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, 2016

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. 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 investment accounts.

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

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

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

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

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

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

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

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

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

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

TABLE OF CONTENTS

Letter from the President	2
From the Chief Investment Officer	3
About Your Expenses	11
Abbreviations, Footnotes and Index Definitions	14
Target Date Funds
MyDestination 2005 Fund	18
MyDestination 2015 Fund	21
MyDestination 2025 Fund	24
MyDestination 2035 Fund	27
MyDestination 2045 Fund	30
MyDestination 2055 Fund	33
Financial Statements	36
Asset Allocation Funds
Conservative Allocation Fund	44
Balanced Allocation Fund	47
Growth Allocation Fund	50
Aggressive Allocation Fund	53
Financial Statements	56
Fixed Income Select Funds
Money Market Fund	62
Low-Duration Bond Fund	67
Medium-Duration Bond Fund	89
Extended-Duration Bond Fund	124
Global Bond Fund	131
Financial Statements	148
Equity Select Funds
Defensive Market Strategies Fund	158
Equity Index Fund	171
Value Equity Fund	179
Growth Equity Fund	185
Small Cap Equity Fund	190
International Equity Index Fund	198
International Equity Fund	210
Emerging Markets Equity Fund	221
Financial Statements	230
Real Asset Select Funds
Inflation Protected Bond Fund	242
Flexible Income Fund	246
Real Estate Securities Fund	257
Global Natural Resources Equity Fund	263
Financial Statements	268
Notes to Financial Statements	276
Report of Independent Registered Public Accounting Firm	353
Notice to Shareholders	354
Fund Management	356
Board Review of Advisory Agreements	359

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

1

LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present you with the 2016 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.

We invite you to learn more about 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

2

FROM THE CHIEF INVESTMENT OFFICER

One of Charles Dickens’ famous books is titled A Tale of Two Cities, which paints a picture of life in London and Paris during the late 1700’s. Today, from an economic, market sentiment and capital market return perspective, I would characterize calendar year 2016 as “A Tale of Two Halves” as there were distinct differences in the economic/financial market environments during the first half of the year compared to the latter. The calendar year 2016 was one full of uncertainty and surprises, causing investor sentiment to shift, especially as the year progressed. While most financial assets posted positive returns during the year, the divergence in returns across asset classes, style-orientation, asset quality and market capitalizations were material. Furthermore, financial asset returns, in general, were driven by macro-economic/political themes and investors’ desired exposures more so than a focus on investing in companies with favorable underlying fundamentals. Therefore, exposure to certain factors (e.g., yield or market capitalization) and/or sectors had a greater impact on investors’ returns than underlying security selection.

Matt L. Peden, CFA

The tale of the first half of 2016 was somewhat of a continuation of calendar year 2015. The economic backdrop was one consistent with of all the risks associated with a maturing economic cycle, slowing global growth, ineffective monetary policy and a long-in-the-tooth equity bull market entering its eighth year. Investors, realizing they were in a low absolute return environment, were faced with the conundrum of investing in fixed income with very low interest rates or equities that were considered somewhat expensive at high valuations relative to expected earnings growth. During this period, certain segments of the equity market, considered defensive, had higher dividends than bond yields. With a prevailing risk-off sentiment and desire for yields that exceeded those available from investment grade bonds, there was high demand for certain high dividend paying stocks (e.g., utilities), which led to certain stocks outperforming as investors sought current yield (i.e., dividend income) over the prospects of price appreciation based on future corporate earnings.

The tale of the second half of 2016 transitioned as investors’ risk-appetite increased. Entering into the third quarter, the equity markets were spurred by the expectations for additional global central bank stimulus, such as quantitative easing (“QE”), due to the Brexit vote. This caused interest rates to fall and equities to rise as price/earnings multiples expanded in the continued search for the best asset case on a relative basis. In fact, the yield on the 10-year U.S. Treasury note fell to an all-time low of 1.36% in July, while all three major U.S. equity indices hit all-time highs in August.

Then in the 4th quarter, the biggest driver of the markets, without question, was the election of Donald Trump as the 45th President of the United States. Prior to his election, many market pundits warned of a severe market correction if he won the election. Following a very short-lived plunge, equity markets rallied while bond yields soared under the premise that his policies will buoy economic growth from current sluggish levels that will, in turn, lead to higher corporate earnings and greater levels of inflation. By year-end, most risk assets posted annual returns well above beginning-of-the year expectations, with stock indices hitting multiple new all-time highs.

The only consistency threaded throughout 2016 was the number of unique, unexpected events or shocks that occurred. There were many, but a few are noteworthy:

• Brexit – Despite convincing polling information to the contrary, the United Kingdom’s vote to leave the European Union (“EU”) led to concerns and fears related to the potential impact to these economies, which were already facing headwinds and under pressure. It further led to questions about the long-term viable future of the EU, and the resurgence of global central bank monetary stimulus.

• Extreme Accommodative Monetary Policy – Central banks in Europe and Japan implemented additional QE leading to an unprecedented environment of negative interest rates across many financial markets, and extreme levels of liquidity across the globe. In fact, central bank balance sheets rose by more than 10% during the year, reflecting these actions. Notable, this led to further divergence in monetary policy between global central banks and that of the U.S. Federal Reserve (the “Fed”), which remains in a tightening, i.e. rate rising, mode.

• Lack of confidence in the Fed – Throughout the year, and prior to their 25 basis point rate hike in December, expectations as to the Fed’s next moves consistently changed based on the most recent economic reports and global economic conditions, materially influencing the U.S. yield curve, especially on the short-end. Short- and mid-term interest rates experienced material moves during the year, subjecting bond investors to interest rate risk.

3

• U.S. Presidential Election – Opposing almost all polls, Donald Trump was surprisingly elected President of the United States, resulting in the potential for material fiscal stimulus, including tax reform, reduced regulatory pressures and increased infrastructure and defense spending. Trump’s election, in concert with the Brexit vote, also reflects a larger change in the “populist movement” across political environments on a global basis as a “vote against the status quo.” His election resulted in large fund flows into certain economically sensitive sectors, such as financials and defense, which are expected to benefit from his policies.

Capital Market Returns

Let’s now discuss the returns of the capital markets for calendar year 2016. The table below provides an overview of key capital market returns.

Index	Description	4th  Quarter 2016 Return			2016 Calendar Year Return
S&P 500® Index	Large-cap U.S. Stocks		3.82	%		11.96	%
Russell 2000® Index	Small-cap U.S. Stocks		8.83	%		21.31	%
MSCI EAFE Index	Developed Market Stocks – Ex-U.S.		-0.71	%		1.00	%
MSCI Emerging Markets Index	Emerging Markets Stocks		-4.16	%		11.19	%
Bloomberg Barclays US Aggregate Bond Index	U.S. Bonds		-2.98	%		2.65	%

Outside certain commodities, U.S. equities were the top performing asset classes. Going into 2016, return expectations were below historical averages due to slowing economic conditions, modest earnings growth and high valuations (based on existing earnings expectations). However, U.S. stocks flourished during the year, benefiting from further accommodative monetary policy globally as well as the prospects of incremental higher economic domestic growth under Trump’s presidency. Trump’s policies are viewed as a transition from monetary policy stimulus to fiscal policy stimulus, which is generally viewed positively in the current stage of the economic cycle, but can lead to increased volatility as markets adjust.

In addition to dispersions in sector returns, there were a few notable outcomes in the U.S. equity market. First, value-oriented stocks greatly outpaced growth-oriented stocks. The best performing segment of the U.S. market was small-cap value with the Russell 2000^® Value Index posting an annual return of 31.74%. Small-cap stocks materially outperformed large-cap stocks by 9.35% as small cap stocks were viewed more favorably given they are more domestic–oriented, which should help weather them from Trump’s proposed trade policies and the strengthening U.S. dollar. Stocks of non-U.S. developed markets lagged U.S. stocks, posting an annual return of 1.00%. Slower economic growth, reliance on further monetary policy and an appreciating U.S. dollar negatively impacted performance. Emerging markets stocks outperformed their developed markets counterpart, generating an annual return of 11.19%, benefitting from prospects of higher economic growth, stronger commodity prices and attractive valuations. However, emerging markets stocks suffered in the 4th quarter as rising U.S. interest rates and a rapidly appreciating U.S. dollar diminished prospects for near term capital flows into these markets.

Most bond segments posted modest positive returns with a few, higher risk segments, performing much better. The Bloomberg Barclays US Aggregate Bond Index, a proxy for the U.S. broad bond market, generated an annual return of 2.65%. Within the index, investment grade corporate bonds performed best, as investors were seeking yield and were willing to take on the incremental credit risk for the higher return. In general, the lower the credit quality, the better the return for the year, reflecting the “risk on” environment that persisted during the second half of the year. U.S. Treasuries, a large sector in the index, posted the lowest return within the index. High yield bonds, or corporate bonds rated below investment grade, posted an annual return of 17.13%. Emerging market debt performance was also meaningful, up 9.62%. The year ended with yields on the 10-year U.S. Treasury and the 30-year U.S. Treasury at 2.48% and 3.08%, respectively.

Despite accommodative monetary policies by central banks and historic amounts of liquidity in the markets, inflation expectations remained rather benign, adjusting upward some during the latter part of the year. Several areas of the commodity markets performed well, as noted by the MSCI World Commodities Producers Index which was up 30.53% for the year. Notably, a significant increase in WTI crude oil prices from the low of $26/bbl in February to $54/bbl at year-end was a positive for the economy and financial markets. Many view oil in the $50/bbl - $60/bbl range as the “sweet spot” for both producers and consumers.

4

After reflecting on 2016, what are our thoughts on the upcoming year?

The landscape changed during 2016, but many of the same headwinds and concerns still exist and will eventually have to be dealt with. The U.S. stock market and other risk-based assets are coming off a tremendous return year, buoyed to high valuation levels by the prospects of incrementally higher economic growth (consensus estimated increase from 2.00% Gross Domestic Product (GDP) to 3.00% GDP in 2017) primarily due to Trump’s economic plans. These plans are expected to stimulate in 2017 and must do so in order to support current valuation multiples, especially if rates rise. The ability of the domestic economy to generate above trend growth that results in improved corporate earnings remains a primary concern of ours, as current valuation levels reflect a very robust growth in 2017 earnings. Headwinds could come from Trump’s plan to restrict trade, China’s continued economic challenges, an appreciating U.S. dollar and the expected decline in global monetary stimulus. In addition, with the uncertainties associated with a new Presidential administration, we could well face a worsening geopolitical landscape. With these challenges, we anticipate volatility to increase as the markets and investors absorb new fiscal based policies and economic challenges.

We would expect U.S. rates to rise somewhat with the consensus being for the Fed to hike rates two to three times during 2017. This is expected to be somewhat bearish for bond investors, but many see less interest rate sensitive sectors, such as investment grade corporate and high yield bonds, as options as long as the economy remains on track and defaults stay low. In addition, note that a gradual increase in both short and long term interest rates is normal at this stage in the economic cycle, and will only occur if the economy is growing at a reasonable pace.

The improvement in sentiment and the potential for fiscal stimulus is a good sign as we move into 2017. 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 GuideStoneFunds.com.

Sincerely,

Matt L. Peden, CFA

Vice President - Chief Investment Officer

GuideStone Funds

5

  Asset Class Performance Comparison

The following graph illustrates the performance of the major assets classes during 2016.

¹The Bloomberg Barclays US 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.

³The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index 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.

6

S&P 500^® Index Returns

The U.S. large-cap equity market, as measured by the S&P 500^® Index, posted a robust annual return of 12.0%. This marks the eighth straight year of gains for large-cap equities, a rare occurrence in the capital markets. Equity markets did not just go up in a straight line, however. After an approximate 11% performance correction into February to start the year, the S&P 500^® Index re-entered a bull market run with a sharp rebound in March followed by robust gains in the third and fourth quarters.

Stocks finally posted positive earnings growth in the third quarter, following a five quarter earnings recession. This upturn in corporate profitability, along with upbeat economic data and a “Trump bump” post the surprise election win, helped push the S&P 500^® Index to new highs during the fourth quarter.

The gains in large-cap stocks for the year was broader based, unlike gains posted in stocks the prior year that were narrowly driven by a few names. All sectors had positive performance, with the exception of the healthcare sector that ended down 2.7% for the year. Energy, telecom and financials led gains with returns of 27.4%, 23.5% and 22.8%, respectively.

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 measured by the Russell 2000^® Index, posted a very strong gain of 21.3% during 2016. Gains for small cap stocks were back-end loaded, with the index up 9.1% and 8.8% in the third and fourth quarters, respectively. A material portion of these gains came after a surprise Trump victory, which the market took as a particularly bullish scenario for smaller capitalization stocks based on the potential for pro-growth initiatives.

The best performing sectors during the annual period included energy, materials and financials, while healthcare was the sole sector posting negative returns. Rising commodity prices during the year (crude oil prices rallied roughly 50%) were a tail-wind for the energy and materials sectors, after a difficult adjustment period over the preceding few years.

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

7

MSCI EAFE Index Returns

International developed market equities, as measured by the MSCI EAFE Index, rose a modest 1.0% during the year. This index materially underperformed the U.S. market, in part due to a stronger U.S. dollar. As evidence, this index in local currency terms returned 5.3% for the year. In addition, many major developed economies outside the United States, such as those in Europe, faced a more challenging economic and political backdrop in comparison to the United States.

The best performing countries were natural resource export economies including Norway, New Zealand and Australia, which benefited from commodity price strength. Meanwhile, the worst performers included Denmark and Israel.

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 Emerging Markets Index Returns

International emerging markets equities, as measured by the MSCI Emerging Markets Index, gained 11.2% during the year, but still did not overcome losses experienced during a difficult 2015. All gains occurred during the first three quarters of the year. There was a pullback in November seemingly due to investor angst around the potential for higher interest rates under a Trump administration, as well as the unknown factor of more protectionist trade policies. Higher interest rates and a stronger U.S. dollar would have a negative impact on the financing costs for emerging market economies.

Countries with the strongest gains for the year, with rallies in excess of 50%, included Brazil, Russia and Peru (some of the positive performance was due to currency fluctuations). Meanwhile, both Egypt and Greece experienced double digit losses in U.S. dollar terms. Countries with the larger gains were generally those that rely on commodity exports to drive their economies.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index 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

8

Bloomberg Barclays US Aggregate Bond Index Returns

The broad U.S. bond market, as measured by the Bloomberg Barclays US Aggregate Bond Index, produced a gain of 2.7% during 2016. Lower quality investment grade bonds outperformed higher quality, and longer duration bonds outperformed shorter duration. From a sector perspective, corporate bonds were the best performers, while U.S. Treasury bonds lagged. All sectors of the bond market produced positive returns for the year, and certain longer-duration bonds, both government and credit, had performance in the low double digits.

After experiencing surprisingly robust gains during the first nine months of the year on the back of ever lower yields, bonds sold-off notably in the fourth quarter, particularly those with longer durations, as investors shied away from this asset class. In particular, a surprise Trump victory caused a substantial repricing given the prospect for higher interest rates under his administration due to potential reflationary policies.

The Bloomberg Barclays US 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

The members of the Federal Open Market Committee (“FOMC”) only managed one interest rate increase in 2016, despite beginning the year with an outlook for four rate increases. Expectations for rate increases ebbed and flowed throughout the year based on the most recent economic reports and global economic conditions. Finally, the FOMC voted in December to raise the target Fed Funds rate by 0.25% to a range of 0.50% - 0.75%, roughly one year after it moved off of a “zero” interest rate policy in December 2015. The markets adjusted well to the continuation of the Fed “tightening cycle”, as interest rate increases experienced on the short-end of the curve have thus far not reduced the risk appetite of investors. At its December meeting, the FOMC published its “dot plot points”, which projected three additional interest rate increases during 2017 - 2018, based on a median of the points should economic forecasts set by the FOMC be obtained.

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

9

U.S. Treasury Yield Curve

The year experienced significant volatility in interest rates, despite an interest rate curve that finished the year with a modest, mostly parallel shift higher compared to 2015. The very short-end of the curve experienced a notable uptick in rates, as three-month interest rates moved higher in concert with FOMC actions to raise the range for the Fed Funds rate in December 2016 by 25 basis points. The 10-year U.S. Treasury ended the year at 2.45%, modestly higher that its starting yield of 2.27%. However, during the year, the 10-year U.S. Treasury yield fell as low as 1.36% in July on expectations of the continuation of a very accommodative monetary policy around the globe with little risk of inflation. By the end of the year, many pundits believed that the low experience in July marked the bottom in interest rates, after rates had been on a downward trend since their 1981 peak of 15.84% reached roughly 35 years ago.

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

10

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, 2016 to December 31, 2016. The Annualized Expense Ratio may be different from the expense ratio in the Financial Highlights which is for the fiscal year ended December 31, 2016.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Actual
Fund	Class	Beginning Account Value 07/01/16	Ending Account Value 12/31/16	Annualized Expense Ratio (1)	Expenses Paid During Period (2)
MyDestination 2005 (3)	Investor	$1,000.00	$  1,017.13	0.45%	$2.30
MyDestination 2015	Investor	1,000.00	1,029.54	0.35	1.78
MyDestination 2025	Investor	1,000.00	1,040.28	0.35	1.79
MyDestination 2035	Investor	1,000.00	1,056.04	0.35	1.80
MyDestination 2045	Investor	1,000.00	1,065.69	0.35	1.81
MyDestination 2055	Investor	1,000.00	1,068.72	0.35	1.81
Conservative Allocation	Institutional Investor	1,000.00 1,000.00	1,018.11   1,017.50	0.13     0.40	0.64 2.05
Balanced Allocation	Institutional Investor	1,000.00 1,000.00	1,029.44   1,027.77	0.11     0.37	0.56 1.89
Growth Allocation	Institutional Investor	1,000.00 1,000.00	1,050.13   1,048.55	0.12     0.38	0.60 1.96
Aggressive Allocation	Institutional Investor	1,000.00 1,000.00	1,073.49   1,072.71	0.13     0.39	0.67 2.03
Money Market	Institutional Investor	1,000.00 1,000.00	1,001.36   1,000.18	0.18     0.41	0.90 2.07
Low-Duration Bond	Institutional Investor	1,000.00 1,000.00	1,003.06   1,001.74	0.37     0.64	1.87 3.22
Medium-Duration Bond	Institutional Investor	1,000.00 1,000.00	984.02 981.72	0.45     0.72	2.23 3.58

11

About Your Expenses (Unaudited) (Continued)

Actual

Fund	Class	Beginning Account  Value 07/01/16		Ending Account Value 12/31/16		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
Extended-Duration Bond	Institutional Investor		$1,000.00 1,000.00		$    950.88 948.99		0.55 0.83	%		$	2.72 4.09
Global Bond	Institutional Investor		1,000.00 1,000.00		1,021.71 1,020.15		0.58 0.87				2.95 4.41
Defensive Market Strategies	Institutional Investor		1,000.00 1,000.00		1,043.48 1,042.17		0.69 0.96				3.53 4.94
Equity Index	Institutional Investor		1,000.00 1,000.00		1,081.97 1,080.65		0.15 0.41				0.79 2.17
Value Equity	Institutional Investor		1,000.00 1,000.00		1,127.01 1,125.08		0.59 0.85				3.13 4.55
Growth Equity	Institutional Investor		1,000.00 1,000.00		1,030.41 1,028.55		0.74 1.00				3.79 5.12
Small Cap Equity	Institutional Investor		1,000.00 1,000.00		1,160.80 1,158.71		1.00 1.26				5.43 6.84
International Equity Index	Institutional		1,000.00		1,056.44		0.57				2.94
International Equity (4)	Institutional Investor		1,000.00 1,000.00		1,057.88 1,055.01		0.94 1.21				4.87 6.27
Emerging Markets Equity	Institutional Investor		1,000.00 1,000.00		1,037.06 1,036.13		1.31 1.56				6.73 7.99
Inflation Protected Bond	Institutional Investor		1,000.00 1,000.00		987.38 985.21		0.41 0.70				2.05 3.48
Flexible Income	Investor		1,000.00		1,036.84		1.11				5.71
Real Estate Securities	Institutional Investor		1,000.00 1,000.00		956.87 955.41		0.85 1.13				4.16 5.56
Global Natural Resources Equity	Investor		1,000.00		1,103.09		1.24				6.56

HYPOTHETICAL (assuming a 5% return before expenses)

Fund	Class	Beginning Account  Value 07/01/16		Ending Account Value 12/31/16		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
MyDestination 2005 (3)	Investor		$1,000.00		$1,022.83		0.45	%		$	2.31
MyDestination 2015	Investor		1,000.00		1,023.37		0.35				1.77
MyDestination 2025	Investor		1,000.00		1,023.37		0.35				1.77
MyDestination 2035	Investor		1,000.00		1,023.37		0.35				1.77
MyDestination 2045	Investor		1,000.00		1,023.37		0.35				1.77
MyDestination 2055	Investor		1,000.00		1,023.37		0.35				1.77
Conservative Allocation	Institutional Investor		1,000.00 1,000.00		1,024.49 1,023.09		0.13 0.40				0.65 2.05
Balanced Allocation	Institutional Investor		1,000.00 1,000.00		1,024.58 1,023.25		0.11 0.37				0.56 1.89
Growth Allocation	Institutional Investor		1,000.00 1,000.00		1,024.54 1,023.20		0.12 0.38				0.60 1.94
Aggressive Allocation	Institutional Investor		1,000.00 1,000.00		1,024.48 1,023.16		0.13 0.39				0.66 1.98

12

HYPOTHETICAL (assuming a 5% return before expenses)

Fund	Class	Beginning Account  Value 07/01/16		Ending Account Value 12/31/16		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
Money Market	Institutional Investor		$1,000.00 1,000.00		$1,024.23 1,023.04		0.18 0.41	%		$	0.91 2.10
Low-Duration Bond	Institutional Investor		1,000.00 1,000.00		1,023.25 1,021.89		0.37 0.64				1.89 3.25
Medium-Duration Bond	Institutional Investor		1,000.00 1,000.00		1,022.86 1,021.48		0.45 0.72				2.28 3.66
Extended-Duration Bond	Institutional Investor		1,000.00 1,000.00		1,022.32 1,020.89		0.55 0.83				2.82 4.25
Global Bond	Institutional Investor		1,000.00 1,000.00		1,022.18 1,020.72		0.58 0.87				2.96 4.42
Defensive Market Strategies	Institutional Investor		1,000.00 1,000.00		1,021.64 1,020.24		0.69 0.96				3.50 4.90
Equity Index	Institutional Investor		1,000.00 1,000.00		1,024.37 1,023.03		0.15 0.41				0.77 2.11
Value Equity	Institutional Investor		1,000.00 1,000.00		1,022.16 1,020.80		0.59 0.85				2.98 4.34
Growth Equity	Institutional Investor		1,000.00 1,000.00		1,021.36 1,020.03		0.74 1.00				3.78 5.11
Small Cap Equity	Institutional Investor		1,000.00 1,000.00		1,020.05 1,018.72		1.00 1.26				5.09 6.42
International Equity Index	Institutional		1,000.00		1,022.25		0.57				2.89
International Equity (4)	Institutional Investor		1,000.00 1,000.00		1,020.34 1,018.96		0.94 1.21				4.80 6.18
Emerging Markets Equity	Institutional Investor		1,000.00 1,000.00		1,018.45 1,017.19		1.31 1.56				6.69 7.95
Inflation Protected Bond	Institutional Investor		1,000.00 1,000.00		1,023.05 1,021.59		0.41 0.70				2.09 3.55
Flexible Income	Investor		1,000.00		1,019.47		1.11				5.67
Real Estate Securities	Institutional Investor		1,000.00 1,000.00		1,020.83 1,019.38		0.85 1.13				4.31 5.76
Global Natural Resources Equity	Investor		1,000.00		1,018.83		1.24				6.31

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

(2) Expenses are equal to the Fund’s annualized expense ratios for the period July 1, 2016 through December 31, 2016, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

(3) Expenses include non-routine extraordinary expenses amounting to 0.10% of average net assets. See Note 13 in Notes to Financial Statements.

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

13

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INVESTMENT ABBREVIATIONS:
ACES	—	Alternative Credit Enhancement Securities
ADR	—	American Depositary Receipt
CDX	—	A series of indices that track North American and emerging market credit derivative indexes.
CETIP	—	Latin America’s largest central depository for securities and derivatives.
CLO	—	Collateralized Loan Obligation
CMBS	—	Commercial Mortgage-Backed Securities
CMBX	—	A group of indices made up of 25 tranches of commercial mortgage-backed securities (CMBS), each with different credit ratings.
CONV	—	Convertible
CVA	—	Dutch Certificate
DIP	—	Debtor in Possession
GDR	—	Global Depositary Receipt
IO	—	Interest Only (Principal amount shown is notional)
JIBAR	—	Johannesburg Interbank Agreed Rate
KLIBOR	—	Kuala Lumpur Interbank Offer Rate
KORIBOR	—	Korea Interbank Offer Rate
LIBOR	—	London Interbank Offered Rate
LLC	—	Limited Liability Company
LP	—	Limited Partnership
MXN- TIIE- Banxico	—	The Equilibrium Interbank Interest Rate (“TIIE”) represents interbank credit transactions in local currency (MXN).
NVDR	—	Non-Voting Depository Receipt
PCL	—	Public Company Limited
PIK	—	Payment-in-Kind Bonds
PIPE	—	Private Investment in Public Equity
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
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, 2016, the total market values and percentages of net assets for 144A securities by fund were as follows:

Fund	Value of 144A Securities			Percentage of Net Assets
Low-Duration Bond		$	208,716,341		24.09	%
Medium-Duration Bond			115,402,815		11.19
Extended-Duration Bond			12,325,559		5.24
Global Bond			87,599,894		20.47
Defensive Market Strategies			28,352,060		3.44
International Equity Index			614,128		0.46
International Equity			10,649,388		0.83
Emerging Markets Equity			3,258,513		0.97
Real Estate Securities			849,464		0.38
Flexible Income Fund			4,762,619		3.09

INVESTMENT FOOTNOTES:
‡‡	—	All or a portion of the security was held as collateral for open futures, options, securities sold short and/or swap contracts.
*	—	Non-income producing security.
#	—	Security in default.
§	—	Security purchased with the cash proceeds from securities loaned.
†	—	Variable rate security. Rate shown reflects the rate in effect as of December 31, 2016. Maturity date for money market instruments is the date of the next interest rate reset.
W	—	Rate shown reflects the effective yield as of December 31, 2016.
¥	—	Affiliated fund.
D	—	Security either partially or fully on loan.
S	—	All or a portion of this position has not settled. Full contract rates do not take effect until settlement date.
+	—	Security is valued at fair value by the Valuation Committee (see Note 1 in Notes to Financial Statements). As of December 31, 2016, the total market values and percentages of net assets for Fair Valued securities by fund were as follows:

Fund	Value of Fair Valued Securities			Percentage of Net Assets
Low-Duration Bond		$	5,208,154		0.60	%
Medium-Duration Bond			6,353,739		0.62
Global Bond			3,213,002		0.75
Defensive Market Strategies			4,282,614		0.52
Small Cap Equity			—		—
International Equity Index			2,641		—
International Equity			86,722		0.01
Emerging Markets Equity			1,393,152		0.42
Flexible Income Fund			438,845		0.29
Global Natural
Resources Equity Fund			1,561,600		0.70

14

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

FOREIGN BOND FOOTNOTES:
(A)	—	Par is denominated in Australian Dollars (AUD).
(B)	—	Par is denominated in Brazilian Real (BRL).
(C)	—	Par is denominated in Canadian Dollars (CAD).
(D)	—	Par is denominated in Danish Kroner (DKK).
(E)	—	Par is denominated in Euro (EUR).
(J)	—	Par is denominated in Japanese Yen (JPY).
(K)	—	Par is denominated in Norwegian Krone (NOK).
(M)	—	Par is denominated in Mexican Pesos (MXN).
(P)	—	Par is denominated in Polish Zloty (PLN).
(Q)	—	Par is denominated in Russian Ruble (RUB).
(S)	—	Par is denominated in SouthAfrican Rand (ZAR).
(U)	—	Par is denominated in British Pounds (GBP).
(V)	—	Par is denominated in Dominican Peso (DOP).
(X)	—	Par is denominated in Colombian Peso (COP).
(Y)	—	Par is denominated in Chinese Yuan (CNY).
(Z)	—	Par is denominated in NewZealand Dollars (NZD).

COUNTERPARTY ABBREVIATIONS:
BAR	—	Counterparty to contract is Barclays Capital.
BNP	—	Counterparty to contract is BNP Paribas.
BOA	—	Counterparty to contract is Bank of America.
CITI	—	Counterparty to contract is Citibank NA London.
CITIC	—	Counterparty to contract is Citicorp.
CITIG	—	Counterparty to contract is Citigroup.
CME	—	Counterparty to contract is Chicago Mercantile Exchange.
CS	—	Counterparty to contract is Credit Suisse International.
CWB	—	Counterparty to contract is Commonwealth Bank.
DEUT	—	Counterparty to contract is Deutsche Bank AG.
GSC	—	Counterparty to contract is Goldman Sachs Capital Markets, LP.
HKSB	—	Counterparty to contract is Hong Kong & Shanghai Bank.
HSBC	—	Counterparty to contract is HSBC Securities.
ICE	—	Counterparty to contract is Intercontinental Exchange.
JPM	—	Counterparty to contract is JPMorgan Chase Bank.
LCH	—	Counterparty to contract is LCH.Clearnet
MLCS	—	Counterparty to contract is Merrill Lynch Capital Services, Inc.
MSCS	—	Counterparty to contract is Morgan Stanley Capital Services.
NAB	—	Counterparty to contract is National Australia Bank.
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.

15

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INDEX DEFINITIONS:

The BofA Merrill Lynch 1-3 Year US 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 Bloomberg Barclays Global Aggregate Bond Index provides a broad-based measure of the global investment grade fixed-rate debt markets.

The Bloomberg Barclays US 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 Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Bond Index is an issuer-constrained version of the Bloomberg Barclays US 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 Bloomberg Barclays US Long Credit Index is composed of a subset of the Bloomberg Barclays US 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 Bloomberg Barclays US Long Government Bond Index is composed of securities in the long (more than 10 years) range of the Bloomberg Barclays US Government Index and is composed of a subset of the Bloomberg 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 Bloomberg Barclays US TIPS (Series-L) 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 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 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 J.P. Morgan EMBI Plus is a traditional, market-capitalization weighted index comprised of U.S. dollar denominated Brady bonds, Eurobonds and traded loans issued by sovereign entities.

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

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

The MSCI 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 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.

16

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

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

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

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

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

17

MyDestination 2005 Fund (Unaudited)

The Fund, through investments in the 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 targeted allocations were approximately 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 Asset Select Funds as of December 31, 2016.

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 5.07% for the one-year period ended December 31, 2016. Contribution to performance from the U.S. Equity Select Funds was positive for absolute performance. The Defensive Market Strategies Fund was the largest Equity Select Fund contributor to absolute performance, benefiting from volatility and strong alpha generation. International equity exposure, including both developed and emerging markets, added modestly to performance. Non-U.S. developed equity markets underperformed their U.S. counterpart due to slower economic growth, a strengthening U.S. dollar and a reliance on further monetary policy. The Fund’s fixed-income allocation meaningfully added to investment returns, as the Low-Duration Bond Fund was the largest contributor overall. Real assets were a significant driver of positive absolute performance, led by the Global Natural Resources Equity Fund which benefited from the rally in commodity prices during the year.

The Fund outperformed its composite benchmark in 2016 (5.07% versus 4.69%). The largest contributors to relative outperformance were the Defensive Market Strategies Fund and the Low-Duration Bond Fund. The largest negative detractor to relative performance was the Growth Equity Fund.

The Fund attempted to achieve its objective by investing in the 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, 2016, 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		55.8
U.S. Equity Select Funds		19.3
Real Return Select Funds		17.7
Non-U.S. Equity Select Funds		7.1
U.S. Treasury Obligations		0.1
		100.0

18

MyDestination 2005 Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Investor Class*	Benchmark**
One Year	5.07%	4.69%
Five Year	4.15%	3.99%
Ten Year	3.36%	3.49%
Since Inception	3.35%	3.49%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	0.89%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2006 to December 31, 2016, 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 2016, consisting of 41.17% of the BofA Merrill Lynch 1-3 Year US Treasury Index, 10.98% of the Bloomberg Barclays US Aggregate Bond Index, 1.39% of the Bloomberg Barclays Global Aggregate Bond Index, 0.70% of the Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Bond Index, 0.70% of the J.P. Morgan EMBI Plus, 10.00% of the Bloomberg Barclays US TIPS (Series-L) Index, 4.52% of the Citigroup 3-Month Treasury Bill Index, 7.73% of the S&P 500^® Index, 5.06% of the S&P/LSTA U.S. BB- Ratings and Above Loan Index, 1.02% of the FTSE EPRA/ NAREIT Developed Index, 3.21% of the Russell 1000^® Value Index, 3.21% of the Russell 1000^® Growth Index, 1.06% of the Russell 2000^® Index, 1.99% of the MSCI World Commodity Producers Index, 5.75% of the MSCI EAFE Index and 1.51% of the MSCI Emerging Markets 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.

19

MYDESTINATION 2005 FUND SCHEDULE OF INVESTMENTS December 31, 2015

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		2,082,944	$	2,082,944
GuideStone Low-Duration Bond Fund (Institutional Class)¥		3,286,417		43,840,804
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		808,651		11,693,091
GuideStone Global Bond Fund (Institutional Class)¥		306,684		2,968,705
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		808,029		9,615,544
GuideStone Equity Index Fund (Institutional Class)¥		138,668		3,422,329
GuideStone Value Equity Fund (Institutional Class)¥		161,251		3,415,296
GuideStone Growth Equity Fund (Institutional Class)¥		162,367		3,422,702
GuideStone Small Cap Equity Fund (Institutional Class)¥		64,643		1,133,189
GuideStone International Equity Index Fund (Institutional Class)¥		230,244		2,039,966
GuideStone International Equity Fund (Institutional Class)¥		309,978		4,079,310
GuideStone Emerging Market Equity Fund (Institutional Class)¥		196,627		1,608,408

	Shares		Value
GuideStone Inflation Protected Bond Fund (Institutional Class)¥		1,038,646		$  10,646,124
GuideStone Flexible Income Fund (Investor Class)¥		562,923		5,387,169
GuideStone Real Estate Securities Fund (Institutional Class)¥		118,937		1,082,331
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		286,169		2,123,372
Total Mutual Funds (Cost $110,186,574)				108,561,284
	Par
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bills
0.48%, 03/02/17W‡‡		$  50,000		49,962
0.60%, 06/22/17W‡‡		50,000		49,855
Total U.S. Treasury Obligations (Cost $99,824)				99,817
TOTAL INVESTMENTS — 100.0% (Cost $110,286,398)				108,661,101
Liabilities in Excess of Other Assets — 0.0%				(25,577	)
NET ASSETS — 100.0%			$	108,635,524

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	108,561,284		$	108,561,284		$	—		$	—
U.S. Treasury Obligations			99,817			—			99,817			—
Total Assets - Investments in Securities		$	108,661,101		$	108,561,284		$	99,817		$	—
Other Financial Instruments***
Futures Contracts		$	3,850		$	3,850		$	—		$	—
Total Assets - Other Financial Instruments		$	3,850		$	3,850		$	—		$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

20 See Notes to Financial Statements.

MyDestination 2015 Fund (Unaudited)

The Fund, through investments in the 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 targeted allocations were approximately 37.00% Fixed Income Select Funds, 36.00% U.S. Equity Select Funds, 15.00% Non-U.S. Equity Select Funds and 12.00% Real Asset Select Funds as of December 31, 2016.

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 6.99% for the one-year period ended December 31, 2016. Contribution to performance from the U.S. Equity Select Funds was positive for absolute performance. The Defensive Market Strategies Fund was the largest Equity Select Fund contributor to absolute performance, benefiting from volatility and strong alpha generation. International equity exposure, including both developed and emerging markets, added modestly to performance. Non-U.S. developed equity markets underperformed their U.S. counterpart due to slower economic growth, a strengthening U.S. dollar and a reliance on further monetary policy. The Fund’s fixed-income allocation meaningfully added to investment returns, and the Global Bond Fund was the largest Fixed Income Select Fund contributor. Real assets were a significant driver of positive absolute performance, led by the Global Natural Resources Equity Fund which benefited from the rally in commodity prices during the year.

The Fund outperformed its composite benchmark in 2016 (6.99% versus 6.40%). The largest contributors to relative outperformance were the Global Natural Resources Equity Fund and the Defensive Market Strategies Fund. The largest negative detractor to relative performance was the Growth Equity Fund.

The Fund attempted to achieve its objective by investing in the 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, 2016, 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		37.8
U.S. Equity Select Funds		35.9
Non-U.S. Equity Select Funds		14.4
Real Return Select Funds		11.8
U.S. Treasury Obligation		0.1
		100.0

21

MyDestination 2015 Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Investor Class*	Benchmark**
One Year	6.99%	6.40%
Five Year	6.02%	5.76%
Ten Year	3.91%	4.07%
Since Inception	3.91%	4.06%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	0.96%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2006 to December 31, 2016, 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 2016, consisting of 11.00% of the BofA Merrill Lynch 1-3 Year US Treasury Index, 18.48% of the Bloomberg Barclays US Aggregate Bond Index, 3.67% of the Bloomberg Barclays Global Aggregate Bond Index, 1.83% of the Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Bond Index, 1.83% of the J.P. Morgan EMBI Plus, 6.26% of the Bloomberg Barclays US TIPS (Series-L) Index, 8.65% of the Citigroup 3-Month Treasury Bill Index, 14.18% of the S&P 500^® Index, 3.46% of the S&P/LSTA U.S. BB- Ratings and Above Loan Index, 0.79% of the FTSE EPRA/ NAREIT Developed Index, 6.13% of the Russell 1000^® Value Index, 5.45% of the Russell 1000^® Growth Index, 2.08% of the Russell 2000^® Index, 1.51% of the MSCI World Commodity Producers Index, 11.56% of the MSCI EAFE Index and 3.12% of the MSCI Emerging Markets 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.

22

MYDESTINATION 2015 FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		8,126,942		$	8,126,942
GuideStone Low-Duration Bond Fund (Institutional Class)¥		4,344,876			57,960,641
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		6,734,089			97,374,922
GuideStone Global Bond Fund (Institutional Class)¥		3,985,629			38,580,890
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		7,657,919			91,129,231
GuideStone Equity Index Fund (Institutional Class)¥		1,181,144			29,150,637
GuideStone Value Equity Fund (Institutional Class)¥		1,525,949			32,319,605
GuideStone Growth Equity Fund (Institutional Class)¥		1,363,047			28,733,033
GuideStone Small Cap Equity Fund (Institutional Class)¥		625,376			10,962,847
GuideStone International Equity Index Fund (Institutional Class)¥		2,263,905			20,058,201
GuideStone International Equity Fund (Institutional Class)¥		3,102,968			40,835,063
GuideStone Emerging Market Equity Fund (Institutional Class)¥		2,007,525			16,421,555

	Shares		Value
GuideStone Inflation Protected Bond Fund (Institutional Class)¥		3,219,970	$	33,004,691
GuideStone Flexible Income Fund (Investor Class)¥		1,907,592		18,255,658
GuideStone Real Estate Securities Fund (Institutional Class)¥		455,138		4,141,753
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		1,073,768		7,967,361
Total Mutual Funds (Cost $555,925,819)				535,023,030
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill 0.60%, 06/22/17W‡‡ (Cost $299,161)	$	300,000		299,129
TOTAL INVESTMENTS — 100.0% (Cost $556,224,980)				535,322,159
Other Assets in Excess of Liabilities — 0.0%				78,421
NET ASSETS — 100.0%			$	535,400,580

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	535,023,030			$	535,023,030			$	—		$	—
U.S. Treasury Obligation			299,129				—				299,129			—
Total Assets - Investments in Securities		$	535,322,159			$	535,023,030			$	299,129		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(39,534	)		$	(39,534	)		$	—		$	—
Total Liabilities - Other Financial Instruments		$	(39,534	)		$	(39,534	)		$	—		$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

See Notes to Financial Statements. 23

MyDestination 2025 Fund (Unaudited)

The Fund, through investments in the 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 targeted allocations were approximately 26.00% Fixed Income Select Funds, 46.00% U.S. Equity Select Funds, 20.00% Non-U.S. Equity Select Funds and 8.00% Real Asset Select Funds as of December 31, 2016.

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 8.01% for the one-year period ended December 31, 2016. Contribution to performance from the U.S. Equity Select Funds was positive for absolute performance. The Defensive Market Strategies Fund was the largest Equity Select Fund contributor to absolute performance, benefiting from volatility and strong alpha generation. International equity exposure, including both developed and emerging markets, added modestly to performance. Non-U.S. developed equity markets underperformed their U.S. counterpart due to slower economic growth, a strengthening U.S. dollar and a reliance on further monetary policy. The Fund’s fixed-income allocation meaningfully added to investment returns, and the Global Bond Fund was the largest Fixed Income Select Fund contributor. Real assets were a significant driver of positive absolute performance, led by the Global Natural Resources Equity Fund which benefited from the rally in commodity prices during the year.

The Fund outperformed its composite benchmark in 2016 (8.01% versus 7.71%). The largest contributors to relative outperformance were the Global Natural Resources Equity Fund and the Defensive Market Strategies Fund. The largest negative detractor to relative performance was the Growth Equity Fund.

The Fund attempted to achieve its objective by investing in the 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, 2016, 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		45.6
Fixed Income Select Funds		27.3
Non-U.S. Equity Select Funds		19.4
Real Return Select Funds		7.6
U.S. Treasury Obligation		0.1
		100.0

24

MyDestination 2025 Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Investor Class*	Benchmark**
One Year	8.01%	7.71%
Five Year	7.40%	7.28%
Ten Year	3.91%	4.26%
Since Inception	3.91%	4.25%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	1.00%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the10-year period from December 31, 2006 to December 31, 2016, 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 2016, consisting of 1.42% of the BofA Merrill Lynch 1-3 Year US Treasury Index, 19.33% of the Bloomberg Barclays US Aggregate Bond Index, 2.57% of the Bloomberg Barclays Global Aggregate Bond Index, 1.29% of the Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Bond Index, 1.29% of the J.P. Morgan EMBI Plus, 2.21% of the Bloomberg Barclays US TIPS (Series-L) Index, 8.95% of the Citigroup 3-Month Treasury Bill Index, 17.26% of the S&P 500^® Index, 1.97% of the S&P/LSTA U.S. BB- Ratings and Above Loan Index, 1.17% of the FTSE EPRA/ NAREIT Developed Index, 9.00% of the Russell 1000^® Value Index, 8.19% of the Russell 1000^® Growth Index, 3.11% of the Russell 2000^® Index, 2.43% of the MSCI World Commodity Producers Index, 15.66% of the MSCI EAFE Index and 4.15% of the MSCI Emerging Markets 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.

25

MYDESTINATION 2025 FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		16,076,040		$	16,076,040
GuideStone Low-Duration Bond Fund (Institutional Class)¥		893,313			11,916,802
GuideStone Medium- Duration Bond Fund (Institutional Class)¥		11,205,838			162,036,420
GuideStone Global Bond Fund (Institutional Class)¥		4,444,538			43,023,128
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		12,622,312			150,205,509
GuideStone Equity Index Fund (Institutional Class)¥		2,824,145			69,699,890
GuideStone Value Equity Fund (Institutional Class)¥		3,562,310			75,449,730
GuideStone Growth Equity Fund (Institutional Class)¥		3,257,746			68,673,278
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,488,544			26,094,170
GuideStone International Equity Index Fund (Institutional Class)¥		4,859,762			43,057,488
GuideStone International Equity Fund (Institutional Class)¥		6,700,798			88,182,506
GuideStone Emerging Market Equity Fund (Institutional Class)¥		4,249,357			34,759,743

	Shares		Value
GuideStone Inflation Protected Bond Fund (Institutional Class)¥		1,810,722	$	18,559,904
GuideStone Flexible Income Fund (Investor Class)¥		1,721,992		16,479,467
GuideStone Real Estate Securities Fund (Institutional Class)¥		1,081,270		9,839,557
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		2,748,056		20,390,572
Total Mutual Funds (Cost $893,793,152)				854,444,204
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
0.60%, 06/22/17W‡‡ (Cost $498,602)	$	500,000		498,550
TOTAL INVESTMENTS — 100.0% (Cost $894,291,754)				854,942,754
Other Assets in Excess of Liabilities — 0.0%				228,518
NET ASSETS — 100.0%			$	855,171,272

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	854,444,204			$	854,444,204			$	—		$	—
U.S. Treasury Obligation			498,550				—				498,550			—
Total Assets - Investments in Securities		$	854,942,754			$	854,444,204			$	498,550		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(76,877	)		$	(76,877	)		$	—		$	—
Total Liabilities - Other Financial Instruments		$	(76,877	)		$	(76,877	)		$	—		$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

26 See Notes to Financial Statements.

MyDestination 2035 Fund (Unaudited)

The Fund, through investments in the Select Funds, combines 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 targeted allocations were approximately 20.00% Fixed Income Select Funds, 49.00% U.S. Equity Select Funds, 26.00% Non-U.S. Equity Select Funds and 5.00% Real Asset Select Funds as of December 31, 2016.

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 8.38% for the one-year period ended December 31, 2016. Contribution to performance from the U.S. Equity Select Funds was positive for absolute performance. The Value Equity Fund was the largest Equity Select Fund contributor to absolute performance, as value stocks outperformed growth stocks for the year. International equity exposure, including both developed and emerging markets, added modestly to performance. Non-U.S. developed equity markets underperformed their U.S. counterpart due to slower economic growth, a strengthening U.S. dollar and a reliance on further monetary policy. The Fund’s fixed-income allocation meaningfully added to investment returns, and the Global Bond Fund was the largest Fixed Income Select Fund contributor. Real assets were a positive contributor to absolute performance, led by the Global Natural Resources Equity Fund which benefited from the rally in commodity prices during the year.

The Fund underperformed its composite benchmark in 2016 (8.38% versus 9.39%). The largest contributors to relative underperformance were the Growth Equity Fund and the Value Equity Fund. The largest contributors to relative performance were the Global Natural Resource Equity Fund and the International Equity Fund.

The Fund attempted to achieve its objective by investing in the 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, 2016, 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		48.2
Non-U.S. Equity Select Funds		25.3
Fixed Income Select Funds		21.5
Real Return Select Funds		4.9
U.S. Treasury Obligation		0.1
		100.0

27

MyDestination 2035 Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Investor Class*	Benchmark**
One Year	8.38%	9.39%
Five Year	8.51%	9.21%
Ten Year	3.61%	4.43%
Since Inception	3.61%	4.43%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	1.06%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2006 to December 31, 2016, 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 2016, consisting of 0.05% of the BofA Merrill Lynch 1-3 Year US Treasury Index, 15.70% of the Bloomberg Barclays US Aggregate Bond Index, 1.95% of the Bloomberg Barclays Global Aggregate Bond Index, 0.98% of the Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Bond Index, 0.98% of the J.P. Morgan EMBI Plus, 1.42% of the Citigroup 3-Month Treasury Bill Index, 15.10% of the S&P 500^® Index, 1.64% of the FTSE EPRA/ NAREIT Developed Index, 14.43% of the Russell 1000^® Value Index, 13.59% of the Russell 1000^® Growth Index, 4.82% of the Russell 2000^® Index, 3.37% of the MSCI World Commodity Producers Index, 20.32% of the MSCI EAFE Index and 5.65% of the MSCI Emerging Markets 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.

28

MYDESTINATION 2035 FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		11,320,501		$	11,320,501
GuideStone Low-Duration Bond Fund (Institutional Class)¥		16,417			218,997
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		5,075,433			73,390,758
GuideStone Global Bond Fund (Institutional Class)¥		1,888,339			18,279,121
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		1,112,946			13,244,061
GuideStone Equity Index Fund (Institutional Class)¥		2,591,547			63,959,378
GuideStone Value Equity Fund (Institutional Class)¥		3,185,114			67,460,714
GuideStone Growth Equity Fund (Institutional Class)¥		3,013,169			63,517,607
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,285,612			22,536,771
GuideStone International Equity Index Fund (Institutional Class)¥		3,514,791			31,141,049
GuideStone International Equity Fund (Institutional Class)¥		4,852,443			63,858,153

	Shares		Value
GuideStone Emerging Market Equity Fund (Institutional Class)¥		3,227,298	$	26,399,295
GuideStone Real Estate Securities Fund (Institutional Class)¥		843,510		7,675,943
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		2,125,876		15,774,003
Total Mutual Funds (Cost $509,978,061)				478,776,351
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
0.60%, 06/22/17W‡‡ (Cost $498,601)	$	500,000		498,549
TOTAL INVESTMENTS — 100.0% (Cost $510,476,662)				479,274,900
Liabilities in Excess of Other Assets — 0.0%				(223,435	)
NET ASSETS — 100.0%			$	479,051,465

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	478,776,351			$	478,776,351			$	—		$	—
U.S. Treasury Obligation			498,549				—				498,549			—
Total Assets - Investments in Securities		$	479,274,900			$	478,776,351			$	498,549		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(79,204	)		$	(79,204	)		$	—		$	—
Total Liabilities - Other Financial Instruments		$	(79,204	)		$	(79,204	)		$	—		$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

See Notes to Financial Statements. 29

MyDestination 2045 Fund (Unaudited)

The Fund, through investments in the 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 targeted allocations were approximately 11.00% Fixed Income Select Funds, 55.00% U.S. Equity Select Funds, 29.00% Non-U.S. Equity Select Funds and 5.00% Real Asset Select Funds as of December 31, 2016.

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 8.45% for the one-year period ended December 31, 2016. Contribution to performance from the U.S. Equity Select Funds was positive for absolute performance. The Value Equity Fund was the largest Equity Select Fund contributor to absolute performance, as value stocks outperformed growth stocks for the year. International equity exposure, including both developed and emerging markets, added modestly to performance. Non-U.S. developed equity markets underperformed their U.S. counterpart due to slower economic growth, a strengthening U.S. dollar and a reliance on further monetary policy. The Fund’s fixed-income allocation meaningfully added to investment returns, and the Global Bond Fund was the largest Fixed Income Select Fund contributor. Real assets were a positive contributor to absolute performance, led by the Global Natural Resources Equity Fund which benefited from the rally in commodity prices during the year.

The Fund underperformed its composite benchmark in 2016 (8.45% versus 9.90%). The largest contributors to relative underperformance were the Growth Equity Fund and the Value Equity Fund. The largest contributors to relative performance were the Global Natural Resources Equity Fund and the International Equity Fund.

The Fund attempted to achieve its objective by investing in the 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, 2016, 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		53.3
Non-U.S. Equity Select Funds		28.7
Fixed Income Select Funds		12.9
Real Return Select Funds		5.0
U.S. Treasury Obligation		0.1
		100.0

30

MyDestination 2045 Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Investor Class*	Benchmark**
One Year	8.45%	9.90%
Five Year	8.80%	9.71%
Ten Year	3.42%	4.34%
Since Inception	3.41%	4.33%
Inception Date	12/29/06
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	1.10%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph illustrates the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2006 to December 31, 2016, 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 2016, consisting of 8.68% of the Bloomberg Barclays US Aggregate Bond Index, 2.17% of the Bloomberg Barclays Global Aggregate Bond Index, 16.14% of the S&P 500^® Index, 1.68% of the FTSE EPRA/NAREIT Developed Index, 16.75% of the Russell 1000^® Value Index, 16.02% of the Russell 1000^® Growth Index, 5.71% of the Russell 2000^® Index, 3.45% of the MSCI World Commodity Producers Index, 23.20% of the MSCI EAFE Index and 6.20% of the MSCI Emerging Markets 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.

31

MYDESTINATION 2045 FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		7,921,165	$	7,921,165
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		2,077,559		30,041,505
GuideStone Global Bond Fund (Institutional Class)¥		774,142		7,493,694
GuideStone Equity Index Fund (Institutional Class)¥		2,261,964		55,825,267
GuideStone Value Equity Fund (Institutional Class)¥		2,734,951		57,926,268
GuideStone Growth Equity Fund (Institutional Class)¥		2,628,451		55,407,757
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,126,548		19,748,385
GuideStone International Equity Index Fund (Institutional Class)¥		2,989,128		26,483,670
GuideStone International Equity Fund (Institutional Class)¥		4,087,837		53,795,935
GuideStone Emerging Market Equity Fund (Institutional Class)¥		2,623,638		21,461,359

	Shares			Value
GuideStone Real Estate Securities Fund (Institutional Class)¥			638,419	$	5,809,609
GuideStone Global Natural Resources Equity Fund (Investor Class)¥			1,606,170		11,917,783
Total Mutual Funds (Cost $376,686,527)					353,832,397
		Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
0.60%, 06/22/17W‡‡
(Cost $398,881)		$	400,000		398,840
TOTAL INVESTMENTS — 100.0% (Cost $377,085,408)					354,231,237
Other Assets in Excess of Liabilities — 0.0%					40,068
NET ASSETS — 100.0%				$	354,271,305

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	353,832,397			$	353,832,397			$	—		$	—
U.S. Treasury Obligation			398,840				—				398,840			—
Total Assets - Investments in Securities		$	354,231,237			$	353,832,397			$	398,840		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(49,968	)		$	(49,968	)		$	—		$	—
Total Liabilities - Other Financial Instruments		$	(49,968	)		$	(49,968	)		$	—		$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

32 See Notes to Financial Statements.

MyDestination 2055 Fund (Unaudited)

The Fund, through investments in the 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 targeted allocations were approximately 7.00% Fixed Income Select Funds, 57.00% U.S. Equity Select Funds, 31.00% Non-U.S. Equity Select Funds and 5.00% Real Asset Select Funds as of December 31, 2016.

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 8.81% for the one-year period ended December 31, 2016. Contribution to performance from the U.S. Equity Select Funds was positive for absolute performance. The Value Equity Fund was the largest Equity Select Fund contributor to absolute performance, as value stocks outperformed growth stocks for the year. International equity exposure, including both developed and emerging markets, added modestly to performance. Non-U.S. developed equity markets underperformed their U.S. counterpart due to slower economic growth, a strengthening U.S. dollar and a reliance on further monetary policy. The Fund’s fixed-income allocation meaningfully added to investment returns, and the Global Bond Fund was the largest Fixed Income Select Fund contributor. Real assets were a positive contributor to absolute performance, led by the Global Natural Resources Equity Fund which benefited from the rally in commodity prices during the year.

The Fund underperformed its composite benchmark in 2016 (8.81% versus 10.05%). The largest contributors to relative underperformance were the Growth Equity Fund and the Value Equity Fund. The largest contributors to relative performance were the Global Natural Resources Equity Fund and the International Equity Fund.

The Fund attempted to achieve its objective by investing in the 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, 2016, 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		55.5
Non-U.S. Equity Select Funds		30.4
Fixed Income Select Funds		9.0
Real Return Select Funds		4.9
U.S. Treasury Obligations		0.1
		99.9

33

MyDestination 2055 Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Investor Class*	Benchmark**
One Year	8.81%	10.05%
Five Year	8.42%	9.81%
Since Inception	8.41%	9.97%
Inception Date	01/01/12
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	1.10%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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 2016, consisting of 5.62% of the Bloomberg Barclays US Aggregate Bond Index, 1.40% of the Bloomberg Barclays Global Aggregate Bond Index, 16.89% of the S&P 500^® Index, 1.70% of the FTSE EPRA/NAREIT Developed Index, 17.15% of the Russell 1000^® Value Index, 17.10% of the Russell 1000^® Growth Index, 5.70% of the Russell 2000^® Index, 3.34% of the MSCI World Commodity Producers Index, 24.55% of the MSCI EAFE Index and 6.55% of the MSCI Emerging Markets 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.

34

MYDESTINATION 2055 FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Shares		Value
MUTUAL FUNDS — 99.8%
GuideStone Money Market Fund (Institutional Class)¥		1,376,052		$	1,376,052
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		238,725			3,451,964
GuideStone Global Bond Fund (Institutional Class)¥		89,027			861,786
GuideStone Equity Index Fund (Institutional Class)¥		420,630			10,381,140
GuideStone Value Equity Fund (Institutional Class)¥		497,607			10,539,322
GuideStone Growth Equity Fund (Institutional Class)¥		498,538			10,509,181
GuideStone Small Cap Equity Fund (Institutional Class)¥		199,870			3,503,719
GuideStone International Equity Index Fund (Institutional Class)¥		561,769			4,977,272
GuideStone International Equity Fund (Institutional Class)¥		767,968			10,106,465
GuideStone Emerging Market Equity Fund (Institutional Class)¥		491,756			4,022,560

	Shares		Value
GuideStone Real Estate Securities Fund (Institutional Class)¥		114,898		$	1,045,571
GuideStone Global Natural Resources Equity Fund (Investor Class)¥		276,335			2,050,406
Total Mutual Funds (Cost $64,204,660)					62,825,438
	Par
U.S. TREASURY OBLIGATIONS — 0.1%
U.S. Treasury Bills
0.48%, 03/02/17W‡‡	$	50,000			49,962
0.60%, 06/22/17W‡‡		50,000			49,855
Total U.S. Treasury Obligations (Cost $99,824)					99,817
TOTAL INVESTMENTS — 99.9% (Cost $64,304,484)					62,925,255
Other Assets in Excess of Liabilities — 0.1%					48,126
NET ASSETS — 100.0%				$	62,973,381

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	62,825,438			$	62,825,438			$	—		$	—
U.S. Treasury Obligations			99,817				—				99,817			—
Total Assets - Investments in Securities		$	62,925,255			$	62,825,438			$	99,817		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(3,773	)		$	(3,773	)		$	—		$	—
Total Liabilities - Other Financial Instruments		$	(3,773	)		$	(3,773	)		$	—		$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

See Notes to Financial Statements. 35

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2016

	MyDestination 2005 Fund			MyDestination 2015 Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	99,817		$	299,129
Investments in securities of affiliated issuers, at value		108,561,284			535,023,030
Total investments (1)		108,661,101			535,322,159
Cash		8,069			—
Receivables:
Dividends		520			2,551
Receivable from advisor		9,908			—
Fund shares sold		12,979			228,123
Variation margin on financial futures contracts		1,386			11,459
Prepaid expenses and other assets		12,960			15,227
Total Assets		108,706,923			535,579,519
Liabilities
Cash overdraft		—			9
Payables:
Fund shares redeemed		13,903			—
Variation margin on financial futures contracts		2,225			10,795
Accrued expenses:
Investment advisory fees		—			19,458
Shareholder servicing fees		23,042			112,385
Other expenses		32,229			36,292
Total Liabilities		71,399			178,939
Net Assets	$	108,635,524		$	535,400,580
Net Assets Consist of:
Paid-in-capital	$	110,993,321		$	552,863,272
Accumulated net investment income		249,533			2,262,782
Undistributed (accumulated) net realized gain (loss) on investments and derivative transactions		(985,883	)		1,216,881
Net unrealized appreciation (depreciation) on investments and derivative transactions		(1,621,447	)		(20,942,355	)
Net Assets	$	108,635,524		$	535,400,580
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Investor Class	$	108,635,524		$	535,400,580
Investor shares outstanding		10,863,342			56,142,721
Net asset value, offering and redemption price per Investor share	$	10.00		$	9.54

(1) Investments in securities of unaffiliated issuers, at cost	$	99,824	$	299,161
Investments in securities of affiliated issuers, at cost		110,186,574		555,925,819
Total investments at cost	$	110,286,398	$	556,224,980

36 See Notes to Financial Statements.

MyDestination 2025 Fund			MyDestination 2035 Fund			MyDestination 2045 Fund			MyDestination 2055 Fund
$	498,550		$	498,549		$	398,840		$	99,817
	854,444,204			478,776,351			353,832,397			62,825,438
	854,942,754			479,274,900			354,231,237			62,925,255
	—			—			—			—
	4,357			3,056			2,236			399
	—			—			—			10,744
	483,204			232,957			150,895			63,264
	20,196			13,558			8,716			—
	15,446			13,964			14,018			12,294
	855,465,957			479,538,435			354,407,102			63,011,956
	14			29			23			4
	—			307,490			—			724
	28,225			27,936			22,015			4,450
	40,129			16,293			8,216			—
	179,034			100,052			74,260			12,958
	47,283			35,170			31,283			20,439
	294,685			486,970			135,797			38,575
$	855,171,272		$	479,051,465		$	354,271,305		$	62,973,381
$	887,243,723		$	506,863,452		$	375,071,714		$	64,887,225
	4,838,586			3,592,329			3,015,645			105,716
	2,514,840			(123,350	)		(911,915	)		(636,558	)
	(39,425,877	)		(31,280,966	)		(22,904,139	)		(1,383,002	)
$	855,171,272		$	479,051,465		$	354,271,305		$	62,973,381
$	855,171,272		$	479,051,465		$	354,271,305		$	62,973,381
	92,198,289			54,968,219			42,738,200			5,448,953
$	9.28		$	8.72		$	8.29		$	11.56
$	498,602		$	498,601		$	398,881		$	99,824
	893,793,152			509,978,061			376,686,527			64,204,660
$	894,291,754		$	510,476,662		$	377,085,408		$	64,304,484

See Notes to Financial Statements. 37

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2016

	MyDestination 2005 Fund			MyDestination 2015 Fund
Investment Income
Income distributions received from affiliated funds	$	1,885,029		$	10,195,794
Interest		274			936
Total Investment Income		1,885,303			10,196,730
Expenses
Investment advisory fees		107,286			517,286
Transfer agent fees:
Investor Shares		21,287			28,854
Custodian fees		20,053			22,412
Shareholder servicing fees:
Investor Shares		262,999			1,273,251
Accounting and administration fees		9,835			30,817
Professional fees		122,534			59,492
Blue sky fees:
Investor Shares		17,737			22,598
Shareholder reporting fees:
Investor Shares		6,392			17,589
Trustee expenses		921			4,429
Line of credit facility fees and interest expense		1,285			3,628
Other expenses		25,029			32,555
Total Expenses		595,358			2,012,911
Expenses waived/reimbursed net of amount recaptured(1)		(170,089	)		(234,596	)
Net Expenses		425,269			1,778,315
Net investment income		1,460,034			8,418,415
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		810,727			7,119,847
Net realized loss on investment securities of affiliated issuers		(1,394,493	)		(4,438,221	)
Net realized gain on futures transactions		47,734			448,779
Net realized gain (loss)		(536,032	)		3,130,405
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		4,337,887			23,148,070
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		(7	)		(32	)
Change in unrealized appreciation (depreciation) on futures		10,352			(49,146	)
Net change in unrealized appreciation (depreciation)		4,348,232			23,098,892
Net Realized and Unrealized Gain		3,812,200			26,229,297
Net Increase in Net Assets Resulting from Operations	$	5,272,234		$	34,647,712

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

38 See Notes to Financial Statements.

MyDestination 2025 Fund		MyDestination 2035 Fund			MyDestination 2045 Fund			MyDestination 2055 Fund
	$15,970,702	$	8,535,299		$	5,758,794		$	961,853
	1,561		1,717			1,249			495
	15,972,263		8,537,016			5,760,043			962,348
	790,888		437,388			318,875			49,982
	33,252		25,892			23,872			19,357
	25,120		21,115			20,380			14,319
	1,944,339		1,069,844			779,835			122,141
	44,681		26,533			20,399			5,840
	59,493		59,492			59,493			59,493
	19,663		17,269			17,708			16,515
	23,988		13,507			10,495			3,514
	6,728		3,692			2,676			417
	7,288		2,928			2,180			335
	44,518		37,232			34,026			25,440
	2,999,958		1,714,892			1,289,939			317,353
	(282,323)		(220,516	)		(200,534	)		(146,729	)
	2,717,635		1,494,376			1,089,405			170,624
	13,254,628		7,042,640			4,670,638			791,724
	13,824,605		7,361,465			5,758,831			996,366
	(8,188,623)		(6,565,857	)		(6,025,985	)		(1,437,780	)
	778,520		755,529			595,811			110,788
	6,414,502		1,551,137			328,657			(330,626	)
	41,360,903		26,930,084			21,927,210			4,128,652
	(52)		(52	)		(41	)		(7	)
	(95,469)		(104,886	)		(71,719	)		(253	)
	41,265,382		26,825,146			21,855,450			4,128,392
	47,679,884		28,376,283			22,184,107			3,797,766
	$60,934,512	$	35,418,923		$	26,854,745		$	4,589,490

See Notes to Financial Statements. 39

STATEMENTS OF CHANGES IN NET ASSETS

	MyDestination 2005 Fund						MyDestination 2015 Fund
	For the Year Ended						For the Year Ended
	12/31/16			12/31/15			12/31/16			12/31/15
Operations:
Net investment income	$	1,460,034		$	1,150,666		$	8,418,415		$	6,868,016
Net realized gain (loss) on investment securities and futures transactions		(536,032	)		4,874,894			3,130,405			60,681,123
Net change in unrealized appreciation (depreciation) on investment securities and futures		4,348,232			(7,615,947	)		23,098,892			(78,110,461	)
Net increase (decrease) in net assets resulting from operations		5,272,234			(1,590,387	)		34,647,712			(10,561,322	)
Dividends and Distributions to Shareholders:
Dividends from net investment income		(1,210,501	)		(1,152,425	)		(6,155,633	)		(6,878,105	)
Distributions from net realized capital gains		(944,226	)		(4,969,548	)		(9,812,326	)		(57,954,824	)
Total dividends and distributions		(2,154,727	)		(6,121,973	)		(15,967,959	)		(64,832,929	)
Capital Share Transactions:
Proceeds from Investor shares sold		29,940,757			27,506,031			84,788,090			73,578,395
Reinvestment of dividends and distributions into Investor shares		2,154,580			6,121,233			15,963,515			64,831,368
Total proceeds from shares sold and reinvested		32,095,337			33,627,264			100,751,605			138,409,763
Value of Investor shares redeemed		(22,669,607	)		(22,044,249	)		(63,543,088	)		(63,828,211	)
Net increase from capital share transactions(1)		9,425,730			11,583,015			37,208,517			74,581,552
Total increase (decrease) in net assets		12,543,237			3,870,655			55,888,270			(812,699	)
Net Assets:
Beginning of Year		96,092,287			92,221,632			479,512,310			480,325,009
End of Year*	$	108,635,524		$	96,092,287		$	535,400,580		$	479,512,310
*Including undistributed net investment income	$	249,533		$	—		$	2,262,782		$	—

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

40 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
12/31/16			12/31/15			12/31/16			12/31/15			12/31/16			12/31/15			12/31/16			12/31/15
$	13,254,628		$	10,118,243		$	7,042,640		$	5,369,781		$	4,670,638		$	3,345,580		$	791,724		$	423,709
	6,414,502			96,518,835			1,551,137			63,641,995			328,657			47,896,386			(330,626	)		3,112,500
	41,265,382			(128,538,405	)		26,825,146			(86,406,268	)		21,855,450			(64,673,589	)		4,128,392			(5,211,897	)
	60,934,512			(21,901,327	)		35,418,923			(17,394,492	)		26,854,745			(13,431,623	)		4,589,490			(1,675,688	)
	(8,416,042	)		(10,113,645	)		(3,450,311	)		(5,368,991	)		(1,654,993	)		(3,351,321	)		(686,008	)		(425,054	)
	(19,446,568	)		(91,105,779	)		(14,584,084	)		(59,976,161	)		(11,986,023	)		(43,705,295	)		(1,723,825	)		(2,675,837	)
	(27,862,610	)		(101,219,424	)		(18,034,395	)		(65,345,152	)		(13,641,016	)		(47,056,616	)		(2,409,833	)		(3,100,891	)
	129,211,781			107,980,511			69,340,421			67,002,823			55,119,010			49,939,603			22,719,176			18,058,275
	27,861,817			101,215,951			18,034,395			65,345,152			13,641,016			47,056,616			2,409,832			3,100,891
	157,073,598			209,196,462			87,374,816			132,347,975			68,760,026			96,996,219			25,129,008			21,159,166
	(42,672,317	)		(37,073,023	)		(16,986,664	)		(17,141,728	)		(9,420,875	)		(8,184,280	)		(2,800,595	)		(5,729,952	)
	114,401,281			172,123,439			70,388,152			115,206,247			59,339,151			88,811,939			22,328,413			15,429,214
	147,473,183			49,002,688			87,772,680			32,466,603			72,552,880			28,323,700			24,508,070			10,652,635
	707,698,089			658,695,401			391,278,785			358,812,182			281,718,425			253,394,725			38,465,311			27,812,676
$	855,171,272		$	707,698,089		$	479,051,465		$	391,278,785		$	354,271,305		$	281,718,425		$	62,973,381		$	38,465,311
$	4,838,586		$	—		$	3,592,329		$	—		$	3,015,645		$	—		$	105,716		$	—

See Notes to Financial Statements. 41

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
MyDestination 2005 Fund
Investor Class
2016		$    9.71		$0.14	#		$0.08		$0.27			$(0.11	)		$  (0.09	)		$10.00		5.07	%		$108,636		0.40	%(5)		0.57	%(5)		1.39	%(5)		12	%
2015		10.54		0.13	#		0.21		(0.52	)		(0.11	)		(0.54	)		9.71		(1.63	)		96,092		0.30			0.41			1.20			110	(6)
2014		10.70		0.13	#		0.21		(0.06	)		(0.19	)		(0.25	)		10.54		2.54			92,222		0.20			0.24			1.22			9
2013		10.25		0.09	#		0.25		0.29			(0.18	)		—			10.70		6.18			84,817		0.20			0.25			0.87			27
2012		9.60		0.13	#		0.18		0.55			(0.21	)		—			10.25		8.92			80,582		0.20			0.27			1.24			8
MyDestination 2015 Fund
Investor Class
2016		$    9.19		$0.16	#		$0.13		$0.35			$(0.11	)		$  (0.18	)		$9.54		6.99	%		$535,401		0.35	%		0.40	%		1.65	%		16	%
2015		10.84		0.15	#		0.36		(0.74	)		(0.14	)		(1.28	)		9.19		(2.06	)		479,512		0.28			0.31			1.41			108	(6)
2014		10.97		0.15	#		0.35		(0.07	)		(0.22	)		(0.34	)		10.84		3.92			480,325		0.14			0.14			1.29			6
2013		10.21		0.12	#		0.44		0.49			(0.28	)		(0.01	)		10.97		10.35			440,481		0.14			0.14			1.10			15
2012		9.37		0.15	#		0.22		0.70			(0.23	)		—			10.21		11.46			352,576		0.15			0.15			1.47			2
MyDestination 2025 Fund
Investor Class
2016		$    8.88		$0.16	#		$0.16		$0.39			$(0.09	)		$  (0.22	)		$9.28		8.01	%		$855,171		0.35	%		0.39	%		1.70	%		17	%
2015		10.66		0.16	#		0.49		(0.97	)		(0.13	)		(1.33	)		8.88		(2.91	)		707,698		0.28			0.31			1.46			110	(6)
2014		10.80		0.14	#		0.46		(0.18	)		(0.22	)		(0.34	)		10.66		3.88			658,695		0.14			0.14			1.23			3
2013		9.84		0.13	#		0.57		0.78			(0.27	)		(0.25	)		10.80		15.15			545,652		0.14			0.14			1.19			16
2012		8.81		0.14	#		0.22		0.86			(0.19	)		—			9.84		13.90			375,238		0.15			0.15			1.51			2

# 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) Includes non-routine extraordinary expenses amounting to 0.05% of average net assets. See Note 13 in Notes to Financial Statements.

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

42 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 Distributions Received from Affiliated Funds		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(2)(3)			Expenses, Gross(2)(4)			Investment Income, Net (1)(3)			Portfolio Turnover Rate
MyDestination 2035 Fund
Investor Class
2016		$  8.36		$0.14	#		$0.15		$ 0.42			$(0.07	)		$(0.28	)		$  8.72		8.38	%		$479,051		0.35	%		0.40	%		1.65	%		16	%
2015		10.49		0.15	#		0.62		(1.24	)		(0.12	)		(1.54	)		8.36		(4.30	)		391,279		0.28			0.32			1.41			120	(5)
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
MyDestination 2045 Fund
Investor Class
2016		$  7.95		$0.12	#		$0.15		$ 0.41			$(0.04	)		$(0.30	)		$  8.29		8.45	%		$354,271		0.35	%		0.41	%		1.50	%		16	%
2015		10.00		0.12	#		0.66		(1.25	)		(0.09	)		(1.49	)		7.95		(4.46	)		281,718		0.29			0.34			1.22			124	(5)
2014		10.37		0.10	#		0.53		(0.40	)		(0.17	)		(0.43	)		10.00		2.23			253,395		0.20			0.17			0.92			4
2013		9.14		0.10	#		0.68		1.35			(0.21	)		(0.69	)		10.37		23.44			212,102		0.20			0.18			0.94			18
2012		7.96		0.10	#		0.21		1.01			(0.09	)		(0.05	)		9.14		16.60			135,196		0.20			0.21			1.14			1
MyDestination 2055 Fund
Investor Class
2016		$11.05		$0.18	#		$0.23		$ 0.57			$(0.13	)		$(0.34	)		$11.56		8.81	%		$  62,973		0.35	%		0.65	%		1.62	%		27	%
2015		12.60		0.16	#		0.93		(1.66	)		(0.13	)		(0.85	)		11.05		(4.48	)		38,465		0.30			0.65			1.29			124	(5)
2014		12.95		0.14	#		0.77		(0.62	)		(0.21	)		(0.43	)		12.60		2.25			27,813		0.20			0.62			1.02			5
2013		11.20		0.13	#		1.02		1.47			(0.26	)		(0.61	)		12.95		23.44			16,383		0.20			1.01			1.05			30
2012*		10.00		0.13	#		0.30		0.98			(0.10	)		(0.11	)		11.20		14.18			6,316		0.20			2.31			1.24			18

# Calculated using the average shares outstanding method.

* Inception date was January 1, 2012.

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

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

(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. 43

Conservative Allocation Fund (Unaudited)

The Fund, through investments in the 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 Asset Select Funds.

As a fund of funds, the Fund’s performance was based on the performance of the underlying Select Funds. The Investor Class of the Fund generated a return of 4.82% for the one-year period ended December 31, 2016, driven primarily by positive absolute performance of the underlying Equity Select Funds. Within this asset class, the Fund’s absolute return was most positively influenced by its exposure to the Defensive Market Strategies Fund, followed by exposure to the Value Equity Fund and the Emerging Markets Equity Fund. The Fund’s Real Asset Select Funds allocation added to investment returns, as the Global Natural Resources Equity Fund contributed positively. Additionally, the Fund’s Fixed Income Select Funds allocation positively impacted performance, led by contributions from the Low-Duration Bond Fund.

The Investor Class of the Fund underperformed its composite benchmark in 2016 (4.82% versus 5.19%). Relative underperformance was primarily driven by the allocation to U.S. Equity Select Funds, with both the Value Equity Fund and the Growth Equity 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 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. 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, 2016, 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		55.6
U.S. Equity Select Funds		19.9
Real Return Select Funds		17.5
Non-U.S. Equity Select Funds		7.0
U.S. Treasury Obligations		—	**
		100.0

**Rounds to less than 0.05%

44

Conservative Allocation Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional Class	Investor Class*	Benchmark**
One Year	5.07%	4.82%	5.19%
Five Year	N/A	3.00%	3.45%
Ten Year	N/A	3.15%	3.53%
Since Inception(1)	3.64%	3.53%	3.89%
Inception Date	11/23/15	08/27/01
Total Fund Operating Expenses (May 1, 2016 Prospectus)(2)	0.72%	0.97%

⁽¹⁾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.

⁽²⁾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.

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

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, 2006 to December 31, 2016, 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 2016, consisting of the BofA Merrill Lynch 1-3 Year US Treasury Index, the Bloomberg Barclays US Aggregate Bond Index, the Bloomberg Barclays US TIPS (Series-L) Index, the Russell 3000^® Index, the FTSE EPRA/NAREIT Developed Index, the S&P/LSTA U.S. BB- Ratings and Above Loan Index, the MSCI World Commodity Producers Index and the MSCI ACWI ex USA Index, weighted 41.00%, 14.00%, 10.00%, 20.00%, 1.00%, 5.00%, 2.00% and 7.00%, respectively.

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

45

CONSERVATIVE ALLOCATION FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (Institutional Class)¥		6,912,700		$	6,912,700
GuideStone Low-Duration Bond Fund (Institutional Class)¥		11,602,500			154,777,355
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		2,781,263			40,217,067
GuideStone Global Bond Fund (Institutional Class)¥		1,055,155			10,213,898
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		2,874,447			34,205,915
GuideStone Value Equity Fund (Institutional Class)¥		935,922			19,822,828
GuideStone Growth Equity Fund (Institutional Class)¥		848,502			17,886,432
GuideStone Small Cap Equity Fund (Institutional Class)¥		227,130			3,981,588
GuideStone International Equity Fund (Institutional Class)¥		1,612,935			21,226,229
GuideStone Emerging Market Equity Fund (Institutional Class)¥		683,274			5,589,185
GuideStone Inflation Protected Bond Fund (Institutional Class)¥		3,583,928			36,735,265

	Shares	Value
GuideStone Flexible Income Fund (Investor Class)¥	1,955,414	$	18,713,314
GuideStone Real Estate Securities Fund (Institutional Class)¥	416,256		3,787,925
GuideStone Global Natural Resources Equity Fund (Investor Class)¥	1,008,778		7,485,134
Total Mutual Funds (Cost $396,314,073)			381,554,835
	Par
U.S. TREASURY OBLIGATIONS — 0.0%
U.S. Treasury Bills
0.48%, 03/02/17W‡‡	$    50,000		49,962
0.60%, 06/22/17W‡‡	50,000		49,855
Total U.S. Treasury Obligations (Cost $99,824)			99,817
TOTAL INVESTMENTS — 100.0% (Cost $396,413,897)			381,654,652
Liabilities in Excess of Other Assets — 0.0%			(21,554	)
NET ASSETS — 100.0%		$	381,633,098

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	381,554,835			$	381,554,835			$	—		$	—
U.S. Treasury Obligations			99,817				—				99,817			—
Total Assets - Investments in Securities		$	381,654,652			$	381,554,835			$	99,817		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(7,949	)		$	(7,949	)		$	—		$	—
Total Liabilities - Other Financial Instruments		$	(7,949	)		$	(7,949	)		$	—		$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

46 See Notes to Financial Statements.

Balanced Allocation Fund (Unaudited)

The Fund, through investments in the 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 Asset Select Funds.

As a fund of funds, the Fund’s performance was based on the performance of the underlying Select Funds. The Investor Class of the Fund generated a return of 7.00% for the one-year period ended December 31, 2016. While all underlying asset classes generated positive performance for the year, exposure to the underlying U.S. Equity Select Funds, in aggregate, added the most to absolute performance, followed by the Real Asset Select Funds. The Fund’s absolute return was most positively influenced by its exposure to the Value Equity Fund, the Defensive Market Strategies Fund and the Global Natural Resources Equity Fund. The Fund’s Non-U.S. Equity Select Funds allocation added to investment returns, as the contribution from both underlying Non-U.S. Equity Select Funds was notably positive for the year. The Fixed Income Select Fund allocation also provided positive results, with the most positive contributions coming from the Global Bond Fund and Medium-Duration Bond Fund.

The Investor Class of the Fund underperformed its composite benchmark in 2016 (7.00% versus 7.21%), which was driven primarily by allocations to the U.S. Equity Select Funds. Within this asset class, the Growth Equity Fund and the Value Equity Fund had impacts on relative underperformance over the period. Additionally, within the Real Asset Select Funds allocation, both the Inflation Protected Bond Fund and Flexible Income Fund detracted from relative performance over the one-year period ended December 31, 2016.

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. 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. 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, 2016, 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		42.2
U.S. Equity Select Funds		29.2
Real Return Select Funds		14.4
Non-U.S. Equity Select Funds		14.1
U.S. Treasury Obligation		0.1
		100.0

47

Balanced Allocation Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional Class*	Investor Class*	Benchmark**
One Year	7.27%	7.00%	7.21%
Five Year	N/A	5.65%	6.46%
Ten Year	N/A	4.18%	4.87%
Since Inception(1)	4.88%	5.03%	5.58%
Inception Date	11/23/15	08/27/01
Total Fund Operating Expenses (May 1, 2016 Prospectus)(2)	0.77%	1.03%

⁽¹⁾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.

⁽²⁾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.

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

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, 2006 to December 31, 2016, 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 2016, consisting of the Bloomberg Barclays US Aggregate Bond Index, the Bloomberg Barclays US TIPS (Series-L) Index, the Russell 3000^® Index, the FTSE EPRA/NAREIT Developed Index, the S&P/ LSTA U.S. BB- Ratings and Above Loan Index, the MSCI World Commodity Producers Index and the MSCI ACWI ex USA Index, weighted 41.00%, 6.00%, 30.00%, 3.00%, 3.00%, 3.00% and 14.00%, respectively.

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

48

BALANCED ALLOCATION FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		32,201,158		$	32,201,158
GuideStone Low-Duration Bond Fund (Institutional Class)¥		13,352,856			178,127,096
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		16,382,901			236,896,752
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		3,595,058			60,756,483
GuideStone Global Bond Fund (Institutional Class)¥		12,207,714			118,170,670
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		9,947,455			118,374,719
GuideStone Value Equity Fund (Institutional Class)¥		6,918,410			146,531,918
GuideStone Growth Equity Fund (Institutional Class)¥		6,521,360			137,470,276
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,780,822			31,217,810
GuideStone International Equity Fund (Institutional Class)¥		12,530,301			164,898,764
GuideStone Emerging Market Equity Fund (Institutional Class)¥		5,350,938			43,770,671

	Shares			Value
GuideStone Inflation Protected Bond Fund (Institutional Class)¥			8,342,209		$	85,507,638
GuideStone Flexible Income Fund (Investor Class)¥			4,652,257			44,522,099
GuideStone Real Estate Securities Fund (Institutional Class)¥			4,235,984			38,547,450
GuideStone Global Natural Resources Equity Fund (Investor Class)¥			6,133,986			45,514,173
Total Mutual Funds (Cost $1,588,617,657)						1,482,507,677
		Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
0.60%, 06/22/17W‡‡ (Cost $997,203)		$	1,000,000			997,099
TOTAL INVESTMENTS — 100.0% (Cost $1,589,614,860)						1,483,504,776
Liabilities in Excess of Other Assets — 0.0%						(476,064	)
NET ASSETS — 100.0%					$	1,483,028,712

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	1,482,507,677			$	1,482,507,677			$	—		$	—
U.S. Treasury Obligation			997,099				—				997,099			—
Total Assets - Investments in Securities		$	1,483,504,776			$	1,482,507,677			$	997,099		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(122,073	)		$	(122,073	)		$	—		$	—
Total Liabilities - Other Financial Instruments		$	(122,073	)		$	(122,073	)		$	—		$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

See Notes to Financial Statements. 49

Growth Allocation Fund (Unaudited)

The Fund, through investments in the 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 Asset Select Funds.

As a fund of funds, the Fund’s performance was based on the performance of the underlying Select Funds. The Investor Class of the Fund generated a return of 7.08% for the one-year period ended December 31, 2016. While all underlying asset classes generated positive performance for the year, exposure to the underlying U.S. Equity Select Funds and Real Asset Select Funds contributed the most to performance. The Fund’s absolute return was most positively influenced by its exposures to the Value Equity Fund and the Global Natural Resources Equity Fund. Additionally, the Fund’s Non-U.S. Equity Select Funds allocation contributed meaningfully to investment returns. Lastly, the Fixed Income Select Funds were positive across all underlying strategies, most notably for the Global Bond Fund.

The Investor Class of the Fund underperformed its composite benchmark in 2016 (7.08% versus 8.27%). While underlying U.S. Equity Select Funds holdings detracted from relative performance results, the Fund’s relative performance was most negatively impacted by allocations to the Growth Equity Fund and the Value 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. 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, 2016, 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		26.8
Non-U.S. Equity Select Funds		26.6
Real Return Select Funds		6.6
U.S. Treasury Obligation		0.1
		100.0

50

Growth Allocation Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional Class*	Investor Class*	Benchmark**
One Year	7.34%	7.08%	8.27%
Five Year	N/A	7.60%	8.34%
Ten Year	N/A	3.93%	4.72%
Since Inception(1)	4.33%	5.04%	5.72%
Inception Date	11/23/15	08/27/01
Total Fund Operating Expenses (May 1, 2016 Prospectus)(2)	0.87%	1.13%

⁽¹⁾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.

⁽²⁾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. The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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, 2006 to December 31, 2016, 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 2016, consisting of the Bloomberg Barclays US Aggregate Bond Index, the Russell 3000^® Index, the FTSE EPRA/NAREIT Developed Index, the MSCI World Commodity Producers Index and the MSCI ACWI ex USA Index, weighted 25.00%, 41.00%, 4.00%, 3.00% and 27.00%, respectively.

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

51

GROWTH ALLOCATION FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		25,622,952		$	25,622,952
GuideStone Low-Duration Bond Fund (Institutional Class)¥		5,956,208			79,455,818
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		7,364,092			106,484,768
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		1,611,465			27,233,756
GuideStone Global Bond Fund (Institutional Class)¥		5,477,598			53,023,147
GuideStone Value Equity Fund (Institutional Class)¥		9,411,425			199,333,986
GuideStone Growth Equity Fund (Institutional Class)¥		9,025,885			190,265,659
GuideStone Small Cap Equity Fund (Institutional Class)¥		2,552,104			44,738,385
GuideStone International Equity Fund (Institutional Class)¥		17,487,336			230,133,347

	Shares			Value
GuideStone Emerging Market Equity Fund (Institutional Class)¥			7,247,369		$	59,283,475
GuideStone Real Estate Securities Fund (Institutional Class)¥			4,008,864			36,480,658
GuideStone Global Natural Resources Equity Fund (Investor Class)¥			4,688,310			34,787,260
Total Mutual Funds (Cost $1,204,298,401)						1,086,843,211
		Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
0.60%, 06/22/17W‡‡ (Cost $897,483)		$	900,000			897,389
TOTAL INVESTMENTS — 100.0% (Cost $1,205,195,884)						1,087,740,600
Liabilities in Excess of Other Assets — 0.0%						(89,096	)
NET ASSETS — 100.0%					$	1,087,651,504

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	1,086,843,211			$	1,086,843,211			$	—		$	—
U.S. Treasury Obligation			897,389				—				897,389			—
Total Assets - Investments in Securities		$	1,087,740,600			$	1,086,843,211			$	897,389		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(140,927	)		$	(140,927	)		$	—		$	—
Total Liabilities - Other Financial Instruments		$	(140,927	)		$	(140,927	)		$	—		$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

52 See Notes to Schedules of Investments.

Aggressive Allocation Fund (Unaudited)

The Fund, through investments in the 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 Investor Class of the Fund generated a return of 6.38% for the one-year period ended December 31, 2016. Exposure to both the U.S. Equity Select Funds, in aggregate, and non-U.S. Equity Select Funds generated positive performance. The only detractor to absolute performance was the Growth Equity Fund. The largest contributor to absolute performance was the Value Equity Fund, as U.S. value stocks significantly outperformed the overall U.S. equity market.

The Investor Class of the Fund underperformed its composite benchmark in 2016 (6.38% versus 9.46%). The Fund’s relative performance was most negatively impacted by allocations to the Growth Equity Fund and the Value 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. 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, 2016, 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		58.6
Non-U.S. Equity Select Funds		39.1
Fixed Income Select Fund		2.2
U.S. Treasury Obligation		0.1
		100.0

53

Aggressive Allocation Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional Class*	Investor Class*	Benchmark**
One Year	6.55%	6.38%	9.46%
Five Year	N/A	9.89%	10.80%
Ten Year	N/A	3.76%	4.72%
Since Inception(1)	3.17%	5.04%	5.92%
Inception Date	11/23/15	08/27/01
Total Fund Operating Expenses (May 1, 2016 Prospectus)(2)	0.96%	1.21%

⁽¹⁾ 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.

⁽²⁾ 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.

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

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, 2006 to December 31, 2016, 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 2016, consisting of the Russell 3000^® Index and the MSCI ACWI ex USA Index, weighted 60.00% and 40.00%, respectively.

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

54

AGGRESSIVE ALLOCATION FUND
SCHEDULE OF INVESTMENTS	December 31, 2016

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		18,821,903		$	18,821,903
GuideStone Value Equity Fund (Institutional Class)¥		11,105,470			235,213,850
GuideStone Growth Equity Fund (Institutional Class)¥		10,721,089			226,000,562
GuideStone Small Cap Equity Fund (Institutional Class)¥		2,934,283			51,437,989
GuideStone International Equity Fund (Institutional Class)¥		20,618,141			271,334,741
GuideStone Emerging Market Equity Fund (Institutional Class)¥		8,645,615			70,721,128
Total Mutual Funds (Cost $994,875,255)					873,530,173

	Par			Value
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill 0.60%, 06/22/17W‡‡ (Cost $1,096,923)		$	1,100,000		$	1,096,809
TOTAL INVESTMENTS — 100.0% (Cost $995,972,178)						874,626,982
Liabilities in Excess of Other Assets — 0.0%						(229,945	)
NET ASSETS — 100.0%					$	874,397,037

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other  Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	873,530,173			$	873,530,173			$	—		$	—
U.S. Treasury Obligation			1,096,809				—				1,096,809			—
Total Assets - Investments in Securities		$	874,626,982			$	873,530,173			$	1,096,809		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(99,064	)		$	(99,064	)		$	—		$	—
Total Liabilities - Other Financial Instruments		$	(99,064	)		$	(99,064	)		$	—		$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

See Notes to Financial Statements. 55

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2016

	Conservative Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	99,817		$	997,099		$	897,389		$	1,096,809
Investments in securities of affiliated issuers, at value		381,554,835			1,482,507,677			1,086,843,211			873,530,173
Total investments, at value (1)		381,654,652			1,483,504,776			1,087,740,600			874,626,982
Cash		—			—			160			—
Cash collateral for derivatives		10,000			—			100,000			—
Receivables:
Dividends from affiliated funds		1,436			8,523			6,854			4,879
Fund shares sold		65,765			95,705			204,973			62,044
Variation margin on financial futures contracts		3,996			49,186			33,866			19,875
Prepaid expenses and other assets		38,058			40,414			36,485			34,258
Total Assets		381,773,907			1,483,698,604			1,088,122,938			874,748,038
Liabilities
Cash overdraft		—			—			—			43
Payables:
Fund shares redeemed		—			167,134			71,879			4,531
Variation margin on financial futures contracts		4,451			45,830			56,565			55,870
Accrued expenses:
Investment advisory fees		26,889			108,141			85,991			75,065
Professional fees		9,864			9,864			9,864			9,864
Shareholder servicing fees		64,578			244,123			177,487			149,066
Other expenses		35,027			94,800			69,648			56,562
Total Liabilities		140,809			669,892			471,434			351,001
Net Assets	$	381,633,098		$	1,483,028,712		$	1,087,651,504		$	874,397,037
Net Assets Consist of:
Paid-in-capital	$	397,301,278		$	1,597,429,083		$	1,208,599,634		$	992,628,221
Accumulated net investment income		1,270,413			18,045,922			8,746,893			9,664,868
Accumulated net realized loss on investments and derivative transactions		(2,171,399	)		(26,214,136	)		(12,098,812	)		(6,451,792	)
Net unrealized appreciation (depreciation) on investments and derivative transactions		(14,767,194	)		(106,232,157	)		(117,596,211	)		(121,444,260	)
Net Assets	$	381,633,098		$	1,483,028,712		$	1,087,651,504		$	874,397,037
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	75,332,549		$	326,164,142		$	244,872,605		$	166,292,614
Institutional shares outstanding		6,921,058			29,417,304			22,324,513			15,862,608
Net asset value, offering and redemption price per Institutional share	$	10.88		$	11.09		$	10.97		$	10.48
Net assets applicable to the Investor Class	$	306,300,549		$	1,156,864,570		$	842,778,899		$	708,104,423
Investor shares outstanding		28,142,002			104,349,555			76,859,142			67,728,071
Net asset value, offering and redemption price per Investor share	$	10.88		$	11.09		$	10.97		$	10.46
(1) Investments in securities of unaffiliated issuers, at cost	$	99,824		$	997,203		$	897,483		$	1,096,923
Investments in securities of affiliated issuers, at cost		396,314,073			1,588,617,657			1,204,298,401			994,875,255
Total investments, at cost	$	396,413,897		$	1,589,614,860		$	1,205,195,884		$	995,972,178

56 See Notes to Financial Statements.

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2016

	Conservative Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Investment Income
Income distributions received from affiliated funds	$	6,483,530		$	31,004,223		$	19,938,758		$	12,376,802
Interest		280			3,124			2,809			3,434
Total Investment Income		6,483,810			31,007,347			19,941,567			12,380,236
Expenses
Investment advisory fees		377,308			1,522,818			1,104,447			930,678
Transfer agent fees:
Institutional shares		4,579			4,963			4,783			4,529
Investor shares		33,985			68,772			47,106			37,807
Custodian fees		23,569			44,582			39,285			28,221
Shareholder servicing fees:
Investor shares		749,613			2,907,051			2,095,002			1,870,090
Accounting and administration fees		24,253			82,179			60,940			51,752
Professional fees		49,694			49,693			49,694			49,694
Blue sky fees:
Institutional shares		6,170			7,176			6,916			6,733
Investor shares		19,995			19,536			18,372			16,526
Shareholder reporting fees:
Institutional shares		414			854			661			346
Investor shares		25,265			51,467			35,277			27,797
Trustee expenses		3,229			13,037			9,430			8,031
Line of credit facility fees and interest expense		2,536			10,866			7,729			6,567
Other expenses		38,219			91,099			76,149			68,348
Total Expenses		1,358,829			4,874,093			3,555,791			3,107,119
Expenses waived/reimbursed(1)		(98,389	)		(229,910	)		(90,247	)		(240	)
Net Expenses		1,260,440			4,644,183			3,465,544			3,106,879
Net investment income		5,223,370			26,363,164			16,476,023			9,273,357
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		3,235,763			22,396,236			20,962,173			22,285,564
Net realized loss on investment securities of affiliated issuers		(3,055,370	)		(21,410,443	)		(15,604,337	)		(15,628,309	)
Net realized gain on futures transactions		140,525			1,312,012			1,337,248			1,543,480
Net realized gain		320,918			2,297,805			6,695,084			8,200,735
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		12,281,378			72,497,355			51,146,013			39,560,935
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		(7	)		(104	)		(94	)		(114	)
Change in unrealized appreciation (depreciation) on futures		(11,179	)		(215,863	)		(243,335	)		(223,492	)
Net change in unrealized appreciation (depreciation)		12,270,192			72,281,388			50,902,584			39,337,329
Net Realized and Unrealized Gain		12,591,110			74,579,193			57,597,668			47,538,064
Net Increase in Net Assets Resulting from Operations	$	17,814,480		$	100,942,357		$	74,073,691		$	56,811,421

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

See Notes to Financial Statements. 57

STATEMENTS OF CHANGES IN NET ASSETS

	Conservative Allocation Fund						Balanced Allocation Fund
	For the Year Ended						For the Year Ended
	12/31/16			12/31/15			12/31/16			12/31/15
Operations:
Net investment income	$	5,223,370		$	4,056,466		$	26,363,164		$	22,248,842
Net realized gain on investment securities and futures transactions		320,918			21,364,449			2,297,805			209,853,176
Net change in unrealized appreciation (depreciation) on investment securities and futures		12,270,192			(34,121,239	)		72,281,388			(292,929,539	)
Net increase (decrease) in net assets resulting from operations		17,814,480			(8,700,324	)		100,942,357			(60,827,521	)
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(928,687	)		(807,878	)		(2,483,236	)		(5,045,636	)
Investor shares		(3,024,270	)		(3,250,907	)		(5,829,103	)		(17,231,084	)
Distributions from net realized capital gains
Institutional shares		(951,614	)		(4,056,696	)		(8,586,401	)		(42,122,169	)
Investor shares		(3,903,129	)		(16,914,391	)		(30,595,881	)		(151,904,855	)
Total dividends and distributions		(8,807,700	)		(25,029,872	)		(47,494,621	)		(216,303,744	)
Capital Share Transactions(1):
Proceeds from shares sold
Institutional shares		10,866,018			266,742			13,574,551			2,393,223
Investor shares		39,269,297			30,769,183			44,406,902			56,861,675
Shares issued from Merger(1)
Institutional shares		—			75,356,677			—			351,418,265
Reinvestment of dividends and distributions
Institutional shares		1,869,987			4,835,687			11,040,091			47,033,321
Investor shares		6,923,060			20,157,620			36,418,219			169,071,981
Total proceeds from shares sold and reinvested		58,928,362			131,385,909			105,439,763			626,778,465
Value of shares redeemed
Institutional shares		(10,009,301	)		(1,069,297	)		(42,649,048	)		(2,356,453	)
Investor shares		(42,185,083	)		(42,131,709	)		(157,414,729	)		(114,945,036	)
Total value of shares redeemed		(52,194,384	)		(43,201,006	)		(200,063,777	)		(117,301,489	)
Net increase (decrease) from capital share transactions(2)		6,733,978			88,184,903			(94,624,014	)		509,476,976
Total increase (decrease) in net assets		15,740,758			54,454,707			(41,176,278	)		232,345,711
Net Assets:
Beginning of Year		365,892,340			311,437,633			1,524,204,990			1,291,859,279
End of Year*	$	381,633,098		$	365,892,340		$	1,483,028,712		$	1,524,204,990
*Including undistributed net investment income	$	1,270,413		$	—		$	18,045,922		$	—

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

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

58 See Notes to Financial Statements.

Growth Allocation Fund						Aggressive Allocation Fund
For the Year Ended						For the Year Ended
12/31/16			12/31/15			12/31/16			12/31/15
$	16,476,023		$	13,963,287		$	9,273,357		$	8,782,106
	6,695,084			189,714,170			8,200,735			235,381,765
	50,902,584			(248,552,166	)		39,337,329			(265,954,151	)
	74,073,691			(44,874,709	)		56,811,421			(21,790,280	)
	(2,219,710	)		(3,245,532	)		—			(1,573,444	)
	(5,509,420	)		(10,728,514	)		—			(7,205,082	)
	(11,665,660	)		(37,114,828	)		(14,529,604	)		(34,895,055	)
	(40,312,926	)		(130,178,683	)		(61,769,042	)		(164,370,097	)
	(59,707,716	)		(181,267,557	)		(76,298,646	)		(208,043,678	)
	9,777,898			1,175,325			5,702,265			616,532
	26,960,487			34,132,116			15,744,951			25,781,773
	—			258,734,195			—			172,531,801
	13,871,071			40,328,502			14,525,136			36,455,456
	45,817,706			140,889,511			61,766,425			171,567,547
	96,427,162			475,259,649			97,738,777			406,953,109
	(30,033,973	)		(2,222,874	)		(19,296,176	)		(1,914,451	)
	(108,056,691	)		(84,048,090	)		(150,902,912	)		(78,585,909	)
	(138,090,664	)		(86,270,964	)		(170,199,088	)		(80,500,360	)
	(41,663,502	)		388,988,685			(72,460,311	)		326,452,749
	(27,297,527	)		162,846,419			(91,947,536	)		96,618,791
	1,114,949,031			952,102,612			966,344,573			869,725,782
$	1,087,651,504		$	1,114,949,031		$	874,397,037		$	966,344,573
$	8,746,893		$	—		$	9,664,868		$	—

See Notes to Financial Statements. 59

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
Conservative Allocation Fund
Institutional Class
2016		$10.62		$0.18	#		$0.10		$0.25			$(0.13	)		$(0.14	)		$10.88		5.07	%		$75,333		0.14	%		0.15	%		1.61	%		5	%
2015(5)		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	(6)
Investor Class
2016		$10.62		$0.15	#		$0.10		$0.26			$(0.11	)		$(0.14	)		$10.88		4.82	%		$306,300		0.39	%		0.42	%		1.36	%		5	%
2015		11.59		0.14	#		0.26		(0.60	)		(0.12	)		(0.65	)		10.62		(1.69	)		294,997		0.27			0.33			1.22			92	(6)
2014		11.84		0.14	#		0.19		(0.17	)		(0.19	)		(0.22	)		11.59		1.40			311,438		0.12			0.16			1.17			20
2013		12.27		0.11	#		0.21		0.12			(0.17	)		(0.70	)		11.84		3.67			319,213		0.12			0.16			0.85			12
2012		11.70		0.16	#		0.16		0.50			(0.22	)		(0.03	)		12.27		7.02			327,321		0.12			0.16			1.29			3
Balanced Allocation Fund
Institutional Class
2016		$10.70		$0.22	#		$0.17		$0.39			$(0.08	)		$(0.31	)		$11.09		7.27	%		$326,164		0.11	%		0.13	%		1.97	%		4	%
2015(5)		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	(6)
Investor Class
2016		$10.70		$0.19	#		$0.17		$0.39			$(0.05	)		$(0.31	)		$11.09		7.00	%		$1,156,865		0.37	%		0.38	%		1.71	%		4	%
2015		12.89		0.20	#		0.53		(1.18	)		(0.16	)		(1.58	)		10.70		(3.43	)		1,191,878		0.28			0.30			1.56			95	(6)
2014		13.14		0.19	#		0.36		(0.09	)		(0.27	)		(0.44	)		12.89		3.53			1,291,859		0.12			0.13			1.38			3
2013		12.73		0.16	#		0.44		0.68			(0.28	)		(0.59	)		13.14		10.08			1,288,529		0.12			0.13			1.23			27
2012		11.77		0.19	#		0.22		0.97			(0.27	)		(0.15	)		12.73		11.79			1,204,869		0.12			0.13			1.54			3

# Calculated using the average shares outstanding method.

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

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

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

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

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

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

60 See Notes to Financial Statements.

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
Growth Allocation Fund
Institutional Class
2016		$10.83		$0.19	#		$0.21		$0.40			$(0.10	)		$(0.56	)		$10.97		7.34	%		$244,873		0.12	%		0.13	%		1.72	%		4	%
2015(5)		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	(6)
Investor Class
2016		$10.83		$0.16	#		$0.21		$0.40			$(0.07	)		$(0.56	)		$10.97		7.08	%		$842,779		0.38	%		0.39	%		1.46	%		4	%
2015		13.43		0.17	#		0.90		(1.61	)		(0.13	)		(1.93	)		10.83		(3.83	)		867,203		0.29			0.30			1.26			97	(6)
2014		14.00		0.15	#		0.54		(0.28	)		(0.25	)		(0.73	)		13.43		2.93			952,103		0.12			0.13			1.07			4
2013		13.04		0.15	#		0.67		1.57			(0.27	)		(1.16	)		14.00		18.49			963,902		0.12			0.13			1.03			22
2012		11.60		0.15	#		0.26		1.30			(0.17	)		(0.10	)		13.04		14.84			853,233		0.12			0.13			1.17			2
Aggressive Allocation Fund
Institutional Class
2016		$10.77		$0.14	#		$0.27		$0.30			$    —			$(1.00	)		$10.48		6.55	%		$166,293		0.13	%		0.13	%		1.28	%		2	%
2015(5)		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	(6)
Investor Class
2016		$10.77		$0.10	#		$0.26		$0.33			$    —			$(1.00	)		$10.46		6.38	%		$708,104		0.39	%		0.39	%		0.96	%		2	%
2015		14.06		0.12	#		1.32		(1.82	)		(0.09	)		(2.82	)		10.77		(2.39	)		797,043		0.29			0.30			0.85			103	(6)
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

  # 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) 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.

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

See Notes to Financial Statements. 61

Money Market Fund (Unaudited)

In December 2016, the Federal Reserve (the “Fed”) saw sufficient evidence of economic strength to raise the federal funds rate by another quarter of a percent. Thus far, the Fed has increased rates by 0.25% in each of the last two years to bring the current target rate to a range of 0.50% to 0.75%. This range remains very accommodative to generate economic growth and to thwart any deflationary pressures. Despite the small increase in the federal funds rate at year-end, short-term rates were at historically low levels throughout the year which negatively impacted the returns available to investors.

In response to new requirements under Rule 2a-7 of the Investment Company Act of 1940, the Money Market Fund altered its holdings in May 2016. The Fund transitioned from a prime money market fund to a government money market fund, and now only holds securities backed in full by the federal government. In general, government funds have lower yields and returns than prime funds given their higher quality orientation. To better reflect the Fund’s new strategies, the benchmark index was changed to the BofA Merrill Lynch 0-3 Month US Treasury Bill Index.

Given the low interest rate environment, which persisted throughout 2016, money market funds (which are lenders to borrowers at short-term interest rates) experienced another year of very moderate returns. At the end of 2016, the three-month U.S. Treasury Bill was yielding 0.50%, although the rate was approximately 0.25% for most of the year. The low yield environment, coupled with the regulatory constraints of Rule 2a-7, made it incredibly difficult for money market funds across the industry to post positive returns net of expenses, including the Fund.

The Fund invested in a broad range of high quality, short-term money market instruments denominated exclusively in U.S. dollars during the year. 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 0.04% for the one-year period ended December 31, 2016, as compared to a 0.26% return for its benchmark, the BofA Merrill Lynch 0-3 Month US Treasury Bill Index. 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. At year-end, the Fund’s weighted average maturity was 42 days, compared to 39 days at the end of 2015.

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, 2016, 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.

	%
Agency Obligations		74.7
Repurchase Agreements		21.2
U.S. Treasury Obligations		4.2
		100.1

62

Money Market Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional Class*	Investor Class*	Benchmark**
One Year	0.28%	0.04%	0.26%
Five Year	0.10%	0.02%	0.09%
Ten Year	0.93%	0.81%	0.72%
Since Inception	1.43%	1.30%	1.30%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	0.15%	0.40%

Yield as of 12/31/16(2)
	Institutional Class*	Investor Class*
7-Day Annualized Yield (Net)	0.37%	0.13%
7-Day Annualized Yield (Gross)	0.51%	0.51%

⁽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 expenses.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at GuideStoneFunds.com. 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, 2006 to December 31, 2016, with all dividends and capital gains reinvested, with the BofA Merrill Lynch 0-3 Month US 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.

63

MONEY MARKET FUND
SCHEDULE OF INVESTMENTS	December 31, 2016

	Par		Value
AGENCY OBLIGATIONS — 74.7%
Federal Farm Credit Bank
0.70%, 09/05/17†	$	15,285,000		$	15,283,937
0.71%, 09/12/17†		6,400,000			6,400,853
0.70%, 09/22/17†		18,000,000			17,999,342
0.70%, 09/25/17†		15,000,000			14,997,847
Federal Farm Credit Bank Discount Notes
0.60%, 01/03/17		4,095,000			4,094,864
0.53%, 03/30/17		4,335,000			4,328,748
0.59%, 07/11/17		7,870,000			7,844,947
0.64%, 09/29/17		5,965,000			5,934,017
Federal Home Loan Bank
0.57%, 01/11/17		8,000,000			7,999,913
0.73%, 02/14/17†		17,000,000			16,998,950
0.63%, 03/14/17†		12,000,000			11,999,536
0.72%, 03/15/17†		9,000,000			9,000,000
0.46%, 05/04/17†		6,840,000			6,840,000
0.57%, 05/10/17†		11,500,000			11,499,168
0.73%, 05/30/17		11,900,000			11,895,524
0.83%, 06/15/17†		16,195,000			16,195,000
0.71%, 07/07/17†		18,000,000			18,000,000
0.66%, 08/22/17†		22,000,000			21,999,616
0.68%, 08/25/17†		7,450,000			7,450,000
0.79%, 10/16/17†		10,000,000			10,000,000
0.69%, 10/27/17†		6,200,000			6,199,639
0.81%, 10/27/17†		14,915,000			14,915,000
0.71%, 11/08/17†		9,000,000			9,000,000
0.77%, 02/05/18†		7,000,000			7,000,000
Federal Home Loan Bank Discount Notes
0.39%, 01/04/17		37,185,000			37,184,038
0.39%, 01/06/17		13,000,000			12,999,379
0.39%, 01/11/17		22,355,000			22,352,562
0.39%, 01/13/17		12,640,000			12,638,313
0.39%, 01/20/17		13,000,000			12,997,530
0.39%, 01/25/17		84,387,000			84,363,417
0.39%, 01/27/17		63,935,000			63,915,863
0.51%, 02/01/17		30,500,000			30,489,262
0.51%, 02/02/17		15,000,000			14,993,867
0.51%, 02/08/17		20,275,000			20,265,198
0.51%, 02/10/17		8,780,000			8,775,415
0.51%, 02/15/17		12,785,000			12,777,361
0.51%, 02/21/17		8,875,000			8,867,456
0.51%, 02/22/17		18,310,000			18,296,247
0.53%, 03/03/17		11,500,000			11,489,672
0.53%, 03/10/17		9,000,000			8,991,160
0.53%, 03/22/17		12,715,000			12,699,480
0.53%, 03/24/17		66,655,000			66,572,028
0.53%, 03/29/17		7,500,000			7,490,031
0.56%, 04/11/17		10,500,000			10,485,708
0.56%, 04/19/17		27,500,000			27,460,070
0.56%, 05/01/17		15,000,000			14,972,500
Federal Home Loan Mortgage Corporation
0.63%, 04/27/17†		10,000,000			9,999,353
0.59%, 07/21/17†		6,100,000			6,099,655
0.84%, 01/08/18†		5,870,000			5,870,000
0.84%, 01/12/18†		5,870,000			5,870,000
0.97%, 03/08/18†		7,000,000			7,000,000
Federal Home Loan Mortgage Corporation Discount Notes
0.51%, 02/03/17		16,825,000			16,818,291

	Par		Value
0.51%, 02/17/17	$	8,625,000		$	8,619,257
0.51%, 02/27/17		9,760,000			9,752,119
0.56%, 04/06/17		6,725,000			6,716,482
0.56%, 05/10/17		10,880,000			10,859,727
0.56%, 05/15/17		13,920,000			13,894,093
Federal National Mortgage Association
0.73%, 02/13/17		2,405,000			2,417,623
0.76%, 10/05/17†		5,500,000			5,499,363
Federal National Mortgage Association Discount Notes
0.57%, 06/01/17		3,240,000			3,231,438
Total Agency Obligations (Cost $897,600,859)					897,600,859
U.S. TREASURY OBLIGATIONS — 4.2%
U.S. Treasury Bills
0.49%, 03/02/17		15,000,000			14,988,000
0.51%, 03/16/17		12,000,000			11,986,680
0.56%, 04/27/17		18,000,000			17,964,910
					44,939,590
U.S. Treasury Notes
0.56%, 10/31/17†		1,663,200			1,660,946
0.56%, 01/31/18†		4,000,000			3,999,084
					5,660,030
Total U.S. Treasury Obligations (Cost $50,599,620)					50,599,620
REPURCHASE AGREEMENTS — 21.2%
Bank of Montreal
0.50% (dated 12/30/16, due 01/03/17, repurchase price $3,000,042, collateralized by Federal Home Loan Mortgage Corporation and Federal National Mortgage Association, 2.500% to 5.260%, due 09/01/25 to 08/01/36, total market value $3,090,000)		3,000,000			3,000,000
Bank of Nova Scotia
0.50% (dated 12/30/16, due 01/03/17, repurchase price $30,000,417, collateralized by U.S. Treasury Bill and U.S. Treasury Note, 0.875% to 1.750%, due 11/30/17 to 11/30/21, total market value $30,601,743)		30,000,000			30,000,000
BNP Paribas SA
0.50% (dated 12/30/16, due 01/03/17, repurchase price $40,000,556, collateralized by U.S. Treasury Bill, U.S. Treasury Bond and U.S. Treasury Note, 0.000% to 1.375%, due 06/22/17 to 11/15/31, total market value $40,800,014)		40,000,000			40,000,000

64 See Notes to Financial Statements.

	Par		Value
Citigroup Global Markets, Inc.
0.53% (dated 12/30/16, due 01/03/17, repurchase price $40,000,589, collateralized by U.S. Treasury Note, 1.625%, due 08/15/22, total market value $40,800,044)	$	40,000,000		$	40,000,000
Goldman Sachs & Co.
0.44% (dated 12/30/16, due 01/03/17, repurchase price $5,000,061, collateralized by Federal Home Loan Mortgage Corporation and Federal National Mortgage Association, 2.500% to 7.500%, due 11/01/17 to 10/01/46, total market value $5,150,000)		5,000,000			5,000,000
HSBC Securities USA, Inc.
0.45% (dated 12/30/16, due 01/03/17, repurchase price $5,500,069, collateralized by U.S. Treasury Bill, 2.625%, due 07/15/17, total market value $5,613,042)		5,500,000			5,500,000
0.46% (dated 12/30/16, due 01/03/17, repurchase price $3,000,038, collateralized by U.S. Treasury Note, 1.250%, due 10/31/21, total market value $3,061,460)		3,000,000			3,000,000
Mitsubishi UFJ Securities USA, Inc.
0.50% (dated 12/30/16, due 01/03/17, repurchase price $20,000,278, collateralized by Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association, 2.260% to 3.543%, due 11/01/24 to 05/20/46, total market value $20,582,273)		20,000,000			20,000,000
Mizuho Securities USA, Inc.
0.50% (dated 12/30/16, due 01/03/17, repurchase price $4,000,056, collateralized by U.S. Treasury Note, 0.125%, due 04/15/20, total market value $4,080,030)		4,000,000			4,000,000

	Par		Value
Morgan Stanley & Co. LLC
0.51% (dated 12/30/16, due 01/03/17, repurchase price $50,000,708, collateralized by Government National Mortgage Association, U.S. Treasury Bond and U.S. Treasury Notes 1.375% to 5.375%, due 03/31/20 to 04/15/41, total market value $51,000,000)	$	50,000,000		$	50,000,000
RBC Capital Markets LLC
0.48% (dated 12/30/16, due 01/03/17, repurchase price $15,000,200, collateralized by Federal Home Loan Mortgage Corporation and Federal National Mortgage Association, 2.654% to 3.000%, due 05/01/42 to 01/01/47, total market value $15,450,001)		15,000,000			15,000,000
TD Securities USA LLC
0.53% (dated 12/30/16, due 01/03/17, repurchase price $40,000,589, collateralized by U.S. Treasury Bill and U.S. Treasury Note, 1.000% to 2.250%, due 03/31/17 to 07/31/21, total market value $40,800,030)		40,000,000			40,000,000
Total Repurchase Agreements (Cost $255,500,000)					255,500,000
TOTAL INVESTMENTS — 100.1% (Cost $1,203,700,479)					1,203,700,479
Liabilities in Excess of Other Assets — (0.1)%					(1,398,154	)
NET ASSETS — 100.0%				$	1,202,302,325

See Notes to Financial Statements. 65

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations		$	897,600,859		$	—		$	897,600,859		$	—
Repurchase Agreements			255,500,000			—			255,500,000			—
U.S. Treasury Obligations			50,599,620			—			50,599,620			—
Total Assets - Investments in Securities		$	1,203,700,479		$	—		$	1,203,700,479		$	—

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

66 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 outperformed its all-U.S. Treasury benchmark, the BofA Merrill Lynch 1-3 Year US Treasury Index, for the one-year period ended December 31, 2016 (1.47% versus 0.89%). In an effort to outpace its benchmark, the Fund tactically utilized spread sectors (such as high yield and investment grade corporates, mortgage-backed securities, emerging market dollar-denominated 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, provided value relative to the benchmark. The Fund’s relative yield advantage versus the benchmark was also a positive contributor to the relative returns.

Other strategies involving derivatives were utilized during the year, resulting in an overall modest impact to performance. U.S. Treasury futures contracts were used for both duration management and yield curve positioning strategies. Over the course of the calendar year, these positions had a negative impact on relative performance as they were used to provide short duration positions when rates declined. Credit default swaps were utilized, and moderately improved the Fund’s relative performance during the year, as spreads narrowed 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, 2016, 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		29.0
Foreign Bonds		17.5
Mortgage-Backed Securities		16.2
U.S. Treasury Obligations		15.2
Asset-Backed Securities		14.6
Money Market Funds		9.5
Repurchase Agreements		2.7
Certificates of Deposit		2.4
Agency Obligations		1.9
Municipal Bonds		1.5
Commercial Paper		0.6
Purchased Option		—	**
Written Options		—	**
Security Sold Short		(0.2	)
		110.9

**Rounds to less than 0.05%

67

Low-Duration Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional Class*	Investor Class*	Benchmark**
One Year	1.74%	1.47%	0.89%
Five Year	1.60%	1.37%	0.57%
Ten Year	2.92%	2.72%	2.12%
Since Inception	3.01%	2.85%	2.47%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	0.37%	0.64%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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, 2006 to December 31, 2016, with all dividends and capital gains reinvested, with the BofA Merrill Lynch 1-3 Year US 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.

68

LOW-DURATION BOND FUND
SCHEDULE OF INVESTMENTS	December 31, 2016

	Par			Value
AGENCY OBLIGATIONS — 1.9%
Federal Home Loan Banks
1.25%, 01/16/19		$	3,250,000		$	3,249,844
Federal Home Loan Mortgage Corporation
1.00%, 04/27/18			2,760,000			2,757,372
1.00%, 06/29/18			2,870,000			2,865,881
1.13%, 04/15/19			1,550,000			1,544,248
0.88%, 07/19/19			2,880,000			2,843,024
Federal National Mortgage Association
1.00%, 08/28/19D			2,970,000			2,938,156
Total Agency Obligations (Cost $16,269,433)						16,198,525
ASSET-BACKED SECURITIES — 14.6%
American Homes 4 Rent Series 2014-SFR1
1.74%, 06/17/31 144A†			499,612			497,841
AmeriCredit Automobile Receivables Trust Series 2014-1
2.15%, 03/09/20			825,000			829,658
AmeriCredit Automobile Receivables Trust Series 2014-3
3.13%, 10/08/20			915,000			929,367
AmeriCredit Automobile Receivables Trust Series 2016-2
1.60%, 11/09/20			590,000			588,923
2.21%, 05/10/21			790,000			790,209
2.87%, 11/08/21			230,000			231,271
AmeriCredit Automobile Receivables Trust Series 2016-3
1.46%, 05/10/21			1,280,000			1,273,583
AMMC CLO XIII, Ltd. Series 2013-13A
2.33%, 01/26/26 144A†			2,000,000			2,000,168
Apidos CLO XIV Series 2013-14A
2.03%, 04/15/25 144A†			2,090,000			2,081,577
2.58%, 04/15/25 144A†			250,000			248,446
Arbor Realty Commercial Real Estate, Ltd. Series 2016-FL1A
2.24%, 09/15/26 144A†			490,000			490,933
ARES XXVI CLO, Ltd. Series 2013-1A
1.98%, 04/15/25 144A†			515,000			514,318
ARES XXVII CLO, Ltd. Series 2013-2A
2.14%, 07/28/25+ 144A†			2,215,000			2,214,506
Atrium X Series 10A
2.00%, 07/16/25 144A†			600,000			599,698
Babson CLO, Ltd. Series 2013-IA
1.98%, 04/20/25 144A†			1,200,000			1,198,766
Babson CLO, Ltd. Series 2015-IA
3.73%, 04/20/27 144A†			600,000			600,100
Bear Stearns Asset-Backed Securities Trust Series 2004-SD1
1.21%, 12/25/42†			78,062			76,740

	Par			Value
Bear Stearns Asset-Backed Securities Trust Series 2007-HE7
1.76%, 10/25/37†		$	545,248		$	509,914
BlueMountain CLO, Ltd. Series 2012-1A
2.20%, 07/20/23 144A†			1,708,720			1,708,776
BMW Vehicle Owner Trust Series 2016-A
1.16%, 11/25/20			1,530,000			1,515,129
Capital Auto Receivables Asset Trust Series 2013-1
1.74%, 10/22/18			84,863			84,897
Capital Auto Receivables Asset Trust Series 2016-2
2.11%, 03/22/21			170,000			168,822
2.42%, 06/21/21			340,000			335,495
Capital One Multi-Asset Execution Trust Series 2015-A2
2.08%, 03/15/23			1,000,000			1,003,124
Capital One Multi-Asset Execution Trust Series 2016-A4
1.33%, 06/15/22			2,320,000			2,288,880
Carlyle Global Market Strategies CLO, Ltd. Series 2014-1A
2.18%, 04/17/25 144A†			475,000			474,763
Cent CLO 18, Ltd. Series 2013-18A
2.00%, 07/23/25 144A†			1,400,000			1,397,319
CenterPoint Energy Transition Bond Co. IV, LLC Series 2012-1
0.90%, 04/15/18			155,612			155,554
Chesapeake Funding II LLC Series 2016-1A
2.11%, 03/15/28 144A			1,870,000			1,867,765
Chesapeake Funding II LLC Series 2016-2A
1.88%, 06/15/28 144A			1,950,000			1,944,940
CIFC Funding 2015-II, Ltd. Series 2015-2A
3.88%, 04/15/27 144A†			700,000			701,133
CNH Equipment Trust Series 2016-B
1.63%, 08/15/21			1,020,000			1,015,852
CNH Equipment Trust Series 2016-C
1.44%, 12/15/21			1,140,000			1,128,726
Colony American Homes Series 2014-1A
2.14%, 05/17/31 144A†			538,413			537,937
Colony American Homes Series 2014-2A
1.71%, 07/17/31 144A†			824,827			820,790
Colony Starwood Homes Trust Series 2016-2A
1.99%, 12/17/33 144A†			1,077,530			1,078,341
Conseco Financial Corporation Series 1998-1
6.04%, 11/01/29			1,658			1,670

See Notes to Financial Statements. 69

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	$	1,142,050
Credit Acceptance Auto Loan Trust Series 2016-2A
2.42%, 11/15/23 144A		2,080,000		2,077,679
Crusade ABS Trust Series 2012-1
2.62%, 07/12/23(A)†		177,902		128,371
CSAB Mortgage-Backed Trust Series 2006-2
5.72%, 09/25/36 STEP		421,487		262,541
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6
1.30%, 12/25/34†		1,371,092		1,299,147
Discover Card Execution Note Trust Series 2016-A4
1.39%, 03/15/22		2,220,000		2,194,660
Drive Auto Receivables Trust Series 2015-AA
2.28%, 06/17/19 144A		961,794		963,150
Drive Auto Receivables Trust Series 2016-BA
1.67%, 07/15/19 144A		320,000		320,267
2.56%, 06/15/20 144A		290,000		291,708
3.19%, 07/15/22 144A		590,000		594,453
Drug Royalty II LP 2 Series 2014-1
3.73%, 07/15/23 144A†		178,231		179,463
Dryden XXII Senior Loan Fund Series 2011-22A
2.05%, 01/15/22 144A†		796,960		796,917
Dryden XXIV Senior Loan Fund Series 2012-24RA
2.20%, 11/15/23 144A†		800,000		799,610
Dryden XXVI Senior Loan Fund Series 2013-26A
1.98%, 07/15/25 144A†		400,000		398,472
Dryden XXVIII Senior Loan Fund Series 2013-28A
2.01%, 08/15/25 144A†		930,000		925,326
2.46%, 08/15/25 144A†		1,175,000		1,165,021
Dryden XXXI Senior Loan Fund Series 2014-31A
3.73%, 04/18/26 144A†		675,000		675,682
Enterprise Fleet Financing LLC Series 2016-2
1.74%, 02/22/22 144A		1,550,000		1,545,612
2.04%, 02/22/22 144A		730,000		720,333
FHLMC Structured Pass-Through Securities Series T-32
1.02%, 08/25/31†		432,267		423,860
Flatiron CLO, Ltd. Series 2011-1A
2.43%, 01/15/23 144A†		294,760		294,926

	Par		Value
GCAT Series 2015-2 3.75%,
07/25/20 STEP 144A	$	341,428	$	341,677
GM Financial Automobile Leasing Trust Series 2016-1
3.24%, 03/20/20		800,000		810,234
GoldenTree Loan Opportunities IV, Ltd. Series 2007-4A
1.63%, 08/18/22 144A†		2,000,000		1,982,114
GoldenTree Loan Opportunities VII, Ltd. Series 2013-7A
2.03%, 04/25/25 144A†		500,000		499,616
GT Loan Financing I Ltd. Series 2013-1A
2.16%, 10/28/24 144A†		1,100,000		1,100,046
Honda Auto Receivables Owner Trust Series 2016-2
1.39%, 04/15/20		1,410,000		1,407,814
Hyundai Auto Receivables Trust Series 2016-A
1.56%, 09/15/20		940,000		939,248
Hyundai Auto Receivables Trust Series 2016-B
2.68%, 09/15/23		680,000		662,998
IFC SBA Loan-Backed Adjustable Rate Certificate Series 1997-1
1.50%, 01/15/24 144A†		43,973		42,324
Invitation Homes Trust Series 2013-SFR1
1.89%, 12/17/30 144A†		742,938		742,948
Invitation Homes Trust Series 2014-SFR1
1.74%, 06/17/31 144A†		2,349,637		2,341,100
Invitation Homes Trust Series 2014-SFR2
1.84%, 09/17/31 144A†		1,461,862		1,459,985
JP Morgan Mortgage Acquisition Corporation Series 2006-FRE2
0.94%, 02/25/36†		292,052		288,670
Kubota Credit Owner Trust Series 2015-1A
0.94%, 12/15/17 144A		107,450		107,431
Kubota Credit Owner Trust Series 2016-1A
1.25%, 04/15/19 144A		870,000		868,193
LA Arena Funding LLC Series 1
7.66%, 12/15/26 144A		159,992		168,137
LCM XII LP Series 12A
2.14%, 10/19/22 144A†		1,190,000		1,189,976
LCM XVII LP Series 17A
2.24%, 10/15/26 144A†		1,250,000		1,251,393
Madison Park Funding XVII, Ltd. Series 2015-17A
3.78%, 07/21/27 144A†		400,000		400,088

70 See Notes to Financial Statements.

	Par			Value
Mercedes-Benz Master Owner Trust Series 2016-BA
1.40%, 05/17/21 144A†		$	1,354,000		$	1,361,959
Navient Private Education Loan Trust Series 2014-CTA
1.40%, 09/16/24 144A†			110,344			110,316
Navient Student Loan Trust Series 2016-5A
2.01%, 06/25/65 144A†			782,667			794,252
Navient Student Loan Trust Series 2016-6A
1.51%, 03/25/66 144A†			1,500,000			1,500,013
Nissan Auto Receivables Owner Trust Series 2016-A
1.59%, 07/15/22			2,860,000			2,842,985
Nissan Master Owner Receivables Trust Series 2016-A
1.54%, 06/15/21			1,440,000			1,430,885
Octagon Investment Partners XIX, Ltd. Series 2014-1A
2.40%, 04/15/26 144A†			865,000			865,969
2.88%, 04/15/26 144A†			905,000			905,121
OneMain Financial Issuance Trust Series 2014-2A
2.47%, 09/18/24 144A			1,582,086			1,582,738
OneMain Financial Issuance Trust Series 2015-2A
2.57%, 07/18/25 144A			1,300,000			1,300,046
Option One Mortgage Loan Asset-Backed Certificates Trust Series 2005-4
1.02%, 11/25/35†			176,026			175,777
OZLM Funding II, Ltd. Series 2012-2A
2.31%, 10/30/27 144A†			950,000			954,589
PFS Financing Corporation Series 2016-BA
1.87%, 10/15/21 144A			290,000			287,100
Race Point VIII CLO Ltd. Series 2013-8A
2.16%, 02/20/25 144A†			1,130,000			1,129,453
Santander Drive Auto Receivables Trust Series 2013-1
1.76%, 01/15/19			426,327			426,672
Santander Drive Auto Receivables Trust Series 2013-A
3.12%, 10/15/19 144A			724,789			729,549
Santander Drive Auto Receivables Trust Series 2014-3
2.65%, 08/17/20			210,000			212,436
Santander Drive Auto Receivables Trust Series 2014-4
2.60%, 11/16/20			1,350,000			1,360,891

	Par			Value
Santander Drive Auto Receivables Trust Series 2015-1
3.24%, 04/15/21		$	320,000		$	323,821
Santander Drive Auto Receivables Trust Series 2015-2
3.02%, 04/15/21			555,000			561,084
Santander Drive Auto Receivables Trust Series 2016-2
1.56%, 05/15/20			500,000			499,586
2.66%, 11/15/21			640,000			641,763
Securitized Asset-Backed Receivables LLC Trust Series 2006-OP1
1.13%, 10/25/35†			2,460,386			2,410,401
SLC Student Loan Trust Series 2006-2
1.06%, 09/15/26†			1,385,779			1,373,186
SLM Private Credit Student Loan Trust Series 2003-B
1.36%, 03/15/22†			120,720			119,801
SLM Private Credit Student Loan Trust Series 2004-B
1.16%, 06/15/21†			45,395			45,326
SLM Private Credit Student Loan Trust Series 2005-A
1.16%, 06/15/23†			979,101			948,502
SLM Private Education Loan Trust Series 2010-A
3.95%, 05/16/44 144A†			1,304,158			1,354,253
SLM Private Education Loan Trust Series 2011-B
3.74%, 02/15/29 144A			1,385,350			1,413,193
SLM Private Education Loan Trust Series 2013-C
1.55%, 02/15/22 144A†			67,450			67,476
SLM Private Education Loan Trust Series 2014-A
1.85%, 01/15/26 144A†			1,245,000			1,255,656
2.59%, 01/15/26 144A			555,000			556,396
SMB Private Education Loan Trust Series 2016-A
2.70%, 05/15/31 144A			470,000			454,276
SMB Private Education Loan Trust Series 2016-B
2.43%, 02/17/32 144A			298,000			291,577
SoFi Professional Loan Program LLC Series 2015-A
1.79%, 03/25/33 144A†			750,540			754,276
SoFi Professional Loan Program LLC Series 2015-D
2.72%, 10/27/36 144A			802,789			805,823

See Notes to Financial Statements. 71

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
SoFi Professional Loan Program LLC Series 2016-C
2.36%, 12/27/32 144A		$	210,000		$	206,822
SoFi Professional Loan Program LLC Series 2016-D
1.53%, 04/25/33 144A			543,716			543,027
2.34%, 04/25/33 144A			190,000			186,116
SoFi Professional Loan Program LLC Series 2016-F
3.02%, 02/25/40+ 144A			2,000,000			1,993,696
Sound Point CLO IV, Ltd. Series 2013-3A
2.25%, 01/21/26 144A†			250,000			249,979
Sound Point CLO VI, Ltd. Series 2014-2A
2.24%, 10/20/26 144A†			250,000			249,591
Springleaf Funding Trust Series 2015-AA
3.16%, 11/15/24 144A			545,000			549,306
Structured Asset Securities Corporation Mortgage Loan Trust Series 2005-7XS
2.12%, 04/25/35†			397,659			374,691
Symphony CLO VIII LP Series 2012-8A
1.98%, 01/09/23 144A†			1,533,279			1,533,276
Symphony CLO XI, Ltd. Series 2013-11A
2.18%, 01/17/25 144A†			2,210,000			2,210,013
Symphony CLO XV, Ltd. Series 2014-15A
2.33%, 10/17/26 144A†			2,650,000			2,650,678
Synchrony Credit Card Master Note Trust Series 2015-2
1.60%, 04/15/21			1,500,000			1,501,266
Synchrony Credit Card Master Note Trust Series 2016-2
2.21%, 05/15/24			3,100,000			3,083,171
Synchrony Credit Card Master Note Trust Series 2016-3
1.58%, 09/15/22			1,710,000			1,688,524
Toyota Auto Receivables Owner Trust Series 2016-B
1.30%, 04/15/20			670,000			667,852
Treman Park CLO, Ltd. Series 2015-1A
2.25%, 04/20/27 144A†			1,000,000			999,500
Tryon Park CLO, Ltd. Series 2013-1A
2.00%, 07/15/25 144A†			1,770,000			1,768,756
2.43%, 07/15/25 144A†			1,175,000			1,170,030
Venture XVII CLO, Ltd. Series 2014-17A
3.73%, 07/15/26 144A†			360,000			360,198
Verizon Owner Trust Series 2016-1A
1.42%, 01/20/21 144A			300,000			297,912

	Par			Value
Vibrant CLO III, Ltd. Series 2015-3A
2.39%, 04/20/26 144A†		$	250,000		$	249,875
VOLT XL LLC Series 2015-NP14
4.38%, 11/27/45 STEP 144A			311,711			314,088
Voya CLO, Ltd. Series 2013-3A
2.68%, 01/18/26+ 144A†			1,000,000			999,952
Westlake Automobile Receivables Trust Series 2016-2A
1.57%, 06/17/19 144A			370,000			370,324
2.30%, 11/15/19 144A			710,000			710,584
4.10%, 06/15/21 144A			350,000			351,404
Wheels SPV 2 LLC Series 2016-1A
1.59%, 05/20/25 144A			230,000			229,568
World Financial Network Credit Card Master Trust Series 2016-A
2.03%, 04/15/25			1,430,000			1,400,572
Total Asset-Backed Securities (Cost $126,824,932)						126,467,089
CERTIFICATES OF DEPOSIT — 2.4%
Bank of Nova Scotia Houston
1.35%, 09/27/17†			2,170,000			2,169,179
Bank of Tokyo-Mitsubishi UFJ, Ltd.
1.57%, 09/27/17†			1,070,000			1,071,341
1.55%, 10/13/17†			800,000			800,811
BNP Paribas
1.52%, 09/25/17†			2,910,000			2,913,024
Canadian Imperial Bank of Commerce
1.45%, 09/26/17†			300,000			300,290
Credit Agricole Corporate and Investment Bank
0.00%, 07/12/17W†			750,000			750,000
Credit Suisse AG
1.75%, 09/12/17†			2,500,000			2,503,475
Mizuho Bank, Ltd.
1.55%, 10/03/17†			750,000			751,313
Rabobank Nederland NV
1.36%, 09/27/17†			2,910,000			2,910,635
Skandinaviska Enskilda Banken
1.32%, 09/28/17†			2,960,000			2,963,526
Sumitomo Mitsui Banking Corporation
1.50%, 10/05/17†			2,970,000			2,975,712
Wells Fargo Bank NA
1.35%, 10/06/17†			900,000			900,749
Total Certificates of Deposit (Cost $20,990,019)						21,010,055
COMMERCIAL PAPER — 0.6%
Chevron Corporation
0.00%, 08/29/17W			900,000			893,829
Coca-Cola Co.
0.00%, 09/13/17W			1,800,000			1,785,467

72 See Notes to Financial Statements.

	Par			Value
Toronto Dominion Holdings
0.00%, 10/05/17W		$	2,200,000		$	2,176,897
Total Commercial Paper (Cost $4,858,835)						4,856,193
CORPORATE BONDS — 29.0%
Abbott Laboratories
2.35%, 11/22/19			605,000			606,133
AbbVie, Inc.
1.80%, 05/14/18			870,000			870,944
2.50%, 05/14/20			225,000			225,239
2.30%, 05/14/21D			2,610,000			2,559,872
2.85%, 05/14/23D			1,000,000			971,474
ACCO Brands Corporation
6.75%, 04/30/20D			130,000			136,825
ADT Corporation
6.25%, 10/15/21			150,000			163,500
AES Corporation
3.93%, 06/01/19†D			260,000			260,650
7.38%, 07/01/21D			125,000			139,863
Aetna, Inc.
1.70%, 06/07/18			290,000			289,832
1.90%, 06/07/19			2,045,000			2,041,513
Air Lease Corporation
2.63%, 09/04/18			940,000			946,938
Ally Financial, Inc.
2.75%, 01/30/17			2,000,000			2,000,750
5.50%, 02/15/17			1,500,000			1,506,563
3.25%, 09/29/17D			665,000			670,403
American Express Credit Corporation
1.13%, 06/05/17			80,000			79,992
American Honda Finance Corporation
1.70%, 02/22/19			500,000			498,108
1.20%, 07/12/19			650,000			638,683
American Tower Corporation REIT
2.25%, 01/15/22D			2,700,000			2,589,289
AmeriGas Partners LP
5.50%, 05/20/25			270,000			273,713
Amgen, Inc.
2.20%, 05/22/19			1,150,000			1,153,747
Anadarko Petroleum Corporation
4.85%, 03/15/21D			1,030,000			1,105,437
Analog Devices, Inc.
3.50%, 12/05/26			315,000			312,734
Antero Resources Corporation
6.00%, 12/01/20			265,000			272,963
Apache Corporation
3.25%, 04/15/22			640,000			650,804
Apple, Inc.
1.30%, 02/23/18D			170,000			170,154
3.85%, 08/04/46			330,000			317,008
Arconic, Inc.
5.40%, 04/15/21D			500,000			531,875
Ashland, Inc.
3.88%, 04/15/18D			1,480,000			1,524,400
Astoria Financial Corporation
5.00%, 06/19/17			770,000			779,716
AT&T, Inc.
2.30%, 03/11/19D			1,070,000			1,074,672
1.93%, 06/30/20†			4,000,000			4,023,728

	Par			Value
4.75%, 05/15/46		$	180,000		$	171,192
Autodesk, Inc.
1.95%, 12/15/17			350,000			350,684
AutoZone, Inc.
1.63%, 04/21/19			280,000			277,599
Aviation Capital Group Corporation
4.63%, 01/31/18 144A			500,000			515,000
2.88%, 09/17/18 144A			2,000,000			2,027,500
Bank of America Corporation
1.70%, 08/25/17			570,000			570,852
6.40%, 08/28/17D			400,000			412,332
5.75%, 12/01/17D			1,700,000			1,761,334
2.07%, 03/22/18†			1,200,000			1,208,294
6.88%, 04/25/18			800,000			850,596
1.92%, 01/15/19†			280,000			282,589
2.60%, 01/15/19			1,300,000			1,311,757
2.65%, 04/01/19			5,050,000			5,106,116
2.15%, 11/09/20			195,000			192,642
3.50%, 04/19/26D			325,000			321,299
Baxalta, Inc.
1.78%, 06/22/18†			380,000			380,176
2.00%, 06/22/18 144A			210,000			210,087
Becton Dickinson and Co.
1.80%, 12/15/17D			541,000			542,357
BGC Partners, Inc.
5.13%, 05/27/21D			1,400,000			1,442,081
BMW US Capital LLC
1.50%, 04/11/19 144A			430,000			426,061
Boston Scientific Corporation
2.65%, 10/01/18			1,800,000			1,820,511
3.38%, 05/15/22D			1,100,000			1,119,437
Branch Banking & Trust Co.
1.45%, 05/10/19			1,180,000			1,167,264
Bristol-Myers Squibb Co.
4.50%, 03/01/44			155,000			168,501
Burlington Northern Santa Fe LLC
3.40%, 09/01/24			500,000			515,247
Cameron International Corporation
1.40%, 06/15/17			270,000			269,914
Cantor Fitzgerald LP
6.50%, 06/17/22 144A			750,000			801,782
Capital One Bank USA NA
2.25%, 02/13/19			500,000			502,480
Capital One Financial Corporation
3.75%, 04/24/24			600,000			608,768
Capital One NA
1.50%, 09/05/17			690,000			689,256
Caterpillar Financial Services Corporation
1.50%, 02/23/18			300,000			299,938
Celgene Corporation
2.13%, 08/15/18			310,000			311,368
CenturyLink, Inc.
5.63%, 04/01/20D			530,000			562,463
Charter Communications Operating LLC
4.46%, 07/23/22 144A			2,700,000			2,824,745
CHS/Community Health Systems, Inc.
5.13%, 08/15/18D			41,000			40,184

See Notes to Financial Statements. 73

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
CIT Group, Inc.
4.25%, 08/15/17		$	3,350,000		$	3,400,250
5.25%, 03/15/18			1,720,000			1,786,650
6.63%, 04/01/18 144A			200,000			211,250
5.00%, 05/15/18 144AD			175,000			177,625
5.50%, 02/15/19 144A			200,000			211,500
Citigroup, Inc.
1.55%, 08/14/17			1,300,000			1,301,104
1.80%, 02/05/18			2,030,000			2,029,407
1.88%, 06/07/19†			1,000,000			1,008,122
2.70%, 03/30/21			1,100,000			1,098,576
2.07%, 08/02/21†			4,200,000			4,247,767
2.36%, 09/01/23†			725,000			740,000
Citizens Bank NA
1.60%, 12/04/17			900,000			899,258
2.30%, 12/03/18			350,000			351,950
2.55%, 05/13/21			250,000			248,720
CNH Industrial Capital LLC
3.88%, 07/16/18			530,000			539,938
3.38%, 07/15/19D			275,000			277,062
Compass Bank
1.85%, 09/29/17			500,000			498,955
ConocoPhillips Co.
6.00%, 01/15/20			135,000			149,190
1.81%, 05/15/22†D			3,100,000			3,072,066
Continental Airlines Class B Pass-Through Trust Series 2009-2
9.25%, 05/10/17			255,534			260,645
Continental Airlines Class B Pass-Through Trust Series 2010-1
6.00%, 01/12/19			261,356			267,733
Crown Castle Towers LLC
3.22%, 05/15/22 144A			1,500,000			1,526,670
CVS Health Corporation
2.25%, 08/12/19D			1,110,000			1,116,774
D.R. Horton, Inc.
3.63%, 02/15/18			700,000			708,750
3.75%, 03/01/19			109,000			111,453
4.00%, 02/15/20			1,100,000			1,134,375
Daimler Finance North America LLC
1.13%, 03/10/17 144A			300,000			299,941
1.38%, 08/01/17 144A			660,000			660,066
1.65%, 03/02/18 144A			750,000			749,152
2.00%, 08/03/18 144A			3,000,000			3,004,851
1.50%, 07/05/19 144A			1,090,000			1,072,815
DCP Midstream Operating LP
2.70%, 04/01/19D			420,000			416,850
Devon Energy Corporation
3.25%, 05/15/22			115,000			114,410
Diamond 1 Finance Corporation
3.48%, 06/01/19 144A			1,455,000			1,486,127
4.42%, 06/15/21 144A			700,000			725,038
5.88%, 06/15/21 144A			140,000			149,001
DISH DBS Corporation
4.25%, 04/01/18			700,000			719,509
Dominion Resources, Inc.
1.50%, 09/30/18 144A			1,005,000			995,798
2.96%, 07/01/19 STEP			200,000			202,602
DTE Energy Co.
1.50%, 10/01/19			400,000			393,613
2.40%, 12/01/19			100,000			100,562

	Par			Value
eBay, Inc.
2.50%, 03/09/18		$	280,000		$	282,540
El Paso Natural Gas Co. LLC
5.95%, 04/15/17D			1,500,000			1,516,968
Eli Lilly & Co.
1.25%, 03/01/18			410,000			410,167
Emera US Finance LP
2.15%, 06/15/19 144AD			250,000			249,734
Energy Transfer Equity LP
7.50%, 10/15/20			300,000			336,000
Energy Transfer Partners LP
4.15%, 10/01/20			35,000			36,274
4.65%, 06/01/21			291,000			302,436
Enterprise Products Operating LLC
1.65%, 05/07/18			75,000			74,814
Express Scripts Holding Co.
1.25%, 06/02/17D			380,000			378,625
Exxon Mobil Corporation
1.44%, 03/01/18D			340,000			340,467
Federal Express Corporation Pass-Through Trust Series 2012
2.63%, 01/15/18 144A			136,637			136,702
Fidelity National Information Services, Inc.
2.00%, 04/15/18			340,000			341,144
Fifth Third Bank
2.30%, 03/15/19			370,000			372,611
1.63%, 09/27/19			460,000			454,680
Ford Motor Credit Co. LLC
3.00%, 06/12/17			560,000			563,321
1.82%, 01/09/18†			500,000			501,546
2.15%, 01/09/18			700,000			701,189
2.94%, 01/08/19D			1,300,000			1,315,474
1.78%, 03/12/19†			1,160,000			1,162,069
2.02%, 05/03/19			875,000			867,461
1.90%, 08/12/19			210,000			206,749
Fortive Corporation
1.80%, 06/15/19 144A			200,000			198,874
Freeport-McMoRan, Inc.
2.15%, 03/01/17D			210,000			208,950
3.10%, 03/15/20			400,000			392,000
6.50%, 11/15/20 144A			250,000			258,125
Frontier Communications Corporation
8.88%, 09/15/20D			935,000			999,281
GameStop Corporation
6.75%, 03/15/21 144AD			350,000			353,500
General Electric Co.
4.50%, 03/11/44			290,000			312,058
General Motors Co.
3.50%, 10/02/18			953,000			972,376
General Motors Financial Co., Inc.
4.75%, 08/15/17			5,800,000			5,910,908
3.00%, 09/25/17D			600,000			605,851
2.40%, 04/10/18			1,300,000			1,301,793
3.10%, 01/15/19			175,000			176,944
2.40%, 05/09/19			780,000			778,374
3.70%, 11/24/20			245,000			249,446
3.20%, 07/06/21			165,000			163,794
Georgia-Pacific LLC
3.73%, 07/15/23 144A			500,000			515,885

74 See Notes to Financial Statements.

	Par		Value
Glencore Funding LLC
2.24%, 01/15/19 144A†	$	680,000	$	684,920
Goldman Sachs Group, Inc.
2.01%, 11/15/18†		580,000		585,674
2.55%, 10/23/19		1,080,000		1,088,661
2.30%, 12/13/19		515,000		514,779
2.35%, 11/15/21		260,000		252,893
2.54%, 11/29/23†D		4,700,000		4,850,330
3.50%, 11/16/26		215,000		210,485
HCA, Inc.
3.75%, 03/15/19		1,600,000		1,648,000
Hewlett Packard Enterprise Co.
2.45%, 10/05/17 144A		3,040,000		3,057,468
2.85%, 10/05/18 144A		2,400,000		2,424,240
HSBC USA, Inc.
1.70%, 03/05/18		710,000		709,723
1.88%, 09/24/18†		800,000		802,028
1.51%, 11/13/19†		2,000,000		1,994,270
2.75%, 08/07/20		1,500,000		1,503,742
Hughes Satellite Systems Corporation
6.50%, 06/15/19		275,000		300,094
Huntington National Bank
1.31%, 04/24/17†		250,000		250,049
2.20%, 11/06/18		300,000		300,978
Hyundai Capital America
1.45%, 02/06/17 144A		800,000		800,153
2.40%, 10/30/18 144A		240,000		241,065
2.50%, 03/18/19 144A		710,000		712,278
IAC/InterActiveCorp
4.88%, 11/30/18		252,000		256,221
International Lease Finance Corporation
3.88%, 04/15/18		795,000		811,894
5.88%, 04/01/19		800,000		851,584
6.25%, 05/15/19		1,300,000		1,400,750
Interpublic Group of Cos., Inc.
2.25%, 11/15/17		283,000		284,818
Iron Mountain, Inc. REIT
4.38%, 06/01/21 144A		435,000		445,875
J.B. Hunt Transport Services, Inc.
2.40%, 03/15/19		620,000		622,066
John Deere Capital Corporation
1.35%, 01/16/18D		195,000		194,791
1.95%, 01/08/19D		550,000		552,480
JPMorgan Chase & Co.
6.30%, 04/23/19		320,000		349,789
2.20%, 10/22/19D		1,850,000		1,858,183
2.09%, 10/29/20†		5,900,000		6,010,029
2.30%, 08/15/21		190,000		186,601
2.95%, 10/01/26		695,000		664,201
KeyBank NA
1.70%, 06/01/18		900,000		899,681
2.35%, 03/08/19		440,000		442,668
Kinder Morgan Energy Partners LP
6.50%, 04/01/20D		90,000		99,693
3.50%, 03/01/21		180,000		182,912
5.80%, 03/01/21D		100,000		109,690
5.00%, 10/01/21D		300,000		319,745
4.15%, 03/01/22D		50,000		51,365
3.95%, 09/01/22		80,000		82,236

	Par		Value
Kinder Morgan, Inc.
7.00%, 06/15/17	$	400,000	$	409,326
2.00%, 12/01/17		210,000		210,367
3.05%, 12/01/19D		290,000		294,361
Kinder Morgan Finance Co. LLC
6.00%, 01/15/18 144A		2,300,000		2,395,358
Kraft Heinz Foods Co.
1.60%, 06/30/17		850,000		850,785
2.00%, 07/02/18		1,830,000		1,831,082
Lam Research Corporation
2.75%, 03/15/20D		203,000		203,571
Lehman Escrow Bonds
0.00%, 01/18/12W#		600,000		35,250
0.00%, 12/28/17+W#		2,600,000		—
Lennar Corporation
4.50%, 06/15/19		1,100,000		1,141,250
Manufacturers & Traders Trust Co.
1.40%, 07/25/17		780,000		780,467
Medtronic, Inc.
1.50%, 03/15/18		270,000		270,052
Metropolitan Life Global Funding I
1.95%, 12/03/18 144A		670,000		672,689
Microsoft Corporation
3.70%, 08/08/46		500,000		471,971
Morgan Stanley
6.63%, 04/01/18		510,000		539,501
2.45%, 02/01/19		560,000		564,129
1.62%, 07/23/19†		940,000		944,366
2.38%, 07/23/19		1,253,000		1,257,344
2.03%, 01/27/20†D		1,350,000		1,362,548
3.13%, 07/27/26		550,000		526,529
Motorola Solutions, Inc.
3.50%, 09/01/21		1,900,000		1,917,461
National Oilwell Varco, Inc.
1.35%, 12/01/17		660,000		657,574
Navient Corporation
5.00%, 06/15/18D		400,000		401,000
5.50%, 01/15/19		1,800,000		1,872,000
4.88%, 06/17/19		555,000		575,813
8.00%, 03/25/20D		200,000		222,380
New York Life Global Funding
1.55%, 11/02/18 144A		710,000		708,160
Newell Rubbermaid, Inc.
2.15%, 10/15/18		240,000		241,297
2.60%, 03/29/19		640,000		647,372
NextEra Energy Capital Holdings, Inc.
1.65%, 09/01/18		230,000		229,371
Nissan Motor Acceptance Corporation
1.95%, 09/12/17 144A		520,000		521,544
2.00%, 03/08/19 144AD		6,120,000		6,108,439
Northwest Airlines Class G-2 Pass-Through Trust Series 2002-1
6.26%, 11/20/21		100,949		108,960
Nuance Communications, Inc.
5.38%, 08/15/20 144A		150,000		154,406
NuStar Logistics LP
6.75%, 02/01/21		250,000		271,250
NVIDIA Corporation
2.20%, 09/16/21		520,000		508,135

See Notes to Financial Statements. 75

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Oracle Corporation
1.90%, 09/15/21	$	1,100,000	$	1,075,632
4.00%, 07/15/46		505,000		484,260
Pennsylvania Electric Co.
5.20%, 04/01/20		500,000		535,847
Penske Truck Leasing Co. LP
3.38%, 03/15/18 144A		2,900,000		2,951,646
2.50%, 06/15/19 144A		190,000		190,569
3.20%, 07/15/20 144A		1,000,000		1,011,910
PepsiCo, Inc.
1.35%, 10/04/19		320,000		317,695
Pioneer Natural Resources Co.
6.65%, 03/15/17		900,000		909,226
6.88%, 05/01/18D		400,000		424,788
Plains All American Pipeline LP
6.50%, 05/01/18D		900,000		951,397
3.65%, 06/01/22		35,000		35,234
Prudential Financial, Inc.
1.69%, 08/15/18†		500,000		501,864
PSEG Power LLC
3.00%, 06/15/21D		1,400,000		1,405,727
QEP Resources, Inc.
6.88%, 03/01/21D		75,000		80,062
QUALCOMM, Inc.
3.00%, 05/20/22D		1,200,000		1,216,844
4.80%, 05/20/45		235,000		251,721
Reliance Standard Life Global Funding II
2.15%, 10/15/18 144A		1,490,000		1,497,794
Rockies Express Pipeline LLC
6.00%, 01/15/19 144A		150,000		158,250
S&P Global, Inc.
2.50%, 08/15/18 144A		270,000		272,362
3.30%, 08/14/20		800,000		816,346
Samsung Electronics America, Inc.
1.75%, 04/10/17 144A		1,150,000		1,150,564
Santander Bank NA
2.00%, 01/12/18		600,000		599,900
Schlumberger Holdings Corporation
2.35%, 12/21/18 144A		500,000		504,269
Scripps Networks Interactive, Inc.
3.50%, 06/15/22		900,000		910,599
Southern California Edison Co.
1.85%, 02/01/22		1,178,571		1,159,816
Southern Co.
1.85%, 07/01/19		740,000		738,155
2.95%, 07/01/23		1,500,000		1,482,804
Southern Power Co.
1.85%, 12/01/17		190,000		190,545
Sprint Communications, Inc.
9.00%, 11/15/18 144A		845,000		933,725
Sprint Spectrum Co., LLC
3.36%, 09/20/21 144A		1,070,000		1,074,676
Stanley Black & Decker, Inc.
2.45%, 11/17/18		530,000		534,785
Steel Dynamics, Inc.
6.13%, 08/15/19D		265,000		273,096
Stryker Corporation
2.00%, 03/08/19		550,000		550,561
Sunoco LP
5.50%, 08/01/20		85,000		86,806

	Par		Value
Synchrony Financial
1.88%, 08/15/17	$	3,050,000	$	3,052,861
2.60%, 01/15/19		370,000		372,047
3.00%, 08/15/19		390,000		395,293
2.11%, 02/03/20†		950,000		939,668
Targa Resources Partners LP
4.13%, 11/15/19D		150,000		152,625
Target Corporation
3.63%, 04/15/46D		165,000		153,722
TECO Finance, Inc.
1.48%, 04/10/18†		1,500,000		1,498,859
Tenet Healthcare Corporation
6.25%, 11/01/18		275,000		291,500
Tesoro Corporation
4.75%, 12/15/23 144AD		930,000		938,138
Thermo Fisher Scientific, Inc.
2.15%, 12/14/18		200,000		201,013
3.30%, 02/15/22D		1,900,000		1,932,610
TIAA Asset Management Finance Co. LLC
2.95%, 11/01/19 144A		1,400,000		1,425,127
Time Warner Cable LLC
6.75%, 07/01/18		1,000,000		1,068,001
T-Mobile USA, Inc.
5.25%, 09/01/18		600,000		609,750
6.54%, 04/28/20		525,000		541,406
6.63%, 04/28/21		727,000		760,624
Toyota Motor Credit Corporation
1.55%, 07/13/18D		880,000		879,979
1.70%, 02/19/19		490,000		488,604
U.S. Bank NA
1.45%, 01/29/18		450,000		449,775
United Airlines Pass-Through Trust Series 2009-2A
9.75%, 01/15/17		916,715		920,785
United States Steel Corporation
8.38%, 07/01/21 144A		135,000		149,584
UnitedHealth Group, Inc.
1.90%, 07/16/18		420,000		421,961
US Airways Class B Pass-Through Trust Series 2011-1
9.75%, 10/22/18		665,784		744,846
US Airways Class B Pass-Through Trust Series 2012-1
8.00%, 10/01/19		264,345		293,753
Ventas Realty LP REIT
1.25%, 04/17/17		230,000		229,909
VEREIT Operating Partnership LP REIT
4.13%, 06/01/21		130,000		132,600
Verizon Communications, Inc.
1.76%, 06/17/19†D		500,000		504,727
4.86%, 08/21/46		165,000		167,852
4.52%, 09/15/48		165,000		158,872
Volkswagen Group of America Finance LLC
1.25%, 05/23/17 144A		1,060,000		1,058,384
1.29%, 05/23/17 144A†		2,000,000		1,997,996
1.60%, 11/20/17 144A		1,370,000		1,365,990
1.65%, 05/22/18 144A		619,000		615,849

76 See Notes to Financial Statements.

	Par		Value
Walgreens Boots Alliance, Inc.
1.75%, 11/17/17	$	230,000	$	230,623
1.75%, 05/30/18		420,000		420,565
2.70%, 11/18/19		790,000		801,015
WEA Finance LLC REIT
1.75%, 09/15/17 144A		220,000		220,175
2.70%, 09/17/19 144A		260,000		263,142
Wells Fargo Bank NA
1.65%, 01/22/18		1,080,000		1,080,138
1.75%, 05/24/19		1,145,000		1,139,862
West Corporation
4.75%, 07/15/21 144A		310,000		317,750
Western Digital Corporation
10.50%, 04/01/24 144A		430,000		509,550
Whirlpool Corporation
1.65%, 11/01/17		340,000		340,556
Williams Partners LP
7.25%, 02/01/17		1,325,000		1,330,201
3.60%, 03/15/22		40,000		40,258
Wm. Wrigley Jr. Co.
2.00%, 10/20/17 144A		200,000		201,045
Wyndham Worldwide Corporation
2.95%, 03/01/17		1,000,000		1,001,024
Zimmer Biomet Holdings, Inc.
2.00%, 04/01/18		820,000		821,251
2.70%, 04/01/20		190,000		190,156
Zoetis, Inc.
3.45%, 11/13/20		300,000		308,180
Total Corporate Bonds (Cost $249,849,714)				250,790,069
FOREIGN BONDS — 17.5%
Australia — 1.4%
Asciano Finance, Ltd.
5.00%, 04/07/18 144A		1,500,000		1,541,579
Australia & New Zealand Banking Group, Ltd.
2.05%, 09/23/19		975,000		971,438
Commonwealth Bank of Australia
1.75%, 11/02/18		610,000		608,653
2.05%, 03/15/19D		590,000		589,509
Macquarie Bank, Ltd.
5.00%, 02/22/17 144AD		1,250,000		1,256,286
1.52%, 10/27/17 144A†		480,000		480,590
1.60%, 10/27/17 144A		860,000		860,048
Macquarie Group, Ltd.
4.88%, 08/10/17 144A		355,000		361,290
Rio Tinto Finance USA, Ltd.
3.75%, 09/20/21D		30,000		31,539
Suncorp-Metway, Ltd.
2.10%, 05/03/19 144A		1,700,000		1,688,970
Virgin Australia Pass-Through Trust Series 2013-1A
5.00%, 10/23/23 144A		422,995		444,653
Westpac Banking Corporation
1.95%, 11/23/18		1,270,000		1,272,436
1.60%, 08/19/19D		1,760,000		1,739,704
Woodside Finance, Ltd.
4.60%, 05/10/21 144A		400,000		420,968
				12,267,663

	Par		Value
Austria — 0.2%
Oesterreichische Kontrollbank AG 1.13%, 04/26/19	$	1,889,000	$	1,864,908
Bermuda — 0.2%
Aircastle, Ltd.
6.75%, 04/15/17		1,546,000		1,562,551
Brazil — 0.1%
Banco Santander Brasil SA
4.63%, 02/13/17 144A		1,000,000		1,002,231
Canada — 1.1%
Air Canada Class C Pass-Through Trust Series 2013-1
6.63%, 05/15/18 144A		710,000		737,512
Bank of Montreal
1.90%, 08/27/21		1,690,000		1,638,734
Bank of Nova Scotia
1.88%, 04/26/21		1,535,000		1,498,442
Canadian Natural Resources, Ltd.
1.75%, 01/15/18		480,000		478,962
Glencore Finance Canada, Ltd.
2.70%, 10/25/17 144A		1,031,000		1,039,094
Rogers Communications, Inc.
1.50%, 03/13/17(C)†		550,000		410,111
Royal Bank of Canada
1.63%, 04/15/19D		1,320,000		1,313,148
2.20%, 09/23/19		247,000		248,500
2.10%, 10/14/20		1,050,000		1,045,352
Teck Resources, Ltd.
8.00%, 06/01/21 144AD		200,000		220,500
Thomson Reuters Corporation
1.65%, 09/29/17		640,000		640,830
TransAlta Corporation
1.90%, 06/03/17D		112,000		111,860
TransCanada PipeLines, Ltd.
3.13%, 01/15/19		115,000		117,434
				9,500,479
Cayman Islands — 0.2%
Alibaba Group Holding, Ltd.
1.63%, 11/28/17 144A		200,000		199,793
Baidu, Inc.
2.25%, 11/28/17		440,000		441,610
Hutchison Whampoa International, (12) (II), Ltd.
2.00%, 11/08/17 144A		370,000		370,688
MUFG Capital Finance 4, Ltd.
5.27%, 01/29/49(E)†		200,000		211,878
Seagate HDD Cayman
3.75%, 11/15/18D		660,000		676,665
				1,900,634
Chile — 0.1%
Itau CorpBanca
3.88%, 09/22/19 144AD		500,000		516,304
Denmark — 3.0%
AP Moeller - Maersk A/S
2.55%, 09/22/19 144A		670,000		667,719
Nordea Kredit Realkreditaktieselskab
2.00%, 01/01/17(D)		30,000,000		4,247,788

See Notes to Financial Statements. 77

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Nykredit Realkredit A/S
1.00%, 01/01/17(D)	$	68,000,000	$	9,628,319
2.00%, 04/01/17(D)		30,000,000		4,271,596
Realkredit Danmark A/S
2.00%, 01/01/17(D)		49,000,000		6,938,053
				25,753,475
Finland — 0.0%
Nokia OYJ
5.38%, 05/15/19D		260,000		275,405
France — 2.5%
Air Liquide Finance SA
1.75%, 09/27/21 144A		1,800,000		1,732,619
Credit Agricole SA
1.68%, 04/15/19 144A†		1,260,000		1,265,896
Dexia Credit Local SA
1.60%, 03/23/18†		9,800,000		9,820,766
Engie SA
1.50%, 07/20/17(E)		2,000,000		2,125,476
French Discount Treasury Bill
0.00%, 02/15/17(E)W		6,600,000		6,954,226
				21,898,983
Germany — 0.4%
IHO Verwaltungs GmbH
Cash coupon 4.13% or PIK 4.88%, 09/15/21 144A		400,000		405,000
KFW
1.00%, 07/15/19D		1,200,000		1,182,096
1.88%, 06/30/20D		900,000		898,557
1.88%, 11/30/20		1,095,000		1,091,317
				3,576,970
Guernsey — 0.2%
Credit Suisse Group Funding Guernsey, Ltd.
3.17%, 04/16/21†		1,500,000		1,556,091
3.80%, 09/15/22		450,000		454,568
				2,010,659
Ireland — 0.7%
AerCap Ireland Capital, Ltd.
2.75%, 05/15/17D		700,000		701,505
Johnson Controls International PLC
1.40%, 11/02/17		130,000		130,235
Shire Acquisitions Investments Ireland DAC
1.90%, 09/23/19		3,465,000		3,423,320
2.40%, 09/23/21		890,000		860,678
2.88%, 09/23/23		200,000		190,376
SMBC Aviation Capital Finance DAC
2.65%, 07/15/21 144A		390,000		375,836
				5,681,950
Italy — 0.1%
Intesa Sanpaolo SpA
2.38%, 01/13/17		700,000		700,101
Japan — 1.0%
Bank of Tokyo-Mitsubishi UFJ, Ltd.
1.45%, 09/08/17 144A		750,000		749,054
1.98%, 09/14/18 144A†		800,000		803,863

	Par		Value
Japan Finance Organization for Municipalities
1.50%, 09/12/17	$	200,000	$	199,768
Mitsubishi UFJ Lease & Finance Co., Ltd
1.66%, 07/23/19†		875,000		873,180
Mitsubishi UFJ Trust & Banking Corporation
1.60%, 10/16/17 144A		500,000		499,638
2.65%, 10/19/20 144A		700,000		697,895
Mizuho Bank, Ltd.
1.45%, 09/25/17 144A†		300,000		299,898
1.70%, 09/25/17 144A		1,110,000		1,110,185
ORIX Corporation
3.75%, 03/09/17D		1,000,000		1,003,484
Sumitomo Mitsui Banking Corporation
1.76%, 10/19/18		400,000		398,435
Sumitomo Mitsui Financial Group, Inc.
2.06%, 07/14/21		1,100,000		1,064,592
2.44%, 10/19/21D		190,000		187,041
Sumitomo Mitsui Trust Bank, Ltd.
2.05%, 10/18/19 144A		520,000		515,783
				8,402,816
Jersey — 0.1%
UBS Group Funding Jersey, Ltd.
2.66%, 04/14/21 144A†		900,000		928,447
Luxembourg — 0.3%
ArcelorMittal
6.25%, 08/05/20D		500,000		546,250
Pentair Finance SA
2.90%, 09/15/18		720,000		728,621
Telecom Italia Capital SA
7.00%, 06/04/18		200,000		213,500
Wind Acquisition Finance SA
4.75%, 07/15/20 144A		830,000		840,375
				2,328,746
Mexico — 0.3%
America Movil Sab de CV
6.00%, 06/09/19(M)		44,300,000		2,040,356
Petroleos Mexicanos
3.50%, 07/18/18D		283,000		286,255
				2,326,611
Netherlands — 0.9%
Bank Nederlandse Gemeenten NV
1.13%, 05/25/18 144A		1,698,000		1,690,666
ING Bank NV
2.00%, 11/26/18 144A		1,010,000		1,009,877
2.30%, 03/22/19 144AD		360,000		361,057
LeasePlan Corporation NV
2.50%, 05/16/18 144A		700,000		701,252
2.88%, 01/22/19 144A		2,500,000		2,500,442
Mondelez International Holdings Netherlands BV
1.63%, 10/28/19 144A		560,000		549,338
Mylan NV
2.50%, 06/07/19 144A		610,000		607,053

78 See Notes to Financial Statements.

	Par		Value
Schaeffler Finance BV
4.25%, 05/15/21 144A	$	200,000	$	205,000
Shell International Finance BV
4.38%, 03/25/20		345,000		368,716
				7,993,401
New Zealand — 0.2%
BNZ International Funding, Ltd.
1.90%, 02/26/18 144A		2,000,000		2,002,114
Panama — 0.0%
Carnival Corporation
3.95%, 10/15/20		260,000		274,335
Peru — 0.0%
Banco de Credito del Peru
2.25%, 10/25/19 144A		220,000		217,525
Singapore — 0.0%
DBS Bank, Ltd.
3.63%, 09/21/22†D		200,000		201,819
South Korea — 1.7%
Busan Bank Co., Ltd.
4.13%, 02/09/17		1,000,000		1,002,119
Hyundai Capital Services, Inc.
1.63%, 08/30/19 144AD		520,000		512,007
Industrial Bank of Korea
2.38%, 07/17/17		2,000,000		2,006,152
KEB Hana Bank
3.50%, 10/25/17		800,000		811,094
Korea Development Bank
3.88%, 05/04/17D		4,800,000		4,835,122
Korea Western Power Co., Ltd.
2.88%, 10/10/18D		3,000,000		3,037,875
KT Corporation
1.75%, 04/22/17 144A		2,000,000		1,999,792
2.63%, 04/22/19		800,000		811,393
				15,015,554
Sweden — 0.1%
Svenska Handelsbanken AB
1.50%, 09/06/19D		835,000		822,473
Switzerland — 0.5%
Credit Suisse AG
1.75%, 01/29/18		500,000		499,086
2.30%, 05/28/19		1,055,000		1,057,582
3.63%, 09/09/24		500,000		503,844
UBS AG
1.80%, 03/26/18		1,100,000		1,100,960
2.38%, 08/14/19		700,000		703,657
				3,865,129
United Kingdom — 1.7%
Barclays PLC
2.99%, 08/10/21†		700,000		717,771
BP Capital Markets PLC
1.68%, 05/03/19		367,000		364,527
2.52%, 01/15/20D		79,000		79,493
3.22%, 11/28/23		500,000		505,451
HBOS PLC
1.65%, 09/06/17†		1,000,000		998,340
HSBC Bank PLC
1.55%, 05/15/18 144A†		1,190,000		1,190,643

	Par		Value
Jaguar Land Rover Automotive PLC
3.50%, 03/15/20 144A	$	300,000	$	303,750
Royal Bank of Scotland PLC
9.50%, 03/16/22†		1,600,000		1,626,568
10.50%, 03/16/22(E)†		1,100,000		1,181,177
Santander UK Group Holdings PLC
2.88%, 08/05/21		3,700,000		3,665,279
Santander UK PLC
1.65%, 09/29/17		1,150,000		1,151,346
2.50%, 03/14/19		370,000		372,279
Standard Chartered PLC
1.50%, 09/08/17 144A		1,320,000		1,315,991
2.10%, 08/19/19 144A		580,000		573,735
Yorkshire Building Society
2.13%, 03/18/19(E)		900,000		986,203
				15,032,553
Virgin Islands (British) — 0.5%
CNPC General Capital, Ltd.
2.75%, 04/19/17		600,000		601,622
Sinopec Group Overseas Development 2014, Ltd.
1.66%, 04/10/17 144A†		3,000,000		3,001,407
TSMC Global, Ltd.
1.63%, 04/03/18 144A		370,000		368,698
				3,971,727
Total Foreign Bonds (Cost $154,349,992)				151,895,563
MORTGAGE-BACKED SECURITIES — 16.2%
American Home Mortgage Assets Trust Series 2006-5
1.49%, 11/25/46†		781,370		404,331
American Home Mortgage Investment Trust Series 2004-3
3.08%, 10/25/34†		159,204		159,193
Apollo Trust Series 2009-1
2.94%, 10/03/40(A)†		246,669		179,453
Banc of America Commercial Mortgage Trust Series 2007-4
5.81%, 02/10/51†		1,290,000		1,313,749
Banc of America Commercial Mortgage Trust Series 2007-5
5.49%, 02/10/51		1,720,679		1,750,308
Banc of America Funding Trust Series 2006-J
3.21%, 01/20/47†		357,100		300,171
Banc of America Mortgage Trust Series 2003-L
3.49%, 01/25/34†		91,761		90,022
Banc of America Mortgage Trust Series 2004-2
6.50%, 10/25/31		46,618		48,493

See Notes to Financial Statements. 79

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Banc of America Mortgage Trust Series 2004-I
3.26%, 10/25/34†		$	176,077		$	174,556
BBCMS Trust Series 2015-RRI
1.85%, 05/15/32 144A†			2,103,959			2,104,050
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-8
3.35%, 01/25/34†			204,789			204,887
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-5
3.52%, 07/25/34†			228,681			227,407
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-7
3.29%, 10/25/34†			21,758			21,651
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-2
2.92%, 03/25/35†			370,740			372,526
Bear Stearns ALT-A Trust Series 2004-10
1.42%, 09/25/34†			1,457,627			1,386,756
Bear Stearns ALT-A Trust Series 2004-13
1.50%, 11/25/34†			122,562			119,815
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW15
5.32%, 02/11/44			1,263,319			1,264,832
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW17
5.69%, 06/11/50†			1,592,911			1,620,435
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18
6.08%, 06/11/50†			1,055,000			1,088,235
Bear Stearns Commercial Mortgage Securities Trust Series 2007-T26
5.51%, 01/12/45†			845,000			857,251
BLCP Hotel Trust Series 2014-CLRN
1.65%, 08/15/29 144A†			1,920,448			1,918,035
CD Commercial Mortgage Trust Series 2007-CD4
5.37%, 12/11/49†			395,000			395,397
CDGJ Commercial Mortgage Trust Series 2014-BXCH
2.10%, 12/15/27 144A†			676,360			678,482
CGBAM Commercial Mortgage Trust Series 2015-SMRT
3.21%, 04/10/28 144A			850,000			851,676
Citigroup Commercial Mortgage Trust Series 2013-SMP
2.11%, 01/12/30 144A			1,207,875			1,210,079

	Par			Value
COBALT Commercial Mortgage Trust Series 2007-C3
5.76%, 05/15/46†		$	700,000		$	709,250
COMM Mortgage Trust Series 2013-CR12
2.90%, 10/10/46			2,055,000			2,096,731
COMM Mortgage Trust Series 2013-SFS
1.87%, 04/12/35 144A			519,997			510,527
COMM Mortgage Trust Series 2014-PAT
1.48%, 08/13/27 144A†			100,000			99,749
COMM Mortgage Trust Series 2015-LC21
3.94%, 07/10/48 IOW†			6,801,249			304,481
Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-29
1.30%, 02/25/35†			114,527			107,726
Credit Suisse Commercial Mortgage Trust Series 2008-C1
6.06%, 02/15/41†			85,218			85,287
CSAIL Commercial Mortgage Trust Series 2016-C6
4.23%, 01/15/49 IOW†			997,978			114,854
CSMC Trust Series 2013-IVR2
1.55%, 04/25/43 144A†			841,297			792,924
DBRR Trust Series 2011-C32
5.52%, 06/17/49 144A†			1,754,384			1,760,837
Deutsche Alt-B Securities Mortgage Loan Trust Series 2006-AB4
5.87%, 10/25/36 STEP			296,603			255,116
5.89%, 10/25/36 STEP			296,603			255,112
Eurosail-UK PLC Series 2007-4X
0.68%, 06/13/45(U)†			148,027			182,497
Fannie Mae Connecticut Avenue Securities Series 2013-C01
2.76%, 10/25/23†			429,073			432,601
Fannie Mae Connecticut Avenue Securities Series 2014-C01
2.36%, 01/25/24†			527,260			530,022
Fannie Mae Connecticut Avenue Securities Series 2014-C02
1.71%, 05/25/24†			621,269			622,508
Fannie Mae Connecticut Avenue Securities Series 2014-C03
1.96%, 07/25/24†			349,960			350,881
Fannie Mae Connecticut Avenue Securities Series 2016-C01
2.71%, 08/25/28†			1,997,528			2,012,239
Fannie Mae Connecticut Avenue Securities Series 2016-C02
2.91%, 09/25/28†			677,188			684,229

80 See Notes to Financial Statements.

	Par			Value
Fannie Mae Connecticut Avenue Securities Series 2016-C05
2.11%, 01/25/29†		$	777,525		$	779,283
Fannie Mae Grantor Trust Series 2002-T6
3.31%, 02/25/32			10,665			10,691
FDIC Guaranteed Notes Trust Series 2010-S1
3.25%, 04/25/38 144A			242,543			244,212
FDIC Guaranteed Notes Trust Series 2010-S4
1.34%, 12/04/20 144A†			1,232,211			1,233,384
FDIC Trust Series 2010-R1
2.18%, 05/25/50 144A			348,384			347,508
Federal Home Loan Mortgage Corporation
5.00%, 01/01/19			41,683			42,948
5.00%, 02/01/19			50,445			51,681
5.00%, 12/01/19			118,803			122,619
5.50%, 05/01/22			344,276			360,995
2.90%, 07/01/27†			9,390			9,929
3.00%, 01/01/31 TBA			4,100,000			4,207,008
2.85%, 11/01/31†			44,372			47,025
2.77%, 04/01/32†			6,673			7,019
2.60%, 06/01/33†			588,276			615,756
2.75%, 10/01/34†			139,110			148,026
3.00%, 08/01/35†			536,395			570,143
2.59%, 09/01/35†			258,424			271,418
2.92%, 10/01/35†			330,734			351,497
2.50%, 04/01/36†			416,197			438,869
Federal Home Loan Mortgage Corporation REMIC Series 3228
1.20%, 10/15/36†			2,241,488			2,247,097
Federal Home Loan Mortgage Corporation REMIC Series 3710
4.00%, 08/15/25 STEP			235,582			249,277
Federal Home Loan Mortgage Corporation REMIC Series 3959
4.50%, 11/15/41			588,088			632,820
Federal Home Loan Mortgage Corporation REMIC Series 3986
4.50%, 09/15/41			613,896			657,070
Federal Home Loan Mortgage Corporation REMIC Series 4390
3.50%, 06/15/50			627,769			650,245
Federal Home Loan Mortgage Corporation REMIC Series 4446
3.50%, 12/15/50			1,201,305			1,255,114
Federal Home Loan Mortgage Corporation REMIC Series 4593
4.00%, 04/15/54			1,481,744			1,590,448
Federal National Mortgage Association
5.00%, 07/01/19			24,868			25,572
5.00%, 05/01/21			181,856			186,926
5.00%, 11/01/21			83,019			85,479

	Par			Value
3.74%, 09/01/23		$	2,862,405		$	3,027,078
2.54%, 12/01/24 CONV†			12,488			12,774
3.00%, 01/01/26 TBA			865,000			887,639
3.50%, 01/01/26 TBA			2,675,000			2,786,859
4.50%, 01/01/26 TBA			510,000			523,268
2.50%, 01/01/28 TBA			4,100,000			4,106,486
2.76%, 09/01/31†			58,194			60,901
1.80%, 08/01/32†			496,933			515,657
2.55%, 12/01/32†			365,428			388,942
2.41%, 04/01/33†			106,721			113,126
2.61%, 06/01/33†			66,691			70,804
3.00%, 06/01/33†			49,318			52,158
3.29%, 10/01/33†			148,043			156,531
3.14%, 12/01/33†			69,673			73,064
2.67%, 09/01/34†			224,122			238,108
2.59%, 10/01/34†			121,057			127,420
2.73%, 10/01/34†			156,007			166,020
2.58%, 02/01/35†			224,386			236,357
2.97%, 09/01/35†			268,594			282,535
2.84%, 12/01/35†			8,463			8,642
2.96%, 05/01/38†			2,465,425			2,612,772
4.00%, 01/01/40 TBA			1,445,000			1,487,560
1.74%, 08/01/42†			353,134			359,644
3.58%, 09/01/42†			995,771			1,030,465
2.72%, 07/01/43†			1,625,492			1,658,986
1.74%, 07/01/44†			205,728			209,674
1.74%, 10/01/44†			178,151			181,421
2.71%, 06/01/45†			1,739,276			1,773,815
Federal National Mortgage Association ACES Series 2015-M4
2.78%, 07/25/22 IOW†			23,130,766			553,288
Federal National Mortgage Association ACES Series 2016-M6
1.79%, 06/25/19			2,000,000			2,004,606
Federal National Mortgage Association REMIC Series 2004-80
4.00%, 11/25/19			23,628			23,987
Federal National Mortgage Association REMIC Series 2006-98
1.19%, 10/25/36†			333,057			333,447
Federal National Mortgage Association REMIC Series 2007-100
1.31%, 10/25/37†			671,417			679,659
Federal National Mortgage Association REMIC Series 2010-72
1.48%, 07/25/40†			1,552,721			1,569,663
Federal National Mortgage Association REMIC Series 2011-48
4.00%, 06/25/26 STEP			352,519			369,165
Federal National Mortgage Association REMIC Series 2011-87
1.31%, 09/25/41†			1,956,635			1,964,078
Federal National Mortgage Association REMIC Series 2012-79
1.21%, 07/25/42†			459,154			458,041

See Notes to Financial Statements. 81

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Federal National Mortgage Association REMIC Series 2015-38
0.84%, 06/25/55†		$	709,911		$	704,244
FHLMC Multifamily Structured Pass-Through Certificates Series KP03
1.78%, 07/25/19			2,450,000			2,441,718
FHLMC Multifamily Structured Pass-Through Certificates Series KW01
0.00%, 01/25/26 IOW†			2,689,118			181,241
FHLMC Structured Pass-Through Securities Series T-56
1.76%, 05/25/43†			601,930			609,288
FHLMC Structured Pass-Through Securities Series T-61
1.94%, 07/25/44†			858,138			860,071
First Horizon Alternative Mortgage Securities Trust Series 2004-AA1
3.00%, 06/25/34†			271,888			265,041
FNBA Mortgage Loan Trust Series 2004-AR1
1.14%, 08/19/34†			1,263,061			1,228,550
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2013-DN2
2.21%, 11/25/23†			257,653			258,243
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2016-DNA2
2.01%, 10/25/28†			525,011			525,648
GAHR Commercial Mortgage Trust Series 2015-NRF
2.00%, 12/15/34 144A†			1,971,763			1,974,824
GE Commercial Mortgage Corporation Trust Series 2007-C1
5.48%, 12/10/49†			734,009			736,375
Giovecca Mortgages S.r.l. Series 2011-1
0.29%, 04/23/48(E)†			149,330			157,508
Gosforth Funding PLC Series 2016-1A
1.00%, 02/15/58 144A(U)†			1,073,400			1,327,409
Government National Mortgage Association
2.13%, 06/20/17†			364			364
2.13%, 06/20/21†			1,698			1,732
2.00%, 03/20/22†			102,922			105,327
2.00%, 01/20/23†			18,829			19,373
2.13%, 05/20/24†			35,404			36,372
2.13%, 07/20/25†			45,426			46,932
2.13%, 08/20/25†			11,942			12,343
2.00%, 11/20/25†			41,016			42,279
2.00%, 12/20/26†			59,706			61,684
2.13%, 07/20/27†			1,386			1,437
2.00%, 10/20/27†			22,968			23,746
8.50%, 10/15/29			22,573			23,247
8.50%, 03/15/30			608			611
8.50%, 04/15/30			4,675			4,775
8.50%, 05/15/30			60,681			63,439

	Par			Value
2.13%, 05/20/30†		$	34,174		$	35,360
8.50%, 07/15/30			47,036			50,221
8.50%, 08/15/30			6,702			6,920
8.50%, 11/15/30			7,547			7,942
8.50%, 12/15/30			27,156			30,894
8.50%, 02/15/31			16,122			16,867
Government National Mortgage Association Series 2000-9
1.31%, 02/16/30†			61,601			62,133
Government National Mortgage Association Series 2007-30
1.04%, 05/20/37†			181,899			181,155
Government National Mortgage Association Series 2016-H07
1.30%, 02/20/66†			1,392,530			1,399,144
Government National Mortgage Association Series 2016-H22
1.30%, 10/20/66†			2,502,124			2,490,422
GRACE Mortgage Trust Series 2014-GRCE
3.37%, 06/10/28 144A			1,250,000			1,296,770
GreenPoint Mortgage Funding Trust Series 2005-AR5
0.86%, 11/25/45†			169,844			145,576
GreenPoint Mortgage Funding Trust Series 2006-OH1
0.94%, 01/25/37†			563,366			449,104
GS Mortgage Securities Trust Series 2007-GG10
5.79%, 08/10/45†			207,743			209,863
GS Mortgage Securities Trust Series 2013-GC13
3.72%, 07/10/46†			2,700,000			2,816,882
GSR Mortgage Loan Trust Series 2004-11
3.31%, 09/25/34†			308,216			298,573
GSR Mortgage Loan Trust Series 2005-AR6
3.01%, 09/25/35†			213,675			220,738
Hilton USA Trust Series 2013-HLT
4.41%, 11/05/30 144A			2,503			2,492
4.45%, 11/05/30 144A†			975,000			976,455
Impac CMB Trust Series 2003-1
1.56%, 03/25/33†			224,778			217,649
IndyMac INDX Mortgage Loan Trust Series 2006-AR12
0.95%, 09/25/46†			657,937			540,182
IndyMac INDX Mortgage Loan Trust Series 2007-FLX3
0.86%, 06/25/37†			367,535			264,522
JP Morgan Chase Commercial Mortgage Securities Trust Series 2002-CIB5
5.50%, 10/12/37 144A			137,403			137,748

82 See Notes to Financial Statements.

	Par			Value
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-CB19
5.71%, 02/12/49†		$	1,412,153		$	1,421,094
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LD12
5.85%, 02/15/51†			1,040,644			1,052,335
JP Morgan Chase Commercial Mortgage Securities Trust Series 2011-C4
4.11%, 07/15/46 144A			1,318,174			1,356,423
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-CBX
3.48%, 06/15/45 144A			800,000			837,331
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-FL6
2.10%, 11/15/31 144A†			684,901			684,077
JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP4
4.37%, 12/15/49 IOW†			2,000,000			101,767
JP Morgan Mortgage Trust Series 2005-A1
3.17%, 02/25/35†			56,981			56,068
JP Morgan Mortgage Trust Series 2013-1
2.50%, 03/25/43 144A†			301,667			297,614
JP Morgan Mortgage Trust Series 2016-2
2.69%, 06/25/46 144A			1,286,683			1,293,252
LB-UBS Commercial Mortgage Trust Series 2007-C6
6.11%, 07/15/40†			1,645,000			1,688,264
LB-UBS Commercial Mortgage Trust Series 2007-C7
6.16%, 09/15/45†			2,130,000			2,199,118
Luminent Mortgage Trust Series 2006-7
0.75%, 12/25/36†			634,120			540,905
MASTR Adjustable Rate Mortgages Trust Series 2003-6
3.31%, 12/25/33†			281,707			278,203
Merrill Lynch Mortgage Investors Trust Series 2004-1
2.81%, 12/25/34†			331,955			331,604
Merrill Lynch Mortgage Investors Trust Series 2006-1
2.76%, 02/25/36†			382,958			379,031
Mill City Mortgage Loan Trust Series 2016-1
2.50%, 04/25/57 144A†			1,635,251			1,627,860
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9
2.66%, 05/15/46			300,000			303,872
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12
3.82%, 10/15/46			1,500,000			1,584,424

	Par			Value
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22
3.04%, 04/15/48		$	2,000,000		$	2,019,546
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C32
0.78%, 12/15/49 IO†			2,000,000			111,246
Morgan Stanley Capital I Trust Series 2007-HQ11
5.48%, 02/12/44†			1,531,843			1,530,691
Morgan Stanley Capital I Trust Series 2007-IQ13
5.41%, 03/15/44			1,090,000			1,089,050
Morgan Stanley Capital I Trust Series 2007-IQ14
5.67%, 04/15/49†			1,448,198			1,458,516
National RMBS Trust Series 2012-2
2.72%, 06/20/44(A)†			218,372			157,353
NCUA Guaranteed Notes Trust Series 2010-R3
1.21%, 12/08/20†			2,175,208			2,180,999
NCUA Guaranteed Notes Trust Series 2011-C1
1.18%, 03/09/21 STEP†			1,092,742			1,088,679
RFMSI Trust Series 2003-S9
6.50%, 03/25/32			11,442			11,882
Rochester Financing No. 1 PLC Series 1
1.85%, 07/16/46 STEP(U)†			270,201			335,084
Sequoia Mortgage Trust Series 2012-1
2.87%, 01/25/42†			233,245			234,689
Sequoia Mortgage Trust Series 2013-1
1.45%, 02/25/43†			392,286			381,148
Sequoia Mortgage Trust Series 2013-4
1.55%, 04/25/43†			499,778			488,712
Springleaf Mortgage Loan Trust Series 2013-2A
1.78%, 12/25/65 144A†			205,448			204,673
STRIPs, Ltd. Series 2012-1A
1.50%, 12/25/44 144A			12,551			12,514
Structured Adjustable Rate Mortgage Loan Trust Series 2004-10
3.12%, 08/25/34†			418,061			407,391
Structured Adjustable Rate Mortgage Loan Trust Series 2004-13
1.06%, 09/25/34†			108,779			94,386
Structured Asset Mortgage Investments II Trust Series 2005-AR5
0.99%, 07/19/35†			99,281			88,617
Structured Asset Mortgage Investments II Trust Series 2005-AR8
1.04%, 02/25/36†			510,166			428,075
TBW Mortgage-Backed Trust Series 2007-2
6.02%, 07/25/37 STEP			329,264			243,582

See Notes to Financial Statements. 83

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
TORRENS Trust Series 2013-1
2.57%, 04/12/44(A)†	$	1,106,308	$	795,116
Towd Point Mortgage Trust Series 2016-3
2.25%, 08/25/55 144A†		970,936		963,126
UBS-Barclays Commercial Mortgage Trust Series 2012-C2
0.00%, 05/10/63 IO 144AW†		6,028,382		296,076
Wachovia Bank Commercial Mortgage Trust Series 2007-C32
5.71%, 06/15/49†		740,520		746,413
Waldorf Astoria Boca Raton Trust Series 2016-BOCA
2.05%, 06/15/29 144A†		210,000		210,754
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR6
1.97%, 06/25/42†		14,854		14,268
Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR8
2.69%, 08/25/33†		327,122		330,225
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR2
1.07%, 01/25/45†		520,201		497,880
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR5
1.55%, 06/25/46†		959,312		887,451
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR19
1.31%, 01/25/47†		497,917		388,339
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY1
2.52%, 02/25/37†		391,358		351,965
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY5
2.52%, 05/25/37†		434,010		344,873
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY7
2.60%, 07/25/37†		1,191,642		969,254
Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA5
1.41%, 05/25/47 IO†		190,236		11,080
Wells Fargo Commercial Mortgage Trust Series 2010-C1
3.35%, 11/15/43 144A		755,911		774,486
Wells Fargo Commercial Mortgage Trust Series 2014-LC16
3.48%, 08/15/50		200,000		207,508
Wells Fargo Commercial Mortgage Trust Series 2014-TISH
3.29%, 01/15/27 144A†		790,000		770,597

	Par		Value
Wells Fargo Mortgage-Backed Securities Trust Series 2004-EE
3.03%, 12/25/34†	$	258,746	$	260,517
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR16
3.14%, 08/25/33†		51,781		52,935
WFRBS Commercial Mortgage Trust Series 2012-C8
0.00%, 08/15/45 IO 144AW†		3,028,288		221,877
Total Mortgage-Backed Securities (Cost $144,399,162)				140,460,308
MUNICIPAL BONDS — 1.5%
California Earthquake Authority, Revenue Bond
1.82%, 07/01/17		480,000		481,608
2.81%, 07/01/19		1,300,000		1,322,854
Energy Northwest, Columbia Generating Station, Revenue Bond, Series 2014-B
1.79%, 07/01/18		400,000		403,236
North Texas Higher Education Authority, Inc., Revenue Bond, Series 2011-1
1.95%, 04/01/40†		2,285,753		2,273,753
State of California, General Obligation, Series B
1.19%, 12/01/31†		3,000,000		2,954,490
State of Texas, General Obligation, Series C-2
1.02%, 06/01/19†		3,300,000		3,302,409
University of California, Revenue Bond, Series Y-1
1.12%, 07/01/41†		1,100,000		1,100,022
University of California, Revenue Bond, Series Y-2
1.12%, 07/01/41†		1,000,000		1,000,020
Total Municipal Bonds (Cost $12,849,925)				12,838,392
	Notional Amount
PURCHASED OPTION — 0.0%
Put Swaption — 0.0%
3-Month LIBOR, Strike Price 1.60%, Expires 03/06/17 (GSC) (Cost $74,362)	$	7,490,000,000		93,048
	Par
U.S. TREASURY OBLIGATIONS — 15.2%
U.S. Treasury Inflationary Index Bonds
0.13%, 04/15/18‡‡		3,900,000		4,116,162
U.S. Treasury Notes
0.63%, 11/30/17D		6,900,000		6,884,772
0.75%, 12/31/17		2,500,000		2,496,240
0.75%, 01/31/18		14,000,000		13,972,924
0.88%, 01/31/18		9,500,000		9,494,433
1.00%, 02/15/18D		7,414,000		7,417,907

84 See Notes to Financial Statements.

	Par		Value
0.88%, 05/31/18D	$	9,829,000	$	9,811,917
0.63%, 06/30/18		5,000,000		4,968,750
1.00%, 08/15/18D		15,000,000		14,982,135
1.00%, 09/15/18‡‡		5,740,000		5,728,899
0.75%, 09/30/18D		2,895,000		2,875,832
1.00%, 03/15/19D		6,540,000		6,506,149
0.88%, 06/15/19		515,000		509,679
1.63%, 06/30/19		4,700,000		4,735,800
0.75%, 07/15/19		10,825,000		10,669,391
1.00%, 10/15/19D		4,770,000		4,719,600
1.00%, 11/15/19D		16,630,000		16,431,870
1.38%, 12/15/19D		5,700,000		5,686,639
				127,892,937
Total U.S. Treasury Obligations (Cost $132,391,561)				132,009,099
	Shares
MONEY MARKET FUNDS — 9.5%
GuideStone Money Market Fund (Investor Class)¥		15,457,326		15,457,326
Northern Institutional Liquid Assets Portfolio§		67,221,467		67,221,467
Total Money Market Funds (Cost $82,678,793)				82,678,793
	Par
REPURCHASE AGREEMENTS — 2.7%
JP Morgan Securities LLC
0.54% (dated 12/30/16, due 01/03/17, repurchase price $14,900,224, collateralized by U.S. Treasury Inflationary Index Bond, 0.125%, due 04/15/18, total market value $15,955,919)		14,900,000		14,900,000
Merrill Lynch Pierce Fenner & Smith
0.53% (dated 12/30/16, due 01/03/17, repurchase price $8,300,122, collateralized by U.S. Treasury Bond, 3.750%, due 11/15/43, total market value $8,668,490)		8,300,000		8,300,000
Total Repurchase Agreements (Cost $23,200,000)				23,200,000
TOTAL INVESTMENTS — 111.1% (Cost $968,736,728)				962,497,134

	Notional Amount			Value
WRITTEN OPTIONS — 0.0%
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price 1.65%, Expires 02/21/17 (JPM)	$	(3,750,000,000	)	$	(24,176	)
3-Month LIBOR, Strike Price 3.01%, Expires 03/06/17 (GSC)		(670,000,000	)		(28,965	)
Total Written Options
(Premiums received $(104,147))					(53,141	)
	Par
SECURITY SOLD SHORT — (0.2)%
U.S. Treasury Note
2.25%, 11/15/25 (Cost $(1,488,703))		(1,500,000	)		(1,481,075	)
Liabilities in Excess of Other Assets — (10.9)%					(94,671,443	)
NET ASSETS — 100.0%				$	866,291,475

See Notes to Financial Statements. 85

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Swap agreements outstanding at December 31, 2016:

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Buy Protection
Dow Jones CDX.NA.IG26 Index		(1.00	)%		06/20/21		ICE		USD		15,700,000	$	(267,105	)	$	(185,814	)	$	(81,291	)
Dow Jones CDX.NA.IG26 Index		(1.00	)%		06/20/21		CME		USD		2,882,000		(48,489	)		(40,482	)		(8,007	)
Dow Jones iTraxx Index		(1.00	)%		06/20/21		ICE		EUR		5,187,000		(84,264	)		(62,123	)		(22,141	)
												$	(399,858	)	$	(288,419	)	$	(111,439	)
Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Interest Rate Swaps
3-Month LIBOR		(1.25	)%		06/15/18		CME		USD		101,000,000	$	64,640		$	137,100		$	(72,460	)
3-Month LIBOR		1.35	%		12/28/18		CME		USD		39,100,000		(75,342	)		—			(75,342	)
3-Month LIBOR		(2.00	)%		06/15/21		CME		USD		13,600,000		(69,932	)		(251,891	)		181,959
MXN-TIIE-Banxico		5.80	%		09/06/21		CME		MXN		258,400,000		(872,729	)		(473,497	)		(399,232	)
MXN-TIIE-Banxico		7.20	%		12/03/21		CME		MXN		31,700,000		(17,514	)		—			(17,514	)
												$	(970,877	)	$	(588,288	)	$	(382,589	)
Total Swap agreements outstanding at December 31, 2016												$	(1,370,735	)	$	(876,707	)	$	(494,028	)

86 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations		$	16,198,525		$	—		$	16,198,525		$	—
Asset-Backed Securities			126,467,089			—			81,969,161			44,497,928
Certificates of Deposit			21,010,055			—			21,010,055			—
Commercial Paper			4,856,193			—			4,856,193			—
Corporate Bonds			250,790,069			—			250,529,424			260,645
Foreign Bonds:
Australia			12,267,663			—			12,267,663			—
Austria			1,864,908			—			1,864,908			—
Bermuda			1,562,551			—			1,562,551			—
Brazil			1,002,231			—			1,002,231			—
Canada			9,500,479			—			9,500,479			—
Cayman Islands			1,900,634			—			1,900,634			—
Chile			516,304			—			516,304			—
Denmark			25,753,475			—			25,753,475			—
Finland			275,405			—			275,405			—
France			21,898,983			—			21,898,983			—
Germany			3,576,970			—			3,576,970			—
Guernsey			2,010,659			—			2,010,659			—
Ireland			5,681,950			—			5,681,950			—
Italy			700,101			—			700,101			—
Japan			8,402,816			—			8,402,816			—
Jersey			928,447			—			928,447			—
Luxembourg			2,328,746			—			2,328,746			—
Mexico			2,326,611			—			2,326,611			—
Netherlands			7,993,401			—			7,993,401			—
New Zealand			2,002,114			—			2,002,114			—
Panama			274,335			—			274,335			—
Peru			217,525			—			217,525			—
Singapore			201,819			—			201,819			—
South Korea			15,015,554			—			15,015,554			—
Sweden			822,473			—			822,473			—
Switzerland			3,865,129			—			3,865,129			—
United Kingdom			15,032,553			—			15,032,553			—
Virgin Islands (British)			3,971,727			—			3,971,727			—
Money Market Funds			82,678,793			82,678,793			—			—
Mortgage-Backed Securities			140,460,308			—			139,214,411			1,245,897
Municipal Bonds			12,838,392			—			12,838,392			—
Purchased Option			93,048			—			93,048			—
Repurchase Agreements			23,200,000			—			23,200,000			—
U.S. Treasury Obligations			132,009,099			—			132,009,099			—
Total Assets - Investments in Securities		$	962,497,134		$	82,678,793		$	833,813,871		$	46,004,470
Other Financial Instruments***
Forward Foreign Currency Contracts		$	2,202,851		$	—		$	2,202,851		$	—
Futures Contracts			16,188			16,188			—			—
Total Assets - Other Financial Instruments		$	2,219,039		$	16,188		$	2,202,851		$	—

See Notes to Financial Statements. 87

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Total Value				Level 1 Quoted Prices			Level 2 Other  Significant Observable Inputs				Level  3 Significant Unobservable Inputs
Liabilities:
Investments in Securities:
Security Sold Short		$	(1,481,075	)		$	—		$	(1,481,075	)		$	—
Written Options			(53,141	)			—			(53,141	)			—
Total Liabilities - Investments in Securities		$	(1,534,216	)		$	—		$	(1,534,216	)		$	—
Other Financial Instruments***
Swap Agreements		$	(1,370,735	)		$	—		$	(1,370,735	)		$	—
Total Liabilities - Other Financial Instruments		$	(1,370,735	)		$	—		$	(1,370,735	)		$	—

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

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2016.

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

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, 12/31/15	$	46,369,508		$	38,465,686		$	—	$	296,500		$	7,607,322
Accrued discounts/premiums		1,548			5,893			—		(18	)		(4,327	)
Realized gain (loss)(1)		(276,378	)		(41,756	)		—		(47,563	)		(187,059	)
Change in unrealized appreciation (depreciation)(2)		590,571			423,112			—		48,981			118,478
Purchases		21,716,774			21,716,774			—		—			—
Sales		(14,345,274	)		(9,312,265	)		—		(118,447	)		(4,914,562	)
Transfers in to Level 3(3)		260,645			—			260,645		—			—
Transfers out of Level 3(4)		(3,857,353	)		(2,882,784	)		—		(179,453	)		(795,116	)
Maturities		10,037			10,037			—		—			—
Paydowns		(4,465,608	)		(3,886,769	)		—		—			(578,839	)
Balance, 12/31/16	$	46,004,470		$	44,497,928		$	260,645	$	—		$	1,245,897

⁽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, 2016 that was transferred from Level 2 to Level 3 of the fair value hierarchy as a result of the inability of the Fund to obtain a price using an objective method such as a pricing vendor.

⁽⁴⁾  Transfers out of Level 3 represent the value of securities at December 31, 2016 that were transferred from Level 3 to Level 2 of the fair value hierarchy as a result of the ability of the Fund to obtain a price using an objective method such as a pricing vendor.

88 See Notes to Financial Statements.

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 outperformed its benchmark, the Bloomberg Barclays US Aggregate Bond Index, for the one-year period ended December 31, 2016 (2.88% versus 2.65%).

The Fund maintained relatively less interest rate sensitivity and, therefore, faced a challenging first quarter as interest rates fell but ultimately outperformed its benchmark during the last three quarters. The Fund has outperformed its benchmark over the five-, seven- and 10-year and since inception periods ended December 31, 2016. Exposure to high yield and investment grade corporate credits, Treasury Inflation Protected Securities and emerging markets securities denominated in the U.S. dollar were the strongest contributors to the Fund’s relative performance, as credit spreads narrowed and inflation expectations accelerated. The slightly lower interest rate sensitivity of the Fund was also a positive contributor as rates rose over the year. The Fund maintained a yield advantage versus its benchmark which positively impacted relative performance.

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 modest, negative 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. These positions were neutral to the performance of the Fund. Currency forward contracts were utilized to hedge foreign currency risk and to express active currency views. The contributions to the Fund’s performance from these currency strategies was mixed. Through the process of implementing interest rate views and emerging markets strategies during the year, interest rate swaps were used and provided a modest negative 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.

89

Medium-Duration Bond Fund (Unaudited)

At December 31, 2016, 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		37.2
U.S. Treasury Obligations		27.9
Corporate Bonds		19.0
Money Market Funds		14.5
Foreign Bonds		12.6
Repurchase Agreements		7.3
Asset-Backed Securities		5.1
Certificates of Deposit		0.9
Agency Obligations		0.9
Municipal Bonds		0.9
Loan Agreements		0.5
Purchased Options		0.2
Foreign Government Inflation-Linked Bond		0.1
Preferred Stock		—	**
Written Options		(0.3	)
TBA Sale Commitments		(2.9	)
		123.9

**Rounds to less than 0.05%

90

Medium-Duration Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional         Class*	Investor         Class*	Benchmark**
One Year	3.21%	2.88%	2.65%
Five Year	2.99%	2.77%	2.23%
Ten Year	4.91%	4.74%	4.34%
Since Inception	5.10%	4.99%	4.59%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	0.44%	0.71%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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, 2006 to December 31, 2016, with all dividends and capital gains reinvested, with the Bloomberg Barclays US 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.

91

MEDIUM-DURATION BOND FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Par			Value
AGENCY OBLIGATIONS — 0.9%
Federal Home Loan Bank
0.88%, 05/24/17		$	20,000		$	20,011
3.38%, 12/08/23			200,000			211,680
Federal National Mortgage Association
1.92%, 10/09/19W			3,350,000			3,178,121
2.63%, 09/06/24			1,000,000			1,009,777
1.88%, 09/24/26			1,500,000			1,379,902
6.25%, 05/15/29			500,000			663,669
6.63%, 11/15/30			1,170,000			1,629,988
Tennessee Valley Authority
3.88%, 02/15/21			1,000,000			1,076,633
5.25%, 09/15/39			230,000			289,500
4.63%, 09/15/60			200,000			223,007
Total Agency Obligations (Cost $9,471,067)						9,682,288
ASSET-BACKED SECURITIES — 5.1%
AmeriCredit Automobile Receivables Series 2016-1
1.52%, 06/10/19			482,680			483,209
Ares XXXIII CLO, Ltd. Series 2015-1A
2.31%, 12/05/25 144A†			1,000,000			999,500
AUTO ABS Series 2012-3
0.60%, 09/27/24(E)			301,448			318,471
Avis Budget Rental Car Funding AESOP LLC Series 2014-2A
2.50%, 02/20/21 144A			550,000			547,744
Bear Stearns Asset-Backed Securities Trust Series 2007-SD1
6.00%, 10/25/36			1,376,506			1,014,532
6.50%, 10/25/36			2,334,176			1,773,384
BlueMountain CLO, Ltd. Series 2012-2A
2.30%, 11/20/28 144A†			1,250,000			1,252,068
BlueMountain CLO, Ltd. Series 2014-2A
4.33%, 07/20/26 144A†			1,000,000			989,031
BlueMountain CLO, Ltd. Series 2015-1A
2.07%, 04/13/27 144A†			1,000,000			1,000,000
Capital One Multi-Asset Execution Trust Series 2016-A1
1.15%, 02/15/22†			800,000			803,250
Carlyle Global Market Strategies CLO, Ltd. Series 2014-4
4.48%, 10/15/26 144A†			1,000,000			991,831
Chapel BV Series 2007
0.05%, 07/17/66(E)†			745,614			771,836
Community Funding CLO, Ltd. Series 2015-1A
5.75%, 11/01/27+ STEP 144A			860,000			804,685
CWHEQ Revolving Home Equity Loan Trust Series 2005-F
0.94%, 12/15/35†			190,421			177,145

	Par			Value
CWHEQ Revolving Home Equity Loan Trust Series 2006-E
0.84%, 07/15/36†		$	335,114		$	290,512
ECMC Group Student Loan Trust Series 2016-1A
2.11%, 07/26/66 144A†			974,893			972,017
Edsouth Indenture No. 7 LLC Series 2014-3
1.36%, 02/25/36 144A†			997,896			953,091
EMC Mortgage Loan Trust Series 2003-B
1.31%, 11/25/41 144A†			17,956			17,088
Financial Asset Securities Corporation AAA Trust Series 2005-1A
1.17%, 02/27/35 144A†			931,270			830,176
Ford Credit Floorplan Master Owner Trust A Series 2015-4
1.30%, 08/15/20†			500,000			502,145
Fremont Home Loan Trust Series 2005-E
1.00%, 01/25/36†			568,995			568,036
GMACM Home Equity Loan Trust Series 2007-HE3
6.74%, 09/25/37†			95,794			98,107
7.00%, 09/25/37†			37,138			36,208
Goal Capital Funding Trust Series 2007-1
1.09%, 09/25/28†			209,059			207,951
Golden Credit Card Trust Series 2016-5A
1.60%, 09/15/21 144A			900,000			890,338
GSAMP Trust Series 2007-HS1
1.61%, 02/25/47†			673,938			667,544
Hertz Vehicle Financing II LP Series 2015-1A
2.73%, 03/25/21 144A			350,000			347,479
3.52%, 03/25/21 144A			500,000			495,992
Invitation Homes Trust Series 2015-SFR2
2.98%, 06/17/32 144A†			250,000			250,177
Jackson Mill CLO, Ltd. Series 2015-1A
2.42%, 04/15/27 144A†			1,000,000			1,002,658
JGWPT XXXIII LLC Series 2014-3A
3.50%, 06/15/77 144A			404,683			387,270
LCM XXIII, Ltd. Series 23A
2.51%, 10/20/29 144A†			1,000,000			999,992
Mississippi Higher Education Assistance Corporation Series 2014-1
1.44%, 10/25/35†			679,623			661,693
Navient Student Loan Trust Series 2016-5A
2.01%, 06/25/65 144A†			2,250,169			2,283,475
Navient Student Loan Trust Series 2016-7A
1.91%, 03/25/66 144A†			1,086,825			1,097,905

92 See Notes to Financial Statements.

	Par		Value
Nelnet Student Loan Trust Series 2006-2
0.98%, 01/25/30†	$	1,336,528	$	1,329,286
Nissan Auto Receivables Owner Trust Series 2016-B
0.63%, 05/15/17		51,380		51,380
OHA Loan Funding, Ltd. Series 2015-1A
2.35%, 08/15/29 144A†		1,000,000		999,996
OZLM XV, Ltd. Series 2016-15A
3.57%, 01/20/29 144A†		1,000,000		987,400
Panhandle-Plains Higher Education Authority, Inc. Series 2010-2
1.98%, 10/01/35†		373,663		375,589
Park Place Securities, Inc. Asset-Backed Pass-Through Trust Certificates Series 2005-WCH1
1.60%, 01/25/36†		100,000		98,667
Penarth Master Issuer PLC Series 2015-2A
1.14%, 05/18/19 144A†		1,700,000		1,699,495
PHEAA Student Loan Trust Series 2012-1A
1.31%, 05/25/57 144A†		1,238,893		1,223,669
PHEAA Student Loan Trust Series 2016-1A
1.91%, 09/25/65 144A†		933,362		935,672
PHEAA Student Loan Trust Series 2016-2A
1.51%, 11/25/65 144A†		2,200,000		2,200,455
RAMP Trust Series 2005-EFC6
1.19%, 11/25/35†		1,900,000		1,837,458
Saxon Asset Securities Trust Series 2004-1
1.38%, 03/25/35†		622,657		571,134
SBA Small Business Investment Cos. Series 2016-10A
2.51%, 03/10/26		519,295		521,743
Scholar Funding Trust Series 2010-A
1.64%, 10/28/41 144A†		352,771		345,837
SLC Student Loan Trust Series 2005-3
1.08%, 06/15/29†		900,000		882,626
SLM Private Education Loan Trust Series 2010-A
3.95%, 05/16/44 144A†		543,399		564,272
SLM Student Loan EDC Repackaging Trust Series 2013-M1
3.50%, 10/28/29 144A		222,935		217,778
SLM Student Loan Trust Series 2003-11
1.71%, 12/15/25 144A†		400,000		398,000
SLM Student Loan Trust Series 2005-4
1.00%, 01/25/27†		195,793		193,724

	Par		Value
SLM Student Loan Trust Series 2005-5
1.02%, 10/25/28†	$	900,000	$	876,267
SLM Student Loan Trust Series 2006-2
0.99%, 07/25/25†		1,117,407		1,115,033
SLM Student Loan Trust Series 2007-5
0.99%, 01/26/43†		1,020,000		917,267
SLM Student Loan Trust Series 2007-7
1.63%, 10/27/70†		400,000		325,728
SLM Student Loan Trust Series 2008-2
1.63%, 04/25/23†		185,014		180,206
SLM Student Loan Trust Series 2008-4
2.53%, 07/25/22†		520,994		524,014
SLM Student Loan Trust Series 2008-5
2.58%, 07/25/23†		880,121		885,022
SLM Student Loan Trust Series 2008-9
2.38%, 04/25/23†		2,708,545		2,712,047
SoFi Consumer Loan Program Trust Series 2015-1
3.28%, 09/15/23 144A		1,102,235		1,106,001
Soundview Home Loan Trust Series 2006-OPT2
0.94%, 05/25/36†		834,902		800,739
Utah State Board of Regents Series 2015-1
1.36%, 02/25/43†		727,505		710,009
VOLT XLI LLC Series 2016-NPL1
4.25%, 02/26/46 STEP 144A		1,049,872		1,061,002
Washington Mutual Asset-Backed Certificates Trust Series 2006-HE1
0.94%, 04/25/36†		259,963		256,420
Total Asset-Backed Securities (Cost $53,049,774)				52,390,476
CERTIFICATES OF DEPOSIT — 0.9%
Abbey National Treasury
1.40%, 07/07/17†		100,000		100,084
Credit Suisse AG
1.75%, 09/12/17†		1,100,000		1,101,529
Mitsubishi UFJ Trust & Banking Corporation
1.71%, 09/19/17†		1,100,000		1,102,045
Natixis SA
1.69%, 09/25/17†		1,800,000		1,806,185
Sumitomo Mitsui Banking Corporation
1.66%, 09/15/17†		2,300,000		2,303,873
Sumitomo Mitsui Trust Bank, Ltd.
1.72%, 09/18/17†		2,900,000		2,905,623
1.57%, 10/06/17†		400,000		400,671
Total Certificates of Deposit (Cost $9,700,000)				9,720,010

See Notes to Financial Statements. 93

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
CORPORATE BONDS — 19.0%
21st Century Fox America, Inc.
3.70%, 09/15/24D	$	625,000	$	633,871
ABB Finance USA, Inc.
4.38%, 05/08/42		40,000		42,064
Abbott Laboratories
3.75%, 11/30/26		300,000		298,539
4.75%, 11/30/36		200,000		203,969
4.90%, 11/30/46		260,000		267,896
AbbVie, Inc.
2.50%, 05/14/20		225,000		225,239
2.30%, 05/14/21D		200,000		196,159
2.85%, 05/14/23D		1,650,000		1,602,932
3.60%, 05/14/25		140,000		138,917
AES Corporation
4.88%, 05/15/23		80,000		79,416
5.50%, 03/15/24D		100,000		102,250
Aetna, Inc.
2.40%, 06/15/21		420,000		418,536
2.80%, 06/15/23		225,000		221,951
3.20%, 06/15/26		260,000		257,730
4.38%, 06/15/46		70,000		70,579
Allison Transmission, Inc.
5.00%, 10/01/24 144A		200,000		202,500
Amazon.com, Inc.
3.30%, 12/05/21D		525,000		544,629
4.95%, 12/05/44		220,000		251,911
American Axle & Manufacturing, Inc.
6.63%, 10/15/22		100,000		103,620
American Campus Communities Operating Partnership LP
3.75%, 04/15/23D		525,000		530,399
American International Group, Inc.
2.30%, 07/16/19D		200,000		201,063
3.75%, 07/10/25D		430,000		433,539
4.50%, 07/16/44		25,000		24,748
4.80%, 07/10/45		200,000		208,394
6.25%, 03/15/87†		278,000		280,085
American Tower Corporation REIT
3.40%, 02/15/19		200,000		204,494
3.30%, 02/15/21D		150,000		151,851
3.38%, 10/15/26		1,500,000		1,422,951
Amgen, Inc.
3.63%, 05/22/24		50,000		50,941
4.66%, 06/15/51 144AD		34,000		32,815
Anadarko Petroleum Corporation
4.85%, 03/15/21D		290,000		311,240
3.45%, 07/15/24		95,000		93,409
6.45%, 09/15/36		280,000		334,236
6.60%, 03/15/46		170,000		210,423
Antero Resources Corporation
5.63%, 06/01/23		425,000		437,219
Anthem, Inc.
5.88%, 06/15/17		720,000		734,651
Apache Corporation
3.25%, 04/15/22		50,000		50,844
2.63%, 01/15/23		75,000		72,218
5.10%, 09/01/40		60,000		62,990
4.25%, 01/15/44D		820,000		811,596

	Par		Value
Apple, Inc.
2.45%, 08/04/26	$	420,000	$	394,688
AT&T, Inc.
4.45%, 05/15/21		80,000		84,690
3.00%, 02/15/22		170,000		168,539
4.45%, 04/01/24D		125,000		130,500
3.95%, 01/15/25D		125,000		125,425
3.40%, 05/15/25		1,905,000		1,839,384
4.13%, 02/17/26D		175,000		177,526
4.35%, 06/15/45		100,000		89,448
4.75%, 05/15/46		200,000		190,214
4.50%, 03/09/48 144A		190,000		171,408
Bank of America Corporation
3.88%, 03/22/17		130,000		130,743
5.70%, 05/02/17		1,100,000		1,115,080
5.75%, 12/01/17D		1,890,000		1,958,189
6.88%, 04/25/18		1,400,000		1,488,543
5.65%, 05/01/18		700,000		733,669
2.60%, 01/15/19		320,000		322,894
5.63%, 07/01/20		50,000		55,022
5.88%, 01/05/21D		150,000		167,156
5.00%, 05/13/21		320,000		348,835
3.30%, 01/11/23		120,000		120,564
4.00%, 04/01/24		420,000		433,841
4.20%, 08/26/24		390,000		397,941
4.00%, 01/22/25		440,000		441,305
3.88%, 08/01/25		330,000		336,163
4.45%, 03/03/26		70,000		72,273
3.50%, 04/19/26D		340,000		336,128
4.25%, 10/22/26		440,000		446,215
3.25%, 10/21/27D		275,000		263,133
4.18%, 11/25/27D		800,000		802,121
5.00%, 01/21/44		790,000		868,445
6.25%, 09/29/49†D		300,000		300,375
6.50%, 10/29/49†D		150,000		156,938
Barrick North America Finance LLC
4.40%, 05/30/21		138,000		145,163
Bear Stearns Cos. LLC
6.40%, 10/02/17		1,200,000		1,243,272
Becton, Dickinson and Co.
2.68%, 12/15/19		349,000		354,349
3.73%, 12/15/24		171,000		175,160
4.69%, 12/15/44		120,000		124,799
Berkshire Hathaway Energy Co.
6.13%, 04/01/36		300,000		375,805
6.50%, 09/15/37		130,000		169,750
Boeing Capital Corporation
4.70%, 10/27/19D		230,000		248,226
Boeing Co.
4.88%, 02/15/20D		50,000		54,383
6.63%, 02/15/38		210,000		284,874
Capital One Financial Corporation
4.20%, 10/29/25		350,000		351,802
Catholic Health Initiatives
4.35%, 11/01/42		40,000		35,658
CCO Holdings LLC
5.88%, 04/01/24 144A		10,000		10,700
CE Generation LLC
7.42%, 12/15/18		299,700		281,343
Celgene Corporation
3.55%, 08/15/22D		170,000		174,571
3.88%, 08/15/25		250,000		254,028

94 See Notes to Financial Statements.

	Par			Value
5.00%, 08/15/45		$	160,000		$	166,994
Centene Corporation
5.63%, 02/15/21			10,000			10,539
4.75%, 05/15/22			120,000			121,800
6.13%, 02/15/24			90,000			95,062
4.75%, 01/15/25D			50,000			48,937
Charter Communications Operating LLC
3.58%, 07/23/20			75,000			76,580
4.46%, 07/23/22			30,000			31,388
4.36%, 01/15/24+W†			1,000,000			1,006,250
4.91%, 07/23/25			2,275,000			2,401,784
4.91%, 07/23/25 144A			280,000			293,958
6.38%, 10/23/35 144A			60,000			68,301
Chesapeake Energy Corporation
6.13%, 02/15/21D			160,000			156,800
Chevron Corporation
2.95%, 05/16/26			450,000			443,191
CHS/Community Health Systems, Inc.
8.00%, 11/15/19D			100,000			83,500
Chubb Corporation
6.38%, 04/15/37†D			400,000			377,000
Chubb INA Holdings, Inc.
2.30%, 11/03/20			90,000			90,029
3.35%, 05/03/26			120,000			121,691
Cisco Systems, Inc.
2.20%, 02/28/21D			300,000			299,530
CIT Group, Inc.
4.25%, 08/15/17			1,100,000			1,116,500
5.50%, 02/15/19 144A			190,000			200,925
Citigroup, Inc.
1.88%, 06/07/19†			700,000			705,685
2.07%, 08/02/21†			1,300,000			1,314,785
3.50%, 05/15/23			220,000			219,600
4.40%, 06/10/25			450,000			461,180
5.50%, 09/13/25			290,000			319,269
4.30%, 11/20/26			1,600,000			1,617,835
4.45%, 09/29/27			780,000			794,043
6.63%, 06/15/32			50,000			60,810
8.13%, 07/15/39			20,000			29,811
6.68%, 09/13/43			10,000			12,719
5.30%, 05/06/44			24,000			25,948
4.65%, 07/30/45			574,000			607,462
4.75%, 05/18/46			40,000			40,204
5.35%, 04/29/49†D			180,000			169,875
8.40%, 04/29/49†			300,000			323,250
5.95%, 07/29/49†			170,000			172,550
5.80%, 11/29/49†D			1,000,000			1,010,000
5.95%, 12/29/49†			690,000			682,376
6.25%, 12/29/49†D			150,000			154,538
CNOOC Finance 2015 USA LLC
3.50%, 05/05/25			760,000			740,007
Comcast Corporation
5.70%, 05/15/18			1,250,000			1,319,786
3.38%, 08/15/25D			700,000			704,992
3.20%, 07/15/36D			490,000			441,674
6.40%, 03/01/40			120,000			156,506
Compass Bank
5.50%, 04/01/20			300,000			314,594
Concho Resources, Inc.
5.50%, 10/01/22			60,000			62,475

	Par			Value
5.50%, 04/01/23D		$	60,000		$	62,478
ConocoPhillips Co.
3.35%, 11/15/24			255,000			253,966
4.95%, 03/15/26D			175,000			193,553
4.15%, 11/15/34D			175,000			171,586
ConocoPhillips Holding Co.
6.95%, 04/15/29			220,000			277,267
Continental Airlines Class A Pass-Through Trust Series 1998-1
6.65%, 09/15/17			44,303			44,967
Crown Castle International Corporation REIT
2.25%, 09/01/21D			125,000			121,063
5.25%, 01/15/23D			525,000			567,000
Crown Castle Towers LLC
4.88%, 08/15/20 144A			1,900,000			2,025,001
CSEMC 2015-3GNA A1
3.07%, 03/09/17+			1,005,943			1,224,234
CSEMC 2015-3GNA A2
4.33%, 03/09/17+			374,763			456,087
CVS Health Corporation
2.75%, 12/01/22			210,000			207,156
4.00%, 12/05/23D			400,000			422,075
3.88%, 07/20/25			133,000			137,446
2.88%, 06/01/26D			875,000			835,719
5.13%, 07/20/45			450,000			503,451
CVS Pass-Through Trust
6.94%, 01/10/30			678,152			796,609
DDR Corporation REIT
4.63%, 07/15/22			400,000			424,002
Delta Air Lines Class A Pass-Through Trust Series 2007-1
6.82%, 08/10/22			263,701			303,586
Depository Trust & Clearing Corporation
4.88%, 12/29/49 144A†			750,000			765,000
Devon Energy Corporation
3.25%, 05/15/22			220,000			218,871
5.85%, 12/15/25D			250,000			284,526
5.60%, 07/15/41			462,000			477,443
4.75%, 05/15/42			205,000			194,357
5.00%, 06/15/45D			660,000			650,774
Devon Financing Corporation LLC
7.88%, 09/30/31			60,000			76,310
Diamond 1 Finance Corporation
3.48%, 06/01/19 144A			560,000			571,980
4.42%, 06/15/21 144A			1,860,000			1,926,529
Digital Realty Trust LP REIT
3.40%, 10/01/20			900,000			916,276
Discover Financial Services
3.75%, 03/04/25			450,000			440,713
DISH DBS Corporation
5.88%, 07/15/22			360,000			379,800
5.88%, 11/15/24			170,000			175,568
7.75%, 07/01/26			300,000			339,000
Dollar Tree, Inc.
5.75%, 03/01/23D			240,000			255,317
Duke Energy Corporation
3.75%, 04/15/24			200,000			206,563
Eaton Corporation
1.50%, 11/02/17			120,000			120,124
2.75%, 11/02/22			710,000			704,148

See Notes to Financial Statements. 95

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
4.15%, 11/02/42	$	200,000	$	196,261
Ecolab, Inc.
4.35%, 12/08/21		100,000		108,186
5.50%, 12/08/41D		175,000		206,542
Education Realty Operating Partnership LP REIT
4.60%, 12/01/24D		325,000		324,480
EMD Finance LLC
2.95%, 03/19/22 144A		750,000		747,715
Energy Transfer Partners LP
4.65%, 06/01/21		650,000		675,544
5.20%, 02/01/22		500,000		535,940
3.60%, 02/01/23D		75,000		73,863
4.75%, 01/15/26D		25,000		25,892
Entergy Louisiana LLC
5.40%, 11/01/24D		1,200,000		1,382,004
Enterprise Products Operating LLC
5.70%, 02/15/42		60,000		65,990
4.59%, 08/01/66†		650,000		612,157
EOG Resources, Inc.
4.15%, 01/15/26		140,000		146,779
EP Energy LLC
6.38%, 06/15/23		160,000		127,200
EQT Midstream Partners LP
4.13%, 12/01/26D		1,800,000		1,758,071
ERP Operating LP REIT
4.63%, 12/15/21		150,000		163,104
Exelon Corporation
5.63%, 06/15/35		415,000		460,561
Exxon Mobil Corporation
3.04%, 03/01/26		300,000		299,950
4.11%, 03/01/46		90,000		92,419
Fidelity National Information Services, Inc.
3.63%, 10/15/20D		475,000		492,177
3.00%, 08/15/26		275,000		258,737
First Data Corporation
6.75%, 11/01/20 144A		490,000		509,393
5.38%, 08/15/23 144AD		70,000		72,800
5.00%, 01/15/24 144A		150,000		151,360
FirstEnergy Corporation
2.75%, 03/15/18		120,000		121,123
4.25%, 03/15/23D		490,000		507,223
7.38%, 11/15/31		770,000		994,875
Fiserv, Inc.
2.70%, 06/01/20D		350,000		351,968
Florida Power & Light Co.
3.80%, 12/15/42D		425,000		418,960
Ford Motor Credit Co. LLC
5.00%, 05/15/18D		225,000		233,904
2.94%, 01/08/19		600,000		607,142
2.46%, 03/27/20D		800,000		790,336
5.75%, 02/01/21D		200,000		219,517
3.34%, 03/18/21D		250,000		251,980
5.88%, 08/02/21D		875,000		967,298
Freeport-McMoRan, Inc.
6.50%, 11/15/20 144A		46,000		47,495
4.00%, 11/14/21D		260,000		254,800
6.88%, 02/15/23 144A		12,000		12,660
5.45%, 03/15/43		120,000		99,902
General Electric Co.
8.50%, 04/06/18(M)		2,000,000		97,789
6.00%, 08/07/19		301,000		332,685

	Par		Value
4.38%, 09/16/20	$	198,000	$	212,930
5.30%, 02/11/21		104,000		115,406
4.65%, 10/17/21D		140,000		153,671
3.15%, 09/07/22		230,000		235,081
5.88%, 01/14/38		72,000		90,792
6.88%, 01/10/39		400,000		565,080
4.50%, 03/11/44		100,000		107,606
General Motors Co.
6.25%, 10/02/43		110,000		122,017
General Motors Financial Co., Inc.
3.25%, 05/15/18D		280,000		283,763
3.50%, 07/10/19		625,000		636,791
2.27%, 10/04/19†		500,000		502,406
3.20%, 07/13/20D		1,000,000		1,003,819
4.38%, 09/25/21		400,000		415,367
3.45%, 04/10/22		40,000		39,605
4.25%, 05/15/23		40,000		40,581
Georgia-Pacific LLC
8.88%, 05/15/31		70,000		103,958
Gilead Sciences, Inc.
3.70%, 04/01/24		210,000		215,748
4.75%, 03/01/46		30,000		31,114
4.15%, 03/01/47		300,000		285,658
GlaxoSmithKline Capital, Inc.
5.65%, 05/15/18		380,000		400,603
Glencore Funding LLC
4.63%, 04/29/24 144A		200,000		205,250
Goldman Sachs Capital II
4.00%, 12/29/49†D		3,000		2,456
Goldman Sachs Group, Inc.
5.95%, 01/18/18		1,000,000		1,042,006
2.01%, 11/15/18†		3,800,000		3,837,176
5.38%, 03/15/20		200,000		217,157
6.00%, 06/15/20		540,000		599,298
5.25%, 07/27/21		560,000		614,381
3.85%, 07/08/24		150,000		153,360
4.25%, 10/21/25D		620,000		630,972
3.50%, 11/16/26		250,000		244,750
6.45%, 05/01/36		20,000		23,905
6.75%, 10/01/37		110,000		136,245
6.25%, 02/01/41		750,000		932,842
5.15%, 05/22/45		330,000		348,368
4.75%, 10/21/45		530,000		561,712
Goodyear Tire & Rubber Co.
5.13%, 11/15/23D		100,000		103,500
5.00%, 05/31/26		140,000		139,712
Halliburton Co.
3.80%, 11/15/25D		445,000		452,901
4.85%, 11/15/35D		30,000		31,736
5.00%, 11/15/45		60,000		64,959
Harris Corporation
5.05%, 04/27/45		110,000		116,583
HCA, Inc.
7.69%, 06/15/25		250,000		273,125
HCP, Inc. REIT
2.63%, 02/01/20D		300,000		300,604
HD Supply, Inc.
5.25%, 12/15/21 144A		200,000		211,750
Hewlett Packard Enterprise Co.
4.90%, 10/15/25 144AD		425,000		438,005
Hilton Worldwide Finance LLC
5.63%, 10/15/21D		220,000		227,275

96 See Notes to Financial Statements.

	Par		Value
HSBC USA, Inc.
1.65%, 08/07/18†	$	1,700,000	$	1,698,983
Humana, Inc.
7.20%, 06/15/18		480,000		516,147
3.15%, 12/01/22		70,000		70,041
4.63%, 12/01/42		60,000		57,777
Hyundai Capital America
2.13%, 10/02/17 144A		80,000		80,166
ILFC E-Capital Trust II
4.92%, 12/21/65 144A†		280,000		247,800
Intel Corporation
3.70%, 07/29/25D		805,000		849,991
4.90%, 07/29/45		70,000		78,495
International Lease Finance Corporation
8.88%, 09/01/17		100,000		104,625
7.13%, 09/01/18 144A		1,975,000		2,133,000
8.63%, 01/15/22		420,000		505,575
International Paper & Co.
3.00%, 02/15/27D		900,000		850,920
John Deere Capital Corporation
2.25%, 04/17/19		160,000		161,776
1.70%, 01/15/20		80,000		79,117
JPMorgan Chase & Co.
1.43%, 04/25/18†		2,200,000		2,206,626
2.25%, 01/23/20D		1,700,000		1,696,743
4.40%, 07/22/20D		980,000		1,041,482
2.55%, 03/01/21		300,000		299,233
2.40%, 06/07/21D		1,100,000		1,090,577
4.35%, 08/15/21D		70,000		74,933
2.97%, 01/15/23D		475,000		473,799
3.88%, 09/10/24		860,000		871,618
2.95%, 10/01/26D		700,000		668,980
4.25%, 10/01/27D		90,000		92,668
4.95%, 06/01/45		400,000		427,523
5.30%, 12/29/49†D		1,450,000		1,483,437
Kerr-McGee Corporation
6.95%, 07/01/24		290,000		342,652
7.88%, 09/15/31		280,000		359,392
Kilroy Realty LP REIT
3.80%, 01/15/23D		400,000		403,343
Kimberly-Clark Corporation
3.70%, 06/01/43D		200,000		190,659
Kinder Morgan Energy Partners LP
6.00%, 02/01/17		500,000		501,524
9.00%, 02/01/19		700,000		788,615
3.95%, 09/01/22		520,000		534,533
3.50%, 09/01/23		30,000		29,676
4.15%, 02/01/24D		50,000		50,757
Kinder Morgan, Inc.
3.05%, 12/01/19D		575,000		583,647
5.63%, 11/15/23 144A		900,000		989,223
4.30%, 06/01/25D		100,000		103,133
KKR Group Finance Co. II LLC
5.50%, 02/01/43 144A		30,000		30,174
Kraft Heinz Foods Co.
5.38%, 02/10/20		223,000		241,706
2.80%, 07/02/20D		250,000		252,580
3.50%, 06/06/22		320,000		325,830
3.95%, 07/15/25		460,000		466,814
5.00%, 07/15/35		150,000		157,836
5.20%, 07/15/45		60,000		63,045

	Par		Value
4.38%, 06/01/46	$	450,000	$	425,143
Kroger Co.
6.15%, 01/15/20		360,000		398,807
L Brands, Inc.
5.63%, 10/15/23D		60,000		64,950
Laredo Petroleum, Inc.
6.25%, 03/15/23D		100,000		104,000
Lehman Escrow Bonds
0.00%, 01/18/12W#		200,000		11,750
0.00%, 01/24/13W#		2,300,000		136,275
0.00%, 07/19/17+W#		150,000		—
0.00%, 12/28/17+W#		3,340,000		—
0.00%, 11/30/49+W#		2,330,000		—
Lockheed Martin Corporation
3.10%, 01/15/23		1,040,000		1,052,772
3.55%, 01/15/26		310,000		317,326
4.50%, 05/15/36D		50,000		53,330
McDonald’s Corporation
3.70%, 01/30/26		240,000		244,801
Medtronic, Inc.
2.50%, 03/15/20D		125,000		126,457
3.15%, 03/15/22		300,000		307,487
3.50%, 03/15/25		30,000		30,924
4.63%, 03/15/45		250,000		271,012
MetLife Capital Trust IV
7.88%, 12/15/37 144A		300,000		363,150
MetLife, Inc.
4.75%, 02/08/21		270,000		293,778
6.40%, 12/15/36		50,000		54,125
4.05%, 03/01/45D		25,000		24,033
Microsoft Corporation
3.13%, 11/03/25		450,000		455,537
2.40%, 08/08/26		760,000		718,882
3.45%, 08/08/36		10,000		9,524
Moody’s Corporation
4.50%, 09/01/22		800,000		858,469
Morgan Stanley
4.75%, 03/22/17		60,000		60,455
6.63%, 04/01/18		700,000		740,492
5.50%, 07/24/20		250,000		274,024
2.28%, 04/21/21†		100,000		102,160
2.28%, 10/24/23†		225,000		227,684
3.88%, 04/29/24D		275,000		282,480
3.70%, 10/23/24		450,000		456,128
5.55%, 12/29/49†D		375,000		379,688
MPLX LP
4.88%, 12/01/24 144A		230,000		237,207
4.88%, 06/01/25		240,000		247,169
National Retail Properties, Inc. REIT
3.60%, 12/15/26		250,000		246,788
Navient Corporation
8.45%, 06/15/18		300,000		324,000
NBCUniversal Media LLC
2.88%, 01/15/23D		750,000		748,857
NCUA Guaranteed Notes
3.00%, 06/12/19		300,000		310,212
Netflix, Inc.
5.50%, 02/15/22		100,000		108,250
Newell Brands, Inc.
3.15%, 04/01/21		110,000		112,055
3.85%, 04/01/23		200,000		207,742
4.20%, 04/01/26		150,000		156,743

See Notes to Financial Statements. 97

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Noble Energy, Inc.
4.15%, 12/15/21D		$	620,000		$	645,912
Northwestern Mutual Life Insurance Co.
6.06%, 03/30/40 144A			300,000			370,166
NVIDIA Corporation
2.20%, 09/16/21D			200,000			195,437
3.20%, 09/16/26D			300,000			289,032
Occidental Petroleum Corporation
3.13%, 02/15/22			100,000			102,279
2.70%, 02/15/23			20,000			19,823
3.40%, 04/15/26			575,000			580,010
3.00%, 02/15/27			150,000			145,324
4.63%, 06/15/45			130,000			135,588
4.40%, 04/15/46			60,000			61,208
4.10%, 02/15/47			210,000			205,072
Oracle Corporation
1.20%, 10/15/17			470,000			470,166
2.50%, 05/15/22D			375,000			372,674
Pacific Gas & Electric Co.
8.25%, 10/15/18			130,000			144,378
6.05%, 03/01/34D			570,000			715,372
5.80%, 03/01/37			210,000			257,008
Penske Truck Leasing Co. LP
3.05%, 01/09/20 144A			575,000			581,690
PetSmart, Inc.
7.13%, 03/15/23 144AD			30,000			30,675
Phillips 66 Partners LP
3.55%, 10/01/26D			175,000			169,705
Pioneer Natural Resources Co.
3.45%, 01/15/21D			275,000			281,277
3.95%, 07/15/22D			75,000			77,907
Plains All American Pipeline LP
3.65%, 06/01/22			200,000			201,338
4.50%, 12/15/26D			450,000			457,393
PNC Preferred Funding Trust I
2.61%, 03/29/49 144A†			100,000			97,125
PNC Preferred Funding Trust II
2.19%, 03/29/49 144A†			500,000			483,750
Priceline Group, Inc.
3.60%, 06/01/26D			425,000			421,158
Pride International, Inc.
6.88%, 08/15/20D			50,000			53,625
Principal Life Global Funding II
2.38%, 09/11/19 144A			2,900,000			2,912,734
Private Export Funding Corporation
5.45%, 09/15/17			1,600,000			1,648,357
Progress Energy, Inc.
7.75%, 03/01/31			350,000			482,731
Puget Sound Energy, Inc.
6.97%, 06/01/67†			275,000			234,438
Quicken Loans, Inc.
5.75%, 05/01/25 144A			110,000			107,525
Range Resources Corporation
5.00%, 03/15/23 144AD			410,000			406,925
4.88%, 05/15/25			10,000			9,738
Raytheon Co.
3.13%, 10/15/20			200,000			206,589
Regency Energy Partners LP
5.88%, 03/01/22			100,000			110,124
4.50%, 11/01/23			310,000			315,010

	Par			Value
Reliance Standard Life Global Funding II
2.50%, 01/15/20 144A		$	475,000		$	472,324
Rensselaer Polytechnic Institute
5.60%, 09/01/20			675,000			738,135
Reynolds Group Issuer, Inc.
5.13%, 07/15/23 144AD			360,000			368,100
Roper Technologies, Inc.
2.05%, 10/01/18D			375,000			376,435
3.00%, 12/15/20			250,000			253,481
3.80%, 12/15/26D			400,000			403,896
Sally Holdings LLC
5.63%, 12/01/25D			250,000			261,250
Santander Bank NA
2.00%, 01/12/18			450,000			449,925
Santander Holdings USA, Inc.
2.70%, 05/24/19			700,000			699,869
Schlumberger Holdings Corporation
3.00%, 12/21/20 144A			250,000			255,428
4.00%, 12/21/25 144A			190,000			199,338
Select Income REIT
2.85%, 02/01/18D			75,000			75,339
3.60%, 02/01/20D			125,000			125,327
SESI LLC
7.13%, 12/15/21D			20,000			20,450
SM Energy Co.
5.00%, 01/15/24			40,000			37,900
Southern Co.
2.35%, 07/01/21D			450,000			442,824
Southern Copper Corporation
5.25%, 11/08/42			760,000			700,075
Southern Natural Gas Co. LLC
8.00%, 03/01/32			400,000			502,004
Spectrum Brands, Inc.
5.75%, 07/15/25			110,000			114,675
Spirit Airlines Class A Pass-Through Trust Series 2015-1
4.10%, 04/01/28			1,449,079			1,480,162
Sprint Communications, Inc.
9.00%, 11/15/18 144A			80,000			88,400
Sprint Corporation
7.25%, 09/15/21			30,000			31,950
7.63%, 02/15/25D			700,000			737,625
State Street Corporation
4.96%, 03/15/18			480,000			496,042
Stryker Corporation
2.63%, 03/15/21D			125,000			125,604
Sunoco Logistics Partners Operations LP
4.25%, 04/01/24D			100,000			100,924
Synchrony Financial
2.60%, 01/15/19D			300,000			301,660
3.00%, 08/15/19			375,000			380,090
2.70%, 02/03/20D			200,000			199,553
Taylor Morrison Communities, Inc.
5.63%, 03/01/24 144A			150,000			152,250
Teachers Insurance & Annuity Association of America
6.85%, 12/16/39 144A			540,000			702,131
4.90%, 09/15/44 144AD			435,000			471,666
Tenet Healthcare Corporation
8.13%, 04/01/22			50,000			47,425

98 See Notes to Financial Statements.

	Par			Value
6.75%, 06/15/23D		$	30,000		$	26,550
Tennessee Gas Pipeline Co. LLC
7.50%, 04/01/17			250,000			253,234
Thermo Fisher Scientific, Inc
3.60%, 08/15/21D			160,000			165,528
3.00%, 04/15/23			325,000			319,885
3.65%, 12/15/25D			200,000			201,020
Time Warner Cable LLC
5.00%, 02/01/20			100,000			106,209
4.13%, 02/15/21			400,000			413,905
7.30%, 07/01/38			210,000			259,096
5.88%, 11/15/40			210,000			224,682
Time Warner, Inc.
4.70%, 01/15/21D			10,000			10,699
6.10%, 07/15/40			140,000			160,341
6.25%, 03/29/41			40,000			46,827
Time Warner Entertainment Co. LP
8.38%, 07/15/33			390,000			512,249
TJX Cos, Inc.
2.25%, 09/15/26D			60,000			55,330
Toyota Motor Credit Corporation
1.25%, 10/05/17			520,000			519,989
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26 144A			350,000			442,074
Tyson Foods, Inc.
5.15%, 08/15/44			60,000			62,443
United Airlines Class A Pass-Through Trust Series 2016-2
3.10%, 10/07/28			800,000			755,520
United Airlines Class AA Pass-Through Trust Series 2016-2
2.88%, 10/07/28			800,000			754,000
United Airlines Pass-Through Trust Series 2009-2A
9.75%, 01/15/17			39,755			39,932
United Rentals North America, Inc.
5.50%, 07/15/25D			180,000			184,275
United Technologies Corporation
4.50%, 06/01/42			120,000			128,746
UnitedHealth Group, Inc.
1.63%, 03/15/19			170,000			169,402
3.75%, 07/15/25			270,000			279,819
4.63%, 07/15/35			225,000			245,725
4.75%, 07/15/45D			200,000			220,859
Univision Communications, Inc.
5.13%, 02/15/25 144A			150,000			144,000
VEREIT Operating Partnership LP REIT
3.00%, 02/06/19D			500,000			500,000
4.13%, 06/01/21D			200,000			204,000
4.88%, 06/01/26D			100,000			101,660
Verizon Communications, Inc.
2.71%, 09/14/18†			400,000			409,030
4.50%, 09/15/20			975,000			1,044,251
1.75%, 08/15/21D			1,000,000			960,353

	Par			Value
5.15%, 09/15/23		$	645,000		$	714,223
4.15%, 03/15/24			750,000			784,918
2.63%, 08/15/26D			1,075,000			991,662
6.40%, 09/15/33			139,000			168,161
6.55%, 09/15/43			599,000			750,761
4.86%, 08/21/46			20,000			20,346
4.67%, 03/15/55			147,000			138,642
Visa, Inc.
3.15%, 12/14/25			600,000			603,315
4.30%, 12/14/45			360,000			380,937
Voya Financial, Inc.
2.90%, 02/15/18			46,000			46,582
5.70%, 07/15/43			500,000			547,414
Wachovia Capital Trust III
5.57%, 03/29/49†			560,000			550,228
Walgreens Boots Alliance, Inc.
2.70%, 11/18/19			100,000			101,394
2.60%, 06/01/21			200,000			198,950
3.45%, 06/01/26			225,000			221,300
Waste Management, Inc.
3.50%, 05/15/24			140,000			144,572
7.38%, 05/15/29			140,000			183,181
WEA Finance LLC REIT
3.75%, 09/17/24 144A			400,000			405,105
Wells Fargo & Co.
2.60%, 07/22/20D			800,000			805,030
4.60%, 04/01/21			70,000			75,261
3.45%, 02/13/23			200,000			200,884
2.12%, 10/31/23†			600,000			607,903
4.48%, 01/16/24D			2,196,000			2,313,734
4.10%, 06/03/26			440,000			446,323
3.00%, 10/23/26			2,170,000			2,069,299
4.30%, 07/22/27			860,000			885,697
5.38%, 11/02/43			190,000			210,158
4.65%, 11/04/44			130,000			128,247
4.90%, 11/17/45			370,000			380,923
4.40%, 06/14/46			70,000			67,156
4.75%, 12/07/46			260,000			264,497
5.88%, 12/29/49†D			600,000			630,690
Wells Fargo Capital X
5.95%, 12/15/36			140,000			146,300
Welltower, Inc. REIT
4.25%, 04/01/26			900,000			934,669
West Corporation
4.75%, 07/15/21 144A			60,000			61,500
5.38%, 07/15/22 144A			250,000			242,500
Western Gas Partners LP
3.95%, 06/01/25D			225,000			222,254
Westlake Chemical Corporation
4.63%, 02/15/21 144A			150,000			155,625
4.88%, 05/15/23 144AD			90,000			93,600
3.60%, 08/15/26 144AD			200,000			192,752
WestRock RKT Co.
3.50%, 03/01/20D			150,000			153,901
4.00%, 03/01/23			30,000			31,020
Whiting Petroleum Corporation
5.00%, 03/15/19			60,000			60,535
5.75%, 03/15/21D			10,000			10,008
6.25%, 04/01/23			230,000			231,150
Williams Cos., Inc.
7.50%, 01/15/31			10,000			11,325
7.75%, 06/15/31			25,000			28,625
8.75%, 03/15/32			451,000			546,838
5.75%, 06/24/44D			70,000			68,250

See Notes to Financial Statements. 99

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Williams Partners LP
4.00%, 11/15/21D		$	600,000		$	616,447
3.60%, 03/15/22D			655,000			659,218
4.88%, 05/15/23			60,000			61,174
3.90%, 01/15/25			350,000			343,850
5.10%, 09/15/45			105,000			100,163
Wm. Wrigley Jr. Co.
2.40%, 10/21/18 144A			60,000			60,562
2.90%, 10/21/19 144A			230,000			234,168
WPX Energy, Inc.
6.00%, 01/15/22D			40,000			41,200
ZF North America Capital, Inc.
4.50%, 04/29/22 144A			440,000			455,400
Total Corporate Bonds (Cost $191,987,353)						195,501,693
FOREIGN BONDS — 12.6%
Argentina — 0.1%
Argentine Republic Government Inter- national Bond
7.13%, 07/06/36 144A			720,000			686,700
Australia — 0.4%
BHP Billiton Finance (USA), Ltd.
3.25%, 11/21/21			880,000			907,258
2.88%, 02/24/22			40,000			40,352
5.00%, 09/30/43			220,000			246,298
6.75%, 10/19/75 144A†			660,000			742,500
CNOOC Finance 2015 Australia Proprietary, Ltd.
2.63%, 05/05/20			1,300,000			1,296,825
Commonwealth Bank of Australia
5.00%, 10/15/19 144A			50,000			53,737
FMG Resources August 2006 Proprietary, Ltd.
9.75%, 03/01/22 144A			180,000			209,713
Macquarie Bank, Ltd.
6.63%, 04/07/21 144AD			275,000			309,438
Rio Tinto Finance USA, Ltd.
3.75%, 09/20/21			10,000			10,513
Westpac Banking Corporation
4.28%, 11/23/31W†D			350,000			351,816
						4,168,450
Austria — 0.0%
Sappi Papier Holding GmbH
7.75%, 07/15/17 144A			225,000			228,375
Belgium — 0.0%
KBC Bank NV
8.00%, 01/25/23†			400,000			423,000
Bermuda — 0.1%
Arch Capital Group, Ltd.
7.35%, 05/01/34			175,000			228,606
Digicel, Ltd.
6.75%, 03/01/23 144AD			300,000			271,989
NCL Corporation, Ltd.
4.63%, 11/15/20 144A			180,000			184,050
4.75%, 12/15/21 144A			50,000			50,094
						734,739

	Par			Value
Brazil — 0.5%
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/17(B)		$	3,249,000		$	998,249
0.00%, 01/01/21(B)W			5,800,000			1,720,609
0.00%, 01/01/23(B)W			3,079,000			892,418
Brazilian Government International Bond
5.63%, 01/07/41			750,000			671,025
5.63%, 02/21/47D			600,000			528,000
						4,810,301
Canada — 0.2%
Bank of Nova Scotia
1.88%, 04/26/21			1,600,000			1,561,894
Barrick Gold Corporation
4.10%, 05/01/23			73,000			74,990
Enbridge, Inc.
3.50%, 06/10/24D			150,000			146,324
Glencore Finance Canada, Ltd.
2.70%, 10/25/17 144A			530,000			534,161
Potash Corporation of Saskatchewan, Inc.
4.88%, 03/30/20D			110,000			117,034
Teck Resources, Ltd.
8.00%, 06/01/21 144AD			150,000			165,375
						2,599,778
Cayman Islands — 0.1%
Shelf Drilling Holdings, Ltd.
8.63%, 11/01/18 144A			20,000			16,900
Vale Overseas, Ltd.
6.88%, 11/21/36			591,000			585,090
						601,990
Chile — 0.2%
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22D			240,000			250,238
Chile Government International Bond
3.63%, 10/30/42			160,000			149,664
Corporation Nacional del Cobre de Chile
4.50%, 09/16/25 144A			400,000			407,078
Latam Airlines Class A Pass-Through Trust Series 2015-1
4.20%, 11/15/27			856,818			848,249
						1,655,229
China — 0.1%
China Government Bond
3.38%, 11/21/24(Y)			2,500,000			349,540
3.39%, 05/21/25(Y)			2,000,000			279,401
3.31%, 11/30/25(Y)			6,000,000			831,517
						1,460,458
Colombia — 0.1%
Colombia Government International Bond
5.63%, 02/26/44D			700,000			724,500
Ecopetrol SA
5.88%, 05/28/45			720,000			625,680
						1,350,180

100 See Notes to Financial Statements.

	Par			Value
Denmark — 0.5%
Realkredit Danmark A/S
1.00%, 04/01/17(D)		$	36,400,000		$	5,172,408
1.00%, 04/01/18(D)			1,400,000			201,497
2.00%, 04/01/18(D)			1,400,000			203,937
						5,577,842
Dominican Republic — 0.1%
Dominican Republic International Bond
10.38%, 03/04/22+(V)			800,000			17,421
14.50%, 02/10/23(V)			1,300,000			32,600
6.88%, 01/29/26 144A			180,000			187,573
11.38%, 07/06/29+(V)			700,000			15,636
7.45%, 04/30/44 144A			320,000			324,800
						578,030
France — 0.8%
BNP Paribas SA
2.38%, 09/14/17			270,000			271,831
BPCE SA
4.63%, 07/11/24 144A			400,000			395,848
4.50%, 03/15/25 144A			1,300,000			1,268,695
Credit Agricole SA
8.38%, 10/29/49 144A†			510,000			562,030
7.88%, 12/29/49 144A†			900,000			912,460
Danone SA
2.08%, 11/02/21 144A			300,000			291,661
2.59%, 11/02/23 144AD			650,000			627,286
2.95%, 11/02/26 144A			620,000			592,902
SFR Group SA
6.25%, 05/15/24 144A			530,000			534,637
Societe Generale SA
4.25%, 04/14/25 144A			1,400,000			1,360,478
Unibail-Rodamco SE REIT
1.65%, 04/16/19†			1,600,000			1,593,760
						8,411,588
Germany — 0.4%
Deutsche Bank AG
2.50%, 02/13/19D			100,000			99,249
2.85%, 05/10/19D			1,600,000			1,594,104
4.25%, 10/14/21 144A			850,000			854,192
KFW
1.13%, 08/06/18			1,800,000			1,793,311
						4,340,856
Greece — 0.1%
Hellenic Railways Organization SA
4.03%, 03/17/17(E)			700,000			731,331
5.01%, 12/27/17(E)			100,000			103,029
						834,360
Guernsey — 0.2%
Credit Suisse Group Funding Guernsey, Ltd.
3.45%, 04/16/21			800,000			805,846
4.55%, 04/17/26			890,000			926,080
4.88%, 05/15/45			350,000			360,658
						2,092,584
India — 0.0%
Bharti Airtel, Ltd.
4.38%, 06/10/25 144AD			530,000			523,594

	Par			Value
Indonesia — 0.2%
Indonesia Government International Bond
4.88%, 05/05/21		$	570,000		$	604,833
3.70%, 01/08/22 144A			200,000			200,949
5.38%, 10/17/23			200,000			217,177
4.75%, 01/08/26 144A			250,000			258,696
4.35%, 01/08/27 144A			210,000			210,971
7.75%, 01/17/38			100,000			128,788
						1,621,414
Ireland — 0.4%
GE Capital International Funding Co.
2.34%, 11/15/20 144A			1,723,000			1,723,128
3.37%, 11/15/25 144A			597,000			607,591
4.42%, 11/15/35			229,000			240,435
Shire Acquisitions Investments Ireland DAC
1.90%, 09/23/19			1,500,000			1,481,956
						4,053,110
Israel — 0.2%
Israel Government AID Bond
5.50%, 09/18/23			1,200,000			1,421,509
5.50%, 12/04/23			200,000			238,137
5.50%, 04/26/24			500,000			599,929
						2,259,575
Italy — 0.2%
Intesa Sanpaolo SpA
2.38%, 01/13/17			1,075,000			1,075,155
3.88%, 01/16/18			600,000			608,128
5.02%, 06/26/24 144AD			975,000			902,450
						2,585,733
Japan — 1.3%
Dai-ichi Life Insurance Co., Ltd.
4.00%, 12/29/49 144A†D			375,000			349,688
Development Bank of Japan, Inc.
1.63%, 09/01/21 144A			1,300,000			1,251,550
Japan Finance Organization for Municipalities
2.13%, 10/25/23 144A			2,200,000			2,094,794
Japan Government Two Year Bond
0.10%, 12/15/18(J)			970,000,000			8,347,336
Mitsubishi UFJ Financial Group, Inc.
2.95%, 03/01/21			250,000			251,816
3.85%, 03/01/26			200,000			205,686
Mizuho Financial Group, Inc.
2.63%, 04/12/21 144A			500,000			495,066
Sumitomo Mitsui Financial Group, Inc.
4.44%, 04/02/24 144A			350,000			365,859
						13,361,795
Jersey — 0.2%
UBM PLC
5.75%, 11/03/20 144A			230,000			242,007
UBS Group Funding Jersey, Ltd.
3.00%, 04/15/21 144A			1,500,000			1,502,288

See Notes to Financial Statements. 101

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
2.42%, 02/01/22 144A†		$	500,000		$	508,447
						2,252,742
Jordan — 0.1%
Hashemite Kingdom of Jordan Government AID Bond
2.50%, 10/30/20			1,200,000			1,232,000
Luxembourg — 0.0%
Altice Financing SA
6.63%, 02/15/23 144A			200,000			206,000
ArcelorMittal
7.25%, 02/25/22D			50,000			56,625
8.00%, 10/15/39			70,000			77,164
						339,789
Mexico — 1.9%
America Movil SAB de CV
5.63%, 11/15/17			370,000			382,355
6.00%, 06/09/19(M)			3,030,000			139,555
5.00%, 03/30/20			240,000			257,030
Mexican Bonos
6.50%, 06/10/21(M)			1,625,000			76,512
8.00%, 12/07/23(M)			1,761,600			88,264
10.00%, 12/05/24(M)			25,130,000			1,404,830
7.50%, 06/03/27(M)			174,600			8,397
8.50%, 05/31/29(M)			850,600			43,728
8.50%, 11/18/38(M)			24,510,000			1,259,073
7.75%, 11/13/42(M)			34,565,200			1,645,985
Mexico Cetes
0.00%, 02/02/17(M)W			351,352,000			1,685,738
0.00%, 02/16/17(M)W			310,955,900			1,488,608
0.00%, 02/23/17(M)W			316,745,100			1,514,626
0.00%, 03/02/17(M)W			323,836,300			1,546,817
0.00%, 03/16/17(M)W			371,865,300			1,771,583
0.00%, 03/30/17(M)W			279,130,600			1,326,761
0.00%, 06/08/17(M)W			515,217,800			2,418,458
Mexico Government International Bond
4.75%, 03/08/44			440,000			401,192
5.55%, 01/21/45D			850,000			872,313
Petroleos Mexicanos
5.50%, 02/04/19 144A			50,000			51,920
6.38%, 02/04/21			11,000			11,743
5.13%, 03/15/23(E)			110,000			125,451
6.88%, 08/04/26 144A			200,000			211,500
6.63%, 06/15/35			159,000			157,410
5.50%, 06/27/44			170,000			142,324
6.38%, 01/23/45D			580,000			530,700
Trust F/1401 REIT
5.25%, 12/15/24 144A			200,000			196,750
						19,759,623
Morocco & Antilles — 0.0%
OCP SA
4.50%, 10/22/25 144A			450,000			431,466
Netherlands — 0.8%
ABN AMRO Bank NV
4.75%, 07/28/25 144A			200,000			203,112
Alcoa Nederland Holding BV
7.00%, 09/30/26 144AD			200,000			219,500
Cooperatieve Rabobank UA
4.63%, 12/01/23D			400,000			421,458
4.38%, 08/04/25			670,000			688,732
11.00%, 12/29/49 144A†			487,000			574,197

	Par			Value
Equate Petrochemical BV
4.25%, 11/03/26 144A		$	260,000		$	248,960
Fiat Chrysler Automobiles NV
4.50%, 04/15/20D			200,000			204,500
ING Bank NV
5.80%, 09/25/23 144A			340,000			374,112
4.13%, 11/21/23†			600,000			608,295
Majapahit Holding BV
7.75%, 01/20/20			240,000			270,000
NXP BV
4.63%, 06/01/23 144AD			800,000			842,000
Petrobras Global Finance BV
4.88%, 03/17/20			20,000			19,824
5.38%, 01/27/21D			1,230,000			1,206,015
8.38%, 05/23/21D			90,000			97,200
6.25%, 03/17/24			380,000			365,446
6.85%, 06/05/15			350,000			285,250
Royal Bank of Scotland NV
4.65%, 06/04/18D			130,000			132,204
Shell International Finance BV
4.38%, 03/25/20			320,000			341,997
2.88%, 05/10/26			410,000			396,867
4.13%, 05/11/35D			120,000			122,764
4.38%, 05/11/45			230,000			233,554
4.00%, 05/10/46			70,000			67,108
						7,923,095
Peru — 0.1%
Peruvian Government International Bond
6.55%, 03/14/37			160,000			201,680
5.63%, 11/18/50D			330,000			374,550
						576,230
Poland — 0.4%
Poland Government Bond
2.00%, 04/25/21(P)			690,000			159,678
3.25%, 07/25/25(P)			9,610,000			2,255,358
2.50%, 07/25/26(P)			2,060,000			448,094
Poland Government International Bond
4.00%, 01/22/24			980,000			1,004,626
						3,867,756
Russia — 0.3%
Russian Federal Bond - OFZ
7.00%, 08/16/23(Q)			12,100,000			186,110
7.75%, 09/16/26(Q)			9,710,000			151,761
8.15%, 02/03/27(Q)			43,040,000			701,432
7.05%, 01/19/28(Q)			106,530,000			1,594,097
						2,633,400
South Korea — 0.2%
Export-Import Bank of Korea
5.00%, 04/11/22			1,500,000			1,656,471
Spain — 0.1%
Telefonica Emisiones SA Unipersonal
6.22%, 07/03/17			20,000			20,451
5.88%, 07/15/19			70,000			75,914
5.46%, 02/16/21			900,000			981,974
						1,078,339

102 See Notes to Financial Statements.

	Par			Value
Supranational — 0.0%
Inter-American Development Bank
1.00%, 02/27/18		$	400,000		$	397,403
Sweden — 0.2%
Nordea Bank AB
4.88%, 05/13/21 144A			640,000			688,292
Stadshypotek AB
1.88%, 10/02/19 144A			900,000			895,732
						1,584,024
Switzerland — 0.2%
Credit Suisse AG
1.38%, 05/26/17			1,500,000			1,500,435
6.50%, 08/08/23 144A			225,000			239,922
						1,740,357
Turkey — 0.1%
Turkish Airlines Class A Pass-Through Trust Series 2015-1
4.20%, 03/15/27 144A			1,448,706			1,417,994
United Kingdom — 1.7%
Bank of Scotland PLC
5.25%, 02/21/17 144A			100,000			100,694
Barclays Bank PLC
1.75%, 09/08/17†			2,900,000			2,904,591
1.77%, 11/06/17†			300,000			300,280
6.05%, 12/04/17 144A			230,000			237,716
Barclays PLC
2.99%, 08/10/21†			1,600,000			1,640,619
6.50%, 12/29/49(E)†			800,000			819,605
BP Capital Markets PLC
3.56%, 11/01/21			30,000			31,337
3.22%, 11/28/23			370,000			374,034
3.51%, 03/17/25			390,000			394,147
3.12%, 05/04/26			70,000			68,449
Centrica PLC
4.25%, 09/12/44(U)			200,000			302,652
Ensco PLC
4.70%, 03/15/21D			130,000			125,700
GlaxoSmithKline Capital PLC
2.85%, 05/08/22			350,000			353,073
5.25%, 12/19/33(U)			100,000			172,558
Hammerson PLC REIT
3.50%, 10/27/25(U)D			100,000			132,053
HSBC Bank PLC
4.75%, 01/19/21 144A			200,000			214,455
HSBC Holdings PLC
3.40%, 03/08/21			610,000			620,657
2.50%, 01/05/22†			400,000			407,740
4.25%, 03/14/24			240,000			244,246
4.25%, 08/18/25D			420,000			424,602
4.30%, 03/08/26			220,000			228,370
6.50%, 09/15/37			1,000,000			1,243,519
6.00%, 12/29/49(E)†			800,000			873,008
6.38%, 12/29/49†			300,000			295,875
Lloyds Bank PLC
12.00%, 12/29/49 144A†			1,200,000			1,605,000
Lloyds Banking Group PLC
4.50%, 11/04/24D			240,000			244,637
Royal Bank of Scotland Group PLC
6.13%, 12/15/22			180,000			191,639

	Par			Value
6.00%, 12/19/23		$	110,000		$	114,419
5.13%, 05/28/24D			280,000			279,608
Santander UK PLC
5.00%, 11/07/23 144A			350,000			357,253
Severn Trent Utilities Finance PLC
6.25%, 06/07/29(U)			200,000			350,870
Standard Chartered PLC
5.70%, 03/26/44 144A			680,000			681,485
Virgin Media Finance PLC
6.38%, 04/15/23 144AD			200,000			208,750
6.00%, 10/15/24 144AD			600,000			620,250
						17,163,891
Virgin Islands (British) — 0.1%
Sinopec Group Overseas Development 2014, Ltd.
4.38%, 04/10/24 144AD			750,000			780,756
Total Foreign Bonds (Cost $133,348,225)						129,795,017
FOREIGN GOVERNMENT INFLATION-LINKED BOND — 0.1%
Brazil — 0.1%
Brazil Notas do Tesouro Nacional Serie B 6.00%, 08/15/50+(B) (Cost $750,476)			662,000			624,389
LOAN AGREEMENTS — 0.5%
Charter Communications Operating LLC Term I Loan
0.00%, 01/24/23 S			1,000,000			1,005,180
CHS/Community Health Systems, Inc. Term H Loan
4.00%, 01/27/21			315,094			304,592
First Data Corporation Term Loan
0.00%, 03/24/21 S			1,000,000			1,011,250
Michaels Stores, Inc. Term B-1 Loan
3.75%, 01/28/23			997,257			1,008,167
Petsmart, Inc. Term B Loan
4.00%, 03/10/22			997,468			999,962
Univision Communications, Inc. Term C-4 Loan
4.00%, 03/01/20			997,331			1,002,318
Total Loan Agreements (Cost $5,333,547)						5,331,469
MORTGAGE-BACKED SECURITIES — 37.2%
Alba PLC Series 2007-1
0.54%, 03/17/39(U)†			916,454			1,046,002
Alba PLC Series 2015-1
1.51%, 04/24/49(U)†			873,289			1,077,661
Alternative Loan Trust Series 2005-72
1.03%, 01/25/36†			347,619			286,551
Alternative Loan Trust Series 2006-OA11
0.95%, 09/25/46†			587,874			450,465

See Notes to Financial Statements. 103

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
American Home Mortgage Assets Trust Series 2006-5
1.49%, 11/25/46†		$	898,944		$	465,172
American Home Mortgage Investment Trust Series 2005-2
2.78%, 09/25/45†			952,949			940,940
Banc of America Commercial Mortgage Trust Series 2007-2
5.65%, 04/10/49†			75,000			75,215
Banc of America Funding Trust Series 2005-D
3.03%, 05/25/35†			1,093,528			1,115,914
Banc of America Mortgage Trust Series 2004-F
3.17%, 07/25/34†			77,472			78,616
Banc of America Re-REMIC Trust Series 2010-UB5
5.74%, 02/17/51 144A†			35,305			35,473
Bayview Commercial Asset Trust Series 2004-3
1.13%, 01/25/35 144A†			484,777			443,951
BBCCRE Trust Series 2015-GTP
3.97%, 08/10/33 144A			1,600,000			1,631,677
4.71%, 08/10/33 144A†			1,210,000			1,031,352
4.72%, 08/10/33 144A†			490,000			446,921
BBCMS Trust Series 2015-RRI
1.85%, 05/15/32 144A†			1,625,786			1,625,857
BBCMS Trust Series 2015-STP
3.32%, 09/10/28 144A			1,600,000			1,623,794
Bear Stearns Adjustable Rate Mortgage Trust Series 2002-11
2.75%, 02/25/33†			9,959			9,882
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-2
2.68%, 05/25/34†			35,833			32,952
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-2
2.92%, 03/25/35†			363,017			364,765
Bear Stearns ALT-A Trust Series 2005-4
2.99%, 05/25/35†			272,858			267,725
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18
5.60%, 06/11/50			740,634			760,582
Bear Stearns Structured Products, Inc. Trust Series 2007-R6
3.01%, 01/26/36†			767,887			601,647
Berica 8 Residential MBS S.r.l. Series 8
0.00%, 03/31/48(E)†			94,700			99,084

	Par			Value
Berica ABS S.r.l. Series 2011-1
0.00%, 12/31/55(E)†		$	543,788		$	571,401
Bluestone Securities PLC Series 2007-1
0.58%, 06/09/44(U)†			533,197			636,497
CD Commercial Mortgage Trust Series 2016-CD2
3.53%, 11/10/49†			380,000			390,697
Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-4A
0.99%, 10/25/35 144A†			226,573			200,147
CHL Mortgage Pass-Through Trust Series 2003-58
3.36%, 02/19/34†			427,480			426,222
CHL Mortgage Pass-Through Trust Series 2004-HYB5
3.04%, 04/20/35†			1,045,214			1,038,149
Citigroup Commercial Mortgage Trust Series 2008-C7
6.05%, 12/10/49†			557,607			569,042
Citigroup Commercial Mortgage Trust Series 2014-GC21
5.25%, 05/10/47 IOW†			1,212,697			82,077
Citigroup Commercial Mortgage Trust Series 2015-GC27
3.14%, 02/10/48			1,020,000			1,018,418
Citigroup Commercial Mortgage Trust Series 2015-GC29
3.11%, 04/10/48 144A			420,000			289,762
COMM Mortgage Trust Series 2007-C9
5.81%, 12/10/49†			1,079,109			1,093,303
COMM Mortgage Trust Series 2013-CR6
3.40%, 03/10/46 144A			390,000			389,867
COMM Mortgage Trust Series 2013-CR12
4.30%, 10/10/46			50,000			53,028
4.76%, 10/10/46†			40,000			43,005
5.08%, 10/10/46†			20,000			20,687
COMM Mortgage Trust Series 2013-CR13
4.39%, 12/10/23 IOW†			1,092,051			44,019
COMM Mortgage Trust Series 2014-277P
3.61%, 08/10/49 144A†			160,000			165,779
COMM Mortgage Trust Series 2014-CR19
4.72%, 08/10/47†			218,000			215,780
COMM Mortgage Trust Series 2015-DC1
4.04%, 02/10/48†			100,000			99,386
4.35%, 02/10/48†			80,000			75,662
COMM Mortgage Trust Series 2015-LC19
3.83%, 02/10/48†			100,000			101,717
4.26%, 02/10/48†			190,000			190,133

104 See Notes to Financial Statements.

	Par			Value
Commercial Mortgage Pass-Through Certificates Series 2012-CR3		$	30,000		$	30,370
2.82%, 10/15/45
Core Industrial Trust Series 2015-TEXW
3.85%, 02/10/34 144A†			460,000			416,829
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-19
(3.00)%, 07/25/33 IOW			3,284			67
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-AR18
(3.00)%, 07/25/33 IOW†			52,201			—
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-AR20
(3.00)%, 08/25/33 IOW†			54,970			—
CSAIL Commercial Mortgage Trust Series 2015-C1
4.04%, 04/15/50†			60,000			61,806
CSMC Trust Series 2014-TIKI
1.60%, 09/15/38 144A†			300,000			293,911
CSMC Trust Series 2014-USA
4.37%, 09/15/37 144A			210,000			193,407
EQTY Mortgage Trust Series 2014-INNS
3.00%, 05/08/31 144A†			400,000			395,481
Fannie Mae Connecticut Avenue Securities Series 2016-C04
5.01%, 01/25/29†			200,000			207,366
Federal Home Loan Mortgage Corporation
8.50%, 06/01/18			162			163
4.50%, 09/01/18			1,304			1,338
8.00%, 08/01/24			1,165			1,282
4.00%, 10/01/25			259,501			272,979
5.50%, 02/01/27			41,902			46,416
7.50%, 11/01/29			4,513			5,355
7.50%, 12/01/29			4,923			5,864
7.50%, 02/01/31			4,657			4,845
2.73%, 07/01/31†			3,336			3,448
7.50%, 11/01/31			8,581			8,610
3.10%, 04/01/32†			2,097			2,192
3.50%, 08/01/33			1,187,382			1,239,849
5.00%, 08/01/33			6,299			6,924
5.00%, 09/01/33			1,218			1,338
5.00%, 10/01/33			3,789			4,131
3.01%, 03/01/34†			1,998			2,112
5.00%, 12/01/34			103,254			113,097
5.50%, 05/01/35			262,227			294,179
5.00%, 07/01/35			5,702			6,268
5.00%, 11/01/35			146,686			159,629
5.50%, 11/01/35			36,996			40,989
5.00%, 12/01/35			15,378			17,056
5.50%, 01/01/36			28,863			32,518
6.00%, 02/01/36			206,109			232,847
5.00%, 02/01/37			15,845			17,308

	Par			Value
5.50%, 07/01/37		$	46,627		$	52,340
5.50%, 04/01/38			11,138			12,421
7.00%, 02/01/39			147,859			169,212
7.00%, 03/01/39			27,982			30,047
5.50%, 04/01/39			259,367			290,116
4.50%, 06/01/39			124,760			134,509
6.50%, 09/01/39			50,854			57,934
5.50%, 08/01/40			238,803			266,012
4.00%, 02/01/41			82,846			87,341
5.00%, 06/01/41			3,785			4,127
3.50%, 01/01/42 TBA			2,200,000			2,252,674
3.50%, 10/01/42			151,892			156,475
4.00%, 10/01/42			69,976			74,141
3.50%, 11/01/42			309,389			318,746
3.50%, 12/01/42			79,055			81,446
3.50%, 01/01/43			477,957			492,399
3.50%, 02/01/43			348,769			359,306
3.50%, 03/01/43			835,214			860,382
3.50%, 04/01/43			739,634			762,166
4.00%, 04/01/43			162,400			172,161
3.50%, 05/01/43			562,042			578,653
4.00%, 05/01/43			76,256			81,086
4.00%, 06/01/43			80,111			85,164
4.00%, 07/01/43			293,305			311,487
4.00%, 08/01/43			169,503			179,704
3.00%, 12/01/43 TBA			2,000,000			1,985,949
4.50%, 12/01/43			1,091,048			1,194,122
3.50%, 02/01/44			82,968			85,471
4.50%, 02/01/44			827,199			905,412
4.50%, 03/01/44			264,925			289,997
3.50%, 03/01/45			894,362			921,352
3.50%, 06/01/45			514,589			529,153
3.50%, 10/01/45			405,465			416,759
3.50%, 02/01/46 TBA			2,000,000			2,044,796
3.50%, 03/01/46			1,861,340			1,913,201
3.50%, 05/01/46			386,384			396,928
Federal Home Loan Mortgage Corporation Reference REMIC Series R007
6.00%, 05/15/36			263,993			296,623
Federal Home Loan Mortgage Corporation REMIC Series 3325
1.20%, 06/15/37†			194,869			195,577
Federal Home Loan Mortgage Corporation REMIC Series 3621
1.55%, 01/15/40 IOW†			350,969			62,989
Federal Home Loan Mortgage Corporation REMIC Series 3947
4.04%, 10/15/41 IOW†			236,163			39,694
Federal Home Loan Mortgage Corporation REMIC Series 4076
4.41%, 07/15/42 IOW†			64,072			14,292
Federal Home Loan Mortgage Corporation REMIC Series 4092
6.58%, 09/15/31 IOW			511,900			51,154
Federal Home Loan Mortgage Corporation REMIC Series 4099
4.99%, 08/15/42 IOW†			310,604			61,081

See Notes to Financial Statements. 105

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Federal Home Loan Mortgage Corporation REMIC Series 4194
7.94%, 04/15/43 IOW		$	1,180,882		$	175,567
Federal Home Loan Mortgage Corporation REMIC Series 4210
3.00%, 05/15/43			327,078			312,742
Federal Home Loan Mortgage Corporation REMIC Series 4239
0.64%, 06/15/27 IOW			510,037			55,824
Federal Home Loan Mortgage Corporation REMIC Series 4298
1.89%, 04/15/43 IOW			422,002			67,987
Federal Home Loan Mortgage Corporation REMIC Series 4310
6.07%, 02/15/44 IOW†			157,949			27,004
Federal Home Loan Mortgage Corporation REMIC Series 4335
5.04%, 05/15/44 IOW†			162,244			29,758
Federal Home Loan Mortgage Corporation REMIC Series 4415
(1.00)%, 04/15/41 IOW†			324,617			19,566
Federal Housing Administration
7.43%, 10/01/18+			10,682			10,756
Federal National Mortgage Association
5.00%, 12/01/17			1,878			1,951
9.50%, 05/01/22			266			287
1.94%, 07/01/22†			3,096			3,163
5.50%, 09/01/23			49,805			53,077
5.50%, 10/01/23			10,901			11,610
9.50%, 07/01/24			542			583
2.81%, 04/01/25			50,000			49,704
5.50%, 05/01/25			141,460			145,850
3.00%, 01/01/26 TBA			400,000			410,469
1.85%, 07/01/27†			11,342			11,819
2.66%, 08/01/27†			22,463			23,620
1.85%, 11/01/27 CONV†			12,739			13,387
2.50%, 01/01/28 TBA			300,000			300,475
3.14%, 02/01/30†			81,161			83,036
3.00%, 06/01/30 CONV†			13,709			14,003
8.00%, 10/01/30			14,003			16,403
3.06%, 12/01/30 CONV†			4,857			4,958
1.85%, 01/01/31†			5,836			5,940
4.50%, 04/01/31			75,265			81,041
2.82%, 05/01/31†			12,308			12,388
4.50%, 05/01/31			265,584			285,915
4.50%, 06/01/31			80,237			86,400
4.50%, 11/01/31			116,753			125,767
6.00%, 11/01/31			2,209			2,521
4.50%, 12/01/31			177,040			190,717
6.00%, 01/01/32			59,527			67,391
6.00%, 03/01/32			10,252			11,634
6.00%, 04/01/32			136,886			155,156
1.85%, 06/01/32†			7,482			7,649
1.94%, 08/01/32†			7,624			7,876
6.00%, 08/01/32			1,318			1,507
2.88%, 02/01/33†			1,001			1,021
5.50%, 04/01/33			27,129			31,218

	Par			Value
1.94%, 05/01/33†		$	27,179		$	28,834
6.00%, 05/01/33			465			526
5.00%, 07/01/33			34,067			37,312
5.00%, 08/01/33			2,849			3,147
5.00%, 09/01/33			41,650			45,743
5.50%, 09/01/33			1,561			1,755
5.50%, 12/01/33			6,602			7,423
6.00%, 12/01/33			420			475
5.50%, 02/01/34			1,809			2,032
5.50%, 04/01/34			360			408
3.50%, 05/01/34			228,749			239,265
5.50%, 08/01/34			2,999			3,406
5.50%, 10/01/34			140			158
6.00%, 10/01/34			28,938			32,745
2.33%, 12/01/34†			59,204			62,843
5.50%, 12/01/34			13,303			14,930
6.00%, 05/01/35			757,176			860,654
5.50%, 07/01/35			180			204
6.00%, 07/01/35			139,751			159,165
5.50%, 08/01/35			310			352
6.00%, 08/01/35			42			48
5.50%, 09/01/35			67,371			74,870
5.00%, 10/01/35			115,165			126,501
6.00%, 10/01/35			29,172			33,153
1.85%, 11/01/35†			5,091			5,310
2.44%, 11/01/35†			53,757			55,907
2.47%, 11/01/35†			50,389			52,695
2.49%, 11/01/35†			63,219			65,952
2.50%, 11/01/35†			54,882			57,095
2.54%, 11/01/35†			60,234			62,644
6.00%, 11/01/35			422,474			481,181
5.50%, 12/01/35			1,336			1,515
6.00%, 12/01/35			5,479			6,300
6.00%, 02/01/36			3,049			3,500
6.00%, 03/01/36			2,015			2,282
5.50%, 04/01/36			14,908			15,777
6.00%, 04/01/36			4,550			5,210
3.89%, 05/01/36†			60,771			63,916
5.50%, 11/01/36			97,294			108,814
6.00%, 01/01/37			458,076			518,235
5.50%, 02/01/37			147			165
6.00%, 02/01/37			382,366			433,453
5.50%, 03/01/37			5,981			6,694
6.00%, 03/01/37			22,830			25,989
5.50%, 04/01/37			353			396
5.50%, 05/01/37			47			52
5.50%, 06/01/37			143			160
6.00%, 07/01/37			723,318			820,720
5.50%, 08/01/37			280,640			314,393
6.00%, 08/01/37			51,484			58,287
6.00%, 09/01/37			120,629			136,593
6.50%, 10/01/37			54,874			62,083
7.00%, 10/01/37			4,141			4,531
7.00%, 11/01/37			8,271			9,592
1.85%, 12/01/37†			40,052			41,560
6.00%, 12/01/37			287,677			325,610
7.00%, 12/01/37			4,336			5,007
1.85%, 01/01/38†			19,621			20,760
6.00%, 01/01/38			220,633			253,562
5.50%, 02/01/38			3,389			3,798
7.00%, 02/01/38			3,604			3,969
4.50%, 03/01/38			7,924			8,551
5.50%, 03/01/38			414			465
6.00%, 03/01/38			940			1,064

106 See Notes to Financial Statements.

	Par			Value
4.50%, 04/01/38		$	107,429		$	115,801
5.00%, 04/01/38			117,594			128,032
5.50%, 05/01/38			118			131
6.00%, 05/01/38			26,192			29,672
5.00%, 06/01/38			125,404			136,535
5.50%, 06/01/38			501			560
5.50%, 07/01/38			70,832			79,286
5.50%, 08/01/38			73,016			81,965
7.00%, 08/01/38			2,389			2,673
5.50%, 09/01/38			242			269
6.00%, 11/01/38			33,269			37,672
7.00%, 11/01/38			22,021			24,856
5.50%, 12/01/38			123			138
6.00%, 12/01/38			38,148			43,258
4.50%, 02/01/39 TBA			8,000,000			8,594,843
7.00%, 02/01/39			12,340			14,210
7.00%, 03/01/39			106,913			123,284
6.00%, 09/01/39			23,227			26,299
6.00%, 12/01/39			418,702			474,867
4.50%, 01/01/40 TBA			7,300,000			7,851,777
5.00%, 01/01/40 TBA			1,000,000			1,089,375
1.94%, 06/01/40†			40,825			42,342
1.94%, 10/01/40†			124,965			128,116
1.85%, 11/01/40†			15,375			16,071
3.50%, 01/01/41 TBA			5,200,000			5,329,594
4.00%, 01/01/41 TBA			8,100,000			8,515,600
4.00%, 02/01/41 TBA			4,500,000			4,724,561
4.50%, 04/01/41			129,677			140,029
6.00%, 05/01/41			815,261			923,449
4.50%, 08/01/41			96,048			103,788
4.50%, 11/01/41			377,911			407,595
3.50%, 02/01/42 TBA			53,300,000			54,546,098
4.00%, 06/01/42			70,700			74,388
3.50%, 09/01/42			72,143			74,406
2.50%, 10/01/42			490,878			469,585
4.00%, 10/01/42			284,871			302,172
2.50%, 11/01/42			27,662			26,459
4.00%, 11/01/42			2,389,534			2,533,478
2.50%, 12/01/42			21,962			21,006
3.00%, 12/01/42			22,584			22,554
4.00%, 12/01/42			181,446			191,436
2.50%, 01/01/43			19,445			18,599
3.00%, 01/01/43 TBA			8,800,000			8,742,041
3.00%, 01/01/43			404,159			402,180
3.50%, 01/01/43			2,165,851			2,231,252
2.50%, 02/01/43			20,929			20,011
3.00%, 02/01/43 TBA			15,100,000			14,977,839
2.50%, 03/01/43			1,739,668			1,663,400
3.00%, 03/01/43			247,854			247,749
2.50%, 04/01/43			1,457,270			1,393,679
3.00%, 04/01/43			372,330			372,202
3.50%, 04/01/43			113,599			117,067
4.00%, 04/01/43			70,489			74,728
2.50%, 05/01/43			33,624			32,162
3.00%, 05/01/43			241,156			241,088
2.50%, 06/01/43			33,993			32,515
3.00%, 06/01/43			71,866			71,846
4.00%, 06/01/43			698,002			739,253
3.00%, 07/01/43			638,504			638,322
3.50%, 07/01/43			1,194,163			1,230,748
4.00%, 07/01/43			712,820			754,685
2.50%, 08/01/43			885,695			846,124
3.50%, 08/01/43			312,961			322,576
4.00%, 08/01/43			241,773			256,481

	Par			Value
4.50%, 09/01/43		$	819,454		$	885,424
2.50%, 10/01/43			45,601			43,543
4.50%, 10/01/43			243,547			266,270
4.50%, 11/01/43			162,262			177,396
4.50%, 12/01/43			242,051			264,622
4.50%, 01/01/44			153,618			167,875
4.50%, 02/01/44			1,040,420			1,119,159
4.50%, 07/01/44			147,336			159,848
4.50%, 10/01/44			639,934			693,816
4.00%, 01/01/45			239,452			253,388
4.50%, 02/01/45			1,368,168			1,491,696
4.50%, 04/01/45			868,763			947,797
4.50%, 05/01/45			104,634			113,535
3.50%, 06/01/45			839,042			860,629
3.00%, 11/01/45			1,765,453			1,755,768
3.50%, 12/01/45			2,429,358			2,492,413
3.50%, 01/01/46			558,889			574,715
3.50%, 05/01/46			576,982			593,156
3.00%, 11/01/46			1,296,095			1,290,070
Federal National Mortgage Association ACES Series 2015-M13
2.71%, 06/25/25†			90,000			88,875
Federal National Mortgage Association ACES Series 2016-M11
2.37%, 07/25/26†			270,000			256,140
2.94%, 07/25/39			335,872			330,791
Federal National Mortgage Association Interest STRIP Series 409
8.09%, 04/25/27 IOW			412,123			35,721
(0.36)%, 11/25/39 IOW			69,333			14,016
(1.00)%, 11/25/41 IOW			233,862			45,107
1.67%, 11/25/41 IOW			293,435			63,650
5.01%, 04/25/42 IOW			553,349			101,910
Federal National Mortgage Association REMIC Series 1991-97
19.40%, 08/25/21 IOW			33			469
Federal National Mortgage Association REMIC Series 1991-137
7.28%, 10/25/21 IOW			49			686
Federal National Mortgage Association REMIC Series 2000-32
1.19%, 10/18/30†			11,789			11,830
Federal National Mortgage Association REMIC Series 2005-29
5.50%, 04/25/35			472,713			521,691
Federal National Mortgage Association REMIC Series 2007-24
12.63%, 03/25/37 IOW†			815,342			121,705
Federal National Mortgage Association REMIC Series 2011-52
5.00%, 06/25/41			489,664			537,607
Federal National Mortgage Association REMIC Series 2011-59
5.50%, 07/25/41			1,081,842			1,210,236

See Notes to Financial Statements. 107

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Federal National Mortgage Association REMIC Series 2011-87
1.31%, 09/25/41†		$	2,315,352		$	2,324,159
Federal National Mortgage Association REMIC Series 2011-96
2.55%, 10/25/41 IOW†			590,257			104,616
Federal National Mortgage Association REMIC Series 2012-28
6.50%, 06/25/39			24,770			27,325
Federal National Mortgage Association REMIC Series 2012-46
6.00%, 05/25/42			217,199			246,162
Federal National Mortgage Association REMIC Series 2012-70
4.79%, 02/25/41 IOW†			48,094			7,058
Federal National Mortgage Association REMIC Series 2012-74
(1.00)%, 07/25/27 IOW			1,153,502			125,267
2.58%, 03/25/42 IOW†			250,379			44,345
Federal National Mortgage Association REMIC Series 2012-75
2.39%, 07/25/42 IOW†			71,284			14,017
Federal National Mortgage Association REMIC Series 2012-111
7.00%, 10/25/42			44,625			51,194
Federal National Mortgage Association REMIC Series 2012-118
2.01%, 12/25/39 IOW			401,823			52,234
Federal National Mortgage Association REMIC Series 2012-133
7.89%, 12/25/42 IOW†			182,570			32,833
Federal National Mortgage Association REMIC Series 2012-153
7.00%, 07/25/42			147,616			171,345
Federal National Mortgage Association REMIC Series 2013-9
5.50%, 04/25/42			871,469			967,425
6.50%, 07/25/42			374,238			426,969
Federal National Mortgage Association REMIC Series 2013-14
6.19%, 03/25/43 IOW			304,581			49,302
Federal National Mortgage Association REMIC Series 2013-29
7.49%, 04/25/43 IOW			776,593			121,427
Federal National Mortgage Association REMIC Series 2014-47
(1.00)%, 08/25/44 IOW†			1,627,969			112,985
Federal National Mortgage Association REMIC Series 2015-55
2.17%, 08/25/55 IOW†			300,096			19,699

	Par			Value
Federal National Mortgage Association REMIC Series 2015-56
2.71%, 08/25/45 IOW†		$	87,125		$	22,180
FHLMC Multifamily Structured Pass-Through Certificates Series K008
6.89%, 06/25/20 IOW†			694,381			28,302
FHLMC Multifamily Structured Pass-Through Certificates Series K015
5.33%, 07/25/21 IOW†			608,309			37,176
FHLMC Multifamily Structured Pass-Through Certificates Series K016
5.08%, 10/25/21 IOW†			200,412			12,138
FHLMC Multifamily Structured Pass-Through Certificates Series KF11
1.27%, 09/25/25†			1,314,599			1,315,354
FHLMC Structured Pass-Through Securities Series T-61
1.94%, 07/25/44†			865,800			867,750
First Horizon Alternative Mortgage Securities Trust Series 2004-AA1
3.00%, 06/25/34†			362,518			353,388
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2015-DN1
4.91%, 01/25/25†			400,000			421,446
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2015-DNA1
2.61%, 10/25/27†			400,000			405,727
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2016-DNA4
4.56%, 03/25/29†			250,000			250,474
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2016-HQA2
5.91%, 11/25/28†			300,000			326,522
FREMF Mortgage Trust Series 2012-K20
5.92%, 05/25/45 IO 144AW			5,587,672			46,744
FREMF Mortgage Trust Series 2014-K40
4.07%, 11/25/47 144A†			550,000			515,348
FREMF Mortgage Trust Series 2014-K41
3.83%, 11/25/47 144A†			275,000			272,849
GE Business Loan Trust Series 2007-1A
0.87%, 04/16/35 144A†			378,265			356,572
GE Commercial Mortgage Corporation Trust Series 2007-C1
5.54%, 12/10/49			379,467			379,977
Giovecca Mortgages S.r.l. Series 2011-1
0.29%, 04/23/48(E)†			149,330			157,508
Government National Mortgage Association
7.00%, 01/15/26			4,023			4,379

108 See Notes to Financial Statements.

	Par			Value
7.00%, 07/15/27		$	40,697		$	47,002
7.00%, 01/15/28			13,639			13,962
7.00%, 03/15/28			54,425			62,940
7.00%, 07/15/28			8,431			9,194
7.50%, 07/15/28			11,589			11,901
6.50%, 08/15/28			3,118			3,562
7.00%, 08/15/28			12,050			13,408
7.50%, 08/15/28			8,344			9,274
6.50%, 09/15/28			19,121			21,843
7.00%, 10/15/28			34,339			36,421
7.50%, 03/15/29			17,512			20,760
2.00%, 11/20/29†			31,667			32,782
8.50%, 08/15/30			683			726
8.50%, 11/20/30			7,503			8,787
6.50%, 08/15/31			34,828			39,783
7.50%, 08/15/31			9,842			11,026
6.50%, 10/15/31			60,708			69,647
6.00%, 11/15/31			146,644			166,240
6.50%, 11/15/31			83,311			95,164
6.00%, 12/15/31			30,341			34,396
6.00%, 01/15/32			91,392			104,901
6.00%, 02/15/32			185,959			210,810
6.50%, 02/15/32			108,209			123,604
6.00%, 04/15/32			44,877			50,879
7.50%, 04/15/32			49,569			50,958
6.50%, 06/15/32			60,264			68,838
6.50%, 08/15/32			149,526			170,799
6.50%, 09/15/32			115,611			132,059
6.00%, 10/15/32			91,799			104,066
5.50%, 11/15/32			20,940			23,601
6.00%, 11/15/32			72,775			82,938
6.00%, 12/15/32			34,626			39,253
6.50%, 12/15/32			9,510			10,863
5.50%, 01/15/33			12,768			14,416
6.00%, 01/15/33			39,278			44,526
5.50%, 02/15/33			22,046			24,916
6.00%, 02/15/33			37,006			41,951
5.50%, 03/15/33			24,174			27,313
6.50%, 04/15/33			244,667			279,476
6.00%, 06/15/33			20,148			22,840
5.50%, 07/15/33			20,508			23,126
5.50%, 08/15/33			11,183			12,495
5.50%, 09/15/33			8,966			10,129
6.00%, 10/15/33			59,040			66,930
6.50%, 10/15/33			114,112			130,346
6.00%, 12/15/33			134,166			152,095
5.50%, 04/15/34			12,956			14,629
5.50%, 05/15/34			7,776			8,675
6.50%, 08/15/34			207,471			236,988
5.50%, 09/15/34			107,735			121,732
5.50%, 12/15/34			91,121			102,987
5.50%, 01/15/35			85,164			96,262
6.00%, 09/20/38			253,376			286,540
5.00%, 07/20/40			21,128			23,262
5.00%, 09/20/40			88,068			96,953
4.00%, 10/20/40			11,190			12,002
6.00%, 10/20/40			37,019			42,025
4.00%, 01/20/41 TBA			4,000,000			4,247,890
6.00%, 01/20/41			33,277			37,089
4.50%, 04/20/41			411,871			443,675
3.50%, 01/20/42 TBA			3,600,000			3,742,242
3.00%, 01/20/43 TBA			9,200,000			9,315,179
4.00%, 08/20/43			703,085			747,977
4.00%, 10/20/43			2,276,053			2,425,285

	Par			Value
3.00%, 01/15/45		$	5,567,327		$	5,633,511
3.00%, 02/15/45			195,001			197,319
3.50%, 04/15/45			1,273,917			1,325,632
4.00%, 08/20/45			737,022			783,767
4.00%, 09/20/45			1,789,911			1,902,459
4.00%, 10/20/45			1,261,490			1,342,056
4.00%, 01/20/46			962,438			1,022,955
3.50%, 02/20/46 TBA			1,000,000			1,037,949
4.00%, 02/20/46 TBA			1,000,000			1,060,449
4.00%, 03/20/46			4,721,870			5,018,778
4.00%, 04/20/46			6,000,001			6,377,277
3.00%, 05/20/46			3,999,602			4,055,471
4.00%, 06/20/46			908,641			965,776
4.00%, 08/20/46			972,747			1,033,913
3.00%, 09/20/46			7,999,998			8,111,746
3.50%, 09/20/46			3,271,342			3,415,048
4.00%, 09/20/46			961,583			1,022,046
4.00%, 10/20/46			1,000,000			1,063,298
3.00%, 12/20/46			13,099,364			13,282,342
Government National Mortgage Association Series 2007-30
1.04%, 05/20/37†			187,767			186,999
Government National Mortgage Association Series 2010-31
(0.14)%, 03/20/39 IOW†			44,797			4,210
Government National Mortgage Association Series 2010-85
2.60%, 01/20/40 IOW†			70,744			10,428
Government National Mortgage Association Series 2010-H28
0.93%, 12/20/60†			330,484			327,870
Government National Mortgage Association Series 2011-H08
1.01%, 03/20/61†			412,716			410,579
Government National Mortgage Association Series 2011-H09
1.03%, 03/20/61†			283,207			281,904
Government National Mortgage Association Series 2012-34
8.13%, 03/20/42 IOW†			56,592			10,765
Government National Mortgage Association Series 2012-66
10.82%, 02/20/38 IOW			249,332			23,596
Government National Mortgage Association Series 2012-144
4.13%, 01/16/53 IOW†			9,519,684			374,984
Government National Mortgage Association Series 2012-H30
0.88%, 12/20/62†			1,332,840			1,318,785
Government National Mortgage Association Series 2013-113
1.17%, 08/16/43 IOW†			215,539			40,489

See Notes to Financial Statements. 109

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Government National Mortgage Association Series 2013-178
8.96%, 06/16/55 IOW†		$	771,634		$	31,316
Government National Mortgage Association Series 2014-93
6.03%, 11/16/55 IOW†			3,629,790			186,903
Government National Mortgage Association Series 2014-117
5.01%, 08/20/44 IOW†			65,571			9,916
Government National Mortgage Association Series 2014-118
5.88%, 08/20/44 IOW†			319,451			71,006
Government National Mortgage Association Series 2014-135
6.13%, 01/16/56 IOW†			6,835,000			381,485
Government National Mortgage Association Series 2015-167
7.36%, 04/16/45 IOW			171,684			35,522
Government National Mortgage Association Series 2015-H11
1.08%, 05/20/65†			3,072,859			3,020,960
Government National Mortgage Association Series 2015-H14
0.96%, 05/20/65†			2,897,797			2,874,116
1.10%, 06/20/65†			4,901,494			4,824,248
Government National Mortgage Association Series 2015-H15
1.11%, 06/20/65†			2,025,255			1,993,118
1.13%, 06/20/65†			4,616,582			4,549,406
Government National Mortgage Association Series 2015-H16
1.13%, 07/20/65†			4,833,474			4,762,557
Government National Mortgage Association Series 2015-H17
0.99%, 06/20/65†			713,589			708,472
Government National Mortgage Association Series 2015-H18
1.13%, 07/20/65†			757,208			746,336
Government National Mortgage Association Series 2015-H19
1.13%, 08/20/65†			768,802			757,594
Government National Mortgage Association Series 2015-H22
1.13%, 09/20/65†			766,641			755,096
Government National Mortgage Association Series 2015-H23
1.15%, 09/20/65†			897,369			884,808
Government National Mortgage Association Series 2015-H26
1.05%, 10/20/65†			1,680,510			1,669,978

	Par			Value
Government National Mortgage Association Series 2015-H30
1.21%, 08/20/61†		$	778,644		$	777,838
GreenPoint Mortgage Funding Trust Series 2006-OH1
0.94%, 01/25/37†			713,597			568,866
GS Mortgage Securities Corporation II Series 2015-GC30
3.38%, 05/10/50			490,000			334,636
3.78%, 05/10/50†			370,000			376,284
GS Mortgage Securities Trust Series 2007-GG10
5.79%, 08/10/45†			5,017,872			5,033,103
GS Mortgage Securities Trust Series 2011-GC5
5.81%, 08/10/44 IO 144AW†			288,949			14,343
GS Mortgage Securities Trust Series 2013-GC16
5.16%, 11/10/46†			130,000			142,837
GSR Mortgage Loan Trust Series 2005-AR6
3.01%, 09/25/35†			1,030,667			1,064,735
Impac CMB Trust Series 2004-8
1.48%, 10/25/34†			48,447			42,379
IndyMac ARM Trust Series 2001-H2
2.11%, 01/25/32†			6,478			5,648
IndyMac INDX Mortgage Loan Trust Series 2006-AR12
0.95%, 09/25/46†			823,174			675,845
JP Morgan Alternative Loan Trust Series 2005-A2
1.28%, 01/25/36†			221,872			211,332
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-C6
5.14%, 05/15/45†			280,000			292,272
JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-WPT
2.15%, 10/15/33 144A†			800,000			802,334
JP Morgan Mortgage Trust Series 2005-A1
3.17%, 02/25/35†			74,787			73,589
JPMBB Commercial Mortgage Securities Trust Series 2013-C15
5.05%, 11/15/45†			90,000			94,686
JPMBB Commercial Mortgage Securities Trust Series 2013-C17
4.89%, 01/15/47†			50,000			54,299
JPMBB Commercial Mortgage Securities Trust Series 2014-C25
3.41%, 11/15/47			840,000			868,628
JPMBB Commercial Mortgage Securities Trust Series 2015-C30
3.82%, 07/15/48			880,000			917,262

110 See Notes to Financial Statements.

	Par		Value
JPMBB Commercial Mortgage Securities Trust Series 2015-C31
3.80%, 08/15/48	$	1,700,000		$	1,769,407
JPMBB Commercial Mortgage Securities Trust Series 2015-C32
3.36%, 11/15/48		800,000			819,272
Kensington Mortgage Securities PLC Series 2007-1X
1.13%, 06/14/40†		1,144,206			1,079,864
LB Commercial Mortgage Trust Series 2007-C3
5.87%, 07/15/44†		532,311			538,137
LB-UBS Commercial Mortgage Trust Series 2001-C3 0.00%,
06/15/36 IO 144AW†		386,697			1,960
Ludgate Funding PLC Series 2007-1
0.54%, 01/01/61(U)†		923,790			1,054,925
Ludgate Funding PLC Series 2008-W1X
0.98%, 01/01/61(U)†		802,350			942,363
Luminent Mortgage Trust Series 2006-2
0.96%, 02/25/46†		522,389			367,001
Mansard Mortgages PLC Series 2007-1X
0.58%, 04/15/47(U)†		935,927			1,074,807
MASTR Adjustable Rate Mortgages Trust Series 2004-4
3.11%, 05/25/34†		162,009			158,919
MASTR Adjustable Rate Mortgages Trust Series 2004-11
1.40%, 11/25/34†		77,448			77,455
MASTR Adjustable Rate Mortgages Trust Series 2004-13
3.05%, 11/21/34†		484,351			493,900
MASTR Adjustable Rate Mortgages Trust Series 2007-R5
3.01%, 11/25/35 144A†		604,953			452,706
Merrill Lynch Mortgage Investors Trust Series 2005-2
2.54%, 10/25/35†		34,079			33,902
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7
3.21%, 02/15/46		41,000			41,215
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9
3.10%, 05/15/46		300,000			303,141
3.46%, 05/15/46		140,000			141,572
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19
4.00%, 12/15/47†		370,000			373,724

	Par		Value
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22
3.56%, 04/15/48	$	480,000		$	479,895
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25
3.37%, 10/15/48		1,400,000			1,408,259
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27
3.56%, 12/15/47		800,000			826,676
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31
3.10%, 11/15/49		380,000			370,945
Morgan Stanley Capital I Trust Series 2007-HQ11
5.48%, 02/12/44†		46,279			46,244
Morgan Stanley Capital I Trust Series 2014-CPT
3.45%, 07/13/29 144A†		800,000			816,275
Morgan Stanley Capital I Trust Series 2015-XLF1
1.84%, 08/14/31 144A†		253,079			252,352
Morgan Stanley Capital I Trust Series 2016-UBS12
3.60%, 12/15/49		380,000			387,900
Morgan Stanley Re-REMIC Trust Series 2009-GG10
5.79%, 08/12/45 144A†		1,370,528			1,373,836
Mortgage Repurchase Agreement Financing Trust Series 2016-1
1.64%, 09/10/18 144A†		950,000			950,000
Mortgage Repurchase Agreement Financing Trust Series 2016-2
1.84%, 03/10/19 144A†		950,000			950,000
Mortgage Repurchase Agreement Financing Trust Series 2016-3
1.66%, 11/10/18+ 144A†		900,000			900,000
MortgageIT Trust Series 2005-4
1.04%, 10/25/35†		600,047			549,062
Motel 6 Trust Series 2015-MTL6
4.53%, 02/05/30 144A		150,000			150,622
MSCG Trust Series 2015-ALDR
3.46%, 06/07/35 144A†		580,000			574,200
MSCG Trust Series 2016-SNR
5.21%, 11/15/34 144A		390,000			389,758
Nomura Resecuritization Trust Series 2014-7R
0.78%, 12/26/35 144A†		545,462			502,747
Prime Mortgage Trust Series 2006-DR1
5.50%, 05/25/35 144A		2,477,860			2,307,812
6.00%, 05/25/35 144A		2,090,167			1,982,628

See Notes to Financial Statements. 111

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
RBSCF Trust Series 2009-RR2
5.97%, 02/16/51 144A†	$	1,229,101		$	1,227,052
ResLoC UK PLC Series 2007-1X
0.00%, 12/15/43 IO(E)†		1,333,699			1,307,506
0.53%, 12/15/43(U)†		333,425			380,407
RFTI Issuer, Ltd. Series 2015-FL1
2.45%, 08/15/30 144A†		1,536,718			1,534,766
Sequoia Mortgage Trust Series 2003-4
1.66%, 07/20/33†		94,328			87,532
Sequoia Mortgage Trust Series 6
1.38%, 04/19/27†		491,396			456,769
Station Place Securitization Trust Series 2015-2
1.75%, 05/15/18+ 144A†		600,000			600,000
Structured Adjustable Rate Mortgage Loan Trust Series 2004-5
3.18%, 05/25/34†		277,388			280,337
Structured Adjustable Rate Mortgage Loan Trust Series 2005-19XS
1.06%, 10/25/35†		1,197,436			1,133,436
Structured Asset Mortgage Investments II Trust Series 2005-AR5
0.99%, 07/19/35†		130,307			116,310
Thornburg Mortgage Securities Trust Series 2003-4
1.40%, 09/25/43†		12,170			11,708
Thornburg Mortgage Securities Trust Series 2005-1
2.63%, 04/25/45†		98,814			99,051
Towd Point Mortgage Funding Vantage1 PLC Series 2016-V1A
1.54%, 02/20/54+ 144A(U)†		570,000			694,281
Trinity Square PLC Series 2015-1A
1.55%, 07/15/51 144A(U)†		347,406			430,763
UBS Commercial Mortgage Trust Series 2012-C1
4.78%, 05/10/45 IO 144AW†		2,251,370			201,198
UBS-Barclays Commercial Mortgage Trust Series 2012-C4
4.50%, 12/10/45 144A†		320,000			307,071
VNDO Mortgage Trust Series 2012-6AVE
3.00%, 11/15/30 144A		100,000			100,922
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR6
1.97%, 06/25/42†		17,639			16,943
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR19
2.64%, 02/25/33†		7,636			7,500

	Par		Value
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8
1.03%, 07/25/45†	$	907,985		$	858,690
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8
1.05%, 07/25/45†		187,656			178,242
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR13
1.05%, 10/25/45†		1,394,434			1,333,942
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY1
2.52%, 02/25/37†		391,812			352,374
2.60%, 02/25/37†		264,717			237,475
Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA3
1.33%, 04/25/47†		765,693			686,108
Waterfall Commercial Mortgage Trust Series 2015-SBC5
4.10%, 09/14/22 144A†		765,573			753,830
Wells Fargo Alternative Loan Trust Series 2007-PA6
3.16%, 12/28/37†		858,016			771,420
Wells Fargo Commercial Mortgage Trust Series 2013-LC12
4.30%, 07/15/46†		20,000			21,161
Wells Fargo Commercial Mortgage Trust Series 2014-LC16
4.72%, 08/15/50 IOW†		3,002,909			195,056
Wells Fargo Commercial Mortgage Trust Series 2015-NXS1
3.66%, 05/15/48†		350,000			345,223
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR2
2.91%, 03/25/35†		96,805			97,588
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR13
3.06%, 05/25/35†		23,312			23,321
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR16
3.14%, 08/25/33†		155,343			158,806
WFRBS Commercial Mortgage Trust Series 2012-C7
4.69%, 06/15/45 IO 144AW†		298,192			18,020
WFRBS Commercial Mortgage Trust Series 2012-C10
5.52%, 12/15/45 IO 144AW†		2,312,900			162,654
WFRBS Commercial Mortgage Trust Series 2013-C13
4.95%, 05/15/45 IO 144AW†		2,933,618			171,526

112 See Notes to Financial Statements.

	Par		Value
WFRBS Commercial Mortgage Trust Series 2014-C19
3.62%, 03/15/47 IOW†	$	1,041,986		$	60,063
WFRBS Commercial Mortgage Trust Series 2014-C21
5.23%, 08/15/47 IOW†		3,597,792			214,778
WFRBS Commercial Mortgage Trust Series 2014-C24
3.93%, 11/15/47		290,000			293,483
4.29%, 11/15/47†		300,000			272,584
Total Mortgage-Backed Securities (Cost $386,354,879)					383,491,421
MUNICIPAL BONDS — 0.9%
Alameda County Joint Powers Authority, Revenue Bond, Series Z
7.05%, 12/01/44		2,400,000			3,305,975
American Municipal Power, Inc., Hydroelectric Projects, Revenue Bond, Series B
8.08%, 02/15/50		600,000			911,736
American Municipal Power, Inc., Revenue Bond, Series E
6.27%, 02/15/50		250,000			303,438
Chicago Transit Authority, Revenue Bond, Series A
6.90%, 12/01/40		700,000			880,670
Chicago Transit Authority, Revenue Bond, Series B
6.90%, 12/01/40		300,000			375,816
Commonwealth of Puerto Rico, General Obligation, Series A
5.50%, 07/01/32#		5,000			3,125
6.00%, 07/01/34#		10,000			6,263
8.00%, 07/01/35#		280,000			189,000
5.25%, 07/01/37#		20,000			12,450
5.50%, 07/01/39#		85,000			53,125
5.00%, 07/01/41#		10,000			6,050
5.75%, 07/01/41#		10,000			6,162
Commonwealth of Puerto Rico, General Obligation, Series B
5.88%, 07/01/36#		10,000			6,344
Commonwealth of Puerto Rico, General Obligation, Series C
6.00%, 07/01/39#		10,000			6,300
Port Authority of New York & New Jersey, Revenue Bond, Series 192
4.81%, 10/15/65		300,000			323,166
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bond, Series A
5.75%, 07/01/37		20,000			15,100
6.00%, 07/01/44		55,000			41,869
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series A-1
5.00%, 08/01/43		20,000			9,450
5.25%, 08/01/43		10,000			4,725

	Par		Value
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series A
5.25%, 08/01/27	$	5,000		$	2,362
5.50%, 08/01/28		60,000			28,350
6.75%, 08/01/32		85,000			42,713
15.62%, 08/01/33W		25,000			8,082
5.50%, 08/01/37		65,000			30,712
5.75%, 08/01/37		45,000			21,262
5.38%, 08/01/39		35,000			16,538
6.38%, 08/01/39		5,000			2,475
5.50%, 08/01/42		120,000			56,700
6.00%, 08/01/42		100,000			48,250
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series C
11.54%, 08/01/37W		10,000			1,005
5.38%, 08/01/38		15,000			7,088
6.00%, 08/01/39		35,000			17,063
5.25%, 08/01/41		100,000			47,250
State of California, General Obligation
7.95%, 03/01/36		265,000			309,695
7.55%, 04/01/39		85,000			125,855
State of Illinois, General Obligation
7.35%, 07/01/35		375,000			406,193
Utah State Board of Regents Series 1A
1.28%, 09/25/56†		2,042,144			2,027,189
Total Municipal Bonds (Cost $9,416,395)					9,659,546
	Number of Contracts
PURCHASED OPTIONS — 0.2%
Call Option — 0.0%
10-Year U.S. Treasury Note, Strike Price $124.50, Expires 01/27/17 (GSC)		14			7,437
	Notional Amount
Call Swaptions — 0.0%
3-Month LIBOR, Strike Price 1.65%, Expires 11/15/18 (MSCS)	$	2,280,000,000			95,760
U.S. Dollar vs. Brazilian Reals, Strike Price $0.15, Expires 11/28/17 (BAR)		982,000			76,003
					171,763
	Number of Contracts
Put Option — 0.0%
Long U.S. Treasury Bond, Strike Price $152.00, Expires 01/27/17 (GSC)		14			15,094
	Notional Amount
Put Swaptions — 0.2%
3-Month LIBOR, Strike Price 2.30%, Expires 10/21/19 (GSC)	$	770,000,000			1,132,621

See Notes to Financial Statements. 113

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Notional Amount		Value
3-Month LIBOR, Strike Price 2.50%, Expires 11/07/19 (DEUT)	$	310,000,000		$	387,343
3-Month LIBOR, Strike Price 2.91%, Expires 08/20/18 (MSCS)		160,000,000			102,344
3-Month LIBOR, Strike Price 2.94%, Expires 08/20/18 (GSC)		50,000,000			30,649
					1,652,957
Total Purchased Options (Cost $1,444,093)					1,847,251
	Par
U.S. TREASURY OBLIGATIONS — 27.9%
U.S. Treasury Bonds
4.38%, 11/15/39		200,000			246,965
2.75%, 08/15/42		600,000			567,012
2.75%, 11/15/42		7,650,000			7,227,460
2.88%, 05/15/43D		15,410,000			14,888,711
3.63%, 08/15/43‡‡		5,300,000			5,878,755
3.75%, 11/15/43D		1,650,000			1,871,138
3.00%, 11/15/44		4,300,000			4,248,851
3.00%, 05/15/45		4,090,000			4,035,758
2.88%, 08/15/45		360,000			346,514
3.00%, 11/15/45		16,090,000			15,873,783
2.50%, 02/15/46		1,970,000			1,751,031
2.50%, 05/15/46		7,770,000			6,905,284
2.25%, 08/15/46D		3,910,000			3,287,763
2.88%, 11/15/46		5,980,000			5,774,557
					72,903,582
U.S. Treasury Inflationary Index Bonds
0.13%, 04/15/18		4,100,000			4,327,247
0.13%, 04/15/19		600,000			626,822
1.13%, 01/15/21		1,800,000			2,087,904
0.13%, 04/15/21		3,100,000			3,181,665
0.13%, 07/15/22D		3,600,000			3,796,515
0.13%, 01/15/23		200,000			208,058
0.38%, 07/15/23		2,040,000			2,139,548
0.63%, 01/15/24		2,240,000			2,363,148
0.13%, 07/15/24		13,305,000			13,316,893
0.25%, 01/15/25D		1,000,000			1,004,272
2.38%, 01/15/25D		2,700,000			3,978,052
0.38%, 07/15/25		527,000			534,526
0.63%, 01/15/26		3,300,000			3,388,302
0.13%, 07/15/26D		6,110,000			5,961,406
2.38%, 01/15/27		500,000			702,665
2.50%, 01/15/29		1,500,000			2,039,141
2.13%, 02/15/40		920,000			1,276,228
0.75%, 02/15/42D		380,000			385,578
1.38%, 02/15/44		1,200,000			1,360,360
0.75%, 02/15/45		1,810,000			1,751,353
1.00%, 02/15/46		220,000			225,610
					54,655,293
U.S. Treasury Notes
0.63%, 11/30/17D		1,390,000			1,386,932
0.88%, 11/30/17		1,600,000			1,600,344
0.75%, 12/31/17		700,000			698,947
0.75%, 01/31/18		5,200,000			5,189,943
0.75%, 02/28/18		1,870,000			1,865,763

	Par		Value
0.75%, 07/31/18	$	3,180,000		$	3,163,356
1.50%, 08/31/18		1,410,000			1,419,033
1.38%, 03/31/20		1,840,000			1,830,657
1.63%, 06/30/20		7,630,000			7,634,921
1.63%, 07/31/20		4,100,000			4,097,917
2.63%, 11/15/20		670,000			692,626
1.38%, 04/30/21		2,570,000			2,521,460
1.13%, 06/30/21		3,680,000			3,562,196
1.13%, 08/31/21		5,840,000			5,643,472
1.13%, 09/30/21		8,250,000			7,958,033
1.25%, 10/31/21D		7,480,000			7,254,141
2.00%, 12/31/21		5,150,000			5,169,416
1.75%, 03/31/22		4,040,000			3,986,894
2.13%, 06/30/22		330,000			331,218
1.50%, 02/28/23		3,620,000			3,482,342
1.38%, 06/30/23		8,520,000			8,094,665
1.25%, 07/31/23		3,710,000			3,493,195
1.38%, 08/31/23		5,280,000			5,002,800
1.38%, 09/30/23		720,000			681,863
2.13%, 11/30/23D		15,430,000			15,329,643
2.25%, 12/31/23		7,610,000			7,614,459
2.38%, 08/15/24		440,000			442,123
2.00%, 02/15/25		6,030,000			5,870,066
2.25%, 11/15/25D		220,000			217,224
1.63%, 05/15/26		160,000			149,228
1.50%, 08/15/26D		27,860,000			25,624,681
2.00%, 11/15/26D		19,000,000			18,283,415
					160,292,973
Total U.S. Treasury Obligations (Cost $294,714,497)					287,851,848
	Shares
PREFERRED STOCK — 0.0%
GMAC Capital Trust I 6.69%, 02/15/40† (Cost $345,587)		13,929			353,797
	Par
REPURCHASE AGREEMENTS — 7.3%
Deutsche Bank Securities, Inc.
0.62% (dated 12/29/16, due 01/03/17, repurchase price $17,601,212, collateralized by U.S. Treasury Bond, 3.625%, due 02/15/44, total market value $18,104,874)		17,600,000			17,600,000
JP Morgan Securities LLC
0.65% (dated 12/29/16, due 01/03/17, repurchase price $17,601,271, collateralized by U.S. Treasury Inflationary Index Bond, 0.125%, due 04/15/18, total market value $18,688,455)		17,600,000			17,600,000
0.54% (dated 12/30/16, due 01/03/17, repurchase price $17,600,264, collateralized by U.S. Treasury Note, 1.625%, due 11/30/20, total market value $18,003,656)		17,600,000			17,600,000

114 See Notes to Financial Statements.

	Par			Value
Merrill Lynch Pierce Fenner & Smith
0.65% (dated 12/29/16, due 01/03/17, repurchase price $5,200,376, collateralized by U.S. Treasury Bond, 3.750%, due 11/15/43, total market value $5,340,288)	$	5,200,000			$	5,200,000
0.53% (dated 12/30/16, due 01/03/17, repurchase price $17,600,259, collateralized by U.S. Treasury Bond, 3.750%, due 11/15/43, total market value $18,379,063)		17,600,000				17,600,000
Total Repurchase Agreements (Cost $75,600,000)						75,600,000
	Shares
MONEY MARKET FUNDS — 14.5%
GuideStone Money Market Fund (Investor Class)¥		52,755,666				52,755,666
Northern Institutional Liquid Assets Portfolio§		96,263,470				96,263,470
Total Money Market Funds (Cost $149,019,136)						149,019,136
TOTAL INVESTMENTS — 127.1% (Cost $1,320,535,029)						1,310,868,341
	Number of Contracts
WRITTEN OPTIONS — (0.3)%
Call Options — (0.1)%
10-Year U.S. Treasury Note, Strike Price $125.00, Expires 01/27/17 (GSC)		(28	)			(9,625	)
10-Year U.S. Treasury Note, Strike Price $126.00, Expires 01/27/17 (GSC)		(14	)			(1,969	)
10-Year U.S. Treasury Note, Strike Price $126.00, Expires 02/24/17 (GSC)		(30	)			(11,250	)
10-Year U.S. Treasury Note, Strike Price $126.50, Expires 01/27/17 (GSC)		(14	)			(1,313	)
10-Year U.S. Treasury Note, Strike Price $127.50, Expires 01/27/17 (GSC)		(14	)			(656	)
10-Year U.S. Treasury Note, Strike Price $127.50, Expires 02/24/17 (GSC)		(28	)			(4,375	)
5-Year U.S. Treasury Note, Strike Price $117.75, Expires 02/24/17 (GSC)		(15	)			(8,321	)
5-Year U.S. Treasury Note, Strike Price $120.00, Expires 01/27/17 (GSC)		(85	)			(1,328	)
Long U.S. Treasury Bond, Strike Price $117.75, Expires 01/27/17 (GSC)		(144	)			(51,750	)

	Number of Contracts			Value
Long U.S. Treasury Bond, Strike Price $150.00, Expires 01/27/17 (GSC)		(17	)		$	(34,531	)
Long U.S. Treasury Bond, Strike Price $151.00, Expires 01/27/17 (GSC)		(6	)			(9,000	)
						(134,118	)
	Notional Amount
Call Swaptions — 0.0%
3-Month LIBOR, Strike Price 1.95%, Expires 02/16/17 (GSC)	$	(830,000,000	)			(6,900	)
3-Month LIBOR, Strike Price 2.00%, Expires 11/15/18 (MSCS)		(490,000,000	)			(93,979	)
U.S. Dollar vs. Brazilian Reals, Strike Price $0.04, Expires 11/28/17 (BAR)		(1,964,000	)			(83,672	)
						(184,551	)
	Number of Contracts
Put Option — 0.0%
Long U.S. Treasury Bond, Strike Price $143.00, Expires 01/27/17 (GSC)		(21	)			(2,625	)
	Notional Amount
Put Swaptions — (0.2)%
3-Month LIBOR, Strike Price 2.00%, Expires 10/21/19 (GSC)	$	(3,850,000,000	)			(1,537,736	)
3-Month LIBOR, Strike Price 2.25%, Expires 11/07/19 (DEUT)		(1,550,000,000	)			(522,093	)
3-Month LIBOR, Strike Price 2.40%, Expires 02/16/17 (GSC)		(830,000,000	)			(69,097	)
3-Month LIBOR, Strike Price 2.80%, Expires 08/20/18 (GSC)		(230,000,000	)			(30,497	)
3-Month LIBOR, Strike Price 2.80%, Expires 08/20/18 (MSCS)		(710,000,000	)			(94,144	)
						(2,253,567	)
Total Written Options (Premiums received $(1,719,046))						(2,574,861	)

See Notes to Financial Statements. 115

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
TBA SALE COMMITMENTS — (2.9)%
Federal Home Loan Mortgage Corporation
3.50%, 01/01/42 TBA	$	(3,000,000	)		$	(3,071,829	)
Federal National Mortgage Association
3.00%, 01/01/43 TBA		(1,000,000	)			(993,414	)
Government National Mortgage Association
3.00%, 01/15/43 TBA		(1,000,000	)			(1,010,586	)
3.00%, 01/20/43 TBA		(25,000,000	)			(25,312,987	)
Total TBA Sale Commitments (Proceeds $(29,992,656))						(30,388,816	)
Liabilities in Excess of Other Assets — (23.9)%						(246,692,078	)
NET ASSETS — 100.0%					$	1,031,212,586

116 See Notes to Financial Statements.

Swap agreements outstanding at December 31, 2016:

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate and Sovereign Issues — Buy Protection
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		03/20/19		CITI		USD		430,000	$	(4,010	)	$	(1,177	)	$	(2,833	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		03/20/19		CITI		USD		220,000		(2,052	)		(644	)		(1,408	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		03/20/19		CITI		USD		190,000		(1,772	)		(224	)		(1,548	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		03/20/19		CITI		USD		190,000		(1,772	)		(285	)		(1,487	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		03/20/19		CITI		USD		180,000		(1,679	)		(196	)		(1,483	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		03/20/19		CITI		USD		140,000		(1,306	)		(342	)		(964	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		03/20/19		CITI		USD		130,000		(1,212	)		(99	)		(1,113	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		03/20/19		CITI		USD		120,000		(1,119	)		(100	)		(1,019	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		03/20/19		JPM		USD		120,000		(1,119	)		(176	)		(943	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		03/20/19		CITI		USD		80,000		(746	)		(144	)		(602	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		03/20/19		JPM		USD		60,000		(560	)		(101	)		(459	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		03/20/19		CITI		USD		20,000		(187	)		(57	)		(130	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		950,000		(8,472	)		—			(8,472	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		250,000		(2,230	)		(821	)		(1,409	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		210,000		(1,873	)		(727	)		(1,146	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		120,000		(1,070	)		(376	)		(694	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		120,000		(1,070	)		(383	)		(687	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		120,000		(1,070	)		(765	)		(305	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		80,000		(713	)		(604	)		(109	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		60,000		(535	)		(189	)		(346	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/19		CITI		USD		60,000		(535	)		(186	)		(349	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/19		JPM		USD		50,000		(446	)		(170	)		(276	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/19		BOA		USD		30,000		(268	)		(89	)		(179	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/19		BOA		USD		20,000		(178	)		(66	)		(112	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/19		JPM		USD		10,000		(89	)		(30	)		(59	)
Credit Suisse, Inc.,
6.50%, due 01/15/12		(1.00	)%		09/20/20		GSC		USD		300,000		(5,510	)		2,875			(8,385	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		12/20/20		JPM		USD		340,000		(555	)		479			(1,034	)

See Notes to Financial Statements. 117

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		12/20/20		BOA		USD		300,000	$	(490	)	$	1,410		$	(1,900	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		12/20/20		CITI		USD		270,000		(441	)		1,879			(2,320	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		12/20/20		JPM		USD		100,000		(163	)		671			(834	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		12/20/20		JPM		USD		90,000		(147	)		660			(807	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		12/20/20		CITI		USD		60,000		(98	)		336			(434	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		12/20/20		JPM		USD		60,000		(98	)		269			(367	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		BOA		USD		460,000		1,425			4,809			(3,384	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		CITI		USD		270,000		836			1,251			(415	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		CITI		USD		160,000		496			321			175
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		CITI		USD		160,000		496			1,390			(894	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		JPM		USD		150,000		465			695			(230	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		DEUT		USD		130,000		403			1,251			(848	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		DEUT		USD		110,000		341			232			109
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		CITI		USD		90,000		279			753			(474	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		CITI		USD		80,000		248			767			(519	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		CITI		USD		70,000		217			690			(473	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		BOA		USD		60,000		186			498			(312	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		DEUT		USD		60,000		186			629			(443	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		JPM		USD		60,000		186			198			(12	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		DEUT		USD		60,000		186			205			(19	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		CITI		USD		60,000		186			512			(326	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		JPM		USD		40,000		124			80			44
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		JPM		USD		40,000		124			365			(241	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		JPM		USD		30,000		94			(218	)		312
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		06/20/21		CITI		USD		30,000		93			251			(158	)
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		12/20/21		JPM		USD		220,000		1,703			821			882
Peoples Republic of China,
4.25% due 10/28/14		(1.00	)%		12/20/21		DEUT		USD		20,000		155			129			26
												$	(35,156	)	$	16,257		$	(51,413	)

118 See Notes to Financial Statements.

Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Sell Protection
Federated Republic of Brazil,
12.50% due 03/06/30		0.65	%		(1.04	)%		05/20/17		DEUT		USD		1,000,000	$	2,721	$	—	$	2,721
Volkswagon International Finance NV,
5.375% due 05/22/18		0.31	%		1.00	%		12/20/17		ICE		EUR		900,000		6,761		6,938		(177	)
Berkshire Hathaway, Inc.,
1.55% due 02/09/18		0.84	%		1.00	%		12/20/21		ICE		USD		500,000		4,107		4,222		(115	)
															$	13,589	$	11,160	$	2,429

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Buy Protection
Dow Jones CDX.NA.IG27 Index		(1.00	)%		12/20/21		ICE		USD		2,655,000	$	(41,072	)	$	(31,315	)	$	(9,757	)

Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Sell Protection
Dow Jones CDX.NA.IG27 Index		0.68	%		1.00	%		12/20/21		ICE		USD		6,400,000	$	99,005		$	82,186		$	16,819
Dow Jones CDX.NA.IG27 Index		3.58	%		5.00	%		12/20/21		ICE		USD		3,400,000		216,467			143,809			72,658
Dow Jones CDX.NA.IG27 Index		3.55	%		5.00	%		12/20/21		ICE		USD		580,000		34,993			30,375			4,618
Dow Jones CMBX.NA.AAA.7 Index		0.59	%		0.50	%		01/17/47		GSC		USD		1,700,000		(9,865	)		(73,449	)		63,584
Dow Jones CMBX.NA.AAA.8 Index		0.66	%		0.50	%		10/17/57		GSC		USD		1,700,000		(19,555	)		(100,528	)		80,973
Dow Jones CMBX.NA.AAA.8 Index		0.66	%		0.50	%		10/17/57		DEUT		USD		1,700,000		(19,594	)		(114,302	)		94,708
															$	301,451		$	(31,909	)	$	333,360

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date	Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Interest Rate Swaps
Brazil CETIP Interbank Deposit		12.27	%	01/02/17		DEUT		BRL		20,000	$	(80	)	$	—		$	(80	)
Brazil CETIP Interbank Deposit		12.65	%	01/02/17		DEUT		BRL		10,000		(10	)		—			(10	)
3-Month KORIBOR		2.88	%	03/07/17		CITI		KRW		706,340,000		1,958			—			1,958
3-Month KORIBOR		2.25	%	10/15/17		DEUT		KRW		3,619,650,000		22,255			—			22,255
3-Month KORIBOR		2.17	%	10/28/17		CITI		KRW		382,410,000		2,094			—			2,094
3-Month KLIBOR		(3.88	)%	11/14/18		DEUT		MYR		860,000		(865	)		—			(865	)
3-Month KLIBOR		(3.92	)%	11/19/18		CITI		MYR		960,000		(1,180	)		—			(1,180	)
3-Month KLIBOR		(3.97	)%	12/11/18		JPM		MYR		1,570,000		(2,408	)		—			(2,408	)
3-Month JIBAR		7.67	%	03/15/19		LCH		ZAR		54,640,000		12,779			—			12,779
3-Month LIBOR		(1.50	)%	05/15/19		CME		USD		17,700,000		66,402			(5,452	)		71,854
3-Month LIBOR		(1.50	)%	06/15/19		CME		USD		53,500,000		241,713			(202,765	)		444,478
3-Month LIBOR		(2.00	)%	12/16/19		CME		USD		3,500,000		(37,340	)		(16,125	)		(21,215	)
3-Month LIBOR		2.25	%	12/19/19		LCH		USD		4,800,000		6,321			434			5,887
3-Month LIBOR		2.25	%	12/20/19		LCH		USD		18,410,000		24,086			5,257			18,829
MXN-TIIE-Banxico		5.25	%	03/11/20		CME		MXN		1,900,000		(5,503	)		(1,607	)		(3,896	)
3-Month LIBOR		(2.00	)%	12/16/20		LCH		USD		20,100,000		(149,168	)		(144,135	)		(5,033	)

See Notes to Financial Statements. 119

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
3-Month LIBOR		1.50	%		12/21/21		LCH		USD		25,300,000	$	545,483		$	95,483		$	450,000
3-Month LIBOR		(2.25	)%		12/16/22		LCH		USD		19,700,000		(236,084	)		158,582			(394,666	)
3-Month KLIBOR		(4.49	)%		08/14/23		DEUT		MYR		220,000		(1,543	)		—			(1,543	)
3-Month KLIBOR		(4.33	)%		09/26/23		JPM		MYR		370,000		(1,741	)		—			(1,741	)
3-Month KLIBOR		(4.45	)%		11/15/23		CITI		MYR		600,000		(3,905	)		—			(3,905	)
3-Month LIBOR		(2.60	)%		12/19/23		LCH		USD		1,080,000		(8,155	)		(106	)		(8,049	)
3-Month KORIBOR		(3.47	)%		01/07/24		CITI		KRW		172,160,000		(17,620	)		—			(17,620	)
3-Month LIBOR		(2.35	)%		08/05/25		CME		USD		400,000		(6,549	)		—			(6,549	)
3-Month LIBOR		(2.50	)%		12/16/25		LCH		USD		1,500,000		(30,331	)		22,759			(53,090	)
3-Month LIBOR		(1.75	)%		12/21/26		LCH		USD		19,900,000		1,008,716			197,119			811,597
3-Month LIBOR		(1.75	)%		12/21/26		CME		USD		8,300,000		420,721			500,266			(79,545	)
MXN-TIIE-Banxico		6.00	%		03/03/27		CME		MXN		1,180,000		(7,773	)		(2,545	)		(5,228	)
3-Month LIBOR		(1.75	)%		03/15/27		LCH		USD		600,000		32,517			43,293			(10,776	)
6-Month LIBOR		(0.75	)%		03/15/27		CME		GBP		8,500,000		502,337			501,345			992
3-Month LIBOR		(2.79	)%		12/20/28		LCH		USD		2,610,000		(38,875	)		(3,815	)		(35,060	)
United Kingdom Retail Price Index		3.14	%		01/14/30		GSC		GBP		1,410,000		(58,920	)		—			(58,920	)
3-Month LIBOR		(2.75	)%		12/16/45		CME		USD		6,700,000		(255,828	)		(398,293	)		142,465
3-Month LIBOR		(2.50	)%		06/15/46		LCH		USD		3,700,000		50,136			(196,587	)		246,723
3-Month LIBOR		(2.50	)%		06/15/46		CME		USD		300,000		4,065			(12,920	)		16,985
United Kingdom Retail Price Index		(3.59	)%		10/15/46		LCH		GBP		180,000		(7,755	)		10,106			(17,861	)
3-Month LIBOR		(2.25	)%		12/21/46		CME		USD		600,000		40,342			(48,831	)		89,173
												$	2,110,292		$	501,463		$	1,608,829
Total Swap agreements outstanding at December 31, 2016												$	2,349,104		$	465,656		$	1,883,448

120 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations		$	9,682,288		$	—		$	9,682,288		$	—
Asset-Backed Securities			52,390,476			—			35,943,952			16,446,524
Certificates of Deposit			9,720,010			—			9,720,010			—
Corporate Bonds			195,501,693			—			192,504,910			2,996,783
Foreign Bonds:
Argentina			686,700			—			686,700			—
Australia			4,168,450			—			4,168,450			—
Austria			228,375			—			228,375			—
Belgium			423,000			—			423,000			—
Bermuda			734,739			—			734,739			—
Brazil			4,810,301			—			4,810,301			—
Canada			2,599,778			—			2,599,778			—
Cayman Islands			601,990			—			601,990			—
Chile			1,655,229			—			1,655,229			—
China			1,460,458			—			1,460,458			—
Colombia			1,350,180			—			1,350,180			—
Denmark			5,577,842			—			5,577,842			—
Dominican Republic			578,030			—			544,973			33,057
France			8,411,588			—			8,411,588			—
Germany			4,340,856			—			4,340,856			—
Greece			834,360			—			834,360			—
Guernsey			2,092,584			—			2,092,584			—
India			523,594			—			523,594			—
Indonesia			1,621,414			—			1,621,414			—
Ireland			4,053,110			—			4,053,110			—
Israel			2,259,575			—			2,259,575			—
Italy			2,585,733			—			2,585,733			—
Japan			13,361,795			—			13,361,795			—
Jersey			2,252,742			—			2,252,742			—
Jordan			1,232,000			—			1,232,000			—
Luxembourg			339,789			—			339,789			—
Mexico			19,759,623			—			19,759,623			—
Morocco & Antilles			431,466			—			431,466			—
Netherlands			7,923,095			—			7,923,095			—
Peru			576,230			—			576,230			—
Poland			3,867,756			—			3,867,756			—
Russia			2,633,400			—			2,633,400			—
South Korea			1,656,471			—			1,656,471			—
Spain			1,078,339			—			1,078,339			—
Supranational			397,403			—			397,403			—
Sweden			1,584,024			—			1,584,024			—
Switzerland			1,740,357			—			1,740,357			—
Turkey			1,417,994			—			—			1,417,994
United Kingdom			17,163,891			—			17,163,891			—
Virgin Islands (British)			780,756			—			780,756			—
Foreign Government Inflation-Linked Bond			624,389			—			—			624,389
Loan Agreements			5,331,469			—			5,331,469			—
Money Market Funds			149,019,136			149,019,136			—			—

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
Mortgage-Backed Securities		$	383,491,421			$	—			$	370,248,109			$	13,243,312
Municipal Bonds			9,659,546				—				7,632,357				2,027,189
Preferred Stock			353,797				—				353,797				—
Purchased Options:
Call Option			7,437				7,437				—				—
Call Swaptions			171,763				—				171,763				—
Put Option			15,094				15,094				—				—
Put Swaptions			1,652,957				—				1,652,957				—
Repurchase Agreements			75,600,000				—				75,600,000				—
U.S. Treasury Obligations			287,851,848				—				287,851,848				—
Total Assets - Investments in Securities		$	1,310,868,341			$	149,041,667			$	1,125,037,426			$	36,789,248
Other Financial Instruments***
Forward Foreign Currency Contracts		$	2,631,743			$	—			$	2,631,743			$	—
Swap Agreements			2,349,104				—				2,349,104				—
Total Assets - Other Financial Instruments		$	4,980,847			$	—			$	4,980,847			$	—
Liabilities:
Investments in Securities:
TBA Sale Commitments		$	(30,388,816	)		$	—			$	(30,388,816	)		$	—
Written Options:
Call Options			(134,118	)			(134,118	)			—				—
Call Swaptions			(184,551	)			—				(184,551	)			—
Put Option			(2,625	)			(2,625	)			—				—
Put Swaptions			(2,253,567	)			—				(2,253,567	)			—
Total Liabilities - Investments in Securities		$	(32,963,677	)		$	(136,743	)		$	(32,826,934	)		$	—
Other Financial Instruments***
Futures Contracts		$	(577,887	)		$	(577,887	)		$	—			$	—
Total Liabilities - Other Financial Instruments		$	(577,887	)		$	(577,887	)		$	—			$	—

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

Management has determined that the amount of transfers between Level 1 and Level 2 compared to total net assets is not material; therefore, the amount of transfers between Level 1 and Level 2 is not shown for the year ended December 31, 2016.

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

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			Municipal Bonds
Balance, 12/31/15	$	18,774,556		$	6,817,202		$	313,338		$	1,500,945		$	—	$	10,143,071		$	—
Accrued discounts/premiums		22,118			16,725			41			(1,622	)		—		6,900			74
Realized gain (loss)(1)		(1,011,096	)		(935,374	)		(183	)		(757	)		—		(75,232	)		450
Change in unrealized appreciation (depreciation)(2)		(544,255	)		1,011,982			(4,234	)		34,191			—		(1,587,121	)		927
Purchases		26,089,172			12,233,625			1,007,500			—			—		10,764,453			2,083,594
Sales		(5,824,726	)		(1,643,061	)		—			(57,044	)		—		(4,124,621	)		—
Transfers in to Level 3(3)		2,337,768			—			1,680,321			33,058			624,389		—			—
Transfers out of Level 3(4)		(1,917,718	)		(347,479	)		—			—			—		(1,570,239	)		—
Maturities		—			—			—			—			—		—			—
Paydowns		(1,136,571	)		(707,096	)		—			(57,720	)		—		(313,899	)		(57,856	)
Balance, 12/31/16	$	36,789,248		$	16,446,524		$	2,996,783		$	1,451,051		$	624,389	$	13,243,312		$	2,027,189

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

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

⁽³⁾  Transfers in to Level 3 represent the value of securities at December 31, 2016 that were transferred from Level 2 to Level 3 of the fair value hierarchy as a result of the inability of the Fund to obtain a price using an objective method such as a pricing vendor.

⁽⁴⁾  Transfers out of Level 3 represent the value of securities at December 31, 2016 that were transferred from Level 3 to Level 2 of the fair value hierarchy as a result of the ability of the Fund to obtain a price using an objective method such as a pricing vendor.

See Notes to Financial Statements. 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 Investor Class of the Fund outperformed its composite benchmark, 50% Bloomberg Barclays US Long Government Bond Index and 50% Bloomberg Barclays US Long Credit Index, for the one-year period ended December 31, 2016 (7.23% versus 5.83%). The Fund has outperformed its benchmark over the five-, seven- and 10-year and since inception periods ended December 31, 2016.

Sector rotations and credit exposure contributed to the strong relative performance of the Fund during 2016. In particular, the Fund benefited from an underweight to U.S. Treasury bonds in favor of both investment grade and below-investment grade corporate bonds as credit spreads narrowed. Security selection within the industrial segment of the corporate sector also contributed to the strong relative performance of the Fund during the year. The Fund did not invest in derivative investments during the year.

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 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, 2016, 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		43.0
U.S. Treasury Obligations		36.2
Foreign Bonds		15.3
Money Market Funds		7.8
Asset-Backed Security		1.3
Municipal Bonds		0.8
Preferred Stocks		0.2
		104.6

124

Extended-Duration Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional     Class*	Investor     Class*	Benchmark**
One Year	7.65%	7.23%	5.83%
Five Year	5.64%	5.37%	3.94%
Ten Year	7.64%	7.42%	6.85%
Since Inception	7.75%	7.57%	6.92%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	0.59%	0.84%

(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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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, 2006 to December 31, 2016, 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 weighted composite benchmark index consisting of 50% Bloomberg Barclays US Long Credit Index and 50% Bloomberg Barclays US Long 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, 2016

	Par		Value
ASSET-BACKED SECURITY — 1.3%
Citibank Credit Card Issuance Trust Series 2007-A3 6.15%, 06/15/39 (Cost $3,005,478)	$	2,300,000	$	3,026,019
CORPORATE BONDS — 43.0%
21st Century Fox America, Inc.
4.75%, 09/15/44		815,000		817,782
Abbott Laboratories
4.90%, 11/30/46		1,005,000		1,035,522
AbbVie, Inc.
4.70%, 05/14/45		1,154,000		1,136,610
AES Corporation
4.88%, 05/15/23		145,000		143,942
Aetna, Inc.
4.38%, 06/15/46		482,000		485,984
Aflac, Inc.
6.45%, 08/15/40		328,000		428,511
Alcatel-Lucent USA, Inc.
6.45%, 03/15/29		105,000		109,988
Ally Financial, Inc.
8.00%, 11/01/31		177,000		206,191
Alta Wind Holdings LLC
7.00%, 06/30/35 144A		425,513		465,088
American Airlines Class B Pass-Through Trust Series 2016-1
5.25%, 07/15/25		722,679		744,359
American International Group, Inc.
4.38%, 01/15/55		1,073,000		987,396
Andarko Holding Co.
7.15%, 05/15/28		250,000		303,572
Antero Resources Corporation
5.38%, 11/01/21		125,000		128,281
5.13%, 12/01/22		35,000		35,525
Anthem, Inc.
6.38%, 06/15/37		1,208,000		1,455,606
Apple, Inc.
4.38%, 05/13/45D		676,000		696,175
3.85%, 08/04/46D		367,000		352,551
Arconic, Inc.
5.87%, 02/23/22		10,000		10,750
6.75%, 01/15/28D		235,000		253,095
5.95%, 02/01/37		85,000		83,109
AT&T, Inc.
4.50%, 05/15/35		529,000		512,675
4.30%, 12/15/42		1,242,000		1,115,958
4.75%, 05/15/46		2,704,000		2,571,691
Bank of America Corporation
6.11%, 01/29/37		900,000		1,058,290
Bank of America NA
6.00%, 10/15/36		2,900,000		3,509,571
Bruce Mansfield Unit 1 2007 Pass-Through Trust
6.85%, 06/01/34		872,243		257,312
Burlington Northern Santa Fe LLC
4.15%, 04/01/45D		879,000		893,605
California Institute of Technology
4.70%, 11/01/11		2,010,000		1,905,872

	Par		Value
CenturyLink, Inc.
6.88%, 01/15/28D	$	65,000	$	59,150
7.65%, 03/15/42		295,000		259,600
Chesapeake Energy Corporation
6.63%, 08/15/20		25,000		25,375
6.88%, 11/15/20D		15,000		15,075
4.88%, 04/15/22D		70,000		64,225
5.75%, 03/15/23D		20,000		18,900
2.50%, 05/15/37 CONV		33,000		33,454
2.25%, 12/15/38 CONV		50,000		49,250
Ciena Corporation
3.75%,
10/15/18 CONV 144A		155,000		210,122
Citigroup, Inc.
4.60%, 03/09/26D		418,000		432,845
8.13%, 07/15/39D		895,000		1,334,052
Cliffs Natural Resources, Inc.
8.00%, 09/30/20 144AD		55,000		57,475
ConocoPhillips Co.
4.30%, 11/15/44		1,300,000		1,298,345
Continental Airlines Class B Pass-Through Trust Series 1999-2
7.57%, 09/15/21		45		44
Continental Resources, Inc.
4.50%, 04/15/23		10,000		9,850
3.80%, 06/01/24		65,000		60,288
Corning, Inc.
7.25%, 08/15/36		850,000		1,005,369
Cummins, Inc.
5.65%, 03/01/98		1,620,000		1,676,335
CVS Health Corporation
5.13%, 07/20/45		240,000		268,507
Darden Restaurants, Inc.
6.00%, 08/15/35		990,000		1,023,522
DCP Midstream LLC
6.45%, 11/03/36 144AD		490,000		492,450
Diamond 1 Finance Corporation
6.02%, 06/15/26 144A		140,000		151,931
8.10%, 07/15/36 144A		180,000		214,684
8.35%, 07/15/46 144A		130,000		160,564
Dillard’s, Inc.
7.00%, 12/01/28		500,000		562,500
Dow Chemical Co.
9.40%, 05/15/39		570,000		886,954
Enbridge Energy Partners LP
7.38%, 10/15/45		1,000,000		1,244,495
Energy Transfer Partners LP
5.15%, 03/15/45D		1,000,000		962,567
Enterprise Products Operating LLC
5.10%, 02/15/45D		595,000		629,888
4.95%, 10/15/54D		515,000		501,194
Foot Locker, Inc.
8.50%, 01/15/22		1,000,000		1,182,500
Ford Motor Co.
6.63%, 10/01/28		680,000		801,137
6.38%, 02/01/29		1,255,000		1,434,641
Freeport-McMoRan, Inc.
5.45%, 03/15/43		160,000		133,203
FTS International, Inc.
6.25%, 05/01/22		90,000		75,150
General Electric Co.
6.75%, 03/15/32		573,000		763,919

126 See Notes to Financial Statements.

	Par		Value
5.88%, 01/14/38	$	150,000		$	189,150
General Motors Co.
5.20%, 04/01/45		30,000			29,022
6.75%, 04/01/46		55,000			64,721
General Motors Financial Co., Inc.
3.45%, 04/10/22D		130,000			128,715
5.25%, 03/01/26		250,000			263,090
Genworth Holdings, Inc.
4.90%, 08/15/23		115,000			95,450
4.80%, 02/15/24D		40,000			32,800
6.50%, 06/15/34		50,000			40,250
Global Marine, Inc.
7.00%, 06/01/28		20,000			16,300
Goldman Sachs Group, Inc.
6.75%, 10/01/37		500,000			619,295
HCA, Inc.
7.05%, 12/01/27		500,000			515,000
Hewlett Packard Enterprise Co.
6.35%, 10/15/45 144A		135,000			136,813
HSBC Bank USA NA
7.00%, 01/15/39D		1,138,000			1,506,565
Intel Corporation
3.25%, 08/01/39 CONV		890,000			1,570,854
International Paper Co.
8.70%, 06/15/38D		950,000			1,377,832
Jefferies Group LLC
6.45%, 06/08/27		50,000			54,941
6.25%, 01/15/36D		185,000			189,200
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		385,000			270,652
5.60%, 07/15/41		2,547,000			3,052,228
4.95%, 06/01/45		1,400,000			1,496,331
KB Home
1.38%, 02/01/19 CONV		95,000			92,922
Kinder Morgan Energy Partners LP
5.80%, 03/15/35		280,000			296,864
Kinder Morgan, Inc.
5.55%, 06/01/45		1,300,000			1,372,259
Kraft Heinz Foods Co.
6.88%, 01/26/39D		267,000			336,494
6.50%, 02/09/40		1,000,000			1,222,398
5.20%, 07/15/45		655,000			688,237
Liberty Mutual Group, Inc.
6.50%, 03/15/35 144A		1,400,000			1,677,501
Lockheed Martin Corporation
4.70%, 05/15/46		1,238,000			1,352,102
Macy’s Retail Holdings, Inc.
6.38%, 03/15/37		240,000			254,299
Marathon Petroleum Corporation
5.00%, 09/15/54		598,000			508,286
Masco Corporation
7.75%, 08/01/29		275,000			337,249
6.50%, 08/15/32		55,000			59,792
McDonald’s Corporation
4.88%, 12/09/45D		828,000			890,353
Medtronic, Inc.
4.63%, 03/15/45		1,852,000			2,007,659
MetLife, Inc.
5.88%, 02/06/41		500,000			608,643
6.40%, 12/15/66		310,000			335,575

	Par		Value
Microchip Technology, Inc.
1.63%, 02/15/25 CONV	$	85,000		$	110,500
Microsoft Corporation
4.45%, 11/03/45D		595,000			635,489
3.70%, 08/08/46		594,000			560,701
Monsanto Co.
4.70%, 07/15/64		537,000			485,819
Morgan Stanley
4.75%, 11/16/18(A)		295,000			219,122
3.13%, 08/05/21(C)		235,000			180,682
4.35%, 09/08/26		410,000			420,974
4.30%, 01/27/45		1,092,000			1,092,670
Motorola Solutions, Inc.
6.63%, 11/15/37		46,000			46,667
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		100,000			119,806
Navient Corporation
5.88%, 10/25/24D		30,000			28,650
5.63%, 08/01/33		1,460,000			1,211,800
New Albertsons, Inc.
7.45%, 08/01/29D		55,000			52,250
8.70%, 05/01/30		25,000			25,250
8.00%, 05/01/31D		295,000			283,938
Newell Rubbermaid, Inc.
5.38%, 04/01/36		317,000			357,944
Noble Energy, Inc.
5.05%, 11/15/44D		1,016,000			1,022,767
Old Republic International Corporation
4.88%, 10/01/24		230,000			240,404
ON Semiconductor Corporation
1.00%, 12/01/20 CONVD		85,000			87,497
ONEOK Partners LP
6.20%, 09/15/43		5,000			5,578
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		1,750,000			2,176,764
Plains All American Pipeline LP
4.90%, 02/15/45D		995,000			922,568
Priceline Group, Inc.
0.90%, 09/15/21 CONVD		110,000			116,462
Prudential Financial, Inc.
6.63%, 06/21/40D		1,236,000			1,580,384
PulteGroup, Inc.
6.38%, 05/15/33D		1,000,000			1,002,500
Quicken Loans, Inc.
5.75%, 05/01/25 144A		125,000			122,188
Qwest Corporation
7.25%, 09/15/25		490,000			526,499
6.88%, 09/15/33D		1,918,000			1,836,122
RPM International, Inc.
2.25%, 12/15/20 CONV		22,000			26,441
Sempra Energy
6.00%, 10/15/39D		991,000			1,184,748
SM Energy Co.
5.00%, 01/15/24D		15,000			14,212
Southern Co.
4.40%, 07/01/46		1,723,000			1,711,234
Sprint Capital Corporation
6.88%, 11/15/28D		1,025,000			1,014,750
8.75%, 03/15/32D		20,000			22,050
Sprint Communications, Inc.
6.00%, 11/15/22D		40,000			40,400
Sprint Corporation
7.13%, 06/15/24		15,000			15,488

See Notes to Financial Statements. 127

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Tenet Healthcare Corporation
5.00%, 03/01/19D	$	225,000		$	220,500
Textron, Inc.
6.63%, 04/07/20(U)		160,000			223,335
Time Warner Cable LLC
5.50%, 09/01/41		25,000			25,500
4.50%, 09/15/42		45,000			40,903
Time Warner, Inc.
4.85%, 07/15/45D		1,039,000			1,044,107
Toro Co.
6.63%, 05/01/37		300,000			329,983
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26 144A		455,000			574,697
United Airlines Class A Pass-Through Trust Series 2014-1
4.00%, 10/11/27D		105,250			107,355
United States Steel Corporation
6.65%, 06/01/37D		95,000			82,412
University of Pennsylvania
4.67%, 09/01/12		3,234,000			3,207,151
Unum Group
5.75%, 08/15/42D		1,747,000			1,887,344
US Airways Class A Pass-Through Trust Series 2012-1
5.90%, 04/01/26		355,940			397,318
Verizon Communications, Inc.
6.00%, 04/01/41D		1,543,000			1,778,249
5.01%, 08/21/54		491,000			492,144
4.67%, 03/15/55D		580,000			547,024
Visa, Inc.
4.30%, 12/14/45		1,798,000			1,902,568
Wells Fargo & Co.
5.61%, 01/15/44		3,000,000			3,406,602
4.75%, 12/07/46		344,000			349,949
WestRock MWV LLC
7.55%, 03/01/47		515,000			609,499
Weyerhaeuser Co. REIT
6.88%, 12/15/33		580,000			707,235
Total Corporate Bonds (Cost $92,057,833)					100,929,606
FOREIGN BONDS — 15.3%
Australia — 1.0%
Barrick PD Australia Finance Proprietary, Ltd.
5.95%, 10/15/39		1,650,000			1,750,638
New South Wales Treasury Corporation
6.00%, 02/01/18(A)		730,000			550,129
3.50%, 03/20/19(A)		60,000			44,682
					2,345,449
Brazil — 0.3%
Brazilian Government International Bond
10.25%, 01/10/28(B)		2,525,000			726,344
Canada — 4.5%
Bombardier, Inc.
6.00%, 10/15/22 144AD		745,000			704,025
Canadian Government Bond Residual STRIP
1.65%, 06/01/25(C)W		3,685,000			2,397,439

	Par		Value
Enbridge, Inc.
5.50%, 12/01/46D	$	549,000		$	589,648
Glencore Finance Canada, Ltd.
6.00%, 11/15/41 144AD		807,000			801,487
Ontario Generic Residual STRIP
3.08%, 03/08/29(C)W		4,600,000			2,368,059
Saskatchewan Residual STRIP
2.14%, 02/04/22(C)W		3,000,000			2,016,646
TransCanada PipeLines, Ltd.
6.20%, 10/15/37		1,300,000			1,614,922
					10,492,226
Cayman Islands — 0.1%
Transocean, Inc.
5.55%, 10/15/22D		205,000			180,913
6.80%, 03/15/38D		20,000			15,600
					196,513
Ireland — 1.1%
GE Capital International Funding Co.
4.42%, 11/15/35		2,405,000			2,525,091
Italy — 0.4%
Telecom Italia Capital SA
6.00%, 09/30/34		1,010,000			939,300
Luxembourg — 0.5%
ArcelorMittal
8.00%, 10/15/39D		215,000			237,003
7.75%, 03/01/41 STEPD		975,000			1,043,250
					1,280,253
Mexico — 0.9%
America Movil SAB de CV
6.45%, 12/05/22(M)		2,600,000			114,293
8.46%, 12/18/36(M)		12,000,000			509,483
Mexican Bonos
8.00%, 12/07/23(M)		21,300,000			1,067,226
10.00%, 12/05/24(M)		3,500,000			195,659
7.50%, 06/03/27(M)		3,500,000			168,332
8.50%, 05/31/29(M)		500,000			25,704
7.75%, 05/29/31(M)		1,000,000			48,233
					2,128,930
Netherlands — 2.1%
Cooperatieve Rabobank UA
4.63%, 12/01/23D		2,996,000			3,156,720
5.25%, 05/24/41D		1,023,000			1,193,249
Enel Finance International NV
6.00%, 10/07/39 144A		500,000			560,399
Petrobras Global Finance BV
5.63%, 05/20/43		120,000			89,304
					4,999,672
New Zealand — 0.3%
New Zealand Government Bond
5.00%, 03/15/19(Z)		945,000			694,871
Norway — 0.4%
Norway Government Bond
4.25%, 05/19/17 144A(K)		7,670,000			900,458
4.50%, 05/22/19 144A(K)		265,000			33,418
3.75%, 05/25/21 144A(K)		196,000			25,286
					959,162

128 See Notes to Financial Statements.

	Par		Value
Saudi Arabia — 0.2%
Saudi Government International Bond
4.50%, 10/26/46 144AD	$	520,000	$	499,461
Spain — 0.4%
Telefonica Emisiones SA Unipersonal
7.05%, 06/20/36		900,000		1,047,564
Supranational — 1.0%
Inter-American Development Bank
6.00%, 12/15/17(Z)		3,115,000		2,233,526
United Kingdom — 2.1%
Barclays PLC
3.65%, 03/16/25		2,300,000		2,232,086
Ensco PLC
5.75%, 10/01/44		690,000		503,700
Lloyds Banking Group PLC
5.30%, 12/01/45 144A		1,056,000		1,094,592
Standard Chartered PLC
5.70%, 03/26/44 144A		1,100,000		1,102,401
				4,932,779
Total Foreign Bonds (Cost $37,363,101)				36,001,141
MUNICIPAL BONDS — 0.8%
State of Illinois, General Obligation
5.10%, 06/01/33		235,000		207,933
University of California, Revenue Bond, Series AD
4.86%, 05/15/12		1,768,000		1,710,557
Total Municipal Bonds (Cost $1,967,794)				1,918,490
U.S. TREASURY OBLIGATIONS — 36.2%
U.S. Treasury Bonds
4.63%, 02/15/40		2,689,000		3,437,351
4.38%, 05/15/40		26,024,200		32,162,242
2.75%, 11/15/42		1,200,000		1,133,719
2.88%, 05/15/43D		1,691,000		1,633,797
3.13%, 08/15/44D		2,805,000		2,839,625
2.88%, 08/15/45		6,285,000		6,049,558
2.50%, 02/15/46D		5,212,800		4,633,387
2.50%, 05/15/46D		22,503,200		19,998,841
2.25%, 08/15/46D		2,105,000		1,770,010
				73,658,530
U.S. Treasury Notes
1.63%, 05/15/26		9,127,000		8,512,534
1.50%, 08/15/26		3,127,000		2,876,108
				11,388,642
Total U.S. Treasury Obligations (Cost $93,554,355)				85,047,172

	Shares		Value
PREFERRED STOCKS — 0.2%
Arconic, Inc.
5.38%, 10/01/17 CONV	$	1,660	$	50,165
Chesapeake Energy Corporation
5.00%, 12/31/49 CONV		620		33,263
5.75%,
12/31/49 CONV 144AD		80		43,950
El Paso Energy Capital Trust I
4.75%, 03/31/28 CONV		5,350		265,628
Total Preferred Stocks (Cost $435,264)				393,006
MONEY MARKET FUNDS — 7.8%
GuideStone Money Market Fund
(Investor Class)¥		6,093,198		6,093,198
Northern Institutional Liquid Assets Portfolio§		12,338,183		12,338,183
Total Money Market Funds (Cost $18,431,381)				18,431,381
TOTAL INVESTMENTS — 104.6% (Cost $246,815,206)				245,746,815
Liabilities in Excess of Other Assets — (4.6)%				(10,745,893	)
NET ASSETS — 100.0%			$	235,000,922

See Notes to Financial Statements. 129

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Asset-Backed Security	$	3,026,019	$	—	$	3,026,019	$	—
Corporate Bonds		100,929,606		—		100,929,562		44
Foreign Bonds		36,001,141		—		36,001,141		—
Money Market Funds		18,431,381		18,431,381		—		—
Municipal Bonds		1,918,490		—		1,918,490		—
Preferred Stocks		393,006		83,428		309,578		—
U.S. Treasury Obligations		85,047,172		—		85,047,172		—
Total Assets - Investments in Securities	$	245,746,815	$	18,514,809	$	227,231,962	$	44

Management has determined that the amount of transfers between Level 1 and Level 2 compared to total net assets is not material; therefore, the amount of transfers between Level 1 and Level 2 is not shown for the year ended December 31, 2016.

There were no transfers between Level 2 and Level 3 during the year ended December 31, 2016.

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, 2016.

130 See Notes to Financial Statements.

Global Bond Fund (Unaudited)

The divergence of monetary policies among the major central banks continued during 2016 creating both risks and potential opportunities for global bond investors. In response to a low unemployment rate and an inflation level near its target, the Federal Reserve (the “Fed”) increased the federal funds rate by 0.25% in December. In fact, growing evidence such as rising oil prices suggested that price deflation fears for much of the global economy may be waning. Economic growth remained below the long-term averages, however, prompting the European Central Bank and the Bank of Japan to continue to purchase securities throughout 2016 in an attempt to drive stronger economic expansion. 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 currencies other than U.S. dollars. 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 Bloomberg Barclays Global Aggregate Bond Index, posted an annual return of 2.09% for 2016. Emerging market debt, as measured by the J.P. Morgan EMBI Plus (“J.P. Morgan EMBI+”) (a U.S. dollar denominated index), generated an annual return of 9.62%.

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, 2016, the Investor Class of the Fund outperformed its composite benchmark, 50% Bloomberg Barclays Global Aggregate Bond Index, 25% J.P. Morgan EMBI+ and 25% Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Bond Index, (10.91% versus 7.62%). The outperformance was primarily due to the narrowing of credit spreads during the year. High yield exposure, particularly in the industrials segment of the corporate sector, was a strong contributor to the relative annual performance of the Fund. A shorter duration and an underweight to U.S. Treasury bonds also contributed positively. The strengthening of the U.S. dollar detracted from the Fund’s relative performance during the year.

Additionally, U.S. Treasury and currency futures contracts along with options on U.S. Treasuries and Euro-futures were used for the common purposes of implementing yield curve positioning strategies within the Fund. Currency options and forward contracts were used to hedge against foreign currency fluctuations. While some of the currency forward contracts added value, overall these strategies detracted modestly from 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, 2016, 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		45.4
Foreign Bonds		24.2
Money Market Funds		17.9
U.S. Treasury Obligations		15.0
Loan Agreements		2.2
Mortgage-Backed Securities		2.0
Common Stocks		1.0
Foreign Government Inflation-Linked Bond		0.7
Preferred Stocks		0.5
Purchased Option		0.2
Foreign Common Stocks		0.1
Municipal Bond		0.1
Written Option		—	**
		109.3

**Rounds to less than 0.05%

132

Global Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional     Class*	Investor     Class*	Benchmark**
One Year	11.24%	10.91%	7.62%
Five Year	N/A	3.90%	3.22%
Ten Year	N/A	5.12%	5.28%
Since Inception(1)	1.69%	5.12%	5.29%
Inception Date	04/30/15	12/29/06
Total Fund Operating Expenses (May 1, 2016 Prospectus)(2)	0.61%	0.85%

⁽¹⁾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.

⁽²⁾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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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, 2006 to December 31, 2016, 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 weighted composite benchmark index consisting of 25% J.P. Morgan EMBI Plus, 50% Bloomberg

Barclays Global Aggregate Bond Index and 25% Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Bond 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, 2016

	Par		Value
CORPORATE BONDS — 45.4%
Abbott Laboratories
3.75%, 11/30/26	$	1,540,000	$	1,532,500
Activision Blizzard, Inc.
6.13%, 09/15/23 144A		60,000		65,673
AECOM
5.75%, 10/15/22		55,000		58,410
5.88%, 10/15/24		55,000		58,994
AES Corporation
4.88%, 05/15/23		1,350,000		1,340,145
Ally Financial, Inc.
5.50%, 02/15/17		70,000		70,306
8.00%, 12/31/18		104,000		113,750
3.50%, 01/27/19		1,000,000		1,007,500
8.00%, 03/15/20		161,000		182,735
5.13%, 09/30/24D		920,000		938,400
8.00%, 11/01/31		345,000		401,897
American Airlines Class B Pass-Through Trust Series 2016-1
5.25%, 07/15/25		1,834,109		1,889,132
American Airlines Group, Inc.
5.50%, 10/01/19 144A		1,825,000		1,893,438
American Axle & Manufacturing, Inc.
6.63%, 10/15/22		150,000		155,430
Anadarko Petroleum Corporation
3.45%, 07/15/24		135,000		132,740
4.50%, 07/15/44		215,000		202,778
Antero Resources Corporation
5.38%, 11/01/21		365,000		374,581
5.13%, 12/01/22		475,000		482,125
5.63%, 06/01/23		155,000		159,456
Anthem, Inc.
6.38%, 06/15/37		221,000		266,299
Arconic, Inc.
5.87%, 02/23/22		5,000		5,375
5.90%, 02/01/27		825,000		864,188
6.75%, 01/15/28		1,380,000		1,486,260
5.95%, 02/01/37		65,000		63,554
Ashtead Capital, Inc.
5.63%, 10/01/24 144A		330,000		347,325
AT&T, Inc.
3.88%, 08/15/21		60,000		62,012
Atrium Windows & Doors, Inc.
7.75%, 05/01/19 144A		565,000		525,450
Avon Products, Inc.
8.95%, 03/15/43		115,000		101,488
Bank of America Corporation
5.49%, 03/15/19		100,000		106,195
4.25%, 10/22/26		100,000		101,412
6.05%, 06/01/34		700,000		784,960
6.11%, 01/29/37		1,300,000		1,528,641
6.50%, 10/29/49†		920,000		962,550
5.20%, 12/29/49†D		300,000		288,000
Barrick North America Finance LLC
5.75%, 05/01/43		1,970,000		2,077,909
Baytex Energy Corporation
5.63%, 06/01/24 144A		110,000		97,625
Beazer Homes USA, Inc.
7.25%, 02/01/23D		50,000		51,000
Berry Petroleum Co. LLC
6.38%, 09/15/22#D		60,000		38,550

	Par		Value
Best Buy Co., Inc.
5.00%, 08/01/18	$	3,455,000	$	3,617,869
Blue Cube Spinco, Inc.
10.00%, 10/15/25		1,525,000		1,849,062
Blue Racer Midstream LLC
6.13%, 11/15/22 144AD		200,000		201,000
Braskem America Finance Co.
7.13%, 07/22/41D		900,000		911,250
CalAmp Corporation
1.63%, 05/15/20 CONV		65,000		62,969
CalAtlantic Group, Inc.
0.25%, 06/01/19 CONV		140,000		131,075
California Resources Corporation
8.00%, 12/15/22 144A		420,000		375,900
Calpine Corporation
5.88%, 01/15/24 144AD		274,000		287,015
Care Capital Properties LP REIT
5.13%, 08/15/26 144A		220,000		214,706
Carrizo Oil & Gas, Inc.
6.25%, 04/15/23D		320,000		329,600
CBC Ammo LLC
7.25%, 11/15/21 144A		350,000		345,625
CCO Holdings LLC
5.38%, 05/01/25 144AD		130,000		134,225
Celgene Corporation
5.00%, 08/15/45		310,000		323,550
Cemex Finance LLC
9.38%, 10/12/22D		550,000		600,875
Cengage Learning, Inc.
9.50%, 06/15/24 144A		430,000		383,775
Centene Corporation
5.63%, 02/15/21		180,000		189,702
4.75%, 05/15/22		370,000		375,550
6.13%, 02/15/24		200,000		211,250
4.75%, 01/15/25		260,000		254,475
Century Intermediate Holding Co. 2 Cash coupon
9.75%, 02/15/19 PIK 144A		130,000		129,188
CenturyLink, Inc.
5.63%, 04/01/20D		295,000		313,069
7.60%, 09/15/39		810,000		710,775
7.65%, 03/15/42		165,000		145,200
Charter Communications Operating LLC
6.48%, 10/23/45		900,000		1,044,101
Chemours Co.
6.63%, 05/15/23D		1,055,000		1,049,725
7.00%, 05/15/25D		195,000		193,050
Chesapeake Energy Corporation
4.13%, 04/15/19†		20,000		20,200
6.63%, 08/15/20		145,000		147,175
6.88%, 11/15/20D		5,000		5,025
6.13%, 02/15/21D		665,000		651,700
5.38%, 06/15/21		80,000		75,400
4.88%, 04/15/22D		2,620,000		2,403,850
5.75%, 03/15/23D		800,000		756,000
5.50%, 09/15/26 CONV 144A		40,000		43,500
2.50%, 05/15/37 CONV		67,000		67,921
2.25%, 12/15/38 CONV		1,560,000		1,536,600

134 See Notes to Financial Statements.

	Par		Value
Ciena Corporation
0.88%, 06/15/17 CONV	$	950,000		$	950,594
3.75%, 10/15/18 CONV 144A		415,000			562,584
Cincinnati Bell, Inc.
7.00%, 07/15/24 144A		355,000			376,300
Cincinnati Bell Telephone Co. LLC
6.30%, 12/01/28		155,000			151,900
CIT Group, Inc.
5.00%, 08/15/22		500,000			522,500
5.00%, 08/01/23		670,000			693,450
Citigroup, Inc.
5.13%, 11/12/19(Z)		640,000			457,182
3.50%, 05/15/23		1,305,000			1,302,629
5.35%, 04/29/49†D		360,000			339,750
5.95%, 12/29/49†		250,000			247,238
6.30%, 12/29/49†D		1,330,000			1,320,358
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/20		345,000			346,076
Cleaver-Brooks, Inc.
8.75%, 12/15/19 144A		110,000			115,088
Cliffs Natural Resources, Inc.
8.00%, 09/30/20 144AD		748,000			781,660
CME Group, Inc.
5.30%, 09/15/43		860,000			1,009,765
Comcast Corporation
5.15%, 03/01/20D		170,000			185,649
3.15%, 03/01/26D		1,010,000			997,719
Communications Sales & Leasing, Inc. REIT
8.25%, 10/15/23		170,000			181,050
Compiler Finance Sub, Inc.
7.00%, 05/01/21 144A		70,000			32,550
ConocoPhillips
6.50%, 02/01/39		20,000			25,400
Consolidated Communications, Inc.
6.50%, 10/01/22D		60,000			59,850
Continental Airlines Class A Pass-Through Trust Series 2007-1
5.98%, 10/19/23		411,175			454,862
Continental Resources, Inc.
4.50%, 04/15/23		30,000			29,550
3.80%, 06/01/24		130,000			120,575
4.90%, 06/01/44D		370,000			318,200
Crestwood Midstream Partners LP
6.13%, 03/01/22		240,000			247,200
6.25%, 04/01/23		120,000			123,000
Crown Americas LLC
4.25%, 09/30/26 144A		250,000			235,938
CSC Holdings LLC
10.88%, 10/15/25 144A		1,070,000			1,275,975
CST Brands, Inc.
5.00%, 05/01/23		170,000			176,375
CTR Partnership LP REIT
5.88%, 06/01/21		500,000			511,250
Cummins, Inc.
5.65%, 03/01/98		860,000			889,906
D.R. Horton, Inc.
4.38%, 09/15/22		1,405,000			1,434,856

	Par		Value
DaVita, Inc.
5.00%, 05/01/25	$	90,000		$	88,762
Delta Air Lines Class B Pass-Through Trust Series 2007-1
8.02%, 02/10/24		50,671			58,275
Diamond 1 Finance Corporation
4.42%, 06/15/21 144A		970,000			1,004,695
5.88%, 06/15/21 144A		500,000			532,148
7.13%, 06/15/24 144AD		290,000			322,133
6.02%, 06/15/26 144A		260,000			282,158
8.10%, 07/15/36 144A		440,000			524,782
8.35%, 07/15/46 144A		240,000			296,427
Dillard’s, Inc.
7.75%, 07/15/26		890,000			1,023,500
DISH DBS Corporation
5.88%, 07/15/22		600,000			633,000
5.00%, 03/15/23		410,000			408,975
5.88%, 11/15/24		1,510,000			1,559,452
7.75%, 07/01/26D		290,000			327,700
DJO Finance LLC
8.13%, 06/15/21 144A		830,000			724,175
Dollar Tree, Inc.
5.75%, 03/01/23		920,000			978,714
DPL, Inc.
6.75%, 10/01/19D		390,000			398,775
DS Services of America, Inc.
10.00%, 09/01/21 144A		265,000			291,831
El Paso Natural Gas Co. LLC
8.63%, 01/15/22D		90,000			110,318
8.38%, 06/15/32		75,000			93,227
Embarq Corporation
8.00%, 06/01/36		995,000			935,300
Enbridge Energy Partners LP
5.88%, 10/15/25D		460,000			513,735
7.38%, 10/15/45		435,000			541,355
Enterprise Products Operating LLC
4.59%, 08/01/66†		60,000			56,507
ERAC USA Finance LLC
7.00%, 10/15/37 144A		1,065,000			1,353,480
Extraction Oil & Gas Holdings LLC
7.88%, 07/15/21 144A		400,000			430,000
First Data Corporation
7.00%, 12/01/23 144A		260,000			277,550
FirstCash, Inc.
6.75%, 04/01/21		40,000			41,500
FirstEnergy Corporation
7.38%, 11/15/31		185,000			239,029
Florida East Coast Holdings Corporation
6.75%, 05/01/19 144A		630,000			653,625
9.75%, 05/01/20 144A		40,000			41,300
Ford Motor Co.
6.63%, 10/01/28		850,000			1,001,422
4.75%, 01/15/43D		510,000			485,962
Ford Motor Credit Co. LLC
4.39%, 01/08/26		3,085,000			3,132,355
Freeport-McMoRan, Inc.
3.55%, 03/01/22D		380,000			355,300
5.40%, 11/14/34D		115,000			97,175
5.45%, 03/15/43		1,800,000			1,498,536

See Notes to Financial Statements. 135

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Fresenius Medical Care US Finance II, Inc.
5.88%, 01/31/22 144A	$	750,000		$	825,000
Frontier Communications Corporation
11.00%, 09/15/25 144A		295,000			305,694
7.88%, 01/15/27		405,000			337,162
FTS International, Inc.
6.25%, 05/01/22		210,000			175,350
GameStop Corporation
5.50%, 10/01/19 144AD		295,000			303,112
Gates Global LLC
6.00%, 07/15/22 144A		195,000			191,685
General Electric Co.
3.15%, 09/07/22		95,000			97,099
6.75%, 03/15/32		30,000			39,996
6.88%, 01/10/39		161,000			227,445
General Motors Co.
6.25%, 10/02/43		840,000			931,762
5.20%, 04/01/45		80,000			77,393
6.75%, 04/01/46		130,000			152,976
General Motors Financial Co., Inc.
4.38%, 09/25/21		120,000			124,610
3.45%, 04/10/22		300,000			297,034
5.25%, 03/01/26		625,000			657,726
Genesis Energy LP
5.63%, 06/15/24		130,000			128,375
Genworth Holdings, Inc.
4.90%, 08/15/23		250,000			207,500
4.80%, 02/15/24		90,000			73,800
6.50%, 06/15/34		110,000			88,550
GEO Group, Inc. REIT
5.88%, 10/15/24		100,000			99,125
Georgia-Pacific LLC
8.88%, 05/15/31		605,000			898,493
Gilead Sciences, Inc.
4.00%, 09/01/36		480,000			461,179
4.75%, 03/01/46		820,000			850,445
4.15%, 03/01/47		540,000			514,185
Global Marine, Inc.
7.00%, 06/01/28D		45,000			36,675
Goldman Sachs Capital II
4.00%, 12/29/49†D		58,000			47,478
Goldman Sachs Group, Inc.
2.90%, 07/19/18		130,000			131,845
6.75%, 10/01/37		355,000			439,699
Goodyear Tire & Rubber Co.
5.13%, 11/15/23D		1,030,000			1,066,050
7.00%, 03/15/28		690,000			734,850
Guitar Center, Inc.
6.50%, 04/15/19 144A		310,000			282,875
Hanesbrands, Inc.
4.63%, 05/15/24 144A		160,000			156,000
4.88%, 05/15/26 144AD		150,000			147,375
Hardwoods Acquisition, Inc.
7.50%, 08/01/21 144A		40,000			34,000
Harris Corporation
5.05%, 04/27/45		950,000			1,006,852
HCA, Inc.
7.50%, 02/15/22		40,000			45,500
5.88%, 05/01/23		80,000			85,200
8.36%, 04/15/24		90,000			102,600
5.38%, 02/01/25		190,000			190,712

	Par		Value
7.69%, 06/15/25	$	815,000		$	890,388
7.58%, 09/15/25		715,000			773,988
5.88%, 02/15/26		880,000			908,600
5.25%, 06/15/26		500,000			518,125
7.05%, 12/01/27		20,000			20,600
7.50%, 11/06/33		205,000			218,325
7.75%, 07/15/36		120,000			127,500
Hercules, LLC
6.50%, 06/30/29		250,000			243,125
Hexion, Inc.
9.00%, 11/15/20		185,000			145,225
Hilton Worldwide Finance LLC
5.63%, 10/15/21		380,000			392,565
IASIS Healthcare LLC
8.38%, 05/15/19		530,000			463,750
Iconix Brand Group, Inc.
1.50%, 03/15/18 CONVD		225,000			212,625
Intel Corporation
3.25%, 08/01/39 CONV		365,000			644,227
International Lease Finance Corporation
3.88%, 04/15/18		10,000			10,212
6.25%, 05/15/19		75,000			80,812
4.63%, 04/15/21		300,000			311,625
5.88%, 08/15/22		230,000			250,125
INVISTA Finance LLC
4.25%, 10/15/19 144A		915,000			911,701
Iron Mountain, Inc. REIT
6.00%, 10/01/20 144A		70,000			74,025
iStar, Inc. REIT
7.13%, 02/15/18		150,000			155,062
4.88%, 07/01/18		95,000			95,238
J.C. Penney Corporation, Inc.
6.38%, 10/15/36D		480,000			406,200
7.63%, 03/01/97D		815,000			676,450
Jefferies Finance LLC
7.50%, 04/15/21 144A		275,000			273,281
6.88%, 04/15/22 144A		200,000			194,000
Jefferies Group LLC
5.13%, 04/13/18		55,000			56,868
6.88%, 04/15/21		270,000			307,450
5.13%, 01/20/23		305,000			319,609
6.45%, 06/08/27		35,000			38,459
3.88%, 11/01/29 CONV		55,000			55,756
6.25%, 01/15/36		1,135,000			1,160,766
6.50%, 01/20/43		510,000			526,451
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		360,000			253,077
6.13%, 12/29/49†D		260,000			261,625
K. Hovnanian Enterprises, Inc.
7.00%, 01/15/19 144AD		115,000			98,325
8.00%, 11/01/19 144A		165,000			132,825
5.00%, 11/01/21		795,000			645,938
KB Home
1.38%, 02/01/19 CONV		440,000			430,375
Kinder Morgan Energy Partners LP
6.50%, 02/01/37		75,000			82,426
6.95%, 01/15/38		90,000			104,704
Kinder Morgan, Inc.
7.75%, 01/15/32		80,000			98,269
Kraft Heinz Foods Co.
4.88%, 02/15/25 144A		196,000			211,593
5.20%, 07/15/45		960,000			1,008,713

136 See Notes to Financial Statements.

	Par		Value
Lamb Weston Holdings, Inc.
4.63%, 11/01/24 144A	$	440,000		$	442,200
4.88%, 11/01/26 144A		310,000			307,481
Lennar Corporation
4.75%, 11/15/22		315,000			324,450
Lockheed Martin Corporation
3.80%, 03/01/45		1,090,000			1,036,616
Magnum Hunter Resources Corporation (Escrow)
0.00%, 12/31/20+W		470,000			—
Masco Corporation
7.75%, 08/01/29		250,000			306,590
6.50%, 08/15/32		175,000			190,246
MBIA Insurance Corporation
12.14%, 01/15/33 144A†		435,000			202,275
Meccanica Holdings USA, Inc.
6.25%, 01/15/40 144A		335,000			341,700
Michael Baker International LLC
8.25%, 10/15/18 144A		60,000			59,400
Microchip Technology, Inc.
1.63%, 02/15/25 CONV		280,000			364,000
Micron Technology, Inc.
5.25%, 08/01/23 144A		330,000			332,888
5.50%, 02/01/25		1,055,000			1,055,000
5.63%, 01/15/26 144AD		985,000			981,306
Midas Intermediate Holdco II LLC
7.88%, 10/01/22 144A		1,015,000			1,053,062
Miran Mid-Atlantic Pass-Through Trust Series C
10.06%, 12/30/28		769,693			657,125
Morgan Stanley
4.75%, 11/16/18(A)		275,000			204,267
5.75%, 01/25/21		205,000			227,671
3.13%, 08/05/21(C)		535,000			411,340
3.75%, 02/25/23		125,000			128,568
4.10%, 05/22/23		370,000			380,344
6.25%, 08/09/26		400,000			478,915
4.35%, 09/08/26		940,000			965,160
Motorola Solutions, Inc.
6.63%, 11/15/37		105,000			106,523
MPH Acquisition Holdings LLC
7.13%, 06/01/24 144A		350,000			369,285
MPLX LP
5.50%, 02/15/23		240,000			249,723
4.50%, 07/15/23		20,000			20,340
4.88%, 12/01/24 144AD		460,000			474,413
4.88%, 06/01/25		75,000			77,240
MPT Operating Partnership LP REIT
5.25%, 08/01/26		340,000			334,050
Murray Energy Corporation
11.25%, 04/15/21 144A		310,000			241,800
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		1,200,000			1,437,668
Navient Corporation
5.00%, 06/15/18		700,000			701,750
8.45%, 06/15/18		472,000			509,760
5.50%, 01/15/19		75,000			78,000
4.88%, 06/17/19		220,000			228,250
8.00%, 03/25/20		600,000			667,140
5.88%, 03/25/21D		320,000			333,200

	Par		Value
5.50%, 01/25/23	$	1,720,000		$	1,674,850
6.13%, 03/25/24		1,480,000			1,444,850
5.88%, 10/25/24D		600,000			573,000
Neiman Marcus Group, Ltd. LLC
8.00%, 10/15/21 144AD		80,000			59,800
Cash coupon 8.75% or PIK 9.50%, 10/15/21 144AD		50,000			35,625
NES Rentals Holdings, Inc.
7.88%, 05/01/18 144A		10,000			10,000
New Albertsons, Inc.
7.75%, 06/15/26		410,000			407,950
7.45%, 08/01/29		1,375,000			1,306,250
8.00%, 05/01/31D		1,210,000			1,164,625
Newell Brands, Inc.
3.85%, 04/01/23		1,280,000			1,329,548
4.00%, 12/01/24		445,000			455,866
4.20%, 04/01/26		470,000			491,127
Newfield Exploration Co.
5.63%, 07/01/24		955,000			1,000,362
Newmont Mining Corporation
4.88%, 03/15/42		575,000			541,394
NGL Energy Partners LP
7.50%, 11/01/23 144A		460,000			477,250
NGPL PipeCo LLC
7.77%, 12/15/37 144AD		200,000			213,000
Nine West Holdings, Inc.
6.13%, 11/15/34		125,000			23,750
NRG Energy, Inc.
7.25%, 05/15/26 144AD		350,000			350,000
6.63%, 01/15/27 144A		140,000			133,000
NRG REMA LLC
9.68%, 07/02/26		300,000			193,875
Nuance Communications, Inc.
1.00%, 12/15/35 CONV 144AD		1,215,000			1,100,425
NWH Escrow Corporation
7.50%, 08/01/21 144A		100,000			84,500
Oasis Petroleum, Inc.
6.50%, 11/01/21D		190,000			194,512
6.88%, 03/15/22D		700,000			721,000
6.88%, 01/15/23		190,000			195,700
Old Republic International Corporation
3.75%, 03/15/18 CONV		1,600,000			2,010,000
4.88%, 10/01/24		520,000			543,521
ON Semiconductor Corporation
1.00%, 12/01/20 CONVD		645,000			663,947
ONEOK Partners LP
4.90%, 03/15/25D		60,000			64,464
6.20%, 09/15/43		20,000			22,313
Outfront Media Capital LLC
5.25%, 02/15/22		110,000			114,538
5.88%, 03/15/25		170,000			178,712
Owens Corning
7.00%, 12/01/36		1,800,000			2,140,299
Owens-Brockway Glass Container, Inc.
5.38%, 01/15/25 144AD		1,500,000			1,516,875
Pactiv LLC
8.38%, 04/15/27		200,000			219,500
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		685,000			852,048
PetSmart, Inc.
7.13%, 03/15/23 144AD		50,000			51,125

See Notes to Financial Statements. 137

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Post Holdings, Inc.
5.00%, 08/15/26 144A	$	590,000		$	566,400
Priceline Group, Inc.
0.90%, 09/15/21 CONVD		570,000			603,487
Pride International, Inc.
7.88%, 08/15/40		270,000			243,000
PulteGroup, Inc.
7.88%, 06/15/32		1,500,000			1,672,500
6.38%, 05/15/33		470,000			471,175
6.00%, 02/15/35		180,000			173,700
QEP Resources, Inc.
6.88%, 03/01/21D		180,000			192,150
5.38%, 10/01/22		135,000			136,012
5.25%, 05/01/23		1,500,000			1,511,250
Quicken Loans, Inc.
5.75%, 05/01/25 144A		1,395,000			1,363,612
Qwest Capital Funding, Inc.
6.50%, 11/15/18		225,000			239,906
Qwest Corporation
6.88%, 09/15/33		2,124,000			2,033,329
7.25%, 10/15/35D		110,000			104,440
R.R. Donnelley & Sons Co.
7.00%, 02/15/22		38,000			38,380
6.00%, 04/01/24		465,000			440,587
Rain CII Carbon LLC
8.50%, 01/15/21(E)		100,000			105,002
Range Resources Corporation
5.00%, 08/15/22 144A		520,000			519,350
5.00%, 03/15/23 144AD		1,450,000			1,439,125
4.88%, 05/15/25D		240,000			233,700
Regency Energy Partners LP
5.88%, 03/01/22		340,000			374,421
5.00%, 10/01/22		80,000			84,878
Reliance Holding USA, Inc.
4.50%, 10/19/20 144A		540,000			570,076
Reynolds Group Issuer, Inc.
5.75%, 10/15/20		60,000			61,950
Rovi Corporation
0.50%, 03/01/20 CONV		985,000			1,008,394
RPM International, Inc.
2.25%, 12/15/20 CONV		47,000			56,488
Sabine Pass Liquefaction LLC
5.63%, 02/01/21		440,000			473,000
Sanchez Energy Corporation
7.75%, 06/15/21		70,000			71,575
6.13%, 01/15/23D		170,000			162,350
Sealed Air Corporation
4.88%, 12/01/22 144A		25,000			25,781
5.50%, 09/15/25 144AD		555,000			574,425
ServiceMaster Co. LLC
7.45%, 08/15/27		1,195,000			1,263,712
Sidewinder Drilling, Inc.
9.75%, 11/15/19 144A†		820,000			55,350
Simmons Foods, Inc.
7.88%, 10/01/21 144AD		500,000			516,250
SM Energy Co.
5.00%, 01/15/24		40,000			37,900
Southern Copper Corporation
5.25%, 11/08/42		550,000			506,633
Southwestern Energy Co.
6.70%, 01/23/25D		280,000			287,700
Spectrum Brands, Inc.
5.75%, 07/15/25		910,000			948,675

	Par		Value
Springleaf Finance Corporation
7.75%, 10/01/21D	$	145,000		$	153,519
8.25%, 10/01/23		55,000			57,750
Sprint Capital Corporation
6.88%, 11/15/28		2,865,000			2,836,350
8.75%, 03/15/32D		645,000			711,112
Sprint Communications, Inc.
11.50%, 11/15/21		570,000			702,525
Sprint Corporation
7.88%, 09/15/23		680,000			727,600
Steel Dynamics, Inc.
6.38%, 08/15/22D		400,000			419,000
Targa Resources Partners LP
4.13%, 11/15/19D		2,125,000			2,162,188
4.25%, 11/15/23		110,000			105,738
6.75%, 03/15/24		1,050,000			1,131,375
5.13%, 02/01/25 144AD		370,000			368,612
5.38%, 02/01/27 144A		390,000			388,050
Taylor Morrison Communities, Inc.
5.25%, 04/15/21 144A		410,000			422,300
Tenet Healthcare Corporation
5.00%, 03/01/19 144A		560,000			548,800
7.50%, 01/01/22 144AD		110,000			114,950
8.13%, 04/01/22		310,000			294,035
6.75%, 06/15/23 144AD		285,000			252,225
6.88%, 11/15/31		85,000			65,981
Tesoro Logistics LP
6.13%, 10/15/21		70,000			73,675
6.38%, 05/01/24D		190,000			204,250
Textron, Inc.
6.63%, 04/07/20(U)		130,000			181,460
Time Warner Cable LLC
8.75%, 02/14/19		190,000			214,224
8.25%, 04/01/19		40,000			44,971
5.50%, 09/01/41		60,000			61,201
4.50%, 09/15/42		105,000			95,441
Time Warner, Inc.
4.00%, 01/15/22		100,000			103,940
TMX Finance LLC
8.50%, 09/15/18 144A		50,000			43,875
TransDigm, Inc.
6.50%, 07/15/24		199,000			209,199
6.50%, 05/15/25		195,000			204,994
Transocean Proteus, Ltd.
6.25%, 12/01/24 144AD		1,605,000			1,628,080
TRI Pointe Group, Inc.
4.38%, 06/15/19		100,000			102,250
5.88%, 06/15/24D		5,000			5,175
TRU Taj LLC
12.00%, 08/15/21 144A		193,000			190,105
United Airlines Class A Pass-Through Trust Series 2014-1
4.00%, 10/11/27		228,804			233,380
United Airlines Class B Pass-Through Trust Series 2014-2
4.63%, 03/03/24		81,380			83,313
United Airlines Pass-Through Trust Series 2007-1
6.64%, 01/02/24		178,324			192,367

138 See Notes to Financial Statements.

	Par		Value
United Rentals North America, Inc.
6.13%, 06/15/23	$	400,000		$	426,000
5.75%, 11/15/24D		540,000			569,700
5.50%, 05/15/27		390,000			387,562
United States Steel Corporation
6.65%, 06/01/37D		760,000			659,300
US Airways Class A Pass-Through Trust Series 2012-1
5.90%, 04/01/26		259,217			289,351
US Airways Class A Pass-Through Trust Series 2012-2
4.63%, 12/03/26		206,435			219,595
US Airways Class B Pass-Through Trust Series 2012-1
8.00%, 04/01/21		441,833			490,987
Valeant Pharmaceuticals International
6.38%, 10/15/20 144AD		30,000			25,922
Verizon Communications, Inc.
6.00%, 04/01/41		70,000			80,672
6.55%, 09/15/43		500,000			626,679
5.01%, 08/21/54		341,000			341,795
Wells Fargo & Co.
4.48%, 01/16/24D		124,000			130,648
5.88%, 12/29/49†D		240,000			252,276
West Corporation
4.75%, 07/15/21 144A		50,000			51,250
5.38%, 07/15/22 144A		690,000			669,300
Westlake Chemical Corporation
4.63%, 02/15/21 144A		360,000			373,500
4.88%, 05/15/23 144A		20,000			20,800
WestRock MWV LLC
8.20%, 01/15/30		145,000			189,705
7.95%, 02/15/31		45,000			59,358
WestRock RKT Co.
4.00%, 03/01/23D		430,000			444,614
WEX, Inc.
4.75%, 02/01/23 144A		440,000			431,750
Weyerhaeuser Co. REIT
8.50%, 01/15/25		405,000			524,482
6.95%, 10/01/27		55,000			66,290
7.38%, 03/15/32		370,000			469,710
6.88%, 12/15/33		490,000			597,492
Whiting Petroleum Corporation
6.50%, 10/01/18		430,000			429,462
5.00%, 03/15/19		755,000			761,727
5.75%, 03/15/21		470,000			470,395
6.25%, 04/01/23D		1,210,000			1,216,050
William Lyon Homes, Inc.
7.00%, 08/15/22D		20,000			20,800
Williams Cos., Inc.
7.50%, 01/15/31		60,000			67,950
5.75%, 06/24/44D		440,000			429,000
Williams Partners LP
6.13%, 07/15/22		150,000			154,717
Windstream Services LLC
7.75%, 10/15/20		180,000			185,940
7.75%, 10/01/21D		485,000			501,005
7.50%, 06/01/22D		40,000			39,400
7.50%, 04/01/23D		235,000			227,362

	Par		Value
WPX Energy, Inc.
8.25%, 08/01/23	$	430,000		$	482,675
XPO Logistics, Inc.
6.50%, 06/15/22 144AD		20,000			21,075
6.13%, 09/01/23 144A		490,000			513,888
ZF North America Capital, Inc.
4.50%, 04/29/22 144A		150,000			155,250
4.75%, 04/29/25 144A		550,000			561,688
Total Corporate Bonds (Cost $180,782,803)					194,042,444
FOREIGN BONDS — 24.2%
Argentina — 0.5%
Argentine Republic Government Inter- national Bond
6.88%, 04/22/21 144A		680,000			725,900
7.50%, 04/22/26 144A		540,000			568,350
7.63%, 04/22/46 144AD		300,000			300,750
YPF SA
8.50%, 03/23/21 144A		460,000			494,546
					2,089,546
Armenia — 0.1%
Armenia International Bond
6.00%, 09/30/20		520,000			538,512
Australia — 0.6%
FMG Resources August
2006 Proprietary, Ltd.
9.75%, 03/01/22 144A		240,000			279,617
New South Wales Treasury Corporation
6.00%, 02/01/18(A)		2,620,000			1,974,436
Queensland Treasury Corporation
7.13%, 09/18/17 144A(Z)		275,000			197,277
					2,451,330
Bermuda — 0.3% Digicel, Ltd.
6.75%, 03/01/23D		540,000			489,580
NCL Corporation, Ltd.
4.63%, 11/15/20 144A		600,000			613,500
Ooredoo International Finance, Ltd.
4.75%, 02/16/21 144A		200,000			213,514
					1,316,594
Brazil — 1.1%
Brazil Notas do Tesouro Nacional Serie F
0.00%, 01/01/21(B)W		8,000,000			2,373,255
0.00%, 01/01/23(B)W		1,825,000			528,958
Brazilian Government International Bond
10.25%, 01/10/28(B)		5,250,000			1,510,220
Oi Brasil Holdings Cooperatief UA
5.75%, 02/10/22 144A#		933,000			300,892
					4,713,325

See Notes to Financial Statements. 139

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Canada — 3.9%
1011778 BC ULC
6.00%, 04/01/22 144AD	$	890,000		$	932,275
Baytex Energy Corporation
5.13%, 06/01/21 144A		110,000			99,825
Bombardier, Inc.
6.00%, 10/15/22 144AD		1,645,000			1,554,525
Canadian Government Bond
0.25%, 05/01/17(C)		4,720,000			3,512,131
0.25%, 11/01/17(C)		3,550,000			2,636,093
Entertainment One, Ltd.
6.88%, 12/15/22 144A(U)		180,000			242,353
HudBay Minerals, Inc.
7.25%, 01/15/23 144A		190,000			197,125
7.63%, 01/15/25 144A		450,000			468,846
MEG Energy Corporation
6.38%, 01/30/23 144A		45,000			40,275
7.00%, 03/31/24 144A		395,000			359,450
Methanex Corporation
5.25%, 03/01/22D		75,000			77,436
Ontario Generic Residual STRIP
2.15%, 07/13/22(C)W		2,600,000			1,723,225
3.08%, 03/08/29(C)W		2,400,000			1,235,509
Province of Ontario
2.10%, 09/08/18(C)		3,500,000			2,654,880
Stone Container Finance Company of Canada II Escrow
0.00%, 07/15/25+W		330,000			6,600
Teck Resources, Ltd.
8.00%, 06/01/21 144AD		440,000			485,100
Teine Energy, Ltd.
6.88%, 09/30/22 144A		60,000			61,575
Valeant Pharmaceuticals International, Inc.
5.38%, 03/15/20 144AD		50,000			42,500
5.50%, 03/01/23 144A		190,000			143,450
5.88%, 05/15/23 144A		90,000			68,400
6.13%, 04/15/25 144A		380,000			286,900
					16,828,473
Cayman Islands — 0.6%
Transocean, Inc.
5.55%, 10/15/22D		430,000			379,475
6.80%, 03/15/38D		50,000			39,000
UPCB Finance IV, Ltd.
5.38%, 01/15/25 144A		250,000			253,125
Vale Overseas, Ltd.
6.88%, 11/21/36		592,000			586,080
XLIT, Ltd.
6.38%, 11/15/24		585,000			683,891
6.25%, 05/15/27		640,000			757,619
					2,699,190
Chile — 0.2%
AES Gener SA
5.25%, 08/15/21 144A		420,000			441,243
Corporation Nacional del Cobre de Chile
3.88%, 11/03/21 144AD		220,000			224,888
Empresa Nacional de Telecomunicaciones SA
4.88%, 10/30/24 144AD		220,000			220,945
					887,076

	Par		Value
Colombia — 0.7%
Colombia Government International Bond
5.63%, 02/26/44	$	1,847,000		$	1,911,645
Colombian TES
10.00%, 07/24/24(X)		23,100,000			9,103
Ecopetrol SA
5.88%, 09/18/23D		190,000			201,590
4.13%, 01/16/25		170,000			159,630
5.38%, 06/26/26		80,000			79,800
Empresa de Energia de Bogota SA ESP
6.13%, 11/10/21 144A		250,000			258,125
Transportadora de Gas Internacional SA ESP
5.70%, 03/20/22		260,000			269,100
					2,888,993
Ecuador — 0.1%
Ecuador Government International Bond
9.65%, 12/13/26 144A		580,000			594,500
France — 1.0%
3AB Optique Developpement SAS
5.63%, 04/15/19(E)		660,000			708,334
AXA SA
6.21%, 10/29/49(E)†		210,000			230,127
Electricite de France SA
5.25%, 01/29/49 144A†		380,000			358,625
5.63%, 12/29/49 144A†		680,000			646,850
Europcar Groupe SA
5.75%, 06/15/22 144A(E)		170,000			189,738
SFR Group SA
5.63%, 05/15/24 144A(E)		160,000			178,188
Societe Generale SA
5.63%, 11/24/45 144AD		1,985,000			2,061,357
					4,373,219
Germany — 0.8%
Bundesrepublik Deutschland
1.00%, 08/15/24(E)		2,180,000			2,493,470
CeramTec Group GmbH
8.25%, 08/15/21(E)		580,000			652,886
IHO Verwaltungs GmbH Cash coupon 4.13% or PIK
4.88%, 09/15/21 144A		210,000			212,625
Cash coupon 4.75% or PIK
5.50%, 09/15/26 144A		210,000			203,175
					3,562,156
Honduras — 0.1%
Honduras Government International Bond
7.50%, 03/15/24		460,000			493,764
India — 0.2%
ICICI Bank, Ltd.
4.80%, 05/22/19 144A		920,000			969,677
Indonesia — 0.6%
Indonesia Government International Bond
5.88%, 01/15/24 144A		400,000			442,322

140 See Notes to Financial Statements.

	Par		Value
6.63%, 02/17/37	$	225,000		$	261,031
5.25%, 01/17/42 144AD		1,710,000			1,730,200
					2,433,553
Ireland — 0.4%
Ardagh Packaging Finance PLC
4.63%, 05/15/23 144A		250,000			248,908
7.25%, 05/15/24 144A		460,000			486,450
GE Capital International Funding Co.
3.37%, 11/15/25 144A		246,000			250,364
4.42%, 11/15/35		569,000			597,412
					1,583,134
Italy — 0.4%
Enel SpA
7.75%, 09/10/75(U)†		440,000			594,842
Telecom Italia Capital SA
6.38%, 11/15/33D		995,000			955,200
6.00%, 09/30/34		250,000			232,500
					1,782,542
Jersey — 0.1%
Adient Global Holdings, Ltd.
4.88%, 08/15/26 144AD		430,000			422,475
Kenya — 0.1%
Kenya Government International Bond
6.88%, 06/24/24 144A		470,000			446,003
Luxembourg — 1.1%
Altice Financing SA
6.63%, 02/15/23 144A		400,000			412,000
7.50%, 05/15/26 144A		260,000			271,050
ArcelorMittal
6.50%, 03/01/21		30,000			33,000
8.00%, 10/15/39 STEP		510,000			562,194
7.75%, 03/01/41 STEPD		690,000			738,300
Coveris Holdings SA
7.88%, 11/01/19 144AD		210,000			209,475
Evraz Group SA
6.75%, 04/27/18 144A		440,000			459,272
6.50%, 04/22/20 144A		480,000			503,779
Globe Luxembourg SCA
9.63%, 05/01/18 144A		200,000			198,500
Intelsat Jackson Holdings SA
7.25%, 10/15/20D		80,000			62,400
7.50%, 04/01/21		30,000			23,025
5.50%, 08/01/23D		330,000			224,004
LSF9 Balta Issuer SA
7.75%, 09/15/22 144A(E)		360,000			418,753
Ultrapar International SA
5.25%, 10/06/26 144AD		420,000			413,658
					4,529,410
Marshall Islands — 0.0%
Navios Maritime Acquisition Corporation
8.13%, 11/15/21 144A		90,000			76,950
Mexico — 2.3%
Cemex SAB de CV
6.50%, 12/10/19 144AD		1,100,000			1,166,000
Mexican Bonos
6.50%, 06/09/22(M)		45,803,100			2,135,667

	Par		Value
8.00%, 12/07/23(M)	$	41,500,000		$	2,079,337
10.00%, 12/05/24(M)		31,500,000			1,760,928
7.50%, 06/03/27(M)		7,500,000			360,712
8.50%, 05/31/29(M)		2,000,000			102,816
7.75%, 05/29/31(M)		3,000,000			144,699
7.75%, 11/13/42(M)		22,750,000			1,083,349
Petroleos Mexicanos
5.50%, 01/21/21		750,000			772,500
6.50%, 06/02/41		135,000			127,109
					9,733,117
Morocco & Antilles — 0.3%
OCP SA
5.63%, 04/25/24 144A		550,000			570,877
4.50%, 10/22/25 144AD		520,000			498,583
					1,069,460
Netherlands — 2.2%
Alcoa Nederland Holding BV
6.75%, 09/30/24 144A		380,000			413,250
7.00%, 09/30/26 144AD		250,000			274,375
Bharti Airtel International Netherlands BV
5.35%, 05/20/24 144A		280,000			294,176
CIMPOR Financial Operations BV
5.75%, 07/17/24 144AD		360,000			301,536
Cooperatieve Rabobank UA
5.75%, 12/01/43		880,000			1,023,505
DPx Holdings BV
7.50%, 02/01/22 144A		90,000			95,288
EDP Finance BV
4.90%, 10/01/19 144A		1,600,000			1,679,843
4.13%, 01/15/20 144A		540,000			553,288
LyondellBasell Industries NV
5.75%, 04/15/24		260,000			297,988
Majapahit Holding BV
7.75%, 01/20/20D		890,000			1,001,250
Marfrig Holdings Europe BV
8.00%, 06/08/23 144A		480,000			498,048
Petrobras Global Finance BV
4.38%, 05/20/23		250,000			219,050
6.25%, 03/17/24		1,160,000			1,115,572
6.88%, 01/20/40D		390,000			336,648
6.75%, 01/27/41		270,000			228,150
5.63%, 05/20/43		275,000			204,655
Telefonica Europe BV
6.75%, 11/29/49(U)†		300,000			385,860
VimpelCom Holdings BV
7.50%, 03/01/22		200,000			222,760
Ziggo Bond Finance BV
5.88%, 01/15/25 144A		200,000			201,000
					9,346,242
New Zealand — 0.4%
New Zealand Government Bond
5.00%, 03/15/19(Z)		2,385,000			1,753,721
Norway — 0.4%
Norway Government Bond
4.25%, 05/19/17 144A(K)		12,330,000			1,447,542
4.50%, 05/22/19 144A(K)		172,000			21,691
3.75%, 05/25/21 144A(K)		129,000			16,642
					1,485,875

See Notes to Financial Statements. 141

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Panama — 0.0%
Panama Government International Bond
6.70%, 01/26/36	$	3,000		$	3,655
Peru — 0.1%
Transportadora de Gas del Peru SA
4.25%, 04/30/28 144A		550,000			544,500
Philippines — 0.1%
Philippine Government International Bond
4.00%, 01/15/21D		200,000			212,738
Portugal — 0.3%
Portugal Government International Bond
5.13%, 10/15/24 144A		1,210,000			1,176,880
Russia — 0.5%
Russian Federal Bond - OFZ
8.15%, 02/03/27(Q)		129,029,000			2,102,814
Saudi Arabia — 0.3%
Saudi Government International Bond
2.38%, 10/26/21 144A		395,000			383,893
3.25%, 10/26/26 144A		875,000			830,735
					1,214,628
Singapore — 0.2%
BOC Aviation, Ltd.
3.00%, 03/30/20 144A		1,000,000			1,002,589
Spain — 0.0%
Telefonica Emisiones SA Unipersonal
5.13%, 04/27/20		75,000			80,421
Supranational — 0.5%
Inter-American Development Bank
6.00%, 12/15/17(Z)		3,250,000			2,330,324
Turkey — 0.2%
Turk Telekomunikasyon AS
4.88%, 06/19/24 144A		680,000			637,520
Turkey Government International Bond
4.88%, 04/16/43		500,000			404,663
					1,042,183
United Kingdom — 3.3%
Anglian Water Osprey Financing PLC
7.00%, 01/31/18(U)		310,000			406,020
Annington Finance No. 4 PLC
1.57%, 01/10/23(U)†		304,474			375,761
Barclays Bank PLC
7.63%, 11/21/22		680,000			747,575
Boparan Finance PLC
5.50%, 07/15/21(U)D		270,000			326,511
Ensco PLC
4.70%, 03/15/21D		70,000			67,684
5.75%, 10/01/44		60,000			43,800
HBOS PLC
6.75%, 05/21/18 144A		500,000			528,499
HSBC Holdings PLC
6.00%, 06/10/19(E)		270,000			324,064
6.38%, 12/29/49†D		600,000			598,500

	Par		Value
Interoute Finco PLC
7.38%, 10/15/20 144A(E)D	$	600,000		$	682,183
KCA Deutag UK Finance PLC
7.25%, 05/15/21 144A		540,000			481,950
Lloyds Bank PLC
6.50%, 03/24/20(E)		326,000			403,696
Lloyds Banking Group PLC
5.30%, 12/01/45 144A		1,581,000			1,638,779
Paragon Offshore PLC
6.75%, 07/15/22 144A#		177,000			31,860
7.25%, 08/15/24 144A#		410,000			73,800
Pizzaexpress Financing 2 PLC
6.63%, 08/01/21(U)		400,000			502,822
Rio Tinto Finance USA PLC
4.13%, 08/21/42D		145,000			142,976
Royal Bank of Scotland Group PLC
6.10%, 06/10/23		1,880,000			1,970,426
6.00%, 12/19/23		275,000			286,048
3.63%, 03/25/24(E)†D		890,000			936,680
Santander UK Group Holdings PLC
7.38%, 12/29/49(U)†D		390,000			483,739
Southern Gas Networks PLC
4.88%, 12/21/20(U)		270,000			381,746
Standard Chartered PLC
5.13%, 06/06/34(U)D		321,000			394,810
Synlab Bondco PLC
6.25%, 07/01/22(E)D		270,000			311,217
Synlab Unsecured Bondco PLC
8.25%, 07/01/23(E)D		170,000			195,504
Tesco Property Finance 3 PLC
5.74%, 04/13/40(U)		275,225			328,372
Tesco Property Finance 6 PLC
5.41%, 07/13/44(U)		591,196			679,156
Virgin Media Finance PLC
6.38%, 10/15/24 144A(U)		360,000			471,382
Virgin Media Secured Finance PLC
5.50%, 01/15/21(U)		100,000			136,726
5.50%, 08/15/26 144A		200,000			200,000
					14,152,286
Virgin Islands (British) — 0.2%
GTL Trade Finance, Inc.
7.25%, 04/16/44 144A		730,000			685,287
Total Foreign Bonds (Cost $114,478,501)					103,617,142
FOREIGN GOVERNMENT
INFLATION-LINKED BOND — 0.7%
Brazil — 0.7%
Brazil Notas do Tesouro Nacional Serie B
6.00%, 08/15/50+(B) (Cost $2,934,118)		3,263,000			3,077,615
LOAN AGREEMENTS — 2.2%
1011778 BC ULC
Term B-2 Loan
3.75%, 12/12/21		496,195			500,229
Air Medical Group Holdings, Inc. Term B Loan
4.25%, 04/28/2022		298,485			297,739

142 See Notes to Financial Statements.

	Par		Value
American Airlines, Inc. Term B Loan
3.26%, 06/27/20	$	984,994		$	989,357
American Builders & Contractors Supply Co., Inc. Term B Loan
3.52%, 10/31/23		543,561			548,165
Berry Plastics Group, Inc. Term H Loan
3.75%, 10/01/22		284,961			287,633
CSC Holdings LLC Term B Loan
3.88%, 10/11/24		263,158			265,734
Energy Future Intermediate Holding Co., LLC DIP Term Loan
4.25%, 06/30/17		347,944			349,945
First Data Corporation Term Loan
0.00%, 03/24/21 S		541,185			547,273
Hilton Worldwide Finance LLC Term B-1 Loan
3.50%, 10/26/20		41,428			41,767
Hilton Worldwide Finance LLC Term B-2 Loan
3.26%, 10/25/23		563,256			569,311
Magnum Hunter Resources Corporation Exit Term Loan
8.00%, 05/06/19+		41,670			41,879
Nord Anglia Education Finance LLC Term B Loan
5.00%, 03/31/21		992,366			1,006,011
Party City Holdings, Inc. Term B Loan
0.00%, 08/19/22 S		679,601			685,337
Petco Animal Supplies, Inc. Term B-1 Loan
5.00%, 01/26/23		408,970			410,724
PetSmart, Inc. Term B Loan
0.00%, 3/10/2022 S		985,000			987,462
Univision Communications, Inc. Term C-4 Loan
4.00%, 03/01/20		732,361			736,023
Valeant Pharmaceuticals International, Inc. Term BF1 Loan
5.50%, 04/01/22		707,350			707,485
Virgin Media Bristol LLC Term I Loan
0.00%, 01/31/25 S		413,428			415,032
Total Loan Agreements (Cost $9,321,365)					9,387,106
MORTGAGE-BACKED SECURITIES — 2.0%
Banc of America Funding Corporation Series 2015-R3
0.84%, 06/29/37 144A		2,515,862			1,198,512
0.93%, 06/29/37 144A†		683,486			675,797
Commercial Mortgage Trust Series 2007-CD4
5.40%, 12/11/49†		164,911			142,648

	Par		Value
Credit Suisse Commercial Mortgage Trust Series 2006-C5
5.37%, 12/15/39	$	180,348		$	172,225
Credit Suisse Commercial Mortgage Trust Series 2007-C5
5.70%, 09/15/40†		145,194			147,270
5.87%, 09/15/40†		240,000			226,008
CSMC Trust Series 2015-SAMZ
6.44%, 08/15/22 144A†		1,000,000			999,910
Fannie Mae Connecticut Avenue Securities Series 2014-C02
3.36%, 05/25/24†		1,600,000			1,580,000
Fannie Mae Connecticut Avenue Securities Series 2015-C03
5.76%, 07/25/25†		1,390,000			1,496,318
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LD12
6.04%, 02/15/51†		40,000			36,701
Lone Star Portfolio Trust Series 2015-LSP
7.92%, 09/15/20 144A†		762,759			755,253
7.60%, 09/15/28 144A†		767,900			738,456
Morgan Stanley Resecuritization Trust Series 2015-R6
0.85%, 07/26/45 144A†		1,144,798			483,086
Total Mortgage-Backed Securities (Cost $8,556,935)					8,652,184
MUNICIPAL BOND — 0.1%
State of Illinois, General Obligation
5.10%, 06/01/33 (Cost $126,363)		160,000			141,571
	Notional Amount
PURCHASED OPTION — 0.2%
Call Option — 0.2%
U.S. Dollar vs. Japanese Yen, Strike Price $104.00, Expires 01/11/17 (GSC) (Cost $165,807)	$	81,000			871,293
	Par
U.S. TREASURY OBLIGATIONS — 15.0%
U.S. Treasury Bill
0.60%, 06/22/17W		10,500,000			10,469,540
U.S. Treasury Bonds
3.50%, 02/15/39		860,000			940,810
4.25%, 05/15/39		40,000			48,579
3.88%, 08/15/40		30,000			34,455
2.75%, 08/15/42		120,000			113,402
3.13%, 02/15/43		9,116,000			9,239,030
2.88%, 05/15/43D		120,000			115,941
3.00%, 05/15/45		40,000			39,469

See Notes to Financial Statements. 143

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
3.00%, 11/15/45	$	920,000		$	907,637
2.50%, 05/15/46		820,000			728,743
					12,168,066
U.S. Treasury Notes
0.88%, 04/15/17		30,000			30,033
0.75%, 10/31/17D		10,780,000			10,771,786
0.63%, 04/30/18		530,000			527,526
0.75%, 08/31/18		4,000,000			3,975,472
1.38%, 09/30/18		250,000			250,976
1.50%, 12/31/18		5,875,000			5,910,115
1.63%, 06/30/19		10,000			10,076
1.25%, 10/31/19		110,000			109,549
3.63%, 02/15/21D		14,549,000			15,620,563
2.00%, 02/15/22		120,000			120,204
1.63%, 08/15/22		3,380,000			3,296,886
2.75%, 02/15/24		150,000			154,951
2.25%, 11/15/24		30,000			29,821
2.00%, 02/15/25		100,000			97,348
1.63%, 02/15/26		180,000			168,219
1.63%, 05/15/26		470,000			438,358
					41,511,883
Total U.S. Treasury Obligations (Cost $63,695,549)					64,149,489
	Shares
COMMON STOCKS — 1.0%
Consumer Discretionary — 0.3%
Ford Motor Co.		96,849			1,174,778
Energy — 0.1%
Hercules Offshore, Inc.+D*		46,644			52,708
Magnum Hunter Resources Corporation*		24,068			264,750
					317,458
Financial Services — 0.0%
Weyerhaeuser Co. REIT		9,387			282,459
Healthcare — 0.2%
Bristol-Myers Squibb Co.		15,400			899,976
Technology — 0.4%
Corning, Inc.		70,534			1,711,860
Total Common Stocks (Cost $5,534,008)					4,386,531
FOREIGN COMMON STOCKS — 0.1%
Canada — 0.0%
Pacific Exploration and Production Corporation*		2,827			115,047
Norway — 0.0%
Deep Ocean Group Holding+*		8,860			34,200
Spain — 0.1%
Repsol SA ADRD		13,627			192,140
Telefonica SA ADRD		14,683			135,084
					327,224
Total Foreign Common Stocks (Cost $812,034)					476,471

	Shares			Value
PREFERRED STOCKS — 0.5%
Arconic, Inc.
5.38%, 10/01/17 CONV		9,400			$	284,068
Bank of America Corporation
7.25%, 12/31/49 CONV		602				702,414
Chesapeake Energy Corporation
4.50%, 12/31/49 CONV		1,229				56,964
5.00%, 12/31/49 CONV		3,950				211,917
5.75%, 12/31/49 CONV 144AD		50				27,469
5.75%, 12/31/49 CONVD		30				16,481
5.75%, 12/31/49 CONV		780				467,610
El Paso Energy Capital Trust I
4.75%, 03/31/28 CONV		3,880				192,642
iStar, Inc. REIT
4.50%, 12/31/49 CONV		50				2,600
Total Preferred Stocks (Cost $1,972,490)						1,962,165
MONEY MARKET FUNDS — 17.9%
GuideStone Money Market Fund (Investor Class)¥		31,918,034				31,918,034
Northern Institutional Liquid Assets Portfolio§		44,809,823				44,809,823
Total Money Market Funds (Cost $76,727,857)						76,727,857
TOTAL INVESTMENTS — 109.3% (Cost $465,107,830)						467,491,868
	Number of Contracts
WRITTEN OPTION — 0.0%
Call Option — 0.0%
5-Year U.S. Treasury Note, Strike Price $120.00, Expires 01/27/17 (GSC)
(Premiums received $(16,694))		(99	)			(1,547	)
Liabilities in Excess of Other Assets — (9.3)%						(39,603,343	)
NET ASSETS — 100.0%					$	427,886,978

144 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	4,386,531	$	4,333,823	$	—	$	52,708
Corporate Bonds		194,042,444		—		194,042,444		—
Foreign Bonds:
Argentina		2,089,546		—		2,089,546		—
Armenia		538,512		—		538,512		—
Australia		2,451,330		—		2,451,330		—
Bermuda		1,316,594		—		1,316,594		—
Brazil		4,713,325		—		4,713,325		—
Canada		16,828,473		—		16,821,873		6,600
Cayman Islands		2,699,190		—		2,699,190		—
Chile		887,076		—		887,076		—
Colombia		2,888,993		—		2,888,993		—
Ecuador		594,500		—		594,500		—
France		4,373,219		—		4,373,219		—
Germany		3,562,156		—		3,562,156		—
Honduras		493,764		—		493,764		—
India		969,677		—		969,677		—
Indonesia		2,433,553		—		2,433,553		—
Ireland		1,583,134		—		1,583,134		—
Italy		1,782,542		—		1,782,542		—
Jersey		422,475		—		422,475		—
Kenya		446,003		—		446,003		—
Luxembourg		4,529,410		—		4,529,410		—
Marshall Islands		76,950		—		76,950		—
Mexico		9,733,117		—		9,733,117		—
Morocco & Antilles		1,069,460		—		1,069,460		—
Netherlands		9,346,242		—		9,346,242		—
New Zealand		1,753,721		—		1,753,721		—
Norway		1,485,875		—		1,485,875		—
Panama		3,655		—		3,655		—
Peru		544,500		—		544,500		—
Philippines		212,738		—		212,738		—
Portugal		1,176,880		—		1,176,880		—
Russia		2,102,814		—		2,102,814		—
Saudi Arabia		1,214,628		—		1,214,628		—
Singapore		1,002,589		—		1,002,589		—
Spain		80,421		—		80,421		—
Supranational		2,330,324		—		2,330,324		—
Turkey		1,042,183		—		1,042,183		—
United Kingdom		14,152,286		—		14,152,286		—
Virgin Islands (British)		685,287		—		685,287		—
Foreign Common Stocks:
Canada		115,047		115,047		—		—
Norway		34,200		—		—		34,200
Spain		327,224		327,224		—		—
Foreign Government Inflation-Linked Bond		3,077,615		—		—		3,077,615
Loan Agreements		9,387,106		—		9,345,227		41,879
Money Market Funds		76,727,857		76,727,857		—		—
Mortgage-Backed Securities		8,652,184		—		4,539,627		4,112,557
Municipal Bond		141,571		—		141,571		—
Preferred Stocks		1,962,165		495,985		1,466,180		—
Purchased Option		871,293		—		871,293		—
U.S. Treasury Obligations		64,149,489		—		64,149,489		—
Total Assets - Investments in Securities	$	467,491,868	$	81,999,936	$	378,166,373	$	7,325,559
Other Financial Instruments***
Futures Contracts	$	59,840	$	59,840	$	—	$	—
Total Assets - Other Financial Instruments	$	59,840	$	59,840	$	—	$	—

See Notes to Financial Statements. 145

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Liabilities:
Investments in Securities:
Written Option	$	(1,547	)	$	(1,547	)	$	—		$	—
Total Liabilities - Investments in Securities	$	(1,547	)	$	(1,547	)	$	—		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(1,552,717	)	$	—		$	(1,552,717	)	$	—
Total Liabilities - Other Financial Instruments	$	(1,552,717	)	$	—		$	(1,552,717	)	$	—

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

Management has determined that the amount of transfers between Level 1 and Level 2 compared to total net assets is not material; therefore, the amount of transfers between Level 1 and Level 2 is not shown for the year ended December 31, 2016.

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

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

	Total Value			Mortgage- Backed Securities			Corporate Bonds			Foreign Bonds			Common Stocks			Foreign Common Stocks			Foreign Government Inflation- Linked Note		Loan Agreements
Balance, 12/31/15	$	4,344,973		$	2,978,229		$	1,288,775		$	6,602		$	—		$	41,367		$	—	$	30,000
Accrued discounts/premiums		62,531			61,278			(425	)		—			—			—			—		1,678
Realized gain (loss)(1)		52,815			81,522			—			—			—			—			—		(28,707	)
Change in unrealized appreciation (depreciation)(2)		(4,112,147	)		(143,222	)		(1,094,475	)		(2	)		(2,868,432	)		(7,167	)		—		1,151
Purchases		6,056,946			2,980,069			—			—			2,921,140			—			—		155,737
Sales		(1,733,475	)		(1,615,495	)		—			—			—			—			—		(117,980	)
Transfers in to Level 3(3)		3,077,615			—			—			—			—			—			3,077,615		—
Transfers out of Level 3(4)		(193,875	)		—			(193,875	)		—			—			—			—		—
Maturities		—			—			—			—			—			—			—		—
Paydowns		(229,824	)		(229,824	)		—			—			—			—			—		—
Balance, 12/31/16	$	7,325,559		$	4,112,557		$	—		$	6,600		$	52,708		$	34,200		$	3,077,615	$	41,879

⁽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, 2016 that were transferred from Level 2 to Level 3 of the fair value hierarchy as a result of the inability of the Fund to obtain a price using an objective method such as a pricing vendor.

⁽⁴⁾  Transfers out of Level 3 represent the value of securities at December 31, 2016 that were transferred from Level 3 to Level 2 of the fair value hierarchy as a result of the ability of the Fund to obtain a price using an objective method such as a pricing vendor.

146 See Notes to Financial Statements.

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147

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2016

	Money Market Fund			Low-Duration Bond Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	948,200,479		$	923,839,808
Investments in repurchase agreements, at value		255,500,000			23,200,000
Investments in securities of affiliated issuers, at value		—			15,457,326
Total investments, at value (1)(2)		1,203,700,479			962,497,134
Cash		123,446			1,302,768
Cash collateral for derivatives		—			414,000
Foreign currency (3)		—			585,468
Upfront premiums paid from swap contracts		—			137,100
Receivables:
Dividends and reclaims		—			1,209
Interest		223,882			4,447,862
Securities lending		—			27,405
Investment securities sold		—			5,669,159
Maturities		—			41,884
Fund shares sold		9,788,908			502,717
Variation margin on centrally cleared swaps		—			1,673,393
Variation margin on financial futures contracts		—			99,081
Unrealized appreciation on foreign currency exchange contracts		—			2,593,545
Unrealized appreciation on swap agreements		—			181,959
Prepaid expenses and other assets		42,640			29,574
Total Assets		1,213,879,355			980,204,258
Liabilities
Securities sold short, at value (4)		—			1,481,075
TBA sale commitments, at value (5)		—			—
Options written, at value (6)		—			53,141
Upfront premiums received from swap contracts		—			1,013,807
Unrealized depreciation on foreign currency exchange contracts		—			390,694
Unrealized depreciation on swap agreements		—			675,987
Collateral held for securities on loan, at value		—			67,221,467
Collateral held for derivatives		—			1,840,000
Payables:
Investment securities purchased		—			40,704,226
Fund shares redeemed		11,077,903			3,325
Variation margin on centrally cleared swaps		—			—
Variation margin on financial futures contracts		—			103,097
Distributions		80,442			—
Securities lending		—			4,106
Accrued expenses:
Investment advisory fees		128,265			218,508
Shareholder servicing fees		214,641			59,378
Other expenses		75,779			143,972
Total Liabilities		11,577,030			113,912,783
Net Assets	$	1,202,302,325		$	866,291,475
Net Assets Consist of:
Paid-in-capital	$	1,202,302,327		$	877,095,585
Accumulated (distributions in excess of) net investment income		(2	)		352,788
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency and derivative transactions		—			(6,669,084	)
Net unrealized appreciation (depreciation) on investments, foreign currency and derivative transactions		—			(4,487,814	)
Net Assets	$	1,202,302,325		$	866,291,475
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	251,639,187		$	585,590,034
Institutional shares outstanding		251,640,793			43,910,236
Net asset value, offering and redemption price per Institutional share	$	1.00		$	13.34
Net assets applicable to the Investor Class	$	950,663,138		$	280,701,441
Investor shares outstanding		950,626,878			21,043,746
Net asset value, offering and redemption price per Investor share	$	1.00		$	13.34
(1) Investments in securities of unaffiliated issuers, at cost	$	948,200,479		$	930,079,402
Investments in repurchase agreements, at cost		255,500,000			23,200,000
Investments in securities of affiliated issuers, at cost		—			15,457,326
Total investments, at cost	$	1,203,700,479		$	968,736,728
(2) Includes securities loaned of:	$	—		$	93,964,033
(3) Foreign currency, at cost	$	—		$	592,894
(4) Proceeds from securities sold short	$	—		$	1,488,703
(5) TBA sale commitments, at cost	$	—		$	—
(6) Premiums received on options written	$	—		$	104,147

148 See Notes to Financial Statements.

Medium-Duration Bond Fund			Extended-Duration Bond Fund			Global Bond Fund
$	1,182,512,675		$	239,653,617		$	435,573,834
	75,600,000			—			—
	52,755,666			6,093,198			31,918,034
	1,310,868,341			245,746,815			467,491,868
	1,138,225			8,196			429,155
	2,994,769			—			287,057
	1,639,864			—			1,551,945
	1,826,600			—			—
	5,327			4,718			31,141
	5,400,447			2,234,543			4,832,764
	74,062			5,898			42,748
	142,398,980			—			2,547,435
	67			—			—
	186,064			80,937			213,802
	—			—			—
	734,256			—			59,247
	3,325,831			—			449,610
	2,675,698			—			—
	28,267			16,928			94,628
	1,473,296,798			248,098,035			478,031,400
	—			—			—
	30,388,816			—			—
	2,574,861			—			1,547
	1,360,944			—			—
	694,088			—			2,002,327
	792,250			—			—
	96,263,470			12,338,183			44,809,823
	1,350,021			—			—
	304,873,704			509,671			2,912,502
	147,474			73,111			11,068
	2,759,741			—			—
	337,657			—			112,976
	—			—			—
	11,099			881			6,408
	269,989			93,495			171,144
	45,725			25,211			18,681
	214,373			56,561			97,946
	442,084,212			13,097,113			50,144,422
$	1,031,212,586		$	235,000,922		$	427,886,978
$	1,052,480,598		$	235,985,539		$	443,292,826
	(1,417,991	)		(3,237	)		(384,515	)
	(12,819,439	)		89,367			(15,861,754	)
	(7,030,582	)		(1,070,747	)		840,421
$	1,031,212,586		$	235,000,922		$	427,886,978
$	815,429,763		$	115,558,316		$	338,474,811
	56,400,152			6,839,669			34,949,224
$	14.46		$	16.90		$	9.68
$	215,782,823		$	119,442,606		$	89,412,167
	14,921,346			7,067,912			9,233,370
$	14.46		$	16.90		$	9.68
$	1,192,179,363		$	240,722,008		$	433,189,796
	75,600,000			—			—
	52,755,666			6,093,198			31,918,034
$	1,320,535,029		$	246,815,206		$	465,107,830
$	127,977,505		$	38,006,351		$	67,239,912
$	1,685,364		$	—		$	1,609,540
$	—		$	—		$	—
$	29,992,656		$	—		$	—
$	1,719,046		$	—		$	16,694

See Notes to Financial Statements. 149

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2016

	Money Market Fund			Low-Duration Bond Fund
Investment Income
Dividends	$	—		$	—
Income distributions received from affiliated funds		—			11,033
Interest		5,672,791			16,017,770
Securities lending		—			127,695
Less foreign taxes withheld		—			(3,110	)
Total Investment Income		5,672,791			16,153,388
Expenses
Investment advisory fees		1,600,753			2,662,693
Transfer agent fees:
Institutional shares		4,247			4,655
Investor shares		43,683			26,822
Custodian fees		20,190			100,595
Shareholder servicing fees:
Investor shares		2,615,857			664,706
Accounting and administration fees		270,124			368,245
Professional fees		75,623			97,728
Blue sky fees:
Institutional shares		38,721			15,894
Investor shares		37,053			18,076
Shareholder reporting fees:
Institutional shares		1,049			1,554
Investor shares		37,203			14,477
Trustee expenses		11,530			7,726
Line of credit facility fees and interest expense		8,762			9,144
Other expenses		59,560			73,112
Total expenses		4,824,355			4,065,427
Expenses waived/reimbursed net of amount recaptured(1)		(144,756	)		(62,363	)
Net expenses		4,679,599			4,003,064
Net Investment Income		993,192			12,150,324
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Capital gain distributions received from affiliated funds		—			932
Investment securities		53,322			(5,160,082	)
Investment securities sold short		—			2,020,539
Futures transactions		—			762,388
Swap agreements		—			(401,620	)
Option contracts written		—			(429,069	)
Option contracts purchased		—			471,043
Foreign currency		—			(1,008,482	)
Net realized gain (loss)		53,322			(3,744,351	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		—			4,927,516
Investment securities sold short		—			7,628
Futures		—			263,788
Swap agreements		—			(899,105	)
Option contracts written		—			(482,274	)
Option contracts purchased		—			237,261
Foreign currency		—			2,412,094
Net change in unrealized appreciation (depreciation)		—			6,466,908
Net Realized and Unrealized Gain (Loss)		53,322			2,722,557
Net Increase in Net Assets Resulting from Operations	$	1,046,514		$	14,872,881

⁽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
$	35,622		$	17,167		$	293,327
	15,697			2,773			10,083
	26,925,418			11,857,018			21,089,589
	204,335			53,308			204,149
	16,997			—			(8,476	)
	27,198,069			11,930,266			21,588,672
	3,063,626			1,319,932			2,029,936
	4,690			4,088			4,379
	26,221			27,386			20,492
	355,197			6,756			33,151
	526,273			329,034			211,255
	474,233			96,384			223,449
	97,726			74,120			78,948
	15,818			15,043			9,225
	14,500			14,674			13,579
	1,618			984			1,683
	13,688			15,634			6,411
	7,880			2,388			3,521
	6,153			3,170			4,007
	206,983			29,157			45,458
	4,814,606			1,938,750			2,685,494
	(91,563	)		(26,552	)		(54,007	)
	4,723,043			1,912,198			2,631,487
	22,475,026			10,018,068			18,957,185
	4,296			220			1,795
	4,369,544			9,546,040			(6,915,397	)
	(262,809	)		—			—
	(3,247,678	)		—			260,059
	(9,895,135	)		—			—
	2,354,750			—			—
	(1,836,238	)		—			(388,314	)
	(2,130,795	)		(39,930	)		(2,681,292	)
	(10,644,065	)		9,506,330			(9,723,149	)
	5,878,737			1,011,103			34,644,055
	(406,305	)		—			—
	507,392			—			29,451
	6,512,646			—			—
	(1,220,835	)		—			15,147
	478,350			—			683,076
	1,908,949			1,489			(1,883,944	)
	13,658,934			1,012,592			33,487,785
	3,014,869			10,518,922			23,764,636
$	25,489,895		$	20,536,990		$	42,721,821

See Notes to Financial Statements. 151

STATEMENTS OF CHANGES IN NET ASSETS

	Money Market Fund
	For the Year Ended
	12/31/16			12/31/15
Operations:
Net investment income	$	993,192		$	267,444
Net realized gain (loss) on investment securities, foreign currency and derivatives		53,322			88,237
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		—			—
Net increase in net assets resulting from operations		1,046,514			355,681
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(628,794	)		(159,948	)
Investor shares		(364,398	)		(107,496	)
Distributions from net realized capital gains
Institutional shares		(11,523	)		(17,343	)
Investor shares		(48,479	)		(71,893	)
Total dividends and distributions		(1,053,194	)		(356,680	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		649,810,099			716,417,103
Investor shares		4,364,775,848			3,839,326,751
Reinvestment of dividends and distributions
Institutional shares		305,772			93,916
Investor shares		209,397			113,201
Total proceeds from shares sold and reinvested		5,015,101,116			4,555,950,971
Value of shares redeemed
Institutional shares		(644,356,936	)		(592,248,516	)
Investor shares		(4,455,737,775	)		(3,961,518,030	)
Total value of shares redeemed		(5,100,094,711	)		(4,553,766,546	)
Net increase (decrease) from capital share transactions(1)		(84,993,595	)		2,184,425
Total increase (decrease) in net assets		(85,000,275	)		2,183,426
Net Assets:
Beginning of Year		1,287,302,600			1,285,119,174
End of Year*	$	1,202,302,325		$	1,287,302,600
*Including undistributed (distributions in excess of) net investment income	$	(2	)	$	—

⁽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
12/31/16			12/31/15			12/31/16			12/31/15
$	12,150,324		$	11,691,675		$	22,475,026		$	20,516,851
	(3,744,351	)		(1,277,847	)		(10,644,065	)		12,284,796
	6,466,908			(5,598,881	)		13,658,934			(32,595,404	)
	14,872,881			4,814,947			25,489,895			206,243
	(9,332,720	)		(6,206,090	)		(19,149,627	)		(19,835,112	)
	(2,592,772	)		(4,004,414	)		(3,212,334	)		(5,372,791	)
	—			—			(2,396,364	)		(8,134,050	)
	—			—			(645,755	)		(2,134,885	)
	(11,925,492	)		(10,210,504	)		(25,404,080	)		(35,476,838	)
	75,052,450			533,537,034			259,641,101			538,487,348
	74,656,288			56,861,484			48,285,449			35,790,325
	9,329,322			6,202,579			21,529,595			27,940,007
	2,590,031			4,003,486			3,852,247			7,503,003
	161,628,091			600,604,583			333,308,392			609,720,683
	(118,188,777	)		(56,796,481	)		(171,216,394	)		(65,371,757	)
	(40,118,621	)		(524,728,254	)		(25,588,210	)		(523,381,325	)
	(158,307,398	)		(581,524,735	)		(196,804,604	)		(588,753,082	)
	3,320,693			19,079,848			136,503,788			20,967,601
	6,268,082			13,684,291			136,589,603			(14,302,994	)
	860,023,393			846,339,102			894,622,983			908,925,977
$	866,291,475		$	860,023,393		$	1,031,212,586		$	894,622,983
$	352,788		$	356,265		$	(1,417,991	)	$	194,284

See Notes to Financial Statements. 153

STATEMENTS OF CHANGES IN NET ASSETS

	Extended-Duration Bond Fund
	For the Year Ended
	12/31/16			12/31/15
Operations:
Net investment income	$	10,018,068		$	10,894,985
Net realized gain (loss) on investment securities, foreign currency and derivative		9,506,330			8,433,293
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivative		1,012,592			(34,267,413	)
Net increase (decrease) in net assets resulting from operations		20,536,990			(14,939,135	)
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(7,560,818	)		(8,255,611	)
Investor shares		(2,465,545	)		(2,613,268	)
Distributions from net realized capital gains
Institutional shares		(5,541,003	)		(8,221,411	)
Investor shares		(4,868,635	)		(3,229,289	)
Total dividends and distributions		(20,436,001	)		(22,319,579	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		19,454,193			119,793,129
Investor shares		49,316,598			28,567,162
Reinvestment of dividends and distributions
Institutional shares		13,095,046			16,470,485
Investor shares		7,324,265			5,835,124
Total proceeds from shares sold and reinvested		89,190,102			170,665,900
Value of shares redeemed
Institutional shares		(65,143,260	)		(18,375,581	)
Investor shares		(44,984,790	)		(160,827,372	)
Total value of shares redeemed		(110,128,050	)		(179,202,953	)
Net increase (decrease) from capital share transactions(1)		(20,937,948	)		(8,537,053	)
Total increase (decrease) in net assets		(20,836,959	)		(45,795,767	)
Net Assets:
Beginning of Year		255,837,881			301,633,648
End of Year*	$	235,000,922		$	255,837,881
*Including distributions in excess of net investment income	$	(3,237	)	$	(696	)

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

154 See Notes to Financial Statements.

Global Bond Fund
For the Year Ended
12/31/16			12/31/15
$	18,957,185		$	15,259,976
	(9,723,149	)		(904,056	)
	33,487,785			(38,276,775	)
	42,721,821			(23,920,855	)
	(13,837,022	)		(8,590,342	)
	(3,392,928	)		(7,161,903	)
	—			—
	—			—
	(17,229,950	)		(15,752,245	)
	62,834,081			344,440,917
	22,304,414			18,823,824
	13,705,988			8,590,341
	3,388,544			7,159,800
	102,233,027			379,014,882
	(69,877,520	)		(8,005,220	)
	(19,969,937	)		(342,648,454	)
	(89,847,457	)		(350,653,674	)
	12,385,570			28,361,208
	37,877,441			(11,311,892	)
	390,009,537			401,321,429
$	427,886,978		$	390,009,537
$	(384,515	)	$	(399,581	)

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
2016	$	1.00	$	—	†#	$	—	†	$	—	†	$	—	†	$	1.00		0.28	%	$	251,639		0.17	%		0.18	%		0.27	%		N/A
2015		1.00		—	†#		—	†		—	†		—	†		1.00		0.08			245,882		0.17			0.18			0.08			N/A
2014		1.00		—	†#		—	†		—	†		—	†		1.00		0.02			121,624		0.18			0.19			0.01			N/A
2013(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
Investor Class
2016	$	1.00	$	—	†#	$	—	†	$	—	†	$	—	†	$	1.00		0.04	%	$	950,663		0.41	%		0.42	%		0.03	%		N/A
2015		1.00		—	†#		—	†		—	†		—	†		1.00		0.02			1,041,421		0.24			0.43			0.01			N/A
2014		1.00		—	†#		—	†		—	†		—	†		1.00		0.02			1,163,495		0.19			0.44			0.01			N/A
2013(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
Low-Duration Bond Fund
Institutional Class(4)
2016	$	13.30	$	0.19	#	$	0.05	(5)	$	(0.20	)	$	—		$	13.34		1.74	%	$	585,590		0.37	%		0.38	%		1.46	%		398	%
2015		13.41		0.21	#		(0.10	)(5)		(0.22	)		—			13.30		0.79			617,698		0.37			0.38			1.52			746
2014		13.57		0.14	#		0.02	(5)		(0.30	)		(0.02	)		13.41		1.16			141,461		0.36			0.42			1.06			529
2013(6)		13.84		0.17	#		(0.17	)(5)		(0.25	)		(0.02	)		13.57		0.02			136,966		0.36			0.42			1.26			202
2012		13.65		0.24	#		0.35	(5)		(0.35	)		(0.05	)		13.84		4.35			135,526		0.36			0.41			1.68			228
Investor Class
2016	$	13.27	$	0.16	#	$	0.03	(5)	$	(0.12	)	$	—		$	13.34		1.47	%	$	280,701		0.64	%		0.65	%		1.18	%		398	%
2015		13.31		0.16	#		(0.09	)(5)		(0.11	)		—			13.27		0.49			242,325		0.60			0.65			1.17			746
2014		13.35		0.11	#		0.02	(5)		(0.16	)		(0.01	)		13.31		0.97			704,878		0.57			0.66			0.85			529
2013(6)		13.52		0.14	#		(0.16	)(5)		(0.14	)		(0.01	)		13.35		(0.20	)		701,299		0.57			0.66			1.04			202
2012		13.20		0.20	#		0.35	(5)		(0.20	)		(0.03	)		13.52		4.15			678,099		0.57			0.65			1.47			228
Medium-Duration Bond Fund
Institutional Class(4)
2016	$	14.44	$	0.37	#	$	0.08	(5)	$	(0.39	)	$	(0.04	)	$	14.46		3.21	%	$	815,430		0.45	%		0.46	%		2.50	%		337	%
2015		15.18		0.37	#		(0.35	)(5)		(0.54	)		(0.22	)		14.44		0.03			706,760		0.45			0.47			2.46			346
2014		15.01		0.33	#		0.56	(5)		(0.63	)		(0.09	)		15.18		6.03			239,389		0.48			0.52			2.14			408
2013(7)		15.90		0.35	#		(0.63	)(5)		(0.59	)		(0.02	)		15.01		(1.90	)		227,172		0.48			0.52			2.21			409
2012		15.72		0.37	#		0.85	(5)		(0.61	)		(0.43	)		15.90		7.93			251,565		0.48			0.51			2.32			570
Investor Class
2016	$	14.31	$	0.33	#	$	0.08	(5)	$	(0.22	)	$	(0.04	)	$	14.46		2.88	%	$	215,783		0.72	%		0.73	%		2.24	%		337	%
2015		14.65		0.28	#		(0.31	)(5)		(0.21	)		(0.10	)		14.31		(0.22	)		187,863		0.66			0.75			1.92			346
2014		14.14		0.29	#		0.53	(5)		(0.27	)		(0.04	)		14.65		5.82			669,537		0.63			0.77			1.98			408
2013(7)		14.68		0.30	#		(0.59	)(5)		(0.24	)		(0.01	)		14.14		(1.98	)		582,451		0.63			0.77			2.06			409
2012		14.07		0.32	#		0.75	(5)		(0.26	)		(0.20	)		14.68		7.68			620,945		0.63			0.75			2.18			570

  † Amount represents less than $0.005 per share.

  # Calculated using the average shares outstanding method.

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

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

(3) 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) All per share amounts and net asset values have been adjusted as a result of the reverse stock split effected on October 14, 2016. (See Note 1 in Notes to Financial Statements).

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

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

(7) An out of period adjustment to Investment Income increased Net Investment Income per Share by $0.00 and $0.01, Total Return by 0.00% and 0.07%, and the Ratio of Net Investment Income to Average Net Assets by 0.04% and 0.04% for Institutional Class and Investor Class, respectively.

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 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 Period (000)		Expenses, Net(1)			Expenses, Gross(2)			Investment Income, Net(1)			Portfolio Turnover Rate
Extended-Duration Bond Fund
Institutional Class(3)
2016	$	17.37	$	0.70	#	$	0.63	(4)	$	(0.98	)	$	(0.82	)	$	16.90		7.65	%	$	115,558		0.56	%		0.57	%		3.81	%		50	%
2015		21.26		0.78	#		(1.74	)(4)		(1.42	)		(1.51	)		17.37		(5.01	)		148,920		0.60			0.60			4.09			42
2014		21.85		0.96	#		2.70	(4)		(2.42	)		(1.83	)		21.26		17.47			56,216		0.56			0.57			4.19			48
2013(5)		29.08		1.23	#		(2.65	)(4)		(2.88	)		(2.93	)		21.85		(5.10	)		51,959		0.55			0.55			4.61			37
2012		29.62		1.42	#		2.93	(4)		(2.97	)		(1.92	)		29.08		15.41			86,268		0.52			0.53			4.68			27
Investor Class
2016	$	16.76	$	0.64	#	$	0.56	(4)	$	(0.34	)	$	(0.72	)	$	16.90		7.23	%	$	119,443		0.84	%		0.85	%		3.51	%		50	%
2015		18.30		0.66	#		(1.60	)(4)		(0.27	)		(0.33	)		16.76		(5.30	)		106,918		0.82			0.85			3.65			42
2014		16.39		0.71	#		2.10	(4)		(0.50	)		(0.40	)		18.30		17.32			245,417		0.75			0.83			3.99			48
2013(5)		18.58		0.78	#		(1.74	)(4)		(0.59	)		(0.64	)		16.39		(5.24	)		218,822		0.75			0.80			4.40			37
2012		17.08		0.81	#		1.72	(4)		(0.61	)		(0.42	)		18.58		15.06			384,705		0.75			0.78			4.45			27
Global Bond Fund
Institutional Class
2016	$	9.08	$	0.45	#	$	0.56	(4)	$	(0.41	)	$	—		$	9.68		11.24	%	$	338,475		0.59	%		0.60	%		4.73	%		28	%
2015(6)		10.09		0.27	#		(1.02	)(4)		(0.26	)		—			9.08		(7.54	)		311,374		0.59			0.62			4.15			30
Investor Class
2016	$	9.08	$	0.42	#	$	0.56	(4)	$	(0.38	)	$	—		$	9.68		10.91	%	$	89,412		0.88	%		0.89	%		4.42	%		28	%
2015		10.03		0.33	#		(0.92	)(4)		(0.36	)		—			9.08		(6.00	)		78,636		0.82			0.84			3.35			30
2014		10.09		0.37	#		(0.07	)(4)		(0.36	)		—			10.03		2.90			401,321		0.79			0.82			3.64			57
2013(7)		10.38		0.39	#		(0.36	)(4)		(0.32	)		—			10.09		0.30			357,842		0.80			0.83			3.77			101
2012		9.73		0.45	#		0.74	(4)		(0.54	)		—			10.38		12.52			232,856		0.83			0.86			4.41			64

  # Calculated using the average shares outstanding method.

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

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

(3) All per share amounts and net asset values have been adjusted as a result of the reverse stock split effected on October 14, 2016. (See Note 1 in Notes to Financial Statements).

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

(5) An out of period adjustment to Investment Income increased Net Investment Income per Share by $0.00 and $0.01, Total Return by 0.00% and 0.05%, and the Ratio of Net Investment Income to Average Net Assets by 0.04% and 0.04% for Institutional Class and Investor Class, respectively.

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

(7) An out of period adjustment to Investment Income increased Net Investment Income per Share by $0.01, Total Return by 0.10%, and the Ratio of Net Investment Income to Average Net Assets by 0.02%.

See Notes to Financial Statements. 157

Defensive Market Strategies Fund (Unaudited)

The 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 2016, outperforming its composite benchmark of 50% S&P 500^® Index and 50% Citigroup 3-Month Treasury Bill Index (11.53% versus 6.09%). In a year of solid gains for U.S. equities, the Fund also performed in line with its reference benchmark, represented by the S&P 500^® Index, slightly trailing by 0.43% net of fees. The Fund’s similar returns to that of the S&P 500^® Index, was achieved with materially lower market sensitivity and volatility 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 2016, all three strategies contributed positively to absolute and benchmark-relative returns.

The long-only equity strategy outperformed the S&P 500^® Index for the year, benefiting from its allocation to, and strong security selection within, the healthcare and utilities sectors. In addition, the long-only equity strategy benefited from a backdrop where the market rewarded value stocks with higher yields.

The options equity strategy contributed positively to benchmark relative performance. All excess returns from selling options were derived from selling put options, as the year experienced very little downside volatility. In contrast, selling call options subtracted from results.

The convertible bonds strategy contributed positively to benchmark relative outperformance, yet trailed the broader convertible bond market as measured by the BofA Merrill Lynch U.S. All Convertibles Index. Broad beta exposure to convertibles was the primary contributor to positive absolute performance, while more conservative positioning in convertibles detracted from results relative to that of the overall convertible bond market.

Some of the underlying strategies may utilize derivative instruments within the Fund. During 2016, 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 2016. Currency forwards were used to hedge foreign currency exposure back to the U.S. dollar and also contributed positively to the Fund’s absolute and benchmark-relative 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. It is possible to lose money by investing in the Fund.

158

Defensive Market Strategies Fund (Unaudited)

At December 31, 2016, 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.

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds		23.7
U.S. Treasury Obligations		20.2
Financial Services		8.5
Money Market Funds		8.4
Consumer Staples		6.1
Producer Durables		5.9
Utilities		5.9
Healthcare		4.6
Consumer Discretionary		4.3
Technology		4.3
Foreign Common Stocks		3.6
Foreign Bonds		2.5
Preferred Stocks		2.5
Energy		2.0
Materials & Processing		1.0
Master Limited Partnership		0.5
Synthetic Convertible Instruments		0.5
Written Options		(0.1	)
		104.4

159

Defensive Market Strategies Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional Class*	Investor Class*	Benchmark**
One Year	11.80%	11.53%	6.09%
Five Year	10.31%	10.04%	7.29%
Since Inception	10.15%	9.88%	7.25%
Inception Date	09/01/11	09/01/11
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	0.72%	0.99%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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 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 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.

160

DEFENSIVE MARKET STRATEGIES FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Shares		Value
COMMON STOCKS — 42.6%
Consumer Discretionary — 4.3%
Advance Auto Parts, Inc.		294		$	49,721
Amazon.com, Inc.*		2,418			1,813,186
AutoNation, Inc.*		58			2,822
AutoZone, Inc.D*		1,301			1,027,517
Bed Bath & Beyond, Inc.		4,170			169,469
Best Buy Co., Inc.		458			19,543
BorgWarner, Inc.		232			9,150
Cable One, Inc.		53			32,952
CarMax, Inc.*		253			16,291
CBS Corporation Class B (Non-Voting Shares)		629			40,017
Charter Communications, Inc. Class A*		432			124,381
Chipotle Mexican Grill, Inc.D*		413			155,833
Coach, Inc.		466			16,319
Comcast Corporation Class A		9,393			648,587
Costco Wholesale Corporation		12,518			2,004,257
COTY, Inc. Class A		700			12,817
D.R. Horton, Inc.		552			15,086
Darden Restaurants, Inc.		10,008			727,782
Discovery Communications, Inc. Class A*		180			4,934
Discovery Communications, Inc. Class C*		364			9,748
Dollar General Corporation		460			34,072
Dollar Tree, Inc.*		1,706			131,669
Domino’s Pizza, Inc.		2,746			437,273
eBay, Inc.*		2,656			78,857
Estee Lauder Cos., Inc. (The) Class A		21,510			1,645,300
Expedia, Inc.		247			27,980
Foot Locker, Inc.		247			17,510
Ford Motor Co.		6,620			80,301
Fortune Brands Home & Security, Inc.		114			6,094
Gap, Inc. (The)		301			6,754
General Motors Co.		2,773			96,611
Genuine Parts Co.		802			76,623
Goodyear Tire & Rubber Co. (The)		280			8,644
H&R Block, Inc.		43,558			1,001,398
Hanesbrands, Inc.		491			10,591
Harley-Davidson, Inc.		250			14,585
Harman International Industries, Inc.		122			13,562
Hasbro, Inc.		196			15,247
Home Depot, Inc. (The)		13,867			1,859,287
Interpublic Group of Cos., Inc. (The)		849			19,875
Kohl’s Corporation		339			16,740
L Brands, Inc.		443			29,167
Leggett & Platt, Inc.		135			6,599
Lennar Corporation Class A		243			10,432
LKQ Corporation*		551			16,888
Lowe’s Cos., Inc.		11,593			824,494
Macy’s, Inc.		543			19,445
Marriott International, Inc. Class A		694			57,380
Mattel, Inc.		628			17,301
McDonald’s Corporation		17,548			2,135,943
Mohawk Industries, Inc.*		62			12,380
Netflix, Inc.D*		2,794			345,897

	Shares		Value
Newell Brands, Inc.		917		$	40,944
News Corporation Class A		567			6,498
News Corporation Class B		636			7,505
NIKE, Inc. Class B		16,561			841,796
Nordstrom, Inc.		287			13,756
Omnicom Group, Inc.		448			38,129
O’Reilly Automotive, Inc.*		3,834			1,067,424
Panera Bread Co. Class A*		2,200			451,198
Polaris Industries, Inc.D		1,708			140,722
Priceline Group, Inc. (The)*		303			444,216
PulteGroup, Inc.		257			4,724
PVH Corporation		138			12,453
Ralph Lauren Corporation		53			4,787
Ross Stores, Inc.		4,600			301,760
Scripps Networks Interactive, Inc. Class A		121			8,636
Staples, Inc.		1,015			9,186
Starbucks Corporation		36,440			2,023,149
Target Corporation		15,697			1,133,794
TEGNA, Inc.		255			5,454
Tiffany & Co.		162			12,544
Time Warner, Inc.		7,409			715,191
TJX Cos., Inc. (The)		19,294			1,449,558
Tractor Supply Co.		3,591			272,234
TripAdvisor, Inc.*		7,685			356,353
Tupperware Brands CorporationD		11,697			615,496
Twenty-First Century Fox, Inc. Class A		1,877			52,631
Twenty-First Century Fox, Inc. Class B		766			20,874
Ulta Salon Cosmetics & Fragrance, Inc.*		1,230			313,576
Under Armour, Inc. Class A*		210			6,100
Under Armour, Inc. Class C*		211			5,311
Urban Outfitters, Inc.*		140			3,987
VF Corporation		493			26,302
Wal-Mart Stores, Inc.		89,855			6,210,778
Walt Disney Co. (The)		15,037			1,567,156
Whirlpool Corporation		160			29,083
Williams-Sonoma, Inc.D		5,521			267,161
Wyndham Worldwide Corporation		274			20,925
Yum! Brands, Inc.		16,334			1,034,432
					35,511,134
Consumer Staples — 6.1%
Archer-Daniels-Midland Co.		895			40,857
Campbell Soup Co.		11,289			682,646
Casey’s General Stores, Inc.		1,186			140,992
Church & Dwight Co., Inc.		22,634			1,000,196
Clorox Co. (The)		9,761			1,171,515
Coca-Cola Co. (The)		67,016			2,778,483
Colgate-Palmolive Co.		30,572			2,000,632
ConAgra Foods, Inc.		781			30,889
CVS Health Corporation		39,890			3,147,720
Dr. Pepper Snapple Group, Inc.		11,574			1,049,415
General Mills, Inc.		122,387			7,559,845
Hershey Co. (The)		1,975			204,274
Hormel Foods Corporation		20,100			699,681
Ingredion, Inc.		2,921			365,008
J.M. Smucker Co. (The)		682			87,337
Kellogg Co.		7,398			545,307
Kimberly-Clark Corporation		25,307			2,888,035
Kraft Heinz Co. (The)		11,299			986,629

See Notes to Financial Statements. 161

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Kroger Co. (The)		10,111		$	348,931
McCormick & Co., Inc. (Non-Voting Shares)		11,905			1,111,094
Mead Johnson Nutrition Co.		81,068			5,736,372
Mondelez International, Inc. Class A		2,750			121,907
Monster Beverage Corporation*		20,199			895,624
Nu Skin Enterprises, Inc. Class A		6,923			330,781
PepsiCo, Inc.		66,699			6,978,716
Procter & Gamble Co. (The)		84,522			7,106,610
Sysco Corporation		22,699			1,256,844
Tyson Foods, Inc. Class A		3,416			210,699
Walgreens Boots Alliance, Inc.		8,598			711,570
Whole Foods Market, Inc.		3,744			115,165
					50,303,774
Energy — 2.0%
Anadarko Petroleum Corporation		883			61,572
Apache Corporation		713			45,254
Baker Hughes, Inc.		716			46,519
Cabot Oil & Gas Corporation		793			18,525
Chesapeake Energy Corporation*		1,423			9,989
Chevron Corporation		47,123			5,546,377
Cimarex Energy Co.		158			21,472
Concho Resources, Inc.*		216			28,642
ConocoPhillips		3,933			197,201
Devon Energy Corporation		909			41,514
EOG Resources, Inc.		1,002			101,302
EQT Corporation		244			15,958
Exxon Mobil Corporation		64,732			5,842,710
First Solar, Inc.*		87			2,792
FMC Technologies, Inc.*		280			9,948
Halliburton Co.		1,553			84,002
Helmerich & Payne, Inc.		350			27,090
Hess Corporation		400			24,916
Kinder Morgan, Inc.		2,911			60,287
Marathon Oil Corporation		1,361			23,559
Marathon Petroleum Corporation		921			46,372
Murphy Oil Corporation		380			11,829
National Oilwell Varco, Inc.		635			23,774
Newfield Exploration Co.*		284			11,502
Noble Energy, Inc.		885			33,683
Occidental Petroleum Corporation		55,735			3,970,004
ONEOK, Inc.		397			22,792
Phillips 66		702			60,660
Pioneer Natural Resources Co.		320			57,622
Range Resources Corporation		186			6,391
Southwestern Energy Co.*		876			9,478
Spectra Energy Corporation		1,307			53,705
Tesoro Corporation		143			12,505
Valero Energy Corporation		716			48,917
Williams Cos., Inc. (The)		1,187			36,963
					16,615,826
Financial Services — 8.5%
Affiliated Managers Group, Inc.*		64			9,299
Aflac, Inc.		1,630			113,448
Alleghany Corporation*		1,440			875,693
Alliance Data Systems Corporation		78			17,823

	Shares		Value
Allstate Corporation (The)		51,545		$	3,820,515
American Express Co.		8,059			597,011
American Financial Group, Inc.		7,038			620,189
American International Group, Inc.		1,986			129,706
American Tower Corporation REIT		15,334			1,620,497
Ameriprise Financial, Inc.		269			29,843
Apartment Investment & Management Co. Class A REIT		481			21,861
Arthur J. Gallagher & Co.		357			18,550
Assurant, Inc.		75			6,964
AvalonBay Communities, Inc. REIT		351			62,180
Bank of America Corporation		17,723			391,678
Bank of Hawaii CorporationD		9,804			869,517
Bank of New York Mellon Corporation (The)		1,670			79,125
BB&T Corporation		6,450			303,279
Berkshire Hathaway, Inc. Class B*		3,177			517,787
BlackRock, Inc.		2,840			1,080,734
Boston Properties, Inc. REIT		7,557			950,519
Capital One Financial Corporation		785			68,483
Capitol Federal Financial, Inc.		235,600			3,877,976
CBOE Holdings, Inc.D		5,112			377,726
CBRE Group, Inc. Class A*		315			9,919
Charles Schwab Corporation (The)		2,096			82,729
Cincinnati Financial Corporation		334			25,300
Citigroup, Inc.		5,046			299,884
Citizens Financial Group, Inc.		400			14,252
CME Group, Inc.		662			76,362
Comerica, Inc.		23,102			1,573,477
Commerce Bancshares, Inc.		31,504			1,821,246
Crown Castle International Corporation REIT		1,012			87,811
Digital Realty Trust, Inc. REIT		278			27,316
Discover Financial Services		1,687			121,616
Dun & Bradstreet Corporation (The)		354			42,947
E*TRADE Financial Corporation*		326			11,296
Equifax, Inc.		179			21,163
Equinix, Inc. REIT		119			42,532
Equity Residential REIT		543			34,947
Erie Indemnity Co. Class A		1,754			197,237
Essex Property Trust, Inc. REIT		90			20,925
Extra Space Storage, Inc. REIT		139			10,736
FactSet Research Systems, Inc.D		1,168			190,886
Federal Realty Investment Trust REIT		55			7,816
Fidelity National Information Services, Inc.		549			41,526
Fifth Third Bancorp		1,381			37,246
Fiserv, Inc.*		888			94,377
FNF Group		1,309			44,454
Franklin Resources, Inc.		4,632			183,335
General Growth Properties, Inc. REIT		589			14,713
Global Payments, Inc.		200			13,882

162 See Notes to Financial Statements.

	Shares		Value
Goldman Sachs Group, Inc. (The)		655		$	156,840
Hartford Financial Services Group, Inc. (The)		633			30,162
HCP, Inc. REIT		895			26,599
Host Hotels & Resorts, Inc. REIT		6,712			126,454
Huntington Bancshares, Inc.		1,372			18,138
Intercontinental Exchange, Inc.		960			54,163
Iron Mountain, Inc. REIT		502			16,305
Jack Henry & Associates, Inc.		2,600			230,828
JPMorgan Chase & Co.		49,553			4,275,928
KeyCorp		1,880			34,348
Kimco Realty Corporation REIT		474			11,926
Leucadia National Corporation		355			8,254
Lincoln National Corporation		300			19,881
Loews Corporation		130			6,088
M&T Bank Corporation		11,620			1,817,717
Macerich Co. (The) REIT		159			11,264
Markel Corporation*		1,618			1,463,481
Marsh & McLennan Cos., Inc.		74,372			5,026,803
MasterCard, Inc. Class A		16,325			1,685,556
Mercury General CorporationD		5,424			326,579
MetLife, Inc.		12,202			657,566
Moody’s Corporation		279			26,301
Morgan Stanley		2,825			119,356
Nasdaq, Inc.		251			16,847
Navient Corporation		520			8,544
New York Community Bancorp, Inc.		31,852			506,765
Northern Trust Corporation		37,670			3,354,513
PayPal Holdings, Inc.*		1,878			74,125
People’s United Financial, Inc.		674			13,049
PNC Financial Services Group, Inc. (The)		40,882			4,781,559
Principal Financial Group, Inc.		542			31,360
ProAssurance Corporation		6,126			344,281
Progressive Corporation (The)		60,100			2,133,550
Prologis, Inc. REIT		1,007			53,160
Prudential Financial, Inc.		899			93,550
Public Storage REIT		226			50,511
Realty Income Corporation REIT		388			22,302
Regions Financial Corporation		4,384			62,954
S&P Global, Inc.		430			46,242
Signature Bank*		1,800			270,360
Simon Property Group, Inc. REIT		789			140,182
SL Green Realty Corporation REIT		174			18,714
State Street Corporation		604			46,943
SunTrust Banks, Inc.		65,407			3,587,574
SVB Financial Group*		1,112			190,886
Synchrony Financial		1,268			45,990
T. Rowe Price Group, Inc.		3,277			246,627
TCF Financial Corporation		9,485			185,811
TFS Financial Corporation		8,840			168,314
Torchmark Corporation		321			23,677
Total System Services, Inc.		261			12,797
Travelers Cos., Inc. (The)		17,895			2,190,706
U.S. Bancorp		81,008			4,161,381
UDR, Inc. REIT		300			10,944
Unum Group		295			12,959
Ventas, Inc. REIT		697			43,576

	Shares		Value
Visa, Inc. Class AD		32,904		$	2,567,170
Vornado Realty Trust REIT		299			31,207
W.R. Berkley Corporation		4,601			306,013
Wells Fargo & Co.		70,645			3,893,246
Welltower, Inc. REIT		643			43,036
Western Union Co. (The)		622			13,510
Weyerhaeuser Co. REIT		91,407			2,750,437
Zions Bancorporation		159			6,843
					70,323,085
Healthcare — 4.6%
Abbott Laboratories		13,113			503,670
AbbVie, Inc.		3,182			199,257
ABIOMED, Inc.*		2,890			325,645
Aetna, Inc.		4,708			583,839
Agilent Technologies, Inc.		647			29,477
Alexion Pharmaceuticals, Inc.*		399			48,818
Align Technology, Inc.*		2,927			281,373
Amgen, Inc.		2,100			307,041
Anthem, Inc.		4,222			606,997
Baxter International, Inc.		34,968			1,550,481
Becton Dickinson and Co.		6,732			1,114,483
Biogen, Inc.*		710			201,342
Bio-Rad Laboratories, Inc. Class A*		292			53,226
Boston Scientific Corporation*		2,122			45,899
Bristol-Myers Squibb Co.		40,140			2,345,782
Bruker Corporation		5,197			110,072
C.R. Bard, Inc.		4,228			949,862
Cardinal Health, Inc.		19,360			1,393,339
Celgene Corporation*		1,324			153,253
Centene Corporation*		253			14,297
Cerner Corporation*		2,127			100,756
Cigna Corporation		450			60,025
Cooper Cos., Inc. (The)		110			19,242
Danaher Corporation		4,960			386,086
DaVita, Inc.*		200			12,840
DENTSPLY SIRONA, Inc.		281			16,222
DexCom, Inc.D*		4,979			297,246
Edwards Lifesciences Corporation*		6,349			594,901
Eli Lilly & Co.		44,511			3,273,784
Express Scripts Holding Co.*		4,732			325,514
Gilead Sciences, Inc.		2,291			164,059
HCA Holdings, Inc.*		500			37,010
Henry Schein, Inc.*		4,011			608,509
Hologic, Inc.*		233			9,348
Humana, Inc.		232			47,335
IDEXX Laboratories, Inc.*		1,043			122,313
Illumina, Inc.*		568			72,727
Intuitive Surgical, Inc.*		958			607,535
Johnson & Johnson		118,533			13,656,187
Laboratory Corporation of America Holdings*		195			25,034
McKesson Corporation		1,911			268,400
Patterson Cos., Inc.D		3,219			132,076
PerkinElmer, Inc.		318			16,584
Quest Diagnostics, Inc.		8,302			762,954
Regeneron Pharmaceuticals, Inc.*		312			114,532
ResMed, Inc.D		3,044			188,880
Seattle Genetics, Inc.D*		2,476			130,659
St. Jude Medical, Inc.		480			38,491
Stryker Corporation		11,779			1,411,242
Thermo Fisher Scientific, Inc.		705			99,475

See Notes to Financial Statements. 163

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
United Therapeutics CorporationD*		1,627		$	233,361
UnitedHealth Group, Inc.		16,191			2,591,208
Universal Health Services, Inc. Class B		174			18,510
Veeva Systems, Inc. Class A*		2,650			107,855
Vertex Pharmaceuticals, Inc.*		417			30,720
Zimmer Biomet Holdings, Inc.		334			34,469
Zoetis, Inc.		2,866			153,417
					37,587,659
Materials & Processing — 1.0%
Acuity Brands, Inc.D		847			195,538
Air Products & Chemicals, Inc.		4,066			584,772
Albemarle Corporation		163			14,031
Ball Corporation		226			16,966
Bemis Co., Inc.		73,900			3,533,898
CF Industries Holdings, Inc.		530			16,684
Dow Chemical Co. (The)		1,849			105,800
E.I. du Pont de Nemours & Co.		2,940			215,796
Eastman Chemical Co.		174			13,086
Ecolab, Inc.		6,488			760,523
Fastenal Co.D		6,147			288,786
FMC Corporation		151			8,540
Freeport-McMoRan, Inc.*		1,994			26,301
International Flavors & Fragrances, Inc.		693			81,656
International Paper Co.		550			29,183
Martin Marietta Materials, Inc.		107			23,704
Masco Corporation		401			12,680
Monsanto Co.		713			75,015
Mosaic Co. (The)		713			20,912
NewMarket CorporationD		415			175,894
Newmont Mining Corporation		1,042			35,501
Nucor Corporation		459			27,320
PPG Industries, Inc.		6,926			656,308
Praxair, Inc.		2,185			256,060
Sealed Air Corporation		225			10,201
Sherwin-Williams Co. (The)		4,551			1,223,036
Vulcan Materials Co.		294			36,794
WestRock Co.		409			20,765
					8,465,750
Producer Durables — 5.9%
3M Co.		27,954			4,991,746
Alaska Air Group, Inc.		2,858			253,590
American Airlines Group, Inc.		837			39,079
AMETEK, Inc.		278			13,511
Arconic, Inc.		520			9,641
Automatic Data Processing, Inc.		46,653			4,794,995
Boeing Co. (The)		13,104			2,040,031
C.H. Robinson Worldwide, Inc.		2,398			175,677
Carlisle Cos., Inc.		299			32,977
Caterpillar, Inc.		1,029			95,429
Cintas Corporation		3,375			390,015
CSX Corporation		1,818			65,321
Cummins, Inc.		1,515			207,055
Deere & Co.		484			49,871
Delta Air Lines, Inc.		1,480			72,801
Dover Corporation		192			14,386
Emerson Electric Co.		23,353			1,301,930

	Shares		Value
Expeditors International of Washington, Inc.		15,163		$	803,032
FedEx Corporation		3,371			627,680
FLIR Systems, Inc.		1,545			55,914
Flowserve Corporation		133			6,391
Fluor Corporation		182			9,559
Fortive Corporation		430			23,061
General Dynamics Corporation		4,692			810,121
General Electric Co.		61,230			1,934,868
Honeywell International, Inc.		13,327			1,543,933
Huntington Ingalls Industries, Inc.		1,631			300,414
Illinois Tool Works, Inc.		497			60,863
J.B. Hunt Transport Services, Inc.		1,066			103,477
Jacobs Engineering Group, Inc.*		78			4,446
Kansas City Southern		154			13,067
L-3 Communications Holdings, Inc.		139			21,143
Landstar System, Inc.		8,070			688,371
Lockheed Martin Corporation		5,365			1,340,928
Mettler-Toledo International, Inc.*		1,916			801,961
Norfolk Southern Corporation		455			49,172
Northrop Grumman Corporation		4,232			984,279
PACCAR, Inc.		655			41,854
Parker-Hannifin Corporation		429			60,060
Paychex, Inc.		21,326			1,298,327
Pitney Bowes, Inc.		332			5,043
Quanta Services, Inc.*		139			4,844
Raytheon Co.		8,084			1,147,928
Republic Services, Inc.		124,693			7,113,736
Robert Half International, Inc.		3,476			169,559
Rockwell Automation, Inc.		12,041			1,618,310
Rockwell Collins, Inc.D		3,303			306,386
Rollins, Inc.D		10,864			366,986
Roper Technologies, Inc.		165			30,208
Ryder System, Inc.		111			8,263
Snap-on, Inc.		44			7,536
Southwest Airlines Co.		7,558			376,691
Stanley Black & Decker, Inc.		11,720			1,344,167
Stericycle, Inc.*		97			7,473
Textron, Inc.		272			13,208
TransDigm Group, Inc.		70			17,427
Union Pacific Corporation		7,297			756,553
United Continental Holdings, Inc.*		462			33,671
United Parcel Service, Inc. Class B		48,568			5,567,836
United Rentals, Inc.*		123			12,986
United Technologies Corporation		8,131			891,320
Verisk Analytics, Inc.*		195			15,828
W.W. Grainger, Inc.D		878			203,915
Waste Management, Inc.		31,272			2,217,498
Waters Corporation*		738			99,180
Xerox Corporation		1,257			10,974
Xylem, Inc.		389			19,263
					48,497,765
Technology — 4.3%
Activision Blizzard, Inc.		1,188			42,899
Adobe Systems, Inc.*		8,263			850,676
Akamai Technologies, Inc.*		203			13,536

164 See Notes to Financial Statements.

	Shares		Value
Alphabet, Inc. Class A*		3,482	$	2,759,311
Alphabet, Inc. Class C*		513		395,944
Amphenol Corporation Class A		516		34,675
Analog Devices, Inc.		2,927		212,559
ANSYS, Inc.*		733		67,795
Apple, Inc.		19,858		2,299,953
Applied Materials, Inc.		69,914		2,256,125
Arista Networks, Inc.D*		1,572		152,122
Autodesk, Inc.*		417		30,862
CA, Inc.		706		22,430
Cisco Systems, Inc.		53,789		1,625,504
Citrix Systems, Inc.*		271		24,203
Cognizant Technology Solutions Corporation Class A*		772		43,255
Corning, Inc.		1,580		38,347
CSRA, Inc.		165		5,254
Electronic Arts, Inc.*		523		41,191
F5 Networks, Inc.*		2,946		426,345
Facebook, Inc. Class A*		13,534		1,557,087
Gartner, Inc.*		4,526		457,443
Harris Corporation		176		18,035
Hewlett Packard Enterprise Co.		2,988		69,142
HP, Inc.		2,972		44,104
Intel Corporation		34,316		1,244,641
International Business Machines Corporation		9,919		1,646,455
Intuit, Inc.		13,910		1,594,225
IPG Photonics Corporation*		367		36,227
Juniper Networks, Inc.		571		16,136
KLA-Tencor Corporation		188		14,792
Lam Research Corporation		181		19,137
Linear Technology Corporation		268		16,710
Maxim Integrated Products, Inc.		127,965		4,935,610
Microchip Technology, Inc.		519		33,294
Micron Technology, Inc.*		1,555		34,086
Microsoft Corporation		80,979		5,032,035
Motorola Solutions, Inc.		226		18,733
NetApp, Inc.		374		13,191
NVIDIA CorporationD		9,194		981,368
Oracle Corporation		55,735		2,143,011
Palo Alto Networks, Inc.*		1,328		166,066
Qorvo, Inc.*		175		9,228
QUALCOMM, Inc.		12,959		844,927
Red Hat, Inc.*		303		21,119
salesforce.com, Inc.*		1,070		73,252
Skyworks Solutions, Inc.		314		23,443
Symantec Corporation		1,290		30,818
Synopsys, Inc.*		600		35,316
Teradata Corporation*		9,710		263,821
Texas Instruments, Inc.		23,588		1,721,216
VeriSign, Inc.*		180		13,693
Western Digital Corporation		476		32,344
Xilinx, Inc.		6,137		370,491
Yahoo!, Inc.*		1,518		58,701
				34,932,883
Utilities — 5.9%
AES Corporation		1,420		16,500
Alliant Energy Corporation		4,100		155,349
Ameren Corporation		18,862		989,500
American Electric Power Co., Inc.		16,406		1,032,922
American Water Works Co., Inc.		21,200		1,534,032
Aqua America, Inc.		38,993		1,171,350

	Shares		Value
AT&T, Inc.		91,542	$	3,893,281
Atmos Energy Corporation		49,757		3,689,482
CenterPoint Energy, Inc.		11,510		283,606
CenturyLink, Inc.		1,162		27,632
CMS Energy Corporation		355		14,775
Consolidated Edison, Inc.		16,860		1,242,245
Dominion Resources, Inc.		15,147		1,160,109
DTE Energy Co.		9,728		958,305
Duke Energy Corporation		13,455		1,044,377
Edison International		18,286		1,316,409
Entergy Corporation		614		45,111
Eversource Energy		27,353		1,510,706
Exelon Corporation		9,302		330,128
FirstEnergy Corporation		1,116		34,563
Frontier Communications Corporation		3,719		12,570
Level 3 Communications, Inc.*		391		22,037
NextEra Energy, Inc.		11,087		1,324,453
NiSource, Inc.		15,696		347,509
NRG Energy, Inc.		370		4,536
OGE Energy Corporation		10,332		345,606
ONE Gas, Inc.		70,749		4,525,106
PG&E Corporation		60,807		3,695,241
Pinnacle West Capital Corporation		18,265		1,425,218
PPL Corporation		5,163		175,800
Public Service Enterprise Group, Inc.		42,817		1,878,810
SCANA Corporation		161		11,798
Sempra Energy		9,189		924,781
Southern Co. (The)		31,693		1,558,979
UGI Corporation		26,917		1,240,335
Vectren Corporation		15,886		828,455
Verizon Communications, Inc.		108,949		5,815,698
WEC Energy Group, Inc.		8,713		511,017
WGL Holdings, Inc.		30,200		2,303,656
Xcel Energy, Inc.		19,740		803,418
				48,205,405
Total Common Stocks (Cost $293,545,070)				350,443,281
FOREIGN COMMON STOCKS — 3.6%
Bermuda — 0.6%
Arch Capital Group, Ltd.*		14,300		1,233,947
Axis Capital Holdings, Ltd.		3,742		244,240
Everest Re Group, Ltd.		8,316		1,799,582
Invesco, Ltd.		19,616		595,149
RenaissanceRe Holdings, Ltd.		4,600		626,612
Signet Jewelers, Ltd.		97		9,143
White Mountains Insurance Group, Ltd.		230		192,292
XL Group, Ltd.		452		16,842
				4,717,807
British Virgin Islands — 0.0%
Michael Kors Holdings, Ltd.*		280		12,034
Curacao — 0.6%
Schlumberger, Ltd.		60,442		5,074,106
France — 0.9%
TOTAL SA		139,160		7,136,861
Guernsey — 0.0%
Amdocs, Ltd.		1,249		72,754
Ireland — 0.7%
Accenture PLC Class A		10,842		1,269,923
Allegion PLC		94		6,016

See Notes to Financial Statements. 165

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Eaton Corporation PLC		837	$	56,154
Ingersoll-Rand PLC		431		32,342
Johnson Controls International PLC		1,765		72,700
Mallinckrodt PLC*		1,829		91,121
Medtronic PLC		56,202		4,003,268
Pentair PLC		224		12,560
Seagate Technology PLC		738		28,170
Willis Towers Watson PLC		205		25,067
				5,597,321
Jersey — 0.1%
Delphi Automotive PLC		10,051		676,935
Liberia — 0.0%
Royal Caribbean Cruises, Ltd.		290		23,792
Netherlands — 0.1%
Frank’s International NVD		41,302		508,428
LyondellBasell Industries NV Class A		618		53,012
Mylan NV*		3,383		129,061
				690,501
Panama — 0.0%
Carnival Corporation		789		41,075
Singapore — 0.0%
Broadcom, Ltd.		669		118,259
Switzerland — 0.5%
Chubb, Ltd.		31,448		4,154,910
Garmin, Ltd.D		5,460		264,755
TE Connectivity, Ltd.		617		42,746
Transocean, Ltd.*		893		13,163
				4,475,574
United Kingdom — 0.1%
Aon PLC		7,128		794,986
Nielsen Holdings PLC		545		22,863
				817,849
Total Foreign Common Stocks (Cost $25,544,172)				29,454,868
PREFERRED STOCKS — 2.5%
Bank of America Corporation
7.25%, 12/31/49 CONV		4,108		4,793,214
Spire, Inc.
6.75%, 04/01/17 CONV		69,676		4,015,665
U.S. Bancorp
6.00%, 12/31/49†		264,700		6,673,087
Wells Fargo & Co.
7.50%, 12/31/49 CONV		3,999		4,758,810
Welltower, Inc.,
6.50%, 12/31/49 CONV		9,600		577,728
Total Preferred Stocks (Cost $21,352,206)				20,818,504
MASTER LIMITED PARTNERSHIP — 0.5%
Spectra Energy Partners LP (Cost $4,173,725)		95,472		4,376,437

	Shares		Value
MONEY MARKET FUNDS — 8.4%
GuideStone Money Market Fund (Investor Class)¥		29,868,692	$	29,868,692
Northern Institutional Liquid Assets Portfolio§		39,313,038		39,313,038
Total Money Market Funds (Cost $69,181,730)				69,181,730
SYNTHETIC CONVERTIBLE INSTRUMENTS — 0.5%
Credit Suisse AG+ 144A		10,400		694,637
Goldman Sachs International+ CONV		9,100		598,361
Morgan Stanley BV+		12,300		1,300,233
UBS AG+ CONV 144A		5,900		424,092
Wells Fargo Bank NA+ 144A		17,000		1,265,291
Total Synthetic Convertible Instruments (Cost $4,238,899)				4,282,614
	Par
CORPORATE BONDS — 23.7%
Akamai Technologies, Inc.
(1.84)%, 02/15/19 CONVW	$	4,380,000		4,555,222
Allscripts Healthcare Solutions, Inc.
1.25%, 07/01/20 CONV		3,600,000		3,384,000
Ares Capital Corporation
4.38%, 01/15/19 CONV		4,596,000		4,774,095
BioMarin Pharmaceutical, Inc.
1.50%, 10/15/20 CONV		3,306,000		3,890,749
Blackhawk Network Holdings, Inc.
1.50%, 01/15/22 CONV 144AD		3,030,000		3,120,900
Brookdale Senior Living, Inc.
2.75%, 06/15/18 CONV		1,665,000		1,626,497
CalAtlantic Group, Inc.
1.63%, 05/15/18 CONVD		1,542,000		1,852,327
0.25%, 06/01/19 CONV		2,465,000		2,307,856
Chart Industries, Inc.
2.00%, 08/01/18 CONVD		2,192,000		2,153,640
Chesapeake Energy
5.50%, 09/15/26 CONV 144A		485,000		527,437
Ciena Corporation
0.88%, 06/15/17 CONV		1,135,000		1,135,709
Citigroup, Inc.
5.95%, 07/29/49†D		2,874,000		2,917,110
Citrix Systems, Inc.
0.50%, 04/15/19 CONV		3,065,000		3,563,062
Colony Starwood Homes REIT
3.00%, 07/01/19 CONV		1,640,000		1,795,800
DISH Network Corporation
3.38%, 08/15/26 CONV 144A		3,050,000		3,486,531
Dycom Industries, Inc.
0.75%, 09/15/21 CONV		1,888,000		2,069,720
Echo Global Logistics, Inc.
2.50%, 05/01/20 CONVD		1,370,000		1,349,450
Electronics for Imaging, Inc.
0.75%, 09/01/19 CONVD		3,270,000		3,476,419
Empire State Realty OP LP REIT
2.63%, 08/15/19 CONV 144AD		1,060,000		1,202,438

166 See Notes to Financial Statements.

	Par		Value
Envestnet, Inc.
1.75%, 12/15/19 CONV	$	1,280,000		$	1,225,600
Euronet Worldwide, Inc.
1.50%, 10/01/44 CONVD		751,000			873,038
Extra Space Storage LP REIT
3.13%, 10/01/35 CONV 144A		3,010,000			3,216,937
FireEye, Inc.
1.00%, 06/01/35 CONV		825,000			766,219
1.63%, 06/01/35 CONVD		855,000			774,309
General Electric Co.
5.00%, 12/29/49†		5,268,000			5,473,189
Goldman Sachs Group, Inc.
5.30%, 12/29/49†D		1,496,000			1,438,030
Hologic, Inc.
1.87%, 12/15/43 STEP CONVW		2,190,000			2,689,594
Huron Consulting Group, Inc.
1.25%, 10/01/19 CONVD		2,375,000			2,331,953
Illumina, Inc.
0.50%, 06/15/21 CONV		2,021,000			1,946,476
Impax Laboratories, Inc.
2.00%, 06/15/22 CONV		2,324,000			1,846,128
Integrated Device Technology, Inc.
0.88%, 11/15/22 CONVD		2,444,000			2,528,012
Intel Corporation
2.95%, 12/15/35 CONV		5,652,000			7,647,863
InterDigital, Inc.
1.50%, 03/01/20 CONV		830,000			1,126,206
Janus Capital Group, Inc.
0.75%, 07/15/18 CONV		416,000			550,680
Lam Research Corporation
1.25%, 05/15/18 CONV		1,482,000			2,607,394
Liberty Interactive Corporation
1.75%, 09/30/46 CONV 144A		1,110,000			1,198,800
Liberty Media Corporation
1.38%, 10/15/23 CONV		1,156,000			1,247,035
2.25%, 09/30/46 CONV 144A		1,180,000			1,249,325
Live Nation Entertainment, Inc.
2.50%, 05/15/19 CONVD		3,140,000			3,361,762
Macquarie Infrastructure Corporation
2.88%, 07/15/19 CONV		2,028,000			2,365,155
2.00%, 10/01/23 CONVD		2,400,000			2,428,500
Medidata Solutions, Inc.
1.00%, 08/01/18 CONVD		3,687,000			4,014,221
Meritor, Inc.
7.88%, 03/01/26 CONV		860,000			1,247,538
Microchip Technology, Inc.
1.63%, 02/15/25 CONV		7,402,000			9,622,600
Molina Healthcare, Inc.
1.63%, 08/15/44 CONVD		2,191,000			2,501,848
National Health Investors, Inc. REIT
3.25%, 04/01/21 CONVD		1,744,000			1,964,180
Navistar International Corporation
4.75%, 04/15/19 CONVD		2,364,000			2,346,270
NRG Yield, Inc.
3.50%, 02/01/19 CONV 144AD		2,571,000			2,571,000

	Par		Value
Nuance Communications, Inc.
1.00%, 12/15/35 CONVD	$	2,665,000		$	2,420,153
NuVasive, Inc.
2.25%, 03/15/21 CONV 144A		2,423,000			3,087,811
Oasis Petroleum, Inc.
2.63%, 09/15/23 CONV		380,000			530,100
ON Semiconductor Corporation
1.00%, 12/01/20 CONVD		3,722,000			3,831,334
Palo Alto Networks, Inc.
(9.42)%, 07/01/19 CONVW		743,000			945,932
PDC Energy, Inc.
1.13%, 09/15/21 CONV		235,000			263,494
Priceline Group, Inc.
0.90%, 09/15/21 CONVD		4,598,000			4,868,132
Proofpoint, Inc.
0.75%, 06/15/20 CONV		2,886,000			3,273,806
Red Hat, Inc.
0.25%, 10/01/19 CONVD		1,739,000			2,037,891
Rovi Corporation
0.50%, 03/01/20 CONV		1,630,000			1,668,712
Royal Gold, Inc.
2.88%, 06/15/19 CONV		1,475,000			1,565,344
RTI International Metals, Inc.
1.63%, 10/15/19 CONV		2,205,000			2,291,822
salesforce.com, Inc.
0.25%, 04/01/18 CONV		1,776,000			2,072,370
ServiceNow, Inc.
(8.81)%, 11/01/18 CONVW		1,865,000			2,200,700
Shutterfly, Inc.
0.25%, 05/15/18 CONV		956,000			972,132
SM Energy Co.
1.50%, 07/01/21 CONV		287,000			333,458
SolarCity Corporation
2.75%, 11/01/18 CONV		770,000			719,469
1.63%, 11/01/19 CONV		445,000			377,972
Spirit Realty Capital, Inc. REIT
2.88%, 05/15/19 CONV		1,984,000			2,068,330
Starwood Property Trust, Inc. REIT
4.55%, 03/01/18 CONV		3,801,000			4,159,719
Teradyne, Inc.
1.25%, 12/15/23 CONV 144AD		1,871,000			1,985,599
Tesla Motors, Inc.
1.25%, 03/01/21 CONV		2,465,000			2,146,091
Toll Brothers Finance Corporation
0.50%, 09/15/32 CONV		4,355,000			4,306,006
Tutor Perini Corporation
2.88%, 06/15/21 CONV 144A		1,120,000			1,281,700
Twitter, Inc.
1.00%, 09/15/21 CONVD		4,623,000			4,276,275
VEREIT, Inc. REIT
3.00%, 08/01/18 CONV		1,520,000			1,520,000
Verint Systems, Inc.
1.50%, 06/01/21 CONVD		5,056,000			4,762,120
Web.com Group, Inc.
1.00%, 08/15/18 CONV		3,425,000			3,311,547
WebMD Health Corporation
2.63%, 06/15/23 CONV 144A		3,225,000			3,039,562
Whiting Petroleum Corporation
1.25%, 04/01/20 CONVD		1,276,000			1,126,070

See Notes to Financial Statements. 167

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Workday, Inc.
0.75%, 07/15/18 CONVD	$	2,535,000		$	2,671,256
Wright Medical Group, Inc.
2.00%, 02/15/20 CONV		2,355,000			2,465,391
Total Corporate Bonds (Cost $190,056,482)					194,929,122
FOREIGN BONDS — 2.5%
Bermuda — 0.7%
Jazz Investments I, Ltd.
1.88%, 08/15/21 CONV		4,375,000			4,213,672
Weatherford International, Ltd.
5.88%, 07/01/21 CONV		1,170,000			1,272,375
					5,486,047
France — 0.3%
TOTAL SA
0.50%, 12/02/22 CONV		2,800,000			2,912,000
Netherlands — 1.2%
NXP Semiconductors NV
1.00%, 12/01/19 CONV		3,295,000			3,764,537
QIAGEN NV
0.38%, 03/19/19 CONV		1,000,000			1,131,500
Siemens Financierings-maatschappij NV
1.65%, 08/16/19 CONVD		1,500,000			1,796,565
STMicroelectronics NV
(4.27)%, 07/03/19 CONVW		3,200,000			3,570,560
					10,263,162
United Kingdom — 0.3%
Inmarsat PLC
3.88%, 09/09/23 CONV		2,200,000			2,313,630
Total Foreign Bonds (Cost $20,356,366)					20,974,839
U.S. TREASURY OBLIGATIONS — 20.2%
U.S. Treasury Bills
0.48%, 03/02/17W		500,000			499,618
0.52%, 03/02/17W		2,300,000			2,298,240
0.61%, 03/02/17W		500,000			499,617
0.66%, 03/02/17W		31,475,000			31,450,922
0.54%, 06/22/17W		28,340,000			28,257,786
0.60%, 06/22/17W‡‡		4,750,000			4,736,220
U.S. Treasury Notes
0.75%, 06/30/17		32,050,000			32,068,782
0.88%, 08/15/17		36,200,000			36,237,467
0.88%, 11/30/17		30,080,000			30,086,467
Total U.S. Treasury Obligations (Cost $166,143,349)					166,135,119
TOTAL INVESTMENTS — 104.5% (Cost $794,591,999)					860,596,514

	Number of Contracts			Value
WRITTEN OPTIONS — (0.1)%
Call Options — 0.0%
S&P 500®, Strike Price $2,250.00, Expires 01/06/17 (CITI)		(17	)		$	(12,410	)
S&P 500®, Strike Price $2,300.00, Expires 01/06/17 (RBC)		(16	)			(528	)
S&P 500®, Strike Price $2,305.00, Expires 01/13/17 (MSCS)		(18	)			(1,980	)
S&P 500®, Strike Price $2,310.00, Expires 01/13/17 (UBS)		(17	)			(1,360	)
S&P 500®, Strike Price $2,315.00, Expires 01/18/17 (BOA)		(16	)			(2,080	)
S&P 500®, Strike Price $2,315.00, Expires 01/20/17 (RBC)		(16	)			(3,408	)
S&P 500®, Strike Price $2,320.00, Expires 01/25/17 (CITIC)		(15	)			(3,825	)
S&P 500®, Strike Price $2,325.00, Expires 01/27/17 (RBC)		(17	)			(3,706	)
						(29,297	)
Put Options — (0.1)%
S&P 500®, Strike Price $2,140.00, Expires 01/06/17 (CITI)		(88	)			(9,680	)
S&P 500®, Strike Price $2,190.00, Expires 01/13/17 (UBS)		(84	)			(69,720	)
S&P 500®, Strike Price $2,195.00, Expires 01/06/17 (RBC)		(84	)			(24,360	)
S&P 500®, Strike Price $2,195.00, Expires 01/13/17 (MSCS)		(80	)			(62,800	)
S&P 500®, Strike Price $2,195.00, Expires 01/27/17 (RBC)		(83	)			(137,365	)
S&P 500®, Strike Price $2,200.00, Expires 01/20/17 (RBC)		(81	)			(107,325	)
S&P 500®, Strike Price $2,210.00, Expires 01/25/17 (CITIC)		(80	)			(126,400	)
S&P 500®, Strike Price $2,215.00, Expires 01/18/17 (BOA)		(81	)			(138,834	)
						(676,484	)
Total Written Options (Premiums received $(744,676))						(705,781	)
Liabilities in Excess of Other Assets — (4.4)%						(36,654,590	)
NET ASSETS — 100.0%					$	823,236,143

168 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	350,443,281		$	350,443,281		$	—		$	—
Corporate Bonds		194,929,122			—			194,929,122			—
Foreign Bonds:
Bermuda		5,486,047			—			5,486,047			—
France		2,912,000			—			2,912,000			—
Netherlands		10,263,162			—			10,263,162			—
United Kingdom		2,313,630			—			2,313,630			—
Foreign Common Stocks:
Bermuda		4,717,807			4,717,807			—			—
British Virgin Islands		12,034			12,034			—			—
Curacao		5,074,106			5,074,106			—			—
France		7,136,861			7,136,861			—			—
Guernsey		72,754			72,754			—			—
Ireland		5,597,321			5,597,321			—			—
Jersey		676,935			676,935			—			—
Liberia		23,792			23,792			—			—
Netherlands		690,501			690,501			—			—
Panama		41,075			41,075			—			—
Singapore		118,259			118,259			—			—
Switzerland		4,475,574			4,475,574			—			—
United Kingdom		817,849			817,849			—			—
Master Limited Partnership		4,376,437			4,376,437			—			—
Money Market Funds		69,181,730			69,181,730			—			—
Preferred Stocks		20,818,504			12,009,625			8,808,879			—
U.S. Treasury Obligations		166,135,119			—			166,135,119			—
Synthetic Convertible Instruments		4,282,614			—			—			4,282,614
Total Assets - Investments in Securities	$	860,596,514		$	465,465,941		$	390,847,959		$	4,282,614
Liabilities:
Investments in Securities:
Written Options	$	(705,781	)	$	(705,781	)	$	—		$	—
Total Liabilities - Investments in Securities	$	(705,781	)	$	(705,781	)	$	—		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(81,339	)	$	—		$	(81,339	)	$	—
Futures Contracts		(38,690	)		(38,690	)		—			—
Total Liabilities - Other Financial Instruments	$	(120,029	)	$	(38,690	)	$	(81,339	)	$	—

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

Management has determined that the amount of transfers between Level 1 and Level 2 compared to total net assets is not material; therefore, the amount of transfers between Level 1 and Level 2 is not shown for the year ended December 31, 2016.

There were no transfers between Level 2 and Level 3 during the year ended December 31, 2016.

See Notes to Financial Statements. 169

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

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			Synthetic Convertible Instruments
Balance, 12/31/15	$	5,550,877		$	5,550,877
Accrued discounts/premiums		—			—
Realized gain (loss)(1)		(3,474	)		(3,474	)
Change in unrealized appreciation (depreciation)(2)		121,256			121,256
Purchases		4,238,899			4,238,899
Sales		(5,624,944	)		(5,624,944	)
Transfers in to Level 3		—			—
Transfers out of Level 3		—			—
Maturities		—			—
Paydowns		—			—
Balance, 12/31/16	$	4,282,614		$	4,282,614

⁽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.

170 See Notes to Financial Statements.

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 are 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 11.84% for the one-year period ended December 31, 2016, as compared to a return of 11.96% for the S&P 500^® Index. The return differential was primarily a result of social restrictions and expenses of the Fund.

In 2016, 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 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, 2016, 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		18.7
Technology		16.9
Consumer Discretionary		12.5
Healthcare		11.8
Producer Durables		9.8
Consumer Staples		7.0
Energy		6.8
Utilities		6.2
Foreign Common Stocks		4.1
Money Market Funds		3.8
Materials & Processing		2.7
U.S. Treasury Obligation		0.2
		100.5

171

Equity Index Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional Class*	Investor Class*	Benchmark**
One Year	12.16%	11.84%	11.96%
Five Year	14.49%	14.28%	14.66%
Ten Year	6.82%	6.63%	6.95%
Since Inception	6.13%	6.00%	6.35%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	0.16%	0.42%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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, 2006 to December 31, 2016, 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.

172

EQUITY INDEX FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Shares		Value
COMMON STOCKS — 92.4%
Consumer Discretionary — 12.5%
Advance Auto Parts, Inc.		2,745		$	464,234
Amazon.com, Inc.*		14,815			11,109,324
AutoNation, Inc.D*		2,542			123,668
AutoZone, Inc.D*		1,114			879,826
Bed Bath & Beyond, Inc.		5,670			230,429
Best Buy Co., Inc.		10,393			443,469
BorgWarner, Inc.		8,065			318,084
CarMax, Inc.D*		7,247			466,634
CBS Corporation Class B (Non-Voting Shares)		15,355			976,885
Charter Communications, Inc. Class A*		3,449			993,036
Chipotle Mexican Grill, Inc.D*		1,095			413,165
Coach, Inc.		10,404			364,348
Comcast Corporation Class A		92,846			6,411,016
Costco Wholesale Corporation		16,271			2,605,150
D.R. Horton, Inc.		12,145			331,923
Darden Restaurants, Inc.		4,259			309,715
Discovery Communications, Inc. Class AD*		5,482			150,262
Discovery Communications, Inc. Class C*		8,967			240,136
Dollar General Corporation		10,512			778,624
Dollar Tree, Inc.*		8,698			671,312
eBay, Inc.*		39,141			1,162,096
Estee Lauder Cos., Inc. (The) Class A		8,204			627,524
Expedia, Inc.D		4,322			489,596
Foot Locker, Inc.		5,069			359,341
Ford Motor Co.		144,543			1,753,307
Fortune Brands Home & Security, Inc.		5,687			304,027
Gap, Inc. (The)D		8,085			181,427
General Motors Co.		51,917			1,808,788
Genuine Parts Co.		5,571			532,253
Goodyear Tire & Rubber Co. (The)		10,038			309,873
H&R Block, Inc.D		8,300			190,817
Hanesbrands, Inc.		14,216			306,639
Harley-Davidson, Inc.D		6,786			395,895
Harman International Industries, Inc.		2,581			286,904
Hasbro, Inc.D		4,114			320,028
Home Depot, Inc. (The)		46,132			6,185,379
Interpublic Group of Cos., Inc. (The)		14,688			343,846
Kohl’s CorporationD		6,969			344,129
L Brands, Inc.		9,448			622,056
Leggett & Platt, Inc.		4,991			243,960
Lennar Corporation Class A		6,785			291,280
LKQ Corporation*		11,558			354,253
Lowe’s Cos., Inc.		32,842			2,335,723
Macy’s, Inc.		11,632			416,542
Marriott International, Inc. Class A		11,967			989,432
Mattel, Inc.D		12,746			351,152
McDonald’s Corporation		33,606			4,090,522
Mohawk Industries, Inc.*		2,387			476,636
Netflix, Inc.D*		16,186			2,003,827
Newell Brands, Inc.		16,864			752,978
News Corporation Class A		13,865			158,893

	Shares		Value
News Corporation Class B		3,661		$	43,200
NIKE, Inc. Class B		49,355			2,508,715
Nordstrom, Inc.D		4,745			227,428
Omnicom Group, Inc.		8,892			756,798
O’Reilly Automotive, Inc.D*		3,583			997,543
Priceline Group, Inc. (The)*		1,881			2,757,659
PulteGroup, Inc.		11,415			209,808
PVH Corporation		2,959			267,020
Ralph Lauren CorporationD		2,058			185,879
Ross Stores, Inc.		14,955			981,048
Scripps Networks Interactive, Inc. Class AD		3,568			254,648
Staples, Inc.		24,605			222,675
Starbucks Corporation		56,112			3,115,338
Target Corporation		21,807			1,575,120
TEGNA, Inc.		8,303			177,601
Tiffany & Co.D		4,009			310,417
Time Warner, Inc.		29,635			2,860,667
TJX Cos., Inc. (The)		24,515			1,841,812
Tractor Supply Co.		4,911			372,303
TripAdvisor, Inc.*		4,311			199,901
Twenty-First Century Fox, Inc. Class A		40,561			1,137,330
Twenty-First Century Fox, Inc. Class B		27,297			743,843
Ulta Salon Cosmetics & Fragrance, Inc.*		2,317			590,696
Under Armour, Inc. Class AD*		6,728			195,448
Under Armour, Inc. Class C*		6,794			171,005
Urban Outfitters, Inc.*		3,039			86,551
VF Corporation		12,323			657,432
Wal-Mart Stores, Inc.		61,101			4,223,301
Walt Disney Co. (The)		55,353			5,768,890
Whirlpool Corporation		2,806			510,047
Wyndham Worldwide Corporation		4,156			317,394
Yum! Brands, Inc.		15,176			961,096
					92,498,976
Consumer Staples — 7.0%
Archer-Daniels-Midland Co.		21,937			1,001,424
Campbell Soup Co.		9,374			566,846
Church & Dwight Co., Inc.		9,614			424,843
Clorox Co. (The)		7,450			894,149
Coca-Cola Co. (The)		157,888			6,546,037
Colgate-Palmolive Co.		42,845			2,803,777
ConAgra Foods, Inc.		19,638			776,683
CVS Health Corporation		39,814			3,141,723
Dr. Pepper Snapple Group, Inc.		10,724			972,345
General Mills, Inc.		26,012			1,606,761
Hershey Co. (The)		6,604			683,052
Hormel Foods Corporation		10,098			351,511
J.M. Smucker Co. (The)		5,685			728,021
Kellogg Co.		14,617			1,077,419
Kimberly-Clark Corporation		15,359			1,752,769
Kraft Heinz Co. (The)		29,767			2,599,254
Kroger Co. (The)		35,332			1,219,307
McCormick & Co., Inc. (Non-Voting Shares)		7,331			684,202
Mead Johnson Nutrition Co.		6,927			490,155
Mondelez International, Inc. Class A		57,683			2,557,087
Monster Beverage Corporation*		16,689			739,990
PepsiCo, Inc.		60,786			6,360,039
Procter & Gamble Co. (The)		106,849			8,983,864

See Notes to Financial Statements. 173

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Sysco Corporation		24,037		$	1,330,929
Tyson Foods, Inc. Class A		17,363			1,070,950
Walgreens Boots Alliance, Inc.		32,042			2,651,796
Whole Foods Market, Inc.		11,874			365,244
					52,380,177
Energy — 6.8%
Anadarko Petroleum Corporation		18,968			1,322,639
Apache Corporation		13,964			886,295
Archrock, Inc.		13			172
Baker Hughes, Inc.		16,191			1,051,929
Cabot Oil & Gas CorporationD		17,428			407,118
Chesapeake Energy CorporationD*		22,454			157,627
Chevron Corporation		72,955			8,586,803
Cimarex Energy Co.		3,553			482,853
Concho Resources, Inc.D*		5,101			676,393
ConocoPhillips		45,845			2,298,668
Devon Energy Corporation		19,349			883,669
EOG Resources, Inc.		21,159			2,139,175
EQT Corporation		6,378			417,121
Exterran Corporation*		6			143
Exxon Mobil Corporation		157,725			14,236,258
First Solar, Inc.D*		2,733			87,702
FMC Technologies, Inc.*		8,312			295,325
Halliburton Co.		33,676			1,821,535
Helmerich & Payne, Inc.D		3,908			302,479
Hess Corporation		9,841			612,996
Kinder Morgan, Inc.		69,739			1,444,295
Marathon Oil Corporation		31,833			551,029
Marathon Petroleum Corporation		19,594			986,558
Murphy Oil CorporationD		6,037			187,932
National Oilwell Varco, Inc.D		14,152			529,851
Newfield Exploration Co.*		7,387			299,173
Noble Energy, Inc.		15,961			607,476
Occidental Petroleum Corporation		28,240			2,011,535
ONEOK, Inc.		8,458			485,574
Phillips 66		17,414			1,504,744
Pioneer Natural Resources Co.		6,090			1,096,626
Range Resources Corporation		6,377			219,114
Southwestern Energy Co.*		14,157			153,179
Spectra Energy Corporation		28,685			1,178,667
Tesoro Corporation		4,429			387,316
Valero Energy Corporation		17,333			1,184,190
Williams Cos., Inc. (The)		25,384			790,458
					50,284,617
Financial Services — 18.7%
Affiliated Managers Group, Inc.*		2,010			292,053
Aflac, Inc.		15,268			1,062,653
Alliance Data Systems CorporationD		2,165			494,703
Allstate Corporation (The)		13,929			1,032,418
American Express Co.		29,985			2,221,289
American International Group, Inc.		41,489			2,709,647
American Tower Corporation REIT		15,727			1,662,029
Ameriprise Financial, Inc.		6,100			676,734
Apartment Investment & Management Co. Class A REITD		5,951			270,473

	Shares		Value
Arthur J. Gallagher & Co.		6,517		$	338,623
Assurant, Inc.		2,341			217,385
AvalonBay Communities, Inc. REIT		5,117			906,477
Bank of America Corporation		381,055			8,421,316
Bank of New York Mellon Corporation (The)		39,883			1,889,657
BB&T Corporation		30,463			1,432,370
Berkshire Hathaway, Inc. Class B*		69,910			11,393,932
BlackRock, Inc.		4,670			1,777,122
Boston Properties, Inc. REIT		5,686			715,185
Capital One Financial Corporation		18,963			1,654,332
CBRE Group, Inc. Class A*		10,731			337,919
Charles Schwab Corporation (The)		44,611			1,760,796
Cincinnati Financial CorporationD		5,441			412,156
Citigroup, Inc.		108,814			6,466,816
Citizens Financial Group, Inc.		19,869			707,932
CME Group, Inc.		12,596			1,452,949
Comerica, Inc.		6,388			435,087
Crown Castle International Corporation REIT		14,996			1,301,203
Digital Realty Trust, Inc. REITD		6,683			656,672
Discover Financial Services		15,300			1,102,977
Dun & Bradstreet Corporation (The)		1,346			163,297
E*TRADE Financial Corporation*		10,478			363,063
Equifax, Inc.		4,433			524,114
Equinix, Inc. REIT		3,383			1,209,118
Equity Residential REIT		13,641			877,935
Essex Property Trust, Inc. REIT		2,400			558,000
Extra Space Storage, Inc. REITD		4,684			361,792
Federal Realty Investment Trust REIT		2,600			369,486
Fidelity National Information Services, Inc.		12,827			970,234
Fifth Third Bancorp		28,756			775,549
Fiserv, Inc.*		8,225			874,153
Franklin Resources, Inc.		13,630			539,475
General Growth Properties, Inc. REIT		21,627			540,242
Global Payments, Inc.		5,633			390,987
Goldman Sachs Group, Inc. (The)		14,296			3,423,177
Hartford Financial Services Group, Inc. (The)		14,682			699,597
HCP, Inc. REIT		17,306			514,334
Host Hotels & Resorts, Inc. REITD		27,531			518,684
Huntington Bancshares, Inc.		38,337			506,815
Intercontinental Exchange, Inc.		22,125			1,248,292
Iron Mountain, Inc. REIT		8,763			284,622
JPMorgan Chase & Co.		135,599			11,700,838
KeyCorp		31,726			579,634
Kimco Realty Corporation REIT		15,470			389,225
Leucadia National Corporation		12,259			285,022
Lincoln National Corporation		8,875			588,146
Loews CorporationD		9,771			457,576
M&T Bank CorporationD		5,892			921,686

174 See Notes to Financial Statements.

	Shares		Value
Macerich Co. (The) REIT		4,614		$	326,856
Marsh & McLennan Cos., Inc.		19,396			1,310,976
MasterCard, Inc. Class A		36,310			3,749,007
MetLife, Inc.		40,735			2,195,209
Moody’s Corporation		6,297			593,618
Morgan Stanley		56,134			2,371,662
Nasdaq, Inc.		4,269			286,535
Navient Corporation		12,116			199,066
Northern Trust Corporation		7,800			694,590
PayPal Holdings, Inc.*		40,945			1,616,099
People’s United Financial, Inc.D		11,480			222,253
PNC Financial Services Group, Inc. (The)		18,467			2,159,900
Principal Financial Group, Inc.		10,001			578,658
Progressive Corporation (The)		21,632			767,936
Prologis, Inc. REIT		19,570			1,033,100
Prudential Financial, Inc.		16,373			1,703,774
Public Storage REIT		5,457			1,219,640
Realty Income Corporation REITD		9,546			548,704
Regions Financial Corporation		46,314			665,069
S&P Global, Inc.		10,813			1,162,830
Simon Property Group, Inc. REIT		11,898			2,113,918
SL Green Realty Corporation REIT		3,720			400,086
State Street Corporation		14,760			1,147,147
SunTrust Banks, Inc.		18,647			1,022,788
Synchrony Financial		30,761			1,115,701
T. Rowe Price Group, Inc.		9,221			693,972
Torchmark Corporation		4,186			308,759
Total System Services, Inc.		6,366			312,125
Travelers Cos., Inc. (The)		10,854			1,328,747
U.S. Bancorp		60,165			3,090,676
UDR, Inc. REIT		9,879			360,386
Unum Group		8,642			379,643
Ventas, Inc. REIT		12,583			786,689
Visa, Inc. Class AD		71,114			5,548,314
Vornado Realty Trust REIT		6,562			684,876
Wells Fargo & Co.		171,339			9,442,492
Welltower, Inc. REIT		13,263			887,693
Western Union Co. (The)D		18,512			402,081
Weyerhaeuser Co. REIT		27,654			832,109
Zions Bancorporation		7,446			320,476
					139,022,158
Healthcare — 11.8%
Abbott Laboratories		67,655			2,598,629
AbbVie, Inc.		71,634			4,485,721
Aetna, Inc.		12,965			1,607,790
Agilent Technologies, Inc.		12,235			557,427
Alexion Pharmaceuticals, Inc.*		8,882			1,086,713
Amgen, Inc.		32,287			4,720,682
Anthem, Inc.		9,726			1,398,307
Baxter International, Inc.		20,435			906,088
Becton, Dickinson and Co.		11,057			1,830,486
Biogen, Inc.*		9,287			2,633,607
Boston Scientific Corporation*		53,252			1,151,841
Bristol-Myers Squibb Co.		81,169			4,743,516
C.R. Bard, Inc.		3,634			816,414
Cardinal Health, Inc.		26,586			1,913,394
Celgene Corporation*		32,130			3,719,047
Centene Corporation*		6,406			362,003
Cerner Corporation*		11,227			531,823

	Shares		Value
Cigna Corporation		9,875		$	1,317,226
Danaher Corporation		22,223			1,729,838
DaVita, Inc.*		6,108			392,134
DENTSPLY SIRONA, Inc.		8,772			506,408
Edwards Lifesciences Corporation*		10,109			947,213
Eli Lilly & Co.		50,722			3,730,603
Express Scripts Holding Co.*		23,515			1,617,597
Gilead Sciences, Inc.		51,942			3,719,567
HCA Holdings, Inc.*		12,336			913,111
Henry Schein, Inc.*		3,300			500,643
Hologic, Inc.*		10,733			430,608
Humana, Inc.		6,104			1,245,399
Illumina, Inc.*		5,434			695,769
Intuitive Surgical, Inc.D*		1,911			1,211,899
Johnson & Johnson		111,393			12,833,588
Laboratory Corporation of America Holdings*		7,436			954,634
McKesson Corporation		12,655			1,777,395
Patterson Cos., Inc.D		3,194			131,050
PerkinElmer, Inc.		4,105			214,076
Quest Diagnostics, Inc.		9,445			867,996
Regeneron Pharmaceuticals, Inc.*		3,094			1,135,776
St. Jude Medical, Inc.		12,250			982,328
Stryker Corporation		14,409			1,726,342
Thermo Fisher Scientific, Inc.		14,611			2,061,612
UnitedHealth Group, Inc.		40,786			6,527,391
Universal Health Services, Inc. Class B		3,301			351,160
Varian Medical Systems, Inc.*		3,565			320,066
Vertex Pharmaceuticals, Inc.*		10,852			799,467
Zimmer Biomet Holdings, Inc.		7,732			797,942
Zoetis, Inc.		38,657			2,069,309
					87,571,635
Materials & Processing — 2.7%
Acuity Brands, Inc.D		1,643			379,303
Air Products & Chemicals, Inc.		7,234			1,040,394
Ball Corporation		5,173			388,337
CF Industries Holdings, Inc.D		8,828			277,905
Dow Chemical Co. (The)		41,609			2,380,867
E.I. du Pont de Nemours & Co.		32,369			2,375,885
Eastman Chemical Co.		5,449			409,819
Ecolab, Inc.		12,318			1,443,916
Fastenal Co.D		10,759			505,458
FMC Corporation		4,848			274,203
Freeport-McMoRan, Inc.*		46,615			614,852
International Flavors & Fragrances, Inc.		2,950			347,599
International Paper Co.D		15,226			807,892
Martin Marietta Materials, Inc.		2,361			523,032
Masco Corporation		12,522			395,946
Monsanto Co.		16,554			1,741,646
Mosaic Co. (The)		12,935			379,384
Newmont Mining Corporation		19,655			669,646
Nucor Corporation		11,797			702,157
PPG Industries, Inc.		9,813			929,880
Praxair, Inc.		10,601			1,242,331
Sealed Air Corporation		7,210			326,901
Sherwin-Williams Co. (The)		2,937			789,289

See Notes to Financial Statements. 175

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Vulcan Materials Co.		4,979		$	623,122
WestRock Co.		9,470			480,792
					20,050,556
Producer Durables — 9.8%
3M Co.		23,081			4,121,574
Alaska Air Group, Inc.		4,535			402,391
American Airlines Group, Inc.		21,202			989,921
AMETEK, Inc.		8,745			425,007
Arconic, Inc.		16,474			305,428
Automatic Data Processing, Inc.		17,785			1,827,942
Avery Dennison Corporation		3,272			229,760
Boeing Co. (The)		22,195			3,455,318
C.H. Robinson Worldwide, Inc.D		5,208			381,538
Caterpillar, Inc.		21,616			2,004,668
Cintas Corporation		3,159			365,054
CSX Corporation		35,484			1,274,940
Cummins, Inc.		5,861			801,023
Deere & Co.		11,036			1,137,149
Delta Air Lines, Inc.		28,602			1,406,932
Dover Corporation		5,776			432,796
Emerson Electric Co.		23,868			1,330,641
Expeditors International of Washington, Inc.		6,818			361,081
FedEx Corporation		9,248			1,721,978
FLIR Systems, Inc.		5,180			187,464
Flowserve CorporationD		4,858			233,427
Fluor Corporation		5,110			268,377
Fortive Corporation		11,111			595,883
General Dynamics Corporation		10,638			1,836,757
General Electric Co.		340,945			10,773,862
Honeywell International, Inc.		28,314			3,280,177
Illinois Tool Works, Inc.		12,023			1,472,337
J.B. Hunt Transport Services, Inc.		3,269			317,322
Jacobs Engineering Group, Inc.*		4,647			264,879
Kansas City Southern		4,046			343,303
L-3 Communications Holdings, Inc.		2,814			428,038
Lockheed Martin Corporation		9,730			2,431,916
Mettler-Toledo International, Inc.*		900			376,704
Norfolk Southern Corporation		10,996			1,188,338
Northrop Grumman Corporation		6,714			1,561,542
PACCAR, Inc.		12,988			829,933
Parker-Hannifin Corporation		5,009			701,260
Paychex, Inc.		11,954			727,759
Pitney Bowes, Inc.		6,878			104,477
Quanta Services, Inc.*		5,431			189,270
Raytheon Co.		11,002			1,562,284
Republic Services, Inc.		8,715			497,191
Robert Half International, Inc.		4,920			239,998
Rockwell Automation, Inc.		4,778			642,163
Rockwell Collins, Inc.D		4,858			450,628
Roper Technologies, Inc.		3,753			687,099
Ryder System, Inc.		1,991			148,210
Snap-on, Inc.		2,136			365,833
Southwest Airlines Co.		23,826			1,187,488
Stanley Black & Decker, Inc.		5,530			634,236
Stericycle, Inc.*		3,095			238,439
Textron, Inc.		9,853			478,462
TransDigm Group, Inc.		1,980			492,941

	Shares		Value
Union Pacific Corporation		31,122		$	3,226,729
United Continental Holdings, Inc.*		12,532			913,332
United Parcel Service, Inc. Class B		25,671			2,942,923
United Rentals, Inc.*		3,295			347,886
United Technologies Corporation		28,853			3,162,866
Verisk Analytics, Inc.*		6,177			501,387
W.W. Grainger, Inc.D		2,114			490,976
Waste Management, Inc.		17,366			1,231,423
Waters CorporationD*		3,017			405,455
Xerox Corporation		35,948			313,826
Xylem, Inc.		6,524			323,068
					72,573,009
Technology — 16.9%
Activision Blizzard, Inc.		20,562			742,494
Adobe Systems, Inc.*		18,956			1,951,520
Akamai Technologies, Inc.*		6,606			440,488
Alphabet, Inc. Class A*		10,888			8,628,196
Alphabet, Inc. Class C*		11,408			8,804,922
Amphenol Corporation Class A		11,410			766,752
Analog Devices, Inc.		11,473			833,169
Apple, Inc.		203,107			23,523,853
Applied Materials, Inc.		40,351			1,302,127
Autodesk, Inc.*		8,418			623,016
CA, Inc.		10,805			343,275
Cisco Systems, Inc.		186,490			5,635,728
Citrix Systems, Inc.*		5,780			516,212
Cognizant Technology Solutions Corporation Class A*		22,410			1,255,632
Corning, Inc.		39,819			966,407
CSRA, Inc.		4,813			153,246
Electronic Arts, Inc.*		11,627			915,742
F5 Networks, Inc.*		2,480			358,906
Facebook, Inc. Class A*		88,720			10,207,236
Harris Corporation		4,630			474,436
Hewlett Packard Enterprise Co.		61,571			1,424,753
HP, Inc.		63,789			946,629
Intel Corporation		175,112			6,351,312
International Business Machines Corporation		32,963			5,471,528
Intuit, Inc.		10,001			1,146,215
Juniper Networks, Inc.		12,864			363,537
KLA-Tencor Corporation		5,691			447,768
Lam Research Corporation		5,942			628,248
Linear Technology Corporation		8,974			559,529
Microchip Technology, Inc.D		8,063			517,241
Micron Technology, Inc.*		37,945			831,754
Microsoft Corporation		296,380			18,417,053
Motorola Solutions, Inc.		5,961			494,107
NetApp, Inc.		10,744			378,941
NVIDIA CorporationD		18,866			2,013,757
Oracle Corporation		115,374			4,436,130
Qorvo, Inc.*		4,807			253,473
QUALCOMM, Inc.		54,450			3,550,140
Red Hat, Inc.*		6,794			473,542
salesforce.com, Inc.*		24,147			1,653,104
Skyworks Solutions, Inc.		6,957			519,410
Symantec Corporation		23,019			549,924
Teradata CorporationD*		5,001			135,877
Texas Instruments, Inc.		37,229			2,716,600
VeriSign, Inc.D*		3,542			269,440

176 See Notes to Financial Statements.

	Shares		Value
Western Digital Corporation		10,322		$	701,380
Xilinx, Inc.		9,444			570,134
Yahoo!, Inc.*		32,370			1,251,748
					125,516,631
Utilities — 6.2%
AES Corporation		24,428			283,853
Alliant Energy Corporation		6,500			246,285
Ameren Corporation		9,053			474,920
American Electric Power Co., Inc.		20,487			1,289,862
American Water Works Co., Inc.		8,825			638,577
AT&T, Inc.		233,496			9,930,585
CenterPoint Energy, Inc.		17,352			427,553
CenturyLink, Inc.		20,302			482,782
CMS Energy Corporation		10,396			432,682
Consolidated Edison, Inc.		11,311			833,395
Dominion Resources, Inc.		28,714			2,199,205
DTE Energy Co.		7,638			752,419
Duke Energy Corporation		31,288			2,428,575
Edison International		13,183			949,044
Entergy Corporation		6,638			487,694
Eversource Energy		11,754			649,174
Exelon Corporation		34,174			1,212,835
FirstEnergy Corporation		24,029			744,178
Frontier Communications CorporationD		44,092			149,031
Level 3 Communications, Inc.*		10,744			605,532
NextEra Energy, Inc.		23,020			2,749,969
NiSource, Inc.		23,079			510,969
NRG Energy, Inc.		11,763			144,214
PG&E Corporation		22,213			1,349,884
Pinnacle West Capital Corporation		4,108			320,547
PPL Corporation		25,139			855,983
Public Service Enterprise Group, Inc.		18,690			820,117
SCANA Corporation		5,221			382,595
Sempra Energy		8,812			886,840
Southern Co. (The)		49,020			2,411,294
Verizon Communications, Inc.		156,619			8,360,322
WEC Energy Group, Inc.		18,016			1,056,638
Xcel Energy, Inc.		18,729			762,270
					45,829,823
Total Common Stocks (Cost $486,437,017)					685,727,582
FOREIGN COMMON STOCKS — 4.1%
Bermuda — 0.2%
Invesco, Ltd.		15,292			463,959
Signet Jewelers, Ltd.D		2,931			276,276
XL Group, Ltd.		10,702			398,757
					1,138,992
British Virgin Islands — 0.0%
Michael Kors Holdings, Ltd.*		6,578			282,722
Curacao — 0.6%
Schlumberger, Ltd.		53,074			4,455,562
Ireland — 1.7%
Accenture PLC Class A		23,860			2,794,722
Allegion PLC		3,479			222,656
Eaton Corporation PLC		16,887			1,132,949
Ingersoll-Rand PLC		9,510			713,630

	Shares		Value
Johnson Controls International PLC		35,200		$	1,449,888
Mallinckrodt PLC*		11,491			572,482
Medtronic PLC		56,253			4,006,901
Pentair PLC		6,692			375,220
Seagate Technology PLCD		11,230			428,649
Willis Towers Watson PLC		5,120			626,074
					12,323,171
Jersey — 0.1%
Delphi Automotive PLC		10,057			677,339
Liberia — 0.1%
Royal Caribbean Cruises, Ltd.D		6,147			504,300
Netherlands — 0.3%
LyondellBasell Industries NV Class A		12,725			1,091,550
Mylan NV*		34,170			1,303,586
					2,395,136
Panama — 0.1%
Carnival Corporation		16,223			844,569
Singapore — 0.3%
Broadcom, Ltd.		14,057			2,484,856
Switzerland — 0.5%
Chubb, Ltd.		20,002			2,642,664
Garmin, Ltd.D		4,430			214,811
TE Connectivity, Ltd.		13,229			916,505
Transocean, Ltd.D*		12,739			187,773
					3,961,753
United Kingdom — 0.2%
Aon PLC		9,821			1,095,336
Nielsen Holdings PLC		13,413			562,676
					1,658,012
Total Foreign Common Stocks (Cost $26,854,222)					30,726,412
MONEY MARKET FUNDS — 3.8%
GuideStone Money Market Fund (Investor Class)¥		23,274,030			23,274,030
Northern Institutional Liquid Assets Portfolio§		5,051,715			5,051,715
Total Money Market Funds (Cost $28,325,745)					28,325,745
	Par
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill 0.60%, 06/22/17W‡‡ (Cost $1,196,643)	$	1,200,000			1,196,519
TOTAL INVESTMENTS — 100.5% (Cost $542,813,627)					745,976,258
Liabilities in Excess of Other Assets — (0.5)%					(3,776,651	)
NET ASSETS — 100.0%				$	742,199,607

See Notes to Financial Statements. 177

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	685,727,582		$	685,727,582		$	—	$	—
Foreign Common Stocks		30,726,412			30,726,412			—		—
Money Market Funds		28,325,745			28,325,745			—		—
U.S. Treasury Obligation		1,196,519			—			1,196,519		—
Total Assets - Investments in Securities	$	745,976,258		$	744,779,739		$	1,196,519	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(128,715	)	$	(128,715	)	$	—	$	—
Total Liabilities - Other Financial Instruments	$	(128,715	)	$	(128,715	)	$	—	$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

178 See Notes to Financial Statements.

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 underperformed its benchmark, the Russell 1000^® Value Index, for the one-year period ended December 31, 2016 (13.84% versus 17.34%). Security selection within energy, financial services and the materials & processing sectors were the primary detractors during the period. Overweight exposure and security selection within healthcare also detracted from benchmark-relative performance for the year.

In 2016, 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 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, 2016, 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		24.5
Technology		11.4
Foreign Common Stocks		10.0
Healthcare		9.8
Producer Durables		9.0
Energy		8.9
Consumer Discretionary		8.1
Utilities		7.2
Consumer Staples		5.1
Money Market Funds		4.6
Materials & Processing		3.3
U.S. Treasury Obligation		0.3
		102.2

179

Value Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional Class*	Investor Class*	Benchmark**
One Year	14.11%	13.84%	17.34%
Five Year	14.24%	13.95%	14.80%
Ten Year	5.39%	5.16%	5.72%
Since Inception	6.63%	6.35%	7.01%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	0.59%	0.86%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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, 2006 to December 31, 2016, 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.

180

VALUE EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Shares		Value
COMMON STOCKS — 87.3%
Consumer Discretionary — 8.1%
Bed Bath & Beyond, Inc.		18,324	$	744,687
Best Buy Co., Inc.D		53,250		2,272,178
Big Lots, Inc.D		11,277		566,218
Coach, Inc.		111,793		3,914,991
Comcast Corporation Class A		169,967		11,736,221
Cooper Tire & Rubber Co.		21,561		837,645
Dana, Inc.		284,463		5,399,108
DISH Network Corporation Class A*		1,641		95,063
eBay, Inc.*		157,913		4,688,437
Ford Motor Co.		604,043		7,327,042
General Motors Co.		85,037		2,962,689
Goodyear Tire & Rubber Co. (The)		99,483		3,071,040
Home Depot, Inc. (The)		34,308		4,600,017
J.C. Penney Co., Inc.D*		819,656		6,811,341
Lear Corporation		28,735		3,803,652
Lennar Corporation Class A		165,851		7,119,983
Lowe’s Cos., Inc.		54,700		3,890,264
Ralph Lauren CorporationD		81,500		7,361,080
Target Corporation		93,616		6,761,884
Tenneco, Inc.D*		9,126		570,101
Tesla Motors, Inc.D*		190		40,601
Time Warner, Inc.		8,419		812,686
Twenty-First Century Fox, Inc. Class A		300,023		8,412,645
Twenty-First Century Fox, Inc. Class B		3,602		98,155
Visteon Corporation		4,668		375,027
Wal-Mart Stores, Inc.		149,570		10,338,278
				104,611,033
Consumer Staples — 5.1%
Archer-Daniels-Midland Co.		16,518		754,047
Coca-Cola Co. (The)		30,482		1,263,784
Colgate-Palmolive Co.		20,679		1,353,234
ConAgra Foods, Inc.		85,600		3,385,480
CVS Health Corporation		156,331		12,336,079
Dean Foods Co.D		107,227		2,335,404
Dr. Pepper Snapple Group, Inc.		34,910		3,165,290
Ingredion, Inc.D		23,259		2,906,444
Kimberly-Clark Corporation		2,682		306,070
Kraft Heinz Co. (The)		17,275		1,508,453
Mondelez International, Inc. Class A		44,973		1,993,653
Nu Skin Enterprises, Inc. Class A		24,474		1,169,368
PepsiCo, Inc.		116,617		12,201,637
Procter & Gamble Co. (The)		81,690		6,868,495
Sanderson Farms, Inc.D		26,733		2,519,318
Sysco Corporation		142,488		7,889,561
Tyson Foods, Inc. Class A		27,977		1,725,621
Walgreens Boots Alliance, Inc.		19,759		1,635,255
				65,317,193
Energy — 8.9%
Anadarko Petroleum Corporation		11,600		808,868
Apache Corporation		2,438		154,740
Baker Hughes, Inc.		145,100		9,427,147
Chevron Corporation		222,423		26,179,187
ConocoPhillips		242,719		12,169,931

	Shares		Value
CONSOL Energy, Inc.		97,547	$	1,778,282
Dril-Quip, Inc.D*		19,093		1,146,535
EOG Resources, Inc.		12,244		1,237,868
Exxon Mobil Corporation		252,557		22,795,795
Halliburton Co.		19,015		1,028,521
Helmerich & Payne, Inc.D		11,549		893,893
Kinder Morgan, Inc.		52,593		1,089,201
Newfield Exploration Co.*		78,300		3,171,150
Occidental Petroleum Corporation		191,223		13,620,814
Oceaneering International, Inc.		64,098		1,808,205
Patterson-UTI Energy, Inc.D		120,507		3,244,048
Phillips 66		12,906		1,115,207
Pioneer Natural Resources Co.		3,840		691,469
Southwestern Energy Co.*		28,364		306,899
Spectra Energy Corporation		18,790		772,081
Tesoro Corporation		57,069		4,990,684
Valero Energy Corporation		103,220		7,051,990
				115,482,515
Financial Services — 24.5%
Aflac, Inc.		41,856		2,913,178
Allstate Corporation (The)		93,592		6,937,039
Ally Financial, Inc.		178,911		3,402,887
American Express Co.		192,543		14,263,585
American Homes 4 Rent Class A REITD		115,857		2,430,680
American International Group, Inc.		306,495		20,017,188
Bank of America Corporation		1,386,500		30,641,650
Bank of New York Mellon Corporation (The)		23,401		1,108,739
BB&T Corporation		15,858		745,643
Berkshire Hathaway, Inc. Class B*		58,592		9,549,324
BlackRock, Inc.		3,741		1,423,600
Capital One Financial Corporation		10,962		956,325
CBL & Associates Properties, Inc. REITD		101,322		1,165,203
Charles Schwab Corporation (The)		8,238		325,154
Citigroup, Inc.		665,041		39,523,387
Citizens Financial Group, Inc.		153,662		5,474,977
CME Group, Inc.		11,043		1,273,810
Crown Castle International Corporation REIT		1,260		109,330
Discover Financial Services		8,957		645,710
DuPont Fabros Technology, Inc. REITD		40,554		1,781,537
Equity Residential REIT		11,082		713,238
First Data CorporationD*		51,600		732,204
Franklin Resources, Inc.		5,897		233,403
Genworth Financial, Inc. Class A*		43,664		166,360
Goldman Sachs Group, Inc. (The)		11,313		2,708,898
Hartford Financial Services Group, Inc. (The)		194,893		9,286,651
Hospitality Properties Trust REIT		101,545		3,223,038
Host Hotels & Resorts, Inc. REITD		83,397		1,571,199
Hudson Pacific Properties, Inc. REIT		37,664		1,309,954
Intercontinental Exchange, Inc.		147,485		8,321,104

See Notes to Financial Statements. 181

VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Jones Lang LaSalle, Inc.		45,100	$	4,556,904
JPMorgan Chase & Co.		543,584		46,905,863
Lincoln National Corporation		15,199		1,007,238
Mack-Cali Realty Corporation REIT		44,658		1,295,975
MetLife, Inc.		25,158		1,355,765
Morgan Stanley		39,424		1,665,664
New York Community Bancorp, Inc.		255,900		4,071,369
NorthStar Realty Finance Corporation REIT		44,510		674,327
Piedmont Office Realty Trust, Inc. Class A REIT		26,627		556,771
PNC Financial Services Group, Inc. (The)		12,332		1,442,351
Prudential Financial, Inc.		62,826		6,537,674
Reinsurance Group of America, Inc.		17,055		2,146,031
Senior Housing Properties Trust REIT		35,452		671,106
Simon Property Group, Inc. REIT		926		164,522
State Street Corporation		143,997		11,191,447
SunTrust Banks, Inc.		109,751		6,019,842
Synchrony Financial		128,589		4,663,923
Taubman Centers, Inc. REIT		18,290		1,352,180
Travelers Cos., Inc. (The)		59,888		7,331,489
U.S. Bancorp		47,848		2,457,952
Unum Group		59,032		2,593,276
Voya Financial, Inc.		129,632		5,084,167
Wells Fargo & Co.		396,835		21,869,577
Zions Bancorporation		177,800		7,652,512
				316,222,920
Healthcare — 9.8%
Abbott Laboratories		55,238		2,121,692
Aetna, Inc.		7,418		919,906
Amgen, Inc.		30,577		4,470,663
Anthem, Inc.		92,011		13,228,421
Baxter International, Inc.		78,718		3,490,356
Biogen, Inc.*		14,440		4,094,895
Cardinal Health, Inc.		246,363		17,730,745
Cigna Corporation		30,998		4,134,823
Danaher Corporation		16,060		1,250,111
Express Scripts Holding Co.*		163,935		11,277,089
Gilead Sciences, Inc.		161,541		11,567,951
HCA Holdings, Inc.*		8,164		604,299
Humana, Inc.		1,198		244,428
Johnson & Johnson		289,482		33,351,221
Quest Diagnostics, Inc.		51,247		4,709,599
Thermo Fisher Scientific, Inc.		7,278		1,026,926
United Therapeutics CorporationD*		36,540		5,240,932
UnitedHealth Group, Inc.		47,800		7,649,912
				127,113,969
Materials & Processing — 3.3%
Air Products & Chemicals, Inc.		74,525		10,718,185
Celanese Corporation Series A		17,040		1,341,730
Domtar CorporationD		9,318		363,682
Dow Chemical Co. (The)		120,571		6,899,073
E.I. du Pont de Nemours & Co.		51,700		3,794,780
Freeport-McMoRan, Inc.*		248,700		3,280,353
Monsanto Co.		5,007		526,786

	Shares		Value
Owens Corning		92,224	$	4,755,069
Praxair, Inc.		1,017		119,182
Reliance Steel & Aluminum Co.		22,280		1,772,151
Sealed Air Corporation		101,934		4,621,688
Versum Materials, Inc.*		36,850		1,034,379
WestRock Co.		57,300		2,909,121
				42,136,179
Producer Durables — 9.0%
Avery Dennison Corporation		4,591		322,380
Caterpillar, Inc.D		12,999		1,205,527
CSX Corporation		22,872		821,791
Deere & Co.		64,251		6,620,423
Delta Air Lines, Inc.		37,113		1,825,588
Emerson Electric Co.		10,538		587,493
FedEx Corporation		22,316		4,155,239
Fortive Corporation		2,992		160,461
General Dynamics Corporation		38,959		6,726,661
General Electric Co.		594,311		18,780,228
Hawaiian Holdings, Inc.*		73,320		4,179,240
Honeywell International, Inc.		55,800		6,464,430
Huntington Ingalls Industries, Inc.		6,888		1,268,701
Norfolk Southern Corporation		46,034		4,974,894
Northrop Grumman Corporation		19,596		4,557,638
Quanta Services, Inc.*		131,627		4,587,201
Raytheon Co.		6,870		975,540
Southwest Airlines Co.		32,175		1,603,602
Spirit AeroSystems Holdings, Inc. Class A		79,453		4,636,083
Spirit Airlines, Inc.*		25,929		1,500,252
Terex Corporation		186,260		5,872,778
Textron, Inc.		234,195		11,372,509
Union Pacific Corporation		19,764		2,049,131
United Continental Holdings, Inc.*		79,661		5,805,694
United Technologies Corporation		133,093		14,589,655
Waste Management, Inc.		4,414		312,997
Xerox Corporation		98,936		863,711
				116,819,847
Technology — 11.4%
Apple, Inc.		12,968		1,501,954
Applied Materials, Inc.		308,071		9,941,451
Aspen Technology, Inc.*		20,856		1,140,406
CA, Inc.		51,114		1,623,892
Cisco Systems, Inc.		459,679		13,891,499
Citrix Systems, Inc.*		33,801		3,018,767
Corning, Inc.		336,736		8,172,583
Cypress Semiconductor CorporationD		464,500		5,313,880
Dell Technologies, Inc. Class V*		6,353		349,224
Hewlett Packard Enterprise Co.		56,439		1,305,998
HP, Inc.		126,637		1,879,293
Intel Corporation		465,019		16,866,239
International Business Machines CorporationD		8,340		1,384,357
Intuit, Inc.		40,568		4,649,498
Micron Technology, Inc.*		197,700		4,333,584
Microsoft Corporation		359,789		22,357,288
ON Semiconductor Corporation*		62,500		797,500

182 See Notes to Financial Statements.

	Shares		Value
Oracle Corporation		365,468	$	14,052,245
QUALCOMM, Inc.		187,077		12,197,420
Take-Two Interactive Software, Inc.*		23,375		1,152,154
Texas Instruments, Inc.		104,200		7,603,474
VeriSign, Inc.D*		58,829		4,475,122
VMware,Inc. Class AD*		1,087		85,580
Western Digital Corporation		113,825		7,734,409
Yahoo!, Inc.*		28,336		1,095,753
				146,923,570
Utilities — 7.2%
AES Corporation		891,443		10,358,568
American Electric Power Co., Inc.		79,373		4,997,324
AT&T, Inc.		763,874		32,487,561
Dominion Resources, Inc.		16,762		1,283,801
Duke Energy Corporation		20,285		1,574,522
Edison International		68,413		4,925,052
Entergy Corporation		43,272		3,179,194
Exelon Corporation		59,722		2,119,534
NextEra Energy, Inc.		14,530		1,735,754
NRG Energy, Inc.		34,135		418,495
PG&E Corporation		29,344		1,783,235
Public Service Enterprise Group, Inc.		66,103		2,900,600
Southern Co. (The)		27,363		1,345,986
T-Mobile US, Inc.D*		3,811		219,170
Verizon Communications, Inc.		436,829		23,317,932
				92,646,728
Total Common Stocks
(Cost $893,152,351)				1,127,273,954
FOREIGN COMMON STOCKS — 10.0%
Bermuda — 1.5%
Assured Guaranty, Ltd.		63,458		2,396,809
Axis Capital Holdings, Ltd.D		8,814		575,290
Everest Re Group, Ltd.D		7,129		1,542,715
Nabors Industries, Ltd.		432,104		7,086,506
XL Group, Ltd.		211,400		7,876,764
				19,478,084
British Virgin Islands — 0.3%
Michael Kors Holdings, Ltd.*		79,638		3,422,841
Canada — 0.4%
Canadian Natural Resources, Ltd.		132,316		4,218,234
Teck Resources, Ltd. Class BD		15,556		311,587
Thomson Reuters Corporation		9,792		428,694
				4,958,515
Curacao — 0.3%
Schlumberger, Ltd.		40,152		3,370,760
France — 0.9%
Sanofi ADRD		275,700		11,149,308

	Shares		Value
Ireland — 3.1%
Adient PLC*		23,165	$	1,357,469
Eaton Corporation PLC		13,122		880,355
Johnson Controls International PLC		379,353		15,625,550
Medtronic PLC		255,942		18,230,749
Pentair PLC		71,964		4,035,021
				40,129,144
Luxembourg — 0.1%
Trinseo SAD		28,135		1,668,406
Netherlands — 0.5%
LyondellBasell Industries NV Class A		65,870		5,650,329
Mylan NV*		31,612		1,205,998
				6,856,327
Panama — 0.5%
Carnival Corporation		129,327		6,732,764
Puerto Rico — 0.1%
Popular, Inc.		39,297		1,721,995
Switzerland — 0.1%
Chubb, Ltd.		14,590		1,927,631
United Kingdom — 2.2%
BP PLC ADRD		338,300		12,645,654
Ensco PLC Class AD		275,586		2,678,696
GlaxoSmithKline PLC ADRD		235,200		9,057,552
Rowan Cos. PLC Class AD*		200,969		3,796,304
				28,178,206
Total Foreign Common Stocks
(Cost $131,248,993)				129,593,981
MONEY MARKET FUNDS — 4.6%
GuideStone Money Market Fund (Investor Class)¥		30,846,106		30,846,106
Northern Institutional Liquid Assets Portfolio§		28,320,677		28,320,677
Total Money Market Funds
(Cost $59,166,783)				59,166,783
		Par
U.S. TREASURY OBLIGATION — 0.3%
U.S. Treasury Bill 0.60%, 06/22/17W‡‡
(Cost $3,191,048)	$	3,200,000		3,190,717
TOTAL INVESTMENTS — 102.2%
(Cost $1,086,759,175)				1,319,225,435
Liabilities in Excess of Other
Assets — (2.2)%				(28,203,532	)
Net Assets — 100.0%			$	1,291,021,903

See Notes to Financial Statements.

183

VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	1,127,273,954		$	1,127,273,954		$	—	$	—
Foreign Common Stocks		129,593,981			129,593,981			—		—
Money Market Funds		59,166,783			59,166,783			—		—
U.S. Treasury Obligation		3,190,717			—			3,190,717		—
Total Assets - Investments in Securities	$	1,319,225,435		$	1,316,034,718		$	3,190,717	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(172,183	)	$	(172,183	)	$	—	$	—
Total Liabilities - Other Financial Instruments	$	(172,183	)	$	(172,183	)	$	—	$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

184 See Notes to Financial Statements.

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 underperformed its benchmark, the Russell 1000^® Growth Index, for the one-year period ended December 31, 2016 (-1.30% versus 7.08%). Slow growth, yield-oriented stocks within the benchmark were the primary drivers of benchmark returns for the year. Underweight exposure to these areas detracted from benchmark-relative performance for the year. Security selection within the consumer discretionary, technology and healthcare sectors also detracted from benchmark-relative performance during the year.

In 2016, 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 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, 2016, 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.

	%
Technology		30.1
Consumer Discretionary		16.0
Financial Services		14.6
Healthcare		14.4
Foreign Common Stocks		9.3
Producer Durables		5.4
Money Market Funds		5.2
Consumer Staples		5.1
Materials & Processing		0.9
U.S. Treasury Obligation		0.2
		101.2

185

Growth Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional Class*	Investor Class*	Benchmark**
One Year	-0.98%	-1.30%	7.08%
Five Year	12.77%	12.52%	14.50%
Ten Year	6.80%	6.62%	8.33%
Since Inception	5.17%	5.01%	6.14%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	0.75%	1.03%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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, 2006 to December 31, 2016, 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.

186

GROWTH EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Shares		Value
COMMON STOCKS — 86.5%
Consumer Discretionary — 16.0%
Amazon.com, Inc.*		80,564		$	60,412,527
Chipotle Mexican Grill, Inc.D*		22,087			8,333,867
Costco Wholesale Corporation		76,525			12,252,418
Dollar General Corporation		52,636			3,898,749
eBay, Inc.*		344,071			10,215,468
Estee Lauder Cos., Inc. (The) Class A		131,750			10,077,557
L Brands, Inc.		104,410			6,874,354
Liberty Interactive Corporation QVC Group Class A*		518,713			10,363,886
Netflix, Inc.D*		120,129			14,871,970
Priceline Group, Inc. (The)*		15,667			22,968,762
Starbucks Corporation		239,321			13,287,102
TripAdvisor, Inc.*		299,117			13,870,055
Under Armour, Inc. Class AD*		177,918			5,168,518
Under Armour, Inc. Class C*		264,159			6,648,882
Yum China Holdings, Inc.*		158,692			4,145,035
Yum! Brands, Inc.		120,705			7,644,248
					211,033,398
Consumer Staples — 5.1%
Coca-Cola Co. (The)		330,567			13,705,308
Mead Johnson Nutrition Co.		118,301			8,370,979
Monster Beverage Corporation*		598,124			26,520,818
Procter & Gamble Co. (The)		166,583			14,006,298
Walgreens Boots Alliance, Inc.		53,979			4,467,302
					67,070,705
Financial Services — 14.6%
American Express Co.		79,570			5,894,546
Charles Schwab Corporation (The)		426,379			16,829,179
Crown Castle International Corporation REIT		127,309			11,046,602
Equinix, Inc. REIT		16,268			5,814,346
FactSet Research Systems, Inc.		47,679			7,792,179
FleetCor Technologies, Inc.*		53,405			7,557,875
Intercontinental Exchange, Inc.		164,571			9,285,096
LendingClub CorporationD*		529,485			2,779,796
MasterCard, Inc. Class A		110,357			11,394,360
PayPal Holdings, Inc.*		570,578			22,520,714
SEI Investments Co.		245,756			12,130,516
Visa, Inc. Class AD		1,009,796			78,784,284
					191,829,493
Healthcare — 14.4%
Alexion Pharmaceuticals, Inc.*		184,091			22,523,534
Amgen, Inc.		58,103			8,495,240
athenahealth, Inc.D*		49,763			5,233,575
Biogen, Inc.*		62,058			17,598,408
BioMarin Pharmaceutical, Inc.*		113,316			9,387,097
Celgene Corporation*		120,589			13,958,177
Cerner Corporation*		164,042			7,770,670
Danaher Corporation		151,062			11,758,666
DaVita, Inc.*		111,391			7,151,302
DENTSPLY SIRONA, Inc.		93,886			5,420,039
DexCom, Inc.D*		121,800			7,271,460
Edwards Lifesciences
Corporation*		90,930			8,520,141
Illumina, Inc.*		68,257			8,739,626
Incyte Corporation*		67,900			6,808,333
Intuitive Surgical, Inc.*		17,082			10,832,892
Quintiles IMS Holdings, Inc.*		98,126			7,462,482

	Shares		Value
Regeneron Pharmaceuticals, Inc.*		54,479	$	19,998,696
Varian Medical Systems, Inc.*		114,196		10,252,517
				189,182,855
Materials & Processing — 0.9%
Ecolab, Inc.		98,768		11,577,585
Producer Durables — 5.4%
A.O. Smith Corporation		80,524		3,812,811
Automatic Data Processing, Inc.		42,792		4,398,162
Deere & Co.		100,328		10,337,797
Expeditors International of
Washington, Inc.		256,128		13,564,539
Fortive Corporation		162,639		8,722,330
Roper Technologies, Inc.		55,379		10,138,787
United Parcel Service, Inc. Class B		108,043		12,386,049
Wabtec CorporationD		98,282		8,159,372
				71,519,847
Technology — 30.1%
Adobe Systems, Inc.*		256,260		26,381,967
Akamai Technologies, Inc.*		125,121		8,343,068
Alphabet, Inc. Class A*		53,797		42,631,432
Alphabet, Inc. Class C*		45,821		35,365,564
Amphenol Corporation Class A		175,903		11,820,682
Analog Devices, Inc.		28,540		2,072,575
ANSYS, Inc.*		61,746		5,710,888
Autodesk, Inc.*		182,171		13,482,476
Cisco Systems, Inc.		595,898		18,008,038
Cognizant Technology Solutions Corporation Class A*		154,614		8,663,022
Electronic Arts, Inc.*		120,841		9,517,437
Facebook, Inc. Class A*		585,514		67,363,386
Intuit, Inc.		44,694		5,122,379
Microsoft Corporation		436,891		27,148,407
Oracle Corporation		481,786		18,524,672
Palo Alto Networks, Inc.*		70,367		8,799,393
QUALCOMM, Inc.		405,093		26,412,064
salesforce.com, Inc.*		432,342		29,598,133
SBA Communications Corporation Class A*		87,267		9,011,190
ServiceNow, Inc.*		71,100		5,285,574
Splunk, Inc.D*		185,883		9,507,916
Symantec Corporation		281,152		6,716,721
TiVo Corporation*		7		146
				395,487,130
Total Common Stocks (Cost $963,948,877)				1,137,701,013
FOREIGN COMMON STOCKS — 9.3%
Bermuda — 0.5%
Genpact, Ltd.*		293,575		7,145,616
China — 3.5%
Alibaba Group Holding, Ltd. ADRD*		381,380		33,488,978
Baidu, Inc. ADR*		75,300		12,380,073
				45,869,051
Curacao — 1.5%
Schlumberger, Ltd.		228,344		19,169,479

See Notes to Financial Statements. 187

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
France — 1.0%
Danone SA ADRD		1,066,178	$	13,412,519
Netherlands — 1.3%
Mobileye NVD*		152,681		5,820,200
NXP Semiconductor NV*		109,353		10,717,687
				16,537,887
Switzerland — 0.7%
Novartis AG ADR		124,783		9,089,194
United Kingdom — 0.8%
Liberty Global PLC Class A*		38,959		1,191,756
Liberty Global PLC, Series C*		147,140		4,370,058
Nielsen Holdings PLC		119,007		4,992,343
				10,554,157
Total Foreign Common Stocks (Cost $122,309,585)				121,777,903

	Shares		Value
MONEY MARKET FUNDS — 5.2%
GuideStone Money Market Fund (Investor Class)¥		54,388,015	$	54,388,015
Northern Institutional Liquid Assets Portfolio§		14,082,344		14,082,344
Total Money Market Funds (Cost $68,470,359)				68,470,359
	Par
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill 0.60%, 06/22/17W‡‡
(Cost $3,091,328)	$	3,100,000		3,091,007
TOTAL INVESTMENTS — 101.2%
(Cost $1,157,820,149)				1,331,040,282
Liabilities in Excess of Other Assets — (1.2)%				(16,300,164	)
NET ASSETS — 100.0%			$	1,314,740,118

188 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	1,137,701,013		$	1,137,701,013		$	—	$	—
Foreign Common Stocks		121,777,903			121,777,903			—		—
Money Market Funds		68,470,359			68,470,359			—		—
U.S. Treasury Obligation		3,091,007			—			3,091,007		—
Total Assets - Investments in Securities	$	1,331,040,282		$	1,327,949,275		$	3,091,007	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(207,890	)	$	(207,890	)	$	—	$	—
Total Liabilities - Other Financial Instruments	$	(207,890	)	$	(207,890	)	$	—	$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

See Notes to Financial Statements. 189

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, 2016 (17.17% versus 21.31%). During the year, the Fund remained diversified across all sectors, with a modest overweight to the producer durables sector and modest underweights to the healthcare and financial services sectors. Security selection within the energy, financial services and producer durables sectors were the primary detractors from benchmark-relative performance during the year.

In 2016, 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, 2016, 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		20.2
Producer Durables		18.8
Money Market Funds		15.7
Consumer Discretionary		12.1
Technology		11.5
Healthcare		7.4
Materials & Processing		7.4
Foreign Common Stocks		7.3
Energy		4.6
Utilities		4.0
Consumer Staples		1.2
Master Limited Partnership		0.8
U.S. Treasury Obligation		0.2
Corporate Bonds		—	**
		111.2

**Rounds to less than 0.005%

190

Small Cap Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional Class*	Investor Class*	Benchmark**
One Year	17.48%	17.17%	21.31%
Five Year	12.96%	12.70%	14.46%
Ten Year	6.85%	6.65%	7.07%
Since Inception	7.54%	7.35%	8.43%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	1.06%	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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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, 2006 to December 31, 2016, 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.

191

SMALL CAP EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Shares		Value
COMMON STOCKS — 87.2%
Consumer Discretionary — 12.1%
2U, Inc.D*		71,100		$	2,143,665
Aaron’s, Inc.		51,931			1,661,273
American Axle & Manufacturing Holdings, Inc.*		31,575			609,397
Avis Budget Group, Inc.D*		6,989			256,356
Big Lots, Inc.D		52,351			2,628,544
Bloomin’ Brands, Inc.		45,030			811,891
Bright Horizons Family Solutions, Inc.*		53,900			3,774,078
Burlington Stores, Inc.*		12,200			1,033,950
Cable One, Inc.D		4,610			2,866,175
Capella Education Co.		11,316			993,545
Carriage Services, Inc.D		34,040			974,906
Cavco Industries, Inc.*		4,450			444,332
Chegg, Inc.D*		177,300			1,308,474
Children’s Place, Inc. (The)D		3,305			333,640
Cooper Tire & Rubber Co.		32,855			1,276,417
Destination XL Group, Inc.D*		330,288			1,403,724
Drew Industries, Inc.		24,800			2,672,200
Ethan Allen Interiors, Inc.D		44,797			1,650,769
Express, Inc.*		22,700			244,252
Fox Factory Holding Corporation*		62,717			1,740,397
Francesca’s Holdings Corporation*		32,622			588,175
Gannett Co., Inc.		52,698			511,698
Gentherm, Inc.*		5,000			169,250
G-III Apparel Group, Ltd.D*		42,500			1,256,300
Goodyear Tire & Rubber Co. (The)		5,307			163,827
Grand Canyon Education, Inc.D*		39,040			2,281,888
Hibbett Sports, Inc.D*		47,600			1,775,480
Inter Parfums, Inc.		34,000			1,113,500
JAKKS Pacific, Inc.D*		88,836			457,505
Kona Grill, Inc.D*		32,360			406,118
Lear Corporation		4,528			599,371
Libbey, Inc.		80,299			1,562,619
Lithia Motors, Inc. Class A		18,400			1,781,672
Malibu Boats, Inc. Class A*		53,433			1,019,502
MCBC Holdings, Inc.*		13,988			203,945
Meritor, Inc.*		14,386			178,674
Monro Muffler Brake, Inc.D		57,850			3,309,020
MSG Networks, Inc. Class A*		53,772			1,156,098
New Media Investment Group, Inc.		27,538			440,333
Ollie’s Bargain Outlet Holdings, Inc.D*		63,500			1,806,575
Rent-A-Center, Inc.D		86,012			967,635
Scholastic CorporationD		6,415			304,648
Skechers U.S.A., Inc. Class A*		17,285			424,865
Smith & Wesson Holding CorporationD*		69,996			1,475,516
Sportsman’s Warehouse Holdings, Inc.D*		106,800			1,002,852
Steven Madden, Ltd.*		25,910			926,282
Strayer Education, Inc.*		3,541			285,511
Time, Inc.D		76,340			1,362,669
Universal Electronics, Inc.*		56,116			3,622,288
Visteon Corporation		21,531			1,729,800
William Lyon Homes Class AD*		69,700			1,326,391
ZAGG, Inc.*		171,290			1,216,159
					64,254,151

	Shares		Value
Consumer Staples — 1.2%
Andersons, Inc. (The)		20,115		$	899,141
Dean Foods Co.D		87,653			1,909,082
Ingredion, Inc.		1,374			171,695
Medifast, Inc.		25,780			1,073,221
Nu Skin Enterprises, Inc. Class A		2,637			125,996
Omega Protein Corporation*		66,208			1,658,510
Sanderson Farms, Inc.D		6,427			605,681
					6,443,326
Energy — 4.6%
Archrock, Inc.		33,841			446,701
Atwood Oceanics, Inc.D*		52,866			694,131
Bill Barrett CorporationD*		100,153			700,070
Callon Petroleum Co.*		45,740			703,024
CONSOL Energy, Inc.		51,251			934,306
Dril-Quip, Inc.D*		10,623			637,911
Gulfport Energy Corporation*		125,290			2,711,276
Matador Resources Co.D*		64,900			1,671,824
Matrix Service Co.*		23,673			537,377
PBF Energy, Inc. Class AD		90,097			2,511,904
PDC Energy, Inc.D*		27,000			1,959,660
Pioneer Energy Services Corporation*		30,414			208,336
Renewable Energy Group, Inc.D*		122,062			1,184,001
REX American Resources Corporation*		19,513			1,926,909
Ring Energy, Inc.D*		149,663			1,944,122
RSP Permian, Inc.*		29,300			1,307,366
Southwestern Energy Co.*		157,670			1,705,989
Westmoreland Coal Co.*		30,829			544,749
Whiting Petroleum CorporationD*		104,700			1,258,494
WildHorse Resource Development CorporationD*		73,500			1,073,100
					24,661,250
Financial Services — 20.2%
Alleghany Corporation*		3,420			2,079,770
American Assets Trust, Inc. REIT		4,848			208,852
American Equity Investment Life Holding Co.		73,995			1,667,847
American Financial Group, Inc.		14,267			1,257,208
American Homes 4 Rent Class A REIT		50,937			1,068,658
AMERISAFE, Inc.		61,015			3,804,285
AmTrust Financial Services, Inc.		59,670			1,633,765
Armada Hoffler Properties, Inc. REIT		24,898			362,764
Ashford Hospitality Trust, Inc. REIT		260,360			2,020,394
Banc of California, Inc.D		41,753			724,415
BancFirst Corporation		6,110			568,536
Bancorp, Inc. (The)*		100,901			793,082
Beneficial Bancorp, Inc.		8,011			147,402
Berkshire Hills Bancorp, Inc.		32,253			1,188,523
Blackhawk Network Holdings, Inc.*		49,300			1,857,377
CardConnect CorporationD*		77,600			985,520
Care Capital Properties, Inc. REITD		6,309			157,725

192 See Notes to Financial Statements.

	Shares		Value
CBL & Associates Properties, Inc. REIT		151,740		$	1,745,010
Central Pacific Financial Corporation		64,025			2,011,666
Chemical Financial Corporation		33,661			1,823,416
Community Bank System, Inc.D		15,650			967,013
CubeSmart REIT		20,760			555,745
Customers Bancorp, Inc.*		27,627			989,599
DiamondRock Hospitality Co. REITD		76,837			885,931
DuPont Fabros Technology, Inc. REIT		8,156			358,293
Enova International, Inc.*		8,702			109,210
Enterprise Financial Services Corporation		19,389			833,727
Fair Isaac CorporationD		19,300			2,300,946
Federal Agricultural Mortgage Corporation Class C		27,632			1,582,485
Fifth Street Finance CorporationD		117,200			629,364
Financial Institutions, Inc.		22,869			782,120
First Commonwealth Financial Corporation		120,840			1,713,511
First Financial Bancorp		21,772			619,413
First Potomac Realty Trust REITD		46,728			512,606
Flagstar Bancorp, Inc.*		64,957			1,749,942
FNB Corporation		148,710			2,383,821
GAMCO Investors, Inc. Class AD		4,506			139,190
Genworth Financial, Inc. Class A*		50,025			190,595
Gramercy Property Trust REITD		53,639			492,406
Green Dot Corporation Class A*		59,349			1,397,669
Hanmi Financial CorporationD		29,332			1,023,687
Hanover Insurance Group, Inc. (The)		20,316			1,848,959
HCI Group, Inc.D		25,247			996,752
Heritage Insurance Holdings, Inc.		18,435			288,876
Hersha Hospitality Trust REIT		25,789			554,463
HFF, Inc. Class A*		76,200			2,305,050
HomeTrust Bancshares, Inc.D*		6,241			161,642
Hospitality Properties Trust REIT		54,572			1,732,115
Independent Bank Corporation		40,708			883,364
Investment Technology Group, Inc.		16,708			329,816
Kennedy-Wilson Holdings, Inc.		141,725			2,905,362
LaSalle Hotel Properties REIT		9,050			275,754
Mack-Cali Realty Corporation REIT		73,126			2,122,117
Meta Financial Group, Inc.		7,020			722,358
National Bank Holdings Corporation Class A		49,625			1,582,541
National General Holdings Corporation		78,420			1,959,716
National Storage Affiliates Trust REIT		91,900			2,028,233
Nationstar Mortgage Holdings, Inc.D*		15,939			287,858
Navient Corporation		27,849			457,559
New Senior Investment Group, Inc. REITD		130,697			1,279,524

	Shares		Value
NexPoint Residential Trust, Inc. REIT		7,920		$	176,933
NorthStar Realty Finance Corporation REITD		14,020			212,403
Pacific Premier Bancorp, Inc.*		45,975			1,625,216
Peapack Gladstone Financial CorporationD		9,400			290,272
Physicians Realty Trust REIT		57,240			1,085,270
PICO Holdings, Inc.*		17,391			263,474
Piedmont Office Realty Trust, Inc. Class A REIT		56,862			1,188,984
Pinnacle Financial Partners, Inc.		12,690			879,417
Piper Jaffray Cos.*		17,119			1,241,127
Preferred Apartment Communities, Inc. Class A REITD		87,996			1,312,020
ProAssurance Corporation		36,470			2,049,614
Radian Group, Inc.		69,215			1,244,486
Regional Management Corporation*		26,305			691,295
Reinsurance Group of America, Inc.		20,002			2,516,852
RMR Group, Inc. (The) Class A		12,476			492,802
Safeguard Scientifics, Inc.D*		54,300			730,335
Senior Housing Properties Trust REIT		34,957			661,736
Taubman Centers, Inc. REIT		24,189			1,788,293
Texas Capital Bancshares, Inc.*		25,570			2,004,688
Union Bankshares Corporation		10,717			383,026
United Community Banks, Inc.		61,380			1,818,076
Universal Insurance Holdings, Inc.D		27,936			793,382
Voya Financial, Inc.		77,964			3,057,748
Walker & Dunlop, Inc.*		35,318			1,101,922
Washington Prime Group, Inc. REIT		161,741			1,683,724
WEX, Inc.D*		31,600			3,526,560
WisdomTree Investments, Inc.D		130,000			1,448,200
Xenia Hotels & Resorts, Inc. REIT		107,391			2,085,533
Zions Bancorporation		52,395			2,255,081
					107,654,016
Healthcare — 7.4%
Air Methods CorporationD*		43,170			1,374,964
Akorn, Inc.D*		32,500			709,475
AMAG Pharmaceuticals, Inc.D*		19,778			688,274
Amedisys, Inc.*		25,300			1,078,539
American Renal Associates Holdings, Inc.D*		44,800			953,344
Analogic Corporation		5,690			471,986
Anika Therapeutics, Inc.*		11,676			571,657
Applied Genetic Technologies CorporationD*		60,063			561,589
ARIAD Pharmaceuticals, Inc.D*		87,500			1,088,500
BioScrip, Inc.D*		62,719			65,228
Civitas Solutions, Inc.D*		87,000			1,731,300
Cynosure, Inc. Class A*		30,700			1,399,920
Dermira, Inc.D*		53,000			1,607,490
Emergent BioSolutions, Inc.*		36,402			1,195,442
Enanta Pharmaceuticals, Inc.D*		27,268			913,478

See Notes to Financial Statements. 193

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Endologix, Inc.D*		136,700		$	781,924
Five Star Quality Care, Inc.+*		2,086			—
Globus Medical, Inc. Class A*		23,290			577,825
Halyard Health, Inc.*		4,147			153,356
Inogen, Inc.*		24,400			1,638,948
Integra LifeSciences Holdings Corporation*		9,320			799,563
Intra-Cellular Therapies, Inc.D*		33,600			507,024
K2M Group Holdings, Inc.D*		60,800			1,218,432
Kindred Healthcare, Inc.D		68,430			537,176
Lannett Co., Inc.D*		103,369			2,279,286
Masimo Corporation*		14,060			947,644
PRA Health Sciences, Inc.*		46,500			2,563,080
Repligen Corporation*		30,100			927,682
Retrophin, Inc.*		7,640			144,625
Surgical Care Affiliates, Inc.*		40,600			1,878,562
Team Health Holdings, Inc.*		50,500			2,194,225
United Therapeutics Corporation*		14,473			2,075,862
US Physical Therapy, Inc.D		17,520			1,229,904
Vanda Pharmaceuticals, Inc.*		101,463			1,618,335
West Pharmaceutical Services, Inc.		37,390			3,171,794
					39,656,433
Materials & Processing — 7.4%
A. Schulman, Inc.		44,276			1,481,032
Beacon Roofing Supply, Inc.*		41,900			1,930,333
Cabot Corporation		7,164			362,069
Ferro Corporation*		20,910			299,640
FMC Corporation		12,540			709,262
FutureFuel Corporation		52,237			726,094
Global Brass & Copper Holdings, Inc.		18,115			621,345
Innophos Holdings, Inc.		10,755			562,056
Insteel Industries, Inc.		58,282			2,077,170
Interface, Inc.		36,059			668,894
Koppers Holdings, Inc.*		68,443			2,758,253
Landec Corporation*		35,820			494,316
LB Foster Co. Class A		49,757			676,695
LSB Industries, Inc.D*		135,260			1,138,889
Mercer International, Inc.D		39,054			415,925
Myers Industries, Inc.		41,659			595,724
NN, Inc.D		86,814			1,653,807
Olympic Steel, Inc.		12,334			298,853
OMNOVA Solutions, Inc.*		149,019			1,490,190
Owens Corning		31,769			1,638,010
Owens-Illinois, Inc.*		31,550			549,286
P.H. Glatfelter Co.		35,690			852,634
Patrick Industries, Inc.*		69,534			5,305,444
PolyOne Corporation		83,075			2,661,723
RBC Bearings, Inc.D*		18,400			1,707,704
Reliance Steel & Aluminum Co.		12,040			957,662
Resolute Forest Products*		41,726			223,234
Rexnord Corporation*		103,900			2,035,401
Ryerson Holding Corporation*		14,771			197,193
Steel Dynamics, Inc.		9,796			348,542
Summit Materials, Inc. Class A*		67,024			1,594,501
Unifi, Inc.*		10,730			350,120
United States Steel CorporationD		31,702			1,046,483
Universal Stainless & Alloy Products, Inc.*		55,449			749,116
					39,177,600

	Shares		Value
Producer Durables — 18.8%
ACCO Brands Corporation*		331,509		$	4,326,192
Advanced Energy Industries, Inc.*		7,015			384,071
Advisory Board Co. (The)D*		64,300			2,137,975
Aegion Corporation*		76,278			1,807,789
Air Transport Services Group, Inc.*		8,155			130,154
Albany International Corporation Class A		70,600			3,268,780
Allegiant Travel Co.		13,250			2,204,800
Astronics CorporationD*		65,401			2,213,170
Astronics Corporation Class BD*		10,215			344,246
Atlas Air Worldwide Holdings, Inc.*		35,426			1,847,466
AZZ, Inc.		47,127			3,011,415
Babcock & Wilcox Enterprises, Inc.*		33,340			553,111
BWX Technologies, Inc.		21,933			870,740
CEB, Inc.		37,300			2,260,380
Clean Harbors, Inc.D*		23,700			1,318,905
Columbus McKinnon Corporation		107,035			2,894,226
CRA International, Inc.		5,625			205,875
Crane Co.D		15,365			1,108,124
DHI Group, Inc.D*		96,355			602,219
Ducommun, Inc.*		53,357			1,363,805
Electronics For Imaging, Inc.D*		42,500			1,864,050
EMCOR Group, Inc.		24,843			1,757,891
EnerSys, Inc.		33,620			2,625,722
Essendant, Inc.		8,435			176,292
ExlService Holdings, Inc.*		53,250			2,685,930
Exponent, Inc.		33,900			2,044,170
FARO Technologies, Inc.*		27,100			975,600
Greenbrier Cos., Inc. (The)D		45,887			1,906,605
Hawaiian Holdings, Inc.*		19,059			1,086,363
Healthcare Services Group, Inc.		49,250			1,929,122
Huntington Ingalls Industries, Inc.		6,064			1,116,928
Huron Consulting Group, Inc.*		32,300			1,635,995
ICF International, Inc.*		30,500			1,683,600
JetBlue Airways Corporation*		26,599			596,350
KBR, Inc.		98,000			1,635,620
Keysight Technologies, Inc.*		26,117			955,099
Knight Transportation, Inc.D		50,100			1,655,805
Littelfuse, Inc.		10,000			1,517,700
Lydall, Inc.*		30,532			1,888,404
Manpowergroup, Inc.		3,201			284,473
MAXIMUS, Inc.		35,600			1,986,124
Milacron Holdings CorporationD*		82,000			1,527,660
MYR Group, Inc.*		49,855			1,878,536
Old Dominion Freight Line, Inc.*		9,360			802,994
On Assignment, Inc.D*		103,300			4,561,728
Orbital ATK, Inc.		30,631			2,687,258
OSI Systems, Inc.*		6,670			507,720
Proto Labs, Inc.D*		31,400			1,612,390
Quanta Services, Inc.*		61,304			2,136,444
RPX Corporation*		123,920			1,338,336
Spirit AeroSystems Holdings, Inc. Class A		30,519			1,780,784
Spirit Airlines, Inc.*		41,963			2,427,979

194 See Notes to Financial Statements.

	Shares		Value
Swift Transportation Co.D*		17,619		$	429,199
Terex Corporation		11,725			369,689
Tidewater, Inc.D*		264,745			902,780
TriNet Group, Inc.*		59,700			1,529,514
Triumph Group, Inc.		70,357			1,864,460
Wabash National CorporationD*		62,459			988,101
Wabtec CorporationD		7,480			620,990
WageWorks, Inc.D*		39,650			2,874,625
Watts Water Technologies, Inc. Class AD		13,800			899,760
Wesco Aircraft Holdings, Inc.*		74,635			1,115,793
Zebra Technologies Corporation Class A*		25,565			2,192,454
					99,910,480
Technology — 11.5%
Acacia Research Corporation*		87,541			569,017
Amkor Technology, Inc.*		64,696			682,543
Aspen Technology, Inc.*		35,444			1,938,078
Black Box Corporation		82,685			1,260,946
Blackline, Inc.D*		33,100			914,553
BroadSoft, Inc.D*		27,400			1,130,250
comScore, Inc.D*		27,200			858,976
Cypress Semiconductor CorporationD		108,641			1,242,853
DigitalGlobe, Inc.*		55,436			1,588,241
Envestnet, Inc.*		78,900			2,781,225
Evolent Health, Inc. Class AD*		55,700			824,360
Extreme Networks, Inc.*		96,387			484,827
Global Eagle Entertainment, Inc.D*		73,500			474,810
Integrated Device Technology, Inc.*		6,900			162,564
InterDigital, Inc.D		38,330			3,501,446
Ixia*		28,982			466,610
Kulicke & Soffa Industries, Inc.*		118,437			1,889,070
MACOM Technology Solutions Holdings, Inc.D*		42,600			1,971,528
MKS Instruments, Inc.		103,357			6,139,406
NCR Corporation*		5,687			230,665
NIC, Inc.*		82,000			1,959,800
Paycom Software, Inc.D*		59,000			2,683,910
Pegasystems, Inc.		32,700			1,177,200
Q2 Holdings, Inc.D*		83,800			2,417,630
RetailMeNot, Inc.*		134,392			1,249,846
Rubicon Project, Inc. (The)*		18,880			140,090
Science Applications International Corporation		25,500			2,162,400
Sparton Corporation*		4,525			107,921
Synaptics, Inc.D*		25,880			1,386,650
Synchronoss Technologies, Inc.*		55,054			2,108,568
Synopsys, Inc.*		12,154			715,384
Take-Two Interactive Software, Inc.*		55,526			2,736,876
Teradyne, Inc.		40,933			1,039,698
TESSCO Technologies, Inc.		50,499			656,487
Tyler Technologies, Inc.D*		17,694			2,526,172
Ultimate Software Group, Inc. (The)D*		17,300			3,154,655
VeriFone Systems, Inc.D*		119,925			2,126,270
Vishay Intertechnology, Inc.D		131,039			2,122,832
Web.com Group, Inc.*		73,380			1,551,987

	Shares		Value
Zix CorporationD*		68,817		$	339,956
					61,476,300
Utilities — 4.0%
AquaVenture Holdings, Ltd.D*		45,300			1,111,209
Cogent Communications Holdings, Inc.D		37,500			1,550,625
Dynegy, Inc.*		25,679			217,245
El Paso Electric Co.		15,126			703,359
General Communication, Inc. Class A*		10,851			211,052
j2 Global, Inc.D		46,700			3,820,060
NRG Energy, Inc.		65,867			807,530
Pinnacle West Capital Corporation		9,064			707,264
PNM Resources, Inc.		18,581			637,328
Portland General Electric Co.		40,919			1,773,020
Shenandoah Telecommunications CoD		59,300			1,618,890
Southwest Gas Corporation		15,839			1,213,584
Spire, Inc.D		13,300			858,515
UGI Corporation		51,616			2,378,465
Vectren Corporation		32,435			1,691,485
Vonage Holdings Corporation*		100,060			685,411
West Corporation		53,750			1,330,850
					21,315,892
Total Common Stocks (Cost $396,352,451)					464,549,448
FOREIGN COMMON STOCKS — 7.3%
Belgium — 0.2%
Euronav NVD		102,223			812,673
Bermuda — 2.3%
Aspen Insurance Holdings, Ltd.		40,751			2,241,305
Assured Guaranty, Ltd.		61,135			2,309,069
Axis Capital Holdings, Ltd.		14,294			932,969
Cosan, Ltd. Class A		90,540			679,955
Everest Re Group, Ltd.		10,276			2,223,726
Helen of Troy, Ltd.*		8,870			749,072
Nabors Industries, Ltd.		53,715			880,926
Tsakos Energy Navigation, Ltd.D		35,224			165,201
Validus Holdings, Ltd.		39,604			2,178,616
					12,360,839
Canada — 1.2%
Celestica, Inc.*		54,655			647,662
Dominion Diamond CorporationD		156,327			1,513,245
IMAX CorporationD*		75,800			2,380,120
Just Energy Group, Inc.D		86,065			469,915
Open Text Corporation Performance Sports		18,340			1,133,595
Group, Ltd.*		39,230			58,453
					6,202,990
Cayman Islands — 0.3%
Nord Anglia Education, Inc.D*		72,500			1,689,250
Curacao — 0.1%
Orthofix International NV*		16,716			604,785
France — 0.2%
DBV Technologies SA ADRD*		28,800			1,011,744
Israel — 0.3%
magicJack VocalTec, Ltd.D*		42,709			292,557
Orbotech, Ltd.*		13,895			464,232

See Notes to Financial Statements. 195

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
SodaStream Inter-national, Ltd.D*		12,700		$	501,269
Syneron Medical, Ltd.*		44,720			375,648
					1,633,706
Luxembourg — 0.6%
Altisource Portfolio Solutions SAD*		18,129			482,050
Orion Engineered Carbons SAD		38,583			727,289
Trinseo SA		31,679			1,878,565
					3,087,904
Marshall Islands — 0.3%
Aegean Marine Petroleum
Network, Inc.D		63,160			641,074
DHT Holdings, Inc.D		187,985			778,258
Navigator Holdings, Ltd.D*		18,735			174,235
					1,593,567
Netherlands — 0.1%
Chicago Bridge & Iron Co. NVD		10,495			333,216
Constellium NV Class A*		22,374			132,007
					465,223
Panama — 0.0%
Copa Holdings SA Class AD		3,043			276,396
Puerto Rico — 1.1%
OFG BancorpD		255,631			3,348,766
Popular, Inc.		51,917			2,275,003
					5,623,769
United Kingdom — 0.6%
Cardtronics PLC Class AD*		29,600			1,615,272
Ensco PLC Class AD		40,470			393,369
Rowan Cos. PLC Class A*		67,280			1,270,919
					3,279,560
Total Foreign Common Stocks (Cost $32,150,633)					38,642,406

	Shares		Value
MASTER LIMITED PARTNERSHIP — 0.8%
Compass Diversified Holdings (Cost $3,442,223)		226,765		$	4,059,093
MONEY MARKET FUNDS — 15.7%
GuideStone Money Market Fund (Investor Class)¥		23,247,942			23,247,942
Northern Institutional Liquid
Assets Portfolio§		60,252,614			60,252,614
Total Money Market Funds (Cost $83,500,556)					83,500,556
	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)					—
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill 0.60%, 06/22/17W‡‡
(Cost $1,296,363)		1,300,000			1,296,229
TOTAL INVESTMENTS — 111.2% (Cost $516,742,226)					592,047,732
Liabilities in Excess of Other Assets — (11.2)%					(59,426,389	)
NET ASSETS — 100.0%				$	532,621,343

196 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks:
Consumer Discretionary	$	64,254,151		$	64,254,151		$	—	$	—
Consumer Staples		6,443,326			6,443,326			—		—
Energy		24,661,250			24,661,250			—		—
Financial Services		107,654,016			107,654,016			—		—
Healthcare		39,656,433			39,656,433			—		—
Materials & Processing		39,177,600			39,177,600			—		—
Producer Durables		99,910,480			99,910,480			—		—
Technology		61,476,300			61,476,300			—		—
Utilities		21,315,892			21,315,892			—		—
Corporate Bonds		—			—			—		—
Foreign Common Stocks		38,642,406			38,642,406			—		—
Master Limited Partnership		4,059,093			4,059,093			—		—
Money Market Funds		83,500,556			83,500,556			—		—
U.S. Treasury Obligation		1,296,229			—			1,296,229		—
Total Assets - Investments in Securities	$	592,047,732		$	590,751,503		$	1,296,229	$	—
Other Financial Instruments***
Futures Contracts	$	(544,618	)	$	(544,618	)	$	—	$	—
Total Assets - Other Financial Instruments	$	(544,618	)	$	(544,618	)	$	—	$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

See Notes to Financial Statements. 197

International Equity Index Fund (Unaudited)

Developed non-U.S. markets underperformed their U.S. counterparts and were negatively impacted by slower economic growth, reliance on further monetary policy and the U.S. dollar, which strengthened against most currencies during the year. The MSCI EAFE Index, a measure of international developed country returns, posted a fourth quarter return of -0.71%, bringing the return to 1.00% for the one-year period ended December 31, 2016. Value styles outperformed growth styles, and small capitalization stocks generally outperformed large capitalization stocks during the year. From a country perspective, the best performers were natural resource export economies including Norway, New Zealand and Australia, which benefited from commodity price strength. Meanwhile, Denmark and Israel were among the worst performing countries for the year. In a reversal from last year, the strongest performance was registered in the energy and materials sectors, while the weakest performance came from the healthcare sector.

The Fund was passively managed and attempted to duplicate the investment composition and performance of its benchmark, the MSCI EAFE Index. The MSCI EAFE Index 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. The correlation between the Fund’s performance and the MSCI EAFE Index is expected to be greater than 98%. However, it could be lower in certain market environments and due to certain stocks that are excluded from the Fund’s portfolio because of social investment policies and restrictions (100% would indicate perfect correlation). The Fund returned 1.63% for the one-year period ended December 31, 2016, as compared to a 1.00% return for the MSCI EAFE Index. The return differential was primarily a result of social restrictions and expenses of the Fund.

In 2016, 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 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 involves 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 the 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, 2016, 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		24.3
Consumer Discretionary		14.4
Producer Durables		11.7
Technology		10.2
Healthcare		9.6
Materials & Processing		8.8
Money Market Funds		7.1
Consumer Staples		5.9
Energy		5.2
Utilities		3.4
Foreign Preferred Stocks		0.6
U.S. Treasury Obligations		0.3
Rights		—	**
		101.5

**Rounds to less than 0.005%

198

International Equity Index Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional Class*	Benchmark**
One Year	1.63%		1.00%
Since Inception	-5.40%		-4.97%
Inception Date	06/01/15
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	0.57%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

The graph compares the results of a hypothetical $10,000 investment in the Investor Class of the Fund since June 1, 2015 (commencement of operations), 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.

199

INTERNATIONAL EQUITY INDEX FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Shares		Value
FOREIGN COMMON STOCKS — 93.5%
Australia — 6.8%
AGL Energy, Ltd.		7,957	$	126,845
Alumina, Ltd.D		20,465		27,027
Amcor, Ltd.		11,424		123,250
AMP, Ltd.		32,305		117,497
APA Group		13,194		81,599
ASX, Ltd.		2,247		80,656
Aurizon Holdings, Ltd.		25,222		91,918
AusNet Services		27,770		31,664
Australia & New Zealand Banking Group, Ltd.		31,151		683,847
Bank of Queensland, Ltd.D		3,948		33,819
Bendigo and Adelaide Bank, Ltd.D		5,153		47,264
BHP Billiton, Ltd.		32,891		594,821
Boral, Ltd.		12,539		48,954
Brambles, Ltd.		15,826		141,619
Caltex Australia, Ltd.		2,589		56,910
Challenger, Ltd.		5,442		44,142
CIMIC Group, Ltd.		826		20,827
Coca-Cola Amatil, Ltd.		13,078		95,510
Cochlear, Ltd.		613		54,213
Commonwealth Bank of Australia		17,683		1,051,632
Computershare, Ltd.		5,174		46,523
CSL, Ltd.		4,822		349,407
Dexus Property Group REIT		9,600		66,646
Domino’s Pizza Enterprises, Ltd.D		1,020		47,838
DUET Group		22,568		44,624
Flight Centre Travel Group, Ltd.D		1,053		23,785
Fortescue Metals Group, Ltd.D		15,263		64,876
Goodman Group REIT		17,779		91,480
GPT Group (The) REIT		20,139		73,103
Harvey Norman Holdings, Ltd.		9,185		34,070
Healthscope, Ltd.		21,042		34,774
Incitec Pivot, Ltd.		17,247		44,807
Insurance Australia Group, Ltd.		26,988		116,661
Lend Lease Group		5,556		58,619
Macquarie Group, Ltd.		3,282		206,340
Medibank Pvt., Ltd.		28,244		57,478
Mirvac Group REIT		37,367		57,437
National Australia Bank, Ltd.		27,124		600,337
Newcrest Mining, Ltd.		7,513		109,791
Orica, Ltd.		4,853		61,918
Origin Energy, Ltd.		19,723		93,796
Qantas Airways, Ltd.		4,384		10,535
QBE Insurance Group, Ltd.		15,735		141,031
Ramsay Health Care, Ltd.		1,607		79,207
REA Group, Ltd.		873		34,795
Rio Tinto, Ltd.		4,176		180,516
Santos, Ltd.		17,955		52,088
Scentre Group REIT		56,458		189,048
SEEK, Ltd.		3,958		42,502
Sonic Healthcare, Ltd.		3,771		58,237
South32, Ltd.		53,136		105,451
Stockland REIT		26,872		88,816
Suncorp Group, Ltd.		13,771		134,360
Sydney AirportD		10,990		47,506
Telstra Corporation, Ltd.		44,619		164,217
TPG Telecom, Ltd.		4,589		22,585
Transurban Group		23,481		174,874

	Shares		Value
Vicinity Centres REIT		34,448	$	74,330
Vocus Communications, Ltd.D		8,549		23,876
Wesfarmers, Ltd.		16,210		492,953
Westfield Corporation REIT		21,009		142,212
Westpac Banking Corporation		34,419		809,736
Woodside Petroleum, Ltd.		8,023		180,411
				9,087,610
Austria — 0.2%
ANDRITZ AG		720		36,149
Erste Group Bank AG*		3,328		97,478
OMV AG		1,545		54,580
Raiffeisen Bank International AG*		950		17,380
Voestalpine AG		1,220		47,889
				253,476
Belgium — 0.7%
Ageas		2,590		102,539
Colruyt SA		841		41,613
Groupe Bruxelles Lambert SA		1,139		95,582
KBC Groep NV*		2,902		179,714
Proximus SADP		1,749		50,372
Solvay SA		1,065		124,832
Telenet Group Holding NV*		1,213		67,316
UCB SA		2,703		173,309
Umicore SA		1,008		57,457
				892,734
Bermuda — 0.3%
Cheung Kong Infrastructure Holdings, Ltd.		7,000		55,697
First Pacific Co., Ltd.		18,000		12,581
Jardine Matheson Holdings, Ltd.		2,600		143,650
Kerry Properties, Ltd.		5,000		13,573
Li & Fung, Ltd.		60,000		26,384
NWS Holdings, Ltd.D		13,066		21,298
Shangri-La Asia, Ltd.		32,000		33,756
Yue Yuen Industrial Holdings, Ltd.		8,000		29,041
				335,980
Denmark — 1.2%
AP Moeller - Maersk A/S Class A		54		81,583
AP Moeller - Maersk A/S Class B		64		102,128
Chr. Hansen Holding A/S		1,203		66,619
Coloplast A/S Class BD		2,646		178,448
Danske Bank A/S		8,248		250,155
DONG Energy A/S 144A*		1,363		51,645
DSV A/S		1,815		80,747
Genmab A/S*		757		125,729
ISS A/S		2,857		96,440
Novozymes A/S, B Shares		3,610		124,465
Pandora A/S		1,433		187,482
TDC A/S*		8,509		43,687
Tryg A/S		2,118		38,296
Vestas Wind Systems A/S		2,437		158,383
William Demant Holding A/S*		2,918		50,737
				1,636,544
Finland — 1.0%
Elisa OYJD		1,415		46,070

200 See Notes to Financial Statements.

	Shares		Value
Fortum OYJ		4,227		$	64,830
Kone OYJ Class BD		3,899			174,720
Metso OYJD		913			26,045
Neste OYJ		1,361			52,292
Nokia OYJD		62,578			302,225
Nokia OYJ		2,899			13,934
Nokian Renkaat OYJ		1,196			44,593
Orion OYJ Class B		1,825			81,243
Sampo OYJ, A Shares		5,305			237,837
Stora Enso OYJ, R Shares		7,178			77,146
UPM-Kymmene OYJ		5,350			131,444
Wartsila OYJ Abp		1,465			65,819
					1,318,198
France — 9.1%
Accor SA		2,363			88,129
Aeroports de Paris		378			40,507
Air Liquide SA		4,178			464,647
Alstom SA*		1,430			39,401
Arkema SA		687			67,212
Atos SE		879			92,760
AXA SA		21,679			547,349
BNP Paribas SA		11,299			720,178
Bollore SAD*		81			279
Bollore SAD		12,114			42,719
Bouygues SA		1,998			71,603
Bureau Veritas SA		2,626			50,890
Capgemini SA		1,772			149,504
Carrefour SA		6,639			159,968
Casino Guichard Perrachon SA		458			21,980
Christian Dior SE		1,038			217,711
Cie de St-Gobain		5,123			238,656
Cie Generale des Etablissements Michelin		1,609			179,026
CNP Assurances		1,390			25,752
Credit Agricole SA		11,379			141,103
Danone SA		10,206			646,752
Dassault Systemes		1,483			113,007
Edenred		2,232			44,253
Eiffage SA		593			41,355
Electricite de France SA		3,498			35,643
Engie SA		15,202			193,950
Essilor International SA		2,592			292,902
Eurazeo SA		340			19,892
Eutelsat Communications SA*		1,634			31,640
Fonciere Des Regions REIT		471			41,122
Gecina SA REIT		503			69,601
Groupe Eurotunnel SE		5,218			49,621
Hermes International		409			167,909
ICADE REIT		531			37,892
Iliad SA		257			49,413
Imerys SA		277			21,014
Ingenico Group		660			52,711
JCDecaux SAD		1,071			31,488
Kering		979			219,816
Klepierre REIT		2,895			113,806
Lagardere SCA		1,481			41,149
Legrand SA		2,924			166,056
L’Oreal SA		3,043			555,439
Natixis SA		11,553			65,185
Orange SA		20,797			316,012
Peugeot SA*		3,414			55,685
Publicis Groupe SA		2,076			143,247
Renault SA		1,789			159,149

	Shares		Value
Rexel SA		1,668		$	27,452
Safran SA		3,222			232,057
Sanofi		13,428			1,086,984
Schneider Electric SE		5,713			397,573
SCOR SE		1,503			51,942
SEB SA		93			12,604
SFR Group SA*		1,485			41,940
Societe BIC SA		295			40,105
Societe Generale SA		7,967			392,027
Sodexo SA		1,070			122,996
Suez		3,491			51,502
Technip SA		1,015			72,451
Thales SA		1,122			108,813
TOTAL SA		23,911			1,226,283
Unibail-Rodamco SE REIT		1,239			295,736
Valeo SA		2,146			123,364
Veolia Environnement SA		4,506			76,722
Vinci SA		5,341			363,758
Vivendi SA		11,829			224,818
Wendel SA		233			28,059
Zodiac Aerospace		2,009			46,134
					12,158,403
Germany — 8.1%
Adidas AG		2,042			322,750
Allianz SE		5,172			854,759
Axel Springer SED		360			17,481
BASF SE		9,888			919,187
Bayerische Motoren Werke AG		3,526			329,410
Beiersdorf AG		1,275			108,176
Brenntag AG		1,776			98,710
Commerzbank AGD		11,608			88,540
Continental AG		1,223			236,495
Covestro AG 144A		783			53,723
Daimler AG		10,243			762,527
Deutsche Bank AG*		15,900			288,717
Deutsche Boerse AG*		2,301			187,814
Deutsche Lufthansa AGD		3,585			46,304
Deutsche Post AG		10,173			334,485
Deutsche Telekom AG		36,147			622,312
Deutsche Wohnen AG		3,313			104,065
E.ON SE		22,240			156,854
Evonik Industries AG		1,417			42,332
Fraport AG Frankfurt Airport Services WorldwideD		338			19,985
Fresenius Medical Care AG & Co. KGaA		2,795			236,697
Fresenius SE & Co. KGaA		5,229			408,751
GEA Group AG		2,114			85,074
Hannover Rueck SE		608			65,793
HeidelbergCement AG		1,514			141,251
Henkel AG & Co KGaA		1,285			133,886
HOCHTIEF AG		215			30,112
HUGO BOSS AGD		951			58,192
Infineon Technologies AG		11,974			208,100
Innogy SE 144A*		1,400			48,647
K+S AG		1,931			46,121
LANXESS AG		939			61,629
Linde AG		2,042			335,540
MAN SE		379			37,634
Merck KGaA		2,589			270,216
METRO AG		2,082			69,223
Muenchener Rueckversicherungs- Gesellschaft AG		1,695			320,540

See Notes to Financial Statements. 201

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
OSRAM Licht AG		947	$	49,669
ProSiebenSat.1 Media SE		2,829		109,023
RWE AG*		4,702		58,479
SAP SE		10,171		886,609
Siemens AG		7,967		979,542
Symrise AG		1,436		87,416
Telefonica Deutschland Holding AGD		8,893		38,100
thyssenKrupp AGD		3,534		84,223
TUI AG		5,007		71,765
United Internet AG		1,502		58,650
Volkswagen AG		361		51,966
Vonovia SE		5,333		173,495
Zalando SE 144AD*		800		30,561
				10,831,530
Hong Kong — 2.8%
AIA Group, Ltd.		126,600		714,263
ASM Pacific Technology, Ltd.		3,200		33,900
Bank of East Asia, Ltd. (The)		12,553		48,078
BOC Hong Kong Holdings, Ltd.		37,500		134,196
Cathay Pacific Airways, Ltd.		10,000		13,154
Cheung Kong Property Holdings, Ltd.		29,000		177,826
CK Hutchison Holdings, Ltd.		29,000		328,725
CLP Holdings, Ltd.		17,500		160,794
Hang Lung Group, Ltd.		12,000		41,782
Hang Lung Properties, Ltd.		26,000		55,121
Hang Seng Bank, Ltd.		8,100		150,729
Henderson Land Development Co., Ltd.		12,980		69,047
HK Electric Investments & HK Electric Investments, Ltd. 144A		25,000		20,633
HKT Trust & HKT, Ltd.		29,000		35,565
Hong Kong & China Gas Co., Ltd.		77,110		136,629
Hong Kong Exchanges and Clearing, Ltd.		13,013		307,432
Hongkong Land Holdings, Ltd.		12,800		81,024
Hysan Development Co., Ltd.		9,000		37,198
Link REIT		24,500		159,237
MTR Corporation, Ltd.		16,387		79,669
New World Development Co., Ltd.		73,518		77,742
PCCW, Ltd.		55,000		29,789
Power Assets Holdings, Ltd.		15,000		132,214
Sino Land Co., Ltd.		30,335		45,456
Sun Hung Kai Properties, Ltd.		16,000		202,205
Swire Pacific, Ltd. Class A		5,500		52,521
Swire Properties, Ltd.		13,000		35,876
Techtronic Industries Co., Ltd.		17,500		62,738
WH Group, Ltd. 144A		113,500		91,772
Wharf Holdings, Ltd. (The)		15,000		99,716
Wheelock & Co., Ltd.		8,000		45,032
				3,660,063
Ireland — 0.5%
Bank of Ireland*		288,122		70,970
CRH PLC		9,009		312,524
DCC PLC		905		67,366
James Hardie Industries PLC CDI		4,486		71,124

	Shares		Value
Kerry Group PLC Class A		2,819	$	201,489
				723,473
Israel — 0.5%
Azrieli Group		1,369		59,387
Bank Hapoalim BM		12,664		75,319
Bank Leumi Le-Israel BM*		24,541		101,042
Bezeq The Israeli Telecommunication Corporation, Ltd.		51,814		98,461
Check Point Software Technologies, Ltd.D*		1,500		126,690
Elbit Systems, Ltd.		330		33,411
Israel Chemicals, Ltd.		26,155		107,280
Mizrahi Tefahot Bank, Ltd.		1,129		16,516
NICE, Ltd.		1,027		70,012
Taro Pharmaceuticals IndustriesD*		300		31,581
				719,699
Italy — 1.7%
Assicurazioni Generali SpA		11,806		175,478
Atlantia SpA		4,528		106,100
Enel SpA		80,388		354,392
Eni SpA		27,270		444,080
Intesa Sanpaolo SpA		142,218		361,651
Leonardo SpA*		3,992		56,057
Luxottica Group SpAD		2,060		110,809
Mediobanca SpA		3,955		32,286
Poste Italiane SpA 144A		1,382		9,172
Prysmian SpA		218		5,599
Saipem SpA*		74,124		41,744
Snam SpA		25,621		105,561
Telecom Italia SpA*		168,026		138,805
Terna Rete Elettrica Nazionale SpA		17,592		80,592
UniCredit SpA		59,234		170,473
UnipolSai SpAD		11,476		24,523
				2,217,322
Japan — 22.6%
ABC-Mart, Inc.		500		28,321
Acom Co., Ltd.*		3,200		13,991
AEON Co., Ltd.		7,100		100,600
AEON Financial Service Co., Ltd.		800		14,217
AEON Mall Co., Ltd.		900		12,660
Air Water, Inc.		2,000		36,107
Aisin Seiki Co., Ltd.		1,900		82,421
Ajinomoto Co., Inc.		7,900		159,115
Alfresa Holdings Corporation		1,900		31,440
Alps Electric Co., Ltd.		2,100		50,777
Amada Holdings Co., Ltd.		2,800		31,264
ANA Holdings, Inc.		13,000		35,015
Aozora Bank, Ltd.		5,000		17,668
Asahi Glass Co., Ltd.		10,000		68,107
Asahi Kasei Corporation		13,000		113,399
ASICS CorporationD		1,100		21,976
Astellas Pharma, Inc.		23,300		323,658
Bandai Namco Holdings, Inc.		1,800		49,668
Bank of Kyoto, Ltd. (The)		3,000		22,280
Benesse Holdings, Inc.		500		13,775
Bridgestone Corporation		6,700		241,573
Brother Industries, Ltd.		1,900		34,285
Calbee, Inc.D		1,500		46,973
Canon, Inc.		11,200		315,756
Casio Computer Co., Ltd.		2,100		29,701

202 See Notes to Financial Statements.

	Shares		Value
Central Japan Railway Co.		1,500	$	246,802
Chiba Bank, Ltd. (The)		7,000		42,943
Chubu Electric Power Co., Inc.		6,200		86,628
Chugai Pharmaceutical Co., Ltd.		2,600		74,635
Chugoku Bank, Ltd. (The)		1,300		18,664
Chugoku Electric Power Co., Inc. (The)		3,100		36,365
Concordia Financial Group, Ltd.		13,500		64,985
Credit Saison Co., Ltd.		1,200		21,325
CYBERDYNE, Inc.D*		1,200		16,962
Dai Nippon Printing Co., Ltd.		6,000		59,294
Daicel Corporation		3,100		34,216
Dai-ichi Life Insurance Co., Ltd. (The)		11,500		191,478
Daiichi Sankyo Co., Ltd.		7,000		143,234
Daikin Industries, Ltd.		2,400		220,441
Daito Trust Construction Co., Ltd.		700		105,292
Daiwa House Investment Corporation REIT		13		32,880
Daiwa House Industry Co., Ltd.		6,300		172,276
Daiwa Securities Group, Inc.		17,000		104,771
DeNA Co., Ltd.		1,200		26,223
Denso Corporation		5,000		216,599
Dentsu, Inc.		2,200		103,529
Don Quijote Holdings Co., Ltd.		1,000		37,005
East Japan Railway Co.		3,600		311,102
Eisai Co., Ltd.		2,700		154,966
Electric Power Development Co., Ltd.D		1,500		34,524
FamilyMart UNY Holdings Co., Ltd.		800		53,253
FANUC Corporation		2,000		339,080
Fast Retailing Co., Ltd.		500		178,952
Fuji Electric Co., Ltd.		5,000		25,925
Fuji Heavy Industries, Ltd.		6,300		257,229
FUJIFILM Holdings Corporation		4,700		178,349
Fujitsu, Ltd.		18,000		100,030
Fukuoka Financial Group, Inc.		8,000		35,525
Hachijuni Bank, Ltd. (The)		5,000		29,005
Hakuhodo DY Holdings, Inc.		1,900		23,410
Hamamatsu Photonics KK		1,200		31,572
Hankyu Hanshin Holdings, Inc.		2,600		83,422
Hikari Tsushin, Inc.		200		18,635
Hino Motors, Ltd.		2,100		21,382
Hirose Electric Co., Ltd.		300		37,194
Hiroshima Bank, Ltd. (The)		6,000		28,030
Hisamitsu Pharmaceutical Co., Inc.		500		25,027
Hitachi Chemical Co., Ltd.		800		20,008
Hitachi Construction Machinery Co., Ltd.		900		19,490
Hitachi High-Technologies Corporation		600		24,205
Hitachi Metals, Ltd.		2,000		27,106
Hitachi, Ltd.		50,000		270,374
Hokuriku Electric Power Co.		1,400		15,692
Honda Motor Co., Ltd.		17,100		499,649
Hoshizaki Corporation		600		47,487
Hoya Corporation		4,100		172,279

	Shares		Value
Hulic Co., Ltd.		2,400	$	21,336
Idemitsu Kosan Co., Ltd.		700		18,597
IHI CorporationD*		15,000		39,016
Iida Group Holdings Co., Ltd.		1,200		22,763
Inpex Corporation		9,300		93,179
Isetan Mitsukoshi Holdings, Ltd.		3,600		38,811
Isuzu Motors, Ltd.		6,800		86,167
ITOCHU Corporation		15,500		205,827
J. Front Retailing Co., Ltd.		3,400		45,818
Japan Airlines Co., Ltd.		500		14,610
Japan Airport Terminal Co., Ltd.		400		14,460
Japan Exchange Group, Inc.		5,200		74,302
Japan Post Bank Co., Ltd.		3,800		45,616
Japan Post Holdings Co., Ltd.		5,700		71,156
Japan Prime Realty Investment Corporation REIT		9		35,461
Japan Real Estate Investment Corporation REIT		13		70,853
Japan Retail Fund Investment Corporation REIT		25		50,610
JFE Holdings, Inc.		5,300		80,719
JGC Corporation		2,000		36,347
JSR Corporation		1,500		23,653
JTEKT Corporation		2,600		41,600
JX Holdings, Inc.		21,000		88,887
Kajima Corporation		9,000		62,297
Kakaku.com, Inc.D		1,200		19,857
Kamigumi Co., Ltd.		2,000		19,063
Kaneka Corporation		3,000		24,436
Kansai Electric Power Co., Inc. (The)*		7,200		78,730
Kansai Paint Co., Ltd.D		2,000		36,843
Kao Corporation		5,400		256,012
Kawasaki Heavy Industries, Ltd.D		15,000		47,102
KDDI Corporation		18,800		476,052
Keihan Holdings Co., Ltd.		6,000		39,427
Keikyu Corporation		6,000		69,562
Keio Corporation		7,000		57,557
Keisei Electric Railway Co., Ltd.		1,500		36,411
Keyence Corporation		500		343,102
Kikkoman Corporation		3,000		96,000
Kintetsu Group Holdings Co., Ltd.		21,000		80,137
Kobe Steel, Ltd.*		2,500		23,893
Koito Manufacturing Co., Ltd.		1,100		58,259
Komatsu, Ltd.		9,400		212,933
Konami Holdings Corporation		800		32,308
Konica Minolta, Inc.		4,700		46,688
Kose Corporation		300		24,924
Kubota CorporationD		10,800		154,180
Kuraray Co., Ltd.		3,600		54,089
Kurita Water Industries, Ltd.		900		19,821
Kyocera Corporation		3,400		169,076
Kyowa Hakko Kirin Co., Ltd.		3,000		41,480
Kyushu Electric Power Co., Inc.		4,400		47,736
Kyushu Financial Group, Inc.		3,700		25,105
Lawson, Inc.		600		42,148
LINE CorporationD*		300		10,293
Lion Corporation		2,000		32,856
LIXIL Group Corporation		2,600		59,041

See Notes to Financial Statements. 203

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
M3, Inc.		2,100	$	52,916
Mabuchi Motor Co., Ltd.D		400		20,877
Makita Corporation		1,100		73,694
Marubeni Corporation		16,300		92,438
Marui Group Co., Ltd.D		1,900		27,750
Maruichi Steel Tube, Ltd.		400		13,022
Mazda Motor Corporation		5,700		93,248
McDonald’s Holdings Co. Japan, Ltd.		500		13,091
Mebuki Financial Group, Inc.		9,150		33,899
Medipal Holdings Corporation		2,200		34,692
MEIJI Holdings Co., Ltd.		1,600		125,399
Minebea Co., Ltd.		3,000		28,133
Miraca Holdings, Inc.		500		22,460
MISUMI Group, Inc.		1,600		26,339
Mitsubishi Chemical Holdings Corporation		15,400		99,878
Mitsubishi Corporation		15,700		334,486
Mitsubishi Electric Corporation		20,000		278,845
Mitsubishi Estate Co., Ltd.		13,000		258,888
Mitsubishi Gas Chemical Co., Inc.		1,500		25,604
Mitsubishi Heavy Industries, Ltd.		32,000		145,824
Mitsubishi Logistics Corporation		1,000		14,143
Mitsubishi Materials Corporation		1,200		36,860
Mitsubishi Motors Corporation		6,300		35,900
Mitsubishi Tanabe Pharma Corporation		2,400		47,086
Mitsubishi UFJ Financial Group, Inc.		132,600		817,100
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,000		20,672
Mitsui & Co., Ltd.		18,300		251,620
Mitsui Chemicals, Inc.		13,000		58,396
Mitsui Fudosan Co., Ltd.		10,000		231,444
Mitsui OSK Lines, Ltd.		13,000		36,039
Mixi, Inc.		300		10,960
Mizuho Financial Group, Inc.		253,200		454,514
MS&AD Insurance Group Holdings, Inc.		5,400		167,440
Murata Manufacturing Co., Ltd.		2,000		267,807
Nabtesco Corporation		1,000		23,264
Nagoya Railroad Co., Ltd.		10,000		48,342
NEC Corporation		25,000		66,310
Nexon Co., Ltd.		2,200		31,887
NGK Insulators, Ltd.		3,000		58,190
NGK Spark Plug Co., Ltd.D		1,900		42,235
NH Foods, Ltd.		3,000		80,984
Nidec Corporation		2,500		215,722
Nikon CorporationD		3,500		54,413
Nintendo Co., Ltd.		1,200		251,962
Nippon Building Fund, Inc. REITD		14		77,502
Nippon Electric Glass Co., Ltd.		3,000		16,222
Nippon Express Co., Ltd.		10,000		53,818
Nippon Paint Holdings Co., Ltd.D		1,900		51,778
Nippon Prologis, Inc. REIT		17		34,749
Nippon Steel & Sumitomo Metal Corporation		8,200		182,908
Nippon Telegraph & Telephone Corporation		7,200		302,600

	Shares		Value
Nippon Yusen KK		17,000	$	31,564
Nissan Chemical Industries, Ltd.		1,000		33,412
Nissan Motor Co., Ltd.		26,600		267,536
Nisshin Seifun Group, Inc.		4,800		72,036
Nissin Foods Holdings Co., Ltd.		1,400		73,549
Nitori Holdings Co., Ltd.		900		102,879
Nitto Denko Corporation		1,600		122,784
NOK Corporation		800		16,195
Nomura Holdings, Inc.		36,600		215,795
Nomura Real Estate Master Fund, Inc. REIT		37		55,971
Nomura Real Estate Holdings, Inc.		1,000		17,010
Nomura Research Institute, Ltd.		1,419		43,223
NSK, Ltd.		4,700		54,450
NTT Data Corporation		1,400		67,679
NTT DOCOMO, Inc.		14,000		318,990
Obayashi Corporation		7,300		69,768
Obic Co., Ltd.		600		26,233
Odakyu Electric Railway Co., Ltd.D		3,000		59,371
Oji Holdings Corporation		8,000		32,582
Olympus Corporation		3,200		110,614
Omron Corporation		2,100		80,586
Ono Pharmaceutical Co., Ltd.		4,400		96,207
Oracle Corporation		300		15,119
Oriental Land Co., Ltd.		2,400		135,653
ORIX Corporation		14,100		220,050
Osaka Gas Co., Ltd.		23,000		88,477
Otsuka Corporation		400		18,687
Otsuka Holdings Co., Ltd.		4,200		183,021
Panasonic Corporation		22,700		231,030
Park24 Co., Ltd.		800		21,698
Pola Orbis Holdings, Inc.D		200		16,513
Rakuten, Inc.*		9,500		93,110
Recruit Holdings Co., Ltd.		4,000		160,513
Resona Holdings, Inc.		23,900		122,593
Ricoh Co., Ltd.		6,400		54,102
Rinnai Corporation		300		24,205
Rohm Co., Ltd.		1,000		57,583
Ryohin Keikaku Co., Ltd.D		300		58,806
Santen Pharmaceutical Co., Ltd.		3,600		44,047
SBI Holdings, Inc.		3,200		40,714
Secom Co., Ltd.		2,300		168,217
Seibu Holdings, Inc.D		1,100		19,727
Seiko Epson Corporation		3,000		63,529
Sekisui Chemical Co., Ltd.		4,000		63,795
Sekisui House, Ltd.		6,200		103,205
Seven & i Holdings Co., Ltd.		7,900		300,994
Seven Bank, Ltd.		4,800		13,758
Sharp Corporation*		14,000		32,342
Shimadzu Corporation		2,000		31,863
Shimamura Co., Ltd.		200		24,967
Shimano, Inc.D		800		125,536
Shimizu Corporation		6,000		54,879
Shin-Etsu Chemical Co., Ltd.		4,000		310,314
Shinsei Bank, Ltd.		4,000		6,708
Shionogi & Co., Ltd.		3,200		153,299
Shiseido Co., Ltd.		4,300		108,848
Shizuoka Bank, Ltd. (The)D		5,000		42,011
Showa Shell Sekiyu KK		1,500		13,951
SMC Corporation		600		143,256
SoftBank Group Corporation		9,800		651,097

204 See Notes to Financial Statements.

	Shares		Value
Sohgo Security Services Co., Ltd.		600		$	23,076
Sompo Holdings, Inc.		3,300			111,812
Sony Corporation		13,200			369,882
Sony Financial Holdings, Inc.		1,400			21,849
Stanley Electric Co., Ltd.		1,300			35,538
Start Today Co., Ltd.		1,500			25,912
Sumitomo Chemical Co., Ltd.		17,000			80,873
Sumitomo Corporation		12,400			145,935
Sumitomo Dainippon Pharma Co., Ltd.D		1,300			22,357
Sumitomo Electric Industries, Ltd.		8,000			115,440
Sumitomo Heavy Industries, Ltd.		6,000			38,657
Sumitomo Metal Mining Co., Ltd.		5,000			64,471
Sumitomo Mitsui Financial Group, Inc.		14,100			538,062
Sumitomo Mitsui Trust Holdings, Inc.		3,300			118,108
Sumitomo Realty & Development Co., Ltd.		4,000			106,302
Sumitomo Rubber Industries, Inc.		1,400			22,232
Sundrug Co., Ltd.		400			27,688
Suntory Beverage & Food, Ltd.		2,400			99,696
Suruga Bank, Ltd.D		1,500			33,485
Suzuken Co., Ltd.		900			29,416
Suzuki Motor Corporation		3,600			126,720
Sysmex Corporation		1,700			98,473
T&D Holdings, Inc.		6,200			81,986
Taiheiyo Cement Corporation		12,000			37,989
Taisei Corporation		10,000			69,989
Taisho Pharmaceutical Holdings Co., Ltd.		300			24,898
Taiyo Nippon Sanso CorporationD		1,200			13,902
Takashimaya Co., Ltd.D		3,000			24,744
Takeda Pharmaceutical Co., Ltd.		8,100			335,089
TDK Corporation		1,200			82,550
Teijin, Ltd.		1,600			32,431
Terumo Corporation		3,800			140,295
THK Co., Ltd.		1,000			22,126
Tobu Railway Co., Ltd.		10,000			49,626
Toho Co., Ltd.		1,600			45,245
Toho Gas Co., Ltd.		5,000			40,685
Tohoku Electric Power Co., Inc.		3,100			39,176
Tokio Marine Holdings, Inc.		7,200			295,454
Tokyo Electric Power Co. Holdings, Inc.*		14,000			56,539
Tokyo Electron, Ltd.		1,600			151,204
Tokyo Gas Co., Ltd.		22,000			99,558
Tokyo Tatemono Co., Ltd.		2,300			30,759
Tokyu Corporation		11,000			80,847
Tokyu Fudosan Holdings Corporation		5,600			33,061
TonenGeneral Sekiyu KK		3,000			31,624
Toppan Printing Co., Ltd.		5,000			47,743
Toray Industries, Inc.		16,000			129,533
Toshiba Corporation*		41,000			99,312
TOTO, Ltd.		1,200			47,487
Toyo Seikan Group Holdings, Ltd.		2,300			42,940
Toyo Suisan Kaisha, Ltd.		1,800			65,224

	Shares		Value
Toyoda Gosei Co., Ltd.		500		$	11,696
Toyota Industries Corporation		1,400			66,721
Toyota Motor Corporation		27,716			1,631,064
Toyota Tsusho Corporation		2,100			54,712
Trend Micro, Inc.*		1,200			42,661
Tsuruha Holdings, Inc.		400			37,989
Unicharm Corporation		4,000			87,529
United Urban Investment Corporation REIT		28			42,620
USS Co., Ltd.		2,500			39,829
West Japan Railway Co.		1,900			116,609
Yahoo Japan Corporation		17,200			66,077
Yakult Honsha Co., Ltd.		1,500			69,562
Yamada Denki Co., Ltd.		7,600			40,967
Yamaguchi Financial Group, Inc.		2,000			21,784
Yamaha Corporation		1,800			54,982
Yamaha Motor Co., Ltd.		2,600			57,261
Yamato Holdings Co., Ltd.		4,400			89,468
Yamazaki Baking Co., Ltd.		3,000			57,959
Yaskawa Electric CorporationD		2,600			40,443
Yokogawa Electric Corporation		1,800			26,074
Yokohama Rubber Co., Ltd. (The)D		1,000			17,934
					30,044,344
Jersey — 1.4%
Experian PLC		12,870			249,653
Glencore PLC*		122,192			417,662
Petrofac, Ltd.		4,133			44,263
Randgold Resources, Ltd.		1,112			87,913
Shire PLC		9,425			544,067
Wolseley PLC		2,983			182,417
WPP PLC		14,627			327,360
					1,853,335
Luxembourg — 0.3%
ArcelorMittal*		19,656			145,168
Eurofins Scientific SE		166			70,770
Millicom International Cellular SA SDR		902			38,543
RTL Group SA		285			20,919
SES SA		3,858			84,979
Tenaris SA		5,417			96,767
					457,146
Mauritius — 0.0%
Golden Agri-Resources, Ltd.		62,700			18,618
Netherlands — 3.8%
ABN AMRO Group NV CVA 144A		2,939			65,123
Aegon NV		21,999			121,067
AerCap Holdings NV*		1,900			79,059
Airbus Group SE		6,194			409,725
Akzo Nobel NV		2,671			166,983
Altice NV Class A*		3,520			69,772
Altice NV Class B*		2,107			41,986
ASML Holding NV		3,932			441,428
Boskalis Westminster		963			33,442
CNH Industrial NV		9,819			85,427
EXOR NV		1,031			44,475
Ferrari NV		1,166			67,875
Fiat Chrysler Automobiles NV*		7,494			68,355
Gemalto NVD		809			46,770
ING Groep NV		41,477			583,746

See Notes to Financial Statements. 205

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Koninklijke Ahold Delhaize NV		13,901		$	293,098
Koninklijke DSM NV		1,776			106,487
Koninklijke KPN NV		34,534			102,295
Koninklijke Philips NV		10,392			317,236
Koninklijke Vopak NV		953			45,018
Mobileye NVD*		1,900			72,428
NN Group NV		3,121			105,771
NXP Semiconductor NV*		2,862			280,505
QIAGEN NV*		3,941			110,682
Randstad Holding NV		1,430			77,568
RELX NV		11,975			201,562
STMicroelectronics NV		6,571			74,531
Unilever NV CVA		20,720			853,137
Wolters Kluwer NV		3,324			120,436
					5,085,987
New Zealand — 0.2%
Auckland International Airport, Ltd.		8,625			37,449
Contact Energy, Ltd.		7,151			23,150
Fletcher Building, Ltd.		7,398			54,478
Mercury NZ, Ltd.		12,874			23,253
Mighty River Power, Ltd.		4,302			8,846
Ryman Healthcare, Ltd.		2,667			15,026
Spark New Zealand, Ltd.		18,489			43,799
					206,001
Norway — 0.8%
DNB ASA		9,875			146,832
Gjensidige Forsikring ASA		2,501			39,678
Marine Harvest ASA*		6,218			112,114
Norsk Hydro ASA		13,545			64,781
Orkla ASA		23,909			216,515
Schibsted ASA Class A		715			16,403
Schibsted ASA, B Shares		1,488			31,534
Statoil ASA		13,609			249,633
Telenor ASA		8,188			122,317
Yara International ASA		1,747			68,785
					1,068,592
Papua New Guinea — 0.1%
Oil Search, Ltd.		15,218			78,742
Portugal — 0.1%
EDP — Energias de Portugal SA		17,470			53,220
Galp Energia SGPS SA		5,590			83,499
Jeronimo Martins SGPS SA		2,979			46,222
					182,941
Singapore — 1.2%
Ascendas Real Estate Investment Trust REIT		25,800			40,442
CapitaLand Commercial Trust REIT		16,400			16,761
CapitaLand Mall Trust REIT		20,600			26,814
CapitaLand, Ltd.		30,000			62,563
City Developments, Ltd.		5,900			33,734
ComfortDelGro Corporation, Ltd.		29,600			50,486
DBS Group Holdings, Ltd.D		19,230			230,258
Global Logistic Properties, Ltd.		36,100			54,842
Hutchison Port Holdings Trust Class U		53,700			23,359
Jardine Cycle & Carriage, Ltd.		1,111			31,631
Keppel Corporation, Ltd.D		17,700			70,768

	Shares		Value
Oversea-Chinese Banking Corporation, Ltd.		32,762		$	201,800
SATS, Ltd.		4,900			16,411
Sembcorp Industries, Ltd.		15,900			31,292
Singapore Airlines, Ltd.		5,600			37,394
Singapore Exchange, Ltd.		7,800			38,565
Singapore Press Holdings, Ltd.		18,400			44,852
Singapore Technologies Engineering, Ltd.		16,100			35,910
Singapore Telecommunications, Ltd.		83,700			210,962
StarHub, Ltd.D		4,000			7,762
Suntec Real Estate Investment Trust REIT		18,200			20,737
United Overseas Bank, Ltd.		13,594			191,498
UOL Group, Ltd.		7,390			30,567
Wilmar International, Ltd.		25,500			63,215
Yangzijiang Shipbuilding Holdings, Ltd.		23,400			13,169
					1,585,792
Spain — 3.0%
Abertis Infraestructuras SA		5,559			77,798
ACS Actividades de Construccion y Servicios SA		2,270			71,734
Aena SA 144A		664			90,620
Amadeus IT Group SA		4,852			220,490
Banco Bilbao Vizcaya Argentaria SA		65,965			445,377
Banco de Sabadell SA		45,142			62,868
Banco Popular Espanol SAD		47,871			46,259
Banco Santander SA		149,851			782,239
Bankia SA		45,814			46,828
CaixaBank SA		31,666			104,667
Distribuidora Internacional de Alimentacion SAD		6,556			32,194
Enagas SAD		2,158			54,803
Endesa SA		3,073			65,100
Ferrovial SA		4,865			87,034
Gas Natural SDG SA		3,746			70,623
Grifols SA		6,644			132,044
Iberdrola SAD		58,971			386,982
Industria de Diseno Textil SA		11,719			400,058
International Consolidated Airlines Group SA		15,016			81,072
Mapfre SAD		6,599			20,145
Red Electrica Corporation SA		4,224			79,702
Repsol SA		9,441			133,369
Telefonica SA*		48,891			453,924
Zardoya Otis SA		1,520			12,848
					3,958,778
Sweden — 2.8%
Alfa Laval AB		2,935			48,581
Assa Abloy AB Class B		10,719			198,953
Atlas Copco AB, A Shares		7,121			216,899
Atlas Copco AB, B Shares		4,698			128,194
Boliden AB		2,787			72,775
Electrolux AB, Series B		3,663			90,986
Getinge AB, B Shares		4,733			75,900
Hennes & Mauritz AB, B Shares		10,227			284,451
Hexagon AB, B Shares		2,571			91,856
Husqvarna AB, B Shares		7,015			54,553
ICA Gruppen AB		628			19,156

206 See Notes to Financial Statements.

	Shares		Value
Industrivarden AB, C Shares		1,472	$	27,435
Investor AB, B Shares		4,535		169,491
Kinnevik AB Class B		2,697		64,623
Lundin Petroleum AB*		1,760		38,269
Nordea Bank AB		33,143		368,514
Sandvik AB		11,727		145,065
Securitas AB, B Shares		3,202		50,399
Skandinaviska Enskilda Banken AB Class A		17,179		180,170
Skanska AB, B Shares		3,302		77,960
SKF AB, B Shares		4,349		80,005
Svenska Cellulosa AB SCA Class B		6,633		187,328
Svenska Handelsbanken AB, A Shares		15,993		222,237
Swedbank AB, A Shares		9,578		231,602
Tele2 AB, B Shares		2,911		23,341
Telefonaktiebolaget LM Ericsson, B SharesD		36,577		214,790
Telia Co. ABD		28,287		113,979
Volvo AB, B Shares		17,174		200,570
				3,678,082
Switzerland — 8.7%
ABB, Ltd.*		17,481		368,744
Actelion, Ltd.*		1,089		235,809
Adecco Group SA		1,870		122,396
Aryzta AGD*		1,207		53,161
Barry Callebaut AGD*		40		48,944
Chocoladefabriken Lindt & Spruengli AG		17		199,278
Cie Financiere Richemont SA		5,563		368,481
Coca-Cola HBC AG*		9,685		211,265
Credit Suisse Group AG*		21,401		307,050
Dufry AG*		461		57,495
EMS-Chemie Holding AG		55		27,951
Galenica AG		55		62,059
Geberit AG		183		73,358
Givaudan SA		100		183,247
Julius Baer Group, Ltd.*		2,594		115,218
Kuehne + Nagel International AG		173		22,867
LafargeHolcim, Ltd.*		4,629		243,679
Lonza Group AG*		584		101,109
Nestle SA		35,400		2,539,503
Novartis AG		24,967		1,816,807
Pargesa Holding SA		251		16,342
Partners Group Holding AGD		150		70,301
Roche Holding AG		8,105		1,851,343
Schindler Holding AG		586		103,075
SGS SA		61		124,121
Sika AG		24		115,298
Sonova Holding AG		623		75,497
Swatch Group AG (The)		949		143,472
Swiss Prime Site AG*		669		54,759
Swiss Re AG		3,050		289,036
Swisscom AG		278		124,517
Syngenta AG		905		357,716
UBS Group AG*		39,183		613,737
Zurich Insurance Group AG*		1,570		432,317
				11,529,952
United Kingdom — 15.6%
3i Group PLC		9,582		83,135
Aberdeen Asset Management PLC		11,716		37,151

	Shares		Value
Admiral Group PLC		2,090	$	47,059
Anglo American PLC*		14,334		204,918
Antofagasta PLCD		6,400		53,240
Ashtead Group PLC		5,181		100,885
Associated British Foods PLC		5,456		184,574
AstraZeneca PLC		14,751		806,704
Auto Trader Group PLC 144A		10,555		53,203
Aviva PLC		48,236		289,147
Babcock International Group PLC		3,096		36,362
BAE Systems PLC		33,502		244,219
Barclays PLC		156,780		431,743
Barratt Developments PLC		5,701		32,488
Berkeley Group Holdings PLC		1,246		43,119
BHP Billiton PLC		22,353		359,915
BP PLC		203,986		1,281,103
British Land Co. PLC (The) REIT		10,403		80,706
BT Group PLC		91,292		412,795
Bunzl PLC		3,880		100,847
Burberry Group PLC		5,023		92,670
Capita PLC		7,184		47,013
Carnival PLC		2,057		104,571
Centrica PLC		68,982		199,018
Cobham PLC		17,193		34,686
Coca-Cola European Partners PLC		4,852		153,326
Compass Group PLC		21,397		395,811
Croda International PLC		1,285		50,613
Direct Line Insurance Group PLC		12,441		56,638
Dixons Carphone PLC		9,192		40,170
easyJet PLC		1,707		21,142
Fresnillo PLC		2,448		36,837
G4S PLC		14,238		41,235
GKN PLC		19,375		79,203
GlaxoSmithKline PLC		56,569		1,088,964
Hammerson PLC REIT		9,324		65,843
Hargreaves Lansdown PLC		2,583		38,613
Hikma Pharmaceuticals PLCD		2,086		48,665
HSBC Holdings PLC		193,632		1,567,583
IMI PLC		2,914		37,349
Inmarsat PLC		6,175		57,190
Intercontinental Hotels Group PLC		2,203		98,771
Intertek Group PLC		1,829		78,464
Intu Properties PLC REIT		9,698		33,621
Investec PLC		7,632		50,415
ITV PLC		47,151		119,937
J Sainsbury PLCD		27,505		84,506
Johnson Matthey PLC		1,909		74,862
Kingfisher PLC		30,114		130,006
Land Securities Group PLC REIT		8,373		110,000
Legal & General Group PLC		60,308		184,026
Lloyds Banking Group PLC		609,148		469,274
London Stock
Exchange Group PLC		4,365		156,757
Marks & Spencer Group PLC		17,667		76,205
Mediclinic International PLC		3,843		36,516
Meggitt PLC		10,067		56,897
Merlin Entertainments PLC 144A		7,366		40,723
Mondi PLC		4,308		88,451
National Grid PLC		47,205		553,601

See Notes to Financial Statements. 207

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Next PLC		1,452		$	89,169
Old Mutual PLC		53,546			136,798
Pearson PLC		9,585			96,686
Persimmon PLC		3,346			73,236
Provident Financial PLC		1,851			64,991
Prudential PLC		32,119			644,224
Reckitt Benckiser
Group PLC		8,974			761,565
RELX PLC		12,372			220,934
Rio Tinto PLC		13,114			510,470
Rolls-Royce Holdings PLC+*		894,838			1,103
Rolls-Royce Holdings PLC*		19,453			160,146
Royal Bank of Scotland
Group PLC*		26,652			73,772
Royal Dutch Shell PLC,
A Shares		45,289			1,251,640
Royal Dutch Shell PLC,
B Shares		38,279			1,110,507
Royal Mail PLC		8,349			47,547
RSA Insurance Group PLC		11,830			85,435
Sage Group PLC (The)		10,537			85,057
Schroders PLC		1,632			60,298
Segro PLC REIT		7,707			43,511
Severn Trent PLC		4,038			110,577
Sky PLC		12,731			155,486
Smith & Nephew PLC		12,106			182,167
Smiths Group PLC		4,838			84,427
SSE PLC		14,316			273,998
St. James’s Place PLC		6,083			76,017
Standard Chartered PLC*		34,320			280,678
Standard Life PLC		23,344			107,022
Tate & Lyle PLC		11,792			102,818
Taylor Wimpey PLC		35,050			66,306
Tesco PLC*		104,660			266,803
Travis Perkins PLC		1,607			28,757
Unilever PLC		21,263			862,789
United Utilities Group PLC		6,575			73,009
Vodafone Group PLC		280,698			691,349
Weir Group PLC (The)		2,386			55,576
Whitbread PLC		1,997			92,932
WM Morrison
Supermarkets PLC		30,812			87,604
Worldpay Group PLC 144A		17,529			58,306
					20,757,195
Total Foreign Common Stocks (Cost $134,482,983)					124,340,537
FOREIGN PREFERRED STOCKS — 0.6%
Germany — 0.6%
Bayerische Motoren Werke AG
4.34%, 05/13/16		887			67,880
FUCHS PETROLUB SE
2.03%, 05/05/16		942			39,545
Henkel AG & Co. KGaA
1.30%, 04/12/16		2,017			240,453
Porsche Automobil Holding SE
1.88%, 06/30/16		1,662			90,520
Schaeffler AG
2.48%, 04/25/16		1,753			25,936
Volkswagen AG
0.12%, 06/23/16		1,943			272,741
					737,075

	Shares		Value
United Kingdom — 0.0%
Rolls-Royce Holdings PLC
0.00%, 02/14/17+*		1,248,393		$	1,538
Total Foreign Preferred Stocks (Cost $903,018)					738,613
RIGHTS — 0.0%
Repsol SA*
(Cost $3,293)		9,441			3,498
MONEY MARKET FUNDS — 7.1%
GuideStone Money
Market Fund
(Institutional Class)¥		6,944,453			6,944,453
Northern Institutional Liquid
Assets Portfolio§		2,545,642			2,545,642
Total Money Market Funds (Cost $9,490,095)					9,490,095
	Par
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills
0.53%, 05/04/17W‡‡	$	100,000			99,805
0.60%, 06/22/17W‡‡		300,000			299,130
Total U.S. Treasury Obligations (Cost $398,983)					398,935
TOTAL INVESTMENTS — 101.5% (Cost $145,278,372)					134,971,678
Liabilities in Excess of Other Assets — (1.5)%					(1,950,521	)
NET ASSETS — 100.0%				$	133,021,157

208 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Foreign Common Stocks:
Australia	$	9,087,610		$	9,087,610		$	—	$	—
Austria		253,476			253,476			—		—
Belgium		892,734			892,734			—		—
Bermuda		335,980			335,980			—		—
Denmark		1,636,544			1,636,544			—		—
Finland		1,318,198			1,318,198			—		—
France		12,158,403			12,158,403			—		—
Germany		10,831,530			10,831,530			—		—
Hong Kong		3,660,063			3,660,063			—		—
Ireland		723,473			723,473			—		—
Israel		719,699			719,699			—		—
Italy		2,217,322			2,217,322			—		—
Japan		30,044,344			30,044,344			—		—
Jersey		1,853,335			1,853,335			—		—
Luxembourg		457,146			457,146			—		—
Mauritius		18,618			18,618			—		—
Netherlands		5,085,987			5,085,987			—		—
New Zealand		206,001			206,001			—		—
Norway		1,068,592			1,068,592			—		—
Papua New Guinea		78,742			78,742			—		—
Portugal		182,941			182,941			—		—
Singapore		1,585,792			1,585,792			—		—
Spain		3,958,778			3,958,778			—		—
Sweden		3,678,082			3,678,082			—		—
Switzerland		11,529,952			11,529,952			—		—
United Kingdom		20,757,195			20,756,092			—		1,103
Foreign Preferred Stocks:
Germany		737,075			737,075			—		—
United Kingdom		1,538			—			—		1,538
Money Market Funds		9,490,095			9,490,095			—		—
Rights		3,498			3,498			—		—
U.S. Treasury Obligations		398,935			—			398,935		—
Total Assets - Investments in Securities	$	134,971,678		$	134,570,102		$	398,935	$	2,641
Other Financial Instruments***
Futures Contracts	$	(37,291	)	$	(37,291	)	$	—	$	—
Total Assets - Other Financial Instruments	$	(37,291	)	$	(37,291	)	$	—	$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

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, 2016.

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 slower economic growth, reliance on further monetary policy and the U.S. dollar, which strengthened against most currencies during the year. The MSCI EAFE Index, a measure of international developed country returns, posted a fourth quarter return of -0.71%, bringing the return to 1.00% for the one-year period ended December 31, 2016. Value styles outperformed growth styles, and small capitalization stocks generally outperformed large capitalization stocks during the year. From a country perspective, the best performers were natural resource export economies including Norway, New Zealand and Australia, which benefited from commodity price strength. Meanwhile, Denmark and Israel were among the worst performing countries for the year. In a reversal from last year, the strongest performance was registered in the energy and materials sectors, while the weakest performance came from the healthcare sector.

The 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 outperformed its benchmark, the MSCI EAFE Index, for the one-year period ended December 31, 2016 (2.62% versus 1.00%). On a country basis, underweight exposure and security selection within Japan and security selection within Denmark and Italy positively impacted benchmark-relative performance. Tactical exposure to emerging markets also had a positive impact during the period. On the negative side, security selection within the United Kingdom and Sweden detracted from benchmark-relative performance. On a sector basis, security selection to the healthcare and technology sectors contributed, while underweight exposure and security selection to the materials sector detracted from benchmark-relative returns during the year.

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 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, 2016, 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		18.2
Technology		17.7
Consumer Discretionary		17.2
Producer Durables		14.6
Healthcare		8.9
Materials & Processing		8.2
Money Market Funds		6.5
Consumer Staples		5.5
Energy		5.3
Utilities		3.0
U.S. Treasury Obligations		0.2
Foreign Preferred Stocks		0.1
Foreign Preferred Stocks Sold Short		(0.1	)
Foreign Common Stocks Sold Short		(4.9	)
		100.4

210

International Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional Class*	Investor Class*	Benchmark**
One Year	2.96%	2.62%		1.00%
Five Year	5.77%	5.49%		6.53%
Ten Year	0.68%	0.45%		0.75%
Since Inception	5.02%	4.81%		4.65%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	1.00%	1.34%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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, 2006 to December 31, 2016, 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, 2016

	Shares		Value
FOREIGN COMMON STOCKS — 98.6%
Australia — 2.3%
AGL Energy, Ltd.		25,831	$	411,780
ASX, Ltd.		2,303		82,666
Aurizon Holdings, Ltd.		47,037		171,419
Australia & New Zealand Banking Group, Ltd.		76,884		1,687,808
Bendigo and Adelaide Bank, Ltd.		46,701		428,351
BHP Billiton, Ltd.		58,894		1,065,074
Caltex Australia, Ltd.		28,277		621,571
CIMIC Group, Ltd.		91,255		2,300,951
Coca-Cola Amatil, Ltd.		48,065		351,024
Cochlear, Ltd.		4,587		405,667
Computershare, Ltd.		5,607		50,417
Dexus Property Group REIT		12,849		89,202
Flight Centre Travel Group, Ltd.		7,220		163,083
Fortescue Metals Group, Ltd.		369,604		1,571,013
Goodman Group REIT		30,218		155,483
GPT Group (The) REIT+*		63,198		—
GPT Group (The) REIT		23,870		86,646
Lend Lease Group		323,499		3,413,093
Mirvac Group REIT		50,120		77,040
National Australia Bank, Ltd.		47,040		1,041,140
Newcrest Mining, Ltd.		96,978		1,417,184
Origin Energy, Ltd.		123,863		589,054
QBE Insurance Group, Ltd.		1,025,211		9,188,882
Rio Tinto, Ltd.		8,019		346,637
Scentre Group REIT		93,514		313,128
South32, Ltd.		1,063,899		2,111,353
Stockland REIT		41,895		138,470
Vicinity Centres REIT		52,810		113,950
Westfield Corporation REIT		35,358		239,342
Westpac Banking Corporation		23,454		551,775
WorleyParsons, Ltd.*		30,017		210,553
				29,393,756
Austria — 0.4%
Erste Group Bank AG*		185,240		5,425,696
Belgium — 0.3%
Ageas		30,375		1,202,556
bpost SA		30,046		711,631
Galapagos NV*		6,021		386,239
Groupe Bruxelles Lambert SA		415		34,826
KBC Groep NV*		9,911		613,765
Proximus SADP		25,124		723,586
Umicore SA		7,146		407,330
				4,079,933
Bermuda — 0.4%
Cheung Kong Infrastructure Holdings, Ltd.		11,000		87,523
Jardine Matheson Holdings, Ltd.		54,200		2,994,550
Kerry Properties, Ltd.		316,500		859,156
Li & Fung, Ltd.		468,000		205,801
NWS Holdings, Ltd.		19,000		30,970
Yue Yuen Industrial Holdings, Ltd.		237,500		862,161
				5,040,161

	Shares		Value
Brazil — 0.3%
Embraer SA ADR		172,600	$	3,322,550
Canada — 0.8%
Canadian National Railway Co.D		116,215		7,832,891
Suncor Energy, Inc.		96,403		3,152,044
				10,984,935
China — 4.0%
Alibaba Group Holding, Ltd. ADRD*		127,744		11,217,201
Baidu, Inc. ADR*		79,010		12,990,034
Ctrip.com International, Ltd. ADRD*		114,608		4,584,320
JD.com, Inc. ADRD*		51,674		1,314,587
New Oriental Education & Technology Group, Inc. ADR*		111,625		4,699,412
TAL Education Group ADRD*		29,634		2,078,825
Tencent Holdings, Ltd.		577,300		14,122,614
				51,006,993
Colombia — 0.1%
Ecopetrol SA ADRD*		136,200		1,232,610
Czech Republic — 0.0%
Komercni Banka AS		13,500		465,418
Denmark — 1.4%
Chr. Hansen Holding A/S		28,397		1,572,540
Danske Bank A/S		2,903		88,046
Genmab A/S*		35,935		5,968,390
GN Store Nord A/S		11,340		234,909
H Lundbeck A/S*		29,555		1,202,287
ISS A/S		114,935		3,879,717
Novozymes A/S, B Shares		60,736		2,094,048
TDC A/S*		75,235		386,269
Vestas Wind Systems A/S		32,285		2,098,239
				17,524,445
Finland — 0.3%
Cargotec OYJ, B Shares		4,176		188,539
Kesko OYJ, B Shares		8,145		407,087
Neste OYJ		23,671		909,484
Orion OYJ Class B		14,507		645,804
Stora Enso OYJ, R Shares		20,613		221,540
UPM-Kymmene OYJ		63,952		1,571,233
				3,943,687
France — 9.2%
Air France-KLM*		36,024		196,202
Air Liquide SA		33,800		3,758,995
Alstom SA*		2,600		71,638
Arkema SA		7,541		737,764
Atos SE		25,408		2,681,269
AXA SA		19,440		490,819
BNP Paribas SA		47,237		3,010,801
Capgemini SA		21,973		1,853,866
Casino Guichard Perrachon SA		15,127		725,952
Christian Dior SE		24,633		5,166,556
Cie de St-Gobain		290,417		13,529,131
Cie Generale des Etablissements Michelin		25,066		2,788,981
Danone SA		94,256		5,972,980
Eiffage SA		4,780		333,349
Engie SA		244,885		3,124,283

212 See Notes to Financial Statements.

	Shares		Value
Essilor International SA		17,650	$	1,994,492
Faurecia		21,939		850,674
Gecina SA REIT		674		93,262
Kering		19,365		4,348,044
Klepierre REIT		4,327		170,100
Lagardere SCA		65,682		1,824,961
L’Oreal SA		60,978		11,130,324
Orange SA		59,164		899,000
Peugeot SA*		193,798		3,161,014
Plastic Omnium SA		2,569		82,020
Renault SA		4,003		356,106
Rexel SA		8,549		140,702
Safran SA		4,000		288,090
Sanofi		235,976		19,102,038
Schneider Electric SE		118,889		8,273,597
SCOR SE		13,764		475,665
SEB SA		1,212		164,261
Societe BIC SA		7,599		1,033,086
Societe Generale SA		145,184		7,143,967
Sodexo SA		4,328		497,503
Suez		9,930		146,497
Technip SA		78,834		5,627,206
Teleperformance		7,901		792,612
Thales SA		7,946		770,611
TOTAL SA		2,986		153,138
Ubisoft Entertainment SA*		11,169		397,390
Unibail-Rodamco SE REIT		1,666		397,656
Valeo SA		43,721		2,513,320
Veolia Environnement SA		37,483		638,211
Vinci SA		9,965		678,683
				118,586,816
Germany — 7.9%
AIXTRON SE*		137,111		447,280
Allianz SE		53,786		8,889,031
Aurubis AG		16,637		959,712
BASF SE		38,957		3,621,437
Bayerische Motoren Werke AG		15,042		1,405,269
Beiersdorf AG		73,748		6,257,067
Covestro AG 144A		38,152		2,617,684
Daimler AG		97,859		7,284,983
Deutsche Boerse AG*		57,126		4,662,782
Deutsche Post AG		31,089		1,022,195
Deutsche Telekom AG		436,847		7,520,824
Deutsche Wohnen AG		6,238		195,943
Evonik Industries AG		10,105		301,880
Freenet AG		35,755		1,007,183
Fresenius SE & Co. KGaA		5,433		424,698
Hannover Rueck SE		3,762		407,097
HeidelbergCement AG		899		83,874
HOCHTIEF AG		8,198		1,148,176
Infineon Technologies AG		59,961		1,042,081
KION Group AG		11,012		612,744
LANXESS AG		4,849		318,254
Linde AG		60,544		9,948,545
METRO AG		2,252		74,875
MorphoSys AGD*		20,344		1,043,990
Muenchener Rueckversicherungs- Gesellschaft AG		8,267		1,563,366
OSRAM Licht AG		36,686		1,924,125
Rheinmetall AG		22,294		1,499,596
RHOEN KLINIKUM AG		6,954		187,835
Rocket Internet SE 144AD*		51,093		1,029,142

	Shares		Value
RWE AG*		71,970	$	895,098
Salzgitter AG		8,731		308,349
SAP SE		220,156		19,191,055
Siemens AG		7,556		929,010
Software AG		30,818		1,118,717
STADA Arzneimittel AG		44,923		2,325,878
Suedzucker AG		76,483		1,826,775
Talanx AG		7,358		246,072
thyssenKrupp AG		2,861		68,184
Vonovia SE		8,154		265,268
Zalando SE 144AD*		163,753		6,255,496
				100,931,570
Hong Kong — 2.5%
AIA Group, Ltd.		2,954,200		16,667,258
ASM Pacific Technology, Ltd.		3,100		32,841
Cheung Kong Property Holdings, Ltd.		45,000		275,937
China Mobile, Ltd.		429,000		4,547,527
CLP Holdings, Ltd.		8,500		78,100
Global Brands Group Holding, Ltd.*		3,366,924		447,215
Guangdong Investment, Ltd.		1,521,000		2,008,516
Hong Kong Exchanges and Clearing, Ltd.		127,907		3,021,802
Link REIT		41,000		266,478
New World Development Co., Ltd.		1,089,000		1,151,564
PCCW, Ltd.		62,000		33,581
Sino Land Co., Ltd.		564,000		845,145
Sun Hung Kai Properties, Ltd.		54,000		682,442
WH Group, Ltd. 144A		844,500		682,831
Wharf Holdings, Ltd. (The)		43,000		285,853
Wheelock & Co., Ltd.		129,000		726,140
				31,753,230
India — 0.6%
Housing Development Finance Corporation, Ltd.		96,395		1,793,256
Tata Consultancy Services, Ltd.		186,383		6,496,218
				8,289,474
Ireland — 0.7%
CRH PLC		262,951		9,170,973
DCC PLC		4,864		362,063
				9,533,036
Isle of Man (U.K.) — 0.0%
Paysafe Group PLC*		28,903		132,258
Italy — 2.4%
A2A SpA		2,576,749		3,336,282
Autogrill SpA		54,656		493,928
BPER Banca		296,925		1,581,550
Enel SpA		1,694,303		7,469,358
Eni SpA		818,365		13,326,708
FinecoBank Banca Fineco SpA		12,562		70,481
Intesa Sanpaolo SpA		431,132		1,100,998
Leonardo SpA*		87,654		1,230,872
Mediobanca SpA		39,724		324,280
Prysmian SpA		38,264		982,801
Recordati SpA		14,023		397,376
Unipol Gruppo Finanziario SpA		76,382		275,303
				30,589,937

See Notes to Financial Statements. 213

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Japan — 16.6%
Advantest Corporation		34,500	$	580,928
Ajinomoto Co., Inc.		13,700		275,934
Alfresa Holdings Corporation		5,100		84,393
Amada Holdings Co., Ltd.		67,400		752,573
Aozora Bank, Ltd.		20,000		70,674
Asahi Kasei Corporation		37,000		322,751
Astellas Pharma, Inc.		431,700		5,996,705
Bandai Namco Holdings, Inc.		69,200		1,909,476
Brother Industries, Ltd.		42,300		763,300
Canon, Inc.		458,950		12,938,954
Chubu Electric Power Co., Inc.		28,700		401,002
Citizen Holdings Co., Ltd.		69,600		416,260
COOKPAD, Inc.D*		76,300		701,797
Daicel Corporation		22,000		242,824
Daiichi Sankyo Co., Ltd.		23,900		489,043
Daikin Industries, Ltd.		87,100		8,000,158
Daito Trust Construction Co., Ltd.		1,000		150,417
Daiwa House Industry Co., Ltd.		9,100		248,844
DeNA Co., Ltd.		4,800		104,892
Denso Corporation		166,400		7,208,412
Don Quijote Holdings Co., Ltd.		48,200		1,783,658
Fuji Electric Co., Ltd.		1,302,000		6,750,905
Fuji Heavy Industries, Ltd.		16,900		690,026
FUJIFILM Holdings Corporation		38,100		1,445,763
Fujitsu, Ltd.		178,000		989,185
Fukuoka Financial Group, Inc.		77,000		341,929
GungHo Online Entertainment, Inc.*		64,300		136,990
Haseko Corporation		102,700		1,044,794
Hitachi Chemical Co., Ltd.		59,600		1,490,574
Hitachi Construction Machinery Co., Ltd.		19,500		422,284
Hitachi High-Technologies Corporation		37,900		1,528,971
Hitachi Metals, Ltd.		17,500		237,176
Hitachi, Ltd.		874,000		4,726,143
Honda Motor Co., Ltd.		327,500		9,569,305
Hoya Corporation		271,700		11,416,631
Idemitsu Kosan Co., Ltd.		8,600		228,475
IHI CorporationD*		1,765,000		4,590,888
ITOCHU Corporation		34,600		459,458
Itochu Techno-Solutions Corporation		3,900		101,442
J. Front Retailing Co., Ltd.		15,700		211,572
Japan Real Estate Investment Corporation REIT		13		70,853
Japan Retail Fund Investment Corporation REIT		34		68,829
JTEKT Corporation		29,200		467,200
Kajima Corporation		66,000		456,847
Kaken Pharmaceutical Co., Ltd.		12,700		673,711
Kaneka Corporation		43,000		350,255
Konami Holdings Corporation		48,000		1,938,481
Konica Minolta, Inc.		77,900		773,834
Kyushu Financial Group, Inc.		21,500		145,878
Kyushu Railway Co.*		56,000		1,466,182
Lion Corporation		4,000		65,711
M3, Inc.		239,000		6,022,289

	Shares		Value
Matsumotokiyoshi Holdings Co., Ltd.		6,100	$	300,629
Mazda Motor Corporation		62,000		1,014,280
Medipal Holdings Corporation		12,800		201,843
MEIJI Holdings Co., Ltd.		17,800		1,395,063
Mitsubishi Chemical Holdings Corporation		65,200		422,859
Mitsubishi Corporation		42,500		905,455
Mitsubishi Electric Corporation		438,800		6,117,858
Mitsubishi Estate Co., Ltd.		22,000		438,118
Mitsubishi Gas Chemical Co., Inc.		40,700		694,729
Mitsubishi Tanabe Pharma Corporation		10,900		213,850
Mitsubishi UFJ Financial Group, Inc.		189,600		1,168,342
Mitsui Chemicals, Inc.		518,000		2,326,845
Mitsui Fudosan Co., Ltd.		16,000		370,310
Mixi, Inc.		34,300		1,253,142
Mizuho Financial Group, Inc.		427,600		767,576
MS&AD Insurance Group Holdings, Inc.		61,800		1,916,263
Nexon Co., Ltd.		78,700		1,140,687
NHK Spring Co., Ltd.		7,300		69,580
Nippon Building Fund, Inc. REIT		15		83,037
Nippon Express Co., Ltd.		285,000		1,533,818
Nippon Shokubai Co., Ltd.		4,600		287,315
Nippon Telegraph & Telephone Corporation		30,000		1,260,834
Nitto Denko Corporation		5,300		406,723
NTN Corporation		162,000		655,624
NTT DOCOMO, Inc.		63,500		1,446,849
ORIX Corporation		65,100		1,015,978
Otsuka Corporation		1,500		70,075
Pigeon CorporationD		51,900		1,327,308
Rakuten, Inc.*		444,500		4,356,575
Resona Holdings, Inc.		374,000		1,918,400
Rohm Co., Ltd.		11,400		656,445
SBI Holdings, Inc.		94,000		1,195,961
Secom Co., Ltd.		117,700		8,608,339
Seiko Epson Corporation		11,400		241,412
Sekisui House, Ltd.		7,300		121,516
Shimamura Co., Ltd.		5,700		711,555
Shinsei Bank, Ltd.		37,000		62,049
Shionogi & Co., Ltd.		43,300		2,074,325
SMC Corporation		15,800		3,772,398
SoftBank Group Corporation		163,700		10,875,983
Sojitz Corporation		611,100		1,484,940
Sompo Japan Nipponkoa Holdings, Inc.		33,600		1,138,447
Square Enix Holdings Co., Ltd.		2,600		66,849
Sumitomo Chemical Co., Ltd.		128,000		608,924
Sumitomo Corporation		428,100		5,038,302
Sumitomo Dainippon Pharma Co., Ltd.		18,000		309,561
Sumitomo Electric Industries, Ltd.		74,000		1,067,816
Sumitomo Heavy Industries, Ltd.		169,000		1,088,830
Sumitomo Mitsui Financial Group, Inc.		44,100		1,682,875
Sumitomo Mitsui Trust Holdings, Inc.		15,600		558,330
Sumitomo Osaka Cement Co., Ltd.		687,000		2,592,231

214 See Notes to Financial Statements.

	Shares		Value
Sumitomo Realty & Development Co., Ltd.		6,000	$	159,452
Suzuken Co., Ltd.		3,900		127,470
Suzuki Motor Corporation		8,600		302,720
Sysmex Corporation		28,700		1,662,451
Taisei Corporation		22,000		153,976
Takeda Pharmaceutical Co., Ltd.		201,500		8,335,850
TDK Corporation		9,600		660,398
Teijin, Ltd.		30,600		620,247
Terumo Corporation		13,200		487,341
Tokio Marine Holdings, Inc.		169,100		6,939,068
Tokyo Electric Power Co. Holdings, Inc.*		62,400		252,003
Tokyo Electron, Ltd.		39,300		3,713,955
Toshiba Corporation*		48,000		116,268
Tosoh Corporation		361,000		2,554,413
Toyota Boshoku Corporation		10,200		234,502
Toyota Motor Corporation		12,600		741,500
Trend Micro, Inc.*		78,200		2,780,073
Yamaha Corporation		21,500		656,727
Yamazaki Baking Co., Ltd.		24,800		479,131
Yokohama Rubber Co., Ltd. (The)		6,400		114,776
				212,454,950
Jersey — 1.1%
Experian PLC		211,909		4,110,629
Glencore PLC*		216,215		739,041
IWG PLC		23,138		70,148
Petrofac, Ltd.		20,938		224,238
Randgold Resources, Ltd.		1,392		110,050
Wolseley PLC		34,558		2,113,292
WPP PLC		288,455		6,455,770
				13,823,168
Luxembourg — 0.1%
APERAM SA		3,703		169,426
Subsea 7 SA*		74,786		946,587
				1,116,013
Netherlands — 8.0%
ABN AMRO Group NV CVA 144A		41,294		915,007
Aegon NV		936,684		5,154,828
Airbus Group SE		93,100		6,158,450
Akzo Nobel NV		5,215		326,027
ASM International NV		10,524		472,316
ASML Holding NV		99,975		11,223,746
CNH Industrial NVD		669,051		5,819,502
EXOR NV		55,618		2,399,235
Ferrari NV		89,442		5,206,575
Fiat Chrysler Automobiles NV*		1,310,900		11,957,040
Gemalto NVD		18,131		1,048,185
ING Groep NV		1,370,654		19,290,558
Koninklijke Ahold Delhaize NV		400,707		8,448,769
Koninklijke DSM NV		14,151		848,482
Koninklijke Philips NV		212,033		6,472,723
Koninklijke Vopak NV		3,682		173,930
Mobileye NVD*		45,997		1,753,406
NN Group NV		47,008		1,593,110
Randstad Holding NV		170,786		9,263,987
STMicroelectronics NV		174,244		1,980,921
Wolters Kluwer NV		47,417		1,718,029
				102,224,826

	Shares		Value
New Zealand — 0.0%
Spark New Zealand, Ltd.		131,259	$	311,640
Nigeria — 0.0%
Afriland Properties PLC REIT+*		331,249		—
Norway — 0.2%
Leroy Seafood Group ASA		5,520		307,535
Marine Harvest ASA*		16,577		298,892
Salmar ASA		10,051		300,412
Schibsted ASA Class A		24,634		565,118
Schibsted ASA, B Shares		45,543		965,146
Yara International ASA		14,969		589,375
				3,026,478
Portugal — 0.1%
Jeronimo Martins SGPS SA		103,873		1,611,706
Singapore — 2.7%
Ascendas Real Estate Investment Trust REIT		1,953,500		3,062,145
CapitaLand Commercial Trust REIT		68,000		69,496
CapitaLand Mall Trust REIT		50,000		65,083
City Developments, Ltd.		27,900		159,522
ComfortDelGro Corporation, Ltd.		52,200		89,034
DBS Group Holdings, Ltd.		450,800		5,397,833
Jardine Cycle & Carriage, Ltd.		122,200		3,479,133
Sembcorp Industries, Ltd.		1,072,300		2,110,317
Singapore Airlines, Ltd.		33,900		226,367
Singapore Exchange, Ltd.		13,600		67,242
Singapore Technologies Engineering, Ltd.		23,600		52,638
Singapore Telecommunications, Ltd.		2,092,200		5,273,300
Suntec Real Estate Investment Trust REIT		59,600		67,907
United Overseas Bank, Ltd.		942,282		13,273,869
UOL Group, Ltd.		15,686		64,882
Wilmar International, Ltd.		91,900		227,822
Yangzijiang Shipbuilding Holdings, Ltd.		983,700		553,614
				34,240,204
South Korea — 1.0%
Celltrion, Inc.*		28,536		2,530,880
Hankook Tire Co., Ltd.*		58,968		2,834,926
NAVER Corporation*		4,266		2,731,851
Shinhan Financial Group Co., Ltd.*		117,786		4,417,115
				12,514,772
Spain — 4.9%
ACS Actividades de Construccion y Servicios SA		31,824		1,005,660
Amadeus IT Group SA		184,416		8,380,428
Banco Bilbao Vizcaya Argentaria SA		336,935		2,274,891
Banco de Sabadell SA		2,454,893		3,418,834
Banco Popular Espanol SAD		1,265,995		1,223,377
Banco Santander SA		838,830		4,378,785
Distribuidora Internacional de Alimentacion SA		212,751		1,044,741
Ebro Foods SA		278,736		5,840,376
Endesa SA		81,147		1,719,071

See Notes to Financial Statements. 215

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Gamesa Corporacion Tecnologica SA		40,326	$	817,998
Iberdrola SAD		1,319,715		8,660,291
Industria de Diseno Textil SA		301,998		10,309,475
International Consolidated Airlines Group SA		343,735		1,867,747
Mapfre SA		168,187		513,424
Mediaset Espana Comunicacion SA		40,606		476,596
Repsol SA		284,701		4,021,861
Tecnicas Reunidas SA		4,935		202,417
Telefonica SA*		682,526		6,336,848
				62,492,820
Sweden — 3.5%
Alfa Laval AB		120,532		1,995,063
Atlas Copco AB, A Shares		242,229		7,378,059
BillerudKorsnas AB		22,550		378,696
Boliden AB		79,518		2,076,409
Electrolux AB, Series B		57,582		1,430,291
Elekta AB, B Shares		159,979		1,415,308
Hennes & Mauritz AB, B SharesD		190,728		5,304,862
Investor AB, B Shares		3,071		114,776
Kinnevik AB Class B		160,873		3,854,694
NCC AB, B Shares		7,492		185,355
Saab AB Class B		11,645		435,221
Skanska AB, B Shares		22,516		531,600
SSAB AB, A Shares*		123,306		468,018
Svenska Cellulosa AB SCA Class B		44,474		1,256,027
Svenska Handelsbanken AB, A Shares		382,622		5,316,877
Telefonaktiebolaget LM Ericsson, B Shares		798,926		4,691,518
Telia Co. ABD		2,108,955		8,497,765
				45,330,539
Switzerland — 9.0%
ABB, Ltd.*		615,976		12,993,386
ABB, Ltd. ADRD*		56,000		1,179,920
Actelion, Ltd.*		5,580		1,208,279
Adecco Group SA		20,900		1,367,951
Baloise Holding AG		3,839		483,692
Cie Financiere Richemont SA		57,280		3,794,104
Coca-Cola HBC AG*		29,201		636,979
Credit Suisse Group AG*		370,060		5,309,414
Galenica AG		736		830,466
Georg Fischer AG		369		302,215
Helvetia Holding AG		4,126		2,222,440
Lonza Group AG*		2,807		485,981
Nestle SA		220,840		15,842,445
Novartis AG		221,210		16,097,084
OC Oerlikon Corporation AGD*		41,700		409,506
Partners Group Holding AG		693		324,791
Roche Holding AG		62,322		14,235,586
Sika AG		79		379,523
Swiss Life Holding AG*		21,217		6,004,851
Swiss Re AG		23,277		2,205,863
Syngenta AG		25,583		10,112,106
Temenos Group AG*		6,239		434,396
UBS Group AG*		600,547		9,406,584
Zurich Insurance Group AG*		33,348		9,182,735
				115,450,297

	Shares		Value
Taiwan — 1.0%
Taiwan Semiconductor Manufacturing Co., Ltd. ADRD		374,299	$	10,761,096
Teco Electric and Machinery Co., Ltd.		2,655,800		2,299,073
				13,060,169
Thailand — 0.2%
Bangkok Bank PCL		172,800		779,302
Charoen Pokphand Foods PCL		1,553,300		1,279,579
				2,058,881
Turkey — 0.0%
Türkiye Garanti Bankasi AS		—		—
Yapi ve Kredi Bankasi AS*		1		1
				1
United Kingdom — 14.6%
3i Group PLC		34,312		297,696
Aberdeen Asset Management PLC		88,155		279,538
Aggreko PLC		140,036		1,584,297
Amec Foster Wheeler PLC		621,046		3,597,293
Anglo American PLC*		9,868		141,072
ASOS PLC*		12,729		778,718
AstraZeneca PLC		4,245		232,151
BAE Systems PLC		146,857		1,070,542
Barclays PLC		644,878		1,775,874
Barratt Developments PLC		299,344		1,705,857
Bellway PLC		18,940		577,943
BP PLC		2,664,057		16,731,200
BP PLC ADRD		75,300		2,814,714
British Land Co. PLC (The) REIT		18,907		146,681
Britvic PLC		31,976		223,440
BT Group PLC		351,297		1,588,460
Close Brothers Group PLC		14,726		262,245
Cobham PLC		1,357,500		2,738,689
Coca-Cola European Partners PLC		121,400		3,811,960
Compass Group PLC		653,654		12,091,572
Dairy Crest Group PLCD		672,353		5,133,255
Dialog Semiconductor PLC*		47,865		2,023,724
Dixons Carphone PLC		110,130		481,281
DS Smith PLC		1,618,927		8,142,317
G4S PLC		1,849,548		5,356,580
GKN PLC		31,500		128,769
GlaxoSmithKline PLC		878,879		16,918,594
Hammerson PLC REIT		15,352		108,411
Howden Joinery Group PLC		21,396		101,203
HSBC Holdings PLC		192,408		1,557,674
Inchcape PLC		107,617		931,048
Indivior PLC		130,559		476,591
Intermediate Capital Group PLC		119,557		1,031,400
Investec PLC		69,711		460,490
ITV PLC		49,182		125,104
John Wood Group PLC		48,979		528,772
Jupiter Fund Management PLC		19,236		105,162
Kingfisher PLC		1,867,168		8,060,791
Land Securities Group PLC REIT		15,437		202,803
Lloyds Banking Group PLC		11,066,857		8,525,659
London Stock Exchange Group PLC		5,849		210,051

216 See Notes to Financial Statements.

	Shares		Value
Man Group PLC		1,215,510	$	1,772,138
Marks & Spencer Group PLC		37,312		160,942
Micro Focus International PLC		7,478		200,815
Mondi PLC		79,051		1,623,067
National Grid PLC		766,376		8,987,740
Ocado Group PLCD*		253,031		823,562
Pearson PLC		491,984		4,962,766
Persimmon PLC		154,688		3,385,741
Reckitt Benckiser Group PLC		16,774		1,423,501
RELX PLC		20,897		373,170
Rio Tinto PLC		12,803		498,364
Rolls-Royce Holdings PLC*		1,394,816		11,482,793
Rolls-Royce Holdings PLC +*		70,368,178		86,722
Royal Dutch Shell PLC, A Shares		7,716		213,245
Royal Dutch Shell PLC, B Shares		475,556		13,796,289
Royal Mail PLC		339,525		1,933,579
Sage Group PLC (The)		119,939		968,179
Segro PLC REIT		14,592		82,381
Sports Direct International PLC*		32,259		110,761
Standard Chartered PLC*		169,927		1,389,706
Tate & Lyle PLC		113,253		987,485
Taylor Wimpey PLC		1,033,557		1,955,226
Tesco PLC*		3,388,417		8,637,867
Thomas Cook Group PLC*		90,156		96,887
Travis Perkins PLC		33,698		603,010
Unilever PLC		162,704		6,602,040
Vodafone Group PLC		109,280		269,153
WM Morrison Supermarkets PLC		151,673		431,231
				186,917,981
United States of America — 2.0%
Amazon.com, Inc.*		7,061		5,294,832
Illumina, Inc.*		44,670		5,719,547
MercadoLibre, Inc.		25,367		3,960,803
Tesla Motors, Inc.D*		23,093		4,934,743
Yum China Holdings, Inc.*		234,775		6,132,323
				26,042,248
Total Foreign Common Stocks (Cost $1,263,521,065)				1,264,913,198
FOREIGN PREFERRED STOCKS — 0.1%
Germany — 0.1%
Bayerische Motoren Werke AG
4.34%, 05/13/16		5,728		438,352
Porsche Automobil Holding SE
1.88%, 06/30/16		6,053		329,672
Total Foreign Preferred Stocks (Cost $1,040,239)				768,024
MONEY MARKET FUNDS — 6.5%
GuideStone Money Market Fund (Investor Class)¥		59,346,657		59,346,657
Northern Institutional Liquid Assets Portfolio§		23,851,659		23,851,659
Total Money Market Funds (Cost $83,198,316)				83,198,316

	Par			Value
U.S. TREASURY OBLIGATIONS — 0.2%
U.S. Treasury Bills
0.45%, 04/27/17W‡‡	$	700,000			$	698,809
0.60%, 06/22/17W‡‡		1,800,000				1,794,778
Total U.S. Treasury Obligations (Cost $2,493,972)						2,493,587
TOTAL INVESTMENTS — 105.4% (Cost $1,350,253,592)						1,351,373,125
	Shares
FOREIGN COMMON STOCKS SOLD SHORT — (4.9)%
Australia — (0.4)%
Alumina, Ltd.		(1,506,122	)			(1,989,020	)
AMP, Ltd.		(35,827	)			(130,307	)
Iluka Resources, Ltd.		(28,719	)			(150,672	)
Magellan Financial Group, Ltd.		(9,972	)			(171,056	)
Platinum Asset Management, Ltd.		(188,521	)			(718,326	)
REA Group, Ltd.		(12,598	)			(502,116	)
SEEK, Ltd.		(92,447	)			(992,713	)
TPG Telecom, Ltd.		(44,993	)			(221,440	)
Transurban Group		(35,716	)			(265,993	)
						(5,141,643	)
Austria — 0.0%
ams AG		(2,435	)			(69,107	)
Belgium — 0.0%
Telenet Group Holding NV*		(4,342	)			(240,963	)
Finland — 0.0%
Nokia OYJ		(90,078	)			(435,039	)
Wartsila OYJ Abp		(3,380	)			(151,854	)
						(586,893	)
France — (0.7)%
Aeroports de Paris		(2,910	)			(311,836	)
Bollore SA		(395,571	)			(1,394,938	)
Edenred		(135,109	)			(2,678,770	)
Electricite de France SA		(79,047	)			(805,464	)
Eutelsat Communications SA		(7,976	)			(154,444	)
Groupe Eurotunnel SE		(156,969	)			(1,492,724	)
Ingenico		(4,813	)			(384,389	)
SFR Group SA*		(24,265	)			(685,309	)
Zodiac Aerospace		(47,365	)			(1,087,673	)
						(8,995,547	)
Germany — (0.2)%
Bayerische Motoren Werke AG		(1,688	)			(157,698	)
Bilfinger SE*		(8,370	)			(322,252	)
Deutsche Bank AG*		(22,434	)			(407,363	)
Fraport AG Frankfurt Airport Services Worldwide		(13,038	)			(770,905	)
MAN SE		(677	)			(67,224	)
Telefonica Deutschland Holding AG		(73,116	)			(313,251	)
United Internet AG*		(10,232	)			(399,541	)
						(2,438,234	)
Italy — (0.4)%
Atlantia SpA		(15,834	)			(371,023	)
Azimut Holding SpA*		(66,282	)			(1,106,584	)
Banca Generali SpA		(16,174	)			(385,801	)
Banco Popolare SC		(84,716	)			(204,393	)

See Notes to Financial Statements. 217

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares			Value
Luxottica Group SpA		(17,057	)	$	(917,506	)
Salvatore Ferragamo SpA		(92,380	)		(2,181,186	)
					(5,166,493	)
Japan — (1.1)%
Acom Co., Ltd.*		(110,500	)		(483,127	)
AEON Financial Service Co., Ltd.		(31,900	)		(566,899	)
Alps Electric Co., Ltd.		(32,800	)		(793,093	)
ASICS Corporation		(20,100	)		(401,570	)
Bank of Kyoto, Ltd. (The)		(173,000	)		(1,284,826	)
Calbee, Inc.		(6,100	)		(191,025	)
Chugoku Electric Power Co., Inc. (The)		(39,500	)		(463,354	)
Electric Power Development Co., Ltd.		(13,400	)		(308,415	)
Hokuriku Electric Power Co		(41,000	)		(459,551	)
Japan Post Holdings Co., Ltd.		(5,500	)		(68,659	)
Kakaku.com, Inc.		(25,300	)		(418,654	)
Keikyu Corporation		(33,000	)		(382,588	)
Kyushu Electric Power Co., Inc.		(158,200	)		(1,716,343	)
Mitsubishi Logistics Corporation		(5,000	)		(70,717	)
Nankai Electric Railway Co., Ltd.		(15,000	)		(76,107	)
NGK Spark Plug Co., Ltd.		(51,100	)		(1,135,896	)
Nippon Paint Holdings Co., Ltd.		(2,400	)		(65,403	)
Odakyu Electric Railway Co., Ltd.		(7,000	)		(138,533	)
Rakuten, Inc.*		(14,800	)		(145,056	)
Ricoh Co., Ltd.		(82,900	)		(700,793	)
Rinnai Corporation		(1,500	)		(121,027	)
Seven Bank, Ltd.		(220,000	)		(630,588	)
Shikoku Electric Power Co., Inc.*		(106,400	)		(1,077,883	)
Sony Financial Holdings, Inc.		(121,300	)		(1,893,058	)
Taiyo Nippon Sanso Corporation		(6,100	)		(70,669	)
Toyota Industries Corporation		(7,400	)		(352,667	)
Yakult Honsha Co., Ltd.		(5,400	)		(250,421	)
Yamaha Motor Co., Ltd.		(9,200	)		(202,616	)
					(14,469,538	)
Luxembourg — (0.4)%
Eurofins Scientific SE		(780	)		(332,534	)
Millicom International Cellular SA SDR		(18,512	)		(791,026	)
SES SA		(7,964	)		(175,421	)
Tenaris SA		(181,862	)		(3,248,698	)
					(4,547,679	)
Netherlands — (0.4)%
Altice NV Class A*		(131,755	)		(2,611,578	)
OCI NV*		(12,741	)		(222,369	)
Qiagen NV*		(27,636	)		(776,151	)
SBM Offshore NV		(139,000	)		(2,182,346	)
					(5,792,444	)

	Shares			Value
Norway — (0.2)%
Schibsted ASA Class A		(66,706	)	$	(1,530,275	)
Schibsted ASA, B Shares		(27,799	)		(589,115	)
					(2,119,390	)
Papua New Guinea — (0.1)%
Oil Search, Ltd.		(160,338	)		(829,628	)
Spain — (0.3)%
Abertis Infraestructuras SA		(39,354	)		(550,761	)
Atresmedia Corporation de Medios de Comunicacion SA		(25,437	)		(278,206	)
Banco Popular Espanol SA		(1,411,988	)		(1,364,455	)
Cellnex Telecom SA 144A		(59,145	)		(850,772	)
Zardoya Otis SA		(75,431	)		(637,604	)
					(3,681,798	)
Switzerland — (0.1)%
Chocoladefabriken Lindt & Spruengli AG		(58	)		(300,452	)
Cie Financiere Richemont SA		(3,644	)		(241,371	)
Credit Suisse Group AG*		(32,890	)		(471,887	)
Swatch Group AG (The)		(1,150	)		(357,660	)
					(1,371,370	)
United Kingdom — (0.6)%
AA PLC		(21,923	)		(74,867	)
Aggreko PLC		(6,690	)		(75,687	)
Antofagasta PLC		(232,549	)		(1,934,516	)
BTG PLC*		(73,821	)		(536,767	)
Hargreaves Lansdown PLC		(93,972	)		(1,404,797	)
Hikma Pharmaceuticals PLC		(38,817	)		(905,580	)
Inmarsat PLC		(25,098	)		(232,446	)
Just Eat PLC*		(37,811	)		(271,902	)
Legal & General Group PLC		(25,609	)		(78,144	)
Pennon Group PLC		(38,684	)		(394,268	)
Prudential PLC		(3,824	)		(76,700	)
Rightmove PLC		(1,453	)		(69,890	)
Serco Group PLC*		(247,452	)		(437,010	)
St. James’s Place PLC		(25,601	)		(319,926	)
Standard Life PLC		(30,854	)		(141,452	)
United Utilities Group PLC		(36,454	)		(404,785	)
					(7,358,737	)
Total Foreign Common Stocks Sold Short (Proceeds $(64,026,862))					(62,809,464	)
FOREIGN PREFERRED STOCKS SOLD SHORT — (0.1)%
Germany — (0.1)%
Sartorius AG
0.53%, 06/13/16		(917	)		(68,052	)
Volkswagen AG
0.12%, 06/23/16		(6,651	)		(933,610	)
Total Foreign Preferred Stocks Sold Short (Proceeds $(904,569))					(1,001,662	)
Liabilities in Excess of Other Assets — (0.4)%					(5,337,549	)
NET ASSETS — 100.0%				$	1,282,224,450

218 See Notes to Financial Statements.

Swap agreements outstanding at December 31, 2016:

Reference Obligation	Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Total Return Swaps
MSCI Australia Index		03/15/17		GSC		AUD		1,376,979	$	(21,020	)	$	—	$	(21,020	)
MSCI Netherlands Index		03/15/17		GSC		EUR		791,356		(7,939	)		—		(7,939	)
MSCI Spain Index		03/15/17		GSC		EUR		9,540,698		76,916			—		76,916
MSCI Sweden Index		03/15/17		GSC		SEK		103,452,739		204,795			—		204,795
MSCI Switzerland Index		03/15/17		GSC		CHF		2,962,598		(3,824	)		—		(3,824	)
Total Swap agreements outstanding at December 31, 2016									$	248,928		$	—	$	248,928

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value	Level 1 Quoted Prices	Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable  Inputs
Assets:
Investments in Securities:
Foreign Common Stocks:
Australia	$    29,393,756	$29,393,756	$	—	$	—
Austria	5,425,696	5,425,696		—		—
Belgium	4,079,933	4,079,933		—		—
Bermuda	5,040,161	5,040,161		—		—
Brazil	3,322,550	3,322,550		—		—
Canada	10,984,935	10,984,935		—		—
China	51,006,993	51,006,993		—		—
Colombia	1,232,610	1,232,610		—		—
Czech Republic	465,418	465,418		—		—
Denmark	17,524,445	17,524,445		—		—
Finland	3,943,687	3,943,687		—		—
France	118,586,816	118,586,816		—		—
Germany	100,931,570	100,931,570		—		—
Hong Kong	31,753,230	31,753,230		—		—
India	8,289,474	8,289,474		—		—
Ireland	9,533,036	9,533,036		—		—
Isle of Man (U.K.)	132,258	132,258		—		—
Italy	30,589,937	30,589,937		—		—
Japan	212,454,950	212,454,950		—		—
Jersey	13,823,168	13,823,168		—		—
Luxembourg	1,116,013	1,116,013		—		—
Netherlands	102,224,826	102,224,826		—		—
New Zealand	311,640	311,640		—		—
Nigeria	—	—		—		—
Norway	3,026,478	3,026,478		—		—
Portugal	1,611,706	1,611,706		—		—
Singapore	34,240,204	34,240,204		—		—
South Korea	12,514,772	—		12,514,772		—
Spain	62,492,820	62,492,820		—		—
Sweden	45,330,539	45,330,539		—		—
Switzerland	115,450,297	115,450,297		—		—
Taiwan	13,060,169	13,060,169		—		—
Thailand	2,058,881	2,058,881		—		—
Turkey	1	1		—		—
United Kingdom	186,917,981	186,831,259		—		86,722
United States of America	26,042,248	26,042,248		—		—
Foreign Preferred Stocks:
Germany	768,024	768,024		—		—
Money Market Funds	83,198,316	83,198,316		—		—
U.S. Treasury Obligations	2,493,587	—		2,493,587		—
Total Assets - Investments in Securities	$1,351,373,125	$1,336,278,044	$	15,008,359	$	86,722

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
Other Financial Instruments***
Futures Contracts	$	597,154		$	597,154		$	—		$	—
Swap Agreements		248,928			—			248,928			—
Total Assets - Other Financial Instruments	$	846,082		$	597,154		$	248,928		$	—
Liabilities:
Investments in Securities:
Foreign Common Stocks Sold Short:
Australia	$	(5,141,643	)	$	(5,141,643	)	$	—		$	—
Austria		(69,107	)		(69,107	)		—			—
Belgium		(240,963	)		(240,963	)		—			—
Finland		(586,893	)		(586,893	)		—			—
France		(8,995,547	)		(8,995,547	)		—			—
Germany		(2,438,234	)		(2,438,234	)		—			—
Italy		(5,166,493	)		(5,166,493	)		—			—
Japan		(14,469,538	)		(14,469,538	)		—			—
Luxembourg		(4,547,679	)		(4,547,679	)		—			—
Netherlands		(5,792,444	)		(5,792,444	)		—			—
Norway		(2,119,390	)		(2,119,390	)		—			—
Papua New Guinea		(829,628	)		(829,628	)		—			—
Spain		(3,681,798	)		(3,681,798	)		—			—
Switzerland		(1,371,370	)		(1,371,370	)		—			—
United Kingdom		(7,358,737	)		(7,358,737	)		—			—
Foreign Preferred Stocks Sold Short:
Germany		(1,001,662	)		(1,001,662	)		—			—
Total Liabilities - Investments in Securities	$	(63,811,126	)	$	(63,811,126	)	$	—		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(2,109,889	)	$	—		$	(2,109,889	)	$	—
Total Liabilities - Other Financial Instruments	$	(2,109,889	)	$	—		$	(2,109,889	)	$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

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, 2016.

220 See Notes to Financial Statements.

Emerging Markets Equity Fund (Unaudited)

Emerging markets stocks outperformed their developed markets counterparts during the year and benefitted from prospects of higher economic growth and attractive valuations. The MSCI Emerging Markets Index posted a loss of -4.16% for the fourth quarter but advanced 11.19% for the year. Countries with the strongest gains for 2016, with rallies in excess of 50%, included Brazil, Russia and Peru (some of the positive performance was due to currency fluctuations). Meanwhile, both Egypt and Greece experienced double digit losses in U.S. dollars. Countries with the larger gains were generally those that rely on commodity exports to drive their economies. Eight of 11 sectors were positive for the year. The energy and materials sectors were the best performers, while the healthcare and real estate sectors were the weakest performing sectors for 2016.

The 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 outperformed its benchmark, the MSCI Emerging Markets Index, for the one-year period ended December 31, 2016 (13.20% versus 11.19%). On a country basis, security selection in Russia, South Africa and South Korea contributed to benchmark-relative performance. Underweight exposure and security selection to China also positively impacted performance. On a sector basis, security selection to the industrials, financials and materials sectors contributed to benchmark-relative returns, while security selection to the real estate and consumer discretionary sectors detracted from benchmark-relative returns during the year.

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 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 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 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, 2016, 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		27.3
Technology		25.3
Consumer Discretionary		9.6
Consumer Staples		7.9
Energy		6.3
Money Market Funds		6.2
Materials & Processing		5.7
Foreign Preferred Stocks		3.1
Producer Durables		2.9
Healthcare		2.4
Utilities		1.9
U.S. Treasury Obligation		0.4
		99.0

221

Emerging Markets Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional Class*	Investor Class*	Benchmark**
One Year	13.46%	13.20%	11.19%
Since Inception	-4.66%	-4.88%	-3.32%
Inception Date	10/31/13	10/31/13
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	1.33%	1.58%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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 Emerging Markets 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, 2016

	Shares		Value
FOREIGN COMMON STOCKS — 89.3%
Argentina — 0.2%
Banco Macro SA ADR		8,775	$	564,671
Bermuda — 1.4%
Credicorp, Ltd.		21,287		3,360,366
GOME Electrical Appliances Holdings, Ltd.D		496,619		60,200
Kosmos Energy, Ltd.D*		81,500		571,315
Nine Dragons Paper Holdings, Ltd.		599,000		543,036
				4,534,917
Brazil — 4.8%
AES Tiete Energia SA		50,800		218,515
Banco Bradesco SA ADR		237,997		2,072,954
Banco do Brasil SA		31,900		275,316
Banco Santander Brasil SA ADRD		14,986		133,226
BB Seguridade Participacoes SA		23,700		206,074
BM&FBovespa SA		43,900		222,555
BTG Pactual Group		112,763		504,101
Cia de Saneamento Basico do Estado de Sao Paulo ADR		66,096		573,713
Cia Energetica de Minas Gerais ADR		17,035		38,840
Cielo SA		10,400		89,119
Cosan SA Industria e Comercio		3,200		37,509
CVC Brasil Operadora e Agencia de Viagens SA		42,600		310,204
EDP—Energias do Brasil SA		36,200		149,040
Engie Brasil Energia SA		102,900		1,106,554
Equatorial Energia SA		28,000		468,000
Hypermarcas SA		20,500		164,582
Itau Unibanco Holding SA ADR		309,859		3,185,350
JBS SA		245,100		858,494
Kroton Educacional SA		41,700		170,787
Linx SA		121,828		649,435
Lojas Renner SA		15,000		106,784
M Dias Branco SA		6,500		229,688
Odontoprev SA		247,200		956,991
Qualicorp SA		50,900		301,049
Rumo Logistica Operadora Multimodal SA*		506,810		956,098
Sul America SA		47,400		262,144
TOTVS SA		67,500		498,571
Ultrapar Participacoes SA		42,900		902,235
Ultrapar Participacoes SA ADRD		8,307		172,287
WEG SA		32,200		153,348
				15,973,563
British Virgin Islands — 0.2%
Lenta, Ltd. GDR*		72,040		590,728
Canada — 0.5%
First Quantum Minerals, Ltd.		145,899		1,450,677
Platinum Group Metals, Ltd.*		43,200		62,420
				1,513,097
Chile — 1.0%
Aguas Andinas SA Class A		213,053		110,926
Banco de Chile ADR		6,244		439,890
Banco Santander Chile ADRD		26,062		569,976
Cencosud SA		204,107		572,863

	Shares		Value
Embotelladora Andina SA ADR Class BD		41,089	$	923,270
Empresas COPEC SA		4,886		46,821
Enel Generacion Chile SA ADRD		5,080		98,755
Enersis Americas SA ADRD		62,190		510,580
Enersis Chile SA ADR		19,629		89,312
				3,362,393
China — 11.6%
58.com, Inc. ADRD*		2,939		82,292
Agricultural Bank of China, Ltd. Class H		480,000		196,841
Air China, Ltd. Class H		284,679		181,722
Alibaba Group Holding, Ltd. ADRD*		68,250		5,993,032
Anhui Conch Cement Co., Ltd. Class H		780,000		2,122,380
Baidu, Inc. ADR*		9,329		1,533,781
Bank of China, Ltd. Class H		1,738,000		771,000
Bank of Communications Co., Ltd. Class H		558,000		403,686
Beijing Capital International Airport Co., Ltd. Class H		120,000		121,323
Belle International Holdings, Ltd.		970,000		545,387
China Cinda Asset Management Co., Ltd. Class H		1,764,000		639,221
China CITIC Bank Corporation, Ltd. Class H		867,000		551,204
China Communications Services Corporation, Ltd. Class H		1,080,000		688,013
China Construction Bank Corporation Class H		4,050,000		3,117,996
China Evergrande Group		359,000		223,608
China Galaxy Securities Co., Ltd. Class H		441,000		397,523
China Mengniu Dairy Co., Ltd.		1,088,000		2,096,166
China Petroleum & Chemical Corporation Class H		1,482,000		1,051,132
China Shenhua Energy Co., Ltd. Class H		333,500		627,906
China Telecom Corporation, Ltd. Class H		470,000		216,984
China Vanke Co., Ltd. Class H		97,700		223,005
Chongqing Rural Commercial Bank Co., Ltd. Class H		781,000		458,256
Country Garden Holdings Co., Ltd.		209,000		116,972
Ctrip.com International, Ltd. ADRD*		12,870		514,800
Dongfeng Motor Group Co., Ltd. Class H		43,545		42,509
Fuyao Glass Industry Group Co., Ltd. Class H 144A		239,200		741,861
Geely Automobile Holdings, Ltd.		1,205,000		1,151,467
Great Wall Motor Co., Ltd. Class H		680,000		634,883
Huaneng Renewables Corporation, Ltd. Class H		302,000		98,142
Industrial & Commercial Bank of China, Ltd. Class H		3,973,000		2,382,417
JD.com, Inc. ADR*		26,152		665,307

See Notes to Financial Statements. 223

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
NetEase, Inc. ADR		3,057		$	658,294
New Oriental Education & Technology Group, Inc. ADR*		5,104			214,878
People’s Insurance Co. Group of China, Ltd. (The) Class H		2,183,000			861,433
PetroChina Co., Ltd. Class H		146,000			108,825
PICC Property & Casualty Co., Ltd. Class H		62,000			96,584
Qinhuangdao Port Co., Ltd. Class H		280,500			64,387
Sina Corporation*		876			53,252
Sinopec Engineering Group Co., Ltd. Class H		285,000			237,791
Sinopec Shanghai Petrochemical Co., Ltd. Class H		1,428,000			773,435
Sinopharm Group Co., Ltd. Class H		74,588			307,317
Sinotrans, Ltd. Class H		1,142,000			509,552
Tencent Holdings, Ltd.		134,500			3,290,302
Tingyi Cayman Islands Holding CorporationD		1,980,000			2,407,815
Vipshop Holdings, Ltd. ADR*		15,338			168,871
Weichai Power Co., Ltd. Class H		120,000			184,770
Zhuzhou CRRC Times Electric Co., Ltd. Class H		30,000			152,234
Zijin Mining Group Co., Ltd. Class H		320,000			103,166
					38,783,722
Colombia — 0.3%
Bancolombia SA		76,606			643,572
Bancolombia SA ADRD		10,824			397,024
					1,040,596
Cyprus — 0.1%
Global Ports Investments PLC GDR*		49,037			196,148
Egypt — 0.2%
Arabian Food Industries Co. DOMTY GDR*		17,026			35,754
Edita Food Industries SAE		315,401			252,425
Edita Food Industries SAE GDR		15,770			63,107
ElSewedy Electric Co.		77,900			318,604
					669,890
Hong Kong — 6.0%
AIA Group, Ltd.		889,958			5,021,041
China Everbright International, Ltd.		64,000			72,546
China Merchants Port Holdings International Co., Ltd.		30,000			74,434
China Mobile, Ltd.		629,000			6,667,587
China Overseas Land & Investment, Ltd.		1,340,000			3,551,099
China Resources Land, Ltd.		204,000			458,799
China Resources Power Holdings Co., Ltd.		44,000			69,905
CNOOC, Ltd.		1,182,000			1,478,548
Sino Biopharmaceutical, Ltd.		95,620			67,327
WH Group, Ltd. 144A		3,112,500			2,516,652
					19,977,938

	Shares		Value
Hungary — 0.4%
OTP Bank PLC		52,327		$	1,496,140
India — 7.7%
Aurobindo Pharma, Ltd.		5,813			57,325
Axis Bank, Ltd.		604,710			4,008,976
Bharat Petroleum Corporation, Ltd.		99,935			935,740
Dabur India, Ltd.		244,225			1,000,901
Divi’s Laboratories, Ltd.		17,122			197,709
Dr. Reddy’s Laboratories, Ltd.		3,448			155,477
Eicher Motors, Ltd.		173			55,576
GAIL India, Ltd.		35,319			228,556
Godrej Consumer Products, Ltd.		2,851			63,428
HCL Technologies, Ltd.		25,081			305,965
HDFC Bank, Ltd.+		71,577			1,393,152
Hero MotoCorp, Ltd.		21,035			943,321
Hindalco Industries, Ltd.		148,650			339,593
Hindustan Unilever, Ltd.		10,196			124,141
Housing Development Finance Corporation, Ltd.		14,437			268,575
Indiabulls Housing Finance, Ltd.		12,789			122,529
Infosys, Ltd.		128,543			1,914,035
Infosys, Ltd. ADRD		132,500			1,964,975
JSW Steel, Ltd.		7,893			189,271
Kotak Mahindra Bank, Ltd.		440,160			4,667,499
Marico, Ltd.		151,772			582,423
Nestle India, Ltd.		362			32,154
NTPC, Ltd.		31,287			75,947
Oil & Natural Gas Corporation, Ltd.		296,578			836,160
Power Finance Corporation, Ltd.		368,464			662,063
Reliance Industries, Ltd.		10,334			164,808
Tata Consultancy Services, Ltd.		115,794			4,035,899
Tata Motors, Ltd. ADR		10,261			352,876
Tata Steel, Ltd.		11,878			68,473
Tech Mahindra, Ltd.		21,768			156,805
Wipro, Ltd.		10,702			74,813
					25,979,165
Indonesia — 1.8%
PT Adaro Energy Tbk		3,127,200			393,439
PT Bank Central Asia Tbk		2,251,600			2,590,447
PT Bank Mandiri Persero Tbk		156,900			134,802
PT Bank Negara Indonesia Persero Tbk		737,100			302,281
PT Bank Rakyat Indonesia Persero Tbk		427,700			370,636
PT Indofood CBP Sukses Makmur Tbk		257,800			164,085
PT Indofood Sukses Makmur Tbk		729,935			429,373
PT Matahari Department Store Tbk		64,383			72,280
PT Semen Indonesia Persero Tbk		276,900			188,574
PT Telekomunikasi Indonesia Persero Tbk		1,627,400			480,761
PT Telekomunikasi Indonesia Persero Tbk ADRD		10,592			308,863
PT Unilever Indonesia Tbk		27,470			79,112
PT United Tractors Tbk		417,969			659,257
					6,173,910

224 See Notes to Financial Statements.

	Shares		Value
Isle of Man (U.K.) — 0.1%
New Europe Property Investments PLC		15,777		$	182,655
Jersey — 0.0%
West China Cement, Ltd.*		1,414,000			158,641
Kenya — 0.5%
Equity Group Holdings, Ltd.		3,054,447			894,246
Safaricom, Ltd.		3,473,870			649,211
					1,543,457
Luxembourg — 0.3%
Ternium SA ADR		40,719			983,364
Malaysia — 1.5%
AirAsia Bhd		2,005,900			1,023,966
Axiata Group Bhd		20,445			21,511
CIMB Group Holdings Bhd		115,300			115,917
Hong Leong Bank Bhd		25,900			77,943
IHH Healthcare Bhd		34,961			49,488
IJM Corporation Bhd		37,900			27,035
Kuala Lumpur Kepong Bhd		6,700			35,845
Malayan Banking Bhd		198,600			363,023
MISC Bhd		73,067			119,715
Petronas Chemicals Group Bhd		202,600			315,236
Petronas Gas Bhd		7,800			37,035
Public Bank Bhd		161,100			708,179
Tenaga Nasional Bhd		396,200			1,227,637
Westports Holdings Bhd		787,100			754,465
YTL Corporation Bhd		412,300			142,458
					5,019,453
Mexico — 3.3%
America Movil SAB de CV ADR Class L		105,188			1,322,213
America Movil SAB de CV, Series L		2,012,645			1,264,114
Arca Continental SAB de CV		25,888			134,675
Cemex SAB de CV ADR*		21,592			173,384
Fibra Uno Administracion SA de CV REIT		181,600			277,529
Gruma SAB de CV Class B		52,505			667,151
Grupo Bimbo SAB de CV Series A		33,400			75,534
Grupo Financiero Banorte SAB de CV Class O		655,987			3,230,941
Grupo Financiero Inbursa SAB de CV Class OD		432,000			654,784
Grupo Lala SAB de CV		16,800			24,434
Grupo Mexico SAB de CV Series B		426,700			1,158,676
Industrias Penoles SAB de CV		13,714			254,233
Kimberly-Clark de Mexico SAB de CV Class A		108,534			195,448
Megacable Holdings SAB de CV		279,200			942,131
OHL Mexico SAB de CV		82,051			80,706
Telesites SAB de CVD*		464,916			252,535
Wal-Mart de Mexico SAB de CV		232,982			416,969
					11,125,457
Morocco & Antilles — 0.2%
Attijariwafa Bank		17,539			714,818
Nigeria — 0.5%
FCMB Group PLC		12,000,000			41,907

	Shares		Value
Guaranty Trust Bank PLC		17,349,626		$	1,360,517
Nestle Nigeria PLC		147,659			379,719
					1,782,143
Philippines — 1.4%
Ayala Corporation		4,130			60,635
Ayala Land, Inc.		46,600			29,940
Bank of the Philippine Islands		491,523			877,993
BDO Unibank, Inc.		33,230			74,882
Globe Telecom, Inc.		8,360			253,517
JG Summit Holdings, Inc.		171,460			233,010
Jollibee Foods Corporation		10,680			41,605
Metro Pacific Investments Corporation		859,000			114,968
SM Prime Holdings, Inc.		56,100			31,940
Universal Robina Corporation		867,610			2,849,841
					4,568,331
Poland — 0.6%
Alior Bank SA*		3,521			45,596
Bank Pekao SA		1,932			58,080
Eurocash SA		89,302			839,530
KGHM Polska Miedz SA		13,056			288,535
PGE Polska Grupa Energetyczna SA		116,791			291,653
Polskie Gornictwo Naftowe i Gazownictwo SA		346,404			466,050
Powszechna Kasa Oszczednosci Bank Polski SA*		13,952			93,821
Tauron Polska Energia SA*		127,827			87,058
					2,170,323
Portugal — 0.6%
Jeronimo Martins SGPS SA		137,850			2,138,897
Russia — 4.6%
Gazprom PJSC ADR		213,336			1,085,880
Lukoil PJSC ADR		14,861			833,999
Mobile Telesystems PJSC ADR		35,323			321,793
Novatek OJSC GDR		43,475			5,642,831
Rosneft Oil Co. PJSC GDR		27,856			183,808
Sberbank of Russia PJSC ADRD		402,289			4,658,507
Severstal PJSC GDR		50,593			780,893
Sistema JSFC GDR		68,805			619,245
Surgutneftegas OJSC ADR		42,924			214,620
Tatneft PJSC ADR		27,728			1,155,980
					15,497,556
South Africa — 6.7%
African Bank Investments, Ltd.+*		642,081			—
Anglo American Platinum, Ltd.*		25,481			490,575
AngloGold Ashanti, Ltd. ADRD*		42,354			445,141
Aspen Pharmacare Holdings, Ltd.		145,267			2,999,532
Barclays Africa Group, Ltd.		66,041			811,174
Bid Corporation, Ltd.		171,270			3,057,201
Bidvest Group, Ltd. (The)		155,279			2,049,281
Discovery, Ltd.		105,466			879,283
Exxaro Resources, Ltd.		22,755			148,290
Gold Fields, Ltd. ADR		65,185			196,207
Growthpoint Properties, Ltd. REIT		170,095			320,652
Hyprop Investments, Ltd. REIT		4,255			36,345

See Notes to Financial Statements. 225

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Imperial Holdings, Ltd.		23,724		$	315,151
Investec, Ltd.		40,192			265,581
Liberty Holdings, Ltd.		3,539			28,603
MMI Holdings, Ltd.		39,965			68,647
Mondi, Ltd.		3,660			74,616
Naspers, Ltd. N Shares		39,242			5,754,941
Nedbank Group, Ltd.		7,803			135,297
Pick n Pay Stores, Ltd.		213,636			991,199
Redefine Properties, Ltd. REIT		190,199			154,971
Remgro, Ltd.		16,075			261,074
Resilient, Ltd. REIT		12,543			104,490
RMB Holdings, Ltd.		13,838			66,904
Sappi, Ltd.*		3,975			26,035
Sasol, Ltd.		1,827			53,066
Sibanye Gold, Ltd.		61,294			113,316
Sibanye Gold, Ltd. ADRD		9,533			67,303
SPAR Group, Ltd. (The)		6,922			100,087
Standard Bank Group, Ltd.		166,097			1,835,276
Telkom SA SOC, Ltd.		119,825			645,552
Tiger Brands, Ltd.		1,149			33,283
Woolworths Holdings, Ltd.		6,496			33,592
					22,562,665
South Korea — 12.4%
AMOREPACIFIC Group*		668			73,417
Daelim Industrial Co., Ltd.*		1,900			136,764
DGB Financial Group, Inc.*		2,199			17,769
Doosan Heavy Industries & Construction Co., Ltd.*		12,980			291,611
E-MART, Inc.*		4,596			695,958
Hana Financial Group, Inc.		13,672			352,875
Hanwha Chemical Corporation*		38,907			793,121
Hanwha Corporation*		24,189			700,814
Hanwha Life Insurance Co., Ltd.*		28,108			151,855
Hyundai Department Store Co., Ltd.*		836			75,470
Hyundai Development Co-Engineering & Construction*		21,775			808,970
Hyundai Engineering & Construction Co., Ltd.*		16,032			567,137
Hyundai Glovis Co., Ltd.*		2,031			259,486
Hyundai Marine & Fire Insurance Co., Ltd.*		794			20,668
Hyundai Mobis Co., Ltd.*		3,492			762,385
KB Financial Group, Inc.*		19,712			696,612
Kia Motors Corporation*		24,943			809,566
KIWOOM Securities Co., Ltd.*		7,364			438,016
Korea Electric Power Corporation*		17,893			652,702
Korea Zinc Co., Ltd.*		680			267,477
Korean Air Lines Co., Ltd.*		1,841			41,544
KT Corporation ADRD*		9,472			133,461
LG Chem, Ltd.*		2,152			464,072
LG Corporation*		9,562			474,736
LG Uplus Corporation*		20,696			196,155
Lotte Chemical Corporation*		4,078			1,242,735
NAVER Corporation*		2,635			1,687,395
POSCO		3,204			680,256
Posco Daewoo Corporation*		21,265			474,686
Samsung Electronics Co., Ltd.		9,014			13,415,654
Samsung Fire & Marine
Insurance Co., Ltd.*		24,766			5,502,914
Samsung SDI Co., Ltd.*		6,737			606,487

	Shares		Value
Shinhan Financial Group Co., Ltd.*		119,466		$	4,480,116
Shinsegae, Inc.*		756			110,084
SK Hynix, Inc.*		38,475			1,415,730
SK Innovation Co., Ltd.*		8,352			1,010,743
SK Networks Co., Ltd.*		49,414			282,779
SK Telecom Co., Ltd.		3,219			596,613
Woori Bank*		9,468			99,781
					41,488,614
Switzerland — 1.3%
Cie Financiere Richemont SA		42,367			2,806,299
Coca-Cola HBC AG*		77,495			1,690,445
					4,496,744
Taiwan — 9.1%
Acer, Inc.*		57,000			23,169
Casetek Holdings, Ltd.		63,000			167,914
Cathay Financial Holding Co., Ltd.		75,185			112,443
China Airlines, Ltd.		294,902			85,097
China Life Insurance Co., Ltd.		869,820			864,989
Chunghwa Telecom Co., Ltd.		12,000			37,792
Compal Electronics, Inc.		887,000			507,777
CTBC Financial Holding Co., Ltd.		1,303,173			713,674
E.Sun Financial Holding Co., Ltd.		123,000			70,032
Eva Airways Corporation		54,880			24,861
Feng TAY Enterprise Co., Ltd.		27,480			102,744
First Financial Holding Co., Ltd.		423,225			225,867
Foxconn Technology Co., Ltd.		151,152			400,052
Fubon Financial Holding Co., Ltd.		264,000			417,760
Hon Hai Precision Industry Co., Ltd.		895,778			2,340,268
Innolux Corporation		252,651			90,935
Inventec Corporation		252,000			172,801
Lite-On Technology Corporation		177,883			268,240
MediaTek, Inc.		406,000			2,727,326
Mega Financial Holding Co, Ltd.		203,000			144,870
Novatek Microelectronics Corporation		114,000			376,710
Pegatron Corporation		214,089			511,491
Phison Electronics Corporation		64,000			507,369
Pou Chen Corporation		702,000			875,621
Powertech Technology, Inc.		472,000			1,274,132
Quanta Computer, Inc.		46,000			86,065
Realtek Semiconductor Corporation		226,000			715,256
Siliconware Precision Industries Co., Ltd.		64,920			96,386
Taiwan Fertilizer Co., Ltd.		146,000			181,883
Taiwan Semiconductor Manufacturing Co., Ltd.		1,716,000			9,663,781
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		197,935			5,690,631
Teco Electric and Machinery Co., Ltd.		59,000			51,075
Uni-President Enterprises Corporation		248,000			410,909
Wistron Corporation		921,200			713,145
					30,653,065

226 See Notes to Financial Statements.

	Shares		Value
Thailand — 4.1%
Bangkok Bank PCL NVDR		37,100		$	165,243
Bangkok Dusit Medical Services PCLD		4,143,200			2,672,622
Central Pattana PCL		2,274,800			3,604,946
Charoen Pokphand Foods PCL NVDR		1,165,300			959,952
CP ALL PCL		1,286,700			2,245,675
Home Product Center PCL NVDR		315,300			89,808
Krung Thai Bank PCL NVDR		256,435			126,748
PTT Exploration & Production PCL NVDR		251,200			675,165
PTT Global Chemical PCL NVDR		303,254			533,503
Robinson Department Store PCL		416,700			738,902
Siam Cement PCL (The) NVDRD		6,070			84,074
Siam Commercial Bank PCL (The) NVDR		4,700			20,015
Thai Oil PCL NVDR		425,362			858,195
Thai Union Group PCL NVDR		1,807,000			1,059,661
					13,834,509
Turkey — 1.7%
Akbank TAS		55,117			122,208
Arcelik AS		77,747			467,333
BIM Birlesik Magazalar AS		3,656			50,794
Coca-Cola Icecek AS		46,316			434,676
Eregli Demir ve Celik Fabrikalari TAS		166,247			242,283
Petkim Petrokimya Holding AS		104,098			109,207
Tupras Turkiye Petrol Rafinerileri AS		9,605			192,677
Türkiye Garanti Bankasi AS		1,289,233			2,785,436
Türkiye Halk Bankasi AS		31,528			83,493
Ulker Biskuvi Sanayi AS		114,163			523,087
Yapi ve Kredi Bankasi AS*		736,764			716,522
					5,727,716
United Kingdom — 2.6%
Anglo American PLC*		135,617			1,930,004
Hikma Pharmaceuticals PLCD		51,267			1,196,032
Liberty Global PLC LiLAC Class AD*		63,843			1,401,992
Liberty Global PLC LiLAC Class C*		73,133			1,548,226
Mediclinic International PLC		24,165			229,612
Tullow Oil PLC*		598,394			2,306,053
					8,611,919
United States of America — 1.6%
Cognizant Technology Solutions Corporation Class A*		69,000			3,866,070
FirstCash, Inc.		16,400			770,800
PriceSmart, Inc.D		1,300			108,550
Southern Copper CorporationD		4,037			128,942
Yum China Holdings, Inc.*		14,541			379,811
					5,254,173
Total Foreign Common Stocks (Cost $314,631,179)					299,371,378

Shares			Value
FOREIGN PREFERRED STOCKS — 3.1%
Brazil — 2.0%
Braskem SA Class A
3.51%, 10/04/16		75,600		$	795,557
Centrais Eletricas Brasileiras SA Class B
0.10%, 05/04/15*		17,000			135,229
Cia Brasileira de Distribuicao ADR
0.10%, 04/28/16D		21,218			351,158
Cia Brasileira de Distribuicao
0.11%, 04/28/16		54,600			918,472
Itau Unibanco Holding SA
0.51%, 12/01/16		58,707			610,573
Itausa-Investimentos Itau SA
0.69%, 12/01/16		977,932			2,487,872
Petroleo Brasileiro SA
1.00%, 4/03/14*		129,600			592,114
Vale SA
0.67%, 12/02/16		88,100			631,780
					6,522,755
Chile — 0.0%
Embotelladora Andina SA Class A
2.33%, 10/24/16		16,611			56,768
Embotelladora Andina SA Class B
2.48%, 10/24/16		1,770			6,583
					63,351
South Korea — 1.1%
Samsung Electronics Co., Ltd.
1.49%, 06/29/16		2,991			3,541,451
Samsung Fire & Marine Insurance Co., Ltd.
2.86%, 12/29/15*		1,572			236,710
					3,778,161
Total Foreign Preferred Stocks (Cost $10,816,553)					10,364,267
MONEY MARKET FUNDS — 6.2%
GuideStone Money Market Fund (Investor Class)¥		13,793,115			13,793,115
Northern Institutional Liquid Assets Portfolio§		6,870,752			6,870,752
Total Money Market Funds (Cost $20,663,867)					20,663,867
	Par
U.S. TREASURY OBLIGATION — 0.4%
U.S. Treasury Bill 0.60%, 06/22/17W‡‡ (Cost $1,296,364)	$	1,300,000			1,296,228
TOTAL INVESTMENTS — 99.0% (Cost $347,407,963)					331,695,740
Other Assets in Excess of Liabilities — 1.0%					3,491,840
NET ASSETS — 100.0%				$	335,187,580

See Notes to Financial Statements. 227

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Swap agreements outstanding at December 31, 2016:

Reference Obligation	Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Total Return Swaps
MSCI Brazil Index		03/15/17		GSC		BRL		286,639	$	(2,773	)	$	—	$	(2,773	)
MSCI Poland Index		03/15/17		GSC		PLN		302,831		(837	)		—		(837	)
MSCI South Africa Index		03/15/17		GSC		ZAR		18,822,822		(48,121	)		—		(48,121	)
Total Swap agreements outstanding at December 31, 2016									$	(51,731	)	$	—	$	(51,731	)

228 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs				Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Foreign Common Stocks:
Argentina		$	564,671			$	564,671		$	—			$	—
Bermuda			4,534,917				4,534,917			—				—
Brazil			15,973,563				15,973,563			—				—
British Virgin Islands			590,728				590,728			—				—
Canada			1,513,097				1,513,097			—				—
Chile			3,362,393				3,362,393			—				—
China			38,783,722				38,783,722			—				—
Colombia			1,040,596				1,040,596			—				—
Cyprus			196,148				196,148			—				—
Egypt			669,890				669,890			—				—
Hong Kong			19,977,938				19,977,938			—				—
Hungary			1,496,140				1,496,140			—				—
India			25,979,165				24,586,013			—				1,393,152
Indonesia			6,173,910				6,173,910			—				—
Isle of Man (U.K.)			182,655				182,655			—				—
Jersey			158,641				158,641			—				—
Kenya			1,543,457				1,543,457			—				—
Luxembourg			983,364				983,364			—				—
Malaysia			5,019,453				5,019,453			—				—
Mexico			11,125,457				11,125,457			—				—
Morocco & Antilles			714,818				714,818			—				—
Nigeria			1,782,143				1,782,143			—				—
Philippines			4,568,331				877,993			3,690,338				—
Poland			2,170,323				2,170,323			—				—
Portugal			2,138,897				2,138,897			—				—
Russia			15,497,556				15,497,556			—				—
South Africa			22,562,665				22,562,665			—				—
South Korea			41,488,614				133,461			41,355,153				—
Switzerland			4,496,744				4,496,744			—				—
Taiwan			30,653,065				30,653,065			—				—
Thailand			13,834,509				13,834,509			—				—
Turkey			5,727,716				5,727,716			—				—
United Kingdom			8,611,919				8,611,919			—				—
United States of America			5,254,173				5,254,173			—				—
Foreign Preferred Stocks:
Brazil			6,522,755				6,522,755			—				—
Chile			63,351				63,351			—				—
South Korea			3,778,161				—			3,778,161				—
Money Market Funds			20,663,867				20,663,867			—				—
U.S. Treasury Obligation			1,296,228				—			1,296,228				—
Total Assets—Investments in Securities		$	331,695,740			$	280,182,708		$	50,119,880			$	1,393,152
Other Financial Instruments***
Forward Foreign Currency Contracts		$	933,171			$	—		$	933,171			$	—
Futures Contracts			179,238				179,238			—				—
Total Assets—Other Financial Instruments		$	1,112,409			$	179,238		$	933,171			$	—
Liabilities:
Other Financial Instruments***
Swap Agreements		$	(51,731	)		$	—		$	(51,731	)		$	—
Total Liabilities—Other Financial Instruments		$	(51,731	)		$	—		$	(51,731	)		$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

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, 2016.

See Notes to Financial Statements. 229

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2016

	Defensive Market Strategies Fund		Equity Index Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	830,727,822	$	722,702,228
Investments in securities of affiliated issuers, at value		29,868,692		23,274,030
Total investments, at value (1)(2)		860,596,514		745,976,258
Cash		1,334,742		403,078
Cash collateral for derivatives		—		—
Deposits with broker		5,441		—
Foreign currency(3)		34,053		—
Receivables:
Dividends and reclaims		915,031		771,480
Interest		1,228,489		—
Securities lending		42,128		10,506
Receivable from advisor		—		—
Investment securities sold		2,275,875		—
Fund shares sold		498,885		544,716
Variation margin on financial futures contracts		—		—
Unrealized appreciation on foreign currency exchange contracts		433		—
Unrealized appreciation on swap agreements		—		—
Prepaid expenses and other assets		60,850		26,145
Total Assets		866,992,441		747,732,183
Liabilities
Foreign currency overdraft(3)		—		—
Securities sold short, at value (4)		—		—
Options written, at value (5)		705,781		—
Unrealized depreciation on foreign currency exchange contracts		81,772		—
Unrealized depreciation on swap agreements		—		—
Collateral held for securities on loan, at value		39,313,038		5,051,715
Collateral held for derivatives		—		—
Collateral held for securities sold short		—		—
Payables:
Investment securities purchased		2,988,236		—
Dividends on short sales		—		—
Fund shares redeemed		47,598		83,581
Variation margin on financial futures contracts		54,735		96,120
Securities lending		6,317		1,574
Foreign capital gains taxes		—		—
Accrued expenses:
Investment advisory fees		430,590		54,553
Shareholder servicing fees		57,541		81,369
Other expenses		70,690		163,664
Total Liabilities		43,756,298		5,532,576
Net Assets	$	823,236,143	$	742,199,607
Net Assets Consist of:
Paid-in-capital	$	753,318,265	$	543,532,343
Accumulated (distributions in excess of) net investment income (loss)		605,946		71,855
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency and derivative transactions		3,401,567		(4,438,507	)
Net unrealized appreciation (depreciation) on investments, foreign currency and derivative transactions		65,910,365		203,033,916
Net Assets	$	823,236,143	$	742,199,607
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	547,132,469	$	355,403,328
Institutional shares outstanding		45,972,753		14,398,039
Net asset value, offering and redemption price per Institutional share	$	11.90	$	24.68
Net assets applicable to the Investor Class	$	276,103,674	$	386,796,279
Investor shares outstanding		23,186,457		15,657,725
Net asset value, offering and redemption price per Investor share	$	11.91	$	24.70

(1) Investments in securities of unaffiliated issuers, at cost	$	764,723,307	$	519,539,597
Investments in securities of affiliated issuers, at cost		29,868,692		23,274,030
Total investments, at cost	$	794,591,999	$	542,813,627
(2) Includes securities loaned of:	$	46,608,710	$	26,746,836
(3) Foreign currency, at cost	$	41,827	$	—
(4) Proceeds from securities sold short	$	—	$	—
(5) Premiums received on options written	$	744,676	$	—
(6) Net of $(11,681) and $(71,014) accrued foreign capital gains taxes on appreciated securities for International Equity Fund and Emerging Markets Equity Fund, respectively

230 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
$	1,288,379,329		$	1,276,652,267	$	568,799,790	$	128,027,225		$	1,292,026,468		$	317,902,625
	30,846,106			54,388,015		23,247,942		6,944,453			59,346,657			13,793,115
	1,319,225,435			1,331,040,282		592,047,732		134,971,678			1,351,373,125			331,695,740
	96,101			737		1,083,736		349,983			390,000			8,332,443
	—			—		—		—			3,341,568			240,268
	—			—		—		—			9,542,134			—
	—			—		1		3,539			7,138,433			1,099,184
	1,818,673			452,631		785,386		279,811			5,939,460			917,298
	—			—		—		—			—			—
	29,628			122,043		62,578		3,227			70,114			8,415
				—		—		37,299			—			—
	563,131			343,308		673,985		42,386			8,947,867			11,958,802
	276,159			98,179		318,649		33			167,151			287,638
	—			—		—		24,118			958,898			232,981
	—			—		—		—			908,668			1,354,959
	—			—		—		—			281,711			—
	31,919			33,148		21,676		6,883			31,295			27,805
	1,322,041,046			1,332,090,328		594,993,743		135,718,957			1,389,090,424			356,155,533
	—			—		—		—			343,178			—
	—			—		—		—			63,811,126			—
	—			—		—		—			—			—
	—			—		—		—			3,018,557			421,788
	—			—		—		—			32,783			51,731
	28,320,677			14,082,344		60,252,614		2,545,642			23,851,659			6,870,752
	—			—		—		—			110,000			1,080,000
	—			—		—		—			5,145,397			—
	1,607,094			1,608,612		1,408,817		—			9,131,969			11,879,093
	—			—		—		—			81,386			—
	193,639			460,225		61,729		278			66,868			504
	134,398			218,050		106,590		—			183,700			260,068
	4,442			18,305		9,375		484			10,516			1,261
	—			—		—		—			11,866			71,226
	597,666			799,673		412,136		—			782,451			282,173
	78,469			91,094		55,937		—			55,198			9,388
	82,758			71,907		65,202		151,396			229,320			39,969
	31,019,143			17,350,210		62,372,400		2,697,800			106,865,974			20,967,953
$	1,291,021,903		$	1,314,740,118	$	532,621,343	$	133,021,157		$	1,282,224,450		$	335,187,580
$	1,068,572,170		$	1,137,192,883	$	456,219,512	$	145,188,624		$	1,302,128,854		$	387,567,789
	158,865			—		27,294		(188,056	)		(1,844,748	)		196,901
	(10,003,209	)		4,534,992		1,613,651		(1,627,929	)		(18,518,118	)		(37,856,136	)
	232,294,077			173,012,243		74,760,886		(10,351,482	)		458,462	(6)		(14,720,974	)(6)
$	1,291,021,903		$	1,314,740,118	$	532,621,343	$	133,021,157		$	1,282,224,450		$	335,187,580
$	920,432,960		$	890,530,541	$	265,627,474	$	133,021,157		$	1,017,929,154		$	290,081,570
	43,451,029			42,246,221		15,149,527		15,012,395			77,365,576			35,443,983
$	21.18		$	21.08	$	17.53	$	8.86		$	13.16		$	8.18
$	370,588,943		$	424,209,577	$	266,993,869		N/A		$	264,295,296		$	45,106,010
	17,480,799			20,135,415		15,202,144		N/A			20,045,611			5,508,814
$	21.20		$	21.07	$	17.56		N/A		$	13.18		$	8.19
$	1,055,913,069		$	1,103,432,134	$	493,494,284	$	138,333,919		$	1,290,906,935		$	333,614,848
	30,846,106			54,388,015		23,247,942		6,944,453			59,346,657			13,793,115
$	1,086,759,175		$	1,157,820,149	$	516,742,226	$	145,278,372		$	1,350,253,592		$	347,407,963
$	55,198,953		$	159,066,977	$	87,478,772	$	3,209,911		$	43,253,802		$	14,075,072
$	—		$	—	$	3	$	2,891		$	7,165,968		$	1,101,242
$	—		$	—	$	—	$	—		$	64,931,431		$	—
$	—		$	—	$	—	$	—		$	—		$	—

See Notes to Financial Statements. 231

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2016

	Defensive Market Strategies Fund			Equity Index Fund
Investment Income
Dividends	$	9,915,110		$	13,745,344
Income distributions received from affiliated funds		8,971			7,772
Interest		4,362,280			5,087
Securities lending		251,971			98,265
Less foreign taxes withheld		(63,648	)		—
Total Investment Income		14,474,684			13,856,468
Expenses
Investment advisory fees		4,383,544			633,831
Transfer agent fees:
Institutional shares		4,482			4,140
Investor shares		24,439			30,475
Custodian fees		51,773			52,388
Shareholder servicing fees:
Investor shares		521,227			868,833
Accounting and administration fees		200,775			162,955
Professional fees		70,734			68,663
Blue sky fees:
Institutional shares		19,625			16,202
Investor shares		24,583			19,285
Shareholder reporting fees:
Institutional shares		1,420			959
Investor shares		11,771			23,608
Trustee expenses		5,796			5,657
Line of credit facility fees and interest expense		4,596			10,392
Other expenses		55,436			52,931
Total expenses before dividends on securities sold short		5,380,201			1,950,319
Dividends on securities sold short		—			—
Expenses waived/reimbursed net of amount recaptured(1)		(59,628	)		(37,381	)
Fees paid indirectly		—			—
Net expenses		5,320,573			1,912,938
Net Investment Income (Loss)		9,154,111			11,943,530
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Capital gain distributions received from affiliated funds		1,281			1,652
Investment securities		27,508,365			5,988,617
Investment securities sold short		—			—
Futures transactions		2,371,381			2,901,921
Swap agreements		—			—
Option contracts written		7,290,501			—
Option contracts purchased		(446	)		—
Foreign currency		314,303			—
Net realized gain (loss)		37,485,385			8,892,190
Net change in unrealized appreciation (depreciation) on:
Investment securities (net of estimated capital gains taxes of $(10,707) and $(50,980) for International Equity Fund and Emerging Markets Fund, respectively)		29,675,030			57,369,790
Investment securities sold short		—			—
Futures		35,027			(87,166	)
Swap agreements		—			—
Option contracts written		(307,844	)		—
Foreign currency		(96,895	)		—
Net change in unrealized appreciation (depreciation)		29,305,318			57,282,624
Net Realized and Unrealized Gain (Loss)		66,790,703			66,174,814
Net Increase (Decrease) in Net Assets Resulting from Operations	$	75,944,814		$	78,118,344

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

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
$	32,325,885		$	9,840,882		$	6,309,549		$	4,046,716		$	40,954,525		$	8,299,699
	14,783			17,394			6,996			16,006			21,537			4,394
	10,976			9,676			7,734			—			—			4,479
	392,084			508,435			527,157			46,865			959,489			103,412
	(80,910	)		(178,874	)		(34,828	)		(306,430	)		(2,875,927	)		(927,889	)
	32,662,818			10,197,513			6,816,608			3,803,157			39,059,624			7,484,095
	6,915,015			9,715,264			4,760,157			177,844			9,427,133			3,493,840
	4,619			4,577			4,532			3,992			4,547			4,427
	29,119			30,540			28,433			—			28,729			19,405
	70,103			54,940			61,456			109,245			343,623			657,214
	829,657			1,115,209			571,947			—			634,243			93,973
	276,459			287,907			133,436			253,183			477,802			288,030
	98,663			68,663			74,805			168,434			72,574			143,123
	15,936			15,957			15,768			21,305			15,843			16,680
	15,637			15,750			15,423			—			14,949			24,326
	1,636			1,393			1,650			433			1,330			2,364
	19,950			18,703			19,475			—			17,484			6,980
	10,724			11,864			4,233			917			11,112			3,003
	9,351			10,307			3,365			1,854			114,823			2,338
	31,097			60,753			40,630			43,015			622,515			258,047
	8,327,966			11,411,827			5,735,310			780,222			11,786,707			5,013,750
	—			—			—			—			1,779,302			—
	(87,710	)		(110,503	)		(72,379	)		(98,308	)		(115,386	)		(639,785	)
	(25,000	)		(19,000	)		(48,601	)		—			(7,000	)		(4,000	)
	8,215,256			11,282,324			5,614,330			681,914			13,443,623			4,369,965
	24,447,562			(1,084,811	)		1,202,278			3,121,243			25,616,001			3,114,130
	1,804			2,134			4,014			430			2,663			578
	52,300,592			37,718,011			8,571,905			(1,124,223	)		747,320			(19,885,000	)
	—			—			—			—			3,621,287			—
	6,008,768			5,581,688			4,009,845			288,663			3,367,734			2,389,336
	—			—			—			—			(424,145	)		98,542
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			(7,334	)		8,787,170			2,964,331
	58,311,164			43,301,833			12,585,764			(842,464	)		16,102,029			(14,432,213	)
	86,387,289			(55,358,222	)		68,974,594			617,068			9,590,375			54,570,093
	—			—			—			—			(6,028,557	)		—
	(77,286	)		(63,290	)		(785,942	)		(124,472	)		(438,194	)		333,819
	—			—			—			—			250,372			(32,752	)
	—			—			—			—			—			—
	—			—			(1	)		(14,796	)		(5,451,654	)		424,717
	86,310,003			(55,421,512	)		68,188,651			477,800			(2,077,658	)		55,295,877
	144,621,167			(12,119,679	)		80,774,415			(364,664	)		14,024,371			40,863,664
$	169,068,729		$	(13,204,490	)	$	81,976,693		$	2,756,579		$	39,640,372		$	43,977,794

See Notes to Financial Statements. 233

STATEMENTS OF CHANGES IN NET ASSETS

	Defensive Market Strategies Fund
	For the Year Ended
	12/31/16			12/31/15
Operations:
Net investment income (loss)	$	9,154,111		$	7,779,144
Net realized gain on investment securities, foreign currency and derivatives		37,485,385			25,245,667
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		29,305,318			(19,891,616	)
Net increase (decrease) in net assets resulting from operations		75,944,814			13,133,195
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(6,782,198	)		(6,575,193	)
Investor shares		(2,584,867	)		(1,657,589	)
Distributions from net realized capital gains
Institutional shares		(20,422,901	)		(19,172,510	)
Investor shares		(10,089,480	)		(7,060,542	)
Total dividends and distributions		(39,879,446	)		(34,465,834	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		86,759,491			370,644,668
Investor shares		120,050,570			63,439,406
Reinvestment of dividends and distributions
Institutional shares		27,129,944			25,741,918
Investor shares		12,666,913			8,711,001
Total proceeds from shares sold and reinvested		246,606,918			468,536,993
Value of shares redeemed
Institutional shares		(36,641,159	)		(30,412,966	)
Investor shares		(33,410,504	)		(381,207,938	)
Total value of shares redeemed		(70,051,663	)		(411,620,904	)
Net increase (decrease) from capital share transactions(1)		176,555,255			56,916,089
Total increase (decrease) in net assets		212,620,623			35,583,450
Net Assets:
Beginning of Year		610,615,520			575,032,070
End of Year*	$	823,236,143		$	610,615,520
*Including undistributed net investment income	$	605,946		$	445,399

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

234 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
12/31/16			12/31/15			12/31/16			12/31/15			12/31/16			12/31/15
$	11,943,530		$	9,491,203		$	24,447,562		$	20,188,663		$	(1,084,811	)	$	(959,374	)
	8,892,190			14,044,153			58,311,164			116,305,177			43,301,833			203,128,460
	57,282,624			(22,022,980	)		86,310,003			(180,424,665	)		(55,421,512	)		(124,167,046	)
	78,118,344			1,512,376			169,068,729			(43,930,825	)		(13,204,490	)		78,002,040
	(7,539,949	)		(7,056,268	)		(20,652,060	)		(19,036,191	)		—			—
	(4,493,334	)		(2,560,882	)		(4,414,829	)		(1,264,602	)		—			—
	(4,164,984	)		(9,195,422	)		(35,799,929	)		(105,461,430	)		(39,566,114	)		(174,932,173	)
	(3,860,904	)		(4,373,863	)		(11,488,346	)		(15,752,143	)		(13,379,455	)		(42,957,853	)
	(20,059,171	)		(23,186,435	)		(72,355,164	)		(141,514,366	)		(52,945,569	)		(217,890,026	)
	62,887,840			368,510,576			72,695,633			836,419,140			78,821,400			831,966,195
	61,970,285			43,778,466			46,876,464			37,097,759			28,018,112			63,629,886
	11,688,033			16,244,073			56,444,119			124,476,508			39,563,140			174,915,603
	8,347,177			6,930,359			15,889,798			17,001,799			13,376,181			42,949,552
	144,893,335			435,463,474			191,906,014			1,014,995,206			159,778,833			1,113,461,236
	(22,108,055	)		(186,575,659	)		(193,720,488	)		(151,854,454	)		(114,360,239	)		(176,712,798	)
	(47,248,664	)		(48,577,199	)		(45,525,237	)		(851,404,094	)		(80,144,960	)		(865,778,812	)
	(69,356,719	)		(235,152,858	)		(239,245,725	)		(1,003,258,548	)		(194,505,199	)		(1,042,491,610	)
	75,536,616			200,310,616			(47,339,711	)		11,736,658			(34,726,366	)		70,969,626
	133,595,789			178,636,557			49,373,854			(173,708,533	)		(100,876,425	)		(68,918,360	)
	608,603,818			429,967,261			1,241,648,049			1,415,356,582			1,415,616,543			1,484,534,903
$	742,199,607		$	608,603,818		$	1,291,021,903		$	1,241,648,049		$	1,314,740,118		$	1,415,616,543
$	71,855		$	159,956		$	158,865		$	776,388		$	—		$	—

See Notes to Financial Statements. 235

STATEMENTS OF CHANGES IN NET ASSETS

	Small Cap Equity Fund
	For the Year Ended
	12/31/16			12/31/15
Operations:
Net investment income	$	1,202,278		$	1,380,367
Net realized gain (loss) on investment securities, foreign currency and derivatives		12,585,764			31,466,524
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		68,188,651			(63,655,105	)
Net increase (decrease) in net assets resulting from operations		81,976,693			(30,808,214	)
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(985,933	)		(1,207,226	)
Investor shares		(386,414	)		—
Distributions from net realized capital gains
Institutional shares		(2,849,693	)		(27,812,036	)
Investor shares		(2,825,962	)		(13,086,307	)
Total dividends and distributions		(7,048,002	)		(42,105,569	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		24,829,412			219,772,080
Investor shares		29,247,158			25,998,341
Reinvestment of dividends and distributions
Institutional shares		3,835,372			29,017,402
Investor shares		3,211,578			13,081,613
Total proceeds from shares sold and reinvested		61,123,520			287,869,436
Value of shares redeemed
Institutional shares		(69,413,390	)		(18,395,855	)
Investor shares		(35,829,083	)		(248,011,005	)
Total value of shares redeemed		(105,242,473	)		(266,406,860	)
Net increase (decrease) from capital share transactions(2)		(44,118,953	)		21,462,576
Total increase (decrease) in net assets		30,809,738			(51,451,207	)
Net Assets:
Beginning of Year		501,811,605			553,262,812
End of Year*	$	532,621,343		$	501,811,605
*Including undistributed (distributions in excess of) net investment income	$	27,294		$	189,221

(1) Inception Date for the International Equity Index Fund was June 1, 2015.

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

236 See Notes to Financial Statements.

International Equity Index Fund						International Equity Fund						Emerging Markets Equity Fund
For the Year Ended			For the Period			For the Year Ended						For the Year Ended
12/31/16			06/01/2015(1) -12/31/2015			12/31/16			12/31/15			12/31/16			12/31/15
$	3,121,243		$	810,400		$	25,616,001		$	21,350,257		$	3,114,130		$	3,245,525
	(842,464	)		(788,949	)		16,102,029			53,701,816			(14,432,213	)		(20,920,033	)
	477,800			(10,829,282	)		(2,077,658	)		(92,018,303	)		55,295,877			(44,424,095	)
	2,756,579			(10,807,831	)		39,640,372			(16,966,230	)		43,977,794			(62,098,603	)
	(3,270,902	)		(896,896	)		(20,646,972	)		(20,206,965	)		(5,024,983	)		(1,112,618	)
	—			—			(4,679,834	)		(2,298,387	)		(685,333	)		—
	—			—			(7,893,727	)		(41,580,822	)		—			—
	—			—			(2,052,816	)		(7,475,378	)		—			—
	(3,270,902	)		(896,896	)		(35,273,349	)		(71,561,552	)		(5,710,316	)		(1,112,618	)
	28,861,034			122,367,899			81,012,704			1,031,090,766			37,111,251			308,789,283
	—			—			37,895,139			38,211,464			32,263,177			27,025,822
	3,270,443			896,896			28,538,676			61,783,296			5,024,983			1,112,618
	—			—			6,730,219			9,767,134			683,941			—
	32,131,477			123,264,795			154,176,738			1,140,852,660			75,083,352			336,927,723
	(9,620,613	)		(535,452	)		(126,371,248	)		(147,652,014	)		(59,145,682	)		(8,070,282	)
	—			—			(26,653,486	)		(1,007,234,140	)		(16,799,903	)		(268,123,636	)
	(9,620,613	)		(535,452	)		(153,024,734	)		(1,154,886,154	)		(75,945,585	)		(276,193,918	)
	22,510,864			122,729,343			1,152,004			(14,033,494	)		(862,233	)		60,733,805
	21,996,541			111,024,616			5,519,027			(102,561,276	)		37,405,245			(2,477,416	)
	111,024,616			—			1,276,705,423			1,379,266,699			297,782,335			300,259,751
$	133,021,157		$	111,024,616		$	1,282,224,450		$	1,276,705,423		$	335,187,580		$	297,782,335
$	(188,056	)	$	(64,289	)	$	(1,844,748	)	$	(198,895	)	$	196,901		$	(484,679	)

See Notes to Financial Statements. 237

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
Defensive Market Strategies Fund
Institutional Class
2016	$	11.21	$	0.17	#	$	1.15	(3)	$	(0.16	)	$	(0.47	)	$	11.90		11.80	%	$	547,132		0.69	%		0.70	%		1.42	%		78	%
2015		11.61		0.17	#		0.11	(3)		(0.17	)		(0.51	)		11.21		2.43			443,499		0.72	(4)		0.73			1.46			55
2014		11.43		0.15	#		1.05	(3)		(0.15	)		(0.87	)		11.61		10.55			98,903		0.88	(4)(5)		0.83	(5)		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	(5)		1.25			208
2012		10.20		0.18	#		0.73	(3)		(0.18	)		(0.32	)		10.61		8.93			85,347		1.04	(5)		1.12	(5)		1.67			304
Investor Class
2016	$	11.22	$	0.14	#	$	1.15	(3)	$	(0.13	)	$	(0.47	)	$	11.91		11.53	%	$	276,104		0.97	%		0.98	%		1.15	%		78	%
2015		11.60		0.13	#		0.12	(3)		(0.12	)		(0.51	)		11.22		2.16			167,117		0.99	(4)		1.00			1.12			55
2014		11.42		0.12	#		1.06	(3)		(0.13	)		(0.87	)		11.60		10.35			476,129		1.09	(4)(5)		1.07	(5)		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	(5)		0.99			208
2012		10.20		0.15	#		0.72	(3)		(0.15	)		(0.32	)		10.60		8.57			314,638		1.30	(5)		1.37	(5)		1.42			304
Equity Index Fund
Institutional Class(7)
2016	$	22.81	$	0.46	#	$	2.27	(3)	$	(0.56	)	$	(0.30	)	$	24.68		12.16	%	$	355,404		0.15	%		0.16	%		1.97	%		3	%
2015		23.99		0.48	#		(0.26	)(3)		(0.61	)		(0.79	)		22.81		0.92			276,599		0.17			0.18			1.94			6
2014		22.48		0.40	#		2.62	(3)		(0.74	)		(0.77	)		23.99		13.54			95,134		0.22			0.22			1.72			5
2013(8)		18.12		0.37	#		5.34	(3)		(0.69	)		(0.66	)		22.48		32.04			66,378		0.23			0.24			1.81			4
2012		16.65		0.34	#		2.27	(3)		(0.66	)		(0.48	)		18.12		15.92			47,071		0.23			0.24			1.95			3
Investor Class
2016	$	22.58	$	0.39	#	$	2.27	(3)	$	(0.29	)	$	(0.25	)	$	24.70		11.84	%	$	386,796		0.42	%		0.42	%		1.70	%		3	%
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

  # 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 fees paid indirectly which decreased the ratio by 0.00%, 0.01% and 0.00% for the years 2013, 2014 and 2015.

(5) The ratio for the Defensive Market Strategies Fund includes the effect of dividend expense on securities sold short which increased the ratio by 0.05%, 0.11% and 0.02% for the years 2012, 2013 and 2014.

(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) All per share amounts and net asset values have been adjusted as a result of the reverse stock split effected on October 14, 2016. (See Note 1 in Notes to Financial Statements).

(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.

238 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(3)
2016	$	19.75	$	0.41	#	$	2.30	(4)	$	(0.46	)	$	(0.82	)	$	21.18		14.11	%	$	920,433		0.59	%(5)		0.60	%		2.05	%		36	%
2015		23.56		0.39	#		(1.20	)(4)		(0.44	)		(2.56	)		19.75		(3.44	)		917,208		0.61	(5)		0.62			1.73			32
2014		25.88		0.37	#		2.46	(4)		(0.65	)		(4.50	)		23.56		10.91			273,359		0.65	(5)		0.67			1.40			41
2013(6)		20.89		0.39	#		6.90	(4)		(0.89	)		(1.41	)		25.88		35.52			253,988		0.66	(5)		0.67			1.61			45
2012		18.38		0.39	#		2.77	(4)		(0.65	)		—			20.89		17.47			215,512		0.67	(5)		0.68			1.90			27
Investor Class
2016	$	19.46	$	0.35	#	$	2.33	(4)	$	(0.26	)		(0.68	)	$	21.20		13.84	%	$	370,589		0.86	%(5)		0.87	%		1.78	%		36	%
2015		21.31		0.27	#		(1.06	)(4)		(0.08	)		(0.98	)		19.46		(3.70	)		324,440		0.89	(5)		0.89			1.26			32
2014		21.00		0.25	#		1.97	(4)		(0.19	)		(1.72	)		21.31		10.61			1,141,998		0.90	(5)		0.91			1.16			41
2013(6)		16.18		0.26	#		5.39	(4)		(0.29	)		(0.54	)		21.00		35.22			1,089,026		0.90	(5)		0.91			1.36			45
2012		14.00		0.25	#		2.14	(4)		(0.21	)		—			16.18		17.20			933,110		0.92	(5)		0.92			1.66			27
Growth Equity Fund
Institutional Class(3)
2016	$	22.25	$	—	†#	$	(0.22	)(4)	$	—		$	(0.95	)	$	21.08		(0.98	)%	$	890,530		0.75	%(7)		0.76	%		0.01	%		24	%
2015		25.80		0.02	#		1.38	(4)		—			(4.95	)		22.25		5.67			932,232		0.77	(7)		0.78			0.09			79
2014		28.49		(0.05	)#		2.92	(4)		—			(5.56	)		25.80		10.12			244,281		0.85	(7)		0.87			(0.12	)		54
2013(8)		28.47		—	†#		9.62	(4)		—			(9.60	)		28.49		34.83			227,934		0.84	(7)		0.88			0.00			83
2012		27.47		0.09	#		4.67	(4)		(0.14	)		(3.62	)		28.47		17.39			198,329		0.87	(7)		0.89			0.33			67
Investor Class
2016	$	22.02	$	(0.05	)#	$	(0.24	)(4)	$	—		$	(0.66	)	$	21.07		(1.30	)%	$	424,210		1.01	%(7)		1.02	%		(0.26	)%		24	%
2015		22.92		(0.05	)#		1.27	(4)		—			(2.12	)		22.02		5.44			483,385		1.04	(7)		1.06			(0.21	)		79
2014		23.02		(0.08	)#		2.36	(4)		—			(2.38	)		22.92		9.93			1,240,254		1.06	(7)		1.11			(0.33	)		54
2013(8)		20.26		(0.05	)#		6.92	(4)		—			(4.11	)		23.02		34.52			1,190,710		1.05	(7)		1.12			(0.22	)		83
2012		18.63		0.03	#		3.17	(4)		(0.02	)		(1.55	)		20.26		17.21			1,022,934		1.05	(7)		1.13			0.15			67

  † Amount represents less than $0.005 per share.

  # Calculated using the average shares outstanding method.

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

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

(3) All per share amounts and net asset values have been adjusted as a result of the reverse stock split effected on October 14, 2016. (See Note 1 in Notes to Financial Statements).

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

(5) The ratio for the Value Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01% for the years 2012, 2013 and 2014, and 0.00% for the years 2015 and 2016.

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

(7) The ratio for the Growth Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01% for the years 2012 and 2013, and 0.00% for the years 2014, 2015 and 2016.

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

See Notes to Financial Statements. 239

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, Net(1)			Portfolio Turnover Rate
Small Cap Equity Fund
Institutional Class(3)
2016	$	15.14	$	0.06	#	$	2.59	(4)	$	(0.07	)	$	(0.19	)	$	17.53		17.48	%	$	265,627		1.01	%(5)		1.03	%		0.36	%		77	%
2015		18.05		0.08	#		(1.13	)(4)		(0.06	)		(1.80	)		15.14		(5.66	)		264,962		1.00	(5)		1.03			0.45			74
2014		20.94		0.06	#		0.75	(4)		(0.12	)		(3.58	)		18.05		4.03			84,324		0.97	(5)		0.99			0.27			103
2013(6)		20.78		0.12	#		7.73	(4)		(0.16	)		(7.53	)		20.94		38.39			84,139		0.92	(5)		0.94			0.45			161
2012		19.63		0.16	#		2.83	(4)		(0.26	)		(1.58	)		20.78		15.25			67,723		0.99	(5)		1.02			0.79			128
Investor Class
2016	$	15.17	$	0.02	#	$	2.59	(4)	$	(0.03	)	$	(0.19	)	$	17.56		17.17	%	$	266,994		1.27	%(5)		1.30	%		0.11	%		77	%
2015		17.08		0.02	#		(1.04	)(4)		—			(0.89	)		15.17		(5.91	)		236,850		1.24	(5)		1.27			0.13			74
2014		18.19		0.01	#		0.67	(4)		(0.02	)		(1.77	)		17.08		3.83			468,938		1.20	(5)		1.24			0.03			103
2013(6)		15.94		0.04	#		5.97	(4)		(0.04	)		(3.72	)		18.19		38.09			490,706		1.16	(5)		1.19			0.22			161
2012		14.62		0.09	#		2.10	(4)		(0.09	)		(0.78	)		15.94		15.02			377,101		1.19	(5)		1.27			0.59			128
International Equity Index Fund
Institutional Class
2016	$	8.94	$	0.23	#	$	(0.09	)(4)	$	(0.22	)	$	—		$	8.86		1.63	%	$	133,021		0.57	%		0.65	%		2.61	%		6	%
2015(7)		10.00		0.07	#		(1.06	)(4)		(0.07	)		—			8.94		(9.88	)		111,025		0.57			0.66			1.33			4

  # Calculated using the average shares outstanding method.

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

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

(3) All per share amounts and net asset values have been adjusted as a result of the reverse stock split effected on October 14, 2016. (See Note 1 in Notes to Financial Statements).

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

(5) The ratio for the Small Cap Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.02%, 0.01%, 0.01%, 0.02% and 0.01% for the years 2012, 2013, 2014, 2015 and 2016.

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

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

240 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/ (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
International Equity Fund
Institutional Class(3)
2016	$	13.14	$	0.27	#	$	0.13	(4)	$	(0.27	)	$	(0.11	)	$	13.16		2.96	%	$	1,017,929		1.00	%(5)(6)		1.01	%(6)		2.09	%		33	%
2015		14.25		0.22	#		(0.50	)(4)		(0.26	)		(0.57	)		13.14		(1.93	)		1,030,729		1.03	(5)(6)		1.05	(6)		1.49			43
2014		15.61		0.36	#		(1.26	)(4)		(0.46	)		—			14.25		(5.80	)		235,545		1.13	(5)(6)		1.20	(6)		2.36			36
2013(7)		13.47		0.24	#		2.24	(4)		(0.34	)		—			15.61		18.49			269,499		1.11	(5)(6)		1.25	(6)		1.69			51
2012		11.73		0.24	#		1.80	(4)		(0.30	)		—			13.47		17.43			270,130		1.15	(5)(6)		1.32	(6)		1.89			53
Investor Class
2016	$	13.18	$	0.24	#	$	0.11	(4)	$	(0.24	)	$	(0.11	)	$	13.18		2.62	%	$	264,295		1.27	%(5)(6)		1.28	%(6)		1.81	%		33	%
2015		14.03		0.24	#		(0.55	)(4)		(0.12	)		(0.42	)		13.18		(2.16	)		245,976		1.35	(5)(6)		1.39	(6)		1.68			43
2014		15.24		0.32	#		(1.23	)(4)		(0.30	)		—			14.03		(6.00	)		1,143,722		1.37	(5)(6)		1.44	(6)		2.09			36
2013(7)		13.07		0.20	#		2.18	(4)		(0.21	)		—			15.24		18.23			1,147,181		1.35	(5)(6)		1.49	(6)		1.44			51
2012		11.33		0.20	#		1.73	(4)		(0.19	)		—			13.07		17.05			1,156,306		1.39	(5)(6)		1.57	(6)		1.65			53
Emerging Markets Equity Fund
Institutional Class
2016	$	7.34	$	0.08	#	$	0.90	(4)	$	(0.14	)	$	—		$	8.18		13.46	%	$	290,082		1.30	%(8)		1.48	%		0.98	%		54	%
2015		9.09		0.11	#		(1.83	)(4)		(0.03	)		—			7.34		(18.93	)		272,123		1.28	(8)		1.50			1.36			39
2014		9.75		0.11	#		(0.51	)(4)		(0.07	)		(0.19	)		9.09		(4.14	)		45,058		1.25			1.63			1.07			39
2013(9)(10)		10.00		(0.01	)#		(0.24	)(4)		—			—			9.75		(2.50	)		46,420		1.25			1.55			(0.34	)		6
Investor Class
2016	$	7.35	$	0.06	#	$	0.91	(4)	$	(0.13	)	$	—		$	8.19		13.20	%	$	45,106		1.56	%(8)		1.87	%		0.73	%		54	%
2015		9.09		0.05	#		(1.79	)(4)		—			—			7.35		(19.14	)		25,659		1.51	(8)		1.83			0.58			39
2014		9.75		0.08	#		(0.51	)(4)		(0.04	)		(0.19	)		9.09		(4.38	)		255,202		1.50			1.84			0.81			39
2013(9)(10)		10.00		(0.01	)#		(0.24	)(4)		—			—			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) All per share amounts and net asset values have been adjusted as a result of the reverse stock split effected on October 14, 2016. (See Note 1 in Notes to Financial Statements).

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

(5) The ratio for the International Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00% for the years 2012, 2013, 2014, 2015 and 2016.

(6) The ratio for the International Equity Fund includes the effect of dividend expense on securities sold short which increased the ratio by 0.20%, 0.15%, 0.17%, 0.17% and 0.14% for the years 2012, 2013, 2014, 2015 and 2016.

(7) An out of period adjustment to Investment Income had no impact on Net Investment Income per Share or Total Return; however, the Ratio of Net Investment Income to Average Net Assets increased by 0.02% and 0.03% for Institutional Class and Investor Class, respectively.

(8) The ratio for the Emerging Markets Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00% for the years 2015 and 2016.

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

(10) Inception Date was October 31, 2013. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

See Notes to Financial Statements. 241

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 Investor Class of the Fund underperformed its benchmark, the Bloomberg Barclays US TIPS (Series-L) Index, for the one-year period ended December 31, 2016 (3.66% versus 4.68%).

The Fund was invested predominately in U.S. Treasury Inflation Protected Securities (“TIPS”) throughout the year. U.S. TIPS were positive in the first three quarters, with the benchmark index rising 7.27% in part due to the Fed’s forward guidance viewed as dovish, further delaying expected rate hikes. TIPS faced a more challenging environment during the fourth quarter of 2016 as the index returned -2.41%. Optimism surrounding a pro-business and pro-inflation environment under a Trump administration propelled the market based inflation expectations approximately 0.30% higher. The 10-year breakeven inflation levels ended 2016 at 1.97%.

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 interest rate options were utilized to manage duration and yield curve exposure and to express active views on valuations of securities. These securities had a positive impact on the Fund’s performance for the year. The Fund also utilized currency forwards and options to hedge non-U.S. dollar positions and to express active views in foreign currencies. The use of these strategies had a slightly negative impact on the performance of the Fund 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, 2016, 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		95.3
Foreign Government Inflation-Linked Bonds		2.5
Money Market Fund		1.4
Purchased Options		0.1
Written Options		(0.1	)
		99.2

242

Inflation Protected Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional Class*	Investor Class*	Benchmark**
One Year	3.99%	3.66%	4.68%
Five Year	N/A	0.18%	0.89%
Since Inception(1)	-0.19%	3.09%	3.92%
Inception Date	04/30/15	06/25/09
Total Fund Operating Expenses (May 1, 2016 Prospectus)(2)	0.41%	0.67%

⁽¹⁾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.

⁽²⁾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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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 Bloomberg Barclays US TIPS (Series-L) 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.

243

INFLATION PROTECTED BOND FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Par		Value
U.S. TREASURY OBLIGATIONS — 95.3%
U.S. Treasury Inflationary Index Bonds
0.13%, 04/15/19	$	26,785,000	$	27,982,383
1.38%, 01/15/20		5,110,000		6,009,642
0.13%, 04/15/20		10,830,000		11,297,713
1.25%, 07/15/20		4,790,000		5,609,374
1.13%, 01/15/21		10,590,000		12,283,835
0.13%, 04/15/21		11,990,000		12,305,859
0.63%, 07/15/21		11,160,000		12,358,757
0.13%, 01/15/22		5,884,200		6,299,598
0.13%, 07/15/22		4,095,000		4,318,536
0.13%, 01/15/23		13,519,000		14,063,668
0.38%, 07/15/23		14,525,000		15,233,789
0.63%, 01/15/24		18,696,000		19,723,849
0.13%, 07/15/24		8,077,000		8,084,220
0.25%, 01/15/25‡‡		9,740,000		9,781,609
2.38%, 01/15/25		5,205,200		7,669,094
0.38%, 07/15/25		2,300,000		2,332,847
0.63%, 01/15/26		5,435,000		5,580,431
2.00%, 01/15/26		4,030,000		5,533,664
0.13%, 07/15/26		9,085,000		8,864,055
2.38%, 01/15/27		3,785,000		5,319,176
1.75%, 01/15/28		5,650,000		7,285,348
3.63%, 04/15/28		2,910,000		5,724,244
2.50%, 01/15/29		4,785,000		6,504,859
3.88%, 04/15/29		4,295,000		8,643,599
3.38%, 04/15/32		747,100		1,408,071
2.13%, 02/15/40		2,457,600		3,409,193
2.13%, 02/15/41		6,288,900		8,654,669
0.75%, 02/15/42		6,679,400		6,777,439
0.63%, 02/15/43		9,375,000		9,041,999
1.38%, 02/15/44		4,213,700		4,776,791
0.75%, 02/15/45		1,350,000		1,306,258
1.00%, 02/15/46		945,000		969,100
Total U.S. Treasury Obligations (Cost $264,797,888)				265,153,669
FOREIGN GOVERNMENT INFLATION-LINKED BONDS — 2.5%
Australia — 0.2%
Australia Government Bond 3.75%, 04/21/37(A)		795,000		595,270
Japan — 1.4%
Japanese Government Inflation-Linked Bond 0.10%, 03/10/26(J)		430,000,000		3,915,483
New Zealand — 0.9%
New Zealand Government Bond 3.00%, 09/20/30(Z)		1,758,000		1,437,576
2.50%, 09/20/35(Z)		1,431,000		1,045,323
				2,482,899
Total Foreign Government Inflation-Linked Bonds (Cost $7,035,805)				6,993,652

	Number of Contracts			Value
PURCHASED OPTIONS — 0.1%
Put Options — 0.1%
10-Year U.S. Treasury Note, Strike Price $123.50, Expires 01/27/17 (JPM)		340		$	127,500
	Notional Amount
Euro vs. U.S. Dollar, Strike Price $1.07, Expires 01/30/17 (DEUT)	$	50,400			86,319
Switzerland Franc vs. Norwegian Krone, Strike Price $8.00, Expires 02/14/17 (UBS)		29,700			1,178
Switzerland Franc vs. Norwegian Krone, Strike Price $8.10, Expires 02/17/17 (UBS)		29,700			2,998
					217,995
Total Purchased Options (Cost $377,917)					217,995
		Shares
MONEY MARKET FUND — 1.4%
GuideStone Money Market Fund (Investor Class)¥ (Cost $3,843,344)		3,843,344			3,843,344
TOTAL INVESTMENTS — 99.3% (Cost $276,054,954)					276,208,660
	Number of Contracts
WRITTEN OPTIONS — (0.1)%
Put Options — (0.1)%
10-Year U.S. Treasury Note, Strike Price $122.00, Expires 01/27/17 (JPM)		(224	)		(28,000	)
	Notional Amount
Euro vs. U.S. Dollar, Strike Price $1.07, Expires 01/30/17 (DEUT)	$	(50,400	)		(86,319	)
Switzerland Franc vs. Norwegian Krone, Strike Price $7.90, Expires 02/17/17 (UBS)		(29,700	)		(653	)
					(114,972	)
Total Written Options
(Premiums received $(171,168))					(114,972	)
Other Assets in Excess of Liabilities — 0.8%					2,152,149
NET ASSETS — 100.0%				$	278,245,837

See Notes to Financial Statements.

244

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs				Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Foreign Government Inflation-Linked Bonds		$	6,993,652			$	—			$	6,993,652			$	—
Money Market Fund			3,843,344				3,843,344				—				—
Purchased Options			217,995				127,500				90,495				—
U.S. Treasury Obligations			265,153,669				—				265,153,669				—
Total Assets - Investments in Securities		$	276,208,660			$	3,970,844			$	272,237,816			$	—
Other Financial Instruments***
Forward Foreign Currency Contracts		$	269,131			$	—			$	269,131			$	—
Futures Contracts			26,019				26,019				—				—
Total Assets - Other Financial Instruments		$	295,150			$	26,019			$	269,131			$	—
Liabilities:
Investments in Securities:
Written Options		$	(114,972	)		$	(28,000	)		$	(86,972	)		$	—
Total Liabilities - Investments in Securities		$	(114,972	)		$	(28,000	)		$	(86,972	)		$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

See Notes to Financial Statements. 245

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. BB- Rating and Above Loan Index, for the 2016 calendar year (6.40% vs. 8.82%). The Fund is designed to have a more conservative orientation relative to the benchmark and is expected to underperform in a market environment like 2016.

After the rough start to 2016, the markets began pricing in the prospect of an accelerating economic expansion in 2017 and beyond. Propelling these prospects were improving economic data and new potential pro-growth government policies in the form of lower taxes and less regulation, which could bode well for improved corporate profitability. Moreover, higher consumer confidence and spending, falling default rate expectations, demand from international investors seeking yield and a possibly accelerating merger and acquisition environment provided a good backdrop for bank loans.

From a benchmark-relative performance perspective, the Fund’s security selection within B-rated loans hurt performance. In addition, negative security selection within, and an underweight to, the oil and gas industry also negatively impacted relative performance. Positive security selection within the retail and utilities industries 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 4.69%.

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, 2016, 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		85.0
Money Market Fund		8.7
Corporate Bonds		7.6
Foreign Bonds		0.7
Common Stocks		0.1
		102.1

246

Flexible Income Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Investor Class*	Benchmark**
One Year	6.40%	8.82%
Since Inception	1.85%	3.94%
Inception Date	07/01/13
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	1.13%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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. BB- Ratings and 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.

247

FLEXIBLE INCOME FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Par		Value
CORPORATE BONDS — 7.6%
Ally Financial, Inc.
5.50%, 02/15/17	$	650,000	$	652,844
4.75%, 09/10/18		650,000		671,125
Cablevision Systems Corporation
7.75%, 04/15/18		350,000		370,125
Cequel Communications Holdings I LLC
6.38%, 09/15/20 144A		350,000		361,375
CIT Group, Inc.
5.25%, 03/15/18		300,000		311,625
6.63%, 04/01/18 144A		1,000,000		1,056,250
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/20		250,000		250,780
CNH Industrial Capital LLC
3.88%, 07/16/18		500,000		509,375
Covanta Holding Corporation
7.25%, 12/01/20		50,000		51,088
Diamond 1 Finance Corporation
4.42%, 06/15/21 144A		400,000		414,307
DISH DBS Corporation
4.25%, 04/01/18		500,000		513,935
Hertz Corporation
6.75%, 04/15/19		432,000		433,080
6.25%, 10/15/22		400,000		377,000
International Lease Finance Corporation
6.25%, 05/15/19		450,000		484,875
MPT Operating Partnership LP REIT
6.38%, 02/15/22		500,000		518,750
NCR Corporation
4.63%, 02/15/21		400,000		408,700
Post Holdings, Inc.
6.75%, 12/01/21 144A		675,000		722,250
Reynolds Group Issuer, Inc.
6.88%, 02/15/21		194,441		200,080
Sprint Communications, Inc.
9.00%, 11/15/18 144A		300,000		331,500
Tenet Healthcare Corporation
6.25%, 11/01/18		500,000		530,000
T-Mobile USA, Inc.
6.46%, 04/28/19		1,200,000		1,222,500
United Rentals North America, Inc.
7.63%, 04/15/22		115,000		121,612
Valeant Pharmaceuticals International
6.38%, 10/15/20 144A		300,000		259,218
VEREIT Operating Partnership LP REIT
4.13%, 06/01/21		450,000		459,000
West Corporation
4.75%, 07/15/21 144A		500,000		512,500
Total Corporate Bonds (Cost $11,655,604)				11,743,894

	Par		Value
FOREIGN BONDS — 0.7%
Bermuda — 0.2%
Viking Cruises, Ltd.
8.50%, 10/15/22 144A	$	350,000	$	364,438
Ireland — 0.5%
Ardagh Packaging Finance PLC
3.96%, 12/15/19 144A†		500,000		508,750
4.16%, 05/15/21 144A†		225,000		232,031
				740,781
Total Foreign Bonds (Cost $1,042,235)				1,105,219
LOAN AGREEMENTS — 85.0%
1011778 BC ULC Term B-2 Loan
3.75%, 12/12/21		513,067		517,238
Abacus Innovations Corporation Term B Loan
3.52%, 08/16/23		420,000		423,826
ABB Con-Cise Optical Group LLC Term B Loan
6.00%, 06/15/23		200,000		202,250
ABG Intermediate Holdings 2 LLC Term Loan
5.50%, 05/27/21		568,153		570,994
Acadia Healthcare Co., Inc. Term B-1 Loan
3.76%, 02/11/22		183,966		185,346
0.00%, 02/11/22 S		515,010		518,873
Access CIG LLC Term B Loan
6.00%, 10/17/21		691,445		689,716
Aclara Technologies LLC Term B Loan
6.75%, 08/29/23		448,875		456,730
Acosta, Inc. Term B Loan
4.25%, 09/26/21		183,171		178,363
Acrisure LLC Delayed Draw Term B-DD Loan
0.00%, 05/19/22 S		17,085		17,298
Acrisure LLC Term B Loan
0.00%, 11/22/23 S		575,000		581,290
Advanced Disposal Services, Inc. Term B Loan
3.50%, 11/10/23		567,333		571,946
AdvancePierre Foods, Inc. Term B Loan
4.00%, 06/02/23		148,170		150,393
Advantage Sales & Marketing, Inc. Term B Loan
4.25%, 07/25/21		359,082		360,069
Air Medical Group Holdings, Inc. Term B Loan
4.25%, 04/28/22		814,545		812,509

248 See Notes to Financial Statements.

	Par		Value
Albany Molecular Research, Inc. Term B Loan
6.01%, 07/16/21	$	388,035	$	391,916
Albertsons LLC Term B-4 Loan
4.50%, 08/22/21		592,690		599,233
Albertsons LLC Term B-5 Loan
4.75%, 12/22/22		161,462		163,481
Albertsons LLC Term B-6 Loan
4.75%, 06/22/23		106,667		107,955
Alere, Inc. Term B Loan
4.25%, 06/18/22		298,485		298,112
AlixPartners LLP Term B Loan
4.00%, 07/28/22		987,525		994,576
Allflex Holdings III, Inc. Term B Loan
4.25%, 07/17/20		908,483		911,608
Allied Universal HoldCo LLC Delayed Draw Term DD Loan
0.00%, 07/28/22 S		87,637		88,240
Allied Universal HoldCo LLC Term Loan
5.50%, 07/28/22		441,146		444,181
American Tire Distributors, Inc. Term B Loan
5.25%, 09/26/21		320,917		319,646
Ancestry.com Operations, Inc. Term B Loan
1.04%, 10/19/23		825,000		832,474
Anchor Glass Container Corporation Term Loan
4.25%, 12/07/23		375,000		377,696
Aramark Services, Inc. Term F Loan
3.50%, 02/24/21		972,500		980,659
Aretec Group, Inc. Term Exit Loan
8.00%, 11/23/20		254,651		254,651
2.00%-4.50%, 05/23/21		664,315		574,632
Ascena Retail Group, Inc. Term B Loan
5.25%, 08/21/22		554,688		540,266
AssuredPartners, Inc. Term Loan
5.25%, 10/21/22		299,250		303,290
Asurion LLC Term B-1 Loan
5.00%, 05/24/19		141,823		142,931
Asurion LLC Term B-2 Loan
5.00%, 07/08/20		452,800		458,573
Asurion LLC Term B-5 Loan
4.75%, 11/03/23		413,962		419,654
Asurion LLC Term Loan
8.50%, 03/03/21		500,000		507,815

	Par		Value
Avago Technologies Cayman Finance, Ltd. Term B-1 Loan
3.70%, 02/01/23	$	942,239	$	955,195
Avantor Performance Materials Holdings, Inc. Term Loan
6.00%, 06/21/22		266,129		270,787
B&G Foods, Inc. Term B Loan
3.75%, 11/02/22		361,447		365,708
B/E Aerospace, Inc. Term B Loan
3.85%-3.94%, 12/16/21		990,000		994,455
Bass Pro Group LLC Term B Loan
5.97%, 12/16/23		475,000		470,250
Berry Plastics Corporation Term D Loan
3.50%, 02/08/20		374,591		377,146
BJ’s Wholesale Club, Inc. Term B Loan
4.50%, 09/26/19		1,057,760		1,067,185
Block Communications, Inc. Term B Loan
4.25%, 11/07/21		470,201		474,315
Brand Energy & Infrastructure Services, Inc. Term B Loan
4.75%, 11/26/20		668,821		666,554
Brightview Land-scapes LLC Term B Loan
4.00%, 12/18/20		1,462,405		1,464,891
BWAY Holding Co. Term B Loan
5.50%, 08/14/20		478,716		479,673
BWAY Holding Co Term B Loan
4.75%-6.50%, 09/09/23		144,638		144,927
Calpine Corporation Term B-5 Loan
0.00%, 05/27/22 S		871,065		874,236
Camelot Finance LP Term B Loan
4.75%, 09/16/23		992,512		1,003,470
Casella Waste Systems, Inc. Term B Loan
4.00%, 10/17/23		255,000		257,073
Catalent Pharma Solutions, Inc. Term B Loan
0.00%, 05/20/21 S		505,631		508,791
CBS Radio, Inc. Term B Loan
4.50%, 10/17/23		475,472		479,632
CCO Safari III LLC Term I Loan
3.50%, 01/21/23		745,502		749,364
CDS US InTermediate Holdings, Inc. Term Loan
0.00%, 07/08/22 S		189,370		190,791
Cengage Learning, Inc. Term B Loan
5.25%, 06/07/23		407,950		396,287

See Notes to Financial Statements. 249

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Chemours Co. Term B Loan
3.77%, 05/12/22	$	355,049	$	352,610
CHG Healthcare Services, Inc. Term B-1 Loan
4.75%, 06/07/23		238,200		240,642
CHS/Community Health Systems, Inc. Term G Loan
3.75%, 12/31/19		134,318		130,037
CHS/Community Health Systems, Inc. Term H Loan
4.00%, 01/27/21		354,104		342,301
Ciena Corporation Term Loan
4.25%, 04/25/21		298,500		299,992
Cincinnati Bell, Inc. Term B Loan
4.00%, 09/10/20		433,059		434,064
Clark Equipment Co. Term B Loan
4.50%, 05/28/21		290,086		293,895
ColourOZ Investment 2 LLC Term Loan
0.00%, 09/07/21 S		180,209		180,885
Communications Sales & Leasing, Inc. Term B Loan
4.50%, 10/24/22		874,306		886,109
Concentra, Inc. Term B Loan
4.00%-5.75%, 06/01/22		348,232		349,103
Concordia International Corporation Term B Loan
5.25%, 10/21/21		167,305		129,766
Consolidated Communications, Inc. Term B Loan
4.00%, 10/05/23		369,075		370,987
Consolidated Communications, Inc. Term B-2 Loan
0.00%, 10/05/23 S		175,000		175,906
Cooper-Standard Automotive, Inc. Term B-1 Loan
3.75%, 11/02/23		470,000		474,503
Cortes NP Intermediate Holding II Corporation Term B Loan
6.00%, 11/30/23		555,000		561,938
CPG International, Inc. Term B Loan
4.75%, 09/30/20		967,500		973,547
CSC Holdings LLC Term B Loan
3.88%, 10/11/24		500,000		504,895
Cumulus Media Holdings, Inc. Term B Loan
4.25%, 12/23/20		848,130		575,312
CWGS Group LLC Term B Loan
4.50%, 11/08/23		520,000		527,582

	Par		Value
DaVita, Inc. Term B Loan
3.52%, 06/24/21	$	487,500	$	491,644
Dell International LLC Term B Loan
4.02%, 09/07/23		900,000		914,823
Delta 2 Lux S.à r.l. Term B Loan
5.07%, 04/30/19		1,534,962		1,549,836
Diebold Nixdorf, Inc. Term B Loan
5.25%, 11/06/23		390,775		396,027
DigitalGlobe, Inc. Term B Loan
3.51%, 12/22/23		250,000		251,562
Dole Food Co., Inc. Term B Loan
4.50%-6.25%, 11/01/18		457,123		459,522
DPx Holdings BV Term B Loan
4.25%, 03/11/21		1,065,131		1,072,236
Dynegy, Inc. Term C Loan
5.00%, 06/27/23		470,000		475,678
Eastern Power LLC Term B Loan
5.00%, 10/02/21		699,189		704,783
Entegris, Inc. Term B Loan
2.75%, 04/30/21		508,370		511,969
Envision Healthcare Corporation Term C Loan
4.00%, 12/01/23		720,000		726,754
Equinix, Inc. Term B Loan
0.00%, 01/09/23 S		290,000		292,900
ESH Hospitality, Inc. Term B Loan
3.77%, 08/30/23		633,412		640,437
EVO Payments International LLC Term Loan
6.00%, 12/22/23		680,000		683,400
EWT Holdings III Corporation Term Loan
4.75%, 01/15/21		411,816		414,134
5.50%, 01/15/21		258,050		260,148
FCA US LLC Term B Loan
3.50%, 05/24/17		292,153		292,746
Federal-Mogul Holdings Corporation Term C Loan
4.75%, 04/15/21		217,326		214,948
Filtration Group, Inc. Term B Loan
4.25%, 11/21/20		705,049		709,674
Filtration Group, Inc. Term DD Loan
0.00%, 11/21/20 S		101,038		101,228
First Data Corporation Term Loan
3.76%, 03/24/21		681,777		689,447

250 See Notes to Financial Statements.

	Par		Value
Flex Acquisition Co., Inc. Term Loan
0.00%, 12/29/23 S	$	215,000	$	216,791
Flint Group GmbH Term C Loan
0.00%, 09/07/21 S		29,791		29,902
Floor & Decor Outlets of America, Inc. Term B Loan
5.25%, 09/30/24		319,200		319,998
Frank Russell Co. Term B Loan
6.75%, 06/01/23		398,000		403,970
Garda World Security Corporation Term B Loan
4.00%-5.50%, 11/09/20		932,350		932,350
Garda World Security Corporation Term B-DD Loan
4.00%-5.75%, 11/09/20		238,508		238,508
Gardner Denver, Inc. Term Loan
4.25%-4.57%, 07/30/20		442,725		437,846
Genesys Telecommunications Laboratories, Inc. Term B Loan
6.25%, 12/02/23		775,000		788,082
Global Eagle Entertainment, Inc. Term Loan
0.00%, 12/22/22 S		260,000		254,800
Granite Acquisition, Inc. Term B Loan
5.00%, 12/17/21		804,698		805,366
Granite Acquisition, Inc. Term C Loan
5.00%, 12/17/21		36,145		36,175
Granite Acquisition, Inc. Term Loan
8.25%, 12/17/22		150,000		143,250
Gray Television, Inc. Term B Loan
3.94%, 06/13/21		375,900		381,069
Greatbatch, Ltd. Term B Loan
5.25%, 10/27/22		554,400		556,651
Harbor Freight Tools USA, Inc. Term Loan
3.89%, 08/16/23		468,825		475,074
Harland Clarke Holdings Corporation Term B-5 Loan
7.00%, 12/31/19		251,750		252,694
HC Group Holdings III, Inc. Term B Loan
6.00%, 04/07/22		619,354		593,032
HCA, Inc. Term B-6 Loan
4.02%, 03/17/23		393,334		397,924
HD Supply, Inc. Term B Loan
3.75%, 08/13/21		345,634		347,148
3.75%, 10/17/23		94,762		95,395
Headwaters, Inc. Term B-1 Loan
4.00%, 03/24/22		912,472		916,751

	Par		Value
Hilton Worldwide Finance LLC Term B-1 Loan
3.50%, 10/26/20	$	48,279	$	48,674
Hilton Worldwide Finance LLC Term B-2 Loan
3.26%, 10/25/23		308,168		311,481
HNC Holdings, Inc. Term B Loan
5.50%, 09/30/23		295,000		297,767
Hoffmaster Group, Inc. Term Loan
5.50%, 11/23/23		395,000		398,950
HUB International, Ltd. Term B Loan
4.00%, 10/02/20		153,573		154,655
Hubbard Radio LLC Term B Loan
4.25%, 05/27/22		457,770		453,480
Impax Laboratories, Inc. Term A-1 Loan
4.09%, 08/03/21+		434,500		438,845
Ineos Styrolution US Holding LLC Term B Loan
4.75%, 09/30/21		453,862		459,536
Infinity Acquisition LLC Term B Loan
4.25%, 08/06/21		683,898		658,252
Infor US, Inc. Term B-3 Loan
3.75%, 06/03/20		545,372		545,274
Informatica LLC Term B Loan
4.50%, 08/06/22		320,938		319,198
Information Resources, Inc. Term B Loan
4.75%-6.50%, 09/26/20		448,378		450,431
0.00%, 12/20/23 S		730,000		734,562
Information Resources, Inc. Term Loan
0.00%, 12/20/24 S		525,000		520,627
Intrawest Operations Group LLC Term B Loan
4.50%, 12/09/20		440,000		445,315
inVentiv Group Holdings Inc. Term B Loan
4.75%, 11/09/23		385,000		388,161
ION Media Networks, Inc. Term B Loan
4.75%, 12/18/20		950,062		958,974
Jazz Acquisition, Inc. Term Loan
4.50%, 06/19/21		430,792		402,252
KAR Auction Services, Inc. Term B-3 Loan
4.50%, 03/09/23		397,000		401,962
KFC Holding Co. Term B Loan
3.49%, 06/16/23		746,250		756,048
KIK Custom Products, Inc. Term B Loan
6.00%, 08/26/22		771,297		777,082
Kronos Worldwide, Inc. Term B Loan
0.00%, 02/18/20 S		650,000		654,875

See Notes to Financial Statements. 251

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Landslide Holdings, Inc. Term Loan
5.50%, 09/21/22	$	305,000	$	308,431
Level 3 Financing, Inc. Term B Loan
3.50%, 01/31/22		290,000		293,262
Liberty Cablevision of Puerto Rico LLC Term B Loan
4.50%, 01/07/22		800,000		793,504
Life Time Fitness, Inc. Term B Loan
4.25%, 06/10/22		443,994		446,423
Lightstone Generation LLC Term B Loan
0.00%, 12/15/23 S		465,652		470,891
Lightstone Generation LLC Term C Loan
0.00%, 12/24/23 S		44,348		44,847
Lions Gate Entertainment Corporation Term B Loan
3.75%, 12/08/23		730,000		733,650
LTS Buyer LLC Term B Loan
4.09%, 04/13/20		761,825		765,398
Lully Finance LLC Term B-1 Loan
5.00%, 07/11/22		290,738		290,252
MacDermid, Inc. Term B-4 Loan
5.00%, 06/07/23		364,088		368,504
Mallinckrodt International Finance SA Term B Loan
3.50%, 03/19/21		500,372		501,103
Manitowoc Foodservice, Inc. Term B Loan
5.75%, 03/03/23		346,923		351,693
Masergy Communications, Inc. Term Loan
5.50%, 12/15/23		350,000		351,897
Match Group, Inc. Term B Loan
4.20%, 11/16/22		225,000		228,094
Mauser Holding S.à.r.l Term Loan
4.50%, 07/31/21		614,008		617,845
McGraw-Hill Global Education Holdings LLC Term Loan
5.00%, 05/04/22		586,526		586,620
Media General, Inc. Term B Loan
4.00%, 07/31/20		674,675		674,783
Methanol Holdings Trinidad, Ltd. Term B Loan
4.27%, 06/30/22		295,500		288,482
Midas Intermediate Holdco II LLC Term B Loan
4.50%, 08/18/21		203,439		205,728
Mission Broadcasting, Inc. Term B Loan
0.00%, 09/26/23 S		35,591		35,869

	Par		Value
Mission Broadcasting, Inc. Term B-2 Loan
3.75%, 10/01/20	$	569,148	$	572,990
Mitel U.S. Holdings, Inc. Term B Loan
5.50%, 04/29/22		403,284		407,116
MoneyGram International, Inc. Term B Loan
4.25%, 03/28/20		619,954		611,690
MPH Acquisition Holdings LLC Term B Loan
4.00%, 06/07/23		1,596,081		1,622,592
MRC Global US, Inc. Term B Loan
5.00%, 11/09/19		263,208		264,195
MTL Publishing LLC Term B-3 Loan
3.38%, 08/20/22		452,551		454,940
MTS Systems Corporation Term B Loan
5.00%, 07/05/23		623,438		631,623
Multi Packaging Solutions, Inc. Term B Loan
4.25%, 09/30/20		757,911		757,911
Nature’s Bounty Co. Term B Loan
5.00%, 05/05/23		487,550		491,055
Nautilus Merger Sub, Inc. Term B Loan
4.00%, 03/13/21		328,862		327,079
Navistar, Inc. Term B Loan
6.50%-7.75%, 08/07/20		360,750		364,899
Neiman Marcus Group, Ltd. LLC Term Loan
4.25%, 10/25/20		509,246		441,389
Nexeo Solutions LLC Term B Loan
5.25%, 06/09/23		741,275		746,835
Nexstar Broadcasting, Inc. Term B Loan
0.00%, 09/26/23 S		399,409		402,528
Nexstar Broadcasting, Inc. Term B-2 Loan
3.75%, 10/01/20		645,423		649,780
NFP Corporation Term B Loan
0.00%, 12/09/23 S		585,000		589,388
NFP Corporation Term Loan
6.25%, 07/01/20		778,530		784,696
NMSC Holdings, Inc. Term B Loan
6.00%, 04/19/23		270,935		272,967
North American Lifting Holdings, Inc. Term Loan
5.50%, 11/27/20		485,195		416,865
10.00%, 11/27/21		250,000		122,500
Ocwen Loan Servicing LLC Term B Loan
6.00%, 12/05/20		370,000		373,545

252 See Notes to Financial Statements.

	Par		Value
ON Semiconductor Corporation Term B Loan
4.02%, 03/31/23	$	528,675	$	535,093
Orion Engineered Carbons GmbH Term Loan
3.84%, 07/25/21		408,788		409,299
Peak 10, Inc. Term Loan
5.00%, 06/17/21		356,312		359,430
Penn Engineering & Manufacturing Corporation Term B Loan
4.00%, 08/29/21		502,430		502,847
Petco Animal Supplies, Inc. Term B-1 Loan
5.00%, 01/26/23		286,925		288,156
PetSmart, Inc. Term B Loan
4.00%, 03/10/22		563,570		564,979
Pharmaceutical Product Development LLC Term B Loan
4.25%, 08/18/22		952,497		962,261
Pinnacle Foods Finance LLC Term I Loan
3.51%, 01/13/23		492,513		500,107
Press Ganey Holdings, Inc. Term Loan
4.25%, 10/21/23		475,000		477,375
Prestige Brand, Inc. Term B-3 Loan
3.50%, 09/03/21		81,964		82,497
Quebecor Media, Inc. Term B-1 Loan
3.40%, 08/17/20		1,162,310		1,162,798
Quikrete Holdings, Inc. Term B Loan
0.00%, 11/15/23 S		595,000		600,456
Quincy Media, Inc. Term B Loan
5.00%-6.75%, 11/02/22		557,228		559,668
Radiate Holdco LLC Term Loan
0.00%, 12/09/23 S		615,000		618,758
Reynolds Group Holdings, Inc. Term Loan
4.25%, 02/05/23		559,676		566,543
Road Infrastructure Investment LLC Term A Loan
5.00%, 06/13/23		200,000		201,438
Rocket Software, Inc. Term Loan
5.25%, 09/28/23		413,962		418,620
RP Crown Parent LLC Term B Loan
4.50%, 10/12/23		330,000		333,218
RPI Finance Trust Term B-5 Loan
3.50%, 10/14/22		768,075		776,716
Sabre GLBL, Inc. Term B-2 Loan
4.50%, 02/19/19		806,726		810,090
Safway Group Holding LLC Term B Loan
0.00%, 08/19/23 S		653,788		662,777

	Par		Value
SAM Finance Lux S.à r.l. Term B Loan
4.25%, 12/17/20	$	441,542	$	443,198
Sandy Creek Energy Associates LP Term B Loan
5.00%-6.25%, 11/08/20		126,324		105,480
SBA Senior Finance II LLC Term B-2 Loan
3.27%, 06/10/22		573,083		574,911
Seadrill Operating LP Term B Loan
4.00%, 02/21/21		485,000		330,285
SeaWorld Parks & Entertainment, Inc. Term B-2 Loan
3.09%, 05/14/20		246,728		243,336
Sedgwick Claims Management Services, Inc. Term Loan
3.75%-6.75%, 02/28/21		289,379		289,793
ServiceMaster Co. LLC Term B Loan
3.27%, 11/08/23		645,000		646,612
SFR Group Term B-7 Loan
5.14%, 01/15/24		845,750		855,721
SFR Group Term B-10 Loan
4.04%, 01/31/25		230,000		231,782
SIG Combibloc US Acquisition, Inc. Term B Loan
4.00%, 03/13/22		594,092		598,328
Signode Industrial Group US, Inc. Term B Loan
3.75%, 05/01/21		703,653		708,930
Sinclair Television Group, Inc. Term B-2 Loan
0.00%, 01/31/24 S		365,000		364,544
SiteOne Supply Holding LLC Term B Loan
6.25%, 04/29/22		233,825		234,994
SolarWinds Holdings, Inc. Term B Loan
5.50%, 02/05/23		636,800		644,079
Solenis International LP Term Loan
4.25%, 07/31/21		682,776		683,630
Southcross Holdings Borrower LP Term B Loan
0.00%, 04/13/23 S		135,729		102,927
Spectrum Brands, Inc. Term B Loan
3.31%-3.37%, 06/23/22		433,899		439,479
Spin Holdco, Inc. Term B Loan
4.25%, 11/08/19		967,775		963,623
Sterigenics-Nordion Holdings LLC Term B Loan
4.25%, 05/15/22		593,985		595,844
Summit Materials LLC Term B Loan
4.00%, 07/17/22		492,500		496,504

See Notes to Financial Statements. 253

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Surgical Care Affiliates, Inc. Term Loan
3.75%, 03/17/22	$	389,025	$	391,215
Sybil Software LLC Term B Loan
5.00%, 08/03/22		399,938		405,689
Team Health, Inc. Term B Loan
3.77%, 11/23/22		386,078		386,240
Telesat Canada Term B Loan
4.50%, 11/17/23		450,000		455,764
Texas Competitive Electric Holdings Co. LLC DIP Term B Loan
5.00%, 10/31/17		647,357		654,744
Texas Competitive Electric Holdings Co. LLC DIP Term C Loan
5.00%, 10/31/17		147,643		149,327
TierPoint LLC Term B Loan
5.25%, 12/02/21		482,538		482,842
Time, Inc. Term B-DD Loan
4.25%, 04/24/21		731,808		734,098
Tower Automotive Holdings USA LLC Term B Loan
4.00%, 04/23/20		260,803		262,107
Trans Union LLC Term B-2 Loan
3.52%, 04/09/21		1,243,434		1,253,431
Tribune Media Co. Term B Loan
3.77%, 12/27/20		738,750		744,106
TricorBraun, Inc. Delayed Draw Term DD Loan
0.00%, 10/31/23 S		52,273		52,752
TricorBraun, Inc. Term Loan
4.75%, 10/30/23		522,727		527,521
tronc, Inc. Term B Loan
5.75%, 08/04/21		380,424		378,997
Tronox Pigments Holland BV Term B Loan
4.50%, 03/19/20		420,641		422,042
TTM Technologies, Inc. Term B Loan
5.25%, 07/31/21		221,290		224,056
UFC Holdings LLC Term B Loan
5.00%, 08/18/23		530,000		536,360
Univar USA, Inc. Term B Loan
4.25%, 07/01/22		340,688		343,597
Univision Communications, Inc. Term C-4 Loan
4.00%, 03/01/20		1,098,801		1,104,295
UPC Financing Partnership Term AN Loan
4.08%, 08/31/24		460,000		464,600

	Par		Value
US Foods, Inc. Term B Loan
3.77%, 06/27/23	$	407,950	$	412,030
USIC Holdings, Inc. Term Loan
4.75%, 12/09/23		370,000		372,157
Valeant Pharmaceuticals International, Inc. Term BC-2 Loan
5.25%, 12/11/19		253,498		252,773
Valeant Pharmaceuticals International, Inc. Term BF-1 Loan
5.50%, 04/01/22		779,834		779,982
Vantiv LLC Term B Loan
3.25%, 10/14/23		511,250		515,340
VCVH Holding Corporation Term Loan
6.00%, 06/01/23		348,250		346,073
VF Holdings Corporation Term Loan
4.75%, 06/17/23		350,000		350,749
VFH Parent LLC Term B Loan
4.25%, 10/27/23		220,000		221,307
Virgin Media Bristol LLC Term I Loan
0.00%, 01/31/25 S		655,000		657,541
Vistra Operations Co. LLC Term B-2 Loan
4.00%, 08/04/23		210,000		212,625
Walter Investment Management Corporation Term Loan
4.75%, 12/18/20		274,583		260,580
WASH Multifamily Laundry Systems LLC Term B Loan
4.25%, 05/14/22		295,588		295,219
4.25%, 05/14/22		51,766		51,702
Waste Industries USA, Inc. Term B Loan
3.52%, 02/27/20		544,458		547,181
WaveDivision Holdings LLC Term Loan
4.00%, 10/15/19		806,459		810,693
West Corporation Term B-12 Loan
3.75%, 06/17/23		442,079		442,631
Western Digital Corporation Term B Loan
4.52%, 04/29/23		417,900		424,298
WEX, Inc. Term B Loan
4.27%, 07/01/23		278,600		282,300
WideOpenWest Finance LLC Term B Loan
4.50%, 08/19/23		1,002,488		1,012,332
William Morris Endeavor Entertainment LLC Term B Loan
5.25%, 05/06/21		1,338,402		1,350,956
WMG Acquisition Corporation Term Loan
3.75%, 11/01/23		590,000		594,549

254 See Notes to Financial Statements.

	Par		Value
Xplornet Communications, Inc. Term B Loan
0.00%, 09/09/21 S	$	449,100	$	452,468
XPO Logistics, Inc. Term B-2 Loan
4.25%, 10/30/21		471,710		477,460
Yankee Cable Acquisition LLC Term B Loan
4.25%, 03/01/20		458,011		458,203
Zayo Group LLC Term B Loan
3.75%, 07/02/19		404,522		408,624
Zebra Technologies Corporation Term B Loan
3.45%, 10/27/21		335,781		339,417
Zekelman Industries, Inc. Term B Loan
6.00%, 06/14/21		313,425		315,776
Ziggo BV Term B-1 Loan
3.50%, 01/15/22		306,251		307,528
Ziggo BV Term B-2 Loan
3.50%, 01/15/22		181,495		182,252
Ziggo BV Term B3-DD Loan
3.50%, 01/15/22		56,396		56,631
Total Loan Agreements (Cost $130,155,993)				130,772,452

	Shares		Value
COMMON STOCKS — 0.1%
Energy — 0.0%
SouthCross Holdings LP Class A*		148	$	52,540
Technology — 0.1%
Aretec Group, Inc.*		7,976		103,688
Total Common Stocks (Cost $72,110)				156,228
MONEY MARKET FUND — 8.7%
GuideStone Money Market Fund (Investor Class)¥ (Cost $13,334,211)		13,334,211		13,334,211
TOTAL INVESTMENTS — 102.1% (Cost $156,260,153)				157,112,004
Liabilities in Excess of Other Assets — (2.1)%				(3,178,339	)
NET ASSETS — 100.0%			$	153,933,665

See Notes to Financial Statements. 255

FLEXIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Corporate Bonds		$	11,743,894		$	—		$	11,743,894		$	—
Foreign Bonds			1,105,219			—			1,105,219			—
Loan Agreements			130,772,452			—			120,875,402			9,897,050
Common Stocks			156,228			—			—			156,228
Money Market Fund			13,334,211			13,334,211			—			—
Total Assets - Investments in Securities		$	157,112,004		$	13,334,211		$	133,724,515		$	10,053,278

There were no transfers between Level 1 and Level 2 during the year ended December 31, 2016.

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

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

	Total Value			Common Stock		Loan Agreements
Balance, 12/31/15	$	7,948,758		$	—	$	7,948,758
Accrued discounts/premiums		—			—		—
Realized gain (loss)(1)		1,154,861			—		1,154,861
Change in unrealized appreciation (depreciation)(2)		444,828			84,118		360,710
Purchases		8,549,471			72,110		8,477,361
Sales		(5,118,663	)		—		(5,118,663	)
Transfers in to Level 3(3)		1,591,496			—		1,591,496
Transfers out of Level 3(4)		(4,517,473	)		—		(4,517,473	)
Maturities		—			—		—
Paydowns		—			—		—
Balance, 12/31/16	$	10,053,278		$	156,228	$	9,897,050

⁽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, 2016 that were transferred from Level 1 and Level 2 to Level 3 of the fair value hierarchy as a result of the inability of the Fund to obtain a price using an objective method such as a pricing vendor.

⁽⁴⁾ Transfers out of Level 3 represent the value of securities at December 31, 2016 that were transferred from Level 3 to Level 2 of the fair value hierarchy as a result of the ability of the Fund to obtain a price using an objective method such as a pricing vendor.

256 See Notes to Financial Statements.

Real Estate Securities Fund (Unaudited)

Global real estate securities performed well in the first half of 2016 before reversing course and giving up some of the gains in the second half. In the first half of 2016, global real estate securities were in a sweet spot of low rates and slow growth, but as economic data improved in the second half year, interest rates rose and put pressure on valuations. The FTSE EPRA/NAREIT Developed Index rose 4.06% for the year.

The direction of global property markets (and to a large extent broader equities) was dictated by central bank policy, resulting in brief bouts of volatility during 2016.

The 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 slightly underperformed its benchmark, the FTSE EPRA/NAREIT Developed Index, for the 2016 calendar year (3.78% vs. 4.06%). Stock selection was neutral to positive in all regions and specifically strong in Japan and the Americas. Relative performance was negatively impacted by overweighting cyclical office names early in the year.

In 2016, 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 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, 2016, 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		53.0
Foreign Common Stocks		43.5
Money Market Funds		3.9
Consumer Discretionary		0.4
U.S. Treasury Obligation		0.2
		101.0

257

Real Estate Securities Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Institutional Class*	Investor Class*	Benchmark***
One Year	4.07%	3.78%	4.06%
Five Year	N/A	7.52%	7.18%
Ten Year	N/A	2.79%	1.48%
Since Inception(1)	1.25%	2.83%	1.48%
Inception Date	04/30/15	12/29/06
Total Fund Operating Expenses (May 1, 2016 Prospectus)(2)	0.93%	1.17%

⁽¹⁾  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.

⁽²⁾ 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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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, 2006 to December 31, 2016, 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.

258

REAL ESTATE SECURITIES FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Shares		Value
COMMON STOCKS — 53.4%
Consumer Discretionary — 0.4%
Hilton Worldwide Holdings, Inc.*		35,247	$	958,718
				958,718
Financial Services — 53.0%
Agree Realty Corporation REIT		19,084		878,818
Alexandria Real Estate Equities, Inc. REIT		35,290		3,921,778
American Homes 4 Rent Class A REIT		90,468		1,898,019
Apartment Investment & Management Co. Class A REITD		35,561		1,616,247
Apple Hospitality REIT, Inc.		38,876		776,742
AvalonBay Communities, Inc. REIT		27,227		4,823,263
Boston Properties, Inc. REIT		10,522		1,323,457
Brandywine Realty Trust REIT		81,280		1,341,933
Brixmor Property Group, Inc. REIT		78,056		1,906,128
Camden Property Trust REIT		31,808		2,674,099
CoreSite Realty Corporation REITD		16,051		1,273,968
Corporate Office Properties Trust REIT		37,317		1,165,037
CubeSmart REIT		57,104		1,528,674
CyrusOne, Inc. REIT		30,951		1,384,438
DiamondRock Hospitality Co. REIT		108,297		1,248,664
Douglas Emmett, Inc. REIT		41,193		1,506,016
Duke Realty Corporation REIT		56,230		1,493,469
DuPont Fabros Technology, Inc. REIT		21,223		932,326
Empire State Realty Trust, Inc. Class A REIT		29,763		600,915
Equity LifeStyle Properties, Inc. REIT		13,563		977,892
Equity Residential REIT		14,278		918,932
Essex Property Trust, Inc. REIT		9,361		2,176,433
Federal Realty Investment Trust REIT		12,400		1,762,164
Four Corners Property Trust, Inc. REIT		84,995		1,744,097
General Growth Properties, Inc. REIT		199,235		4,976,890
Gramercy Property Trust REIT		107,746		989,108
HCP, Inc. REIT		139,141		4,135,270
Healthcare Trust of America, Inc. Class A REIT		63,165		1,838,733
Host Hotels & Resorts, Inc. REIT		47,402		893,054
Hudson Pacific Properties, Inc. REIT		22,094		768,429
Kimco Realty Corporation REIT		42,244		1,062,859
LaSalle Hotel Properties REIT		39,240		1,195,643
Liberty Property Trust REIT		20,247		799,757
Medical Properties Trust, Inc. REIT		52,597		646,943
Mid-America Apartment Communities, Inc. REIT		48,373		4,736,684
New York REIT, Inc.		93,781		949,064
Omega Healthcare Investors, Inc. REITD		40,190		1,256,339
Paramount Group, Inc. REIT		59,306		948,303

	Shares		Value
Pebblebrook Hotel Trust REITD		28,935	$	860,816
Pennsylvania Real Estate Investment Trust REITD		62,993		1,194,347
Piedmont Office Realty Trust, Inc. Class A REIT		38,824		811,810
Prologis, Inc. REIT		142,085		7,500,667
Public Storage REIT		29,273		6,542,516
Regency Centers Corporation REITD		28,441		1,961,007
Retail Properties of America, Inc. Class A REIT		183,238		2,809,038
Rexford Industrial Realty, Inc. REIT		64,073		1,485,853
Simon Property Group, Inc. REIT		49,470		8,789,335
Spirit Realty Capital, Inc. REIT		120,875		1,312,703
STORE Capital Corporation REIT		106,346		2,627,810
Sunstone Hotel Investors, Inc. REIT		175,158		2,671,160
Urban Edge Properties REIT		46,439		1,277,537
VEREIT, Inc. REIT		199,093		1,684,327
Vornado Realty Trust REIT		59,279		6,186,949
Welltower, Inc. REIT		90,742		6,073,362
				118,859,822
Total Common Stocks (Cost $119,885,592)				119,818,540
FOREIGN COMMON STOCKS — 43.5%
Australia — 5.8%
Charter Hall Retail REIT		40,694		124,222
Dexus Property Group REIT		54,787		380,347
Goodman Group REIT		191,410		984,877
GPT Group (The) REIT		275,426		999,771
Ingenia Communities Group REIT		183,935		357,063
Investa Office Fund REIT		127,840		435,448
Mirvac Group REIT		867,713		1,333,778
Scentre Group REIT		1,133,865		3,796,708
Vicinity Centres REIT		911,135		1,965,992
Viva Energy REIT*		88,120		152,621
Westfield Corporation REIT		385,439		2,609,073
				13,139,900
Austria — 0.7%
BUWOG AG*		67,768		1,575,818
Belgium — 0.1%
Aedifica SA REIT		3,016		225,665
Bermuda — 0.2%
Kerry Properties, Ltd.		141,000		382,752
Canada — 2.1%
Allied Properties Real Estate Investment Trust REIT		41,190		1,102,879
Chartwell Retirement Residences		137,561		1,500,963
First Capital Realty, Inc.D		134,153		2,065,276
				4,669,118
France — 3.6%
Gecina SA REIT		12,376		1,712,484
ICADE REIT		8,966		639,808
Klepierre REIT		48,416		1,903,299
Unibail-Rodamco SE REIT		15,617		3,727,610
				7,983,201

See Notes to Financial Statements. 259

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Germany — 2.7%
alstria office REIT-AGD*		64,476	$	808,342
Deutsche Wohnen AG		47,342		1,487,069
LEG Immobilien AG*		11,492		892,766
TAG Immobilien AG		22,275		294,505
TLG Immobilien AG		19,049		358,931
Vonovia SE		67,029		2,180,605
				6,022,218
Hong Kong — 5.8%
Cheung Kong Property Holdings, Ltd.		479,809		2,942,152
Hongkong Land Holdings, Ltd.		177,600		1,124,208
Hysan Development Co., Ltd.		129,000		533,168
Link REIT		446,077		2,899,256
Sino Land Co., Ltd.		1,106,885		1,658,650
Sun Hung Kai Properties, Ltd.		206,995		2,615,966
Swire Properties, Ltd.		397,676		1,097,462
Wharf Holdings, Ltd. (The)		41,071		273,030
				13,143,892
Ireland — 0.7%
Green REIT PLC		369,624		533,826
Hibernia REIT PLC		747,997		969,267
				1,503,093
Italy — 0.1%
COIMA RES SpA 144A*		27,608		188,320
Japan — 11.1%
Activia Properties, Inc. REIT		131		617,591
Advance Residence Investment Corporation REIT		273		721,771
Daibiru Corporation		55,600		476,198
Frontier Real Estate Investment Corporation REITD		213		910,319
Global One Real Estate Investment Corporation REITD		237		888,180
GLP J-REIT		587		676,023
Hulic REIT, Inc.		282		473,157
Invesco Office J-REIT, Inc.		494		407,458
Japan Hotel REIT Investment Corporation		644		433,099
Japan Logistics Fund, Inc. REIT		493		1,039,360
Japan Real Estate Investment Corporation REIT		305		1,662,332
Japan Retail Fund Investment Corporation REIT		319		645,779
Mitsubishi Estate Co., Ltd.		257,185		5,121,695
Mitsui Fudosan Co., Ltd.		216,068		5,000,761
Mitsui Fudosan Logistics Park, Inc. REITD*		80		227,936
Mori Hills REIT Investment Corporation		654		883,564
Mori Trust Sogo REIT, Inc.		723		1,140,716
Nippon Accommodations Fund, Inc. REIT		158		690,806
Nippon Building Fund, Inc. REITD		135		747,337
Nippon Prologis, Inc. REIT		192		392,460
NTT Urban Development Corporation		95,000		836,406
Sekisui House REIT, Inc.		206		264,561
Sekisui House SI Residential Investment Corporation REIT		430		477,921

	Shares		Value
United Urban Investment Corporation REITD		118	$	179,612
				24,915,042
Luxembourg — 0.2%
ADO Properties SA 144AD		12,828		432,245
Netherlands — 0.7%
InterXion Holding NV*		42,701		1,497,524
Norway — 0.1%
Entra ASA 144A		23,051		228,899
Singapore — 2.3%
CapitaLand Mall Trust REIT		813,606		1,059,039
CapitaLand, Ltd.		445,700		929,471
CDL Hospitality Trusts REIT		25,400		23,503
City Developments, Ltd.		146,303		836,508
Fortune Real Estate Investment Trust REIT		428,965		492,885
Frasers Logistics & Industrial Trust REITD*		1,029,200		657,397
Global Logistic Properties, Ltd.		186,000		282,568
Keppel REITD		451,500		318,013
Mapletree Commercial Trust REIT		607,178		584,893
				5,184,277
Spain — 0.4%
Inmobiliaria Colonial SA		20,425		141,537
Merlin Properties Socimi SA REIT		71,705		779,714
				921,251
Sweden — 1.4%
Castellum AB		63,858		875,449
D Carnegie & Co. AB*		23,040		275,653
Fabege AB		65,285		1,066,992
Hufvudstaden AB, A Shares		58,616		925,827
				3,143,921
Switzerland — 0.6%
PSP Swiss Property AG		16,408		1,417,955
United Kingdom — 4.9%
Assura PLC REIT		498,242		350,001
Big Yellow Group PLC REIT		44,816		378,612
British Land Co. PLC (The) REIT		244,419		1,896,203
Derwent London PLC REIT		14,615		499,282
Empiric Student Property PLC REIT		204,705		267,417
Great Portland Estates PLC REIT		103,947		856,382
Hammerson PLC REIT		183,139		1,293,271
Land Securities Group PLC REIT		140,641		1,847,665
LondonMetric Property PLC REIT		201,555		386,258
Primary Health Properties PLC REIT		314,856		431,684
Safestore Holdings PLC REIT		62,269		268,593
Segro PLC REIT		222,352		1,255,323
Shaftesbury PLC REIT		41,315		462,835
St. Modwen Properties PLC		92,243		345,476
UNITE Group PLC (The)		65,339		487,977
				11,026,979
Total Foreign Common Stocks (Cost $103,662,022)				97,602,070

260 See Notes to Financial Statements.

	Shares		Value
MONEY MARKET FUNDS — 3.9%
GuideStone Money Market Fund (Investor Class)¥		5,227,865		$	5,227,865
Northern Institutional Liquid Assets Portfolio§		3,596,402			3,596,402
Total Money Market Funds (Cost $8,824,267)					8,824,267

	Par		Value
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill
0.60%, 06/22/17W‡‡ (Cost $398,881)	$	400,000		$	398,840
TOTAL INVESTMENTS — 101.0% (Cost $232,770,762)					226,643,717
Liabilities in Excess of Other Assets — (1.0)%					(2,259,841	)
NET ASSETS — 100.0%				$	224,383,876

See Notes to Financial Statements. 261

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	119,818,540		$	119,818,540		$	—	$	—
Foreign Common Stocks:
Australia		13,139,900			13,139,900			—		—
Austria		1,575,818			1,575,818			—		—
Belgium		225,665			225,665			—		—
Bermuda		382,752			382,752			—		—
Canada		4,669,118			4,669,118			—		—
France		7,983,201			7,983,201			—		—
Germany		6,022,218			6,022,218			—		—
Hong Kong		13,143,892			13,143,892			—		—
Ireland		1,503,093			1,503,093			—		—
Italy		188,320			188,320			—		—
Japan		24,915,042			24,915,042			—		—
Luxembourg		432,245			432,245			—		—
Netherlands		1,497,524			1,497,524			—		—
Norway		228,899			228,899			—		—
Singapore		5,184,277			5,184,277			—		—
Spain		921,251			921,251			—		—
Sweden		3,143,921			3,143,921			—		—
Switzerland		1,417,955			1,417,955			—		—
United Kingdom		11,026,979			11,026,979			—		—
Money Market Funds		8,824,267			8,824,267			—		—
U.S. Treasury Obligation		398,840			—			398,840		—
Total Assets - Investments in Securities	$	226,643,717		$	226,244,877		$	398,840	$	—
Other Financial Instruments***
Futures Contracts	$	(92,554	)	$	(92,554	)	$	—	$	—
Total Assets - Other Financial Instruments	$	(92,554	)	$	(92,554	)	$	—	$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

262 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 Fund outperformed its benchmark, the MSCI World Commodity Producers Index, for the 2016 calendar year (45.50% versus 30.53%).

After over two years of declines in the broad commodity market, commodity prices were quite strong in 2016, with natural gas, oil and copper prices rising by 59%, 45% and 17%, respectively. The increase in commodity prices has been driven by the ongoing improvement in fundamentals as inventory overhangs continue to be reduced. From an allocation perspective, all major commodity segments within the Fund generated positive returns, led by investments in North American natural gas and base metal producers.

From a stock selection perspective, the Fund’s benchmark-relative results benefited from strong stock selection within the North American natural gas and fertilizers sub-sectors. Stock selection within precious metals was a detractor to relative performance.

During the year, the Fund remained focused on achieving its objective of seeking long-term capital appreciation.

During the year, 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 positive impact on Fund performance for 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, 2016, 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		50.1
Energy		39.0
Money Market Funds		12.7
Utilities		3.4
Materials & Processing		1.5
Financial Services		0.7
U.S. Treasury Obligation		0.7
Consumer Staples		0.4
Rights		—	**
		108.5

**Rounds to less than 0.05%

263

Global Natural Resources Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/16
	Investor Class*	Benchmark**
One Year	45.50%	30.53%
Since Inception	-7.09%	-0.83%
Inception Date	07/01/13
Total Fund Operating Expenses (May 1, 2016 Prospectus)(1)	1.29%

⁽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 GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

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 MSCI World Commodity Producers 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.

264

GLOBAL NATURAL RESOURCES EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2016

	Shares		Value
COMMON STOCKS — 45.0%
Consumer Staples — 0.4%
Archer-Daniels-Midland Co.		15,269	$	697,030
Ingredion, Inc.		1,894		236,674
				933,704
Energy — 39.0%
Anadarko Petroleum Corporation		14,529		1,013,107
Antero Resources Corporation*		314,167		7,430,049
Apache Corporation		9,957		631,971
Cabot Oil & Gas Corporation		345,365		8,067,726
Chevron Corporation		49,583		5,835,919
Cimarex Energy Co.		2,493		338,799
Concho Resources, Inc.D*		3,695		489,957
ConocoPhillips		32,506		1,629,851
Continental Resources, Inc.D*		2,458		126,685
Denbury Resources, Inc.D*		1,505,459		5,540,089
Devon Energy Corporation		12,368		564,847
Diamondback Energy, Inc.*		2,322		234,661
EOG Resources, Inc.		15,129		1,529,542
EQT Corporation		4,534		296,524
Exxon Mobil Corporation		108,982		9,836,715
Hess Corporation		7,480		465,929
Laredo Petroleum, Inc.*		758,360		10,723,210
Marathon Oil Corporation		22,237		384,922
Murphy Oil CorporationD		4,293		133,641
Newfield Exploration Co.*		5,213		211,127
Noble Energy, Inc.		279,228		10,627,418
Occidental Petroleum Corporation		20,051		1,428,233
Parsley Energy, Inc. Class A*		4,007		141,207
Pioneer Natural Resources Co.		4,452		801,672
Range Resources Corporation		254,532		8,745,719
Southwestern Energy Co.*		530,768		5,742,910
Synergy Resources CorporationD*		510,310		4,546,862
				87,519,292
Financial Services — 0.7%
CDEV PIPE+*		87,802		1,561,600
Materials & Processing — 1.5%
CF Industries Holdings, Inc.D		6,119		192,626
FMC Corporation		3,512		198,639
Freeport-McMoRan, Inc.*		33,120		436,853
Monsanto Co.		11,485		1,208,337
Mosaic Co. (The)		8,731		256,080
Newmont Mining Corporation		13,926		474,459
Nucor Corporation		8,355		497,289
				3,264,283
Utilities — 3.4%
Calpine Corporation*		664,175		7,591,520
Total Common Stocks (Cost $102,052,957)				100,870,399
FOREIGN COMMON STOCKS — 50.1%
Australia — 5.7%
Alumina, Ltd.D		64,407		85,057
BHP Billiton, Ltd.		84,504		1,528,221
Fortescue Metals Group, Ltd.D		40,964		174,119
Iluka Resources, Ltd.		1,220,993		6,405,830
Mineral Resources, Ltd.		324,933		2,842,001
Newcrest Mining, Ltd.		20,168		294,724
Origin Energy, Ltd.		46,134		219,399
Rio Tinto, Ltd.		11,161		482,456

	Shares		Value
Santos, Ltd.		48,038	$	139,360
South32, Ltd.		140,076		277,987
Woodside Petroleum, Ltd.		19,949		448,587
				12,897,741
Austria — 0.1%
OMV AG		3,875		136,893
voestalpine AG		2,992		117,446
				254,339
Bermuda — 3.8%
Bunge, Ltd.		3,660		264,399
Kosmos Energy, Ltd.D*		1,169,737		8,199,856
				8,464,255
Canada — 22.5%
Agnico Eagle Mines, Ltd.		5,904		248,226
Agrium, Inc.		3,490		350,807
ARC Resources, Ltd.		9,263		159,437
Barrick Gold Corporation		30,643		490,461
Cameco Corporation		10,420		108,961
Canadian Natural Resources, Ltd.D		28,922		921,739
Cenovus Energy Inc		21,869		330,645
Crescent Point Energy Corporation		14,219		193,272
Eldorado Gold Corporation*		18,849		60,647
Encana Corporation		25,093		294,541
First Quantum Minerals, Ltd.D		1,306,010		12,985,688
Franco-Nevada Corporation		4,715		281,920
Goldcorp, Inc.		22,413		305,150
HudBay Minerals, Inc.		515,035		2,946,016
Husky Energy Inc*		9,271		112,482
Imperial Oil, Ltd.D		7,739		269,235
Kinross Gold Corporation*		32,653		101,900
Peyto Exploration & Development Corporation		55,053		1,361,717
Potash Corporation of Saskatchewan		22,050		398,909
Prairiesky Royalty LtdD		5,421		128,959
Seven Generations Energy Ltd, Class A*		6,348		148,033
Silver Wheaton Corporation		11,564		223,416
Suncor Energy, Inc.		43,700		1,428,839
Teck Resources, Ltd. Class BD		14,930		298,789
Tourmaline Oil Corporation*		96,295		2,575,469
Turquoise Hill Resources, Ltd.*		26,374		84,662
Turquoise Hill Resources, Ltd.D*		5,015,258		16,199,284
Vermilion Energy, Inc.		3,014		126,810
West Fraser Timber Co., Ltd		1,771		63,327
Whitecap Resources, Inc.D		801,533		7,259,257
Yamana Gold, Inc.		24,897		69,908
				50,528,506
Chile — 6.2%
Sociedad Quimica y Minera de Chile SA ADRD		486,615		13,941,520
Finland — 0.2%
Stora Enso OYJ, R Shares		14,495		155,786
UPM-Kymmene OYJ		14,043		345,022
				500,808
France — 1.3%
TOTAL SA		58,412		2,995,676

See Notes to Financial Statements. 265

GLOBAL NATURAL RESOURCES EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Germany — 0.2%
K+S AG		5,036	$	120,283
thyssenKrupp AGD		9,679		230,671
				350,954
Israel — 0.0%
Israel Chemicals, Ltd.		13,431		55,090
Italy — 0.5%
Eni SpA		66,934		1,089,990
Japan — 0.7%
Hitachi Metals, Ltd.		5,600		75,897
Inpex Corporation		25,000		250,481
JFE Holdings, Inc.		13,700		208,650
Kobe Steel, Ltd.*		8,100		77,414
Maruichi Steel Tube, Ltd.		1,500		48,834
Mitsubishi Materials Corporation		2,600		79,863
Nippon Steel & Sumitomo Metal Corporation		21,300		475,115
Oji Holdings Corporation		21,000		85,527
Sumitomo Metal Mining Co., Ltd.		13,000		167,624
				1,469,405
Jersey — 0.6%
Glencore PLC*		321,934		1,100,397
Randgold Resources, Ltd.		2,465		194,880
				1,295,277
Luxembourg — 0.2%
ArcelorMittal*		48,398		357,439
Mauritius — 0.0%
Golden Agri-Resources, Ltd.		185,800		55,170
Norway — 0.4%
Norsk Hydro ASA		35,385		169,235
Statoil ASA		29,749		545,692
Yara International ASA		4,673		183,990
				898,917
Papua New Guinea — 0.1%
Oil Search, Ltd.		36,058		186,573
Portugal — 0.1%
Galp Energia SGPS SA		13,189		197,006
Singapore — 0.1%
Wilmar International, Ltd.		50,500		125,191
Spain — 0.2%
Repsol SA		28,922		408,570

	Shares		Value
Sweden — 0.1%
Boliden AB		7,196	$	187,906
Lundin Petroleum AB*		4,926		107,110
				295,016
Switzerland — 0.4%
Syngenta AG		2,436		962,869
United Kingdom — 6.7%
Anglo American PLC*		36,895		527,448
Antofagasta PLC		10,376		86,315
BHP Billiton PLC		55,572		894,787
BP PLC		494,227		3,103,917
Fresnillo PLC		5,817		87,532
Mondi PLC		9,663		198,400
Ophir Energy PLC*		2,402,838		2,857,630
Rio Tinto PLC		32,550		1,267,027
Royal Dutch Shell PLC, A Shares		113,819		3,145,585
Royal Dutch Shell PLC, B Shares		98,549		2,858,991
				15,027,632
Total Foreign Common Stocks (Cost $103,041,852)				112,357,944
	Par
U.S. TREASURY OBLIGATION — 0.7%
U.S. Treasury Bills
0.53%, 05/04/17W‡‡ (Cost $1,496,925)	$	1,500,000		1,497,076
	Shares
RIGHTS — 0.0%
Repsol SA* (Cost $10,086)		28,922		10,717
MONEY MARKET FUNDS — 12.7%
GuideStone Money Market Fund (Investor Class)¥		7,533,955		7,533,955
Northern Institutional Liquid Assets Portfolio§		20,834,068		20,834,068
Total Money Market Funds (Cost $28,368,023)				28,368,023
TOTAL INVESTMENTS — 108.5%
(Cost $234,969,843)				243,104,159
Liabilities in Excess of Other Assets — (8.5)%				(18,951,096	)
NET ASSETS — 100.0%			$	224,153,063

266 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	100,870,399		$	99,308,799		$	1,561,600	$	—
Foreign Common Stocks:
Australia		12,897,741			12,897,741			—		—
Austria		254,339			254,339			—		—
Bermuda		8,464,255			8,464,255			—		—
Canada		50,528,506			50,528,506			—		—
Chile		13,941,520			13,941,520			—		—
Finland		500,808			500,808			—		—
France		2,995,676			2,995,676			—		—
Germany		350,954			350,954			—		—
Israel		55,090			55,090			—		—
Italy		1,089,990			1,089,990			—		—
Japan		1,469,405			1,469,405			—		—
Jersey		1,295,277			1,295,277			—		—
Luxembourg		357,439			357,439			—		—
Mauritius		55,170			55,170			—		—
Norway		898,917			898,917			—		—
Papua New Guinea		186,573			186,573			—		—
Portugal		197,006			197,006			—		—
Singapore		125,191			125,191			—		—
Spain		408,570			408,570			—		—
Sweden		295,016			295,016			—		—
Switzerland		962,869			962,869			—		—
United Kingdom		15,027,632			15,027,632			—		—
Money Market Funds		28,368,023			28,368,023			—		—
Rights		10,717			10,717			—		—
U.S. Treasury Obligation		1,497,076			—			1,497,076		—
Total Assets - Investments in Securities	$	243,104,159		$	240,045,483		$	3,058,676	$	—
Other Financial Instruments***
Futures Contracts	$	(151,774	)	$	(151,774	)	$	—	$	—
Total Assets - Other Financial Instruments	$	(151,774	)	$	(151,774	)	$	—	$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2016.

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, 2016.

See Notes to Financial Statements. 267

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2016

	Inflation Protected Bond  Fund			Flexible  Income Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	272,365,316		$	143,777,793
Investments in securities of affiliated issuers, at value		3,843,344			13,334,211
Total investments, at value (1)(2)		276,208,660			157,112,004
Cash		286,721			2,392,418
Foreign currency (3)		928,325			—
Receivables:
Dividends and reclaims		413			1,006
Interest		849,690			585,622
Securities lending		—			—
Investment securities sold		1,766,912			2,685,657
Fund shares sold		140,466			77,301
Variation margin on financial futures contracts		81,101			—
Unrealized appreciation on foreign currency exchange contracts		400,851			—
Prepaid expenses and other assets		25,192			7,610
Total Assets		280,688,331			162,861,618
Liabilities
Options written, at value (4)		114,972			—
Unrealized depreciation on foreign currency exchange contracts		131,720			—
Collateral held for securities on loan, at value		—			—
Payables:
Investment securities purchased		1,920,325			8,761,583
Fund shares redeemed		56,767			11,315
Variation margin on financial futures contracts		85,825			—
Securities lending		—			—
Accrued expenses:
Investment advisory fees		69,621			82,372
Shareholder servicing fees		17,105			32,409
Other expenses		46,159			40,274
Total Liabilities		2,442,494			8,927,953
Net Assets	$	278,245,837		$	153,933,665
Net Assets Consist of:
Paid-in-capital	$	284,005,276		$	159,871,592
Undistributed (distributions in excess of) net investment income		1,479,806			—
Accumulated net realized loss on investments, foreign currency translations and derivative transactions		(7,748,602	)		(6,789,778	)
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		509,357			851,851
Net Assets	$	278,245,837		$	153,933,665
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	196,913,783			N/A
Institutional shares outstanding		19,212,916			N/A
Net asset value, offering and redemption price per Institutional share	$	10.25			N/A
Net assets applicable to the Investor Class	$	81,332,054		$	153,933,665
Investor shares outstanding		7,927,074			16,083,179
Net asset value, offering and redemption price per Investor share	$	10.26		$	9.57
(1) Investments in securities of unaffiliated issuers, at cost	$	272,211,610		$	142,925,942
Investments in securities of affiliated issuers, at cost		3,843,344			13,334,211
Total investments, at cost	$	276,054,954		$	156,260,153
(2) Includes securities loaned of:	$	—		$	—
(3) Foreign currency, at cost	$	926,762		$	—
(4) Premiums received on options written	$	171,168		$	—

268 See Notes to Financial Statements.

Real Estate Securities Fund			Global  Natural Resources Equity Fund
$	221,415,852		$	235,570,204
	5,227,865			7,533,955
	226,643,717			243,104,159
	—			1,162,362
	217,625			520,487
	1,090,502			400,341
	—			—
	4,045			14,105
	1,586,974			—
	112,108			103,382
	—			17,880
	—			—
	35,220			8,518
	229,690,191			245,331,234
	—			—
	—			—
	3,596,402			20,834,068
	1,324,426			—
	130,455			48,873
	24,150			47,190
	607			2,114
	129,932			153,465
	20,938			48,232
	79,405			44,229
	5,306,315			21,178,171
$	224,383,876		$	224,153,063
$	239,855,474		$	314,692,883
	(2,470,618	)		(59,317	)
	(6,761,795	)		(98,458,865	)
	(6,239,185	)		7,978,362
$	224,383,876		$	224,153,063
$	123,574,011			N/A
	13,584,693			N/A
$	9.10			N/A
$	100,809,865		$	224,153,063
	11,046,304			30,209,911
$	9.13		$	7.42
$	227,542,897		$	227,435,888
	5,227,865			7,533,955
$	232,770,762		$	234,969,843
$	11,029,030		$	37,420,856
$	219,280		$	523,731
$	—		$	—

See Notes to Financial Statements. 269

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2016

	Inflation Protected Bond Fund			Flexible Income Fund
Investment Income
Dividends	$	—		$	—
Income distributions received from affiliated funds		3,354			5,043
Interest		6,243,300			6,541,956
Securities lending		340			3,785
Less foreign taxes withheld		—			—
Total Investment Income		6,246,994			6,550,784
Expenses
Investment advisory fees		930,641			1,015,961
Transfer agent fees:
Institutional shares		4,139			—
Investor shares		20,877			20,200
Custodian fees		74,388			11,404
Shareholder servicing fees:
Investor shares		189,479			376,208
Accounting and administration fees		77,880			78,928
Professional fees		71,313			86,337
Blue sky fees:
Institutional shares		10,370			—
Investor shares		14,932			18,832
Shareholder reporting fees:
Institutional shares		979			—
Investor shares		5,801			5,431
Trustee expenses		2,686			1,291
Line of credit facility fees and interest expense		2,101			18,933
Other expenses		65,009			27,601
Total Expenses		1,470,595			1,661,126
Expenses waived/reimbursed net of amount recaptured(1)		(16,409	)		19,998
Fees paid indirectly		—			—
Net expenses		1,454,186			1,681,124
Net Investment Income		4,792,808			4,869,660
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Capital gain distributions received from affiliated funds		349			565
Investment securities		1,588,413			(4,402,786	)
Futures transactions		(588,148	)		—
Option contracts written		1,869,454			—
Option contracts purchased		(2,723,022	)		—
Foreign currency		(422,708	)		—
Net realized gain (loss)		(275,662	)		(4,402,221	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		7,087,955			8,788,098
Futures		173,241			—
Option contracts written		(83,162	)		—
Option contracts purchased		(18,511	)		—
Foreign currency		703,661			—
Net change in unrealized appreciation (depreciation)		7,863,184			8,788,098
Net Realized and Unrealized Gain		7,587,522			4,385,877
Net Increase in Net Assets Resulting from Operations	$	12,380,330		$	9,255,537

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

270 See Notes to Financial Statements.

Real Estate Securities Fund			Global Natural Resources Equity Fund
$	7,515,672		$	3,569,700
	2,783			5,061
	2,122			731
	66,922			304,479
	(343,005	)		(309,596	)
	7,244,494			3,570,375
	1,811,141			1,869,333
	4,140			—
	24,759			19,391
	148,606			39,359
	265,078			526,086
	100,580			65,345
	67,664			68,549
	8,475			—
	14,589			18,112
	1,208			—
	14,388			6,490
	2,274			1,656
	3,030			5,284
	85,508			38,834
	2,551,440			2,658,439
	(62,548)			(24,465	)
	(21,209	)		—
	2,467,683			2,633,974
	4,776,811			936,401
	1,006			452
	7,770,383			(17,754,504	)
	1,604,097			1,517,932
	—			—
	—			—
	(33,436	)		(138,608	)
	9,342,050			(16,374,728	)
	(4,574,171)			94,431,719
	(132,084)			(151,774	)
	—			—
	—			—
	(12,011	)		(2,594	)
	(4,718,266	)		94,277,351
	4,623,784			77,902,623
$	9,400,595		$	78,839,024

See Notes to Financial Statements. 271

STATEMENTS OF CHANGES IN NET ASSETS

	Inflation Protected Bond Fund
	For the Year Ended
	12/31/16			12/31/15
Operations:
Net investment income (loss)	$	4,792,808		$	(1,254,956	)
Net realized gain (loss) on investment securities, foreign currency and derivative		(275,662	)		1,426,417
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		7,863,184			(6,954,259	)
Net increase (decrease) in net assets resulting from operations		12,380,330			(6,782,798	)
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(2,777,588	)		—
Investor shares		(500,592	)		(939,144	)
Distributions from net realized capital gains
Institutional shares		—			—
Investor shares		—			—
Total dividends and distributions		(3,278,180	)		(939,144	)
Capital Share Transactions(1):
Proceeds from shares sold
Institutional shares		16,595,943			259,093,292
Investor shares		21,330,260			20,592,691
Reinvestment of dividends and distributions
Institutional shares		2,777,587			—
Investor shares		500,089			938,919
Total proceeds from shares sold and reinvested		41,203,879			280,624,902
Value of shares redeemed
Institutional shares		(64,223,909	)		(14,235,444	)
Investor shares		(9,663,957	)		(259,752,863	)
Total value of shares redeemed		(73,887,866	)		(273,988,307	)
Net increase (decrease) from capital share transactions(2)		(32,683,987	)		6,636,595
Total increase (decrease) in net assets		(23,581,837	)		(1,085,347	)
Net Assets:
Beginning of Year		301,827,674			302,913,021
End of Year*	$	278,245,837		$	301,827,674
*Including undistributed (distributions in excess of) net investment income	$	1,479,806		$	387,537

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

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

272 See Notes to Financial Statements.

Flexible Income Fund					Real Estate Securities Fund						Global Natural Resources Equity Fund
For the Year Ended					For the Year Ended						For the Year Ended
12/31/16		12/31/15			12/31/16			12/31/15			12/31/16			12/31/15
$	4,869,660	$	4,736,552		$	4,776,811		$	4,369,399		$	936,401		$	(167,453	)
	(4,402,221)		(2,275,964	)		9,342,050			9,716,638			(16,374,728	)		(77,934,673	)
	8,788,098		(4,835,703	)		(4,718,266	)		(13,447,095	)		94,277,351			(21,819,393	)
	9,255,537		(2,375,115	)		9,400,595			638,942			78,839,024			(99,921,519	)
	—		—			(6,784,103	)		(4,450,951	)		—			—
	(4,892,519)		(4,764,206	)		(5,147,664	)		(2,446,585	)		(446,118	)		(220,488	)
	—		—			(3,087,591	)		(8,892,323	)		—			—
	—		—			(2,500,943	)		(5,666,016	)		—			—
	(4,892,519)		(4,764,206	)		(17,520,301	)		(21,455,875	)		(446,118	)		(220,488	)
	—		—			13,242,076			169,837,132			—			—
	30,475,798		31,155,171			21,840,266			34,118,123			57,349,533			82,083,602
	—		—			9,833,784			13,324,780			—			—
	4,891,969		4,746,733			7,641,677			8,108,339			445,882			220,392
	35,367,767		35,901,904			52,557,803			225,388,374			57,795,415			82,303,994
	—		—			(54,985,357	)		(7,513,684	)		—			—
	(27,236,179)		(17,964,410	)		(23,622,194	)		(208,387,457	)		(94,765,721	)		(64,793,444	)
	(27,236,179)		(17,964,410	)		(78,607,551	)		(215,901,141	)		(94,765,721	)		(64,793,444	)
	8,131,588		17,937,494			(26,049,748	)		9,487,233			(36,970,306	)		17,510,550
	12,494,606		10,798,173			(34,169,454	)		(11,329,700	)		41,422,600			(82,631,457	)
	141,439,059		130,640,886			258,553,330			269,883,030			182,730,463			265,361,920
$	153,933,665	$	141,439,059		$	224,383,876		$	258,553,330		$	224,153,063		$	182,730,463
$	—	$	—		$	(2,470,618	)	$	(994,893	)	$	(59,317	)	$	(430,342	)

See Notes to Financial Statements. 273

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/ (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 Period (000)		Expenses, Net(1)			Expenses, Gross(2)			Investment Income/ (Loss), Net(1)			Portfolio Turnover Rate
Inflation Protected Bond Fund
Institutional Class
2016	$	9.98	$	0.17	#	$	0.23	(3)	$	(0.13	)	$	—		$	10.25		3.99	%	$	196,914		0.40	%		0.41	%		1.63	%		61	%
2015(4)		10.41		0.12	#		(0.55	)		—			—			9.98		(4.13	)		234,584		0.40			0.41			1.75			45
Investor Class
2016	$	9.96	$	0.15	#	$	0.22	(3)	$	(0.07	)	$	—		$	10.26		3.66	%	$	81,332		0.70	%		0.71	%		1.43	%		61	%
2015		10.22		(0.28	)#		0.05			(0.03	)		—			9.96		(2.25	)		67,244		0.66			0.67			(2.77	)		45
2014		10.15		0.06	#		0.22			(0.21	)		—			10.22		2.77			302,913		0.62			0.63			0.61			88
2013(5)		11.25		0.10	#		(1.06	)		(0.09	)		(0.05	)		10.15		(8.64	)		274,111		0.64			0.65			0.98			75
2012		11.16		0.21	#		0.46			(0.20	)		(0.38	)		11.25		6.06			197,762		0.65			0.66			1.80			94
Flexible Income Fund
Investor Class
2016	$	9.29	$	0.31	#	$	0.28	(3)	$	(0.31	)	$	—		$	9.57		6.40	%	$	153,934		1.12	%		1.10	%		3.24	%		68	%
2015		9.76		0.33	#		(0.47	)		(0.33	)		—			9.29		(1.54	)		141,439		1.15			1.20			3.37			50
2014		10.06		0.31	#		(0.29	)		(0.30	)		(0.02	)		9.76		0.22			130,641		1.20			1.23			3.06			77
2013(6)		10.00		0.11	#		0.05			(0.10	)		—	†		10.06		1.57			109,163		1.20			1.26			2.22			25

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

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

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

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

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

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

274 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			Expenses, Gross			Investment Income/ (Loss), Net(1)			Portfolio Turnover Rate
Real Estate Securities Fund
Institutional Class
2016	$	9.46	$	0.20	#	$	0.18	(2)	$	(0.50	)	$	(0.24	)	$	9.10		4.07	%	$	123,574		0.88	%(3)		0.90	%		2.07	%		130	%
2015(4)		10.50		0.12	#		(0.33	)		(0.27	)		(0.56	)		9.46		(1.89	)		159,196		0.93	(3)		0.94			1.83			137
Investor Class
2016	$	9.49	$	0.16	#	$	0.19	(2)	$	(0.47	)	$	(0.24	)	$	9.13		3.78	%	$	100,810		1.14	%(3)		1.19	%		1.68	%		130	%
2015		10.26		0.16	#		(0.13	)		(0.24	)		(0.56	)		9.49		0.34			99,357		1.12	(3)		1.17			1.50			137
2014		9.36		0.23	#		1.28			(0.25	)		(0.36	)		10.26		16.13			269,883		1.15			1.15			2.23			129
2013(5)		10.60		0.17	#		(0.02	)		(0.21	)		(1.18	)		9.36		1.49			234,903		1.05			1.05			1.56			168
2012		9.18		0.17	#		1.40			(0.15	)		—			10.60		17.09			191,148		1.05			1.06			1.62			95
Global Natural Resources Equity Fund
Investor Class
2016	$	5.11	$	0.03	#	$	2.29	(2)	$	(0.01	)	$	—		$	7.42		45.50	%	$	224,153		1.25	%		1.26	%		0.44	%		32	%
2015		7.81		—	#		(2.69	)		(0.01	)		—			5.11		(34.49	)		182,730		1.36	(6)		1.37			(0.06	)		63
2014		9.71		(0.02	)#		(1.68	)		(0.02	)		(0.18	)		7.81		(17.49	)		265,362		1.35	(6)		1.37			(0.17	)		37
2013(7)(8)		10.00		(0.01	)#		(0.16	)		(0.03	)		(0.09	)		9.71		1.69			260,722		1.42			1.42			(0.24	)		18

# 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) 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.

(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 years 2015 and 2016.

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

(5) An out of period adjustment to Investment Income had no impact on Net Investment Income per Share or Total Return; however, the Ratio of Net Investment Income to Average Net Assets increased by 0.03%.

(6) The ratio for the Global Natural Resources Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01% and 0.00% for the years 2014 and 2015.

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

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

See Notes to Financial Statements. 275

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-seven series (each, a “Fund” and together, the “Funds”). Each Fund is a diversified, open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

The MyDestination 2005, MyDestination 2015, MyDestination 2025, MyDestination 2035, MyDestination 2045 and MyDestination 2055 Fund are each referred to as a “Target Date Fund” and together as the “Target Date Funds.”

The Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund and Aggressive Allocation Fund are each referred to as an “Asset Allocation Fund” and together as the “Asset Allocation Funds.”

The remaining Funds are each referred to as a “Select Fund” and are together referred to as the “Select Funds.” The Money Market Fund is referred to as the “Money Market Fund.” The Low-Duration Bond Fund, Medium-Duration Bond Fund, Extended-Duration Bond Fund and Global Bond Fund are together referred to as the “Fixed Income Funds.”

The Defensive Market Strategies Fund, Equity Index Fund, Value Equity Fund, Growth Equity Fund, Small Cap Equity Fund, International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund are together referred to as the “Equity Funds.”

The Inflation Protected Bond Fund, Flexible Income Fund, Real Estate Securities Fund and the Global Natural Resources Equity Fund are together referred to as the “Real Return Select Funds.”

There are two classes of shares issued by the Funds — the Institutional Class and the Investor Class (each, a “Class” and together the “Classes”). The International Equity Index Fund issued the Institutional Class only. The Target Date Funds, Flexible Income Fund and the Global Natural Resources Equity Fund issued the Investor Class only. All Classes of shares have identical voting, dividend and liquidation rights. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses on investments are allocated to each Class of shares based upon its relative net assets.

Each Fund is a separate mutual fund with its own investment objective, strategies and risks. The Select Funds invest directly in particular types of fixed-income obligations, stocks and other investments. The Target Date and Asset Allocation Funds primarily invest in a different mix of the Select Funds to meet a specified investment strategy. The Target Date Funds and Asset Allocation Funds are commonly referred to as “Fund of Funds.”

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

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

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

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

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

On September 15-16, 2016, the Board of Trustees of GuideStone Funds (the “Board of Trustees”) approved a reverse share split (the “Reverse Split”) of the issued and outstanding shares of the Institutional Class of Low-Duration Bond Fund, Medium-Duration Bond Fund, Extended-Duration Bond Fund, Equity Index Fund, Value Equity Fund, Growth Equity Fund, Small Cap Equity Fund, and International Equity Fund (each a “Split Impacted Fund” and together, the “Split Impacted Funds”). As a result of the Reverse Split, for each one share of the Institutional Class of each Split Impacted Fund a shareholder currently holds, the shareholder received a proportional number of Institutional Class shares of the Split Impacted Fund with the same dollar value, in accordance with a ratio calculated in order to result in each Institutional Class share having a net asset value (“NAV”) substantially equivalent to each Investor Class share of the Split Impacted Fund.

Shareholders of record in the Institutional Class of each Split Impacted Fund at the close of business on October 14, 2016, participated in the Reverse Split, and the ratio for the Reverse Split was calculated as of that date. Each Split Impacted Fund effected the Reverse Split after the close of the New York Stock Exchange on October 14, 2016.

Fund	Reverse Share Split Ratio
Low-Duration Bond Fund	1:0.6287972
Medium-Duration Bond Fund	1:0.4607397
Extended-Duration Bond Fund	1:0.2187215
Equity Index Fund	1:0.3780577
Value Equity Fund	1:0.3824891
Growth Equity Fund	1:0.4281844
Small Cap Equity Fund	1:0.4941101
International Equity Fund	1:0.7398548

Beginning October 17, 2016, the Institutional Class shares of each Split Impacted Fund were offered, sold and redeemed on a Reverse Split-adjusted basis. Per share data, including the proportionate impact to NAV, in the Financial Highlights and Capital share activity presented in the Capital Share Transactions disclosure (see Note 6) have been restated to reflect the reverse stock split.

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

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

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there is movement in the U.S. market that exceeds a specific threshold established by the Valuation Committee in consultation with, and approved by, the Board of Trustees. Such methodologies generally involve tracking valuation correlations between the U.S. market and each non-U.S. security. As part of the valuation procedures, a “confidence interval” is used, when the threshold is exceeded, to determine the level of correlation between the value of a foreign equity security and movements in the U.S. market before a particular security will be fair valued. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Trust will typically value non-U.S. equity securities in its portfolio that exceed the applicable confidence interval based upon the fair values provided by IDC.

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

The Financial Accounting Standards Board’s (“FASB”) “Fair Value Measurements and Disclosures” defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes and requires disclosure of a fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Levels 1, 2, and 3). Categorizations of fair value measurements, and the criteria used to determine each categorization, are as follows:

Level 1 – quoted prices in active markets for identical securities which include:

Equity securities, including restricted securities, for which market quotations are readily available, that are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded; and

Investments in open-end mutual funds, including the GuideStone Select Funds and the Northern Institutional Liquid Assets Portfolio, which are valued at their closing NAV each business day.

Derivative financial instruments such as financial futures contracts and written and purchased put and call options for which market quotations are readily available, that are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded.

Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) which include:

Equity securities for which there were no sales or closing prices for that day, that are valued at the last quoted bid price or that may be valued using the last available price;

Foreign equity securities for which a Significant Event has occurred and a fair value price is provided by IDC;

Debt securities, including restricted securities that are valued based on evaluated quotations received from independent pricing. For corporate bonds, pricing services that utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices; and

Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available and are valued at amortized cost which approximates fair value.

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

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

Approved Pricing Service.

Level 3 – prices determined using significant unobservable inputs (including the valuation committee’s own assumptions in determining the fair value of investments) which include:

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

Debt securities, including restricted securities, and derivative financial instruments that are valued based on evaluated quotations received from dealers who make markets in such securities.

Valuation levels are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. Transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the end of the reporting period.

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

In accordance with FASB “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S.GAAP and International Financial Reporting Standards (“IFRS”),” management has not presented quantitative disclosures for the securities which are advisor priced or valued by the valuation committee as there have been no adjustments to prices received from third parties as of December 31, 2016.

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

b. Fixed Income Securities

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

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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, 2016, there were no mortgage-backed TBA dollar roll transactions.

U.S. Government securities are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the NAV of the Funds’ shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”), are supported by the full faith and credit of the United States Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations; and still others, such as those of the

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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 on the undrawn portion of the underlying line of credit portion of a floating rate loan. In certain circumstances, the holder may

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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
Flexible Income		Acrisure LLC		88,988
Flexible Income		Allied Universal HoldCo LLC		43,172
Flexible Income		TricorBraun, Inc.		52,273

e. PIPEs

The Global Natural Resources Fund invests in Private Investment in Public Equity (“PIPE”) securities. PIPEs involve the purchase of securities directly from a publicly traded company by a Fund. PIPEs are restricted securities and cannot be immediately resold into the public markets. These investments are valued at fair value as determined in accordance with the procedures approved by the Board of Trustees. Risks include the potential decline in the value of the publicly traded company, the potential dilution of shareholder equity and the inability of the Fund to liquidate the position quickly. The CDEV PIPE security was priced by applying a 10% illiquidity discount to the traded price of CDEV (NASDAQ), with the illiquidity discount being amortized over the period from December 28, 2016 to April 15, 2017, which is the latest estimated date that the sub-adviser expects SEC registration of the CDEV PIPE security.

f. 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.

g. Repurchase Agreements

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

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

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At December 31, 2016, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-cash Collateral Received(1)			Cash Collateral Received		Net  Amount(2)
Money Market
Bank of Montreal	$	3,000,000	$	(3,000,000	)	$	—	$	—
Bank of Nova Scotia		30,000,000		(30,000,000	)		—		—
BNP Paribas SA		40,000,000		(40,000,000	)		—		—
Citigroup Global Markets, Inc.		40,000,000		(40,000,000	)		—		—
Goldman Sachs & Co.		5,000,000		(5,000,000	)		—		—
HSBC Securities USA, Inc.		8,500,000		(8,500,000	)		—		—
Mitsubishi UFJ Securities USA, Inc.		20,000,000		(20,000,000	)		—		—
Mizuho Securities USA, Inc.		4,000,000		(4,000,000	)		—		—
Morgan Stanley & Co. LLC		50,000,000		(50,000,000	)		—		—
RBC Capital Markets LLC		15,000,000		(15,000,000	)		—		—
TD Securities USA LLC		40,000,000		(40,000,000	)		—		—
Total Repurchase Agreements	$	255,500,000	$	(255,500,000	)	$	—	$	—
Low-Duration Bond
JP Morgan Securities LLC	$	14,900,000	$	(14,900,000	)	$	—	$	—
Merrill Lynch, Pierce, Fenner & Smith		8,300,000		(8,300,000	)		—		—
Total Repurchase Agreements	$	23,200,000	$	(23,200,000	)	$	—	$	—
Medium-Duration Bond
Deutsche Bank Securities, Inc.	$	17,600,000	$	(17,600,000	)	$	—	$	—
JP Morgan Securities LLC		35,200,000		(35,200,000	)		—		—
Merrill Lynch, Pierce, Fenner & Smith		22,800,000		(22,800,000	)		—		—
Total Repurchase Agreements	$	75,600,000	$	(75,600,000	)	$	—	$	—

⁽¹⁾  The value of the related collateral received exceeded the value of the repurchase agreements as of December 31, 2016.

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

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

h. Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. The Fund’s obligation to replace the security borrowed and sold short will be collateralized by cash equivalents maintained in a segregated account with the broker. Cash deposited with the broker is recorded as an asset on the Statement of Assets and Liabilities. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss; and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs.

The Equity Funds may sell short exchange-listed equity futures contracts to reduce market exposure. The Target Date Funds, Asset Allocation Funds, Fixed Income Funds and Small Cap Equity Fund may sell short U.S. Treasury securities and exchange-listed U.S. Treasury futures contracts to reduce market exposure. The Low-Duration Bond and Medium-Duration Bond Funds will occasionally enter into a short sale to initiate a dollar roll transaction. The Low-Duration Bond Fund was involved in dollar roll transactions with U.S. Treasury Securities throughout the year. At December 31, 2016, the Low-Duration Bond Fund was involved in a dollar roll transaction with a U.S. Treasury Note for the net amount of $(1,481,075). The Low-Duration Bond Fund and Medium-Duration Bond Fund had no other dollar roll transactions at December 31,2016. The Defensive Market Strategies

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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, 2016, the value of securities sold short in the Low-Duration Bond Fund and International Equity Fund amounted to $1,481,075 and $63,811,126, respectively.

i. Synthetic Convertible Instruments

The Defensive Market Strategies Fund invests in synthetic convertible instruments. Synthetic convertible instruments are hybrid financial instruments that generally combine both debt and equity characteristics into a single note form. The risks of investing in synthetic convertible instruments include unfavorable price movements in the underlying security and the credit risk of the issuing financial institution. There may be no guarantee of a return of principal with synthetic convertible instruments and the appreciation potential may be limited. Synthetic convertible instruments may be more volatile and less liquid than other investments held by the Fund.

j. Derivative Financial Instruments

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

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

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

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

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

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

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excess of the unrealized gain or loss reflected on the Statements of Assets and Liabilities. The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

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

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

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities.

Certain Funds may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract on a future date. If a written call swaption is exercised, the writer will enter a swap and is obligated to pay the fixed-rate and receive a floating rate in exchange. If a written put swaption is exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange. Swaptions are marked-to-market daily based upon quotations from market makers. When a Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current market value of the swaption. Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk in excess of the associated option and swap contract amounts reported in the Statement of Assets and Liabilities. The Funds bear the market risk arising from any change in index values or interest rates.

Swap Agreements — Each Select Fund, except the Money Market Fund, may enter into swap agreements. The Equity Funds may enter into equity swap contracts and the Fixed Income Funds and the Small Cap Equity Fund may enter into interest rate and credit default swaps. The Fixed Income Funds and International Equity Fund may enter into cross-currency swaps, and each Select Fund may enter into total return swaps.

Swap agreements are privately negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. A swap may be entered into in order to, among other things, change the maturity of a Fund’s portfolio, to protect a Fund’s value from changes in interest rates, to expose a Fund to a different security or market, or to help a Fund achieve a strategy relative to an index or other benchmark. By entering into a swap agreement, a Fund is exposed to the risk of unanticipated movements in interest rates or in the value of an underlying security or index (or the risk that the counterparty will not fulfill its obligation under the 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.

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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, 2016, all of the Funds maintained the required level of net assets and/or the NAVs of the Funds did not decline below the limits set forth in the derivative agreements.

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

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

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

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

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change in value is recorded within unrealized appreciation (depreciation) until the occurrence of a credit event or the termination of the swap, at which time a realized gain (loss) is recorded.

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

CDS agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use CDS on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

CDS agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike CDS on corporate issues or sovereign issues of an emerging country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other write down or loss events on the underlying loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use CDS on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default. At December 31, 2016, 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

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the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use CDS on credit indices to hedge a portfolio of CDS or bonds with a CDS on indices which is less expensive than it would be to buy many CDS to achieve a similar effect. CDS on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of CDS agreements on corporate issues or sovereign issues of an emerging country as of period end are disclosed in the footnotes to the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For CDS agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a CDS agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection CDS agreements entered into by a Fund for the same referenced entity or entities.

CDS involve greater risks than if the Funds had invested in the referenced obligation directly. In addition to general market risks, CDS are subject to liquidity risk and counterparty credit risk. The Funds enter into CDS with counterparties meeting defined criteria for financial strength. A buyer also may lose its investment and recover nothing should a credit event not occur. If a credit event did occur, the value of the referenced obligation received by the seller, coupled with the periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value.

Centrally Cleared Swap Agreements — Centrally cleared swaps are either interest rate or CDS agreements brokered by the Chicago Mercantile Exchange or the Intercontinental Exchange (the “Exchanges”) where the Exchanges are the counterparty to both the buyer and seller of protection. Centrally cleared swaps involve a lesser degree of risk because the Exchanges, as counterparties, monitor risk factors for the involved parties. Centrally cleared swaps are subject to general market risks and to liquidity risk. Pursuant to the agreement, the Funds agree to pay to or receive from the broker an amount of cash equal to the daily fluctuation in the value of the contract (the “Margin”) and daily interest on the margin. In the case of centrally cleared interest rate swaps, the daily settlement also includes the daily portion of interest. Such payments are recorded by the Funds as unrealized gains or losses until the contract is closed or settled.

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

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

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and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows but only for exchanging interest cash flows. At December 31, 2016, there were no cross-currency swap agreements.

Interest Rate Swap Agreements — Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swap, under which two parties can exchange variable interest rates based on different money markets.

Total Return Swap Agreements — Total return swap agreements on commodities involve commitments where exchanged cash flows are based on the price of a commodity and in return a Fund receives either fixed or determined by floating price rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may be an equity, index, or bond, and in return receives a regular stream of payments. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty.

Variance Swap Agreements — Variance swap agreements involve two parties exchanging cash payments based on the difference between the stated level of variance (“Variance Strike Price”) and the actual variance realized on an underlying asset or index. As a receiver of the realized price variance, a Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike price. As a payer of the realized price variance, a Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike. A Fund may enter into variance swaps in an attempt to hedge market risk or adjust exposure to the markets. At December 31, 2016, there were no variance swap agreements.

FASB “Derivatives and Hedging” includes required disclosure for (i) the nature and terms of the derivative, reasons for entering into the derivative, the events or circumstances that would require the seller to perform under the derivative, and the current status of the payment/performance risk of the derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the derivative, (iii) the fair value of the derivative, and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties. FASB “Guarantees” require additional disclosures about the current status of the payment/performance risk of a guarantee. All of this information has been incorporated for the current period as part of the Schedules of Investments within the Swap agreements outstanding disclosure and in the Notes to Financial Statements.

As of December 31, 2016, the Low-Duration Bond Fund and the Medium-Duration Bond Fund are the buyers (“receiving protection”) on a total notional amount of $23,769,000 and $10,495,000, respectively, and the sellers (“providing protection”) on a total notional amount of $0 and $17,880,000, 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

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future payments that the Funds could be required to make if the Funds were the seller of protection and a credit event was to occur. Those credit default swaps for which the Funds are providing protection at balance sheet date are summarized as follows:

	Single Name Credit Default Swaps				Credit Default Swap Index
	Corporate		Sovereign		Asset-Backed		Corporate
Reference Asset	Debt		Debt		Securities		Debt		Total
Medium-Duration Bond Fund
Fair value of written credit derivatives	$	10,868	$	2,721	$	301,451	$	—	$	315,040
Maximum potential amount of future payments		1,400,000		1,000,000		15,480,000		—		17,880,000
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, 2016, there were no recourse provisions with third parties to recover any amounts paid under the credit derivative agreement (including any purchased credit protection) nor was any collateral held by the Funds or other third parties which the Funds can obtain upon occurrence of a triggering event.

The credit spread disclosed below for each referenced obligation where the Funds are the seller of protection is a representation of the current payment/performance risk of the swap.

	Maximum Potential Amount of Future Payments by Contract Term
Current credit spread on underlying (in basis points)	0-6     Months		6-12     Months		1-5 Years		5-10 Years		More Than     10 Years		Total
Medium-Duration Bond Fund
0 - 100	$	1,000,000	$	900,000	$	6,900,000	$	—	$	5,100,000	$	13,900,000
101 - 250		—		—		—		—		—		—
251 - 500		—		—		3,980,000		—		—		3,980,000
501 - 1,000		—		—		—		—		—		—
Greater than 1,000		—		—		—		—		—		—
Total	$	1,000,000	$	900,000	$	10,880,000	$	—	$	5,100,000	$	17,880,000

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.

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At December 31, 2016, derivative assets and liabilities (by type) held by the Funds are as follows:

Fund	Assets		Liabilities
MyDestination 2005
Derivative Financial Instruments:
Financial futures contracts	$	1,386	$	2,225
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,386		2,225
Derivatives not subject to an MA or similar agreement		1,386		2,225
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2015
Derivative Financial Instruments:
Financial futures contracts	$	11,459	$	10,795
Total derivative assets and liabilities in the Statements of Assets and Liabilities		11,459		10,795
Derivatives not subject to an MA or similar agreement		11,459		10,795
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2025
Derivative Financial Instruments:
Financial futures contracts	$	20,196	$	28,225
Total derivative assets and liabilities in the Statements of Assets and Liabilities		20,196		28,225
Derivatives not subject to an MA or similar agreement		20,196		28,225
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2035
Derivative Financial Instruments:
Financial futures contracts	$	13,558	$	27,936
Total derivative assets and liabilities in the Statements of Assets and Liabilities		13,558		27,936
Derivatives not subject to an MA or similar agreement		13,558		27,936
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2045
Derivative Financial Instruments:
Financial futures contracts	$	8,716	$	22,015
Total derivative assets and liabilities in the Statements of Assets and Liabilities		8,716		22,015
Derivatives not subject to an MA or similar agreement		8,716		22,015
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2055
Derivative Financial Instruments:
Financial futures contracts	$	—	$	4,450
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		4,450
Derivatives not subject to an MA or similar agreement		—		4,450
Total assets and liabilities subject to an MA	$	—	$	—
Conservative Allocation
Derivative Financial Instruments:
Financial futures contracts	$	3,996	$	4,451
Total derivative assets and liabilities in the Statements of Assets and Liabilities		3,996		4,451
Derivatives not subject to an MA or similar agreement		3,996		4,451
Total assets and liabilities subject to an MA	$	—	$	—

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Fund	Assets		Liabilities
Balanced Allocation
Derivative Financial Instruments:
Financial futures contracts	$	49,186	$	45,830
Total derivative assets and liabilities in the Statements of Assets and Liabilities		49,186		45,830
Derivatives not subject to an MA or similar agreement		49,186		45,830
Total assets and liabilities subject to an MA	$	—	$	—
Growth Allocation
Derivative Financial Instruments:
Financial futures contracts	$	33,866	$	56,565
Total derivative assets and liabilities in the Statements of Assets and Liabilities		33,866		56,565
Derivatives not subject to an MA or similar agreement		33,866		56,565
Total assets and liabilities subject to an MA	$	—	$	—
Aggressive Allocation
Derivative Financial Instruments:
Financial futures contracts	$	19,875	$	55,870
Total derivative assets and liabilities in the Statements of Assets and Liabilities		19,875		55,870
Derivatives not subject to an MA or similar agreement		19,875		55,870
Total assets and liabilities subject to an MA	$	—	$	—
Low-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	99,081	$	103,097
Forward foreign exchange contracts		2,593,545		390,694
Options		93,048		53,141
Swaps		181,959		675,987
Total derivative assets and liabilities in the Statements of Assets and Liabilities		2,967,633		1,222,919
Derivatives not subject to an MA or similar agreement		679,016		1,036,680
Total assets and liabilities subject to an MA	$	2,288,617	$	186,239
Medium-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	734,256	$	337,657
Forward foreign exchange contracts		3,325,831		694,088
Options		1,847,251		2,574,861
Swaps		2,675,698		792,250
Total derivative assets and liabilities in the Statements of Assets and Liabilities		8,583,036		4,398,856
Derivatives not subject to an MA or similar agreement		3,186,272		1,195,474
Total assets and liabilities subject to an MA	$	5,396,764	$	3,203,382
Global Bond
Derivative Financial Instruments:
Financial futures contracts	$	59,247	$	112,976
Forward foreign exchange contracts		449,610		2,002,327
Options		871,293		1,547
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,380,150		2,116,850
Derivatives not subject to an MA or similar agreement		930,540		114,523
Total assets and liabilities subject to an MA	$	449,610	$	2,002,327

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Fund	Assets		Liabilities
Defensive Market Strategies
Derivative Financial Instruments:
Financial futures contracts	$	—	$	54,735
Forward foreign exchange contracts		433		81,772
Options		—		705,781
Total derivative assets and liabilities in the Statements of Assets and Liabilities		433		842,288
Derivatives not subject to an MA or similar agreement		433		842,288
Total assets and liabilities subject to an MA	$	—	$	—
Equity Index
Derivative Financial Instruments:
Financial futures contracts	$	—	$	96,120
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		96,120
Derivatives not subject to an MA or similar agreement		—		96,120
Total assets and liabilities subject to an MA	$	—	$	—
Value Equity
Derivative Financial Instruments:
Financial futures contracts	$	—	$	134,398
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		134,398
Derivatives not subject to an MA or similar agreement		—		134,398
Total assets and liabilities subject to an MA	$	—	$	—
Growth Equity
Derivative Financial Instruments:
Financial futures contracts	$	—	$	218,050
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		218,050
Derivatives not subject to an MA or similar agreement		—		218,050
Total assets and liabilities subject to an MA	$	—	$	—
Small Cap Equity
Derivative Financial Instruments:
Financial futures contracts	$	—	$	106,590
Forward foreign exchange contracts		—		—
Options		—		—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		106,590
Derivatives not subject to an MA or similar agreement		—		106,590
Total assets and liabilities subject to an MA	$	—	$	—
International Equity Index
Derivative Financial Instruments:
Financial futures contracts	$	24,118	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		24,118		—
Derivatives not subject to an MA or similar agreement		24,118		—
Total assets and liabilities subject to an MA	$	—	$	—

294

Fund	Assets		Liabilities
International Equity
Derivative Financial Instruments:
Financial futures contracts	$	958,898	$	183,700
Forward foreign exchange contracts		908,668		3,018,557
Swaps		281,711		32,783
Total derivative assets and liabilities in the Statements of Assets and Liabilities		2,149,277		3,235,040
Derivatives not subject to an MA or similar agreement		137,270		—
Total assets and liabilities subject to an MA	$	2,012,007	$	3,235,040
Emerging Markets Equity
Derivative Financial Instruments:
Financial futures contracts	$	232,981	$	260,068
Forward foreign exchange contracts		1,354,959		421,788
Swaps		—		51,731
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,587,940		733,587
Derivatives not subject to an MA or similar agreement		—		152,250
Total assets and liabilities subject to an MA	$	1,587,940	$	581,337
Inflation Protected Bond
Derivative Financial Instruments:
Financial futures contracts	$	81,101	$	85,825
Forward foreign exchange contracts		400,851		131,720
Options		217,995		114,972
Total derivative assets and liabilities in the Statements of Assets and Liabilities		699,947		332,517
Derivatives not subject to an MA or similar agreement		699,947		332,517
Total assets and liabilities subject to an MA	$	—	$	—
Real Estate Securities
Derivative Financial Instruments:
Financial futures contracts	$	—	$	24,150
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		24,150
Derivatives not subject to an MA or similar agreement		—		24,150
Total assets and liabilities subject to an MA	$	—	$	—
Global Natural Resources
Derivative Financial Instruments:
Financial futures contracts	$	17,880	$	47,190
Total derivative assets and liabilities in the Statements of Assets and Liabilities		17,880		47,190
Derivatives not subject to an MA or similar agreement		17,880		47,190
Total assets and liabilities subject to an MA	$	—	$	—

295

At December 31, 2016, derivative assets and liabilities by counterparty net of amounts available for offset under an MA and net of the related collateral (received)/pledged by the Trust are as follows:

Fund/Sub-adviser/Counterparty	Derivative Assets Subject to an MA			Derivative Liabilities Subject to an MA				Value of Derivatives Subject to an MA				Collateral (Received)/ Pledged				Net Exposure
Low-Duration Bond
Sub-adviser A
Other Counterparties*		$	—		$	—			$	—			$	—			$	—
Sub-adviser B
CITI			418,656			—				418,656				—				418,656
Other Counterparties*			1,869,961			(186,239	)			1,683,722				(1,336,900	)			346,822
			2,288,617			(186,239	)			2,102,378				(1,336,900	)			765,478
Total Derivatives		$	2,288,617		$	(186,239	)		$	2,102,378			$	(1,336,900	)		$	765,478
Medium-Duration Bond
Sub-adviser A
Other Counterparties*		$	508,181		$	(179,407	)		$	328,774			$	—			$	328,774
Sub-adviser B
Other Counterparties*			3,460,299			(2,612,976	)			847,323				(1,157,040	)			(309,717	)
Sub-adviser C
CITIC			1,085,067			(200,721	)			884,346				—				884,346
Other Counterparties*			343,217			(210,278	)			132,939				—				132,939
			1,428,284			(410,999	)			1,017,285				—				1,017,285
Total Derivatives		$	5,396,764		$	(3,203,382	)		$	2,193,382			$	(1,157,040	)		$	1,036,342
Global Bond
Sub-adviser A
BAR		$	—		$	(195,675	)		$	(195,675	)		$	—			$	(195,675	)
CITIG			27,080			(394,576	)			(367,496	)			—				(367,496	)
DEUT			—			(850,309	)			(850,309	)			—				(850,309	)
UBS			56,956			(395,339	)			(338,383	)			—				(338,383	)
Other Counterparties*			365,574			(166,428	)			199,146				—				199,146
Total Derivatives		$	449,610		$	(2,002,327	)		$	(1,552,717	)		$	—			$	(1,552,717	)

296

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
International Equity
Sub-adviser A
BAR		$	612,380		$	(31,855	)		$	580,525			$	—			$	580,525
Other Counterparties*			1,399,627			(3,203,185	)			(1,803,558	)			1,710,000				(93,558	)
Total Derivatives		$	2,012,007		$	(3,235,040	)		$	(1,223,033	)		$	1,710,000			$	486,967
Emerging Markets Equity
Sub-adviser A
Other Counterparties*		$	1,587,940		$	(581,337	)		$	1,006,603			$	(945,386	)		$	61,217
Total Derivatives		$	1,587,940		$	(581,337	)		$	1,006,603			$	(945,386	)		$	61,217

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

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

297

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, 2016.

	Asset Derivative Value
Fund	Total Value at 12/31/16		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2005
Futures	$	5,423	$	5,423	$	—	$	—	$	—
Low-Duration Bond
Forwards	$	2,593,545	$	—	$	2,593,545	$	—	$	—
Futures		290,704		290,704		—		—		—
Purchased Options		93,048		93,048		—		—		—
Swaps		181,959		181,959		—		—		—
Totals	$	3,159,256	$	565,711	$	2,593,545	$	—	$	—
Medium-Duration Bond
Forwards	$	3,325,831	$	—	$	3,325,831	$	—	$	—
Futures		815,228		815,228		—		—		—
Purchased Options		1,847,251		1,847,251		—		—		—
Swaps		2,675,698		2,338,069		—		337,629		—
Totals	$	8,664,008	$	5,000,548	$	3,325,831	$	337,629	$	—
Global Bond Fund
Forwards	$	449,610	$	—	$	449,610	$	—	$	—
Futures		170,573		170,573		—		—		—
Purchased Options		871,293		—		871,293		—		—
Totals	$	1,491,476	$	170,573	$	1,320,903	$	—	$	—
Defensive Market Strategies
Forwards	$	433	$	—	$	433	$	—	$	—

298

	Asset Derivative Value
Fund	Total Value at 12/31/16		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
International Equity
Forwards	$	908,668	$	—	$	908,668	$	—	$	—
Futures		2,149,617		—		—		—		2,149,617
Swaps		281,711		—		—		—		281,711
Totals	$	3,339,996	$	—	$	908,668	$	—	$	2,431,328
Emerging Markets Equity
Forwards	$	1,354,959	$	—	$	1,354,959	$	—	$	—
Futures		443,255		—		—		—		443,255
Totals	$	1,798,214	$	—	$	1,354,959	$	—	$	443,255
Inflation Protected Bond
Forwards	$	400,851	$	—	$	400,851	$	—	$	—
Futures		227,479		227,479		—		—		—
Purchased Options		217,995		127,500		90,495		—		—
Totals	$	846,325	$	354,979	$	491,346	$	—	$	—
Global Natural
Resources Equity
Futures	$	40,643	$	—	$	—	$	—	$	40,643
		Liability Derivative Value
Fund	Total Value at 12/31/16		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2005
Futures	$	1,573	$	—	$	—	$	—	$	1,573
MyDestination 2015
Futures	$	39,534	$	15,633	$	—	$	—	$	23,901
MyDestination 2025
Futures	$	76,877	$	23,077	$	—	$	—	$	53,800
MyDestination 2035
Futures	$	79,204	$	10,422	$	—	$	—	$	68,782
MyDestination 2045
Futures	$	49,968	$	2,233	$	—	$	—	$	47,735
MyDestination 2055
Futures	$	3,773	$	—	$	—	$	—	$	3,773
Conservative Allocation
Futures	$	7,949	$	693	$	—	$	—	$	7,256
Balanced Allocation
Futures	$	122,073	$	31,470	$	—	$	—	$	90,603
Growth Allocation
Futures	$	140,927	$	23,337	$	—	$	—	$	117,590
Aggressive Allocation
Futures	$	99,064	$	—	$	—	$	—	$	99,064

299

	Liability Derivative Value
Fund	Total Value at 12/31/16		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Low-Duration Bond
Forwards	$	390,694	$	—	$	390,694	$	—	$	—
Futures		274,516		274,516		—		—		—
Swaps		675,987		564,548		—		111,439		—
Written Options		53,141		53,141		—		—		—
Totals	$	1,394,338	$	892,205	$	390,694	$	111,439	$	—
Medium-Duration Bond
Forwards	$	694,088	$	—	$	694,088	$	—	$	—
Futures		1,393,115		1,393,115		—		—		—
Swaps		792,250		729,240		—		63,010		—
Written Options		2,574,861		2,574,861		—		—		—
Totals	$	5,454,314	$	4,697,216	$	694,088	$	63,010	$	—
Global Bond Fund
Forwards	$	2,002,327	$	—	$	2,002,327	$	—	$	—
Futures		110,733		110,733		—		—		—
Written Options		1,547		1,547		—		—		—
Totals	$	2,114,607	$	112,280	$	2,002,327	$	—	$	—
Defensive Market Strategies
Forwards	$	81,772	$	—	$	81,772	$	—	$	—
Futures		38,690		—		—		—		38,690
Written Options		705,781		—		—		—		705,781
Totals	$	826,243	$	—	$	81,772	$	—	$	744,471
Equity Index
Futures	$	128,715	$	—	$	—	$	—	$	128,715
Value Equity
Futures	$	172,183	$	—	$	—	$	—	$	172,183
Growth Equity
Futures	$	207,890	$	—	$	—	$	—	$	207,890
Small Cap Equity
Futures	$	544,618	$	—	$	—	$	—	$	544,618
International Equity Index
Futures	$	37,291	$	—	$	—	$	—	$	37,291
International Equity
Forwards	$	3,018,557	$	—	$	3,018,557	$	—	$	—
Futures		1,552,463		—		—		—		1,552,463
Swaps		32,783		—		—		—		32,783
Totals	$	4,603,803	$	—	$	3,018,557	$	—	$	1,585,246

300

	Liability Derivative Value
Fund	Total Value at 12/31/16		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Emerging Markets Equity
Forwards	$	421,788	$	—	$	421,788	$	—	$	—
Futures		264,017		—		—		—		264,017
Swaps		51,731		—		—		—		51,731
Totals	$	737,536	$	—	$	421,788	$	—	$	315,748
Inflation Protected Bond
Forwards	$	131,720	$	—	$	131,720	$	—	$	—
Futures		201,460		201,460		—		—		—
Written Options		114,972		—		86,972		—		28,000
Totals	$	448,152	$	201,460	$	218,692	$	—	$	28,000
Real Estate Securities
Futures	$	92,554	$	—	$	—	$	—	$	92,554
Global Natural
Resources Equity
Futures	$	192,417	$	—	$	102,333	$	—	$	90,084

301

Derivative Type	Location on the Statements of Operations
Interest rate contracts	Net realized gain (loss) from: Futures transactions
	Net realized gain (loss) from: Swap agreements
	Net realized gain (loss) from: Option contracts written
	Net realized gain (loss) from: Option contracts purchased
	Net change in unrealized appreciation (depreciation) on: Futures
	Net change in unrealized appreciation (depreciation) on: Swap agreements
	Net change in unrealized appreciation (depreciation) on: Option contracts written
	Net change in unrealized appreciation (depreciation) on: Option contracts purchased
Foreign exchange contracts	Net realized gain (loss) from: Foreign currency
	Net realized gain (loss) from: Option contracts written
	Net realized gain (loss) from: Option contracts purchased
	Net change in unrealized appreciation (depreciation) on: Foreign currency
	Net change in unrealized appreciation (depreciation) on: Option contracts purchased
	Net change in unrealized appreciation (depreciation) on: Option contracts written
Credit contracts	Net realized gain (loss) from: Swap agreements
	Net change in unrealized appreciation (depreciation) on: Swap agreements
Equity contracts	Net realized gain (loss) from: Futures transactions
	Net realized gain (loss) from: Option contracts written
	Net realized gain (loss) from: Option contracts purchased
	Net change in unrealized appreciation (depreciation) on: Futures
	Net change in unrealized appreciation (depreciation) on: Option contracts written
	Net change in unrealized appreciation (depreciation) on: Option contracts purchased

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 12/31/16		Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2005
Futures	$	47,734	$	(11,793	)	$	—	$	—	$	59,527
MyDestination 2015
Futures	$	448,779	$	(30,003	)	$	—	$	—	$	478,782
MyDestination 2025
Futures	$	778,520	$	(73,357	)	$	—	$	—	$	851,877
MyDestination 2035
Futures	$	755,529	$	(18,084	)	$	—	$	—	$	773,613
MyDestination 2045
Futures	$	595,811	$	2,030		$	—	$	—	$	593,781
MyDestination 2055
Futures	$	110,788	$	—		$	—	$	—	$	110,788
Conservative Allocation
Futures	$	140,525	$	(15,840	)	$	—	$	—	$	156,365
Balanced Allocation
Futures	$	1,312,012	$	117,262		$	—	$	—	$	1,194,750
Growth Allocation
Futures	$	1,337,248	$	41,001		$	—	$	—	$	1,296,247
Aggressive Allocation
Futures	$	1,543,480	$	—		$	—	$	—	$	1,543,480

302

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 12/31/16			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Low-Duration Bond
Forwards	$	(969,813	)	$	—		$	(969,813	)	$	—		$	—
Futures		762,388			762,388			—			—			—
Purchased Options		471,043			471,043			—			—			—
Swaps		(401,620	)		(925,335	)		—			523,715			—
Written Options		(429,069	)		(509,871	)		19,619			61,183			—
Totals	$	(567,071	)	$	(201,775	)	$	(950,194	)	$	584,898		$	—
Medium-Duration Bond
Forwards	$	304,534		$	—		$	304,534		$	—		$	—
Futures		(3,247,678	)		(3,234,326	)		(13,352	)		—			—
Purchased Options		(1,836,238	)		(1,805,536	)		(30,702	)		—			—
Swaps		(9,895,135	)		(9,186,147	)		—			(708,988	)		—
Written Options		2,354,750			2,044,493			310,257			—			—
Totals	$	(12,319,767	)	$	(12,181,516	)	$	570,737		$	(708,988	)	$	—
Global Bond
Forwards	$	1,866,154		$	—		$	1,866,154		$	—		$	—
Futures		260,059			260,059			—			—			—
Purchased Options		(388,314	)		—			(388,314	)		—			—
Totals	$	1,737,899		$	260,059		$	1,477,840		$	—		$	—
Defensive Market Strategies
Forwards	$	332,606		$	—		$	332,606		$	—		$	—
Futures		2,371,381			—			—			—			2,371,381
Purchased Options		(446	)		—			—			—			(446	)
Written Options		7,290,501			—			—			—			7,290,501
Totals	$	9,994,042		$	—		$	332,606		$	—		$	9,661,436
Equity Index
Futures	$	2,901,921		$	—		$	—		$	—		$	2,901,921
Value Equity
Futures	$	6,008,768		$	—		$	—		$	—		$	6,008,768
Growth Equity
Futures	$	5,581,688		$	—		$	—		$	—		$	5,581,688
Small Cap Equity
Futures	$	4,009,845		$	—		$	—		$	—		$	4,009,845
International Equity Index
Futures	$	288,663		$	—		$	—		$	—		$	288,663
International Equity
Forwards	$	10,955,594		$	—		$	10,955,594		$	—		$	—
Futures		3,367,734			—			—			—			3,367,734
Swaps		(424,145	)		—			—			—			(424,145	)
Totals	$	13,899,183		$	—		$	10,955,594		$	—		$	2,943,589
Emerging Markets Equity
Forwards	$	2,984,825		$	—		$	2,984,825		$	—		$	—
Futures		2,389,336			—			—			—			2,389,336
Swaps		98,542			—			—			—			98,542
Totals	$	5,472,703		$	—		$	2,984,825		$	—		$	2,487,878

303

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 12/31/16			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Inflation Protected Bond
Forwards	$	(759,398	)	$	—		$	(759,398	)	$	—		$	—
Futures		(588,148	)		(588,148	)		—			—			—
Purchased Options		(2,723,022	)		(595,913	)		(2,127,109	)		—			—
Written Options		1,869,454			116,815			1,753,146			—			(507	)
Totals	$	(2,201,114	)	$	(1,067,246	)	$	(1,133,361	)	$	—		$	(507	)
Real Estate Securities
Futures	$	1,604,097		$	—		$	—		$	—		$	1,604,097
Global Natural
Resources Equity
Futures	$	1,517,932		$	—		$	(51,598	)	$	—		$	1,569,530
	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Total Value at 12/31/16			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
MyDestination 2005
Futures	$	10,352		$	7,290		$	—		$	—		$	3,062
MyDestination 2015
Futures	$	(49,146	)	$	(10,712	)	$	—		$	—		$	(38,434	)
MyDestination 2025
Futures	$	(95,469	)	$	(17,101	)	$	—		$	—		$	(78,368	)
MyDestination 2035
Futures	$	(104,886	)	$	(8,626	)	$	—		$	—		$	(96,260	)
MyDestination 2045
Futures	$	(71,719	)	$	(1,874	)	$	—		$	—		$	(69,845	)
MyDestination 2055
Futures	$	(253	)	$	—		$	—		$	—		$	(253	)
Conservative Allocation
Futures	$	(11,179	)	$	4,821		$	—		$	—		$	(16,000	)
Balanced Allocation
Futures	$	(215,863	)	$	(24,167	)	$	—		$	—		$	(191,696	)
Growth Allocation
Futures	$	(243,335	)	$	(20,392	)	$	—		$	—		$	(222,943	)
Aggressive Allocation
Futures	$	(223,492	)	$	—		$	—		$	—		$	(223,492	)
Low-Duration Bond
Forwards	$	2,430,775		$	—		$	2,430,775		$	—		$	—
Futures		263,788			263,788			—			—			—
Purchased Options		237,261			237,261			—			—			—
Swaps		(899,105	)		(760,478	)		—			(138,627	)		—
Written Options		(482,274	)		(482,274	)		—			—			—
Totals	$	1,550,445		$	(741,703	)	$	2,430,775		$	(138,627	)	$	—

304

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Total Value at 12/31/16			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
Medium-Duration Bond
Forwards	$	1,975,647		$	—		$	1,975,647		$	—	$	—
Futures		507,392			505,966			1,426			—		—
Purchased Options		478,350			478,350			—			—		—
Swaps		6,512,646			6,223,923			(25,302	)		314,025		—
Written Options		(1,220,835	)		(1,099,834	)		(121,001	)		—		—
Totals	$	8,253,200		$	6,108,405		$	1,830,770		$	314,025	$	—
Global Bond
Forwards	$	(2,042,770	)	$	—		$	(2,042,770	)	$	—	$	—
Futures		29,451			29,451			—			—		—
Purchased Options		683,076			—			683,076			—		—
Written Options		15,147			15,147			—			—		—
Totals	$	(1,315,096	)	$	44,598		$	(1,359,694	)	$	—	$	—
Defensive Market Strategies
Forwards	$	(94,176	)	$	—		$	(94,176	)	$	—	$	—
Futures		35,027			—			—			—		35,027
Written Options		(307,844	)		—			—			—		(307,844	)
Totals	$	(366,993	)	$	—		$	(94,176	)	$	—	$	(272,817	)
Equity Index
Futures	$	(87,166	)	$	—		$	—		$	—	$	(87,166	)
Value Equity
Futures	$	(77,286	)	$	—		$	—		$	—	$	(77,286	)
Growth Equity
Futures	$	(63,290	)	$	—		$	—		$	—	$	(63,290	)
Small Cap Equity
Futures	$	(785,942	)	$	—		$	—		$	—	$	(785,942	)
International Equity Index
Futures	$	(124,472	)	$	—		$	—		$	—	$	(124,472	)
International Equity
Forwards	$	(5,585,235	)	$	—		$	(5,585,235	)	$	—	$	—
Futures		(438,194	)		—			—			—		(438,194	)
Swaps		250,372			—			—			—		250,372
Totals	$	(5,773,057	)	$	—		$	(5,585,235	)	$	—	$	(187,822	)
Emerging Markets Equity
Forwards	$	431,263		$	—		$	431,263		$	—	$	—
Futures		333,819			—			—			—		333,819
Swaps		(32,752	)		—			—			—		(32,752	)
Totals	$	732,330		$	—		$	431,263		$	—	$	301,067
Inflation Protected Bond
Forwards	$	708,712		$	—		$	708,712		$	—	$	—
Futures		173,241			173,241			—			—		—
Purchased Options		(18,511	)		(74,440	)		55,929			—		—
Written Options		(83,162	)		95,153			(178,315	)		—		—
Totals	$	780,280		$	193,954		$	586,326		$	—	$	—

305

	Change in Unrealized Appreciation (Depreciation) on Derivatives  Recognized in Income
	Total Value at 12/31/16			Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts
Real Estate Securities
Futures	$	(132,084	)	$	—	$	—		$	—	$	(132,084	)
Global Natural
Resources Equity
Futures	$	(151,774	)	$	—	$	(102,333	)	$	—	$	(49,441	)

Volume of Derivative Transactions

The table below summarizes the average balance of derivative holdings by fund during the year ended December 31, 2016. The average balance of derivatives held is indicative of the trading volume of each Fund.

	Long Derivative Volume
	Forward Foreign Currency Contracts(1)		Financial Futures Contracts(2)		Purchased Option Contracts(3)		Swap Contracts(4)
MyDestination 2005		—		1,648,725		—		—
MyDestination 2015		—		6,678,125		—		—
MyDestination 2025		—		11,771,280		—		—
MyDestination 2035		—		9,384,867		—		—
MyDestination 2045		—		6,767,700		—		—
MyDestination 2055		—		913,089		—		—
Conservative Allocation		—		6,438,325		—		—
Balanced Allocation		—		28,926,266		—		—
Growth Allocation		—		21,559,037		—		—
Aggressive Allocation		—		18,609,217		—		—
Low-Duration Bond		698,943,716		449,183,269		152,700		70,600,000
Medium-Duration Bond		7,947,872,667		377,020,379		653,122		4,920,742,400
Global Bond		2,826,457,649		41,322,957		101,866		—
Defensive Market Strategies		15,769,361		22,460,498		—		—
Equity Index		—		20,399,572		—		—
Value Equity		—		40,948,550		—		—
Growth Equity		—		48,290,964		—		—
Small Cap Equity		—		19,109,771		—		—
International Equity Index		—		6,842,376		—		—
International Equity		986,820,497		102,743,310		—		22,932,544
Emerging Markets Equity		8,483,053,442		40,544,561		—		2,268,653
Inflation Protected Bond		224,558,539		35,655,804		715,850		—
Real Estate Securities		—		10,648,354		—		—
Global Natural Resources Equity		—		2,938,283		—		—

306

	Short Derivative Volume
	Forward  Foreign Currency Contracts(1)		Financial Futures Contracts(2)		Written Option Contracts(5)		Swap Contracts(4)
Low-Duration Bond		36,043,356		147,930,794		374,204		260,284,400
Medium-Duration Bond		96,067,513		456,834,138		825,351		844,427,000
Global Bond		31,829,244		27,660,112		3,339		—
Defensive Market Strategies		1,169,080		—		790,561		—
International Equity		147,883,020		37,828,258		—		8,112,927
Emerging Markets Equity		54,913,700		8,364,916		—		9,899,546
Inflation Protected Bond		163,321,639		58,054,216		396,899		—

⁽¹⁾  Calculated based on the amount of currency purchased/sold, in its base currency, as presented in the section entitled “Forward Foreign Currency Contracts.”

⁽²⁾  Calculated based on the notional market value of the contracts, in their base currency, as presented in the section entitled “Financial Futures Contracts.”

⁽³⁾  Calculated based on the cost of purchased options as as presented in the Schedules of Investments for the applicable Funds.

⁽⁴⁾  Calculated based on the notional amount of the contracts, in their base currency, as presented in the Schedules of Investments for the applicable Funds.

⁽⁵⁾  Calculated based on the premiums received for written options as as presented in the Schedules of Investments for the applicable Funds.

j. Dividends and Distributions to Shareholders

The Low-Duration Bond Fund, Medium-Duration Bond Fund, Extended-Duration Bond Fund, Inflation Protected Bond Fund, Global Bond Fund and Flexible Income Fund declare and pay dividends from net investment income monthly. The Money Market Fund declares income dividends daily and pays them monthly. Each of the Defensive Market Strategies Fund, Equity Index Fund, Real Estate Securities Fund, Value Equity Fund and Growth Equity Fund declares and pays dividends from net investment income semi-annually. Each of the other Funds (including all the Target Date Funds and Asset Allocation Funds) declares and pays dividends from net investment income annually. Each Fund also distributes to its shareholders at least annually any realized net capital gains and net gains, if any, from certain foreign currency transactions. Dividends and distributions to shareholders are recorded on the ex-dividend date.

k. Expenses

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

l. Security Transactions, Income and Realized Gains and Losses

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

307

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

Fund	Advisory Fees	Sub-Adviser Fees
MyDestination 2005	0.10%	0.00%
MyDestination 2015	0.10%	0.00%
MyDestination 2025	0.10%	0.00%
MyDestination 2035	0.10%	0.00%
MyDestination 2045	0.10%	0.00%
MyDestination 2055	0.10%	0.00%
Conservative Allocation	0.10%	0.00%
Balanced Allocation	0.10%	0.00%
Growth Allocation	0.10%	0.00%
Aggressive Allocation	0.10%	0.00%
Money Market	0.07%	0.06%
Low-Duration Bond	0.11%	0.19%
Medium-Duration Bond	0.13%	0.20%
Extended-Duration Bond	0.25%	0.23%
Global Bond	0.25%	0.25%
Defensive Market Strategies	0.33%	0.31%
Equity Index	0.08%	0.02%
Value Equity	0.33%	0.23%
Growth Equity	0.33%	0.39%
Small Cap Equity	0.33%	0.63%
International Equity Index	0.10%	0.05%
International Equity	0.33%	0.41%
Emerging Markets Equity	0.33%	0.73%
Inflation Protected Bond	0.20%	0.11%
Flexible Income	0.20%	0.48%
Real Estate Securities	0.30%	0.42%
Global Natural Resources Equity	0.36%	0.53%

308

For the year ended December 31, 2016, advisory fees and waivers for each Fund were as follows:

	Gross Advisory Fee		Waiver/ Reimbursements(1)			Net Advisory Fee (Reimbursement)
MyDestination 2005	$	105,200	$	(170,089	)	$	(64,889	)
MyDestination 2015		509,301		(234,596	)		274,705
MyDestination 2025		777,736		(282,323	)		495,413
MyDestination 2035		427,938		(220,516	)		207,422
MyDestination 2045		311,934		(200,534	)		111,400
MyDestination 2055		48,857		(146,729	)		(97,872	)
Conservative Allocation		371,924		(98,389	)		273,535
Balanced Allocation		1,491,723		(229,910	)		1,261,813
Growth Allocation		1,082,644		(90,247	)		992,397
Aggressive Allocation		912,600		(240	)		912,360
Money Market(2)		896,088		—			896,088
Low-Duration Bond		973,596		(62,363	)		911,233
Medium-Duration Bond		1,196,264		(91,563	)		1,104,701
Extended-Duration Bond		683,602		(26,552	)		657,050
Global Bond		1,015,756		(54,007	)		961,749
Defensive Market Strategies		2,258,682		(59,628	)		2,199,054
Equity Index		524,639		(37,381	)		487,258
Value Equity		4,080,212		(87,710	)		3,992,502
Growth Equity		4,442,920		(110,503	)		4,332,417
Small Cap Equity		1,643,623		(72,379	)		1,571,244
International Equity Index		119,705		(98,308	)		21,397
International Equity		4,185,687		(115,386	)		4,070,301
Emerging Markets Equity		1,084,531		(639,785	)		444,746
Inflation Protected Bond		606,104		(16,409	)		589,695
Flexible Income		300,967		19,998			320,965
Real Estate Securities		751,201		(62,548	)		688,653
Global Natural Resources Equity		757,564		(24,465	)		733,099

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

⁽²⁾  The Statement of Operations “Expenses waived/reimbursed net of amount recaptured” for the Money Market Fund includes shareholder servicing fee waiver and other waivers.

b. Shareholder Servicing Fees (Affiliate)

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

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

GSCM and/or its affiliates have agreed to waive shareholder service fees attributable to the Funds’ investment of cash balances in the Money Market Fund through April 30, 2017.

309

c. Expense Limitation (Affiliate)

On February 26, 2016, GSCM agreed, through April 30, 2017, to waive fees and reimburse expenses of the Institutional Class and Investor Class of each Fund (excluding interest, taxes, brokerage commissions, expense incurred in connection with 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, 2016 to April 30, 2016				For the Period May 1, 2016 to December 31, 2016
Fund	Institutional Class		Investor Class		Institutional Class		Investor Class
MyDestination 2005		N/A		0.35%		N/A		0.35%
MyDestination 2015		N/A		0.35%		N/A		0.35%
MyDestination 2025		N/A		0.35%		N/A		0.35%
MyDestination 2035		N/A		0.35%		N/A		0.35%
MyDestination 2045		N/A		0.35%		N/A		0.35%
MyDestination 2055		N/A		0.35%		N/A		0.35%
Conservative Allocation		N/A		0.35%		N/A		N/A
Global Bond		N/A		0.92%		N/A		N/A
Small Cap Equity		1.03%		1.29%		N/A		N/A
International Equity Index		0.57%		N/A		0.57%		N/A
Emerging Markets Equity		1.28%		1.55%		1.32%		1.57%
Flexible Income		N/A		1.12%		N/A		1.12%
Real Estate Securities		N/A		1.12%		N/A		N/A

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

At December 31, 2016, for those funds that had operating expenses in excess of the expense limitation paid, waived or assumed by GSCM during the limitation period, the amounts subject to possible future reimbursement under the expense limitation agreement are as follow:

	Institutional Class						Investor Class
	2014		2015		2016		2014		2015		2016
MyDestination 2005		N/A		N/A		N/A	$	32,879	$	96,582	$	151,771
MyDestination 2015		N/A		N/A		N/A		N/A		93,914		149,936
MyDestination 2025		N/A		N/A		N/A		N/A		126,742		185,515
MyDestination 2035		N/A		N/A		N/A		N/A		118,651		182,759
MyDestination 2045		N/A		N/A		N/A		N/A		98,363		173,281
MyDestination 2055		N/A		N/A		N/A		91,150		110,496		142,645
International Equity Index		N/A		N/A	$	98,252		N/A		N/A		N/A
Emerging Markets Equity	$	176,022	$	415,435		501,656		849,038		327,548		113,682
Flexible Income		N/A		N/A		N/A		—		17,331		N/A

310

d. Brokerage Service Arrangements

The Adviser directs the sub-advisers to place a certain percentage of security trades (if feasible) with designated brokers who have agreed to pay certain custody, transfer agency or other operating expenses through the use of Brokerage Service Arrangements on behalf of the Funds. These payments can be found on the Statement of Operations under the heading “Fees Paid Indirectly.”

Fund	Expenses Paid Through Brokerage Service Arrangements
Value Equity	$	25,000
Growth Equity		19,000
Small Cap Equity		48,601
International Equity		7,000
Emerging Markets Equity		4,000
Real Estate Securities		21,209

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, 2016, BNY Mellon received $3,273,633 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.

311

f. Investments in Affiliates

The Target Date, Asset Allocation Funds do not invest in the underlying Select Funds for the purpose of exercising management or control; however, investments made by each Target Date and Asset Allocation Fund within each of its principal investment strategies may represent a significant portion of an underlying Select Fund’s net assets. At December 31, 2016, the Target Date and Asset Allocation Funds were the owner of record of the following approximate percentages of the total outstanding shares of the underlying Select Funds as detailed below:

Fund	MyDestination 2005			MyDestination 2015			MyDestination 2025			MyDestination 2035			MyDestination 2045			MyDestination 2055
Low-Duration Bond		5.06	%		6.69	%		1.38	%		0.03	%		—			—
Medium-Duration Bond		1.13			9.44			15.71			7.12			2.91	%		0.33	%
Global Bond		0.69			9.02			10.06			4.27			1.75			—
Defensive Market Strategies		1.17			11.07			18.25			1.61			—			—
Equity Index		0.46			3.93			9.40			8.62			7.53			1.40
Value Equity		0.26			2.50			5.85			5.23			4.49			0.82
Growth Equity		0.26			2.19			5.22			4.83			4.21			0.80
Small Cap Equity		0.21			2.06			4.90			4.24			3.71			0.66
International Equity Index		1.53			15.08			32.37			23.41			19.91			3.74
International Equity		0.32			3.19			6.88			4.98			4.20			0.79
Emerging Markets Equity		0.48			4.90			10.38			7.88			6.41			1.20
Inflation Protected Bond		3.83			11.86			6.67			—			—			—
Flexible Income		3.50			11.86			10.71			—			—			—
Real Estate Securities		0.48			1.85			4.39			3.42			2.59			0.47
Global Natural Resources Equity		0.95			3.55			9.10			7.04			5.32			0.91

Fund	Conservative Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Low-Duration Bond		17.86	%		20.56	%		9.17	%		—
Medium-Duration Bond		3.90			22.97			10.33			—
Extended-Duration Bond		—			25.85			11.59			—
Global Bond		2.39			27.63			12.40			—
Defensive Market Strategies		4.16			14.38			—			—
Value Equity		1.54			11.35			15.45			18.23	%
Growth Equity		1.36			10.45			14.47			17.19
Small Cap Equity		0.75			5.87			8.41			9.67
International Equity		1.66			12.86			17.95			21.17
Emerging Markets Equity		1.67			13.07			17.70			21.11
Inflation Protected Bond		13.21			30.74			—			—
Flexible Income		12.16			28.93			—			—
Real Estate Securities		1.69			17.20			16.28			—
Global Natural Resources Equity		3.34			20.30			15.52			—

312

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, 2016 is as follows:

	Total  Value at 12/31/15		Total Value at 12/31/16		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
MyDestination 2005
Money Market	$	2,260,204	$	2,082,944	$	29,603,403	$	29,780,664	$	5,579	$	88
Low-Duration Bond		37,094,911		43,840,804		9,294,672		2,608,105		647,142		—
Medium-Duration Bond		9,918,748		11,693,091		2,386,100		596,200		299,739		34,806
Global Bond		2,468,525		2,968,705		520,816		195,664		121,213		—
Defensive Market Strategies		9,506,353		9,615,544		1,563,256		2,077,676		130,530		368,035
Equity Index		3,230,478		3,422,329		669,720		782,436		80,230		42,313
Value Equity		3,213,837		3,415,296		863,116		954,603		77,029		142,755
Growth Equity		3,238,253		3,422,702		919,959		593,160		—		152,231
Small Cap Equity		1,092,769		1,133,189		275,006		434,120		4,206		12,218
International Equity Index		1,875,689		2,039,966		552,814		392,710		50,385		—
International Equity		3,784,279		4,079,310		964,741		708,877		82,772		31,880
Emerging Markets Equity		1,464,847		1,608,408		456,363		511,516		27,909		—
Inflation Protected Bond		9,443,214		10,646,124		1,797,612		847,219		130,661		—
Flexible Income		4,733,235		5,387,169		917,361		420,064		168,090		—
Real Estate Securities		948,592		1,082,331		316,957		146,714		55,317		26,401
Global Natural Resources Equity		1,758,019		2,123,372		692,004		1,158,234		4,227		—
	$	96,031,953	$	108,561,284	$	51,793,900	$	42,207,962	$	1,885,029	$	810,727
MyDestination 2015
Money Market	$	7,564,983	$	8,126,942	$	60,896,809	$	60,334,849	$	21,785	$	421
Low-Duration Bond		64,048,691		57,960,641		15,085,355		21,375,000		983,355		—
Medium-Duration Bond		61,585,084		97,374,922		39,181,928		2,400,000		1,961,458		285,471
Extended-Duration Bond		7,044,821		—		355,585		7,981,020		302,936		52,649
Global Bond		21,596,735		38,580,890		16,169,924		350,000		1,159,924		—
Defensive Market Strategies		84,004,598		91,129,231		6,016,409		4,087,000		1,206,115		3,436,294
Equity Index		26,515,934		29,150,637		2,117,915		1,900,000		267,791		259,280
Value Equity		26,204,711		32,319,605		4,822,760		980,000		674,913		1,199,847
Growth Equity		26,603,227		28,733,033		4,243,576		900,000		—		1,253,576
Small Cap Equity		10,253,010		10,962,847		1,257,873		2,300,000		40,687		117,186
International Equity Index		15,788,788		20,058,201		4,745,416		359,000		495,416		—
International Equity		31,409,631		40,835,063		10,321,132		950,000		828,574		317,557
Emerging Markets Equity		12,264,465		16,421,555		4,184,947		1,518,000		284,947		—
Inflation Protected Bond		47,449,917		33,004,691		3,525,241		19,625,000		575,241		—
Flexible Income		23,439,077		18,255,658		1,999,292		7,890,000		749,292		—
Real Estate Securities		5,043,631		4,141,753		479,222		1,250,000		627,500		197,566
Global Natural Resources Equity		8,646,505		7,967,361		345,860		4,700,000		15,860		—
	$	479,463,808	$	535,023,030	$	175,749,244	$	138,899,869	$	10,195,794	$	7,119,847

313

	Total Value at 12/31/15		Total Value at 12/31/16		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
MyDestination 2025
Money Market	$	11,309,093	$	16,076,040	$	88,167,182	$	83,400,235	$	35,719	$	730
Low-Duration Bond		48,072,204		11,916,802		14,457,189		50,990,000		604,189		—
Medium-Duration Bond		69,486,725		162,036,420		98,707,005		3,500,000		2,670,982		476,023
Extended-Duration Bond		17,431,820		—		2,255,913		21,054,404		838,411		127,503
Global Bond		38,560,397		43,023,128		3,614,530		1,710,000		1,764,530		—
Defensive Market Strategies		123,486,696		150,205,509		19,981,766		790,000		1,909,322		5,622,444
Equity Index		55,427,358		69,699,890		11,681,929		2,750,000		640,295		619,945
Value Equity		55,427,379		75,449,730		15,452,968		500,000		1,500,483		2,731,485
Growth Equity		55,885,629		68,673,278		17,393,939		1,625,000		—		2,829,939
Small Cap Equity		22,620,789		26,094,170		2,927,774		3,320,000		96,844		278,930
International Equity Index		33,352,119		43,057,488		10,161,473		180,000		1,063,473		—
International Equity		66,721,372		88,182,506		22,344,429		1,000,000		1,789,290		676,339
Emerging Markets Equity		26,316,876		34,759,743		6,658,151		1,290,000		603,151		—
Inflation Protected Bond		30,909,229		18,559,904		5,250,664		18,800,000		400,664		—
Flexible Income		13,552,494		16,479,467		3,966,646		1,500,000		516,646		—
Real Estate Securities		18,823,024		9,839,557		1,615,691		10,371,000		1,496,113		461,267
Global Natural Resources Equity		20,141,519		20,390,572		540,590		8,650,000		40,590		—
	$	707,524,723	$	854,444,204	$	325,177,839	$	211,430,639	$	15,970,702	$	13,824,605
MyDestination 2035
Money Market	$	8,731,577	$	11,320,501	$	49,262,865	$	46,673,941	$	25,285	$	539
Low-Duration Bond		3,790,237		218,997		1,740,680		5,346,000		46,680		—
Medium-Duration Bond		22,844,297		73,390,758		53,271,777		1,276,500		1,041,820		216,957
Extended-Duration Bond		3,812,608		—		1,451,804		5,581,826		198,684		28,120
Global Bond		32,520,137		18,279,121		4,939,901		21,845,000		1,282,901		—
Defensive Market Strategies		7,540,848		13,244,061		5,321,986		85,500		155,183		488,803
Equity Index		49,086,392		63,959,378		11,525,151		1,200,000		1,322,672		742,478
Value Equity		48,973,198		67,460,714		15,058,297		1,000,000		1,325,214		2,427,083
Growth Equity		49,127,124		63,517,607		17,254,342		—		—		2,524,842
Small Cap Equity		24,468,156		22,536,771		2,345,045		7,950,000		83,642		240,904
International Equity Index		30,130,432		31,141,049		4,308,650		3,190,000		769,150		—
International Equity		60,330,943		63,858,153		10,780,479		7,730,000		1,295,730		488,749
Emerging Markets Equity		23,833,404		26,399,295		1,665,081		2,005,000		458,081		—
Real Estate Securities		13,004,386		7,675,943		2,331,847		7,372,000		498,857		202,990
Global Natural Resources Equity		12,816,847		15,774,003		741,400		3,342,000		31,400		—
	$	391,010,586	$	478,776,351	$	181,999,305	$	114,597,767	$	8,535,299	$	7,361,465

314

	Total Value at 12/31/15		Total Value at 12/31/16		Purchases		Sales Proceeds		Dividend Income		Distributions  of Realized Gains
MyDestination 2045
Money Market	$	6,667,359	$	7,921,165	$	38,964,628	$	37,710,822	$	18,529	$	388
Medium-Duration Bond		1,966,542		30,041,505		29,034,559		55,000		267,935		89,124
Global Bond		17,205,989		7,493,694		2,689,313		13,884,000		653,312		—
Equity Index		40,078,647		55,825,267		12,210,888		300,000		1,128,472		641,916
Value Equity		40,047,404		57,926,268		15,320,787		1,243,000		1,133,290		2,097,497
Growth Equity		40,096,168		55,407,757		17,817,856		74,500		—		2,151,856
Small Cap Equity		22,101,990		19,748,385		3,254,391		8,873,500		73,293		211,098
International Equity Index		25,017,796		26,483,670		5,613,227		4,085,000		641,727		—
International Equity		49,990,802		53,795,935		12,620,811		9,390,000		1,081,368		414,442
Emerging Markets Equity		19,726,878		21,461,359		2,774,186		3,579,500		367,186		—
Real Estate Securities		9,352,191		5,809,609		2,168,468		5,473,000		369,958		152,510
Global Natural Resources Equity		9,206,392		11,917,783		522,724		1,850,500		23,724		—
	$	281,458,158	$	353,832,397	$	142,991,838	$	86,518,822	$	5,758,794	$	5,758,831
MyDestination 2055
Money Market	$	864,216	$	1,376,052	$	14,536,479	$	14,024,644	$	2,930	$	62
Medium-Duration Bond		—		3,451,964		5,863,742		2,295,230		25,390		10,158
Global Bond		1,886,080		861,786		1,126,551		2,334,758		80,805		—
Equity Index		5,578,177		10,381,140		4,287,575		126,064		190,961		112,729
Value Equity		5,573,463		10,539,322		4,524,335		226,000		188,971		357,943
Growth Equity		5,574,906		10,509,181		5,624,152		283,600		—		374,056
Small Cap Equity		3,148,528		3,503,719		1,697,657		1,930,224		13,427		38,673
International Equity Index		3,493,301		4,977,272		2,372,094		915,631		121,406		—
International Equity		6,989,558		10,106,465		4,830,537		1,829,154		203,193		76,818
Emerging Markets Equity		2,764,097		4,022,560		1,947,365		1,094,664		68,895		—
Real Estate Securities		1,253,420		1,045,571		929,346		1,109,873		61,848		25,927
Global Natural Resources Equity		1,247,143		2,050,406		1,033,525		841,840		4,027		—
	$	38,372,889	$	62,825,438	$	48,773,358	$	27,011,682	$	961,853	$	996,366

315

	Total Value at 12/31/15		Total Value at 12/31/16		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Conservative Allocation
Money Market	$	4,583,563	$	6,912,700	$	49,658,304	$	47,329,167	$	14,749	$	236
Low-Duration Bond		150,222,650		154,777,355		10,724,873		6,437,000		2,304,873		—
Medium-Duration Bond		40,046,340		40,217,067		2,064,128		1,940,000		1,069,417		119,711
Global Bond		9,770,811		10,213,898		582,744		795,000		429,744		—
Defensive Market Strategies		32,613,520		34,205,915		2,458,619		2,819,000		450,144		1,288,475
Value Equity		17,065,496		19,822,828		3,131,388		1,792,000		419,934		741,453
Growth Equity		17,406,201		17,886,432		3,223,847		1,895,000		—		785,847
Small Cap Equity		3,762,956		3,981,588		603,338		1,050,000		14,777		42,561
International Equity		20,226,463		21,226,229		2,308,764		1,395,000		430,696		165,067
Emerging Markets Equity		5,090,634		5,589,185		665,984		830,000		96,984		—
Inflation Protected Bond		36,163,674		36,735,265		953,289		1,350,000		453,289		—
Flexible Income		17,974,169		18,713,314		590,308		391,000		590,308		—
Real Estate Securities		3,684,974		3,787,925		709,129		484,000		193,715		92,413
Global Natural Resources Equity		6,875,930		7,485,134		523,900		2,850,000		14,900		—
	$	365,487,381	$	381,554,835	$	78,198,615	$	71,357,167	$	6,483,530	$	3,235,763
Balanced Allocation
Money Market	$	42,453,581	$	32,201,158	$	86,907,582	$	97,160,005	$	85,359	$	1,443
Low-Duration Bond		181,725,741		178,127,096		5,137,343		9,118,000		2,692,342		—
Medium-Duration Bond		245,812,360		236,896,752		11,047,545		20,582,000		6,302,887		694,658
Extended-Duration Bond		65,152,208		60,756,483		10,979,974		13,970,000		3,212,304		2,799,670
Global Bond		120,548,248		118,170,670		5,055,644		15,234,000		5,055,644		—
Defensive Market Strategies		122,548,531		118,374,719		6,810,668		18,264,000		1,597,078		4,513,590
Value Equity		140,741,304		146,531,918		18,771,108		24,250,000		3,223,141		5,697,967
Growth Equity		143,152,463		137,470,276		16,680,394		15,643,000		—		6,125,394
Small Cap Equity		30,990,313		31,217,810		3,278,675		8,178,000		115,860		335,815
International Equity		165,334,059		164,898,764		12,321,700		13,500,000		3,345,921		1,280,779
Emerging Markets Equity		40,953,235		43,770,671		6,759,509		9,397,000		759,509		—
Inflation Protected Bond		89,932,438		85,507,638		3,281,382		10,225,000		1,071,382		—
Flexible Income		45,357,702		44,522,099		1,437,033		3,591,000		1,437,033		—
Real Estate Securities		44,462,159		38,547,450		4,805,081		9,739,000		2,015,161		946,920
Global Natural Resources Equity		44,193,189		45,514,173		318,602		16,678,000		90,602		—
	$	1,523,357,531	$	1,482,507,677	$	193,592,240	$	285,529,005	$	31,004,223	$	22,396,236

316

	Total Value at 12/31/15		Total Value at 12/31/16		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Growth Allocation
Money Market	$	27,757,264	$	25,622,952	$	78,599,225	$	80,733,537	$	59,252	$	1,078
Low-Duration Bond		82,705,113		79,455,818		6,374,488		9,785,000		1,188,488		—
Medium-Duration Bond		110,995,806		106,484,768		10,278,259		15,029,000		2,781,291		310,968
Extended-Duration Bond		28,805,675		27,233,756		5,972,120		6,935,000		1,413,445		1,248,675
Global Bond		54,003,392		53,023,147		2,755,618		7,221,000		2,255,618		—
Value Equity		198,432,917		199,333,986		18,566,847		32,650,000		4,410,174		7,749,673
Growth Equity		205,396,019		190,265,659		12,149,259		17,165,000		—		8,489,259
Small Cap Equity		41,521,669		44,738,385		4,144,264		7,889,000		166,039		478,225
International Equity		230,986,326		230,133,347		10,959,231		12,433,000		4,669,580		1,789,651
Emerging Markets Equity		57,702,803		59,283,475		4,228,687		9,853,000		1,028,687		—
Real Estate Securities		42,946,950		36,480,658		4,541,578		9,995,000		1,896,935		894,644
Global Natural Resources Equity		33,035,311		34,787,260		569,249		12,438,000		69,249		—
	$	1,114,289,245	$	1,086,843,211	$	159,138,825	$	222,126,537	$	19,938,758	$	20,962,173
Aggressive Allocation
Money Market	$	23,772,781	$	18,821,903	$	59,600,911	$	64,551,790	$	48,635	$	759
Value Equity		254,768,426		235,213,850		14,850,856		51,757,578		5,404,522		9,246,335
Growth Equity		262,055,612		226,000,562		12,755,636		36,329,259		—		10,370,636
Small Cap Equity		55,397,826		51,437,989		3,355,059		15,640,372		190,904		557,777
International Equity		295,949,517		271,334,741		13,247,340		39,202,303		5,505,588		2,110,057
Emerging Markets Equity		73,918,724		70,721,128		7,433,474		20,027,314		1,227,153		—
	$	965,862,886	$	873,530,173	$	111,243,276	$	227,508,616	$	12,376,802	$	22,285,564
Low-Duration Bond
Money Market	$	36,182,778	$	15,457,326	$	543,706,290	$	564,431,742	$	11,033	$	932
Medium-Duration Bond
Money Market	$	14,520,090	$	52,755,666	$	600,045,770	$	561,810,194	$	15,697	$	4,296
Extended-Duration Bond
Money Market	$	7,390,825	$	6,093,198	$	128,962,061	$	130,259,688	$	2,773	$	220
Global Bond
Money Market	$	15,382,420	$	31,918,034	$	193,875,579	$	177,339,965	$	10,083	$	1,795
Defensive Market Strategies
Money Market	$	25,859,833	$	29,868,692	$	368,424,813	$	364,415,954	$	8,971	$	1,281
Equity Index
Money Market	$	19,879,456	$	23,274,030	$	164,391,842	$	160,997,268	$	7,772	$	1,652
Value Equity
Money Market	$	40,813,334	$	30,846,106	$	415,512,071	$	425,479,299	$	14,783	$	1,804
Growth Equity
Money Market	$	50,737,188	$	54,388,015	$	382,675,321	$	379,024,494	$	17,394	$	2,134

317

	Total Value at 12/31/15		Total Value at 12/31/16		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Small Cap Equity
Money Market	$	21,115,220	$	23,247,942	$	198,187,187	$	196,054,465	$	6,996	$	4,014
International Equity Index
Money Market	$	3,754,870	$	6,944,453	$	58,021,225	$	54,831,642	$	16,006	$	430
International Equity
Money Market	$	68,102,593	$	59,346,657	$	382,785,560	$	391,541,496	$	21,537	$	2,663
Emerging Markets Equity
Money Market	$	15,162,635	$	13,793,115	$	139,113,572	$	140,483,092	$	4,394	$	578
Inflation Protected Bond
Money Market	$	3,447,125	$	3,843,344	$	202,006,589	$	201,610,370	$	3,354	$	349
Flexible Income
Money Market	$	14,734,600	$	13,334,211	$	108,660,495	$	110,060,884	$	5,043	$	565
Real Estate Securities
Money Market	$	7,407,916	$	5,227,865	$	111,556,133	$	113,736,184	$	2,783	$	1,006
Global Natural Resources Equity
Money Market	$	16,074,034	$	7,533,955	$	155,251,726	$	163,791,805	$	5,061	$	452

318

4. SECURITIES LENDING

Through an agreement with The Northern Trust Company (“Northern Trust”) (the Funds’ custodian) the Select Funds may lend portfolio securities to certain brokers, dealers and other financial institutions that pay the Select Funds a negotiated fee. The Select Funds receive cash or U.S. government securities 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, 2016, the market values of loaned securities and collateral received were as follows:

Fund	Value of Securities Loaned		Value of Non-cash Collateral		Value of Cash Collateral		Total Value of Collateral
Low-Duration Bond	$	93,964,033	$	28,659,176	$	67,221,467	$	95,880,643
Medium-Duration Bond		127,977,505		33,892,993		96,263,470		130,156,463
Extended-Duration Bond		38,006,351		26,255,432		12,338,183		38,593,615
Global Bond		67,239,912		23,907,343		44,809,823		68,717,166
Defensive Market Strategies		46,608,710		8,256,421		39,313,038		47,569,459
Equity Index		26,746,836		22,343,856		5,051,715		27,395,571
Value Equity		55,198,953		28,094,453		28,320,677		56,415,130
Growth Equity		159,066,977		148,915,801		14,082,344		162,998,145
Small Cap Equity		87,478,772		29,055,950		60,252,614		89,308,564
International Equity Index		3,209,911		827,638		2,545,642		3,373,280
International Equity		43,253,802		20,935,375		23,851,659		44,787,034
Emerging Markets Equity		14,075,072		7,592,390		6,870,752		14,463,142
Real Estate Securities		11,029,030		7,951,769		3,596,402		11,548,171
Global Natural Resources Equity		37,420,856		18,957,764		20,834,068		39,791,832

Securities lending transactions are entered into by the Funds under a Securities Lending Authorization Agreement which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

At December 31, 2016, the securities loaned which are subject to an MA on a net payment basis are as follows:

Fund	Value of Securities Loaned		Fair Value of Non-cash Collateral			Cash Collateral (Pledged)			Net  Amount(1)
Low-Duration Bond	$	93,964,033	$	(28,659,176	)	$	(65,304,857	)	$	—
Medium-Duration Bond		127,977,505		(33,892,993	)		(94,084,512	)		—
Extended-Duration Bond		38,006,351		(26,255,432	)		(11,750,919	)		—
Global Bond		67,239,912		(23,907,343	)		(43,332,569	)		—
Defensive Market Strategies		46,608,710		(8,256,421	)		(38,352,289	)		—
Equity Index		26,746,836		(22,343,856	)		(4,402,980	)		—
Value Equity		55,198,953		(28,094,453	)		(27,104,500	)		—
Growth Equity		159,066,977		(148,915,801	)		(10,151,176	)		—
Small Cap Equity		87,478,772		(29,055,950	)		(58,422,822	)		—
International Equity Index		3,209,911		(827,638	)		(2,382,273	)		—
International Equity		43,253,802		(20,935,375	)		(22,318,427	)		—
Emerging Markets Equity		14,075,072		(7,592,390	)		(6,482,682	)		—
Real Estate Securities		11,029,030		(7,951,769	)		(3,077,261	)		—
Global Natural Resources Equity		37,420,856		(18,957,764	)		(18,463,092	)		—

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

319

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

Instruments sections of the Notes to Financial Statements.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of

collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2016.

Fund	Overnight and Continuous		30 — 90 Days		Greater than 90 Days		Total
Low-Duration Bond
Agency Obligations, Corporate Bonds, Foreign Bonds, U.S. Treasury Obligations	$	67,221,467	$	—	$	—	$	67,221,467
Medium-Duration Bond
Corporate Bonds, Foreign Bonds, U.S. Treasury Obligations		96,263,470		—		—		96,263,470
Extended-Duration Bond
Corporate Bonds, Foreign Bonds, Preferred Stocks, U.S. Treasury Obligations		12,338,183		—		—		12,338,183
Global Bond
Common Stocks, Corporate Bonds, Foreign Bonds, Foreign Common Stocks, Preferred Stocks, U.S. Treasury Obligations		44,809,823		—		—		44,809,823
Defensive Market Strategies
Common Stocks, Corporate Bonds, Foreign Bonds, Foreign Common Stocks		39,313,038		—		—		39,313,038
Equity Index
Common Stocks, Foreign Common Stocks		5,051,715		—		—		5,051,715
Value Equity
Common Stocks, Foreign Common Stocks		28,320,677		—		—		28,320,677
Growth Equity
Common Stocks, Foreign Common Stocks		14,082,344		—		—		14,082,344
Small Cap Equity
Common Stocks, Foreign Common Stocks		60,252,614		—		—		60,252,614
International Equity Index
Foreign Common Stocks		2,545,642		—		—		2,545,642
International Equity
Foreign Common Stocks		23,851,659		—		—		23,851,659
Emerging Markets Equity
Foreign Common Stocks, Foreign Preferred Stocks		6,870,752		—		—		6,870,752
Real Estate Securities
Common Stocks, Foreign Common Stocks		3,596,402		—		—		3,596,402
Global Natural Resources Equity
Common Stocks, Foreign Common Stocks		20,834,068		—		—		20,834,068

320

5. INVESTMENT TRANSACTIONS

For the year ended December 31, 2016, the cost of purchases and proceeds from sales and maturities for each Fund were as

follows:

	Cost of Purchases and Proceeds from Sales and Maturities of Long-Term Securities (other than U.S. Government Obligations)				Cost of Purchases and Proceeds from Sales and Maturities of Long-Term U.S. Government Obligations
	Purchases		Sale and Maturity Proceeds		Purchases		Sale and Maturity Proceeds
MyDestination 2005	$	19,500,407	$	12,427,298	$	—	$	—
MyDestination 2015		97,559,000		78,565,020		—		—
MyDestination 2025		207,251,800		128,030,404		—		—
MyDestination 2035		116,865,500		67,923,826		—		—
MyDestination 2045		92,528,500		48,808,000		—		—
MyDestination 2055		32,281,653		12,987,037		—		—
Conservative Allocation		18,836,000		24,028,000		—		—
Balanced Allocation		53,371,000		188,369,000		—		—
Growth Allocation		39,699,000		141,393,000		—		—
Aggressive Allocation		17,029,394		162,956,826		—		—
Low-Duration Bond		1,349,194,704		1,294,195,893		1,920,624,753		2,006,036,091
Medium-Duration Bond		2,751,877,852		2,744,940,844		608,006,098		531,125,129
Extended-Duration Bond		15,772,599		89,267,174		113,500,823		70,121,100
Global Bond		76,167,125		106,318,675		28,152,657		14,637,966
Defensive Market Strategies		504,900,475		412,826,691		—		—
Equity Index		83,539,071		20,131,524		—		—
Value Equity		435,895,414		526,286,550		—		—
Growth Equity		314,411,848		400,498,342		—		—
Small Cap Equity		369,645,601		419,208,678		—		—
International Equity Index		25,671,580		6,780,896		—		—
International Equity		442,442,675		460,022,043		—		—
Emerging Markets Equity		164,991,422		165,408,720		—		—
Inflation Protected Bond		14,675,163		22,240,316		164,212,042		193,094,318
Flexible Income		108,186,516		95,122,945		—		—
Real Estate Securities		312,205,143		344,293,364		—		—
Global Natural Resources Equity		61,657,707		93,031,555		—		—

321

Financial Futures Contracts

Investments as of December 31, 2016, included cash and securities that were valued and pledged as collateral to cover initial

margin deposits. The market value of the open futures contracts is as follows:

Fund/Future Type	Expiration Date		Open Long (Short) Contracts		Notional   Market Value   of Contracts			Counter-   party		Net Unrealized Appreciation (Depreciation) on Futures
MyDestination 2005 Fund
S&P 500® E-Mini		03/2017		5		$	559,050		GSC		$	(1,573	)
5-Year U.S. Treasury Note		04/2017		10			1,176,641		GSC			5,423
						$	1,735,691				$	3,850
MyDestination 2015 Fund
MSCI EAFE Index E-Mini		03/2017		16		$	1,340,480		GSC		$	(13,389	)
MSCI Emerging Markets E-Mini		03/2017		5			214,725		GSC			(3,906	)
S&P 500® E-Mini		03/2017		21			2,348,010		GSC			(6,606	)
10-Year U.S. Treasury Note		03/2017		21			2,609,906		GSC			(15,633	)
						$	6,513,121				$	(39,534	)
MyDestination 2025 Fund
MSCI EAFE Index E-Mini		03/2017		36		$	3,016,080		GSC		$	(30,125	)
MSCI Emerging Markets E-Mini		03/2017		16			687,120		GSC			(7,004	)
S&P 500® E-Mini		03/2017		53			5,925,930		GSC			(16,671	)
10-Year U.S. Treasury Note		03/2017		31			3,852,719		GSC			(23,077	)
						$	13,481,849				$	(76,877	)
MyDestination 2035 Fund
MSCI EAFE Index E-Mini		03/2017		33		$	2,764,740		GSC		$	(28,414	)
MSCI Emerging Markets E-Mini		03/2017		15			644,175		GSC			(6,872	)
S&P 500® E-Mini		03/2017		53			5,925,930		GSC			(33,496	)
10-Year U.S. Treasury Note		03/2017		14			1,739,938		GSC			(10,422	)
						$	11,074,783				$	(79,204	)
MyDestination 2045 Fund
MSCI EAFE Index E-Mini		03/2017		29		$	2,429,620		GSC		$	(12,012	)
MSCI Emerging Markets E-Mini		03/2017		13			558,285		GSC			(6,083	)
S&P 500® E-Mini		03/2017		41			4,584,210		GSC			(29,640	)
10-Year U.S. Treasury Note		03/2017		3			372,844		GSC			(2,233	)
						$	7,944,959				$	(49,968	)
MyDestination 2055 Fund
S&P 500® E-Mini		03/2017		10		$	1,118,100		GSC		$	(3,773	)
Conservative Allocation Fund
MSCI EAFE Index E-Mini		03/2017		8		$	670,240		GSC		$	(4,029	)
S&P 500® E-Mini		03/2017		10			1,118,100		GSC			(3,227	)
2-Year U.S. Treasury Note		04/2017		30			6,500,625		GSC			(693	)
						$	8,288,965				$	(7,949	)

322

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional   Market Value   of Contracts				Counter-   party		Net Unrealized Appreciation (Depreciation) on Futures
Balanced Allocation Fund
MSCI EAFE Index E-Mini		03/2017		53			$	4,440,340			GSC		$	(45,471	)
MSCI Emerging Markets E-Mini		03/2017		23				987,735			GSC			(10,374	)
S&P 500® E-Mini		03/2017		88				9,839,280			GSC			(34,758	)
10-Year U.S. Treasury Note		03/2017		41				5,095,531			GSC			(5,725	)
Long U.S. Treasury Bond		03/2017		18				2,711,813			GSC			(8,470	)
5-Year U.S. Treasury Note		04/2017		46				5,412,547			GSC			(17,275	)
							$	28,487,246					$	(122,073	)
Growth Allocation Fund
MSCI EAFE Index E-Mini		03/2017		77			$	6,451,060			GSC		$	(52,438	)
MSCI Emerging Markets E-Mini		03/2017		37				1,588,965			GSC			(15,746	)
S&P 500® E-Mini		03/2017		103				11,516,430			GSC			(49,406	)
10-Year U.S. Treasury Note		03/2017		17				2,112,781			GSC			(7,343	)
Long U.S. Treasury Bond		03/2017		6				903,938			GSC			(7,467	)
5-Year U.S. Treasury Note		04/2017		19				2,235,617			GSC			(8,527	)
							$	24,808,791					$	(140,927	)
Aggressive Allocation Fund
MSCI EAFE Index E-Mini		03/2017		75			$	6,283,500			GSC		$	(50,015	)
MSCI Emerging Markets E-Mini		03/2017		30				1,288,350			GSC			(14,201	)
S&P 500® E-Mini		03/2017		106				11,851,860			GSC			(34,848	)
							$	19,423,710					$	(99,064	)
Low-Duration Bond Fund
90-Day Euro		03/2017		(73	)		$	(18,060,200	)		CITI		$	(5,549	)
10-Year Australian Treasury Bond		03/2017		31				21,744,818			CITI			13,818
3-Year Australia Treasury Bond		03/2017		158				34,603,107			CITI			(20,115	)
10-Year U.S. Treasury Note		03/2017		(48	)			(5,965,500	)		UBS			31,028
10-Year U.S. Ultra Note		03/2017		(34	)			(4,558,125	)		UBS			(10,645	)
Long U.S. Treasury Bond		03/2017		(6	)			(903,938	)		UBS			940
Ultra Long U.S. Treasury Bond		03/2017		(12	)			(1,923,000	)		UBS			21,180
2-Year U.S. Treasury Note		04/2017		885				191,768,438			CITI			(130,422	)
2-Year U.S. Treasury Note		04/2017		389				84,291,438			UBS			(83,176	)
2-Year U.S. Treasury Note		04/2017		88				19,068,500			GSC			(24,609	)
5-Year U.S. Treasury Note		04/2017		(232	)			(27,298,063	)		UBS			42,436
90-Day Euro		06/2018		(97	)			(23,823,200	)		CITI			23,550
90-Day Euro		06/2019		(77	)			(18,831,313	)		CITI			157,752
							$	250,112,962					$	16,188
Medium-Duration Bond Fund
90-Day Euro		03/2017		(409	)		$	(101,186,600	)		GSC		$	6,271
90-Day Euro		03/2017		344				85,105,600			DEUT			193
10-Year Japanese Bond		03/2017		(4	)			(5,141,904	)		GSC			(3,792	)
Euro		03/2017		(8	)			(1,057,400	)		GSC			11,001
10-Year U.S. Treasury Note		03/2017		113				14,043,781			GSC			79,586
10-Year U.S. Treasury Note		03/2017		(39	)			(4,846,969	)		DEUT			29,514
10-Year U.S. Treasury Note		03/2017		(472	)			(58,660,750	)		GSC			112,552
10-Year U.S. Ultra Note		03/2017		(53	)			(7,105,313	)		GSC			37,764
Euro-Bund		03/2017		(10	)			(1,727,931	)		DEUT			(25,537	)
Euro-Bund		03/2017		(92	)			(15,896,966	)		GSC			(212,154	)
FTSE Bursa Malaysia KLCI		03/2017		59				8,403,640			GSC			122,542
Long U.S. Treasury Bond		03/2017		60				9,039,375			DEUT			(67,555	)

323

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional   Market Value   of Contracts				Counter-   party		Net Unrealized Appreciation (Depreciation) on Futures
Long U.S. Treasury Bond		03/2017		51			$	7,683,469			GSC		$	(13,885	)
Long U.S. Treasury Bond		03/2017		(88	)			(13,257,750	)		GSC			52,337
Ultra Long U.S. Treasury Bond		03/2017		179				28,684,750			DEUT			(258,858	)
Ultra Long U.S. Treasury Bond		03/2017		33				5,288,250			GSC			22,976
2-Year U.S. Treasury Note		04/2017		167				36,186,813			GSC			887
5-Year U.S. Treasury Note		04/2017		1,033				121,546,977			DEUT			(473,073	)
5-Year U.S. Treasury Note		04/2017		890				104,721,016			GSC			(265,790	)
5-Year U.S. Treasury Note		04/2017		133				15,649,320			CITI			49,655
90-Day Euro		06/2017		155				38,283,063			DEUT			24,285
90-Day Euro		12/2017		(205	)			(50,471,000	)		DEUT			220,166
90-Day Euro		06/2018		(72	)			(17,683,200	)		DEUT			45,499
90-Day Euro		06/2019		(346	)			(84,618,625	)		DEUT			(72,471	)
							$	112,981,646					$	(577,887	)
Global Bond Fund
Euro-Bund		03/2017		33			$	5,702,173			GSC		$	89,460
Euro-Buxl®		03/2017		(3	)			(547,969	)		GSC			(2,552	)
10-Year U.S. Treasury Note		03/2017		(193	)			(23,986,281	)		GSC			25,061
Ultra Long U.S. Treasury Bond		03/2017		(32	)			(5,128,000	)		GSC			56,052
5-Year U.S. Treasury Note		04/2017		313				36,828,852			GSC			(108,181	)
							$	12,868,775					$	59,840
Defensive Market Strategies Fund
S&P 500® E-Mini		03/2017		123			$	13,752,630			GSC		$	(38,690	)
Equity Index Fund
S&P 500® E-Mini		03/2017		216			$	24,150,960			GSC		$	(128,715	)
Value Equity Fund
S&P 500® E-Mini		03/2017		303			$	33,878,430			GSC		$	(172,183	)
Growth Equity Fund
S&P 500® E-Mini		03/2017		490			$	54,786,900			GSC		$	(207,890	)
Small Cap Equity Fund
Russell 2000® IMM-Mini		03/2017		374			$	25,374,030			GSC		$	(544,618	)
International Equity Index Fund
MSCI EAFE Index E-Mini		03/2017		91			$	7,623,980			GSC		$	(37,291	)
International Equity Fund
AEX Index		01/2017		(95	)		$	(9,662,203	)		BAR		$	(214,294	)
CAC40 Index		01/2017		294				15,050,022			BAR			276,311
Hang Seng Index		01/2017		88				12,461,513			BAR			210,465
Hang Seng Index		01/2017		31				4,389,851			JPM			86,806
Hang Seng Index		01/2017		23				3,256,986			GSC			51,262
IBEX 35		01/2017		(16	)			(1,568,606	)		BAR			(16,299	)
MSCI Singapore Index		01/2017		62				1,369,168			BAR			(6,469	)
OMX 30 Index		01/2017		(117	)			(1,950,728	)		BAR			31,099
FTSE 100 Index®		03/2017		247				21,460,519			BAR			501,663
MSCI EAFE Index E-Mini		03/2017		518				43,398,040			GSC			(394,199	)
ASX SPI 200 Index		03/2017		(416	)			(42,261,673	)		BAR			(766,359	)
DAX Index		03/2017		99				29,869,971			BAR			526,364
S&P/TSE 60 Index		03/2017		(79	)			(10,554,515	)		BAR			(2,999	)

324

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional   Market Value   of Contracts				Counter-   party		Net Unrealized Appreciation (Depreciation) on Futures
Swiss Market Index Future		03/2017		(92	)		$	(7,384,032	)		JPM		$	(151,844	)
TOPIX Index®		03/2017		222				28,833,882			BAR			465,647
							$	86,708,195					$	597,154
Emerging Markets Equity Fund
FTSE Bursa Malaysia KLCI		02/2017		(20)			$	(364,579	)		BAR		$	(2,618	)
HSCEI Index		02/2017		75				4,540,945			BAR			97,373
HSCEI Index		02/2017		74				4,388,180			GSC			87,880
MSCI Singapore Index		02/2017		(23)				(507,917	)		BAR			1,265
MSCI Taiwan Index		02/2017		25				851,420			GSC			8,081
MSCI Taiwan Index		02/2017		15				515,700			BAR			2,034
SGX CNX Nifty Index		02/2017		(274)				(4,485,106	)		GSC			(96,821	)
TA-25 Index		02/2017		5				190,909			GSC			1,170
TAIEX		02/2017		29				1,675,141			GSC			2,372
BIST 30 Index		03/2017		15				40,946			JPM			337
Bovespa Index		03/2017		(10)				(187,676	)		GSC			(1,412	)
MSCI Emerging Markets E-Mini		03/2017		525				22,546,125			GSC			(153,656	)
FTSE/JSE Top 40 Index		04/2017		(100)				(3,226,067	)		BAR			42,698
KOSPI 200 Index		04/2017		22				2,368,397			JPM			67,437
KOSPI 200 Index		04/2017		21				2,260,743			GSC			72,188
KOSPI 200 Index		04/2017		18				1,937,779			BAR			57,648
Mexican Bolsa IPC Index		04/2017		(6)				(132,517	)		JPM			2,725
SET50 Index		04/2017		(4)				(21,478	)		BAR			47
WIG20 Index		04/2017		(37)				(332,599	)		GSC			(9,510	)
							$	32,058,346					$	179,238
Inflation Protected Bond Fund
Euro-Bund		03/2017		3			$	518,379			UBS		$	11,247
Euro-Buxl®		03/2017		(2)				(365,313	)		UBS			(5,939	)
Euro-Schatz		03/2017		(167)				(19,739,816	)		UBS			(24,158	)
FTSE Bursa Malaysia KLCI		03/2017		(3)				(427,304	)		UBS			(4,385	)
90-Day Euro		03/2017		(23)				(5,690,200	)		UBS			(2,044	)
10-Year Australian Treasury Bond		03/2017		(12)				(8,417,349	)		UBS			(4,091	)
10-Year Japanese Bond		03/2017		(4)				(5,141,904	)		UBS			(1,295	)
10-Year U.S. Treasury Note		03/2017		91				11,309,594			UBS			12,952
10-Year U.S. Ultra Note		03/2017		(25)				(3,351,563	)		UBS			(1,272	)
Long Gilt		03/2017		(4)				(620,295	)		UBS			(10,454	)
Long U.S. Treasury Bond		03/2017		(11)				(1,657,219	)		UBS			1,723
Ultra Long U.S. Treasury Bond		03/2017		(56)				(8,974,000	)		UBS			64,607
2-Year U.S. Treasury Note		04/2017		(23)				(4,983,813	)		UBS			2,777
5-Year U.S. Treasury Note		04/2017		243				28,592,367			UBS			(65,864	)
90-Day Euro		12/2017		59				14,525,800			UBS			(81,958	)
90-Day Euro		12/2018		(59)				(14,455,000	)		UBS			134,173
							$	(18,877,636	)				$	26,019
Real Estate Securities Fund
S&P 500® MidCap 400		03/2017		35			$	5,806,850			GSC		$	(92,554	)
Global Natural Resources Equity Fund
British Pound		03/2017		24			$	1,853,700			GSC		$	(56,316	)
Canadian Dollar		03/2017		22				1,637,130			GSC			(46,017	)
FTSE 100 Index®		03/2017		20				1,737,694			GSC			40,643

325

Fund/Future Type	Expiration Date		Open Long (Short) Contracts		Notional   Market Value   of Contracts			Counter-   party		Net Unrealized Appreciation (Depreciation) on Futures
S&P 500® E-Mini		03/2017		1		$	111,810		GSC		$	(799	)
S&P/TSE 60 Index		03/2017		14			1,872,652		GSC			(595	)
XAE Energy		03/2017		72			5,427,360		GSC			(88,690	)
						$	12,640,346				$	(151,774	)

Forward Foreign Currency Contracts

As of December 31, 2016, the following Funds have forward foreign currency exchange contracts that obligate them to deliver currencies at specified future dates. The unrealized appreciation and/or depreciation on these contracts is included in the accompanying statements of assets and liabilities. The terms of the open contracts are as follows:

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party	Net Unrealized Appreciation (Depreciation)
Low-Duration Bond Fund
01/03/17	U.S. Dollars		10,121,759	Danish Kroner		68,000,000	DEUT	$	491,122
01/03/17	U.S. Dollars		7,401,704	Danish Kroner		50,037,000	UBS		315,113
01/03/17	U.S. Dollars		4,845,186	Danish Kroner		31,254,840	CITI		418,656
01/03/17	U.S. Dollars		111,998	Danish Kroner		750,000	DEUT		5,778
01/05/17	Canadian Dollars		17,094,292	U.S. Dollars		12,967,001	BOA		(234,271	)
01/05/17	U.S. Dollars		13,430,748	Canadian Dollars		18,052,000	JPM		(15,332	)
01/05/17	U.S. Dollars		1,028,122	Australian Dollars		1,383,000	NAB		30,241
01/05/17	Canadian Dollars		826,000	U.S. Dollars		612,412	WEST		2,837
01/05/17	Canadian Dollars		312,236	U.S. Dollars		237,000	BOA		(4,430	)
01/05/17	U.S. Dollars		252,267	British Pounds		202,000	RBS		3,277
01/06/17	U.S. Dollars		4,625,451	Euro		4,361,000	BNP		33,065
01/06/17	Euro		4,360,000	U.S. Dollars		4,538,442	HSBC		52,891
01/06/17	Australian Dollars		3,908,000	U.S. Dollars		2,874,134	JPM		(54,456	)
01/06/17	U.S. Dollars		3,122,202	Australian Dollars		4,194,000	HSBC		96,170
01/06/17	U.S. Dollars		3,000,057	Canadian Dollars		3,984,000	JPM		32,527
01/06/17	U.S. Dollars		2,883,100	Australian Dollars		3,901,000	JPM		68,471
01/06/17	U.S. Dollars		1,482,666	Euro		1,411,000	GSC		(3,199	)
01/06/17	Euro		1,412,000	U.S. Dollars		1,478,432	GSC		8,486
01/10/17	U.S. Dollars		1,516,689	British Pounds		1,192,000	HSBC		47,195
01/10/17	U.S. Dollars		1,023,308	Euro		950,000	CITI		22,683
01/10/17	U.S. Dollars		418,394	Canadian Dollars		554,000	RBC		5,719
01/10/17	British Pounds		114,000	U.S. Dollars		144,080	HSBC		(3,542	)
01/10/17	Canadian Dollars		2,000	U.S. Dollars		1,511	RBC		(21	)
01/18/17	Canadian Dollars		934,185	U.S. Dollars		690,000	JPM		5,946
01/18/17	U.S. Dollars		690,000	Canadian Dollars		925,830	UBS		278
02/02/17	U.S. Dollars		4,544,716	Euro		4,360,000	HSBC		(53,213	)
02/13/17	Mexican Pesos		6,060,456	U.S. Dollars		292,000	JPM		(1,514	)
02/13/17	U.S. Dollars		2,372,994	Mexican Pesos		45,463,000	HSBC		193,888
02/13/17	Mexican Pesos		2,156,000	U.S. Dollars		104,447	BAR		(1,107	)
02/13/17	U.S. Dollars		696,962	Euro		652,000	BOA		9,059
02/13/17	U.S. Dollars		695,779	British Pounds		552,000	BOA		14,701
02/13/17	U.S. Dollars		235,701	Mexican Pesos		5,035,000	HSBC		(5,634	)
02/13/17	U.S. Dollars		227,485	Mexican Pesos		4,746,000	HSBC		3
02/13/17	U.S. Dollars		189,459	Mexican Pesos		4,001,000	BNP		(2,314	)
02/14/17	Norwegian Krone		3,585,000	U.S. Dollars		426,963	GSC		(11,661	)
02/14/17	U.S. Dollars		274,148	British Pounds		217,000	UBS		6,400
02/15/17	U.S. Dollars		7,220,077	Euro		6,600,000	RBS		256,042

326

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party	Net Unrealized Appreciation (Depreciation)
04/03/17	U.S. Dollars		4,666,875	Danish Kroner		30,600,000	BNP	$	311,055
07/20/17	U.S. Dollars		2,326,952	Euro		2,035,000	GSC		161,942
								$	2,202,851
Medium-Duration Bond Fund
01/03/17	U.S. Dollars		405,460	Danish Kroner		2,895,000	HKSB	$	(4,550	)
01/06/17	Euro		5,599,119	U.S. Dollars		5,828,274	HKSB		67,923
01/06/17	U.S. Dollars		11,336,580	British Pounds		9,066,000	BNP		161,329
01/06/17	U.S. Dollars		6,998,229	Euro		6,598,119	BNP		50,027
01/06/17	Euro		999,000	U.S. Dollars		1,063,799	JPM		(11,794	)
01/17/17	South Korean Won		7,672,734,950	U.S. Dollars		6,433,080	UBS		(80,427	)
01/17/17	Indian Rupees		9,281,162	U.S. Dollars		137,224	GSC		(741	)
01/17/17	U.S. Dollars		6,182,012	South Korean Won		7,007,619,200	UBS		380,042
01/17/17	U.S. Dollars		585,000	South Korean Won		665,115,750	BAR		34,316
01/17/17	U.S. Dollars		136,327	Indian Rupees		9,281,162	UBS		(156	)
01/20/17	Mexican Pesos		2,590,000	U.S. Dollars		126,446	GSC		(1,921	)
01/20/17	Indonesian Rupiahs		22,179,120,000	U.S. Dollars		1,681,510	CITIC		(40,588	)
01/20/17	Indian Rupees		107,180,000	U.S. Dollars		1,587,617	CITIC		(11,996	)
01/20/17	Indian Rupees		87,040,000	U.S. Dollars		1,287,764	CITIC		(8,216	)
01/20/17	Mexican Pesos		45,220,000	U.S. Dollars		2,315,910	JPM		(141,762	)
01/20/17	U.S. Dollars		7,229,646	Chinese Yuan Renminbi		48,702,511	BAR		228,109
01/20/17	U.S. Dollars		5,590,467	Japanese Yen		576,120,000	CITIC		654,908
01/20/17	Mexican Pesos		2,550,000	U.S. Dollars		133,114	JPM		(10,512	)
01/20/17	Euro		1,949,043	U.S. Dollars		2,187,645	CITIC		(133,609	)
01/20/17	U.S. Dollars		1,750,746	Polish Zloty		6,730,000	CITIC		143,159
01/20/17	U.S. Dollars		1,526,944	Chinese Yuan Renminbi		10,300,000	CITIG		46,202
01/20/17	U.S. Dollars		986,456	Chinese Yuan Renminbi		6,780,000	CITIC		11,754
01/20/17	U.S. Dollars		978,289	Japanese Yen		103,888,523	CITIC		88,287
01/20/17	British Pounds		850,000	U.S. Dollars		1,056,159	BAR		(7,980	)
01/20/17	U.S. Dollars		772,841	Mexican Pesos		15,100,000	CITIC		46,843
01/20/17	U.S. Dollars		709,304	British Pounds		563,373	BOA		14,579
01/20/17	British Pounds		484,000	U.S. Dollars		603,157	CITIC		(6,312	)
01/20/17	U.S. Dollars		455,769	Mexican Pesos		9,436,741	CS		2,056
01/20/17	U.S. Dollars		67,184	Euro		63,001	CITIC		790
01/20/17	U.S. Dollars		56,496	Euro		51,001	CITIC		2,748
02/02/17	U.S. Dollars		5,836,331	Euro		5,599,119	HKSB		(68,337	)
02/02/17	U.S. Dollars		869,922	Mexican Pesos		17,906,558	BAR		10,593
02/02/17	U.S. Dollars		834,925	Mexican Pesos		16,970,693	MSCS		20,509
02/02/17	U.S. Dollars		821,132	Brazilian Reals		2,664,000	JPM		11,050
02/02/17	Brazilian Reals		810,508	U.S. Dollars		240,478	MSCS		5,985
02/09/17	U.S. Dollars		224,058	Euro		215,501	JPM		(3,270	)
02/13/17	U.S. Dollars		2,536,852	Euro		2,282,121	CITIC		129,062
02/13/17	U.S. Dollars		1,703,403	British Pounds		1,379,296	BOA		1,576
02/13/17	U.S. Dollars		983,633	Euro		882,297	BOA		52,751
02/13/17	Euro		792,686	U.S. Dollars		884,440	UBS		(48,103	)
02/13/17	U.S. Dollars		140,458	Euro		126,001	CITIC		7,519
02/13/17	U.S. Dollars		91,371	Mexican Pesos		1,750,525	HKSB		7,466
02/16/17	U.S. Dollars		1,509,611	Mexican Pesos		30,788,526	UBS		34,362
02/23/17	U.S. Dollars		1,518,122	Mexican Pesos		31,189,057	RBC		24,833
03/02/17	U.S. Dollars		752,046	Mexican Pesos		15,360,530	UBS		17,205
03/02/17	U.S. Dollars		751,953	Mexican Pesos		15,357,131	RBC		17,275

327

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party	Net Unrealized Appreciation (Depreciation)
03/02/17	U.S. Dollars		61,669	Mexican Pesos		1,273,270	MSCS	$	756
03/15/17	Japanese Yen		17,149,387	U.S. Dollars		147,000	UBS		288
03/15/17	Switzerland Francs		149,276	Euro		139,000	CS		407
03/15/17	Japanese Yen		34,279,665	U.S. Dollars		294,000	UBS		411
03/15/17	Japanese Yen		34,273,135	U.S. Dollars		292,000	MLCS		2,355
03/15/17	Japanese Yen		33,668,349	U.S. Dollars		286,000	SS		3,161
03/15/17	Japanese Yen		17,175,994	U.S. Dollars		146,000	MSCS		1,516
03/15/17	Japanese Yen		17,127,216	U.S. Dollars		146,000	UBS		1,097
03/15/17	Japanese Yen		17,116,533	U.S. Dollars		147,000	SS		6
03/15/17	Japanese Yen		16,885,239	U.S. Dollars		143,000	BNP		2,019
03/15/17	Japanese Yen		16,858,699	U.S. Dollars		143,000	CITIG		1,791
03/15/17	Japanese Yen		16,831,171	U.S. Dollars		143,000	SS		1,555
03/15/17	Japanese Yen		16,376,703	U.S. Dollars		143,000	UBS		(2,349	)
03/15/17	Swedish Kronor		13,683,918	Euro		1,408,194	JPM		20,700
03/15/17	Swedish Kronor		10,351,229	Euro		1,066,752	RBS		14,052
03/15/17	Swedish Kronor		6,980,799	Euro		715,101	BAR		14,030
03/15/17	Norwegian Krone		3,537,816	Euro		393,782	CITIG		(6,206	)
03/15/17	Norwegian Krone		2,422,818	Euro		270,000	SS		(4,593	)
03/15/17	U.S. Dollars		1,690,641	Australian Dollars		2,284,243	WEST		45,232
03/15/17	Swedish Kronor		1,571,207	U.S. Dollars		169,007	SS		4,224
03/15/17	Swedish Kronor		1,325,456	Euro		136,000	BNP		2,428
03/15/17	Swedish Kronor		1,314,772	Euro		135,000	SS		2,307
03/15/17	Swedish Kronor		1,311,422	Euro		135,000	BNP		1,938
03/15/17	Norwegian Krone		1,283,997	Euro		141,000	JPM		(226	)
03/15/17	Norwegian Krone		1,278,111	Euro		141,000	BNP		(909	)
03/15/17	Norwegian Krone		1,277,498	Euro		140,000	RBC		77
03/15/17	Norwegian Krone		1,276,748	Euro		140,000	JPM		(9	)
03/15/17	Norwegian Krone		1,274,237	Euro		140,000	RBC		(300	)
03/15/17	U.S. Dollars		1,021,568	British Pounds		808,190	SC		23,677
03/15/17	U.S. Dollars		702,850	Canadian Dollars		922,498	SS		15,164
03/15/17	New Zealand Dollars		701,666	U.S. Dollars		501,168	CS		(14,819	)
03/15/17	Swedish Kronor		680,960	Euro		70,000	SS		1,111
03/15/17	Norwegian Krone		561,460	Swedish Kronor		590,151	SS		(16	)
03/15/17	Norwegian Krone		507,989	U.S. Dollars		58,494	CITIG		362
03/15/17	U.S. Dollars		487,374	Japanese Yen		56,144,323	SS		5,178
03/15/17	Switzerland Francs		464,266	Euro		431,835	UBS		1,765
03/15/17	Australian Dollars		453,810	U.S. Dollars		338,123	BNP		(11,229	)
03/15/17	U.S. Dollars		294,381	British Pounds		238,000	UBS		516
03/15/17	U.S. Dollars		287,000	Japanese Yen		33,241,373	RBC		1,506
03/15/17	Euro		286,828	U.S. Dollars		300,760	SC		2,323
03/15/17	U.S. Dollars		286,525	Euro		275,000	CITIG		(4,059	)
03/15/17	U.S. Dollars		286,000	Japanese Yen		33,535,216	SS		(2,018	)
03/15/17	U.S. Dollars		285,281	Australian Dollars		386,000	SS		7,233
03/15/17	Euro		272,000	British Pounds		228,360	RBS		5,452
03/15/17	Australian Dollars		204,000	New Zealand Dollars		211,386	WEST		428
03/15/17	Australian Dollars		202,000	U.S. Dollars		145,780	WEST		(273	)
03/15/17	Australian Dollars		200,000	U.S. Dollars		145,649	UBS		(1,582	)
03/15/17	Canadian Dollars		199,294	U.S. Dollars		147,000	RBC		1,566
03/15/17	Canadian Dollars		198,174	U.S. Dollars		147,000	RBC		731
03/15/17	Canadian Dollars		194,996	U.S. Dollars		146,000	MSCS		(638	)
03/15/17	Australian Dollars		194,000	U.S. Dollars		142,448	CITIG		(2,704	)

328

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/15/17	Australian Dollars		193,000	U.S. Dollars		142,204		SS	$	(3,180	)
03/15/17	Canadian Dollars		191,197	U.S. Dollars		143,000		RBC		(470	)
03/15/17	Canadian Dollars		191,150	U.S. Dollars		143,000		RBC		(505	)
03/15/17	Canadian Dollars		190,789	U.S. Dollars		143,000		RBC		(775	)
03/15/17	Canadian Dollars		187,257	U.S. Dollars		143,000		RBC		(3,407	)
03/15/17	U.S. Dollars		148,963	Euro		141,316		BAR		(361	)
03/15/17	U.S. Dollars		147,591	Euro		140,293		SS		(652	)
03/15/17	U.S. Dollars		147,325	Euro		141,000		BNP		(1,665	)
03/15/17	U.S. Dollars		147,115	Euro		140,000		MLCS		(819	)
03/15/17	U.S. Dollars		147,000	Japanese Yen		17,038,770		CITIG		662
03/15/17	U.S. Dollars		147,000	Japanese Yen		17,049,060		CITIG		574
03/15/17	U.S. Dollars		147,000	Japanese Yen		17,050,089		SS		565
03/15/17	U.S. Dollars		147,000	Japanese Yen		17,121,207		HKSB		(46	)
03/15/17	U.S. Dollars		147,000	Canadian Dollars		197,924		RBC		(545	)
03/15/17	U.S. Dollars		147,000	Canadian Dollars		198,365		RBC		(873	)
03/15/17	U.S. Dollars		147,000	Japanese Yen		17,226,342		SS		(949	)
03/15/17	Switzerland Francs		146,983	Euro		137,000		CS		258
03/15/17	U.S. Dollars		146,941	Euro		140,000		BNP		(993	)
03/15/17	U.S. Dollars		146,915	Euro		140,000		SS		(1,019	)
03/15/17	U.S. Dollars		146,906	Euro		140,000		UBS		(1,027	)
03/15/17	U.S. Dollars		146,710	Euro		140,000		SC		(1,223	)
03/15/17	U.S. Dollars		146,414	Australian Dollars		203,000		HKSB		187
03/15/17	Australian Dollars		146,405	U.S. Dollars		105,498		CITIG		(38	)
03/15/17	U.S. Dollars		146,000	Japanese Yen		16,976,734		SC		195
03/15/17	U.S. Dollars		146,000	Japanese Yen		17,045,792		CS		(398	)
03/15/17	U.S. Dollars		146,000	Japanese Yen		17,057,326		BAR		(497	)
03/15/17	U.S. Dollars		146,000	Japanese Yen		17,084,978		MSCS		(735	)
03/15/17	U.S. Dollars		146,000	Japanese Yen		17,124,632		BAR		(1,075	)
03/15/17	U.S. Dollars		146,000	Japanese Yen		17,133,100		MSCS		(1,148	)
03/15/17	U.S. Dollars		146,000	Japanese Yen		17,188,288		MLCS		(1,622	)
03/15/17	U.S. Dollars		146,000	Japanese Yen		17,188,507		SS		(1,624	)
03/15/17	U.S. Dollars		145,660	New Zealand Dollars		210,000		CITIG		102
03/15/17	U.S. Dollars		144,227	Euro		135,000		BAR		1,576
03/15/17	U.S. Dollars		143,356	British Pounds		114,000		BAR		2,597
03/15/17	U.S. Dollars		143,339	Euro		135,000		MLCS		689
03/15/17	U.S. Dollars		143,000	Canadian Dollars		189,031		JPM		2,085
03/15/17	U.S. Dollars		143,000	Canadian Dollars		189,868		JPM		1,461
03/15/17	U.S. Dollars		143,000	Japanese Yen		16,810,522		MLCS		(1,377	)
03/15/17	U.S. Dollars		142,996	British Pounds		113,000		MLCS		3,472
03/15/17	U.S. Dollars		142,786	New Zealand Dollars		200,000		UBS		4,159
03/15/17	U.S. Dollars		142,768	Australian Dollars		192,000		SC		4,464
03/15/17	U.S. Dollars		142,599	Australian Dollars		191,000		BAR		5,016
03/15/17	Euro		141,000	U.S. Dollars		147,169		BNP		1,821
03/15/17	Euro		141,000	U.S. Dollars		147,234		SS		1,757
03/15/17	Euro		141,000	Swedish Kronor		1,349,976		SS		151
03/15/17	Euro		141,000	Swedish Kronor		1,358,758		SS		(817	)
03/15/17	Euro		141,000	Swedish Kronor		1,363,139		SS		(1,300	)
03/15/17	Euro		137,000	U.S. Dollars		143,323		HKSB		1,441
03/15/17	Euro		135,360	U.S. Dollars		140,873		DEUT		2,157
03/15/17	Euro		134,900	Swedish Kronor		1,287,521		CITIG		591
03/15/17	Euro		126,629	U.S. Dollars		132,468		MLCS		1,337
03/15/17	British Pounds		120,267	Euro		140,000		CITIG		563

329

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/15/17	British Pounds		119,224	Euro		140,000		BAR	$	(725	)
03/15/17	British Pounds		119,000	U.S. Dollars		146,677		SS		255
03/15/17	New Zealand Dollars		118,870	U.S. Dollars		81,937		CS		456
03/15/17	British Pounds		118,000	U.S. Dollars		145,906		RBS		(208	)
03/15/17	British Pounds		118,000	Japanese Yen		17,088,170		SS		(1,064	)
03/15/17	British Pounds		115,000	U.S. Dollars		143,902		BAR		(1,909	)
03/15/17	U.S. Dollars		105,888	Swedish Kronor		970,573		CS		(1,120	)
03/15/17	Australian Dollars		97,950	U.S. Dollars		70,333		CS		223
03/15/17	New Zealand Dollars		93,374	U.S. Dollars		64,472		MLCS		249
03/15/17	Euro		90,727	Australian Dollars		129,651		DEUT		2,477
03/15/17	New Zealand Dollars		85,170	U.S. Dollars		58,587		BAR		448
03/15/17	U.S. Dollars		82,313	Swedish Kronor		760,864		SS		(1,574	)
03/15/17	Euro		77,144	U.S. Dollars		80,783		SS		733
03/15/17	U.S. Dollars		70,597	Swedish Kronor		646,460		SS		(677	)
03/15/17	U.S. Dollars		58,855	Swedish Kronor		548,791		MSCS		(1,651	)
03/15/17	U.S. Dollars		58,611	Euro		55,920		CS		(478	)
03/15/17	U.S. Dollars		58,498	Australian Dollars		79,806		CS		1,011
03/16/17	U.S. Dollars		884,033	Mexican Pesos		18,085,292		CITIG		20,453
03/16/17	U.S. Dollars		375,078	Mexican Pesos		7,662,093		MLCS		9,210
03/16/17	U.S. Dollars		294,824	Mexican Pesos		6,098,142		MSCS		3,635
03/16/17	U.S. Dollars		233,308	Mexican Pesos		4,815,233		MLCS		3,378
03/21/17	U.S. Dollars		6,436,750	South Korean Won		7,672,734,950		UBS		83,387
03/22/17	Swedish Kronor		5,694,767	Euro		583,444		SS		11,376
03/22/17	U.S. Dollars		1,076,950	Canadian Dollars		1,443,148		RBC		1,043
03/30/17	U.S. Dollars		746,896	Mexican Pesos		15,288,517		CITIG		18,219
03/30/17	U.S. Dollars		587,227	Mexican Pesos		12,168,526		UBS		7,255
04/03/17	U.S. Dollars		5,686,235	Danish Kroner		36,813,115		UBS		445,996
04/03/17	Danish Kroner		49,115	U.S. Dollars		7,458		HKSB		(467	)
04/20/17	Indian Rupees		9,281,162	U.S. Dollars		134,861		UBS		102
06/08/17	U.S. Dollars		2,393,298	Mexican Pesos		50,098,902		JPM		31,549
12/17/18	U.S. Dollars		8,859,257	Japanese Yen		970,000,000		BNP		163,005
									$	2,631,743
Global Bond Fund
02/13/17	Japanese Yen		744,255,000	U.S. Dollars		7,128,128		DEUT	$	(745,159	)
02/13/17	Japanese Yen		646,590,000	U.S. Dollars		5,921,696		CITIG		(376,333	)
02/13/17	Japanese Yen		494,970,000	U.S. Dollars		4,203,317		UBS		41,704
02/13/17	Japanese Yen		231,200,000	U.S. Dollars		2,249,946		UBS		(267,101	)
02/13/17	Japanese Yen		226,850,000	U.S. Dollars		2,028,261		UBS		(82,722	)
02/13/17	Mexican Pesos		18,065,079	U.S. Dollars		943,110		DEUT		(77,225	)
02/13/17	Swedish Kronor		5,133,306	U.S. Dollars		577,214		BAR		(12,187	)
02/13/17	U.S. Dollars		4,394,199	British Pounds		3,584,041		DEUT		(27,925	)
02/13/17	Euro		4,010,000	U.S. Dollars		4,197,103		HKSB		33,714
02/13/17	Euro		3,850,000	U.S. Dollars		4,080,249		CITIG		(18,243	)
02/13/17	Euro		2,891,122	U.S. Dollars		3,216,374		HSBC		(166,047	)
02/13/17	U.S. Dollars		2,015,943	Euro		1,808,255		BOA		108,113
02/13/17	U.S. Dollars		1,552,225	Euro		1,395,000		JPM		80,407
02/13/17	U.S. Dollars		1,485,087	Euro		1,335,966		CITI		75,553
02/13/17	Euro		750,058	U.S. Dollars		836,878		UBS		(45,516	)
02/13/17	U.S. Dollars		579,727	Swedish Kronor		5,130,000		UBS		15,063
02/13/17	U.S. Dollars		319,140	British Pounds		259,710		BAR		(1,300	)

330

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
02/13/17	U.S. Dollars		311,715	Japanese Yen		32,140,000		HSBC	$	36,072
02/13/17	U.S. Dollars		246,386	British Pounds		200,000		GSC		(381	)
02/13/17	U.S. Dollars		185,265	British Pounds		150,000		UBS		189
03/07/17	Indonesian Rupiahs		26,810,100,000	U.S. Dollars		1,945,298		CITIG		24,705
03/07/17	Indian Rupees		235,950,000	U.S. Dollars		3,418,822		JPM		31,715
03/07/17	Indian Rupees		20,867,535	U.S. Dollars		302,792		CITIG		2,375
03/07/17	U.S. Dollars		2,908,260	Brazilian Reals		10,249,000		BAR		(182,188	)
									$	(1,552,717	)
Defensive Market Strategies Fund
03/31/17	Japanese Yen		20,518,720	U.S. Dollars		175,953		CS	$	433
03/31/17	U.S. Dollars		5,404,293	Euro		5,182,433		UBS		(76,912	)
03/31/17	U.S. Dollars		174,195	Japanese Yen		20,518,720		CS		(2,192	)
03/31/17	U.S. Dollars		163,819	Euro		156,346		UBS		(1,540	)
03/31/17	U.S. Dollars		146,188	Euro		139,287		UBS		(1,128	)
									$	(81,339	)
International Equity Fund
03/15/17	Japanese Yen		1,092,218,284	U.S. Dollars		9,609,600		CITIG	$	(229,072	)
03/15/17	Japanese Yen		1,038,151,204	U.S. Dollars		9,058,911		CITIG		(142,739	)
03/15/17	Japanese Yen		867,169,343	U.S. Dollars		7,745,367		CITIG		(297,674	)
03/15/17	Japanese Yen		844,470,606	U.S. Dollars		7,454,225		CITIG		(201,480	)
03/15/17	Japanese Yen		534,658,351	U.S. Dollars		4,722,585		CITIG		(130,666	)
03/15/17	Japanese Yen		524,082,740	U.S. Dollars		4,563,210		CITIG		(62,120	)
03/15/17	Japanese Yen		520,840,608	U.S. Dollars		4,570,398		CITIG		(97,153	)
03/15/17	Japanese Yen		427,360,864	U.S. Dollars		3,749,971		CITIG		(79,578	)
03/15/17	Japanese Yen		397,866,000	U.S. Dollars		3,467,587		CITIG		(50,511	)
03/15/17	Japanese Yen		345,060,000	U.S. Dollars		3,042,895		CITIG		(79,344	)
03/15/17	Japanese Yen		281,678,000	U.S. Dollars		2,402,409		CITIG		16,786
03/15/17	Norwegian Krone		60,006,000	U.S. Dollars		6,873,506		CITIG		78,784
03/15/17	Norwegian Krone		31,764,000	U.S. Dollars		3,773,648		CITIG		(93,474	)
03/15/17	Norwegian Krone		25,475,000	U.S. Dollars		2,972,590		CITIG		(21,058	)
03/15/17	Norwegian Krone		20,152,763	U.S. Dollars		2,408,290		CITIG		(73,393	)
03/15/17	Norwegian Krone		19,399,226	U.S. Dollars		2,297,654		CITIG		(50,061	)
03/15/17	Norwegian Krone		19,188,167	U.S. Dollars		2,289,890		CITIG		(66,751	)
03/15/17	Norwegian Krone		14,908,000	U.S. Dollars		1,779,964		CITIG		(52,725	)
03/15/17	Canadian Dollars		12,068,000	U.S. Dollars		9,024,457		CITIG		(28,235	)
03/15/17	U.S. Dollars		10,689,716	Euro		10,026,000		CITIG		95,556
03/15/17	Norwegian Krone		9,594,084	U.S. Dollars		1,148,996		CITIG		(37,427	)
03/15/17	Norwegian Krone		9,531,832	U.S. Dollars		1,127,458		CITIG		(23,101	)
03/15/17	Norwegian Krone		8,100,317	U.S. Dollars		965,482		CITIG		(26,980	)
03/15/17	U.S. Dollars		7,480,157	Switzerland Francs		7,663,000		CITIG		(80,607	)
03/15/17	U.S. Dollars		7,465,060	Euro		6,921,000		CITIG		151,855
03/15/17	Swedish Kronor		7,084,000	U.S. Dollars		774,872		CITIG		6,162
03/15/17	Euro		7,008,000	U.S. Dollars		7,294,024		CITIG		111,110
03/15/17	U.S. Dollars		6,869,133	Japanese Yen		808,761,000		CITIG		(76,920	)
03/15/17	Canadian Dollars		5,686,000	U.S. Dollars		4,186,845		CITIG		51,845
03/15/17	Norwegian Krone		4,568,611	U.S. Dollars		540,850		CITIG		(11,531	)
03/15/17	Norwegian Krone		4,504,000	U.S. Dollars		517,943		CITIG		3,890
03/15/17	U.S. Dollars		4,490,076	Swedish Kronor		40,747,948		CITIG		(2,513	)
03/15/17	U.S. Dollars		4,288,957	Swedish Kronor		39,081,528		CITIG		(19,904	)

331

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/15/17	U.S. Dollars		4,185,051	Canadian Dollars		5,612,279		CITIG	$	1,316
03/15/17	Canadian Dollars		3,914,000	U.S. Dollars		2,946,180		CITIG		(28,446	)
03/15/17	New Zealand Dollars		3,540,836	U.S. Dollars		2,498,619		CITIG		(44,341	)
03/15/17	U.S. Dollars		3,456,453	Switzerland Francs		3,467,657		CITIG		35,060
03/15/17	U.S. Dollars		3,426,055	Switzerland Francs		3,442,220		CITIG		29,759
03/15/17	British Pounds		3,380,974	U.S. Dollars		4,229,141		CITIG		(54,571	)
03/15/17	New Zealand Dollars		3,307,491	U.S. Dollars		2,355,015		CITIG		(62,477	)
03/15/17	U.S. Dollars		3,249,176	Switzerland Francs		3,264,410		CITIG		28,318
03/15/17	U.S. Dollars		3,181,301	Swedish Kronor		28,838,647		CITIG		1,750
03/15/17	New Zealand Dollars		3,138,929	U.S. Dollars		2,228,370		CITIG		(52,669	)
03/15/17	Australian Dollars		3,068,789	U.S. Dollars		2,263,124		CITIG		(52,581	)
03/15/17	Canadian Dollars		2,870,000	U.S. Dollars		2,137,091		CITIG		2,382
03/15/17	Hong Kong Dollars		2,867,127	U.S. Dollars		369,991		CITIG		(149	)
03/15/17	U.S. Dollars		2,808,867	Canadian Dollars		3,728,574		CITIG		29,361
03/15/17	British Pounds		2,798,026	U.S. Dollars		3,530,534		CITIG		(75,744	)
03/15/17	U.S. Dollars		2,762,248	Switzerland Francs		2,791,552		CITIG		7,940
03/15/17	Hong Kong Dollars		2,720,891	U.S. Dollars		351,016		CITIG		(38	)
03/15/17	U.S. Dollars		2,693,104	Switzerland Francs		2,720,341		CITIG		9,056
03/15/17	U.S. Dollars		2,692,064	Switzerland Francs		2,720,341		CITIG		8,017
03/15/17	U.S. Dollars		2,645,733	Canadian Dollars		3,500,543		CITIG		36,215
03/15/17	U.S. Dollars		2,613,385	Canadian Dollars		3,470,483		CITIG		26,275
03/15/17	U.S. Dollars		2,532,062	Swedish Kronor		23,038,000		CITIG		(7,950	)
03/15/17	U.S. Dollars		2,391,493	Swedish Kronor		21,784,410		CITIG		(10,307	)
03/15/17	New Zealand Dollars		2,317,149	U.S. Dollars		1,638,905		CITIG		(32,808	)
03/15/17	New Zealand Dollars		2,314,864	U.S. Dollars		1,648,620		CITIG		(44,106	)
03/15/17	New Zealand Dollars		2,303,675	U.S. Dollars		1,630,229		CITIG		(33,471	)
03/15/17	Norwegian Krone		2,208,000	U.S. Dollars		261,778		CITIG		(5,960	)
03/15/17	Danish Kroner		2,197,000	U.S. Dollars		318,640		CITIG		(6,267	)
03/15/17	U.S. Dollars		2,039,249	Swedish Kronor		18,718,460		CITIG		(24,520	)
03/15/17	U.S. Dollars		1,992,830	Swedish Kronor		18,188,926		CITIG		(12,556	)
03/15/17	U.S. Dollars		1,980,983	Switzerland Francs		2,030,000		CITIG		(21,934	)
03/15/17	U.S. Dollars		1,966,275	Canadian Dollars		2,617,269		CITIG		15,203
03/15/17	U.S. Dollars		1,872,727	British Pounds		1,531,000		CITIG		(17,635	)
03/15/17	Hong Kong Dollars		1,818,982	U.S. Dollars		234,810		CITIG		(172	)
03/15/17	U.S. Dollars		1,768,201	Canadian Dollars		2,347,852		CITIG		17,969
03/15/17	Australian Dollars		1,746,000	U.S. Dollars		1,299,177		CITIG		(41,480	)
03/15/17	Israeli Shekels		1,621,009	U.S. Dollars		425,639		CITIG		(3,929	)
03/15/17	U.S. Dollars		1,596,134	Swedish Kronor		14,381,941		CITIG		10,480
03/15/17	U.S. Dollars		1,547,942	Switzerland Francs		1,560,602		CITIG		8,161
03/15/17	U.S. Dollars		1,532,086	British Pounds		1,203,000		CITIG		46,713
03/15/17	Australian Dollars		1,518,542	U.S. Dollars		1,133,133		CITIG		(39,280	)
03/15/17	British Pounds		1,473,000	U.S. Dollars		1,847,622		CITIG		(28,873	)
03/15/17	Australian Dollars		1,468,448	U.S. Dollars		1,092,471		CITIG		(34,702	)
03/15/17	Danish Kroner		1,354,000	U.S. Dollars		194,683		CITIG		(2,169	)
03/15/17	U.S. Dollars		1,289,277	Swedish Kronor		11,811,022		CITIG		(12,925	)
03/15/17	Israeli Shekels		1,225,167	U.S. Dollars		323,807		CITIG		(5,076	)
03/15/17	Israeli Shekels		1,211,986	U.S. Dollars		320,709		CITIG		(5,407	)
03/15/17	New Zealand Dollars		1,190,000	U.S. Dollars		856,024		CITIG		(31,193	)
03/15/17	U.S. Dollars		1,046,655	Swedish Kronor		9,523,118		CITIG		(3,299	)
03/15/17	Australian Dollars		1,004,514	U.S. Dollars		743,906		CITIG		(20,323	)
03/15/17	Australian Dollars		991,696	U.S. Dollars		736,590		CITIG		(22,241	)
03/15/17	Switzerland Francs		941,000	U.S. Dollars		931,600		CITIG		(3,154	)

332

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/15/17	U.S. Dollars		940,380	Switzerland Francs		950,516		CITIG	$	2,545
03/15/17	U.S. Dollars		930,565	Switzerland Francs		936,361		CITIG		6,696
03/15/17	Israeli Shekels		903,513	U.S. Dollars		236,802		CITIG		(1,750	)
03/15/17	U.S. Dollars		871,398	Japanese Yen		100,121,000		CITIG		11,507
03/15/17	Israeli Shekels		804,866	U.S. Dollars		212,101		CITIG		(2,712	)
03/15/17	Australian Dollars		786,456	U.S. Dollars		584,465		CITIG		(17,956	)
03/15/17	New Zealand Dollars		717,777	U.S. Dollars		515,481		CITIG		(17,964	)
03/15/17	New Zealand Dollars		702,279	U.S. Dollars		502,246		CITIG		(15,472	)
03/15/17	Israeli Shekels		675,459	U.S. Dollars		176,762		CITIG		(1,040	)
03/15/17	Euro		643,000	U.S. Dollars		685,001		CITIG		(5,563	)
03/15/17	Hong Kong Dollars		621,000	U.S. Dollars		80,055		CITIG		50
03/15/17	U.S. Dollars		529,205	Danish Kroner		3,658,727		CITIG		9,001
03/15/17	Australian Dollars		515,000	U.S. Dollars		385,245		CITIG		(14,275	)
03/15/17	U.S. Dollars		500,511	Danish Kroner		3,440,273		CITIG		11,367
03/15/17	Australian Dollars		494,555	U.S. Dollars		369,215		CITIG		(12,972	)
03/15/17	U.S. Dollars		451,268	Swedish Kronor		4,211,000		CITIG		(13,008	)
03/15/17	Singapore Dollars		359,168	U.S. Dollars		252,140		CITIG		(4,215	)
03/15/17	Singapore Dollars		351,293	U.S. Dollars		246,554		CITIG		(4,066	)
03/15/17	Canadian Dollars		341,000	U.S. Dollars		260,294		CITIG		(6,092	)
03/15/17	Singapore Dollars		333,735	U.S. Dollars		234,297		CITIG		(3,929	)
03/15/17	U.S. Dollars		305,669	Euro		283,639		CITIG		5,956
03/15/17	U.S. Dollars		304,435	Euro		285,327		CITIG		2,939
03/15/17	Singapore Dollars		289,940	U.S. Dollars		204,811		CITIG		(4,673	)
03/15/17	U.S. Dollars		288,460	Swedish Kronor		2,646,000		CITIG		(3,269	)
03/15/17	U.S. Dollars		285,753	Euro		264,235		CITIG		6,544
03/15/17	Singapore Dollars		274,516	U.S. Dollars		191,730		CITIG		(2,239	)
03/15/17	U.S. Dollars		267,345	Hong Kong Dollars		2,074,000		CITIG		(189	)
03/15/17	U.S. Dollars		248,227	Euro		231,258		CITIG		3,864
03/15/17	U.S. Dollars		201,411	Euro		189,092		CITIG		1,603
03/15/17	U.S. Dollars		201,360	Euro		189,093		CITIG		1,551
03/15/17	U.S. Dollars		181,202	Euro		169,719		CITIG		1,865
03/15/17	U.S. Dollars		172,220	British Pounds		135,000		CITIG		5,532
03/15/17	U.S. Dollars		146,160	Danish Kroner		1,042,000		CITIG		(1,993	)
03/15/17	Singapore Dollars		142,661	U.S. Dollars		100,517		CITIG		(2,042	)
03/15/17	Singapore Dollars		137,000	U.S. Dollars		96,582		CITIG		(2,014	)
03/15/17	U.S. Dollars		135,032	Danish Kroner		941,000		CITIG		1,239
03/15/17	Danish Kroner		135,000	U.S. Dollars		18,963		CITIG		231
03/15/17	Singapore Dollars		134,544	U.S. Dollars		93,954		CITIG		(1,082	)
03/15/17	Singapore Dollars		134,143	U.S. Dollars		94,204		CITIG		(1,608	)
03/15/17	U.S. Dollars		119,643	Swedish Kronor		1,085,000		CITIG		18
03/15/17	Euro		100,000	U.S. Dollars		104,983		CITIG		684
03/15/17	Israeli Shekels		94,000	U.S. Dollars		24,783		CITIG		(329	)
03/15/17	U.S. Dollars		89,280	Hong Kong Dollars		692,000		CITIG		16
03/15/17	U.S. Dollars		80,667	Euro		75,637		CITIG		744
03/15/17	U.S. Dollars		78,020	Euro		73,000		CITIG		884
03/15/17	U.S. Dollars		63,004	Hong Kong Dollars		489,000		CITIG		(74	)
03/15/17	Israeli Shekels		49,000	U.S. Dollars		12,936		CITIG		(188	)
03/15/17	U.S. Dollars		43,176	British Pounds		34,000		CITIG		1,195
03/15/17	Hong Kong Dollars		39,000	U.S. Dollars		5,032		CITIG		(1	)
03/15/17	U.S. Dollars		35,720	Singapore Dollars		51,000		CITIG		516
03/15/17	Swedish Kronor		35,000	U.S. Dollars		3,847		CITIG		12

333

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/15/17	U.S. Dollars		29,372	Danish Kroner		205,000		CITIG	$	224
03/15/17	U.S. Dollars		27,959	British Pounds		22,000		CITIG		795
03/15/17	U.S. Dollars		25,238	Singapore Dollars		36,000		CITIG		388
03/15/17	U.S. Dollars		21,061	Singapore Dollars		30,000		CITIG		353
03/15/17	U.S. Dollars		18,926	Hong Kong Dollars		147,000		CITIG		(36	)
03/15/17	U.S. Dollars		17,950	Singapore Dollars		26,000		CITIG		2
03/15/17	U.S. Dollars		12,546	Israeli Shekels		48,000		CITIG		59
03/15/17	U.S. Dollars		9,035	Norwegian Krone		76,000		CITIG		230
03/15/17	U.S. Dollars		8,195	Danish Kroner		57,000		CITIG		91
03/15/17	U.S. Dollars		5,207	Israeli Shekels		20,000		CITIG		4
03/15/17	U.S. Dollars		4,418	Israeli Shekels		17,000		CITIG		(4	)
03/15/17	Switzerland Francs		4,000	U.S. Dollars		3,979		CITIG		(32	)
									$	(2,109,889	)
Emerging Markets Equity Fund
03/15/17	Indonesian Rupiahs		8,424,518,535	U.S. Dollars		622,141		CITIG	$	(3,714	)
03/15/17	Indonesian Rupiahs		7,356,707,483	U.S. Dollars		545,979		CITIG		(5,939	)
03/15/17	Indonesian Rupiahs		7,126,106,356	U.S. Dollars		513,966		CITIG		9,147
03/15/17	Indonesian Rupiahs		7,060,635,735	U.S. Dollars		508,693		CITIG		9,614
03/15/17	Indonesian Rupiahs		6,920,261,824	U.S. Dollars		501,745		CITIG		6,258
03/15/17	Indonesian Rupiahs		6,911,635,855	U.S. Dollars		508,625		CITIG		(1,256	)
03/15/17	Columbian Peso		1,510,000,000	U.S. Dollars		484,909		CITIG		11,639
03/15/17	South Korean Won		780,000,000	U.S. Dollars		666,408		CITIG		(20,538	)
03/15/17	South Korean Won		680,000,000	U.S. Dollars		579,467		CITIG		(16,401	)
03/15/17	South Korean Won		600,000,000	U.S. Dollars		511,856		CITIG		(15,034	)
03/15/17	Columbian Peso		570,000,000	U.S. Dollars		178,305		CITIG		9,133
03/15/17	Columbian Peso		560,000,000	U.S. Dollars		174,061		CITIG		10,089
03/15/17	Columbian Peso		560,000,000	U.S. Dollars		178,874		CITIG		5,276
03/15/17	Chilean Peso		549,899,848	U.S. Dollars		816,684		CITIG		(12	)
03/15/17	Chilean Peso		544,372,037	U.S. Dollars		802,616		CITIG		5,847
03/15/17	Chilean Peso		543,581,115	U.S. Dollars		799,563		CITIG		7,724
03/15/17	South Korean Won		470,000,000	U.S. Dollars		401,883		CITIG		(12,705	)
03/15/17	Columbian Peso		450,000,000	U.S. Dollars		146,963		CITIG		1,014
03/15/17	Columbian Peso		390,000,000	U.S. Dollars		127,813		CITIG		434
03/15/17	Columbian Peso		390,000,000	U.S. Dollars		128,420		CITIG		(173	)
03/15/17	South Korean Won		370,000,000	U.S. Dollars		316,463		CITIG		(10,090	)
03/15/17	Columbian Peso		350,000,000	U.S. Dollars		116,552		CITIG		(1,458	)
03/15/17	Columbian Peso		330,000,000	U.S. Dollars		108,653		CITIG		(136	)
03/15/17	Columbian Peso		310,000,000	U.S. Dollars		100,906		CITIG		1,034
03/15/17	Columbian Peso		310,000,000	U.S. Dollars		102,194		CITIG		(253	)
03/15/17	South Korean Won		310,000,000	U.S. Dollars		263,918		CITIG		(7,226	)
03/15/17	South Korean Won		310,000,000	U.S. Dollars		265,344		CITIG		(8,652	)
03/15/17	Columbian Peso		290,000,000	U.S. Dollars		92,890		CITIG		2,474
03/15/17	Columbian Peso		280,000,000	U.S. Dollars		89,911		CITIG		2,164
03/15/17	South Korean Won		223,298,000	U.S. Dollars		192,002		CITIG		(7,103	)
03/15/17	Columbian Peso		200,000,000	U.S. Dollars		63,788		CITIG		1,980
03/15/17	South Korean Won		190,000,000	U.S. Dollars		163,968		CITIG		(6,641	)
03/15/17	Columbian Peso		170,000,000	U.S. Dollars		55,894		CITIG		8
03/15/17	Columbian Peso		110,000,000	U.S. Dollars		36,316		CITIG		(143	)
03/15/17	Russian Rubles		66,697,831	U.S. Dollars		1,023,392		CITIG		46,888
03/15/17	Russian Rubles		66,193,330	U.S. Dollars		1,017,854		CITIG		44,330

334

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/15/17	Russian Rubles		66,091,297	U.S. Dollars		1,016,121		CITIG	$	44,426
03/15/17	Indian Rupees		58,012,911	U.S. Dollars		853,435		CITIG		(5,913	)
03/15/17	Indian Rupees		43,514,956	U.S. Dollars		634,287		CITIG		1,432
03/15/17	Indian Rupees		42,886,965	U.S. Dollars		629,139		CITIG		(2,594	)
03/15/17	Russian Rubles		41,743,542	U.S. Dollars		639,917		CITIG		29,929
03/15/17	Indian Rupees		40,090,010	U.S. Dollars		577,502		CITIG		8,182
03/15/17	South Korean Won		20,000,000	U.S. Dollars		17,081		CITIG		(520	)
03/15/17	Indian Rupees		19,356,847	U.S. Dollars		280,312		CITIG		2,476
03/15/17	Philippine Peso		18,400,000	U.S. Dollars		366,389		CITIG		2,764
03/15/17	Taiwan Dollars		17,593,294	U.S. Dollars		552,684		CITIG		(4,922	)
03/15/17	Philippine Peso		17,300,000	U.S. Dollars		344,109		CITIG		2,976
03/15/17	Czech Republic Koruna		16,900,000	U.S. Dollars		668,383		CITIG		(7,432	)
03/15/17	Philippine Peso		14,900,000	U.S. Dollars		296,224		CITIG		2,710
03/15/17	Indian Rupees		14,177,311	U.S. Dollars		205,068		CITIG		2,051
03/15/17	Mexican Pesos		13,700,000	U.S. Dollars		654,753		CITIG		(485	)
03/15/17	Mexican Pesos		13,400,000	U.S. Dollars		639,651		CITIG		290
03/15/17	Mexican Pesos		12,600,000	U.S. Dollars		601,549		CITIG		187
03/15/17	Mexican Pesos		12,400,000	U.S. Dollars		605,959		CITIG		(13,775	)
03/15/17	South African Rand		12,299,889	U.S. Dollars		886,914		CITIG		(3,862	)
03/15/17	Philippine Peso		12,000,000	U.S. Dollars		238,096		CITIG		2,656
03/15/17	Mexican Pesos		9,900,000	U.S. Dollars		475,353		CITIG		(2,560	)
03/15/17	South African Rand		9,311,441	U.S. Dollars		660,755		CITIG		7,746
03/15/17	Russian Rubles		9,000,000	U.S. Dollars		143,278		CITIG		1,142
03/15/17	Brazilian Reals		8,688,756	U.S. Dollars		2,492,840		CITIG		121,735
03/15/17	South African Rand		8,588,856	U.S. Dollars		599,734		CITIG		16,889
03/15/17	Taiwan Dollars		8,500,511	U.S. Dollars		265,783		CITIG		(1,122	)
03/15/17	Taiwan Dollars		8,463,195	U.S. Dollars		264,352		CITIG		(853	)
03/15/17	South African Rand		8,404,924	U.S. Dollars		608,500		CITIG		(5,081	)
03/15/17	South African Rand		8,199,926	U.S. Dollars		585,399		CITIG		3,302
03/15/17	Hong Kong Dollars		7,348,779	U.S. Dollars		948,331		CITIG		(383	)
03/15/17	Russian Rubles		7,155,000	U.S. Dollars		110,043		CITIG		4,771
03/15/17	South African Rand		7,148,177	U.S. Dollars		514,574		CITIG		(1,382	)
03/15/17	Hong Kong Dollars		6,973,959	U.S. Dollars		899,695		CITIG		(96	)
03/15/17	Mexican Pesos		6,300,000	U.S. Dollars		306,419		CITIG		(5,551	)
03/15/17	Brazilian Reals		5,805,713	U.S. Dollars		1,637,702		CITIG		109,322
03/15/17	Brazilian Reals		5,558,300	U.S. Dollars		1,557,718		CITIG		114,857
03/15/17	Mexican Pesos		5,400,000	U.S. Dollars		258,975		CITIG		(1,088	)
03/15/17	Mexican Pesos		5,000,000	U.S. Dollars		239,239		CITIG		(455	)
03/15/17	Brazilian Reals		4,793,889	U.S. Dollars		1,355,279		CITIG		87,273
03/15/17	Hong Kong Dollars		4,662,262	U.S. Dollars		601,845		CITIG		(441	)
03/15/17	Czech Republic Koruna		4,300,000	U.S. Dollars		166,903		CITIG		1,268
03/15/17	U.S. Dollars		4,250,873	Turkish Lira		14,944,000		CITIG		81,690
03/15/17	South African Rand		4,247,422	U.S. Dollars		303,458		CITIG		1,479
03/15/17	Polish Zloty		4,223,000	U.S. Dollars		1,003,291		CITIG		4,550
03/15/17	South African Rand		4,099,963	U.S. Dollars		293,778		CITIG		572
03/15/17	Mexican Pesos		4,000,000	U.S. Dollars		191,995		CITIG		(967	)
03/15/17	Mexican Pesos		4,000,000	U.S. Dollars		193,555		CITIG		(2,528	)
03/15/17	Brazilian Reals		3,603,342	U.S. Dollars		1,032,776		CITIG		51,523
03/15/17	Mexican Pesos		3,100,000	U.S. Dollars		150,377		CITIG		(2,330	)
03/15/17	Russian Rubles		3,000,000	U.S. Dollars		48,670		CITIG		(530	)
03/15/17	Taiwan Dollars		2,900,000	U.S. Dollars		91,425		CITIG		(1,135	)

335

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/15/17	Mexican Pesos		2,800,000	U.S. Dollars		135,633		CITIG	$	(1,914	)
03/15/17	Brazilian Reals		2,580,000	U.S. Dollars		736,134		CITIG		40,226
03/15/17	Israeli Shekels		2,330,000	U.S. Dollars		602,434		CITIG		3,722
03/15/17	Thailand Baht		2,200,000	U.S. Dollars		61,729		CITIG		(316	)
03/15/17	South African Rand		2,154,402	U.S. Dollars		150,287		CITIG		4,385
03/15/17	Hong Kong Dollars		2,100,000	U.S. Dollars		270,920		CITIG		(32	)
03/15/17	Russian Rubles		2,000,000	U.S. Dollars		32,568		CITIG		(475	)
03/15/17	Brazilian Reals		1,920,000	U.S. Dollars		549,201		CITIG		28,555
03/15/17	U.S. Dollars		1,913,501	Singapore Dollars		2,725,766		CITIG		31,976
03/15/17	U.S. Dollars		1,871,110	Singapore Dollars		2,665,995		CITIG		30,843
03/15/17	U.S. Dollars		1,778,095	Singapore Dollars		2,532,752		CITIG		29,802
03/15/17	U.S. Dollars		1,554,325	Singapore Dollars		2,200,389		CITIG		35,454
03/15/17	U.S. Dollars		1,455,049	Singapore Dollars		2,083,333		CITIG		16,979
03/15/17	Hong Kong Dollars		1,400,000	U.S. Dollars		180,366		CITIG		226
03/15/17	U.S. Dollars		1,335,706	Mexican Pesos		28,084,000		CITIG		(5,496	)
03/15/17	Mexican Pesos		1,300,000	U.S. Dollars		62,843		CITIG		(759	)
03/15/17	Turkish Lira		1,300,000	U.S. Dollars		365,231		CITIG		(2,548	)
03/15/17	Brazilian Reals		1,290,000	U.S. Dollars		361,701		CITIG		26,480
03/15/17	U.S. Dollars		1,247,095	Philippine Peso		62,807,383		CITIG		(12,991	)
03/15/17	Hong Kong Dollars		1,200,000	U.S. Dollars		154,520		CITIG		273
03/15/17	Turkish Lira		1,140,000	U.S. Dollars		319,123		CITIG		(1,078	)
03/15/17	Thailand Baht		1,100,000	U.S. Dollars		30,879		CITIG		(173	)
03/15/17	Brazilian Reals		1,000,000	U.S. Dollars		287,077		CITIG		13,838
03/15/17	Hong Kong Dollars		1,000,000	U.S. Dollars		129,039		CITIG		(45	)
03/15/17	Hong Kong Dollars		900,000	U.S. Dollars		116,013		CITIG		81
03/15/17	Hong Kong Dollars		900,000	U.S. Dollars		116,047		CITIG		48
03/15/17	Thailand Baht		900,000	U.S. Dollars		25,077		CITIG		46
03/15/17	Turkish Lira		890,000	U.S. Dollars		248,193		CITIG		105
03/15/17	U.S. Dollars		848,052	Philippine Peso		42,716,943		CITIG		(8,965	)
03/15/17	Turkish Lira		820,000	U.S. Dollars		229,198		CITIG		(429	)
03/15/17	U.S. Dollars		795,706	Hong Kong Dollars		6,168,000		CITIG		71
03/15/17	U.S. Dollars		777,331	South Korean Won		920,000,000		CITIG		15,537
03/15/17	U.S. Dollars		762,831	Singapore Dollars		1,082,671		CITIG		15,491
03/15/17	U.S. Dollars		714,914	Singapore Dollars		1,018,024		CITIG		12,199
03/15/17	U.S. Dollars		713,025	Singapore Dollars		1,021,070		CITIG		8,207
03/15/17	Hong Kong Dollars		700,000	U.S. Dollars		90,232		CITIG		64
03/15/17	U.S. Dollars		648,167	Israeli Shekels		2,468,504		CITIG		5,978
03/15/17	U.S. Dollars		644,214	Russian Rubles		40,000,000		CITIG		2,346
03/15/17	U.S. Dollars		619,187	Indian Rupees		43,000,000		CITIG		(9,009	)
03/15/17	Czech Republic Koruna		600,000	U.S. Dollars		23,176		CITIG		289
03/15/17	Hong Kong Dollars		600,000	U.S. Dollars		77,411		CITIG		(14	)
03/15/17	Thailand Baht		600,000	U.S. Dollars		16,863		CITIG		(114	)
03/15/17	U.S. Dollars		579,191	Indian Rupees		40,000,000		CITIG		(5,177	)
03/15/17	Singapore Dollars		570,000	U.S. Dollars		395,080		CITIG		(1,624	)
03/15/17	U.S. Dollars		561,127	Indian Rupees		39,000,000		CITIG		(8,632	)
03/15/17	U.S. Dollars		533,170	Indian Rupees		37,000,000		CITIG		(7,371	)
03/15/17	Brazilian Reals		530,000	U.S. Dollars		152,927		CITIG		6,558
03/15/17	Turkish Lira		530,000	U.S. Dollars		148,367		CITIG		(504	)
03/15/17	Thailand Baht		500,000	U.S. Dollars		13,915		CITIG		42
03/15/17	Hong Kong Dollars		500,000	U.S. Dollars		64,512		CITIG		(16	)
03/15/17	Thailand Baht		500,000	U.S. Dollars		14,000		CITIG		(42	)
03/15/17	U.S. Dollars		493,096	Israeli Shekels		1,865,708		CITIG		7,726

336

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of  Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/15/17	U.S. Dollars		488,377	Israeli Shekels		1,845,634		CITIG	$	8,230
03/15/17	U.S. Dollars		477,277	Indian Rupees		33,000,000		CITIG		(4,826	)
03/15/17	U.S. Dollars		472,234	South Korean Won		560,000,000		CITIG		8,533
03/15/17	U.S. Dollars		468,636	Indonesian Rupiahs		6,500,000,000		CITIG		(8,516	)
03/15/17	U.S. Dollars		411,225	South Korean Won		490,000,000		CITIG		5,487
03/15/17	U.S. Dollars		407,192	Brazilian Reals		1,360,000		CITIG		(2,052	)
03/15/17	U.S. Dollars		402,265	Czech Republic Koruna		10,200,000		CITIG		3,347
03/15/17	Thailand Baht		400,000	U.S. Dollars		11,110		CITIG		56
03/15/17	Hong Kong Dollars		400,000	U.S. Dollars		51,565		CITIG		32
03/15/17	Hong Kong Dollars		400,000	U.S. Dollars		51,603		CITIG		(5	)
03/15/17	Hong Kong Dollars		400,000	U.S. Dollars		51,603		CITIG		(5	)
03/15/17	U.S. Dollars		399,969	South Korean Won		467,133,472		CITIG		13,165
03/15/17	U.S. Dollars		393,909	Brazilian Reals		1,360,000		CITIG		(15,335	)
03/15/17	Brazilian Reals		390,000	U.S. Dollars		112,348		CITIG		5,009
03/15/17	U.S. Dollars		360,603	Israeli Shekels		1,375,887		CITIG		2,662
03/15/17	U.S. Dollars		355,881	South Korean Won		430,000,000		CITIG		(175	)
03/15/17	U.S. Dollars		353,644	Philippine Peso		17,781,310		CITIG		(3,097	)
03/15/17	Philippine Peso		352,000	U.S. Dollars		7,004		CITIG		58
03/15/17	U.S. Dollars		322,989	Israeli Shekels		1,225,666		CITIG		4,128
03/15/17	Turkish Lira		320,000	U.S. Dollars		89,533		CITIG		(258	)
03/15/17	U.S. Dollars		319,003	Brazilian Reals		1,130,000		CITIG		(21,031	)
03/15/17	U.S. Dollars		300,724	South Korean Won		360,000,000		CITIG		2,630
03/15/17	Thailand Baht		300,000	U.S. Dollars		8,403		CITIG		(28	)
03/15/17	Thailand Baht		300,000	U.S. Dollars		8,419		CITIG		(44	)
03/15/17	U.S. Dollars		299,267	Philippine Peso		15,035,251		CITIG		(2,380	)
03/15/17	U.S. Dollars		296,096	Philippine Peso		14,855,196		CITIG		(1,939	)
03/15/17	U.S. Dollars		295,612	Philippine Peso		14,825,884		CITIG		(1,835	)
03/15/17	U.S. Dollars		295,121	Philippine Peso		14,883,011		CITIG		(3,472	)
03/15/17	U.S. Dollars		294,437	Philippine Peso		14,766,064		CITIG		(1,810	)
03/15/17	U.S. Dollars		294,427	Philippine Peso		14,848,017		CITIG		(3,464	)
03/15/17	U.S. Dollars		294,238	Philippine Peso		14,839,941		CITIG		(3,491	)
03/15/17	U.S. Dollars		293,021	Brazilian Reals		1,030,000		CITIG		(16,921	)
03/15/17	Turkish Lira		290,000	U.S. Dollars		80,876		CITIG		31
03/15/17	U.S. Dollars		287,056	Russian Rubles		18,000,000		CITIG		(1,785	)
03/15/17	U.S. Dollars		284,894	South Korean Won		340,000,000		CITIG		3,361
03/15/17	Russian Rubles		280,000	U.S. Dollars		4,328		CITIG		165
03/15/17	U.S. Dollars		278,576	South Korean Won		326,239,201		CITIG		8,438
03/15/17	U.S. Dollars		269,878	South Korean Won		312,704,742		CITIG		10,947
03/15/17	U.S. Dollars		269,175	Israeli Shekels		1,028,601		CITIG		1,581
03/15/17	U.S. Dollars		266,041	South Korean Won		320,000,000		CITIG		1,069
03/15/17	U.S. Dollars		265,031	South Korean Won		320,000,000		CITIG		59
03/15/17	U.S. Dollars		264,549	Indian Rupees		18,000,000		CITIG		1,584
03/15/17	U.S. Dollars		264,510	Indian Rupees		18,000,000		CITIG		1,545
03/15/17	U.S. Dollars		264,302	South Korean Won		308,197,648		CITIG		9,103
03/15/17	U.S. Dollars		249,229	Brazilian Reals		890,000		CITIG		(18,585	)
03/15/17	U.S. Dollars		245,397	South Korean Won		287,436,718		CITIG		7,389
03/15/17	U.S. Dollars		235,293	Brazilian Reals		800,000		CITIG		(5,439	)
03/15/17	U.S. Dollars		231,858	Hong Kong Dollars		1,800,000		CITIG		(331	)
03/15/17	U.S. Dollars		225,475	Brazilian Reals		770,000		CITIG		(6,229	)
03/15/17	U.S. Dollars		219,074	Hong Kong Dollars		1,700,000		CITIG		(215	)
03/15/17	U.S. Dollars		208,690	South African Rand		2,900,000		CITIG		489
03/15/17	U.S. Dollars		206,919	Polish Zloty		870,000		CITIG		(711	)

337

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/15/17	Hong Kong Dollars		200,000	U.S. Dollars		25,796		CITIG	$	3
03/15/17	U.S. Dollars		174,672	Indian Rupees		12,000,000		CITIG		(639	)
03/15/17	U.S. Dollars		171,367	South Korean Won		201,220,731		CITIG		4,749
03/15/17	U.S. Dollars		167,625	Thailand Baht		5,974,000		CITIG		860
03/15/17	U.S. Dollars		164,636	Columbian Peso		500,000,000		CITIG		216
03/15/17	U.S. Dollars		154,787	Hong Kong Dollars		1,200,000		CITIG		(6	)
03/15/17	U.S. Dollars		152,637	Brazilian Reals		520,000		CITIG		(3,839	)
03/15/17	Polish Zloty		151,000	U.S. Dollars		36,530		CITIG		(493	)
03/15/17	Brazilian Reals		150,000	U.S. Dollars		44,157		CITIG		980
03/15/17	Singapore Dollars		150,000	U.S. Dollars		104,361		CITIG		(820	)
03/15/17	U.S. Dollars		148,592	Taiwan Dollars		4,800,000		CITIG		(854	)
03/15/17	U.S. Dollars		146,156	Indian Rupees		10,000,000		CITIG		64
03/15/17	U.S. Dollars		144,597	Polish Zloty		610,000		CITIG		(982	)
03/15/17	Brazilian Reals		140,000	U.S. Dollars		40,778		CITIG		1,351
03/15/17	U.S. Dollars		137,527	South Korean Won		161,291,696		CITIG		3,971
03/15/17	U.S. Dollars		132,197	Indian Rupees		9,000,000		CITIG		714
03/15/17	U.S. Dollars		132,112	Chilean Peso		90,000,000		CITIG		(1,550	)
03/15/17	U.S. Dollars		128,832	Hong Kong Dollars		1,000,000		CITIG		(162	)
03/15/17	U.S. Dollars		116,460	Thailand Baht		4,153,000		CITIG		529
03/15/17	U.S. Dollars		116,228	Indian Rupees		8,000,000		CITIG		(646	)
03/15/17	U.S. Dollars		116,105	Hong Kong Dollars		900,000		CITIG		10
03/15/17	Mexican Pesos		114,000	U.S. Dollars		5,527		CITIG		(82	)
03/15/17	Brazilian Reals		110,000	U.S. Dollars		31,903		CITIG		1,198
03/15/17	U.S. Dollars		109,305	Chilean Peso		72,076,000		CITIG		2,263
03/15/17	U.S. Dollars		103,166	Chilean Peso		70,000,000		CITIG		(793	)
03/15/17	U.S. Dollars		103,146	Chilean Peso		70,000,000		CITIG		(813	)
03/15/17	U.S. Dollars		102,991	Hong Kong Dollars		800,000		CITIG		(204	)
03/15/17	U.S. Dollars		101,922	Indian Rupees		7,000,000		CITIG		(343	)
03/15/17	Thailand Baht		100,000	U.S. Dollars		2,771		CITIG		21
03/15/17	Thailand Baht		100,000	U.S. Dollars		2,782		CITIG		9
03/15/17	Thailand Baht		100,000	U.S. Dollars		2,806		CITIG		(15	)
03/15/17	Mexican Pesos		100,000	U.S. Dollars		4,866		CITIG		(90	)
03/15/17	Israeli Shekels		100,000	U.S. Dollars		26,435		CITIG		(420	)
03/15/17	U.S. Dollars		94,894	Czech Republic Koruna		2,400,000		CITIG		1,031
03/15/17	U.S. Dollars		90,791	South Korean Won		105,958,495		CITIG		3,054
03/15/17	Singapore Dollars		90,000	U.S. Dollars		62,125		CITIG		—
03/15/17	U.S. Dollars		88,017	Indian Rupees		5,994,000		CITIG		450
03/15/17	Peruvian Nuevos Soles		79,874	U.S. Dollars		23,052		CITIG		516
03/15/17	U.S. Dollars		74,241	Chilean Peso		50,000,000		CITIG		(16	)
03/15/17	U.S. Dollars		69,357	Taiwan Dollars		2,200,000		CITIG		860
03/15/17	U.S. Dollars		64,506	Hong Kong Dollars		500,000		CITIG		9
03/15/17	U.S. Dollars		58,823	Brazilian Reals		205,000		CITIG		(2,864	)
03/15/17	U.S. Dollars		57,389	Brazilian Reals		200,000		CITIG		(2,794	)
03/15/17	U.S. Dollars		55,997	Indonesian Rupiahs		755,959,000		CITIG		503
03/15/17	U.S. Dollars		55,119	Mexican Pesos		1,133,000		CITIG		1,011
03/15/17	U.S. Dollars		51,554	Hong Kong Dollars		400,000		CITIG		(44	)
03/15/17	U.S. Dollars		50,952	Brazilian Reals		180,000		CITIG		(3,212	)
03/15/17	Israeli Shekels		50,000	U.S. Dollars		13,120		CITIG		(113	)
03/15/17	U.S. Dollars		49,501	Taiwan Dollars		1,600,000		CITIG		(314	)
03/15/17	U.S. Dollars		48,899	South African Rand		700,000		CITIG		(1,356	)
03/15/17	U.S. Dollars		47,842	Polish Zloty		200,000		CITIG		111
03/15/17	U.S. Dollars		44,698	South Korean Won		52,236,297		CITIG		1,444

338

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/15/17	Israeli Shekels		40,000	U.S. Dollars		10,471		CITIG	$	(65	)
03/15/17	U.S. Dollars		38,625	Hong Kong Dollars		300,000		CITIG		(74	)
03/15/17	U.S. Dollars		37,219	Taiwan Dollars		1,200,000		CITIG		(143	)
03/15/17	U.S. Dollars		31,912	South African Rand		439,000		CITIG		395
03/15/17	U.S. Dollars		29,791	Chilean Peso		20,000,000		CITIG		89
03/15/17	U.S. Dollars		29,654	Columbian Peso		90,000,000		CITIG		58
03/15/17	U.S. Dollars		29,206	Indian Rupees		2,000,000		CITIG		(13	)
03/15/17	U.S. Dollars		29,026	Mexican Pesos		600,000		CITIG		371
03/15/17	U.S. Dollars		24,925	Thailand Baht		900,000		CITIG		(198	)
03/15/17	U.S. Dollars		19,151	Polish Zloty		80,000		CITIG		58
03/15/17	U.S. Dollars		19,059	Polish Zloty		80,000		CITIG		(33	)
03/15/17	U.S. Dollars		16,795	Thailand Baht		600,000		CITIG		46
03/15/17	U.S. Dollars		14,345	South African Rand		200,000		CITIG		(13	)
03/15/17	U.S. Dollars		13,843	Thailand Baht		500,000		CITIG		(114	)
03/15/17	Peruvian Nuevos Soles		10,000	U.S. Dollars		2,893		CITIG		58
03/15/17	Peruvian Nuevos Soles		10,000	U.S. Dollars		2,899		CITIG		52
03/15/17	Peruvian Nuevos Soles		10,000	U.S. Dollars		2,905		CITIG		45
03/15/17	Peruvian Nuevos Soles		10,000	U.S. Dollars		2,948		CITIG		2
03/15/17	Peruvian Nuevos Soles		10,000	U.S. Dollars		2,956		CITIG		(5	)
03/15/17	U.S. Dollars		9,904	Columbian Peso		30,000,000		CITIG		39
03/15/17	Turkish Lira		7,000	U.S. Dollars		2,022		CITIG		(69	)
03/15/17	U.S. Dollars		5,614	Thailand Baht		200,000		CITIG		31
03/15/17	U.S. Dollars		5,579	Thailand Baht		200,000		CITIG		(4	)
03/15/17	U.S. Dollars		3,158	Brazilian Reals		11,000		CITIG		(152	)
03/15/17	Turkish Lira		3,000	U.S. Dollars		849		CITIG		(12	)
03/15/17	U.S. Dollars		2,911	Peruvian Nuevos Soles		10,000		CITIG		(39	)
03/15/17	U.S. Dollars		2,907	Peruvian Nuevos Soles		10,000		CITIG		(43	)
03/15/17	U.S. Dollars		2,901	Peruvian Nuevos Soles		10,000		CITIG		(50	)
03/15/17	U.S. Dollars		2,884	Peruvian Nuevos Soles		10,000		CITIG		(66	)
03/15/17	U.S. Dollars		2,883	Peruvian Nuevos Soles		10,000		CITIG		(68	)
03/15/17	U.S. Dollars		2,805	Thailand Baht		100,000		CITIG		13
03/15/17	U.S. Dollars		1,668	Polish Zloty		7,000		CITIG		(2	)
03/15/17	U.S. Dollars		1,011	Taiwan Dollars		32,000		CITIG		15
03/15/17	U.S. Dollars		810	Chilean Peso		533,000		CITIG		18
03/15/17	U.S. Dollars		774	Hong Kong Dollars		6,000		CITIG		—
03/16/17	Hungarian Forint		289,262,666	U.S. Dollars		988,417		CITIG		(1,861	)
03/16/17	Hungarian Forint		143,030,535	U.S. Dollars		491,761		CITIG		(3,942	)
03/16/17	Hungarian Forint		126,376,893	U.S. Dollars		433,066		CITIG		(2,047	)
03/16/17	Hungarian Forint		126,203,413	U.S. Dollars		435,464		CITIG		(5,036	)
03/16/17	Hungarian Forint		124,782,493	U.S. Dollars		422,592		CITIG		2,990
03/16/17	U.S. Dollars		443,110	Hungarian Forint		130,000,000		CITIG		(268	)
03/16/17	U.S. Dollars		292,663	Hungarian Forint		86,000,000		CITIG		(647	)
03/16/17	U.S. Dollars		291,874	Hungarian Forint		85,000,000		CITIG		1,974
03/16/17	U.S. Dollars		283,058	Hungarian Forint		83,000,000		CITIG		(21	)
03/16/17	U.S. Dollars		267,122	Hungarian Forint		78,000,000		CITIG		1,096
03/16/17	U.S. Dollars		250,439	Hungarian Forint		74,000,000		CITIG		(1,945	)
03/16/17	U.S. Dollars		237,432	Hungarian Forint		70,000,000		CITIG		(1,309	)
03/16/17	U.S. Dollars		233,708	Hungarian Forint		68,000,000		CITIG		1,788
03/16/17	U.S. Dollars		232,636	Hungarian Forint		69,000,000		CITIG		(2,695	)
03/16/17	U.S. Dollars		228,395	Hungarian Forint		67,000,000		CITIG		(114	)
03/16/17	U.S. Dollars		214,796	Hungarian Forint		63,000,000		CITIG		(71	)
03/16/17	U.S. Dollars		169,359	Hungarian Forint		50,000,000		CITIG		(1,171	)

339

Fund/Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/16/17	U.S. Dollars		87,926	Hungarian Forint		26,000,000		CITIG	$	(749	)
03/16/17	U.S. Dollars		6,716	Hungarian Forint		2,000,000		CITIG		(105	)
									$	933,171
Inflation Protected Bond Fund
01/05/17	U.S. Dollars		3,845,483	Japanese Yen		433,311,000		HSBC	$	136,680
01/05/17	U.S. Dollars		2,590,092	New Zealand Dollars		3,638,000		CWB		63,334
01/05/17	U.S. Dollars		676,378	Euro		636,000		GSC		6,670
01/05/17	U.S. Dollars		317,318	Australian Dollars		430,000		HSBC		7,058
01/05/17	Euro		315,806	U.S. Dollars		330,000		MSCS		2,544
01/05/17	U.S. Dollars		234,914	Australian Dollars		316,000		NAB		6,910
01/27/17	British Pounds		1,185,000	U.S. Dollars		1,449,374		UBS		12,206
01/27/17	U.S. Dollars		702,406	British Pounds		565,000		CITI		5,535
02/01/17	U.S. Dollars		1,399,366	Euro		1,260,000		BOA		70,664
02/01/17	U.S. Dollars		1,396,862	Euro		1,240,000		GSC		89,250
02/01/17	Euro		1,240,000	U.S. Dollars		1,371,573		CITI		(63,961	)
02/01/17	Euro		1,240,000	U.S. Dollars		1,375,371		DEUT		(67,759	)
									$	269,131

Options Written

Transactions in options written during the year ended December 31, 2016 were as follows:

Fund	Number of Contracts			Premiums Received			Notional Amount			Premiums Received			Total Premiums Received
Low-Duration Bond
Options written, 12/31/15		1,700		$	1,095,730		$	23,300,000		$	99,250		$	1,194,980
Options written		591			47,330			21,576,130,000			792,372			839,702
Options expired		(430	)		(160,605	)		(3,973,530,000	)		(193,088	)		(353,693	)
Options closed		(1,861	)		(982,455	)		(13,205,900,000	)		(594,387	)		(1,576,842	)
Options written, 12/31/16		—		$	—		$	4,420,000,000		$	104,147		$	104,147
Medium-Duration Bond
Options written, 12/31/15		909		$	182,223		$	8,276,400,000		$	621,897		$	804,120
Options written		5,224			1,917,839			11,575,964,000			1,886,714			3,804,553
Options expired		(3,295	)		(1,014,959	)		(11,355,300,000	)		(909,253	)		(1,924,212	)
Options closed		(2,422	)		(930,853	)		(5,100,000	)		(34,562	)		(965,415	)
Options written, 12/31/16		416		$	154,250		$	8,491,964,000		$	1,564,796		$	1,719,046
Global Bond
Options written, 12/31/15		—		$	—		$	—		$	—		$	—
Options written		99			16,694			—			—			16,694
Options expired		—			—			—			—			—
Options closed		—			—			—			—			—
Options written, 12/31/16		99		$	16,694		$	—		$	—		$	16,694
Defensive Market Strategies
Options written, 12/31/15		606		$	840,327		$	—		$	—		$	840,327
Options written		8,918			9,991,598			—			—			9,991,598
Options expired		(883	)		(935,320	)		—			—			(935,320	)
Options closed		(7,848	)		(9,151,929	)		—			—			(9,151,929	)
Options written, 12/31/16		793		$	744,676		$	—		$	—		$	744,676

340

Fund	Number of Contracts			Premiums Received			Notional Amount			Premiums Received			Total Premiums Received
Inflation Protected Bond
Options written, 12/31/15		—		$	—		$	63,640,000		$	423,332		$	423,332
Options written		1,841			341,331			163,631,600			1,905,526			2,246,857
Options expired		(815	)		(99,978	)		(163,746,500	)		(1,967,626	)		(2,067,604	)
Options closed		(802	)		(118,200	)		(63,445,000	)		(313,217	)		(431,417	)
Options written, 12/31/16		224		$	123,153		$	80,100		$	48,015		$	171,168

6. CAPITAL SHARE TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Year Ended 12/31/16				Year Ended 12/31/15
	Institutional     Class	Investor Class			Institutional     Class	Investor Class
MyDestination 2005
Shares sold			3,025,545				2,607,627
Shares reinvested			214,699				625,352
Shares redeemed			(2,273,148	)			(2,083,197	)
Net increase			967,096				1,149,782
MyDestination 2015
Shares sold			8,974,684				6,806,840
Shares reinvested			1,663,394				6,982,808
Shares redeemed			(6,682,695	)			(5,903,256	)
Net increase			3,955,383				7,886,392
MyDestination 2025
Shares sold			14,133,695				10,150,281
Shares reinvested			2,981,057				11,307,203
Shares redeemed			(4,654,799	)			(3,524,510	)
Net increase			12,459,953				17,932,974
MyDestination 2035
Shares sold			8,104,455				6,443,510
Shares reinvested			2,053,661				7,779,306
Shares redeemed			(1,981,672	)			(1,642,409	)
Net increase			8,176,444				12,580,407
MyDestination 2045
Shares sold			6,808,741				5,025,680
Shares reinvested			1,635,150				5,909,639
Shares redeemed			(1,150,891	)			(823,435	)
Net increase			7,293,000				10,111,884
MyDestination 2055
Shares sold			2,008,972				1,438,059
Shares reinvested			206,380				280,164
Shares redeemed			(248,290	)			(444,155	)
Net increase (decrease)			1,967,062				1,274,068

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	Year Ended 12/31/16						Year Ended 12/31/15
	Institutional     Class			Investor Class			Institutional     Class			Investor Class
Conservative Allocation(1)
Shares sold		994,037			3,605,797			23,991			2,657,646
Shares issued for merger		—			—			6,295,836			—
Shares reinvested		171,047			633,748			451,701			1,882,885
Shares redeemed		(921,640	)		(3,883,152	)		(93,914	)		(3,628,514	)
Net increase		243,444			356,393			6,677,614			912,017
Balanced Allocation(1)
Shares sold		1,228,719			4,030,356			203,852			4,465,243
Shares issued for merger		—			—			26,689,066			—
Shares reinvested		991,355			3,275,512			4,345,704			15,621,502
Shares redeemed		(3,851,034	)		(14,315,038	)		(190,358	)		(8,977,571	)
Net increase (decrease)		(1,630,960	)		(7,009,170	)		31,048,264			11,109,174
Growth Allocation(1)
Shares sold		893,112			2,434,417			96,179			2,556,121
Shares issued for merger		—			—			19,259,753			—
Shares reinvested		1,254,237			4,150,859			3,697,139			12,926,773
Shares redeemed		(2,697,544	)		(9,813,358	)		(178,363	)		(6,281,510	)
Net increase (decrease)		(550,195	)		(3,228,082	)		22,874,708			9,201,384
Aggressive Allocation(1)
Shares sold		546,022			1,469,425			50,824			1,828,001
Shares issued for merger		—			—			12,425,233			—
Shares reinvested		1,380,716			5,888,125			3,380,597			15,910,154
Shares redeemed		(1,781,536	)		(13,620,552	)		(139,248	)		(5,608,985	)
Net increase (decrease)		145,202			(6,263,002	)		15,717,406			12,129,170
Money Market
Shares sold		649,810,099			4,364,775,848			716,417,103			3,839,326,751
Shares reinvested		305,772			209,397			93,907			113,202
Shares redeemed		(644,356,936	)		(4,455,737,775	)		(592,248,517	)		(3,961,518,030	)
Net increase (decrease)		5,758,935			(90,752,530	)		124,262,493			(122,078,077	)
Low-Duration Bond
Shares sold		8,429,766			5,581,554			39,663,155			4,257,195
Shares reinvested		919,845			193,716			426,909			299,903
Shares redeemed		(10,527,899	)		(2,998,911	)		(4,233,560	)		(39,250,353	)
Shares reduced by reverse share split(4)		(28,750,566	)		—			—			—
Net increase (decrease)		(29,928,854	)		2,776,359			35,856,504			(34,693,255	)

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	Year Ended 12/31/16						Year Ended 12/31/15
	Institutional     Class			Investor Class			Institutional     Class			Investor Class
Medium-Duration Bond
Shares sold		21,557,645			3,275,354			35,627,558			2,440,961
Shares reinvested		2,389,962			264,351			1,899,803			511,606
Shares redeemed		(24,399,164	)		(1,742,097	)		(4,373,453	)		(35,543,020	)
Shares reduced by reverse share split(4)		(49,371,447	)		—			—			—
Net increase (decrease)		(49,823,004	)		1,797,608			33,153,908			(32,590,453	)
Extended-Duration Bond
Shares sold		3,154,014			2,748,742			5,966,398			1,561,833
Shares reinvested		2,105,800			431,964			885,583			323,774
Shares redeemed		(9,293,585	)		(2,493,027	)		(930,162	)		(8,917,404	)
Shares reduced by reverse share split(4)		(28,283,084	)		—			—			—
Net increase (decrease)		(32,316,855	)		687,679			5,921,819			(7,031,797	)
Global Bond(2)
Shares sold		6,428,532			2,320,383			34,205,252			1,898,836
Shares reinvested		1,419,909			350,881			911,828			724,012
Shares redeemed		(7,178,496	)		(2,096,563	)		(837,801	)		(33,991,846	)
Net increase (decrease)		669,945			574,701			34,279,279			(31,368,998	)
Defensive Market Strategies
Shares sold		7,249,464			10,068,347			31,370,314			5,411,179
Shares reinvested		2,270,927			1,059,742			2,278,236			773,706
Shares redeemed		(3,118,383	)		(2,837,905	)		(2,594,668	)		(32,333,107	)
Net increase (decrease)		6,402,008			8,290,184			31,053,882			(26,148,222	)
Equity Index
Shares sold		5,516,466			2,652,286			15,136,977			1,906,716
Shares reinvested		864,727			340,273			701,410			306,429
Shares redeemed		(1,872,587	)		(2,039,395	)		(7,674,890	)		(2,129,453	)
Shares reduced by reverse share split(4)		(22,192,494	)		—			—			—
Net increase (decrease)		(17,683,888	)		953,164			8,163,497			83,692
Value Equity
Shares sold		7,765,196			2,348,625			35,198,004			1,766,957
Shares reinvested		4,583,518			752,540			6,136,876			869,607
Shares redeemed		(20,652,537	)		(2,289,677	)		(6,479,667	)		(39,567,421	)
Shares reduced by reverse share split(4)		(69,721,567	)		—			—			—
Net increase (decrease)		(78,025,390	)		811,488			34,855,213			(36,930,857	)

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	Year Ended 12/31/16						Year Ended 12/31/15
	Institutional     Class			Investor Class			Institutional     Class			Investor Class
Growth Equity
Shares sold		6,739,524			1,321,265			31,384,481			2,711,820
Shares reinvested		3,186,328			631,139			7,734,452			1,950,186
Shares redeemed		(11,376,419	)		(3,773,776	)		(6,716,925	)		(36,823,684	)
Shares reduced by reverse share split(4)		(54,078,879	)		—			—			—
Net increase (decrease)		(55,529,446	)		(1,821,372	)		32,402,008			(32,161,678	)
Small Cap Equity
Shares sold		3,294,839			1,765,169			11,903,357			1,485,794
Shares reinvested		217,024			181,795			1,938,034			876,783
Shares redeemed		(6,295,704	)		(2,360,708	)		(1,003,586	)		(14,204,642	)
Shares reduced by reverse share split(4)		(17,499,626	)		—			—			—
Net increase (decrease)		(20,283,467	)		(413,744	)		12,837,805			(11,842,065	)
International Equity Index(3)
Shares sold		3,289,530						12,379,725
Shares reinvested		370,799						99,655
Shares redeemed		(1,071,898	)					(55,416	)
Net increase		2,588,431						12,423,964
International Equity
Shares sold		7,623,237			2,904,960			66,908,514			2,594,470
Shares reinvested		2,172,069			511,485			4,669,218			742,205
Shares redeemed		(11,904,472	)		(2,040,198	)		(9,705,133	)		(66,207,107	)
Shares reduced by reverse share split(4)		(26,488,092	)		—			—			—
Net increase (decrease)		(28,597,258	)		1,376,247			61,872,599			(62,870,432	)
Emerging Markets Equity
Shares sold		4,886,512			3,992,224			32,938,017			3,178,785
Shares reinvested		627,339			85,386			148,746			—
Shares redeemed		(7,138,353	)		(2,061,182	)		(974,451	)		(27,771,992	)
Net increase (decrease)		(1,624,502	)		2,016,428			32,112,312			(24,593,207	)
Inflation Protected Bond(2)
Shares sold		1,604,095			2,063,847			24,922,762			2,005,829
Shares reinvested		267,202			48,305			—			90,455
Shares redeemed		(6,173,420	)		(939,174	)		(1,407,723	)		(24,973,021	)
Net increase (decrease)		(4,302,123	)		1,172,978			23,515,039			(22,876,737	)
Flexible Income
Shares sold					3,232,240						3,180,615
Shares reinvested					517,902						490,290
Shares redeemed					(2,884,061	)					(1,841,459	)
Net increase					866,081						1,829,446

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	Year Ended 12/31/16						Year Ended 12/31/15
	Institutional Class			Investor Class			Institutional Class			Investor Class
Real Estate Securities(2)
Shares sold		1,359,799			2,198,067			16,192,141			3,237,393
Shares reinvested		1,061,875			823,889			1,381,699			838,902
Shares redeemed		(5,659,612	)		(2,445,088	)		(751,209	)		(19,905,339	)
Net increase (decrease)		(3,237,938	)		576,868			16,822,631			(15,829,044	)
Global Natural Resources Equity
Shares sold					8,950,514						12,135,519
Shares reinvested					60,173						42,140
Shares redeemed					(14,530,700	)					(10,422,963	)
Net increase (decrease)					(5,520,013	)					1,754,696

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

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

⁽³⁾Commencement of operations was June 1, 2015.

⁽⁴⁾ See Note 1 in Notes to Financial Statements.

7. BANK BORROWINGS

The credit agreement with Bank of America, N.A. dated November 27, 2015 to November 25, 2016 expired with no outstanding loans. On November 23, 2016, the Funds entered into a new Line of Credit Agreement with The Northern Trust Company (Northern Trust). The terms of the credit agreement permit the Funds to borrow cash from Northern Trust up to a limit of $50 million, collectively. Each Fund was individually, and not jointly, liable for its particular advances, if any, under the line of credit. Interest is charged to each Fund based on its borrowings at a rate equal to the greater of the Federal Funds Rate plus 1.00% or 1.50%. Each Fund also pays a facility fee equal to its pro rata share of the amount of the credit facility, based on average net assets, at a rate of 0.20% per annum.

No Funds borrowed for the year ended December 31, 2016, and there were no outstanding loans at December 31, 2016.

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, 2016, the International Equity Fund and Emerging Markets Equity Fund accrued non-U.S. taxes on unrealized gains of $11,681 and $71,014, 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

345

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, 2013 through December 31, 2016) remains subject to examination by the Internal Revenue Service. In regard to foreign taxes only, certain Funds have open tax years in certain foreign countries they invest in that may date back to the inception of the Funds.

The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Funds. Income dividends and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, losses deferred due to wash sales, straddles and investments in Passive Foreign Investment Companies (“PFIC’s”). Distributions during the years ended December 31, 2016 and December 31, 2015, were characterized as follows for tax purposes:

Fund	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distribution
MyDestination 2005		2016	$	1,388,327	$	766,400	$	—	$	2,154,727
		2015		1,488,763		4,633,210		—		6,121,973
MyDestination 2015		2016		7,649,735		8,318,224		—		15,967,959
		2015		9,221,001		55,611,928		—		64,832,929
MyDestination 2025		2016		10,993,508		16,869,102		—		27,862,610
		2015		14,743,086		86,476,338		—		101,219,424
MyDestination 2035		2016		4,122,302		13,912,093		—		18,034,395
		2015		7,786,505		57,558,647		—		65,345,152
MyDestination 2045		2016		1,987,737		11,653,279		—		13,641,016
		2015		5,286,977		41,769,639		—		47,056,616
MyDestination 2055		2016		739,515		1,670,318		—		2,409,833
		2015		722,260		2,378,631		—		3,100,891
Conservative Allocation		2016		4,576,586		4,231,114		—		8,807,700
		2015		5,146,319		19,883,553		—		25,029,872
Balanced Allocation		2016		11,827,868		35,666,753		—		47,494,621
		2015		30,811,159		185,492,585		—		216,303,744
Growth Allocation		2016		9,341,558		50,366,158		—		59,707,716
		2015		21,827,804		159,439,753		—		181,267,557
Aggressive Allocation		2016		—		76,298,646		—		76,298,646
		2015		15,096,267		192,947,411		—		208,043,678
Money Market		2016		1,053,194		—		—		1,053,194
		2015		354,779		1,901		—		356,680
Low-Duration Bond		2016		11,925,492		—		—		11,925,492
		2015		10,210,504		—		—		10,210,504
Medium-Duration Bond		2016		25,404,080		—		—		25,404,080
		2015		29,877,794		5,599,044		—		35,476,838
Extended-Duration Bond		2016		11,423,388		9,012,613		—		20,436,001
		2015		15,068,462		7,251,117		—		22,319,579
Global Bond		2016		17,229,950		—		—		17,229,950
		2015		15,752,245		—		—		15,752,245
Defensive Market Strategies		2016		18,729,301		21,150,145		—		39,879,446
		2015		14,319,869		20,145,965		—		34,465,834
Equity Index		2016		12,542,180		7,516,991		—		20,059,171
		2015		10,123,913		13,062,522		—		23,186,435

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Fund	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distribution
Value Equity		2016	$	25,066,889	$	47,288,275	$	—	$	72,355,164
		2015		23,442,851		118,071,515		—		141,514,366
Growth Equity		2016		—		52,945,569		—		52,945,569
		2015		18,902,593		198,987,433		—		217,890,026
Small Cap Equity		2016		1,372,347		5,675,655		—		7,048,002
		2015		4,060,828		38,044,741		—		42,105,569
International Equity Index		2016		3,270,902		—		—		3,270,902
		2015		896,896		—		—		896,896
International Equity		2016		27,198,921		8,074,428		—		35,273,349
		2015		26,090,595		45,470,957		—		71,561,552
Emerging Markets Equity		2016		5,710,316		—		—		5,710,316
		2015		1,112,618		—		—		1,112,618
Inflation Protected Bond		2016		3,278,180		—		—		3,278,180
		2015		939,144		—		—		939,144
Flexible Income		2016		4,892,519		—		—		4,892,519
		2015		4,764,206		—		—		4,764,206
Real Estate Securities		2016		16,886,427		633,874		—		17,520,301
		2015		11,697,003		9,758,872		—		21,455,875
Global Natural Resources Equity		2016		446,118		—		—		446,118
		2015		220,488		—		—		220,488

At December 31, 2016, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income			Undistributed Long-Term Capital Gain/(Capital Loss Carryforward)			Late Year Loss  Deferrals			Net Unrealized Appreciation (Depreciation) on Investments
MyDestination 2005	$	249,533		$	141,379		$	—		$	(2,748,709	)
MyDestination 2015		2,262,782			1,484,348			—			(21,209,822	)
MyDestination 2025		4,838,586			3,287,312			—			(40,198,349	)
MyDestination 2035		3,592,329			1,081,131			—			(32,485,447	)
MyDestination 2045		3,015,645			658,704			—			(24,474,758	)
MyDestination 2055		108,949			635,623			—			(2,658,416	)
Conservative Allocation		1,270,413			216,005			—			(17,154,598	)
Balanced Allocation		18,045,922			(6,936,433	)		—			(125,509,860	)
Growth Allocation		8,746,893			968,769			—			(130,663,792	)
Aggressive Allocation		9,878,805			233,312			—			(128,343,301	)
Money Market		(2	)		—			—			—
Low-Duration Bond		1,013,915			(6,060,155	)		—			(5,757,870	)
Medium-Duration Bond		1,039,824			—			(11,323,140	)		(10,984,696	)
Extended-Duration Bond		—			778,776			(440,509	)		(1,322,884	)
Global Bond		—			(14,731,318	)		(1,220,843	)		546,313
Defensive Market Strategies		5,162,575			4,192,240			—			60,563,063
Equity Index		787,710			1,144,033			—			196,735,521
Value Equity		427,579			14,291,187			—			207,730,967
Growth Equity		—			11,843,188			—			165,704,047
Small Cap Equity		27,294			6,619,477			—			69,755,060
International Equity Index		—			(953,378	)		(63,516	)		(11,150,573	)
International Equity		—			—			(4,018,846	)		(15,885,558	)
Emerging Markets Equity		1,113,836			(36,180,367	)		—			(17,313,678	)

347

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain/(Capital Loss Carryforward)			Late Year Loss Deferrals			Net Unrealized Appreciation (Depreciation) on Investments
Inflation Protected Bond	$	1,771,475	$	(7,820,922	)	$	—		$	290,008
Flexible Income		—		(6,789,585	)		—			851,658
Real Estate Securities		—		—			(1,496,991	)		(13,974,607	)
Global Natural Resources Equity		—		(81,677,283	)		(8,152	)		(8,854,385	)

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, 2016:

Expiring December 31,	2017		2018		Unlimited		Total
Balanced Allocation	$	—	$	—	$	6,936,433	$	6,936,433
Low-Duration Bond		—		—		6,060,155		6,060,155
Global Bond		6,001,516		—		8,729,802		14,731,318
International Equity Index		—		—		953,378		953,378
Emerging Markets Equity		—		—		36,180,367		36,180,367
Inflation Protected Bond		—		—		7,820,922		7,820,922
Flexible Income		—		—		6,789,585		6,789,585
Global Natural Resources Equity		—		—		81,677,283		81,677,283

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, 2016, the following Funds utilized capital loss carryforwards to offset capital gains:

	Carryforward Utilized
Inflation Protected Bond	$	177,016

For federal income tax purposes, late year loss deferrals, which will reverse in 2017, were as follows as of December 31, 2016:

	Capital		Ordinary Income		Total
Medium-Duration Bond	$	11,323,140	$	—	$	11,323,140
Extended-Duration Bond		437,899		2,610		440,509
Global Bond		—		1,220,843		1,220,843
International Equity Index		—		63,516		63,516
International Equity		2,795,121		1,223,725		4,018,846
Real Estate Securities		812,555		684,436		1,496,991
Global Natural Resources Equity		—		8,152		8,152

At December 31, 2016, the aggregate cost of investment securities for federal income tax purposes (excluding foreign currency, securities sold short and derivative related items) and the net unrealized appreciation from investments for those securities having

348

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	$	111,409,810	$	(2,748,709	)	$	799,317	$	(3,548,026	)
MyDestination 2015		556,531,981		(21,209,822	)		1,875,741		(23,085,563	)
MyDestination 2025		895,141,103		(40,198,349	)		3,674,443		(43,872,792	)
MyDestination 2035		511,760,347		(32,485,447	)		1,560,917		(34,046,364	)
MyDestination 2045		378,705,995		(24,474,758	)		1,587,609		(26,062,367	)
MyDestination 2055		65,583,671		(2,658,416	)		1,097,776		(3,756,192	)
Conservative Allocation		398,809,250		(17,154,598	)		380,140		(17,534,738	)
Balanced Allocation		1,609,014,635		(125,509,859	)		1,389,220		(126,899,079	)
Growth Allocation		1,218,404,392		(130,663,792	)		—		(130,663,792	)
Aggressive Allocation		1,002,970,284		(128,343,302	)		—		(128,343,302	)
Money Market		1,203,700,479		—			—		—
Low-Duration Bond		969,056,946		(6,559,812	)		3,607,481		(10,167,293	)
Medium-Duration Bond		1,322,823,761		(11,955,420	)		14,530,363		(26,485,783	)
Extended-Duration Bond		247,066,716		(1,319,901	)		15,875,659		(17,195,560	)
Global Bond		466,198,433		1,293,435			22,625,870		(21,332,435	)
Defensive Market Strategies		800,009,164		60,587,350			71,308,234		(10,720,884	)
Equity Index		549,240,737		196,735,521			212,237,148		(15,501,627	)
Value Equity		1,111,494,468		207,730,967			257,573,804		(49,842,837	)
Growth Equity		1,165,336,235		165,704,047			226,207,237		(60,503,190	)
Small Cap Equity		522,292,670		69,755,062			95,427,255		(25,672,193	)
International Equity Index		146,114,754		(11,143,076	)		3,942,795		(15,085,871	)
International Equity		1,368,221,508		(16,848,383	)		127,753,236		(144,601,619	)
Emerging Markets Equity		349,450,091		(17,754,351	)		24,742,691		(42,497,042	)
Inflation Protected Bond		276,054,954		153,706			2,665,731		(2,512,025	)
Flexible Income		156,260,346		851,658			1,891,689		(1,040,031	)
Real Estate Securities		240,598,738		(13,955,021	)		4,131,995		(18,087,016	)
Global Natural Resources		251,954,364		(8,850,205	)		26,496,110		(35,346,315	)

The differences between book basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, the deferral of losses on straddles, gains on constructive sales and investments in PFIC’s, partnerships and other securities with book and tax cost differences.

At December 31, 2016, capital contributions, accumulated undistributed net investment income and accumulated net realized gain (loss) from investments have been adjusted for current period permanent book/tax differences which arose principally from differing book/tax treatments of PFICs, paydown losses, net operating losses, swaps, foreign currency transactions, distributions received from regulated investment companies, defaulted bonds, reclassifications of dividends paid and non-deductible expenses. The following amounts were reclassified within the capital accounts:

Fund	Paid in     Capital		Undistributed Net Investment Income		Accumulated Net Realized Gain  (Loss) on Investments, Currency Translations and Derivative Transactions
Balanced Allocation	$	—	$	(4,903)	$	4,903
Aggressive Allocation		—		391,511		(391,511)
Money Market		—		(2)		2
Low-Duration Bond		—		(228,309)		228,309
Medium-Duration Bond		—		(1,725,340)		1,725,340
Extended-Duration Bond		—		5,754		(5,754)

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Fund	Paid in Capital		Undistributed Net Investment Income		Accumulated Net Realized Gain (Loss) on Investments, Currency Translations and Derivative Transactions
Global Bond	$	—	$	(1,712,169)	$	1,712,169
Defensive Market Strategies		(927)		373,501		(372,574)
Equity Index		—		1,652		(1,652)
Value Equity		—		1,804		(1,804)
Growth Equity		(1,082,677)		1,084,811		(2,134)
Small Cap Equity		—		8,142		(8,142)
International Equity Index		(30,667)		25,892		4,775
International Equity		—		(1,935,048)		1,935,048
Emerging Markets Equity		—		3,277,766		(3,277,766)
Inflation Protected Bond		—		(422,359)		422,359
Flexible Income		(22,294)		22,859		(565)
Real Estate Securities		(14,273)		5,679,231		(5,664,958)
Global Natural Resources Equity		(16,861)		(119,258)		136,119

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

9. MARKET AND CREDIT RISK

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

Market Risks — A Fund’s investments in derivatives and other financial instruments expose the Fund to various risks such as,

but not limited to, interest rate, foreign currency, equity and commodity risks.

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

If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund.

The market values of equities, such as common stocks and preferred stocks, or equity related investments such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. Market values may also decline due to factors which affect a particular industry or industries,

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such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity

related investments generally have greater market price volatility than fixed income securities.

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

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

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

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

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

10. RECENT SEC RULE AMENDMENTS

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

The Board, on behalf of the Money Market Fund, has approved an investment policy in order for the Fund to meet the definition of a “government money market fund” under Rule 2a-7 under the Investment Company Act of 1940, as amended. Under

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amended Rule 2a-7, a government money market fund is a money market fund that invests at least 99.5% of its total assets in U.S. government securities, cash, and/or repurchase agreements that are fully collateralized by U.S. government securities or cash. These changes became effective on May 1, 2016.

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

11. REGULATORY EXAMINATIONS

Federal and state regulatory authorities from time to time make inquiries and conduct examinations regarding compliance by the Trust and its affiliates with securities and other laws and regulations affecting the Funds. There are currently no such matters which the Trust and its affiliates believe will be material to these financial statements.

12. LIQUIDATION

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

13. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date that the financial statements were available to be issued. All subsequent events determined to be relevant and material to the financial statements have been appropriately recorded or disclosed.

Over time, the MyDestination 2005 Fund (“2005 Fund”) has changed its asset allocation following its predetermined glide path and its allocations are now substantially similar to those of the Conservative Allocation Fund. As described in the Prospectus, the assets of the 2005 Fund will be transferred to the Conservative Allocation Fund approximately 12 years after 2005 through a merger with the Conservative Allocation Fund, provided that the Board of Trustees determines that the combination would be in the best interests of the 2005 Fund and its shareholders. Legal expenses incurred as a result of the merger were deemed to be extraordinary expenses due to the unusual nature and infrequency of occurrence. The Board has approved the reorganization of the 2005 Fund into the Conservative Allocation Fund (the “Reorganization”), effective on February 10, 2017.

352

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and

Shareholders of GuideStone Funds:

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, 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”) as of December 31, 2016, the results of each of their operations for the year then ended and 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 as of December 31, 2016 by correspondence with the custodian, brokers and transfer agent of the investee funds, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 27, 2017

353

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, 2016, 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	$	1,388,327	$	766,400	$	—
MyDestination 2015		7,649,735		8,318,224		—
MyDestination 2025		10,993,508		16,869,102		—
MyDestination 2035		4,122,302		13,912,093		—
MyDestination 2045		1,987,737		11,653,279		—
MyDestination 2055		739,515		1,670,318		—
Conservative Allocation		4,576,586		4,231,114		—
Balanced Allocation		11,827,868		35,666,753		—
Growth Allocation		9,341,558		50,366,158		—
Aggressive Allocation		—		76,298,646		—
Money Market		1,053,194		—		—
Low-Duration Bond		11,925,492		—		—
Medium-Duration Bond		25,404,080		—		—
Extended-Duration Bond		11,423,388		9,012,613		—
Global Bond		17,229,950		—		—
Defensive Market Strategies		18,729,301		21,150,145		—
Equity Index		12,542,180		7,516,991		—
Value Equity		25,066,889		47,288,275		—
Growth Equity		—		52,945,569		—
Small Cap Equity		1,372,347		5,675,655		—
International Equity Index		3,270,902		—		—
International Equity		27,198,921		8,074,428		—
Emerging Markets Equity		5,710,316		—		—
Inflation Protected Bond		3,278,180		—		—
Flexible Income		4,892,519		—		—
Real Estate Securities		16,886,427		633,874		—
Global Natural Resources Equity		446,118		—		—

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.

354

NOTICE TO SHAREHOLDERS (Continued)

The following percentages of ordinary income dividends paid for the year ended December 31, 2016, have been designated as qualified for the reduced tax rate under The Job and Growth Tax Relief Reconciliation Act of 2003.

Fund
MyDestination 2005	26.12	%
MyDestination 2015	51.60	%
MyDestination 2025	73.31	%
MyDestination 2035	100.00	%
MyDestination 2045	100.00	%
MyDestination 2055	100.00	%
Conservative Allocation	30.01	%
Balanced Allocation	76.78	%
Growth Allocation	100.00	%
Defensive Market Strategies	44.16	%
Equity Index	94.13	%
Value Equity	100.00	%
Small Cap Equity	100.00	%
International Equity Index	100.00	%
International Equity	100.00	%
Emerging Markets Equity	76.89	%
Real Estate Securities	6.58	%
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.

355

FUND MANAGEMENT (Unaudited)

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

Name, (DOB),Address and Position(s) with Trust	Term of Office     and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of   Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships/ Directorships Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
William Craig George (1958) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2004	Senior Credit Officer, NewBridge Bank, 2014 - present; Chief Credit Officer, CapStone Bank, 2011 - 2014 (bank acquired by NewBridge Bank); Executive Vice President/Regional Credit Officer, SunTrust Bank, 1995 - 2011.	27	None
Barry D. Hartis (1945) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2014	Certified Public Accountant, 1987 - present; Client Services and Firm Development, Haynes Strand and Company, PLLC, 2005 - 2010.	27	GuideStone Financial Resources – Board of Trustees Member, 2004 – 2012; GuideStone Funds – Board of Trustees, Interested Trustee, 2005 – 2012.
Grady R. Hazel (1947) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2011	Chief Financial Officer – The Dunham School, 2016 – present; Certified Public Accountant, 2015 - present; G400 Relations Manager, American Institute of Certified Public Accountants, 2012 - 2015; Executive Director, Society of Louisiana CPAs, 1995 - 2012.	27	Neighbors Federal Credit Union – Chairman of the Board; Stonetrust Commercial Insurance Company – Board of Directors Member and Chairman of Audit Committee.
Joseph A. Mack (1939) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2002	Independent Consultant, 2010 - present; Retired - Director, Office of Public Policy, South Carolina Baptist Convention, 1999 - 2011.	27	None
Franklin R. Morgan (1943) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2005	Retired - Senior Vice President, Director of International Administration, Prudential Securities, Inc., 1960 - 2003.	27	None
Kyle L. Tucker (1981) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2013	Vice President and Financial Advisor – CAPTRUST Financial Advisors, 2006 - Present.	27	Fellowship of Christian Athletes (NC) Triangle Board, 2012 – 2015; Wake County Parks and Open Spaces Board 2012 – present; NC Values Coalition Board, 2015 – present.

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FUND MANAGEMENT (Continued)

Name, (DOB),Address and Position(s) with Trust	Term of Office     and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of   Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships/ Directorships Held by Trustee During Past 5 Years
INTERESTED TRUSTEES2
Thomas G. Evans (1961) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2012	Owner, Encompass Financial Services, Inc., 1985 – present; Manager, Private Partners Opportunity Fund, LLC, 2011 - present.	27	GuideStone Financial Resources – Board of Trustees Member, June 2010 – present; Baptist Foundation of Oklahoma, Board of Directors Member and Chairman, 2004 – present; Pioneer Spirit Foundation – Board of Trustees Member, 1993 – present; GuideStone Capital Management, Board of Directors Member, July 2011 – July 2012; Cherokee Strip Foundation – Board of Trustees Member, 2013 – present; Enid Regional Development Alliance – Board of Trustees member, 2010 – present; Leadership Oklahoma – Board of Trustees Member.
James W. Hixson (1931) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2010	Retired.	27	GuideStone Financial Resources – Board of Trustees Member, June 2008 – present; GuideStone Advisors – Board of Directors Member, July 2008 – present; GuideStone Financial Services – Board of Directors Member, July 2008 – present.
OFFICERS WHO ARE NOT TRUSTEES 3
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
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  Messrs. Evans and Hixson are “interested persons” of the Trust as the term is defined in the 1940 Act, due to their positions on the Board of Trustees of GuideStone Financial Resources.

    ³  The officers of the Trust may be deemed to be affiliates of the Adviser due to their positions with the Adviser and/or GuideStone Financial Resources.

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PROXY VOTING

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

358

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 within the meaning of 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 Target Date, 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 15-16, 2016. 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 15-16, 2016 Board meeting: the sub-advisory agreements for the Equity Index Fund, Value Equity Fund, International Equity Index Fund and Global Natural Resources Equity Fund with Legal & General Investment Management America, Inc.

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 histories of the Adviser and sub-advisers; (v) the performance of the Funds or portfolio accounts 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 fees 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 arrangements; (vii) the total expenses of the Funds in comparison to similarly managed funds and the use of past and anticipated expense caps; (viii) the profitability of the Adviser and, to the extent available, of sub-advisers with respect to the Funds or portfolio accounts and their overall businesses, as well as the effect of fee waivers and expense caps on profitability levels; (ix) the extent of any economies of scale and whether the fee structures reflect such economies of scale through breakpoints or effectively do so as a result of recent reductions in fee levels; (x) the existence of any collateral benefits realized by the Adviser or sub-advisers, such as affiliated brokerage arrangements or the use of soft dollars; and (xi) the existence of any collateral benefits realized by the Funds resulting from relationships with the Adviser or 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 structuring of the portfolio, including how that 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 Target Date 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 Independent Counsel to discuss and consider

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information presented in connection with the continuation of the Agreements as well as the Trustees’ responsibilities and duties in approving the Agreements.

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 serving as the Trust’s investment adviser, including the Adviser’s experience overseeing and managing the allocation of each Fund’s assets among the Trust’s sub-advisers, continually reviewing the investment performance of each Fund, continually reviewing the nature and quality of the services provided by the Trust’s sub-advisers and recommending changes to the Trust’s sub-advisers as and when appropriate. With respect to the Target Date Funds and the Asset Allocation Funds, the Board evaluated the nature, extent and quality of the services that the Adviser provides that are in addition to, rather than duplicative of, services provided pursuant to any underlying Select Fund’s advisory contract. Specifically, the Board evaluated the Adviser’s services in determining the glide path or the asset mix for each Fund and selecting the specific underlying Select Funds in which to invest, as well as rebalancing services. The Board considered the experience of key personnel at the Adviser providing investment management and administrative services to the Trust, 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 Agreement 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 and oversight of general Fund compliance, including compliance with social restrictions and Board directives. The Board concluded that each Fund is likely to benefit from the nature, extent and quality of the Adviser’s services as a result of the Adviser’s experience, personnel, operations and resources. During their deliberations, the Board members did not identify any particular information that was all-important or controlling, and each Board member may have attributed different weights to the various factors deliberated upon, among others.

The Board also examined fee and expense information for each Select Fund, as compared to other funds in each Fund’s asset-stratified peer group for the Investor Class, provided by the report of an outside consulting firm, as of June 30, 2016. The Board took into account that the management fees, net of any fee waiver or expense reimbursements, and as compared to similar funds with similar asset levels, for the Money Market, Low-Duration Bond and Medium-Duration Funds ranked in the first quartile; the Inflation Protected Bond, Global Bond, Defensive Market Strategies, Equity Index, 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, Emerging Markets Equity and Global Natural Resources Equity Funds ranked in the third quartile; and no Funds ranked in the fourth quartile. The Board also evaluated the total expense ratios for other funds in each Fund’s asset-stratified peer group 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 Money Market, Extended-Duration Bond, Flexible Income and Global Natural Resources Equity Funds ranked in the third quartile, and that the International Equity Fund ranked in the fourth quartile, among similar funds at similar asset levels.

The Board also examined the fee and expense information for each Select Fund, as compared to other funds in the peer groups for the Institutional Class, provided by the report of an outside consulting firm, as of June 30, 2016. 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, Global Bond, Inflation Protected Bond, Value Equity and International Equity Funds ranked in the second quartile; the Extended-Duration Bond, Defensive Market Strategies, Equity Index, Growth Equity, Small Cap Equity, International Equity Index and Emerging Markets Equity Funds ranked in the third quartile; and no 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 for the Institutional Class 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,

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Extended-Duration Bond, Small Cap Equity, International Equity, International Equity Index and Emerging Markets Equity Funds. The Board took into account that the total expense ratios for the Money Market, Extended-Duration Bond, Small Cap Equity, International Equity and Emerging Markets Equity Funds ranked in the third quartile and the International Equity Index Fund ranked in the fourth quartile.

The Board also examined fee and expense information for the Target Date Funds and the Asset Allocation Funds, as compared to other funds in the Funds’ asset-stratified peer groups for the Investor Class of the Target Date 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, 2016. The Board determined that the management fees, net of any fee waiver or expense reimbursement, for each Target Date Fund were 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 Target Date Fund were slightly higher than the median total expense ratio 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 lower 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 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, 2016. Among Morningstar peers, the Board noted that the average annual total returns for the three-, five- and 10-year periods ended June 30, 2016, for the Money Market and Extended-Duration Bond Funds ranked in the first quartile.

For the period ended June 30, 2016, the Board noted that for the three-year average annual total return, the Money Market, Extended-Duration Bond and Defensive Market Strategies Funds ranked in the first quartile; the Inflation Protected Bond, Global Bond and International Equity Funds ranked in the second quartile; the Low-Duration Bond, Medium-Duration Bond, Real Estate Securities, Value Equity, Growth Equity and Small Cap Equity Funds ranked in the third quartile; and no Funds ranked in the fourth quartile.

For the five-year average annual total return for the period ended June 30, 2016, the Board noted that the Money Market, Extended-Duration Bond, Global Bond and Real Estate Securities Funds ranked in the first quartile; the Medium-Duration Bond, Inflation Protected Bond, Value Equity and Growth Equity Funds ranked in the second quartile; the Low-Duration Bond, Small Cap Equity and International Equity Funds 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, 2016, the Board noted that the Money Market, Medium-Duration Bond, Extended-Duration Bond and Real Estate Securities Funds ranked in the first quartile; the Low-Duration Bond Fund ranked in the second quartile; 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 September 2016 Board Meeting materials 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, 2016, and for the Target Date Funds for the three- and five-year periods ended June 30, 2016.

Among Morningstar peers, the Board noted that the Conservative Allocation Fund ranked in the fourth quartile for the one-, three- and five-year periods and the third quartile for the 10-year period ended June 30, 2016; the Balanced Allocation Fund ranked in the third quartile for the five- and 10-year periods and the fourth quartile for the one- and three-year periods ended June 30, 2016; the Growth Allocation Fund ranked in the third quartile for the 10-year period and the fourth quartile for the one-, three- and five-year periods ended June 30, 2016; and the Aggressive Allocation Fund ranked in the third quartile for the one-, three- and 10-year periods and the second quartile for the five-year period ended June 30, 2016.

The Board also noted that among Morningstar peers, the MyDestination 2005 Fund ranked in the fourth quartile for the three- and five-year periods ended June 30, 2016; the MyDestination 2015 Fund ranked in the third quartile for the three- and five-year periods ended June 30, 2016; the MyDestination 2025 Fund ranked in the fourth quartile for the three-year period and in the third quartile for the five-year period ended June 30, 2016; the MyDestination 2035 Fund ranked in the fourth quartile for the three-year period and in the third quartile for the five-year period ended June 30, 2016; the MyDestination 2045 Fund ranked in the fourth quartile for the three- and five-year periods ended June 30, 2016; and the MyDestination 2055 Fund ranked in the

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fourth quartile for the three-year period ended June 30, 2016. The Board recognized the inception date of the MyDestination 2055 Fund is 2012.

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 of the Southern Baptist Convention, 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 the Select Funds’ advisory fees were restructured in 2015 and that, as of May 1, 2016, only certain Funds are subject to an expense cap. The Board considered the amount of any fees waived by the Adviser for each applicable 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, if applicable, 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, Extended-Duration Bond, Flexible Income, International Equity and Global Natural Resources Equity Funds.

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 serving as a sub-adviser to the applicable Fund(s). 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 providing investment management services, 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 of the existing Sub-Advisory Agreements and the responsibilities that each sub-adviser has with respect to the applicable Fund(s), including the responsibility of the day-to-day management of the investment portfolio of each such Fund, compliance with each such Fund’s policies and objectives and the implementation of Board directives as they relate to such 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. During 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.

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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.

The Board also 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 sub-adviser’s segment 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.

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.

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INVESTMENT SUB-ADVISERS (Assets under management as of December 31, 2016) (Unaudited)

GuideStone Funds employs a broad array of proven investment managers for the benefit of their investors. Each manager is distinctive in its investment management process and business approach.

Fund	Sub-Adviser	Firm Established	Total Assets Managed
Money Market	BlackRock Advisors, LLC	1994		$	5.2Tr
Low-Duration Bond	BlackRock Financial Management, Inc.	1988		$	5.2Tr
	Pacific Investment Management Company LLC	1971		$	1.5Tr
	Payden & Rygel	1983		$	106.0B
Medium-Duration Bond	Goldman Sachs Asset Management, L.P.	1984		$	1.2Tr
	Pacific Investment Management Company LLC	1971		$	1.5Tr
	Western Asset Management Company and
	Western Asset Management Company Limited	1971		$	425.9B
Extended-Duration Bond	Loomis, Sayles & Company, L.P.	1926		$	240.2B
	Schroder Investment Management North America Inc.1	1804		$	487.1B
Global Bond	Loomis, Sayles & Company, L.P.	1926		$	240.2B
	Western Asset Management Company and
	Western Asset Management Company Limited	1971		$	425.9B
Defensive Market Strategies	American Century Investment Management, Inc.	1958		$	156.8B
	AQR Capital Management, LLC	1998		$	175.2B
	Parametric Portfolio Associates LLC	1992		$	178.6B
	Shenkman Capital Management, Inc.	1985		$	30.7B
Equity Index	Legal & General Investment Management America, Inc.	2006		$	140.1B
Value Equity	AJO, LP	1984		$	28.3B
	Barrow, Hanley, Mewhinney & Strauss, LLC	1979		$	92.3B
	Legal & General Investment Management America, Inc.	2006		$	140.1B
	TCW Investment Management Company LLC	1971		$	191.5B
Growth Equity	Brown Advisory, LLC	1993		$	30.4B
	Jackson Square Partners, LLC	2013		$	22.0B
	Loomis, Sayles & Company, L.P.	1926		$	240.2B
	Sands Capital Management, LLC	1992		$	34.9B
Small Cap Equity	AJO, LP	1984		$	28.3B
	RBC Global Asset Management (U.S.) Inc.	1983		$	40.3B
	Snow Capital Management L.P.	1980		$	2.8B
	TimesSquare Capital Management, LLC	2000		$	16.2B
International Equity Index	Legal & General Investment Management America, Inc.	2006		$	140.1B
International Equity	AQR Capital Management, LLC	1998		$	175.2B
	Baillie Gifford Overseas Limited	1983		$	179.7B
	Barrow, Hanley, Mewhinney & Strauss, LLC	1979		$	92.3B
	MFS Institutional Advisors, Inc.	1970		$	425.6B
	Mondrian Investment Partners Ltd.	1990		$	59.0B
Emerging Markets Equity	AQR Capital Management, LLC	1998		$	175.2B
	Genesis Asset Managers, LLP and
	Genesis Investment Management, LLP	1989		$	26.4B
Inflation Protected Bond	BlackRock Financial Management, Inc.	1988		$	5.2Tr
Flexible Income	Shenkman Capital Management, Inc.	1985		$	30.7B
Real Estate Securities	Heitman Real Estate Securities, LLC,
	Heitman International Real Estate Securities GmbH and
	Heitman International Real Estate Securities HK Limited	1989		$	36.4B
	RREEF America L.L.C.,
	Deutsche Investments Australia Limited and
	Deutsche Alternative Asset Management (Global) Limited	1975		$	52.8B
Global Natural Resources Equity	Legal & General Investment Management America, Inc.	2006		$	140.1B
	SailingStone Capital Partners LLC	2014		$	6.5B
Custodian for GuideStone Funds Assets	The Northern Trust Company	1889		$	6.7Tr
Cash Overlay for Target Date,Asset Allocation, Fixed Income, Equity and Real Return Funds	Parametric Portfolio Associates LLC	1992		$	178.6B

⁽¹⁾Assets as of September 30, 2016.    

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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
	55780  01/17  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 Grady R. Hazel 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 $763,000 and $655,800 for 2015 and 2016, 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 $67,000 and $52,167 for 2015 and 2016, 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 $142,000 and $129,760 for 2015 and 2016, 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 $67,000 and $0 for 2015 and 2016, respectively. Other fees for fiscal year 2015 relate to procedures performed in connection with an assessment of the medical claims processed by Highmark Blue Cross Blue Shield.

(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) Not applicable

(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 2015 and 2016, 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 3/3/2017

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 3/3/2017

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

Date 3/3/2017

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