UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number              811-10263                

                             GuideStone Funds                            

(Exact name of registrant as specified in charter)

2401 Cedar Springs Road

                             Dallas, TX 75201-1407                    

(Address of principal executive offices) (Zip code)

Harold R. Loftin, Esq.

GuideStone Financial Resources of the Southern Baptist Convention

2401 Cedar Springs Road

                                     Dallas, TX 75201-1407                                    

(Name and address of agent for service)

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

Date of fiscal year end:   December 31

Date of reporting period:   December 31, 2015

EXPLANATORY NOTE: Registrant is filing this amendment to its Form N-CSR for the fiscal year ended December 31, 2015 originally filed with the Securities and Exchange Commission on March 4, 2016 (Accession Number 0001193125-16-492817). The purpose of this amendment is to correct the benchmark plotlines on the graph comparing the results of hypothetical $10,000 investments for a ten year period. Additionally, for several funds the benchmark Since Inception results were changed in the Average Annual Total Returns table to reflect correct inception dates. Except as set forth above, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing.

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.

GuideStone Funds

Privacy Notice

NOTICE CONCERNING YOUR PRIVACY RIGHTS

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

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

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

• Information we receive from you on applications or other forms;

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

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

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

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

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

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

If you have any questions concerning our customer information policy, please contact a customer relations specialist at 1-888-GS-FUNDS (1-888-473-8637).

TABLE OF CONTENTS

Letter from the President	2
From the Chief Investment Officer	4
About Your Expenses	12
Abbreviations, Footnotes and Index Definitions	15
Target Date Funds	19
MyDestination 2005 Fund	20
MyDestination 2015 Fund	23
MyDestination 2025 Fund	26
MyDestination 2035 Fund	29
MyDestination 2045 Fund	32
MyDestination 2055 Fund	35
Financial Statements	38
Asset Allocation Funds	46
Conservative Allocation Fund	47
Balanced Allocation Fund	50
Growth Allocation Fund	53
Aggressive Allocation Fund	56
Financial Statements	60
Fixed Income Select Funds	65
Money Market Fund	67
Low-Duration Bond Fund	71
Medium-Duration Bond Fund	90
Extended-Duration Bond Fund	124
Global Bond Fund	131
Financial Statements	148
Equity Select Funds	158
Defensive Market Strategies Fund	159
Equity Index Fund	172
Value Equity Fund	180
Growth Equity Fund	186
Small Cap Equity Fund	191
International Equity Index Fund	199
International Equity Fund	210
Emerging Markets Equity Fund	221
Financial Statements	232
Real Asset Select Funds	244
Inflation Protected Bond Fund	245
Flexible Income Fund	250
Real Assets Fund	258
Real Estate Securities Fund	261
Global Natural Resources Equity Fund	267
Financial Statements	272
Notes to Financial Statements	280
Report of Independent Registered Public Accounting Firm	351
Notice to Shareholders	352
Fund Management	354
Board Review of Advisory Agreements	357

This report has been prepared for shareholders of GuideStone Funds. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current prospectus, which contains more complete information about the Funds. Investors are reminded to read the prospectus carefully before investing. The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Fund shares are distributed by Foreside Funds Distributors LLC, 400 Berwyn Park, 899 Cassatt Road, Suite 110, Berwyn, PA 19312.

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LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present you with the 2015 GuideStone Funds 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.

In 2015, GuideStone Funds was recognized for the fourth consecutive year by the Lipper Fund Awards. The Extended-Duration Bond Fund was recognized as the Best Fund Over 3 Years, and the Best Fund Over 5 Years in the Corporate Debt A-Rated Funds category for the fund’s risk-adjusted total return, ending November 30, 2014. The Extended-Duration Bond Fund won in the same categories the previous year. In 2012, the entire GuideStone Funds family was honored with Lipper’s Best Overall Small Fund Group in the U.S. over the 3-year period ending November 30, 2011, making it the first Christian-screened mutual fund family to receive this prestigious honor. In 2013, the MyDestination 2025 Fund was ranked No. 1 for its performance over the 3-year period ending November 30, 2012.

As previously communicated, on November 20 the Asset Allocation Funds I Series were closed and all assets were reorganized into the Institutional Share Class of the Asset Allocation Funds. The I Series Funds — the Conservative Allocation Fund I, Balanced Allocation Fund I, Growth Allocation Fund I and the Aggressive Allocation Fund I — were technically four stand-alone funds with an Institutional Share Class launched in 2003. During 2015, changes were made that eliminated any difference between the underlying investments of the Asset Allocation Funds I Series and the Asset Allocation Investor Share Class; therefore, the need to maintain four stand-alone I Series funds no longer existed.

Our affected investors experienced no fee change, nor did they incur a taxable event as a result of the reorganization. Additionally, no commission or trading costs from the reorganization were generated. This gives GuideStone a single set of Asset Allocation Funds with a multiple-class structure, similar to other funds in the GuideStone Funds family.

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

Sincerely,

John R. Jones, CFA

President

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Lipper, a Thomson Reuters company, provides independent insight on global collective investments, including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Lipper is the world’s leading fund research and analysis organization, covering more than 213,000 share classes and more than 117,000 funds in more than 61 registered for sale (RFS) universes. It provides the free Lipper Leader ratings for mutual funds registered for sale in more than 30 countries. Lipper Fund Awards are based on Lipper Ratings for Consistent Return (Effective Return), which reflect a fund’s historical risk-adjusted total returns relative to funds in the same Lipper Global Classification. Classification averages are calculated with all eligible share-classes for each eligible classification. The calculation periods extend over 36, 60 and 120 months. The highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over three, five or 10 years. The Institutional Class of the GuideStone Extended-Duration Bond Fund won the 2014 Lipper Funds Awards for 3-year and 5-year periods in the Corporate Debt A-Rated category. Additional information is available at lipperweb.com.

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FROM THE CHIEF INVESTMENT OFFICER

The calendar year-end serves as a time for everyone to make New Year’s resolutions and establish new goals. Related to investing, it serves as an opportunity to pause and reflect on what occurred over the previous 12 months while also projecting what will unfold in the upcoming year. Entering into 2015, there was cautious optimism but major questions existed as related to the sustainability of the U.S. economy, corresponding actions by the Federal Reserve (the “U.S. central bank” or the “Fed”), global monetary policy, China’s economy (and its position as a global economic engine) and demand/supply imbalances in commodities. In summary, most of the concern was over the health of the global economy and the ability of the United States and China to lead such growth. Let’s quickly review how these issues played out in 2015.

Matt L. Peden, CFA

• The U.S. economy continued to improve at a moderate pace, with real GDP coming in at roughly 2.0%. A key factor benefiting the U.S. economy included a healthier consumer as unemployment rates fell to 5.00% during the year and consumer confidence and housing trended positive. The domestic economy was also supported by very accommodative monetary policy and low oil prices. Amidst the economic growth, inflation remained somewhat at bay due to modest wage gains, global deflationary pressures, low oil and energy prices and cheaper imports due to a strengthening U.S. dollar.

• A major theme throughout 2015 was when, not if, the Fed was going to “lift off “ and reverse course from its zero interest rate policy. Throughout the year, market and economic pundits were debating and forecasting when such an action by Chairman Yellen and the Fed would take place. The Fed was in a precarious position of raising rates “too soon” (causing the risk of an economic recession) or “too late” (causing the risk of higher inflation). After seven years of zero interest rate policy, the Fed made the decision to raise the fed funds rate by 0.25% during its December meeting. This anticipated move was the first time the Fed had raised rates in nine years. While the amount of the increase was not material, the actual move itself was a sign that “emergency accommodative monetary policy” was no longer needed. Further rate hikes in 2016 are being priced into the U.S. yield curve with the number of rate hikes largely being dependent on inflationary pressures and conditions surrounding economic growth.

• Prior to 2015, global monetary policy had been “in sync”, with major central banks coordinating very accommodative monetary policy. However, the U.S. economy, through more aggressive stimulus, has been improving faster than most of its counterparts. As a result, the anticipation of a divergence in monetary policies between the United States and other developed market central banks arose, contributing to the market uncertainty. As stated, the U.S. central bank raised rates in December while most other central banks (including the European Central Bank and the Bank of Japan) maintained very accommodative monetary policies, including quantitative easing. The relative improvement in the U.S. economy, and relatively higher U.S. interest rates, led to a material appreciation in the U.S. dollar versus most currencies during the year. The appreciation of the U.S. dollar made imports less expensive for U.S. consumers, but provided a headwind for U.S. exporters and the performance of non-U.S. denominated investments.

• The health of China’s economy remained in the headlines. Global economic growth has been reliant on both the United States and China for the past decade. China has a large impact on commodity prices, surrounding Pacific-rim economies and other emerging markets. Certain economic indicators, including low commodity prices and an August currency devaluation, made the market “question” whether or not China was actually growing at its annual stated target of about 7.00%. Other China questions included its high levels of debt and whether or not it could successfully transition its economy from a “heavy industrial” economy to a “consumer led” economy. While China has a great deal of options to stimulate its economy, the uncertainty in China’s actual growth and leadership effectiveness served as a cloud over the global markets, especially over the last half of the year.

• Commodities across the board suffered materially during the year. When investors thought commodity prices could not fall further, they did. Oil, natural gas and base metals fell sharply due to material demand/supply imbalances. Oil prices were under pressure due to slow declines in production (especially in U.S. shale production) coupled with increases in Middle East production. Base metals were negatively impacted over concerns related to China’s economic growth as that country accounts for 40% to 50% of global demand. Having too much supply during times of slow global economic growth has hit commodity prices hard and caused sentiment to free fall. Supply rationalization has begun, but it appears that it will take time to come into equilibrium with actual demand. The good news from low commodity prices is the positive impact it has on consumers’ disposable income which should eventually lead to further consumer demand and economic stimulus.

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Given this economic backdrop, greater uncertainty entered the capital markets, which in turn, led to more volatility and investors taking a “risk-off” approach. The calendar year 2015 may be remembered as the “year of no return.” It was a difficult year for investors, even those with well diversified portfolios, to experience positive results as very few areas of the market posted material positive returns. The table below provides an overview of key capital market returns.

Index	Description	2015 Calendar Year Return
S&P 500® Index	Large-cap U.S. Stocks		1.38	%
Russell 2000 Index	Small-cap U.S. Stocks		(4.41	)%
MSCI EAFE – Net Dividend	Developed Market Stocks – Ex-U.S.		(0.81	)%
MSCI Emerging Markets	Emerging Markets Stocks		(14.92	)%
Barclays Aggregate Bond Index	U.S. Bonds		0.55	%
Barclays Capital U.S. TIPS Index	U.S. TIPS		(1.44	)%

U.S. stocks led returns domestically with a modest annual return of 1.38%, extending another year of positive results for the long-running bull equity market. However, given concerns over the U.S. economy entering into the later stages of its growth cycle, the U.S. stock market appeared to be “less healthy” by year end, as the market, as represented by the S&P 500 Index^® became very narrow and driven by a few large cap stocks, such as Facebook, Amazon, Netflix and Google. The equal weighted S&P 500^® Index performed -2.20% for the year, providing evidence that many U.S. stocks generated negative returns. The best-performing sectors in the S&P 500^® Index included defensive sectors such as health care and consumer staples, while the worst performers were the cyclical energy and materials sectors. Large-cap stocks outpaced small-cap stocks, while growth stocks outperformed value stocks. The best performing segment of the U.S. market was large-cap growth with the Russell 1000^® Growth Index posting an annual return of 5.67%. Stocks of non-U.S. developed markets trailed U.S. stocks and posted an annual return of -0.81%. Slower economic growth and an appreciating U.S. dollar hurt performance. Emerging market stocks were materially hurt, down -14.92% for the year, reflecting downward pressure on commodity prices and slowing emerging economies (especially China) coupled with a rising U.S. dollar.

In addition to stocks, other asset classes struggled during 2015. Bonds surprised on the upside during 2014 but struggled to generate much return in 2015 as the Barclays U.S. Aggregate Bond Index, a proxy for the broad U.S. bond market, generated a modest annual return of 0.55%. Like stocks, higher quality bond sectors generally outpaced riskier ones. Headwinds for bonds during the year included rising interest rates and spread widening (increase in risk premiums). The best performing areas of the bond market were mortgages and U.S. Treasuries while corporates and high yield bonds (below investment grade) generally lagged. The shape of the U.S. Treasury yield curve was largely influenced by expectations of future Fed actions. The year ended with yields on the 10-year U.S. Treasury and the 30-year U.S. Treasury at 2.27% and 3.02%, respectively. With yields at low levels coupled with expectations for future rate hikes by the Fed, near-term prospects for bond returns are below long-term historical norms.

Despite accommodative monetary policies by central banks and historical amounts of liquidity in the markets, inflation expectations remained rather benign during 2015, especially on a global basis. Commodities were negatively impacted the most due to an oversupply (or supply shock) and fears of sluggish economic growth. The MSCI World Commodity Producers – Net Index, a proxy for the natural resource equities, fell 25.62% during the year. Many commodities ended the year at very low levels, but some positives exist for this market segment including cheap valuations, the occurrence of supply rationalization and economic fundamentals indicating prices should be higher.

After reflecting on 2015, what are our thoughts on the upcoming year?

We believe many of the same challenges that were faced in 2015 will persist into 2016, with prospects of higher asset price volatility. Economic growth is projected to muddle through (slow but positive), and asset class returns are forecasted well below historical annual averages for several reasons, including, currently high asset valuations, a slowdown in corporate earnings, low interest rate levels and projected muted economic growth. We must also take into consideration that the current economic expansion and bull equity market are “long in the tooth” coupled with prospects of the Fed implementing further tightening.

As a team, we believe the following factors will have a material impact during 2016 on the global economies, investors’ sentiment and asset class returns:

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• Divergence in monetary policy between the United States and other major central banks.

• Potential for sluggish economic growth outside the United States in major economies such as Europe, Japan and China, as well as commodity export dependent emerging markets nations.

• The resulting impact of very low commodity prices, including oil.

• Heightened geopolitical risks, including terrorism.

• The valuation of the U.S. dollar versus other major currencies.

We continue to encourage investors to ensure their portfolio is well diversified and corresponds with their underlying risk/return profile. Often higher volatility leads to greater temptation to move away from the appropriate long-term asset allocation. Remember, investing is a long-term process and diversification is key. Also, given the prospects for lower absolute returns, it is prudent for investors to review their savings rate. Any ability to increase savings would be beneficial, especially for those nearing retirement.

On behalf of GuideStone Capital Management, LLC, I would like to thank you for your confidence and trust and for the opportunity to manage assets on your behalf. We consider it a privilege to work diligently on your investment portfolio. Wishing you a happy and prosperous year ahead.

A complete GuideStone Funds performance report can be found at www.GuideStoneFunds.com.

Sincerely,

Matt L. Peden, CFA

Vice President - Chief Investment Officer

GuideStone Funds

  Asset Class Performance Comparison

The following graph illustrates the performance of the major assets classes during 2015.

¹The 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.

²The 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.

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³The MSCI EM (Emerging Markets) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index consisted of the following 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates.

⁴The 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.

⁵The 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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S&P 500^® Index Returns

The U.S. large cap equity market, as measured by the S&P 500^® Index, posted a positive annual return of 1.4%. Although this marks the seventh consecutive year of positive returns for the index, the market was much more volatile and gains were more concentrated than in years past. In fact, if the 10 largest securities by market capitalization are omitted, the index actually suffered a loss for the year.

After producing gains in each of the first two quarters, volatility spiked and the index posted a negative return in the third quarter, as fears about global growth caused a decline in investor confidence. During the quarter, the index suffered a loss of 6.5%, but a robust fourth quarter rally was sufficient to produce a positive full year return.

Only half of the 10 sectors produced a positive return for the year, led by Consumer Discretionary and the traditionally defensive Consumer Staples and Health Care sectors. The continued decline in commodity prices created a material headwind for Energy and Materials stocks, with both sectors suffering significant losses for the year.

The S&P 500^® Index includes 500 leading companies in major industries of the U.S. economy. The index represents about 75% of U.S. equity market capitalization. It is a capitalization-weighted index calculated on a total return basis with dividends reinvested. Constituents are selected by a team of Standard & Poor’s economists and analysts.

Data Source: Bloomberg, S&P website

Russell 2000^® Index Returns

The U.S. small cap equity market, as represented by the Russell 2000^®Index, posted a loss of 4.4% during 2015. The index produced a positive return the first half of the year, but then lost 7.7% in the third quarter before gaining some of that loss back in the fourth quarter. The rise in volatility during the third quarter coincided with a decline in investor risk appetite that negatively impacted small cap stocks.

The best performing sectors during the period included Health Care and Technology, while Energy and Materials were the worst performers. The significant decline in oil and other commodity prices was a major headwind for firms in these two sectors.

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 8% 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.

Data Source: Russell Investments, Bloomberg

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MSCI EAFE (Net) Returns

International developed market equities, as measured by the MSCI EAFE Index (Net), fell 0.8% during the year. This index underperformed the U.S. market as a result of slower economic growth, the strength of the U.S. dollar and a greater reliance on trade with the weakening Emerging Markets. Similar to U. S. stocks, the EAFE Index produced a positive return in the first and second quarters, but fell roughly 10% in the third quarter as volatility rose. A positive 5% fourth quarter return was insufficient to produce a gain for the full year.

The best performing regions included Ireland, Denmark and Belgium, while the worst performers included Norway, Singapore and Australia. Commodity price weakness and exposure to China were the key drivers of the poor performance in these countries.

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.

Data Source: Factset

MSCI EM (Net) Returns

International emerging market equities, as measured by the MSCI Emerging Market Index (Net), declined 14.9% during the year. The combination of falling commodity prices, weakening currencies and the slowdown in China had a dramatic impact on economic growth and equity performance in these markets. The third quarter was the worst period for the index, as it fell more than 17%.

Only two countries, Hungary and Russia, produced a gain for the year. Countries that produced significant losses were those that rely on commodity exports to drive their economies, including Brazil, South Africa and Colombia, as well as those that are dependent on trade with China, such as Indonesia, Malaysia and Thailand. The worst performer was Greece, which once again was required to restructure its huge debt burden with its creditors.

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

Data Source: Factset

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Barclays U.S. Aggregate Bond Index Returns

The broad U.S. bond market, as measured by the Barclays U.S. Aggregate Bond Index, produced a small gain of 0.6% during 2015. Higher quality and intermediate maturity debt securities were the best performers, while lower quality bonds, especially those issued by Energy firms, experienced material spread widening and significant losses as investors began to question the health of such firms.

The best performing sectors in the index included Financials, Asset-backed securities and Mortgage-backed securities, while bonds issued by Industrial and Utilities firms produced losses for the year.

The Barclays U.S. Aggregate Bond Index is a broad-based benchmark representing approximately 8,200 U.S. dollar-denominated, taxable fixed income securities. To be included in this market capitalization-weighted index, bonds must be rated investment grade quality by Moody’s and Standard & Poor’s and have a maturity of at least one year. The types of fixed income instruments in this index primarily consist of U.S. Treasury securities, government-related securities, mortgage-backed securities, asset-backed securities and corporate bonds.

Data Source: Factset

Federal Reserve

Following much debate and analysis both inside and outside the Federal Reserve (“Fed”), the members of the Federal Open Market Committee finally voted to raise the target Fed Funds rate by 0.25% to a range of 0.25 - 0.50% at its December meeting. The long awaited beginning of the Fed tightening cycle is an event for which the markets were well positioned, so the impact on financial assets was negligible. Despite the rise in the Fed Funds rate, short term interest rates remain very low and accommodative by historical standards. In addition, the Fed signaled that further rate hikes will be very gradual and will be dependent on sustained economic strength. This marks the first rate hike since 2006, and ends an unprecedented 7-year period of a near zero Fed Funds rate.

The Federal Reserve (“Fed”) is the central bank of the United States. It was created by Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Funds Rate is the interest rate at which depository institutions lend balances at the Fed to other depository institutions overnight. The rate is one tool the Fed can use in their efforts of controlling the supply of money. Changes in the Federal Funds Rate trigger a chain of events that affect other short-term interest rates, foreign exchange rates, long-term interest rates, the amount of money and credit, and, ultimately, a range of economic variables, including employment, output, and prices of goods and services.

Data Source: Bloomberg, Federal Reserve

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U.S. Treasury Yield Curve

Despite some volatility in interest rates during the year, the yield curve ended 2015 in very similar shape as it started the year. Short term rates, from 3 months to 3-years, rose somewhat as result of the Fed Funds rate hike, but the 5-to 10-year portion of the curve was virtually unchanged from the start of the year. During the period, the 10-year Treasury yield fell to as low as 1.65%, and then rose to near 2.50% as investor expectations for inflation and economic growth varied. However, the yield ended 2015 at 2.27%, very close to the same level at which it began the year.

The Treasury yield curve illustrates the relationship between yields on short-term, intermediate-term and long-term Treasury securities. Normally, the shape of the yield curve is upward sloping with rates increasing from the short end of the curve moving higher to the long end. The short end of the curve is impacted more by monetary policy (demand for money) while inflationary expectations and market forces impact the long end of the curve.

Data Source: Bloomberg

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About Your Expenses (Unaudited)

As a shareholder of the Funds, you incur ongoing costs, including advisory fees and to the extent applicable, shareholder services fees, as well as other Fund expenses. This example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2015 to December 31, 2015.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Actual
Fund	Class	Beginning Account Value 07/01/15	Ending Account Value 12/31/15	Annualized Expense Ratio (1)	Expenses Paid During Period (2)
MyDestination 2005	Investor	$1,000.00	$  973.55	0.35%	$1.74
MyDestination 2015	Investor	1,000.00	967.82	0.35	1.74
MyDestination 2025	Investor	1,000.00	958.36	0.35	1.73
MyDestination 2035	Investor	1,000.00	939.96	0.35	1.71
MyDestination 2045	Investor	1,000.00	934.88	0.35	1.71
MyDestination 2055	Investor	1,000.00	934.49	0.35	1.71
Conservative Allocation (3)	Institutional Investor	1,000.00 1,000.00	990.11 973.80	0.18     0.35	0.19 1.75
Balanced Allocation (3)	Institutional Investor	1,000.00 1,000.00	983.65 957.51	0.12     0.37	0.13 1.80
Growth Allocation (3)	Institutional Investor	1,000.00 1,000.00	976.41 946.24	0.14     0.37	0.14 1.84
Aggressive Allocation (3)	Institutional Investor	1,000.00 1,000.00	971.52 948.48	0.15     0.39	0.16 1.89
Money Market	Institutional Investor	1,000.00 1,000.00	1,000.57    1,000.13	0.17     0.26	0.87 1.32
Low-Duration Bond	Institutional Investor	1,000.00 1,000.00	996.57 994.94	0.37     0.65	1.88 3.26
Medium-Duration Bond	Institutional Investor	1,000.00 1,000.00	1,000.07    999.25	0.45     0.74	2.29 3.70

12

Actual
Fund	Class	Beginning Account Value 07/01/15	Ending Account Value 12/31/15	Annualized Expense Ratio (1)	Expenses Paid During Period (2)
Extended-Duration Bond	Institutional Investor	$1,000.00   1,000.00	$  990.48     990.26	0.60% 0.89	$3.01   4.46
Global Bond	Institutional Investor	1,000.00 1,000.00	944.72 943.13	0.60     0.91	2.95 4.48
Defensive Market Strategies (4)	Institutional Investor	1,000.00 1,000.00	1,010.68    1,009.32	0.72     1.00	3.63 5.04
Equity Index	Institutional Investor	1,000.00 1,000.00	999.05 998.24	0.16     0.43	0.83 2.16
Value Equity	Institutional Investor	1,000.00 1,000.00	958.53 956.48	0.60     0.87	2.96 4.29
Growth Equity	Institutional Investor	1,000.00 1,000.00	1,024.21    1,023.58	0.76     1.02	3.86 5.21
Small Cap Equity	Institutional Investor	1,000.00 1,000.00	900.03 898.35	1.01     1.29	4.79 6.16
International Equity Index	Institutional	1,000.00	926.25	0.57	2.77
International Equity (4)	Institutional Investor	1,000.00 1,000.00	928.80 927.50	0.97     1.24	4.72 6.04
Emerging Markets Equity	Institutional Investor	1,000.00 1,000.00	808.08 807.69	1.28     1.55	5.82 7.05
Inflation Protected Bond	Institutional Investor	1,000.00 1,000.00	975.56 974.56	0.40     0.75	1.99 3.73
Flexible Income	Investor	1,000.00	959.85	1.12	5.53
Real Assets	Investor	1,000.00	887.10	0.35	1.66
Real Estate Securities	Institutional Investor	1,000.00 1,000.00	1,033.68    1,032.56	0.94     1.12	4.80 5.74
Global Natural Resources Equity	Investor	1,000.00	670.52	1.36	5.72
HYPOTHETICAL (assuming a 5% return before expenses)
Fund	Class	Beginning Account Value 07/01/15	Ending Account Value 12/31/15	Annualized Expense Ratio (1)	Expenses Paid During Period (2)
MyDestination 2005	Investor	$1,000.00	$1,023.42	0.35%	$1.79
MyDestination 2015	Investor	1,000.00	1,023.42	0.35	1.79
MyDestination 2025	Investor	1,000.00	1,023.42	0.35	1.79
MyDestination 2035	Investor	1,000.00	1,023.42	0.35	1.79
MyDestination 2045	Investor	1,000.00	1,023.42	0.35	1.79
MyDestination 2055	Investor	1,000.00	1,023.42	0.35	1.79
Conservative Allocation (3)	Institutional Investor	1,000.00 1,000.00	1,005.15 1,023.42	0.18     0.35	0.92 1.79
Balanced Allocation (3)	Institutional Investor	1,000.00 1,000.00	1,005.21 1,023.35	0.12     0.37	0.62 1.86
Growth Allocation (3)	Institutional Investor	1,000.00 1,000.00	1,005.19 1,023.30	0.14     0.37	0.70 1.91

13

About Your Expenses (Unaudited) (Continued)

HYPOTHETICAL (assuming a 5% return before expenses)
Fund	Class	Beginning Account Value 07/01/15	Ending Account Value 12/31/15	Annualized Expense Ratio (1)	Expenses Paid During Period (2)
Aggressive Allocation (3)	Institutional Investor	$1,000.00   1,000.00	$  1,005.18     1,023.24	0.15% 0.39	$0.77   1.97
Money Market	Institutional Investor	1,000.00 1,000.00	1,024.33 1,023.88	0.17     0.26	0.88 1.33
Low-Duration Bond	Institutional Investor	1,000.00 1,000.00	1,023.31 1,021.91	0.37     0.65	1.90 3.30
Medium-Duration Bond	Institutional Investor	1,000.00 1,000.00	1,022.89 1,021.46	0.45     0.74	2.32 3.75
Extended-Duration Bond	Institutional Investor	1,000.00 1,000.00	1,022.14 1,020.67	0.60     0.89	3.07 4.54
Global Bond	Institutional Investor	1,000.00 1,000.00	1,022.14 1,020.54	0.60     0.91	3.07 4.67
Defensive Market Strategies (4)	Institutional Investor	1,000.00 1,000.00	1,021.56 1,020.13	0.72     1.00	3.65 5.08
Equity Index	Institutional Investor	1,000.00 1,000.00	1,024.37 1,023.02	0.16     0.43	0.84 2.19
Value Equity	Institutional Investor	1,000.00 1,000.00	1,022.14 1,020.77	0.60     0.87	3.07 4.44
Growth Equity	Institutional Investor	1,000.00 1,000.00	1,021.35 1,020.00	0.76     1.02	3.86 5.21
Small Cap Equity	Institutional Investor	1,000.00 1,000.00	1,020.11 1,018.64	1.01     1.29	5.10 6.57
International Equity Index	Institutional	1,000.00	1,022.30	0.57	2.91
International Equity (4)	Institutional Investor	1,000.00 1,000.00	1,020.26 1,018.87	0.97     1.24	4.95 6.34
Emerging Markets Equity	Institutional Investor	1,000.00 1,000.00	1,018.69 1,017.31	1.28     1.55	6.52 7.90
Inflation Protected Bond	Institutional Investor	1,000.00 1,000.00	1,023.17 1,021.39	0.40     0.75	2.04 3.82
Flexible Income	Investor	1,000.00	1,019.49	1.12	5.72
Real Assets	Investor	1,000.00	1,023.42	0.35	1.79
Real Estate Securities	Institutional Investor	1,000.00 1,000.00	1,020.43 1,019.49	0.94     1.12	4.78 5.72
Global Natural Resources Equity	Investor	1,000.00	1,018.27	1.36	6.94

(1) Expenses include the effect of contractual waivers by GuideStone Capital Management. The Target Date 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 July 1, 2015 through December 31, 2015, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

(3) Actual expense calculation for Institutional Class of Conservative Allocation, Balanced Allocation, Growth Allocation and Aggressive Allocation are based on data since commencement of operations (November 23, 2015) and Hypothetical Expense calculation for the share class assumes the share class has been in existence for 184 days, and are based on data since July 1, 2015.

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

14

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INVESTMENT ABBREVIATIONS:
ADR	—	American Depositary Receipt
CDO	—	Collateralized Debt Obligation
CDX	—	A series of indices that track North American and emerging market credit derivative indexes.
CETIP	—	Latin America’s largest central depository for securities and derivatives.
CLO	—	Collateralized Loan Obligation
CMBX	—	A group of indices made up of 25 tranches of commercial mortgage-backed securities (CMBS), each with different credit ratings.
CONV	—	Convertible
CVA	—	Dutch Certificate
EURIBOR	—	Euro Interbank Offered Rate
GDR	—	Global Depositary Receipt
IO	—	Interest Only (Principal amount shown is notional)
iTraxx	—	A group of international credit derivative indices that are monitored by the International Index Company (IIC).iTraxx indices cover credit derivatives markets in Europe, Asia and Australia.
KLIBOR	—	Kuala Lumpur Interbank Offer Rate
KORIBOR	—	Korea Interbank Offer Rate
LIBOR	—	London Interbank Offered Rate
LLC	—	Limited Liability Company
LP	—	Limited Partnership
MXN-	—	The Equilibrium Interbank Interest Rate (“TIIE”)
TIIE- Banxico		represents interbank credit transactions in local currency (MXN).
NVDR	—	Non-Voting Depository Receipt
PCL	—	Public Company Limited
PIK	—	Payment-in-Kind Bonds
PLC	—	Public Limited Company
REIT	—	Real Estate Investment Trust
REMIC	—	Real Estate Mortgage Investment Conduit
SDR	—	Special Drawing Rights
STEP	—	Stepped Coupon Bonds: Interest rates shown reflect the rates currently in effect.
STRIP	—	Stripped Security
TBA	—	To be announced
TIPS	—	Treasury Inflation Protected Security.
144A	—	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of December 31, 2015, the total market values and percentages of net assets for 144A securities by fund were as follows:

Fund	Value of 144A Securities			Percentage of Net Assets
Money Market		$	369,349,330		28.69	%
Low-Duration Bond			187,908,875		21.85
Medium-Duration Bond			113,818,601		12.72
Extended-Duration Bond			21,471,023		8.39
Global Bond			89,527,396		22.96
Defensive Market Strategies			31,464,310		5.15
Small Cap Equity			1		—
International Equity Index			249,028		0.22
International Equity			4,815,871		0.38
Emerging Markets Equity			2,458,633		0.83
Real Estate Securities			800,267		0.31
Flexible Income Fund			3,681,125		2.60

INVESTMENT FOOTNOTES:
‡‡	—	All or a portion of the security was held as collateral for open futures, options, securities sold short and/or swap contracts.
@	—	Illiquid.
*	—	Non-income producing security.
#	—	Security in default.
§	—	Security purchased with the cash proceeds from securities loaned.
†	—	Variable rate security. Rate shown reflects the rate in effect as of December 31, 2015. Maturity date for money market instruments is the date of the next interest rate reset.
W	—	Rates shown reflect the effective yields as of December 31, 2015.
¥	—	Affiliated fund.
D	—	Security either partially or fully on loan.
S	—	All or a portion of this position has not settled. Full contract rates do not take effect until settlement date.
+	—	Security is valued at fair value by the Valuation Committee (see Note 1 in Notes to Financial Statements). As of December 31, 2015, the total market values and percentages of net assets for Fair Valued securities by fund were as follows:

Fund	Value of Fair Valued Securities			Percentage of Net Assets
Low-Duration Bond		$	—		—	%
Medium-Duration Bond			7,490,740		0.84
Global Bond			3,206,279		0.82
Defensive Market Strategies			5,550,877		0.91
Small Cap Equity			1		—
International Equity Index			2,133		—
International Equity			174,050		0.01
Emerging Markets Equity			631,283		0.21

15

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).
(U)	—	Par is denominated in British Pounds (GBP).
(V)	—	Par is denominated in Dominican Peso (DOP).
(X)	—	Par is denominated in Colombian Peso (COP).
(Z)	—	Par is denominated in New Zealand Dollars (NZD).
(Y)	—	Par is denominated in Chinese Yuan (CNY).

COUNTERPARTY ABBREVIATIONS:
BAR	—	Counterparty to contract is Barclays Capital.
BNP	—	Counterparty to contract is BNP Paribas.
BNY	—	Counterparty to contract is Bank of New York Mellon.
BOA	—	Counterparty to contract is Bank of America.
CITI	—	Counterparty to contract is Citibank NA London.
CITIC	—	Counterparty to contract is Citicorp.
CITIG	—	Counterparty to contract is Citigroup.
CME	—	Counterparty to contract is Chicago Mercantile Exchange.
CS	—	Counterparty to contract is Credit Suisse International.
DEUT	—	Counterparty to contract is Deutsche Bank AG.
GSC	—	Counterparty to contract is Goldman Sachs Capital Markets, LP.
HKSB	—	Counterparty to contract is Hong Kong & Shanghai Bank.
HSBC	—	Counterparty to contract is HSBC Securities.
ICE	—	Counterparty to contract is Intercontinental Exchange.
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.
SC	—	Counterparty to contract is Standard Chartered PLC.
SS	—	Counterparty to contract is State Street Global Markets.
UBS	—	Counterparty to contract is UBS AG.
WEST	—	Counterparty to contract is Westpac Pollock.
WF	—	Counterparty to contract is Wells Fargo.

16

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INDEX DEFINITIONS:

The Bank of America Merrill Lynch 1-3 Year Treasury Index is composed of all U.S. Treasury notes and bonds with maturities greater than or equal to one year and less than three years.

The Barclays Global Aggregate Bond Index — Unhedged provides a broad-based measure of the global investment grade fixed-rate debt markets.

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

The Barclays U.S. Corporate High Yield – 2% Issuer Capped Index is an issuer-constrained version of the Barclays U.S. Corporate High Yield Index that measures the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. The index follows the same rules as the uncapped index but limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro rata basis.

The Barclays U.S. Long-Term Credit Bond Index is composed of a subset of the Barclays U.S. Credit Bond Index covering all corporate, publicly issued, fixed-rate, nonconvertible U.S. debt issues rated at least Baa with at least $50 million principal outstanding and maturity greater than 10 years.

The Barclays U.S. Long-Term Government Bond Index is composed of securities in the long (more than 10 years) range of the Barclays U.S. Government Index and is composed of a subset of the Barclays Credit Bond Index covering all corporate, publicly issued, fixed-rate, nonconvertible U.S. debt issues rated at least Baa with at least $50 million principal outstanding and maturity greater than 10 years.

The Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index measures the performance of the U.S. Treasury Inflation Protected Securities (“TIPS”) market and includes TIPS with one or more years remaining until maturity with total outstanding issue size of $500 million or more.

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

The Citigroup 3-Month Treasury Bill Index is an unmanaged index that is generally representative of 3-month U.S. Treasury bills, consisting of an average of the last 3-month U.S. Treasury bill issues.

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

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

The FTSE EPRA/NAREIT Developed Index is designed to track the performance of listed real estate companies and REITS worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (“ETFs”).

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

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

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

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

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

17

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

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

The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies involved primarily in mining for gold and silver. The index is calculated and maintained by the American Stock Exchange.

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

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

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

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

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

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

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

18

TARGET DATE FUNDS (Unaudited)

The Target Date Funds, or MyDestination Funds^®, maintain diversified exposure to all three asset classes of equities, fixed income and real assets.

Contribution to absolute performance from U.S. equities was roughly flat for the MyDestination Funds^®. U.S. equities experienced moderate headwinds, with the broader equity market, as measured by the Russell 3000^® Index, returning 0.48% for the calendar year 2015. U.S. equity market performance was hampered by a slowdown in earnings growth and the impact of a strong U.S. dollar, which rose more than 8.00% versus the currencies of key trading partners. Small-cap stocks underperformed large-cap stocks with the Russell 2000^® Index returning -4.41%. From a sector perspective, performance was positive for five of the nine sectors within the Russell 3000^® Index, with consumer staples and health care leading performance among the sectors. The energy and the materials sectors were the largest detractors, down 20.00% and 8.33% respectively, due largely to global oversupply and falling demand from China for several commodities.

Contribution to absolute performance from non-U.S. equity markets was negative for the MyDestination Funds^®, with both developed non-U.S. equity markets and emerging markets equities detracting similarly from performance results. Developed non-U.S. equity markets underperformed the U.S. equity markets as the MSCI EAFE Index (Net), a measure of international developed country returns, posted a one-year return of -0.81%. Two main causes for the relative underperformance of the MSCI EAFE (Net) Index were slower economic growth outside the United States and the continued appreciation of the U.S. dollar versus global currencies. The only regions to post positive returns were Japan and Africa/Middle East, while Asia ex-Japan and Europe were the largest detractors. Asia ex-Japan was hit hard by moderating economic growth in China, and the region fell over 9.00% in the index for the year. From a sector perspective, utilities and health care outperformed with high single digit returns. The energy and the materials sectors were the largest detractors, falling 18.00% and 15.51%, respectively. Emerging markets equities were materially negative for the year, with the MSCI Emerging Markets Index falling 14.92%. Emerging markets experienced a difficult year due to the headwinds of slower Chinese growth, weak commodity prices and a strong U.S. dollar.

Contribution to absolute performance from fixed income was a slight detraction for the MyDestination Funds^®, except for the more conservatively positioned MyDestination 2005 Fund. The U.S. fixed income markets had mixed returns as the yield curve flattened over the year given the short end of the curve rose more than the long end. This was a result of the Fed telegraphing the first federal funds rate hike of this cycle and executing it in December. The Barclays U.S. Aggregate Bond Index, a proxy for the broad U.S. domestic bond market, generated an annual return of 0.55%. Non-U.S. fixed income underperformed domestic, particularly due to U.S. dollar strength weighing heavily on returns, as the Barclays Global Aggregate ex-U.S. Index posted a -5.30% annual return. Credit spreads in high yield bonds widened, which led to the first annual decline in the Barclays U.S. High Yield Corporate Bond Index since 2008. In particular, falling oil prices caused acute price declines in the energy sector, which comprised about 15.00% of the index, dragging down total returns and causing a contagion effect that negatively impacted the rest of the high yield bond market.

Real assets detracted from absolute performance within the MyDestination Funds^®, although the returns of the various underlying strategies varied significantly for the year. Key drivers of performance were subdued inflation and inflation expectations and falling commodity prices – all of which put downward pressure on most real assets strategies. The primary detractors to absolute performance for the MyDestination Funds^® were negative performance across global natural resource equities and commodities. Global natural resource equities, as measured by the MSCI World Commodity Producers Index, fell 25.62% in 2015. The Bloomberg Commodity Index, a broad-based measure of returns for a diversified basket of commodity futures, posted a 24.66% decline for 2015. Commodity prices continued to have strong headwinds throughout 2015, as oversupply issues and the slowdown in China’s economic growth weighed heavily on the space.

19

MyDestination 2005 Fund (Unaudited)

The Fund, through investments predominantly in the underlying GuideStone Funds Select Funds, combined a greater percentage of exposure to fixed income securities with a smaller percentage allocated to equity and real assets securities. The Fund followed an allocation glide path designed to become more conservative over time, and the December 31, 2015 targeted allocations were approximately 53.00% Fixed Income Select Funds, 21.00% U.S. Equity Select Funds, 8.00% Non-U.S. Equity Select Funds and 18.00% Real Assets Select Funds.

As a fund of funds, the Fund’s performance was based primarily on the performance of the underlying Select Funds. The Fund generated a return of -1.63% for the one-year period ended December 31, 2015. Contribution to absolute performance from the U.S. Equity Select Funds was roughly flat. The Defensive Market Strategies Fund was the largest U.S. Equity Select Fund contributor to absolute performance, benefiting from increased volatility and solid alpha generation. Non-U.S. Equity Select Funds exposure, including both developed and emerging markets, detracted from performance and was impacted by slower global growth, a strengthening U.S. dollar and poor performance from commodity sensitive emerging markets. The Fund’s Fixed Income Select Funds allocation slightly added to investment returns, as the Low-Duration Bond Fund was the largest contributor overall. Real assets exposure was the primary driver of negative absolute performance, led by the Global Natural Resources Equity Fund and the Credit Suisse Commodity Return Strategy Fund, as each fell significantly for the year. As of December 2015, the Credit Suisse Commodity Return Strategy Fund was no longer held by the Fund.

The Fund underperformed its composite benchmark in 2015 (-1.63% versus -0.82%). The largest detractors to relative underperformance were the Global Natural Resources Equity Fund and the Flexible Income Fund. The largest positive contributor to relative performance was the Defensive Market Strategies Fund.

Certain derivatives were utilized to provide market exposure for the cash positions held in the Fund. These derivative positions primarily included stock index futures and fixed income futures. Overall, derivative exposure had a slight negative impact on Fund performance for the year.

The Fund attempted to achieve its objective by investing predominantly in the GuideStone Funds Select Funds. The Fund is managed to a retirement date (“target date”) by adjusting the percentage of fixed income securities and equity securities to become more conservative each year until reaching the retirement year and then approximately 12 years thereafter. The target date in the name of the Fund is the approximate date when an investor plans to start withdrawing money. This Fund may be suitable for investors who want a simplified “one fund” retirement solution, are willing to pay slightly higher fees to get a diversified mix of investments that becomes more conservative over time and retired at an age that was near the year 2005. The Fund’s value will fluctuate due to changes in interest rates. There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The Fund’s value will fluctuate due to business developments concerning a particular issuer, industry or country, as well as general market and economic conditions. The Fund is subject to risks presented by investments in foreign issuers, and changes in currency exchange rates relative to the U.S. dollar may negatively affect the values of foreign investments held by the Select Funds. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. The amount invested in the Fund is not guaranteed to increase, is not guaranteed against loss nor is the amount of the original investment guaranteed at the target date. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Fixed Income Select Funds		53.8
U.S. Equity Select Funds		21.1
Real Return Select Funds		17.6
Non-U.S. Equity Select Funds		7.4
		99.9

20

MyDestination 2005 Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Investor Class*	Benchmark**
One Year	-1.63%	-0.82%
Five Year	3.64%	3.64%
Since Inception	3.17%	3.36%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	0.91%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the Investor Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the Investor Class of the Fund since December 29, 2006 (commencement of operations), with all dividends and capital gains reinvested, with the Fund’s composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2015, consisting of 37.87% of the Bank of America Merrill Lynch 1-3 Year Treasury Index, 10.10% of the Barclays U.S. Aggregate Bond Index, 1.27% of the Barclays Global Aggregate Bond Index -Unhedged, 0.63% of the Barclays U.S. Corporate High Yield - 2% Issuer Capped Index, 0.63% of the J.P. Morgan Emerging Markets Bond Index Plus, 10.00% of the Barclays U.S. TIPS Index, 5.00% of the S&P/LSTA U.S. B- Ratings and Above Loan Index, 14.46% of the S&P 500^® Index, 1.00% of the FTSE EPRA/NAREIT Developed Index, 3.71% of the Russell 1000^® Value Index, 3.71% of the Russell 1000^® Growth Index, 1.33% of the Russell 2000^® Index, 2.00% of the MSCI World Commodity Producers Index, 6.55% of the MSCI EAFE Index and 1.74% of the MSCI EM Index.

The construction of the composite index corresponds to the target percentage allocations to the underlying asset classes as represented by the Fund’s investment in the Select Funds. As the target percentage allocations to the underlying investments change according to the MyDestination Funds^® glide path, the target percentage allocations to the composite index also change.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

21

MYDESTINATION 2005 FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		2,260,204		$	2,260,204
GuideStone Low-Duration Bond Fund (Institutional Class)¥		4,431,889			37,094,911
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		1,491,541			9,918,748
GuideStone Global Bond Fund (Institutional Class)¥		271,864			2,468,525
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		848,024			9,506,353
GuideStone Equity Index Fund (Institutional Class)¥		374,765			3,230,478
GuideStone Value Equity Fund (Institutional Class)¥		425,674			3,213,837
GuideStone Growth Equity Fund (Institutional Class)¥		339,796			3,238,253
GuideStone Small Cap Equity Fund (Institutional Class)¥		146,092			1,092,769
GuideStone International Equity Index Fund (Institutional Class)¥		209,809			1,875,689

	Shares		Value
GuideStone International Equity Fund (Institutional Class)¥		388,929		$	3,784,279
GuideStone Emerging Market Equity Fund (Institutional Class)¥		199,570			1,464,847
GuideStone Inflation Protected Bond Fund (Institutional Class)*¥		946,214			9,443,214
GuideStone Flexible Income Fund (Investor Class)¥		509,498			4,733,235
GuideStone Real Estate Securities Fund (Institutional Class)¥		100,274			948,592
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		344,035			1,758,019
Total Mutual Funds (Cost $101,995,130)					96,031,953
TOTAL INVESTMENTS — 99.9% (Cost $101,995,130)					96,031,953
Other Assets in Excess of Liabilities — 0.1%					60,334
NET ASSETS — 100.0%				$	96,092,287

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	96,031,953			$	96,031,953			$	—		$	—
Total Assets - Investments in Securities		$	96,031,953			$	96,031,953			$	—		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(6,502	)		$	(6,502	)		$	—		$	—
Total Liabilities - Other Financial Instruments		$	(6,502	)		$	(6,502	)		$	—		$	—

***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.

22 See Notes to Financial Statements.

MyDestination 2015 Fund (Unaudited)

The Fund, through investments predominantly in the underlying GuideStone Funds Select Funds, combined a greater percentage of exposure to equity securities with a smaller percentage allocated to fixed income and real assets securities. The Fund followed an allocation glide path designed to become more conservative over time, and the December 31, 2015 targeted allocations were approximately 32.00% Fixed Income Select Funds, 37.00% U.S. Equity Select Funds, 13.00% Non-U.S. Equity Select Funds and 18.00% Real Assets Select Funds.

As a fund of funds, the Fund’s performance was primarily based on the performance of the underlying Select Funds. The Fund generated a return of -2.06% for the one-year period ended December 31, 2015. Contribution to absolute performance from the U.S. Equity Select Funds was roughly flat. The Defensive Market Strategies Fund was the largest contributor to absolute performance, benefiting from increased volatility and solid alpha generation. Non-U.S. Equity Select Funds exposure, including both developed and emerging markets, detracted from performance and was impacted by slower global growth, a strengthening U.S. dollar and poor performance from commodity sensitive emerging markets. The Fund’s Fixed Income Select Funds allocation detracted from investment returns, with the Global Bond Fund as the largest detractor. Real assets exposure was the primary driver of negative absolute performance, led by the Global Natural Resources Equity Fund and the Credit Suisse Commodity Return Strategy Fund, as each fell significantly for the year. As of December 2015, the Credit Suisse Commodity Return Strategy Fund was no longer held by the Fund.

The Fund underperformed its composite benchmark in 2015 (-2.06% versus -1.11%). The largest detractors to relative underperformance were the Global Natural Resources Equity Fund and the Global Bond Fund. The largest positive contributor to relative performance was the Defensive Market Strategies Fund.

Certain derivatives were utilized to provide market exposure for the cash positions held in the Fund. These derivative positions primarily included stock index futures and fixed income futures. Overall, derivative exposure had a slight positive impact on Fund performance for the year.

The Fund attempted to achieve its objective predominately by investing in the GuideStone Funds Select Funds. The Fund is managed to a retirement date (“target date”) by adjusting the percentage of fixed income securities and equity securities to become more conservative each year until reaching the retirement year and then approximately 12 years thereafter. The target date in the name of the Fund is the approximate date when an investor plans to start withdrawing money. This Fund may be suitable for investors who want a simplified “one fund” retirement solution, are willing to pay slightly higher fees to get a diversified mix of investments that becomes more conservative over time and plan to retire at an age that is near the year 2015. The Fund’s value will fluctuate due to changes in interest rates. There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The Fund’s value will fluctuate due to business developments concerning a particular issuer, industry or country, as well as general market and economic conditions. The Fund is subject to risks presented by investments in foreign issuers, and changes in currency exchange rates relative to the U.S. dollar may negatively affect the values of foreign investments held by the Select Funds. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. The amount invested in the Fund is not guaranteed to increase, is not guaranteed against loss nor is the amount of the original investment guaranteed at the target date. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		36.2
Fixed Income Select Funds		33.8
Real Return Select Funds		17.6
Non-U.S. Equity Select Funds		12.4
		100.0

23

MyDestination 2015 Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Investor Class*	Benchmark**
One Year	-2.06%	-1.11%
Five Year	4.98%	5.00%
Since Inception	3.57%	3.81%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	0.98%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the Investor Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the Investor Class of the Fund since December 29, 2006 (commencement of operations), with all dividends and capital gains reinvested, with the Fund’s composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2015, consisting of 12.80% of the Bank of America Merrill Lynch 1-3 Year Treasury Index, 12.80% of the Barclays U.S. Aggregate Bond Index, 0.80% of the Barclays U.S. Long-Term Government Bond Index, 0.80% of the Barclays U.S. Long-Term Credit Bond Index, 2.40% of the Barclays Global Aggregate Bond Index - Unhedged, 1.20% of the Barclays U.S. Corporate High Yield - 2% Issuer Capped Index, 1.20% of the J.P. Morgan Emerging Markets Bond Index Plus, 10.00% of the Barclays U.S. TIPS Index, 23.66% of the S&P 500^® Index, 5.00% of the S&P/LSTA U.S. B- Ratings and Above Loan Index, 5.66% of the Russell 1000^® Value Index, 5.66% of the Russell 1000^® Growth Index, 2.22% of the Russell 2000^® Index, 1.00% of the FTSE EPRA/NAREIT Developed Index, 2.00% of the MSCI World Commodity Producers Index, 10.11% of the MSCI EAFE Index and 2.69% of the MSCI EM Index.

The construction of the composite index corresponds to the target percentage allocations to the underlying asset classes as represented by the Fund’s investment in the Select Funds. As the target percentage allocations to the underlying investments change according to the MyDestination Funds^® glide path, the target percentage allocations to the composite index also change.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

24

MYDESTINATION 2015 FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Institutional Class)¥		7,564,983		$	7,564,983
GuideStone Low-Duration Bond Fund (Institutional Class)¥		7,652,173			64,048,691
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		9,260,915			61,585,084
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		1,853,900			7,044,821
GuideStone Global Bond Fund (Institutional Class)¥		2,378,495			21,596,735
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		7,493,720			84,004,598
GuideStone Equity Index Fund (Institutional Class)¥		3,076,094			26,515,934
GuideStone Value Equity Fund (Institutional Class)¥		3,470,823			26,204,711
GuideStone Growth Equity Fund (Institutional Class)¥		2,791,524			26,603,227
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,370,723			10,253,010
GuideStone International Equity Index Fund (Institutional Class)¥		1,766,084			15,788,788

	Shares		Value
GuideStone International Equity Fund (Institutional Class)¥		3,228,122		$	31,409,631
GuideStone Emerging Market Equity Fund (Institutional Class)¥		1,670,908			12,264,465
GuideStone Inflation Protected Bond Fund (Institutional Class)*¥		4,754,501			47,449,917
GuideStone Flexible Income Fund (Investor Class)¥		2,523,044			23,439,077
GuideStone Real Estate Securities Fund (Institutional Class)¥		533,153			5,043,631
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,692,075			8,646,505
Total Mutual Funds (Cost $523,514,667)					479,463,808
TOTAL INVESTMENTS — 100.0% (Cost $523,514,667)					479,463,808
Other Assets in Excess of Liabilities — 0.0%					48,502
NET ASSETS — 100.0%				$	479,512,310

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	479,463,808		$	479,463,808		$	—		$	—
Total Assets - Investments in Securities		$	479,463,808		$	479,463,808		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	9,612		$	9,612		$	—		$	—
Total Assets - Other Financial Instruments		$	9,612		$	9,612		$	—		$	—

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

See Notes to Financial Statements. 25

MyDestination 2025 Fund (Unaudited)

The Fund, through investments predominantly in the underlying GuideStone Funds Select Funds, combined a greater percentage of exposure to equity securities with smaller percentages allocated to fixed income and real assets securities. The Fund followed an allocation glide path designed to become more conservative over time, and the December 31, 2015 targeted allocations were approximately 25.00% Fixed Income Select Funds, 45.00% U.S. Equity Select Funds, 18.00% Non-U.S. Equity Select Funds and 12.00% Real Assets Select Funds.

As a fund of funds, the Fund’s performance was based primarily on the performance of the underlying Select Funds. The Fund generated a return of -2.91% for the one-year period ended December 31, 2015. Contribution to absolute performance from the U.S. Equity Select Funds was roughly flat. The Growth Equity Fund and the Defensive Market Strategies Fund were the largest contributors to absolute performance. Non-U.S. Equity Select Funds exposure, including both developed and emerging markets, detracted from performance and was impacted by slower global growth, a strengthening U.S. dollar and poor performance from commodity sensitive emerging markets. The Fund’s Fixed Income Select Funds allocation detracted from investment returns, with the Global Bond Fund as the largest detractor. Real assets exposure was the primary driver of negative absolute performance, led by the Global Natural Resources Equity Fund and the Credit Suisse Commodity Return Strategy Fund, as each fell significantly for the year. As of December 2015, the Credit Suisse Commodity Return Strategy Fund was no longer held by the Fund.

The Fund underperformed its composite benchmark in 2015 (-2.91% versus -1.81%). The largest detractors to relative underperformance were the Global Natural Resources Equity Fund and the Global Bond Fund. The largest positive contributor to relative performance was the Defensive Market Strategies Fund.

Certain derivatives were utilized to provide market exposure for the cash positions held in the Fund. These derivative positions primarily included stock index futures and fixed income futures. Overall, derivative exposure had a slight positive impact on Fund performance for the year.

The Fund attempted to achieve its objective predominantly by investing in the GuideStone Funds Select Funds. The Fund is managed to a retirement date (“target date”) by adjusting the percentage of fixed income securities and equity securities to become more conservative each year until reaching the retirement year and then approximately 12 years thereafter. The target date in the name of the Fund is the approximate date when an investor plans to start withdrawing money. This Fund may be suitable for investors who want a simplified “one fund” retirement solution, are willing to pay slightly higher fees to get a diversified mix of investments that becomes more conservative over time and plan to retire at an age that is near the year 2025. The Fund’s value will fluctuate due to changes in interest rates. There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The Fund’s value will fluctuate due to business developments concerning a particular issuer, industry or country, as well as general market and economic conditions. The Fund is subject to risks presented by investments in foreign issuers, and changes in currency exchange rates relative to the U.S. dollar may negatively affect the values of foreign investments held by the Select Funds. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. The amount invested in the Fund is not guaranteed to increase, is not guaranteed against loss nor is the amount of the original investment guaranteed at the target date. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		44.2
Fixed Income Select Funds		26.1
Non-U.S. Equity Select Funds		17.9
Real Return Select Funds		11.8
		100.0

26

MyDestination 2025 Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Investor Class*	Benchmark**
One Year	-2.91%	-1.81%
Five Year	5.76%	5.90%
Since Inception	3.46%	3.88%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	1.03%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the Investor Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the Investor Class of the Fund since December 29, 2006 (commencement of operations), with all dividends and capital gains reinvested, with the Fund’s composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2015, consisting of 6.00% of the Bank of America Merrill Lynch 1-3 Year Treasury Index, 9.60% of the Barclays U.S. Aggregate Bond Index, 1.20% of the Barclays U.S. Long-Term Government Bond Index, 1.20% of the Barclays U.S. Long-Term Credit Bond Index, 3.00% of the Barclays Global Aggregate Bond Index -Unhedged, 1.50% of the Barclays U.S. Corporate High Yield - 2% Issuer Capped Index, 1.50% of the J.P. Morgan Emerging Markets Bond Index Plus, 4.00% of the Barclays U.S. TIPS Index, 25.80% of the S&P 500^® Index, 1.50% of the S&P/LSTA U.S. B- Ratings and Above Loan Index, 2.75% of the FTSE EPRA/NAREIT Developed Index, 8.29% of the Russell 1000^® Value Index, 8.29% of the Russell 1000^® Growth Index, 3.47% of the Russell 2000^® Index, 3.00% of the MSCI World Commodity Producers Index, 14.93% of the MSCI EAFE Index and 3.97% of the MSCI EM Index.

The construction of the composite index corresponds to the target percentage allocations to the underlying asset classes as represented by the Fund’s investment in the Select Funds. As the target percentage allocations to the underlying investments change according to the MyDestination Funds^® glide path, the target percentage allocations to the composite index also change.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

27

MYDESTINATION 2025 FUND
SCHEDULE OF INVESTMENTS	December 31, 2015

	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Institutional Class)¥		11,309,093		$	11,309,093
GuideStone Low-Duration Bond Fund (Institutional Class)¥		5,743,394			48,072,204
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		10,449,132			69,486,725
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		4,587,321			17,431,820
GuideStone Global Bond Fund (Institutional Class)¥		4,246,740			38,560,397
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		11,015,762			123,486,696
GuideStone Equity Index Fund (Institutional Class)¥		6,430,088			55,427,358
GuideStone Value Equity Fund (Institutional Class)¥		7,341,375			55,427,379
GuideStone Growth Equity Fund (Institutional Class)¥		5,864,179			55,885,629
GuideStone Small Cap Equity Fund (Institutional Class)¥		3,024,170			22,620,789
GuideStone International Equity Index Fund (Institutional Class)¥		3,730,662			33,352,119

	Shares		Value
GuideStone International Equity Fund (Institutional Class)¥		6,857,284		$	66,721,372
GuideStone Emerging Market Equity Fund (Institutional Class)¥		3,585,405			26,316,876
GuideStone Inflation Protected Bond Fund (Institutional Class)*¥		3,097,117			30,909,229
GuideStone Flexible Income Fund (Investor Class)¥		1,458,826			13,552,494
GuideStone Real Estate Securities Fund (Institutional Class)¥		1,989,749			18,823,024
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		3,941,589			20,141,519
Total Mutual Funds (Cost $788,234,574)					707,524,723
TOTAL INVESTMENTS — 100.0% (Cost $788,234,574)					707,524,723
Other Assets in Excess of Liabilities — 0.0%					173,366
NET ASSETS — 100.0%				$	707,698,089

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	707,524,723		$	707,524,723		$	—		$	—
Total Assets - Investments in Securities		$	707,524,723		$	707,524,723		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	18,592		$	18,592		$	—		$	—
Total Assets - Other Financial Instruments		$	18,592		$	18,592		$	—		$	—

***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.

28 See Notes to Financial Statements.

MyDestination 2035 Fund (Unaudited)

The Fund, through investments predominantly in the underlying GuideStone Funds Select Funds, combined a high percentage of exposure to equity securities with only modest percentages to fixed income and real assets securities. The Fund followed an allocation glide path designed to become more conservative over time, and the December 31, 2015 targeted allocations were approximately 16.00% Fixed Income Select Funds, 47.00% U.S. Equity Select Funds, 30.00% Non-U.S. Equity Select Funds and 7.00% Real Assets Select Funds.

As a fund of funds, the Fund’s performance was primarily based on the performance of the underlying Select Funds. The Fund generated a return of -4.30% for the one-year period ended December 31, 2015. Contribution to absolute performance from the U.S. Equity Select Funds was roughly flat. The Growth Equity Fund was the largest contributor to absolute performance, which was offset by declines in the Value Equity Fund and the Small Cap Equity Fund. Non-U.S. Equity Select Funds exposure, including both developed and emerging markets, was a primary driver of negative performance and was impacted by slower global growth, a strengthening U.S. dollar and poor performance from commodity sensitive emerging markets. The Fund’s Fixed Income Select Funds allocation detracted from investment returns, with the Global Bond Fund as the largest detractor. Real assets exposure was another significant driver of negative performance, led by the Global Natural Resources Equity Fund and the Credit Suisse Commodity Return Strategy Fund, as each fell significantly for the year. As of December 2015, the Credit Suisse Commodity Return Strategy Fund was no longer held by the Fund.

The Fund underperformed its composite benchmark in 2015 (-4.30% versus -2.63%). The largest detractors to relative underperformance were the Global Bond Fund, Global Natural Resources Equity Fund and Emerging Markets Equity Fund.

Certain derivatives were utilized to provide market exposure for the cash positions held in the Fund. These derivative positions primarily included stock index futures and fixed income futures. Overall, derivative exposure had a slight positive impact on Fund performance for the year.

The Fund attempted to achieve its objective predominantly by investing in the GuideStone Funds Select Funds. The Fund is managed to a retirement date (“target date”) by adjusting the percentage of fixed income securities and equity securities to become more conservative each year until reaching the retirement year and then approximately 12 years thereafter. The target date in the name of the Fund is the approximate date when an investor plans to start withdrawing money. This Fund may be suitable for investors who want a simplified “one fund” retirement solution, are willing to pay slightly higher fees to get a diversified mix of investments that becomes more conservative over time and plan to retire at an age that is near the year 2035. The Fund’s value will fluctuate due to changes in interest rates. There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The Fund’s value will fluctuate due to business developments concerning a particular issuer, industry or country, as well as general market and economic conditions. The Fund is subject to risks presented by investments in foreign issuers, and changes in currency exchange rates relative to the U.S. dollar may negatively affect the values of foreign investments held by the Select Funds. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. The amount invested in the Fund is not guaranteed to increase, is not guaranteed against loss nor is the amount of the original investment guaranteed at the target date. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		45.8
Non-U.S. Equity Select Funds		29.2
Fixed Income Select Funds		18.3
Real Return Select Funds		6.6
		99.9

29

MyDestination 2035 Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Investor Class*	Benchmark**
One Year	-4.30%	-2.63%
Five Year	6.13%	6.87%
Since Inception	3.09%	3.90%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	1.07%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the Investor Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the Investor Class of the Fund since December 29, 2006 (commencement of operations), with all dividends and capital gains reinvested, with the Fund’s composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2015, consisting of 0.75% of the Bank of America Merrill Lynch 1-3 Year Index, 5.00% of the Barclays U.S. Aggregate Bond Index, 0.50% of the Barclays U.S. Long-Term Government Bond Index, 0.50% of the Barclays U.S. Long-Term Credit Bond Index, 4.25% of the Barclays Global Aggregate Bond Index - Unhedged, 2.13% of the Barclays U.S. Corporate High Yield - 2% Issuer Capped Index, 2.13% of the J.P. Morgan Emerging Markets Bond Index Plus, 3.33% of the FTSE EPRA/NAREIT Developed Index, 14.62% of the S&P 500^® Index, 13.12% of the Russell 1000^® Value Index, 13.12% of the Russell 1000^® Growth Index, 6.58% of the Russell 2000^® Index, 3.34% of the MSCI World Commodity Producers Index, 24.20% of the MSCI EAFE Index and 6.43% of the MSCI EM Index.

The construction of the composite index corresponds to the target percentage allocations to the underlying asset classes as represented by the Fund’s investment in the Select Funds. As the target percentage allocations to the underlying investments change according to the MyDestination Funds^® glide path, the target percentage allocations to the composite index also change.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

30

MYDESTINATION 2035 FUND
SCHEDULE OF INVESTMENTS	December 31, 2015

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		8,731,577		$	8,731,577
GuideStone Low-Duration Bond Fund (Institutional Class)¥		452,836			3,790,237
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		3,435,233			22,844,297
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		1,003,318			3,812,608
GuideStone Global Bond Fund (Institutional Class)¥		3,581,513			32,520,137
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		672,689			7,540,848
GuideStone Equity Index Fund (Institutional Class)¥		5,694,477			49,086,392
GuideStone Value Equity Fund (Institutional Class)¥		6,486,516			48,973,198
GuideStone Growth Equity Fund (Institutional Class)¥		5,154,997			49,127,124
GuideStone Small Cap Equity Fund (Institutional Class)¥		3,271,144			24,468,156

	Shares		Value
GuideStone International Equity Index Fund (Institutional Class)¥		3,370,294		$	30,130,432
GuideStone International Equity Fund (Institutional Class)¥		6,200,508			60,330,943
GuideStone Emerging Market Equity Fund (Institutional Class)¥		3,247,058			23,833,404
GuideStone Real Estate Securities Fund (Institutional Class)¥		1,374,671			13,004,386
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		2,508,189			12,816,847
Total Mutual Funds (Cost $449,142,380)					391,010,586
TOTAL INVESTMENTS — 99.9% (Cost $449,142,380)					391,010,586
Other Assets in Excess of Liabilities — 0.1%					268,199
NET ASSETS — 100.0%				$	391,278,785

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	391,010,586		$	391,010,586		$	—		$	—
Total Assets - Investments in Securities		$	391,010,586		$	391,010,586		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	25,682		$	25,682		$	—		$	—
Total Assets - Other Financial Instruments		$	25,682		$	25,682		$	—		$	—

***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. 31

MyDestination 2045 Fund (Unaudited)

The Fund, through investments predominantly in the underlying GuideStone Funds Select Funds, combined a high percentage of exposure to equity securities with only modest percentages allocated to fixed income and real assets securities. The Fund followed an allocation glide path designed to become more conservative over time, and the December 31, 2015 targeted allocations were approximately 7.00% Fixed Income Select Funds, 52.00% U.S. Equity Select Funds, 34.00% Non-U.S. Equity Select Funds and 7.00% Real Assets Select Funds.

As a fund of funds, the Fund’s performance was based primarily on the performance of the underlying Select Funds. The Fund generated a return of -4.46% for the one-year period ended December 31, 2015. Contribution to absolute performance from the U.S. Equity Select Funds was roughly flat. The Growth Equity Fund was the largest contributor to absolute performance, which was offset by declines in the Value Equity Fund and the Small Cap Equity Fund. Non-U.S. Equity Select Funds exposure, including both developed and emerging markets, was a primary driver of negative performance and was impacted by slower global growth, a strengthening U.S. dollar and poor performance from commodity sensitive emerging markets. The Fund’s Fixed Income Select Funds allocation detracted from investment returns, with the Global Bond Fund as the largest detractor. Real assets exposure was another significant driver of negative performance, led by the Global Natural Resources Equity Fund and the Credit Suisse Commodity Return Strategy Fund, as each fell significantly for the year. As of December 2015, the Credit Suisse Commodity Return Strategy Fund was no longer held by the Fund.

The Fund underperformed its composite benchmark in 2015 (-4.46% versus -2.87%). The largest detractors to relative underperformance were the Global Natural Resources Equity Fund, International Equity Fund and Emerging Markets Equity Fund.

Certain derivatives were utilized to provide market exposure for the cash positions held in the Fund. These derivative positions primarily included stock index futures and fixed income futures. Overall, derivative exposure had a slight positive impact on Fund performance for the year.

The Fund attempted to achieve its objective by investing predominantly in the GuideStone Funds Select Funds. The Fund is managed to a retirement date (“target date”) by adjusting the percentage of fixed income securities and equity securities to become more conservative each year until reaching the retirement year and then approximately 12 years thereafter. The target date in the name of the Fund is the approximate date when an investor plans to start withdrawing money. This Fund may be suitable for investors who want a simplified “one fund” retirement solution, are willing to pay slightly higher fees to get a diversified mix of investments that becomes more conservative over time and plan to retire at an age that is near the year 2045. The Fund’s value will fluctuate due to changes in interest rates. There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The Fund’s value will fluctuate due to business developments concerning a particular issuer, industry or country, as well as general market and economic conditions. The Fund is subject to risks presented by investments in foreign issuers, and changes in currency exchange rates relative to the U.S. dollar may negatively affect the values of foreign investments held by the Select Funds. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. The amount invested in the Fund is not guaranteed to increase, is not guaranteed against loss nor is the amount of the original investment guaranteed at the target date. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		50.5
Non-U.S. Equity Select Funds		33.6
Fixed Income Select Funds		9.2
Real Return Select Funds		6.6
		99.9

32

MyDestination 2045 Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Investor Class*	Benchmark**
One Year	-4.46%	-2.87%
Five Year	6.26%	7.02%
Since Inception	2.87%	3.74%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	1.09%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the Investor Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the Investor Class of the Fund since December 29, 2006 (commencement of operations), with all dividends and capital gains reinvested, with the Fund’s composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2015, consisting of 0.25% of the Barclays U.S. Aggregate Bond Index, 3.12% of the Barclays Global Aggregate Bond Index - Unhedged, 1.56% of the Barclays U.S. Corporate High Yield - 2% Issuer Capped Index, 1.56% of the J.P. Morgan Emerging Markets Bond Index Plus, 3.33% of the FTSE EPRA/NAREIT Developed Index, 14.66% of the S&P 500^® Index, 14.66% of the Russell 1000^® Value Index, 14.66% of the Russell 1000^® Growth Index, 8.13% of the Russell 2000^® Index, 3.34% of the MSCI World Commodity Producers Index, 27.44% of the MSCI EAFE Index and 7.29% of the MSCI EM Index.

The construction of the composite index corresponds to the target percentage allocations to the underlying asset classes as represented by the Fund’s investment in the Select Funds. As the target percentage allocations to the underlying investments change according to the MyDestination Funds^® glide path, the target percentage allocations to the composite index also change.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

33

MYDESTINATION 2045 FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		6,667,359		$	6,667,359
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		295,721			1,966,542
GuideStone Global Bond Fund (Institutional Class)¥		1,894,933			17,205,989
GuideStone Equity Index Fund (Institutional Class)¥		4,649,495			40,078,647
GuideStone Value Equity Fund (Institutional Class)¥		5,304,292			40,047,404
GuideStone Growth Equity Fund (Institutional Class)¥		4,207,363			40,096,168
GuideStone Small Cap Equity Fund (Institutional Class)¥		2,954,811			22,101,990
GuideStone International Equity Index Fund (Institutional Class)¥		2,798,411			25,017,796

	Shares		Value
GuideStone International Equity Fund (Institutional Class)¥		5,137,801		$	49,990,802
GuideStone Emerging Market Equity Fund (Institutional Class)¥		2,687,586			19,726,878
GuideStone Real Estate Securities Fund (Institutional Class)¥		988,604			9,352,191
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,801,642			9,206,392
Total Mutual Funds (Cost $326,239,498)					281,458,158
TOTAL INVESTMENTS — 99.9% (Cost $326,239,498)					281,458,158
Other Assets in Excess of Liabilities — 0.1%					260,267
NET ASSETS — 100.0%				$	281,718,425

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	281,458,158		$	281,458,158		$	—		$	—
Total Assets - Investments in Securities		$	281,458,158		$	281,458,158		$	—		$	—
Other Financial Instruments***
Futures Contracts		$	21,751		$	21,751		$	—		$	—
Total Assets - Other Financial Instruments		$	21,751		$	21,751		$	—		$	—

***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.

34 See Notes to Financial Statements.

MyDestination 2055 Fund (Unaudited)

The Fund, through investments predominantly in the underlying GuideStone Funds Select Funds, combined a high percentage of exposure to equity securities with only modest percentages allocated to fixed income and real assets securities. The Fund followed an allocation glide path designed to become more conservative over time, and the December 31, 2015 targeted allocations were approximately 5.00% Fixed Income Select Funds, 53.00% U.S. Equity Select Funds, 35.00% Non-U.S. Equity Select Funds and 7.00% Real Assets Select Funds.

As a fund of funds, the Fund’s performance was based primarily on the performance of the underlying Select Funds. The Fund generated a return of -4.48% for the one-year period ended December 31, 2015. Contribution to absolute performance from the U.S. Equity Select Funds was roughly flat. The Growth Equity Fund was the largest contributor to absolute performance, which was offset by declines in the Value Equity Fund and the Small Cap Equity Fund. Non-U.S. Equity Select Funds exposure, including both developed and emerging markets, was a primary driver of negative performance and was impacted by slower global growth, a strengthening U.S. dollar and poor performance from commodity sensitive emerging markets. The Fund’s Fixed Income Select Funds allocation detracted from investment returns, with the Global Bond Fund as the largest detractor. Real assets exposure was another significant driver of negative performance, led by the Global Natural Resources Equity Fund and the Credit Suisse Commodity Return Strategy Fund, as each fell significantly for the year. Effective December 2015, the Credit Suisse Commodity Return Strategy Fund was no longer held by the Fund.

The Fund underperformed its composite benchmark in 2015 (-4.48% versus -2.89%). The largest detractors to relative underperformance were the Global Natural Resources Equity Fund, International Equity Fund and Emerging Markets Equity Fund.

Certain derivatives were utilized to provide market exposure for the cash positions held in the Fund. These derivative positions primarily included stock index futures. Overall, derivative exposure had a slight negative impact on Fund performance for the year.

The Fund attempted to achieve its objective by investing predominantly in the GuideStone Funds Select Funds. The Fund is managed to a retirement date (“target date”) by adjusting the percentage of fixed income securities and equity securities to become more conservative each year until reaching the retirement year and then approximately 12 years thereafter. The target date in the name of the Fund is the approximate date when an investor plans to start withdrawing money. This Fund may be suitable for investors who want a simplified “one fund” retirement solution, are willing to pay slightly higher fees to get a diversified mix of investments that becomes more conservative over time and plan to retire at an age that is near the year 2055. The Fund’s value will fluctuate due to changes in interest rates. There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The Fund’s value will fluctuate due to business developments concerning a particular issuer, industry or country, as well as general market and economic conditions. The Fund is subject to risks presented by investments in foreign issuers, and changes in currency exchange rates relative to the U.S. dollar may negatively affect the values of foreign investments held by the Select Funds. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. The amount invested in the Fund is not guaranteed to increase, is not guaranteed against loss nor is the amount of the original investment guaranteed at the target date. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		51.7
Non-U.S. Equity Select Funds		34.4
Fixed Income Select Funds		7.2
Real Return Select Funds		6.5
		99.8

35

MyDestination 2055 Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Investor Class*	Benchmark**
One Year	-4.48%	-2.89%
Since Inception	8.31%	9.75%
Inception Date	01/01/12
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	1.09%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the Investor Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the Investor Class of the Fund since January 1, 2012 (commencement of operations), with all dividends and capital gains reinvested, with the Fund’s composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2015 consisting of 2.50% of the Barclays Global Aggregate Bond Index -Unhedged, 1.25% of the Barclays U.S. Corporate High Yield - 2% Issuer Capped Index, 1.25% of the J.P. Morgan Emerging Markets Bond Index Plus, 3.33% of the FTSE EPRA/NAREIT Developed Index, 14.86% S&P 500^® Index, 14.86% of the Russell 1000^® Value Index, 14.86% of the Russell 1000^® Growth Index, 8.42% of the Russell 2000^® Index, 3.34% of the MSCI World Commodity Producers Index, 27.91% of the MSCI EAFE Index and 7.42% of the MSCI EM Index.

The construction of the composite index corresponds to the target percentage allocations to the underlying asset classes as represented by the Fund’s investment in the Select Funds. As the target percentage allocations to the underlying investments change according to the MyDestination Funds^® glide path, the target percentage allocations to the composite index also change.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

36

MYDESTINATION 2055 FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
MUTUAL FUNDS — 99.8%
GuideStone Money Market Fund (Institutional Class)¥		864,216		$	864,216
GuideStone Global Bond Fund (Institutional Class)¥		207,718			1,886,080
GuideStone Equity Index Fund (Institutional Class)¥		647,120			5,578,177
GuideStone Value Equity Fund (Institutional Class)¥		738,207			5,573,463
GuideStone Growth Equity Fund (Institutional Class)¥		584,985			5,574,906
GuideStone Small Cap Equity Fund (Institutional Class)¥		420,926			3,148,528
GuideStone International Equity Index Fund (Institutional Class)¥		390,750			3,493,301
GuideStone International Equity Fund (Institutional Class)¥		718,351			6,989,558

	Shares		Value
GuideStone Emerging Market Equity Fund (Institutional Class)¥		376,580		$	2,764,097
GuideStone Real Estate Securities Fund (Institutional Class)¥		132,497			1,253,420
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		244,059			1,247,143
Total Mutual Funds (Cost $43,880,763)					38,372,889
TOTAL INVESTMENTS — 99.8% (Cost $43,880,763)					38,372,889
Other Assets in Excess of Liabilities — 0.2%					92,422
NET ASSETS — 100.0%				$	38,465,311

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	38,372,889			$	38,372,889			$	—		$	—
Total Assets - Investments in Securities		$	38,372,889			$	38,372,889			$	—		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(3,520	)		$	(3,520	)		$	—		$	—
Total Liabilities - Other Financial Instruments		$	(3,520	)		$	(3,520	)		$	—		$	—

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

See Notes to Financial Statements. 37

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2015

	MyDestination 2005 Fund			MyDestination 2015 Fund
Assets
Investments in securities of affiliated issuers, at value (1)	$	96,031,953		$	479,463,808
Cash collateral for derivatives		77,200			254,000
Receivables:
Dividends		200			801
Receivable from advisor		4,469			—
Fund shares sold		32,745			112,564
Variation margin on financial futures contracts		1,266			5,344
Prepaid expenses and other assets		8,113			9,601
Total Assets		96,155,946			479,846,118
Liabilities
Payables:
Fund shares redeemed		4,823			121,996
Variation margin on financial futures contracts		6,720			42,565
Accrued expenses:
Investment advisory fees		—			21,544
Shareholder servicing fees		20,328			100,506
Other expenses		31,788			47,197
Total Liabilities		63,659			333,808
Net Assets	$	96,092,287		$	479,512,310
Net Assets Consist of:
Paid-in-capital	$	101,567,591		$	515,654,755
Undistributed net realized gain on investments and derivative transactions		494,375			7,898,802
Net unrealized appreciation (depreciation) on investments and derivative transactions		(5,969,679	)		(44,041,247	)
Net Assets	$	96,092,287		$	479,512,310
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Investor Class	$	96,092,287		$	479,512,310
Investor shares outstanding		9,896,246			52,187,338
Net asset value, offering and redemption price per Investor share	$	9.71		$	9.19

⁽¹⁾ Investments in securities of affiliated issuers, at cost $ 101,995,130 $ 523,514,667

38                     See Notes to Financial Statements.

MyDestination 2025 Fund			MyDestination 2035 Fund			MyDestination 2045 Fund			MyDestination 2055 Fund
$	707,524,723		$	391,010,586		$	281,458,158		$	38,372,889
	359,000			382,900			275,500			51,000
	1,359			921			685			99
	—			—			—			7,861
	155,838			92,525			156,715			72,385
	6,531			2,969			594			—
	8,617			7,599			7,792			6,774
	708,056,068			391,497,500			281,899,444			38,511,008
	43,047			7,382			12,795			—
	74,580			70,110			61,105			6,720
	36,561			15,329			7,555			—
	148,191			81,633			58,655			7,933
	55,600			44,261			40,909			31,044
	357,979			218,715			181,019			45,697
$	707,698,089		$	391,278,785		$	281,718,425		$	38,465,311
$	772,842,442		$	436,475,300		$	315,732,563		$	42,558,812
	15,546,906			12,909,597			10,745,451			1,417,893
	(80,691,259	)		(58,106,112	)		(44,759,589	)		(5,511,394	)
$	707,698,089		$	391,278,785		$	281,718,425		$	38,465,311
$	707,698,089		$	391,278,785		$	281,718,425		$	38,465,311
	79,738,336			46,791,775			35,445,200			3,481,891
$	8.88		$	8.36		$	7.95		$	11.05
$	788,234,574		$	449,142,380		$	326,239,498		$	43,880,763

See Notes to Financial Statements. 39

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2015

	MyDestination 2005 Fund			MyDestination 2015 Fund
Investment Income
Income distributions received from affiliated funds	$	1,438,257		$	8,228,262
Total Investment Income		1,438,257			8,228,262
Expenses
Investment advisory fees		97,549			493,383
Transfer agent fees:
Investor Shares		21,198			27,760
Custodian fees		9,031			21,378
Shareholder servicing fees:
Investor Shares		160,751			812,776
Accounting and administration fees		8,200			28,794
Professional fees		56,523			56,523
Blue sky fees:
Investor Shares		20,359			22,728
Shareholder reporting fees:
Investor Shares		7,789			20,930
Trustee expenses		1,293			6,567
Line of credit facility fees		645			3,260
Other expenses		11,714			13,897
Total Expenses		395,052			1,507,996
Expenses waived/reimbursed net of amount recaptured(1)		(107,461	)		(147,750	)
Net Expenses		287,591			1,360,246
Net investment income		1,150,666			6,868,016
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		1,920,525			16,199,580
Net realized gain on investment securities of unaffiliated issuers		2,947,805			44,431,532
Net realized gain (loss) on futures transactions		6,564			50,011
Net realized gain		4,874,894			60,681,123
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		(7,924,498	)		(79,964,999	)
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		322,156			1,858,760
Change in unrealized appreciation (depreciation) on futures		(13,605	)		(4,222	)
Net change in unrealized appreciation (depreciation)		(7,615,947	)		(78,110,461	)
Net Realized and Unrealized (Loss)		(2,741,053	)		(17,429,338	)
Net Decrease in Net Assets Resulting from Operations	$	(1,590,387	)	$	(10,561,322	)

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

40 See Notes to Financial Statements.

MyDestination 2025 Fund		MyDestination 2035 Fund			MyDestination 2045 Fund			MyDestination 2055 Fund
	$12,051,555	$	6,455,615		$	4,148,429		$	523,659
	12,051,555		6,455,615			4,148,429			523,659
	703,317		390,051			279,588			33,594
	31,494		24,760			23,812			18,793
	26,983		21,762			19,257			9,704
	1,170,584		647,801			466,124			57,230
	39,521		23,257			17,493			3,993
	56,523		56,523			56,523			56,522
	22,156		22,242			19,323			15,783
	28,775		15,143			13,088			3,909
	9,384		5,191			3,702			446
	4,667		2,572			1,835			223
	17,138		14,221			15,063			12,095
	2,110,542		1,223,523			915,808			212,292
	(177,230)		(137,689	)		(112,959	)		(112,342	)
	1,933,312		1,085,834			802,849			99,950
	10,118,243		5,369,781			3,345,580			423,709
	31,542,455		22,772,307			18,131,001			2,434,268
	65,156,458		40,925,129			29,820,001			669,372
	(180,078)		(55,441	)		(54,616	)		8,860
	96,518,835		63,641,995			47,896,386			3,112,500
	(132,046,160)		(88,538,785	)		(66,239,730	)		(5,366,995	)
	3,527,865		2,127,435			1,574,746			165,720
	(20,110)		5,082			(8,605	)		(10,622	)
	(128,538,405)		(86,406,268	)		(64,673,589	)		(5,211,897	)
	(32,019,570)		(22,764,273	)		(16,777,203	)		(2,099,397	)
	$(21,901,327)	$	(17,394,492	)	$	(13,431,623	)	$	(1,675,688	)

See Notes to Financial Statements. 41

STATEMENTS OF CHANGES IN NET ASSETS

	MyDestination 2005 Fund						MyDestination 2015 Fund
	For the Year Ended						For the Year Ended
	12/31/15			12/31/14			12/31/15			12/31/14
Operations:
Net investment income	$	1,150,666		$	1,092,696		$	6,868,016		$	6,032,526
Net realized gain on investment securities and futures transactions		4,874,894			2,918,216			60,681,123			20,072,402
Net change in unrealized appreciation (depreciation) on investment securities and futures		(7,615,947	)		(1,743,938	)		(78,110,461	)		(8,404,973	)
Net increase (decrease) in net assets resulting from operations		(1,590,387	)		2,266,974			(10,561,322	)		17,699,955
Dividends and Distributions to Shareholders:
Dividends from net investment income(1)		(1,152,425	)		(1,608,633	)		(6,878,105	)		(9,591,134	)
Distributions from net realized capital gains		(4,969,548	)		(2,064,197	)		(57,954,824	)		(14,318,200	)
Total dividends and distributions		(6,121,973	)		(3,672,830	)		(64,832,929	)		(23,909,334	)
Capital Share Transactions:
Proceeds from Investor shares sold		27,506,031			26,180,994			73,578,395			76,410,888
Reinvestment of dividends and distributions into Investor shares		6,121,233			3,672,256			64,831,368			23,902,599
Total proceeds from shares sold and reinvested		33,627,264			29,853,250			138,409,763			100,313,487
Value of Investor shares redeemed		(22,044,249	)		(21,042,438	)		(63,828,211	)		(54,260,161	)
Net increase from capital share transactions(2)		11,583,015			8,810,812			74,581,552			46,053,326
Total increase (decrease) in net assets		3,870,655			7,404,956			(812,699	)		39,843,947
Net Assets:
Beginning of Year		92,221,632			84,816,676			480,325,009			440,481,062
End of Year*	$	96,092,287		$	92,221,632		$	479,512,310		$	480,325,009
*Including undistributed net investment income	$	—		$	2,654		$	—		$	11,815

⁽¹⁾  For the year ended December 31, 2014, Dividends from net investment income included dividends paid from the short-term portion of capital gain distributions received from affiliated funds. From December 31, 2015 forward, the short-term portion of capital gain distributions received from affiliated funds will be included in Distributions from net realized capital gains.

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

42 See Notes to Financial Statements.

MyDestination 2025 Fund						MyDestination 2035 Fund						MyDestination 2045 Fund						MyDestination 2055 Fund
For the Year Ended						For the Year Ended						For the Year Ended						For the Year Ended
12/31/15			12/31/14			12/31/15			12/31/14			12/31/15			12/31/14			12/31/15			12/31/14
$	10,118,243		$	7,464,341		$	5,369,781		$	3,629,051		$	3,345,580		$	2,162,583		$	423,709		$	222,143
	96,518,835			28,234,518			63,641,995			17,055,415			47,896,386			13,695,781			3,112,500			1,485,993
	(128,538,405	)		(13,801,389	)		(86,406,268	)		(12,766,541	)		(64,673,589	)		(11,093,247	)		(5,211,897	)		(1,347,538	)
	(21,901,327	)		21,897,470			(17,394,492	)		7,917,925			(13,431,623	)		4,765,117			(1,675,688	)		360,598
	(10,113,645	)		(13,308,504	)		(5,368,991	)		(6,498,605	)		(3,351,321	)		(4,349,803	)		(425,054	)		(460,778	)
	(91,105,779	)		(19,891,012	)		(59,976,161	)		(12,938,463	)		(43,705,295	)		(10,268,393	)		(2,675,837	)		(894,166	)
	(101,219,424	)		(33,199,516	)		(65,345,152	)		(19,437,068	)		(47,056,616	)		(14,618,196	)		(3,100,891	)		(1,354,944	)
	107,980,511			117,034,212			67,002,823			69,056,168			49,939,603			45,733,966			18,058,275			14,017,411
	101,215,951			33,198,784			65,345,152			19,437,068			47,056,616			14,618,196			3,100,891			1,354,944
	209,196,462			150,232,996			132,347,975			88,493,236			96,996,219			60,352,162			21,159,166			15,372,355
	(37,073,023	)		(25,887,589	)		(17,141,728	)		(10,035,436	)		(8,184,280	)		(9,205,978	)		(5,729,952	)		(2,947,845	)
	172,123,439			124,345,407			115,206,247			78,457,800			88,811,939			51,146,184			15,429,214			12,424,510
	49,002,688			113,043,361			32,466,603			66,938,657			28,323,700			41,293,105			10,652,635			11,430,164
	658,695,401			545,652,040			358,812,182			291,873,525			253,394,725			212,101,620			27,812,676			16,382,512
$	707,698,089		$	658,695,401		$	391,278,785		$	358,812,182		$	281,718,425		$	253,394,725		$	38,465,311		$	27,812,676
$	—		$	—		$	—		$	—		$	—		$	7,410		$	—		$	1,069

See Notes to Financial Statements. 43

FINANCIAL HIGHLIGHTS

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																								Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(2)(3)			Expenses, Gross(2)(4)			Investment Income, Net (1)(3)			Portfolio Turnover Rate (5)
MyDestination 2005 Fund
Investor Class
2015		$  10.54		$0.13	#		$0.21		$(0.52	)		$(0.11	)		$  (0.54	)		$9.71		(1.63	)%		$96,092		0.30	%		0.41	%		1.20	%		110	%
2014		10.70		0.13	#		0.21		(0.06	)		(0.19	)		(0.25	)		10.54		2.54			92,222		0.20			0.24			1.22			9
2013		10.25		0.09	#		0.25		0.29			(0.18	)		—			10.70		6.18			84,817		0.20			0.25			0.87			27
2012		9.60		0.13	#		0.18		0.55			(0.21	)		—			10.25		8.92			80,582		0.20			0.27			1.24			8
2011		9.53		0.14	#		0.05		0.05			(0.17	)		—			9.60		2.52			64,608		0.20			0.35			1.43			31
MyDestination 2015 Fund
Investor Class
2015		$  10.84		$0.15	#		$0.36		$(0.74	)		$(0.14	)		$  (1.28	)		$9.19		(2.06	)%		$479,512		0.28	%		0.31	%		1.41	%		108	%
2014		10.97		0.15	#		0.35		(0.07	)		(0.22	)		(0.34	)		10.84		3.92			480,325		0.14			0.14			1.29			6
2013		10.21		0.12	#		0.44		0.49			(0.28	)		(0.01	)		10.97		10.35			440,481		0.14			0.14			1.10			15
2012		9.37		0.15	#		0.22		0.70			(0.23	)		—			10.21		11.46			352,576		0.15			0.15			1.47			2
2011		9.36		0.14	#		0.05		(0.02	)		(0.16	)		—			9.37		1.84			274,096		0.17			0.17			1.46			33
MyDestination 2025 Fund
Investor Class
2015		$  10.66		$0.16	#		$0.49		$(0.97	)		$(0.13	)		$  (1.33	)		$8.88		(2.91	)%		$707,698		0.28	%		0.31	%		1.46	%		110	%
2014		10.80		0.14	#		0.46		(0.18	)		(0.22	)		(0.34	)		10.66		3.88			658,695		0.14			0.14			1.23			3
2013		9.84		0.13	#		0.57		0.78			(0.27	)		(0.25	)		10.80		15.15			545,652		0.14			0.14			1.19			16
2012		8.81		0.14	#		0.22		0.86			(0.19	)		—			9.84		13.90			375,238		0.15			0.15			1.51			2
2011		8.94		0.13	#		0.03		(0.16	)		(0.13	)		—			8.81		0.03			278,239		0.17			0.17			1.42			24

# Calculated using the average shares outstanding method.

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

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

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

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

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

44 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 Year		Net Investment Income (1)			Capital Gain Distribu- tions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(2)(3)			Expenses, Gross(2)(4)			Investment Income, Net (1)(3)			Portfolio Turnover Rate (5)
MyDestination 2035 Fund
Investor Class
2015		$  10.49		$0.15	#		$0.62			$(1.24	)		$(0.12	)		$  (1.54	)		$8.36		(4.30	)%		$391,279		0.28	%		0.32	%		1.41	%		120	%
2014		10.79		0.12	#		0.51			(0.34	)		(0.19	)		(0.40	)		10.49		2.70			358,812		0.15			0.15			1.10			5
2013		9.40		0.11	#		0.64			1.26			(0.22	)		(0.40	)		10.79		21.41			291,874		0.19			0.16			1.05			17
2012		8.22		0.11	#		0.21			1.02			(0.11	)		(0.05	)		9.40		16.30			188,242		0.20			0.18			1.23			1
2011		8.62		0.10	#		0.01			(0.37	)		(0.09	)		(0.05	)		8.22		(2.99	)		131,446		0.20			0.23			1.13			10
MyDestination 2045 Fund
Investor Class
2015		$  10.00		$0.12	#		$0.66			$(1.25	)		$(0.09	)		$  (1.49	)		$7.95		(4.46	)%		$281,718		0.29	%		0.34	%		1.22	%		124	%
2014		10.37		0.10	#		0.53			(0.40	)		(0.17	)		(0.43	)		10.00		2.23			253,395		0.20			0.17			0.92			4
2013		9.14		0.10	#		0.68			1.35			(0.21	)		(0.69	)		10.37		23.44			212,102		0.20			0.18			0.94			18
2012		7.96		0.10	#		0.21			1.01			(0.09	)		(0.05	)		9.14		16.60			135,196		0.20			0.21			1.14			1
2011		8.52		0.07	#		—	†		(0.38	)		(0.07	)		(0.18	)		7.96		(3.63	)		89,954		0.20			0.29			0.87			25
MyDestination 2055 Fund
Investor Class
2015		$  12.60		$0.16	#		$0.93			$(1.66	)		$(0.13	)		$  (0.85	)		$11.05		(4.48	)%		$38,465		0.30	%		0.65	%		1.29	%		124	%
2014		12.95		0.14	#		0.77			(0.62	)		(0.21	)		(0.43	)		12.60		2.25			27,813		0.20			0.62			1.02			5
2013		11.20		0.13	#		1.02			1.47			(0.26	)		(0.61	)		12.95		23.44			16,383		0.20			1.01			1.05			30
2012*		10.00		0.13	#		0.30			0.98			(0.10	)		(0.11	)		11.20		14.18			6,316		0.20			2.31			1.24			18

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

* Inception date was January 1, 2012.

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

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

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

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

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

See Notes to Financial Statements. 45

ASSET ALLOCATION FUNDS (Unaudited)

Contribution to absolute performance from U.S. equities was roughly flat for the Asset Allocation Funds. U.S. equities experienced moderate headwinds, with the broader equity market, as measured by the Russell 3000^® Index, returning 0.48% for the calendar year 2015. U.S. equity market performance was hampered by a slowdown in earnings growth and the impact of a strong U.S. dollar, which rose more than 8.00% versus the currencies of key trading partners. Small-cap stocks underperformed large-cap stocks with the Russell 2000^® Index returning -4.41%. From a sector perspective, performance was positive for five of the nine sectors within the Russell 3000^® Index, with consumer staples and health care leading performance among the sectors. The energy and the materials sectors were the largest detractors, down 20.00% and 8.33%, respectively, due largely to global oversupply and falling demand from China for several commodities.

Contribution to absolute performance from non-U.S. equity markets was negative for the Asset Allocation Funds, with both developed non-U.S. markets and emerging markets equities detracting similarly from performance results. Developed non-U.S. equity markets underperformed the U.S. equity markets as the MSCI EAFE Index (Net), a measure of international developed country returns, posted a one-year return of -0.81%. Two main causes for the relative underperformance of the MSCI EAFE Index were slower economic growth outside the United States and the continued appreciation of the U.S. dollar versus global currencies. The only regions to post positive returns were Japan and Africa/Middle East, while Asia ex-Japan and Europe were the largest detractors. Asia ex-Japan was hit hard by falling economic growth in China, and the region fell over 9.00% in the index for the year. From a sector perspective, utilities and health care outperformed with high single digit returns. The energy and the materials sectors were the largest detractors falling 18.00% and 15.51%, respectively. Emerging markets equities were materially negative for the year, with the MSCI Emerging Markets Index falling 14.92%. Emerging markets experienced a difficult year due to the headwinds of slower Chinese growth, weak commodity prices and a strong U.S. dollar.

Contribution to absolute performance from fixed income was a slight detraction for the Asset Allocation Funds, except for the more conservatively positioned Conservative Allocation Fund. The U.S. fixed income markets had mixed returns as the yield curve flattened over the year given the short end of the curve rose more than the long end. This was a result of the Fed telegraphing the first federal funds rate hike of this cycle and executing it in December. The Barclays U.S. Aggregate Bond Index, a proxy for the broad U.S. domestic bond market, generated an annual return of 0.55%. Non-U.S. fixed income underperformed domestic, particularly due to U.S. dollar strength weighing heavily on returns, as the Barclays Global Aggregate ex-U.S. Index posted a -5.30% annual return. Credit spreads in high yield bonds widened, which led to the first annual decline in the Barclays U.S. High Yield Corporate Bond Index since 2008. In particular, falling oil prices caused acute price declines in the energy sector, which comprises about 15% of the index, dragging down total returns and causing a contagion effect that negatively impacted the rest of the high yield bond market.

Real assets detracted from absolute performance within the Asset Allocation Funds, although the returns of the various underlying strategies varied significantly for the year. Key drivers of performance were subdued inflation and inflation expectations and falling commodity prices – all of which put downward pressure on most real assets strategies. The primary detractor to absolute performance for the Asset Allocation Funds was negative performance for global natural resources equites. Global natural resources equities, as measured by the MSCI World Commodity Producers Index, fell 25.62% in 2015.

46

Conservative Allocation Fund (Unaudited)

The Fund, through investments in the underlying GuideStone Funds Select Funds, combined a greater percentage of exposure to fixed income securities with a smaller percentage to equity securities and real assets securities. The Fund had a target of, but was not limited to, an asset allocation of 55.00% Fixed Income Select Funds, 20.00% U.S. Equity Select Funds, 7.00% Non-U.S. Equity Select Funds and 18.00% Real Assets Select Funds.

As a fund of funds, the Fund’s performance was based on the performance of the underlying Select Funds. The Fund generated a return of -1.69% for the one-year period ended December 31, 2015, driven primarily by negative absolute performance of the underlying Real Assets Select Funds. Within this asset class, the Fund’s absolute return was most negatively influenced by its exposure to the Global Natural Resources Equity Fund, followed by exposure to the Inflation Protected Bond Fund and Flexible Income Fund. The Fund’s Fixed Income Select Funds allocation added to investment returns, as the Low-Duration Bond Fund contributed positively. Additionally, the U.S. Equity Select Funds allocation positively impacted the Fund’s performance, led by contributions from both the Defensive Market Strategies Fund and Growth Equity Fund.

The Fund underperformed its composite benchmark in 2015 (-1.69% versus -0.88%). Relative underperformance was primarily driven by the allocation to Real Assets Select Funds, with both the Global Natural Resources Equity Fund and the Flexible Income Fund detracting the most from relative returns. Lastly, the largest positive contributor to relative performance was the Defensive Market Strategies Fund.

Certain derivatives were utilized to provide market exposure for the cash positions held in the Fund. These derivative positions primarily included stock index futures and fixed income futures. Overall, derivative exposure had a slight positive impact on Fund performance for the year.

The Fund attempted to achieve its objective by investing in the GuideStone Funds Select Funds. By investing in the Fund you will also incur the expenses and risks of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. It is possible to lose money by investing in the Fund. The Fund may be suitable for investors who have a short- to medium-term investment horizon, possess a relatively low tolerance for risk and want some exposure to the growth potential of the stock market tempered by a larger allocation to short-term, fixed income securities. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Fixed Income Select Funds		55.9
U.S. Equity Select Funds		19.4
Real Return Select Funds		17.7
Non-U.S. Equity Select Funds		6.9
		99.9

47

Conservative Allocation Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional Class	Investor Class*	Benchmark**
One Year	N/A	-1.69%	-0.88%
Five Year	N/A	2.38%	2.89%
Ten Year	N/A	3.26%	3.75%
Since Inception(2)	-0.99%	3.44%	3.80%
Inception Date	11/23/15	08/27/01
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	0.79%	0.94%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the Investor or Institutional Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

⁽²⁾The Since Inception benchmark performance is based on the start date of August 27, 2001, which corresponds with the inception date of the Investor Class, the longest operating class of the Fund.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2005 to December 31, 2015, with all dividends and capital gains reinvested, with the Fund’s weighted composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2015, consisting of the Bank of America Merrill Lynch 1-3 Year Treasury Index, the Barclays U.S. Aggregate Bond Index, the Barclays U.S. TIPS Index, the Russell 3000^® Index, the FTSE EPRA/ NAREIT Developed Index, the S&P/LSTA U.S. B- Ratings and Above Loan Index, the MSCI World Commodity Producers Index and the MSCI ACWI (All Country World Index) Ex-U.S. Index, weighted 41%, 14%, 10%, 20%, 1%, 5%, 2% and 7%, respectively.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

48

CONSERVATIVE ALLOCATION FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		4,583,563	$	4,583,563
GuideStone Low-Duration Bond Fund (Institutional Class)¥		17,947,748		150,222,650
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		6,022,006		40,046,340
GuideStone Global Bond Fund (Institutional Class)¥		1,076,080		9,770,811
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		2,909,324		32,613,520
GuideStone Value Equity Fund (Institutional Class)¥		2,260,331		17,065,496
GuideStone Growth Equity Fund (Institutional Class)¥		1,826,464		17,406,201
GuideStone Small Cap Equity Fund (Institutional Class)¥		503,069		3,762,956
GuideStone International Equity Fund (Institutional Class)¥		2,078,773		20,226,463

	Shares		Value
GuideStone Emerging Market Equity Fund (Institutional Class)¥		693,547	$	5,090,634
GuideStone Inflation Protected Bond Fund (Institutional Class)*¥		3,623,615		36,163,674
GuideStone Flexible Income Fund (Investor Class)¥		1,934,787		17,974,169
GuideStone Real Estate Securities Fund (Institutional Class)¥		389,532		3,684,974
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,345,583		6,875,930
Total Mutual Funds (Cost $392,527,997)				365,487,381
TOTAL INVESTMENTS — 99.9% (Cost $392,527,997)				365,487,381
Other Assets in Excess of Liabilities — 0.1%				404,959
NET ASSETS — 100.0%			$	365,892,340

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

							Level 2			Level 3
	Total			Level 1			Other Significant			Significant
	Value			Quoted Prices			Observable Inputs			Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	365,487,381		$	365,487,381		$	—		$	—
Total Assets - Investments in Securities		$	365,487,381		$	365,487,381		$	—		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	3,230		$	3,230		$	—		$	—
Total Liabilities - Other Financial Instruments		$	3,230		$	3,230		$	—		$	—

***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. 49

Balanced Allocation Fund (Unaudited)

The Fund, through investments in the underlying Select Funds, combined approximately equal percentages to equity securities and fixed income securities in addition to a smaller allocation to real assets securities. The Fund had a target of, but was not limited to, an asset allocation of 41.00% Fixed Income Select Funds, 30.00% U.S. Equity Select Funds, 14.00% Non-U.S. Equity Select Funds and 15.00% Real Assets Select Funds.

As a fund of funds, the Fund’s performance was based on the performance of the underlying Select Funds. The Fund generated a return of -3.43% for the one-year period ended December 31, 2015. While all underlying asset classes generated negative performance for the year, exposure to the underlying Real Assets Select Funds, in aggregate, detracted the most from absolute performance, followed by the Non-U.S. Equity Select Funds. The Fund’s absolute return was most negatively influenced by its exposure to the Global Natural Resources Equity Fund, the Emerging Markets Equity Fund and the International Equity Fund. The Fund’s Fixed Income Select Funds allocation detracted from investment returns, as the contribution from all underlying Fixed Income Select Funds was either roughly flat or marginally negative. The U.S. Equity Select Funds allocation provided mixed results with the most positive contributions coming from the Defensive Market Strategies Fund and Growth Equity Fund.

The Fund underperformed its composite benchmark in 2015 (-3.43% versus -1.73%), which was driven mostly by allocations to the Fixed Income Select Funds and Real Assets Select Funds. Within these asset classes, the Global Bond Fund and Global Natural Resources Equity Fund had material impacts on relative underperformance over the period. Additionally, the Non-U.S. Equity Select Funds allocation detracted from relative performance as both the International Equity Fund and Emerging Markets Equity Fund underperformed over the one-year period ended December 31, 2015.

Certain derivatives were utilized to provide market exposure for the cash positions held in the Fund. These derivative positions primarily included stock index futures and fixed income futures. Overall, derivative exposure had a slight positive impact on Fund performance for the year.

The Fund attempted to achieve its objective by investing in the Select Funds. By investing in the Fund you will also incur the expenses and risks of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. It is possible to lose money by investing in the Fund. This Fund may be suitable for investors who have a medium- to long-term investment horizon, possess a moderate tolerance for risk and seek to participate in the return potential of stocks but want to achieve this result more slowly and with less volatility through a balanced allocation of fixed income and equity investments. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Fixed Income Select Funds		43.0
U.S. Equity Select Funds		28.7
Real Return Select Funds		14.7
Non-U.S. Equity Select Funds		13.5
		99.9

50

Balanced Allocation Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional Class*	Investor Class*	Benchmark**
One Year	N/A	-3.43%	-1.73%
Five Year	N/A	4.44%	5.51%
Ten Year	N/A	4.36%	5.26%
Since Inception(2)	-1.73%	4.89%	5.47%
Inception Date	11/23/15	08/27/01
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	0.82%	1.05%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the Investor or Institutional Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

⁽²⁾The Since Inception benchmark performance is based on the start date of August 27, 2001, which corresponds with the inception date of the Investor Class, the longest operating class of the Fund.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2005 to December 31, 2015, with all dividends and capital gains reinvested, with the Fund’s weighted composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2015, consisting of the Barclays U.S. Aggregate Bond Index, the Barclays U.S. TIPS Index, the Russell 3000^® Index, the FTSE EPRA/NAREIT Developed Index, the S&P/LSTA U.S. B- Ratings and Above Loan Index, the MSCI World Commodity Producers Index and the MSCI ACWI (All Country World Index) Ex-U.S. Index, weighted 41%, 6%, 30%, 3%, 3%, 3% and 14%, respectively.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

51

BALANCED ALLOCATION FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		42,453,581	$	42,453,581
GuideStone Low-Duration Bond Fund (Institutional Class)¥		21,711,558		181,725,741
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		36,964,265		245,812,360
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		17,145,318		65,152,208
GuideStone Global Bond Fund (Institutional Class)¥		13,276,239		120,548,248
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		10,932,072		122,548,531
GuideStone Value Equity Fund (Institutional Class)¥		18,641,232		140,741,304
GuideStone Growth Equity Fund (Institutional Class)¥		15,021,245		143,152,463
GuideStone Small Cap Equity Fund (Institutional Class)¥		4,143,090		30,990,313
GuideStone International Equity Fund (Institutional Class)¥		16,992,195		165,334,059

	Shares		Value
GuideStone Emerging Market Equity Fund (Institutional Class)¥		5,579,460	$	40,953,235
GuideStone Inflation Protected Bond Fund (Institutional Class)*¥		9,011,266		89,932,438
GuideStone Flexible Income Fund (Investor Class)¥		4,882,422		45,357,702
GuideStone Real Estate Securities Fund (Institutional Class)¥		4,700,017		44,462,159
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		8,648,374		44,193,189
Total Mutual Funds (Cost $1,701,964,866)				1,523,357,531
TOTAL INVESTMENTS — 99.9% (Cost $1,701,964,866)				1,523,357,531
Other Assets in Excess of Liabilities — 0.1%				847,459
NET ASSETS — 100.0%			$	1,524,204,990

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	1,523,357,531		$	1,523,357,531		$	—		$	—
Total Assets - Investments in Securities		$	1,523,357,531		$	1,523,357,531		$	—		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	93,790		$	93,790		$	—		$	—
Total Liabilities - Other Financial Instruments		$	93,790		$	93,790		$	—		$	—

***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.

52 See Notes to Financial Statements.

Growth Allocation Fund (Unaudited)

The Fund, through investments in the underlying Select Funds, combined a greater percentage of exposure to equity securities with a smaller percentage to fixed income securities and real assets securities. The Fund had a target of, but was not limited to, an asset allocation of 25.00% Fixed Income Select Funds, 41.00% U.S. Equity Select Funds, 27.00% Non-U.S. Equity Select Funds and 7.00% Real Assets Select Funds.

As a fund of funds, the Fund’s performance was based on the performance of the underlying Select Funds. The Fund generated a return of -3.83% for the one-year period ended December 31, 2015. While all underlying asset classes generated negative performance for the year, exposure to non-U.S. equities detracted the most from performance. The Fund’s absolute return was most negatively influenced by its exposures to the Global Natural Resources Equity Fund, the Emerging Markets Equity Fund and the International Equity Fund. Additionally, the Fund’s Fixed Income Select Funds allocation detracted marginally from investment returns. Contributing positively to absolute performance was the allocation to the Growth Equity Fund, which benefitted from strong security selection.

The Fund underperformed its composite benchmark in 2015 (-3.83% versus -2.42%). While underlying Select Fund holdings detracted from relative performance results across all asset classes, the Fund’s relative performance was most negatively impacted by allocations to the International Equity Fund, the Global Natural Resources Equity Fund and the Emerging Markets Equity Fund.

Certain derivatives were utilized to provide market exposure for the cash positions held in the Fund. These derivative positions primarily included stock index futures and fixed income futures. Overall, derivative exposure had a slight positive impact on Fund performance for the year.

The Fund attempted to achieve its objective by investing in the Select Funds. By investing in the Fund you will also incur the expenses and risks of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. It is possible to lose money by investing in the Fund. This Fund may be suitable for investors who have a long-term investment horizon, possess a relatively high tolerance for risk and seek to participate in the return potential of stocks at a slightly lower risk level than an all stock portfolio. Foreign securities may be subject to greater risk than domestic securities due to currency volatility, reduced market liquidity and political and economic instability. Small company stocks are subject to greater risk than large company stocks due to more volatility and less liquidity. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		39.9
Fixed Income Select Funds		27.3
Non-U.S. Equity Select Funds		25.9
Real Return Select Funds		6.8
		99.9

53

Growth Allocation Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional Class*	Investor Class*	Benchmark**
One Year	N/A	-3.83%	-2.42%
Five Year	N/A	5.63%	6.43%
Ten Year	N/A	4.31%	5.33%
Since Inception(2)	-2.36%	4.90%	5.54%
Inception Date	11/23/15	08/27/01
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	0.92%	1.15%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the Investor or Institutional Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

⁽²⁾The Since Inception benchmark performance is based on the start date of August 27, 2001, which corresponds with the inception date of the Investor Class, the longest operating class of the Fund.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2005 to December 31, 2015, with all dividends and capital gains reinvested, with the Fund’s weighted composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2015, consisting of the Barclays U.S. Aggregate Bond Index, the Russell 3000^® Index, the FTSE EPRA/NAREIT Developed Index, the MSCI World Commodity Producers Index and the MSCI ACWI (All Country World Index) Ex-U.S. Index, weighted 25%, 41%, 4%, 3% and 27%, respectively.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

54

GROWTH ALLOCATION FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		27,757,264	$	27,757,264
GuideStone Low-Duration Bond Fund (Institutional Class)¥		9,881,136		82,705,113
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		16,691,099		110,995,806
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		7,580,441		28,805,675
GuideStone Global Bond Fund (Institutional Class)¥		5,947,510		54,003,392
GuideStone Value Equity Fund (Institutional Class)¥		26,282,506		198,432,917
GuideStone Growth Equity Fund (Institutional Class)¥		21,552,573		205,396,019
GuideStone Small Cap Equity Fund (Institutional Class)¥		5,551,025		41,521,669

	Shares		Value
GuideStone International Equity Fund (Institutional Class)¥		23,739,602	$	230,986,326
GuideStone Emerging Market Equity Fund (Institutional Class)¥		7,861,417		57,702,803
GuideStone Real Estate Securities Fund (Institutional Class)¥		4,539,847		42,946,950
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		6,464,836		33,035,311
Total Mutual Funds (Cost $1,282,890,448)				1,114,289,245
TOTAL INVESTMENTS — 99.9% (Cost $1,282,890,448)				1,114,289,245
Other Assets in Excess of Liabilities — 0.1%				659,786
NET ASSETS — 100.0%			$	1,114,949,031

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	1,114,289,245		$	1,114,289,245		$	—		$	—
Total Assets - Investments in Securities		$	1,114,289,245		$	1,114,289,245		$	—		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	102,408		$	102,408		$	—		$	—
Total Liabilities - Other Financial Instruments		$	102,408		$	102,408		$	—		$	—

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

See Notes to Schedules of Investments. 55

Aggressive Allocation Fund (Unaudited)

The Fund, through investments in the underlying Select Funds, combined a greater percentage of exposure to U.S. equity securities with a smaller percentage to non-U.S. equity securities. The Fund had a target of, but was not limited to, an asset allocation of 60.00% U.S. Equity Select Funds and 40.00% Non-U.S. Equity Select Funds.

As a fund of funds, its performance was based on the performance of the underlying Select Funds. The Fund generated a return of -2.39% for the one-year period ended December 31, 2015. While exposure to the U.S. Equity Select Funds, in aggregate, generated positive performance, exposure to the non-U.S. Equity Select Funds detracted significantly from performance and led to a negative absolute return for the Fund in 2015. The largest detractors to absolute performance were the Emerging Markets Equity Fund and the Value Equity Fund. The largest contributor to absolute performance was the Growth Equity Fund, as U.S. growth stocks significantly outperformed the overall U.S. equity market.

The Fund underperformed its composite benchmark in 2015 (-2.39% versus -1.96%). The Fund’s relative performance was most negatively impacted by allocations to the Emerging Markets Equity Fund and the International Equity Fund.

Certain derivatives were utilized to provide market exposure for the cash positions held in the Fund. These derivative positions primarily included stock index futures. Overall, derivative exposure had a slight positive impact on Fund performance for the year.

The Fund attempted to achieve its objective by investing in the Select Funds. By investing in the Fund you will also incur the expenses and risks of the underlying Select Funds. The principal risks of the Fund will change depending on the asset mix of the Select Funds in which it invests. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. It is possible to lose money by investing in the Fund. This Fund may be suitable for investors who have a long-term investment horizon, possess a relatively high tolerance for risk and want to diversify by adding an aggressive investment option that combines U.S. and international stocks. Foreign securities may be subject to greater risk than domestic securities due to currency volatility, reduced market liquidity and political and economic instability. Small company stocks are subject to greater risk than large company stocks due to more volatility and less liquidity. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		59.2
Non-U.S. Equity Select Funds		38.3
Fixed Income Select Fund		2.5
		100.0

56

Aggressive Allocation Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional Class*	Investor Class*	Benchmark**
One Year	N/A	-2.39%	-1.96%
Five Year	N/A	7.40%	7.90%
Ten Year	N/A	4.41%	5.55%
Since Inception(2)	-2.85%	4.94%	5.68%
Inception Date	11/23/15	08/27/01
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	1.00%	1.23%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the Investor or Institutional Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

⁽²⁾The Since Inception benchmark performance is based on the start date of August 27, 2001, which corresponds with the inception date of the Investor Class, the longest operating class of the Fund.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2005 to December 31, 2015, with all dividends and capital gains reinvested, with the Fund’s weighted composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a composite index as of December 2015, consisting of the Russell 3000^® Index and the MSCI ACWI (All Country World Index) Ex-U.S. Index, weighted 60% and 40%, respectively.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

57

AGGRESSIVE ALLOCATION FUND
SCHEDULE OF INVESTMENTS	December 31, 2015

	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Institutional Class)¥		23,772,781	$	23,772,781
GuideStone Value Equity Fund (Institutional Class)¥		33,744,162		254,768,426
GuideStone Growth Equity Fund (Institutional Class)¥		27,497,966		262,055,612
GuideStone Small Cap Equity Fund (Institutional Class)¥		7,406,126		55,397,826
GuideStone International Equity Fund (Institutional Class)¥		30,416,189		295,949,517
GuideStone Emerging Market Equity Fund (Institutional Class)¥		10,070,671		73,918,724
Total Mutual Funds (Cost $1,126,768,903)				965,862,886
TOTAL INVESTMENTS — 100.0% (Cost $1,126,768,903)				965,862,886
Other Assets in Excess of Liabilities — 0.0%				481,687
NET ASSETS — 100.0%			$	966,344,573

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	965,862,886		$	965,862,886		$	—		$	—
Total Assets - Investments in Securities		$	965,862,886		$	965,862,886		$	—		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	124,428		$	124,428		$	—		$	—
Total Liabilities - Other Financial Instruments		$	124,428		$	124,428		$	—		$	—

***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.

58 See Notes to Financial Statements.

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59

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2015

	Conservative Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Assets
Investments in securities of affiliated issuers, at value (1)	$	365,487,381		$	1,523,357,531		$	1,114,289,245		$	965,862,886
Cash collateral for derivatives		122,200			1,106,600			1,051,000			1,069,000
Receivables:
Dividends from affiliated funds		560			4,549			3,103			2,549
Fund shares sold		421,743			391,335			149,002			87,670
Variation margin on financial futures contracts		844			33,516			11,500			—
Prepaid expenses and other assets		18,571			20,365			17,967			15,460
Total Assets		366,051,299			1,524,913,896			1,115,521,817			967,037,565
Liabilities
Cash overdraft		—			—			—			100,000
Payables:
Fund shares redeemed		2,161			25,804			—			32,914
Variation margin on financial futures contracts		14,430			211,980			212,440			230,585
Accrued expenses:
Investment advisory fees		12,419			112,986			89,483			83,088
Professional fees		32,595			32,596			32,595			32,595
Shareholder servicing fees		62,436			250,853			182,565			166,953
Other expenses		34,918			74,687			55,703			46,857
Total Liabilities		158,959			708,906			572,786			692,992
Net Assets	$	365,892,340		$	1,524,204,990		$	1,114,949,031		$	966,344,573
Net Assets Consist of:
Paid-in-capital	$	390,567,300		$	1,692,053,097		$	1,250,263,136		$	1,065,088,532
Undistributed net realized gain on investments and derivative transactions		2,362,426			10,665,438			33,184,690			62,037,630
Net unrealized appreciation (depreciation) on investments and derivative transactions		(27,037,386	)		(178,513,545	)		(168,498,795	)		(160,781,589	)
Net Assets	$	365,892,340		$	1,524,204,990		$	1,114,949,031		$	966,344,573
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	70,895,279		$	332,326,746		$	247,745,712		$	169,302,240
Institutional shares outstanding		6,677,614			31,048,264			22,874,708			15,717,406
Net asset value, offering and redemption price per Institutional share	$	10.62		$	10.70		$	10.83		$	10.77
Net assets applicable to the Investor Class	$	294,997,061		$	1,191,878,244		$	867,203,319		$	797,042,333
Investor shares outstanding		27,785,609			111,358,725			80,087,224			73,991,073
Net asset value, offering and redemption price per Investor share	$	10.62		$	10.70		$	10.83		$	10.77
(1) Investments in securities of affiliated issuers, at cost	$	392,527,997		$	1,701,964,866		$	1,282,890,448		$	1,126,768,903

60 See Notes to Financial Statements.

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2015

	Conservative Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Investment Income
Income distributions received from affiliated funds	$	4,904,929		$	25,823,572		$	16,664,755		$	11,318,531
Total Investment Income		4,904,929			25,823,572			16,664,755			11,318,531
Expenses
Investment advisory fees		317,787			1,326,045			980,216			889,257
Transfer agent fees:
Investor shares		35,832			71,733			48,433			39,434
Custodian fees		17,547			38,448			34,664			27,409
Shareholder servicing fees:
Investor shares		507,537			2,077,755			1,533,367			1,408,246
Accounting and administration fees		20,273			71,879			54,025			49,005
Professional fees		56,522			56,523			56,523			56,522
Blue sky fees:
Institutional shares		4,262			4,706			4,670			4,098
Investor shares		20,766			22,395			19,627			18,262
Shareholder reporting fees:
Investor shares		32,700			68,575			46,766			38,038
Trustee expenses		4,118			16,943			12,512			11,451
Line of credit facility fees		2,048			8,392			6,174			5,630
Other expenses		10,936			15,296			14,961			15,795
Total Expenses		1,030,328			3,778,690			2,811,938			2,563,147
Expenses waived/reimbursed(1)		(181,865	)		(203,960	)		(110,470	)		(26,722	)
Net Expenses		848,463			3,574,730			2,701,468			2,536,425
Net investment income		4,056,466			22,248,842			13,963,287			8,782,106
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		8,260,441			65,015,556			77,985,892			94,655,300
Net realized gain on investment securities of affiliated issuers		13,124,999			144,740,576			111,850,397			141,600,813
Net realized gain (loss) on futures transactions		(20,991	)		97,044			(122,119	)		(874,348	)
Net realized gain		21,364,449			209,853,176			189,714,170			235,381,765
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		(34,119,353	)		(292,870,198	)		(248,571,586	)		(266,018,794	)
Change in unrealized appreciation (depreciation) on futures		(1,886	)		(59,341	)		19,420			64,643
Net change in unrealized appreciation (depreciation)		(34,121,239	)		(292,929,539	)		(248,552,166	)		(265,954,151	)
Net Realized and Unrealized (Loss)		(12,756,790	)		(83,076,363	)		(58,837,996	)		(30,572,386	)
Net Decrease in Net Assets Resulting from Operations	$	(8,700,324	)	$	(60,827,521	)	$	(44,874,709	)	$	(21,790,280	)

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

See Notes to Financial Statements. 61

STATEMENTS OF CHANGES IN NET ASSETS

	Conservative Allocation Fund						Balanced Allocation Fund
	For the Year Ended						For the Year Ended
	12/31/15			12/31/14			12/31/15			12/31/14
Operations:
Net investment income	$	4,056,466		$	3,724,789		$	22,248,842		$	18,140,467
Net realized gain on investment securities and futures transactions		21,364,449			10,499,529			209,853,176			49,001,772
Net change in unrealized appreciation (depreciation) on investment securities and futures		(34,121,239	)		(9,709,249	)		(292,929,539	)		(21,985,343	)
Net increase (decrease) in net assets resulting from operations		(8,700,324	)		4,515,069			(60,827,521	)		45,156,896
Dividends and Distributions to Shareholders:
Dividends from net investment income(1)
Institutional shares		(807,878	)		—			(5,045,636	)		—
Investor shares		(3,250,907	)		(5,082,503	)		(17,231,084	)		(26,663,373	)
Distributions from net realized capital gains
Institutional shares		(4,056,696	)		—			(42,122,169	)		—
Investor shares		(16,914,391	)		(5,814,296	)		(151,904,855	)		(42,105,899	)
Total dividends and distributions		(25,029,872	)		(10,896,799	)		(216,303,744	)		(68,769,272	)
Capital Share Transactions(2):
Proceeds from shares sold
Institutional shares		266,742			—			2,393,223			—
Investor shares		30,769,183			37,399,207			56,861,675			59,860,682
Shares issued from Merger(2)
Institutional shares		75,356,677			—			351,418,265			—
Reinvestment of dividends and distributions
Institutional shares		4,835,687			—			47,033,321			—
Investor shares		20,157,620			10,890,939			169,071,981			68,739,088
Total proceeds from shares sold and reinvested		131,385,909			48,290,146			626,778,465			128,599,770
Value of shares redeemed
Institutional shares		(1,069,297	)		—			(2,356,453	)		—
Investor shares		(42,131,709	)		(49,683,717	)		(114,945,036	)		(101,656,659	)
Total value of shares redeemed		(43,201,006	)		(49,683,717	)		(117,301,489	)		(101,656,659	)
Net increase (decrease) from capital share transactions(3)		88,184,903			(1,393,571	)		509,476,976			26,943,111
Total increase (decrease) in net assets		54,454,707			(7,775,301	)		232,345,711			3,330,735
Net Assets:
Beginning of Period		311,437,633			319,212,934			1,291,859,279			1,288,528,544
End of Period*	$	365,892,340		$	311,437,633		$	1,524,204,990		$	1,291,859,279
*Including undistributed net investment income	$	—		$	695		$	—		$	31,791

⁽¹⁾  For the year ended December 31, 2014, Dividends from net investment income included dividends paid from the short-term portion of capital gain distributions received from affiliated funds. From December 31, 2015 forward, the short-term portion of capital gain distributions received from affiliated funds will be included in Distributions from net realized capital gains.

⁽²⁾  Inception date for Institutional Class for Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund and Aggressive Allocation Fund was November 23, 2015.

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

62 See Notes to Financial Statements.

Growth Allocation Fund						Aggressive Allocation Fund
For the Year Ended						For the Year Ended
12/31/15			12/31/14			12/31/15			12/31/14
$	13,963,287		$	10,338,909		$	8,782,106		$	6,918,431
	189,714,170			54,953,676			235,381,765			68,721,169
	(248,552,166	)		(36,968,953	)		(265,954,151	)		(46,977,084	)
	(44,874,709	)		28,323,632			(21,790,280	)		28,662,516
	(3,245,532	)		—			(1,573,444	)		—
	(10,728,514	)		(17,351,172	)		(7,205,082	)		(13,898,214	)
	(37,114,828	)		—			(34,895,055	)		—
	(130,178,683	)		(48,439,446	)		(164,370,097	)		(59,010,154	)
	(181,267,557	)		(65,790,618	)		(208,043,678	)		(72,908,368	)
	1,175,325			—			616,532			—
	34,132,116			36,300,427			25,781,773			24,675,504
	258,734,195			—			172,531,801			—
	40,328,502			—			36,455,456			—
	140,889,511			65,783,344			171,567,547			72,902,702
	475,259,649			102,083,771			406,953,109			97,578,206
	(2,222,874	)		—			(1,914,451	)		—
	(84,048,090	)		(76,415,769	)		(78,585,909	)		(63,169,720	)
	(86,270,964	)		(76,415,769	)		(80,500,360	)		(63,169,720	)
	388,988,685			25,668,002			326,452,749			34,408,486
	162,846,419			(11,798,984	)		96,618,791			(9,837,366	)
	952,102,612			963,901,596			869,725,782			879,563,148
$	1,114,949,031		$	952,102,612		$	966,344,573		$	869,725,782
$	—		$	7,199		$	—		$	—

See Notes to Financial Statements. 63

FINANCIAL HIGHLIGHTS

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																									Ratios to Average Net Assets
	Net Asset Value, Beginn- ing of Year		Net Invest- ment Income (1)			Capital Gain Distribu- tions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distribu- tions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(2)(3)			Expenses, Gross(2)(4)			Invest- ment Income, Net (1)(3)			Portfolio Turnover Rate (5)
Conservative Allocation Fund
Institutional Class
2015(6)		$11.51		$0.05	#		$0.22			$(0.39	)		$(0.12	)		$(0.65	)		$10.62		(0.99	)%		$70,895		0.18	%		0.20	%		4.36	%		92	%
Investor Class
2015		$11.59		$0.14	#		$0.26			$(0.60	)		$(0.12	)		$(0.65	)		$10.62		(1.69	)%		$294,997		0.27	%		0.33	%		1.22	%		92	%
2014		11.84		0.14	#		0.19			(0.17	)		(0.19	)		(0.22	)		11.59		1.40			311,438		0.12			0.16			1.17			20
2013		12.27		0.11	#		0.21			0.12			(0.17	)		(0.70	)		11.84		3.67			319,213		0.12			0.16			0.85			12
2012		11.70		0.16	#		0.16			0.50			(0.22	)		(0.03	)		12.27		7.02			327,321		0.12			0.16			1.29			3
2011		11.87		0.18	#		0.05			(0.03	)		(0.19	)		(0.18	)		11.70		1.71			293,236		0.12			0.17			1.47			9
Balanced Allocation Fund
Institutional Class
2015(6)		$12.67		$0.09	#		$0.45			$(0.77	)		$(0.16	)		$(1.58	)		$10.70		(1.73	)%		$332,327		0.12	%		0.14	%		7.28	%		95	%
Investor Class
2015		$12.89		$0.20	#		$0.53			$(1.18	)		$(0.16	)		$(1.58	)		$10.70		(3.43	)%		$1,191,878		0.28	%		0.30	%		1.56	%		95	%
2014		13.14		0.19	#		0.36			(0.09	)		(0.27	)		(0.44	)		12.89		3.53			1,291,859		0.12			0.13			1.38			3
2013		12.73		0.16	#		0.44			0.68			(0.28	)		(0.59	)		13.14		10.08			1,288,529		0.12			0.13			1.23			27
2012		11.77		0.19	#		0.22			0.97			(0.27	)		(0.15	)		12.73		11.79			1,204,869		0.12			0.13			1.54			3
2011		12.12		0.20	#		0.06			(0.14	)		(0.26	)		(0.21	)		11.77		1.01			1,097,275		0.12			0.13			1.65			16
Growth Allocation Fund
Institutional Class
2015(6)		$13.23		$0.11	#		$0.76			$(1.20	)		$(0.14	)		$(1.93	)		$10.83		(2.36	)%		$247,746		0.14	%		0.14	%		8.37	%		97	%
Investor Class
2015		$13.43		$0.17	#		$0.90			$(1.61	)		$(0.13	)		$(1.93	)		$10.83		(3.83	)%		$867,203		0.29	%		0.30	%		1.26	%		97	%
2014		14.00		0.15	#		0.54			(0.28	)		(0.25	)		(0.73	)		13.43		2.93			952,103		0.12			0.13			1.07			4
2013		13.04		0.15	#		0.67			1.57			(0.27	)		(1.16	)		14.00		18.49			963,902		0.12			0.13			1.03			22
2012		11.60		0.15	#		0.26			1.30			(0.17	)		(0.10	)		13.04		14.84			853,233		0.12			0.13			1.17			2
2011		12.28		0.16	#		0.03			(0.49	)		(0.17	)		(0.21	)		11.60		(2.39	)		783,344		0.12			0.14			1.26			10
Aggressive Allocation Fund
Institutional Class
2015(6)		$14.13		$0.12	#		$1.10			$(1.67	)		$(0.09	)		$(2.82	)		$10.77		(2.85	)%		$169,302		0.15	%		0.15	%		8.75	%		103	%
Investor Class
2015		$14.06		$0.12	#		$1.32			$(1.82	)		$(0.09	)		$(2.82	)		$10.77		(2.39	)%		$797,043		0.29	%		0.30	%		0.85	%		103	%
2014		14.82		0.12	#		0.80			(0.41	)		(0.23	)		(1.04	)		14.06		3.38			869,726		0.12			0.13			0.79			4
2013		12.46		0.11	#		0.90			2.39			(0.29	)		(0.75	)		14.82		27.41			879,563		0.12			0.13			0.77			12
2012		10.89		0.11	#		0.26			1.50			(0.11	)		(0.19	)		12.46		17.19			726,665		0.12			0.13			0.91			5
2011		11.79		0.10	#		—	†		(0.71	)		(0.10	)		(0.19	)		10.89		(5.14	)		674,790		0.12			0.14			0.83			9

  † Amount represents less than $0.005 per share.

  # Calculated using the average shares outstanding method.

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

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

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

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

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

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

64 See Notes to Financial Statements.

FIXED INCOME SELECT FUNDS (Unaudited)

2015 – A Review

The Federal Reserve (“Fed”) raised rates in December 2015 after keeping short-term interest rates near zero along with record high levels of quantitative easing for seven years. Motivated by signs that the U.S. economy no longer requires such emergency measures of support, the Fed increased the range for the over-night lending rate by 0.25%, marking the first rate increase in nine years. By raising rates, the Fed began the process of dismantling the safety net to which investors had grown accustomed since the financial crisis.

The increase in rates was widely anticipated and investors’ response to the increase was generally calm. Yields rose across the curve in anticipation of and immediately following the announcement with the largest impact being felt in bonds with maturities of two-years to five-years. The two-year U.S. Treasury Note yield ended the year at 1.05%, the first year-end above 1.00% since 2009. Yields on longer maturity bonds, such as the 10-year U.S. Treasury Note, did not experience much movement as they tend to be driven more by inflation concerns and economic expectations. The yield on the 10-year U.S. Treasury Bond ended the year at 2.27% for an increase of only 0.10% from the end of the previous year.

Importantly, the divergence in monetary policy of the major central banks, discussed in the 2014 review, continued in 2015. After multiple years of coordinated efforts among central banks to spur economic growth through low interest rates and accommodative monetary policies, the divergence of central bank policies grew wider in 2015. In the same month that the Fed announced a rate hike, the European Central Bank announced an increase in its quantitative easing measures to generate growth and boost inflation. As a result of these divergent actions, the yield on the 2-year U.S. Treasury Note rose, the yield on its German counterpart slid further into negative territory and ended the year at -0.35%.

Performance for the year was mixed, but generally weak, with a flattening of the yield curve and widening credit spreads being the primary determinants of returns. The Barclays U.S. Aggregate Bond Index, a proxy for the broad U.S. bond market, rose slightly for the year with a gain of 0.55% on the heels of a 0.57% loss in the final quarter. Corporate bonds generally underperformed U.S. Treasuries with calendar year returns of -0.68% and 0.84%, respectively. Below investment grade corporate bonds suffered losses for the full year as the yield spread between these bonds and U.S. Treasuries widened. As a result, high yield bonds lost 4.47% in 2015 as measured by the Barclays U.S. High Yield Corporate Index. This was the first annual year decline in high yield bonds outside of a recession since the 1990s and was driven by sharply declining oil prices in the energy sector (15% of the index). Emerging markets bonds outperformed U.S. bonds with an annual return of 1.82% as measured by the JP Morgan Emerging Market Bond Index.

In general, bonds with longer durations underperformed bonds with shorter durations. Ten-year U.S. Treasuries underperformed five-year U.S. Treasuries by 0.06% in the fourth quarter and underperformed by 0.40% for the full year. The effect of duration was even more evident for 30-year U.S. Treasury Bonds. After a surprisingly strong return of 29.38% in 2014, 30-year U.S. Treasury Bonds lost 3.17% in 2015 as expectations for growth and inflation were tempered heading into the new-year.

65

Barclays U.S. Aggregate Bond Index – Sector Returns (as of December 31, 2015)
Sector	4Q15	2015
U.S. Treasuries	-0.94%	0.84%
Corporates	-0.58%	-0.68%
Corporates – Industrials	-0.96%	-1.75%
Corporates – Utilities	-0.66%	-1.47%
Corporates – Financials	0.14%	1.51%
Commercial Mortgage-Backed Securities	-1.24%	0.97%
Asset-Backed Securities	-0.57%	1.25%
Mortgages	-0.10%	1.51%
Index - TOTAL	-0.57%	0.55%

2016 – A Preview

Looking forward in 2016, the Fed’s Federal Open Market Committee (“FOMC”) will continue to be closely watched and the subject of much speculation. The Fed is charged with maintaining employment while keeping prices stable by managing inflation. Although we have seen a strong recovery in employment, core inflation (the Fed’s preferred measure) continues to trend significantly below their 2.00% target. Combined with concerns regarding the strength of China and the pace of global growth, the Fed will continue to dominate the financial news. Based on the forward curve at year-end, investors anticipate that the Fed will increase interest rates twice during 2016 with some market pundits forecasting more rate hikes. We believe that this is a fair estimate; however, the Fed’s actions will remain very data dependent, and thus, expectations could certainly change as the year progresses.

Volatility increased in 2015, and we expect it to continue through 2016 – particularly if global monetary policies continue to diverge and/or the Fed continues raising rates. U.S. Treasury yields will continue to have conflicting pressures - upward pressure from the projected Fed rate increases and a strengthening U.S. economy offset by downward pressure from sluggish global economic growth, strong demand for U.S. debt and a low inflationary environment. The return expectations for fixed income securities during 2016 should remain somewhat muted compared to long-term averages.

66

Money Market Fund (Unaudited)

In December 2015, the Federal Reserve (“Fed”) saw sufficient evidence of economic strength to begin moving the federal funds rate target slightly higher. With a target range of 0.25% to 0.50%, the Fed continues to maintain a very accommodative monetary policy in an effort to stimulate further economic growth and thwart any deflationary pressures. Despite the decision to move off zero, short-term rates were at historically low levels throughout the year which negatively impacted the returns available to investors.

The Federal Open Market Committee (“FOMC”) members, including Chair Janet Yellen, have continued to communicate that future rate hikes will be data dependent. Inflation pressure will likely be the primary focus of the FOMC as the employment situation has improved significantly since the end of the recession in the summer of 2009. Inflation, however, remains significantly below their target of 2.0% and economic growth has remained below the long-term trend, which gives the Fed room to be patient. Voting members of the FOMC suggest that there may be as many as three or four rate increases in 2016. The forward market, which represents the aggregate of investor expectations, suggests that the number will be closer to two increases during 2016. We believe that the Fed will continue to move slowly and cautiously regarding interest rates in a concerted effort to avoid straining the economy and to encourage lenders to generate new consumer and business loans.

Given the low interest rate environment which persisted throughout 2015, money market funds (which are lenders to borrowers at short-term interest rates) experienced another year of “just-above-zero” returns. At the end of 2015, the 90-day U.S. Treasury Bill was yielding 0.16%, although the rate was nearly zero for most of the year. The low yield environment, coupled with the regulatory constraints of Rule 2a-7 of the Investment Company Act of 1940, made it incredibly difficult for money market funds across the industry to post positive returns after paying for fund-related expenses.

The Fund was invested in a broad range of high quality, short-term money market instruments denominated exclusively in U.S. dollars. The Fund maintained a stable per share price of $1.00, while paying monthly dividends based on the daily account value. The Investor Class of the Fund returned 0.02% for the one-year period ended December 31, 2015, as compared to a 0.03% return for the Citigroup 3-Month Treasury bill Index (the benchmark index).The low rate environment made it challenging to generate a strong absolute return net of expenses. In the midst of the difficult interest rate and economic environment, the management of the Fund remained true and steadfast to its primary objectives of preservation of capital and liquidity versus sacrificing quality and taking imprudent risk in an effort to stretch for incremental yield. Stretching for yield in this environment provided an asymmetrical payoff, providing little, if any upside, while increasing the potential for a material negative return event. Throughout 2015, the Fund remained well diversified across many sectors including commercial paper, certificates of deposits, time deposits, floating rate notes and U.S. Treasuries. At year-end, the Fund’s weighted average maturity was 39 days, compared to 42 days at the end of 2014.

This Fund may be suitable for investors who have a short-term investment horizon, seek to maintain a stable dollar value for their investment and can accept a long-term rate of return that may be lower than other fixed income and stock investments.

An investment in the Fund is not insured or guaranteed by the Federal Depository Insurance Corporation or any other governmental agency. Although the Fund seeks to maintain a value of $1.00 per share, it is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Commercial Paper		36.1
Certificates of Deposit		29.1
Agency Obligations		14.6
Repurchase Agreements		5.0
U.S. Treasury Obligations		4.9
Time Deposits		4.6
Municipal Bonds		3.5
Corporate Bonds		2.2
		100.0

67

Money Market Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional Class*	Investor Class*	Benchmark**
One Year	0.08%	0.02%	0.03%
Five Year	0.07%	0.02%	0.05%
Ten Year	1.39%	1.27%	1.17%
Since Inception	1.51%	1.39%	1.37%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	0.17%	0.43%

Yield as of 12/31/15(2)
	Institutional Class*	Investor Class*
7-Day Annualized Yield (Net)	0.24%	0.01%
7-Day Annualized Yield (Gross)	0.42%	0.42%

⁽¹⁾  Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

⁽²⁾  Yield for the Money Market Fund represents the annualization of the Fund’s declared dividends over the period indicated, excluding capital gains distributions. The yield more closely reflects the current earnings of the Fund than the total return. Gross Yield reflects the yield without fee waivers in effect.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. Investment return will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The yield for the Money Market Fund represents annualization of the Fund’s declared dividends over the period indicated, excluding capital gains distributions. The 7-day annualized yield more closely reflects the current earnings of the Fund than the total return.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2005 to December 31, 2015, with all dividends and capital gains reinvested, with the Citigroup 3-Month Treasury Bill Index.

*These performance figures reflect expense waivers by the Fund’s investment adviser. Without these waivers, performance would have been lower. Performance figures shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

68

MONEY MARKET FUND
SCHEDULE OF INVESTMENTS	December 31, 2015

	Par		Value
AGENCY OBLIGATIONS — 14.6%
Federal Farm Credit Bank
0.43%, 09/12/17†	$	6,400,000		$	6,402,081
0.42%, 09/22/17†		18,000,000			17,998,431
0.41%, 09/25/17†		15,000,000			14,994,896
Federal Home Loan Bank
0.26%, 07/06/16†		12,000,000			12,000,000
0.23%, 02/14/17†		17,000,000			16,990,202
Federal Home Loan Bank Discount Notes
0.12%, 01/22/16		40,000,000			39,997,200
0.36%, 02/11/16		15,000,000			14,993,850
0.42%, 03/10/16		25,000,000			24,979,875
0.59%, 06/03/16		9,590,000			9,565,796
Federal Home Loan Mortgage Corporation
0.46%, 04/27/17†		10,000,000			9,997,311
Federal National Mortgage Association
0.35%, 08/16/17†		15,000,000			14,997,536
0.28%, 10/05/17†		5,500,000			5,498,521
Total Agency Obligations (Cost $188,415,699)					188,415,699
CERTIFICATES OF DEPOSIT — 29.1%
Bank of Nova Scotia Houston
0.48%, 04/14/16		25,000,000			25,000,000
BMO Harris Bank NA
0.47%, 03/04/16†		24,000,000			24,000,000
0.63%, 04/27/16†		35,000,000			35,000,000
BNP Paribas Finance, Inc.
0.53%, 03/16/16		13,000,000			13,000,000
Citibank NA
0.44%, 01/20/16		25,000,000			25,000,000
KBC Bank NV
0.29%, 01/05/16		20,000,000			20,000,000
Mitsubishi UFJ Trust & Banking Corporation
0.36%, 01/04/16†		14,000,000			14,000,000
0.30%, 01/29/16		20,000,000			20,000,000
Rabobank Nederland NY
0.53%, 03/18/16†		20,000,000			20,000,000
Skandinaviska Enskilda Banken AB
0.47%, 02/11/16†		31,000,000			31,001,368
0.60%, 02/29/16†		19,000,000			19,000,000
State Street Corporation
0.59%, 03/29/16		30,000,000			30,000,000
Sumitomo Mitsui Banking Corporation
0.29%, 01/11/16		10,000,000			10,000,000
0.51%, 04/08/16		28,500,000			28,500,000
Sumitomo Mitsui Trust Bank, Ltd.
0.49%, 01/04/16†		12,000,000			12,000,000
0.36%, 01/05/16		20,000,000			20,000,000
Toronto-Dominion Bank NY
0.55%, 04/15/16		8,000,000			8,000,000
0.60%, 04/20/16		20,000,000			20,000,000
Total Certificates of Deposit (Cost $374,501,368)					374,501,368

	Par		Value
COMMERCIAL PAPER — 36.1%
Antalis SA
0.40%, 01/07/16 144A	$	37,000,000		$	36,997,533
Barton Capital LLC
0.35%, 01/06/16 144A		23,000,000			22,998,882
BNP Paribas Finance, Inc.
0.20%, 01/04/16		23,000,000			22,999,617
Caisse Centrale Desjaudins Du Quebec
0.37%, 01/06/16 144A		40,000,000			39,997,944
Caisse des Depots et Consignations
0.50%, 02/01/16 144A		25,000,000			24,989,236
Chariot Funding LLC
0.50%, 02/18/16 144A		21,600,000			21,585,600
Charta LLC
0.35%, 01/04/16 144A		15,000,000			14,999,562
Collateralized Commercial Paper Co. LLC
0.50%, 04/22/16		10,000,000			9,984,444
0.48%, 04/25/16		35,000,000			34,946,333
Credit Suisse AG
0.42%, 01/04/16 144A		9,000,000			8,999,685
Erste Abwicklungsanstalt
0.45%, 02/09/16 144A†		8,000,000			8,000,000
Jupiter Securitization Company LLC
0.45%, 01/14/16 144A		15,000,000			14,997,563
Kells Funding LLC
0.40%, 02/23/16 144A		15,000,000			14,991,167
LMA Americas LLC
0.40%, 01/04/16 144A		10,000,000			9,999,708
National Australia Bank, Ltd.
0.72%, 04/21/16 144A		15,000,000			14,966,700
Nieuw Amsterdam Receivables Corporation
0.50%, 02/04/16 144A		10,000,000			9,995,278
0.70%, 03/18/16 144A		15,000,000			14,977,542
Old Line Funding LLC
0.50%, 03/03/16 144A		10,000,000			9,991,389
0.48%, 03/21/16 144A		20,000,000			19,978,667
0.47%, 04/04/16 144A		13,000,000			12,984,046
Sumitomo Mitsui Banking Corporation
0.30%, 01/07/16 144A		15,000,000			14,999,250
Victory Receivables Corporation
0.35%, 01/04/16		40,130,000			40,128,830
0.50%, 01/19/16		15,000,000			14,996,250
Westpac Banking Corporation
0.37%, 04/04/16 144A†		17,000,000			17,000,000
Working Captial Management
0.38%, 01/06/16 144A		8,000,000			7,999,578
Total Commercial Paper (Cost $464,504,804)					464,504,804
CORPORATE BONDS — 2.2%
Jets Stadium Development LLC
0.40%, 01/07/16 144A†		4,900,000			4,900,000
Jets Stadium Finance Issuer 2015 LLC
0.40%, 01/07/16 144A†		23,000,000			23,000,000
Total Corporate Bonds (Cost $27,900,000)					27,900,000

See Notes to Financial Statements. 69

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
MUNICIPAL BONDS — 3.5%
California Statewide Communities Development Authority, Kimberly Woods Apartments, Revenue Bond, Series B
0.02%, 01/07/16†	$	17,100,000		$	17,100,000
Maryland Community Development Administration, Multifamily Barrington Apartments, Revenue Bond, Series A
0.03%, 01/07/16†		27,575,000			27,575,000
Total Municipal Bonds (Cost $44,675,000)					44,675,000
TIME DEPOSITS — 4.6%
Credit Argicole Corporation
0.25%, 01/04/16		17,500,000			17,500,000
ING Bank NV
0.37%, 01/05/16		7,000,000			7,000,000
Natixis SA
0.26%, 01/04/16		35,000,000			35,000,000
Total Time Deposits (Cost $59,500,000)					59,500,000
U.S. TREASURY OBLIGATIONS — 4.9%
U.S. Treasury Bills
0.35%, 05/26/16		19,000,000			18,973,339
0.35%, 06/16/16		28,000,000			27,923,950
					46,897,289
U.S. Treasury Notes
0.50%, 07/31/16		15,000,000			14,987,408
0.43%, 10/31/17†		1,663,200			1,658,223
					16,645,631
Total U.S. Treasury Obligations (Cost $63,542,920)					63,542,920

	Par		Value
REPURCHASE AGREEMENTS — 5.0%
Bank of Nova Scotia (The)
0.29% (dated 12/31/15, due 01/04/16, repurchase price $12,500,403, collateralized by U.S. Treasury Note and U.S. Treasury Bill, 0.000% to 0.125, due 06/09/16 to 07/15/22, total market value $12,750,072)	$	12,500,000		$	12,500,000
Goldman Sachs & Co.
0.32% (dated 12/31/15, due 01/04/16, repurchase price $40,001,422, collateralized by Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, 2.550% to 4.000, due 03/01/23 to 12/01/34, total market value $41,200,000)		40,000,000			40,000,000
RBC Capital Markets LLC
0.26% (dated 12/31/15, due 01/04/16, repurchase price $12,000,347, collateralized by U.S. Treasuty Notes, 0.375% to 5.250, due 08/15/20 to 02/15/29, total market value $12,240,067)		12,000,000			12,000,000
Total Repurchase Agreements (Cost $64,500,000)					64,500,000
TOTAL INVESTMENTS — 100.0%
(Cost $1,287,539,791)					1,287,539,791
Liabilities in Excess of Other Assets — 0.0%					(237,191	)
NET ASSETS — 100.0%				$	1,287,302,600

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations		$	188,415,699		$	—		$	188,415,699		$	—
Certificates of Deposit			374,501,368			—			374,501,368			—
Commercial Paper			464,504,804			—			464,504,804			—
Corporate Bonds			27,900,000			—			27,900,000			—
Municipal Bonds			44,675,000			—			44,675,000			—
Repurchase Agreements			64,500,000			—			64,500,000			—
Time Deposits			59,500,000			—			59,500,000			—
U.S. Treasury Obligations			63,542,920			—			63,542,920			—
Total Assets - Investments in Securities		$	1,287,539,791		$	—		$	1,287,539,791		$	—

70 See Notes to Financial Statements.

Low-Duration Bond Fund (Unaudited)

The Fund invested in a diversified portfolio composed primarily of investment grade fixed income securities with an average dollar-weighted duration (a measure of bond prices’ sensitivity to changes in interest rates) normally between one to three years. The Investor Class of the Fund slightly underperformed its all-U.S. Treasury benchmark index, the Bank of America Merrill Lynch 1-3 Year Treasury Index, for the one-year period ended December 31, 2015 (0.49% versus 0.54%). This was only the second year in which the Fund did not outperform the index since the financial crisis in 2008. In an effort to outpace its benchmark index, the Fund tactically utilized spread sectors (such as investment grade corporates, mortgage-backed securities and asset-backed securities) that traded at a yield premium relative to their U.S. Treasury counterparts. The strategy of overweighting non-U.S. Treasuries sectors, particularly investment grade corporate bonds, detracted value relative to the benchmark, most notably during the third quarter of the year, a period that experienced spread widening due to elevated market volatility and fears regarding rate hikes and slowing economic growth outside of the United States. The Fund’s relative yield advantage versus the benchmark was a positive to relative returns.

Other strategies involving derivatives were utilized during the year resulting in an overall modest impact to performance. U.S. Treasury futures were used for the common purposes of duration management and yield curve positioning strategies. Over the course of the calendar year, these positions had a minimal impact on relative performance. Credit default swaps were utilized which slightly improved the Fund’s relative performance during the year as spreads widened within the corporate bond sector during the period the positions were held. In an effort to gain exposure to non-U.S. interest rates and duration, interest rate swaps were utilized and detracted modestly from relative performance. Currency forward contracts were used to hedge certain non-U.S. dollar positions. On an overall net basis, the currency strategies modestly benefitted relative performance.

During the year, the Fund remained true to its overall objective of seeking current income consistent with conservation of capital.

This Fund may be suitable for investors who have a short-term investment horizon, seek an investment return that is relatively stable and want to diversify their portfolio with a fixed income investment option. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings. To the extent that the investment adviser misjudges current market conditions, the Fund’s volatility may be amplified by its use of derivatives and by its ability to select sub-advisers to allocate assets. Some derivatives may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value of the Fund generally to decline faster than it would otherwise. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and may reduce its returns. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Corporate Bonds		28.6
U.S. Treasury Obligations		26.9
Mortgage-Backed Securities		15.9
Foreign Bonds		13.0
Asset-Backed Securities		11.8
Money Market Funds		7.4
Municipal Bonds		1.3
Agency Obligations		0.7
Loan Agreements		0.1
Purchased Options		—	**
Written Options		(0.1	)
		105.6

**Rounds to less than 0.005%

71

Low-Duration Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional Class*	Investor Class*	Benchmark**
One Year	0.79%	0.49%	0.54%
Five Year	1.61%	1.39%	0.70%
Ten Year	3.14%	2.95%	2.42%
Since Inception	3.10%	2.95%	2.58%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	0.41%	0.66%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2005 to December 31, 2015, with all dividends and capital gains reinvested, with the Bank of America Merrill Lynch 1-3 Year Treasury Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

72

LOW-DURATION BOND FUND
SCHEDULE OF INVESTMENTS	December 31, 2015

	Par		Value
AGENCY OBLIGATIONS — 0.7%
Federal Home Loan Bank
0.75%, 08/28/17	$	2,730,000	$	2,716,978
Federal National Mortgage Association
1.38%, 04/27/18		3,300,000		3,294,218
Total Agency Obligations (Cost $6,027,900)				6,011,196
ASSET-BACKED SECURITIES — 11.8%
ABCLO, Ltd. Series 2007-1A
0.67%, 04/15/21 144A†		93,761		93,743
ACAS CLO, Ltd. Series 2007-1A
0.55%, 04/20/21 144A†		544,940		539,237
Aircraft Lease Securitisation, Ltd. Series 2007-1A
0.53%, 05/10/32 144A†		133,620		131,949
Ally Master Owner Trust Series 2013-2
0.78%, 04/15/18†		1,400,000		1,399,300
American Express Credit Account Master Trust Series 2013-3
0.98%, 05/15/19		2,250,000		2,247,999
AmeriCredit Automobile Receivables Trust Series 2012-4
1.31%, 11/08/17		145,452		145,456
AmeriCredit Automobile Receivables Trust Series 2013-2
1.19%, 05/08/18		785,000		784,391
1.79%, 03/08/19		980,000		980,855
AmeriCredit Automobile Receivables Trust Series 2013-4
1.66%, 09/10/18		500,000		499,918
AmeriCredit Automobile Receivables Trust Series 2014-1
2.15%, 03/09/20		825,000		821,841
Apidos CDO V Series 2007-5A
0.55%, 04/15/21 144A†		454,438		450,420
Apidos CDO XIV Series 2013-14A
1.47%, 04/15/25 144A†		2,090,000		2,047,339
2.02%, 04/15/25 144A†		250,000		237,536
ARES XXVI CLO, Ltd. Series 2013-1A
1.42%, 04/15/25 144A†		515,000		506,226
Asset-Backed Securities Corporation Home Equity Loan Trust Series 2004-HE6
0.97%, 09/25/34†		1,497		1,497
Atrium CDO Corporation Series 7AR
1.46%, 11/16/22 144A†		821,648		818,291
Avalon IV Capital, Ltd. Series 2012-1A
1.49%, 04/17/23 144A†		1,038,780		1,035,108

	Par		Value
BA Credit Card Trust Series 2014-A1
0.71%, 06/15/21†	$	1,110,000	$	1,108,081
Babson CLO, Inc. Series 2007-1A
0.54%, 01/18/21 144A†		622,363		614,950
Babson CLO, Ltd. Series 2013-IA
1.42%, 04/20/25 144A†		1,200,000		1,175,332
Babson CLO, Ltd. Series 2015-IA
3.17%, 04/20/27 144A†		600,000		587,114
Bear Stearns Asset-Backed Securities Trust Series 2004-SD1
0.87%, 12/25/42†		92,226		91,392
Bear Stearns Asset-Backed Securities Trust Series 2007-HE7
1.42%, 10/25/37†		654,420		603,900
BlueMountain CLO, Ltd. Series 2012-1A
1.64%, 07/20/23 144A†		2,000,000		1,992,472
Cabela’s Credit Card Master Note Trust Series 2015-1A
2.26%, 03/15/23		950,000		940,303
Capital Auto Receivables Asset Trust Series 2013-1
1.29%, 04/20/18		260,000		259,384
1.74%, 10/22/18		270,000		269,749
Capital One Multi-Asset Execution Trust Series 2015-A2
2.08%, 03/15/23		1,000,000		990,932
Cent CLO 18, Ltd. Series 2013-18A
1.44%, 07/23/25 144A†		1,400,000		1,377,320
CenterPoint Energy Transition Bond Co. IV, LLC Series 2012-1
0.90%, 04/15/18		486,832		485,501
Chase Issuance Trust Series 2015-A2
1.59%, 02/18/20		2,725,000		2,724,620
CIFC Funding 2015-II, Ltd. Series 2015-2A
3.32%, 04/15/27 144A†		700,000		674,246
Citibank Credit Card Issuance Trust Series 2007-A8
5.65%, 09/20/19		3,500,000		3,738,908
Citibank Credit Card Issuance Trust Series 2014-A2
1.02%, 02/22/19		2,600,000		2,593,771
Colony American Homes Series 2014-1A
1.40%, 05/17/31 144A†		556,164		544,769
Colony American Homes Series 2014-2A
1.37%, 07/17/31 144A†		835,983		814,484
Conseco Financial Corporation Series 1998-1
6.04%, 11/01/29		3,856		3,921

See Notes to Financial Statements. 73

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Credit Acceptance Auto Loan Trust Series 2015-1A
2.00%, 07/15/22 144A		$	1,140,000		$	1,130,924
Credit-Based Asset Servicing and Securitization LLC Series 2005-CB3
0.88%, 05/25/35†			73,372			73,269
Crusade ABS Trust Series 2012-1
3.06%, 07/12/23(A)†			425,703			310,963
CSAB Mortgage-Backed Trust Series 2006-2
5.72%, 09/25/36 STEP			482,122			321,281
Dell Equipment Finance Trust Series 2014-1
1.36%, 06/22/20 144A			900,000			897,038
Drive Auto Receivables Trust Series 2015-AA
2.28%, 06/17/19 144A			2,710,000			2,705,668
Drug Royalty II LP 2 Series 2014-1
3.14%, 07/15/23 144A†@			241,112			243,959
Dryden XXII Senior Loan Fund Series 2011-22A
1.49%, 01/15/22 144A†			1,128,916			1,125,605
Dryden XXV Senior Loan Fund Series 2012-25A
1.70%, 01/15/25 144A†			800,000			794,703
Dryden XXVI Senior Loan Fund Series 2013-26A
1.42%, 07/15/25 144A†			400,000			392,316
Dryden XXVIII Senior Loan Fund Series 2013-28A
1.46%, 08/15/25 144A†			930,000			916,582
1.91%, 08/15/25 144A†			1,175,000			1,126,873
Dryden XXXI Senior Loan Fund Series 2014-31A
3.17%, 04/18/26 144A†			675,000			650,086
FHLMC Structured Pass-Through Securities Series T-32
0.68%, 08/25/31†			490,330			480,523
Flatiron CLO, Ltd. Series 2011-1A
1.87%, 01/15/23 144A†			700,000			697,349
GCAT Series 2015-2
3.75%, 07/25/20 STEP 144A			457,211			453,221
GoldenTree Loan Opportunities VII, Ltd. Series 2013-7A
1.47%, 04/25/25 144A†			500,000			489,591
Great America Leasing Receivables Funding LLC Series 2013-1
1.83%, 06/17/19 144A			325,000			324,133
IFC SBA Loan-Backed Adjustable Rate Certificate Series 1997-1
1.25%, 01/15/24 144A†			74,392			74,207

	Par		Value
Invitation Homes Trust Series 2013-SFR1
1.45%, 12/17/30 144A†	$	762,836	$	747,615
Invitation Homes Trust Series 2014-SFR1
1.35%, 06/17/31 144A†		2,420,000		2,368,111
Invitation Homes Trust Series 2014-SFR2
1.45%, 09/17/31 144A†		1,500,000		1,472,233
JP Morgan Mortgage Acquisition Corporation Series 2005-FLD1
1.16%, 07/25/35†		3,143		3,141
JP Morgan Mortgage Acquisition Corporation Series 2006-FRE2
0.60%, 02/25/36†		356,935		341,961
Kubota Credit Owner Trust Series 2015-1A
0.94%, 12/15/17 144A		1,021,023		1,019,090
LA Arena Funding LLC Series 1
7.66%, 12/15/26 144A		225,237		247,971
LCM XII LP Series 12A
1.58%, 10/19/22 144A†		1,190,000		1,184,368
Madison Park Funding XVII, Ltd. Series 2015-17A
3.18%, 07/21/27 144A†		400,000		389,898
MMAF Equipment Finance LLC Series 2011-AA
2.10%, 07/15/17 144A		323,501		324,261
Navient Private Education Loan Trust Series 2014-CTA
1.03%, 09/16/24 144A†		192,812		190,416
North Texas Higher Education Authority, Inc. Series 2011-1
1.71%, 04/01/40†		265,404		264,178
Octagon Investment Partners XIX, Ltd. Series 2014-1A
1.84%, 04/15/26 144A†		865,000		856,155
2.32%, 04/15/26 144A†		905,000		873,948
OneMain Financial Issuance Trust Series 2014-2A
2.47%, 09/18/24 144A		2,605,000		2,599,868
OneMain Financial Issuance Trust Series 2015-1A
3.19%, 03/18/26 144A		2,300,000		2,290,570
OneMain Financial Issuance Trust Series 2015-2A
2.57%, 07/18/25 144A		3,475,000		3,489,117
Option One Mortgage Loan Trust Series 2005-4
0.68%, 11/25/35†		609,814		604,879
OZLM Funding III, Ltd. Series 2013-3A
1.65%, 01/22/25 144A†		500,000		495,442
Progress Residential Series 2015-SFR1
1.76%, 02/17/32 144A†		465,000		458,870

74 See Notes to Financial Statements.

	Par		Value
Santander Drive Auto Receivables Trust Series 2012-3
3.01%, 04/16/18	$	454,643	$	456,024
Santander Drive Auto Receivables Trust Series 2012-4
2.94%, 12/15/17		642,933		645,840
Santander Drive Auto Receivables Trust Series 2012-5
2.70%, 08/15/18		225,035		225,940
Santander Drive Auto Receivables Trust Series 2012-6
1.94%, 03/15/18		145,772		146,018
Santander Drive Auto Receivables Trust Series 2012-AA
1.78%, 11/15/18 144A		1,642,196		1,644,696
Santander Drive Auto Receivables Trust Series 2013-1
1.76%, 01/15/19		1,690,000		1,691,884
Santander Drive Auto Receivables Trust Series 2013-A
3.12%, 10/15/19 144A		1,025,000		1,036,763
Santander Drive Auto Receivables Trust Series 2014-4
2.60%, 11/16/20		1,350,000		1,352,269
Securitized Asset-Backed Receivables LLC Trust Series 2006-OP1
0.79%, 10/25/35†		2,800,000		2,704,894
SLC Student Loan Trust Series 2006-2
0.61%, 09/15/26†		1,500,000		1,441,299
SLM Private Credit Student Loan Trust Series 2003-B
0.91%, 03/15/22†		244,018		239,594
SLM Private Credit Student Loan Trust Series 2004-B
0.71%, 06/15/21†		274,352		271,867
SLM Private Credit Student Loan Trust Series 2005-A
0.71%, 06/15/23†		1,276,029		1,227,366
SLM Private Education Loan Trust Series 2010-A
3.58%, 05/16/44 144A†		1,710,985		1,766,680
SLM Private Education Loan Trust Series 2011-C
1.73%, 12/15/23 144A†		35,751		35,755
SLM Private Education Loan Trust Series 2012-C
1.43%, 08/15/23 144A†		246,406		246,562
SLM Private Education Loan Trust Series 2013-C
1.18%, 02/15/22 144A†		509,443		509,544

	Par		Value
SLM Private Education Loan Trust Series 2014-A
1.48%, 01/15/26 144A†	$	1,245,000	$	1,236,832
2.59%, 01/15/26 144A		555,000		552,084
SoFi Professional Loan Program LLC Series 2015-A
1.62%, 03/25/33 144A†		1,071,023		1,068,401
SoFi Professional Loan Program LLC Series 2015-D
2.72%, 10/27/36 144A		1,075,000		1,067,838
Springleaf Funding Trust Series 2015-AA
3.16%, 11/15/24 144A		1,045,000		1,037,543
Structured Asset Securities Corporation Mortgage Loan Trust Series 2005-7XS
1.74%, 04/25/35†		503,280		478,209
Symphony CLO VIII, LP Series 2012-8A
1.42%, 01/09/23 144A†		1,638,772		1,638,323
Symphony CLO XV, Ltd. Series 2014-15A
1.77%, 10/17/26 144A†		2,650,000		2,627,441
Synchrony Credit Card Master Note Trust Series 2015-2
1.60%, 04/15/21		1,500,000		1,488,932
Trade MAPS 1, Ltd. Series 2013-1A
0.99%, 12/10/18 144A†		1,500,000		1,490,471
Tryon Park CLO, Ltd. Series 2013-1A
1.41%, 07/15/25 144A†		500,000		492,245
1.44%, 07/15/25 144A†		1,270,000		1,250,302
1.85%, 07/15/25 144A†		1,175,000		1,120,501
U.S. Small Business Administration Series 1996-20K
6.95%, 11/01/16		21,035		21,339
Venture XVII CLO, Ltd. Series 2014-17A
3.17%, 07/15/26 144A†		360,000		339,606
World Financial Network Credit Card Master Trust Series 2015-A
0.81%, 02/15/22†		1,190,000		1,182,808
World Omni Master Owner Trust Series 2013-1
0.68%, 02/15/18 144A†		750,000		749,873
Total Asset-Backed Securities (Cost $102,389,934)				101,248,381

See Notes to Financial Statements. 75

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
CORPORATE BONDS — 28.6%
AbbVie, Inc.
1.75%, 11/06/17	$	1,130,000	$	1,128,313
1.80%, 05/14/18D		870,000		866,491
2.50%, 05/14/20		1,000,000		990,961
AES Corporation
3.41%, 06/01/19†		900,000		828,000
Air Lease Corporation
4.50%, 01/15/16D		1,200,000		1,200,780
2.63%, 09/04/18		940,000		929,153
Ally Financial, Inc.
2.75%, 01/30/17D		1,400,000		1,400,000
5.50%, 02/15/17		1,500,000		1,548,750
3.25%, 09/29/17D		810,000		811,012
American Express Credit Corporation
1.13%, 06/05/17		630,000		627,227
1.08%, 03/18/19†		4,900,000		4,846,590
American Honda Finance Corpoiration
1.60%, 07/13/18		1,330,000		1,323,647
American Tower Corporation
2.80%, 06/01/20		2,900,000		2,869,570
AmeriGas Partners LP
6.25%, 08/20/19		500,000		481,250
Anthem, Inc.
2.38%, 02/15/17		1,060,000		1,069,735
Ashland, Inc.
3.88%, 04/15/18D		1,480,000		1,515,150
Astoria Financial Corporation
5.00%, 06/19/17		770,000		796,945
AT&T, Inc.
1.53%, 06/30/20†		4,000,000		3,975,696
Autodesk, Inc.
1.95%, 12/15/17		350,000		348,998
Aviation Capital Group Corporation
3.88%, 09/27/16 144A		1,900,000		1,916,625
4.63%, 01/31/18 144A		500,000		510,000
2.88%, 09/17/18 144A@		400,000		398,205
Bank of America Corporation
3.75%, 07/12/16		920,000		931,655
3.88%, 03/22/17		130,000		132,882
1.70%, 08/25/17		570,000		568,598
6.40%, 08/28/17		400,000		428,648
5.75%, 12/01/17		1,700,000		1,819,400
1.66%, 03/22/18†		1,200,000		1,204,502
6.88%, 04/25/18		800,000		883,081
1.36%, 01/15/19†		280,000		281,235
2.60%, 01/15/19D		1,300,000		1,305,180
2.65%, 04/01/19D		5,000,000		5,016,065
2.63%, 10/19/20		350,000		345,983
Baxalta, Inc.
1.37%, 06/22/18 144A†		380,000		379,043
2.00%, 06/22/18 144A		210,000		207,969
Becton Dickinson and Co.
0.96%, 06/15/16†		3,000,000		2,998,929
1.45%, 05/15/17		1,250,000		1,245,135
1.80%, 12/15/17D		700,000		699,314
BellSouth LLC
4.82%, 04/26/21 144A		400,000		404,789
Boston Scientific Corporation
2.65%, 10/01/18D		1,800,000		1,810,651

	Par		Value
3.38%, 05/15/22D	$	1,100,000	$	1,086,696
Burlington Northern Santa Fe LLC
3.40%, 09/01/24		500,000		501,401
Cameron International Corporation
1.40%, 06/15/17		270,000		266,265
Cantor Fitzgerald LP
6.50%, 06/17/22 144A@		750,000		781,381
Capital One NA
1.50%, 09/05/17		690,000		684,781
2.35%, 08/17/18		2,180,000		2,184,096
Case New Holland Industrial, Inc.
7.88%, 12/01/17		1,480,000		1,572,500
Caterpillar Financial Services Corporation
1.25%, 08/18/17D		490,000		488,360
CC Holdings GS V LLC
2.38%, 12/15/17		300,000		300,472
CCO Safari II LLC
3.58%, 07/23/20 144A		320,000		318,348
4.46%, 07/23/22 144A		2,000,000		1,995,262
Celgene Corporation
2.13%, 08/15/18		310,000		310,264
Chesapeake Energy Corporation
3.57%, 04/15/19†		3,300,000		932,250
Chevron Corporation
1.34%, 11/09/17		900,000		898,231
1.79%, 11/16/18		420,000		416,372
CHS/Community Health Systems, Inc.
5.13%, 08/15/18		200,000		202,000
CIT Group, Inc.
5.00%, 05/15/17D		175,000		180,688
4.25%, 08/15/17D		2,250,000		2,306,250
5.25%, 03/15/18		920,000		952,200
5.50%, 02/15/19 144A		100,000		104,750
Citigroup, Inc.
1.55%, 08/14/17		1,300,000		1,295,533
1.80%, 02/05/18		2,030,000		2,023,256
1.20%, 07/30/18†		3,200,000		3,200,518
2.05%, 12/07/18		450,000		447,938
Citizens Bank NA
1.60%, 12/04/17D		900,000		892,027
2.30%, 12/03/18D		350,000		349,831
CNH Industrial Capital LLC
3.88%, 07/16/18		530,000		514,100
4.38%, 11/06/20D		240,000		226,800
Coca-Cola Co.
0.88%, 10/27/17D		298,000		296,969
Compass Bank
1.85%, 09/29/17		500,000		495,936
ConAgra Foods, Inc.
1.30%, 01/25/16		240,000		240,038
ConocoPhillips Co.
1.26%, 05/15/22†		1,600,000		1,578,690
Continental Airlines 2009-2 Class B Pass-Through Trust
9.25%, 11/10/18		374,089		400,743
Continental Airlines 2010-1 Class B Pass-Through Trust
6.00%, 07/12/20		352,398		368,256
Crown Castle Towers LLC
3.22%, 05/15/42 144A		1,500,000		1,481,865

76 See Notes to Financial Statements.

	Par		Value
CVS Health Corporation
1.90%, 07/20/18	$	550,000	$	550,011
2.80%, 07/20/20		500,000		502,769
D.R. Horton, Inc.
3.63%, 02/15/18		700,000		711,375
3.75%, 03/01/19		109,000		109,000
4.00%, 02/15/20		400,000		404,280
Daimler Finance North America LLC
1.25%, 01/11/16 144A		530,000		530,023
1.13%, 03/10/17 144A		300,000		297,776
1.38%, 08/01/17 144A		660,000		654,183
1.65%, 03/02/18 144A		750,000		741,252
2.00%, 08/03/18 144A		3,000,000		2,981,109
DISH DBS Corporation
7.13%, 02/01/16		2,800,000		2,810,500
4.25%, 04/01/18		700,000		703,500
DTE Energy Co.
2.40%, 12/01/19		100,000		99,668
El Paso Natural Gas Co. LLC
5.95%, 04/15/17		1,500,000		1,517,580
Eli Lilly & Co.
1.25%, 03/01/18		410,000		409,120
ERAC USA Finance LLC
1.40%, 04/15/16 144A		180,000		179,926
Express Scripts Holding Co.
1.25%, 06/02/17D		380,000		377,598
Federal Express Corporation 2012 Pass-Through Trust
2.63%, 01/15/18 144A		254,720		255,941
Fidelity National Information Services, Inc.
2.00%, 04/15/18		340,000		334,483
Fifth Third Bancorp
5.45%, 01/15/17		250,000		259,238
Ford Motor Credit Co., LLC
3.98%, 06/15/16		1,000,000		1,011,212
8.00%, 12/15/16		1,820,000		1,924,845
3.00%, 06/12/17		560,000		565,642
2.15%, 01/09/18		700,000		697,751
1.33%, 03/12/19†		4,460,000		4,369,368
Freeport-McMoRan, Inc.
2.15%, 03/01/17		210,000		193,200
2.30%, 11/14/17D		840,000		719,250
Freeport-McMoran Oil & Gas LLC
6.63%, 05/01/21D		400,000		245,000
General Motors Co.
3.50%, 10/02/18		953,000		964,951
General Motors Financial Co., Inc.
2.63%, 07/10/17D		250,000		250,855
4.75%, 08/15/17		4,000,000		4,147,372
3.00%, 09/25/17D		600,000		602,551
2.40%, 04/10/18		1,300,000		1,294,326
3.10%, 01/15/19		175,000		174,871
3.70%, 11/24/20D		245,000		245,931
Gilead Sciences, Inc.
1.85%, 09/04/18		220,000		221,043
Glencore Funding LLC
1.68%, 01/15/19 144A†		1,200,000		993,535
Goldman Sachs Group, Inc.
5.35%, 01/15/16		761,000		761,801
3.63%, 02/07/16		2,874,000		2,881,349
5.75%, 10/01/16		135,000		139,256

	Par		Value
1.46%, 11/15/18†	$	580,000	$	582,761
1.48%, 04/23/20†		600,000		601,510
2.75%, 09/15/20D		210,000		210,092
2.01%, 11/29/23†		6,100,000		6,165,367
HCA, Inc.
3.75%, 03/15/19D		2,350,000		2,373,500
Hess Corporation
1.30%, 06/15/17		310,000		303,442
Hewlett Packard Enterprise Co.
2.45%, 10/05/17 144A		1,040,000		1,039,560
2.85%, 10/05/18 144A		2,400,000		2,400,235
HSBC Finance Corporation
0.84%, 06/01/16†		400,000		399,325
HSBC USA, Inc.
1.70%, 03/05/18		710,000		706,260
2.00%, 08/07/18		1,500,000		1,500,192
1.47%, 09/24/18†		800,000		801,183
0.97%, 11/13/19†		2,000,000		1,971,984
Huntington National Bank
1.30%, 11/20/16		500,000		499,774
0.75%, 04/24/17†		250,000		248,828
1.38%, 04/24/17		290,000		288,342
2.20%, 11/06/18		300,000		299,375
Hyundai Capital America
3.75%, 04/06/16 144A		190,000		191,048
1.45%, 02/06/17 144A		800,000		796,479
2.40%, 10/30/18 144A		240,000		239,256
IAC/InterActiveCorp
4.88%, 11/30/18		300,000		301,875
International Business Machines Corporation
1.13%, 02/06/18		450,000		447,124
International Lease Finance Corporation
5.75%, 05/15/16		1,000,000		1,015,000
6.75%, 09/01/16 144A		1,365,000		1,404,244
3.88%, 04/15/18		795,000		802,950
Interpublic Group of Cos., Inc.
2.25%, 11/15/17		283,000		282,131
J.B. Hunt Transport Services, Inc.
2.40%, 03/15/19D		620,000		624,359
Jabil Circuit, Inc.
7.75%, 07/15/16		295,000		303,112
Jackson National Life Global Funding
1.25%, 02/21/17 144AD		600,000		598,527
John Deere Capital Corporation
1.35%, 01/16/18D		400,000		398,511
Johnson Controls, Inc.
1.40%, 11/02/17		130,000		128,706
JPMorgan Chase & Co.
0.81%, 11/18/16†		1,300,000		1,299,589
1.22%, 01/25/18†		610,000		611,563
1.70%, 03/01/18		1,500,000		1,492,726
1.63%, 05/15/18D		979,000		971,736
2.35%, 01/28/19		1,050,000		1,054,454
1.53%, 10/29/20†		5,900,000		5,964,410
Kansas City Southern
1.02%, 10/28/16 144A†		1,000,000		988,094
KeyBank NA
1.70%, 06/01/18		900,000		894,013
Kinder Morgan, Inc.
7.00%, 06/15/17		100,000		103,048

See Notes to Financial Statements. 77

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
2.00%, 12/01/17D	$	210,000	$	202,427
3.05%, 12/01/19D		210,000		194,533
4.30%, 06/01/25D		100,000		86,562
Kinder Morgan Energy Partners LP
5.80%, 03/01/21		100,000		99,651
5.00%, 10/01/21		200,000		189,007
Kinder Morgan Finance Co. LLC
6.00%, 01/15/18 144A		2,300,000		2,320,095
Kraft Heinz Foods Co.
1.60%, 06/30/17 144A		850,000		847,847
2.00%, 07/02/18 144A		1,830,000		1,822,462
Kroger Co.
2.20%, 01/15/17		500,000		504,661
L-3 Communications Corporation
1.50%, 05/28/17		300,000		296,385
Lehman Escrow Bonds
0.00%, 12/28/17+W†#		2,600,000		—
0.00%, 12/31/99W†#@		600,000		45,000
Lennar Corporation
4.50%, 06/15/19		1,500,000		1,525,312
Liberty Property LP
6.63%, 10/01/17		375,000		402,603
Lockheed Martin Corporation
1.85%, 11/23/18		200,000		199,786
Manufacturers & Traders Trust Co.
1.25%, 01/30/17D		700,000		699,467
1.40%, 07/25/17		780,000		776,598
Marathon Oil Corporation
6.00%, 10/01/17		1,000,000		1,019,744
Marathon Petroleum Corporation
2.70%, 12/14/18D		670,000		662,989
Masco Corporation
6.13%, 10/03/16		500,000		516,240
McGraw Hill Financial, Inc.
2.50%, 08/15/18 144A		270,000		271,856
3.30%, 08/14/20		800,000		807,678
McKesson Corporation
1.29%, 03/10/17		300,000		299,244
Medtronic, Inc.
1.50%, 03/15/18		270,000		269,931
2.50%, 03/15/20		1,700,000		1,713,080
Metropolitan Life Global Funding I
1.95%, 12/03/18 144AD		670,000		668,651
Morgan Stanley
5.75%, 10/18/16		5,400,000		5,586,165
4.75%, 03/22/17		1,015,000		1,051,667
6.63%, 04/01/18		510,000		559,524
1.06%, 07/23/19†		940,000		932,548
2.38%, 07/23/19		1,073,000		1,069,404
1.46%, 01/27/20†		1,350,000		1,354,208
Motorola Solutions, Inc.
3.50%, 09/01/21D		1,900,000		1,789,519
Nabors Industries, Inc.
2.35%, 09/15/16		1,100,000		1,094,721
National Oilwell Varco, Inc.
1.35%, 12/01/17		660,000		645,991
NBCUniversal Enterprise, Inc.
1.01%, 04/15/18 144A†D		355,000		354,606

	Par		Value
New York Life Global Funding
1.55%, 11/02/18 144A	$	710,000	$	704,507
Newell Rubbermaid, Inc.
2.15%, 10/15/18		240,000		232,418
Nissan Motor Acceptance Corporation
1.00%, 03/15/16 144A		910,000		910,144
1.95%, 09/12/17 144AD		520,000		521,067
Northwest Airlines 2002-1 Class G-2 Pass-Through Trust
6.26%, 05/20/23		117,880		122,955
Occidental Petroleum Corporation
2.50%, 02/01/16D		5,000,000		5,004,235
Omnicom Group, Inc.
5.90%, 04/15/16		285,000		288,660
PACCAR Financial Corporation
0.75%, 05/16/16		270,000		269,835
1.10%, 06/06/17D		250,000		248,787
1.05%, 12/06/18†		250,000		250,669
Pennsylvania Electric Co.
5.20%, 04/01/20D		500,000		533,534
Penske Truck Leasing Co. LP
2.50%, 03/15/16 144A		1,650,000		1,652,934
2.50%, 06/15/19 144A		190,000		187,050
3.20%, 07/15/20 144A		1,000,000		990,999
Phillips 66
2.95%, 05/01/17		210,000		212,923
Pioneer Natural Resources Co.
6.65%, 03/15/17		900,000		929,482
6.88%, 05/01/18		400,000		425,170
Plains All American Pipeline LP
2.60%, 12/15/19		900,000		798,842
Prudential Financial, Inc.
1.14%, 08/15/18†		500,000		500,129
QUALCOMM, Inc.
3.00%, 05/20/22D		1,200,000		1,189,000
Reliance Standard Life Global Funding II
2.15%, 10/15/18 144A		490,000		487,301
Samsung Electronics America, Inc.
1.75%, 04/10/17 144A		1,150,000		1,147,746
Santander Bank NA
2.00%, 01/12/18		600,000		595,880
Schlumberger Holdings Corporation
2.35%, 12/21/18 144A		675,000		670,619
Scripps Networks Interactive, Inc.
3.50%, 06/15/22D		900,000		867,180
Southern California Edison Co.
1.85%, 02/01/22		1,392,857		1,380,587
Southern Power Co.
1.85%, 12/01/17		190,000		190,006
Southwestern Energy Co.
4.05%, 01/23/20D		200,000		145,250
Sprint Communications, Inc.
9.00%, 11/15/18 144AD		1,350,000		1,424,250
St. Jude Medical, Inc.
2.00%, 09/15/18		1,245,000		1,243,501
Stanley Black & Decker, Inc.
2.45%, 11/17/18		530,000		532,434

78 See Notes to Financial Statements.

	Par		Value
SunTrust Bank
5.20%, 01/17/17	$	890,000	$	919,766
Synchrony Financial
1.88%, 08/15/17		750,000		746,856
2.60%, 01/15/19		685,000		683,032
3.00%, 08/15/19		390,000		389,789
1.53%, 02/03/20†		250,000		246,291
1.56%, 02/03/20†		700,000		689,616
Thermo Fisher Scientific, Inc.
2.15%, 12/14/18		200,000		199,991
3.30%, 02/15/22D		1,900,000		1,897,935
TIAA Asset Management Finance Co. LLC
2.95%, 11/01/19 144A		1,400,000		1,404,050
T-Mobile USA, Inc.
5.25%, 09/01/18		600,000		613,620
Toyota Motor Credit Corporation
1.45%, 01/12/18		630,000		628,989
1.55%, 07/13/18D		880,000		878,245
United Airlines 2009-1 Pass-Through Trust
10.40%, 05/01/18D		202,866		215,320
United Airlines 2009-2A Pass-Through Trust
9.75%, 07/15/18		362,820		383,229
UnitedHealth Group, Inc.
1.45%, 07/17/17		370,000		370,094
1.90%, 07/16/18		420,000		421,419
US Airways 2011-1 Class B Pass-Through Trust
9.75%, 04/22/20		741,382		829,421
US Airways 2012-1 Class B Pass-Through Trust
8.00%, 04/01/21D		292,154		315,891
Ventas Realty LP
1.55%, 09/26/16		414,000		414,360
1.25%, 04/17/17		230,000		228,376
Verizon Communications, Inc.
1.35%, 06/09/17		840,000		837,869
2.25%, 09/14/18†D		570,000		584,024
1.30%, 06/17/19†		5,900,000		5,864,919
2.55%, 06/17/19D		600,000		608,060
2.63%, 02/21/20		1,125,000		1,130,010
Vesey Street Investment Trust I
4.40%, 09/01/16 STEP		700,000		713,771
Volkswagen Group of America Finance LLC
1.25%, 05/23/17 144A		1,060,000		1,035,010
1.60%, 11/20/17 144A		470,000		456,551
1.65%, 05/22/18 144A		619,000		594,338
Walgreens Boots Alliance, Inc.
1.75%, 11/17/17		230,000		229,656
WEA Finance LLC
1.75%, 09/15/17 144A		220,000		218,203
2.70%, 09/17/19 144A		260,000		258,084
Welltower, Inc. REIT
3.63%, 03/15/16		400,000		401,758
6.20%, 06/01/16		1,546,000		1,576,166
Whirlpool Corporation
1.65%, 11/01/17		340,000		338,395
Wm. Wrigley Jr. Co.
1.40%, 10/21/16 144A		200,000		199,833
2.00%, 10/20/17 144A		200,000		200,412

	Par		Value
WPX Energy, Inc.
5.25%, 01/15/17D	$	780,000	$	733,200
Wyndham Worldwide Corporation
2.95%, 03/01/17		1,000,000		1,006,345
Zimmer Biomet Holdings, Inc.
2.00%, 04/01/18		820,000		815,391
2.70%, 04/01/20		190,000		187,798
Zoetis, Inc.
3.45%, 11/13/20D		300,000		300,677
Total Corporate Bonds (Cost $249,853,356)				245,784,366
FOREIGN BONDS — 13.0%
Australia — 1.1%
Asciano Finance, Ltd.
5.00%, 04/07/18 144A@		1,500,000		1,545,205
Australia & New Zealand Banking Group, Ltd.
2.00%, 11/16/18		1,280,000		1,278,309
Commonwealth Bank of Australia
1.75%, 11/02/18D		610,000		605,574
Macquarie Bank, Ltd.
5.00%, 02/22/17 144AD		250,000		258,635
0.95%, 10/27/17 144A†		480,000		477,969
1.60%, 10/27/17 144AD		860,000		854,106
Macquarie Group, Ltd.
1.33%, 01/31/17 144A†		1,240,000		1,241,972
4.88%, 08/10/17 144A		355,000		367,563
National Australia Bank, Ltd.
1.30%, 06/30/17 144A		390,000		388,467
Perpetual Trustee- Apollo
3.94%, 10/03/40(A)		404,816		296,500
Virgin Australia 2013-1A Trust
5.00%, 04/23/25 144A		514,363		532,366
Westpac Banking Corporation
1.95%, 11/23/18		1,270,000		1,268,305
				9,114,971
Bermuda — 0.2%
Aircastle, Ltd.
6.75%, 04/15/17D		1,546,000		1,616,544
Brazil — 0.1%
Banco Santander Brasil SA
4.63%, 02/13/17 144A		1,000,000		1,013,500
Canada — 0.7%
Bell Canada
1.33%, 04/22/16(C)†		1,150,000		830,889
Canadian Natural
Resources, Ltd.
1.75%, 01/15/18		480,000		467,090
Glencore Finance Canada, Ltd.
2.70%, 10/25/17 144AD		1,031,000		943,767
Rogers Communications, Inc.
1.44%, 03/13/17(C)†		550,000		396,320
Royal Bank of Canada
1.20%, 09/19/17		1,885,000		1,876,090
Shaw Communications, Inc.
1.52%, 02/01/16(C)†		1,000,000		722,733
Thomson Reuters Corporation
1.65%, 09/29/17		640,000		636,984

See Notes to Financial Statements. 79

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
TransAlta Corporation
1.90%, 06/03/17	$	112,000	$	108,811
				5,982,684
Cayman Islands — 0.2%
Alibaba Group Holding, Ltd.
1.63%, 11/28/17 144A		400,000		395,346
Baidu, Inc.
2.25%, 11/28/17		440,000		440,600
Hutchison Whampoa International, (12) (II), Ltd.
2.00%, 11/08/17 144A		370,000		370,507
Seagate HDD Cayman
3.75%, 11/15/18		200,000		198,527
3.75%, 11/15/18 144A		660,000		655,050
				2,060,030
Chile — 0.3%
Banco Santander Chile
1.92%, 01/19/16 144A†		2,500,000		2,498,750
Corpbanca SA
3.88%, 09/22/19 144A		500,000		496,528
				2,995,278
Denmark — 0.1%
AP Moeller - Maersk A/S
2.55%, 09/22/19 144A		670,000		663,640
France — 1.5%
BPCE SA
1.63%, 02/10/17		440,000		439,322
Credit Agricole SA
1.12%, 04/15/19 144A†		1,260,000		1,253,834
1.46%, 06/10/20 144A†		1,400,000		1,400,496
Dexia Credit Local SA
0.72%, 01/11/17†		9,800,000		9,796,893
				12,890,545
Germany — 0.1%
FMS Wertmanagement
1.13%, 09/05/17		1,100,000		1,098,293
Guernsey — 0.1%
Credit Suisse Group Funding Guernsey, Ltd.
3.80%, 09/15/22 144A		450,000		450,304
Iceland — 0.1%
Iceland Government International Bond
4.88%, 06/16/16		627,000		637,979
Ireland — 0.1%
AerCap Ireland Capital, Ltd.
2.75%, 05/15/17		700,000		697,375
Italy — 0.5%
Intesa Sanpaolo SpA
1.70%, 04/11/16†		3,300,000		3,302,511
Italy Government International Bond
5.25%, 09/20/16		741,000		761,241
				4,063,752
Japan — 0.6%
Bank of Tokyo-Mitsubishi UFJ, Ltd.
1.20%, 03/10/17 144A		620,000		616,215

	Par		Value
1.45%, 09/08/17 144A	$	750,000	$	745,382
1.52%, 09/14/18 144A†		800,000		802,635
Japan Finance Organization for Municipalities
1.50%, 09/12/17		200,000		199,561
Mitsubishi UFJ Trust & Banking Corporation
1.60%, 10/16/17 144A		500,000		496,851
2.65%, 10/19/20 144A		700,000		700,059
Mizuho Bank, Ltd.
1.30%, 04/16/17 144A		490,000		487,746
1.05%, 09/25/17 144A†		300,000		298,197
1.70%, 09/25/17 144A		1,110,000		1,104,994
				5,451,640
Luxembourg — 0.1%
Pentair Finance SA
2.90%, 09/15/18D		720,000		717,238
Mexico — 0.5%
Mexico Cetes
3.22%, 03/10/16 IO(M)W		545,000,000		3,142,877
Petroleos Mexicanos
5.50%, 01/21/21		1,400,000		1,415,680
				4,558,557
Netherlands — 1.3%
ABN AMRO Bank NV
1.12%, 10/28/16 144A†		600,000		601,740
EDP Finance BV
6.00%, 02/02/18 144A		800,000		842,498
ING Bank NV
1.80%, 03/16/18 144AD		645,000		643,367
2.00%, 11/26/18 144A		1,260,000		1,255,696
1.30%, 10/01/19 144A†D		250,000		248,865
LeasePlan Corporation NV
2.88%, 01/22/19 144A		2,500,000		2,469,595
Petrobras Global Finance BV
3.88%, 01/27/16		1,900,000		1,894,775
1.99%, 05/20/16†		300,000		293,250
2.89%, 03/17/17†D		1,300,000		1,194,375
Shell International Finance BV
1.25%, 11/10/17D		560,000		557,354
0.92%, 11/10/18†		680,000		679,155
1.63%, 11/10/18		540,000		537,393
				11,218,063
New Zealand — 0.3%
ANZ New Zealand International, Ltd.
1.40%, 04/27/17 144A		660,000		659,428
BNZ International Funding, Ltd.
1.90%, 02/26/18 144A		2,000,000		1,992,012
				2,651,440
Norway — 0.0%
Eksportfinans ASA
2.38%, 05/25/16D		300,000		300,398
Panama — 0.0%
Carnival Corporation
1.20%, 02/05/16		310,000		310,103
Singapore — 0.0%
DBS Group Holdings, Ltd.
0.82%, 07/16/19 144A†		400,000		400,165

80 See Notes to Financial Statements.

	Par		Value
South Korea — 2.8%
Export-Import Bank of Korea
1.38%, 09/17/16†	$	800,000	$	801,223
5.38%, 10/04/16 144A		1,300,000		1,339,303
Hyundai Capital Services, Inc.
4.38%, 07/27/16		1,657,000		1,680,534
4.38%, 07/27/16 144A		2,900,000		2,941,189
Industrial Bank of Korea
2.38%, 07/17/17		2,000,000		2,014,014
KEB Hana Bank
4.00%, 11/03/16		1,500,000		1,529,690
3.50%, 10/25/17D		800,000		816,640
Korea Development Bank
3.88%, 05/04/17D		4,800,000		4,926,504
Korea Land & Housing Corporation
1.88%, 08/02/17 144A		2,000,000		1,996,894
Korea Western Power Co., Ltd.
2.88%, 10/10/18		3,000,000		3,046,776
KT Corporation
1.75%, 04/22/17 144A		2,000,000		1,995,290
2.63%, 04/22/19@		800,000		803,559
				23,891,616
Spain — 0.2%
Instituto de Credito Oficial
1.13%, 04/01/16 144A		1,300,000		1,300,831
Switzerland — 0.6%
Credit Suisse AG
1.38%, 05/26/17		1,480,000		1,473,310
1.75%, 01/29/18		500,000		498,746
2.30%, 05/28/19		335,000		335,288
3.63%, 09/09/24		500,000		504,492
UBS AG
1.80%, 03/26/18D		2,200,000		2,197,030
				5,008,866
United Kingdom — 1.1%
Abbey National Treasury Services PLC
1.65%, 09/29/17		1,150,000		1,151,534
Anglo American Capital PLC
1.27%, 04/15/16 144A†		300,000		297,085
Barclays Bank PLC
0.94%, 02/17/17†		890,000		889,743
Barclays PLC
2.00%, 03/16/18		1,350,000		1,345,640
BP Capital Markets PLC
3.47%, 06/01/16(E)		700,000		770,901
HSBC Bank PLC
1.00%, 05/15/18 144A†		1,190,000		1,186,113
Jaguar Land Rover Automotive PLC
4.13%, 12/15/18 144A		700,000		706,125
Nationwide Building Society
2.35%, 01/21/20 144AD		800,000		795,382
Standard Chartered PLC
1.50%, 09/08/17 144A		1,320,000		1,312,740
Yorkshire Building Society
2.13%, 03/18/19(E)		900,000		1,016,158
				9,471,421

	Par		Value
Virgin Islands (British) — 0.4%
Sinopec Group Overseas Development 2014, Ltd.
1.10%, 04/10/17 144A†	$	3,000,000	$	2,996,319
TSMC Global, Ltd.
1.63%, 04/03/18 144A		370,000		362,844
				3,359,163
Total Foreign Bonds (Cost $112,903,405)				111,924,396
LOAN AGREEMENTS — 0.1%
Activision Blizzard, Inc. Term B Loan
3.25%, 10/11/20
(Cost $642,654)		635,375		633,558
MORTGAGE-BACKED SECURITIES — 15.9%
American Home Mortgage Investment Trust Series 2004-3
2.31%, 10/25/34†		255,609		255,084
American Home Mortgage Assets Trust Series 2006-5
1.18%, 11/25/46†		845,999		429,271
American Homes 4 Rent Series 2014-SFR1
1.25%, 06/17/31†		535,272		523,694
1.35%, 06/17/31†		1,313,850		1,285,430
Arran Residential Mortgages Funding PLC Series 2011-1A
1.82%, 11/19/47 144A†		221,374		221,625
Banc of America Commercial Mortgage Trust Series 2006-4
5.62%, 07/10/46†		287,749		290,264
Banc of America Commercial Mortgage Trust Series 2007-4
5.81%, 02/10/51†		1,290,000		1,348,346
Banc of America Commercial Mortgage Trust Series 2007-5
5.49%, 02/10/51		1,818,365		1,883,366
Banc of America Funding Trust Series 2006-J
3.01%, 01/20/47†		408,271		343,274
Banc of America Mortgage Trust Series 2003-L
2.71%, 01/25/34†		181,783		177,844
Banc of America Mortgage Trust Series 2004-2
6.50%, 10/25/31		50,194		52,656
Banc of America Mortgage Trust Series 2004-I
2.84%, 10/25/34†		294,713		292,152
BBCMS Trust Series 2015-RRI
1.48%, 05/15/32 144A†		2,200,000		2,181,303

See Notes to Financial Statements. 81

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-8
2.87%, 01/25/34†	$	223,958	$	223,857
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-5
3.14%, 07/25/34†		309,314		309,540
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-7
2.82%, 10/25/34†		34,878		34,558
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-2
2.68%, 03/25/35†		470,952		471,888
Bear Stearns ALT-A Trust Series 2004-13
1.16%, 11/25/34†		165,644		163,204
Bear Stearns Commercial Mortgage Securities Trust Series 2006-PW11
5.51%, 03/11/39†		495,067		494,571
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW15
5.32%, 02/11/44		1,002,592		1,032,420
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW17
5.69%, 06/11/50†		1,843,390		1,922,596
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18
6.08%, 06/11/50†		1,055,000		1,121,588
Bear Stearns Commercial Mortgage Securities Trust Series 2007-T26
5.51%, 01/12/45†		845,000		872,623
BLCP Hotel Trust Series 2014-CLRN
1.28%, 08/15/29 144A†		1,920,448		1,886,711
CD Commercial Mortgage Trust Series 2007-CD4
5.37%, 12/11/49†		395,000		403,163
CDGJ Commercial Mortgage Trust Series 2014-BXCH
1.73%, 12/15/27 144A†		790,000		785,045
CGBAM Commercial Mortgage Trust Series 2015-SMRT
3.21%, 04/10/28 144A		850,000		854,818
Citigroup Commercial Mortgage Trust Series 2013-SMP
2.11%, 01/12/30 144A		1,252,836		1,254,521
Citigroup Commercial Mortgage Trust Series 2015-SSHP
3.38%, 09/15/17 144A†		1,185,000		1,160,941
COBALT Commercial Mortgage Trust Series 2007-C3
5.77%, 05/15/46†		1,040,000		1,091,717

	Par		Value
COMM Mortgage Trust Series 2006-C8
5.31%, 12/10/46	$	1,072,275	$	1,091,378
COMM Mortgage Trust Series 2012-CR2
1.83%, 08/15/45 IOW†		1,955,164		163,721
COMM Mortgage Trust Series 2013-CR7
1.50%, 03/10/46 IOW†		5,584,831		379,081
COMM Mortgage Trust Series 2013-CR11
1.17%, 10/10/46 IOW†		5,926,110		372,144
COMM Mortgage Trust Series 2013-CR12
2.90%, 10/10/46		2,055,000		2,089,364
COMM Mortgage Trust Series 2013-SFS
1.87%, 04/12/35 144A		593,097		578,778
COMM Mortgage Trust Series 2014-FL5
2.48%, 10/15/31 144A†		670,000		665,055
COMM Mortgage Trust Series 2014-KYO
1.20%, 06/11/27 144A†		3,400,000		3,360,547
COMM Mortgage Trust Series 2015-LC21
0.89%, 07/10/48 IOW†		6,861,878		356,046
Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-29
0.96%, 02/25/35†		142,113		134,327
Credit Suisse Commercial Mortgage Trust Series 2006-C1
5.46%, 02/15/39†		469,203		468,792
Credit Suisse Commercial Mortgage Trust Series 2007-C5
5.62%, 09/15/40†		196,844		200,346
Credit Suisse Commercial Mortgage Trust Series 2008-C1
6.07%, 02/15/41†		85,218		85,446
Crusade Global Trust Series 2006-2
0.42%, 11/15/37†		1,045,486		1,041,720
CSMC Trust Series 2013-IVR2
1.55%, 04/25/43 144A†		1,022,538		958,502
DBRR Trust Series 2011-C32
5.71%, 06/17/49 144A†		1,805,000		1,864,131
Del Coronado Trust Series 2013-HDC
1.13%, 03/15/26 144A†		530,000		527,270
Deutsche Alt-B Securities Mortgage Loan Trust Series 2006-AB4
5.87%, 10/25/36 STEP		359,070		297,008
5.89%, 10/25/36 STEP		359,070		297,222
Eurosail-UK PLC Series 2007-4X
0.89%, 06/13/45(U)†		413,856		606,200
Fannie Mae Connecticut Avenue Securities Series 2013-C01
2.42%, 10/25/23†		741,757		747,140

82 See Notes to Financial Statements.

	Par		Value
Fannie Mae Connecticut Avenue Securities Series 2014-C01
2.02%, 01/25/24†	$	831,043	$	832,320
Fannie Mae Connecticut Avenue Securities Series 2014-C02
1.37%, 05/25/24†		1,118,357		1,107,996
Fannie Mae Connecticut Avenue Securities Series 2014-C03
1.62%, 07/25/24†		1,583,964		1,578,217
Fannie Mae Grantor Trust Series 2002-T6
3.31%, 02/25/32		33,460		33,855
FDIC Guaranteed Notes Trust Series 2010-S1
3.25%, 04/25/38 144A		323,198		330,189
0.98%, 02/25/48 144A†		87,102		87,120
FDIC Guaranteed Notes Trust Series 2010-S4
1.15%, 12/04/20 144A†		1,454,011		1,463,659
FDIC Trust Series 2010-R1
2.18%, 05/25/50 144A		507,872		504,126
Federal Home Loan Mortgage Corporation
5.00%, 01/01/19		75,796		79,651
5.00%, 02/01/19		94,688		99,476
5.00%, 12/01/19		189,781		199,770
5.50%, 05/01/22		596,796		630,835
2.61%, 07/01/27†		10,255		10,873
3.00%, 01/01/31 TBA		4,100,000		4,224,942
2.62%, 11/01/31†		46,989		49,638
2.50%, 04/01/32†		7,013		7,391
2.28%, 06/01/33†		694,919		732,766
2.61%, 10/01/34†		174,061		185,074
2.50%, 08/01/35†		617,500		654,952
2.09%, 09/01/35†		351,337		370,331
2.40%, 10/01/35†		532,116		559,745
2.14%, 04/01/36†		552,998		583,382
Federal Home Loan Mortgage Corporation REMIC Series 3710
4.00%, 08/15/25 STEP		302,153		321,369
Federal Home Loan Mortgage Corporation REMIC Series 3959
4.50%, 11/15/41		749,008		810,637
Federal Home Loan Mortgage Corporation REMIC Series 3986
4.50%, 09/15/41		762,032		820,417
Federal Home Loan Mortgage Corporation REMIC Series 4286
4.00%, 12/15/43		513,870		548,794
Federal Home Loan Mortgage Corporation REMIC Series 4390
3.50%, 06/15/50		734,985		762,692
Federal National Mortgage Association
5.00%, 07/01/19		41,792		43,556
5.00%, 05/01/21		344,489		361,597
5.00%, 11/01/21		148,143		155,229

	Par		Value
2.25%, 12/01/24 CONV†	$	13,920	$	14,269
9.00%, 05/01/25		3,588		3,616
9.00%, 07/01/25		6,824		6,871
3.00%, 01/01/26 TBA		765,000		788,059
3.50%, 01/01/26 TBA		5,775,000		6,047,736
4.50%, 01/01/26 TBA		510,000		527,006
3.00%, 02/01/26 TBA		100,000		102,852
2.50%, 12/01/27		2,253,975		2,283,801
2.51%, 09/01/31†		65,898		68,792
1.57%, 08/01/32†		580,205		604,886
2.34%, 12/01/32†		461,852		491,287
2.07%, 04/01/33†		129,619		136,996
2.15%, 06/01/33†		87,919		92,649
2.66%, 06/01/33†		56,489		59,874
2.67%, 10/01/33†		205,776		217,483
2.55%, 12/01/33†		78,123		81,955
2.70%, 03/01/34†		88,912		89,912
2.17%, 09/01/34†		303,521		320,376
2.08%, 10/01/34†		167,212		174,745
2.26%, 10/01/34†		204,699		215,743
2.28%, 02/01/35†		249,658		264,432
2.48%, 09/01/35†		473,340		500,856
2.32%, 12/01/35†		14,217		14,898
4.00%, 01/01/40 TBA		1,445,000		1,506,638
1.44%, 08/01/42†		404,514		413,978
3.60%, 09/01/42†		1,234,716		1,286,906
1.44%, 07/01/44†		274,386		281,029
1.44%, 10/01/44†		208,193		213,153
2.73%, 06/01/45†		1,977,786		1,998,929
Federal National Mortgage Association REMIC Series 2004-80
4.00%, 11/25/19		47,118		48,124
Federal National Mortgage Association REMIC Series 2011-48
4.00%, 06/25/26 STEP		485,562		518,218
Federal National Mortgage Association REMIC Series 2011-87
0.97%, 09/25/41†		2,627,815		2,658,306
Federal National Mortgage Association REMIC Series 2015-M4
0.58%, 07/25/22 IOW†		23,727,228		684,293
FHLMC Multifamily VRD Certificates Series M012
5.50%, 08/15/51 STEP		3,000,000		3,067,500
FHLMC Structured Pass-Through Securities Series T-56
1.42%, 05/25/43†		698,192		709,739
FHLMC Structured Pass-Through Securities Series T-61
1.64%, 07/25/44†		1,005,211		1,021,506
First Horizon Alternative Mortgage Securities Trust Series 2004-AA1
2.35%, 06/25/34†		355,891		349,762
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2013-DN2
1.87%, 11/25/23†		523,412		523,028

See Notes to Financial Statements. 83

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
GAHR Commercial Mortgage Trust Series 2015-NRF
1.63%, 12/15/16 144A†	$	1,990,000	$	1,978,871
GE Capital Commercial Mortgage Corporation Series 2007-C1
5.48%, 12/10/49†		956,998		991,187
Giovecca Mortgages S.r.l. Series 2011-1
0.55%, 04/23/48(E)†		324,167		351,261
Government National Mortgage Association
1.75%, 06/20/17†		1,796		1,811
2.00%, 06/20/21†		2,360		2,428
1.75%, 03/20/22†		134,611		138,722
1.75%, 01/20/23†		22,135		22,807
1.75%, 05/20/24†		42,847		44,182
1.88%, 07/20/25†		56,311		58,018
1.88%, 08/20/25†		14,870		15,389
1.63%, 11/20/25†		47,534		49,265
1.63%, 12/20/26†		67,301		70,000
1.88%, 07/20/27†		1,588		1,647
1.63%, 10/20/27†		26,406		27,481
8.50%, 10/15/29		23,505		24,260
8.50%, 03/15/30		714		717
8.50%, 04/15/30		4,957		5,080
8.50%, 05/15/30		62,917		66,049
1.75%, 05/20/30†		42,674		43,775
8.50%, 07/15/30		49,484		53,180
8.50%, 08/15/30		12,598		13,612
8.50%, 11/15/30		7,971		8,424
8.50%, 12/15/30		28,262		32,497
8.50%, 02/15/31		16,676		17,517
Government National Mortgage Association Series 2000-9
0.94%, 02/16/30†		76,843		77,601
Government National Mortgage Association Series 2007-30
0.70%, 05/20/37†		231,917		232,495
Granite Mortgages PLC Series 2003-3
0.33%, 01/20/44(E)†		33,337		36,239
GreenPoint Mortgage Funding Trust Series 2005-AR5
0.69%, 11/25/45†		189,103		163,317
GreenPoint Mortgage Funding Trust Series 2006-OH1
0.60%, 01/25/37†		639,101		514,220
GS Mortgage Securities Trust Series 2007-GG10
5.79%, 08/10/45†		224,071		232,996
GSR Mortgage Loan Trust Series 2004-11
2.82%, 09/25/34†		380,673		367,830
GSR Mortgage Loan Trust Series 2005-AR6
2.81%, 09/25/35†		272,712		278,619
Hilton USA Trust Series 2013-HLF
1.27%, 11/05/30 144A†		1,106,192		1,100,640

	Par		Value
Hilton USA Trust Series 2013-HLT
4.41%, 11/05/30 144A	$	825,000	$	821,079
4.45%, 11/05/30 144A†		975,000		970,314
Impac CMB Trust Series 2003-1
1.22%, 03/25/33†		298,246		290,838
IndyMac INDX Mortgage Loan Trust Series 2006-AR12
0.61%, 09/25/46†		723,586		588,394
IndyMac INDX Mortgage Loan Trust Series 2007-FLX3
0.49%, 06/25/37†		414,151		284,259
JP Morgan Chase Commercial Mortgage Securities Trust Series 2002-CIB5
5.50%, 10/12/37 144A		1,507,408		1,545,581
JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-CB15
5.81%, 06/12/43†		2,784,526		2,806,174
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-CB19
5.70%, 02/12/49†		750,224		782,652
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LD12
5.85%, 02/15/51†		1,227,959		1,285,818
JP Morgan Chase Commercial Mortgage Securities Trust Series 2011-C4
4.11%, 07/15/46 144A		1,400,000		1,452,291
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-FL6
1.73%, 11/15/31 144A†		845,000		838,743
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-CSMO
1.58%, 01/15/32 144A†		1,090,000		1,084,219
JP Morgan Mortgage Trust Series 2005-A1
2.71%, 02/25/35†		82,525		82,315
JP Morgan Mortgage Trust Series 2013-1
2.50%, 03/25/43 144A†		387,681		384,126
Lanark Master Issuer PLC Series 2012-2A
1.78%, 12/22/54 144A†		543,283		543,826
LB-UBS Commercial Mortgage Trust Series 2007-C1
5.42%, 02/15/40		1,151,419		1,177,808
LB-UBS Commercial Mortgage Trust Series 2007-C6
6.11%, 07/15/40†		1,645,000		1,717,976
LB-UBS Commercial Mortgage Trust Series 2007-C7
6.16%, 09/15/45†		2,130,000		2,279,377
Luminent Mortgage Trust Series 2006-7
0.39%, 12/25/36†		713,206		573,869

84 See Notes to Financial Statements.

	Par		Value
MASTR Adjustable Rate Mortgages Trust Series 2003-6
2.74%, 12/25/33†	$	232,378	$	229,858
Merrill Lynch Mortgage Investors Trust Series 2004-1
2.24%, 12/25/34†		395,271		396,242
Merrill Lynch Mortgage Investors Trust Series 2006-1
2.18%, 02/25/36†		448,671		443,333
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-4
5.20%, 12/12/49		915,000		939,043
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C13
1.20%, 11/15/46 IOW†		4,882,775		309,237
Morgan Stanley Capital I Trust Series 2007-HQ11
5.48%, 02/12/44†		1,655,000		1,704,818
Morgan Stanley Capital I Trust Series 2007-IQ13
5.41%, 03/15/44		1,090,000		1,118,843
National RMBS Trust Series 2012-2
3.17%, 06/20/44(A)†		306,084		225,608
NCUA Guaranteed Notes Trust Series 2010-R1
1.84%, 10/07/20		7,299		7,302
NCUA Guaranteed Notes Trust Series 2010-R3
0.83%, 12/08/20†		2,555,585		2,572,776
NCUA Guaranteed Notes Trust Series 2011-C1
0.95%, 03/09/21 STEP†		1,334,514		1,327,786
RALI Trust Series 2003-QS1
0.82%, 01/25/33†		1,640		1,637
RCMC LLC Series 2012-CRE1
5.62%, 11/15/44 144A		177,900		179,851
RFMSI Trust Series 2003-S9
6.50%, 03/25/32		13,672		14,161
Rochester Financing No. 1 PLC Series 1
2.03%, 07/16/46 STEP(U)†		331,571		489,411
Selkirk No. 1, Ltd. Series 1
1.33%, 02/20/41 144A		798,824		794,992
Sequoia Mortgage Trust Series 2012-1
2.87%, 01/25/42†		415,741		416,951
Sequoia Mortgage Trust Series 2012-2
3.50%, 04/25/42†		224,609		226,235
Sequoia Mortgage Trust Series 2013-1
1.45%, 02/25/43†		547,712		529,022
Sequoia Mortgage Trust Series 2013-4
1.55%, 04/25/43†		655,808		634,759

	Par		Value
Springleaf Mortgage Loan Trust Series 2013-1A
1.27%, 06/25/58 144A†	$	502,567	$	497,292
Springleaf Mortgage Loan Trust Series 2013-2A
1.78%, 12/25/65 144A†		333,112		332,832
STRIPs, Ltd. Series 2012-1A
1.50%, 12/25/44 144A		133,732		132,448
Structured Adjustable Rate Mortgage Loan Trust Series 2004-10
2.56%, 08/25/34†		547,192		533,894
Structured Adjustable Rate Mortgage Loan Trust Series 2004-13
0.72%, 09/25/34†		123,800		106,964
Structured Asset Mortgage Investments II Trust Series 2004-AR5
2.17%, 10/19/34†		156,342		130,703
Structured Asset Mortgage Investments II Trust Series 2005-AR5
0.65%, 07/19/35†		114,083		98,645
Structured Asset Mortgage Investments II Trust Series 2005-AR8
0.70%, 02/25/36†		579,795		448,019
Talisman-6 Finance PLC Series 6
0.13%, 10/22/16(E)†		13,969		15,059
TBW Mortgage-Backed Trust Series 2007-2
6.01%, 07/25/37 STEP		368,296		274,664
TORRENS Trust Series 2013-1
3.01%, 04/12/44(A)†		1,562,699		1,136,543
UBS-Barclays Commercial Mortgage Trust Series 2012-C2
1.71%, 05/10/63 IO 144AW†		6,274,883		399,643
Wachovia Bank Commercial Mortgage Trust Series 2007-C32
5.71%, 06/15/49†		836,397		865,779
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR6
1.66%, 06/25/42†		16,950		16,328
Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR8
2.48%, 08/25/33†		382,900		392,074
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR2
0.73%, 01/25/45†		595,368		560,701
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR5
1.24%, 06/25/46†		1,092,605		1,017,391
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR19
1.00%, 01/25/47†		594,424		479,413

See Notes to Financial Statements. 85

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY1
2.21%, 02/25/37†	$	451,151	$	391,839
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY5
2.16%, 05/25/37†		512,802		419,244
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY7
2.22%, 07/25/37†		1,367,792		1,162,700
Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA5
1.10%, 05/25/47 IO†		275,928		22,075
Wells Fargo Commercial Mortgage Trust Series 2010-C1
3.35%, 11/15/43 144A		954,513		979,425
Wells Fargo Commercial Mortgage Trust Series 2014-TISH
3.08%, 01/15/27 144A†		790,000		767,810
Wells Fargo Mortgage-Backed Securities Trust Series 2004-EE
2.74%, 12/25/34†		349,086		356,650
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR16
2.74%, 08/25/33†		65,431		66,478
WFRBS Commercial Mortgage Trust Series 2012-C8
2.16%, 08/15/45 IO 144AW†		3,541,967		296,762
Total Mortgage-Backed Securities (Cost $141,588,805)				137,188,126
MUNICIPAL BONDS — 1.3%
California Earthquake Authority, Revenue Bond
1.82%, 07/01/17		480,000		483,053
2.81%, 07/01/19		1,300,000		1,315,587
Energy Northwest, Revenue Bond
1.79%, 07/01/18		400,000		404,152
Florida Hurricane Catastrophe Fund Finance Corporation, Series A, Revenue Bond
1.30%, 07/01/16		720,000		722,225
State of Texas, General Obligation, Series C-2
0.83%, 06/01/19†		3,300,000		3,302,871
University of California, Revenue Bond, Series Y-1
0.93%, 07/01/41†		1,100,000		1,099,835
University of California, Revenue Bond, Series Y-2
0.93%, 07/01/41†		1,000,000		999,850
University of Massachusetts Building Authority, Revenue Bond, Series 4
1.31%, 11/01/17		3,000,000		3,013,140
Total Municipal Bonds (Cost $11,301,045)				11,340,713

	Number of Contracts		Value
PURCHASED OPTIONS — 0.0%
Call Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $128.00, Expires 02/19/16 (UBS)		115	$	26,953
Put Options — 0.0%
90-Day Euro, Strike Price $97.875, Expires 06/13/16 (UBS)		215		1,344
90-Day Euro, Strike Price $98.625, Expires 06/13/16 (UBS)		215		1,344
				2,688
Total Purchased Options (Cost $248,216)				29,641
	Par
U.S. TREASURY OBLIGATIONS — 26.9%
U.S. Treasury Bills
0.29%, 06/23/16W	$	10,000,000		9,978,150
U.S. Treasury Inflationary Index Bond 0.13%, 04/15/20D		6,500,000		6,522,296
U.S. Treasury Notes
0.38%, 10/31/16D		1,000,000		996,914
1.00%, 10/31/16D		1,495,000		1,497,920
0.50%, 11/30/16		15,000,000		14,962,200
0.63%, 12/15/16		13,000,000		12,981,969
0.63%, 12/31/16		9,545,000		9,530,463
0.88%, 12/31/16D		10,000,000		10,007,620
0.63%, 07/31/17		7,620,000		7,578,479
0.63%, 09/30/17		13,846,000		13,751,889
0.75%, 10/31/17		62,400,000		62,074,584
0.88%, 11/15/17		6,675,000		6,652,839
0.88%, 11/30/17D		390,000		388,903
1.00%, 02/15/18D‡‡		25,575,000		25,498,071
1.13%, 06/15/18		5,000,000		4,988,965
1.00%, 08/15/18		15,380,000		15,282,675
1.00%, 09/15/18		6,170,000		6,126,736
0.88%, 10/15/18		11,565,000		11,439,184
1.25%, 12/15/18D		10,000,000		9,979,490
1.63%, 06/30/19		800,000		803,703
				214,542,604
Total U.S. Treasury Obligations (Cost $231,652,483)				231,043,050
	Shares
MONEY MARKET FUNDS — 7.4%
GuideStone Money Market Fund (Investor Class)¥		36,182,778		36,182,778
Northern Institutional Liquid Assets Portfolio§		27,068,175		27,068,175
Total Money Market Funds (Cost $63,250,953)				63,250,953
TOTAL INVESTMENTS — 105.7% (Cost $919,858,751)				908,454,380

86 See Notes to Financial Statements.

	Number of Contracts			Value
WRITTEN OPTIONS — (0.1)%
Put Options — (0.1)%
90-Day Euro, Strike Price $98.25, Expires 06/13/16 (UBS)		(430	)	$	(2,687	)
90-Day Euro, Strike Price $98.75, Expires 06/13/16 (UBS)		(66	)		(58,575	)
90-Day Euro, Strike Price $98.75, Expires 12/19/16 (UBS)		(602	)		(252,087	)
90-Day Euro, Strike Price $98.75, Expires 12/19/16 (UBS)		(602	)		(282,188	)
					(595,537	)
	Notional Amount
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price
1.92%, Expires
03/01/16 (CITI)	$	(23,300,000	)		(66,163	)
Total Written Options
(Premiums received $(1,194,980))					(661,700	)
Liabilities in Excess of Other Assets — (5.6)%					(47,769,166	)
NET ASSETS — 100.0%				$	860,023,514

Swap agreements outstanding at December 31, 2015:

Maturity Date	Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Currency		Notional Amount		Market Value			Counterparty		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Sell Protection
12/20/20	Volvo Treasury AB, 5.00% due 05/31/17		1.09	%		(1.00	)%		EUR		500,000	$	(2,311	)		BNP	$	5,627
12/20/20	Volvo Treasury AB, 5.00% due 05/31/17		1.09	%		(1.00	)%		EUR		400,000		(1,849	)		MSCS		5,612
12/20/20	Volvo Treasury AB, 5.00% due 05/31/17		1.09	%		(1.00	)%		EUR		300,000		(1,387	)		CITI		4,995
												$	(5,547	)			$	16,234
Maturity Date	Reference Obligation				Fixed Deal (Pay) Rate			Currency		Notional Amount		Market Value			Counterparty		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Buy Protection
12/20/20
	Dow Jones CDX.NA.IG25					1.00	%		USD		1,750,000	$	(9,703	)		CME	$	10,954
Maturity Date	Reference Obligation				Fixed Deal (Pay) Rate			Currency		Notional Amount		Market Value			Counterparty		Unrealized Appreciation (Depreciation)
Interest Rate Swaps
10/05/17	MXN-TIIE-Banxico					4.20	%		MXN		402,500,000	$	(47,258	)		CME	$	(28,492	)
12/15/17	3-Month LIBOR					1.00	%		CAD		55,000,000		53,017			CME		9,529
06/15/18	3-Month LIBOR					(1.25	)%		USD		197,000,000		664,264			CME		396,851
												$	670,023				$	377,888
Total Swap agreements outstanding at December 31, 2015												$	654,773				$	405,076

See Notes to Financial Statements. 87

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations	$	6,011,196	$	—	$	6,011,196	$	—
Asset-Backed Securities		101,248,381		—		62,782,695		38,465,686
Corporate Bonds		245,784,366		—		245,784,366		—
Foreign Bonds:
Australia		9,114,971		—		8,818,471		296,500
Bermuda		1,616,544		—		1,616,544		—
Brazil		1,013,500		—		1,013,500		—
Canada		5,982,684		—		5,982,684		—
Cayman Islands		2,060,030		—		2,060,030		—
Chile		2,995,278		—		2,995,278		—
Denmark		663,640		—		663,640		—
France		12,890,545		—		12,890,545		—
Germany		1,098,293		—		1,098,293		—
Guernsey		450,304		—		450,304		—
Iceland		637,979		—		637,979		—
Ireland		697,375		—		697,375		—
Italy		4,063,752		—		4,063,752		—
Japan		5,451,640		—		5,451,640		—
Luxembourg		717,238		—		717,238		—
Mexico		4,558,557		—		4,558,557		—
Netherlands		11,218,063		—		11,218,063		—
New Zealand		2,651,440		—		2,651,440		—
Norway		300,398		—		300,398		—
Panama		310,103		—		310,103		—
Singapore		400,165		—		400,165		—
South Korea		23,891,616		—		23,891,616		—
Spain		1,300,831		—		1,300,831		—
Switzerland		5,008,866		—		5,008,866		—
United Kingdom		9,471,421		—		9,471,421		—
Virgin Islands (British)		3,359,163		—		3,359,163		—
Loan Agreements		633,558		—		633,558		—
Money Market Funds		63,250,953		63,250,953		—		—
Mortgage-Backed Securities		137,188,126		—		129,580,804		7,607,322
Municipal Bonds		11,340,713		—		11,340,713		—
Purchased Options		29,641		29,641		—		—
U.S. Treasury Obligations		231,043,050		—		231,043,050		—
Total Assets - Investments in Securities	$	908,454,380	$	63,280,594	$	798,804,278	$	46,369,508
Other Financial Instruments***
Swap Agreements	$	654,773	$	—	$	654,773	$	—
Total Assets - Other Financial Instruments	$	654,773	$	—	$	654,773	$	—

88 See Notes to Financial Statements.

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs				Level 3 Significant Unobservable Inputs
Liabilities:
Investments in Securities:
Written Options		$	(661,700	)		$	(595,537	)		$	(66,163	)		$	—
Total Liabilities - Investments in Securities		$	(661,700	)		$	(595,537	)		$	(66,163	)		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts		$	(227,924	)		$	—			$	(227,924	)		$	—
Futures Contracts			(247,600	)			(247,600	)			—				—
Total Liabilities - Other Financial Instruments		$	(475,524	)		$	(247,600	)		$	(227,924	)		$	—

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

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2015.

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

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

	Total Value			Asset-Backed Securities			Corporate Bonds			Foreign Bonds			Mortgage-Backed Securities
Balance, 12/31/14	$	43,863,320		$	25,455,737		$	3,451,214		$	1,157,486		$	13,798,883
Accrued discounts/premiums		(22,533	)		11,994			(27,285	)		(31	)		(7,211	)
Realized gain (loss)(1)		(163,134	)		42,622			(8,180	)		(64,230	)		(133,346	)
Change in unrealized appreciation (depreciation)(2)		(832,448	)		(76,115	)		(624,592	)		11,328			(143,069	)
Purchases		19,935,840			19,169,381			—			—			766,459
Sales		(11,059,681	)		(6,668,938	)		(479,988	)		(163,540	)		(3,747,215	)
Transfers in to Level 3(3)		4,072,089			4,072,089			—			—			—
Transfers out of Level 3(4)		(1,622,125	)		—			(1,089,759	)		(532,366	)		—
Maturities		(880,000	)		—			(880,000	)		—			—
Paydowns		(6,921,820	)		(3,541,084	)		(341,410	)		(112,147	)		(2,927,179	)
Balance, 12/31/15	$	46,369,508		$	38,465,686		$	—		$	296,500		$	7,607,322

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

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

(3) Transfers in to Level 3 represent the value of a security at December 31, 2015 that was transferred from Level 2 to Level 3 of the fair value hierarchy as a result of the inability of the Fund to obtain a price using an objective method such as a pricing vendor.

(4) Transfers out of Level 3 represent the value of securities at December 31, 2015 that were transferred from Level 3 to Level 2 of the fair value hierarchy as a result of the ability of the Fund to obtain a price using an objective method such as a pricing vendor.

See Notes to Financial Statements. 89

Medium-Duration Bond Fund (Unaudited)

The Fund invested in a diversified portfolio composed primarily of investment grade fixed income securities with an average dollar-weighted duration (a measure of bond prices’ sensitivity to changes in interest rates) normally between three to seven years. The Investor Class of the Fund underperformed its benchmark index, the Barclays U.S. Aggregate Bond Index, for the one-year period ended December 31, 2015 (-0.22% versus 0.55%).

The Fund outpaced its benchmark index for two of the four quarters of the year. However, these periods of positive performance were unable to fully offset the weakness experienced in the third quarter. Widening spreads and rising volatility combined with overweight positions in credit were the strongest contributors to relative underperformance in the third quarter. Spreads continued to widen in the fourth quarter in anticipation and reaction to the Fed’s decision to increase short-term interest rates. During the year, the Fund remained diversified across multiple spread sectors to take advantage of the relative yield advantage of these sectors compared to U.S. Treasuries. The Fund’s performance was positively impacted by the relative yield advantage.

Other strategies involving derivatives were utilized during the year. U.S. Treasury futures contracts, options on U.S. Treasuries and Euro-futures were used for the common purposes of managing duration, implementing yield curve positioning strategies and expressing cross-sector views. Overall, on a net basis, these positions had a positive impact on performance. In an effort to better express the desired credit exposures and risks from a synthetic perspective, credit default swaps were utilized on a very modest basis. The positions established through the use of swaps detracted from the performance of the Fund. Currency forward contracts were utilized to hedge foreign currency risk and to express active currency views. These currency strategies resulted in a positive impact to the Fund’s performance. Through the process of implementing interest rate views and emerging markets strategies during the year, interest rate swaps were used although they provided little impact on the performance of the Fund.

During the year, the Fund remained focused on its objective of seeking maximum total return consistent with preservation of capital.

This Fund may be suitable for investors who have a short- to medium-term investment horizon, seek higher returns than those offered by a shorter maturity bond fund, can accept some short-term fluctuations in account value and want to diversify their portfolio with a fixed income investment option. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings. To the extent that the investment adviser misjudges current market conditions, the Fund’s volatility may be amplified by its use of derivatives and by its ability to select sub-advisers to allocate assets. Some derivatives may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value of the Fund generally to decline faster than it would otherwise. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and may reduce its returns. It is possible to lose money by investing in the Fund.

90

Medium-Duration Bond Fund (Unaudited)

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Mortgage-Backed Securities		41.5
U.S. Treasury Obligations		24.2
Corporate Bonds		22.8
Foreign Bonds		13.1
Money Market Funds		5.5
Asset-Backed Securities		4.4
Municipal Bonds		1.5
Agency Obligations		1.1
Commercial Paper		0.8
Loan Agreements		0.3
Foreign Government Inflation-Linked Bond		0.1
Preferred Stock		0.1
Purchased Options		0.1
Written Options		—
TBA Sale Commitments		(1.3	)
		114.2

91

Medium-Duration Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional     Class*	Investor     Class*	Benchmark**
One Year	0.03%	-0.22%	0.55%
Five Year	3.66%	3.48%	3.25%
Ten Year	5.03%	4.88%	4.52%
Since Inception	5.23%	5.13%	4.73%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	0.46%	0.72%

(1)Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2005 to December 31, 2015, with all dividends and capital gains reinvested, with the Barclays U.S. Aggregate Bond Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

92

MEDIUM-DURATION BOND FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Par			Value
AGENCY OBLIGATIONS — 1.1%
Federal Farm Credit Bank
5.05%, 11/06/17		$	400,000		$	428,520
Federal Home Loan Bank
0.24%, 01/26/16W			1,300,000			1,299,783
0.88%, 05/24/17			20,000			19,976
3.38%, 12/08/23			200,000			213,334
Federal National Mortgage Association
2.01%, 10/09/19W†D			3,350,000			3,103,889
2.63%, 09/06/24D			1,000,000			1,010,559
6.25%, 05/15/29			500,000			678,879
6.63%, 11/15/30			1,170,000			1,659,468
Tennessee Valley Authority
3.88%, 02/15/21D			1,000,000			1,092,307
5.25%, 09/15/39			230,000			277,036
4.63%, 09/15/60			200,000			209,682
Total Agency Obligations (Cost $9,634,906)						9,993,433
ASSET-BACKED SECURITIES — 4.4%
Asset-Backed Securities Corporation Home Equity Loan Trust Series 2004-HE6
0.97%, 09/25/34†			2,494			2,495
AUTO ABS Series 2012-3
0.60%, 09/27/24(E)			779,917			845,873
Avis Budget Rental Car Funding AESOP LLC Series 2013-1A
1.92%, 09/20/19 144A			160,000			158,800
Avis Budget Rental Car Funding AESOP LLC Series 2013-2A
2.97%, 02/20/20 144A			160,000			162,837
Avis Budget Rental Car Funding AESOP LLC Series 2014-1A
2.46%, 07/20/20 144A			150,000			150,475
Avis Budget Rental Car Funding AESOP LLC Series 2014-2A
2.50%, 02/20/21 144A			550,000			548,816
Bayview Financial Mortgage Pass-Through Trust Series 2004-A
0.87%, 02/28/44†			51,245			51,126
Bear Stearns Asset-Backed Securities Trust Series 2007-SD1
6.00%, 10/25/36			1,544,693			1,200,326
6.50%, 10/25/36			2,452,877			1,898,977
Chapel BV Series 2007
0.31%, 07/17/66(E)†			979,092			1,003,858
Citigroup Global Markets Mortgage Securities VII, Inc. Series 1998-NC1
0.90%, 03/25/28†			5,513			5,483
CWHEQ Revolving Home Equity Loan Trust Series 2005-F
0.57%, 12/15/35†			232,959			207,470

	Par			Value
CWHEQ Revolving Home Equity Loan Trust Series 2006-E
0.47%, 07/15/36†		$	441,222		$	372,482
Edsouth Indenture No. 7 LLC Series 2014-3
1.02%, 02/25/36 144A†			1,276,673			1,200,663
Education Funding Capital Trust Series 2004-1
1.85%, 06/15/43†			700,000			635,606
EMC Mortgage Loan Trust Series 2003-B
0.75%, 11/25/41 144A†			17,956			17,035
Financial Asset Securities Corporation AAA Trust Series 2005-1A
0.83%, 02/27/35 144A†			935,215			789,082
Ford Credit Floorplan Master Owner Trust A Series 2015-4
0.93%, 08/15/20†			500,000			498,796
Fremont Home Loan Trust Series 2005-E
0.66%, 01/25/36†			1,260,620			1,223,102
GMACM Home Equity Loan Trust Series 2007-HE3
6.66%, 09/25/37†			114,935			118,899
7.00%, 09/25/37†			54,231			53,525
Goal Capital Funding Trust Series 2007-1
0.69%, 09/25/28†			409,875			405,956
GSAMP Trust Series 2007-HS1
1.27%, 02/25/47†			954,712			930,023
Hertz Vehicle Financing LLC Series 2013-1A
1.83%, 08/25/19 144A			210,000			207,213
Hertz Vehicle Financing LLC Series 2015-1A
3.52%, 05/15/21 144A			500,000			485,800
Hertz Vehicle Financing LLC
2.73%, 05/25/21 144A			350,000			343,070
JGWPT XXXIII LLC Series 2014-3A
3.50%, 06/15/77 144A			429,832			427,467
Mississippi Higher Education Assistance Corporation Series 2014-1
1.10%, 10/25/35†			805,150			786,896
Nelnet Student Loan Trust Series 2006-2
0.42%, 01/25/30†			1,800,000			1,765,857
Panhandle-Plains Higher Education Authority, Inc. Series 2010-2
1.74%, 10/01/35†			439,156			440,189
Park Place Securities, Inc. Asset-Backed Pass-Through Trust Certificates Series 2005-WCH1
1.26%, 01/25/36†			100,000			95,373
Penarth Master Issuer PLC Series 2015-2A
0.76%, 05/18/19 144A†			1,700,000			1,695,565

See Notes to Financial Statements. 93

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Provident Home Equity Loan Trust Series 2000-2
0.96%, 08/25/31†		$	77,515		$	56,060
RAMP Trust Series 2004-RZ1
0.90%, 03/25/34†			164,664			164,622
RAMP Trust Series 2005-EFC6
0.85%, 11/25/35†			1,900,000			1,689,659
RAMP Trust Series 2006-NC1
0.61%, 01/25/36†			229,228			228,791
Saxon Asset Securities Trust Series 2004-1
1.22%, 03/25/35†			799,708			724,486
Scholar Funding Trust Series 2010-A
1.07%, 10/28/41 144A†			420,914			410,754
SCLP Series 2015-1
3.28%, 09/15/23+			1,908,929			1,902,820
SLC Student Loan Trust Series 2005-3
0.63%, 06/15/29†			900,000			850,137
SLM Private Education Loan Trust Series 2010-A
3.58%, 05/16/44 144A†			712,910			736,117
SLM Student Loan EDC Repackaging Trust Series 2013-M1
3.50%, 10/28/29 144A			311,472			304,620
SLM Student Loan Trust Series 2003-11
1.26%, 12/15/25 144A†			400,000			383,506
SLM Student Loan Trust Series 2005-4
0.44%, 01/25/27†			233,950			222,511
SLM Student Loan Trust Series 2005-5
0.46%, 10/25/28†			900,000			843,401
SLM Student Loan Trust Series 2006-2
0.43%, 07/25/25†			1,828,720			1,799,022
SLM Student Loan Trust Series 2007-5
0.43%, 01/26/43†			1,020,000			867,046
SLM Student Loan Trust Series 2007-7
1.07%, 10/25/28†			400,000			318,264
SLM Student Loan Trust Series 2008-2
1.07%, 04/25/23†			219,649			211,591
SLM Student Loan Trust Series 2008-4
1.97%, 07/25/22†			550,000			553,384
SLM Student Loan Trust Series 2008-5
2.02%, 07/25/23†			1,008,000			1,013,950
SLM Student Loan Trust Series 2008-9
1.82%, 04/25/23†			3,227,317			3,229,518
Soundview Home Loan Trust Series 2006-OPT2
0.60%, 05/25/36†			1,141,962			1,079,133

	Par			Value
SpringCastle America Funding LLC Series 2014-AA
2.70%, 05/25/23 144A		$	299,430		$	298,871
SPS Servicer Advance Receivables Trust Series 2015-T2
2.62%, 01/15/47+ 144A@			950,000			949,923
United States Small Business Administration Series 2013-20J
3.37%, 10/01/33			317,107			329,414
United States Small Business Administration Series 2015-20B
2.46%, 02/01/35			77,934			77,545
United States Small Business Administration Series 2015-20D
2.51%, 04/01/35			254,710			253,680
Utah State Board of Regents Series 2015-1
1.02%, 02/25/43†			932,745			913,680
Total Asset-Backed Securities (Cost $40,292,446)						39,141,640
COMMERCIAL PAPER — 0.8%
Barclays Bank PLC
0.89%, 04/13/16W@			1,500,000			1,499,895
Federal Home Loan Bank
0.19%, 01/20/16			300,000			299,970
0.24%, 01/20/16			300,000			299,962
0.20%, 01/27/16			800,000			799,884
0.25%, 01/29/16			300,000			299,948
0.31%, 02/01/16			100,000			99,973
0.38%, 02/01/16			2,400,000			2,399,215
0.33%, 02/09/16			1,400,000			1,399,500
Total Commercial Paper (Cost $7,098,452)						7,098,347
CORPORATE BONDS — 22.8%
21st Century Fox America, Inc.
3.70%, 09/15/24D			725,000			732,304
ABB Finance USA, Inc.
4.38%, 05/08/42			40,000			39,795
AbbVie, Inc.
1.75%, 11/06/17			280,000			279,582
1.80%, 05/14/18D			1,600,000			1,593,547
2.50%, 05/14/20			575,000			569,803
3.20%, 11/06/22			225,000			221,812
3.60%, 05/14/25			190,000			187,887
ACE INA Holdings, Inc.
2.30%, 11/03/20			90,000			89,414
2.88%, 11/03/22			100,000			99,333
3.35%, 05/03/26			220,000			219,611
AES Corporation
4.88%, 05/15/23			80,000			70,400
5.50%, 03/15/24			370,000			332,075
Amazon.com, Inc.
3.30%, 12/05/21D			525,000			540,904
4.95%, 12/05/44			390,000			416,949
American Campus Communities Operating Partnership LP
3.75%, 04/15/23			525,000			517,197

94 See Notes to Financial Statements.

	Par			Value
American Express Co.
6.80%, 09/01/66†		$	1,215,000		$	1,227,150
American Express Credit Corporation
1.55%, 09/14/20†D			1,000,000			1,009,671
American International Group, Inc.
2.30%, 07/16/19			200,000			198,473
3.75%, 07/10/25			705,000			700,083
4.50%, 07/16/44			100,000			92,834
6.25%, 03/15/87			278,000			304,410
American Tower Corporation REIT
3.40%, 02/15/19			200,000			205,309
Amgen, Inc.
3.63%, 05/22/24			100,000			100,142
5.38%, 05/15/43			350,000			373,197
Anadarko Petroleum Corporation
6.38%, 09/15/17			10,000			10,490
3.45%, 07/15/24D			320,000			284,782
6.45%, 09/15/36			200,000			193,310
Antero Resources Corporation
5.38%, 11/01/21			100,000			80,500
5.63%, 06/01/23 144AD			425,000			333,625
Anthem, Inc.
5.88%, 06/15/17			720,000			761,345
Apache Corporation
3.25%, 04/15/22			50,000			47,689
5.10%, 09/01/40			60,000			51,456
4.25%, 01/15/44D			670,000			526,437
Arch Coal, Inc.
7.25%, 06/15/21#			500,000			5,050
Argos Merger Sub, Inc.
7.13%, 03/15/23 144A			200,000			198,800
AT&T, Inc.
2.95%, 05/15/16			425,000			427,626
4.45%, 05/15/21D			80,000			85,250
3.00%, 02/15/22			170,000			166,878
3.40%, 05/15/25			1,955,000			1,882,651
5.55%, 08/15/41			160,000			161,328
4.35%, 06/15/45			100,000			85,878
Atwood Oceanics, Inc.
6.50%, 02/01/20D			30,000			16,200
Axiall Corporation
4.88%, 05/15/23			30,000			27,113
Baker Hughes, Inc.
7.50%, 11/15/18			710,000			801,919
Bank of America Corporation
6.05%, 05/16/16			275,000			279,560
3.88%, 03/22/17			130,000			132,882
5.70%, 05/02/17D			1,100,000			1,147,531
5.75%, 12/01/17			1,890,000			2,022,744
6.88%, 04/25/18			1,400,000			1,545,391
5.65%, 05/01/18			700,000			753,127
2.60%, 01/15/19			320,000			321,275
5.63%, 07/01/20			50,000			55,594
5.88%, 01/05/21			150,000			169,947
5.00%, 05/13/21			320,000			350,029
3.30%, 01/11/23			120,000			118,302
4.13%, 01/22/24			450,000			465,576
4.00%, 04/01/24			4,845,000			4,963,717
4.20%, 08/26/24			390,000			387,644
4.00%, 01/22/25			440,000			431,537

	Par			Value
3.88%, 08/01/25		$	330,000		$	335,659
4.25%, 10/22/26			440,000			436,461
5.00%, 01/21/44			750,000			785,765
4.88%, 04/01/44			370,000			384,605
6.25%, 09/29/49†			300,000			301,125
6.50%, 10/29/49†D			150,000			158,250
Bank of New York Mellon Corporation
2.60%, 08/17/20			700,000			703,214
Barrick North America Finance LLC
4.40%, 05/30/21			570,000			512,419
Baxalta, Inc.
5.25%, 06/23/45 144A			150,000			150,841
Bear Stearns Cos. LLC
6.40%, 10/02/17			1,200,000			1,292,634
Becton, Dickinson and Co.
2.68%, 12/15/19			400,000			402,552
3.73%, 12/15/24			370,000			373,843
4.69%, 12/15/44			130,000			131,674
BellSouth LLC
4.82%, 04/26/21 144A			1,600,000			1,619,155
Berkshire Hathaway Energy Co.
6.50%, 09/15/37			70,000			85,460
Boeing Capital Corporation
4.70%, 10/27/19			230,000			252,475
Boeing Co.
4.88%, 02/15/20D			50,000			55,717
6.63%, 02/15/38			210,000			279,547
California Resources Corporation
5.50%, 09/15/21D			170,000			54,400
Capital One Financial Corporation
4.20%, 10/29/25			475,000			469,926
Catholic Health Initiatives
4.35%, 11/01/42			40,000			37,497
CBRE Services, Inc.
5.25%, 03/15/25			400,000			405,889
CCO Holdings LLC
7.00%, 01/15/19			168,000			171,780
5.38%, 05/01/25 144AD			280,000			279,300
CCO Safari II LLC
3.58%, 07/23/20 144A			75,000			74,613
4.91%, 07/23/25 144A			1,875,000			1,876,007
6.38%, 10/23/35 144A			60,000			60,754
6.48%, 10/23/45 144A			450,000			451,917
Celgene Corporation
3.55%, 08/15/22D			290,000			293,248
3.88%, 08/15/25			600,000			598,760
5.25%, 08/15/43			90,000			92,295
5.00%, 08/15/45			520,000			524,022
Chesapeake Energy Corporation
3.57%, 04/15/19†			850,000			240,125
6.13%, 02/15/21			290,000			83,230
8.00%, 12/15/22 144A@			227,000			112,365
CHS/Community Health Systems, Inc.
8.00%, 11/15/19			100,000			101,250
Chubb Corporation
6.38%, 03/29/67†			400,000			385,132
Cimarex Energy Co.
4.38%, 06/01/24			75,000			66,650

See Notes to Financial Statements. 95

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
CIT Group, Inc.
4.25%, 08/15/17		$	1,100,000		$	1,127,500
Citigroup, Inc.
3.50%, 05/15/23			220,000			216,655
3.75%, 06/16/24			300,000			305,937
4.40%, 06/10/25			450,000			455,376
5.50%, 09/13/25			290,000			315,390
4.30%, 11/20/26			1,600,000			1,595,533
4.45%, 09/29/27			350,000			348,470
6.63%, 06/15/32			50,000			59,162
6.68%, 09/13/43			10,000			12,305
4.65%, 07/30/45			840,000			855,868
5.35%, 04/29/49†D			180,000			170,775
8.40%, 04/29/49†			300,000			327,975
5.95%, 07/29/49†			170,000			166,558
6.13%, 11/15/49†D			250,000			255,313
5.80%, 11/29/49†			1,700,000			1,687,675
5.88%, 12/29/49†			175,000			173,906
5.95%, 12/29/49†			690,000			664,988
Clean Harbors, Inc.
5.25%, 08/01/20			195,000			199,875
CNOOC Finance 2015 USA LLC
3.50%, 05/05/25			760,000			724,809
Comcast Corporation
5.70%, 05/15/18			1,250,000			1,366,805
3.38%, 08/15/25			400,000			405,434
6.95%, 08/15/37			70,000			91,513
6.55%, 07/01/39			30,000			37,859
6.40%, 03/01/40			120,000			149,236
Compass Bank
2.75%, 09/29/19			375,000			372,293
5.50%, 04/01/20			300,000			320,809
Concho Resources, Inc.
5.50%, 10/01/22			170,000			155,550
5.50%, 04/01/23			70,000			65,100
ConocoPhillips Co.
3.35%, 11/15/24D			330,000			302,130
4.15%, 11/15/34D			175,000			151,999
ConocoPhillips Holding Co.
6.95%, 04/15/29			220,000			252,325
Continental Airlines 1998-1 Class A Pass-Through Trust
6.65%, 03/15/19			81,052			83,025
Continental Resources, Inc.
5.00%, 09/15/22			10,000			7,388
Crown Castle International Corporation REIT
5.25%, 01/15/23			525,000			553,875
CSEMC 2015-3GNA A1
3.07%, 03/09/17+W			1,020,000			1,492,415
CSEMC 2015-3GNA A2
4.33%, 03/09/17+W			380,000			555,998
CVS Health Corporation
4.13%, 05/15/21			250,000			264,779
3.50%, 07/20/22			425,000			433,076
2.75%, 12/01/22			500,000			487,912
4.00%, 12/05/23			400,000			416,373
3.88%, 07/20/25			470,000			480,605
4.88%, 07/20/35			200,000			206,498
5.13%, 07/20/45			440,000			465,298
CVS Pass-Through Trust
6.94%, 01/10/30			708,968			811,903

	Par			Value
DaVita HealthCare Partners, Inc.
5.13%, 07/15/24		$	230,000		$	230,431
5.00%, 05/01/25			390,000			377,325
DDR Corporation REIT
4.63%, 07/15/22			400,000			413,806
Delta Air Lines 2007-1 Class A Pass-Through Trust
6.82%, 02/10/24			290,560			335,030
Depository Trust & Clearing Corporation
4.88%, 12/29/49 144A†			750,000			746,250
Devon Energy Corporation
3.25%, 05/15/22D			90,000			76,610
5.85%, 12/15/25D			250,000			243,587
5.60%, 07/15/41			360,000			272,896
4.75%, 05/15/42			205,000			146,003
5.00%, 06/15/45D			400,000			304,170
Devon Financing Corporation LLC
7.88%, 09/30/31			60,000			61,679
Digital Delta Holdings LLC REIT
3.40%, 10/01/20 144AD			900,000			901,949
DIRECTV Holdings LLC
4.45%, 04/01/24			125,000			128,602
3.95%, 01/15/25			450,000			444,449
Discover Financial Services
3.75%, 03/04/25			450,000			432,964
DISH DBS Corporation
5.88%, 07/15/22			360,000			336,600
5.88%, 11/15/24			170,000			151,725
Dollar Tree, Inc.
5.75%, 03/01/23 144AD			240,000			249,600
Duke Energy Corporation
3.75%, 04/15/24			200,000			202,989
Dynegy Finance I, Inc.
6.75%, 11/01/19 144A			1,100,000			1,039,500
Eagle Spinco, Inc.
4.63%, 02/15/21D			480,000			443,400
Eastman Chemical Co.
3.80%, 03/15/25			425,000			412,373
Eaton Corporation
1.50%, 11/02/17			120,000			119,296
2.75%, 11/02/22			710,000			688,084
4.15%, 11/02/42D			200,000			185,146
Ecolab, Inc.
3.00%, 12/08/16			275,000			279,011
4.35%, 12/08/21			100,000			106,917
5.50%, 12/08/41			175,000			191,082
Education Realty Operating Partnership LP REIT
4.60%, 12/01/24			625,000			617,759
EMD Finance LLC
2.95%, 03/19/22 144A			750,000			724,653
Energy Transfer Partners LP
3.60%, 02/01/23D			75,000			61,830
4.75%, 01/15/26			25,000			21,067
Entergy Louisiana LLC
5.40%, 11/01/24			1,200,000			1,371,622
Enterprise Products Operating LLC
5.70%, 02/15/42			60,000			53,532
8.38%, 08/01/66†			475,000			426,312
7.03%, 01/15/68†D			475,000			483,313

96 See Notes to Financial Statements.

	Par			Value
EP Energy LLC Everest Acquisition Finance, Inc.
6.38%, 06/15/23D		$	160,000		$	80,800
ERP Operating LP REIT
4.63%, 12/15/21D			250,000			271,661
Exelon Corporation
5.63%, 06/15/35			415,000			444,224
Express Scripts Holding Co.
2.65%, 02/15/17D			250,000			252,524
Fidelity National Information Services, Inc.
3.63%, 10/15/20			475,000			481,704
First Data Corporation
6.75%, 11/01/20 144A			490,000			515,113
5.38%, 08/15/23 144A			70,000			70,525
5.00%, 01/15/24 144A			160,000			159,600
FirstEnergy Corporation
2.75%, 03/15/18			120,000			120,608
4.25%, 03/15/23D			490,000			499,267
7.38%, 11/15/31			770,000			940,185
Fiserv, Inc.
2.70%, 06/01/20D			350,000			347,453
Florida Power & Light Co.
3.80%, 12/15/42			525,000			498,366
Ford Motor Co.
4.75%, 01/15/43D			100,000			94,612
Ford Motor Credit Co., LLC
8.00%, 12/15/16			1,300,000			1,374,889
5.00%, 05/15/18			225,000			236,470
3.20%, 01/15/21D			2,150,000			2,137,919
5.88%, 08/02/21			575,000			641,973
Freeport-McMoRan, Inc.
4.00%, 11/14/21D			390,000			235,950
5.40%, 11/14/34			250,000			133,750
Freeport-McMoran Oil & Gas LLC
6.50%, 11/15/20			46,000			29,785
6.88%, 02/15/23			62,000			39,215
Frontier Communications Corporation
8.88%, 09/15/20 144A			400,000			406,000
GE Capital Trust I
6.38%, 11/15/67†			321,000			334,442
General Electric Capital Corporation
8.50%, 04/06/18(M)			2,000,000			125,910
6.00%, 08/07/19			301,000			341,152
4.38%, 09/16/20			198,000			215,082
5.30%, 02/11/21			104,000			117,352
4.65%, 10/17/21			140,000			155,122
3.15%, 09/07/22			230,000			235,614
5.88%, 01/14/38			72,000			88,272
6.88%, 01/10/39			30,000			40,973
General Electric Co.
4.50%, 03/11/44			100,000			103,162
General Motors Co.
6.25%, 10/02/43			110,000			116,612
General Motors Financial Co., Inc.
2.75%, 05/15/16			90,000			90,271
3.25%, 05/15/18			320,000			321,783
3.50%, 07/10/19D			325,000			326,356
3.20%, 07/13/20			1,000,000			985,629
4.38%, 09/25/21			400,000			406,131
3.45%, 04/10/22			40,000			38,424

	Par			Value
4.25%, 05/15/23D		$	40,000		$	39,627
Gilead Sciences, Inc.
3.70%, 04/01/24			340,000			348,628
3.65%, 03/01/26			260,000			262,530
4.50%, 02/01/45			100,000			98,051
4.75%, 03/01/46			200,000			202,889
GlaxoSmithKline Capital, Inc.
5.65%, 05/15/18			380,000			414,292
Glencore Funding LLC
2.50%, 01/15/19 144AD			750,000			626,688
2.88%, 04/16/20 144AD			690,000			538,718
Goldman Sachs Capital II
4.00%, 12/29/49†			60,000			42,450
Goldman Sachs Group, Inc.
5.95%, 01/18/18			1,000,000			1,077,497
1.46%, 11/15/18†			3,800,000			3,818,092
5.38%, 03/15/20			200,000			219,916
6.00%, 06/15/20			540,000			610,862
5.25%, 07/27/21			560,000			619,899
4.00%, 03/03/24			900,000			925,345
3.85%, 07/08/24			150,000			153,339
4.25%, 10/21/25			230,000			228,695
6.75%, 10/01/37			440,000			515,895
6.25%, 02/01/41			750,000			897,661
5.15%, 05/22/45			270,000			263,251
4.75%, 10/21/45			230,000			229,382
Goodyear Tire & Rubber Co.
5.13%, 11/15/23			100,000			103,000
Halliburton Co.
2.70%, 11/15/20			100,000			98,912
3.38%, 11/15/22			1,975,000			1,945,434
3.80%, 11/15/25			595,000			580,071
HCA, Inc.
7.69%, 06/15/25			250,000			270,625
HCP, Inc. REIT
6.00%, 01/30/17			300,000			312,591
2.63%, 02/01/20			300,000			295,658
HD Supply, Inc.
5.25%, 12/15/21 144A			200,000			204,750
Hess Corporation
8.13%, 02/15/19			110,000			124,758
Hewlett Packard Enterprise Co.
4.90%, 10/15/25 144A			325,000			319,311
Hilton Worldwide Finance LLC
5.63%, 10/15/21			220,000			229,075
HSBC USA, Inc.
1.11%, 08/07/18†			1,700,000			1,699,772
Humana, Inc.
7.20%, 06/15/18			480,000			537,385
3.15%, 12/01/22			70,000			68,150
4.63%, 12/01/42			60,000			56,595
Hyundai Capital America
2.13%, 10/02/17 144A			130,000			129,262
ILFC E-Capital Trust II
4.74%, 12/21/65 144A†			280,000			257,600
Intel Corporation
3.70%, 07/29/25			605,000			626,523
4.90%, 07/29/45			110,000			116,542
International Lease Finance Corporation
6.75%, 09/01/16 144A			990,000			1,018,463
8.88%, 09/01/17			100,000			109,125
7.13%, 09/01/18 144A			1,975,000			2,170,031
8.63%, 01/15/22			250,000			303,438

See Notes to Financial Statements. 97

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
John Deere Capital Corporation
2.25%, 04/17/19		$	160,000		$	160,769
1.70%, 01/15/20			80,000			77,991
JPMorgan Chase & Co.
0.87%, 04/25/18†			2,200,000			2,185,876
2.25%, 01/23/20			1,700,000			1,673,390
4.40%, 07/22/20			980,000			1,046,680
4.35%, 08/15/21			70,000			74,552
4.50%, 01/24/22			700,000			755,626
3.38%, 05/01/23D			190,000			187,035
3.88%, 09/10/24			1,070,000			1,066,322
4.25%, 10/01/27			260,000			259,973
4.95%, 06/01/45			400,000			401,468
5.30%, 12/29/49†			1,450,000			1,448,188
Kerr-McGee Corporation
6.95%, 07/01/24			290,000			312,050
7.88%, 09/15/31			280,000			302,780
Kimberly-Clark Corporation
3.70%, 06/01/43			500,000			462,793
Kinder Morgan Energy Partners LP
6.00%, 02/01/17			500,000			505,975
Kinder Morgan, Inc.
7.00%, 06/15/17			710,000			731,638
5.63%, 11/15/23 144A			900,000			823,984
KKR Group Finance Co. II LLC
5.50%, 02/01/43 144A			30,000			31,343
Kraft Foods Group, Inc.
5.38%, 02/10/20			223,000			244,398
3.50%, 06/06/22			320,000			323,965
Kraft Heinz Foods Co.
2.80%, 07/02/20 144A			250,000			249,615
4.88%, 02/15/25 144A			114,000			121,292
3.95%, 07/15/25 144A			520,000			525,855
5.00%, 07/15/35 144A			150,000			154,151
5.20%, 07/15/45 144A			100,000			104,889
Kroger Co.
6.15%, 01/15/20D			360,000			407,806
Laredo Petroleum, Inc.
6.25%, 03/15/23D			100,000			87,500
Lehman Escrow Bonds
0.00%, 07/19/17+W†#			150,000			—
0.00%, 12/28/47+W†#			140,000			—
0.00%, 11/30/49+W†#			2,330,000			—
0.00%, 12/31/99W†#			3,200,000			—
0.00%, 12/31/99W†#@			2,500,000			187,500
Liberty Property LP REIT
4.75%, 10/01/20			575,000			611,548
Lockheed Martin Corporation
3.10%, 01/15/23			1,090,000			1,090,990
3.55%, 01/15/26			210,000			211,172
M&T Bank Corporation
6.88%, 12/29/49			750,000			751,875
MarkWest Energy Partners LP
4.88%, 12/01/24			320,000			287,200
4.88%, 06/01/25			240,000			214,800
McDonald’s Corporation
3.70%, 01/30/26			315,000			315,398
MDC Holdings, Inc.
5.63%, 02/01/20			325,000			334,750
5.50%, 01/15/24			250,000			253,750
6.00%, 01/15/43			175,000			139,125

	Par			Value
Medtronic, Inc.
2.50%, 03/15/20		$	125,000		$	125,962
4.45%, 03/15/20			300,000			323,225
3.15%, 03/15/22			300,000			303,530
3.50%, 03/15/25 144A			1,700,000			1,715,900
4.63%, 03/15/45			300,000			310,187
Medtronic, Inc.
3.50%, 03/15/25			830,000			837,763
MetLife Capital Trust IV
7.88%, 12/15/67 144A			300,000			367,500
MetLife, Inc.
4.75%, 02/08/21			270,000			295,725
6.40%, 12/15/66			50,000			54,750
Microsoft Corporation
3.13%, 11/03/25			450,000			452,946
Mondelez International, Inc.
4.00%, 02/01/24D			450,000			464,634
Moody’s Corporation
4.50%, 09/01/22			800,000			849,035
Morgan Stanley
0.77%, 10/18/16†			340,000			339,367
4.75%, 03/22/17			60,000			62,168
6.63%, 04/01/18			700,000			767,974
5.50%, 07/24/20			250,000			278,436
3.88%, 04/29/24			275,000			280,825
3.70%, 10/23/24			1,475,000			1,484,860
4.00%, 07/23/25			100,000			103,181
5.55%, 12/29/49†D			375,000			375,469
MUFG Union Bank NA
0.73%, 05/05/17†			1,700,000			1,692,408
Murray Energy Corporation
11.25%, 04/15/21 144A			550,000			103,125
Navient Corporation
8.45%, 06/15/18			300,000			316,500
NBCUniversal Media LLC
2.88%, 01/15/23			750,000			745,416
NCUA Guaranteed Notes
3.00%, 06/12/19			300,000			313,155
Netflix, Inc.
5.50%, 02/15/22 144A			100,000			103,000
Nielsen Finance LLC
4.50%, 10/01/20			300,000			305,625
Noble Energy, Inc.
4.15%, 12/15/21			620,000			601,648
Northwestern Mutual Life Insurance Co.
6.06%, 03/30/40 144A			500,000			601,981
Occidental Petroleum Corporation
3.13%, 02/15/22			100,000			97,858
2.70%, 02/15/23			20,000			18,841
4.63%, 06/15/45D			130,000			126,397
Oracle Corporation
1.20%, 10/15/17D			470,000			470,373
2.50%, 05/15/22			375,000			368,390
Pacific Gas & Electric Co.
8.25%, 10/15/18			130,000			151,190
6.05%, 03/01/34			550,000			649,911
5.80%, 03/01/37			210,000			244,949
Penske Truck Leasing Co. LP
3.05%, 01/09/20 144A@D			575,000			570,774
PepsiCo, Inc.
7.90%, 11/01/18			140,000			164,110

98 See Notes to Financial Statements.

	Par			Value
Pioneer Natural Resources Co.
3.45%, 01/15/21		$	275,000		$	254,209
PNC Preferred Funding Trust II
1.73%, 03/29/49 144A†			500,000			448,750
Pride International, Inc.
8.50%, 06/15/19D			400,000			396,154
6.88%, 08/15/20			50,000			46,470
Principal Life Global Funding II
2.38%, 09/11/19 144A@D			2,900,000			2,902,659
Private Export Funding Corporation
5.45%, 09/15/17			1,600,000			1,711,731
Progress Energy, Inc.
7.75%, 03/01/31			350,000			452,140
Prudential Financial, Inc.
5.38%, 05/15/45†D			75,000			75,000
Puget Sound Energy, Inc.
6.97%, 06/01/67†			200,000			163,000
QEP Resources, Inc.
5.25%, 05/01/23			80,000			57,200
QUALCOMM, Inc.
3.00%, 05/20/22			75,000			74,312
Quicken Loans, Inc.
5.75%, 05/01/25 144AD			110,000			105,188
Range Resources Corporation
5.00%, 03/15/23D			410,000			307,500
4.88%, 05/15/25 144AD			30,000			22,912
Raytheon Co.
3.13%, 10/15/20D			200,000			207,454
Regency Energy Partners LP
4.50%, 11/01/23			310,000			268,620
Reliance Standard Life Global Funding
2.50%, 01/15/20 144A			475,000			470,787
Rensselaer Polytechnic Institute
5.60%, 09/01/20			675,000			755,627
Roche Holdings, Inc.
3.35%, 09/30/24 144A			1,700,000			1,741,817
Roper Technologies, Inc.
2.05%, 10/01/18			375,000			372,816
3.00%, 12/15/20			250,000			249,246
Sally Holdings LLC
5.63%, 12/01/25			250,000			253,750
Santander Bank NA
2.00%, 01/12/18			450,000			446,910
Schlumberger Holdings Corporation
3.00%, 12/21/20 144A			250,000			247,052
4.00%, 12/21/25 144A			190,000			187,870
Select Income REIT
2.85%, 02/01/18			75,000			74,934
3.60%, 02/01/20D			125,000			125,979
4.15%, 02/01/22D			175,000			168,172
Senior Housing Properties Trust REIT
3.25%, 05/01/19			250,000			249,303
SESI LLC
7.13%, 12/15/21			80,000			71,400
Solvay Finance America LLC
3.40%, 12/03/20 144A			300,000			297,922
Southern Copper Corporation
5.25%, 11/08/42			760,000			551,850
Southern Natural Gas Co. LLC
8.00%, 03/01/32			400,000			393,670

	Par			Value
Spectrum Brands, Inc.
5.75%, 07/15/25 144A		$	110,000		$	113,300
Spirit Airlines 2015-1 Pass-Through Trust A
4.10%, 10/01/29			1,500,000			1,479,375
Sprint Capital Corporation
8.75%, 03/15/32			120,000			90,300
Sprint Communications, Inc.
9.00%, 11/15/18 144A			80,000			84,400
Sprint Corporation
7.25%, 09/15/21			40,000			30,288
7.63%, 02/15/25			850,000			624,750
State Street Corporation
4.96%, 03/15/18			480,000			503,880
Sunoco Logistics Partners Operations LP
4.25%, 04/01/24			100,000			86,633
SunTrust Banks, Inc.
3.60%, 04/15/16D			300,000			301,555
Synchrony Financial
2.60%, 01/15/19			300,000			299,138
3.00%, 08/15/19			375,000			374,798
2.70%, 02/03/20			200,000			196,353
4.25%, 08/15/24			200,000			197,645
Teachers Insurance & Annuity Association of America
6.85%, 12/16/39 144A			540,000			668,941
4.90%, 09/15/44 144A			660,000			668,199
Tenet Healthcare Corporation
8.13%, 04/01/22			60,000			60,150
6.75%, 06/15/23D			100,000			92,938
Tennessee Gas Pipeline Co. LLC
7.50%, 04/01/17D			250,000			256,837
Thermo Fisher Scientific, Inc.
3.60%, 08/15/21D			160,000			162,668
3.65%, 12/15/25			200,000			199,284
5.30%, 02/01/44			30,000			32,175
Time Warner Cable, Inc.
5.00%, 02/01/20D			100,000			105,954
4.13%, 02/15/21			400,000			408,878
7.30%, 07/01/38			100,000			108,726
5.88%, 11/15/40			230,000			218,655
Time Warner, Inc.
4.70%, 01/15/21			10,000			10,775
3.88%, 01/15/26D			200,000			198,687
7.70%, 05/01/32			610,000			763,291
6.10%, 07/15/40			140,000			151,716
6.25%, 03/29/41			40,000			44,571
Time Warner Entertainment Co. LP
8.38%, 07/15/33			390,000			461,216
Toyota Motor Credit Corporation
1.25%, 10/05/17			520,000			518,607
Transatlantic Holdings, Inc.
8.00%, 11/30/39			200,000			257,731
Tyson Foods, Inc.
5.15%, 08/15/44			60,000			62,889
United Airlines 1995 Pass-Through Trust
9.56%, 10/19/18			107,754			183
United Airlines 2009-2A Pass-Through Trust
9.75%, 07/15/18			67,043			70,814

See Notes to Financial Statements. 99

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
United Rentals North America, Inc.
5.50%, 07/15/25D		$	140,000		$	136,325
United Technologies Corporation
4.50%, 06/01/42			250,000			252,342
UnitedHealth Group, Inc.
1.63%, 03/15/19			170,000			168,199
3.75%, 07/15/25			270,000			278,670
4.63%, 07/15/35			225,000			234,030
4.75%, 07/15/45			590,000			622,949
Univision Com-munications, Inc.
6.75%, 09/15/22 144A			334,000			347,360
Valero Energy Corporation
3.65%, 03/15/25			325,000			307,136
Vereit Operating Partnership LP
3.00%, 02/06/19			500,000			482,250
Verizon Communications, Inc.
2.04%, 09/15/16†			1,200,000			1,207,554
2.25%, 09/14/18†D			400,000			409,842
2.63%, 02/21/20			1,056,000			1,060,702
4.50%, 09/15/20			975,000			1,048,657
5.15%, 09/15/23			1,510,000			1,662,641
4.15%, 03/15/24			925,000			952,190
6.40%, 09/15/33			459,000			524,371
6.55%, 09/15/43			2,679,000			3,191,608
4.67%, 03/15/55 144A			247,000			214,826
Visa, Inc.
4.30%, 12/14/45			150,000			152,566
3.15%, 12/14/25			1,290,000			1,293,203
Voya Financial, Inc.
2.90%, 02/15/18			60,000			60,680
5.70%, 07/15/43			500,000			569,755
Wachovia Capital Trust III
5.57%, 03/29/49†D			580,000			559,410
Walgreens Boots Alliance, Inc.
2.70%, 11/18/19			425,000			424,587
3.80%, 11/18/24			325,000			315,891
Waste Management, Inc.
3.50%, 05/15/24			150,000			151,468
7.38%, 05/15/29			140,000			181,903
WEA Finance LLC
3.75%, 09/17/24 144A			400,000			398,498
Wells Fargo & Co.
3.68%, 06/15/16 STEP			290,000			293,644
2.60%, 07/22/20			800,000			798,461
4.60%, 04/01/21			70,000			76,363
3.45%, 02/13/23			200,000			200,659
4.48%, 01/16/24			2,196,000			2,312,012
3.55%, 09/29/25			1,700,000			1,717,398
4.10%, 06/03/26			440,000			444,695
4.30%, 07/22/27			790,000			808,110
5.38%, 11/02/43			190,000			203,800
4.65%, 11/04/44			90,000			87,764
3.90%, 05/01/45			40,000			36,977
4.90%, 11/17/45			220,000			222,484
5.88%, 12/29/49†			900,000			948,375
Wells Fargo Capital X
5.95%, 12/01/86			140,000			142,100
West Corporation
5.38%, 07/15/22 144A			200,000			172,500
Western Gas Partners LP
3.95%, 06/01/25			225,000			189,184

	Par			Value
WestRock Co.
3.50%, 03/01/20		$	150,000		$	151,649
4.00%, 03/01/23			30,000			30,147
Whiting Petroleum Corporation
5.00%, 03/15/19D			30,000			22,800
6.25%, 04/01/23D			130,000			94,250
Whole Foods Market, Inc.
5.20%, 12/03/25 144A			200,000			200,087
Williams Cos., Inc.
7.50%, 01/15/31			10,000			6,932
7.75%, 06/15/31			25,000			17,739
8.75%, 03/15/32			451,000			340,535
Williams Partners LP
4.00%, 11/15/21			600,000			501,074
3.60%, 03/15/22			500,000			393,731
4.88%, 05/15/23			60,000			48,711
3.90%, 01/15/25			475,000			357,579
Wm. Wrigley Jr. Co.
2.40%, 10/21/18 144A			60,000			60,199
2.90%, 10/21/19 144A			230,000			232,332
3.38%, 10/21/20 144A			70,000			71,442
WPX Energy, Inc.
8.25%, 08/01/23			100,000			80,250
Zimmer Biomet Holdings, Inc.
4.45%, 08/15/45			360,000			332,373
Total Corporate Bonds (Cost $206,938,075)						204,126,882
FOREIGN BONDS — 13.1%
Australia — 0.6%
BHP Billiton Finance (USA), Ltd.
3.25%, 11/21/21			920,000			865,295
5.00%, 09/30/43			220,000			198,441
6.75%, 10/19/75 144A†D			360,000			345,600
CNOOC Finance 2015 Australia Proprietary, Ltd.
2.63%, 05/05/20D			2,500,000			2,446,388
Commonwealth Bankof Australia
5.00%, 10/15/19 144A			50,000			54,637
FMG Resources August 2006 Proprietary, Ltd.
9.75%, 03/01/22 144AD			490,000			450,800
Macquarie Bank, Ltd.
6.63%, 04/07/21 144A@			375,000			420,576
Rio Tinto Finance USA, Ltd.
3.50%, 11/02/20D			280,000			274,772
3.75%, 09/20/21D			10,000			9,733
						5,066,242
Austria — 0.0%
Sappi Papier Holding GmbH
7.75%, 07/15/17 144A@			225,000			234,844
Belgium — 0.1%
KBC Bank NV
8.00%, 01/25/23†			800,000			874,040
Bermuda — 0.1%
Allied World Assurance Co. Holdings. Ltd.
4.35%, 10/29/25			350,000			345,215
Arch Capital Group, Ltd.
7.35%, 05/01/34			175,000			223,673

100 See Notes to Financial Statements.

	Par			Value
Digicel, Ltd.
6.75%, 03/01/23 144AD		$	300,000		$	252,000
						820,888
Brazil — 0.2%
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/17(B)			3,249,000			783,800
Brazilian Government International Bond
5.63%, 01/07/41			750,000			547,500
5.00%, 01/27/45			200,000			134,500
						1,465,800
Canada — 0.2%
Barrick Gold Corporation
4.10%, 05/01/23D			73,000			62,719
Enbridge, Inc.
3.50%, 06/10/24			150,000			125,833
Glencore Finance Canada, Ltd.
5.80%, 11/15/16 144AD			70,000			69,752
2.70%, 10/25/17 144AD			420,000			384,464
MEG Energy Corporation
6.50%, 03/15/21 144A			40,000			28,200
6.38%, 01/30/23 144A			350,000			241,500
Potash Corporation of Saskatchewan, Inc.
4.88%, 03/30/20D			110,000			119,364
TransCanada PipeLines, Ltd.
6.35%, 05/15/67†			200,000			151,500
Videotron, Ltd.
5.00%, 07/15/22			300,000			301,125
						1,484,457
Cayman Islands — 0.1%
Brazil Minas SPE
5.33%, 02/15/28			470,000			356,025
Shelf Drilling Holdings, Ltd.
8.63%, 11/01/18 144AD			70,000			51,100
Transocean, Inc.
5.80%, 12/15/16			130,000			126,587
Vale Overseas, Ltd.
6.88%, 11/21/36D			591,000			416,088
						949,800
Chile — 0.2%
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22			240,000			244,903
Chile Government International Bond
3.63%, 10/30/42			160,000			140,000
Corporation Nacional del Cobre de Chile
4.50%, 09/16/25 144AD			800,000			755,382
Latam Airlines 2015-1 Pass-Through Trust A
4.20%, 08/15/29 144A			900,000			846,000
						1,986,285
China — 0.2%
China Government Bond
3.38%, 11/21/24(Y)			2,500,000			381,510

	Par			Value
3.39%, 05/21/25(Y)		$	2,000,000		$	305,316
3.31%, 11/30/25(Y)			6,000,000			911,328
						1,598,154
Colombia — 0.2%
Colombia Government International Bond
4.00%, 02/26/24			394,000			376,270
5.63%, 02/26/44			930,000			848,625
Ecopetrol SA
5.38%, 06/26/26			380,000			324,425
5.88%, 05/28/45			290,000			207,350
						1,756,670
Costa Rica — 0.0%
Costa Rica Government International Bond
7.00%, 04/04/44			200,000			167,500
Croatia (Hrvatska) — 0.0%
Croatia Government International Bond
5.50%, 04/04/23			200,000			203,500
Dominican Republic — 0.0%
Dominican Republic International Bond
10.38%, 03/04/22+(V)			800,000			17,607
14.50%, 02/10/23(V)			1,300,000			33,209
11.38%, 07/06/29+(V)			700,000			15,741
7.45%, 04/30/44 144AD			320,000			324,000
						390,557
France — 1.2%
BNP Paribas SA
2.38%, 09/14/17			270,000			273,320
4.38%, 09/28/25 144A			425,000			417,027
BPCE SA
4.63%, 07/11/24 144A			700,000			682,197
4.50%, 03/15/25 144AD			1,300,000			1,249,394
Credit Agricole SA
4.38%, 03/17/25 144A			710,000			688,889
7.88%, 01/29/49 144A†D			1,600,000			1,641,137
8.38%, 10/29/49 144A†			720,000			810,000
Dexia Credit Local SA
0.72%, 11/07/16 144A†			3,200,000			3,201,082
Numericable-SFR SAS
6.25%, 05/15/24 144A			330,000			319,275
Societe Generale SA
4.25%, 04/14/25 144A@D			1,400,000			1,323,685
						10,606,006
Germany — 0.2%
KFW
1.13%, 08/06/18			1,800,000			1,786,423
Greece — 0.1%
Hellenic Railways Organization SA
4.03%, 03/17/17(E)@			700,000			707,478
5.01%, 12/27/17(E)@			100,000			100,525
						808,003

See Notes to Financial Statements. 101

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Guernsey — 0.1%
Credit Suisse Group Funding Guernsey, Ltd.
3.75%, 03/26/25 144A		$	500,000		$	484,573
4.88%, 05/15/45 144A			350,000			346,465
						831,038
Iceland — 0.0%
Glitnir HF
6.69%, 06/15/16+ 144A#D			1,000,000			10
7.45%, 03/29/49+ 144A#			100,000			1
Kaupthing Bank HF
7.13%, 05/19/16+ 144A#			350,000			3
						14
India — 0.1%
Bharti Airtel, Ltd.
4.38%, 06/10/25 144AD			530,000			518,953
Indonesia — 0.2%
Indonesia Government International Bond
4.88%, 05/05/21			770,000			800,467
5.38%, 10/17/23			200,000			208,438
4.75%, 01/08/26 144A			250,000			247,378
7.75%, 01/17/38			100,000			117,484
						1,373,767
Ireland — 0.3%
GE Capital International Funding Co.
2.34%, 11/15/20 144A			848,000			841,503
3.37%, 11/15/25 144AD			597,000			608,559
4.42%, 11/15/35 144A			229,000			234,154
GE Capital International Funding Co.
2.34%, 11/15/20			875,000			868,297
						2,552,513
Israel — 0.3%
Israel Government AID Bond
5.50%, 09/18/23			1,200,000			1,440,143
5.50%, 12/04/23D			200,000			240,924
5.50%, 04/26/24			500,000			605,701
						2,286,768
Italy — 0.5%
Intesa Sanpaolo SpA
1.70%, 04/11/16†			1,700,000			1,701,294
2.38%, 01/13/17			1,075,000			1,078,766
3.88%, 01/16/18			600,000			615,546
5.02%, 06/26/24 144A			975,000			960,888
						4,356,494
Japan — 0.2%
Meiji Yasuda Life Insurance Co.
5.20%, 10/20/45 144A†			300,000			309,430
Mitsubishi UFJ Trust & Banking Corporation
2.65%, 10/19/20 144A			625,000			625,052
Resona Bank, Ltd.
5.85%, 09/29/49 144A†@			250,000			252,500
Sumitomo Mitsui Financial Group, Inc.
4.44%, 04/02/24 144A			550,000			566,019
						1,753,001

	Par			Value
Jersey — 0.1%
UBM PLC
5.75%, 11/03/20 144A		$	230,000		$	246,068
UBS Group Funding Jersey, Ltd.
4.13%, 09/24/25 144A			890,000			890,844
						1,136,912
Jordan — 0.1%
Hashemite Kingdom of Jordan Government AID Bond
2.50%, 10/30/20			1,200,000			1,230,030
Luxembourg — 0.1%
Altice Financing SA
6.63%, 02/15/23 144A			400,000			396,000
ArcelorMittal
6.50%, 03/01/21D			80,000			64,791
7.25%, 02/25/22D			50,000			40,500
6.13%, 06/01/25D			150,000			109,875
8.00%, 10/15/39 STEP			100,000			68,750
Intelsat Jackson Holdings SA
7.50%, 04/01/21D			500,000			437,500
Mallinckrodt International Finance SA
4.88%, 04/15/20 144A			90,000			87,075
						1,204,491
Mexico — 1.6%
America Movil SAB de CV
5.63%, 11/15/17			370,000			395,512
6.00%, 06/09/19(M)			3,030,000			175,740
5.00%, 03/30/20			240,000			260,931
Mexican Bonos
8.00%, 06/11/20(M)			8,040,600			513,898
6.50%, 06/10/21(M)			1,625,000			98,014
6.50%, 06/09/22(M)			22,995,700			1,376,285
8.00%, 12/07/23(M)			1,761,600			114,608
10.00%, 12/05/24(M)			25,130,000			1,839,195
7.50%, 06/03/27(M)			1,334,300			84,234
8.50%, 05/31/29(M)			964,000			65,537
7.75%, 11/13/42(M)			45,505,200			2,891,957
Mexico Cetes
0.00%, 01/14/16(M)W			33,656,200			195,054
5.14%, 01/21/16(M)W			12,090,400			70,027
0.00%, 01/28/16(M)W			22,165,800			128,313
0.00%, 02/18/16(M)W			35,330,200			204,163
0.00%, 03/17/16(M)W			186,895,100			1,076,866
Mexico Government International Bond
3.60%, 01/30/25D			440,000			429,880
6.05%, 01/11/40			134,000			147,233
4.75%, 03/08/44			1,498,000			1,368,423
5.55%, 01/21/45			1,220,000			1,255,075
4.60%, 01/23/46			200,000			177,750
Petroleos Mexicanos
5.50%, 01/21/21			190,000			192,128
6.63%, 06/15/35			159,000			142,901
5.50%, 06/27/44 144A			170,000			128,748
6.38%, 01/23/45			580,000			493,801
Trust F/1401
5.25%, 12/15/24 144A			200,000			199,500
						14,025,773

102 See Notes to Financial Statements.

	Par			Value
Morocco & Antilles — 0.0%
OCP SA
4.50%, 10/22/25 144A		$	450,000		$	420,779
Netherlands — 1.3%
ABN AMRO Bank NV
4.75%, 07/28/25 144A			1,700,000			1,697,705
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
4.63%, 12/01/23			400,000			417,547
4.38%, 08/04/25			370,000			377,043
5.25%, 08/04/45			390,000			410,242
8.38%, 07/29/49†			100,000			103,187
11.00%, 12/29/49 144A†			487,000			603,028
Deutsche Telekom International Finance BV
5.75%, 03/23/16			510,000			514,739
Fiat Chrysler Automobiles NV
4.50%, 04/15/20			200,000			203,500
ING Bank NV
5.80%, 09/25/23 144A			340,000			369,979
4.13%, 11/21/23†			600,000			612,996
ING Groep NV
6.00%, 12/29/49†D			375,000			376,406
Majapahit Holding BV
7.75%, 01/20/20			240,000			269,100
Petrobras Global Finance BV
3.88%, 01/27/16			200,000			199,450
1.99%, 05/20/16†			300,000			293,250
2.89%, 03/17/17†			2,500,000			2,296,875
3.25%, 03/17/17			200,000			185,500
2.46%, 01/15/19†			300,000			228,750
5.75%, 01/20/20D			635,000			500,063
5.38%, 01/27/21D			1,230,000			919,425
6.25%, 03/17/24			380,000			273,600
6.85%, 06/05/15			350,000			228,375
Royal Bank of Scotland NV
4.65%, 06/04/18			130,000			134,267
Shell International Finance BV
4.38%, 03/25/20D			320,000			344,022
4.13%, 05/11/35			140,000			134,071
4.38%, 05/11/45			230,000			218,009
						11,911,129
Peru — 0.1%
Peruvian Government International Bond
6.55%, 03/14/37D			210,000			243,600
5.63%, 11/18/50			330,000			337,425
						581,025
Poland — 0.5%
Poland Government Bond
3.25%, 07/25/25(P)			12,160,000			3,190,647
Poland Government International Bond
4.00%, 01/22/24			980,000			1,032,421
						4,223,068
Russia — 0.1%
Russian Foreign Bond
4.50%, 04/04/22			400,000			403,266
7.50%, 03/31/30 STEPD			285,005			342,115

	Par			Value
7.50%, 03/31/30 STEP 144A		$	160,650		$	192,842
						938,223
South Africa — 0.0%
South Africa Government International Bond
5.88%, 09/16/25D			200,000			205,330
South Korea — 0.6%
Export-Import Bank of Korea
5.00%, 04/11/22			1,500,000			1,682,124
Hyundai Capital Services, Inc.
4.38%, 07/27/16 144A			3,400,000			3,448,290
						5,130,414
Spain — 0.2%
Banco Bilbao Vizcaya Argentaria SA
3.00%, 10/20/20			625,000			623,007
Santander Issuances SAU
5.18%, 11/19/25			600,000			592,037
Telefonica Emisiones SA Unipersonal
6.42%, 06/20/16			90,000			92,079
6.22%, 07/03/17			20,000			21,263
5.88%, 07/15/19			70,000			76,994
5.46%, 02/16/21			675,000			755,238
						2,160,618
Sri Lanka — 0.0%
Sri Lanka Government International Bond
6.85%, 11/03/25 144A			200,000			189,145
Supranational — 0.0%
Inter-American Development Bank
1.00%, 02/27/18			400,000			395,128
Sweden — 0.2%
Nordea Bank AB
4.88%, 05/13/21 144A			640,000			691,487
Stadshypotek AB
1.88%, 10/02/19 144AD			900,000			888,216
						1,579,703
Switzerland — 0.9%
Credit Suisse AG
0.79%, 03/11/16†			1,700,000			1,698,752
1.38%, 05/26/17			1,500,000			1,493,220
6.50%, 08/08/23 144AD			225,000			242,955
Credit Suisse Group AG
7.50%, 12/29/49 144A†			525,000			553,516
UBS AG
0.97%, 06/01/17†			2,700,000			2,695,445
1.26%, 06/01/20†D			1,000,000			997,222
						7,681,110
Turkey — 0.3%
Turkey Government International Bond
5.63%, 03/30/21			160,000			169,600
6.25%, 09/26/22			550,000			598,895
5.75%, 03/22/24			410,000			434,301
4.25%, 04/14/26D			270,000			253,976

See Notes to Financial Statements. 103

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Turkish Airlines 2015-1 Class A Pass-Through Trust
4.20%, 03/15/27 144A		$	1,563,470		$	1,500,931
						2,957,703
United Kingdom — 1.4%
Bank of Scotland PLC
5.25%, 02/21/17 144A			100,000			104,371
Barclays Bank PLC
6.05%, 12/04/17 144A			230,000			245,556
2.50%, 02/20/19			300,000			300,814
Barclays PLC
6.50%, 12/29/49(E)†			800,000			882,772
BP Capital Markets PLC
3.56%, 11/01/21			30,000			30,625
3.51%, 03/17/25D			390,000			378,116
Ensco PLC
4.70%, 03/15/21D			130,000			104,788
GlaxoSmithKline Capital PLC
2.85%, 05/08/22			350,000			353,024
HSBC Bank PLC
4.75%, 01/19/21 144A			200,000			220,451
HSBC Holdings PLC
4.25%, 03/14/24			240,000			241,284
4.25%, 08/18/25			420,000			417,627
6.50%, 09/15/37			1,000,000			1,203,466
6.38%, 12/29/49†			1,700,000			1,687,125
LBG Capital No.1 PLC
8.00%, 12/29/49 144A†			300,000			315,225
Lloyds Bank PLC
2.30%, 11/27/18			275,000			276,284
12.00%, 12/29/49 144A†@			1,600,000			2,282,880
Lloyds Banking Group PLC
4.50%, 11/04/24D			240,000			244,072
Nationwide Building Society
3.90%, 07/21/25 144A			200,000			206,299
Royal Bank of Scotland Group PLC
6.40%, 10/21/19D			160,000			177,667
6.13%, 12/15/22			180,000			196,244
6.00%, 12/19/23			410,000			442,278
5.13%, 05/28/24			280,000			284,164
7.64%, 03/29/49†			100,000			105,000
7.50%, 12/29/49†D			300,000			313,125
Santander UK Group Holdings PLC
4.75%, 09/15/25 144A			675,000			669,356
Standard Chartered PLC
5.70%, 03/26/44 144A			680,000			683,897
Virgin Media Finance PLC
6.00%, 10/15/24 144A			600,000			600,750
						12,967,260
Virgin Islands (British) — 0.5%
Sinopec Group Overseas Development 2012, Ltd.
2.75%, 05/17/17 144A			230,000			232,107
Sinopec Group Overseas Development 2014, Ltd.
1.10%, 04/10/17 144A†			3,200,000			3,196,074
4.38%, 04/10/24 144A			750,000			776,470
						4,204,651
Total Foreign Bonds (Cost $123,190,610)						117,014,209

	Par			Value
FOREIGN GOVERNMENT INFLATION-LINKED BOND — 0.1%
Brazil — 0.1%
Brazil Notas do Tesouro Nacional Serie B 6.00%, 08/15/50+(B) (Cost $1,989,925)		$	1,812,000		$	1,083,744
LOAN AGREEMENTS — 0.3%
Avago Technologies Cayman, Ltd. Term B Loan 3.75%, 05/06/21 (Cost $2,728,873)			2,739,254			2,730,132
MORTGAGE-BACKED SECURITIES — 41.5%
Aire Valley Mortgages PLC Series 2005-1X
0.91%, 09/20/66†			371,357			356,924
Aire Valley Mortgages PLC Series 2006-1A
0.79%, 09/20/66 144A†			114,207			109,133
Aire Valley Mortgages PLC Series 2006-1X
0.17%, 09/20/66(E)†			368,949			389,847
Aire Valley Mortgages PLC Series 2007-1A
0.81%, 09/20/66 144A†			273,343			261,336
Alba PLC Series 2007-1
0.76%, 03/17/39(U)†			1,053,118			1,398,333
Alba PLC Series 2015-1
1.75%, 04/24/49(U)†			992,089			1,454,102
Alternative Loan Trust Series 2005-72
0.69%, 01/25/36†			380,534			339,130
Alternative Loan Trust Series 2006-OA11
0.61%, 09/25/46†			710,916			618,754
American Home Mortgage Investment Trust Series 2005-2
2.15%, 09/25/45†			1,319,400			1,285,502
American Home Mortgage Assets Trust Series 2006-5
1.18%, 11/25/46†			973,298			493,864
Banc of America Commercial Mortgage Trust Series 2007-2
5.63%, 04/10/49†			75,000			77,415
Banc of America Funding Trust Series 2005-D
2.75%, 05/25/35†			1,344,457			1,367,370
Banc of America Mortgage Trust Series 2004-F
2.68%, 07/25/34†			114,957			116,978
Banc of America Re-REMIC Trust Series 2010-UB5
5.65%, 02/17/51 144A†			86,826			87,855

104 See Notes to Financial Statements.

	Par			Value
Bayview Commercial Asset Trust Series 2004-3
0.79%, 01/25/35 144A†		$	578,227		$	522,033
BBCCRE Trust Series 2015-GTP
3.97%, 08/10/33 144A			1,600,000			1,648,671
4.56%, 08/10/33 144A†			1,800,000			1,610,698
BBCMS Trust Series 2015-RRI
1.48%, 05/15/32 144A†			1,700,000			1,685,552
BBCMS Trust Series 2015-STP
3.32%, 09/10/28 144A			1,600,000			1,618,500
Bear Stearns Adjustable Rate Mortgage Trust Series 2002-11
2.43%, 02/25/33†			10,445			10,345
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-2
2.50%, 05/25/34†			52,620			49,690
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-2
2.68%, 03/25/35†			461,141			462,057
Bear Stearns ALT-A Trust Series 2005-4
2.60%, 05/25/35†			339,271			334,845
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18
5.60%, 06/11/50			814,379			854,386
Bear Stearns Structured Products, Inc. Trust Series 2007-R6
2.69%, 01/26/36†			903,805			742,554
Berica 8 Residential MBS S.r.l. Series 8
0.23%, 03/31/48(E)†			138,856			148,101
Berica ABS S.r.l. Series 2011-1
0.17%, 12/31/55(E)†			867,148			933,750
Chevy Chase Funding LLC Series 2004-4A
0.65%, 10/25/35 144A†			269,359			248,249
CHL Mortgage Pass-Through Trust Series 2003-58
2.86%, 02/19/34†			522,760			521,182
CHL Mortgage Pass-Through Trust Series 2004-HYB5
2.56%, 04/20/35†			1,134,476			1,129,535
Citigroup Commercial Mortgage Trust Series 2008-C7
6.05%, 12/10/49†			598,678			635,777
Citigroup Commercial Mortgage Trust Series 2014-388G
1.08%, 06/15/33 144A†			200,000			197,921
Citigroup Commercial Mortgage Trust Series 2014-GC21
5.02%, 05/10/47 IOW†			1,228,700			95,097

	Par			Value
Citigroup Commercial Mortgage Trust Series 2015-GC27
3.77%, 02/10/48		$	170,000		$	161,366
Citigroup Commercial Mortgage Trust Series 2015-GC29
3.11%, 04/10/48 144A			420,000			293,540
COMM Mortgage Trust Series 2007-C9
5.80%, 12/10/49†			1,178,286			1,226,729
COMM Mortgage Trust Series 2013-CR12
4.30%, 10/10/46			100,000			105,371
4.76%, 10/10/46†			40,000			42,377
5.08%, 10/10/46†			20,000			20,728
COMM Mortgage Trust Series 2013-CR13
4.96%, 12/10/23 IOW†			1,105,259			53,772
COMM Mortgage Trust Series 2014-277P
3.61%, 08/10/49 144A†			160,000			162,935
COMM Mortgage Trust Series 2014-CR19
4.72%, 08/10/47†			218,000			216,512
COMM Mortgage Trust Series 2014-SAVA
3.43%, 06/15/34 144A†			400,000			394,199
COMM Mortgage Trust Series 2015-DC1
4.04%, 02/10/48†			100,000			100,163
4.35%, 02/10/48†			80,000			77,057
COMM Mortgage Trust Series 2015-LC19
3.83%, 02/10/48†			100,000			99,203
4.26%, 02/10/48†			190,000			181,928
Commercial Mortgage Pass-Through Certificates Series 2012-CR3
2.82%, 10/15/45			30,000			29,659
Community Funding CLO, Ltd. Series 2015-1A
5.75%, 11/01/27+ STEP 144A			860,000			854,952
Core Industrial Trust Series 2015-TEXW
3.85%, 02/10/34 144A†			460,000			415,447
Credit Suisse Commercial Mortgage Trust Series 2007-C2
5.60%, 01/15/49†			101,000			104,240
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-19
5.25%, 07/25/33 IOW			5,984			171
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-AR18
(3.00)%, 07/25/33 IOW†			66,521			—
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-AR20
(3.00)%, 08/25/33 IOW†			72,467			—

See Notes to Financial Statements. 105

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
CSAIL Commercial Mortgage Trust Series 2015-C1
4.04%, 04/15/50		$	60,000		$	59,467
CSMC Trust Series 2014-TIKI
1.28%, 09/15/38 144A†			300,000			295,430
CSMC Trust Series 2014-USA
4.19%, 09/15/37 144A			300,000			305,255
4.37%, 09/15/37 144A			310,000			295,069
DECO Series 2015-HRPA
1.20%, 04/27/27 144A(E)†@			1,484,242			1,602,524
Dell Equipment Finance Trust Series 2015-2
0.53%, 10/24/16 144A			596,301			596,302
EQTY Mortgage Trust Series 2014-INNS
2.63%, 05/08/31 144A†			300,000			294,728
Federal Home Loan Mortgage Corporation
8.50%, 06/01/18			658			679
4.50%, 09/01/18			2,642			2,728
8.00%, 08/01/24			1,304			1,452
4.00%, 10/01/25			349,870			369,516
5.50%, 02/01/27			54,107			59,749
7.50%, 11/01/29			5,132			6,243
7.50%, 12/01/29			6,727			8,157
7.50%, 02/01/31			12,213			12,769
2.48%, 07/01/31†			13,187			13,650
7.50%, 11/01/31			8,878			8,935
2.60%, 04/01/32†			2,196			2,298
3.50%, 08/01/33			1,478,845			1,549,246
5.00%, 08/01/33			7,946			8,795
5.00%, 09/01/33			1,590			1,756
5.00%, 10/01/33			5,098			5,629
2.59%, 03/01/34†			2,887			3,070
5.00%, 12/01/34			130,092			142,511
5.50%, 05/01/35			270,908			299,112
5.00%, 07/01/35			7,371			8,135
5.00%, 11/01/35			241,460			264,327
5.50%, 11/01/35			51,981			57,703
5.00%, 12/01/35			19,755			21,944
5.50%, 01/01/36			35,317			39,280
6.00%, 02/01/36			373,868			419,936
2.76%, 01/01/37†			568,567			603,333
5.00%, 02/01/37			24,629			26,936
5.50%, 07/01/37			62,362			69,832
1.94%, 09/01/37†			56,709			59,563
5.50%, 04/01/38			15,044			16,731
7.00%, 02/01/39			195,239			225,381
7.00%, 03/01/39			36,552			39,726
5.50%, 04/01/39			380,740			420,399
4.50%, 06/01/39			164,288			177,127
6.50%, 09/01/39			64,968			73,989
5.50%, 08/01/40			326,101			362,733
5.00%, 06/01/41			5,225			5,719
3.50%, 01/01/42 TBA			1,400,000			1,441,139
3.50%, 10/01/42			169,417			175,041
4.00%, 10/01/42			81,136			86,407
3.50%, 11/01/42			338,030			349,255
3.50%, 12/01/42			80,914			83,598

	Par			Value
3.50%, 01/01/43		$	530,766		$	548,342
3.50%, 02/01/43			368,599			380,826
3.50%, 04/01/43			888,101			915,923
4.00%, 04/01/43			174,250			185,536
3.50%, 05/01/43			651,631			672,820
4.00%, 05/01/43			87,952			94,212
4.00%, 06/01/43			86,168			92,089
4.00%, 07/01/43			326,171			348,664
4.00%, 08/01/43			181,638			193,481
4.50%, 12/01/43			1,180,345			1,299,079
3.50%, 02/01/44			92,289			95,352
4.50%, 02/01/44			905,608			996,534
4.50%, 03/01/44			279,837			308,084
3.50%, 03/01/45			998,903			1,032,002
3.50%, 02/11/46 TBA			2,000,000			2,054,394
Federal Home Loan Mortgage Corporation REMIC Series 3325
0.83%, 06/15/37†			248,993			251,499
Federal Home Loan Mortgage Corporation REMIC Series 3349
4.30%, 07/15/37 IOW†			1,796,430			322,722
Federal Home Loan Mortgage Corporation REMIC Series 3621
0.83%, 01/15/40 IOW†			442,528			80,360
Federal Home Loan Mortgage Corporation REMIC Series 3947
7.99%, 10/15/41 IOW†			307,288			52,717
Federal Home Loan Mortgage Corporation REMIC Series 3997
5.27%, 11/15/41 IOW†			306,079			53,580
Federal Home Loan Mortgage Corporation REMIC Series 4076
4.70%, 07/15/42 IOW†			73,467			17,403
Federal Home Loan Mortgage Corporation REMIC Series 4092
4.72%, 09/15/31 IOW			636,802			73,387
Federal Home Loan Mortgage Corporation REMIC Series 4097
11.72%, 08/15/42 IOW†			70,579			11,727
Federal Home Loan Mortgage Corporation REMIC Series 4099
6.49%, 08/15/42 IOW†			364,927			77,043
Federal Home Loan Mortgage Corporation REMIC Series 4136
6.53%, 11/15/42 IOW†			72,369			15,442
6.56%, 11/15/42 IOW†			74,168			15,956
8.60%, 11/15/42 IOW†			77,075			15,310
Federal Home Loan Mortgage Corporation REMIC Series 4139
7.40%, 12/15/42 IOW†			217,142			45,365
Federal Home Loan Mortgage Corporation REMIC Series 4194
6.35%, 04/15/43 IOW			1,401,941			216,856

106 See Notes to Financial Statements.

	Par		Value
Federal Home Loan Mortgage Corporation REMIC Series 4206
3.00%, 05/15/43	$	108,048	$	102,200
Federal Home Loan Mortgage Corporation REMIC Series 4210
3.00%, 05/15/43		317,423		290,301
Federal Home Loan Mortgage Corporation REMIC Series 4226
3.00%, 07/15/43		215,019		194,055
Federal Home Loan Mortgage Corporation REMIC Series 4239
2.26%, 06/15/27 IOW		638,298		73,904
Federal Home Loan Mortgage Corporation REMIC Series 4298
3.95%, 04/15/43 IOW		628,010		96,827
Federal Home Loan Mortgage Corporation REMIC Series 4310
5.08%, 02/15/44 IOW†		177,359		35,076
Federal Home Loan Mortgage Corporation REMIC Series 4335
5.22%, 05/15/44 IOW†		179,043		36,511
Federal Home Loan Mortgage Corporation REMIC Series 4415
(1.00)%, 04/15/41 IOW†		419,552		30,092
Federal Home Loan Mortgage Corporation REMIC Series R007
6.00%, 05/15/36		340,428		381,845
Federal Housing Administration
7.43%, 10/01/18@		25,742		26,114
Federal National Mortgage Association
5.00%, 12/01/17		5,818		6,113
2.80%, 03/01/18		542,064		554,888
3.74%, 05/01/18		1,306,020		1,360,941
3.84%, 05/01/18		420,000		438,713
4.51%, 06/01/19		1,000,000		1,043,079
3.42%, 10/01/20		265,250		280,444
3.62%, 12/01/20		170,293		179,715
4.38%, 06/01/21		642,357		700,529
9.50%, 05/01/22		448		486
1.89%, 07/01/22†		4,611		4,724
3.00%, 01/01/23 TBA		10,000,000		10,000,091
5.50%, 09/01/23		69,964		75,843
5.50%, 10/01/23		15,744		17,069
5.00%, 05/01/24		55,068		60,567
9.50%, 07/01/24		892		968
2.81%, 04/01/25		130,000		128,445
5.50%, 05/01/25		302,438		315,174
3.00%, 01/01/26 TBA		6,200,000		6,386,887
3.50%, 01/01/26 TBA		1,100,000		1,151,950
1.90%, 07/01/27†		14,776		15,419
2.37%, 08/01/27†		27,360		28,927
1.90%, 11/01/27 CONV†		14,207		14,972
2.50%, 01/01/28 TBA		300,000		302,372
2.89%, 02/01/30†		89,778		91,918
2.63%, 06/01/30 CONV†		14,697		15,059

	Par		Value
8.00%, 10/01/30	$	17,863	$	22,078
2.74%, 12/01/30 CONV†		5,419		5,543
1.90%, 01/01/31†		6,230		6,352
4.50%, 04/01/31		98,994		107,766
2.45%, 05/01/31†		13,122		13,244
4.50%, 05/01/31		348,068		378,980
4.50%, 06/01/31		102,931		112,080
4.50%, 11/01/31		144,154		156,962
6.00%, 11/01/31		2,579		2,941
4.50%, 12/01/31		218,298		237,803
6.00%, 01/01/32		61,923		69,913
6.00%, 03/01/32		11,914		13,502
6.00%, 04/01/32		150,260		169,971
1.90%, 06/01/32†		7,859		8,050
1.89%, 08/01/32†		9,529		9,844
6.00%, 08/01/32		1,616		1,842
2.38%, 02/01/33†		1,046		1,072
5.50%, 04/01/33		33,209		37,963
1.89%, 05/01/33†		37,244		39,727
6.00%, 05/01/33		496		559
5.00%, 07/01/33		44,483		49,211
5.00%, 08/01/33		3,808		4,244
5.00%, 09/01/33		53,993		59,733
5.50%, 09/01/33		1,881		2,111
5.50%, 12/01/33		8,463		9,530
6.00%, 12/01/33		433		489
5.50%, 02/01/34		2,706		3,046
5.50%, 04/01/34		452		509
3.50%, 05/01/34		250,430		262,410
5.50%, 08/01/34		3,596		4,084
5.50%, 10/01/34		161		183
6.00%, 10/01/34		29,941		33,787
1.95%, 12/01/34†		61,618		65,435
5.50%, 12/01/34		16,727		18,838
6.00%, 05/01/35		1,031,506		1,167,143
5.50%, 07/01/35		207		235
6.00%, 07/01/35		148,886		168,049
5.50%, 08/01/35		359		407
6.00%, 08/01/35		44		49
5.50%, 09/01/35		71,843		80,027
5.00%, 10/01/35		149,246		165,069
6.00%, 10/01/35		35,978		40,670
1.90%, 11/01/35†		11,264		11,728
2.11%, 11/01/35†		64,377		67,363
2.17%, 11/01/35†		70,900		74,359
2.23%, 11/01/35†		76,426		80,117
2.23%, 11/01/35†		62,336		65,687
2.25%, 11/01/35†		88,419		92,711
6.00%, 11/01/35		457,458		517,679
5.50%, 12/01/35		1,718		1,951
6.00%, 12/01/35		6,354		7,189
6.00%, 01/01/36		104,708		118,160
6.00%, 02/01/36		4,104		4,682
6.00%, 03/01/36		4,504		5,136
5.50%, 04/01/36		37,884		40,620
6.00%, 04/01/36		5,798		6,614
3.82%, 05/01/36†		84,799		89,171
6.00%, 09/01/36		95,816		108,396
5.50%, 11/01/36		132,114		147,664
6.00%, 01/01/37		626,555		707,048
1.78%, 02/01/37†		599,426		626,379
5.50%, 02/01/37		193		218
6.00%, 02/01/37		534,865		605,986
5.50%, 03/01/37		7,767		8,703

See Notes to Financial Statements. 107

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
6.00%, 03/01/37	$	404,500	$	457,813
5.50%, 04/01/37		363		408
5.50%, 05/01/37		126		140
5.50%, 06/01/37		148		164
6.00%, 07/01/37		1,029,218		1,171,916
5.50%, 08/01/37		364,531		409,503
6.00%, 08/01/37		81,163		91,767
6.00%, 09/01/37		136,782		154,354
6.50%, 10/01/37		56,534		64,610
7.00%, 10/01/37		8,287		9,956
7.00%, 11/01/37		8,426		9,929
1.90%, 12/01/37†		43,465		45,213
6.00%, 12/01/37		399,582		451,030
7.00%, 12/01/37		5,260		6,222
1.90%, 01/01/38†		31,625		33,630
6.00%, 01/01/38		287,358		327,712
5.50%, 02/01/38		4,381		4,915
7.00%, 02/01/38		5,534		6,145
4.50%, 03/01/38		8,137		8,788
5.50%, 03/01/38		452		503
6.00%, 03/01/38		1,082		1,221
4.50%, 04/01/38		151,590		163,721
5.00%, 04/01/38		154,811		170,270
5.50%, 05/01/38		177		198
6.00%, 05/01/38		35,141		39,706
5.00%, 06/01/38		163,836		180,196
5.50%, 06/01/38		571		640
5.50%, 07/01/38		96,140		108,194
5.50%, 08/01/38		100,686		112,521
7.00%, 08/01/38		4,533		4,908
5.50%, 09/01/38		507		570
6.00%, 11/01/38		44,331		50,143
7.00%, 11/01/38		32,569		38,230
5.50%, 12/01/38		150		167
6.00%, 12/01/38		54,623		61,691
6.00%, 01/01/39		233,601		264,257
7.00%, 02/01/39		16,751		19,476
4.50%, 02/12/39 TBA		14,000,000		15,095,279
7.00%, 03/01/39		146,063		169,168
6.00%, 09/01/39		31,358		35,467
6.00%, 10/01/39		35,010		39,605
6.00%, 12/01/39		534,528		605,717
5.00%, 01/01/40 TBA		2,600,000		2,861,767
1.62%, 06/01/40†		49,183		51,360
1.62%, 10/01/40†		126,761		129,841
1.64%, 10/01/40†		9,252		9,510
1.90%, 11/01/40†		18,255		19,062
4.00%, 01/01/41 TBA		1,000,000		1,058,172
4.00%, 02/01/41 TBA		19,000,000		20,067,416
4.50%, 04/01/41		151,504		164,237
4.50%, 08/01/41		118,512		128,160
4.50%, 11/01/41		451,119		488,125
3.50%, 01/12/42 TBA		6,000,000		6,190,339
3.50%, 02/01/42 TBA		25,000,000		25,739,369
4.00%, 06/01/42		79,862		84,836
3.00%, 08/01/42		171,818		172,465
3.50%, 09/01/42		81,363		84,076
2.50%, 10/01/42		560,218		541,348
4.00%, 10/01/42		326,126		347,231
2.50%, 11/01/42		30,794		29,758
3.00%, 11/01/42		43,860		44,139
4.00%, 11/01/42		742,585		790,671
2.50%, 12/01/42		23,535		22,744
3.00%, 12/01/42		648,920		653,085

	Par		Value
4.00%, 12/01/42	$	221,119	$	234,541
2.50%, 01/01/43		21,170		20,458
3.00%, 01/01/43		508,617		509,644
3.50%, 01/01/43		2,434,099		2,515,235
2.50%, 02/01/43		21,517		20,794
2.50%, 03/01/43		1,821,171		1,759,907
3.00%, 03/01/43		279,110		281,403
3.50%, 03/01/43		250,729		259,226
2.50%, 04/01/43		1,660,739		1,604,913
3.00%, 04/01/43		413,611		417,010
3.50%, 04/01/43		1,227,296		1,268,767
4.00%, 04/01/43		78,874		84,276
2.50%, 05/01/43		37,089		35,842
3.00%, 05/01/43		2,159,101		2,165,346
3.50%, 05/01/43		83,777		86,619
2.50%, 06/01/43		36,059		34,847
3.00%, 06/01/43		80,718		81,381
4.00%, 06/01/43		808,203		861,310
3.00%, 07/01/43		716,795		722,686
3.50%, 07/01/43		1,441,455		1,489,006
4.00%, 07/01/43		805,236		857,688
2.50%, 08/01/43		909,069		878,612
3.50%, 08/01/43		398,577		411,734
4.00%, 08/01/43		268,095		285,425
4.50%, 09/01/43		1,093,078		1,185,883
2.50%, 10/01/43		46,883		45,309
4.50%, 10/01/43		268,923		295,875
4.50%, 11/01/43		177,112		194,891
5.00%, 11/01/43		864,125		950,414
4.50%, 12/01/43		264,241		290,767
4.50%, 01/01/44		175,283		192,741
4.50%, 02/01/44		1,295,989		1,399,703
4.50%, 07/01/44		176,834		194,001
4.50%, 10/01/44		790,635		865,074
4.00%, 01/01/45		283,235		301,558
4.50%, 02/01/45		1,499,880		1,654,276
3.00%, 03/01/45		1,058,831		1,060,223
3.50%, 10/01/45		5,542,438		5,722,494
3.00%, 11/01/45		1,996,422		1,998,155
3.50%, 12/01/45		3,495,301		3,609,255
Federal National Mortgage Association Interest STRIP Series 409
4.21%, 04/25/27 IOW		514,867		53,445
1.68%, 11/25/39 IOW		93,527		19,673
0.79%, 11/25/41 IOW		291,934		61,599
5.00%, 11/25/41 IOW		385,509		77,971
5.42%, 04/25/42 IOW		706,111		147,578
Federal National Mortgage Association REMIC Series 1991-97
15.52%, 08/25/21 IOW		45		761
Federal National Mortgage Association REMIC Series 2015-M13
2.71%, 06/25/25†		90,000		88,578
Federal National Mortgage Association REMIC Series 1991-137
0.94%, 10/25/21 IOW		69		1,135
Federal National Mortgage Association REMIC Series 2000-32
0.81%, 10/18/30†		13,742		13,916

108 See Notes to Financial Statements.

	Par		Value
Federal National Mortgage Association REMIC Series 2005-29
5.50%, 04/25/35	$	673,061	$	736,455
Federal National Mortgage Association REMIC Series 2007-24
10.64%, 03/25/37 IOW†		1,060,095		164,353
Federal National Mortgage Association REMIC Series 2011-52
5.00%, 06/25/41		646,615		708,245
Federal National Mortgage Association REMIC Series 2011-59
5.50%, 07/25/41		1,024,076		1,157,683
Federal National Mortgage Association REMIC Series 2011-87
0.97%, 09/25/41†		3,109,581		3,145,663
Federal National Mortgage Association REMIC Series 2011-96
4.82%, 10/25/41 IOW†		711,237		123,555
Federal National Mortgage Association REMIC Series 2012-28
6.50%, 06/25/39		35,150		39,021
Federal National Mortgage Association REMIC Series 2012-46
6.00%, 05/25/42		282,490		319,358
Federal National Mortgage Association REMIC Series 2012-70
7.33%, 02/25/41 IOW†		63,538		10,347
5.28%, 07/25/42 IOW†		124,314		25,561
Federal National Mortgage Association REMIC Series 2012-74
0.26%, 07/25/27 IOW		1,408,827		158,693
5.53%, 03/25/42 IOW†		309,449		52,821
Federal National Mortgage Association REMIC Series 2012-75
4.50%, 07/25/42 IOW†		95,152		18,938
Federal National Mortgage Association REMIC Series 2012-93
6.96%, 09/25/42 IOW†		206,702		40,716
Federal National Mortgage Association REMIC Series 2012-111
7.00%, 10/25/42		60,734		67,618
Federal National Mortgage Association REMIC Series 2012-118
8.01%, 12/25/39 IOW		500,924		66,733
Federal National Mortgage Association REMIC Series 2012-128
5.05%, 11/25/42 IOW†		234,084		54,605
5.69%, 11/25/42 IOW†		155,857		34,841
Federal National Mortgage Association REMIC Series 2012-133
7.81%, 12/25/42 IOW†		75,372		15,413
8.27%, 12/25/42 IOW†		215,843		41,432

	Par		Value
Federal National Mortgage Association REMIC Series 2012-153
7.00%, 07/25/42	$	193,394	$	224,741
Federal National Mortgage Association REMIC Series 2013-9
5.50%, 04/25/42		1,114,538		1,239,065
6.50%, 07/25/42		491,773		560,432
Federal National Mortgage Association REMIC Series 2013-14
6.96%, 03/25/43 IOW		462,929		71,691
Federal National Mortgage Association REMIC Series 2013-19
6.28%, 03/25/43 IOW†		530,772		117,405
Federal National Mortgage Association REMIC Series 2013-29
5.89%, 04/25/43 IOW		1,350,304		213,405
Federal National Mortgage Association REMIC Series 2013-67
5.86%, 07/25/43 IOW†		161,127		36,157
Federal National Mortgage Association REMIC Series 2014-47
0.01%, 08/25/44 IOW†		2,195,835		138,214
Federal National Mortgage Association REMIC Series 2015-37
5.66%, 06/25/45 IOW†		471,857		85,536
Federal National Mortgage Association REMIC Series 2015-48
4.45%, 07/25/45 IOW†		386,845		94,738
4.86%, 07/25/45 IOW†		285,352		67,199
Federal National Mortgage Association REMIC Series 2015-55
12.57%, 08/25/55 IOW†		375,541		21,328
Federal National Mortgage Association REMIC Series 2015-56
4.72%, 08/25/45 IOW†		97,231		24,994
Federal National Mortgage Association REMIC Series 2015-60
5.40%, 08/25/45 IOW†		293,037		68,171
FHLMC Multifamily Structured Pass-Through Certificates Series K005
4.32%, 11/25/19		1,100,000		1,190,266
FHLMC Multifamily Structured Pass-Through Certificates Series K008
6.29%, 06/25/20 IOW†		719,352		38,601
FHLMC Multifamily Structured Pass-Through Certificates Series K015
4.41%, 07/25/21 IOW†		619,572		46,014
FHLMC Multifamily Structured Pass-Through Certificates Series K016
4.36%, 10/25/21 IOW†		203,733		14,983

See Notes to Financial Statements. 109

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
FHLMC Multifamily Structured Pass-Through Certificates Series K030
2.78%, 09/25/22	$	262,582	$	269,552
FHLMC Multifamily Structured Pass-Through Certificates Series K035
3.46%, 08/25/23†		100,000		104,496
FHLMC Multifamily Structured Pass-Through Certificates Series K044
2.81%, 01/25/25		400,000		396,161
FHLMC Multifamily Structured Pass-Through Certificates Series K714
3.03%, 10/25/20†		800,000		827,092
FHLMC Multifamily Structured Pass Through Certificates Series KF11
0.84%, 09/25/25†		1,700,000		1,685,773
FHLMC Multifamily VRD Certificates Series M012
5.50%, 08/15/51 STEP		3,500,000		3,578,750
FHLMC Structured Pass-Through Securities Series T-61
1.64%, 07/25/44†		1,014,187		1,030,627
First Horizon Alternative Mortgage Securities Trust Series 2004-AA1
2.35%, 06/25/34†		474,522		466,350
FNMA 30Yr Pool
3.50%, 01/01/46+		600,000		617,526
FREMF Mortgage Trust Series 2012-K20
4.53%, 05/25/45 IO 144AW		5,692,998		57,326
FREMF Mortgage Trust Series 2014-K40
4.07%, 11/25/47 144A†		550,000		486,527
FREMF Mortgage Trust Series 2014-K41
3.83%, 11/25/47 144A†		300,000		271,655
FREMF Mortgage Trust Series 2015-K47
3.60%, 06/25/48 144A†		380,000		338,410
GE Business Loan Trust Series 2007-1A
0.50%, 04/16/35 144A†		516,237		489,155
GE Commercial Mortgage Corporation Trust Series 2007-C1
5.54%, 12/10/49		800,000		822,903
German Residential Funding, Ltd. Series 2013-2
0.90%, 11/27/24(E)†		1,068,690		1,168,083
Giovecca Mortgages S.r.l. Series 2011-1
0.55%, 04/23/48(E)†		324,167		351,261
Government National Mortgage Association
3.95%, 07/15/25		124,797		132,401
7.00%, 01/15/26		4,921		5,441
7.00%, 07/15/27		48,361		56,062
7.00%, 12/15/27		1,204		1,238
7.00%, 01/15/28		14,415		14,775

	Par		Value
7.00%, 03/15/28	$	63,984	$	75,211
7.00%, 07/15/28		9,203		10,135
7.50%, 07/15/28		12,175		12,520
6.50%, 08/15/28		3,997		4,573
7.00%, 08/15/28		13,198		14,482
7.50%, 08/15/28		8,926		10,002
6.50%, 09/15/28		21,485		24,582
7.00%, 10/15/28		36,103		38,424
7.50%, 03/15/29		20,525		24,746
1.63%, 11/20/29†		37,602		39,130
8.50%, 08/15/30		751		807
8.50%, 11/20/30		8,215		9,741
6.50%, 08/15/31		36,452		41,790
7.50%, 08/15/31		10,342		11,682
6.50%, 10/15/31		73,487		84,396
6.00%, 11/15/31		170,194		191,074
6.50%, 11/15/31		91,716		105,148
6.00%, 12/15/31		36,771		41,282
6.00%, 01/15/32		96,816		110,146
6.00%, 02/15/32		211,510		237,458
6.50%, 02/15/32		112,617		128,972
6.00%, 04/15/32		47,138		52,891
7.50%, 04/15/32		56,033		57,923
6.50%, 06/15/32		102,280		117,260
6.50%, 07/15/32		1,909		2,189
6.50%, 08/15/32		155,477		178,247
6.50%, 09/15/32		128,105		146,866
6.00%, 10/15/32		109,587		123,032
5.50%, 11/15/32		26,714		30,268
6.00%, 11/15/32		87,065		98,707
6.00%, 12/15/32		36,253		40,701
6.50%, 12/15/32		16,134		18,497
5.50%, 01/15/33		14,527		16,187
6.00%, 01/15/33		58,570		65,756
5.50%, 02/15/33		24,909		28,339
6.00%, 02/15/33		43,967		49,361
5.50%, 03/15/33		28,498		32,416
6.50%, 04/15/33		282,641		324,036
6.00%, 06/15/33		20,822		23,376
5.50%, 07/15/33		25,830		29,105
5.50%, 08/15/33		13,229		14,764
5.50%, 09/15/33		10,194		11,592
6.00%, 10/15/33		96,506		108,345
6.50%, 10/15/33		126,364		144,870
6.00%, 12/15/33		222,663		249,980
5.50%, 04/15/34		13,444		15,226
5.50%, 05/15/34		16,687		18,612
6.50%, 08/15/34		261,231		300,698
5.50%, 09/15/34		125,801		141,809
5.50%, 12/15/34		106,810		120,982
5.50%, 01/15/35		107,208		121,459
6.00%, 09/20/38		330,777		370,102
5.00%, 07/20/40		28,492		31,480
5.00%, 09/20/40		117,054		129,333
6.00%, 10/20/40		45,868		52,152
4.00%, 01/01/41 TBA		6,200,000		6,584,109
3.50%, 01/15/41 TBA		200,000		208,074
6.00%, 01/20/41		49,306		56,219
4.50%, 04/20/41		564,257		614,651
3.50%, 01/01/43 TBA		400,000		416,984
4.00%, 08/20/43		977,137		1,040,296
4.00%, 02/20/44		1,960,786		2,090,334
4.00%, 09/20/44		2,925,268		3,109,668
3.00%, 01/15/45		6,591,518		6,682,228

110 See Notes to Financial Statements.

	Par			Value
3.00%, 02/15/45		$	239,814		$	243,114
3.00%, 03/15/45			2,123,616			2,160,424
3.50%, 04/15/45			1,996,609			2,079,130
4.00%, 08/20/45			3,316,274			3,523,794
4.00%, 09/20/45			1,268,844			1,349,376
4.00%, 10/20/45			2,355,472			2,505,067
3.50%, 01/01/46 TBA			3,000,000			3,127,383
4.00%, 01/01/46 TBA			16,000,000			16,991,248
3.50%, 01/21/46 TBA			1,000,000			1,042,461
4.00%, 01/21/46 TBA			1,000,000			1,061,953
4.00%, 02/22/46 TBA			1,000,000			1,059,863
Government National Mortgage Association Series 2007-30
0.70%, 05/20/37†			239,398			239,995
Government National Mortgage Association Series 2010-31
5.44%, 03/20/39 IOW†			72,595			7,185
Government National Mortgage Association Series 2010-85
7.06%, 01/20/40 IOW†			99,779			13,879
Government National Mortgage Association Series 2010-H28
0.59%, 12/20/60†			377,168			374,637
Government National Mortgage Association Series 2011-H08
0.67%, 03/20/61†			461,963			460,153
Government National Mortgage Association Series 2011-H09
0.69%, 03/20/61†			306,344			305,198
Government National Mortgage Association Series 2012-34
5.54%, 03/20/42 IOW†			66,398			14,209
Government National Mortgage Association Series 2012-44
2.17%, 04/16/41			297,329			298,958
Government National Mortgage Association Series 2012-66
7.75%, 02/20/38 IOW			312,616			34,408
Government National Mortgage Association Series 2012-H30
0.54%, 12/20/62†			1,464,640			1,453,504
Government National Mortgage Association Series 2013-113
6.36%, 08/16/43 IOW†@			273,685			53,843
Government National Mortgage Association Series 2013-178
3.69%, 06/16/55 IOW†			877,344			49,358
Government National Mortgage Association Series 2014-117
4.76%, 08/20/44 IOW†			83,243			12,824
Government National Mortgage Association Series 2014-118
4.72%, 08/20/44 IOW†			362,937			84,833

	Par			Value
Government National Mortgage Association Series 2014-135
4.50%, 01/16/56 IOW†		$	7,669,337		$	531,839
Government National Mortgage Association Series 2014-93
5.32%, 11/16/55 IOW†			4,248,980			262,043
Government National Mortgage Association Series 2015-167
5.28%, 04/16/45 IOW†			198,328			45,966
Government National Mortgage Association Series 2015-H11
0.74%, 05/20/65†			3,257,093			3,238,875
Government National Mortgage Association Series 2015-H14
0.62%, 05/20/65†			3,160,312			3,131,838
0.76%, 06/20/65†			4,985,555			4,927,878
Government National Mortgage Association Series 2015-H15
0.77%, 06/20/65†			2,100,950			2,077,387
0.79%, 06/20/65†			4,861,510			4,812,909
Government National Mortgage Association Series 2015-H16
0.79%, 07/20/65†			4,994,355			4,967,695
Government National Mortgage Association Series 2015-H17
0.65%, 06/20/65†			770,492			764,454
Government National Mortgage Association Series 2015-H18
0.79%, 07/20/65†			800,680			794,221
Government National Mortgage Association Series 2015-H19
0.79%, 08/20/65†			798,942			790,949
Government National Mortgage Association Series 2015-H22
0.79%, 09/20/65†			797,668			789,417
Government National Mortgage Association Series 2015-H23
0.81%, 09/20/65†			897,590			889,414
Government National Mortgage Association Series 2015-H26
0.71%, 10/20/65†@			1,701,644			1,688,999
Government National Mortgage Association Series 2015-H30
0.87%, 11/20/65†@			981,561			980,738
Granite Mortgages PLC Series 2003-3
0.33%, 01/20/44(E)†			27,781			30,199
0.96%, 01/20/44(U)†			8,434			12,437
GreenPoint Mortgage Funding Trust Series 2006-OH1
0.60%, 01/25/37†			809,528			651,345

See Notes to Financial Statements. 111

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
GS Mortgage Securities Corporation II Series 2015-GC30
3.38%, 05/10/50		$	490,000		$	341,851
3.78%, 05/10/50			370,000			369,676
GS Mortgage Securities Trust Series 2007-GG10
5.79%, 08/10/45†			4,479,736			4,602,844
5.80%, 08/10/45†			870,000			856,404
GS Mortgage Securities Trust Series 2011-GC5
5.38%, 08/10/44 IO 144AW†			446,689			19,290
GS Mortgage Securities Trust Series 2013-GC16
5.16%, 11/10/46†			130,000			140,500
GSMPS Mortgage Loan Trust Series 2005-LT1
0.88%, 02/25/35 144A†			56,257			53,242
GSR Mortgage Loan Trust Series 2005-AR6
2.81%, 09/25/35†			1,315,432			1,343,926
Impac CMB Trust Series 2004-8
1.14%, 10/25/34†			58,769			50,395
IndyMac ARM Trust Series 2001-H2
1.84%, 01/25/32†			6,836			6,366
IndyMac INDX Mortgage Loan Trust Series 2006-AR12
0.61%, 09/25/46†			905,310			736,165
JP Morgan Alternative Loan Trust Series 2005-A2
0.94%, 01/25/36†			280,012			258,188
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-C6
5.19%, 05/15/45†			280,000			288,390
JP Morgan Mortgage Trust Series 2005-A1
2.71%, 02/25/35†			108,314			108,039
JPMBB Commercial Mortgage Securities Trust Series 2013-C15
5.08%, 11/15/45†			90,000			93,577
JPMBB Commercial Mortgage Securities Trust Series 2013-C17
4.89%, 01/15/47†			50,000			53,483
JPMBB Commercial Mortgage Securities Trust Series 2014-C25
3.41%, 11/15/47			840,000			852,961
JPMBB Commercial Mortgage Securities Trust Series 2015-C30
3.82%, 07/15/48			880,000			901,541
JPMBB Commercial Mortgage Securities Trust Series 2015-C31
3.80%, 08/15/48			1,700,000			1,738,483
JPMBB Commercial Mortgage Securities Trust Series 2015-C32
3.36%, 11/15/48			800,000			805,949

	Par			Value
Kensington Mortgage Securities PLC Series 2007-1X
0.67%, 06/14/40†		$	1,283,688		$	1,165,463
LB Commercial Mortgage Trust Series 2007-C3
5.85%, 07/15/44†			561,969			582,098
LB-UBS Commercial Mortgage Trust Series 2001-C3
0.00%, 06/15/36 IO 144AW†@			398,209			1,069
Leek Finance Number Eighteen PLC Series 18X
0.13%, 09/21/38(E)†			42,655			49,002
0.83%, 09/21/38†			341,240			360,247
Leek Finance Number Seventeen PLC Series 17A
0.85%, 12/21/37 144A†			135,295			143,998
Leek Finance Number Seventeen PLC Series 17X
0.15%, 12/21/37(E)†			54,118			63,151
0.87%, 12/21/37(U)†			27,059			42,802
Lehman XS Trust Series 2005-5N
0.72%, 11/25/35†			453,531			408,586
Ludgate Funding PLC Series 2007-1
0.75%, 01/01/61(U)†			1,031,223			1,367,985
Ludgate Funding PLC Series 2008-W1X
1.19%, 01/01/61(U)†			892,013			1,237,506
Luminent Mortgage Trust Series 2006-2
0.62%, 02/25/46†			597,407			408,240
Luminent Mortgage Trust Series 2006-7
0.39%, 12/25/36†			1,953,990			1,572,244
Mansard Mortgages PLC Series 2007-1X
0.76%, 04/15/47(U)†			1,045,829			1,401,567
MASTR Adjustable Rate Mortgages Trust Series 2004-4
2.58%, 05/25/34†			184,265			178,272
MASTR Adjustable Rate Mortgages Trust Series 2004-11
1.06%, 11/25/34†			171,534			171,064
MASTR Adjustable Rate Mortgages Trust Series 2004-13
2.77%, 11/21/34†			632,602			646,297
MASTR Adjustable Rate Mortgages Trust Series 2007-R5
2.63%, 11/25/35 144A†			736,775			564,585
Merrill Lynch Mortgage Investors Trust Series 2005-2
1.90%, 10/25/35†			42,169			40,887

112 See Notes to Financial Statements.

	Par			Value
ML-CFC Commercial Mortgage Trust Series 2006-2
5.88%, 06/12/46†		$	569,869		$	570,040
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7
2.92%, 02/15/46			70,000			69,466
3.21%, 02/15/46			41,000			40,822
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9
3.10%, 05/15/46			300,000			299,839
3.46%, 05/15/46			140,000			140,422
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19
4.00%, 12/15/47			370,000			370,937
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22
3.56%, 04/15/48			480,000			472,528
Morgan Stanley Capital I Trust Series 2007-HQ11
5.48%, 02/12/44†			50,000			51,505
Morgan Stanley Capital I Trust Series 2015-XLF1
1.47%, 08/14/31 144A†			260,356			259,372
Morgan Stanley Re-REMIC Trust Series 2009-GG10
5.79%, 08/12/45 144A†			1,537,787			1,579,789
MortgageIT Trust Series 2005-4
0.70%, 10/25/35†			760,819			694,670
Motel 6 Trust Series 2015-MTL6
4.53%, 02/05/30 144A			350,000			344,910
MSCG Trust Series 2015-ALDR
3.46%, 06/07/35 144A†			580,000			579,047
Nomura Resecuritization Trust Series 2014-7R
0.42%, 12/26/35 144A†@			551,219			467,795
Paragon Mortgages No. 15 PLC Series 15X
0.11%, 12/15/39(E)†			1,152,853			1,151,258
Prime Mortgage Trust Series 2006-DR1
5.50%, 05/25/35 144A			2,677,371			2,515,171
6.00%, 05/25/35 144A			2,307,838			2,242,330
Quadrivio Finance SRL Series 2011-1
0.45%, 07/25/60(E)†			175,627			190,077
RBSCF Trust Series 2009-RR2
5.95%, 02/16/51 144A†			2,477,354			2,514,089
Reperforming Loan REMIC Trust Series 2004-R2
0.84%, 11/25/34 144A†			9,616			8,410
ResLoC UK PLC Series 2007-1X
0.03%, 12/15/43(E)†			1,473,290			1,457,453
0.74%, 12/15/43(U)†			368,322			492,980

	Par			Value
RFT 2015-FL1 Issuer, Ltd. Series 2015-FL1
2.08%, 08/15/30 144A†		$	1,600,000		$	1,589,120
Sequoia Mortgage Trust Series 2003-4
1.12%, 07/20/33†			109,561			102,912
Sequoia Mortgage Trust Series 6
1.04%, 04/19/27†			666,165			618,883
Structured Adjustable Rate Mortgage Loan Trust Series 2004-5
2.55%, 05/25/34†			373,268			372,225
Structured Adjustable Rate Mortgage Loan Trust Series 2005-16XS
0.76%, 08/25/35†			213,825			204,118
Structured Adjustable Rate Mortgage Loan Trust Series 2005-19XS
0.72%, 10/25/35†			1,542,739			1,434,465
Structured Asset Mortgage Investments II Trust Series 2005-AR5
0.65%, 07/19/35†			149,734			129,472
Structured Asset Securities Corporation Series 2005-RF3
0.77%, 06/25/35 144A†			138,078			111,542
Thornburg Mortgage Securities Trust Series 2003-4
1.06%, 09/25/43†			15,069			14,551
Thornburg Mortgage Securities Trust Series 2005-1
2.27%, 04/25/45†			123,733			123,612
Thrones PLC Series 2013-1
2.08%, 07/20/44(U)†			65,410			96,294
Trinity Square Series 2015-1A
1.79%, 07/15/51 144A(U)†@			400,000			585,946
UBS Commercial Mortgage Trust Series 2012-C1
4.57%, 05/10/45 IO 144AW†			2,468,284			248,664
UBS-Barclays Commercial Mortgage Trust Series 2012-C4
4.50%, 12/10/45 144A†			320,000			299,333
VNDO Mortgage Trust Series 2012-6AVE
3.00%, 11/15/30 144A			100,000			98,517
Wachovia Bank Commercial Mortgage Trust Series 2006-C27
5.75%, 07/15/45†			724,779			730,778
Wachovia Bank Commercial Mortgage Trust Series 2006-C28
5.56%, 10/15/48			377,931			385,363

See Notes to Financial Statements. 113

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Wachovia Bank Commercial Mortgage Trust Series 2007-C30
0.55%, 12/15/43 144A†		$	398,000		$	381,077
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR6
1.66%, 06/25/42†			20,128			19,389
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8
0.71%, 07/25/45†			222,290			208,873
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR13
0.71%, 10/25/45†			1,621,439			1,493,464
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR19
2.45%, 02/25/33†			8,985			8,841
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY1
2.21%, 02/25/37†			451,675			392,293
2.30%, 02/25/37†			312,553			278,449
Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA3
1.02%, 04/25/47†			858,973			721,370
Waterfall Commercial Mortgage Trust Series 2015-SBC5
4.10%, 09/19/22 144A†			948,630			939,657
Wells Fargo Alternative Loan Trust Series 2007-PA6
2.74%, 12/28/37†			984,818			840,126
Wells Fargo Commercial Mortgage Trust Series 2013-LC12
4.30%, 07/15/46†			20,000			20,507
Wells Fargo Commercial Mortgage Trust Series 2014-LC16
5.24%, 08/15/50 IOW†			3,041,178			227,589
Wells Fargo Commercial Mortgage Trust Series 2015-NXS1
3.66%, 05/15/48†			350,000			334,300
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR2
2.64%, 03/25/35†			128,170			130,160
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR13
2.74%, 05/25/35†			56,132			56,393
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR16
2.74%, 08/25/33†			196,294			199,433
WFRBS Commercial Mortgage Trust Series 2012-C7
5.25%, 06/15/45 IO 144AW†			304,576			22,001

	Par			Value
WFRBS Commercial Mortgage Trust Series 2012-C10
5.21%, 12/15/45 IO 144AW†		$	2,366,691		$	194,991
WFRBS Commercial Mortgage Trust Series 2013-C13
4.59%, 05/15/45 IO 144AW†			2,992,289			207,230
WFRBS Commercial Mortgage Trust Series 2014-C19
5.08%, 03/15/47 IOW†			1,061,113			70,744
WFRBS Commercial Mortgage Trust Series 2014-C21
4.96%, 08/15/47 IOW†			3,640,028			250,585
WFRBS Commercial Mortgage Trust Series 2014-C24
3.93%, 11/15/47			290,000			298,808
4.29%, 11/15/47			300,000			288,804
Total Mortgage-Backed Securities (Cost $374,149,969)						371,450,295
MUNICIPAL BONDS — 1.5%
Alameda County Joint Powers Authority, Revenue Bond, Series Z
7.05%, 12/01/44			3,300,000			4,331,019
American Municipal Power, Inc., Hydroelectric Projects, Revenue Bond, Series B
8.08%, 02/15/50			600,000			885,504
American Municipal Power, Inc., Revenue Bond, Series E
6.27%, 02/15/50			250,000			290,982
Bay Area Toll Authority, Revenue Bond, Sub-Series S1
7.04%, 04/01/50			600,000			827,622
Chicago Transit Authority, Revenue Bond, Series A
6.90%, 12/01/40			700,000			814,254
Chicago Transit Authority, Revenue Bond, Series B
6.90%, 12/01/40			300,000			348,966
Commonwealth of Puerto Rico, General Obligation, Series A
5.50%, 07/01/32			5,000			3,244
6.00%, 07/01/34			10,000			6,575
8.00%, 07/01/35			380,000			276,450
5.25%, 07/01/37			20,000			12,875
5.50%, 07/01/39			85,000			55,038
5.00%, 07/01/41			10,000			6,400
5.75%, 07/01/41			10,000			6,525
Commonwealth of Puerto Rico, General Obligation, Series B
5.88%, 07/01/36			10,000			6,550
Commonwealth of Puerto Rico, General Obligation, Series C
6.00%, 07/01/39			10,000			6,575
County of Clark Department of Aviation, Revenue Bond, Series C
6.82%, 07/01/45			200,000			278,792

114 See Notes to Financial Statements.

	Par			Value
Los Angeles Community College District, General Obligation, Series D
6.68%, 08/01/36		$	300,000		$	395,475
Municipal Electric Authority of Georgia, Revenue Bond
6.66%, 04/01/57			700,000			831,936
Port Authority of New York & New Jersey, Revenue Bond
5.65%, 11/01/40			500,000			591,695
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bond, Series A
5.75%, 07/01/37			20,000			13,400
6.00%, 07/01/44			55,000			37,194
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Series C
5.25%, 08/01/40			10,000			5,725
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series A-1
5.00%, 08/01/43			20,000			8,050
5.25%, 08/01/43			10,000			4,025
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series A
5.25%, 08/01/27			5,000			2,131
5.50%, 08/01/28			60,000			25,650
17.43%, 08/01/32W			85,000			33,405
14.81%, 08/01/33W			25,000			7,532
5.50%, 08/01/37			65,000			26,325
5.75%, 08/01/37			45,000			18,450
5.38%, 08/01/39			35,000			14,087
6.38%, 08/01/39			5,000			2,112
5.50%, 08/01/42			120,000			48,600
6.00%, 08/01/42			100,000			41,500
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series C
11.14%, 08/01/37W†			10,000			977
5.38%, 08/01/38			15,000			6,038
6.00%, 08/01/39			35,000			14,525
5.25%, 08/01/41			100,000			40,250
State of California, General Obligation
7.95%, 03/01/36			265,000			317,287
7.55%, 04/01/39			85,000			123,548
7.35%, 11/01/39			800,000			1,133,960
7.60%, 11/01/40			800,000			1,188,200
State of Illinois, General Obligation
7.35%, 07/01/35			375,000			411,390
Total Municipal Bonds (Cost $13,809,569)						13,500,838
	Number of Contracts
PURCHASED OPTIONS — 0.1%
Call Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $126.50, Expires 01/22/16 (GSC)			24			7,500

	Number of Contracts			Value
10-Year U.S. Treasury Note, Strike Price $127.50, Expires 01/22/16(GSC)			21		$	2,297
5-Year U.S. Treasury Note, Strike Price $118.50, Expires 01/22/16(GSC)			32			8,750
5-Year U.S. Treasury Note, Strike Price $118.75, Expires 01/22/16(GSC)			27			4,852
90-Day Euro, Strike Price $99.50, Expires 03/14/16(GSC)			67			837
Long U.S. Treasury Bond, Strike Price $155.00, Expires 01/22/16(WF)			30			27,187
Long U.S. Treasury Bond, Strike Price $156.00, Expires 01/22/16(MLCS)			14			8,531
Long U.S. Treasury Bond, Strike Price $157.00, Expires 01/22/16(JEFF)			31			12,594
						72,548
Put Options — 0.1%
10-Year U.S. Treasury Note, Strike Price $125.00, Expires 01/22/16(MLCS)			33			7,734
1-Year Eurodollar Mid Curve Option, Strike Price $98.625, Expires 01/15/16 (GSC)			72			9,450
1-Year Eurodollar Mid Curve Option, Strike Price $98.75, Expires 01/15/16 (GSC)			48			16,800
1-Year Eurodollar Mid Curve Option, Strike Price $98.875, Expires 01/15/16 (GSC)			53			34,119
90-Day Euro, Strike Price $99.25, Expires 03/14/16(GSC)			113			14,831
90-Day Euro, Strike Price $99.375, Expires 03/14/16(GSC)			265			81,157
Long U.S. Treasury Bond, Strike Price $151.00, Expires 01/22/16(MLCS)			17			7,969
Long U.S. Treasury Bond, Strike Price $154.00, Expires 01/22/16(GSC)			13			30,875
Long U.S. Treasury Bond, Strike Price $155.00, Expires 01/22/16(GSC)			13			38,391
						241,326
	Notional Amount
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price 2.58%, Expires 05/12/16(MSCS)		$	170,000,000			10,674
3-Month LIBOR, Strike Price 2.58%, Expires 05/23/16(MSCS)			380,000,000			26,334
3-Month LIBOR, Strike Price 2.905%, Expires 08/20/18(MSCS)			160,000,000			135,705

See Notes to Financial Statements. 115

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Notional Amount			Value
3-Month LIBOR, Strike Price 2.94%, Expires 08/20/18(GSC)		$	50,000,000		$	40,820
						213,533
Total Purchased Options (Cost $602,600)						527,407
	Par
U.S. TREASURY OBLIGATIONS — 24.2%
U.S. Treasury Bonds
4.38%, 11/15/39			200,000			251,562
3.13%, 02/15/42			300,000			309,861
3.00%, 05/15/42			2,200,000			2,214,265
2.75%, 08/15/42D			600,000			573,703
2.75%, 11/15/42			3,830,000			3,653,012
2.88%, 05/15/43D			8,240,000			8,036,736
3.63%, 08/15/43‡‡			7,570,000			8,528,226
3.75%, 11/15/43D			2,000,000			2,304,258
3.38%, 05/15/44D			12,740,000			13,676,594
3.13%, 08/15/44D			5,600,000			5,724,796
3.00%, 11/15/44D			4,300,000			4,285,724
2.50%, 02/15/45			600,000			538,500
2.88%, 05/15/45			900,000			896,115
2.88%, 08/15/45			8,000,000			7,771,560
3.00%, 11/15/45			2,320,000			2,313,430
						61,078,342
U.S. Treasury Inflationary Index Bonds
2.00%, 01/15/16			5,390,000			6,459,128
0.13%, 04/15/17			1,100,000			1,149,979
0.13%, 04/15/18D			2,400,000			2,465,535
0.13%, 04/15/20D			9,070,000			9,101,112
1.13%, 01/15/21D			3,800,000			4,263,443
0.13%, 01/15/22D			500,000			509,726
0.13%, 07/15/22D			6,800,000			6,826,923
0.38%, 07/15/23			2,040,000			2,039,096
0.63%, 01/15/24			2,040,000			2,058,206
0.13%, 07/15/24D			12,350,000			11,926,741
0.25%, 01/15/25D			2,000,000			1,918,840
0.38%, 07/15/25			8,130,000			7,900,577
2.38%, 01/15/27			500,000			682,545
1.75%, 01/15/28			8,000,000			9,937,072
2.50%, 01/15/29D			7,100,000			9,332,221
2.13%, 02/15/40			1,280,000			1,661,986
1.38%, 02/15/44D			2,530,000			2,633,572
0.75%, 02/15/45			4,100,000			3,620,888
						84,487,590
U.S. Treasury Notes
0.38%, 01/15/16			9,000			9,000
0.25%, 05/15/16			4,245,000			4,242,597
0.63%, 11/30/17			3,390,000			3,362,388
1.50%, 08/31/18			1,410,000			1,419,556
1.50%, 12/31/18D			2,800,000			2,813,236
1.63%, 07/31/19			760,000			762,761
1.63%, 12/31/19			4,470,000			4,470,697
1.38%, 04/30/20			250,000			246,797
1.38%, 08/31/20			80,000			78,728
1.38%, 09/30/20			30,000			29,485
1.38%, 10/31/20D			100,000			98,244
2.63%, 11/15/20			670,000			696,251
1.75%, 12/31/20			3,000,000			2,997,306

	Par				Value
2.00%, 10/31/21		$	1,770,000			$	1,775,151
2.13%, 12/31/21			19,450,000				19,624,369
1.50%, 01/31/22			3,040,000				2,955,689
1.75%, 03/31/22			1,100,000				1,083,221
1.88%, 05/31/22			2,400,000				2,377,078
2.00%, 07/31/22			800,000				797,953
1.75%, 09/30/22			1,100,000				1,078,300
1.88%, 10/31/22			2,360,000				2,330,361
2.00%, 11/30/22D			6,340,000				6,306,068
2.13%, 12/31/22			3,400,000				3,406,773
2.75%, 02/15/24D			400,000				416,711
2.25%, 11/15/24D			3,590,000				3,588,736
2.00%, 08/15/25			2,740,000				2,671,927
2.13%, 11/15/25D			1,220,000				1,217,403
							70,856,786
Total U.S. Treasury Obligations (Cost $218,691,221)							216,422,718
	Shares
PREFERRED STOCK — 0.1%
GMAC Capital Trust I, 8.125%, 02/15/40† (Cost $592,347)			23,879				605,572
MONEY MARKET FUNDS — 5.5%
GuideStone Money Market Fund (Investor Class)¥			14,520,090				14,520,090
Northern Institutional Liquid Assets Portfolio§			35,137,912				35,137,912
Total Money Market Funds (Cost $49,658,002)							49,658,002
TOTAL INVESTMENTS — 115.5% (Cost $1,049,376,995)							1,033,353,219
	Number of Contracts
WRITTEN OPTIONS — 0.0%
Call Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $125.50, Expires 01/22/16 (GSC)			(19	)			(7,422	)
10-Year U.S. Treasury Note, Strike Price $127.50, Expires 02/19/16 (GSC)			(14	)			(4,594	)
10-Year U.S. Treasury Note, Strike Price $128.50, Expires 02/19/16 (WF)			(20	)			(3,437	)
10-Year U.S. Treasury Note, Strike Price $131.00, Expires 03/21/16 (GSC)			(13	)			(609	)
90-Day Euro, Strike Price $99.25, Expires 03/14/16 (GSC)			(30	)			(3,938	)
Long U.S. Treasury Bond, Strike Price $158.00, Expires 01/22/16 (WF)			(13	)			(3,453	)
Long U.S. Treasury Bond, Strike Price $160.00, Expires 01/22/16 (GSC)			(17	)			(2,125	)
Long U.S. Treasury Bond, Strike Price $160.00, Expires 02/19/16 (MLCS)			(28	)			(13,562	)
Long U.S. Treasury Bond, Strike Price $162.00, Expires 02/19/16 (MLCS)			(36	)			(10,688	)

116 See Notes to Financial Statements.

	Number of Contracts				Value
Long U.S. Treasury Bond, Strike Price $163.00, Expires 02/19/16 (MLCS)			(53	)		$	(11,594	)
							(61,422	)
Put Options — 0.0%
1-Year Eurodollar Mid Curve Option, Strike Price $98.50, Expires 01/15/16 (GSC)			(145	)			(4,531	)
90-Day Euro, Strike Price $99.25, Expires 03/14/16 (GSC)			(468	)			(43,875	)
Long U.S. Treasury Bond, Strike Price $149.00, Expires 01/22/16 (WF)			(47	)			(8,078	)
Long U.S. Treasury Bond, Strike Price $152.00, Expires 01/22/16 (MLCS)			(6	)			(4,407	)
							(60,891	)
	Notional Amount
Euro vs. U.S. Dollar, Strike Price $1.078, Expires 01/22/16 (CITIG)		$	(1,100,000	)			(6,711	)
U.S. Dollar vs. Brazilian Real, Strike Price $4.50, Expires 02/12/16 (JPM)			(1,900,000	)			(10,103	)
U.S. Dollar vs. Brazilian Real, Strike Price $4.55, Expires 03/17/16 (DEUT)			(1,100,000	)			(12,739	)
U.S. Dollar vs. Brazilian Real, Strike Price $4.60, Expires 03/14/16 (CS)			(1,600,000	)			(15,078	)
U.S. Dollar vs. Russian Ruble, Strike Price $87.00, Expires 12/08/16 (HKSB)			(700,000	)			(35,648	)
							(80,279	)
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price 1.90%, Expires 02/16/16 (JPM)			(460,000,000	)			(10,327	)
3-Month LIBOR, Strike Price 1.92%, Expires 02/12/16 (MSCS)			(1,610,000,000	)			(36,145	)
3-Month LIBOR, Strike Price 2.50%, Expires 05/12/16 (MSCS)			(1,580,000,000	)			(8,513	)
3-Month LIBOR, Strike Price 2.50%, Expires 05/23/16 (MSCS)			(3,680,000,000	)			(22,143	)
3-Month LIBOR, Strike Price 2.80%, Expires 08/20/18 (GSC)			(230,000,000	)			(38,997	)
3-Month LIBOR, Strike Price 2.80%, Expires 08/20/18 (MSCS)			(710,000,000	)			(120,383	)
							(236,508	)
Total Written Options (Premiums received $(804,120))							(439,100	)

	Par				Value
TBA SALE COMMITMENTS — (1.3)%
Federal National Mortgage Association
3.00%, 01/01/23 TBA		$	(2,000,000	)		$	(2,000,018	)
3.50%, 01/12/42 TBA			(6,400,000	)			(6,603,028	)
3.00%, 02/12/43 TBA			(3,000,000	)			(2,994,051	)
Total TBA Sale Commitments (Cost $(11,607,242))							(11,597,097	)
Liabilities in Excess of Other Assets — (14.2)%							(126,694,039	)
NET ASSETS — 100.0%						$	894,622,983

See Notes to Financial Statements. 117

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Swap agreements outstanding at December 31, 2015:

Maturity Date	Reference Obligation	Fixed Deal (Pay) Rate			Currency	Notional Amount		Market Value			Counterparty	Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate and Sovereign Issues — Buy Protection
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		950,000	$	(7,363	)	CITI	$	(7,363	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		430,000		(3,871	)	CITI		(2,161	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		250,000		(1,938	)	CITI		(784	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		220,000		(1,980	)	CITI		(1,045	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		210,000		(1,628	)	CITI		(605	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		190,000		(1,710	)	CITI		(1,385	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		190,000		(1,710	)	CITI		(1,296	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		180,000		(1,620	)	CITI		(1,336	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		140,000		(1,260	)	CITI		(763	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		130,000		(1,170	)	CITI		(1,027	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		120,000		(927	)	CITI		(398	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		120,000		(927	)	CITI		(388	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		120,000		(930	)	CITI		146
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		120,000		(1,080	)	CITI		(934	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		120,000		(1,080	)	JPM		(824	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		80,000		(618	)	CITI		231
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		80,000		(720	)	CITI		(511	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		60,000		(463	)	CITI		(197	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		60,000		(465	)	CITI		(203	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		60,000		(540	)	JPM		(394	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		50,000		(388	)	CITI		(149	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		30,000		(233	)	BOA		(108	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		20,000		(155	)	BOA		(63	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		20,000		(180	)	CITI		(97	)
06/20/19	People’s Republic of China,
	4.25% due 10/28/14		(1.00	)%	USD		10,000		(78	)	JPM		(35	)
09/20/20	Credit Suisse, Inc.,
	6.50%, due 01/15/12		(1.00	)%	USD		300,000		(5,252	)	GSC		(8,902	)
								$	(38,286	)		$	(30,591	)

118 See Notes to Financial Statements.

		Implied			Fixed												Unrealized
		Credit			Deal					Notional							Appreciation
Maturity Date	Reference Obligation	Spread			(Pay) Rate			Currency		Amount		Market Value			Counterparty		(Depreciation)
Credit Default Swaps on Corporate Issues — Sell Protection
05/20/17	Federated Republic of Brazil,
	12.50% due 03/06/30		2.88	%		(1.04	)%		USD		1,000,000	$	(24,072	)		DEUT	$	(24,072	)
12/20/17	Volkswagon International,
	5.375% due 05/22/18		1.31	%		0.00	%		EUR		900,000		(5,653	)		JPM		10,523
12/20/18	Goldman Sachs Group, Inc.,
	5.95% due 01/18/18		0.55	%		(1.00	)%		USD		700,000		9,296			MSCS		4,291
												$	(20,429	)			$	(9,258	)

Fixed

Unrealized

Deal

Notional

Appreciation

Maturity Date

Reference Obligation

(Pay) Rate

Currency

Amount

Market Value

Counterparty

(Depreciation)

Credit Default Swaps on Credit Indices — Buy Protection

12/20/20

Dow Jones CDX.NA.HY25 Index

5.00

%

USD

3,900,000

$

(45,472

)

ICE

$

(35,848

)

		Implied			Fixed											Unrealized
		Credit			Deal					Notional						Appreciation
Maturity Date	Reference Obligation	Spread			(Pay) Rate			Currency		Amount		Market Value		Counterparty		(Depreciation)
Credit Default Swaps on Credit Indices — Sell Protection
06/20/16	Dow Jones CDX.NA.IG16 Index		0.22	%		1.00	%		USD		4,825,000	$	19,396		JPM	$	17,499
06/20/16	Dow Jones CDX.NA.IG16 Index		0.22	%		1.00	%		USD		3,000,000		12,060		BOA		11,421
12/20/20	Dow Jones CDX.NA.HY25 Index		0.89	%		1.00	%		USD		4,225,000		20,872		ICE		7,371
												$	52,328			$	36,291

		Fixed												Unrealized
		Deal					Notional							Appreciation
Maturity Date	Reference Obligation	(Pay) Rate			Currency		Amount		Market Value			Counterparty		(Depreciation)
Interest Rate Swaps
06/17/16	U.S. Federal Funds Rate		(0.50	)%		USD		6,700,000	$	(1,885	)		CME	$	5,418
11/07/16	MXN-TIIE-Banxico		3.91	%		MXN		15,260,000		(124	)		CME		(124	)
11/08/16	MXN-TIIE-Banxico		3.92	%		MXN		6,490,000		(19	)		CME		(19	)
11/09/16	MXN-TIIE-Banxico		3.92	%		MXN		13,130,000		(133	)		CME		(133	)
01/02/17	Brazil CETIP Interbank Deposit		12.27	%		BRL		20,000		(130	)		DEUT		(130	)
01/02/17	Brazil CETIP Interbank Deposit		12.65	%		BRL		10,000		(42	)		DEUT		(42	)
03/07/17	3-Month KORIBOR		2.88	%		KRW		706,340,000		9,516			CITI		9,516
10/06/17	6-Month LIBOR		(1.84	)%		GBP		10,000,000		(206,193	)		CME		(34,103	)
10/15/17	3-Month KORIBOR		2.53	%		KRW		3,619,650,000		40,017			DEUT		40,017
10/28/17	3-Month KORIBOR		2.17	%		KRW		382,410,000		3,685			CITI		3,685
12/14/17	3-Month LIBOR		(1.75	)%		USD		16,600,000		(49,073	)		CME		(49,073	)
12/16/17	6-Month LIBOR		(1.50	)%		GBP		6,700,000		(80,122	)		CME		(65,130	)
06/15/18	6-Month LIBOR		(1.00	)%		GBP		4,000,000		34,581			CME		20,452
09/21/18	6-Month LIBOR		(1.25	)%		GBP		3,900,000		19,114			CME		5,989
09/21/18	6-Month LIBOR		(1.50	)%		GBP		900,000		(2,094	)		CME		(636	)
11/14/18	3-Month KLIBOR		(3.88	)%		MYR		860,000		68			DEUT		68
11/19/18	3-Month KLIBOR		(3.92	)%		MYR		960,000		(212	)		CITI		(212	)
12/11/18	3-Month KLIBOR		(3.97	)%		MYR		1,570,000		(974	)		JPM		(974	)
12/16/19	3-Month LIBOR		(2.00	)%		USD		3,500,000		(57,654	)		CME		(41,529	)
02/05/20	MXN-TIIE-Banxico		5.27	%		MXN		211,800,000		23,895			CME		32,113
06/02/20	3-Month LIBOR		5.62	%		MXN		12,200,000		7,892			CME		2,079

See Notes to Financial Statements. 119

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

		Fixed												Unrealized
		Deal					Notional							Appreciation
Maturity Date	Reference Obligation	(Pay) Rate			Currency		Amount		Market Value			Counterparty		(Depreciation)
07/27/20	MXN-TIIE-Banxico		6.96	%		MXN		17,700,000	$	74,474			CME	$	4,774
09/22/20	MXN-TIIE-Banxico		5.50	%		MXN		14,800,000		6,429			CME		6,429
12/16/20	3-Month LIBOR		(2.00	)%		USD		13,600,000		(185,907	)		CS		(244,951	)
06/24/21	3-Month LIBOR		2.92	%		USD		9,400,000		107,014			BAR		116,419
09/21/21	MXN-TIIE-Banxico		6.07	%		MXN		5,400,000		3,475			CME		3,475
11/17/21	MXN-TIIE-Banxico		5.43	%		MXN		30,100,000		(29,937	)		CME		(18,445	)
06/07/22	MXN-TIIE-Banxico		6.00	%		MXN		40,800,000		12,805			CME		(15,195	)
07/13/22	MXN-TIIE-Banxico		5.94	%		MXN		10,200,000		1,760			CME		6,360
09/02/22	3-Month LIBOR		2.81	%		USD		16,620,000		89,720			LCH		60,176
09/02/22	MXN-TIIE-Banxico		5.50	%		MXN		46,400,000		(30,619	)		CME		55,051
09/16/22	MXN-TIIE-Banxico		5.97	%		MXN		37,300,000		21,084			CME		21,084
09/22/22	MXN-TIIE-Banxico		(5.91	)%		MXN		9,800,000		(1,980	)		CME		676
12/16/22	3-Month LIBOR		(2.25	)%		USD		49,400,000		(998,680	)		CS		(1,396,341	)
08/08/23	3-Month KORIBOR		(3.45	)%		KRW		1,328,210,000		(135,861	)		CITI		(135,861	)
08/14/23	3-Month KLIBOR		(4.49	)%		MYR		220,000		(910	)		DEUT		(910	)
08/16/23	3-Month KORIBOR		(3.49	)%		KRW		185,320,000		(19,260	)		CITI		(19,260	)
08/19/23	3-Month KORIBOR		(3.56	)%		KRW		228,920,000		(25,033	)		JPM		(25,038	)
09/26/23	3-Month KLIBOR		(4.33	)%		MYR		370,000		(501	)		JPM		(501	)
11/15/23	3-Month KLIBOR		(4.45	)%		MYR		600,000		(1,978	)		CITI		(1,978	)
12/23/23	3-Month KORIBOR		(3.47	)%		KRW		239,520,000		(25,139	)		CITI		(25,139	)
01/05/24	3-Month KORIBOR		(3.45	)%		KRW		71,390,000		(7,632	)		JPM		(7,632	)
07/01/24	3-Month KORIBOR		(3.47	)%		KRW		172,160,000		(18,810	)		CITI		(18,810	)
11/13/24	6-Month LIBOR		(2.45	)%		GBP		1,200,000		(75,049	)		CME		(74,958	)
08/05/25	3-Month LIBOR		(2.35	)%		USD		4,000,000		(104,736	)		CME		(104,736	)
12/16/25	3-Month LIBOR		(2.50	)%		USD		1,500,000		(43,532	)		CS		(66,291	)
06/15/26	3-Month LIBOR		(2.25	)%		USD		2,600,000		(9,124	)		LCH		3,670
06/24/29	3-Month LIBOR		(3.22	)%		USD		2,400,000		(99,935	)		BAR		(115,047	)
11/29/29	MXN-TIIE-Banxico		6.77	%		MXN		23,400,000		4,060			CME		4,060
01/14/30	United Kingdom Retail Price Index		3.14	%		GBP		1,410,000		11,878			GSC		11,878
09/02/30	3-Month LIBOR		(3.00	)%		USD		3,870,000		(59,918	)		LCH		(56,725	)
03/16/31	3-Month LIBOR		2.75	%		USD		2,900,000		110,189			LCH		(13,766	)
12/18/43	3-Month LIBOR		(3.00	)%		USD		2,700,000		(220,076	)		MLCS		(665,161	)
12/15/44	United Kingdom Retail Price Index		(3.53	)%		GBP		100,000		15,337			CS		14,533
12/15/44	United Kingdom Retail Price Index		3.45	%		GBP		100,000		4,821			CS		5,168
12/16/45	3-Month LIBOR		(2.75	)%		USD		23,900,000		(694,852	)		CS		(1,668,388	)
12/16/45	3-Month LIBOR		(2.75	)%		USD		3,000,000		(87,220	)		CS		(182,442	)
06/15/46	3-Month LIBOR		(2.50	)%		USD		600,000		19,693			LCH		1,496
									$	(2,653,837	)			$	(4,615,094	)

Notional

Notional

Amount of

Fixed

Amount of

Unrealized

Maturity

Fixed Deal

Currency

Deal

Currency

Market

Counter-

Appreciation

Date

Rate

Received

Currency

(Pay) Rate

Delivered

Currency

Value

party

(Depreciation)

Cross Currency Swap

03/16/26

3-Month EURIBOR

5,900,000

USD

0.00

%

6,395,600

EUR

$

97,582

CITI

$

25,302

Total Swap agreements outstanding at December 31, 2015

$

(2,608,114

)

$

(4,629,198

)

120 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations		$	9,993,433		$	—		$	9,993,433		$	—
Asset-Backed Securities			39,141,640			—			32,324,438			6,817,202
Commercial Paper			7,098,347			—			7,098,347			—
Corporate Bonds			204,126,882			—			203,813,544			313,338
Foreign Bonds:
Australia			5,066,242			—			5,066,242			—
Austria			234,844			—			234,844			—
Belgium			874,040			—			874,040			—
Bermuda			820,888			—			820,888			—
Brazil			1,465,800			—			1,465,800			—
Canada			1,484,457			—			1,484,457			—
Cayman Islands			949,800			—			949,800			—
Chile			1,986,285			—			1,986,285			—
China			1,598,154			—			1,598,154			—
Colombia			1,756,670			—			1,756,670			—
Costa Rica			167,500			—			167,500			—
Croatia (Hrvatska)			203,500			—			203,500			—
Dominican Republic			390,557			—			390,557			—
France			10,606,006			—			10,606,006			—
Germany			1,786,423			—			1,786,423			—
Greece			808,003			—			808,003			—
Guernsey			831,038			—			831,038			—
Iceland			14			—			—			14
India			518,953			—			518,953			—
Indonesia			1,373,767			—			1,373,767			—
Ireland			2,552,513			—			2,552,513			—
Israel			2,286,768			—			2,286,768			—
Italy			4,356,494			—			4,356,494			—
Japan			1,753,001			—			1,753,001			—
Jersey			1,136,912			—			1,136,912			—
Jordan			1,230,030			—			1,230,030			—
Luxembourg			1,204,491			—			1,204,491			—
Mexico			14,025,773			—			14,025,773			—
Morocco & Antilles			420,779			—			420,779			—
Netherlands			11,911,129			—			11,911,129			—
Peru			581,025			—			581,025			—
Poland			4,223,068			—			4,223,068			—
Russia			938,223			—			938,223			—
South Africa			205,330			—			205,330			—
South Korea			5,130,414			—			5,130,414			—
Spain			2,160,618			—			2,160,618			—
Sri Lanka			189,145			—			189,145			—
Supranational			395,128			—			395,128			—
Sweden			1,579,703			—			1,579,703			—
Switzerland			7,681,110			—			7,681,110			—
Turkey			2,957,703			—			1,456,772			1,500,931
United Kingdom			12,967,260			—			12,967,260			—
Virgin Islands (British)			4,204,651			—			4,204,651			—
Foreign Government Inflation-Linked Bond			1,083,744			—			1,083,744			—
Loan Agreements			2,730,132			—			2,730,132			—
Money Market Funds			49,658,002			49,658,002			—			—
Mortgage-Backed Securities			371,450,295			—			361,307,224			10,143,071
Municipal Bonds			13,500,838			—			13,500,838			—
Preferred Stock			605,572			605,572			—			—

See Notes to Financial Statements. 121

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs				Level 3 Significant Unobservable Inputs
Purchased Options		$	527,407			$	313,874			$	213,533			$	—
U.S. Treasury Obligations			216,422,718				—				216,422,718				—
Total Assets - Investments in Securities		$	1,033,353,219			$	50,577,448			$	964,001,215			$	18,774,556
Other Financial Instruments***
Forward Foreign Currency Contracts		$	656,096			$	—			$	656,096			$	—
Total Assets - Other Financial Instruments		$	656,096			$	—			$	656,096			$	—
Liabilities:
Investments in Securities:
TBA Sale Commitments		$	(11,597,097	)		$	—			$	(11,597,097	)		$	—
Written Options			(439,100	)			(157,961	)			(281,139	)			—
Total Liabilities - Investments in Securities		$	(12,036,197	)		$	(157,961	)		$	(11,878,236	)		$	—
Other Financial Instruments***
Futures Contracts		$	(1,085,279	)		$	(1,085,279	)		$	—			$	—
Swap Agreements			(2,608,114	)			—				(2,608,114	)			—
Total Liabilities - Other Financial Instruments		$	(3,693,393	)		$	(1,085,279	)		$	(2,608,114	)		$	—

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

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2015.

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

122 See Notes to Financial Statements.

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

	Total Value			Asset-Backed Securities			Corporate Bonds			Foreign Bonds			Foreign Government Inflation- Linked Note			Mortgage-Backed Securities
Balance, 12/31/14	$	12,902,321		$	2,138,585		$	1,259,902		$	211,147		$	1,903,946		$	7,388,741
Accrued discounts/premiums		11,775			15,997			(3,268	)		577			(401	)		(1,130	)
Realized gain (loss)(1)		1,876,494			65,077			52,584			1,887,201			(139,021	)		10,653
Change in unrealized appreciation (depreciation)(2)		(906,078	)		(25,296	)		(178,830	)		(73,748	)		(524,887	)		(103,317	)
Purchases		13,616,360			5,867,876			(55,177	)		1,612,000			—			6,191,661
Sales		(4,436,779	)		(1,408,671	)		(86,896	)		(36,530	)		(155,893	)		(2,748,789	)
Transfers in to Level 3(3)		358,045			304,620			183			—			—			53,242
Transfers out of Level 3(4)		(1,745,114	)		—			(661,370	)		—			(1,083,744	)		—
Maturities		(2,099,702	)		—			—			(2,099,702	)		—			—
Paydowns		(802,766	)		(140,986	)		(13,790	)		—			—			(647,990	)
Balance, 12/31/15	$	18,774,556		$	6,817,202		$	313,338		$	1,500,945		$	—		$	10,143,071

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

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

⁽³⁾  Transfers in to Level 3 represent the value of securities at December 31, 2015 that were transferred from Level 1 and Level 2 to Level 3 of the fair value hierarchy as a result of the inability of the Fund to obtain a price using an objective method such as a pricing vendor.

⁽⁴⁾  Transfers out of Level 3 represent the value of securities at December 31, 2015 that were transferred from Level 3 to Level 2 of the fair value hierarchy as a result of the ability of the Fund to obtain a price using an objective method such as a pricing vendor.

See Notes to Financial Statements. 123

Extended-Duration Bond Fund (Unaudited)

The Fund invested in a diversified portfolio composed primarily of investment grade fixed income securities with an average dollar-weighted duration (a measure of bond prices’ sensitivity to changes in interest rates) normally greater than or equal to seven years. The extended-duration space was challenging in 2015 with both the Fund and the composite benchmark index, 50% Barclays U.S. Long-Term Government Index and 50% Barclays U.S. Long-Term Credit Index, posting negative returns (-5.30% and -2.84%, respectively). Throughout the year, the Fund underweighted lower yielding U.S. Treasury securities in favor of higher yielding corporate bonds, non-U.S. bonds and high yield bonds. The Fund’s benchmark-relative performance was positively impacted by the Fund’s higher-than-benchmark yield, and shorter duration. In contrast, the Fund’s relative performance was negatively impacted by security selection within both investment grade corporate and high yield bonds within market sectors.

During the year, the Fund remained focused on its objective of seeking maximum total return consistent with preservation of capital.

The Fund did not invest in derivative investments during the year.

This Fund may be suitable for investors who are seeking higher returns without investing in stocks, can accept short-term fluctuations in account value and want to diversify their portfolio with a fixed income investment option. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings. To the extent that the investment adviser misjudges current market conditions, the Fund’s volatility may be amplified by its use of derivatives and by its ability to select sub-advisers to allocate assets. Some derivatives may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value of the Fund generally to decline faster than it would otherwise. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and may reduce its returns. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Corporate Bonds		53.5
Foreign Bonds		20.9
U.S. Treasury Obligations		18.5
Money Market Funds		6.4
Municipal Bonds		2.2
Asset-Backed Security		1.2
Preferred Stocks		0.1
		102.8

124

Extended-Duration Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional     Class*	Investor     Class*	Benchmark**
One Year	-5.01%	-5.30%	-2.84%
Five Year	6.73%	6.51%	7.15%
Ten Year	7.35%	7.14%	6.54%
Since Inception	7.76%	7.59%	7.00%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	0.58%	0.85%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2005 to December 31, 2015, with all dividends and capital gains reinvested, with the weighted composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a weighted composite benchmark index consisting of 50% Barclays U.S. Long-Term Credit Bond Index and 50% Barclays U.S. Long-Term Government Bond Index.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

125

EXTENDED-DURATION BOND FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Par		Value
ASSET-BACKED SECURITY — 1.2%
Citibank Credit Card Issuance Trust Series 2007-A3 6.15%, 06/15/39 (Cost $3,038,868)	$	2,300,000	$	2,920,422
CORPORATE BONDS — 53.5%
21st Century Fox America, Inc.
4.75%, 09/15/44		1,847,000		1,783,369
AbbVie, Inc.
4.70%, 05/14/45		1,154,000		1,132,431
AES Corporation
4.88%, 05/15/23		145,000		127,600
Aflac, Inc.
6.45%, 08/15/40		3,005,000		3,693,707
Alcatel-Lucent USA, Inc.
6.45%, 03/15/29		105,000		106,706
Alcoa, Inc.
5.87%, 02/23/22		10,000		9,800
6.75%, 01/15/28		235,000		224,425
5.95%, 02/01/37		85,000		68,850
Ally Financial, Inc.
8.00%, 11/01/31		177,000		205,099
Alta Wind Holdings LLC
7.00%, 06/30/35 144A		456,780		490,206
American International Group, Inc.
4.38%, 01/15/55		3,170,000		2,735,640
Andarko Holding Co.
7.15%, 05/15/28		250,000		256,112
Antero Resources Corporation
5.38%, 11/01/21		125,000		100,625
5.13%, 12/01/22		35,000		26,775
Anthem, Inc.
6.38%, 06/15/37		1,208,000		1,436,970
Apple, Inc.
4.38%, 05/13/45		676,000		684,257
AT&T, Inc.
4.50%, 05/15/35		529,000		490,787
4.30%, 12/15/42		1,242,000		1,065,244
4.35%, 06/15/45		1,120,000		961,830
4.75%, 05/15/46		3,279,000		3,013,785
Bank of America Corporation
6.11%, 01/29/37		900,000		1,024,395
Bank of America NA
6.00%, 10/15/36		2,900,000		3,453,775
Barrick North America Finance LLC
5.70%, 05/30/41		2,582,000		1,735,742
Brocade Communications Systems, Inc.
1.38%, 01/01/20 CONV 144A		140,000		134,750
Bruce Mansfield Unit 1 2007 Pass-Through Trust
6.85%, 06/01/34		942,217		934,070
Burlington Northern Santa Fe LLC
4.15%, 04/01/45		879,000		799,893
California Institute of Technology
4.70%, 11/01/11		2,010,000		1,933,431
CBS Corporation
4.60%, 01/15/45		1,000,000		861,086

	Par		Value
CenturyLink, Inc.
6.45%, 06/15/21D	$	260,000	$	254,800
6.88%, 01/15/28		65,000		48,750
7.65%, 03/15/42		295,000		227,150
Chesapeake Energy Corporation
6.63%, 08/15/20		25,000		7,375
6.88%, 11/15/20		15,000		4,350
4.88%, 04/15/22D		70,000		19,779
5.75%, 03/15/23		20,000		5,900
2.50%, 05/15/37 CONV		275,000		130,625
2.25%, 12/15/38 CONV		50,000		16,938
Ciena Corporation
3.75%, 10/15/18 CONV 144A		155,000		192,975
Citigroup, Inc.
8.13%, 07/15/39		1,997,000		2,873,224
Cliffs Natural Resources, Inc.
4.80%, 10/01/20D		40,000		7,800
4.88%, 04/01/21		25,000		4,625
6.25%, 10/01/40D		75,000		14,250
Comcast Corporation
4.20%, 08/15/34		2,000,000		1,984,988
4.50%, 01/15/43		1,460,000		1,457,381
ConocoPhillips Co.
4.30%, 11/15/44D		1,983,000		1,651,674
Continental Airlines 1999-2 Class B Pass-Through Trust
7.57%, 09/15/21		25,620		25,828
Continental Resources, Inc.
4.50%, 04/15/23		5,000		3,597
3.80%, 06/01/24D		70,000		49,393
Corning, Inc.
7.25%, 08/15/36		850,000		983,290
Cummins, Inc.
5.65%, 03/01/98		1,620,000		1,695,975
CVS Health Corporation
5.13%, 07/20/45		240,000		253,799
Darden Restaurants, Inc.
6.00%, 08/15/35D		990,000		907,017
DCP Midstream LLC
6.45%, 11/03/36 144A		490,000		331,804
Devon Energy Corporation
5.00%, 06/15/45D		970,000		737,611
Dillard’s, Inc.
7.00%, 12/01/28		500,000		555,034
Dow Chemical Co.
9.40%, 05/15/39		920,000		1,325,963
DPL, Inc.
6.75%, 10/01/19		173,000		173,000
Enbridge Energy Partners LP
7.38%, 10/15/45		1,000,000		958,077
Energy Transfer Partners LP
5.15%, 03/15/45		1,128,000		799,776
Enterprise Products Operating LLC
5.10%, 02/15/45		595,000		500,118
4.95%, 10/15/54		515,000		404,363
Foot Locker, Inc.
8.50%, 01/15/22		1,000,000		1,216,250
Ford Motor Co.
6.63%, 10/01/28		680,000		786,879
6.38%, 02/01/29		1,255,000		1,416,857

126 See Notes to Financial Statements.

	Par			Value
Freeport-McMoRan, Inc.
5.45%, 03/15/43		$	160,000		$	84,000
FTS International, Inc.
6.25%, 05/01/22D			90,000			25,650
General Electric Capital Corporation
6.75%, 03/15/32			573,000			749,887
5.88%, 01/14/38			150,000			183,900
General Motors Financial Co., Inc.
3.45%, 04/10/22			130,000			124,877
Genworth Holdings, Inc.
4.90%, 08/15/23			115,000			77,050
4.80%, 02/15/24D			45,000			30,600
6.50%, 06/15/34D			50,000			30,500
Global Marine, Inc.
7.00%, 06/01/28D			20,000			9,800
Goldman Sachs Group, Inc.
6.75%, 10/01/37			500,000			586,244
Halliburton Co.
5.00%, 11/15/45			1,722,000			1,706,195
HCA, Inc.
7.58%, 09/15/25			1,000,000			1,087,500
7.05%, 12/01/27			500,000			508,750
HSBC Bank USA NA
7.00%, 01/15/39			3,498,000			4,417,190
Intel Corporation
3.25%, 08/01/39 CONV			1,155,000			1,923,081
International Paper Co.
8.70%, 06/15/38			2,643,000			3,409,158
iStar, Inc.
7.13%, 02/15/18D			180,000			186,975
Jefferies Group LLC
6.45%, 06/08/27			50,000			53,058
3.88%, 11/01/29 CONV			65,000			64,919
6.25%, 01/15/36			185,000			171,836
6.50%, 01/20/43			1,990,000			1,845,631
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)			385,000			266,547
5.60%, 07/15/41			2,547,000			2,946,270
4.95%, 06/01/45			1,912,000			1,919,015
KB Home
1.38%, 02/01/19 CONV			95,000			85,441
Kinder Morgan Energy Partners LP
5.80%, 03/15/35			280,000			225,828
Kinder Morgan, Inc.
5.55%, 06/01/45			2,218,000			1,736,885
Kraft Foods Group, Inc.
6.88%, 01/26/39			267,000			317,434
6.50%, 02/09/40			1,000,000			1,169,532
Kraft Heinz Foods Co.
5.20%, 07/15/45 144A			655,000			687,024
Level 3 Communications, Inc.
5.75%, 12/01/22D			65,000			66,463
Level 3 Financing, Inc.
5.63%, 02/01/23			430,000			438,600
Liberty Mutual Group, Inc.
6.50%, 03/15/35 144A			1,400,000			1,656,938
Lockheed Martin Corporation
4.70%, 05/15/46			1,238,000			1,273,302
Macy’s Retail Holdings, Inc.
6.38%, 03/15/37D			240,000			243,576

	Par			Value
Marathon Petroleum Corporation
5.00%, 09/15/54		$	1,241,000		$	997,667
Masco Corporation
7.75%, 08/01/29			275,000			305,938
6.50%, 08/15/32			55,000			55,688
McDonald’s Corporation
4.88%, 12/09/45			1,520,000			1,535,233
MeadWestvaco Corporation
7.55%, 03/01/47@			515,000			609,912
Medtronic, Inc.
4.63%, 03/15/45			1,852,000			1,914,888
MetLife, Inc.
5.88%, 02/06/41			500,000			588,485
6.40%, 12/15/66			310,000			339,450
Microchip Technology, Inc.
1.63%, 02/15/25 CONV 144AD			85,000			84,894
Microsoft Corporation
4.45%, 11/03/45			1,566,000			1,618,899
Monsanto Co.
4.70%, 07/15/64			537,000			409,351
Morgan Stanley
4.75%, 11/16/18(A)			295,000			221,501
3.13%, 08/05/21(C)			235,000			174,999
4.10%, 05/22/23			300,000			303,540
6.25%, 08/09/26			600,000			703,856
4.35%, 09/08/26			410,000			412,213
4.30%, 01/27/45			1,092,000			1,046,113
Motorola Solutions, Inc.
6.63%, 11/15/37			46,000			47,191
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A			100,000			125,778
Navient Corporation
5.00%, 06/15/18			335,000			319,925
5.88%, 10/25/24			30,000			24,113
5.63%, 08/01/33@			1,460,000			978,200
New Albertsons, Inc.
7.45%, 08/01/29			55,000			48,950
8.70%, 05/01/30D			25,000			23,750
8.00%, 05/01/31			295,000			269,925
Newell Rubbermaid, Inc.
4.00%, 12/01/24			200,000			184,964
Noble Energy, Inc.
5.05%, 11/15/44			1,016,000			823,109
Old Republic International Corporation
3.75%, 03/15/18 CONV			2,255,000			2,866,669
4.88%, 10/01/24			230,000			236,526
ON Semiconductor Corporation
1.00%, 12/01/20 CONV 144AD			85,000			79,581
ONEOK Partners LP
4.90%, 03/15/25			15,000			12,656
6.20%, 09/15/43			5,000			3,823
Owens Corning
7.00%, 12/01/36			2,360,000			2,594,556
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A			1,750,000			2,314,513
Phillips 66
4.65%, 11/15/34			1,271,000			1,194,913
4.88%, 11/15/44			1,000,000			895,429
Phillips 66 Partners LP
4.68%, 02/15/45			417,000			309,321

See Notes to Financial Statements. 127

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Plains All American Pipeline LP
4.90%, 02/15/45		$	995,000		$	717,915
Priceline Group, Inc.
0.90%, 09/15/21 CONVD			110,000			110,963
Prudential Financial, Inc.
6.63%, 06/21/40			3,912,000			4,825,605
PulteGroup, Inc.
6.38%, 05/15/33D			1,000,000			1,020,000
Quicken Loans, Inc.
5.75%, 05/01/25 144AD			125,000			119,531
Qwest Corporation
7.25%, 09/15/25			490,000			522,157
6.88%, 09/15/33D			1,918,000			1,845,300
RPM International, Inc.
2.25%, 12/15/20 CONVD			22,000			25,149
Sealed Air Corporation
4.88%, 12/01/22 144A			10,000			10,025
Sempra Energy
6.00%, 10/15/39			991,000			1,114,868
SM Energy Co.
5.00%, 01/15/24D			15,000			9,825
Sprint Capital Corporation
6.88%, 11/15/28D			1,025,000			717,500
8.75%, 03/15/32			20,000			15,050
Sprint Communications, Inc.
6.00%, 11/15/22			40,000			28,300
Sprint Corporation
7.13%, 06/15/24D			15,000			10,894
Tenet Healthcare Corporation
5.00%, 03/01/19D			225,000			207,563
Textron, Inc.
6.63%, 04/07/20(U)			160,000			264,267
Time Warner Cable, Inc.
5.50%, 09/01/41			25,000			22,591
4.50%, 09/15/42			45,000			35,438
Time Warner, Inc.
4.85%, 07/15/45			1,039,000			993,172
Toro Co.
6.63%, 05/01/37@			300,000			336,756
Tyson Foods, Inc.
5.15%, 08/15/44			895,000			938,090
United Airlines 2014-1 Class A Pass-Through Trust
4.00%, 10/11/27			111,582			114,093
United States Steel Corporation
6.65%, 06/01/37			95,000			39,425
University of Pennsylvania
4.67%, 09/01/12			3,370,000			3,394,571
US Airways 2012-1 Class A Pass-Through Trust
5.90%, 04/01/26			382,024			422,614
Verizon Communications, Inc.
6.00%, 04/01/41			2,593,000			2,810,309
4.86%, 08/21/46			717,000			681,429
5.01%, 08/21/54			491,000			451,374
4.67%, 03/15/55			580,000			505,639
Verizon Maryland LLC
5.13%, 06/15/33D			150,000			148,848
Visa, Inc.
4.30%, 12/14/45			1,798,000			1,828,757
Wells Fargo & Co.
5.61%, 01/15/44			4,912,000			5,468,844

	Par			Value
Weyerhaeuser Co.
6.88%, 12/15/33		$	580,000		$	670,194
Total Corporate Bonds (Cost $133,259,613)						136,931,806
FOREIGN BONDS — 20.9%
Australia — 2.7%
Barrick PD Australia Finance Proprietary, Ltd.
5.95%, 10/15/39			2,870,000			1,963,797
BHP Billiton Finance (USA), Ltd.
5.00%, 09/30/43			1,846,000			1,665,098
New South Wales Treasury Corporation
6.00%, 02/01/18(A)			730,000			573,343
3.50%, 03/20/19(A)			60,000			45,446
Rio Tinto Finance USA, Ltd.
5.20%, 11/02/40			2,946,000			2,712,367
						6,960,051
Brazil — 0.2%
Brazilian Government International Bond
10.25%, 01/10/28(B)			2,525,000			568,025
Canada — 3.9%
Bombardier, Inc.
6.00%, 10/15/22 144AD			745,000			525,970
Canadian Government Bond Residual STRIP
.43%, 06/01/25(C)W†			3,685,000			2,331,854
Glencore Finance Canada, Ltd.
6.00%, 11/15/41 144A			1,979,000			1,438,703
Ontario Generic
Residual STRIP
3.07%, 03/08/29(C)W†			4,600,000			2,231,683
Saskatchewan Residual STRIP
1.90%, 02/04/22(C)W†			3,000,000			1,926,725
TransCanada PipeLines, Ltd.
6.20%, 10/15/37			1,541,000			1,626,361
						10,081,296
Cayman Islands — 0.1%
Transocean, Inc.
6.50%, 11/15/20D			5,000			3,475
7.13%, 12/15/21D			40,000			25,950
4.30%, 10/15/22			205,000			109,675
6.80%, 03/15/38			20,000			10,875
						149,975
Ireland — 2.0%
eircom Finance, Ltd.
9.25%, 05/15/20 144A(E)			200,000			234,413
GE Capital International Funding Co.
4.42%, 11/15/35 144A			4,811,000			4,919,286
						5,153,699
Italy — 0.7%
Telecom Italia Capital SA
6.38%, 11/15/33			755,000			724,800
6.00%, 09/30/34			1,010,000			936,775
						1,661,575

128 See Notes to Financial Statements.

	Par		Value
Luxembourg — 0.7%
ArcelorMittal
8.00%, 10/15/39 STEP	$	215,000	$	147,812
7.75%, 03/01/41 STEPD		975,000		664,219
Tyco International Finance SA
5.13%, 09/14/45D		916,000		954,646
				1,766,677
Malaysia — 0.1%
Telekom Malaysia Bhd
7.88%, 08/01/25 144A		225,000		290,381
Mexico — 1.1%
America Movil SAB de CV
6.45%, 12/05/22(M)		2,600,000		143,770
8.46%, 12/18/36(M)		12,000,000		666,722
Mexican Bonos
8.00%, 12/07/23(M)		21,300,000		1,385,760
10.00%, 12/05/24(M)		3,500,000		256,155
7.50%, 06/03/27(M)		3,500,000		220,955
8.50%, 05/31/29(M)		500,000		33,993
7.75%, 05/29/31(M)		1,000,000		63, 756
				2,771,111
Netherlands — 2.9%
Cooperatieve Centrale Raiffeisen-Boerenleen-bank BA
4.63%, 12/01/23		2,996,000		3,127,429
5.25%, 05/24/41		1,023,000		1,170,882
Enel Finance International NV
6.80%, 09/15/37 144A		100,000		122,474
6.00%, 10/07/39 144A		500,000		560,920
Koninklijke Philips NV
6.88%, 03/11/38		2,000,000		2,325,800
Petrobras Global Finance BV
5.63%, 05/20/43D		120,000		72,900
				7,380,405
New Zealand — 0.3%
New Zealand Government Bond
5.00%, 03/15/19(Z)		945,000		689,980
Norway — 0.4%
Norway Government Bond
4.25%, 05/19/17 144A(K)		7,670,000		909,007
4.50%, 05/22/19 144A(K)		265,000		33,729
3.75%, 05/25/21 144A(K)		196,000		25,320
				968,056
Spain — 0.8%
Telefonica Emisiones SA Unipersonal
5.13%, 04/27/20		75,000		81,969
7.05%, 06/20/36		1,720,000		2,073,035
				2,155,004
Supranational — 0.9%
Inter-American Development Bank
6.00%, 12/15/17(Z)		3,115,000		2,244,201
United Kingdom — 4.1%
Barclays PLC
5.25%, 08/17/45		1,494,000		1,525,478
Ensco PLC
5.75%, 10/01/44		2,434,000		1,608,845

	Par		Value
Lloyds Banking Group PLC
5.30%, 12/01/45 144A	$	1,056,000	$	1,071,599
Rio Tinto Finance USA PLC
4.13%, 08/21/42		1,548,000		1,215,604
Standard Chartered PLC
5.20%, 01/26/24 144AD		2,514,000		2,588,970
5.70%, 03/26/44 144A		2,492,000		2,506,282
				10,516,778
Total Foreign Bonds (Cost $57,515,396)				53,357,214
MUNICIPAL BONDS — 2.2%
State of Illinois, General Obligation
5.10%, 06/01/33		635,000		601,123
State of Illinois, General Obligation, Series B
5.52%, 04/01/38		425,000		380,039
University of California, Revenue Bond, Series AD
4.86%, 05/15/12		4,912,000		4,673,129
Total Municipal Bonds (Cost $5,830,865)				5,654,291
U.S. TREASURY OBLIGATIONS — 18.5%
U.S. Treasury Bonds
2.75%, 11/15/42		1,200,000		1,144,547
2.88%, 05/15/43D		1,345,000		1,311,822
3.63%, 02/15/44		300,000		337,558
3.13%, 08/15/44D		22,163,000		22,656,902
3.00%, 11/15/44		4,506,400		4,491,439
3.00%, 05/15/45		3,852,000		3,835,375
2.88%, 08/15/45		8,419,000		8,178,595
				41,956,238
U.S. Treasury Note
2.13%, 05/15/25		5,480,000		5,409,143
Total U.S. Treasury Obligations (Cost $48,527,372)				47,365,381
	Shares
PREFERRED STOCKS — 0.1%
Alcoa, Inc.,
5.38%, 10/01/17 CONV		1,660		55,295
Chesapeake Energy Corporation,
5.00%, 12/31/49 CONVD		620		10,850
5.75%, 12/31/49 CONV 144AD		80		15,950
El Paso Energy Capital Trust I,
4.75%, 03/31/28 CONVD		5,350		216,675
Total Preferred Stocks (Cost $435,264)				298,770

See Notes to Financial Statements. 129

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
MONEY MARKET FUNDS — 6.4%
GuideStone Money Market Fund (Investor Class)¥		7,390,825		$	7,390,825
Northern Institutional Liquid Assets Portfolio§		9,010,504			9,010,504
Total Money Market Funds (Cost $16,401,329)					16,401,329
TOTAL INVESTMENTS — 102.8% (Cost $265,008,707)					262,929,213
Liabilities in Excess of Other Assets — (2.8)%					(7,091,332	)
NET ASSETS — 100.0%				$	255,837,881

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Asset-Backed Security		$	2,920,422		$	—		$	2,920,422		$	—
Corporate Bonds			136,931,806			—			136,905,978			25,828
Foreign Bonds			53,357,214			—			53,357,214			—
Money Market Funds			16,401,329			16,401,329			—			—
Municipal Bonds			5,654,291			—			5,654,291			—
Preferred Stocks			298,770			298,770			—			—
U.S. Treasury Obligations			47,365,381			—			47,365,381			—
Total Assets - Investments in Securities		$	262,929,213		$	16,700,099		$	246,203,286		$	25,828

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2015.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ending December 31, 2015.

130 See Notes to Financial Statements.

Global Bond Fund (Unaudited)

The divergence in monetary policies among the major central banks, which began in 2014, accelerated in 2015. Although still very accommodating, the Federal Reserve (“Fed”) increased the fed funds rate in December in response to a stronger employment situation and an improving economic outlook. Risks to the U.S. economy continue, and the Fed is expected to be cautious and patient in their pace of further rate hikes, which will be based upon improving data. Outside the United States, however, central banks such as those in Japan, China and Continental Europe have continued their efforts to stimulate economic growth. This dynamic of differing policies will continue to be a major factor in the relative attractiveness of bonds and currencies around the globe. The U.S. dollar continued to gain in value relative to other major currencies including the Great Britain pound, the Japanese yen and the euro. This dollar strength dampened returns for U.S. investors on international bonds (denominated in U.S. dollars), and in many cases, turned small gains in local currency to more substantial losses in U.S. dollar terms. This trend may well continue should the Fed continue to increase short-term interest rates in the United States while the other major central banks maintain their stimulus efforts. The global bond market, as measured by the Barclays Global Aggregate Bond Index, posted an annual return of -3.15%. Emerging market debt, as measured by the J.P. Morgan Emerging Markets Bond Index Plus (“J.P. Morgan EMBI+”) (a U.S. dollar denominated index), generated an annual return of 1.82%.

The Fund is actively managed and invests in a diversified portfolio composed primarily of global fixed income securities with an average dollar-weighted duration (a measure of bond prices’ sensitivity to changes in interest rates) normally between three to 10 years. The Fund maintained its global focus, seeking investment opportunities across a wide array of economies, credits, yield curves and currencies. For the one-year period ended December 31, 2015, the Investor Class of the Fund underperformed its composite benchmark, 50% Barclays Global Aggregate Bond Index – Unhedged, 25% J.P. Morgan EMBI+ and 25% Barclays U.S. Corporate High Yield Index – 2% Issuer Capped, (-6.00% versus -2.21%). The underperformance was primarily due to widening credit spreads and a strengthening U.S. dollar. The yield curve strategy provided minimal performance variation relative to the composite benchmark. During the year, the Fund utilized U.S. and non-U.S. government futures and options to manage yield curve and duration strategies. These strategies were mixed in their impacts on the Fund’s performance. Additionally, the Fund used currency forward contracts and options on currency forwards for hedging purposes which benefited the Fund’s relative performance during the year.

During the year, the Fund remained focused on its objective of seeking to maximize total return through capital gains and current income while preserving principal value.

This Fund may be suitable for investors who have a medium- to long-term investment horizon, seek higher returns than those offered by a shorter maturity bond fund, can accept short-term fluctuations in account value and want to diversify their portfolio with a globally diversified fixed-income investment option. This Fund may invest, to a large extent, in high yield securities, commonly known as junk bonds. While offering higher current yields, these securities may be considered speculative and are subject to greater risks than higher-rated bonds. Securities of emerging countries may involve additional risks including price volatility, reduced liquidity, currency fluctuation and financial reporting requirements as well as political and economic instability. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings. To the extent that the investment adviser misjudges current market conditions, the Fund’s volatility may be amplified by its use of derivatives and by its ability to select sub-advisers to allocate assets. Some derivatives may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value of the Fund generally to decline faster than it would otherwise. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and may reduce its returns. It is possible to lose money by investing in the Fund.

131

Global Bond Fund (Unaudited)

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Corporate Bonds		43.8
Foreign Bonds		33.2
Money Market Funds		14.0
U.S. Treasury Obligations		10.5
Mortgage-Backed Securities		2.1
Loan Agreements		2.0
Common Stocks		1.0
Foreign Government Inflation-Linked Bond		0.6
Preferred Stocks		0.5
Foreign Common Stocks		0.2
Municipal Bond		0.1
Purchased Option		—
		108.0

132

Global Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional     Class*	Investor     Class*	Benchmark**
One Year	N/A	-6.00%	-2.21%
Five Year	N/A	2.64%	2.99%
Since Inception(2)	-7.54%	4.49%	5.03%
Inception Date	04/30/15	12/29/06
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	0.63%	0.89%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

⁽²⁾The Since Inception benchmark performance is based on the start date of December 29, 2006, which corresponds with the inception date of the Investor Class, the longest operating class of the Fund.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund since December 29, 2006 (commencement of operations), with all dividends and capital gains reinvested, with the weighted composite index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a weighted composite benchmark index consisting of 25% JPMorgan Emerging Markets Bond Index Plus, 50% Barclays Global Aggregate Bond Index — Unhedged and 25% Barclays U.S. Corporate High Yield – 2% Issuer Capped Index.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

133

GLOBAL BOND FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Par		Value
CORPORATE BONDS — 43.8%
Activision Blizzard, Inc.
5.63%, 09/15/21 144A	$	70,000		$	73,500
6.13%, 09/15/23 144A		60,000			63,750
AECOM
5.75%, 10/15/22		55,000			56,856
5.88%, 10/15/24		245,000			249,900
AES Corporation
8.00%, 06/01/20D		350,000			386,750
7.38%, 07/01/21D		170,000			174,250
4.88%, 05/15/23		1,710,000			1,504,800
Air Medical Merger Sub Corporation
6.38%, 05/15/23 144AD		200,000			179,000
Alcatel-Lucent USA, Inc.
6.45%, 03/15/29		275,000			279,469
Alcoa, Inc.
5.87%, 02/23/22		5,000			4,900
5.90%, 02/01/27D		825,000			761,062
6.75%, 01/15/28		1,380,000			1,317,900
5.95%, 02/01/37		65,000			52,650
Ally Financial, Inc.
5.50%, 02/15/17		70,000			72,275
8.00%, 12/31/18		104,000			113,880
3.50%, 01/27/19		1,000,000			988,750
8.00%, 03/15/20		161,000			183,942
5.13%, 09/30/24D		920,000			945,300
8.00%, 11/01/31		345,000			399,769
American Airlines Group, Inc.
5.50%, 10/01/19 144AD		1,825,000			1,806,750
American Axle & Manufacturing, Inc.
6.63%, 10/15/22		150,000			157,500
Anadarko Petroleum Corporation
5.95%, 09/15/16		10,000			10,277
6.38%, 09/15/17		80,000			83,924
4.50%, 07/15/44		55,000			42,256
Antero Resources Corporation
5.38%, 11/01/21		365,000			293,825
5.13%, 12/01/22		475,000			363,375
Anthem, Inc.
6.38%, 06/15/37		221,000			262,889
Appvion, Inc.
9.00%, 06/01/20 144A		140,000			56,700
Arch Coal, Inc.
9.88%, 06/15/19#		400,000			5,000
Argos Merger Sub, Inc.
7.13%, 03/15/23 144A		400,000			397,600
Ashtead Capital, Inc.
5.63%, 10/01/24 144AD		330,000			335,775
AT&T, Inc.
3.88%, 08/15/21		60,000			61,978
Atrium Windows & Doors, Inc.
7.75%, 05/01/19 144A		565,000			420,925
Atwood Oceanics, Inc.
6.50%, 02/01/20		100,000			54,000
Avon Products, Inc.
8.70%, 03/15/43		115,000			83,375
Ball Corporation
5.25%, 07/01/25		460,000			472,075
Bank of America Corporation
5.49%, 03/15/19		100,000			107,988
4.25%, 10/22/26		100,000			99,196

	Par		Value
6.05%, 06/01/34@	$	700,000		$	767,486
6.11%, 01/29/37		1,300,000			1,479,682
6.50%, 10/29/49†D		920,000			970,600
5.20%, 12/29/49†D		300,000			279,750
Barrick North America Finance LLC
5.75%, 05/01/43		1,000,000			725,337
Baxalta, Inc.
5.25%, 06/23/45 144A		120,000			120,673
Beazer Homes USA, Inc.
7.25%, 02/01/23D		50,000			44,250
Best Buy Co., Inc.
5.00%, 08/01/18D		3,455,000			3,592,336
Blue Cube Spinco, Inc.
10.00%, 10/15/25 144A		1,525,000			1,685,125
Blue Racer Midstream LLC
6.13%, 11/15/22 144A		200,000			139,000
BreitBurn Energy Partners LP
8.63%, 10/15/20		60,000			12,300
Brocade Communications Systems, Inc.
1.38%, 01/01/20 CONV 144A		345,000			332,062
CalAtlantic Group, Inc.
0.25%, 06/01/19 CONV		140,000			125,912
California Resources Corporation
6.00%, 11/15/24D		970,000			298,275
Calpine Corporation
5.88%, 01/15/24 144AD		304,000			313,120
Calumet Specialty Products Partners LP
6.50%, 04/15/21		230,000			201,250
Carrizo Oil & Gas, Inc.
6.25%, 04/15/23		330,000			268,950
CBC Ammo LLC
7.25%, 11/15/21 144AD		350,000			290,675
CCO Holdings LLC
7.00%, 01/15/19		230,000			235,175
5.38%, 05/01/25 144AD		130,000			129,675
Celgene Corporation
5.00%, 08/15/45		980,000			987,579
Cemex Finance LLC
9.38%, 10/12/22		550,000			581,625
Century Intermediate Holding Co. 2 Cash coupon
9.75%, 02/15/19 PIK 144A		130,000			133,412
CenturyLink, Inc.
5.63%, 04/01/20D		295,000			292,788
7.60%, 09/15/39		810,000			623,700
7.65%, 03/15/42		165,000			127,050
Chemours Co.
6.63%, 05/15/23 144A		1,055,000			743,775
7.00%, 05/15/25 144AD		195,000			133,575
Chesapeake Energy Corporation
7.25%, 12/15/18D		80,000			32,000
3.57%, 04/15/19†		20,000			5,650
6.63%, 08/15/20		145,000			42,775
6.88%, 11/15/20		75,000			21,750
6.13%, 02/15/21		665,000			190,855
4.88%, 04/15/22D		2,620,000			740,307
5.75%, 03/15/23		350,000			103,250
2.50%, 05/15/37 CONV		560,000			266,000

134 See Notes to Financial Statements.

	Par		Value
2.25%, 12/15/38 CONV	$	1,560,000		$	528,450
Ciena Corporation
0.88%, 06/15/17 CONVD		2,090,000			2,059,956
3.75%, 10/15/18 CONV 144A		415,000			516,675
Cincinnati Bell Telephone Co. LLC
6.30%, 12/01/28		155,000			141,050
CIT Group, Inc.
5.00%, 08/15/22		500,000			514,690
5.00%, 08/01/23		670,000			681,725
Citigroup, Inc.
5.13%, 11/12/19(Z)		640,000			450,584
3.50%, 05/15/23		1,305,000			1,285,160
5.35%, 04/29/49†D		360,000			341,550
5.95%, 12/29/49†		250,000			240,938
6.30%, 12/29/49†D		1,330,000			1,298,412
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/20		345,000			319,988
Cleaver-Brooks, Inc.
8.75%, 12/15/19 144A		110,000			106,700
Cliffs Natural Resources, Inc.
6.25%, 10/01/40D		1,920,000			364,800
Cloud Peak Energy Resources LLC
6.38%, 03/15/24D		60,000			18,000
CME Group, Inc.
5.30%, 09/15/43		860,000			986,891
Comcast Corporation
5.15%, 03/01/20		170,000			190,054
Communications Sales & Leasing, Inc.
8.25%, 10/15/23		410,000			348,500
Compiler Finance Sub, Inc.
7.00%, 05/01/21 144A		360,000			158,400
Concho Resources, Inc.
5.50%, 10/01/22		260,000			237,900
5.50%, 04/01/23		700,000			651,000
ConocoPhillips
6.50%, 02/01/39		20,000			21,115
Consolidated Comm-unications, Inc.
6.50%, 10/01/22		60,000			50,700
Continental Airlines 2007-1 Class A Pass-Through Trust
5.98%, 10/19/23		430,758			476,225
Continental Airlines 2009-1 Pass-Through Trust
9.00%, 01/08/18		853,551			881,504
Continental Resources, Inc.
4.50%, 04/15/23		15,000			10,792
3.80%, 06/01/24D		145,000			102,313
Countrywide Financial Corporation
6.25%, 05/15/16		280,000			284,745
Crestwood Midstream Partners LP
6.00%, 12/15/20		250,000			185,000
6.13%, 03/01/22		120,000			84,000
CSC Holdings LLC
6.75%, 11/15/21		210,000			206,850
5.25%, 06/01/24D		140,000			123,200
CST Brands, Inc.
5.00%, 05/01/23		170,000			169,150

	Par		Value
CTR Partnership LP
5.88%, 06/01/21	$	500,000		$	506,875
Cummins, Inc.
5.65%, 03/01/98		860,000			900,332
D.R. Horton, Inc.
4.38%, 09/15/22		1,405,000			1,403,244
DaVita HealthCare Partners, Inc.
5.13%, 07/15/24		90,000			90,169
Delta Air Lines 2007-1 Class B Pass-Through Trust
8.02%, 02/10/24		57,260			64,346
Dillard’s, Inc.
7.75%, 07/15/26		890,000			1,030,765
DISH DBS Corporation
5.88%, 07/15/22		600,000			561,000
5.00%, 03/15/23		410,000			356,700
5.88%, 11/15/24		1,510,000			1,347,675
DJO Finance LLC
8.13%, 06/15/21 144A		830,000			738,700
Dollar Tree, Inc.
5.75%, 03/01/23 144AD		920,000			956,800
DPL, Inc.
6.75%, 10/01/19		390,000			390,000
DS Services of America, Inc.
10.00%, 09/01/21 144A		265,000			300,775
Eagle Spinco, Inc.
4.63%, 02/15/21		520,000			480,350
El Paso Natural Gas Co. LLC
8.63%, 01/15/22D		90,000			97,975
8.38%, 06/15/32		75,000			72,467
Embarq Corporation
8.00%, 06/01/36		995,000			1,027,338
Enbridge Energy Partners LP
5.88%, 10/15/25		460,000			443,330
7.38%, 10/15/45		435,000			416,764
Enterprise Products Operating LLC
8.38%, 08/01/66†		60,000			53,850
ERAC USA Finance LLC
7.00%, 10/15/37 144A		1,065,000			1,301,849
ExamWorks Group, Inc.
5.63%, 04/15/23		310,000			309,612
First Cash Financial Services, Inc.
6.75%, 04/01/21		40,000			39,400
First Data Corporation
7.00%, 12/01/23 144A		310,000			310,775
FirstEnergy Corporation
7.38%, 11/15/31		185,000			225,889
Florida East Coast Holdings Corporation
6.75%, 05/01/19 144A		630,000			578,025
9.75%, 05/01/20 144A		40,000			27,400
Ford Motor Co.
6.63%, 10/01/28		850,000			983,599
Freeport-McMoRan, Inc.
2.38%, 03/15/18		330,000			259,050
3.55%, 03/01/22D		380,000			222,300
5.40%, 11/14/34		115,000			61,525
5.45%, 03/15/43		1,715,000			900,375
Fresenius Medical Care US Finance, Inc.
5.75%, 02/15/21 144A		750,000			806,250

See Notes to Financial Statements. 135

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Frontier Communications Corporation
11.00%, 09/15/25 144A	$	105,000		$	104,213
7.88%, 01/15/27		405,000			334,125
FTS International, Inc.
6.25%, 05/01/22D		210,000			59,850
GameStop Corporation
5.50%, 10/01/19 144AD		295,000			291,681
Gates Global LLC
6.00%, 07/15/22 144A		195,000			141,375
General Electric Capital Corporation
6.75%, 09/26/16(Z)		150,000			104,898
3.15%, 09/07/22		95,000			97,319
6.75%, 03/15/32		30,000			39,261
6.88%, 01/10/39		161,000			219,888
General Motors Co.
6.25%, 10/02/43		840,000			890,489
General Motors Financial Co., Inc.
2.75%, 05/15/16		10,000			10,030
4.38%, 09/25/21		120,000			121,839
3.45%, 04/10/22		300,000			288,178
Genesis Energy LP
6.75%, 08/01/22		120,000			102,600
6.00%, 05/15/23		230,000			185,150
Genworth Holdings, Inc.
4.90%, 08/15/23		250,000			167,500
4.80%, 02/15/24D		105,000			71,400
6.50%, 06/15/34D		110,000			67,100
GEO Group, Inc.
5.88%, 10/15/24		100,000			97,500
Georgia-Pacific LLC
8.88%, 05/15/31		605,000			849,357
Gilead Sciences, Inc.
4.75%, 03/01/46		970,000			984,012
Global Marine, Inc.
7.00%, 06/01/28D		45,000			22,050
Goldman Sachs Capital II
4.00%, 12/29/49†		1,290,000			912,675
Goldman Sachs Group, Inc.
2.90%, 07/19/18		130,000			132,622
6.75%, 10/01/37		355,000			416,233
Goodyear Tire & Rubber Co.
5.13%, 11/15/23		1,030,000			1,060,900
7.00%, 03/15/28		690,000			731,400
Guitar Center, Inc.
6.50%, 04/15/19 144A		300,000			253,500
9.63%, 04/15/20 144AD		200,000			141,000
Gulfmark Offshore, Inc.
6.38%, 03/15/22D		220,000			119,350
Gulfport Energy Corporation
7.75%, 11/01/20		30,000			27,000
Halcon Resources Corporation
8.88%, 05/15/21		270,000			79,650
9.25%, 02/15/22		1,440,000			417,600
Hardwoods Acquisition, Inc.
7.50%, 08/01/21 144A		90,000			74,700
HCA, Inc.
7.50%, 02/15/22		500,000			556,250
7.50%, 12/15/23		770,000			827,750
8.36%, 04/15/24		90,000			102,150
5.38%, 02/01/25		370,000			365,838
7.69%, 06/15/25		815,000			882,238

	Par		Value
7.58%, 09/15/25	$	715,000		$	777,562
5.88%, 02/15/26		1,060,000			1,066,625
7.05%, 12/01/27		20,000			20,350
7.50%, 11/06/33		205,000			220,375
7.75%, 07/15/36		120,000			128,400
Hercules, Inc.
6.50%, 06/30/29		250,000			212,500
Hexion, Inc.
6.63%, 04/15/20D		200,000			156,500
9.00%, 11/15/20		185,000			71,688
Hiland Partners LP
7.25%, 10/01/20 144A		545,000			551,131
Hilton Worldwide Finance LLC
5.63%, 10/15/21		380,000			395,675
Howard Hughes Corporation
6.88%, 10/01/21 144A		640,000			656,000
IASIS Healthcare LLC
8.38%, 05/15/19		520,000			481,000
Iconix Brand Group, Inc.
1.50%, 03/15/18 CONV		225,000			111,375
Intel Corporation
2.95%, 12/15/35 CONV		580,000			743,488
3.25%, 08/01/39 CONV		460,000			765,902
International Lease Finance Corporation
3.88%, 04/15/18		10,000			10,100
6.25%, 05/15/19		75,000			80,531
4.63%, 04/15/21D		300,000			308,250
5.88%, 08/15/22		230,000			245,525
INVISTA Finance LLC
4.25%, 10/15/19 144A		915,000			892,125
iStar, Inc.
3.88%, 07/01/16		30,000			29,962
7.13%, 02/15/18		150,000			155,812
4.88%, 07/01/18D		95,000			93,456
J.C. Penney Corporation, Inc.
6.38%, 10/15/36		480,000			298,800
7.63%, 03/01/97		815,000			533,825
Jefferies Finance LLC
7.50%, 04/15/21 144AD		275,000			243,031
6.88%, 04/15/22 144A		200,000			169,000
Jefferies Group LLC
5.13%, 04/13/18		55,000			57,265
6.88%, 04/15/21		270,000			302,719
5.13%, 01/20/23D		305,000			303,040
6.45%, 06/08/27		35,000			37,141
3.88%, 11/01/29 CONV		55,000			54,931
6.25%, 01/15/36		1,135,000			1,054,239
6.50%, 01/20/43		510,000			473,001
Joseph T. Ryerson & Son, Inc.
9.00%, 10/15/17		90,000			69,750
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		360,000			249,239
3.38%, 05/01/23D		370,000			364,227
6.13%, 12/29/49†		260,000			263,250
K. Hovnanian Enterprises, Inc.
7.00%, 01/15/19 144AD		115,000			77,625
8.00%, 11/01/19 144A		165,000			103,125
5.00%, 11/01/21		795,000			535,631
KB Home
1.38%, 02/01/19 CONV		440,000			395,725
Kinder Morgan Energy Partners LP
6.50%, 02/01/37		75,000			64,600

136 See Notes to Financial Statements.

	Par		Value
6.95%, 01/15/38	$	90,000		$	77,502
Kinder Morgan, Inc.
7.75%, 01/15/32		80,000			76,252
Kindred Healthcare, Inc.
8.00%, 01/15/20		200,000			188,000
Kraft Heinz Foods Co.
4.88%, 02/15/25 144A		196,000			208,537
5.20%, 07/15/45 144A		960,000			1,006,935
Lennar Corporation
4.75%, 11/15/22		315,000			313,898
Level 3 Communications, Inc.
5.75%, 12/01/22		150,000			153,375
Level 3 Financing, Inc.
7.00%, 06/01/20		730,000			764,675
5.63%, 02/01/23		980,000			999,600
5.38%, 05/01/25 144A		5,000			4,994
Linn Energy LLC
6.50%, 05/15/19		190,000			34,200
LStar Securities Investment
7.42%, 09/15/20+		1,000,000			997,400
Magnum Hunter Resources Corporation
9.75%, 05/15/20#@D		470,000			124,550
Masco Corporation
5.85%, 03/15/17		90,000			93,880
7.75%, 08/01/29		250,000			278,125
6.50%, 08/15/32		175,000			177,188
MBIA Insurance Corporation
11.58%, 01/15/33 144A†		435,000			85,912
MeadWestvaco Corporation
8.20%, 01/15/30		145,000			188,319
7.95%, 02/15/31		45,000			55,655
Meccanica Holdings USA, Inc.
6.25%, 01/15/40 144A		335,000			312,388
Michael Baker International LLC
8.25%, 10/15/18 144A		100,000			90,500
Microchip Technology, Inc.
1.63%, 02/15/25 CONV 144AD		280,000			279,650
Micron Technology, Inc.
5.25%, 08/01/23 144A		430,000			388,075
5.50%, 02/01/25D		1,815,000			1,583,588
5.63%, 01/15/26 144A		985,000			854,488
Midas Intermediate Holdco II LLC
7.88%, 10/01/22 144A		1,015,000			913,500
Miran Mid Atlantic Series C Pass-Through Trust
10.06%, 12/30/28		769,693			759,610
Molina Healthcare, Inc.
5.38%, 11/15/22 144A		470,000			471,175
Morgan Stanley
4.75%, 11/16/18(A)		275,000			206,484
5.75%, 01/25/21		205,000			230,419
3.13%, 08/05/21(C)		535,000			398,402
3.75%, 02/25/23		125,000			128,233
4.10%, 05/22/23		370,000			374,366
6.25%, 08/09/26		400,000			469,237
4.35%, 09/08/26		940,000			945,073
Motorola Solutions, Inc.
6.63%, 11/15/37		105,000			107,718
MPLX LP
5.50%, 02/15/23 144AD		240,000			211,200
4.50%, 07/15/23 144A		20,000			17,994

	Par		Value
4.88%, 12/01/24 144A	$	460,000		$	415,150
4.88%, 06/01/25 144A		75,000			67,500
Murphy Oil USA, Inc.
6.00%, 08/15/23D		160,000			168,800
Murray Energy Corporation
11.25%, 04/15/21 144AD		710,000			133,125
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		1,200,000			1,509,341
Natural Resource Partners LP
9.13%, 10/01/18D		70,000			45,850
Navient Corporation
5.00%, 06/15/18		700,000			668,500
8.45%, 06/15/18		472,000			497,960
5.50%, 01/15/19		75,000			70,312
4.88%, 06/17/19		220,000			202,950
8.00%, 03/25/20		600,000			594,300
5.88%, 03/25/21D		320,000			286,000
5.50%, 01/25/23		1,720,000			1,382,450
6.13%, 03/25/24		1,480,000			1,211,750
5.88%, 10/25/24		600,000			482,250
Neiman Marcus Group, Ltd. LLC Cash coupon 8.75% or PIK
9.50%, 10/15/21 144A		130,000			81,250
Neptune Finco Corporation
10.88%, 10/15/25 144AD		1,070,000			1,123,500
NES Rentals Holdings, Inc.
7.88%, 05/01/18 144A		60,000			54,900
Netflix, Inc.
5.50%, 02/15/22 144AD		560,000			576,800
5.88%, 02/15/25 144A		380,000			391,400
New Albertsons, Inc.
7.75%, 06/15/26		410,000			379,250
7.45%, 08/01/29		1,375,000			1,223,750
8.00%, 05/01/31		1,200,000			1,098,000
Newell Rubbermaid, Inc.
4.00%, 12/01/24		445,000			411,544
Newfield Exploration Co.
5.63%, 07/01/24		955,000			818,912
Newmont Mining Corporation
4.88%, 03/15/42		575,000			412,162
Nine West Holdings, Inc.
6.13%, 11/15/34		125,000			20,000
NRG REMA LLC
9.68%, 07/02/26		300,000			291,375
Nuance Communications, Inc.
1.00%, 12/15/35 CONV 144A		730,000			705,819
NWH Escrow Corporation
7.50%, 08/01/21 144A		100,000			80,500
Oasis Petroleum, Inc.
7.25%, 02/01/19D		320,000			231,200
6.88%, 03/15/22D		580,000			374,100
6.88%, 01/15/23		170,000			105,400
Old Republic International Corporation
3.75%, 03/15/18 CONVD		1,600,000			2,034,000
4.88%, 10/01/24		520,000			534,754
ON Semiconductor Corporation
1.00%, 12/01/20 CONV 144AD		455,000			425,994
ONEOK Partners LP
4.90%, 03/15/25		40,000			33,749
6.20%, 09/15/43		20,000			15,294

See Notes to Financial Statements. 137

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Outfront Media Capital LLC
5.25%, 02/15/22	$	110,000		$	112,888
5.88%, 03/15/25		170,000			172,338
Owens Corning
7.00%, 12/01/36		1,800,000			1,978,898
Owens-Brockway Glass Container, Inc.
5.38%, 01/15/25 144AD		1,500,000			1,471,875
Pactiv LLC
8.38%, 04/15/27		200,000			187,000
Parker Drilling Co.
6.75%, 07/15/22		80,000			55,200
Parsley Energy LLC
7.50%, 02/15/22 144AD		330,000			316,800
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		685,000			905,967
Pioneer Natural Resources Co.
5.88%, 07/15/16		900,000			914,183
Priceline Group, Inc.
0.90%, 09/15/21 CONVD		390,000			393,412
PulteGroup, Inc.
7.88%, 06/15/32		1,500,000			1,706,250
6.38%, 05/15/33		470,000			479,400
6.00%, 02/15/35		180,000			177,300
QEP Resources, Inc.
6.88%, 03/01/21		695,000			573,375
5.38%, 10/01/22		135,000			97,200
5.25%, 05/01/23D		2,310,000			1,651,650
Quicken Loans, Inc.
5.75%, 05/01/25 144AD		1,395,000			1,333,969
Quicksilver Resources, Inc.
11.00%, 07/01/21#		90,000			2,925
Qwest Capital Funding, Inc.
6.50%, 11/15/18		225,000			230,625
Qwest Corporation
7.25%, 09/15/25		615,000			655,361
6.88%, 09/15/33		2,124,000			2,043,492
7.25%, 10/15/35D		110,000			108,350
R.R. Donnelley & Sons Co.
7.00%, 02/15/22		495,000			470,250
6.00%, 04/01/24D		465,000			415,012
Rain CII Carbon LLC
8.50%, 01/15/21(E)		100,000			80,310
Range Resources Corporation
5.00%, 08/15/22D		520,000			391,300
5.00%, 03/15/23D		1,690,000			1,267,500
4.88%, 05/15/25 144AD		240,000			183,300
Regency Energy Partners LP
5.88%, 03/01/22		340,000			320,875
5.00%, 10/01/22		80,000			70,968
Reliance Holding USA, Inc.
4.50%, 10/19/20 144AD		540,000			572,502
Resolute Forest Products, Inc.
5.88%, 05/15/23D		190,000			139,175
Reynolds Group Issuer, Inc.
5.75%, 10/15/20D		60,000			61,181
Rice Energy, Inc.
6.25%, 05/01/22D		160,000			116,000
7.25%, 05/01/23 144A		140,000			102,900
Rovi Corporation
0.50%, 03/01/20 CONV 144A		985,000			865,569
RPM International, Inc.
2.25%, 12/15/20 CONVD		47,000			53,727

	Par		Value
Sabine Pass Liquefaction LLC
5.63%, 02/01/21	$	540,000		$	499,500
Samson Investment Co.
9.75%, 02/15/20#		330,000			743
Sanchez Energy Corporation
7.75%, 06/15/21		330,000			202,950
6.13%, 01/15/23D		330,000			179,850
Sealed Air Corporation
4.88%, 12/01/22 144A		25,000			25,062
5.50%, 09/15/25 144A		555,000			567,488
ServiceMaster Co. LLC
7.45%, 08/15/27		1,195,000			1,195,000
Sidewinder Drilling, Inc.
9.75%, 11/15/19 144A		820,000			364,900
Simmons Foods, Inc.
7.88%, 10/01/21 144A		500,000			453,750
SM Energy Co.
5.00%, 01/15/24D		40,000			26,200
Southern Copper Corporation
5.25%, 11/08/42		550,000			399,365
Spectrum Brands, Inc.
5.75%, 07/15/25 144A		910,000			937,300
Springleaf Finance Corporation
5.75%, 09/15/16		700,000			710,500
6.50%, 09/15/17		400,000			409,000
7.75%, 10/01/21		145,000			143,369
8.25%, 10/01/23D		55,000			55,550
Sprint Capital Corporation
6.88%, 11/15/28		2,915,000			2,040,500
8.75%, 03/15/32		945,000			711,112
Sprint Communications, Inc.
11.50%, 11/15/21D		390,000			360,750
Sprint Corporation
7.88%, 09/15/23		510,000			384,285
Steel Dynamics, Inc.
6.38%, 08/15/22D		400,000			386,000
Targa Resources Partners LP
5.00%, 01/15/18 144A		255,000			237,150
4.13%, 11/15/19		2,060,000			1,714,950
4.25%, 11/15/23D		110,000			85,250
6.75%, 03/15/24 144A		1,050,000			897,750
Taylor Morrison Communities, Inc.
5.25%, 04/15/21 144A		410,000			412,050
Tenet Healthcare Corporation
5.00%, 03/01/19 144A		560,000			519,400
8.13%, 04/01/22		770,000			771,925
6.75%, 06/15/23 144AD		285,000			264,872
6.88%, 11/15/31		85,000			69,275
Tesoro Logistics LP
6.25%, 10/15/22 144A		100,000			95,250
Textron, Inc.
6.63%, 04/07/20(U)		130,000			214,717
Time Warner Cable, Inc.
8.75%, 02/14/19		190,000			220,563
8.25%, 04/01/19		40,000			45,965
5.50%, 09/01/41		60,000			54,219
4.50%, 09/15/42D		105,000			82,689
Time Warner, Inc.
4.00%, 01/15/22D		100,000			103,741
TMX Finance LLC
8.50%, 09/15/18 144AD		50,000			37,500
Toys “R” Us, Inc.
7.38%, 10/15/18D		210,000			101,850

138 See Notes to Financial Statements.

	Par		Value
TransDigm, Inc.
7.50%, 07/15/21D	$	970,000		$	1,008,800
6.50%, 07/15/24		199,000			198,900
6.50%, 05/15/25 144A		195,000			188,906
TRI Pointe Holdings, Inc.
4.38%, 06/15/19		100,000			97,750
5.88%, 06/15/24		5,000			4,862
United Airlines 2007-1 Pass-Through Trust
6.64%, 01/02/24		194,617			207,510
United Airlines 2009-1 Pass-Through Trust
10.40%, 05/01/18D		20,581			21,844
United Airlines 2014-1 Class A Pass-Through Trust
4.00%, 10/11/27		242,570			248,028
United Airlines 2014-2 Class B Pass-Through Trust
4.63%, 03/03/24		90,000			90,338
United Rentals North America, Inc.
6.13%, 06/15/23D		400,000			411,000
5.75%, 11/15/24D		540,000			537,300
United States Steel Corporation
6.65%, 06/01/37D		760,000			315,400
UnitedHealth Group, Inc.
4.75%, 07/15/45		250,000			263,962
Universal Hospital Services, Inc.
7.63%, 08/15/20		440,000			415,250
US Airways 2012-1 Class A Pass-Through Trust
5.90%, 04/01/26		278,213			307,773
US Airways 2012-1 Class B Pass-Through Trust
8.00%, 04/01/21		488,314			527,989
US Airways 2012-2 Class A Pass-Through Trust
4.63%, 12/03/26		223,870			233,105
Verizon Communications, Inc.
6.00%, 04/01/41		70,000			75,866
6.55%, 09/15/43		762,000			907,803
5.01%, 08/21/54		341,000			313,480
Verizon Pennsylvania LLC
6.00%, 12/01/28		35,000			36,961
Wells Fargo & Co.
4.48%, 01/16/24		124,000			130,551
5.88%, 12/29/49†		700,000			737,625
West Corporation
5.38%, 07/15/22 144A		490,000			422,625
WestRock Co.
4.00%, 03/01/23		430,000			432,103
WEX, Inc.
4.75%, 02/01/23 144A		440,000			402,600
Weyerhaeuser Co.
8.50%, 01/15/25		405,000			520,554
6.95%, 10/01/27		55,000			64,964
7.38%, 03/15/32		370,000			441,396
6.88%, 12/15/33		490,000			566,198
Whiting Petroleum Corporation
6.50%, 10/01/18D		430,000			327,875
5.00%, 03/15/19D		480,000			364,800
6.25%, 04/01/23D		410,000			297,250
William Lyon Homes, Inc.
7.00%, 08/15/22D		20,000			20,150

	Par		Value
Williams Cos., Inc.
7.50%, 01/15/31	$	60,000		$	41,590
Williams Partners LP
6.13%, 07/15/22		150,000			142,082
Windstream Services LLC
7.75%, 10/01/21D		585,000			463,247
7.50%, 06/01/22		40,000			30,700
7.50%, 04/01/23		235,000			177,966
WPX Energy, Inc.
8.25%, 08/01/23D		430,000			345,075
XPO Logistics, Inc.
7.88%, 09/01/19 144AD		40,000			40,821
5.75%, 06/15/21 144A(E)		250,000			253,853
6.50%, 06/15/22 144A		50,000			46,438
ZF North America Capital, Inc.
4.00%, 04/29/20 144AD		150,000			151,800
4.50%, 04/29/22 144A		150,000			147,188
4.75%, 04/29/25 144A		150,000			143,438
Total Corporate Bonds (Cost $182,284,087)					170,957,544
FOREIGN BONDS — 33.2%
Armenia — 0.1%
Armenia International Bond
6.00%, 09/30/20		520,000			506,600
Australia — 0.7%
Barminco Finance Proprietary, Ltd.
9.00%, 06/01/18 144AD		20,000			15,900
FMG Resources August 2006 Proprietary, Ltd.
9.75%, 03/01/22 144AD		650,000			598,000
New South Wales Treasury Corporation
6.00%, 02/01/18(A)		2,620,000			2,057,750
Queensland Treasury Corporation
7.13%, 09/18/17 144A(Z)		275,000			200,556
					2,872,206
Bermuda — 0.7%
Digicel Group, Ltd.
8.25%, 09/30/20D		550,000			456,500
NCL Corporation, Ltd.
4.63%, 11/15/20 144A		600,000			590,532
Ooredoo International Finance, Ltd.
4.75%, 02/16/21 144A		200,000			219,840
Sirius International Group, Ltd.
6.38%, 03/20/17 144A		1,250,000			1,277,260
					2,544,132
Brazil — 1.1%
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/17(B)		7,284,000			1,757,218
Brazilian Government International Bond
4.25%, 01/07/25D		1,050,000			846,563
Federal Republic of Brazil
10.25%, 01/10/28(B)		5,250,000			1,181,043
Oi Brasil Holdings Cooperatief UA
5.75%, 02/10/22 144AD		933,000			433,845

See Notes to Financial Statements. 139

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Telemar Norte Leste SA
5.50%, 10/23/20D	$	200,000		$	106,000
					4,324,669
Canada — 4.1%
Air Canada
7.63%, 10/01/19 144A(C)		1,520,000			1,164,414
Bombardier, Inc.
6.00%, 10/15/22 144AD		1,645,000			1,161,370
Canadian Government Bond
1.25%, 02/01/16(C)		3,545,000			2,563,304
0.25%, 05/01/17(C)		4,720,000			3,401,286
Entertainment One, Ltd.
6.88%, 12/15/22 144A(U)		180,000			265,358
Methanex Corporation
5.25%, 03/01/22		75,000			73,942
New Red Finance, Inc.
6.00%, 04/01/22 144A		890,000			918,925
Ontario Generic Residual STRIP
2.07%, 07/13/22(C)W†		2,600,000			1,648,164
3.07%, 03/08/29(C)W†		2,400,000			1,164,356
Pacific Exploration and Production Corporation
5.38%, 01/26/19 144A		540,000			105,300
Province of Ontario
2.10%, 09/08/18(C)		3,500,000			2,605,561
Stone Container Finance Company of Canada II Escrow
0.00%, 07/15/14+W†		330,000			6,600
Teine Energy, Ltd.
6.88%, 09/30/22 144A		60,000			48,600
Ultra Petroleum Corporation
5.75%, 12/15/18 144AD		340,000			83,300
Valeant Pharmaceuticals International, Inc.
6.13%, 04/15/25 144AD		990,000			886,050
					16,096,530
Cayman Islands — 1.0%
Braskem Finance, Ltd.
5.75%, 04/15/21D		900,000			787,500
Odebrecht Finance, Ltd.
4.38%, 04/25/25 144AD		1,070,000			567,100
Odebrecht Offshore Drilling Finance, Ltd.
6.75%, 10/01/23 144A		446,300			107,112
Transocean, Inc.
6.50%, 11/15/20D		10,000			6,950
7.13%, 12/15/21D		95,000			61,631
4.30%, 10/15/22		430,000			230,050
6.80%, 03/15/38		50,000			27,188
UPCB Finance IV, Ltd.
5.38%, 01/15/25 144A		250,000			236,875
Vale Overseas, Ltd.
6.88%, 11/21/36D		592,000			416,792
XLIT, Ltd.
6.38%, 11/15/24		585,000			683,116
6.25%, 05/15/27D		640,000			737,764
					3,862,078
Chile — 0.3%
AES Gener SA
5.25%, 08/15/21 144A		420,000			431,785

	Par		Value
Corporation Nacional del Cobre de Chile
3.88%, 11/03/21 144AD	$	420,000		$	404,693
Empresa Nacional de Telecomunicaciones SA
4.88%, 10/30/24 144A		220,000			211,959
					1,048,437
Colombia — 1.0%
Colombia Government International Bond
5.63%, 02/26/44		3,257,000			2,972,012
Colombian TES
10.00%, 07/24/24(X)		23,100,000			8,044
Ecopetrol SA
5.88%, 09/18/23		220,000			202,950
4.13%, 01/16/25		230,000			184,575
Empresa de Energia de Bogota SA ESP
6.13%, 11/10/21 144A		250,000			257,500
Transportadora de Gas Internacional SA ESP
5.70%, 03/20/22		260,000			261,950
					3,887,031
Cote D’Ivoire (Ivory Coast) — 0.1%
Ivory Coast Government International Bond
5.38%, 07/23/24 144A		520,000			463,590
Dominican Republic — 0.1%
Dominican Republic International Bond
5.50%, 01/27/25 144A		480,000			464,400
France — 1.0%
AXA SA
6.21%, 10/29/49(E)†		210,000			245,846
Electricite de France SA
5.25%, 01/29/49 144A†		380,000			358,625
5.63%, 12/29/49 144A†		1,360,000			1,298,460
Europcar Groupe SA
5.75%, 06/15/22 144A(E)		170,000			192,554
Numericable-SFR
4.88%, 05/15/19 144A		870,000			864,563
5.63%, 05/15/24 144A(E)		160,000			176,706
Rexel SA
5.25%, 06/15/20 144A		210,000			217,350
Societe Generale SA
5.63%, 11/24/45 144A		675,000			648,998
					4,003,102
Germany — 1.3%
Bundesrepublik Deutschland
1.00%, 08/15/24(E)		2,180,000			2,475,421
Deutsche Bundesrepublik Inflation-Linked Bond
0.10%, 04/15/23(E)D		1,406,000			1,660,783
0.50%, 04/15/30(E)		565,000			681,907
KraussMaffei Group GmbH
8.75%, 12/15/20(E)		128,000			149,885
8.75%, 12/15/20 144A(E)		80,000			93,678
ProGroup AG
5.13%, 05/01/22 144A(E)		100,000			114,316
					5,175,990

140 See Notes to Financial Statements.

	Par		Value
Honduras — 0.1%
Honduras Government International Bond
7.50%, 03/15/24	$	460,000		$	486,450
Hong Kong — 0.2%
AIA Group, Ltd.
4.88%, 03/11/44 144A		910,000			960,599
Iceland — 0.0%
Kaupthing Bank HF
7.13%, 05/19/16+ 144A#		150,000			2
India — 0.3%
ICICI Bank, Ltd.
4.80%, 05/22/19 144A		920,000			972,123
Indonesia — 0.9%
Indonesia Government International Bond
5.88%, 01/15/24 144AD		400,000			429,526
6.63%, 02/17/37		225,000			236,314
5.25%, 01/17/42 144A		1,710,000			1,550,553
Pertamina Persero PT
5.25%, 05/23/21 144A		400,000			399,987
4.88%, 05/03/22		900,000			864,474
					3,480,854
Ireland — 0.3%
Ardagh Packaging Finance PLC
9.13%, 10/15/20 144A		200,000			205,500
7.00%, 11/15/20 144A		35,294			34,853
eircom Finance, Ltd.
9.25%, 05/15/20 144A(E)		200,000			234,413
GE Capital International Funding Co.
3.37%, 11/15/25 144AD		246,000			250,763
4.42%, 11/15/35 144A		569,000			581,807
					1,307,336
Italy — 3.4%
Enel SpA
7.75%, 09/10/75(U)†		440,000			701,895
Italy Buoni Poliennali Del Tesoro
3.75%, 05/01/21(E)		3,120,000			3,928,677
4.50%, 03/01/24(E)		5,490,000			7,414,570
Telecom Italia Capital SA
6.38%, 11/15/33		995,000			955,200
6.00%, 09/30/34		250,000			231,875
					13,232,217
Jersey — 0.2%
AA Bond Co., Ltd.
5.50%, 07/31/43 144A(U)		430,000			604,592
Kenya — 0.1%
Kenya Government International Bond
6.88%, 06/24/24 144A		470,000			413,600
Luxembourg — 2.3%
Altice Financing SA
5.25%, 02/15/23 144A(E)		100,000			108,692
6.63%, 02/15/23 144A		400,000			396,000
ArcelorMittal
6.13%, 06/01/18		740,000			680,800
6.50%, 03/01/21D		30,000			24,297

	Par		Value
8.00%, 10/15/39 STEP	$	510,000		$	350,625
7.75%, 03/01/41 STEPD		690,000			470,062
Ardagh Finance Holdings SA Cash coupon
8.63%, 06/15/19 PIK 144A		272,594			270,037
Beverage Packaging Holdings Luxembourg II SA
6.00%, 06/15/17 144A		345,000			333,787
ConvaTec Healthcare E SA
10.88%, 12/15/18(E)		100,000			111,958
Coveris Holdings SA
7.88%, 11/01/19 144A		210,000			184,275
DH Services Luxembourg S.à r.l
7.75%, 12/15/20 144A		90,000			90,900
Evraz Group SA
6.75%, 04/27/18 144A		440,000			438,900
6.50%, 04/22/20 144AD		480,000			451,200
Globe Luxembourg SCA
9.63%, 05/01/18 144A		200,000			162,500
INEOS Group Holdings SA
6.13%, 08/15/18 144AD		600,000			596,250
Intelsat Jackson Holdings SA
7.25%, 10/15/20		170,000			149,600
7.50%, 04/01/21D		30,000			26,250
5.50%, 08/01/23		2,490,000			1,967,100
LSF9 Balta Issuer SA
7.75%, 09/15/22 144A(E)		360,000			411,388
Mallinckrodt International Finance SA
5.63%, 10/15/23 144AD		360,000			343,800
Play Finance 1 SA
6.50%, 08/01/19 144A(E)		120,000			136,279
Puma International Financing SA
6.75%, 02/01/21 144A		420,000			415,065
SIG Combibloc Holdings SCA
7.75%, 02/15/23 144A(E)		160,000			182,132
Wind Acquisition Finance SA
7.00%, 04/23/21(E)D		430,000			463,800
					8,765,697
Marshall Islands — 0.0%
Navios Maritime Acquisition Corporation
8.13%, 11/15/21 144AD		90,000			78,862
Mexico — 3.3%
Alpek SA de CV
4.50%, 11/20/22 144AD		200,000			190,250
Axtel SAB de CV
9.00%, 01/31/20 STEP 144A		104,000			108,420
9.00%, 01/31/20 STEP CONV 144A(M)		141,300			17,217
Cemex SAB de CV
6.50%, 12/10/19 144AD		1,100,000			1,064,250
Mexican Bonos
6.50%, 06/09/22(M)		45,803,100			2,741,300
8.00%, 12/07/23(M)		41,500,000			2,699,955
10.00%, 12/05/24(M)		31,500,000			2,305,397
7.50%, 06/03/27(M)		7,500,000			473,475
8.50%, 05/31/29(M)		2,000,000			135,969
7.75%, 05/29/31(M)		3,000,000			191,267
7.75%, 11/13/42(M)		22,750,000			1,445,813

See Notes to Financial Statements. 141

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Petroleos Mexicanos
5.50%, 01/21/21	$	750,000		$	758,400
6.50%, 06/02/41		135,000			117,383
5.50%, 06/27/44		600,000			454,404
6.38%, 01/23/45		303,000			257,969
					12,961,469
Morocco & Antilles — 0.3%
OCP SA
5.63%, 04/25/24 144A		550,000			560,262
4.50%, 10/22/25 144AD		520,000			486,233
					1,046,495
Netherlands — 2.4%
Bharti Airtel International Netherlands BV
5.35%, 05/20/24 144A		280,000			294,934
CIMPOR Financial Operations BV
5.75%, 07/17/24 144A		360,000			243,000
Cooperatieve Centrale Raiffeisen-Boerenleen-bank BA
5.75%, 12/01/43		880,000			989,081
DPx Holdings BV
7.50%, 02/01/22 144A		90,000			88,087
EDP Finance BV
6.00%, 02/02/18 144A		600,000			631,874
4.90%, 10/01/19 144A		1,600,000			1,650,530
4.13%, 01/15/20 144A		540,000			542,471
Grupo Isolux Corsan Finance BV
6.63%, 04/15/21(E)D		490,000			131,003
JLL/ Delta Dutch Pledgeco BV Cash coupon 8.75% or PIK
9.50%, 05/01/20 144A		440,000			425,700
LyondellBasell Industries NV
5.75%, 04/15/24		260,000			286,903
NXP BV/NXP Funding LLC
4.63%, 06/15/22 144A		430,000			423,550
Petrobras Global Finance BV
4.38%, 05/20/23		250,000			165,625
6.25%, 03/17/24		1,160,000			835,200
6.88%, 01/20/40		390,000			255,450
6.75%, 01/27/41		270,000			174,150
5.63%, 05/20/43D		275,000			167,062
Schaeffler Holding Finance BV
Cash coupon 6.88%, 8/15/18 PIK 144A(E)		100,000			112,724
Cash coupon 6.88% or PIK 7.63%, 08/15/18 144A		200,000			206,500
Swiss Reinsurance Co. Via ELM BV
5.25%, 05/29/49(E)†D		400,000			442,831
Telefonica Europe BV
6.75%, 11/29/49(U)†D		300,000			454,593
VimpelCom Holdings BV
7.50%, 03/01/22		200,000			201,000
Volkswagen International Finance NV
4.63%, 03/29/49(E)†		420,000			443,698
Ziggo Bond Finance BV
5.88%, 01/15/25 144A		200,000			186,250
					9,352,216

	Par		Value
New Zealand — 0.4%
New Zealand Government Bond
5.00%, 03/15/19(Z)	$	2,385,000		$	1,741,377
Norway — 0.4%
Norway Government Bond
4.25%, 05/19/17 144A(K)		12,330,000			1,461,285
4.50%, 05/22/19 144A(K)		172,000			21,892
3.75%, 05/25/21 144A(K)		129,000			16,665
					1,499,842
Panama — 0.0%
Panama Government International Bond
6.70%, 01/26/36		3,000			3,577
Peru — 0.1%
Transportadora de Gasdel Peru SA
4.25%, 04/30/28 144A		550,000			517,000
Philippines — 0.1%
Philippine Government International Bond
4.00%, 01/15/21		200,000			216,923
Portugal — 0.4%
Portugal Government International Bond
5.13%, 10/15/24 144A		1,600,000			1,636,480
Singapore — 0.3%
BOC Aviation Pte, Ltd.
3.00%, 03/30/20 144AD		1,000,000			984,636
Spain — 0.1%
Santander Issuances SA Unipersonal
5.91%, 06/20/16 144A		100,000			101,598
Telefonica Emisiones SA Unipersonal
5.13%, 04/27/20		75,000			81,968
					183,566
Supranational — 0.6%
Inter-American Development Bank
6.00%, 12/15/17(Z)		3,250,000			2,341,461
Sweden — 0.1%
Unilabs Subholding AB
8.50%, 07/15/18(E)		410,000			464,223
Trinidad and Tobago — 0.1%
Petroleum Co. of Trinidad & Tobago, Ltd.
9.75%, 08/14/19 144AD		340,000			355,300
Turkey — 0.7%
Turk Telekomunikasyon AS
3.75%, 06/19/19 144A		480,000			476,544
4.88%, 06/19/24 144A		680,000			645,565
Turkey Government International Bond
7.00%, 03/11/19		100,000			109,668
6.25%, 09/26/22		875,000			952,787
6.88%, 03/17/36		73,000			81,913
4.88%, 04/16/43		500,000			441,300
					2,707,777

142 See Notes to Financial Statements.

	Par		Value
United Kingdom — 4.4%
Anglian Water Osprey Financing PLC
7.00%, 01/31/18(U)D	$	310,000		$	499,375
Annington Finance No. 4 PLC
1.75%, 01/10/23(U)†		460,000			675,288
Boparan Finance PLC
5.50%, 07/15/21(U)		270,000			354,252
BUPA Finance PLC
5.00%, 04/25/23(U)D		590,000			899,749
EC Finance PLC
5.13%, 07/15/21 144A(E)		400,000			451,091
Ephios Bondco PLC
6.25%, 07/01/22(E)		270,000			305,836
6.25%, 07/01/22 144A(E)		650,000			736,272
HBOS PLC
6.75%, 05/21/18 144A		500,000			546,577
HSBC Holdings PLC
6.00%, 06/10/19(E)		270,000			341,565
6.38%, 12/29/49†D		600,000			600,750
Interoute Finco PLC
7.38%, 10/15/20 144A(E)		600,000			683,352
KCA Deutag UK Finance PLC
7.25%, 05/15/21 144A		540,000			368,550
Lloyds Bank PLC
6.50%, 03/24/20(E)		326,000			429,344
Lloyds Banking Group PLC
5.30%, 12/01/45 144A		1,581,000			1,604,355
Paragon Offshore PLC
6.75%, 07/15/22 144A		177,000			25,665
7.25%, 08/15/24 144A@D		410,000			59,450
Priory Group No. 3 PLC
8.88%, 02/15/19(U)		350,000			534,290
R&R Ice Cream PLC
8.25%, 05/15/20 144A(A)		260,000			197,040
Rio Tinto Finance USA PLC
4.13%, 08/21/42		145,000			113,865
Royal Bank of Scotland PLC
6.13%, 01/11/21		350,000			402,522
Royal Bank of Scotland Group PLC
6.10%, 06/10/23		1,880,000			2,022,983
6.00%, 12/19/23		275,000			296,650
Santander UK Group Holdings PLC
7.38%, 12/29/49(U)†		390,000			585,457
Scottish Widows PLC
5.50%, 06/16/23(U)		590,000			909,797
Southern Gas Networks PLC
4.88%, 12/21/20(U)		270,000			445,797
Standard Chartered PLC
5.13%, 06/06/34(U)		321,000			425,914
Tesco Property Finance 3 PLC
5.74%, 04/13/40(U)		276,330			358,712
Tesco Property Finance 6 PLC
5.41%, 07/13/44(U)		596,573			748,371
Vedanta Resources PLC
7.13%, 05/31/23D		200,000			110,396
7.13%, 05/31/23 144AD		400,000			220,791
Virgin Media Finance PLC
6.38%, 10/15/24 144A(U)		360,000			537,402
Virgin Media Secured Finance PLC
5.50%, 01/15/21(U)D		100,000			157,003

	Par		Value
Vougeot Bidco PLC
7.88%, 07/15/20(U)	$	360,000		$	560,515
					17,208,976
Virgin Islands (British) — 0.2%
GTL Trade Finance, Inc.
5.89%, 04/29/24 144AD		941,000			672,815
Pacific Drilling V, Ltd.
7.25%, 12/01/17 144AD		270,000			140,400
					813,215
Total Foreign Bonds (Cost $150,055,393)					129,585,630
FOREIGN GOVERNMENT INFLATION-LINKED BOND — 0.6%
Brazil — 0.6%
Brazil Notas do Tesouro Nacional Serie B 6.00%, 08/15/50+(B) (Cost $2,159,770)		3,613,000			2,160,910
LOAN AGREEMENTS — 2.0%
American Airlines, Inc. Term B Loan
3.25%, 06/27/20		997,462			980,784
American Builders & Contractors Supply Co., Inc. Term B Loan
3.50%, 04/16/20		589,015			583,307
Energy Future Intermediate Holding Co. LLC DIP Term Loan
4.25%, 12/19/16		847,944			843,916
First Data Corporation Term C-1 Loan
3.92%, 03/24/18		750,000			739,267
FMG Resources August 2006 Proprietary, Ltd. Term B Loan
4.25%, 06/30/19		39,796			29,404
Hilton Worldwide Finance LLC Term B Loan
3.50%, 10/25/20		621,324			619,578
Magnum Hunter Resources Corporation DIP Term B Loan
9.00%, 03/17/16@		30,000			30,000
MPH Acquisition Holdings LLC Term B Loan
3.75%, 03/31/21		447,028			434,364
Pacific Drilling SA Term B Loan
4.50%, 06/03/18		50,000			21,375
Party City Holdings, Inc Term B Loan
4.25%, 08/19/22		744,332			721,541
PetSmart, Inc. Term B Loan
4.25%, 03/10/22		995,000			967,389
Univision Communications, Inc. Term C-4 Loan
4.00%, 03/01/20		740,200			723,176

See Notes to Financial Statements. 143

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Valeant Pharmaceuticals International, Inc. Term BF1 Loan
4.00%, 04/01/22	$	744,375		$	714,414
Virgin Media Investment Holdings, Ltd. Term F Loan
3.50%, 06/30/23		504,991			493,866
Total Loan Agreements (Cost $8,074,954)					7,902,381
MORTGAGE-BACKED SECURITIES — 2.1%
Commercial Mortgage Trust Series 2007-CD4
5.40%, 12/11/49†		200,000			167,150
Credit Suisse Commercial Mortgage Trust Series 2006-C5
5.37%, 12/15/39		230,000			223,562
Credit Suisse Commercial Mortgage Trust Series 2007-C5
5.70%, 09/15/40†		211,387			218,395
5.87%, 09/15/40†		240,000			240,335
Credit Suisse Mortgage Capital Certificates Series 2006-C4
5.54%, 09/15/39†		210,000			203,383
CSMC Trust Series 2015-SAMZ
5.93%, 08/15/22 144A†		1,000,000			997,800
Fannie Mae Connecticut Avenue Securities Series 2014-C02
3.02%, 05/25/24†		1,600,000			1,439,759
Fannie Mae Connecticut Avenue Securities Series 2015-C03
5.42%, 07/25/25†		1,530,000			1,521,209
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LD12
6.01%, 02/15/51†		130,000			131,234
Lone Star Portfolio Trust Series 2015-LSP
7.23%, 09/15/28 144A†		900,000			898,726
Morgan Stanley Resecuri-tization Trust Series 2015-R5
0.45%, 10/26/46 144A†		2,390,000			1,478,900
Morgan Stanley Resecuri-tization Trust Series 2015-R6
0.48%, 07/26/45 144A†		1,197,082			501,529
Total Mortgage-Backed Securities (Cost $7,982,071)					8,021,982

	Par		Value
MUNICIPAL BOND — 0.1%
State of Illinois, General Obligation 5.10%, 06/01/33 (Cost $338,742)	$	435,000		$	411,793
	Notional Amount
PURCHASED OPTION — 0.0%
Put Options — 0.0%
U.S. Dollar vs. Japanese Yen, Strike Price $121.00, Expires 01/07/16 (UBS) (Cost $86,562)	$	13,850,000			108,972
	Par
U.S. TREASURY OBLIGATIONS — 10.5%
U.S. Treasury Bonds
3.50%, 02/15/39		860,000			951,576
4.25%, 05/15/39		40,000			49,427
3.88%, 08/15/40		30,000			35,085
2.75%, 08/15/42		120,000			114,741
3.13%, 02/15/43		9,116,000			9,346,216
2.88%, 05/15/43D		120,000			117,040
3.00%, 05/15/45		40,000			39,827
					10,653,912
U.S. Treasury Notes
0.25%, 02/29/16		4,435,000			4,435,173
0.88%, 04/15/17		30,000			29,998
0.75%, 10/31/17		15,020,000			14,941,671
0.63%, 04/30/18		530,000			523,261
1.38%, 09/30/18		250,000			250,835
1.63%, 06/30/19		10,000			10,046
1.25%, 10/31/19		110,000			108,719
3.63%, 02/15/21		5,810,000			6,317,352
2.00%, 02/15/22		120,000			120,244
1.63%, 08/15/22		3,380,000			3,292,924
2.75%, 02/15/24D		150,000			156,267
2.25%, 11/15/24D		30,000			29,989
2.00%, 02/15/25		100,000			97,770
					30,314,249
Total U.S. Treasury Obligations (Cost $39,887,161)					40,968,161
	Shares
COMMON STOCKS — 1.0%
Consumer Discretionary — 0.4%
Ford Motor Co.		96,849			1,364,602
Energy — 0.0%
Hercules Offshore, Inc.D*		46,644			101,219
Healthcare — 0.3%
Bristol-Myers Squibb Co.		15,400			1,059,366
Materials & Processing — 0.0%
PPG Industries, Inc.		820			81,032
Technology — 0.3%
Corning, Inc.D		70,534			1,289,362
Total Common Stocks (Cost $5,039,245)					3,895,581

144 See Notes to Financial Statements.

	Shares		Value
FOREIGN COMMON STOCKS — 0.2%
Norway — 0.0%
Deep Ocean Group Holding+@		8,860		$	41,367
Spain — 0.1%
Repsol SA ADRD		15,820			176,077
Telefonica SA ADRD		22,180			245,311
					421,388
United Kingdom — 0.1%
Royal Dutch Shell PLC ADR Class A		6,443			295,025
Total Foreign Common Stocks (Cost $1,283,346)					757,780
PREFERRED STOCKS — 0.5%
Alcoa, Inc.,
5.38%, 10/01/17 CONV		9,400			313,114
Bank of America Corporation,
7.25%, 12/31/49 CONV		602			658,148
Chesapeake Energy Corporation,
4.50%, 12/31/49 CONV		1,229			21,139
5.00%, 12/31/49 CONVD		3,950			69,125
5.75%, 12/31/49 CONV 144AD		50			9,969
5.75%, 12/31/49 CONVD		810			154,050
El Paso Energy Capital Trust I,
4.75%, 03/31/28 CONV		1,588			64,314
iStar, Inc.,
4.50%, 12/31/49 CONV		50			2,485
Stanley Black & Decker, Inc.
6.25%, 11/17/16 CONVD		2,900			338,691
Weyerhaeuser Co.,
6.38%, 07/01/16 CONVD		7,615			382,882
Total Preferred Stocks (Cost $2,536,413)					2,013,917

	Shares		Value
MONEY MARKET FUNDS — 14.0%
GuideStone Money Market Fund (Investor Class)¥		15,382,420		$	15,382,420
Northern Institutional Liquid Assets Portfolio§		39,026,281			39,026,281
Total Money Market Funds (Cost $54,408,701)					54,408,701
TOTAL INVESTMENTS — 108.0% (Cost $454,136,445)					421,193,352
Liabilities in Excess of Other Assets — (8.0)%					(31,183,815	)
NET ASSETS — 100.0%				$	390,009,537

See Notes to Financial Statements. 145

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks		$	3,895,581		$	3,895,581		$	—		$	—
Corporate Bonds			170,957,544			—			169,668,769			1,288,775
Foreign Bonds:
Armenia			506,600			—			506,600			—
Australia			2,872,206			—			2,872,206			—
Bermuda			2,544,132			—			2,544,132			—
Brazil			4,324,669			—			4,324,669			—
Canada			16,096,530			—			16,089,930			6,600
Cayman Islands			3,862,078			—			3,862,078			—
Chile			1,048,437			—			1,048,437			—
Colombia			3,887,031			—			3,887,031			—
Cote D’Ivoire (Ivory Coast)			463,590			—			463,590			—
Dominican Republic			464,400			—			464,400			—
France			4,003,102			—			4,003,102			—
Germany			5,175,990			—			5,175,990			—
Honduras			486,450			—			486,450			—
Hong Kong			960,599			—			960,599			—
Iceland			2			—			—			2
India			972,123			—			972,123			—
Indonesia			3,480,854			—			3,480,854			—
Ireland			1,307,336			—			1,307,336			—
Italy			13,232,217			—			13,232,217			—
Jersey			604,592			—			604,592			—
Kenya			413,600			—			413,600			—
Luxembourg			8,765,697			—			8,765,697			—
Marshall Islands			78,862			—			78,862			—
Mexico			12,961,469			—			12,961,469			—
Morocco & Antilles			1,046,495			—			1,046,495			—
Netherlands			9,352,216			—			9,352,216			—
New Zealand			1,741,377			—			1,741,377			—
Norway			1,499,842			—			1,499,842			—
Panama			3,577			—			3,577			—
Peru			517,000			—			517,000			—
Philippines			216,923			—			216,923			—
Portugal			1,636,480			—			1,636,480			—
Singapore			984,636			—			984,636			—
Spain			183,566			—			183,566			—
Supranational			2,341,461			—			2,341,461			—
Sweden			464,223			—			464,223			—
Trinidad and Tobago			355,300			—			355,300			—
Turkey			2,707,777			—			2,707,777			—
United Kingdom			17,208,976			—			17,208,976			—
Virgin Islands (British)			813,215			—			813,215			—
Foreign Common Stocks:
Norway			41,367			—			—			41,367
Spain			421,388			421,388			—			—
United Kingdom			295,025			295,025			—			—
Foreign Government Inflation-Linked Bond			2,160,910			—			2,160,910			—
Loan Agreements			7,902,381			—			7,872,381			30,000
Money Market Funds			54,408,701			54,408,701			—			—
Mortgage-Backed Securities			8,021,982			—			5,043,753			2,978,229
Municipal Bond			411,793			—			411,793			—
Preferred Stocks			2,013,917			2,013,917			—			—
Purchased Option			108,972			—			108,972			—
U.S. Treasury Obligations			40,968,161			—			40,968,161			—
Total Assets - Investments in Securities		$	421,193,352		$	61,034,612		$	355,813,767		$	4,344,973

146 See Notes to Financial Statements.

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Other Financial Instruments***
Forward Foreign Currency Contracts		$	490,053		$	—		$	490,053		$	—
Futures Contracts			30,389			30,389			—			—
Total Assets - Other Financial Instruments		$	520,442		$	30,389		$	490,053		$	—

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

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2015.

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

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

	Total Value			Mortgage- Backed Securities			Corporate Bonds			Foreign Bonds		Foreign Common Stocks			Foreign Government Inflation- Linked Note			Loan Agreements
Balance, 12/31/14	$	7,511,796		$	—		$	3,985,315		$	6,602	$	216,969		$	3,302,910		$	—
Accrued discounts/premiums		33,469			26,952			6,197			—		—			320			—
Realized gain (loss)(1)		3,134			(19	)		3,153			—		—			—			—
Change in unrealized appreciation (depreciation)(2)		(1,518,241	)		(53,608	)		(146,711	)		—		(175,602	)		(1,142,320	)		—
Purchases		4,036,132			3,006,132			1,000,000			—		—			—			30,000
Sales		(99,339	)		(1,228	)		(98,111	)		—		—			—			—
Transfers in to Level 3		—			—			—			—		—			—			—
Transfers out of Level 3(3)		(5,219,573	)		—			(3,058,663	)		—		—			(2,160,910	)		—
Maturities		(217,637	)		—			(217,637	)		—		—			—			—
Paydowns		(184,768	)		—			(184,768	)		—		—			—			—
Balance, 12/31/15	$	4,344,973		$	2,978,229		$	1,288,775		$	6,602	$	41,367		$	—		$	30,000

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

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

⁽³⁾  Transfers out of Level 3 represent the value of securities at December 31, 2015 that were transferred from Level 3 to Level 2 of the fair value hierarchy as a result of the ability of the Fund to obtain a price using an objective method such as a pricing vendor.

See Notes to Financial Statements. 147

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2015

	Money Market Fund		Low-Duration Bond Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	1,223,039,791	$	872,271,602
Investments in repurchase agreements, at value		64,500,000		—
Investments in securities of affiliated issuers, at value		—		36,182,778
Total investments, at value (1)(2)		1,287,539,791		908,454,380
Cash		385		1,296,416
Cash collateral for derivatives		—		2,665,640
Foreign currency(3)		—		1,244,557
Upfront premiums paid from swap contracts		—		310,901
Receivables:
Dividends and reclaims		—		287
Interest		197,738		3,595,231
Securities lending		—		28,621
Investment securities sold		—		11,945,700
Maturities		—		26,104
Fund shares sold		25,248,694		247,981
Variation margin on exchange traded swaps		—		—
Variation margin on financial futures contracts		—		76,501
Unrealized appreciation on foreign currency exchange contracts		—		319,042
Unrealized appreciation on swap agreements		—		433,568
Prepaid expenses and other assets		51,928		25,370
Total Assets		1,313,038,536		930,670,299
Liabilities
TBA sale commitments, at value (5)		—		—
Options written, at value (6)		—		661,700
Upfront premiums received from swap contracts		—		61,204
Unrealized depreciation on foreign currency exchange contracts		—		546,966
Unrealized depreciation on swap agreements		—		28,492
Collateral held for securities on loan, at value		—		27,068,175
Collateral held for derivatives		—		90,000
Payables:
Investment securities purchased		—		40,634,594
Fund shares redeemed		25,345,039		—
Variation margin on exchange traded swaps		—		1,017,453
Variation margin on financial futures contracts		—		80,398
Distributions		25,190		—
Securities lending		—		4,292
Accrued expenses:
Investment advisory fees		133,667		213,543
Shareholder servicing fees		139,001		51,323
Other expenses		93,039		188,766
Total Liabilities		25,735,936		70,646,906
Net Assets	$	1,287,302,600	$	860,023,393
Net Assets Consist of:
Paid-in-capital	$	1,287,295,922	$	873,774,892
Accumulated (distributions in excess of) net investment income		—		356,265
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency and derivative transactions		6,678		(3,153,042	)
Net unrealized appreciation (depreciation) on investments, foreign currency and derivative transactions		—		(10,954,722	)
Net Assets	$	1,287,302,600	$	860,023,393
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	245,882,239	$	617,698,014
Institutional shares outstanding		245,881,858		73,839,090
Net asset value, offering and redemption price per Institutional share	$	1.00	$	8.37
Net assets applicable to the Investor Class	$	1,041,420,361	$	242,325,379
Investor shares outstanding		1,041,379,408		18,267,387
Net asset value, offering and redemption price per Investor share	$	1.00	$	13.27
(1) Investments in securities of unaffiliated issuers, at cost	$	1,223,039,791	$	883,675,973
Investments in repurchase agreements, at cost		64,500,000		—
Investments in securities of affiliated issuers, at cost		—		36,182,778
Total investments, at cost	$	1,287,539,791	$	919,858,751
(2) Includes securities loaned of:	$	—	$	59,576,949
(3) Foreign currency, at cost	$	—	$	1,257,565
(5) TBA sale commitments, at cost	$	—	$	—
(6) Premiums received on options written	$	—	$	1,194,980

148 See Notes to Financial Statements.

Medium-Duration Bond Fund			Extended-Duration Bond Fund			Global Bond Fund
$	1,018,833,129		$	255,538,388		$	405,810,932
	—			—			—
	14,520,090			7,390,825			15,382,420
	1,033,353,219			262,929,213			421,193,352
	10,827,723			9,992			434,700
	2,570,577			—			163,045
	1,755,603			—			1,974,737
	2,408,663			—			—
	199			1,168			46,364
	5,516,760			2,980,128			5,037,967
	35,757			11,893			48,008
	106,879,891			—			28,719
	80			—			—
	31,551			11,125			48,903
	632,394			—			—
	576,509			—			42,189
	2,069,681			—			560,811
	511,370			—			—
	23,370			13,236			26,128
	1,167,193,347			265,956,755			429,604,923
	11,597,097			—			—
	439,100			—			—
	387,579			—			—
	1,413,585			—			70,758
	5,140,568			—			—
	35,137,912			9,010,504			39,026,281
	720,560			—			—
	216,896,303			859,240			101,715
	14,003			30,711			5,324
	—			—			—
	329,920			—			62,798
	—			—			—
	5,360			1,783			7,197
	251,616			107,332			163,860
	40,017			23,124			16,732
	196,744			86,180			140,721
	272,570,364			10,118,874			39,595,386
$	894,622,983		$	255,837,881		$	390,009,537
$	915,976,810		$	256,923,487		$	430,907,256
	194,284			(696	)		(399,581	)
	(858,595	)		998,429			(7,850,774	)
	(20,689,516	)		(2,083,339	)		(32,647,364	)
$	894,622,983		$	255,837,881		$	390,009,537
$	706,759,682		$	148,919,919		$	311,373,911
	106,223,156			39,156,524			34,279,279
$	6.65		$	3.80		$	9.08
$	187,863,301		$	106,917,962		$	78,635,626
	13,123,738			6,380,233			8,658,669
$	14.31		$	16.76		$	9.08
$	1,034,856,905		$	257,617,882		$	438,754,025
	—			—			—
	14,520,090			7,390,825			15,382,420
$	1,049,376,995		$	265,008,707		$	454,136,445
$	117,889,973		$	33,229,660		$	44,640,846
$	1,775,854		$	—		$	2,174,188
$	11,607,242		$	—		$	—
$	804,120		$	—		$	—

See Notes to Financial Statements. 149

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2015

	Money Market Fund			Low-Duration Bond Fund
Investment Income
Dividends	$	—		$	—
Income distributions received from affiliated funds		—			3,264
Interest		3,140,802			15,639,746
Securities lending		598			143,561
Less foreign taxes withheld		—			—
Total Investment Income		3,141,400			15,786,571
Expenses
Investment advisory fees		1,798,993			2,648,291
Transfer agent fees:
Institutional shares		4,210			4,546
Investor shares		41,331			26,630
Custodian fees		31,847			85,425
Shareholder servicing fees:
Investor shares		2,650,276			961,467
Accounting and administration fees		266,177			351,497
Professional fees		63,907			145,725
Blue sky fees:
Institutional shares		17,004			13,756
Investor shares		38,769			20,485
Shareholder reporting fees:
Institutional shares		1,466			1,739
Investor shares		39,422			16,950
Trustee expenses		17,115			11,748
Line of credit facility fees		8,357			6,001
Other expenses		39,486			53,228
Total expenses		5,018,360			4,347,488
Expenses waived/reimbursed net of amount recaptured(1)		(2,144,404	)		(252,592	)
Net expenses		2,873,956			4,094,896
Net Investment Income		267,444			11,691,675
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		88,237			347,536
Investment securities sold short		—			15,469
Futures transactions		—			1,039,424
Swap agreements		—			(2,715,513	)
Option contracts written		—			685,708
Option contracts purchased		—			(189,905	)
Foreign currency		—			(460,566	)
Net realized gain (loss)		88,237			(1,277,847	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		—			(6,296,302	)
Investment securities sold short		—			(9,609	)
Futures		—			470,890
Swap agreements		—			831,077
Option contracts written		—			526,983
Option contracts purchased		—			(108,034	)
Foreign currency		—			(1,013,886	)
Net change in unrealized appreciation (depreciation)		—			(5,598,881	)
Net Realized and Unrealized Gain (Loss)		88,237			(6,876,728	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	355,681		$	4,814,947

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

150 See Notes to Financial Statements.

Medium-Duration Bond Fund			Extended-Duration Bond Fund			Global Bond Fund
$	48,528		$	28,878		$	346,232
	5,238			883			3,973
	25,178,508			12,837,970			17,500,962
	180,706			74,858			239,654
	(32,885	)		—			(8,971	)
	25,380,095			12,942,589			18,081,850
	3,292,107			1,384,305			1,951,623
	4,487			4,030			2,901
	26,760			26,677			21,224
	261,765			19,400			75,072
	851,547			397,193			458,100
	442,460			90,890			202,538
	145,726			122,255			125,725
	13,721			13,020			160
	16,950			17,570			19,974
	1,667			776			1,261
	16,884			16,273			7,474
	12,208			3,838			5,483
	6,661			1,929			3,631
	148,125			18,881			34,203
	5,241,068			2,117,037			2,909,369
	(377,824	)		(69,433	)		(87,495	)
	4,863,244			2,047,604			2,821,874
	20,516,851			10,894,985			15,259,976
	7,722,780			8,479,998			586,405
	(507,502	)		—			—
	4,513,918			—			524,248
	(4,435,516	)		—			—
	3,491,303			—			68,500
	(1,271,782	)		—			(126,063	)
	2,771,595			(46,705	)		(1,957,146	)
	12,284,796			8,433,293			(904,056	)
	(31,392,207	)		(34,275,311	)		(38,312,776	)
	64,957			—			—
	(596,367	)		—			388,465
	(560,335	)		—			—
	(372,586	)		—			—
	547,255			—			56,117
	(286,121	)		7,898			(408,581	)
	(32,595,404	)		(34,267,413	)		(38,276,775	)
	(20,310,608	)		(25,834,120	)		(39,180,831	)
$	206,243		$	(14,939,135	)	$	(23,920,855	)

See Notes to Financial Statements. 151

STATEMENTS OF CHANGES IN NET ASSETS

	Money Market Fund
	For the Year Ended
	12/31/15			12/31/14
Operations:
Net investment income	$	267,444		$	103,141
Net realized gain (loss) on investment securities, foreign currency and derivatives		88,237			80,098
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		—			—
Net increase in net assets resulting from operations		355,681			183,239
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(159,948	)		(19,760	)
Investor shares		(107,496	)		(119,994	)
Distributions from net realized capital gains
Institutional shares		(17,343	)		(8,005	)
Investor shares		(71,893	)		(75,633	)
Total dividends and distributions		(356,680	)		(223,392	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		716,417,103			169,689,475
Investor shares		3,839,326,751			3,811,246,128
Reinvestment of dividends and distributions
Institutional shares		93,916			25,034
Investor shares		113,201			117,713
Total proceeds from shares sold and reinvested		4,555,950,971			3,981,078,350
Value of shares redeemed
Institutional shares		(592,248,516	)		(154,146,430	)
Investor shares		(3,961,518,030	)		(3,910,770,582	)
Total value of shares redeemed		(4,553,766,546	)		(4,064,917,012	)
Net increase (decrease) from capital share transactions(1)		2,184,425			(83,838,662	)
Total increase (decrease) in net assets		2,183,426			(83,878,815	)
Net Assets:
Beginning of Year		1,285,119,174			1,368,997,989
End of Year*	$	1,287,302,600		$	1,285,119,174
*Including undistributed (distributions in excess of) net investment income	$	—		$	—

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

152 See Notes to Financial Statements.

Low-Duration Bond Fund						Medium-Duration Bond Fund
For the Year Ended						For the Year Ended
12/31/15			12/31/14			12/31/15			12/31/14
$	11,691,675		$	7,709,712		$	20,516,851		$	17,113,203
	(1,277,847	)		2,756,436			12,284,796			20,404,741
	(5,598,881	)		(1,921,486	)		(32,595,404	)		10,073,625
	4,814,947			8,544,662			206,243			47,591,569
	(6,206,090	)		(3,246,651	)		(19,835,112	)		(9,760,378	)
	(4,004,414	)		(8,748,258	)		(5,372,791	)		(11,514,324	)
	—			(106,638	)		(8,134,050	)		(1,259,574	)
	—			(357,017	)		(2,134,885	)		(1,688,475	)
	(10,210,504	)		(12,458,564	)		(35,476,838	)		(24,222,751	)
	533,537,034			34,760,024			538,487,348			57,541,784
	56,861,484			94,065,721			35,790,325			133,368,406
	6,202,579			3,348,188			27,940,007			10,995,994
	4,003,486			9,104,484			7,503,003			13,200,112
	600,604,583			141,278,417			609,720,683			215,106,296
	(56,796,481	)		(31,908,875	)		(65,371,757	)		(58,724,889	)
	(524,728,254	)		(97,380,779	)		(523,381,325	)		(80,447,236	)
	(581,524,735	)		(129,289,654	)		(588,753,082	)		(139,172,125	)
	19,079,848			11,988,763			20,967,601			75,934,171
	13,684,291			8,074,861			(14,302,994	)		99,302,989
	846,339,102			838,264,241			908,925,977			809,622,988
$	860,023,393		$	846,339,102		$	894,622,983		$	908,925,977
$	356,265		$	(1,016,162	)	$	194,284		$	1,210,249

See Notes to Financial Statements. 153

STATEMENTS OF CHANGES IN NET ASSETS

	Extended-Duration Bond Fund
	For the Year Ended
	12/31/15			12/31/14
Operations:
Net investment income	$	10,894,985		$	11,698,563
Net realized gain (loss) on investment securities, foreign currency and derivative		8,433,293			13,621,292
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivative		(34,267,413	)		20,316,746
Net increase (decrease) in net assets resulting from operations		(14,939,135	)		45,636,601
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(8,255,611	)		(5,678,669	)
Investor shares		(2,613,268	)		(6,555,965	)
Distributions from net realized capital gains
Institutional shares		(8,221,411	)		(4,378,841	)
Investor shares		(3,229,289	)		(5,208,316	)
Total dividends and distributions		(22,319,579	)		(21,821,791	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		119,793,129			16,428,518
Investor shares		28,567,162			59,631,376
Reinvestment of dividends and distributions
Institutional shares		16,470,485			10,047,722
Investor shares		5,835,124			11,755,354
Total proceeds from shares sold and reinvested		170,665,900			97,862,970
Value of shares redeemed
Institutional shares		(18,375,581	)		(20,788,920	)
Investor shares		(160,827,372	)		(70,036,593	)
Total value of shares redeemed		(179,202,953	)		(90,825,513	)
Net increase (decrease) from capital share transactions(1)		(8,537,053	)		7,037,457
Total increase (decrease) in net assets		(45,795,767	)		30,852,267
Net Assets:
Beginning of Year		301,633,648			270,781,381
End of Year*	$	255,837,881		$	301,633,648
*Including distributions in excess of net investment income	$	(696	)	$	(696	)

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

154 See Notes to Financial Statements.

Global Bond Fund
For the Year Ended
12/31/15			12/31/14
$	15,259,976		$	13,952,255
	(904,056	)		1,883,868
	(38,276,775	)		(5,892,886	)
	(23,920,855	)		9,943,237
	(8,590,342	)		—
	(7,161,903	)		(13,252,051	)
	—			—
	—			—
	(15,752,245	)		(13,252,051	)
	344,440,917			—
	18,823,824			65,529,567
	8,590,341			—
	7,159,800			13,251,586
	379,014,882			78,781,153
	(8,005,220	)		—
	(342,648,454	)		(31,992,897	)
	(350,653,674	)		(31,992,897	)
	28,361,208			46,788,256
	(11,311,892	)		43,479,442
	401,321,429			357,841,987
$	390,009,537		$	401,321,429
$	(399,581	)	$	(214,427	)

See Notes to Financial Statements. 155

FINANCIAL HIGHLIGHTS

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																						Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(1)			Expenses, Gross(2)			Investment Income, Net(1)			Portfolio Turnover Rate
Money Market Fund
Institutional Class
2015	$	1.00	$	—	†#	$	—	†	$	—	†	$	—	†	$	1.00		0.08	%	$	245,882		0.17	%		0.18	%		0.08	%		N/A
2014		1.00		—	†#		—	†		—	†		—	†		1.00		0.02			121,624		0.18			0.19			0.01			N/A
2013(3)		1.00		—	†#		—	†		—	†		—	†		1.00		0.04			106,060		0.18			0.20			0.04			N/A
2012		1.00		—	†#		—	†		—	†		—	†		1.00		0.10			106,664		0.18			0.20			0.10			N/A
2011		1.00		—	†#		—	†		—	†		—	†		1.00		0.10			116,298		0.18			0.19			0.09			N/A
Investor Class
2015	$	1.00	$	—	†#	$	—	†	$	—	†	$	—	†	$	1.00		0.02	%	$	1,041,421		0.24	%		0.43	%		0.01	%		N/A
2014		1.00		—	†#		—	†		—	†		—	†		1.00		0.02			1,163,495		0.19			0.44			0.01			N/A
2013(3)		1.00		—	†#		—	†		—	†		—	†		1.00		0.02			1,262,938		0.21			0.44			0.01			N/A
2012		1.00		—	†#		—	†		—	†		—	†		1.00		0.01			1,131,756		0.27			0.44			0.01			N/A
2011		1.00		—	†#		—	†		—	†		—	†		1.00		0.01			1,161,630		0.27			0.42			0.01			N/A
Low-Duration Bond Fund
Institutional Class
2015	$	8.44	$	0.13	#	$	(0.06	)(4)	$	(0.14	)	$	—		$	8.37		0.79	%	$	617,698		0.37	%		0.38	%		1.52	%		746	%
2014		8.54		0.09	#		0.01	(4)		(0.19	)		(0.01	)		8.44		1.16			141,461		0.36			0.42			1.06			529
2013(5)		8.71		0.11	#		(0.11	)(4)		(0.16	)		(0.01	)		8.54		0.02			136,966		0.36			0.42			1.26			202
2012		8.59		0.15	#		0.22	(4)		(0.22	)		(0.03	)		8.71		4.35			135,526		0.36			0.41			1.68			228
2011		8.70		0.16	#		(0.01	)(4)		(0.23	)		(0.03	)		8.59		1.77			122,462		0.36			0.42			1.84			221
Investor Class
2015	$	13.31	$	0.16	#	$	(0.09	)(4)	$	(0.11	)	$	—		$	13.27		0.49	%	$	242,325		0.60	%		0.65	%		1.17	%		746	%
2014		13.35		0.11	#		0.02	(4)		(0.16	)		(0.01	)		13.31		0.97			704,878		0.57			0.66			0.85			529
2013(5)		13.52		0.14	#		(0.16	)(4)		(0.14	)		(0.01	)		13.35		(0.20	)		701,299		0.57			0.66			1.04			202
2012		13.20		0.20	#		0.35	(4)		(0.20	)		(0.03	)		13.52		4.15			678,099		0.57			0.65			1.47			228
2011		13.23		0.22	#		(0.01	)(4)		(0.21	)		(0.03	)		13.20		1.58			621,713		0.55			0.65			1.64			221
Medium-Duration Bond Fund
Institutional Class
2015	$	6.99	$	0.17	#	$	(0.16	)(4)	$	(0.25	)	$	(0.10	)	$	6.65		0.03	%	$	706,760		0.45	%		0.47	%		2.46	%		346	%
2014		6.91		0.15	#		0.26	(4)		(0.29	)		(0.04	)		6.99		6.03			239,389		0.48			0.52			2.14			408
2013(6)		7.32		0.16	#		(0.29	)(4)		(0.27	)		(0.01	)		6.91		(1.90	)		227,172		0.48			0.52			2.21			409
2012		7.24		0.17	#		0.39	(4)		(0.28	)		(0.20	)		7.32		7.93			251,565		0.48			0.51			2.32			570
2011		7.25		0.20	#		0.27	(4)		(0.35	)		(0.13	)		7.24		6.56			228,024		0.48			0.52			2.76			609
Investor Class
2015	$	14.65	$	0.28	#	$	(0.31	)(4)	$	(0.21	)	$	(0.10	)	$	14.31		(0.22	)%	$	187,863		0.66	%		0.75	%		1.92	%		346	%
2014		14.14		0.29	#		0.53	(4)		(0.27	)		(0.04	)		14.65		5.82			669,537		0.63			0.77			1.98			408
2013(6)		14.68		0.30	#		(0.59	)(4)		(0.24	)		(0.01	)		14.14		(1.98	)		582,451		0.63			0.77			2.06			409
2012		14.07		0.32	#		0.75	(4)		(0.26	)		(0.20	)		14.68		7.68			620,945		0.63			0.75			2.18			570
2011		13.65		0.37	#		0.51	(4)		(0.33	)		(0.13	)		14.07		6.49			636,218		0.61			0.75			2.62			609

  † Amount represents less than $0.005 per share.

  # Calculated using the average shares outstanding method.

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

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

(3) 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.

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

(5) An out of period adjustment to Investment Income had no impact on Net Investment Income per Share or Total Return; however, the Ratio of Net Investment Income to Average Net Assets increased by 0.02% and 0.02% for Institutional Class and Investor Class, respectively.

(6) 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.

156 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			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (000)		Expenses, Net(1)			Expenses, Gross(2)			Investment Income, Net(1)			Portfolio Turnover Rate
Extended-Duration Bond Fund
Institutional Class
2015	$	4.65	$	0.17	#	$	(0.38	)(3)	$	(0.31	)	$	(0.33	)	$	3.80		(5.01	)%	$	148,920		0.60	%		0.60	%		4.09	%		42	%
2014		4.78		0.21	#		0.59	(3)		(0.53	)		(0.40	)		4.65		17.47			56,216		0.56			0.57			4.19			48
2013(4)		6.36		0.27	#		(0.58	)(3)		(0.63	)		(0.64	)		4.78		(5.10	)		51,959		0.55			0.55			4.61			37
2012		6.48		0.31	#		0.64	(3)		(0.65	)		(0.42	)		6.36		15.41			86,268		0.52			0.53			4.68			27
2011		6.93		0.37	#		0.49	(3)		(0.74	)		(0.57	)		6.48		13.33			74,591		0.54			0.55			5.32			41
Investor Class
2015	$	18.30	$	0.66	#	$	(1.60	)(3)	$	(0.27	)	$	(0.33	)	$	16.76		(5.30	)%	$	106,918		0.82	%		0.85	%		3.65	%		42	%
2014		16.39		0.71	#		2.10	(3)		(0.50	)		(0.40	)		18.30		17.32			245,417		0.75			0.83			3.99			48
2013(4)		18.58		0.78	#		(1.74	)(3)		(0.59	)		(0.64	)		16.39		(5.24	)		218,822		0.75			0.80			4.40			37
2012		17.08		0.81	#		1.72	(3)		(0.61	)		(0.42	)		18.58		15.06			384,705		0.75			0.78			4.45			27
2011		16.28		0.86	#		1.22	(3)		(0.71	)		(0.57	)		17.08		13.14			330,879		0.73			0.78			5.13			41
Global Bond Fund
Institutional Class
2015(5)	$	10.09	$	0.27	#	$	(1.02	)(3)	$	(0.26	)	$	—		$	9.08		(7.54	)%	$	311,374		0.59	%		0.62	%		4.15	%		30	%
Investor Class
2015	$	10.03	$	0.33	#	$	(0.92	)(3)	$	(0.36	)	$	—		$	9.08		(6.00	)%	$	78,636		0.82	%		0.84	%		3.35	%		30	%
2014		10.09		0.37	#		(0.07	)(3)		(0.36	)		—			10.03		2.90			401,321		0.79			0.82			3.64			57
2013(6)		10.38		0.39	#		(0.36	)(3)		(0.32	)		—			10.09		0.30			357,842		0.80			0.83			3.77			101
2012		9.73		0.45	#		0.74	(3)		(0.54	)		—			10.38		12.52			232,856		0.83			0.86			4.41			64
2011		9.83		0.51	#		(0.09	)(3)		(0.52	)		—			9.73		4.35			170,167		0.86			0.88			5.09			68

# Calculated using the average shares outstanding method.

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

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

(3) 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.

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

(6) An out of period adjustment to Investment Income 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. 157

EQUITY SELECT FUNDS (Unaudited)

Global equity markets showed resilience in the fourth quarter and erased a good portion of the losses suffered in the prior quarter. Familiar themes such as moderating growth expectations in China, Federal Reserve (“Fed”) policy related to the timing of potential interest rate hikes and falling commodity prices continued to dominate the headlines and contributed to market uncertainty throughout the year. In the United States, equity markets continued to be volatile towards year-end as the S&P 500^® Index advanced in October and November but declined in December. The result was an overall fourth quarter return of 7.04%, bringing the annual return to a positive 1.38% for 2015. The broader U.S. market, as measured by the Russell 3000^® Index, posted returns of 6.27% for the fourth quarter and 0.48% for calendar year 2015.

From a sector perspective, performance was mixed as only five of nine sectors within the Russell 3000^® Index advanced during the year. The best performance came from defensive sectors such as health care and consumer staples, while the worst performance came from the cyclical energy and materials & processing sector. The energy sector was clearly the weakest performer for the year and was negatively impacted by the continued decline in oil and gas prices.

Companies with larger capitalization, higher price-to-earnings ratios and lower dividend yield characteristics generally performed well during the year. In terms of equity market capitalization, large-cap companies outperformed their small-cap counterparts as the Russell 1000^® Index posted a one-year return of 0.92%, while the Russell 2000^® Index declined -4.41%. Style differentiation was evident during the year as growth-oriented stocks outperformed value-oriented stocks across all market capitalization segments. In the large capitalization segment, the Russell 1000^® Growth Index and Russell 1000^® Value Index had one-year returns of 5.67% and -3.83%, respectively. In the small capitalization segment, the Russell 2000^® Growth Index posted a one-year return of -1.38%, while the Russell 2000^® Value Index declined -7.47%. The fact that growth-oriented stocks outperformed their value-oriented counterparts is consistent with performance normally experienced in the late stages of an economic cycle.

Developed non-U.S. markets underperformed their U.S. counterparts and were negatively impacted by the U.S. dollar, which strengthened against most currencies during the year. The MSCI EAFE Index (Net), a measure of international developed country returns, posted a fourth quarter return of 4.71%, bringing the one-year return to -0.81%. Growth styles outperformed value styles and small capitalization stocks generally outperformed large capitalization stocks during the year. From a country perspective, Singapore, Spain and Norway posted the worst performance, while Denmark, Ireland and Belgium were among the best performing countries for the year. From a sector perspective, the weakest performance was registered in the energy and materials sectors, which were negatively impacted by the fall in oil prices, while the strongest performance came from the more defensive health care and consumer staples sectors.

Emerging markets experienced a difficult year and continued to face the headwinds of slower Chinese growth, weak commodity prices and a strong U.S. dollar. The MSCI Emerging Markets Index (Net) posted a small gain of 0.66% in the fourth quarter but was down -14.92% for the year, making it the weakest period since 2011. The worst performance was experienced in countries such as Greece, Brazil and Columbia, while Russia and Hungary were among the few positive performing countries for the year. All sectors were negative and seven of the ten groups experienced double-digit declines for the one-year period. The materials and utilities sectors were the worst performers, while the technology and health care sectors were the strongest performing sectors for calendar year 2015.

158

Defensive Market Strategies Fund (Unaudited)

The Defensive Market Strategies Fund combines multiple strategies that in aggregate seek to provide long-term capital appreciation with reduced volatility compared to the equity markets.

The Investor Class of the Fund achieved its investment objective during 2015, outperforming its composite benchmark of 50% S&P 500^® Index and 50% Citigroup 3-month Treasury Bill Index (2.16% versus 0.91%). The Fund also outperformed its reference benchmark, represented by the S&P 500^® Index, which posted a modestly positive return of just 1.38% for the year. The greater capital appreciation of the Fund, relative to that of the S&P 500^® Index, was due to the outperformance of the sub-adviser composite despite the Fund having materially lower market sensitivity (equity beta) and volatility (standard deviation) compared to the S&P 500^® Index.

The Fund currently has assets allocated between three principal investment strategies, including long-only equity, options equity and convertible bonds. For the calendar year 2015, the long-only equity and options equity strategies contributed positively to absolute and benchmark-relative returns, while the convertible bonds strategy detracted from both absolute and benchmark-relative results.

The long-only equity strategy outperformed the S&P 500^® Index for the year, benefiting from strong security selection, most notably in financial services and utilities. Strong security selection overcame defensive posturing in an environment where, in general, the highest beta stocks outperformed. Sector positioning detracted from results relative to the S&P 500^® Index, mostly due to underweight positioning in technology and consumer discretionary stocks.

The options equity strategy contributed positively to benchmark relative performance, benefiting from an environment where the option premiums collected from option selling outperformed that of the equity risk premium, which was close to zero.

The convertible bonds strategy produced modestly negative returns. Strong security selection in the less equity sensitive securities of the convertible bond market boosted returns relative to a broad convertible bond index, but the allocation still underperformed the Fund’s benchmark. The Merrill Lynch All U.S. Convertibles Index fell 2.89% for the year and was impacted most negatively by declining share prices of the convertible bond issuers, which reduced the value of the imbedded options of the convertible bonds in the index.

Some underlying strategies may utilize derivative instruments within the Fund. During 2015, the Fund sold equity options in order to hedge (reduce) equity exposure and to collect the option premium from selling. The use of equity options contributed meaningfully to performance during 2015. Currency forwards were used to hedge foreign currency exposure back to the U.S. dollar and also contributed positively to the Fund’s performance.

This Fund may be suitable for investors who have a medium- to long-term investment horizon, possess a moderate tolerance for risk and seek to participate in the return potential of stocks at a slightly lower risk level than an all stock portfolio. Convertible securities valuations generally are more closely aligned with a company’s bonds than common stock. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Foreign securities may be subject to greater risk than domestic securities due to currency volatility, reduced market liquidity and political and economic instability. To the extent that the investment adviser misjudges current market conditions, the Fund’s volatility may be amplified by its use of short sales and derivatives, and by its ability to select sub-advisers to allocate assets. Short sales by a fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value of the Fund to generally decline faster than it would otherwise. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and may reduce its returns. It is possible to lose money by investing in the Fund.

159

Defensive Market Strategies Fund (Unaudited)

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Corporate Bonds		22.8
U.S. Treasury Obligations		18.2
Money Market Funds		15.4
Financial Services		7.9
Consumer Staples		7.2
Utilities		6.7
Consumer Discretionary		5.9
Healthcare		5.7
Producer Durables		4.9
Preferred Stocks		4.0
Foreign Common Stocks		4.0
Technology		3.4
Energy		2.4
Synthetic Convertible Instruments		0.9
Materials & Processing		0.8
Master Limited Partnership		0.5
Written Options		(0.1	)
		110.6

160

Defensive Market Strategies Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional Class*	Investor Class*	Benchmark**
One Year	2.43%	2.16%	0.91%
Since Inception	9.77%	9.50%	7.52%
Inception Date	09/01/11	09/01/11
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	0.82%	1.07%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund since September 1, 2011 (commencement of operations), with all dividends and capital gains reinvested, with the weighted composite index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a weighted composite benchmark index as a reference benchmark consisting of 50% S&P 500^® Index and 50% Citigroup 3-Month Treasury Bill Index.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

161

DEFENSIVE MARKET STRATEGIES FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
COMMON STOCKS — 44.9%
Consumer Discretionary — 5.9%
Advance Auto Parts, Inc.		262	$	39,434
Amazon.com, Inc.*		2,115		1,429,507
AutoNation, Inc.*		58		3,460
AutoZone, Inc.*		1,838		1,363,631
Bed Bath & Beyond, Inc.D*		6,508		314,011
Best Buy Co., Inc.		307		9,348
BorgWarner, Inc.		232		10,029
Cablevision Systems Corporation Class A		805		25,680
CarMax, Inc.*		253		13,654
CBS Corporation Class B (Non-Voting Shares)		421		19,842
Chipotle Mexican Grill, Inc.*		1,237		593,574
Coach, Inc.		313		10,245
Comcast Corporation Class A		3,132		176,739
Costco Wholesale Corporation		12,433		2,007,930
D.R. Horton, Inc.		377		12,075
Darden Restaurants, Inc.		149		9,482
Discovery Communications, Inc. Class A*		180		4,802
Discovery Communications, Inc. Class C*		364		9,180
Dollar General Corporation		302		21,705
Dollar Tree, Inc.*		8,314		642,007
Domino’s Pizza, Inc.D		3,000		333,750
eBay, Inc.*		4,125		113,355
Estee Lauder Cos., Inc. (The) Class A		11,958		1,053,022
Expedia, Inc.D		1,083		134,617
Ford Motor Co.		4,478		63,095
GameStop Corporation Class A		130		3,645
Gap, Inc. (The)D		1,501		37,075
General Motors Co.		1,773		60,300
Genuine Parts Co.D		47,864		4,111,039
Goodyear Tire & Rubber Co. (The)		280		9,148
H&R Block, Inc.		314		10,459
Hanesbrands, Inc.		225		6,622
Harley-Davidson, Inc.		250		11,348
Harman International Industries, Inc.		76		7,160
Hasbro, Inc.		91		6,130
Home Depot, Inc. (The)		13,435		1,776,779
Interpublic Group of Cos., Inc. (The)		481		11,198
Johnson Controls, Inc.		755		29,815
Kohl’s Corporation		228		10,860
L Brands, Inc.		443		42,448
Lennar Corporation Class A		243		11,885
Lowe’s Cos., Inc.		9,042		687,554
Macy’s, Inc.		419		14,657
Madison Square Garden Co. (The) Class A*		703		113,745
Marriott International, Inc. Class A		425		28,492
Mattel, Inc.D		10,887		295,800
McDonald’s Corporation		26,058		3,078,492
Mohawk Industries, Inc.*		62		11,742
Netflix, Inc.*		525		60,050
Newell Rubbermaid, Inc.		363		16,001
News Corporation Class A		567		7,575

	Shares		Value
NIKE, Inc. Class B		16,090	$	1,005,625
Nordstrom, Inc.		287		14,295
Omnicom Group, Inc.		293		22,168
O’Reilly Automotive, Inc.*		3,321		841,608
Panera Bread Co. Class AD*		2,200		428,516
Priceline Group, Inc. (The)*		164		209,092
PulteGroup, Inc.		257		4,580
PVH Corporation		92		6,776
Ralph Lauren Corporation		53		5,908
Ross Stores, Inc.		4,286		230,630
Scripps Networks Interactive, Inc. Class AD		5,121		282,730
Staples, Inc.		437		4,138
Starbucks Corporation		23,437		1,406,923
Starwood Hotels & Resorts Worldwide, Inc.		337		23,347
Target CorporationD		10,917		792,683
TEGNA, Inc.		255		6,508
Tiffany & Co.		162		12,359
Time Warner Cable, Inc.		315		58,461
Time Warner, Inc.		4,554		294,507
TJX Cos., Inc. (The)		10,907		773,415
Tractor Supply Co.		2,059		176,045
TripAdvisor, Inc.D*		4,547		387,632
Tupperware Brands CorporationD		12,603		701,357
Twenty-First Century Fox, Inc. Class A		1,877		50,979
Under Armour, Inc. Class A*		210		16,928
Urban Outfitters, Inc.*		140		3,185
VF Corporation		493		30,689
Wal-Mart Stores, Inc.		104,724		6,419,581
Walt Disney Co. (The)		8,253		867,225
Whirlpool Corporation		3,768		553,406
Williams-Sonoma, Inc.D		4,891		285,683
Wyndham Worldwide Corporation		274		19,906
Yum! Brands, Inc.		15,165		1,107,803
				35,918,881
Consumer Staples — 7.2%
Archer-Daniels-Midland Co.		746		27,363
Campbell Soup Co.D		18,855		990,830
Church & Dwight Co., Inc.		10,194		865,267
Clorox Co. (The)D		5,512		699,087
Coca-Cola Co. (The)		49,718		2,135,885
Coca-Cola Enterprises, Inc.		469		23,094
Colgate-Palmolive Co.		28,287		1,884,480
ConAgra Foods, Inc.		781		32,927
CVS Health Corporation		10,806		1,056,503
Dr. Pepper Snapple Group, Inc.		1,169		108,951
Flowers Foods, Inc.D		1,296		27,851
General Mills, Inc.D		63,260		3,647,572
Hershey Co. (The)D		11,934		1,065,348
Hormel Foods CorporationD		10,055		795,149
J.M. Smucker Co. (The)		160		19,734
Kellogg Co.		7,244		523,524
Keurig Green Mountain, Inc.		1,126		101,317
Kimberly-Clark Corporation		14,266		1,816,062
Kraft Heinz Co. (The)		846		61,555
Kroger Co. (The)		24,190		1,011,868
McCormick & Co., Inc. (Non-Voting Shares)D		10,686		914,294
Mead Johnson Nutrition Co.		36,097		2,849,858
Mondelez International, Inc. Class A		2,203		98,783

162 See Notes to Financial Statements.

	Shares		Value
Monster Beverage Corporation*		5,400	$	804,384
PepsiCo, Inc.		74,949		7,488,904
Procter & Gamble Co. (The)		93,929		7,458,902
Sysco Corporation		162,799		6,674,759
Tyson Foods, Inc. Class A		397		21,172
Walgreens Boots Alliance, Inc.		8,306		707,297
Whole Foods Market, Inc.D		2,984		99,964
				44,012,684
Energy — 2.4%
Anadarko Petroleum Corporation		632		30,703
Apache Corporation		533		23,703
Baker Hughes, Inc.		497		22,937
Cabot Oil & Gas Corporation		422		7,465
Cameron International Corporation*		295		18,644
Chesapeake Energy Corporation		577		2,596
Chevron Corporation		21,203		1,907,422
Cimarex Energy Co.		65		5,810
Columbia Pipeline Group, Inc.		357		7,140
ConocoPhillips		1,531		71,482
CONSOL Energy, Inc.		259		2,046
Devon Energy Corporation		598		19,136
EOG Resources, Inc.		1,089		77,090
EQT Corporation		171		8,914
Exxon Mobil Corporation		109,259		8,516,739
First Solar, Inc.*		87		5,741
FMC Technologies, Inc.*		280		8,123
Halliburton Co.		1,119		38,091
Helmerich & Payne, Inc.		122		6,533
Hess Corporation		311		15,077
Kinder Morgan, Inc.		2,302		34,346
Marathon Oil Corporation		789		9,934
Marathon Petroleum Corporation		1,961		101,658
Murphy Oil Corporation		194		4,355
National Oilwell Varco, Inc.		635		21,266
Newfield Exploration Co.*		175		5,698
Noble Energy, Inc.		408		13,435
Occidental Petroleum Corporation		54,249		3,667,775
ONEOK, Inc.		236		5,820
Phillips 66		549		44,908
Pioneer Natural Resources Co.		213		26,706
Range Resources Corporation		186		4,577
Spectra Energy CorporationD		2,565		61,406
Tesoro Corporation		143		15,068
Valero Energy Corporation		605		42,780
Williams Cos., Inc. (The)*		895		23,002
				14,878,126
Financial Services — 7.9%
Affiliated Managers Group, Inc.*		64		10,225
Aflac, Inc.		665		39,834
Alleghany Corporation*		963		460,247
Alliance Data Systems Corporation*		78		21,572
Allstate Corporation (The)		5,007		310,885
American Express Co.		7,795		542,142
American International Group, Inc.		1,660		102,870
American Tower Corporation REIT		834		80,856

	Shares		Value
Ameriprise Financial, Inc.		217	$	23,093
Apartment Investment & Management Co. Class A REIT		481		19,254
Assurant, Inc.		75		6,040
AvalonBay Communities, Inc. REIT		172		31,670
Bank of America Corporation		13,035		219,379
Bank of Hawaii CorporationD		10,900		685,610
Bank of New York Mellon Corporation (The)		1,007		41,509
BB&T Corporation		4,373		165,343
Berkshire Hathaway, Inc. Class B*		2,345		309,634
BlackRock, Inc.		159		54,143
Boston Properties, Inc. REIT		174		22,192
Capital One Financial Corporation		10,914		787,773
Capitol Federal Financial, Inc.D		405,400		5,091,824
CBRE Group, Inc. Class A*		315		10,893
Charles Schwab Corporation (The)		1,326		43,665
Chubb Corporation (The)		416		55,178
Cincinnati Financial Corporation		105		6,213
Citigroup, Inc.		4,463		230,960
CME Group, Inc.		384		34,790
CNA Financial Corporation		1,331		46,785
Comerica, Inc.		2,152		90,018
Commerce Bancshares, Inc.D		42,638		1,813,821
Crown Castle International Corporation REIT		1,012		87,487
Cullen/Frost Bankers, Inc.D		11,946		716,760
Discover Financial Services		1,099		58,928
Dun & Bradstreet Corporation (The)		354		36,791
E*TRADE Financial Corporation*		326		9,663
Equifax, Inc.		138		15,369
Equinix, Inc. REIT		56		16,934
Equity Residential REIT		467		38,103
Essex Property Trust, Inc. REIT		90		21,547
FactSet Research Systems, Inc.		5,000		812,850
Fidelity National Information Services, Inc.		329		19,937
Fifth Third Bancorp		1,381		27,758
Fiserv, Inc.*		888		81,216
Franklin Resources, Inc.		12,590		463,564
General Growth Properties, Inc. REIT		589		16,027
Goldman Sachs Group, Inc. (The)		466		83,987
Hartford Financial Services Group, Inc. (The)		507		22,034
HCP, Inc. REIT		516		19,732
Host Hotels & Resorts, Inc. REIT		861		13,208
Huntington Bancshares, Inc.		953		10,540
Intercontinental Exchange, Inc.		139		35,620
Iron Mountain, Inc. REIT		206		5,564
Jack Henry & Associates, Inc.D		2,600		202,956
JPMorgan Chase & Co.		34,353		2,268,329
KeyCorp		867		11,436
Kimco Realty Corporation REIT		228		6,033
Leucadia National Corporation		355		6,173
Lincoln National Corporation		300		15,078

See Notes to Financial Statements. 163

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Loews Corporation		130	$	4,992
M&T Bank Corporation		10,083		1,221,858
Macerich Co. (The) REIT		159		12,830
Markel Corporation*		1,618		1,429,260
Marsh & McLennan Cos., Inc.		75,698		4,197,454
MasterCard, Inc. Class A		12,031		1,171,338
McGraw Hill Financial, Inc.		309		30,461
Mercury General Corporation		7,577		352,861
MetLife, Inc.		16,598		800,190
Moody’s Corporation		279		27,995
Morgan Stanley		1,593		50,673
Navient Corporation		520		5,954
New York Community Bancorp, Inc.D		61,920		1,010,534
Northern Trust CorporationD		32,153		2,317,910
PayPal Holdings, Inc.*		4,125		149,325
People’s United Financial, Inc.D		64,574		1,042,870
Piedmont Office Realty Trust, Inc. Class A REIT		31,418		593,172
Plum Creek Timber Co., Inc. REIT		202		9,639
PNC Financial Services Group, Inc. (The)		54,982		5,240,334
Principal Financial Group, Inc.		312		14,034
ProAssurance Corporation		2,500		121,325
Progressive Corporation (The)		25,934		824,701
Prologis, Inc. REIT		334		14,335
Prudential Financial, Inc.		524		42,659
Public Storage REIT		108		26,752
Realty Income Corporation REIT		312		16,109
Regions Financial Corporation		1,188		11,405
Signature BankD*		1,800		276,066
Simon Property Group, Inc. REIT		415		80,693
State Street Corporation		490		32,516
SunTrust Banks, Inc.		37,007		1,585,380
Synchrony Financial*		664		20,192
T. Rowe Price Group, Inc.		297		21,233
Torchmark Corporation		321		18,348
Total System Services, Inc.		261		12,998
Travelers Cos., Inc. (The)		13,401		1,512,437
U.S. Bancorp		40,406		1,724,124
Unum Group		295		9,821
Ventas, Inc. REIT		333		18,791
Visa, Inc. Class AD		25,740		1,996,137
Vornado Realty Trust REIT		197		19,692
W.R. Berkley Corporation		1,900		104,025
Wells Fargo & Co.		37,887		2,059,537
Welltower, Inc. REIT		570		38,777
Western Union Co. (The)		622		11,140
Weyerhaeuser Co. REIT		42,611		1,277,478
Zions Bancorporation		159		4,341
				48,046,738
Healthcare — 5.7%
Abbott Laboratories		19,906		893,978
AbbVie, Inc.		10,605		628,240
Aetna, Inc.		8,611		931,021
Agilent Technologies, Inc.		17,277		722,351
Alexion Pharmaceuticals, Inc.*		298		56,844
Amgen, Inc.		2,551		414,104
Anthem, Inc.		4,800		669,312
athenahealth, Inc.D*		479		77,105
Baxalta, Inc.		1,106		43,167

	Shares		Value
Baxter International, Inc.		71,468	$	2,726,504
Becton Dickinson and Co.		7,137		1,099,740
Biogen, Inc.*		994		304,512
Bio-Rad Laboratories, Inc. Class A*		292		40,489
Boston Scientific Corporation*		1,348		24,857
Bristol-Myers Squibb Co.		25,659		1,765,083
C.R. Bard, Inc.		4,228		800,952
Cardinal Health, Inc.		14,225		1,269,866
Celgene Corporation*		3,590		429,938
Centene CorporationD*		3,100		204,011
Cerner Corporation*		1,935		116,429
Cigna Corporation		310		45,362
DaVita HealthCare Partners, Inc.*		200		13,942
DENTSPLY International, Inc.		161		9,797
Edwards Lifesciences Corporation*		3,936		310,865
Eli Lilly & Co.		20,277		1,708,540
Express Scripts Holding Co.*		6,045		528,393
Gilead Sciences, Inc.		3,151		318,850
HCA Holdings, Inc.*		500		33,815
Henry Schein, Inc.D*		3,511		555,405
Humana, Inc.		176		31,418
IDEXX Laboratories, Inc.*		3,740		272,721
Illumina, Inc.*		164		31,479
Intuitive Surgical, Inc.*		443		241,949
Johnson & Johnson		93,801		9,635,239
Laboratory Corporation of America Holdings*		2,051		253,586
McKesson Corporation		5,681		1,120,464
MEDNAX, Inc.*		465		33,322
Patterson Cos., Inc.D		3,219		145,531
PerkinElmer, Inc.		128		6,857
Quest Diagnostics, Inc.D		40,343		2,870,001
Quintiles Transnational Holdings, Inc.*		361		24,786
Regeneron Pharma-ceuticals, Inc.*		108		58,630
St. Jude Medical, Inc.		321		19,828
Stryker Corporation		11,613		1,079,312
Tenet Healthcare Corporation*		747		22,634
Thermo Fisher Scientific, Inc.		444		62,981
UnitedHealth Group, Inc.		16,009		1,883,299
Universal Health Services, Inc. Class B		40		4,780
Vertex Pharmaceuticals, Inc.*		308		38,756
Zimmer Biomet Holdings, Inc.D		1,672		171,530
Zoetis, Inc.		1,989		95,313
				34,847,888
Materials & Processing — 0.8%
Air Products & Chemicals, Inc.D		19,024		2,475,213
Airgas, Inc.		46		6,363
Alcoa, Inc.		1,077		10,630
Ball Corporation		161		11,709
Bemis Co., Inc.		4,500		201,105
CF Industries Holdings, Inc.		315		12,855
Dow Chemical Co. (The)		1,623		83,552
E.I. du Pont de Nemours & Co.		2,183		145,388
Eastman Chemical Co.		174		11,747
Ecolab, Inc.		384		43,922
Fastenal Co.D		5,308		216,672
FMC Corporation		151		5,909

164 See Notes to Financial Statements.

	Shares		Value
Freeport-McMoRan, Inc.		1,109	$	7,508
International Flavors & Fragrances, Inc.D		693		82,910
International Paper Co.		550		20,735
Martin Marietta Materials, Inc.		107		14,614
Masco Corporation		401		11,348
Monsanto Co.		513		50,541
Mosaic Co. (The)		346		9,546
NewMarket CorporationD		60		22,844
Newmont Mining Corporation		511		9,193
Nucor Corporation		354		14,266
Owens-Illinois, Inc.*		127		2,212
PPG Industries, Inc.		3,914		386,781
Praxair, Inc.		2,080		212,992
Precision Castparts Corporation		182		42,226
Sealed Air Corporation		225		10,035
Sherwin-Williams Co. (The)		2,606		676,518
Vulcan Materials Co.		147		13,961
WestRock Co.		198		9,033
				4,822,328
Producer Durables — 4.9%
3M Co.		13,382		2,015,864
ADT Corporation (The)D		10,708		353,150
Alaska Air Group, Inc.		300		24,153
American Airlines Group, Inc.		837		35,447
AMETEK, Inc.		278		14,898
Automatic Data Processing, Inc.		10,969		929,294
Boeing Co. (The)		4,795		693,309
C.H. Robinson Worldwide, Inc.		2,398		148,724
Caterpillar, Inc.D		4,505		306,160
Cintas Corporation		3,375		307,294
Covanta Holding CorporationD		10,905		168,918
CSX Corporation		1,157		30,024
Cummins, Inc.		196		17,250
Danaher Corporation		4,214		391,396
Deere & Co.		419		31,957
Delta Air Lines, Inc.		1,218		61,740
Dover Corporation		192		11,772
Emerson Electric Co.		6,901		330,075
Expeditors International of Washington, Inc.		129		5,818
FedEx Corporation		3,254		484,813
FLIR Systems, Inc.		1,545		43,368
Flowserve Corporation		133		5,597
Fluor Corporation		182		8,594
General Dynamics Corporation		4,569		627,598
General Electric Co.		55,592		1,731,691
Honeywell International, Inc.		4,771		494,132
Huntington Ingalls Industries, Inc.		1,631		206,892
Illinois Tool Works, Inc.		443		41,057
J.B. Hunt Transport Services, Inc.D		900		66,024
Jacobs Engineering Group, Inc.*		78		3,272
Kansas City Southern		102		7,616
Landstar System, Inc.D		1,384		81,172
Lockheed Martin Corporation		5,164		1,121,363
Mettler-Toledo International, Inc.*		1,400		474,782
MSC Industrial Direct Co., Inc. Class A		3,700		208,199
Norfolk Southern Corporation		332		28,084

	Shares		Value
Northrop Grumman Corporation		4,162	$	785,827
PACCAR, Inc.		409		19,387
Parker-Hannifin Corporation		153		14,838
Paychex, Inc.D		21,169		1,119,628
Pitney Bowes, Inc.		332		6,856
Quanta Services, Inc.*		139		2,815
Raytheon Co.		6,236		776,569
Republic Services, Inc.		106,022		4,663,908
Robert Half International, Inc.		115		5,421
Rockwell Automation, Inc.D		8,141		835,348
Rockwell Collins, Inc.D		3,303		304,867
Roper Technologies, Inc.		70		13,285
Ryder System, Inc.		111		6,308
Snap-on, Inc.		44		7,543
Southwest Airlines Co.		908		39,098
Stanley Black & Decker, Inc.		7,620		813,283
Stericycle, Inc.*		13,299		1,603,859
Textron, Inc.		272		11,427
Union Pacific Corporation		18,214		1,424,335
United Continental Holdings, Inc.*		298		17,075
United Parcel Service, Inc. Class B		22,656		2,180,187
United Rentals, Inc.*		69		5,005
United Technologies Corporation		7,759		745,407
Verisk Analytics, Inc.*		195		14,992
W.W. Grainger, Inc.		8		1,621
Waste Connections, Inc.D		4,700		264,704
Waste Management, Inc.		48,084		2,566,243
Xerox Corporation		1,257		13,362
Xylem, Inc.		389		14,199
				29,788,894
Technology — 3.4%
Activision Blizzard, Inc.		631		24,426
Adobe Systems, Inc.*		1,186		111,413
Akamai Technologies, Inc.*		203		10,684
Alphabet, Inc. Class A*		1,964		1,528,012
Alphabet, Inc. Class C*		372		282,303
Amphenol Corporation Class A		428		22,354
Analog Devices, Inc.		354		19,583
Apple, Inc.		13,040		1,372,590
Applied Materials, Inc.		127,070		2,372,397
Autodesk, Inc.*		257		15,659
Broadcom Corporation Class A		627		36,253
CA, Inc.		368		10,510
Cisco Systems, Inc.		51,249		1,391,667
Citrix Systems, Inc.*		176		13,314
Cognizant Technology Solutions Corporation Class A*		2,272		136,365
Corning, Inc.		1,580		28,882
CSRA, Inc.		165		4,950
Electronic Arts, Inc.*		423		29,069
EMC Corporation		2,300		59,064
F5 Networks, Inc.*		2,946		285,644
Facebook, Inc. Class A*		2,843		297,548
Gartner, Inc.*		4,526		410,508
Harris Corporation		120		10,428
Hewlett Packard Enterprise Co.		2,151		32,695
HP, Inc.		2,151		25,468
Intel Corporation		32,741		1,127,928

See Notes to Financial Statements. 165

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
International Business Machines Corporation		9,454	$	1,301,060
Intuit, Inc.		13,822		1,333,823
Juniper Networks, Inc.		571		15,760
KLA-Tencor Corporation		188		13,038
Lam Research Corporation		181		14,375
Linear Technology CorporationD		16,593		704,705
Microchip Technology, Inc.		228		10,611
Micron Technology, Inc.*		1,206		17,077
Microsoft Corporation		94,003		5,215,287
Motorola Solutions, Inc.		226		15,470
NetApp, Inc.		13,274		352,159
NVIDIA Corporation		633		20,864
Oracle Corporation		24,242		885,560
Qorvo, Inc.*		175		8,908
QUALCOMM, Inc.		7,288		364,291
Red Hat, Inc.*		180		14,906
salesforce.com, Inc.*		781		61,230
SanDisk Corporation		256		19,453
Skyworks Solutions, Inc.		143		10,987
Symantec Corporation		785		16,485
Synopsys, Inc.*		600		27,366
Tableau Software, Inc. Class A*		500		47,110
Teradata CorporationD*		3,703		97,833
Texas Instruments, Inc.		6,520		357,361
VeriSign, Inc.*		180		15,725
Western Digital Corporation		239		14,352
Xilinx, Inc.		304		14,279
Yahoo!, Inc.*		1,008		33,526
				20,663,315
Utilities — 6.7%
AES Corporation		1,420		13,589
AGL Resources, Inc.		200		12,762
Alliant Energy Corporation		1,900		118,655
Ameren Corporation		174		7,522
American Electric Power Co., Inc.		12,746		742,709
American Water Works Co., Inc.		20,800		1,242,800
Aqua America, Inc.		3,000		89,400
AT&T, Inc.D		51,754		1,780,855
Atmos Energy Corporation		19,800		1,248,192
CenterPoint Energy, Inc.		11,288		207,248
CenturyLink, Inc.		4,361		109,723
CMS Energy Corporation		355		12,808
Consolidated Edison, Inc.D		13,628		875,872
Dominion Resources, Inc.D		14,963		1,012,097
DTE Energy Co.		7,501		601,505
Duke Energy Corporation		13,455		960,553
Edison InternationalD		45,671		2,704,180
Entergy Corporation		204		13,945
Eversource Energy		453		23,135
Exelon Corporation		974		27,048
FirstEnergy Corporation		633		20,085
Frontier Communications Corporation		2,478		11,572
Level 3 Communications, Inc.*		391		21,255
NextEra Energy, Inc.		8,076		839,016
NiSource, Inc.D		9,257		180,604
NRG Energy, Inc.		370		4,355
OGE Energy CorporationD		7,642		200,908
ONE Gas, Inc.		113,949		5,716,821
Pepco Holdings, Inc.		466		12,121

	Shares		Value
PG&E Corporation		63,795	$	3,393,256
Pinnacle West Capital Corporation		9,096		586,510
PPL Corporation		5,163		176,213
Public Service Enterprise Group, Inc.		45,853		1,774,053
Questar CorporationD		18,400		358,432
SCANA Corporation		161		9,739
Sempra Energy		16,825		1,581,718
Southern Co. (The)		31,437		1,470,937
TECO Energy, Inc.		293		7,809
UGI Corporation		8,200		276,832
Vectren Corporation		13,410		568,852
Verizon Communications, Inc.		113,697		5,255,075
WEC Energy Group, Inc.		5,809		298,060
Westar Energy, Inc.D		81,500		3,456,415
WGL Holdings, Inc.D		41,600		2,620,384
Xcel Energy, Inc.		9,067		325,596
				40,971,216
Total Common Stocks (Cost $233,532,818)				273,950,070
FOREIGN COMMON STOCKS — 4.0%
Bermuda — 0.6%
Arch Capital Group, Ltd.D*		14,300		997,425
Assured Guaranty, Ltd.		16,948		447,936
AXIS Capital Holdings, Ltd.		3,742		210,375
Everest Re Group, Ltd.		6,384		1,168,846
Invesco, Ltd.		543		18,180
RenaissanceRe Holdings, Ltd.		4,600		520,674
				3,363,436
British Virgin Islands — 0.0%
Michael Kors Holdings, Ltd.*		280		11,217
Canada — 0.3%
Imperial Oil, Ltd.		34,500		1,123,986
Potash Corporation of Saskatchewan, Inc.D		54,400		931,328
				2,055,314
Curacao — 0.6%
Schlumberger, Ltd.		56,459		3,938,015
France — 0.7%
TOTAL SA		89,739		4,023,146
Ireland — 1.4%
Accenture PLC Class A		10,698		1,117,941
Allegion PLC		94		6,197
Eaton Corporation PLC		12,933		673,033
Ingersoll-Rand PLC		294		16,255
Mallinckrodt PLC*		1,040		77,615
Medtronic PLC		57,226		4,401,824
Pentair PLC		224		11,095
Seagate Technology PLC		372		13,638
Tyco International PLC		62,666		1,998,419
XL Group PLC		302		11,832
				8,327,849
Jersey — 0.0%
Delphi Automotive PLC		351		30,091
Liberia — 0.0%
Royal Caribbean Cruises, Ltd.		107		10,829
Netherlands — 0.1%
Frank’s International NVD		44,300		739,367
LyondellBasell Industries NV Class A		489		42,494

166 See Notes to Financial Statements.

	Shares		Value
Mylan NV*		1,759	$	95,109
				876,970
Panama — 0.0%
Carnival Corporation		498		27,131
Singapore — 0.0%
Avago Technologies, Ltd.		328		47,609
Switzerland — 0.2%
ACE, Ltd.D		7,534		880,348
Garmin, Ltd.		139		5,167
TE Connectivity, Ltd.		347		22,420
Transocean, Ltd.		893		11,055
				918,990
United Kingdom — 0.1%
Aon PLC		5,419		499,686
Nielsen Holdings PLC		438		20,411
				520,097
Total Foreign Common Stocks (Cost $24,638,062)				24,150,694
PREFERRED STOCKS — 4.0%
Bank of America Corporation,
7.25%, 12/31/49 CONV		7,915		8,653,232
Laclede Group, Inc. (The),
6.75%, 04/01/17 CONV		18,576		1,025,953
U.S. Bancorp,
6.00%, 12/31/49†D		205,900		5,522,238
Wells Fargo & Co.,
7.50%, 12/31/49 CONV		7,654		8,886,294
Welltower, Inc.,
6.50%, 12/31/49 CONV		8,400		511,644
Total Preferred Stocks (Cost $25,321,463)				24,599,361
MASTER LIMITED PARTNERSHIP — 0.5%
Spectra Energy Partners LP (Cost $3,117,928)		67,973		3,242,312
MONEY MARKET FUNDS — 15.4%
GuideStone Money Market Fund (Investor Class)¥		25,859,833		25,859,833
Northern Institutional Liquid Assets Portfolio§		67,919,378		67,919,378
Total Money Market Funds (Cost $93,779,211)				93,779,211
SYNTHETIC CONVERTIBLE INSTRUMENTS — 0.9%
Credit Suisse AG+ 144A@		18,200		1,921,738
Credit Suisse Securities USA LLC+ 144A@		14,400		510,768
Goldman Sachs Group, Inc.+@		8,100		421,968
Merrill Lynch International & Co. CV+@		5,900		907,833
UBS AG+@		11,900		1,788,570
Total Synthetic Convertible Instruments (Cost $5,763,725)				5,550,877

	Par		Value
CORPORATE BONDS — 22.8%
Akamai Technologies, Inc.
1.25%, 02/15/19 CONVW	$	2,835,000	$	2,723,386
Alere, Inc.
3.00%, 05/15/16 CONV		1,485,000		1,542,544
Allscripts Healthcare Solutions, Inc.
1.25%, 07/01/20 CONV		1,200,000		1,288,500
Ares Capital Corporation
4.38%, 01/15/19 CONV		2,470,000		2,453,019
BioMarin Pharmaceutical, Inc.
0.75%, 10/15/18 CONV		1,415,000		1,823,581
Blucora, Inc.
4.25%, 04/01/19 CONV		1,815,000		1,513,256
Brocade Communications Systems, Inc.
1.38%, 01/01/20 CONV 144AD		1,280,000		1,232,000
Brookdale Senior Living, Inc.
2.75%, 06/15/18 CONV		1,470,000		1,469,081
CalAtlantic Group, Inc.
0.25%, 06/01/19 CONV		2,404,000		2,162,098
Cardtronics, Inc.
1.00%, 12/01/20 CONVD		1,685,000		1,572,316
Cepheid
1.25%, 02/01/21 CONV		2,590,000		2,313,194
Chart Industries, Inc.
2.00%, 08/01/18 CONV		2,570,000		2,235,900
Citigroup, Inc.
5.95%, 07/29/49†		3,630,000		3,556,492
Citrix Systems, Inc.
0.50%, 04/15/19 CONVD		1,695,000		1,851,788
Clearwire Com-munications LLC
8.25%, 12/01/40 CONV 144A		2,130,000		2,135,325
Echo Global Logistics, Inc.
2.50%, 05/01/20 CONV		1,015,000		893,200
Electronics For Imaging, Inc.
0.75%, 09/01/19 CONVD		1,180,000		1,259,650
Envestnet, Inc.
1.75%, 12/15/19 CONV		725,000		638,906
Euronet Worldwide, Inc.
1.50%, 10/01/44 CONVD		755,000		895,147
Extra Space Storage LP
2.38%, 07/01/33 CONV 144A		225,000		362,672
3.13%, 10/01/35 CONV 144AD		2,725,000		2,982,172
FireEye, Inc. 1.00%,
06/01/35 CONV 144AD		1,855,000		1,587,184
Forest City Realty Trust Inc.
3.63%, 08/15/20 CONV		1,165,000		1,239,269
General Electric Co.
4.10%, 12/29/49†		3,908,190		3,903,305
Griffon Corporation
4.00%, 01/15/17 CONV 144A		250,000		325,000
Hologic, Inc.
2.00%, 03/01/42 STEP CONV		1,407,000		1,883,621
1.67%, 12/15/43 STEP CONVWD		500,000		637,500

See Notes to Financial Statements. 167

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
HomeAway, Inc.
0.13%, 04/01/19 CONVD	$	2,725,000	$	2,735,219
Hornbeck Offshore Services, Inc.
1.50%, 09/01/19 CONV		1,250,000		710,938
Huron Consulting Group, Inc.
1.25%, 10/01/19 CONVD		1,675,000		1,665,578
Illumina, Inc.
(2.51)%, 06/15/19 CONVWD		1,550,000		1,692,406
Impax Laboratories, Inc.
2.00%, 06/15/22 CONV 144A		1,730,000		1,704,050
Integra LifeSciences Holdings Corporation
1.63%, 12/15/16 CONVD		1,555,000		2,031,219
Intel Corporation
2.95%, 12/15/35 CONV		2,296,000		2,943,185
InterDigital, Inc.
1.50%, 03/01/20 CONV 144A		1,275,000		1,226,391
Jarden Corporation
1.50%, 06/15/19 CONV		480,000		716,100
Jazz Investments I, Ltd.
1.88%, 08/15/21 CONVD		905,000		951,381
Lam Research Corporation
1.25%, 05/15/18 CONVD		1,141,000		1,639,474
LinkedIn Corporation
0.50%, 11/01/19 CONVD		1,760,000		1,854,600
Live Nation Entertainment, Inc.
2.50%, 05/15/19 CONV		1,490,000		1,522,594
Macquarie Infrastructure Co. LLC
2.88%, 07/15/19 CONVD		2,530,000		2,841,506
Medidata Solutions, Inc.
1.00%, 08/01/18 CONVD		1,520,000		1,665,350
Meritor, Inc.
4.00%, 02/15/27 STEP CONV		1,280,000		1,216,800
Microchip Technology, Inc.
1.63%, 02/15/25 CONV 144A@		8,241,000		8,230,699
Molina Healthcare, Inc.
1.63%, 08/15/44 CONV		1,265,000		1,525,116
National Health Investors, Inc.
3.25%, 04/01/21 CONV		2,105,000		2,077,372
Navistar International Corporation
4.75%, 04/15/19 CONVD		545,000		262,962
NetSuite, Inc.
0.25%, 06/01/18 CONV		990,000		980,100
Newmont Mining Corporation
1.63%, 07/15/17 CONV		2,625,000		2,580,703
NRG Yield, Inc.
3.50%, 02/01/19 CONV 144A		1,005,000		925,856
3.25%, 06/01/20 CONV 144AD		2,225,000		1,878,734
Nuance Communications, Inc.
2.75%, 11/01/31 CONVD		1,640,000		1,655,375
NuVasive, Inc.
2.75%, 07/01/17 CONV		1,215,000		1,663,791
NVIDIA Corporation
1.00%, 12/01/18 CONV		860,000		1,436,738

	Par		Value
ON Semiconductor Corporation
1.00%, 12/01/20 CONV 144AD	$	680,000	$	636,650
Pattern Energy Group, Inc.
4.00%, 07/15/20 CONV 144A		1,120,000		1,037,400
Priceline Group, Inc.
0.35%, 06/15/20 CONVD		530,000		633,019
0.90%, 09/15/21 CONVD		2,080,000		2,098,200
Proofpoint, Inc.
0.75%, 06/15/20 CONV 144AD		1,380,000		1,449,862
Restoration Hardware Holdings, Inc.
2.31%, 06/15/19 CONV 144AW		1,305,000		1,208,756
Royal Gold, Inc.
2.88%, 06/15/19 CONV		3,025,000		2,760,312
RTI International Metals, Inc.
1.63%, 10/15/19 CONV		1,965,000		2,020,266
salesforce.com, Inc.
0.25%, 04/01/18 CONV		1,230,000		1,585,162
SanDisk Corporation
1.50%, 08/15/17 CONV		245,000		385,416
0.50%, 10/15/20 CONV		2,000,000		2,080,000
SEACOR Holdings, Inc.
2.50%, 12/15/27 CONV		1,995,000		1,890,262
Siemens Financierings-maatschappij NV
1.05%, 08/16/17 CONV		2,500,000		2,633,750
Starwood Property Trust, Inc.
4.55%, 03/01/18 CONV		2,525,000		2,580,234
Synchronoss Technologies, Inc.
0.75%, 08/15/19 CONVD		620,000		626,200
Tesla Motors, Inc.
0.25%, 03/01/19 CONVD		2,570,000		2,422,225
TiVo, Inc.
2.00%, 10/01/21 CONVD		2,180,000		1,896,600
Toll Brothers Finance Corporation
0.50%, 09/15/32 CONVD		1,920,000		1,926,000
Twitter, Inc.
0.25%, 09/15/19 CONV		1,825,000		1,559,234
1.00%, 09/15/21 CONVD		730,000		613,656
Walter Investment Management Corporation
4.50%, 11/01/19 CONV		1,156,000		747,065
Web.com Group, Inc.
1.00%, 08/15/18 CONV		1,625,000		1,525,469
WebMD Health Corporation
2.50%, 01/31/18 CONV		1,000,000		1,033,750
1.50%, 12/01/20 CONV		1,165,000		1,306,984
Whiting Petroleum Corporation
1.25%, 04/01/20 CONV 144A		1,205,000		825,425
Workday, Inc.
0.75%, 07/15/18 CONVD		1,680,000		1,926,750
Wright Medical Group, Inc.
2.00%, 02/15/20 CONV 144AD		1,235,000		1,283,628
Yahoo!, Inc.
0.74%, 12/01/18 CONVW		1,985,000		1,940,338
Total Corporate Bonds (Cost $142,210,498)				139,446,956

168 See Notes to Financial Statements.

	Par			Value
U.S. TREASURY OBLIGATIONS — 18.2%
U.S. Treasury Bills
0.10%, 01/07/16	$	500,000		$	499,995
0.18%, 01/07/16		1,750,000			1,749,982
0.20%, 01/07/16		1,400,000			1,399,986
0.24%, 01/07/16		23,900,000			23,899,755
0.20%, 03/03/16		30,550,000			30,545,173
0.25%, 06/23/16		27,000,000			26,941,005
0.38%, 06/23/16		1,000,000			997,815
0.25%, 09/15/16		25,000,000			24,910,700
Total U.S. Treasury Obligations (Cost $110,970,702)					110,944,411
TOTAL INVESTMENTS — 110.7% (Cost $639,334,407)					675,663,892
	Number of Contracts			Value
WRITTEN OPTIONS — (0.1)%
Call Options — 0.0%
S&P 500® Index, Strike Price $2,080.00, Expires 01/22/16 (MSCS)		(11	)		(15,345	)
S&P 500® Index, Strike Price $2,085.00, Expires 01/15/16 (MSCS)		(11	)		(9,900	)
S&P 500® Index, Strike Price $2,090.00, Expires 01/08/16 (MSCS)		(12	)		(2,532	)
S&P 500® Index, Strike Price $2,090.00, Expires 01/15/16 (MSCS)		(11	)		(5,940	)
S&P 500® Index, Strike Price $2,110.00, Expires 01/29/16 (MSCS)		(13	)		(9,438	)
S&P 500® Index, Strike Price $2,110.00, Expires 01/29/16 (MSCS)		(12	)		(8,712	)
S&P 500® Index, Strike Price $2,120.00, Expires 01/08/16 (MSCS)		(11	)		(220	)
					(52,087	)
Put Options — (0.1)%
S&P 500® Index, Strike Price $1,875.00, Expires 01/15/16 (MSCS)		(68	)		(11,560	)
S&P 500® Index, Strike Price $1,900.00, Expires 01/08/16 (MSCS)		(63	)		(3,780	)
S&P 500® Index, Strike Price $1,905.00, Expires 01/22/16 (MSCS)		(66	)		(106,920	)
S&P 500® Index, Strike Price $1,920.00, Expires 01/15/16 (MSCS)		(65	)		(22,100	)
S&P 500® Index, Strike Price $1,955.00, Expires 01/29/16 (MSCS)		(65	)		(88,400	)
S&P 500® Index, Strike Price $1,960.00, Expires 01/29/16 (MSCS)		(61	)		(89,975	)
S&P 500® Index, Strike Price $1,975.00, Expires 01/08/16 (MSCS)		(61	)		(22,570	)

	Number of Contracts			Value
S&P 500® Index, Strike Price $1,985.00, Expires 01/22/16 (MSCS)		(64	)	$	(92,800	)
S&P 500® Index, Strike Price $2,115.00, Expires 01/22/16 (MSCS)		(12	)		(3,396	)
					(441,501	)
Total Written Options
(Premiums received $(840,327))					(493,588	)
Liabilities in Excess of Other Assets — (10.6)%					(64,554,784	)
NET ASSETS — 100.0%				$	610,615,520

See Notes to Financial Statements. 169

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	273,950,070	$	273,950,070	$	—	$	—
Corporate Bonds		139,446,956		—		139,446,956		—
Foreign Common Stocks:
Bermuda		3,363,436		3,363,436		—		—
British Virgin Islands		11,217		11,217		—		—
Canada		2,055,314		2,055,314		—		—
Curacao		3,938,015		3,938,015		—		—
France		4,023,146		—		4,023,146		—
Ireland		8,327,849		8,327,849		—		—
Jersey		30,091		30,091		—		—
Liberia		10,829		10,829		—		—
Netherlands		876,970		876,970		—		—
Panama		27,131		27,131		—		—
Singapore		47,609		47,609		—		—
Switzerland		918,990		918,990		—		—
United Kingdom		520,097		520,097		—		—
Master Limited Partnership		3,242,312		3,242,312		—		—
Money Market Funds		93,779,211		93,779,211		—		—
Preferred Stocks		24,599,361		24,599,361		—		—
U.S. Treasury Obligations		110,944,411		—		110,944,411		—
Synthetic Convertible Instruments		5,550,877		—		—		5,550,877
Total Assets - Investments in Securities	$	675,663,892	$	415,698,502	$	254,414,513	$	5,550,877
Other Financial Instruments***
Forward Foreign Currency Contracts	$	12,837	$	—	$	12,837	$	—
Total Assets - Other Financial Instruments	$	12,837	$	—	$	12,837	$	—

170 See Notes to Financial Statements.

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Liabilities:
Investments in Securities:
Written Options	$	(493,588	)	$	(131,413	)	$	(362,175	)	$	—
Total Liabilities - Investments in Securities	$	(493,588	)	$	(131,413	)	$	(362,175	)	$	—
Other Financial Instruments***
Futures Contracts	$	(73,717	)	$	(73,717	)	$	—		$	—
Total Liabilities - Other Financial Instruments	$	(73,717	)	$	(73,717	)	$	—		$	—

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

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2015.

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

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

	Total Value				Preferred Stock				Synthetic Convertible Instruments
Balance, 12/31/14		$	13,851,501			$	8,530,038			$	5,321,463
Accrued discounts/premiums			—				—				—
Realized gain (loss)(1)			345,860				187,364				158,496
Change in unrealized appreciation (depreciation)(2)			(784,134	)			(474,529	)			(309,605	)
Purchases			10,245,605				4,481,880				5,763,725
Sales			(9,221,661	)			(3,838,459	)			(5,383,202	)
Transfers in to Level 3			—				—				—
Transfers out of Level 3(3)			(8,886,294	)			(8,886,294	)			—
Maturities			—				—				—
Paydowns			—				—				—
Balance, 12/31/15		$	5,550,877			$	—			$	5,550,877

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

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

⁽³⁾  Transfers out of Level 3 represent the value of securities at December 31, 2015 that were transferred from Level 3 to Level 1 of the fair value hierarchy as a result of the ability of the Fund to obtain a price using an objective method such as a pricing vendor.

See Notes to Financial Statements. 171

Equity Index Fund (Unaudited)

The Fund was passively managed and benchmarked against the S&P 500^® Index. The Fund was comprised of domestic, large-cap equity stocks with both value- and growth-style orientations. The objective of the Fund was to provide investment results approximating the aggregate price and dividend performance of the securities included in the S&P 500^® Index. The correlation between the Fund’s performance and the S&P 500^® Index is expected to be greater than 98%. However, it could be lower in certain market environments and due to certain stocks that may be excluded from the Fund’s portfolio because of social investment policies and restrictions (100% would indicate perfect correlation). The Investor Class of the Fund returned 0.70% for the one-year period ended December 31, 2015, as compared to a 1.38% return for the S&P 500^® Index. The return differential was primarily a result of social restrictions and expenses of the Fund.

In 2015, derivative positions, exchange listed equity index futures contracts, were utilized to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure had a slight negative impact on Fund performance for the year.

This Fund may be suitable for investors who seek higher, long-term rates of return, can accept significant short-term fluctuations in account value and want to diversify their portfolio by adding a potentially higher return, higher risk option of stocks. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of total investments, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Financial Services		18.3
Technology		17.6
Consumer Discretionary		13.7
Healthcare		11.6
Money Market Funds		9.9
Producer Durables		9.8
Consumer Staples		7.2
Energy		6.1
Utilities		5.5
Foreign Common Stocks		3.8
Materials & Processing		2.9
U.S. Treasury Obligation		0.1
		106.5

172

Equity Index Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional Class*	Investor Class*	Benchmark**
One Year	0.92%	0.70%	1.38%
Five Year	12.55%	12.36%	12.57%
Ten Year	7.12%	6.95%	7.31%
Since Inception	5.72%	5.61%	5.97%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	0.18%	0.45%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2005 to December 31, 2015, with all dividends and capital gains reinvested, with the S&P 500^® Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

173

EQUITY INDEX FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
COMMON STOCKS — 92.7%
Consumer Discretionary — 13.7%
Advance Auto Parts, Inc.		2,558		$	385,005
Amazon.com, Inc.*		13,261			8,962,977
AutoNation, Inc.D*		2,553			152,312
AutoZone, Inc.*		1,049			778,264
Bed Bath & Beyond, Inc.D*		5,741			277,003
Best Buy Co., Inc.D		10,434			317,715
BorgWarner, Inc.D		7,721			333,779
Cablevision Systems Corporation Class A		7,501			239,282
CarMax, Inc.D*		7,000			377,790
CBS Corporation Class B (Non-Voting Shares)		14,988			706,384
Chipotle Mexican Grill, Inc.*		1,069			512,960
Coach, Inc.		9,769			319,739
Comcast Corporation Class A		84,210			4,751,970
Costco Wholesale Corporation		15,110			2,440,265
D.R. Horton, Inc.		11,332			362,964
Darden Restaurants, Inc.		3,881			246,987
Discovery Communications, Inc. Class AD*		5,065			135,134
Discovery Communications, Inc. Class C*		8,821			222,466
Dollar General Corporation		10,030			720,856
Dollar Tree, Inc.*		8,052			621,775
eBay, Inc.*		37,960			1,043,141
Estee Lauder Cos., Inc. (The) Class A		7,637			672,514
Expedia, Inc.		4,101			509,754
Ford Motor Co.		134,627			1,896,894
Fossil Group, Inc.D*		1,323			48,369
GameStop Corporation Class AD		3,705			103,888
Gap, Inc. (The)D		8,085			199,700
General Motors Co.		48,851			1,661,423
Genuine Parts Co.		5,243			450,321
Goodyear Tire & Rubber Co. (The)		9,194			300,368
H&R Block, Inc.D		7,980			265,814
Hanesbrands, Inc.		13,687			402,808
Harley-Davidson, Inc.D		6,573			298,348
Harman International Industries, Inc.		2,439			229,778
Hasbro, Inc.D		3,818			257,180
Home Depot, Inc. (The)		43,722			5,782,235
Interpublic Group of Cos., Inc. (The)		14,061			327,340
Johnson Controls, Inc.		22,474			887,498
Kohl’s CorporationD		6,693			318,788
L Brands, Inc.		8,740			837,467
Leggett & Platt, Inc.D		4,728			198,671
Lennar Corporation
Class AD		6,253			305,834
Lowe’s Cos., Inc.		31,537			2,398,073
Macy’s, Inc.		10,861			379,918
Marriott International, Inc. Class AD		6,615			443,470
Mattel, Inc.D		11,543			313,623
McDonald’s Corporation		31,672			3,741,730
Mohawk Industries, Inc.*		2,172			411,355
Netflix, Inc.*		14,747			1,686,762
Newell Rubbermaid, Inc.D		9,289			409,459
News Corporation Class A		12,950			173,012

	Shares		Value
News Corporation Class BD		3,661		$	51,108
NIKE, Inc. Class B		46,648			2,915,500
Nordstrom, Inc.D		4,617			229,973
Omnicom Group, Inc.D		8,437			638,343
O’Reilly Automotive, Inc.*		3,420			866,696
Priceline Group, Inc. (The)*		1,717			2,189,089
PulteGroup, Inc.D		10,728			191,173
PVH Corporation		2,811			207,030
Ralph Lauren CorporationD		2,056			229,203
Ross Stores, Inc.		13,978			752,156
Scripps Networks Interactive, Inc. Class AD		3,367			185,892
Staples, Inc.		21,855			206,967
Starbucks Corporation		51,234			3,075,577
Starwood Hotels & Resorts Worldwide, Inc.		5,898			408,613
Target Corporation		21,254			1,543,253
TEGNA, Inc.		7,742			197,576
Tiffany & Co.		3,840			292,954
Time Warner Cable, Inc.		9,771			1,813,400
Time Warner, Inc.		27,584			1,783,857
TJX Cos., Inc. (The)		23,112			1,638,872
Tractor Supply Co.		4,650			397,575
TripAdvisor, Inc.D*		3,939			335,800
Twenty-First Century Fox, Inc. Class A		40,372			1,096,504
Twenty-First Century Fox, Inc. Class B		15,072			410,411
Under Armour, Inc. Class AD*		6,265			505,022
Urban Outfitters, Inc.D*		3,039			69,137
VF Corporation		11,720			729,570
Wal-Mart Stores, Inc.		54,059			3,313,817
Walt Disney Co. (The)		52,469			5,513,443
Whirlpool Corporation		2,676			393,024
Wyndham Worldwide
CorporationD		3,958			287,549
Yum! Brands, Inc.		14,816			1,082,309
					83,372,555
Consumer Staples — 7.2%
Archer-Daniels-Midland Co.		20,573			754,618
Campbell Soup Co.		6,292			330,645
Church & Dwight Co., Inc.		4,524			383,997
Clorox Co. (The)		4,477			567,818
Coca-Cola Co. (The)		135,065			5,802,392
Coca-Cola Enterprises, Inc.		7,129			351,032
Colgate-Palmolive Co.		31,026			2,066,952
ConAgra Foods, Inc.		14,877			627,214
CVS Health Corporation		38,179			3,732,761
Dr. Pepper Snapple Group, Inc.		6,467			602,724
General Mills, Inc.		20,713			1,194,312
Hershey Co. (The)D		4,922			439,387
Hormel Foods CorporationD		4,597			363,531
J.M. Smucker Co. (The)		4,153			512,231
Kellogg Co.		8,873			641,252
Keurig Green Mountain, Inc.D		3,971			357,311
Kimberly-Clark Corporation		12,480			1,588,704
Kraft Heinz Co. (The)		20,528			1,493,617
Kroger Co. (The)		33,633			1,406,868
McCormick & Co., Inc.
(Non-Voting Shares)D		3,952			338,133
Mead Johnson Nutrition Co.		6,772			534,649
Mondelez International, Inc. Class A		54,879			2,460,774
Monster Beverage Corporation*		5,175			770,868

174 See Notes to Financial Statements.

	Shares		Value
PepsiCo, Inc.		50,305		$	5,026,476
Procter & Gamble Co. (The)		93,846			7,452,311
Sysco Corporation		17,982			737,262
Tyson Foods, Inc. Class A		10,139			540,713
Walgreens Boots Alliance, Inc.		30,077			2,561,207
Whole Foods Market, Inc.D		11,810			395,635
					44,035,394
Energy — 6.1%
Anadarko Petroleum Corporation		17,432			846,847
Apache Corporation		12,960			576,331
Archrock, Inc.		13			98
Baker Hughes, Inc.		14,974			691,050
Cabot Oil & Gas CorporationD		14,102			249,464
Cameron International Corporation*		6,565			414,908
Chesapeake Energy CorporationD		17,647			79,412
Chevron Corporation		64,963			5,844,071
Cimarex Energy Co.		3,310			295,848
Columbia Pipeline Group, Inc.		13,330			266,600
ConocoPhillipsD		42,673			1,992,402
CONSOL Energy, Inc.D		7,857			62,070
Devon Energy Corporation		13,282			425,024
Diamond Offshore Drilling, Inc.D		2,290			48,319
EOG Resources, Inc.		19,045			1,348,196
EQT Corporation		5,184			270,242
Exterran Corporation*		6			96
Exxon Mobil Corporation		143,655			11,197,907
First Solar, Inc.D*		2,565			169,264
FMC Technologies, Inc.*		7,897			229,092
Halliburton Co.		29,661			1,009,660
Helmerich & Payne, Inc.D		3,670			196,529
Hess Corporation		8,298			402,287
Kinder Morgan, Inc.		63,200			942,944
Marathon Oil CorporationD		23,357			294,065
Marathon Petroleum Corporation		18,418			954,789
Murphy Oil CorporationD		5,682			127,561
National Oilwell Varco, Inc.D		13,040			436,710
Newfield Exploration Co.*		5,484			178,559
Noble Energy, Inc.D		14,885			490,163
Occidental Petroleum Corporation		26,434			1,787,203
ONEOK, Inc.D		7,110			175,333
Phillips 66		16,409			1,342,256
Pioneer Natural Resources Co.		5,120			641,946
Range Resources CorporationD		5,659			139,268
Southwestern Energy Co.D*		13,122			93,297
Spectra Energy CorporationD		23,113			553,325
Tesoro Corporation		4,130			435,178
Valero Energy Corporation		16,633			1,176,119
Williams Cos., Inc. (The)*		23,391			601,149
					36,985,582
Financial Services — 18.3%
Affiliated Managers
Group, Inc.*		1,846			294,917
Aflac, Inc.		14,638			876,816
Alliance Data Systems
Corporation*		2,108			583,010
Allstate Corporation (The)		13,373			830,330
American Express Co.		28,874			2,008,187

	Shares		Value
American International Group, Inc.		42,688		$	2,645,375
American Tower Corporation REIT		14,626			1,417,991
Ameriprise Financial, Inc.		6,049			643,735
Apartment Investment & Management Co. Class A REIT		5,345			213,960
Assurant, Inc.		2,201			177,269
AvalonBay Communities, Inc. REIT		4,738			872,408
Bank of America Corporation		359,310			6,047,187
Bank of New York Mellon
Corporation (The)		37,847			1,560,053
BB&T Corporation		27,152			1,026,617
Berkshire Hathaway, Inc. Class B*		64,590			8,528,464
BlackRock, Inc.		4,351			1,481,603
Boston Properties, Inc. REIT		5,277			673,029
Capital One Financial Corporation		18,374			1,326,235
CBRE Group, Inc. Class A*		9,902			342,411
Charles Schwab Corporation (The)		41,413			1,363,730
Chubb Corporation (The)		7,869			1,043,744
Cincinnati Financial Corporation		5,056			299,164
Citigroup, Inc.		102,799			5,319,848
CME Group, Inc.		11,688			1,058,933
Comerica, Inc.		6,109			255,539
Crown Castle International Corporation REIT		11,463			990,976
Discover Financial Services		14,762			791,538
Dun & Bradstreet Corporation (The)		1,233			128,146
E*TRADE Financial Corporation*		9,982			295,867
Equifax, Inc.		4,080			454,390
Equinix, Inc. REITD		2,143			648,043
Equity Residential REIT		12,491			1,019,141
Essex Property Trust, Inc. REIT		2,291			548,488
Fidelity National Information Services, Inc.		9,546			578,488
Fifth Third Bancorp		27,353			549,795
Fiserv, Inc.*		7,894			721,985
Franklin Resources, Inc.		12,919			475,678
General Growth Properties, Inc. REIT		20,295			552,227
Goldman Sachs Group, Inc. (The)		13,694			2,468,070
Hartford Financial Services Group, Inc. (The)		14,214			617,740
HCP, Inc. REIT		16,072			614,593
Host Hotels & Resorts, Inc. REIT		25,898			397,275
Huntington Bancshares, Inc.		27,751			306,926
Intercontinental Exchange, Inc.		4,097			1,049,897
Iron Mountain, Inc. REITD		6,823			184,289
JPMorgan Chase & Co.		127,015			8,386,800
KeyCorp		28,599			377,221
Kimco Realty Corporation REIT		14,037			371,419
Legg Mason, Inc.		3,731			146,367
Leucadia National Corporation		11,518			200,298
Lincoln National Corporation		8,588			431,633
Loews Corporation		9,770			375,168
M&T Bank Corporation		5,510			667,702

See Notes to Financial Statements. 175

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Macerich Co. (The) REIT		4,573	$	368,995
Marsh & McLennan Cos., Inc.		18,092		1,003,201
MasterCard, Inc. Class A		34,159		3,325,720
McGraw Hill Financial, Inc.		9,373		923,990
MetLife, Inc.		38,258		1,844,418
Moody’s Corporation		5,882		590,200
Morgan Stanley		52,213		1,660,896
Nasdaq, Inc.		4,073		236,926
Navient Corporation		12,116		138,728
Northern Trust Corporation		7,400		533,466
PayPal Holdings, Inc.*		38,373		1,389,103
People’s United Financial, Inc.D		10,672		172,353
Plum Creek Timber Co., Inc. REIT		6,028		287,656
PNC Financial Services Group, Inc. (The)		17,469		1,664,970
Principal Financial Group, Inc.		9,398		422,722
Progressive Corporation (The)		20,310		645,858
Prologis, Inc. REIT		18,132		778,225
Prudential Financial, Inc.		15,448		1,257,622
Public Storage REIT		5,090		1,260,793
Realty Income Corporation REITD		8,682		448,252
Regions Financial Corporation		44,937		431,395
Simon Property Group, Inc. REIT		10,679		2,076,425
SL Green Realty Corporation REIT		3,468		391,815
State Street Corporation		13,975		927,381
SunTrust Banks, Inc.		17,731		759,596
Synchrony Financial*		28,648		871,186
T. Rowe Price Group, Inc.		8,682		620,676
Torchmark CorporationD		3,970		226,925
Total System Services, Inc.		5,853		291,479
Travelers Cos., Inc. (The)		10,505		1,185,594
U.S. Bancorp		56,659		2,417,640
Unum Group		8,238		274,243
Ventas, Inc. REIT		11,451		646,180
Visa, Inc. Class AD		67,149		5,207,405
Vornado Realty Trust REIT		6,121		611,855
Wells Fargo & Co.		160,349		8,716,572
Welltower, Inc. REIT		12,148		826,428
Western Union Co. (The)D		17,238		308,733
Weyerhaeuser Co. REIT		17,651		529,177
Zions Bancorporation		6,966		190,172
				111,705,686
Healthcare — 11.6%
Abbott Laboratories		51,457		2,310,934
AbbVie, Inc.		56,411		3,341,788
Aetna, Inc.		12,057		1,303,603
Agilent Technologies, Inc.		11,517		481,526
Alexion Pharmaceuticals, Inc.*		7,755		1,479,266
Amgen, Inc.		26,038		4,226,749
Anthem, Inc.		8,972		1,251,056
Baxalta, Inc.		18,861		736,145
Baxter International, Inc.		18,837		718,632
Becton, Dickinson and Co.		7,296		1,124,241
Biogen, Inc.*		7,693		2,356,751
Boston Scientific Corporation*		46,195		851,836
Bristol-Myers Squibb Co.		57,566		3,959,965
C.R. Bard, Inc.		2,545		482,125
Cardinal Health, Inc.		11,352		1,013,393
Celgene Corporation*		27,076		3,242,622
Cerner CorporationD*		10,456		629,137

	Shares		Value
Cigna Corporation		8,918	$	1,304,971
DaVita HealthCare Partners, Inc.*		5,774		402,506
DENTSPLY International, Inc.D		4,803		292,263
Edwards Lifesciences Corporation*		7,503		592,587
Eli Lilly & Co.		33,681		2,837,961
Express Scripts Holding Co.*		23,328		2,039,100
Gilead Sciences, Inc.		49,725		5,031,673
HCA Holdings, Inc.*		10,849		733,718
Henry Schein, Inc.D*		2,855		451,632
Humana, Inc.		5,107		911,651
Illumina, Inc.D*		5,053		969,898
Intuitive Surgical, Inc.*		1,278		697,992
Johnson & Johnson		95,446		9,804,213
Laboratory Corporation of America Holdings*		3,518		434,965
McKesson Corporation		7,967		1,571,331
Patterson Cos., Inc.D		2,919		131,968
PerkinElmer, Inc.D		3,875		207,584
Quest Diagnostics, Inc.		4,925		350,364
Regeneron Pharmaceuticals, Inc.*		2,680		1,454,892
St. Jude Medical, Inc.		9,843		608,002
Stryker Corporation		10,844		1,007,841
Tenet Healthcare CorporationD*		3,361		101,838
Thermo Fisher Scientific, Inc.		13,743		1,949,445
UnitedHealth Group, Inc.		32,886		3,868,709
Universal Health Services, Inc. Class B		3,109		371,494
Varian Medical Systems, Inc.*		3,413		275,770
Vertex Pharmaceuticals, Inc.*		8,486		1,067,793
Zimmer Biomet Holdings, Inc.		5,932		608,564
Zoetis, Inc.		15,858		759,915
				70,350,409
Materials & Processing — 2.9%
Air Products & Chemicals, Inc.D		6,724		874,860
Airgas, Inc.		2,222		307,347
Alcoa, Inc.D		45,734		451,395
Ball CorporationD		4,684		340,667
CF Industries Holdings, Inc.		8,022		327,378
Dow Chemical Co. (The)		38,802		1,997,527
E.I. du Pont de Nemours & Co.		30,238		2,013,851
Eastman Chemical Co.		5,099		344,233
Ecolab, Inc.		9,218		1,054,355
Fastenal Co.D		9,869		402,853
FMC CorporationD		4,552		178,120
Freeport-McMoRan, Inc.D		40,458		273,901
International Flavors & Fragrances, Inc.D		2,757		329,847
International Paper Co.		14,240		536,848
Martin Marietta Materials, Inc.D		2,287		312,358
Masco Corporation		11,611		328,591
Monsanto Co.		15,197		1,497,208
Mosaic Co. (The)		11,445		315,767
Newmont Mining Corporation		18,493		332,689
Nucor Corporation		10,932		440,560
Owens-Illinois, Inc.*		5,595		97,465
PPG Industries, Inc.		9,315		920,508
Praxair, Inc.D		9,832		1,006,797
Precision Castparts Corporation		4,760		1,104,368
Sealed Air Corporation		6,950		309,970

176 See Notes to Financial Statements.

	Shares		Value
Sherwin-Williams Co. (The)		2,722	$	706,631
Vulcan Materials Co.		4,637		440,376
WestRock Co.		8,810		401,912
				17,648,382
Producer Durables — 9.8%
3M Co.		21,233		3,198,539
ADT Corporation (The)D		5,832		192,339
American Airlines Group, Inc.		21,884		926,787
AMETEK, Inc.		8,236		441,367
Automatic Data Processing, Inc.		15,957		1,351,877
Avery Dennison Corporation		3,088		193,494
Boeing Co. (The)		21,721		3,140,639
C.H. Robinson Worldwide, Inc.		5,009		310,658
Caterpillar, Inc.D		20,081		1,364,705
Cintas Corporation		3,026		275,517
CSX Corporation		33,720		875,034
Cummins, Inc.		5,710		502,537
Danaher Corporation		20,547		1,908,405
Deere & Co.D		10,754		820,208
Delta Air Lines, Inc.		27,145		1,375,980
Dover CorporationD		5,396		330,829
Emerson Electric Co.		22,583		1,080,145
Expeditors International of Washington, Inc.D		6,560		295,856
FedEx Corporation		9,075		1,352,084
FLIR Systems, Inc.		4,772		133,950
Flowserve CorporationD		4,590		193,147
Fluor Corporation		4,879		230,386
General Dynamics Corporation		10,243		1,406,979
General Electric Co.		325,572		10,141,568
Honeywell International, Inc.		26,569		2,751,751
Illinois Tool Works, Inc.		11,325		1,049,601
J.B. Hunt Transport Services, Inc.		3,121		228,957
Jacobs Engineering Group, Inc.D*		4,112		172,499
Kansas City Southern		3,767		281,282
L-3 Communications Holdings, Inc.		2,708		323,633
Lockheed Martin Corporation		9,086		1,973,025
Norfolk Southern Corporation		10,244		866,540
Northrop Grumman Corporation		6,292		1,187,993
PACCAR, Inc.D		12,218		579,133
Parker-Hannifin Corporation		4,670		452,897
Paychex, Inc.D		10,971		580,256
Pitney Bowes, Inc.		6,878		142,031
Quanta Services, Inc.*		5,514		111,659
Raytheon Co.		10,395		1,294,489
Republic Services, Inc.		8,171		359,442
Robert Half International, Inc.		4,610		217,316
Rockwell Automation, Inc.D		4,546		466,465
Rockwell Collins, Inc.D		4,583		423,011
Roper Technologies, Inc.		3,452		655,155
Ryder System, Inc.		1,813		103,033
Snap-on, Inc.		1,986		340,460
Southwest Airlines Co.		22,405		964,759
Stanley Black & Decker, Inc.		5,151		549,766
Stericycle, Inc.*		2,898		349,499
Textron, Inc.		9,493		398,801
Union Pacific Corporation		29,462		2,303,928

	Shares		Value
United Continental Holdings, Inc.*		12,777	$	732,122
United Parcel Service, Inc. Class B		24,022		2,311,637
United Rentals, Inc.D*		3,295		239,019
United Technologies Corporation		28,497		2,737,707
Verisk Analytics, Inc.D*		5,398		414,998
W.W. Grainger, Inc.D		1,996		404,370
Waste Management, Inc.		14,259		761,003
Waters Corporation*		2,833		381,265
Xerox Corporation		33,395		354,989
Xylem, Inc.		6,226		227,249
				59,734,770
Technology — 17.6%
Activision Blizzard, Inc.D		17,349		671,580
Adobe Systems, Inc.*		17,215		1,617,177
Akamai Technologies, Inc.*		6,108		321,464
Alphabet, Inc. Class A*		10,051		7,819,779
Alphabet, Inc. Class C*		10,251		7,779,279
Amphenol Corporation Class A		10,640		555,727
Analog Devices, Inc.		10,692		591,481
Apple, Inc.		192,362		20,248,025
Applied Materials, Inc.		39,806		743,178
Autodesk, Inc.*		7,748		472,086
Broadcom Corporation Class A		19,420		1,122,864
CA, Inc.		10,916		311,761
Cisco Systems, Inc.		175,071		4,754,053
Citrix Systems, Inc.*		5,310		401,702
Cognizant Technology Solutions Corporation Class A*		21,068		1,264,501
Corning, Inc.		40,852		746,775
CSRA, Inc.		4,813		144,390
Electronic Arts, Inc.*		10,802		742,313
EMC Corporation		66,911		1,718,274
F5 Networks, Inc.*		2,480		240,461
Facebook, Inc. Class A*		78,337		8,198,750
Harris Corporation		4,318		375,234
Hewlett Packard Enterprise Co.		62,007		942,506
HP, Inc.		61,974		733,772
Intel Corporation		162,917		5,612,491
International Business Machines Corporation		30,784		4,236,494
Intuit, Inc.		9,111		879,212
Juniper Networks, Inc.		12,328		340,253
KLA-Tencor Corporation		5,346		370,745
Lam Research Corporation		5,471		434,507
Linear Technology CorporationD		8,166		346,810
Microchip Technology, Inc.D		6,955		323,686
Micron Technology, Inc.*		37,150		526,044
Microsoft Corporation		275,590		15,289,733
Motorola Solutions, Inc.		5,562		380,719
NetApp, Inc.		10,228		271,349
NVIDIA CorporationD		17,550		578,448
Oracle Corporation		110,410		4,033,277
Qorvo, Inc.*		4,842		246,458
QUALCOMM, Inc.		51,864		2,592,422
Red Hat, Inc.*		6,261		518,473
salesforce.com, Inc.*		21,542		1,688,893
SanDisk Corporation		6,856		520,987
Skyworks Solutions, Inc.D		6,556		503,697
Symantec Corporation		23,526		494,046

See Notes to Financial Statements. 177

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Teradata CorporationD*		4,516	$	119,313
Texas Instruments, Inc.		34,966		1,916,486
VeriSign, Inc.D*		3,402		297,199
Western Digital Corporation		8,034		482,442
Xilinx, Inc.		8,927		419,301
Yahoo!, Inc.*		30,079		1,000,428
				106,941,045
Utilities — 5.5%
AES Corporation		23,299		222,971
AGL Resources, Inc.		4,072		259,834
Ameren Corporation		8,286		358,204
American Electric Power Co., Inc.		16,887		984,005
AT&T, Inc.		212,184		7,301,251
CenterPoint Energy, Inc.		14,671		269,360
CenturyLink, Inc.		18,997		477,965
CMS Energy CorporationD		9,409		339,477
Consolidated Edison, Inc.D		10,047		645,721
Dominion Resources, Inc.		20,569		1,391,287
DTE Energy Co.		6,189		496,296
Duke Energy Corporation		23,782		1,697,797
Edison International		11,181		662,027
Entergy Corporation		6,152		420,551
Eversource Energy		11,087		566,213
Exelon Corporation		31,959		887,501
FirstEnergy Corporation		14,629		464,178
Frontier Communications CorporationD		41,604		194,291
Level 3 Communications, Inc.*		9,961		541,480
NextEra Energy, Inc.		15,894		1,651,228
NiSource, Inc.D		10,836		211,410
NRG Energy, Inc.D		10,926		128,599
Pepco Holdings, Inc.		8,644		224,830
PG&E Corporation		17,019		905,241
Pinnacle West Capital Corporation		3,771		243,154
PPL Corporation		23,138		789,700
Public Service Enterprise Group, Inc.		17,674		683,807
SCANA CorporationD		4,864		294,223
Sempra Energy		8,182		769,190
Southern Co. (The)		31,404		1,469,393
TECO Energy, Inc.		8,072		215,119
Verizon Communications, Inc.		140,331		6,486,099
WEC Energy Group, Inc.D		10,827		555,533
Xcel Energy, Inc.		17,672		634,602
				33,442,537
Total Common Stocks (Cost $420,811,155)				564,216,360
FOREIGN COMMON STOCKS — 3.8%
Bermuda — 0.1%
Invesco, Ltd.		14,469		484,422
Signet Jewelers, Ltd.		2,719		336,313
				820,735
British Virgin Islands — 0.0%
Michael Kors Holdings, Ltd.*		6,331		253,620
Curacao — 0.5%
Schlumberger, Ltd.		43,538		3,036,775
Ireland — 1.6%
Accenture PLC Class A		21,534		2,250,303
Allegion PLC		3,292		217,009
Eaton Corporation PLC		16,081		836,855

	Shares		Value
Ingersoll-Rand PLC		9,020	$	498,716
Mallinckrodt PLC*		3,998		298,371
Medtronic PLC		48,553		3,734,697
Pentair PLCD		6,230		308,572
Seagate Technology PLCD		10,285		377,048
Tyco International PLC		14,741		470,090
XL Group PLC		10,319		404,298
				9,395,959
Jersey — 0.1%
Delphi Automotive PLC		9,650		827,294
Liberia — 0.1%
Royal Caribbean Cruises, Ltd.D		5,960		603,212
Netherlands — 0.3%
LyondellBasell Industries NV Class A		12,410		1,078,429
Mylan NVD*		14,236		769,740
				1,848,169
Panama — 0.2%
Carnival Corporation		15,972		870,155
Singapore — 0.2%
Avago Technologies, Ltd.D		9,058		1,314,769
Switzerland — 0.4%
ACE, Ltd.D		11,198		1,308,486
Garmin, Ltd.D		4,121		153,178
TE Connectivity, Ltd.		13,343		862,091
Transocean, Ltd.D		11,608		143,707
				2,467,462
United Kingdom — 0.3%
Aon PLC		9,466		872,860
Ensco PLC Class AD		7,992		122,997
Nielsen Holdings PLC		12,453		580,310
				1,576,167
Total Foreign Common Stocks (Cost $20,626,520)				23,014,317
MONEY MARKET FUNDS — 9.9%
GuideStone Money Market Fund (Investor Class)¥		19,879,456		19,879,456
Northern Institutional Liquid Assets Portfolio§		40,316,383		40,316,383
Total Money Market Funds (Cost $60,195,839)				60,195,839
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill 0.05%, 03/31/16‡‡ (Cost $559,934)	$	560,000		559,773
TOTAL INVESTMENTS — 106.5%
(Cost $502,193,448)				647,986,289
Liabilities in Excess of Other Assets — (6.5)%				(39,382,471	)
NET ASSETS — 100.0%			$	608,603,818

178 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	564,216,360		$	564,216,360		$	—	$	—
Foreign Common Stocks		23,014,317			23,014,317			—		—
Money Market Funds		60,195,839			60,195,839			—		—
U.S. Treasury Obligation		559,773			—			559,773		—
Total Assets - Investments in Securities	$	647,986,289		$	647,426,516		$	559,773	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(41,549	)	$	(41,549	)	$	—	$	—
Total Liabilities - Other Financial Instruments	$	(41,549	)	$	(41,549	)	$	—	$	—

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

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2015.

See Notes to Financial Statements. 179

Value Equity Fund (Unaudited)

The Fund invested in a diversified portfolio of large- and medium-sized U.S. companies whose stocks were considered to be attractive from a valuation perspective. The Investor Class of the Fund slightly outperformed its benchmark, the Russell 1000^® Value Index, for the one-year period ended December 31, 2015 (-3.70% versus -3.83%). Underweight exposure and security selection to the energy sector contributed to benchmark-relative performance, while security selection to the financial services and consumer discretionary sectors detracted from benchmark-relative performance for the year.

In 2015, derivative positions, exchange listed equity index futures contracts, were utilized to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure had a slight negative impact on Fund performance for the year.

This Fund may be suitable for investors who seek higher, long-term rates of return, can accept significant short-term fluctuations in account value and want to diversify their portfolio by adding a potentially higher return, higher risk option of value stocks. This Fund is subject to value investing risk. This involves the risk that an investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of total investments, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Financial Services		25.7
Money Market Funds		14.2
Technology		12.3
Producer Durables		11.3
Foreign Common Stocks		9.3
Healthcare		8.9
Energy		7.8
Consumer Discretionary		7.8
Utilities		6.9
Consumer Staples		3.8
Materials & Processing		2.5
U.S. Treasury Obligation		—
		110.5

180

Value Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional Class*	Investor Class*	Benchmark**
One Year	-3.44%	-3.70%	-3.83%
Five Year	11.39%	11.10%	11.27%
Ten Year	5.81%	5.60%	6.16%
Since Inception	6.12%	5.85%	6.32%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	0.60%	0.85%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2005 to December 31, 2015, with all dividends and capital gains reinvested, with the Russell 1000^® Value Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

181

VALUE EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
COMMON STOCKS — 87.0%
Consumer Discretionary — 7.8%
Bed Bath & Beyond, Inc.D*		36,961		$	1,783,368
Big Lots, Inc.D		5,047			194,511
Comcast Corporation Class A		208,962			11,791,726
Cooper Tire & Rubber Co.D		36,196			1,370,019
Dana Holding CorporationD		386,495			5,333,631
DISH Network Corporation Class A*		2,256			128,998
eBay, Inc.*		172,210			4,732,331
Foot Locker, Inc.D		31,620			2,058,146
Ford Motor Co.		927,932			13,074,562
Gap, Inc. (The)D		222,900			5,505,630
General Motors Co.		116,895			3,975,599
Goodyear Tire & Rubber Co. (The)		122,105			3,989,170
Home Depot, Inc. (The)		53,008			7,010,308
J.C. Penney Co., Inc.D*		670,556			4,465,903
Johnson Controls, Inc.		260,928			10,304,047
Lear Corporation		39,735			4,880,650
Lennar Corporation Class AD		156,651			7,661,800
NVR, Inc.*		500			821,500
Target Corporation		19,066			1,384,382
Time Warner, Inc.		13,103			847,371
Twenty-First Century Fox, Inc. Class A		12,863			349,359
Twenty-First Century Fox, Inc. Class B		4,956			134,952
Wal-Mart Stores, Inc.		84,013			5,149,997
					96,947,960
Consumer Staples — 3.8%
Archer-Daniels-Midland Co.		20,150			739,102
Cal-Maine Foods, Inc.D		51,491			2,386,093
Colgate-Palmolive Co.		3,535			235,502
ConAgra Foods, Inc.		29,900			1,260,584
CVS Health Corporation		2,717			265,641
Dr. Pepper Snapple Group, Inc.		49,530			4,616,196
Ingredion, Inc.		14,760			1,414,598
Kimberly-Clark CorporationD		2,403			305,902
Kroger Co. (The)		115,052			4,812,625
Mondelez International, Inc. Class A		53,339			2,391,721
Nu Skin Enterprises, Inc. Class AD		10,847			410,993
PepsiCo, Inc.		124,615			12,451,531
Procter & Gamble Co. (The)		88,720			7,045,255
Sysco CorporationD		146,200			5,994,200
Walgreens Boots Alliance, Inc.		23,936			2,038,270
Whole Foods Market, Inc.D		24,160			809,360
					47,177,573
Energy — 7.8%
Anadarko Petroleum Corporation		16,617			807,254
Apache CorporationD		12,237			544,179
Baker Hughes, Inc.		111,703			5,155,093
Chesapeake Energy CorporationD		369,179			1,661,306
Chevron Corporation		183,578			16,514,677
ConocoPhillipsD		254,737			11,893,671
Devon Energy Corporation		13,435			429,920
Dril-Quip, Inc.*		7,559			447,720
EOG Resources, Inc.		27,496			1,946,442

	Shares		Value
Exxon Mobil CorporationD		157,469	$	12,274,709
Halliburton Co.		27,736		944,133
Helmerich & Payne, Inc.D		11,350		607,792
Hess Corporation		8,930		432,926
Kinder Morgan, Inc.D		58,239		868,926
Marathon Oil CorporationD		80,820		1,017,524
Marathon Petroleum Corporation		122,417		6,346,097
Murphy Oil CorporationD		61,348		1,377,263
National Oilwell Varco, Inc.D		19,810		663,437
Occidental Petroleum Corporation		184,450		12,470,664
Oceaneering International, Inc.		52,023		1,951,903
Oil States International, Inc.*		82,460		2,247,035
Phillips 66		17,670		1,445,406
Spectra Energy CorporationD		21,736		520,360
Tesoro Corporation		47,303		4,984,317
Valero Energy Corporation		103,453		7,315,162
Western Refining, Inc.D		61,297		2,183,399
				97,051,315
Financial Services — 25.7%
Aflac, Inc.D		30,672		1,837,253
Allstate Corporation (The)		99,931		6,204,716
Ally Financial, Inc.*		182,207		3,396,338
American Express Co.		185,193		12,880,173
American International Group, Inc.		333,865		20,689,614
Ameriprise Financial, Inc.		72,768		7,743,971
Assurant, Inc.		25,190		2,028,803
Bank of America Corporation		1,581,754		26,620,920
Bank of New York Mellon Corporation (The)		32,598		1,343,690
BB&T CorporationD		25,422		961,206
Berkshire Hathaway, Inc. Class B*		56,819		7,502,381
BlackRock, Inc.		2,828		962,990
Capital One Financial Corporation		220,124		15,888,550
CBL & Associates Properties, Inc. REIT		122,924		1,520,570
CBRE Group, Inc. Class A* Charles Schwab		101,256		3,501,432
Corporation (The)		10,991		361,934
Chubb Corporation (The)		7,517		997,055
Citigroup, Inc.		710,131		36,749,279
CME Group, Inc.D		10,492		950,575
Discover Financial Services		14,643		785,158
Equity Residential REIT		11,925		972,961
Franklin Resources, Inc.		12,639		465,368
Genworth Financial, Inc. Class AD*		226,485		844,789
Goldman Sachs Group, Inc. (The)		26,247		4,730,497
Hartford Financial Services Group, Inc. (The)		181,913		7,905,939
Host Hotels & Resorts, Inc. REIT		63,460		973,476
Huntington Bancshares, Inc.D		250,220		2,767,433
Intercontinental Exchange, Inc.		19,705		5,049,603
Jones Lang LaSalle, Inc.		8,047		1,286,393
JPMorgan Chase & Co.		706,701		46,663,467
Lincoln National Corporation		41,880		2,104,889
Mack-Cali Realty Corporation REIT		23,470		548,024
Marsh & McLennan Cos., Inc.		6,930		384,268

182 See Notes to Financial Statements.

	Shares		Value
MetLife, Inc.		30,837	$	1,486,652
MGIC Investment Corporation*		220,208		1,944,437
Moody’s Corporation		41,970		4,211,270
Morgan Stanley		50,371		1,602,301
PNC Financial Services Group, Inc. (The)		16,924		1,613,026
Prudential Financial, Inc.		24,422		1,988,195
Public Storage REIT		427		105,768
Reinsurance Group of America, Inc.		11,766		1,006,581
RLJ Lodging Trust REITD		30,900		668,367
State Street Corporation		273,061		18,120,328
SunTrust Banks, Inc.		125,341		5,369,608
Synchrony Financial*		52,089		1,584,034
T. Rowe Price Group, Inc.		22,689		1,622,037
Travelers Cos., Inc. (The)		127,780		14,421,251
U.S. Bancorp		54,811		2,338,785
Unum Group		60,120		2,001,395
Voya Financial, Inc.		125,827		4,644,275
Waddell & Reed Financial, Inc. Class AD		17,777		509,489
Wells Fargo & Co.		426,477		23,183,290
Zions Bancorporation		110,000		3,003,000
				319,047,804
Healthcare — 8.9%
Abbott Laboratories		48,865		2,194,527
Aetna, Inc.		8,649		935,130
Amgen, Inc.		11,680		1,896,014
Anthem, Inc.D		103,464		14,427,020
Baxalta, Inc.		6,479		252,875
Baxter International, Inc.		24,479		933,874
Cardinal Health, Inc.		56,346		5,030,007
Cigna Corporation		44,511		6,513,295
Express Scripts Holding Co.*		3,479		304,099
Gilead Sciences, Inc.		86,184		8,720,959
HCA Holdings, Inc.*		9,673		654,185
Humana, Inc.		333		59,444
Johnson & Johnson		434,989		44,682,070
Ligand Pharmaceuticals, Inc.D*		8,623		934,906
McKesson Corporation		21,860		4,311,448
Owens & Minor, Inc.D		36,959		1,329,785
Quest Diagnostics, Inc.		39,100		2,781,574
Stryker Corporation		12,256		1,139,073
Thermo Fisher Scientific, Inc.		8,692		1,232,960
United Therapeutics CorporationD*		30,430		4,765,642
UnitedHealth Group, Inc.		61,884		7,280,034
				110,378,921
Materials & Processing — 2.5%
Air Products &
Chemicals, Inc.D		84,669		11,016,284
Allegheny Technologies, Inc.D		169,385		1,905,581
CF Industries Holdings, Inc.		79,250		3,234,192
Chemours Co. (The)D		3,183		17,061
Domtar CorporationD		19,579		723,444
Dow Chemical Co. (The)D		31,920		1,643,242
E.I. du Pont de Nemours & Co.		15,915		1,059,939
International Paper Co.		53,553		2,018,948
Mosaic Co. (The)		8,685		239,619
Praxair, Inc.		1,535		157,184
Precision Castparts Corporation		3,654		847,765
Sealed Air Corporation		172,534		7,695,016

	Shares		Value
Southern Copper CorporationD		2,315	$	60,468
				30,618,743
Producer Durables — 11.3%
ADT Corporation (The)D		112,635		3,714,702
Alaska Air Group, Inc.D		56,420		4,542,374
American Airlines Group, Inc.		7,342		310,934
Automatic Data Processing, Inc.		2,974		251,957
Caterpillar, Inc.D		16,281		1,106,457
CSX Corporation		24,020		623,319
Cummins, Inc.		1,482		130,431
Danaher Corporation		15,709		1,459,052
Deere & Co.D		72,873		5,558,024
Delta Air Lines, Inc.		92,880		4,708,087
Emerson Electric Co.		187,394		8,963,055
FedEx Corporation		27,448		4,089,477
General Dynamics Corporation		76,341		10,486,200
General Electric Co.D		740,464		23,065,449
Honeywell International, Inc.		66,900		6,928,833
Huntington Ingalls Industries, Inc.		13,862		1,758,395
JetBlue Airways Corporation*		37,030		838,729
Lockheed Martin Corporation		2,489		540,486
Norfolk Southern Corporation		121,001		10,235,474
Northrop Grumman Corporation		34,981		6,604,763
Raytheon Co.		10,026		1,248,538
Southwest Airlines Co.		81,108		3,492,510
Spirit AeroSystems Holdings, Inc. Class A*		59,470		2,977,663
Stanley Black & Decker, Inc.		34,600		3,692,858
Terex CorporationD		191,360		3,536,333
Textron, Inc.D		230,395		9,678,894
Trinity Industries, Inc.		44,334		1,064,903
United Continental Holdings, Inc.*		71,900		4,119,870
United Technologies Corporation		142,691		13,708,324
Waste Management, Inc.		13,683		730,262
				140,166,353
Technology — 12.3%
Apple, Inc.		7,627		802,818
Applied Materials, Inc.		263,520		4,919,918
Aspen Technology, Inc.D*		24,565		927,574
Avnet, Inc.		8,690		372,280
Broadcom Corporation Class A		16,729		967,271
Cisco Systems, Inc.		483,346		13,125,261
Citrix Systems, Inc.*		20,392		1,542,655
Corning, Inc.D		291,774		5,333,629
Cypress Semiconductor
CorporationD*		266,200		2,611,422
EMC Corporation		58,071		1,491,263
Hewlett Packard Enterprise Co.		59,643		906,574
HP, Inc.		59,782		707,819
Intel Corporation		729,633		25,135,857
International Business Machines Corporation		13,206		1,817,410
Jabil Circuit, Inc.D		97,012		2,259,409
Juniper Networks, Inc.		66,900		1,846,440
Micron Technology, Inc.*		32,546		460,851
Microsoft Corporation		646,009		35,840,579
NetApp, Inc.D		73,800		1,957,914
Oracle Corporation		341,844		12,487,561

See Notes to Financial Statements. 183

VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
QUALCOMM, Inc.		206,901	$	10,341,947
Symantec Corporation		219,492		4,609,332
Take-Two Interactive Software, Inc.D*		81,368		2,834,861
Texas Instruments, Inc.		165,100		9,049,131
VeriSign, Inc.D*		46,948		4,101,377
Western Digital Corporation		80,325		4,823,516
Yahoo!, Inc.*		30,658		1,019,685
				152,294,354
Utilities — 6.9%
AES Corporation		881,095		8,432,079
American Electric Power Co., Inc.		146,750		8,551,123
AT&T, Inc.		650,921		22,398,192
Dominion Resources, Inc.D		18,410		1,245,253
Duke Energy CorporationD		133,383		9,522,212
Edison International		62,686		3,711,638
Entergy Corporation		77,052		5,267,275
Exelon Corporation		49,642		1,378,558
FirstEnergy Corporation		13,181		418,233
NextEra Energy, Inc.D		14,574		1,514,093
NRG Energy, Inc.D		103,621		1,219,619
PG&E Corporation		15,716		835,934
Public Service Enterprise Group, Inc.		78,280		3,028,653
Southern Co. (The)		29,787		1,393,734
T-Mobile US, Inc.*		8,861		346,642
Verizon Communications, Inc.		363,159		16,785,209
				86,048,447
Total Common Stocks (Cost $923,570,087)				1,079,731,470
FOREIGN COMMON STOCKS — 9.3%
Bermuda — 0.9%
Assured Guaranty, Ltd.		114,001		3,013,046
AXIS Capital Holdings, Ltd.		13,580		763,468
Bunge, Ltd.		24,771		1,691,364
Everest Re Group, Ltd.		13,840		2,533,966
Nabors Industries, Ltd.D		399,079		3,396,162
				11,398,006
British Virgin Islands — 0.2%
Michael Kors Holdings, Ltd.D*		43,106		1,726,826
Canada — 0.0%
Thomson Reuters CorporationD		10,858		410,975
Cayman Islands — 0.2%
Herbalife, Ltd.D*		53,635		2,875,909
Curacao — 0.2%
Schlumberger, Ltd.		36,605		2,553,199
France — 1.0%
Sanofi ADRD		281,000		11,984,650
Guernsey — 0.1%
Amdocs, Ltd.		25,920		1,414,454
Ireland — 3.1%
CRH PLC ADR		360,400		10,386,728
Eaton Corporation PLCD		15,313		796,889
Medtronic PLC		253,277		19,482,067
Pentair PLCD		66,664		3,301,868
Tyco International PLC		148,270		4,728,330
				38,695,882

	Shares		Value
Netherlands — 0.4%
AerCap Holdings NV*		43,945	$	1,896,666
LyondellBasell Industries NV Class A		39,364		3,420,732
Mylan NVD*		2,026		109,546
				5,426,944
Panama — 0.1%
Carnival CorporationD		13,836		753,785
Singapore — 0.2%
Flextronics International, Ltd.*		217,610		2,439,408
Switzerland — 0.2%
ACE, Ltd.D		10,705		1,250,879
Transocean, Ltd.D		79,116		979,456
				2,230,335
United Kingdom — 2.7%
BP PLC ADRD		344,700		10,775,322
Ensco PLC Class AD		303,517		4,671,127
GlaxoSmithKline PLC ADRD		249,000		10,047,150
Noble Corporation PLCD		365,584		3,856,911
Rowan Cos. PLC Class AD		243,606		4,129,122
				33,479,632
Total Foreign Common Stocks (Cost $125,472,231)				115,390,005
MONEY MARKET FUNDS — 14.2%
GuideStone Money Market Fund (Investor Class)¥		40,813,334		40,813,334
Northern Institutional Liquid Assets Portfolio§		135,055,536		135,055,536
Total Money Market Funds (Cost $175,868,870)				175,868,870
	Par
U.S. TREASURY OBLIGATION — 0.0%
U.S. Treasury Bill 0.05%, 03/31/16‡‡ (Cost $649,923)	$	650,000		649,737
TOTAL INVESTMENTS — 110.5% (Cost $1,225,561,111)				1,371,640,082
Liabilities in Excess of Other Assets — (10.5)%				(129,992,033	)
Net Assets — 100.0%			$	1,241,648,049

184 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	1,079,731,470		$	1,079,731,470		$	—	$	—
Foreign Common Stocks		115,390,005			115,390,005			—		—
Money Market Funds		175,868,870			175,868,870			—		—
U.S. Treasury Obligation		649,737			—			649,737		—
Total Assets - Investments in Securities	$	1,371,640,082		$	1,370,990,345		$	649,737	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(94,897	)	$	(94,897	)	$	—	$	—
Total Liabilities - Other Financial Instruments	$	(94,897	)	$	(94,897	)	$	—	$	—

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

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2015.

See Notes to Financial Statements. 185

Growth Equity Fund (Unaudited)

The Fund invested in a diversified portfolio of large- and medium-sized U.S. companies whose stocks were considered to have above average potential for growth in revenue and earnings. The Investor Class of the Fund slightly underperformed its benchmark, the Russell 1000^® Growth Index, for the one-year period ended December 31, 2015 (5.44% versus 5.67%). Overweight exposure within the energy sector and security selection within the consumer staples and health care sectors detracted from benchmark-relative returns, while security selection within the consumer discretionary and technology sectors contributed to benchmark-relative performance during the year.

In 2015, derivative positions, exchange listed equity index futures contracts, were utilized to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure had a slight negative impact on Fund performance for the year.

This Fund may be suitable for investors who seek high, long-term rates of return, can accept significant short-term fluctuations in account value, want to invest in growth-oriented stocks and would like to diversify their portfolio by adding a potentially higher return, higher risk option of stocks. The Fund will not concentrate in any particular industry, but at times, it may be heavily invested in a particular economic sector. This may result in greater short-term price volatility. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of total investments, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Technology		29.3
Money Market Funds		22.6
Consumer Discretionary		15.7
Financial Services		15.2
Healthcare		14.4
Foreign Common Stocks		10.4
Consumer Staples		4.8
Producer Durables		3.9
Materials & Processing		1.9
Energy		0.7
		118.9

186

Growth Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional Class*	Investor Class*	Benchmark**
One Year	5.67%	5.44%	5.67%
Five Year	12.71%	12.49%	13.53%
Ten Year	6.95%	6.80%	8.53%
Since Inception	5.62%	5.47%	6.08%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	0.77%	1.02%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2005 to December 31, 2015, with all dividends and capital gains reinvested, with the Russell 1000^® Growth Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

187

GROWTH EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
COMMON STOCKS — 85.9%
Consumer Discretionary — 15.7%
Amazon.com, Inc.*		82,519		$	55,773,767
Chipotle Mexican Grill, Inc.*		19,387			9,302,852
Costco Wholesale Corporation		69,993			11,303,869
Discovery Communications, Inc. Class AD*		89,904			2,398,639
Discovery Communications, Inc. Class C*		166,041			4,187,554
eBay, Inc.*		432,291			11,879,357
Estee Lauder Cos., Inc. (The) Class AD		131,226			11,555,762
L Brands, Inc.		111,912			10,723,408
Liberty Interactive Corporation QVC Group Class A*		583,383			15,938,024
Lowe’s Cos., Inc.		76,338			5,804,741
Netflix, Inc.*		92,129			10,537,715
NIKE, Inc. Class B		23,584			1,474,000
Priceline Group, Inc. (The)*		10,992			14,014,250
Starbucks Corporation		232,618			13,964,058
TripAdvisor, Inc.D*		264,039			22,509,325
Under Armour, Inc. Class AD*		159,274			12,839,077
Yum! Brands, Inc.		111,291			8,129,808
					222,336,206
Consumer Staples — 4.8%
Coca-Cola Co. (The)		304,788			13,093,692
Mead Johnson Nutrition Co.		122,726			9,689,218
Monster Beverage Corporation*		109,787			16,353,872
Procter & Gamble Co. (The)		153,588			12,196,423
Walgreens Boots Alliance, Inc.		188,188			16,025,149
					67,358,354
Energy — 0.7%
FMC Technologies, Inc.*		342,648			9,940,218
Financial Services — 15.2%
American Express Co.		56,926			3,959,203
Charles Schwab Corporation (The)		653,674			21,525,485
Crown Castle International Corporation REIT		180,145			15,573,535
Equinix, Inc. REITD		51,851			15,679,742
FactSet Research Systems, Inc.		43,959			7,146,415
FleetCor Technologies, Inc.*		51,341			7,338,169
Greenhill & Co., Inc.D		31,706			907,109
Intercontinental Exchange, Inc.		46,484			11,911,990
LendingClub CorporationD*		536,185			5,924,844
MasterCard, Inc. Class A		154,955			15,086,419
PayPal Holdings, Inc.*		361,732			13,094,699
SEI Investments Co.		226,593			11,873,473
Visa, Inc. Class AD		1,106,467			85,806,516
					215,827,599
Healthcare — 14.4%
Alexion Pharmaceuticals, Inc.*		117,818			22,473,784
Amgen, Inc.		53,571			8,696,181
athenahealth, Inc.D*		50,463			8,123,029
Biogen, Inc.*		70,616			21,633,212
BioMarin Pharmaceutical, Inc.*		103,416			10,833,860
Bristol-Myers Squibb Co.		163,950			11,278,121
Celgene Corporation*		169,607			20,312,134
Cerner CorporationD*		210,537			12,668,011
DaVita HealthCare
Partners, Inc.*		97,140			6,771,629

	Shares		Value
DENTSPLY International, Inc.D		64,576		$	3,929,450
Edwards Lifesciences Corporation*		92,130			7,276,427
Express Scripts Holding Co.*		139,954			12,233,379
Illumina, Inc.D*		55,657			10,683,083
Incyte Corporation*		54,800			5,943,060
Intuitive Surgical, Inc.*		20,571			11,235,057
Regeneron Pharmaceuticals, Inc.*		33,300			18,077,571
Sirona Dental Systems, Inc.D*		35,205			3,857,412
Varian Medical Systems, Inc.*		105,289			8,507,351
					204,532,751
Materials & Processing — 1.9%
Ecolab, Inc.		87,968			10,061,780
Fastenal Co.D		169,400			6,914,908
Monsanto Co.		101,125			9,962,835
					26,939,523
Producer Durables — 3.9%
Automatic Data
Processing, Inc.		39,454			3,342,543
Colfax CorporationD*		44,303			1,034,475
Danaher Corporation		126,215			11,722,849
Expeditors International of Washington, Inc.D		236,154			10,650,545
National Instruments Corporation		156,518			4,490,502
Stericycle, Inc.*		90,505			10,914,903
United Parcel Service, Inc. Class B		99,618			9,586,240
Wabtec CorporationD		51,635			3,672,281
					55,414,338
Technology — 29.3%
Adobe Systems, Inc.*		158,481			14,887,705
Akamai Technologies, Inc.*		121,078			6,372,335
Alphabet, Inc. Class A*		64,649			50,297,568
Alphabet, Inc. Class C*		48,617			36,894,469
Amphenol Corporation Class A		181,336			9,471,179
Analog Devices, Inc.		26,312			1,455,580
ANSYS, Inc.D*		67,186			6,214,705
Apple, Inc.		79,748			8,394,274
Autodesk, Inc.*		167,962			10,233,925
Cisco Systems, Inc.		601,140			16,323,957
Cognizant Technology Solutions Corporation Class A*		149,766			8,988,955
Electronic Arts, Inc.*		197,745			13,589,036
Facebook, Inc. Class A*		703,125			73,589,063
Intuit, Inc.		71,048			6,856,132
LinkedIn Corporation Class A*		77,641			17,475,436
Microsoft Corporation		463,023			25,688,516
NetSuite, Inc.D*		64,262			5,437,850
Oracle Corporation		417,154			15,238,636
Palo Alto Networks, Inc.*		43,267			7,621,049
QUALCOMM, Inc.		604,699			30,225,880
Rovi Corporation*		7			117
salesforce.com, Inc.*		486,324			38,127,802
Splunk, Inc.D*		154,183			9,067,502
Yelp, Inc.D*		63,976			1,842,509
					414,294,180
Total Common Stocks (Cost $982,405,982)					1,216,643,169

188 See Notes to Financial Statements.

	Shares		Value
FOREIGN COMMON STOCKS — 10.4%
Bermuda — 0.6%
Genpact, Ltd.*		320,483		$	8,005,665
Canada — 0.8%
Valeant Pharmaceuticals International, Inc.*		114,256			11,614,123
China — 4.6%
Alibaba Group Holding, Ltd. ADRD*		425,012			34,540,725
Baidu, Inc. ADRD*		159,653			30,180,803
					64,721,528
Curacao — 1.1%
Schlumberger, Ltd.		219,356			15,300,081
France — 0.9%
Danone SA ADR		983,031			13,379,052
Netherlands — 1.1%
Mobileye NVD*		154,581			6,535,685
NXP Semiconductor NV*		110,730			9,329,002
					15,864,687
Switzerland — 0.7%
Novartis AG ADRD		113,540			9,768,982
United Kingdom — 0.6%
ARM Holdings PLC ADRD		173,000			7,826,520
Nielsen Holdings PLC		17,690			824,354
					8,650,874
Total Foreign Common Stocks (Cost $152,963,824)					147,304,992

	Shares		Value
MONEY MARKET FUNDS — 22.6%
GuideStone Money Market Fund (Investor Class)¥		50,737,188		$	50,737,188
Northern Institutional Liquid Assets Portfolio§		268,680,558			268,680,558
Total Money Market Funds (Cost $319,417,746)					319,417,746
TOTAL INVESTMENTS — 118.9% (Cost $1,454,787,552)					1,683,365,907
Liabilities in Excess of Other Assets — (18.9)%					(267,749,364	)
NET ASSETS — 100.0%				$	1,415,616,543

See Notes to Financial Statements. 189

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks		$	1,216,643,169			$	1,216,643,169			$	—		$	—
Foreign Common Stocks			147,304,992				147,304,992				—			—
Money Market Funds			319,417,746				319,417,746				—			—
Total Assets - Investments in Securities		$	1,683,365,907			$	1,683,365,907			$	—		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(144,600	)		$	(144,600	)		$	—		$	—
Total Liabilities - Other Financial Instruments		$	(144,600	)		$	(144,600	)		$	—		$	—

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

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2015.

190 See Notes to Financial Statements.

Small Cap Equity Fund (Unaudited)

The Fund was comprised of domestic, small-cap stocks with both value- and growth-style orientations. The Investor Class of the Fund underperformed its benchmark, the Russell 2000^® Index, for the one-year period ended December 31, 2015 (-5.91% versus -4.41%). Security selection within the materials & processing sector as well as underweight exposure and security selection to the health care sector detracted from benchmark-relative returns, while security selection within the consumer discretionary and energy sectors contributed to benchmark-relative performance during the year.

In 2015, derivative positions, exchange listed equity index futures contracts, were utilized to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure had a slight positive impact on Fund performance for the year.

This Fund may be suitable for investors who seek higher, long-term rates of return, can accept significant short-term fluctuations in account value, want to invest in stocks of small- to medium-sized U.S. companies and would like to diversify their portfolio by adding a potentially higher return, higher risk option of stocks. Small company stocks are subject to greater risk than large company stocks due to more volatility and less liquidity. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of total investments, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Money Market Funds		39.6
Financial Services		19.1
Producer Durables		17.2
Technology		13.3
Consumer Discretionary		12.9
Healthcare		10.7
Foreign Common Stocks		8.3
Materials & Processing		5.9
Utilities		4.6
Energy		2.2
Consumer Staples		1.5
Foreign Bond		—	**
Corporate Bonds		—	**
Rights/Warrants		—	**
		135.3

** Rounds to less than 0.005%

191

Small Cap Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional Class*	Investor Class*	Benchmark**
One Year	-5.66%	-5.91%	-4.41%
Five Year	9.68%	9.45%	9.19%
Ten Year	6.29%	6.10%	6.80%
Since Inception	6.87%	6.69%	7.59%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	1.04%	1.30%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2005 to December 31, 2015, with all dividends and capital gains reinvested, with the Russell 2000^® Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

192

SMALL CAP EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
COMMON STOCKS — 87.4%
Consumer Discretionary — 12.9%
2U, Inc.D*		64,666		$	1,809,355
Aaron’s, Inc.		43,342			970,427
AMC Networks, Inc. Class AD*		9,000			672,120
American Axle & Manufacturing Holdings, Inc.D*		30,514			577,935
American Eagle Outfitters, Inc.D		67,100			1,040,050
Avon Products, Inc.D		61,889			250,650
Big Lots, Inc.D		31,456			1,212,314
Bravo Brio Restaurant Group, Inc.*		40,167			361,503
Bright Horizons Family Solutions, Inc.*		41,000			2,738,800
Brinker International, Inc.D		5,000			239,750
Burlington Stores, Inc.*		47,800			2,050,620
Cable One, Inc.D		3,510			1,522,147
CalAtlantic Group, Inc.D		19,386			735,117
Cavco Industries, Inc.*		3,830			319,077
Children’s Place, Inc. (The)D		2,960			163,392
Chuy’s Holdings, Inc.D*		9,900			310,266
Columbia Sportswear Co.D		9,600			468,096
Cooper Tire & Rubber Co.		52,600			1,990,910
Dana Holding Corporation		26,800			369,840
Dave & Buster’s Entertainment, Inc.*		18,700			780,538
Deckers Outdoor Corporation*		5,895			278,244
Destination Maternity CorporationD		32,000			279,040
Destination XL Group, Inc.D*		330,288			1,823,190
Drew Industries, Inc.*		31,110			1,894,288
Express, Inc.D*		110,622			1,911,548
Five Below, Inc.D*		18,500			593,850
Fox Factory Holding CorporationD*		80,410			1,329,177
Francesca’s Holdings Corporation*		7,971			138,775
Genesco, Inc.D*		12,400			704,692
G-III Apparel Group, Ltd.*		43,944			1,944,961
Goodyear Tire & Rubber Co. (The)		27,767			907,148
Grand Canyon Education, Inc.D*		53,920			2,163,270
Gray Television, Inc.*		22,200			361,860
Inter Parfums, Inc.		29,400			700,308
Kona Grill, Inc.D*		46,890			743,675
Lear Corporation		13,436			1,650,344
Libbey, Inc.		109,906			2,343,196
Lithia Motors, Inc. Class AD		11,000			1,173,370
Malibu Boats, Inc. Class A*		62,755			1,027,299
Mattress Firm Holding CorporationD*		27,800			1,240,714
Meritor, Inc.*		92,790			774,797
Monro Muffler Brake, Inc.D		30,950			2,049,509
Movado Group, Inc.D		19,750			507,773
MSG Networks, Inc. Class A*		15,492			322,234
Nutrisystem, Inc.D		15,200			328,928
NVR, Inc.*		1,000			1,643,000
Ollie’s Bargain Outlet Holdings, Inc.D*		61,500			1,046,115
Oxford Industries, Inc.		10,400			663,728
Pier 1 Imports, Inc.D		42,210			214,849
Shutterfly, Inc.D*		3,777			168,303
Smith & Wesson Holding Corporation*		114,466			2,515,963

	Shares		Value
Sotheby’sD		24,300		$	625,968
Steven Madden, Ltd.D*		32,570			984,265
Tower International, Inc.		59,440			1,698,201
Universal Electronics, Inc.*		82,884			4,256,093
Vail Resorts, Inc.D		3,800			486,362
Visteon Corporation*		8,300			950,350
VOXX International CorporationD*		71,129			374,139
William Lyon Homes Class AD*		56,300			928,950
ZAGG, Inc.D*		171,053			1,871,320
Zoe’s Kitchen, Inc.D*		11,909			333,214
					64,535,917
Consumer Staples — 1.5%
Andersons, Inc. (The)D		28,100			888,803
Blue Buffalo Pet Products, Inc.D*		12,400			232,004
Dean Foods Co.D		116,872			2,004,355
Diplomat Pharmacy, Inc.D*		10,435			357,086
Ingredion, Inc.		1,084			103,891
Medifast, Inc.D		12,700			385,826
Omega Protein CorporationD*		90,077			1,999,709
Sanderson Farms, Inc.D		2,110			163,567
United Natural Foods, Inc.D*		34,700			1,365,792
					7,501,033
Energy — 2.2%
American Standard Energy Corporation@*		8,702			10
Atwood Oceanics, Inc.D		124,888			1,277,604
CARBO Ceramics, Inc.D		57,700			992,440
Diamondback Energy, Inc.D*		4,800			321,120
Gulfport Energy Corporation*		46,180			1,134,643
Hornbeck Offshore Services, Inc.D*		29,150			289,751
Matador Resources Co.D*		37,300			737,421
Oil States International, Inc.*		17,700			482,325
PBF Energy, Inc. Class AD		43,875			1,615,039
PDC Energy, Inc.D*		15,100			806,038
REX American Resources CorporationD*		5,790			313,065
Ring Energy, Inc.D*		145,489			1,025,698
RSP Permian, Inc.D*		39,470			962,673
Southwestern Energy Co.D*		19,000			135,090
Stone Energy CorporationD*		96,500			413,985
Synergy Resources CorporationD*		67,010			570,925
					11,077,827
Financial Services — 19.1%
American Equity Investment Life Holding Co.D		10,600			254,718
AMERISAFE, Inc.		74,665			3,800,449
AmTrust Financial Services, Inc.D		37,160			2,288,313
Armada Hoffler Properties, Inc. REITD		97,181			1,018,457
Ashford Hospitality Prime, Inc. REIT		28,387			411,612
Ashford Hospitality Trust, Inc. REIT		317,867			2,005,741
Assurant, Inc.		19,431			1,564,973
Banc of California, Inc.		50,771			742,272
BancFirst CorporationD		6,110			358,168
Bancorp, Inc. (The)D*		115,500			735,735
Bank of the Ozarks, Inc.D		10,800			534,168

See Notes to Financial Statements. 193

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Berkshire Hills Bancorp, Inc.		44,610		$	1,298,597
Blackhawk Network Holdings, Inc.*		43,100			1,905,451
BlackRock Capital Investment Corporation		57,213			537,802
Bofl Holding, Inc.D*		74,000			1,557,700
Cardinal Financial Corporation		17,911			407,475
Cardtronics, Inc.D*		32,300			1,086,895
Cash America International, Inc.D		67,478			2,020,966
Cathay General BancorpD		23,500			736,255
CBL & Associates Properties, Inc. REIT		140,510			1,738,109
Chemical Financial Corporation		37,331			1,279,333
Community Bank System, Inc.D		20,030			799,998
Compass Diversified Holdings		213,585			3,393,866
CoreSite Realty Corporation REITD		19,783			1,122,092
Customers Bancorp, Inc.*		21,331			580,630
Encore Capital Group, Inc.D*		10,290			299,233
Enterprise Financial Services Corporation		15,749			446,484
EverBank Financial Corporation		34,250			547,315
Fair Isaac Corporation		7,700			725,186
FBL Financial Group, Inc. Class AD		10,400			661,856
FBR & Co.		16,480			327,952
Federal Agricultural Mortgage Corporation Class CD		15,749			497,196
Federated National Holding Co.		14,247			421,141
Fidelity Southern Corporation		31,082			693,439
Financial Engines, Inc.D		24,200			814,814
First Commonwealth Financial CorporationD		90,410			820,019
First Niagara Financial Group, Inc.		126,080			1,367,968
Flagstar Bancorp, Inc.*		88,512			2,045,512
FNB CorporationD		74,000			987,160
Genworth Financial, Inc. Class AD*		190,205			709,465
Gramercy Property Trust REITD		77,560			598,763
Green Dot Corporation Class A*		132,450			2,174,829
Hanmi Financial Corporation		28,922			686,030
HCI Group, Inc.D		48,700			1,697,195
Heartland Payment Systems, Inc.		14,000			1,327,480
Hersha Hospitality Trust REIT		88,092			1,916,882
Highwoods Properties, Inc. REIT		64,060			2,793,016
Hospitality Properties Trust REITD		85,680			2,240,532
Huntington Bancshares, Inc.D		239,570			2,649,644
Independent Bank Corporation		23,032			350,777
Jones Lang LaSalle, Inc.		13,500			2,158,110
Kennedy-Wilson Holdings, Inc.		87,625			2,110,010
LaSalle Hotel Properties REITD		40,300			1,013,948
LendingTree, Inc.D*		3,084			275,340
Mack-Cali Realty Corporation REITD		94,385			2,203,890
Manning & Napier, Inc.D		24,600			208,854
MGIC Investment Corporation*		182,028			1,607,307
National General Holdings Corporation		75,760			1,656,114

	Shares		Value
Net 1 UEPS Technologies, Inc.*		77,730		$	1,050,132
Northrim BanCorp, Inc.		1,504			40,006
Old Republic International CorporationD		128,955			2,402,432
PennyMac Financial Services, Inc. Class AD*		10,560			162,202
Pinnacle Financial Partners, Inc.		14,820			761,155
PrivateBancorp, Inc.D		26,450			1,084,979
ProAssurance Corporation		21,120			1,024,954
RE/MAX Holdings, Inc. Class AD		8,950			333,835
Reinsurance Group of America, Inc.		27,100			2,318,405
RLJ Lodging Trust REITD		38,843			840,174
RMR Group, Inc. (The) Class A*		—			4
Ryman Hospitality Properties,
Inc. REIT		37,532			1,938,152
Safeguard Scientifics, Inc.D*		62,940			913,259
Safety Insurance Group, Inc.D		1,000			56,380
Selective Insurance Group, Inc.D		15,875			533,082
Summit Hotel Properties, Inc. REIT		169,980			2,031,261
Sunstone Hotel Investors, Inc. REIT		75,582			944,019
TCF Financial Corporation		43,400			612,808
Texas Capital Bancshares, Inc.D*		29,950			1,480,129
THL Credit, Inc.D		111,708			1,195,276
United Community Banks, Inc.		20,900			407,341
Waddell & Reed Financial, Inc. Class AD		11,389			326,409
Walker & Dunlop, Inc.*		6,633			191,097
WEX, Inc.D*		21,900			1,935,960
WisdomTree Investments, Inc.D		92,700			1,453,536
WP Glimcher, Inc. REIT		18,225			193,367
Xenia Hotels & Resorts, Inc. REIT		31,870			488,567
					95,932,157
Healthcare — 10.7%
Adeptus Health, Inc. Class AD*		6,800			370,736
Aegerion Pharmaceuticals, Inc.D*		14,370			145,137
Air Methods CorporationD*		46,960			1,969,033
Align Technology, Inc.D*		16,200			1,066,770
Amedisys, Inc.*		2,946			115,837
AMN Healthcare Services, Inc.*		14,186			440,475
Anacor Pharmaceuticals, Inc.D*		2,900			327,613
Analogic CorporationD		23,530			1,943,578
AtriCure, Inc.D*		11,647			261,359
BioScrip, Inc.D*		131,389			229,931
Cempra, Inc.D*		27,500			856,075
Civitas Solutions, Inc.D*		49,300			1,419,347
Community Health
Systems, Inc.D*		62,400			1,655,472
Cross Country
Healthcare, Inc.D*		11,095			181,847
Cynosure, Inc. Class AD*		49,278			2,201,248
Dermira, Inc.D*		31,500			1,090,215
DexCom, Inc.*		5,752			471,089
Emergent BioSolutions, Inc.D*		49,538			1,982,015

194 See Notes to Financial Statements.

	Shares		Value
Endologix, Inc.D*		80,100		$	792,990
Esperion Therapeutics, Inc.D*		15,756			350,729
ExamWorks Group, Inc.D*		45,300			1,204,980
FibroGen, Inc.*		3,400			103,598
Five Star Quality Care, Inc.+		2,086			—
Globus Medical, Inc. Class AD*		63,500			1,766,570
Hanger, Inc.D*		14,410			237,045
Hill-Rom Holdings, Inc.		27,737			1,333,040
Inogen, Inc.*		29,000			1,162,610
Integra LifeSciences Holdings CorporationD*		32,461			2,200,207
Intercept Pharmaceuticals, Inc.D*		2,175			324,836
Intra-Cellular Therapies, Inc.D*		26,500			1,425,435
Kindred Healthcare, Inc.D		62,000			738,420
LDR Holding CorporationD*		14,300			359,073
Lexicon Pharmaceuticals, Inc.D*		18,100			240,911
Ligand Pharmaceuticals, Inc.D*		4,010			434,764
Masimo Corporation*		33,010			1,370,245
Molina Healthcare, Inc.D*		3,994			240,159
Neurocrine Biosciences, Inc.*		12,500			707,125
Nevro CorporationD*		9,536			643,775
NuVasive, Inc.D*		18,953			1,025,547
Owens & Minor, Inc.D		34,797			1,251,996
Pacira Pharmaceuticals, Inc.D*		14,920			1,145,707
PharMerica Corporation*		14,203			497,105
PRA Health Sciences, Inc.D*		36,100			1,634,247
Press Ganey Holdings, Inc.D*		40,000			1,262,000
PTC Therapeutics, Inc.D*		12,371			400,820
Quality Systems, Inc.		12,176			196,277
Repligen Corporation*		19,990			565,517
SciClone Pharmaceuticals, Inc.*		28,210			259,532
Seres Therapeutics, Inc.D*		14,700			515,823
Stemline Therapeutics, Inc.*		36,700			231,577
Surgical Care Affiliates, Inc.*		40,500			1,612,305
Team Health Holdings, Inc.D*		45,000			1,975,050
Ultragenyx Pharmaceutical, Inc.D*		4,305			482,935
United Therapeutics CorporationD*		8,300			1,299,863
US Physical Therapy, Inc.D		36,720			1,971,130
VCA, Inc.*		19,300			1,061,500
WellCare Health Plans, Inc.*		7,600			594,396
West Pharmaceutical Services, Inc.		51,000			3,071,220
Zeltiq Aesthetics, Inc.D*		4,061			115,860
					53,534,696
Materials & Processing — 5.9%
American Vanguard CorporationD		24,000			336,240
Comfort Systems USA, Inc.		17,000			483,140
Domtar CorporationD		54,981			2,031,548
Ferro Corporation*		56,040			623,165
FMC Corporation		3,000			117,390
FutureFuel Corporation		61,457			829,670
Insteel Industries, Inc.		69,690			1,457,915
Interface, Inc.		105,590			2,020,993
Kaiser Aluminum Corporation		24,882			2,081,628
Koppers Holdings, Inc.*		43,020			785,115
Kraton Performance Polymers, Inc.*		95,750			1,590,408
Landec CorporationD*		50,610			598,716
LB Foster Co. Class AD		67,323			919,632

	Shares		Value
LSB Industries, Inc.D*		51,536		$	373,636
Mercer International, Inc.		86,000			778,300
NN, Inc.D		138,094			2,201,218
OMNOVA Solutions, Inc.D*		174,210			1,067,907
P.H. Glatfelter Co.		45,670			842,155
Patrick Industries, Inc.*		74,030			3,220,305
PolyOne CorporationD		81,075			2,574,942
RBC Bearings, Inc.D*		23,900			1,543,701
Reliance Steel & Aluminum Co.		7,740			448,223
Rexnord Corporation*		77,100			1,397,052
Summit Materials, Inc. Class A*		34,930			699,997
United States Steel CorporationD		28,000			223,440
Universal Stainless & Alloy Products, Inc.D*		55,449			515,121
					29,761,557
Producer Durables — 17.2%
ACCO Brands Corporation*		401,000			2,859,130
Actuant Corporation Class AD		24,200			579,832
Advisory Board Co. (The)*		38,200			1,895,102
Aegion Corporation*		104,963			2,026,836
Alaska Air Group, Inc.D		25,130			2,023,216
Albany International Corporation Class A		66,900			2,445,195
Allegiant Travel Co.D		9,550			1,602,776
Argan, Inc.		29,983			971,449
Astronics CorporationD*		62,871			2,559,478
Atlas Air Worldwide Holdings, Inc.D*		43,915			1,815,446
Avery Dennison Corporation		5,000			313,300
AZZ, Inc.D		56,651			3,148,096
Booz Allen Hamilton Holding Corporation		7,900			243,715
Brink’s Co. (The)		10,987			317,085
Bristow Group, Inc.D		11,913			308,547
CAI International, Inc.*		19,750			199,080
CEB, Inc.		21,100			1,295,329
Chart Industries, Inc.*		24,700			443,612
Columbus McKinnon CorporationD		107,035			2,022,962
Crane Co.		24,700			1,181,648
DHI Group, Inc.*		14,088			129,187
Ducommun, Inc.*		43,997			713,631
DXP Enterprises, Inc.D*		20,100			458,280
Dycom Industries, Inc.*		10,300			720,588
Electronics For Imaging, Inc.D*		17,100			799,254
EMCOR Group, Inc.		74,709			3,589,020
EnerSys, Inc.		40,360			2,257,335
Ennis, Inc.		44,790			862,208
ExlService Holdings, Inc.*		54,950			2,468,904
FARO Technologies, Inc.D*		25,500			752,760
Forward Air CorporationD		5,600			240,856
General Cable CorporationD		109,312			1,468,060
GP Strategies Corporation*		40,940			1,028,003
Greenbrier Cos., Inc. (The)D		57,520			1,876,302
Hawaiian Holdings, Inc.D*		25,790			911,161
Healthcare Services Group, Inc.D		36,950			1,288,446
Huntington Ingalls Industries, Inc.		16,170			2,051,164
Huron Consulting Group, Inc.*		22,900			1,360,260

See Notes to Financial Statements. 195

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Hyster-Yale Materials Handling, Inc.D		8,700		$	456,315
ICF International, Inc.*		21,000			746,760
Insperity, Inc.D		13,290			639,914
JetBlue Airways Corporation*		41,362			936,849
KBR, Inc.		45,500			769,860
Keysight Technologies, Inc.*		8,100			229,473
Knight Transportation, Inc.D		48,000			1,163,040
Littelfuse, Inc.		17,400			1,861,974
MAXIMUS, Inc.D		28,000			1,575,000
MYR Group, Inc.*		23,308			480,378
Old Dominion Freight Line, Inc.*		22,010			1,300,131
On Assignment, Inc.*		64,800			2,912,760
Orbital ATK, Inc.		27,731			2,477,488
OSI Systems, Inc.*		26,730			2,369,882
Park-Ohio Holdings CorporationD		21,000			772,380
SkyWest, Inc.D		16,950			322,389
Spirit AeroSystems Holdings, Inc. Class A*		27,931			1,398,505
Spirit Airlines, Inc.D*		44,200			1,761,370
Tidewater, Inc.D		132,185			920,008
Titan Machinery, Inc.D*		50,745			554,643
TriNet Group, Inc.D*		39,200			758,520
Trinity Industries, Inc.		18,640			447,733
Triumph Group, Inc.		47,200			1,876,200
TrueBlue, Inc.*		23,053			593,845
Wabash National CorporationD*		166,594			1,970,807
Wabtec CorporationD		16,360			1,163,523
WageWorks, Inc.*		42,450			1,925,956
Wesco Aircraft Holdings, Inc.*		164,300			1,966,671
WESCO International, Inc.D*		20,500			895,440
					86,475,067
Technology — 13.3%
Acacia Research CorporationD		227,649			976,614
ARRIS Group, Inc.*		5,100			155,907
Aspen Technology, Inc.D*		48,780			1,841,933
Bankrate, Inc.*		23,400			311,220
Black Box Corporation		61,967			590,546
BroadSoft, Inc.*		32,000			1,131,520
Cavium, Inc.D*		11,161			733,389
Ciena CorporationD*		41,900			866,911
Cirrus Logic, Inc.D*		3,995			117,972
CommScope Holding Co., Inc.*		27,700			717,153
comScore, Inc.*		31,484			1,295,567
Cypress Semiconductor Corporation*		13,000			127,530
Demandware, Inc.D*		22,200			1,198,134
EarthLink Holdings Corporation		17,842			132,566
Envestnet, Inc.D*		67,200			2,005,920
Evolent Health, Inc. Class AD*		30,800			372,988
Extreme Networks, Inc.*		184,277			751,850
Global Eagle Entertainment, Inc.D*		54,900			541,863
IAC/InterActiveCorp		12,756			765,998
Imperva, Inc.*		12,400			785,044
Infinera CorporationD*		50,800			920,496
Insight Enterprises, Inc.*		6,540			164,285
Integrated Device Technology, Inc.D*		56,808			1,496,891
Interactive Intelligence Group, Inc.D*		50,539			1,587,935

	Shares		Value
InterDigital, Inc.		33,410		$	1,638,426
Jabil Circuit, Inc.		33,517			780,611
KEYW Holding Corporation (The)D*		44,811			269,762
LogMeIn, Inc.D*		7,100			476,410
MA-COM Technology Solutions Holdings, Inc.D*		44,300			1,811,427
MaxLinear, Inc. Class A*		20,973			308,932
MKS Instruments, Inc.		59,500			2,142,000
NCR CorporationD*		1,759			43,025
NeuStar, Inc. Class AD*		56,250			1,348,312
NIC, Inc.*		73,000			1,436,640
Nuance Communications, Inc.*		50,700			1,008,423
Paycom Software, Inc.D*		37,400			1,407,362
Progress Software Corporation*		18,840			452,160
Proofpoint, Inc.D*		21,900			1,423,719
Q2 Holdings, Inc.*		63,500			1,674,495
Qlik Technologies, Inc.*		50,500			1,598,830
Rackspace Hosting, Inc.*		18,337			464,293
RetailMeNot, Inc.D*		85,518			848,339
RingCentral, Inc. Class A*		54,100			1,275,678
Sanmina Corporation*		38,174			785,621
Silicon Graphics International Corporation*		220,262			1,299,546
Synaptics, Inc.D*		42,660			3,427,304
Synchronoss Technologies, Inc.D*		123,090			4,336,461
Take-Two Interactive Software, Inc.D*		103,234			3,596,673
TESSCO Technologies, Inc.		50,499			983,216
Tyler Technologies, Inc.*		35,850			6,249,372
Ultimate Software Group, Inc. (The)D*		13,800			2,698,038
United Online, Inc.*		35,710			421,021
Universal Display Corporation*		21,280			1,158,483
Web.com Group, Inc.*		77,915			1,559,079
Zendesk, Inc.D*		14,500			383,380
					66,897,270
Utilities — 4.6%
8x8, Inc.*		34,270			392,392
CMS Energy CorporationD		32,191			1,161,451
Cogent Communications Holdings, Inc.D		34,400			1,193,336
El Paso Electric Co.		16,600			639,100
FairPoint Communications, Inc.D*		35,100			564,057
General Communication, Inc. Class AD*		9,945			196,712
Gogo, Inc.D*		23,400			416,520
Great Plains Energy, Inc.		29,200			797,452
Inteliquent, Inc.		19,373			344,258
j2 Global, Inc.D		35,800			2,947,056
Laclede Group, Inc. (The)D		29,300			1,740,713
National Fuel Gas Co.D		11,142			476,321
NRG Energy, Inc.D		68,628			807,752
Pinnacle West Capital Corporation		6,200			399,776
PNM Resources, Inc.		32,900			1,005,753
Portland General Electric Co.		59,100			2,149,467
Southwest Gas Corporation		22,070			1,217,381
Talen Energy CorporationD*		191,956			1,195,886
UGI Corporation		73,100			2,467,856
Vectren CorporationD		34,610			1,468,156

196 See Notes to Financial Statements.

	Shares		Value
West Corporation		69,450		$	1,498,036
					23,079,431
Total Common Stocks (Cost $430,932,483)					438,794,955
FOREIGN COMMON STOCKS — 8.3%
Bermuda — 2.9%
Aspen Insurance Holdings, Ltd.		47,130			2,276,379
Assured Guaranty, Ltd.		85,610			2,262,672
AXIS Capital Holdings, Ltd.		12,213			686,615
ChipMOS Technologies Bermuda, Ltd.		52,300			1,035,540
Everest Re Group, Ltd.		14,679			2,687,578
Helen of Troy, Ltd.*		21,900			2,064,075
Tsakos Energy Navigation, Ltd.		132,003			1,045,464
Validus Holdings, Ltd.		50,700			2,346,903
					14,405,226
Canada — 1.9%
Canadian Solar, Inc.D*		13,000			376,480
Colliers International Group, Inc.		29,100			1,296,405
Dominion Diamond CorporationD		23,668			242,124
IMAX CorporationD*		66,600			2,366,964
MDC Partners, Inc. Class A		24,198			525,581
Mitel Networks CorporationD*		125,780			967,248
Nevsun Resources, Ltd.D		281,550			763,000
Open Text CorporationD		25,800			1,236,594
Performance Sports Group, Ltd.D*		153,740			1,480,516
Silver Standard Resources, Inc.D*		24,754			128,226
					9,383,138
Cayman Islands — 0.2%
Nord Anglia Education, Inc.D*		63,600			1,289,808
Curacao — 0.0%
Orthofix International NV*		5,247			205,735
France — 0.3%
Criteo SA ADRD*		18,700			740,520
DBV Technologies SA ADRD*		20,800			755,248
					1,495,768
Ireland — 0.3%
Horizon Pharma PLCD*		61,000			1,321,870
Prothena Corporation PLC*		5,268			358,803
					1,680,673
Israel — 0.6%
magicJack VocalTec, Ltd.D*		45,572			430,655
Orbotech, Ltd.*		85,475			1,891,562
SodaStream International, Ltd.D*		45,000			733,950
					3,056,167
Luxembourg — 0.1%
Altisource Portfolio Solutions SAD*		22,169			616,520
Marshall Islands — 0.1%
Ocean Rig UDW, Inc.D		176,130			287,092
Netherlands — 0.1%
AVG Technologies NV*		21,409			429,250

	Shares		Value
Puerto Rico — 0.4%
OFG BancorpD		261,049		$	1,910,879
Supranational — 0.1%
Banco Latinoamericano de Comercio Exterior SA Class ED		27,539			714,086
Switzerland — 0.1%
Allied World Assurance Company Holdings AG		8,450			314,256
Taiwan — 0.1%
Silicon Motion Technology Corporation ADRD		11,800			370,048
United Kingdom — 1.1%
Ensco PLC Class AD		110,359			1,698,425
Noble Corporation PLCD		142,724			1,505,738
Rowan Cos. PLC Class AD		84,400			1,430,580
STERIS PLCD		9,100			685,594
					5,320,337
Total Foreign Common Stocks (Cost $42,912,382)					41,478,983
RIGHTS/WARRANTS — 0.0%
Asen Warrants A+@		25,000			—
Asen Warrants B+@		25,000			—
Asen Warrants C+@		25,000			—
Total Rights/Warrants (Cost $0)					—
MONEY MARKET FUNDS — 39.6%
GuideStone Money Market Fund (Investor Class)¥		21,115,220			21,115,220
Northern Institutional Liquid Assets Portfolio§		177,804,961			177,804,961
Total Money Market Funds (Cost $198,920,181)					198,920,181
	Par
CORPORATE BONDS — 0.0%
Lehman Escrow Bonds
0.00%, 07/19/17+W†#	$	160,000			—
0.00%, 12/28/17+W†#		120,000			—
0.00%, 08/19/45+W†#		50,000			—
0.00%, 11/30/49+W†#		10,000			—
Total Corporate Bonds (Cost $0)					—
FOREIGN BOND — 0.0%
Iceland — 0.0%
Glitnir HF 6.69%, 06/15/16+ 144A#		130,000			1
Total Foreign Bond (Cost $98,162)					1
TOTAL INVESTMENTS — 135.3% (Cost $672,863,208)					679,194,120
Liabilities in Excess of Other Assets — (35.3)%					(177,382,515	)
NET ASSETS — 100.0%				$	501,811,605

See Notes to Financial Statements. 197

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks:
Consumer Discretionary	$	64,535,917	$	64,535,917	$	—	$	—
Consumer Staples		7,501,033		7,501,033		—		—
Energy		11,077,827		11,077,827		—		—
Financial Services		95,932,157		95,932,157		—		—
Healthcare		53,534,696		53,534,696		—		—
Materials & Processing		29,761,557		29,761,557		—		—
Producer Durables		86,475,067		86,475,067		—		—
Technology		66,897,270		66,897,270		—		—
Utilities		23,079,431		23,079,431		—		—
Corporate Bonds		—		—		—		—
Foreign Bond:
Iceland		1		—		—		1
Foreign Common Stocks		41,478,983		41,478,983		—		—
Money Market Funds		198,920,181		198,920,181		—		—
Rights/Warrants		—		—		—		—
Total Assets - Investments in Securities	$	679,194,120	$	679,194,119	$	—	$	1
Other Financial Instruments***
Futures Contracts	$	241,324	$	241,324	$	—	$	—
Total Assets - Other Financial Instruments	$	241,324	$	241,324	$	—	$	—

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

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2015.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ending December 31, 2015.

198 See Notes to Financial Statements.

International Equity Index Fund (Unaudited)

Developed non-U.S. markets underperformed their U.S. counterparts and were negatively impacted by the U.S. dollar which strengthened against most currencies during the year. The MSCI EAFE Index (Net), a measure of international developed country returns, posted a fourth quarter return of 4.71%, bringing the one-year return to -0.81%. Growth styles outperformed value styles and small capitalization stocks generally outperformed large capitalization stocks during the year. From a country perspective, Singapore, Spain and Norway posted the worst performance, while Denmark, Ireland and Belgium were among the best performing countries for the year. From a sector perspective, the weakest performance was registered in the energy and materials sectors which were negatively impacted by the fall in oil prices, while the strongest performance came from the more defensive health care and consumer staples sectors.

The Fund was passively managed and attempts to duplicate the investment composition and performance of its benchmark, the MSCI EAFE Index (Net). The MSCI EAFE Index (Net) is an equity index which captures large- and mid-cap representation across developed market countries around the world, excluding the United States and Canada. The objective of the Fund was to provide investment results approximating the aggregate price and dividend performance of the securities included in the MSCI EAFE Index (Net). The correlation between the Fund’s performance and the MSCI EAFE Index (Net) is expected to be greater than 98%. However, it could be lower in certain market environments and due to certain stocks that may be excluded from the Fund’s portfolio because of social investment policies and restrictions (100% would indicate perfect correlation). The Fund was incepted in June 2015 and does not have a full calendar year of performance. The Fund returned -9.88% for the since inception period ended December 31, 2015, as compared to a -8.67% return for the MSCI EAFE Index (Net). The return differential was primarily a result of social restrictions and expenses of the Fund.

In 2015, derivative positions, exchange listed equity index futures contracts, were utilized to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure had a slight negative impact on Fund performance for the year.

The Fund invests in foreign market securities which involves certain risks such as currency volatility, political and social instability and reduced market liquidity. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Financial Services		26.4
Consumer Discretionary		15.0
Producer Durables		11.9
Technology		11.0
Healthcare		9.7
Materials & Processing		7.5
Money Market Funds		6.4
Consumer Staples		4.9
Energy		4.6
Utilities		3.8
Foreign Preferred Stocks		0.5
Rights		—	**
		101.7

^** Rounds to less than 0.005%

199

INTERNATIONAL EQUITY INDEX FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
FOREIGN COMMON STOCKS — 94.8%
Australia — 6.6%
AGL Energy, Ltd.		6,148	$	80,447
Alumina, Ltd.D		20,465		17,079
Amcor, Ltd.		11,424		110,987
AMP, Ltd.		28,576		120,404
APA Group		10,068		63,351
Asciano, Ltd.		5,505		34,999
ASX, Ltd.		1,900		58,454
Aurizon Holdings, Ltd.		18,927		60,085
AusNet Services		13,974		15,044
Australia & New Zealand Banking Group, Ltd.		26,845		541,725
Bank of Queensland, Ltd.		3,948		39,826
Bendigo and Adelaide
Bank, Ltd.D		3,661		31,667
BHP Billiton, Ltd.		29,742		382,766
Boral, Ltd.		6,338		27,098
Brambles, Ltd.		14,086		117,969
Caltex Australia, Ltd.		2,589		70,767
Challenger, Ltd.		5,442		34,297
CIMIC Group, Ltd.		826		14,490
Coca-Cola Amatil, Ltd.		4,614		31,112
Cochlear, Ltd.		613		42,420
Commonwealth Bank of Australia		15,802		976,948
Computershare, Ltd.		3,815		32,101
CSL, Ltd.		4,272		325,695
Dexus Property Group REIT		9,600		52,072
DUET Group		22,568		37,376
Flight Centre Travel Group, Ltd.D		449		12,949
Fortescue Metals Group, Ltd.D		12,611		16,971
Goodman Group REIT		15,859		71,864
GPT Group (The) REIT		16,654		57,676
Harvey Norman Holdings, Ltd.		4,519		13,661
Healthscope, Ltd.		14,000		26,978
Iluka Resources, Ltd.		3,392		15,004
Incitec Pivot, Ltd.		17,247		49,282
Insurance Australia Group, Ltd.		23,408		94,007
Lend Lease Group		5,556		57,324
Macquarie Group, Ltd.		2,723		162,898
Medibank Pvt, Ltd.		28,244		44,041
Mirvac Group REIT		37,367		53,492
National Australia Bank, Ltd.		24,376		531,927
Newcrest Mining, Ltd.*		7,513		71,089
Orica, Ltd.		3,852		43,157
Origin Energy, Ltd.		17,239		58,315
Platinum Asset Management, Ltd.		1,896		11,079
Qantas Airways, Ltd.*		4,384		12,994
QBE Insurance Group, Ltd.		12,580		114,417
Ramsay Health Care, Ltd.		1,330		65,399
REA Group, Ltd.D		425		16,910
Rio Tinto, Ltd.		3,842		124,248
Santos, Ltd.		15,855		42,229
Scentre Group REIT		48,734		147,817
SEEK, Ltd.		2,626		29,228
Sonic Healthcare, Ltd.		3,771		48,824
South32, Ltd.*		53,136		40,819
Stockland REIT		22,520		66,850
Suncorp Group, Ltd.		12,386		108,749
Sydney Airport		10,990		50,579
Telstra Corporation, Ltd.		39,692		161,296
TPG Telecom, Ltd.		2,252		16,123

	Shares		Value
Transurban Group		19,396	$	147,021
Vicinity Centres REIT		29,590		60,028
Wesfarmers, Ltd.		10,504		316,675
Westfield Corporation REIT		17,946		123,467
Westpac Banking Corporation		31,131		754,607
Woodside Petroleum, Ltd.		7,026		146,379
				7,305,552
Austria — 0.2%
ANDRITZ AG		825		40,152
Erste Group Bank AG*		2,506		78,413
OMV AG		1,545		43,855
Raiffeisen Bank International AG*		950		13,923
Voestalpine AG		1,220		37,318
				213,661
Belgium — 0.6%
Ageas		1,871		86,841
Colruyt SA		568		29,220
Delhaize Group		996		96,938
Groupe Bruxelles Lambert SA		695		59,470
KBC Groep NV		2,319		144,999
Proximus		1,289		41,945
Solvay SA		674		71,909
Telenet Group Holding NV*		423		22,861
UCB SA		1,201		108,406
Umicore SA		1,008		42,272
				704,861
Bermuda — 0.2%
Cheung Kong Infrastructure Holdings, Ltd.		6,000		55,433
First Pacific Co., Ltd.		18,000		11,924
Kerry Properties, Ltd.		5,000		13,607
Li & Fung, Ltd.		60,000		40,577
Noble Group, Ltd.D		42,800		11,963
NWS Holdings, Ltd.D		12,385		18,488
Shangri-La Asia, Ltd.		10,000		9,737
Yue Yuen Industrial Holdings, Ltd.		8,000		27,100
				188,829
Denmark — 0.9%
AP Moeller - Maersk A/S Class A		39		50,221
AP Moeller - Maersk A/S Class B		64		83,475
Chr. Hansen Holding A/S		918		57,421
Coloplast A/S Class B		983		79,365
Danske Bank A/S		6,570		176,288
DSV A/S		1,751		68,926
ISS A/S		1,498		53,998
Novozymes A/S, B Shares		2,080		99,588
Pandora A/S		1,026		129,362
TDC A/S		8,509		42,367
Tryg A/S		970		19,275
Vestas Wind Systems A/S		2,153		150,363
William Demant Holding A/S*		207		19,718
				1,030,367

200 See Notes to Financial Statements.

	Shares		Value
Finland — 0.9%
Elisa OYJ		1,415	$	53,239
Fortum OYJ*		4,227		63,686
Kone OYJ Class BD		3,215		136,127
Metso OYJ		913		20,452
Neste OYJ		1,040		31,040
Nokia OYJ		34,787		246,103
Nokian Renkaat OYJD		1,196		42,699
Orion OYJ, Class B		816		28,232
Sampo OYJ, A Shares		4,158		211,154
Stora Enso OYJ, R Shares		4,715		42,634
UPM-Kymmene OYJ		4,732		87,852
Wartsila OYJ Abp		1,310		59,812
				1,023,030
France — 9.0%
Accor SA		2,001		86,664
Aeroports de Paris		242		28,161
Air Liquide SA		3,235		363,184
Alcatel-Lucent*		26,576		104,995
Alstom SAD*		1,873		57,211
Arkema SA		687		48,089
Atos SE		867		72,787
AXA SA		18,113		494,915
BNP Paribas SA		9,940		562,382
Bollore SA*		9,300		43,333
Bouygues SA		1,998		79,222
Bureau Veritas SA		2,626		52,340
Cap Gemini SA		1,574		146,045
Carrefour SA		5,096		147,069
Casino Guichard Perrachon SA		458		21,041
Christian Dior SE		519		88,159
Cie de St-Gobain		4,616		200,037
Cie Generale des Etablissements Michelin		1,705		162,287
CNP Assurances		1,390		18,750
Credit Agricole SA		9,560		112,657
Danone SA		5,470		369,629
Dassault Systemes		1,229		98,236
Edenred		2,172		41,058
Electricite de France SA		1,956		28,807
Engie		13,599		240,883
Essilor International SA		1,887		235,189
Eurazeo SA		324		22,346
Eutelsat Communications SA		1,634		48,923
Fonciere Des Regions REIT		244		21,824
Gecina SA REIT		363		44,131
Groupe Eurotunnel SE		4,194		52,178
Hermes International*		253		85,521
ICADE REIT		271		18,190
Iliad SA		257		61,264
Imerys SA		277		19,349
Ingenico Group		483		60,965
JCDecaux SA		633		24,266
Kering		695		118,828
Klepierre REIT		1,965		87,344
Lagardere SCA		957		28,558
Legrand SA		2,408		136,210
L’Oreal SA		2,335		392,760
Natixis SA*		9,336		52,815
Numericable-SFR SAS*		1,016		36,909
Orange SA*		18,708		312,907
Peugeot SA*		4,189		73,429
Publicis Groupe SA		1,849		122,951

	Shares		Value
Renault SA		1,809	$	181,074
Rexel SA		3,212		42,770
Safran SA		2,914		200,201
Sanofi		11,043		941,109
Schneider Electric SE		5,248		298,109
SCOR SE		1,503		56,239
Societe BIC SA		295		48,544
Societe Generale SA		6,651		306,494
Sodexo SA		875		85,485
Suez Environnement Co.		2,560		47,881
Technip SA		970		48,239
Thales SA		993		74,326
TOTAL SA		20,275		908,961
Unibail-Rodamco SE REIT		930		236,157
Valeo SA		745		114,861
Veolia Environnement SA		4,090		97,039
Vinci SA		4,372		280,224
Vivendi SA		11,072		237,795
Wendel SA		233		27,710
Zodiac Aerospace*		2,009		47,835
				10,005,851
Germany — 8.0%
Adidas AGD		1,985		192,663
Allianz SE		4,264		751,654
Axel Springer SED		360		20,020
BASF SE		8,582		653,764
Bayerische Motoren Werke AGD		3,050		321,324
Beiersdorf AG		977		88,801
Brenntag AG		1,400		72,951
Commerzbank AG*		10,003		103,217
Continental AG		1,022		247,233
Daimler AG		8,938		746,810
Deutsche Bank AG		12,964		314,828
Deutsche Boerse AG		1,772		155,762
Deutsche Lufthansa AGD*		1,968		30,998
Deutsche Post AG		8,869		247,959
Deutsche Telekom AG		30,268		543,636
Deutsche Wohnen AG		3,313		91,611
E.ON SE		18,900		181,479
Evonik Industries AG		1,417		46,870
Fraport AG Frankfurt Airport Services WorldwideD		338		21,555
Fresenius Medical Care AG & Co. KGaA		2,004		168,406
Fresenius SE & Co. KGaA		3,609		257,079
GEA Group AG		1,679		67,833
Hannover Rueck SE		608		69,428
HeidelbergCement AG		1,278		104,155
Henkel AG & Co KGaA		1,000		95,653
HUGO BOSS AG		677		55,859
Infineon Technologies AG		10,234		149,199
K+S AGD		1,931		49,224
Kabel Deutschland Holding AG		179		22,118
LANXESS AG		939		43,210
Linde AG		1,705		246,303
MAN SE		286		28,741
Merck KGaA		1,184		114,637
METRO AG		1,673		53,298
Muenchener
Rueckversicherungs-
Gesellschaft AG		1,541		307,026
OSRAM Licht AG		722		30,165
ProSiebenSat.1 Media SE		2,122		107,058

See Notes to Financial Statements. 201

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
RWE AGD		4,702	$	59,280
SAP SE		9,118		723,546
Siemens AG*		7,430		718,826
Symrise AG		1,117		73,944
Telefonica Deutschland
Holding AGD		4,816		25,403
ThyssenKrupp AGD		3,534		70,056
TUI AG*		4,413		78,795
United Internet AG		1,153		63,391
Volkswagen AG		361		55,474
Vonovia SE		4,479		138,371
Zalando SE 144A*		800		31,646
				8,841,259
Hong Kong — 2.9%
AIA Group, Ltd.		111,800		668,014
ASM Pacific Technology, Ltd.D		1,900		14,834
Bank of East Asia, Ltd. (The)D		12,200		45,256
BOC Hong Kong Holdings, Ltd.		33,500		101,941
Cathay Pacific Airways, Ltd.		10,000		17,207
Cheung Kong Property Holdings, Ltd.		26,000		168,194
CK Hutchison Holdings, Ltd.		25,500		342,769
CLP Holdings, Ltd.		17,500		148,330
Hang Lung Properties, Ltd.		20,000		45,317
Hang Seng Bank, Ltd.		7,100		134,569
Henderson Land Development Co., Ltd.		11,800		71,980
HK Electric Investments & HK Electric Investments, Ltd. 144A		25,000		20,948
HKT Trust and HKT, Ltd.		29,000		37,045
Hong Kong & China Gas Co., Ltd.		63,100		123,489
Hong Kong Exchanges and
Clearing, Ltd.		10,769		274,338
Hongkong Land Holdings, Ltd.		5,300		36,305
Hysan Development Co., Ltd.		5,000		20,428
Link REIT		20,500		122,219
MTR Corporation, Ltd.		13,583		67,070
New World Development Co., Ltd.D		48,000		47,133
PCCW, Ltd.		33,000		19,290
Power Assets Holdings, Ltd.		13,500		123,762
Sino Land Co., Ltd.		30,000		43,703
Sun Hung Kai Properties, Ltd.		16,000		192,313
Swire Pacific, Ltd. Class A		5,500		61,436
Swire Properties, Ltd.		13,000		37,379
Techtronic Industries Co., Ltd.		14,000		56,675
WH Group, Ltd. 144A*		47,000		26,159
Wharf Holdings, Ltd. (The)		12,000		66,162
Wheelock & Co., Ltd.		8,000		33,570
				3,167,835
Ireland — 0.4%
Bank of Ireland*		257,722		94,367
CRH PLC		7,790		224,657
James Hardie Industries PLC		4,486		56,559
Kerry Group PLC Class A		1,503		124,358
				499,941
Israel — 0.3%
Azrieli Group		296		11,027

	Shares		Value
Bank Hapoalim BM		10,524	$	54,325
Bank Leumi Le-Israel BM*		14,030		48,646
Bezeq The Israeli Telecommunication Corporation, Ltd.		20,080		44,203
Check Point Software Technologies, Ltd.D*		600		48,828
Delek Group, Ltd.		38		7,610
Israel Chemicals, Ltd.		4,122		16,732
Mizrahi Tefahot Bank, Ltd.		1,129		13,484
NICE-Systems, Ltd.		471		27,064
Taro Pharmaceuticals Industries*		100		15,455
				287,374
Italy — 2.2%
Assicurazioni Generali SpA		11,052		201,885
Atlantia SpA		4,046		107,051
Banca Monte dei Paschi di Siena SpA*		24,049		31,837
Banco Popolare SC*		3,633		50,064
Enel Green Power SpA		14,149		28,759
Enel SpA		64,729		271,430
Eni SpA		23,638		351,220
EXOR SpA		1,031		46,794
Finmeccanica SpA*		3,992		55,506
Intesa Sanpaolo SpA		124,604		411,788
Luxottica Group SpA*		1,527		99,508
Mediobanca SpA		5,560		53,299
Prysmian SpA		2,060		45,009
Saipem SpAD*		2,138		17,281
Snam SpA		19,896		103,837
Telecom Italia SpA*		168,026		198,843
Terna Rete Elettrica Nazionale SpA		13,904		71,507
UniCredit SpA		43,713		241,677
Unione di Banche Italiane SCpAD		8,127		54,300
UnipolSai SpA		11,476		29,196
				2,470,791
Japan — 23.4%
ABC-Mart, Inc.		200		10,948
Acom Co., Ltd.*		3,200		15,069
Aeon Co., Ltd.		6,300		97,068
AEON Credit Service Co., Ltd.		800		17,871
Aeon Mall Co., Ltd.		900		15,437
Air Water, Inc.		1,000		16,083
Aisin Seiki Co., Ltd.		1,900		81,773
Ajinomoto Co., Inc.		5,000		118,379
Alfresa Holdings Corporation		1,900		37,526
Alps Electric Co., Ltd.		1,600		43,389
Amada Holdings Co., Ltd.		2,800		26,720
ANA Holdings, Inc.		13,000		37,506
Aozora Bank, Ltd.		12,000		41,878
Asahi Glass Co., Ltd.D		8,000		45,831
Asahi Kasei Corporation		13,000		87,907
Asics CorporationD		1,300		26,972
Astellas Pharma, Inc.		19,600		279,021
Bandai Namco Holdings, Inc.		1,800		38,029
Bank of Kyoto, Ltd. (The)		3,000		27,821
Bank of Yokohama, Ltd. (The)		11,000		67,426
Benesse Holdings, Inc.		500		14,399
Bridgestone CorporationD		5,900		202,378
Brother Industries, Ltd.		1,900		21,827
Calbee, Inc.		600		25,337
Canon, Inc.		10,000		302,500

202 See Notes to Financial Statements.

	Shares		Value
Casio Computer Co., Ltd.		2,100	$	49,091
Central Japan Railway Co.		1,300		230,794
Chiba Bank, Ltd. (The)		7,000		49,674
Chubu Electric Power Co., Inc.		6,200		84,901
Chugai Pharmaceutical Co., Ltd.		2,000		69,713
Chugoku Bank, Ltd. (The)		1,300		17,347
Chugoku Electric Power Co., Inc. (The)		3,100		40,930
Citizen Holdings Co., Ltd.		2,100		15,093
Credit Saison Co., Ltd.		1,200		23,643
Dai Nippon Printing Co., Ltd.		5,000		49,443
Daicel Corporation		2,400		35,717
Daihatsu Motor Co., Ltd.		1,600		21,584
Dai-ichi Life Insurance Co., Ltd. (The)		10,300		171,368
Daiichi Sankyo Co., Ltd.		6,000		123,838
Daikin Industries, Ltd.		2,200		160,208
Daito Trust Construction Co., Ltd.		700		80,857
Daiwa House Industry Co., Ltd.		5,800		166,729
Daiwa Securities Group, Inc.		16,000		97,819
Denso Corporation		4,600		219,813
Dentsu, Inc.		2,000		109,424
Don Quijote Holdings Co., Ltd.		1,000		35,119
East Japan Railway Co.		3,100		291,914
Eisai Co., Ltd.		2,300		152,147
Electric Power Development Co., Ltd.		1,500		53,425
FamilyMart Co., Ltd.		500		23,267
FANUC Corporation		1,800		310,122
Fast Retailing Co., Ltd.		500		174,906
Fuji Electric Co., Ltd.		5,000		20,969
Fuji Heavy Industries, Ltd.		5,600		230,699
FUJIFILM Holdings Corporation		4,400		183,623
Fujitsu, Ltd.		18,000		89,840
Fukuoka Financial Group, Inc.		8,000		39,669
GungHo Online Entertainment, Inc.D		3,200		8,693
Gunma Bank, Ltd. (The)		3,000		17,443
Hachijuni Bank, Ltd. (The)		5,000		30,600
Hakuhodo DY Holdings, Inc.		1,900		20,557
Hamamatsu Photonics KK		1,200		32,898
Hankyu Hanshin Holdings, Inc.		10,000		64,999
Hikari Tsushin, Inc.		200		13,620
Hino Motors, Ltd.		2,100		24,271
Hirose Electric Co., Ltd.		300		36,322
Hiroshima Bank, Ltd. (The)		6,000		34,103
Hisamitsu Pharmaceutical Co., Inc.		500		20,991
Hitachi Chemical Co., Ltd.		800		12,692
Hitachi Construction Machinery Co., Ltd.D		900		13,997
Hitachi High-Technologies Corporation		600		16,226
Hitachi Metals, Ltd.		2,000		24,676
Hitachi, Ltd.		45,000		254,987
Hokuhoku Financial Group, Inc.		10,000		20,385
Hokuriku Electric Power Co.		1,400		20,690
Honda Motor Co., Ltd.		15,100		482,619
Hoshizaki Electric Co., Ltd.		400		24,866

	Shares		Value
Hoya Corporation		3,900	$	159,481
Hulic Co., Ltd.		2,400		21,073
Idemitsu Kosan Co., Ltd.		700		11,177
IHI Corporation		15,000		41,407
Iida Group Holdings Co., Ltd.		1,200		22,241
Inpex Corporation		9,300		90,665
Isetan Mitsukoshi Holdings, Ltd.		3,600		46,948
Isuzu Motors, Ltd.		5,400		58,172
ITOCHU Corporation		14,600		172,695
Itochu Techno-Solutions Corporation		400		7,970
Iyo Bank, Ltd. (The)		2,000		19,431
J. Front Retailing Co., Ltd.		2,000		29,075
Japan Airlines Co., Ltd.		1,300		46,531
Japan Airport Terminal Co., Ltd.		400		17,708
Japan Exchange Group, Inc.		5,200		81,285
Japan Post Bank Co., Ltd.*		3,800		55,327
Japan Post Holdings Co., Ltd.*		4,200		65,169
Japan Prime Realty Investment Corporation REIT		9		30,734
Japan Real Estate Investment Corporation REIT		13		63,086
Japan Retail Fund Investment Corporation REIT		25		48,097
JFE Holdings, Inc.		4,400		69,091
JGC Corporation		2,000		30,612
Joyo Bank, Ltd.		5,000		23,644
JSR Corporation		1,500		23,377
JTEKT Corporation		1,700		27,826
JX Holdings, Inc.		22,100		92,755
Kajima Corporation		7,000		41,660
Kakaku.com, Inc.D		1,200		23,604
Kamigumi Co., Ltd.		2,000		17,220
Kaneka Corporation		3,000		31,183
Kansai Electric Power Co., Inc. (The)*		6,200		74,337
Kansai Paint Co., Ltd.		2,000		30,316
Kao Corporation		4,700		241,527
Kawasaki Heavy Industries, Ltd.		15,000		55,498
KDDI Corporation		16,500		428,508
Keihan Electric Railway Co., Ltd.		6,000		40,183
Keikyu Corporation		4,000		33,053
Keio Corporation		5,000		43,179
Keisei Electric Railway Co., Ltd.		3,000		38,275
Keyence Corporation		400		219,842
Kikkoman Corporation		1,000		34,647
Kintetsu Group Holdings Co., Ltd.		17,000		69,118
Kobe Steel, Ltd.		25,000		27,163
Koito Manufacturing Co., Ltd.		1,100		45,108
Komatsu, Ltd.		8,500		139,081
Konami Corporation		800		19,044
Konica Minolta, Inc.		4,700		47,071
Kose Corporation		300		27,738
Kubota Corporation		10,000		154,486
Kuraray Co., Ltd.		3,600		43,606
Kurita Water Industries, Ltd.		900		18,847
Kyocera Corporation		3,000		139,322
Kyowa Hakko Kirin Co., Ltd.		2,000		31,469
Kyushu Electric Power Co., Inc.*		4,400		47,956

See Notes to Financial Statements. 203

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Kyushu Financial Group, Inc.*		3,700	$	26,073
Lawson, Inc.		600		48,703
LIXIL Group Corporation		2,600		57,745
M3, Inc.D		2,100		43,542
Mabuchi Motor Co., Ltd.		400		21,678
Makita Corporation		1,200		69,152
Marubeni Corporation		16,300		83,800
Marui Group Co., Ltd.		1,900		30,918
Maruichi Steel Tube, Ltd.		400		11,809
Mazda Motor Corporation		4,900		101,110
McDonald’s Holdings Co. Japan, Ltd.D		500		10,873
Medipal Holdings Corporation		1,100		18,748
MEIJI Holdings Co., Ltd.		1,200		99,120
Minebea Co., Ltd.		3,000		25,686
Miraca Holdings, Inc.		500		22,001
Mitsubishi Chemical Holdings Corporation		12,200		77,406
Mitsubishi Corporation		12,600		209,577
Mitsubishi Electric Corporation		18,000		188,943
Mitsubishi Estate Co., Ltd.		12,000		249,520
Mitsubishi Gas Chemical Co., Inc.		3,000		15,341
Mitsubishi Heavy Industries, Ltd.		28,000		122,430
Mitsubishi Logistics Corporation		1,000		13,176
Mitsubishi Materials Corporation		12,000		37,796
Mitsubishi Motors Corporation		6,300		53,301
Mitsubishi Tanabe Pharma Corporation		2,400		41,349
Mitsubishi UFJ Financial Group, Inc.		118,700		735,257
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,000		20,585
Mitsui & Co., Ltd.		15,900		188,924
Mitsui Chemicals, Inc.		7,000		31,045
Mitsui Fudosan Co., Ltd.		9,000		225,881
Mitsui OSK Lines, Ltd.		13,000		32,790
Mixi, Inc.		300		11,221
Mizuho Financial Group, Inc.		218,000		436,000
MS&AD Insurance Group Holdings, Inc.		4,600		134,893
Murata Manufacturing Co., Ltd.		1,900		273,374
Nabtesco Corporation		1,000		20,315
Nagoya Railroad Co., Ltd.		7,000		29,135
NEC Corporation		25,000		79,213
Nexon Co., Ltd.		1,000		16,268
NGK Insulators, Ltd.		2,000		45,080
NGK Spark Plug Co., Ltd.		1,900		50,024
NH Foods, Ltd.		2,000		39,200
NHK Spring Co., Ltd.		1,300		13,034
Nidec Corporation		2,100		152,284
Nikon CorporationD		3,500		46,877
Nintendo Co., Ltd.		1,000		137,510
Nippon Building Fund, Inc. REIT		14		66,900
Nippon Electric Glass Co., Ltd.		3,000		15,121
Nippon Express Co., Ltd.		7,000		32,895
Nippon Paint Holdings Co., Ltd.		1,200		29,042
Nippon Prologis, Inc. REIT		12		21,707
Nippon Steel & Sumitomo Metal Corporation		7,000		138,477

	Shares		Value
Nippon Telegraph & Telephone Corporation		7,100	$	282,567
Nippon Yusen KK		17,000		41,203
Nissan Motor Co., Ltd.		23,600		247,110
Nisshin Seifun Group, Inc.		2,300		37,569
Nissin Foods Holdings Co., Ltd.		700		37,145
Nitori Holdings Co., Ltd.		700		58,787
Nitto Denko Corporation		1,600		116,809
NOK Corporation		800		18,689
Nomura Holdings, Inc.		33,800		188,268
Nomura Real Estate Master Fund, Inc. REIT*		37		45,990
Nomura Real Estate Holdings, Inc.		1,000		18,552
Nomura Research Institute, Ltd.		1,290		49,541
NSK, Ltd.		4,700		51,070
NTT Data Corporation		1,200		58,015
NTT DOCOMO, Inc.		13,600		278,958
NTT Urban Development Corporation		900		8,647
Obayashi Corporation		6,000		55,363
Obic Co., Ltd.D		600		31,761
Odakyu Electric Railway Co., Ltd.		6,000		64,601
Oji Holdings Corporation		8,000		32,152
Olympus Corporation		2,500		98,422
Omron Corporation		1,700		56,690
Ono Pharmaceutical Co., Ltd.		800		142,649
Oracle Corporation		300		13,968
Oriental Land Co., Ltd.		1,900		114,943
ORIX Corporation		12,200		171,147
Osaka Gas Co., Ltd.		17,000		61,403
Otsuka Corporation		400		19,650
Otsuka Holdings Co., Ltd.		3,700		131,457
Panasonic Corporation		20,300		205,792
Park24 Co., Ltd.		800		19,382
Rakuten, Inc.		8,400		96,749
Recruit Holdings Co., Ltd.		1,400		41,151
Resona Holdings, Inc.		20,700		100,524
Ricoh Co., Ltd.		6,400		65,900
Rinnai Corporation		300		26,581
Rohm Co., Ltd.		1,000		50,651
Ryohin Keikaku Co., Ltd.		200		40,502
Sanrio Co., Ltd.D		400		9,397
Santen Pharmaceutical Co., Ltd.		3,600		59,268
SBI Holdings, Inc.		1,700		18,345
Secom Co., Ltd.		2,000		135,540
Seibu Holdings, Inc.		1,000		20,422
Seiko Epson CorporationD		2,300		35,418
Sekisui Chemical Co., Ltd.		4,000		52,225
Sekisui House, Ltd.		5,600		94,157
Seven & i Holdings Co., Ltd.		7,000		320,492
Seven Bank, Ltd.		4,800		21,050
Shikoku Electric Power Co., Inc.		1,400		21,870
Shimadzu Corporation		3,000		50,220
Shimamura Co., Ltd.		200		23,422
Shimano, Inc.		800		122,847
Shimizu Corporation		5,000		40,771
Shin-Etsu Chemical Co., Ltd.		3,800		206,590
Shinsei Bank, Ltd.		19,000		34,966
Shionogi & Co., Ltd.		2,900		131,168
Shiseido Co., Ltd.		3,200		66,396
Shizuoka Bank, Ltd. (The)		5,000		48,490

204 See Notes to Financial Statements.

	Shares		Value
Showa Shell Sekiyu KK		1,500	$	12,240
SMC Corporation		500		129,867
SoftBank Group Corporation		8,900		449,187
Sohgo Security Services Co., Ltd.		600		28,139
Sompo Japan Nipponkoa Holdings, Inc.		3,200		105,071
Sony Corporation		11,600		285,091
Sony Financial Holdings, Inc.		1,400		25,042
Stanley Electric Co., Ltd.		1,200		26,325
Sumitomo Chemical Co., Ltd.		13,000		74,660
Sumitomo Corporation		10,500		107,051
Sumitomo Dainippon Pharma Co., Ltd.		1,300		15,316
Sumitomo Electric Industries, Ltd.		7,200		101,670
Sumitomo Heavy Industries, Ltd.		6,000		26,897
Sumitomo Metal Mining Co., Ltd.		5,000		60,695
Sumitomo Mitsui Financial Group, Inc.		11,800		445,344
Sumitomo Mitsui Trust Holdings, Inc.		30,000		113,620
Sumitomo Realty & Development Co., Ltd.		3,000		85,628
Sumitomo Rubber Industries, Inc.		1,400		18,205
Suntory Beverage & Food, Ltd.		1,300		56,909
Suruga Bank, Ltd.		1,500		30,913
Suzuken Co., Ltd.		900		34,202
Suzuki Motor Corporation		3,300		100,267
Sysmex Corporation		1,300		83,388
T&D Holdings, Inc.		5,300		69,926
Taiheiyo Cement Corporation		12,000		35,044
Taisei Corporation		10,000		65,870
Taisho Pharmaceutical Holdings Co., Ltd.		300		21,188
Taiyo Nippon Sanso Corporation		1,200		10,853
Takashimaya Co., Ltd.		3,000		27,016
Takeda Pharmaceutical Co., Ltd.		7,300		363,974
TDK Corporation		1,100		70,448
Teijin, Ltd.		8,000		27,263
Terumo Corporation		2,700		83,682
THK Co., Ltd.		1,000		18,534
Tobu Railway Co., Ltd.		10,000		49,324
Toho Co., Ltd.		900		24,905
Toho Gas Co., Ltd.		5,000		32,291
Tohoku Electric Power Co., Inc.		4,100		51,255
Tokio Marine Holdings, Inc.		6,200		239,473
Tokyo Electric Power Co., Inc.*		14,000		80,616
Tokyo Electron, Ltd.		1,500		90,877
Tokyo Gas Co., Ltd.		22,000		103,373
Tokyo Tatemono Co., Ltd.		2,300		25,033
Tokyu Corporation		11,000		86,926
Tokyu Fudosan Holdings Corporation		5,600		35,100
TonenGeneral Sekiyu KKD		3,000		25,326
Toppan Printing Co., Ltd.		5,000		46,066
Toray Industries, Inc.		14,000		130,095
Toshiba Corporation*		36,000		73,988
TOTO, Ltd.		1,200		42,158

	Shares		Value
Toyo Seikan Group Holdings, Ltd.		1,300	$	24,114
Toyo Suisan Kaisha, Ltd.		1,000		34,853
Toyoda Gosei Co., Ltd.		500		11,358
Toyota Industries Corporation		1,600		85,557
Toyota Motor Corporation		25,400		1,564,107
Toyota Tsusho Corporation		2,100		49,125
Trend Micro, Inc.		900		36,519
Unicharm CorporationD		3,300		67,392
United Urban Investment Corporation REIT		28		38,012
USS Co., Ltd.		1,800		27,046
West Japan Railway Co.		1,600		110,597
Yahoo Japan Corporation		12,200		49,592
Yakult Honsha Co., Ltd.		900		44,050
Yamada Denki Co., Ltd.		5,500		23,757
Yamaguchi Financial Group, Inc.		2,000		23,694
Yamaha Corporation		1,800		43,478
Yamaha Motor Co., Ltd.		2,400		53,797
Yamato Holdings Co., Ltd.		3,000		63,564
Yamazaki Baking Co., Ltd.		1,000		22,486
Yaskawa Electric Corporation		2,600		35,377
Yokogawa Electric Corporation		1,800		21,647
Yokohama Rubber Co., Ltd. (The)		1,000		15,358
				26,005,106
Jersey — 1.0%
Experian PLC		8,860		156,596
Glencore PLC*		115,184		152,635
Petrofac, Ltd.		2,095		24,574
Randgold Resources, Ltd.		803		49,470
Shire PLC		5,571		382,214
Wolseley PLC		2,337		126,930
WPP PLC		11,992		275,839
				1,168,258
Luxembourg — 0.2%
ArcelorMittalD		9,982		42,116
Millicom International Cellular SA SDR		536		30,756
RTL Group SA		313		26,065
SES SA		3,223		89,309
Tenaris SAD		4,049		47,946
				236,192
Mauritius — 0.0%
Golden Agri-Resources, Ltd.		62,700		14,977
Netherlands — 3.4%
Aegon NVD		17,407		98,445
AerCap Holdings NV*		800		34,528
Airbus Group SED		5,447		367,061
Akzo Nobel NV		2,379		158,963
Altice NV Class A*		3,520		50,573
Altice NV Class B*		730		10,640
ASML Holding NVD		3,279		291,346
Boskalis Westminster		918		37,447
CNH Industrial NVD		8,208		56,216
Fiat Chrysler Automobiles NVD*		8,663		120,311
Gemalto NV		809		48,542
ING Groep NV CVA		36,379		492,212
Koninklijke Ahold NV		7,710		162,631
Koninklijke DSM NV		1,644		82,440
Koninklijke KPN NV		30,143		114,012

See Notes to Financial Statements. 205

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Koninklijke Philips NV		8,793	$	224,436
Koninklijke Vopak NV		570		24,547
Mobileye NVD*		800		33,824
NN Group NV		2,321		81,892
NXP Semiconductor NVD*		1,262		106,324
OCI NV*		684		16,889
QIAGEN NV*		2,001		54,236
Randstad Holding NV		1,201		74,788
RELX NV		9,275		156,213
STMicroelectronics NV		6,571		43,992
TNT Express NV		5,216		44,122
Unilever NV CVA		15,038		655,421
Wolters Kluwer NV		2,894		97,191
				3,739,242
New Zealand — 0.2%
Auckland International Airport, Ltd.		8,625		33,837
Contact Energy, Ltd.		7,151		23,145
Fletcher Building, Ltd.		7,654		38,358
Meridian Energy, Ltd.		12,874		20,994
Mighty River Power, Ltd.D		4,302		8,163
Ryman Healthcare, Ltd.		2,667		15,478
Spark New Zealand, Ltd.		18,489		41,631
				181,606
Norway — 0.6%
DNB ASA		8,673		106,862
Gjensidige Forsikring ASA		1,624		25,992
Norsk Hydro ASA		13,545		50,348
Orkla ASA		7,423		58,560
Schibsted ASA Class A		715		23,507
Schibsted ASA, B Shares*		846		26,962
Statoil ASA		10,732		149,677
Telenor ASA		6,985		116,430
Yara International ASA		1,747		75,135
				633,473
Papua New Guinea — 0.1%
Oil Search, Ltd.		12,840		62,497
Portugal — 0.1%
Banco Comercial Portugues SA, Series R*		308,177		16,331
EDP - Energias de Portugal SA		21,802		78,561
Galp Energia SGPS SA		4,056		47,328
Jeronimo Martins SGPS SA		2,049		26,663
				168,883
Singapore — 1.2%
Ascendas Real Estate
Investment Trust REIT		18,100		29,008
CapitaLand Commercial Trust, Ltd. REIT		16,400		15,560
CapitaLand Mall Trust REIT		20,600		27,952
CapitaLand, Ltd.		23,800		55,942
City Developments, Ltd.		3,800		20,442
ComfortDelGro Corporation, Ltd.		19,600		41,969
DBS Group Holdings, Ltd.		16,400		192,200
Global Logistic Properties, Ltd.		28,000		42,284
Hutchison Port Holdings Trust Class U		53,700		28,461
Jardine Cycle & Carriage, Ltd.		1,111		27,161
Keppel Corporation, Ltd.		14,700		67,152

	Shares		Value
Oversea-Chinese Banking Corporation, Ltd.		28,647	$	177,108
Sembcorp Industries, Ltd.		9,800		21,006
Sembcorp Marine, Ltd.		9,200		11,320
Singapore Airlines, Ltd.		5,600		44,125
Singapore Exchange, Ltd.		7,800		42,186
Singapore Press Holdings, Ltd.		13,400		37,142
Singapore Technologies
Engineering, Ltd.		16,100		34,034
Singapore Telecommunications, Ltd.		73,600		189,760
StarHub, Ltd.		4,000		10,410
Suntec Real Estate Investment Trust REIT		18,200		19,821
United Overseas Bank, Ltd.		12,300		169,578
UOL Group, Ltd.		4,400		19,284
Wilmar International, Ltd.D		17,200		35,489
Yangzijiang Shipbuilding Holdings, Ltd.		23,400		18,078
				1,377,472
Spain — 3.3%
Abertis Infraestructuras SA		3,351		52,408
ACS Actividades de Construccion y Servicios SA		1,773		51,874
Aena SA 144A*		664		76,035
Amadeus IT Holding SA, A Shares		4,140		182,470
Banco Bilbao Vizcaya Argentaria SA		58,875		430,189
Banco de Sabadell SA		48,736		86,375
Banco Popular Espanol SA		15,176		50,003
Banco Santander SA		135,219		665,195
Bankia SA		45,814		53,315
Bankinter SA		6,854		48,604
CaixaBank SA		25,824		89,884
Distribuidora Internacional de Alimentacion SA*		6,556		38,668
Enagas SA		1,879		53,003
Endesa SA		3,073		61,736
Ferrovial SA		4,151		93,870
Gas Natural SDG SA		3,184		64,929
Grifols SA		1,338		61,845
Iberdrola SA		49,608		351,672
Industria de Diseno Textil SA		10,190		350,070
International Consolidated Airlines Group SA		7,281		65,261
Mapfre SAD		8,693		21,760
Red Electrica Corporacion SA		1,056		88,208
Repsol SA		9,629		106,009
Telefonica SA*		41,788		463,595
Zardoya Otis SA		1,462		17,099
				3,624,077
Sweden — 2.8%
Alfa Laval AB		2,935		53,582
Assa Abloy AB Class B		9,569		200,305
Atlas Copco AB, A Shares		6,139		150,558
Atlas Copco AB, B Shares		3,756		86,352
Boliden AB		2,787		46,694
Electrolux AB, Series B		2,409		58,123
Getinge AB, B Shares		2,020		52,914
Hennes & Mauritz AB, B Shares		8,991		319,812
Hexagon AB, B Shares		2,571		95,109
Husqvarna AB, B Shares		3,327		21,956

206 See Notes to Financial Statements.

	Shares		Value
ICA Gruppen AB		628	$	22,807
Industrivarden AB, C Shares		1,472		25,183
Investment AB Kinnevik, B Shares		2,101		64,713
Investor AB, B Shares		4,225		155,270
Lundin Petroleum ABD*		1,760		25,396
Nordea Bank AB		27,863		305,706
Sandvik AB		10,264		89,471
Securitas AB, B Shares Skandinaviska Enskilda		3,202		48,961
Banken AB Class A		13,934		146,537
Skanska AB, B Shares		3,403		65,996
SKF AB, B Shares		3,452		55,754
Svenska Cellulosa AB SCA Class B		5,338		154,696
Svenska Handelsbanken AB, A Shares		13,680		181,691
Swedbank AB, A Shares		8,570		188,742
Tele2 AB, B Shares		2,588		25,809
Telefonaktiebolaget LM Ericsson, B Shares		27,951		269,484
TeliaSonera AB		25,067		124,480
Volvo AB, B Shares		14,022		130,020
				3,166,121
Switzerland — 9.8%
ABB, Ltd.*		20,377		363,681
Actelion, Ltd.*		989		137,415
Adecco SA*		1,536		105,128
Aryzta AGD*		919		46,491
Baloise Holding AG		489		61,975
Barry Callebaut AGD*		18		19,552
Chocoladefabriken Lindt & Spruengli AG		11		136,948
Cie Financiere Richemont SAD		4,807		344,051
Coca-Cola HBC AG*		2,037		43,379
Credit Suisse Group AG*		16,972		365,610
Dufry AGD*		354		42,120
EMS-Chemie Holding AG		67		29,486
Galenica AG		36		56,324
Geberit AG		348		117,869
Givaudan SA*		84		152,457
Julius Baer Group, Ltd.*		2,120		102,560
Kuehne + Nagel International AG*		545		74,665
LafargeHolcim, Ltd.D*		3,935		197,775
Lonza Group AG*		488		79,366
Nestle SA		29,700		2,204,787
Novartis AG		21,201		1,823,695
Pargesa Holding SA		251		15,857
Partners Group Holding AG		149		53,585
Roche Holding AG		6,544		1,813,397
Schindler Holding AGD		586		98,261
SGS SA		52		98,826
Sika AG		20		72,276
Sonova Holding AGD		503		63,908
Sulzer AG		195		18,329
Swatch Group AG (The)D		690		127,439
Swiss Life Holding AG*		296		79,727
Swiss Prime Site AG*		669		52,247
Swiss Re AG*		3,242		316,634
Swisscom AG		239		119,597
Syngenta AG		876		342,869
Transocean, Ltd.D		3,598		44,977
UBS Group AG*		34,295		665,305

	Shares		Value
Zurich Insurance Group AG*		1,419	$	364,541
				10,853,109
United Kingdom — 16.5%
3i Group PLC		9,582		67,878
Aberdeen Asset Management PLC		7,861		33,498
Admiral Group PLC		2,090		51,071
Aggreko PLC		2,730		36,751
Amec Foster Wheeler PLC		3,137		19,803
Anglo American PLC*		13,517		59,302
Antofagasta PLC		3,193		21,964
ARM Holdings PLC		12,827		195,511
Ashtead Group PLC		4,397		72,366
Associated British Foods PLC		3,336		164,156
AstraZeneca PLC		11,715		791,322
Auto Trader Group PLC 144A*		6,879		44,850
Aviva PLC		37,791		286,853
Babcock International Group PLC		2,030		30,379
BAE Systems PLC		29,209		215,053
Barclays PLC		155,347		500,029
Barratt Developments PLC		9,738		89,733
BG Group PLC		31,700		459,521
BHP Billiton PLC		19,978		222,792
BP PLC		169,706		881,914
British Land Co. PLC (The) REIT		9,258		107,124
BT Group PLC		78,237		543,248
Bunzl PLC		3,114		86,396
Burberry Group PLC		4,342		76,394
Capita PLC		6,181		109,976
Carnival PLC		1,766		100,649
Centrica PLC		47,501		152,525
Cobham PLC		11,462		47,864
Compass Group PLC		15,106		261,762
Croda International PLC		1,331		59,636
Direct Line Insurance Group PLC		12,441		74,573
Dixons Carphone PLC		9,192		67,645
easyJet PLC		1,707		43,780
Fresnillo PLC		1,790		18,611
G4S PLC		14,238		47,296
GKN PLC		16,263		73,800
GlaxoSmithKline PLC		45,066		910,151
Hammerson PLC REIT		6,909		61,078
Hargreaves Lansdown PLC		2,583		57,345
HSBC Holdings PLC		182,364		1,439,630
ICAP PLC		4,817		36,157
IMI PLC		2,914		36,977
Inmarsat PLC		3,933		65,935
InterContinental Hotels Group PLC		2,298		89,573
Intertek Group PLC		1,393		56,983
Intu Properties PLC REIT		9,574		44,729
Investec PLC		4,759		33,556
ITV PLC		35,424		144,224
J Sainsbury PLCD		13,356		50,863
Johnson Matthey PLC		1,818		71,117
Kingfisher PLC		21,820		105,685
Land Securities Group PLC REIT		7,421		128,644
Legal & General Group PLC		55,832		220,309
Lloyds Banking Group PLC		534,152		574,748
London Stock Exchange Group PLC		2,836		114,740

See Notes to Financial Statements. 207

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Marks & Spencer Group PLC		15,273	$	101,691
Meggitt PLC		6,459		35,662
Melrose Industries PLC		10,395		44,527
Merlin Entertainments PLC 144A		7,366		49,390
Mondi PLC		3,268		64,056
National Grid PLC		35,104		484,143
Next PLC*		1,350		144,952
Old Mutual PLC		47,053		123,781
Pearson PLC		7,882		85,209
Persimmon PLC*		2,787		83,146
Provident Financial PLC		1,367		67,780
Prudential PLC		23,992		540,531
Reckitt Benckiser Group PLC		5,883		544,336
RELX PLC		10,479		184,808
Rexam PLC		7,173		63,980
Rio Tinto PLC		11,617		338,234
Rolls-Royce Holdings PLC+*		1,447,047		2,133
Rolls-Royce Holdings PLC *		17,583		148,936
Royal Bank of Scotland Group PLC*		32,432		144,163
Royal Dutch Shell PLC, A Shares		36,389		824,185
Royal Dutch Shell PLC, B Shares		22,817		520,024
Royal Mail PLC		8,349		54,685
RSA Insurance Group PLC		9,714		60,969
Sage Group PLC (The)		10,537		93,623
Schroders PLC		1,096		48,004
Segro PLC REIT		7,550		47,780
Severn Trent PLC		2,099		67,098
Sky PLC		9,606		157,470
Smith & Nephew PLC		8,551		152,397
Smiths Group PLC		3,594		49,701
Sports Direct International PLC*		2,184		18,560
SSE PLC		9,083		203,949
St. James’s Place PLC		4,861		72,049
Standard Chartered PLC		30,979		257,039
Standard Life PLC		19,127		109,532
Tate & Lyle PLC		4,869		42,888
Taylor Wimpey PLC		29,291		87,562
Tesco PLC*		77,304		169,859
Travis Perkins PLC		2,298		66,666
Unilever PLC		11,898		510,334
United Utilities Group PLC		6,575		90,534
Vodafone Group PLC		248,735		806,595
Weir Group PLC (The)		2,307		33,887
Whitbread PLC		1,673		108,439
WM Morrison Supermarkets PLCD		22,203		48,378
				18,312,134
Total Foreign Common Stocks (Cost $116,035,271)				105,282,498
FOREIGN PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG
2.92%, 05/14/15		563		47,104
FUCHS PETROLUB SE
0.77%, 05/07/15		564		26,557
Henkel AG & Co. KGaA
1.31%, 04/14/15		1,694		189,055

	Shares		Value
Porsche Automobil Holding SE
2.01%, 05/14/15		1,453	$	78,197
Volkswagen AG
4.86%, 05/06/15		1,524		220,035
Total Foreign Preferred Stocks (Cost $731,841)				560,948
RIGHTS — 0.0%
Ascendas Real Estate+		678		—
Repsol SA*		9,629		4,803
Unione di Banche+		7,313		—
Total Rights (Cost $4,899)				4,803
MONEY MARKET FUNDS — 6.4%
GuideStone Money Market Fund (Institutional Class)¥		3,754,870		3,754,870
Northern Institutional Liquid Assets Portfolio§		3,330,445		3,330,445
Total Money Market Funds (Cost $7,085,315)				7,085,315
TOTAL INVESTMENTS — 101.7% (Cost $123,857,326)				112,933,564
Liabilities in Excess of Other Assets — (1.7)%				(1,908,948	)
NET ASSETS — 100.0%			$	111,024,616

208 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Foreign Common Stocks:
Australia		$	7,305,552		$	—		$	7,305,552		$	—
Austria			213,661			—			213,661			—
Belgium			704,861			—			704,861			—
Bermuda			188,829			—			188,829			—
Denmark			1,030,367			—			1,030,367			—
Finland			1,023,030			—			1,023,030			—
France			10,005,851			147			10,005,704			—
Germany			8,841,259			31,646			8,809,613			—
Hong Kong			3,167,835			73,350			3,094,485			—
Ireland			499,941			—			499,941			—
Israel			287,374			64,283			223,091			—
Italy			2,470,791			—			2,470,791			—
Japan			26,005,106			192,560			25,812,546			—
Jersey			1,168,258			—			1,168,258			—
Luxembourg			236,192			—			236,192			—
Mauritius			14,977			—			14,977			—
Netherlands			3,739,242			1,322,309			2,416,933			—
New Zealand			181,606			—			181,606			—
Norway			633,473			26,962			606,511			—
Papua New Guinea			62,497			—			62,497			—
Portugal			168,883			—			168,883			—
Singapore			1,377,472			28,461			1,349,011			—
Spain			3,624,077			—			3,624,077			—
Sweden			3,166,121			—			3,166,121			—
Switzerland			10,853,109			74,501			10,778,608			—
United Kingdom			18,312,134			100,649			18,209,352			2,133
Foreign Preferred Stocks:
Germany			560,948			—			560,948			—
Money Market Funds			7,085,315			7,085,315			—			—
Rights			4,803			4,803			—			—
Total Assets - Investments in Securities		$	112,933,564		$	9,004,986		$	103,926,445		$	2,133
Other Financial Instruments***
Futures Contracts			87,181			87,181			—			—
Total Assets - Other Financial Instruments		$	87,181		$	87,181		$	—		$	—

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

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2015.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ending December 31, 2015.

See Notes to Financial Statements. 209

International Equity Fund (Unaudited)

Developed non-U.S. markets underperformed their U.S. counterparts and were negatively impacted by the U.S. dollar which strengthened against most currencies during the year. The MSCI EAFE Index (Net), a measure of international developed country returns, posted a fourth quarter return of 4.71%, bringing the one-year return to -0.81%. Growth styles outperformed value styles and small capitalization stocks generally outperformed large capitalization stocks during the year. From a country perspective, Singapore, Spain and Norway posted the worst performance, while Denmark, Ireland and Belgium were among the best performing countries for the year. From a sector perspective, the weakest performance was registered in the energy and materials sectors which were negatively impacted by the fall in oil prices, while the strongest performance came from the more defensive health care and consumer staples sectors.

The International Equity Fund continued to be invested in markets deemed to be developed and, to a much lesser extent, in markets deemed to be emerging or non-developed. The Fund was primarily comprised of equities of foreign companies and was diversified among a large number of companies across different industries and economic sectors. The Investor Class of the Fund underperformed its benchmark, the MSCI EAFE Index (Net), for the one-year period ended December 31, 2015 (-2.16% versus -0.81%). On a country basis, underweight exposure and security selection within Japan and security selection within France and the Netherlands negatively impacted benchmark relative performance. Tactical exposure to emerging markets also had a negative impact during the period. On the positive side, underweight exposure to Australia as well as security selection to Germany positively impacted performance. On a sector basis, security selection to the industrials and financials sectors detracted, while security selection to the materials and consumer discretionary sectors contributed to benchmark-relative returns during the year.

Within the Fund, certain derivatives were utilized to express active views in currency and country selection and to hedge foreign currency exposure back to the U.S. dollar. These derivative positions primarily included currency forward contracts, stock index futures and stock index future swaps. Overall, derivative exposure had a slight positive impact on Fund performance over the course of the year.

This Fund may be suitable to investors who seek higher, long-term rates of return, can accept significant short-term fluctuations in account value and want to diversify their portfolio with international stocks. The Fund invests in foreign and emerging market securities which involve certain risks such as currency volatility, political and social instability and reduced market liquidity. To the extent that the investment adviser misjudges current market conditions, the Fund’s volatility may be amplified by its use of short sales and derivatives and by its ability to select sub-advisers to allocate assets. Short sales by a fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Leverage may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value of the Fund generally to decline faster than it would otherwise. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Consumer Discretionary		19.6
Financial Services		19.4
Technology		17.6
Producer Durables		13.5
Money Market Funds		12.6
Healthcare		9.7
Consumer Staples		6.0
Materials & Processing		5.7
Energy		4.2
Utilities		3.7
Foreign Preferred Stock		—
Rights		—	**
Warrant		—	**
Foreign Common Stocks Sold Short		(5.2	)
		106.8

^**Rounds to less than 0.005%

210

International Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional Class*	Investor Class*	Benchmark**
One Year	-1.93%	-2.16%	-0.81%
Five Year	2.06%	1.82%	3.60%
Ten Year	2.55%	2.33%	3.03%
Since Inception	5.17%	4.96%	4.91%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	1.07%	1.32%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2005 to December 31, 2015, with all dividends and capital gains reinvested, with the MSCI EAFE Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

211

INTERNATIONAL EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
FOREIGN COMMON STOCKS — 99.4%
Australia — 1.7%
Amcor, Ltd.		35,285	$	342,801
Ansell, Ltd.		10,998		170,438
Asciano, Ltd.		22,350		142,094
ASX, Ltd.		2,303		70,853
Aurizon Holdings, Ltd.		130,334		413,757
Australia & New Zealand Banking Group, Ltd.		76,884		1,551,499
Bendigo and Adelaide Bank, Ltd.		38,450		332,586
BHP Billiton, Ltd.		58,894		757,938
Boral, Ltd.		122,396		523,309
CIMIC Group, Ltd.		64,424		1,130,109
Coca-Cola Amatil, Ltd.		28,264		190,582
Cochlear, Ltd.		1,868		129,268
Computershare, Ltd.		5,607		47,180
CSL, Ltd.		6,536		498,301
Dexus Property Group REIT		12,849		69,695
Flight Centre Travel Group, Ltd.		27,754		800,443
Goodman Group REIT		30,218		136,931
GPT Group (The) REIT		23,870		82,666
GPT Group (The) REIT +@		63,198		—
Iluka Resources, Ltd.		31,420		138,984
Lend Lease Group		245,251		2,530,383
Macquarie Group, Ltd.		28,478		1,703,634
Mirvac Group REIT		43,401		62,130
National Australia Bank, Ltd.		47,040		1,026,496
Qantas Airways, Ltd.*		876,633		2,598,395
QBE Insurance Group, Ltd.		429,508		3,906,441
Rio Tinto, Ltd.		8,019		259,330
Scentre Group REIT		93,514		283,641
Sonic Healthcare, Ltd.		55,999		725,026
Stockland REIT		41,895		124,364
Suncorp Group, Ltd.		37,052		325,316
Telstra Corporation, Ltd.		81,376		330,687
Vicinity Centres REIT		52,801		107,116
Westfield Corporation REIT		35,358		243,260
WorleyParsons, Ltd.		32,343		108,496
				21,864,149
Austria — 0.4%
Erste Group Bank AG*		178,540		5,586,559
Belgium — 0.4%
Ageas		17,128		794,981
bpost SA		46,543		1,142,049
Delhaize Group		1,867		181,710
Groupe Bruxelles Lambert SA		415		35,511
KBC Groep NV		15,574		973,788
Proximus		77,055		2,507,454
				5,635,493
Bermuda — 0.5%
Cheung Kong Infrastructure Holdings, Ltd.		11,000		101,628
Credicorp, Ltd.		25,326		2,464,726
Jardine Matheson Holdings, Ltd.		54,200		2,624,773
Kerry Properties, Ltd.		179,000		487,125
Li & Fung, Ltd.		584,000		394,951
NWS Holdings, Ltd.		19,000		28,362
Yue Yuen Industrial Holdings, Ltd.		207,000		701,217
				6,802,782

	Shares		Value
Brazil — 0.4%
Embraer SA ADRD		166,400	$	4,915,456
Canada — 0.6%
Canadian National Railway Co.D		131,449		7,345,370
China — 3.6%
Alibaba Group Holding, Ltd. ADRD*		118,339		9,617,411
Baidu, Inc. ADRD*		82,729		15,639,090
Ctrip.com International, Ltd. ADRD*		15,021		695,923
JD.com, Inc. ADR*		43,100		1,390,621
New Oriental Education & Technology Group, Inc. ADR*		110,200		3,456,974
Tencent Holdings, Ltd.		769,700		15,070,715
				45,870,734
Denmark — 2.0%
AP Moeller - Maersk A/S Class B		53		69,128
Chr. Hansen Holding A/S		38,538		2,410,567
Danske Bank A/S		273,095		7,327,768
DSV A/S		1,937		76,247
Genmab A/S*		13,807		1,835,834
ISS A/S		75,310		2,714,680
Novozymes A/S, B Shares		66,918		3,203,960
Pandora A/S		34,328		4,328,207
TDC A/S		357,325		1,779,137
Vestas Wind Systems A/S		18,982		1,325,680
				25,071,208
Finland — 0.3%
Amer Sports OYJ		5,571		162,651
Cargotec OYJ, B Shares		2,331		86,958
Elisa OYJ		4,664		175,483
Kesko OYJ, B Shares		19,401		680,047
Nokia OYJ		32,553		230,298
Orion OYJ, Class B		23,535		814,275
Stora Enso OYJ, R Shares		57,238		517,557
UPM-Kymmene OYJ		71,612		1,329,507
				3,996,776
France — 7.6%
Air France-KLM*		29,731		226,324
Alcatel-Lucent*		50,486		199,457
Atos SE		809		67,918
AXA SA		43,802		1,196,833
Cap Gemini SA		25,659		2,380,799
Casino Guichard Perrachon SAD		14,627		671,978
Christian Dior SE		25,012		4,248,621
Cie de St-Gobain		166,177		7,201,365
Cie Generale des Etablissements Michelin		11,140		1,060,340
Danone SA		95,711		6,467,561
Eiffage SA		4,060		262,392
Engie		243,187		4,307,647
Essilor International SA		13,443		1,675,490
Faurecia		31,073		1,245,094
Kering		25,482		4,356,808
Klepierre REIT		4,327		192,335
Lagardere SCA		70,693		2,109,592
L’Oreal SA		33,692		5,667,188
Natixis SA*		14,692		83,114
Numericable-SFR SAS*		2,671		97,032

212 See Notes to Financial Statements.

	Shares		Value
Orange SA*		86,261	$	1,442,786
Peugeot SA*		272,206		4,771,503
Renault SA		792		79,276
Safran SA		4,000		274,812
Sanofi		252,316		21,502,929
Schneider Electric SE		119,719		6,800,548
SCOR SE		13,764		515,020
Societe BIC SA		11,429		1,880,709
Societe Generale SA		124,385		5,731,958
Societe Television Francaise 1		21,767		241,698
Suez Environnement Co.		18,627		348,389
Technip SA		50,100		2,491,500
Thales SA		3,330		249,251
TOTAL SA		7,670		343,859
Unibail-Rodamco SE REIT		1,666		423,052
Valeo SA		17,390		2,681,112
Vallourec SAD		115,629		1,076,485
Veolia Environnement SA		30,314		719,227
Vinci SA		9,965		638,708
Vivendi SA		33,975		729,687
				96,660,397
Germany — 8.1%
AIXTRON SED*		123,245		546,738
Allianz SE		41,694		7,349,776
Aurubis AG		18,383		930,849
BASF SE		34,785		2,649,868
Beiersdorf AG		74,887		6,806,619
Continental AG		1,857		449,229
Daimler AGD		109,382		9,139,353
Deutsche Bank AG		19,649		477,172
Deutsche Boerse AG		87,264		7,670,650
Deutsche Lufthansa AG*		209,191		3,294,999
Deutsche Telekom AG		421,077		7,562,857
E.ON SE		34,343		329,764
Freenet AG		75,295		2,540,832
Fresenius Medical Care AG & Co. KGaA		35,828		3,010,807
Fresenius SE & Co. KGaA		5,433		387,007
Hannover Rueck SE		6,895		787,341
HeidelbergCement AG		1,750		142,621
HOCHTIEF AG		6,614		613,435
K+S AG		30,853		786,482
KION Group AG*		12,114		600,709
Linde AG		36,704		5,302,232
MorphoSys AGD*		20,344		1,265,905
Muenchener Rueckversicherungs- Gesellschaft AG		17,544		3,495,435
OSRAM Licht AG		48,258		2,016,181
ProSiebenSat.1 Media SE		51,698		2,608,246
Rheinmetall AG		10,207		678,482
RHOEN KLINIKUM AG		17,893		536,770
Rocket Internet SE 144AD*		61,162		1,863,223
RWE AGD		395,427		4,985,327
Salzgitter AG		7,970		194,766
SAP SE		226,610		17,982,321
Siemens AG*		1,016		98,294
Software AG		11,114		316,770
STADA Arzneimittel AG		14,964		603,433
Suedzucker AG		12,791		253,524
Talanx AG		6,850		210,670
United Internet AG		1,389		76,366
Vonovia SE		8,154		251,904

	Shares		Value
Zalando SE 144A*		114,654	$	4,535,472
				103,352,429
Hong Kong — 2.4%
AIA Group, Ltd.		2,734,800		16,340,658
ASM Pacific Technology, Ltd.		3,100		24,203
Cheung Kong Property Holdings, Ltd.		49,500		320,215
China Mobile, Ltd.		429,000		4,828,869
CLP Holdings, Ltd.		36,000		305,136
Global Brands Group Holding, Ltd.*		4,456,924		844,004
Guangdong Investment, Ltd.		1,466,700		2,071,315
Hong Kong & China Gas Co., Ltd.		133,000		260,286
Hong Kong Exchanges and Clearing, Ltd.		116,607		2,970,539
Link REIT		41,000		244,437
New World Development Co., Ltd.		421,000		413,396
PCCW, Ltd.		62,000		36,243
Power Assets Holdings, Ltd.		26,500		242,940
Sino Land Co., Ltd.		428,000		623,492
Sun Hung Kai Properties, Ltd.		33,000		396,646
Swire Pacific, Ltd. Class A		12,000		134,041
WH Group, Ltd. 144A*		646,500		359,823
Wharf Holdings, Ltd. (The)		40,000		220,539
Wheelock & Co., Ltd.		39,000		163,651
				30,800,433
India — 0.4%
Housing Development Finance Corporation, Ltd.		169,909		3,231,642
Tata Consultancy Services, Ltd.		59,461		2,185,999
				5,417,641
Indonesia — 0.1%
PT Telekomunikasi Indonesia Persero Tbk		4,812,900		1,077,980
Ireland — 0.9%
Bank of Ireland*		6,962,114		2,569,960
CRH PLC		253,351		7,334,990
DCC PLC		4,864		406,351
James Hardie Industries PLC		141,869		1,788,671
				12,099,972
Italy — 2.4%
A2A SpA		1,574,176		2,131,533
Autogrill SpA*		49,521		471,954
Banca Generali SpA		3,521		110,757
Banca Popolare di Milano Scarl		1,229,267		1,217,548
Banco Popolare SC*		77,226		1,064,205
Eni SpA		820,201		12,186,775
EXOR SpA		67,927		3,082,999
FinecoBank Banca Fineco SpA		114,621		942,523
Finmeccanica SpA*		194,302		2,701,640
Intesa Sanpaolo SpA		244,138		810,787
Mediaset SpA		72,347		299,800
Mediobanca SpA		21,415		205,286
Prysmian SpA		44,684		976,312
Recordati SpA		15,964		416,516
UniCredit SpA		683,183		3,777,128
Unipol Gruppo Finanziario SpA		35,002		180,037

See Notes to Financial Statements. 213

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
UnipolSai SpA		127,476	$	324,314
				30,900,114
Japan — 16.5%
Ajinomoto Co., Inc.		21,000		497,190
Alfresa Holdings Corporation		5,100		100,726
Alps Electric Co., Ltd.		29,200		791,846
Astellas Pharma, Inc.		163,700		2,330,395
Bandai Namco Holdings, Inc.		69,200		1,461,997
Brother Industries, Ltd.		12,700		145,895
Canon, Inc.D		462,950		14,004,252
Central Japan Railway Co.		4,100		727,889
Chiba Bank, Ltd. (The)		30,000		212,887
Chubu Electric Power Co., Inc.		28,700		393,010
COOKPAD, Inc.D		20,100		426,691
Daicel Corporation		27,100		403,300
Daiichi Sankyo Co., Ltd.		23,900		493,289
Daito Trust Construction Co., Ltd.		1,000		115,510
Daiwa House Industry Co., Ltd.		9,100		261,592
Daiwa Securities Group, Inc.		11,000		67,251
DeNA Co., Ltd.		70,000		1,094,544
Denso Corporation		197,500		9,437,636
Don Quijote Holdings Co., Ltd.		43,300		1,520,641
Ezaki Glico Co., Ltd.		3,400		183,681
Fuji Electric Co., Ltd.		1,373,000		5,758,183
Fuji Heavy Industries, Ltd.		56,500		2,327,590
FUJIFILM Holdings Corporation		38,100		1,590,008
Fujitsu, Ltd.		87,000		434,228
Fukuoka Financial Group, Inc.		115,000		570,241
Gunma Bank, Ltd. (The)		12,000		69,771
Hachijuni Bank, Ltd. (The)		35,000		214,200
Haseko Corporation		111,500		1,232,785
Hitachi High-Technologies Corporation		15,200		411,055
Hitachi, Ltd.		843,000		4,776,755
Hokuhoku Financial Group, Inc.		170,000		346,552
Honda Motor Co., Ltd.		487,500		15,581,250
Hoya Corporation		274,400		11,220,925
IHI Corporation		1,265,000		3,492,031
Inpex Corporation		436,800		4,258,325
Isetan Mitsukoshi Holdings, Ltd.		31,700		413,401
Isuzu Motors, Ltd.		40,750		438,985
J. Front Retailing Co., Ltd.		38,100		553,883
Japan Airlines Co., Ltd.		75,700		2,709,523
Japan Real Estate Investment Corporation REIT		13		63,086
Japan Retail Fund Investment Corporation REIT		18		34,630
JSR Corporation		4,500		70,130
JTEKT Corporation		29,100		476,311
Kajima Corporation		16,000		95,223
Kaken Pharmaceutical Co., Ltd.		26,200		1,790,328
Kamigumi Co., Ltd.		8,000		68,878
Kao Corporation		68,700		3,530,407
KDDI Corporation		14,100		366,180
Kewpie Corporation		8,400		207,495
Kobe Steel, Ltd.		507,000		550,864
Koito Manufacturing Co., Ltd.		14,800		606,910

	Shares		Value
Konami Corporation		9,500	$	226,143
Konica Minolta, Inc.		160,500		1,607,437
Kose Corporation		8,900		822,902
Kyowa Hakko Kirin Co., Ltd.		5,000		78,673
M3, Inc.D		208,500		4,323,077
Mabuchi Motor Co., Ltd.		41,300		2,238,250
Mazda Motor Corporation		6,600		136,189
Medipal Holdings Corporation		32,300		550,521
MEIJI Holdings Co., Ltd.		17,800		1,470,274
Mitsubishi Electric Corporation		69,800		732,680
Mitsubishi Estate Co., Ltd.		22,000		457,453
Mitsubishi Motors Corporation		51,000		431,487
Mitsubishi Tanabe Pharma Corporation		24,400		420,379
Mitsubishi UFJ Financial Group, Inc.		189,600		1,174,430
Mitsui Chemicals, Inc.		32,000		141,920
Mitsui Fudosan Co., Ltd.		16,000		401,566
Mixi, Inc.		46,300		1,731,778
MS&AD Insurance Group Holdings, Inc.		61,800		1,812,265
Murata Manufacturing Co., Ltd.		5,300		762,571
Nexon Co., Ltd.		110,900		1,804,092
NHK Spring Co., Ltd.		55,100		552,448
Nintendo Co., Ltd.		4,600		632,547
Nippon Building Fund, Inc. REIT		15		71,678
Nippon Express Co., Ltd.		243,000		1,141,912
Nippon Telegraph & Telephone Corporation		12,600		501,456
Nippon Yusen KK		71,800		174,021
Nitto Denko Corporation		8,000		584,045
NOK Corporation		44,200		1,032,550
Nomura Holdings, Inc.		66,100		368,181
NTN Corporation		93,000		392,150
NTT DOCOMO, Inc.		180,700		3,706,446
Olympus Corporation		15,300		602,341
ORIX Corporation		116,200		1,630,107
Otsuka Corporation		5,300		260,356
Otsuka Holdings Co., Ltd.		23,000		817,166
Pola Orbis Holdings, Inc.		4,700		309,770
Rakuten, Inc.		529,400		6,097,500
Resona Holdings, Inc.		60,200		292,345
Rohm Co., Ltd.		11,400		577,420
Ryohin Keikaku Co., Ltd.		900		182,260
Santen Pharmaceutical Co., Ltd.		11,600		190,976
SBI Holdings, Inc.		128,000		1,381,235
Secom Co., Ltd.		117,700		7,976,501
Seiko Epson Corporation		24,600		378,819
Sekisui House, Ltd.		7,300		122,740
Shimadzu Corporation		31,000		518,938
Shimamura Co., Ltd.		2,100		245,929
Shionogi & Co., Ltd.		57,000		2,578,123
SMC Corporation		18,700		4,857,024
SoftBank Group Corporation		179,700		9,069,532
Sojitz Corporation		267,300		560,950
Sompo Japan Nipponkoa Holdings, Inc.		31,900		1,047,427
Sony Corporation		41,000		1,007,649
Sumitomo Chemical Co., Ltd.		143,000		821,263
Sumitomo Corporation		412,800		4,208,633
Sumitomo Heavy Industries, Ltd.		226,000		1,013,126
Sumitomo Mitsui Financial Group, Inc.		42,100		1,588,898

214 See Notes to Financial Statements.

	Shares		Value
Sumitomo Osaka Cement Co., Ltd.		407,000	$	1,492,665
Sumitomo Realty & Development Co., Ltd.		6,000		171,256
Sumitomo Rubber Industries, Inc.		9,600		124,832
Suzuken Co., Ltd.		9,900		376,222
Sysmex Corporation		1,400		89,803
T&D Holdings, Inc.		13,400		176,793
Takashimaya Co., Ltd.		47,000		423,258
Takeda Pharmaceutical Co., Ltd.		201,500		10,046,683
TDK Corporation		19,000		1,216,835
Teijin, Ltd.		186,000		633,863
Terumo Corporation		7,700		238,649
Tokio Marine Holdings, Inc.		191,700		7,404,341
Tokyo Electric Power Co., Inc.*		332,900		1,916,924
Tokyo Electron, Ltd.		48,800		2,956,540
Tosoh Corporation		67,000		344,649
Toyota Motor Corporation		2,660		163,800
Trend Micro, Inc.		75,400		3,059,516
West Japan Railway Co.		8,900		615,195
Yamaha Corporation		21,500		519,319
Yamazaki Baking Co., Ltd.		18,000		404,744
				210,124,791
Jersey — 0.9%
Glencore PLC*		281,681		373,266
Randgold Resources, Ltd.		1,392		85,757
Shire PLC		17,790		1,220,533
Wolseley PLC		44,645		2,424,814
WPP PLC		292,908		6,737,447
				10,841,817
Netherlands — 6.1%
Aegon NVD		554,390		3,135,348
Airbus Group SED		104,597		7,048,556
Akzo Nobel NV		2,782		185,891
ASML Holding NV		42,317		3,759,949
Boskalis Westminster		8,814		359,544
CNH Industrial NVD		645,051		4,416,782
Delta Lloyd NVD		187,713		1,106,562
Fiat Chrysler Automobiles NVD*		1,055,697		14,661,447
ING Groep NV CVA		1,140,623		15,432,753
Koninklijke Ahold NV		493,557		10,410,873
Koninklijke Philips NV		182,861		4,667,418
NN Group NV		17,631		622,076
Randstad Holding NV		166,966		10,397,265
TNT Express NV		8,789		74,345
Unilever NV CVA		8,357		364,234
Wolters Kluwer NV		47,417		1,592,439
				78,235,482
New Zealand — 0.1%
Spark New Zealand, Ltd.		292,942		661,511
Nigeria — 0.0%
Afriland Properties PLC REIT+*		331,249		—
Norway — 0.7%
Marine Harvest ASA*		65,874		886,323
Orkla ASA		517,563		4,083,015
Schibsted ASA Class A		42,591		1,400,249
Schibsted ASA, B Shares*		45,543		1,451,445

	Shares		Value
Yara International ASA		35,347	$	1,520,213
				9,341,245
Portugal — 0.1%
Jeronimo Martins SGPS SA		107,816		1,402,951
NOS SGPS SA		44,789		352,398
				1,755,349
Russia — 0.2%
Magnit PJSC GDR		47,234		1,899,751
Singapore — 2.3%
Ascendas Real Estate Investment Trust REIT		27,200		43,592
CapitaLand Commercial Trust, Ltd. REIT		34,500		32,733
CapitaLand Mall Trust REIT		46,300		62,824
CapitaLand, Ltd.		85,300		200,497
ComfortDelGro Corporation, Ltd.		52,200		111,774
DBS Group Holdings, Ltd.		314,200		3,682,268
Global Logistic Properties, Ltd.		83,200		125,645
Jardine Cycle & Carriage, Ltd.		201,400		4,923,666
Sembcorp Industries, Ltd.		1,171,000		2,510,015
Singapore Airlines, Ltd.		29,100		229,293
Singapore Exchange, Ltd.		13,600		73,554
Singapore Technologies Engineering, Ltd.		23,600		49,888
Singapore Telecommunications, Ltd.		2,092,200		5,394,246
Suntec Real Estate Investment Trust REIT		40,500		44,107
United Overseas Bank, Ltd.		856,225		11,804,616
UOL Group, Ltd.		25,586		112,135
				29,400,853
South Korea — 1.0%
Celltrion, Inc.*		41,163		2,936,743
Hankook Tire Co., Ltd.*		61,668		2,459,676
NAVER Corporation*		6,801		3,792,506
Shinhan Financial Group Co., Ltd.*		117,586		3,949,920
				13,138,845
Spain — 5.8%
Abengoa SA, B Shares		1,032,478		218,800
ACS Actividades de Construccion y Servicios SA		32,719		957,281
Amadeus IT Holding SA, A Shares		162,637		7,168,207
Banco Bilbao Vizcaya Argentaria SA		85,125		621,994
Banco de Sabadell SA		2,338,800		4,145,057
Banco Popular Espanol SAD		1,453,006		4,787,514
Banco Santander SA		1,957,057		9,627,541
Distribuidora Internacional de Alimentacion SA*		271,667		1,602,326
Ebro Foods SA		255,008		5,016,242
Endesa SA		64,157		1,288,898
Gamesa Corporacion Tecnologica SA		115,741		1,981,492
Iberdrola SA		1,698,013		12,037,232
Industria de Diseno Textil SA		428,419		14,718,040
International Consolidated Airlines Group		172,401		1,550,079
Mediaset Espana Comunicacion SA*		51,545		560,803

See Notes to Financial Statements. 215

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Repsol SA		5,941	$	65,407
Telefonica SAD*		656,275		7,280,706
				73,627,619
Sweden — 3.9%
Alfa Laval AB		121,936		2,226,071
Atlas Copco AB, A Shares		281,737		6,909,545
BillerudKorsnas AB		34,154		632,075
Boliden AB		82,290		1,378,703
Electrolux AB, Series B		68,858		1,661,365
Elekta AB, B Shares		228,120		1,938,303
Hennes & Mauritz AB, B Shares		173,191		6,160,454
Hexpol AB		44,700		479,284
Investment AB Kinnevik, B Shares		197,222		6,074,691
Investor AB, B Shares		3,071		112,860
NCC AB, B Shares		2,720		84,383
Skanska AB, B Shares		37,287		723,129
Svenska Cellulosa AB SCA Class B		113,715		3,295,474
Svenska Handelsbanken AB, A Shares		337,607		4,483,922
Tele2 AB, B Shares		94,351		940,914
Telefonaktiebolaget LM Ericsson, B Shares		418,345		4,033,392
TeliaSonera AB		1,674,953		8,317,623
				49,452,188
Switzerland — 10.2%
ABB, Ltd.*		691,028		12,333,202
ABB, Ltd. ADRD*		77,500		1,374,075
Actelion, Ltd.*		1,878		260,936
Adecco SA*		17,548		1,201,033
Baloise Holding AG		3,839		486,549
Cie Financiere Richemont SAD		62,719		4,488,983
Coca-Cola HBC AG*		6,141		130,778
Credit Suisse Group AG*		228,014		4,911,869
Galenica AG		1,031		1,613,051
GAM Holding AG*		16,379		271,115
Helvetia Holding AG		4,060		2,287,033
Julius Baer Group, Ltd.*		2,768		133,908
Lonza Group AG*		15,528		2,525,395
Nestle SA		231,445		17,181,378
Novartis AG		239,765		20,624,412
OC Oerlikon Corporation AG*		258,860		2,304,226
Roche Holding AG		67,447		18,690,131
Swiss Life Holding AG*		25,237		6,797,582
Swiss Re AG*		24,435		2,386,476
Syngenta AG		39,127		15,314,430
UBS Group AG*		373,283		7,241,493
Zurich Insurance Group AG*		32,078		8,240,839
				130,798,894
Taiwan — 1.1%
Taiwan Semiconductor Manufacturing Co., Ltd. ADRD		487,023		11,079,773
Teco Electric and Machinery Co., Ltd.		2,918,500		2,325,551
				13,405,324

	Shares		Value
Thailand — 0.3%
Bangkok Bank PCL		166,500	$	710,974
Charoen Pokphand Foods PCL		4,879,100		2,481,243
				3,192,217
Turkey — 0.2%
BIM Birlesik Magazalar AS		148,297		2,610,344
Türkiye Garanti Bankasi AS		—		1
Yapi ve Kredi Bankasi AS		1		1
				2,610,346
United Kingdom — 17.4%
3i Group PLC		34,312		243,061
Aggreko PLC		166,340		2,239,235
Amec Foster Wheeler PLC		444,158		2,803,835
ARM Holdings PLC		472,909		7,208,136
AstraZeneca PLC		79,808		5,390,852
Aviva PLC		83,758		635,767
BAE Systems PLC		146,860		1,081,266
Barclays PLC		201,026		647,060
Barratt Developments PLC		47,811		440,567
Berkeley Group Holdings PLC		49,418		2,686,553
BG Group PLC		523,643		7,590,691
BP PLC		2,351,129		12,218,151
BP PLC ADR		72,500		2,266,350
British Land Co. PLC (The) REIT		18,907		218,772
Britvic PLC		6,566		70,350
BT Group PLC		351,297		2,439,272
Close Brothers Group PLC		5,093		100,432
Compass Group PLC		751,194		13,016,937
Dairy Crest Group PLCD		640,153		6,406,786
Dialog Semiconductor PLC*		13,083		436,564
DS Smith PLC		1,631,616		9,544,305
G4S PLC		1,849,548		6,143,847
GKN PLC		197,336		895,490
GlaxoSmithKline PLC		818,820		16,536,860
Hammerson PLC REIT		15,352		135,718
Hikma Pharmaceuticals PLC		2,765		93,733
Howden Joinery Group PLC		37,643		291,661
HSBC Holdings PLC		991,675		7,828,544
ICAP PLC		9,687		72,712
Inchcape PLC		114,021		1,315,546
Intermediate Capital Group PLC		131,408		1,211,398
Intu Properties PLC REIT		18,465		86,268
Investec PLC		31,016		218,695
ITV PLC		623,301		2,537,693
John Wood Group PLC		20,744		186,826
Just Eat PLC*		38,508		279,607
Kingfisher PLC		1,858,236		9,000,391
Land Securities Group PLC REIT		15,437		267,602
Lloyds Banking Group PLC		2,911,636		3,132,925
London Stock Exchange Group PLC		5,849		236,641
Man Strategic Holdings PLC		1,496,863		3,850,716
Mondi PLC		79,732		1,562,815
National Grid PLC		1,140,726		15,732,517
Ocado Group PLCD*		302,908		1,353,319
Pearson PLC		335,221		3,623,913
Persimmon PLC*		99,497		2,968,346
Prudential PLC		297,333		6,698,802
Reckitt Benckiser Group PLC		16,774		1,552,046

216 See Notes to Financial Statements.

	Shares			Value
RELX PLC		20,897		$	368,540
Rexam PLC		12,257			109,327
Rolls-Royce Holdings PLC+*		130,903,430			192,979
Rolls-Royce Holdings PLC *		1,457,011			12,341,573
Royal Dutch Shell PLC, A SharesD		314,941			7,173,626
Royal Dutch Shell PLC, B Shares		41,902			954,991
Royal Mail PLC		41,496			271,795
RSA Insurance Group PLC		19,189			120,438
Sage Group PLC (The)		86,075			764,787
Segro PLC REIT		14,592			92,346
Sky PLC		360,716			5,913,164
Standard Chartered PLC		247,211			2,051,160
Tate & Lyle PLC		20,521			180,757
Taylor Wimpey PLC		1,123,368			3,358,176
Tesco PLC*		3,135,727			6,890,100
Thomas Cook Group PLC*		42,293			75,464
Travis Perkins PLC		76,727			2,225,900
Unilever PLC		241,382			10,353,458
Vodafone Group PLC		1,144,428			3,711,136
					222,649,290
United States of America — 0.8%
Joy Global, Inc.D		19,800			249,678
MercadoLibre, Inc.D		27,573			3,152,697
Yum! Brands, Inc.		85,985			6,281,204
					9,683,579
Total Foreign Common Stocks (Cost $1,276,398,756)					1,268,216,594
FOREIGN PREFERRED STOCK — 0.0%
Germany — 0.0%
Porsche Automobil Holding SE
2.01%, 05/14/15 (Cost $625,146)		6,053			325,759
RIGHTS — 0.0%
Ascendas Real Estate+
(Cost $0)		1,020			—
WARRANT — 0.0%
Sun Hung Kai Properties, Ltd.*
(Cost $0)		1			—
MONEY MARKET FUNDS — 12.6%
GuideStone Money Market Fund (Investor Class)¥		68,102,593			68,102,593
Northern Institutional Liquid Assets Portfolio§		93,208,109			93,208,109
Total Money Market Funds (Cost $161,310,702)					161,310,702
TOTAL INVESTMENTS — 112.0% (Cost $1,438,334,604)					1,429,853,055
FOREIGN COMMON STOCKS SOLD SHORT — (5.2)%
Australia — (0.4)%
ALS, Ltd.		(141,605	)		(385,374	)
Alumina, Ltd.		(1,129,592	)		(942,689	)
Newcrest Mining, Ltd.*		(103,073	)		(975,297	)
REA Group, Ltd.		(23,737	)		(944,445	)
Seek, Ltd.		(105,661	)		(1,176,021	)
Sydney Airport		(35,518	)		(163,465	)
TPG Telecom, Ltd.		(13,280	)		(95,080	)

	Shares			Value
Transurban Group		(46,106	)	$	(349,480	)
Transurban Group +*		(2,488	)		(18,929	)
					(5,050,780	)
Finland — (0.1)%
Neste Oil OYJ		(10,846	)		(323,710	)
Nokian Renkaat OYJ		(19,994	)		(713,815	)
Outokumpu OYJ*		(114,926	)		(336,666	)
					(1,374,191	)
France — (0.6)%
Bollore SA		(385,854	)		(1,797,948	)
Casino Guichard Perrachon SA		(9,724	)		(446,730	)
Edenred		(96,128	)		(1,817,123	)
Electricite de France SA		(74,082	)		(1,091,047	)
Groupe Eurotunnel SE		(8,717	)		(108,450	)
Kering		(3,801	)		(649,879	)
Plastic Omnium SA		(4,413	)		(140,276	)
Technip SA		(18,834	)		(936,625	)
Vallourec SA		(68,870	)		(641,167	)
Zodiac Aerospace*		(4,299	)		(102,361	)
					(7,731,606	)
Germany — (0.2)%
Adidas AG		(1,207	)		(117,151	)
Bilfinger SE		(22,485	)		(1,056,678	)
Fraport AG Frankfurt Airport Services Worldwide		(3,373	)		(215,105	)
MAN SE		(1,105	)		(111,044	)
RWE AG		(52,571	)		(662,786	)
Telefonica Deutschland Holding AG		(63,311	)		(333,947	)
					(2,496,711	)
Ireland — 0.0%
James Hardie Industries PLC		(19,437	)		(245,060	)
Italy — (0.3)%
Atlantia SpA		(12,157	)		(321,657	)
Banca Mediolanum SpA		(19,429	)		(154,347	)
Enel Green Power SpA		(235,852	)		(479,388	)
Saipem SpA*		(130,223	)		(1,052,568	)
Salvatore Ferragamo SpA		(85,314	)		(1,999,611	)
					(4,007,571	)
Japan — (1.3)%
Acom Co., Ltd.*		(130,100	)		(612,643	)
AEON Financial Service Co., Ltd.		(36,900	)		(824,299	)
Chugoku Electric Power Co., Inc. (The)		(16,700	)		(220,496	)
Denso Corporation		(2,400	)		(114,685	)
Electric Power Development Co., Ltd.		(10,700	)		(381,098	)
Honda Motor Co., Ltd.		(6,700	)		(214,142	)
Idemitsu Kosan Co., Ltd.		(11,600	)		(185,219	)
IHI Corporation		(124,000	)		(342,302	)
Inpex Corporation		(41,900	)		(408,479	)
Japan Airport Terminal Co., Ltd.		(9,900	)		(438,264	)
Kakaku.com, Inc.		(71,100	)		(1,398,509	)
Keikyu Corporation		(16,000	)		(132,212	)
Kyushu Electric Power Co., Inc.*		(245,700	)		(2,677,911	)
LIXIL Group Corporation		(12,400	)		(275,400	)
Marubeni Corporation		(89,400	)		(459,614	)

See Notes to Financial Statements. 217

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares			Value
Mitsubishi Logistics Corporation		(7,000	)	$	(92,233	)
Mitsui & Co., Ltd.		(7,400	)		(87,927	)
Nagoya Railroad Co., Ltd.		(31,000	)		(129,025	)
NGK Spark Plug Co., Ltd.		(14,500	)		(381,763	)
Nikon Corporation		(40,700	)		(545,114	)
Nippon Paint Holdings Co., Ltd.		(35,100	)		(849,492	)
Nissin Foods Holdings Co., Ltd.		(3,800	)		(201,642	)
Ricoh Co., Ltd.		(128,700	)		(1,325,199	)
Rinnai Corporation		(15,000	)		(1,329,052	)
Seven Bank, Ltd.		(64,500	)		(282,865	)
Shikoku Electric Power Co., Inc.		(41,000	)		(640,472	)
Stanley Electric Co., Ltd.		(4,200	)		(92,138	)
Sumitomo Corporation		(37,900	)		(386,403	)
Toyota Tsusho Corporation		(7,000	)		(163,750	)
Yakult Honsha Co., Ltd.		(5,400	)		(264,301	)
Yaskawa Electric Corporation		(70,400	)		(957,911	)
					(16,414,560	)
Luxembourg — (0.3)%
ArcelorMittal		(208,174	)		(878,333	)
Millicom International Cellular SA		(13,493	)		(774,230	)
Tenaris SA		(208,030	)		(2,463,369	)
					(4,115,932	)
Netherlands — (0.4)%
CNH Industrial NV		(132,303	)		(906,141	)
Delta Lloyd NV		(49,546	)		(292,072	)
Fugro NV*		(15,428	)		(253,052	)
Gemalto NV		(5,220	)		(313,212	)
Koninklijke Vopak NV		(25,164	)		(1,083,689	)
OCI NV*		(4,460	)		(110,125	)
Qiagen NV*		(4,376	)		(118,609	)
SBM Offshore NV*		(155,097	)		(1,959,310	)
					(5,036,210	)
Norway — (0.3)%
Schibsted ASA Class A		(54,630	)		(1,796,050	)
Schibsted ASA, B Shares*		(47,540	)		(1,515,089	)
					(3,311,139	)
Portugal — 0.0%
Banco Comercial Portugues SA*		(5,368,850	)		(284,514	)
Spain — (0.3)%
Abertis Infraestructuras SA		(32,412	)		(506,907	)
Aena SA 144A*		(13,353	)		(1,529,049	)
Applus Services SA		(16,339	)		(147,854	)

	Shares			Value
Atresmedia Corporation de Medios de Comunicacion SA		(20,514	)	$	(218,519	)
CaixaBank SA		(57,801	)		(201,184	)
Cellnex Telecom SAU 144A		(22,121	)		(413,598	)
Zardoya Otis SA		(83,618	)		(977,954	)
					(3,995,065	)
Sweden — (0.1)%
Alfa Laval AB		(20,144	)		(367,750	)
Meda AB, A Shares		(17,320	)		(218,351	)
Modern Times Group MTG AB, B Shares		(2,545	)		(64,984	)
					(651,085	)
Switzerland — (0.2)%
Aryzta AG*		(5,121	)		(259,065	)
Barry Callebaut AG*		(322	)		(349,763	)
Cie Financiere Richemont SA		(14,972	)		(1,071,590	)
Dufry AG*		(6,509	)		(774,456	)
Flughafen Zuerich AG		(95	)		(71,280	)
Swatch Group AG (The)		(1,126	)		(391,020	)
					(2,917,174	)
United Kingdom — (0.7)%
Admiral Group PLC		(36,464	)		(891,026	)
Aggreko PLC		(28,123	)		(378,586	)
Anglo American PLC*		(122,517	)		(537,511	)
Antofagasta PLC		(222,637	)		(1,531,486	)
BTG PLC*		(37,762	)		(382,642	)
Drax Group PLC		(107,290	)		(386,288	)
Hargreaves Lansdown PLC		(94,809	)		(2,104,832	)
Intertek Group PLC		(1,807	)		(73,919	)
Ocado Group PLC*		(26,456	)		(118,199	)
Pennon Group PLC		(9,640	)		(122,298	)
Serco Group PLC*		(655,011	)		(911,487	)
Severn Trent PLC		(7,701	)		(246,176	)
Sports Direct International PLC*		(14,705	)		(124,965	)
St. James’s Place PLC		(10,640	)		(157,704	)
Standard Life PLC		(44,970	)		(257,523	)
Tesco PLC*		(66,990	)		(147,196	)
					(8,371,838	)
Total Foreign Common Stocks Sold Short (Proceeds $(73,152,298))					(66,003,436	)
Liabilities in Excess of Other Assets — (6.8)%					(87,144,196	)
NET ASSETS — 100.0%				$	1,276,705,423

Swap agreements outstanding at December 31, 2015:

Reference Obligation	Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Total Return Swap
Bank of East Asia Ltd.		11/23/16		GS		HKD		1,084,770	$	333		$	—	$	333
HKT Trust		11/23/16		GS		HKD		564,726		(1,777	)		—		(1,777	)
Total Swap agreement outstanding at December 31, 2015									$	(1,444	)	$	—	$	(1,444	)

218 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Othe Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Foreign Common Stocks:
Australia		$	21,864,149		$	—		$	21,864,149		$	—
Austria			5,586,559			—			5,586,559			—
Belgium			5,635,493			—			5,635,493			—
Bermuda			6,802,782			2,464,726			4,338,056			—
Brazil			4,915,456			4,915,456			—			—
Canada			7,345,370			7,345,370			—			—
China			45,870,734			d30,800,019			15,070,715			—
Denmark			25,071,208			—			25,071,208			—
Finland			3,996,776			—			3,996,776			—
France			96,660,397			—			96,660,397			—
Germany			103,352,429			4,535,473			98,816,956			—
Hong Kong			30,800,433			—			30,800,433			—
India			5,417,641			—			5,417,641			—
Indonesia			1,077,980			—			1,077,980			—
Ireland			12,099,972			—			12,099,972			—
Italy			30,900,114			—			30,900,114			—
Japan			210,124,791			—			210,124,791			—
Jersey			10,841,817			—			10,841,817			—
Netherlands			78,235,482			16,680,031			61,555,451			—
New Zealand			661,511			—			661,511			—
Nigeria			—			—			—			—
Norway			9,341,245			1,451,445			7,889,800			—
Portugal			1,755,349			—			1,755,349			—
Russia			1,899,751			1,899,751			—			—
Singapore			29,400,853			—			29,400,853			—
South Korea			13,138,845			—			13,138,845			—
Spain			73,627,619			218,800			73,408,819			—
Sweden			49,452,188			—			49,452,188			—
Switzerland			130,798,894			1,374,075			129,424,819			—
Taiwan			13,405,324			11,079,773			2,325,551			—
Thailand			3,192,217			2,481,243			710,974			—
Turkey			2,610,346			—			2,610,346			—
United Kingdom			222,649,290			2,266,350			220,189,961			192,979
United States of America			9,683,579			9,683,579			—			—
Foreign Preferred Stock:
Germany			325,759			—			325,759			—
Money Market Funds			161,310,702			161,310,702			—			—
Warrant			—			—			—			—
Rights			—			—			—			—
Total Assets - Investments in Securities		$	1,429,853,055		$	258,506,793		$	1,171,153,283		$	192,979
Other Financial Instruments***
Forward Foreign Currency Contracts		$	3,475,346		$	—		$	3,475,346		$	—
Futures Contracts			1,035,348			1,035,348			—			—
Total Assets - Other Financial Instruments		$	4,510,694		$	1,035,348		$	3,475,346		$	—

See Notes to Financial Statements. 219

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		$	(5,050,780	)		$	—			$	(5,050,780	)		$	—
Finland			(1,374,191	)			—				(1,374,191	)			—
France			(7,731,606	)			—				(7,731,606	)			—
Germany			(2,496,711	)			—				(2,496,711	)			—
Ireland			(245,060	)			—				(245,060	)			—
Italy			(4,007,571	)			(154,347	)			(3,853,224	)			—
Japan			(16,414,560	)			—				(16,414,560	)			—
Luxembourg			(4,115,932	)			—				(4,115,932	)			—
Netherlands			(5,036,210	)			—				(5,036,210	)			—
Norway			(3,311,139	)			(1,515,089	)			(1,796,050	)			—
Portugal			(284,514	)			—				(284,514	)			—
Spain			(3,995,065	)			—				(3,995,065	)			—
Sweden			(651,085	)			—				(651,085	)			—
Switzerland			(2,917,174	)			—				(2,917,174	)			—
United Kingdom			(8,371,838	)			—				(8,371,838	)			—
Total Liabilities - Investments in Securities		$	(66,003,436	)		$	(1,669,436	)		$	(64,334,000	)		$	—
Other Financial Instruments***
Swap Agreements			(1,444	)			—				(1,444	)			—
Total Liabilities - Other Financial Instruments		$	(1,444	)		$	—			$	(1,444	)		$	—

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

The Fund had securities that transferred from Level 1 to Level 2 of the fair value hierarchy as a result of foreign equities that were being valued based on quoted prices at December 31, 2014 that are now being fair valued. The value of the securities that were transferred to Level 2 as of December 31, 2015 is $14,722,944.

The Fund had securities that transferred from Level 2 to Level 1 of the fair value hierarchy as a result of foreign equities that were fair valued at December 31, 2014 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 1 as of December 31, 2015 is $15,432,753.

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 December 31, 2015.

220 See Notes to Financial Statements.

Emerging Markets Equity Fund (Unaudited)

Emerging markets experienced a difficult year and continued to face the headwinds of slower Chinese growth, weak commodity prices and a strong U.S. dollar. The MSCI Emerging Markets Index (Net) posted a small gain of 0.66% in the fourth quarter but was down -14.92% for the year, making it the weakest period since 2011. The worst performance was experienced in countries such as Greece, Brazil and Columbia, while Russia and Hungary were among the few positive performing countries for the year. All sectors were negative and seven of the ten groups experienced double-digit declines for the one-year period. The materials and utilities sectors were the worst performers, while the technology and health care sectors were the stronger performing sectors for calendar year 2015.

The Emerging Markets Equity Fund is actively managed and invests mainly in a diversified portfolio of stocks of foreign companies of any market capitalization located in emerging markets. The Investor Class of the Fund underperformed its benchmark, the MSCI Emerging Markets Index (Net), for the one-year period ended December 31, 2015 (-19.14% versus -14.92%). On a country basis, security selection in Brazil and South Africa detracted from benchmark-relative performance, while underweight exposure and security selection to China positively impacted performance. On a sector basis, security selection to the materials, energy and consumer staples sectors detracted from benchmark-relative returns, while security selection to the financials sector was one of the few contributors to benchmark-relative returns during the one-year period.

Within the Fund, certain derivatives were utilized to express active views in currency and country selection. These derivative positions primarily included currency forward contracts, stock index futures and stock index future swaps. Overall, derivative exposure had a slight negative impact on Fund performance over the course of the year.

This Fund may be suitable to investors who seek higher, long-term rates of return, can accept significant short-term fluctuations in account value and want to diversify their portfolio with emerging market stocks. The Fund invests in emerging market securities which involves certain risks such as currency volatility, political and social instability and reduced market liquidity. Medium and small companies have limited product lines, markets and financial resources, and their stocks historically have been more volatile and less liquid than large company stocks. To the extent that the investment advisor misjudges current market conditions, the Fund’s volatility may be amplified by its use of derivatives, and by its ability to select sub-advisers to allocate assets. Some derivatives may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value of the Fund generally to decline faster than it would otherwise. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and may reduce its returns. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Financial Services		28.4
Technology		26.1
Money Market Funds		12.6
Consumer Discretionary		10.4
Consumer Staples		8.7
Materials & Processing		6.2
Energy		3.5
Producer Durables		3.4
Healthcare		2.9
Foreign Preferred Stocks		2.1
Utilities		0.9
Rights		—	**
		105.2

**Rounds to less than 0.005%

221

Emerging Markets Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional Class*	Investor Class*	Benchmark**
One Year	-18.93%	-19.14%	-14.92%
Since Inception	-12.02%	-12.22%	-9.36%
Inception Date	10/31/13	10/31/13
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	1.30%	1.57%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund since October 31, 2013 (commencement of operations), with all dividends and capital gains reinvested, with the MSCI EM Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

222

EMERGING MARKETS EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
FOREIGN COMMON STOCKS — 90.5%
Argentina — 0.2%
Banco Macro SA ADR*		8,435	$	490,242
Austria — 0.2%
Vienna Insurance Group AG Wiener Versicherung Gruppe		23,188		634,265
Bermuda — 1.2%
Credicorp, Ltd.D		18,687		1,818,619
GOME Electrical Appliances Holdings, Ltd.		4,615,000		765,013
Kosmos Energy, Ltd.*		84,300		438,360
Nine Dragons Paper Holdings, Ltd.		820,000		481,522
				3,503,514
Brazil — 3.3%
Banco Bradesco SA ADRD		92,925		446,969
Banco do Brasil SA		60,600		225,781
Banco Santander Brasil SA ADR D		244,404		950,732
BM&FBovespa SA		124,000		341,323
BRF SA		78,200		1,095,047
BTG Pactual Group		108,100		409,858
CCR SA		112,100		355,603
Cia Brasileira de Distribuicao ADRD		18,947		199,322
CiaEnergeticade Minas Gerais ADRD		14,018		21,027
Itau Unibanco Holding SA ADR Class HD		187,567		1,221,061
JBS SA		524,000		1,635,741
Linx SA		28,000		313,529
Natura Cosmeticos SA		9,200		54,625
Odontoprev SA		104,000		248,417
Porto Seguro SA		11,800		85,870
Rumo Logistica Operadora Multimodal SA*		112,004		176,658
TOTVS SA		67,500		529,422
Tractebel Energia SA		93,000		787,253
Ultrapar Participacoes SA		50,400		770,093
Ultrapar Participacoes SA ADRD		7,704		117,486
				9,985,817
Canada — 0.5%
First Quantum Minerals, Ltd.		301,902		1,130,196
Platinum Group Metals, Ltd.*		432,000		60,880
Torex Gold Resources, Inc.D*		343,450		312,747
				1,503,823
Chile — 0.7%
Banco de Chile ADRD		3,452		205,083
Banco Santander Chile ADRD		28,952		510,713
Cencosud SA		94,285		188,288
Embotelladora Andina SA ADR Class BD		41,783		727,442
Enersis SA ADRD		35,984		437,206
Latam Airlines Group SA ADRD*		13,442		72,453
				2,141,185
China — 14.0%
AAC Technologies Holdings, Inc.		194,500		1,265,291
Air China, Ltd. Class H		1,010,000		792,140

	Shares		Value
Alibaba Group Holding, Ltd. ADRD*		41,878	$	3,403,425
Anhui Conch Cement Co., Ltd. Class HD		1,299,500		3,473,665
ANTA Sports Products, Ltd.		332,000		907,643
AviChina Industry & Technology Co., Ltd. Class H		289,000		225,818
Baidu, Inc. ADRD*		5,042		953,140
Bank of China, Ltd. Class H		1,986,000		881,215
Bank of Communications Co., Ltd. Class H		1,088,000		762,990
China Cinda Asset Management Co., Ltd. Class H		2,122,000		781,021
China CITIC Bank Corporation, Ltd. Class H*		717,000		462,116
China Communications Construction Co., Ltd. Class H		158,426		160,519
China Communications Services Corporation, Ltd. Class H		78,000		29,177
China Construction Bank Corporation Class H		3,173,000		2,164,456
China Everbright Bank Co., Ltd. Class H		190,000		91,999
China Galaxy Securities Co., Ltd. Class H		41,000		37,262
China Life Insurance Co., Ltd. Class H		202,000		648,460
China Longyuan Power Group Corporation, Ltd. Class H		46,605		35,046
China Merchants Bank Co., Ltd. Class H		350,314		820,029
China Petroleum & Chemical Corporation Class H		164,000		98,486
China Shenhua Energy Co., Ltd. Class H		276,000		430,974
China Southern Airlines Co., Ltd. Class H		367,273		283,131
China Telecom Corporation, Ltd. Class H		192,000		89,562
China Vanke Co., Ltd. Class H+@		79,800		237,166
Chongqing Rural Commercial Bank Co., Ltd. Class H		513,000		308,118
Country Garden Holdings Co., Ltd.		121,000		49,315
Ctrip.com International, Ltd. ADRD*		5,294		245,271
Dalian Wanda Commercial Properties Co., Ltd. Class H 144A		36,100		209,525
Dongfeng Motor Group Co., Ltd. Class H		826,000		1,094,217
Evergrande Real Estate Group, Ltd.D		342,000		299,412
Fuyao Glass Industry Group Co., Ltd. Class H 144A*		271,600		652,308
Geely Automobile Holdings, Ltd.		3,225,000		1,704,114
Great Wall Motor Co., Ltd. Class H		297,500		343,620
Huadian Power International Corporation, Ltd. Class H		168,000		108,709
Industrial & Commercial Bankof China, Ltd. Class H		7,343,000		4,401,531
JD.com, Inc. ADRD*		6,331		204,270

See Notes to Financial Statements. 223

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Kingsoft Corporation, Ltd.		85,000		$	206,408
Longfor Properties Co., Ltd.		894,000			1,329,649
Mindray Medical International, Ltd. ADR		24,685			669,457
NetEase, Inc. ADR		1,447			262,254
People’s Insurance Co. Groupof China, Ltd. (The) Class H		1,910,000			929,931
PICC Property & Casualty Co., Ltd. Class H		432,000			852,559
Qinhuangdao Port Co., Ltd. Class H		550,000			258,683
Semiconductor Manufacturing International Corporation*		1,562,000			158,848
Sinopec Shanghai Petrochemical Co., Ltd. Class H*		542,000			214,364
Sinopharm Group Co., Ltd. Class H		218,000			870,305
Tencent Holdings, Ltd.		154,000			3,015,318
Tingyi Cayman Islands Holding CorporationD		1,594,000			2,264,565
Weichai Power Co., Ltd. Class H		626,000			689,388
Wumart Stores, Inc. Class H+*		496,000			394,117
Zhejiang Expressway Co., Ltd. Class H		136,000			162,499
Zhuzhou CSR Times Electric Co., Ltd. Class H		109,000			628,555
					41,562,041
Colombia — 0.3%
Bancolombia SA		82,896			547,853
Bancolombia SA ADRD		9,155			244,896
					792,749
Cyprus — 0.1%
Global Ports Investments PLC GDR*		49,037			159,370
QIWI PLC ADRD		10,520			188,834
					348,204
Egypt — 0.1%
ElSewedy Electric Co.		82,700			389,261
Estonia — 0.1%
Tallink Grupp AS		399,345			371,930
Hong Kong — 6.2%
AIA Group, Ltd.		451,758			2,699,292
ASM Pacific Technology, Ltd.		207,200			1,617,713
Belle International Holdings, Ltd.		967,000			723,516
China Agri-Industries Holdings, Ltd.D*		93,597			31,930
China Everbright International, Ltd.D		64,000			81,836
China Mengniu Dairy Co., Ltd.		1,203,000			1,952,879
China Merchants Holdings International Co., Ltd.		30,000			94,886
China Mobile, Ltd.		370,500			4,170,387
China Overseas Land & Investment, Ltd.D		966,000			3,362,996
China Resources Land, Ltd.		176,000			509,292
China Taiping Insurance Holdings Co., Ltd.*		169,400			519,975
CNOOC, Ltd.		530,000			551,611

	Shares		Value
CSPC Pharmaceutical Group, Ltd.		98,000		$	99,912
Far East Horizon, Ltd.		58,000			53,736
Shimao Property Holdings, Ltd.		36,000			63,459
Sino Biopharmaceutical, Ltd.		436,000			394,195
Sino-Ocean Land Holdings, Ltd.		78,000			49,734
WH Group, Ltd. 144A*		2,869,000			1,596,800
					18,574,149
Hungary — 0.4%
OTP Bank PLC		57,190			1,175,905
India — 8.4%
Ambuja Cements, Ltd.		75,165			229,861
Aurobindo Pharma, Ltd.		24,452			322,511
Axis Bank, Ltd.		615,587			4,152,293
Bajaj Auto, Ltd.		2,129			81,224
Bharat Petroleum Corporation, Ltd.		16,532			222,060
Dabur India, Ltd.		259,276			1,083,309
Divi’s Laboratories, Ltd.		26,351			459,121
Dr. Reddy’s Laboratories, Ltd.		28,216			1,324,626
Eicher Motors, Ltd.		173			43,916
Glenmark Pharmaceuticals, Ltd.		7,003			97,227
Godrej Consumer Products, Ltd.		14,426			286,872
HCL Technologies, Ltd.		32,364			417,397
Hero MotoCorp, Ltd.		40,611			1,647,890
Housing Development Finance Corporation, Ltd.		14,437			274,589
Idea Cellular, Ltd.		123,390			267,005
Indiabulls Housing Finance, Ltd.		12,003			133,122
Indraprastha Gas, Ltd.		20,722			165,032
Infosys, Ltd.		115,431			1,923,489
Infosys, Ltd. ADR D		130,049			2,178,321
Kotak Mahindra Bank, Ltd.		293,144			3,175,174
LIC Housing Finance, Ltd.		30,007			231,019
Marico, Ltd.		117,564			401,286
Motherson Sumi Systems, Ltd.		127,015			560,837
Nestle India, Ltd.		848			74,548
Power Finance Corporation, Ltd.		215,254			651,481
Siemens, Ltd.		1,860			33,657
State Bank of India		30,737			103,869
Tata Consultancy Services, Ltd.		108,575			3,991,605
Tata Motors, Ltd. ADRD*		9,986			294,287
Wipro, Ltd.		29,949			252,416
					25,080,044
Indonesia — 1.5%
PT Astra Agro Lestari Tbk		53,903			61,444
PT Astra International Tbk		40,723			17,541
PT Bank Central Asia Tbk		409,200			392,046
PT Bank Mandiri Persero Tbk		135,000			89,645
PT Bank Negara Indonesia Persero Tbk		1,232,700			441,329
PT Bank Rakyat Indonesia Persero Tbk		269,400			221,097
PT Bank Tabungan Pensiunan Nasional Tbk@*		237,000			41,262
PT Indofood Sukses Makmur Tbk		603,235			224,536
PT Kalbe Farma Tbk		864,400			82,243
PT Lippo Karawaci Tbk		1,182,900			88,529

224 See Notes to Financial Statements.

	Shares		Value
PT Matahari Department Store Tbk		306,583		$	388,114
PT Ramayana Lestari Sentosa Tbk		3,631,300			169,381
PT Semen Indonesia Persero Tbk		1,039,700			851,921
PT Telekomunikasi Indonesia Persero Tbk ADRD		10,932			485,381
PT Unilever Indonesia Tbk		53,700			143,348
PT United Tractors Tbk		701,669			854,361
					4,552,178
Isle of Man (U.K.) — 0.1%
New Europe Property Investments PLC		14,284			164,231
Jersey — 0.1%
West China Cement, Ltd.		1,414,000			290,806
Kenya — 0.5%
Equity Group Holdings, Ltd.		1,634,223			638,458
Safaricom, Ltd.		6,315,400			1,006,266
					1,644,724
Luxembourg — 0.2%
O’Key Group SA GDR		6,025			12,050
Ternium SA ADR		42,528			528,623
					540,673
Malaysia — 1.3%
AirAsia Bhd		2,187,700			654,479
AMMB Holdings Bhd		188,467			198,333
Astro Malaysia Holdings Bhd		161,358			103,415
Axiata Group Bhd		84,800			126,372
CIMB Group Holdings Bhd		84,291			88,875
IHH Healthcare Bhd		242,300			371,337
Lafarge Malaysia Bhd		86,100			178,076
Malayan Banking Bhd		185,100			361,466
Petronas Chemicals Group Bhd		416,300			703,196
Petronas Dagangan Bhd		3,900			22,582
Public Bank Bhd		68,100			293,430
Tenaga Nasional Bhd		148,100			458,546
Westports Holdings Bhd		356,400			341,013
					3,901,120
Malta — 0.1%
Brait SE*		23,428			252,759
Mexico — 4.1%
Alfa SAB de CV Class A		254,100			502,760
America Movil SAB de CV ADR Class LD		81,757			1,149,503
America Movil SAB de CV, Series L		718,703			505,421
Arca Continental SAB de CV		67,600			410,593
Cemex SAB de CV ADRD*		28,878			160,851
Corp Moctezuma SAB de CV		199,309			635,356
El Puerto de Liverpool SAB de CV Class C1		13,121			159,961
Fibra Uno Administracion SA de CV REIT		153,900			339,242
Genomma Lab Internacional SAB de CV Class B*		655,200			526,532
Gentera SAB de CV		54,100			104,687
Gruma SAB de CV Class B		98,600			1,383,072
Grupo Financiero Banorte SAB de CV Class O		526,387			2,901,245

	Shares		Value
Grupo Financiero Inbursa SAB de CV Class O		420,700		$	759,162
Grupo Lala SAB de CV		21,300			49,522
Grupo Televisa SAB ADR		14,876			404,776
Kimberly-Clark de Mexico SAB de CV Class A		90,600			212,221
Megacable Holdings SAB de CV		289,900			1,079,734
OHL Mexico SAB de CV*		138,051			144,503
Telesites SAB*		188,150			122,380
Wal-Mart de Mexico SAB de CV		276,900			698,737
					12,250,258
Mongolia — 0.0%
Mongolian Mining CorporationD*		4,213,750			94,622
Morocco & Antilles — 0.1%
Attijariwafa Bank		7,003			238,693
Netherlands — 1.0%
OCI NV*		34,397			849,319
Steinhoff International Holdings NV@		8,590			43,608
X5 Retail Group NV GDR*		106,350			2,015,333
					2,908,260
Nigeria — 0.7%
FCMB Group PLC@		12,000,000			101,884
Guaranty Trust Bank PLC		14,478,359			1,322,364
Nestle Nigeria PLC		134,884			582,769
United Bank for Africa PLC		7,896,545			134,089
					2,141,106
Philippines — 1.0%
Bank of the Philippine Islands		271,043			482,750
International Container Terminal Services, Inc.		573,060			853,580
Universal Robina Corporation		394,850			1,558,092
					2,894,422
Poland — 1.2%
Alior Bank SA*		45,850			777,287
Bank Pekao SA		3,373			123,191
Energa SA		94,243			303,389
Eurocash SA		95,806			1,180,665
Orange Polska SA*		71,254			119,161
PGE Polska Grupa Energetyczna SA		106,824			346,331
Polskie Gornictwo Naftowe i Gazownictwo SA		251,674			328,476
Powszechna Kasa Oszczednosci Bank Polski SA*		39,512			274,436
					3,452,936
Portugal — 0.2%
Jeronimo Martins SGPS SA		39,085			508,592
Russia — 3.4%
Gazprom PAO ADR		184,688			677,805
LSR Group PJSC GDR		163,892			327,784
Lukoil PJSC ADR		18,365			596,587
Magnit PJSC GDR		1,582			63,628
Mobile Telesystems PJSC ADR		86,791			536,368
NOVATEK OAO GDR		47,296			3,882,731
Novolipetsk Steel OJSC GDR		48,869			418,866
Rosneft OAO GDR		27,856			96,591
Sberbank of Russia PJSC ADR		423,287			2,450,832

See Notes to Financial Statements. 225

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Severstal PAO GDR		30,311		$	252,954
Sistema JSFC GDR		120,535			711,157
Surgutneftegas OAO ADR		42,924			195,733
Tatneft PAO ADR		2,759			72,948
					10,283,984
South Africa — 4.6%
African Bank Investments, Ltd.+*		642,081			—
Aspen Pharmacare Holdings, Ltd.*		91,251			1,821,796
Bidvest Group, Ltd. (The)		138,923			2,948,669
Capitec Bank Holdings, Ltd.D		16,520			574,496
Discovery, Ltd.		43,017			368,941
Foschini Group, Ltd. (The)		50,104			393,711
Growthpoint Properties, Ltd. REIT		142,322			213,613
Hyprop Investments, Ltd. REIT		10,764			72,042
Imperial Holdings, Ltd.		6,022			46,680
Investec, Ltd.		45,710			322,906
MMI Holdings, Ltd.		76,487			108,466
Mondi, Ltd.		27,820			550,535
MTN Group, Ltd.		101,551			874,797
Naspers, Ltd. N Shares		8,982			1,227,699
Netcare, Ltd.		283,543			621,011
Pick n Pay Stores, Ltd.		256,364			1,076,846
Rand Merchant Insurance Holdings, Ltd.		10,247			25,615
Redefine Properties, Ltd. REIT		190,199			119,392
Remgro, Ltd.		11,242			177,955
Resilient, Ltd. REIT		12,543			93,320
RMB Holdings, Ltd.		85,591			306,873
Sasol, Ltd.		1,744			47,084
Shoprite Holdings, Ltd.		12,628			117,025
Standard Bank Group, Ltd.		95,616			700,888
Telkom SA SOC, Ltd.		151,090			627,738
Truworths International, Ltd.		34,276			202,057
					13,640,155
South Korea — 14.1%
Amorepacific Corporation*		1,445			507,090
AMOREPACIFIC Group*		668			83,454
BGF retail Co., Ltd.*		337			48,788
Celltrion, Inc.*		8,951			638,585
CJ CheilJedang Corporation*		869			277,955
Coway Co., Ltd.*		7,750			551,815
Daelim Industrial Co., Ltd.*		3,368			190,177
Daewoo International Corporation*		13,676			188,326
Daewoo Securities Co., Ltd.*		6,370			50,424
DGB Financial Group, Inc.*		9,740			82,975
Dongbu Insurance Co., Ltd.*		2,987			178,717
E-MART, Inc.*		3,996			641,196
Hana Financial Group, Inc.		14,724			294,228
Hanwha Corporation*		39,441			1,307,690
Hanwha Life Insurance Co., Ltd.*		123,776			780,099
Hyosung Corporation*		1,029			101,772
Hyundai Development Co-Engineering & Construction*		6,365			207,996
Hyundai Engineering & Construction Co., Ltd.*		7,790			187,009
Hyundai Mobis Co., Ltd.*		2,678			560,317
Hyundai Motor Co.		1,041			131,295
Hyundai Wia Corporation*		2,449			231,554

	Shares		Value
KB Financial Group, Inc.*		7,661		$	215,840
Kia Motors Corporation*		39,586			1,765,139
KIWOOM Securities Co., Ltd.*		7,364			384,549
Korea Electric Power Corporation*		3,172			134,389
Korea Investment Holdings Co., Ltd.*		3,362			140,492
Korean Air Lines Co., Ltd.*		17,521			411,299
LG Chem, Ltd.*		2,213			610,972
LG Uplus Corporation*		10,297			90,925
Lotte Chemical Corporation*		7,474			1,525,049
Mirae Asset Securities Co., Ltd.*		5,201			94,629
NAVER Corporation*		3,232			1,802,290
NCSoft Corporation		5,796			1,044,877
NH Investment & Securities Co., Ltd.*		11,565			97,853
Samsung Electro-Mechanics Co., Ltd.*		2,740			145,582
Samsung Electronics Co., Ltd.		11,225			11,972,386
Samsung Fire & Marine Insurance Co., Ltd.*		26,263			6,865,312
Samsung SDI Co., Ltd.		5,397			518,840
Samsung Securities Co., Ltd.*		1,984			69,631
Shinhan Financial Group Co., Ltd.*		105,601			3,547,323
Shinsegae Co., Ltd.*		5,913			1,150,436
SK Hynix, Inc.*		40,950			1,057,860
SK Innovation Co., Ltd.*		5,273			578,295
SK Networks Co., Ltd.*		13,269			61,554
S-Oil Corporation		1,383			92,642
Woori Bank		29,668			221,895
Yuhan Corporation*		99			22,839
					41,864,360
Switzerland — 0.9%
Coca-Cola HBC AG*		121,410			2,585,521
Taiwan — 10.3%
AU Optronics Corporation		320,642			94,530
Casetek Holdings, Ltd.		48,000			194,933
Cathay Financial Holding Co., Ltd.		133,000			186,325
China Airlines, Ltd.*		1,576,000			574,410
China Development Financial Holding Corporation		353,000			88,048
China Life Insurance Co., Ltd.		1,160,058			885,854
Compal Electronics, Inc.		684,000			382,767
CTBC Financial Holding Co., Ltd.		1,365,642			699,211
Eclat Textile Co., Ltd.		19,000			261,083
Eva Airways Corporation*		662,000			373,850
Feng TAY Enterprise Co., Ltd.		131,000			666,202
First Financial Holding Co., Ltd.		109,000			50,628
Foxconn Technology Co., Ltd.		123,220			259,566
Fubon Financial Holding Co., Ltd.		692,000			941,279
Hon Hai Precision Industry Co., Ltd.		751,344			1,838,763
HTC Corporation		231,000			545,804
Innolux Corporation		1,472,000			442,440
Inotera Memories, Inc.*		83,000			70,010
Largan Precision Co., Ltd.		6,000			410,549
MediaTek, Inc.		307,000			2,321,994
Mega Financial Holding Co, Ltd.		125,000			80,589

226 See Notes to Financial Statements.

	Shares		Value
Nan Ya Plastics Corporation		35,000		$	64,659
Pegatron Corporation		235,000			511,117
Pou Chen Corporation		597,000			779,038
Powertech Technology, Inc.		476,000			938,572
President Chain Store Corporation		65,000			405,679
Shin Kong Financial Holding Co., Ltd.		825,000			178,728
Siliconware Precision Industries Co., Ltd.		241,000			380,582
SinoPac Financial Holdings Co., Ltd.		225,000			63,886
Taiwan Fertilizer Co., Ltd.		101,000			131,754
Taiwan Semiconductor Manufacturing Co., Ltd.		2,323,000			10,021,982
Taiwan Semiconductor Manufacturing Co., Ltd. ADRD		213,893			4,866,066
Teco Electric and Machinery Co., Ltd.		121,000			96,417
Wan Hai Lines, Ltd.		83,877			46,222
Zhen Ding Technology Holding, Ltd.		387,510			883,540
					30,737,077
Thailand — 3.7%
Advanced Info Service PCL NVDR		56,700			238,557
Bangkok Bank PCL NVDR		53,700			226,557
Bangkok Dusit Medical Services PCL Class FD		142,800			88,493
Big C Supercenter PCL NVDR@		304,000			1,699,059
Bumrungrad Hospital PCL NVDR		61,300			357,935
Central Pattana PCL		2,301,500			3,005,989
Delta Electronics Thailand PCL NVDR		106,800			225,674
Indorama Ventures PCL NVDR		218,200			127,777
Kasikornbank PCL		47,800			197,573
Kasikornbank PCL NVDR		353,231			1,468,239
Krung Thai Bank PCL NVDRD		385,300			177,699
PTT Global Chemical PCL NVDR		639,054			883,982
Robinson Department Store PCL		462,600			559,208
Siam Cement PCL (The) NVDRD		6,500			82,711
Siam Commercial Bank PCL (The)		41,500			137,814
Thai Oil PCL NVDR		25,800			47,026
Thai Union Group PCL NVDR		1,294,800			615,088
TMB Bank PCL		10,991,300			739,168
TMB Bank PCL NVDR		747,500			49,978
					10,928,527
Turkey — 2.5%
Arcelik AS		23,131			110,732
Coca-Cola Icecek AS		40,399			514,467
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		115,512			102,833
Eregli Demir ve Celik Fabrikalari TAS		43,748			45,525
Ford Otomotiv Sanayi AS		21,031			218,151
TAV Havalimanlari Holding AS		43,334			270,122
Tofas Turk Otomobil Fabrikasi AS		97,323			631,817

	Shares		Value
Tupras Turkiye Petrol Rafinerileri AS*		22,744		$	542,450
Turk Hava Yollari AO*		140,205			354,635
Turk Telekomunikasyon AS		43,392			81,153
Türkiye Garanti Bankasi AS		1,076,873			2,623,444
Türkiye Halk Bankasi AS		100,098			355,772
Türkiye Is Bankasi Class C		39,859			62,721
Turkiye Sise ve Cam Fabrikalari AS		88,305			96,511
Ulker Biskuvi Sanayi AS		106,104			640,387
Yapi ve Kredi Bankasi AS		767,455			863,665
					7,514,385
United Arab Emirates — 0.0%
Orascom Construction, Ltd.*		11,446			80,122
United Kingdom — 2.0%
Anglo American PLC*		582,065			2,575,314
Cable & Wireless Communications PLC		1,617,406			1,769,483
Tullow Oil PLC*		607,680			1,488,492
					5,833,289
United States of America — 1.2%
Cognizant Technology Solutions Corporation Class A*		45,200			2,712,904
First Cash Financial Services, Inc.D*		18,400			688,712
Southern Copper CorporationD		4,037			105,446
					3,507,062
Total Foreign Common Stocks (Cost $336,760,294)					269,362,991
FOREIGN PREFERRED STOCKS — 2.1%
Brazil — 1.1%
Braskem SA Class A 0.61%, 04/10/15		92,000			642,285
Centrais Eletricas Brasileiras SA Class B
0.10%, 05/04/15*		10,000			26,389
Cia Brasileira de Distribuicao
1.21%, 11/03/15		58,000			613,682
Cia Energetica de Sao Paulo, Class B
4.85%, 04/30/15		11,509			38,982
Gerdau SA
0.19%, 11/10/15		43,279			50,868
Itau Unibanco Holding SA
1.48%, 12/10/15		51,770			344,544
Itausa Investimentos Itau SA
0.51%, 12/10/15		381,484			663,409
Petroleo Brasileiro SA
1.00%, 4/03/14*		477,500			808,657
					3,188,816
Chile — 0.0%
Embotelladora Andina SA Class B
0.80%, 10/26/15		1,770			5,265
South Korea — 1.0%
Samsung Electronics Co., Ltd.
2.16%, 06/29/15		3,180			2,939,554
Total Foreign Preferred Stocks (Cost $9,071,154)					6,133,635
RIGHTS — 0.0%
Rumo Logistica Operadora Multimodal SA* (Cost $0)		40,243			1,526

See Notes to Financial Statements. 227

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
MONEY MARKET FUNDS — 12.6%
GuideStone Money Market Fund (Investor Class)¥		15,162,635		$	15,162,635
Northern Institutional Liquid Assets Portfolio§		22,484,517			22,484,517
Total Money Market Funds (Cost $37,647,152)					37,647,152
TOTAL INVESTMENTS — 105.2% (Cost $383,478,600)					313,145,304
Liabilities in Excess of Other Assets — (5.2)%					(15,362,969	)
NET ASSETS — 100.0%				$	297,782,335

Swap agreements outstanding at December 31, 2015:

Reference Obligation	Maturity Date		Counterparty		Currency		Notional Amount			Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Total Return Swap
MSCI Mexico Index		03/16/16		GS		MXN		(4,435,781	)	$	(1,293	)	$	—	$	(1,293	)
MSCI Singapore Index		03/16/16		GS		SGD		(380,612	)		(17,686	)		—		(17,686	)
Total Swap agreements outstanding at December 31, 2015										$	(18,979	)	$	—	$	(18,979	)

228 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Foreign Common Stocks:
Argentina		$	490,242			$	490,242			$	—		$	—
Austria			634,265				—				634,265			—
Bermuda			3,503,514				2,256,979				1,246,535			—
Brazil			9,985,817				9,985,817				—			—
Canada			1,503,823				1,503,823				—			—
Chile			2,141,185				2,141,185				—			—
China			41,562,041				5,737,817				35,824,224			—
Colombia			792,749				792,749				—			—
Cyprus			348,204				348,204				—			—
Egypt			389,261				—				389,261			—
Estonia			371,930				371,930				—			—
Hong Kong			18,574,149				—				18,574,149			—
Hungary			1,175,905				—				1,175,905			—
India			25,080,044				2,472,608				22,607,436			—
Indonesia			4,552,178				526,643				4,025,535			—
Isle of Man (U.K.)			164,231				164,231				—			—
Jersey			290,806				—				290,806			—
Kenya			1,644,724				1,006,266				638,458			—
Luxembourg			540,673				540,673				—			—
Malaysia			3,901,120				571,994				3,329,126			—
Malta			252,759				—				252,759			—
Mexico			12,250,258				12,250,258				—			—
Mongolia			94,622				—				94,622			—
Morocco & Antilles			238,693				238,693				—			—
Netherlands			2,908,260				2,058,941				849,319			—
Nigeria			2,141,106				2,141,106				—			—
Philippines			2,894,422				—				2,894,422			—
Poland			3,452,936				896,448				2,556,488			—
Portugal			508,592				—				508,592			—
Russia			10,283,984				10,283,984				—			—
South Africa			13,640,155				—				13,640,155			—
South Korea			41,864,360				780,099				41,084,261			—
Switzerland			2,585,521				—				2,585,521			—
Taiwan			30,737,077				4,866,066				25,871,011			—
Thailand			10,928,527				4,530,672				6,397,855			—
Turkey			7,514,385				—				7,514,385			—
United Arab Emirates			80,122				80,122				—			—
United Kingdom			5,833,289				—				5,833,289			—
United States of America			3,507,062				3,507,062				—			—
Foreign Preferred Stocks:
Brazil			3,188,816				3,188,816				—			—
Chile			5,265				5,265				—			—
South Korea			2,939,554				—				2,939,554			—
Money Market Funds			37,647,152				37,647,152				—			—
Rights			1,526				1,526				—			—
Total Assets - Investments in Securities		$	313,145,304			$	111,387,371			$	201,757,933		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts		$	501,908			$	—			$	501,908		$	—
Total Assets - Other Financial Instruments		$	501,908			$	—			$	501,908		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(154,581	)		$	(154,581	)		$	—		$	—
Swap Agreements			(18,979	)			—				—			(18,979	)
Total Liabilities - Other Financial Instruments		$	(173,560	)		$	(154,581	)		$	—		$	(18,979	)

See Notes to Financial Statements. 229

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

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

The Fund had securities that transferred from Level 1 to Level 2 of the fair value hierarchy as a result of foreign equities that were being valued based on quoted prices at December 31, 2014 that are now being fair valued. The value of the securities that were transferred to Level 2 as of December 31, 2015 is $12,143,003.

The Fund had securities that transferred from Level 2 to Level 1 of the fair value hierarchy as a result of foreign equities that were fair valued at December 31, 2014 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 1 as of December 31, 2015 is $3,174,261.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the year ended December 31, 2015.

230 See Notes to Financial Statements.

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231

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2015

	Defensive Market Strategies Fund				Equity Index Fund
Assets
Investments in securities of unaffiliated issuers, at value		$	649,804,059		$	628,106,833
Investments in securities of affiliated issuers, at value			25,859,833			19,879,456
Total investments, at value (1)(2)			675,663,892			647,986,289
Cash			1,298,491			—
Cash collateral for derivatives			2,316,000			709,000
Deposits with broker for securities sold short			5,263			—
Foreign currency(3)			36,749			—
Receivables:
Dividends and reclaims			800,779			675,753
Interest			692,549			—
Securities lending			49,508			28,785
Investment securities sold			1,740,876			—
Fund shares sold			185,200			88,376
Variation margin on financial futures contracts			—			—
Unrealized appreciation on foreign currency exchange contracts			26,730			—
Unrealized appreciation on swap agreements			—			—
Prepaid expenses and other assets			23,531			19,586
Total Assets			682,839,568			649,507,789
Liabilities
Cash overdraft			—			—
Securities sold short, at value (4)			—			—
Options written, at value (5)			493,588			—
Unrealized depreciation on foreign currency exchange contracts			13,893			—
Unrealized depreciation on swap agreements			—			—
Collateral held for securities on loan, at value			67,919,378			40,316,383
Collateral held for derivatives			—			—
Collateral held for securities sold short			—			—
Payables:
Investment securities purchased			3,040,493			82,440
Dividends on short sales			—			—
Fund shares redeemed			25,537			13,671
Variation margin on financial futures contracts			251,520			199,680
Securities lending			7,421			4,314
Deferred foreign capital gains taxes			—			—
Accrued expenses:
Investment advisory fees			328,043			47,697
Shareholder servicing fees			34,994			70,506
Other expenses			109,181			169,280
Total Liabilities			72,224,048			40,903,971
Net Assets		$	610,615,520		$	608,603,818
Net Assets Consist of:
Paid-in-capital		$	576,763,937		$	467,995,727
Accumulated (distributions in excess of) net investment income (loss)			445,399			159,956
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency and derivative transactions			(3,198,863	)		(5,303,157	)
Net unrealized appreciation (depreciation) on investments, foreign currency and derivative transactions			36,605,047			145,751,292
Net Assets		$	610,615,520		$	608,603,818
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class		$	443,498,596		$	276,598,939
Institutional shares outstanding			39,570,745			32,081,927
Net asset value, offering and redemption price per Institutional share		$	11.21		$	8.62
Net assets applicable to the Investor Class		$	167,116,924		$	332,004,879
Investor shares outstanding			14,896,273			14,704,561
Net asset value, offering and redemption price per Investor share		$	11.22		$	22.58
___________
(1) Investments in securities of unaffiliated issuers, at cost		$613,474,574			$482,313,992
Investments in securities of affiliated issuers, at cost			25,859,833			19,879,456
Total investments, at cost		$	639,334,407		$	502,193,448
(2) Includes securities loaned of:		$	69,633,866		$	41,262,749
(3) Foreign currency, at cost		$	41,784		$	—
(4) Proceeds from securities sold short		$	—		$	—
(5) Premiums received on options written		$	840,327		$	—
(6) Net of $(974) and $(20,034) accrued foreign capital gains taxes on appreciated securities for International Equity Fund and Emerging Markets Equity Fund, respectively

232 See Notes to Financial Statements.

Value Equity Fund		Growth Equity Fund		Small Cap Equity Fund			International Equity Index Fund			International Equity Fund			Emerging Markets Equity Fund
$	1,330,826,748	$	1,632,628,719	$	658,078,900		$	109,178,694		$	1,361,750,462		$	297,982,669
	40,813,334		50,737,188		21,115,220			3,754,870			68,102,593			15,162,635
	1,371,640,082		1,683,365,907		679,194,120			112,933,564			1,429,853,055			313,145,304
	—		—		163			193,123			1,085,529			11,743,371
	1,843,000		2,231,000		1,043,000			186,000			6,668,269			1,322,255
	—		—		—			—			—			—
	—		—		2			1,119,063			10,149,715			629,545
	1,413,005		429,509		694,891			135,874			4,752,590			680,516
	—		—		24			—			—			—
	198,535		123,652		140,079			4,224			109,977			14,001
	5,813,402		1,062,533		160,052			—			1,929,065			14,437,777
	15,931		58,576		18,847			—			130,584			73,277
	—		—		—			—			160,395			45,072
	—		—		—			—			4,580,057			1,072,049
	—		—		—			—			333			—
	9,890		33,641		19,059			5,064			31,180			22,498
	1,380,933,845		1,687,304,818		681,270,237			114,576,912			1,459,450,749			343,185,665
	1,031		—		—			—			—			—
	—		—		—			—			66,003,436			—
	—		—		—			—			—			—
	—		—		—			—			1,104,711			570,141
	—		—		—			—			1,777			18,979
	135,055,536		268,680,558		177,804,961			3,330,445			93,208,109			22,484,517
	—		—		—			—			3,150,000			600,000
	—		—		—			—			14,982,399			—
	3,004,759		1,139,466		723,841			—			2,175,196			18,696,837
	—		—		—			—			40,248			—
	17,036		307,788		118,333			—			—			2,369,054
	395,520		465,600		215,050			64,125			777,420			67,036
	29,775		18,542		20,970			633			16,495			2,097
	—		—		—			—			2,080			36,781
	591,281		858,072		412,100			18,340			785,004			270,543
	69,322		101,847		50,813			—			50,412			5,690
	121,536		116,402		112,564			138,753			448,039			281,655
	139,285,796		271,688,275		179,458,632			3,552,296			182,745,326			45,403,330
$	1,241,648,049	$	1,415,616,543	$	501,811,605		$	111,024,616		$	1,276,705,423		$	297,782,335
$	1,115,911,881	$	1,173,001,926	$	500,338,465		$	122,708,427		$	1,300,976,850		$	388,430,022
	776,388		—		189,221			(64,289	)		(198,895	)		(484,679	)
	(21,024,294)		14,180,862		(5,288,316	)		(790,240	)		(26,608,652	)		(20,146,157	)
	145,984,074		228,433,755		6,572,235			(10,829,282	)		2,536,120	(6)		(70,016,851	)(6)
$	1,241,648,049	$	1,415,616,543	$	501,811,605		$	111,024,616		$	1,276,705,423		$	297,782,335
$	917,207,666	$	932,231,692	$	264,961,751		$	111,024,616		$	1,030,729,325		$	272,123,541
	121,476,419		97,775,667		35,432,994			12,423,964			105,962,834			37,068,485
$	7.55	$	9.53	$	7.48		$	8.94		$	9.73		$	7.34
$	324,440,383	$	483,384,851	$	236,849,854			N/A		$	245,976,098		$	25,658,794
	16,669,311		21,956,787		15,615,888			N/A			18,669,364			3,492,386
$	19.46	$	22.02	$	15.17			N/A		$	13.18		$	7.35
$	1,184,747,777	$	1,404,050,364	$	651,747,988		$	120,102,456		$	1,370,232,011		$	368,315,965
	40,813,334		50,737,188		21,115,220			3,754,870			68,102,593			15,162,635
$	1,225,561,111	$	1,454,787,552	$	672,863,208		$	123,857,326		$	1,438,334,604		$	383,478,600
$	139,449,792	$	265,809,884	$	186,891,501		$	3,854,449		$	100,295,176		$	23,148,368
$	—	$	—	$	3		$	1,109,882		$	10,495,087		$	629,964
$	—	$	—	$	—		$	—		$	73,152,298		$	—
$	—	$	—	$	—		$	—		$	—		$	—

See Notes to Financial Statements. 233

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2015

	Defensive Market Strategies Fund				Equity Index Fund
Investment Income
Dividends		$	9,342,200		$	11,100,064
Income distributions received from affiliated funds			2,142			1,555
Interest			3,261,147			—
Securities lending			270,907			121,524
Less foreign taxes withheld			(81,142	)		(812	)
Total Investment Income			12,795,254			11,222,331
Expenses
Investment advisory fees			3,930,721			610,467
Transfer agent fees:
Institutional shares			4,388			3,957
Investor shares			22,242			29,333
Custodian fees			71,142			41,409
Shareholder servicing fees:
Investor shares			645,928			825,132
Accounting and administration fees			173,552			134,864
Professional fees			115,491			113,872
Blue sky fees:
Institutional shares			15,868			12,725
Investor shares			18,289			16,884
Shareholder reporting fees:
Institutional shares			1,801			811
Investor shares			12,701			24,209
Trustee expenses			8,075			7,446
Line of credit facility fees			4,033			3,664
Other expenses			44,774			28,066
Total expenses before dividends and interest on securities sold short			5,069,005			1,852,839
Dividends and interest on securities sold short			—			—
Expenses waived/reimbursed net of amount recaptured(2)			(46,895	)		(121,711	)
Fees paid indirectly			(6,000	)		—
Net expenses			5,016,110			1,731,128
Net Investment Income (Loss)			7,779,144			9,491,203
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities			18,755,310			13,722,094
Investment securities sold short			—			—
Futures transactions			132,275			322,059
Swap agreements			—			—
Option contracts written			5,504,166			—
Foreign currency			853,916			—
Net realized gain (loss)			25,245,667			14,044,153
Net change in unrealized appreciation (depreciation) on:
Investment securities
(net of estimated capital gains taxes of $(974) and $(20,034) for International Equity Fund and Emerging Markets Fund, respectively)			(19,462,133	)		(21,783,775	)
Investment securities sold short			—			—
Futures			(477,764	)		(239,205	)
Swap agreements			—			—
Option contracts written			105,480			—
Foreign currency			(57,199	)		—
Net change in unrealized appreciation (depreciation)			(19,891,616	)		(22,022,980	)
Net Realized and Unrealized Gain (Loss)			5,354,051			(7,978,827	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	13,133,195		$	1,512,376
(1) Inception Date was June 1, 2015.
(2) See Note 3a and 3c in Notes to Financial Statements.

234 See Notes to Financial Statements.

Value Equity Fund			Growth Equity Fund			Small Cap Equity Fund			International Equity Index Fund(1)			International Equity Fund			Emerging Markets Equity Fund
$	29,510,289		$	11,730,452		$	6,475,883		$	1,204,691		$	39,753,775		$	8,152,949
	3,985			5,857			1,750			1,999			7,003			1,216
	—			—			7,555			—			—			33,104
	606,903			504,220			1,091,153			12,701			965,955			85,071
	(128,637	)		(87,394	)		(8,273	)		(62,961	)		(3,571,391	)		(896,208	)
	29,992,540			12,153,135			7,568,068			1,156,430			37,155,342			7,376,132
	7,738,864			10,856,950			5,091,834			109,596			10,686,010			3,475,613
	4,534			4,447			4,395			2,267			4,489			4,251
	31,342			30,105			29,849			—			28,703			19,455
	81,984			69,640			64,896			54,720			663,105			632,819
	1,487,695			1,805,069			809,394			—			1,391,021			256,528
	290,355			313,285			123,730			108,672			480,821			180,949
	114,872			114,872			120,778			81,723			117,761			134,132
	14,554			13,721			13,721			12,021			13,659			9,742
	16,921			19,572			17,622			—			16,834			16,922
	1,728			1,730			2,125			241			1,695			1,352
	25,159			27,525			33,443			—			21,141			4,542
	18,026			19,477			7,243			601			18,244			4,029
	8,887			9,632			3,582			511			8,927			1,966
	77,213			51,480			31,173			33,246			603,808			162,100
	9,912,134			13,337,505			6,353,785			403,598			14,056,218			4,904,400
	—			—			—			—			2,143,504			—
	(86,427	)		(188,996	)		(75,004	)		(57,568	)		(374,637	)		(769,277	)
	(21,830	)		(36,000	)		(91,080	)		—			(20,000	)		(4,516	)
	9,803,877			13,112,509			6,187,701			346,030			15,805,085			4,130,607
	20,188,663			(959,374	)		1,380,367			810,400			21,350,257			3,245,525
	114,919,414			203,918,448			31,296,055			(303,203	)		44,459,717			(10,859,945	)
	—			—			—			—			4,600,766			—
	1,385,763			(786,257	)		170,469			(486,810	)		4,653,696			(6,825,596	)
	—			—			—			—			(9,339	)		(185,600	)
	—			—			—			—			—			—
	—			(3,731	)		—			1,064			(3,024	)		(3,048,892	)
	116,305,177			203,128,460			31,466,524			(788,949	)		53,701,816			(20,920,033	)
	(179,857,161	)		(123,289,209	)		(63,235,982	)		(10,923,762	)		(90,623,621	)		(45,748,684	)
	—			—			—			—			(5,129,916	)		—
	(567,504	)		(877,837	)		(419,122	)		87,181			1,124,431			(390,481	)
	—			—			—			—			(1,444	)		(10,703	)
	—			—			—			—			—			—
	—			—			(1	)		7,299			2,612,247			1,725,773
	(180,424,665	)		(124,167,046	)		(63,655,105	)		(10,829,282	)		(92,018,303	)		(44,424,095	)
	(64,119,488	)		78,961,414			(32,188,581	)		(11,618,231	)		(38,316,487	)		(65,344,128	)
$	(43,930,825	)	$	78,002,040		$	(30,808,214	)	$	(10,807,831	)	$	(16,966,230	)	$	(62,098,603	)

See Notes to Financial Statements. 235

STATEMENTS OF CHANGES IN NET ASSETS

	Defensive Market Strategies Fund
	For the Year Ended
	12/31/15			12/31/14
Operations:
Net investment income (loss)	$	7,779,144		$	5,679,260
Net realized gain on investment securities, foreign currency and derivatives		25,245,667			43,547,231
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		(19,891,616	)		2,920,919
Net increase (decrease) in net assets resulting from operations		13,133,195			52,147,410
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(6,575,193	)		(1,254,685	)
Investor shares		(1,657,589	)		(5,098,936	)
Distributions from net realized capital gains
Institutional shares		(19,172,510	)		(6,847,432	)
Investor shares		(7,060,542	)		(33,030,236	)
Total dividends and distributions		(34,465,834	)		(46,231,289	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		370,644,668			14,287,796
Investor shares		63,439,406			77,761,494
Reinvestment of dividends and distributions
Institutional shares		25,741,918			8,093,389
Investor shares		8,711,001			38,118,253
Total proceeds from shares sold and reinvested		468,536,993			138,260,932
Value of shares redeemed
Institutional shares		(30,412,966	)		(14,119,591	)
Investor shares		(381,207,938	)		(39,732,402	)
Total value of shares redeemed		(411,620,904	)		(53,851,993	)
Net increase from capital share transactions(1)		56,916,089			84,408,939
Total increase (decrease) in net assets		35,583,450			90,325,060
Net Assets:
Beginning of Year		575,032,070			484,707,010
End of Year*	$	610,615,520		$	575,032,070
*  Including undistributed (distributions in excess of) net investment income	$	445,399		$	130,097

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

236 See Notes to Financial Statements.

Equity Index Fund						Value Equity Fund						Growth Equity Fund
For the Year Ended						For the Year Ended						For the Year Ended
12/31/15			12/31/14			12/31/15			12/31/14			12/31/15			12/31/14
$	9,491,203		$	6,066,082		$	20,188,663		$	16,524,077		$	(959,374	)	$	(4,266,633	)
	14,044,153			7,369,848			116,305,177			133,269,634			203,128,460			187,560,259
	(22,022,980	)		34,564,458			(180,424,665	)		(9,650,226	)		(124,167,046	)		(42,442,015	)
	1,512,376			48,000,388			(43,930,825	)		140,143,485			78,002,040			140,851,611
	(7,056,268	)		(2,795,369	)		(19,036,191	)		(6,934,603	)		—			—
	(2,560,882	)		(3,424,898	)		(1,264,602	)		(10,111,242	)		—			(2,956	)
	(9,195,422	)		(2,888,526	)		(105,461,430	)		(44,372,038	)		(174,932,173	)		(44,790,894	)
	(4,373,863	)		(4,123,156	)		(15,752,143	)		(85,874,706	)		(42,957,853	)		(119,231,347	)
	(23,186,435	)		(13,231,949	)		(141,514,366	)		(147,292,589	)		(217,890,026	)		(164,025,197	)
	368,510,576			24,208,822			836,419,140			29,113,839			831,966,195			26,081,224
	43,778,466			56,551,053			37,097,759			69,207,136			63,629,886			82,908,616
	16,244,073			5,678,210			124,476,508			51,265,204			174,915,603			44,768,446
	6,930,359			7,547,753			17,001,799			95,971,401			42,949,552			119,225,614
	435,463,474			93,985,838			1,014,995,206			245,557,580			1,113,461,236			272,983,900
	(186,575,659	)		(5,909,757	)		(151,854,454	)		(37,075,379	)		(176,712,798	)		(33,341,160	)
	(48,577,199	)		(49,192,217	)		(851,404,094	)		(128,991,146	)		(865,778,812	)		(150,578,096	)
	(235,152,858	)		(55,101,974	)		(1,003,258,548	)		(166,066,525	)		(1,042,491,610	)		(183,919,256	)
	200,310,616			38,883,864			11,736,658			79,491,055			70,969,626			89,064,644
	178,636,557			73,652,303			(173,708,533	)		72,341,951			(68,918,360	)		65,891,058
	429,967,261			356,314,958			1,415,356,582			1,343,014,631			1,484,534,903			1,418,643,845
$	608,603,818		$	429,967,261		$	1,241,648,049		$	1,415,356,582		$	1,415,616,543		$	1,484,534,903
$	159,956		$	—		$	776,388		$	—		$	—		$	—

See Notes to Financial Statements. 237

STATEMENTS OF CHANGES IN NET ASSETS

	Small Cap Equity Fund
	For the Year Ended
	12/31/15			12/31/14
Operations:
Net investment income (loss)	$	1,380,367		$	381,791
Net realized gain (loss) on investment securities, foreign currency and derivatives		31,466,524			56,608,788
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		(63,655,105	)		(36,490,090	)
Net increase (decrease) in net assets resulting from operations		(30,808,214	)		20,500,489
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(1,207,226	)		(557,635	)
Investor shares		—			(529,161	)
Distributions from net realized capital gains
Institutional shares		(27,812,036	)		(13,926,249	)
Investor shares		(13,086,307	)		(43,963,905	)
Total dividends and distributions		(42,105,569	)		(58,976,950	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		219,772,080			14,222,531
Investor shares		25,998,341			44,659,040
Reinvestment of dividends and distributions
Institutional shares		29,017,402			14,478,415
Investor shares		13,081,613			44,487,566
Total proceeds from shares sold and reinvested		287,869,436			117,847,552
Value of shares redeemed
Institutional shares		(18,395,855	)		(17,662,984	)
Investor shares		(248,011,005	)		(83,290,126	)
Total value of shares redeemed		(266,406,860	)		(100,953,110	)
Net increase (decrease) from capital share transactions(1)		21,462,576			16,894,442
Total increase (decrease) in net assets		(51,451,207	)		(21,582,019	)
Net Assets:
Beginning of Year		553,262,812			574,844,831
End of Year*	$	501,811,605		$	553,262,812
*  Including undistributed (distributions in excess of) net investment income	$	189,221		$	4,713

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

238 See Notes to Financial Statements.

International Equity Index Fund			International Equity Fund						Emerging Markets Equity Fund
For the Period			For the Year Ended						For the Year Ended
06/01/2015(1) -12/31/2015			12/31/15			12/31/14			12/31/15			12/31/14
$	810,400		$	21,350,257		$	30,193,054		$	3,245,525		$	2,597,651
	(788,949	)		53,701,816			46,135,477			(20,920,033	)		4,924,878
	(10,829,282	)		(92,018,303	)		(162,331,669	)		(44,424,095	)		(20,463,164	)
	(10,807,831	)		(16,966,230	)		(86,003,138	)		(62,098,603	)		(12,940,635	)
	(896,896	)		(20,206,965	)		(7,250,352	)		(1,112,618	)		(333,727	)
	—			(2,298,387	)		(23,926,985	)		—			(1,244,698	)
	—			(41,580,822	)		—			—			(903,226	)
	—			(7,475,378	)		—			—			(5,100,935	)
	(896,896	)		(71,561,552	)		(31,177,337	)		(1,112,618	)		(7,582,586	)
	122,367,899			1,031,090,766			28,094,169			308,789,283			7,821,760
	—			38,211,464			119,606,111			27,025,822			48,217,316
	896,896			61,783,296			7,247,726			1,112,618			1,236,953
	—			9,767,134			23,924,829			—			6,345,423
	123,264,795			1,140,852,660			178,872,835			336,927,723			63,621,452
	(535,452	)		(147,652,014	)		(47,636,508	)		(8,070,282	)		(7,376,414	)
	—			(1,007,234,140	)		(51,470,030	)		(268,123,636	)		(26,063,154	)
	(535,452	)		(1,154,886,154	)		(99,106,538	)		(276,193,918	)		(33,439,568	)
	122,729,343			(14,033,494	)		79,766,297			60,733,805			30,181,884
	111,024,616			(102,561,276	)		(37,414,178	)		(2,477,416	)		9,658,663
	—			1,379,266,699			1,416,680,877			300,259,751			290,601,088
$	111,024,616		$	1,276,705,423		$	1,379,266,699		$	297,782,335		$	300,259,751
$	(64,289	)	$	(198,895	)	$	(2,369,963	)	$	(484,679	)	$	464,812

See Notes to Financial Statements. 239

FINANCIAL HIGHLIGHTS

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 Invest- ment Income/ (Loss)			Realized and Unrealized Gain (Loss) on Invest- ments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return			Net Assets, End of Year (000)		Expenses, Net(1)			Expenses, Gross(2)			Investment Income/ (Loss), Net(1)			Portfolio Turnover Rate
Defensive Market Strategies Fund
Institutional Class
2015	$	11.61	$	0.17	#	$	0.11	(3)	$	(0.17	)	$	(0.51	)	$	11.21		2.43	%	$	443,499		0.72%(5)			0.73	%		1.46	%		55	%
2014		11.43		0.15	#		1.05	(3)		(0.15	)		(0.87	)		11.61		10.55			98,903		0.88(4)(5)			0.8	(4)		1.24			102
2013(6)		10.61		0.14	#		1.80	(3)		(0.15	)		(0.97	)		11.43		18.47			89,430		1.10(4)(5)			1.13	(4)		1.25			208
2012		10.20		0.18	#		0.73	(3)		(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	(3)		(0.04	)		(0.01	)		10.20		2.51			74,516		1.03(4)			1.10	(4)		1.11			120
Investor Class
2015	$	11.60	$	0.13	#	$	0.12	(3)	$	(0.12	)	$	(0.51	)	$	11.22		2.16	%	$	167,117		0.99%(5)			1.00	%		1.12	%		55	%
2014		11.42		0.12	#		1.06	(3)		(0.13	)		(0.87	)		11.60		10.35			476,129		1.09(4)(5)			1.07	(4)		1.03			102
2013(6)		10.60		0.12	#		1.79	(3)		(0.12	)		(0.97	)		11.42		18.22			395,277		1.36(4)(5)			1.38	(4)		0.99			208
2012		10.20		0.15	#		0.72	(3)		(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	(3)		(0.03	)		(0.01	)		10.20		2.43			240,529		1.29(4)			1.35	(4)		0.86			120
Equity Index Fund
Institutional Class
2015	$	9.07	$	0.18	#	$	(0.10	)(3)	$	(0.23	)	$	(0.30	)	$	8.62		0.92	%	$	276,599		0.17	%		0.18	%		1.94	%		6	%
2014		8.50		0.15	#		0.99	(3)		(0.28	)		(0.29	)		9.07		13.54			95,134		0.22			0.22			1.72			5
2013(8)		6.85		0.14	#		2.02	(3)		(0.26	)		(0.25	)		8.50		32.04			66,378		0.23			0.24			1.81			4
2012		6.29		0.13	#		0.86	(3)		(0.25	)		(0.18	)		6.85		15.92			47,071		0.23			0.24			1.95			3
2011		8.63		0.15	#		0.04	(3)		(0.31	)		(2.22	)		6.29		3.00			36,721		0.23			0.24			1.71			4
Investor Class
2015	$	22.90	$	0.37	#	$	(0.21	)(3)	$	(0.18	)	$	(0.30	)	$	22.58		0.70	%	$	332,005		0.41	%		0.44	%		1.62	%		6	%
2014		20.69		0.34	#		2.40	(3)		(0.24	)		(0.29	)		22.90		13.31			334,833		0.38			0.48			1.56			5
2013(8)		16.07		0.31	#		4.79	(3)		(0.23	)		(0.25	)		20.69		31.95			289,937		0.38			0.48			1.66			4
2012		14.24		0.28	#		1.95	(3)		(0.22	)		(0.18	)		16.07		15.76			208,192		0.38			0.49			1.79			3
2011		16.36		0.26	#		0.12	(3)		(0.28	)		(2.22	)		14.24		2.75			183,076		0.38			0.47			1.57			4

  # Calculated using the average shares outstanding method.

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

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

(3) 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.

(4) The ratio for the Defensive Market Strategies Fund includes the effect of dividend expense on securities sold short which increased the ratio by 0.04%, 0.05%, 0.11% and 0.02% for the years 2011, 2012, 2013 and 2014.

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

(6) 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.

(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.

240 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 Year		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 Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(1)		Expenses, Gross(2)		Investment Income/ (Loss), Net(1)			Portfolio Turnover Rate
Value Equity Fund
Institutional Class
2015	$	9.01	$	0.15	#	$	(0.46	)(3)	$	(0.17	)	$	(0.98	)	$	7.55		(3.44	)%	$	917,208		0.61%(4)		0.62%		1.73	%		32	%
2014		9.90		0.14	#		0.94	(3)		(0.25	)		(1.72	)		9.01		10.91			273,359		0.65(4)		0.67		1.40			41
2013(5)		7.99		0.15	#		2.64	(3)		(0.34	)		(0.54	)		9.90		35.52			253,988		0.66(4)		0.67		1.61			45
2012		7.03		0.15	#		1.06	(3)		(0.25	)		—			7.99		17.47			215,512		0.67(4)		0.68		1.90			27
2011		7.18		0.12	#		(0.07	)(3)		(0.20	)		—			7.03		0.57			200,308		0.67(4)		0.68		1.62			35
Investor Class
2015	$	21.31	$	0.27	#	$	(1.06	)(3)	$	(0.08	)		(0.98	)	$	19.46		(3.70	)%	$	324,440		0.89%(4)		0.89%		1.26	%		32	%
2014		21.00		0.25	#		1.97	(3)		(0.19	)		(1.72	)		21.31		10.61			1,141,998		0.90(4)		0.91		1.16			41
2013(5)		16.18		0.26	#		5.39	(3)		(0.29	)		(0.54	)		21.00		35.22			1,089,026		0.90(4)		0.91		1.36			45
2012		14.00		0.25	#		2.14	(3)		(0.21	)		—			16.18		17.20			933,110		0.92(4)		0.92		1.66			27
2011		14.12		0.20	#		(0.16	)(3)		(0.16	)		—			14.00		0.27			852,958		0.89(4)		0.91		1.39			35
Growth Equity Fund
Institutional Class
2015	$	11.05	$	0.01	#	$	0.59	(3)	$	—		$	(2.12	)	$	9.53		5.67	%	$	932,232		0.77%(6)		0.78%		0.09	%		79	%
2014		12.20		(0.02	)#		1.25	(3)		—			(2.38	)		11.05		10.12			244,281		0.85(6)		0.87		(0.12	)		54
2013(7)		12.19		—	†#		4.12	(3)		—			(4.11	)		12.20		34.83			227,934		0.84(6)		0.88		0.00			83
2012		11.76		0.04	#		2.00	(3)		(0.06	)		(1.55	)		12.19		17.39			198,329		0.87(6)		0.89		0.33			67
2011		11.91		—	†#		(0.15	)(3)		—			—			11.76		(1.26	)		184,418		0.87(6)		0.89		0.02			60
Investor Class
2015	$	22.92	$	(0.05	)#	$	1.27	(3)	$	—		$	(2.12	)	$	22.02		5.44	%	$	483,385		1.04%(6)		1.06%		(0.21	)%		79	%
2014		23.02		(0.08	)#		2.36	(3)		—			(2.38	)		22.92		9.93			1,240,254		1.06(6)		1.11		(0.33	)		54
2013(7)		20.26		(0.05	)#		6.92	(3)		—			(4.11	)		23.02		34.52			1,190,710		1.05(6)		1.12		(0.22	)		83
2012		18.63		0.03	#		3.17	(3)		(0.02	)		(1.55	)		20.26		17.21			1,022,934		1.05(6)		1.13		0.15			67
2011		18.90		(0.02	)#		(0.25	)(3)		—			—			18.63		(1.43	)		915,960		1.02(6)		1.11		(0.13	)		60

  † Amount represents less than $0.005 per share.

  # Calculated using the average shares outstanding method.

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

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

(3) 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.

(4) The ratio for the Value Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01% for the years 2011, 2012, 2013 and 2014, and 0.00% for the year 2015.

(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 0.02% and 0.02% for Institutional Class and Investor Class, respectively.

(6) The ratio for the Growth Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01% for the years 2011, 2012 and 2013, and 0.00% for the years 2014 and 2015.

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

See Notes to Financial Statements. 241

FINANCIAL HIGHLIGHTS (Continued)

For a Share Outstanding For the Years Ended December 31, unless otherwise indicated																						Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		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 Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(1)		Expenses, Gross(2)			Investment Income/ (Loss), Net(1)			Portfolio Turnover Rate
Small Cap Equity Fund
Institutional Class
2015	$	8.92	$	0.04	#	$	(0.56	)(3)	$	(0.03	)	$	(0.89	)	$	7.48		(5.66	)%	$	264,962		1.00%(4)		1.03	%		0.45	%		74	%
2014		10.35		0.03	#		0.37	(3)		(0.06	)		(1.77	)		8.92		4.03			84,324		0.97(4)		0.99			0.27			103
2013(5)		10.27		0.06	#		3.82	(3)		(0.08	)		(3.72	)		10.35		38.39			84,139		0.92(4)		0.94			0.45			161
2012		9.70		0.08	#		1.40	(3)		(0.13	)		(0.78	)		10.27		15.25			67,723		0.99(4)		1.02			0.79			128
2011		9.61		0.03	#		0.11	(3)		(0.05	)		—			9.70		1.40			63,903		1.00(4)		1.03			0.27			165
Investor Class
2015	$	17.08	$	0.02	#	$	(1.04	)(3)	$	—		$	(0.89	)	$	15.17		(5.91	)%	$	236,850		1.24%(4)		1.27	%		0.13	%		74	%
2014		18.19		0.01	#		0.67	(3)		(0.02	)		(1.77	)		17.08		3.83			468,938		1.20(4)		1.24			0.03			103
2013(5)		15.94		0.04	#		5.97	(3)		(0.04	)		(3.72	)		18.19		38.09			490,706		1.16(4)		1.19			0.22			161
2012		14.62		0.09	#		2.10	(3)		(0.09	)		(0.78	)		15.94		15.02			377,101		1.19(4)		1.27			0.59			128
2011		14.46		0.01	#		0.17	(3)		(0.02	)		—			14.62		1.22			354,013		1.17(4)		1.26			0.10			165
International Equity Index Fund
Institutional Class
2015(6)	$	10.00	$	0.07	#	$	(1.06	)(3)	$	(0.07	)	$	—		$	8.94		(9.88	)%	$	111,025		0.57%		0.66	%		1.33	%		4	%

  # Calculated using the average shares outstanding method.

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

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

(3) 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.

(4) The ratio for the Small Cap Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.02%, 0.02%, 0.01%, 0.01% and 0.02% for the years 2011, 2012, 2013, 2014 and 2015.

(5) 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.

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

242 See Notes to Financial Statements.

For a Share Outstanding For the Years Ended December 31, unless otherwise indicated																						Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		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 Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(1)		Expenses, Gross(2)			Investment Income/ (Loss), Net(1)			Portfolio Turnover Rate
International Equity Fund
Institutional Class
2015	$	10.55	$	0.16	#	$	(0.37	)(3)	$	(0.19	)	$	(0.42	)	$	9.73		(1.93	)%	$	1,030,729		1.03%(4)(5)		1.05	%(5)		1.49	%		43	%
2014		11.55		0.27	#		(0.93	)(3)		(0.34	)		—			10.55		(5.80	)		235,545		1.13(4)(5)		1.20	(5)		2.36			36
2013(6)		9.96		0.18	#		1.66	(3)		(0.25	)		—			11.55		18.49			269,499		1.11(4)(5)		1.25	(5)		1.69			51
2012		8.67		0.18	#		1.33	(3)		(0.22	)		—			9.96		17.43			270,130		1.15(4)(5)		1.32	(5)		1.89			53
2011		10.35		0.22	#		(1.66	)(3)		(0.24	)		—			8.67		(13.86	)		223,677		1.02(4)(5)		1.22	(5)		2.17			82
Investor Class
2015	$	14.03	$	0.24	#	$	(0.55	)(3)	$	(0.12	)	$	(0.42	)	$	13.18		(2.16	)%	$	245,976		1.35%(4)(5)		1.39	%(5)		1.68	%		43	%
2014		15.24		0.32	#		(1.23	)(3)		(0.30	)		—			14.03		(6.00	)		1,143,722		1.37(4)(5)		1.44	(5)		2.09			36
2013(6)		13.07		0.20	#		2.18	(3)		(0.21	)		—			15.24		18.23			1,147,181		1.35(4)(5)		1.49	(5)		1.44			51
2012		11.33		0.20	#		1.73	(3)		(0.19	)		—			13.07		17.05			1,156,306		1.39(4)(5)		1.57	(5)		1.65			53
2011		13.43		0.25	#		(2.13	)(3)		(0.22	)		—			11.33		(14.01	)		955,305		1.24(4)(5)		1.45	(5)		1.95			82
Emerging Markets Equity Fund
Institutional Class
2015	$	9.09	$	0.11	#	$	(1.83	)(3)	$	(0.03	)	$	—		$	7.34		(18.93	)%	$	272,123		1.28%(7)		1.50	%		1.36	%		39	%
2014		9.75		0.11	#		(0.51	)(3)		(0.07	)		(0.19	)		9.09		(4.14	)		45,058		1.25		1.63			1.07			39
2013(8)(9)		10.00		(0.01	)#		(0.24	)(3)		—			—			9.75		(2.50	)		46,420		1.25		1.55			(0.34	)		6
Investor Class
2015	$	9.09	$	0.05	#	$	(1.79	)(3)	$	—		$	—		$	7.35		(19.14	)%	$	25,659		1.51%(7)		1.83	%		0.58	%		39	%
2014		9.75		0.08	#		(0.51	)(3)		(0.04	)		(0.19	)		9.09		(4.38	)		255,202		1.50		1.84			0.81			39
2013(8)(9)		10.00		(0.01	)#		(0.24	)(3)		—			—			9.75		(2.50	)		244,181		1.50		1.78			(0.58	)		6

  # Calculated using the average shares outstanding method.

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

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

(3) 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.

(4) The ratio for the International Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00% for the years 2011, 2012, 2013, 2014 and 2015.

(5) The ratio for the International Equity Fund includes the effect of dividend expense on securities sold short which increased the ratio by 0.08%, 0.20%, 0.15%, 0.17% and 0.17% for the years 2011, 2012, 2013, 2014 and 2015.

(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 0.03% for Institutional Class and Investor Class, respectively.

(7) The ratio for the Emerging Markets Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00% for the year 2015.

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

(9) Inception Date was October 31, 2013. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

See Notes to Financial Statements. 243

REAL ASSET SELECT FUNDS (Unaudited)

Real asset returns were mixed for the year, with a wide dispersion of results and some Funds delivering significantly negative performance. The Real Assets Select Funds include funds that invest in various real asset strategies that are commonly used as a strategic diversifier to traditional equity and fixed income investments and as inflation hedges within a broader investment portfolio. Real assets represent a broadly diverse set of investments that can be classified into several sub-categories including inflation-linked bonds, commodities, global natural resource equities, real estate securities and floating-rate bank loans.

U.S. Treasury Inflation Protected Securities (“TIPS”) historically have been the least volatile of the real asset categories. TIPS, as measured by the Barclays U.S. TIPS Index, fell 1.44% in 2015. The sector was hurt by failing inflation expectations, as commodity prices tumbled, and rising real rates. In comparison, the U.S. 10-Year U.S. Treasury was up 0.91% for the year.

Commodities were one of the worst performing real asset categories for the year, as the Bloomberg Commodity Index posted a -24.66% return for 2015. This index represents diversified exposure to a basket of commodities futures across energy, agriculture, livestock and industrial and precious metals. Commodities faced headwinds all year as several experienced negative price pressure due to global excess supply, a strong U.S. dollar and falling demand expectations out of a slower growing China. West Texas Intermediate (WTI) crude oil suffered roughly a 30% loss and copper fell prices fell around 25%.

Declining commodity prices throughout the year put downward pressure on the global natural resource equity category, and the MSCI World Commodity Producers Index returned -25.62%. Both energy producers and mining companies experienced double digit declines for the year, as it has become difficult for many firms in these sectors to operate profitably and service debts under current commodity prices.

The global real estate investment trust (REIT) market fell -0.79% for the year as measured by the FTSE EPRA/NAREIT Developed Index - Net. Overall, macro concerns led to a volatile 2015 and negatively impacted performance. From a regional perspective, Europe was the top performer returning over 6.00%, while Asia was the top detractor from absolute performance, down roughly 7.00% due in part to the economic and local stock market issues out of China.

Bank loans, predominately senior-secured, were up a modest 0.80% for the year based on the S&P^® U.S. B- Ratings and Above Loan Index. Bank loans are generally below-investment grade investments that provide higher yields and lower duration (a measure of bond prices’ sensitivity to changes in interest rates) than in traditional fixed income instruments. While bank loans benefited from a low default rate environment, widening credit spreads hurt returns for the year. Bank loans outperformed the broader universe of high yield bonds and investment grade corporate bonds. As of December 31, 2015, the current yield on the index was 4.96%.

244

Inflation Protected Bond Fund (Unaudited)

The Fund was actively managed and was primarily comprised of inflation-indexed debt securities with an average dollar-weighted duration (a measure of bond prices’ sensitivity to changes in interest rates) normally between four and 10 years. The Fund underperformed its benchmark index, the Barclays U.S. TIPS Index, for the one year period ended December 31, 2015 (-2.25% versus -1.44%).

The Fund was invested predominately in U.S. Treasury Inflation Protected Securities (“TIPS”) throughout the year. U.S. TIPS were positive in the first quarter, with the benchmark index rising 1.42% in part due to Fed forward guidance viewed as dovish -thus delaying rate hike expectations. Additionally, TIPS enjoyed a strong bid from investors on continued U.S. dollar strength on the back of monetary policy divergence, which helped the Fund outperform in the first quarter. However, over the rest of the year, TIPS gave up all of their gains and turned negative as inflation expectations continued to weaken due in large part to the free fall in commodity prices. Additionally, interest rate increases outpaced inflation, causing real rates to rise and hurting the absolute performance of the relatively longer duration securities in the Fund (duration of the benchmark index is just over seven years). Throughout the year, the Fund had a higher duration than the benchmark index which contributed to relative underperformance for the year.

The Fund was consistently managed to provide inflation protection and income consistent with investment in inflation-indexed securities.

Certain strategies involving derivatives were utilized during the year. Interest rate futures and options were utilized to manage duration and yield curve exposure and to express active views on valuations of securities. The portfolio’s overall duration and yield curve posture contributed negatively to relative performance for the year. The Fund also utilized currency forwards and options to hedge non-dollar positions and to express active views in foreign currencies. The use of currency forwards and futures contributed to performance over the year.

This Fund may be suitable for investors who have a long-term investment horizon, want protection from inflation, can accept short-term fluctuations in account value and want to diversify their portfolio with a fixed income investment option. This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings. To the extent that the investment adviser misjudges current market conditions, the Fund’s volatility may be amplified by its use of derivatives, and by its ability to select sub-advisers to allocate assets. Some derivatives may increase the risk of loss and cause fluctuations in the market value of the Fund’s portfolio to have disproportionately large effects or cause the net asset value of the Fund generally to decline faster than it would otherwise. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and may reduce its returns. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Treasury Obligations		93.4
Foreign Government Inflation-Linked Bonds		4.8
Money Market Fund		1.1
Purchased Options		0.2
Written Options		(0.1	)
		99.4

245

Inflation Protected Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional     Class*	Investor       Class*	Benchmark**
One Year	N/A	-2.25%	-1.44%
Five Year	N/A	1.74%	2.55%
Since Inception(2)	-4.13%	3.00%	3.80%
Inception Date	04/30/15	06/25/09
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	0.39%	0.65%

⁽¹⁾ Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

⁽²⁾ The Since Inception benchmark performance is based on the start date of June 25, 2009, which corresponds with the inception date of the Investor Class, the longest operating class of the Fund.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund since June 25, 2009 (commencement of operations), with all dividends and capital gains reinvested, with the Barclays U.S. TIPS Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

246

INFLATION PROTECTED BOND FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Par			Value
U.S. TREASURY OBLIGATIONS — 93.4%
U.S. Treasury Inflationary Index Bonds
2.38%, 01/15/17		$	150,000		$	181,339
0.13%, 04/15/17			4,683,300			4,896,087
0.13%, 04/15/18			38,535,000			39,587,246
1.38%, 07/15/18			3,300,000			3,770,028
0.13%, 04/15/19			5,985,000			6,041,694
1.38%, 01/15/20			5,560,000			6,362,540
0.13%, 04/15/20			13,925,000			13,972,766
1.25%, 07/15/20			5,480,000			6,220,624
1.13%, 01/15/21			11,510,000			12,913,746
0.63%, 07/15/21			1,080,000			1,148,277
0.13%, 01/15/22			6,874,200			7,007,913
0.13%, 07/15/22			4,945,000			4,964,579
0.13%, 01/15/23			14,509,000			14,350,655
0.38%, 07/15/23			16,440,000			16,432,717
0.63%, 01/15/24			21,231,000			21,420,480
0.13%, 07/15/24			6,762,000			6,530,253
0.25%, 01/15/25‡‡			10,885,000			10,443,289
2.38%, 01/15/25			10,485,200			15,056,036
0.38%, 07/15/25			12,035,000			11,695,380
2.00%, 01/15/26			4,675,000			6,231,381
2.38%, 01/15/27			4,275,000			5,835,758
1.75%, 01/15/28			7,330,000			9,104,842
3.63%, 04/15/28			3,300,000			6,352,603
2.50%, 01/15/29			5,415,000			7,117,461
3.88%, 04/15/29			4,875,000			9,596,285
3.38%, 04/15/32			627,100			1,138,807
2.13%, 02/15/40			2,787,600			3,619,494
2.13%, 02/15/41			4,138,900			5,334,071
0.75%, 02/15/42			7,369,400			6,833,434
0.63%, 02/15/43			10,635,000			9,337,130
1.38%, 02/15/44			4,903,700			5,104,445
0.75%, 02/15/45			3,590,000			3,170,484
Total U.S. Treasury Obligations (Cost $288,888,996)						281,771,844
FOREIGN GOVERNMENT INFLATION-LINKED BOND — 4.8%
Germany — 1.8%
Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond 0.75%, 04/15/18(E)			1,045,000			1,239,397
Deutsche Bundesrepublik Inflation-Linked Bond 1.50%, 04/15/16(E)			5,000			6,263
0.10%, 04/15/23(E)D			3,460,000			4,086,990
						5,332,650
Italy — 2.4%
Italy Buoni Poliennali Del Tesoro
2.10%, 09/15/16(E)			5,000			5,903
2.60%, 09/15/23(E)			235,000			343,490
2.35%, 09/15/24(E)			3,730,000			4,712,092
1.25%, 09/15/32(E)			1,316,000			1,483,110
2.55%, 09/15/41(E)			415,000			618,308
						7,162,903

	Par			Value
New Zealand — 0.6%
New Zealand Government Bond 3.00%, 09/20/30(Z)		$	2,536,000		$	1,953,689
Total Foreign Government Inflation-Linked Bonds (Cost $14,106,417)						14,449,242
	Notional Amount
PURCHASED OPTIONS — 0.2%
Call Options — 0.1%
Euro vs. United Kingdom Pound, Strike Price $0.74, Expires 02/16/16 (BAR)		$	2,725,000			32,617
Euro vs. United Kingdom Pound, Strike Price $0.77, Expires 01/14/16 (BAR)			2,690,000			243
New Zealand Dollar vs. U.S. Dollar, Strike Price $0.70, Expires 01/27/16 (HSBC)			4,475,000			16,910
U.S. Dollar vs. Canadian Dollar, Strike Price $1.35, Expires 01/08/16 (BNP)			8,110,000			722
U.S. Dollar vs. Japanese Yen, Strike Price $119.25, Expires 03/17/16 (BNP)			2,980,000			34,735
U.S. Dollar vs. Japanese Yen, Strike Price $120.502, Expires 01/15/16 (DEUT)			7,485,000			53,645
U.S. Dollar vs. Mexican Peso, Strike Price $16.15, Expires 02/26/16 (MSCS)			2,990,000			3,112
						141,984
	Number of Contracts
Put Options — 0.1%
Long U.S. Treasury Bond, Strike Price $150.00, Expires 02/19/16 (JPM)			18			15,469
	Notional Amount
Canadian Dollar vs. Japanese Yen, Strike Price $85.50, Expires 01/15/16 (BAR)		$	7,965,000			18,040
Canadian Dollar vs. Japanese Yen, Strike Price $86.00, Expires 01/15/16 (BAR)			7,965,000			24,982
Canadian Dollar vs. Japanese Yen, Strike Price $88.00, Expires 01/15/16 (BAR)			7,965,000			92,463
Euro vs. United Kingdom Pound, Strike Price $0.72, Expires 01/14/16 (HSBC)			2,690,000			623
Euro vs. United Kingdom Pound, Strike Price $0.72, Expires 02/16/16 (BAR)			2,725,000			9,663
Switzerland Franc vs. Norwegian Krone, Strike Price $7.72, Expires 08/02/16 (DEUT)			5,910,000			16,793
Switzerland Frank vs. Sweden Krona, Strike Price $8.26, Expires 03/18/16 (JPM)			3,195,000			22,808
U.S. Dollar vs. Canadian Dollar, Strike Price $1.38, Expires 01/11/16 (BNP)			8,110,000			69,276

See Notes to Financial Statements. 247

INFLATION PROTECTED BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

		Notional Amount			Value
U.S. Dollar vs. Canadian Dollar, Strike Price $1.39, Expires 01/11/16 (HSBC)		$	8,110,000		$	23,851
U.S. Dollar vs. Canadian Dollar, Strike Price $1.42, Expires 01/08/16 (BAR)			16,220,000			4,250
U.S. Dollar vs. Japanese Yen, Strike Price $121.75, Expires 03/17/16 (BNP)			2,980,000			23,831
U.S. Dollar vs. Japanese Yen, Strike Price $127.00, Expires 01/15/16 (BNP)			3,740,000			4
United Kingdom Pound vs. U.S. Dollar, Strike Price $1.48, Expires 02/05/16 (HKSB)			3,915,000			68,583
						390,636
Total Purchased Options (Cost $674,031)						532,620
	Shares
MONEY MARKET FUND — 1.1%
GuideStone Money Market Fund (Investor Class)¥ (Cost $3,447,125)			3,447,125			3,447,125
TOTAL INVESTMENTS — 99.5% (Cost $307,116,569)						300,200,831
		Notional Amount
WRITTEN OPTIONS — (0.1)%
Call Options — 0.0%
Euro vs. United Kingdom Pound, Strike Price $0.77, Expires 01/14/16 (HSBC)		$	(2,690,000	)		(237	)
New Zealand Dollar vs. U.S. Dollar, Strike Price $0.70, Expires 01/27/16 (CITI)			(4,475,000	)		(16,785	)
Switzerland Frank vs. Sweden Krona, Strike Price $9.10, Expires 03/18/16 (JPM)			(3,195,000	)		(7,850	)
U.S. Dollar vs. Japanese Yen, Strike Price $120.500, Expires 01/15/16 (DEUT)			(3,745,000	)		(27,196	)
						(52,068	)

	Notional Amount			Value
Put Options — (0.1)%
Canadian Dollar vs. Japanese Yen, Strike Price $84.5000, Expires 01/15/16 (BAR)	$	(7,965,000	)	$	(9,342	)
Canadian Dollar vs. Japanese Yen, Strike Price $85.50, Expires 01/15/16 (BAR)		(7,965,000	)		(18,006	)
Canadian Dollar vs. Japanese Yen, Strike Price $88.000, Expires 01/15/16 (BAR)		(7,965,000	)		(92,463	)
Euro vs. United Kingdom Pound, Strike Price $0.72, Expires 01/14/16 (BAR)		(2,690,000	)		(626	)
U.S. Dollar vs. Canadian Dollar, Strike Price $1.38, Expires 01/11/16 (HSBC)		(8,110,000	)		(70,095	)
U.S. Dollar vs. Canadian Dollar, Strike Price $1.39, Expires 01/11/16 (BAR)		(8,110,000	)		(24,046	)
U.S. Dollar vs. Japanese Yen, Strike Price $127.00, Expires 01/15/16 (DEUT)		(3,740,000	)		(4	)
U.S. Dollar vs. Mexican Peso, Strike Price $18.00, Expires 02/26/16 (MSCS)		(2,990,000	)		(17,324	)
					(231,906	)
Total Written Options (Premiums received $(423,332))					(283,974	)
Other Assets in Excess of Liabilities — 0.6%					1,910,817
NET ASSETS — 100.0%				$	301,827,674

248 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs				Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Foreign Government Inflation-Linked Bonds		$	14,449,242			$	—			$	14,449,242			$	—
Money Market Fund			3,447,125				3,447,125				—				—
Purchased Options			532,620				15,469				517,151				—
U.S. Treasury Obligations			281,771,844				—				281,771,844				—
Total Assets - Investments in Securities		$	300,200,831			$	3,462,594			$	296,738,237			$	—
Liabilities:
Investments in Securities:
Written Options		$	(283,974	)		$	—			$	(283,974	)		$	—
Total Liabilities - Investments in Securities		$	(283,974	)		$	—			$	(283,974	)		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts		$	(439,581	)		$	—			$	(439,581	)		$	—
Futures Contracts			(147,222	)			(147,222	)			—				—
Total Liabilities - Other Financial Instruments		$	(586,803	)		$	(147,222	)		$	(439,581	)		$	—

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

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2015.

See Notes to Financial Statements. 249

Flexible Income Fund (Unaudited)

The Flexible Income Fund primarily invests in below investment grade, senior secured floating rate loans issued by U.S. banks or other financial institutions, otherwise referred to as “bank loans” or “leveraged loans.” To a lesser extent, the Fund may also invest in other below investment grade corporate fixed income securities or unsecured floating rate loans and may include non-U.S. securities. The Fund underperformed its benchmark, the S&P LSTA U.S. B- Ratings & Above Leveraged Loan Index, for the 2015 calendar year (-1.54% vs. 0.80%).

Overall, it was a challenging year for bank loans and high yield bonds as credit spreads widened led by concerns in the energy sector. The Fund’s underweight exposure to BB loans relative to the benchmark hurt relative performance, as lower rated bank loans underperformed. Security selection within BB rated securities negatively impacted relative performance as well. In addition, the Fund’s modest exposure to high yield bonds lowered returns relative to its benchmark index. Underweight exposure and negative selection in the electronics/electrical industry along with negative stock selection within forest products detracted from benchmark relative performance for the Fund. Positive security selection within and an underweight to the utilities sector contributed positively to benchmark relative results.

During the year, the Fund remained focused on its objective of seeking a high level of current income. At year-end, the current yield of the Fund was 4.96%.

The Fund did not invest in derivative instruments during the year.

This Fund may be suitable for investors who have a medium- to long-term investment horizon, possess a moderate tolerance for risk and are seeking income which may be more sensitive to interest rates than traditional bonds.

There is a risk that the issuer of a fixed-income investment owned by the Fund may fail to pay interest or principal due in a timely manner or at all. If the Fund acquires a participation interest in a senior secured or unsecured floating rate loan (“Senior Loans”), the Fund may not be able to control the exercise of any remedies that the lender would have under the loan and likely would not have any rights against the borrower directly. Senior Loans made to finance highly leveraged corporate acquisitions may be especially vulnerable to adverse changes in economic or market conditions. The Fund is subject to collateral risk in that the value of collateral securing a Senior Loan may decline after investment and that the collateral may not be sufficient to cover the amount owed. The Fund might not be able to sell a security promptly and at an acceptable price, which could have the effect of decreasing the overall level of the Fund’s liquidity. High yield securities (“junk bonds”) involve greater risks of default and are more volatile than securities rated investment grade. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Loan Agreements		82.1
Money Market Funds		10.6
Corporate Bonds		6.2
Foreign Bonds		1.0
		99.9

250

Flexible Income Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Investor Class*	Benchmark**
One Year	-1.54%	0.80%
Since Inception	0.09%	2.04%
Inception Date	07/01/13
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	1.16%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund since July 1, 2013 (commencement of operations), with all dividends and capital gains reinvested, with the S&P/LSTA U.S. B- Ratings & Above Loan Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

251

FLEXIBLE INCOME FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Par		Value
CORPORATE BONDS — 6.2%
Ally Financial, Inc.
5.50%, 02/15/17	$	650,000	$	671,125
4.75%, 09/10/18		650,000		667,062
CHS/Community Health Systems, Inc.
8.00%, 11/15/19		750,000		759,375
CIT Group, Inc.
5.25%, 03/15/18		300,000		310,500
6.63%, 04/01/18 144A		1,000,000		1,057,500
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/20		350,000		324,625
CommScope Holding Co., Inc. Cash coupon 6.63% or PIK
7.38%, 06/01/20 144A		375,000		380,625
Hertz Corporation
6.75%, 04/15/19		1,200,000		1,228,800
NBTY, Inc.
9.00%, 10/01/18		600,000		608,934
Sprint Communications, Inc.
9.00%, 11/15/18 144A		1,200,000		1,266,000
T-Mobile USA, Inc.
6.46%, 04/28/19		1,200,000		1,238,784
Valeant Pharmaceuticals International
6.38%, 10/15/20 144A		300,000		291,000
Total Corporate Bonds (Cost $8,971,419)				8,804,330
FOREIGN BONDS — 1.0%
Canada — 0.5%
Bombardier, Inc.
7.50%, 03/15/18 144A		700,000		686,000
Luxembourg — 0.5%
ArcelorMittal
5.13%, 06/01/20D		300,000		250,500
Intelsat Jackson Holdings SA
7.25%, 04/01/19		550,000		507,375
				757,875
Total Foreign Bonds (Cost $1,601,092)				1,443,875
LOAN AGREEMENTS — 82.1%
1011778 BC ULC Term B-2 Loan
3.75%, 12/12/21		869,201		860,509
ABG Intermediate Holdings 2 LLC Term B Loan
0.05%, 05/27/21		120,865		118,650
ABG Intermediate Holdings 2 LLC Term Loan
5.50%, 05/27/21		360,764		353,253
Access CIG LLC Term B Loan
6.00%, 10/17/21		650,000		640,259
Acosta, Inc. Term B Loan
4.25%, 09/26/21		696,500		660,930
ADS Waste Holdings, Inc. Term B Loan
3.75%, 10/09/19		1,176,368		1,136,666

	Par		Value
Advantage Sales & Marketing, Inc. Term B Loan
4.25%, 07/25/21	$	987,500	$	947,723
Affinia Group, Inc. Term B-2 Loan
4.75%, 04/25/20		698,529		695,477
Air Medical Group Holdings, Inc. Term B Loan
4.50%, 04/28/22		497,500		480,401
Albertsons LLC Term B Loan
0.00%, 12/21/22 S		162,273		161,137
Albertsons LLC Term B-4 Loan
0.00%, 08/25/21 S		692,620		685,957
AlixPartners LLP Term B Loan
4.50%, 07/28/22		997,500		988,153
Allflex Holdings III, Inc. Term B Loan
4.25%, 07/17/20		917,873		897,982
Allied Security Holdings LLC Term B Loan
4.25%, 02/14/21		362,902		351,714
American Energy- Marcellus LLC Term Loan
5.25%, 08/04/20		765,000		200,812
American Tire Distributors, Inc. Term B Loan
5.25%, 09/26/21		324,183		318,241
Ancestry.com, Inc. Term B Loan
5.00%, 08/29/22		693,262		686,330
Aramark Services, Inc. Term F Loan
3.25%, 02/24/21		982,500		971,447
Ascena Retail Group, Inc. Term B Loan
5.25%, 08/21/22		460,000		428,950
AssuredPartners, Inc. Term Loan
5.75%, 10/21/22		365,000		361,960
Asurion LLC Term B-1 Loan
5.00%, 05/24/19		587,406		549,042
Asurion LLC Term B-2 Loan
5.00%, 07/08/20		696,500		635,208
Asurion LLC Term Loan
8.50%, 03/03/21		500,000		423,750
Atlantic Power LP Term Loan
4.75%, 02/24/21		604,146		586,306
Atrium Innovations, Inc. Term B Loan
4.25%, 02/15/21		535,438		492,603
Avago Technologies Cayman Finance Ltd. Term B Loan
0.00%, 11/13/22 S		1,400,000		1,383,382
Azure Midstream Energy LLC Term B Loan
7.50%, 11/15/18		196,030		111,737

252 See Notes to Financial Statements.

	Par		Value
B&G Foods, Inc. Term B Loan
3.75%, 10/05/22	$	775,000	$	773,303
B/E Aerospace, Inc. Term B Loan
4.00%, 12/16/21		1,125,818		1,123,285
Berry Plastics Group, Inc. Term D Loan
3.50%, 02/08/20		731,203		716,082
BJ’s Wholesale Club, Inc. Term B Loan
4.50%, 09/26/19		1,221,626		1,167,666
BMC Software Finance, Inc. Term B Loan
5.00%, 09/10/20		699,338		573,954
Brickman Group, Ltd. LLC (The) Term B Loan
4.00%, 12/18/20		1,477,443		1,427,919
BWAY Holding Co. Term B Loan
5.50%, 08/14/20		295,500		282,758
Calpine Corporation Term B-5 Loan
3.50%, 05/27/22		995,000		946,742
Catalent Pharma Solutions, Inc. Term B Loan
4.25%, 05/20/21		742,464		735,039
CCO Safari III LLC Term I Loan
3.50%, 01/21/23		1,050,000		1,047,816
CDHR Parent, Inc. Term Loan
5.25%, 07/01/21		1,238,741		969,315
Checkout Holding Corporation Term B Loan
4.50%, 04/09/21		689,500		548,152
Chemours Co. (The) Term B Loan
3.75%, 05/12/22		373,125		340,786
Chemstralia Proprietary, Ltd. Term B Loan
7.25%, 02/26/22		347,002		336,592
Cincinnati Bell, Inc. Term B Loan
4.00%, 09/10/20		723,845		697,005
Communications Sales & Leasing, Inc. Term B Loan
5.00%,10/24/22		646,750		596,019
Concordia Healthcare Corporation Term B Loan
5.25%, 10/21/21		400,000		383,252
Coveris Holdings SA Term B Loan
4.50%, 05/08/19		553,958		536,647
CPG International, Inc. Term B Loan
4.75% ,09/30/20		977,500		913,962
CS Intermediate Holdco 2 LLC Term B Loan
4.00%, 04/04/21		738,750		725,822
Cumulus Media Holdings, Inc. Term B Loan
4.25%, 12/23/20		848,130		638,922

	Par		Value
CWGS Group LLC Term B Loan
5.25%, 02/20/20	$	657,468	$	638,698
DaVita HealthCare Partners, Inc. Term B Loan
3.50%, 06/24/21		492,500		489,831
Dealer Tire LLC Term B Loan
5.13%-5.50%, 12/22/21		990,000		988,762
Dell International LLC Term B-2 Loan
4.00%, 04/29/20		1,257,680		1,247,568
Delta 2 Lux S.à r.l. Term B Loan
4.75%, 04/30/19		1,984,962		1,914,556
Dole Food Co., Inc. Term B Loan
4.50%-6.00%, 11/01/18		462,095		458,245
Dollar Tree, Inc. Term B-1 Loan
3.50%, 07/06/22		423,625		421,774
Doosan Infracore International, Inc. Term B Loan
4.50%, 05/28/21		986,422		974,091
DPx Holdings BV Term B Loan
4.25%, 03/11/21		1,379,000		1,327,287
Drillships Ocean Ventures, Inc. Term B Loan
5.50%, 07/25/21		646,725		302,344
Entegris, Inc. Term B Loan
3.50%, 04/30/21		671,413		663,020
Envision Health Term Loan
4.50%, 10/28/22		350,000		347,375
Equinix, Inc. Term B Loan
0.00%, 12/08/22 S		210,000		210,525
Fairmount Santrol, Inc. Term B-2 Loan
4.50%, 09/05/19		1,225,000		595,350
FCA US LLC Term B Loan
3.50%, 05/24/17		498,695		496,545
Federal-Mogul Holdings Corporation Term C Loan
4.75%, 04/15/21		370,312		324,794
Filtration Group, Inc. Term B Loan
4.25%, 11/21/20		492,767		477,984
First Data Corporation Term C-1 Loan
3.92%, 03/24/18		750,000		739,267
FMG Resources August 2006 Proprietary, Ltd. Term B Loan
4.25%, 06/30/19		343,956		254,132
Garda World Security Corporation Delayed Draw Term B-DD Loan
4.00%-5.50%, 11/08/20		240,967		229,321

See Notes to Financial Statements. 253

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Garda World Security Corporation Term B Loan
4.00%, 11/08/20	$	941,962	$	896,437
Gardner Denver, Inc. Term Loan
4.25%, 07/30/20		1,225,587		1,099,658
Genesys Telecommunications Laboratories, Inc. Term B Loan
4.00%, 02/08/20		974,938		954,221
Granite Acquisition, Inc. Term B Loan
5.00%, 12/17/21		948,276		843,966
Granite Acquisition, Inc. Term C Loan
5.00%, 12/17/21		42,146		37,510
Granite Acquisition, Inc. Term Loan
8.25%, 12/17/22		150,000		114,000
Gray Television, Inc. Term Loan
3.75%, 06/13/21		720,900		710,541
Greatbatch, Ltd. Term B Loan
5.25%, 10/27/22		560,000		553,700
HC Group Holdings III, Inc. Term B Loan
6.00%, 04/07/22		294,262		292,056
HD Supply, Inc. Term Loan
3.75%, 08/13/21		349,125		340,107
Headwaters, Inc. Term B Loan
4.50%, 03/24/22		995,000		987,538
Hertz Corporation Term B-2 Loan
3.00%, 03/11/18		323,338		319,800
HGIM Corporation Term B Loan
5.50%, 06/18/20		731,897		428,160
Hill-Rom Holdings, Inc. Term B Loan
3.50%, 09/08/22		607,812		607,162
Hilton Worldwide Finance LLC Term B Loan
3.50%, 10/25/20		999,088		996,281
HUB International, Ltd. Term B Loan
4.00%, 10/02/20		962,682		906,124
Hubbard Radio LLC Term B Loan
4.25%, 05/27/22		628,670		579,426
Husky Injection Molding Systems, Ltd. Term B Loan
4.25%, 06/30/21		982,392		941,868
Infinity Acquisition LLC Term B Loan
4.00%, 08/06/21		690,841		661,825
Infor US, Inc. Term B-3 Loan
3.75%, 06/03/20		1,199,841		1,124,851
Informatica Term B Loan
4.50%, 06/03/22		324,188		311,337

	Par		Value
ION Media Networks, Inc. Term B Loan
4.75%, 12/18/20	$	984,060	$	966,839
J. Crew Group, Inc. Term B Loan
4.00%, 03/05/21		640,806		413,160
Jazz Acquisition, Inc. Term Loan
4.50%, 06/19/21		435,073		389,934
Jo-Ann Stores LLC Term Loan
4.00%, 03/18/18		290,106		270,524
KIK Custom Products, Inc. Term B Loan
6.00%, 08/27/22		673,313		651,430
Kronos, Inc. Term B Loan
4.50%, 10/30/19		545,524		535,639
Level 3 Financing, Inc. Term B Loan
3.50%, 01/31/22		650,000		639,112
Liberty Cablevision of Puerto Rico LLC Term Loan
4.50%, 01/07/22		800,000		773,000
Life Time Fitness, Inc. Term B Loan
4.25%, 06/10/22		348,250		338,893
Lineage Logistics LLC Term B Loan
4.50%, 04/07/21		581,659		523,493
LTS Buyer LLC Term B Loan
4.00%, 04/13/20		1,029,719		1,000,372
Lully Finance LLC Term B-1 Loan
5.00%, 07/11/22		400,000		389,000
MacDermid, Inc. Term B-2 Loan
5.50%, 06/07/20		495,000		477,675
Mallinckrodt International Finance SA Term B Loan
3.25%, 03/19/21		505,517		489,088
Match Group, Inc. Term B Loan
5.50%, 11/16/22		630,000		621,338
Mauser Holding S.à.r.l Term Loan
4.50%, 07/31/21		620,289		604,782
McJunkin Red Man Corporation Term B Loan
4.75%-6.00%, 11/09/19		332,470		303,066
Media General, Inc. Term B Loan
4.00%, 07/31/20		758,332		747,192
Methanol Holdings Trinidad, Ltd. Term B Loan
4.25%, 06/30/22		299,250		275,310
Michaels Stores, Inc. Term B Loan
3.75%, 01/28/20		569,036		563,346
Microsemi Corporation Term B Loan
0.00%, 12/17/22 S		480,000		470,640

254 See Notes to Financial Statements.

	Par		Value
Mission Broadcasting, Inc. Term B-2 Loan
3.75%, 10/01/20	$	575,031	$	570,241
Mitel US Holdings, Inc. Term B Loan
5.50%, 04/29/22		447,625		441,658
MoneyGram International, Inc. Term B Loan
4.25%, 03/28/20		199,270		181,501
MPH Acquisition Holdings LLC Term B Loan
3.75%, 03/31/21		1,082,027		1,051,373
Multi Packaging Solutions, Inc. Term B Loan
4.25%, 09/30/20		796,306		764,454
National Financial Partners Corporation Term Loan
4.50%, 07/01/20		987,506		946,356
Nautilus Merger Sub, Inc. Term B Loan
4.00%, 03/13/21		332,243		318,538
Navistar, Inc. Term B Loan
6.50%-7.75%, 08/07/20		425,000		372,585
Neiman Marcus Group, Ltd. LLC Term Loan
4.25%, 10/25/20		706,436		623,430
Neptune Finco Corporation Term B Loan
5.00%, 09/25/22		770,000		767,836
Nexstar Broadcasting, Inc. Term B-2 Loan
3.75%, 10/01/20		652,094		646,662
North American Lifting Holdings, Inc. Term Loan
5.50%, 11/27/20		490,192		352,119
10.00%, 11/27/21		250,000		185,000
Numericable US LLC Term B-1 Loan
4.50%, 05/21/20		849,268		816,146
Numericable US LLC Term B-2 Loan
4.50%, 05/21/20		734,732		706,078
Orion Engineered Carbons GmbH Term B Loan
5.00%, 07/25/21		790,000		726,939
Pacific Drilling SA Term B Loan
4.50%, 06/03/18		381,023		162,887
Party City Holdings, Inc Term B Loan
4.25%, 08/19/22		299,250		290,087
Penn Products Terminals LLC Term B Loan
4.75%, 04/14/22		595,500		556,792
Performance Food Group, Inc. Term Loan
6.25%, 11/14/19		336,648		334,012
PetSmart, Inc. Term B Loan
4.25%, 03/10/22		895,500		870,650

	Par		Value
Pharmaceutical Product Development LLC Term B Loan
4.25%, 08/18/22	$	696,500	$	675,605
Prestige Brand, Inc. Term B-3 Loan
3.50%, 09/03/21		97,067		96,360
Quebecor Media, Inc. Term B-1 Loan
3.25%, 08/17/20		1,719,905		1,661,325
Quincy Newspapers Inc. Term B Loan
5.50%-7.00%, 11/02/22		495,000		487,164
Quintiles Transnational Corporation Term B Loan
3.25%, 05/12/22		480,774		478,770
RCS Capital Corporation Term Loan
7.50%, 04/29/19		708,708		572,112
Reynolds Group Holdings, Inc. Term B Loan
4.50%, 12/01/18		972,216		961,483
Sabre GLBL, Inc. Term B-2 Loan
4.00%, 02/19/19		977,500		965,897
SAM Finance Lux S.à r.l. Term B Loan
4.25%, 12/17/20		480,007		478,605
Sandy Creek Energy Associates LP Term B Loan
5.00%-6.25%, 11/08/20		272,216		185,295
SBA Senior Finance II LLC Term B-2 Loan
3.25%, 06/10/22		992,015		966,282
Seadrill Operating LP Term B Loan
4.00%, 02/21/21		490,000		202,532
SeaWorld Parks & Entertainment, Inc. Term B-2 Loan
3.00%, 05/14/20		249,346		231,891
Sedgwick Claims Management Services, Inc. Term Loan
3.75%, 02/28/21		609,948		584,025
6.75%, 02/28/22		500,000		450,000
Sequa Corporation Term B Loan
5.25%, 06/19/17		1,166,601		803,986
ServiceMaster Co. LLC (The) Term B Loan
4.25%, 07/01/21		892,341		881,187
SIG Combibloc PurchaseCo S.à.r.l Term B Loan
4.25%, 03/13/22		472,619		464,424
Signode Industrial Group US, Inc. Term B Loan
3.75%, 05/01/21		350,000		326,293
Solenis International LP Term Loan
4.25%, 07/31/21		689,761		660,019

See Notes to Financial Statements. 255

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Southcross Holdings Borrower LP Term Loan
6.00%, 07/29/21	$	985,000	$	538,470
Spectrum Brands, Inc. Term Loan
3.75%-5.25%, 06/23/22		643,078		638,625
Spin Holdco, Inc. Term B Loan
4.25%, 11/08/19		977,650		937,077
Styrolution Group GmbH Term B-1 Loan
6.50%, 09/30/19		494,256		490,138
Summit Materials LLC Term B Loan
4.25%, 07/17/22		497,500		489,625
Team Health, Inc. Term B Loan
4.50%, 11/23/22		560,000		557,553
TierPoint LLC Term B Loan
5.25%, 12/02/21		990,000		967,725
Time, Inc. Delayed Draw Term B-DD Loan
4.25%, 04/24/21		989,950		975,101
T-Mobile USA, Inc. Term B Loan
3.50%, 11/09/22		360,000		359,608
Tower Automotive Holdings USA LLC Term B Loan
4.00%, 04/23/20		300,000		286,500
TPF II Power LLC Term B Loan
5.50%, 10/02/21		737,738		720,217
TransUnion LLC Term B-2 Loan
3.50%, 04/09/21		1,156,614		1,121,430
Tribune Media Co. Term B Loan
3.75%, 12/27/20		746,250		733,892
Tribune Publishing Co. Term B Loan
5.75%, 08/04/21		471,856		432,338
TTM Technologies, Inc. Term B Loan
6.00%, 05/31/21		324,188		292,579
Univar USA, Inc. Term B Loan
4.25%, 07/01/22		344,138		332,426
Univision Com-munications, Inc. Term C-4 Loan
4.00%. 03/01/20		1,336,761		1,306,016
UPC Financing Partnership Term AH Loan
3.25%, 06/30/21		400,000		392,124
Valeant Pharmaceuticals International, Inc. Term BF1 Loan
4.00%, 04/01/22		1,637,625		1,571,711
Virgin Media Investment Holdings, Ltd. Term F Loan
3.50%, 06/30/23		500,000		488,985

	Par		Value
Walter Investment Management Corporation Term Loan
4.75%, 12/18/20	$	473,333	$	405,590
WaveDivision Holdings LLC Term Loan
4.00%,10/15/19		328,819		323,065
Weather Channel Term Loan
5.75%, 02/13/20		669,938		668,979
West Corporation Term B-10 Loan
3.25%, 06/30/18		639,803		628,376
Westmoreland Coal Co. Term B Loan
7.50%, 12/16/20		346,417		209,582
WideOpenWest Finance LLC Term B Loan
4.50%, 04/01/19		902,264		865,968
William Morris Endeavor Entertainment LLC Term B Loan
5.25%, 05/06/21		1,477,500		1,449,339
WMG Acquisition Corporation Term B Loan
3.75%, 07/01/20		1,136,290		1,073,317
XPO Logistics Inc. Term B Loan
5.50%, 10/30/21		360,000		358,049
Yankee Cable Acquisition LLC. Term B Loan
4.25%, 03/01/20		473,774		466,222
Zayo Group LLC Term B Loan
3.75%, 07/02/19		487,486		478,692
Zebra Technologies Corporation Term B Loan
4.75%, 10/27/21		555,000		555,000
Ziggo BV Delayed Draw Term B3-DD Loan
3.50%, 01/15/22		509,489		494,133
Ziggo BV Term B-1 Loan
3.50%, 01/15/22		480,723		466,234
Ziggo BV Term B-2 Loan
3.50%, 01/15/22		309,787		300,450
Total Loan Agreements (Cost $123,667,163)				116,055,222

256 See Notes to Financial Statements.

	Shares		Value
MONEY MARKET FUNDS — 10.6%
GuideStone Money Market Fund (Investor Class)¥		14,734,600	$	14,734,600
Northern Institutional Liquid Assets Portfolio§		255,750		255,750
Total Money Market Funds (Cost $14,990,350)				14,990,350
TOTAL INVESTMENTS — 99.9% (Cost $149,230,024)				141,293,777
Other Assets in Excess of Liabilities — 0.1%				145,282
NET ASSETS — 100.0%			$	141,439,059

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Corporate Bonds		$	8,804,330		$	—		$	8,804,330		$	—
Foreign Bonds			1,443,875			—			1,443,875			—
Loan Agreements			116,055,222			—			108,106,464			7,948,758
Money Market Funds			14,990,350			14,990,350			—			—
Total Assets - Investments in Securities		$	141,293,777		$	14,990,350		$	118,354,669		$	7,948,758

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2015.

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

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

	Total Value			Loan Agreements
Balance, 12/31/14	$	11,263,387		$	11,263,387
Accrued discounts/premiums		16,805			16,805
Realized gain (loss)(1)		(65,295	)		(65,295	)
Change in unrealized appreciation (depreciation)(2)		(688,352	)		(688,352	)
Purchases		3,281,527			3,281,527
Sales		(2,763,343	)		(2,763,343	)
Transfers in to Level 3(3)		2,312,634			2,312,634
Transfers out of Level 3(4)		(5,408,605	)		(5,408,605	)
Maturities		—			—
Paydowns		—			—
Balance, 12/31/15	$	7,948,758		$	7,948,758

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

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

⁽³⁾  Transfers in to Level 3 represent the value of securities at December 31, 2015 that were transferred from Level 1 and Level 2 to Level 3 of the fair value hierarchy as a result of the inability of the Fund to obtain a price using an objective method such as a pricing vendor.

⁽⁴⁾  Transfers out of Level 3 represent the value of securities at December 31, 2015 that were transferred from Level 3 to Level 2 of the fair value hierarchy as a result of the ability of the Fund to obtain a price using an objective method such as a pricing vendor.

See Notes to Financial Statements. 257

Real Assets Fund (Unaudited)

The Real Assets Fund, through investments in other funds, invests mainly in securities or physical assets with real return characteristics.

The Fund had a target asset allocation to Real Assets Select Funds and another real return fund including 33% Inflation Protected Bond Fund, 15% Real Estate Securities Fund, 17.5% Credit Suisse Commodity Return Strategy Fund (a third party mutual fund), 17.5% Global Natural Resources Equity Fund and 17% Flexible Income Fund.

As a fund of funds, its performance was based on the performance of the underlying funds. The Fund underperformed its composite benchmark index (33% Barclays U.S. TIPS Index, 17% S&P/LSTA Leveraged Loan Index, 15% FTSE EPRA / NAREIT Developed Index, 14% MSCI World Commodity Producers Index, 4% NYSE Arca Gold Miners Index and 17% S&P Dow Jones-UBS Commodity Index) during 2015 (-11.77% versus -8.83%).

On an absolute basis, only the Real Estate Securities Fund had positive performance for the year as the other underlying Funds delivered negative returns. The Real Estate Securities Fund contributed to performance while the largest detractors were the Credit Suisse Commodity Return Strategy Fund and Global Natural Resources Equity Fund.

The Real Estate Securities Fund contributed positively to benchmark relative performance, while other underlying Real Asset Select Funds underperformed their respective benchmarks. The dominant driver of benchmark relative underperformance was the Fund’s allocation to the Global Natural Resources Equity Fund, which trailed its benchmark in 2015.

The Fund did not invest in derivative instruments during the year.

This Fund may be suitable for investors who have a medium- to long-term investment horizon, possess a moderate tolerance for risk and seek to participate in the return potential of real return related securities. The Fund attempts to achieve its objective by investing in selected GuideStone Funds Select Funds and other investments. By investing in the Fund, you will also incur the expenses and risks of underlying fund investments. The principal risks of the Fund will change depending on the asset mix of the Select Funds and other investments in which it invests. You may directly invest in only those Select Funds which are eligible for direct investment. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Real Return Select Funds		81.2
Credit Suisse Commodity Return Strategy		17.2
Fixed Income Select Fund		1.6
		100.0

258

Real Assets Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Investor Class*	Benchmark**
One Year	-11.77%	-8.83%
Since Inception	-6.39%	-3.82%
Inception Date	07/01/13
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	1.16%

⁽¹⁾Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund since July 1, 2013 (commencement of operations), with all dividends and capital gains reinvested, with the weighted composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**Represents a weighted composite benchmark index consisting of 33% Barclays U.S. TIPS Index (Series-L), 17% S&P/LSTA U.S. B- Ratings and Above Loan Index, 15% FTSE EPRA / NAREIT Developed Index—Net, 14% MSCI World Commodity Producers Index, 4% NYSE Arca Gold Miners Index and 17% S&P Dow Jones-UBS Commodity Index.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

259

REAL ASSETS FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Institutional Class)¥		537,345	$	537,345
GuideStone Inflation Protected Bond Fund (Institutional Class)*¥		1,082,502		10,803,373
GuideStone Flexible Income Fund (Investor Class)¥		596,685		5,543,201
GuideStone Real Estate Securities Fund (Institutional Class)¥		510,562		4,829,919
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,098,023		5,610,899
Credit Suisse Commodity Return Strategy Fund (Class I)*		1,257,152		5,669,758
Total Mutual Funds (Cost $41,372,492)				32,994,495
TOTAL INVESTMENTS — 100.0% (Cost $41,372,492)				32,994,495
Other Assets in Excess of Liabilities — 0.0%				5,265
NET ASSETS — 100.0%			$	32,999,760

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	32,994,495	$	32,994,495	$	—	$	—
Total Assets - Investments in Securities	$	32,994,495	$	32,994,495	$	—	$	—

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2015.

260 See Notes to Financial Statements.

Real Estate Securities Fund (Unaudited)

Global real estate markets experienced volatility during the year but showed resilience in the fourth quarter and erased a good portion of the losses suffered in the prior two quarters. Familiar themes such as moderating growth expectations in China, Federal Reserve policy related to the timing of potential interest rate hikes and falling commodity prices continued to dominate the headlines and contributed to market uncertainty throughout the year. The FTSE EPRA / NAREIT Developed Index – Net, posted a fourth quarter return of 4.19%, bringing the one-year return to -0.79%.

The Real Estate Securities Fund provides exposure to real estate by investing in public real estate securities with strong cash flow growth potential that provides the capacity for sustained dividend increases. The Fund was diversified among property sectors and geographical locations. The Fund outperformed its benchmark, the FTSE EPRA / NAREIT Developed Index - Net, for the 2015 calendar year (0.34% vs. -0.79%). Stock selection in the Americas, Japan, Continental Europe and Asia ex-Japan contributed, while stock selection in the United Kingdom detracted from benchmark-relative returns. From a regional allocation perspective, an underweight in the Americas region and an overweight in the U. K. region were the largest contributors. An underweight in the Asia ex-Japan region and an overweight in the Japan region detracted the most during the year.

In 2015, derivative positions, exchange listed equity index futures contracts, were utilized to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure had a slight positive impact on Fund performance for the year.

This Fund may be suitable for investors who seek the potential for current income and long-term capital appreciation. Investors should be willing to accept significant short-term fluctuations in account value and want to diversify their portfolio through exposure to publicly traded real estate securities.

This Fund invests substantial assets in real estate investment trusts (REITs) that involve equity market risks as well as risks linked directly to the real estate market. 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. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of total investments, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Financial Services		51.9
Foreign Common Stocks		44.4
Money Market Funds		12.1
		108.4

261

Real Estate Securities Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Institutional Class*	Investor Class*	Benchmark**
One Year	N/A	0.34%	-0.79%
Five Year	N/A	8.48%	7.17%
Since Inception(2)	-1.89%	2.72%	1.25%
Inception Date	04/30/15	12/29/06
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	0.92%	1.13%

⁽¹⁾ Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

⁽²⁾ The Since Inception benchmark performance is based on the start date of December 29, 2006, which corresponds with the inception date of the Investor Class, the longest operating class of the Fund.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund since December 29, 2006 (commencement of operations), with all dividends and capital gains reinvested, with the FTSE EPRA/NAREIT Developed Index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

262

REAL ESTATE SECURITIES FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
COMMON STOCKS — 51.9%
Financial Services — 51.9%
Agree Realty Corporation REITD		23,363	$	794,108
Alexandria Real Estate Equities, Inc. REITD		11,078		1,001,008
American Residential Properties, Inc. REIT		69,605		1,315,535
AvalonBay Communities, Inc. REIT		20,537		3,781,478
Boston Properties, Inc. REIT		28,495		3,634,252
Brandywine Realty Trust REITD		119,871		1,637,438
Camden Property Trust REITD		11,859		910,297
Chesapeake Lodging Trust REITD		89,499		2,251,795
CoreSite Realty Corporation REITD		13,102		743,145
Crown Castle International Corporation REITD		6,384		551,897
CubeSmart REIT		59,739		1,829,208
CyrusOne, Inc. REITD		25,295		947,298
DCT Industrial Trust, Inc. REITD		81,656		3,051,485
Duke Realty Corporation REITD		94,840		1,993,537
Education Realty Trust, Inc. REITD		90,215		3,417,344
Equinix, Inc. REITD		10,150		3,069,360
Equity LifeStyle Properties, Inc. REITD		18,089		1,205,994
Equity One, Inc. REITD		45,316		1,230,329
Equity Residential REITD		98,065		8,001,123
Essex Property Trust, Inc. REIT		11,357		2,718,979
Extra Space Storage, Inc. REIT		25,740		2,270,525
Federal Realty Investment Trust REIT		20,281		2,963,054
First Industrial Realty Trust, Inc. REITD		20,770		459,640
Four Corners Property Trust, Inc. REITD*		20,192		487,839
General Growth Properties, Inc. REIT		131,073		3,566,496
Healthcare Trust of America, Inc. Class A REITD		50,479		1,361,419
Host Hotels & Resorts, Inc. REITD		28,931		443,802
Kilroy Realty Corporation REIT		14,661		927,748
LaSalle Hotel Properties REITD		27,743		698,014
Macerich Co. (The) REITD		50,936		4,110,026
Mack-Cali Realty Corporation REITD		22,135		516,852
Mid-America Apartment Communities, Inc. REITD		18,751		1,702,778
National Health Investors, Inc. REITD		14,127		859,910
National Retail Properties, Inc. REIT		49,130		1,967,656
New York REIT, Inc. REIT		63,931		735,206
Paramount Group, Inc. REIT		68,690		1,243,289
Pebblebrook Hotel Trust REITD		46,291		1,297,074
Physicians Realty Trust REITD		73,525		1,239,632
Piedmont Office Realty Trust, Inc. Class A REIT		51,994		981,647
Post Properties, Inc. REIT		27,782		1,643,583
Prologis, Inc. REIT		77,464		3,324,755

	Shares		Value
Public Storage REIT		23,250	$	5,759,025
Retail Properties of America, Inc. Class A REITD		252,704		3,732,438
Rexford Industrial Realty, Inc. REITD		48,473		793,018
RMR Group, Inc. (The) Class A*		—		4
Senior Housing Properties Trust REITD		64,627		959,065
Simon Property Group, Inc. REIT		66,685		12,966,232
Sovran Self Storage, Inc. REITD		7,870		844,530
Spirit Realty Capital, Inc. REIT		375,103		3,758,532
STORE Capital Corporation REITD		39,827		923,986
Sunstone Hotel Investors, Inc. REITD		200,498		2,504,220
Taubman Centers, Inc. REITD		18,491		1,418,630
UDR, Inc. REITD		52,670		1,978,812
Urban Edge Properties REITD		74,915		1,756,757
Vornado Realty Trust REITD		71,934		7,190,523
Washington Real Estate Investment Trust REITD		40,949		1,108,080
Weingarten Realty Investors REITD		48,077		1,662,503
Welltower, Inc. REIT		133,316		9,069,487
WP Glimcher, Inc. REIT		77,140		818,455
				134,130,852
Total Common Stocks (Cost $129,187,299)				134,130,852
FOREIGN COMMON STOCKS — 44.4%
Australia — 5.8%
Dexus Property Group REIT		102,758		557,376
Goodman Group REIT		336,728		1,525,862
GPT Group (The) REIT		174,490		604,292
Ingenia Communities Group REIT		238,735		515,586
Investa Office Fund REIT		492,146		1,424,655
Mirvac Group REIT		1,201,274		1,719,668
Scentre Group REIT		1,137,265		3,449,482
Vicinity Centres REIT		1,268,948		2,574,278
Westfield Corporation REIT		380,492		2,617,746
				14,988,945
Austria — 0.1%
BUWOG AG*		10,987		238,335
Canada — 1.6%
Allied Properties Real Estate Investment Trust REIT		28,020		639,294
Chartwell Retirement Residences		97,766		897,325
First Capital Realty, Inc.D		61,070		809,882
Pure Industrial Real Estate Trust REIT		134,020		423,262
Smart Real Estate Investment Trust REIT		57,034		1,244,386
				4,014,149
Finland — 0.3%
Citycon OYJ*		330,940		859,555
France — 3.9%
Gecina SA REIT		19,570		2,379,167
Klepierre REIT		82,011		3,645,392

See Notes to Financial Statements. 263

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Unibail-Rodamco SE REIT		15,639	$	3,971,251
				9,995,810
Germany — 2.9%
alstria office REIT-AG*		62,631		834,346
LEG Immobilien AG*		26,526		2,161,896
Vonovia SE		149,629		4,622,526
				7,618,768
Hong Kong — 6.2%
Cheung Kong Property Holdings, Ltd.		575,307		3,721,652
Hang Lung Properties, Ltd.		724,209		1,640,955
Henderson Land Development Co., Ltd.		165,413		1,009,022
Hongkong Land Holdings, Ltd.		252,500		1,729,625
Link REIT		357,749		2,132,858
New World Development Co., Ltd.		625,831		614,527
Sun Hung Kai Properties, Ltd.		312,951		3,761,541
Swire Properties, Ltd.		389,036		1,118,610
Wharf Holdings, Ltd. (The)		57,904		319,253
				16,048,043
Ireland — 0.5%
Green REIT PLC		229,327		396,887
Hibernia REIT PLC		551,385		843,191
				1,240,078
Italy — 0.1%
Beni Stabili SpA REITD		453,311		341,671
Japan — 10.9%
Daibiru Corporation		46,400		382,233
Frontier Real Estate Investment Corporation REIT		92		369,079
Global One Real Estate Investment Corporation REITD		293		1,050,262
GLP J-REIT		531		513,857
Hulic Reit, Inc. REITD		315		439,549
Industrial & Infrastructure Fund Investment Corporation REIT		111		529,672
Invesco Office J-Reit, Inc. REIT		474		402,303
Invincible Investment Corporation REITD		772		448,383
Japan Logistics Fund, Inc. REIT		614		1,191,501
Japan Real Estate Investment Corporation REIT		333		1,615,960
Japan Retail Fund Investment Corporation REIT		762		1,465,994
Kenedix Office Investment Corporation REIT		181		846,180
Kenedix Residential Investment Corporation REITD		147		362,390
Mitsubishi Estate Co., Ltd.		217,643		4,525,523
Mitsui Fudosan Co., Ltd.		243,729		6,117,083
Mori Hills REIT Investment Corporation		1,146		1,468,175
Nippon Accommodations Fund, Inc. REIT		203		707,345
Nippon Building Fund, Inc. REIT		104		496,969
Nomura Real Estate Master Fund, Inc. REIT*		49		60,906

	Shares		Value
NTT Urban Development Corporation		141,000	$	1,354,769
Sumitomo Realty & Development Co., Ltd.		51,003		1,455,763
Tokyo Tatemono Co., Ltd.		123,000		1,338,708
Top REIT, Inc.		97		367,407
United Urban Investment Corporation REIT		490		665,202
				28,175,213
Jersey — 0.1%
LXB Retail Properties PLC*		107,910		152,719
Luxembourg — 0.3%
ADO Properties SA 144A*		27,788		800,267
Netherlands — 0.9%
Eurocommercial Properties NV CVA		11,570		499,830
InterXion Holding NV*		32,590		982,589
Wereldhave NV REIT		16,605		931,442
				2,413,861
Singapore — 1.9%
CapitaLand Commercial Trust, Ltd. REIT		234,700		222,679
CapitaLand Mall Trust REIT		949,236		1,288,009
CapitaLand, Ltd.		838,864		1,971,742
Fortune Real Estate Investment Trust REIT		695,563		714,803
Mapletree Greater China Commercial Trust REIT		331,085		213,147
Mapletree Industrial Trust REIT		9,000		9,648
Mapletree Logistics Trust REITD		586,900		408,932
				4,828,960
Spain — 0.6%
Inmobiliaria Colonial SA*		975,010		679,341
Merlin Properties Socimi SA REIT		67,436		844,790
				1,524,131
Sweden — 1.4%
Fabege AB		129,952		2,147,150
Hemfosa Fastigheter AB		5,242		58,240
Hufvudstaden AB, A Shares		55,724		787,748
Pandox AB*		12,102		222,178
Wihlborgs Fastigheter AB		23,854		481,032
				3,696,348
Switzerland — 0.4%
PSP Swiss Property AG*		12,896		1,130,848
United Kingdom — 6.5%
Assura PLC REIT		487,776		397,653
Big Yellow Group PLC REIT		47,390		562,121
British Land Co. PLC (The) REIT		319,008		3,691,222
Derwent London PLC REIT		18,447		997,758
Great Portland Estates PLC REIT		85,469		1,041,741
Hammerson PLC REIT		295,413		2,611,574
Helical Bar PLC		46,849		327,887
Intu Properties PLC REIT		268,578		1,254,783
Land Securities Group PLC REIT		140,284		2,431,842
LondonMetric Property PLC REIT		214,731		518,740

264 See Notes to Financial Statements.

	Shares		Value
Safestore Holdings PLC REIT		62,698	$	329,631
Segro PLC REIT		214,176		1,355,416
St. Modwen Properties PLC		125,064		765,235
Workspace Group PLC REIT		37,043		521,705
				16,807,308
Total Foreign Common Stocks (Cost $121,371,436)				114,875,009
MONEY MARKET FUNDS — 12.1%
GuideStone Money Market Fund (Investor Class)¥		7,407,916		7,407,916
Northern Institutional Liquid Assets Portfolio§		23,903,069		23,903,069
Total Money Market Funds (Cost $31,310,985)				31,310,985
TOTAL INVESTMENTS — 108.4% (Cost $281,869,720)				280,316,846
Liabilities in Excess of Other Assets — (8.4)%				(21,763,516	)
NET ASSETS — 100.0%			$	258,553,330

See Notes to Financial Statements. 265

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	134,130,852	$	134,130,852	$	—	$	—
Foreign Common Stocks:
Australia		14,988,945		—		14,988,945		—
Austria		238,335		—		238,335		—
Canada		4,014,149		4,014,149		—		—
Finland		859,555		—		859,555		—
France		9,995,810		—		9,995,810		—
Germany		7,618,768		—		7,618,768		—
Hong Kong		16,048,043		1,729,625		14,318,418		—
Ireland		1,240,078		—		1,240,078		—
Italy		341,671		—		341,671		—
Japan		28,175,213		60,906		28,114,307		—
Jersey		152,719		152,719		—		—
Luxembourg		800,267		800,267		—		—
Netherlands		2,413,861		982,589		1,431,272		—
Singapore		4,828,960		9,648		4,819,312		—
Spain		1,524,131		—		1,524,131		—
Sweden		3,696,348		—		3,696,348		—
Switzerland		1,130,848		—		1,130,848		—
United Kingdom		16,807,308		725,540		16,081,768		—
Money Market Funds		31,310,985		31,310,985		—		—
Total Assets - Investments in Securities	$	280,316,846	$	173,917,280	$	106,399,566	$	—
Other Financial Instruments***
Futures Contracts	$	39,530	$	39,530	$	—	$	—
Total Assets - Other Financial Instruments	$	39,530	$	39,530	$	—	$	—

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

The Fund had securities that transferred from Level 1 to Level 2 of the fair value hierarchy as a result of foreign equities that were being valued based on quoted prices at December 31, 2014 that are now being fair valued. The value of the securities that were transferred to Level 2 as of December 31, 2015 is $5,344,027.

The Fund had securities that transferred from Level 2 to Level 1 of the fair value hierarchy as a result of foreign equities that were fair valued at December 31, 2014 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 1 as of December 31, 2015 is $9,648.

266 See Notes to Financial Statements.

Global Natural Resources Equity Fund (Unaudited)

The Global Natural Resources Equity Fund primarily invests in equity securities of companies considered to be principally engaged in natural resources industries and related sectors or that supply goods, technology and services to such companies. The benchmark index was changed during the fourth quarter from the 75% MSCI World Commodity Producers Index / 25% NYSE Gold Miners Arca Index to the MSCI World Commodity Producers Index. From January through November, the Fund underperformed its former benchmark (-29.07% versus -20.07%). During December, the Fund underperformed its new benchmark (-3.53% versus -0.11%). Overall, the Fund underperformed its new benchmark for the 2015 calendar year (-34.49% versus -25.62%).

From an allocation perspective, the Fund’s smaller capitalization bias hurt benchmark-relative results. For example, the Fund held no exposure to integrated oil companies (which includes the oil “majors,” such as ExxonMobil or Conoco Phillips), and instead had overweight exposures to “regional” independent players in the North American natural gas and oil sectors. These sectors significantly underperformed integrated oil companies and the MSCI World Commodity Producers Index for the one-year period ended December 31, 2015. The Fund was also overweight base metals (copper miners in particular), which hurt performance as declining economic growth concerns out of China weighed heavily on the sector.

From a stock selection perspective, the Fund’s benchmark relative results benefited from strong stock selection within the base metals and fertilizers industries. Stock selection within North American natural oil and gas sub-sectors was a slight detractor to relative performance.

During the year, the Fund remained focused on achieving its objective of seeking long-term capital appreciation.

The Fund did not invest in derivative instruments during the year.

This Fund may be suitable for investors who have a medium- to long-term investment horizon, possess a high tolerance for risk and seek to participate in the return potential of natural resources related equity securities. An investment in medium-, small- and micro-cap companies may involve greater risk and be more volatile and less liquid than an investment in a larger company. Investment in companies in natural resources industries may be significantly affected by (often rapid) changes in supply of, or demand for various natural resources. Concentrating investments in the natural resources sector increases the risk of loss because the securities of many or all of the companies in the sector may decline in value due to developments adversely affecting the sector, including market, economic, political or regulatory developments. Prices of precious metals and of precious metal-related securities have historically been very volatile due to various economic, financial, social and political factors and may adversely affect the financial condition of companies involved with precious metals. It is possible to lose money by investing in the Fund.

At December 31, 2015, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Foreign Common Stocks		53.1
Money Market Funds		40.0
Energy		36.0
Materials & Processing		1.7
Consumer Staples		0.3
Rights		—
		131.1

267

Global Natural Resources Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/15
	Investor Class*	Benchmark**
One Year	-34.49%	-25.62%
Since Inception	-22.34%	-11.11%
Inception Date	07/01/13
Total Fund Operating Expenses (May 1, 2015 Prospectus, as amended on June 1, 2015)(1)	1.36%

⁽¹⁾ Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.org. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund since July 1, 2013 (commencement of operations), with all dividends and capital gains reinvested, with the weighted composite benchmark index.

*These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**The benchmark index was changed during the fourth quarter from the 75% MSCIWorld Commodity Producers Index / 25% NYSE Gold Miners Arca Index (the “Benchmark Index”) to the MSCI World Commodity Producers Index.

Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses.

268

GLOBAL NATURAL RESOURCES EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
COMMON STOCKS — 38.0%
Consumer Staples — 0.3%
Archer-Daniels-Midland Co.D		14,600	$	535,528
Energy — 36.0%
Anadarko Petroleum CorporationD		12,200		592,676
Antero Resources CorporationD*		309,877		6,755,319
Apache CorporationD		9,100		404,677
Cabot Oil & Gas CorporationD		348,382		6,162,878
Chesapeake Energy CorporationD		14,400		64,800
Chevron Corporation		45,200		4,066,192
Cimarex Energy Co.D		2,300		205,574
Concho Resources, Inc.D*		3,100		287,866
ConocoPhillipsD		29,700		1,386,693
Continental Resources, Inc.D*		2,000		45,960
Denbury Resources, Inc.D		1,607,170		3,246,483
Devon Energy Corporation		9,400		300,800
Energen CorporationD		1,900		77,881
EOG Resources, Inc.		59,648		4,222,482
EQT CorporationD		3,700		192,881
Exxon Mobil CorporationD		100,300		7,818,385
Hess Corporation		6,200		300,576
Laredo Petroleum, Inc.D*		584,658		4,671,417
Marathon Oil CorporationD		16,300		205,217
Murphy Oil CorporationD		3,900		87,555
Noble Energy, Inc.D		300,392		9,891,909
Occidental Petroleum Corporation		18,400		1,244,024
Pioneer Natural Resources Co.		3,600		451,368
Range Resources CorporationD		252,563		6,215,575
Southwestern Energy Co.D*		975,030		6,932,463
Whiting Petroleum CorporationD*		4,900		46,256
				65,877,907
Materials & Processing — 1.7%
Alcoa, Inc.D		31,500		310,905
CF Industries Holdings, Inc.		5,600		228,536
FMC CorporationD		3,200		125,216
Freeport-McMoRan, Inc.D		25,000		169,250
International Paper Co.		9,500		358,150
Monsanto Co.D		11,300		1,113,276
Mosaic Co. (The)		7,700		212,443
Newmont Mining CorporationD		12,700		228,473
Nucor CorporationD		7,700		310,310
				3,056,559
Total Common Stocks (Cost $100,704,600)				69,469,994
FOREIGN COMMON STOCKS — 53.1%
Australia — 6.6%
Alumina, Ltd.		60,784		50,727
BHP Billiton, Ltd.		77,296		994,763
Fortescue Metals Group, Ltd.		37,470		50,425
Iluka Resources, Ltd.D		1,547,426		6,844,907
Mineral Resources, Ltd.D		1,008,797		2,917,497
Newcrest Mining, Ltd.*		18,448		174,559
Origin Energy, Ltd.		41,966		141,959
Rio Tinto, Ltd.		10,209		330,153
Santos, Ltd.		40,364		107,508
South32, Ltd.*		128,127		98,427
Woodside Petroleum, Ltd.		17,846		371,802
				12,082,727

	Shares		Value
Austria — 0.1%
OMV AG		3,544	$	100,598
voestalpine AG		2,737		83,720
				184,318
Bermuda — 2.8%
Bunge, Ltd.D		3,500		238,980
Kosmos Energy, Ltd.*		926,020		4,815,304
				5,054,284
Canada — 24.9%
Agnico Eagle Mines, Ltd.		5,200		136,680
Agrium, Inc.		3,300		294,942
ARC Resources, Ltd.		8,200		98,966
Barrick Gold Corporation		28,000		207,212
Cameco Corporation		9,500		117,197
Canadian Natural Resources, Ltd.		26,300		574,392
Canadian Oil Sands Ltd		11,700		69,928
Cenovus Energy Inc		20,000		252,945
Crescent Point Energy Corporation		12,000		139,799
Eldorado Gold Corp		17,200		50,965
EnCana Corporation		20,300		103,136
First Quantum Minerals, Ltd.D		1,804,540		6,755,451
Franco-Nevada Corp		3,800		173,838
Goldcorp, Inc.D		616,299		7,124,336
HudBay Minerals, Inc.D		574,560		2,194,819
Husky Energy Inc		8,400		86,871
Imperial Oil, Ltd.D		7,100		231,313
Kinross Gold Corporation*		27,600		50,066
MEG Energy Corp*		3,300		19,127
Painted Pony Petroleum, Ltd.D*		350,970		882,688
Peyto Exploration & Development CorporationD		329,658		5,925,124
Potash Corporation of Saskatchewan		20,100		344,273
Prairiesky Royalty Ltd		3,600		57,030
Seven Generations Energy Ltd, Class A*		3,400		33,123
Silver Wheaton Corp		9,700		120,575
Suncor Energy, Inc.		34,800		898,356
Teck Resources, Ltd. Class B		13,600		52,485
Tourmaline Oil Corporation*		339,779		5,488,228
Turquoise Hill Resources, Ltd.D*		5,039,458		12,800,143
Vermilion Energy Inc		2,600		70,670
West Fraser Timber CO Ltd		1,700		64,538
Yamana Gold, Inc.		22,800		42,347
				45,461,563
Chile — 7.2%
Sociedad Quimica y Minera de Chile SA ADRD		690,783		13,131,785
Finland — 0.2%
Stora Enso OYJ, R Shares		13,257		119,872
UPM-Kymmene OYJ		12,845		238,473
				358,345
France — 1.3%
TOTAL SA		52,296		2,344,515
Germany — 0.2%
K+S AGD		4,606		117,413
ThyssenKrupp AGD		8,853		175,497
				292,910

See Notes to Financial Statements. 269

GLOBAL NATURAL RESOURCES EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Israel — 0.0%
Israel Chemicals, Ltd.		12,275	$	49,828
Italy — 0.5%
Eni SpA		61,225		909,698
Japan — 0.7%
Hitachi Metals, Ltd.		5,200		64,159
Inpex Corporation		22,900		223,250
JFE Holdings, Inc.		11,800		185,288
Kobe Steel, Ltd.		74,000		80,402
Maruichi Steel Tube, Ltd.		1,000		29,522
Mitsubishi Materials Corporation		27,000		85,040
Nippon Steel & Sumitomo Metal Corporation		18,300		362,017
Oji Holdings Corporation		19,000		76,361
Sumitomo Metal Mining Co., Ltd.		12,000		145,667
				1,251,706
Jersey — 0.3%
Glencore PLC*		294,472		390,216
Randgold Resources, Ltd.		2,245		138,308
				528,524
Luxembourg — 0.0%
ArcelorMittalD		24,049		101,468
Mauritius — 0.0%
Golden Agri-Resources, Ltd.		147,900		35,328
Netherlands — 0.0%
OCI NV*		2,028		50,075
Norway — 0.4%
Norsk Hydro ASA		32,366		120,308
Statoil ASA		26,859		374,596
Yara International ASA		4,303		185,065
				679,969
Papua New Guinea — 0.1%
Oil Search, Ltd.		32,982		160,534
Portugal — 0.1%
Galp Energia SGPS SA		9,280		108,286
Singapore — 0.0%
Wilmar International, Ltd.		46,200		95,326
Spain — 0.1%
Repsol SA		25,277		278,283
Sweden — 0.1%
Boliden AB		6,583		110,293
Lundin Petroleum ABD*		5,240		75,610
				185,903
Switzerland — 0.5%
Syngenta AG		2,237		875,569
United Kingdom — 7.0%
Anglo American PLC*		33,738		148,017
Antofagasta PLC		9,491		65,287
BG Group PLC		82,205		1,191,638
BHP Billiton PLC		50,831		566,861
BP PLC		440,154		2,287,355
Fresnillo PLC		5,320		55,313
Mondi PLC		8,838		173,232
Ophir Energy PLC*		2,776,161		4,004,965
Rio Tinto PLC		30,169		878,384
Royal Dutch Shell PLC A Shares		94,295		2,135,716

	Shares		Value
Royal Dutch Shell PLC B Shares		58,733	$	1,338,588
				12,845,356
Total Foreign Common Stocks (Cost $152,128,871)				97,066,300
RIGHTS — 0.0%
Repsol SA* (Cost $11,584)		22,769		11,358
MONEY MARKET FUNDS — 40.0%
GuideStone Money Market Fund (Investor Class)¥		16,074,034		16,074,034
Northern Institutional Liquid Assets Portfolio§		56,959,458		56,959,458
Total Money Market Funds (Cost $73,033,492)				73,033,492
TOTAL INVESTMENTS — 131.1% (Cost $325,878,547)				239,581,144
Liabilities in Excess of Other Assets — (31.1)%				(56,850,681	)
NET ASSETS — 100.0%			$	182,730,463

270 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	69,469,994	$	69,469,994	$	—	$	—
Foreign Common Stocks:
Australia		12,082,727		—		12,082,727		—
Austria		184,318		—		184,318		—
Bermuda		5,054,284		5,054,284		—		—
Canada		45,461,563		45,461,563		—		—
Chile		13,131,785		13,131,785		—		—
Finland		358,345		—		358,345		—
France		2,344,515		—		2,344,515		—
Germany		292,910		—		292,910		—
Israel		49,828		—		49,828		—
Italy		909,698		—		909,698		—
Japan		1,251,706		—		1,251,706		—
Jersey		528,524		—		528,524		—
Luxembourg		101,468		—		101,468		—
Mauritius		35,328		—		35,328		—
Netherlands		50,075		—		50,075		—
Norway		679,969		—		679,969		—
Papua New Guinea		160,534		—		160,534		—
Portugal		108,286		—		108,286		—
Singapore		95,326		—		95,326		—
Spain		278,283		—		278,283		—
Sweden		185,903		—		185,903		—
Switzerland		875,569		—		875,569		—
United Kingdom		12,845,356		—		12,845,356		—
Money Market Funds		73,033,492		73,033,492		—		—
Rights		11,358		11,358		—		—
Total Assets - Investments in Securities	$	239,581,144	$	206,162,476	$	33,418,668	$	—

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2015.

See Notes to Financial Statements. 271

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2015

	Inflation Protected Bond Fund			Flexible Income Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	296,753,706		$	126,559,177
Investments in securities of affiliated issuers, at value		3,447,125			14,734,600
Total investments, at value (1)(2)		300,200,831			141,293,777
Cash		930,585			1,343,484
Cash collateral for derivatives		—			—
Foreign currency(3)		2,061,709			—
Receivables:
Dividends and reclaims		57			95
Interest		1,015,060			577,549
Securities lending		104			793
Receivable from advisor		—			—
Investment securities sold		2,620,824			1,589,205
Fund shares sold		56,650			146,279
Variation margin on financial futures contracts		18,032			—
Unrealized appreciation on foreign currency exchange contracts		474,371			—
Prepaid expenses and other assets		18,614			3,193
Total Assets		307,396,837			144,954,375
Liabilities
Options written, at value (4)		283,974			—
Unrealized depreciation on foreign currency exchange contracts		913,952			—
Collateral held for securities on loan, at value		—			255,750
Payables:
Investment securities purchased		4,147,732			3,021,828
Fund shares redeemed		—			—
Variation margin on financial futures contracts		70,910			—
Securities lending		16			119
Deferred foreign capital gains taxes		—			—
Accrued expenses:
Investment advisory fees		78,084			73,297
Shareholder servicing fees		14,278			30,001
Other expenses		60,217			134,321
Total Liabilities		5,569,163			3,515,316
Net Assets	$	301,827,674		$	141,439,059
Net Assets Consist of:
Paid-in-capital	$	316,689,263		$	151,762,298
Undistributed (distributions in excess of) net investment income		387,537			—
Accumulated net realized loss on investments, foreign currency translations and derivative transactions		(7,895,299	)		(2,386,992	)
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		(7,353,827	)		(7,936,247	)
Net Assets	$	301,827,674		$	141,439,059
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	234,583,384			N/A
Institutional shares outstanding		23,515,039			N/A
Net asset value, offering and redemption price per Institutional share	$	9.98			N/A
Net assets applicable to the Investor Class	$	67,244,290		$	141,439,059
Investor shares outstanding		6,754,096			15,217,098
Net asset value, offering and redemption price per Investor share	$	9.96		$	9.29
(1) Investments in securities of unaffiliated issuers, at cost	$	303,669,444		$	134,495,424
Investments in securities of affiliated issuers, at cost		3,447,125			14,734,600
Total investments, at cost	$	307,116,569		$	149,230,024
(2) Includes securities loaned of:	$	3,543,683		$	250,452
(3) Foreign currency, at cost	$	2,050,749		$	—
(4) Premiums received on options written	$	423,332		$	—
(6) Net of $(974) accrued foreign capital gains taxes on appreciated securities

272 See Notes to Financial Statements.

Real Assets Fund		Real Estate Securities Fund			Global Natural Resources Equity Fund
$	5,669,758	$	272,908,930		$	223,507,110
	27,324,737		7,407,916			16,074,034
	32,994,495		280,316,846			239,581,144
	—		—			16,319
	—		396,000			—
	—		1,272,170			36,697
	59		1,332,326			75,916
	—		—			—
	—		12,080			159,464
	7,755		—			—
	—		1,233,522			—
	35,413		37,969			85,368
	—		—			—
	—		—			—
	1,049		25,073			7,180
	33,038,771		284,625,986			239,962,088
	—		—			—
	—		—			—
	—		23,903,069			56,959,458
	—		1,689,455			—
	—		106,387			4,350
	—		76,700			—
	—		1,809			23,915
	—		—			2,640
	—		147,842			124,852
	7,020		20,878			37,922
	31,991		126,516			78,488
	39,011		26,072,656			57,231,625
$	32,999,760	$	258,553,330		$	182,730,463
$	43,477,770	$	265,919,495		$	351,680,050
	73,873		(994,893	)		(430,342	)
	(2,173,886)		(4,850,353	)		(82,220,256	)
	(8,377,997)		(1,520,919	)		(86,298,989	)
$	32,999,760	$	258,553,330		$	182,730,463
	N/A	$	159,195,844			N/A
	N/A		16,822,631			N/A
	N/A	$	9.46			N/A
$	32,999,760	$	99,357,486		$	182,730,463
	4,094,328		10,469,436			35,729,924
$	8.06	$	9.49		$	5.11
$	9,132,865	$	274,461,804		$	309,804,513
	32,239,627		7,407,916			16,074,034
$	41,372,492	$	281,869,720		$	325,878,547
$	—	$	26,449,358		$	73,398,820
$	—	$	1,272,377		$	36,923
$	—	$	—		$	—

See Notes to Financial Statements. 273

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2015

	Inflation Protected Bond Fund			Flexible Income Fund
Investment Income
Dividends	$	—		$	—
Income distributions received from affiliated funds		1,042			1,199
Interest		354,185	(1)		6,339,608
Securities lending		282			3,282
Less foreign taxes withheld		—			—
Total Investment Income		355,509			6,344,089
Expenses
Investment advisory fees		948,668			990,791
Transfer agent fees:
Institutional shares		2,662			—
Investor shares		21,481			18,240
Custodian fees		71,128			125,670
Shareholder servicing fees:
Investor shares		357,115			346,494
Accounting and administration fees		73,913			60,371
Professional fees		68,855			83,306
Blue sky fees:
Institutional shares		160			—
Investor shares		26,783			22,687
Shareholder reporting fees:
Institutional shares		579			—
Investor shares		7,622			2,938
Trustee expenses		4,213			1,922
Line of credit facility fees		2,091			15,926
Other expenses		48,794			15,700
Total Expenses		1,634,064			1,684,045
Expenses waived/reimbursed net of amount recaptured(2)		(23,599	)		(76,508	)
Fees paid indirectly		—			—
Net expenses		1,610,465			1,607,537
Net Investment Income (Loss)		(1,254,956	)		4,736,552
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Capital gain distributions received from affiliated funds		559			943
Investment securities		(287,776	)		(2,276,907	)
Futures transactions		(778,822	)		—
Option contracts written		2,054,927			—
Option contracts purchased		(3,547,971	)		—
Foreign currency		3,985,500			—
Net realized gain (loss)		1,426,417			(2,275,964	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		(6,765,246	)		(4,835,703	)
Investment securities of unaffiliated issuers		—			—
Futures		996,397			—
Option contracts written		163,827			—
Option contracts purchased		(258,553	)		—
Foreign currency		(1,090,684	)		—
Net change in unrealized appreciation (depreciation)		(6,954,259	)		(4,835,703	)
Net Realized and Unrealized (Loss)		(5,527,842	)		(7,111,667	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(6,782,798	)	$	(2,375,115	)

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

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

274 See Notes to Financial Statements.

Real Assets Fund			Real Estate Securities Fund			Global Natural Resources Equity Fund
$	—		$	7,250,188		$	2,682,984
	453,454			576			1,682
	—			—			—
	—			96,265			898,042
	—			(177,973	)		(207,201	)
	453,454			7,169,056			3,375,507
	45,339			1,933,773			2,620,240
	—			2,741			—
	19,766			25,070			17,763
	5,751			217,767			50,497
	67,059			397,173			643,073
	4,138			104,321			76,053
	57,312			112,842			115,722
	—			160			—
	17,745			21,293			24,159
	—			831			—
	4,825			16,214			2,792
	681			3,579			3,582
	331			1,779			1,735
	9,757			64,259			26,594
	232,704			2,901,802			3,582,210
	(117,409	)		(88,028	)		(35,624	)
	—			(14,117	)		(3,626	)
	115,295			2,799,657			3,542,960
	338,159			4,369,399			(167,453	)
	311,238			516			1,234
	(2,106,874	)		9,763,982			(77,867,440	)
	—			75,056			—
	—			—			—
	—			—			—
	—			(122,916	)		(68,467	)
	(1,795,636	)		9,716,638			(77,934,673	)
	(1,881,066	)		(13,338,679	)		(21,817,831	)
	(1,370,465	)		—			—
	—			(111,119	)		—
	—			—			—
	—			—			—
	—			2,703			(1,562	)
	(3,251,531	)		(13,447,095	)		(21,819,393	)
	(5,047,167	)		(3,730,457	)		(99,754,066	)
$	(4,709,008	)	$	638,942		$	(99,921,519	)

See Notes to Financial Statements. 275

STATEMENTS OF CHANGES IN NET ASSETS

	Inflation Protected Bond Fund
	For the Year Ended
	12/31/15			12/31/14
Operations:
Net investment income (loss)	$	(1,254,956	)	$	1,848,773
Net realized gain (loss) on investment securities, foreign currency and derivative		1,426,417			(2,019,972	)
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		(6,954,259	)		7,575,645
Net increase (decrease) in net assets resulting from operations		(6,782,798	)		7,404,446
Dividends and Distributions to Shareholders:
Dividends from net investment income(1)
Institutional shares		—			—
Investor shares		(939,144	)		(6,199,837	)
Distributions from net realized capital gains
Institutional shares		—			—
Investor shares		—			—
Total dividends and distributions		(939,144	)		(6,199,837	)
Capital Share Transactions(2):
Proceeds from shares sold
Institutional shares		259,093,292			—
Investor shares		20,592,691			59,688,149
Reinvestment of dividends and distributions
Institutional shares		—			—
Investor shares		938,919			6,198,245
Total proceeds from shares sold and reinvested		280,624,902			65,886,394
Value of shares redeemed
Institutional shares		(14,235,444	)		—
Investor shares		(259,752,863	)		(38,288,496	)
Total value of shares redeemed		(273,988,307	)		(38,288,496	)
Net increase (decrease) from capital share transactions(3)		6,636,595			27,597,898
Total increase (decrease) in net assets		(1,085,347	)		28,802,507
Net Assets:
Beginning of Year		302,913,021			274,110,514
End of Year*	$	301,827,674		$	302,913,021
*Including undistributed (distributions in excess of) net investment income	$	387,537		$	(1,888,970	)

⁽¹⁾  For the year ended December 31, 2014, Dividends from net investment income included dividends paid from the short-term portion of capital gain distributions received from affiliated funds for the Real Assets Fund. From December 31, 2015 forward, the short-term portion of capital gain distributions received from affiliated funds will be included in Distributions from net realized capital gains.

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

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

276 See Notes to Financial Statements.

Flexible Income Fund					Real Assets Fund						Real Estate Securities Fund						Global Natural Resources Equity Fund
For the Year Ended					For the Year Ended						For the Year Ended						For the Year Ended
12/31/15		12/31/14			12/31/15			12/31/14			12/31/15			12/31/14			12/31/15			12/31/14
$	4,736,552	$	3,662,738		$	338,159		$	756,020		$	4,369,399		$	5,638,480		$	(167,453	)	$	(467,389	)
	(2,275,964)		40,485			(1,795,636	)		266,616			9,716,638			13,572,357			(77,934,673	)		3,148,999
	(4,835,703)		(3,617,619	)		(3,251,531	)		(4,194,316	)		(13,447,095	)		18,175,114			(21,819,393	)		(52,013,354	)
	(2,375,115)		85,604			(4,709,008	)		(3,171,680	)		638,942			37,385,951			(99,921,519	)		(49,331,744	)
	—		—			—			—			(4,450,951	)		—			—			—
	(4,764,206)		(3,640,055	)		(265,242	)		(1,184,011	)		(2,446,585	)		(6,325,626	)		(220,488	)		(791,002	)
	—		—			—			—			(8,892,323	)		—			—			—
	—		(265,840	)		(179,385	)		(356,473	)		(5,666,016	)		(8,938,244	)		—			(5,814,539	)
	(4,764,206)		(3,905,895	)		(444,627	)		(1,540,484	)		(21,455,875	)		(15,263,870	)		(220,488	)		(6,605,541	)
	—		—			—			—			169,837,132			—			—			—
	31,155,171		26,735,107			6,474,572			40,888,566			34,118,123			40,370,589			82,083,602			82,926,908
	—		—			—			—			13,324,780			—			—			—
	4,746,733		3,905,895			443,898			1,539,255			8,108,339			15,248,884			220,392			6,602,552
	35,901,904		30,641,002			6,918,470			42,427,821			225,388,374			55,619,473			82,303,994			89,529,460
	—		—			—			—			(7,513,684	)		—			—			—
	(17,964,410)		(5,342,480	)		(24,719,666	)		(9,411,678	)		(208,387,457	)		(42,761,237	)		(64,793,444	)		(28,952,108	)
	(17,964,410)		(5,342,480	)		(24,719,666	)		(9,411,678	)		(215,901,141	)		(42,761,237	)		(64,793,444	)		(28,952,108	)
	17,937,494		25,298,522			(17,801,196	)		33,016,143			9,487,233			12,858,236			17,510,550			60,577,352
	10,798,173		21,478,231			(22,954,831	)		28,303,979			(11,329,700	)		34,980,317			(82,631,457	)		4,640,067
	130,640,886		109,162,655			55,954,591			27,650,612			269,883,030			234,902,713			265,361,920			260,721,853
$	141,439,059	$	130,640,886		$	32,999,760		$	55,954,591		$	258,553,330		$	269,883,030		$	182,730,463		$	265,361,920
$	—	$	—		$	73,873		$	1,012		$	(994,893	)	$	(343,324	)	$	(430,342	)	$	(638,069	)

See Notes to Financial Statements. 277

FINANCIAL HIGHLIGHTS

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			Distribu- tions from Net Realized Capital Gains(2)			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (000)		Expenses, Net(3)(4)			Expenses, Gross(3)(5)			Invest- ment Income, Net (1)(4)			Portfolio Turnover Rate
Inflation Protected Bond Fund
Institutional Class
2015(6)	$	10.41	$	0.12	#	$	—	†	$	(0.55	)	$	—		$	—		$	9.98		(4.13	)%	$	234,584		0.40	%		0.41	%		1.75	%		45	%
Investor Class
2015	$	10.22	$	(0.28	)#	$	—	†	$	0.05		$	(0.03	)	$	—		$	9.96		(2.25	)%	$	67,244		0.66	%		0.67	%		(2.77	)%		45	%
2014		10.15		0.06	#		—	†		0.22			(0.21	)		—			10.22		2.77			302,913		0.62			0.63			0.61			88
2013(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
Flexible Income Fund
Investor Class
2015	$	9.76	$	0.33	#	$	—	†	$	(0.47	)	$	(0.33	)	$	—		$	9.29		(1.54	)%	$	141,439		1.15	%		1.20	%		3.37	%		50	%
2014		10.06		0.31	#		—	†		(0.29	)		(0.30	)		(0.02	)		9.76		0.22			130,641		1.20			1.23			3.06			77
2013(8)		10.00		0.11	#		—	†		0.05			(0.10	)		—	†		10.06		1.57			109,163		1.20			1.26			2.22			25
Real Assets Fund
Investor Class
2015	$	9.26	$	0.07	#	$	0.06		$	(1.22	)	$	(0.06	)	$	(0.05	)	$	8.06		(11.77	)%	$	33,000		0.26	%		0.52	%		0.76	%		64	%(9)
2014		9.82		0.16	#		0.11			(0.57	)		(0.20	)		(0.06	)		9.26		(3.07	)		55,955		0.12			0.35			1.55			14
2013(8)		10.00		0.06	#		0.27			(0.42	)		(0.09	)		—			9.82		(0.87	)		27,651		0.12			0.89			1.22			1

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

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

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

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

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

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

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

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

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

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

278 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 Year		Net Investment Income			Capital Gain Distributions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distribu- tions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net			Expenses, Gross			Invest- ment Income/ (Loss), Net (1)			Portfolio Turnover Rate
Real Estate Securities Fund
Institutional Class
2015(2)	$	10.50	$	0.12	#	$	—	†	$	(0.33	)	$	(0.27	)	$	(0.56	)	$	9.46		(1.89	)%	$	159,196		0.93	%(3)		0.94	%		1.83	%		137	%
Investor Class
2015	$	10.26	$	0.16	#	$	—	†	$	(0.13	)	$	(0.24	)	$	(0.56	)	$	9.49		0.34	%	$	99,357		1.12	%(3)		1.17	%		1.50	%		137	%
2014		9.36		0.23	#		—	†		1.28			(0.25	)		(0.36	)		10.26		16.13			269,883		1.15			1.15			2.23			129
2013(4)		10.60		0.17	#		—	†		(0.02	)		(0.21	)		(1.18	)		9.36		1.49			234,903		1.05			1.05			1.56			168
2012		9.18		0.17	#		—	†		1.40			(0.15	)		—			10.60		17.09			191,148		1.05			1.06			1.62			95
2011		8.52		0.08	#		—	†		0.65			(0.07	)		—			9.18		8.51			150,227		1.14			1.14			0.85			90
Global Natural Resources Equity Fund
Investor Class
2015	$	7.81	$	—	#	$	—	†	$	(2.69	)	$	(0.01	)	$	—		$	5.11		(34.49	)%	$	182,730		1.36	%		1.37	%		(0.06	)%		63	%
2014		9.71		(0.02	)#		—	†		(1.68	)		(0.02	)		(0.18	)		7.81		(17.49	)		265,362		1.35	(5)		1.37			(0.17	)		37
2013(6)(7)		10.00		(0.01	)#		—	†		(0.16	)		(0.03	)		(0.09	)		9.71		1.69			260,722		1.42			1.42			(0.24	)		18

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

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

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

(3) The ratio for the Real Estate Securities Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01% for the year 2015.

(4) 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%.

(5) The ratio for the Global Natural Resources Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01% and 0.00% for the years 2014 and 2015.

(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 0.01%.

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

See Notes to Financial Statements. 279

NOTES TO FINANCIAL STATEMENTS

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-eight series (each, a “Fund” and together, the “Funds”). Each Fund is a diversified, open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

The MyDestination 2005, MyDestination 2015, MyDestination 2025, MyDestination 2035, MyDestination 2045 and MyDestination 2055 Fund are each referred to as a “Target Date Fund” and together as the “Target Date Funds.”

The Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund and Aggressive Allocation Fund are each referred to as an “Asset Allocation Fund” and together as the “Asset Allocation Funds.”

The remaining Funds are each referred to as a “Select Fund” and are together referred to as the “Select Funds.” The Money Market Fund is referred to as the “Money Market Fund.” The Low-Duration Bond Fund, Medium-Duration Bond Fund, Extended-Duration Bond Fund and Global Bond Fund are together referred to as the “Fixed Income Funds.”

The Defensive Market Strategies Fund, Equity Index Fund, Value Equity Fund, Growth Equity Fund, Small Cap Equity Fund, International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund are together referred to as the “Equity Funds.”

The Inflation Protected Bond Fund, Flexible Income Fund, Real Assets Fund, Real Estate Securities Fund and the Global Natural Resources Equity Fund are together referred to as the “Real Return Select Funds.”

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

There are two classes of shares issued by the Funds — the Institutional Class and the Investor Class (each, a “Class” and together the “Classes”). The International Equity Index Fund issued the Institutional Class only. The Target Date Funds, Flexible Income Fund, Real Assets Fund and the Global Natural Resources Equity Fund issued the Investor Class only. All Classes of shares have identical voting, dividend and liquidation rights. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses on investments are allocated to each Class of shares based upon its relative net assets. The Global Bond Fund, Inflation Protected Bond Fund and Real Estate Securities Fund issued Institutional Class shares on May 1, 2015. The Asset Allocation Funds issued Institutional Class shares on November 23, 2015.

Each Fund is a separate mutual fund with its own investment objective, strategies and risks. The Select Funds invest directly in particular types of fixed-income obligations, stocks and other investments. The Target Date, Asset Allocation and Real Assets Funds primarily invest in a different mix of the Select Funds to meet a specified investment strategy. The Target Date Funds, Asset Allocation Funds and Real Assets Fund are commonly referred to as “Fund of Funds.”

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

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

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

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

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

The table below summarizes the operations of the I Series Funds for the period from January 1, 2015 to November 20, 2015, the operations of the Asset Allocation Funds for the year ended December 31, 2015 as presented in the Statements of Operations, and the combined I Series and Asset Allocation Funds’ pro-forma results of operations for the year ended December 31, 2015, assuming the acquisition had been completed on January 1, 2015.

I Series Fund									Asset Allocation Fund
For the Period									For the Year Ended
01/01/15 — 11/20/15									12/31/2015
			Net Realized									Net Realized
	Net		and Unrealized			Net Increase				Net		and Unrealized			Net Increase
	Investment		Gain on			from				Investment		Gain on			from
I Series Fund	Income		Investments			Operations			Asset Allocation Fund	Income		Investments			Operations
Conservative Allocation I									Conservative Allocation
Fund Total	$	784,941	$	(1,117,508	)	$	(332,567	)	Fund Total	$	4,912,357	$	(13,874,298	)	$	(8,961,941	)
Balanced Allocation I									Balanced Allocation
Fund Total		4,431,020		(9,880,253	)		(5,449,233	)	Fund Total		26,773,844		(92,956,616	)		(66,182,772	)
Growth Allocation I									Growth Allocation
Fund Total		1,922,294		(5,501,089	)		(3,578,795	)	Fund Total		24,260,904		(64,339,084	)		(40,078,180	)
Aggressive Allocation I									Aggressive Allocation
Fund Total		189,534		981,745			1,171,279		Fund Total		22,517,865		(29,590,640	)		(7,072,775	)

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

a. Valuation of Securities

The Funds (except the Money Market Fund) each value securities traded on national securities exchanges or included in national market systems at the last quoted sale price, or official close price, on the principal exchange on which they were traded, or, in the absence of any sale or official close price, at the closing bid price. The valuation committee is comprised of individuals from GuideStone Capital Management (“GSCM” or “Adviser”) and BNY Mellon Investment Servicing (US) Inc. who previously have been identified to the Board of Trustees. Non-exchange traded securities for which an over-the-counter quotation is readily available are valued at the last quoted bid price.

Debt securities, excluding asset-backed and mortgage-backed securities, are valued at the mean of the last bid and ask prices available, which approximates fair value. Asset-backed and mortgage-backed securities are generally valued at the last bid price, if available.

Short-term securities maturing in more than 60 days from the valuation date are valued at the mean of the last bid and ask prices; those maturing in 60 days or less are generally valued at amortized cost which approximates current market value in accordance with Rule 2a-7 of the 1940 Act.

Forward foreign exchange contracts are valued based upon closing exchange rates from each respective foreign market.

Futures contracts are valued at the closing settlement price on the exchange on which they are primarily traded.

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

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

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

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its Net Asset Value (“NAV”). The closing prices of such

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securities may no longer reflect their market value at the time the Fund calculates its NAV if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector. If a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its NAV, a Valuation Committee meeting may be called. The Trust uses Interactive Data Corporation (“IDC”) as a third party fair valuation vendor. IDC provides a fair value for foreign equity securities held by the Trust based on certain factors and methodologies applied by IDC in the event that there is movement in the U.S. market that exceeds a specific threshold established by the Valuation Committee in consultation with, and approved by, the Board of Trustees. Such methodologies generally involve tracking valuation correlations between the U.S. market and each non-U.S. security. As part of the valuation procedures, a “confidence interval” is used, when the threshold is exceeded, to determine the level of correlation between the value of a foreign equity security and movements in the U.S. market before a particular security will be fair valued. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Trust will typically value non-U.S. equity securities in its portfolio that exceed the applicable confidence interval based upon the fair values provided by IDC.

The Target Date, Asset Allocation and Real Assets Funds value their investments in the underlying Select Funds and the Credit Suisse Commodity Return Strategy Fund daily at the closing NAV of each respective Fund.

The Financial Accounting Standards Board’s (“FASB”) “Fair Value Measurements and Disclosures” defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes and requires disclosure of a fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Levels 1, 2, and 3). Categorizations of fair value measurements, and the criteria used to determine each categorization, are as follows:

Level 1 – quoted prices in active markets for identical securities which include:

Equity securities, including restricted securities, for which market quotations are readily available, that are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded; and

Investments in open-end mutual funds, including the GuideStone Select Funds, Credit Suisse Commodity Return Strategy Fund and the Northern Institutional Liquid Assets Portfolio, which are valued at their closing NAV each business day.

Derivative financial instruments such as financial futures contracts and written and purchased put and call options for which market quotations are readily available, that are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded.

Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) which include:

Equity securities for which there were no sales or closing prices for that day, that are valued at the last quoted bid price or that may be valued using the last available price;

Foreign equity securities for which a Significant Event has occurred and a fair value price is provided by IDC;

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Debt securities, including restricted securities that are valued based on evaluated quotations received from independent pricing. For corporate bonds, pricing services that utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices; and

Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available and are valued at amortized cost which approximates fair value.

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

Level 3 – prices determined using significant unobservable inputs (including the valuation committee’s own assumptions in determining the fair value of investments) which include:

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

Debt securities, including restricted securities, and derivative financial instruments that are valued based on evaluated quotations received from dealers who make markets in such securities.

Valuation levels are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. Transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the end of the reporting period.

In accordance with FASB “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S.GAAP and International Financial Reporting Standards (“IFRS”),” management has not presented quantitative disclosures for the securities which are advisor priced or valued by the valuation committee as there have been no adjustments to prices received from third parties as of December 31, 2015.

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

b. Fixed Income Securities

The Fixed Income Funds, Defensive Market Strategies Fund and the Small Cap Equity Fund may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-backed securities, stripped mortgage-backed securities, asset-backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage-related and other asset-backed securities are interests in pools of loans or other receivables. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset-backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage-related security and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the United States Government. Pools created and guaranteed by non-governmental

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issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements.

Collateralized Mortgage Obligations (“CMOs”) are debt obligations of a legal entity that are collateralized by mortgages and divided into classes. CMOs are structured into multiple classes, often referred to as “tranches,” with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including pre-payments. Commercial Mortgage-Backed Securities (“CMBS”) include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. CMOs and CMBS may be less liquid and may exhibit greater price volatility than other types of mortgage- or asset-backed securities. Stripped Mortgage-Backed Securities (“SMBS”) are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). Payments received for IOs are included in interest income on the Statements of Operations. Because little to no principal will be received at the maturity of an IO, adjustments are made to the book value of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

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

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

The Low-Duration Bond Fund and Medium-Duration Bond Fund may enter into dollar roll transactions, pursuant to which they sell a mortgage-backed TBA or security and simultaneously purchase a similar, but not identical, TBA with the same issuer, rate and terms. The Funds may execute a “roll” to obtain better underlying mortgage securities or to increase yield. The Funds account for dollar roll transactions as purchases and sales, which has the effect of increasing their portfolio turnover rates. Risks associated with dollar rolls are that actual mortgages received by the Funds may be less favorable than those anticipated or that counterparties may fail to perform under the terms of the contracts. At December 31, 2015, there were no dollar roll transactions.

U.S. Government securities are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the NAV of the Funds’ shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”), are supported by the full faith and credit of the United States Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S.

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Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the United States Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation, the common stock of which is owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the United States Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the United States Government.

c. Foreign Currency Translations

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

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

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

d. Loan Participations

The Fixed Income Funds, the Small Cap Equity Fund and the Flexible Income Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate borrowers. Investments in loans may be in the form of participations in loans. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The holder may invest in multiple series of a loan, which may have varying terms and carry different associated risks. The holder generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, these instruments may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When investing in a loan participation, the holder has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower.

The Fixed Income Funds, the Small Cap Equity Fund and the Flexible Income Fund may invest in floating rate loans some of which may be unfunded corporate loan commitments (“commitments”). Commitments may obligate the holder to furnish temporary financing to a borrower until permanent financing can be arranged. The holder may receive a commitment fee based

286

on the undrawn portion of the underlying line of credit portion of a floating rate loan. In certain circumstances, the holder may receive a prepayment penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense on the Statements of Operations.

	Security		Unfunded
Fund	Name		Commitment
Global Bond		Magnum Hunter Resources		120,000

e. REITs

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

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

f. Repurchase Agreements

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

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

At December 31, 2015, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-cash Collateral Received(1)			Cash Collateral Received		Net  Amount(2)
Money Market
Bank of Nova Scotia (The)	$	12,500,000	$	(12,500,000	)	$	—	$	—
Goldman Sachs & Co.		40,000,000		(40,000,000	)		—		—
RBC Capital Markets LLC		12,000,000		(12,000,000	)		—		—
Total Repurchase Agreements	$	64,500,000	$	(64,500,000	)	$	—	$	—

⁽¹⁾  The value of the related collateral received exceeded the value of the repurchase agreements as of December 31, 2015.

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

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

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

Fund/Collateral Type	Up to 30 Days		30—90 Days		Greater than 90 Days		Total
Money Market
Agency Obligations	$	—	$	—	$	40,000,000	$	40,000,000
U.S. Treasury Obligations		—		—		24,500,000		24,500,000
Total Value of Collateral	$	—	$	—	$	64,500,000	$	64,500,000

g. Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. The Fund’s obligation to replace the security borrowed and sold short will be fully collateralized at all times by cash equivalents deposited in an account with the Fund’s custodian. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss; and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs.

The Equity Funds may sell short exchange-listed equity futures contracts to reduce market exposure. The Target Date Funds, Asset Allocation Funds, Fixed Income Funds and Small Cap Equity Fund may sell short U.S. Treasury securities and exchange-listed U.S. Treasury futures contracts to reduce market exposure. The Low-Duration Bond and Medium-Duration Bond Funds will occasionally enter into a short sale to initiate a dollar roll transaction. The Defensive Market Strategies Fund may establish short positions in stocks of companies with a market value of up to 30% of the Fund’s assets. The International Equity Fund may establish short positions in stocks of foreign companies with a market value of up to 7% of the Fund’s assets.

At December 31, 2015, the value of securities sold short in the International Equity Fund amounted to $66,003,436.

h. Synthetic Convertible Instruments

The Defensive Market Strategies Fund invests in synthetic convertible instruments. Synthetic convertible instruments are hybrid financial instruments that generally combine both debt and equity characteristics into a single note form. Income received from synthetic convertible instruments will be recorded as realized gains in the Statement of Operations and may be based on the performance of an underlying equity security, an equity index, or an option position. The risks of investing in synthetic convertible instruments include unfavorable price movements in the underlying security and the credit risk of the issuing financial institution. There may be no guarantee of a return of principal with synthetic convertible instruments and the appreciation potential may be limited. Synthetic convertible instruments may be more volatile and less liquid than other investments held by the Fund.

i. Derivative Financial Instruments

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

Financial Futures Contracts — The Funds (except the Money Market Fund) may purchase or sell financial futures contracts and the options on such futures contracts for the purpose of hedging risk on existing securities, demonstrating purchase of securities or gaining market exposure on cash balances. Financial futures contracts are contracts for the

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delivery of securities at a specified future date at an agreed upon price or yield. Upon entering into a contract, the Funds deposit and maintain as collateral such initial margin as required by the exchange on which the transaction is effected.

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

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

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

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

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

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

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

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exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange. Swaptions are marked-to-market daily based upon quotations from market makers. When a Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current market value of the swaption.

Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk in excess of the associated option and swap contract amounts reported in the Statement of Assets and Liabilities. The Funds bear the market risk arising from any change in index values or interest rates.

Swap Agreements — Each Select Fund, except the Money Market Fund, may enter into swap agreements. The Equity Funds may enter into equity swap contracts and the Fixed Income Funds and the Small Cap Equity Fund may enter into interest rate and credit default swaps. The Fixed Income Funds and International Equity Fund may enter into cross-currency swaps, and each Select Fund may enter into total return swaps.

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

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

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

Certain of the Funds’ derivative agreements contain provisions that require the Fund to maintain a predetermined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over one-month, three-month and 12-month periods. If a Fund were to violate such provisions, the counterparties to the derivative instruments could request immediate payment or demand immediate collateralization on derivative instruments in net liability positions. For the year ended December 31, 2015, all of the Funds maintained the required level of net assets and/or the NAVs of the Funds did not decline below the limits set forth in the derivative agreements.

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

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

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

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

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

CDS agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use CDS on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

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CDS agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike CDS on corporate issues or sovereign issues of an emerging country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other write down or loss events on the underlying loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use CDS on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default. At December 31, 2015, there were no investments in CDS agreements on asset-backed securities.

CDS agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the CDS market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using CDS with standardized terms including a fixed spread and standard maturity dates. An index CDS references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use CDS on credit indices to hedge a portfolio of CDS or bonds with a CDS on indices which is less expensive than it would be to buy many CDS to achieve a similar effect. CDS on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of CDS agreements on corporate issues or sovereign issues of an emerging country as of period end are disclosed in the footnotes to the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For CDS agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a CDS agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection CDS agreements entered into by a Fund for the same referenced entity or entities.

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CDS involve greater risks than if the Funds had invested in the referenced obligation directly. In addition to general market risks, CDS are subject to liquidity risk and counterparty credit risk. The Funds enter into CDS with counterparties meeting defined criteria for financial strength. A buyer also may lose its investment and recover nothing should a credit event not occur. If a credit event did occur, the value of the referenced obligation received by the seller, coupled with the periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value.

Exchange Traded Swap Agreements — Exchange traded swaps are either interest rate or CDS agreements brokered by the Chicago Mercantile Exchange or the Intercontinental Exchange (the “Exchanges”) where the Exchanges are the counterparty to both the buyer and seller of protection. Exchange traded swaps involve a lesser degree of risk because the Exchanges, as counterparties, monitor risk factors for the involved parties. Exchange traded swaps are subject to general market risks and to liquidity risk. Pursuant to the agreement, the Funds agree to pay to or receive from the broker an amount of cash equal to the daily fluctuation in the value of the contract (the “Margin”) and daily interest on the margin. In the case of exchange traded interest rate swaps, the daily settlement also includes the daily portion of interest. Such payments are recorded by the Funds as unrealized gains or losses until the contract is closed or settled.

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

Cross-Currency Swap Agreements — Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows but only for exchanging interest cash flows.

Interest Rate Swap Agreements — Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swap, under which two parties can exchange variable interest rates based on different money markets.

Total Return Swap Agreements — Total return swap agreements on commodities involve commitments where exchanged cash flows are based on the price of a commodity and in return a Fund receives either fixed or determined by floating price rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may be an equity, index, or bond, and in return receives a regular stream of payments. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty.

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FASB “Derivatives and Hedging” includes required disclosure for (i) the nature and terms of the derivative, reasons for entering into the derivative, the events or circumstances that would require the seller to perform under the derivative, and the current status of the payment/performance risk of the derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the derivative, (iii) the fair value of the derivative, and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties. FASB “Guarantees” require additional disclosures about the current status of the payment/performance risk of a guarantee. All of this information has been incorporated for the current period as part of the Schedules of Investments within the Swap agreements outstanding disclosure and in the Notes to Financial Statements.

As of December 31, 2015, the Low-Duration Bond Fund and the Medium-Duration Bond Fund are the buyers (“receiving protection”) on a total notional amount of $1,750,000 and $8,160,000, respectively, and the sellers (“providing protection”) on a total notional amount of $1,200,000 and $14,650,000, respectively. The notional amounts of the swaps are not recorded in the financial statements; however, the notional amount does approximate the maximum potential amount of future payments that the Funds could be required to make if the Funds were the seller of protection and a credit event was to occur. Those credit default swaps for which the Funds are providing protection at balance sheet date are summarized as follows:

Written Credit Derivative Contracts	Single Name Credit Default Swaps						Credit Default Swap Index
Reference Asset	Corporate Debt			Sovereign Debt			Asset-Backed Securities		Corporate Debt		Total
Low-Duration Bond Fund
Fair value of written credit derivatives	$	(5,547	)	$	—		$	—	$	—	$	(5,547	)
Maximum potential amount of future payments		1,200,000			—			—		—		1,200,000
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		—			—			—		—		—
Medium-Duration Bond Fund
Fair value of written credit derivatives	$	3,643		$	(24,072	)	$	52,328	$	—	$	31,899
Maximum potential amount of future payments		1,600,000			1,000,000			12,050,000		—		14,650,000
Recourse provisions with third parties to recover any amounts paid under the credit derivative (including any purchased credit protection)		—			—			—		—		—
Collateral held by the Funds or other third parties which the Funds can obtain upon occurrence of triggering event		—			—			—		—		—

At December 31, 2015, there were no recourse provisions with third parties to recover any amounts paid under the credit derivative agreement (including any purchased credit protection) nor was any collateral held by the Funds or other third parties which the Funds can obtain upon occurrence of a triggering event.

The credit spread disclosed below for each referenced obligation where the Funds are the seller of protection is a representation of the current payment/performance risk of the swap.

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	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	$	—	$	—	$	—	$	—	$	—	$	—
101 - 250		—		—		1,200,000		—		—		1,200,000
251 - 500		—		—		—		—		—		—
501 - 1,000		—		—		—		—		—		—
Greater than 1,000		—		—		—		—		—		—
Total	$	—	$	—	$	1,200,000	$	—	$	—	$	1,200,000
Medium-Duration Bond Fund
0 - 100	$	—	$	7,825,000	$	4,925,000	$	—	$	—	$	12,750,000
101 - 250		—		—		900,000		—		—		900,000
251 - 500		—		—		1,000,000		—		—		1,000,000
501 - 1,000		—		—		—		—		—		—
Greater than 1,000		—		—		—		—		—		—
Total	$	—	$	7,825,000	$	6,825,000	$	—	$	—	$	14,650,000

Offsetting of Financial and Derivative Assets and Liabilities

Certain Funds are parties to International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“MA”) with various counterparties that govern over-the-counter derivative and foreign exchange contracts entered into from time to time. The ISDA MA may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the ISDA MA, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or repledged, are presented in the Fund’s portfolio or Statements of Assets and Liabilities.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to an ISDA MA in the Statements of Assets and Liabilities.

At December 31, 2015, derivative assets and liabilities (by type) held by the Funds are as follows:

Fund	Assets		Liabilities
MyDestination 2005
Derivative Financial Instruments:
Financial futures contracts	$	1,266	$	6,720
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,266		6,720
Derivatives not subject to an MA or similar agreement		1,266		6,720
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2015
Derivative Financial Instruments:
Financial futures contracts	$	5,344	$	42,565
Total derivative assets and liabilities in the Statements of Assets and Liabilities		5,344		42,565
Derivatives not subject to an MA or similar agreement		5,344		42,565
Total assets and liabilities subject to an MA	$	—	$	—

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Fund	Assets		Liabilities
MyDestination 2025
Derivative Financial Instruments:
Financial futures contracts	$	6,531	$	74,580
Total derivative assets and liabilities in the Statements of Assets and Liabilities		6,531		74,580
Derivatives not subject to an MA or similar agreement		6,531		74,580
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2035
Derivative Financial Instruments:
Financial futures contracts	$	2,969	$	70,110
Total derivative assets and liabilities in the Statements of Assets and Liabilities		2,969		70,110
Derivatives not subject to an MA or similar agreement		2,969		70,110
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2045
Derivative Financial Instruments:
Financial futures contracts	$	594	$	61,105
Total derivative assets and liabilities in the Statements of Assets and Liabilities		594		61,105
Derivatives not subject to an MA or similar agreement		594		61,105
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2055
Derivative Financial Instruments:
Financial futures contracts	$	—	$	6,720
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		6,720
Derivatives not subject to an MA or similar agreement		—		6,720
Total assets and liabilities subject to an MA	$	—	$	—
Conservative Allocation
Derivative Financial Instruments:
Financial futures contracts	$	844	$	14,430
Total derivative assets and liabilities in the Statements of Assets and Liabilities		844		14,430
Derivatives not subject to an MA or similar agreement		844		14,430
Total assets and liabilities subject to an MA	$	—	$	—
Balanced Allocation
Derivative Financial Instruments:
Financial futures contracts	$	33,516	$	211,980
Total derivative assets and liabilities in the Statements of Assets and Liabilities		33,516		211,980
Derivatives not subject to an MA or similar agreement		33,516		211,980
Total assets and liabilities subject to an MA	$	—	$	—
Growth Allocation
Derivative Financial Instruments:
Financial futures contracts	$	11,500	$	212,440
Total derivative assets and liabilities in the Statements of Assets and Liabilities		11,500		212,440
Derivatives not subject to an MA or similar agreement		11,500		212,440
Total assets and liabilities subject to an MA	$	—	$	—

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Fund	Assets		Liabilities
Aggressive Allocation
Derivative Financial Instruments:
Financial futures contracts	$	—	$	230,585
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		230,585
Derivatives not subject to an MA or similar agreement		—		230,585
Total assets and liabilities subject to an MA	$	—	$	—
Low-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	76,501	$	80,398
Forward foreign exchange contracts		319,042		546,966
Options		29,641		661,700
Swaps		433,568		28,492
Total derivative assets and liabilities in the Statements of Assets and Liabilities		858,752		1,317,556
Derivatives not subject to an MA or similar agreement		157,729		128,139
Total assets and liabilities subject to an MA	$	701,023	$	1,189,417
Medium-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	576,509	$	329,920
Forward foreign exchange contracts		2,069,681		1,413,585
Options		527,407		439,100
Swaps		511,370		5,140,568
Total derivative assets and liabilities in the Statements of Assets and Liabilities		3,684,967		7,323,173
Derivatives not subject to an MA or similar agreement		993,436		549,159
Total assets and liabilities subject to an MA	$	2,691,531	$	6,774,014
Global Bond
Derivative Financial Instruments:
Financial futures contracts	$	42,189	$	62,798
Forward foreign exchange contracts		560,811		70,758
Options		108,972		—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		711,972		133,556
Derivatives not subject to an MA or similar agreement		151,161		62,798
Total assets and liabilities subject to an MA	$	560,811	$	70,758
Defensive Market Strategies
Derivative Financial Instruments:
Financial futures contracts	$	—	$	251,520
Forward foreign exchange contracts		26,730		13,893
Options		—		493,588
Total derivative assets and liabilities in the Statements of Assets and Liabilities		26,730		759,001
Derivatives not subject to an MA or similar agreement		26,730		759,001
Total assets and liabilities subject to an MA	$	—	$	—

297

Fund	Assets		Liabilities
Equity Index
Derivative Financial Instruments:
Financial futures contracts	$	—	$	199,680
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		199,680
Derivatives not subject to an MA or similar agreement		—		199,680
Total assets and liabilities subject to an MA	$	—	$	—
Value Equity
Derivative Financial Instruments:
Financial futures contracts	$	—	$	395,520
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		395,520
Derivatives not subject to an MA or similar agreement		—		395,520
Total assets and liabilities subject to an MA	$	—	$	—
Growth Equity
Derivative Financial Instruments:
Financial futures contracts	$	—	$	465,600
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		465,600
Derivatives not subject to an MA or similar agreement		—		465,600
Total assets and liabilities subject to an MA	$	—	$	—
Small Cap Equity
Derivative Financial Instruments:
Financial futures contracts	$	—	$	215,050
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		215,050
Derivatives not subject to an MA or similar agreement		—		215,050
Total assets and liabilities subject to an MA	$	—	$	—
International Equity Index
Derivative Financial Instruments:
Financial futures contracts	$	—	$	64,125
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		64,125
Derivatives not subject to an MA or similar agreement		—		64,125
Total assets and liabilities subject to an MA	$	—	$	—
International Equity
Derivative Financial Instruments:
Financial futures contracts	$	160,395	$	777,420
Forward foreign exchange contracts		4,580,057		1,104,711
Swaps		333		1,777
Total derivative assets and liabilities in the Statements of Assets and Liabilities		4,740,785		1,883,908
Derivatives not subject to an MA or similar agreement		160,395		626,864
Total assets and liabilities subject to an MA	$	4,580,390	$	1,257,044
Emerging Markets Equity
Derivative Financial Instruments:
Financial futures contracts	$	45,072	$	67,036
Forward foreign exchange contracts		1,072,049		570,141
Swaps		—		18,979
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,117,121		656,156
Derivatives not subject to an MA or similar agreement		36,312		55,431
Total assets and liabilities subject to an MA	$	1,080,809	$	600,725

298

Fund	Assets		Liabilities
Inflation Protected Bond
Derivative Financial Instruments:
Financial futures contracts	$	18,032	$	70,910
Forward foreign exchange contracts		474,371		913,952
Options		532,620		283,974
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,025,023		1,268,836
Derivatives not subject to an MA or similar agreement		18,032		70,910
Total assets and liabilities subject to an MA	$	1,006,991	$	1,197,926
Real Estate Securities
Derivative Financial Instruments:
Financial futures contracts	$	—	$	76,700
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		76,700
Derivatives not subject to an MA or similar agreement		—		76,700
Total assets and liabilities subject to an MA	$	—	$	—

At December 31, 2015, derivative assets and liabilities by counterparty net of amounts available for offset under an MA and net of the related collateral (received)/pledged by the Trust are as follows:

Fund/Sub-adviser/Counterparty	Derivative Assets Subject to an MA		Derivative Liabilities Subject to an MA			Value of Derivatives Subject to an MA			Collateral (Received)/ Pledged		Net Exposure
Low-Duration Bond
Sub-adviser A
Other Counterparties*	$	42,589	$	(101,249	)	$	(58,660	)	$	—	$	(58,660	)
		42,589		(101,249	)		(58,660	)		—		(58,660	)
Sub-adviser B
UBS		44,655		(671,494	)		(626,839	)		—		(626,839	)
Other Counterparties*		613,779		(416,674	)		197,105			—		197,105
		658,434		(1,088,168	)		(429,734	)		—		(429,734	)
Sub-adviser C
Other Counterparties*		—		—			—			—		—
Total Derivatives	$	701,023	$	(1,189,417	)	$	(488,394	)	$	—	$	(488,394	)
Medium-Duration Bond
Sub-adviser A
MLCS	$	—	$	(665,162	)	$	(665,162	)	$	—	$	(665,162	)
Other Counterparties*		266,545		(480,211	)		(213,666	)		—		(213,666	)
		266,545		(1,145,373	)		(878,828	)		—		(878,828	)
Sub-adviser B
CS		34,741		(3,574,931	)		(3,540,190	)		—		(3,540,190	)
Other Counterparties*		1,617,410		(2,019,064	)		(401,654	)		—		(401,654	)
		1,652,151		(5,593,995	)		(3,941,844	)		—		(3,941,844	)
Sub-adviser C
Other Counterparties*		772,835		(34,646	)		738,189			—		738,189
		772,835		(34,646	)		738,189			—		738,189
Total Derivatives	$	2,691,531	$	(6,774,014	)	$	(4,082,483	)	$	—	$	(4,082,483	)

299

Fund/Sub-adviser/Counterparty	Derivative Assets Subject to an MA		Derivative Liabilities Subject to an MA			Value of Derivatives Subject to an MA			Collateral (Received)/ Pledged		Net Exposure
Global Bond
Sub-adviser A
DEUT	$	243,656	$	(29,351	)	$	214,305		$	—	$	214,305
Other Counterparties*		317,155		(41,407	)		275,748			—		275,748
Total Derivatives	$	560,811	$	(70,758	)	$	490,053		$	—	$	490,053
International Equity
Sub-adviser A
CITIG	$	4,580,057	$	(1,104,711	)	$	3,475,346		$	—	$	3,475,346
Other Counterparties*		333		(152,333	)		(152,000	)		—		(152,000	)
Total Derivatives	$	4,580,390	$	(1,257,044	)	$	3,323,346		$	—	$	3,323,346
Emerging Markets Equity
Sub-adviser A
CITIG	$	1,072,049	$	(570,141	)	$	501,908		$	—	$	501,908
Other Counterparties*		8,760		(30,854	)		(21,824	)		—		(21,824	)
Total Derivatives	$	1,080,809	$	(600,725	)	$	480,084		$	—	$	480,084
Inflation Protected Bond
Sub-adviser A
BNP	$	160,276	$	—		$	160,276		$	—	$	160,276
UBS		4,662		(329,741	)		(325,079	)		—		(325,079	)
Other Counterparties*		842,053		(868,185	)		(26,132	)		—		(26,132	)
Total Derivatives	$	1,006,991	$	(1,197,926	)	$	(190,935	)	$	—	$	(190,935	)

*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.

300

Derivative Holdings Categorized by Risk Exposure

FASB “Derivatives and Hedging” also requires all companies to disclose information intended to enable financial statement users to understand how and why the entity uses derivative instruments, how derivatives are accounted for, and how derivative instruments affect the entity’s financial position, results of operations, and cash flows.

	Location on the Statements of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Interest rate contracts	Investments in securities of unaffiliated issuers, 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 December 31, 2015.

	Asset Derivative Value
Fund	Total Value at 12/31/15			Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2005
Futures	$	(6,502	)	$	(1,867	)	$	—	$	—	$	(4,635	)
MyDestination 2015
Futures	$	9,612		$	(4,921	)	$	—	$	—	$	14,533
MyDestination 2025
Futures	$	18,592		$	(5,976	)	$	—	$	—	$	24,568
MyDestination 2035
Futures	$	25,682		$	(1,796	)	$	—	$	—	$	27,478
MyDestination 2045
Futures	$	21,751		$	(359	)	$	—	$	—	$	22,110
MyDestination 2055
Futures	$	(3,520	)	$	—		$	—	$	—	$	(3,520	)
Conservative Allocation
Futures	$	3,230		$	(5,514	)	$	—	$	—	$	8,744
Balanced Allocation
Futures	$	93,790		$	(7,303	)	$	—	$	—	$	101,093
Growth Allocation
Futures	$	102,408		$	(2,945	)	$	—	$	—	$	105,353
Aggressive Allocation
Futures	$	124,428		$	—		$	—	$	—	$	124,428

301

	Asset Derivative Value
Fund	Total Value at 12/31/15			Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Low-Duration Bond
Forwards	$	319,042		$	—		$	319,042	$	—	$	—
Futures		(365,655	)		(365,655	)		—		—		—
Purchased Options		29,641			29,641			—		—		—
Swaps		433,568			406,380			—		27,188		—
Totals	$	416,596		$	70,366		$	319,042	$	27,188	$	—
Medium-Duration Bond
Forwards	$	2,069,681		$	—		$	2,069,681	$	—	$	—
Futures		(32,860	)		(32,860	)		—		—		—
Purchased Options		527,407			527,407			—		—		—
Swaps		511,370			434,586			—		76,784		—
Totals	$	3,075,598		$	929,133		$	2,069,681	$	76,784	$	—
Global Bond Fund
Forwards	$	560,811		$	—		$	560,811	$	—	$	—
Futures		(93,584	)		(93,584	)		—		—		—
Purchased Options		108,972			—			108,972		—		—
Totals	$	576,199		$	(93,584	)	$	669,783	$	—	$	—
Defensive Market Strategies
Forwards	$	26,730		$	—		$	26,730	$	—	$	—
Futures		(73,717	)		—			—		—		(73,717	)
Totals	$	(46,987	)	$	—		$	26,730	$	—	$	(73,717	)
Equity Index
Futures	$	(41,549	)	$	—		$	—	$	—	$	(41,549	)
Value Equity
Futures	$	(94,897	)	$	—		$	—	$	—	$	(94,897	)
Growth Equity Fund
Futures	$	(144,600	)	$	—		$	—	$	—	$	(144,600	)
Small Cap Equity
Futures	$	241,324		$	—		$	—	$	—	$	241,324
International Equity Index
Futures	$	87,181		$	—		$	—	$	—	$	87,181
International Equity
Forwards	$	4,580,057		$	—		$	4,580,057	$	—	$	—
Futures		1,643,888			—			—		—		1,643,888
Swaps		333			—			—		333		—
Totals	$	6,224,278		$	—		$	4,580,057	$	333	$	1,643,888
Emerging Markets Equity
Forwards	$	1,072,049		$	—		$	1,072,049	$	—	$	—
Futures		(92,861	)		—			—		—		(92,861	)
Totals	$	979,188		$	—		$	1,072,049	$	—	$	(92,861	)

302

	Asset Derivative Value
Fund	Total Value at 12/31/15			Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Inflation Protected Bond
Forwards	$	474,371		$	—		$	474,371	$	—	$	—
Futures		(26,435	)		(26,435	)		—		—		—
Purchased Options		532,620			15,469			517,151		—		—
Totals	$	980,556		$	(10,966	)	$	991,522	$	—	$	—
Real Estate Securities
Futures	$	39,530		$	—		$	—	$	—	$	39,530
	Liability Derivative Value
Fund	Total Value at 12/31/15			Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Low-Duration Bond
Forwards	$	546,966		$	—		$	546,966	$	—	$	—
Futures		(118,055	)		(118,055	)		—		—		—
Swaps		28,492			28,492			—		—		—
Written Options		661,700			661,700			—		—		—
Totals	$	1,119,103		$	572,137		$	546,966	$	—	$	—
Medium-Duration Bond
Forwards	$	1,413,585		$	—		$	1,413,585	$	—	$	—
Futures		1,052,419			1,050,993			1,426		—		—
Swaps		5,140,568			5,049,680			—		90,888		—
Written Options		439,100			358,821			80,279		—		—
Totals	$	8,045,672		$	6,459,494		$	1,495,290	$	90,888	$	—
Global Bond Fund
Forwards	$	70,758		$	—		$	70,758	$	—	$	—
Futures		(123,973	)		(123,973	)		—		—		—
Totals	$	(53,215	)	$	(123,973	)	$	70,758	$	—	$	—
Defensive Market Strategies
Forwards	$	13,893		$	—		$	13,893	$	—	$	—
Written Options		493,588			—			—		—		493,588
Totals	$	507,481		$	—		$	13,893	$	—	$	493,588
International Equity
Forwards	$	1,104,711		$	—		$	1,104,711	$	—	$	—
Futures		608,540			—			—		—		608,540
Swaps		1,777			—			—		1,777		—
Totals	$	1,715,028		$	—		$	1,104,711	$	1,777	$	608,540
Emerging Markets Equity
Forwards	$	570,141		$	—		$	570,141	$	—	$	—
Futures		61,720			—			—		—		61,720
Swaps		18,979			—			—		18,979		—
Totals	$	650,840		$	—		$	570,141	$	18,979	$	61,720
Inflation Protected Bond
Forwards	$	913,952		$	—		$	913,952	$	—	$	—
Futures		120,787			120,787			—		—		—
Written Options		283,974			—			283,974		—		—
Totals	$	1,318,713		$	120,787		$	1,197,926	$	—	$	—

303

Derivative Type	Location on the Statements of Operations
Interest rate contracts	Net realized gain (loss) from: Futures transactions
	Net realized gain (loss) from: Swap agreements
	Net realized gain (loss) from: Option contracts written
	Net realized gain (loss) from: Option contracts purchased
	Net change in unrealized appreciation (depreciation) on: Futures
	Net change in unrealized appreciation (depreciation) on: Swap agreements
	Net change in unrealized appreciation (depreciation) on: Option contracts written
	Net change in unrealized appreciation (depreciation) on: Option contracts purchased
Foreign exchange contracts	Net realized gain (loss) from: Foreign currency
	Net realized gain (loss) from: Option contracts written
	Net realized gain (loss) from: Option contracts purchased
	Net change in unrealized appreciation (depreciation) on: Foreign currency
	Net change in unrealized appreciation (depreciation) on: Option contracts purchased
	Net change in unrealized appreciation (depreciation) on: Option contracts written
Credit contracts	Net realized gain (loss) from: Swap agreements
	Net change in unrealized appreciation (depreciation) on: Swap agreements
Equity contracts	Net realized gain (loss) from: Futures transactions
	Net realized gain (loss) from: Option contracts written
	Net realized gain (loss) from: Option contracts purchased
	Net change in unrealized appreciation (depreciation) on: Futures
	Net change in unrealized appreciation (depreciation) on: Option contracts written
	Net change in unrealized appreciation (depreciation) on: Option contracts purchased

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 12/31/15			Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2005
Futures	$	6,564		$	(5,412	)	$	—	$	—	$	11,976
MyDestination 2015
Futures	$	50,011		$	29,494		$	—	$	—	$	20,517
MyDestination 2025
Futures	$	(180,078	)	$	53,792		$	—	$	—	$	(233,870	)
MyDestination 2035
Futures	$	(55,441	)	$	22,352		$	—	$	—	$	(77,793	)
MyDestination 2045
Futures	$	(54,616	)	$	11,473		$	—	$	—	$	(66,089	)
MyDestination 2055
Futures	$	8,860		$	—		$	—	$	—	$	8,860
Conservative Allocation
Futures	$	(20,991	)	$	15,509		$	—	$	—	$	(36,500	)
Balanced Allocation
Futures	$	97,044		$	266,539		$	—	$	—	$	(169,495	)
Growth Allocation
Futures	$	(122,119	)	$	(55,096	)	$	—	$	—	$	(67,023	)
Aggressive Allocation
Futures	$	(874,348	)	$	—		$	—	$	—	$	(874,348	)

304

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 12/31/15			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Low-Duration Bond
Forwards	$	3,865,972		$	—		$	3,865,972		$	—		$	—
Futures		1,039,424			1,039,424			—			—			—
Purchased Options		(189,905	)		(189,905	)		—			—			—
Swaps		(2,715,513	)		(2,150,169	)		—			(565,344	)		—
Written Options		685,708			682,599			3,109
Totals	$	2,685,686		$	(618,051	)	$	3,869,081		$	(565,344	)	$	—
Medium-Duration Bond
Forwards	$	4,773,984		$	—		$	4,773,984		$	—		$	—
Futures		4,513,918			4,538,720			(24,802	)		—			—
Purchased Options		(1,271,782	)		(1,268,537	)		(3,245	)		—			—
Swaps		(4,435,516	)		(4,887,672	)		315,679			136,477			—
Written Options		3,491,303			3,172,530			300,981			17,792			—
Totals	$	7,071,907		$	1,555,041		$	5,362,597		$	154,269		$	—
Global Bond
Forwards	$	4,442,244		$	—		$	4,442,244		$	—		$	—
Futures		524,248			524,248			—			—			—
Purchased Options		(126,063	)		—			(126,063	)		—			—
Written Options		68,500			68,500			—			—			—
Totals	$	4,908,929		$	592,748		$	4,316,181		$	—		$	—
Defensive Market Strategies
Forwards	$	886,393		$	—		$	886,393		$	—		$	—
Futures		132,275			—			—			—			132,275
Purchased Options		5,504,166			—			—			—			5,504,166
Totals	$	6,522,834		$	—		$	886,393		$	—		$	5,636,441
Equity Index
Futures	$	322,059		$	—		$	—		$	—		$	322,059
Value Equity
Futures	$	1,385,763		$	—		$	—		$	—		$	1,385,763
Growth Equity
Futures	$	(786,257	)	$	—		$	—		$	—		$	(786,257	)
Small Cap Equity
Futures	$	170,469		$	—		$	—		$	—		$	170,469
International Equity Index
Futures	$	(486,810	)		—			—			—		$	(486,810	)
International Equity
Forwards	$	7,931		$	—		$	7,931		$	—		$	—
Futures		4,653,696			—			—			—			4,653,696
Swaps		(9,339	)		—			—			(9,339	)		—
Totals	$	4,652,288		$	—		$	7,931		$	(9,339	)	$	4,653,696
Emerging Markets Equity
Forwards	$	(2,755,664	)	$	—		$	(2,755,664	)	$	—		$	—
Futures		(6,825,596	)		—			—			—			(6,825,596	)
Swaps		(185,600	)		—			—			—			(185,600	)
Totals	$	(9,766,860	)	$	—		$	(2,755,664	)	$	—		$	(7,011,196	)

305

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 12/31/15			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
Inflation Protected Bond
Forwards	$	1,882,071		$	—		$	1,882,071		$	—	$	—
Futures		(778,822	)		(778,822	)		—			—		—
Purchased Options		(3,547,971	)		(1,116,511	)		(2,431,460	)		—		—
Written Options		2,054,927			55,607			1,999,320			—		—
Totals	$	(389,795	)	$	(1,839,726	)	$	1,449,931		$	—	$	—
Real Estate Securities
Futures	$	75,056		$	—		$	—		$	—	$	75,056
	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Total Value at 12/31/15			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
MyDestination 2005
Futures	$	(13,605	)	$	(1,867	)	$	—		$	—	$	(11,738	)
MyDestination 2015
Futures	$	(4,222	)	$	(18,106	)	$	—		$	—	$	13,884
MyDestination 2025
Futures	$	(20,110	)	$	(16,010	)	$	—		$	—	$	(4,100	)
MyDestination 2035
Futures	$	5,082		$	(8,986	)	$	—		$	—	$	14,068
MyDestination 2045
Futures	$	(8,605	)	$	(1,956	)	$	—		$	—	$	(6,649	)
MyDestination 2055
Futures	$	(10,622	)	$	—		$	—		$	—	$	(10,622	)
Conservative Allocation
Futures	$	(1,886	)	$	(1,858	)	$	—		$	—	$	(28	)
Balanced Allocation
Futures	$	(59,341	)	$	(115,583	)	$	—		$	—	$	56,242
Growth Allocation
Futures	$	19,420		$	(39,603	)	$	—		$	—	$	59,023
Aggressive Allocation
Futures	$	64,643		$	—		$	—		$	—	$	64,643
Low-Duration Bond
Forwards	$	(1,053,827	)	$	—		$	(1,053,827	)	$	—	$	—
Futures		470,890			470,890			—			—		—
Purchased Options		(108,034	)		(108,034	)		—			—		—
Swaps		831,077			660,321			—			170,756		—
Written Options		526,983			526,983			—			—		—
Totals	$	667,089		$	1,550,160		$	(1,053,827	)	$	170,756	$	—

306

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Total Value at 12/31/15			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Medium-Duration Bond
Forwards	$	(347,008	)	$	—		$	(347,008	)	$	—		$	—
Futures		(596,367	)		(560,667	)		(35,700	)		—			—
Purchased Options		547,255			547,255			—			—			—
Swaps		(560,335	)		(58,726	)		25,302			(526,911	)		—
Written Options		(372,586	)		(478,649	)		113,804			(7,741	)		—
Totals	$	(1,329,041	)	$	(550,787	)	$	(243,602	)	$	(534,652	)	$	—
Global Bond
Forwards	$	(365,075	)	$	—		$	(365,075	)	$	—		$	—
Futures		388,465			388,465			—			—			—
Purchased Options		56,117			—			56,117			—			—
Totals	$	79,507		$	388,465		$	(308,958	)	$	—		$	—
Defensive Market Strategies
Forwards	$	(50,591	)	$	—		$	(50,591	)	$	—		$	—
Futures		(477,764	)		—			—			—			(477,764	)
Written Options		105,480			—			—			—			105,480
Totals	$	(422,875	)	$	—		$	(50,591	)	$	—		$	(372,284	)
Equity Index
Futures	$	(239,205	)	$	—		$	—		$	—		$	(239,205	)
Value Equity
Futures	$	(567,504	)	$	—		$	—		$	—		$	(567,504	)
Growth Equity
Futures	$	(877,837	)	$	—		$	—		$	—		$	(877,837	)
Small Cap Equity
Futures	$	(419,122	)	$	—		$	—		$	—		$	(419,122	)
International Equity Index
Futures	$	87,181		$	—		$	—		$	—		$	87,181
International Equity
Forwards	$	2,885,704		$	—		$	2,885,704		$	—		$	—
Futures		1,124,431			—			—			—			1,124,431
Swaps		(1,444	)		—			—			—			(1,444	)
Totals	$	4,008,691		$	—		$	2,885,704		$	—		$	1,122,987
Emerging Markets Equity
Forwards	$	1,712,978		$	—		$	1,712,978		$	—		$	—
Futures		(390,481	)		—			—			—			(390,481	)
Swaps		(10,703	)		—			—			—			(10,703	)
Totals	$	1,311,794		$	—		$	1,712,978		$	—		$	(401,184	)
Inflation Protected Bond
Forwards	$	(1,106,417	)	$	—		$	(1,106,417	)	$	—		$	—
Futures		996,397			996,397			—			—			—
Purchased Options		(258,553	)		(303	)		(335,282	)		77,032			—
Written Options		163,827			(47,006	)		210,833			—			—
Totals	$	(204,746	)	$	949,088		$	(1,230,866	)	$	77,032		$	—
Real Estate Securities
Futures	$	(111,119	)	$	—		$	—		$	—		$	(111,119	)

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Volume of Derivative Transactions

The table below summarizes the average balance of derivative holdings by fund during the year ended December 31, 2015. The average balance of derivatives held is indicative of the trading volume of each Fund.

	Long Derivative Volume
	Forward Foreign Currency Contracts (Average Cost)		Futures Contracts (Average Notional Value)		Purchased Option Contracts (Average Notional Cost)		Swap Contracts (Average Notional Amount)
MyDestination 2005	$	—	$	1,189,161	$	—	$	—
MyDestination 2015		—		6,377,844		—		—
MyDestination 2025		—		10,888,029		—		—
MyDestination 2035		—		8,131,306		—		—
MyDestination 2045		—		5,747,878		—		—
MyDestination 2055		—		605,166		—		—
Conservative Allocation		—		4,816,199		—		—
Balanced Allocation		—		25,382,308		—		—
Growth Allocation		—		20,358,457		—		—
Aggressive Allocation		—		18,023,355		—		—
Low-Duration Bond		18,580,817		468,096,098		359,158		94,500,000
Medium-Duration Bond		53,111,577		278,409,624		548,175		5,199,860,000
Global Bond		24,831,077		34,606,966		87,932
Defensive Market Strategies		1,292,959		22,669,875		—		—
Equity Index		—		15,954,143		—		—
Value Equity		—		42,689,436		—		—
Growth Equity		—		61,411,856		—		—
Small Cap Equity		—		17,909,992		—		—
International Equity Index		—		3,931,447		—		—
International Equity		317,715,663		118,573,551		—		361,590
Emerging Markets Equity		104,794,480		48,622,834		—		—
Inflation Protected Bond		26,053,854		40,350,177		649,660		—
Real Estate Securities		—		5,805,749		—		—
	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	$	47,672,555	$	153,804,296	$	1,286,651	$	252,298,108
Medium-Duration Bond		122,270,542		485,236,779		808,424		2,565,088,688
Global Bond		47,683,775		10,719,607		68,500		—
Defensive Market Strategies		8,417,232		—		701,020		—
International Equity		274,928,710		19,920,794		—		564,727
Emerging Markets Equity		94,883,442		8,434,897		—		2,156,320
Inflation Protected Bond		39,748,132		112,423,024		385,778		—

j. Dividends and Distributions to Shareholders

The Low-Duration Bond Fund, Medium-Duration Bond Fund, Extended-Duration Bond Fund, Inflation Protected Bond Fund, Global Bond Fund and Flexible Income Fund declare and pay dividends from net investment income monthly. The Money Market Fund declares income dividends daily and pays them monthly. Each of the Defensive Market Strategies Fund, Equity Index Fund, Real Estate Securities Fund, Value Equity Fund and Growth Equity Fund declares and pays dividends from net investment income semi-annually. Each of the other Funds (including all the Target Date Funds and Asset Allocation Funds) declares and pays dividends from net investment income annually. Each Fund also distributes to its shareholders at least annually any realized net capital gains and net gains, if any, from certain foreign currency transactions. Dividends and distributions to shareholders are recorded on the ex-dividend date.

308

k. Expenses

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

l. Security Transactions, Income and Realized Gains and Losses

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

3. FEES AND OTHER TRANSACTIONS

a. Investment Advisory Fees (Affiliate)

Pursuant to a separate investment advisory agreement, GSCM acts as the Adviser to the Funds. As Adviser, it supervises the investments of the Funds and for such services is paid a fee. GSCM and the Trust have entered into sub-advisory agreements with various sub-advisers to manage each Select Fund’s investments. Under the general supervision of GSCM, the sub-advisers make the day-to-day investment decisions for the Select Funds, and for such services, each sub-adviser receives a fee from the Funds. The aggregate advisory fees and sub-adviser fees are included in the Statements of Assets and Liabilities and Statements of Operations under “Investment advisory fees”.

The advisory fees paid to GSCM and aggregate sub-advisory fees paid to the sub-advisers are computed daily based upon the net assets of each Fund. The actual advisory fees accrued and the sub-advisory fees accrued during the year ended December 31, 2015, based upon average daily net assets, were as follows:

	For the Period January 1, 2015 to April 30, 2015		For the Period May 1, 2015 to December 31, 2015
Fund	Advisory Fees	Sub-Adviser Fees	Advisory Fees	Sub-Adviser Fees
MyDestination 2005	0.10%	0.00%	0.10%	0.00%
MyDestination 2015	0.10%	0.00%	0.10%	0.00%
MyDestination 2025	0.10%	0.00%	0.10%	0.00%
MyDestination 2035	0.10%	0.00%	0.10%	0.00%
MyDestination 2045	0.10%	0.00%	0.10%	0.00%
MyDestination 2055	0.10%	0.00%	0.10%	0.00%
Conservative Allocation	0.10%	0.00%	0.10%	0.00%
Balanced Allocation	0.10%	0.00%	0.10%	0.00%
Growth Allocation	0.10%	0.00%	0.10%	0.00%
Aggressive Allocation	0.10%	0.00%	0.10%	0.00%
Money Market	0.09%	0.06%	0.07%	0.07%
Low-Duration Bond	0.13%	0.19%	0.11%	0.19%
Medium-Duration Bond	0.21%	0.21%	0.13%	0.21%
Extended-Duration Bond	0.25%	0.23%	0.25%	0.24%

309

	For the Period January 1, 2015 to April 30, 2015		For the Period May 1, 2015 to December 31, 2015
Fund	Advisory Fees	Sub-Adviser Fees	Advisory Fees	Sub-Adviser Fees
Global Bond*	0.21%	0.25%	0.25%	0.25%
Defensive Market Strategies	0.37%	0.32%	0.33%	0.32%
Equity Index	0.13%	0.02%	0.08%	0.02%
Value Equity	0.40%	0.22%	0.33%	0.23%
Growth Equity	0.45%	0.36%	0.33%	0.39%
Small Cap Equity*	0.27%	0.64%	0.33%	0.64%
International Equity Index**	N/A	N/A	0.10%	0.08%
International Equity	0.47%	0.40%	0.33%	0.41%
Emerging Markets Equity	0.47%	0.77%	0.33%	0.76%
Inflation Protected Bond	0.20%	0.11%	0.20%	0.11%
Flexible Income	0.25%	0.49%	0.20%	0.49%
Real Assets	0.10%	0.00%	0.10%	0.00%
Real Estate Securities*	0.28%	0.43%	0.30%	0.43%
Global Natural Resources Equity	0.39%	0.64%	0.36%	0.63%

* Rate change effective 6/16/15.

** Commencement of operations was June 1, 2015.

310

For the year ended December 31, 2015, advisory fees and waivers for each Fund were as follows:

	Gross Advisory Fee		Waiver/ Reimbursements			Net Advisory  Fee (Reimbursement)
MyDestination 2005	$	95,570	$	(107,461	)	$	(11,891	)
MyDestination 2015		485,632		(147,750	)		337,882
MyDestination 2025		690,981		(177,230	)		513,751
MyDestination 2035		381,291		(137,689	)		243,602
MyDestination 2045		273,297		(112,959	)		160,338
MyDestination 2055		32,806		(112,342	)		(79,536	)
Conservative Allocation		313,357		(181,865	)		131,492
Balanced Allocation		1,297,004		(203,960	)		1,093,044
Growth Allocation		958,191		(110,470	)		847,721
Aggressive Allocation		870,654		(26,722	)		843,932
Money Market(1)		972,494		—			972,494
Low-Duration Bond		1,001,521		(252,592	)		748,929
Medium-Duration Bond		1,423,312		(377,824	)		1,045,488
Extended-Duration Bond		709,650		(69,433	)		640,217
Global Bond		936,734		(87,495	)		849,239
Defensive Market Strategies		2,045,159		(46,895	)		1,998,264
Equity Index		508,372		(121,711	)		386,661
Value Equity		4,719,462		(86,427	)		4,633,035
Growth Equity		5,366,034		(188,996	)		5,177,038
Small Cap Equity		1,631,498		(75,004	)		1,556,494
International Equity Index		60,686		(57,568	)		3,118
International Equity		5,140,890		(374,637	)		4,766,253
Emerging Markets Equity		1,147,595		(769,277	)		378,318
Inflation Protected Bond		615,385		(23,599	)		591,786
Flexible Income		302,870		(76,508	)		226,362
Real Assets		44,667		(117,409	)		(72,742	)
Real Estate Securities		779,805		(88,028	)		691,777
Global Natural Resources Equity		968,077		(35,624	)		932,453

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

b. Shareholder Servicing Fees (Affiliate)

The Board of Trustees has adopted a Shareholder Service Plan for the Investor Class of each Fund. Under this Plan from January 1 to April 30, 2015, the Investor Class of each Select Fund, with the exception of the Real Assets Fund, was authorized to pay fees of 0.24% of average daily net assets to parties that provide services for and maintain shareholder accounts. Beginning May 1, 2015, each Fund is authorized to pay fees of 0.25% of average daily net assets to parties that provide services for and maintain shareholder accounts.

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

311

c. Expense Limitation (Affiliate)

GSCM has agreed, through April 30, 2016, to waive fees and reimburse expenses of the Institutional Class and Investor Class of each Fund (excluding interest, taxes, brokerage commissions, expense incurred in connection with acquired fund fees, expenses on securities sold short, and extraordinary expenses) which exceed, in the aggregate, the annual percentage rate of each Class’s average daily net assets as follows:

	For the Period January 1, 2015 to April 30, 2015				For the Period May 1, 2015 to December 31, 2015
Fund	Institutional Class		Investor Class		Institutional Class		Investor Class
MyDestination 2005		N/A		0.20%		N/A		0.35%
MyDestination 2015		N/A		0.20%		N/A		0.35%
MyDestination 2025		N/A		0.20%		N/A		0.35%
MyDestination 2035		N/A		0.20%		N/A		0.35%
MyDestination 2045		N/A		0.20%		N/A		0.35%
MyDestination 2055		N/A		0.20%		N/A		0.35%
Conservative Allocation		N/A		0.12%		N/A		0.35%
Balanced Allocation		N/A		0.12%		N/A		N/A
Growth Allocation		N/A		0.12%		N/A		N/A
Aggressive Allocation		N/A		0.12%		N/A		N/A
Money Market		0.20%		0.39%		N/A		N/A
Low-Duration Bond		0.36%		0.57%		N/A		N/A
Medium-Duration Bond		0.48%		0.63%		N/A		N/A
Extended-Duration Bond		0.63%		0.75%		N/A		N/A
Global Bond		N/A		1.02%		N/A		0.92%
Defensive Market Strategies		0.99%		1.25%		N/A		N/A
Equity Index		0.23%		0.38%		N/A		N/A
Value Equity		0.74%		0.94%		N/A		N/A
Growth Equity		0.88%		1.06%		N/A		N/A
Small Cap Equity		1.12%		1.21%		1.03%		1.29%
International Equity Index		N/A		N/A		0.57%		N/A
International Equity		0.96%		1.20%		N/A		N/A
Emerging Markets Equity		1.25%		1.50%		1.28%		1.55%
Inflation Protected Bond		N/A		0.67%		N/A		N/A
Flexible Income		N/A		1.20%		N/A		1.12%
Real Assets		N/A		0.12%		N/A		0.35%
Real Estate Securities		N/A		1.29%		N/A		1.12%
Global Natural Resources Equity		N/A		1.50%		N/A		N/A

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

312

At December 31, 2015, the amounts subject to possible future reimbursement under the expense limitation agreement are as follows:

	Institutional Class						Investor Class
	2013		2014		2015		2013		2014		2015
MyDestination 2005		N/A		N/A		N/A	$	40,223	$	32,879	$	96,582
MyDestination 2015		N/A		N/A		N/A		N/A		N/A		93,914
MyDestination 2025		N/A		N/A		N/A		N/A		N/A		126,742
MyDestination 2035		N/A		N/A		N/A		N/A		N/A		118,651
MyDestination 2045		N/A		N/A		N/A		N/A		N/A		98,363
MyDestination 2055		N/A		N/A		N/A		87,450		91,150		110,496
Small Cap Equity		N/A		N/A		N/A		N/A		88,208		37,104
Emerging Markets Equity	$	22,538	$	176,022	$	415,435		111,351		849,038		327,548
Flexible Income		N/A		N/A		N/A		28,255		10,828		50,597
Real Assets		N/A		N/A		N/A		67,124		112,332		95,031
Real Estate Securities		N/A		N/A		N/A		N/A		N/A		75,521

d. Brokerage Service Arrangements

The Adviser directs the sub-advisers to place a certain percentage of security trades (if feasible) with designated brokers who have agreed to pay certain custody, transfer agency or other operating expenses through the use of Brokerage Service Arrangements on behalf of the Funds as follows:

Fund	Expenses Paid Through Brokerage Service Arrangements
Defensive Market Strategies		$	6,000
Value Equity			21,830
Growth Equity			36,000
Small Cap Equity			91,080
International Equity			20,000
Emerging Markets Equity			4,516
Real Estate Securities			14,117
Global Natural Resources Equity			3,626

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 year ended December 31, 2015, BNY Mellon received $3,259,577 in aggregate fees and expenses for services rendered under the various agreements described above.

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

313

f. Investments in Affiliates

The Target Date, Asset Allocation Funds and the Real Asset Fund do not invest in the underlying Select Funds for the purpose of exercising management or control; however, investments made by each Target Date, Asset Allocation Fund and the Real Asset Fund within each of its principal investment strategies may represent a significant portion of an underlying Select Fund’s net assets. At December 31, 2015, the Target Date, Asset Allocation Funds and the Real Asset Fund were the owner of record of the following approximate percentages of the total outstanding shares of the underlying Select Funds as detailed below:

Fund	MyDestination 2005			MyDestination 2015			MyDestination 2025			MyDestination 2035			MyDestination 2045			MyDestination 2055
Low-Duration Bond		4.81	%		8.31	%		6.24	%		0.49	%		—			—
Medium-Duration Bond		1.25			7.76			8.76			2.88			0.25	%		—
Extended-Duration Bond		—			4.07			10.07			2.20			—			—
Global Bond		0.63			5.54			9.89			8.34			4.41			0.48	%
Defensive Market Strategies		1.56			13.76			20.22			1.24			—			—
Equity Index		0.80			6.57			13.74			12.17			9.94			1.38
Value Equity		0.31			2.51			5.31			4.70			3.84			0.53
Growth Equity		0.28			2.33			4.90			4.31			3.51			0.49
Small Cap Equity		0.29			2.69			5.92			6.41			5.79			0.82
International Equity Index		1.69			14.22			30.03			27.13			22.52			3.15
International Equity		0.31			2.59			5.50			4.98			4.12			0.58
Emerging Markets Equity		0.49			4.12			8.84			8.01			6.63			0.93
Inflation Protected Bond		3.13			15.71			10.23			—			—			—
Flexible Income		3.35			16.58			9.59			—			—			—
Real Estate Securities		0.37			1.95			7.29			5.04			3.62			0.49
Global Natural Resources Equity		0.96			4.74			11.03			7.02			5.04			0.68

Fund	Conservative  Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive  Allocation Fund			Real Assets Fund
Low-Duration Bond		19.49	%		23.57	%		10.73	%		—			—
Medium-Duration Bond		5.05			30.97			13.99			—			—
Extended-Duration Bond		—			37.65			16.65			—			—
Global Bond		2.51			30.92			13.85			—			—
Defensive Market Strategies		5.34			20.07			—			—			—
Value Equity		1.64			13.49			19.03			24.43	%		—
Growth Equity		1.53			12.55			18.00			22.97			—
Small Cap Equity		0.99			8.12			10.87			14.51			—
International Equity		1.67			13.63			19.05			24.40			—
Emerging Markets Equity		1.71			13.76			19.38			24.83			—
Inflation Protected Bond		11.97			29.77			—			—			3.58	%
Flexible Income		12.71			32.09			—			—			3.92
Real Estate Securities		1.43			17.22			16.63			—			1.87
Global Natural Resources Equity		3.77			24.20			18.09			—			3.07

314

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 year ended December 31, 2015 is as follows:

	Total Value at 12/31/14		Total Value at 12/31/15		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
MyDestination 2005
Money Market	$	1,910,861	$	2,260,204	$	31,308,813	$	30,959,470	$	1,168	$	118
Low-Duration Bond		33,794,181		37,094,911		43,033,857		39,492,544		456,813		—
Medium-Duration Bond		9,488,036		9,918,748		11,488,439		10,654,011		284,218		118,710
Global Bond		2,331,291		2,468,525		2,904,767		2,524,408		95,859		—
Defensive Market Strategies		9,987,044		9,506,353		11,048,129		11,213,611		141,261		411,256
Equity Index		—		3,230,478		3,850,453		424,000		80,772		107,182
Value Equity		4,673,762		3,213,837		5,789,053		6,763,512		62,967		364,074
Growth Equity		4,664,644		3,238,253		5,865,499		6,924,343		—		598,656
Small Cap Equity		1,158,017		1,092,769		1,489,613		1,389,735		4,989		115,130
International Equity Index		—		1,875,689		2,218,672		155,000		15,172		—
International Equity		5,316,895		3,784,279		6,560,125		7,979,105		74,214		152,806
Emerging Markets Equity		1,398,322		1,464,847		1,949,292		1,594,235		6,003		—
Inflation Protected Bond		9,093,029		9,443,214		10,983,491		10,415,377		28,614		—
Flexible Income		4,486,247		4,733,235		621,490		142,000		157,990		—
Real Estate Securities		933,078		948,592		1,170,826		1,086,391		26,342		52,593
Global Natural Resources Equity		1,607,567		1,758,019		1,268,631		407,500		2,131		—
	$	90,842,974	$	96,031,953	$	141,551,150	$	132,125,242	$	1,438,513	$	1,920,525
MyDestination 2015
Money Market	$	6,850,488	$	7,564,983	$	83,704,208	$	82,989,713	$	4,644	$	514
Low-Duration Bond		59,822,143		64,048,691		70,227,183		65,590,033		787,150		—
Medium-Duration Bond		60,578,712		61,585,084		68,932,991		65,349,321		1,792,231		741,439
Extended-Duration Bond		7,928,977		7,044,821		8,813,117		8,612,474		360,285		362,358
Global Bond		22,334,469		21,596,735		24,241,002		22,755,318		885,685		—
Defensive Market Strategies		86,850,243		84,004,598		93,289,424		93,171,092		1,255,887		3,647,445
Equity Index		—		26,515,934		28,294,666		—		674,509		880,157
Value Equity		38,758,256		26,204,711		45,191,503		53,577,522		528,233		2,982,748
Growth Equity		38,605,800		26,603,227		45,894,516		54,678,422		—		4,968,094
Small Cap Equity		10,339,751		10,253,010		12,515,006		10,948,524		46,804		1,069,678
International Equity Index		—		15,788,788		17,454,713		—		127,713		—
International Equity		43,717,885		31,409,631		52,326,815		63,397,547		615,974		1,268,294
Emerging Markets Equity		11,354,421		12,264,465		16,272,631		12,868,584		49,047		—
Inflation Protected Bond		48,017,050		47,449,917		50,238,386		49,658,919		148,468		—
Flexible Income		22,456,356		23,439,077		2,867,631		694,000		802,631		—
Real Estate Securities		5,262,519		5,043,631		5,705,120		5,564,564		139,703		278,853
Global Natural Resources Equity		8,599,479		8,646,505		3,796,099		335,000		10,240		—
	$	471,476,549	$	479,463,808	$	629,765,011	$	590,191,033	$	8,229,204	$	16,199,580

315

	Total Value		Total Value								Distributions
	at		at						Dividend		of Realized
	12/31/14		12/31/15		Purchases		Sales Proceeds		Income		Gains
MyDestination 2025
Money Market	$	12,981,724	$	11,309,093	$	79,485,748	$	81,158,379	$	7,517	$	954
Low-Duration Bond		38,289,787		48,072,204		52,471,943		42,369,081		547,863		—
Medium-Duration Bond		62,492,952		69,486,725		75,734,774		65,885,088		1,973,625		826,060
Extended-Duration Bond		16,075,404		17,431,820		21,179,299		17,219,350		856,854		867,095
Global Bond		38,981,786		38,560,397		43,291,990		39,816,278		1,550,712		—
Defensive Market Strategies		113,348,211		123,486,696		135,032,542		120,435,973		1,803,213		5,313,356
Equity Index		—		55,427,358		59,208,453		110,000		1,398,679		1,839,774
Value Equity		76,719,945		55,427,379		94,114,484		106,713,298		1,099,287		6,251,017
Growth Equity		76,205,257		55,885,629		93,843,226		107,341,327		—		10,371,899
Small Cap Equity		21,861,453		22,620,789		27,687,578		23,238,626		102,367		2,362,585
International Equity Index		—		33,352,119		36,831,780		—		269,780		—
International Equity		89,478,946		66,721,372		109,765,515		129,807,431		1,308,471		2,669,613
Emerging Markets Equity		23,663,760		26,316,876		34,638,577		26,750,734		107,844		—
Inflation Protected Bond		25,148,288		30,909,229		34,927,388		28,402,035		80,352		—
Flexible Income		9,251,864		13,552,494		4,981,029		—		401,029		—
Real Estate Securities		18,659,251		18,823,024		21,679,959		20,093,751		521,107		1,040,102
Global Natural Resources Equity		17,313,698		20,141,519		11,114,171		750,000		24,171		—
	$	640,472,326	$	707,524,723	$	935,988,456	$	810,091,351	$	12,052,871		31,542,455
MyDestination 2035
Money Market	$	7,156,947	$	8,731,577	$	51,394,576	$	49,819,946	$	5,298	$	614
Low-Duration Bond		2,604,914		3,790,237		4,215,642		3,003,781		40,361		—
Medium-Duration Bond		17,700,463		22,844,297		25,855,528		19,771,469		626,467		268,092
Extended-Duration Bond		3,762,080		3,812,608		4,488,979		3,845,877		193,426		193,676
Global Bond		30,050,179		32,520,137		37,221,115		31,517,948		1,260,166		—
Defensive Market Strategies		4,303,574		7,540,848		9,671,892		6,126,961		104,532		319,399
Equity Index		—		49,086,392		52,874,734		499,500		1,245,119		1,629,615
Value Equity		66,846,825		48,973,198		85,492,980		95,707,966		973,205		5,529,310
Growth Equity		66,774,924		49,127,124		82,290,829		93,892,843		—		9,144,985
Small Cap Equity		23,090,120		24,468,156		29,609,477		24,230,041		110,801		2,536,135
International Equity Index		—		30,130,432		33,328,928		—		242,528		—
International Equity		80,240,442		60,330,943		100,716,146		117,968,229		1,180,258		2,430,160
Emerging Markets Equity		21,382,838		23,833,404		31,551,212		24,163,949		97,263		—
Real Estate Securities		12,141,095		13,004,386		15,616,552		13,738,413		360,819		720,321
Global Natural Resources Equity		11,897,628		12,816,847		6,003,533		320,000		15,532		—
	$	347,952,029	$	391,010,586	$	570,332,123	$	484,606,923	$	6,455,775	$	22,772,307

316

	Total Value at 12/31/14		Total Value at 12/31/15		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
MyDestination 2045
Money Market	$	5,036,721	$	6,667,359	$	38,829,316	$	37,198,679	$	3,822	$	449
Medium-Duration Bond		954,926		1,966,542		2,224,869		1,140,838		45,403		21,628
Global Bond		15,384,277		17,205,989		20,597,553		17,048,071		671,482		—
Equity Index		—		40,078,647		42,958,204		191,000		1,012,420		1,329,284
Value Equity		52,906,662		40,047,404		70,793,266		77,362,543		791,756		4,499,468
Growth Equity		52,573,836		40,096,168		69,331,824		76,898,611		—		7,459,213
Small Cap Equity		19,853,981		22,101,990		27,248,534		21,342,185		100,446		2,291,902
International Equity Index		—		25,017,796		27,897,865		195,000		202,365		—
International Equity		64,750,708		49,990,802		83,876,235		96,288,921		976,514		2,010,649
Emerging Markets Equity		17,237,150		19,726,878		26,562,148		20,007,632		80,516		—
Real Estate Securities		8,497,709		9,352,191		11,432,866		9,831,796		259,662		518,408
Global Natural Resources Equity		8,436,522		9,206,392		5,137,157		730,000		11,157		—
	$	245,632,492	$	281,458,158	$	426,889,837	$	358,235,276	$	4,155,543	$	18,131,001
MyDestination 2055
Money Market	$	709,183	$	864,216	$	12,585,439	$	12,430,406	$	498	$	69
Global Bond		1,361,445		1,886,080		2,401,842		1,704,458		65,884		—
Equity Index		—		5,578,177		5,984,081		64,500		131,992		177,882
Value Equity		5,826,452		5,573,463		9,789,597		9,210,125		102,761		605,711
Growth Equity		5,880,705		5,574,906		9,680,372		9,313,052		—		983,320
Small Cap Equity		2,268,008		3,148,528		4,060,607		2,670,441		14,241		324,425
International Equity Index		—		3,493,301		3,823,995		—		27,995		—
International Equity		7,171,664		6,989,558		11,834,250		11,650,555		135,424		277,271
Emerging Markets Equity		1,938,503		2,764,097		3,753,919		2,412,806		11,113		—
Real Estate Securities		881,955		1,253,420		1,563,769		1,096,082		33,098		65,590
Global Natural Resources Equity		922,666		1,247,143		1,018,063		242,750		1,563		—
	$	26,960,581	$	38,372,889	$	66,495,934	$	50,795,175	$	524,569	$	2,434,268
Conservative Allocation
Money Market	$	3,302,579	$	4,583,563	$	40,205,584	$	38,924,600	$	2,869	$	353
Low-Duration Bond		128,115,480		150,222,650		157,882,256		134,071,680		1,602,040		—
Medium-Duration Bond		33,734,297		40,046,340		43,231,233		35,107,480		1,032,661		470,410
Global Bond		8,464,633		9,770,811		10,938,988		8,622,597		345,368		—
Defensive Market Strategies		27,931,117		32,613,520		35,433,381		29,894,704		446,802		1,376,575
Value Equity		13,416,106		17,065,496		20,413,326		14,093,520		308,763		1,891,565
Growth Equity		13,369,667		17,406,201		20,924,389		14,342,024		—		3,114,373
Small Cap Equity		3,025,072		3,762,956		4,541,321		3,114,798		17,177		396,451
International Equity		15,146,967		20,226,463		22,943,660		16,481,576		396,661		816,727
Emerging Markets Equity		3,932,432		5,090,634		6,500,180		4,223,031		20,861		—
Inflation Protected Bond		31,179,137		36,163,674		38,310,493		32,349,115		93,838		—
Flexible Income		15,453,603		17,974,169		4,306,290		820,000		532,240		—
Real Estate Securities		3,196,748		3,684,974		4,289,855		3,504,065		97,593		193,987
Global Natural Resources Equity		10,982,229		6,875,930		3,159,903		2,300,000		8,333		—
	$	311,250,067	$	365,487,381	$	413,080,859	$	337,849,190	$	4,905,206	$	8,260,441

317

	Total Value at 12/31/14		Total Value at 12/31/15		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Balanced Allocation
Money Market	$	31,194,352	$	42,453,581	$	161,074,279	$	149,815,050	$	18,749	$	3,002
Low-Duration Bond		155,358,696		181,725,741		199,645,578		171,207,853		1,941,951		—
Medium-Duration Bond		209,350,903		245,812,360		277,462,391		227,373,357		6,266,762		2,890,000
Extended-Duration Bond		53,087,969		65,152,208		81,518,076		56,814,538		2,750,728		3,197,699
Global Bond		102,585,859		120,548,248		137,192,985		106,615,461		4,226,683		—
Defensive Market Strategies		103,864,940		122,548,531		135,520,905		114,945,065		1,686,645		5,179,640
Value Equity		115,024,563		140,741,304		168,466,139		122,592,761		2,604,055		15,693,840
Growth Equity		114,790,336		143,152,463		177,739,966		128,320,657		—		25,812,009
Small Cap Equity		26,216,986		30,990,313		38,213,413		27,793,059		141,469		3,265,024
International Equity		126,897,358		165,334,059		191,300,123		144,755,482		3,242,363		6,676,050
Emerging Markets Equity		33,071,501		40,953,235		53,061,168		35,778,564		167,822		—
Inflation Protected Bond		73,637,055		89,932,438		97,289,075		78,437,576		228,450		—
Flexible Income		38,412,620		45,357,702		11,799,282		2,340,000		1,337,359		—
Real Estate Securities		36,573,726		44,462,159		49,302,492		37,823,037		1,158,110		2,298,292
Global Natural Resources Equity		70,996,359		44,193,189		25,700,519		20,250,000		53,556		—
	$	1,291,063,223	$	1,523,357,531	$	1,805,286,391	$	1,424,862,460	$	25,824,702	$	65,015,556
Growth Allocation
Money Market	$	22,955,888	$	27,757,264	$	102,629,447	$	97,828,071	$	13,720	$	1,983
Low-Duration Bond		69,123,237		82,705,113		90,737,076		76,195,709		873,626		—
Medium-Duration Bond		93,623,667		110,995,806		124,103,398		100,821,654		2,829,655		1,303,701
Extended-Duration Bond		23,969,654		28,805,675		37,196,035		26,817,797		1,224,695		1,416,770
Global Bond		46,197,272		54,003,392		61,778,874		48,311,654		1,890,033		—
Value Equity		165,791,412		198,432,917		236,819,253		176,537,660		3,721,534		22,208,427
Growth Equity		165,543,750		205,396,019		254,160,069		184,959,257		—		37,135,591
Small Cap Equity		37,662,459		41,521,669		51,396,956		39,945,415		189,544		4,374,568
International Equity		187,390,627		230,986,326		265,663,153		208,784,330		4,529,868		9,327,033
Emerging Markets Equity		48,143,848		57,702,803		74,344,073		52,232,825		236,460		—
Real Estate Securities		33,926,470		42,946,950		47,324,334		34,787,593		1,117,656		2,217,819
Global Natural Resources Equity		56,893,117		33,035,311		18,033,331		17,175,000		40,034		—
	$	951,221,401	$	1,114,289,245	$	1,364,185,999	$	1,064,396,965	$	16,666,825	$	77,985,892
Aggressive Allocation
Money Market	$	19,468,875	$	23,772,781	$	87,729,684	$	83,425,777	$	11,635	$	1,630
Value Equity		232,399,206		254,768,426		311,157,000		248,808,470		4,947,611		28,789,477
Growth Equity		231,696,900		262,055,612		329,494,041		261,911,801		—		48,077,493
Small Cap Equity		53,626,378		55,397,826		68,126,555		56,477,119		252,887		5,836,508
International Equity		263,844,623		295,949,517		346,374,840		294,492,903		5,803,860		11,950,192
Emerging Markets Equity		67,987,625		73,918,724		98,054,489		74,563,280		302,911		—
	$	869,023,607	$	965,862,886	$	1,240,936,609	$	1,019,679,350	$	11,318,904	$	94,655,300

318

	Total Value at 12/31/14		Total Value at 12/31/15		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Real Assets
Money Market	$	605,669	$	537,345	$	15,314,094	$	15,382,417	$	381	$	44
Inflation Protected Bond		18,226,105		10,803,373		17,172,071		24,332,746		52,337		—
Flexible Income		9,524,262		5,543,201		411,103		4,141,604		241,103		—
Real Estate Securities		8,272,816		4,829,919		8,302,861		11,363,494		153,459		311,194
Global Natural Resources Equity		9,880,345		5,610,899		2,485,341		4,250,829		6,641		—
	$	46,509,197	$	27,324,737	$	43,685,470	$	59,471,090	$	453,921	$	311,238

4. SECURITIES LENDING

Through an agreement with The Northern Trust Company (“Northern Trust”) (the Funds’ custodian) the Select Funds may lend portfolio securities to certain brokers, dealers and other financial institutions that pay the Select Funds a negotiated fee. The Select Funds receive cash or U.S. government securities as collateral against the loaned securities in an amount at least equal to the market value of the loaned securities. The Funds continue to own the loaned securities and the securities remain in the investment portfolio. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Cash collateral has been invested in a short-term money market fund of Northern Trust, an affiliate of the Funds, which invests in securities that satisfy the quality requirements of Rule 2a-7 and have short maturities. This investment is presented on the Funds’ Schedules of Investments. The Funds do not have control of non-cash securities lending collateral: as such, this amount is not presented on the Funds’ Schedules of Investments. At December 31, 2015, the market values of loaned securities and collateral received were as follows:

Fund	Value of Securities Loaned		Value of Non-cash Collateral		Value of Cash Collateral		Total Value of Collateral
Low-Duration Bond	$	59,576,949	$	33,749,226	$	27,068,175	$	60,817,401
Medium-Duration Bond		117,889,973		85,289,567		35,137,912		120,427,479
Extended-Duration Bond		33,229,660		24,680,922		9,010,504		33,691,426
Global Bond		44,640,846		6,696,645		39,026,281		45,722,926
Defensive Market Strategies		69,633,866		3,929,834		67,919,378		71,849,212
Equity Index		41,262,749		2,270,071		40,316,383		42,586,454
Value Equity		139,449,792		8,645,963		135,055,536		143,701,499
Growth Equity		265,809,884		5,186,673		268,680,558		273,867,231
Small Cap Equity		186,891,501		16,109,153		177,804,961		193,914,114
International Equity Index		3,854,449		781,212		3,330,445		4,111,657
International Equity		100,295,176		11,909,742		93,208,109		105,117,851
Emerging Markets Equity		23,148,368		1,696,875		22,484,517		24,181,392
Inflation Protected Bond		3,543,683		3,752,917		—		3,752,917
Flexible Income		250,452		—		255,750		255,750
Real Estate Securities		26,449,358		3,494,222		23,903,069		27,397,291
Global Natural Resources Equity		73,398,820		17,753,356		56,959,458		74,712,814

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.

319

At December 31, 2015, the securities loaned which are subject to an MA on a net payment basis are as follows:

			Fair Value of			Cash
	Value of		Non-cash			Collateral
Fund	Securities Loaned		Collateral			(Pledged)			Net  Amount(1)
Low-Duration Bond	$	59,576,949	$	(33,749,226	)	$	(25,827,723	)	$	—
Medium-Duration Bond		117,889,973		(85,289,567	)		(32,600,406	)		—
Extended-Duration Bond		33,229,660		(24,680,922	)		(8,548,738	)		—
Global Bond		44,640,846		(6,696,645	)		(37,944,201	)		—
Defensive Market Strategies		69,633,866		(3,929,834	)		(65,704,032	)		—
Equity Index		41,262,749		(2,270,071	)		(38,992,678	)		—
Value Equity		139,449,792		(8,645,963	)		(130,803,829	)		—
Growth Equity		265,809,884		(5,186,673	)		(260,623,211	)		—
Small Cap Equity		186,891,501		(16,109,153	)		(170,782,348	)		—
International Equity Index		3,854,449		(781,212	)		(3,073,237	)		—
International Equity		100,295,176		(11,909,742	)		(88,385,434	)		—
Emerging Markets Equity		23,148,368		(1,696,875	)		(21,451,493	)		—
Inflation Protected Bond		3,543,683		(3,543,683	)		—			—
Flexible Income		250,452		—			(250,452	)		—
Real Estate Securities		26,449,358		(3,494,222	)		(22,955,136	)		—
Global Natural Resources Equity		73,398,820		(17,753,356	)		(55,645,464	)		—

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

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

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

					Greater
	Up to		30 — 90		than 90
Fund	30 Days		Days		Days		Total
Low-Duration Bond
U.S. Treasury Obligations	$	—	$	—	$	33,749,226	$	33,749,226
Medium-Duration Bond
U.S. Treasury Obligations		10,140		37,776		85,241,651		85,289,567
Extended-Duration Bond
U.S. Treasury Obligations		29		110		24,680,783		24,680,922
Global Bond
U.S. Treasury Obligations		25,789		94,681		6,576,175		6,696,645
Defensive Market Strategies
U.S. Treasury Obligations		27,113		265,361		3,637,360		3,929,834
Equity Index
U.S. Treasury Obligations		187		83,349		2,186,535		2,270,071
Value Equity
U.S. Treasury Obligations		325,944		200,936		8,119,083		8,645,963
Growth Equity
U.S. Treasury Obligations		12,310		43,855		5,130,508		5,186,673
Small Cap Equity
U.S. Treasury Obligations		135,425		430,239		15,543,489		16,109,153
International Equity Index
U.S. Treasury Obligations		1,950		7,429		771,833		781,212
International Equity
U.S. Treasury Obligations		—		—		11,909,742		11,909,742
Emerging Markets Equity
U.S. Treasury Obligations		94		24,799		1,671,982		1,696,875

320

Fund	Up to 30 Days		30 — 90 Days		Greater than 90 Days		Total
Inflation Protected Bond
U.S. Treasury Obligations	$	—	$	—	$	3,543,683	$	3,543,683
Real Estate Securities
U.S. Treasury Obligations		—		—		3,494,222		3,494,222
Global Natural Resources Equity
U.S. Treasury Obligations		5,212		67,873		17,680,271		17,753,356

5. INVESTMENT TRANSACTIONS

For the year ended December 31, 2015, the cost of purchases and proceeds from sales and maturities for each Fund were as follows:

	Cost of Purchases and Proceeds from Sales and Maturities of Long-Term Securities (other than U.S. Government Obligations)				Cost of Purchases and Proceeds from Sales and Maturities of Long-Term U.S. Government Obligations
	Purchases		Sale and  Maturity Proceeds		Purchases		Sale and  Maturity Proceeds
MyDestination 2005	$	107,460,086	$	102,898,843	$	—	$	—
MyDestination 2015		523,087,178		515,200,971		—		—
MyDestination 2025		818,366,352		747,237,177		—		—
MyDestination 2035		493,815,377		446,563,415		—		—
MyDestination 2045		368,528,248		329,309,663		—		—
MyDestination 2055		51,469,725		39,447,579		—		—
Conservative Allocation		288,135,590		298,924,590		—		—
Balanced Allocation		1,216,656,910		1,275,047,410		—		—
Growth Allocation		919,153,893		966,568,893		—		—
Aggressive Allocation		882,103,573		936,253,573		—		—
Low-Duration Bond		653,532,554		642,973,967		5,606,981,988		5,590,999,234
Medium-Duration Bond		2,690,348,858		2,460,420,283		661,385,020		776,758,247
Extended-Duration Bond		49,468,302		46,929,666		63,458,198		79,028,888
Global Bond		135,865,970		88,661,687		19,630,680		18,823,038
Defensive Market Strategies		279,664,489		256,104,197		—		—
Equity Index		207,646,058		33,101,883		—		—
Value Equity		414,955,111		554,866,465		—		—
Growth Equity		1,088,586,101		1,232,986,897		—		—
Small Cap Equity		381,455,505		406,079,986		—		—
International Equity Index		120,806,230		—		3,893,650		—
International Equity		616,439,180		670,188,665		—		—
Emerging Markets Equity		160,284,327		107,051,852		—		—
Inflation Protected Bond		10,089,002		11,962,016		148,738,985		122,833,304
Flexible Income		77,725,960		64,818,446		—		—
Real Assets		27,941,643		46,247,733		—		—
Real Estate Securities		354,751,219		361,550,391		—		—
Global Natural Resources Equity		169,214,684		150,806,197		—		—

321

Financial Futures Contracts

Investments as of December 31, 2015, included cash and securities that were valued and pledged as collateral to cover initial margin deposits. The market value of the open futures contracts is as follows:

Fund/Future Type	Expiration Date		Open Long (Short)  Contracts		Notional   Market Value    of Contracts			Counter-   party		Net Unrealized Appreciation (Depreciation) on Futures
MyDestination 2005 Fund
S&P 500® E-Mini		03/2016		7		$	712,390		GSC		$	(4,635	)
5-Year U.S. Treasury Note		04/2016		9			1,064,883		GSC			(1,867	)
						$	1,777,273				$	(6,502	)
MyDestination 2015 Fund
10-Year U.S. Treasury Note		03/2016		18		$	2,266,313		GSC		$	(4,921	)
MSCI EAFE Index E-Mini		03/2016		17			1,443,470		GSC			20,425
MSCI Emerging Markets E-Mini		03/2016		4			157,500		GSC			590
S&P 500® E-Mini		03/2016		24			2,442,480		GSC			(6,482	)
						$	6,309,763				$	9,612
MyDestination 2025 Fund
10-Year U.S. Treasury Note		03/2016		22		$	2,769,938		GSC		$	(5,976	)
MSCI EAFE Index E-Mini		03/2016		28			2,377,480		GSC			42,735
MSCI Emerging Markets E-Mini		03/2016		18			708,750		GSC			(4,910	)
S&P 500® E-Mini		03/2016		43			4,376,110		GSC			(13,257	)
						$	10,232,278				$	18,592
MyDestination 2035 Fund
10-Year U.S. Treasury Note		03/2016		10		$	1,259,063		GSC		$	(1,796	)
MSCI EAFE Index E-Mini		03/2016		26			2,207,660		GSC			50,090
MSCI Emerging Markets E-Mini		03/2016		15			590,625		GSC			(4,080	)
S&P 500® E-Mini		03/2016		41			4,172,570		GSC			(18,532	)
						$	8,229,918				$	25,682
MyDestination 2045 Fund
10-Year U.S. Treasury Note		03/2016		2		$	251,813		GSC		$	(359	)
MSCI EAFE Index E-Mini		03/2016		21			1,783,110		GSC			40,530
MSCI Emerging Markets E-Mini		03/2016		10			393,750		GSC			(1,865	)
S&P 500® E-Mini		03/2016		38			3,867,260		GSC			(16,555	)
						$	6,295,933				$	21,751
MyDestination 2055 Fund
S&P 500® E-Mini		03/2016		7		$	712,390		GSC		$	(3,520	)
Conservative Allocation Fund
MSCI EAFE Index E-Mini		03/2016		6		$	509,460		GSC		$	10,904
S&P 500® E-Mini		03/2016		8			814,160		GSC			(2,160	)
2-Year U.S. Treasury Note		04/2016		18			3,910,219		GSC			(5,514	)
						$	5,233,839				$	3,230
Balanced Allocation Fund
10-Year U.S. Treasury Note		03/2016		51		$	6,421,219		GSC		$	(9,162	)
MSCI EAFE Index E-Mini		03/2016		76			6,453,160		GSC			146,635
MSCI Emerging Markets E-Mini		03/2016		36			1,417,500		GSC			(10,975	)
S&P 500® E-Mini		03/2016		128			13,026,560		GSC			(34,567	)
Long U.S. Treasury Bond		03/2016		21			3,228,750		GSC			14,109
5-Year U.S. Treasury Note		04/2016		56			6,625,938		GSC			(12,250	)
						$	37,173,127				$	93,790

322

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts				Counter- party		Net Unrealized  Appreciation (Depreciation) on Futures
Growth Allocation Fund
10-Year U.S. Treasury Note		03/2016		17			$	2,140,406			GSC		$	(3,054	)
MSCI EAFE Index E-Mini		03/2016		80				6,792,800			GSC			150,125
MSCI Emerging Markets E-Mini		03/2016		34				1,338,750			GSC			(11,285	)
S&P 500® E-Mini		03/2016		124				12,619,480			GSC			(33,487	)
Long U.S. Treasury Bond		03/2016		7				1,076,250			GSC			4,703
5-Year U.S. Treasury Note		04/2016		21				2,484,727			GSC			(4,594	)
							$	26,452,413					$	102,408
Aggressive Allocation Fund
MSCI EAFE Index E-Mini		03/2016		85			$	7,217,350			GSC		$	169,135
MSCI Emerging Markets E-Mini		03/2016		44				1,732,500			GSC			(7,980	)
S&P 500® E-Mini		03/2016		136				13,840,720			GSC			(36,727	)
							$	22,790,570					$	124,428
Low-Duration Bond Fund
Euro-Bund		03/2016		(2	)		$	(343,241	)		UBS		$	1,393
3-Year Australia Treasury Bond		03/2016		346				75,972,914			CITI			75,154
10-Year U.S. Treasury Note		03/2016		(38	)			(4,784,438	)		UBS			2,189
5-Year U.S. Treasury Note		04/2016		(35	)			(4,141,211	)		GSC			14,311
5-Year U.S. Treasury Note		04/2016		(66	)			(7,809,141	)		UBS			24,758
2-Year U.S. Treasury Note		04/2016		1,130				245,474,845			CITI			(401,869	)
2-Year U.S. Treasury Note		04/2016		419				91,021,204			UBS			(151,689	)
2-Year U.S. Treasury Note		04/2016		115				24,981,953			GSC			(3,570	)
3-Month EURIBOR		03/2018		267				72,493,792			CITI			116,319
3-Month Sterling		03/2018		(398	)			(72,183,096	)		CITI			(15,108	)
90-Day Euro		09/2018		(182	)			(44,576,350	)		CITI			65,742
90-Day Euro		12/2018		(135	)			(33,037,875	)		CITI			24,770
							$	343,069,356					$	(247,600	)
Medium-Duration Bond Fund
Euro-BOBL		03/2016		64			$	9,088,408			DEUT		$	(14,146	)
Euro-BOBL		03/2016		46				6,532,293			GSC			(57,431	)
Euro-Bund		03/2016		(43	)			(7,379,680	)		GSC			112,674
90-Day Euro		03/2016		(348	)			(86,360,550	)		GSC			114,344
Euro		03/2016		(8	)			(1,088,600	)		GSC			(1,426	)
Euro-Bund		03/2016		2				343,241			DEUT			(2,349	)
Ultra Long U.S. Treasury Bond		03/2016		(7	)			(1,110,813	)		CITI			(9,231	)
10-Year U.S. Treasury Note		03/2016		(8	)			(1,007,250	)		UBS			5,361
10-Year U.S. Treasury Note		03/2016		(28	)			(3,525,375	)		DEUT			(5,191	)
10-Year U.S. Treasury Note		03/2016		(45	)			(5,665,781	)		CITI			13,949
10-Year U.S. Treasury Note		03/2016		(754	)			(94,933,313	)		GSC			227,276
Euro-Schatz		03/2016		8				969,473			DEUT			80
Long U.S. Treasury Bond		03/2016		22				3,382,500			DEUT			(5,985	)
Long U.S. Treasury Bond		03/2016		(7	)			(1,076,250	)		CITI			(4,789	)
Long U.S. Treasury Bond		03/2016		(48	)			(7,380,000	)		GSC			36,219
Ultra Long U.S. Treasury Bond		03/2016		256				40,624,000			GSC			248,207
Ultra Long U.S. Treasury Bond		03/2016		136				21,581,500			DEUT			106,514
5-Year U.S. Treasury Note		04/2016		796				94,182,969			DEUT			(218,484	)
5-Year U.S. Treasury Note		04/2016		230				27,213,672			GSC			(9,583	)
5-Year U.S. Treasury Note		04/2016		114				13,488,516			CITI			(34,071	)

323

Fund/Future Type	Expiration Date		Open Long (Short)  Contracts			Notional Market Value of Contracts				Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
2-Year U.S. Treasury Note		04/2016		54			$	11,730,656			CITI		$	(19,412	)
2-Year U.S. Treasury Note		04/2016		50				10,861,719			GSC			(15,803	)
3-Month Sterling		12/2016		(82	)			(14,956,514	)		DEUT			12,846
90-Day Euro		12/2016		(74	)			(18,272,450	)		GSC			23,822
90-Day Euro		03/2017		53				13,067,150			GSC			(10,397	)
90-Day Euro		03/2017		(75	)			(18,491,250	)		DEUT			(58,880	)
3-Month Sterling		03/2017		(183	)			(33,331,350	)		DEUT			(18,194	)
90-Day Euro		06/2017		(189	)			(46,527,075	)		DEUT			(515,567	)
3-Month Sterling		06/2017		(70	)			(12,731,637	)		JPM			(35,249	)
90-Day Euro		09/2017		(334	)			(82,118,075	)		DEUT			(981,726	)
3-Month Sterling		09/2017		(16	)			(2,906,845	)		DEUT			6,561
90-Day Euro		12/2017		(70	)			(17,189,375	)		DEUT			45,610
90-Day Euro		03/2018		(23	)			(5,642,763	)		DEUT			(20,828	)
							$	(208,628,849	)				$	(1,085,279	)
Global Bond Fund
Euro-Bund		03/2016		(17	)		$	(2,917,548	)		GSC		$	44,526
Euro-Buxl®		03/2016		(3	)			(493,604	)		GSC			10,166
Ultra Long U.S. Treasury Bond		03/2016		(24	)			(3,808,500	)		GSC			(29,578	)
10-Year U.S. Treasury Note		03/2016		(129	)			(16,241,906	)		GSC			97,362
Long U.S. Treasury Bond		03/2016		(1	)			(153,750	)		GSC			1,497
5-Year U.S. Treasury Note		04/2016		300				35,496,094			GSC			(93,584	)
							$	11,880,786					$	30,389
Defensive Market Strategies Fund
S&P 500® E-Mini		03/2016		262			$	26,663,740			GSC		$	(73,717	)
Equity Index Fund
S&P 500® E-Mini		03/2016		208			$	21,168,160			GSC		$	(41,549	)
Value Equity Fund
S&P 500® E-Mini		03/2016		412			$	41,929,240			GSC		$	(94,897	)
Growth Equity Fund
S&P 500® E-Mini		03/2016		485			$	49,358,450			GSC		$	(144,600	)
Small Cap Equity Fund
Russell 2000® IMM-Mini		03/2016		187			$	21,159,050			GSC		$	241,324
International Equity Index Fund
MSCI EAFE Index E-Mini		03/2016		57			$	4,839,870			GSC		$	87,181
International Equity Fund
AEX Index		01/2016		(13	)		$	(1,248,476	)		BAR		$	(21,412	)
BIST 30 Index		01/2016		93				2,122,491			BAR			6,784
CAC40 Index		01/2016		141				7,107,692			BAR			29,818
Hang Seng Index		01/2016		71				10,036,129			BAR			(51,832	)
IBEX 35		01/2016		62				6,418,712			BAR			(55,152	)
OMX 30 Index		01/2016		1				17,153			BAR			422
MSCI EAFE Index E-Mini		03/2016		363				30,822,330			GSC			650,215
ASX SPI 200 Index		03/2016		153				14,652,678			BAR			968,331
DAX Index		03/2016		22				6,438,593			BAR			132,078
FTSE 100 Index®		03/2016		(90	)			(8,223,433	)		BAR			(297,580	)
FTSE MIB Index		03/2016		(29	)			(3,378,821	)		BAR			(51,200	)
S&P/TSE 60 Index		03/2016		(96	)			(10,558,127	)		BAR			(102,442	)
Swiss Market Index Future		03/2016		(33	)			(2,798,948	)		GSC			(113,780	)

324

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts				Counter- party		Net Unrealized  Appreciation (Depreciation) on Futures
TOPIX Index®		03/2016		(23	)		$	(2,961,230	)		BAR		$	(22,126	)
Hang Seng Index		01/2016		44				6,255,914			GSC			(36,776	)
							$	54,702,657					$	1,035,348
Emerging Markets Equity Fund
TAIEX		01/2016		(5	)		$	(251,926	)		GSC		$	823
HSCEI Index		01/2016		104				6,511,700			BAR			(97,258	)
TA-25 Index		01/2016		46				1,807,300			GSC			20,064
BIST 30 Index		01/2016		45				1,027,012			BAR			3,332
FTSE Bursa Malaysia KLCI		01/2016		48				943,845			BAR			5,999
SGX CNX Nifty Index		02/2016		(226	)			(3,592,496	)		GSC			(4,214	)
HSCEI Index		02/2016		12				751,350			GSC			(7,392	)
MSCI Taiwan Index		02/2016		60				1,826,400			GSC			(15,931	)
Bovespa Index		02/2016		(15	)			(166,313	)		GSC			1,778
BIST 30 Index		02/2016		(350	)			(1,068,998	)		JPM			32,440
KOSPI 200 Index		03/2016		2				205,236			JPM			(605	)
FTSE/JSE Top 40 Index		03/2016		(77	)			(2,303,876	)		BAR			(93,553	)
Mexican Bolsa IPC Index		03/2016		22				550,673			JPM			(2,374	)
WIG20 Index		03/2016		(9	)			(2,026	)		GSC			2,026
MSCI Emerging Markets E-Mini		03/2016		506				19,923,750			GSC			1,305
SET50 Index		04/2016		(59	)			(260,561	)		BAR			(1,021	)
							$	25,901,070					$	(154,581	)
Inflation Protected Bond Fund
Euro-BOBL		03/2016		(1	)		$	(142,006	)		UBS		$	173
Euro-Bund		03/2016		(19	)			(3,260,789	)		UBS			8,288
Euro-Buxl®		03/2016		(1	)			(164,535	)		UBS			1,542
FTSE Bursa Malaysia KLCI		03/2016		(67	)			(10,042,318	)		UBS			(20,104	)
10-Year U.S. Treasury Note		03/2016		10				1,259,063			UBS			(7,434	)
10-Year Japanese Bond		03/2016		(16	)			(19,839,760	)		UBS			(46,634	)
Ultra Long U.S. Treasury Bond		03/2016		(63	)			(9,997,313	)		UBS			(128,825	)
Long U.S. Treasury Bond		03/2016		29				4,458,750			UBS			(14,222	)
5-Year U.S. Treasury Note		04/2016		(15	)			(1,774,805	)		UBS			861
2-Year U.S. Treasury Note		04/2016		12				2,606,813			UBS			(4,779	)
90-Day Euro		12/2016		(124	)			(30,618,700	)		UBS			71,131
90-Day Euro		12/2017		(23	)			(5,647,938	)		UBS			(7,219	)
							$	(73,163,538	)				$	(147,222	)
Real Estate Securities Fund
S&P 500® MidCap 400		03/2016		59			$	8,221,650			GSC		$	39,530

Forward Foreign Currency Contracts

As of December 31, 2015, the following Funds have forward foreign currency exchange contracts that obligate them to deliver currencies at specified future dates. The unrealized appreciation and/or depreciation on these contracts is included in the accompanying statements of assets and liabilities. The terms of the open contracts are as follows:

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net  Unrealized Appreciation (Depreciation)
Low-Duration Bond Fund
01/05/16	U.S. Dollars		2,743,470	Euro		2,537,000		CITI	$	(13,975	)
01/05/16	Japanese Yen		360,100,000	U.S. Dollars		2,919,714		GSC		76,573
01/05/16	Japanese Yen		281,700,000	U.S. Dollars		2,327,980		JPM		15,964

325

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased			Currency Sold	Amount of Currency Sold			Counter- party	Net  Unrealized Appreciation (Depreciation)
01/05/16	Euro		8,256,000		U.S. Dollars		9,018,029		UBS	$	(44,647	)
01/05/16	U.S. Dollars		6,094,596		Euro		5,719,000		HSBC		(121,342	)
01/05/16	U.S. Dollars		5,254,196		Japanese Yen		641,800,000		GSC		(86,035	)
01/06/16	U.S. Dollars		2,919,175		Euro		2,756,000		UBS		(76,376	)
01/06/16	U.S. Dollars		1,786,622		Australian Dollars		2,483,000		SC		(22,186	)
01/06/16	Euro		1,448,000		U.S. Dollars		1,573,096		MSCS		763
01/06/16	Euro		1,408,000		U.S. Dollars		1,498,727		RBS		31,656
01/06/16	U.S. Dollars		396,678		British Pounds		264,000		BNP		7,482
01/11/16	U.S. Dollars		2,049,691		Canadian Dollars		2,739,000		RBC		70,168
01/11/16	U.S. Dollars		1,781,775		Euro		1,683,000		CITI		(47,741	)
01/11/16	Canadian Dollars		38,000		U.S. Dollars		27,358		RBC		106
02/02/16	U.S. Dollars		9,024,387		Euro		8,256,000		UBS		44,655
02/02/16	U.S. Dollars		2,329,298		Japanese Yen		281,700,000		JPM		(16,053	)
02/11/16	U.S. Dollars		186,251		British Pounds		124,000		JPM		3,434
02/11/16	Norwegian Krone		3,585,000		U.S. Dollars		416,540		HSBC		(11,709	)
02/11/16	U.S. Dollars		3,009,225		Australian Dollars		4,189,000		JPM		(36,770	)
02/11/16	U.S. Dollars		2,047,318		British Pounds		1,349,000		JPM		58,447
02/11/16	British Pounds		878,000		U.S. Dollars		1,307,238		JPM		(12,776	)
02/11/16	Australian Dollars		424,000		U.S. Dollars		305,823		BNP		2,485
02/11/16	U.S. Dollars		177,161		Canadian Dollars		235,000		JPM		7,309
02/11/16	U.S. Dollars		146,101		Australian Dollars		208,000		JPM		(5,144	)
02/12/16	U.S. Dollars		701,316		Japanese Yen		86,300,000		JPM		(17,342	)
03/10/16	U.S. Dollars		3,087,971		Mexican Pesos		54,081,171		UBS		(33,997	)
03/14/16	U.S. Dollars		139,422		Mexican Pesos		2,431,000		CITI		(873	)
										$	(227,924	)
Medium-Duration Bond Fund
01/05/16	Japanese Yen		945,100,000		U.S. Dollars		7,724,561		GSC	$	139,341
01/05/16	Brazilian Reals		960,481		U.S. Dollars		253,767		CITI		(11,436	)
01/05/16	U.S. Dollars		691,572		Euro		637,000		CITI		(779	)
01/05/16	U.S. Dollars		426,778		Japanese Yen		52,500,000		GSC		(10,059	)
01/05/16	U.S. Dollars		(326,488	)	Japanese Yen		(39,700,000	)	CITI		(3,844	)
01/05/16	Japanese Yen		1,570,013,212		U.S. Dollars		12,974,651		JPM		88,971
01/05/16	Japanese Yen		146,000,000		U.S. Dollars		1,202,184		UBS		12,639
01/05/16	Japanese Yen		98,500,000		U.S. Dollars		800,932		UBS		18,658
01/05/16	Japanese Yen		62,700,000		U.S. Dollars		508,487		CITI		13,221
01/05/16	Euro		17,255,119		U.S. Dollars		18,847,766		UBS		(93,313	)
01/05/16	U.S. Dollars		13,083,203		Japanese Yen		1,598,113,212		GSC		(214,231	)
01/05/16	U.S. Dollars		11,459,421		Euro		10,597,000		CITI		(58,375	)
01/05/16	U.S. Dollars		10,980,843		Euro		10,304,119		HSBC		(218,624	)
01/05/16	U.S. Dollars		7,728,978		British Pounds		5,127,000		DEUT		170,617
01/05/16	U.S. Dollars		6,222,129		Japanese Yen		767,400,000		GSC		(163,183	)
01/05/16	U.S. Dollars		5,501,027		Brazilian Reals		20,777,379		DEUT		258,857
01/05/16	British Pounds		5,127,000		U.S. Dollars		7,608,705		CITI		(50,345	)
01/05/16	Euro		3,296,000		U.S. Dollars		3,513,199		GSC		69,198
01/05/16	U.S. Dollars		2,554,613		Euro		2,347,000		CITI		3,677
01/05/16	Brazilian Reals		2,537,584		U.S. Dollars		652,000		DEUT		(11,763	)
01/05/16	Brazilian Reals		2,345,828		U.S. Dollars		613,000		DEUT		(21,143	)
01/05/16	Brazilian Reals		2,240,200		U.S. Dollars		575,000		GSC		(9,794	)
01/05/16	Brazilian Reals		1,998,726		U.S. Dollars		508,000		GSC		(3,718	)
01/05/16	U.S. Dollars		1,919,025		Japanese Yen		232,800,000		GSC		(18,036	)
01/05/16	Brazilian Reals		1,883,979		U.S. Dollars		486,000		DEUT		(10,669	)

326

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net  Unrealized Appreciation (Depreciation)
01/05/16	Euro		1,462,000	U.S. Dollars		1,587,616		GSC	$	1,420
01/05/16	Euro		1,438,000	U.S. Dollars		1,525,138		JPM		37,813
01/05/16	Brazilian Reals		1,419,675	U.S. Dollars		373,000		DEUT		(14,813	)
01/05/16	Brazilian Reals		1,342,474	U.S. Dollars		354,000		DEUT		(15,291	)
01/05/16	Brazilian Reals		1,277,888	U.S. Dollars		333,000		DEUT		(10,587	)
01/05/16	Brazilian Reals		1,128,974	U.S. Dollars		296,000		DEUT		(11,158	)
01/05/16	U.S. Dollars		1,073,805	Japanese Yen		131,800,000		UBS		(22,864	)
01/05/16	Euro		949,000	U.S. Dollars		1,027,952		JPM		3,508
01/05/16	Brazilian Reals		800,800	U.S. Dollars		208,000		BNP		(5,957	)
01/05/16	Brazilian Reals		777,166	U.S. Dollars		201,000		GSC		(4,920	)
01/05/16	Brazilian Reals		768,791	U.S. Dollars		203,508		BNP		(9,540	)
01/05/16	Brazilian Reals		694,794	U.S. Dollars		172,000		RBC		3,298
01/05/16	U.S. Dollars		564,116	Euro		515,000		JPM		4,366
01/05/16	Brazilian Reals		451,994	U.S. Dollars		116,000		DEUT		(1,961	)
01/05/16	Brazilian Reals		420,000	U.S. Dollars		105,000		BAR		967
01/05/16	Brazilian Reals		364,116	U.S. Dollars		95,000		DEUT		(3,133	)
01/05/16	Brazilian Reals		352,890	U.S. Dollars		90,000		DEUT		(965	)
01/05/16	U.S. Dollars		155,507	Brazilian Reals		621,560		HSBC		(1,314	)
01/05/16	Brazilian Reals		52,578	U.S. Dollars		13,000		DEUT		266
01/14/16	U.S. Dollars		821,000	Taiwan Dollars		27,019,110		JPM		(1,633	)
01/14/16	U.S. Dollars		193,239	Mexican Pesos		3,227,285		HSBC		6,177
01/19/16	U.S. Dollars		1,087,532	Brazilian Reals		4,184,000		CITIC		37,287
01/19/16	South Korean Won		379,127,400	U.S. Dollars		324,370		DEUT		(1,209	)
01/19/16	U.S. Dollars		6,090,071	Euro		5,320,000		CITIC		305,763
01/19/16	U.S. Dollars		3,782,312	Euro		3,300,000		BAR		194,302
01/19/16	U.S. Dollars		3,412,463	Chinese Yuan Renminbi		21,850,000		CITIC		51,692
01/19/16	U.S. Dollars		1,731,353	Chinese Yuan Renminbi		11,130,000		BOA		19,436
01/19/16	U.S. Dollars		1,722,948	Chinese Yuan Renminbi		11,060,000		CITIC		21,798
01/19/16	U.S. Dollars		1,185,933	Euro		1,040,000		BOA		55,166
01/19/16	Malaysian Ringgits		1,171,800	U.S. Dollars		270,187		DEUT		2,345
01/19/16	U.S. Dollars		801,449	Malaysian Ringgits		3,508,743		DEUT		(14,600	)
01/19/16	Euro		627,541	U.S. Dollars		694,813		CITIC		(12,503	)
01/19/16	Euro		606,145	U.S. Dollars		668,798		CITIC		(9,751	)
01/19/16	Euro		484,057	U.S. Dollars		535,783		CITIC		(9,479	)
01/19/16	U.S. Dollars		332,000	South Korean Won		379,127,400		JPM		8,839
01/19/16	U.S. Dollars		322,029	Malaysian Ringgits		1,412,258		UBS		(6,428	)
01/19/16	U.S. Dollars		318,722	Brazilian Reals		1,227,000		BAR		10,727
01/19/16	Malaysian Ringgits		120,750	U.S. Dollars		28,000		UBS		84
01/20/16	Turkish Lira		3,803,402	U.S. Dollars		1,302,000		GSC		(5,596	)
01/20/16	U.S. Dollars		1,621,113	Turkish Lira		4,734,947		DEUT		7,189
01/20/16	Turkish Lira		845,859	U.S. Dollars		289,000		BAR		(686	)
01/21/16	South Korean Won		1,547,061,500	U.S. Dollars		1,323,406		JPM		(4,794	)
01/21/16	South Korean Won		502,554,500	U.S. Dollars		430,159		GSC		(1,815	)
01/21/16	South Korean Won		382,173,000	U.S. Dollars		326,923		DEUT		(1,184	)
01/21/16	South Korean Won		214,507,500	U.S. Dollars		185,000		HSBC		(2,168	)
01/21/16	South Korean Won		209,688,500	U.S. Dollars		181,000		GSC		(2,276	)
01/21/16	Indian Rupees		81,153,358	U.S. Dollars		1,221,214		UBS		1,145
01/21/16	U.S. Dollars		1,082,209	Indian Rupees		71,872,196		CITI		(355	)
01/21/16	U.S. Dollars		736,575	South Korean Won		866,359,668		JPM		(1,852	)
01/21/16	U.S. Dollars		593,000	South Korean Won		678,095,500		CS		15,037
01/21/16	U.S. Dollars		488,115	South Korean Won		566,164,300		JPM		5,554
01/21/16	U.S. Dollars		324,318	South Korean Won		379,127,400		DEUT		1,175

327

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net  Unrealized Appreciation (Depreciation)
01/21/16	U.S. Dollars		307,000	South Korean Won		352,006,200		JPM	$	6,973
01/28/16	U.S. Dollars		203,872	Mexican Pesos		3,370,591		MLCS		8,707
01/29/16	Chinese Yuan Renminbi		5,659,274	U.S. Dollars		882,607		BNP		(12,703	)
01/29/16	Chinese Yuan Renminbi		2,541,696	U.S. Dollars		389,234		HKSB		1,458
01/29/16	U.S. Dollars		1,258,932	Chinese Yuan Renminbi		8,263,376		CITI		(11,256	)
02/02/16	U.S. Dollars		18,861,055	Euro		17,255,119		UBS		93,329
02/02/16	U.S. Dollars		12,981,995	Japanese Yen		1,570,013,212		JPM		(89,469	)
02/02/16	U.S. Dollars		7,608,935	British Pounds		5,127,000		CITI		50,093
02/02/16	Brazilian Reals		621,560	U.S. Dollars		153,886		HSBC		1,383
02/02/16	U.S. Dollars		614,364	Brazilian Reals		2,361,000		JPM		24,575
02/05/16	U.S. Dollars		696,994	Mexican Pesos		11,915,041		CITI		7,486
02/10/16	U.S. Dollars		1,917,761	Euro		1,765,715		CITI		(3,135	)
02/11/16	Euro		767,000	U.S. Dollars		842,978		JPM		(8,548	)
02/11/16	U.S. Dollars		540,369	Euro		494,000		JPM		2,940
02/11/16	U.S. Dollars		475,912	British Pounds		317,000		JPM		8,549
02/11/16	U.S. Dollars		220,411	British Pounds		145,000		CITI		6,633
02/12/16	Japanese Yen		449,600,000	U.S. Dollars		3,675,806		UBS		68,207
02/12/16	Japanese Yen		104,800,000	U.S. Dollars		853,191		CITI		19,524
02/12/16	Japanese Yen		93,700,000	U.S. Dollars		762,301		CITI		17,979
02/12/16	U.S. Dollars		865,413	Japanese Yen		106,600,000		JPM		(22,291	)
02/12/16	U.S. Dollars		400,636	Japanese Yen		49,300,000		JPM		(9,907	)
02/16/16	U.S. Dollars		2,433,248	Euro		2,233,116		CITIC		3,497
02/16/16	U.S. Dollars		2,116,639	British Pounds		1,389,500		BOA		68,049
02/16/16	U.S. Dollars		921,594	Euro		842,308		BOA		5,118
02/16/16	Euro		849,687	U.S. Dollars		926,731		UBS		(2,225	)
02/16/16	Euro		125,000	U.S. Dollars		136,695		CITIC		(688	)
02/17/16	U.S. Dollars		367,000	Brazilian Reals		1,491,855		JPM		(10,088	)
02/18/16	U.S. Dollars		203,668	Mexican Pesos		3,436,291		CITI		5,000
02/26/16	U.S. Dollars		737,958	Singapore Dollars		1,041,000		HKSB		5,168
02/26/16	U.S. Dollars		1,333,000	Thailand Baht		48,214,610		JPM		(4,836	)
02/26/16	U.S. Dollars		1,331,000	Malaysian Ringgits		5,709,990		BAR		6,591
02/26/16	U.S. Dollars		995,000	Singapore Dollars		1,404,244		JPM		6,513
02/26/16	U.S. Dollars		498,000	Taiwan Dollars		16,351,830		BAR		(99	)
03/14/16	Mexican Pesos		9,048,000	U.S. Dollars		525,527		JPM		(3,360	)
03/14/16	Mexican Pesos		1,782,000	U.S. Dollars		104,348		JPM		(1,507	)
03/14/16	U.S. Dollars		1,242,553	Mexican Pesos		21,306,800		GSC		12,920
03/16/16	U.S. Dollars		242,000	Japanese Yen		29,069,257		HSBC		(316	)
03/16/16	Canadian Dollars		87,113	U.S. Dollars		62,729		HSBC		240
03/16/16	U.S. Dollars		67,553	Australian Dollars		92,649		JPM		297
03/16/16	U.S. Dollars		53,140	Australian Dollars		73,334		HSBC		(96	)
03/16/16	British Pounds		35,698	U.S. Dollars		53,140		CS		(507	)
03/16/16	Japanese Yen		29,569,375	U.S. Dollars		242,000		CS		4,485
03/16/16	Japanese Yen		14,889,776	U.S. Dollars		121,000		UBS		3,119
03/16/16	Swedish Kronor		2,054,787	Euro		221,000		RBS		3,315
03/16/16	Norwegian Krone		1,767,123	U.S. Dollars		207,588		SS		(8,095	)
03/16/16	Swedish Kronor		1,037,055	Euro		112,000		JPM		1,171
03/16/16	Swedish Kronor		1,021,196	Euro		110,000		UBS		1,466
03/16/16	Swedish Kronor		938,119	U.S. Dollars		111,181		JPM		200
03/16/16	Canadian Dollars		662,796	U.S. Dollars		485,000		SS		(5,899	)
03/16/16	Norwegian Krone		548,680	U.S. Dollars		63,166		HSBC		(1,225	)
03/16/16	Swedish Kronor		534,075	Euro		57,475		JPM		825
03/16/16	Norwegian Krone		506,097	U.S. Dollars		57,891		JPM		(757	)

328

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net  Unrealized Appreciation (Depreciation)
03/16/16	Norwegian Krone		505,942	U.S. Dollars		58,030		MSCS	$	(913	)
03/16/16	Norwegian Krone		467,071	U.S. Dollars		53,435		JPM		(706	)
03/16/16	U.S. Dollars		426,702	Japanese Yen		52,485,678		UBS		(10,809	)
03/16/16	Norwegian Krone		422,478	U.S. Dollars		48,391		BNP		(697	)
03/16/16	Norwegian Krone		421,297	U.S. Dollars		48,336		HSBC		(775	)
03/16/16	U.S. Dollars		361,186	Australian Dollars		502,000		SS		(3,230	)
03/16/16	U.S. Dollars		340,606	Euro		308,714		CITI		4,448
03/16/16	Australian Dollars		336,000	U.S. Dollars		241,856		WEST		2,056
03/16/16	U.S. Dollars		243,094	Australian Dollars		334,000		UBS		633
03/16/16	U.S. Dollars		242,000	Canadian Dollars		338,494		MLCS		(2,680	)
03/16/16	U.S. Dollars		242,000	Japanese Yen		29,468,098		HSBC		(3,641	)
03/16/16	Euro		237,094	U.S. Dollars		259,521		UBS		(1,350	)
03/16/16	U.S. Dollars		229,975	Japanese Yen		27,802,046		CITI		(1,778	)
03/16/16	Euro		223,000	U.S. Dollars		242,670		SS		154
03/16/16	Canadian Dollars		175,309	U.S. Dollars		129,337		RBC		(2,615	)
03/16/16	Australian Dollars		170,000	U.S. Dollars		120,421		STAN		2,987
03/16/16	Australian Dollars		149,256	U.S. Dollars		107,020		SS		1,329
03/16/16	U.S. Dollars		146,118	British Pounds		97,344		JPM		2,594
03/16/16	U.S. Dollars		125,768	Euro		115,416		CS		91
03/16/16	U.S. Dollars		122,000	Japanese Yen		14,944,634		DEUT		(2,576	)
03/16/16	U.S. Dollars		121,055	Australian Dollars		169,000		CITI		(1,627	)
03/16/16	U.S. Dollars		121,052	Australian Dollars		167,000		MLCS		(178	)
03/16/16	U.S. Dollars		121,023	Australian Dollars		169,998		MSCS		(2,383	)
03/16/16	U.S. Dollars		121,000	Canadian Dollars		163,146		RBC		3,070
03/16/16	U.S. Dollars		121,000	Canadian Dollars		168,478		CITI		(784	)
03/16/16	U.S. Dollars		120,821	New Zealand Dollars		180,000		SS		(1,712	)
03/16/16	U.S. Dollars		120,672	New Zealand Dollars		180,000		SS		(1,862	)
03/16/16	U.S. Dollars		116,444	New Zealand Dollars		174,133		MSCS		(2,096	)
03/16/16	U.S. Dollars		111,884	Euro		102,800		BNP		(54	)
03/16/16	U.S. Dollars		106,833	Euro		97,496		BNP		669
03/16/16	Canadian Dollars		105,401	U.S. Dollars		77,859		CITI		(1,670	)
03/16/16	Australian Dollars		102,009	U.S. Dollars		72,841		UBS		1,210
03/16/16	U.S. Dollars		94,136	Canadian Dollars		127,644		JPM		1,869
03/16/16	New Zealand Dollars		88,743	U.S. Dollars		58,273		SS		2,138
03/16/16	Australian Dollars		86,242	U.S. Dollars		62,886		CITI		(280	)
03/16/16	Canadian Dollars		85,620	U.S. Dollars		63,209		MLCS		(1,319	)
03/16/16	U.S. Dollars		82,641	New Zealand Dollars		125,172		UBS		(2,569	)
03/16/16	British Pounds		82,060	Euro		111,000		CS		121
03/16/16	Canadian Dollars		80,817	U.S. Dollars		58,061		CS		357
03/16/16	Canadian Dollars		79,505	U.S. Dollars		58,069		JPM		(599	)
03/16/16	Canadian Dollars		79,099	U.S. Dollars		58,234		SC		(1,057	)
03/16/16	Canadian Dollars		78,271	U.S. Dollars		58,561		HSBC		(1,983	)
03/16/16	U.S. Dollars		78,098	Swedish Kronor		663,530		JPM		(682	)
03/16/16	U.S. Dollars		77,989	Swedish Kronor		658,348		CITI		(175	)
03/16/16	Australian Dollars		74,629	Euro		48,780		CS		1,059
03/16/16	U.S. Dollars		73,136	Australian Dollars		100,393		CITI		258
03/16/16	Canadian Dollars		72,887	U.S. Dollars		53,334		CS		(647	)
03/16/16	U.S. Dollars		72,528	New Zealand Dollars		107,124		CS		(396	)
03/16/16	Canadian Dollars		71,044	U.S. Dollars		53,253		JPM		(1,899	)
03/16/16	U.S. Dollars		68,305	Australian Dollars		93,688		BNP		294
03/16/16	U.S. Dollars		68,305	New Zealand Dollars		103,180		CITI		(1,934	)
03/16/16	U.S. Dollars		68,260	New Zealand Dollars		103,268		MSCS		(2,039	)

329

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net  Unrealized Appreciation (Depreciation)
03/16/16	U.S. Dollars		67,797	Swedish Kronor		571,953		CITI	$	(109	)
03/16/16	U.S. Dollars		63,198	New Zealand Dollars		94,456		UBS		(1,102	)
03/16/16	U.S. Dollar		62,939	Euro		57,708		BAR		101
03/16/16	U.S. Dollars		62,924	New Zealand Dollars		93,164		BNP		(497	)
03/16/16	British Pounds		61,897	U.S. Dollars		91,869		SS		(609	)
03/16/16	British Pounds		58,760	U.S. Dollars		87,763		CS		(1,128	)
03/16/16	U.S. Dollars		58,205	Swedish Kronor		484,469		CS		685
03/16/16	U.S. Dollars		58,161	Japanese Yen		7,022,200		CS		(374	)
03/16/16	U.S. Dollars		57,949	Japanese Yen		6,970,522		BNP		(156	)
03/16/16	U.S. Dollars		57,883	New Zealand Dollars		84,875		DEUT		105
03/16/16	U.S. Dollars		56,061	New Zealand Dollars		84,883		SS		(1,723	)
03/16/16	U.S. Dollars		53,632	Japanese Yen		6,585,458		SS		(1,263	)
03/16/16	U.S. Dollars		53,548	Japanese Yen		6,554,740		HSBC		(1,091	)
03/16/16	British Pounds		51,894	U.S. Dollars		78,062		HSBC		(1,550	)
03/16/16	Euro		50,616	U.S. Dollars		53,633		UBS		1,483
03/16/16	U.S. Dollars		48,508	Swedish Kronor		407,135		HSBC		169
03/16/16	U.S. Dollars		48,415	New Zealand Dollars		72,988		BAR		(1,271	)
03/16/16	U.S. Dollars		48,292	New Zealand Dollars		71,965		BAR		(698	)
03/16/16	British Pounds		42,265	U.S. Dollars		62,706		BNP		(391	)
03/16/16	British Pounds		39,057	U.S. Dollars		58,093		HSBC		(507	)
03/16/16	British Pounds		35,737	Japanese Yen		6,462,525		CS		(1,180	)
03/16/16	British Pounds		35,210	U.S. Dollars		53,256		BAR		(1,342	)
03/16/16	British Pounds		35,111	U.S. Dollars		53,244		SS		(1,476	)
03/17/16	U.S. Dollars		1,067,987	Mexican Pesos		18,381,664		MSCS		7,396
03/23/16	Russian Rubles		30,269,900	U.S. Dollars		421,000		DEUT		(15,520	)
03/23/16	Russian Rubles		24,751,890	U.S. Dollars		333,000		CS		(1,437	)
03/23/16	Russian Rubles		17,531,400	U.S. Dollars		244,000		BNP		(9,159	)
03/23/16	Russian Rubles		31,015,912	U.S. Dollars		421,000		JPM		(5,527	)
03/23/16	Russian Rubles		5,754,029	U.S. Dollars		78,000		JPM		(922	)
05/24/16	Malaysian Ringgits		2,286,576	U.S. Dollars		536,000		DEUT		(8,515	)
05/24/16	Malaysian Ringgits		1,192,485	U.S. Dollars		277,000		CITI		(1,908	)
05/24/16	Malaysian Ringgits		118,580	U.S. Dollars		28,000		HSBC		(645	)
09/14/16	U.S. Dollars		593,000	Chinese Yuan Renminbi		3,900,161		UBS		322
09/14/16	U.S. Dollars		570,000	Chinese Yuan Renminbi		3,750,315		BNP		93
09/30/16	U.S. Dollars		1,160,000	Chinese Yuan Renminbi		7,610,760		JPM		4,260
10/11/16	U.S. Dollars		1,491,000	Chinese Yuan Renminbi		9,748,158		JPM		11,395
10/11/16	U.S. Dollars		332,000	Chinese Yuan Renminbi		2,178,916		HSBC		1,278
12/05/16	U.S. Dollars		1,235,000	Chinese Yuan Renminbi		8,221,395		JPM		(9,872	)
12/07/16	U.S. Dollars		1,336,000	Chinese Yuan Renminbi		8,877,052		HSBC		(8,033	)
									$	656,096
Global Bond Fund
01/19/16	Indian Rupees		156,237,535	U.S. Dollars		2,351,204		CITIC	$	2,890
01/19/16	Indian Rupees		129,220,000	U.S. Dollars		1,954,207		JPM		(7,197	)
01/19/16	Indian Rupees		54,770,000	U.S. Dollars		823,238		JPM		2,004
01/19/16	Indian Rupees		51,960,000	U.S. Dollars		786,439		JPM		(3,536	)
01/19/16	U.S. Dollars		715,578	Brazilian Reals		2,809,000		BAR		10,477
02/16/16	Japanese Yen		744,255,000	U.S. Dollars		6,117,730		DEUT		80,516
02/16/16	Mexican Pesos		15,669,581	U.S. Dollars		935,414		DEUT		(29,351	)
02/16/16	U.S. Dollars		11,493,542	Euro		10,553,878		HSBC		10,354
02/16/16	U.S. Dollars		7,557,568	Euro		6,935,966		CITIC		10,862
02/16/16	U.S. Dollars		6,346,565	British Pounds		4,194,041		DEUT		163,141

330

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net  Unrealized Appreciation (Depreciation)
02/16/16	Swedish Kronor		5,133,306	U.S. Dollars		599,719		BAR	$	9,234
02/16/16	U.S. Dollars		3,793,367	Euro		3,500,000		JPM		(14,822	)
02/16/16	U.S. Dollars		3,113,808	Euro		2,854,942		UBS		7,477
02/16/16	Euro		2,550,000	U.S. Dollars		2,706,621		UBS		67,916
02/16/16	U.S. Dollars		1,978,467	Euro		1,808,255		HSBC		10,987
02/16/16	U.S. Dollars		1,492,053	British Pounds		970,000		RBC		61,947
02/16/16	U.S. Dollars		1,246,135	British Pounds		809,710		BAR		52,351
02/16/16	U.S. Dollars		1,001,644	British Pounds		650,000		CS		43,325
02/16/16	Euro		950,000	U.S. Dollars		1,029,628		JPM		4,023
02/16/16	Euro		926,514	U.S. Dollars		850,000		HSBC		(1,668	)
02/16/16	U.S. Dollars		597,400	Swedish Kronor		5,130,000		UBS		(11,162	)
02/16/16	U.S. Dollars		307,938	British Pounds		200,000		GSC		13,071
02/16/16	U.S. Dollars		264,644	Japanese Yen		32,140,000		HSBC		(3,021	)
02/16/16	U.S. Dollars		113,845	South African Rand		1,616,591		CITIC		10,235
									$	490,053
Defensive Market Strategies Fund
01/29/16	U.S. Dollars		3,108,925	Euro		2,835,731		UBS	$	24,927
01/29/16	U.S. Dollars		1,762,639	Canadian Dollars		2,457,648		JPM		(13,614	)
01/29/16	Canadian Dollars		145,943	U.S. Dollars		104,770		JPM		710
01/29/16	U.S. Dollars		105,958	Euro		96,787		UBS		696
01/29/16	U.S. Dollars		101,282	Euro		92,763		UBS		397
01/29/16	U.S. Dollars		83,454	Canadian Dollars		115,768		JPM		(217	)
01/29/16	Canadian Dollars		72,804	U.S. Dollars		52,645		JPM		(27	)
01/29/16	Canadian Dollars		59,289	U.S. Dollars		42,886		NT		(35	)
									$	12,837
International Equity Fund
03/16/16	Japanese Yen		2,222,145,153	U.S. Dollars		18,171,184		CITIG	$	352,232
03/16/16	Japanese Yen		1,138,394,033	U.S. Dollars		9,280,398		CITIG		209,057
03/16/16	Japanese Yen		1,120,541,633	U.S. Dollars		9,113,391		CITIG		227,249
03/16/16	Japanese Yen		1,120,491,357	U.S. Dollars		9,123,444		CITIG		216,778
03/16/16	Japanese Yen		1,118,783,412	U.S. Dollars		9,099,424		CITIG		226,560
03/16/16	Japanese Yen		1,118,405,936	U.S. Dollars		9,122,806		CITIG		200,031
03/16/16	Japanese Yen		729,621,000	U.S. Dollars		5,956,260		CITIG		125,733
03/16/16	Japanese Yen		654,559,476	U.S. Dollars		5,343,600		CITIG		112,694
03/16/16	Japanese Yen		380,772,000	U.S. Dollars		3,166,937		CITIG		7,112
03/16/16	Japanese Yen		310,226,000	U.S. Dollars		2,529,948		CITIG		56,042
03/16/16	Japanese Yen		225,596,000	U.S. Dollars		1,845,661		CITIG		34,868
03/16/16	Swedish Kronor		138,116,000	U.S. Dollars		15,932,052		CITIG		466,215
03/16/16	U.S. Dollars		53,697,377	British Pounds		35,791,000		CITIG		927,492
03/16/16	Norwegian Krone		45,162,000	U.S. Dollars		5,212,444		CITIG		(114,051	)
03/16/16	U.S. Dollars		18,903,625	Switzerland Francs		18,777,691		CITIG		93,845
03/16/16	Swedish Kronor		16,840,000	U.S. Dollars		1,945,996		CITIG		53,387
03/16/16	Euro		16,411,369	U.S. Dollars		17,489,027		CITIG		381,271
03/16/16	Australian Dollars		11,141,201	U.S. Dollars		8,107,373		CITIG		(19,654	)
03/16/16	Switzerland Francs		10,228,000	U.S. Dollars		10,328,225		CITIG		(82,746	)
03/16/16	Hong Kong Dollars		9,430,376	U.S. Dollars		1,217,252		CITIG		297
03/16/16	Hong Kong Dollars		8,856,624	U.S. Dollars		1,143,278		CITIG		194
03/16/16	Euro		8,665,631	U.S. Dollars		9,204,285		CITIG		231,698
03/16/16	Australian Dollars		7,745,000	U.S. Dollars		5,510,396		CITIG		111,924
03/16/16	U.S. Dollars		6,951,639	Swedish Kronor		59,386,000		CITIG		(99,155	)

331

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net  Unrealized Appreciation (Depreciation)
03/16/16	British Pounds		6,560,000	U.S. Dollars		9,776,833		CITIG	$	(104,836	)
03/16/16	Israeli Shekels		6,236,000	U.S. Dollars		1,612,655		CITIG		(7,375	)
03/16/16	Australian Dollars		5,797,905	U.S. Dollars		4,226,284		CITIG		(17,418	)
03/16/16	Australian Dollars		5,589,894	U.S. Dollars		4,052,130		CITIG		5,735
03/16/16	U.S. Dollars		5,190,808	New Zealand Dollars		7,826,000		CITIG		(136,691	)
03/16/16	Australian Dollars		4,671,000	U.S. Dollars		3,363,624		CITIG		27,190
03/16/16	Canadian Dollars		4,636,000	U.S. Dollars		3,411,168		CITIG		(60,045	)
03/16/16	U.S. Dollars		4,575,568	Euro		4,195,000		CITIG		7,643
03/16/16	U.S. Dollars		4,367,961	New Zealand Dollars		6,534,000		CITIG		(80,017	)
03/16/16	U.S. Dollars		4,343,609	Norwegian Krone		38,043,000		CITIG		48,888
03/16/16	Norwegian Krone		4,340,000	U.S. Dollars		499,348		CITIG		(9,400	)
03/16/16	U.S. Dollars		4,240,933	British Pounds		2,810,000		CITIG		97,898
03/16/16	U.S. Dollars		4,064,986	Swedish Kronor		33,957,000		CITIG		33,332
03/16/16	U.S. Dollars		3,735,154	Switzerland Francs		3,726,055		CITIG		2,731
03/16/16	U.S. Dollars		3,502,484	Japanese Yen		424,769,000		CITIG		(38,316	)
03/16/16	U.S. Dollars		3,433,722	Switzerland Francs		3,500,254		CITIG		(72,514	)
03/16/16	U.S. Dollars		3,350,123	Switzerland Francs		3,416,000		CITIG		(71,715	)
03/16/16	U.S. Dollars		3,061,157	Switzerland Francs		3,094,000		CITIG		(38,131	)
03/16/16	U.S. Dollars		3,012,690	Australian Dollars		4,140,000		CITIG		7,345
03/16/16	U.S. Dollars		2,576,329	Euro		2,370,000		CITIG		(4,358	)
03/16/16	U.S. Dollars		2,346,996	Canadian Dollars		3,275,000		CITIG		(20,330	)
03/16/16	Hong Kong Dollars		2,325,000	U.S. Dollars		300,148		CITIG		31
03/16/16	U.S. Dollars		1,820,271	Canadian Dollars		2,431,190		CITIG		62,891
03/16/16	U.S. Dollars		1,705,113	Canadian Dollars		2,283,810		CITIG		54,266
03/16/16	Euro		1,495,000	U.S. Dollars		1,594,785		CITIG		33,117
03/16/16	U.S. Dollars		1,327,665	Norwegian Krone		11,505,603		CITIG		28,783
03/16/16	British Pounds		1,238,000	U.S. Dollars		1,845,168		CITIG		(19,874	)
03/16/16	U.S. Dollars		1,107,149	Swedish Kronor		9,396,000		CITIG		(8,422	)
03/16/16	New Zealand Dollars		1,087,000	U.S. Dollars		703,813		CITIG		36,155
03/16/16	Euro		1,054,000	U.S. Dollars		1,126,400		CITIG		21,298
03/16/16	Singapore Dollars		936,259	U.S. Dollars		661,127		CITIG		(2,487	)
03/16/16	Singapore Dollars		936,259	U.S. Dollars		662,296		CITIG		(3,656	)
03/16/16	U.S. Dollars		921,712	New Zealand Dollars		1,398,000		CITIG		(29,968	)
03/16/16	U.S. Dollars		907,932	Danish Kroner		6,240,695		CITIG		(2,989	)
03/16/16	U.S. Dollars		891,147	British Pounds		602,000		CITIG		3,564
03/16/16	Singapore Dollars		797,732	U.S. Dollars		569,278		CITIG		(8,089	)
03/16/16	Israeli Shekels		795,000	U.S. Dollars		205,806		CITIG		(1,156	)
03/16/16	Switzerland Francs		740,000	U.S. Dollars		747,698		CITIG		(6,433	)
03/16/16	U.S. Dollars		722,934	Japanese Yen		87,613,000		CITIG		(7,393	)
03/16/16	U.S. Dollars		689,875	Canadian Dollars		919,000		CITIG		25,578
03/16/16	Singapore Dollars		659,750	U.S. Dollars		466,450		CITIG		(2,329	)
03/16/16	U.S. Dollars		642,569	Norwegian Krone		5,637,987		CITIG		6,090
03/16/16	British Pounds		579,000	U.S. Dollars		868,312		CITIG		(14,641	)
03/16/16	Danish Kroner		500,000	U.S. Dollars		71,627		CITIG		1,356
03/16/16	U.S. Dollars		474,120	Danish Kroner		3,248,305		CITIG		(18	)
03/16/16	U.S. Dollars		452,063	Australian Dollars		633,000		CITIG		(7,450	)
03/16/16	U.S. Dollars		451,296	Australian Dollars		629,000		CITIG		(5,313	)
03/16/16	U.S. Dollars		436,783	Hong Kong Dollars		3,384,000		CITIG		(122	)
03/16/16	U.S. Dollars		368,313	Canadian Dollars		510,000		CITIG		(339	)
03/16/16	U.S. Dollars		352,076	Swedish Kronor		3,006,000		CITIG		(4,821	)
03/16/16	Israeli Shekels		326,000	U.S. Dollars		83,743		CITIG		177
03/16/16	Hong Kong Dollars		321,000	U.S. Dollars		41,444		CITIG		—

332

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net  Unrealized Appreciation (Depreciation)
03/16/16	U.S. Dollars		302,349	Euro		278,000		CITIG	$	(365	)
03/16/16	New Zealand Dollars		269,782	U.S. Dollars		177,939		CITIG		5,713
03/16/16	New Zealand Dollars		268,040	U.S. Dollars		177,829		CITIG		4,637
03/16/16	U.S. Dollars		253,816	Hong Kong Dollars		1,967,000		CITIG		(142	)
03/16/16	U.S. Dollars		242,590	Norwegian Krone		2,107,797		CITIG		4,638
03/16/16	New Zealand Dollars		223,830	U.S. Dollars		147,544		CITIG		4,827
03/16/16	New Zealand Dollars		222,348	U.S. Dollars		147,207		CITIG		4,155
03/16/16	Danish Kroner		216,000	U.S. Dollars		31,415		CITIG		113
03/16/16	U.S. Dollars		214,177	Norwegian Krone		1,845,570		CITIG		5,828
03/16/16	U.S. Dollars		214,137	Norwegian Krone		1,828,043		CITIG		7,767
03/16/16	U.S. Dollars		211,461	Singapore Dollars		300,000		CITIG		416
03/16/16	Hong Kong Dollars		205,000	U.S. Dollars		26,465		CITIG		2
03/16/16	Israeli Shekels		145,000	U.S. Dollars		37,529		CITIG		(203	)
03/16/16	U.S. Dollars		139,090	Euro		127,000		CITIG		800
03/16/16	Israeli Shekels		137,000	U.S. Dollars		35,283		CITIG		(16	)
03/16/16	U.S. Dollars		111,901	Norwegian Krone		980,000		CITIG		1,267
03/16/16	Danish Kroner		104,000	U.S. Dollars		15,219		CITIG		(39	)
03/16/16	Israeli Shekels		95,000	U.S. Dollars		24,609		CITIG		(154	)
03/16/16	U.S. Dollars		83,287	Norwegian Krone		732,000		CITIG		651
03/16/16	U.S. Dollars		65,647	Danish Kroner		450,000		CITIG		(38	)
03/16/16	Singapore Dollars		63,000	U.S. Dollars		44,687		CITIG		(368	)
03/16/16	Euro		59,000	U.S. Dollars		64,480		CITIG		(235	)
03/16/16	U.S. Dollars		35,203	Singapore Dollars		50,000		CITIG		29
03/16/16	U.S. Dollars		26,870	Singapore Dollars		38,000		CITIG		138
03/16/16	Norwegian Krone		15,000	U.S. Dollars		1,710		CITIG		(17	)
03/16/16	U.S. Dollars		14,981	Danish Kroner		105,000		CITIG		(346	)
03/16/16	Singapore Dollars		14,000	U.S. Dollars		9,905		CITIG		(56	)
03/16/16	British Pounds		14,000	U.S. Dollars		21,089		CITIG		(448	)
03/16/16	U.S. Dollars		8,951	British Pounds		6,000		CITIG		104
03/16/16	U.S. Dollars		7,049	Singapore Dollars		10,000		CITIG		14
03/16/16	U.S. Dollars		6,069	Switzerland Francs		6,000		CITIG		58
03/16/16	Switzerland Francs		6,000	U.S. Dollars		5,860		CITIG		151
03/16/16	U.S. Dollars		3,872	Hong Kong Dollars		30,000		CITIG		(1	)
03/16/16	Euro		2,000	U.S. Dollars		2,196		CITIG		(18	)
03/16/16	U.S. Dollars		1,530	Swedish Kronor		13,000		CITIG		(13	)
03/16/16	U.S. Dollars		440	Danish Kroner		3,000		CITIG		2
									$	3,475,346
Emerging Markets Equity Fund
03/16/16	Indonesian Rupiahs		11,000,903,431	U.S. Dollars		779,934		CITIG	$	2,993
03/16/16	Indonesian Rupiahs		10,680,739,856	U.S. Dollars		755,628		CITIG		4,513
03/16/16	Indonesian Rupiahs		10,496,765,876	U.S. Dollars		741,249		CITIG		5,798
03/16/16	Indonesian Rupiahs		5,933,032,625	U.S. Dollars		420,934		CITIG		1,316
03/16/16	Columbian Peso		5,330,000,000	U.S. Dollars		1,599,170		CITIG		65,268
03/16/16	Chilean Peso		3,063,457,595	U.S. Dollars		4,309,899		CITIG		(24,044	)
03/16/16	South Korean Won		1,016,131,000	U.S. Dollars		874,721		CITIG		(9,573	)
03/16/16	Chilean Peso		869,279,405	U.S. Dollars		1,229,888		CITIG		(13,744	)
03/16/16	Indonesian Rupiahs		589,687,000	U.S. Dollars		42,235		CITIG		(268	)
03/16/16	Hungarian Forint		539,057,160	U.S. Dollars		1,829,242		CITIG		26,054
03/16/16	Hungarian Forint		473,619,020	U.S. Dollars		1,645,774		CITIG		(15,699	)
03/16/16	Hungarian Forint		420,424,370	U.S. Dollars		1,463,319		CITIG		(16,326	)
03/16/16	Hungarian Forint		390,163,446	U.S. Dollars		1,349,702		CITIG		(6,860	)

333

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net  Unrealized Appreciation (Depreciation)
03/16/16	Hungarian Forint		316,426,004	U.S. Dollars		1,096,916		CITIG	$	(7,859	)
03/16/16	South Korean Won		270,000,000	U.S. Dollars		230,889		CITIG		(1,007	)
03/16/16	South Korean Won		200,000,000	U.S. Dollars		172,564		CITIG		(2,281	)
03/16/16	South Korean Won		190,000,000	U.S. Dollars		161,158		CITIG		611
03/16/16	Mexican Pesos		93,100,000	U.S. Dollars		5,401,671		CITIG		(29,568	)
03/16/16	Indian Rupees		89,889,580	U.S. Dollars		1,329,342		CITIG		12,208
03/16/16	Philippine Peso		79,000,000	U.S. Dollars		1,652,384		CITIG		19,167
03/16/16	Indian Rupees		53,906,795	U.S. Dollars		796,030		CITIG		8,498
03/16/16	Indian Rupees		35,934,970	U.S. Dollars		529,101		CITIG		7,208
03/16/16	Indian Rupees		35,904,621	U.S. Dollars		529,648		CITIG		6,208
03/16/16	Czech Republic Koruna		34,308,850	U.S. Dollars		1,383,230		CITIG		(279	)
03/16/16	Taiwan Dollars		30,966,000	U.S. Dollars		947,546		CITIG		(3,962	)
03/16/16	Indian Rupees		30,927,034	U.S. Dollars		455,952		CITIG		5,616
03/16/16	Czech Republic Koruna		18,457,647	U.S. Dollars		725,625		CITIG		18,382
03/16/16	Czech Republic Koruna		15,779,255	U.S. Dollars		640,654		CITIG		(4,610	)
03/16/16	Czech Republic Koruna		12,654,248	U.S. Dollars		516,806		CITIG		(6,727	)
03/16/16	Turkish Lira		12,350,578	U.S. Dollars		4,140,685		CITIG		3,272
03/16/16	Hong Kong Dollars		12,000,000	U.S. Dollars		1,549,093		CITIG		218
03/16/16	Turkish Lira		10,279,132	U.S. Dollars		3,433,584		CITIG		15,346
03/16/16	Thailand Baht		10,100,000	U.S. Dollars		278,466		CITIG		1,686
03/16/16	Taiwan Dollars		10,100,000	U.S. Dollars		308,682		CITIG		(918	)
03/16/16	Israeli Shekels		8,800,000	U.S. Dollars		2,275,716		CITIG		(10,407	)
03/16/16	South African Rand		7,200,000	U.S. Dollars		493,366		CITIG		(34,406	)
03/16/16	Hong Kong Dollars		6,800,000	U.S. Dollars		877,893		CITIG		50
03/16/16	South African Rand		6,700,000	U.S. Dollars		469,456		CITIG		(42,368	)
03/16/16	U.S. Dollars		6,677,778	Mexican Pesos		111,030,745		CITIG		271,027
03/16/16	Hong Kong Dollars		6,480,644	U.S. Dollars		836,507		CITIG		204
03/16/16	Hong Kong Dollars		6,086,356	U.S. Dollars		785,671		CITIG		134
03/16/16	U.S. Dollars		5,564,907	Mexican Pesos		92,727,578		CITIG		214,294
03/16/16	Turkish Lira		5,140,920	U.S. Dollars		1,728,381		CITIG		(3,462	)
03/16/16	Singapore Dollars		5,090,000	U.S. Dollars		3,583,638		CITIG		(2,921	)
03/16/16	U.S. Dollars		4,204,993	Turkish Lira		12,780,000		CITIG		(83,046	)
03/16/16	Mexican Pesos		4,170,000	U.S. Dollars		240,809		CITIG		(189	)
03/16/16	Turkish Lira		4,159,712	U.S. Dollars		1,389,962		CITIG		5,735
03/16/16	Malaysian Ringgits		3,600,000	U.S. Dollars		833,821		CITIG		77
03/16/16	Brazilian Reals		3,540,000	U.S. Dollars		881,619		CITIG		(9,275	)
03/16/16	South African Rand		3,400,000	U.S. Dollars		233,278		CITIG		(16,547	)
03/16/16	Brazilian Reals		3,330,000	U.S. Dollars		818,277		CITIG		2,318
03/16/16	Hong Kong Dollars		3,200,000	U.S. Dollars		413,107		CITIG		43
03/16/16	Turkish Lira		3,078,701	U.S. Dollars		1,037,267		CITIG		(4,279	)
03/16/16	Turkish Lira		3,063,957	U.S. Dollars		1,034,845		CITIG		(6,804	)
03/16/16	U.S. Dollars		2,870,817	Hong Kong Dollars		22,241,000		CITIG		(702	)
03/16/16	South Korean Won		2,854,000	U.S. Dollars		2,423		CITIG		7
03/16/16	U.S. Dollars		2,494,208	Hungarian Forint		722,000,000		CITIG		9,269
03/16/16	U.S. Dollars		2,342,898	Singapore Dollars		3,312,051		CITIG		12,934
03/16/16	U.S. Dollars		2,338,762	Singapore Dollars		3,312,051		CITIG		8,798
03/16/16	Singapore Dollars		2,290,000	U.S. Dollars		1,620,148		CITIG		(9,177	)
03/16/16	Singapore Dollars		2,040,000	U.S. Dollars		1,448,201		CITIG		(13,100	)
03/16/16	U.S. Dollars		2,013,841	Singapore Dollars		2,822,006		CITIG		28,613
03/16/16	U.S. Dollars		1,918,850	Columbian Peso		6,155,069,296		CITIG		(3,237	)
03/16/16	U.S. Dollars		1,785,205	Chilean Peso		1,280,000,000		CITIG		(5,547	)
03/16/16	U.S. Dollars		1,650,087	Singapore Dollars		2,333,892		CITIG		8,238

334

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net  Unrealized Appreciation (Depreciation)
03/16/16	U.S. Dollars		1,440,908	Mexican Pesos		24,600,000		CITIG	$	21,427
03/16/16	Singapore Dollars		1,300,000	U.S. Dollars		925,738		CITIG		(11,213	)
03/16/16	U.S. Dollars		1,241,853	Mexican Pesos		20,734,677		CITIG		45,410
03/16/16	U.S. Dollars		1,164,498	Indian Rupees		79,000,000		CITIG		(14,532	)
03/16/16	U.S. Dollars		1,048,353	Czech Republic Koruna		25,800,000		CITIG		8,384
03/16/16	U.S. Dollars		1,019,086	Philippine Peso		48,498,592		CITIG		(7,090	)
03/16/16	U.S. Dollars		1,004,853	Philippine Peso		47,856,432		CITIG		(7,735	)
03/16/16	Hong Kong Dollars		1,000,000	U.S. Dollars		129,109		CITIG		—
03/16/16	U.S. Dollars		981,927	Taiwan Dollars		32,200,000		CITIG		740
03/16/16	U.S. Dollars		948,091	Indonesian Rupiahs		13,700,000,000		CITIG		(26,928	)
03/16/16	U.S. Dollars		920,678	Brazilian Reals		3,600,000		CITIG		33,549
03/16/16	U.S. Dollars		915,868	Polish Zloty		3,660,000		CITIG		(15,767	)
03/16/16	Thailand Baht		900,000	U.S. Dollars		24,959		CITIG		6
03/16/16	Singapore Dollars		870,000	U.S. Dollars		617,111		CITIG		(5,083	)
03/16/16	Mexican Pesos		800,000	U.S. Dollars		46,635		CITIG		(473	)
03/16/16	U.S. Dollars		784,227	Israeli Shekels		3,040,000		CITIG		1,666
03/16/16	U.S. Dollars		777,457	Philippine Peso		36,944,976		CITIG		(4,257	)
03/16/16	U.S. Dollars		768,081	Mexican Pesos		13,400,000		CITIG		(5,132	)
03/16/16	Singapore Dollars		740,000	U.S. Dollars		526,655		CITIG		(6,079	)
03/16/16	U.S. Dollars		665,793	Columbian Peso		2,070,000,000		CITIG		19,379
03/16/16	U.S. Dollars		610,082	South Korean Won		716,846,000		CITIG		(251	)
03/16/16	U.S. Dollars		602,125	Brazilian Reals		2,320,000		CITIG		30,420
03/16/16	Hong Kong Dollars		600,000	U.S. Dollars		77,444		CITIG		21
03/16/16	Hong Kong Dollars		600,000	U.S. Dollars		77,456		CITIG		10
03/16/16	Hong Kong Dollars		600,000	U.S. Dollars		77,458		CITIG		8
03/16/16	U.S. Dollars		599,220	Columbian Peso		1,904,930,704		CITIG		4,353
03/16/16	U.S. Dollars		595,181	Brazilian Reals		2,310,000		CITIG		25,940
03/16/16	U.S. Dollars		578,311	South African Rand		9,000,000		CITIG		4,611
03/16/16	Singapore Dollars		510,000	U.S. Dollars		359,888		CITIG		(1,113	)
03/16/16	U.S. Dollars		489,437	Mexican Pesos		8,400,000		CITIG		4,736
03/16/16	U.S. Dollars		483,637	Taiwan Dollars		15,800,000		CITIG		2,185
03/16/16	U.S. Dollars		480,424	Columbian Peso		1,620,000,000		CITIG		(25,465	)
03/16/16	Malaysian Ringgits		470,000	U.S. Dollars		109,096		CITIG		(226	)
03/16/16	U.S. Dollars		462,076	Columbian Peso		1,530,000,000		CITIG		(15,708	)
03/16/16	U.S. Dollars		462,019	Mexican Pesos		7,900,000		CITIG		6,169
03/16/16	U.S. Dollars		451,731	Hong Kong Dollars		3,500,000		CITIG		(152	)
03/16/16	U.S. Dollars		404,487	South African Rand		6,200,000		CITIG		9,271
03/16/16	U.S. Dollars		366,393	Brazilian Reals		1,461,000		CITIG		6,366
03/16/16	U.S. Dollars		365,439	Turkish Lira		1,090,000		CITIG		(286	)
03/16/16	U.S. Dollars		352,940	South African Rand		5,400,000		CITIG		8,720
03/16/16	U.S. Dollars		348,486	Hong Kong Dollars		2,700,000		CITIG		(109	)
03/16/16	Peruvian Nuevos Soles		342,000	U.S. Dollars		99,898		CITIG		(968	)
03/16/16	U.S. Dollars		338,428	Mexican Pesos		5,800,000		CITIG		3,753
03/16/16	U.S. Dollars		331,281	Columbian Peso		1,120,000,000		CITIG		(18,470	)
03/16/16	U.S. Dollars		324,084	Thailand Baht		11,646,000		CITIG		1,049
03/16/16	Thailand Baht		300,000	U.S. Dollars		8,371		CITIG		(49	)
03/16/16	U.S. Dollars		289,192	Taiwan Dollars		9,500,000		CITIG		(289	)
03/16/16	U.S. Dollars		272,522	South African Rand		4,232,000		CITIG		2,756
03/16/16	U.S. Dollars		256,117	Thailand Baht		9,296,000		CITIG		(1,734	)
03/16/16	Polish Zloty		220,000	U.S. Dollars		55,395		CITIG		605
03/16/16	U.S. Dollars		217,856	Indian Rupees		14,598,000		CITIG		(11	)
03/16/16	U.S. Dollars		213,625	Brazilian Reals		830,000		CITIG		9,092

335

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net  Unrealized Appreciation (Depreciation)
03/16/16	U.S. Dollars		212,662	Taiwan Dollars		6,995,000		CITIG	$	(487	)
03/16/16	U.S. Dollars		211,826	Turkish Lira		650,000		CITIG		(6,267	)
03/16/16	U.S. Dollars		210,430	Turkish Lira		630,000		CITIG		(952	)
03/16/16	U.S. Dollars		206,744	South African Rand		3,012,531		CITIG		14,712
03/16/16	U.S. Dollars		203,851	Turkish Lira		610,000		CITIG		(821	)
03/16/16	Thailand Baht		200,000	U.S. Dollars		5,539		CITIG		9
03/16/16	Thailand Baht		200,000	U.S. Dollars		5,569		CITIG		(22	)
03/16/16	South African Rand		200,000	U.S. Dollars		13,542		CITIG		(793	)
03/16/16	U.S. Dollars		198,811	Brazilian Reals		770,000		CITIG		9,064
03/16/16	U.S. Dollars		193,913	Brazilian Reals		771,000		CITIG		3,920
03/16/16	U.S. Dollars		182,358	Turkish Lira		540,000		CITIG		1,173
03/16/16	U.S. Dollars		180,705	Hong Kong Dollars		1,400,000		CITIG		(48	)
03/16/16	Singapore Dollars		180,000	U.S. Dollars		127,194		CITIG		(567	)
03/16/16	U.S. Dollars		157,835	Malaysian Ringgits		665,516		CITIG		3,676
03/16/16	U.S. Dollars		157,237	Malaysian Ringgits		667,082		CITIG		2,715
03/16/16	U.S. Dollars		156,332	Malaysian Ringgits		662,619		CITIG		2,845
03/16/16	U.S. Dollars		152,434	Malaysian Ringgits		656,000		CITIG		479
03/16/16	U.S. Dollars		149,916	Thailand Baht		5,400,000		CITIG		132
03/16/16	U.S. Dollars		136,879	Columbian Peso		440,000,000		CITIG		(523	)
03/16/16	Mexican Pesos		133,000	U.S. Dollars		7,638		CITIG		37
03/16/16	U.S. Dollars		127,872	Turkish Lira		380,000		CITIG		372
03/16/16	U.S. Dollars		122,679	Malaysian Ringgits		516,753		CITIG		2,980
03/16/16	U.S. Dollars		119,655	Brazilian Reals		480,000		CITIG		1,371
03/16/16	U.S. Dollars		119,523	Malaysian Ringgits		510,030		CITIG		1,380
03/16/16	U.S. Dollars		109,982	South Korean Won		130,000,000		CITIG		(701	)
03/16/16	Czech Republic Koruna		100,000	U.S. Dollars		3,959		CITIG		71
03/16/16	Thailand Baht		100,000	U.S. Dollars		2,774		CITIG		(1	)
03/16/16	U.S. Dollars		90,892	Polish Zloty		353,000		CITIG		1,038
03/16/16	U.S. Dollars		73,749	Turkish Lira		219,000		CITIG		269
03/16/16	U.S. Dollars		68,984	South African Rand		1,015,516		CITIG		4,250
03/16/16	U.S. Dollars		60,904	Turkish Lira		180,000		CITIG		509
03/16/16	U.S. Dollars		51,700	South African Rand		750,953		CITIG		3,831
03/16/16	U.S. Dollars		43,313	Chilean Peso		30,981,000		CITIG		(30	)
03/16/16	U.S. Dollars		33,376	Turkish Lira		100,000		CITIG		(177	)
03/16/16	Indian Rupees		30,000	U.S. Dollars		447		CITIG		1
03/16/16	U.S. Dollars		23,433	Peruvian Nuevos Soles		80,000		CITIG		291
03/16/16	U.S. Dollars		22,589	Hong Kong Dollars		175,000		CITIG		(5	)
03/16/16	U.S. Dollars		22,392	Taiwan Dollars		743,000		CITIG		(248	)
03/16/16	U.S. Dollars		19,277	Thailand Baht		700,000		CITIG		(139	)
03/16/16	U.S. Dollars		11,664	Peruvian Nuevos Soles		40,000		CITIG		93
03/16/16	Peruvian Nuevos Soles		10,000	U.S. Dollars		2,908		CITIG		(15	)
03/16/16	U.S. Dollars		5,834	Peruvian Nuevos Soles		20,000		CITIG		49
03/16/16	Turkish Lira		4,000	U.S. Dollars		1,340		CITIG		2
03/16/16	Brazilian Reals		4,000	U.S. Dollars		985		CITIG		1
03/16/16	U.S. Dollars		2,915	Peruvian Nuevos Soles		10,000		CITIG		23
03/16/16	U.S. Dollars		2,912	Peruvian Nuevos Soles		10,000		CITIG		19
03/16/16	U.S. Dollars		2,751	Thailand Baht		100,000		CITIG		(22	)
03/16/16	U.S. Dollars		1,535	Polish Zloty		6,000		CITIG		8
03/16/16	U.S. Dollars		1,268	South African Rand		20,000		CITIG		(7	)

336

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net  Unrealized Appreciation (Depreciation)
03/16/16	U.S. Dollars		1,042	Chilean Peso		747,000		CITIG	$	(3	)
03/16/16	U.S. Dollars		116	Indonesian Rupiahs		1,640,000		CITIG		(1	)
									$	501,908
Inflation Protected Bond Fund
01/06/16	Mexican Pesos		24,343,000	U.S. Dollars		1,465,399		BOA	$	(53,574	)
01/06/16	U.S. Dollars		12,437,209	Euro		11,742,000		UBS		(325,400	)
01/06/16	U.S. Dollars		1,782,992	New Zealand Dollars		2,725,000		SC		(79,986	)
01/06/16	Euro		1,616,000	U.S. Dollars		1,753,686		GSC		2,776
01/06/16	U.S. Dollars		777,003	New Zealand Dollars		1,130,000		GSC		4,465
01/06/16	U.S. Dollars		756,602	Euro		710,000		DEUT		(15,111	)
01/06/16	U.S. Dollars		750,436	Euro		690,000		RBS		461
01/06/16	U.S. Dollars		130,694	Euro		120,000		CITI		263
01/06/16	U.S. Dollars		59,818	British Pounds		40,000		DEUT		849
01/06/16	U.S. Dollars		44,970	Canadian Dollars		60,000		DEUT		1,608
01/06/16	U.S. Dollars		40,411	Euro		37,000		MSCS		195
01/06/16	U.S. Dollars		19,623	Euro		18,000		DEUT		58
01/07/16	U.S. Dollars		203,564	Japanese Yen		25,000,000		MSCS		(4,462	)
01/07/16	U.S. Dollars		22,326	Japanese Yen		2,752,000		RBS		(573	)
01/11/16	Canadian Dollars		5,605,750	U.S. Dollars		4,030,000		BNY		21,372
01/11/16	U.S. Dollars		1,490,000	Canadian Dollars		2,068,387		MSCS		(4,859	)
01/11/16	Canadian Dollars		1,379,064	U.S. Dollars		991,904		GSC		4,769
01/11/16	U.S. Dollars		1,360,000	Canadian Dollars		1,878,593		CITI		2,308
01/11/16	Canadian Dollars		511,620	U.S. Dollars		368,096		MSCS		1,661
01/15/16	Japanese Yen		769,722,697	U.S. Dollars		6,321,275		GSC		84,741
01/15/16	Japanese Yen		135,492,437	U.S. Dollars		1,113,725		HSBC		13,911
01/19/16	Japanese Yen		166,691,250	U.S. Dollars		1,382,651		DEUT		4,756
01/19/16	Japanese Yen		145,049,888	Canadian Dollars		1,625,000		BAR		32,845
01/19/16	Japanese Yen		81,153,689	Canadian Dollars		925,000		DEUT		6,935
01/19/16	Japanese Yen		63,035,960	U.S. Dollars		520,000		UBS		4,662
01/19/16	Japanese Yen		58,810,590	Canadian Dollars		670,000		BAR		5,265
01/19/16	U.S. Dollars		3,715,000	Japanese Yen		452,373,692		HSBC		(50,204	)
01/19/16	Canadian Dollars		3,245,000	Japanese Yen		291,977,026		GSC		(84,930	)
01/19/16	U.S. Dollars		1,857,500	Japanese Yen		224,840,452		DEUT		(13,895	)
01/19/16	U.S. Dollars		1,385,000	Japanese Yen		166,923,662		UBS		(4,341	)
01/19/16	U.S. Dollars		1,375,000	Japanese Yen		166,773,818		DEUT		(13,094	)
01/19/16	U.S. Dollars		1,180,000	Japanese Yen		142,184,100		RBS		(3,429	)
01/19/16	U.S. Dollars		1,180,000	Japanese Yen		142,214,190		HSBC		(3,679	)
01/19/16	Euro		672,500	British Pounds		494,910		HSBC		1,559
01/19/16	Euro		665,000	British Pounds		487,567		HSBC		4,230
01/19/16	British Pounds		494,423	Euro		685,000		BAR		(15,866	)
01/19/16	British Pounds		483,922	Euro		665,000		CITI		(9,604	)
01/19/16	U.S. Dollars		475,000	Japanese Yen		57,087,974		MSCS		(155	)
01/29/16	New Zealand Dollars		1,125,000	U.S. Dollars		736,174		BNP		31,708
02/09/16	British Pounds		510,000	U.S. Dollars		755,850		HSBC		(3,943	)
02/09/16	British Pounds		475,000	U.S. Dollars		704,072		MSCS		(3,766	)
02/16/16	Euro		1,365,000	British Pounds		999,080		CITI		12,213
02/16/16	British Pounds		532,078	U.S. Dollars		1,188,057		MSCS		2,685
02/16/16	British Pounds		504,861	Euro		682,500		DEUT		1,738
02/16/16	British Pounds		504,108	Euro		682,500		MSCS		628
02/16/16	British Pounds		478,810	Euro		646,491		BAR		2,511
03/22/16	Swedish Kronor		19,131,237	Switzerland Francs		2,239,274		DEUT		28,146

337

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net  Unrealized Appreciation (Depreciation)
03/22/16	Switzerland Francs		2,239,274	Swedish Kronor		19,133,029		JPM	$	(28,359	)
03/22/16	Switzerland Francs		600,000	Swedish Kronor		5,128,811		GSC		(7,863	)
05/16/16	Japanese Yen		89,251,460	British Pounds		500,000		MSCS		8,194
									$	(439,581	)

Options Written

Transactions in options written during the year ended December 31, 2015 were as follows:

Fund	Number of Contracts			Premiums Received			Notional Amount			Premiums Received			Total Premiums Received
Low-Duration Bond
Options written, 12/31/14		—		$	—		$	90,800,000		$	716,294		$	716,294
Options written		3,848			2,563,922			373,200,000			663,452			3,227,374
Options expired		—			—			(38,500,000	)		(33,269	)		(33,269	)
Options closed		(2,148	)		(1,468,192	)		(402,200,000	)		(1,247,227	)		(2,715,419	)
Options written, 12/31/15		1,700		$	1,095,730		$	23,300,000		$	99,250		$	1,194,980
Medium-Duration Bond
Options written, 12/31/14		657		$	203,480		$	81,320,000		$	739,335		$	942,815
Options written		8,724			2,790,376			8,386,250,000			1,164,975			3,955,351
Options expired		(4,815	)		(1,673,084	)		(139,970,000	)		(798,414	)		(2,471,498	)
Options closed		(3,657	)		(1,138,549	)		(51,200,000	)		(483,999	)		(1,622,548	)
Options written, 12/31/15		909		$	182,223		$	8,276,400,000		$	621,897		$	804,120
Global Bond
Options written, 12/31/14		—		$	—		$	—		$	—		$	—
Options written		—			—			125,000			68,500			68,500
Options expired		—			—			(125,000	)		(68,500	)		(68,500	)
Options closed		—			—			—			—			—
Options written, 12/31/15		—		$	—		$	—		$	—		$	—
Defensive Market Strategies
Options written, 12/31/14		612		$	637,832		$	—		$	—		$	637,832
Options written		8,062			9,482,604			—			—			9,482,604
Options expired		(6,411	)		(7,582,212	)		—			—			(7,582,212	)
Options closed		(1,657	)		(1,697,897	)		—			—			(1,697,897	)
Options written, 12/31/15		606		$	840,327		$	—		$	—		$	840,327
Inflation Protected Bond
Options written, 12/31/14		148		$	120,754		$	34,297,000		$	218,881		$	339,635
Options written		34,967			269,653			275,035,625			2,510,361			2,780,014
Options expired		(34,593	)		(175,350	)		(177,430,625	)		(1,897,157	)		(2,072,507	)
Options closed		(522	)		(215,057	)		(68,262,000	)		(408,753	)		(623,810	)
Options written, 12/31/15		—		$	—		$	63,640,000		$	423,332		$	423,332

338

6. CAPITAL SHARE TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Year Ended 12/31/15						Year Ended 12/31/14
	Institutional     Class			Investor Class			Institutional     Class	Investor Class
MyDestination 2005
Shares sold					2,607,627				2,397,742
Shares reinvested					625,352				344,332
Shares redeemed					(2,083,197	)			(1,923,942	)
Net increase					1,149,782				818,132
MyDestination 2015
Shares sold					6,806,840				6,770,402
Shares reinvested					6,982,808				2,173,184
Shares redeemed					(5,903,256	)			(4,804,080	)
Net increase					7,886,392				4,139,506
MyDestination 2025
Shares sold					10,150,281				10,525,623
Shares reinvested					11,307,203				3,065,748
Shares redeemed					(3,524,510	)			(2,327,812	)
Net increase					17,932,974				11,263,559
MyDestination 2035
Shares sold					6,443,510				6,242,604
Shares reinvested					7,779,306				1,822,344
Shares redeemed					(1,642,409	)			(912,341	)
Net increase					12,580,407				7,152,607
MyDestination 2045
Shares sold					5,025,680				4,317,668
Shares reinvested					5,909,639				1,436,263
Shares redeemed					(823,435	)			(870,438	)
Net increase					10,111,884				4,883,493
MyDestination 2055
Shares sold					1,438,059				1,061,681
Shares reinvested					280,164				105,787
Shares redeemed					(444,155	)			(224,376	)
Net increase (decrease)					1,274,068				943,092
Conservative Allocation(1)
Shares sold		23,991			2,657,646				3,108,659
Shares issued for merger		6,295,836			—				—
Shares reinvested		451,701			1,882,885				930,425
Shares redeemed		(93,914	)		(3,628,514	)			(4,137,007	)
Net increase (decrease)		6,677,614			912,017				(97,923	)

339

	Year Ended 12/31/15						Year Ended 12/31/14
	Institutional Class			Investor Class			Institutional Class			Investor Class
Balanced Allocation(1)
Shares sold		203,852			4,465,243						4,429,822
Shares issued for merger		26,689,066			—						—
Shares reinvested		4,345,704			15,621,502						5,256,931
Shares redeemed		(190,358	)		(8,977,571	)					(7,513,346	)
Net increase		31,048,264			11,109,174						2,173,407
Growth Allocation(1)
Shares sold		96,179			2,556,121						2,541,653
Shares issued for merger		19,259,753			—						—
Shares reinvested		3,697,139			12,926,773						4,815,305
Shares redeemed		(178,363	)		(6,281,510	)					(5,320,529	)
Net increase		22,874,708			9,201,384						2,036,429
Aggressive Allocation(1)
Shares sold		50,824			1,828,001						1,630,041
Shares issued for merger		12,425,233			—						—
Shares reinvested		3,380,597			15,910,154						5,092,630
Shares redeemed		(139,248	)		(5,608,985	)					(4,212,364	)
Net increase		15,717,406			12,129,170						2,510,307
Money Market
Shares sold		716,417,103			3,839,326,751			169,689,475			3,811,246,128
Shares reinvested		93,907			113,202			25,034			117,713
Shares redeemed		(592,248,517	)		(3,961,518,030	)		(154,146,430	)		(3,910,770,582	)
Net increase (decrease)		124,262,493			(122,078,077	)		15,568,079			(99,406,741	)
Low-Duration Bond
Shares sold		63,077,817			4,257,195			4,063,942			7,018,714
Shares reinvested		736,181			299,903			393,822			681,680
Shares redeemed		(6,732,790	)		(39,250,353	)		(3,737,141	)		(7,262,097	)
Net increase (decrease)		57,081,208			(34,693,255	)		720,623			438,297
Medium-Duration Bond
Shares sold		77,326,867			2,440,961			8,168,870			9,117,338
Shares reinvested		4,123,376			511,606			1,570,128			908,367
Shares redeemed		(9,492,242	)		(35,543,020	)		(8,348,990	)		(5,510,348	)
Net increase (decrease)		71,958,001			(32,590,453	)		1,390,008			4,515,357
Extended-Duration Bond
Shares sold		27,278,516			1,561,833			3,264,201			3,322,036
Shares reinvested		4,048,908			323,774			2,093,574			654,801
Shares redeemed		(4,252,725	)		(8,917,404	)		(4,141,145	)		(3,912,203	)
Net increase (decrease)		27,074,699			(7,031,797	)		1,216,630			64,634

340

	Year Ended 12/31/15						Year Ended 12/31/14
	Institutional Class			Investor Class			Institutional Class			Investor Class
Global Bond(2)
Shares sold		34,205,252			1,898,836						6,389,263
Shares reinvested		911,828			724,012						1,287,159
Shares redeemed		(837,801	)		(33,991,846	)					(3,128,070	)
Net increase (decrease)		34,279,279			(31,368,998	)					4,548,352
Defensive Market Strategies
Shares sold		31,370,314			5,411,179			1,184,929			6,522,910
Shares reinvested		2,278,236			773,706			687,829			3,245,553
Shares redeemed		(2,594,668	)		(32,333,107	)		(1,177,763	)		(3,323,066	)
Net increase (decrease)		31,053,882			(26,148,222	)		694,995			6,445,397
Equity Index
Shares sold		40,038,801			1,906,716			2,729,593			2,574,571
Shares reinvested		1,855,299			306,429			622,444			331,565
Shares redeemed		(20,300,843	)		(2,129,453	)		(668,356	)		(2,296,400	)
Net increase		21,593,257			83,692			2,683,681			609,736
Value Equity
Shares sold		92,023,549			1,766,957			2,847,915			3,204,628
Shares reinvested		16,044,577			869,607			5,502,833			4,449,662
Shares redeemed		(16,940,789	)		(39,567,421	)		(3,647,127	)		(5,904,998	)
Net increase (decrease)		91,127,337			(36,930,857	)		4,703,621			1,749,292
Growth Equity
Shares sold		73,296,647			2,711,820			2,120,266			3,578,689
Shares reinvested		18,063,368			1,950,186			3,962,268			5,146,174
Shares redeemed		(15,686,991	)		(36,823,684	)		(2,665,269	)		(6,337,327	)
Net increase (decrease)		75,673,024			(32,161,678	)		3,417,265			2,387,536
Small Cap Equity
Shares sold		24,090,495			1,485,794			1,399,917			2,495,255
Shares reinvested		3,922,272			876,783			1,626,024			2,624,103
Shares redeemed		(2,031,098	)		(14,204,642	)		(1,703,202	)		(4,632,110	)
Net increase (decrease)		25,981,669			(11,842,065	)		1,322,739			487,248
International Equity Index(3)
Shares sold		12,379,725
Shares reinvested		99,655
Shares redeemed		(55,416	)
Net increase		12,423,964

341

	Year Ended 12/31/15						Year Ended 12/31/14
	Institutional Class			Investor Class			Institutional Class			Investor Class
International Equity
Shares sold		90,434,655			2,594,470			2,437,760			7,992,902
Shares reinvested		6,310,992			742,205			675,464			1,676,582
Shares redeemed		(13,117,618	)		(66,207,107	)		(4,114,501	)		(3,380,883	)
Net increase (decrease)		83,628,029			(62,870,432	)		(1,001,277	)		6,288,601
Emerging Markets Equity
Shares sold		32,938,017			3,178,785			791,628			4,915,611
Shares reinvested		148,746			—			136,107			700,396
Shares redeemed		(974,451	)		(27,771,992	)		(731,088	)		(2,577,480	)
Net increase (decrease)		32,112,312			(24,593,207	)		196,647			3,038,527
Inflation Protected Bond(2)
Shares sold		24,922,762			2,005,829						5,722,346
Shares reinvested		—			90,455						593,439
Shares redeemed		(1,407,723	)		(24,973,021	)					(3,680,855	)
Net increase (decrease)		23,515,039			(22,876,737	)					2,634,930
Flexible Income
Shares sold					3,180,615						2,674,874
Shares reinvested					490,290						392,444
Shares redeemed					(1,841,459	)					(535,915	)
Net increase					1,829,446						2,531,403
Real Assets
Shares sold					718,854						4,013,055
Shares reinvested					54,870						164,684
Shares redeemed					(2,723,779	)					(949,385	)
Net increase (decrease)					(1,950,055	)					3,228,354
Real Estate Securities(2)
Shares sold		16,192,141			3,237,393						3,955,264
Shares reinvested		1,381,699			838,902						1,466,882
Shares redeemed		(751,209	)		(19,905,339	)					(4,212,142	)
Net increase (decrease)		16,822,631			(15,829,044	)					1,210,004
Global Natural Resources Equity
Shares sold					12,135,519						9,038,907
Shares reinvested					42,140						837,310
Shares redeemed					(10,422,963	)					(2,761,078	)
Net increase					1,754,696						7,115,139

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

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

⁽³⁾ Commencement of operations was June 1, 2015

342

7. BANK BORROWINGS

The Board of Trustees approved the renewal of a credit agreement with Bank of America, N.A. (the Bank) dated November 27, 2015 through November 25, 2016. The terms of the credit agreement did not change with the renewal. The agreement permits the Funds to borrow cash from the Bank up to a limit of $50 million, collectively. Each Fund was individually, and not jointly, liable for its particular advances, if any, under the line of credit. Interest is charged to each Fund based on its borrowings at a rate equal to the Bank Prime plus 0.60% or the Wall Street Journal LIBOR One Month Floating Rate plus 1.00%. Each Fund also pays a facility fee equal to its pro rata share of the amount of the credit facility at a rate of 0.23% per annum.

Fund	Loan Date		Loan Amount		Loan Rate			Repayment Date		Repayment Amount
Conservative Allocation I		03/18/15	$	500,000		1.18	%		03/19/15	$	500,016
Conservative Allocation I		04/02/15		2,750,000		1.18	%		04/06/15		2,750,355
Balanced Allocation I		04/02/15		750,000		1.18	%		04/06/15		750,097
Real Assets		07/16/15		250,000		1.18	%		07/17/15		250,008

There were no outstanding loans at December 31, 2015.

8. FEDERAL INCOME TAXES

Each Fund’s policy is to comply with all sections of the Internal Revenue Code of 1986, as amended, that apply to regulated investment companies and to distribute substantially all of its taxable income and capital gains to shareholders. No provision for income or excise taxes is thus required. Each Fund is treated as a separate entity for federal income tax purposes.

The Funds may be subject to taxes imposed by countries in which they invest in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned. 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 year ended December 31, 2015, the International Equity Fund and Emerging Markets Equity Fund accrued non-U.S. taxes on unrealized gains of $974 and $20,034, respectively.

Management has analyzed the Funds’ tax positions and has concluded that no provision for income tax is required in the Funds’ financial statements except as noted above. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, management’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to new tax laws, regulations and administrative interpretations (including court decisions). Each of the Funds’ federal tax returns for the prior three fiscal years (years ended December 31, 2012 through December 31, 2015) remains subject to examination by the Internal Revenue Service. In regard to foreign taxes only, certain Funds have open tax years in certain foreign countries they invest in that may date back to the inception of the Funds.

The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Funds. Income dividends and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, losses deferred due to wash sales, straddles and investments in Passive Foreign Investment Companies (“PFIC’s”). Distributions during the years ended December 31, 2015 and December 31, 2014, were characterized as follows for tax purposes:

343

Fund	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distribution
MyDestination 2005		2015	$	1,488,763	$	4,633,210	$	—	$	6,121,973
		2014		1,647,310		2,025,520		—		3,672,830
MyDestination 2015		2015		9,221,001		55,611,928		—		64,832,929
		2014		9,893,987		14,015,347		—		23,909,334
MyDestination 2025		2015		14,743,086		86,476,338		—		101,219,424
		2014		13,629,226		19,570,290		—		33,199,516
MyDestination 2035		2015		7,786,505		57,558,647		—		65,345,152
		2014		6,771,198		12,665,870		—		19,437,068
MyDestination 2045		2015		5,286,977		41,769,639		—		47,056,616
		2014		4,564,423		10,053,773		—		14,618,196
MyDestination 2055		2015		722,260		2,378,631		—		3,100,891
		2014		488,935		866,009		—		1,354,944
Conservative Allocation		2015		5,146,319		19,883,553		—		25,029,872
		2014		5,199,569		5,697,230		—		10,896,799
Balanced Allocation		2015		30,811,159		185,492,585		—		216,303,744
		2014		27,727,181		41,042,091		—		68,769,272
Growth Allocation		2015		21,827,804		159,439,753		—		181,267,557
		2014		18,169,049		47,621,569		—		65,790,618
Aggressive Allocation		2015		15,096,267		192,947,411		—		208,043,678
		2014		14,556,180		58,352,188		—		72,908,368
Money Market		2015		354,779		1,901		—		356,680
		2014		223,392		—		—		223,392
Low-Duration Bond		2015		10,210,504		—		—		10,210,504
		2014		11,995,934		462,630		—		12,458,564
Medium-Duration Bond		2015		29,877,794		5,599,044		—		35,476,838
		2014		21,274,702		2,948,049		—		24,222,751
Extended-Duration Bond		2015		15,068,462		7,251,117		—		22,319,579
		2014		14,965,018		6,856,773		—		21,821,791
Global Bond		2015		15,752,245		—		—		15,752,245
		2014		13,252,051		—		—		13,252,051
Defensive Market Strategies		2015		14,319,869		20,145,965		—		34,465,834
		2014		19,332,753		26,898,536		—		46,231,289
Equity Index		2015		10,123,913		13,062,522		—		23,186,435
		2014		7,055,940		6,176,009		—		13,231,949
Value Equity		2015		23,442,851		118,071,515		—		141,514,366
		2014		33,781,242		113,511,347		—		147,292,589
Growth Equity		2015		18,902,593		198,987,433		—		217,890,026
		2014		13,122,409		150,902,788		—		164,025,197
Small Cap Equity		2015		4,060,828		38,044,741		—		42,105,569
		2014		18,688,929		40,288,021		—		58,976,950
International Equity Index		2015		896,896		—		—		896,896
International Equity		2015		26,090,595		45,470,957		—		71,561,552
		2014		31,177,337		—		—		31,177,337
Emerging Markets Equity		2015		1,112,618		—		—		1,112,618
		2014		7,517,589		64,997		—		7,582,586
Inflation Protected Bond		2015		939,144		—		—		939,144
		2014		6,199,837		—		—		6,199,837
Flexible Income		2015		4,764,206		—		—		4,764,206
		2014		3,905,895		—		—		3,905,895
Real Assets		2015		370,544		74,083		—		444,627
		2014		1,207,736		332,748		—		1,540,484

344

Fund	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distribution
Real Estate Securities		2015	$	11,697,003	$	9,758,872	$	—	$	21,455,875
		2014		11,864,438		3,399,432		—		15,263,870
Global Natural Resources Equity		2015		220,488		—		—		220,488
		2014		6,605,541		—		—		6,605,541

At December 31, 2015, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain/(Capital Loss Carryforward)			Late Year Loss Deferrals			Net Unrealized Appreciation (Depreciation) on Investments
MyDestination 2005	$	—	$	765,817		$	(93,295	)	$	(6,147,826	)
MyDestination 2015		—		8,312,948			(328,463	)		(44,126,930	)
MyDestination 2025		—		16,863,236			(1,208,776	)		(80,798,813	)
MyDestination 2035		—		13,907,776			(830,573	)		(58,273,718	)
MyDestination 2045		—		11,651,723			(691,526	)		(44,974,335	)
MyDestination 2055		—		1,669,888			(89,548	)		(5,673,841	)
Conservative Allocation		—		4,228,248			(75,698	)		(28,827,510	)
Balanced Allocation		—		35,666,753			(241,402	)		(203,273,458	)
Growth Allocation		—		50,364,706			(190,313	)		(185,488,498	)
Aggressive Allocation		—		76,295,396			(314,058	)		(174,725,297	)
Money Market		6,678		—			—			—
Low-Duration Bond		165,039		(162,217	)		(2,455,599	)		(11,298,722	)
Medium-Duration Bond		980,377		—			(178,443	)		(22,155,761	)
Extended-Duration Bond		—		1,241,973			—			(2,327,579	)
Global Bond		185,995		(7,443,880	)		—			(33,639,834	)
Defensive Market Strategies		504,851		2,491,518			—			30,855,214
Equity Index		159,956		1,450,473			(133,308	)		139,130,970
Value Equity		776,388		12,059,616			(1,985,461	)		114,885,625
Growth Equity		—		23,904,442			(1,313,213	)		220,023,388
Small Cap Equity		189,221		—			(1,567,115	)		2,851,034
International Equity Index		—		(450,802	)		(32,457	)		(11,200,552	)
International Equity		190,713		—			(1,825,158	)		(22,636,982	)
Emerging Markets Equity		115,137		(19,098,013	)		—			(71,664,811	)
Inflation Protected Bond		—		(7,997,938	)		(22,622	)		(6,841,029	)
Flexible Income		—		(2,386,973	)		—			(7,936,266	)
Real Assets		73,873		(890,654	)		—			(9,661,229	)
Real Estate Securities		560,480		633,874			(553,518	)		(8,007,001	)
Global Natural Resources Equity		—		(65,237,401	)		(427,973	)		(103,284,213	)

345

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, 2015:

Expiring December 31,	2017		2018		Unlimited		Total
Low-Duration Bond	$	—	$	—	$	162,217	$	162,217
Global Bond		6,001,516		—		1,442,364		7,443,880
International Equity Index		—		—		450,802		450,802
Emerging Markets Equity		—		—		19,098,013		19,098,013
Inflation Protected Bond		—		—		7,997,938		7,997,938
Flexible Income		—		—		2,386,973		2,386,973
Real Assets		—		—		890,654		890,654
Global Natural Resources Equity		—		—		65,237,401		65,237,401

Under the 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, 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.

During the year ended December 31, 2015, the following Funds utilized capital loss carryforwards to offset capital gains:

	Carryforward Utilized
Low-Duration Bond	$	425,307
International Equity		1,498,318

For federal income tax purposes, late year loss deferrals, which will reverse in 2016, were as follows as of December 31, 2015:

	Capital		Ordinary Income		Total
MyDestination 2005	$	93,295	$	—	$	93,295
MyDestination 2015		328,463		—		328,463
MyDestination 2025		1,208,776		—		1,208,776
MyDestination 2035		830,573		—		830,573
MyDestination 2045		691,526		—		691,526
MyDestination 2055		89,548		—		89,548
Conservative Allocation		75,698		—		75,698
Balanced Allocation		241,402		—		241,402
Growth Allocation		190,313		—		190,313
Aggressive Allocation		314,058		—		314,058
Low-Duration Bond		2,455,599		—		2,455,599
Medium-Duration Bond		178,443		—		178,443
Equity Index		133,308		—		133,308
Value Equity		1,985,461		—		1,985,461
Growth Equity		1,313,213		—		1,313,213
Small Cap Equity		1,567,115		—		1,567,115
International Equity Index		—		32,457		32,457
International Equity		1,825,158		—		1,825,158
Inflation Protected Bond		—		22,622		22,622
Real Estate Securities		553,518		—		553,518
Global Natural Resources Equity		—		427,973		427,973

346

At December 31, 2015, the aggregate cost of investment securities for federal income tax purposes (excluding foreign currency, securities sold short and derivative related items) and the net unrealized appreciation from investments for those securities having an excess of value over cost and net unrealized depreciation from investments for those securities having an excess of cost over value (based on cost for federal income tax purposes) were as follows:

Fund	Federal Tax Cost		Net Unrealized Appreciation (Depreciation)			Appreciated Securities		Depreciated Securities
MyDestination 2005	$	102,179,779	$	(6,147,826	)	$	7	$	(6,147,833	)
MyDestination 2015		523,590,738		(44,126,930	)		12		(44,126,942	)
MyDestination 2025		788,323,536		(80,798,813	)		12		(80,798,825	)
MyDestination 2035		449,284,304		(58,273,718	)		5		(58,273,723	)
MyDestination 2045		326,432,493		(44,974,335	)		5		(44,974,340	)
MyDestination 2055		44,046,730		(5,673,841	)		—		(5,673,841	)
Conservative Allocation		394,314,891		(28,827,510	)		—		(28,827,510	)
Balanced Allocation		1,726,630,989		(203,273,458	)		—		(203,273,458	)
Growth Allocation		1,299,777,743		(185,488,498	)		—		(185,488,498	)
Aggressive Allocation		1,140,588,183		(174,725,297	)		—		(174,725,297	)
Money Market		1,287,539,791		—			—		—
Low-Duration Bond		920,169,548		(11,715,168	)		1,990,438		(13,705,606	)
Medium-Duration Bond		1,050,992,208		(17,638,989	)		14,813,219		(32,452,208	)
Extended-Duration Bond		265,252,251		(2,323,038	)		16,180,790		(18,503,828	)
Global Bond		454,585,856		(33,392,504	)		14,710,202		(48,102,706	)
Defensive Market Strategies		644,785,944		30,877,948			50,691,532		(19,813,584	)
Equity Index		508,855,319		139,130,970			158,990,507		(19,859,537	)
Value Equity		1,256,754,457		114,885,625			221,210,339		(106,324,714	)
Growth Equity		1,463,342,519		220,023,388			275,503,342		(55,479,954	)
Small Cap Equity		676,343,085		2,851,035			61,457,716		(58,606,681	)
International Equity Index		124,141,415		(11,207,851	)		1,894,770		(13,102,621	)
International Equity		1,459,842,644		(29,989,589	)		143,867,973		(173,857,562	)
Emerging Markets Equity		384,631,211		(71,485,907	)		12,363,096		(83,849,003	)
Inflation Protected Bond		307,116,569		(6,915,738	)		1,550,724		(8,466,462	)
Flexible Income		149,230,043		(7,936,266	)		115,670		(8,051,936	)
Real Assets		42,655,724		(9,661,229	)		—		(9,661,229	)
Real Estate Securities		288,316,273		(7,999,427	)		8,048,954		(16,048,381	)
Global Natural Resources		342,863,771		(103,282,627	)		82,776		(103,365,403	)

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

347

At December 31, 2015, capital contributions, accumulated undistributed net investment income and accumulated net realized gain (loss) from investments have been adjusted for current period permanent book/tax differences which arose principally from differing book/tax treatments of PFICs, paydown losses, net operating losses, swaps, foreign currency transactions, distributions received from regulated investment companies, defaulted bonds, reclassifications of dividends paid and non-deductible expenses. Adjustments were also made due to the transfer of tax attributes received from the reorganization of the I Series Funds. The following amounts were reclassified within the capital accounts:

Fund	Paid in Capital		Undistributed Net Investment Income		Accumulated Net Realized Gain (Loss) on Investments, Currency Translations and Derivative Transactions
MyDestination 2005	$	—	$	(895)	$	895
MyDestination 2015		—		(1,726)		1,726
MyDestination 2025		—		(4,598)		4,598
MyDestination 2035		—		(790)		790
MyDestination 2045		—		(1,669)		1,669
MyDestination 2055		—		276		(276)
Conservative Allocation		2,133,508		1,624		(2,135,132)
Balanced Allocation		24,445,146		(3,913)		(24,441,233)
Growth Allocation		16,808,249		3,560		(16,811,809)
Aggressive Allocation		13,816,629		(3,580)		(13,813,049)
Low-Duration Bond		—		(108,744)		108,744
Medium-Duration Bond		—		3,675,087		(3,675,087)
Extended-Duration Bond		—		(26,106)		26,106
Global Bond		—		307,115		(307,115)
Defensive Market Strategies		(269)		768,940		(768,671)
Equity Index		—		285,903		(285,903)
Value Equity		—		888,518		(888,518)
Growth Equity		—		959,374		(959,374)
Small Cap Equity		—		11,367		(11,367)
International Equity Index		(20,916)		22,207		(1,291)
International Equity		—		3,326,163		(3,326,163)
Emerging Markets Equity		—		(3,082,398)		3,082,398
Inflation Protected Bond		(484,548)		4,470,607		(3,986,059)
Flexible Income		(26,711)		27,654		(943)
Real Assets		—		(56)		56
Real Estate Securities		—		1,876,568		(1,876,568)
Global Natural Resources Equity		(45,811)		595,668		(549,857)

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

9. MARKET AND CREDIT RISK

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

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

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

348

If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund.

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

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

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

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

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

349

10. RECENT SEC RULE AMENDMENT

On July 23, 2014, the U.S. Securities and Exchange Commission adopted amendments to money market fund regulations, which structurally change the way that certain money market funds will be required to operate. These amendments are generally not effective until sometime in 2016.

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

11. REGULATORY EXAMINATIONS

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

12. SUBSEQUENT EVENTS

On February 26, 2016 the Board approved a plan to liquidate the Real Assets Fund on or about April 29, 2016.

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.

350

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and

Shareholders of GuideStone Funds, as defined:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of MyDestination 2005 Fund, MyDestination 2015 Fund, MyDestination 2025 Fund, MyDestination 2035 Fund, MyDestination 2045 Fund, MyDestination 2055 Fund, Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund, Aggressive Allocation Fund, Money Market Fund, Low-Duration Bond Fund, Medium-Duration Bond Fund, Extended-Duration Bond Fund, Inflation Protected Bond Fund, Global Bond Fund, Flexible Income Fund, Defensive Market Strategies Fund, Real Assets Fund, Equity Index Fund, Real Estate Securities Fund, Value Equity Fund, Growth Equity Fund, Small Cap Equity Fund, International Equity Index Fund, International Equity Fund, Emerging Markets Equity Fund and Global Natural Resources Equity Fund (constituting GuideStone Funds, hereafter referred to as the “Trust”) at December 31, 2015, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian, brokers and transfer agents of the investee funds, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 29, 2016

351

NOTICE TO SHAREHOLDERS (Unaudited)

Each Fund is required by Subchapter M of the Internal Revenue Code of 1986, as amended, to advise its shareholders of the federal tax status of distributions received by each Fund’s shareholders. During the year ended December 31, 2015, the Funds hereby designate the following dividends and distributions paid by each of the Funds:

Fund	Ordinary Income		Long-Term Capital Gain (20% rate)		Return of Capital
MyDestination 2005	$	1,488,763	$	4,633,210	$	—
MyDestination 2015		9,221,001		55,611,928		—
MyDestination 2025		14,743,086		86,476,338		—
MyDestination 2035		7,786,505		57,558,647		—
MyDestination 2045		5,286,977		41,769,639		—
MyDestination 2055		722,260		2,378,631		—
Conservative Allocation		5,146,319		19,883,553		—
Balanced Allocation		30,811,159		185,492,585		—
Growth Allocation		21,827,804		159,439,753		—
Aggressive Allocation		15,096,267		192,947,411		—
Money Market		354,779		1,901		—
Low-Duration Bond		10,210,504		—		—
Medium-Duration Bond		29,877,794		5,599,044		—
Extended-Duration Bond		15,068,462		7,251,117		—
Global Bond		15,752,245		—		—
Defensive Market Strategies		14,319,869		20,145,965		—
Equity Index		10,123,913		13,062,522		—
Value Equity		23,442,851		118,071,515		—
Growth Equity		18,902,593		198,987,433		—
Small Cap Equity		4,060,828		38,044,741		—
International Equity Index		896,896		—		—
International Equity		26,090,595		45,470,957		—
Emerging Markets Equity		1,112,618		—		—
Inflation Protected Bond		939,144		—		—
Flexible Income		4,764,206		—		—
Real Assets		370,544		74,083		—
Real Estate Securities		11,697,003		9,758,872		—
Global Natural Resources Equity		220,488		—		—

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes. Long-term capital gain distributions are taxable as capital gain dividends.

352

NOTICE TO SHAREHOLDERS (Continued)

The following percentages of ordinary income dividends paid for the year ended December 31, 2015, have been designated as qualified for the reduced tax rate under The Job and Growth Tax Relief Reconciliation Act of 2003.

Fund
MyDestination 2005	27.49	%
MyDestination 2015	37.75	%
MyDestination 2025	44.35	%
MyDestination 2035	57.09	%
MyDestination 2045	67.67	%
MyDestination 2055	64.40	%
Conservative Allocation	27.27	%
Balanced Allocation	31.45	%
Growth Allocation	52.18	%
Aggressive Allocation	96.47	%
Defensive Market Strategies	56.77	%
Equity Index	88.05	%
Value Equity	97.68	%
Growth Equity	47.25	%
Small Cap Equity	79.07	%
International Equity Index	100.00	%
International Equity	100.00	%
Emerging Markets Equity	100.00	%
Real Assets	7.38	%
Real Estate Securities	8.37	%
Global Natural Resources Equity	100.00	%

All above designations are based on financial information available as of the date of this annual report, and accordingly, are subject to change. It is the intention of the Funds to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

353

FUND MANAGEMENT (Unaudited)

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

Name, (DOB), Address and Position(s) with Trust	Term of Office     and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of   Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships/ Directorships Held by Trusteee During Past 5 Years
INDEPENDENT TRUSTEES2
Michael R. Buster (1957) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2002	Executive Pastor, Prestonwood Baptist Church, 1989 - present.	28	N/A
Carson L. Eddy (1943) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2011	Retired – Partner in Charge (Orlando office), Carr, Riggs & Ingram, LLC, 2007 - 2013 – Certified Public Accountants; President, Quantum Consulting Group LLC, 2000 - 2013.	28	N/A
William Craig George (1958) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2004	Senior Credit Officer, NewBridge Bank, 2014 - present; Chief Credit Officer, CapStone Bank, 2011 - 2014 (bank acquired by NewBridge Bank); Executive Vice President/Regional Credit Officer, SunTrust Bank, 1995 - 2011.	28	N/A
Barry D. Hartis (1945) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2014	Certified Public Accountant, 1987 – Present; Client Services and Firm Development, Haynes Strand and Company, PLLC, 2005 – 2010; Vice President of Business and Finance, Greensboro College, 1998 – 2005.	28	GuideStone Financial Resources – Board of Trustees Member, 2004 – 2012; GuideStone Funds – Board of Trustees, Interested Trustee, 2005 – 2012.
Grady R. Hazel (1947) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2011	G400 Relations Manager, American Institute of Certified Public Accountants, 2012 - present; Executive Director, Society of Louisiana CPAs, 1995 - 2012.	28	Neighbors Federal Credit Union — Board of Directors Member and Chairman of Audit Committee; Stonetrust Commercial Insurance Company — Board of Directors Member and Member of Audit Committee.
Joseph A. Mack (1939) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2002	Independent Consultant, 2010 - present; Retired - Director, Office of Public Policy, South Carolina Baptist Convention, 1999 - 2011.	28	N/A
Franklin R. Morgan (1943) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2005	Retired - Senior Vice President, Director of International Administration, Prudential Securities, Inc., 1960 - 2003.	28	N/A
Kyle Tucker (1981) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2013	Vice President and Financial Advisor - CAPTRUST Financial Advisors, 2006 - Present.	28	N/A

354

FUND MANAGEMENT (Continued)

Name, (DOB), Address and Position(s) with Trust	Term of Office     and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of   Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships/ Directorships Held by Trusteee During Past 5 Years
INTERESTED TRUSTEES2,3
Thomas G. Evans (1961) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2012	Appraiser, Manager and Owner, Encompass Financial Services, Inc., 1984 – present, President and Owner, Custom Land Management, LLC, 1984 – present; Manager, Private Partners Opportunity Fund, LLC, 2011 – present.	28	GuideStone Financial Resources – Board of Trustees Member, June 2010 – present; Baptist Foundation of Oklahoma, Board of Directors Member and Chairman, 2004 – present; Pioneer Spirit Foundation – Board of Trustees Member, 1993 – present; GuideStone Capital Management, Board of Directors Member, July 2011 – July 2012; Cherokee Strip Foundation – Board of Trustees Member, 2013 – present; Enid Regional Development Alliance – Board of Trustees member, 2010 – present.
James W. Hixson (1931) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2010	Retired.	28	GuideStone Financial Resources – Board of Trustees Member, June 2008 – present; GuideStone Advisors – Board of Directors Member, July 2008 – present; GuideStone Financial Services – Board of Directors Member, July 2008 – present.
OFFICERS WHO ARE NOT TRUSTEES4
Ron W. Bass (1966) 2401 Cedar Springs Road Dallas, TX 75201-1498 Chief Compliance Officer and AML Officer.	Since 2009	Director of Broker/Dealer and RIA Compliance, GuideStone Financial Resources, June 2009 – present; Manager of Broker/Dealer and RIA Compliance, GuideStone Financial Resources, 2008 – May 2009.	N/A	N/A
Melanie Childers (1971) 2401 Cedar Springs Road Dallas, TX 75201-1498 Vice President – Fund Operations	Since 2014	Managing Director, Fund Operations, GuideStone Financial Resources, 2014 - present; Director, Funds Administration and Operations, GuideStone Financial Resources, 2009 - 2014.	N/A	N/A
Ronald C. Dugan, Jr. (1962) 2401 Cedar Springs Road Dallas, TX 75201-1498 Vice President and Investment Officer	Since 2010	Vice President and Chief Strategic Investment Officer, GuideStone Financial Resources, 2013 - present; Director of Global Investment Strategies, GuideStone Financial Resources, 2010 - 2013; Managing Director, Equities, Russell Investments, 2000 - 2010.	N/A	N/A
John R. Jones (1953) 2401 Cedar Springs Road Dallas, TX 75201-1498 President	Since 2000	Executive Vice President and Chief Operating Officer, GuideStone Financial Resources, 1997 - present.	N/A	N/A
Harold R. Loftin, Jr. (1959) 2401 Cedar Springs Road Dallas, TX 75201-1498 Chief Legal Officer and Secretary	Since 2015	Vice President, General Counsel and Secretary, GuideStone Financial Resources, 2014 - present; Associate Counsel Fiduciary and Corporate Services, GuideStone Financial Resources, 2013 - 2014; Counsel, Dentons, 2011 - 2013; Trial Attorney, U.S. Securities and Exchange Commission, 2000 - 2011.	N/A	N/A
Patrick Pattison (1974) 2401 Cedar Springs Road Dallas, TX 75201-1498 Vice President and Treasurer	Since 2008	Chief Accounting Officer, GuideStone Financial Resources, 2015 - present; Director of Financial Reporting & Process Review, GuideStone Financial Resources, 2008 - 2015.	N/A	N/A
Matt L. Peden (1967) 2401 Cedar Springs Road Dallas, TX 75201-1498 Vice President and Investment Officer	Since 2001	Vice President and Chief Investment Officer, GuideStone Financial Resources, 2015 - present; Director of Portfolio Management, GuideStone Financial Resources, 2010 - 2015.	N/A	N/A

    ¹  Each Independent Trustee serves until his or her resignation, removal or mandatory retirement. Each Interested Trustee serves until his or her resignation, removal or mandatory retirement or until he or she ceases to be a member of the board of trustees of GuideStone Financial Resources. All Trustees must retire after reaching the age of seventy-seven years or after achieving ten years of service, whichever occurs last. Officers serve at the pleasure of the Board of Trustees.

    ²  The Trust pays no compensation to the Trustees. The Trust reimburses the Trustees for any expenses incurred in attending meetings. The Trust does not compensate the officers for the services they provide to the Funds.

    ³  Messrs. Evans and Hixson are “interested persons” of the Trust as the term is defined in the Investment Company Act of 1940, due to their positions on the Board of Trustees of GuideStone Financial Resources.

    ⁴  The officers of the Trust may be deemed to be affiliates of the Adviser due to their positions with the Adviser and/or GuideStone Financial Resources.

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PROXY VOTING

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

FORM N-MFP

Beginning December 2009, the GuideStone Money Market Fund began filing Form N-MFP with the SEC. Form N-MFP is filed on a monthly basis by money market mutual funds and includes detailed information about a money market fund’s investments and the market-based price of its portfolio known as its “shadow NAV” or mark-to-market valuation. The portfolio holdings information is posted on our website, www.GuideStoneFunds.com within five business days after the end of the month. Form N-MFP is made available online with a 60-day delay at www.sec.gov.

QUARTERLY SCHEDULES OF INVESTMENTS

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

356

BOARD REVIEW OF ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENTS (Unaudited)

As required by the Investment Company Act of 1940, as amended (the “1940 Act”), the Board of Trustees (the “Board”) of GuideStone Funds (the “Trust”), including the Trustees who are not “interested persons” of the Trust, as that term is defined in Section 2(a)(19) of the 1940 Act (the “Independent Trustees”), recently considered the renewal of (i) the investment advisory agreement between GuideStone Capital Management, LLC (the “Adviser” or “GSCM”) and the Trust on behalf of the Date Target, Asset Allocation and Select Funds (each a “Fund” and together, the “Funds”) (the “Advisory Agreement”); (ii) the sub-advisory agreements among the Adviser, each sub-adviser and the Trust on behalf of each Select Fund; and (iii) the sub-advisory agreement among the Adviser, Parametric Portfolio Associates LLC (“Parametric”) and the Trust on behalf of each Fund participating in the cash overlay program (“Cash Overlay Program”) (items ii and iii referred to collectively as the “Sub-Advisory Agreements”). The Advisory Agreement and the Sub-Advisory Agreements presented for renewal (each, an “Agreement,” and collectively, the “Agreements”) were approved for an additional one-year term, except as noted below, at a meeting of the Board held on September 17-18, 2015. The Board’s decision to approve the Agreements reflects the exercise of its business judgment to continue each existing arrangement. In approving the Agreements, the Board considered information provided by the Adviser, each applicable sub-adviser and a consulting firm engaged by the Adviser with the assistance and advice of counsel to the Independent Trustees (“Independent Counsel”) and counsel to the Trust. Because the Board had recently approved them for an initial two-year term, the following agreements were not subject to annual renewal at the September 17-18, 2015 Board meeting: the Sub-Advisory Agreements for the Growth Equity Fund with Jackson Square Partners, LLC (“Jackson Square”) and Loomis, Sayles & Company, L.P. (“Loomis”).

The Board’s consideration of various factors and its conclusions with respect to such factors formed the basis for the Board’s determination to continue the Agreements. The factors considered by the Board included, but were not limited to: (i) the personnel resources of the Adviser and sub-advisers; (ii) the experience and expertise of the Adviser and sub-advisers; (iii) the financial capabilities and resources of the Adviser and sub-advisers; (iv) the compliance procedures and history of the Adviser and sub-advisers; (v) the performance of the Fund or portfolio account in comparison to relevant benchmarks, peer universes of similarly managed funds and the Adviser’s and sub-advisers’ other clients; (vi) the amount of the contractual advisory fee in comparison to similarly managed funds and the Adviser’s and sub-advisers’ other clients and the effect of any fee waiver and expense reimbursement arrangement; (vii) the total expenses of the Fund in comparison to similarly managed funds and the use of past and anticipated expense caps; (viii) the profitability of the Adviser and sub-advisers with respect to the Fund or portfolio account and its overall business, as well as the effect of fee waivers and expense caps on profitability; (ix) the extent of any economies of scale and whether the fee structure reflects such economies of scale through breakpoints; (x) the existence of any collateral benefits realized by the Adviser and sub-advisers, such as affiliated brokerage arrangements or the use of soft dollars; and (xi) the existence of any collateral benefits realized by the Fund resulting from its relationship with the Adviser and sub-advisers. In addition, with respect to the Funds that utilize a multi-manager approach (i.e., the Fund is advised by multiple sub-advisers), the Board considered the ongoing role each sub-adviser plays in the overall structure of the Fund’s portfolio, including how each sub-adviser’s strategy complements the strategies of the other sub-advisers.

In its decision to renew the Agreements, the Board was also mindful of the potential disruptions of the Trust’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew an Agreement. The Board also evaluated whether the approval of each Agreement is in the best interests of the applicable Fund and its shareholders. No one factor was determinative in the Board’s consideration of the Agreements.

The Board undertook a review of the terms of the Agreements and the nature, extent and quality of the services provided by the Adviser and each applicable sub-adviser. The Board conducted its analysis on a Fund-by-Fund basis with respect to the Adviser and each applicable sub-adviser. The Adviser provided the Board with substantial detailed information in the form of reports about each Date Target Fund, Asset Allocation Fund, Select Fund, applicable sub-advisory firm and the Adviser prior to and during the meeting, which addressed the factors listed previously. The Adviser also provided additional information about the Adviser and each sub-adviser in presentations made during the meeting and responded to questions from the Trustees. In addition, the Independent Trustees met separately in executive session with counsel to the Independent Trustees to discuss and consider information presented in connection with the continuation of the Agreements as well as the Trustees’ responsibilities and duties in approving the Agreements.

357

BOARD APPROVAL OF CONTINUATION OF THE ADVISORY AGREEMENT WITH GSCM

In considering the renewal of the existing Advisory Agreement with GSCM, the Board took into account all the materials provided prior to and during the meeting, the presentations made during the meeting and the comprehensive discussions during the meeting, including the discussions between the Independent Trustees and their Independent Counsel during the executive sessions.

The Board examined the nature, extent and quality of the services to be provided by the Adviser to the Funds. The Board evaluated the Adviser’s experience in serving as an investment adviser, including overseeing and managing the allocation of each Fund’s assets among the sub-advisers and continually reviewing the investment performance of each Fund, the nature and quality of the services provided by each sub-adviser for that Fund, and recommending changes to the sub-advisers as and when appropriate. The Board considered the experience of key personnel at the Adviser in providing investment management and administrative services and the systems used by such persons and the ability of the Adviser to attract and retain capable personnel. The Board considered the reputation, compliance history, compliance program and financial condition of the Adviser. The Board also considered the terms of the advisory and sub-advisory agreements and the responsibilities that the Adviser has as investment adviser to the Funds, including oversight of sub-adviser compliance with each Fund’s policies and objectives, oversight of general Fund compliance, including compliance with social restrictions and the implementation of Board directives as they relate to the Funds. The Board concluded that each Fund is likely to benefit from the nature, extent and quality of these services as a result of the Adviser’s experience, personnel, operations and resources. In their deliberations, the Board members did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors deliberated upon, among others.

The Board also examined fee and expense information for the Select Funds, as compared to other funds in the Funds’ asset-stratified peer groups for the Investor Class, provided by the report of an outside consulting firm, as of June 30, 2015. The Board took into account that the management fees, net of any fee waiver or expense reimbursement, and as compared to similar funds with similar asset levels, for the Money Market, Low-Duration Bond, Medium-Duration Bond and Inflation Protected Bond Funds ranked in the first quartile; the Equity Index, Global Bond, Defensive Market Strategies, Real Estate Securities, Value Equity and International Equity Funds ranked in the second quartile; the Extended-Duration Bond, Flexible Income, Growth Equity, Small Cap Equity and Emerging Markets Equity Funds ranked in the third quartile; and the Global Natural Resources Equity Fund ranked in the fourth quartile. The Board also evaluated the total expense ratios for other funds in the Funds’ asset-stratified peer groups and determined that each Fund’s total expense ratio, with the exception of the Money Market, Extended-Duration Bond, Flexible Income, International Equity and Global Natural Resources Equity Funds, was the same as, or lower than, the median total expense ratio for such other funds. The Board took into account that the total expense ratio for the Extended-Duration Bond, Flexible Income, International Equity and Global Natural Resources Equity Funds ranked in the third quartile, and that the Money Market Fund ranked in the fourth quartile, among similar funds at similar asset levels. The Board inquired into factors that contributed to a Fund’s ranking in the third or fourth quartile for expenses among its peer group.

The Board also examined the fee and expense information for the Select Funds, as compared to other funds in the peer groups for the Institutional Class, provided by the Mack report, as of June 30, 2015. The Board determined that the management fees, net of any fee waiver or expense reimbursement, for the Real Estate Securities Fund ranked in the first quartile; the Money Market, Low-Duration Bond, Medium-Duration Bond, Inflation Protected Bond, Global Bond, Value Equity and International Equity Funds ranked in the second quartile; the Extended-Duration Bond, Defensive Market Strategies, Equity Index, Growth Equity and International Equity Index Funds ranked in the third quartile; and the Small Cap Equity and Emerging Markets Equity Funds ranked in the fourth quartile among each Fund’s broad peer group. The Board also evaluated the total expense ratios for other funds in each Fund’s broad peer group and determined that each Fund’s total expense ratio was the same as, or lower than, the median total expense ratio for such other funds, except for the Money Market, Small Cap Equity, International Equity and International Equity Index Funds. The Board took into account that the total expense ratios for the Money Market, Small Cap Equity and International Equity Funds ranked in the third quartile and the International Equity Index Fund ranked in the fourth quartile. The Board inquired into factors that contributed to a Fund’s ranking in the third or fourth quartile for expenses among its peer group.

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The Board also examined fee and expense information for the Date Target Funds and the Asset Allocation Funds, as compared to other funds in the Funds’ asset-stratified peer groups for the Investor Class of the Date Target Funds and the Institutional and Investor Classes of the Asset Allocation Funds, provided by the report of an outside consulting firm, as of June 30, 2015. The Board determined that the management fees, net of any fee waiver or expense reimbursement, for each Date Target Fund were higher than the median management fees for other mutual funds in each Fund’s asset-stratified peer group but that the total expense ratios for each Date Target Fund were slightly lower than the median total expense ratio (second quartile) for such other funds. For the Asset Allocation Funds, the Board determined that the management fees, net of any fee waiver or expense reimbursement, for each Asset Allocation Fund for the Institutional and Investor Classes were slightly higher than the median management fees for other mutual funds in each Fund’s asset-stratified peer group and that the total expense ratios for each Asset Allocation Fund for the Institutional and Investor Class were slightly lower than the median total expense ratio for such other funds.

The Board examined the performance information for the Investor Class of the Select Funds compared to the relevant benchmark and to Morningstar peer rankings, specifically for the three-, five- and 10-year average annual total returns for the period ended June 30, 2015. Among Morningstar peers, the Board noted that the average annual total returns for the three-, five- and 10-year periods ended June 30, 2015 for the Money Market and Extended-Duration Bond Funds ranked in the first quartile.

For the period ended June 30, 2015, the Board noted that for the three-year average annual total return, the Global Bond and Value Equity Funds ranked in the first quartile; the Low-Duration Bond, Medium-Duration Bond, Inflation Protected Bond, Defensive Market Strategies and Small Cap Equity Funds ranked in the second quartile; the Growth Equity and International Equity Funds ranked in the third quartile; and the Real Estate Securities Fund ranked in the fourth quartile.

For the five-year average annual total return for the period ended June 30, 2015, the Board noted that the Global Bond, Real Estate Securities, Value Equity and Small Cap Equity Funds ranked in the first quartile; the Medium-Duration Bond, Inflation Protected Bond, Growth Equity and International Equity Funds ranked in the second quartile; the Low-Duration Bond Fund ranked in the third quartile; and no Funds ranked in the fourth quartile.

For the 10-year average annual total return for the period ended June 30, 2015, the Board noted that the Medium-Duration Bond and Real Estate Securities Funds ranked in the first quartile; the Low-Duration Bond Fund ranked in the second quartile; and the Value Equity, Growth Equity, Small Cap Equity and International Equity Funds ranked in the third quartile; and no Funds ranked in the fourth quartile.

The Board then examined the performance information included in the Report of the Investment Adviser for the Investor Class of each Asset Allocation Fund compared to the relevant benchmark and to Lipper peer rankings for the three-, five- and 10-year periods ended June 30, 2015, and for the Date Target Funds for the three- and five-year periods ended June 30, 2015.

Among Lipper peers, the Board noted that the Conservative Allocation Fund ranked in the fourth quartile for the three-, five- and 10-year periods ended June 30, 2015; the Balanced Allocation Fund ranked in the third quartile for the five- and 10-year periods and the fourth quartile for the three-year period ended June 30, 2015; the Growth Allocation Fund ranked in the third quartile for the five- and 10-year periods and the fourth quartile for the three-year period ended June 30, 2015; and the Aggressive Allocation Fund ranked in the first quartile for the five-year period, the second quartile for the three-year period and the third quartile for the 10-year period ended June 30, 2015.

The Board also noted that the MyDestination 2015, 2025 and 2035 Funds each ranked in the third quartile among Lipper peers for the three-year period ended June 30, 2015, and the MyDestination 2005, 2045 and 2055 Funds ranked in the fourth quartile among Lipper peers for the same period. Among Lipper peers for the five-year period ended June 30, 2015, the Board noted that the MyDestination 2015, 2025, 2035 and 2045 Funds each ranked in the second quartile among Lipper peers for the five-year period ended June 30, 2015, and the MyDestination 2005 Fund ranked in the fourth quartile among Lipper peers for the same period. The Board recognized the inception date of the MyDestination 2055 Fund in 2012.

The Board and GSCM discussed the reasons why a Fund’s performance would be in the third or fourth quartile among its peer group, including with respect to the performances of the International Equity Fund, Extended-Duration Bond Fund, Emerging Markets Equity Fund and Global Natural Resources Equity Fund. The Board considered the reasons explained by GSCM, including the composition of the Fund’s peer group and market conditions.

359

The Board considered the costs to GSCM of serving as the Adviser to the Funds, including the costs associated with the personnel, systems and equipment necessary to manage the Funds in accordance with the existing advisory agreement. The Board considered the revenues that GSCM received for serving as the Adviser to the Funds and the fact that any profit realized by the Adviser is forwarded to GuideStone Financial Resources, which for many years operated at a deficit with respect to the Trust. The Board also considered the profitability information for the Adviser, first, without taking into account sub-advisory fees, and second, taking into account sub-advisory fees. The Board then considered whether any direct or indirect collateral benefits inured to either the Adviser or the Trust as a result of their affiliation with one another. In light of these considerations, the Board concluded that any profits realized in connection with the Adviser’s services appeared reasonable.

The Board also considered the extent to which the advisory fee to be paid to the Adviser reflected economies of scale. The Board noted that as of May 1, 2015, only certain Funds are subject to an expense cap. The Board considered the amount of any fees waived by the Adviser for each Fund and the total amount of fees waived for the Trust as a whole during the past year. The Board also noted that the total expense ratios net of any fee waiver and expense reimbursement were below the median total expense ratio for other similar funds at the same asset levels for the Investor Class, except for the Money Market, Flexible Income and Global Natural Resources Equity Funds.

The Board also considered that they recently had performed a review of the current Advisory Agreement at the February 26-27, 2015 Board meeting, at which time the Board reviewed detailed presentations by the Adviser regarding the comprehensive review process it used to recommend changes to the advisory fee schedule, including increases in the advisory fees for the Global Bond Fund, Real Estate Securities Fund and Small Cap Equity Fund. At that meeting, the Board considered the Adviser’s rationale for the changes to the advisory fees. In addition, the Board considered the information provided by the Adviser to demonstrate the advisory fee previously set for each of the Global Bond Fund, Real Estate Securities Fund and Small Cap Equity Fund was too low given the complexity of managing that Fund.

In connection with considering the revised advisory fee schedule at the February meeting, the Board considered that the Adviser proposed to eliminate fee waivers for the majority of the Funds and discussed the Adviser’s rationale for such elimination. The Board had noted that the Adviser had expressed its intent to continue to offer fee waivers in connection with new funds. The Board had further noted that the proposed advisory fee schedule changes would result in an overall decrease in fee revenue to the Adviser. Based on their review, the Board had concluded that each Fund’s advisory fee was reasonable. The Board then concluded that based on the presentations made in February and the information provided at the current meeting, that each Fund’s advisory fee was reasonable.

Based on all of the information presented to the Board and its consideration of relevant factors, the Board concluded that the fee paid to the Adviser by each Fund was fair and reasonable in light of the services to be performed, and in the exercise of its business judgment, determined to approve the continuation of the Advisory Agreement for each Fund. The Board also determined that approval of the continuation of each Advisory Agreement is in the best interests of each Fund and its shareholders.

BOARD APPROVAL OF CONTINUATION OF SUB-ADVISORY AGREEMENTS FOR THE SELECT FUNDS AND THE FUNDS PARTICIPATING IN THE CASH OVERLAY PROGRAM

In considering the existing Sub-Advisory Agreements with each of the applicable sub-advisers, the Board took into account the materials provided prior to and during the meeting, the presentations made during the meeting and the extensive discussions during the meeting, including the discussions the Independent Trustees had during their executive sessions with their Independent Counsel. The Board also took into account the Investment Management Committee’s (the “Committee”) review of information related to the Trust’s sub-advisers, questions submitted by the Committee to GSCM and Trust management regarding various sub-advisers, GSCM and Trust management’s responses to those questions and recommendations made by the Committee. More specifically, the Board examined the nature, extent and quality of the services to be provided by the sub-advisers. The Board evaluated each sub-adviser’s experience in serving as a sub-adviser to a Fund. The Board noted that each sub-adviser currently provides investment advice to various clients, including, in some cases, other pooled investment vehicles. The Board noted the experience of key personnel at each sub-adviser in providing investment management services and the systems used by such persons and the ability of each sub-adviser to attract and retain capable personnel. The Board noted the reputation, compliance history, compliance program and financial condition of each sub-adviser. The Board also noted the terms

360

of the existing sub-advisory agreements and the responsibilities that each sub-adviser has towards a Fund, including the responsibility of the day-to-day management of the investment portfolio of each Fund, compliance with each Fund’s policies and objectives and the implementation of Board directives as they relate to the Funds. The Board also took into account the overall structure of each Fund and the particular role each sub-adviser plays in that structure and in achieving each Fund’s overall investment objective. The Board also noted that market conditions presented challenges for certain active management strategies during recent periods. The Board concluded that each Fund is likely to benefit from the nature, extent and quality of these services as a result of each sub-adviser’s experience, personnel, operations and resources. In their deliberations, the Board members did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors deliberated upon, among others.

The Board examined performance information for each segment of a Fund managed by a sub-adviser. The Board noted that, for many of the sub-advisers, the performance record of the segment of the Fund managed by the sub-adviser compared favorably to the relevant benchmark, the composite performance for the sub-adviser’s clients (on a gross fee basis) and/or the peer universe of similarly managed funds. In cases where the sub-adviser’s performance lagged behind the relevant benchmark, the Board also considered more recent investment performance, performance measured against other relevant benchmarks or how the sub-adviser’s strategy deviated from the composition of the benchmark, any recent reductions in the sub-advisory fee and the sub-adviser’s role within the Fund.

To the extent that a segment of a Fund underperformed the relevant benchmark, the Board and GSCM discussed the reasons for the underperformance and the outlook for the Fund’s future performance. The Board noted that, in certain cases, market trends that have developed since the recent economic downturn have contributed to the underperformance of some of the sub-advisers. The Board also considered whether a sub-adviser’s underperformance was within the expected tracking error for the sub-adviser’s investment strategy. The Board concluded that, although past performance is no guarantee of future performance, the performance of each Fund was satisfactory and the Funds were likely to benefit from each sub-adviser continuing to serve as sub-adviser to the Trust.

The Board examined the fee schedule for each sub-adviser, noting how the fee levels charged to the Trust compared with available information about fees charged by the sub-advisers to their other similarly situated clients, which in many cases include separately managed accounts, as well as how the sub-adviser fee levels for each Select Fund compared to the median sub-advisory fee for the peer universe of similarly managed funds.

The Board also took into account the profitability and the financial capability of each sub-adviser in light of information presented at the meeting. In light of these considerations, the Board concluded that the profits realized by each sub-adviser who completed a profitability questionnaire appeared reasonable. For the limited number of sub-advisers that did not provide profitability information, the Board relied upon other relevant information, particularly the independent negotiation of the fee schedules, the level of the fees, the sub-adviser’s performance history and feedback received from the sub-adviser regarding the firm’s inability to estimate profitability. The Board noted that, based on the Adviser’s representations, the financial statements of the sub-advisers did not appear to raise any significant concerns regarding the financial capability of those sub-advisers. The Board also considered the Adviser’s representations in the materials prepared for this meeting, and the discussions earlier in the meeting, that no sub-adviser experienced any material adverse change in its financial condition since the date of its most recent audited financial statements, and took into account the Adviser’s representation that it would continue to monitor the financial condition of each sub-adviser.

The Board considered the extent to which sub-adviser fees to be paid to each sub-adviser reflected economies of scale. The Board noted that each sub-adviser’s fee schedule either reflected economies of scale by reducing the fee on assets in excess of certain stated breakpoints or the fee level negotiated was below or on par with the standard fee level for the sub-adviser.

In evaluating the benefits that are expected to accrue to each sub-adviser through its relationship as sub-adviser to a Select Fund, the Board noted that certain sub-advisers allocate portfolio brokerage to affiliated broker-dealers that receive commissions from the execution of Fund trades. The Board also noted that certain sub-advisers expect to benefit from “soft dollar” arrangements by which brokers will provide research and other services to the sub-adviser in exchange for commissions on trades of the portfolio securities of the Select Fund. The Board considered whether any direct or indirect collateral benefits inured to the Trust as a result of its affiliation with each sub-adviser.

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Based on all of the information presented to the Board and its consideration of relevant factors, the Board, in the exercise of its reasonable business judgment, determined to approve the continuation of each Sub-Advisory Agreement. The Board also determined that approval of the continuation of each Sub-Advisory Agreement is in the best interest of each Select Fund and each Fund participating in the Cash Overlay Program and their respective shareholders.

BOARD REVIEW OF NEW SUB-ADVISORY AGREEMENTS FOR THE EMERGING MARKETS EQUITY FUND AND GLOBAL NATURAL RESOURCES EQUITY FUND

As required by the 1940 Act, the Board of the Trust, including all of the Independent Trustees, considered the approval of the following new sub-advisory agreements among: (i) AQR Capital Management, LLC (“AQR”), the Adviser and the Trust on behalf of the Emerging Markets Equity Fund; and (ii) Northern Trust Investments, Inc. (“NTI”), the Adviser and the Trust on behalf of the Global Natural Resources Equity Fund (each a “New Sub-Advisory Agreement” and collectively, the “New Sub-Advisory Agreements”).

The Board approved each New Sub-Advisory Agreement at an in-person meeting of the Board held on November 5-6, 2015.

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

The Board undertook a review of the terms of each New Sub-Advisory Agreement, and the nature, extent and quality of the services to be provided by each sub-adviser under the New Sub-Advisory Agreements. 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 above. 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 Independent Counsel to discuss and consider the information presented in connection with the approval of each New Sub-Advisory Agreement, as well as the Board’s responsibilities and duties in approving the agreements.

BOARD APPROVAL OF NEW SUB-ADVISORY AGREEMENTS FOR THE EMERGING MARKETS EQUITY FUND AND GLOBAL NATURAL RESOURCES EQUITY FUND

In considering the approval of each New Sub-Advisory Agreement for the Emerging Markets Equity Fund and Global Natural Resources Equity Fund, the Board took into account the materials provided prior to and during the November 5-6, 2015 meeting, the presentations made during the meeting and the extensive discussions during the meeting, including the discussion the

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Independent Trustees had during their executive session with Independent Counsel. The Board also took into account the Committee’s review of information related to each New Sub-Advisory Agreement, questions submitted by the Committee to Trust management regarding each sub-adviser, Trust management’s responses to those questions and recommendations made by the Committee. The Board considered its responsibilities with respect to reviewing and approving the terms of each New Sub-Advisory Agreement, the investment management teams at each sub-adviser, the reasonableness of the sub-advisory fees, and whether the appointment of each sub-adviser would be reasonable and fair to each of the Emerging Markets Equity Fund and Global Natural Resources Equity Fund and their respective shareholders and future shareholders. The Board reviewed the factors that they should consider in evaluating whether to approve each New Sub-Advisory Agreement and the materials provided to support each factor.

The Board considered the reputation, compliance history, compliance program and financial condition of AQR and NTI. The Board noted the experience of key personnel at each sub-adviser who would be providing investment management services to each applicable Fund, the systems and resources used by such persons to implement and manage each applicable strategy and the ability of each sub-adviser to attract and retain capable personnel. The Board also noted the terms of each New Sub-Advisory Agreement and the responsibilities that each sub-adviser would have to the applicable Fund, including the responsibility of day-to-day management and compliance with each Fund’s investment objectives and policies. The Board concluded that the Emerging Markets 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.

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

Emerging Markets Equity Fund

The Board, including the Independent Trustees advised by Independent Counsel, considered a number of factors, including the nature, extent and quality of the services to be provided by AQR, the past performance records of similar accounts managed by relevant personnel of AQR, fees charged to comparable clients and information regarding AQR’s ownership structure, investment management experience, investment philosophies and processes, clients, key personnel, ability to attract and retain capable personnel, assets under management, compliance policies and procedures, compliance history, reputation, and brokerage and soft dollar practices. The Board also reviewed presentations by the Adviser regarding the comprehensive review process it used to recommend AQR. The Board received and considered information about the potential of AQR to contribute economies of scale as the Fund grows in size. The Board considered that the Adviser had been able to negotiate fees that were favorable compared to AQR’s stated fee schedule. In addition, the Trustees noted that the sub-adviser’s fee schedule included a breakpoint that would reduce the sub-advisory fee charged if a specified asset level is reached in the future.

The Board noted that there was no historical profitability information with regard to AQR’s assignment within the Fund. The Board did note, however, that AQR did provide an estimate of profitability, which appeared reasonable to the Board. The Trustees considered the Adviser’s assessment of AQR’s financial condition. The Trustees noted that the Adviser, after reviewing certain financial information provided by AQR, believed that AQR was financially sound.

The Board considered the fees to be paid to AQR under the New Sub-Advisory Agreement, as well as the overall fee structure under the New Sub-Advisory Agreement, in light of the nature, extent and quality of the services to be provided. The Board acknowledged that the Adviser was able to negotiate a favorable fee schedule below that of AQR’s standard fee schedule. The Board noted that the Fund’s aggregate management fees would not increase as a result of the appointment of AQR. The Board also noted that the Fund, and not the Adviser, would pay fees to AQR directly and, as a result, the appointment of AQR would not be expected to affect the Adviser’s profitability. The Board noted that the aggregate management fee for the Fund would continue to be competitive with fees paid by other mutual funds to other advisers. The Board also considered how AQR calculates costs and how, and the extent to which, such costs would be allocated to the Fund.

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

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The Board considered the Emerging Markets Integrated Alpha Strategy (“Integrated Alpha Strategy”) proposed to be implemented by AQR with respect to approximately 19% of the Fund’s assets that the Adviser intends to allocate to AQR. The Board noted the Adviser’s determination that the strategy would complement the other strategies currently utilized in the Fund and, as such, would maintain the Fund’s dedicated, emerging markets exposure and potential return source diversification. While noting that past performance does not indicate future results, the Trustees considered the back-tested performance results of the Integrated Alpha Strategy being proposed considering its limited performance history (inception date of June 1, 2015). The Trustees noted that the back-tested Integrated Alpha Strategy’s performance would have outperformed its benchmark (MSCI EM Index), gross of fees, over the one-, three-, five-, seven- and 10-year and since inception periods ended May 31, 2015. The Trustees further noted that a transition manager would not be utilized due to the reallocation of assets among the two AQR strategies within the Fund but did consider the anticipated costs of the transition.

The Board noted that the proposed Integrated Alpha Strategy is very similar to AQR’s existing Emerging Markets Equity Strategy. The Board noted that the Integrated Alpha Strategy would provide diversification benefits when combined with the strategy used by the Fund’s other sub-advisers, Genesis Asset Partners LLP and Genesis Investment Management LLP (together, “Genesis”). In addition, the Trustees believe that the inclusion of the Integrated Alpha Strategy in the Emerging Markets Equity Fund will allow for additional assets to be invested in the Emerging Markets Equity Fund, particularly given that the Genesis strategy is currently hard closed and AQR’s Emerging Markets Equity Strategy will be hard closed by year-end, but yet maintain the Emerging Markets Equity Fund’s current risk/return profile and investment characteristics.

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 Emerging Markets Equity Fund was likely to benefit from the nature, extent and quality of AQR’s services under the New Sub-Advisory Agreement and determined to approve the New Sub-Advisory Agreement with AQR. The Board also determined that the approval of the New Sub-Advisory Agreement with AQR was in the best interests of the Emerging Markets Equity Fund and its present and future shareholders.

Global Natural Resources Equity Fund

In making its determination to approve the New Sub-Advisory Agreement with NTI, the Board, including the Independent Trustees advised by Independent Counsel, considered a number of factors, including the nature, extent and quality of the services to be provided by NTI, the past performance records of similar accounts managed by relevant personnel of NTI, fees charged to comparable clients and information regarding NTI’s ownership structure, investment management experience, investment philosophies and processes, assets under management, clients, key personnel, ability to attract and retain capable personnel, compliance policies and procedures, compliance history, reputation, and brokerage and soft dollar practices. The Board also reviewed presentations by the Adviser regarding the comprehensive review process it used to recommend NTI. The Board received and considered information about the potential of NTI to contribute economies of scale as the Fund grows in size. The Board considered that the Adviser had been able to negotiate fees that were favorable compared to NTI’s standard fee schedule. In addition, the Trustees noted that NTI’s fee schedule included a breakpoint that would reduce the sub-advisory fee charged if a specified asset level is reached in the future.

The Board noted that there was no historical profitability information with regard to NTI’s assignment within the Fund. The Board did note, however, that NTI did provide an estimate of profitability, which appeared reasonable to the Board. The Trustees considered the Adviser’s assessment of NTI’s financial condition. The Trustees noted that the Adviser, after reviewing certain financial information provided by NTI, believed that NTI was financially sound.

The Board considered the fees to be paid to NTI under the New Sub-Advisory Agreement, as well as the overall fee structure under the New Sub-Advisory Agreement, in light of the nature, extent and quality of the services to be provided. The Board acknowledged that the Adviser was able to negotiate a favorable fee schedule below that of NTI’s standard fee schedule. The Board noted that the Fund’s aggregate management fees would not increase as a result of the appointment of NTI. The Board also noted that the Fund, and not the Adviser, would pay fees to NTI directly and, as a result, the appointment of NTI would not be expected to affect the Adviser’s profitability. The Board noted that the aggregate management fee for the Fund would continue to be competitive with fees paid by other mutual funds to other advisers. The Board also considered how NTI calculates costs and how, and the extent to which, such costs would be allocated to the Fund.

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

The Board considered the passively managed index strategy proposed to be implemented by NTI with respect to approximately 25% of the Fund’s assets that the Adviser intends to allocate to NTI. The Board noted the Adviser’s determination that the strategy would complement the other strategy currently utilized in the Fund and, as such, would enhance the Fund’s potential to provide long-term capital appreciation. While noting that past performance does not indicate future results, the Trustees considered the performance results of the strategy’s benchmark index (MSCI World Commodity Producers Index) being proposed, noting NTI does not currently manage a passive strategy to this benchmark. The Board did note, however, that NTI is an existing sub-adviser managing passive investment strategies for three series of the Trust, and the Adviser believes that NTI can manage this strategy effectively and efficiently for the Fund. The Trustees noted that the Adviser will utilize a transition manager to transition to NTI its allocation of the Fund’s assets and considered the anticipated costs of the transition.

The Board noted that the Adviser had determined to change the Fund’s benchmark index and, after further discussing the reasons for the change to the Fund’s benchmark index, concluded the Adviser’s decision to restructure the Fund by removing the strategic exposure to gold miners equities, and consequently terminating Van Eck Associates Corporation as a sub-adviser to the Fund, was appropriate to enhance (i) the structure of the Fund as a stand-alone fund, (ii) the Fund’s risk/return profile relative to the new benchmark index, (iii) and the Fund’s stock selection risk to factor risk composition. The Board noted that the inclusion of NTI in the Fund’s sub-adviser composite would provide diversifying exposure to SailingStone Capital Partners LLC, the other sub-adviser to the Fund.

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 Global Natural Resources Equity Fund was likely to benefit from the nature, extent and quality of NTI’s services under the New Sub-Advisory Agreement and determined to approve the New Sub-Advisory Agreement with NTI. The Board also determined that the approval of the New Sub-Advisory Agreement with NTI was in the best interests of the Global Natural Resources Equity Fund and its present and future shareholders.

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INVESTMENT SUB-ADVISERS (Assets under management as of December 31, 2015) (Unaudited)

GuideStone Funds employs a broad array of proven investment managers for the benefit of their investors. Each manager is distinctive in its investment management process and business approach.

Fund	Sub-Adviser	Firm Established	Total Assets Managed
Money Market	BlackRock Advisors, LLC	1994		$	4.6Tr
Low-Duration Bond	BlackRock Financial Management, Inc.	1988		$	4.6Tr
	Pacific Investment Management Company LLC	1971		$	1.4Tr
	Payden & Rygel	1983		$	95.3B
Medium-Duration Bond	Goldman Sachs Asset Management, L.P.	1984		$	1.1Tr
	Pacific Investment Management Company LLC	1971		$	1.4Tr
	Western Asset Management Company and
	Western Asset Management Company Limited	1971		$	433.7B
Extended-Duration Bond	Loomis, Sayles & Company, L.P.	1926		$	229.1B
	Schroder Investment Management North America Inc.	1804		$	446.5B
Global Bond	Loomis, Sayles & Company, L.P.	1926		$	229.1B
	Western Asset Management Company and
	Western Asset Management Company Limited	1971		$	433.7B
Defensive Market Strategies	American Century Investment Management, Inc.	1958		$	146.2B
	AQR Capital Management, LLC	1998		$	141.4B
	Parametric Portfolio Associates LLC	1992		$	152.3B
	Shenkman Capital Management, Inc.	1985		$	28.7B
Equity Index	Northern Trust Investments, Inc.	1889		$	875.3B
Value Equity	AJO, LP	1984		$	26.3B
	Barrow, Hanley, Mewhinney & Strauss, LLC	1979		$	89.2B
	Northern Trust Investments, Inc.	1889		$	875.3B
	TCW Investment Management Company	1971		$	180.7B
Growth Equity	Brown Advisory, LLC	1993		$	43.8B
	Jackson Square Partners, LLC	2013		$	28.8B
	Loomis, Sayles & Company, L.P.	1926		$	229.1B
	Sands Capital Management, LLC	1992		$	44.2B
Small Cap Equity	AJO, LP	1984		$	26.3B
	Columbus Circle Investors	1975		$	13.9B
	RBC Global Asset Management (U.S.) Inc.	1983		$	43.5B
	Snow Capital Management L.P.	1980		$	3.2B
	TimesSquare Capital Management, LLC	2000		$	17.0B
International Equity Index	Northern Trust Investments, Inc.	1889		$	875.3B
International Equity	AQR Capital Management, LLC	1998		$	141.4B
	Baillie Gifford Overseas Limited	1983		$	181.3B
	Barrow, Hanley, Mewhinney & Strauss, LLC	1979		$	89.2B
	MFS Institutional Advisors, Inc.	1970		$	413.0B
	Mondrian Investment Partners Ltd.	1990		$	56.8B
Emerging Markets Equity	AQR Capital Management, LLC	1998		$	141.4B
	Genesis Asset Managers, LLP and
	Genesis Investment Management, LLP	1989		$	26.4B
Inflation Protected Bond	BlackRock Financial Management, Inc.	1988		$	4.6Tr
Flexible Income	Shenkman Capital Management, Inc.	1985		$	28.7B
Real Estate Securities	Heitman Real Estate Securities, LLC,
	Heitman International Real Estate Securities GMBH and
	Heitman International Real Estate Securities HK Limited	1989		$	35.2B
	RREEF America L.L.C.,
	Deutsche Investments Australia Limited and
	Deutsche Alternative Asset Management (Global) Limited	1975		$	52.2B
Global Natural Resources Equity	Northern Trust Investments, Inc.	1889		$	875.3B
	SailingStone Capital Partners LLC	2014		$	4.6B
Custodian for GuideStone Funds Assets	The Northern Trust Company	1889		$	6.1Tr
Cash Overlay for Target Date, Asset Allocation, Fixed Income, Equity and Real Return Funds	Parametric Portfolio Associates LLC	1992		$	152.3B

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2401 Cedar Springs Road, Dallas, TX 75201-1498 1-888-GS-FUNDS • GuideStoneFunds.com	Funds distributed by Foreside Funds Distributors LLC 400 Berwyn Park, 899 Cassatt Road, Suite 110, Berwyn, PA 19312
	27245  1/16  2233

Item 2. Code of Ethics.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s board of directors has determined that Carson L. Eddy is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $755,000 and $763,000 for 2014 and 2015, respectively.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $40,000 and $67,000 for 2014 and 2015, respectively. Audit-related fees are related to procedures performed and the issuance of the auditors’ reports in connection with the Funds’ 17F-2 security counts.

Tax Fees

      (c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $133,000 and $142,000 for 2014 and 2015, respectively. Tax fees are related to tax services in connection with Funds’ excise tax calculations and review of the Funds’ applicable tax returns.

All Other Fees

(d)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $62,000 and $67,000 for 2014 and 2015, respectively. Other fees relate to: (i) for fiscal year 2014, procedures performed in connection with an assessment of the medical claims processed by Highmark Blue Cross Blue Shield; and (ii) for fiscal year 2015, procedures performed in connection with an assessment of the pharmacy claims processed by Express Scripts during the 2014 plan year.

(e)(1)

Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

GuideStone

Non-Audit Services Provided to the Company, Advisor, and Others

The Audit Committee shall pre-approve all permissible non-audit services (e.g., tax services) to be provided to the Company by the Auditors, including the fees therefor;

provided, that if the Committee chooses to delegate the authority to grant pre-approvals to one or more Committee members, each acting on behalf of the Committee, then the Committee shall adopt policies and procedures detailed as to the particular service and designed to safeguard the continued independence of the auditors, consistent with the requirements of the Sarbanes-Oxley Act of 2002 (the “S-O Act”) and related SEC regulations, which shall then be used in making such pre-approvals; and,

further provided, that each delegated pre-approval shall be reported to the Committee during its next regularly scheduled meeting.

The pre-approval requirement for a permitted non-audit service may be waived if:

(1) the aggregate amount of all such non-audit services provided constitutes not more than 5% of the total revenues paid by the Company to the Auditors in the fiscal year in which the non-audit services are provided;

(2) such services were not recognized by the Company at the time of the engagement to be non-audit services; and

(3) such services are promptly brought to the attention of, and approved by, the Audit Committee or by a member of the Audit Committee to whom the Committee has delegated the authority to grant such approvals, if any, prior to the Auditors’ completion of the Company’s audit.

Additionally, if the Auditors’ engagement relates directly to the operations and financial reporting of the Company, to the extent required by Rule 2-01 of Regulation S-X, the Audit Committee shall pre-approve their engagements for non-audit services with:

(1) the Advisor (excluding any subadviser whose role is primarily portfolio management and is sub-contracted or overseen by the Advisor), and

(2) any entity controlling, controlled by, or under common control with such Advisor that provides ongoing services to the Company (each, a “Control Entity”)

in accordance with the foregoing paragraph, unless the aggregate amount of all services provided constitutes no more than 5% of the total amount of revenues paid to the Auditors by the Company, the Advisor and any such Control Entity during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee pursuant to this paragraph (in the absence of this exception). The Auditors may not perform contemporaneously any prohibited non-audit services for the Company, which currently include the following:

1. bookkeeping or other services related to the accounting records or financial statements of the Company;

2. financial information systems design and implementation;

3. appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

4. actuarial services;

5. internal audit outsourcing services;

6. management functions or human resources;

7. broker or dealer, investment adviser, or investment banking services;

8. legal services and expert services unrelated to the audit; and

9. any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

  (e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) 100%

(c) 100%

(d) N/A

(f)	The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent.
(g)	The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 and $0 for 2014 and 2015, respectively.
(h)	The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

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)	Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.
(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.
(12.other)	Not applicable.

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 June 21, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ John R. Jones
	John R. Jones, President
	(principal executive officer)

Date June 21, 2016

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

Date June 21, 2016

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