,422		195,276
FedEx Corporation		6,147		930,533
FLIR Systems, Inc.		3,049		105,892
Flowserve CorporationD		3,075		228,626
Fluor Corporation		3,451		265,382
General Dynamics Corporation		7,206		839,859
General Electric Co.		221,788		5,828,589
Honeywell International, Inc.		17,325		1,610,359
Illinois Tool Works, Inc.		8,369		732,790
Iron Mountain, Inc.		3,835		135,951
Jacobs Engineering Group, Inc.*		2,935		156,377
Joy Global, Inc.D		2,236		137,693
Kansas City SouthernD		2,438		262,109
L-3 Communications Holdings, Inc.		1,873		226,165
Lockheed Martin Corporation		5,914		950,557
Norfolk Southern Corporation		6,852		705,962
Northrop Grumman Corporation		4,733		566,209
PACCAR, Inc.D		7,847		493,027
Pall Corporation		2,398		204,765
Parker Hannifin Corporation		3,299		414,783
Paychex, Inc.D		7,128		296,240
Pitney Bowes, Inc.		4,372		120,755
Quanta Services, Inc.*		4,804		166,122
Raytheon Co.		6,919		638,278
Republic Services, Inc.D		6,004		227,972
Robert Half International, Inc.		2,978		142,170
Rockwell Automation, Inc.		3,065		383,615
Rockwell Collins, Inc.D		3,052		238,483
Roper Industries, Inc.		2,205		321,952
Ryder System, Inc.		1,151		101,392
Snap-on, Inc.		1,258		149,098
Southwest Airlines Co.		15,460		415,256
Stanley Black & Decker, Inc.		3,470		304,735
Stericycle, Inc.*		1,876		222,156
Textron, Inc.		6,066		232,267
Union Pacific Corporation		20,042		1,999,189


	Shares		Value
United Parcel Service, Inc. Class B		15,589	$	1,600,367
United Technologies Corporation		18,660		2,154,297
W.W. Grainger, Inc.		1,342		341,230
Waste Management, Inc.		9,541		426,769
Waters CorporationD*		1,910		199,480
Xerox Corporation		24,339		302,777
Xylem, Inc.		3,939		153,936

				38,771,837

Technology — 16.1%
Adobe Systems, Inc.*		10,231		740,315
Akamai Technologies, Inc.*		3,926		239,722
Altera Corporation		6,937		241,130
Amphenol Corporation Class A		3,505		337,672
Analog Devices, Inc.		6,920		374,164
Apple, Inc.		133,359		12,393,052
Applied Materials, Inc.D		26,910		606,821
Autodesk, Inc.*		5,047		284,550
Broadcom Corporation Class A		12,286		456,056
CA, Inc.		7,120		204,629
Cisco Systems, Inc.		113,254		2,814,362
Citrix Systems, Inc.*		3,668		229,433
Cognizant Technology Solutions Corporation Class A*		13,449		657,791
Computer Sciences Corporation		3,277		207,106
Corning, Inc.		28,906		634,487
Electronic Arts, Inc.*		7,006		251,305
EMC Corporation		45,257		1,192,069
F5 Networks, Inc.*		1,712		190,785
Facebook, Inc. Class A*		38,031		2,559,106
Google, Inc. Class A*		6,264		3,662,373
Google, Inc. Class C*		6,264		3,603,554
Harris Corporation		2,377		180,058
Hewlett-Packard Co.		41,390		1,394,015
Intel Corporation		110,086		3,401,657
International Business Machines Corporation		21,039		3,813,740
Intuit, Inc.		6,261		504,198
Jabil Circuit, Inc.		4,222		88,240
Juniper Networks, Inc.*		10,546		258,799
KLA-Tencor Corporation		3,680		267,315
Lam Research Corporation		3,648		246,532
Linear Technology Corporation		5,257		247,447
Microchip Technology, Inc.D		4,339		211,787
Micron Technology, Inc.*		23,671		779,959
Microsoft Corporation		166,244		6,932,375
Motorola Solutions, Inc.		5,012		333,649
NetApp, Inc.		7,318		267,253
NVIDIA CorporationD		12,406		230,007
Oracle Corporation		75,911		3,076,673
QUALCOMM, Inc.		37,317		2,955,506
Red Hat, Inc.*		4,240		234,345
Salesforce.com, Inc.D*		12,486		725,187
SanDisk Corporation		5,003		522,463
Symantec Corporation		15,273		349,752
Teradata CorporationD*		3,489		140,258
Texas Instruments, Inc.		23,848		1,139,696
VeriSign, Inc.D*		2,712		132,373
Western Digital Corporation		4,628		427,164

See Notes to Financial Statements.

135

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)


	Shares		Value
Xilinx, Inc.		6,012	$	284,428
Yahoo!, Inc.*		20,696		727,050

				61,752,408

Utilities — 5.6%
AES Corporation		14,722		228,927
AGL Resources, Inc.D		2,585		142,252
Ameren Corporation		5,467		223,491
American Electric Power Co., Inc.		10,775		600,922
AT&T, Inc.		114,757		4,057,807
CenterPoint Energy, Inc.		9,618		245,644
CenturyLink, Inc.		12,781		462,672
CMS Energy Corporation		5,909		184,065
Consolidated Edison, Inc.D		6,505		375,599
Dominion Resources, Inc.D		12,853		919,247
DTE Energy Co.D		3,970		309,144
Duke Energy CorporationD		15,625		1,159,219
Edison International		7,197		418,218
Entergy Corporation		3,952		324,420
Exelon CorporationD		18,982		692,463
FirstEnergy Corporation		9,271		321,889
Frontier Communications CorporationD		21,639		126,372
Integrys Energy Group, Inc.D		1,743		123,980
NextEra Energy, Inc.		9,641		988,010
NiSource, Inc.		7,041		276,993
Northeast Utilities		7,059		333,679
NRG Energy, Inc.D		7,429		276,359
Pepco Holdings, Inc.		5,587		153,531
PG&E CorporationD		10,263		492,829
Pinnacle West Capital CorporationD		2,369		137,023
PPL CorporationD		13,931		494,968
Public Service Enterprise Group, Inc.		11,257		459,173
SCANA Corporation		3,051		164,174
Sempra Energy		5,040		527,738
Southern Co. (The)D		19,657		892,035
TECO Energy, Inc.D		4,578		84,601
Verizon Communications, Inc.		91,580		4,481,009
Windstream Holdings, Inc.D		13,755		137,000
Wisconsin Energy CorporationD		5,014		235,257
Xcel Energy, Inc.D		11,008		354,788

				21,405,498

Total Common Stocks (Cost $207,824,216)				352,999,355

FOREIGN COMMON STOCKS — 3.8%
Bermuda — 0.2%
Invesco, Ltd.		9,668		364,967
Nabors Industries, Ltd.		5,848		171,756

				536,723

British Virgin Islands — 0.1%
Michael Kors Holdings, Ltd.*		3,971		352,029

Curacao — 0.9%
Schlumberger, Ltd.		28,795		3,396,370

Ireland — 1.1%
Accenture PLC Class A		13,996		1,131,437
Actavis PLC*		97		21,564
Allegion PLC		1,902		107,805
Covidien PLC		9,971		899,185
Eaton Corporation PLC		10,545		813,863


	Shares		Value
Ingersoll-Rand PLC		5,507	$	344,242
Pentair PLCD		4,330		312,280
Seagate Technology PLCD		7,146		406,036
XL Group PLC		5,999		196,347

				4,232,759

Jersey — 0.1%
Delphi Automotive PLC		6,098		419,177

Netherlands — 0.3%
LyondellBasell Industries NV Class A		9,188		897,208
Nielsen NV		6,710		324,831

				1,222,039

Panama — 0.1%
Carnival Corporation		9,687		364,716

Singapore — 0.1%
Avago Technologies, Ltd.D		5,563		400,925

Switzerland — 0.6%
ACE, Ltd.		7,459		773,499
Garmin, Ltd.D		2,770		168,693
TE Connectivity, Ltd.		9,038		558,910
Transocean, Ltd.D		7,504		337,905
Tyco International, Ltd.		10,192		464,755

				2,303,762

United Kingdom — 0.3%
Aon PLC		6,556		590,630
Ensco PLC Class AD		5,152		286,297
Noble Corporation PLC		5,519		185,218
Rowan Cos. PLC Class A		2,707		86,434

				1,148,579

Total Foreign Common Stocks (Cost $8,993,206)				14,377,079

RIGHTS/WARRANTS — 0.0%
American International Group, Inc. Fractional Warrants+* (Cost $0)		65,600		—

MONEY MARKET FUNDS — 11.4%
GuideStone Money Market Fund (Investor Class)¥		14,056,011		14,056,011
Northern Institutional Liquid Assets Portfolio§		29,596,320		29,596,320

Total Money Market Funds
(Cost $43,652,331)				43,652,331

	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill 0.04%, 10/02/14 (Cost $534,945)	$	535,000		534,950

TOTAL INVESTMENTS — 107.5% (Cost $261,004,698)				411,563,715
Liabilities in Excess of Other
Assets — (7.5)%				(28,700,483	)

NET ASSETS — 100.0%			$	382,863,232

See Notes to Financial Statements.

136

PORTFOLIO SUMMARY (based on net assets)


	%
Financial Services		17.0
Technology		16.1
Consumer Discretionary		12.9
Money Market Funds		11.4
Healthcare		10.4
Producer Durables		10.1
Energy		9.8
Consumer Staples		6.7
Utilities		5.6
Foreign Common Stocks		3.8
Materials & Processing		3.6
U.S. Treasury Obligation		0.1
Rights/Warrants		—	**

		107.5

**	Rounds to less than 0.005%.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, 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	$	352,999,355	$	352,999,355	$	—	$	—
Foreign Common Stocks		14,377,079		14,377,079		—		—
Money Market Funds		43,652,331		43,652,331		—		—
Rights/Warrants		—		—		—		—
U.S. Treasury Obligation		534,950		—		534,950		—

Total Assets — Investments in Securities	$	411,563,715	$	411,028,765	$	534,950	$	—

Other Financial Instruments***
Futures Contracts	$	212,686	$	212,686	$	—	$	—

Total Assets — Other Financial Instruments	$	212,686	$	212,686	$	—	$	—

***

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2014.

See Notes to Financial Statements.

137


VALUE EQUITY FUND
SCHEDULE OF INVESTMENTS		June 30, 2014 (Unaudited)


	Shares		Value
COMMON STOCKS — 86.5%
Consumer Discretionary — 9.6%
Avis Budget Group, Inc.*		36,600	$	2,184,654
CBS Corporation Class B		1,929		119,868
Comcast Corporation Class AD		219,139		11,763,382
Costco Wholesale Corporation		826		95,122
Dana Holding CorporationD		323,415		7,897,794
DIRECTV*		60,700		5,160,107
Foot Locker, Inc.D		63,900		3,241,008
Ford Motor Co.		925,950		15,963,378
Gap, Inc. (The)D		161,100		6,696,927
General Motors Co.		57,336		2,081,297
Goodyear Tire & Rubber Co. (The)		30,600		850,068
Home Depot, Inc. (The)		103,608		8,388,104
Johnson Controls, Inc.		108,733		5,429,039
Lear Corporation		58,460		5,221,647
Lennar Corporation Class AD		166,951		7,008,603
Macy’s, Inc.		70,060		4,064,881
McGraw Hill Financial, Inc.		68,600		5,695,858
Target CorporationD		225,682		13,078,272
Time Warner, Inc.		99,255		6,972,664
Twenty-First Century Fox, Inc. Class AD		17,961		631,329
Wal-Mart Stores, Inc.D		257,675		19,343,662
Walt Disney Co. (The)		10,083		864,516
Whirlpool Corporation		18,700		2,603,414

				135,355,594

Consumer Staples — 3.9%
Archer-Daniels-Midland Co.		54,551		2,406,245
Coca-Cola Enterprises, Inc.		98,690		4,715,408
Colgate-Palmolive Co.		3,348		228,267
CVS Caremark Corporation		35,932		2,708,195
Dr. Pepper Snapple Group, Inc.D		41,800		2,448,644
Hershey Co. (The)		11,900		1,158,703
Kellogg Co.		769		50,523
Kimberly-Clark Corporation		2,314		257,363
Kroger Co. (The)		100,200		4,952,886
Mondelez International, Inc. Class A		273,167		10,273,811
PepsiCo, Inc.		101,365		9,055,949
Procter & Gamble Co. (The)		91,475		7,189,020
Rite Aid Corporation*		114,790		823,044
Sysco CorporationD		77,581		2,905,408
Tyson Foods, Inc. Class A		133,450		5,009,713
Walgreen Co.		8,606		637,963

				54,821,142

Energy — 10.9%
Anadarko Petroleum Corporation		16,673		1,825,193
Apache Corporation		13,736		1,382,116
Baker Hughes, Inc.		212,322		15,807,373
Chevron Corporation		195,427		25,512,995
ConocoPhillips		182,546		15,649,669
Devon Energy Corporation		14,702		1,167,339
Exxon Mobil Corporation		298,166		30,019,353
Halliburton Co.		82,500		5,858,325
Hess CorporationD		10,006		989,493
Kinder Morgan, Inc.D		16,907		613,048
Marathon Oil Corporation		331,408		13,229,807


	Shares		Value
Marathon Petroleum Corporation		61,102	$	4,770,233
National Oilwell Varco, Inc.		14,067		1,158,418
Occidental Petroleum CorporationD		146,656		15,051,305
Phillips 66		11,970		962,747
SM Energy Co.		62,500		5,256,250
Spectra Energy Corporation		23,795		1,010,812
Tesoro CorporationD		29,200		1,713,164
Valero Energy CorporationD		226,131		11,329,163

				153,306,803

Financial Services — 22.5%
Aflac, Inc.		16,260		1,012,185
Allstate Corporation (The)		116,724		6,854,033
American Express Co.		114,800		10,891,076
American Financial Group, Inc.		43,640		2,599,199
American International Group, Inc.D		361,832		19,748,791
Ameriprise Financial, Inc.		96,968		11,636,160
Assurant, Inc.D		49,960		3,274,878
Bank of America Corporation		999,993		15,369,893
Bank of New York Mellon Corporation (The)		40,730		1,526,560
BB&T Corporation		25,512		1,005,938
Berkshire Hathaway, Inc. Class B*		65,445		8,282,719
BlackRock, Inc.D		2,834		905,746
Capital One Financial CorporationD		301,190		24,878,294
CBOE Holdings, Inc.		54,200		2,667,182
CBRE Group, Inc. Class A*		77,480		2,482,459
Charles Schwab Corporation (The)		33,768		909,372
Chubb Corporation (The)		53,641		4,944,091
CIT Group, Inc.		80,100		3,665,376
Citigroup, Inc.		526,692		24,807,193
CME Group, Inc.		11,565		820,537
Discover Financial Services		122,038		7,563,915
Equity Residential REIT		12,833		808,479
Fifth Third Bancorp		253,700		5,416,495
Franklin Resources, Inc.		2,429		140,493
Genworth Financial, Inc. Class A*		299,600		5,213,040
Goldman Sachs Group, Inc. (The)		16,027		2,683,561
Hartford Financial Services Group, Inc. (The)		128,675		4,607,852
JPMorgan Chase & Co.		569,394		32,808,503
KeyCorp		370,600		5,310,698
Lincoln National CorporationD		25,800		1,327,152
Marsh & McLennan Cos., Inc.D		6,275		325,171
MetLife, Inc.		33,349		1,852,871
Morgan Stanley		54,937		1,776,113
Navient Corporation		371,060		6,571,473
PNC Financial Services Group, Inc. (The)		55,685		4,958,749
Prudential Financial, Inc.		16,408		1,456,538
Public Storage REIT		439		75,223
Reinsurance Group of America, Inc.		33,010		2,604,489
RLJ Lodging Trust REIT		33,500		967,815
Simon Property Group, Inc. REIT		2,803		466,083
SLM Corporation		491,369		4,083,276
State Street Corporation		338,460		22,764,820

See Notes to Financial Statements.

138


	Shares		Value
Travelers Cos., Inc. (The)D		159,318	$	14,987,044
Unum Group		50,100		1,741,476
US BancorpD		61,669		2,671,501
Waddell & Reed Financial, Inc. Class A		63,290		3,961,321
Wells Fargo & Co.		590,498		31,036,575

				316,462,408

Healthcare — 11.0%
Abbott Laboratories		53,808		2,200,747
Aetna, Inc.		8,987		728,666
Alexion Pharmaceuticals, Inc.*		9,100		1,421,875
Amgen, Inc.		1,332		157,669
Biogen Idec, Inc.*		14,800		4,666,588
Bristol-Myers Squibb Co.		38,162		1,851,239
Cardinal Health, Inc.		89,500		6,136,120
Celgene Corporation*		30,000		2,576,400
Cigna Corporation		144,511		13,290,677
Eli Lilly & Co.		35,128		2,183,908
Express Scripts Holding Co.D*		79,831		5,534,683
HCA Holdings, Inc.*		31,000		1,747,780
Humana, Inc.D		31,100		3,972,092
Johnson & Johnson		353,730		37,007,233
McKesson Corporation		27,800		5,176,638
Medtronic, Inc.D		296,769		18,921,991
Mylan, Inc.D*		158,290		8,161,432
Omnicare, Inc.D		84,100		5,598,537
Stryker Corporation		4,963		418,480
Thermo Fisher Scientific, Inc.		8,539		1,007,602
United Therapeutics CorporationD*		45,300		4,008,597
UnitedHealth Group, Inc.D		118,687		9,702,662
WellPoint, Inc.		165,883		17,850,670

				154,322,286

Materials & Processing — 2.4%
Air Products & Chemicals, Inc.D		7,571		973,782
Allegheny Technologies, Inc.D		119,785		5,402,304
CF Industries Holdings, Inc.		17,900		4,305,487
Domtar CorporationD		60,860		2,607,851
Dow Chemical Co. (The)		36,229		1,864,344
E.I. du Pont de Nemours & Co.D		131,601		8,611,969
Freeport-McMoRan Copper & Gold, Inc.		37,365		1,363,823
Sealed Air Corporation		191,555		6,545,434
United States Steel CorporationD		100,900		2,627,436

				34,302,430

Producer Durables — 9.6%
ADT Corporation (The)D		104,135		3,638,477
Alaska Air Group, Inc.		11,230		1,067,411
Alliant Techsystems, Inc.		29,030		3,887,698
Caterpillar, Inc.D		38,198		4,150,977
CSX CorporationD		35,813		1,103,398
Danaher Corporation		16,661		1,311,721
Deere & Co.		10,137		917,905
Delta Air Lines, Inc.		90,496		3,504,005
Emerson Electric Co.		63,844		4,236,688
Exelis, Inc.		124,900		2,120,802
FedEx Corporation		25,388		3,843,235
General Dynamics CorporationD		61,457		7,162,813
General Electric Co.		787,218		20,688,089


	Shares		Value
Honeywell International, Inc.		72,800	$	6,766,760
Huntington Ingalls Industries, Inc.		40,090		3,792,113
L-3 Communications Holdings, Inc.		39,900		4,817,925
Lockheed Martin Corporation		14,500		2,330,585
Norfolk Southern Corporation		58,667		6,044,461
Northrop Grumman Corporation		55,787		6,673,799
Oshkosh Corporation		29,000		1,610,370
Raytheon Co.		11,212		1,034,307
Southwest Airlines Co.		114,400		3,072,784
Stanley Black & Decker, Inc.		155,100		13,620,882
Terex CorporationD		187,960		7,725,156
Textron, Inc.		275,095		10,533,388
Trinity Industries, Inc.D		83,200		3,637,504
United Rentals, Inc.D*		11,180		1,170,881
United Technologies Corporation		29,173		3,368,023
Waste Management, Inc.D		14,816		662,720

				134,494,877

Technology — 9.7%
Apple, Inc.		55,000		5,111,150
Applied Materials, Inc.D		224,520		5,062,926
Arrow Electronics, Inc.*		43,930		2,653,811
Avnet, Inc.		40,200		1,781,262
Cisco Systems, Inc.		502,661		12,491,126
Corning, Inc.		212,933		4,673,879
EMC Corporation		65,970		1,737,650
Hewlett-Packard Co.		67,840		2,284,851
Ingram Micro, Inc. Class A*		103,000		3,008,630
Intel CorporationD		1,072,186		33,130,547
Lam Research Corporation		71,880		4,857,650
Micron Technology, Inc.*		4,702		154,931
Microsoft Corporation		556,112		23,189,871
Oracle Corporation		294,400		11,932,032
SanDisk Corporation		21,000		2,193,030
Texas Instruments, Inc.D		179,600		8,583,084
Western Digital Corporation		142,425		13,145,828
Yahoo!, Inc.*		36,024		1,265,523

				137,257,781

Utilities — 6.9%
AES Corporation		677,400		10,533,570
American Electric Power Co., Inc.		224,573		12,524,436
AT&T, Inc.D		804,396		28,443,442
CenturyLink, Inc.D		85,979		3,112,440
Dominion Resources, Inc.		19,607		1,402,293
Duke Energy CorporationD		25,388		1,883,536
Edison International		96,700		5,619,237
Entergy CorporationD		143,900		11,812,751
Exelon Corporation		31,011		1,131,281
NextEra Energy, Inc.		15,508		1,589,260
PG&E CorporationD		16,534		793,963
Public Service Enterprise Group, Inc.		48,300		1,970,157
Southern Co. (The)D		31,726		1,439,726
Sprint CorporationD*		26,553		226,497
T-Mobile US, Inc.*		9,285		312,162
Verizon Communications, Inc.		291,624		14,269,162

				97,063,913

Total Common Stocks (Cost $907,708,252)				1,217,387,234

See Notes to Financial Statements.

139

VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)


	Shares		Value
FOREIGN COMMON STOCKS — 10.8%
Bermuda — 1.7%
AXIS Capital Holdings, Ltd.		62,130	$	2,751,116
Everest Re Group, Ltd.		27,740		4,451,993
Marvell Technology Group, Ltd.		249,300		3,572,469
Nabors Industries, Ltd.		168,955		4,962,208
PartnerRe, Ltd.		30,630		3,345,102
RenaissanceRe Holdings, Ltd.D		43,610		4,666,270

				23,749,158

Canada — 0.7%
Catamaran Corporation*		99,300		4,385,088
Magna International, Inc.D		46,300		4,988,825
Thomson Reuters CorporationD		12,716		462,354

				9,836,267

Cayman Islands — 0.2%
Herbalife, Ltd.D		44,200		2,852,668

France — 1.0%
Sanofi ADRD		274,400		14,589,848

Guernsey — 0.2%
Amdocs, Ltd.		55,190		2,556,953

Ireland — 1.1%
Covidien PLC		16,143		1,455,776
CRH PLC ADRD		339,100		8,765,735
Eaton Corporation PLC		17,092		1,319,160
Pentair PLC		57,064		4,115,456

				15,656,127

Jersey — 1.0%
Delphi Automotive PLC		196,900		13,534,906

Netherlands — 0.3%
LyondellBasell Industries NV Class A		46,100		4,501,665

Panama — 0.7%
Carnival Corporation		242,197		9,118,717

Singapore — 0.2%
Flextronics International, Ltd.*		277,400		3,070,818

Switzerland — 1.0%
ACE, Ltd.		19,778		2,050,979
Allied World Assurance Company Holdings AG		34,800		1,323,096
TE Connectivity, Ltd.		49,892		3,085,321
Tyco International, Ltd.		153,270		6,989,112

				13,448,508

United Kingdom — 2.7%
BP PLC ADR		226,500		11,947,875
Ensco PLC Class AD		98,500		5,473,645
GlaxoSmithKline PLC ADRD		270,900		14,487,732
Noble Corporation PLCD		194,800		6,537,488

				38,446,740

Total Foreign Common Stocks (Cost $124,081,863)				151,362,375

EXCHANGE TRADED FUND — 0.2%
iShares Russell 1000 ValueD (Cost $2,269,548)		22,600		2,288,702


	Shares		Value
MONEY MARKET FUNDS — 14.9%
GuideStone Money Market Fund (Investor Class)¥		38,257,778	$	38,257,778
Northern Institutional Liquid Assets Portfolio§		171,496,313		171,496,313

Total Money Market Funds (Cost $209,754,091)				209,754,091

	Par
U.S. TREASURY OBLIGATION — 0.0%
U.S. Treasury Bill 0.04%, 10/02/14 (Cost $649,933)	$	650,000		649,939

TOTAL INVESTMENTS — 112.4% (Cost $1,244,463,687)				1,581,442,341
Liabilities in Excess of Other
Assets — (12.4)%				(173,855,527	)

Net Assets — 100.0%			$	1,407,586,814

PORTFOLIO SUMMARY (based on net assets)


	%
Financial Services		22.5
Money Market Funds		14.9
Healthcare		11.0
Energy		10.9
Foreign Common Stocks		10.8
Technology		9.7
Producer Durables		9.6
Consumer Discretionary		9.6
Utilities		6.9
Consumer Staples		3.9
Materials & Processing		2.4
Exchange Traded Fund		0.2
U.S. Treasury Obligation		—	**

		112.4

**	Rounds to less than 0.005%.

See Notes to Financial Statements.

140

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, 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	$	1,217,387,234	$	1,217,387,234	$	—	$	—
Foreign Common Stocks		151,362,375		151,362,375		—		—
Money Market Funds		209,754,091		209,754,091		—		—
Exchange Traded Fund		2,288,702		2,288,702		—		—
U.S. Treasury Obligation		649,939		—		649,939		—

Total Assets — Investments in Securities	$	1,581,442,341	$	1,580,792,402	$	649,939	$	—

Other Financial Instruments***
Futures Contracts	$	382,902	$	382,902	$	—	$	—

Total Assets — Other Financial Instruments	$	382,902	$	382,902	$	—	$	—

***

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2014.

See Notes to Financial Statements.

141


GROWTH EQUITY FUND
SCHEDULE OF INVESTMENTS		June 30, 2014 (Unaudited)


	Shares		Value
COMMON STOCKS — 84.2%
Consumer Discretionary — 19.0%
Amazon.com, Inc.*		86,194	$	27,994,087
Brinker International, Inc.D		54,685		2,660,425
CBS Corporation Class BD		133,030		8,266,484
Chipotle Mexican Grill, Inc.D*		31,063		18,405,138
Comcast Corporation Class A		80,917		4,343,625
Costco Wholesale Corporation		79,490		9,154,068
Discovery Communications, Inc. Class AD*		95,258		7,075,764
eBay, Inc.*		70,030		3,505,702
Estee Lauder Cos., Inc. (The) Class A		237,796		17,658,731
Fortune Brands Home & Security, Inc.		99,370		3,967,844
Fossil Group, Inc.*		32,858		3,434,318
Home Depot, Inc. (The)		117,339		9,499,766
Jarden Corporation*		113,970		6,764,120
Johnson Controls, Inc.		90,158		4,501,589
Kate Spade & Co.D*		124,780		4,759,109
Lennar Corporation Class AD		120,280		5,049,354
Marriott International, Inc. Class AD		60,360		3,869,076
NIKE, Inc. Class B		256,471		19,889,326
Priceline Group, Inc. (The)*		30,459		36,642,177
Ralph Lauren CorporationD		40,780		6,552,938
Starbucks Corporation		351,329		27,185,838
Starwood Hotels & Resorts Worldwide, Inc.		202,229		16,344,148
Tiffany & Co.D		15,900		1,593,975
TJX Cos., Inc. (The)		41,963		2,230,334
Twenty-First Century Fox, Inc. Class A		199,000		6,994,850
Ulta Salon Cosmetics & Fragrance, Inc.*		28,320		2,588,731
Under Armour, Inc. Class AD*		47,658		2,835,175
Walt Disney Co. (The)		170,684		14,634,446

				278,401,138

Consumer Staples — 3.3%
Church & Dwight Co., Inc.D		46,280		3,237,286
CVS Caremark Corporation		37,846		2,852,453
Keurig Green Mountain, Inc.D		48,735		6,072,868
Mead Johnson Nutrition Co.		84,170		7,842,119
Monster Beverage Corporation*		131,420		9,334,763
Walgreen Co.		71,240		5,281,021
Whole Foods Market, Inc.D		348,927		13,479,050

				48,099,560

Energy — 7.3%
Anadarko Petroleum Corporation		39,350		4,307,644
Antero Resources CorporationD*		59,633		3,913,714
Continental Resources, Inc.D*		80,292		12,689,348
EOG Resources, Inc.		70,270		8,211,752
FMC Technologies, Inc.*		361,116		22,053,354
Halliburton Co.		246,379		17,495,373
National Oilwell Varco, Inc.		119,500		9,840,825
Occidental Petroleum Corporation		46,265		4,748,177
Pioneer Natural Resources Co.		40,257		9,251,461
SolarCity CorporationD*		46,060		3,251,836


	Shares		Value
Southwestern Energy Co.*		241,000	$	10,963,090

				106,726,574

Financial Services — 11.8%
Affiliated Managers
Group, Inc.*		17,590		3,612,986
American Express Co.		65,300		6,195,011
BlackRock, Inc.		16,150		5,161,540
Charles Schwab Corporation (The)		792,267		21,335,750
Citigroup, Inc.		117,170		5,518,707
Discover Financial Services		220,173		13,646,322
FleetCor Technologies, Inc.*		63,370		8,352,166
Goldman Sachs Group, Inc. (The)		25,070		4,197,721
IntercontinentalExchange Group, Inc.		25,110		4,743,279
JPMorgan Chase & Co.		155,240		8,944,929
Mastercard, Inc. Class AD		211,440		15,534,497
Morgan Stanley		488,570		15,795,468
SunTrust Banks, Inc.		129,630		5,192,978
Visa, Inc. Class AD		259,156		54,606,761

				172,838,115

Healthcare — 14.6%
Alexion Pharmaceuticals, Inc.*		57,500		8,984,375
Allergan, Inc.		38,230		6,469,281
athenahealth, Inc.D*		52,000		6,506,760
Biogen Idec, Inc.*		121,287		38,243,004
BioMarin Pharmaceutical, Inc.*		97,000		6,034,370
Boston Scientific Corporation*		359,271		4,587,891
Bristol-Myers Squibb Co.		93,675		4,544,174
Brookdale Senior Living, Inc.*		20,700		690,138
Celgene Corporation*		147,992		12,709,553
Cerner Corporation*		154,000		7,943,320
Cooper Cos., Inc. (The)D		26,360		3,572,571
Covance, Inc.*		53,586		4,585,890
DaVita HealthCare Partners, Inc.*		85,884		6,211,131
Express Scripts Holding Co.*		125,319		8,688,366
Gilead Sciences, Inc.D*		460,294		38,162,975
HCA Holdings, Inc.*		22,605		1,274,470
Illumina, Inc.D*		12,664		2,261,030
Intuitive Surgical, Inc.*		33,527		13,806,419
McKesson Corporation		63,325		11,791,748
Regeneron Pharmaceuticals, Inc.*		60,190		17,001,869
Salix Pharmaceuticals, Ltd.D*		23,620		2,913,527
Thermo Fisher Scientific, Inc.		55,900		6,596,200

				213,579,062

Materials & Processing — 4.7%
Ecolab, Inc.		60,797		6,769,138
Fastenal Co.D		90,176		4,462,810
Masco Corporation		197,378		4,381,792
Monsanto Co.		181,883		22,688,085
PPG Industries, Inc.		42,639		8,960,586
Precision Castparts Corporation		27,500		6,941,000
Sherwin-Williams Co. (The)D		73,624		15,233,542

				69,436,953

Producer Durables — 5.3%
B/E Aerospace, Inc.*		40,180		3,716,248
Cummins, Inc.		34,210		5,278,261
Danaher Corporation		94,138		7,411,485

See Notes to Financial Statements.

142


	Shares		Value
Delta Air Lines, Inc.		254,774	$	9,864,849
Fluor Corporation		76,197		5,859,549
General Dynamics Corporation		57,046		6,648,711
Jacobs Engineering Group, Inc.*		53,860		2,869,661
National Instruments Corporation		111,704		3,618,093
Stericycle, Inc.*		52,234		6,185,550
Union Pacific Corporation		146,238		14,587,241
United Continental Holdings, Inc.*		62,675		2,574,062
United Rentals, Inc.D*		37,410		3,917,949
Verisk Analytics, Inc. Class A*		65,480		3,930,110
W.W. Grainger, Inc.D		4,823		1,226,344

				77,688,113

Technology — 18.2%
Amphenol Corporation Class A		69,404		6,686,381
ANSYS, Inc.*		41,270		3,129,091
Apple, Inc.		397,734		36,961,421
Cognizant Technology Solutions Corporation Class A*		78,854		3,856,749
Equinix, Inc.*		14,610		3,069,415
Facebook, Inc. Class A*		562,279		37,835,754
Google, Inc. Class A*		72,234		42,233,053
Google, Inc. Class C*		33,376		19,200,545
Lam Research Corporation		62,350		4,213,613
LinkedIn Corporation, Class A*		97,000		16,632,590
Oracle Corporation		153,900		6,237,567
QUALCOMM, Inc.		110,450		8,747,640
Rovi Corporation*		7		168
Salesforce.com, Inc.D*		662,190		38,459,995
ServiceNow, Inc.D*		52,105		3,228,426
Splunk, Inc.D*		213,921		11,836,249
Tableau Software, Inc. Class AD*		29,100		2,075,703
Texas Instruments, Inc.		96,516		4,612,500
VMware, Inc. Class AD*		66,920		6,478,525
Workday, Inc. Class AD*		39,077		3,511,459
Yahoo!, Inc.*		247,890		8,708,376

				267,715,220

Total Common Stocks (Cost $910,057,329)				1,234,484,735

FOREIGN COMMON STOCKS — 11.6%
Bermuda — 0.3%
Genpact, Ltd.		250,803		4,396,577

British Virgin Islands — 0.3%
Michael Kors Holdings, Ltd.D*		47,305		4,193,588

Canada — 1.4%
Canadian Pacific Railway, Ltd.		83,179		15,067,044
Valeant Pharmaceuticals International, Inc.*		45,634		5,755,360

				20,822,404

China — 1.5%
Baidu, Inc. ADR*		116,500		21,763,365

Curacao — 2.8%
Schlumberger, Ltd.D		348,920		41,155,114

France — 0.1%
Safran SA		30,011		1,964,913


	Shares		Value
Ireland — 1.0%
Accenture PLC Class AD		62,445	$5,048,054
Eaton Corporation PLC		91,240	7,041,903
Weatherford International PLC*		111,700	2,569,100

			14,659,057

Jersey — 0.2%
Delphi Automotive PLC		37,436	2,573,351

Liberia — 0.3%
Royal Caribbean Cruises, Ltd.		66,856	3,717,194

Netherlands — 2.1%
ASML Holding NVD		155,113	14,467,389
Core Laboratories NV		40,592	6,781,300
LyondellBasell Industries NV Class A		56,663	5,533,142
NXP Semiconductor NV*		69,600	4,606,128

			31,387,959

Switzerland — 0.6%
Garmin, Ltd.D		31,600	1,924,440
Tyco International, Ltd.		139,142	6,344,875

			8,269,315

United Kingdom — 1.0%
ARM Holdings PLC ADRD		211,700	9,577,308
Liberty Global PLC Class C*		130,330	5,514,262

			15,091,570

Total Foreign Common Stocks (Cost $123,748,794)			169,994,407

MONEY MARKET FUNDS — 17.6%
GuideStone Money Market Fund (Investor Class)¥		66,683,471	66,683,471
Northern Institutional Liquid Assets Portfolio§		191,433,530	191,433,530

Total Money Market Funds (Cost $258,117,001)			258,117,001

TOTAL INVESTMENTS — 113.4% (Cost $1,291,923,124)			1,662,596,143
Liabilities in Excess of Other Assets — (13.4)%			(196,015,525)

NET ASSETS — 100.0%			$1,466,580,618

PORTFOLIO SUMMARY (based on net assets)


				%
Consumer Discretionary				19.0
Technology				18.2
Money Market Fund				17.6
Healthcare				14.6
Financial Services				11.8
Foreign Common Stocks				11.6
Energy				7.3
Producer Durables				5.3
Materials & Processing				4.7
Consumer Staples				3.3

				113.4

See Notes to Financial Statements.

143

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, 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	$	1,234,484,735	$	1,234,484,735	$	—	$	—
Foreign Common Stocks		169,994,407		169,994,407		—		—
Money Market Funds		258,117,001		258,117,001		—		—

Total Assets — Investments in Securities	$	1,662,596,143	$	1,662,596,143	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	871,985	$	871,985	$	—	$	—

Total Assets — Other Financial Instruments	$	871,985	$	871,985	$	—	$	—

***

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2014.

See Notes to Financial Statements.

144


SMALL CAP EQUITY FUND
SCHEDULE OF INVESTMENTS		June 30, 2014 (Unaudited)


	Shares		Value
COMMON STOCKS — 87.7%
Consumer Discretionary — 13.2%
American Eagle Outfitters, Inc.D		133,400	$	1,496,748
Ascena Retail Group, Inc.*		43,500		743,850
Avis Budget Group, Inc.*		14,210		848,195
Big Lots, Inc.*		71,100		3,249,270
Bright Horizons Family Solutions, Inc.*		46,300		1,988,122
Brinker International, Inc.D		10,960		533,204
Buffalo Wild Wings, Inc.*		7,290		1,208,026
Deckers Outdoor Corporation*		14,800		1,277,684
Destination Maternity Corporation		32,000		728,640
Destination XL Group, Inc.D*		330,288		1,819,887
Dorman Products, Inc.D*		48,500		2,392,020
Drew Industries, Inc.*		65,000		3,250,650
Fiesta Restaurant Group, Inc.*		9,222		427,993
Finish Line, Inc. (The) Class A		76,400		2,272,136
Foot Locker, Inc.		55,400		2,809,888
Fox Factory Holding CorporationD*		55,600		978,004
G-III Apparel Group, Ltd.D*		35,700		2,915,262
Goodyear Tire & Rubber Co. (The)		29,600		822,288
Grand Canyon Education, Inc.*		39,700		1,825,009
Harman International Industries, Inc.		12,578		1,351,255
Hillenbrand, Inc.		38,700		1,262,394
HomeAway, Inc.*		9,600		334,272
Inter Parfums, Inc.		35,700		1,054,935
ITT Educational Services, Inc.D*		38,200		637,558
Kate Spade & Co.D*		11,500		438,610
Kona Grill, Inc.*		20,950		406,639
Lear Corporation		25,200		2,250,864
Libbey, Inc.*		85,100		2,267,064
Lithia Motors, Inc. Class AD		19,700		1,853,179
Mattress Firm Holding CorporationD*		17,900		854,725
Meritor, Inc.D*		60,400		787,616
Monro Muffler Brake, Inc.D		42,050		2,236,639
NVR, Inc.D*		670		770,902
Outerwall, Inc.D*		35,600		2,112,860
Oxford Industries, Inc.		15,050		1,003,383
Pandora Media, Inc.D*		49,677		1,465,471
Red Robin Gourmet Burgers, Inc.D*		4,200		299,040
Restoration Hardware Holdings, Inc.*		4,400		409,420
RG Barry CorporationD		71,040		1,346,208
Shutterstock, Inc.D*		10,000		829,800
Skechers U.S.A., Inc. Class A*		6,800		310,760
Smith & Wesson Holding CorporationD*		268,600		3,905,444
Sotheby’sD		49,500		2,078,505
Steven Madden, Ltd.*		37,950		1,301,685
Tower International, Inc.*		66,370		2,445,071
TRW Automotive Holdings Corporation*		6,300		563,976
Tuesday Morning CorporationD*		17,400		310,068
Universal Electronics, Inc.*		104,754		5,120,376
Vera Bradley, Inc.D*		30,200		660,474
Vince Holding Corporation*		8,100		296,622


	Shares		Value
Voxx International CorporationD*		76,129	$	716,374
William Lyon Homes Class AD*		51,000		1,552,440
World Wrestling Entertainment, Inc. Class AD		35,900		428,287
Zagg, Inc.*		189,600		1,029,528

				76,279,320

Consumer Staples — 1.6%
Annie’s, Inc.D*		21,450		725,439
Cal-Maine Foods, Inc.		6,800		505,376
Diamond Foods, Inc.D*		17,900		504,780
Medifast, Inc.D*		18,500		562,585
Omega Protein CorporationD*		45,450		621,756
PhotoMedex, Inc.D*		32,150		393,837
Rite Aid Corporation*		82,500		591,525
Sanderson Farms, Inc.		23,000		2,235,600
United Natural Foods, Inc.*		29,400		1,913,940
WhiteWave Foods Co. Class A*		36,634		1,185,843

				9,240,681

Energy — 5.5%
Alon USA Energy, Inc.		61,100		760,084
American Standard Energy Corporation@*		8,702		1,218
Athlon Energy, Inc.*		46,000		2,194,200
C&J Energy Services, Inc.D*		8,600		290,508
CARBO Ceramics, Inc.D		2,500		385,300
Diamondback Energy, Inc.D*		16,856		1,496,813
EnerNOC, Inc.D*		50,700		960,765
Geospace Technologies CorporationD*		30,600		1,685,448
Gran Tierra Energy, Inc.D*		98,700		801,444
Green Plains Renewable Energy, Inc.		45,700		1,502,159
Gulfport Energy Corporation*		34,400		2,160,320
Hornbeck Offshore Services, Inc.D*		37,950		1,780,614
Matador Resources Co.D*		30,950		906,216
Parker Drilling Co.*		203,000		1,323,560
Patterson-UTI Energy, Inc.		30,200		1,055,188
PBF Energy, Inc. Class A		136,600		3,640,390
PDC Energy, Inc.D*		21,500		1,357,725
Pioneer Energy Services Corporation*		54,200		950,668
Ring Energy, Inc.D*		76,805		1,340,247
Sanchez Energy CorporationD*		18,800		706,692
SM Energy Co.D		27,700		2,329,570
SunPower CorporationD*		12,582		515,611
Synergy Resources CorporationD*		78,600		1,041,450
Targa Resources Corporation		15,100		2,107,507
Unit Corporation*		8,900		612,587

				31,906,284

Financial Services — 14.6%
American Equity Investment Life Holding Co.		76,600		1,884,360
American Financial Group, Inc.		39,250		2,337,730
AMERISAFE, Inc.		48,765		1,983,273
Assurant, Inc.D		47,850		3,136,568
BancFirst CorporationD		6,800		420,920
Bancorp, Inc. (The)*		11,644		138,680
Brandywine Realty Trust REIT		72,400		1,129,440
Cardtronics, Inc.*		59,200		2,017,536

See Notes to Financial Statements.

145

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)


	Shares		Value
CBL & Associates Properties, Inc. REITD		69,200	$	1,314,800
Cedar Realty Trust, Inc. REIT		97,100		606,875
Chemical Financial Corporation		19,691		552,923
Community Bank System, Inc.D		23,000		832,600
Compass Diversified Holdings LLC		151,075		2,742,011
Cowen Group, Inc. Class AD*		38,800		163,736
DuPont Fabros Technology, Inc. REITD		83,400		2,248,464
eHealth, Inc.*		5,998		227,744
Equity Lifestyle Properties, Inc. REIT		29,600		1,307,136
EverBank Financial CorporationD		35,400		713,664
Ezcorp, Inc. Class AD*		53,500		617,925
FBL Financial Group, Inc. Class AD		14,510		667,460
FBR & Co.*		16,480		447,102
Financial Engines, Inc.D		26,500		1,199,920
First Commonwealth Financial CorporationD		59,400		547,668
First Niagara Financial Group, Inc.		274,000		2,394,760
FNB CorporationD		85,200		1,092,264
Genworth Financial, Inc. Class A*		175,380		3,051,612
Gladstone Investment CorporationD		5,390		39,886
Gramercy Property Trust, Inc. REITD		103,100		623,755
Hanover Insurance Group, Inc. (The)		38,700		2,443,905
Heartland Payment Systems, Inc.D		64,400		2,653,924
Highwoods Properties, Inc. REITD		30,800		1,292,060
Hospitality Properties Trust REIT		88,000		2,675,200
Jack Henry & Associates, Inc.		38,600		2,293,998
Jones Lang LaSalle, Inc.		7,500		947,925
Kennedy-Wilson Holdings, Inc.		35,625		955,462
Lakeland Financial CorporationD		49,010		1,870,222
LaSalle Hotel Properties REIT		38,300		1,351,607
Manning & Napier, Inc.		108,950		1,880,477
Net 1 UEPS Technologies, Inc.*		133,300		1,516,954
Portfolio Recovery Associates, Inc.D*		35,200		2,095,456
PrivateBancorp, Inc.		31,250		908,125
ProAssurance Corporation		34,700		1,540,680
Radian Group, Inc.D		158,900		2,353,309
Reinsurance Group of America, Inc.		30,940		2,441,166
RLJ Lodging Trust REIT		87,700		2,533,653
Ryman Hospitality Properties, Inc. REITD		47,700		2,296,755
Safeguard Scientifics, Inc.D*		50,700		1,054,053
Safety Insurance Group, Inc.		12,900		662,802
Selective Insurance Group, Inc.		19,100		472,152
Signature Bank*		9,100		1,148,238
Susquehanna Bancshares, Inc.		32,000		337,920
Symetra Financial Corporation		29,100		661,734
TCF Financial Corporation		63,400		1,037,858
United Insurance Holdings Corporation		29,900		516,074


	Shares		Value
W.R. Berkley Corporation		37,200	$	1,722,732
Waddell & Reed Financial, Inc. Class A		26,540		1,661,139
WEX, Inc.*		29,300		3,075,621
Wilshire Bancorp, Inc.		100,300		1,030,081
WisdomTree Investments, Inc.D*		160,500		1,983,780

				83,855,874

Healthcare — 8.6%
Air Methods CorporationD*		49,400		2,551,510
Align Technology, Inc.*		25,100		1,406,604
Alnylam Pharmaceuticals, Inc.*		9,880		624,120
Analogic Corporation		10,400		813,696
Array BioPharma, Inc.D*		112,100		511,176
athenahealth, Inc.D*		5,600		700,728
Auxilium Pharmaceuticals, Inc.D*		49,600		994,976
AVANIR Pharmaceuticals, Inc. Class AD*		159,300		898,452
Bio-Reference Labs, Inc.D*		40,000		1,208,800
BioScrip, Inc.D*		218,500		1,822,290
Celldex Therapeutics, Inc.D*		31,500		514,080
Clovis Oncology, Inc.D*		12,900		534,189
Community Health Systems, Inc.D*		56,200		2,549,794
Cynosure, Inc. Class AD*		42,200		896,750
DexCom, Inc.D*		13,389		531,008
Five Star Quality Care, Inc.+		2,086		—
Globus Medical, Inc. Class A*		38,600		923,312
Hanger, Inc.*		15,900		500,055
Health Net, Inc.*		63,900		2,654,406
Horizon Pharma, Inc.D*		68,200		1,078,924
Integra LifeSciences Holdings CorporationD*		36,900		1,736,514
LifePoint Hospitals, Inc.*		15,100		937,710
Ligand Pharmaceuticals, Inc.D*		5,500		342,595
Magellan Health Services, Inc.*		26,600		1,655,584
Masimo CorporationD*		48,900		1,154,040
Medivation, Inc.*		12,172		938,218
Myriad Genetics, Inc.D*		51,950		2,021,894
Omnicare, Inc.D		15,400		1,025,178
OraSure Technologies, Inc.D*		39,900		343,539
Pacira Pharmaceuticals, Inc.D*		15,198		1,396,088
PDL BioPharma, Inc.D		218,800		2,117,984
PharMerica Corporation*		28,600		817,674
Providence Service Corporation (The)*		15,000		548,850
Puma Biotechnology, Inc.*		2,844		187,704
Quality Systems, Inc.		34,200		548,910
Sangamo BioSciences, Inc.D*		22,900		349,683
Sirona Dental Systems, Inc.D*		14,900		1,228,654
Stemline Therapeutics, Inc.D*		25,800		378,486
Surgical Care Affiliates, Inc.*		37,200		1,081,776
Synageva BioPharma CorporationD*		5,583		585,098
Team Health Holdings, Inc.*		40,000		1,997,600
United Therapeutics CorporationD*		20,000		1,769,800
US Physical Therapy, Inc.		38,900		1,329,991
Volcano Corporation*		37,900		667,419
West Pharmaceutical Services, Inc.		60,000		2,530,800

				49,406,659

See Notes to Financial Statements.

146


	Shares		Value
Materials & Processing — 6.3%
Acuity Brands, Inc.D		8,480	$	1,172,360
American Vanguard Corporation		9,397		124,228
Comfort Systems USA, Inc.		69,200		1,093,360
Commercial Metals Co.		21,120		365,587
Domtar CorporationD		39,480		1,691,718
Eagle Materials, Inc.		13,549		1,277,400
Ferro Corporation*		63,000		791,280
FutureFuel Corporation		60,427		1,002,484
Headwaters, Inc.*		27,500		381,975
Huntsman Corporation		53,100		1,492,110
Imprivata, Inc.*		25,000		409,500
Insteel Industries, Inc.		54,800		1,076,820
Interface, Inc.D		76,600		1,443,144
Kaiser Aluminum CorporationD		9,600		699,552
Koppers Holdings, Inc.		40,600		1,552,950
Landec Corporation*		49,500		618,255
Lennox International, Inc.		4,500		403,065
LSB Industries, Inc.*		12,850		535,460
Martin Marietta Materials, Inc.D		7,534		994,865
OMNOVA Solutions, Inc.D*		179,010		1,627,201
Packaging Corporation of America		7,470		534,030
Patrick Industries, Inc.*		47,500		2,213,025
PolyOne Corporation		63,975		2,695,906
RBC Bearings, Inc.*		34,000		2,177,700
Reliance Steel & Aluminum Co.		7,800		574,938
Resolute Forest ProductsD*		119,300		2,001,854
Rexnord Corporation*		65,900		1,855,085
United States Steel CorporationD		98,900		2,575,356
Universal Stainless & Alloy Products, Inc.D*		61,049		1,982,872
US Silica Holdings, Inc.		14,800		820,512

				36,184,592

Producer Durables — 20.4%
ACCO Brands CorporationD*		395,100		2,532,591
Advisory Board Co. (The)D*		30,500		1,579,900
Alaska Air Group, Inc.D		18,110		1,721,355
Albany International Corporation Class A		75,475		2,865,031
Allegiant Travel Co.*		10,000		1,177,700
Alliant Techsystems, Inc.		14,680		1,965,946
Argan, Inc.*		29,000		1,081,410
Astronics Corporation*		40,360		2,278,322
Atlas Air Worldwide Holdings, Inc.D*		46,730		1,722,000
AZZ, Inc.D		61,001		2,810,926
Blount International, Inc.*		52,000		733,720
Brady Corporation Class A		5,150		153,830
Chart Industries, Inc.D*		23,200		1,919,568
Columbus McKinnon Corporation		104,135		2,816,852
Corporate Executive Board Co. (The)		33,800		2,305,836
CoStar Group, Inc.*		18,957		2,998,429
Curtiss-Wright Corporation		12,400		812,944
Ducommun, Inc.*		65,597		1,714,050
Electronics For Imaging, Inc.*		20,100		908,520
EMCOR Group, Inc.		29,100		1,295,823
EnerSys, Inc.D		43,600		2,999,244
Engility Holdings, Inc.*		48,600		1,859,436


	Shares		Value
Exelis, Inc.		113,690	$	1,930,456
ExlService Holdings, Inc.*		59,350		1,747,858
Global Power Equipment Group, Inc.		36,500		589,840
GP Strategies CorporationD*		64,100		1,658,908
GrafTech International, Ltd.D*		162,050		1,695,043
Graham CorporationD		12,700		442,087
Greenbrier Cos., Inc. (The)D*		59,500		3,427,200
Gulfmark Offshore, Inc. Class A		41,700		1,884,006
Hawaiian Holdings, Inc.D*		157,600		2,160,696
HD Supply Holdings, Inc.*		10,900		309,451
Healthcare Services Group, Inc.D		28,650		843,456
Huntington Ingalls Industries, Inc.		20,310		1,921,123
Huron Consulting Group, Inc.*		11,472		812,447
JetBlue Airways CorporationD*		75,000		813,750
Kennametal, Inc.D		52,600		2,434,328
Lexmark International, Inc. Class A		55,700		2,682,512
LMI Aerospace, Inc.D*		34,900		456,492
MAXIMUS, Inc.		30,100		1,294,902
McGrath RentCorpD		34,500		1,267,875
Measurement Specialties, Inc.*		8,400		722,988
Mistras Group, Inc.*		31,800		779,736
Mobile Mini, Inc.		16,801		804,600
Modine Manufacturing Co.*		69,000		1,086,060
MYR Group, Inc.*		34,280		868,312
Old Dominion Freight Line, Inc.*		49,400		3,145,792
On Assignment, Inc.*		88,000		3,130,160
Orbital Sciences Corporation*		67,400		1,991,670
Oshkosh Corporation		9,400		521,982
OSI Systems, Inc.*		20,600		1,375,050
Park-Ohio Holdings Corporation		22,500		1,307,475
Pitney Bowes, Inc.D		63,500		1,753,870
Powell Industries, Inc.D		22,000		1,438,360
Primoris Services Corporation		65,700		1,894,788
Rush Enterprises, Inc. Class AD*		31,100		1,078,237
Ryder System, Inc.		5,600		493,304
SP Plus CorporationD*		41,500		887,685
Spirit AeroSystems Holdings, Inc. Class A*		75,350		2,539,295
Spirit Airlines, Inc.*		23,100		1,460,844
SPX Corporation		12,300		1,330,983
Sun Hydraulics CorporationD		36,500		1,481,900
Swift Transportation Co.D*		34,800		878,004
Taser International, Inc.D*		20,444		271,905
Tidewater, Inc.D		30,000		1,684,500
Titan International, Inc.D		112,000		1,883,840
Titan Machinery, Inc.D*		67,800		1,115,988
TriMas Corporation*		26,700		1,018,071
TriNet Group, Inc.*		25,500		613,785
Trinity Industries, Inc.D		47,500		2,076,700
URS CorporationD		52,300		2,397,955
Wabtec Corporation		22,600		1,866,534
WageWorks, Inc.D*		49,350		2,379,164
WESCO International, Inc.D*		22,200		1,917,636
XPO Logistics, Inc.D*		30,900		884,358

				117,707,394

See Notes to Financial Statements.

147

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)


	Shares		Value
Technology — 14.1%
Acacia Research CorporationD		84,800	$	1,505,200
Acxiom Corporation*		28,227		612,244
Applied Micro Circuits CorporationD*		23,267		251,516
ARRIS Group, Inc.*		35,200		1,145,056
Arrow Electronics, Inc.*		19,400		1,171,954
Aspen Technology, Inc.*		17,300		802,720
Avnet, Inc.		9,900		438,669
Benchmark Electronics, Inc.*		19,520		497,370
Black Box Corporation		40,372		946,320
Bottomline Technologies, Inc.D*		60,800		1,819,136
BroadSoft, Inc.*		25,800		680,862
Cavium, Inc.D*		13,638		677,263
ChannelAdvisor Corporation*		24,100		635,276
Ciena CorporationD*		42,986		931,077
Cirrus Logic, Inc.D*		31,400		714,036
CommVault Systems, Inc.*		18,400		904,728
Computer Task Group, Inc.D		52,900		870,734
comScore, Inc.*		41,913		1,487,073
Dealertrack Holdings, Inc.D*		61,800		2,802,012
Demandware, Inc.D*		18,520		1,284,732
DigitalGlobe, Inc.*		52,300		1,453,940
FEI Co.		3,900		353,847
Global Eagle Entertainment, Inc.D*		55,800		691,920
Informatica Corporation*		18,600		663,090
Ingram Micro, Inc. Class A*		72,860		2,128,241
Insight Enterprises, Inc.*		30,000		922,200
Integrated Device Technology, Inc.*		15,000		231,900
Interactive Intelligence Group, Inc.D*		40,900		2,295,717
InterDigital, Inc.D		30,200		1,443,560
Intersil Corporation Class AD		19,100		285,545
Jabil Circuit, Inc.		18,900		395,010
KEYW Holding Corporation (The)D*		67,600		849,732
Manhattan Associates, Inc.*		15,100		519,893
Marketo, Inc.D*		35,100		1,020,708
Mentor Graphics Corporation		43,000		927,510
Methode Electronics, Inc.		14,700		561,687
Monotype Imaging Holdings, Inc.		32,000		901,440
NIC, Inc.*		143,398		2,272,858
Omnivision Technologies, Inc.*		94,300		2,072,714
PDF Solutions, Inc.*		48,200		1,022,804
Polycom, Inc.*		71,800		899,654
Proofpoint, Inc.*		21,900		820,374
PROS Holdings, Inc.D*		44,150		1,167,326
Qlik Technologies, Inc.*		47,200		1,067,664
QLogic Corporation*		220,000		2,219,800
Silicon Graphics International CorporationD*		178,117		1,713,486
Skyworks Solutions, Inc.		64,100		3,010,136
Solera Holdings, Inc.		52,250		3,508,587
Sonus Networks, Inc.D*		122,225		438,788
Spansion, Inc. Class A*		14,400		303,408
Synaptics, Inc.D*		34,500		3,127,080
Synchronoss Technologies, Inc.D*		83,000		2,901,680
Tableau Software, Inc. Class AD*		8,700		620,571


	Shares		Value
Take-Two Interactive Software, Inc.D*		100,000	$	2,224,000
Tessco Technologies, Inc.D		56,799		1,802,232
Tyler Technologies, Inc.*		61,800		5,636,778
Ultimate Software Group, Inc. (The)*		23,700		3,274,629
United Online, Inc.D		31,000		322,400
VeriFone Systems, Inc.*		42,200		1,550,850
Verint Systems, Inc.*		26,700		1,309,635
Virtusa Corporation*		28,600		1,023,880
Yelp, Inc.*		13,489		1,034,336

				81,169,588

Utilities — 3.4%
CMS Energy Corporation		49,100		1,529,465
El Paso Electric Co.		58,300		2,344,243
FairPoint Communications, Inc.D*		35,100		490,347
Great Plains Energy, Inc.		50,300		1,351,561
Inteliquent, Inc.		111,900		1,552,053
j2 Global, Inc.D		45,500		2,314,130
Pike Electric CorporationD*		50,740		454,630
PNM Resources, Inc.		23,700		695,121
Portland General Electric Co.D		71,500		2,478,905
UGI Corporation		55,600		2,807,800
Vectren CorporationD		60,600		2,575,500
West Corporation		30,750		824,100

				19,417,855

Total Common Stocks (Cost $428,959,829)				505,168,247

FOREIGN COMMON STOCKS — 7.1%
Bermuda — 3.6%
Aspen Insurance Holdings, Ltd.		52,000		2,361,840
Axis Capital Holdings, Ltd.		43,020		1,904,925
Endurance Specialty Holdings, Ltd.		43,000		2,218,370
Everest Re Group, Ltd.		17,720		2,843,883
Helen of Troy, Ltd.*		35,320		2,141,452
Montpelier Re Holdings, Ltd.D		69,100		2,207,745
PartnerRe, Ltd.		21,570		2,355,660
Platinum Underwriters Holdings, Ltd.		37,200		2,412,420
Validus Holdings, Ltd.		64,900		2,481,776

				20,928,071

Canada — 0.7%
Canadian Solar, Inc.D*		23,700		740,862
FirstService Corporation		40,550		2,051,424
MFC Industrial, Ltd.D		46,800		358,020
Performance Sports Group, Ltd.D*		66,551		1,141,350

				4,291,656

Cayman Islands — 0.5%
Greenlight Capital Re, Ltd. Class AD*		66,200		2,180,628
Herbalife, Ltd.D		14,500		935,830

				3,116,458

Curacao — 0.3%
Orthofix International NV*		45,200		1,638,500

France — 0.1%
Criteo SA ADRD*		10,500		354,585

Ireland — 0.1%
Icon PLC*		17,900		843,269

See Notes to Financial Statements.

148


	Shares		Value
Israel — 0.3%
Mellanox Technologies, Ltd.D*		6,400	$	223,104
Orbotech, Ltd.*		43,400		658,812
SodaStream International, Ltd.D*		29,400		987,840

				1,869,756

Marshall Islands — 0.1%
Scorpio Tankers, Inc.		38,100		387,477

Panama — 0.2%
McDermott International, Inc.D*		159,800		1,292,782

Puerto Rico — 0.8%
EVERTEC, Inc.		78,250		1,896,780
OFG BanCorporationD		76,700		1,412,047
Popular, Inc.*		29,800		1,018,564

				4,327,391

Singapore — 0.2%
Flextronics International, Ltd.*		88,000		974,160

Switzerland — 0.2%
Allied World Assurance Company Holdings AG		29,610		1,125,772

Total Foreign Common Stocks (Cost $37,497,376)				41,149,877

EXCHANGE TRADED FUND — 0.4%
iShares Russell 2000 Value ETFD (Cost $2,150,068)		21,160		2,184,982

RIGHTS/WARRANTS — 0.0%
Asen Warrants A+@		25,000		12
Asen Warrants B+@		25,000		5
Asen Warrants C+@		25,000		8

Total Rights/Warrants (Cost $0)				25

MONEY MARKET FUNDS — 36.4%
GuideStone Money Market Fund (Investor Class)¥		26,216,178		26,216,178
Northern Institutional Liquid Assets Portfolio§		183,223,771		183,223,771

Total Money Market Funds (Cost $209,439,949)				209,439,949


	Par		Value
CORPORATE BONDS — 0.0%
Lehman Escrow Bonds
0.00%, 07/19/17+W†#	$	160,000	$	—
0.00%, 12/28/17+W†#		120,000		—
0.00%, 08/19/45+W†#		50,000		—
0.00%, 11/30/49+W†#		10,000		—

Total Corporate Bonds (Cost $0)				—

FOREIGN BOND — 0.0%
Iceland — 0.0%
Glitnir HF
6.69%, 06/15/16+ 144A#		130,000		1

TOTAL INVESTMENTS — 131.6% (Cost $678,145,384)				757,943,081

Liabilities in Excess of Other Assets — (31.6)%				(182,074,987	)

NET ASSETS — 100.0%			$	575,868,094

PORTFOLIO SUMMARY(based on net assets)


	%
Money Market Funds		36.4
Producer Durables		20.4
Financial Services		14.6
Technology		14.1
Consumer Discretionary		13.2
Healthcare		8.6
Foreign Common Stocks		7.1
Materials & Processing		6.3
Energy		5.5
Utilities		3.4
Consumer Staples		1.6
Exchange Traded Fund		0.4
Corporate Bonds		—	**
Foreign Bond		—	**
Rights/Warrants		—	**

		131.6

**	Rounds to less than 0.005%.

See Notes to Financial Statements.

149

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, 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	$	76,279,320	$	76,279,320	$	—	$	—
Consumer Staples		9,240,681		9,240,681		—		—
Energy		31,906,284		31,906,284		—		—
Financial Services		83,855,874		83,855,874		—		—
Healthcare		49,406,659		49,406,659		—		—
Materials & Processing		36,184,592		36,184,592		—		—
Producer Durables		117,707,394		117,707,394		—		—
Technology		81,169,588		81,169,588		—		—
Utilities		19,417,855		19,417,855		—		—
Corporate Bonds		—		—		—		—
Exchange Traded Fund		2,184,982		2,184,982		—		—
Foreign Bond:
Iceland		1		—		—		1
Foreign Common Stocks		41,149,877		41,149,877		—		—
Money Market Funds		209,439,949		209,439,949		—		—
Rights/Warrants		25		—		—		25

Total Assets — Investments in Securities	$	757,943,081	$	757,943,055	$	—	$	26

Liabilities:
Other Financial Instruments***
Futures Contracts	$	674,015	$	674,015	$	—	$	—

Total Liabilities — Other Financial Instruments	$	674,015	$	674,015	$	—	$	—

***

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2014.

See Notes to Financial Statements.

150

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Shares		Value
FOREIGN COMMON STOCKS — 99.6%
Australia — 3.0%
AGL Energy, Ltd.		10,423	$	152,143
Alumina, Ltd.*		494,193		629,100
Amcor, Ltd.		32,151		316,204
AMP, Ltd.		778,036		3,888,344
APA Group		15,545		100,995
Asciano, Ltd.		146,920		779,971
ASX, Ltd.		2,537		85,260
Aurizon Holdings, Ltd.		207,352		973,703
Australia & New Zealand Banking Group, Ltd.		82,825		2,603,851
Bendigo and Adelaide Bank, Ltd.		94,106		1,082,596
BHP Billiton, Ltd.		50,955		1,724,926
Boral, Ltd.		20,598		101,970
Brambles, Ltd.		78,211		677,755
CFS Retail Property Trust Group REIT		37,629		72,384
Cochlear, Ltd.		23,994		1,395,973
Commonwealth Bank of Australia		22,146		1,688,984
Computershare, Ltd.		6,176		72,679
CSL, Ltd.		5,688		356,941
Dexus Property Group REIT		84,924		88,888
Downer EDI, Ltd.		294,008		1,253,103
Federation Centres, Ltd. REIT		27,212		63,892
Flight Centre Travel Group, Ltd.		23,632		990,516
Fortescue Metals Group, Ltd.D		989,351		4,058,156
Goodman Group REIT		33,286		158,505
GPT Group REIT		26,294		95,209
GPT Group REIT +*		63,198		—
Harvey Norman Holdings, Ltd.		5,558		16,247
Incitec Pivot, Ltd.		1,989		5,439
Leighton Holdings, Ltd.		43,127		802,353
Lend Lease Group		27,730		342,801
Macquarie Group, Ltd.		13,951		784,439
Mirvac Group REIT		47,808		80,469
National Australia Bank, Ltd.		92,441		2,857,345
Newcrest Mining, Ltd.*		13,780		136,695
Origin Energy, Ltd.		53,043		731,248
Qantas Airways, Ltd.*		95,544		113,517
QBE Insurance Group, Ltd.		250,255		2,565,083
Ramsay Health Care, Ltd.		2,259		96,921
Rio Tinto, Ltd.		4,405		246,356
Scentre Group REIT*		104,486		315,281
Seek, Ltd.		9,037		135,065
Sims Metal Management, Ltd.*		123,567		1,127,891
Sonic Healthcare, Ltd.		65,422		1,069,083
SP AusNet*		31,687		39,590
Stockland REIT		46,149		168,843
Suncorp Group, Ltd.		40,814		521,095
Sydney Airport		8,786		34,962
Telstra Corporation, Ltd.		318,321		1,563,839
Toll Holdings, Ltd.		388,526		1,868,441
Wesfarmers, Ltd.		29,606		1,168,048
Westfield Corporation REIT		40,245		271,336
Westpac Banking Corporation		30,630		978,542
Woodside Petroleum, Ltd.		46,914		1,816,838
WorleyParsons, Ltd.		58,108		953,946

				44,223,761

Austria — 0.2%
Erste Group Bank AG		112,106		3,625,830


	Shares		Value
Belgium — 0.3%
Ageas STRIP VVPR+*		5,306	$	7
Belgacom SA		13,980		463,926
Delhaize Group SA		49,744		3,365,536
Groupe Bruxelles Lambert SA		457		47,490

				3,876,959

Bermuda — 1.3%
Cheung Kong Infrastructure Holdings, Ltd.		12,000		82,757
Credicorp, Ltd.		25,593		3,978,944
Esprit Holdings, Ltd.		77		109
First Pacific Co., Ltd.		38,000		42,460
Jardine Matheson Holdings, Ltd.		48,400		2,870,604
Kerry Logistics Network, Ltd.*		50		79
Kerry Properties, Ltd.		291,600		1,019,607
Li & Fung, Ltd.		5,436,924		8,053,247
Luk Fook Holdings International, Ltd.		278,000		814,229
Noble Group, Ltd.		27,000		29,665
NWS Holdings, Ltd.		21,000		38,963
Shangri-La Asia, Ltd.		1,000		1,566
Yue Yuen Industrial Holdings, Ltd.		689,000		2,306,920

				19,239,150

Brazil — 0.9%
BM&FBovespa SA		459,200		2,417,061
Brookfield Incorporacoes SA*		852,600		559,525
Embraer SA ADRD*		104,000		3,788,720
Itau Unibanco Holding SA ADR		162,437		2,335,844
Petroleo Brasileiro SA ADRD*		38,239		598,058
Vale SA ADRD		275,900		3,283,210

				12,982,418

British Virgin Islands — 0.1%
Mail.ru Group, Ltd. GDR*		30,241		1,065,995

Canada — 0.8%
Canadian National Railway Co.D		167,374		10,882,658
Suncor Energy, Inc.		37,000		1,577,714

				12,460,372

Chile — 0.1%
Sociedad Quimica y Minera de Chile SA ADRD		50,100		1,468,431

China — 2.6%
Agricultural Bank of China, Ltd.		1,311,000		578,502
Baidu, Inc. ADR*		92,100		17,205,201
China Railway Construction Corporation, Ltd. Class H		1,481,500		1,303,653
New Oriental Education & Technology Group ADRD*		85,100		2,261,107
Tencent Holdings, Ltd.		1,003,500		15,304,204
Youku Tudou, Inc. ADRD*		52,804		1,259,903

				37,912,570

Denmark — 1.8%
AP Moller - Maersk A/S Class B		285		708,201
Chr. Hansen Holding A/SD		35,400		1,490,807
Danske Bank A/SD		163,290		4,615,431

See Notes to Financial Statements.

151

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)


	Shares		Value
GN Store Nord A/S		58,451	$	1,674,675
Novo Nordisk A/S Class B		104,878		4,827,025
Novozymes A/S Class B		36,890		1,850,310
Pandora A/S		63,185		4,844,897
TDC A/S		596,012		6,168,265

				26,179,611

Finland — 0.3%
Elisa OYJ		9,334		285,529
Kesko OYJ, B Shares		4,283		169,314
Neste Oil OYJ		55,696		1,086,770
Nokia OYJ*		125,211		948,126
Orion OYJ Class B		5,931		221,143
Sampo		12,161		615,294
UPM-Kymmene OYJ		53,300		910,837

				4,237,013

France — 9.0%
Arkema SA		2,007		195,341
AtoS		7,344		611,816
AXA SA		115,677		2,764,812
BNP Paribas SA		36,610		2,483,695
Cap Gemini SA		9,201		656,404
Casino Guichard Perrachon SA		54,973		7,288,834
Christian Dior SA		43,266		8,608,174
Cie de St-Gobain		139,526		7,872,339
Cie Generale des Etablissements Michelin Class B		11,273		1,346,956
CNP Assurances		5,569		115,605
Credit Agricole SA		172,487		2,432,721
Danone		117,310		8,712,713
Electricite de France		71,829		2,262,176
Essilor International SA		14,175		1,503,291
GDF Suez		56,511		1,555,736
KeringD		26,677		5,850,091
Klepierre REIT		623		31,747
Lagardere SCA		95,680		3,116,184
L’Oreal SA		32,650		5,626,458
Natixis		139,872		896,728
Neopost SA		6,854		513,370
Orange SA		617,889		9,751,021
Sanofi		170,428		18,104,620
Schneider Electric SA*		92,888		8,744,420
Societe BIC SA		12,202		1,669,484
Societe Generale SA		116,828		6,119,752
Societe Television Francaise 1		11,458		187,724
Suez Environnement Co.		20,562		393,615
Total SA		178,010		12,865,080
Valeo SA		29,124		3,911,780
Vallourec SA		58,911		2,638,209
Vinci SA		30,846		2,306,164
Vivendi SA*		22,566		552,176

				131,689,236

Germany — 8.9%
Aixtron SED*		76,439		1,106,340
Allianz SE		15,969		2,661,135
Aurubis AG		18,048		921,923
BASF SE		24,449		2,846,636
Beiersdorf AG		85,572		8,280,670
Celesio AG		2,213		78,787
Continental AG		5,366		1,242,858
Daimler AG		122,164		11,441,897


	Shares		Value
Deutsche Boerse AG		52,045	$	4,039,313
Deutsche Lufthansa AG		166,231		3,569,084
Deutsche Post AG		94,688		3,424,223
Deutsche Telekom AG		711,087		12,463,253
DMG MORI SEIKI AG		22,255		774,948
Fresenius Medical Care AG & Co. KGaA		100,831		6,777,754
Fresenius SE & Co. KGaA		1,995		297,488
GEA Group AG		45,422		2,150,750
Hannover Rueck SE		13,213		1,190,672
HeidelbergCement AGD		23,160		1,976,671
Hochtief AG		4,603		398,406
Linde AG		56,009		11,910,445
Metro AG*		37,602		1,638,877
Muenchener Rueckversicherungs AG		16,484		3,654,333
OSRAM Licht AG*		57,730		2,911,796
ProSiebenSat.1 Media AG		98,199		4,374,784
Rheinmetall AG		54,333		3,846,386
Rhoen Klinikum AG		7,114		234,958
RWE AG		68,341		2,935,116
Salzgitter AG		6,391		269,012
SAP AGD		216,244		16,700,208
Siemens AG		16,787		2,217,042
SMA Solar Technology AGD*		20,776		780,914
Software AG		39,061		1,410,165
Stada Arzneimittel AG		40,144		1,912,103
Telefonica Deutschland Holding AG*		24,292		200,875
TUI AG		103,095		1,736,367
United Internet AG		10,994		484,365
Volkswagen AG		21,913		5,665,034
Wincor Nixdorf AG		27,324		1,558,512

				130,084,100

Guernsey — 0.0%
Resolution, Ltd.		41,102		221,787

Hong Kong — 1.5%
AIA Group, Ltd.		1,874,400		9,419,885
ASM Pacific Technology, Ltd.		3,400		37,157
Bank of East Asia, Ltd.		40,000		165,927
Belle International Holdings, Ltd.D		569,000		631,374
Cathay Pacific Airways, Ltd.		85,000		158,805
Cheung Kong Holdings, Ltd.		48,000		851,569
China Mobile, Ltd.		321,000		3,114,575
CLP Holdings, Ltd.		59,000		484,156
CNOOC, Ltd.		758,500		1,362,294
Guangdong Investment, Ltd.		802,100		925,213
Henderson Land Development Co., Ltd.		69,300		405,496
HKT Trust and HKT, Ltd.		124,954		147,196
HKT Trust and HKT, Ltd. +		4,852		1,434
Hong Kong & China Gas Co., Ltd.		13,442		29,415
Hong Kong Exchanges and Clearing, Ltd.		146,107		2,724,048
Hutchison Whampoa, Ltd.		26,000		355,594
Hysan Development Co., Ltd.		98,000		458,996
Link REIT (The)		45,000		242,116
MTR Corporation, Ltd.		4,500		17,331
New World Development Co., Ltd.		95,000		108,110
PCCW, Ltd.		68,000		40,535

See Notes to Financial Statements.

152


	Shares		Value
Power Assets Holdings, Ltd.		1,000	$	8,741
Sino Land Co., Ltd.		174,000		286,468
Sun Hung Kai Properties, Ltd.		41,000		562,332
Swire Pacific, Ltd. Class A		13,000		160,018
Swire Properties, Ltd.		100		292
Wharf Holdings, Ltd.		1,000		7,200

				22,706,277

India — 0.4%
Container Corporation of India		—		10
Housing Development Finance Corporation		175,616		2,898,124
Infosys, Ltd. ADR D		26,180		1,407,698
Tata Motors, Ltd. ADRD		50,000		1,953,000

				6,258,832

Indonesia — 0.0%
PT Telekomunikasi Indonesia Persero Tbk		2,997,700		623,309

Ireland — 0.4%
CRH PLC		157,481		4,045,369
DCC PLC		3,072		188,372
James Hardie Industries PLCD*		150,698		1,966,675

				6,200,416

Italy — 2.7%
A2A SpA		1,495,123		1,724,827
Banca Popolare dell’Emilia Romagna SC*		40,870		369,358
Enel SpA		434,790		2,532,653
Eni SpA		377,440		10,326,237
Fiat SpAD*		723,990		7,147,703
Intesa Sanpaolo SpA		180,175		556,586
Prysmian SpA		8,883		200,698
Snam SpA		673,037		4,054,995
UniCredit SpA		1,023,378		8,569,022
Unione di Banche Italiane SCpA		490,370		4,243,651

				39,725,730

Japan — 15.6%
Alfresa Holdings Corporation		1,100		70,905
Amada Co., Ltd.D		474,000		4,819,308
Aozora Bank, Ltd.		600		1,972
Asahi Kasei Corporation		251,200		1,921,722
Astellas Pharma, Inc.		190,500		2,502,892
Bridgestone Corporation		38,500		1,347,243
Brother Industries, Ltd.		81,700		1,415,364
Canon, Inc.		335,050		10,900,990
Casio Computer Co., Ltd.		49,300		715,374
Central Japan Railway Co.		14,800		2,111,051
Chiba Bank, Ltd. (The)		33,000		232,911
Chiyoda Corporation		62,000		750,940
Chugai Pharmaceutical Co., Ltd.		27,500		775,011
Dai Nippon Printing Co., Ltd.		38,000		396,861
Daito Trust Construction Co., Ltd.		1,100		129,322
Daiwa House Industry Co., Ltd.		66,000		1,368,146
Daiwa Securities Group, Inc.		31,000		268,368
Denso Corporation		225,700		10,772,020
East Japan Railway Co.		12,200		960,898


	Shares		Value
Electric Power Development Co., Ltd.D		45,200	$	1,467,924
Fuji Electric Co., Ltd.		343,000		1,625,191
Fuji Heavy Industries, Ltd.		80,400		2,226,168
Fuji Oil Co., Ltd.		32,800		468,178
FUJIFILM Holdings Corporation		50,900		1,419,402
Fujitsu, Ltd.		322,000		2,412,497
Fukuoka Financial Group, Inc.		128,000		617,857
Gree, Inc.D*		86,700		759,978
Hikari Tsushin, Inc.		2,500		188,786
Hino Motors, Ltd.		129,600		1,784,631
Hitachi, Ltd.		420,000		3,076,255
Honda Motor Co., Ltd.		262,700		9,172,004
Hoya Corporation		117,100		3,890,811
Inpex Corporation		499,100		7,587,128
Isuzu Motors, Ltd.		96,100		635,576
ITOCHU Corporation		381,200		4,895,525
J. Front Retailing Co., Ltd.		235,000		1,649,326
Japan Airlines Co., Ltd.		46,800		2,587,039
Japan Real Estate Investment Corporation REIT		14		81,536
Japan Retail Fund Investment Corporation REIT		20		44,973
JFE Holdings, Inc.		109,300		2,256,022
JGC Corporation		60,000		1,823,010
JTEKT Corporation		30,000		505,503
JX Holdings, Inc.		27,170		145,364
Kao Corporation		176,700		6,954,276
KDDI Corporation		39,600		2,415,364
Keihin Corporation		36,200		575,312
Kobe Steel, Ltd.		315,000		472,632
Konica Minolta, Inc.		224,600		2,219,284
M3, Inc.		87,000		1,384,374
Mabuchi Motor Co., Ltd.		64,200		4,867,045
Marubeni Corporation		405,800		2,968,242
Mitsubishi Corporation		72,100		1,499,578
Mitsubishi Electric Corporation		154,800		1,910,074
Mitsubishi Estate Co., Ltd.		24,000		592,508
Mitsubishi UFJ Financial Group, Inc.		797,200		4,886,839
Mitsui Fudosan Co., Ltd.		18,000		606,959
Mizuho Financial Group, Inc.		97,440		200,064
MS&AD Insurance Group Holdings		89,800		2,169,099
Namco Bandai Holdings, Inc.		76,300		1,786,522
Nexon Co., Ltd.		5,800		55,363
NHK Spring Co., Ltd.		35,800		335,719
Nippon Building Fund, Inc. REIT		16		93,500
Nippon Meat Packers, Inc.		11,000		214,886
Nippon Steel & Sumitomo Metal Corporation		230		736
Nippon Telegraph & Telephone Corporation		6,900		430,326
Nippon Yusen KK		33,800		97,425
Nishi-Nippon City Bank, Ltd. (The)		200		492
NKSJ Holdings, Inc.		45,450		1,223,904
Nomura Holdings, Inc.		68,200		482,695
NTT Data Corporation		10,600		407,028
NTT DOCOMO, Inc.		169,600		2,899,632
Omron Corporation		7,500		316,125
ORIX Corporation		24,200		401,084
Osaka Gas Co., Ltd.		34,000		142,974

See Notes to Financial Statements.

153

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)


	Shares		Value
Panasonic Corporation		68,000	$	828,311
Rakuten, Inc.D		464,400		6,000,687
Resona Holdings, Inc.		406,400		2,366,872
Rohm Co., Ltd.		11,700		671,013
Sanrio Co., Ltd.D		43,200		1,254,998
SBI Holdings, Inc.		130,100		1,592,458
SCSK Corporation		25,700		724,283
Secom Co., Ltd.		88,300		5,395,361
Seiko Epson Corporation		54,000		2,297,419
Sekisui Chemical Co., Ltd.		74,000		856,838
Sekisui House, Ltd.		8,000		109,689
Seven & I Holdings Co., Ltd.		152,800		6,437,495
Shimamura Co., Ltd.		2,300		226,129
Shin-Etsu Chemical Co., Ltd.D		134,500		8,175,816
Shionogi & Co., Ltd.		77,800		1,623,505
Showa Shell Sekiyu KK		12,000		136,341
SMC Corporation		19,300		5,164,829
Softbank Corporation		158,600		11,809,089
Sojitz Corporation		83,000		146,656
Sumitomo Corporation		257,100		3,471,821
Sumitomo Mitsui Financial Group, Inc.		85,100		3,565,119
Sumitomo Mitsui Trust Holdings, Inc.		12,000		54,844
Sumitomo Realty & Development Co., Ltd.		7,000		300,370
Suzuki Motor Corporation		8,100		253,702
Taisei Corporation		121,000		670,066
Takashimaya Co., Ltd.		193,000		1,872,751
Takeda Pharmaceutical Co., Ltd.D		145,100		6,730,417
Toho Co., Ltd.		21,900		513,641
Tokio Marine Holdings, Inc.		153,300		5,042,156
Tokyo Electric Power Co., Inc.*		482,500		2,009,921
Tokyo Electron, Ltd.		45,800		3,095,981
Toshiba CorporationD		499,300		2,331,266
Toyo Seikan Group Holdings, Ltd.		107,000		1,643,473
Toyo Suisan Kaisha, Ltd.		5,000		154,237
Toyo Tire & Rubber Co., Ltd.		29,000		493,233
Toyota Boshoku Corporation		9,000		95,237
Toyota Motor Corporation		52,960		3,180,580
USS Co., Ltd.		10,000		170,673
West Japan Railway Co.		9,800		431,450
Yamaha Corporation		23,700		374,549
Yaskawa Electric Corporation		120,000		1,453,433
Yokogawa Electric Corporation		42,000		531,089
Yokohama Rubber Co., Ltd. (The)		16,000		138,354

				229,788,195

Jersey — 0.8%
Randgold Resources, Ltd.		1,533		127,846
Shire PLC		29,340		2,294,698
Wolseley PLC		57,960		3,177,127
WPP PLC		270,301		5,893,406

				11,493,077

Luxembourg — 0.2%
ArcelorMittal		139,920		2,074,947
SES SA		12,290		466,155

				2,541,102


	Shares		Value
Malaysia — 0.1%
Tenaga Nasional Bhd		251,300	$	953,234

Mauritius — 0.0%
Golden Agri-Resources, Ltd.		300		134

Netherlands — 4.7%
Aegon NV		1,009,273		8,808,854
Airbus Group NV		3,043		203,922
Delta Lloyd NVD		285,299		7,242,836
ING Groep NV*		1,540,928		21,648,530
Koninklijke Ahold NV		533,039		10,006,798
Koninklijke DSM NV		12,238		891,331
Koninklijke Philips NV		43,534		1,381,488
QIAGEN NV*		4,199		101,770
Randstad Holding NV		206,802		11,210,860
Reed Elsevier NV		322,831		7,404,381

				68,900,770

New Zealand — 0.1%
Fletcher Building, Ltd.		84,803		654,114
Telecom Corporation of New Zealand, Ltd.		303,479		706,830

				1,360,944

Nigeria — 0.0%
Afriland Properties PLC REIT+*		331,249		—

Norway — 1.3%
DNB ASA		283,852		5,192,203
Marine Harvest ASA		220,285		3,007,714
Orkla ASA		323,784		2,884,778
Petroleum Geo-Services ASAD		134,834		1,428,827
Schibsted ASAD		42,822		2,230,513
Statoil ASA		22,103		678,889
Telenor ASA		80,666		1,837,189
Yara International ASA		32,754		1,640,944

				18,901,057

Portugal — 0.1%
EDP - Energias de Portugal SA		113,911		571,505
Jeronimo Martins SGPS SA		83,398		1,372,076

				1,943,581

Russia — 0.1%
Magnit OJSC GDR		29,027		1,712,593

Singapore — 1.9%
Ascendas Real Estate Investment Trust REIT		30,000		55,337
CapitaCommercial Trust REIT		38,000		51,809
CapitaMall Trust REIT		51,000		80,780
ComfortDelGro Corporation, Ltd.		121,000		242,602
DBS Group Holdings, Ltd.		163,000		2,189,630
Global Logistic Properties, Ltd.		5,000		10,827
Jardine Cycle & Carriage, Ltd.		147,000		5,217,916
Keppel Corporation, Ltd.		43,700		378,156
Keppel Land, Ltd.		4,000		10,843
Keppel REIT		596		612
Olam International, Ltd.		59,737		123,604
Oversea-Chinese Banking Corporation, Ltd.		4,000		30,636
Sembcorp Industries, Ltd.		946,300		4,075,412
Sembcorp Marine, Ltd.		11,000		36,170
Singapore Airlines, Ltd.		59,000		490,681
Singapore Exchange, Ltd.		173,000		964,271

See Notes to Financial Statements.

154


	Shares		Value
Singapore Press Holdings, Ltd.		22,000	$	73,574
Singapore Technologies Engineering, Ltd.		26,000		79,237
Singapore Telecommunications, Ltd.		1,630,700		5,035,043
United Overseas Bank, Ltd.		479,825		8,666,019
UOL Group, Ltd.		9,186		48,033
Wilmar International, Ltd.		4,000		10,233
Yangzijiang Shipbuilding Holdings, Ltd.		288,800		250,144

				28,121,569

South Korea — 1.1%
Celltrion, Inc.D*		40,982		1,885,463
Hankook Tire Co., Ltd.		38,500		2,298,280
Kia Motors Corporation		5,953		333,010
LG Corporation		8,135		502,508
NAVER Corporation		6,353		5,242,889
POSCO ADRD		9,997		744,177
Samsung Electronics Co., Ltd.		1,358		1,774,339
Shinhan Financial Group Co., Ltd.		75,120		3,478,328

				16,258,994

Spain — 5.7%
Acerinox SA		42,721		756,963
ACS Actividades de Construccion y Servicios SA		49,393		2,258,971
Amadeus IT Holding SA		248,751		10,259,318
Banco Popular Espanol SA		1,237,247		8,267,514
Banco Santander SA		1,443,587		15,082,252
Bankinter SA		110,425		864,136
CaixaBank SA		120,498		743,646
Distribuidora Internacional de Alimentacion SA		279,819		2,576,343
Ebro Foods SA		158,764		3,527,243
Endesa SA		81,706		3,160,611
Gas Natural SDG SA		135,236		4,271,147
Iberdrola SA*		1,471,830		11,251,851
Inditex SA		61,923		9,530,529
International Consolidated Airlines Group*		289,406		1,835,038
Red Electrica Corporacion SA		10,398		951,097
Repsol SA*		48,444		32,968
Telefonica SA		494,943		8,485,124

				83,854,751

Sweden — 3.4%
Alfa Laval AB		115,897		2,986,951
Atlas Copco AB Class AD		251,616		7,271,823
Elekta AB, B SharesD*		93,460		1,188,961
Hennes & Mauritz AB Class B		160,141		6,998,551
Investment AB Kinnevik Class B		144,995		6,180,389
Investor AB Class B		3,383		126,934
Meda AB		61,181		1,063,094
Nordea Bank AB		125,373		1,769,451
Sandvik ABD		462,589		6,321,045
Skandinaviska Enskilda Banken AB		42,548		568,661
Svenska Cellulosa AB SCA Class B		119,815		3,121,999
Svenska Handelsbanken AB Class A		88,488		4,331,993


	Shares		Value
Telefonaktiebolaget LM Ericsson Class B		258,305	$	3,121,750
TeliaSonera AB		37,643		274,989
Trelleborg AB Class B		118,595		2,523,996
Volvo AB Class B		137,562		1,895,156

				49,745,743

Switzerland — 9.4%
ABB, Ltd.D*		547,536		12,607,899
ABB, Ltd. ADRD*		48,400		1,114,168
Actelion, Ltd.*		2,037		257,726
Adecco SA*		5,621		462,712
Aryzta AG*		5,370		508,660
Baloise Holding AG		4,229		498,343
Cie Financiere Richemont SA		63,203		6,631,754
Credit Suisse Group AG*		135,518		3,875,436
EMS-Chemie Holding AG*		312		124,547
Galenica AG		671		655,262
GAM Holding AG*		14,398		274,387
Geberit AG		8,409		2,951,874
Givaudan SA*		537		895,606
Helvetia Holding AGD		2,401		1,102,624
Julius Baer Group, Ltd.*		52,807		2,177,068
Lonza Group AG*		58,060		6,317,986
Nestle SA		247,206		19,150,938
Novartis AG		290,716		26,324,419
OC Oerlikon Corporation AG*		265,236		3,843,350
Roche Holding AG		40,618		12,114,864
Sika AG		120		490,663
Swatch Group AG (The)		2,139		1,291,649
Swiss Life Holding AG*		30,645		7,267,302
Swiss Re AG*		26,916		2,394,759
Swisscom AG		1,997		1,160,863
Syngenta AG		11,315		4,214,416
UBS AG*		385,119		7,065,726
Zurich Insurance Group AG*		40,183		12,111,994

				137,886,995

Taiwan — 1.3%
Taiwan Semiconductor Manufacturing Co., Ltd.		538,000		2,279,355
Taiwan Semiconductor Manufacturing Co., Ltd. ADRD		652,702		13,961,296
Teco Electric and Machinery Co., Ltd.		1,979,300		2,277,077

				18,517,728

Thailand — 0.0%
Charoen Pokphand Foods PCL		98,500		82,703

Turkey — 0.4%
BIM Birlesik Magazalar AS		72,717		1,668,105
Türkiye Garanti Bankasi AS		915,382		3,581,855
Yapi ve Kredi Bankasi AS		1		2

				5,249,962

United Kingdom — 18.2%
3i Group PLC		37,796		259,964
Aggreko PLC*		159,027		4,490,597
AMEC PLCD		236,995		4,927,932
ARM Holdings PLC		637,167		9,606,793
ASOS PLC*		18,242		924,088
Associated British Foods PLC		29,950		1,562,800
AstraZeneca PLC		58,893		4,374,744
Aviva PLC		7,923		69,220

See Notes to Financial Statements.

155

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)


	Shares		Value
Babcock International Group PLC		46,176	$	918,273
BAE Systems PLC		162,980		1,207,456
Barclays PLC		883,826		3,218,753
Barratt Developments PLC		725,506		4,639,951
Berkeley Group Holdings PLC		14,677		607,355
BG Group PLC		419,531		8,867,072
BHP Billiton PLC		139,098		4,497,975
BP PLC		2,147,715		18,925,562
British Land Co. PLC REIT		11,811		141,998
Britvic PLC		150,579		1,874,764
BT Group PLC		386,964		2,548,988
Capita PLC		10,510		205,948
Centrica PLC		123,555		660,996
Cobham PLC		11,978		64,018
Compass Group PLC*		1,198,631		20,861,989
Dairy Crest Group PLC		405,005		3,261,139
Drax Group PLC		18,243		199,970
DS Smith PLC		999,588		4,735,179
easyJet PLC		68,380		1,597,390
G4S PLC		965,057		4,214,857
GKN PLC		416,817		2,590,126
GlaxoSmithKline PLC		488,085		13,064,159
Hammerson PLC REIT		6,134		60,886
HSBC Holdings PLC		1,342,364		13,620,749
ICAP PLC		53,676		349,070
IMI PLC		11,396		290,010
Inchcape PLC		125,597		1,363,830
Intermediate Capital Group PLC		39,092		261,184
ITV PLC		1,759,893		5,367,143
John Wood Group PLC		68,851		950,307
Kazakhmys PLC*		69,101		359,625
Land Securities Group PLC REIT		10,536		186,803
Legal & General Group PLC		118,718		457,952
Man Strategic Holdings PLC*		439,877		791,947
Meggitt PLC		308,260		2,669,420
Mondi PLC		87,827		1,596,253
National Grid PLC		893,751		12,848,282
Next PLC*		46,577		5,161,317
Ocado Group PLC*		239,619		1,522,634
Pearson PLC		59,182		1,168,812
Persimmon PLC*		96,720		2,107,143
Premier Oil PLC		245,313		1,401,801
Prudential PLC		294,035		6,748,031
Reckitt Benckiser Group PLC		18,477		1,612,690
Rexam PLC*		13,502		123,624
Rio Tinto PLC		77,821		4,139,967
Rolls-Royce Holdings PLC*		429,963		7,866,074
Rolls-Royce Holdings PLC+		61,390,358		105,063
Rotork PLC		41,663		1,903,755
Royal Dutch Shell PLC Class AD		388,478		16,084,604
Sage Group PLC (The)		94,814		623,255
Smith & Nephew PLC		105,900		1,883,045
Spirax-Sarco Engineering PLC		42,011		1,964,952
SSE PLC		54,463		1,460,561
Standard Chartered PLCD		755,897		15,438,513
Tate & Lyle PLC		72,178		845,527
Taylor Wimpey PLC*		1,860,940		3,630,667
Tesco PLC		1,555,523		7,565,711
Travis Perkins PLC		100,722		2,823,498


	Shares			Value
TUI Travel PLC		67,031		$	456,571
Tullow Oil PLC		12,519			182,862
Unilever PLC		209,441			9,502,124
Vesuvius PLC		50,228			394,211
Vodafone Group PLC		1,370,625			4,574,067

					267,584,596

United States of America — 0.9%
Joy Global, Inc.D		49,900			3,072,842
MercadoLibre, Inc.D		28,000			2,671,200
Yum! Brands, Inc.		95,192			7,729,590

					13,473,632

Total Foreign Common Stocks (Cost $1,214,966,830)					1,463,153,157

FOREIGN PREFERRED STOCKS — 0.5%
Germany — 0.5%
Henkel AG & Co. KGaA,
1.22%, 02/20/14		12,849			1,485,473
Porsche Automobil Holding SE
2.01%, 03/18/14		55,118			5,742,748

Total Foreign Preferred Stocks (Cost $5,491,263)					7,228,221

RIGHTS — 0.0%
Acerinox SA*		42,721			25,915
Banco Santander SA*		15			3

Total Rights (Cost $26,153)					25,918

WARRANT — 0.0%
Sun Hung Kai Properties, Ltd.* (Cost $0)		1			1

MONEY MARKET FUNDS — 10.0%
GuideStone Money Market Fund (Investor Class)¥		69,625,310			69,625,310
Northern Institutional Liquid Assets Portfolio§		77,202,766			77,202,766

Total Money Market Funds
(Cost $146,828,076)					146,828,076

TOTAL INVESTMENTS — 110.1% (Cost $1,367,312,322)					1,617,235,373

FOREIGN COMMON STOCKS SOLD SHORT — (6.6)%
Australia — (0.5)%
ALS, Ltd.		(129,152	)		(1,079,006	)
BlueScope Steel, Ltd.*		(32,012	)		(163,607	)
Coca-Cola Amatil, Ltd.		(60,628	)		(540,821	)
Cochlear, Ltd.		(190	)		(11,054	)
Iluka Resources, Ltd.		(127,283	)		(975,776	)
Insurance Australia Group, Ltd.		(65,373	)		(359,998	)
Orica, Ltd.		(33,224	)		(610,281	)
QBE Insurance Group, Ltd.		(35,663	)		(365,541	)
Santos, Ltd		(30,119	)		(404,995	)
Sydney Airport		(228,733	)		(910,186	)
Toll Holdings, Ltd.		(151,439	)		(728,278	)
Transurban Group		(117,791	)		(820,816	)
Whitehaven Coal, Ltd.*		(383,004	)		(518,256	)
Woodside Petroleum, Ltd.		(6,186	)		(239,566	)

					(7,728,181	)

See Notes to Financial Statements.

156


	Shares			Value
Bermuda — 0.0%
Seadrill, Ltd.		(9,431	)	$	(374,082	)

Denmark — (0.1)%
FLSmidth & Co. A/S		(31,287	)		(1,747,983	)

Finland — (0.3)%
Nokian Renkaat OYJ		(105,074	)		(4,100,519	)

France — (0.8)%
Air France-KLM*		(24,091	)		(303,554	)
Alstom SA		(111,612	)		(4,069,108	)
CGG SA*		(135,050	)		(1,912,114	)
Edenred		(29,150	)		(883,920	)
Etablissements Maurel et Prom*		(6,247	)		(107,054	)
Kering		(10,801	)		(2,368,588	)
Nexans SA*		(3,558	)		(186,499	)
Veolia Environnement SA		(122,178	)		(2,327,957	)

					(12,158,794	)

Germany — (0.9)%
adidas AG		(9,764	)		(988,968	)
Aixtron SE*		(250,244	)		(3,621,907	)
Bayerische Motoren Werke AG		(3,722	)		(472,041	)
Fraport AG Frankfurt Airport Services Worldwide		(1,337	)		(94,467	)
Infineon Technologies AG		(121,478	)		(1,518,517	)
LANXESS AG		(35,105	)		(2,369,575	)
Sky Deutschland AG*		(337,316	)		(3,107,575	)
Wacker Chemie AG		(2,577	)		(297,574	)

					(12,470,624	)

Italy — (0.2)%
Luxottica Group SpA		(19,216	)		(1,112,228	)
Salvatore Ferragamo SpA		(63,083	)		(1,881,347	)
Tod’s SpA		(3,681	)		(468,505	)

					(3,462,080	)

Japan — (1.4)%
Acom Co., Ltd.*		(487,000	)		(2,317,102	)
Advantest Corporation		(119,000	)		(1,470,688	)
AEON Financial Service Co., Ltd.		(73,900	)		(1,932,393	)
Asics Corporation		(5,700	)		(132,956	)
Chugoku Electric Power Co., Inc. (The)		(39,100	)		(533,401	)
Disco Corporation		(12,300	)		(825,626	)
Fast Retailing Co., Ltd.		(1,100	)		(361,907	)
Hamamatsu Photonics KK		(11,200	)		(549,469	)
Hitachi Construction Machinery Co., Ltd.		(20,300	)		(404,377	)
Hitachi Metals, Ltd.		(3,000	)		(45,427	)
Hokkaido Electric Power Co., Inc.*		(144,700	)		(1,118,406	)
Kansai Paint Co., Ltd.		(9,000	)		(150,407	)
Kyushu Electric Power Co., Inc.*		(127,800	)		(1,439,414	)
Nabtesco Corporation		(40,000	)		(884,458	)
Nidec Corporation		(27,800	)		(1,705,787	)
Rakuten, Inc.		(143,300	)		(1,851,633	)
Sanrio Co., Ltd.		(5,300	)		(153,970	)
Sharp Corporation*		(568,000	)		(1,822,220	)
Shikoku Electric Power Co., Inc.*		(39,300	)		(548,543	)
SMC Corporation		(1,000	)		(267,608	)
Sony Corporation		(20,200	)		(335,387	)
Yahoo Japan Corporation		(169,200	)		(781,655	)


	Shares			Value
Yamada Denki Co., Ltd.		(116,600	)	$	(415,504	)
Yaskawa Electric Corporation		(49,800	)		(603,175	)

					(20,651,513	)

Liberia — 0.0%
Royal Caribbean Cruises, Ltd.		(8,768	)		(486,726	)

Luxembourg — (0.1)%
Millicom International Cellular SA		(8,628	)		(790,286	)

Netherlands — (0.4)%
ASML Holding NV		(42,000	)		(3,911,297	)
Fugro NV		(27,653	)		(1,583,336	)
TNT Express NV		(70,391	)		(637,114	)

					(6,131,747	)

Norway — (0.1)%
Aker Solutions ASA		(63,398	)		(1,101,792	)
Schibsted ASA		(4,189	)		(218,197	)

					(1,319,989	)

Spain — (0.2)%
Bankia SA*		(1,479,000	)		(2,867,676	)

Sweden — (0.2)%
Electrolux AB Series B		(71,236	)		(1,801,810	)
Elekta AB, B Shares*		(41,886	)		(532,857	)
Volvo AB, B Shares		(36,543	)		(503,443	)

					(2,838,110	)

Switzerland — (0.5)%
Cie Financiere Richemont SA		(22,038	)		(2,312,400	)
Coca-Cola HBC AG*		(8,700	)		(199,812	)
Dufry AG*		(19,138	)		(1,739,426	)
Kuehne + Nagel International AG		(4,873	)		(648,414	)
Swatch Group AG (The)		(1,366	)		(824,868	)
Transocean, Ltd.*		(21,741	)		(977,217	)

					(6,702,137	)

United Kingdom — (0.9)%
Admiral Group PLC		(64,001	)		(1,696,631	)
Aggreko PLC*		(104,085	)		(2,939,147	)
Anglo American PLC		(97,688	)		(2,390,708	)
ASOS PLC*		(19,440	)		(984,775	)
Barclays PLC		(14,073	)		(51,252	)
Inmarsat PLC		(16,925	)		(216,516	)
Kazakhmys PLC*		(69,101	)		(359,625	)
Lonmin PLC*		(298,995	)		(1,213,746	)
Serco Group PLC		(52,604	)		(329,045	)
Telecity Group PLC		(36,884	)		(475,947	)
Vedanta Resources PLC		(34,045	)		(646,151	)
Weir Group PLC (The)		(38,955	)		(1,746,015	)

					(13,049,558	)

Total Foreign Common Stocks Sold Short (Cost $(90,481,970))					(96,880,005	)

Liabilities in Excess of Other Assets — (3.5)%					(51,079,108	)

NET ASSETS — 100.0%				$	1,469,276,260

See Notes to Financial Statements.

157

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

PORTFOLIO SUMMARY (based on net assets)


	%
Financial Services		21.1
Consumer Discretionary		17.4
Technology		11.9
Producer Durables		11.8
Materials & Processing		10.7
Money Market Funds		10.0
Healthcare		7.8
Utilities		7.3
Energy		6.3
Consumer Staples		5.3
Foreign Preferred Stocks		0.5
Rights		—	**
Warrant		—	**
Securities Sold Short		(6.6	)

		103.5

**	Rounds to less than 0.005%.

See Notes to Financial Statements.

158

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, 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	$	44,223,761	$	44,223,761	$	—	$	—
Austria		3,625,830		3,625,830		—		—
Belgium		3,876,959		3,876,959		—		—
Bermuda		19,239,150		19,239,150		—		—
Brazil		12,982,418		12,982,418		—		—
British Virgin Islands		1,065,995		1,065,995		—		—
Canada		12,460,372		12,460,372		—		—
Chile		1,468,431		1,468,431		—		—
China		37,912,570		37,912,570		—		—
Denmark		26,179,611		26,179,611		—		—
Finland		4,237,013		4,237,013		—		—
France		131,689,236		131,689,236		—		—
Germany		130,084,100		130,084,100		—		—
Guernsey		221,787		221,787		—		—
Hong Kong		22,706,277		22,704,843		—		1,434
India		6,258,832		6,258,832		—		—
Indonesia		623,309		623,309		—		—
Ireland		6,200,416		6,200,416		—		—
Italy		39,725,730		39,725,730		—		—
Japan		229,788,195		229,788,195		—		—
Jersey		11,493,077		11,493,077		—		—
Luxembourg		2,541,102		2,541,102		—		—
Malaysia		953,234		953,234		—		—
Mauritius		134		134		—		—
Netherlands		68,900,770		68,900,770		—		—
New Zealand		1,360,944		1,360,944		—		—
Nigeria		—		—		—		—
Norway		18,901,057		18,901,057		—		—
Portugal		1,943,581		1,943,581		—		—
Russia		1,712,593		1,712,593		—		—
Singapore		28,121,569		28,121,569		—		—
South Korea		16,258,994		16,258,994		—		—
Spain		83,854,751		83,854,751		—		—
Sweden		49,745,743		49,745,743		—		—
Switzerland		137,886,995		137,886,995		—		—
Taiwan		18,517,728		18,517,728		—		—
Thailand		82,703		82,703		—		—
Turkey		5,249,962		5,249,962		—		—
United Kingdom		267,584,596		267,479,533		—		105,063
United States of America		13,473,632		13,473,632		—		—
Foreign Preferred Stocks:
Germany		7,228,221		7,228,221		—		—
Money Market Funds		146,828,076		146,828,076		—		—
Warrant		1		1		—		—
Rights		25,918		25,918		—		—

Total Assets — Investments in Securities	$	1,617,235,373	$	1,617,128,876	$	—	$	106,497

Other Financial Instruments***
Forward Foreign Currency Contracts	$	834,300	$	—	$	834,300	$	—

Total Assets — Other Financial Instruments	$	834,300	$	—	$	834,300	$	—

See Notes to Financial Statements.

159

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)


	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Liabilities:
Investments in Securities:
Foreign Common Stocks Sold Short:
Australia	$	(7,728,181	)	$	(7,728,181	)	$	—	$	—
Bermuda		(374,082	)		(374,082	)		—		—
Denmark		(1,747,983	)		(1,747,983	)		—		—
Finland		(4,100,519	)		(4,100,519	)		—		—
France		(12,158,794	)		(12,158,794	)		—		—
Germany		(12,470,624	)		(12,470,624	)		—		—
Italy		(3,462,080	)		(3,462,080	)		—		—
Japan		(20,651,513	)		(20,651,513	)		—		—
Liberia		(486,726	)		(486,726	)		—		—
Luxembourg		(790,286	)		(790,286	)		—		—
Netherlands		(6,131,747	)		(6,131,747	)		—		—
Norway		(1,319,989	)		(1,319,989	)		—		—
Spain		(2,867,676	)		(2,867,676	)		—		—
Sweden		(2,838,110	)		(2,838,110	)		—		—
Switzerland		(6,702,137	)		(6,702,137	)		—		—
United Kingdom		(13,049,558	)		(13,049,558	)		—		—

Total Liabilities — Investments in Securities	$	(96,880,005	)	$	(96,880,005	)	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	(25,681	)	$	(25,681	)	$	—	$	—

Total Liabilities — Other Financial Instruments	$	(25,681	)	$	(25,681	)	$	—	$	—

***

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2014.

See Notes to Financial Statements.

160

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Shares		Value
FOREIGN COMMON STOCKS — 90.5%
Argentina — 0.2%
Banco Macro SA ADRD		14,566	$	524,813

Austria — 0.4%
Vienna Insurance Group AG Wiener Versicherung Gruppe		21,122		1,130,575

Bermuda — 1.0%
China Gas Holdings, Ltd.		184,000		381,750
COSCO Pacific, Ltd.		24,000		33,258
Credicorp, Ltd.		5,800		901,726
GOME Electrical Appliances Holdings, Ltd.		5,907,000		967,936
Kosmos Energy, Ltd.*		38,900		436,847
Sihuan Pharmaceutical Holdings Group, Ltd.		752,000		459,909

				3,181,426

Brazil — 5.7%
All - America Latina Logistica SA		357,000		1,342,688
Banco Bradesco SA ADRD*		41,800		606,936
Banco do Brasil SA*		34,300		384,992
Banco Santander Brasil SA		276,400		1,891,454
Banco Santander Brasil SA ADR D		529,997		3,667,579
BR Malls Participacoes SA		11,200		95,298
BR Properties SA		5,500		33,132
BRF SA*		7,500		181,975
CCR SA		174,200		1,423,087
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		1,100		50,963
Cia Energetica de Minas Gerais ADRD*		55,882		446,497
Fibria Celulose SA*		7,700		74,438
Gerdau SA		2,691		12,618
Gerdau SA ADRD*		123,062		724,835
Grupo BTG Pactual		110,000		1,718,579
Itau Unibanco Holding SA ADR		25,960		373,305
JBS SA		8,200		27,946
Kroton Educacional SA		20,700		581,699
Linx SA		12,200		287,179
Lojas Renner SA*		26,700		855,802
Magnesita Refratarios SA		56,700		113,426
Multiplan Empreendimentos Imobiliarios SA*		2,300		53,713
Multiplus SA		7,700		127,410
Petroleo Brasileiro SA ADRD*		22,500		351,900
Porto Seguro SA		43,000		614,202
Tim Participacoes SA ADR		16,100		467,383
Totvs SA		29,000		499,412
Tractebel Energia SA		43,400		651,933
Ultrapar Participacoes SA		30,300		716,119

				18,376,500

Canada — 2.6%
First Quantum Minerals, Ltd.D		369,600		7,904,289
Torex Gold Resources, Inc.*		322,000		491,880

				8,396,169

Chile — 0.9%
Banco de Chile ADRD		2,300		184,253
Banco Santander Chile ADRD		20,100		531,645
Embotelladora Andina SA ADR Class BD*		41,603		941,892


	Shares		Value
Enersis SA ADRD		62,600	$	1,054,810
Latam Airlines Group SA ADRD		7,200		96,624

				2,809,224

China — 7.3%
AAC Technologies Holdings, Inc.D		234,500		1,526,441
Agile Property Holdings, Ltd.		36,000		25,361
Agricultural Bank of China, Ltd.		983,000		433,766
Anhui Conch Cement Co., Ltd. Class HD		925,000		3,174,675
Bank of China, Ltd. Class H		2,245,000		1,005,129
Bank of Communications Co., Ltd. Class A		389,000		268,522
BBMG Corporation		163,000		105,156
Beijing Capital International Airport Co., Ltd. Class H		178,000		122,412
China CITIC Bank Corporation, Ltd. Class H		928,000		562,758
China Communications Construction Co., Ltd. Class H		232,000		155,656
China Construction Bank Corporation Class H		1,937,000		1,464,546
China Merchants Bank Co., Ltd. Class H		1,814,500		3,577,307
China Oilfield Services, Ltd. Class H		34,000		81,771
China Petroleum & Chemical Corporation Class H		934,000		890,568
China Railway Construction Corporation, Ltd. Class H		460,500		405,219
China Railway Group, Ltd. Class H		248,000		121,274
China Telecom Corporation, Ltd. Class H		940,000		459,667
Country Garden Holdings Co., Ltd.		121,000		48,085
Evergrande Real Estate Group, Ltd.D		173,000		67,187
Guangzhou R&F Properties Co., Ltd. Class HD		23,600		29,141
Huaneng Power International, Inc. Class H		404,000		456,105
Industrial & Commercial Bank of China, Ltd. Class H		1,953,000		1,234,736
Jiangxi Copper Co., Ltd. Class H		66,000		104,402
Li Ning Co., Ltd.D*		921,500		737,162
Longfor Properties Co., Ltd.		908,000		1,118,833
Mindray Medical International, Ltd. ADRD		32,304		1,017,576
Parkson Retail Group, Ltd.D		1,141,500		326,968
PetroChina Co., Ltd. Class H		478,000		603,791
Sinopec Shanghai Petrochemical Co., Ltd. Class H		2,766,000		770,871
SOHO China, Ltd.		53,000		41,782
Tingyi Cayman Islands Holding Corporation		636,000		1,780,708
Wumart Stores, Inc. Class H		487,000		378,898
Zhejiang Expressway Co., Ltd. Class H		172,000		174,210
Zhuzhou CSR Times Electric Co., Ltd. Class H		33,500		101,792

				23,372,475

See Notes to Financial Statements.

161

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)


	Shares		Value
Colombia — 0.6%
Bancolombia SA		103,404	$	1,461,700
Bancolombia SA ADR		6,911		399,456

				1,861,156

Cyprus — 0.5%
Eurasia Drilling Co., Ltd. GDR		32,675		1,029,263
Global Ports
Investments PLC GDR		49,037		527,148
QIWI PLC ADRD		5,171		208,546

				1,764,957

Egypt — 0.1%
ElSwedy Electric Co.		82,700		375,328

Estonia — 0.2%
Tallink Group AS@		527,514		548,967

Hong Kong — 4.9%
AIA Group, Ltd.		257,558		1,294,370
ASM Pacific Technology, Ltd.		197,300		2,156,187
Belle International Holdings, Ltd.		1,584,000		1,757,638
China Mengniu Dairy Co., Ltd.		432,000		1,998,245
China Mobile, Ltd.		390,000		3,784,063
China Overseas Land & Investment, Ltd.		820,000		1,989,059
China Resources Cement Holdings, Ltd.		274,000		171,816
China Resources Land, Ltd.		54,000		98,797
China Taiping Insurance Holdings Co., Ltd.*		63,400		113,541
China Unicom Hong Kong, Ltd.		88,000		136,024
CNOOC, Ltd.		431,000		774,092
New World Department Store China, Ltd.D*		527,000		212,149
Shimao Property Holdings, Ltd.		36,000		66,144
Sino Biopharmaceutical, Ltd.		1,444,000		1,170,045
Sino-Ocean Land Holdings, Ltd.		78,000		39,552
Yuexiu Property Co., Ltd.		138,000		26,352

				15,788,074

Hungary — 0.2%
OTP Bank PLC		36,286		697,556

India — 7.7%
Adani Enterprises, Ltd.*		24,815		187,747
Aditya Birla Nuvo, Ltd.		2,239		51,384
Ambuja Cements, Ltd.		469,192		1,720,904
Axis Bank, Ltd.		125,837		4,014,670
Cairn India, Ltd.*		21,035		127,672
Dabur India, Ltd.		420,903		1,312,151
Divi’s Laboratories, Ltd.		3,970		96,314
DLF, Ltd.		9,537		34,100
GAIL India, Ltd.*		27,385		210,834
HCL Technologies, Ltd.		35,053		874,300
Hero MotoCorp, Ltd.		38,561		1,689,163
Infosys, Ltd.		26,733		1,447,013
Infosys, Ltd. ADR D		21,152		1,137,343
Kotak Mahindra Bank, Ltd.		277,372		4,074,687
Maruti Suzuki India, Ltd.		15,576		631,729
Power Finance Corporation, Ltd.		81,321		415,225
Reliance Infrastructure, Ltd.		10,466		134,599


	Shares		Value
Shriram Transport Finance Co., Ltd.		106,293	$	1,599,476
Tata Consultancy Services, Ltd.		78,767		3,176,348
Tata Motors, Ltd. ADRD		11,400		445,284
Tata Steel, Ltd.		72,183		634,159
Wipro, Ltd.		73,023		663,393

				24,678,495

Indonesia — 2.3%
PT Adaro Energy Tbk		3,553,200		352,173
PT Bank Negara Indonesia Persero Tbk		953,500		383,250
PT Bank Rakyat Indonesia Persero Tbk		269,400		234,631
PT Bank Tabungan Pensiunan Nasional Tbk*		230,900		82,777
PT Global Mediacom Tbk		1,017,200		182,332
PT Indocement Tunggal Prakarsa Tbk		1,303,300		2,479,074
PT Indofood Sukses Makmur Tbk		323,700		182,943
PT Lippo Karawaci Tbk		541,000		43,809
PT Perusahaan Gas Negara Persero Tbk		693,400		326,082
PT Ramayana Lestari Sentosa Tbk		3,631,300		359,914
PT Semen Indonesia Persero Tbk		1,466,600		1,864,951
PT Telekomunikasi Indonesia Tbk ADRD*		8,700		362,442
PT Unilever Indonesia Tbk		106,200		262,253
PT United Tractors Tbk		67,400		131,332

				7,247,963

Jersey — 0.1%
West China Cement, Ltd.		2,222,000		206,420

Kenya — 0.1%
Safaricom, Ltd.		2,325,624		330,337

Luxembourg — 0.4%
O’Key Group SA GDR		11,755		107,969
Ternium SA ADRD		37,961		1,060,251

				1,168,220

Malaysia — 2.1%
AMMB Holdings Bhd		119,200		264,311
CIMB Group Holdings Bhd		721,014		1,643,669
DiGi.Com Bhd		184,100		328,525
IOI Corporation Bhd		380,000		621,302
Lafarge Malaysia Bhd		172,500		529,158
Malayan Banking Bhd		165,800		507,572
MISC Bhd		205,000		414,980
Petronas Chemicals Group Bhd		201,300		424,416
RHB Capital Bhd		35,700		95,059
Sime Darby Bhd		33,300		100,284
Tenaga Nasional Bhd		363,900		1,380,349
Westports Holdings Bhd		465,700		390,138

				6,699,763

Mexico — 5.0%
Alfa SAB de CV		269,800		746,585
America Movil SAB de CV ADRD		261,047		5,416,725
Arca Continental SAB de CV		7,100		48,072
Cemex SAB de CV ADRD*		27,768		367,371
Compartamos SAB de CV		256,900		496,236

See Notes to Financial Statements.

162


	Shares		Value
Corporacion Moctezuma SAB de CV@		201,609	$	683,763
Fibra Uno Administracion SA de CV REIT		36,600		128,333
Genomma Lab Internacional SAB de CV Class B*		594,300		1,610,178
Grupo Aeroportuario del Pacifico SAB de CV Class B		46,300		313,556
Grupo Bimbo SAB de CV*		40,600		118,700
Grupo Financiero Banorte SAB de CV		382,100		2,732,589
Grupo Financiero Inbursa SAB de CV		498,600		1,486,173
Grupo Mexico SAB de CV Series B		80,300		267,945
Grupo Televisa SAB de CV ADR		10,700		367,117
Industrias CH SAB de CV Series B*		13,600		77,049
Kimberly-Clark de Mexico SAB de CV Class A		9,100		25,539
Megacable Holdings SAB de CV		294,000		1,243,214

				16,129,145

Mongolia — 0.0%
Mongolian Mining CorporationD*		1,685,500		106,562

Netherlands — 1.6%
OCID*		67,010		2,615,069
X5 Retail Group NV GDR*		110,893		2,394,180

				5,009,249

Nigeria — 1.2%
FBN Holdings PLC		2,210,200		211,593
FCMB Group PLC		12,000,000		309,297
Guaranty Trust Bank PLC		15,058,644		2,675,347
United Bank for Africa PLC		16,356,169		772,891

				3,969,128

Philippines — 0.4%
International Container Terminal Services, Inc.		557,330		1,417,265

Poland — 0.9%
Alior Bank SA*		27,795		759,651
Bank Pekao SA		2,559		146,492
Bank Zachodni WBK SA		1,994		242,282
PGE SA		125,985		898,145
Polskie Gornictwo Naftowe i Gazownictwo SA		258,797		447,392
Powszechna Kasa Oszczednosci Bank Polski SA		16,218		201,330
Tauron Polska Energia SA		41,870		71,279

				2,766,571

Russia — 5.5%
Gazprom OAO ADR		220,172		1,918,799
LSR Group GDR		163,892		639,671
Lukoil OAO ADR		10,216		611,121
Mobile Telesystems OJSC ADR		5,900		116,466
NOVATEK OAO GDR		46,204		5,747,778
Novolipetsk Steel OJSC GDRD		90,041		1,252,821
Rosneft OAO GDR@*		69,932		511,553
Sberbank of Russia ADR		432,834		4,401,922
Sistema JSFC GDR		21,979		676,953
Surgutneftegas OAO ADR		82,407		637,006
Tatneft OAO ADR		24,289		949,578


	Shares		Value
VTB Bank OJSC GDRD		101,448	$	244,885

				17,708,553

South Africa — 4.3%
African Bank Investments, Ltd.D		642,081		409,942
African Rainbow Minerals, Ltd.		27,960		491,712
AngloGold Ashanti, Ltd. ADRD*		22,600		388,946
Bidvest Group, Ltd.		124,187		3,299,742
Capitec Bank Holdings, Ltd.D		19,184		401,340
Discovery, Ltd.		53,795		491,414
Growthpoint Properties, Ltd. REIT		48,957		113,842
Imperial Holdings, Ltd.		19,340		363,705
Investec. Ltd.		61,477		563,496
Liberty Holdings, Ltd.		28,661		350,346
Mediclinic International, Ltd.		14,909		114,520
MTN Group, Ltd.		36,682		772,581
Naspers, Ltd.		1,109		130,556
Netcare, Ltd.		150,247		405,462
Pick n Pay Stores, Ltd.		172,076		942,171
Redefine Properties, Ltd. REIT		79,691		71,860
Remgro, Ltd.		11,242		243,127
RMB Holdings, Ltd.		60,708		300,201
Sanlam, Ltd.		27,019		156,880
Sasol, Ltd.		14,376		854,801
Standard Bank Group, Ltd.		198,948		2,712,502
Vodacom Group, Ltd.D		11,010		136,085
Woolworths Holdings, Ltd.		17,532		128,832

				13,844,063

South Korea — 10.9%
AMOREPACIFIC Corporation		110		165,685
AMOREPACIFIC Group		233		172,021
Coway Co., Ltd.		2,230		186,678
DGB Financial Group, Inc.		5,610		84,000
Dongbu Insurance Co., Ltd.		1,558		80,071
Doosan Infracore Co., Ltd.*		7,062		90,386
E-Mart Co., Ltd.		5,181		1,187,974
Hana Financial Group, Inc.		8,770		325,040
Hankook Tire Co., Ltd.		1,408		84,051
Hanwha Corporation		3,243		82,854
Hanwha Life Insurance Co., Ltd.		24,021		153,366
Hyosung Corporation		10,788		720,764
Hyundai Department Store Co., Ltd.		564		77,482
Hyundai Hysco Co., Ltd.		3,443		229,692
Hyundai Mobis Co., Ltd.		3,248		911,674
KB Financial Group, Inc.		7,910		275,185
Kia Motors Corporation		12,492		698,801
KIWOOM Securities Co., Ltd.		7,591		313,979
Korea Electric Power Corporation		12,804		472,019
Korea Zinc Co., Ltd.		925		362,942
Korean Air Lines Co., Ltd.*		10,617		350,472
LG Display Co., Ltd.*		24,310		764,042
NAVER Corporation		770		635,452
POSCO		1,016		305,262
Samsung C&T Corporation		1,201		88,550
Samsung Electronics Co., Ltd.		9,170		11,981,360
Samsung Fire & Marine Insurance Co., Ltd.		25,976		6,610,813
Shinhan Financial Group Co., Ltd.		105,366		4,878,827

See Notes to Financial Statements.

163

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)


	Shares		Value
Shinsegae Co., Ltd.		279	$	60,251
SK Holdings Co., Ltd.		3,959		714,091
SK Hynix, Inc.*		22,952		1,101,324
SK Telecom Co., Ltd.		1,928		450,654
Woori Finance Holdings Co., Ltd.*		23,912		284,779

				34,900,541

Switzerland — 0.5%
Coca-Cola HBC AG*		71,426		1,640,432

Taiwan — 9.6%
Advanced Semiconductor
Engineering, Inc.		68,000		88,479
China Life Insurance Co., Ltd.		187,000		172,545
Compal Electronics, Inc.*		99,000		80,903
CTBC Financial Holding Co., Ltd.		753,000		501,866
Delta Electronics, Inc.		88,000		641,034
Eva Airways Corporation*		150,000		72,091
Far Eastern Department Stores, Ltd.		156,000		146,554
Fubon Financial Holding Co., Ltd.		448,000		647,438
Hon Hai Precision Industry Co., Ltd.		394,000		1,319,579
Inventec Corporation		1,041,000		997,140
Kinsus Interconnect Technology Corporation		161,000		722,553
Largan Precision Co., Ltd.		16,000		1,275,370
MediaTek, Inc.		262,000		4,431,308
Pou Chen Corporation		329,000		396,127
President Chain Store Corporation*		109,000		872,497
Richtek Technology Corporation		73,000		446,195
Ruentex Development Co., Ltd.		17,000		30,802
Siliconware Precision Industries Co.		178,000		292,414
SinoPac Financial Holdings Co., Ltd.		385,000		173,429
Taishin Financial Holding Co., Ltd.		760,000		389,443
Taiwan Cement Corporation		148,000		224,047
Taiwan Cooperative Financial Holding Co., Ltd.		110,000		62,998
Taiwan Semiconductor Manufacturing Co., Ltd.		3,493,000		14,798,865
Taiwan Semiconductor Manufacturing Co., Ltd. ADRD		80,000		1,711,200
Teco Electric and Machinery Co., Ltd.		229,000		263,452
Uni-President Enterprises Corporation		132,000		236,962

				30,995,291

Thailand — 4.1%
Airports of Thailand PCL NVDR		102,300		625,683
Bangkok Bank PCL NVDR		32,000		190,294
BEC World PCL NVDR		238,300		357,946
Big C Supercenter PCL NVDR		270,800		1,702,147
Central Pattana PCL		2,265,900		3,421,017
Glow Energy PCL NVDR		15,400		39,502
Kasikornbank PCL		47,800		301,926
Kasikornbank PCL NVDR		346,431		2,177,536
Krung Thai Bank PCL NVDR		191,200		123,127


	Shares		Value
PTT Exploration & Production PCL NVDR		126,100	$	650,801
PTT Global Chemical PCL NVDR		187,800		390,587
Robinson Department Store PCL		434,800		763,630
Siam Commercial Bank PCL		366,800		1,904,354
TMB Bank PCL		9,175,500		684,169

				13,332,719

Turkey — 2.4%
Akfen Holding AS		106,500		258,886
BIM Birlesik Magazalar AS		14,338		328,909
Coca-Cola Icecek AS		23,277		574,619
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		61,091		76,702
Enka Insaat ve Sanayi AS		153,156		415,674
TAV Havalimanlari Holding AS		70,531		560,959
Tofas Turk Otomobil Fabrikasi AS		30,634		190,143
Türkiye Garanti Bankasi AS		631,382		2,470,573
Türkiye Halk Bankasi AS		32,111		240,992
Türkiye Is Bankasi		40,557		109,691
Ulker Biskuvi Sanayi AS		106,104		888,958
Yapi ve Kredi Bankasi AS		687,987		1,500,283

				7,616,389

United Kingdom — 5.9%
Anglo American PLC		465,759		11,397,820
Tullow Oil PLC		526,025		7,683,501

				19,081,321

United States of America — 0.9%
Cognizant Technology Solutions Corporation Class A*		50,900		2,489,519
First Cash Financial Services, Inc.D*		5,000		287,950
Southern Copper CorporationD		3,900		118,443

				2,895,912

Total Foreign Common Stocks (Cost $280,631,425)				290,571,559

FOREIGN PREFERRED STOCKS — 2.6%
Brazil — 1.2%
Cia Brasileira de Distribuicao Grupo Pao de Acucar
2.25%, 04/17/14		29,200		1,361,213
Cia Energetica de Sao Paulo, Class B 0.99%, 04/25/14		66,200		830,833
Gerdau SA
0.07%, 03/17/14*		11,509		67,767
Itausa Investimentos Itau SA
0.36%, 05/23/14		367,406		1,436,700
Metalurgica Gerdau SA
0.48%, 05/07/14*		10,900		76,860

				3,773,373

South Korea — 1.4%
Samsung Electronics Co., Ltd.
1.35%, 12/27/13		4,308		4,513,224

Total Foreign Preferred Stocks (Cost $7,776,081)				8,286,597

See Notes to Financial Statements.

164


	Shares		Value
MONEY MARKET FUNDS — 12.5%
GuideStone Money Market Fund (Investor Class)¥		8,243,411	$	8,243,411
Northern Institutional Liquid Assets Portfolio§		32,018,057		32,018,057

Total Money Market Funds (Cost $40,261,468)				40,261,468

TOTAL INVESTMENTS — 105.6%
(Cost $328,668,974)				339,119,624

Liabilities in Excess of Other Assets — (5.6)%				(17,934,936	)

NET ASSETS — 100.0%			$	321,184,688

PORTFOLIO SUMMARY (based on net assets)


	%
Financial Services		30.0
Technology		17.2
Materials & Processing		14.3
Money Market Funds		12.5
Consumer Discretionary		8.1
Energy		8.0
Utilities		5.3
Producer Durables		3.3
Consumer Staples		3.2
Foreign Preferred Stocks		2.6
Healthcare		1.1

		105.6

See Notes to Financial Statements.

165

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Foreign Common Stocks:
Argentina	$	524,813		$	524,813		$	—		$	—
Austria		1,130,575			1,130,575			—			—
Bermuda		3,181,426			3,181,426			—			—
Brazil		18,376,500			18,376,500			—			—
Canada		8,396,169			8,396,169			—			—
Chile		2,809,224			2,809,224			—			—
China		23,372,475			23,372,475			—			—
Colombia		1,861,156			1,861,156			—			—
Cyprus		1,764,957			1,764,957			—			—
Egypt		375,328			375,328			—			—
Estonia		548,967			548,967			—			—
Hong Kong		15,788,074			15,788,074			—			—
Hungary		697,556			697,556			—			—
India		24,678,495			24,678,495			—			—
Indonesia		7,247,963			7,247,963			—			—
Jersey		206,420			206,420			—			—
Kenya		330,337			330,337			—			—
Luxembourg		1,168,220			1,168,220			—			—
Malaysia		6,699,763			6,699,763			—			—
Mexico		16,129,145			16,129,145			—			—
Mongolia		106,562			106,562			—			—
Netherlands		5,009,249			5,009,249			—			—
Nigeria		3,969,128			3,969,128			—			—
Philippines		1,417,265			1,417,265			—			—
Poland		2,766,571			2,766,571			—			—
Russia		17,708,553			17,708,553			—			—
South Africa		13,844,063			13,844,063			—			—
South Korea		34,900,541			34,900,541			—			—
Switzerland		1,640,432			1,640,432			—			—
Taiwan		30,995,291			30,995,291			—			—
Thailand		13,332,719			13,332,719			—			—
Turkey		7,616,389			7,616,389			—			—
United Kingdom		19,081,321			19,081,321			—			—
United States of America		2,895,912			2,895,912			—			—
Foreign Preferred Stocks:
Brazil		3,773,373			3,773,373			—			—
South Korea		4,513,224			4,513,224			—			—
Money Market Funds		40,261,468			40,261,468			—			—

Total Assets — Investments in Securities	$	339,119,624		$	339,119,624		$	—		$	—

Liabilities:
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(186,748	)	$	—		$	(186,748	)	$	—
Futures Contracts		(164,077	)		(164,077	)		—			—

Total Liabilities — Other Financial Instruments	$	(350,825	)	$	(164,077	)	$	(186,748	)	$	—

***

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2014.

See Notes to Financial Statements.

166

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167


STATEMENTS OF ASSETS AND LIABILITIES		June 30, 2014 (Unaudited)


	Defensive Market		Equity Index
	Strategies Fund		Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	595,868,309	$	397,507,704
Investments in securities of affiliated issuers, at value		17,759,892		14,056,011

Total investments⁽¹⁾⁽²⁾		613,628,201		411,563,715
Cash		718,450		—
Cash collateral for derivatives		856,000		537,000
Deposits with broker for securities sold short		5,263		—
Foreign currency⁽³⁾		42,834		—
Receivables:
Dividends and reclaims		543,466		339,688
Interest		703,864		—
Securities lending		14,616		2,543
Investment securities sold		1,702,159		492,601
Fund shares sold		424,733		218,575
Variation margin on financial futures contracts		3,700		3,076
Unrealized appreciation on foreign currency exchange contracts		21		—
Prepaid expenses and other assets		9,617		15,378

Total Assets		618,652,924		413,172,576

Liabilities
Securities sold short, at value⁽⁴⁾		—		—
Options written at value⁽⁵⁾		195,590		—
Unrealized depreciation on foreign currency exchange contracts		47,086		—
Collateral held for securities on loan at value		75,859,414		29,596,320
Collateral held for derivatives		—		—
Payables:
Investment securities purchased		1,706,639		320,145
Dividends on short sales		—		—
Fund shares redeemed		66,344		196,904
Variation margin on financial futures contracts		—		—
Securities lending		3,213		559
Deferred foreign capital gains taxes		—		—
Accrued expenses:
Investment advisory fees		315,246		21,930
Shareholder servicing fees		86,659		58,131
Other expenses		108,605		115,355

Total Liabilities		78,388,796		30,309,344

Net Assets	$	540,264,128	$	382,863,232

Net Assets Consist of:
Paid-in-capital	$	464,370,656	$	235,043,844
Accumulated (distributions in excess of) net investment income (loss)		57,890		79,802
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency translations and derivative transactions		18,513,384		(3,032,117	)
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		57,322,198		150,771,703

Net Assets	$	540,264,128	$	382,863,232

Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	95,665,400	$	86,714,731

Institutional shares outstanding		7,940,262		9,740,303

Net asset value, offering and redemption price per Institutional share	$	12.05	$	8.90

Net assets applicable to the Investor Class	$	444,598,728	$	296,148,501

Investor shares outstanding		36,932,352		13,496,466

Net asset value, offering and redemption price per Investor share	$	12.04	$	21.94

⁽¹⁾Investments in securities of unaffiliated issuers, at cost	$	538,945,493	$	246,948,687
Investments in securities of affiliated issuers, at cost		17,759,892		14,056,011

Total investments at cost	$	556,705,385	$	261,004,698

⁽²⁾Includes securities loaned of:	$	74,358,611	$	29,037,846

⁽³⁾Foreign currency at cost	$	41,964	$	—

⁽⁴⁾Proceeds from securities sold short	$	—	$	—

⁽⁵⁾Premiums received on options written	$	442,029	$	—

⁽⁶⁾Net of $(651,235) accrued foreign capital gains taxes on appreciated securities

See Notes to Financial Statements.

168


Value Equity Fund		Growth Equity Fund			Small Cap Equity Fund		International Equity Fund			Emerging Markets Equity Fund

$	1,543,184,563	$	1,595,912,672		$	731,726,903	$	1,547,610,063		$	330,876,213
	38,257,778		66,683,471			26,216,178		69,625,310			8,243,411

	1,581,442,341		1,662,596,143			757,943,081		1,617,235,373			339,119,624
	—		—			65,803		37,555			8,534,034
	1,651,875		3,054,000			1,133,000		14,966,056			1,963,000
	—		—			—		2,173,043			—
	—		—			3		5,889,745			4,526,869

	1,141,202		555,779			320,042		5,507,564			922,995
	—		—			24		—			—
	13,175		17,588			66,606		52,588			28,104
	28,591,583		3,025,097			5,584,620		2,096,582			153,317
	43,785		128,993			134,189		73,521			119,684
	8,080		14,120			184,260		1,170,378			76,871
	—		—			—		2,976,493			646,544
	22,665		24,218			17,071		23,732			23,122

	1,612,914,706		1,669,415,938			765,448,699		1,652,202,630			356,114,164


	—		—			—		96,880,005			—
	—		—			—		—			—
	—		—			—		2,142,193			833,292
	171,496,313		191,433,530			183,223,771		77,202,766			32,018,057
	—		—			—		1,650,000			—

	32,636,677		10,135,762			5,548,000		2,963,969			497,321
	—		—			—		116,869			—
	165,498		431			175,018		184,877			—
	—		—			—		193,685			317,945
	2,897		3,868			14,636		11,570			6,180
	—		—			—		3,396			674,327

	709,831		932,338			404,564		964,507			234,143
	221,990		238,180			93,786		234,856			52,852
	94,686		91,211			120,830		377,677			295,359

	205,327,892		202,835,320			189,580,605		182,926,370			34,929,476

$	1,407,586,814	$	1,466,580,618		$	575,868,094	$	1,469,276,260		$	321,184,688


$	1,026,295,642	$	1,033,809,825		$	451,210,624	$	1,235,268,091		$	306,377,017
	173,583		(2,222,351	)		351,241		20,371,763			494,514

	43,756,033		63,448,140			43,834,517		(30,940,736	)		4,857,536

	337,361,556		371,545,004			80,471,712		244,577,142			9,455,621	⁽⁶⁾

$	1,407,586,814	$	1,466,580,618		$	575,868,094	$	1,469,276,260		$	321,184,688



$	275,698,810	$	243,841,050		$	92,682,043	$	276,449,479		$	50,571,007

	26,921,883		19,806,920			8,757,443		23,063,319			4,837,866

$	10.24	$	12.31		$	10.58	$	11.99		$	10.45

$	1,131,888,004	$	1,222,739,568		$	483,186,051	$	1,192,826,781		$	270,613,681

	51,280,340		52,041,567			26,005,668		75,476,138			25,930,496

$	22.07	$	23.50		$	18.58	$	15.80		$	10.44


$	1,206,205,909	$	1,225,239,653		$	651,929,206	$	1,297,687,012		$	320,425,563
	38,257,778		66,683,471			26,216,178		69,625,310			8,243,411

$	1,244,463,687	$	1,291,923,124		$	678,145,384	$	1,367,312,322		$	328,668,974

$	167,163,731	$	188,089,507		$	179,121,179	$	78,616,108		$	33,884,953

$	—	$	—		$	3	$	5,827,990		$	4,523,936

$	—	$	—		$	—	$	90,481,970		$	—

$	—	$	—		$	—	$	—		$	—

See Notes to Financial Statements.

169


STATEMENTS OF OPERATIONS		For the Six Months Ended June 30, 2014 (Unaudited)


	Defensive Market Strategies Fund			Equity Index Fund
Investment Income
Dividends	$	3,994,114		$	3,448,586
Income distributions received from affiliated funds		1,743			634
Interest		1,274,854			—
Securities lending		89,020			23,748
Less foreign taxes withheld		(21,313	)		(391	)

Total Investment Income		5,338,418			3,472,577

Expenses
Investment advisory fees		1,880,098			272,534
Transfer agent fees:
Institutional shares		1,878			1,861
Investor shares		9,633			12,408
Custodian fees		72,914			14,640
Shareholder servicing fees:
Investor shares		498,273			345,177
Accounting and administration fees		85,325			49,756
Professional fees		33,459			33,115
Blue sky fees:
Institutional shares		1,007			902
Investor shares		10,465			10,580
Shareholder reporting fees:
Institutional shares		237			176
Investor shares		2,798			7,479
Trustee expenses		2,368			1,701
Line of credit facility fees		1,759			1,262
Other expenses		91,794			10,602

Total expenses before dividends and interest on securities sold short		2,692,008			762,193
Dividends and interest on securities sold short		112,856			—
Expenses waived/reimbursed net of amount recaptured⁽¹⁾		173,959			(139,322	)
Fees paid indirectly		(25,716	)		—

Net expenses		2,953,107			622,871

Net Investment Income (Loss)		2,385,311			2,849,706

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		27,913,625			3,122,198
Investment securities sold short		(2,965,401	)		—
Futures transactions		1,619,128			1,050,719
Swap agreements		—			—
Option contracts written		1,306,921			—
Option contracts purchased		(186,885	)		—
Foreign currency transactions		21,062			—

Net realized gain		27,708,450			4,172,917

Net change in unrealized appreciation (depreciation) on:
Investment securities (net of estimated capital gains taxes of $(651,235) for Emerging Markets Equity)		2,035,830			17,777,204
Investment securities sold short		2,005,549			—
Futures		(641,176	)		(215,315	)
Option contracts written		216,998			—
Option contracts purchased		144,396			—
Foreign currency translation		(15,143	)		—

Net change in unrealized appreciation		3,746,454			17,561,889

Net Realized and Unrealized Gain		31,454,904			21,734,806

Net Increase in Net Assets Resulting from Operations	$	33,840,215		$	24,584,512

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

See Notes to Financial Statements.

170


Value Equity Fund			Growth Equity Fund			Small Cap Equity Fund			International Equity Fund			Emerging Markets Equity Fund

$	14,035,635		$	4,892,673		$	2,567,372		$	35,700,860		$	4,146,385
	1,958			2,975			1,062			3,379			675
	—			—			369,439			—			—
	113,120			141,504			427,044			657,448			112,297
	(144,885	)		(45,043	)		(1,922	)		(2,685,705	)		(349,609	)

	14,005,828			4,992,109			3,362,995			33,675,982			3,909,748


	4,181,241			5,828,905			2,485,429			6,180,959			1,857,163

	1,948			1,922			1,966			1,967			1,847
	13,722			13,272			14,109			13,108			9,335
	33,643			40,808			70,792			301,131			330,892

	1,300,714			1,419,635			568,830			1,374,105			300,352
	147,035			154,127			112,470			303,057			72,012
	32,212			32,212			34,706			34,082			31,293

	902			900			900			901			7,229
	11,047			10,088			11,888			10,651			10,325

	306			273			377			392			148
	10,103			9,118			10,806			9,606			598
	6,399			6,778			2,723			6,755			1,399
	4,756			5,045			2,026			5,046			1,039
	29,808			20,153			14,093			295,772			63,340

	5,773,836			7,543,236			3,331,115			8,537,532			2,686,972
	—			—			—			1,670,824			—
	(47,044	)		(308,038	)		(55,691	)		(409,307	)		(516,185	)
	(16,024	)		(23,694	)		(28,728	)		(13,940	)		—

	5,710,768			7,211,504			3,246,696			9,785,109			2,170,787

	8,295,060			(2,219,395	)		116,299			23,890,873			1,738,961



	72,941,707			69,746,657			33,173,090			46,808,511			2,585,225
	—			—			—			(8,839,702	)		—
	3,733,916			6,070,920			4,771,598			1,749,054			2,294,247
	—			—			—			—			(339,446	)
	—			—			12,505			—			—
	—			—			(23,934	)		—			—
	—			(5,644	)		(6,520	)		1,271,553			888,550

	76,675,623			75,811,933			37,926,739			40,989,416			5,428,576




	2,710,782			(22,017,624	)		(22,555,184	)		(15,037,432	)		15,902,575
	—			—			—			4,915,782			—
	(1,408,191	)		(1,480,188	)		(3,687,772	)		(3,649,325	)		(1,098,716	)
	—			—			1,839			—			—
	—			—			954			—			—
	—			—			(5,555	)		1,462,025			(218,646	)

	1,302,591			(23,497,812	)		(26,245,718	)		(12,308,950	)		14,585,213

	77,978,214			52,314,121			11,681,021			28,680,466			20,013,789

$	86,273,274		$	50,094,726		$	11,797,320		$	52,571,339		$	21,752,750

See Notes to Financial Statements.

171

STATEMENTS OF CHANGES IN NET ASSETS


	Defensive Market Strategies Fund
	For the Six Months Ended 06/30/14			For the Year Ended 12/31/13
	(Unaudited)
Operations:
Net investment income	$	2,385,311		$	4,705,867
Net realized gain on investment securities, foreign currency transactions and derivative transactions		27,708,450			38,163,236
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations and derivative transactions		3,746,454			31,726,828

Net increase in net assets resulting from operations		33,840,215			74,595,931

Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(434,894	)		(1,173,699	)
Investor shares		(1,663,665	)		(4,069,569	)
Distributions from net realized capital gains
Institutional shares		(907,400	)		(7,059,195	)
Investor shares		(4,207,804	)		(30,890,202	)

Total dividends and distributions		(7,213,763	)		(43,192,665	)

Capital Share Transactions:
Proceeds from shares sold
Institutional shares		6,353,590			7,592,070
Investor shares		37,354,844			74,050,825
Reinvestment of dividends and distributions
Institutional shares		1,340,829			8,223,321
Investor shares		5,870,805			34,959,748

Total proceeds from shares sold and reinvested		50,920,068			124,825,964

Value of shares redeemed
Institutional shares		(6,151,345	)		(18,746,972	)
Investor shares		(15,838,057	)		(52,760,180	)

Total value of shares redeemed		(21,989,402	)		(71,507,152	)

Net increase (decrease) from capital share transactions⁽¹⁾		28,930,666			53,318,812

Total increase in net assets		55,557,118			84,722,078

Net Assets:
Beginning of Period		484,707,010			399,984,932

End of Period*	$	540,264,128		$	484,707,010

*Including undistributed net investment income	$	57,890		$	(228,862	)

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

See Notes to Financial Statements.

172


Equity Index Fund						Value Equity Fund
For the Six Months Ended 06/30/14			For the Year Ended 12/31/13			For the Six Months Ended 06/30/14			For the Year Ended 12/31/13
(Unaudited)						(Unaudited)

$	2,849,706		$	5,140,974		$	8,295,060		$	17,980,537

	4,172,917			6,248,500			76,675,623			145,880,242

	17,561,889			72,374,800			1,302,591			219,682,889

	24,584,512			83,764,274			86,273,274			383,543,668



	(1,273,378	)		(1,910,992	)		(3,274,501	)		(9,104,181	)
	(1,561,414	)		(3,169,798	)		(5,093,196	)		(16,327,168	)

	(600,021	)		(1,874,438	)		(5,093,669	)		(12,958,074	)
	(844,022	)		(3,460,464	)		(9,851,199	)		(27,109,606	)

	(4,278,835	)		(10,415,692	)		(23,312,565	)		(65,499,029	)



	17,317,795			8,865,349			19,183,331			23,449,413
	18,654,003			42,055,015			29,097,562			82,826,039

	1,871,680			3,781,445			8,361,170			22,042,894
	2,405,422			6,630,100			14,941,879			43,431,117

	40,248,900			61,331,909			71,583,942			171,749,463


	(2,118,953	)		(5,225,280	)		(14,159,277	)		(58,523,134	)
	(31,887,350	)		(28,402,934	)		(55,813,191	)		(236,877,855	)

	(34,006,303	)		(33,628,214	)		(69,972,468	)		(295,400,989	)

	6,242,597			27,703,695			1,611,474			(123,651,526	)

	26,548,274			101,052,277			64,572,183			194,393,113


	356,314,958			255,262,681			1,343,014,631			1,148,621,518

$	382,863,232		$	356,314,958		$	1,407,586,814		$	1,343,014,631

$	79,802		$	64,888		$	173,583		$	246,220

See Notes to Financial Statements.

173


	Growth Equity Fund
	For the Six Months Ended 06/30/14			For the Year Ended 12/31/13
	(Unaudited)
Operations:
Net investment income (loss)	$	(2,219,395	)	$	(2,466,606	)
Net realized gain (loss) on investment securities, foreign currency transactions and derivative transactions		75,811,933			250,816,707
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations and derivative transactions		(23,497,812	)		143,263,745

Net increase (decrease) in net assets resulting from operations		50,094,726			391,613,846

Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		—			—
Investor shares		(2,956	)		—
Distributions from net realized capital gains
Institutional shares		(6,284,330	)		(59,354,927	)
Investor shares		(16,712,836	)		(184,064,261	)

Total dividends and distributions		(23,000,122	)		(243,419,188	)

Capital Share Transactions:
Proceeds from shares sold
Institutional shares		19,176,502			16,158,120
Investor shares		53,661,646			57,212,428
Reinvestment of dividends and distributions
Institutional shares		6,281,118			59,313,648
Investor shares		16,714,617			184,053,788

Total proceeds from shares sold and reinvested		95,833,883			316,737,984

Value of shares redeemed
Institutional shares		(11,719,675	)		(51,027,934	)
Investor shares		(63,272,039	)		(216,524,263	)

Total value of shares redeemed		(74,991,714	)		(267,552,197	)

Net increase (decrease) from capital share transactions⁽²⁾		20,842,169			49,185,787

Total increase (decrease) in net assets		47,936,773			197,380,445

Net Assets:
Beginning of Period		1,418,643,845			1,221,263,400

End of Period*	$	1,466,580,618		$	1,418,643,845

*Including undistributed (distributions in excess of) net investment income	$	(2,222,351	)	$	—

⁽¹⁾	Inception Date for the Emerging Markets Equity Fund was October 31, 2013.

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

See Notes to Financial Statements.

174


Small Cap Equity Fund						International Equity Fund						Emerging Markets Equity Fund
For the Six Months Ended 06/30/14			For the Year Ended 12/31/13			For the Six Months Ended 06/30/14			For the Year Ended 12/31/13			For the Six Months Ended 06/30/14			For the Period 10/31/13⁽¹⁾-12/31/13
(Unaudited)						(Unaudited)						(Unaudited)

$	116,299		$	1,303,539		$	23,890,873		$	22,034,086		$	1,738,961		$	(255,400	)

	37,926,739			107,941,603			40,989,416			94,811,477			5,428,576			(1,814,887	)

	(26,245,718	)		55,420,545			(12,308,950	)		138,069,814			14,585,213			(5,129,592	)

	11,797,320			164,665,687			52,571,339			254,915,377			21,752,750			(7,199,879	)



	—			(680,686	)		—			(5,710,188	)		—			—
	(3,234	)		(1,183,448	)		—			(15,633,737	)		—			—

	—			(21,979,674	)		—			—			—			—
	—			(82,693,531	)		—			—			—			—

	(3,234	)		(106,537,339	)		—			(21,343,925	)		—			—



	11,272,747			8,015,941			15,482,667			26,480,523			4,513,195			47,632,875
	26,577,459			58,431,827			39,870,074			116,146,641			21,205,415			250,401,654

	—			22,649,010			—			5,708,234			—			—
	3,234			83,870,624			—			15,631,209			—			—

	37,853,440			172,967,402			55,352,741			163,966,607			25,718,610			298,034,529


	(4,963,208	)		(16,576,386	)		(18,284,530	)		(75,614,406	)		(3,832,822	)		(64,000	)
	(43,661,055	)		(84,498,033	)		(37,044,167	)		(331,679,243	)		(13,054,938	)		(169,562	)

	(48,624,263	)		(101,074,419	)		(55,328,697	)		(407,293,649	)		(16,887,760	)		(233,562	)

	(10,770,823	)		71,892,983			24,044			(243,327,042	)		8,830,850			297,800,967

	1,023,263			130,021,331			52,595,383			(9,755,590	)		30,583,600			290,601,088


	574,844,831			444,823,500			1,416,680,877			1,426,436,467			290,601,088			—

$	575,868,094		$	574,844,831		$	1,469,276,260		$	1,416,680,877		$	321,184,688		$	290,601,088

$	351,241		$	238,176		$	20,371,763		$	(3,519,110	)	$	494,514		$	(1,244,447	)

See Notes to Financial Statements.

175

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/ (Loss), Net(1)			Portfolio Turnover Rate
Defensive Market Strategies Fund
Institutional Class
2014(3)	$	11.43	$	0.06	#	$	0.74		$	(0.06	)	$	(0.12	)	$	12.05		6.92	%	$	95,665		1.02	%(4)		0.91	%(4)		1.09	%		71	%
2013(5)		10.61		0.14	#		1.80	(6)		(0.15	)		(0.97	)		11.43		18.47			89,430		1.10	(4)		1.13	(4)		1.25			208
2012		10.20		0.18	#		0.73	(6)		(0.18	)		(0.32	)		10.61		8.93			85,347		1.04	(4)		1.12	(4)		1.67			304
2011(7)		10.00		0.04	#		0.21	(6)		(0.04	)		(0.01	)		10.20		2.51			74,516		1.03	(4)		1.10	(4)		1.11			120
Investor Class
2014(3)	$	11.42	$	0.05	#	$	0.74		$	(0.05	)	$	(0.12	)	$	12.04		6.84	%	$	444,599		1.20	%(4)		1.15	%(4)		0.91	%		71	%
2013(5)		10.60		0.12	#		1.79	(6)		(0.12	)		(0.97	)		11.42		18.22			395,277		1.36	(4)		1.38	(4)		0.99			208
2012		10.20		0.15	#		0.72	(6)		(0.15	)		(0.32	)		10.60		8.57			314,638		1.30	(4)		1.37	(4)		1.42			304
2011(7)		10.00		0.03	#		0.21	(6)		(0.03	)		(0.01	)		10.20		2.43			240,529		1.29	(4)		1.35	(4)		0.86			120
Equity Index Fund
Institutional Class
2014(3)	$	8.50	$	0.07	#	$	0.52		$	(0.13	)	$	(0.06	)	$	8.90		7.02	%	$	86,715		0.21	%		0.22	%		1.72	%		3	%
2013(8)		6.85		0.14	#		2.02	(6)		(0.26	)		(0.25	)		8.50		32.04			66,378		0.23			0.24			1.81			4
2012		6.29		0.13	#		0.86	(6)		(0.25	)		(0.18	)		6.85		15.92			47,071		0.23			0.24			1.95			3
2011		8.63		0.15	#		0.04	(6)		(0.31	)		(2.22	)		6.29		3.00			36,721		0.23			0.24			1.71			4
2010		7.77		0.14	#		0.97			(0.25	)		—			8.63		14.57			71,093		0.22			0.22			1.77			5
2009		6.36		0.14	#		1.49			(0.22	)		—			7.77		26.38			65,217		0.22			0.24			2.05			4
Investor Class
2014(3)	$	20.69	$	0.16	#	$	1.27		$	(0.12	)	$	(0.06	)	$	21.94		6.91	%	$	296,149		0.38	%		0.47	%		1.56	%		3	%
2013(8)		16.07		0.31	#		4.79	(6)		(0.23	)		(0.25	)		20.69		31.95			289,937		0.38			0.48			1.66			4
2012		14.24		0.28	#		1.95	(6)		(0.22	)		(0.18	)		16.07		15.76			208,192		0.38			0.49			1.79			3
2011		16.36		0.26	#		0.12	(6)		(0.28	)		(2.22	)		14.24		2.75			183,076		0.38			0.47			1.57			4
2010		14.51		0.24	#		1.84			(0.23	)		—			16.36		14.45			335,859		0.37			0.41			1.60			5
2009		11.70		0.24	#		2.77			(0.20	)		—			14.51		26.14			321,486		0.37			0.43			1.90			4

#	Calculated using the average shares outstanding method.

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

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

(3)	For the six months ended June 30, 2014. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(4)	The ratio for the Defensive Market Strategies Fund includes the effect of dividend expense on securities sold short which increased the ratio by 0.04%, 0.05%, 0.11% and 0.04% for the years 2011, 2012, 2013 and the six months ended June 30, 2014 respectively.

(5)	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.

(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)	Inception date was September 1, 2011. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(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.

176


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
2014(3)	$	9.90	$	0.07	#	$	0.59		$	(0.13	)	$	(0.19	)	$	10.24		6.65	%	$	275,699		0.66	%		0.67	%		1.44	%		25	%
2013(4)		7.99		0.15	#		2.64	(5)		(0.34	)		(0.54	)		9.90		35.52			253,988		0.66			0.67			1.61			45
2012		7.03		0.15	#		1.06	(5)		(0.25	)		—			7.99		17.47			215,512		0.67			0.68			1.90			27
2011		7.18		0.12	#		(0.07	)(5)		(0.20	)		—			7.03		0.57			200,308		0.67			0.68			1.62			35
2010		6.46		0.10	#		0.78			(0.16	)		—			7.18		14.01			231,079		0.67			0.68			1.52			36
2009		5.52		0.11	#		1.02			(0.19	)		—			6.46		21.35			181,123		0.68			0.69			2.06			32
Investor Class
2014(3)	$	21.00	$	0.13	#	$	1.23		$	(0.10	)		(0.19	)	$	22.07		6.49	%	$	1,131,888		0.90	%		0.91	%		1.20	%		25	%
2013(4)		16.18		0.26	#		5.39	(5)		(0.29	)		(0.54	)		21.00		35.22			1,089,026		0.90			0.91			1.36			45
2012		14.00		0.25	#		2.14	(5)		(0.21	)		—			16.18		17.20			933,110		0.92			0.92			1.66			27
2011		14.12		0.20	#		(0.16	)(5)		(0.16	)		—			14.00		0.27			852,958		0.89			0.91			1.39			35
2010		12.54		0.17	#		1.56			(0.15	)		—			14.12		13.96			958,211		0.85			0.87			1.35			36
2009		10.53		0.20	#		1.98			(0.17	)		—			12.54		21.16			1,001,814		0.84			0.88			1.89			32
Growth Equity Fund
Institutional Class
2014(3)	$	12.20	$	(0.01	)#	$	0.45		$	—		$	(0.33	)	$	12.31		3.58	%	$	243,841		0.85	%		0.87	%		(0.15	)%		26	%
2013(6)		12.19		—	†#		4.12	(5)		—			(4.11	)		12.20		34.83			227,934		0.84			0.88			0.00			83
2012		11.76		0.04	#		2.00	(5)		(0.06	)		(1.55	)		12.19		17.39			198,329		0.87			0.89			0.33			67
2011		11.91		—	†#		(0.15	)(5)		—			—			11.76		(1.26	)		184,418		0.87			0.89			0.02			60
2010		10.00		—	†		1.91			—	†		—			11.91		19.13			215,863		0.87			0.89			0.06			63
2009		7.26		0.02			2.74			(0.02	)		—			10.00		38.14			196,026		0.87			0.89			0.22			78
Investor Class
2014(3)	$	23.02	$	(0.04	)#	$	0.85		$	—		$	(0.33	)	$	23.50		3.51	%	$	1,222,740		1.06	%		1.11	%		(0.35	)%		26	%
2013(6)		20.26		0.05	#		6.92	(5)		—			(4.11	)		23.02		34.52			1,190,710		1.05			1.12			(0.22	)		83
2012		18.63		0.03	#		3.17	(5)		(0.02	)		(1.55	)		20.26		17.21			1,022,934		1.05			1.13			0.15			67
2011		18.90		(0.02	)#		(0.25	)(5)		—			—			18.63		(1.43	)		915,960		1.02			1.11			(0.13	)		60
2010		15.88		(0.01	)		3.03			—	†		—			18.90		19.03			1,044,060		0.97			1.08			(0.04	)		63
2009		11.52		0.01			4.36			(0.01	)		—			15.88		37.99			1,067,654		0.96			1.09			0.13			78
Small Cap Equity Fund
Institutional Class
2014(3)	$	10.35	$	0.01	#	$	0.22		$	—		$	—		$	10.58		2.22	%	$	92,682		0.97	%		0.99	%		0.25	%		67	%
2013(7)		10.27		0.06	#		3.82	(5)		(0.08	)		(3.72	)		10.35		38.39			84,139		0.92			0.94			0.45			161
2012		9.70		0.08	#		1.40	(5)		(0.13	)		(0.78	)		10.27		15.25			67,723		0.99			1.02			0.79			128
2011		9.61		0.03	#		0.11	(5)		(0.05	)		—			9.70		1.40			63,903		1.00			1.03			0.27			165
2010		7.57		0.03	#		2.06			(0.05	)		—			9.61		27.64			74,424		1.00			1.02			0.42			177
2009		5.94		0.03	#		1.64			(0.04	)		—			7.57		28.12			64,033		1.03			1.05			0.44			130
Investor Class
2014(3)	$	18.19	$	—	#	$	0.39		$	—		$	—		$	18.58		2.14	%	$	483,186		1.20	%		1.23	%		0.00	%		67	%
2013(7)		15.94		0.04	#		5.97	(5)		(0.04	)		(3.72	)		18.19		38.09			490,706		1.16			1.19			0.22			161
2012		14.62		0.09	#		2.10	(5)		(0.09	)		(0.78	)		15.94		15.02			377,101		1.19			1.27			0.59			128
2011		14.46		0.01	#		0.17	(5)		(0.02	)		—			14.62		1.22			354,013		1.17			1.26			0.10			165
2010		11.37		0.03	#		3.09			(0.03	)		—			14.46		27.47			400,072		1.15			1.21			0.27			177
2009		8.91		0.03	#		2.46			(0.03	)		—			11.37		27.93			356,043		1.14			1.25			0.33			130

†	Amount represents less than $0.005 per share.

#	Calculated using the average shares outstanding method.

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

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

(3)	For the six months ended June 30, 2014. 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 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.

(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, 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.

(7)	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.

See Notes to Financial Statements.

177

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)


For a Share Outstanding For the Years Ended December 31, unless otherwise indicated																						Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (000)		Expenses, Net(1)			Expenses, Gross(2)			Investment Income/ (Loss), Net(1)			Portfolio Turnover Rate
International Equity Fund
Institutional Class
2014(3)	$	11.55	$	0.20	#	$	0.24		$	—		$	—		$	11.99		3.81	%	$	276,449		1.19	%(4)		1.25	%(4)		3.56	%		19	%
2013(5)		9.96		0.18	#		1.66	(6)		(0.25	)		—			11.55		18.49			269,499		1.11	(4)		1.25	(4)		1.69			51
2012		8.67		0.18	#		1.33	(6)		(0.22	)		—			9.96		17.43			270,130		1.15	(4)		1.32	(4)		1.89			53
2011		10.35		0.22	#		(1.66	)(6)		(0.24	)		—			8.67		(13.86	)		223,677		1.02	(4)		1.22	(4)		2.17			82
2010		9.64		0.17	#		0.83			(0.29	)		—			10.35		10.45			262,103		0.97	(4)		1.19	(4)		1.81			56
2009		7.32		0.17	#		2.42			(0.27	)		—	†		9.64		35.81			240,483		0.98	(4)		1.21	(4)		2.12			59
Investor Class
2014(3)	$	15.24	$	0.25	#	$	0.31		$	—		$	—		$	15.80		3.68	%	$	1,192,827		1.44	%(4)		1.50	%(4)		3.36	%		19	%
2013(5)		13.07		0.20	#		2.18	(6)		(0.21	)		—			15.24		18.23			1,147,181		1.35	(4)		1.49	(4)		1.44			51
2012		11.33		0.20	#		1.73	(6)		(0.19	)		—			13.07		17.05			1,156,306		1.39	(4)		1.57	(4)		1.65			53
2011		13.43		0.25	#		(2.13	)(6)		(0.22	)		—			11.33		(14.01	)		955,305		1.24	(4)		1.45	(4)		1.95			82
2010		12.44		0.21	#		1.05			(0.27	)		—			13.43		10.14			1,029,317		1.15	(4)		1.38	(4)		1.67			56
2009		9.38		0.20	#		3.11			(0.25	)		—	†		12.44		35.61			1,101,628		1.16	(4)		1.40	(4)		1.98			59
Emerging Markets Equity Fund
Institutional Class
2014(3)	$	9.75	$	0.07	#	$	0.63		$	—		$	—		$	10.45		7.18	%	$	50,571		1.25	%		1.62	%		1.38	%		21	%
2013(7)(8)		10.00		(0.01	)#		(0.24	)(6)		—			—			9.75		(2.50	)		46,420		1.25			1.55			(0.34	)		6
Investor Class
2014(3)	$	9.75	$	0.05	#	$	0.64		$	—		$	—		$	10.44		7.08	%	$	270,614		1.50	%		1.84	%		1.13	%		21	%
2013(7)(8)		10.00		(0.01	)#		(0.24	)(6)		—			—			9.75		(2.50	)		244,181		1.50			1.78			(0.58	)		6

†	Amount represents less than $0.005 per share.

#	Calculated using the average shares outstanding method.

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

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

(3)	For the six months ended June 30, 2014. 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 for both the Institutional and Investor Classes by 0.04% for the years 2009 and 2010, and 0.08%, 0.20% and 0.15% for the years 2011, 2012 and 2013, respectively, and increased the ratio 0.23% for the Institutional Class and 0.24% for the Investor Class for the six months ended June 30, 2014.

(5)	An out of period adjustment to Investment Income had no impact on Net Investment Income per Share or Total Return; however, the Ratio of Net Investment Income to Average Net Assets increased by 0.02% and 0.03% for Institutional Class and Investor Class, respectively.

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

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

(8)	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.

178

INFLATION PROTECTED BOND FUND

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Par		Value
U.S. TREASURY OBLIGATIONS — 90.7%
U.S. Treasury Inflationary Index Bonds
0.13%, 04/15/16	$	2,795,900	$	3,083,150
2.50%, 07/15/16		6,167,200		7,859,617
2.38%, 01/15/17		1,750,000		2,251,652
0.13%, 04/15/17		8,173,300		8,828,284
0.13%, 04/15/18		34,890,000		36,977,445
1.38%, 07/15/18		3,300,000		3,965,976
0.13%, 04/15/19		13,095,000		13,646,399
1.38%, 01/15/20		5,560,000		6,689,774
1.25%, 07/15/20		5,480,000		6,532,299
1.13%, 01/15/21		9,875,000		11,599,963
0.63%, 07/15/21		1,080,000		1,197,421
0.13%, 01/15/22		11,059,200		11,668,035
0.13%, 07/15/22		4,945,000		5,135,536
0.13%, 01/15/23		13,114,000		13,430,733
0.38%, 07/15/23		19,990,000		20,770,638
0.63%, 01/15/24		27,731,000		29,211,338
2.38%, 01/15/25		9,575,200		14,602,532
2.00%, 01/15/26		3,775,000		5,316,929
2.38%, 01/15/27		3,870,000		5,588,154
1.75%, 01/15/28		7,330,000		9,560,008
3.63%, 04/15/28		3,620,000		7,459,579
2.50%, 01/15/29		8,010,000		11,169,295
3.88%, 04/15/29		4,875,000		10,287,175
3.38%, 04/15/32		627,100		1,210,607
2.13%, 02/15/40		2,787,600		3,895,361
2.13%, 02/15/41		4,138,900		5,752,094
0.75%, 02/15/42		6,934,400		6,859,440
0.63%, 02/15/43		10,595,000		9,935,075
1.38%, 02/15/44		4,698,700		5,264,660

Total U.S. Treasury Obligations (Cost $274,303,405)				279,749,169

FOREIGN GOVERNMENT
INFLATION-LINKED BONDS — 6.4%
Australia — 0.7%
Australia Government Bond
1.25%, 02/21/22(A)		1,970,000		2,116,319

Germany — 4.9%
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond
0.75%, 04/15/18(E)		1,045,000		1,606,092
Deutsche Bundesrepublik Inflation Linked Bond
1.50%, 04/15/16(E)		8,245,000		13,542,697

				15,148,789

Italy — 0.5%
Italy Buoni Poliennali Del Tesoro
2.10%, 09/15/16(E)		960,000		1,471,198

New Zealand — 0.3%
New Zealand Government Bond
3.00%, 09/20/30(Z)		1,096,000		1,014,566

Total Foreign Government Inflation-Linked Bonds (Cost $19,811,680)				19,750,872


	Number of Contracts		Value
PURCHASED OPTIONS — 0.0%
Put Option — 0.0%
10-Year U.S. Treasury Note, Strike Price $122.00, Expires 07/25/14 (UBS)		86	$	1,344
10-Year U.S. Treasury Note, Strike Price $124.00, Expires 07/25/14 (UBS)		86		14,781
10-Year U.S. Treasury Note, Strike Price $97.75, Expires 09/12/14 (UBS)		316		21,725

				37,850

Total Purchased Options (Cost $126,133)				37,850

	Shares
MONEY MARKET FUND — 3.0%
GuideStone Money Market Fund (Investor Class)¥ (Cost $9,210,378)		9,210,378		9,210,378

TOTAL INVESTMENTS — 100.1% (Cost $303,451,596)				308,748,269

	Number of Contracts
WRITTEN OPTIONS — 0.0%
Put Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $123.00, Expires 07/25/14 (UBS)(172)				(8,063	)

Total Written Options (Premiums received $(61,653))				(8,063	)

Liabilities in Excess of Other Assets — (0.1)%				(243,890	)

NET ASSETS — 100.0%			$	308,496,316

PORTFOLIO SUMMARY (based on net assets)


	%
U.S. Treasury Obligations		90.7
Foreign Government Inflation-Linked Bond		6.4
Money Market Fund		3.0
Purchased Options		—	**
Written Options		—	**

		100.1

**	Rounds to less than 0.005%.

See Notes to Financial Statements.

179

INFLATION PROTECTED BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Foreign Government Inflation-Linked Bonds	$	19,750,872		$	—		$	19,750,872		$	—
Money Market Fund		9,210,378			9,210,378			—			—
Purchased Options		37,850			37,850			—			—
U.S. Treasury Obligations		279,749,169			—			279,749,169			—

Total Assets — Investments in Securities	$	308,748,269		$	9,248,228		$	299,500,041		$	—

Liabilities:
Investments in Securities:
Written Options	$	(8,063	)	$	(8,063	)	$	—		$	—

Total Liabilities — Investments in Securities	$	(8,063	)	$	(8,063	)	$	—		$	—

Other Financial Instruments***
Forward Foreign Currency Contracts	$	(274,515	)	$	—		$	(274,515	)	$	—
Futures Contracts		(115,349	)		(115,349	)		—			—

Total Liabilities — Other Financial Instruments	$	(389,864	)	$	(115,349	)	$	(274,515	)	$	—

***

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2014.

See Notes to Financial Statements.

180

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Par		Value
CORPORATE BONDS — 9.3%
CDW LLC
8.50%, 04/01/19	$	750,000	$	815,625
Chrysler Group LLC
8.00%, 06/15/19		1,000,000		1,091,250
Eagle Rock Energy Partners LP
8.38%, 06/01/19		750,000		813,750
Endo Finance LLC & Endo Finco, Inc.
7.00%, 07/15/19 144A		1,000,000		1,072,500
FMG Resources August 2006 Proprietary, Ltd.
6.00%, 04/01/17 144A		750,000		776,719
GCI, Inc.
8.63%, 11/15/19		750,000		795,000
HD Supply, Inc.
8.13%, 04/15/19		1,000,000		1,103,750
Huntsman International LLC
8.63%, 03/15/20		450,000		488,812
Intelsat Jackson Holdings SA
7.25%, 04/01/19		1,000,000		1,067,500
Michaels Stores, Inc.
7.75%, 11/01/18		750,000		795,000
NBTY, Inc.
9.00%, 10/01/18		1,000,000		1,062,500
Sinclair Television Group, Inc.
8.38%, 10/15/18		650,000		689,813
T-Mobile USA, Inc.
6.46%, 04/28/19		750,000		791,250

Total Corporate Bonds (Cost $11,363,123)				11,363,469

LOAN AGREEMENTS —86.4%
Accudyne Industries
Borrower SCA
Term Loan
4.00%, 12/13/19		1,924,923		1,918,744
ADS Waste Holdings, Inc.
Term B Loan
3.75%, 10/09/19		1,237,437		1,230,693
Affinia Group, Inc.
Term B-2 Loan
4.75%, 04/25/20		921,934		931,153
AlixPartners LLP
Term B-2 Loan
4.00%, 07/02/20		987,500		985,278
Allflex Holdings III, Inc.
Term B Loan
4.25%, 07/17/20		931,958		932,153
Allied Security Holdings LLC
Delayed Draw
Term B-DD Loan
1.63%, 02/14/21 S		130,952		130,461
3.50%, 08/14/21 S		136,986		137,073
Allied Security Holdings LLC
Term B Loan
4.25%, 02/14/21		368,170		366,789
8.00%, 08/14/21		363,014		363,242
American Pacific Corporation
Term B Loan
7.00%, 02/27/19		997,500		1,007,475
Aramark Services, Inc.
Term F Loan
3.25%, 02/24/21		997,500		990,019


	Par		Value
AssuredPartners Capital, Inc.
Term B Loan
4.50%, 04/02/21	$	750,000	$	750,232
Asurion LLC
Term B-1 Loan
5.00%, 05/24/19		1,239,859		1,246,840
Asurion LLC
Term Loan
8.50%, 02/28/21		1,000,000		1,036,500
Atlantic Power LP
Term Loan
4.75%, 02/24/21		703,101		710,575
Berry Plastics Group, Inc.
Term D Loan
3.50%, 02/08/20		742,481		735,910
BJ’s Wholesale Club, Inc.
Term B Loan
4.50%, 09/26/19		990,013		990,527
BJ’s Wholesale Club, Inc.
Term Loan
8.50%, 03/31/20		500,000		511,565
BMC Software Finance, Inc.
Term B Loan
5.00%, 09/10/20		1,741,250		1,737,263
Brand Energy & Infrastructure Services, Inc.
Term B Loan
4.75%, 11/26/20		975,100		978,854
Brickman Group, Ltd. LLC (The)
Term B Loan
0.00%, 12/18/20 S		1,500,000		1,484,235
BSN Medical International Holding GmbH & Co. KG
Term B-1A Loan
4.00%, 06/01/19		989,352		988,738
CDHR Parent, Inc.
Term Loan
0.00%, 07/01/21 S		750,000		742,500
CDW LLC
Term B-1 Loan
3.25%, 04/29/20		989,978		978,841
Checkout Holding Corporation
Term B Loan
4.50%, 04/09/21		1,000,000		999,580
Chromaflo Technologies Corporation
Term B Loan
4.50%, 12/02/19		497,500		498,744
Cincinnati Bell, Inc.
Term B Loan
4.00%, 09/10/20		1,488,750		1,487,827
Community Health Systems, Inc.
Term D Loan
4.25%, 01/27/21		995,000		1,000,313
CompuCom Systems, Inc.
Term B Loan
4.25%, 05/09/20		1,856,697		1,836,589
CPG International, Inc.
Term B Loan
4.75%, 09/30/20		992,500		994,157
CS Intermediate Holdco 2 LLC
Term B Loan
4.00%, 04/04/21		750,000		748,748

See Notes to Financial Statements.

181

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
CWGS Group LLC
Term B Loan
5.75%, 02/20/20	$	493,750	$	497,147
DaVita HealthCare
Partners, Inc.
Term B Loan
0.00%, 06/24/21 S		1,000,000		1,004,090
Del Monte Foods, Inc.
Term Loan
4.25%, 11/26/20		498,750		495,738
Dell International LLC
Term B Loan
4.50%, 04/29/20		1,273,600		1,279,395
Delta 2 Lux S.à r.l.
Term B Loan
4.50%, 04/30/19		1,484,962		1,487,027
Dole Food Co., Inc.
Term B Loan
4.50%-5.75%, 11/01/18		494,167		494,577
DS Waters of America, Inc.
Term B Loan
5.25%, 08/30/20		1,240,625		1,253,031
Emerald US, Inc.
Term B Loan
0.00%, 05/09/21 S		750,000		743,910
Entegris, Inc.
Term B Loan
3.50%, 04/30/21		1,000,000		991,880
Exopack Holdngs SA
Term B Loan
5.25%, 05/08/19		696,500		706,948
Fairmount Minerals, Ltd.
Term B-2 Loan
4.50%, 09/05/19		1,240,625		1,251,865
Federal-Mogul Holdings Corporation
Term C Loan
4.75%, 04/15/21		375,000		375,236
Fieldwood Energy LLC
Term B Loan
3.88%, 09/25/18		436,701		437,976
Fieldwood Energy LLC
Term Loan
8.38%, 09/30/20		400,000		412,200
Filtration Group, Inc.
Term B Loan
4.50%, 11/21/20		497,500		500,734
Flexera Software LLC
Term Loan
4.50%, 04/02/20		1,000,000		998,330
Garda World Security Corporation
Term B Loan
4.00%, 11/08/20		396,157		395,496
Garda World Security Corporation Delayed Draw
Term B-DD Loan
4.00%, 11/08/20		101,343		101,173
Gardner Denver, Inc.
Term Loan
4.25%, 07/30/20		1,736,875		1,735,451
Genesys Telecommunications Laboratories, Inc.
Term B Loan
4.00%, 02/08/20		989,975		984,609


	Par		Value
Getty Images, Inc.
Term B Loan
4.75%, 10/18/19	$	989,950	$	955,856
Great Wolf Resorts, Inc.
Term B Loan
4.50%, 08/06/20		990,000		991,544
HGIM Corporation
Term B Loan
5.50%-6.75%, 06/18/20		743,128		737,867
HUB International, Ltd.
Term B Loan
4.25%, 10/02/20		1,736,897		1,738,095
Hudson’s Bay Co.
Term B Loan
4.75%, 11/04/20		786,250		795,795
Husky Injection Molding Systems, Ltd.
Term B Loan
0.00%, 06/30/21 S		1,000,000		1,003,750
IMG Worldwide Holdings LLC
Term B Loan
5.25%, 05/06/21		1,500,000		1,509,000
Infor US, Inc.
Term B-3 Loan
3.75%, 06/03/20		981,246		973,150
Integra Telecom Holdings, Inc.
Term Loan
5.25%, 02/22/19		989,975		995,172
Interactive Data Corporation
Term B Loan
4.75%, 05/02/21		1,000,000		1,008,130
ION Media Networks, Inc.
Term B Loan
5.00%, 12/18/20		796,000		798,985
J. Crew Group, Inc.
Term B Loan
4.00%, 03/05/21		1,269,579		1,251,526
Jazz Acquisition, Inc.
Term Loan
0.00%, 06/25/21 S		1,000,000		1,003,750
Jo-Ann Stores, Inc.
Term Loan
4.00%, 03/18/18		742,481		737,224
Kronos, Inc.
Term B Loan
4.50%, 10/30/19		250,000		251,750
9.75%, 04/30/20		750,000		777,187
Level 3 Financing, Inc.
Term B-III Loan
4.00%, 08/01/19		1,250,000		1,251,038
Liberty Cablevision of Puerto Rico LLC
Term Loan
0.00%, 12/26/21 S		800,000		800,664
Lineage Logistics LLC
Term B Loan
4.50%, 04/07/21		1,246,875		1,238,558
LM US Member LLC
Term B Loan
5.25%, 10/25/19		497,500		500,609
LTS Buyer LLC
Term B Loan
4.00%, 04/13/20		1,237,500		1,233,305

See Notes to Financial Statements.

182


	Par		Value
McJunkin Red Man Corporation
Term B Loan
5.00%-6.25%, 11/09/19	$	496,250	$	498,731
Men’s Wearhouse, Inc. (The)
Term B Loan
4.50%, 06/18/21		600,000		602,748
Minerals Technologies, Inc.
Term B Loan
5.50%, 05/09/21		1,000,000		1,003,750
Mission Broadcasting, Inc.
Term B-2 Loan
3.75%, 10/01/20		1,034,948		1,034,306
MPH Acquisition Holdings LLC
Term B Loan
4.00%, 03/31/21		972,727		969,517
Multi Packaging Solutions, Inc.
Term B Loan
4.25%, 09/30/20		997,500		997,191
Murray Energy Corporation
Term B Loan
5.25%, 12/05/19		698,250		706,105
Nautilus Merger Sub, Inc.
Term B Loan
4.00%-5.25%, 03/13/21		1,246,875		1,232,848
Neiman Marcus Group, Ltd. LLC
Term Loan
4.25%, 10/25/20		995,006		992,330
NewPage Corporation
Term B Loan
9.50%, 02/11/21		700,000		700,875
Nexstar Broadcasting, Inc.
Term B-2 Loan
3.75%, 10/01/20		206,990		206,861
Numericable US LLC
Term B-1 Loan
4.50%, 04/23/20		857,846		862,804
Numericable US LLC
Term B-2 Loan
4.50%, 04/23/20		742,154		746,444
OXEA S.à r.l.
Term Loan
8.25%, 06/06/20		750,000		756,248
Pacific Drilling SA
Term B Loan
4.50%, 06/03/18		792,000		794,226
Par Pharmaceutical Cos., Inc.
Term B Loan
4.00%, 09/28/19		1,970,154		1,966,293
Performance Food Group, Inc.
Term Loan
6.25%, 11/14/19		990,000		999,286
PharMEDium Healthcare Corporation
Term Loan
4.25%, 01/28/21		972,500		969,262
Ply Gem Industries, Inc.
Term B Loan
4.00%, 01/30/21		997,500		990,019
Quad/Graphics, Inc.
Term B Loan
4.25%, 04/27/21		750,000		746,250


	Par		Value
Quebecor Media, Inc.
Term B-1 Loan
3.25%, 08/17/20	$	992,500	$	978,029
Ravago Holdings America, Inc.
Term B Loan
5.50%, 12/20/20		498,750		502,491
RCS Capital Corporation
Term Loan
6.50%, 04/29/19		750,000		765,315
Sabre GLBL, Inc.
Term B-2 Loan
4.50%, 02/19/19		992,500		994,981
SAM Finance Lux S.à r.l.
Term B Loan
4.25%, 11/26/20		497,500		499,057
Sandy Creek Energy Associates LP
Term B Loan
5.00%, 11/08/20		293,232		295,349
Seadrill Operating LP
Term B Loan
4.00%, 02/21/21		498,750		495,294
Sedgwick, Inc.
Term Loan
3.75%, 02/28/21		897,750		883,162
Sequa Corporation
Term B Loan
5.25%, 06/19/17		1,486,171		1,471,310
ServiceMaster Co. LLC (The)
Term B Loan
0.00%, 07/01/21 S		1,000,000		998,130
Spin Holdco, Inc.
Term B Loan
4.25%, 11/08/19		992,512		992,691
Syniverse Holdings, Inc.
Term B Loan
4.00%, 04/23/19		1,211,902		1,210,387
TGGT Holdings LLC
Term B Loan
6.50%, 11/15/18		585,000		588,656
TMS International Corporation
Term B Loan
4.50%, 10/16/20		497,500		499,679
TNT Crane & Rigging, Inc.
Term Loan
5.50%, 11/27/20		497,500		501,853
10.00%, 11/27/21		250,000		251,250
TransUnion LLC
Term B Loan
4.00%, 04/09/21		997,500		997,141
Tribune Co.
Term B Loan
4.00%, 12/27/20		1,243,750		1,245,690
US Foods, Inc.
Term B Loan
4.50%, 03/31/19		1,485,000		1,486,589
VAT Holding AG
Term B Loan
4.75%, 02/11/21		997,500		1,001,869
Velocity Pooling Vehicle LLC
Term B Loan
6.25%, 05/14/21		600,000		564,000
Walter Investment Management Corporation
Term Loan
4.75%, 12/18/20		497,500		491,386

See Notes to Financial Statements.

183

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
West Corporation
Term B-10 Loan
3.25%, 06/30/18	$	728,015	$	723,101
WideOpenWest Finance LLC
Term B Loan
4.75%, 04/01/19		989,975		992,291
Zayo Group LLC
Term B Loan
4.00%, 07/02/19		494,954		495,315
Ziggo BV
Delayed Draw
Term B3-DD Loan
0.00%, 01/15/22 S		509,489		503,238
Ziggo BV
Term B-1 Loan
3.25%, 01/15/22 S		480,723		474,825
Ziggo BV
Term B-2 Loan
3.25%, 01/15/22 S		309,787		305,986

Total Loan Agreements (Cost $104,739,458)				105,136,545


	Shares		Value
MONEY MARKET FUND — 7.8%
GuideStone Money Market Fund (Investor Class)¥ (Cost $9,481,133)		9,481,133	$	9,481,133

TOTAL INVESTMENTS — 103.5% (Cost $125,583,714)				125,981,147

Liabilities in Excess of Other Assets — (3.5)%				(4,265,946	)

NET ASSETS — 100.0%			$	121,715,201

PORTFOLIO SUMMARY (based on net assets)


	%
Loan Agreements		86.4
Corporate Bonds		9.3
Money Market Fund		7.8

		103.5

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Corporate Bonds	$	11,363,469	$	—	$	11,363,469	$	—
Loan Agreements		105,136,545		—		99,884,642		5,251,903
Money Market Fund		9,481,133		9,481,133		—		—

Total Assets — Investments in Securities	$	125,981,147	$	9,481,133	$	111,248,111	$	5,251,903

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2014.

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

See Notes to Financial Statements.

184

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


	Total Value			Loan Agreements
Balance, 12/31/13	$	7,100,142		$	7,100,142
Accrued discounts/premiums		4,096			4,096
Realized gain (loss)⁽¹⁾		(124	)		(124	)
Change in unrealized appreciation (depreciation)⁽²⁾		16,675			16,675
Purchases		2,287,018			2,287,018
Sales		(492,536	)		(492,536	)
Transfers in to Level 3⁽³⁾		498,744			498,744
Transfers out of Level 3⁽⁴⁾		(4,162,112	)		(4,162,112	)
Maturities		—			—
Paydowns		—			—

Balance, 06/30/14	$	5,251,903		$	5,251,903

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

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

⁽³⁾	Transfers in to Level 3 represent the value of securities at June 30, 2014 that were transferred from Level 1 and Level 2 to Level 3 of the fair value hierarchy as a result of the inability of the Fund to obtain a price which was determined using observable inputs.

⁽⁴⁾	Transfers out of Level 3 represent the value of securities at June 30, 2014 that were transferred from Level 3 to Level 2 of the fair value hierarchy as a result of the ability of the Fund to obtain a price which was determined using observable inputs.

See Notes to Financial Statements.

185

REAL ASSETS FUND

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Shares		Value
MUTUAL FUNDS — 99.4%
GuideStone Money Market Fund
(Investor Class)¥		791,426	$	791,426
GuideStone Inflation Protected Bond Fund
(Investor Class)¥		1,591,804		16,857,207
GuideStone Flexible Income Fund
(Investor Class)¥		863,255		8,684,349
GuideStone Real Estate Securities Fund
(Investor Class)¥		738,899		7,677,162
GuideStone Global Natural Resources Equity Fund
(Investor Class)¥		800,982		9,003,039
Credit Suisse Commodity Return Strategy Fund*		1,145,017		8,816,632

Total Mutual Funds (Cost $50,263,827)				51,829,815

TOTAL INVESTMENTS — 99.4% (Cost $50,263,827)				51,829,815
Other Assets in Excess of Liabilities — 0.6%				324,154

NET ASSETS — 100.0%			$	52,153,969

PORTFOLIO SUMMARY (based on net assets)


	%
Real Return Select Funds		81.0
Credit Suisse Commodity Return Strategy Fund		16.9
Fixed Income Select Fund		1.5

		99.4

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	51,829,815	$	51,829,815	$	—	$	—

Total Assets — Investments in Securities	$	51,829,815	$	51,829,815	$	—	$	—

See Notes to Financial Statements.

186


REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS		June 30, 2014 (Unaudited)


	Shares		Value
COMMON STOCKS — 48.3%
Financial Services — 48.3%
Acadia Realty Trust REITD		27,436	$	770,677
Alexandria Real Estate Equities, Inc. REIT		28,343		2,200,550
American Campus Communities, Inc. REIT		35,516		1,358,132
American Realty Capital Properties, Inc. REIT		71,218		892,362
Apartment Investment & Management Co. Class A REIT		98,516		3,179,111
AvalonBay Communities, Inc. REITD		25,172		3,579,207
Boston Properties, Inc. REITD		49,520		5,852,274
Brandywine Realty Trust REITD		55,454		865,082
Brixmor Property Group, Inc. REIT		67,290		1,544,305
Chesapeake Lodging Trust REITD		26,943		814,487
Cousins Properties, Inc. REIT		99,620		1,240,269
CubeSmart REIT		76,914		1,409,064
CyrusOne, Inc. REIT		54,244		1,350,676
DCT Industrial Trust, Inc. REITD		270,146		2,217,899
DDR Corporation REITD		75,083		1,323,713
DiamondRock Hospitality Co. REITD		85,179		1,091,995
Digital Realty Trust, Inc. REITD		21,851		1,274,350
Douglas Emmett, Inc. REIT		81,347		2,295,612
Duke Realty Corporation REIT		215,269		3,909,285
Education Realty Trust, Inc. REIT		137,548		1,477,265
Equity One, Inc. REITD		70,003		1,651,371
Equity Residential REIT		109,135		6,875,505
Essex Property Trust, Inc. REIT		13,953		2,580,049
Extra Space Storage, Inc. REITD		23,067		1,228,318
Federal Realty Investment Trust REITD		17,705		2,140,889
First Industrial Realty Trust, Inc. REITD		48,976		922,708
General Growth Properties, Inc. REIT		210,133		4,950,733
Glimcher Realty Trust REITD		201,923		2,186,826
HCP, Inc. REIT		87,351		3,614,584
Health Care REIT, Inc.D		99,771		6,252,649
Healthcare Realty Trust, Inc. REITD		41,412		1,052,693
Home Properties, Inc. REITD		11,327		724,475
Host Hotels & Resorts, Inc. REITD		53,541		1,178,437
Hudson Pacific Properties, Inc. REIT		41,468		1,050,799
Kilroy Realty Corporation REITD		11,588		721,701
LaSalle Hotel Properties REIT		15,065		531,644
Lexington Realty Trust REITD		136,306		1,500,729
Macerich Co. (The) REIT		33,284		2,221,707
Mack-Cali Realty Corporation REITD		24,519		526,668
National Retail Properties, Inc. REITD		45,719		1,700,290
Physicians Realty Trust REITD		94,807		1,364,273
Post Properties, Inc. REIT		26,849		1,435,348


	Shares		Value
Prologis, Inc. REIT		48,270	$	1,983,414
Public Storage REIT		15,099		2,587,214
Regency Centers Corporation REITD		26,592		1,480,643
Retail Properties of America, Inc. Class A REIT		66,545		1,023,462
RLJ Lodging Trust REIT		85,886		2,481,246
Senior Housing Properties Trust REIT		53,151		1,291,038
Simon Property Group, Inc. REITD		67,331		11,195,799
SL Green Realty Corporation REITD		31,362		3,431,316
Sovran Self Storage, Inc. REIT		24,820		1,917,345
Spirit Realty Capital, Inc. REIT		339,920		3,861,491
Strategic Hotels & Resorts, Inc. REIT*		95,035		1,112,860
Sunstone Hotel Investors, Inc. REIT		162,812		2,430,783
Ventas, Inc. REIT		37,828		2,424,775
Vornado Realty Trust REIT		31,671		3,380,246

Total Common Stocks
(Cost $115,863,149)				125,660,343

FOREIGN COMMON STOCKS — 48.8%
Australia — 6.2%
Australand Property Group REIT		147,712		618,426
Dexus Property Group REIT		1,075,530		1,125,731
Federation Centres, Ltd. REIT		466,021		1,094,193
GDI Property Group REIT		181,027		155,337
Goodman Group REIT		404,345		1,925,451
GPT Group REIT		235,724		853,540
Investa Office Fund REIT		239,815		768,855
Mirvac Group REIT		1,260,487		2,121,611
Scentre Group REIT*		1,039,824		3,137,609
Stockland REIT		421,298		1,541,382
Westfield Corporation REIT		420,850		2,837,413

				16,179,548

Austria — 0.2%
CA Immobilien Anlagen AG*		20,626		391,168

Bermuda — 0.4%
K Wah International Holdings, Ltd.		452,000		315,509
Kerry Properties, Ltd.		208,000		727,291

				1,042,800

Canada — 3.5%
Allied Properties Real Estate Investment Trust REITD		45,279		1,500,035
Boardwalk Real Estate Investment Trust REIT		27,540		1,684,326
Canadian Real Estate Investment Trust REIT		17,880		770,631
Chartwell Retirement Residences REIT		119,892		1,217,965
First Capital Realty, Inc.		75,482		1,317,159
H&R Real Estate Investment Trust REIT		48,480		1,052,244
RioCan Real Estate Investment Trust REITD		61,391		1,571,237

				9,113,597

Finland — 0.3%
Citycon OYJ		184,000		675,229

See Notes to Financial Statements.

187

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)


	Shares		Value
France — 3.2%
Gecina SA REIT		3,271	$	477,011
ICADE REIT		15,465		1,658,099
Klepierre REIT		19,000		968,212
Societe Fonciere Lyonnaise SA REIT		4,500		239,080
Unibail-Rodamco SE REIT		17,093		4,972,488

				8,314,890

Germany — 1.4%
alstria office REIT-AG		40,500		536,377
Deutsche Annington Immobilien SE		26,500		779,796
Deutsche Wohnen AG		57,269		1,235,091
DIC Asset AGD		57,922		634,501
LEG Immobilien AG*		7,500		505,220

				3,690,985

Guernsey — 0.1%
NewRiver Retail, Ltd. REIT		57,300		302,033

Hong Kong — 6.6%
Cheung Kong Holdings, Ltd.		42,090		746,719
China Overseas Land & Investment, Ltd.D		238,138		577,647
Hang Lung Properties, Ltd.		220,000		678,417
Henderson Land Develop-ment Co., Ltd.D		193,600		1,132,814
Hongkong Land Holdings, Ltd.		404,044		2,646,488
Hysan Development Co., Ltd.		207,209		970,490
Link REIT (The)		333,000		1,791,662
New World Development Co., Ltd.		1,221,009		1,389,515
Sun Hung Kai Properties, Ltd.		303,226		4,158,872
Swire Properties, Ltd.		159,366		465,736
Wharf Holdings, Ltd.		251,000		1,807,107
Wheelock & Co., Ltd.		173,445		723,956

				17,089,423

Ireland — 0.2%
Hibernia REIT PLC*		414,815		630,487

Italy — 0.3%
Beni Stabili SpA REITD		845,814		775,976

Japan — 13.2%
Advance Residence Investment Corporation REIT		341		861,715
Frontier Real Estate Investment Corporation REIT		121		658,121
Global One Real Estate Investment Corporation REIT		100		294,556
GLP J-REIT		535		598,875
Industrial & Infrastructure Fund Investment Corporation REIT		53		474,518
Japan Prime Realty Investment Corporation REIT		155		556,167
Japan Real Estate Investment Corporation REIT		227		1,322,047
Japan Retail Fund Investment Corporation REIT		473		1,063,614
Kenedix Office Investment Corporation REITD		132		717,951
Mitsubishi Estate Co., Ltd.		285,316		7,043,831
Mitsui Fudosan Co., Ltd.		221,612		7,472,747
Mori Trust Sogo Reit, Inc. REIT		124		209,186
Nippon Accommodations Fund, Inc. REIT		262		993,120


	Shares		Value
Nippon Building Fund, Inc. REIT		210	$	1,227,185
Nippon Prologis REIT, Inc.		233		543,256
Nomura Real Estate Master Fund, Inc. REIT		899		1,098,625
Nomura Real Estate Office Fund, Inc. REIT		285		1,346,158
NTT Urban Development Corporation		77,300		869,868
Premier Investment Corporation REIT		244		970,653
Sumitomo Realty & Development Co., Ltd.		85,256		3,658,337
Tokyo Tatemono Co., Ltd.D		177,892		1,645,376
Tokyu REIT, Inc.		507		707,162

				34,333,068

Jersey — 0.4%
LXB Retail Properties PLC*		380,000		812,911
Max Property Group PLC*		54,329		155,041

				967,952

Luxembourg — 0.6%
GAGFAH SA*		91,674		1,668,911

Mexico — 0.3%
Prologis Property Mexico SA de CV REIT*		381,700		810,563

Netherlands — 0.7%
Corio NV REIT		9,616		491,136
Wereldhave NV REIT		14,447		1,343,217

				1,834,353

Norway — 0.3%
Norwegian Property ASA*		679,000		835,764

Singapore — 3.6%
Ascendas Real Estate Investment Trust REIT		417,000		769,188
CapitaCommercial Trust REIT		1,017,237		1,386,882
CapitaLand, Ltd.		961,696		2,468,062
CapitaMall Trust REIT		365,000		578,134
City Developments, Ltd.		46,000		377,400
Frasers Centrepoint Trust REIT		238,418		362,340
Global Logistic Properties, Ltd.		1,086,886		2,353,510
Mapletree Industrial Trust REIT		270,000		309,648
Suntec Real Estate Investment Trust REITD		552,000		801,283

				9,406,447

Spain — 0.3%
Inmobiliaria Colonial SA*		104,867		83,572
Lar Espana Real Estate Socimi SA*		54,355		707,069

				790,641

Sweden — 0.7%
Fabege AB		91,878		1,300,157
Wihlborgs Fastigheter AB		28,458		545,177

				1,845,334

Switzerland — 0.6%
PSP Swiss Property AG*		15,507		1,460,120

United Kingdom — 5.7%
Big Yellow Group PLC REIT		56,931		483,259
British Land Co. PLC REIT		288,389		3,467,163
Capital & Counties Properties PLC		271,712		1,514,523

See Notes to Financial Statements.

188


	Shares		Value
Derwent London PLC REIT		30,594	$	1,402,679
Great Portland Estates PLC REIT		95,600		1,053,642
Hammerson PLC REIT		142,000		1,409,502
Land Securities Group PLC REIT		158,540		2,810,916
Quintain Estates & Development PLC*		336,900		510,262
Safestore Holdings PLC REIT		155,000		578,279
ST Modwen Properties PLC		94,000		576,882
Unite Group PLC		91,574		617,472
Workspace Group PLC REIT		50,958		497,092

				14,921,671

Total Foreign Common Stocks (Cost $122,687,898)				127,080,960

RIGHTS/WARRANTS — 0.0%
Citycon OYJ+*		182,946		100
Sun Hung Kai Properties, Ltd.*		18,583		24,265

Total Rights/Warrants (Cost $0)				24,365

MONEY MARKET FUNDS — 17.0%
GuideStone Money Market Fund (Investor Class)¥		6,254,760		6,254,760
Northern Institutional Liquid Assets Portfolio§		37,954,306		37,954,306

Total Money Market Funds (Cost $44,209,066)				44,209,066

TOTAL INVESTMENTS — 114.1% (Cost $282,760,113)				296,974,734
Liabilities in Excess of Other Assets — (14.1)%				(36,614,834	)

NET ASSETS — 100.0%			$	260,359,900

PORTFOLIO SUMMARY(based on net assets)


	%
Foreign Common Stocks		48.8
Financial Services		48.3
Money Market Funds		17.0
Rights/Warrants		—	**

		114.1

** Rounds to less than 0.005%.

See Notes to Financial Statements.

189

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, 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	$	125,660,343	$	125,660,343	$	—	$	—
Foreign Common Stocks:
Australia		16,179,548		16,179,548		—		—
Austria		391,168		391,168		—		—
Bermuda		1,042,800		1,042,800		—		—
Canada		9,113,597		9,113,597		—		—
Finland		675,229		675,229		—		—
France		8,314,890		8,314,890		—		—
Germany		3,690,985		3,690,985		—		—
Guernsey		302,033		302,033		—		—
Hong Kong		17,089,423		17,089,423		—		—
Ireland		630,487		630,487		—		—
Italy		775,976		775,976		—		—
Japan		34,333,068		34,333,068		—		—
Jersey		967,952		967,952		—		—
Luxembourg		1,668,911		1,668,911		—		—
Mexico		810,563		810,563		—		—
Netherlands		1,834,353		1,834,353		—		—
Norway		835,764		835,764		—		—
Singapore		9,406,447		9,406,447		—		—
Spain		790,641		790,641		—		—
Sweden		1,845,334		1,845,334		—		—
Switzerland		1,460,120		1,460,120		—		—
United Kingdom		14,921,671		14,921,671		—		—
Money Market Funds		44,209,066		44,209,066		—		—
Rights/Warrants		24,365		24,365		—		—

Total Assets — Investments in Securities	$	296,974,734	$	296,974,734	$	—	$	—

Other Financial Instruments***
Futures Contracts	$	83,557	$	83,557	$	—	$	—

Total Assets — Other Financial Instruments	$	83,557	$	83,557	$	—	$	—

***

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2014.

See Notes to Financial Statements.

190

GLOBAL NATURAL RESOURCES EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)


	Shares		Value
COMMON STOCKS — 29.5%
Energy — 19.5%
Antero Resources
CorporationD*		35,000	$	2,297,050
Cabot Oil & Gas CorporationD		305,872		10,442,470
Concho Resources, Inc.*		31,497		4,551,317
Denbury Resources, Inc.D		459,000		8,473,140
Laredo Petroleum, Inc.D*		177,142		5,487,859
Noble Energy, Inc.		115,129		8,917,892
Range Resources CorporationD		74,600		6,486,470
Rosetta Resources, Inc.D*		160,196		8,786,751
Southwestern Energy Co.*		94,621		4,304,309

				59,747,258

Materials & Processing — 7.6%
Compass Minerals
International, Inc.		79,400		7,601,756
Mosaic Co. (The)		216,370		10,699,497
Royal Gold, Inc.D		48,000		3,653,760
Stillwater Mining Co.D*		65,857		1,155,790

				23,110,803

Utilities — 2.4%
Calpine Corporation*		308,860		7,353,956

Total Common Stocks (Cost $79,502,019)				90,212,017

FOREIGN COMMON STOCKS — 63.1%
Australia — 6.3%
Evolution Mining, Ltd.D		897,000		592,079
Gold Road Resources, Ltd.D*		385,538		105,427
Gold Road Resources, Ltd. +*		1,429,000		343,607
Gryphon Minerals, Ltd.*		976,000		147,251
Iluka Resources, Ltd.		1,091,196		8,365,318
Mineral Resources, Ltd.		709,293		6,414,066
Newcrest Mining, Ltd.*		184,000		1,825,251
Papillon Resources, Ltd.*		731,000		1,302,772

				19,095,771

Bermuda — 1.4%
Continental Gold, Ltd.D*		241,000		790,497
Kosmos Energy, Ltd.*		305,600		3,431,888

				4,222,385

Canada — 39.7%
Agnico Eagle Mines, Ltd.D		107,800		4,128,271
Alamos Gold, Inc.		83,000		839,295
ARC Resources, Ltd.D		113,200		3,446,763
Argonaut Gold, Inc.D*		368,000		1,524,352
Asanko Gold, Inc.D*		341,000		885,962
AuRico Gold, Inc.D		609,000		2,594,340
B2Gold CorporationD*		1,261,000		3,678,926
Bear Creek Mining CorporationD*		193,100		542,899
Belo Sun Mining CorporationD*		289,000		47,397
Castle Mountain Mining Co., Ltd.*		216,000		137,651
Cayden Resources, Inc.D*		80,000		138,700
Eastmain Resources, Inc.*		215,000		85,633
Eldorado Gold CorporationD		683,000		5,218,120
First Quantum Minerals, Ltd.D		630,530		13,484,555
Fortuna Silver Mines, Inc.D*		112,000		617,120
Franco-Nevada CorporationD		63,000		3,612,420
Gold Canyon Resources, Inc.*		209,000		66,595
Goldcorp, Inc.D		488,239		13,626,750
Guyana Goldfields, Inc.D*		200,000		483,576


	Shares		Value
Hudbay Minerals, Inc.D		421,800	$	3,918,522
Klondex Mines, Ltd.*		383,000		717,867
Midway Gold CorporationD*		366,000		329,400
New Gold, Inc.D*		1,764,362		11,238,049
OceanaGold Corporation*		126,000		390,853
Orezone Gold Corporation*		347,000		282,920
Osisko Gold Royalties, Ltd.*		83,700		1,258,971
Painted Pony Petroleum, Ltd.*		264,300		3,380,999
Peyto Exploration & Development CorporationD		239,680		9,054,403
Premier Gold Mines, Ltd.*		93,000		257,111
Pretium Resources, Inc.D*		66,000		546,160
Primero Mining CorporationD*		208,100		1,666,881
Probe Mines, Ltd.D*		52,000		132,552
Rio Alto Mining, Ltd.D*		407,800		947,794
Romarco Minerals, Inc.D*		380,000		316,949
Roxgold, Inc.*		755,400		601,743
Rubicon Minerals CorporationD*		316,000		465,206
Sabina Gold & Silver CorporationD*		403,000		328,579
SEMAFO, Inc.		237,000		1,112,759
Silver Wheaton CorporationD		120,000		3,152,400
Sulliden Gold Corporation, Ltd.*		447,000		578,099
Tahoe Resources, Inc.D*		145,600		3,812,440
Timmins Gold Corporation*		455,962		816,164
Torex Gold Resources, Inc.*		1,085,000		1,657,420
Tourmaline Oil Corporation*		4,600		242,534
Turquoise Hill Resources, Ltd.D*		4,219,840		14,094,266
Yamana Gold, Inc.D		596,562		4,905,579

				121,365,945

Chile — 3.8%
Sociedad Quimica y Minera de Chile SA ADRD		395,332		11,587,181

Jersey — 2.1%
Lydian International, Ltd.D*		340,800		405,619
Randgold Resources, Ltd. ADRD		72,000		6,091,200

				6,496,819

Papua New Guinea — 1.9%
Oil Search, Ltd.		635,637		5,795,952

South Africa — 0.5%
AngloGold Ashanti, Ltd. ADRD*		84,000		1,445,640

United Kingdom — 7.4%
Amara Mining PLC*		594,000		231,269
Antofagasta PLC		529,094		6,908,864
Fresnillo PLC		92,000		1,372,946
Ophir Energy PLC*		1,604,665		6,049,899
Salamander Energy PLC*		1,010,153		2,420,274
Tullow Oil PLC		388,686		5,677,428

				22,660,680

Total Foreign Common Stocks (Cost $182,090,528)				192,670,373

See Notes to Financial Statements.

191

GLOBAL NATURAL RESOURCES EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)


	Shares		Value
MONEY MARKET FUNDS — 34.6%
GuideStone Money Market Fund (Investor Class)¥		23,245,757	$	23,245,757
Northern Institutional Liquid Assets Portfolio§		82,469,048		82,469,048

Total Money Market Funds (Cost $105,714,805)				105,714,805

TOTAL INVESTMENTS — 127.2%
(Cost $367,307,352)				388,597,195

Liabilities in Excess of Other Assets — (27.2)%				(83,015,029	)

NET ASSETS — 100.0%			$	305,582,166

PORTFOLIO SUMMARY (based on net assets)


	%
Foreign Common Stocks		63.1
Money Market Funds		34.6
Energy		19.5
Materials & Processing		7.6
Utilities		2.4

		127.2

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2014, 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	$	90,212,017	$	90,212,017	$	—	$	—
Foreign Common Stocks:
Australia		19,095,771		18,752,164		—		343,607
Bermuda		4,222,385		4,222,385		—		—
Canada		121,365,945		121,365,945		—		—
Chile		11,587,181		11,587,181		—		—
Jersey		6,496,819		6,496,819		—		—
Papua New Guinea		5,795,952		5,795,952		—		—
South Africa		1,445,640		1,445,640		—		—
United Kingdom		22,660,680		22,660,680		—		—
Money Market Funds		105,714,805		105,714,805		—		—

Total Assets — Investments in Securities	$	388,597,195	$	388,253,588	$	—	$	343,607

See Notes to Financial Statements.

192

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193


STATEMENTS OF ASSETS AND LIABILITIES		June 30, 2014 (Unaudited)


	Inflation Protected Bond Fund			Flexible Income Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	299,537,891		$	116,500,014
Investments in securities of affiliated issuers, at value		9,210,378			9,481,133

Total investments⁽¹⁾⁽²⁾		308,748,269			125,981,147
Cash		—			785,993
Cash collateral for derivatives		—			—
Foreign currency⁽³⁾		—			—
Receivables:
Dividends and reclaims		85			71
Interest		1,106,245			461,534
Securities lending		—			—
Receivable from advisor		—			—
Investment securities sold		32,804			4,174,904
Fund shares sold		173,159			—
Variation margin on financial futures contracts		5,005			—
Unrealized appreciation on foreign currency exchange contracts		33,283			—
Prepaid expenses and other assets		16,025			20,666

Total Assets		310,114,875			131,424,315

Liabilities
Cash overdraft		5,423			—
Foreign currency overdraft⁽³⁾		51,028			—
Options written at value⁽⁴⁾		8,063			—
Unrealized depreciation on foreign currency exchange contracts		307,798			—
Collateral held for securities on loan at value		—			—
Payables:
Investment securities purchased		960,618			9,559,290
Fund shares redeemed		13,821			—
Variation margin on financial futures contracts		92,513			—
Securities lending		—			—
Deferred foreign capital gains taxes		—			—
Accrued expenses:
Investment advisory fees		74,391			72,053
Shareholder servicing fees		59,730			23,370
Other expenses		45,174			54,401

Total Liabilities		1,618,559			9,709,114

Net Assets	$	308,496,316		$	121,715,201

Net Assets Consist of:
Paid-in-capital	$	305,301,434		$	121,087,251
Undistributed (distributions in excess of) net investment income		890,078			108,767
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency translations and derivative transactions		(2,666,102	)		121,750
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		4,970,906			397,433

Net Assets	$	308,496,316		$	121,715,201

Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class		N/A			N/A

Institutional shares outstanding		N/A			N/A

Net asset value, offering and redemption price per Institutional share		N/A			N/A

Net assets applicable to the Investor Class	$	308,496,316		$	121,715,201

Investor shares outstanding		29,141,347			12,102,736

Net asset value, offering and redemption price per Investor share	$	10.59		$	10.06


⁽¹⁾	Investments in securities of unaffiliated issuers, at cost	$	294,241,218		$	116,102,581
	Investments in securities of affiliated issuers, at cost		9,210,378			9,481,133

	Total investments at cost	$	303,451,596		$	125,583,714

⁽²⁾	Includes securities loaned of:	$	—		$	—

⁽³⁾	Foreign currency at cost	$	(50,149	)	$	—

⁽⁴⁾	Premiums received on options written	$	61,653		$	—

See Notes to Financial Statements.

194


Real Assets Fund		Real Estate Securities Fund		Global Natural Resources Equity Fund

$	8,816,632	$	290,719,974	$	365,351,438
	43,013,183		6,254,760		23,245,757

	51,829,815		296,974,734		388,597,195
	—		—		—
	—		315,250		—
	—		1,213,276		—

	8		1,333,608		47,745
	—		—		—
	—		5,717		13,339
	4,824		—		—
	—		3,240,950		929,198
	316,858		32,786		137,228
	—		27,470		—
	—		—		—
	20,192		10,201		21,666

	52,171,697		303,153,992		389,746,371


	—		—		156,176
	—		—		27
	—		—		—
	—		—		—
	—		37,954,306		82,469,048
	—		4,569,062		1,157,559
	—		36,445		—
	—		—		—
	—		1,257		2,934
	—		—		1,440

	—		149,539		243,213
	—		50,996		58,451
	17,728		32,487		75,357

	17,728		42,794,092		84,164,205

$	52,153,969	$	260,359,900	$	305,582,166


$	49,954,723	$	243,341,693	$	276,701,952
	287,217		563,580		(740,814	)

	346,041		2,148,076		8,330,678

	1,565,988		14,306,551		21,290,350

$	52,153,969	$	260,359,900	$	305,582,166



	N/A		N/A		N/A

	N/A		N/A		N/A

	N/A		N/A		N/A

$	52,153,969	$	260,359,900	$	305,582,166

	4,941,688		25,058,311		27,182,976

$	10.55	$	10.39	$	11.24


$	8,489,540	$	276,505,353	$	344,061,595
	41,774,287		6,254,760		23,245,757

$	50,263,827	$	282,760,113	$	367,307,352

$	—	$	37,204,254	$	94,486,288

$	—	$	1,207,755	$	(27	)

$	—	$	—	$	—

See Notes to Financial Statements.

195


STATEMENTS OF OPERATIONS		For the Six Months Ended June 30, 2014 (Unaudited)


	Inflation Protected Bond Fund			Flexible Income Fund
Investment Income
Dividends	$	—		$	—
Income distributions received from affiliated funds		854			434
Interest		4,535,341			2,373,301
Securities lending		82			—
Less foreign taxes withheld		—			—

Total Investment Income		4,536,277			2,373,735

Expenses
Investment advisory fees		441,915			414,859
Transfer agent fees:
Investor shares		10,530			8,469
Custodian fees		20,112			30,726
Shareholder servicing fees:
Investor shares		344,253			134,645
Accounting and administration fees		33,669			22,988
Professional fees		28,002			33,101
Blue sky fees:
Investor shares		8,574			894
Shareholder reporting fees:
Investor shares		3,206			276
Trustee expenses		1,344			531
Line of credit facility fees		1,007			6,239
Other expenses		13,126			5,515

Total Expenses		905,738			658,243
Expenses waived/reimbursed net of amount recaptured⁽¹⁾		(20,516	)		14,980
Fees paid indirectly		—			—

Net expenses		885,222			673,223

Net Investment Income (Loss)		3,651,055			1,700,512

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Capital gain distributions received from affiliated funds		—			—
Investment securities		111,515			122,556
Investment securities of affiliated issuers		—			—
Futures transactions		(1,522,235	)		—
Option contracts written		260,132			—
Option contracts purchased		(371,011	)		—
Foreign currency transactions		109,708			—

Net realized gain (loss)		(1,411,891	)		122,556

Net change in unrealized appreciation (depreciation) on:
Investment securities		13,087,105			(119,642	)
Investment securities of unaffiliated issuers		—			—
Futures		(184,171	)		—
Option contracts written		21,210			—
Option contracts purchased		(118,334	)		—
Foreign currency translation		140,309			—

Net change in unrealized appreciation (depreciation)		12,946,119			(119,642	)

Net Realized and Unrealized Gain		11,534,228			2,914

Net Increase in Net Assets Resulting from Operations	$	15,185,283		$	1,703,426

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

See Notes to Financial Statements.

196


Real Assets Fund			Real Estate Securities Fund			Global Natural Resources Equity Fund

$	—		$	4,276,702		$	1,671,130
	310,347			266			955
	—			135			—
	—			72,392			80,766
	—			(252,126	)		(107,003	)

	310,347			4,097,369			1,645,848


	19,923			865,208			1,457,332

	8,757			12,014			8,446
	5,109			60,437			39,929

	—			292,149			336,957
	2,174			44,502			51,077
	21,997			32,553			29,206

	8,065			10,109			894

	1,142			6,270			260
	145			1,138			1,254
	106			849			944
	4,836			22,438			8,259

	72,254			1,347,667			1,934,558
	(48,814	)		(6,258	)		(28,254	)
	—			—			(9,746	)

	23,440			1,341,409			1,896,558

	286,907			2,755,960			(250,710	)



	12,628			—			—
	—			3,960,008			8,303,260
	19,280			—			—
	—			482,832			—
	—			—			—
	—			—			—
	—			18,436			(10,657	)

	31,908			4,461,276			8,292,603


	2,142,831			20,617,332			33,756,285
	355,307			—			—
	—			(73,980	)		—
	—			—			—
	—			—			—
	—			12,137			307

	2,498,138			20,555,489			33,756,592

	2,530,046			25,016,765			42,049,195

$	2,816,953		$	27,772,725		$	41,798,485

See Notes to Financial Statements.

197

STATEMENTS OF CHANGES IN NET ASSETS


	Inflation Protected Bond Fund
	For the Six Months Ended 06/30/14			For the Year Ended 12/31/13
	(Unaudited)
Operations:
Net investment income (loss)	$	3,651,055		$	2,252,657
Net realized gain (loss) on investment securities, foreign currency transactions and derivative transactions		(1,411,891	)		(1,116,237	)
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations and derivative transactions		12,946,119			(20,279,614	)

Net increase (decrease) in net assets resulting from operations		15,185,283			(19,143,194	)

Dividends and Distributions to Shareholders:
Dividends from net investment income⁽²⁾		(3,161,597	)		(1,868,128	)
Distributions from net realized capital gains		—			(882,675	)

Total dividends and distributions		(3,161,597	)		(2,750,803	)

Capital Share Transactions:
Proceeds from Investor shares sold		30,812,014			151,311,796
Reinvestment of dividends and distributions into Investor shares		3,160,740			2,749,825

Total proceeds from shares sold and reinvested		33,972,754			154,061,621

Value of Investor shares redeemed		(11,610,638	)		(55,819,406	)

Total value of shares redeemed		(11,610,638	)		(55,819,406	)

Net increase (decrease) from capital share transactions⁽³⁾		22,362,116			98,242,215

Total increase in net assets		34,385,802			76,348,218

Net Assets:
Beginning of Period		274,110,514			197,762,296

End of Period*	$	308,496,316		$	274,110,514

*Including undistributed (distributions in excess of) net investment income	$	890,078		$	400,620

⁽¹⁾	Inception date was July 1, 2013.

⁽²⁾	Includes dividends paid from the short-term portion of capital gain distributions received from affiliated funds for the Real Assets Fund.

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

See Notes to Financial Statements.

198


Flexible Income Fund						Real Assets Fund						Real Estate Securities Fund						Global Natural Resources Equity Fund
For the Six Months Ended 06/30/14			For the Period 07/01/13⁽¹⁾ -12/31/13			For the Six Months Ended 06/30/14			For the Period 07/01/13⁽¹⁾ -12/31/13			For the Six Months Ended 06/30/14			For the Year Ended 12/31/13			For the Six Months Ended 06/30/14			For the Period 07/01/13⁽¹⁾ -12/31/13
(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)

$	1,700,512		$	1,009,158		$	286,907		$	107,413		$	2,755,960		$	3,527,093		$	(250,710	)	$	(281,723	)
	122,556			109,553			31,908			464,211			4,461,276			25,142,395			8,292,603			2,955,718
	(119,642	)		517,075			2,498,138			(932,150	)		20,555,489			(26,798,154	)		33,756,592			(12,466,242	)

	1,703,426			1,635,786			2,816,953			(360,526	)		27,772,725			1,871,334			41,798,485			(9,792,247	)


	(1,591,745	)		(1,014,482	)		—			(258,438	)		(1,824,668	)		(4,569,650	)		—			(747,193	)
	(91,993	)		(14,042	)		—			—			(258,537	)		(25,908,952	)		—			(2,379,831	)

	(1,683,738	)		(1,028,524	)		—			(258,438	)		(2,083,205	)		(30,478,602	)		—			(3,127,024	)


	12,236,833			109,825,782			23,729,370			29,147,087			17,961,772			142,160,856			17,905,220			274,513,313
	1,683,738			1,028,524			—			258,438			2,080,227			30,476,790			—			3,127,024

	13,920,571			110,854,306			23,729,370			29,405,525			20,041,999			172,637,646			17,905,220			277,640,337

	(1,387,713	)		(2,298,913	)		(2,042,966	)		(1,135,949	)		(20,274,332	)		(100,275,836	)		(14,843,392	)		(3,999,213	)

	(1,387,713	)		(2,298,913	)		(2,042,966	)		(1,135,949	)		(20,274,332	)		(100,275,836	)		(14,843,392	)		(3,999,213	)

	12,532,858			108,555,393			21,686,404			28,269,576			(232,333	)		72,361,810			3,061,828			273,641,124

	12,552,546			109,162,655			24,503,357			27,650,612			25,457,187			43,754,542			44,860,313			260,721,853


	109,162,655			—			27,650,612			—			234,902,713			191,148,171			260,721,853			—

$	121,715,201		$	109,162,655		$	52,153,969		$	27,650,612		$	260,359,900		$	234,902,713		$	305,582,166		$	260,721,853

$	108,767		$	—		$	287,217		$	310		$	563,580		$	(367,712	)	$	(740,814	)	$	(490,104	)

See Notes to Financial Statements.

199

FINANCIAL HIGHLIGHTS (Unaudited)


For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																												Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains (2)			Excess Distribution/ Return of Capital			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (000)		Expenses, Net (3)(4)			Expenses, Gross (3)(5)			Investment Income, Net (1)(4)			Portfolio Turnover Rate
Inflation Protected Bond Fund
Investor Class
2014(6)	$	10.15	$	0.13	#	$	—		$	0.42		$	(0.11	)	$	—		$	—		$	10.59		5.44	%	$	308,496		0.62	%		0.63	%		2.55	%		34	%
2013(7)		11.25		0.10	#		—	†		(1.06	)		(0.09	)		(0.05	)		—			10.15		(8.64	)		274,111		0.64			0.65			0.98			75
2012		11.16		0.21	#		—	†		0.46			(0.20	)		(0.38	)		—			11.25		6.06			197,762		0.65			0.66			1.80			94
2011		10.43		0.29	#		—	†		0.94			(0.31	)		(0.19	)		—			11.16		12.00			163,156		0.66			0.68			2.65			114
2010		10.32		0.20	#		—			0.40			(0.21	)		(0.28	)		—			10.43		5.82			107,825		0.65			0.66			1.90			113
2009(8)		10.00		0.19	#		—			0.32			(0.18	)		(0.01	)		—			10.32		5.12			87,994		0.67			0.70			3.53			55
Flexible Income Fund
Investor Class
2014(6)	$	10.06	$	0.15	#	$	—		$	—		$	(0.14	)	$	(0.01	)	$	—		$	10.06		1.50	%	$	121,715		1.20	%		1.17	%		3.03	%		50	%
2013(9)		10.00		0.11	#		—	†		0.05			(0.10	)		—	†		—			10.06		1.57			109,163		1.20			1.26			2.22			25
Real Assets Fund
Investor Class
2014(6)	$	9.82	$	0.07	#	$	—	†	$	0.66		$	—		$	—		$	—		$	10.55		7.43	%	$	52,154		0.12	%		0.37	%		1.47	%		1	%
2013(9)		10.00		0.06	#		0.27			(0.42	)		(0.09	)		—			—			9.82		(0.87	)		27,651		0.12			0.89			1.22			1
Real Estate Securities Fund
Investor Class
2014(6)	$	9.36	$	0.11	#	$	—		$	1.00		$	(0.07	)	$	(0.01	)	$	—		$	10.39		11.90	%	$	260,360		1.10	%		1.11	%		2.26	%		61	%
2013(10)		10.60		0.17	#		—	†		(0.02	)		(0.21	)		(1.18	)		—			9.36		1.49			234,903		1.05			1.05			1.56			168
2012		9.18		0.17	#		—	†		1.40			(0.15	)		—			—			10.60		17.09			191,148		1.05			1.06			1.62			95
2011		8.52		0.08	#		—	†		0.65			(0.07	)		—			—			9.18		8.51			150,227		1.14			1.14			0.85			90
2010		6.74		0.11	#		—			1.82			(0.15	)		—			—			8.52		28.80			141,900		1.19			1.19			1.41			105
2009		5.25		0.12	#		—			1.49			(0.12	)		—			—	†		6.74		31.21			121,533		1.27			1.28			2.29			128
Global Natural Resources Equity Fund
Investor Class
2014(6)	$	9.71	$	(0.01	)#	$	—		$	1.54		$	—		$	—		$	—		$	11.24		15.76	%	$	305,582		1.35	%		1.38	%		(0.18	)%		17	%
2013(9)(11)		10.00		(0.01	)#		—	†		(0.16	)		(0.03	)		(0.09	)		—			9.71		1.69			260,722		1.42			1.42			(0.24	)		18

†	Amount represents less than $0.005 per share.

#	Calculated using the average shares outstanding method.

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

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

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

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

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

(6)	For the six months ended June 30, 2014. 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 0.01%.

(8)	Inception date was June 25, 2009. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

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

(10)	An out of period adjustment to Investment Income had no impact on Net Investment Income per Share or Total Return; however, the Ratio of Net Investment Income to Average Net Assets increased by 0.03%.

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

See Notes to Financial Statements.

200

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. DESCRIPTION OF THE FUNDS

GuideStone Funds (the “Trust”) was organized as a Delaware statutory trust on March 2, 2000. The Trust has established twenty-seven series (each, a “Fund” and together, the “Funds”). Each Fund is a diversified, open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The MyDestination 2005, MyDestination 2015, MyDestination 2025, MyDestination 2035, MyDestination 2045 and MyDestination 2055 Funds, are each referred to as a “Date Target Fund” and together as the “Date Target Funds.” The Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund, Aggressive Allocation Fund, Conservative Allocation Fund I, Balanced Allocation Fund I, Growth Allocation Fund I and Aggressive Allocation Fund I are each referred to as an “Asset Allocation Fund” and together as the “Asset Allocation Funds.” The remaining Funds are each referred to as a “Select Fund” and are together referred to as the “Select Funds.” The Money Market Fund is referred to as the “Money Market Fund.” The Low-Duration Bond Fund, Medium-Duration Bond Fund, Extended-Duration Bond Fund, Inflation Protected Bond Fund and Global Bond Fund are together referred to as the “Bond Funds.” The Defensive Market Strategies Fund, Equity Index Fund, Real Estate Securities Fund, Value Equity Fund, Growth Equity Fund, Small Cap Equity Fund and International Equity Fund are together referred to as the “Equity Funds.” The Inflation Protected Bond Fund and the Real Estate Securities Fund may also be referenced as the “Real Return Select Fund(s).” The MyDestination 2055 Fund commenced operations as a registered investment company on January 1, 2012.

Effective May 1, 2014, the GS2 Class and the GS4 Class were designated as Institutional Class and Investor Class, respectively. There are two classes of shares issued by the Funds — the Institutional Class and the Investor Class (each, a “Class” and together the “Classes”), except for the Date Target Funds, the Inflation Protected Bond Fund, the Global Bond Fund, and the Real Estate Securities Fund, which issued the Investor Class only. The Conservative Allocation Fund I, Balanced Allocation Fund I, Growth Allocation Fund I and Aggressive Allocation Fund I issued the Institutional Class only. All Classes of shares have identical voting, dividend and liquidation rights. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses on investments are allocated to each Class of shares based upon its relative net assets.

Each Fund is a separate mutual fund with its own investment objective, strategies and risks. The Select Funds invest directly in particular types of fixed-income obligations, stocks and other investments. The Asset Allocation and Date Target Funds primarily invest in a different mix of the Select Funds to meet a specified investment strategy. The Asset Allocation and Date Target Funds are commonly referred to as “Fund of Funds.”

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are in conformity with generally accepted accounting principles (“GAAP”) in the United States of America which require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

a. Valuation of Securities

The Funds (except the Money Market Fund) each value securities traded on national securities exchanges or included in national market systems at the last quoted sale price, or official close price, on the principal exchange on which they were traded, or, in the absence of any sale or official close price, at the closing bid price. Securities which are primarily traded on foreign exchanges are generally valued at the closing values of such securities on their respective exchanges, except that when an occurrence subsequent to the time when the foreign security is valued is likely to have changed such value, then the fair value of those securities will be determined through procedures established by or under the direction of the Board of Trustees of the Trust (the “Board of Trustees”). Non-exchange traded securities for which an over-the-counter quotation is readily available are valued at the last quoted bid price.

201

Debt securities, excluding asset-backed and mortgage-backed securities, are valued at the mean of the last bid and ask prices available. Asset-backed and mortgage-backed securities are generally valued at the last bid price, if available. Certain debt securities may be valued on the basis of broker quotations, valuations provided by a pricing service which may use a matrix, formula or other objective methods that take into consideration market indices, matrices, yield curves and other specific adjustments or by a sub-adviser using various methodologies approved by the Board of Trustees.

Short-term securities maturing in more than 60 days from the valuation date are valued at the mean of the last bid and ask prices; those maturing in 60 days or less are generally valued at amortized cost which approximates current market value in accordance with Rule 2a-7 of the 1940 Act.

Forward foreign exchange contracts are valued based upon closing exchange rates from each respective foreign market.

Futures contracts are valued at the closing settlement price on the exchange on which they are primarily traded.

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

Swap agreements are valued daily based upon the terms specific to each agreement with its counterparty.

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

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its NAV. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates its NAV if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector. If a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its NAV, a Valuation Committee meeting may be called. The Trust uses Interactive Data Corporation (“IDC”) as a third party fair valuation vendor. IDC provides a fair value for foreign equity securities held by the Trust based on certain factors and methodologies applied by IDC in the event that there is movement in the U.S. market that exceeds a specific threshold established by the Valuation Committee in consultation with, and approved by, the Board of Trustees. Such methodologies generally involve tracking valuation correlations between the U.S. market and each non-U.S. security. As part of the valuation procedures, a “confidence interval” is used, when the threshold is exceeded, to determine the level of correlation between the value of a foreign equity security and movements in the U.S. market before a particular security will be fair valued. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Trust will typically value non-U.S. equity securities in its portfolio that exceed the applicable confidence interval based upon the fair values provided by IDC.

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

The Financial Accounting Standards Board’s (“FASB”) “Fair Value Measurements and Disclosures” defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants

202

at the measurement date. It establishes and requires disclosure of a fair value hierarchy, separately for each major category of assets and liabilities, which segregates fair value measurements into levels (Levels 1, 2, and 3). Categorizations of fair value measurements, and the criteria used to determine each categorization, are as follows:

Level 1 – quoted prices in active markets for identical securities which include:

Equity securities, including restricted securities, for which market quotations are readily available, that are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded; and

Investments in open-end mutual funds, including the GuideStone Funds and the Northern Institutional Liquid Assets Portfolio, which are valued at their closing net asset value each business day.


Level 2 –		prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) which include:

Equity securities for which there were no sales or closing prices for that day, that are valued at the last quoted bid price or that may be valued using the last available price;

Foreign equity securities for which a Significant Event has occurred and a fair value price is provided by IDC;

Debt securities, including restricted securities that are valued based on evaluated quotations received from independent pricing. For corporate bonds, pricing services that utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices; and

Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available and are valued at amortized cost.


Level 3 –		prices determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) which include:

Restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used; and

Debt securities, including restricted securities that are valued based on evaluated quotations received from dealers who make markets in such securities.

Valuation levels are not necessarily an indication of the risk associated with investing in those securities and changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Management has determined that the amount of transfers between Level 1 and Level 2 and between Level 2 and Level 3 compared to total net assets of the applicable Funds is not material; therefore, the transfers between Level 1 and Level 2 and between Level 2 and Level 3 are not shown for the period ended June 30, 2014.

b. Equity Linked Securities

The Defensive Market Strategies Fund invests in equity-linked securities. Equity-linked securities are hybrid financial instruments that generally combine both debt and equity characteristics into a single note form. Income received from equity linked securities will be recorded as realized gains in the Statement of Operations and may be based on the performance of an underlying equity security, an equity index, or an option position. The risks of investing in equity-linked securities include

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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 equity linked securities and the appreciation potential may be limited. Equity-linked securities may be more volatile and less liquid than other investments held by the Fund.

c. Fixed Income Securities

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

Collateralized Mortgage Obligations (“CMOs”) are debt obligations of a legal entity that are collateralized by mortgages and divided into classes. CMOs are structured into multiple classes, often referred to as “tranches,” with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including pre-payments. Commercial Mortgage-Backed Securities (“CMBS”) include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. CMOs and CMBS may be less liquid and may exhibit greater price volatility than other types of mortgage- or asset-backed securities. Stripped Mortgage-Backed Securities (“SMBS”) are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). Payments received for IOs are included in interest income on the Statements of Operations. Because little to 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.

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

During the period ended June 30, 2014, the Low-Duration Bond Fund and Medium-Duration Bond Fund entered into dollar roll transactions, pursuant to which they sell a mortgage-backed TBA or security and simultaneously purchase a similar, but not identical, TBA with the same issuer, rate and terms. The Funds may execute a “roll” to obtain better underlying mortgage securities or to increase yield. The Funds account for dollar roll transactions as purchases and sales, which has the effect of increasing their portfolio turnover rates. Risks associated with dollar rolls are that actual mortgages received by the Funds may be less favorable than those anticipated or that counterparties may fail to perform under the terms of the contracts.

TBA sale commitments are commitments to sell mortgage-backed securities for a fixed price at a future date. TBAs may be considered securities in themselves and involve a risk of loss if the value of the security to be sold increases prior to settlement date of the Fund’s other assets.

U.S. Government securities are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the NAV of the Funds’ shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”), are supported by the full faith and credit of the United States Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the United States Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation, the common stock of which is owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the United States Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the United States Government.

The U.S. Treasury has historically had the authority to purchase obligations of Fannie Mae and Freddie Mac (collectively, the “GSEs”). However, in 2008, due to capitalization concerns, Congress provided the U.S. Treasury with additional authority to lend the GSEs emergency funds and to purchase their stock. In September 2008, those capital concerns led the U.S. Treasury and the Federal Housing Finance Authority (“FHFA”) to announce that the GSEs had been placed in conservatorship.

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Since that time, the GSEs have received significant capital support through U.S. Treasury preferred stock purchases, as well as Treasury and Federal Reserve purchases, of their mortgage backed securities (“MBS”). The FHFA and the U.S. Treasury (through its agreement to purchase GSE preferred stock) have imposed strict limits on the size of their mortgage portfolios. While the MBS purchase programs ended in 2010, the U.S. Treasury announced in December 2009 that it would continue its support for the entities’ capital as necessary to prevent a negative net worth through at least 2012. While the U.S. Treasury was committed to offset negative equity at the GSEs through its preferred stock purchases through 2012, no assurance could be given that the Federal Reserve, U.S. Treasury, or FHFA initiatives would ensure that the GSEs would remain successful in meeting their obligations with respect to the debt and MBS they issue beyond that date.

The problems faced by the GSEs resulting in their being placed into federal conservatorship and receiving significant U.S. Government support have sparked serious debate among federal policy makers regarding the continued role of the U.S. Government in providing liquidity for mortgage loans. The Obama Administration produced a report to Congress on February 11, 2011 outlining a proposal to wind down the GSEs by increasing their guarantee fees, reducing their conforming loan limits (the maximum amount of each loan they are authorized to purchase), and continuing progressive limits on the size of their investment portfolio. Congress is currently considering several pieces of legislation that would reform the GSEs and possibly wind down their existence, addressing portfolio limits and guarantee fees, among other issues.

Based on quarterly loss figures, in August 2011, both GSEs requested additional support from the U.S. Treasury (Fannie Mae requested $2.8 billion and Freddie Mac requested $1.5 billion, net of dividend payments to the U.S. Treasury). In August 2012, the U.S. Treasury announced a set of modifications to the Preferred Stock Purchase Agreements between the U.S. Treasury and the FHFA. Instead of receiving 10% dividends from the GSEs, the U.S. Treasury will take a quarterly sweep of all profits earned by the firms going forward.

Serious discussions among policymakers continue, however, as to what role the U.S. Government should play in the U.S. housing market. Fannie Mae and Freddie Mac also are the subject to several continuing legal actions and investigations over certain accounting, disclosure or corporate governance matters, which (along with any resulting financial restatements) may continue to have an adverse effect on the guaranteeing entities. Importantly, the future of the GSEs is in serious question as the U.S. Government considers multiple options.

d. 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.

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e. Loan Participations

The Bond Funds and the Small Cap Equity Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate borrowers. A Fund’s investments in loans may be in the form of participations in

loans. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a floating rate loan. In certain circumstances, a Fund may receive a prepayment penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense on the Statements of Operations.

f. PIPEs

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

g. REITs

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

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

h. Repurchase Agreements

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

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

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At June 30, 2014, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:


Fund/Counterparty	Repurchase Agreements		Fair Value of Non-cash Collateral Received			Cash Collateral Received		Net Amount⁽¹⁾



Money Market
Goldman Sachs & Co.	$	32,581,000	$	(32,581,000	)	$	—	$	—


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

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

i. Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. The Fund’s obligation to replace the security borrowed and sold short will be fully collateralized at all times by cash equivalents deposited in an account with the Fund’s custodian. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss; and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs.

The Equity Funds may sell short exchange-listed equity futures contracts to reduce market exposure. The Date Target Funds, Asset Allocation Funds, Bond Funds and Small Cap Equity Fund may sell short U.S. Treasury securities and exchange-listed U.S. Treasury futures contracts to reduce market exposure. The Low-Duration Bond and Medium-Duration Bond Funds will occasionally enter into a short sale to initiate a dollar roll transaction. The Defensive Market Strategies Fund may establish short positions in stocks of companies with a market value of up to 30% of the Fund’s assets. The International Equity Fund may establish short positions in stocks of foreign companies with a market value of up to 7% of the Fund’s assets.

At June 30, 2014, the value of securities sold short in the Low-Duration Bond, Medium-Duration Bond and International Equity Funds amounted to $3,116,467, $9,433,768 and $96,880,005, respectively.

j. Derivative Financial Instruments

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

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

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

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

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

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

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

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

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities.

Certain Funds may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract on a future date. If a written call swaption is exercised, the writer will enter a swap and is obligated to pay the fixed-rate and receive a floating rate in exchange. If a written put swaption is exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange. Swaptions are marked-to-market daily based upon quotations from market makers. When a Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current market value of the swaption. Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk in excess of the associated option and swap contract amounts reported in the Statement of Assets and Liabilities. The Funds bear the market risk arising from any change in index values or interest rates.

Swap Agreements — Each Select Fund, except the Money Market Fund, may enter into swap agreements. The Defensive Market Strategies Fund and Equity Funds may enter into equity swap contracts and the Bond Funds and the Small Cap Equity Fund may enter into interest rate and credit default swaps. The Bond Funds and International Equity Fund may enter into cross-currency swaps, and each Select Fund may enter into total return swaps.

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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 of the Board of Trustees, 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 Fund’s derivative agreements contain provisions that require the Fund to maintain a predetermined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over one-month, three-month and 12-month periods. If a Fund were to violate such provisions, the counterparties to the derivative instruments could request immediate payment or demand immediate collateralization on derivative instruments in net liability positions. For the period ended June 30, 2014, all of the Funds maintained the required level of net assets and/or the NAVs of the Funds did not decline below the limits set forth in the derivative agreements.

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

Credit Default Swaps — Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the

term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

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Any upfront payments made or received upon entering a credit default swap contract are treated as part of the cost and are reflected as part of the unrealized gain (loss) on valuation. Upon termination of the swap contract, the amount included in the cost is reversed and becomes part of the swap’s realized gain (loss).

The sub-advisers monitor a variety of factors including cash flow assumptions, market activity, market sentiment and valuation as part of their ongoing process of assessing payment and performance risk. As payment and performance risk increases, the value of a credit default swap increases, resulting in recognition of unrealized gains for long positions and unrealized losses for short positions. Conversely, as payment and performance risk decreases, unrealized gains are recognized for short positions and unrealized losses are recognized for long positions. Any current or future declines in the fair value of the swap may be partially offset by 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.

Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate issues or sovereign issues of an emerging country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other write down or loss events on the underlying mortgage loans will reduce the outstanding

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principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit-default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end are disclosed in the footnotes to the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Credit default swaps involve greater risks than if the Funds had invested in the referenced obligation directly. In addition to general market risks, credit default swaps are subject to liquidity risk and counterparty credit risk. The Funds enter into credit default swaps with counterparties meeting defined criteria for financial strength. A buyer also may lose its investment and recover nothing should a credit event not occur. If a credit event did occur, the value of the referenced obligation received by the seller, coupled with the periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value.

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Exchange Traded Swap Agreements — Exchange traded swaps are either interest rate or credit default swap agreements brokered by the Chicago Mercantile Exchange (the “CME”) where the CME is the counterparty to both the buyer and seller of protection. Exchange traded swaps involve a lesser degree of risk because the CME, as counterparty, monitors risk factors for the involved parties. Exchange traded swaps are subject to general market risks and to liquidity risk. Pursuant to the agreement, the Funds agree to pay to or receive from the broker an amount of cash equal to the daily fluctuation in the value of the contract (the “Margin”) and daily interest on the margin. In the case of exchange traded interest rate swaps, the daily settlement also includes the daily portion of interest. Such payments are recorded by the Funds as unrealized gains or losses until the contract is closed or settled.

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

Cross-Currency Swap Agreements — Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows but only for exchanging interest cash flows.

Interest Rate Swap Agreements — Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a 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 receives either fixed or determined by floating price or rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may be an equity, index, or bond, and in return receives a regular stream of payments. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty.

FASB “Derivatives and Hedging” includes required disclosure for (i) the nature and terms of the derivative, reasons for entering into the derivative, the events or circumstances that would require the seller to perform under the derivative, and the current status of the payment/performance risk of the derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the derivative, (iii) the fair value of the derivative, and (iv) the

213

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, 2014, the Low-Duration Bond Fund and the Medium-Duration Bond Fund are the buyers (“receiving protection”) on a total notional amount of $5,573,522 and $9,070,000, respectively, and the sellers (“providing protection”) on a total notional amount of $1,675,757 and $28,000,000, respectively. The notional amounts of the swaps are not recorded in the financial statements; however, the notional amount does approximate the maximum potential amount of future payments that the Funds could be required to make if the Funds were the seller of protection and a credit event were to occur. Those credit default swaps for which the Funds are providing protection at balance sheet date are summarized as follows:


Written Credit Derivative Contracts	Single Name Credit Default Swaps				Credit Default Swap Index
Reference Asset	Corporate Debt		Sovereign Debt		Asset-Backed Securities			Corporate Debt		Total

Low-Duration Bond Fund
Fair value of written credit derivatives	$	30,234	$	—	$	(1,342	)	$	—	$	28,892
Maximum potential amount of future payments		1,300,000		—		375,757			—		1,675,757
Recourse provisions with third parties to recover any amounts paid under the credit derivative (including any purchased credit protection)		—		—		—			—		—
Collateral held by the Funds or other third parties which the Funds can obtain upon occurrence of triggering event		—		—		—			—		—

Medium-Duration Bond Fund

Fair value of written credit derivatives	$	355,433	$	27,241	$	317,256		$	—	$	699,930
Maximum potential amount of future payments		4,100,000		6,700,000		17,200,000			—		28,000,000
Recourse provisions with third parties to recover any amounts paid under the credit derivative (including any purchased credit protection)		—		—		—			—		—
Collateral held by the Funds or other third parties which the Funds can obtain upon occurrence of triggering event		—		—		—			—		—

214

The credit spread disclosed below for each referenced obligation where the Funds are the seller of protection is a representation of the current payment/performance risk of the swap.


	Maximum Potential Amount of Future Payments by Contract Term
Current credit spread on underlying (in basis points)	0-6 Months		6-12 Months		1-5 Years		5-10 Years		More Than 10 Years		Total

Low-Duration Bond Fund
0 - 100	$	—	$	—	$	1,200,000	$	—	$	375,757	$	1,575,757
101 - 250		—		—		100,000		—		—		100,000
251 - 500		—		—		—		—		—		—
501 - 1,000		—		—		—		—		—		—
Greater than 1,000		—		—		—		—		—		—

Total	$	—	$	—	$	1,300,000	$	—	$	375,757	$	1,675,757


Medium-Duration Bond Fund

0 - 100	$	—	$	—	$	21,400,000	$	5,600,000	$	—	$	27,000,000
101 - 250		—		—		1,000,000		—		—		1,000,000
251 - 500		—		—		—		—		—		—
501 - 1,000		—		—		—		—		—		—
Greater than 1,000		—		—		—		—		—		—

Total	$	—	$	—	$	22,400,000	$	5,600,000	$	—	$	28,000,000

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, 2014, derivative assets and liabilities (by type) held by the Funds are as follows:


Fund	Assets		Liabilities
MyDestination 2005
Derivative Financial Instruments:
Financial futures contracts	$	120	$	—

Total derivative assets and liabilities in the Statements of Assets and Liabilities		120		—
Derivatives not subject to an MA or similar agreement		120		—

Total assets and liabilities subject to an MA	$	—	$	—


MyDestination 2015
Derivative Financial Instruments:
Financial futures contracts	$	2,904	$	800

Total derivative assets and liabilities in the Statements of Assets and Liabilities		2,904		800
Derivatives not subject to an MA or similar agreement		2,904		800

Total assets and liabilities subject to an MA	$	—	$	—

215


Fund	Assets		Liabilities
MyDestination 2025
Derivative Financial Instruments:
Financial futures contracts	$	4,069	$	1,600

Total derivative assets and liabilities in the Statements of Assets and Liabilities		4,069		1,600
Derivatives not subject to an MA or similar agreement		4,069		1,600

Total assets and liabilities subject to an MA	$	—	$	—

MyDestination 2035
Derivative Financial Instruments:
Financial futures contracts	$	3,042	$	1,350

Total derivative assets and liabilities in the Statements of Assets and Liabilities		3,042		1,350
Derivatives not subject to an MA or similar agreement		3,042		1,350

Total assets and liabilities subject to an MA	$	—	$	—

MyDestination 2045
Derivative Financial Instruments:
Financial futures contracts	$	1,821	$	1,120

Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,821		1,120
Derivatives not subject to an MA or similar agreement		1,821		1,120

Total assets and liabilities subject to an MA	$	—	$	—

MyDestination 2055
Derivative Financial Instruments:
Financial futures contracts	$	80	$	—

Total derivative assets and liabilities in the Statements of Assets and Liabilities		80		—
Derivatives not subject to an MA or similar agreement		80		—

Total assets and liabilities subject to an MA	$	—	$	—

Conservative Allocation
Derivative Financial Instruments:
Financial futures contracts	$	897	$	160

Total derivative assets and liabilities in the Statements of Assets and Liabilities		897		160
Derivatives not subject to an MA or similar agreement		897		160

Total assets and liabilities subject to an MA	$	—	$	—

216


Fund	Assets		Liabilities
Balanced Allocation
Derivative Financial Instruments:
Financial futures contracts	$	16,934	$	3,680

Total derivative assets and liabilities in the Statements of Assets and Liabilities		16,934		3,680
Derivatives not subject to an MA or similar agreement		16,934		3,680

Total assets and liabilities subject to an MA	$	—	$	—

Growth Allocation
Derivative Financial Instruments:
Financial futures contracts	$	11,094	$	4,160

Total derivative assets and liabilities in the Statements of Assets and Liabilities		11,094		4,160
Derivatives not subject to an MA or similar agreement		11,094		4,160

Total assets and liabilities subject to an MA	$	—	$	—

Aggressive Allocation
Derivative Financial Instruments:
Financial futures contracts	$	7,220	$	4,960

Total derivative assets and liabilities in the Statements of Assets and Liabilities		7,220		4,960
Derivatives not subject to an MA or similar agreement		7,220		4,960

Total assets and liabilities subject to an MA	$	—	$	—

Conservative Allocation I
Derivative Financial Instruments:
Financial futures contracts	$	40	$	—

Total derivative assets and liabilities in the Statements of Assets and Liabilities		40		—
Derivatives not subject to an MA or similar agreement		40		—

Total assets and liabilities subject to an MA	$	—	$	—

Balanced Allocation I
Derivative Financial Instruments:
Financial futures contracts	$	3,991	$	800

Total derivative assets and liabilities in the Statements of Assets and Liabilities		3,991		800
Derivatives not subject to an MA or similar agreement		3,991		800

Total assets and liabilities subject to an MA	$	—	$	—

Growth Allocation I
Derivative Financial Instruments:
Financial futures contracts	$	2,375	$	800

Total derivative assets and liabilities in the Statements of Assets and Liabilities		2,375		800
Derivatives not subject to an MA or similar agreement		2,375		800

Total assets and liabilities subject to an MA	$	—	$	—

Aggressive Allocation I
Derivative Financial Instruments:
Financial futures contracts	$	1,415	$	960

Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,415		960
Derivatives not subject to an MA or similar agreement		1,415		960

Total assets and liabilities subject to an MA	$	—	$	—

217


Fund	Assets		Liabilities
Low-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	37,533	$	73,476
Forward foreign exchange contracts		590,242		971,466
Options		—		558
Swaps		426,777		1,051,175

Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,054,552		2,096,675
Derivatives not subject to an MA or similar agreement		281,494		386,361

Total assets and liabilities subject to an MA	$	773,058	$	1,710,314

Medium-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	26,588	$	10,816
Forward foreign exchange contracts		518,976		607,698
Options		360,886		561,232
Swaps		1,625,877		1,214,263

Total derivative assets and liabilities in the Statements of Assets and Liabilities		2,532,327		2,394,009
Derivatives not subject to an MA or similar agreement		997,917		1,119,664

Total assets and liabilities subject to an MA	$	1,534,410	$	1,274,345

Global Bond
Derivative Financial Instruments:
Financial futures contracts	$	—	$	9,339
Forward foreign exchange contracts		383,611		417,172

Total derivative assets and liabilities in the Statements of Assets and Liabilities		383,611		426,511
Derivatives not subject to an MA or similar agreement		—		9,339

Total assets and liabilities subject to an MA	$	383,611	$	417,172

Defensive Market Strategies
Derivative Financial Instruments:
Financial futures contracts	$	3,700	$	—
Forward foreign exchange contracts		21		47,086
Options		—		195,590

Total derivative assets and liabilities in the Statements of Assets and Liabilities		3,721		242,676
Derivatives not subject to an MA or similar agreement		3,721		242,676

Total assets and liabilities subject to an MA	$	—	$	—

Equity Index
Derivative Financial Instruments:
Financial futures contracts	$	3,076	$	—

Total derivative assets and liabilities in the Statements of Assets and Liabilities		3,076		—
Derivatives not subject to an MA or similar agreement		3,076		—

Total assets and liabilities subject to an MA	$	—	$	—

Value Equity
Derivative Financial Instruments:
Financial futures contracts	$	8,080	$	—

Total derivative assets and liabilities in the Statements of Assets and Liabilities		8,080		—
Derivatives not subject to an MA or similar agreement		8,080		—

Total assets and liabilities subject to an MA	$	—	$	—

218


Fund	Assets		Liabilities
Growth Equity
Derivative Financial Instruments:
Financial futures contracts	$	14,120	$	—

Total derivative assets and liabilities in the Statements of Assets and Liabilities		14,120		—
Derivatives not subject to an MA or similar agreement		14,120		—

Total assets and liabilities subject to an MA	$	—	$	—

Small Cap Equity
Derivative Financial Instruments:
Financial futures contracts	$	184,260	$	—

Total derivative assets and liabilities in the Statements of Assets and Liabilities		184,260		—
Derivatives not subject to an MA or similar agreement		184,260		—

Total assets and liabilities subject to an MA	$	—	$	—

International Equity
Derivative Financial Instruments:
Financial futures contracts	$	1,170,378	$	193,685
Forward foreign exchange contracts		2,976,493		2,142,193

Total derivative assets and liabilities in the Statements of Assets and Liabilities		4,146,871		2,335,878
Derivatives not subject to an MA or similar agreement		1,170,378		193,685

Total assets and liabilities subject to an MA	$	2,976,493	$	2,142,193

Emerging Markets Equity
Derivative Financial Instruments:
Financial futures contracts	$	76,871	$	317,945
Forward foreign exchange contracts		646,544		833,292

Total derivative assets and liabilities in the Statements of Assets and Liabilities		723,415		1,151,237
Derivatives not subject to an MA or similar agreement		76,871		317,945

Total assets and liabilities subject to an MA	$	646,544	$	833,292

Inflation Protected Bond
Derivative Financial Instruments:
Financial futures contracts	$	5,005	$	92,513
Forward foreign exchange contracts		33,283		307,798
Options		37,850		8,063

Total derivative assets and liabilities in the Statements of Assets and Liabilities		76,138		408,374
Derivatives not subject to an MA or similar agreement		42,855		100,576

Total assets and liabilities subject to an MA	$	33,283	$	307,798

Real Estate Securities
Derivative Financial Instruments:
Financial futures contracts	$	27,470	$	—

Total derivative assets and liabilities in the Statements of Assets and Liabilities		27,470		—
Derivatives not subject to an MA or similar agreement		27,470		—

Total assets and liabilities subject to an MA	$	—	$	—

219

At June 30, 2014, derivative assets and liabilities by counterparty net of amounts available for offset under an MA and net of the related collateral (received)/pledged by the Trust are as follows:


Fund/Sub-adviser/Counterparty	Derivative Assets Subject to an MA		Derivative Liabilities Subject to an MA			Value of Derivatives Subject to an MA			Collateral (Received)/ Pledged			Net Exposure
Low-Duration Bond
Sub-adviser A
Other Counterparties*	$	358,428	$	(508,628	)	$	(150,200	)	$	—		$	(150,200	)

Sub-adviser B
GSC		7,206		(723,640	)		(716,434	)		—			(716,434	)
Other Counterparties*		407,424		(478,046	)		(70,622	)		—			(70,622	)

		414,630		(1,201,686	)		(787,056	)		—			(787,056	)

Total Derivatives	$	773,058	$	(1,710,314	)	$	(937,256	)	$	—		$	(937,256	)

Medium-Duration Bond
Sub-adviser A
Other Counterparties*	$	335,789	$	(335,788	)	$	1		$	5,119		$	5,120

Sub-adviser B
Other Counterparties*		944,005		(849,083	)		94,922			—			94,922

Sub-adviser C
Other Counterparties*		254,616		(89,474	)		165,142			—			165,142

Total Derivatives	$	1,534,410	$	(1,274,345	)	$	260,065		$	5,119		$	265,184

Global Bond
Sub-adviser A
Other Counterparties*	$	383,611	$	(417,172	)	$	(33,561	)	$	—		$	(33,561	)

International Equity
Sub-adviser A
Other Counterparties*	$	2,976,493	$	(2,054,976	)	$	921,517		$	(921,517	)	$	—

Sub-adviser B
Other Counterparties*		—		(87,217	)		(87,217	)		—			(87,217	)

Total Derivatives	$	2,976,493	$	(2,142,193	)	$	834,300		$	(921,517	)	$	(87,217	)

Emerging Markets Equity
Sub-adviser A
Other Counterparties*	$	646,544	$	(833,292	)	$	(186,748	)	$	186,748		$	—

Inflation Protected Bond
Sub-adviser A
UBS	$	22,528	$	(163,206	)	$	(140,678	)	$	—		$	(140,678	)
Other Counterparties*		10,755		(144,592	)		(133,837	)		—			(133,837	)

Total Derivatives	$	33,283	$	(307,798	)	$	(274,515	)	$	—		$	(274,515	)

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

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

220

Derivative Holdings Categorized by Risk Exposure

FASB “Derivatives and Hedging” also requires all companies to disclose information intended to enable financial statement users to understand how and why the entity uses derivative instruments, how derivatives are accounted for, and how derivative instruments affect the entity’s financial position, results of operations, and cash flows.


	Location on the Statements of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Interest rate contracts	Investments in securities of unaffiliated issuers, at value	Options written at value
	Receivables: Variation margin*	Payables: Variation margin*
	Unrealized appreciation on swap agreements	Unrealized depreciation on swap agreements
Foreign exchange contracts	Investments in securities of unaffiliated issuers, at value	Options written at value
	Unrealized appreciation on foreign currency exchange contracts	Unrealized depreciation on foreign currency exchange contracts
Credit contracts	Unrealized appreciation on swap agreements	Unrealized depreciation on swap agreements
Equity contracts	Investments in securities of unaffiliated issuers, at value	Options written at value
	Receivables: Variation margin*	Payables: Variation margin*

The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for open futures and exchange traded swap contracts.The variation margin presented below is the cumulative change in unrealized appreciation (depreciation) from the date the contract was opened until June 30, 2014.


	Asset Derivative Value
Fund	Total Value at 06/30/14		Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2005 Futures	$	8,762	$	—		$	—	$	—	$	8,762

MyDestination 2015 Futures	$	46,717	$	3,419		$	—	$	—	$	43,298

MyDestination 2025 Futures	$	69,168	$	4,120		$	—	$	—	$	65,048

MyDestination 2035 Futures	$	58,163	$	1,892		$	—	$	—	$	56,271

MyDestination 2045 Futures	$	43,327	$	360		$	—	$	—	$	42,967

MyDestination 2055 Futures	$	5,840	$	—		$	—	$	—	$	5,840

Conservative Allocation Futures	$	13,010	$	(547	)	$	—	$	—	$	13,557

Balanced Allocation Futures	$	169,112	$	20,925		$	—	$	—	$	148,187

Growth Allocation Futures	$	185,556	$	8,774		$	—	$	—	$	176,782

Aggressive Allocation Futures	$	176,839	$	—		$	—	$	—	$	176,839

Conservative Allocation I Futures	$	2,702	$	—		$	—	$	—	$	2,702

221


	Asset Derivative Value
Fund	Total Value at 06/30/14			Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Balanced Allocation I Futures	$	41,605		$	4,793	$	—	$	—	$	36,812

Growth Allocation I Futures	$	42,052		$	2,369	$	—	$	—	$	39,683

Aggressive Allocation I Futures	$	33,649		$	—	$	—	$	—	$	33,649

Low-Duration Bond
Forwards	$	590,242		$	—	$	590,242	$	—	$	—
Futures		204,001			204,001		—		—		—
Swaps		426,777			361,894		—		64,883		—

Totals	$	1,221,020		$	565,895	$	590,242	$	64,883	$	—

Medium-Duration Bond
Forwards	$	518,976		$	—	$	518,976	$	—	$	—
Futures		254,641			254,641		—		—		—
Purchased Options		360,886			360,560		326		—		—
Swaps		1,625,877			1,082,206		—		543,671		—

Totals	$	2,760,380		$	1,697,407	$	519,302	$	543,671	$	—

Global Bond Fund
Forwards	$	383,611		$	—	$	383,611	$	—	$	—

Totals	$	383,611		$	—	$	383,611	$	—	$	—

Defensive Market Strategies
Forwards	$	21		$	—	$	21	$	—	$	—
Futures		198,923			—		—		—		198,923

Totals	$	198,944		$	—	$	21	$	—	$	198,923

Equity Index Futures	$	212,686		$	—	$	—	$	—	$	212,686

Value Equity Futures	$	382,902		$	—	$	—	$	—	$	382,902

Growth Equity Fund Futures	$	871,985		$	—	$	—	$	—	$	871,985

Small Cap Equity Futures	$	674,015		$	—	$	—	$	—	$	674,015

International Equity
Forwards	$	2,976,493		$	—	$	2,976,493	$	—	$	—
Futures		(634,772	)		—		—		—		(634,772	)

Totals	$	2,341,721		$	—	$	2,976,493	$	—	$	(634,772	)

Emerging Markets Equity
Forwards	$	646,544		$	—	$	646,544	$	—	$	—
Futures		(192,086	)		—		—		—		(192,086	)

Totals	$	454,458		$	—	$	646,544	$	—	$	(192,086	)

Inflation Protected Bond
Forwards	$	33,283		$	—	$	33,283	$	—	$	—
Futures		46,813			46,813		—		—		—
Purchased Options		37,850			37,850		—		—		—

Totals	$	117,946		$	84,663	$	33,283	$	—	$	—

222


	Asset Derivative Value
Fund	Total Value at 06/30/14			Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Real Estate Securities Futures	$	83,557		$	—	$	—	$	—	$	83,557


	Liability Derivative Value
Fund	Total Value at 06/30/14			Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Low-Duration Bond
Forwards	$	971,466		$	—	$	971,466	$	—	$	—
Futures		27,701			27,701		—		—		—
Swaps		1,051,175			327,410		—		723,765		—
Written Options		558			558		—		—		—

Totals	$	2,050,900		$	355,669	$	971,466	$	723,765	$	—

Medium-Duration Bond
Forwards	$	607,698		$	—	$	607,698	$	—	$	—
Futures		616,326			611,312		5,014		—		—
Swaps		1,214,263			997,289		—		216,974		—
Written Options		561,232			559,524		1,708		—		—

Totals	$	2,999,519		$	2,168,125	$	614,420	$	216,974	$	—

Global Bond Fund
Forwards	$	417,172		$	—	$	417,172	$	—	$	—
Futures		105,403			105,403		—		—		—

Totals	$	522,575		$	105,403	$	417,172	$	—	$	—

Defensive Market Strategies
Forwards	$	47,086		$	—	$	47,086	$	—	$	—
Written Options		195,590			—		—		—		195,590

Totals	$	242,676		$	—	$	47,086	$	—	$	195,590

International Equity
Forwards	$	2,142,193		$	—	$	2,142,193	$	—	$	—
Futures		(609,091	)		—		—		—		(609,091	)

Totals	$	1,533,102		$	—	$	2,142,193	$	—	$	(609,091	)

Emerging Markets Equity
Forwards	$	833,292		$	—	$	833,292	$	—	$	—
Futures		(28,009	)		—		—		—		(28,009	)

Totals	$	805,283		$	—	$	833,292	$	—	$	(28,009	)

Inflation Protected Bond
Forwards	$	307,798		$	—	$	307,798	$	—	$	—
Futures		162,162			162,162		—		—		—
Written Options		8,063			8,063		—		—		—

Totals	$	478,023		$	170,225	$	307,798	$	—	$	—

223


Derivative Type		Location on the Statements of Operations
Interest rate contracts		Net realized gain (loss) from: Futures transactions
		Net realized gain (loss) from: Swap agreements
		Net realized gain (loss) from: Option contracts written
		Net realized gain (loss) from: Option contracts purchased
		Net change in unrealized appreciation (depreciation) on: Futures
		Net change in unrealized appreciation (depreciation) on: Swap agreements
		Net change in unrealized appreciation (depreciation) on: Option contracts written
		Net change in unrealized appreciation (depreciation) on: Option contracts purchased
Foreign exchange contracts		Net realized gain (loss) from: Foreign currency transactions
		Net realized gain (loss) from: Futures transactions
		Net realized gain (loss) from: Option contracts written
		Net realized gain (loss) from: Option contracts purchased
		Net change in unrealized appreciation (depreciation) on: Foreign currency translations
		Net change in unrealized appreciation (depreciation) on: Futures
		Net change in unrealized appreciation (depreciation) on: Option contracts purchased
		Net change in unrealized appreciation (depreciation) on: Option contracts written
Credit contracts		Net realized gain (loss) from: Swap agreements
		Net change in unrealized appreciation (depreciation) on: Swap agreements
Equity contracts		Net realized gain (loss) from: Futures transactions
		Net realized gain (loss) from: Option contracts written
		Net realized gain (loss) from: Option contracts purchased
		Net change in unrealized appreciation (depreciation) on: Futures
		Net change in unrealized appreciation (depreciation) on: Option contracts written
		Net change in unrealized appreciation (depreciation) on: Option contracts purchased


	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 06/30/14		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2005 Futures	$	47,041	$	—	$	—	$	—	$	47,041

MyDestination 2015 Futures	$	354,582	$	37,649	$	—	$	—	$	316,933

MyDestination 2025 Futures	$	609,371	$	54,017	$	—	$	—	$	555,354

MyDestination 2035 Futures	$	539,348	$	20,173	$	—	$	—	$	519,175

MyDestination 2045 Futures	$	380,437	$	4,049	$	—	$	—	$	376,388

MyDestination 2055 Futures	$	30,761	$	—	$	—	$	—	$	30,761

Conservative Allocation Futures	$	116,861	$	6,776	$	—	$	—	$	110,085

Balanced Allocation Futures	$	1,524,234	$	275,653	$	—	$	—	$	1,248,581

Growth Allocation Futures	$	1,503,295	$	115,884	$	—	$	—	$	1,387,411

224


	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 06/30/14			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Aggressive Allocation Futures	$	1,562,899		$	—		$	—		$	—		$	1,562,899

Conservative Allocation I Futures	$	19,366		$	—		$	—		$	—		$	19,366

Balanced Allocation I Futures	$	370,856		$	73,382		$	—		$	—		$	297,474

Growth Allocation I Futures	$	338,021		$	22,258		$	—		$	—		$	315,763

Aggressive Allocation I Futures	$	284,651		$	—		$	—		$	—		$	284,651

Low-Duration Bond
Forwards	$	(364,753	)	$	—		$	(364,753	)	$	—		$	—
Futures		(736,019	)		(736,019	)		—			—			—
Purchased Options		19,531			19,531			—			—			—
Swaps		(1,070,185	)		(1,211,927	)		—			141,742			—
Written Options		386,289			386,289			—			—			—

Totals	$	(1,765,137	)	$	(1,542,126	)	$	(364,753	)	$	141,742		$	—

Medium-Duration Bond
Forwards	$	(392,256	)	$	—		$	(392,256	)	$	—		$	—
Futures		661,320			652,224			9,096			—			—
Purchased Options		(174,983	)		(80,963	)		(94,020	)		—			—
Swaps		(783,818	)		(530,902	)		—			(252,916	)		—
Written Options		528,754			528,754			—			—			—

Totals	$	(160,983	)	$	569,113		$	(477,180	)	$	(252,916	)	$	—

Global Bond
Forwards	$	(635,751	)	$	—		$	(635,751	)	$	—		$	—
Futures		80,428			80,428			—			—			—
Purchased Options		(197,327	)		—			(197,327	)		—			—

Totals	$	(752,650	)	$	80,428		$	(833,078	)	$	—		$	—

Defensive Market Strategies
Forwards	$	11,568		$	—		$	11,568		$	—		$	—
Futures		1,619,128			—			—			—			1,619,128
Purchased Options		(186,885	)		—			—			—			(186,885	)
Written Options		1,306,921			—			—			—			1,306,921

Totals	$	2,750,732		$			$	11,568		$	—		$	2,739,164

Equity Index Futures	$	1,050,719		$	—		$	—		$	—		$	1,050,719

Value Equity Futures	$	3,733,916		$	—		$	—		$	—		$	3,733,916

Growth Equity Futures	$	6,070,920		$	—		$	—		$	—		$	6,070,920

225


	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 06/30/14			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
Small Cap Equity
Forwards	$	(39,899	)	$	—		$	(39,899	)	$	—	$	—
Futures		4,771,598			(42,458	)		(3,363	)		—		4,817,419
Purchased Options		(23,934	)		(8,270	)		(15,664	)		—		—
Written Options		12,505			12,505			—			—		—

Totals	$	4,720,270		$	(38,223	)	$	(58,926	)	$	—	$	4,817,419

International Equity
Forwards	$	1,245,499		$	—		$	1,245,499		$	—	$	—
Futures		1,749,054			—			—			—		1,749,054

Totals	$	2,994,553		$	—		$	1,245,499		$	—	$	1,749,054

Emerging Markets Equity
Forwards	$	884,308		$	—		$	884,308		$	—	$	—
Futures		2,294,247			—			—			—		2,294,247

Totals	$	3,178,555		$	—		$	884,308		$	—	$	2,294,247

Inflation Protected Bond
Forwards	$	(208,067	)	$	—		$	(208,067	)	$	—	$	—
Futures		(1,522,235	)		(1,522,235	)		—			—		—
Purchased Options		(371,011	)		(171,501	)		(199,510	)		—		—
Written Options		260,132			56,430			203,702			—		—

Totals	$	(1,841,181	)	$	(1,637,306	)	$	(203,875	)	$	—	$	—

Real Estate Securities Futures	$	482,832		$	—		$	—		$	—	$	482,832


	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Total Value at 06/30/14			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
MyDestination 2005 Futures	$	(9,341	)	$	—		$	—		$	—	$	(9,341	)

MyDestination 2015 Futures	$	(53,783	)	$	31,192		$	—		$	—	$	(84,975	)

MyDestination 2025 Futures	$	(113,326	)	$	30,080		$	—		$	—	$	(143,406	)

MyDestination 2035 Futures	$	(102,067	)	$	18,501		$	—		$	—	$	(120,568	)

MyDestination 2045 Futures	$	(86,195	)	$	4,907		$	—		$	—	$	(91,102	)

MyDestination 2055 Futures	$	(5,022	)	$	—		$	—		$	—	$	(5,022	)

Conservative Allocation Futures	$	(25,181	)	$	3,233		$	—		$	—	$	(28,414	)

Balanced Allocation Futures	$	(224,031	)	$	198,492		$	—		$	—	$	(422,523	)

Growth Allocation Futures	$	(369,845	)	$	68,336		$	—		$	—	$	(438,181	)

226


	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Total Value at 06/30/14			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Aggressive Allocation Futures	$	(579,215	)	$	—		$	—		$	—		$	(579,215	)

Conservative Allocation I Futures	$	(4,539	)	$	—		$	—		$	—		$	(4,539	)

Balanced Allocation I Futures	$	(51,092	)	$	43,714		$	—		$	—		$	(94,806	)

Growth Allocation I Futures	$	(98,527	)	$	18,775		$	—		$	—		$	(117,302	)

Aggressive Allocation I Futures	$	(106,199	)	$	—		$	—		$	—		$	(106,199	)

Low-Duration Bond
Forwards	$	(514,899	)	$	—		$	(514,899	)	$	—		$	—
Futures		(213,047	)		(213,047	)		—			—			—
Purchased Options		(155,525	)		(155,525	)		—			—			—
Swaps		331,301			610,610			—			(279,309	)		—
Written Options		272,340			272,340			—			—			—

Totals	$	(279,830	)	$	514,378		$	(514,899	)	$	(279,309	)	$	—

Medium-Duration Bond
Forwards	$	(97,183	)	$	—		$	(97,183	)	$	—		$	—
Futures		(193,386	)		(188,372	)		(5,014	)		—			—
Purchased Options		(474,760	)		(504,844	)		30,084			—			—
Swaps		378,307			297,790			—			80,517			—
Written Options		830,882			814,997			15,885			—			—

Totals	$	443,860		$	419,571		$	(56,228	)	$	80,517		$	—

Global Bond
Forwards	$	191,627		$	—		$	191,627		$	—		$	—
Futures		(114,552	)		(114,552	)		—			—			—
Purchased Options		66,172			—			66,172			—			—

Totals	$	143,247		$	(114,552	)	$	257,799		$	—		$	—

Defensive Market Strategies
Forwards	$	(15,437	)	$	—		$	(15,437	)	$	—		$	—
Futures		(641,176	)		—			—			—			(641,176	)
Purchased Options		144,396			—			—			—			144,396
Written Options		216,998			—			—			—			216,998

Totals	$	(295,219	)	$	—		$	(15,437	)	$	—		$	(279,782	)

Equity Index
Futures	$	(215,315	)	$	—		$	—		$	—		$	(215,315	)

Value Equity
Futures	$	(1,408,191	)	$	—		$	—		$	—		$	(1,408,191	)

Growth Equity
Futures	$	(1,480,188	)	$	—		$	—		$	—		$	(1,480,188	)

227


	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Total Value at 06/30/14			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
Small Cap Equity
Forwards	$	(2,961	)	$	—		$	(2,961	)	$	—	$	—
Futures		(3,687,772	)		(206,675	)		—			—		(3,481,097	)
Purchased Options		954			(8,325	)		9,279			—		—
Written Options		1,839			1,839			—			—		—

Totals	$	(3,687,940	)	$	(213,161	)	$	6,318		$	—	$	(3,481,097	)

International Equity
Forwards	$	1,454,675		$	—		$	1,454,675		$	—	$	—
Futures		(3,649,325	)		—			—			—		(3,649,325	)

Totals	$	(2,194,650	)	$	—		$	1,454,675		$	—	$	(3,649,325	)

Emerging Markets Equity
Forwards	$	(227,076	)	$	—		$	(227,076	)	$	—	$	—
Futures		(1,098,716	)		—			—			—		(1,098,716	)

Totals	$	(1,325,792	)	$	—		$	(227,076	)	$	—	$	(1,098,716	)

Inflation Protected Bond
Forwards	$	144,608		$	—		$	144,608		$	—	$	—
Futures		(184,171	)		(184,171	)		—			—		—
Purchased Options		(118,334	)		(114,278	)		(4,056	)		—		—
Written Options		21,210			61,430			(40,220	)		—		—

Totals	$	(136,687	)	$	(237,019	)	$	100,332		$	—	$	—

Real Estate Securities
Futures	$	(73,980	)	$	—		$	—		$	—	$	(73,980	)

Volume of Derivative Transactions

The table below summarizes the average balance of derivative holdings by fund during the period ended June 30, 2014. The average balance of derivatives held is indicative of the trading volume of each Fund.


	Long Derivative Volume
	Forward Foreign Currency Contracts (Average Cost)		Futures Contracts (Average Notional Value)		Purchased Option Contracts (Average Notional Cost)		Swap Contracts (Average Notional Amount)
MyDestination 2005	$	—	$	571,608	$	—	$	—
MyDestination 2015		—		6,253,579		—		—
MyDestination 2025		—		9,034,573		—		—
MyDestination 2035		—		6,611,828		—		—
MyDestination 2045		—		4,632,100		—		—
MyDestination 2055		—		338,014		—		—
Conservative Allocation		—		4,084,998		—		—
Balanced Allocation		—		25,642,863		—		—
Growth Allocation		—		19,823,557		—		—
Aggressive Allocation		—		17,551,464		—		—
Conservative Allocation I		—		196,973		—		—
Balanced Allocation I		—		6,294,169		—		—
Growth Allocation I		—		4,491,023		—		—
Aggressive Allocation I		—		3,249,418		—		—
Low-Duration Bond		30,373,489		244,180,207		151,445		41,294,564
Medium-Duration Bond		24,311,688		220,114,479		328,954		425,441,500
Global Bond		20,335,725		3,701,757		63,084		—

228


	Long Derivative Volume
	Forward Foreign Currency Contracts (Average Cost)		Futures Contracts (Average Notional Value)		Purchased Option Contracts (Average Notional Cost)		Swap Contracts (Average Notional Amount)
Defensive Market Strategies	$	1,792,599	$	46,782,179	$	61,689	$	—
Equity Index		—		13,351,510		—		—
Value Equity		—		40,820,695		—		—
Growth Equity		—		60,233,522		—		—
Small Cap Equity		2,360,818		47,550,755		8,114		—
International Equity		271,564,922		142,213,971		—		—
Emerging Markets Equity		89,713,325		38,045,655		—		—
Inflation Protected Bond		8,696,187		53,778,312		123,156		—
Real Estate Securities		5,243,082		—		—		—


	Short Derivative Volume
	Forward Foreign Currency Contracts (Average Cost)		Futures Contracts (Average Notional Value)		Written Option Contracts (Average Notional Cost)		Swap Contracts (Average Notional Amount)
Low-Duration Bond	$	71,909,342	$	115,215,222	$	334,382	$	38,187,879
Medium-Duration Bond		73,232,035		146,107,383		707,425		4,330,141,000
Global Bond		29,429,691		7,297,563		—		—
Defensive Market Strategies		11,338,923		—		1,663,402		—
Small Cap Equity		3,752,342		27,463,438		5,965		—
International Equity		244,307,201		8,728,117		—		—
Emerging Markets Equity		81,478,925		5,154,954		—		—
Inflation Protected Bond		34,808,559		63,765,718		45,196		—

k. Dividends and Distributions to Shareholders

Dividends from net investment income for the Money Market Fund are declared daily and paid monthly. Dividends from net investment income for the Bond Funds are declared and paid monthly. Dividends from net investment income, if any, for the Defensive Market Strategies Fund, Equity Index Fund, Real Estate Securities Fund, Value Equity Fund and Growth Equity Fund are declared and paid semi-annually. Dividends from net investment income, if any, for the Small Cap Equity Fund, International Equity Fund, the Asset Allocation Funds and the Date Target Funds are declared and paid annually. Net realized capital gains, if any, will be distributed at least annually by each of the Funds. Dividends and distributions to shareholders are recorded on the ex-dividend date.

l. Expenses

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

m. Security Transactions, Income and Realized Gains and Losses

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

229

3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

a. Investment Advisory Fees

Pursuant to a separate investment advisory agreement, GuideStone Capital Management (“GSCM” or “Adviser”) acts as the Adviser to the Funds. As Adviser, it supervises the investments of the Funds and for such services is paid a fee. GSCM and the Trust have entered into sub-advisory agreements with various sub-advisers to manage each Select Fund’s investments. Under the general supervision of GSCM, the sub-advisers make the day-to-day investment decisions for the Select Funds, and for such services, each sub-adviser receives a fee from the Funds.

The advisory fees paid to GSCM and aggregate sub-advisory fees paid to the sub-advisers, listed at the end of this report, are computed daily based upon the net assets of each Fund. The actual advisory fees accrued and the sub-advisory fees accrued during the period ended June 30, 2014, based upon average daily net assets, were as follows:


Fund	Advisory Fees	Sub- Adviser Fees
MyDestination 2005	0.10%	0.00%
MyDestination 2015	0.10%	0.00%
MyDestination 2025	0.10%	0.00%
MyDestination 2035	0.10%	0.00%
MyDestination 2045	0.10%	0.00%
MyDestination 2055	0.10%	0.00%
Conservative Allocation	0.10%	0.00%
Balanced Allocation	0.10%	0.00%
Growth Allocation	0.10%	0.00%
Aggressive Allocation	0.10%	0.00%
Conservative Allocation I	0.10%	0.00%
Balanced Allocation I	0.10%	0.00%
Growth Allocation I	0.10%	0.00%
Aggressive Allocation I	0.10%	0.00%
Money Market	0.09%	0.07%
Low-Duration Bond	0.13%	0.20%
Medium-Duration Bond	0.21%	0.21%
Extended-Duration Bond	0.25%	0.24%
Global Bond	0.21%	0.25%
Defensive Market Strategies	0.37%	0.37%
Equity Index	0.13%	0.02%
Value Equity	0.40%	0.23%
Growth Equity	0.45%	0.38%
Small Cap Equity	0.27%	0.62%
International Equity	0.47%	0.41%
Emerging Markets Equity	0.47%	0.78%
Inflation Protected Bond	0.20%	0.11%
Flexible Income	0.25%	0.49%
Real Assets	0.10%	0.00%
Real Estate Securities	0.28%	0.43%
Global Natural Resources Equity	0.39%	0.65%

230

For the period ended June 30, 2014, advisory fees (excluding sub-advisory fees) and waivers for each Fund were as follows:


	Gross Advisory Fee		Waiver/ Reimbursements			Net Advisory Fee (Reimbursement)
MyDestination 2005	$	43,587	$	(18,984	)	$	24,603
MyDestination 2015		226,464		—			226,464
MyDestination 2025		286,925		—			286,925
MyDestination 2035		154,100		—			154,100
MyDestination 2045		110,404		35,486			145,890
MyDestination 2055		9,262		(42,469	)		(33,207	)
Conservative Allocation		158,067		(64,201	)		93,866
Balanced Allocation		648,175		(45,343	)		602,832
Growth Allocation		479,757		(41,597	)		438,160
Aggressive Allocation		432,545		(38,215	)		394,330
Conservative Allocation I		41,043		(20,220	)		20,823
Balanced Allocation I		192,979		—			192,979
Growth Allocation I		134,485		—			134,485
Aggressive Allocation I		93,189		(116	)		93,073
Money Market⁽¹⁾		606,654		—			606,654
Low-Duration Bond		549,641		(342,756	)		206,885
Medium-Duration Bond		864,361		(437,249	)		427,112
Extended-Duration Bond		354,605		(93,594	)		261,011
Global Bond		388,481		(49,043	)		339,438
Defensive Market Strategies		934,146		173,959			1,108,105
Equity Index		233,189		(139,322	)		93,867
Value Equity		2,674,528		(47,044	)		2,627,484
Growth Equity⁽¹⁾		3,168,206		(308,038	)		2,860,168
Small Cap Equity		752,665		(55,691	)		696,974
International Equity		3,307,295		(409,307	)		2,897,988
Emerging Markets Equity		698,577		(516,185	)		182,392
Inflation Protected Bond		286,878		(20,516	)		266,362
Flexible Income		140,255		14,980			155,235
Real Assets		19,533		(48,814	)		(29,281	)
Real Estate Securities		340,840		(6,258	)		334,582
Global Natural Resources Equity		547,556		(28,254	)		519,302

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

b. Distribution and Shareholder Servicing Fees

The Board of Trustees has adopted a Shareholder Service Plan for the Investor Class of each Select Fund. Under this Plan, the Investor Class of each Select Fund is authorized to pay fees to parties that provide services for and maintain shareholder accounts. The Investor Class of each Select Fund was authorized to pay service fees of 0.24% of average daily net assets.

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

231

c. Expense Limitation

GSCM has agreed, through April 30, 2015, to waive fees and reimburse expenses of the Institutional Class and Investor Class of each Fund (excluding interest, taxes, brokerage commissions, dividend expense on securities sold short and extraordinary expenses) which exceed, in the aggregate, the annual percentage rate of each Class’s average daily net assets as follows:


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

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

232

At June 30, 2014, the amounts subject to possible future reimbursement under the expense limitation agreement are as follows:

Institutional Class

Investor Class

2011

2012

2013

2014

2011

2012

2013

2014

MyDestination 2005

N/A

91,223

48,296

40,223

18,984

MyDestination 2015

N/A

MyDestination 2025

N/A

MyDestination 2035

N/A

MyDestination 2045

N/A

38,734

15,118

N/A

MyDestination 2055

N/A

95,601

87,450

42,469

Conservative Allocation

N/A

148,927

119,266

122,093

64,201

Balanced Allocation

N/A

157,363

117,270

98,366

45,343

Growth Allocation

N/A

133,967

104,633

87,577

41,597

Aggressive Allocation

N/A

129,580

97,258

79,432

38,215

Conservative Allocation I

66,248

42,753

43,252

20,220

N/A

Balanced Allocation I

N/A

Growth Allocation I

N/A

Aggressive Allocation I

38,072

17,895

9,637

116

N/A

Money Market

N/A

Low-Duration Bond

59,610

53,538

62,386

27,401

501,417

493,263

539,623

263,384

Medium-Duration Bond

34,814

12,070

48,408

18,447

701,423

679,378

703,036

335,347

Extended-Duration Bond

N/A

141,631

82,647

129,150

79,704

Global Bond

N/A

Defensive Market Strategies

N/A

5,529

N/A

Equity Index

N/A

240,739

210,543

234,035

124,351

Value Equity

N/A

28,595

N/A

Growth Equity

N/A

775,619

544,115

254,800

237,162

Small Cap Equity

N/A

232,755

186,783

N/A

30,197

International Equity

494,427

388,370

345,716

57,353

2,083,992

1,703,913

1,480,579

270,782

Emerging Markets Equity

N/A

22,538

84,887

N/A

111,351

411,578

Inflation Protected Bond

N/A

Flexible Income

N/A

292

N/A

Real Assets

N/A

67,124

48,814

Real Estate Securities

N/A

Global Natural Resources Equity

N/A

During the period ended June 30, 2014, GSCM recaptured the following amounts:


	Institutional Class		Investor Class
MyDestination 2045		N/A	$	35,486
Defensive Market Strategies	$	62,704		153,384
Equity Index		220		N/A
Flexible Income		N/A		27,963

d. Brokerage Service Arrangements

The Adviser directs the sub-advisers to place a certain percentage of security trades (if feasible) with designated brokers who have agreed to pay certain custody, transfer agency or other operating expenses through the use of Brokerage Service Arrangements on behalf of the Funds shown below.


Fund	Expenses Paid Through Brokerage Service Arrangements
Defensive Market Strategies	$	25,716
Value Equity		16,024
Growth Equity		23,694
Small Cap Equity		28,728
International Equity		13,940

233


Fund	Expenses Paid Through Brokerage Service Arrangements
Global Natural Resources		9,746

e. Administrator, Transfer Agent and Distributor

For its services as Administrator, BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) is entitled to receive fees, computed daily and paid monthly, based upon the average daily net assets of each Fund. The fees, excluding out of pocket expenses, currently range between 0.004% and 0.02% of average daily net assets. For its services as Transfer Agent, BNY Mellon receives a fee based mainly upon the number of accounts serviced. Certain minimum fees and transaction charges may apply. For the period ended June 30, 2014, BNY Mellon received $1,628,158 in aggregate fees and expenses for services rendered under the various agreements described above.

Certain employees of BNY Mellon are officers of the Funds. BNY Mellon serves as Administrator and Transfer Agent of the Funds.

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

f. Investments in Affiliates

The Date Target 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 Date Target 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, 2014, the Date Target 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:


Fund	Low- Duration Bond			Medium- Duration Bond			Extended- Duration Bond			Global Bond			Defensive Market Strategies			Value Equity			Growth Equity			Small Cap Equity			Inter- national Equity			Emerging Markets Equity			Inflation Protected Bond			Flexible Income			Real Estate Securities			Global Natural Resources Equity
MyDestination 2005		3.17	%		0.83	%		—			0.61	%		1.83	%		0.27	%		0.28	%		0.18	%		0.36	%		0.47	%		3.46	%		3.60	%		0.35	%		0.60	%
MyDestination 2015		5.67			4.97			1.76	%		5.44			15.88			2.27			2.31			1.60			2.93			4.08			16.01			17.03			2.97			3.41
MyDestination 2025		3.56			5.22			3.43			10.06			19.42			4.17			4.35			3.29			5.50			7.33			6.60			5.97			6.89			6.12
MyDestination 2035		—			1.00			2.35			6.92			0.38			3.68			3.81			3.38			4.96			6.59			—			—			4.23			3.70
MyDestination 2045		—			—			0.55			3.30			—			2.88			2.98			2.89			3.95			5.33			—			—			3.03			2.67
MyDestination 2055		—			—			—			0.27			—			0.27			0.27			0.27			0.37			0.48			—			—			0.27			0.24
Conservative Allocation		19.23			—			—			—			4.44			0.64			0.66			0.38			0.81			1.08			12.50			11.41			1.35			4.76
Balanced Allocation		16.24			18.57			12.61			27.52			19.87			7.04			7.00			4.14			8.82			12.00			25.31			32.84			13.73			27.56
Growth Allocation		7.21			8.22			5.66			12.40			—			10.03			10.28			6.06			12.79			17.48			—			—			13.30			21.11
Aggressive Allocation		—			—			—			—			—			13.71			14.14			8.21			17.63			22.97			—			—			—			—
Conservative Allocation I		7.70			—			—			—			1.13			0.35			0.32			0.17			0.27			0.28			3.19			2.92			0.35			1.22
Balanced Allocation I		7.64			11.52			13.48			8.26			5.96			4.55			4.01			2.19			3.49			3.59			7.59			9.85			4.12			8.27
Growth Allocation I		3.20			4.82			5.72			3.52			—			6.13			5.56			3.02			4.78			4.95			—			—			3.77			5.99
Aggressive Allocation I		—			—			—			—			—			6.47			5.91			3.16			5.09			5.02			—			—			—			—
Real Assets Fund		—			—			—			—			—			—			—			—			—			—			5.46			7.13			2.95			2.95

234

A summary of the Fund of Fund’s total long-term and short-term purchases and sales of the shares of the underlying Select Funds during the period ended June 30, 2014 is as follows:


	Total Value at 12/31/13		Total Value at 06/30/14		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
MyDestination 2005
Money Market	$	1,750,776	$	1,695,469	$	12,586,604	$	12,641,911	$	91	$	—
Low-Duration Bond		26,643,303		30,097,870		3,406,384		97,000		109,066		14,318
Medium-Duration Bond		9,314,107		9,417,137		103,065		301,000		83,065		—
Global Bond		2,303,743		2,381,544		38,804		66,000		38,804		—
Defensive Market Strategies		9,615,183		9,896,251		399,829		644,500		36,905		93,924
Value Equity		4,530,323		4,632,414		290,148		430,000		20,838		40,310
Growth Equity		4,515,306		4,684,432		534,895		480,500		—		63,895
Small Cap Equity		1,089,610		1,142,724		90,000		64,000		—		—
International Equity		5,319,158		5,528,684		419,000		425,000		—		—
Emerging Markets Equity		1,475,630		1,505,743		52,000		123,500		—		—
Inflation Protected Bond		9,885,972		10,683,948		635,827		272,500		110,827
Flexible Income		4,132,693		4,386,268		263,627		10,000		60,071		3,556
Real Estate Securities		830,902		913,654		13,310		21,000		6,403		907
Global Natural Resources Equity		1,650,400		1,819,595		—		86,500		—		—

	$	83,057,106	$	88,785,733	$	18,833,493	$	15,663,411	$	466,070	$	216,910

MyDestination 2015
Money Market	$	6,090,835	$	7,249,082	$	25,600,674	$	24,442,427	$	364	$	—
Low-Duration Bond		49,961,846		53,752,240		3,521,225		—		195,733		25,492
Medium-Duration Bond		51,248,345		56,166,510		3,221,761		—		471,761		—
Extended-Duration Bond		7,125,395		7,485,341		109,381		500,000		100,514		8,868
Global Bond		19,687,399		21,220,566		614,290		—		339,290		—
Defensive Market Strategies		79,140,133		85,818,885		2,584,530		300,000		320,032		814,498
Value Equity		36,830,884		39,222,443		517,737		—		176,437		341,300
Growth Equity		37,360,474		39,019,027		1,542,483		750,000		—		542,483
Small Cap Equity		9,878,392		10,330,202		225,000		—		—		—
International Equity		43,575,438		45,666,924		1,944,000		1,560,000		—		—
Emerging Markets Equity		11,652,513		13,097,131		560,000		—		—		—
Inflation Protected Bond		42,435,631		49,395,332		5,103,446		69,000		503,446
Flexible Income		17,072,258		20,739,718		3,663,478		—		249,251		14,227
Real Estate Securities		8,723,360		7,733,680		61,876		2,000,000		54,197		7,679
Global Natural Resources Equity		9,862,035		10,404,290		—		1,000,000		—		—

	$	430,644,938	$	467,301,371	$	49,269,881	$	30,621,427	$	2,411,025	$	1,754,547

MyDestination 2025
Money Market	$	8,386,521	$	10,057,158	$	41,290,902	$	39,620,266	$	496	$	—
Low-Duration Bond		28,603,451		33,761,974		5,000,257		—		119,316		15,549
Medium-Duration Bond		52,073,121		59,015,231		6,325,302		1,140,000		492,841		—
Extended-Duration Bond		13,006,251		14,536,781		771,502		624,500		187,714		16,537
Global Bond		36,500,550		39,251,709		2,429,393		1,369,000		629,118		—
Defensive Market Strategies		90,438,214		104,906,585		9,307,370		—		391,213		995,658
Value Equity		64,490,884		72,043,105		4,614,470		527,500		324,077		626,893
Growth Equity		64,816,050		73,416,514		8,323,629		1,329,500		—		1,004,129

235


	Total Value at 12/31/13		Total Value at 06/30/14		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Small Cap Equity	$	18,870,550	$	21,260,359	$	2,122,500	$	231,500	$	—	$	—
International Equity		77,069,778		85,676,545		7,171,500		1,670,000		—		—
Emerging Markets Equity		21,153,075		23,559,098		1,305,000		500,000		—		—
Inflation Protected Bond		15,858,641		20,365,617		3,925,810		170,000		206,810		—
Flexible Income		5,209,362		7,263,491		2,053,889		—		86,314		4,574
Real Estate Securities		16,051,144		17,946,107		369,083		250,000		125,764		17,819
Global Natural Resources Equity		16,286,154		18,693,278		100,000		240,500		—		—

	$	528,813,746	$	601,753,552	$	95,110,607	$	47,672,766	$	2,563,663	$	2,681,159

MyDestination 2035
Money Market	$	5,601,401	$	7,194,594	$	25,687,814	$	24,094,621	$	339	$	—
Medium-Duration Bond		8,713,362		11,344,483		2,328,179		—		86,679		—
Extended-Duration Bond		8,332,236		9,962,445		1,180,844		450,000		123,122		10,723
Global Bond		22,546,037		27,015,684		3,731,508		350,000		407,008		—
Defensive Market Strategies		—		2,069,909		2,026,042		—		7,346		18,696
Value Equity		55,746,522		63,598,141		4,836,589		—		284,075		549,513
Growth Equity		55,765,221		64,277,211		7,855,411		805,500		—		877,411
Small Cap Equity		18,951,646		21,862,978		2,717,000		348,500		—		—
International Equity		68,380,341		77,235,477		6,482,000		350,000		—		—
Emerging Markets Equity		19,050,818		21,171,226		1,074,000		386,000		—		—
Real Estate Securities		9,539,390		11,007,479		546,442		149,500		76,152		10,790
Global Natural Resources Equity		9,529,671		11,290,099		638,500		400,000		—		—

	$	282,156,645	$	328,029,726	$	59,104,329	$	27,334,121	$	984,721	$	1,467,133

MyDestination 2045
Money Market	$	4,335,152	$	4,629,908	$	16,932,705	$	16,637,949	$	242	$	—
Extended-Duration Bond		2,049,390		2,323,005		84,486		30,000		29,874		2,612
Global Bond		11,296,170		12,863,792		1,285,745		250,000		199,245		—
Value Equity		43,786,511		49,735,326		3,582,725		—		222,610		430,615
Growth Equity		43,675,710		50,347,003		6,124,235		600,000		—		681,236
Small Cap Equity		16,131,917		18,674,943		2,086,000		—		—		—
International Equity		54,502,717		61,426,020		5,152,500		410,000		—		—
Emerging Markets Equity		15,188,913		17,125,333		802,500		27,000		—		—
Real Estate Securities		6,964,203		7,887,016		262,298		107,000		54,566		7,731
Global Natural Resources Equity		6,900,755		8,150,243		519,500		350,000		—		—

	$	204,831,438	$	233,162,589	$	36,832,694	$	18,411,949	$	506,537	$	1,122,194

MyDestination 2055
Money Market	$	415,075	$	494,170	$	4,633,839	$	4,554,743	$	21	$	—
Global Bond		789,543		1,066,392		248,869		13,000		15,369		—
Value Equity		3,407,487		4,577,538		1,064,540		103,000		20,290		39,249
Growth Equity		3,393,408		4,597,135		1,266,500		166,000		—		62,001
Small Cap Equity		1,280,757		1,744,921		454,500		35,500		—		—
International Equity		4,243,038		5,745,070		1,358,000		53,750		—		—
Emerging Markets Equity		1,191,035		1,530,046		348,000		112,750		—		—
Real Estate Securities		528,778		712,496		128,677		9,500		4,972		704
Global Natural Resources Equity	$	532,392	$	718,032	$	151,500	$	58,000	$	—	$	—

	$	15,781,513	$	21,185,800	$	9,654,425	$	5,106,243	$	40,652	$	101,954

236


	Total Value at 12/31/13		Total Value at 06/30/14		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Conservative Allocation
Money Market	$	4,124,830	$	4,769,956	$	18,249,019	$	17,603,893	$	226	$	—
Low-Duration Bond		181,357,631		182,454,184		1,139,689		994,000		688,905		90,783
Defensive Market Strategies		24,101,563		23,978,831		317,001		1,693,000		89,421		227,580
Value Equity		11,615,696		11,097,977		146,494		1,190,000		49,923		96,571
Growth Equity		11,586,568		11,065,482		578,932		1,336,000		—		150,932
Small Cap Equity		2,552,633		2,480,839		96,000		223,000		—		—
International Equity		12,999,842		12,678,825		354,000		1,145,000		—		—
Emerging Markets Equity		3,476,288		3,464,848		70,000		320,000		—		—
Inflation Protected Bond		37,061,722		38,584,213		702,024		782,000		400,024		—
Flexible Income		14,017,375		13,898,034		204,322		325,000		192,977		11,345
Real Estate Securities		3,435,007		3,510,380		28,086		320,000		24,600		3,486
Global Natural Resources Equity		12,847,970		14,555,630		908,000		1,275,000		—		—

	$	319,177,125	$	322,539,199	$	22,793,567	$	27,206,893	$	1,446,076	$	580,697

Balanced Allocation
Money Market	$	28,394,843	$	29,252,191	$	33,847,116	$	32,989,768	$	1,398	$	—
Low-Duration Bond		151,286,470		154,036,585		1,953,586		—		577,607		75,979
Medium-Duration Bond		203,632,561		210,077,018		1,826,099		2,000,000		1,826,099		—
Extended-Duration Bond		51,050,418		53,522,087		2,206,474		5,000,000		704,464		62,010
Global Bond		101,512,097		107,406,199		2,226,086		1,000,000		1,726,086
Defensive Market Strategies		103,700,222		107,347,282		1,419,136		3,340,000		400,314		1,018,822
Value Equity		115,385,816		121,502,756		1,603,839		1,300,000		546,566		1,057,273
Growth Equity		117,555,854		118,124,708		1,611,204		3,488,000		—		1,611,205
Small Cap Equity		25,883,218		26,771,048		779,000		500,000		—		—
International Equity		132,825,976		137,321,895		2,000,000		2,500,000		—		—
Emerging Markets Equity		35,939,786		38,533,890		1,500,000		1,500,000		—		—
Inflation Protected Bond		72,324,031		78,096,005		4,052,604		1,450,000		802,604		—
Flexible Income		38,381,452		39,981,571		1,600,661		—		543,861		31,799
Real Estate Securities		33,665,678		35,737,197		854,926		2,440,000		250,441		35,485
Global Natural Resources Equity		75,969,866		84,207,566		1,450,000		5,250,000		—		—

	$	1,287,508,288	$	1,341,917,998	$	58,930,731	$	62,757,768	$	7,379,440	$	3,892,573

Growth Allocation
Money Market	$	19,336,501	$	22,553,548	$	27,716,712	$	24,499,665	$	1,027	$	—
Low-Duration Bond		67,509,057		68,355,566		491,354		—		257,450		33,904
Medium-Duration Bond		91,002,174		93,003,152		808,999		1,750,000		808,999		—
Extended-Duration Bond		23,302,975		24,024,788		945,089		2,600,000		317,049		28,040
Global Bond		45,723,874		48,386,291		1,223,641		650,000		773,641		—
Value Equity		170,602,934		173,161,648		2,285,737		8,130,000		778,947		1,506,790
Growth Equity		170,653,044		173,504,219		3,066,573		3,850,000		—		2,366,573
Small Cap Equity		37,525,434		39,167,304		2,230,000		1,500,000		—		—
International Equity		195,545,699		199,196,881		650,000		4,100,000		—		—
Emerging Markets Equity		52,827,873		56,158,992		2,600,000		3,100,000		—		—

237


	Total Value at 12/31/13		Total Value at 06/30/14		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Real Estate Securities	$	32,195,539	$	34,621,358	$	906,998	$	2,000,000	$	242,621	$	34,377
Global Natural Resources Equity		56,743,574		64,504,979		650,000		1,850,000		—		—

	$	962,968,678	$	996,638,726	$	43,575,103	$	54,029,665	$	3,179,734	$	3,969,684

Aggressive Allocation
Money Market	$	17,878,395	$	19,230,558	$	26,695,694	$	25,343,531	$	872	$	—
Value Equity		232,579,031		236,630,107		3,133,416		10,650,000		1,067,824		2,065,592
Growth Equity		236,169,182		238,733,609		8,521,134		11,085,000		—		3,271,134
Small Cap Equity		51,819,192		53,027,670		1,500,000		1,465,000		—		—
International Equity		267,705,065		274,412,296		1,500,000		4,600,000		—		—
Emerging Markets Equity		72,347,121		73,795,304		2,000,000		5,665,000		—		—

	$	878,497,986	$	895,829,544	$	43,350,244	$	58,808,531	$	1,068,696	$	5,336,726

Conservative Allocation I
Money Market	$	1,003,363	$	1,166,186	$	8,410,755	$	8,247,932	$	94	$	—
Low-Duration Bond		47,501,174		46,583,890		1,773,239		2,802,000		352,155		37,085
Defensive Market Strategies		6,313,658		6,126,813		189,878		704,000		27,824		58,054
Value Equity		3,040,580		2,834,869		121,840		420,000		33,589		52,250
Growth Equity		3,038,462		2,826,356		224,688		464,000		—		72,687
Small Cap Equity		668,463		635,090		24,000		72,000		—		—
International Equity		3,405,600		3,239,614		128,000		420,000		—		—
Emerging Markets Equity		912,549		887,004		24,000		112,000		—		—
Inflation Protected Bond		9,704,788		9,853,393		510,888		780,000		102,888		—
Flexible Income		3,673,259		3,550,665		157,093		280,000		50,129		2,964
Real Estate Securities		900,449		899,094		15,193		112,000		6,301		893
Global Natural Resources Equity		3,364,729		3,717,950		312,000		496,000		—		—

	$	83,527,074	$	82,320,924	$	11,891,574	$	14,909,932	$	572,980	$	223,933

Balanced Allocation I
Money Market	$	7,009,585	$	7,493,494	$	16,448,670	$	15,964,762	$	610	$	—
Low-Duration Bond		45,601,127		46,219,516		1,499,585		988,000		340,083		35,502
Medium-Duration Bond		61,464,073		63,036,206		2,094,646		1,852,000		1,210,646		—
Extended-Duration Bond		15,414,850		16,050,819		1,438,501		1,772,000		782,330		64,171
Global Bond		30,621,300		32,229,562		1,083,997		872,000		515,997		—
Defensive Market Strategies		31,292,866		32,213,536		800,424		1,540,000		146,582		305,842
Value Equity		34,815,915		36,462,890		1,513,909		1,028,000		432,747		673,162
Growth Equity		35,474,776		35,435,839		1,232,983		1,584,000		—		912,983
Small Cap Equity		7,810,599		8,038,095		316,000		280,000		—		—
International Equity		40,093,098		41,246,971		1,116,000		1,508,000		—		—
Emerging Markets Equity		10,840,765		11,551,612		584,000		656,000		—		—
Inflation Protected Bond		21,817,397		23,434,865		1,436,355		768,000		240,355		—
Flexible Income		11,576,680		11,996,804		640,067		220,000		162,568		9,499
Real Estate Securities		10,155,515		10,725,778		385,975		908,000		75,305		10,670
Global Natural Resources Equity		22,917,798		25,270,430		712,000		1,960,000		—		—

	$	386,906,344	$	401,406,417	$	31,303,112	$	31,900,762	$	3,907,223	$	2,011,829

238


	Total Value at 12/31/13		Total Value at 06/30/14		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Growth Allocation I
Money Market	$	5,114,024	$	5,410,217	$	12,468,170	$	12,171,977	$	420	$	—
Low-Duration Bond		18,996,085		19,382,516		689,722		348,000		142,849		14,873
Medium-Duration Bond		25,627,848		26,369,731		1,077,778		892,000		505,778		—
Extended-Duration Bond		6,560,575		6,810,666		603,221		764,000		331,980		27,241
Global Bond		12,867,895		13,717,689		618,054		356,000		218,054		—
Value Equity		47,984,403		49,097,713		2,070,669		2,548,000		583,305		907,364
Growth Equity		48,042,442		49,176,873		2,580,331		1,900,000		—		1,268,331
Small Cap Equity		10,554,319		11,108,861		828,000		544,000		—		—
International Equity		55,049,827		56,529,391		1,324,000		1,916,000		—		—
Emerging Markets Equity		14,866,752		15,908,193		1,060,000		1,112,000		—		—
Real Estate Securities		9,059,241		9,817,023		426,768		660,000		68,992		9,775
Global Natural Resources Equity		15,970,817		18,287,725		476,000		684,000		—		—

	$	270,694,228	$	281,616,598	$	24,222,713	$	23,895,977	$	1,851,378	$	2,227,584

Aggressive Allocation I
Money Market	$	3,618,856	$	3,687,894	$	8,293,805	$	8,224,767	$	289	$	—
Value Equity		49,964,167		51,802,867		2,506,032		2,360,000		615,926		958,107
Growth Equity		50,784,861		52,244,819		3,602,119		2,652,000		—		1,350,119
Small Cap Equity		11,136,469		11,609,258		620,000		420,000		—		—
International Equity		57,574,864		60,128,490		1,468,000		1,120,000		—		—
Emerging Markets Equity		15,535,488		16,138,707		764,000		1,284,000		—		—

	$	188,614,705	$	195,612,035	$	17,253,956	$	16,060,767	$	616,215	$	2,308,226

Real Assets
Money Market	$	377,614	$	791,426	$	12,399,430	$	11,985,618	$	40	$	—
Inflation Protected Bond		8,964,518		16,857,207		7,377,763		6,700		162,255		—
Flexible Income		4,619,355		8,684,349		4,064,649		—		95,672		5,203
Real Estate Securities		4,151,983		7,677,162		2,930,751		34,194		52,403		7,425
Global Natural Resources Equity		4,788,101		9,003,039		3,510,655		307,235		—		—

	$	22,901,571	$	43,013,183	$	30,283,248	$	12,333,747	$	310,370	$	12,628

g. Transactions with Affiliates

Advisers to Investment Companies, including GuideStone Funds, are permitted under Rule 17a-7 of the 1940 Act to purchase or sell securities directly between affiliated clients. When affecting these “cross” transactions, Rule 17a-7 imposes restrictions on how the trades are processed and reported. The specified conditions within Rule 17a-7 are outlined in procedures established by or under the direction of the Board of Trustees. The procedures have been designed to provide assurance that any purchase or sale of securities by the Fund from or to another Fund complies with Rule 17a-7 under the 1940 act. There were no security transactions with affiliates for the six months ended June 30, 2014.

For the period ended June 30, 2014, the Funds engaged in the following security transactions with affiliates:


	Purchases		Sales Proceeds		Net Realized Loss from Sales
Low-Duration Bond	$	29,090,956	$	34,888,576	$	97,608
Medium-Duration Bond		5,757,320		9,969,856		1,650,446
Defensive Market Strategies		—		932,607		319,968

239

4. SECURITIES LENDING

Through an agreement with The Northern Trust Company (“Northern Trust”) (the Funds’ custodian) the Select Funds may lend portfolio securities to certain brokers, dealers and other financial institutions that pay the Select Funds a negotiated fee. The Select Funds receive cash or U.S. government securities as collateral against the loaned securities in an amount at least equal to the market value of the loaned securities. The Funds continue to own the loaned securities and the securities remain in the investment portfolio. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Cash collateral has been invested in a short-term money market fund of Northern Trust, an affiliate of the Funds, that invests in securities that satisfy the quality requirements of Rule 2a-7 and have short maturities. At June 30, 2014, 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	$	100,892,424	$	608,034	$	102,504,619	$	103,112,653
Medium-Duration Bond		75,788,322		768,991		76,619,111		77,388,102
Extended-Duration Bond		42,144,515		11,632,959		31,264,565		42,897,524
Global Bond		74,567,749		1,142,217		76,066,484		77,208,701
Defensive Market Strategies		74,358,611		725,577		75,859,414		76,584,991
Equity Index		29,037,846		40,787		29,596,320		29,637,107
Value Equity		167,163,731		426,521		171,496,313		171,922,834
Growth Equity		188,089,507		—		191,433,530		191,433,530
Small Cap Equity		179,121,179		1,057,758		183,223,771		184,281,529
International Equity		78,616,108		4,130,745		77,202,766		81,333,511
Emerging Markets Equity		33,884,953		4,069,007		32,018,057		36,087,064
Real Estate Securities		37,204,254		479,099		37,954,306		38,433,405
Global Natural Resources Equity		94,486,288		14,624,478		82,469,048		97,093,526

Securities lending transactions are entered into by the Funds under a Securities Lending Authorization Agreement which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

At June 30, 2014, the securities loaned which are subject to an MA on a net payment basis are as follows:


Fund	Value of Securities Loaned		Fair Value of Non-cash Collateral			Cash Collateral (Pledged)			Net Amount⁽¹⁾
Low-Duration Bond	$	100,892,424	$	(608,034	)	$	(100,284,390	)	$	—
Medium-Duration Bond		75,788,322		(768,991	)		(75,019,331	)		—
Extended-Duration Bond		42,144,515		(11,632,959	)		(30,511,556	)		—
Global Bond		74,567,749		(1,142,217	)		(73,425,532	)		—
Defensive Market Strategies		74,358,611		(725,577	)		(73,633,034	)		—
Equity Index		29,037,846		(40,787	)		(28,997,059	)		—
Value Equity		167,163,731		(426,521	)		(166,737,210	)		—
Growth Equity		188,089,507		—			(188,089,507	)		—
Small Cap Equity		179,121,179		(1,057,758	)		(178,063,421	)		—
International Equity		78,616,108		(4,130,745	)		(74,485,363	)		—
Emerging Markets Equity		33,884,953		(4,069,007	)		(29,815,946	)		—
Real Estate Securities		37,204,254		(479,099	)		(36,725,155	)		—
Global Natural Resources Equity		94,486,288		(14,624,478	)		(79,861,810	)		—

⁽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.

240

5. INVESTMENT TRANSACTIONS

For the period ended June 30, 2014, the cost of purchases and proceeds from sales and maturities for each Fund were as follows:


	Cost of Purchases and Proceeds from Sales and Maturities of Long-Term Securities (other than U.S. Government Obligations)				Cost of Purchases and Proceeds from Sales and Maturities of Long-Term U.S. Government Obligations
	Purchases		Sale and Maturity Proceeds		Purchases		Sale and Maturity Proceeds
MyDestination 2005	$	5,564,000	$	3,086,000	$	—	$	—
MyDestination 2015		19,504,000		6,179,000		—		—
MyDestination 2025		49,750,379		8,052,500		—		—
MyDestination 2035		31,404,500		3,239,500		—		—
MyDestination 2045		18,561,500		1,774,000		—		—
MyDestination 2055		5,025,000		551,500		—		—
Conservative Allocation		2,518,000		9,603,000		—		—
Balanced Allocation		13,813,000		29,768,000		—		—
Growth Allocation		8,710,000		29,530,000		—		—
Aggressive Allocation		10,250,000		33,465,000		—		—
Conservative Allocation I		2,684,000		6,662,000		—		—
Balanced Allocation I		8,936,000		15,936,000		—		—
Growth Allocation I		7,676,000		11,724,000		—		—
Aggressive Allocation I		6,036,000		7,836,000		—		—
Low-Duration Bond		604,592,333		516,421,642		1,154,301,885		1,119,368,909
Medium-Duration Bond		1,060,637,104		1,112,387,006		829,212,714		804,264,452
Extended-Duration Bond		16,988,229		31,163,064		19,963,872		8,979,780
Global Bond		154,437,787		144,554,481		19,688,756		4,078,902
Defensive Market Strategies		318,060,839		319,737,509		—		—
Equity Index		14,852,376		11,250,815		—		—
Value Equity		330,624,797		326,082,263		—		—
Growth Equity		352,702,585		349,873,317		—		—
Small Cap Equity		355,177,774		356,693,902		6,619,744		15,652,458
International Equity		314,830,908		289,715,918		—		—
Emerging Markets Equity		72,374,729		59,012,407		—		—
Inflation Protected Bond		1,911,767		5,353,420		113,535,435		88,482,952
Flexible Income		67,866,577		53,785,483		—		—
Real Assets		21,346,300		348,129		—		—
Real Estate Securities		145,161,668		151,976,072		—		—
Global Natural Resources Equity		46,764,098		45,075,770		—		—

241

Financial Futures Contracts

Investments as of June 30, 2014, included cash and securities that were valued and pledged as collateral to cover initial margin deposits. The market value of the open futures contracts is as follows:


Fund/Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
MyDestination 2005 Fund
S&P 500^® E-Mini		09/2014		6	$	585,720		GSC	$	8,762

MyDestination 2015 Fund
10-Year U.S. Treasury Note		09/2014		19	$	2,378,266		GSC	$	3,419
MSCI EAFE Index E-Mini		09/2014		12		1,181,340		GSC		5,515
MSCI Emerging Markets E-Mini		09/2014		5		260,175		GSC		(183	)
S&P 500^® E-Mini		09/2014		26		2,538,120		GSC		37,966

					$	6,357,901			$	46,717

MyDestination 2025 Fund
10-Year U.S. Treasury Note		09/2014		19	$	2,378,266		GSC	$	4,120
MSCI EAFE Index E-Mini		09/2014		23		2,264,235		GSC		10,295
MSCI Emerging Markets E-Mini		09/2014		10		520,350		GSC		(1,018	)
S&P 500^® E-Mini		09/2014		43		4,197,660		GSC		55,771

					$	9,360,511			$	69,168

MyDestination 2035 Fund
10-Year U.S. Treasury Note		09/2014		9	$	1,126,547		GSC	$	1,892
MSCI EAFE Index E-Mini		09/2014		21		2,067,345		GSC		7,523
MSCI Emerging Markets E-Mini		09/2014		8		416,280		GSC		(318	)
S&P 500^® E-Mini		09/2014		40		3,904,800		GSC		49,066

					$	7,514,972			$	58,163

MyDestination 2045 Fund
10-Year U.S. Treasury Note		09/2014		2	$	250,344		GSC	$	360
MSCI EAFE Index E-Mini		09/2014		15		1,476,675		GSC		6,496
MSCI Emerging Markets E-Mini		09/2014		7		364,245		GSC		(503	)
S&P 500^® E-Mini		09/2014		27		2,635,740		GSC		36,974

					$	4,727,004			$	43,327

MyDestination 2055 Fund
S&P 500^® E-Mini		09/2014		4	$	390,480		GSC	$	5,840

Conservative Allocation Fund
2-Year U.S. Treasury Note		09/2014		14	$	3,074,313		GSC	$	(547	)
MSCI EAFE Index E-Mini		09/2014		4		393,780		GSC		1,690
MSCI Emerging Markets E-Mini		09/2014		1		52,035		GSC		185
S&P 500^® E-Mini		09/2014		8		780,960		GSC		11,682

					$	4,301,088			$	13,010

242


Fund/Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
Balanced Allocation Fund
10-Year U.S. Treasury Note		09/2014		28	$	3,504,813		GSC	$	5,037
5-Year U.S. Treasury Note		09/2014		46		5,495,203		GSC		(6,468	)
Long U.S. Treasury Bond		09/2014		22		3,018,125		GSC		22,356
MSCI EAFE Index E-Mini		09/2014		47		4,626,915		GSC		19,190
MSCI Emerging Markets E-Mini		09/2014		23		1,196,805		GSC		(2,423	)
S&P 500^® E-Mini		09/2014		90		8,785,800		GSC		131,420

					$	26,627,661			$	169,112

Growth Allocation Fund
10-Year U.S. Treasury Note		09/2014		12	$	1,502,062		GSC	$	2,159
5-Year U.S. Treasury Note		09/2014		18		2,150,297		GSC		(2,531	)
Long U.S. Treasury Bond		09/2014		9		1,234,688		GSC		9,146
MSCI EAFE Index E-Mini		09/2014		56		5,512,920		GSC		22,770
MSCI Emerging Markets E-Mini		09/2014		26		1,352,910		GSC		(3,303	)
S&P 500^® E-Mini		09/2014		108		10,542,960		GSC		157,315

					$	22,295,837			$	185,556

Aggressive Allocation Fund
MSCI EAFE Index E-Mini		09/2014		64	$	6,300,480		GSC	$	23,574
MSCI Emerging Markets E-Mini		09/2014		31		1,613,085		GSC		(3,888	)
S&P 500^® E-Mini		09/2014		121		11,812,020		GSC		157,153

					$	19,725,585			$	176,839

Conservative Allocation Fund I
S&P 500^® E-Mini		09/2014		2	$	195,240		GSC	$	2,702

Balanced Allocation Fund I
10-Year U.S. Treasury Note		09/2014		7	$	876,203		GSC	$	1,260
5-Year U.S. Treasury Note		09/2014		11		1,314,070		GSC		(1,547	)
Long U.S. Treasury Bond		09/2014		5		685,938		GSC		5,081
MSCI EAFE Index E-Mini		09/2014		11		1,082,895		GSC		4,870
MSCI Emerging Markets E-Mini		09/2014		5		260,175		GSC		(183	)
S&P 500^® E-Mini		09/2014		22		2,147,640		GSC		32,124

					$	6,366,921			$	41,605

Growth Allocation Fund I
10-Year U.S. Treasury Note		09/2014		2	$	250,344		GSC	$	1,039
5-Year U.S. Treasury Note		09/2014		5		597,304		GSC		(703	)
Long U.S. Treasury Bond		09/2014		2		274,375		GSC		2,033
MSCI EAFE Index E-Mini		09/2014		11		1,082,895		GSC		5,466
MSCI Emerging Markets E-Mini		09/2014		5		260,175		GSC		(183	)
S&P 500^® E-Mini		09/2014		24		2,342,880		GSC		34,400

					$	4,807,973			$	42,052

Aggressive Allocation Fund I
MSCI EAFE Index E-Mini		09/2014		13	$	1,279,785		GSC	$	4,916
MSCI Emerging Markets E-Mini		09/2014		6		312,210		GSC		(385	)
S&P 500^® E-Mini		09/2014		22		2,147,640		GSC		29,118

					$	3,739,635			$	33,649

243


Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
Low-Duration Bond Fund
90-Day Euro		03/2014		323		$	110,289,042			CITI	$	150,147
90-Day Euro		03/2014		26			8,877,756			JPM		23,106
90-Day Euro		03/2014		(482	)		(119,084,125	)		CITI		(54,991	)
90-Day Euro		09/2014		(1	)		(249,400	)		CITI		(3,240	)
10-Year U.S. Treasury Note		09/2014		(185	)		(23,156,797	)		UBS		12,545
2-Year U.S. Treasury Note		09/2014		228			50,067,375			CITI		(22,856	)
2-Year U.S. Treasury Note		09/2014		120			26,351,250			GSC		(14,196	)
2-Year U.S. Treasury Note		09/2014		31			6,807,406			UBS		(2,039	)
2-Year U.S. Treasury Note		09/2014		9			1,976,344			CS		833
5-Year U.S. Treasury Note		09/2014		(11	)		(1,314,070	)		GSC		(3,382	)
5-Year U.S. Treasury Note		09/2014		(82	)		(9,795,797	)		JPM		(30,023	)
5-Year U.S. Treasury Note		09/2014		(101	)		(12,065,555	)		CITI		24,569
5-Year U.S. Treasury Note		09/2014		(217	)		(25,923,024	)		CS		26,821
90-Day Euro		12/2014		1			249,313			CITI		1,997
90-Day Euro		03/2015		1			249,112			CITI		2,197
90-Day Euro		06/2015		132			32,830,050			CS		44,422
90-Day Euro		06/2015		77			19,150,863			CITI		18,213
90-Day Euro		09/2015		60			14,893,500			CITI		2,177

						$	80,153,243				$	176,300

Medium-Duration Bond Fund
90-Day Euro		09/2014		313		$	77,694,425			DEUT	$	(6,446	)
90-Day Euro		09/2014		(60	)		(14,742,750	)		CITI		(34,617	)
10-Year U.S. Treasury Note		09/2014		137			17,148,547			DEUT		49,081
10-Year U.S. Treasury Note		09/2014		(6	)		(751,031	)		CITI		(5,167	)
10-Year U.S. Treasury Note		09/2014		(9	)		(1,126,547	)		JPM		(8,171	)
10-Year U.S. Treasury Note		09/2014		(29	)		(3,629,984	)		UBS		(22,174	)
10-Year U.S. Treasury Note		09/2014		(123	)		(15,396,141	)		GSC		(88,462	)
2-Year U.S. Treasury Note		09/2014		103			22,618,156			CITI		(2,721	)
30-Year U.S. Treasury Note		09/2014		57			7,819,688			DEUT		113,064
5-Year U.S. Treasury Note		09/2014		41			4,897,898			CITI		2,378
5-Year U.S. Treasury Note		09/2014		(260	)		(31,059,844	)		GSC		(29,220	)
Euro Currency		09/2014		(8	)		(1,369,800	)		GSC		(5,014	)
Euro-BOBL		09/2014		(30	)		(5,263,453	)		GSC		(6,325	)
Euro-Bond		09/2014		(18	)		(3,623,415	)		GSC		(51,376	)
Euro-OAT		09/2014		(11	)		(2,116,705	)		DEUT		(31,941	)
Long U.S. Treasury Bond		09/2014		(3	)		(411,563	)		GSC		(197	)
Long U.S. Treasury Bond		09/2014		(69	)		(9,465,938	)		CITI		(68,458	)
Ultra Long U.S. Treasury Bond		09/2014		54			8,096,625			CITI		(5,941	)
Ultra Long U.S. Treasury Bond		09/2014		30			4,498,125			GSC		43,785
90-Day Euro		12/2015		95			23,527,938			GSC		24,516
90-Day Euro		12/2015		(161	)		(39,455,063	)		CITI		(107,098	)
90-Day Euro		06/2016		43			10,595,200			GSC		36,923
90-Day Euro		06/2016		(123	)		(30,307,200	)		CITI		(29,312	)
90-Day Euro		03/2017		(104	)		(25,431,900	)		CITI		(36,493	)
90-Day Euro		06/2018		(92	)		(22,314,600	)		GSC		(92,299	)

						$	(29,569,332	)			$	(361,685	)

244


Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
Global Bond Fund
10-Year U.S. Treasury Note		09/2014		(61	)	$	(7,635,484	)		GSC	$	(1,526	)
Euro-BOBL		09/2014		(1	)		(175,449	)		JPM		(1,057	)
Euro-Bond		09/2014		(36	)		(7,246,830	)		JPM		(102,820	)

						$	(15,057,763	)			$	(105,403	)

Defensive Market Strategies Fund
S&P 500^® E-Mini		09/2014		185		$	18,059,700			GSC	$	198,923

Equity Index Fund
S&P 500^® E-Mini		09/2014		156		$	15,228,720			GSC	$	212,686

Value Equity Fund
S&P 500^® E-Mini		09/2014		404		$	39,438,480			GSC	$	382,902

Growth Equity Fund
S&P 500^® E-Mini		09/2014		706		$	68,919,720			GSC	$	871,985

Small Cap Equity Fund
Russell 2000^® IMM-Mini		09/2014		222		$	26,424,660			GSC	$	674,015

International Equity Fund
AEX Index		07/2014		228		$	25,803,369			BAR	$	(135,062	)
CAC40 Index		07/2014		408			24,704,587			BAR		(561,869	)
Hang Seng Index		07/2014		111			16,544,591			BAR		193,257
IBEX 35		07/2014		27			4,013,399			BAR		(26,652	)
MSCI Singapore Index		07/2014		7			415,992			BAR		(672	)
OMX 30 Index		07/2014		(142	)		(2,931,790	)		BAR		21,362
Hang Seng Index		07/2014		13			1,937,655			GSC		27,931
SWISS		09/2014		(429	)		(41,351,962	)		JPM		520,522
ASX SPI 200 Index		09/2014		(214	)		(27,009,794	)		BAR		34,211
DAX Index		09/2014		68			22,951,048			BAR		(221,574	)
FTSE 100 Index^®		09/2014		98			11,255,442			BAR		(21,237	)
FTSE MIB Index		09/2014		(29	)		(4,229,680	)		BAR		116,678
MSCI EAFE Index E-Mini		09/2014		550			54,144,750			GSC		111,105
S&P/TSE 60 Index		09/2014		(17	)		(2,752,055	)		BAR		(22,177	)
TOPIX Index^®		09/2014		(48	)		(5,981,936	)		BAR		(61,504	)

						$	77,513,616				$	(25,681	)

Emerging Markets Equity Fund
Mexican Bolsa Index		06/2014		(34	)	$	(1,122,824	)		JPM	$	(3,211	)
TA25 Index		07/2014		39			1,577,810			GSC		(16,538	)
TAIEX		07/2014		8			497,823			GSC		9,794
MSCI Singapore Index		07/2014		2			118,855			BAR		(245	)
MSCI Taiwan Index		07/2014		22			731,280			BAR		11,951
SGX CNX Nifty Index		07/2014		(136	)		(2,074,408	)		BAR		(7,766	)
KLCI Index		07/2014		26			762,551			BAR		(3,640	)
HSCEI CHINA Index		08/2014		31			2,048,294			GSC		24,883
HSCEI CHINA Index		08/2014		23			1,519,702			BAR		18,722
MSCI Taiwan Index		08/2014		28			930,720			GSC		16,879
Bovespa Index		08/2014		255			6,195,940			GSC		(214,769	)
BIST 30 Index		08/2014		(105	)		(485,079	)		JPM		(1,446	)
KOSPI 200 Index		09/2014		(31	)		(3,992,192	)		BAR		43,287

245


Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
MSCI Emerging Markets E-Mini		09/2014		333		$	17,327,655			GSC	$	(42,275	)
SAF Top 40 Index		09/2014		26			1,126,300			BAR		3,151
SET50 Index		09/2014		(37	)		(225,956	)		BAR		(2,854	)

						$	24,936,471				$	(164,077	)

Inflation Protected Bond Fund
10-Year Australia Treasury Note		09/2014		18		$	14,808,820			GSC	$	44,498
10-Year Treasury Note		09/2014		(5	)		(7,188,688	)		BAR		(22,225	)
10-Year U.S. Treasury Note		09/2014		18			2,253,094			UBS		3,350
2-Year U.S. Treasury Note		09/2014		(39	)		(8,564,156	)		UBS		(8,954	)
5-Year U.S. Treasury Note		09/2014		8			955,688			UBS		2,263
90-Day Euro		09/2014		239			59,606,600			UBS		(3,298	)
Long U.S. Treasury Bond		09/2014		(77	)		(10,563,438	)		UBS		(95,026	)
Ultra Long U.S. Treasury Bond		09/2014		(99	)		(14,843,812	)		UBS		(54,739	)
90-Day Euro		06/2015		(243	)		(60,437,138	)		UBS		18,782

						$	(23,973,030	)			$	(115,349	)

Real Estate Securities Fund
S&P 500^® MidCap 400		09/2014		41		$	5,860,130			GSC	$	83,557

Forward Foreign Currency Contracts

As of June 30, 2014, the following Funds have forward foreign currency exchange contracts that obligate them to deliver currencies at specified future dates. The unrealized appreciation and/or depreciation on these contracts is included in the accompanying financial statements. The terms of the open contracts are as follows:


Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
Low-Duration Bond Fund
07/02/14	Japanese Yen		685,600,000	U.S. Dollars		6,750,789		JPM	$	17,004
07/02/14	U.S. Dollars		17,207,103	Euro		12,564,000		GSC		3,081
07/02/14	Euro		17,052,000	U.S. Dollars		23,175,374		DEUT		174,114
07/02/14	U.S. Dollars		6,731,468	Japanese Yen		685,600,000		JPM		(36,325	)
07/02/14	Norwegian Krone		4,064,360	Euro		500,000		BOA		(22,097	)
07/02/14	Norwegian Krone		4,052,316	Euro		500,000		DEUT		(24,060	)
07/02/14	U.S. Dollars		3,773,526	Euro		2,765,000		BNP		(12,619	)
07/02/14	U.S. Dollars		2,333,773	Euro		1,723,000		BNP		(25,550	)
07/02/14	Brazilian Reals		898,851	U.S. Dollars		399,276		UBS		7,280
07/02/14	Euro		500,000	Norwegian Krone		4,065,312		BOA		21,942
07/02/14	Euro		500,000	Norwegian Krone		4,124,150		DEUT		12,350
07/02/14	U.S. Dollars		401,541	Brazilian Reals		898,851		JPM		(5,015	)
07/02/14	U.S. Dollars		139,378	Australian Dollars		150,000		JPM		(2,042	)
07/02/14	Norwegian Krone		20,500	U.S. Dollars		3,337		UBS		5
07/08/14	Euro		1,400,000	Switzerland Francs		1,706,711		UBS		(7,625	)
07/08/14	New Zealand Dollars		757,639	Australian Dollars		700,000		DEUT		3,185
07/08/14	New Zealand Dollars		706,684	U.S. Dollars		600,000		BAR		18,246
07/08/14	New Zealand Dollars		700,000	Canadian Dollars		642,792		UBS		10,129
07/08/14	Australian Dollars		700,000	U.S. Dollars		652,515		DEUT		7,125
07/08/14	Australian Dollars		700,000	New Zealand Dollars		755,028		CS		(901	)
07/08/14	Canadian Dollars		652,680	U.S. Dollars		600,000		DEUT		11,534
07/08/14	U.S. Dollars		645,707	Australian Dollars		700,000		DEUT		(13,933	)
07/08/14	Canadian Dollars		643,674	New Zealand Dollars		700,000		UBS		(9,303	)

246


Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/08/14	U.S. Dollars		600,000	Canadian Dollars		651,468		DEUT	$	(10,399	)
07/08/14	U.S. Dollars		600,000	New Zealand Dollars		714,151		BAR		(24,779	)
07/08/14	Euro		500,000	British Pounds		398,904		DEUT		2,036
07/08/14	British Pounds		406,829	Euro		500,000		DEUT		11,527
07/09/14	U.S. Dollars		3,343,795	Euro		2,458,000		CITI		(22,062	)
07/09/14	Canadian Dollars		738,152	British Pounds		400,000		DEUT		7,094
07/09/14	New Zealand Dollars		700,000	Canadian Dollars		654,115		DEUT		(524	)
07/09/14	U.S. Dollars		679,441	Euro		500,000		CS		(5,233	)
07/09/14	Canadian Dollars		643,650	New Zealand Dollars		700,000		DEUT		(9,281	)
07/09/14	U.S. Dollars		643,455	Australian Dollars		700,000		BAR		(16,132	)
07/09/14	U.S. Dollars		600,000	Switzerland Francs		539,646		UBS		(8,579	)
07/09/14	Switzerland Francs		533,971	U.S. Dollars		600,000		UBS		2,179
07/09/14	Euro		500,000	U.S. Dollars		680,325		CS		4,349
07/09/14	Euro		500,000	British Pounds		399,458		BAR		1,095
07/09/14	U.S. Dollars		460,299	British Pounds		275,000		HKSB		(10,298	)
07/09/14	British Pounds		406,758	Euro		500,000		BAR		11,397
07/09/14	British Pounds		400,000	Canadian Dollars		737,349		DEUT		(6,341	)
07/10/14	Japanese Yen		69,081,080	British Pounds		400,000		BAR		(2,532	)
07/10/14	Swedish Kronor		4,331,012	Australian Dollars		700,000		CITI		(11,413	)
07/10/14	Swedish Kronor		4,321,313	U.S. Dollars		648,376		BNP		(1,708	)
07/10/14	Canadian Dollars		709,997	Australian Dollars		700,000		DEUT		5,669
07/10/14	Australian Dollars		700,000	Swedish Kronor		4,309,966		BNP		14,562
07/10/14	New Zealand Dollars		700,000	Canadian Dollars		649,040		DEUT		4,187
07/10/14	Australian Dollars		700,000	Swedish Kronor		4,428,410		CITI		(3,162	)
07/10/14	Australian Dollars		700,000	Canadian Dollars		715,548		DEUT		(10,869	)
07/10/14	New Zealand Dollars		659,340	Australian Dollars		600,000		UBS		11,398
07/10/14	U.S. Dollars		648,376	Australian Dollars		700,000		BNP		(11,157	)
07/10/14	Canadian Dollars		641,575	New Zealand Dollars		700,000		DEUT		(11,180	)
07/10/14	Australian Dollars		600,000	New Zealand Dollars		660,009		UBS		(11,983	)
07/10/14	British Pounds		401,350	Euro		500,000		DEUT		2,134
07/10/14	British Pounds		400,000	Japanese Yen		68,851,600		BAR		4,797
07/16/14	U.S. Dollars		942,823	Brazilian Reals		2,142,000		BAR		(21,772	)
07/16/14	Brazilian Reals		564,000	U.S. Dollars		248,021		BAR		5,962
07/16/14	Brazilian Reals		509,000	U.S. Dollars		223,687		BAR		5,528
07/16/14	Brazilian Reals		384,000	U.S. Dollars		168,821		BAR		4,104
07/16/14	Brazilian Reals		685,000	U.S. Dollars		302,428		BAR		6,044
07/22/14	New Zealand Dollars		753,488	Australian Dollars		700,000		DEUT		(618	)
07/22/14	British Pounds		400,000	Japanese Yen		69,222,628		DEUT		999
07/23/14	U.S. Dollars		5,122,536	Australian Dollars		5,476,000		BOA		(31,480	)
07/23/14	U.S. Dollars		3,998,360	British Pounds		2,380,000		BAR		(73,976	)
07/23/14	U.S. Dollars		1,874,145	Euro		1,356,000		BAR		17,210
07/23/14	New Zealand Dollars		776,860	Euro		500,000		UBS		(6,083	)
08/04/14	Brazilian Reals		898,851	U.S. Dollars		397,889		JPM		4,573
08/05/14	U.S. Dollars		23,178,187	Euro		17,052,000		DEUT		(174,358	)
08/05/14	U.S. Dollars		6,752,312	Japanese Yen		685,600,000		JPM		(17,302	)
08/05/14	U.S. Dollars		91,857	Australian Dollars		98,000		CITI		(292	)
08/13/14	Norwegian Krone		3,585,000	U.S. Dollars		604,281		DEUT		(20,828	)
08/21/14	U.S. Dollars		726,644	Mexican Pesos		9,816,593		MSCS		(27,219	)
08/21/14	U.S. Dollars		726,267	Mexican Pesos		9,816,593		BNP		(27,595	)
08/25/14	Mexican Pesos		4,482,000	U.S. Dollars		340,254		GSC		3,852
09/11/14	U.S. Dollars		3,049,851	British Pounds		1,817,000		BAR		(57,862	)
09/23/14	U.S. Dollars		409,462	Mexican Pesos		5,340,000		GSC		272
10/22/14	U.S. Dollars		284,020	Mexican Pesos		3,736,000		BNP		(1,700	)

									$	(381,224	)

247


Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
Medium-Duration Bond Fund
07/02/14	Japanese Yen		148,600,000	U.S. Dollars		1,463,196		JPM	$	3,685
07/02/14	Japanese Yen		45,800,000	U.S. Dollars		448,869		CS		3,231
07/02/14	U.S. Dollars		14,980,204	Euro		10,938,000		GSC		2,683
07/02/14	Euro		9,756,000	U.S. Dollars		13,259,380		DEUT		99,616
07/02/14	Euro		4,378,000	U.S. Dollars		5,974,232		GSC		20,611
07/02/14	U.S. Dollars		1,969,399	Australian Dollars		2,133,000		BNP		(41,591	)
07/02/14	U.S. Dollars		1,908,689	Japanese Yen		194,400,000		JPM		(10,300	)
07/02/14	Australian Dollars		1,759,000	U.S. Dollars		1,624,534		JPM		33,849
07/02/14	U.S. Dollars		1,752,700	Euro		1,294,000		BNP		(19,188	)
07/02/14	U.S. Dollars		1,401,905	Euro		1,036,000		CS		(16,701	)
07/02/14	U.S. Dollars		1,170,876	Euro		866,000		BNP		(14,938	)
07/02/14	Brazilian Reals		952,972	U.S. Dollars		423,317		UBS		7,718
07/02/14	Australian Dollars		372,790	U.S. Dollars		351,000		CITI		523
07/02/14	U.S. Dollars		275,628	Brazilian Reals		617,378		MLCS		(3,617	)
07/02/14	U.S. Dollars		149,919	Brazilian Reals		335,594		JPM		(1,872	)
07/03/14	U.S. Dollars		2,870,233	Mexican Pesos		37,681,860		JPM		(33,620	)
07/15/14	Brazilian Reals		1,660,000	U.S. Dollars		720,736		JPM		27,037
07/18/14	U.S. Dollars		1,230,634	Brazilian Reals		2,796,000		RBC		(27,685	)
07/31/14	U.S. Dollars		610,695	Euro		449,965		WEST		(5,516	)
08/04/14	Brazilian Reals		335,594	U.S. Dollars		148,555		JPM		1,707
08/04/14	U.S. Dollars		150,000	Brazilian Reals		334,473		BNP		239
08/05/14	U.S. Dollars		13,260,990	Euro		9,756,000		DEUT		(99,756	)
08/05/14	U.S. Dollars		1,463,526	Japanese Yen		148,600,000		JPM		(3,750	)
08/08/14	U.S. Dollars		1,435,677	Mexican Pesos		18,860,490		RBC		(13,907	)
08/08/14	U.S. Dollars		1,294,441	Mexican Pesos		16,865,787		RBC		(1,835	)
08/08/14	U.S. Dollars		1,038,602	Mexican Pesos		13,641,108		SS		(9,830	)
08/13/14	Norwegian Krone		1,133,000	U.S. Dollars		190,976		DEUT		(6,583	)
08/14/14	Euro		1,640,000	U.S. Dollars		2,236,386		CITIC		9,652
08/14/14	U.S. Dollars		12,637,990	Euro		9,073,116		CITIC		212,033
08/14/14	U.S. Dollars		2,981,465	Japanese Yen		303,288,000		CITIC		(13,379	)
08/14/14	U.S. Dollars		2,913,680	British Pounds		1,720,000		GSC		(28,829	)
08/14/14	Polish Zloty		2,281,561	U.S. Dollars		748,065		CITIC		3,215
08/14/14	U.S. Dollars		1,892,638	Euro		1,380,000		CITIC		2,679
08/14/14	U.S. Dollars		1,505,212	Japanese Yen		153,366,000		BAR		(9,214	)
08/14/14	Euro		1,475,687	U.S. Dollars		2,054,019		UBS		(33,013	)
08/14/14	U.S. Dollars		746,945	Polish Zloty		2,281,561		CITIC		(4,335	)
08/14/14	U.S. Dollars		719,672	Euro		526,000		UBS		(704	)
09/04/14	U.S. Dollars		298,545	Mexican Pesos		3,945,121		BNP		(4,144	)
09/11/14	U.S. Dollars		4,107,311	British Pounds		2,447,000		BAR		(77,924	)
09/11/14	British Pounds		2,257,886	U.S. Dollars		3,799,000		GSC		65,126
09/17/14	Euro		101,000	Norwegian Krone		850,208		JPM		(310	)
09/17/14	British Pounds		80,941	Euro		101,000		MLCS		222
09/17/14	Japanese Yen		28,054,213	U.S. Dollars		276,000		MLCS		1,089
09/17/14	Japanese Yen		20,970,818	U.S. Dollars		207,000		JPM		127
09/17/14	Norwegian Krone		845,582	Euro		101,000		JPM		(907	)
09/17/14	Norwegian Krone		826,092	Euro		101,000		JPM		(4,075	)
09/17/14	Norwegian Krone		822,633	Euro		101,000		JPM		(4,638	)
09/17/14	Norwegian Krone		821,561	Euro		101,000		SS		(4,811	)

248


Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/17/14	Euro		609,984	U.S. Dollars		826,950		MLCS	$	8,551
09/17/14	Norwegian Krone		424,376	Euro		51,000		JPM		(881	)
09/17/14	U.S. Dollars		310,264	Swedish Kronor		2,067,738		MLCS		1,045
09/17/14	U.S. Dollars		310,000	Canadian Dollars		339,145		RBC		(7,204	)
09/17/14	U.S. Dollars		276,204	British Pounds		163,000		RBS		(2,568	)
09/17/14	U.S. Dollars		275,279	Euro		202,000		MSCS		(1,403	)
09/17/14	U.S. Dollars		274,943	British Pounds		162,000		DEUT		(2,119	)
09/17/14	U.S. Dollars		273,938	Australian Dollars		295,000		WEST		(2,645	)
09/17/14	U.S. Dollars		250,776	Switzerland Francs		225,193		MLCS		(3,335	)
09/17/14	U.S. Dollars		250,264	Switzerland Francs		224,810		SS		(3,415	)
09/17/14	U.S. Dollars		249,207	Switzerland Francs		223,985		RBS		(3,542	)
09/17/14	U.S. Dollars		249,201	Switzerland Francs		224,229		UBS		(3,823	)
09/17/14	U.S. Dollars		246,609	Switzerland Francs		221,772		BNP		(3,642	)
09/17/14	U.S. Dollars		231,832	Canadian Dollars		253,716		MLCS		(5,471	)
09/17/14	U.S. Dollars		220,495	Switzerland Francs		198,221		CS		(3,182	)
09/17/14	U.S. Dollars		219,624	New Zealand Dollars		253,000		WMR		(1,890	)
09/17/14	U.S. Dollars		174,560	Japanese Yen		17,800,488		DEUT		(1,254	)
09/17/14	British Pounds		171,365	U.S. Dollars		287,755		MLCS		5,323
09/17/14	U.S. Dollars		171,253	Japanese Yen		17,445,967		SS		(1,060	)
09/17/14	U.S. Dollars		171,076	Japanese Yen		17,491,340		BNP		(1,685	)
09/17/14	U.S. Dollars		169,743	Japanese Yen		17,307,403		UBS		(1,201	)
09/17/14	U.S. Dollars		138,284	Euro		101,000		BNP		(16	)
09/17/14	U.S. Dollars		138,000	Japanese Yen		14,118,724		SS		(1,449	)
09/17/14	U.S. Dollars		134,146	Australian Dollars		144,310		WEST		(1,155	)
09/17/14	U.S. Dollars		133,182	New Zealand Dollars		157,775		BNP		(3,917	)
09/17/14	U.S. Dollars		133,086	New Zealand Dollars		157,775		UBS		(4,013	)
09/17/14	U.S. Dollars		130,220	Australian Dollars		140,066		JPM		(1,102	)
09/17/14	U.S. Dollars		130,213	Australian Dollars		140,066		DEUT		(1,109	)
09/17/14	Euro		101,000	U.S. Dollars		136,916		MLCS		1,425
09/17/14	Euro		101,000	Switzerland Francs		122,873		BNP		(312	)
09/17/14	New Zealand Dollars		79,000	U.S. Dollars		68,145		MLCS		503
09/17/14	U.S. Dollars		69,500	Euro		51,000		MSCS		(355	)
09/17/14	U.S. Dollars		68,960	Euro		50,553		SS		(284	)
09/17/14	Euro		51,000	U.S. Dollars		69,045		BNP		811
09/17/14	Euro		51,000	U.S. Dollars		69,069		MLCS		786
09/17/14	Euro		51,000	Norwegian Krone		425,008		HKSB		779
09/17/14	Euro		51,000	U.S. Dollars		69,083		MSCS		773
09/17/14	Euro		51,000	U.S. Dollars		69,315		BAR		540
09/17/14	Euro		51,000	British Pounds		40,803		HKSB		72
09/17/14	Euro		51,000	British Pounds		41,081		SS		(404	)
09/17/14	Euro		50,000	Switzerland Francs		60,812		MLCS		(136	)
09/18/14	U.S. Dollars		446,685	Mexican Pesos		5,909,648		BNP		(6,306	)
09/23/14	U.S. Dollars		157,037	Mexican Pesos		2,048,000		GSC		104
10/02/14	U.S. Dollars		2,303,894	Mexican Pesos		30,465,549		BNP		(29,185	)
10/02/14	U.S. Dollars		519,833	Mexican Pesos		6,885,189		BNP		(7,441	)

									$	(88,722	)

Global Bond Fund
07/16/14	Chinese Yuan Renminbi		21,064,000	U.S. Dollars		3,399,338		HSBC	$	(10,337	)
07/25/14	Indonesian Rupiahs		21,641,250,000	U.S. Dollars		1,857,459		HSBC		(40,711	)
07/25/14	Chilean Peso		1,037,960,000	U.S. Dollars		1,882,067		DEUT		(10,543	)
07/25/14	Indian Rupees		174,590,000	U.S. Dollars		2,847,659		CITIC		36,477

249


Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/25/14	Indian Rupees		111,790,000	U.S. Dollars		1,885,478		CITIC	$	(38,765	)
07/25/14	Indian Rupees		51,960,000	U.S. Dollars		845,290		JPM		13,062
07/25/14	U.S. Dollars		2,164,065	Brazilian Reals		4,949,000		BAR		(58,331	)
07/25/14	Brazilian Reals		2,140,000	U.S. Dollars		939,421		BAR		21,567
08/14/14	Japanese Yen		744,255,000	U.S. Dollars		7,326,801		DEUT		22,408
08/14/14	Polish Zloty		17,034,712	U.S. Dollars		5,546,147		JPM		46,119
08/14/14	U.S. Dollars		9,300,001	Euro		6,868,096		JPM		(106,102	)
08/14/14	South African Rand		8,230,000	U.S. Dollars		783,034		JPM		(15,228	)
08/14/14	U.S. Dollars		5,632,426	Euro		4,110,000		HSBC		3,635
08/14/14	U.S. Dollars		5,616,099	Polish Zloty		17,211,265		JPM		(34,127	)
08/14/14	Swedish Kronor		5,133,306	U.S. Dollars		786,878		BAR		(18,998	)
08/14/14	U.S. Dollars		3,572,964	Polish Zloty		10,854,665		JPM		9,524
08/14/14	Euro		3,490,000	U.S. Dollars		4,725,764		JPM		53,917
08/14/14	U.S. Dollars		2,517,643	Euro		1,808,255		MSCS		41,174
08/14/14	U.S. Dollars		2,247,849	Euro		1,614,942		UBS		36,128
08/14/14	U.S. Dollars		1,947,773	Euro		1,398,818		JPM		32,042
08/14/14	U.S. Dollars		1,868,501	Euro		1,370,000		JPM		(7,763	)
08/14/14	U.S. Dollars		1,828,167	Mexican Pesos		24,000,000		DEUT		(15,728	)
08/14/14	U.S. Dollars		1,576,788	British Pounds		931,041		JPM		(16,001	)
08/14/14	U.S. Dollars		1,337,743	British Pounds		790,000		RBC		(13,759	)
08/14/14	U.S. Dollars		1,329,562	Euro		954,524		CITIC		22,307
08/14/14	U.S. Dollars		1,319,159	Euro		947,399		GSC		21,662
08/14/14	U.S. Dollars		1,103,244	British Pounds		650,000		CS		(8,750	)
08/14/14	U.S. Dollars		788,200	Swedish Kronor		5,130,000		UBS		20,814
08/14/14	U.S. Dollars		774,324	South African Rand		8,273,340		JPM		2,474
08/14/14	U.S. Dollars		673,541	British Pounds		400,000		BAR		(10,764	)
08/14/14	U.S. Dollars		596,009	Turkish Lira		1,280,270		RBC		(2,487	)
08/14/14	U.S. Dollars		456,723	British Pounds		269,710		BAR		(4,686	)
08/14/14	U.S. Dollars		338,800	British Pounds		200,000		GSC		(3,352	)
08/14/14	U.S. Dollars		233,723	Australian Dollars		249,499		CITIC		(741	)
08/14/14	U.S. Dollars		233,123	Euro		170,000		JPM		302

									$	(33,561	)

Defensive Market Strategies Fund
07/31/14	U.S. Dollars		4,095,151	Euro		3,012,403		UBS	$	(30,229	)
07/31/14	Japanese Yen		872,100	U.S. Dollars		8,590		CS		21
07/31/14	U.S. Dollars		837,107	British Pounds		493,398		CS		(7,074	)
07/31/14	U.S. Dollars		739,398	Switzerland Francs		661,635		CS		(6,895	)
07/31/14	U.S. Dollars		343,937	Japanese Yen		35,126,250		CS		(2,888	)

									$	(47,065	)

250


Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
International Equity Fund
07/31/14	U.S. Dollars		5,212,154	Australian Dollars		5,634,000		NT	$	(87,217	)
09/17/14	Japanese Yen		1,147,556,000	U.S. Dollars		11,258,334		RBS		75,977
09/17/14	Japanese Yen		224,921,000	U.S. Dollars		2,207,695		RBS		13,830
09/17/14	Japanese Yen		185,918,000	U.S. Dollars		1,824,962		RBS		11,334
09/17/14	Norwegian Krone		48,834,390	U.S. Dollars		8,109,398		RBS		(172,296	)
09/17/14	Norwegian Krone		29,300,634	U.S. Dollars		4,869,804		RBS		(107,543	)
09/17/14	Japanese Yen		27,239,764	U.S. Dollars		265,288		RBS		3,757
09/17/14	Japanese Yen		27,053,322	U.S. Dollars		265,290		RBS		1,913
09/17/14	Japanese Yen		20,360,225	U.S. Dollars		198,968		RBS		2,128
09/17/14	Norwegian Krone		18,068,724	U.S. Dollars		3,002,222		RBS		(65,495	)
09/17/14	Japanese Yen		15,180,689	U.S. Dollars		148,106		RBS		1,833
09/17/14	Norwegian Krone		14,715,252	U.S. Dollars		2,438,187		RBS		(46,503	)
09/17/14	U.S. Dollars		12,945,518	British Pounds		7,727,607		RBS		(270,700	)
09/17/14	U.S. Dollars		12,937,011	British Pounds		7,727,607		RBS		(279,208	)
09/17/14	U.S. Dollars		12,928,456	British Pounds		7,727,607		RBS		(287,763	)
09/17/14	U.S. Dollars		12,741,965	British Pounds		7,582,179		RBS		(225,534	)
09/17/14	British Pounds		10,456,000	U.S. Dollars		17,732,084		RBS		150,397
09/17/14	Euro		9,573,000	U.S. Dollars		13,029,116		RBS		83,115
09/17/14	U.S. Dollars		9,351,481	Japanese Yen		956,386,000		RBS		(94,660	)
09/17/14	New Zealand Dollars		9,009,685	U.S. Dollars		7,524,519		RBS		304,493
09/17/14	New Zealand Dollars		8,942,251	U.S. Dollars		7,524,672		RBS		245,744
09/17/14	Australian Dollars		8,840,000	U.S. Dollars		8,217,807		RBS		70,307
09/17/14	New Zealand Dollars		8,794,474	U.S. Dollars		7,334,722		RBS		307,281
09/17/14	New Zealand Dollars		8,762,172	U.S. Dollars		7,335,121		RBS		278,814
09/17/14	New Zealand Dollars		8,567,892	U.S. Dollars		7,219,186		RBS		225,928
09/17/14	New Zealand Dollars		8,554,209	U.S. Dollars		7,219,178		RBS		214,045
09/17/14	Hong Kong Dollars		7,262,000	U.S. Dollars		936,833		RBS		(226	)
09/17/14	Australian Dollars		6,885,974	U.S. Dollars		6,335,048		RBS		121,032
09/17/14	U.S. Dollars		6,612,793	Swedish Kronor		43,944,000		RBS		41,207
09/17/14	U.S. Dollars		6,431,782	Swedish Kronor		43,048,000		RBS		(5,812	)
09/17/14	New Zealand Dollars		6,397,612	U.S. Dollars		5,414,459		RBS		144,779
09/17/14	U.S. Dollars		6,013,423	Switzerland Francs		5,376,000		RBS		(52,942	)
09/17/14	Canadian Dollars		5,775,000	U.S. Dollars		5,288,534		RBS		112,854
09/17/14	U.S. Dollars		5,689,980	Canadian Dollars		6,193,000		RBS		(102,366	)
09/17/14	U.S. Dollars		5,459,843	Swedish Kronor		36,576,000		RBS		(9,899	)
09/17/14	Australian Dollars		4,914,000	U.S. Dollars		4,570,926		RBS		36,291
09/17/14	U.S. Dollars		4,865,137	British Pounds		2,905,000		RBS		(103,169	)
09/17/14	New Zealand Dollars		4,767,705	U.S. Dollars		4,085,065		RBS		57,857
09/17/14	U.S. Dollars		4,216,956	Switzerland Francs		3,773,058		RBS		(40,623	)
09/17/14	U.S. Dollars		4,101,985	Euro		3,024,000		RBS		(40,017	)
09/17/14	U.S. Dollars		3,983,431	Australian Dollars		4,262,000		RBS		(12,490	)
09/17/14	Euro		3,662,000	U.S. Dollars		4,978,105		RBS		37,772
09/17/14	Euro		3,403,000	U.S. Dollars		4,630,462		RBS		30,659
09/17/14	U.S. Dollars		3,355,424	Swedish Kronor		22,473,794		RBS		(5,409	)
09/17/14	U.S. Dollars		3,325,707	Canadian Dollars		3,573,000		RBS		(16,139	)
09/17/14	U.S. Dollars		3,201,433	British Pounds		1,880,000		RBS		(13,856	)
09/17/14	U.S. Dollars		3,178,424	Swedish Kronor		21,237,752		RBS		2,434
09/17/14	U.S. Dollars		3,176,488	Swedish Kronor		21,207,665		RBS		4,997
09/17/14	U.S. Dollars		3,174,372	Swedish Kronor		21,207,664		RBS		2,882
09/17/14	U.S. Dollars		3,170,121	Swedish Kronor		21,207,664		RBS		(1,370	)
09/17/14	U.S. Dollars		3,169,155	Swedish Kronor		21,207,665		RBS		(2,336	)

251


Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/17/14	U.S. Dollars		3,165,923	Swedish Kronor		21,049,398		RBS	$	18,100
09/17/14	U.S. Dollars		3,156,814	Swedish Kronor		21,049,398		RBS		8,991
09/17/14	Danish Kroner		2,955,000	U.S. Dollars		539,376		RBS		3,588
09/17/14	Euro		2,916,105	U.S. Dollars		3,975,074		RBS		19,143
09/17/14	Euro		2,916,104	U.S. Dollars		3,956,628		RBS		37,587
09/17/14	Euro		2,916,104	U.S. Dollars		3,970,028		RBS		24,188
09/17/14	Australian Dollars		2,905,278	U.S. Dollars		2,672,231		RBS		51,669
09/17/14	U.S. Dollars		2,485,464	Switzerland Francs		2,223,471		RBS		(23,537	)
09/17/14	U.S. Dollars		2,480,589	Switzerland Francs		2,223,471		RBS		(28,411	)
09/17/14	Euro		2,474,568	U.S. Dollars		3,367,838		RBS		21,602
09/17/14	British Pounds		2,447,000	U.S. Dollars		4,158,017		RBS		26,990
09/17/14	U.S. Dollars		2,327,250	Danish Kroner		12,746,000		RBS		(14,753	)
09/17/14	Euro		2,182,119	U.S. Dollars		2,976,207		RBS		12,662
09/17/14	U.S. Dollars		2,117,827	Japanese Yen		216,601,000		RBS		(21,522	)
09/17/14	Danish Kroner		1,953,000	U.S. Dollars		356,049		RBS		2,803
09/17/14	Australian Dollars		1,936,748	U.S. Dollars		1,781,460		RBS		34,376
09/17/14	Euro		1,819,000	U.S. Dollars		2,476,626		RBS		14,876
09/17/14	U.S. Dollars		1,737,924	Norwegian Krone		10,647,000		RBS		7,457
09/17/14	Australian Dollars		1,699,000	U.S. Dollars		1,565,091		RBS		27,839
09/17/14	Israeli Shekels		1,590,862	U.S. Dollars		459,216		RBS		4,188
09/17/14	Israeli Shekels		1,198,911	U.S. Dollars		344,752		RBS		4,479
09/17/14	Israeli Shekels		1,198,911	U.S. Dollars		346,206		RBS		3,026
09/17/14	Israeli Shekels		1,090,316	U.S. Dollars		315,239		RBS		2,360
09/17/14	Canadian Dollars		968,000	U.S. Dollars		886,144		RBS		19,231
09/17/14	U.S. Dollars		917,469	Norwegian Krone		5,527,000		RBS		19,160
09/17/14	Danish Kroner		887,000	U.S. Dollars		161,430		RBS		1,551
09/17/14	Hong Kong Dollars		690,000	U.S. Dollars		89,025		RBS		(33	)
09/17/14	U.S. Dollars		688,600	Norwegian Krone		4,230,000		RBS		1,094
09/17/14	U.S. Dollars		581,178	Swedish Kronor		3,897,000		RBS		(1,597	)
09/17/14	New Zealand Dollars		517,000	U.S. Dollars		434,132		RBS		15,118
09/17/14	Singapore Dollars		484,000	U.S. Dollars		387,200		RBS		975
09/17/14	U.S. Dollars		457,931	Switzerland Francs		411,000		RBS		(5,848	)
09/17/14	New Zealand Dollars		278,000	U.S. Dollars		234,688		RBS		6,882
09/17/14	Australian Dollars		258,000	U.S. Dollars		240,993		RBS		900
09/17/14	Hong Kong Dollars		157,000	U.S. Dollars		20,256		RBS		(7	)
09/17/14	Hong Kong Dollars		151,000	U.S. Dollars		19,483		RBS		(8	)
09/17/14	U.S. Dollars		144,326	New Zealand Dollars		167,000		RBS		(790	)
09/17/14	Singapore Dollars		98,000	U.S. Dollars		78,007		RBS		590
09/17/14	Israeli Shekels		94,000	U.S. Dollars		27,403		RBS		(22	)
09/17/14	U.S. Dollars		88,590	Danish Kroner		485,000		RBS		(526	)
09/17/14	U.S. Dollars		80,976	Danish Kroner		444,000		RBS		(606	)
09/17/14	U.S. Dollars		79,858	Singapore Dollars		100,000		RBS		(344	)
09/17/14	U.S. Dollars		79,150	Singapore Dollars		99,000		RBS		(249	)
09/17/14	Israeli Shekels		79,000	U.S. Dollars		22,813		RBS		199
09/17/14	U.S. Dollars		70,832	Hong Kong Dollars		549,000		RBS		25
09/17/14	U.S. Dollars		63,335	Hong Kong Dollars		491,000		RBS		9
09/17/14	Singapore Dollars		60,088	U.S. Dollars		47,812		RBS		379
09/17/14	Singapore Dollars		39,000	U.S. Dollars		31,222		RBS		57
09/17/14	Singapore Dollars		30,306	U.S. Dollars		24,126		RBS		180
09/17/14	Singapore Dollars		30,301	U.S. Dollars		24,126		RBS		176
09/17/14	Singapore Dollars		30,082	U.S. Dollars		23,906		RBS		220
09/17/14	U.S. Dollars		28,800	Singapore Dollars		36,000		RBS		(73	)

252


Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/17/14	Euro		23,000	U.S. Dollars		31,363		RBS	$	141
09/17/14	U.S. Dollars		16,401	Israeli Shekels		57,000		RBS		(203	)
09/17/14	U.S. Dollars		14,474	Israeli Shekels		50,000		RBS		(91	)
09/17/14	Singapore Dollars		6,223	U.S. Dollars		4,969		RBS		22

									$	834,300

Emerging Markets Equity Fund
09/17/14	Indonesian Rupiahs		8,811,312,798	U.S. Dollars		730,744		RBS	$	1,332
09/17/14	Indonesian Rupiahs		5,636,907,115	U.S. Dollars		470,330		RBS		(1,996	)
09/17/14	Columbian Peso		2,569,421,252	U.S. Dollars		1,337,892		RBS		22,880
09/17/14	Columbian Peso		1,790,578,748	U.S. Dollars		931,380		RBS		16,915
09/17/14	South Korean Won		1,730,000,000	U.S. Dollars		1,693,525		RBS		10,786
09/17/14	Columbian Peso		1,690,000,000	U.S. Dollars		889,383		RBS		5,646
09/17/14	Columbian Peso		1,590,000,000	U.S. Dollars		838,463		RBS		3,605
09/17/14	South Korean Won		1,470,000,000	U.S. Dollars		1,429,748		RBS		18,424
09/17/14	South Korean Won		546,103,693	U.S. Dollars		534,734		RBS		3,260
09/17/14	Columbian Peso		520,000,000	U.S. Dollars		274,834		RBS		559
09/17/14	Columbian Peso		440,000,000	U.S. Dollars		229,650		RBS		3,375
09/17/14	Chilean Peso		380,000,000	U.S. Dollars		684,679		RBS		(3,299	)
09/17/14	South Korean Won		344,192,872	U.S. Dollars		334,119		RBS		4,963
09/17/14	South Korean Won		344,025,054	U.S. Dollars		334,122		RBS		4,795
09/17/14	South Korean Won		343,555,167	U.S. Dollars		334,133		RBS		4,321
09/17/14	South Korean Won		341,608,488	U.S. Dollars		334,140		RBS		2,395
09/17/14	South Korean Won		341,239,291	U.S. Dollars		334,162		RBS		2,010
09/17/14	Chilean Peso		340,000,000	U.S. Dollars		610,384		RBS		(728	)
09/17/14	South Korean Won		318,822,435	U.S. Dollars		311,822		RBS		2,266
09/17/14	Hungarian Forint		272,360,989	U.S. Dollars		1,210,709		RBS		(10,096	)
09/17/14	Hungarian Forint		269,334,755	U.S. Dollars		1,199,015		RBS		(11,743	)
09/17/14	Hungarian Forint		269,334,755	U.S. Dollars		1,205,185		RBS		(17,913	)
09/17/14	Columbian Peso		230,000,000	U.S. Dollars		120,769		RBS		1,040
09/17/14	Columbian Peso		230,000,000	U.S. Dollars		120,896		RBS		913
09/17/14	Hungarian Forint		229,185,643	U.S. Dollars		1,029,169		RBS		(18,881	)
09/17/14	Hungarian Forint		205,783,858	U.S. Dollars		913,945		RBS		(6,816	)
09/17/14	South Korean Won		202,733,000	U.S. Dollars		198,563		RBS		1,159
09/17/14	South Korean Won		180,000,000	U.S. Dollars		175,270		RBS		2,057
09/17/14	Chilean Peso		180,000,000	U.S. Dollars		323,283		RBS		(524	)
09/17/14	Chilean Peso		170,000,000	U.S. Dollars		305,047		RBS		(219	)
09/17/14	Indian Rupees		93,704,168	U.S. Dollars		1,560,176		RBS		(32,616	)
09/17/14	Indian Rupees		75,224,744	U.S. Dollars		1,250,723		RBS		(24,413	)
09/17/14	Indian Rupees		75,110,748	U.S. Dollars		1,250,491		RBS		(26,039	)
09/17/14	Russian Rubles		69,000,000	U.S. Dollars		2,005,465		RBS		(12,211	)
09/17/14	Indian Rupees		56,937,632	U.S. Dollars		948,644		RBS		(20,450	)
09/17/14	Indian Rupees		56,662,577	U.S. Dollars		937,967		RBS		(14,256	)
09/17/14	Indian Rupees		56,500,766	U.S. Dollars		938,239		RBS		(17,166	)
09/17/14	Indian Rupees		56,472,211	U.S. Dollars		937,843		RBS		(17,235	)
09/17/14	Indian Rupees		56,405,583	U.S. Dollars		938,217		RBS		(18,695	)
09/17/14	Indian Rupees		56,057,571	U.S. Dollars		938,045		RBS		(24,197	)
09/17/14	Russian Rubles		51,100,000	U.S. Dollars		1,445,194		RBS		30,969
09/17/14	Columbian Peso		50,000,000	U.S. Dollars		26,337		RBS		143
09/17/14	Russian Rubles		43,400,000	U.S. Dollars		1,236,075		RBS		17,653
09/17/14	Russian Rubles		42,800,000	U.S. Dollars		1,208,186		RBS		28,209
09/17/14	Russian Rubles		41,400,000	U.S. Dollars		1,180,690		RBS		15,263

253


Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/17/14	Russian Rubles		37,500,000	U.S. Dollars		1,087,805		RBS	$	(4,515	)
09/17/14	Russian Rubles		36,200,000	U.S. Dollars		1,032,577		RBS		13,159
09/17/14	Taiwan Dollars		23,130,496	U.S. Dollars		771,891		RBS		3,595
09/17/14	Czech Republic Koruna		15,600,000	U.S. Dollars		775,136		RBS		3,821
09/17/14	Taiwan Dollars		15,416,223	U.S. Dollars		514,818		RBS		2,035
09/17/14	Mexican Pesos		15,400,000	U.S. Dollars		1,189,397		RBS		(8,863	)
09/17/14	Taiwan Dollars		14,553,484	U.S. Dollars		485,472		RBS		2,456
09/17/14	Taiwan Dollars		14,047,797	U.S. Dollars		469,669		RBS		1,305
09/17/14	Taiwan Dollars		11,550,000	U.S. Dollars		386,546		RBS		686
09/17/14	Russian Rubles		10,100,000	U.S. Dollars		281,852		RBS		9,914
09/17/14	South African Rand		9,301,019	U.S. Dollars		861,724		RBS		1,201
09/17/14	South African Rand		9,301,019	U.S. Dollars		862,491		RBS		434
09/17/14	Hong Kong Dollars		7,593,000	U.S. Dollars		979,700		RBS		(403	)
09/17/14	South African Rand		7,112,544	U.S. Dollars		650,070		RBS		9,814
09/17/14	Brazilian Reals		5,792,460	U.S. Dollars		2,487,315		RBS		74,914
09/17/14	U.S. Dollars		5,411,052	Mexican Pesos		70,446,489		RBS		10,761
09/17/14	Malaysian Ringgits		5,082,000	U.S. Dollars		1,562,010		RBS		10,751
09/17/14	U.S. Dollars		5,037,007	Singapore Dollars		6,330,284		RBS		(39,970	)
09/17/14	South African Rand		4,755,418	U.S. Dollars		436,794		RBS		4,402
09/17/14	Turkish Lira		4,703,124	U.S. Dollars		2,169,238		RBS		14,592
09/17/14	Malaysian Ringgits		4,480,000	U.S. Dollars		1,388,322		RBS		(1,866	)
09/17/14	Russian Rubles		4,300,000	U.S. Dollars		120,642		RBS		3,576
09/17/14	Brazilian Reals		3,480,557	U.S. Dollars		1,493,417		RBS		46,168
09/17/14	Brazilian Reals		3,404,340	U.S. Dollars		1,484,861		RBS		21,011
09/17/14	Turkish Lira		2,977,492	U.S. Dollars		1,397,949		RBS		(15,392	)
09/17/14	U.S. Dollars		2,541,724	Singapore Dollars		3,192,233		RBS		(18,491	)
09/17/14	U.S. Dollars		2,541,688	Singapore Dollars		3,192,766		RBS		(18,956	)
09/17/14	U.S. Dollars		2,518,494	Singapore Dollars		3,169,172		RBS		(23,226	)
09/17/14	Brazilian Reals		2,337,308	U.S. Dollars		999,063		RBS		34,818
09/17/14	Turkish Lira		2,329,377	U.S. Dollars		1,085,198		RBS		(3,584	)
09/17/14	Polish Zloty		2,310,019	U.S. Dollars		754,384		RBS		2,467
09/17/14	Polish Zloty		2,310,019	U.S. Dollars		754,637		RBS		2,214
09/17/14	Turkish Lira		2,307,193	U.S. Dollars		1,083,647		RBS		(12,334	)
09/17/14	U.S. Dollars		2,291,686	Mexican Pesos		30,000,000		RBS		(8,055	)
09/17/14	Brazilian Reals		2,286,497	U.S. Dollars		991,908		RBS		19,498
09/17/14	Polish Zloty		2,272,150	U.S. Dollars		749,415		RBS		(4,971	)
09/17/14	U.S. Dollars		2,146,396	Mexican Pesos		27,996,511		RBS		237
09/17/14	Indian Rupees		2,000,000	U.S. Dollars		33,278		RBS		(674	)
09/17/14	Indian Rupees		2,000,000	U.S. Dollars		33,300		RBS		(696	)
09/17/14	U.S. Dollars		1,958,146	Chilean Peso		1,090,981,238		RBS		1,902
09/17/14	Brazilian Reals		1,920,000	U.S. Dollars		833,001		RBS		16,289
09/17/14	Turkish Lira		1,885,686	U.S. Dollars		873,468		RBS		2,124
09/17/14	Brazilian Reals		1,870,000	U.S. Dollars		815,034		RBS		12,140
09/17/14	Turkish Lira		1,863,502	U.S. Dollars		874,986		RBS		(9,695	)
09/17/14	Polish Zloty		1,786,652	U.S. Dollars		586,634		RBS		(1,258	)
09/17/14	Brazilian Reals		1,770,000	U.S. Dollars		773,393		RBS		9,547
09/17/14	U.S. Dollars		1,756,078	Mexican Pesos		23,000,000		RBS		(7,057	)
09/17/14	Brazilian Reals		1,752,981	U.S. Dollars		743,356		RBS		32,055
09/17/14	Polish Zloty		1,723,047	U.S. Dollars		563,487		RBS		1,050
09/17/14	Polish Zloty		1,704,113	U.S. Dollars		562,455		RBS		(4,122	)
09/17/14	Brazilian Reals		1,702,170	U.S. Dollars		740,815		RBS		12,121
09/17/14	U.S. Dollars		1,605,449	Chilean Peso		892,147,976		RBS		5,734

254


Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/17/14	U.S. Dollars		1,521,396	Turkish Lira		3,270,000		RBS	$	3,017
09/17/14	U.S. Dollars		1,474,565	Chilean Peso		818,235,929		RBS		7,381
09/17/14	Turkish Lira		1,397,626	U.S. Dollars		649,817		RBS		(849	)
09/17/14	U.S. Dollars		1,381,367	Russian Rubles		49,104,146		RBS		(37,140	)
09/17/14	U.S. Dollars		1,371,738	Mexican Pesos		18,000,000		RBS		(8,107	)
09/17/14	Hong Kong Dollars		1,200,000	U.S. Dollars		154,825		RBS		(56	)
09/17/14	Brazilian Reals		1,189,687	U.S. Dollars		518,947		RBS		7,297
09/17/14	U.S. Dollars		1,170,870	Israeli Shekels		4,056,245		RBS		(10,677	)
09/17/14	Mexican Pesos		1,158,000	U.S. Dollars		88,311		RBS		459
09/17/14	U.S. Dollars		1,150,894	Philippine Peso		50,501,225		RBS		(4,306	)
09/17/14	U.S. Dollars		1,150,308	Philippine Peso		50,593,401		RBS		(7,001	)
09/17/14	U.S. Dollars		1,111,487	Philippine Peso		48,805,374		RBS		(4,921	)
09/17/14	Mexican Pesos		1,100,000	U.S. Dollars		84,026		RBS		298
09/17/14	Russian Rubles		1,100,000	U.S. Dollars		31,483		RBS		294
09/17/14	U.S. Dollars		1,019,749	Russian Rubles		35,795,753		RBS		(14,309	)
09/17/14	U.S. Dollars		1,012,535	Russian Rubles		35,712,106		RBS		(19,107	)
09/17/14	U.S. Dollars		982,335	Chilean Peso		545,490,619		RBS		4,213
09/17/14	U.S. Dollars		979,249	Chilean Peso		545,490,619		RBS		1,127
09/17/14	U.S. Dollars		976,794	Chilean Peso		545,490,619		RBS		(1,328	)
09/17/14	U.S. Dollars		949,009	Turkish Lira		2,080,000		RBS		(16,810	)
09/17/14	U.S. Dollars		917,526	Brazilian Reals		2,140,000		RBS		(29,080	)
09/17/14	U.S. Dollars		889,297	Brazilian Reals		2,080,000		RBS		(30,768	)
09/17/14	U.S. Dollars		882,726	Israeli Shekels		3,056,880		RBS		(7,715	)
09/17/14	U.S. Dollars		879,020	Israeli Shekels		3,056,880		RBS		(11,421	)
09/17/14	U.S. Dollars		872,057	Mexican Pesos		11,400,000		RBS		(1,845	)
09/17/14	U.S. Dollars		865,310	Turkish Lira		1,890,000		RBS		(12,286	)
09/17/14	U.S. Dollars		826,197	Brazilian Reals		1,910,000		RBS		(18,671	)
09/17/14	U.S. Dollars		803,769	Israeli Shekels		2,779,995		RBS		(6,018	)
09/17/14	Thailand Baht		800,000	U.S. Dollars		24,354		RBS		205
09/17/14	Thailand Baht		800,000	U.S. Dollars		24,533		RBS		26
09/17/14	Hong Kong Dollars		800,000	U.S. Dollars		103,209		RBS		(30	)
09/17/14	Hong Kong Dollars		800,000	U.S. Dollars		103,222		RBS		(43	)
09/17/14	U.S. Dollars		748,071	Turkish Lira		1,620,000		RBS		(4,154	)
09/17/14	Thailand Baht		700,000	U.S. Dollars		21,296		RBS		193
09/17/14	Thailand Baht		700,000	U.S. Dollars		21,479		RBS		10
09/17/14	Thailand Baht		700,000	U.S. Dollars		21,500		RBS		(10	)
09/17/14	U.S. Dollars		669,834	Russian Rubles		24,036,995		RBS		(24,540	)
09/17/14	U.S. Dollars		601,965	Indian Rupees		36,154,000		RBS		12,584
09/17/14	Hong Kong Dollars		600,000	U.S. Dollars		77,415		RBS		(31	)
09/17/14	Hong Kong Dollars		600,000	U.S. Dollars		77,416		RBS		(32	)
09/17/14	Hong Kong Dollars		600,000	U.S. Dollars		77,418		RBS		(34	)
09/17/14	U.S. Dollars		592,567	Brazilian Reals		1,380,000		RBS		(17,860	)
09/17/14	U.S. Dollars		562,255	South African Rand		6,100,000		RBS		(3,687	)
09/17/14	U.S. Dollars		554,123	Czech Republic Koruna		11,200,000		RBS		(5,128	)
09/17/14	U.S. Dollars		530,199	South African Rand		5,800,000		RBS		(7,911	)
09/17/14	U.S. Dollars		523,452	Singapore Dollars		655,545		RBS		(2,304	)
09/17/14	Chilean Peso		510,000	U.S. Dollars		912		RBS		3
09/17/14	U.S. Dollars		482,376	South African Rand		5,200,000		RBS		(67	)
09/17/14	U.S. Dollars		482,349	Hungarian Forint		109,000,000		RBS		1,858
09/17/14	U.S. Dollars		476,586	South African Rand		5,200,000		RBS		(5,857	)
09/17/14	U.S. Dollars		444,631	South African Rand		4,800,000		RBS		(701	)
09/17/14	U.S. Dollars		443,879	Hungarian Forint		101,000,000		RBS		(1,346	)

255


Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/17/14	U.S. Dollars		428,658	Mexican Pesos		5,600,000		RBS	$	(627	)
09/17/14	U.S. Dollars		420,586	South African Rand		4,600,000		RBS		(6,191	)
09/17/14	U.S. Dollars		417,016	Chilean Peso		233,529,000		RBS		(1,726	)
09/17/14	U.S. Dollars		414,906	South African Rand		4,500,000		RBS		(2,593	)
09/17/14	U.S. Dollars		401,543	Philippine Peso		17,600,000		RBS		(1,051	)
09/17/14	Hong Kong Dollars		400,000	U.S. Dollars		51,601		RBS		(11	)
09/17/14	U.S. Dollars		395,233	South African Rand		4,300,000		RBS		(3,710	)
09/17/14	U.S. Dollars		368,222	Israeli Shekels		1,280,000		RBS		(4,630	)
09/17/14	U.S. Dollars		356,592	Brazilian Reals		820,000		RBS		(6,126	)
09/17/14	U.S. Dollars		349,707	Mexican Pesos		4,600,000		RBS		(2,920	)
09/17/14	U.S. Dollars		322,091	South African Rand		3,500,000		RBS		(2,631	)
09/17/14	U.S. Dollars		305,603	Indonesian Rupiahs		3,600,000,000		RBS		6,502
09/17/14	Thailand Baht		300,000	U.S. Dollars		9,083		RBS		127
09/17/14	Thailand Baht		300,000	U.S. Dollars		9,204		RBS		6
09/17/14	Hong Kong Dollars		300,000	U.S. Dollars		38,696		RBS		(4	)
09/17/14	Russian Rubles		300,000	U.S. Dollars		8,765		RBS		(99	)
09/17/14	U.S. Dollars		282,320	Hungarian Forint		64,000,000		RBS		198
09/17/14	U.S. Dollars		261,540	Indonesian Rupiahs		3,200,000,000		RBS		(4,328	)
09/17/14	U.S. Dollars		251,070	South African Rand		2,700,000		RBS		571
09/17/14	U.S. Dollars		235,406	Turkish Lira		510,000		RBS		(1,406	)
09/17/14	Turkish Lira		230,000	U.S. Dollars		106,280		RBS		517
09/17/14	U.S. Dollars		222,014	Mexican Pesos		2,900,000		RBS		(294	)
09/17/14	U.S. Dollars		217,186	Czech Republic Koruna		4,400,000		RBS		(2,519	)
09/17/14	U.S. Dollars		203,898	Czech Republic Koruna		4,100,000		RBS		(828	)
09/17/14	U.S. Dollars		203,183	Hong Kong Dollars		1,575,000		RBS		49
09/17/14	U.S. Dollars		202,599	Thailand Baht		6,664,000		RBS		(1,978	)
09/17/14	Thailand Baht		200,000	U.S. Dollars		6,050		RBS		90
09/17/14	Thailand Baht		200,000	U.S. Dollars		6,142		RBS		(2	)
09/17/14	Thailand Baht		200,000	U.S. Dollars		6,145		RBS		(6	)
09/17/14	Hong Kong Dollars		200,000	U.S. Dollars		25,804		RBS		(9	)
09/17/14	U.S. Dollars		194,471	Turkish Lira		420,000		RBS		(551	)
09/17/14	U.S. Dollars		179,664	Philippine Peso		7,900,000		RBS		(1,046	)
09/17/14	Singapore Dollars		170,000	U.S. Dollars		135,350		RBS		992
09/17/14	U.S. Dollars		167,706	Hong Kong Dollars		1,300,000		RBS		41
09/17/14	U.S. Dollars		163,718	Turkish Lira		350,000		RBS		1,201
09/17/14	U.S. Dollars		160,329	Turkish Lira		341,000		RBS		1,990
09/17/14	U.S. Dollars		155,231	Malaysian Ringgits		500,000		RBS		493
09/17/14	Peruvian Nuevos Soles		150,000	U.S. Dollars		53,591		RBS		(449	)
09/17/14	U.S. Dollars		142,719	Thailand Baht		4,659,000		RBS		(306	)
09/17/14	U.S. Dollars		137,589	South African Rand		1,499,000		RBS		(1,484	)
09/17/14	U.S. Dollars		128,412	Brazilian Reals		294,000		RBS		(1,635	)
09/17/14	U.S. Dollars		108,376	Indonesian Rupiahs		1,300,000,000		RBS		368
09/17/14	U.S. Dollars		103,995	Singapore Dollars		130,000		RBS		(266	)
09/17/14	U.S. Dollars		101,478	Indonesian Rupiahs		1,200,000,000		RBS		1,778
09/17/14	Thailand Baht		100,000	U.S. Dollars		3,071		RBS		(1	)
09/17/14	Hong Kong Dollars		100,000	U.S. Dollars		12,901		RBS		(4	)
09/17/14	U.S. Dollars		90,309	Hong Kong Dollars		700,000		RBS		27
09/17/14	U.S. Dollars		90,294	Hong Kong Dollars		700,000		RBS		12
09/17/14	U.S. Dollars		79,669	Singapore Dollars		100,000		RBS		(532	)
09/17/14	U.S. Dollars		77,407	Hong Kong Dollars		600,000		RBS		23
09/17/14	U.S. Dollars		77,399	Hong Kong Dollars		600,000		RBS		15
09/17/14	U.S. Dollars		71,955	Singapore Dollars		90,000		RBS		(227	)

256


Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/17/14	U.S. Dollars		68,948	Israeli Shekels		240,000		RBS	$	(962	)
09/17/14	U.S. Dollars		64,508	Hong Kong Dollars		500,000		RBS		22
09/17/14	U.S. Dollars		55,715	Singapore Dollars		70,000		RBS		(426	)
09/17/14	U.S. Dollars		51,593	Hong Kong Dollars		400,000		RBS		3
09/17/14	Polish Zloty		50,000	U.S. Dollars		16,405		RBS		(23	)
09/17/14	U.S. Dollars		42,501	Thailand Baht		1,400,000		RBS		(477	)
09/17/14	Singapore Dollars		40,000	U.S. Dollars		31,945		RBS		136
09/17/14	U.S. Dollars		38,705	Hong Kong Dollars		300,000		RBS		13
09/17/14	U.S. Dollars		36,546	Thailand Baht		1,200,000		RBS		(293	)
09/17/14	U.S. Dollars		34,672	Czech Republic Koruna		700,000		RBS		(281	)
09/17/14	U.S. Dollars		30,525	Mexican Pesos		400,000		RBS		(138	)
09/17/14	U.S. Dollars		25,800	Hong Kong Dollars		200,000		RBS		5
09/17/14	U.S. Dollars		24,577	Thailand Baht		800,000		RBS		18
09/17/14	U.S. Dollars		24,562	Thailand Baht		800,000		RBS		3
09/17/14	U.S. Dollars		21,748	Russian Rubles		764,000		RBS		(322	)
09/17/14	Singapore Dollars		20,000	U.S. Dollars		15,943		RBS		98
09/17/14	Indian Rupees		20,000	U.S. Dollars		333		RBS		(7	)
09/17/14	U.S. Dollars		18,794	Turkish Lira		40,000		RBS		221
09/17/14	U.S. Dollars		15,372	Thailand Baht		500,000		RBS		23
09/17/14	U.S. Dollars		15,301	Thailand Baht		500,000		RBS		(49	)
09/17/14	U.S. Dollars		13,307	Indonesian Rupiahs		158,686,000		RBS		123
09/17/14	U.S. Dollars		13,175	Hungarian Forint		3,000,000		RBS		(49	)
09/17/14	U.S. Dollars		12,901	Hong Kong Dollars		100,000		RBS		3
09/17/14	Singapore Dollars		10,000	U.S. Dollars		7,996		RBS		24
09/17/14	Singapore Dollars		10,000	U.S. Dollars		8,001		RBS		20
09/17/14	Singapore Dollars		10,000	U.S. Dollars		8,006		RBS		15
09/17/14	Peruvian Nuevos Soles		10,000	U.S. Dollars		3,529		RBS		14
09/17/14	Singapore Dollars		10,000	U.S. Dollars		8,010		RBS		10
09/17/14	Peruvian Nuevos Soles		10,000	U.S. Dollars		3,534		RBS		9
09/17/14	Peruvian Nuevos Soles		10,000	U.S. Dollars		3,540		RBS		2
09/17/14	Peruvian Nuevos Soles		10,000	U.S. Dollars		3,569		RBS		(26	)
09/17/14	U.S. Dollars		9,906	Czech Republic Koruna		200,000		RBS		(81	)
09/17/14	U.S. Dollars		8,703	Brazilian Reals		20,000		RBS		(144	)
09/17/14	Mexican Pesos		8,000	U.S. Dollars		611		RBS		2
09/17/14	U.S. Dollars		7,105	Peruvian Nuevos Soles		20,000		RBS		19
09/17/14	Taiwan Dollars		5,000	U.S. Dollars		167		RBS		—
09/17/14	U.S. Dollars		4,402	Hungarian Forint		1,000,000		RBS		(6	)
09/17/14	U.S. Dollars		3,576	Peruvian Nuevos Soles		10,000		RBS		33
09/17/14	U.S. Dollars		3,565	Peruvian Nuevos Soles		10,000		RBS		23
09/17/14	U.S. Dollars		3,543	Peruvian Nuevos Soles		10,000		RBS		—
09/17/14	U.S. Dollars		3,527	Peruvian Nuevos Soles		10,000		RBS		(15	)
09/17/14	U.S. Dollars		3,073	Thailand Baht		100,000		RBS		3
09/17/14	U.S. Dollars		3,065	Thailand Baht		100,000		RBS		(4	)
09/17/14	U.S. Dollars		1,098	South African Rand		12,000		RBS		(15	)
09/17/14	U.S. Dollars		1,095	Indonesian Rupiahs		13,091,000		RBS		7
09/17/14	U.S. Dollars		912	Russian Rubles		32,000		RBS		(12	)

									$	(186,748	)

Inflation Protected Bond Fund
07/07/14	U.S. Dollars		18,788,096	Euro		13,835,000		UBS	$	(156,682	)
07/23/14	Mexican Pesos		36,553,026	U.S. Dollars		2,803,973		BOA		8,555
07/23/14	U.S. Dollars		2,810,845	Mexican Pesos		36,585,000		DEUT		(4,143	)

257


Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
07/23/14	U.S. Dollars		1,897,741	Australian Dollars		2,070,000		BAR	$	(50,545	)
07/23/14	U.S. Dollars		888,530	New Zealand Dollars		1,032,000		BOA		(12,975	)
09/12/14	U.S. Dollars		609,548	Euro		445,000		DEUT		39
09/12/14	Norwegian Krone		12,977,578	Australian Dollars		2,307,621		JPM		(54,635	)
09/12/14	Australian Dollars		2,285,000	Norwegian Krone		13,084,710		UBS		16,003
09/12/14	U.S. Dollars		1,602,920	Euro		1,181,539		BAR		(15,415	)
09/12/14	U.S. Dollars		1,214,736	Japanese Yen		123,469,489		BAR		(4,717	)

									$	(274,515	)

Options Written

Transactions in options written during the period ended June 30, 2014 were as follows:


Fund	Number of Contracts			Premiums Received			Notional Amount			Premiums Received			Total Premiums Received
Low-Duration Bond
Options written, 12/31/13		396		$	173,943		$	90,200,000		$	230,869		$	404,812

Options written		—			—			52,400,000			266,390			266,390
Options expired		(396	)		(173,943	)		(17,200,000	)		(75,225	)		(249,168	)
Options closed		—			—			(107,900,000	)		(406,984	)		(406,984	)

Options written, 06/30/14		—		$	—		$	17,500,000		$	15,050		$	15,050


Medium-Duration Bond
Options written, 12/31/13		412		$	180,759		$	107,500,000		$	276,212		$	456,971

Options written		1,340			361,431			259,300,000			927,861			1,289,292
Options expired		(1,011	)		(313,437	)		(84,600,000	)		(87,141	)		(400,578	)
Options closed		(468	)		(130,737	)		(103,400,000	)		(128,452	)		(259,189	)

Options written, 06/30/14		273		$	98,016		$	178,800,000		$	988,480		$	1,086,496


Defensive Market Strategies
Options written, 12/31/13		688		$	32,881		$	—		$	—		$	32,881

Options written		2,561			1,999,218			—			—			1,999,218
Options expired		(2,297	)		(1,365,787	)		—			—			(1,365,787	)
Options closed		(332	)		(224,283	)		—			—			(224,283	)

Options written, 06/30/14		620		$	442,029		$	—		$	—		$	442,029


Small Cap Equity
Options written, 12/31/13		13		$	3,973		$	—		$	—		$	3,973

Options written		83			19,277			—			—			19,277
Options expired		(7	)		(1,837	)		—			—			(1,837	)
Options closed		(89	)		(21,414	)		—			—			(21,414	)

Options written, 06/30/14		—		$	—		$	—		$	—		$	—


Inflation Protected Bond
Options written, 12/31/13		200		$	14,660		$	4,890,000		$	66,923		$	81,583

Options written		497			166,887			10,385,000			75,771			242,658
Options expired		(178	)		(41,461	)		(15,275,000	)		(142,694	)		(184,155	)
Options closed		(347	)		(78,434	)		—			—			(78,434	)

Options written, 06/30/14		172		$	61,653		$	—		$	—		$	61,653

258

6. CAPITAL SHARE TRANSACTIONS

Transactions in shares of capital stock were as follows:


	Six Months Ended 06/30/14				Year Ended 12/31/13
	Institutional Class	Investor Class			Institutional Class	Investor Class
MyDestination 2005
Shares sold			1,138,606				2,390,141
Shares reinvested			—				133,788
Shares redeemed			(906,326	)			(2,453,997	)

Net increase			232,280				69,932

MyDestination 2015
Shares sold			3,260,376				7,823,039
Shares reinvested			—				1,056,637
Shares redeemed			(1,990,924	)			(3,249,231	)

Net increase			1,269,452				5,630,445

MyDestination 2025
Shares sold			4,853,898				11,525,044
Shares reinvested			—				2,356,280
Shares redeemed			(956,074	)			(1,456,827	)

Net increase			3,897,824				12,424,497

MyDestination 2035
Shares sold			3,104,278				6,160,978
Shares reinvested			—				1,469,835
Shares redeemed			(417,666	)			(599,267	)

Net increase			2,686,612				7,031,546

MyDestination 2045
Shares sold			1,956,107				4,414,752
Shares reinvested			—				1,643,081
Shares redeemed			(354,115	)			(400,028	)

Net increase			1,601,992				5,657,805

MyDestination 2055
Shares sold			487,820				779,633
Shares reinvested			—				79,228
Shares redeemed			(142,866	)			(158,031	)

Net increase (decrease)			344,954				700,830

Conservative Allocation
Shares sold			1,584,154				3,550,322
Shares reinvested			—				1,864,374
Shares redeemed			(2,113,537	)			(5,118,767	)

Net increase (decrease)			(529,383	)			295,929

259


	Six Months Ended 06/30/14						Year Ended 12/31/13
	Institutional Class			Investor Class			Institutional Class			Investor Class
Balanced Allocation
Shares sold					2,420,643						6,124,611
Shares reinvested					—						6,104,594
Shares redeemed					(3,618,256	)					(8,788,484	)

Net increase (decrease)					(1,197,613	)					3,440,721

Growth Allocation
Shares sold					1,285,724						3,092,779
Shares reinvested					144						6,462,903
Shares redeemed					(2,598,454	)					(6,124,482	)

Net increase (decrease)					(1,312,586	)					3,431,200

Aggressive Allocation
Shares sold					707,772						2,138,220
Shares reinvested					—						3,947,279
Shares redeemed					(2,217,837	)					(5,065,859	)

Net increase (decrease)					(1,510,065	)					1,019,640

Conservative Allocation I
Shares sold		421,858						1,051,991
Shares reinvested		—						307,930
Shares redeemed		(810,449	)					(1,268,188	)

Net increase (decrease)		(388,591	)					91,733

Balanced Allocation I
Shares sold		872,889						2,931,254
Shares reinvested		—						1,297,121
Shares redeemed		(1,513,551	)					(2,315,029	)

Net increase (decrease)		(640,662	)					1,913,346

Growth Allocation I
Shares sold		558,791						2,619,702
Shares reinvested		—						769,800
Shares redeemed		(892,221	)					(1,488,489	)

Net increase (decrease)		(333,430	)					1,901,013

Aggressive Allocation I
Shares sold		396,040						1,441,037
Shares reinvested		—						335,244
Shares redeemed		(528,535	)					(988,775	)

Net increase (decrease)		(132,495	)					787,506

Money Market
Shares sold		104,647,163			1,804,874,091			105,460,546			4,335,936,657
Shares reinvested		9,355			21,436			38,908			105,203
Shares redeemed		(70,407,810	)		(1,883,110,800	)		(106,106,557	)		(4,204,891,545	)

Net increase (decrease)		34,248,708			(78,215,273	)		(607,103	)		131,150,315

260


	Six Months Ended 06/30/14						Year Ended 12/31/13
	Institutional Class			Investor Class			Institutional Class			Investor Class
Low-Duration Bond
Shares sold		1,326,979			2,602,301			2,410,812			7,197,509
Shares reinvested		132,914			229,674			320,329			549,518
Shares redeemed		(858,137	)		(1,304,352	)		(2,259,882	)		(5,397,894	)

Net increase		601,756			1,527,623			471,259			2,349,133

Medium-Duration Bond
Shares sold		3,831,279			1,715,177			3,728,890			5,082,508
Shares reinvested		653,657			366,598			1,297,479			725,378
Shares redeemed		(1,498,912	)		(1,622,513	)		(6,539,868	)		(6,915,624	)

Net increase (decrease)		2,986,024			459,262			(1,513,499	)		(1,107,738	)

Extended-Duration Bond
Shares sold		1,514,313			1,342,350			1,450,978			1,802,684
Shares reinvested		584,077			194,604			2,566,909			1,075,013
Shares redeemed		(2,709,445	)		(1,690,811	)		(6,720,701	)		(10,234,291	)

Net decrease		(611,055	)		(153,857	)		(2,702,814	)		(7,356,594	)

Global Bond
Shares sold					1,974,442						13,971,357
Shares reinvested					600,636						931,764
Shares redeemed					(1,030,821	)					(1,865,216	)

Net increase					1,544,257						13,037,905

Defensive Market Strategies
Shares sold		531,295			3,194,412			661,878			6,381,892
Shares reinvested		111,180			487,253			721,331			3,070,861
Shares redeemed		(524,081	)		(1,348,411	)		(1,607,751	)		(4,528,408	)

Net increase (decrease)		118,394			2,333,254			(224,542	)		4,924,345

Equity Index
Shares sold		1,973,099			887,537			1,131,793			2,256,224
Shares reinvested		210,301			109,588			460,083			335,582
Shares redeemed		(248,086	)		(1,511,792	)		(662,076	)		(1,537,196	)

Net increase (decrease)		1,935,314			(514,667	)		929,800			1,054,610

Value Equity
Shares sold		1,874,287			1,375,784			2,595,246			4,377,712
Shares reinvested		812,553			673,363			2,293,663			2,159,615
Shares redeemed		(1,410,418	)		(2,619,683	)		(6,218,683	)		(12,367,991	)

Net increase (decrease)		1,276,422			(570,536	)		(1,329,774	)		(5,830,664	)

Growth Equity
Shares sold		1,565,575			2,346,425			1,209,794			2,482,933
Shares reinvested		513,583			716,140			4,889,718			8,132,474
Shares redeemed		(957,616	)		(2,751,927	)		(3,679,257	)		(9,363,004	)

Net increase		1,121,542			310,638			2,420,255			1,252,403

261


	Six Months Ended 06/30/14						Year Ended 12/31/13
	Institutional Class			Investor Class			Institutional Class			Investor Class
Small Cap Equity
Shares sold		1,111,249			1,478,457			674,645			3,097,274
Shares reinvested		—			180			2,205,035			4,671,768
Shares redeemed		(482,392	)		(2,443,674	)		(1,346,815	)		(4,452,164	)

Net increase (decrease)		628,857			(965,037	)		1,532,865			3,316,878

International Equity
Shares sold		1,321,972			2,642,076			2,527,358			8,472,335
Shares reinvested		—			—			497,233			1,031,763
Shares redeemed		(1,594,735	)		(2,417,133	)		(6,818,923	)		(22,701,043	)

Net increase (decrease)		(272,763	)		224,943			(3,794,332	)		(13,196,945	)

Emerging Markets Equity⁽¹⁾
Shares sold		465,112			2,205,580			4,766,135			25,064,445
Shares redeemed		(386,772	)		(1,322,150	)		(6,609	)		(17,379	)

Net increase		78,340			883,430			4,759,526			25,047,066

Inflation Protected Bond
Shares sold					2,964,283						14,472,849
Shares reinvested					300,744						256,571
Shares redeemed					(1,119,583	)					(5,308,242	)

Net increase					2,145,444						9,421,178

Flexible Income⁽²⁾
Shares sold					1,216,648						10,983,177
Shares reinvested					167,678						102,640
Shares redeemed					(137,839	)					(229,568	)

Net increase					1,246,487						10,856,249

Real Assets⁽²⁾
Shares sold					2,325,812						2,902,856
Shares reinvested					—						26,318
Shares redeemed					(200,153	)					(113,145	)

Net increase					2,125,659						2,816,029

Real Estate Securities
Shares sold					1,817,254						12,984,775
Shares reinvested					200,600						3,225,459
Shares redeemed					(2,048,019	)					(9,162,135	)

Net increase (decrease)					(30,165	)					7,048,099

Global Natural Resources Equity⁽²⁾
Shares sold					1,699,163						26,918,280
Shares reinvested					—						328,917
Shares redeemed					(1,376,276	)					(387,108	)

Net increase					322,887						26,860,089

⁽¹⁾	Inception date was October 31, 2013

⁽²⁾	Inception date was July 1, 2013

262

7. BANK BORROWINGS

The Board of Trustees approved the renewal of a credit agreement with Bank of America, N.A. dated November 29, 2013 through November 28, 2014. The agreement permits up to $50 million, collectively. Interest is charged to each Fund based on its borrowings at a rate equal to the Bank Prime plus 0.60% or the Wall Street Journal LIBOR One Month Floating Rate plus 1.00%. Each Fund also pays a facility fee equal to its pro rata share of the amount of the credit facility at a rate of 0.23% per annum.

No Funds borrowed for the period ended June 30, 2014, and there were no outstanding loans at June 30, 2014.

8. FEDERAL INCOME TAXES

Each Fund’s policy is to comply with all sections of the Internal Revenue Code of 1986, as amended, that apply to regulated investment companies and to distribute substantially all of its taxable income and capital gains to shareholders. No provision for income or excise taxes is thus required. Each Fund is treated as a separate entity for federal income tax purposes.

The Funds may be subject to taxes imposed by countries in which they invest in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned. Dividend and interest income is recorded net of non-U.S. taxes paid. Gains realized by the Funds on the sale of securities in certain countries are subject to non-U.S. taxes. The Funds record a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities. For the period ended June 30, 2014, the Emerging Markets Equity Fund accrued non-U.S. taxes on unrealized gains of $651,235.

Management has analyzed the Funds’ tax positions and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, management’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to new tax laws, regulations and administrative interpretations (including court decisions). Each of the Funds’ federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Funds. Income dividends and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, losses deferred due to wash sales, straddles and investments in Passive Foreign Investment Companies (“PFIC’s”). Distributions during the year ended December 31, 2013, were characterized as follows for tax purposes:


Fund		Ordinary Income		Long-Term Capital Gain		Total Distribution
MyDestination 2005	2013	$	1,430,800	$	—	$	1,430,800
	2012		1,578,267		—		1,578,267
MyDestination 2015	2013		11,082,375		507,649		11,590,024
	2012		7,838,073		—		7,838,073
MyDestination 2025	2013		13,816,231		11,772,816		25,589,047
	2012		7,215,597		—		7,215,597
MyDestination 2035	2013		6,111,194		9,769,547		15,880,741
	2012		2,242,099		879,202		3,121,301

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Fund		Ordinary Income		Long-Term Capital Gain		Total Distribution
MyDestination 2045	2013	$	4,505,425	$	12,558,112	$	17,063,537
	2012		1,379,906		660,432		2,040,338
MyDestination 2055	2013		337,035		689,617		1,026,652
	2012		118,877		—		118,877
Conservative Allocation	2013		4,707,701		17,556,365		22,264,066
	2012		5,840,997		688,186		6,529,183
Balanced Allocation	2013		27,828,660		53,077,462		80,906,122
	2012		25,943,077		13,284,081		39,227,158
Growth Allocation	2013		19,778,720		71,013,455		90,792,175
	2012		12,093,852		5,913,471		18,007,323
Aggressive Allocation	2013		18,059,402		40,374,215		58,433,617
	2012		7,350,220		9,829,880		17,180,100
Conservative Allocation I	2013		2,555,600		476,930		3,032,530
	2012		2,141,071		—		2,141,071
Balanced Allocation I	2013		13,881,599		—		13,881,599
	2012		13,614,253		—		13,614,253
Growth Allocation I	2013		9,414,953		—		9,414,953
	2012		5,883,636		—		5,883,636
Aggressive Allocation I	2013		4,675,371		—		4,675,371
	2012		2,288,303		—		2,288,303
Money Market	2013		228,385		—		228,385
	2012		256,904		—		256,904
Low-Duration Bond	2013		10,153,806		—		10,153,806
	2012		14,200,533		430,869		14,631,402
Medium-Duration Bond	2013		19,625,346		—		19,625,346
	2012		36,230,589		—		36,230,589
Extended-Duration Bond	2013		16,784,004		15,235,598		32,019,602
	2012		25,350,803		8,562,989		33,913,792
Global Bond	2013		9,497,750		—		9,497,750
	2012		10,523,011		—		10,523,011
Defensive Market Strategies	2013		24,435,473		18,757,192		43,192,665
	2012		14,722,792		2,364,615		17,087,407
Equity Index	2013		6,219,243		4,196,449		10,415,692
	2012		5,289,625		2,667,155		7,956,780
Value Equity	2013		25,431,349		40,067,680		65,499,029
	2012		19,346,383		—		19,346,383
Growth Equity	2013		50,068,100		193,351,088		243,419,188
	2012		2,148,451		95,278,551		97,427,002
Small Cap Equity	2013		39,689,845		66,847,494		106,537,339
	2012		3,052,762		22,280,774		25,333,536
International Equity	2013		21,343,925		—		21,343,925
	2012		22,469,818		—		22,469,818
Inflation Protected Bond	2013		2,068,697		682,106		2,750,803
	2012		7,052,735		2,263,673		9,316,408
Flexible Income	2013		1,028,524		—		1,028,524
Real Assets	2013		258,438		—		258,438
Real Estate Securities	2013		10,582,340		19,896,262		30,478,602
	2012		2,553,245		—		2,553,245
Global Natural Resources Equity	2013		3,127,024		—		3,127,024

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At December 31, 2013, the components of distributable earnings on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain/ (Capital Loss Carryforward)			Late Year Loss Deferrals			Net Unrealized Appreciation (Depreciation) on Investments
MyDestination 2005	$	83,785	$	1,356,949		$	—		$	2,202,178
MyDestination 2015		—		10,218,241			—			35,242,944
MyDestination 2025		78,978		15,609,679			—			53,589,787
MyDestination 2035		68,660		10,599,160			—			38,394,452
MyDestination 2045		60,829		8,242,663			—			28,023,688
MyDestination 2055		5,263		636,071			—			1,036,090
Conservative Allocation		13,257		3,058,599			—			14,498,618
Balanced Allocation		107,105		27,634,774			—			129,598,801
Growth Allocation		197,890		31,187,159			—			113,718,347
Aggressive Allocation		291,461		37,793,564			—			151,067,455
Conservative Allocation I		—		1,154,011			—			(2,728,184	)
Balanced Allocation I		5,275,083		(2,089,258	)		—			(4,171,921	)
Growth Allocation I		1,464,856		7,330,894			—			6,995,407
Aggressive Allocation I		4,390,854		3,534,218			—			6,771,111
Money Market		47,830		—			—			—
Low-Duration Bond		190,509		462,630			—			(5,095,179	)
Medium-Duration Bond		1,121,489		(10,419,386	)		—			(154,153	)
Extended-Duration Bond		154,959		486,133			—			11,717,206
Global Bond		639,097		(7,751,153	)		(69,959	)		9,266,210
Defensive Market Strategies		1,418,808		3,727,575			—			44,120,637
Equity Index		344,212		1,163,051			—			126,006,448
Value Equity		246,220		14,943,180			—			303,141,063
Growth Equity		4,112,762		18,877,835			—			382,685,592
Small Cap Equity		6,278,462		5,659,213			—			100,925,709
International Equity		1,717,147		(45,022,506	)		—			224,742,189
Emerging Markets Equity		—		42,811			(1,088,983	)		(5,898,907	)
Inflation Protected Bond		30,727		(1,141,069	)		—			(7,718,462	)
Flexible Income		91,204		—			—			517,058
Real Assets		310		315,257			—			(933,274	)
Real Estate Securities		—		258,324			(902,246	)		(8,027,391	)
Global Natural Resources Equity		152,400		—			—			(13,070,671	)

For Federal income tax purposes, realized capital losses may be carried forward and applied against future realized capital gains.

Capital loss carryovers and their expiration dates, were as follows as of December 31, 2013:


Expiring December 31,	2017		2018		Unlimited		Total
Balanced Allocation I	$	—	$	2,089,258	$	—	$	2,089,258
Medium-Duration Bond		—		—		10,419,386		10,419,386
Global Bond		7,751,153		—		—		7,751,153
International Equity		45,022,506		—		—		45,022,506
Inflation Protected Bond		—		—		1,141,069		1,141,069

Under the recently enacted Regulated Investment Company Modernization Act of 2010, Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period. Such losses are presented in the table above under the column heading “Unlimited.” However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule,

265

pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term losses as under previous law.

At June 30, 2014, the aggregate cost of investment securities for federal income tax purposes (excluding foreign currency, securities sold short and derivative related items) and the net unrealized appreciation from investments for those securities having an excess of value over cost and net unrealized depreciation from investments for those securities having an excess of cost over value (based on cost for federal income tax purposes) were as follows:


Fund	Federal Tax Cost		Net Unrealized Appreciation (Depreciation)			Appreciated Securities		Depreciated Securities
MyDestination 2005	$	86,198,440	$	4,314,447		$	4,627,283	$	(312,836	)
MyDestination 2015		424,909,021		52,454,939			53,860,791		(1,405,852	)
MyDestination 2025		540,945,058		78,936,999			79,389,833		(452,834	)
MyDestination 2035		285,639,519		52,757,310			52,757,310		—
MyDestination 2045		202,686,121		37,960,569			38,005,000		(44,431	)
MyDestination 2055		20,043,578		1,843,516			1,861,447		(17,931	)
Conservative Allocation		302,369,538		20,169,661			20,356,852		(187,191	)
Balanced Allocation		1,156,842,511		185,075,487			185,987,630		(912,143	)
Growth Allocation		841,396,477		155,242,249			156,235,965		(993,716	)
Aggressive Allocation		718,370,993		177,458,551			177,458,551		—
Conservative Allocation I		83,428,670		(1,107,746	)		—		(1,107,746	)
Balanced Allocation I		391,637,267		9,769,150			16,757,265		(6,988,115	)
Growth Allocation I		264,413,903		17,202,695			20,081,114		(2,878,419	)
Aggressive Allocation I		182,991,713		12,620,322			12,620,322		—
Money Market		1,324,955,290		—			—		—
Low-Duration Bond		1,042,435,508		1,799,244			6,509,687		(4,710,443	)
Medium-Duration Bond		997,437,816		15,739,463			23,301,761		(7,562,298	)
Extended-Duration Bond		283,812,710		35,098,584			35,901,399		(802,815	)
Global Bond		436,031,329		24,754,911			26,956,372		(2,201,461	)
Defensive Market Strategies		565,223,207		48,404,994			49,492,345		(1,087,351	)
Equity Index		267,780,063		143,783,652			146,605,895		(2,822,243	)
Value Equity		1,275,590,496		305,851,845			318,551,564		(12,699,719	)
Growth Equity		1,301,928,175		360,667,968			370,621,608		(9,953,640	)
Small Cap Equity		679,574,073		78,369,008			90,091,680		(11,722,672	)
International Equity		1,396,210,629		221,024,744			254,152,181		(33,127,437	)
Emerging Markets Equity		328,808,867		10,310,757			20,501,727		(10,190,970	)
Inflation Protected Bond		303,451,597		5,296,672			13,312,577		(8,015,905	)
Flexible Income		125,583,731		397,416			709,573		(312,157	)
Real Assets		50,264,951		1,564,864			1,564,864		—
Real Estate Securities		284,381,136		12,593,598			15,588,399		(2,994,801	)
Global Natural Resources		367,911,781		20,685,414			30,969,529		(10,284,115	)

The differences between book basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and investments in PFIC’s.

266

At December 31, 2013, capital contributions, accumulated undistributed net investment income and accumulated net realized gain (loss) from investments have been adjusted for current period permanent book/tax differences which arose principally from differing book/tax treatments of PFICs, paydown losses, net operating losses, swaps, foreign currency transactions, distributions received from regulated investment companies, defaulted bonds, reclassifications of dividends paid and non-deductible expenses. The following amounts were reclassified within the capital accounts:


Fund	Paid in Capital			Undistributed Net Investment Income			Accumulated Net Realized Gain (Loss) on Investments, Currency Translations and Derivative Transactions
MyDestination 2005	$	—		$	675,232		$	(675,232	)
MyDestination 2015		—			5,343,266			(5,343,266	)
MyDestination 2025		—			7,410,221			(7,410,221	)
MyDestination 2035		—			3,276,328			(3,276,328	)
MyDestination 2045		—			2,620,682			(2,620,682	)
MyDestination 2055		(364	)		204,135			(203,771	)
Conservative Allocation		—			1,853,778			(1,853,778	)
Balanced Allocation		—			11,269,401			(11,269,401	)
Growth Allocation		—			9,189,205			(9,189,205	)
Aggressive Allocation		—			10,702,757			(10,702,757	)
Conservative Allocation I		—			590,161			(590,161	)
Balanced Allocation I		—			4,488,148			(4,488,148	)
Growth Allocation I		—			3,990,638			(3,990,638	)
Aggressive Allocation I		—			3,766,916			(3,766,916	)
Low-Duration Bond		—			(230,981	)		230,981
Medium-Duration Bond		—			1,102,045			(1,102,045	)
Extended-Duration Bond		—			731,583			(731,583	)
Global Bond		—			(2,278,226	)		2,278,226
Defensive Market Strategies		(252	)		310,715			(310,463	)
Equity Index		—			887			(887	)
Value Equity		—			2,105			(2,105	)
Growth Equity		—			2,467,471			(2,467,471	)
Small Cap Equity		—			746,938			(746,938	)
International Equity		—			(3,189,961	)		3,189,961
Emerging Markets Equity		(254,800	)		(989,047	)		1,243,847
Inflation Protected Bond		—			4,093			(4,093	)
Flexible Income		(1,000	)		5,324			(4,324	)
Real Assets		(1,257	)		151,335			(150,078	)
Real Estate Securities		—			206,469			(206,469	)
Global Natural Resources Equity		(1,000	)		538,812			(537,812	)

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

9. MARKET AND CREDIT RISK

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

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

267

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

If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund.

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

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

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

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

268

10. 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.

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

269

FUND MANAGEMENT

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


Name, (DOB), Address and Position(s) with Trust	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships/ Directorships Held by Trusteee

INDEPENDENT TRUSTEES
Michael R. Buster (1957) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2002	Executive Pastor, Prestonwood Baptist Church, 1989 – present.	31	Ouachita Baptist University – Board of Trustees Member

Paul H. Dixon, Ed.D. (1939) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2014	Chancellor, Cedarville University, 2003 – Present	31	Golden Gate Baptist Theological Seminary — Board of Trustees Member; Shepherds Ministries — Board of Directors Member

Carson L. Eddy (1943) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2011	Partner in Charge (Orlando office), Carr, Riggs & Ingram, LLC, 2007 – 2014 – Certified Public Accountants; President, Quantum Consulting Group LLC, 2000 - 2013.	31	N/A

William Craig George (1958) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2004	Chief Credit Officer, CapStone Bank, 2011 – present; Executive Vice President/ Regional Credit Officer, SunTrust Bank, 1995 – 2011.	31	N/A

Grady R. Hazel (1947) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2011	G400 Field Representative, American Institute of Certified Public Accountants, 2012 – present; Executive Director, Society of Louisiana CPAs, 1995 – 2012.	31	Neighbors Federal Credit Union — Board of Directors Member and Chairman of Audit Committee; Stonetrust Commercial Insurance Company — Board of Directors Member and Member of Audit Committee

Joseph A. Mack (1939) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2002	Retired — Director, Office of Public Policy, South Carolina Baptist Convention, 1999 – 2011.	31	N/A

Franklin R. Morgan (1943) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2005	Retired — Senior Vice President, Director of International Administration, Prudential Securities, Inc., January 1962 – May 2003.	31	N/A

Kyle Tucker (1981) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2013	Vice President and Financial Advisor – CAPTRUST Financial Advisors, 2006 – Present.	31	N/A

INTERESTED TRUSTEES²³

Thomas G. Evans (1961) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2012	Appraiser, Manager and Owner, Encompass Financial Services, Inc., 1985 – present, President and Owner, Custom Land Management, LLC, 1984 – present; Manager, Private Partners Opportunity Fund, LLC, 2011 – present.	31	GuideStone Financial Resources – Board of Trustees Member, June 2010 – present; Baptist Foundation of Oklahoma, Board of Directors Member and Chairman, 2004 – present; Pioneer Spirit Foundation – Board of Trustees Member, 1993 – present; GuideStone Capital Management, LLC, Board of Directors Member, July 2011 – July 2012

James W. Hixson (1931) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2010	Retired	31	GuideStone Financial Resources – Board of Trustees Member, June 2008 – present; GuideStone Advisors – Board of Directors Member, July 2008 – present; GuideStone Financial Services – Board of Directors Member, July 2008 – present

270

FUND MANAGEMENT (Continued)


Name, (DOB), Address and Position(s) with Trust	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships/ Directorships Held by Trusteee

OFFICERS WHO ARE NOT TRUSTEES⁴

Ron W. Bass (1966) 2401 Cedar Springs Road Dallas, TX 75201-1407 Chief Compliance Officer and AML Officer.	Since 2009	Director of Broker/Dealer and RIA Compliance, GuideStone Financial Resources, June 2009 – present; Manager of Broker/Dealer and RIA Compliance, GuideStone Financial Resources, 2008 – May 2009.	N/A	N/A

Jeffrey P. Billinger (1946) 2401 Cedar Springs Road Dallas, TX 75201-1407 Vice President and Treasurer	Since 2000	Vice President, Treasurer and Chief Financial Officer, GuideStone Financial Resources, 1995 – present.	N/A	N/A

Rodric E. Cummins (1957) 2401 Cedar Springs Road Dallas, TX 75201-1407 Vice President and Investment Officer	Since 2000	Vice President and Chief Investment Officer, GuideStone Financial Resources, 1998 – present.	N/A	N/A

Ronald C. Dugan, Jr. (1962) 2401 Cedar Springs Road Dallas, TX 75201-1407 Vice President and Investment Officer	Since 2010	Vice President and Chief Strategic Investment Officer, GuideStone Financial Resources, 2013 – present; Director of Global Investment Strategies, GuideStone Financial Resources, 2010 – 2013; Managing Director, Equities, Russell Investments, 2000 – 2010.	N/A	N/A

John R. Jones (1953) 2401 Cedar Springs Road Dallas, TX 75201-1407 President	Since 2000	Executive Vice President and Chief Operating Officer, GuideStone Financial Resources, 1997 – present.	N/A	N/A

Cherika N. Latham(1982) 2401 Cedar Springs Road Dallas, TX 75201-1407 Chief Legal Officer and Secretary	Since 2013	Assistant Secretary, GuideStone Financial Resources, 2008 – present.	N/A	N/A

Each Independent Trustee serves until his or her resignation, removal or mandatory retirement. Each Interested Trustee serves until his or her resignation, removal or mandatory retirement or until he or she ceases to be a member of the board of trustees of GuideStone Financial Resources. All Trustees must retire after reaching the age of seventy-seven years or after achieving ten years of service, whichever occurs last. Officers serve at the pleasure of the Board of Trustees.

²	The Trust pays no compensation to the Trustees. The Trust reimburses the Trustees for any expenses incurred in attending meetings. The Trust does not compensate the officers for the services they provide to the Funds.

³	Messrs. Evans and Hixson are “interested persons” of the Trust as the term is defined in the Investment Company Act of 1940, due to their positions on the Board of Trustees of GuideStone Financial Resources.

⁴	The officers of the Trust may be deemed to be affiliates of the Adviser due to their positions with the Adviser and/or GuideStone Financial Resources.

271

PROXY VOTING

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

FORM N-MFP

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

QUARTERLY SCHEDULES OF INVESTMENTS

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

272

BOARD REVIEW OF NEW SUB-ADVISORY AGREEMENTS FOR THE DEFENSIVE MARKET STRATEGIES FUND, SMALL CAP EQUITY FUND AND GLOBAL NATURAL RESOURCES EQUITY FUND

As required by the Investment Company Act of 1940, as amended (the “1940 Act”), the Board of Trustees (the “Board”) of GuideStone Funds (the “Trust”), including all of the Trustees who are not “interested persons” of the Trust, as that term is defined in the 1940 Act (the “Independent Trustees”), considered the approval of the following new sub-advisory agreements among: (i) Parametric Portfolio Associates LLC (“Parametric”), GuideStone Capital Management, LLC (the “Adviser”) and the Trust on behalf of the Defensive Market Strategies Fund; (ii) Snow Capital Management L.P. (“Snow”), the Adviser and the Trust on behalf of the Small Cap Equity Fund; and (iii) SailingStone Capital Partners LLC (“SailingStone”), the Adviser and the Trust on behalf of the Global Natural Resources Equity Fund.

The Board approved the new sub-advisory agreements with Parametric, Snow and SailingStone for a two-year term at an in-person meeting of the Board held on February 27-28, 2014 (collectively, the “New Sub-Advisory Agreements”).

The Board’s decision to approve each of the New Sub-Advisory Agreements reflects the exercise of its business judgment to enter into new sub-advisory arrangements. In approving the New Sub-Advisory Agreements, the Board considered information provided by the Adviser and each sub-adviser with the assistance and advice of counsel to the Independent Trustees and counsel to the Trust.

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

The Board noted that the reason it was being asked to approve a new sub-advisory agreement with SailingStone was because the Global Natural Resources (“GNR”) Team at RS Investments Management Co. LLC (“RS Investments”) was leaving the firm to form SailingStone, a boutique registered investment advisor focused on investing in GNR equity assets. The Board noted that SailingStone was expected to acquire the existing RS Investments book of GNR business. The Board further noted that there are no anticipated changes to the GNR Strategy, investment philosophy, portfolio management team and negotiated fee structure for the Global Natural Resources Equity Fund.

The Board undertook a review of the terms of the New Sub-Advisory Agreements, and the nature, extent and quality of the services to be provided by each sub-adviser. The Adviser provided the Board with information in the form of reports about each sub-adviser prior to the meeting, which addressed the factors listed previously. The Adviser also provided additional information about each sub-adviser in a presentation made during the meeting, discussed the comprehensive screening process used to recommend each sub-adviser and responded to questions from the Board.

The Independent Trustees met separately in executive session with counsel to the Independent Trustees to discuss and consider the information presented in connection with the approval of the New Sub-Advisory Agreements, including the Board’s responsibilities and duties in approving the agreements.

273

BOARD APPROVAL OF NEW SUB-ADVISORY AGREEMENTS FOR THE DEFENSIVE MARKET STRATEGIES FUND, SMALL CAP EQUITY FUND AND GLOBAL NATURAL RESOURCES EQUITY FUND

In considering the approval of the New Sub-Advisory Agreements for the Defensive Market Strategies Fund, Small Cap Equity Fund and Global Natural Resources Equity Fund, the Board took into account the materials provided prior to the meeting, including the materials that the Board had considered at its February 27-28, 2014 meeting, the presentations made during the meeting and the extensive discussions during the meeting, including the discussions the Independent Trustees had during their executive session with independent legal counsel. The Board also took into account the Investment Management Committee’s (the “Committee”) review of information related to each new sub-advisory arrangement, questions submitted by the Committee to Trust management regarding those sub-advisers, Trust management’s responses to those questions and recommendations made by the Committee. The Board considered its responsibilities with respect to reviewing and approving the terms of the New Sub-Advisory Agreements, the investment management teams at each sub-adviser, the reasonableness of the sub-advisory fees, and whether the appointment of each sub-adviser would be in the best interests of the shareholders of each applicable Fund. The Board reviewed the above factors in evaluating whether to approve the New Sub-Advisory Agreements and the materials provided to support each factor.

The Board considered the reputation, compliance history, compliance program and financial condition of Parametric, Snow and SailingStone. The Board also considered the experience of key personnel at each sub-adviser in providing investment management services to each applicable Fund; the systems and resources used by such persons to implement and manage each applicable strategy; and the ability of each sub-adviser to attract and retain capable personnel. The Board also noted the terms of the New Sub-Advisory Agreements and the responsibilities that each sub-adviser has to each applicable Fund, including the responsibility of day-to-day management and compliance with each Fund’s investment objectives and policies. The Board concluded that the Defensive Market Strategies Fund, Small Cap Equity Fund and Global Natural Resources Equity Fund were likely to benefit from the nature, extent and quality of the services with respect to each applicable sub-adviser’s experience, personnel, operations and resources.

With respect to the Defensive Market Strategies Fund, the Board examined the nature, extent and quality of the services to be provided by Parametric. The Board reviewed and discussed the performance results of the Defensive Equity Strategy and the favorable back-tested performance results of the custom strategy being proposed for the Defensive Market Strategies Fund. The Board noted that the back-tested strategy’s performance would have outperformed its benchmark (net of fees) for the one-, three-, five- and seven-year and since inception periods ended December 31, 2013. The Board noted that the strategy would add an options strategy to the Defensive Market Strategies Fund, thereby providing diversification, increased upside potential, increased income and reduced fees to the Fund’s overall sub-adviser composite. The Board also noted that Parametric’s fee schedule includes breakpoints at future specified asset levels. The Board further noted that the Adviser had been able to negotiate fees that were favorable in comparison to Parametric’s standard fee schedule.

With respect to the Small Cap Equity Fund, the Board examined the nature, extent and quality of the services to be provided by Snow. The Board noted the strategy’s favorable performance history, outpacing its benchmark in six out of the previous seven calendar years. The Board noted that the strategy would provide diversification benefits to the Fund’s overall sub-adviser composite since the strategy had high active risk and a low correlation of excess returns to the other strategies within the Small Cap Equity Fund. The Board also noted that Snow’s fee schedule includes breakpoints at future specified asset levels. The Board further noted that the Adviser had been able to negotiate fees that were favorable in comparison to Snow’s standard fee schedule.

With respect to the Global Natural Resources Equity Fund, the Board examined the nature, extent and quality of the services currently being provided by RS Investments and to be provided by SailingStone. The Board noted the experience of the GNR Team at RS Investments in providing investment management services to the Fund and the transition of those services to SailingStone. The Board noted the expected ability of SailingStone to attract and retain capable personnel, the reputation of the personnel forming SailingStone and the projected financial condition of SailingStone. The Board also noted that there are no anticipated changes to the investment strategy or portfolio management team relative to that which RS Investments has been providing to the Global Natural Resources Equity Fund. The Board further noted that the existing fee schedule with RS Investments would apply to the SailingStone relationship.

274

The Board considered the Adviser’s assessment of each sub-adviser’s current/projected financial condition, as applicable. The Board noted that the Adviser, after its due diligence, felt comfortable with each sub-adviser’s financial condition.

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

275

INVESTMENT SUB-ADVISERS (Assets under management as of June 30, 2014) (Unaudited)

GuideStone Funds employs a broad array of proven investment managers for the benefit of their investors. Each manager is distinctive in its investment management process and business approach.


Fund	Sub-Adviser	Firm Established		Total Assets Managed
Money Market	BlackRock Advisors, LLC		1994	$	4.6Tr
Low-Duration Bond	BlackRock Financial Management, Inc.		1988	$	4.6Tr
	Pacific Investment Management Company LLC (PIMCO)		1971	$	2.0Tr
	Payden & Rygel		1983	$	83.7B
Medium-Duration Bond	Goldman Sachs Asset Management, L.P.		1984	$	992.3B
	Pacific Investment Management Company LLC (PIMCO)		1971	$	2.0Tr
	Western Asset Management Company		1971	$	468.9B
Extended-Duration Bond	Loomis, Sayles & Company, L.P.		1926	$	221.3B
	Schroder Investment Management North America Inc.		1804	$	464.1B
Global Bond	Loomis, Sayles & Company, L.P.		1926	$	221.3B
	Western Asset Management Company		1971	$	468.9B
Defensive Market Strategies	American Century Investment Management, Inc.		1958	$	145.0B
	AQR Capital Management, LLC		1998	$	113.3B
	Parametric Portfolio Associates LLC		1992	$	130.5B
	Shenkman Capital Management, Inc.		1985	$	26.4B
Equity Index	Northern Trust Investments, Inc.		1889	$	924.4B
Value Equity	AJO, LP		1984	$	24.9B
	Barrow, Hanley, Mewhinney & Straus, LLC		1979	$	97.5B
	Northern Trust Investments, Inc.		1889	$	924.4B
	TCW Investment Management Company		1971	$	141.6B
Growth Equity	Brown Advisory, LLC		1993	$	45.2B
	Columbus Circle Investors		1975	$	17.3B
	Marsico Capital Management, LLC		1997	$	16.8B
	Rainier Investment Management, Inc.^®		1991	$	7.1B
	Sands Capital Management, LLC		1992	$	44.6B
Small Cap Equity	AJO, LP		1984	$	24.9B
	Columbus Circle Investors		1975	$	17.3B
	RBC Global Asset Management (U.S.) Inc.		1983	$	45.3B
	Snow Capital Management L.P.		1980	$	3.6B
	TimesSquare Capital Management, LLC		2000	$	19.3B
International Equity	AQR Capital Management, LLC		1998	$	113.3B
	Baillie Gifford Overseas Limited		1983	$	185.0B
	Barrow, Hanley, Mewhinney & Strauss		1979	$	97.5B
	MFS Institutional Advisors, Inc.		1970	$	438.5B
	Mondrian Investment Partners Ltd.		1990	$	73.6B
	Philadelphia International Advisors, L.P.		1956	$	2.3B
Emerging Markets Equity	AQR Capital Management, LLC		1998	$	113.3B
	Genesis Asset Managers, LLP and		1989	$	39.5B
	Genesis Investment Management, LLP
Inflation Protected Bond	BlackRock Financial Management, Inc.		1988	$	4.6Tr
Flexible Income	Shenkman Capital Management, Inc.		1985	$	26.4B
Real Estate Securities	Heitman Real Estate Securities, LLC		1989	$	30.8B
	RREEF America L.L.C.		1975	$	48.2B
Global Natural Resources Equity	SailingStone Capital Partners LLC		2014	$	8.5B
	Van Eck Associates Corporation		1955	$	35.2B
Custodian for GuideStone Funds Assets	The Northern Trust Company		1889	$	6.0Tr
Cash Overlay for Date Target, Asset Allocation, Fixed Income, Equity and Real Return Funds	Parametric Portfolio Associates LLC		1992	$	130.5B

276

2401 Cedar Springs Road, Dallas, TX 75201-1498

1-888-GS-FUNDS • www.GuideStoneFunds.com

Funds distributed by Foreside Funds Distributors LLC

400 Berwyn Park, 899 Cassatt Road, Suite 110, Berwyn, PA 19312

Item 2.

Code of Ethics.

Not applicable.

Item 3.

Audit Committee Financial Expert.

Not applicable.

Item 4.

Principal Accountant Fees and Services.

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments.

(a)	Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b)	Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11.

Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Exhibits.

(a)(1)

Not applicable.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



(Registrant)		GuideStone Funds



By (Signature and Title)*		/s/ John R. Jones
		John R. Jones, President (principal executive officer)



Date		09/03/14

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		09/03/14



By (Signature and Title)*		/s/ Jeffrey P. Billinger
		Jeffrey P. Billinger, Vice President and Treasurer (principal financial officer)



Date		09/03/14

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