UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10263

GuideStone Funds

(Exact name of registrant as specified in charter)

2401 Cedar Springs Road

Dallas, TX 75201-1407

(Address of principal executive offices) (Zip code)

Matthew A. Wolfe, Esq.

GuideStone Financial Resources of the Southern Baptist Convention

2401 Cedar Springs Road

Dallas, TX 75201-1407

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2017

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

GuideStone Funds

Privacy Notice

NOTICE CONCERNING YOUR PRIVACY RIGHTS

This notice will provide you with information concerning our policies with respect to non-public personal information that we collect about you in connection with the following financial products and services provided and/or serviced by the entities listed below: Individual Retirement Accounts (“IRAs”) and/or 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
Asset Class Performance Comparison	6
About Your Expenses	11
Abbreviations, Footnotes and Index Definitions	15
Target Date Funds	19
MyDestination 2015 Fund	19
MyDestination 2025 Fund	23
MyDestination 2035 Fund	27
MyDestination 2045 Fund	31
MyDestination 2055 Fund	35
Financial Statements	38
Asset Allocation Funds	46
Conservative Allocation Fund	46
Balanced Allocation Fund	50
Growth Allocation Fund	54
Aggressive Allocation Fund	58
Financial Statements	61
Fixed Income Select Funds	68
Money Market Fund	68
Low-Duration Bond Fund	73
Medium-Duration Bond Fund	100
Extended-Duration Bond Fund	152
Global Bond Fund	159
Financial Statements	178
Equity Select Funds	187
Defensive Market Strategies Fund	187
Equity Index Fund	202
Value Equity Fund	210
Growth Equity Fund	216
Small Cap Equity Fund	221
International Equity Index Fund	229
International Equity Fund	242
Emerging Markets Equity Fund	259
Financial Statements	276
Real Assets Select Funds	288
Inflation Protected Bond Fund	288
Global Real Estate Securities Fund (formerly, Real Estate Securities Fund)	293
Financial Statements	299
Alternatives Select Fund	305
Strategic Alternatives Fund	305
Financial Statements	319
Notes to Financial Statements	323
Report of Independent Registered Public Accounting Firm	379
Notice to Shareholders	380
Fund Management	382
Board Review of Advisory Agreements	386

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

1

LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present you with the 2017 GuideStone Funds 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.

2017 was an incredible year for GuideStone^®. For the first time ever, GuideStone Funds^® exceeded $13 billion in assets under management, thanks to robust growth in the financial markets and growth in numbers of investors. Low interest rates, low deflationary pressures, an improving labor market, improving sentiment about the state of the economy and fiscal policies, and low volatility led to this year’s growth.

During 2017, GuideStone Funds continued the steps to furthering enhancements and rationalizing the Fund lineup. In 2017, we launched the Strategic Alternatives Fund and closed the Global Natural Resources Equity Fund, the Flexible Income Fund and the MyDestination 2005 Fund. We believe these decisions ensure we are meeting the needs of our investors in achieving their goals.

This year also marked another recognition from the Lipper Fund Awards. The GuideStone Funds Defensive Market Strategies Fund-Institutional share class was named the Best Fund Over 3 Years and Best Fund Over 5 Years by Lipper within its Flexible Portfolio Funds category as of November 30, 2016. This award recognized the Defensive Market Strategies Fund within its Flexible Portfolio Funds category, which is made up of 147 similar funds in the 3-year period and 107 similar funds in the 5-year period. The 2017 Lipper Fund Awards honor funds for their consistently strong risk-adjusted performance relative to their peers. The accolades were announced at an investment industry awards dinner March 23 in New York. This marked the seventh and eighth times in six years that Lipper has awarded GuideStone one of its prestigious trophies. We continue to be energized by these recognitions, which we believe continue to give evidence that one does not need to choose between performance and values in their investing 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

Lipper designates award winning funds in most individual classifications for the three-, five- and ten-year periods and fund families with high average scores for the three-year time period. The Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Lipper Fund Award. For more information, see www.lipperfundawards.com.

2

FROM THE CHIEF INVESTMENT OFFICER

Unconventional is an appropriate term to characterize calendar year 2017, as many of the traditional relationships that are normally observed within the economy and financial markets did not occur. Over the past 12 months, the financial markets demonstrated unconventionally low volatility and strong returns in the midst of geopolitical pressures that would normally put negative pressure on financial assets, especially those with a higher risk orientation. Last year’s U.S. macroeconomic environment could also be described as unconventional, with low inflation and low wage growth prevalent despite a strengthening economy and accommodative monetary policy. And of course, unconventional is a fitting term for President Trump, whose personality and political style resulted in a non-traditional approach to governing. In a review of 2017, four primary themes stand out: the “risk-on” environment that permeated financial markets across the globe, U.S. central bank monetary policy, stubbornly low U.S.

Matt L. Peden, CFA

inflation and the pursuit of comprehensive tax reform legislation. A summary of each is detailed below.

Risk-On Environment

“Synchronized global growth” was frequently used to describe the global macroeconomic environment in 2017. Last year, the world’s major economies grew in fairly harmonious fashion without a major economy contracting – in fact, all 45 countries tracked by the Organization for Economic Cooperation and Development (“OECD”), which include both developed and emerging economies, are forecasted to have expanded in 2017 (final figures will be released by the OECD a couple of months into the next year). According to the International Monetary Fund (IMF), “The global upswing...reaches more broadly than any in a decade – roughly 75% of the world economy.”

With accommodative monetary policy and the strengthening global outlook as a backdrop, business and consumer optimism remained strong throughout the year. Volatility, meanwhile, was unusually muted in 2017. The CBOE Volatility Index^® (VIX^®), which measures the market’s expectation of volatility of the S&P 500^® Index, hit record lows multiple times during the year – in fact, of the 56 lowest closing levels in its history, 47 of them occurred in 2017.

Soaring confidence and near-absent volatility brought a healthy appetite for investment risk, spurring equity markets across the globe to strong double-digit performance during the year. In the United States, the S&P 500^® Index ended the year up 21.83%, the Dow Jones Industrial Average was up 28.11% and the NASDAQ produced gains of 29.64%. Astoundingly, all three indexes hit record highs more than 60 times each in 2017 – with the Dow Jones Industrial Average and NASDAQ both closing at all-time highs over 70 times during the year. Non-U.S. equities performed as well as their U.S. counterparts (in U.S. dollar terms). The MSCI EAFE Index, which measures the equity market performance in global developed markets (excluding the United States and Canada), ended the year up 25.03%. The MSCI Emerging Markets Index, which represents the performance of securities in 24 emerging market countries, gained 37.28%. In general, non-U.S. equities were further benefitted from the depreciation of the U.S. dollar versus other currencies.

Directionally, fixed income markets performed the same as equities – the higher the risk, the higher the returns experienced. Indexes for both U.S. investment grade and U.S. high yield bonds closed the year in positive territory. The Bloomberg Barclays U.S. Aggregate Index – a proxy for the broader U.S. bond market – gained 3.54% for the year. The Bloomberg Barclays U.S. High Yield – Corporate Index, which measures the performance of non-investment grade corporate bonds, posted an annual return of 7.50%. The Bloomberg Barclays Global Aggregate Index, which provides a broad-based measure of global investment grade bonds, closed up 7.39% for the year. The higher performance of non-investment grade and global bonds provided further evidence of the “risk-on” environment that was prevalent throughout 2017.

Securities in the Funds do not match those in the indexes and performance of the Funds will differ. It is not possible to invest directly in an index. For current Fund performance, please visit www.guidestonefunds.com.

3

The following table summarizes the 2017 fourth quarter and calendar year returns for each index described above.

Index		4th Quarter 2017 Return			2017 Calendar Year Return
	U.S. Equities
S&P 500® Index			6.64	%		21.83	%
Dow Jones Industrial Average			10.96	%		28.11	%
NASDAQ			6.55	%		29.64	%
	International Equities
MSCI EAFE			4.23	%		25.03	%
MSCI Emerging Markets			7.44	%		37.28	%
	U.S. Fixed Income
Bloomberg Barclays U.S. Aggregate			0.39	%		3.54	%
Bloomberg Barclays U.S. High Yield – Corporate			0.47	%		7.50	%
	Global Fixed Income
Bloomberg Barclays Global Aggregate			1.08	%		7.39	%

Central Bank Monetary Policy

Nearly 10 years removed from the financial crisis that precariously swept across the world, the Federal Reserve (“Fed”) finds itself in uncharted territory. Now that the U.S. economy is strengthening, the Fed must develop and execute a strategy to withdraw the financial stimulus measures of the past decade. However, these particular stimuli – near zero interest rates and quantitative easing (“QE”) – have never been used by the Fed to such a large degree, either individually or in combination, prior to the financial crisis. As such, there is no historical precedent by which to model the Fed’s actions or gauge the Fed’s success on such a pullback.

Obvious steps in a “return to normalcy” include raising interest rates and discontinuing QE (the purchase of government and other securities in an effort to increase the supply of money in the economy). To that extent, 2017 was a fairly active year for the Fed. After raising the federal funds rate just one time each in 2015 and 2016, respectively, the Fed increased the rate three times in 2017. The third increase, which occurred during the Fed’s December meeting, brought the new rate target to a range of 1.25%-1.50%. Moreover, the Fed also began reducing its $4.5 trillion balance sheet in October, marking the important start of the formal QE unwinding process.

While this tightening of monetary policy signals nearer-term confidence in the direction of the U.S. economy, the Fed has been and will likely continue to be very measured and well-telegraphed in its actions in a concentrated effort to not unduly upset financial markets.

In other Fed news, President Trump in November announced his nomination of Jerome Powell to succeed Janet Yellen, existing Chairman of the Fed, when her term expires in early 2018. While the change from Dr. Yellen to Mr. Powell is expected to be a relative non-event, there is a risk that a Powell-led Fed may deviate from the slow pace of policy normalization favored by Dr. Yellen – especially if inflationary pressures begin to pick up.

Low Inflation

Inflation remained stubbornly low throughout the year. The Consumer Price Index (“CPI”), which represents inflation by measuring the change in prices paid by consumers for retail goods and other items, rose 2.1% for the year. For comparison, the average annual inflation rate from 1958-2016, as calculated by the Bureau of Labor Statistics, is 3.7%.

While persistently low inflation can be the result of many factors, two specific drivers stood out in 2017: continued technological innovation and low wage growth. On the technological front, the advancement of new technologies has reduced production costs and increased consumers’ ability to comparison shop. Regarding wages, wage growth remained somewhat sluggish throughout the

4

year – ending 2017 at a 2.5% annualized rate – despite unemployment sitting at a 17-year low of 4.1%. Many market pundits were watching wage growth closely, as a further uptick could be a catalyst for higher inflation and higher interest rates.

Tax Reform

In late December, Congress passed and President Trump signed into law the long-promised and much-anticipated Tax Cuts and Jobs Act. This far-reaching piece of legislation – the biggest overhaul of the U.S. tax code in over 30 years – enacted significant tax changes to both corporations and individual taxpayers. The centerpiece of the bill is a reduction in the corporate tax rate from 35% to 21%.

The tax bill is estimated to result in a tax savings of $1.5 trillion over the next decade. It is projected that individuals and small businesses will see over $120 billion of tax relief in 2018, while the combined tax changes could provide a 10%-12% bump in earnings per share growth of the S&P 500^® Index over the next 12 months. While the corporate tax cuts are permanent, those for individual taxpayers will expire in 2025 unless future changes are made.

Conclusion

Many financial pundits described 2017 as a “Goldilocks” environment of “just right” market conditions – a strong increase in financial asset prices driven by steady economic growth and low levels of unemployment, interest rates, inflation and volatility. As we enter 2018, many questions remain. Will markets continue their unabated upward trajectory? When will volatility return? The markets seemed to ignore several major political and geopolitical events in 2017 – what will prove to be the catalyst for market upheaval?

Unfortunately, the answers to these questions are not often apparent until after the fact. For 2018, GuideStone Capital

Management, LLC (“GSCM”) believes that interest rates and inflation are the main indicators on which investors should focus. If both remain low, Goldilocks could extend her stay in 2018, further supporting the long-extended bull market. However, if inflation outpaces expectations and wage growth accelerates, prompting the Fed to quicken the pace of interest rate increases, markets could enter a lower-return environment defined by higher levels of volatility and unpredictability.

In the face of uncertainty, an active manager like GSCM can help investors play multiple positions on the investment field. GSCM works to identify opportunities and risks in financial markets and is well-positioned to make opportunistic moves within the Funds in anticipation of, or in response to, specific market events or changing market conditions.

As investment adviser to GuideStone Funds, GSCM strives to be a prudent steward of your investment assets. Thank you for investing in GuideStone Funds and for allowing GSCM the privilege of managing your investment assets. Please feel free to contact us if you have any comments or questions.

Sincerely,

Matt L. Peden, CFA

Vice President - Chief Investment Officer

GuideStone Funds

There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including potential loss of principal.

5

  Asset Class Performance Comparison

The following graph illustrates the performance of the major assets classes during 2017.

¹The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).

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 consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates.

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

6

S&P 500^® Index Returns

The U.S. large-cap equity market, as measured by the S&P 500^® Index, finished the year with an impressive 21.8% total return for 2017; the ninth straight year of positive returns for the index and the third strongest year over that time frame. The positive momentum in the markets that began with 2016’s election gained steam throughout the year with the index posting more than 75 new index level highs since that time. Investor anticipation of, and ultimately reaction to, U.S. tax reform propelled the market past various geopolitical issues (both domestic and abroad). Technology and materials companies led the way in contributing to the index’s strong performance (38.8% and 23.8%, respectively) while the stocks of energy companies marginally weighed on overall performance (-1%). Additionally, the positive performance was broad-based and not just concentrated in a handful of sectors as nine of the 11 S&P 500^® sectors posted positive double-digit returns.

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, returned 14.7% for the year. Since the global financial crisis in 2008, the index has returned positive performance in seven of the past nine years. The divergence in small cap stocks relative to large cap stocks persisted throughout the year as larger companies were favored by investors over their smaller brethren. Larger companies generally stood to benefit greater from tax reform while smaller cap companies faced potentially greater headwinds in the form of higher rates and slightly negative implications from tax reform, on a relative basis. Health care and industrials were stand-outs for positive performance (36.1% and 18.6%, respectively) while small cap energy stocks were unable to gain positive ground (and ended down -17.2% for the year) after enjoying a relatively strong 2016.

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.

Data Source: Russell Investments, Bloomberg

7

MSCI EAFE Index Returns

International developed market equities, as measured by the MSCI Europe, Australasia and Far East (EAFE) Index, rose a spectacular 25.0% for 2017, on the back of a relatively muted 1.0% return in 2016. As a widespread economic recovery began to take hold for the index’s largest region, Europe, investors rewarded the region’s stocks as they simultaneously hailed their future growth prospects. Relative to U.S. markets, international markets have not recovered as dramatically from the global financial crisis, and 2017 was a year in which they gained additional ground in that recovery. All sectors posted positive performance, with financial services and consumer discretionary stocks contributing the largest return to the overall index. The largest regional weighting in the index, Europe, was also the strongest performer for the year as the region made meaningful strides in its economic recovery during 2017.

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 37.3% for the year, more than tripling 2016’s return and marking its highest annual return since 2009. Chinese Internet stocks were the darling of the emerging markets as many returned greater than 100.0% for the year. Technology, as a whole, contributed roughly 40% of the index’s gain. Not unlike many other pockets of the global market landscape, financial services was also a strong contributor of returns as interest rates ticked up globally and aided in the profitability of the sector. At the country level, China and Poland experienced the strongest gains, but it is worth noting that 18 of the index’s 24 constituent countries were able to post gains of 25% or greater.

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 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

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, logged a 3.5% gain for 2017; its fourth consecutive annual period of positive performance. As was the case last year, corporate bonds were once again the strongest performing group with the utilities sub-sector providing the most lift within the grouping. Strong performance was also seen out of the securitized bonds grouping with commercial mortgage-backed securities doing well in the face of a continued strength in commercial real estate growth. The difference in yield between investment grade and high yield bonds is close to all-time lows and investors are cautiously navigating their fixed-income exposure as the inevitable higher yields will equate to lower bond prices. Because of this, investors tended to favor shorter duration instruments throughout the year as the Federal Reserve (the “Fed”) continued to hike interest rates.

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

After implementing one interest rate increase in 2016, robust U.S. growth aided in the Federal Open Market Committee’s (“FOMC”) decision to raise interest rates three times in 2017, ending the year at a range of 1.25% - 1.50%. Members of the FOMC also embarked on the difficult task of slowly reducing the Fed’s balance sheet after years of injecting liquidity into the system by allowing $10 billion in bonds to mature each month, with the intention of raising this monthly amount over time to $50 billion per month. Strong economic growth and low unemployment readings coupled with a rising inflation rate (albeit at a stubbornly slow pace) led the FOMC to project raising rates more times in 2018. While tax reform will likely lead to further growth, the Fed will continue to delicately reduce its balance sheet and balance rate increases in an attempt to keep the U.S. economy from overheating.

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 U.S. Treasury Yield Curve experienced a flattening throughout 2017 as the Fed raised rates on the short end of the curve and longer-term rates marginally declined. The 10-year U.S. Treasury ended the year at 2.40% after trading in a fairly narrow range, compared to 2.45% at the end of 2016. On the other hand, the shorter end of the curve (one- and three-year rates, for instance) ended the year at 1.76% and 1.98%, compared to 0.85% and 1.47%, respectively, in 2016. While the great bond bull market of the past 30+ years is largely over, as rates have ground ever-lower over that time frame, the flatness of the yield curve might marginally be offset by the reduction of U.S. Treasury securities purchases by global central banks. Additionally, it is wise to not underestimate the safe haven that U.S. government bonds provide in times of equity market fears (thus increasing demand for said securities).

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, 2017 to December 31, 2017. The Annualized Expense Ratio may be different from the expense ratio in the Financial Highlights which is for the fiscal year ended December 31, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Actual
Fund	Class	Beginning Account Value 07/01/17	Ending Account Value 12/31/17	Annualized Expense Ratio (1)	Expenses Paid During Period (2)
MyDestination 2015	Institutional Investor	$1,000.00   1,000.00	$  1,054.10      1,052.70	0.17% 0.40	$0.88   2.05
MyDestination 2025	Institutional Investor	1,000.00 1,000.00	1,070.10   1,068.50	0.14     0.39	0.74 2.03
MyDestination 2035	Institutional Investor	1,000.00 1,000.00	1,089.30   1,088.10	0.16     0.40	0.85 2.10
MyDestination 2045	Institutional Investor	1,000.00 1,000.00	1,101.30   1,100.10	0.17     0.40	0.91 2.09
MyDestination 2055	Institutional Investor	1,000.00 1,000.00	1,104.90   1,104.50	0.20     0.40	1.06 2.12
Conservation Allocation	Institutional Investor	1,000.00 1,000.00	1,034.40   1,033.10	0.22     0.42	1.14 2.13
Balanced Allocation	Institutional Investor	1,000.00 1,000.00	1,058.80   1,058.20	0.14     0.37	0.72 1.94
Growth Allocation	Institutional Investor	1,000.00 1,000.00	1,087.30   1,085.90	0.14     0.37	0.76 1.97

11

About Your Expenses (Unaudited) (Continued)

Actual

Fund	Class	Beginning Account Value 07/01/17		Ending Account Value 12/31/17		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
Aggressive Allocation	Institutional Investor		$1,000.00 1,000.00		$1,115.20 1,114.30		0.16 0.38	%		$	0.85 2.01
Money Market	Institutional Investor		1,000.00 1,000.00		1,004.70 1,003.50		0.16 0.41				0.82 2.08
Low-Duration Bond	Institutional Investor		1,000.00 1,000.00		1,004.90 1,003.40		0.34 0.61				1.74 3.09
Medium-Duration Bond	Institutional Investor		1,000.00 1,000.00		1,012.30 1,011.50		0.38 0.65				1.91 3.30
Extended-Duration Bond	Institutional Investor		1,000.00 1,000.00		1,038.90 1,037.90		0.57 0.84				2.91 4.34
Global Bond	Institutional Investor		1,000.00 1,000.00		1,023.80 1,022.40		0.56 0.83				2.87 4.22
Defensive Market Strategies	Institutional Investor		1,000.00 1,000.00		1,062.20 1,059.80		0.67 0.97				3.50 5.04
Equity Index	Institutional Investor		1,000.00 1,000.00		1,117.40 1,116.30		0.20 0.46				1.09 2.48
Value Equity	Institutional Investor		1,000.00 1,000.00		1,101.10 1,100.10		0.56 0.82				2.98 4.32
Growth Equity	Institutional Investor		1,000.00 1,000.00		1,126.20 1,124.70		0.71 0.97				3.82 5.22
Small Cap Equity	Institutional Investor		1,000.00 1,000.00		1,104.00 1,102.20		1.00 1.27				5.30 6.71
International Equity Index	Institutional		1,000.00		1,092.70		0.39				2.06
International Equity (3)	Institutional Investor		1,000.00 1,000.00		1,112.50 1,110.50		0.90 1.16				4.77 6.19
Emerging Markets Equity	Institutional Investor		1,000.00 1,000.00		1,144.00 1,143.00		1.35 1.61				7.31 8.70
Inflation Protected Bond	Institutional Investor		1,000.00 1,000.00		1,019.90 1,017.20		0.43 0.69				2.16 3.49
Global Real Estate Securities	Institutional Investor		1,000.00 1,000.00		1,058.90 1,057.30		0.90 1.12				4.65 5.81
Strategic Alternatives	Institutional Investor		1,000.00 1,000.00		1,014.00 1,013.10		1.15 1.52				5.75 7.65

HYPOTHETICAL (assuming a 5% return before expenses)

Fund	Class	Beginning Account Value 07/01/17		Ending Account Value 12/31/17		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
MyDestination 2015	Institutional Investor		$1,000.00 1,000.00		$1,024.35 1,023.21		0.17 0.40	%		$	0.87 2.02
MyDestination 2025	Institutional Investor		1,000.00 1,000.00		1,024.49 1,023.24		0.14 0.39				0.73 1.99

12

HYPOTHETICAL (assuming a 5% return before expenses)

Fund	Class	Beginning Account Value 07/01/17		Ending Account Value 12/31/17		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
MyDestination 2035	Institutional Investor		$1,000.00 1,000.00		$1,024.40 1,023.19		0.16 0.40	%		$	0.82 2.03
MyDestination 2045	Institutional Investor		1,000.00 1,000.00		1,024.34 1,023.21		0.17 0.40				0.88 2.02
MyDestination 2055	Institutional Investor		1,000.00 1,000.00		1,024.20 1,023.19		0.20 0.40				1.02 2.04
Conservation Allocation	Institutional Investor		1,000.00 1,000.00		1,024.08 1,023.11		0.22 0.42				1.14 2.12
Balanced Allocation	Institutional Investor		1,000.00 1,000.00		1,024.51 1,023.32		0.14 0.37				0.71 1.91
Growth Allocation	Institutional Investor		1,000.00 1,000.00		1,024.48 1,023.32		0.14 0.37				0.74 1.91
Aggressive Allocation	Institutional Investor		1,000.00 1,000.00		1,024.41 1,023.30		0.16 0.38				0.81 1.93
Money Market	Institutional Investor		1,000.00 1,000.00		1,024.38 1,023.13		0.16 0.41				0.83 2.10
Low-Duration Bond	Institutional Investor		1,000.00 1,000.00		1,023.47 1,022.12		0.34 0.61				1.75 3.12
Medium-Duration Bond	Institutional Investor		1,000.00 1,000.00		1,023.30 1,021.92		0.38 0.65				1.93 3.32
Extended-Duration Bond	Institutional Investor		1,000.00 1,000.00		1,022.35 1,020.95		0.57 0.84				2.89 4.30
Global Bond	Institutional Investor		1,000.00 1,000.00		1,022.37 1,021.03		0.56 0.83				2.87 4.22
Defensive Market Strategies	Institutional Investor		1,000.00 1,000.00		1,021.81 1,020.32		0.67 0.97				3.44 4.94
Equity Index	Institutional Investor		1,000.00 1,000.00		1,024.18 1,022.86		0.20 0.46				1.04 2.37
Value Equity	Institutional Investor		1,000.00 1,000.00		1,022.37 1,021.09		0.56 0.82				2.87 4.16
Growth Equity	Institutional Investor		1,000.00 1,000.00		1,021.61 1,020.29		0.71 0.97				3.63 4.96
Small Cap Equity	Institutional Investor		1,000.00 1,000.00		1,020.17 1,018.82		1.00 1.27				5.08 6.45
International Equity Index	Institutional		1,000.00		1,023.24		0.39				1.99
International Equity (3)	Institutional Investor		1,000.00 1,000.00		1,020.69 1,019.34		0.90 1.16				4.56 5.92
Emerging Markets Equity	Institutional Investor		1,000.00 1,000.00		1,018.39 1,017.08		1.35 1.61				6.88 8.19
Inflation Protected Bond	Institutional Investor		1,000.00 1,000.00		1,023.06 1,021.75		0.43 0.69				2.17 3.50
Global Real Estate Securities	Institutional Investor		1,000.00 1,000.00		1,020.69 1,019.56		0.90 1.12				4.57 5.70

13

About Your Expenses (Unaudited) (Continued)

HYPOTHETICAL (assuming a 5% return before expenses)

Fund	Class	Beginning Account Value 07/01/17			Ending Account Value 12/31/17			Annualized Expense Ratio (1)			Expenses Paid During Period (2)
Strategic Alternatives	Institutional Investor		$	1,000.00 1,000.00		$	1,019.22 1,017.33		1.15 1.52	%		$	5.77 7.67

(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, 2017 through December 31, 2017, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

14

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INVESTMENT ABBREVIATIONS:
1M	—	1 Month
1Y	—	1 Year
3M	—	3 Month
5Y	—	5 Year
6M	—	6 Month
7D	—	7 Day
ACES	—	Alternative Credit Enhancement Securities
ADR	—	American Depositary Receipt
ASX	—	Australian Securities Exchange
BBSW	—	Bank Bill Swap Rate
CDI	—	Crest Depository Interest
CDOR	—	Canadian Dollar Offered Rate
CDX	—	A series of indices that track North American and emerging market credit derivative indices.
CLO	—	Collateralized Loan Obligation
CMBX	—	A group of indices made up of 25 tranches of commercial mortgage-backed securities (CMBS), each with different credit ratings.
CMT	—	Constant Maturity
COF	—	Cost of Funds
CONV	—	Convertible
CVA	—	Dutch Certificate
ETF	—	Exchange Traded Fund
EURIBOR	—	Euro Interbank Offered Rate
GDR	—	Global Depositary Receipt
HDD	—	Heating Degree Day
HIBOR	—	Hong Kong Interbank Offered Rate
ICE LIBOR	—	Intercontinental Exchange London Interbank Offered Rate
IO	—	Interest Only (Principal amount shown is notional)
LIBOR	—	London Interbank Offered Rate
LLC	—	Limited Liability Company
LP	—	Limited Partnership
MMY	—	Money Market Yield
MXN- TIIE- Banxico	—	The Equilibrium Interbank Interest Rate (“TIIE”) represents interbank credit transactions in local currency (MXN).
NVDR	—	Non-Voting Depository Receipt
NZBOR	—	New Zealand Interbank Offered Rate
PCL	—	Public Company Limited
PIK	—	Payment-in-Kind Bonds
PLC	—	Public Limited Company
REIT	—	Real Estate Investment Trust
REMIC	—	Real Estate Mortgage Investment Conduit
SDR	—	Special Drawing Rights
SIBOR	—	Singapore Interbank Offered Rate
SPDR	—	Standard and Poor’s Depositary
STEP	—	Stepped Coupon Bonds: Interest rates shown reflect the rates currently in effect.
STIBOR	—	Stockholm Interbank Offered Rate
STRIP	—	Stripped Security
TBA	—	To be announced
WIBOR	—	Warsaw Interbank Offered Rate
144A	—	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of December 31, 2017, the total market values and percentages of net assets for 144A securities by fund were as follows:

Fund	Value of 144A Securities			Percentage of Net Assets
Low-Duration Bond		$	268,962,916		29.80	%
Medium-Duration Bond			168,580,982		11.97
Extended-Duration Bond			12,393,945		5.01
Global Bond			91,047,527		17.23
Defensive Market Strategies			85,013,938		8.83
International Equity Index			1,289,547		0.69
International Equity			15,890,564		0.98
Emerging Markets Equity			5,323,640		1.07
Global Real Estate Securities			151,154		0.07
Strategic Alternatives			30,419,135		8.42

INVESTMENT FOOTNOTES:
p	—	Century bond maturing in 2115.
‡‡	—	All or a portion of the security was held as collateral for open futures, options, securities sold short and/or swap contracts.
‡	—	Security represents underlying investment on open options contracts.
*	—	Non-income producing security.
#	—	Security in default.
§	—	Security purchased with the cash proceeds from securities loaned.
†	—	Variable rate security. Rate shown reflects the rate in effect as of December 31, 2017. Maturity date for money market instruments is the date of the next interest rate reset.
g	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
W	—	Rate shown reflects the effective yield as of December 31, 2017.
¥	—	Affiliated fund.
D	—	Security either partially or fully on loan.
S	—	All or a portion of this position has not settled. Full contract rates do not take effect until settlement date.
†††	—	Security is a Level 3 investment (see Note 2 in Notes to Financial Statements).
Y	—	Security is valued at fair value by the Valuation Committee (see Note 2 in Notes to Financial Statements). As of December 31, 2017, the total market values and percentages of net assets for Fair Valued securities by fund were as follows:

Fund	Value of Fair Valued Securities			Percentage of Net Assets
Low-Duration Bond		$	—		—	%
Medium-Duration Bond			2,660,320		0.19
Global Bond			53,982		0.01
Small Cap Equity			—		—
International Equity			—		—
Emerging Markets Equity			3,710,409		0.74

15

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

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

COUNTERPARTY ABBREVIATIONS:
ANZ	—	Counterparty to contract is Australia and New Zealand Banking Group.
BAR	—	Counterparty to contract is Barclays Capital.
BBH	—	Counterparty to contract is Brown Brothers Harriman.
BNP	—	Counterparty to contract is BNP Paribas.
BOA	—	Counterparty to contract is Bank of America.
CITI	—	Counterparty to contract is Citibank NA London.
CME	—	Counterparty to contract is Chicago Mercantile Exchange.
CS	—	Counterparty to contract is Credit Suisse International.
DEUT	—	Counterparty to contract is Deutsche Bank AG.
GSC	—	Counterparty to contract is Goldman Sachs Capital Markets, LP.
HSBC	—	Counterparty to contract is HSBC Securities.
ICE	—	Counterparty to contract is Intercontinental Exchange.
JPM	—	Counterparty to contract is JPMorgan Chase Bank.
LCH	—	Counterparty to contract is LCH.Clearnet
MLCS	—	Counterparty to contract is Merrill Lynch Capital Services, Inc.
MSCS	—	Counterparty to contract is Morgan Stanley Capital Services.
RBC	—	Counterparty to contract is Royal Bank of Canada.
RBS	—	Counterparty to contract is Royal Bank of Scotland.
SS	—	Counterparty to contract is State Street Global Markets.
UBS	—	Counterparty to contract is UBS AG.
WEST	—	Counterparty to contract is Westpac Pollock.

16

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INDEX DEFINITIONS:

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

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

The Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Bond Index is an issuer-constrained version of the flagship US Corporate High Yield Index, which measures the USD-denominated, high yield, fixed-rate corporate bond market. The index follows the same rules as the uncapped version, but limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro rata basis.

The Bloomberg Barclays US Long Credit Index is a long maturity constrained version of the Bloomberg Barclays US Credit Index which measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.

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

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

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

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

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

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

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

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

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

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

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

17

ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consists of the following 21 developed market country 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 consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates.

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

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

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

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

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

18

MyDestination 2015 Fund (Unaudited)

The Fund, through investments in the Select Funds, combined a greater percentage of exposure to equity and fixed-income securities with a smaller percentage allocated to real assets and alternative investments. The Fund followed an allocation glide path designed to become more conservative over time, and the targeted allocations were approximately 50.00% fixed income securities, 38.00% equity securities, 8.00% real assets and 4.00% alternative investments as of December 31, 2017.

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 11.67% for the one-year period ended December 31, 2017. Contribution to absolute performance from U.S. equities was positive, largely due to an acceleration of global economic growth. International equity exposure, including both developed and emerging markets, added meaningfully to performance. Non-U.S. equity markets outperformed their U.S. counterparts due in part to higher economic growth and a depreciating U.S. dollar. The International Equity Fund benefited from these macroeconomic tailwinds, along with strong security selection, and was the largest equity investment contributor to absolute performance. The Fund’s fixed-income allocation modestly added to investment returns, and the Medium-Duration Bond Fund was the largest fixed-income investment contributor. The contribution to absolute performance by the Fund’s exposure to real assets was roughly flat, with a positive performance by the Global Real Estate Securities Fund offset by a negative performance from the Global Natural Resources Equity Fund, which was liquidated and terminated on September 22, 2017. An allocation to alternative investments was added on July 1, 2017, and was a small contributor to absolute performance.

The Fund outperformed its composite benchmark in 2017 (11.67% versus 10.88%). The largest contributors to relative outperformance were the International Equity Fund and the Defensive Market Strategies Fund. The largest negative detractor to relative performance was the Global Natural Resource 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 positive impact on Fund performance for the year.

The Fund attempted to achieve its objective by investing in a diversified portfolio of the Select Funds that represent various asset classes. The Fund is managed to the specific year included in its name (“Target Date”) and assumes a retirement age of 65. The Target Date refers to the approximate year an investor in the Fund would plan to retire and likely stop making any new investments in the Fund. The Fund is designed for an investor who anticipates retiring at or near the Target Date and who plans to withdraw the value of the account in the Fund gradually after retirement. Over time, the allocation to asset classes will change according to a predetermined “glide path,” which adjusts the percentage of fixed-income securities and equity securities to become more conservative each year until 12 years after Target Date. (Effective January 12, 2018, the glide path was extended to 15 years after Target Date.) 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. Securities of foreign issuers may be negatively impacted by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries, and they also may be subject to inadequate regulatory or accounting standards, which may increase investment risk. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. 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, 2017, 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		46.8
U.S. Equity Select Fund		31.0
Non-U.S. Equity Select Funds		13.3
Real Return Select Funds		4.7
Alternative Select Funds		4.3
U.S. Treasury Obligation		0.1
		100.2

19

MyDestination 2015 Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	N/A	11.67%	10.88%
Five Year	N/A	6.06%	5.87%
Ten Year	N/A	4.44%	4.50%
Since Inception(1)	6.99%	4.59%	4.67%
Inception Date	05/01/17	12/29/06
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(2)	0.74%	0.96%

⁽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⁾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, 2007 to December 31, 2017, 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 2017, consisting of 14.91% of the ICE BofAML 1-3 Year U.S. Treasury Index, 4.38% of the ICE BofAML U.S. 3-Month Treasury Bill Index, 24.85% of the Bloomberg Barclays US Aggregate Bond Index, 4.97% of the Bloomberg Barclays Global Aggregate Bond Index, 2.49% of the Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Bond Index, 2.49% of the J.P. Morgan EMBI Plus, 5.74% of the FTSE 3-Month Treasury Bill Index, 11.78% of the S&P 500^® Index, 0.92% of the FTSE EPRA/ NAREIT Developed Index, 6.13% of the Russell 1000^® Value Index, 6.13% of the Russell 1000^® Growth Index, 1.81% of the Russell 2000^® Index, 10.46% of the MSCI EAFE Index and 2.95% 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 My Destination 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.

20

MYDESTINATION 2015 FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Shares		Value
MUTUAL FUNDS — 100.1%
GuideStone Money Market Fund (Institutional Class)¥		12,106,316		$	12,106,316
GuideStone Low-Duration Bond Fund (Institutional Class)¥		6,267,908			83,676,573
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		9,696,957			143,030,117
GuideStone Global Bond Fund (Institutional Class)¥		5,561,579			56,060,712
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		5,563,683			70,547,503
GuideStone Equity Index Fund (Institutional Class)¥		1,232,144			36,262,006
GuideStone Value Equity Fund (Institutional Class)¥		1,710,209			38,924,363
GuideStone Growth Equity Fund (Institutional Class)¥		1,536,433			38,687,371
GuideStone Small Cap Equity Fund (Institutional Class)¥		615,120			11,293,600
GuideStone International Equity Index Fund (Institutional Class)¥		1,995,733			21,474,090
GuideStone International Equity Fund (Institutional Class)¥		2,764,562			43,458,921
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		1,702,971			18,732,682

	Shares		Value
GuideStone Inflation Protected Bond Fund (Institutional Class)¥		2,358,664	$	24,223,482
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		581,692		5,636,595
GuideStone Strategic Alternatives Fund (Institutional Class)¥		2,670,359		26,890,519
Total Mutual Funds (Cost $612,226,543)				631,004,850
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
1.42%, 06/07/18W‡‡ (Cost $496,925)	$	500,000		496,831
TOTAL INVESTMENTS — 100.2% (Cost $612,723,468)				631,501,681
Liabilities in Excess of Other Assets — (0.2)%				(1,187,595	)
NET ASSETS — 100.0%			$	630,314,086

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts			Counter- party		Value and Unrealized Appreciation (Depreciation)
MSCI EAFE Index E-Mini		03/2018		14		$	1,431,850		GSC		$	14,446
MSCI Emerging Markets E-Mini		03/2018		6			349,110		GSC			16,069
S&P 500® E-Mini		03/2018		23			3,077,400		GSC			23,481
10-Year U.S. Treasury Note		03/2018		41			5,085,922		GSC			(14,173	)
Total Futures Contracts outstanding at December 31, 2017						$	9,944,282				$	39,823

See Notes to Financial Statements. 21

MYDESTINATION 2015 FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	631,004,850		$	631,004,850		$	—	$	—
U.S. Treasury Obligation		496,831			—			496,831		—
Total Assets - Investments in Securities	$	631,501,681		$	631,004,850		$	496,831	$	—
Other Financial Instruments***
Futures Contracts	$	53,996		$	53,996		$	—	$	—
Total Assets - Other Financial Instruments	$	53,996		$	53,996		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(14,173	)	$	(14,173	)	$	—	$	—
Total Liabilities - Other Financial Instruments	$	(14,173	)	$	(14,173	)	$	—	$	—

***Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding” disclosures.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

22 See Notes to Financial Statements.

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 securities, real assets and alternative investments. The Fund followed an allocation glide path designed to become more conservative over time, and the targeted allocations were approximately 27.00% fixed income securities, 67.00% equity securities, 4.00% real assets and 2.00% alternative investments as of December 31, 2017.

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 14.92% for the one-year period ended December 31, 2017. Contribution to absolute performance from the U.S. equities was positive, largely due to an acceleration of global economic growth. International equity exposure, including both developed and emerging markets, added meaningfully to performance. Non-U.S. equity markets outperformed their U.S. counterparts due in part to higher economic growth and a depreciating U.S. dollar. The International Equity Fund benefited from these macroeconomic tailwinds, along with strong security selection, and was the largest equity investment contributor to absolute performance. The Fund’s fixed-income allocation meaningfully added to investment returns, and the Medium-Duration Bond Fund was the largest fixed-income investment contributor. The contribution to absolute performance by the Fund’s exposure to real assets was roughly flat with a positive performance by the Global Real Estate Securities Fund offset by a negative performance from the Global Natural Resources Equity Fund, which liquidated and terminated on September 22, 2017. An allocation to alternatives investments was added on July 1, 2017, and was a small contributor to absolute performance.

The Fund outperformed its composite benchmark in 2017 (14.92% versus 14.20%). The largest contributors to relative outperformance were the International Equity Fund and the Defensive Market Strategies Fund. The largest negative detractor to relative performance was the Global Natural Resource 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 positive impact on Fund performance for the year.

The Fund attempted to achieve its objective by investing in a diversified portfolio of the Select Funds that represent various asset classes. The Fund is managed to the specific year included in its name (“Target Date”) and assumes a retirement age of 65. The Target Date refers to the approximate year an investor in the Fund would plan to retire and likely stop making any new investments in the Fund. The Fund is designed for an investor who anticipates retiring at or near the Target Date and who plans to withdraw the value of the account in the Fund gradually after retirement. Over time, the allocation to asset classes will change according to a predetermined “glide path,” which adjusts the percentage of fixed-income securities and equity securities to become more conservative each year until 12 years after Target Date. (Effective January 12, 2018, the glide path was extended to 15 years after Target Date.) 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. Securities of foreign issuers may be negatively impacted by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries, and they also may be subject to inadequate regulatory or accounting standards, which may increase investment risk. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. 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, 2017, 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		39.8
Fixed Income Select Funds		35.6
Non-U.S. Equity Select Funds		19.4
Real Return Select Funds		2.8
Alternative Select Funds		2.4
U.S. Treasury Obligation		0.1
		100.1

See Notes to Financial Statements. 23

MyDestination 2025 Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	N/A	14.92%	14.20%
Five Year	N/A	7.59%	7.55%
Ten Year	N/A	4.82%	5.03%
Since Inception(1)	9.08%	4.86%	5.12%
Inception Date	05/01/17	12/29/06
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(2)	0.81%	1.05%

⁽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⁾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, 2007 to December 31, 2017, 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 2017, consisting of 3.15% of the ICE of BofAML 1-3 Year U.S. Treasury Index, 2.44% of the ICE of BofAML U.S. 3-Month Treasury Bill Index, 25.63% of the Bloomberg Barclays US Aggregate Bond Index, 3.60% of the Bloomberg Barclays Global Aggregate Bond Index, 1.80% of the Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Bond Index, 1.80% of the J.P. Morgan EMBI Plus, 5.52% of the FTSE 3-Month Treasury Bill Index, 14.41% of the S&P 500^® Index, 1.23% of the FTSE EPRA/ NAREIT Developed Index, 9.02% of the Russell 1000^® Value Index, 9.02% of the Russell 1000^® Growth Index, 2.66% of the Russell 2000^® Index, 15.39% of the MSCI EAFE Index and 4.34% 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 My Destination Funds^® glide path, the target percentage allocations to the composite index also change.

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

24 See Notes to Financial Statements.

MYDESTINATION 2025 FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Shares		Value
MUTUAL FUNDS — 100.1%
GuideStone Money Market Fund (Institutional Class)¥		22,192,320		$	22,192,320
GuideStone Low-Duration Bond Fund (Institutional Class)¥		2,239,301			29,894,668
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		18,007,821			265,615,355
GuideStone Global Bond Fund (Institutional Class)¥		7,332,582			73,912,430
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		9,320,038			118,178,085
GuideStone Equity Index Fund (Institutional Class)¥		3,208,354			94,421,860
GuideStone Value Equity Fund (Institutional Class)¥		4,303,150			97,939,697
GuideStone Growth Equity Fund (Institutional Class)¥		3,919,566			98,694,667
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,591,911			29,227,496
GuideStone International Equity Index Fund (Institutional Class)¥		5,107,220			54,953,689
GuideStone International Equity Fund (Institutional Class)¥		7,095,544			111,541,953
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		4,325,574			47,581,311

	Shares		Value
GuideStone Inflation Protected Bond Fund (Institutional Class)¥		1,741,424	$	17,884,422
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		1,371,700		13,291,770
GuideStone Strategic Alternatives Fund (Institutional Class)¥		2,600,618		26,188,220
Total Mutual Funds (Cost $1,056,272,893)				1,101,517,943
	Par
U.S. TREASURY OBLIGATION — 0.0%
U.S. Treasury Bill
1.42%, 06/07/18W‡‡ (Cost $596,311)	$	600,000		596,198
TOTAL INVESTMENTS — 100.1% (Cost $1,056,869,204)				1,102,114,141
Liabilities in Excess of Other Assets — (0.1)%				(1,504,319	)
NET ASSETS — 100.0%			$	1,100,609,822

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date	Open Long (Short) Contracts	Notional Market Value of Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note	03/2018	57	$	7,070,672		GSC	$	(38,297	)
MSCI EAFE Index	03/2018	26		2,659,150		GSC		35,015
MSCI Emerging Markets E-Mini	03/2018	17		989,145		GSC		47,837
S&P 500®E-Mini	03/2018	56		7,492,800		GSC		94,545
Total Futures Contracts outstanding at December 31, 2017			$	18,211,767			$	139,100

See Notes to Financial Statements. 25

MYDESTINATION 2025 FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	1,101,517,943			$	1,101,517,943			$	—		$	—
U.S. Treasury Obligation			596,198				—				596,198			—
Total Assets - Investments in Securities		$	1,102,114,141			$	1,101,517,943			$	596,198		$	—
Other Financial Instruments***
Futures Contracts		$	177,397			$	177,397			$	—		$	—
Total Assets - Other Financial Instruments		$	177,397			$	177,397			$	—		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(38,297	)		$	(38,297	)		$	—		$	—
Total Liabilities - Other Financial Instruments		$	(38,297	)		$	(38,297	)		$	—		$	—

***Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

26 See Notes to Financial Statements.

MyDestination 2035 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 securities and real assets. The Fund followed an allocation glide path designed to become more conservative over time, and the targeted allocations were approximately 20.00% fixed-income securities, 78.00% equity securities and 2.00% real assets as of December 31, 2017.

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 18.54% for the one-year period ended December 31, 2017. Contribution to absolute performance from U.S. equities was significantly positive, largely due to an acceleration of global economic growth. The Growth Equity Fund was the largest equity investment contributor to absolute performance, benefiting from macroeconomic tailwinds and strong alpha generation. International equity exposure, including both developed and emerging markets, added meaningfully to performance. Non-U.S. equity markets outperformed their U.S. counterparts due in part to higher economic growth and a depreciating U.S. dollar. The Fund’s fixed-income allocation modestly added to investment returns, and the Medium-Duration Bond Fund was the largest fixed-income investment contributor. The contribution to absolute performance by the Fund’s exposure to real assets was roughly flat, with a positive performance by the Global Real Estate Securities Fund offset by a negative performance from the Global Natural Resources Equity Fund, which liquidated and terminated on September 22, 2017.

The Fund outperformed its composite benchmark in 2017 (18.54% versus 18.16%). The largest contributors to relative outperformance were the International Equity Fund and the Growth Equity Fund. The largest negative detractor to relative performance was the Global Natural Resource 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 positive impact on Fund performance for the year.

The Fund attempted to achieve its objective by investing in a diversified portfolio of the Select Funds that represent various asset classes. The Fund is managed to the specific year included in its name (“Target Date”) and assumes a retirement age of 65. The Target Date refers to the approximate year an investor in the Fund would plan to retire and likely stop making any new investments in the Fund. The Fund is designed for an investor who anticipates retiring at or near the Target Date and who plans to withdraw the value of the account in the Fund gradually after retirement. Over time, the allocation to asset classes will change according to a predetermined “glide path,” which adjusts the percentage of fixed-income securities and equity securities to become more conservative each year until 12 years after Target Date. (Effective January 12, 2018, the glide path was extended to 15 years after Target Date.) 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. Securities of foreign issuers may be negatively impacted by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries, and they also may be subject to inadequate regulatory or accounting standards, which may increase investment risk. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. 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, 2017, 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		47.4
Non-U.S. Equity Select Funds		29.4
Fixed Income Select Funds		21.7
Real Return Select Funds		1.6
U.S. Treasury Obligation		0.1
		100.2

See Notes to Financial Statements. 27

MyDestination 2035 Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	N/A	18.54%	18.16%
Five Year	N/A	8.92%	9.64%
Ten Year	N/A	4.86%	5.58%
Since Inception(1)	11.51%	4.89%	5.61%
Inception Date	05/01/17	12/29/06
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(2)	0.83%	1.06%

⁽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⁾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, 2007 to December 31, 2017, 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 2017, consisting of 15.74% of the Bloomberg Barclays US Aggregate Bond Index, 1.97% 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, 1.88% of the FTSE 3-Month Treasury Bill Index, 15.39% of the S&P 500^® Index, 1.61% of the FTSE EPRA/NAREIT Developed Index, 13.71% of the Russell 1000^® Value Index, 13.71% of the Russell 1000^® Growth Index, 4.05% of the Russell 2000^® Index, 23.39% of the MSCI EAFE Index and 6.60% 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 My Destination 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 See Notes to Financial Statements.

MYDESTINATION 2035 FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Shares		Value
MUTUAL FUNDS — 100.1%
GuideStone Money Market Fund (Institutional Class)¥		16,753,228		$	16,753,228
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		6,776,475			99,953,005
GuideStone Global Bond Fund (Institutional Class)¥		2,469,981			24,897,410
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		1,853,885			23,507,261
GuideStone Equity Index Fund (Institutional Class)¥		2,913,180			85,734,900
GuideStone Value Equity Fund (Institutional Class)¥		3,830,076			87,172,532
GuideStone Growth Equity Fund (Institutional Class)¥		3,435,403			86,503,459
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,409,400			25,876,584
GuideStone International Equity Index Fund (Institutional Class)¥		4,569,214			49,164,741
GuideStone International Equity Fund (Institutional Class)¥		6,322,431			99,388,613

	Shares			Value
GuideStone Emerging Markets Equity Fund (Institutional Class)¥			3,903,341		$	42,936,748
GuideStone Global Real Estate Securities Fund (Institutional Class)¥			1,061,128			10,282,334
Total Mutual Funds (Cost $618,354,551)						652,170,815
		Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
1.42%, 06/07/18W‡‡ (Cost $596,311)		$	600,000			596,198
TOTAL INVESTMENTS — 100.2% (Cost $618,950,862)						652,767,013
Liabilities in Excess of Other Assets — (0.2)%						(1,538,506	)
NET ASSETS — 100.0%					$	651,228,507

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts			Counter- party		Value and Unrealized Appreciation (Depreciation)
MSCI EAFE Index E-Mini		03/2018		30		$	3,068,250		GSC		$	40,365
MSCI Emerging Markets E-Mini		03/2018		13			756,405		GSC			36,237
S&P 500®E-Mini		03/2018		54			7,225,200		GSC			91,169
10-Year U.S. Treasury Note		03/2018		25			3,101,172		GSC			(16,797	)
Total Futures Contracts outstanding at December 31, 2017						$	14,151,027				$	150,974

See Notes to Financial Statements. 29

MYDESTINATION 2035 FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	652,170,815			$	652,170,815			$	—		$	—
U.S. Treasury Obligation			596,198				—				596,198			—
Total Assets - Investments in Securities		$	652,767,013			$	652,170,815			$	596,198		$	—
Other Financial Instruments***
Futures Contracts		$	167,771			$	167,771			$	—		$	—
Total Assets - Other Financial Instruments		$	167,771			$	167,771			$	—		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(16,797	)		$	(16,797	)		$	—		$	—
Total Liabilities - Other Financial Instruments		$	(16,797	)		$	(16,797	)		$	—		$	—

***Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

30 See Notes to Financial Statements.

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 securities and real assets. The Fund followed an allocation glide path designed to become more conservative over time, and the targeted allocations were approximately 12.00% fixed-income securities, 86.00% equity securities and 2.00% real assets as of December 31, 2017.

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 20.90% for the one-year period ended December 31, 2017. Contribution to absolute performance from U.S. equities was significantly positive, largely due to an acceleration of global economic growth. The Growth Equity Fund was the largest equity investment contributor to absolute performance, benefiting from macroeconomic tailwinds and strong alpha generation. International equity exposure, including both developed and emerging markets, added meaningfully to performance. Non-U.S. equity markets outperformed their U.S. counterparts due in part to higher economic growth and a depreciating U.S. dollar. The Fund’s fixed-income allocation modestly added to investment returns, and the Medium-Duration Bond Fund was the largest fixed-income investment contributor. The contribution to absolute performance by the Fund’s exposure to real assets was roughly flat with a positive performance by the Global Real Estate Securities Fund offset by a negative performance from the Global Natural Resources Equity Fund, which liquidated and terminated on September 22, 2017.

The Fund outperformed its composite benchmark in 2017 (20.90% versus 20.39%). The largest contributors to relative outperformance were the International Equity Fund and the Growth Equity Fund. The largest negative detractor to relative performance was the Global Natural Resource 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 positive impact on Fund performance for the year.

The Fund attempted to achieve its objective by investing in a diversified portfolio of the Select Funds that represent various asset classes. The Fund is managed to the specific year included in its name (“Target Date”) and assumes a retirement age of 65. The Target Date refers to the approximate year an investor in the Fund would plan to retire and likely stop making any new investments in the Fund. The Fund is designed for an investor who anticipates retiring at or near the Target Date and who plans to withdraw the value of the account in the Fund gradually after retirement. Over time, the allocation to asset classes will change according to a predetermined “glide path,” which adjusts the percentage of fixed-income securities and equity securities to become more conservative each year until 12 years after Target Date. (Effective January 12, 2018, the glide path was extended to 15 years after Target Date.) 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. Securities of foreign issuers may be negatively impacted by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries, and they also may be subject to inadequate regulatory or accounting standards, which may increase investment risk. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. 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, 2017, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds		51.8
Non-U.S. Equity Select Funds		34.9
Fixed Income Select Funds		11.7
Real Return Select Funds		1.8
U.S. Treasury Obligation		0.1
		100.3

See Notes to Financial Statements. 31

MyDestination 2045 Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	N/A	20.90%	20.39%
Five Year	N/A	9.59%	10.46%
Ten Year	N/A	4.94%	5.74%
Since Inception(1)	12.85%	4.89%	5.70%
Inception Date	05/01/17	12/29/06
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(2)	0.85%	1.07%

⁽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⁾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, 2007 to December 31, 2017, 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 2017, consisting of 7.47% of the Bloomberg Barclays US Aggregate Bond Index, 0.94% of the Bloomberg Barclays Global Aggregate Bond Index, 0.47% of the Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Bond Index, 0.47% of the J.P. Morgan EMBI Plus, 16.01% of the S&P 500^® Index, 1.81% of the FTSE EPRA/NAREIT Developed Index, 16.25% of the Russell 1000^® Value Index, 16.25% of the Russell 1000^® Growth Index, 4.80% of the Russell 2000^® Index, 27.72% of the MSCI EAFE Index and 7.82% 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 My Destination 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.

32 See Notes to Financial Statements.

MYDESTINATION 2045 FUND
SCHEDULE OF INVESTMENTS	December 31, 2017

	Shares		Value
MUTUAL FUNDS — 100.2%
GuideStone Money Market Fund (Institutional Class)¥		12,587,681		$	12,587,681
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		2,421,211			35,712,858
GuideStone Global Bond Fund (Institutional Class)¥		886,032			8,931,205
GuideStone Equity Index Fund (Institutional Class)¥		2,589,513			76,209,365
GuideStone Value Equity Fund (Institutional Class)¥		3,418,924			77,814,705
GuideStone Growth Equity Fund (Institutional Class)¥		3,050,952			76,822,973
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,247,024			22,895,366
GuideStone International Equity Index Fund (Institutional Class)¥		4,061,844			43,705,438
GuideStone International Equity Fund (Institutional Class)¥		5,651,013			88,833,931
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		3,462,288			38,085,166

	Shares			Value
GuideStone Global Real Estate Securities Fund (Institutional Class)¥			901,396		$	8,734,528
Total Mutual Funds (Cost $458,657,486)						490,333,216
		Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
1.42%, 06/07/18W‡‡ (Cost $496,925)		$	500,000			496,831
TOTAL INVESTMENTS — 100.3% (Cost $459,154,411)						490,830,047
Liabilities in Excess of Other Assets — (0.3)%						(1,339,635	)
NET ASSETS — 100.0%					$	489,490,412

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts			Counter- party		Value and Unrealized Appreciation (Depreciation)
MSCI EAFE Index E-Mini		03/2018		26		$	2,659,150		GSC		$	35,015
MSCI Emerging Markets E-Mini		03/2018		10			581,850		GSC			27,718
S&P 500®E-Mini		03/2018		47			6,288,600		GSC			79,351
10-Year U.S. Treasury Note		03/2018		8			992,375		GSC			(5,375	)
Total Futures Contracts outstanding at December 31, 2017						$	10,521,975				$	136,709

See Notes to Financial Statements. 33

MYDESTINATION 2045 FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	490,333,216			$	490,333,216			$	—		$	—
U.S. Treasury Obligation			496,831				—				496,831			—
Total Assets - Investments in Securities		$	490,830,047			$	490,333,216			$	496,831		$	—
Other Financial Instruments***
Futures Contracts		$	142,084			$	142,084			$	—		$	—
Total Assets - Other Financial Instruments		$	142,084			$	142,084			$	—		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(5,375	)		$	(5,375	)		$	—		$	—
Total Liabilities - Other Financial Instruments		$	(5,375	)		$	(5,375	)		$	—		$	—

***Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

34 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 securities and real assets. The Fund followed an allocation glide path designed to become more conservative over time, and the targeted allocations were approximately 7.00% fixed-income investments, 91.00% equity investments and 2.00% real assets as of December 31, 2017.

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 21.73% for the one-year period ended December 31, 2017. Contribution to absolute performance from U.S. equities was significantly positive, largely due to an acceleration of global economic growth. The Growth Equity Fund was the largest equity investment contributor to absolute performance benefiting from macroeconomic tailwinds and strong alpha generation. International equity exposure, including both developed and emerging markets, added meaningfully to performance. Non-U.S. equity markets outperformed their U.S. counterparts due in part to higher economic growth and a depreciating U.S. dollar. The Fund’s fixed-income allocation modestly added to investment returns, and the Medium-Duration Bond Fund was the largest fixed-income investment contributor. The contribution to absolute performance by the Fund’s exposure to real assets was roughly flat, with a positive performance by the Global Real Estate Securities Fund offset by a negative performance from the Global Natural Resources Equity Fund, which liquidated and terminated on September 22, 2017.

The Fund outperformed its composite benchmark in 2017 (21.73% versus 21.22%). The largest contributors to relative outperformance were the International Equity Fund and the Growth Equity Fund. The largest negative detractor to relative performance was the Global Natural Resource 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 positive impact on Fund performance for the year.

The Fund attempted to achieve its objective by investing in a diversified portfolio of the Select Funds that represent various asset classes. The Fund is managed to the specific year included in its name (“Target Date”) and assumes a retirement age of 65. The Target Date refers to the approximate year an investor in the Fund would plan to retire and likely stop making any new investments in the Fund. The Fund is designed for an investor who anticipates retiring at or near the Target Date and who plans to withdraw the value of the account in the Fund gradually after retirement. Over time, the allocation to asset classes will change according to a predetermined “glide path,” which adjusts the percentage of fixed-income securities and equity securities to become more conservative each year until 12 years after Target Date. (Effective January 12, 2018, the glide path was extended to 15 years after Target Date.) 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. Securities of foreign issuers may be negatively impacted by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries, and they also may be subject to inadequate regulatory or accounting standards, which may increase investment risk. By investing in this Fund, you will incur the expenses of the Fund, in addition to those of the underlying Select Funds. 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, 2017, 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		54.2
Non-U.S. Equity Select Funds		36.4
Fixed Income Select Funds		7.6
Real Return Select Funds		1.9
U.S. Treasury Obligation		0.1
		100.2

See Notes to Financial Statements. 35

MyDestination 2055 Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	N/A	21.73%	21.22%
Five Year	N/A	9.81%	10.69%
Ten Year	N/A	N/A	N/A
Since Inception(1)	13.33%	10.53%	11.64%
Inception Date	05/01/17	01/01/12
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(2)	0.92%	1.12%

⁽¹⁾The Since Inception benchmark performance is based on the start date of January 1, 2012, 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 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 2017, consisting of 4.00% of the Bloomberg Barclays US Aggregate Bond Index, 0.50% of the Bloomberg Barclays Global Aggregate Bond Index, 0.25% of the Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Bond Index, 0.25% of the J.P. Morgan EMBI Plus, 16.77% of the S&P 500^® Index, 1.90% of the FTSE EPRA/NAREIT Developed Index, 17.03% of the Russell 1000^® Value Index, 17.03% of the Russell 1000^® Growth Index, 5.03% of the Russell 2000^® Index, 29.05% of the MSCI EAFE Index and 8.19% 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 My Destination Funds^® glide path, the target percentage allocations to the composite index also change.

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

36 See Notes to Financial Statements.

MYDESTINATION 2055 FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Shares		Value
MUTUAL FUNDS — 100.1%
GuideStone Money Market Fund (Institutional Class)¥		3,137,695	$	3,137,695
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		307,243		4,531,841
GuideStone Global Bond Fund (Institutional Class)¥		112,268		1,131,662
GuideStone Equity Index Fund (Institutional Class)¥		643,339		18,933,451
GuideStone Value Equity Fund (Institutional Class)¥		844,470		19,220,144
GuideStone Growth Equity Fund (Institutional Class)¥		762,330		19,195,469
GuideStone Small Cap Equity Fund (Institutional Class)¥		308,468		5,663,465
GuideStone International Equity Index Fund (Institutional Class)¥		1,012,341		10,892,784
GuideStone International Equity Fund (Institutional Class)¥		1,405,199		22,089,726
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		853,427		9,387,700

	Shares			Value
GuideStone Global Real Estate Securities Fund (Institutional Class)¥			224,263	$	2,173,105
Total Mutual Funds (Cost $107,028,638)					116,357,042
		Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill 1.08%,
02/15/18W‡‡ (Cost $99,866)		$	100,000		99,849
TOTAL INVESTMENTS — 100.2% (Cost $107,128,504)					116,456,891
Liabilities in Excess of Other Assets — (0.2)%					(272,227	)
NET ASSETS — 100.0%				$	116,184,664

Futures Contracts outstanding at December 31, 2017:

Future Type

Expiration Date

Open Long (Short) Contracts

Notional Market Value of Contracts

Counter- party

Value and Unrealized Appreciation/ (Depreciation)

S&P 500®E-Mini

03/2018

18

$

2,408,400

GSC

$

23,628

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	116,357,042		$	116,357,042		$	—		$	—
U.S. Treasury Obligation			99,849			—			99,849			—
Total Assets - Investments in Securities		$	116,456,891		$	116,357,042		$	99,849		$	—
Other Financial Instruments***
Futures Contracts		$	23,628		$	23,628		$	—		$	—
Total Assets - Other Financial Instruments		$	23,628		$	23,628		$	—		$	—

***Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

See Notes to Financial Statements. 37

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2017

	MyDestination 2015 Fund		MyDestination 2025 Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	496,831	$	596,198
Investments in securities of affiliated issuers, at value		631,004,850		1,101,517,943
Total investments, at value(1)		631,501,681		1,102,114,141
Receivables:
Dividends		9,411		18,730
From advisor		—		—
Fund shares sold		122,996		325,463
Variation margin on financial futures contracts		10,088		16,428
Prepaid expenses and other assets		13,331		16,602
Total Assets		631,657,507		1,102,491,364
Liabilities
Cash Overdraft		1,004,415		1,501,880
Payables:
Fund shares redeemed		109,976		3,948
Variation margin on financial futures contracts		11,212		27,300
Accrued expenses:
Investment advisory fees		52,952		92,192
Professional fees		17,849		17,849
Shareholder servicing fees		109,313		183,972
Other expenses		37,704		54,401
Total Liabilities		1,343,421		1,881,542
Net Assets	$	630,314,086	$	1,100,609,822
Net Assets Consist of:
Paid-in-capital	$	599,633,969	$	1,037,899,331
Accumulated net investment income		10,046,638		11,522,343
Undistributed (accumulated) net realized gain (loss) on investments and derivative transactions		1,815,443		5,804,111
Net unrealized appreciation (depreciation) on investments and derivative transactions		18,818,036		45,384,037
Net Assets	$	630,314,086	$	1,100,609,822
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	108,975,386	$	222,030,507
Institutional shares outstanding		10,504,035		21,656,127
Net asset value, offering and redemption price per Institutional share	$	10.37	$	10.25
Net assets applicable to the Investor Class	$	521,338,700	$	878,579,315
Investor shares outstanding		50,232,755		85,597,893
Net asset value, offering and redemption price per Investor share	$	10.38	$	10.26
(1) Investments in securities of unaffiliated issuers, at cost	$	496,925	$	596,311
Investments in securities of affiliated issuers, at cost		612,226,543		1,056,272,893
Total investments, at cost	$	612,723,468	$	1,056,869,204

38 See Notes to Financial Statements.

MyDestination 2035 Fund			MyDestination 2045 Fund			MyDestination 2055 Fund
	$       596,198		$	496,831		$	99,849
	652,170,815			490,333,216			116,357,042
	652,767,013			490,830,047			116,456,891
	13,649			10,225			2,559
	—			7,096			13,264
	296,136			120,369			142,301
	8,888			4,585			—
	13,760			13,646			12,176
	653,099,446			490,985,968			116,627,191
	1,498,681			1,312,445			370,365
	134,309			80			2,942
	26,325			22,913			8,775
	54,330			40,778			9,546
	17,849			17,850			17,849
	104,144			71,783			16,021
	35,301			29,707			17,029
	1,870,939			1,495,556			442,527
	$651,228,507		$	489,490,412		$	116,184,664
	$607,425,538		$	451,234,673		$	105,821,466
	10,442,871			7,684,341			1,781,017
	(607,027	)		(1,240,947	)		(769,834	)
	33,967,125			31,812,345			9,352,015
	$651,228,507		$	489,490,412		$	116,184,664
	$152,421,331		$	145,343,185		$	38,161,106
	15,316,630			15,135,713			2,836,524
	$             9.95		$	9.60		$	13.45
	$498,807,176		$	344,147,227		$	78,023,558
	50,102,798			35,842,230			5,802,380
	$             9.96		$	9.60		$	13.45
	$       596,311		$	496,925		$	99,866
	618,354,551			458,657,486			107,028,638
	$618,950,862		$	459,154,411		$	107,128,504

See Notes to Financial Statements. 39

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2017

	MyDestination 2015 Fund
Investment Income
Income distributions received from affiliated funds	$	9,585,350
Interest		—
Total Investment Income		9,585,350
Expenses
Investment advisory fees		588,039
Transfer agent fees:
Institutional shares(1)		3,366
Investor shares		33,528
Custodian fees		21,828
Shareholder servicing fees:
Investor shares		1,288,128
Accounting and administration fees		35,260
Professional fees		76,446
Blue sky fees:
Institutional shares(1)		20,405
Investor shares		31,874
Trustees expenses		6,581
Line of credit facility fees and interest expense		4,005
Interest expense		19
Other expenses		15,697
Total Expenses		2,125,176
Expenses waived/reimbursed net of amount recaptured(2)		(53,852	)
Net Expenses		2,071,324
Net Investment Income		7,514,026
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		13,600,726
Net realized gain (loss) on investment securities of affiliated issuers		2,295,439
Net realized gain on futures transactions		1,345,077
Net realized gain		17,241,242
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		39,681,096
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		(62	)
Change in unrealized appreciation (depreciation) on futures		79,357
Net change in unrealized appreciation (depreciation)		39,760,391
Net Realized and Unrealized Gain		57,001,633
Net Increase in Net Assets Resulting from Operations	$	64,515,659

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

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

40 See Notes to Financial Statements.

MyDestination 2025 Fund			MyDestination 2035 Fund			MyDestination 2045 Fund			MyDestination 2055 Fund
$	15,403,241		$	9,265,510		$	6,717,888		$	1,503,413
	—			—			5			—
	15,403,241			9,265,510			6,717,893			1,503,413
	990,332			567,918			424,084			89,594
	3,366			3,366			3,366			3,365
	41,932			30,300			27,317			20,527
	27,447			21,845			20,386			12,541
	2,120,556			1,181,633			836,073			169,654
	58,697			33,827			25,439			5,885
	76,446			76,446			76,446			76,446
	20,216			20,216			22,440			20,437
	32,229			25,903			26,009			24,033
	10,274			6,287			4,957			1,791
	6,269			5,225			3,116			940
	1,969			366			—			1,879
	27,010			18,354			14,893			18,640
	3,416,743			1,991,686			1,484,526			445,732
	(36,942	)		(45,219	)		(74,894	)		(141,738	)
	3,379,801			1,946,467			1,409,632			303,994
	12,023,440			7,319,043			5,308,261			1,199,419
	31,184,042			23,059,069			19,439,902			4,721,667
	6,407,884			(1,290,299	)		(1,176,915	)		357,205
	2,561,176			1,782,040			1,515,158			281,082
	40,153,102			23,550,810			19,778,145			5,359,954
	84,593,998			65,017,974			54,529,860			10,707,626
	(61	)		(61	)		(53	)		(10	)
	215,977			230,178			186,677			27,401
	84,809,914			65,248,091			54,716,484			10,735,017
	124,963,016			88,798,901			74,494,629			16,094,971
$	136,986,456		$	96,117,944		$	79,802,890		$	17,294,390

See Notes to Financial Statements. 41

STATEMENTS OF CHANGES IN NET ASSETS

	MyDestination 2015 Fund						MyDestination 2025 Fund
	For the Year Ended						For the Year Ended
	12/31/17			12/31/16			12/31/17			12/31/16
Operations:
Net investment income	$	7,514,026		$	8,418,415		$	12,023,440		$	13,254,628
Net realized gain (loss) on investment securities and futures transactions		17,241,242			3,130,405			40,153,102			6,414,502
Net change in unrealized appreciation (depreciation) on investment securities and futures		39,760,391			23,098,892			84,809,914			41,265,382
Net increase in net assets resulting from operations		64,515,659			34,647,712			136,986,456			60,934,512
Dividends and Distributions to Shareholders:(1)
Dividends from net investment income
Institutional shares		(641,478	)		—			(2,639,827	)		—
Investor shares		(1,860,261	)		(6,155,633	)		(8,364,170	)		(8,416,042	)
Distributions from net realized capital gains
Institutional shares		(2,417,980	)		—			(6,291,456	)		—
Investor shares		(11,453,131	)		(9,812,326	)		(24,908,061	)		(19,446,568	)
Total dividends and distributions		(16,372,850	)		(15,967,959	)		(42,203,514	)		(27,862,610	)
Capital Share Transactions:(1)
Proceeds from shares sold
Institutional shares		113,256,141			—			214,353,950			—
Investor shares		82,501,857			84,788,090			138,861,919			129,211,781
Reinvestment of dividends and distributions
Institutional shares		3,059,458			—			8,931,283			—
Investor shares		13,312,314			15,963,515			33,271,048			27,861,817
Total proceeds from shares sold and reinvested		212,129,770			100,751,605			395,418,200			157,073,598
Value of shares redeemed
Institutional shares		(11,401,387	)		—			(10,202,150	)		—
Investor shares		(153,957,686	)		(63,543,088	)		(234,560,442	)		(42,672,317	)
Total value of shares redeemed		(165,359,073	)		(63,543,088	)		(244,762,592	)		(42,672,317	)
Net increase from capital share transactions(2)		46,770,697			37,208,517			150,655,608			114,401,281
Total increase in net assets		94,913,506			55,888,270			245,438,550			147,473,183
Net Assets:
Beginning of Year		535,400,580			479,512,310			855,171,272			707,698,089
End of Year*	$	630,314,086		$	535,400,580		$	1,100,609,822		$	855,171,272
*Including undistributed net investment income	$	10,046,638		$	2,262,782		$	11,522,343		$	4,838,586

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

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

42 See Notes to Financial Statements.

MyDestination 2035 Fund				MyDestination 2045 Fund						MyDestination 2055 Fund
For the Year Ended				For the Year Ended						For the Year Ended
12/31/17	12/31/16			12/31/17			12/31/16			12/31/17			12/31/16
$        7,319,043	$	7,042,640		$	5,308,261		$	4,670,638		$	1,199,419		$	791,724
23,550,810		1,551,137			19,778,145			328,657			5,359,954			(330,626	)
65,248,091		26,825,146			54,716,484			21,855,450			10,735,017			4,128,392
96,117,944		35,418,923			79,802,890			26,854,745			17,294,390			4,589,490
(1,105,684)		—			(1,124,943	)		—			(65,415	)		—
(2,490,452)		(3,450,311	)		(1,895,549	)		(1,654,993	)		(41,040	)		(686,008	)
(4,865,521)		—			(5,234,610	)		—			(1,616,713	)		—
(16,041,331)		(14,584,084	)		(12,491,640	)		(11,986,023	)		(3,294,180	)		(1,723,825	)
(24,502,988)		(18,034,395	)		(20,746,742	)		(13,641,016	)		(5,017,348	)		(2,409,833	)
143,246,388		—			134,495,227			—			35,427,273			—
78,857,500		69,340,421			53,664,908			55,119,010			31,044,282			22,719,176
5,971,204		—			6,359,553			—			1,682,128			—
18,531,779		18,034,395			14,387,189			13,641,016			3,335,220			2,409,832
246,606,871		87,374,816			208,906,877			68,760,026			71,488,903			25,129,008
(5,699,759)		—			(4,856,474	)		—			(1,236,265	)		—
(140,345,026)		(16,986,664	)		(127,887,444	)		(9,420,875	)		(29,318,397	)		(2,800,595	)
(146,044,785)		(16,986,664	)		(132,743,918	)		(9,420,875	)		(30,554,662	)		(2,800,595	)
100,562,086		70,388,152			76,162,959			59,339,151			40,934,241			22,328,413
172,177,042		87,772,680			135,219,107			72,552,880			53,211,283			24,508,070
479,051,465		391,278,785			354,271,305			281,718,425			62,973,381			38,465,311
$    651,228,507	$	479,051,465		$	489,490,412		$	354,271,305		$	116,184,664		$	62,973,381
$      10,442,871	$	3,592,329		$	7,684,341		$	3,015,645		$	1,781,017		$	105,716

See Notes to Financial Statements. 43

FINANCIAL HIGHLIGHTS

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																								Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Investment Income(1)			Capital Gain Distributions Received from Affiliated Funds		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(2)(3)			Expenses, Gross(2)(4)			Investment Income, Net (1)(3)			Portfolio Turnover Rate
MyDestination 2015 Fund
Institutional Class
2017(5)		$    9.97		$0.12	#		$0.23		$0.35			$(0.06	)		$(0.24	)		$10.37		6.99	%		$108,975		0.16	%		0.16	%		1.78	%		17	%
Investor Class
2017		$    9.54		$0.12	#		$0.22		$0.78			$(0.04	)		$(0.24	)		$10.38		11.67	%		$521,339		0.38	%		0.39	%		1.21	%		17	%
2016		9.19		0.16	#		0.13		0.35			(0.11	)		(0.18	)		9.54		6.99			535,401		0.35			0.40			1.65			16
2015		10.84		0.15	#		0.36		(0.74	)		(0.14	)		(1.28	)		9.19		(2.06	)		479,512		0.28			0.31			1.41			108	(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
MyDestination 2025 Fund
Institutional Class
2017(5)		$    9.79		$0.13	#		$0.31		$0.44			$(0.12	)		$(0.30	)		$10.25		9.08	%		$222,031		0.14	%		0.14	%		1.82	%		15	%
Investor Class
2017		$    9.28		$0.11	#		$0.29		$0.98			$(0.10	)		$(0.30	)		$10.26		14.92	%		$878,579		0.38	%		0.38	%		1.12	%		15	%
2016		8.88		0.16	#		0.16		0.39			(0.09	)		(0.22	)		9.28		8.01			855,171		0.35			0.39			1.70			17
2015		10.66		0.16	#		0.49		(0.97	)		(0.13	)		(1.33	)		8.88		(2.91	)		707,698		0.28			0.31			1.46			110	(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
MyDestination 2035 Fund
Institutional Class
2017(5)		$    9.29		$0.13	#		$0.38		$0.55			$(0.07	)		$(0.33	)		$9.95		11.51	%		$152,421		0.15	%		0.15	%		1.99	%		35	%
Investor Class
2017		$    8.72		$0.11	#		$0.36		$1.15			$(0.05	)		$(0.33	)		$9.96		18.66	%		$498,807		0.38	%		0.39	%		1.16	%		35	%
2016		8.36		0.14	#		0.15		0.42			(0.07	)		(0.28	)		8.72		8.38			479,051		0.35			0.40			1.65			16
2015		10.49		0.15	#		0.62		(1.24	)		(0.12	)		(1.54	)		8.36		(4.30	)		391,279		0.28			0.32			1.41			120	(6)
2014		10.79		0.12	#		0.51		(0.34	)		(0.19	)		(0.40	)		10.49		2.70			358,812		0.15			0.15			1.10			5
2013		9.40		0.11	#		0.64		1.26			(0.22	)		(0.40	)		10.79		21.41			291,874		0.19			0.16			1.05			17

# Calculated using the average shares outstanding method.

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

(2) Does not include expenses of the investment companies in which the Fund invests. The estimated acquired fund fees which are incurred directly by the underlying funds for the MyDestination 2015 Fund, MyDestination 2025 Fund, MyDestination 2035 Fund, MyDestination 2045 Fund and MyDestination 2055 Fund were 0.58%, 0.63%, 0.66%, 0.67% and 0.72%, respectively for 2017, and are deducted from the value of the funds in which each Fund invests and is included in each Fund’s total return.

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

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

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

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

44 See Notes to Financial Statements.

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																								Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Investment Income(1)			Capital Gain 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 2045 Fund
Institutional Class
2017(5)		$8.90		$0.13	#		$0.41		$0.60			$(0.07	)		$(0.37	)		$9.60		12.85	%		$145,343		0.16	%		0.16	%		1.99	%		10	%
Investor Class
2017		$8.29		$0.10	#		$0.37		$1.26			$(0.05	)		$(0.37	)		$9.60		20.90	%		$344,147		0.38	%		0.40	%		1.06	%		10	%
2016		7.95		0.12	#		0.15		0.41			(0.04	)		(0.30	)		8.29		8.45			354,271		0.35			0.41			1.50			16
2015		10.00		0.12	#		0.66		(1.25	)		(0.09	)		(1.49	)		7.95		(4.46	)		281,718		0.29			0.34			1.22			124	(6)
2014		10.37		0.10	#		0.53		(0.40	)		(0.17	)		(0.43	)		10.00		2.23			253,395		0.20			0.17			0.92			4
2013		9.14		0.10	#		0.68		1.35			(0.21	)		(0.69	)		10.37		23.44			212,102		0.20			0.18			0.94			18
MyDestination 2055 Fund
Institutional Class
2017(5)		$  12.43		$0.18	#		$0.64		$0.83			$(0.02	)		$(0.61	)		$13.45		13.33	%		$38,161		0.20	%		0.33	%		2.04	%		9	%
Investor Class
2017		$  11.56		$0.14	#		$0.60		$1.77			$(0.01	)		$(0.61	)		$13.45		21.73	%		$78,024		0.38	%		0.55	%		1.12	%		9	%
2016		11.05		0.18	#		0.23		0.57			(0.13	)		(0.34	)		11.56		8.81			62,973		0.35			0.65			1.62			27
2015		12.60		0.16	#		0.93		(1.66	)		(0.13	)		(0.85	)		11.05		(4.48	)		38,465		0.30			0.65			1.29			124	(6)
2014		12.95		0.14	#		0.77		(0.62	)		(0.21	)		(0.43	)		12.60		2.25			27,813		0.20			0.62			1.02			5
2013		11.20		0.13	#		1.02		1.47			(0.26	)		(0.61	)		12.95		23.44			16,383		0.20			1.01			1.05			30

# Calculated using the average shares outstanding method.

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

(2) Does not include expenses of the investment companies in which the Fund invests. The estimated acquired fund fees which are incurred directly by the underlying funds for the MyDestination 2015 Fund, MyDestination 2025 Fund, MyDestination 2035 Fund, MyDestination 2045 Fund and MyDestination 2055 Fund were 0.58%, 0.63%, 0.66%, 0.67% and 0.72%, respectively for 2017, and are deducted from the value of the funds in which each Fund invests and is included in each Fund’s total return.

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

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

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

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

See Notes to Financial Statements. 45

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, real assets and alternative investments. The Fund had a target of, but was not limited to, an asset allocation of 60.00% Fixed Income Select Funds, 20.00% U.S. Equity Select Funds, 8.00% Non-U.S. Equity Select Funds, 7.00% Real Assets Select Funds and 5.00% Alternatives Select Fund as of December 31, 2017.

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 7.11% for the one-year period ended December 31, 2017, driven primarily by positive absolute performance of the underlying Equity Select Funds. Within the Equity Select Funds, the Fund’s absolute return was most positively influenced by its exposure to the International Equity Fund, followed by exposure to the Growth Equity Fund and the Defensive Market Strategies Fund. The Fund’s Real Assets Select Funds allocation added to investment returns, as the Inflation Protected Bond Fund and the Global Real Estate Securities 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 Strategic Alternatives Fund was added on July 1, 2017, and was a small contributor to absolute performance.

The Fund matched its composite benchmark in 2017 (7.11% versus 7.11%). The largest contributor to relative outperformance was the Fixed Income Select Fund allocation. The largest negative detractor to relative performance was the U.S. Equity Select Fund allocation due to the Defensive Markets Strategies Fund’s defensive orientation relative to a strong performing U.S. equity market.

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 positive impact on Fund performance for the year.

The Fund attempted to achieve its objective, through investments in the Select Funds, by combining a greater percentage of fixed-income securities with a smaller percentage of equity securities. By investing in the Fund you will also incur the expenses and risks of the underlying Select Funds. 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 equity 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, 2017, 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		61.7
U.S. Equity Select Funds		20.2
Non-U.S. Equity Select Funds		8.3
Alternative Select Funds		4.9
Real Return Select Funds		4.8
U.S. Treasury Obligation		0.1
		100.0

46

Conservative Allocation Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	7.33%	7.11%	7.11%
Five Year	N/A	3.02%	3.77%
Ten Year	N/A	3.21%	3.46%
Since Inception(1)	5.37%	3.75%	4.07%
Inception Date	11/23/15	08/27/01
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(2)	0.70%	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, 2007 to December 31, 2017, 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 2017, consisting of the ICE BofAML 1-3 Year U.S. Treasury Index, the ICE BofAML U.S. 3-Month Treasury Bill 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, and the MSCI ACWI ex USA Index, weighted 44.00%, 5.00% 15.00%, 6.00%, 21.00%, 1.00%, and 8.00%, respectively.

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

47

CONSERVATIVE ALLOCATION FUND
SCHEDULE OF INVESTMENTS	December 31, 2017

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		4,159,143		$	4,159,143
GuideStone Low-Duration Bond Fund (Institutional Class)¥		17,589,091			234,814,360
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		4,201,890			61,977,874
GuideStone Global Bond Fund (Institutional Class)¥		1,553,462			15,658,893
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		3,000,075			38,040,946
GuideStone Value Equity Fund (Institutional Class)¥		1,318,912			30,018,443
GuideStone Growth Equity Fund (Institutional Class)¥		1,176,716			29,629,708
GuideStone Small Cap Equity Fund (Institutional Class)¥		330,799			6,073,477
GuideStone International Equity Fund (Institutional Class)¥		2,093,697			32,912,910
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		882,028			9,702,309
GuideStone Inflation Protected Bond Fund (Institutional Class)¥		1,837,002			18,866,014

	Shares			Value
GuideStone Global Real Estate Securities Fund (Institutional Class)¥			596,030		$	5,775,536
GuideStone Strategic Alternatives Fund (Institutional Class)¥			2,489,249			25,066,742
Total Mutual Funds (Cost $507,253,769)						512,696,355
		Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill 1.42%, 06/07/18W‡‡ (Cost $298,155)		$	300,000			298,099
TOTAL INVESTMENTS — 100.0% (Cost $507,551,924)						512,994,454
Liabilities in Excess of Other Assets — (0.0)%						(27,657	)
NET ASSETS — 100.0%					$	512,966,797

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts			Counter- party		Value and Unrealized Appreciation (Depreciation)
S&P 500®E-Mini		03/2018		5		$	669,000		GSC		$	8,441
MSCI EAFE Index E-Mini		03/2018		3			306,825		GSC			4,015
2-Year U.S. Treasury Note		03/2018		19			4,068,078		GSC			(8,060	)
Total Futures Contracts outstanding at December 31, 2017						$	5,043,903				$	4,396

48 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value				Level 1 Quoted  Prices				Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds		$	512,696,355			$	512,696,355			$	—		$	—
U.S. Treasury Obligation			298,099				—				298,099			—
Total Assets - Investments in Securities		$	512,994,454			$	512,696,355			$	298,099		$	—
Other Financial Instruments***
Futures Contracts		$	12,456			$	12,456			$	—		$	—
Total Assets - Other Financial Instruments		$	12,456			$	12,456			$	—		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts		$	(8,060	)		$	(8,060	)		$	—		$	—
Total Liabilities - Other Financial Instruments		$	(8,060	)		$	(8,060	)		$	—		$	—

***Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

See Notes to Financial Statements. 49

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 in real assets and alternative investments. The Fund had a target of, but was not limited to, an asset allocation of 43.00% Fixed Income Select Funds, 30.00% U.S. Equity Select Funds, 15.00% Non-U.S. Equity Select Funds, 9.00% Real Assets Select Funds and 3.00% Alternatives Select Fund as of December 31, 2017.

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 12.30% for the one-year period ended December 31, 2017. 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 Non-U.S Equity Select Funds. The Fund’s absolute return was most positively influenced by its exposure to the International Equity Fund, the Growth Equity Fund and the Value Equity Fund. The Fixed Income Select Fund allocation also provided positive results, with the most positive contributions attributed to the Global Bond Fund and Medium-Duration Bond Fund. The Strategic Alternatives Fund was added on July 1, 2017, and was a small contributor to absolute performance.

The Fund outperformed its composite benchmark in 2017 (12.30% versus 12.11%). The largest contributor to relative outperformance was the Fixed Income Select Fund allocation. The largest negative detractor to relative performance was the U.S. Equity Select Fund allocation due to the Defensive Markets Strategies Fund’s defensive orientation relative to a strong performing U.S. equity market.

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 positive impact on Fund performance for the year.

The Fund attempted to achieve its objective, through investments in the Select Funds, by combining approximately equal percentages of fixed-income securities and equity securities. By investing in the Fund you will also incur the expenses and risks of the underlying Select Funds. 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 equities 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, 2017, 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		41.2
U.S. Equity Select Funds		33.7
Non-U.S. Equity Select Funds		15.7
Real Return Select Funds		5.5
Alternative Select Funds		3.8
U.S. Treasury Obligation		0.1
		100.0

50 See Notes to Financial Statements.

Balanced Allocation Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	12.57%	12.30%	12.11%
Five Year	N/A	5.75%	6.76%
Ten Year	N/A	4.67%	5.29%
Since Inception(1)	8.46%	5.46%	5.98%
Inception Date	11/23/15	08/27/01
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(2)	0.77%	1.02%

⁽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, 2007 to December 31, 2017, 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 2017, consisting of the ICE BofAML U.S. 3-Month Treasury Bill Index, Bloomberg Barclays US Aggregate Bond Index, the Bloomberg Barclays US TIPS (Series-L) Index, the Russell 3000^® Index, the FTSE EPRA/NAREIT Developed Index, and the MSCI ACWI ex USA Index, weighted 3.00%, 41.00%, 6.00%, 32.00%, 3.00%, and 15.00%, respectively.

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

See Notes to Financial Statements. 51

BALANCED ALLOCATION FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		34,919,952	$	34,919,952
GuideStone Low-Duration Bond Fund (Institutional Class)¥		7,714,641		102,990,453
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		21,912,881		323,214,993
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		3,805,838		68,276,729
GuideStone Global Bond Fund (Institutional Class)¥		13,527,240		136,354,577
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		12,817,272		162,523,010
GuideStone Value Equity Fund (Institutional Class)¥		7,595,370		172,870,628
GuideStone Growth Equity Fund (Institutional Class)¥		6,923,361		174,330,238
GuideStone Small Cap Equity Fund (Institutional Class)¥		1,882,772		34,567,693
GuideStone International Equity Fund (Institutional Class)¥		12,491,193		196,361,555
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		5,151,375		56,665,123

	Shares		Value
GuideStone Inflation Protected Bond Fund (Institutional Class)¥		5,424,542	$	55,710,041
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		3,463,290		33,559,282
GuideStone Strategic Alternatives Fund (Institutional Class)¥		6,095,860		61,385,313
Total Mutual Funds (Cost $1,596,348,194)				1,613,729,587
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
1.42%, 06/07/18W‡‡ (Cost $993,851)	$	1,000,000		993,662
TOTAL INVESTMENTS — 100.0% (Cost $1,597,342,045)				1,614,723,249
Liabilities in Excess of Other Assets — (0.0)%				(322,938	)
NET ASSETS — 100.0%			$	1,614,400,311

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date	Open Long (Short) Contracts	Notional Market Value of  Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
MSCI EAFE Index	03/2018	53	$	5,420,575		GSC	$	71,370
MSCI Emerging Markets E-Mini	03/2018	25		1,454,625		GSC		71,030
S&P 500®E-Mini	03/2018	76		10,168,800		GSC		128,312
10-Year U.S. Treasury Note	03/2018	41		5,085,922		GSC		(27,547	)
Long U.S. Treasury Bond	03/2018	19		2,907,000		GSC		(2,847	)
5-Year U.S. Treasury Note	03/2018	46		5,343,547		GSC		(24,867	)
Total Futures Contracts outstanding at December 31, 2017			$	30,380,469			$	215,451

52 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	1,613,729,587		$	1,613,729,587		$	—	$	—
U.S. Treasury Obligation		993,662			—			993,662		—
Total Assets - Investments in Securities	$	1,614,723,249		$	1,613,729,587		$	993,662	$	—
Other Financial Instruments***
Future Contracts	$	270,712		$	270,712		$	—	$	—
Total Assets - Other Financial Instruments	$	270,712		$	270,712		$	—	$	—
Liabilities:
Other Financial Instruments***
Future Contracts	$	(55,261	)	$	(55,261	)	$	—	$	—
Total Liabilities - Other Financial Instruments	$	(55,261	)	$	(55,261	)	$	—	$	—

***Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

See Notes to Financial Statements. 53

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 27.00% Fixed Income Select Funds, 42.00% U.S. Equity Select Funds, 28.00% Non-U.S. Equity Select Funds and 3.00% Real Assets Select Funds as of December 31, 2017.

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 18.59% for the one-year period ended December 31, 2017. Contribution to absolute performance from the U.S. Equity Select Funds was positive, largely due to an acceleration of global economic growth. International equity exposure, including both developed and emerging markets, added meaningfully to performance. Non-U.S. equity markets outperformed their U.S. counterparts due in part to higher economic growth and a depreciating U.S. dollar. The International Equity Fund benefited from these macroeconomic tailwinds, along with strong security selection, and was the largest Equity Select Fund contributor to absolute performance. The Fixed Income Select Funds were positive across all underlying strategies, most notably the Medium-Duration Bond Fund. The contribution to absolute performance by the Fund’s exposure to the Real Assets Select Funds was roughly flat with a positive performance by the Global Real Estate Securities Fund offset by a negative performance from the Global Natural Resources Equity Fund, which liquidated and terminated on September 22, 2017.

The Fund outperformed its composite benchmark in 2017 (18.59% versus 17.33%). The largest contributor to relative outperformance was the Non-U.S. Equity Select Funds allocation. The largest detractor to relative performance was the Real Assets Select Funds allocation led by relative underperformance by the Global Natural Resources 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 positive impact on Fund performance for the year.

The Fund attempted to achieve its objective, through investments in the Select Funds, by combining a greater percentage of equity securities with a small percentage of fixed-income securities. By investing in the Fund you will also incur the expenses and risks of the underlying 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. Securities of foreign issuers may be negatively impacted by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries, and they also may be subject to inadequate regulatory or accounting standards, which may increase investment risk. 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, 2017, 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		46.1
Non-U.S. Equity Select Funds		27.6
Fixed Income Select Funds		20.8
Real Return Select Funds		3.0
Alternative Select Funds		2.4
U.S. Treasury Obligation		0.1
Money Market Funds		—	**
		100.0

**Rounds to less than 0.05%

54 See Notes to Financial Statements.

Growth Allocation Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	18.94%	18.59%	17.33%
Five Year	N/A	8.29%	9.03%
Ten Year	N/A	4.99%	5.59%
Since Inception(1)	11.03%	5.82%	6.40%
Inception Date	11/23/15	08/27/01
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July1, 2017)(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, 2007 to December 31, 2017, 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 2017, consisting of the Bloomberg Barclays US Aggregate Bond Index, the Russell 3000^® Index, the FTSE EPRA/NAREIT Developed Index, and the MSCI ACWI ex USA Index, weighted 25.00%, 43.00%, 3.00%, and 29.00%, respectively.

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

See Notes to Financial Statements. 55

GROWTH ALLOCATION FUND
SCHEDULE OF INVESTMENTS	December 31, 2017

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		25,873,437	$	25,873,437
GuideStone Low-Duration Bond Fund (Institutional Class)¥		2,638,263		35,220,814
GuideStone Medium-Duration Bond Fund (Institutional Class)¥		8,748,733		129,043,814
GuideStone Extended-Duration Bond Fund (Institutional Class)¥		1,311,071		23,520,614
GuideStone Global Bond Fund (Institutional Class)¥		4,673,868		47,112,591
GuideStone Defensive Market Strategies Fund (Institutional Class)¥		4,490,034		56,933,636
GuideStone Value Equity Fund (Institutional Class)¥		10,557,027		240,277,939
GuideStone Growth Equity Fund (Institutional Class)¥		9,274,295		233,526,743
GuideStone Small Cap Equity Fund (Institutional Class)¥		2,535,818		46,557,614
GuideStone International Equity Fund (Institutional Class)¥		17,050,690		268,036,843
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		7,010,711		77,117,825

	Shares		Value
GuideStone Global Real Estate Securities Fund (Institutional Class)¥		3,940,547	$	38,183,896
GuideStone Strategic Alternatives Fund (Institutional Class)¥		3,008,538		30,295,976
Total Mutual Funds (Cost $1,237,781,849)				1,251,701,742
MONEY MARKET FUNDS — 0.0%
Northern Institutional U.S. Government Portfolio (Cost $7,688)		7,688		7,688
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
1.42%, 06/07/18W‡‡ (Cost $993,851)	$	1,000,000		993,662
TOTAL INVESTMENTS — 100.0% (Cost $1,238,783,388)				1,252,703,092
Liabilities in Excess of Other Assets — (0.0)%				(318,336	)
NET ASSETS — 100.0%			$	1,252,384,756

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional   Market Value   of Contracts		Counter-   party		Value  and Unrealized Appreciation (Depreciation)
MSCI EAFE Index E-Mini		03/2018		60	$	6,136,500		GSC	$	80,810
MSCI Emerging Markets E-Mini		03/2018		33		1,920,105		GSC		93,406
S&P 500 ®E-Mini		03/2018		84		11,239,200		GSC		141,818
10-Year U.S. Treasury Note		03/2018		13		1,612,610		GSC		(8,735	)
Long U.S. Treasury Bond		03/2018		8		1,224,000		GSC		(1,198	)
5-Year U.S. Treasury Note		03/2018		19		2,207,117		GSC		(10,271	)
Total Futures Contracts outstanding at December 31, 2017					$	24,339,532			$	295,830

56 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Money Market Funds	$	7,688		$	7,688		$	—	$	—
Mutual Funds		1,251,701,742			1,251,701,742			—		—
U.S. Treasury Obligation		993,662			—			993,662		—
Total Assets - Investments in Securities	$	1,252,703,092		$	1,251,709,430		$	993,662	$	—
Other Financial Instruments***
Futures Contracts	$	316,034		$	316,034		$	—	$	—
Total Assets - Other Financial Instruments	$	316,034		$	316,034		$	—	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(20,204	)	$	(20,204	)	$	—	$	—
Total Liabilities - Other Financial Instruments	$	(20,204	)	$	(20,204	)	$	—	$	—

***Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

See Notes to Financial Statements. 57

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 2% Fixed Income Select Funds, 58.00% U.S. Equity Select Funds and 40.00% Non-U.S. Equity Select Funds.

As a fund of funds, its performance was based on the performance of the underlying Select Funds. The Fund generated a return of 25.49% for the one-year period ended December 31, 2017. An allocation to both the U.S. Equity Select Funds and Non-U.S. Equity Select Funds generated positive performance with all underlying Equity Select Funds positively contributing to absolute performance. The largest contributors to absolute performance were the Growth Equity Fund and the International Equity Fund, as each benefited from the acceleration of global growth and strong excess return from security selection.

The Fund outperformed its composite benchmark in 2017 (25.49% versus 23.56%). The largest contributor to relative outperformance was the Non-U.S. Equity Select Funds allocation. The U.S. Equity Select Fund also contributed to relative outperformance.

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 positive impact on Fund performance for the year.

The Fund attempted to achieve its objective, through investments in the Select Funds, by combining a greater percentage of U.S. equity securities with a smaller percentage of international equity securities. By investing in the Fund you will also incur the expenses and risks of the underlying Select Funds. 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. Securities of foreign issuers may be negatively impacted by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries, and they also may be subject to inadequate regulatory or accounting standards, which may increase investment risk. 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, 2017, 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		58.8
Non-U.S. Equity Select Funds		39.1
Fixed Income Select Funds		2.0
U.S. Treasury Obligation		0.1
Money Market Funds		—	**
		100.0

**Rounds to less than 0.05%

58 See Notes to Financial Statements.

Aggressive Allocation Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	25.88%	25.49%	23.56%
Five Year	N/A	11.41%	12.06%
Ten Year	N/A	5.41%	6.14%
Since Inception(1)	13.39%	6.19%	6.92%
Inception Date	11/23/15	08/27/01
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(2)	0.95%	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, 2007 to December 31, 2017, 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 2017, 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.

See Notes to Financial Statements. 59

AGGRESSIVE ALLOCATION FUND
SCHEDULE OF INVESTMENTS	December 31, 2017

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (Institutional Class)¥		21,357,386	$	21,357,386
GuideStone Value Equity Fund (Institutional Class)¥		12,593,152		286,620,148
GuideStone Growth Equity Fund (Institutional Class)¥		11,153,511		280,845,400
GuideStone Small Cap Equity Fund (Institutional Class)¥		3,081,019		56,567,504
GuideStone International Equity Fund (Institutional Class)¥		20,453,666		321,531,630
GuideStone Emerging Markets Equity Fund (Institutional Class)¥		8,451,663		92,968,292
Total Mutual Funds (Cost $1,039,243,569)				1,059,890,360
MONEY MARKET FUNDS — 0.0%
Northern Institutional U.S. Government Portfolio (Cost $12,217)		12,217		12,217

	Par		Value
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
1.42%, 06/07/18W‡‡ (Cost $993,851)	$	1,000,000	$	993,663
TOTAL INVESTMENTS — 100.0% (Cost $1,040,249,637)				1,060,896,240
Liabilities in Excess of Other Assets — (0.0)%				(396,802	)
NET ASSETS — 100.0%			$	1,060,499,438

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional   Market Value   of Contracts		Counter-   party		Value and Unrealized Appreciation (Depreciation)
MSCI EAFE Index E-Mini		03/2018		67	$	6,852,425		GSC	$	84,229
MSCI Emerging Markets E-Mini		03/2018		31		1,803,735		GSC		88,837
S&P 500®E-Mini		03/2018		98		13,112,400		GSC		135,678
Total Futures Contracts outstanding at December 31, 2017					$	21,768,560			$	308,744

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Money Market Funds	$	12,217	$	12,217	$	—	$	—
Mutual Funds		1,059,890,360		1,059,890,360		—		—
U.S. Treasury Obligation		993,663		—		993,663		—
Total Assets - Investments in Securities	$	1,060,896,240	$	1,059,902,577	$	993,663	$	—
Other Financial Instruments***
Futures Contracts	$	308,744	$	308,744	$	—	$	—
Total Assets - Other Financial Instruments	$	308,744	$	308,744	$	—	$	—

***Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

60 See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2017

	Conservative Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	298,099		$	993,662		$	1,001,350		$	1,005,880
Investments in securities of affiliated issuers, at value		512,696,355			1,613,729,587			1,251,701,742			1,059,890,360
Total investments, at value(1)		512,994,454			1,614,723,249			1,252,703,092			1,060,896,240
Receivables:
Dividends from affiliated funds		6,147			30,230			22,596			17,798
Fund shares sold		192,014			194,935			111,886			11,500
Variation margin on financial futures contracts		1,217			25,265			16,182			9,040
Prepaid expenses and other assets		8,436			9,292			8,680			7,596
Total Assets		513,202,268			1,614,982,971			1,252,862,436			1,060,942,174
Liabilities
Cash Overdraft		2,302			4,025			210			187
Payables:
Fund shares redeemed		2,515			32,755			54,091			60,978
Variation margin on financial futures contracts		2,438			37,050			40,950			47,775
Accrued expenses:
Investment advisory fees		43,621			136,207			105,185			88,737
Professional fees		31,576			17,876			17,876			17,876
Shareholder servicing fees		90,521			270,144			204,449			180,818
Other expenses		62,498			84,603			54,919			46,365
Total Liabilities		235,471			582,660			477,680			442,736
Net Assets	$	512,966,797		$	1,614,400,311		$	1,252,384,756		$	1,060,499,438
Net Assets Consist of:
Paid-in-capital	$	505,418,228		$	1,586,187,998		$	1,229,326,761		$	1,031,339,476
Accumulated net investment income		5,152,978			27,255,194			19,660,783			15,164,049
Undistributed net realized loss on investments and derivative transactions		(3,051,335	)		(16,639,536	)		(10,818,322	)		(6,959,434	)
Net unrealized appreciation (depreciation) on investments and derivative transactions		5,446,926			17,596,655			14,215,534			20,955,347
Net Assets	$	512,966,797		$	1,614,400,311		$	1,252,384,756		$	1,060,499,438
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	85,482,360		$	334,113,850		$	279,147,713		$	195,991,322
Institutional shares outstanding		7,453,571			27,465,369			22,455,261			15,964,518
Net asset value, offering and redemption price per Institutional share	$	11.47		$	12.16		$	12.43		$	12.28
Net assets applicable to the Investor Class	$	427,484,437		$	1,280,286,461		$	973,237,043		$	864,508,116
Investor shares outstanding		37,282,213			105,266,996			78,338,168			70,650,651
Net asset value, offering and redemption price per Investor share	$	11.47		$	12.16		$	12.42		$	12.24
(1) Investments in securities of unaffiliated issuers, at cost	$	298,155		$	993,851		$	1,001,539		$	1,006,068
Investments in securities of affiliated issuers, at cost		507,253,769			1,596,348,194			1,237,781,849			1,039,243,569
Total investments, at cost	$	507,551,924		$	1,597,342,045		$	1,238,783,388		$	1,040,249,637

See Notes to Financial Statements. 61

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2017

	Conservative Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Investment Income
Income distributions received from affiliated funds	$	7,882,842		$	26,597,649		$	17,866,774		$	10,932,607
Interest		—			7,126			8,702			9,608
Total Investment Income		7,882,842			26,604,775			17,875,476			10,942,215
Expenses
Investment advisory fees		490,496			1,563,542			1,184,550			975,727
Transfer agent fees:
Institutional shares		3,812			4,125			3,837			3,757
Investor shares		65,923			79,835			54,789			42,812
Custodian fees		25,840			27,892			24,394			18,887
Shareholder servicing fees:
Investor shares		1,008,714			3,063,748			2,288,953			1,975,660
Accounting and administration fees		39,287			93,286			70,629			58,128
Professional fees		85,393			71,705			71,705			71,705
Blue sky fees:
Institutional shares		41,693			44,415			42,828			39,910
Investor shares		45,484			34,811			27,176			24,484
Trustees expenses		5,131			15,911			12,234			10,083
Line of credit facility fees and interest expense		3,287			11,464			8,398			7,040
Interest expense		2,223			—			—			—
Other expenses		49,116			33,106			21,930			22,194
Total Expenses		1,866,399			5,043,840			3,811,423			3,250,387
Expenses waived/reimbursed(1)		(28,966	)		(97,975	)		(56,113	)		(1,981	)
Net Expenses		1,837,433			4,945,865			3,755,310			3,248,406
Net Investment Income		6,045,409			21,658,910			14,120,166			7,693,809
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		9,037,143			49,399,079			58,557,505			67,508,527
Net realized loss on investment securities of affiliated issuers		(3,435,563	)		(17,582,833	)		(6,857,239	)		(1,750,363	)
Net realized gain on futures transactions		613,309			4,420,840			3,630,088			3,436,540
Net realized gain		6,214,889			36,237,086			55,330,354			69,194,704
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		20,201,824			123,491,373			131,375,083			141,991,873
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		(49	)		(85	)		(95	)		(74	)
Change in unrealized appreciation (depreciation) on futures		12,345			337,524			436,757			407,808
Net change in unrealized appreciation (depreciation)		20,214,120			123,828,812			131,811,745			142,399,607
Net Realized and Unrealized Gain		26,429,009			160,065,898			187,142,099			211,594,311
Net Increase in Net Assets Resulting from Operations	$	32,474,418		$	181,724,808		$	201,262,265		$	219,288,120

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

62 See Notes to Financial Statements.

(This page intentionally left blank)

63

STATEMENTS OF CHANGES IN NET ASSETS

	Conservative Allocation Fund						Balanced Allocation Fund
	For the Year Ended						For the Year Ended
	12/31/17			12/31/16			12/31/17			12/31/16
Operations:
Net investment income	$	6,045,409		$	5,223,370		$	21,658,910		$	26,363,164
Net realized gain on investment securities and futures transactions		6,214,889			320,918			36,237,086			2,297,805
Net change in unrealized appreciation (depreciation) on investment securities and futures		20,214,120			12,270,192			123,828,812			72,281,388
Net increase in net assets resulting from operations		32,474,418			17,814,480			181,724,808			100,942,357
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(363,818	)		(928,687	)		(4,352,882	)		(2,483,236	)
Investor shares		(907,016	)		(3,024,270	)		(13,704,307	)		(5,829,103	)
Distributions from net realized capital gains
Institutional shares		(1,195,256	)		(951,614	)		(4,343,325	)		(8,586,401	)
Investor shares		(5,832,761	)		(3,903,129	)		(16,711,610	)		(30,595,881	)
Total dividends and distributions		(8,298,851	)		(8,807,700	)		(39,112,124	)		(47,494,621	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		28,983,265			10,866,018			42,494,809			13,574,551
Investor shares		121,045,545			39,269,297			68,762,452			44,406,902
Shares issued from Merger(1)
Investor shares		105,467,529			—			—			—
Reinvestment of dividends and distributions
Institutional shares		1,551,407			1,869,987			8,648,353			11,040,091
Investor shares		6,736,883			6,923,060			30,408,884			36,418,219
Total proceeds from shares sold and reinvested		263,784,629			58,928,362			150,314,498			105,439,763
Value of shares redeemed
Institutional shares		(24,731,445	)		(10,009,301	)		(73,970,553	)		(42,649,048	)
Investor shares		(131,895,052	)		(42,185,083	)		(87,585,030	)		(157,414,729	)
Total value of shares redeemed		(156,626,497	)		(52,194,384	)		(161,555,583	)		(200,063,777	)
Net increase (decrease) from capital share transactions(2)		107,158,132			6,733,978			(11,241,085	)		(94,624,014	)
Total increase (decrease) in net assets		131,333,699			15,740,758			131,371,599			(41,176,278	)
Net Assets:
Beginning of Year		381,633,098			365,892,340			1,483,028,712			1,524,204,990
End of Year*	$	512,966,797		$	381,633,098		$	1,614,400,311		$	1,483,028,712
*Including undistributed net investment income	$	5,152,978		$	1,270,413		$	27,255,194		$	18,045,922

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

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

64 See Notes to Financial Statements.

Growth Allocation Fund						Aggressive Allocation Fund
For the Year Ended						For the Year Ended
12/31/17			12/31/16			12/31/17			12/31/16
$	14,120,166		$	16,476,023		$	7,693,809		$	9,273,357
	55,330,354			6,695,084			69,194,704			8,200,735
	131,811,745			50,902,584			142,399,607			39,337,329
	201,262,265			74,073,691			219,288,120			56,811,421
	(2,439,768	)		(2,219,710	)		(2,123,426	)		—
	(6,311,843	)		(5,509,420	)		(7,542,741	)		—
	(10,773,669	)		(11,665,660	)		(11,458,334	)		(14,529,604	)
	(37,730,860	)		(40,312,926	)		(50,772,473	)		(61,769,042	)
	(57,256,140	)		(59,707,716	)		(71,896,974	)		(76,298,646	)
	11,722,106			9,777,898			5,993,845			5,702,265
	44,551,351			26,960,487			31,226,891			15,744,951
	—			—			—			—
	13,192,179			13,871,071			13,577,714			14,525,136
	44,033,935			45,817,706			58,306,688			61,766,425
	113,499,571			96,427,162			109,105,138			97,738,777
	(22,885,997	)		(30,033,973	)		(17,607,915	)		(19,296,176	)
	(69,886,447	)		(108,056,691	)		(52,785,968	)		(150,902,912	)
	(92,772,444	)		(138,090,664	)		(70,393,883	)		(170,199,088	)
	20,727,127			(41,663,502	)		38,711,255			(72,460,311	)
	164,733,252			(27,297,527	)		186,102,401			(91,947,536	)
	1,087,651,504			1,114,949,031			874,397,037			966,344,573
$	1,252,384,756		$	1,087,651,504		$	1,060,499,438		$	874,397,037
$	19,660,783		$	8,746,893		$	15,164,049		$	9,664,868

See Notes to Financial Statements. 65

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
2017		$10.88		$0.16	#		$0.20		$0.44			$(0.05	)		$(0.16	)		$11.47		7.33	%		$85,482		0.19	%		0.19	%		1.40	%		19	%
2016		10.62		0.18	#		0.10		0.25			(0.13	)		(0.14	)		10.88		5.07			75,333		0.14			0.15			1.61			5
2015(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
2017		$10.88		$0.13	#		$0.21		$0.43			$(0.02	)		$(0.16	)		$11.47		7.11	%		$427,485		0.42	%		0.42	%		1.19	%		19	%
2016		10.62		0.15	#		0.10		0.26			(0.11	)		(0.14	)		10.88		4.82			306,300		0.39			0.42			1.36			5
2015		11.59		0.14	#		0.26		(0.60	)		(0.12	)		(0.65	)		10.62		(1.69	)		294,997		0.27			0.33			1.22			92	(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
Balanced Allocation Fund
Institutional Class
2017		$11.09		$0.19	#		$1.39		$(0.19	)		$(0.16	)		$(0.16	)		$12.16		12.57	%		$334,114		0.12	%		0.13	%		1.57	%		19	%
2016		10.70		0.22	#		0.17		0.39			(0.08	)		(0.31	)		11.09		7.27			326,164		0.11			0.13			1.97			4
2015(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
2017		$11.09		$0.16	#		$0.10		$1.10			$(0.13	)		$(0.16	)		$12.16		12.30	%		$1,280,286		0.37	%		0.38	%		1.34	%		19	%
2016		10.70		0.19	#		0.17		0.39			(0.05	)		(0.31	)		11.09		7.00			1,156,865		0.37			0.38			1.71			4
2015		12.89		0.20	#		0.53		(1.18	)		(0.16	)		(1.58	)		10.70		(3.43	)		1,191,878		0.28			0.30			1.56			95	(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

# Calculated using the average shares outstanding method.

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

(2) Does not include expenses of the investment companies in which the Fund invests. The estimated acquired fund fees which are incurred directly by the underlying funds for the Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund and Aggressive Allocation Fund were 0.51%, 0.63%, 0.75% and 0.82%, respectively for 2017, and are deducted from the value of the funds in which each Fund invests and is included in each Fund’s total return.

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

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

66 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
Growth Allocation Fund
Institutional Class
2017		$10.97		$0.17	#		$0.60		$1.30			$(0.11	)		$(0.50	)		$12.43		18.94	%		$279,148		0.13	%		0.13	%		1.38	%		17	%
2016		10.83		0.19	#		0.21		0.40			(0.10	)		(0.56	)		10.97		7.34			244,873		0.12			0.13			1.72			4
2015(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
2017		$10.97		$0.14	#		$0.60		$1.29			$(0.08	)		$(0.50	)		$12.42		18.59	%		$973,237		0.37	%		0.37	%		1.14	%		17	%
2016		10.83		0.16	#		0.21		0.40			(0.07	)		(0.56	)		10.97		7.08			842,779		0.38			0.39			1.46			4
2015		13.43		0.17	#		0.90		(1.61	)		(0.13	)		(1.93	)		10.83		(3.83	)		867,203		0.29			0.30			1.26			97	(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
Aggressive Allocation Fund
Institutional Class
2017		$10.48		$0.12	#		$0.82		$1.76			$(0.13	)		$(0.77	)		$12.28		25.88	%		$195,991		0.14	%		0.14	%		0.98	%		7	%
2016		10.77		0.14	#		0.27		0.30			—			(1.00	)		10.48		6.55			166,293		0.13			0.13			1.28			2
2015(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
2017		$10.46		$0.09	#		$0.82		$1.75			$(0.11	)		$(0.77	)		$12.24		25.49	%		$864,508		0.38	%		0.38	%		0.75	%		7	%
2016		10.77		0.10	#		0.26		0.33			—			(1.00	)		10.46		6.38			708,104		0.39			0.39			0.96			2
2015		14.06		0.12	#		1.32		(1.82	)		(0.09	)		(2.82	)		10.77		(2.39	)		797,043		0.29			0.30			0.85			103	(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

# Calculated using the average shares outstanding method.

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

(2) Does not include expenses of the investment companies in which the Fund invests. The estimated acquired fund fees which are incurred directly by the underlying funds for the Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund and Aggressive Allocation Fund were 0.51%, 0.63%, 0.75% and 0.82%, respectively for 2017, and are deducted from the value of the funds in which each Fund invests and is included in each Fund’s total return.

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

(4) The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown. (5) 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. 67

Money Market Fund (Unaudited)

The Federal Open Market Committee (“FOMC”) continued to unwind its post-crisis stimulus with three 0.25% increases to the federal funds rate in 2017 to a target range of 1.25%-1.50%. This range remains very accommodative and is in line with the FOMC’s goal of maintaining economic expansion while holding inflation near their 2.00% target. Despite the increases in the federal funds rate, short-term rates remained at historically low levels throughout the year, which negatively impacted the returns available to investors.

Given the low interest rate environment, which persisted throughout 2017, money market funds (which are lenders to borrowers at short-term interest rates) experienced another year of moderate returns. At the end of 2017, the three-month U.S. Treasury Bill was yielding 1.37%, although the rate was approximately 0.96% for most of the year. Consequently, the low yield environment made it difficult for money market funds across the industry to post returns, net of expenses, above those of their respective benchmarks, including the Fund.

The Fund is a government money market fund and invested 99.50% or more of its assets in eligible government money market fund securities. 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 0.51% for the one-year period ended December 31, 2017, as compared to a 0.82% return for its benchmark, the ICE BofAML U.S. 3 Month Treasury Bill Index. 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 44 days, compared to 42 days at the end of 2016. In the midst of the difficult interest rate and economic environment, the management of the Fund remained true and steadfast to its investment objective to maximize current income to the extent consistent with the preservation of capital and liquidity, and the maintenance of a stable per share NAV of $1.00.

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 equity investments.

You could lose money by investment in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Depository Insurance Corporation or any other governmental agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Yield for the Fund represents the annualization of the Fund’s declared dividends over the period indicated, excluding capital gains distributions.

At December 31, 2017, 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		46.4
Repurchase Agreements		37.7
U.S. Treasury Obligations		19.2
Money Market Funds		—	**
		103.3

**Rounds to less than 0.05%

68

Money Market Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class*	Investor Class*	Benchmark
One Year	0.76%	0.51%	0.82%
Five Year	0.24%	0.12%	0.24%
Ten year	0.49%	0.36%	0.34%
Since Inception	1.39%	1.27%	1.27%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(1)	0.17%	0.41%

Yield as of 12/31/17(2)
	Institutional Class*	Investor Class*
7-Day Annualized Yield (Net)	1.15%	0.89%
7-Day Annualized Yield (Gross)	1.30%	1.30%

⁽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. 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 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, 2007 to December 31, 2017, with all dividends and capital gains reinvested, with the ICE BofAML 0-3 Month U.S. 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.

69

MONEY MARKET FUND
SCHEDULE OF INVESTMENTS	December 31, 2017

	Par		Value
AGENCY OBLIGATIONS — 46.4%
Federal Farm Credit Bank
0.75%, 04/18/18	$	15,149,000	$	15,128,535
Federal Farm Credit Bank Discount Notes
0.87%, 01/11/18		7,760,000		7,758,146
1.06%, 02/08/18		6,166,000		6,159,166
1.54%, 08/10/18		1,065,000		1,055,063
Federal Home Loan Bank
(Floating, ICE LIBOR USD 1M- 0.10%), 1.47%, 01/02/18†		13,000,000		13,000,000
(Floating, ICE LIBOR USD 1M- 0.12%), 1.45%, 01/03/18†		10,000,000		10,000,000
(Floating, ICE LIBOR USD 1M - 0.14%), 1.24%, 01/05/18†		21,360,000		21,360,000
(Floating, ICE LIBOR USD 1M - 0.07%), 1.36%, 01/11/18†		2,825,000		2,826,109
(Floating, ICE LIBOR USD 1M - 0.06%), 1.37%, 01/11/18†		10,000,000		10,000,000
(Floating, ICE LIBOR USD 1M - 0.14%), 1.32%, 01/13/18†		25,625,000		25,625,000
(Floating, ICE LIBOR USD 1M - 0.15%), 1.33%, 01/15/18†		4,970,000		4,970,000
(Floating, ICE LIBOR USD 1M - 0.13%), 1.36%, 01/16/18†		20,400,000		20,400,000
(Floating, ICE LIBOR USD 1M - 0.15%), 1.35%, 01/17/18†		25,390,000		25,390,000
(Floating, ICE LIBOR USD 1M - 0.15%), 1.39%, 01/22/18†		9,940,000		9,940,000
(Floating, ICE LIBOR USD 1M - 0.09%), 1.46%, 01/25/18†		7,080,000		7,080,000
(Floating, ICE LIBOR USD 3M - 0.11%), 1.28%, 02/05/18		7,000,000		7,000,000
(Floating, ICE LIBOR USD 3M - 0.35%), 1.05%, 02/09/18†		6,000,000		6,000,000
1.38%, 03/09/18		9,500,000		9,504,689
(Floating, ICE LIBOR USD 3M - 0.16%), 1.39%, 03/12/18†		3,695,000		3,693,612
(Floating, ICE LIBOR USD 3M - 0.33%), 1.23%, 03/13/18†		20,000,000		20,000,000
0.88%, 03/19/18		34,500,000		34,478,557
(Floating, ICE LIBOR USD 3M - 0.14%), 1.47%, 03/19/18†		4,765,000		4,765,000
(Floating, ICE LIBOR USD 3M - 0.16%), 1.47%, 03/20/18†		21,140,000		21,140,000
Federal Home Loan Bank Discount Notes
1.13%, 01/17/18		17,500,000		17,491,289
1.14%, 01/19/18		20,000,000		19,988,660
1.20%, 01/24/18		39,825,000		39,794,379
1.11%, 01/29/18		55,070,000		55,023,313
1.15%, 01/31/18		14,560,000		14,546,131
1.22%, 02/02/18		14,500,000		14,484,533
1.22%, 02/07/18		11,000,000		10,986,264

	Par		Value
1.31%, 03/07/18	$	11,320,000	$	11,293,348
1.18%, 03/28/18		4,780,000		4,766,583
1.48%, 06/06/18		5,500,000		5,464,989
Federal Home Loan Mortgage Corporation
(Floating, ICE LIBOR USD 3M - 0.03%), 1.32%, 01/08/18†		5,870,000		5,870,000
(Floating, ICE LIBOR USD 3M - 0.03%), 1.33%, 01/12/18†		5,870,000		5,870,000
(Floating, ICE LIBOR USD 3M + 0.02%), 1.54%, 03/08/18†		7,000,000		7,000,000
1.33%, 06/27/18		4,000,000		3,999,906
0.88%, 10/12/18		8,370,000		8,321,579
Federal Home Loan Mortgage Corporation Discount Note 1.11%, 02/16/18		2,695,000		2,691,246
Federal National Mortgage Association
0.88%, 03/28/18 0.88%, 05/21/18		15,440,000 9,040,000		15,431,797 9,027,634
Total Agency Obligations (Cost $539,325,528)				539,325,528
U.S. TREASURY OBLIGATIONS — 19.2%
U.S. Treasury Bills
1.18%, 03/22/18W		1,350,000		1,346,460
1.24%, 03/29/18W		79,225,000		78,985,786
1.19%, 04/05/18W		22,070,000		22,001,478
1.26%, 05/03/18W		15,000,000		14,935,950
1.43%, 05/31/18W		14,050,000		13,965,993
1.45%, 06/07/18W		18,095,000		17,980,574
1.45%, 06/14/18W		2,700,000		2,682,104
1.50%, 06/21/18W		895,000		888,687
1.53%, 06/28/18W		25,000,000		24,810,875
			177,597,907
U.S. Treasury Floating Rate Notes
(Floating, U.S. Treasury 3M Bill MMY + 0.17%), 1.61%, 01/01/18†		6,000,000		6,003,813
(Floating, U.S. Treasury 3M Bill MMY + 0.27%), 1.71%, 01/01/18†		4,000,000		3,999,930
			10,003,743
U.S. Treasury Notes 0.75%, 02/28/18		14,520,000		14,516,323
2.38%, 06/30/18		16,000,000		16,069,600
1.38%, 07/31/18		5,790,000		5,788,041
			36,373,964
Total U.S. Treasury Obligations (Cost $223,975,614)				223,975,614

70 See Notes to Financial Statements.

	Shares		Value
MONEY MARKET FUNDS — 0.0%
Northern Institutional Funds - U.S. Government Select Portfolio (Cost $293,416)		293,416	$	293,416
	Par
REPURCHASE AGREEMENTS — 37.7%
Bank of Montreal 1.36% (dated 12/29/17, due 01/02/18, repurchase price $40,006,000, collateralized by Federal Home Loan Banks, Federal Home Loan Mortgage Corporation and Federal National Mortgage Association, 2.000% to 4.500%, due 10/24/19 to 09/01/47, total market value $41,073,910)	$	40,000,000		40,000,000
Bank of Nova Scotia
1.35% (dated 12/29/17, due 01/02/18, repurchase price $40,006,000, collateralized by U.S. Treasury Bonds, 1.625% to 3.625%, due 05/31/23 to 04/15/28, total market value $40,806,202)		40,000,000		40,000,000
BNP Paribas SA
1.40% (dated 12/29/17, due 01/02/18, repurchase price $51,008,000, collateralized by Federal National Mortgage Association, Government National Mortgage Association and U.S. Treasury Bond, 1.250% to 8.000%, due 03/31/19 to 07/20/47, total market value $52,029,136)		51,000,000		51,000,000
Citigroup Global Markets, Inc.
1.40% (dated 12/29/17, due 01/02/18, repurchase price $10,002,000, collateralized by Federal Home Loan Mortgage Corporation and Federal National Mortgage Association, 4.000% to 4.500%, due 11/01/44 to 07/01/47, total market value $10,266,672)		10,000,000		10,000,000
Goldman Sachs & Co.
1.35% (dated 12/29/17, due 01/02/18, repurchase price $60,009,000, collateralized by Government National Mortgage Association, 3.500% to 4.500%, due 10/20/46 to 09/20/47, total market value $61,004,073)		60,000,000		60,000,000
1.45% (dated 12/27/17, due 01/03/18, repurchase price $21,506,000, collateralized by Government National Mortgage Association, 3.000% to 5.000%, due 06/15/40 to 11/20/67, total market value $21,930,000)		21,500,000		21,500,000

	Par		Value
HSBC Securities USA, Inc.
1.35% (dated 12/26/17, due 01/02/18, repurchase price $7,002,000, collateralized by U.S. Treasury Bill and U.S. Treasury Bond , 0.000% to 0.375%, due 09/13/18 to 07/15/27, total market value $7,143,845)	$	7,000,000	$	7,000,000
1.38% (dated 12/29/17, due 01/02/18, repurchase price $50,008,000, collateralized by U.S. Treasury Bond, 2.125% to 2.125%, due 09/30/24, total market value $51,004,704)		50,000,000		50,000,000
1.34% (dated 12/27/17, due 01/03/18, repurchase price $12,003,000, collateralized by U.S. Treasury Bill and U.S. Treasury Bond, 0.000% to 0.375%, due 09/13/18 to 07/15/27, total market value $12,242,204)		12,000,000		12,000,000
Mitsubishi UFJ Securities USA, Inc.
1.35% (dated 12/29/17, due 01/02/18, repurchase price $27,004,000, collateralized by Federal Home Loan Mortgage Corporation and Federal National Mortgage Association, 2.485% to 5.936%, due 05/01/18 to 08/01/48, total market value $27,810,000)		27,000,000		27,000,000
Mizuho Securities USA, Inc.
1.37% (dated 12/29/17, due 01/02/18, repurchase price $10,002,000, collateralized by U.S. Treasury Bond, 2.000% to 2.000%, due 12/31/21, total market value $10,200,070)		10,000,000		10,000,000
Natixis S.A.
1.33% (dated 12/29/17, due 01/02/18, repurchase price $21,003,000, collateralized by U.S. Treasury Bill and U.S. Treasury Bonds, 0.000% to 5.375%, due 01/18/18 to 02/15/46, total market value $21,355,975)		21,000,000		21,000,000
1.34% (dated 12/29/17, due 01/02/18, repurchase price $4,001,000, collateralized by Federal National Mortgage Association and U.S. Treasury Bond, 1.625% to 6.000%, due 01/21/20 to 05/15/47, total market value $4,080,023)		4,000,000		4,000,000

See Notes to Financial Statements. 71

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
RBC Capital Markets LLC
1.38% (dated 12/29/17, due 01/02/18, repurchase price $25,004,000, collateralized by Federal Home Loan Mortgage Corporation, Federal National Mortgage Association and Government National Mortgage Association, 2.500% to 6.500%, due 03/01/26 to 12/01/47, total market value $25,665,911)	$	25,000,000	$	25,000,000
TD Securities USA LLC
1.41% (dated 12/29/17, due 01/02/18, repurchase price $60,009,000, collateralized by U.S. Treasury Bonds, 0.375% to 2.125%, due 07/15/23 to 02/29/24, total market value $61,096,494)		60,000,000		60,000,000
Total Repurchase Agreements (Cost $438,500,000)				438,500,000
TOTAL INVESTMENTS — 103.3% (Cost $1,202,094,558)				1,202,094,558
Liabilities in Excess of Other Assets — (3.3)%				(38,583,356	)
NET ASSETS — 100.0%			$	1,163,511,202

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations	$	539,325,528	$	—	$	539,325,528	$	—
Money Market Funds		293,416		293,416		—		—
Repurchase Agreements		438,500,000		—		438,500,000		—
U.S. Treasury Obligations		223,975,614		—		223,975,614		—
Total Assets — Investments in Securities	$	1,202,094,558	$	293,416	$	1,201,801,142	$	—

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

72 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 calculation that measures the price sensitivity of a bond or bond fund 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 ICE BofAML 1-3 Year U.S. Treasury Index, for the one-year period ended December 31, 2017 (1.42% versus 0.42%). 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 U.S. 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 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 positive impact on relative performance as they were used to provide short duration positions when rates increased. Credit default swaps were purchased and were moderate detractors from 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 U.S. and 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 and very slightly detracted from the performance of the Fund. 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 preservation 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 fixed-income securities 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. Derivatives involve different risks from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in value of the underlying instruments may produce disproportionate losses to the Fund. It is possible to lose money by investing in the Fund.

At December 31, 2017, 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		27.2
Corporate Bonds		24.0
Mortgage-Backed Securities		19.0
Foreign Bonds		17.5
Asset-Backed Securities		16.6
Money Market Funds		3.0
Municipal Bonds		1.6
Agency Obligations		1.2
Certificates of Deposit		0.8
Commercial Paper		0.1
Written Option		(—	)**
Security Sold Short		(0.6	)
		110.4

**Rounds to less than 0.05%

See Notes to Financial Statements. 73

Low-Duration Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark
One Year	1.69%	1.42%	0.42%
Five Year	1.08%	0.83%	0.56%
Ten Year	2.47%	2.26%	1.44%
Since Inception	2.93%	2.76%	2.34%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended
July 1, 2017)(1)	0.38%	0.65%

⁽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, 2007 to December 31, 2017, with all dividends and capital gains reinvested, with the ICE BofAML 1-3 Year U.S. 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.

74 See Notes to Financial Statements.

LOW-DURATION BOND FUND
SCHEDULE OF INVESTMENTS	December 31, 2017

	Par		Value
AGENCY OBLIGATIONS — 1.2%
Federal Home Loan Bank
1.38%, 09/28/20	$	2,230,000	$	2,192,019
Federal Home Loan Mortgage Corporation
1.13%, 04/15/19		1,550,000		1,536,007
0.88%, 07/19/19		2,880,000		2,835,402
Federal National Mortgage Association
1.00%, 08/28/19		2,970,000		2,926,668
1.50%, 02/28/20D		1,700,000		1,682,892
Total Agency Obligations (Cost $11,316,353)				11,172,988
ASSET-BACKED SECURITIES — 16.6%
Adams Mill CLO, Ltd. Series 2014-1A A2R
(Floating, ICE LIBOR USD 3M + 1.10%), 2.46%, 07/15/26 144A †		800,000		802,597
ALM XII, Ltd. Series 2015-12A A1R
(Floating, ICE LIBOR USD 3M + 1.05%), 2.41%, 04/16/27 144A †		440,000		441,114
AmeriCredit Automobile Receivables Trust Series 2014-1 C
2.15%, 03/09/20		617,789		618,154
AmeriCredit Automobile Receivables Trust Series 2016-2 A3
1.60%, 11/09/20		590,000		589,084
AmeriCredit Automobile Receivables Trust Series 2016-2 B
2.21%, 05/10/21		790,000		789,651
AmeriCredit Automobile Receivables Trust Series 2016-2 C
2.87%, 11/08/21		230,000		231,461
AmeriCredit Automobile Receivables Trust Series 2016-3 A3
1.46%, 05/10/21		1,280,000		1,274,319
AmeriCredit Automobile Receivables Trust Series 2017-1 A3
1.87%, 08/18/21		210,000		209,380
AmeriCredit Automobile Receivables
Trust Series 2017-2 A3 1.98%, 12/20/21		1,360,000		1,355,080
AMMC CLO XIII, Ltd. Series 2013-13A A1LR
(Floating, ICE LIBOR USD 3M + 1.26%), 2.62%, 07/24/29 144A †		2,000,000		2,016,082
Arbor Realty Commercial Real Estate, Ltd. Series 2016-FL1A A
(Floating, ICE LIBOR USD 1M + 1.70%), 3.18%, 09/15/26 144A †		490,000		489,094
Arbor Realty Commercial Real Estate, Ltd. Series 2017-FL1A
(Floating, ICE LIBOR USD 1M + 1.30%), 2.78%, 04/15/27 144A †		1,610,000		1,631,749

	Par		Value
Atlas Senior Loan Fund IV, Ltd. Series 2013-2A A1LR
(Floating, ICE LIBOR USD 3M + 0.98%), 2.40%, 02/17/26 144A †	$	685,000	$	685,782
Atrium X Series 10A AR
(Floating, ICE LIBOR USD 3M + 0.95%), 2.31%, 07/16/25 144A †		2,887,395		2,894,039
Babson CLO, Ltd. Series 2013-IA AR
(Floating, ICE LIBOR USD 3M + 0.80%), 0.00%, 01/20/28 144A †		1,200,000		1,200,000
Babson CLO, Ltd. Series 2015-IA C
(Floating, ICE LIBOR USD 3M + 2.85%), 4.21%, 04/20/27 144A †		600,000		599,911
Bayview Opportunity Master Fund
IIIa Trust Series 2017-RN8 A1 3.35%, 11/28/32 144A STEP		300,000		300,231
Bear Stearns Asset-Backed Securities Trust Series 2004-SD1A2
(Floating, ICE LIBOR USD 1M + 0.45%), 2.00%, 12/25/42†		52,631		52,232
Bear Stearns Asset-Backed Securities Trust Series 2007-HE7 1A1
(Floating, ICE LIBOR USD 1M + 1.00%), 2.55%, 10/25/37†		457,851		461,040
BlueMountain CLO 2013-3, Ltd. Series 2013-3A AR
(Floating, ICE LIBOR USD 3M + 0.89%), 2.27%, 10/29/25 144A †		1,130,000		1,130,397
BlueMountain CLO, Ltd. Series 2013-4A AR
(Floating, ICE LIBOR USD 3M + 1.01%), 2.37%, 04/15/25 144A †		990,000		992,906
BMW Vehicle Owner Trust Series 2016-A A3 1.16%, 11/25/20		1,530,000		1,518,454
Bsprt Issuer, Ltd. Series 2017-FL1 A
(Floating, ICE LIBOR USD 1M + 1.35%), 2.83%, 06/15/27 144A †		550,000		552,147
Capital Auto Receivables Asset Trust
Series 2016-2 B 2.11%, 03/22/21		170,000		169,561
Capital Auto Receivables Asset Trust
Series 2017-1 A3 2.02%, 08/20/21 144A		650,000		648,458
Capital One Multi-Asset Execution
Trust Series 2015-A2 A2 2.08%, 03/15/23		90,000		89,802
Capital One Multi-Asset Execution
Trust Series 2016-A4 A4 1.33%, 06/15/22		2,320,000		2,291,813
Carlyle Global Market Strategies CLO, Ltd. Series 2014-1A AR
(Floating, ICE LIBOR USD 3M + 1.30%), 2.65%, 04/17/25 144A †		475,000		476,649

See Notes to Financial Statements. 75

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Cent CLO, Ltd. Series 2013-18A A
(Floating, ICE LIBOR USD 3M + 1.12%), 2.48%, 07/23/25 144A †	$	1,356,444	$	1,357,785
Chesapeake Funding II LLC Series 2016-1A A1
2.11%, 03/15/28 144A		1,186,750		1,187,487
Chesapeake Funding II LLC Series 2016-2A A1
1.88%, 06/15/28 144A		1,444,246		1,441,693
Chesapeake Funding II LLC Series 2017-3A A1
1.91%, 08/15/29 144A		3,450,000		3,433,525
Chesapeake Funding II LLC Series 2017-4A A1
2.12%, 11/15/29 144A		1,720,000		1,715,932
CIFC Funding 2015-V, Ltd. Series 2015-5A A1
(Floating, ICE LIBOR USD 3M + 1.55%), 2.92%, 10/25/27 144A †		1,110,000		1,114,409
CIFC Funding, Ltd. Series 2015-2A AR
(Floating, ICE LIBOR USD 3M + 0.78%), 0.00%, 04/15/27 144A †		1,000,000		1,000,000
Citibank Credit Card Issuance Trust Series 2017-A9 A9
1.80%, 09/20/21		4,770,000		4,746,780
CNH Equipment Trust Series 2016-B A3
1.63%, 08/15/21		1,020,000		1,014,977
CNH Equipment Trust Series 2016-C A3
1.44%, 12/15/21		1,140,000		1,128,818
CNH Equipment Trust Series 2017-B A3
1.86%, 09/15/22		1,110,000		1,101,898
Colony American Homes Series 2014-1A A
(Floating, LIBOR USD 1M + 1.15%), 2.63%, 05/17/31 144A †		502,207		503,853
Colony American Homes Series 2014-2A A
(Floating, LIBOR USD 1M + 0.95%), 2.43%, 07/17/31 144A †		562,278		563,710
Colony Starwood Homes Trust Series 2016-2A A
(Floating, LIBOR USD 1M + 1.25%), 2.73%, 12/17/33 144A †		1,074,813		1,082,177
Credit Acceptance Auto Loan Trust Series 2016-2A A
2.42%, 11/15/23 144A		2,080,000		2,084,789
Credit Acceptance Auto Loan Trust Series 2017-1A A
2.56%, 10/15/25 144A		1,020,000		1,018,822

	Par		Value
CSAB Mortgage-Backed Trust Series 2006-2 A6A
5.72%, 09/25/36 STEP	$	371,095	$	225,891
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6 1A1
(Floating, ICE LIBOR USD 1M + 0.54%), 2.09%, 12/25/34†		1,233,215		1,201,183
Dell Equipment Finance Trust Series 2017-2 A3
2.19%, 10/24/22 144A		560,000		558,364
Drive Auto Receivables Trust Series 2016-BA C
3.19%, 07/15/22 144A		590,000		594,562
Drive Auto Receivables Trust Series 2017-2 B
2.25%, 06/15/21		420,000		420,267
Drug Royalty II LP 2 Series 2014-1
A1
(Floating, ICE LIBOR USD 3M + 2.85%), 4.15%, 07/15/23 144A †		115,791		116,815
Dryden Senior Loan Fund Series 2014-31A AR
(Floating, ICE LIBOR USD 3M + 1.08%), 2.43%, 04/18/26 144A †		590,000		592,091
Dryden Senior Loan Fund Series 2015-41A A A
(Floating, ICE LIBOR USD 3M + 1.50%), 2.86%, 01/15/28 144A †		2,000,000		2,011,586
Dryden XXVI Senior Loan Fund Series 2013-26A A
(Floating, ICE LIBOR USD 3M + 1.10%), 2.46%, 07/15/25 144A †		357,824		358,727
Enterprise Fleet Financing LLC Series 2016-2 A2
1.74%, 02/22/22 144A		1,109,464		1,107,424
Enterprise Fleet Financing LLC Series 2016-2 A3
2.04%, 02/22/22 144A		730,000		726,343
Enterprise Fleet Financing LLC Series 2017-1 A2
2.13%, 07/20/22 144A		371,826		371,905
Enterprise Fleet Financing LLC Series 2017-1 A3
2.60%, 07/20/22 144A		250,000		251,404
Enterprise Fleet Financing LLC Series 2017-2 A2
1.97%, 01/20/23 144A		790,000		788,619
Enterprise Fleet Financing LLC Series 2017-3 A2
2.13%, 05/22/23 144A		1,040,000		1,038,546
FHLMC Structured Pass-Through Certificates Series T-32
(Floating, LIBOR USD 1M + 0.26%), 1.81%, 08/25/31†		379,497		376,657

76 See Notes to Financial Statements.

	Par		Value
Flatiron CLO 2015-1, Ltd. Series 2015-1A AR
(Floating, ICE LIBOR USD 3M + 0.89%), 2.25%, 04/15/27 144A †	$	1,765,000	$	1,768,037
GM Financial Automobile Leasing Trust Series 2016-1 C
3.24%, 03/20/20		800,000		806,266
GoldenTree Loan Opportunities VII, Ltd. Series 2013-7A A
(Floating, ICE LIBOR USD 3M + 1.15%), 2.52%, 04/25/25 144A †		433,674		434,245
Greystone Commercial Real Estate Notes, Ltd. Series 2017-FL1A A
(Floating, ICE LIBOR USD 1M + 1.55%), 3.03%, 03/15/27 144A †		900,000		901,894
GT Loan Financing I, Ltd. Series 2013-1A A
(Floating, ICE LIBOR USD 3M + 1.27%), 2.65%, 10/28/24 144A †		1,100,000		1,101,924
Honda Auto Receivables Owner Trust Series 2007-3 A3
1.79%, 09/20/21		1,500,000		1,489,298
Hyundai Auto Receivables Trust Series 2016-A A3
1.56%, 09/15/20		940,000		937,361
Hyundai Auto Receivables Trust Series 2016-B D
2.68%, 09/15/23		680,000		672,486
John Deere Owner Trust Series 2017-B A3
1.82%, 10/15/21		575,000		570,924
JP Morgan Mortgage Acquisition Corporation Series 2006-FRE2 A1
(Floating, ICE LIBOR USD 1M + 0.18%), 1.73%, 02/25/36†		232,958		233,408
Kubota Credit Owner Trust Series 2016-1A A2
1.25%, 04/15/19 144A		324,937		324,450
Kubota Credit Owner Trust Series 2017-1A A3
1.88%, 08/16/21 144A		1,730,000		1,715,556
LA Arena Funding LLC Series 1 A 7.66%, 12/15/26 144A		131,894		140,252
LCM XVII LP Series 17A AR
(Floating, ICE LIBOR USD 3M + 1.35%), 2.71%, 10/15/26 144A †		1,250,000		1,257,423
Madison Park Funding XIV, Ltd. Series 2014-14A A2R
(Floating, ICE LIBOR USD 3M + 1.12%), 2.48%, 07/20/26 144A †		250,000		250,956
Madison Park Funding XIV, Ltd. Series 2014-14A BR
(Floating, ICE LIBOR USD 3M + 1.55%), 2.91%, 07/20/26 144A †		1,370,000		1,377,857

	Par		Value
Mercedes-Benz Master Owner Trust Series 2016-BA A
(Floating, LIBOR USD 1M + 0.70%), 2.18%, 05/17/21 144A †	$	1,354,000	$	1,364,246
Mercedes-Benz Master Owner Trust Series 2017-BA A
(Floating, LIBOR USD 1M + 0.42%), 1.90%, 05/16/22 144A †		1,750,000		1,757,721
Mill City Mortgage Loan Trust Series 2016-1 A1
2.50%, 04/25/57 144A		1,242,186		1,237,668
MMAF Equipment Finance LLC Series 2017-AA A3
2.04%, 02/16/22 144A		2,210,000		2,199,542
Mountain Hawk II CLO, Ltd. Series 2013-2A A1
(Floating, ICE LIBOR USD 3M + 1.16%), 2.52%, 07/22/24 144A †		313,749		314,406
MVW Owner Trust Series 2017-1A A
2.42%, 12/20/34 144A		942,068		934,307
Navient Private Education Loan Trust Series 2014-CTA A
(Floating, ICE LIBOR USD 1M + 0.70%), 2.18%, 09/16/24 144A †		70,458		70,665
Navient Student Loan Trust Series 2016-5A A
(Floating, ICE LIBOR USD 1M + 1.25%), 2.80%, 06/25/65 144A †		669,692		684,886
Navient Student Loan Trust Series 2016-6A A2
(Floating, ICE LIBOR USD 1M + 0.75%), 2.30%, 03/25/66 144A †		1,500,000		1,516,871
Navient Student Loan Trust Series 2017-2A A
(Floating, ICE LIBOR USD 1M + 1.05%), 2.60%, 12/27/66 144A †		1,372,050		1,390,288
Navient Student Loan Trust Series 2017-5A A
(Floating, ICE LIBOR USD 1M + 0.80%), 2.35%, 07/26/66 144A †		1,456,547		1,463,852
Nelnet Student Loan Trust Series 2016-1A A
(Floating, ICE LIBOR USD 1M + 0.80%), 2.13%, 09/25/65 144A †		1,529,729		1,551,490
Neuberger Berman CLO, Ltd. Series 2017-16SA A
(Floating, ICE LIBOR USD 3M + 0.85%), 0.00%, 01/15/28 144A †		1,145,000		1,145,000
Nissan Auto Receivables Owner Trust Series 2016-A A4
1.59%, 07/15/22		2,860,000		2,827,543

See Notes to Financial Statements. 77

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Nissan Master Owner Receivables Trust Series 2016-A A2
1.54%, 06/15/21		$	1,440,000		$	1,428,230
Nissan Master Owner Receivables Trust Series 2017-B A
(Floating, LIBOR USD 1M + 0.43%), 1.91%, 04/18/22†			1,650,000			1,659,155
OCP CLO 2014-7, Ltd. Series 2014-7A A1AR
(Floating, ICE LIBOR USD 3M + 0.95%), 2.31%, 10/20/26 144A†			570,000			570,337
Octagon Investment Partners XVII, Ltd. Series 2013-1A A1R
(Floating, ICE LIBOR USD 3M + 1.00%), 2.37%, 10/25/25 144A†			1,370,000			1,372,017
OneMain Financial Issuance Trust Series 2014-2A A
2.47%, 09/18/24 144A			31,469			31,513
OneMain Financial Issuance Trust Series 2015-2A A
2.57%, 07/18/25 144A			579,096			579,443
OZLM Funding II, Ltd. Series 2012-2A A1R
(Floating, ICE LIBOR USD 3M + 1.44%), 2.82%, 10/30/27 144A†			950,000			952,581
Palmer Square CLO 2013-2, Ltd. Series 2013-2A A1AR
(Floating, ICE LIBOR USD 3M + 1.22%), 2.57%, 10/17/27 144A†			1,405,000			1,412,056
Palmer Square Loan Funding 2017-1, Ltd. Series 2017-1A A1
(Floating, ICE LIBOR USD 3M + 0.74%), 2.06%, 10/15/25 144A†			955,000			955,295
PFS Financing Corporation Series 2016-BA A
1.87%, 10/15/21 144A			290,000			288,620
Regatta V Funding, Ltd. Series 2014-1A A1AR
(Floating, ICE LIBOR USD 3M + 1.16%), 2.53%, 10/25/26 144A†			2,000,000			2,009,005
Santander Drive Auto Receivables Trust Series 2014-3 D
2.65%, 08/17/20			210,000			210,681
Santander Drive Auto Receivables Trust Series 2014-4 C
2.60%, 11/16/20			628,822			630,207
Santander Drive Auto Receivables Trust Series 2015-1 D
3.24%, 04/15/21			320,000			323,435
Santander Drive Auto Receivables Trust Series 2015-2 D
3.02%, 04/15/21			555,000			560,521
Santander Drive Auto Receivables Trust Series 2016-2 A3
1.56%, 05/15/20			300,079			299,913

	Par			Value
Santander Drive Auto Receivables Trust Series 2016-2 C
2.66%, 11/15/21		$	640,000		$	642,276
Santander Drive Auto Receivables Trust Series 2017-1 A3
1.77%, 09/15/20			190,000			189,710
Securitized Asset-Backed Receivables LLC Trust Series 2006-OP1 M1
(Floating, ICE LIBOR USD 1M + 0.37%), 1.92%, 10/25/35†			1,416,412			1,420,313
Securitized Auto Receivables LLC Trust Series 2017-2A A3
2.04%, 04/26/21 144A			1,390,000			1,382,772
SLC Student Loan Trust Series 2006-2 A5
(Floating, ICE LIBOR USD 3M + 0.10%), 1.69%, 09/15/26†			1,003,621			1,001,525
SLM Private Credit Student Loan Trust Series 2003-B A2
(Floating, ICE LIBOR USD 3M + 0.40%), 1.99%, 03/15/22†			5,328			5,338
SLM Private Credit Student Loan Trust Series 2005-A A3
(Floating, ICE LIBOR USD 3M + 0.20%), 1.79%, 06/15/23†			2,163,151			2,159,479
SLM Private Education Loan Trust Series 2010-A 2A
(Floating, ICE LIBOR USD 1M + 3.25%), 4.73%, 05/16/44 144A†			870,999			896,942
SLM Private Education Loan Trust Series 2011-B A2
3.74%, 02/15/29 144A			846,368			857,442
SLM Private Education Loan Trust Series 2014-A A2A
2.59%, 01/15/26 144A			421,227			422,174
SLM Private Education Loan Trust Series 2014-A A2B
(Floating, ICE LIBOR USD 1M + 1.15%), 2.63%, 01/15/26 144A†			944,914			952,616
SLM Student Loan Trust Series 2003-5 A5
(Floating, Euribor 3M + 0.27%), 0.00%, 06/17/24† (E)			407,922			490,516
SLM Student Loan Trust Series 2004-2 A5
(Floating, Euribor 3M + 0.18%), 0.00%, 01/25/24† (E)			2,554,667			3,073,350
SLM Student Loan Trust Series 2004-3 A5
(Floating, ICE LIBOR USD 3M + 0.17%), 1.54%, 07/25/23†			1,129,715			1,129,596
SLM Student Loan Trust Series 2005-8 A4
(Floating, ICE LIBOR USD 3M + 0.55%), 1.92%, 01/25/28†			2,472,193			2,484,269
SMB Private Education Loan Trust Series 2015-C A2A
2.75%, 07/15/27 144A			691,824			693,422

78 See Notes to Financial Statements.

	Par			Value
SMB Private Education Loan Trust Series 2016-A A2A
2.70%, 05/15/31 144A		$	470,000		$	468,209
SMB Private Education Loan Trust Series 2016-B A2A
2.43%, 02/17/32 144A			298,000			293,292
Sofi Consumer Loan Program Series 2017-5 A1
2.14%, 09/25/26 144A			1,408,722			1,405,349
SoFi Professional Loan Program LLC Series 2015-A A1
(Floating, ICE LIBOR USD 1M + 1.20%), 2.53%, 03/25/33 144A†			461,283			469,883
SoFi Professional Loan Program LLC Series 2015-D A2
2.72%, 10/27/36 144A			1,422,752			1,422,967
SoFi Professional Loan Program LLC Series 2016-A A2
2.76%, 12/26/36 144A			496,018			495,834
SoFi Professional Loan Program LLC Series 2016-C A2B
2.36%, 12/27/32 144A			210,000			207,520
SoFi Professional Loan Program LLC Series 2016-D A2A
1.53%, 04/25/33 144A			246,065			245,273
SoFi Professional Loan Program LLC Series 2016-D A2B
2.34%, 04/25/33 144A			190,000			187,086
SoFi Professional Loan Program LLC Series 2016-F A2
3.02%, 02/25/40 144A			1,548,469			1,544,862
SoFi Professional Loan Program LLC Series 2017-C A2A
1.75%, 07/25/40 144A			674,188			671,608
Springleaf Funding Trust Series 2015-AA A
3.16%, 11/15/24 144A			545,000			547,256
Starwood Waypoint Homes Trust Series 2017-1 A
(Floating, LIBOR USD 1M + 0.95%), 2.44%, 01/17/35 144A†			2,022,611			2,034,825
Structured Asset Securities Corporation Mortgage Loan Trust Series 2005-7XS 2A1A
(Floating, ICE LIBOR USD 1M + 1.50%), 2.86%, 04/25/35†			297,337			291,823
Symphony CLO VIII LP Series 2012-8A AR
(Floating, ICE LIBOR USD 3M + 1.10%), 2.45%, 01/09/23 144A†			574,631			575,603
Synchrony Credit Card Master Note Trust Series 2015-2 A
1.60%, 04/15/21			1,500,000			1,499,112
Towd Point Mortgage Trust Series 2016-3 A1
2.25%, 04/25/56 144A			749,754			744,460
Toyota Auto Receivables Owner Trust Series 2016-B A3
1.30%, 04/15/20			653,137			650,754

	Par			Value
Treman Park CLO, Ltd. Series 2015-1A AR
(Floating, ICE LIBOR USD 3M + 1.37%), 2.73%, 04/20/27 144A†		$	1,000,000		$	1,001,128
Tryon Park CLO, Ltd. Series 2013-1A A1
(Floating, ICE LIBOR USD 3M + 1.12%), 2.48%, 07/15/25 144A†			1,507,332			1,510,707
Tryon Park CLO, Ltd. Series 2013-1A A2
(Floating, ICE LIBOR USD 3M + 1.55%), 2.91%, 07/15/25 144A†			1,175,000			1,177,913
USAA Auto Owner Trust Series 2017-1 A3
1.70%, 05/17/21			660,000			656,294
Venture XVII CLO, Ltd. Series 2014-17A CR
(Floating, ICE LIBOR USD 3M + 2.20%), 3.56%, 07/15/26 144A†			360,000			361,787
Verizon Owner Trust Series 2017-3A A1A
2.06%, 04/20/22 144A			3,000,000			2,988,360
Vibrant CLO III, Ltd. Series 2015-3A A1R
(Floating, ICE LIBOR USD 3M + 1.48%), 2.84%, 04/20/26 144A†			250,000			250,824
VOLT LIX LLC Series 2017-NPL6 A1
3.25%, 05/25/47 144A STEP			670,807			674,161
VOLT LVIII LLC Series 2017-NPL5 A1
3.38%, 05/28/47 144A STEP			1,023,412			1,027,487
VOLT LX LLC Series 2017-NPL7 A1
3.25%, 04/25/59 144A STEP			338,181			339,621
VOLT LXI LLC Series 2017-NPL8 A1
3.13%, 06/25/47 144A STEP			421,283			422,509
VOLT XL LLC Series 2015-NP14 A1
4.38%, 11/27/45 144A STEP			126,049			126,647
Voya CLO, Ltd. Series 2013-3A A2R
(Floating, ICE LIBOR USD 3M + 1.50%), 2.85%, 01/18/26 144A†			1,000,000			1,000,725
Westlake Automobile Receivables Trust Series 2016-2A D
4.10%, 06/15/21 144A			350,000			353,761
Westlake Automobile Receivables Trust Series 2017-1A C
2.70%, 10/17/22 144A			740,000			740,297
Wheels SPV 2 LLC Series 2016-1A A2
1.59%, 05/20/25 144A			156,060			155,664
1.88%, 04/20/26 144A			220,000			219,375
Total Asset-Backed Securities (Cost $149,562,241)						150,036,773

See Notes to Financial Statements. 79

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
CERTIFICATES OF DEPOSIT — 0.8%
Bank of Nova Scotia
0.00%, 01/22/18		$	3,000,000		$	2,384,872
Barclays Bank PLC
1.94%, 09/04/18			4,700,000			4,700,395
Total Certificates Of Deposit
(Cost $7,053,055)						7,085,267
COMMERCIAL PAPER — 0.1%
Coca-Cola Co.
0.00%, 04/12/18
(Cost $697,349)			700,000			696,888
CORPORATE BONDS — 24.0%
Abbott Laboratories
2.90%, 11/30/21			535,000			541,682
AbbVie, Inc.
2.30%, 05/14/21			2,300,000			2,285,032
2.90%, 11/06/22			290,000			291,170
2.85%, 05/14/23			1,000,000			999,042
ADT Corporation
6.25%, 10/15/21			150,000			165,000
AES Corporation
7.38%, 07/01/21			435,000			490,462
Aetna, Inc.
1.70%, 06/07/18			290,000			289,575
AIG Global Funding
1.95%, 10/18/19 144A			555,000			550,346
Air Lease Corporation
2.63%, 07/01/22			150,000			148,133
American Express Co.
2.50%, 08/01/22			545,000			539,000
American Express Credit Corporation
1.88%, 05/03/19			390,000			388,509
2.20%, 03/03/20			735,000			733,006
American Honda Finance Corporation
1.20%, 07/12/19			650,000			641,154
American International Group, Inc.
3.30%, 03/01/21			400,000			408,068
American Tower Corporation REIT
3.45%, 09/15/21			610,000			624,013
2.25%, 01/15/22			2,700,000			2,632,212
Amgen, Inc.
2.65%, 05/11/22			215,000			214,641
Amphenol Corporation
2.20%, 04/01/20			365,000			363,394
Analog Devices, Inc.
3.50%, 12/05/26			315,000			319,367
Andeavor Logistics LP
6.25%, 10/15/22			199,000			211,382
3.50%, 12/01/22			265,000			264,794
Anthem, Inc.
2.25%, 08/15/19			355,000			354,476
2.50%, 11/21/20			260,000			259,637
Arconic, Inc.
5.40%, 04/15/21			500,000			532,375
Ares Capital Corporation
3.63%, 01/19/22			1,325,000			1,331,698

	Par			Value
Astoria Financial Corporation
3.50%, 06/08/20		$	480,000		$	482,139
AT&T, Inc.
2.30%, 03/11/19			1,070,000			1,071,456
(Floating, ICE LIBOR USD 3M + 0.95%), 2.31%, 07/15/21†			1,000,000			1,014,216
2.85%, 02/14/23			695,000			698,570
Athene Global Funding
2.75%, 04/20/20 144A			1,445,000			1,446,208
Aviation Capital Group LLC
4.63%, 01/31/18 144A			500,000			501,024
2.88%, 09/17/18 144A			2,000,000			2,007,020
2.88%, 01/20/22 144A			755,000			755,097
Baker Hughes a GE Co. LLC
2.77%, 12/15/22 144A			365,000			364,793
Bank of America Corporation
2.65%, 04/01/19			2,500,000			2,514,654
2.15%, 11/09/20			195,000			194,240
(Variable, ICE LIBOR USD 3M + 0.66%), 2.37%, 07/21/21†			1,300,000			1,298,201
(Variable, ICE LIBOR USD 3M + 0.63%), 2.33%, 10/01/21†			1,940,000			1,935,298
(Variable, ICE LIBOR USD 3M + 1.16%), 3.12%, 01/20/23†			495,000			502,415
(Floating, ICE LIBOR USD 3M + 1.00%), 2.36%, 04/24/23†			1,015,000			1,031,951
(Variable, ICE LIBOR USD 3M + 1.02%), 2.88%, 04/24/23†			1,180,000			1,182,450
3.50%, 04/19/26			325,000			332,639
Becton Dickinson and Co.
2.13%, 06/06/19			1,275,000			1,272,579
2.40%, 06/05/20			325,000			323,426
BGC Partners, Inc.
5.13%, 05/27/21			1,400,000			1,481,059
BMW US Capital LLC
1.50%, 04/11/19 144A			430,000			427,110
Boston Scientific Corporation
2.65%, 10/01/18			1,800,000			1,807,437
Branch Banking & Trust Co.
1.45%, 05/10/19			1,180,000			1,169,057
Broadcom Corporation
2.38%, 01/15/20 144A			3,025,000			3,006,023
3.00%, 01/15/22 144A			116,000			115,126
Burlington Northern Santa Fe LLC
3.40%, 09/01/24			500,000			518,332
CA, Inc.
3.60%, 08/15/22			205,000			208,056
Cantor Fitzgerald LP
6.50%, 06/17/22 144A			750,000			832,221
Capital One Financial Corporation
2.40%, 10/30/20			1,105,000			1,098,963
(Floating, ICE LIBOR USD 3M + 0.95%), 2.49%, 03/09/22†			995,000			998,467
3.75%, 04/24/24D			135,000			138,879
Capital One NA
2.35%, 01/31/20			1,030,000			1,027,416

80 See Notes to Financial Statements.

	Par		Value
Cardinal Health, Inc.
1.95%, 06/14/19	$	745,000	$	740,682
Caterpillar Financial Services Corporation
2.10%, 01/10/20		325,000		324,422
Cboe Global Markets, Inc.
1.95%, 06/28/19		320,000		318,093
Celgene Corporation
2.25%, 08/15/21D		1,540,000		1,518,446
CenterPoint Energy, Inc.
2.50%, 09/01/22		320,000		315,529
CenturyLink, Inc.
5.63%, 04/01/20		530,000		535,962
Charter Communications Operating LLC
4.46%, 07/23/22		640,000		668,408
Cheniere Corpus Christi Holdings LLC
5.88%, 03/31/25		630,000		683,944
Cheniere Energy Partners
5.25%, 10/01/25 144A		430,000		438,600
CIT Group, Inc.
5.50%, 02/15/19 144A		67,000		69,010
Citibank NA
1.85%, 09/18/19		1,090,000		1,083,555
2.10%, 06/12/20		1,050,000		1,043,503
2.13%, 10/20/20D		800,000		792,678
Citigroup, Inc.
(Floating, ICE LIBOR USD 3M + 0.93%), 2.45%, 06/07/19†		1,000,000		1,008,091
2.45%, 01/10/20		820,000		820,764
2.75%, 04/25/22		1,100,000		1,098,884
(Floating, ICE LIBOR USD 3M + 0.95%), 2.31%, 07/24/23†		1,620,000		1,634,263
(Variable, ICE LIBOR USD 3M + 0.95%), 2.88%, 07/24/23†		765,000		761,975
Citizens Bank NA
2.45%, 12/04/19		600,000		600,672
2.25%, 03/02/20		285,000		283,792
2.20%, 05/26/20		370,000		367,632
CNH Industrial Capital LLC
3.38%, 07/15/19		275,000		277,750
3.88%, 10/15/21		145,000		147,906
Continental Airlines Class B Pass-Through Trust Series 2010-1
6.00%, 01/12/19		173,557		177,896
Crown Castle International Corporation REIT
4.88%, 04/15/22D		325,000		348,856
3.20%, 09/01/24		325,000		322,109
Crown Castle Towers LLC
3.22%, 05/15/22 144A		1,500,000		1,518,120
D.R. Horton, Inc.
4.00%, 02/15/20		1,100,000		1,132,077
Daimler Finance North America LLC
2.00%, 08/03/18 144A		3,000,000		3,000,609
1.50%, 07/05/19 144A		1,090,000		1,077,487
2.20%, 05/05/20 144A		230,000		228,772

	Par		Value
2.30%, 02/12/21 144A	$	1,455,000	$	1,443,306
DCP Midstream Operating LP
2.70%, 04/01/19		420,000		419,475
5.35%, 03/15/20 144A		275,000		288,063
Delta Air Lines, Inc.
2.88%, 03/13/20		465,000		467,946
2.60%, 12/04/20		1,480,000		1,476,379
3.63%, 03/15/22		2,285,000		2,326,693
Diamond 1 Finance Corporation
3.48%, 06/01/19 144A		1,455,000		1,473,733
4.42%, 06/15/21 144A		1,325,000		1,381,754
5.88%, 06/15/21 144A		140,000		145,600
5.45%, 06/15/23 144A		500,000		540,942
Discovery Communications LLC
4.38%, 06/15/21		220,000		230,346
DISH DBS Corporation
4.25%, 04/01/18		700,000		704,375
6.75%, 06/01/21		700,000		736,750
Dominion Energy, Inc.
2.96%, 07/01/19 STEP		200,000		201,622
2.58%, 07/01/20		335,000		335,341
DTE Energy Co.
1.50%, 10/01/19		400,000		393,823
Duke Energy Corporation
1.80%, 09/01/21		405,000		394,271
2.40%, 08/15/22		195,000		191,794
DXC Technology Co.
2.88%, 03/27/20		140,000		140,757
E*TRADE Financial Corporation
2.95%, 08/24/22		410,000		406,977
eBay, Inc.
2.15%, 06/05/20		580,000		576,265
(Floating, ICE LIBOR USD 3M + 0.87%), 2.25%, 01/30/23†		608,000		610,594
EI du Pont de Nemours & Co.
2.20%, 05/01/20		365,000		364,802
Emera US Finance LP
2.15%, 06/15/19		250,000		249,116
Enbridge Energy Partners LP
4.38%, 10/15/20		625,000		651,757
Energy Transfer Equity LP
7.50%, 10/15/20		300,000		330,750
4.25%, 03/15/23		630,000		626,850
Energy Transfer LP
3.60%, 02/01/23		105,000		105,226
EnLink Midstream Partners LP
2.70%, 04/01/19		685,000		684,595
Enterprise Products Operating LLC
1.65%, 05/07/18		75,000		74,906
EQT Corporation
2.50%, 10/01/20		395,000		392,505
Eversource Energy
2.75%, 03/15/22		395,000		396,098
Exelon Corporation
2.45%, 04/15/21		175,000		174,343

See Notes to Financial Statements. 81

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Federal Express Corporation
Pass-Through Trust Series 2012
2.63%, 01/15/18 144A	$	33,858	$	33,857
Fidelity National Information Services, Inc.
2.25%, 08/15/21		530,000		521,513
Fifth Third Bank 2.30%, 03/15/19		370,000		370,341
FirstEnergy Corporation
2.85%, 07/15/22		2,357,000		2,338,039
Ford Motor Credit Co. LLC
2.94%, 01/08/19		1,300,000		1,308,443
2.26%, 03/28/19		265,000		264,682
2.02%, 05/03/19		875,000		871,318
2.43%, 06/12/20		1,135,000		1,128,940
(Floating, ICE LIBOR USD 3M + 1.27%), 2.96%, 03/28/22D†		435,000		442,500
Fortive Corporation
1.80%, 06/15/19		200,000		198,627
Freeport-McMoRan, Inc.
3.10%, 03/15/20		400,000		399,000
3.55%, 03/01/22		200,000		198,250
Fresenius Medical Care US Finance II, Inc.
5.88%, 01/31/22 144A		395,000		435,229
GameStop Corporation
6.75%, 03/15/21D 144A		350,000		367,500
General Electric Co.
(Variable, ICE LIBOR USD 3M + 3.33%), 5.00%, 01/21/21†		600,000		619,110
General Motors Financial Co., Inc.
3.10%, 01/15/19		175,000		175,981
2.40%, 05/09/19		780,000		780,447
(Floating, ICE LIBOR USD 3M + 0.93%), 2.29%, 04/13/20†		1,010,000		1,020,441
2.65%, 04/13/20		460,000		460,350
3.20%, 07/13/20		730,000		740,342
2.45%, 11/06/20		605,000		600,859
(Floating, ICE LIBOR USD 3M + 1.55%), 2.91%, 01/14/22†		895,000		917,251
(Floating, ICE LIBOR USD 3M + 1.31%), 3.00%, 06/30/22†		900,000		917,141
Georgia-Pacific LLC
3.73%, 07/15/23 144A		500,000		521,263
Gilead Sciences, Inc.
1.85%, 09/20/19		480,000		478,126
Glencore Funding LLC
(Floating, ICE LIBOR USD 3M + 1.36%), 2.72%, 01/15/19 144A †		680,000		686,012
3.00%, 10/27/22 144A		380,000		376,989
Goldman Sachs Group, Inc.
2.60%, 12/27/20		1,110,000		1,110,670
2.35%, 11/15/21		260,000		256,293
3.00%, 04/26/22		1,450,000		1,456,369
(Floating, ICE LIBOR USD 3M + 0.78%), 2.16%, 10/31/22†		275,000		275,508
(Floating, ICE LIBOR USD 3M + 1.05%), 2.54%, 06/05/23†		1,490,000		1,504,225

	Par		Value
Hartford Financial Services Group, Inc.
5.13%, 04/15/22	$	263,000	$	287,283
HCA, Inc.
3.75%, 03/15/19		1,600,000		1,618,000
Hewlett Packard Enterprise Co.
2.85%, 10/05/18		1,011,000		1,016,062
2.10%, 10/04/19 144A		1,315,000		1,306,558
Honeywell International, Inc.
1.80%, 10/30/19		360,000		358,193
HSBC USA, Inc.
(Floating, ICE LIBOR USD 3M + 0.61%), 2.02%, 11/13/19†		2,000,000		2,011,858
2.75%, 08/07/20		1,500,000		1,508,788
Hughes Satellite Systems Corporation
6.50%, 06/15/19		275,000		288,406
Huntington National Bank
2.20%, 11/06/18		300,000		300,323
2.38%, 03/10/20		490,000		489,513
Hyundai Capital America
2.40%, 10/30/18 144A		155,000		154,882
2.55%, 04/03/20 144A		315,000		312,599
IBM Credit LLC
1.63%, 09/06/19		645,000		640,804
International Lease Finance Corporation
5.88%, 04/01/19		800,000		832,890
6.25%, 05/15/19		1,300,000		1,362,724
IPALCO Enterprises, Inc.
3.70%, 09/01/24 144A		210,000		210,055
Iron Mountain, Inc. REIT
4.38%, 06/01/21 144A		435,000		442,560
iStar, Inc. REIT
4.63%, 09/15/20		225,000		228,938
J.B. Hunt Transport Services, Inc.
2.40%, 03/15/19		620,000		620,842
Jackson National Life Global Funding
(Floating, ICE LIBOR USD 3M + 0.73%), 2.40%, 06/27/22 144A †		2,100,000		2,125,138
John Deere Capital Corporation
1.95%, 01/08/19D		550,000		549,617
JPMorgan Chase & Co.
(Floating, ICE LIBOR USD 3M + 1.21%), 2.58%, 10/29/20†		5,900,000		6,034,198
(Floating, ICE LIBOR USD 3M + 0.68%), 2.16%, 06/01/21†		1,265,000		1,272,723
(Variable, ICE LIBOR USD 3M + 0.94%), 2.78%, 04/25/23D†		1,905,000		1,908,002
KeyBank NA 2.35%,
03/08/19		440,000		440,884
Kinder Morgan Energy Partners LP
5.00%, 10/01/21		300,000		320,013
Kinder Morgan Finance Co. LLC
6.00%, 01/15/18 144A		2,300,000		2,304,063
Kinder Morgan, Inc.
3.05%, 12/01/19		1,134,000		1,144,440

82 See Notes to Financial Statements.

	Par		Value
(Floating, ICE LIBOR USD 3M + 1.28%), 2.64%, 01/15/23†	$	695,000	$	707,008
3.15%, 01/15/23		220,000		218,913
Kraft Heinz Foods Co.
2.00%, 07/02/18		1,100,000		1,100,102
(Floating, ICE LIBOR USD 3M + 0.82%), 2.23%, 08/10/22†		400,000		403,688
Lam Research Corporation
2.75%, 03/15/20		203,000		204,542
2.80%, 06/15/21		620,000		624,390
Lehman Escrow Bonds
0.00%, 01/18/12#		600,000		27,600
0.00%, 12/28/17# y†††		2,600,000		—
Lennar Corporation
4.50%, 06/15/19		1,100,000		1,128,875
4.13%, 01/15/22		1,250,000		1,279,687
Marriott International, Inc.
3.13%, 10/15/21		425,000		430,520
Masco Corporation
5.95%, 03/15/22		683,000		756,880
McCormick & Co., Inc.
2.70%, 08/15/22		200,000		200,064
Metropolitan Life Global Funding
I 1.95%, 12/03/18 144A		670,000		670,022
Morgan Stanley
2.45%, 02/01/19		560,000		561,567
2.75%, 05/19/22		705,000		702,844
(Floating, ICE LIBOR USD 3M + 0.93%), 2.29%, 07/22/22†		2,915,000		2,939,903
Motorola Solutions, Inc.
3.50%, 09/01/21		1,900,000		1,930,267
National Retail Properties, Inc. REIT
5.50%, 07/15/21		151,000		163,851
Navient Corporation
5.50%, 01/15/19		1,800,000		1,836,000
4.88%, 06/17/19		900,000		917,460
8.00%, 03/25/20		400,000		433,500
6.63%, 07/26/21		400,000		423,000
NetApp, Inc.
2.00%, 09/27/19		495,000		491,373
Newell Rubbermaid, Inc.
2.60%, 03/29/19		121,000		121,450
Newmont Mining Corporation
3.50%, 03/15/22		280,000		286,107
NextEra Energy Capital Holdings, Inc.
1.65%, 09/01/18		230,000		229,373
Nissan Motor Acceptance Corporation
2.00%, 03/08/19D 144A		5,740,000		5,727,062
2.25%, 01/13/20 144A		310,000		309,534
2.15%, 09/28/20 144A		515,000		510,945
Northwest Airlines Class G-2
Pass-Through Trust Series 2002-1
G2 6.26%, 11/20/21		67,850		72,007
Nuance Communications, Inc.
5.38%, 08/15/20 144A		274,000		278,453
NuStar Logistics LP
6.75%, 02/01/21		250,000		266,875

	Par		Value
Nuveen Finance LLC
2.95%, 11/01/19 144A	$	1,300,000	$	1,313,011
Omnicom Group, Inc.
3.63%, 05/01/22		250,000		258,348
ONEOK, Inc.
4.25%, 02/01/22D		300,000		312,840
Oracle Corporation
2.63%, 02/15/23		265,000		265,775
Pennsylvania Electric Co.
5.20%, 04/01/20		500,000		528,013
Penske Truck Leasing Co. LP
3.38%, 03/15/18 144A		2,900,000		2,908,793
2.50%, 06/15/19 144A		190,000		190,431
3.20%, 07/15/20 144A		1,000,000		1,015,511
3.38%, 02/01/22 144A		650,000		662,773
PepsiCo, Inc.
1.35%, 10/04/19		320,000		316,275
Pioneer Natural Resources Co.
6.88%, 05/01/18		400,000		406,187
Pitney Bowes, Inc.
3.63%, 09/15/20		175,000		174,125
Priceline Group, Inc.
2.75%, 03/15/23D		260,000		259,372
Pricoa Global Funding
2.45%, 09/21/22 144A		255,000		252,878
Protective Life Global Funding
2.16%, 09/25/20 144A		1,565,000		1,548,700
QEP Resources, Inc.
6.88%, 03/01/21		155,000		168,175
QUALCOMM, Inc.
2.10%, 05/20/20		230,000		229,112
Radian Group, Inc.
5.25%, 06/15/20		158,000		166,888
Realty Income Corporation REIT
3.25%, 10/15/22		655,000		666,254
Reliance Standard Life Global Funding
II 2.15%, 10/15/18 144A		1,490,000		1,491,401
Rockies Express Pipeline LLC
6.00%, 01/15/19 144A		285,000		294,263
Royal Caribbean Cruises, Ltd.
2.65%, 11/28/20		370,000		369,983
Ryder System, Inc.
2.50%, 09/01/22		325,000		319,511
S&P Global, Inc.
3.30%, 08/14/20		800,000		815,375
Sabine Pass Liquefaction LLC
5.63%, 02/01/21		1,170,000		1,255,130
6.25%, 03/15/22		1,100,000		1,224,975
Santander Holdings USA, Inc.
2.65%, 04/17/20		1,500,000		1,500,031
3.70%, 03/28/22 144A		815,000		825,597
Seagate HDD Cayman
4.25%, 03/01/22 144A		535,000		542,030
Sherwin-Williams Co.
2.25%, 05/15/20		670,000		668,140
Sirius XM Radio, Inc.
3.88%, 08/01/22 144A		470,000		473,525

See Notes to Financial Statements. 83

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
SLM Corporation
5.13%, 04/05/22	$	580,000	$	604,650
Smithfield Foods, Inc.
2.70%, 01/31/20 144A		250,000		248,618
2.65%, 10/03/21 144A		495,000		488,692
Southern California Edison Co.
1.85%, 02/01/22		964,286		955,217
Southern Co.
2.95%, 07/01/23		1,500,000		1,502,628
Sprint Communications, Inc.
9.00%, 11/15/18 144A		313,000		329,855
Sprint Spectrum Co., LLC
3.36%, 09/20/21 144A		1,753,125		1,768,465
Stanley Black & Decker, Inc.
2.45%, 11/17/18		530,000		531,715
Starwood Property Trust, Inc. REIT
5.00%, 12/15/21		275,000		286,000
Stryker Corporation
2.00%, 03/08/19		300,000		299,624
Synchrony Bank
3.00%, 06/15/22		490,000		488,510
Synchrony Financial
2.60%, 01/15/19		370,000		370,786
3.00%, 08/15/19		390,000		392,859
(Floating, ICE LIBOR USD 3M + 1.23%), 2.61%, 02/03/20†		950,000		963,662
Targa Resources Partners LP
4.13%, 11/15/19		150,000		151,313
Tech Data Corporation
3.70%, 02/15/22		390,000		391,573
TECO Finance, Inc.
(Floating, ICE LIBOR USD 3M + 0.60%), 1.95%, 04/10/18†		1,500,000		1,501,265
Thermo Fisher Scientific, Inc.
3.30%, 02/15/22		285,000		291,955
Time Warner Cable LLC
4.70%, 01/15/21		170,000		179,728
TimeWarner Cable LLC
6.75%, 07/01/18		1,000,000		1,022,290
TRI Pointe Group, Inc.
4.88%, 07/01/21		300,000		312,000
Unit Corporation
6.63%, 05/15/21		175,000		177,188
United States Steel Corporation
8.38%, 07/01/21 144A		1,120,000		1,215,760
US Airways Class B Pass-Through Trust Series 2011-1
9.75%, 10/22/18		641,317		678,004
US Airways Class B Pass-Through Trust Series 2012-1
8.00%, 10/01/19		237,772		257,982
Verizon Communications, Inc.
(Floating, ICE LIBOR USD 3M + 0.55%), 2.00%, 05/22/20†		1,480,000		1,489,123
2.95%, 03/15/22		285,000		287,018
(Floating, ICE LIBOR USD 3M + 1.00%), 2.60%, 03/16/22D †		580,000		591,771
Walgreen Co.
3.10%, 09/15/22D		370,000		371,883

	Par		Value
Walgreens Boots Alliance, Inc.
2.70%, 11/18/19	$	290,000	$	291,888
Wal-Mart Stores, Inc.
1.75%, 10/09/19D		1,810,000		1,804,040
WEA Finance LLC REIT
2.70%, 09/17/19 144A		260,000		261,507
Wells Fargo & Co.
(Floating, ICE LIBOR USD 3M + 0.93%), 2.34%, 02/11/22†		755,000		764,758
2.63%, 07/22/22		545,000		542,415
3.07%, 01/24/23		825,000		831,665
Welltower, Inc. REIT
6.13%, 04/15/20		784,000		847,274
West Corporation
4.75%, 07/15/21 144A		310,000		314,650
Willis North America, Inc.
3.60%, 05/15/24		230,000		234,142
WR Grace & Co-Conn
5.13%, 10/01/21 144A		135,000		142,256
Xerox Corporation
3.63%, 03/15/23		335,000		327,182
Zimmer Biomet Holdings, Inc.
2.00%, 04/01/18		3,000,000		3,001,272
2.70%, 04/01/20		190,000		190,192
Zoetis, Inc.
3.45%, 11/13/20		300,000		307,287
Total Corporate Bonds (Cost $216,230,434)				216,866,849
FOREIGN BONDS — 17.5%
Australia — 1.5%
Asciano Finance, Ltd.
5.00%, 04/07/18 144A		1,500,000		1,509,640
Australia & New Zealand Banking Group, Ltd.
2.05%, 09/23/19		975,000		971,789
Commonwealth Bank of Australia
2.05%, 03/15/19		590,000		589,460
Macquarie Group, Ltd.
(Floating, ICE LIBOR USD 3M + 1.02%), 2.49%, 11/28/23 144A †		1,690,000		1,698,112
National Australia Bank, Ltd.
2.25%, 03/16/21 144A		1,500,000		1,488,220
Suncorp-Metway, Ltd.
2.10%, 05/03/19 144A		1,700,000		1,694,849
2.35%, 04/27/20 144A		420,000		418,709
2.38%, 11/09/20D 144A		785,000		779,983
Virgin Australia Pass-Through Trust Series 2013-1A
5.00%, 10/23/23 144A		306,053		319,061
Westpac Banking Corporation
1.60%, 08/19/19		750,000		742,387
2.15%, 03/06/20		1,245,000		1,239,848
2.10%, 02/25/21 144A		1,500,000		1,480,750
Woodside Finance, Ltd.
4.60%, 05/10/21 144A		400,000		419,163
3.70%, 09/15/26 144A		400,000		402,441
				13,754,412

84 See Notes to Financial Statements.

	Par		Value
Bermuda — 0.0%
Enstar Group, Ltd.
4.50%, 03/10/22	$	275,000	$	280,338
Canada — 1.6%
Air Canada Class C Pass-Through Trust Series 2013-1
6.63%, 05/15/18 144A		710,000		723,312
Alimentation Couche-Tard, Inc.
2.70%, 07/26/22 144A		320,000		317,397
Bank of Nova Scotia
1.88%, 04/26/21		3,035,000		2,977,355
Canadian Imperial Bank of Commerce
2.35%, 07/27/22 144A		500,000		494,381
Cenovus Energy, Inc.
5.70%, 10/15/19		1,200,000		1,262,697
Enbridge, Inc.
2.90%, 07/15/22		270,000		268,649
National Bank of Canada
(Floating, ICE LIBOR USD 3M + 0.60%), 1.95%, 01/17/20†		400,000		402,144
Province of Alberta Canada
1.90%, 12/06/19		1,000,000		993,133
1.75%, 08/26/20 144A		1,000,000		985,800
Province of Ontario Canada
2.40%, 02/08/22		1,000,000		997,358
Royal Bank of Canada
2.20%, 09/23/19		247,000		246,962
2.10%, 10/14/20		1,050,000		1,042,853
Toronto-Dominion Bank
2.25%, 03/15/21 144A		800,000		795,937
2.50%, 01/18/22 144A		2,600,000		2,594,987
TransCanada PipeLines, Ltd.
3.13%, 01/15/19		115,000		116,069
				14,219,034
Chile — 0.1%
Banco Santander Chile
2.50%, 12/15/20 144A		635,000		634,921
Itau CorpBanca
3.88%, 09/22/19 144A		500,000		510,440
				1,145,361
China — 0.3%
Alibaba Group Holding, Ltd.
2.80%, 06/06/23		460,000		459,035
Baidu, Inc.
2.88%, 07/06/22		235,000		232,536
CNOOC Finance 2013, Ltd.
1.75%, 05/09/18		1,000,000		998,519
Park Aerospace Holdings, Ltd.
5.25%, 08/15/22 144A		285,000		284,287
Sinopec Group Overseas Development 2017, Ltd.
2.38%, 04/12/20D 144A		970,000		962,437
				2,936,814
Denmark — 2.2%
AP Moeller—Maersk A/S 2.55%, 09/22/19 144A		670,000		670,810

	Par		Value
BRFkredit A/S
1.00%, 01/01/18(D)	$	17,400,000	$	2,804,535
Nordea Kredit Realkreditaktieselskab
2.00%, 01/01/18(D)		103,000,000		16,602,859
				20,078,204
Finland — 0.1%
Nokia OYJ
5.38%, 05/15/19		79,000		81,864
3.38%, 06/12/22		820,000		816,966
				898,830
France — 0.8%
Banque Federative du Credit Mutuel
2.20%, 07/20/20 144A		1,230,000		1,222,559
2.70%, 07/20/22 144A		615,000		611,570
BNP Paribas SA
2.95%, 05/23/22 144A		240,000		240,768
3.80%, 01/10/24 144A		335,000		347,065
BPCE SA
(Floating, ICE LIBOR USD 3M + 1.22%), 2.67%, 05/22/22 144A †		545,000		553,287
(Floating, ICE LIBOR USD 3M + 0.88%), 2.36%, 05/31/22†		1,560,000		1,574,446
Credit Agricole SA
3.38%, 01/10/22 144A		680,000		691,254
Dexia Credit Local SA
2.25%, 02/18/20		2,100,000		2,095,829
				7,336,778
Germany — 0.8%
Erste Abwicklungsanstalt
1.38%, 10/30/19		2,000,000		1,969,146
(Floating, ICE LIBOR USD 3M + 0.21%), 1.75%, 03/09/20†		4,000,000		4,007,044
IHO Verwaltungs GmbH Cash coupon 4.13% or PIK
4.88%, 09/15/21 144A		400,000		408,000
KFW
1.88%, 11/30/20		1,095,000		1,087,246
				7,471,436
Hong Kong — 0.1%
CK Hutchison International 17 II, Ltd.
2.25%, 09/29/20D 144A		990,000		981,604
India — 0.4%
Export-Import Bank of India
3.88%, 10/02/19		1,000,000		1,020,630
2.75%, 04/01/20		300,000		299,975
ICICI Bank, Ltd.
4.80%, 05/22/19		1,000,000		1,028,820
State Bank of India
(Floating, ICE LIBOR USD 3M + 0.95%), 2.30%, 04/06/20†		1,000,000		1,002,600
				3,352,025
Ireland — 1.2%
AerCap Ireland Capital DAC
4.63%, 10/30/20		650,000		681,835

See Notes to Financial Statements. 85

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
5.00%, 10/01/21	$	200,000	$	213,380
3.50%, 05/26/22D		935,000		949,840
GE Capital International Funding Co.
2.34%, 11/15/20		785,000		781,704
Shire Acquisitions Investments Ireland DAC
1.90%, 09/23/19		6,000,000		5,948,184
2.40%, 09/23/21		890,000		876,767
2.88%, 09/23/23		200,000		196,872
SMBC Aviation Capital Finance DAC
2.65%, 07/15/21 144A		390,000		383,872
3.00%, 07/15/22D 144A		540,000		535,328
Willis Towers Watson PLC
5.75%, 03/15/21		131,000		142,654
				10,710,436
Israel — 0.2%
Israel Electric Corporation, Ltd.
5.63%, 06/21/18D		1,500,000		1,522,500
Italy — 0.1%
Intesa Sanpaolo SpA
5.02%, 06/26/24 144A		500,000		512,666
Telecom Italia Capital SA
7.00%, 06/04/18		200,000		204,190
				716,856
Japan — 1.3%
Bank of Tokyo-Mitsubishi UFJ, Ltd.
(Floating, ICE LIBOR USD 3M + 1.02%), 2.59%, 09/14/18 144A †		800,000		804,484
Central Nippon Expressway Co., Ltd.
(Floating, ICE LIBOR USD 3M + 0.85%), 2.42%, 09/14/21†		1,000,000		1,012,028
Daiwa Securities Group, Inc.
3.13%, 04/19/22 144A		435,000		438,075
Japan Finance Organization for Municipalities
2.00%, 09/08/20 144A		200,000		197,385
Mitsubishi UFJ Financial Group, Inc.
2.95%, 03/01/21		250,000		252,395
(Floating, ICE LIBOR USD 3M + 0.79%), 2.16%, 07/25/22†		1,500,000		1,506,544
Mitsubishi UFJ Trust & Banking Corporation
2.65%, 10/19/20 144A		700,000		701,316
Mizuho Bank, Ltd.
2.40%, 03/26/20 144A		510,000		509,271
Mizuho Financial Group, Inc.
(Floating, ICE LIBOR USD 3M + 0.94%), 2.41%, 02/28/22†		805,000		812,562
2.95%, 02/28/22		245,000		245,383
Sumitomo Mitsui Banking Corporation
2.09%, 10/18/19		825,000		821,127
Sumitomo Mitsui Financial Group, Inc.
2.06%, 07/14/21		1,100,000		1,078,562

	Par		Value
2.85%, 01/11/22	$	335,000	$	335,856
(Floating, ICE LIBOR USD 3M + 0.74%), 2.09%, 10/18/22†		2,000,000		2,001,682
Sumitomo Mitsui Trust Bank, Ltd.
2.05%, 03/06/19 144A		420,000		418,984
1.95%, 09/19/19 144A		490,000		486,208
2.05%, 10/18/19 144A		520,000		516,617
				12,138,479
Luxembourg — 0.1%
ArcelorMittal
5.75%, 08/05/20D		500,000		530,000
Netherlands — 2.0%
Bank Nederlandse Gemeenten NV
1.25%, 06/25/18		2,000,000		1,994,998
1.75%, 10/05/20 144A		1,450,000		1,431,629
Deutsche Telekom International Finance BV
2.23%, 01/17/20D 144A		620,000		617,358
2.82%, 01/19/22 144A		835,000		836,839
Enel Finance International NV
2.88%, 05/25/22 144A		200,000		199,661
ING Bank NV
2.30%, 03/22/19 144A		360,000		360,257
ING Groep NV
(Floating, ICE LIBOR USD 3M + 1.15%), 2.84%, 03/29/22†		365,000		372,221
LeasePlan Corporation NV
2.50%, 05/16/18 144A		700,000		700,146
2.88%, 01/22/19 144A		2,500,000		2,502,338
Majapahit Holding BV
7.75%, 01/20/20 144A		850,000		931,855
Mondelez International Holdings Netherlands BV
1.63%, 10/28/19 144A		560,000		552,164
Mylan NV
2.50%, 06/07/19		610,000		609,582
Nederlandse Waterschapsbank NV
(Floating, ICE LIBOR USD 3M + 0.02%), 1.61%, 03/15/19 144A †		6,000,000		5,999,571
NXP BV
4.13%, 06/01/21 144A		620,000		633,950
3.88%, 09/01/22 144A		200,000		202,750
				17,945,319
New Zealand — 0.0%
ANZ New Zealand International, Ltd.
2.20%, 07/17/20 144A		340,000		338,178
Norway — 0.3%
DNB Bank ASA
2.13%, 10/02/20 144A		950,000		941,330
DNB Boligkreditt AS
2.00%, 05/28/20 144A		1,500,000		1,487,550
				2,428,880

86 See Notes to Financial Statements.

	Par		Value
Peru — 0.1%
Fondo MIVIVIENDA SA
3.50%, 01/31/23D 144A	$	690,000	$	694,416
Qatar — 0.1%
QNB Finance, Ltd.
2.13%, 02/14/18D		1,000,000		999,690
Singapore — 0.8%
BOC Aviation, Ltd.
3.00%, 05/23/22		700,000		693,188
ST Engineering Financial I, Ltd.
4.80%, 07/16/19D		6,000,000		6,213,462
				6,906,650
South Korea — 0.5%
Hyundai Capital Services, Inc.
1.63%, 08/30/19 144A		520,000		509,027
Korea Western Power Co., Ltd.
2.88%, 10/10/18		3,000,000		3,004,170
KT Corporation
2.63%, 04/22/19		800,000		798,563
				4,311,760
Sweden — 0.2%
Stadshypotek AB
2.50%, 04/05/22 144A		1,000,000		997,119
Svenska Handelsbanken AB
1.50%, 09/06/19		835,000		825,309
Telefonaktiebolaget LM Ericsson
4.13%, 05/15/22		155,000		156,243
				1,978,671
Switzerland — 1.2%
Credit Suisse Group AG
3.57%, 01/09/23 144A		1,000,000		1,017,658
Credit Suisse Group Funding Guernsey, Ltd.
(Floating, ICE LIBOR USD 3M + 2.29%), 3.64%, 04/16/21†		1,500,000		1,576,658
3.80%, 09/15/22		450,000		464,691
UBS AG
2.38%, 08/14/19		250,000		250,265
2.20%, 06/08/20 144A		1,490,000		1,481,339
2.45%, 12/01/20 144A		755,000		753,145
(Variable, USD Swap 5Y + 3.77%), 4.75%, 05/22/23†		1,600,000		1,614,267
UBS Group Funding Switzerland AG
(Floating, ICE LIBOR USD 3M + 1.78%), 3.14%, 04/14/21D 144A†		900,000		934,386
(Floating, ICE LIBOR USD 3M + 1.22%), 2.68%, 05/23/23 144A†		1,455,000		1,479,441
3.49%, 05/23/23 144A		450,000		457,625
(Variable, ICE LIBOR USD 3M + 0.95%), 2.86%, 08/15/23 144A†		365,000		361,215
				10,390,690

	Par		Value
United Arab Emirates — 0.2%
Abu Dhabi Government International Bond
2.50%, 10/11/22 144A	$	655,000	$	643,059
ADCB Finance Cayman, Ltd.
3.00%, 03/04/19		1,000,000		1,004,760
				1,647,819
United Kingdom — 1.3%
Barclays Bank PLC
(Floating, ICE LIBOR USD 3M + 0.46%), 2.06%, 03/16/18†		800,000		800,825
Barclays PLC
(Floating, ICE LIBOR USD 3M + 2.11%), 3.52%, 08/10/21†		700,000		732,786
3.68%, 01/10/23		310,000		314,874
4.38%, 09/11/24		785,000		805,512
HSBC Holdings PLC
2.95%, 05/25/21		650,000		654,782
(Variable, ICE LIBOR USD 3M + 1.06%), 3.26%, 03/13/23†		555,000		563,055
Jaguar Land Rover Automotive PLC
3.50%, 03/15/20 144A		300,000		304,749
Lloyds Banking Group PLC
4.50%, 11/04/24		745,000		782,869
Pentair Finance SA
2.90%, 09/15/18		353,000		354,450
Royal Bank of Scotland Group PLC
(Floating, ICE LIBOR USD 3M + 1.47%), 2.89%, 05/15/23†		1,810,000		1,830,945
Santander UK Group Holdings PLC
2.88%, 08/05/21		3,700,000		3,695,375
3.57%, 01/10/23		350,000		355,375
Santander UK PLC
2.50%, 03/14/19		370,000		371,203
Standard Chartered PLC
2.10%, 08/19/19 144A		580,000		576,553
				12,143,353
Total Foreign Bonds (Cost $155,701,420)				157,858,533
MORTGAGE-BACKED SECURITIES — 19.0%
American Home Mortgage Assets Trust Series 2006-5 A1
(Floating, Federal Reserve U.S. 12 1Y CMT + 0.92%), 1.98%, 11/25/46†		736,734		424,888
American Home Mortgage Investment Trust Series 2004-3 5A
(Floating, ICE LIBOR USD 1Y + 1.50%), 3.34%, 10/25/34†		79,455		80,143
Americold LLC Series 2010-ARTA A1
3.85%, 01/14/29 144A		610,863		623,809

See Notes to Financial Statements. 87

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Americold LLC Series 2010-ARTA A2FL
(Floating, LIBOR USD 1M + 1.50%), 2.97%, 01/14/29 144A†	$	1,686,220	$	1,689,048
AOA Mortgage Trust Series 2015-1177 A
2.96%, 12/13/29 144A		1,330,000		1,339,408
Apollo Trust Series 2009-1 A3
(Floating, Australian BBSW 1M + 1.30%), 2.97%, 10/03/40† (A)		133,826		104,767
Aventura Mall Trust Series 2013-AVM A
3.74%, 12/05/32 144A†g		1,055,000		1,087,826
Banc of America Funding Trust Series 2006-J 4A1
3.83%, 01/20/47†g		274,477		263,697
Banc of America Mortgage Trust Series 2003-L 3A1
3.70%, 01/25/34†g		87,855		86,862
Banc of America Mortgage Trust Series 2004-2 5A1
6.50%, 10/25/31		34,039		35,657
Banc of America Mortgage Trust Series 2004-I 3A2
3.77%, 10/25/34†g		168,816		170,853
BBCMS Trust Series 2015-RRI A
(Floating, LIBOR USD 1M + 1.25%), 2.73%, 05/15/32 144A†		2,092,754		2,096,117
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-8 4A1
3.77%, 01/25/34†g		171,879		173,691
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-5 2A
3.93%, 07/25/34†g		175,355		174,485
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-7 4A
3.80%, 10/25/34†g		3,617		3,617
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-2 A1
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.45%), 3.26%, 03/25/35†		271,504		275,082
Bear Stearns ALT-4 Trust Series 2004-10 2A1
(Floating, ICE LIBOR USD 1M + 0.66%), 2.21%, 09/25/34†		1,053,750		1,030,515
Bear Stearns ALT-4 Trust Series 2004-13 A1
(Floating, ICE LIBOR USD 1M + 0.74%), 2.29%, 11/25/34†		67,997		68,193
Bear Stearns Commercial Mortgage Securities Trust Series 2007-T26
AM 5.51%, 01/12/45†g		249,087		253,045
BX Trust 2017-APPL A
(Floating, LIBOR USD 1M + 0.88%), 2.36%, 07/15/34 144A†		2,400,000		2,407,590
Caesars Palace Las Vegas Trust Series 2017-VICI A
3.53%, 10/15/34 144A		585,000		598,941

	Par		Value
CFCRE Commercial Mortgage Trust Series 2017-C8 ASB
3.37%, 06/15/50	$	1,500,000	$	1,539,549
CGBAM Commercial Mortgage Trust Series 2015-SMRT B
3.21%, 04/10/28 144A		850,000		852,575
CGDB Commercial Mortgage Trust Series 2017-BIO A
(Floating, LIBOR USD 1M + 0.75%), 2.23%, 05/15/30 144A†		770,000		770,739
Chicago Skyscraper Trust Series 2017-SKY A
(Floating, LIBOR USD 1M + 0.80%), 2.28%, 02/15/30 144A†		570,000		571,467
CHL Mortgage Pass-Through Trust Series 2004-29 1A1
(Floating, ICE LIBOR USD 1M + 0.54%), 2.09%, 02/25/35†		96,562		92,512
Citigroup Commercial Mortgage Trust Series 2015-SHP2 A
(Floating, LIBOR USD 1M + 1.28%), 2.76%, 07/15/27 144A†		1,035,000		1,036,587
CLNS Trust Series 2017-IKPR A
(Floating, LIBOR USD 1M + 0.80%), 2.23%, 06/11/32 144A†		420,000		420,712
COMM Mortgage Trust Series 2012-CR4 ASB
2.44%, 10/15/45		698,344		698,659
COMM Mortgage Trust Series 2013-CR12 A2
2.90%, 10/10/46		2,055,000		2,066,154
COMM Mortgage Trust Series 2013-SFS A1
1.87%, 04/12/35 144A		444,377		434,074
COMM Mortgage Trust Series 2014-PAT A
(Floating, LIBOR USD 1M + 0.80%), 2.23%, 08/13/27 144A†		100,000		100,233
COMM Mortgage Trust Series 2014-TWC A
(Floating, LIBOR USD 1M + 0.85%), 2.28%, 02/13/32 144A†		1,728,000		1,730,894
COMM Mortgage Trust Series 2015-CR25 ASB
3.54%, 08/10/48		1,160,000		1,200,394
COMM Mortgage Trust Series 2015-CR4 ASB
3.45%, 08/10/48		480,000		496,388
COMM Mortgage Trust Series 2015-LC21 XA
0.85%, 07/10/48†g IO		6,726,235		270,344
COMM Trust Series 2013-GAM A1
1.71%, 02/10/28 144A		604,258		596,047
Core Industrial Trust Series 2015-TEXW A
3.08%, 02/10/34 144A		1,450,000		1,474,754

88 See Notes to Financial Statements.

	Par		Value
CSAIL Commercial Mortgage Trust Series 2016-C6 XA
1.81%, 01/15/49†g IO	$	993,730	$	103,915
CSMC Trust Series 2013-IVR2 AD
1.55%, 04/25/43 144A		720,069		702,246
CSMC Trust Series 2017-1
4.50%, 03/25/21		572,405		578,418
Deutsche Alt-B Securities Mortgage Loan Trust Series 2006-AB4 A6A1
5.87%, 10/25/36 STEP		246,905		233,999
Deutsche Alt-B Securities Mortgage Loan Trust Series 2006-AB4 A6A2
5.89%, 10/25/36 STEP		246,905		233,996
Fannie Mae Connecticut Avenue Securities Series 2013-C01
(Floating, ICE LIBOR USD 1M + 2.00%), 3.55%, 10/25/23†		177,041		178,323
Fannie Mae Connecticut Avenue Securities Series 2014-C01
(Floating, ICE LIBOR USD 1M + 1.60%), 3.15%, 01/25/24†		290,531		292,932
Fannie Mae Connecticut Avenue Securities Series 2014-C02
(Floating, ICE LIBOR USD 1M + 0.95%), 2.50%, 05/25/24†		243,783		244,659
Fannie Mae Connecticut Avenue Securities Series 2016-C01
(Floating, ICE LIBOR USD 1M + 1.95%), 3.50%, 08/25/28†		854,671		861,396
Fannie Mae Connecticut Avenue Securities Series 2016-C02
(Floating, ICE LIBOR USD 1M + 2.15%), 3.70%, 09/25/28†		313,581		316,698
Fannie Mae Connecticut Avenue Securities Series 2016-C05
(Floating, ICE LIBOR USD 1M + 1.35%), 2.90%, 01/25/29†		480,711		483,701
Fannie Mae Connecticut Avenue Securities Series 2017-C02
(Floating, ICE LIBOR USD 1M + 1.15%), 2.70%, 09/25/29†		2,638,392		2,662,742
Fannie Mae Connecticut Avenue Securities Series 2017-C04
(Floating, ICE LIBOR USD 1M + 0.85%), 2.40%, 11/25/29†		2,078,856		2,090,713
Fannie Mae Connecticut Avenue Securities Series 2017-C07
(Floating, ICE LIBOR USD 1M + 0.65%), 2.20%, 05/25/30†		1,888,771		1,892,067
FDIC Guaranteed Notes Trust Series 2010-S1 2A
3.25%, 04/25/38 144A		170,364		170,804
FDIC Guaranteed Notes Trust Series 2010-S4 A
(Floating, LIBOR USD 1M + 0.72%), 2.09%, 12/04/20 144A †		1,015,159		1,017,779

	Par		Value
FDIC Trust Series 2010-R1 A
2.18%, 05/25/50 144A	$	196,312	$	196,761
Federal Home Loan Mortgage Corporation
5.00%, 01/01/19		15,226		15,533
5.00%, 02/01/19		19,197		19,584
5.00%, 12/01/19		59,624		60,961
5.50%, 05/01/22		179,286		184,161
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.36%),
3.35%, 07/01/27†		5,368		5,649
2.50%, 11/01/27		1,769,107		1,779,383
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.25%), 3.49%, 11/01/31†		37,986		39,965
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.25%), 3.01%, 04/01/32†		6,338		6,630
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.04%), 2.91%, 06/01/33†		483,335		507,244
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.25%), 3.50%, 10/01/34†		101,706		107,231
(Floating, ICE LIBOR USD 1Y + 1.75%), 3.59%, 08/01/35†		397,959		419,530
(Floating, ICE LIBOR USD 1Y + 1.35%), 3.10%, 09/01/35†		180,479		186,869
(Floating, ICE LIBOR USD 1Y + 1.63%), 3.38%, 10/01/35†		220,372		230,625
(Floating, ICE LIBOR USD 1Y + 1.52%), 3.21%, 04/01/36†		306,262		319,760
Federal Home Loan Mortgage Corporation REMIC Series 3228
(Floating, LIBOR USD 1M + 0.50%), 1.98%, 10/15/36†		1,829,116		1,839,334
Federal Home Loan Mortgage Corporation REMIC Series 3710
4.00%, 08/15/25 STEP		182,767		192,747
Federal Home Loan Mortgage Corporation REMIC Series 3959
4.50%, 11/15/41		452,386		479,184
Federal Home Loan Mortgage Corporation REMIC Series 3986
4.50%, 09/15/41		487,634		516,434
Federal Home Loan Mortgage Corporation REMIC Series 4274
3.50%, 10/15/35		406,640		416,652
Federal Home Loan Mortgage Corporation REMIC Series 4390
3.50%, 06/15/50		529,100		544,382
Federal Home Loan Mortgage Corporation REMIC Series 4446
3.50%, 12/15/50		1,025,000		1,052,417
Federal Home Loan Mortgage Corporation REMIC Series 4459
3.00%, 08/15/43		739,147		744,403

See Notes to Financial Statements. 89

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Federal Home Loan Mortgage Corporation REMIC Series 4482
3.00%, 06/15/42	$	424,936	$	430,641
Federal Home Loan Mortgage Corporation REMIC Series 4493
3.00%, 02/15/44		566,453		576,846
Federal Home Loan Mortgage Corporation REMIC Series 4494
3.75%, 10/15/42		694,780		720,760
Federal Home Loan Mortgage Corporation REMIC Series 4593
4.00%, 04/15/54		1,257,731		1,316,808
Federal National Mortgage Association
5.00%, 07/01/19		12,271		12,511
5.00%, 05/01/21		70,168		71,470
5.00%, 11/01/21		36,093		36,763
3.74%, 09/01/23		2,814,952		2,947,124
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.99%), 2.94%, 12/01/24† CONV		11,054		11,260
2.50%, 12/01/27		1,036,332		1,041,844
2.50%, 06/01/31		22,718		22,701
2.50%, 07/01/31		2,686		2,684
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.22%), 3.37%, 09/01/31†		49,970		51,998
2.50%, 10/01/31		968,939		968,206
2.50%, 11/01/31		1,916,195		1,915,144
2.50%, 01/01/32		18,092		18,090
2.50%, 01/18/32 TBA		1,680,000		1,677,507
3.00%, 01/18/32 TBA		6,000,000		6,111,798
3.50%, 01/18/32 TBA		2,675,000		2,761,255
4.00%, 01/18/32 TBA		545,000		560,530
4.50%, 01/18/32 TBA		510,000		517,401
(Floating, ICE LIBOR USD 1M + 1.30%), 2.55%, 08/01/32†		416,985		425,999
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.21%), 2.98%, 12/01/32†		346,803		366,495
(Floating, ICE LIBOR USD 6M + 1.88%), 2.71%, 04/01/33†		84,978		88,937
(Floating, ICE LIBOR USD 1Y + 1.45%), 3.17%, 06/01/33†		51,475		54,613
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.41%), 3.41%, 06/01/33†		37,000		38,883
(Floating, ICE LIBOR USD 1Y + 1.80%), 3.55%, 10/01/33†		105,090		110,901
(Floating, ICE LIBOR USD 1Y + 1.42%), 3.17%, 09/01/34†		149,188		155,349
(Floating, ICE LIBOR USD 1Y + 1.33%), 3.08%, 10/01/34†		91,744		95,248
(Floating, ICE LIBOR USD 1Y + 1.48%), 3.23%, 10/01/34†		109,722		114,540
(Floating, ICE LIBOR USD 1Y + 1.66%), 3.30%, 02/01/35†		174,552		183,576
(Floating, ICE LIBOR USD 1Y + 1.74%), 3.49%, 09/01/35†		194,909		204,539

	Par		Value
(Floating, ICE LIBOR USD 1Y + 1.74%), 3.41%, 12/01/35†	$	8,155	$	8,310
(Floating, ICE LIBOR USD 1Y + 1.73%), 3.49%, 05/01/38†		1,837,117		1,932,107
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.20%), 2.20%, 08/01/42†		312,229		317,644
(Floating, ICE LIBOR USD 1Y + 1.74%), 3.39%, 09/01/42†		801,550		825,934
(Floating, ICE LIBOR USD 1Y + 1.70%), 2.72%, 07/01/43†		1,298,319		1,315,004
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.20%), 2.20%, 07/01/44†		166,586		169,609
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.20%), 2.20%, 10/01/44†		140,001		142,454
(Floating, ICE LIBOR USD 1Y + 1.59%), 2.68%, 06/01/45†		1,411,820		1,424,207
Federal National Mortgage Association ACES Series 2015-M4
0.56%, 07/25/22†g IO		21,889,017		456,605
Federal National Mortgage Association ACES Series 2016-M6
1.79%, 06/25/19		716,437		715,203
Federal National Mortgage Association REMIC Series 2004-80
4.00%, 11/25/19		7,208		7,239
Federal National Mortgage Association REMIC Series 2006-98
(Floating, LIBOR USD 1M + 0.43%), 1.98%, 10/25/36†		272,529		273,980
Federal National Mortgage Association REMIC Series 2007-100
(Floating, LIBOR USD 1M + 0.55%), 2.10%, 10/25/37†		523,959		528,342
Federal National Mortgage Association REMIC Series 2010-72
(Floating, LIBOR USD 1M + 0.72%), 2.27%, 07/25/40†		1,206,357		1,226,324
Federal National Mortgage Association REMIC Series 2011-48
4.00%, 06/25/26 STEP		270,086		284,240
Federal National Mortgage Association REMIC Series 2011-87
(Floating, LIBOR USD 1M + 0.55%), 2.10%, 09/25/41†		1,428,670		1,441,773
Federal National Mortgage Association REMIC Series 2012-79
(Floating, LIBOR USD 1M + 0.45%), 2.00%, 07/25/42†		356,409		358,801

90 See Notes to Financial Statements.

	Par		Value
Federal National Mortgage Association REMIC Series 2015-38
(Floating, LIBOR USD 1M + 0.31%), 1.55%, 06/25/55†	$	535,836	$	535,270
Federal National Mortgage Association REMIC Series 2016-11
(Floating, LIBOR USD 1M + 0.50%), 1.74%, 03/25/46†		2,795,518		2,797,921
Federal National Mortgage Association REMIC Series 2016-40
(Floating, LIBOR USD 1M + 0.45%), 1.69%, 07/25/46†		3,378,595		3,375,714
FHLMC Multifamily Structured Pass Through Certificates Series KIR2
2.75%, 03/25/27		485,297		488,623
FHLMC Multifamily Structured Pass Through Certificates Series KJ18
3.07%, 08/25/22		390,000		398,456
FHLMC Multifamily Structured Pass Through Certificates Series KW01
0.98%, 01/25/26† g IO		2,670,014		162,489
FHLMC Structured Agency Credit Risk Debt Notes Series 2013-DN2
(Floating, ICE LIBOR USD 1M + 1.45%), 3.00%, 11/25/23†		33,325		33,361
FHLMC Structured Agency Credit Risk Debt Notes Series 2017-DNA2
(Floating, ICE LIBOR USD 1M + 1.20%), 2.75%, 10/25/29†		2,035,158		2,067,615
FHLMC Structured Agency Credit Risk Debt Notes Series 2017-HQA3
(Floating, ICE LIBOR USD 1M + 0.55%), 2.10%, 04/25/30†		989,911		990,065
FHLMC Structured Pass-Through Certificates Series T-56
(Floating, LIBOR USD 1M + 1.00%), 2.55%, 05/25/43†		537,826		550,585
FHLMC Structured Pass-Through Certificates Series T-61
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.40%), 2.40%, 07/25/44†		716,698		724,235
First Horizon Alternative Mortgage Securities Trust Series 2004-AA1 A1
3.33%, 06/25/34†g		207,457		206,283
FNBA Mortgage Loan Trust Series 2004-AR1 A2
(Floating, ICE LIBOR USD 1M + 0.40%), 1.90%, 08/19/34†		775,661		772,949
GAHR Commercial Mortgage Trust Series 2015-NRF AFL1
(Floating, LIBOR USD 1M + 1.30%), 2.55%, 12/15/34 144A†		285,277		285,515
GE Commercial Mortgage Corporation Trust Series 2007-C1 A1A
5.48%, 12/10/49†g		97,237		97,720

	Par		Value
Gosforth Funding PLC Series 2016-1A A1B
(Floating, ICE LIBOR GBP 3M + 0.60%), 1.13%, 02/15/58 144A † (U)	$	657,644	$	891,191
Government National Mortgage Association
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%), 2.63%, 06/20/21†		1,229		1,249
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%), 2.38%, 03/20/22†		72,744		74,172
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%), 2.38%, 01/20/23†		13,329		13,710
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%), 2.63%, 05/20/24†		27,040		27,719
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%), 2.75%, 07/20/25†		37,843		38,930
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%), 2.75%, 08/20/25†		10,097		10,391
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%), 2.25%, 11/20/25†		35,967		37,117
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%), 2.25%, 12/20/26†		50,057		51,798
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%), 2.75%, 07/20/27†		1,160		1,199
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%), 2.25%, 10/20/27†		18,375		19,039
8.50%, 10/15/29		21,553		22,053
8.50%, 03/15/30		493		495
8.50%, 04/15/30		4,346		4,413
8.50%, 05/15/30		58,234		60,363
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%), 2.63%, 05/20/30†		28,977		30,049
8.50%, 07/15/30		44,052		46,358
8.50%, 08/15/30		5,062		5,149
8.50%, 11/15/30		7,090		7,389
8.50%, 12/15/30		25,990		29,133
8.50%, 02/15/31		15,517		16,097
Government National Mortgage Association Series 2000-9
(Floating, LIBOR USD 1M + 0.60%), 2.09%, 02/16/30†		49,626		50,100
Government National Mortgage Association Series 2007-30
(Floating, LIBOR USD 1M + 0.30%), 1.80%, 05/20/37†		141,657		141,457
Government National Mortgage Association Series 2011-H08
(Floating, ICE LIBOR USD 1M + 0.60%), 1.84%, 02/20/61†		1,226,381		1,229,647

See Notes to Financial Statements. 91

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Government National Mortgage Association Series 2012-102
3.50%, 08/20/39	$	1,500,000	$	1,526,428
Government National Mortgage Association Series 2013-H13
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 0.45%), 1.88%, 05/20/63†		1,964,107		1,970,935
Government National Mortgage Association Series 2016-H07
(Floating, ICE LIBOR USD 1M + 0.77%), 2.01%, 02/20/66†		1,101,229		1,107,515
Government National Mortgage Association Series 2016-H22
(Floating, ICE LIBOR USD 1M + 0.77%), 2.01%, 10/20/66†		2,434,913		2,456,862
Government National Mortgage Association Series 2017-H09
(Floating, ICE LIBOR USD 1Y + 0.75%), 2.55%, 04/20/67†		2,997,666		3,088,521
Government National Mortgage Association Series 2017-H10
(Floating, ICE LIBOR USD 1Y + 0.75%), 2.55%, 04/20/67†		3,449,582		3,556,408
GRACE Mortgage Trust Series 2014-GRCE A
3.37%, 06/10/28 144A		1,250,000		1,283,130
Great Wolf Trust Series 2017-WOLF A
(Floating, LIBOR USD 1M + 0.85%), 2.48%, 09/15/34 144A†		390,000		391,945
GreenPoint Mortgage Funding Trust Series 2005-AR5 1A1
(Floating, ICE LIBOR USD 1M + 0.27%), 1.82%, 11/25/45†		161,060		142,797
GreenPoint Mortgage Funding Trust Series 2006-OH1 A1
(Floating, ICE LIBOR USD 1M + 0.18%), 1.73%, 01/25/37†		482,007		455,783
GS Mortgage Securities Trust Series 2013-GC13 AAB
3.72%, 07/10/46		2,700,000		2,790,276
GSR Mortgage Loan Trust Series 2004-11 5A1
3.81%, 09/25/34†g		222,014		226,852
GSR Mortgage Loan Trust Series 2005-AR6 2A1
3.47%, 09/25/35†g		159,598		163,355
Impac CMB Trust Series 2003-1 1A1
(Floating, ICE LIBOR USD 1M + 0.80%), 2.35%, 03/25/33†		109,871		109,186
IndyMac INDX Mortgage Loan Trust Series 2006-AR12 A1
(Floating, ICE LIBOR USD 1M + 0.19%), 1.74%, 09/25/46†		572,945		507,701
IndyMac INDX Mortgage Loan Trust Series 2007-FLX3 A2
(Floating, LIBOR USD 1M + 0.27%), 1.60%, 06/25/37†		286,790		223,784

	Par		Value
JP Morgan Chase Commercial Mortgage Securities Trust Series 2011-C4 A3
4.11%, 07/15/46 144A	$	1,318,174	$	1,322,905
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-CBX A4
3.48%, 06/15/45		1,310,000		1,349,046
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-CBX A4FX
3.48%, 06/15/45 144A		800,000		823,845
JP Morgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 ASB
2.55%, 04/15/46		1,335,000		1,337,017
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C23 ASB
3.66%, 09/15/47		365,000		379,125
JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP4 XA
0.81%, 12/15/49†g IO		1,986,269		88,212
JP Morgan Chase Commercial Mortgage Securities Trust Series 2017-JP7 A3 A3
3.38%, 09/15/50		1,500,000		1,538,534
JP Morgan Mortgage Trust Series 2005-A1 6T1
3.66%, 02/25/35†g		43,821		43,545
JP Morgan Mortgage Trust Series 2013-1 2A2
2.50%, 03/25/43 144A		211,383		210,525
JP Morgan Mortgage Trust Series 2016-2 A1
2.69%, 06/25/46 144A †g		1,140,774		1,141,372
JP Morgan Mortgage Trust Series 2017-1 A4
3.50%, 01/25/47 144A		1,740,260		1,772,294
JP Morgan Mortgage Trust Series 2017-1 A5
3.50%, 01/25/47 144A		1,004,504		1,021,607
JP Morgan Mortgage Trust Series 2017-2 A6
3.00%, 05/25/47 144A		1,330,367		1,336,189
JP Morgan Mortgage Trust Series 2017-3 1A6
3.00%, 08/25/47 144A		2,946,994		2,967,849
JP Morgan Mortgage Trust Series 2017-4 A6
3.00%, 11/25/48 144A		2,023,816		2,028,481
JP Morgan Mortgage Trust Series 2017-5 A1A
3.00%, 10/26/48 144A†g		2,752,060		2,769,831
JP Morgan Mortgage Trust Series 2017-6 A6
3.00%, 12/25/48 144A		850,000		852,537

92 See Notes to Financial Statements.

	Par		Value
LB-UBS Commercial Mortgage Trust Series 2007-C6 AM
6.11%, 07/15/40	$	433,855	$	433,652
LSTAR Commercial Mortgage Trust Series 2017-5 A1
2.42%, 03/10/50 144A		2,420,102		2,409,399
Luminent Mortgage Trust Series 2006-7 2A1
(Floating, LIBOR USD 1M + 0.17%), 1.50%, 12/25/36†		547,884		490,909
MASTR Adjustable Rate Mortgages Trust Series 2003-6 3A1
3.54%, 12/25/33† g		239,129		240,777
Merrill Lynch Mortgage Investors Trust Series 2006-1 2A1
3.13%, 02/25/36† g		318,788		318,048
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12 ASB
3.82%, 10/15/46		1,500,000		1,558,053
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 AAB
2.66%, 05/15/46		300,000		301,509
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22 ASB
3.04%, 04/15/48		2,000,000		2,030,974
Morgan Stanley Bank of America
Merrill Lynch Trust Series 2016-C32 XA
0.77%, 12/15/49†g IO		1,984,764		102,457
Morgan Stanley Capital I Trust Series 2014-CPT A
3.35%, 07/13/29 144A		815,000		834,371
National RMBS Trust Series 2012-2 A1
(Floating, Australian BBSW 1M + 1.10%), 2.81%, 06/20/44† (A)		166,002		130,306
NCUA Guaranteed Notes Trust Series 2011-C1 2A
(Floating, LIBOR USD 1M + 0.53%), 1.93%, 03/09/21†		821,539		819,854
New Residential Mortgage Loan Trust Series 2017-3A A1
4.00%, 04/25/57 144A		2,299,584		2,379,534
New Residential Mortgage Loan Trust Series 2017-4A A1
4.00%, 05/25/57 144A		2,420,703		2,507,647
RAIT Trust Series 2017-FL7 A
(Floating, LIBOR USD 1M + 0.95%), 2.43%, 06/15/37 144A†		379,947		380,319
Resource Capital Corporation, Ltd. Series 2017-CRE5 A
(Floating, LIBOR USD 1M + 0.80%), 2.28%, 07/15/34 144A†		520,970		521,850

	Par		Value
RFMSI Trust Series 2003-S9 A1
6.50%, 03/25/32	$	9,704	$	10,013
Rochester Financing No. 1 PLC Series 1A1
(Floating, ICE LIBOR GBP 3M + 1.45%), 1.83%, 07/16/46† (U)		211,341		285,566
Sequoia Mortgage Trust 2017-CH1 A2
3.50%, 10/25/47 144A		848,531		857,493
Sequoia Mortgage Trust Series 2012-1 1A1
2.87%, 01/25/42		105,105		105,906
Sequoia Mortgage Trust Series 2013-1 1A1
1.45%, 02/25/43		256,743		248,617
Sequoia Mortgage Trust Series 2013-4 A3
1.55%, 04/25/43		417,637		407,912
Sequoia Mortgage Trust Series 2017-CH1 A11
3.50%, 10/25/47 144A		1,494,907		1,513,179
Sequoia Mortgage Trust Series 2017-CH2 A10
4.00%, 12/25/47 144A		1,444,795		1,476,093
Structured Adjustable Rate Mortgage Loan Trust Series 2004-10 3A1
3.50%, 08/25/34†g		322,106		318,236
Structured Adjustable Rate Mortgage Loan Trust Series 2004-13 A2
(Floating, LIBOR USD 1M + 0.30%), 0.49%, 09/25/34†		81,254		76,281
Structured Asset Mortgage Investments II Trust Series 2005-AR5 A1
(Floating, ICE LIBOR USD 1M + 0.25%), 1.75%, 07/19/35†		77,880		74,755
Structured Asset Mortgage Investments II Trust Series 2005-AR8 A1A
(Floating, ICE LIBOR USD 1M + 0.28%), 1.83%, 02/25/36†		438,402		417,261
TBW Mortgage-Backed Trust Series 2007-2 A6A
6.01%, 07/25/37 STEP		293,765		218,825
TORRENS Trust Series 2013-1 A
(Floating, Australian BBSW 1M + 0.95%), 2.63%, 04/12/44† (A)		841,088		656,705
Waldorf Astoria Boca Raton Trust Series 2016-BOCA A
(Floating, LIBOR USD 1M + 1.35%), 2.83%, 06/15/29 144A†		210,000		210,348
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR6 A
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.40%), 2.46%, 06/25/42†		11,979		11,628

See Notes to Financial Statements. 93

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR8 A
3.24%, 08/25/33† g	$	253,160	$	256,992
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR2 2A1A
(Floating, ICE LIBOR USD 1M + 0.31%), 1.86%, 01/25/45†		442,238		440,401
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR19 1A
(Floating, Federal Reserve U.S. 12 1Y CMT + 0.74%), 1.80%, 01/25/47†		417,227		386,800
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR5 A12A
(Floating, Federal Reserve U.S. 12 1Y CMT + 0.98%), 2.04%, 06/25/46†		830,960		837,520
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY1 1A1
3.11%, 02/25/37†g		315,231		289,863
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY5 2A1
2.99%, 05/25/37†g		373,111		317,547
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY7 2A1
3.06%, 07/25/37†g		994,894		834,979
Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA5 A1B
(Floating, Federal Reserve U.S. 12 1Y CMT + 0.84%), 1.90%, 05/25/47†		116,108		22,722
Wells Fargo Commercial Mortgage Trust Series 2010-C1 A1
3.35%, 11/15/43 144A		543,817		551,579
Wells Fargo Commercial Mortgage Trust Series 2014-LC16 ASB
3.48%, 08/15/50		940,000		967,626
Wells Fargo Commercial Mortgage Trust Series 2014-NXS5 A6FL
(Floating, LIBOR USD 1M + 1.55%), 3.03%, 01/15/59 144A†		2,000,000		2,113,329
Wells Fargo Mortgage-Backed Securities Trust Series 2004-EE 2A1
3.42%, 12/25/34†g		188,903		192,461
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR16 1A1
3.54%, 08/25/33†g		39,746		40,863
Total Mortgage-Backed Securities (Cost $172,082,232)				171,191,910

	Par		Value
MUNICIPAL BONDS — 1.6%
California Earthquake Authority, Revenue Bond
2.81%, 07/01/19	$	1,092,000	$	1,093,108
New York City Transitional Finance Authority Future Tax Secured, Revenue Bond
1.90%, 02/01/20		4,560,000		4,539,115
North Texas Higher Education Authority, Inc. Series 2011-1
(Floating, ICE LIBOR USD 3M + 1.10%), 2.80%, 04/01/40†		1,973,617		2,002,541
State of California, General Obligation, Series B
(Floating, ICE LIBOR USD 1M + 0.76%), 1.86%, 12/01/31†		3,000,000		3,036,600
State of California, General Obligation, Series C
(Floating, ICE LIBOR USD 1M + 0.78%), 2.34%, 04/01/47†		1,500,000		1,514,543
State of Texas, General Obligation, Series C-2
(Floating, ICE LIBOR USD 1M + 0.40%), 1.97%, 06/01/19†		2,455,000		2,455,270
Total Municipal Bonds (Cost $14,573,353)				14,641,177
U.S. TREASURY OBLIGATIONS — 27.2%
U.S. Treasury Bill
1.29%, 09/13/18DW		2,500,000		2,471,160
U.S. Treasury Inflationary Indexed Bonds
0.38%, 07/15/27‡‡		5,900,000		5,919,623
U.S. Treasury Notes 0.75%, 09/30/18		1,900,000		1,886,641
0.88%, 10/15/18		8,000,000		7,948,752
1.25%, 11/15/18		15,000,000		14,932,620
1.25%, 11/30/18		5,000,000		4,976,075
1.50%, 02/28/19		4,400,000		4,382,985
0.75%, 07/15/19		1,858,000		1,826,973
1.38%, 07/31/19D		38,430,000		38,144,773
1.25%, 08/31/19‡‡		16,670,000		16,502,000
1.50%, 10/31/19D‡‡		132,530,000		131,634,362
1.50%, 08/15/20D		1,445,000		1,429,195
1.63%, 10/15/20		1,100,000		1,090,375
1.75%, 11/15/20D		3,100,000		3,082,562
2.00%, 10/31/22		5,600,000		5,551,986
2.38%, 05/15/27D		3,700,000		3,690,027
				237,079,326
Total U.S. Treasury Obligations (Cost $246,130,384)				245,470,109

94 See Notes to Financial Statements.

	Shares		Value
MONEY MARKET FUNDS — 3.0%
GuideStone Money Market Fund
(Investor Class)¥		12,894,288	$	12,894,288
Northern Institutional Liquid Assets Portfolio§		13,329,271		13,329,271
Northern Institutional
U.S. Government Portfolio		400,675		400,675
Total Money Market Funds (Cost $26,624,234)				26,624,234
TOTAL INVESTMENTS — 111.0% (Cost $999,971,055)				1,001,644,728

	Number of Contracts		Notional Amount
WRITTEN OPTION — (0.0)%
Put Swaption — (0.0)%
Pay 2.3%
(Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 01/31/2018 USD, Strike Price $2.30, Expires 01/31/18 (MSCS) (Premiums received $(54,639))		1	$	(35,600,000	)	(53,483	)

	Par			Value
SECURITY SOLD SHORT — (0.6)%
U.S. Treasury Bonds
2.75%, 08/15/47 (Proceeds $(5,380,669))	$	(5,400,000	)	$	(5,407,911	)
Liabilities in Excess of Other
Assets — (10.4)%					(93,649,965	)
NET ASSETS — 100.0%				$	902,533,369

Futures Contracts outstanding at December 31, 2017:

										Value and
					Notional					Unrealized
Future Type	Expiration Date		Open Long (Short) Contracts		Market Value of Contracts			Counter- party		Appreciation (Depreciation)
Euro-BOBL		03/2018		(57)	$	(9,000,999	)		GSC	$	35,014
Euro-BOBL		03/2018		47		7,421,876			CITI		(25,379	)
Euro-Buxl®		03/2018		(9)		(1,769,467	)		CITI		42,630
10-Year U.S. Treasury Note		03/2018		(66)		(8,187,094	)		UBS		46,414
10-Year U.S. Treasury Note		03/2018		21		2,604,984			CITI		(14,109	)
Ultra 10-Year U.S. Treasury Note		03/2018		(27)		(3,606,187	)		UBS		20,001
Ultra Long U.S. Treasury Bond		03/2018		(1)		(167,656	)		UBS		(744	)
Long GILT		03/2018		(60)		(10,139,087	)		CITI		(69,634	)
2-Year U.S. Treasury Note		03/2018		30		6,423,281			CITI		(11,719	)
2-Year U.S. Treasury Note		03/2018		84		17,985,188			GSC		(54,348	)
2-Year U.S. Treasury Note		03/2018		542		116,047,281			UBS		(243,653	)
5-Year U.S. Treasury Note		03/2018		(437)		(50,763,696	)		UBS		174,311
5-Year U.S. Treasury Note		03/2018		(45)		(5,227,383	)		GCS		28,516
90-Day Eurodollar		06/2018		317		77,724,438			CITI		(329,509	)
90-Day Eurodollar		12/2018		233		57,000,538			UBS		(11,650	)
90-Day Eurodollar		12/2018		319		78,039,363			CITI		(189,137	)
90-Day Bank Acceptance		03/2019		89		17,299,065			CITI		(21,322	)
90-Day Eurodollar		06/2019		(317)		(77,458,950	)		CITI		452,344
90-Day Eurodollar		12/2019		(319)		(77,891,825	)		CITI		172,424
90-Day Eurodollar		12/2019		(233)		(56,892,775	)		UBS		11,650
Total Futures Contracts outstanding at December 31, 2017					$	79,440,895				$	12,100

See Notes to Financial Statements. 95

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Forward Foreign Currency Contracts outstanding at December 31, 2017:

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party	Net Unrealized Appreciation (Depreciation)
01/10/18	Canadian Dollars		3,360,000	U.S. Dollars		2,614,506	GSC	$	58,944
01/02/18	Danish Kroner		2,307,000	U.S. Dollars		338,086	GSC		33,728
01/10/18	Canadian Dollars		1,061,000	U.S. Dollars		824,357	HSBC		19,848
01/18/18	Japanese Yen		175,900,000	U.S. Dollars		1,543,524	SS		19,023
01/18/18	U.S. Dollars		1,579,931	Japanese Yen		175,900,000	SS		17,384
01/10/18	Canadian Dollars		599,000	U.S. Dollars		466,280	UBS		10,326
01/24/18	U.S. Dollars		156,774	Mexican Pesos		2,947,189	HSBC		7,618
01/24/18	U.S. Dollars		219,493	Mexican Pesos		4,224,000	HSBC		5,719
01/10/18	U.S. Dollars		773,601	Japanese Yen		86,700,000	BNP		3,743
01/09/18	British Pounds		101,000	U.S. Dollars		135,989	HSBC		419
01/10/18	U.S. Dollars		102,884	British Pounds		76,000	HSBC		236
01/10/18	U.S. Dollars		156,897	British Pounds		116,000	JPM		224
01/04/18	U.S. Dollars		164,760	British Pounds		122,000	RBS		19
Subtotal Appreciation								$	177,231
01/24/18	U.S. Dollars		185,337	Mexican Pesos		3,683,000	BAR		(1,057	)
01/04/18	U.S. Dollars		78,991	Swiss Francs		78,000	BAR		(1,078	)
02/15/18	Norwegian Kroner		3,585,000	U.S. Dollars		439,032	HSBC		(1,818	)
01/09/18	U.S. Dollars		1,026,159	British Pounds		762,000	HSBC		(2,985	)
01/04/18	U.S. Dollars		532,700	Australian Dollars		704,000	HSBC		(16,598	)
01/02/18	U.S. Dollars		340,604	Danish Kroner		2,234,000	GSC		(19,446	)
01/10/18	U.S. Dollars		3,452,437	Euro		2,896,000	BNP		(24,529	)
01/22/18	U.S. Dollars		2,358,006	Canadian Dollars		3,000,000	BNP		(29,451	)
01/10/18	U.S. Dollars		4,604,820	Australian Dollars		6,091,000	UBS		(147,723	)
01/10/18	U.S. Dollars		10,192,511	Canadian Dollars		13,043,000	GSC		(185,406	)
01/02/18	U.S. Dollars		2,584,864	Danish Kroner		17,647,000	JPM		(259,270	)
01/02/18	U.S. Dollars		15,420,445	Danish Kroner		105,060,000	JPM		(1,511,880	)
Subtotal Depreciation								$	(2,201,241	)
Total Forward Foreign Currency Contracts outstanding at December 31, 2017								$	(2,024,010	)

96 See Notes to Financial Statements.

Swap agreements outstanding at December 31, 2017:

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Buy
Protection
Dow Jones CDX.NA.IG.28 Index (Pay Quarterly;
Receive Quarterly)		(1.00	)%		06/20/22		ICE		USD		9,400,000	$	(212,598	)	$	(221,925	)	$	9,327
Dow Jones CDX.NA.IG.29 Index (Pay Quarterly;
Receive Quarterly)		(1.00	)%		12/20/22		ICE		USD		10,200,000		(246,451	)		(264,364	)		17,913
Dow Jones CDX.NA.IG.29 Index (Pay Quarterly;
Receive Quarterly)		(1.00	)%		12/20/22		CS		USD		10,464,000		(279,280	)		(254,902	)		(24,378	)
												$	(738,329	)	$	(741,191	)	$	2,862

Swap agreements with CME, LCH and ICE counterparties are centrally cleared swaps.

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Interest Rate Swaps
1-Day US Federal Fund Effective Rate (Pay
Annual; Receive Annual)		(1.68	)%		09/19/18		CME		USD		307,900,000	$	41,357		$	—		$	41,357
1-Day US Federal Fund Effective Rate (Pay
Annual; Receive Annual)		(1.70	)%		09/19/18		CME		USD		369,400,000		30,003			—			30,003
1-Day US Federal Fund Effective Rate (Pay
Annual; Receive Annual)		(1.72	)%		09/19/18		CME		USD		113,500,000		1,420			—			1,420
3-Month LIBOR (Pay Quarterly; Receive
Semi-Annual)		2.00	%		12/20/19		CME		USD		36,400,000		(41,566	)		(8,827	)		(32,739	)
MXN-TIIE-Banxico (Pay Lunar; Receive Lunar)		5.80	%		09/06/21		CME		MXN		319,100,000		(1,111,163	)		(1,052,677	)		(58,486	)
28-Day Mexico Interbank TIIE (Pay Lunar;
Receive Lunar)		7.20	%		12/03/21		CME		MXN		24,100,000		(28,394	)		(7,733	)		(20,661	)
3-Month LIBOR (Pay Quarterly; Receive
Semi-Annual)		2.25	%		12/20/22		CME		USD		15,200,000		5,082			(12,203	)		17,285
3-Month LIBOR (Pay Quarterly; Receive
Semi-Annual)		(1.50	)%		06/21/27		CME		USD		11,300,000		879,210			839,719			39,491
												$	(224,051	)	$	(241,721	)	$	17,670
Total Swap agreements outstanding at December 31, 2017												$	(962,380	)	$	(982,912	)	$	20,532

Swap agreements with CME, LCH and ICE counterparties are centrally cleared swaps.

Forward Rate agreements outstanding at December 31, 2017:

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Forward Rate Agreements
3-Month LIBOR (Pay Quartely; Receive Quarterly)		1.95	%		09/19/18		CME		USD		113,500,000	$	6,142		$	—	$	6,142
3-Month LIBOR (Pay Quartely; Receive Quarterly)		1.91	%		09/19/18		CME		USD		369,400,000		(12,301	)		—		(12,301	)
3-Month LIBOR (Pay Quartely; Receive Quarterly)		1.89	%		09/19/18		CME		USD		307,900,000		(25,639	)		—		(25,639	)
Total Forward Rate agreements outstanding at December 31, 2017												$	(31,798	)	$	—	$	(31,798	)

Swap agreements with CME, LCH and ICE counterparties are centrally cleared swaps.

See Notes to Financial Statements. 97

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other  Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations	$	11,172,988	$	—	$	11,172,988	$	—
Asset-Backed Securities		150,036,773		—		150,036,773		—
Certificates of Deposit		7,085,267		—		7,085,267		—
Commercial Paper		696,888		—		696,888		—
Corporate Bonds		216,866,849		—		216,866,849		—	**
Foreign Bonds
Australia		13,754,412		—		13,754,412		—
Bermuda		280,338		—		280,338		—
Canada		14,219,034		—		14,219,034		—
Chile		1,145,361		—		1,145,361		—
China		2,936,814		—		2,936,814		—
Denmark		20,078,204		—		20,078,204		—
Finland		898,830		—		898,830		—
France		7,336,778		—		7,336,778		—
Germany		7,471,436		—		7,471,436		—
Hong Kong		981,604		—		981,604		—
India		3,352,025		—		3,352,025		—
Ireland		10,710,436		—		10,710,436		—
Israel		1,522,500		—		1,522,500		—
Italy		716,856		—		716,856		—
Japan		12,138,479		—		12,138,479		—
Luxembourg		530,000		—		530,000		—
Netherlands		17,945,319		—		17,945,319		—
New Zealand		338,178		—		338,178		—
Norway		2,428,880		—		2,428,880		—
Peru		694,416		—		694,416		—
Qatar		999,690		—		999,690		—
Singapore		6,906,650		—		6,906,650		—
South Korea		4,311,760		—		4,311,760		—
Sweden		1,978,671		—		1,978,671		—
Switzerland		10,390,690		—		10,390,690		—
United Arab Emirates		1,647,819		—		1,647,819		—
United Kingdom		12,143,353		—		12,143,353		—
Money Market Funds		26,624,234		26,624,234		—		—
Mortgage-Backed Securities		171,191,910		—		171,191,910		—
Municipal Bonds		14,641,177		—		14,641,177		—
U.S. Treasury Obligations		245,470,109		—		245,470,109		—
Total Assets - Investments in Securities	$	1,001,644,728	$	26,624,234	$	975,020,494	$	—	**
Other Financial Instruments***
Futures Contracts	$	983,304	$	983,304	$	—	$	—
Forward Foreign Currency Contracts		177,231		—		177,231		—
Swap Agreements		957,071		—		957,071		—

98 See Notes to Financial Statements.

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Forward Rate Agreements	$	6,142		$	—		$	6,142		$	—
Total Assets - Other Financial Instruments	$	2,123,748		$	983,304		$	1,140,444		$	—
Liabilities:
Investment in Securities
Written Option	$	(53,483	)	$	—		$	(53,483	)	$	—
Security Sold Short		(5,407,911	)		—			(5,407,911	)		—
Total Liabilities - Investment in Securities	$	(5,461,394	)	$	—		$	(5,461,394	)	$	—
Other Financial Instruments***
Futures Contracts	$	(971,204	)	$	(971,204	)	$	—		$	—
Forward Foreign Currency Contracts		(2,201,241	)		—			(2,201,241	)		—
Swap Agreements		(1,919,452	)		—			(1,919,452	)		—
Forward Rate Agreements		(37,940	)		—			(37,940	)		—
Total Liabilities - Other Financial Instruments	$	(5,129,837	)	$	(971,204	)	$	(4,158,633	)	$	—

**Level 3 security has zero value.

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

There were no transfers between Level 1 and Level 2 during the period ended December 31, 2017.

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.

During the year ended December 31, 2017, there were $14,536,025 of transfers out of Level 3 to Level 2 and Level 1.

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, 2017.

Effective April 1, 2017, the Funds changed administrators from BNY Mellon Investment Servicing (US) Inc. to Northern Trust Company (“Northern Trust”). This transition has resulted in fewer unobservable inputs, as Northern Trust utilizes additional pricing vendors and provides increased pricing coverage. As such, management notes transfers out of Level 3 to Level 2 and Level 1 occurred in the Fund in the current year.

See Notes to Financial Statements. 99

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 calculation that measures the sensitivity of a bond or bond fund to changes in interest rates) normally between three to seven years. (Effective January 12, 2018, the average dollar-weighted duration of the Fund normally varies, in years, between +/- 30% of the duration of the Fund’s benchmark index, the Bloomberg Barclays US Aggregate Bond Index.) The Investor Class of the Fund outperformed its benchmark for the one-year period ended December 31, 2017 (3.93% versus 3.54%).

The Fund maintained an underweight to investment-grade corporate credit and, therefore, faced a challenging fourth quarter as credit spreads tightened. Ultimately, however, the Fund outperformed for the year due to positive performance over the first three quarters. Tactical U.S. duration and yield curve positioning, high yield bonds and structured products were the strongest contributors to the Fund’s relative performance, as interest rates increased and credit spreads narrowed. U.S. Treasury Inflation Protected Securities (TIPS) provided mixed results as breakeven inflation rates declined. 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, positive impact on performance. In an effort to better express the desired credit exposures and risks from a synthetic perspective, credit default swaps were utilized on a very modest basis. These positions were positive contributors 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 negative. Through the process of implementing interest rate views and emerging markets strategies during the year, interest rate swaps were used but did not have an impact on the performance of the Fund over the previous 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 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 fixed-income securities 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. Derivatives involve different risks from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in value of the underlying instruments may produce disproportionate losses to the Fund. It is possible to lose money by investing in the Fund.

100 See Notes to Financial Statements.

Medium-Duration Bond Fund (Unaudited)

At December 31, 2017, 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		32.4
Mortgage-Backed Securities		31.6
Corporate Bonds		16.9
Repurchase Agreements		12.5
Foreign Bonds		10.8
Money Market Funds		8.2
Asset-Backed Securities		6.1
Agency Obligations		2.6
Loan Agreements		1.4
Municipal Bonds		0.7
Purchased Options		0.1
Preferred Stocks		—	**
Certificates of Deposit		—	**
Fully Funded Total Return Swap		—	**
Written Options		(0.1	)
TBA Sale Commitments		(0.3	)
		122.9

** Round to less than .005%

See Notes to Financial Statements. 101

Medium-Duration Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional         Class	Investor         Class*	Benchmark**
One Year	4.13%	3.93%	3.54%
Five Year	2.26%	2.05%	2.10%
Ten Year	4.65%	4.48%	4.00%
Since Inception	5.04%	4.92%	4.53%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(1)	0.46%	0.73%

⁽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, 2007 to December 31, 2017, 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.

102 See Notes to Financial Statements.

MEDIUM-DURATION BOND FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Par		Value
AGENCY OBLIGATIONS — 2.6%
Federal Home Loan Bank
3.38%, 12/08/23	$	200,000	$	211,024
Federal Home Loan Bank Discount Notes
1.23%, 01/17/18W		1,390,000		1,389,235
1.24%, 01/24/18W		2,280,000		2,278,217
1.13%, 01/26/18W		1,920,000		1,918,361
1.27%, 02/09/18W		2,610,000		2,606,392
1.15%, 02/13/18W		4,690,000		4,683,345
1.32%, 02/22/18W		2,640,000		2,635,100
1.16%, 02/28/18W		2,020,000		2,015,810
1.34%, 03/21/18W		1,810,000		1,804,745
1.38%, 04/25/18W		6,180,000		6,153,231
1.39%, 04/27/18W		1,700,000		1,692,506
Federal National Mortgage Association
2.51%, 10/09/19W		3,350,000		3,227,236
2.63%, 09/06/24		200,000		202,849
1.88%, 09/24/26		2,200,000		2,076,282
6.25%, 05/15/29		500,000		669,322
6.63%, 11/15/30		1,170,000		1,647,707
NCUA Guaranteed Notes
3.00%, 06/12/19		300,000		304,188
Tennessee Valley Authority
3.88%, 02/15/21		1,000,000		1,055,145
Total Agency Obligations (Cost $36,419,739)				36,570,695
ASSET-BACKED SECURITIES — 6.1%
Academic Loan Funding Trust Series 2012-1A A2
(Floating, ICE LIBOR USD 1M + 1.10%), 2.43%, 12/27/44 144A†		1,250,000		1,250,576
Access Group, Inc. Series 2015-1 A
(Floating, ICE LIBOR USD 1M + 0.70%), 2.25%, 07/25/56 144A†		331,959		333,785
AccessLex Institute Series 2007-1 A4
(Floating, ICE LIBOR USD 3M + 0.06%), 1.43%, 01/25/23†		486,276		478,611
American Express Credit Account
Master Trust Series 2017-6 A 2.04%, 05/15/23		500,000		497,811
ARES XXXIII CLO, Ltd. Series 2015-1A A1R
(Floating, ICE LIBOR USD 3M + 1.35%), 2.84%, 12/05/25 144A†		1,000,000		1,008,462
Atlas Senior Loan Fund V, Ltd. Series 2014-1A A2R
(Floating, ICE LIBOR USD 3M + 1.26%), 2.62%, 07/16/29 144A†		1,400,000		1,410,414

	Par		Value
Avis Budget Rental Car Funding AESOP LLC Series 2017-2A A
2.97%, 03/20/24 144A	$	610,000	$	610,768
Bear Stearns Asset-Backed Securities Trust Series 2007-SD1 1A2A
6.00%, 10/25/36		1,290,721		1,010,964
Bear Stearns Asset-Backed Securities Trust Series 2007-SD1 1A3A
6.50%, 10/25/36		2,263,595		1,720,495
Benefit Street Partners CLO II Ltd. Series 2013-IIA A1R
(Floating, ICE LIBOR USD 3M + 1.25%), 2.61%, 07/15/29 144A†		1,400,000		1,409,727
BlueMountain CLO, Ltd. Series 2012-2A AR
(Floating, ICE LIBOR USD 3M + 1.42%), 2.86%, 11/20/28 144A†		1,250,000		1,259,578
BlueMountain CLO, Ltd. Series 2014-2A DR
(Floating, ICE LIBOR USD 3M + 3.00%), 4.36%, 07/20/26 144A†		1,250,000		1,262,385
BlueMountain CLO, Ltd. Series 2015-1A A1R
(Floating, ICE LIBOR USD 3M + 1.33%), 2.69%, 04/13/27 144A†		1,000,000		1,003,583
Capital One Multi-Asset Execution Trust Series 2016-A1 A1
(Floating, LIBOR USD 1M + 0.45%), 1.93%, 02/15/22†		800,000		803,935
Carlyle Global Market Strategies CLO, Ltd. Series 2014-4 D
(Floating, ICE LIBOR USD 3M + 3.60%), 4.96%, 10/15/26 144A†		1,000,000		1,012,522
Catamaran CLO, Ltd. Series 2013-1A AR
(Floating, ICE LIBOR USD 3M + 0.85%), 2.36%, 01/27/28 144A†		1,600,000		1,600,000
Cent CLO 21, Ltd. Series 2014-21A A1BR
(Floating, ICE LIBOR USD 3M + 1.21%), 2.58%, 07/27/26 144A†		500,000		501,721
Chapel BV Series 2007
(Floating, Euribor 3M + 0.36%), 0.03%, 07/17/66† (E)		516,240		617,569
Community Funding CLO, Ltd. Series 2015-1A A 5.75%, 11/01/27 144Ay††† STEP		860,000		852,155
CWHEQ Revolving Home Equity Loan Trust Series 2005-F 2A
(Floating, ICE LIBOR USD 1M + 0.24%), 1.72%, 12/15/35†		158,271		162,352

See Notes to Financial Statements. 103

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
CWHEQ Revolving Home Equity Loan Trust Series 2006-E 2A
(Floating, ICE LIBOR USD 1M + 0.14%), 1.62%, 07/15/36†	$	253,105	$	236,086
ECMC Group Student Loan Trust Series 2016-1A A
(Floating, ICE LIBOR USD 1M + 1.35%), 2.90%, 07/26/66 144A†		788,529		802,790
ECMC Group Student Loan Trust Series 2017-1A A
(Floating, ICE LIBOR USD 1M + 1.20%), 2.75%, 12/27/66 144A†		2,028,263		2,057,038
Edsouth Indenture No. 7 LLC Series 2014-3 A
(Floating, ICE LIBOR USD 1M + 0.60%), 2.15%, 02/25/36 144A†		860,914		848,578
EFS Volunteer No. 2 LLC Series 2012-1 A2
(Floating, ICE LIBOR USD 1M + 1.35%), 2.90%, 03/25/36 144A†		1,200,000		1,234,153
EFS Volunteer No. 3 LLC Series 2012-1 A3
(Floating, ICE LIBOR USD 1M + 1.00%), 2.55%, 04/25/33 144A†		2,100,000		2,102,937
Financial Asset Securities Corporation AAA Trust Series 2005-1A 1A3B
(Floating, LIBOR USD 1M + 0.41%), 1.97%, 02/27/35 144A†		919,772		842,893
Ford Credit Floorplan Master Owner Trust A Series 2015-4 A2
(Floating, LIBOR USD 1M + 0.60%), 2.08%, 08/15/20†		500,000		501,403
GMACM Home Equity Loan Trust Series 2007-HE3 6.80%, 09/25/37		82,101		84,549
6.97%, 09/25/37		21,105		21,523
Golden Credit Card Trust Series 2016-5A A
1.60%, 09/15/21 144A		900,000		891,612
Golden Credit Card Trust Series 2017-2A A
1.98%, 04/15/22 144A		500,000		496,779
GSAMP Trust Series 2007-HS1 A1
(Floating, ICE LIBOR USD 1M + 0.85%), 2.40%, 02/25/47†		413,617		411,267
Hertz Vehicle Financing II LP Series 2015-1A A
2.73%, 03/25/21 144A		350,000		351,213
Hertz Vehicle Financing II LP Series 2017-1A A
2.96%, 10/25/21 144A		1,910,000		1,908,856
Hertz Vehicle Financing II LP Series 2017-1A B
3.56%, 10/25/21 144A		1,030,000		1,025,073

	Par		Value
Higher Education Funding I Series 2014-1 A
(Floating, ICE LIBOR USD 3M + 1.05%), 2.51%, 05/25/34 144A†	$	954,580	$	956,140
Invitation Homes Trust Series 2015-SFR2 D
(Floating, LIBOR USD 1M + 2.30%), 3.79%, 06/17/32 144A†		250,000		251,900
Jackson Mill CLO, Ltd. Series 2015-1A A
(Floating, ICE LIBOR USD 3M + 1.54%), 2.90%, 04/15/27 144A†		1,000,000		1,001,575
Kabbage Asset Securitization LLC Series 2017-1 B
5.79%, 03/15/22 144A		1,240,000		1,278,105
LCM XXIII, Ltd. Series 23A
(Floating, ICE LIBOR USD 3M + 1.40%), 2.76%, 10/20/29 144A†		1,000,000		1,013,490
Mississippi Higher Education Assistance Corporation Series 2014-1 A1
(Floating, ICE LIBOR USD 1M + 0.68%), 2.23%, 10/25/35†		594,356		595,802
Montana Higher Education Student Assistance Corporation Series 2012-1 A3
(Floating, ICE LIBOR USD 1M + 1.05%), 2.33%, 07/20/43†		700,000		711,820
Navient Student Loan Trust Series 2016-5A A
(Floating, ICE LIBOR USD 1M + 1.25%), 2.80%, 06/25/65 144A†		1,925,364		1,969,046
Navient Student Loan Trust Series 2016-7A A
(Floating, ICE LIBOR USD 1M + 1.15%), 2.70%, 03/25/66 144A†		971,980		995,852
Navient Student Loan Trust Series 2017-2A A
(Floating, ICE LIBOR USD 1M + 1.05%), 2.60%, 12/27/66 144A†		2,058,074		2,085,432
Navient Student Loan Trust Series 2017-3A A3
(Floating, ICE LIBOR USD 1M + 1.05%), 2.60%, 07/26/66 144A†		1,110,000		1,141,175
Nelnet Student Loan Trust Series 2006-1 A6
(Floating, ICE LIBOR USD 3M + 0.45%), 1.90%, 08/23/36 144A†		1,200,000		1,174,550
Nelnet Student Loan Trust Series 2006-2 A5
(Floating, ICE LIBOR USD 3M + 0.10%), 1.47%, 01/25/30†		814,570		813,751

104 See Notes to Financial Statements.

	Par		Value
OHA Loan Funding, Ltd. Series 2015-1A AR
(Floating, ICE LIBOR USD 3M + 1.41%), 2.83%, 08/15/29 144A†	$	1,000,000	$	1,017,573
OZLM XV, Ltd. Series 2016-15A B
(Floating, ICE LIBOR USD 3M + 2.70%), 4.06%, 01/20/29 144A†		1,000,000		1,021,051
Panhandle-Plains Higher Education Authority, Inc. Series 2010-2 A1
(Floating, ICE LIBOR USD 3M + 1.13%), 2.82%, 10/01/35†		317,957		320,192
Park Place Securities, Inc. Pass-Through Trust Certificates Series 2005-WCH1 M3
(Floating, ICE LIBOR USD 1M + 0.84%), 2.39%, 01/25/36†		86,835		87,425
PHEAA Student Loan Trust Series 2012-1A A1
(Floating, ICE LIBOR USD 1M + 0.55%), 2.10%, 05/25/57 144A†		955,035		954,126
PHEAA Student Loan Trust Series 2016-1A A
(Floating, ICE LIBOR USD 1M + 1.15%), 2.70%, 09/25/65 144A†		782,313		796,205
PHEAA Student Loan Trust Series 2016-2A A
(Floating, ICE LIBOR USD 1M + 0.95%), 2.50%, 11/25/65 144A†		1,708,646		1,714,622
Prosper Marketplace Issuance Trust Series 2017-1A A
2.56%, 06/15/23 144A		614,495		616,569
RAMP Trust Series 2005-EFC6 M2
(Floating, ICE LIBOR USD 1M + 0.65%), 2.20%, 11/25/35†		1,900,000		1,905,755
Saxon Asset Securities Trust Series 2004-1
(Floating, ICE LIBOR USD 1M + 0.80%), 2.12%, 03/25/35†		486,261		477,852
SBA Small Business Investment Cos. Series 2016-10A
1 2.51%, 03/10/26		333,085		334,193
2.52%, 09/10/27		740,000		742,169
Scholar Funding Trust Series 2010-A A
(Floating, ICE LIBOR USD 3M + 0.75%), 2.13%, 10/28/41 144A†		297,017		295,115
SLC Student Loan Trust Series 2005-3 A3
(Floating, ICE LIBOR USD 3M + 0.12%), 1.71%, 06/15/29†		895,595		888,927
SLM Private Education Loan Trust Series 2010-A 2A
(Floating, ICE LIBOR USD 1M + 3.25%), 4.73%, 05/16/44 144A†		362,916		373,726
SLM Student Loan EDC Repackaging Trust Series 2013-M1 M1
3.50%, 10/28/29 144A		145,226		141,776

	Par		Value
SLM Student Loan Trust Series 2003-7A A54
(Floating, ICE LIBOR USD 3M + 1.20%), 2.79%, 12/15/33 144A†	$	922,505	$	935,769
SLM Student Loan Trust Series 2004-8A A6
(Floating, ICE LIBOR USD 3M + 0.63%), 2.00%, 01/25/40 144A†		600,000		601,088
SLM Student Loan Trust Series 2005-4 A3
(Floating, ICE LIBOR USD 3M + 0.12%), 1.49%, 01/25/27†		156,707		156,055
SLM Student Loan Trust Series 2005-5 A4
(Floating, ICE LIBOR USD 3M + 0.14%), 1.51%, 10/25/28†		900,000		894,731
SLM Student Loan Trust Series 2005-5 A5
(Floating, ICE LIBOR USD 3M + 0.75%), 2.12%, 10/25/40†		250,000		249,000
SLM Student Loan Trust Series 2006-2 A5
(Floating, ICE LIBOR USD 3M + 0.11%), 1.48%, 07/25/25†		428,687		428,590
SLM Student Loan Trust Series 2007-7 A4
(Floating, ICE LIBOR USD 3M + 0.33%), 1.70%, 01/25/22†		467,402		461,857
SLM Student Loan Trust Series 2007-7 B
(Floating, ICE LIBOR USD 3M + 0.75%), 2.12%, 10/27/70†		400,000		364,066
SLM Student Loan Trust Series 2008-2 A3
(Floating, ICE LIBOR USD 3M + 0.75%), 2.12%, 04/25/23†		155,281		155,293
SLM Student Loan Trust Series 2008-4 A4
(Floating, ICE LIBOR USD 3M + 1.65%), 3.02%, 07/25/22†		432,606		443,844
SLM Student Loan Trust Series 2008-5 A4
(Floating, ICE LIBOR USD 3M + 1.70%), 3.07%, 07/25/23†		1,693,931		1,748,704
SLM Student Loan Trust Series 2008-6 A4
(Floating, ICE LIBOR USD 3M + 1.10%), 2.47%, 07/25/23†		910,000		922,875
SLM Student Loan Trust Series 2008-8 A4
(Floating, ICE LIBOR USD 3M + 1.50%), 2.87%, 04/25/23†		400,000		410,741
SLM Student Loan Trust Series 2008-9 A
(Floating, ICE LIBOR USD 3M + 1.50%), 2.87%, 04/25/23†		2,274,421		2,329,431
SoFi Consumer Loan Program LLC Series 2017-4 A
2.50%, 05/26/26 144A		915,053		912,436

See Notes to Financial Statements. 105

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Soundview Home Loan Trust Series 2006-OPT2 A3
(Floating, ICE LIBOR USD 1M + 0.18%), 1.73%, 05/25/36†	$	617,016	$	615,434
TCW Clo 2017-1, Ltd. Series 2017-1A A
(Floating, ICE LIBOR USD 3M + 1.28%), 2.71%, 07/29/29 144A†		1,500,000		1,501,906
TIAA CLO II, Ltd. Series 2017-1A A
(Floating, ICE LIBOR USD 3M + 1.28%), 2.64%, 04/20/29 144A†		3,950,000		3,978,250
Upstart Securitization Trust Series 2017-2 A 2.51%, 03/20/25 144A		480,000		479,765
Utah State Board of Regents Series 2015-1 A
(Floating, ICE LIBOR USD 1M + 0.60%), 2.15%, 02/25/43†		575,573		577,274
Vibrant CLO VI, Ltd. Series 2017-6A A
(Floating, ICE LIBOR USD 3M + 1.24%), 2.87%, 06/20/29 144A †		2,750,000		2,772,032
Voya CLO 2017-3, Ltd. Series 2017-3A A1A
(Floating, ICE LIBOR USD 3M + 1.23%), 2.55%, 07/20/30 144A †		4,150,000		4,179,167
Voya CLO, Ltd. Series 2014-4A A1R
(Floating, ICE LIBOR USD 3M + 0.95%), 2.31%, 10/14/26 144A †		2,000,000		2,005,268
Washington Mutual Asset-Backed Certificates Trust Series 2006-HE1 2A3
(Floating, ICE LIBOR USD 1M + 0.18%), 1.73%, 04/25/36†		36,902		36,983
Total Asset-Backed Securities (Cost $84,973,918)				85,460,636
CERTIFICATES OF DEPOSIT — 0.0%
Barclays Bank PLC
1.94%, 09/04/18 (Cost $300,000)		300,000		300,025
CORPORATE BONDS — 16.9%
21st Century Fox America, Inc.
3.70%, 09/15/24		625,000		650,977
6.15%, 03/01/37		175,000		229,895
ABB Finance USA, Inc.
4.38%, 05/08/42		40,000		43,243
Abbott Laboratories
3.75%, 11/30/26		260,000		267,478
4.75%, 11/30/36		170,000		191,617
4.90%, 11/30/46		210,000		241,743
AbbVie, Inc.
2.50%, 05/14/20		225,000		225,818
2.30%, 05/14/21		200,000		198,698
2.85%, 05/14/23D		1,650,000		1,648,420
3.60%, 05/14/25		140,000		144,156

	Par		Value
AES Corporation
4.88%, 05/15/23	$	40,000	$	40,950
5.50%, 03/15/24		100,000		104,500
Aetna, Inc.
2.80%, 06/15/23		225,000		221,719
Allegion US Holding Co., Inc.
3.20%, 10/01/24		400,000		396,300
Allison Transmission, Inc.
5.00%, 10/01/24 144A		200,000		206,750
Amazon.com, Inc.
3.30%, 12/05/21D		525,000		542,638
3.15%, 08/22/27 144A		1,170,000		1,174,134
3.88%, 08/22/37 144A		160,000		170,357
4.95%, 12/05/44D		220,000		268,488
4.05%, 08/22/47 144A		890,000		963,390
American Campus Communities Operating Partnership LP REIT
3.75%, 04/15/23		525,000		539,068
American International Group, Inc.
2.30%, 07/16/19		200,000		199,925
3.75%, 07/10/25		100,000		103,266
4.50%, 07/16/44		225,000		243,303
(Variable, ICE LIBOR USD 3M + 2.06%), 6.25%, 03/15/87†		278,000		303,715
American Tower Corporation REIT
3.40%, 02/15/19		200,000		202,321
3.30%, 02/15/21D		150,000		152,860
3.38%, 10/15/26		1,500,000		1,476,505
Amgen, Inc.
3.63%, 05/22/24		50,000		52,021
4.66%, 06/15/51		34,000		38,198
Anadarko Petroleum Corporation
4.85%, 03/15/21		290,000		306,472
3.45%, 07/15/24		95,000		94,744
5.55%, 03/15/26D		125,000		140,477
6.45%, 09/15/36		280,000		343,948
6.60%, 03/15/46		470,000		606,733
Anthem, Inc.
2.95%, 12/01/22		390,000		390,607
3.35%, 12/01/24		130,000		132,086
3.65%, 12/01/27		200,000		204,280
Apache Corporation
3.25%, 04/15/22		80,000		80,680
2.63%, 01/15/23D		75,000		73,634
5.10%, 09/01/40		180,000		192,428
4.25%, 01/15/44D		900,000		875,287
Apple, Inc.
2.00%, 11/13/20		260,000		258,464
2.40%, 05/03/23		350,000		346,657
2.45%, 08/04/26		720,000		690,876
2.90%, 09/12/27		600,000		593,640
Arch Capital Group, Ltd.
7.35%, 05/01/34		175,000		239,433
AT&T, Inc.
(Floating, ICE LIBOR USD 3M + 0.65%), 2.01%, 01/15/20†		900,000		905,635
2.80%, 02/17/21		100,000		100,515

106 See Notes to Financial Statements.

	Par		Value
4.45%, 05/15/21	$	80,000	$	84,449
3.00%, 02/15/22		170,000		170,511
3.20%, 03/01/22		475,000		480,583
3.00%, 06/30/22		475,000		476,324
3.60%, 02/17/23		293,000		300,069
4.45%, 04/01/24		725,000		767,924
3.95%, 01/15/25		125,000		128,173
3.40%, 05/15/25		1,680,000		1,654,362
4.13%, 02/17/26		175,000		179,300
4.25%, 03/01/27		2,765,000		2,823,899
3.90%, 08/14/27		1,285,000		1,296,111
4.90%, 08/14/37		1,040,000		1,056,369
5.15%, 03/15/42		300,000		312,362
4.35%, 06/15/45		100,000		92,618
4.50%, 03/09/48		190,000		178,741
Baker Hughes a GE Co. LLC
3.34%, 12/15/27 144A		700,000		699,707
Bank of America Corporation
6.88%, 04/25/18		1,400,000		1,421,455
5.65%, 05/01/18		700,000		708,388
2.60%, 01/15/19		47,000		47,168
(Variable, ICE LIBOR USD 3M + 0.66%), 2.37%, 07/21/21†		875,000		873,789
3.30%, 01/11/23		120,000		122,845
(Variable, ICE LIBOR USD 3M + 0.79%), 3.00%, 12/20/23 144A†		329,000		330,072
4.00%, 04/01/24		420,000		444,361
4.20%, 08/26/24		390,000		411,055
(Variable, ICE LIBOR USD 3M + 3.71%), 6.25%, 09/05/24†		300,000		331,890
(Variable, ICE LIBOR USD 3M + 4.17%), 6.50%, 10/23/24†		150,000		170,625
4.00%, 01/22/25		440,000		458,181
(Variable, ICE LIBOR USD 3M + 1.09%), 3.09%, 10/01/25†		2,200,000		2,196,947
4.45%, 03/03/26		420,000		449,081
3.50%, 04/19/26		340,000		347,991
4.25%, 10/22/26		440,000		464,199
3.25%, 10/21/27		275,000		273,229
4.18%, 11/25/27		550,000		575,414
(Variable, ICE LIBOR USD 3M + 1.58%), 3.82%, 01/20/28†		575,000		595,445
(Variable, ICE LIBOR USD 3M + 1.51%), 3.71%, 04/24/28†		1,300,000		1,335,885
(Variable, ICE LIBOR USD 3M + 1.37%), 3.59%, 07/21/28†D		1,360,000		1,384,048
(Variable, ICE LIBOR USD 3M + 1.04%), 3.42%, 12/20/28 144A†		694,000		695,024
5.00%, 01/21/44		790,000		956,544
Barrick North America Finance LLC 4.40%, 05/30/21		138,000		146,190
5.70%, 05/30/41		150,000		184,958
Beacon Escrow Corporation
4.88%, 11/01/25 144A		80,000		80,700
Becton, Dickinson and Co.
2.68%, 12/15/19		349,000		350,427
2.89%, 06/06/22		700,000		696,339
3.36%, 06/06/24		1,405,000		1,410,902

	Par		Value
3.73%, 12/15/24	$	171,000	$	175,396
4.69%, 12/15/44		345,000		378,737
Blackstone CQP Holdco LP
6.50%, 03/20/21 144A		600,000		612,000
Boeing Capital Corporation
4.70%, 10/27/19		230,000		240,352
Boeing Co.
4.88%, 02/15/20		50,000		52,827
6.63%, 02/15/38		210,000		300,671
Brighthouse Financial, Inc.
3.70%, 06/22/27 144A		1,600,000		1,576,667
4.70%, 06/22/47 144A		310,000		317,504
Broadcom Corporation
3.00%, 01/15/22 144A		550,000		545,855
2.65%, 01/15/23 144A		400,000		386,053
3.13%, 01/15/25 144A		545,000		521,814
3.88%, 01/15/27 144A		940,000		926,751
Capital One Financial Corporation
4.20%, 10/29/25		350,000		360,682
Cardinal Health, Inc.
2.62%, 06/15/22		130,000		127,961
3.08%, 06/15/24		640,000		630,938
Catholic Health Initiatives
4.35%, 11/01/42		40,000		38,756
CCO Holdings LLC
5.13%, 05/01/27 144A		130,000		128,375
Celgene Corporation
3.55%, 08/15/22		170,000		175,291
3.88%, 08/15/25		250,000		259,186
5.00%, 08/15/45		110,000		125,293
Centene Corporation
4.75%, 05/15/22		130,000		135,525
6.13%, 02/15/24		90,000		95,400
4.75%, 01/15/25		50,000		51,000
Charles Schwab Corporation
3.20%, 03/02/27		300,000		303,086
(Variable, ICE LIBOR USD 3M + 2.58%), 5.00%, 12/01/27†		1,000,000		1,005,050
Charter Communications Operating LLC
4.46%, 07/23/22		125,000		130,548
4.91%, 07/23/25		2,710,000		2,885,666
3.75%, 02/15/28		1,800,000		1,728,360
4.20%, 03/15/28		260,000		258,600
6.48%, 10/23/45		90,000		105,297
Cheniere Corpus Christi Holdings LLC
5.13%, 06/30/27D		150,000		155,535
Chesapeake Energy Corporation
6.13%, 02/15/21D		160,000		162,800
Chevron Corporation
2.95%, 05/16/26		750,000		750,586
Chubb Corporation
(Variable, ICE LIBOR USD 3M + 2.25%), 3.61%, 04/15/37†		400,000		398,000
Chubb INA Holdings, Inc.
2.30%, 11/03/20		90,000		89,893
3.35%, 05/03/26		120,000		122,597

See Notes to Financial Statements. 107

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Cimarex Energy Co.
3.90%, 05/15/27	$	470,000	$	481,504
Cintas Corporation No.
2 2.90%, 04/01/22		180,000		181,789
3.70%, 04/01/27		690,000		719,337
Cisco Systems, Inc.
2.20%, 02/28/21		300,000		299,184
5.50%, 01/15/40		225,000		298,349
Citigroup, Inc.
(Variable, ICE LIBOR USD 3M + 4.03%), 8.40%, 04/30/18†		300,000		304,875
(Floating, ICE LIBOR USD 3M + 0.93%), 2.45%, 06/07/19†		700,000		705,664
(Floating, ICE LIBOR USD 3M + 1.19%), 2.57%, 08/02/21†		1,300,000		1,324,904
(Variable, ICE LIBOR USD 3M + 4.07%), 5.95%, 01/30/23†		170,000		181,050
3.50%, 05/15/23		220,000		224,208
(Variable, ICE LIBOR USD 3M + 3.47%), 5.35%, 05/15/23†		180,000		184,275
(Variable, ICE LIBOR USD 3M + 3.91%), 5.95%, 05/15/25†		690,000		735,712
4.40%, 06/10/25		450,000		475,443
5.50%, 09/13/25		290,000		327,217
(Variable, ICE LIBOR USD 3M + 4.52%), 6.25%, 08/15/26†		150,000		165,638
4.30%, 11/20/26		1,675,000		1,754,820
4.45%, 09/29/27		780,000		826,771
4.13%, 07/25/28		125,000		129,108
6.63%, 06/15/32		50,000		63,875
8.13%, 07/15/39		20,000		32,079
6.68%, 09/13/43		10,000		13,889
5.30%, 05/06/44D		24,000		28,444
4.65%, 07/30/45		574,000		655,981
4.75%, 05/18/46		40,000		44,273
CNOOC Finance 2015 USA LLC
3.50%, 05/05/25		760,000		767,339
Comcast Corporation
5.70%, 05/15/18		1,250,000		1,267,806
3.38%, 08/15/25		275,000		282,504
3.15%, 02/15/28D		500,000		502,233
3.20%, 07/15/36		380,000		362,095
Compass Bank
5.50%, 04/01/20		300,000		315,805
ConocoPhillips Co.
3.35%, 11/15/24		80,000		82,486
ConocoPhillips Holding Co.
6.95%, 04/15/29		220,000		289,553
Continental Resources, Inc.
4.38%, 01/15/28 144A		130,000		128,499
Cott Holdings, Inc.
5.50%, 04/01/25 144A		170,000		175,100
Crown Castle International Corporation REIT
2.25%, 09/01/21		125,000		122,999
5.25%, 01/15/23		525,000		575,486
3.20%, 09/01/24		200,000		198,221

	Par		Value
3.65%, 09/01/27	$	50,000	$	49,979
Crown Castle Towers LLC
4.88%, 08/15/20 144A		1,900,000		1,988,364
CVS Health Corporation
2.75%, 12/01/22		210,000		207,103
4.00%, 12/05/23		800,000		832,826
3.88%, 07/20/25		313,000		322,860
2.88%, 06/01/26		675,000		648,360
5.13%, 07/20/45		350,000		402,687
CVS Pass-Through Trust
6.94%, 01/10/30		645,127		755,516
DAE Funding LLC
4.50%, 08/01/22 144A		70,000		68,950
5.00%, 08/01/24 144A		80,000		79,200
DDR Corporation REIT
3.50%, 01/15/21		875,000		888,842
Delta Air Lines Class A Pass-Through Trust Series 2007-1 A
6.82%, 08/10/22		295,410		336,590
Depository Trust & Clearing Corporation
(Variable, ICE LIBOR USD 3M +
3.17%), 4.88%, 06/15/20
144A†		750,000		781,875
Devon Energy Corporation
3.25%, 05/15/22D		220,000		223,998
5.85%, 12/15/25		250,000		292,381
5.60%, 07/15/41		437,000		516,855
4.75%, 05/15/42		130,000		138,158
5.00%, 06/15/45		660,000		739,111
Devon Financing Corporation LLC
7.88%, 09/30/31		60,000		82,559
Diamond 1 Finance Corporation
3.48%, 06/01/19 144A		1,010,000		1,023,004
4.42%, 06/15/21 144A		2,380,000		2,481,943
5.45%, 06/15/23 144A		150,000		162,283
Digital Realty Trust LP
3.40%, 10/01/20		900,000		918,357
Discover Financial Services
3.75%, 03/04/25		450,000		453,657
DISH DBS Corporation
5.88%, 07/15/22		200,000		201,750
7.75%, 07/01/26		50,000		52,750
Dollar Tree, Inc.
5.75%, 03/01/23		140,000		146,913
Duke Energy Corporation
3.75%, 04/15/24		200,000		209,163
3.15%, 08/15/27		550,000		547,150
3.95%, 08/15/47		30,000		30,964
Eaton Corporation
2.75%, 11/02/22		710,000		712,878
4.15%, 11/02/42		200,000		209,075
Ecolab, Inc.
4.35%, 12/08/21		82,000		87,361
5.50%, 12/08/41		24,000		30,156
3.95%, 12/01/47 144A		193,000		198,152

108 See Notes to Financial Statements.

	Par		Value
Education Realty Operating Partnership LP REIT
4.60%, 12/01/24	$	325,000	$	338,489
Eli Lilly & Co.
3.10%, 05/15/27		140,000		142,274
EMD Finance LLC
2.95%, 03/19/22 144A		475,000		477,493
Energy Transfer LP
4.65%, 06/01/21D		650,000		682,815
3.60%, 02/01/23		75,000		75,162
4.75%, 01/15/26		25,000		25,979
Entergy Louisiana LLC
5.40%, 11/01/24		1,200,000		1,371,391
Enterprise Products Operating LLC
5.70%, 02/15/42		60,000		72,817
(Variable, ICE LIBOR USD 3M + 3.71%), 5.08%, 08/01/66†		550,000		550,687
EOG Resources, Inc.
4.15%, 01/15/26		140,000		149,251
EQT Midstream Partners LP
4.13%, 12/01/26		1,800,000		1,795,789
ERP Operating LP REIT
4.63%, 12/15/21		150,000		160,754
Exelon Corporation
5.63%, 06/15/35		415,000		511,538
Expedia, Inc.
3.80%, 02/15/28 144A		375,000		363,117
Exxon Mobil Corporation
3.04%, 03/01/26		280,000		284,623
4.11%, 03/01/46		530,000		594,723
Fidelity National Information Services, Inc.
3.63%, 10/15/20		265,000		272,455
First Data Corporation
5.38%, 08/15/23 144A		70,000		73,038
FirstEnergy Corporation
4.25%, 03/15/23		490,000		512,355
3.90%, 07/15/27		1,430,000		1,468,092
7.38%, 11/15/31		770,000		1,040,964
Fiserv, Inc.
2.70%, 06/01/20		350,000		352,384
Florida Power & Light Co.
3.80%, 12/15/42		425,000		446,691
Ford Motor Credit Co. LLC
2.94%, 01/08/19		400,000		402,598
(Floating, ICE LIBOR USD 3M + 0.83%), 2.38%, 03/12/19†		200,000		201,042
2.46%, 03/27/20		800,000		797,861
3.16%, 08/04/20		225,000		227,889
5.75%, 02/01/21		200,000		217,291
3.34%, 03/18/21		250,000		254,101
5.88%, 08/02/21		1,675,000		1,840,823
Freeport-McMoRan, Inc.
6.88%, 02/15/23		10,000		10,950
5.45%, 03/15/43		122,000		122,458
General Electric Co.
8.50%, 04/06/18		2,000,000		101,776

	Par		Value
6.00%, 08/07/19	$	301,000	$	319,010
4.38%, 09/16/20		198,000		208,064
5.30%, 02/11/21		104,000		112,347
4.65%, 10/17/21D		140,000		150,808
3.15%, 09/07/22		230,000		233,788
5.88%, 01/14/38		72,000		93,289
6.88%, 01/10/39		400,000		577,506
4.50%, 03/11/44D		100,000		111,042
General Motors Co.
6.25%, 10/02/43		110,000		130,743
General Motors Financial Co., Inc.
3.25%, 05/15/18		280,000		281,078
3.50%, 07/10/19		625,000		634,653
(Floating, ICE LIBOR USD 3M + 1.27%), 2.97%, 10/04/19†		400,000		405,361
3.20%, 07/13/20		1,000,000		1,014,166
4.38%, 09/25/21		400,000		421,118
3.45%, 04/10/22		230,000		233,288
4.25%, 05/15/23		40,000		41,941
4.35%, 01/17/27		170,000		177,131
Gilead Sciences, Inc.
3.70%, 04/01/24		230,000		240,817
4.50%, 02/01/45		400,000		445,643
4.75%, 03/01/46		20,000		23,191
4.15%, 03/01/47		300,000		319,923
GlaxoSmithKline Capital, Inc.
5.65%, 05/15/18		380,000		385,249
Glencore Funding LLC
4.13%, 05/30/23 144A		375,000		388,407
4.63%, 04/29/24 144A		175,000		185,153
4.00%, 03/27/27 144A D		480,000		482,833
Goldman Sachs Capital II
(Variable, ICE LIBOR USD 3M + 0.77%), 4.00%, 02/09/18†		3,000		2,660
Goldman Sachs Group, Inc. 5.95%, 01/18/18		1,000,000		1,001,587
(Floating, ICE LIBOR USD 3M + 1.10%), 2.52%, 11/15/18†		3,800,000		3,824,008
5.38%, 03/15/20		200,000		212,132
6.00%, 06/15/20		540,000		584,191
5.25%, 07/27/21		560,000		607,220
3.85%, 07/08/24		150,000		155,720
4.25%, 10/21/25		620,000		648,626
3.50%, 11/16/26		550,000		553,787
6.75%, 10/01/37		110,000		147,519
6.25%, 02/01/41		750,000		1,012,786
5.15%, 05/22/45		330,000		383,578
4.75%, 10/21/45		530,000		608,589
Goodman US Finance Three LLC REIT
3.70%, 03/15/28 144A		1,000,000		994,398
Goodyear Tire & Rubber Co.
5.13%, 11/15/23		80,000		83,671
5.00%, 05/31/26		90,000		93,137
Halliburton Co.
3.80%, 11/15/25		745,000		775,533
4.85%, 11/15/35		30,000		33,757

See Notes to Financial Statements. 109

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
5.00%, 11/15/45		$	90,000		$	103,760
Harris Corporation
5.05%, 04/27/45			110,000			129,881
Hartford Financial Services Group, Inc.
5.13%, 04/15/22			50,000			54,617
HCA, Inc.
7.69%, 06/15/25			250,000			284,375
5.50%, 06/15/47			50,000			50,000
HCP, Inc. REIT
2.63%, 02/01/20			300,000			301,210
Hewlett Packard Enterprise Co.
4.90%, 10/15/25			425,000			449,396
Hilton Worldwide Finance LLC
4.88%, 04/01/27			20,000			20,975
HSBC USA, Inc.
(Floating, ICE LIBOR USD 3M + 0.77%), 2.16%, 08/07/18†			1,700,000			1,705,651
Humana, Inc.
3.15%, 12/01/22			70,000			70,541
3.95%, 03/15/27			150,000			155,600
4.63%, 12/01/42			60,000			65,715
4.95%, 10/01/44			70,000			80,937
4.80%, 03/15/47			10,000			11,322
Intel Corporation
3.70%, 07/29/25			805,000			850,692
3.73%, 12/08/47 144A			76,000			79,135
International Lease Finance Corporation
7.13%, 09/01/18 144A			1,975,000			2,038,272
8.63%, 01/15/22			420,000			506,261
International Paper & Co.
3.00%, 02/15/27			900,000			874,318
John Deere Capital Corporation
2.25%, 04/17/19			160,000			160,222
1.70%, 01/15/20			80,000			79,244
Johnson & Johnson
2.45%, 03/01/26			190,000			185,488
3.63%, 03/03/37			720,000			762,229
JPMorgan Chase & Co.
(Floating, ICE LIBOR USD 3M + 0.55%), 1.92%, 04/25/18†			2,200,000			2,202,610
2.25%, 01/23/20			300,000			299,889
(Variable, ICE LIBOR USD 3M + 3.80%), 5.30%, 05/01/20†			550,000			571,780
4.40%, 07/22/20			980,000			1,029,898
2.55%, 03/01/21			300,000			300,291
2.40%, 06/07/21			1,100,000			1,094,631
4.35%, 08/15/21			70,000			74,280
2.97%, 01/15/23			475,000			479,313
3.88%, 09/10/24			860,000			897,878
2.95%, 10/01/26			700,000			688,357
4.25%, 10/01/27			90,000			95,848
(Variable, ICE LIBOR USD 3M + 1.36%), 3.88%, 07/24/38†			175,000			180,265
4.95%, 06/01/45			400,000			466,013
Kerr-McGee Corporation
6.95%, 07/01/24			290,000			342,303

	Par			Value
7.88%, 09/15/31		$	280,000		$	372,875
Kilroy Realty LP REIT
3.80%, 01/15/23			400,000			409,480
Kimberly-Clark Corporation
3.70%, 06/01/43			200,000			199,932
Kinder Morgan Energy Partners LP
9.00%, 02/01/19			700,000			747,516
3.95%, 09/01/22			520,000			537,194
4.15%, 02/01/24			50,000			51,923
4.25%, 09/01/24			100,000			103,713
Kinder Morgan, Inc.
3.05%, 12/01/19			575,000			580,294
5.63%, 11/15/23 144A			900,000			994,900
KKR Group Finance Co. II LLC
5.50%, 02/01/43 144A			30,000			34,936
Kraft Heinz Foods Co.
5.38%, 02/10/20			223,000			236,386
2.80%, 07/02/20			250,000			251,587
3.50%, 06/06/22D			160,000			163,889
3.95%, 07/15/25			110,000			113,795
3.00%, 06/01/26D			110,000			106,046
5.00%, 07/15/35			100,000			109,497
5.00%, 06/04/42			50,000			53,845
5.20%, 07/15/45			60,000			66,251
4.38%, 06/01/46			100,000			99,456
Kroger Co.
6.15%, 01/15/20			360,000			386,988
Lamb Weston Holdings, Inc.
4.63%, 11/01/24 144A			150,000			155,250
Lehman Escrow Bonds
0.00%, 01/18/12#			200,000			9,200
0.00%, 01/24/13#			2,300,000			105,800
0.00%, 07/19/17y ††† #			150,000			—
0.00%, 12/28/17y ††† #			3,340,000			—
0.00%, 11/29/49y ††† #			2,330,000			—
Life Storage LLP REIT 3.88%, 12/15/27			1,025,000			1,023,324
Lockheed Martin Corporation 3.10%, 01/15/23			1,040,000			1,057,918
3.55%, 01/15/26			310,000			322,444
4.50%, 05/15/36			50,000			56,242
Magnolia Finance X Ltd. 4.04%, 12/03/20y †††			370,925			490,788
2.48%, 12/06/20y †††			995,639			1,317,377
McDonald’s Corporation 3.70%, 01/30/26			240,000			250,598
3.50%, 03/01/27			500,000			515,196
Medtronic Global Holdings SCA 3.35%, 04/01/27D			750,000			770,447
Medtronic, Inc. 2.50%, 03/15/20			125,000			125,780
3.15%, 03/15/22			300,000			307,454
3.50%, 03/15/25			30,000			31,150
4.63%, 03/15/45			250,000			291,979
MetLife Capital Trust IV 7.88%, 12/15/37 144A			300,000			401,250

110 See Notes to Financial Statements.

	Par			Value
MetLife, Inc.
4.75%, 02/08/21		$	270,000		$	289,201
6.40%, 12/15/36			50,000			57,641
4.05%, 03/01/45			25,000			26,285
Microsoft Corporation
2.88%, 02/06/24			470,000			477,192
2.70%, 02/12/25			120,000			119,931
3.13%, 11/03/25			450,000			459,888
2.40%, 08/08/26			1,200,000			1,158,575
3.30%, 02/06/27			800,000			826,149
3.45%, 08/08/36			10,000			10,331
4.10%, 02/06/37			50,000			55,937
3.95%, 08/08/56			130,000			139,184
Moody’s Corporation
4.50%, 09/01/22			800,000			858,036
Morgan Stanley
6.63%, 04/01/18			700,000			707,713
(Variable, ICE LIBOR USD 3M + 3.81%), 5.55%, 07/15/20†			375,000			390,000
5.50%, 07/24/20			550,000			590,053
(Floating, ICE LIBOR USD 3M + 1.40%), 2.76%, 04/21/21†			100,000			102,769
(Floating, ICE LIBOR USD 3M + 1.40%), 2.76%, 10/24/23†			225,000			231,556
3.88%, 04/29/24			275,000			287,362
3.70%, 10/23/24			450,000			465,416
3.63%, 01/20/27			550,000			563,550
MPLX LP
4.88%, 12/01/24			230,000			248,271
4.88%, 06/01/25			240,000			257,603
MPT Operating Partnership LP REIT
5.00%, 10/15/27			270,000			275,737
National Retail Properties, Inc. REIT
3.60%, 12/15/26			250,000			248,365
Navient Corporation
5.88%, 03/25/21			300,000			310,875
NCL Corporation, Ltd.
4.75%, 12/15/21 144A			50,000			51,875
Netflix, Inc.
5.50%, 02/15/22			100,000			105,625
Newell Brands, Inc.
3.15%, 04/01/21			110,000			111,314
3.85%, 04/01/23			200,000			207,190
4.20%, 04/01/26D			150,000			156,821
Nissan Motor Acceptance Corporation
(Floating, ICE LIBOR USD 3M + 0.89%), 2.25%, 01/13/22 144A †			1,900,000			1,924,761
Noble Energy, Inc.
4.15%, 12/15/21			620,000			646,606
3.85%, 01/15/28D			230,000			231,171
4.95%, 08/15/47			110,000			118,185
Northrop Grumman Corporation
2.93%, 01/15/25			1,100,000			1,095,194
3.25%, 01/15/28			2,320,000			2,328,345
Northwestern Mutual Life Insurance Co.
6.06%, 03/30/40 144A			300,000			403,586

	Par			Value
3.85%, 09/30/47 144A		$	250,000		$	254,108
Oasis Petroleum, Inc.
6.88%, 03/15/22D			60,000			61,725
Occidental Petroleum Corporation
3.13%, 02/15/22			100,000			102,576
2.70%, 02/15/23			20,000			20,026
3.40%, 04/15/26			500,000			512,598
3.00%, 02/15/27			150,000			149,300
4.63%, 06/15/45			130,000			147,727
4.40%, 04/15/46			60,000			66,583
4.10%, 02/15/47D			210,000			223,802
Oracle Corporation
2.50%, 05/15/22			375,000			375,814
3.25%, 11/15/27			625,000			636,388
Pacific Gas & Electric Co.
8.25%, 10/15/18			130,000			136,044
6.05%, 03/01/34D			570,000			719,638
5.80%, 03/01/37D			210,000			262,550
Penske Truck Leasing Co. LP
3.05%, 01/09/20 144A			575,000			582,169
Phillips 66 Partners LP
3.55%, 10/01/26			175,000			173,770
Physicians Realty LP REIT
3.95%, 01/15/28			2,400,000			2,376,986
Pioneer Natural Resources Co.
3.45%, 01/15/21			275,000			280,733
3.95%, 07/15/22			75,000			78,249
Plains All American Pipeline LP
3.65%, 06/01/22			200,000			201,358
3.85%, 10/15/23			200,000			199,306
4.50%, 12/15/26			600,000			609,310
Priceline Group, Inc.
3.60%, 06/01/26			425,000			427,571
Principal Life Global Funding II
2.38%, 09/11/19 144A			2,900,000			2,905,996
Progress Energy, Inc.
7.75%, 03/01/31			350,000			490,997
Puget Sound Energy, Inc.
(Variable, ICE LIBOR USD 3M + 2.53%), 4.01%, 06/01/67†			275,000			271,136
Quicken Loans, Inc.
5.75%, 05/01/25 144A			110,000			114,401
Range Resources Corporation
5.00%, 03/15/23			130,000			130,000
4.88%, 05/15/25D			10,000			9,700
Raytheon Co.
3.13%, 10/15/20			200,000			204,677
Realty Income Corporation REIT
3.65%, 01/15/28			300,000			302,831
Regency Energy Partners LP
5.88%, 03/01/22			100,000			109,422
4.50%, 11/01/23			310,000			320,916
Reliance Standard Life Global Funding II
2.50%, 01/15/20 144A			475,000			475,162
Rensselaer Polytechnic Institute
5.60%, 09/01/20			675,000			722,525

See Notes to Financial Statements. 111

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Reynolds Group Issuer, Inc.
5.13%, 07/15/23 144A	$	160,000	$	165,800
Rockwell Collins, Inc.
3.50%, 03/15/27		550,000		561,070
Roper Technologies, Inc.
2.05%, 10/01/18		375,000		375,029
3.00%, 12/15/20		250,000		253,148
3.80%, 12/15/26		400,000		413,265
Sabine Pass Liquefaction LLC
6.25%, 03/15/22		475,000		528,967
5.75%, 05/15/24		1,000,000		1,112,928
5.63%, 03/01/25		500,000		552,301
Sally Holdings LLC
5.63%, 12/01/25D		250,000		250,000
Santander Holdings USA, Inc.
2.70%, 05/24/19		700,000		701,751
4.50%, 07/17/25		60,000		62,681
Schlumberger Holdings Corporation
3.00%, 12/21/20 144A		250,000		253,412
4.00%, 12/21/25 144A		190,000		199,992
Select Income REIT
2.85%, 02/01/18		75,000		75,000
3.60%, 02/01/20		125,000		125,835
Sherwin-Williams Co.
2.25%, 05/15/20		350,000		349,028
2.75%, 06/01/22		125,000		124,643
3.13%, 06/01/24		75,000		75,520
3.45%, 06/01/27		800,000		814,389
Southern Co.
2.35%, 07/01/21		450,000		447,703
Southern Copper Corporation
5.25%, 11/08/42		960,000		1,076,236
Southern Natural Gas Co. LLC
8.00%, 03/01/32		400,000		543,565
Spectrum Brands, Inc.
5.75%, 07/15/25		110,000		116,325
Spirit Airlines Class A Pass-Through Trust Series 2015-1
4.10%, 04/01/28		1,345,265		1,400,421
Sprint Corporation
7.25%, 09/15/21		30,000		31,838
7.63%, 02/15/25D		300,000		315,000
State Street Corporation
4.96%, 03/15/18		480,000		482,770
Stryker Corporation
2.63%, 03/15/21		125,000		125,388
Sunoco Logistics Partners Operations LP
4.25%, 04/01/24		100,000		102,082
Symantec Corporation
5.00%, 04/15/25 144A		140,000		145,950
Synchrony Financial
2.60%, 01/15/19		300,000		300,638
3.00%, 08/15/19		375,000		377,749
2.70%, 02/03/20		200,000		200,597
Targa Resources Partners LP
4.25%, 11/15/23		750,000		744,375

	Par		Value
Taylor Morrison Communities, Inc.
5.63%, 03/01/24 144A	$	150,000	$	157,688
Teachers Insurance & Annuity Association of America
6.85%, 12/16/39 144A		46,000		65,118
4.90%, 09/15/44 144A		435,000		498,756
Tenet Healthcare Corporation
8.13%, 04/01/22		50,000		51,063
Thermo Fisher Scientific, Inc.
3.00%, 04/15/23		325,000		327,390
3.65%, 12/15/25		200,000		205,588
Time Warner, Inc.
6.10%, 07/15/40		140,000		170,190
TimeWarner Cable LLC
5.00%, 02/01/20		100,000		104,412
4.13%, 02/15/21		400,000		412,191
7.30%, 07/01/38		210,000		263,997
5.88%, 11/15/40		100,000		108,848
TimeWarner Entertainment Co. LP
8.38%, 07/15/33		390,000		537,909
TJX Cos, Inc.
2.25%, 09/15/26		40,000		37,582
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26		350,000		448,045
United Airlines Class A Pass-Through Trust Series 2016-2
3.10%, 10/07/28D		800,000		788,400
United Airlines Class AA Pass-Through Trust Series 2016-2
2.88%, 10/07/28		800,000		787,320
United Parcel Service, Inc.
2.50%, 04/01/23		120,000		119,420
3.05%, 11/15/27		100,000		100,135
United Rentals North America, Inc.
5.50%, 07/15/25		140,000		148,925
4.88%, 01/15/28		40,000		40,300
United Technologies Corporation
4.50%, 06/01/42		120,000		133,309
UnitedHealth Group, Inc.
1.63%, 03/15/19		170,000		169,109
3.75%, 07/15/25		270,000		284,867
4.63%, 07/15/35		225,000		262,520
6.88%, 02/15/38		200,000		290,631
Univision Communications, Inc.
5.13%, 02/15/25 144A		150,000		146,438
VEREIT Operating Partnership LP
3.00%, 02/06/19		500,000		502,537
4.13%, 06/01/21D		200,000		207,779
4.88%, 06/01/26		75,000		79,506
Verizon Communications, Inc.
2.95%, 03/15/22		725,000		730,133
2.45%, 11/01/22D		500,000		490,665
5.15%, 09/15/23		1,400,000		1,559,644
4.15%, 03/15/24		750,000		789,885
3.50%, 11/01/24		350,000		356,796
3.38%, 02/15/25 144A		1,095,000		1,100,865

112 See Notes to Financial Statements.

	Par		Value
2.63%, 08/15/26	$	985,000	$	929,529
4.13%, 03/16/27		1,550,000		1,619,304
5.25%, 03/16/37		680,000		750,110
4.86%, 08/21/46		350,000		366,003
5.50%, 03/16/47		100,000		114,382
4.52%, 09/15/48		110,000		108,758
Visa, Inc.
3.15%, 12/14/25		600,000		614,005
4.30%, 12/14/45		360,000		410,691
VMware, Inc.
3.90%, 08/21/27		500,000		505,728
Voya Financial, Inc.
2.90%, 02/15/18		22,000		22,022
5.70%, 07/15/43		170,000		208,970
Wachovia Capital Trust III
(Variable, ICE LIBOR USD 3M + 0.93%), 5.57%, 02/09/18†		560,000		564,900
Walgreens Boots Alliance, Inc.
2.70%, 11/18/19		100,000		100,651
Waste Management, Inc.
3.50%, 05/15/24		140,000		145,153
7.38%, 05/15/29		140,000		185,592
Wells Fargo & Co.
2.60%, 07/22/20		800,000		805,223
4.60%, 04/01/21		70,000		74,423
3.45%, 02/13/23		200,000		203,952
(Floating, ICE LIBOR USD 3M + 1.23%), 2.61%, 10/31/23†		600,000		616,369
4.48%, 01/16/24		2,196,000		2,362,104
(Variable, ICE LIBOR USD 3M + 3.99%), 5.88%, 06/15/25† D		600,000		665,280
4.10%, 06/03/26		440,000		461,887
3.00%, 10/23/26		2,140,000		2,099,951
4.30%, 07/22/27		860,000		916,813
(Variable, ICE LIBOR USD 3M + 1.31%), 3.58%, 05/22/28†		600,000		612,403
5.38%, 11/02/43		190,000		226,759
4.65%, 11/04/44		70,000		76,516
4.90%, 11/17/45		370,000		419,763
4.40%, 06/14/46		70,000		74,008
4.75%, 12/07/46		260,000		291,303
Wells Fargo Capital X
5.95%, 12/15/36		140,000		159,600
Welltower, Inc. REIT
4.25%, 04/01/26		900,000		943,788
West Corporation
4.75%, 07/15/21 144AD		60,000		60,900
Western Gas Partners LP
3.95%, 06/01/25		225,000		225,334
Westlake Chemical Corporation
4.63%, 02/15/21		60,000		61,800
4.88%, 05/15/23		90,000		93,150
3.60%, 08/15/26		125,000		125,948
WestRock RKT Co.
3.50%, 03/01/20		150,000		152,686
4.00%, 03/01/23		30,000		31,122
Whiting Petroleum Corporation
6.25%, 04/01/23D		240,000		246,600

	Par		Value
Williams Cos., Inc.
7.50%, 01/15/31	$	10,000	$	12,275
7.75%, 06/15/31		25,000		30,938
8.75%, 03/15/32		181,000		239,825
Williams Partners LP
3.60%, 03/15/22		155,000		158,700
3.90%, 01/15/25		350,000		357,242
5.10%, 09/15/45		105,000		115,918
Wm.Wrigley Jr. Co.
2.40%, 10/21/18 144A		60,000		60,177
2.90%, 10/21/19 144A		230,000		232,197
WPX Energy, Inc.
6.00%, 01/15/22D		10,000		10,500
8.25%, 08/01/23		30,000		34,200
Zoetis, Inc.
3.00%, 09/12/27		350,000		342,606
Total Corporate Bonds (Cost $230,735,829)				237,493,857
FOREIGN BONDS — 10.8%
Argentina — 0.2%
Argentina POM Politica Monetaria
(Floating, Argentina Central Bank 7D Repo Rate + 0.00%), 28.75%, 06/21/20† (ZA)		1,110,000		63,402
Argentine Bonos del Tesoro 21.20%, 09/19/18(ZA)		230,000		12,048
18.20%, 10/03/21(ZA)		13,930,000		771,292
Argentine Republic Government International Bond
5.63%, 01/26/22D		1,250,000		1,321,875
7.13%, 07/06/36D		720,000		781,920
Provincia de Buenos Aires 6.50%, 02/15/23 144A		230,000		247,664
7.88%, 06/15/27 144A		180,000		200,217
				3,398,418
Australia — 0.3%
BHP Billiton Finance (USA), Ltd.
2.88%, 02/24/22		20,000		20,243
5.00%, 09/30/43		220,000		270,363
(Variable, USD Swap 5Y + 5.09%), 6.75%, 10/19/75 144A†		880,000		1,029,679
CNOOC Finance 2015 Australia Proprietary, Ltd.
2.63%, 05/05/20		1,300,000		1,297,490
Commonwealth Bank of Australia
5.00%, 10/15/19 144A		50,000		52,318
3.90%, 07/12/47 144A		390,000		399,737
FMG Resources August 2006 Proprietary, Ltd.
9.75%, 03/01/22 144A		180,000		199,620
Macquarie Bank, Ltd.
6.63%, 04/07/21 144A		71,000		78,415
Westpac Banking Corp of New Zealand
(Variable, USD ICE Swap Rate 5Y + 2.89%), 5.00%, 09/21/27†		300,000		299,575

See Notes to Financial Statements. 113

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Westpac Banking Corporation
(Variable, USD ICE Swap Rate 5Y + 2.24%), 4.32%, 11/23/31†		$	350,000		$	361,274
						4,008,714
Belgium — 0.0%
KBC Bank NV
(Variable, USD Swap 5Y + 7.10%), 8.00%, 01/25/23†			200,000			201,207
Bermuda — 0.0%
XLIT, Ltd.
4.45%, 03/31/25			349,000			357,509
Brazil — 0.5%
Brazil Letras do Tesouro Nacional
0.00%, 10/01/19W (B)			168,400			445,806
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/21(B)			7,392,000			2,296,668
10.00%, 01/01/23(B)			7,128,000			2,177,078
10.00%, 01/01/27(B)			810,000			240,948
Brazilian Government International Bond
5.63%, 01/07/41			750,000			768,000
5.63%, 02/21/47D			600,000			614,400
Vale Overseas, Ltd.
6.88%, 11/21/36			591,000			726,930
						7,269,830
Canada — 0.3%
Alimentation Couche-Tard, Inc.
2.70%, 07/26/22 144A			275,000			272,763
3.55%, 07/26/27 144A			125,000			125,136
Bank of Montreal
(Variable, USD Swap 5Y + 1.43%), 3.80%, 12/15/32†D			450,000			445,446
Bank of Nova Scotia
1.88%, 04/26/21			1,600,000			1,569,611
Barrick Gold Corporation
5.25%, 04/01/42			560,000			647,962
Canadian Natural Resources, Ltd.
3.85%, 06/01/27			350,000			357,922
Enbridge, Inc.
3.50%, 06/10/24			150,000			151,888
Potash Corporation of Saskatchewan, Inc.
4.88%, 03/30/20			110,000			115,231
Transcanada Trust
(Variable, ICE LIBOR USD 3M + 3.21%), 5.30%, 03/15/77†			370,000			382,256
Valeant Pharmaceuticals International, Inc.
6.50%, 03/15/22 144A			50,000			52,625
7.00%, 03/15/24 144A			230,000			246,675
Yamana Gold, Inc.
4.63%, 12/15/27 144A			175,000			176,254
						4,543,769

	Par			Value
Chile — 0.1%
Latam Airlines Class A Pass-Through Trust Series 2015-1 A
4.20%, 11/15/27		$	808,346		$	819,461
China — 0.1%
China Evergrande Group
8.75%, 06/28/25			200,000			207,787
China Government Bond
3.31%, 11/30/25(Y)			1,000,000			144,381
Park Aerospace Holdings, Ltd.
5.25%, 08/15/22 144A			60,000			59,850
5.50%, 02/15/24 144A			100,000			99,500
Sinopec Group Overseas Development 2014, Ltd.
4.38%, 04/10/24 144A			750,000			796,848
						1,308,366
Colombia — 0.1%
Colombia Government International Bond
5.63%, 02/26/44			480,000			550,800
Ecopetrol SA
5.88%, 05/28/45			720,000			737,648
						1,288,448
Denmark — 0.0%
Realkredit Danmark A/S
1.00%, 04/01/18(D)			1,400,000			226,521
2.00%, 04/01/18(D)			1,400,000			227,055
						453,576
Dominican Republic — 0.0%
Dominican Republic International Bond
10.38%, 03/04/22(V)			800,000			17,865
14.50%, 02/10/23(V)			1,300,000			32,335
6.88%, 01/29/26 144A			180,000			205,931
11.38%, 07/06/29(V)			700,000			16,356
						272,487
Ecuador — 0.1%
Ecuador Government International Bond
9.63%, 06/02/27 144A			200,000			229,750
8.88%, 10/23/27 144AD			530,000			584,988
						814,738
Finland — 0.0%
Nokia OYJ
4.38%, 06/12/27			259,000			256,669
France — 0.3%
BNP Paribas SA
4.38%, 05/12/26 144A			275,000			288,061
Credit Agricole SA
(Variable, ICE LIBOR USD 3M + 6.98%), 8.38%, 10/13/19 144A †			510,000			558,450
4.13%, 01/10/27 144A			450,000			468,122

114 See Notes to Financial Statements.

	Par			Value
Danone SA
2.59%, 11/02/23 144A		$	650,000		$	634,736
2.95%, 11/02/26 144A			310,000			302,430
Unibail-Rodamco SE REIT
(Floating, ICE LIBOR USD 3M + 0.77%), 2.13%, 04/16/19†			1,600,000			1,609,307
						3,861,106
Germany — 0.9%
Deutsche Bank AG
2.50%, 02/13/19			100,000			99,987
2.85%, 05/10/19			1,600,000			1,605,860
4.25%, 10/14/21			500,000			520,636
(Variable, USD Swap 5Y + 2.55%), 4.88%, 12/01/32†D			475,000			473,337
KFW
1.13%, 08/06/18			1,800,000			1,794,172
1.50%, 09/09/19D			8,750,000			8,676,338
						13,170,330
India — 0.1%
Bharti Airtel, Ltd.
4.38%, 06/10/25 144A			530,000			540,136
Reliance Industries, Ltd.
3.67%, 11/30/27 144A D			250,000			247,838
						787,974
Indonesia — 0.3%
Indonesia Government International Bond
4.88%, 05/05/21			570,000			608,976
3.70%, 01/08/22 144A			200,000			205,753
5.38%, 10/17/23			200,000			223,213
4.75%, 01/08/26 144A			250,000			272,211
4.35%, 01/08/27 144AD			210,000			222,522
3.85%, 07/18/27 144A			500,000			513,772
3.50%, 01/11/28			450,000			449,582
5.13%, 01/15/45 144A			200,000			221,436
5.25%, 01/08/47 144A			200,000			226,492
4.35%, 01/11/48			500,000			508,516
Perusahaan Penerbit Sbsn Indonesia III
4.33%, 05/28/25 144A			200,000			210,000
						3,662,473
Ireland — 0.4%
AerCap Ireland Capital DAC
4.63%, 07/01/22			550,000			583,256
3.50%, 01/15/25			600,000			595,667
GE Capital International Funding Co.
2.34%, 11/15/20			1,723,000			1,715,765
3.37%, 11/15/25			597,000			607,815
4.42%, 11/15/35			229,000			248,304
Shire Acquisitions Investments Ireland DAC
1.90%, 09/23/19			500,000			495,682

	Par		Value
2.40%, 09/23/21	$	1,000,000	$	985,131
				5,231,620
Israel — 0.2%
Israel Government AID Bond
5.50%, 09/18/23		1,200,000		1,397,461
5.50%, 12/04/23		200,000		234,047
5.50%, 04/26/24		500,000		588,125
				2,219,633
Italy — 0.2%
Intesa Sanpaolo SpA
3.88%, 01/16/18		600,000		600,407
3.13%, 07/14/22 144A		580,000		576,421
5.02%, 06/26/24 144A		750,000		768,999
5.71%, 01/15/26 144A		200,000		211,037
3.88%, 07/14/27 144A		220,000		220,333
Wind Tre SpA
5.00%, 01/20/26 144AD		750,000		717,000
				3,094,197
Jamaica — 0.0%
Digicel, Ltd.
6.75%, 03/01/23 144A		300,000		296,073
Japan — 1.7%
Development Bank of Japan, Inc.
1.63%, 09/01/21 144A		1,300,000		1,248,625
Japan Finance Organization for Municipalities
2.13%, 10/25/23 144A		2,200,000		2,114,936
Japan Treasury Discount Bill
0.00%, 02/26/18W (J)		2,150,000,000		19,085,589
Mitsubishi UFJ Financial Group, Inc.
2.95%, 03/01/21		250,000		252,395
3.00%, 02/22/22		180,000		181,249
Mizuho Financial Group, Inc.
2.63%, 04/12/21 144A		500,000		498,822
Sumitomo Mitsui Financial Group, Inc.
2.06%, 07/14/21		260,000		254,933
4.44%, 04/02/24 144A		350,000		369,097
				24,005,646
Jersey — 0.0%
UBM PLC
5.75%, 11/03/20 144A		230,000		238,957
Jordan — 0.1%
Hashemite Kingdom of Jordan
Government AID Bond
2.50%, 10/30/20		1,200,000		1,215,973
Kuwait — 0.1%
Kuwait International Government Bond
3.50%, 03/20/27 144A		1,490,000		1,515,951

See Notes to Financial Statements. 115

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Luxembourg — 0.0%
ArcelorMittal
6.75%, 02/25/22		$	50,000		$	55,875
7.50%, 10/15/39			70,000			89,950
						145,825
Mexico — 0.5%
America Movil SAB de CV
6.00%, 06/09/19(M)			3,030,000			150,049
5.00%, 03/30/20			240,000			253,215
Mexican Bonos
6.50%, 06/10/21(M)			1,415,500			69,603
6.50%, 06/09/22(M)			907,700			44,235
8.00%, 12/07/23(M)			881,700			45,611
10.00%, 12/05/24(M)			25,130,000			1,441,890
8.50%, 11/18/38(M)			31,478,500			1,717,810
7.75%, 11/13/42(M)			34,565,200			1,749,135
8.00%, 11/07/47(M)			22,200			1,153
Petroleos Mexicanos
5.50%, 02/04/19			50,000			51,798
6.38%, 02/04/21			11,000			11,985
5.13%, 03/15/23(E)			110,000			153,908
6.88%, 08/04/26			200,000			227,250
6.50%, 03/13/27 144A			470,000			514,297
6.63%, 06/15/35			19,000			20,370
5.50%, 06/27/44			170,000			156,818
6.38%, 01/23/45			500,000			503,925
6.75%, 09/21/47 144A			290,000			303,442
						7,416,494
Morocco & Antilles — 0.0%
OCP SA
4.50%, 10/22/25 144A			450,000			451,482
Netherlands — 0.8%
ABN AMRO Bank NV
4.75%, 07/28/25 144A			200,000			212,700
Alcoa Nederland Holding BV
7.00%, 09/30/26 144A			200,000			225,500
Altice Financing SA
6.63%, 02/15/23 144A			350,000			367,360
Cooperatieve Rabobank UA
(Variable, ICE LIBOR USD 3M + 10.87%), 11.00%, 06/30/19 144A†			487,000			546,049
4.63%, 12/01/23			400,000			429,338
4.38%, 08/04/25			670,000			708,399
Equate Petrochemical BV
4.25%, 11/03/26 144A			260,000			265,330
ING Bank NV
5.80%, 09/25/23 144A			340,000			382,030
(Variable, USD ICE Swap Rate 5Y + 2.70%), 4.13%, 11/21/23†			600,000			607,204
ING Groep NV
3.15%, 03/29/22			200,000			202,592
Majapahit Holding BV
7.75%, 01/20/20			240,000			263,112
Mylan NV
3.95%, 06/15/26			900,000			909,112

	Par			Value
Myriad International Holdings BV
4.85%, 07/06/27 144A		$	420,000		$	436,555
Petrobras Global Finance BV
6.13%, 01/17/22			150,000			159,562
6.25%, 03/17/24			380,000			404,130
5.30%, 01/27/25 144A			2,196,000			2,205,333
7.38%, 01/17/27			120,000			132,360
6.00%, 01/27/28 144A			705,000			707,644
6.85%, 06/05/15p			350,000			338,187
Shell International Finance BV
4.38%, 03/25/20			320,000			334,724
2.88%, 05/10/26			410,000			410,458
4.55%, 08/12/43			120,000			136,810
4.38%, 05/11/45			230,000			259,251
4.00%, 05/10/46			190,000			202,886
Stichting AK Rabobank Certificaten
6.50%, 03/29/181(E)			700,000			1,042,520
						11,889,146
Nigeria — 0.0%
Nigeria Government International Bond
6.50%, 11/28/27 144AD			200,000			209,056
Peru — 0.0%
Peruvian Government International Bond
5.63%, 11/18/50			330,000			424,215
Poland — 0.1%
Republic of Poland Government International Bond
4.00%, 01/22/24			1,180,000			1,260,464
Russia — 0.3%
Russian Federal Bond - OFZ
7.00%, 08/16/23(Q)			12,100,000			209,978
7.75%, 09/16/26(Q)			9,710,000			173,238
8.15%, 02/03/27(Q)			43,040,000			786,745
7.05%, 01/19/28(Q)			140,421,000			2,370,502
						3,540,463
Saudi Arabia — 0.1%
Saudi Government International Bond
4.63%, 10/04/47 144A			700,000			716,381
South Africa — 0.1%
Republic of South Africa Government Bond
8.00%, 01/31/30(S)			780,000			57,760
7.00%, 02/28/31(S)			2,020,000			136,237
8.25%, 03/31/32(S)			6,190,000			458,928
8.88%, 02/28/35(S)			720,000			54,907
6.25%, 03/31/36(S)			1,390,000			81,033
9.00%, 01/31/40D (S)			90,000			6,782
6.50%, 02/28/41(S)			390,000			22,278
8.75%, 01/31/44(S)			1,980,000			144,261
						962,186
South Korea — 0.1%
Export-Import Bank of Korea
5.00%, 04/11/22			900,000			970,663

116 See Notes to Financial Statements.

	Par			Value
Spain — 0.1%
Banco Santander SA
3.13%, 02/23/23		$	400,000		$	398,433
Telefonica Emisiones SA Unipersonal
5.88%, 07/15/19			70,000			73,618
5.46%, 02/16/21			900,000			974,243
5.21%, 03/08/47			150,000			170,904
						1,617,198
Supranational — 0.4%
Inter-American Development Bank
1.00%, 02/27/18			400,000			399,333
International Bank for Reconstruction & Development
1.63%, 09/04/20D			5,210,000			5,146,521
						5,545,854
Sweden — 0.1%
Nordea Bank AB
4.88%, 05/13/21 144A			640,000			679,415
Stadshypotek AB
1.88%, 10/02/19 144A			900,000			894,064
						1,573,479
Switzerland — 0.6%
Credit Suisse AG
6.50%, 08/08/23 144A			225,000			252,309
Credit Suisse Group AG
4.28%, 01/09/28 144A			1,800,000			1,878,786
Credit Suisse Group Funding Guernsey, Ltd.
3.45%, 04/16/21D			800,000			819,315
4.55%, 04/17/26			890,000			954,563
4.88%, 05/15/45			350,000			404,476
UBS Group Funding Switzerland AG
3.00%, 04/15/21 144A			1,500,000			1,511,705
2.65%, 02/01/22 144A D			300,000			296,888
(Floating, ICE LIBOR USD 3M + 1.53%), 2.91%, 02/01/22 144A†			200,000			206,454
3.49%, 05/23/23 144A			880,000			894,910
4.25%, 03/23/28 144A			1,160,000			1,224,618
						8,444,024
Turkey — 0.1%
Turkish Airlines Class A Pass-Through Trust Series 2015-1
4.20%, 03/15/27 144A			1,338,157			1,308,048
United Arab Emirates — 0.1%
Abu Dhabi Government International Bond
2.50%, 10/11/22 144A			610,000			598,880
3.13%, 10/11/27 144A			500,000			489,795
Shelf Drilling Holdings, Ltd.
9.50%, 11/02/20 144A			18,119			18,549
						1,107,224
United Kingdom — 1.4%
Anglo American Capital PLC
3.63%, 09/11/24 144AD			700,000			697,469

	Par			Value
Barclays Bank PLC
(Floating, ICE LIBOR USD 3M + 0.46%), 2.06%, 03/16/18†		$	2,900,000		$	2,902,991
Barclays PLC
(Variable, EUR Swap Rate 5Y + 5.88%), 6.50%, 09/15/19† (E)			800,000			1,028,127
(Floating, ICE LIBOR USD 3M + 2.11%), 3.52%, 08/10/21†			1,600,000			1,674,938
5.20%, 05/12/26			275,000			293,799
4.95%, 01/10/47D			200,000			222,828
BP Capital Markets PLC
3.56%, 11/01/21			30,000			31,199
3.22%, 11/28/23			370,000			378,257
3.81%, 02/10/24			330,000			347,200
3.51%, 03/17/25			390,000			403,810
3.12%, 05/04/26			570,000			576,728
Centrica PLC
4.25%, 09/12/44(U)			200,000			315,041
Ensco PLC
8.00%, 01/31/24D			89,000			89,668
GlaxoSmithKline Capital PLC
2.85%, 05/08/22			220,000			223,440
5.25%, 12/19/33(U)			100,000			186,692
Hammerson PLC REIT
3.50%, 10/27/25(U)			100,000			144,163
HSBC Bank PLC
4.75%, 01/19/21 144A			200,000			212,743
HSBC Holdings PLC
3.40%, 03/08/21			610,000			623,760
(Floating, ICE LIBOR USD 3M + 1.50%), 2.84%, 01/05/22†			400,000			413,776
(Variable, ICE LIBOR USD 3M + 1.06%), 3.26%, 03/13/23†			525,000			532,620
4.25%, 03/14/24			240,000			251,040
4.25%, 08/18/25			220,000			228,517
(Variable, ICE LIBOR USD 3M + 1.55%), 4.04%, 03/13/28†			700,000			730,339
6.50%, 05/02/36			275,000			359,950
6.50%, 09/15/37			1,000,000			1,319,120
Lloyds Bank PLC
(Variable, ICE LIBOR USD 3M + 11.76%), 12.00%, 12/16/24 144A †			1,200,000			1,615,835
Lloyds Banking Group PLC
4.50%, 11/04/24			240,000			252,199
(Variable, ICE LIBOR USD 3M + 1.21%), 3.57%, 11/07/28†			200,000			198,527
Nationwide Building Society
(Variable, USD ICE Swap Rate 5Y + 1.85%), 4.13%, 10/18/32 144A †			400,000			400,937
Reckitt Benckiser Group PLC
2.75%, 06/26/24 144A			600,000			587,516
3.00%, 06/26/27 144A			800,000			782,264
Royal Bank of Scotland Group PLC
6.13%, 12/15/22			180,000			197,507
(Variable, ICE LIBOR USD 3M + 1.48%), 3.50%, 05/15/23†			450,000			451,435
3.88%, 09/12/23			204,000			207,720

See Notes to Financial Statements. 117

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
6.00%, 12/19/23		$	110,000		$	121,309
5.13%, 05/28/24			280,000			297,393
Severn Trent Utilities Finance PLC
6.25%, 06/07/29(U)			100,000			188,017
Standard Chartered PLC
5.70%, 03/26/44 144A			680,000			827,820
						20,316,694
Total Foreign Bonds (Cost $150,534,627)						152,192,021
FULLY FUNDED TOTAL RETURN SWAP — 0.0%
Receive return on Arab Republic of Egypt Government Bond, Maturing 03/06/18 (Payment at Maturity)
0.00%, 03/08/18 (Cost $240,608)			5,000,000			272,242
LOAN AGREEMENTS — 1.4%
Air Medical Group Holdings, Inc. 2016 New Term Loan
(Floating, ICE LIBOR USD 3M + 4.00%), 5.67%, 04/28/22†			467,631			467,972
American Airlines, Inc. 2017 Class B Term Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 3.48%, 12/14/23†			346,500			346,852
American Airlines, Inc. 2017 Replacement Term Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 3.55%, 06/27/20†			350,000			351,094
American Axle & Manufacturing, Inc. Tranche B Term Loan
(Floating, ICE LIBOR USD 3M + 2.25%), 3.62%, 04/06/24†			34,001			34,120
(Floating, ICE LIBOR USD 1M + 2.25%), 3.81%, 04/06/24†			32,830			32,945
American Builders & Contractors Supply Co., Inc. Additional Term B-1 Loan
(Floating, ICE LIBOR USD 1M + 2.50%), 4.07%, 10/31/23†			698,241			702,205
Avolon TLB Borrower 1 (US) LLC Initial Term B-2 Loan
(Floating, ICE LIBOR USD 1M + 2.25%), 3.75%, 03/21/22†			946,597			950,194
Beacon Roofing Supply, Inc. - Term B Loan
0.00%, 01/02/25† S			702,000			704,946
Berry Global, Inc. Term M Loan
(Floating, ICE LIBOR USD 1M + 2.25%), 3.68%, 10/01/22†			94,081			94,552
(Floating, ICE LIBOR USD 1M + 2.25%), 3.82%, 10/01/22†			145,919			146,648
Berry Global, Inc. Term N Loan 0.00%, 01/19/24† S			80,000			80,433
(Floating, ICE LIBOR USD 1M + 2.25%), 3.68%, 01/19/24†			382,112			384,182
BWay Holding Co. Initial Term Loan
(Floating, ICE LIBOR USD 3M + 3.25%), 4.60%, 04/03/24†			427,850			430,190

	Par			Value
Catalent Pharma Solutions, Inc. Dollar Term Loan
(Floating, ICE LIBOR USD 1M + 2.25%), 3.82%, 05/20/24†		$	365,900		$	367,845
CenturyLink, Inc. Initial Term B Loan
(Floating, ICE LIBOR USD 1M + 2.75%), 4.32%, 01/31/25†			485,500			469,288
Charter Communications Operating LLC Term B Loan 0.00%, 04/30/25† S			989,950			991,717
Dell International LLC Refinancing Term B Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 3.57%, 09/07/23†			720,000			720,417
Delos Finance S.a.r.l. New Loan
(Floating, ICE LIBOR USD 3M + 2.00%), 3.69%, 10/06/23†			700,000			706,500
Energy Future Intermediate Holding Co. LLC Term Loan
(Floating, ICE LIBOR USD 1M + 3.00%), 4.50%, 06/30/18†			25,000			25,087
(Floating, ICE LIBOR USD 1M + 3.00%), 4.57%, 06/30/18†			675,000			677,362
First Data Corporation 2024A New Dollar Term Loan
(Floating, ICE LIBOR USD 1M + 2.25%), 3.80%, 04/26/24†			911,932			913,560
Flying Fortress Holdings LLC New Loan
(Floating, ICE LIBOR USD 3M + 2.00%), 3.69%, 10/30/22†			410,000			412,819
Four Seasons Holdings, Inc. Term Loan 2013
(Floating, ICE LIBOR USD 1M + 2.50%), 4.07%, 11/30/23†			405,900			408,775
HCA, Inc. Tranche B-8 Term Loan
0.00%, 02/15/24† S			115,000			115,862
Hilton Worldwide Finance LLC Series B-2 Term Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 3.55%, 10/25/23†			698,241			702,473
Jaguar Holding Co. I LLC 2017 Term Loan
(Floating, ICE LIBOR USD 1M + 2.75%), 4.32%, 08/18/22†			331,295			332,310
(Floating, ICE LIBOR USD 3M + 2.75%), 4.44%, 08/18/22†			366,915			368,038
Michaels Stores, Inc. 2016 New Replacement Term B-1 Loan
(Floating, ICE LIBOR USD 1M + 2.75%), 4.21%, 01/30/23†			255,540			255,966
(Floating, ICE LIBOR USD 1M + 2.75%), 4.25%, 01/30/23†			44,059			44,132
(Floating, ICE LIBOR USD 1M + 2.75%), 4.32%, 01/30/23†			686,688			687,832
MPH Acquisition Holdings LLC Initial Term Loan
(Floating, ICE LIBOR USD 3M + 3.00%), 4.69%, 06/07/23†			678,781			680,955

118 See Notes to Financial Statements.

	Par			Value
Numericable U.S. LLC USD TLB Term Loan
(Floating, ICE LIBOR USD 3M + 3.00%), 4.35%, 01/31/26†		$	516,000		$	499,015
ON Semiconductor Corporation 2017 New Replacement Term B-2 Loan
0.00%, 03/31/23† S			112,000			112,647
PetSmart, Inc. Tranche B-2 Loan
(Floating, ICE LIBOR USD 1M + 3.00%), 4.57%, 03/11/22†			987,342			795,736
Post Holdings, Inc. Series A Incremental Term Loan
(Floating, ICE LIBOR USD 1M + 2.25%), 3.82%, 05/24/24†			129,350			129,943
Prime Security Services Borrower LLC 2016-2 Refinancing Term B-1 Loan
(Floating, ICE LIBOR USD 1M + 2.75%), 4.32%, 05/02/22†			696,203			701,985
Realogy Group LLC Initial Term B Loan
(Floating, ICE LIBOR USD 1M + 2.25%), 3.82%, 07/20/22†			133,947			134,721
Reynolds Group Holdings, Inc. Incremental U.S. Term Loan
(Floating, ICE LIBOR USD 1M + 2.75%), 4.32%, 02/05/23†			209,471			210,733
RPI Finance Trust - Initial Term Loan B-6
(Floating, ICE LIBOR USD 3M + 2.00%), 3.69%, 03/27/23†			690,271			693,846
Sinclair Television Group, Inc. Term Loan B
0.00%, 12/12/24† S			410,000			410,125
Sprint Communications, Inc. Initial Term Loan
(Floating, ICE LIBOR USD 1M + 2.50%), 4.13%, 02/02/24†			459,842			460,177
Staples, Inc. - Closing Date Term Loan
(Floating, ICE LIBOR USD 2M + 4.00%), 5.49%, 09/12/24†			241,800			237,055
Trans Union LLC 2017 Replacement Term B-3 Loan
(Floating, ICE LIBOR USD 1M + 2.00%), 3.57%, 04/10/23†			473,130			475,585
Unitymedia Finance LLC Facility D Loan
0.00%, 01/15/26† S			250,000			250,513
Univision Communications, Inc. 2017 Replacement Repriced First-Lien Term Loan
(Floating, ICE LIBOR USD 1M + 2.75%), 4.32%, 03/15/24†			986,632			984,844
UPC Financing Partnership Facility AR
(Floating, ICE LIBOR USD 1M + 2.50%), 3.98%, 01/15/26†			560,000			560,468
Total Loan Agreements (Cost $20,521,406)						20,264,664

	Par		Value
MORTGAGE-BACKED SECURITIES — 31.6%
280 Park Avenue Mortgage Trust Series 2017-A
(Floating, LIBOR USD 1M + 0.88%), 2.36%, 09/15/34 144A †	$	1,200,000	$	1,204,111
Aggregator of Loans Backed by Assets PLC Series 2015-1 A
(Floating, ICE LIBOR GBP 1M + 1.25%), 1.75%, 04/24/49† (U)		749,744		1,020,067
ALBA PLC Series 2007-1 A3
(Floating, ICE LIBOR GBP 3M + 0.17%), 0.68%, 03/17/39† (U)		825,880		1,075,131
Alternative Loan Trust Series 2006-OA11 A1B
(Floating, ICE LIBOR USD 1M + 0.19%), 1.74%, 09/25/46†		503,281		450,853
American Home Mortgage Assets Trust Series 2006-5 A1
(Floating, Federal Reserve U.S. 12 1Y CMT + 0.92%), 1.98%, 11/25/46†		847,591		488,821
American Home Mortgage Investment Trust Series 2005-2 4A1
(Floating, ICE LIBOR USD 6M + 1.50%), 3.15%, 09/25/45†		664,640		668,285
Banc of America Funding Trust Series 2005-D A1
3.41%, 05/25/35† g		803,867		842,802
Banc of America Mortgage Trust Series 2004-F 1A1
3.77%, 07/25/34† g		61,484		62,988
Bank Series 2017-BNK7 A5
3.44%, 09/15/60		460,000		471,959
Bank Series 2017-BNK9 XA
0.83%, 11/15/54† g IO		10,030,000		637,462
BBCCRE Trust Series 2015-GTP A 3.97%, 08/10/33 144A		1,600,000		1,631,115
BBCCRE Trust Series 2015-GTP D
4.56%, 08/10/33 144A † g		490,000		461,076
BBCCRE Trust Series 2015-GTP E
4.56%, 08/10/33 144A † g		1,210,000		1,034,227
BBCMS Trust Series 2015-RRI A
(Floating, LIBOR USD 1M + 1.25%), 2.73%, 05/15/32 144A †		1,617,128		1,619,727
BBCMS Trust Series 2015-STP A
3.32%, 09/10/28 144A		1,586,698		1,613,872
Bear Stearns Adjustable Rate
Mortgage Trust Series 2002-11 1A1
3.31%, 02/25/33† g		9,474		9,528
Bear Stearns Adjustable Rate
Mortgage Trust Series 2004-2 24A
2.36%, 05/25/34		19,789		18,600

See Notes to Financial Statements. 119

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-2 A1
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.45%), 3.26%, 03/25/35†		$	265,847		$	269,351
Bear Stearns ALT-A Trust Series 2005-4 23A2
3.52%, 05/25/35† g			223,782			227,581
Bear Stearns Structured Products, Inc. Trust Series 2007-R6 1A1
4.01%, 01/26/36† g			629,430			558,346
Berica 8 Residential MBS S.r.l. Series 8A
(Floating, Euribor 6M + 0.20%), 0.00%, 03/31/48† (E)			65,673			78,816
Berica ABS S.r.l. Series 2011-1 A1
(Floating, Euribor 3M + 0.30%), 0.00%, 12/31/55† (E)			313,811			376,733
BX Trust Series 2017-SLCT IMC F
(Floating, LIBOR USD 1M + 4.25%), 5.73%, 10/15/32 144A †			1,000,000			1,005,805
CD 2017-CD5 Mortgage Trust A4 3.43%, 08/15/50			440,000			452,687
CD Commercial Mortgage Trust Series 2016-CD2 A4
3.53%, 11/10/49			380,000			393,407
Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-4A A1
(Floating, LIBOR USD 1M + 0.46%), 1.78%, 10/25/35 144A †			183,199			178,388
Chicago Skyscraper Trust Series 2017-SKY B
(Floating, LIBOR USD 1M + 1.10%), 2.58%, 02/15/30 144A †			420,000			420,944
Chicago Skyscraper Trust Series 2017-SKY C
(Floating, LIBOR USD 1M + 1.25%), 2.73%, 02/15/30 144A †			440,000			441,544
CHL Mortgage Pass-Through Trust Series 2003-58 2A2
3.68%, 02/19/34† g			343,162			346,933
CHL Mortgage Pass-Through Trust Series 2004-HYB5 2A1
3.48%, 04/20/35† g			611,871			609,770
CHT Mortgage Trust Series 2017-COSMO A
(Floating, LIBOR USD 1M + 0.93%), 2.31%, 11/15/36 144A †			540,000			541,089
Citigroup Commercial Mortgage Trust Series 2008-C7 A1A
6.11%, 12/10/49† g			43,769			43,746
Citigroup Commercial Mortgage Trust Series 2014-GC21 XA
1.24%, 05/10/47† g IO			1,193,757			71,489

	Par			Value
Citigroup Commercial Mortgage Trust Series 2015-GC27 A5
3.14%, 02/10/48		$	650,000		$	656,411
Citigroup Commercial Mortgage Trust Series 2015-GC29 D
3.11%, 04/10/48 144A			420,000			318,608
Citigroup Commercial Mortgage Trust Series 2017-C4 A4
3.47%, 10/12/50			1,150,000			1,182,724
Cold Storage Trust Series 2017-ICE3 B
(Floating, LIBOR USD 1M + 1.25%), 2.73%, 04/15/36 144A †			460,000			461,703
COMM Mortgage Trust Series 2013-CR12 AM
4.30%, 10/10/46			50,000			53,186
COMM Mortgage Trust Series 2013-CR12 B
4.76%, 10/10/46			40,000			42,256
COMM Mortgage Trust Series 2013-CR12 C
5.08%, 10/10/46† g			20,000			20,659
COMM Mortgage Trust Series 2013-CR13 XA
0.91%, 11/12/46† g IO			1,076,519			35,765
COMM Mortgage Trust Series 2013-CR6 B
3.40%, 03/10/46 144A			390,000			388,369
COMM Mortgage Trust Series 2014-277P A
3.61%, 08/10/49 144A† g			160,000			166,342
COMM Mortgage Trust Series 2014-CR19 C
4.72%, 08/10/47† g			218,000			221,792
COMM Mortgage Trust Series 2015-DC1 B
4.04%, 02/10/48			100,000			100,221
COMM Mortgage Trust Series 2015-DC1 C
4.35%, 02/10/48† g			80,000			77,732
COMM Mortgage Trust Series 2015-LC19 B
3.83%, 02/10/48			100,000			101,145
COMM Mortgage Trust Series 2015-LC19 C
4.26%, 02/10/48† g			190,000			193,953
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-19 1A2
5.25%, 07/25/33 IO			164			—
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-AR18 2X
0.00%, 07/25/33 IO			27,042			—
Credit Suisse First Boston Mortgage Securities Corporation Series 2003-AR20 2X
0.00%, 08/25/33† g IO			24,830			—

120 See Notes to Financial Statements.

	Par		Value
CSAIL Commercial Mortgage Trust
Series 2015-C1 B 4.04%, 04/15/50	$	60,000	$	61,265
CSMC Series 2017-TIME A
3.65%, 11/13/39 144A		530,000		544,604
DBJPM Mortgage Trust Series 2017-C6 A5
3.33%, 06/10/50		130,000		132,714
DBUBS Mortgage Trust Series 2017-BRBK A
3.45%, 10/10/34 144A		1,150,000		1,177,223
Fannie Mae Connecticut Avenue Securities Series 2016-C04
(Floating, ICE LIBOR USD 1M + 4.25%), 5.80%, 01/25/29†		200,000		226,826
Federal Home Loan Mortgage Corporation
4.50%, 09/01/18		336		341
8.00%, 08/01/24		997		1,072
4.00%, 10/01/25		195,152		202,894
5.50%, 02/01/27		33,457		36,575
4.50%, 10/01/29		2,577		2,742
7.50%, 11/01/29		3,815		4,417
7.50%, 12/01/29		3,970		4,546
7.50%, 02/01/31		4,461		4,646
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.23%), 3.36%, 07/01/31†		3,109		3,200
7.50%, 11/01/31		8,260		8,282
(Floating, ICE LIBOR USD 1Y + 1.98%), 3.73%, 04/01/32†		1,556		1,626
3.50%, 08/01/33		823,229		856,798
5.00%, 08/01/33		4,985		5,398
5.00%, 09/01/33		969		1,049
5.00%, 10/01/33		2,989		3,235
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.36%), 3.23%, 03/01/34†		1,485		1,574
5.00%, 12/01/34		83,441		90,279
5.50%, 05/01/35		253,407		281,296
5.00%, 07/01/35		4,451		4,831
5.00%, 11/01/35		119,511		129,312
5.50%, 11/01/35		26,500		29,187
5.00%, 12/01/35		12,271		13,441
5.50%, 01/01/36		17,449		19,172
6.00%, 02/01/36		200,541		224,145
5.00%, 02/01/37		11,800		12,812
5.50%, 07/01/37		34,440		38,167
5.50%, 04/01/38		8,418		9,306
7.00%, 02/01/39		112,301		132,210
7.00%, 03/01/39		20,628		23,092
5.50%, 04/01/39		218,628		241,255
4.50%, 06/01/39		102,552		109,426
6.50%, 09/01/39		39,764		44,613
5.50%, 08/01/40		183,010		202,383
4.00%, 02/01/41		71,330		74,915
5.00%, 06/01/41		3,328		3,628
3.50%, 10/01/42		132,000		136,037

	Par		Value
4.00%, 10/01/42	$	59,347	$	62,612
3.50%, 11/01/42		282,834		291,523
3.50%, 12/01/42		70,362		72,514
3.50%, 01/01/43		442,899		456,526
3.50%, 02/01/43		300,314		309,481
3.50%, 03/01/43		734,661		757,131
3.50%, 04/01/43		633,168		653,593
4.00%, 04/01/43		142,735		150,642
3.50%, 05/01/43		488,121		504,501
4.00%, 05/01/43		64,626		68,867
4.00%, 06/01/43		70,666		75,303
4.00%, 07/01/43		254,877		271,111
4.00%, 08/01/43		148,530		156,699
4.50%, 12/01/43		935,378		1,006,718
3.50%, 02/01/44		72,791		75,017
4.50%, 02/01/44		748,154		805,437
4.50%, 03/01/44		226,627		243,830
3.50%, 03/01/45		787,115		811,223
3.50%, 06/01/45		450,976		466,174
3.50%, 10/01/45		357,443		369,489
4.00%, 12/01/45		593,070		620,486
3.50%, 03/01/46		1,660,891		1,716,866
3.50%, 05/01/46		337,673		348,345
4.00%, 09/01/46		1,795,303		1,878,492
4.50%, 01/01/47		1,175,182		1,249,743
3.00%, 01/18/47 TBA		1,400,000		1,399,890
3.50%, 01/18/47 TBA		5,100,000		5,237,728
4.00%, 01/18/47 TBA		8,300,000		8,679,982
3.50%, 02/18/47 TBA		2,000,000		2,050,652
4.00%, 06/01/47		999,999		1,046,284
4.00%, 07/01/47		855,877		896,025
4.00%, 08/01/47		194,463		204,992
4.00%, 12/01/47		1,496,261		1,567,379
Federal Home Loan Mortgage Corporation Reference REMIC Series R007
6.00%, 05/15/36		206,446		229,546
Federal Home Loan Mortgage Corporation REMIC Series 3325
(Floating, LIBOR USD 1M + 0.50%), 1.98%, 06/15/37†		142,952		143,688
Federal Home Loan Mortgage Corporation REMIC Series 3621
(Floating, LIBOR USD 1M + 6.23%), 4.75%, 01/15/40†IO		284,950		44,837
Federal Home Loan Mortgage Corporation REMIC Series 3947
(Floating, LIBOR USD 1M + 5.95%), 4.47%, 10/15/41† IO		182,424		27,839
Federal Home Loan Mortgage Corporation REMIC Series 3973
(Floating, LIBOR USD 1M + 6.49%), 5.01%, 12/15/41† IO		340,571		65,520
Federal Home Loan Mortgage Corporation REMIC Series 4092
3.00%, 09/15/31 IO		424,480		47,047

See Notes to Financial Statements. 121

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Federal Home Loan Mortgage Corporation REMIC Series 4099
(Floating, LIBOR USD 1M + 6.00%), 4.52%, 08/15/42† IO	$	267,665	$	51,616
Federal Home Loan Mortgage Corporation REMIC Series 4194
3.50%, 04/15/43 IO		1,001,415		157,602
Federal Home Loan Mortgage Corporation REMIC Series 4210
3.00%, 05/15/43		337,026		314,974
Federal Home Loan Mortgage Corporation REMIC Series 4239
3.50%, 06/15/27 IO		400,995		40,544
Federal Home Loan Mortgage Corporation REMIC Series 4298
4.00%, 04/15/43 IO		335,031		42,201
Federal Home Loan Mortgage Corporation REMIC Series 4310
(Floating, LIBOR USD 1M + 5.95%), 4.47%, 02/15/44† IO		134,841		22,446
Federal Home Loan Mortgage Corporation REMIC Series 4335
(Floating, LIBOR USD 1M + 6.00%), 4.52%, 05/15/44† IO		138,945		25,436
Federal Home Loan Mortgage Corporation REMIC Series 4415
1.94%, 04/15/41† g IO		257,145		11,906
Federal Home Loan Mortgage Corporation REMIC Series 4638
(Floating, LIBOR USD 1M + 0.44%), 1.68%, 07/15/40†		601,692		600,877
Federal Home Loan Mortgage Corporation STRIP Series 353
(Floating, LIBOR USD 1M + 6.00%), 4.52%, 12/15/46† IO		460,317		92,605
Federal National Mortgage Association 9.50%, 05/01/22		143		146
(Floating, COF 11th District San Francisco + 1.25%), 1.96%, 07/01/22†		2,075		2,061
5.50%, 09/01/23		33,777		35,332
5.50%, 10/01/23		7,607		7,966
9.50%, 07/01/24		229		239
2.81%, 04/01/25		50,000		50,424
5.50%, 05/01/25		44,438		45,354
(Floating, COF 11th District San Francisco + 1.25%), 1.98%, 07/01/27†		10,211		10,105
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.13%), 3.10%, 08/01/27†		16,531		17,244
(Floating, COF 11th District San Francisco + 1.25%), 1.98%, 11/01/27† CONV		11,248		11,160
2.84%, 01/01/28		820,000		816,952
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.64%), 3.76%, 02/01/30†		76,058		77,612
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.38%), 3.51%, 06/01/30† CONV		12,719		12,944

	Par		Value
8.00%, 10/01/30	$	11,786	$	13,960
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.51%), 3.76%, 12/01/30† CONV		4,032		4,097
(Floating, COF 11th District San Francisco + 1.25%), 1.98%, 01/01/31†		5,419		5,348
4.50%, 04/01/31		57,899		61,819
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.20%), 3.20%, 05/01/31†		4,394		4,411
4.50%, 05/01/31		210,085		224,357
4.50%, 06/01/31		62,767		67,031
4.50%, 11/01/31		93,120		99,449
6.00%, 11/01/31		2,042		2,310
4.50%, 12/01/31		144,977		154,825
6.00%, 01/01/32		56,983		63,717
3.00%, 01/18/32 TBA		9,000,000		9,167,697
6.00%, 03/01/32		6,810		7,616
6.00%, 04/01/32		122,888		137,508
(Floating, COF 11th District San Francisco + 1.25%), 1.98%, 06/01/32†		7,094		6,996
(Floating, COF 11th District San Francisco + 1.25%), 1.96%, 08/01/32†		7,225		7,126
6.00%, 08/01/32		965		1,079
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 2.13%), 3.00%, 02/01/33†		954		972
5.50%, 04/01/33		22,510		25,490
(Floating, COF 11th District San Francisco + 1.25%), 1.96%, 05/01/33†		19,470		19,239
6.00%, 05/01/33		430		481
5.00%, 07/01/33		26,665		28,972
5.00%, 08/01/33		2,405		2,627
5.00%, 09/01/33		32,604		35,440
5.50%, 09/01/33		1,255		1,393
5.50%, 12/01/33		5,420		6,015
6.00%, 12/01/33		212		237
5.50%, 02/01/34		1,570		1,742
5.50%, 04/01/34		310		346
3.50%, 05/01/34		182,267		189,878
5.50%, 08/01/34		2,473		2,762
5.50%, 10/01/34		116		129
6.00%, 10/01/34		27,871		31,155
(Floating, ICE LIBOR USD 1Y + 1.60%), 3.23%, 12/01/34†		35,006		36,990
5.50%, 12/01/34		9,923		11,006
6.00%, 05/01/35		510,548		578,403
5.50%, 07/01/35		151		167
6.00%, 07/01/35		134,804		153,006
5.50%, 08/01/35		226		251
5.50%, 09/01/35		62,824		68,841
5.00%, 10/01/35		90,372		98,217
6.00%, 10/01/35		25,543		28,801
(Floating, COF 11th District San Francisco + 1.25%), 1.98%, 11/01/35†		3,884		3,887

122 See Notes to Financial Statements.

	Par		Value
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.96%), 2.97%, 11/01/35†	$	45,794	$	47,992
6.00%, 11/01/35		367,712		413,409
5.50%, 12/01/35		1,025		1,142
6.00%, 12/01/35		4,506		5,078
6.00%, 02/01/36		1,915		2,173
6.00%, 03/01/36		888		992
5.50%, 04/01/36		6,484		6,760
6.00%, 04/01/36		3,732		4,227
(Floating, COF 11th District San Francisco + 1.25%), 3.94%, 05/01/36†		43,942		46,482
5.50%, 11/01/36		74,828		82,860
6.00%, 01/01/37		213,430		239,106
5.50%, 02/01/37		120		133
6.00%, 02/01/37		302,083		343,097
5.50%, 03/01/37		4,589		5,087
6.00%, 03/01/37		17,277		19,573
5.50%, 04/01/37		180		197
5.50%, 06/01/37		54		59
6.00%, 07/01/37		619,534		699,316
5.50%, 08/01/37		218,260		242,185
6.00%, 08/01/37		50,228		56,624
6.00%, 09/01/37		97,925		110,556
6.50%, 10/01/37		53,317		59,149
7.00%, 10/01/37		3,566		3,917
7.00%, 11/01/37		5,139		5,612
(Floating, COF 11th District San Francisco + 1.25%), 1.98%, 12/01/37†		26,265		25,880
6.00%, 12/01/37		193,334		216,727
7.00%, 12/01/37		3,411		3,847
(Floating, COF 11th District San Francisco + 1.25%), 1.98%, 01/01/38†		16,880		16,721
6.00%, 01/01/38		168,110		189,866
5.50%, 02/01/38		2,582		2,860
7.00%, 02/01/38		3,527		3,846
4.50%, 03/01/38		5,078		5,409
5.50%, 03/01/38		335		371
6.00%, 03/01/38		787		879
4.50%, 04/01/38		82,700		88,095
5.00%, 04/01/38		89,276		96,161
5.50%, 05/01/38		114		125
6.00%, 05/01/38		19,760		22,289
5.00%, 06/01/38		97,897		105,429
5.50%, 06/01/38		368		403
5.50%, 07/01/38		52,068		57,694
5.50%, 08/01/38		54,593		60,466
7.00%, 08/01/38		673		742
5.50%, 09/01/38		227		250
6.00%, 11/01/38		24,855		28,044
7.00%, 11/01/38		18,114		20,813
5.50%, 12/01/38		109		120
6.00%, 12/01/38		28,965		32,701
7.00%, 02/01/39		9,122		10,376
7.00%, 03/01/39		79,867		90,030
6.00%, 09/01/39		17,020		19,170

	Par		Value
6.00%, 12/01/39	$	316,314	$	357,028
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.40%), 2.40%, 06/01/40†		35,556		36,624
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.40%), 2.40%, 10/01/40†		114,095		115,388
(Floating, COF 11th District San Francisco + 1.25%), 1.98%, 11/01/40†		14,453		14,272
4.50%, 04/01/41		108,110		115,929
6.00%, 05/01/41		624,957		707,809
4.50%, 08/01/41		72,992		78,003
4.50%, 11/01/41		339,306		363,659
4.00%, 06/01/42		61,413		64,528
3.50%, 09/01/42		61,511		63,417
2.50%, 10/01/42		432,824		419,857
4.00%, 10/01/42		245,456		258,805
2.50%, 11/01/42		24,796		24,051
4.00%, 11/01/42		2,011,701		2,129,742
2.50%, 12/01/42		19,030		18,458
3.00%, 12/01/42		19,296		19,483
4.00%, 12/01/42		138,432		145,453
2.50%, 01/01/43		17,793		17,258
3.00%, 01/01/43		356,141		357,651
3.50%, 01/01/43		1,890,633		1,946,984
2.50%, 02/01/43		20,313		19,703
2.50%, 03/01/43		1,555,740		1,509,008
3.00%, 03/01/43		220,013		222,139
2.50%, 04/01/43		1,298,475		1,259,260
3.00%, 04/01/43		330,345		333,546
3.50%, 04/01/43		93,787		96,769
4.00%, 04/01/43		60,846		64,533
2.50%, 05/01/43		30,444		29,530
3.00%, 05/01/43		213,359		215,427
2.50%, 06/01/43		29,708		28,815
3.00%, 06/01/43		64,122		64,744
4.00%, 06/01/43		597,348		632,141
3.00%, 07/01/43		570,658		576,196
3.50%, 07/01/43		1,026,731		1,058,103
4.00%, 07/01/43		604,334		638,915
2.50%, 08/01/43		861,868		834,902
3.50%, 08/01/43		177,871		183,398
4.00%, 08/01/43		211,250		222,865
4.50%, 09/01/43		615,895		658,656
2.50%, 10/01/43		40,042		38,760
4.50%, 10/01/43		208,369		223,165
4.50%, 11/01/43		144,471		154,780
4.50%, 12/01/43		209,088		223,949
4.50%, 01/01/44		132,772		142,215
4.50%, 02/01/44		861,163		917,724
4.50%, 07/01/44		121,513		131,456
4.50%, 10/01/44		524,175		565,906
4.00%, 01/01/45		200,483		212,053
4.50%, 02/01/45		1,208,082		1,313,957
4.50%, 04/01/45		730,087		793,409
4.50%, 05/01/45		81,940		88,515
3.50%, 06/01/45		743,057		763,552

See Notes to Financial Statements. 123

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
3.00%, 11/01/45	$	1,598,455	$	1,599,878
3.50%, 12/01/45		2,142,868		2,203,137
3.50%, 01/01/46		512,532		529,279
3.50%, 05/01/46		525,527		542,495
3.00%, 11/01/46		3,212,979		3,219,344
5.00%, 11/01/46		1,330,999		1,441,456
3.00%, 01/18/47 TBA		6,670,000		6,670,520
3.50%, 01/18/47 TBA		10,300,000		10,576,009
4.00%, 01/18/47 TBA		3,700,000		3,869,523
4.50%, 01/18/47 TBA		7,000,000		7,448,437
5.00%, 01/18/47 TBA		1,000,000		1,074,941
3.00%, 02/18/47 TBA		16,000,000		15,980,312
3.50%, 02/18/47 TBA		59,700,000		61,204,141
4.50%, 02/18/47 TBA		16,400,000		17,430,125
3.50%, 03/18/47 TBA		29,000,000		29,685,357
4.00%, 03/18/47 TBA		4,500,000		4,692,991
4.00%, 04/01/47		848,189		893,249
4.00%, 05/01/47		192,175		202,354
4.00%, 08/01/47		1,761,230		1,844,356
4.50%, 01/01/48		13,999,497		14,911,105
4.50%, 04/01/56		1,019,135		1,096,330
5.50%, 09/01/56		993,421		1,103,757
3.50%, 03/01/57		2,889,877		2,964,332
Federal National Mortgage Association ACES Series 2015-M1
0.55%, 09/25/24† g IO		3,915,089		122,654
Federal National Mortgage Association ACES Series 2015-M13
2.71%, 06/25/25† g		90,000		89,774
Federal National Mortgage Association ACES Series 2015-M15
3.14%, 11/25/27† g		510,000		514,838
Federal National Mortgage Association ACES Series 2016-M11
2.94%, 07/25/39		299,980		295,565
Federal National Mortgage Association Interest STRIP Series 409
3.00%, 04/25/27 IO		328,185		29,549
4.50%, 11/25/39 IO		53,614		9,471
3.50%, 11/25/41 IO		197,786		34,520
4.00%, 11/25/41 IO		245,113		47,688
4.00%, 04/25/42 IO		462,118		85,596
Federal National Mortgage Association REMIC Series 1991-137
868.32%, 10/25/21 IO		35		426
Federal National Mortgage Association REMIC Series 1991-97
1,009.30%, 08/25/21 IO		23		293
Federal National Mortgage Association REMIC Series 2000-32
(Floating, LIBOR USD 1M + 0.45%), 1.94%, 10/18/30†		8,570		8,602

	Par		Value
Federal National Mortgage Association REMIC Series 2005-29
5.50%, 04/25/35	$	398,823	$	449,322
Federal National Mortgage Association REMIC Series 2007-24
(Floating, LIBOR USD 1M + 6.75%), 5.20%, 03/25/37† IO		621,070		111,523
Federal National Mortgage Association REMIC Series 2011-52
5.00%, 06/25/41		376,319		407,546
Federal National Mortgage Association REMIC Series 2011-59
5.50%, 07/25/41		1,142,867		1,272,475
Federal National Mortgage Association REMIC Series 2011-87
(Floating, LIBOR USD 1M + 0.55%), 2.10%, 09/25/41†		1,690,593		1,706,098
Federal National Mortgage Association REMIC Series 2011-96
(Floating, LIBOR USD 1M + 6.55%), 5.00%, 10/25/41† IO		485,163		73,486
Federal National Mortgage Association REMIC Series 2012-101
4.00%, 09/25/27 IO		217,525		20,949
Federal National Mortgage Association REMIC Series 2012-111
7.00%, 10/25/42		34,101		38,976
Federal National Mortgage Association REMIC Series 2012-118
3.50%, 12/25/39 IO		310,239		35,209
Federal National Mortgage Association REMIC Series 2012-133
(Floating, LIBOR USD 1M + 6.15%), 4.60%, 12/25/42† IO		158,403		28,350
Federal National Mortgage Association REMIC Series 2012-153
7.00%, 07/25/42		113,386		129,993
Federal National Mortgage Association REMIC Series 2012-28
6.50%, 06/25/39		16,199		17,576
Federal National Mortgage Association REMIC Series 2012-35
(Floating, LIBOR USD 1M + 6.50%), 4.95%, 04/25/42† IO		150,773		28,893
Federal National Mortgage Association REMIC Series 2012-46
6.00%, 05/25/42		170,165		192,612

124 See Notes to Financial Statements.

	Par		Value
Federal National Mortgage Association REMIC Series 2012-70
(Floating, LIBOR USD 1M + 6.65%), 5.10%, 02/25/41† IO	$	34,713	$	4,436
Federal National Mortgage Association REMIC Series 2012-74
(Floating, LIBOR USD 1M + 6.65%), 5.10%, 03/25/42† IO		202,288		30,490
Federal National Mortgage Association REMIC Series 2012-75
(Floating, LIBOR USD 1M + 6.60%), 5.05%, 07/25/42† IO		54,878		10,403
Federal National Mortgage Association REMIC Series 2013-124
(Floating, LIBOR USD 1M + 5.95%), 4.40%, 12/25/43† IO		576,045		110,897
Federal National Mortgage Association REMIC Series 2013-14
4.00%, 03/25/43 IO		242,043		41,835
Federal National Mortgage Association REMIC Series 2013-17
3.00%, 03/25/28 IO		1,274,065		128,109
Federal National Mortgage Association REMIC Series 2013-29
4.00%, 04/25/43 IO		649,174		110,575
Federal National Mortgage Association REMIC Series 2013-54
(Floating, LIBOR USD 1M + 6.15%), 4.60%, 06/25/43† IO		263,398		52,681
Federal National Mortgage Association REMIC Series 2013-9
5.50%, 04/25/42		687,891		756,362
6.50%, 07/25/42		285,978		327,494
Federal National Mortgage Association REMIC Series 2014-47
1.92%, 08/25/44† g IO		653,649		39,104
Federal National Mortgage Association REMIC Series 2015-55
1.57%, 08/25/55† g IO		225,518		11,616
Federal National Mortgage Association REMIC Series 2015-56
(Floating, LIBOR USD 1M + 6.15%), 4.60%, 08/25/45† IO		76,837		16,966
Federal National Mortgage Association REMIC Series 2017-76
(Floating, LIBOR USD 1M + 6.10%), 4.55%, 10/25/57† IO		1,140,904		210,874
Federal National Mortgage Association REMIC Series 2017-85
(Floating, LIBOR USD 1M + 6.20%), 4.65%, 11/25/47† IO		384,591		69,608

	Par		Value
FHLMC Multifamily Structured Pass-Through Certificates Series K015
1.59%, 07/25/21† g IO	$	595,800	$	28,242
FHLMC Multifamily Structured Pass-Through Certificates Series K016
1.52%, 10/25/21† g IO		196,596		9,393
FHLMC Multifamily Structured Pass-Through Certificates Series K044
0.75%, 01/25/25† g IO		1,287,073		56,264
FHLMC Multifamily Structured Pass-Through Certificates Series K068
0.44%, 08/25/27† g IO		2,448,636		88,753
FHLMC Multifamily Structured Pass-Through Certificates Series K723
0.96%, 08/25/23† g IO		3,323,045		148,043
FHLMC Multifamily Structured Pass-Through Certificates Series KF11
(Floating, LIBOR USD 1M + 0.65%), 2.02%, 09/25/25†		974,768		963,848
FHLMC Multifamily Structured Pass-Through Certificates Series KJ17
2.98%, 11/25/25		590,000		600,641
FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DN1
(Floating, ICE LIBOR USD 1M + 4.15%), 5.70%, 01/25/25†		397,266		429,970
FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA4
(Floating, ICE LIBOR USD 1M + 3.80%), 5.35%, 03/25/29†		250,000		279,355
FHLMC Structured Agency Credit Risk Debt Notes Series 2016-HQA2
(Floating, ICE LIBOR USD 1M + 5.15%), 6.70%, 11/25/28†		300,000		354,606
FHLMC Structured Pass-Through Certificates Series T-61
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.40%), 2.40%, 07/25/44†		723,097		730,701
First Horizon Alternative Mortgage Securities Trust Series 2004-AA1 A1
3.33%, 06/25/34† g		276,610		275,044
FREMF Mortgage Trust Series 2012-K20 X2A
0.20%, 05/25/45 144A IO		5,464,389		38,426
Government National Mortgage Association
7.00%, 01/15/26		2,988		3,178
7.00%, 07/15/27		33,486		37,964
7.00%, 01/15/28		12,803		13,025
7.00%, 03/15/28		44,515		50,255
7.00%, 07/15/28		6,210		6,637
7.50%, 07/15/28		10,954		11,188

See Notes to Financial Statements. 125

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
6.50%, 08/15/28	$	2,868	$	3,185
7.00%, 08/15/28		9,209		10,020
7.50%, 08/15/28		7,713		8,431
6.50%, 09/15/28		5,970		6,749
7.00%, 10/15/28		32,424		33,955
7.50%, 03/15/29		13,915		16,213
(Floating, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%), 2.25%, 11/20/29†		26,802		27,843
8.50%, 08/15/30		614		642
8.50%, 11/20/30		6,057		6,929
6.50%, 08/15/31		33,030		36,909
7.50%, 08/15/31		9,259		10,217
6.50%, 10/15/31		55,942		62,586
6.00%, 11/15/31		117,513		132,067
6.50%, 11/15/31		74,508		82,692
6.00%, 12/15/31		25,792		29,153
6.00%, 01/15/32		79,909		89,734
6.00%, 02/15/32		119,881		134,117
6.50%, 02/15/32		93,775		104,083
6.00%, 04/15/32		41,724		46,677
7.50%, 04/15/32		42,568		43,435
6.50%, 06/15/32		57,574		63,923
6.50%, 08/15/32		127,189		141,188
6.50%, 09/15/32		106,106		119,617
6.00%, 10/15/32		87,927		100,167
5.50%, 11/15/32		14,522		16,060
6.00%, 11/15/32		65,583		73,532
6.00%, 12/15/32		32,896		37,217
6.50%, 12/15/32		9,128		10,134
5.50%, 01/15/33		6,665		7,314
6.00%, 01/15/33		31,788		36,094
5.50%, 02/15/33		17,617		19,575
6.00%, 02/15/33		30,947		35,012
5.50%, 03/15/33		17,161		19,043
6.50%, 04/15/33		197,761		229,072
6.00%, 06/15/33		19,428		21,735
5.50%, 07/15/33		16,911		18,739
5.50%, 08/15/33		7,953		8,730
5.50%, 09/15/33		5,993		6,649
6.00%, 10/15/33		37,863		42,358
6.50%, 10/15/33		109,930		122,062
6.00%, 12/15/33		78,529		87,853
5.50%, 04/15/34		11,239		12,465
5.50%, 05/15/34		2,736		3,002
6.50%, 08/15/34		166,041		188,129
5.50%, 09/15/34		76,697		84,935
5.50%, 12/15/34		73,903		82,172
5.50%, 01/15/35		59,251		65,120
6.00%, 09/20/38		190,337		212,710
5.00%, 07/20/40		16,222		17,644
5.00%, 09/20/40		69,275		75,971
4.00%, 10/20/40		8,952		9,427
6.00%, 10/20/40		28,803		32,637
6.00%, 01/20/41		25,385		28,164
4.50%, 04/20/41		315,848		335,137
4.00%, 08/20/43		533,887		561,147

	Par		Value
4.00%, 10/20/43	$	1,757,951	$	1,852,876
3.00%, 01/15/45		4,411,822		4,450,900
3.00%, 02/15/45		169,251		170,983
3.50%, 04/15/45		1,011,918		1,047,480
4.00%, 05/20/45		49,914		52,436
4.00%, 08/20/45		1,003,681		1,051,048
4.00%, 09/20/45		1,343,397		1,408,514
4.00%, 10/20/45		1,472,387		1,543,757
4.00%, 11/20/45		128,726		134,966
4.00%, 01/20/46		725,654		761,662
4.00%, 02/20/46		763,456		801,340
4.00%, 03/20/46		3,440,589		3,617,875
3.50%, 09/20/46		3,071,003		3,194,318
3.00%, 01/18/47 TBA		6,200,000		6,256,674
3.50%, 01/18/47 TBA		4,700,000		4,858,992
4.00%, 01/18/47 TBA		11,700,000		12,197,250
4.00%, 02/18/47 TBA		1,000,000		1,042,168
4.00%, 06/20/47		2,851,057		2,976,264
4.00%, 07/20/47		952,010		993,796
4.00%, 08/20/47		2,252,409		2,359,869
3.50%, 10/20/47		1,195,012		1,238,757
3.00%, 11/20/47		2,992,504		3,023,499
3.50%, 11/20/47		99,784		103,286
Government National Mortgage Association Series 2007-30
(Floating, LIBOR USD 1M + 0.30%), 1.80%, 05/20/37†		146,227		146,020
Government National Mortgage Association Series 2007-51
(Floating, LIBOR USD 1M + 6.58%), 5.08%, 08/20/37† IO		1,325,765		220,429
Government National Mortgage Association Series 2010-31
(Floating, LIBOR USD 1M + 6.50%), 5.00%, 03/20/39† IO		27,550		1,463
Government National Mortgage Association Series 2010-85
(Floating, LIBOR USD 1M + 6.65%), 5.15%, 01/20/40† IO		51,689		5,728
Government National Mortgage Association Series 2010-H28
(Floating, ICE LIBOR USD 1M + 0.40%), 1.64%, 12/20/60†		281,069		280,369
Government National Mortgage Association Series 2011-H08
(Floating, ICE LIBOR USD 1M + 0.48%), 1.72%, 03/20/61†		381,687		381,615
Government National Mortgage Association Series 2011-H09
(Floating, ICE LIBOR USD 1M + 0.50%), 1.74%, 03/20/61†		265,357		265,455
Government National Mortgage Association Series 2012-144
0.47%, 01/16/53 IO		8,962,882		296,842
Government National Mortgage Association Series 2012-34
(Floating, LIBOR USD 1M + 6.05%), 4.55%, 03/20/42† IO		47,300		7,629

126 See Notes to Financial Statements.

	Par		Value
Government National Mortgage Association Series 2012-66
3.50%, 02/20/38 IO	$	190,452	$	14,916
Government National Mortgage Association Series 2012-H27
1.76%, 10/20/62† g IO		875,659		60,065
Government National Mortgage Association Series 2012-H30
(Floating, ICE LIBOR USD 1M + 0.35%), 1.59%, 12/20/62†		1,237,392		1,232,445
Government National Mortgage Association Series 2013-113
(Floating, LIBOR USD 1M + 6.70%), 5.21%, 08/16/43† IO		167,742		27,927
Government National Mortgage Association Series 2013-53
3.50%, 04/20/43 IO		152,594		24,985
Government National Mortgage Association Series 2014-117
(Floating, LIBOR USD 1M + 5.60%), 4.10%, 08/20/44† IO		52,138		6,914
Government National Mortgage Association Series 2014-118
(Floating, LIBOR USD 1M + 6.20%), 4.70%, 08/20/44† IO		270,822		56,953
Government National Mortgage Association Series 2014-135
0.83%, 01/16/56† g IO		6,571,257		327,180
Government National Mortgage Association Series 2014-93
0.84%, 11/16/55† g IO		3,380,269		164,085
Government National Mortgage Association Series 2015-167
4.00%, 04/16/45 IO		143,804		30,161
Government National Mortgage Association Series 2015-H11
(Floating, ICE LIBOR USD 1M + 0.55%), 1.79%, 05/20/65†		2,643,952		2,639,568
Government National Mortgage Association Series 2015-H14
(Floating, ICE LIBOR USD 1M + 0.43%), 1.67%, 05/20/65†		2,689,299		2,684,617
(Floating, ICE LIBOR USD 1M + 0.57%), 1.81%, 06/20/65†		4,348,360		4,345,009
Government National Mortgage Association Series 2015-H15
(Floating, ICE LIBOR USD 1M + 0.58%), 1.82%, 06/20/65†		1,648,984		1,648,468
(Floating, ICE LIBOR USD 1M + 0.60%), 1.84%, 06/20/65†		4,093,862		4,096,126
Government National Mortgage Association Series 2015-H16
(Floating, LIBOR USD 1M + 0.60%), 1.84%, 07/20/65†		4,160,450		4,162,872
Government National Mortgage Association Series 2015-H17
(Floating, ICE LIBOR USD 1M + 0.46%), 1.69%, 06/20/65†		659,111		658,603
Government National Mortgage Association Series 2015-H18
(Floating, ICE LIBOR USD 1M + 0.60%), 1.84%, 07/20/65†		631,585		631,933

	Par		Value
Government National Mortgage Association Series 2015-H19
(Floating, ICE LIBOR USD 1M + 0.60%), 1.84%, 08/20/65†	$	660,147	$	660,522
Government National Mortgage Association Series 2015-H22
(Floating, ICE LIBOR USD 1M + 0.60%), 1.84%, 09/20/65†		658,587		658,995
Government National Mortgage Association Series 2015-H23
(Floating, ICE LIBOR USD 1M + 0.62%), 1.86%, 09/20/65†		808,132		809,345
Government National Mortgage Association Series 2015-H26
(Floating, ICE LIBOR USD 1M + 0.52%), 1.76%, 10/20/65†		1,497,715		1,500,731
Government National Mortgage Association Series 2015-H30
(Floating, ICE LIBOR USD 1M + 0.68%), 1.92%, 08/20/61†		446,471		447,598
Government National Mortgage Association Series 2016-152
0.98%, 08/15/58† g IO		5,836,163		452,787
Government National Mortgage Association Series 2017-190
0.69%, 03/16/60† g IO		7,440,000		491,133
Government National Mortgage Association Series 2017-H15
2.16%, 07/20/67† g IO		606,383		88,126
(Floating, ICE LIBOR USD 1Y + 0.80%), 2.53%, 07/20/67†		1,911,413		1,975,823
Government National Mortgage Association Series 2017-H18
1.63%, 09/20/67† g IO		4,627,859		475,804
Government National Mortgage Association Series 2017-H20
1.96%, 10/20/67† g IO		199,812		25,776
Government National Mortgage Association Series 2017-H22
2.18%, 11/20/67† g IO		1,793,307		244,959
GreenPoint Mortgage Funding Trust Series 2006-OH1 A1
(Floating, ICE LIBOR USD 1M + 0.18%), 1.73%, 01/25/37†		610,542		577,326
GS Mortgage Securities Corporation II Series 2015-GC30 AS
3.78%, 05/10/50		370,000		385,702
GS Mortgage Securities Corporation II Series 2015-GC30 D
3.38%, 05/10/50		490,000		380,721
GS Mortgage Securities Trust Series 2007-GG10 AM
5.81%, 08/10/45† g		146,820		150,218
GS Mortgage Securities Trust Series 2013-GC16 B
5.16%, 11/10/46		130,000		139,849
GS Mortgage Securities Trust Series 2015-GC28 C
4.33%, 02/10/48† g		290,000		280,355

See Notes to Financial Statements. 127

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
GSR Mortgage Loan Trust Series 2005-AR6 2A1
3.47%, 09/25/35† g	$	769,827	$	787,949
Impac CMB Trust Series 2004-8 1A
(Floating, ICE LIBOR USD 1M + 0.72%), 2.27%, 10/25/34†		41,394		40,793
IndyMac ARM Trust Series 2001-H2 A1
2.78%, 01/25/32† g		6,126		6,057
IndyMac INDX Mortgage Loan Trust Series 2006-AR12 A1
(Floating, ICE LIBOR USD 1M + 0.19%), 1.74%, 09/25/46†		716,837		635,207
JP Morgan Alternative Loan Trust Series 2005-A2 1A1
(Floating, ICE LIBOR USD 1M + 0.52%), 2.07%, 01/25/36†		167,545		166,139
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-C6 D
5.14%, 05/15/45† g		280,000		280,468
JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-WPT A
(Floating, LIBOR USD 1M + 1.45%), 2.93%, 10/15/33 144A †		800,000		802,783
JP Morgan Chase Commercial Mortgage Securities Trust Series 2017-MAUI A
(Floating, LIBOR USD 1M + 0.83%), 2.31%, 07/15/34 144A †		4,000,000		4,010,182
JP Morgan Mortgage Trust Series 2005-A1 6T1
3.66%, 02/25/35† g		57,515		57,153
JPMBB Commercial Mortgage Securities Trust Series 2013-C15 C
5.08%, 11/15/45† g		90,000		94,320
JPMBB Commercial Mortgage Securities Trust Series 2013-C17 B
4.88%, 01/15/47† g		50,000		52,945
JPMBB Commercial Mortgage Securities Trust Series 2014-C25 ASB
3.41%, 11/15/47		840,000		864,917
JPMBB Commercial Mortgage Securities Trust Series 2015-C30 A5
3.82%, 07/15/48		880,000		926,488
JPMBB Commercial Mortgage Securities Trust Series 2015-C31 A3
3.80%, 08/15/48		1,700,000		1,785,632
JPMBB Commercial Mortgage Securities Trust Series 2015-C32 ASB
3.36%, 11/15/48		800,000		821,566

	Par		Value
JPMBB Commercial Mortgage Securities Trust Series 2015-C32
D 4.17%, 11/15/48† g	$	590,000	$	457,361
Kensington Mortgage Securities PLC Series 2007-1X A3C
(Floating, ICE LIBOR USD 3M + 0.17%), 1.74%, 06/14/40†		1,004,211		977,316
LB-UBS Commercial Mortgage Trust Series 2001-C3 X
0.21%, 06/15/36 144A † g IO		15,559		1
Ludgate Funding PLC Series 2007-1
(Floating, ICE LIBOR GBP 3M + 0.16%), 0.68%, 01/01/61† (U)		856,835		1,113,965
Ludgate Funding PLC Series 2008-W1X
(Floating, ICE LIBOR GBP 3M + 0.60%), 0.94%, 01/01/61† (U)		699,891		927,100
Luminent Mortgage Trust Series 2006-2 A1A
(Floating, ICE LIBOR USD 1M + 0.20%), 1.75%, 02/25/46†		475,979		389,206
Mansard Mortgages PLC Series 2007-1X A2
(Floating, ICE LIBOR GBP 3M + 0.18%), 0.56%, 04/15/47† (U)		848,189		1,107,356
MASTR Adjustable Rate Mortgages Trust Series 2004-13 3A7
3.47%, 11/21/34† g		358,048		368,334
MASTR Adjustable Rate Mortgages Trust Series 2004-4 4A1
3.49%, 05/25/34† g		123,391		123,417
MASTR Adjustable Rate Mortgages Trust Series 2007-R5 A1
3.42%, 11/25/35 144A† g		495,990		419,069
Merrill Lynch Mortgage Investors Trust Series 2005-2 1A
(Floating, ICE LIBOR USD 6M + 1.25%), 2.91%, 10/25/35†		26,701		27,109
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 A4
3.10%, 05/15/46		300,000		304,883
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 AS
3.46%, 05/15/46		140,000		141,701
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19 B
4.00%, 12/15/47		370,000		376,550
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22 AS
3.56%, 04/15/48		480,000		483,691
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25 A4
3.37%, 10/15/48		1,400,000		1,436,332

128 See Notes to Financial Statements.

	Par		Value
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27 ASB
3.56%, 12/15/47	$	800,000	$	832,762
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C30 C
4.13%, 09/15/49† g		450,000		450,254
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31 A5
3.10%, 11/15/49		380,000		380,603
Morgan Stanley Capital I Trust Series 2014-CPT B
3.45%, 07/13/29 144A† g		800,000		811,044
Morgan Stanley Capital I Trust Series 2016-UBS12 A4 3.60%, 12/15/49		380,000		395,009
Mortgage Repurchase Agreement Financing Trust Series 2017-1 A1
(Floating, ICE LIBOR USD 1M + 0.85%), 2.28%, 07/10/19 144A†		2,150,000		2,150,264
Mortgage Repurchase Agreement Financing Trust Series 2017-2 A1
(Floating, ICE LIBOR USD 1M + 0.55%), 1.78%, 08/12/19 144A †		1,550,000		1,557,750
MortgageIT Trust Series 2005-4 A1
(Floating, ICE LIBOR USD 1M + 0.28%), 1.83%, 10/25/35†		443,368		438,929
MSCG Trust Series 2015-ALDR A2
3.46%, 06/07/35 144A † g		580,000		572,958
MSCG Trust Series 2016-SNR C
5.21%, 11/15/34 144A		390,000		396,674
Nomura Resecuritization Trust Series 2014-7R 2A3
(Floating, ICE LIBOR USD 1M + 0.20%), 1.53%, 12/26/35 144A †		534,613		529,752
One Market Plaza Trust Series 2017-1MKT A
3.61%, 02/10/32 144A		1,020,000		1,052,012
Prime Mortgage Trust Series 2006-DR1 2A1
5.50%, 05/25/35 144A		2,277,219		1,681,127
Prime Mortgage Trust Series 2006-DR1 2A26.00%,05/25/35 144A		1,825,508		1,375,980
ResLoC UK PLC Series 2007-1X A3A
(Floating, Euribor 3M + 0.16%), 0.00%, 12/15/43† (E)		1,215,546		1,409,639
(Floating, ICE LIBOR GBP 3M + 0.16%), 0.68%, 12/15/43† (U)		303,887		394,296
RFTI Issuer, Ltd. Series 2015-FL1 A
(Floating, LIBOR USD 1M + 1.75%), 3.23%, 08/15/30 144A †		547,124		547,698

	Par		Value
Rosslyn Portfolio Trust Series 2017-ROSS A
(Floating, LIBOR USD 1M + 0.95%), 2.43%, 06/15/33 144A †	$	450,000	$	444,127
Sequoia Mortgage Trust Series 2003-4 1A2
(Floating, ICE LIBOR USD 6M + 0.66%), 2.12%, 07/20/33†		83,378		78,842
Sequoia Mortgage Trust Series 6
(Floating, ICE LIBOR USD 1M + 0.64%), 2.14%, 04/19/27†		409,362		389,879
Station Place Securitization Trust Series 2015-2 A
(Floating, ICE LIBOR USD 1M + 1.05%), 2.52%, 05/15/18 144A †		350,000		350,000
Structured Adjustable Rate Mortgage Loan Trust Series 2005-19XS
(Floating, ICE LIBOR USD 1M + 0.30%), 1.85%, 10/25/35†		878,993		867,730
Structured Asset Mortgage Investments II Trust Series 2005-AR5 A1
(Floating, ICE LIBOR USD 1M + 0.25%), 1.75%, 07/19/35†		102,218		98,115
Thornburg Mortgage Securities Trust Series 2003-4 A1
(Floating, ICE LIBOR USD 1M + 0.64%), 2.19%, 09/25/43†		9,650		9,378
Thornburg Mortgage Securities Trust Series 2005-1 A3
3.19%, 04/25/45† g		82,924		83,481
Towd Point Mortgage Funding Vantage1 PLC Series 2016-V1A A1
(Floating, ICE LIBOR GBP 3M + 1.20%), 1.73%, 02/20/54 144A † (U)		480,014		653,600
Trinity Square PLC Series 2015-1A
(Floating, ICE LIBOR GBP 3M + 1.15%), 1.53%, 07/15/51 144A † (U)		287,668		393,977
UBS-Barclays Commercial Mortgage Trust Series 2012-C4 D
4.48%, 12/10/45 144A † g		320,000		274,411
VNDO Mortgage Trust Series 2012-6AVE A
3.00%, 11/15/30 144A		100,000		101,036
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR19 A7
3.03%, 02/25/33† g		6,506		6,474
Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR6 A
(Floating, Federal Reserve U.S. 12 1Y CMT + 1.40%), 2.46%, 06/25/42†		14,225		13,809

See Notes to Financial Statements. 129

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR13 A1A1
(Floating, ICE LIBOR USD 1M + 0.29%), 1.84%, 10/25/45†	$	1,168,492	$	1,133,253
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8 1A1A
(Floating, ICE LIBOR USD 1M + 0.27%), 1.82%, 07/25/45†		774,337		768,612
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8 2A1A
(Floating, ICE LIBOR USD 1M + 0.29%), 1.84%, 07/25/45†		155,341		153,506
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY1 1A1 3.11%, 02/25/37† g		309,029		284,161
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY1 2A3
3.22%, 02/25/37† g		208,162		203,236
Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA3 2A1A
(Floating, Federal Reserve U.S. 12 1Y CMT + 0.76%), 1.82%, 04/25/47†		674,884		672,274
Waterfall Commercial Mortgage Trust Series 2015-SBC5 A
4.10%, 09/14/22 144A		261,855		259,448
Wells Fargo Alternative Loan Trust Series 2007-PA6 A1 3.64%, 12/28/37† g		644,970		635,848
Wells Fargo Commercial Mortgage Trust Series 2013-LC12 B
4.29%, 07/15/46† g		20,000		20,464
Wells Fargo Commercial Mortgage Trust Series 2014-LC16 XA
1.37%, 08/15/50 † g IO		2,902,747		154,423
Wells Fargo Commercial Mortgage Trust Series 2015-NXS1 B
3.66%, 05/15/48		350,000		349,979
Wells Fargo Commercial Mortgage Trust Series 2017-C42 A4
3.59%, 12/15/50		1,390,000		1,439,645
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR16 1A1
3.54%, 08/25/33† g		119,239		122,590
Wells Fargo Mortgage-Backed Securities Trust Series 2005-AR2
3.28%, 03/25/35† g		73,047		74,042
WFRBS Commercial Mortgage Trust Series 2012-C7 XA
1.44%, 06/15/45 144A† g IO		284,411		13,997
WFRBS Commercial Mortgage Trust Series 2013-C13 XA
1.34%, 05/15/45 144A† g IO		2,841,743		136,212
WFRBS Commercial Mortgage Trust Series 2014-C19 XA
1.14%, 03/15/47† g IO		1,002,430		47,777

	Par		Value
WFRBS Commercial Mortgage Trust Series 2014-C21 XA
1.13%, 08/15/47† g IO	$	3,548,112	$	180,798
WFRBS Commercial Mortgage Trust Series 2014-C24 AS
3.93%, 11/15/47		290,000		297,894
WFRBS Commercial Mortgage Trust Series 2014-C24 C
4.29%, 11/15/47†		300,000		293,333
Total Mortgage-Backed Securities (Cost $445,148,551)				444,348,169
MUNICIPAL BONDS — 0.7%
Alameda County Joint Powers Authority, Revenue Bond, Series Z
7.05%, 12/01/44		2,400,000		3,625,644
American Municipal Power, Inc., Hydroelectric Projects, Revenue Bond, Series B
8.08%, 02/15/50		600,000		1,025,610
American Municipal Power, Inc., Revenue Bond, Series E
6.27%, 02/15/50		250,000		327,910
Chicago Transit Authority, Revenue Bond, Series A
6.90%, 12/01/40		700,000		951,135
Chicago Transit Authority, Revenue Bond, Series B
6.90%, 12/01/40		300,000		407,630
Commonwealth of Puerto Rico, General Obligation, Series A
5.50%, 07/01/32#		5,000		1,138
6.00%, 07/01/34#		10,000		2,263
8.00%, 07/01/35#		280,000		67,200
5.25%, 07/01/37#		20,000		4,550
5.50%, 07/01/39#		85,000		19,338
5.00%, 07/01/41#		10,000		2,275
Commonwealth of Puerto Rico, General Obligation, Series B
5.88%, 07/01/36#		10,000		2,275
Commonwealth of Puerto Rico, General Obligation, Series C
6.00%, 07/01/39#		10,000		2,275
Commonwealth of Puerto Rico, General Obligation, Series D
5.75%, 07/01/41#		10,000		2,275
Northstar Education Finance, Inc.
(Floating, ICE LIBOR USD 3M + 0.10%), 0.00%, 04/28/30†		213,730		212,433
Port Authority of New York & New Jersey, Revenue Bond, Series 192
4.81%, 10/15/65		300,000		366,999
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bond, Series A
5.75%, 07/01/37		20,000		12,375
6.00%, 07/01/44		55,000		35,131
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series A
5.50%, 08/01/28#		60,000		6,000

130 See Notes to Financial Statements.

	Par			Value
5.50%, 08/01/37#		$	65,000	$	6,500
5.38%, 08/01/39#			35,000		3,500
5.50%, 08/01/42#			120,000		12,000
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series A-1
6.75%, 08/01/32#			85,000		8,500
0.00%, 08/01/33			25,000		2,250
5.00%, 08/01/43#			20,000		2,000
5.25%, 08/01/43#			10,000		1,000
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series B
5.25%, 08/01/27#			5,000		500
5.75%, 08/01/37#			45,000		4,500
6.38%, 08/01/39#			5,000		500
6.00%, 08/01/42#			100,000		10,000
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series C
5.38%, 08/01/38#			15,000		1,500
6.00%, 08/01/39#			35,000		3,500
5.25%, 08/01/41#			100,000		10,000
Puerto Rico Sales Tax Financing Corporation, Revenue Bond, Sub-Series C-1
3.61%, 08/01/37W			10,000		291
State of California, General Obligation
7.95%, 03/01/36			265,000		296,050
7.55%, 04/01/39			85,000		134,099
State of Illinois, General Obligation
5.10%, 06/01/33			315,000		315,028
6.63%, 02/01/35			45,000		50,017
7.35%, 07/01/35			465,000		538,456
Utah State Board of Regents Series 2016-1 A
(Floating, Oid, ICE LIBOR USD 1M + 0.75%), 0.00%, 09/25/56†			1,627,923		1,628,134
Total Municipal Bonds (Cost $9,617,528)					10,102,781

	Number of Contracts		Notional Amount
PURCHASED OPTIONS — 0.1%
Call Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $124.00, Expires 01/26/18 (GSC)		60	$	7,442,820	28,125
10-Year U.S. Treasury Note, Strike Price $124.20, Expires 01/26/18 (GSC)		25		3,101,175	8,984

	Number of Contracts		Notional Amount		Value
5-Year U.S. Treasury Note, Strike Price $116.50, Expires 01/26/18 (GSC)		122	$	14,172,008	$	15,250
5-Year U.S. Treasury Note, Strike Price $116.70, Expires 01/26/18 (GSC)		98		11,384,072		6,891
Euro Dollars, Strike Price $98.50, Expires 01/12/18 (GSC)		57		13,999,200		356
Long U.S. Treasury Bond, Strike Price $151.00, Expires 01/26/18 (GSC)		20		3,060,000		50,313
Long U.S. Treasury Bond, Strike Price $154.00, Expires 01/26/18 (GSC)		40		6,120,000		32,500
						142,419
Call Swaptions — 0.0%
Pay 2-year Treasury (Quarterly); Receive 2.00% (Semiannually): Interest Rate Swap Maturing 12/21/2018 USD, Strike Price $2.00, Expires 12/19/18 (GSC)		1		60,000,000		97,140
Pay 3-Month LIBOR (Quarterly); Receive 1.65% (Semiannually): Interest Rate Swap Maturing 11/19/2020 USD, Strike Price $1.65, Expires 11/15/18 (MSCS)		1		22,800,000		8,962
Pay 3-Month LIBOR (Quarterly); Receive 1.85% (Semiannually): Interest Rate Swap Maturing 11/30/2018 USD, Strike Price $1.85, Expires 11/30/18 (CS)		1		57,100,000		74,141

See Notes to Financial Statements. 131

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Number of Contracts		Notional Amount		Value
Pay 3-Month LIBOR (Quarterly); Receive 2.54% (Semiannually): Interest Rate Swap Maturing 3/23/2048 USD, Strike Price $2.54, Expires 03/21/18 (MSCS)		1	$	500,000	$	11,089
						191,332
Put Options — 0.0%
10-Year U.S. Treasury Note, Strike Price $114.00, Expires 02/23/18 (MSCS)		256		31,756,032		—
10-Year U.S. Treasury Note, Strike Price $114.50, Expires 02/23/18 (MSCS)		4		496,188		—
10-Year U.S. Treasury Note, Strike Price $123.00, Expires 01/26/18 (GSC)		60		7,442,820		7,500
10-Year U.S. Treasury Note, Strike Price $124.00, Expires 01/26/18 (GSC)		40		4,961,880		16,875
5-Year U.S. Treasury Note, Strike Price $115.50, Expires 01/26/18 (GSC)		60		6,969,840		2,813
Euro Dollars, Strike Price $97.75, Expires 01/12/18 (GSC)		3		733,463		113
Euro Dollars, Strike Price $97.75, Expires 03/16/18 (GSC)		121		29,582,987		18,906
Euro Dollars, Strike Price $97.87, Expires 02/16/18 (GSC)		81		19,803,487		23,287
Euro Dollars, Strike Price $98.00, Expires 06/15/18 (GSC)		34		8,312,575		26,137
Euro Dollars, Strike Price $98.25, Expires 03/19/18 (GSC)		46		11,297,600		6,037
Euro Dollars, Strike Price $98.25, Expires 03/19/18 (MSCS)		587		144,167,200		77,044
Euro-Bund, Strike Price $16,200.00, Expires 01/26/18 (GSC)		19		4,727,422		19,834

	Number of Contracts		Notional Amount		Value
Long U.S. Treasury Bond, Strike Price $151.00, Expires 01/26/18 (GSC)		49	$	7,497,000	$	25,266
Long U.S. Treasury Bond, Strike Price $152.00, Expires 01/26/18 (GSC)		27		4,131,000		22,359
Long U.S. Treasury Bond, Strike Price $153.00, Expires 01/26/18 (GSC)		201		30,753,000		254,391
						500,562
Put Swaptions — 0.1%
Pay 2.30% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 10/23/2049 USD, Strike Price $2.30, Expires 10/21/19 (GSC)		1		7,700,000		770,438
Pay 2.50% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 11/12/2049 USD, Strike Price $2.50, Expires 11/07/19 (DEUT)		1		3,100,000		234,970
Pay 2.54% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 3/23/2048 USD, Strike Price $2.54, Expires 03/21/18 (MSCS)		1		500,000		11,945
Pay 2.91% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 8/22/2048 USD, Strike Price $2.91, Expires 08/20/18 (MSCS)		1		1,100,000		15,509

132 See Notes to Financial Statements.

	Number of Contracts		Notional Amount		Value
Pay 2.91% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 8/22/2048 USD, Strike Price $2.91, Expires 08/20/18 (MSCS)		1	$	500,000	$	7,050
Pay 2.94% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 8/22/2048 USD, Strike Price $2.94, Expires 08/20/18 (GSC)		1		500,000		6,287
						1,046,199
Total Purchased Options (Cost $2,162,600)						1,880,512
			Par
U.S. TREASURY OBLIGATIONS — 32.4%
U.S. Treasury Bill
1.40%, 05/24/18W			$	15,350,000		15,262,735
U.S. Treasury Bonds
4.25%, 05/15/39				5,300,000		6,700,771
4.38%, 11/15/39				200,000		257,402
2.75%, 08/15/42				600,000		604,348
2.75%, 11/15/42				1,080,000		1,087,193
3.13%, 02/15/43				650,000		698,484
2.88%, 05/15/43				800,000		822,797
3.75%, 11/15/43				41,550,000		49,517,524
3.63%, 02/15/44‡‡				1,000,000		1,169,101
3.13%, 08/15/44				760,000		817,030
3.00%, 11/15/44				3,800,000		3,992,227
2.50%, 02/15/45				1,450,000		1,382,654
3.00%, 05/15/45				690,000		724,796
2.88%, 08/15/45				360,000		369,295
3.00%, 11/15/45				2,400,000		2,521,031
2.88%, 11/15/46‡‡				16,470,000		16,898,796
3.00%, 02/15/47				6,430,000		6,763,682
3.00%, 05/15/47				13,210,000		13,891,398
2.75%, 08/15/47				8,040,000		8,051,779
2.75%, 11/15/47D				4,920,000		4,928,841
						121,199,149
U.S. Treasury Inflationary Index Bonds
0.13%, 04/15/22				7,850,000		7,907,622
0.13%, 07/15/22				700,000		750,022
0.63%, 01/15/24				1,350,000		1,452,555
0.13%, 07/15/24				6,300,000		6,469,712

	Par		Value
0.63%, 01/15/26‡‡	$	4,100,000	$	4,326,039
0.13%, 07/15/26		3,400,000		3,419,950
0.38%, 01/15/27		300,000		304,253
2.38%, 01/15/27‡‡		1,300,000		1,860,971
0.38%, 07/15/27		5,220,000		5,237,361
2.50%, 01/15/29		1,200,000		1,673,371
2.13%, 02/15/40		920,000		1,367,508
0.75%, 02/15/42		380,000		419,361
1.38%, 02/15/44		1,140,000		1,394,447
1.00%, 02/15/46		170,000		189,244
0.88%, 02/15/47		240,000		255,075
				37,027,491
U.S. Treasury Notes 1.63%, 10/15/20		11,000,000		10,903,750
1.13%, 06/30/21		11,280,000		10,925,740
1.13%, 07/31/21		3,430,000		3,317,453
2.00%, 12/31/21‡‡		1,500,000		1,492,588
1.88%, 03/31/22‡‡		8,800,000		8,701,858
1.88%, 04/30/22		23,400,000		23,123,494
1.88%, 07/31/22		5,000,000		4,932,910
1.88%, 09/30/22		3,000,000		2,956,933
2.00%, 10/31/22D		2,700,000		2,676,850
2.13%, 03/31/24		7,530,000		7,454,259
2.00%, 06/30/24		6,850,000		6,719,956
2.13%, 07/31/24		28,890,000		28,551,453
2.38%, 08/15/24		440,000		441,478
2.13%, 09/30/24		4,600,000		4,542,859
2.25%, 11/15/24		11,210,000		11,154,169
2.13%, 11/30/24		29,360,000		28,978,658
2.25%, 12/31/24		21,170,000		21,058,360
2.00%, 02/15/25		10,620,000		10,383,333
2.25%, 11/15/25		180,000		178,450
2.00%, 11/15/26		14,000,000		13,551,013
2.25%, 02/15/27		7,718,000		7,618,060
2.38%, 05/15/27D		10,970,000		10,940,430
2.25%, 08/15/27D		59,800,000		58,968,421
2.25%, 11/15/27D		560,000		552,191
				280,124,666
U.S. Treasury Strips
2.01%, 02/15/43W		4,100,000		2,060,092
Total U.S. Treasury Obligations (Cost $454,290,791)				455,674,133
	Shares
PREFERRED STOCKS — 0.0%
Delphi Financial Group, Inc.
(Variable, ICE LIBOR USD 3M + 3.19%), 4.61%, 05/15/37†		12,432		274,281
GMAC Capital Trust I
(Floating, ICE LIBOR USD 3M + 5.79%), 7.20%, 02/15/40†		6,979		181,105
Total Preferred Stocks (Cost $425,434)				455,386

See Notes to Financial Statements. 133

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

				Shares			Value
MONEY MARKET FUNDS — 8.2%
GuideStone Money Market Fund (Investor Class)¥					96,106,753		$	96,106,753
Northern Institutional Liquid Assets Portfolio§					10,659,942			10,659,942
Northern Institutional U.S. Government Portfolio					8,323,926			8,323,926
Total Money Market Funds (Cost $115,090,621)								115,090,621
				Par
REPURCHASE AGREEMENTS — 12.5%
Merrill Lynch Pierce Fenner & Smith 1.50% (dated 01/02/18, due 01/03/18, repurchase price $87,900,000, collateralized by U.S. Treasury Bond, 3.750%, due 11/15/43, total market value $89,648,766)				$	87,900,000			87,900,000
1.67% (dated 12/29/17, due 01/02/18, repurchase price $88,200,000, collateralized by U.S. Treasury Bond, 3.625%, due 02/15/44, total market value $89,039,939)					88,200,000			88,200,000
Total Repurchase Agreements (Cost $176,100,000)								176,100,000
TOTAL INVESTMENTS — 123.3% (Cost $1,726,561,652)								1,736,205,742
	Number of Contracts			Notional Amount
WRITTEN OPTIONS — (0.1)%
Call Options — (0.0)%
10-Year U.S. Treasury Note, Strike Price $125.50, Expires 01/26/18 (GSC)		(60	)	$	(7,442,820	)		(4,688	)
10-Year U.S. Treasury Note, Strike Price $126.00, Expires 02/23/18 (GSC)		(50	)		(6,202,350	)		(7,031	)
10-Year U.S. Treasury Note, Strike Price $126.50, Expires 01/26/18 (GSC)		(27	)		(3,349,269	)		(844	)
10-Year U.S. Treasury Note, Strike Price $126.50, Expires 02/23/18 (GSC)		(52	)		(6,450,444	)		(4,875	)
5-Year U.S. Treasury Note, Strike Price $117.70, Expires 02/23/18 (GSC)		(118	)		(13,707,352	)		(5,531	)
5-Year U.S. Treasury Note, Strike Price $118.50, Expires 02/23/18 (GSC)		(51	)		(5,924,364	)		(1,195	)
Long U.S. Treasury Bond, Strike Price $153.00, Expires 01/26/18 (GSC)		(40	)		(6,120,000	)		(50,625	)

	Number of Contracts			Notional Amount			Value
Long U.S. Treasury Bond, Strike Price $158.00, Expires 02/23/18 (GSC)		(28	)	$	(4,284,000	)	$	(10,500	)
								(85,289	)
Call Swaptions — (0.0)%
Pay 10-year Treasury (Quarterly); Receive 2.19% (Semiannually): Interest Rate Swap Maturing 12/21/2018 USD, Strike Price $2.19, Expires 12/19/18 (GSC)		1			(12,630,000	)		(131,461	)
Pay 3-Month LIBOR (Quarterly); Receive 2.00% (Semiannually): Interest Rate Swap Maturing 11/19/2028 USD, Strike Price $2.00, Expires 11/15/18 (MSCS)		1			(4,900,000	)		(27,227	)
Pay 3-Month LIBOR (Quarterly); Receive 2.19% (Semiannually): Interest Rate Swap Maturing 11/30/2018 USD, Strike Price $2.19, Expires 11/30/18 (CS)		1			(22,200,000	)		(91,958	)
								(250,646	)
Put Options — (0.0)%
10-Year U.S. Treasury Note, Strike Price $122.00, Expires 02/23/18 (GSC)		(52	)		(6,450,444	)		(6,500	)
10-Year U.S. Treasury Note, Strike Price $122.50, Expires 01/26/18 (GSC)		(27	)		(3,349,269	)		(1,688	)
5-Year U.S. Treasury Note, Strike Price $115.50, Expires 02/23/18 (GSC)		(51	)		(5,924,364	)		(7,172	)
5-Year U.S. Treasury Note, Strike Price $115.75, Expires 01/26/18 (GSC)		(52	)		(6,040,528	)		(4,875	)
5-Year U.S. Treasury Note, Strike Price $116.00, Expires 01/26/18 (GSC)		(30	)		(3,484,920	)		(5,391	)
Euro Dollars, Strike Price $97.75, Expires 02/16/18 (GSC)		(81	)		(19,803,487	)		(9,113	)

134 See Notes to Financial Statements.

	Number of Contracts			Notional Amount			Value
Euro-Bund, Strike Price $16,050.00, Expires 01/26/18 (GSC)		(14	)	$	(3,483,364	)	$	(5,039	)
Long U.S. Treasury Bond, Strike Price $148.00, Expires 01/26/18 (GSC)		(11	)		(1,683,000	)		(1,031	)
Long U.S. Treasury Bond, Strike Price $149.00, Expires 01/26/18 (GSC)		(30	)		(4,590,000	)		(5,156	)
South African Rand vs. U.S. Dollar, Strike Price $12.25, Expires 06/20/18 (GSC)		1			(1,800,000	)		(41,136	)
South African Rand vs. U.S. Dollar, Strike Price $12.25, Expires 06/26/18 (UBS)		1			(3,000,000	)		(69,354	)
								(156,455	)
Put Swaptions — (0.1)%
Pay 2.00% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 10/23/2024 USD, Strike Price $2.00, Expires 10/21/19 (GSC)		1			(38,500,000	)		(993,519	)
Pay 2.25% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 11/12/2024 USD, Strike Price $2.25, Expires 11/07/19 (DEUT)		1			(15,500,000	)		(293,080	)
Pay 2.80% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 8/22/2023 USD, Strike Price $2.80, Expires 08/20/18 (MSCS)		1			(4,900,000	)		(8,819	)

	Number of Contracts		Notional Amount			Value
Pay 2.80% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 8/22/2023 USD, Strike Price $2.80, Expires 08/20/18 (MSCS)		1	$	(2,200,000	)	$	(3,959	)
Pay 2.80% (Semiannually); Receive 3-Month LIBOR (Quarterly): Interest Rate Swap Maturing 8/22/2023 USD, Strike Price $2.80, Expires 08/20/18 (GSC)		1		(2,300,000	)		(4,139	)
							(1,303,516	)
Total Written Options
(Premiums received $(1,778,749))							(1,795,906	)
			Par
TBA SALE COMMITMENTS — (0.3)%
Government National Mortgage Association 3.00%, 01/18/47 TBA			$	(1,000,000	)		(1,007,745	)
Federal Home Loan Mortgage Corporation 3.50%, 01/08/47 TBA				(3,082,500	)		(3,081,016	)
Total TBA Sale Commitments (Proceeds $(4,091,562))							(4,088,761	)
Liabilities in Excess of Other Assets — (22.9)%							(322,361,399	)
NET ASSETS — 100.0%						$	1,407,959,676

See Notes to Financial Statements. 135

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Value and Unrealized Appreciation (Depreciation)
Euro-BTP		03/2018		42		$	6,860,598			GSC	$	(113,488	)
Euro-Bund		03/2018		(189	)		(36,664,441	)		GSC		205,341
Euro-Bund		03/2018		(69	)		(13,385,431	)		MSCS		142,909
Euro-OAT		03/2018		(39	)		(7,261,516	)		MSCS		74,330
10-Year Japanese Treasury Bond		03/2018		(9	)		(12,043,665	)		GSC		5,429
3-Year Australian Treasury Bond		03/2018		4			346,733			GSC		4
90-day Eurodollar		03/2018		(415	)		(101,924,000	)		GSC		154,175
90-day Eurodollar		03/2018		1,127			276,791,200			MSCS		6,369
10-Year U.S. Treasury Note		03/2018		(575	)		(71,326,953	)		GSC		215,181
10-Year U.S. Treasury Note		03/2018		68			8,435,187			GSC		22,604
10-Year U.S. Treasury Note		03/2018		393			48,750,422			MSCS		(266,984	)
10-Year U.S. Ultra Note		03/2018		218			36,549,063			GSC		355,188
10-Year U.S. Ultra Note		03/2018		214			35,878,438			MSCS		241,639
10-Year U.S. Ultra Note		03/2018		24			3,205,500			GSC		19,500
10-Year U.S. Ultra Note		03/2018		5			838,281			GSC		6,553
10-Year U.S. Ultra Note		03/2018		1			133,563			GSC		(766	)
30-Year U.S. Treasury Note		03/2018		60			9,180,000			MSCS		625
30-Year U.S. Treasury Note		03/2018		117			17,901,000			GSC		(4,110	)
30-Year U.S. Treasury Note		03/2018		(191	)		(29,223,000	)		GSC		(18,188	)
2-Year U.S. Treasury Note		03/2018		74			15,844,094			GSC		(31,266	)
2-Year U.S. Treasury Note		03/2018		84			17,985,187			GSC		(37,898	)
5-Year U.S. Treasury Note		03/2018		92			10,687,094			GSC		6,929
5-Year U.S. Treasury Note		03/2018		996			115,699,407			MSCS		(637,757	)
5-Year U.S. Treasury Note		03/2018		1,545			179,473,477			GSC		(735,562	)
Euro		03/2018		(8	)		(1,207,550	)		GSC		(22,800	)
90-day Eurodollar		06/2018		(246	)		(60,316,125	)		GSC		63,525
90-day Eurodollar		06/2018		(72	)		(17,653,500	)		MSCS		36,900
90-day Eurodollar		09/2018		(32	)		(7,836,800	)		GSC		33,600
90-day Eurodollar		12/2018		(128	)		(31,313,600	)		GSC		35,200
90-day Eurodollar		03/2019		(267	)		(65,278,163	)		MSCS		127,237
90-day Eurodollar		06/2019		(575	)		(140,501,250	)		MSCS		276,150
90-day Eurodollar		09/2019		(480	)		(117,246,000	)		MSCS		(10,145	)
2-Year Midcurve Eurodollar		12/2019		(703	)		(171,655,025	)		MSCS		47,013
2-Year Midcurve Eurodollar		12/2019		(85	)		(20,754,875	)		GSC		(18,087	)
Total Futures Contracts outstanding at December 31, 2017						$	(121,032,650	)			$	179,350

Forward Foreign Currency Contracts outstanding at December 31, 2017:

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party	Net Unrealized Appreciation (Depreciation)
01/19/18	Indian Rupees		194,220,000	U.S. Dollars		2,946,075	BAR	$	92,070
12/17/18	U.S. Dollars		8,859,257	Japanese Yen		970,000,000	BNP		57,349
01/18/18	South African Rand		6,499,412	U.S. Dollars		471,988	RBC		51,749
03/21/18	New Zealand Dollars		2,648,205	U.S. Dollars		1,825,103	WEST		49,800
01/19/18	U.S. Dollars		6,103,655	Japanese Yen		681,934,523	CITI		45,621
03/07/18	Russian Rubles		107,291,838	U.S. Dollars		1,805,500	DEUT		36,168
03/07/18	Russian Rubles		107,246,700	U.S. Dollars		1,805,500	GSC		35,393
03/21/18	Swedish Kronor		21,274,358	Euro		2,132,730	JPM		34,790
01/26/18	U.S. Dollars		579,472	Mexican Pesos		10,820,482	RBC		32,078

136 See Notes to Financial Statements.

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party	Net Unrealized Appreciation (Depreciation)
02/02/18	U.S. Dollars		719,894	Brazilian Reals		2,338,000	DEUT	$	17,874
01/19/18	Indonesian Rupiahs		22,179,120,000	U.S. Dollars		1,620,807	BAR		15,103
03/21/18	Australian Dollars		727,888	U.S. Dollars		552,933	WEST		14,910
02/15/18	U.S. Dollars		4,171,494	Japanese Yen		467,400,000	HSBC		13,982
01/19/18	Euro		1,080,000	U.S. Dollars		1,284,604	CITI		12,794
01/10/18	Euro		1,327,000	U.S. Dollars		1,582,578	UBS		10,632
02/26/18	U.S. Dollars		19,143,766	Japanese Yen		2,150,000,000	DEUT		10,043
02/15/18	Japanese Yen		463,000,000	U.S. Dollars		4,108,361	HSBC		10,012
03/21/18	Swedish Kronor		11,454,977	Euro		1,156,519	BOA		8,881
01/19/18	Japanese Yen		126,740,000	U.S. Dollars		1,118,037	CITI		7,871
01/19/18	Japanese Yen		413,950,000	U.S. Dollars		3,669,594	CITI		7,773
12/17/18	Japanese Yen		970,000,000	U.S. Dollars		8,794,437	GSC		7,470
01/19/18	Euro		500,000	U.S. Dollars		593,365	CITI		7,282
03/21/18	New Zealand Dollars		378,184	U.S. Dollars		261,675	SS		6,076
03/21/18	New Zealand Dollars		350,000	U.S. Dollars		241,951	UBS		5,845
03/13/18	Indian Rupees		9,281,163	U.S. Dollars		141,244	HSBC		3,176
03/21/18	New Zealand Dollars		114,000	U.S. Dollars		77,865	BOA		2,845
03/21/18	Euro		138,959	U.S. Dollars		164,906	BOA		2,636
03/21/18	New Zealand Dollars		231,000	U.S. Dollars		161,041	BOA		2,504
03/22/18	U.S. Dollars		317,000	Japanese Yen		35,319,823	BOA		2,212
03/21/18	Australian Dollars		106,000	U.S. Dollars		80,514	RBC		2,179
03/21/18	Swedish Kronor		2,014,087	Euro		203,000	CITI		1,979
03/21/18	Australian Dollars		100,000	U.S. Dollars		76,036	RBC		1,976
03/22/18	Euro		146,791	Japanese Yen		19,640,904	DEUT		1,948
03/21/18	Canadian Dollars		100,388	U.S. Dollars		78,000	RBC		1,947
03/21/18	Canadian Dollars		102,885	U.S. Dollars		80,000	BOA		1,936
03/21/18	Swedish Kronor		647,294	U.S. Dollars		77,363	CITI		1,934
03/21/18	Canadian Dollars		102,843	U.S. Dollars		80,000	RBC		1,903
03/21/18	Canadian Dollars		102,818	U.S. Dollars		80,000	BOA		1,882
03/21/18	Australian Dollars		76,375	U.S. Dollars		57,738	CITI		1,844
01/19/18	Japanese Yen		130,960,000	U.S. Dollars		1,161,611	BAR		1,786
03/22/18	U.S. Dollars		158,000	Japanese Yen		17,528,709	SS		1,775
03/21/18	Canadian Dollars		103,894	U.S. Dollars		80,969	RBC		1,770
03/21/18	Canadian Dollars		102,644	U.S. Dollars		80,000	BOA		1,744
03/21/18	Canadian Dollars		102,609	U.S. Dollars		80,000	BOA		1,716
03/21/18	Canadian Dollars		102,550	U.S. Dollars		80,000	RBC		1,669
03/21/18	Canadian Dollars		102,541	U.S. Dollars		80,000	JPM		1,661
03/21/18	New Zealand Dollars		116,000	U.S. Dollars		80,490	SS		1,637
03/21/18	New Zealand Dollars		87,144	U.S. Dollars		60,062	UBS		1,635
03/21/18	Euro		68,000	British Pounds		59,367	BOA		1,618
03/21/18	British Pounds		355,122	U.S. Dollars		479,213	WEST		1,542
03/21/18	Euro		68,000	British Pounds		59,430	BOA		1,533
03/21/18	Canadian Dollars		89,739	U.S. Dollars		69,965	BOA		1,501
03/21/18	Canadian Dollars		143,771	U.S. Dollars		113,000	SS		1,497
03/21/18	Canadian Dollars		85,990	U.S. Dollars		67,000	UBS		1,481
03/21/18	Euro		68,000	British Pounds		59,473	JPM		1,475
03/21/18	British Pounds		57,000	U.S. Dollars		75,703	JPM		1,462
03/21/18	Canadian Dollars		97,180	U.S. Dollars		76,000	RBC		1,393
03/21/18	New Zealand Dollars		79,176	U.S. Dollars		54,699	SS		1,357
03/21/18	Swedish Kronor		330,053	U.S. Dollars		39,083	SS		1,351
03/21/18	New Zealand Dollars		50,466	U.S. Dollars		34,490	SS		1,240
03/21/18	Swedish Kronor		652,536	Euro		65,300	SS		1,207
03/21/18	Euro		137,218	British Pounds		121,361	DEUT		1,148
03/21/18	Swedish Kronor		325,903	U.S. Dollars		38,780	SS		1,145

See Notes to Financial Statements. 137

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/21/18	Canadian Dollars		101,878	U.S. Dollars		80,000		RBC	$	1,134
03/22/18	U.S. Dollars		188,293	Japanese Yen		21,000,110		SS		1,129
03/21/18	Euro		68,000	U.S. Dollars		80,862		UBS		1,126
03/22/18	U.S. Dollars		168,540	Japanese Yen		18,784,201		SS		1,126
03/21/18	Euro		68,912	U.S. Dollars		82,006		WEST		1,082
03/21/18	Euro		67,000	British Pounds		58,873		BOA		1,081
03/21/18	New Zealand Dollars		115,000	U.S. Dollars		80,374		BOA		1,045
03/22/18	Euro		67,892	Japanese Yen		9,068,982		UBS		1,035
03/21/18	New Zealand Dollars		118,655	U.S. Dollars		82,982		DEUT		1,025
03/21/18	Australian Dollars		41,460	U.S. Dollars		31,355		BOA		989
03/22/18	U.S. Dollars		76,000	Japanese Yen		8,417,760		CITI		977
03/22/18	Japanese Yen		18,050,560	U.S. Dollars		160,000		DEUT		876
03/21/18	Euro		68,026	U.S. Dollars		81,152		BOA		867
03/21/18	Euro		66,000	British Pounds		58,143		RBC		864
03/21/18	Canadian Dollars		53,401	U.S. Dollars		41,663		BOA		864
03/21/18	Euro		68,004	U.S. Dollars		81,137		UBS		855
03/21/18	Swedish Kronor		676,229	Euro		68,000		SS		854
03/21/18	Euro		66,000	British Pounds		58,159		RBC		842
03/21/18	British Pounds		46,000	U.S. Dollars		61,432		SS		842
03/21/18	Swedish Kronor		349,350	U.S. Dollars		41,968		SS		830
03/21/18	Euro		70,396	U.S. Dollars		84,051		UBS		825
03/21/18	Euro		68,528	British Pounds		60,438		CITI		804
03/21/18	Euro		67,000	U.S. Dollars		79,981		BOA		801
03/21/18	Australian Dollars		40,000	U.S. Dollars		30,428		SS		776
03/21/18	Euro		134,705	Swiss Francs		156,598		SS		770
03/21/18	Canadian Dollars		38,608	U.S. Dollars		30,000		SS		747
03/21/18	Canadian Dollars		54,415	U.S. Dollars		42,604		SS		732
03/21/18	Euro		68,000	British Pounds		60,025		UBS		727
03/21/18	Canadian Dollars		43,189	U.S. Dollars		33,713		SS		682
03/21/18	Canadian Dollars		43,830	U.S. Dollars		34,242		UBS		664
03/21/18	Euro		68,000	British Pounds		60,079		JPM		653
03/21/18	Canadian Dollars		41,528	U.S. Dollars		32,439		BOA		633
03/21/18	Euro		67,784	British Pounds		59,911		BOA		621
03/22/18	Japanese Yen		18,021,712	U.S. Dollars		160,000		BOA		618
03/21/18	Euro		101,627	Swiss Francs		118,121		WEST		604
03/22/18	Japanese Yen		18,021,753	U.S. Dollars		160,017		SS		602
03/22/18	U.S. Dollars		240,000	Japanese Yen		26,862,096		BOA		592
03/21/18	Norwegian Kroner		370,937	U.S. Dollars		44,703		SS		576
03/21/18	Euro		66,000	Swiss Francs		76,536		UBS		574
03/21/18	Euro		66,000	British Pounds		58,363		BOA		566
03/21/18	Australian Dollars		200,000	New Zealand Dollars		219,578		BOA		565
03/21/18	Swiss Francs		37,465	U.S. Dollars		38,109		UBS		563
03/21/18	Canadian Dollars		65,995	U.S. Dollars		52,000		SS		557
03/21/18	Norwegian Kroner		1,347,701	Euro		136,000		BOA		535
03/21/18	Euro		70,275	Swiss Francs		81,587		BOA		515
03/21/18	Norwegian Kroner		1,347,529	Euro		136,000		SS		514
03/21/18	Euro		66,000	British Pounds		58,404		SS		510
03/21/18	Euro		66,000	British Pounds		58,406		BOA		508
03/21/18	Euro		66,000	Swiss Francs		76,603		UBS		505
03/21/18	Norwegian Kroner		601,533	Euro		60,508		BOA		473
03/21/18	Norwegian Kroner		442,337	U.S. Dollars		53,521		SS		473
03/22/18	Japanese Yen		8,852,051	U.S. Dollars		78,443		BOA		451
03/22/18	Japanese Yen		9,026,240	U.S. Dollars		80,000		SS		446
03/21/18	Swiss Francs		82,554	Euro		70,309		UBS		442

138 See Notes to Financial Statements.

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/21/18	Euro		64,000	British Pounds		56,696		DEUT	$	411
03/21/18	Swiss Francs		155,746	Euro		133,000		JPM		407
03/21/18	Euro		69,111	Swiss Francs		80,343		SS		396
03/22/18	Japanese Yen		9,018,960	U.S. Dollars		80,000		BOA		381
03/21/18	U.S. Dollars		80,374	New Zealand Dollars		113,009		BOA		365
03/22/18	U.S. Dollars		30,531	Japanese Yen		3,386,926		SS		345
03/21/18	Swedish Kronor		425,991	Euro		43,000		SS		341
03/21/18	Swiss Francs		91,826	Euro		78,332		DEUT		340
03/22/18	Japanese Yen		9,016,889	U.S. Dollars		80,031		UBS		332
03/21/18	Euro		68,000	Swiss Francs		79,123		JPM		315
03/21/18	Euro		73,467	Swiss Francs		85,526		RBC		297
03/21/18	Euro		67,000	Norwegian Kroner		659,407		SS		290
03/21/18	Norwegian Kroner		683,083	Euro		68,924		BOA		280
03/21/18	British Pounds		28,566	U.S. Dollars		38,408		BOA		263
03/21/18	British Pounds		24,032	U.S. Dollars		32,272		CITI		262
03/21/18	Norwegian Kroner		289,159	U.S. Dollars		35,042		JPM		255
03/22/18	U.S. Dollars		79,000	Japanese Yen		8,837,026		BOA		240
03/21/18	Norwegian Kroner		651,526	Euro		65,768		RBC		234
03/21/18	Norwegian Kroner		673,223	Euro		68,000		RBC		191
03/21/18	U.S. Dollars		79,992	Canadian Dollars		100,209		CITI		187
03/21/18	British Pounds		28,116	U.S. Dollars		37,880		SS		183
03/22/18	Japanese Yen		8,328,967	U.S. Dollars		74,050		CITI		182
03/21/18	British Pounds		41,682	U.S. Dollars		56,250		SS		178
03/21/18	U.S. Dollars		62,673	British Pounds		46,164		SS		177
03/21/18	Euro		67,030	Norwegian Kroner		660,698		CITI		168
03/21/18	U.S. Dollars		80,151	New Zealand Dollars		112,989		CITI		156
03/21/18	Euro		13,825	Norwegian Kroner		135,374		SS		144
03/21/18	Euro		25,000	U.S. Dollars		30,004		SS		138
03/22/18	Japanese Yen		8,991,504	U.S. Dollars		80,000		JPM		137
03/21/18	Norwegian Kroner		652,996	Euro		66,000		RBC		133
03/22/18	Japanese Yen		8,989,862	U.S. Dollars		80,007		CITI		116
03/21/18	U.S. Dollars		88,129	Australian Dollars		112,837		BOA		102
03/21/18	Euro		24,952	U.S. Dollars		29,991		SS		93
03/21/18	Australian Dollars		32,000	New Zealand Dollars		35,132		UBS		91
03/21/18	Euro		67,000	Swiss Francs		78,180		SS		83
03/21/18	U.S. Dollars		80,762	New Zealand Dollars		113,961		SS		79
03/21/18	Norwegian Kroner		295,676	Euro		29,870		BOA		78
03/22/18	Japanese Yen		4,709,618	U.S. Dollars		41,899		JPM		75
03/22/18	Japanese Yen		8,872,284	U.S. Dollars		79,000		BOA		74
03/21/18	Swiss Francs		77,161	Euro		66,000		CITI		71
03/22/18	Japanese Yen		3,987,253	U.S. Dollars		35,465		JPM		71
03/21/18	Swiss Francs		74,824	Euro		64,000		BOA		70
03/22/18	U.S. Dollars		161,009	Japanese Yen		18,057,926		JPM		67
03/21/18	Swiss Francs		77,149	Euro		66,000		DEUT		59
03/21/18	Swiss Francs		76,506	Euro		65,456		BOA		52
03/22/18	U.S. Dollars		80,000	Japanese Yen		8,970,376		BOA		51
03/22/18	U.S. Dollars		80,000	Japanese Yen		8,970,400		JPM		51
03/22/18	U.S. Dollars		80,318	Japanese Yen		9,007,397		BOA		40
03/21/18	Australian Dollars		211,000	New Zealand Dollars		232,448		UBS		35
03/21/18	Euro		66,000	Norwegian Kroner		651,656		SS		30
03/21/18	U.S. Dollars		80,744	New Zealand Dollars		114,016		JPM		21
03/22/18	U.S. Dollars		79,978	Japanese Yen		8,971,656		DEUT		18
03/21/18	U.S. Dollars		39,298	British Pounds		29,022		BOA		9
03/21/18	Euro		67,981	Norwegian Kroner		671,426		SS		5

`See Notes to Financial Statements. 139

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/21/18	U.S. Dollars		65,142	Euro		54,026		JPM	$	3
Subtotal Appreciation									$	710,049
03/22/18	Japanese Yen		10,657,860	U.S. Dollars		95,000		BOA		(12	)
03/21/18	U.S. Dollars		32,576	Swiss Francs		31,573		SS		(14	)
03/21/18	Swiss Francs		85,316	Euro		73,054		BOA		(17	)
03/21/18	Swiss Francs		79,410	Euro		68,000		BOA		(18	)
03/22/18	Japanese Yen		22,438,000	U.S. Dollars		200,000		CITI		(21	)
03/21/18	Euro		66,998	Swedish Kronor		659,586		JPM		(23	)
03/22/18	Japanese Yen		838,139	U.S. Dollars		7,518		CITI		(48	)
03/21/18	U.S. Dollars		81,102	Australian Dollars		104,026		JPM		(51	)
03/21/18	U.S. Dollars		81,173	British Pounds		60,000		SS		(53	)
03/21/18	U.S. Dollars		38,615	British Pounds		28,566		SS		(57	)
03/21/18	British Pounds		63,032	U.S. Dollars		85,436		SS		(105	)
03/21/18	Euro		40,982	Norwegian Kroner		405,701		JPM		(111	)
03/21/18	U.S. Dollars		50,153	British Pounds		37,132		JPM		(115	)
03/21/18	Swiss Francs		164,239	Euro		140,707		UBS		(119	)
03/22/18	Japanese Yen		3,389,325	U.S. Dollars		30,342		SS		(135	)
03/22/18	Japanese Yen		8,959,624	U.S. Dollars		80,000		BOA		(147	)
03/21/18	U.S. Dollars		37,504	Canadian Dollars		47,301		SS		(166	)
03/21/18	British Pounds		24,420	Euro		27,557		SS		(166	)
03/21/18	U.S. Dollars		35,485	Australian Dollars		45,709		JPM		(173	)
03/21/18	U.S. Dollars		31,791	Canadian Dollars		40,154		BOA		(187	)
03/22/18	Japanese Yen		8,729,806	U.S. Dollars		78,000		SS		(196	)
03/21/18	U.S. Dollars		38,705	Swedish Kronor		317,554		SS		(197	)
03/22/18	Japanese Yen		8,952,792	U.S. Dollars		80,000		BOA		(208	)
03/21/18	U.S. Dollars		160,518	Australian Dollars		206,035		BOA		(215	)
03/21/18	U.S. Dollars		31,900	British Pounds		23,728		SS		(223	)
03/21/18	U.S. Dollars		33,714	Swiss Francs		32,878		SS		(224	)
03/22/18	U.S. Dollars		80,000	Japanese Yen		9,001,776		DEUT		(228	)
03/21/18	U.S. Dollars		35,870	Swiss Francs		34,979		CITI		(235	)
03/21/18	British Pounds		66,110	Euro		74,433		BOA		(245	)
03/21/18	Swiss Francs		156,264	Euro		134,000		BOA		(264	)
03/21/18	U.S. Dollars		33,603	Euro		28,094		JPM		(269	)
03/21/18	U.S. Dollars		42,558	Euro		35,531		BOA		(281	)
03/21/18	Euro		67,988	Swedish Kronor		671,447		SS		(283	)
03/21/18	Norwegian Kroner		254,462	Euro		26,000		SS		(287	)
03/21/18	U.S. Dollars		64,816	Euro		54,000		SS		(291	)
03/22/18	Japanese Yen		7,728,823	U.S. Dollars		69,181		BOA		(298	)
03/21/18	Norwegian Kroner		669,208	Euro		68,000		RBC		(299	)
03/22/18	Japanese Yen		8,717,139	U.S. Dollars		78,000		BOA		(309	)
03/22/18	Japanese Yen		9,164,329	Euro		68,004		DEUT		(321	)
03/22/18	U.S. Dollars		80,000	Japanese Yen		9,012,176		BOA		(321	)
03/21/18	U.S. Dollars		80,843	Australian Dollars		104,044		SS		(324	)
03/21/18	U.S. Dollars		32,017	New Zealand Dollars		45,701		BOA		(339	)
03/21/18	U.S. Dollars		80,373	New Zealand Dollars		114,004		JPM		(341	)
03/21/18	U.S. Dollars		54,699	British Pounds		40,658		SS		(342	)
04/03/18	U.S. Dollars		6,441	Danish Kroner		42,000		BNP		(370	)
03/21/18	Norwegian Kroner		328,848	Swedish Kronor		330,712		JPM		(373	)
03/21/18	Euro		41,018	Swedish Kronor		406,819		UBS		(382	)
03/21/18	U.S. Dollars		31,355	Euro		26,329		CITI		(389	)
03/22/18	Japanese Yen		3,796,667	U.S. Dollars		34,242		UBS		(404	)
03/21/18	U.S. Dollars		41,918	New Zealand Dollars		59,780		SS		(406	)
03/21/18	U.S. Dollars		16,857	Canadian Dollars		21,692		SS		(418	)

140 See Notes to Financial Statements.

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/21/18	U.S. Dollars		38,653	New Zealand Dollars		55,229		BOA	$	(449	)
03/21/18	U.S. Dollars		44,413	Canadian Dollars		56,335		BOA		(452	)
03/21/18	U.S. Dollars		125,236	Swiss Francs		121,772		SS		(459	)
03/21/18	U.S. Dollars		76,952	Euro		64,205		SS		(459	)
03/21/18	U.S. Dollars		39,505	Euro		33,147		BOA		(461	)
03/22/18	Japanese Yen		8,699,067	U.S. Dollars		78,000		BOA		(470	)
03/22/18	Japanese Yen		8,808,065	U.S. Dollars		79,000		UBS		(498	)
03/22/18	Japanese Yen		8,873,145	Euro		66,000		BOA		(500	)
03/21/18	Norwegian Kroner		535,786	Euro		54,660		BOA		(501	)
03/21/18	U.S. Dollars		32,259	Australian Dollars		42,053		BOA		(547	)
03/21/18	U.S. Dollars		35,590	Australian Dollars		46,365		SS		(580	)
03/21/18	British Pounds		118,913	Euro		134,000		SS		(582	)
03/22/18	U.S. Dollars		80,000	Japanese Yen		9,041,992		BOA		(587	)
03/21/18	U.S. Dollars		51,555	Australian Dollars		66,865		BOA		(608	)
03/21/18	U.S. Dollars		81,336	Euro		67,968		CITI		(614	)
03/21/18	Norwegian Kroner		666,513	Euro		68,000		BOA		(628	)
03/21/18	U.S. Dollars		23,996	New Zealand Dollars		34,793		SS		(638	)
03/21/18	Norwegian Kroner		616,916	Euro		63,013		BOA		(670	)
03/21/18	U.S. Dollars		32,532	Australian Dollars		42,563		DEUT		(673	)
03/21/18	U.S. Dollars		79,000	Canadian Dollars		100,103		RBC		(720	)
03/21/18	U.S. Dollars		37,877	Swedish Kronor		315,135		CITI		(729	)
03/21/18	U.S. Dollars		81,219	Euro		67,968		CITI		(730	)
03/21/18	U.S. Dollars		31,812	New Zealand Dollars		46,000		JPM		(756	)
03/21/18	U.S. Dollars		80,650	New Zealand Dollars		115,000		DEUT		(769	)
03/21/18	Norwegian Kroner		625,677	Euro		64,000		SS		(790	)
03/21/18	U.S. Dollars		41,522	Swedish Kronor		345,500		JPM		(803	)
03/21/18	Euro		103,816	Norwegian Kroner		1,032,188		JPM		(826	)
03/21/18	U.S. Dollars		30,316	Australian Dollars		40,000		SS		(889	)
03/21/18	U.S. Dollars		80,525	New Zealand Dollars		115,008		RBC		(899	)
03/21/18	U.S. Dollars		78,174	Canadian Dollars		99,299		JPM		(905	)
03/22/18	Japanese Yen		9,109,172	Euro		68,119		CITI		(951	)
03/21/18	U.S. Dollars		79,954	Canadian Dollars		101,732		SS		(1,063	)
03/21/18	U.S. Dollars		80,000	Canadian Dollars		101,883		DEUT		(1,138	)
03/21/18	U.S. Dollars		61,092	Swedish Kronor		508,104		CITI		(1,153	)
03/21/18	Euro		68,000	New Zealand Dollars		117,525		BOA		(1,219	)
03/21/18	British Pounds		60,604	Euro		69,065		BOA		(1,226	)
03/21/18	Euro		638,003	Swiss Francs		746,524		UBS		(1,339	)
03/22/18	Japanese Yen		16,892,216	U.S. Dollars		152,000		SS		(1,448	)
03/21/18	U.S. Dollars		80,379	Australian Dollars		105,000		BOA		(1,534	)
03/21/18	U.S. Dollars		75,604	Swiss Francs		74,752		WEST		(1,556	)
03/21/18	U.S. Dollars		81,000	Canadian Dollars		103,716		SS		(1,598	)
03/21/18	U.S. Dollars		48,289	Australian Dollars		64,000		BOA		(1,639	)
03/21/18	U.S. Dollars		79,000	Canadian Dollars		101,421		BOA		(1,770	)
03/21/18	U.S. Dollars		76,095	New Zealand Dollars		110,000		SS		(1,784	)
03/21/18	Norwegian Kroner		12,851,992	Euro		1,302,734		UBS		(1,899	)
01/31/18	U.S. Dollars		246,832	Euro		206,917		JPM		(1,923	)
01/10/18	U.S. Dollars		193,664	Euro		163,000		DEUT		(2,036	)
03/21/18	U.S. Dollars		162,841	Swiss Francs		159,804		JPM		(2,112	)
03/21/18	British Pounds		121,742	Euro		138,483		JPM		(2,158	)
03/21/18	U.S. Dollars		79,169	New Zealand Dollars		115,000		UBS		(2,250	)
03/21/18	U.S. Dollars		82,185	New Zealand Dollars		119,442		SS		(2,379	)
03/21/18	U.S. Dollars		338,773	Canadian Dollars		428,416		BOA		(2,409	)
01/10/18	U.S. Dollars		374,118	British Pounds		279,000		UBS		(2,708	)
03/21/18	U.S. Dollars		190,000	Canadian Dollars		242,330		RBC		(2,987	)

See Notes to Financial Statements. 141

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
03/21/18	U.S. Dollars		159,965	Canadian Dollars		205,115		RBC	$	(3,385	)
03/21/18	U.S. Dollars		158,512	New Zealand Dollars		230,000		BOA		(4,326	)
02/15/18	Japanese Yen		37,129,513	U.S. Dollars		335,000		JPM		(4,734	)
03/21/18	U.S. Dollars		299,116	Euro		252,306		SS		(5,090	)
03/21/18	U.S. Dollars		160,022	Australian Dollars		212,000		BOA		(5,364	)
03/14/18	U.S. Dollars		310,000	South Korean Won		336,923,500		HSBC		(5,962	)
03/22/18	U.S. Dollars		1,579,035	Japanese Yen		178,055,967		DEUT		(7,888	)
03/22/18	U.S. Dollars		1,577,315	Japanese Yen		178,055,967		WEST		(9,609	)
03/14/18	U.S. Dollars		654,000	South Korean Won		707,752,260		BNP		(9,720	)
03/21/18	Norwegian Kroner		12,892,272	Euro		1,316,866		JPM		(14,020	)
01/19/18	U.S. Dollars		1,301,102	Chinese Offshore Yuan		8,611,515		BAR		(19,590	)
01/19/18	U.S. Dollars		1,504,640	British Pounds		1,128,669		BAR		(20,262	)
01/10/18	U.S. Dollars		1,364,824	Euro		1,154,000		UBS		(20,680	)
01/19/18	U.S. Dollars		1,855,845	Euro		1,563,001		CITI		(21,779	)
02/15/18	Japanese Yen		240,500,000	U.S. Dollars		2,162,960		GSC		(23,719	)
04/03/18	U.S. Dollars		417,101	Danish Kroner		2,800,000		BNP		(36,906	)
01/19/18	Mexican Pesos		35,260,000	U.S. Dollars		1,850,974		BAR		(64,659	)
01/10/18	U.S. Dollars		6,616,789	British Pounds		4,971,000		UBS		(97,193	)
01/19/18	Brazilian Reals		11,180,600	U.S. Dollars		3,481,318		CITI		(118,609	)
01/19/18	U.S. Dollars		7,278,809	Chinese Yuan Renminbi		48,702,511		BAR		(189,917	)
01/19/18	U.S. Dollars		4,589,236	Philippine Pesos		238,833,000		BAR		(193,259	)
01/18/18	U.S. Dollars		1,210,328	South African Rand		17,532,323		CITI		(202,465	)
03/14/18	U.S. Dollars		7,939,496	South Korean Won		8,835,706,800		UBS		(346,497	)
Subtotal Depreciation									$	(1,498,124	)
Total Forward Foreign Currency Contracts outstanding at December 31, 2017									$	(788,075	)

142 See Notes to Financial Statements.

Swap agreements outstanding at December 31, 2017:

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate and Sovereign Issues — Buy Protection
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		120,000	$	(1,314	)	$	(233	)	$	(1,081	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		JPM		USD		120,000		(1,314	)		(407	)		(907	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		190,000		(2,081	)		(657	)		(1,424	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		20,000		(219	)		(133	)		(86	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		JPM		USD		60,000		(657	)		(233	)		(424	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		180,000		(1,971	)		(454	)		(1,517	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		190,000		(2,081	)		(517	)		(1,564	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		130,000		(1,424	)		(228	)		(1,196	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		80,000		(876	)		(332	)		(544	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		140,000		(1,533	)		(789	)		(744	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		220,000		(2,410	)		(1,463	)		(947	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		3/20/2019		CITI		USD		430,000		(4,710	)		(2,679	)		(2,031	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		950,000		(12,111	)		—			(12,111	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		210,000		(2,677	)		(1,523	)		(1,154	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		60,000		(765	)		(387	)		(378	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		JPM		USD		10,000		(127	)		(63	)		(64	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		120,000		(1,530	)		(781	)		(749	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		JPM		USD		50,000		(637	)		(353	)		(284	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		120,000		(1,530	)		(793	)		(737	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		BOA		USD		20,000		(255	)		(136	)		(119	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		60,000		(765	)		(392	)		(373	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		250,000		(3,187	)		(1,704	)		(1,483	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		BOA		USD		30,000		(382	)		(184	)		(198	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		120,000		(1,530	)		(1,567	)		37
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2019		CITI		USD		80,000		(1,020	)		(1,231	)		211
Credit Suisse (USA), Inc. 6.5% due 1/15/2018 (Pay Quarterly; Receive Semiannually)		(1.00	)%		9/20/2020		GSC		USD		300,000		(1,788	)		6,900			(8,688	)

See Notes to Financial Statements. 143

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2020		CITI		USD		60,000	$	(1,291	)	$	404		$	(1,695	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2020		JPM		USD		60,000		(1,291	)		323			(1,614	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2020		JPM		USD		90,000		(1,936	)		793			(2,729	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2020		CITI		USD		270,000		(5,808	)		2,259			(8,067	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2020		JPM		USD		100,000		(2,151	)		805			(2,956	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2020		BOA		USD		300,000		(6,454	)		1,691			(8,145	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2020		JPM		USD		340,000		(7,314	)		573			(7,887	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		CITI		USD		90,000		(2,037	)		874			(2,911	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		BOA		USD		60,000		(1,358	)		578			(1,936	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		JPM		USD		30,000		(679	)		(252	)		(427	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		CITI		USD		30,000		(679	)		291			(970	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		CITI		USD		70,000		(1,584	)		796			(2,380	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		BOA		USD		460,000		(10,410	)		5,499			(15,909	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		DEUT		USD		60,000		(1,358	)		714			(2,072	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		CITI		USD		80,000		(1,811	)		870			(2,681	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		DEUT		USD		130,000		(2,942	)		1,411			(4,353	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		CITI		USD		160,000		(3,621	)		1,566			(5,187	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		CITI		USD		60,000		(1,358	)		577			(1,935	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		JPM		USD		40,000		(905	)		411			(1,316	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		JPM		USD		150,000		(3,395	)		762			(4,157	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		CITI		USD		270,000		(6,110	)		1,372			(7,482	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		JPM		USD		60,000		(1,358	)		216			(1,574	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		DEUT		USD		60,000		(1,358	)		223			(1,581	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		DEUT		USD		110,000		(2,489	)		253			(2,742	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		JPM		USD		40,000		(905	)		87			(992	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2021		CITI		USD		160,000		(3,621	)		349			(3,970	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2022		JPM		USD		460,000		(10,855	)		(4,609	)		(6,246	)

144 See Notes to Financial Statements.

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2021		JPM		USD		220,000	$	(5,222	)	$	846		$	(6,068	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2021		DEUT		USD		20,000		(475	)		131			(606	)
Peoples Republic of China, 4.25% due 10/28/14 (Pay Quarterly; Receive Quarterly)		(1.00	)%		12/20/2021		DEUT		USD		410,000		(9,732	)		1,508			(11,240	)
Peoples Republic of China, 7.5% due 10/28/27 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2022		JPM		USD		170,000		(4,012	)		(2,226	)		(1,786	)
Peoples Republic of China, 7.5% due 10/28/27 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2022		CITI		USD		130,000		(3,068	)		(2,277	)		(791	)
Peoples Republic of China, 7.5% due 10/28/27 (Pay Quarterly; Receive Quarterly)		(1.00	)%		6/20/2022		JPM		USD		180,000		(4,248	)		(3,428	)		(820	)
												$	(160,729	)	$	3,051		$	(163,780	)

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 Issuers — Sell Protection
Berkshire Hathaway, Inc., 1.55% due 02/09/18 (Pay Semiannually; Receive Quarterly)		0.39	%		1.00	%		12/20/2021		ICE		USD		400,000	$	9,410	$	5,258	$	4,152
Berkshire Hathaway, Inc., 1.55% due 02/09/18 (Pay Semiannually; Receive Quarterly)		0.47	%		1.00	%		6/20/2022		ICE		USD		100,000		2,314		1,852		462
															$	11,724	$	7,110	$	4,614

Swap agreements with CME, LCH and ICE counterparties are centrally cleared swaps.

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.IG.28 (Pay Quarterly; Receive Quarterly)		0.47	%		1.00	%		6/20/2022		ICE		USD		4,050,000	$	91,598	$	83,421		$	8,177
Dow Jones CDX.NA.HY29 Index (Pay Quarterly; Receive Quarterly)		3.07	%		0.50	%		12/20/2022		ICE		USD		6,200,000		523,831		540,298			(16,467	)
Dow Jones CMBX.NA.AAA.7 Index (Pay Monthly; Receive Monthly)		0.40	%		0.50	%		1/17/2047		GSC		USD		1,700,000		9,258		(75,678	)		84,936
Dow Jones CMBX.NA.AAA.8 Index (Pay Monthly; Receive Monthly)		0.43	%		0.50	%		10/17/2057		DEUT		USD		600,000		2,664		(41,341	)		44,005
Dow Jones CMBX.NA.AAA.8 Index (Pay Monthly; Receive Monthly)		0.43	%		0.50	%		10/17/2057		DEUT		USD		1,100,000		4,883		(75,585	)		80,468
Dow Jones CMBX.NA.AAA.8 Index (Pay Monthly; Receive Monthly)		0.43	%		0.50	%		10/17/2057		GSC		USD		1,700,000		7,547		(102,781	)		110,328
															$	639,781	$	328,334		$	311,447

Swap agreements with CME, LCH and ICE counterparties are centrally cleared swaps.    

See Notes to Financial Statements. 145

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)
Interest Rate Swaps
6-Month CDOR (Pay Semiannually; Receive Semiannually)		1.00	%		3/21/2019		LCH		CAD		1,360,000	$	(10,999	)	$	(10,650	)	$	(349	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(1.50	)%		5/15/2019		CME		USD		31,900,000		182,609			146,051			36,558
3-Month LIBOR (Pay Annually; Receive Quarterly)		1.00	%		9/19/2019		LCH		GBP		97,100,000		258,812			167,715			91,097
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.00	)%		12/16/2019		CME		USD		3,500,000		3,319			(26,031	)		29,350
6-Month LIBOR (Pay Semiannually; Receive Semiannually)		0.75	%		3/21/2020		LCH		GBP		5,980,000		(14,443	)		(25,669	)		11,226
3-Month NZBOR (Pay Semiannually; Receive Quarterly)		(2.25	)%		3/21/2020		LCH		NZD		12,210,000		7,561			(631	)		8,192
3-Month LIBOR (Pay Quarterly; Receive Semiannually)		1.75	%		3/21/2020		LCH		USD		6,400,000		(48,675	)		(42,164	)		(6,511	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(1.25	)%		6/21/2020		CME		USD		9,500,000		199,815			220,586			(20,771	)
3-Month LIBOR (Pay Quarterly; Receive Semiannually)		1.86	%		8/6/2020		LCH		USD		16,980,000		(125,638	)		(72,674	)		(52,964	)
3-Month LIBOR (Pay Quarterly; Receive Annually)		(1.00	)%		9/18/2020		LCH		GBP		97,100,000		(16,180	)		49,461			(65,641	)
3-Month LIBOR (Pay Quarterly; Receive Semiannually)		2.14	%		11/20/2020		LCH		USD		41,450,000		(119,425	)		(30,013	)		(89,412	)
3-Month LIBOR (Pay Quarterly; Receive Semiannually)		2.23	%		12/12/2020		LCH		USD		6,700,000		(8,836	)		—			(8,836	)
3-Month STIBOR (Pay Annually; Receive Quarterly)		(0.25	)%		3/21/2021		LCH		SEK		6,640,000		(1,828	)		(2,098	)		270
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(1.25	)%		6/21/2021		CME		USD		7,800,000		246,748			233,690			13,058
6-Month EURIBOR (Pay Semiannually; Receive Annually)		0.35	%		12/16/2021		LCH		EUR		9,800,000		(29,780	)		(23,999	)		(5,781	)
3-Month STIBOR (Pay Annually; Receive Quarterly)		(0.50	)%		12/16/2021		LCH		SEK		61,670,000		35,378			31,353			4,025
3-Month LIBOR (Pay Quarterly; Receive Semiannually)		2.25	%		5/31/2022		GSC		USD		13,923,000		(10,125	)		25,854			(35,979	)
6-Month CDOR (Pay Semiannually; Receive Semiannually)		2.03	%		7/18/2022		LCH		CAD		8,190,000		(57,825	)		(25,734	)		(32,091	)
MXN-TIIE-Banxico (Pay Lunar; Receive Lunar)		(6.75	)%		12/14/2022		CME		MXN		10,000		25			23			2
MXN-TIIE-Banxico (Pay Lunar; Receive Lunar)		7.50	%		3/15/2023		CME		MXN		27,175,000		(27,080	)		(12,907	)		(14,173	)
6-Month CDOR (Pay Semiannually; Receive Semiannually)		1.50	%		3/21/2023		LCH		CAD		1,360,000		(40,002	)		(33,511	)		(6,491	)
6-Month EURIBOR (Pay Annually; Receive Semiannually)		(0.25	)%		3/21/2023		LCH		EUR		680,000		4,901			695			4,206
6-Month WIBOR (Pay Annually; Receive Semiannually)		(2.55	)%		3/21/2023		LCH		PLN		8,600,000		1,209			5,822			(4,613	)
3-Month STIBOR (Pay Annually; Receive Quarterly)		(0.50	)%		3/21/2023		LCH		SEK		37,620,000		20,921			(6,152	)		27,073
3-Month LIBOR (Pay Quarterly; Receive Semiannually)		2.00	%		3/21/2023		LCH		USD		970,000		(12,708	)		(10,663	)		(2,045	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.14	)%		7/3/2023		LCH		USD		2,450,000		19,641			(615	)		20,256
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.28	)%		11/20/2023		LCH		USD		17,930,000		65,872			18,230			47,642

146 See Notes to Financial Statements.

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
6-Month LIBOR (Pay Semiannually; Receive Semiannually)		1.20	%		11/21/2023		LCH		GBP		3,630,000	$	7,777		$	(2,172	)	$	9,949
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.50	)%		12/16/2025		LCH		USD		1,500,000		(18,820	)		(20,887	)		2,067
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(1.75	)%		12/21/2026		CME		USD		3,900,000		203,859			231,042			(27,183	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(1.75	)%		12/21/2026		LCH		USD		4,800,000		241,195			273,340			(32,145	)
6-Month EURIBOR (Pay Semiannually; Receive Annually)		1.33	%		1/12/2027		LCH		EUR		1,470,000		2,862			(618	)		3,480
6-Month LIBOR (Pay Semiannually; Receive Semiannually)		1.60	%		3/16/2027		LCH		GBP		11,850,000		93,889			82,203			11,686
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(1.50	)%		6/21/2027		CME		USD		15,000,000		1,167,093			1,141,531			25,562
6-Month EURIBOR (Pay Semiannually; Receive Annually)		1.60	%		10/25/2027		LCH		EUR		2,280,000		20,245			11,668			8,577
3-Month STIBOR (Pay Annually; Receive Quarterly)		(2.00	)%		10/25/2027		LCH		SEK		21,420,000		(5,691	)		(2,052	)		(3,639	)
3-Month STIBOR (Pay Annually; Receive Quarterly)		(2.00	)%		11/2/2027		LCH		SEK		13,780,000		(3,345	)		1,374			(4,719	)
3-Month South Korean Won (Pay Quarterly; Receive Quarterly)		(2.23	)%		11/7/2027		BNP		KRW		13,138,400,000		(55,352	)		—			(55,352	)
6-Month EURIBOR (Pay Semiannually; Receive Annually)		1.50	%		12/20/2027		LCH		EUR		3,000,000		4,513			11,805			(7,292	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.50	)%		12/20/2027		CME		USD		36,500,000		(270,211	)		(1,238,192	)		967,981
6-Month LIBOR (Pay Semiannually; Receive Semiannually)		(1.50	)%		3/21/2028		LCH		GBP		13,400,000		(344,879	)		(261,823	)		(83,056	)
6-Month ASX Australian Bank Bill Short Term Rates Mid (Pay Semiannually; Receive Semiannually)		(2.75	)%		3/21/2028		LCH		AUD		2,390,000		14,287			9,785			4,502
6-Month CDOR (Pay Semiannually; Receive Semiannually)		1.75	%		3/21/2028		LCH		CAD		4,350,000		(206,101	)		(183,060	)		(23,041	)
6-Month EURIBOR (Pay Semiannually; Receive Annually)		1.00	%		3/21/2028		LCH		EUR		5,080,000		41,282			81,952			(40,670	)
6-Month LIBOR (Pay Semiannually; Receive Semiannually)		(0.25	)%		3/21/2028		LCH		JPY		562,130,000		47,463			34,755			12,708
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.25	)%		3/21/2028		LCH		USD		810,000		12,225			14,402			(2,177	)
3-Month LIBOR (Pay Quarterly; Receive Semiannually)		2.38	%		7/3/2028		LCH		USD		7,830,000		(45,344	)		—			(45,344	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.35	)%		8/6/2028		LCH		USD		4,530,000		42,549			904			41,645
6-Month LIBOR (Pay Semiannually; Receive Semiannually)		(1.40	)%		11/21/2028		LCH		GBP		2,190,000		(9,271	)		5,375			(14,646	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.49	)%		12/12/2028		LCH		USD		1,800,000		(2,311	)		—			(2,311	)
6-Month LIBOR (Pay Semiannually; Receive Semiannually)		(1.94	)%		1/11/2032		LCH		GBP		910,000		(13,678	)		(7,922	)		(5,756	)
6-Month LIBOR (Pay Semiannually; Receive Semiannually)		(1.50	)%		3/21/2033		LCH		GBP		2,470,000		(35,150	)		(10,341	)		(24,809	)
6-Month LIBOR (Pay Semiannually; Receive Semiannually)		(2.04	)%		2/1/2037		LCH		GBP		2,100,000		(90,307	)		(30,643	)		(59,664	)
6-Month LIBOR (Pay Semiannually; Receive Semiannually)		(2.05	)%		2/1/2037		LCH		GBP		2,900,000		(128,021	)		(45,533	)		(82,488	)

See Notes to Financial Statements. 147

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
6-Month EURIBOR (Pay Semiannually; Receive Annually)		2.05	%		2/3/2037		LCH		EUR		5,600,000	$	24,083		$	27,594		$	(3,511	)
6-Month LIBOR (Pay Semiannually; Receive Semiannually)		(1.75	)%		3/17/2037		LCH		GBP		8,240,000		(81,120	)		9,133			(90,253	)
6-Month LIBOR (Pay Semiannually; Receive Semiannually)		(1.75	)%		12/14/2037		LCH		GBP		1,520,000		(15,095	)		(12,605	)		(2,490	)
3-Month LIBOR (Pay Quarterly; Receive Semiannually)		(2.47	)%		11/15/2043		CME		USD		11,310,000		202,744			213,325			(10,581	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.47	)%		11/15/2043		DEUT		USD		1,573,000		17,103			26,081			(8,978	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.47	)%		11/15/2043		RBS		USD		1,716,000		30,761			33,037			(2,276	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.47	)%		11/15/2043		MSCS		USD		1,573,000		28,198			53,908			(25,710	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.47	)%		11/15/2043		RBS		USD		1,716,000		30,761			59,637			(28,876	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.63	)%		11/15/2043		DEUT		USD		1,160,000		(19,032	)		(9,143	)		(9,889	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.63	)%		11/15/2043		MSCS		USD		435,000		(7,137	)		(1,857	)		(5,280	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.63	)%		11/15/2043		DEUT		USD		2,320,000		(38,076	)		12,477			(50,553	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.63	)%		11/15/2043		DEUT		USD		286,000		(3,735	)		(515	)		(3,220	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.75	)%		12/16/2045		CME		USD		6,700,000		(252,287	)		(72,917	)		(179,370	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.50	)%		6/15/2046		CME		USD		4,700,000		71,182			(59,355	)		130,537
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.25	)%		12/21/2046		CME		USD		600,000		41,687			58,844			(17,157	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.75	)%		12/20/2047		CME		USD		3,200,000		(124,998	)		(116,555	)		(8,443	)
3-Month LIBOR (Pay Semiannually; Receive Quarterly)		(2.56	)%		7/3/2048		LCH		USD		3,230,000		(2,401	)		—			(2,401	)
6-Month CDOR (Pay Semiannually; Receive Semiannually)		(2.54	)%		7/18/2048		LCH		CAD		1,200,000		4,766			4,744			22
												$	1,101,429		$	898,695		$	202,734
Total Swap agreements outstanding at December 31, 2017												$	1,592,205		$	1,237,190		$	355,015

Swap agreements with CME, LCH and ICE counterparties are centrally cleared swaps.    

148 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other  Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations	$	36,570,695	$	—	$	36,570,695	$	—
Asset-Backed Securities		85,460,636		—		84,608,481		852,155
Certificates of Deposit		300,025		—		300,025		—
Corporate Bonds		237,493,857		—		235,685,692		1,808,165
Foreign Bonds:
Argentina		3,398,418		—		3,398,418		—
Australia		4,008,714		—		4,008,714		—
Belgium		201,207		—		201,207		—
Bermuda		357,509		—		357,509		—
Brazil		7,269,830		—		7,269,830		—
Canada		4,543,769		—		4,543,769		—
Chile		819,461		—		819,461		—
China		1,308,366		—		1,308,366		—
Colombia		1,288,448		—		1,288,448		—
Denmark		453,576		—		453,576		—
Dominican Republic		272,487		—		272,487		—
Ecuador		814,738		—		814,738		—
Finland		256,669		—		256,669		—
France		3,861,106		—		3,861,106		—
Germany		13,170,330		—		13,170,330		—
India		787,974		—		787,974		—
Indonesia		3,662,473		—		3,662,473		—
Ireland		5,231,620		—		5,231,620		—
Israel		2,219,633		—		2,219,633		—
Italy		3,094,197		—		3,094,197		—
Jamaica		296,073		—		296,073		—
Japan		24,005,646		—		24,005,646		—
Jersey		238,957		—		238,957		—
Jordan		1,215,973		—		1,215,973		—
Kuwait		1,515,951		—		1,515,951		—
Luxembourg		145,825		—		145,825		—
Mexico		7,416,494		—		7,416,494		—
Morocco & Antilles		451,482		—		451,482		—
Netherlands		11,889,146		—		11,889,146		—
Nigeria		209,056		—		209,056		—
Peru		424,215		—		424,215		—
Poland		1,260,464		—		1,260,464		—
Russia		3,540,463		—		3,540,463		—
Saudi Arabia		716,381		—		716,381		—
South Africa		962,186		—		962,186		—
South Korea		970,663		—		970,663		—
Spain		1,617,198		—		1,617,198		—
Supranational		5,545,854		—		5,545,854		—

See Notes to Financial Statements. 149

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
Sweden	$	1,573,479		$	—		$	1,573,479		$	—
Switzerland		8,444,024			—			8,444,024			—
Turkey		1,308,048			—			1,308,048			—
United Arab Emirates		1,107,224			—			1,107,224			—
United Kingdom		20,316,694			—			20,316,694			—
Fully Funded Total Return Swap		272,242			—			272,242			—
Loan Agreements		20,264,664			—			20,264,664			—
Money Market Funds		115,090,621			115,090,621			—			—
Mortgage-Backed Securities		444,348,169			—			444,348,169			—
Municipal Bonds		10,102,781			—			10,102,781			—
Preferred Stocks		455,386			181,105			274,281			—
Purchased Options:
Call Options		142,419			142,419			—			—
Call Swaptions		191,332			—			191,332			—
Put Option		500,562			500,562			—			—
Put Swaptions		1,046,199			—			1,046,199			—
Repurchase Agreements		176,100,000			—			176,100,000			—
U.S. Treasury Obligations		455,674,133			—			455,674,133			—
Total Assets - Investments in Securities	$	1,736,205,742		$	115,914,707		$	1,617,630,715		$	2,660,320
Other Financial Instruments***
Futures Contracts	$	2,076,401		$	2,076,401		$	—		$	—
Forward Foreign Currency Contracts		710,049			—			710,049			—
Swap Agreements		4,048,840			—			4,048,840			—
Total Assets - Other Financial Instruments	$	6,835,290		$	2,076,401		$	4,758,889		$	—
Liabilities:
Investments in Securities:
TBA Sale Commitments	$	(4,088,761	)	$	—		$	(4,088,761	)	$	—
Written Options:
Call Options		(85,289	)		(85,289	)		—			—
Call Swaptions		(250,646	)		—			(250,646	)		—
Put Options		(156,455	)		(45,965	)		(110,490	)		—
Put Swaptions		(1,303,516	)		—			(1,303,516	)		—
Total Liabilities - Investments in Securities	$	(5,884,667	)	$	(131,254	)	$	(5,753,413	)	$	—
Other Financial Instruments***
Futures Contracts	$	(1,897,051	)	$	(1,897,051	)	$	—		$	—
Forward Foreign Currency Contracts		(1,498,124	)		—			(1,498,124	)		—
Swap Agreements		(2,456,635	)		—			(2,456,635	)		—
Total Liabilities - Other Financial Instruments	$	(5,851,810	)	$	(1,897,051	)	$	(3,954,759	)	$	—

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

150 See 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, 2017.

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.

During the year ended December 31, 2017, there were $23,884,010 of transfers out of Level 3 to Level 2 and Level 1.

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, 2017.

Effective April 1, 2017, the Funds changed administrators from BNY Mellon Investment Servicing (US) Inc. to Northern Trust Company (“Northern Trust”). This transition has resulted in fewer unobservable inputs, as Northern Trust utilizes additional pricing vendors and provides increased pricing coverage. As such, management notes transfers out of Level 3 to Level 2 and Level 1 occurred in the Fund in the current year.

See Notes to Financial Statements. 151

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 calculation that measures the sensitivity of a bond or bond fund to changes in interest rates) normally greater than or equal to seven years. The Investor Class of the Fund underperformed 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, 2017 (10.13% versus 10.37%). The Fund has outperformed its composite benchmark over the five-, seven- and 10-year and since inception periods ended December 31, 2017. (Effective January 1, 2018, the composite benchmark of the Fund changed to 50% Bloomberg Barclays US Long Government/Credit Bond Index and 50% Bloomberg Barclays Intermediate Government/Credit Bond Index to show how the Fund’s performance compares with the returns of an index of securities that are similar to those in which the Fund invests.)

Security selection and credit exposure were the primary contributors to relative performance for the Fund during 2017. In particular, the Fund benefited from an overweight to below-investment grade corporate bonds as credit spreads narrowed. The underweight exposure to U.S. Treasury bonds also generated positive return during the period. Security selection within the industrial and financial segments of the corporate sector contributed to the strong relative performance of the Fund during the year. The Fund did not invest in derivative investments in 2017.

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 equities, 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 fixed-income securities 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. Derivatives involve different risks from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in value of the underlying instruments may produce disproportionate losses to the Fund. It is possible to lose money by investing in the Fund.

At December 31, 2017, 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		53.6
Corporate Bonds		33.8
Foreign Bonds		9.1
Money Market Funds		7.4
Municipal Bonds		0.2
Preferred Stocks		0.1
Common Stock		—	**
	104.2

**Rounds to less than 0.05%

152 See Notes to Financial Statements.

Extended-Duration Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	10.38%	10.13%	10.37%
Five Year	4.70%	4.45%	4.33%
Ten Year	7.84%	7.59%	7.22%
Since Inception	7.91%	7.72%	7.13%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(1)	0.56%	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, 2007 to December 31, 2017, 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.

**Prior to January 1, 2018, the Fund’s primary broad-based benchmark was the Bloomberg Barclays US Long Credit Index, and the additional benchmarks provided were the Bloomberg Barclays US Long Government Bond Index and a benchmark comprised of 50% Bloomberg Barclays US Long Credit Index and 50% Bloomberg Barclays US Long Government Bond Index. The Fund changed its primary broad-based index because the duration of the Bloomberg Barclays US Long Government/Credit Bond Index more closely aligns with the expected effective duration of the Fund. The Fund’s additional benchmarks changed to the Bloomberg Barclays US Intermediate Government/Credit Bond Index and a benchmark comprised of 50% Bloomberg Barclays US Long Government/Credit Bond Index and 50% Bloomberg Barclays US Intermediate Government/Credit Bond Index.

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

See Notes to Financial Statements. 153

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

	Par		Value
CORPORATE BONDS — 33.8%
21st Century Fox America, Inc.
4.75%, 09/15/44	$	623,000	$	715,466
Abbott Laboratories
4.90%, 11/30/46		1,005,000		1,156,911
AbbVie, Inc.
4.70%, 05/14/45		849,000		955,760
AES Corporation
4.88%, 05/15/23		145,000		148,444
Aflac, Inc.
6.45%, 08/15/40		328,000		450,422
Ally Financial, Inc.
8.00%, 11/01/31		177,000		230,985
AltaWind Holdings LLC
7.00%, 06/30/35 144A		401,371		470,820
Amazon.com, Inc.
3.88%, 08/22/37 144A		1,056,000		1,124,356
American Airlines Class B Pass-Through Trust Series 2016-1
5.25%, 01/15/24		644,420		681,055
American Airlines Class B Pass-Through Trust Series 2017-1
4.95%, 02/15/25		135,000		141,777
American International Group, Inc.
3.90%, 04/01/26D		1,800,000		1,869,818
Anadarko Holding Co.
7.15%, 05/15/28		250,000		300,751
Antero Resources Corporation
5.38%, 11/01/21		125,000		128,594
5.13%, 12/01/22		35,000		35,875
Apple, Inc.
4.38%, 05/13/45		676,000		763,462
3.85%, 08/04/46		367,000		383,474
4.25%, 02/09/47		242,000		269,611
AT&T, Inc.
4.10%, 02/15/28 144A		2,300,000		2,312,265
4.50%, 05/15/35		529,000		527,437
4.30%, 12/15/42		1,242,000		1,171,125
4.75%, 05/15/46		1,153,000		1,132,038
Bank of America Corporation
3.50%, 04/19/26		964,000		986,658
6.11%, 01/29/37		900,000		1,154,132
Bank of America NA
6.00%, 10/15/36		2,900,000		3,788,783
Bruce Mansfield Unit 1 2007 Pass-Through Trust
6.85%, 06/01/34		850,300		289,102
Burlington Northern Santa Fe LLC
4.15%, 04/01/45		879,000		957,582
CB Escrow Corporation
8.00%, 10/15/25 144A		170,000		173,400
CenturyLink, Inc.
6.88%, 01/15/28D		65,000		59,150
7.65%, 03/15/42		295,000		261,444
Chesapeake Energy Corporation
6.63%, 08/15/20D		25,000		26,125
6.88%, 11/15/20D		15,000		15,675

	Par		Value
4.88%, 04/15/22D	$	70,000	$	66,675
5.75%, 03/15/23		20,000		18,600
Citigroup, Inc.
8.13%, 07/15/39		858,000		1,376,185
(Variable, ICE LIBOR USD 3M + 1.84%), 4.28%, 04/24/48D †		533,000		581,177
Community Health Systems, Inc.
5.13%, 08/01/21D		10,000		9,050
Continental Airlines Class B Pass Through Trust Series 1999-2
7.57%, 03/15/20		45		50
Continental Resources, Inc.
4.50%, 04/15/23		40,000		40,900
3.80%, 06/01/24		125,000		124,063
Cox Communications, Inc.
4.60%, 08/15/47 144A		255,000		258,404
Cummins, Inc.
5.65%, 03/01/98		1,620,000		1,924,137
CVS Health Corporation
5.13%, 07/20/45		240,000		276,128
Darden Restaurants, Inc.
6.00%, 08/15/35		990,000		1,187,074
DCP Midstream Operating LP
6.45%, 11/03/36 144A		490,000		527,975
Diamond 1 Finance Corporation
6.02%, 06/15/26 144A		140,000		154,619
8.10%, 07/15/36 144A		180,000		227,895
8.35%, 07/15/46 144A		130,000		168,039
Dillard’s, Inc.
7.00%, 12/01/28		500,000		551,692
Discovery Communications LLC
5.00%, 09/20/37		800,000		831,455
Dow Chemical Co.
9.40%, 05/15/39		374,000		641,211
Dynegy, Inc.
8.13%, 01/30/26 144A		80,000		87,700
Enbridge Energy Partners LP
7.38%, 10/15/45		750,000		999,982
Energy Transfer LP
5.15%, 03/15/45		770,000		751,410
Enterprise Products Operating LLC
5.10%, 02/15/45		595,000		681,545
Foot Locker, Inc.
8.50%, 01/15/22		760,000		893,000
Ford Motor Co.
6.63%, 10/01/28		680,000		832,134
6.38%, 02/01/29		1,255,000		1,472,091
Freeport-McMoRan, Inc.
3.55%, 03/01/22		30,000		29,738
5.45%, 03/15/43		160,000		160,600
General Electric Co.
5.88%, 01/14/38		150,000		194,352
General Motors Co.
5.20%, 04/01/45		1,085,000		1,150,730
General Motors Financial Co., Inc.
3.45%, 04/10/22		130,000		131,859

154 See Notes to Financial Statements.

	Par		Value
5.25%, 03/01/26	$	250,000	$	275,352
Goldman Sachs Group, Inc.
3.50%, 11/16/26		2,755,000		2,773,971
6.75%, 10/01/37		500,000		670,543
HCA, Inc.
7.05%, 12/01/27		500,000		552,500
Hewlett Packard Enterprise Co.
6.35%, 10/15/45		135,000		143,396
Jefferies Group LLC
6.45%, 06/08/27		50,000		58,192
6.25%, 01/15/36		185,000		210,969
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		385,000		276,658
5.60%, 07/15/41		1,813,000		2,337,086
(Variable, ICE LIBOR USD 3M + 1.58%), 4.26%, 02/22/48†		537,000		582,737
KB Home
1.38%, 02/01/19 CONV		95,000		116,731
Kinder Morgan Energy Partners LP
5.80%, 03/15/35		280,000		310,853
Kindred Healthcare, Inc.
8.75%, 01/15/23D		70,000		74,550
Liberty Mutual Group, Inc.
6.50%, 03/15/35 144A		1,400,000		1,814,152
Lockheed Martin Corporation
4.70%, 05/15/46		903,000		1,057,893
Macy’s Retail Holdings, Inc.
6.38%, 03/15/37		124,000		126,805
Masco Corporation
7.75%, 08/01/29		129,000		168,333
6.50%, 08/15/32		15,000		18,357
McDonald’s Corporation
4.88%, 12/09/45		625,000		726,938
MetLife, Inc.
6.40%, 12/15/36		310,000		357,371
5.88%, 02/06/41		500,000		651,399
Microchip Technology, Inc.
1.63%, 02/15/25 CONV		85,000		144,925
Microsoft Corporation
4.45%, 11/03/45		595,000		699,150
3.70%, 08/08/46		594,000		620,895
Morgan Stanley
4.75%, 11/16/18(A)		295,000		235,042
3.13%, 08/05/21(C)		235,000		190,029
4.30%, 01/27/45		1,092,000		1,180,707
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		100,000		130,728
Navient Corporation
5.88%, 10/25/24D		30,000		29,925
5.63%, 08/01/33		1,460,000		1,281,150
New Albertsons, Inc.
6.63%, 06/01/28		35,000		27,825
7.45%, 08/01/29		65,000		57,525
8.70%, 05/01/30		200,000		188,000
8.00%, 05/01/31D		370,000		335,775
Newell Brands, Inc.
5.38%, 04/01/36		417,000		488,926

	Par		Value
5.50%, 04/01/46	$	483,000	$	577,197
NGL Energy Partners LP
6.88%, 10/15/21		15,000		15,375
7.50%, 11/01/23		100,000		103,750
6.13%, 03/01/25D		220,000		215,600
Noble Energy, Inc.
5.05%, 11/15/44		600,000		645,098
Nuance Communications, Inc.
1.25%, 04/01/25 144A CONV		35,000		35,919
1.00%, 12/15/35 CONV		40,000		38,375
Old Republic International Corporation
4.88%, 10/01/24		230,000		246,713
ON Semiconductor Corporation
1.00%, 12/01/20 CONV		85,000		108,906
ONEOK Partners LP
6.20%, 09/15/43		5,000		5,960
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		1,750,000		2,449,431
Priceline Group, Inc.
0.90%, 09/15/21D CONV		110,000		128,906
Prudential Financial, Inc.
6.63%, 06/21/40		760,000		1,070,861
PulteGroup, Inc.
6.38%, 05/15/33		1,000,000		1,125,000
Quicken Loans, Inc.
5.75%, 05/01/25 144A		125,000		130,001
Qwest Corporation
7.25%, 09/15/25		490,000		526,733
6.88%, 09/15/33		1,918,000		1,843,513
Rockwell Collins, Inc.
4.35%, 04/15/47		823,000		897,626
RPM International, Inc.
2.25%, 12/15/20D CONV		22,000		25,506
Sempra Energy
6.00%, 10/15/39		991,000		1,282,987
Sherwin-Williams Co.
4.50%, 06/01/47		646,000		709,263
SM Energy Co.
5.00%, 01/15/24		15,000		14,541
Southern Co.
4.40%, 07/01/46		1,356,000		1,450,060
Sprint Capital Corporation
6.88%, 11/15/28		1,025,000		1,033,969
8.75%, 03/15/32		20,000		22,750
Sprint Communications, Inc.
6.00%, 11/15/22		40,000		40,100
Sprint Corporation
7.13%, 06/15/24		15,000		15,300
Tenet Healthcare Corporation
5.13%, 05/01/25 144A D		285,000		278,944
Textron, Inc.
6.63%, 04/07/20(U)		160,000		238,177
Time Warner Cable LLC
5.50%, 09/01/41		25,000		26,144
4.50%, 09/15/42		45,000		42,373

See Notes to Financial Statements. 155

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Toro Co.
6.63%, 05/01/37	$	300,000	$	375,168
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26		455,000		582,459
Transocean, Inc.
5.80%, 10/15/22D		205,000		202,950
6.80%, 03/15/38D		20,000		16,150
Tyson Foods, Inc.
4.55%, 06/02/47		357,000		390,433
United Airlines Class A Pass-Through Trust Series 2014-1
4.00%, 04/11/26D		98,935		103,892
United Rentals North America, Inc.
4.88%, 01/15/28		30,000		30,225
United States Steel Corporation
6.65%, 06/01/37D		95,000		93,575
Unum Group
5.75%, 08/15/42		800,000		982,415
US Airways Class A Pass-Through
Trust Series 2012-1
5.90%, 10/01/24		334,354		371,869
Verizon Communications, Inc.
4.27%, 01/15/36		1,700,000		1,696,456
5.25%, 03/16/37		999,000		1,102,000
5.01%, 08/21/54		491,000		505,784
4.67%, 03/15/55		580,000		562,387
Visa, Inc.
4.30%, 12/14/45		700,000		798,566
Wal-Mart Stores, Inc.
3.63%, 12/15/47D		261,000		274,190
Wells Fargo & Co.
3.90%, 05/01/45D		637,000		662,397
WestRock MWV LLC
7.55%, 03/01/47		515,000		733,000
Weyerhaeuser Co. REIT
6.88%, 12/15/33		580,000		764,745
Windstream Services LLC
7.50%, 04/01/23D		5,000		3,350
8.75%, 12/15/24 144A		16,000		11,260
Total Corporate Bonds (Cost $72,281,909)				83,556,704
FOREIGN BONDS — 9.1%
Australia — 0.3%
Barrick PD Australia Finance Proprietary, Ltd.
5.95%, 10/15/39		571,000		714,658
New South Wales Treasury Corporation
3.50%, 03/20/19(A)		60,000		47,719
				762,377
Brazil — 0.3%
Brazilian Government International Bond
10.25%, 01/10/28(B)		2,525,000		820,726

	Par		Value
Canada — 3.6%
Bombardier, Inc.
6.00%, 10/15/22 144A	$	515,000	$	508,562
Canadian Government Bond Residual STRIP
3.47%, 06/01/25(C) W		3,685,000		2,537,021
Enbridge, Inc.
5.50%, 12/01/46		549,000		662,731
MEG Energy Corporation
7.00%, 03/31/24 144A		330,000		280,088
Province of Ontario Generic Residual STRIP
2.98%, 03/08/29(C) W		4,600,000		2,667,085
Province of Saskatchewan Residual STRIP
3.49%, 02/04/22(C) W		3,000,000		2,168,508
				8,823,995
Ireland — 0.1%
Johnson Controls International PLC
4.50%, 02/15/47		160,000		176,509
Italy — 0.4%
Telecom Italia Capital SA
6.00%, 09/30/34		785,000		885,087
Luxembourg — 0.6%
ArcelorMittal
7.50%, 10/15/39		215,000		276,275
7.25%, 03/01/41		975,000		1,238,250
				1,514,525
Mexico — 1.1%
America Movil SAB de CV
6.45%, 12/05/22(M)		2,600,000		123,443
8.46%, 12/18/36(M)		12,000,000		557,356
Mexican Bonos
8.00%, 12/07/23(M)		21,300,000		1,101,870
10.00%, 12/05/24(M)		3,500,000		200,820
7.50%, 06/03/27(M)		3,500,000		176,089
8.50%, 05/31/29(M)		500,000		26,956
7.75%, 05/29/31(M)		1,000,000		50,937
Petroleos Mexicanos
5.63%, 01/23/46		600,000		556,800
				2,794,271
Netherlands — 1.3%
Cooperatieve Rabobank UA
3.75%, 07/21/26		493,000		500,337
5.25%, 05/24/41		632,000		798,758
Embraer Netherlands Finance BV
5.40%, 02/01/27		80,000		86,500
Enel Finance International NV
6.00%, 10/07/39 144A		500,000		624,178
Petrobras Global Finance BV
5.63%, 05/20/43		120,000		107,687

156 See Notes to Financial Statements.

	Par		Value
Shell International Finance BV
4.00%, 05/10/46	$	1,060,000	$	1,131,887
				3,249,347
New Zealand — 0.3%
New Zealand Government Bond
5.00%, 03/15/19(Z)		945,000		695,322
Norway — 0.0%
Norway Government Bond
4.50%, 05/22/19 144A (K)		265,000		34,078
3.75%, 05/25/21 144A (K)		196,000		26,146
				60,224
Saudi Arabia — 0.2%
Saudi Government International Bond
4.50%, 10/26/46 144A		520,000		520,234
Spain — 0.3%
Telefonica Emisiones SA Unipersonal
7.05%, 06/20/36		524,000		705,032
United Kingdom — 0.6%
Ensco PLC
5.75%, 10/01/44		212,000		146,280
Lloyds Banking Group PLC
5.30%, 12/01/45D		1,056,000		1,256,409
				1,402,689
Total Foreign Bonds (Cost $22,130,679)				22,410,338
MUNICIPAL BONDS — 0.2%
New Jersey Transportation Trust Fund Authority, Revenue Bonds
6.56%, 12/15/40		235,000		312,233
State of Illinois, General Obligation
5.10%, 06/01/33		235,000		235,021
Total Municipal Bonds (Cost $468,459)				547,254
U.S. TREASURY OBLIGATIONS — 53.6%
U.S. Treasury Bonds
4.63%, 02/15/40		14,945,000		19,878,897
2.75%, 11/15/42		200,000		201,332
2.88%, 05/15/43		845,000		869,079
3.13%, 08/15/44		1,505,000		1,617,934
2.50%, 05/15/46		5,000,000		4,756,448
2.75%, 08/15/47D		16,968,000		16,992,858
2.75%, 11/15/47D		7,000,000		7,012,579
				51,329,127
U.S. Treasury Notes
1.75%, 11/30/19D		39,000,000		38,906,302
2.00%, 11/30/22D		30,000,000		29,730,465
2.25%, 02/15/27D		8,657,000		8,544,901
2.25%, 08/15/27D		452,000		445,714
2.25%, 11/15/27D		3,800,000		3,747,007
			81,374,389
Total U.S. Treasury Obligations
(Cost $132,495,885)				132,703,516

	Shares		Value
COMMON STOCK — 0.0%
Industrials — 0.0%
Arconic, Inc.(E)
(Cost $80,544)		2,606	$	71,014
PREFERRED STOCKS — 0.1%
Chesapeake Energy Corporation
5.00%, 10/31/17D CONV		620		35,301
5.75%, 10/31/17 144A CONV		80		44,750
El Paso Energy Capital Trust I 4.75%, 03/31/28 CONV		5,350		254,339
Total Preferred Stocks (Cost $354,717)				334,390
MONEY MARKET FUNDS — 7.4%
GuideStone Money Market Fund (Investor Class)¥		6,203,434		6,203,434
Northern Institutional Liquid Assets Portfolio§		12,095,847		12,095,847
Total Money Market Funds (Cost $18,299,281)				18,299,281
TOTAL INVESTMENTS — 104.2% (Cost $246,111,474)				257,922,497
Liabilities in Excess of Other Assets — (4.2)%				(10,324,360	)
NET ASSETS — 100.0%			$	247,598,137

See Notes to Financial Statements. 157

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Corporate Bonds	$	83,556,704	$	—	$	83,556,704	$	—
Foreign Bonds		22,410,338		—		22,410,338		—
Money Market Funds		18,299,281		18,299,281		—		—
Municipal Funds		547,254		—		547,254		—
Common Stock		71,014		71,014		—		—
Preferred Stocks		334,390		—		334,390		—
U.S. Treasury Obligations		132,703,516		—		132,703,516		—
Total Assets - Investments in Securities	$	257,922,497	$	18,370,295	$	239,552,202	$	—

Management has determined that the amount of transfers between Level 1 and Level 2 as well as the amount of Level 3 securities compared to total net assets are not material; therefore, the amount of transfers between Level 1 and Level 2 and the reconciliation of Level 3 securities and assumptions are not shown for the year ended December 31, 2017.

158 See Notes to Financial Statements.

Global Bond Fund (Unaudited)

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 calculation that measures the sensitivity of a bond or bond fund 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, 2017, the Investor Class of the Fund outperformed its composite benchmark, 50% Bloomberg Barclays Global Aggregate Bond Index, 25% J.P. Morgan EMBI Plus and 25% Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Bond Index, (7.69% versus 7.66%). The outperformance was driven primarily by security selection during the year. Investment grade credit, high yield credit and securitized sectors were the top contributors to the relative annual performance of the Fund. An overweight to the euro was a positive as the currency strengthened against the U.S. dollar. A shorter duration and an underweight to U.S. Treasury bonds also contributed positively.

Additionally, U.S. Treasury 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 certain currency options detracted from performance, overall these strategies contributed modestly to 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 (junk bonds). These securities involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Obligations of foreign issuers may be negatively impacted by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries, and they also may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Investing in emerging markets may involve greater risks than investing in more developed foreign markets because, among other things, emerging markets often have more 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. Derivatives involve different risks from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in value of the underlying instruments may produce disproportionate losses to the Fund. It is possible to lose money by investing in the Fund.

At December 31, 2017, 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		34.7
Foreign Bonds		29.3
U.S. Treasury Obligations		19.1
Money Market Funds		10.3
Loan Agreements		2.8
Mortgage-Backed Securities		2.4
Agency Obligations		2.3
Common Stocks		1.0
Asset-Backed Securities		0.9
Preferred Stocks		0.4
Foreign Government Inflation-Linked Bond		0.4
Municipal Bond		—	**
Purchased Option		—	**
Written Option		(—	)**
		103.6

** Rounds to less than .005%

See Notes to Financial Statements. 159

Global Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional     Class	Investor     Class*	Benchmark**
One Year	7.87%	7.69%	7.66%
Five Year	N/A	2.99%	2.69%
Ten Year	N/A	5.21%	5.35%
Since Inception(1)	4.00%	5.35%	5.49%
Inception Date	04/30/15	12/29/06
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(2)	0.60%	0.89%

⁽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, 2007 to December 31, 2017, 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.

160 See Notes to Financial Statements.

GLOBAL BOND FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Par		Value
AGENCY OBLIGATIONS — 2.3%
Federal Home Loan Bank Discount Notes
1.07%, 01/19/18W	$	5,955,000	$	5,951,400
Federal Home Loan Mortgage Corporation Discount Notes
1.15%, 03/05/18W		3,000,000		2,993,076
1.15%, 03/06/18W		3,000,000		2,992,964
Total Agency Obligations (Cost $11,939,779)				11,937,440
ASSET-BACKED SECURITIES — 0.9%
Hertz Vehicle Financing II LP Series 2017-1A B
3.56%, 10/25/21 144A		610,000		607,082
PFCA Home Equity Investment Trust
Series 2003-IFC5 A
4.91%, 01/22/35 144A † g		1,297,344		1,310,660
SLM Student Loan Trust Series
2003-4 A5E
(Floating, ICE LIBOR USD 3M + 0.75%), 2.34%, 03/15/33 144A †		283,687		282,887
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HE4 1A
(Floating, ICE LIBOR USD 1M + 0.17%), 1.72%, 07/25/47†		3,149,698		2,357,408
Total Asset-Backed Securities (Cost $4,149,218)				4,558,037
CORPORATE BONDS — 34.7%
Abbott Laboratories
3.75%, 11/30/26		700,000		720,133
AES Corporation
4.88%, 05/15/23		1,350,000		1,382,062
Ally Financial, Inc.
8.00%, 12/31/18		104,000		109,200
3.50%, 01/27/19		1,000,000		1,007,500
8.00%, 03/15/20		161,000		177,905
5.13%, 09/30/24D		920,000		997,050
8.00%, 11/01/31		345,000		450,225
Amazon.com, Inc. 3.88%, 08/22/37 144A		870,000		926,316
American Airlines Class B Pass
Through Trust Series 2013-1
5.63%, 01/15/21 144A		490,047		510,164
American Airlines Class B Pass-Through Trust Series 2016-1
5.25%, 01/15/24		1,635,493		1,728,470
American Airlines Group, Inc.
5.50%, 10/01/19 144A		1,825,000		1,884,312
American Axle & Manufacturing, Inc.
6.63%, 10/15/22D		150,000		155,813
Anadarko Petroleum Corporation
3.45%, 07/15/24		135,000		134,637

	Par		Value
4.50%, 07/15/44	$	215,000	$	215,079
Andeavor Logistics LP
6.38%, 05/01/24		190,000		206,388
Antero Resources Corporation
5.38%, 11/01/21		365,000		375,494
5.13%, 12/01/22		475,000		486,875
5.63%, 06/01/23		155,000		161,975
Apple, Inc.
1.55%, 02/07/20		165,000		163,240
Ashtead Capital, Inc.
5.63%, 10/01/24 144A		330,000		351,450
Atrium Windows & Doors, Inc.
7.75%, 05/01/19 144A		280,000		285,250
Avon Products, Inc.
8.95%, 03/15/43		115,000		87,831
Bank of America Corporation
5.49%, 03/15/19		100,000		103,562
(Variable, ICE LIBOR USD 3M + 4.17%), 6.50%, 10/23/24†		490,000		557,375
4.25%, 10/22/26		100,000		105,500
(Variable, ICE LIBOR USD 3M + 1.04%), 3.42%, 12/20/28 144A †		860,000		861,268
6.11%, 01/29/37		1,300,000		1,667,080
Barrick North America Finance LLC
5.75%, 05/01/43		2,440,000		3,079,858
Beacon Escrow Corporation
4.88%, 11/01/25 144A		310,000		312,713
Beazer Homes USA, Inc.
7.25%, 02/01/23		3,000		3,135
Berry Pete Corporation (Escrow)
6.38%, 09/15/22D y ††† #		60,000		—
Best Buy Co., Inc.
5.00%, 08/01/18D		3,455,000		3,512,372
Blue Cube Spinco, Inc.
. 10.00%, 10/15/25		1,525,000		1,837,625
Blue Racer Midstream LLC
6.13%, 11/15/22 144A		200,000		209,500
Braskem America Finance
Co. 7.13%, 07/22/41		1,490,000		1,776,825
CalAmp Corporation
1.63%, 05/15/20 CONV		65,000		69,063
California Resources Corporation
8.00%, 12/15/22 144A		1,390,000		1,151,962
Calpine Corporation
5.88%, 01/15/24 144A		274,000		279,480
Care Capital Properties LP REIT
5.13%, 08/15/26		220,000		223,458
Carrizo Oil & Gas, Inc.
6.25%, 04/15/23D		320,000		333,600
CB Escrow Corporation
8.00%, 10/15/25 144A		405,000		413,100
CCO Holdings LLC
5.38%, 05/01/25 144A		130,000		134,267

See Notes to Financial Statements. 161

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Celgene Corporation
5.00%, 08/15/45	$	210,000	$	239,196
Centene Corporation
4.75%, 05/15/22		550,000		573,375
6.13%, 02/15/24		200,000		212,000
4.75%, 01/15/25		260,000		265,200
CenturyLink, Inc.
5.63%, 04/01/20		295,000		298,319
6.75%, 12/01/23D		600,000		590,250
5.63%, 04/01/25D		90,000		82,238
7.60%, 09/15/39		810,000		700,650
7.65%, 03/15/42		260,000		230,425
Charter Communications Operating LLC
6.48%, 10/23/45		300,000		350,989
Chemours Co.
6.63%, 05/15/23		70,000		74,375
Chesapeake Energy Corporation
6.63%, 08/15/20D		145,000		151,525
6.88%, 11/15/20D		5,000		5,225
6.13%, 02/15/21		665,000		676,637
5.38%, 06/15/21		80,000		77,600
4.88%, 04/15/22D		2,570,000		2,447,925
5.75%, 03/15/23D		870,000		809,100
5.50%, 09/15/26 144A CONV		40,000		36,625
Cincinnati Bell, Inc.
7.00%, 07/15/24 144A		355,000		353,225
CIT Group, Inc.
5.00%, 08/15/22		412,000		437,750
5.00%, 08/01/23		670,000		715,225
Citigroup, Inc.
5.13%, 11/12/19(Z)		640,000		472,856
3.50%, 05/15/23		1,305,000		1,329,963
(Variable, ICE LIBOR USD 3M + 3.47%), 5.35%, 05/15/23†		1,180,000		1,208,025
(Variable, ICE LIBOR USD 3M + 3.42%), 6.30%, 05/15/24†		1,330,000		1,426,425
(Variable, ICE LIBOR USD 3M + 3.91%), 5.95%, 05/15/25†		250,000		266,563
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/20		345,000		339,394
CME Group, Inc.
5.30%, 09/15/43		860,000		1,106,646
Comcast Corporation
5.15%, 03/01/20		170,000		180,225
3.15%, 03/01/26		1,010,000		1,018,563
Community Health Systems, Inc.
5.13%, 08/01/21D		30,000		27,150
ConocoPhillips
6.50%, 02/01/39		20,000		28,080
Consolidated Communications, Inc.
6.50%, 10/01/22		50,000		45,250
Continental Airlines Class A Pass Through Trust Series 2007-1
5.98%, 04/19/22		391,825		427,854
Continental Resources, Inc.
5.00%, 09/15/22		95,000		96,781

	Par		Value
4.50%, 04/15/23	$	525,000	$	536,812
3.80%, 06/01/24		315,000		312,638
4.90%, 06/01/44D		370,000		355,200
Crestwood Midstream Partners LP
6.25%, 04/01/23		120,000		125,304
CTR Partnership LP REIT
5.25%, 06/01/25		600,000		613,500
Cummins, Inc.
5.65%, 03/01/98		860,000		1,021,456
D.R. Horton, Inc.
4.38%, 09/15/22		1,405,000		1,481,232
DAE Funding LLC
4.50%, 08/01/22 144A		365,000		359,525
5.00%, 08/01/24 144A		750,000		742,500
DaVita, Inc.
5.00%, 05/01/25		90,000		90,198
Delta Air Lines Class B Pass Through Trust Series 2007-1
8.02%, 08/10/22		42,528		47,810
Diamond 1 Finance Corporation
4.42%, 06/15/21 144A		970,000		1,011,548
5.88%, 06/15/21 144A		500,000		520,000
7.13%, 06/15/24 144A D		290,000		317,620
6.02%, 06/15/26 144A		260,000		287,150
8.10%, 07/15/36 144A		440,000		557,077
8.35%, 07/15/46 144A		240,000		310,226
Dillard’s, Inc.
7.75%, 07/15/26		890,000		1,016,668
DISH DBS Corporation
5.88%, 07/15/22		600,000		605,250
5.00%, 03/15/23		410,000		388,987
5.88%, 11/15/24D		1,370,000		1,339,175
7.75%, 07/01/26		1,240,000		1,308,200
DJO Finco, Inc.
8.13%, 06/15/21 144A D		830,000		780,200
Dollar Tree, Inc.
5.75%, 03/01/23		920,000		965,425
Dynegy, Inc.
8.13%, 01/30/26 144A		260,000		285,025
El Paso Natural Gas Co. LLC
8.63%, 01/15/22		90,000		107,912
8.38%, 06/15/32		75,000		98,742
Embarq Corporation
8.00%, 06/01/36		995,000		972,612
Enbridge Energy Partners LP
7.38%, 10/15/45		435,000		579,990
EnLink Midstream Partners LP
4.15%, 06/01/25		460,000		465,514
Enterprise Products Operating LLC
(Variable, ICE LIBOR USD 3M + 3.71%), 5.08%, 08/01/66†		60,000		60,075
ERAC USA Finance LLC
7.00%, 10/15/37 144A		1,065,000		1,428,442
Evolent Health, Inc.
2.00%, 12/01/21 CONV		95,000		89,538
Extraction Oil & Gas Holdings LLC
7.88%, 07/15/21 144A		400,000		425,000

162 See Notes to Financial Statements.

	Par		Value
First Data Corporation
7.00%, 12/01/23 144A	$	260,000	$	275,600
5.00%, 01/15/24 144A		590,000		609,175
FirstEnergy Corporation
7.38%, 11/15/31		185,000		250,102
Ford Motor Co.
6.63%, 10/01/28		850,000		1,040,168
4.75%, 01/15/43D		510,000		519,109
Ford Motor Credit Co. LLC
4.39%, 01/08/26		3,085,000		3,242,241
Freeport-McMoRan, Inc.
3.55%, 03/01/22		380,000		376,675
5.40%, 11/14/34		115,000		117,588
5.45%, 03/15/43		3,050,000		3,061,437
Fresenius Medical Care US Finance II, Inc.
5.88%, 01/31/22 144A		750,000		826,384
Frontier Communications Corporation
11.00%, 09/15/25		295,000		218,300
7.88%, 01/15/27		405,000		256,163
GameStop Corporation
5.50%, 10/01/19 144A		295,000		300,900
Gates Global LLC
6.00%, 07/15/22 144A		195,000		200,363
General Electric Co.
3.15%, 09/07/22		95,000		96,565
6.75%, 03/15/32		30,000		41,158
6.88%, 01/10/39		161,000		232,446
General Motors Co.
5.20%, 04/01/45		210,000		222,722
General Motors Financial Co., Inc.
3.45%, 04/10/22		300,000		304,289
5.25%, 03/01/26		625,000		688,379
Genesis Energy LP
5.63%, 06/15/24		130,000		127,400
GEO Group, Inc. REIT
5.88%, 10/15/24		100,000		103,250
Georgia-Pacific LLC
8.88%, 05/15/31		605,000		938,405
Gilead Sciences, Inc.
4.00%, 09/01/36		940,000		996,399
Global Marine, Inc.
7.00%, 06/01/28		45,000		46,125
Goldman Sachs Capital II (Variable, ICE LIBOR USD 3M + 0.77%), 4.00%, 02/09/18†		58,000		51,417
Goldman Sachs Group, Inc.
2.90%, 07/19/18		130,000		130,609
6.75%, 10/01/37		355,000		476,085
5.15%, 05/22/45		810,000		941,510
Goodyear Tire & Rubber Co.
5.13%, 11/15/23		750,000		784,417
7.00%, 03/15/28		690,000		779,700
Guitar Center, Inc.
6.50%, 04/15/19 144A		310,000		288,300
Hanesbrands, Inc.
4.63%, 05/15/24 144A		160,000		164,000

	Par		Value
4.88%, 05/15/26 144A	$	150,000	$	154,500
Harris Corporation
5.05%, 04/27/45		30,000		35,422
HCA, Inc.
7.50%, 02/15/22		40,000		45,100
5.88%, 05/01/23		80,000		85,600
8.36%, 04/15/24		90,000		106,875
5.38%, 02/01/25		620,000		643,250
7.69%, 06/15/25		275,000		312,813
7.58%, 09/15/25		715,000		822,250
5.25%, 06/15/26		500,000		531,250
4.50%, 02/15/27		450,000		453,375
7.05%, 12/01/27		20,000		22,100
7.50%, 11/06/33		205,000		230,625
7.75%, 07/15/36		120,000		136,200
Hercules LLC
6.50%, 06/30/29		250,000		253,750
Hilton Worldwide Finance LLC
4.88%, 04/01/27		720,000		755,100
International Business Machines Corporation
1.63%, 05/15/20		720,000		711,420
International Lease Finance Corporation
3.88%, 04/15/18		10,000		10,047
6.25%, 05/15/19		75,000		78,619
4.63%, 04/15/21		300,000		316,376
INVISTA Finance LLC
4.25%, 10/15/19 144A		915,000		931,104
J.C. Penney Corporation, Inc.
6.38%, 10/15/36D		480,000		288,000
7.63%, 03/01/97D		815,000		491,037
Jaguar Holding Co. II
6.38%, 08/01/23 144A		190,000		192,375
Jefferies Finance LLC
7.50%, 04/15/21 144A		275,000		286,000
6.88%, 04/15/22 144A		200,000		203,500
Jefferies Group LLC
5.13%, 04/13/18		55,000		55,455
6.88%, 04/15/21		270,000		302,274
5.13%, 01/20/23		305,000		330,930
6.45%, 06/08/27		35,000		40,734
3.88%, 11/01/29D CONV		55,000		55,138
6.25%, 01/15/36		1,135,000		1,294,322
6.50%, 01/20/43		510,000		603,595
JPMorgan Chase & Co.
4.25%, 11/02/18(Z)		360,000		258,693
(Variable, ICE LIBOR USD 3M + 3.33%), 6.13%, 04/30/24†		260,000		285,025
K Hovnanian Enterprises, Inc.
5.00%, 11/01/21		795,000		743,325
KB Home
1.38%, 02/01/19 CONV		440,000		540,650
Kinder Morgan Energy Partners LP
6.50%, 02/01/37		75,000		88,025
6.95%, 01/15/38		90,000		112,231

See Notes to Financial Statements. 163

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Kinder Morgan, Inc.
7.75%, 01/15/32	$	780,000		$	1,009,589
Kindred Healthcare, Inc.
8.75%, 01/15/23D		240,000			255,600
Kraft Heinz Foods Co.
4.88%, 02/15/25 144A		196,000			207,897
5.20%, 07/15/45		830,000			916,466
Lamb Weston Holdings, Inc.
4.63%, 11/01/24 144A		440,000			455,400
4.88%, 11/01/26 144A		1,080,000			1,131,300
Lennar Corporation
4.75%, 11/15/22		315,000			331,931
4.75%, 11/29/27 144A		400,000			413,920
Leonardo US Holdings, Inc.
6.25%, 01/15/40 144A D		143,000			166,416
Lockheed Martin Corporation
3.80%, 03/01/45		1,090,000			1,108,583
Magnum Hunter Resources
Corporation (Escrow)
0.00%, 12/31/20y †††		470,000			—
Masco Corporation
7.75%, 08/01/29		117,000			152,674
6.50%, 08/15/32		47,000			57,519
MBIA Insurance Corporation
12.62%, 01/15/33 144A		435,000			201,188
Microchip Technology, Inc.
1.63%, 02/15/25 CONV		280,000			477,400
Micron Technology, Inc.
5.25%, 01/15/24 144A		190,000			198,313
5.50%, 02/01/25		228,000			239,685
Midas Intermediate Holdco II LLC
7.88%, 10/01/22 144A		1,015,000			1,027,687
Miran Mid-Atlantic Pass Through Trust Series C
10.06%, 12/30/28		769,693			781,238
Morgan Stanley
4.75%, 11/16/18(A)		275,000			219,107
5.75%, 01/25/21		205,000			223,490
3.13%, 08/05/21(C)		535,000			432,620
4.10%, 05/22/23		370,000			385,947
6.25%, 08/09/26		400,000			478,234
4.35%, 09/08/26		940,000			986,771
3.95%, 04/23/27		125,000			127,181
MPH Acquisition Holdings LLC
7.13%, 06/01/24 144A		170,000			181,475
MPLX LP
4.50%, 07/15/23		20,000			21,155
4.88%, 06/01/25		75,000			80,501
MPT Operating Partnership LP REIT
5.25%, 08/01/26		340,000			353,600
Murray Energy Corporation
11.25%, 04/15/21 144A		310,000			159,650
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		1,200,000			1,568,732
Navient Corporation
8.45%, 06/15/18		406,000			417,368
5.50%, 01/15/19		75,000			76,500

	Par		Value
8.00%, 03/25/20	$	600,000		$	650,250
5.88%, 03/25/21		320,000			331,600
5.50%, 01/25/23		1,720,000			1,722,150
6.13%, 03/25/24		1,480,000			1,505,900
5.88%, 10/25/24D		600,000			598,500
Navios Maritime Acquisition Corporation
8.13%, 11/15/21 144A		90,000			76,725
NCL Corporation, Ltd.
4.75%, 12/15/21 144A		580,000			601,750
New Albertsons, Inc.
7.75%, 06/15/26		410,000			371,050
6.63%, 06/01/28		60,000			47,700
7.45%, 08/01/29		1,415,000			1,252,275
8.70%, 05/01/30		320,000			300,800
8.00%, 05/01/31D		1,310,000			1,188,825
Newell Brands, Inc.
3.85%, 04/01/23		680,000			704,447
4.00%, 12/01/24		445,000			462,785
Newfield Exploration Co.
5.63%, 07/01/24		955,000			1,031,400
Newmont Mining Corporation
4.88%, 03/15/42		575,000			640,406
NGL Energy Partners LP
6.88%, 10/15/21		50,000			51,250
7.50%, 11/01/23		785,000			814,437
6.13%, 03/01/25D		740,000			725,200
NGPL PipeCo LLC
4.38%, 08/15/22 144A		600,000			612,375
7.77%, 12/15/37 144A D		200,000			247,500
Nine West Holdings, Inc.
6.13%, 11/15/34		125,000			13,750
NRG Energy, Inc.
7.25%, 05/15/26		230,000			251,560
NRG REMA LLC
9.68%, 07/02/26		200,000			120,000
Nuance Communications, Inc.
1.25%, 04/01/25 144A D CONV		85,000			87,231
1.50%, 11/01/35D CONV		5,000			5,175
1.00%, 12/15/35 CONV		1,315,000			1,261,578
Oasis Petroleum, Inc.
6.88%, 03/15/22D		330,000			339,487
6.88%, 01/15/23D		95,000			97,494
Old Republic International Corporation
3.75%, 03/15/18D CONV		1,060,000			1,474,725
4.88%, 10/01/24		520,000			557,787
ON Semiconductor Corporation
1.00%, 12/01/20 CONV		645,000			826,406
ONEOK Partners LP
4.90%, 03/15/25		60,000			64,429
6.20%, 09/15/43		20,000			23,840
Outfront Media Capital LLC
5.25%, 02/15/22		110,000			113,163
5.88%, 03/15/25		170,000			180,413
Owens Corning
7.00%, 12/01/36		1,043,000			1,380,963

164 See Notes to Financial Statements.

	Par		Value
Owens-Brockway Glass Container, Inc.
5.38%, 01/15/25 144A	$	1,500,000		$	1,588,125
Pactiv LLC
8.38%, 04/15/27		200,000			230,000
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		685,000			958,777
Priceline Group, Inc.
0.90%, 09/15/21D CONV		570,000			667,969
Pride International, Inc.
7.88%, 08/15/40D		270,000			225,450
PulteGroup, Inc.
7.88%, 06/15/32		1,500,000			1,890,000
6.38%, 05/15/33		470,000			528,750
6.00%, 02/15/35		180,000			194,400
QEP Resources, Inc.
5.38%, 10/01/22		315,000			323,662
5.25%, 05/01/23D		1,500,000			1,525,290
Quicken Loans, Inc.
5.75%, 05/01/25 144A		2,035,000			2,116,420
Qwest Capital Funding, Inc.
6.50%, 11/15/18		225,000			233,156
Qwest Corporation
6.88%, 09/15/33D		2,124,000			2,041,512
7.25%, 10/15/35D		110,000			105,628
Range Resources Corporation
5.00%, 08/15/22D		520,000			520,000
5.00%, 03/15/23		1,450,000			1,450,000
4.88%, 05/15/25D		240,000			232,800
Regency Energy Partners LP
5.88%, 03/01/22		340,000			372,034
5.00%, 10/01/22		80,000			85,364
Reliance Holding USA, Inc.
4.50%, 10/19/20 144A		540,000			564,951
Reynolds Group Issuer, Inc.
5.75%, 10/15/20		58,146			59,091
Rovi Corporation
0.50%, 03/01/20D CONV		985,000			932,056
RPM International, Inc.
2.25%, 12/15/20D CONV		47,000			54,491
RR Donnelley & Sons Co.
7.00%, 02/15/22		38,000			39,425
6.00%, 04/01/24D		278,000			260,973
Sanchez Energy Corporation
7.75%, 06/15/21		50,000			47,250
6.13%, 01/15/23D		100,000			85,000
Sealed Air Corporation
4.88%, 12/01/22 144A		25,000			26,500
5.50%, 09/15/25 144A		555,000			606,337
ServiceMaster Co. LLC
7.45%, 08/15/27		1,195,000			1,299,562
SM Energy Co.
5.00%, 01/15/24		40,000			38,775
Southern Copper Corporation
5.25%, 11/08/42		1,210,000			1,356,506
Southwestern Energy Co.
6.70%, 01/23/25D		280,000			292,250

	Par		Value
Spectrum Brands, Inc.
5.75%, 07/15/25	$	910,000		$	962,325
Springleaf Finance Corporation
7.75%, 10/01/21		145,000			160,044
6.13%, 05/15/22		1,165,000			1,214,512
8.25%, 10/01/23		55,000			61,738
Sprint Capital Corporation
6.88%, 11/15/28		2,865,000			2,890,069
8.75%, 03/15/32		1,135,000			1,291,062
Sprint Communications, Inc.
11.50%, 11/15/21		570,000			691,125
Sprint Corporation
7.88%, 09/15/23		680,000			725,900
Targa Resources Partners LP
4.25%, 11/15/23		430,000			426,775
6.75%, 03/15/24		1,050,000			1,130,062
5.13%, 02/01/25		870,000			893,925
5.38%, 02/01/27		70,000			72,100
Taylor Morrison Communities, Inc.
5.25%, 04/15/21 144A		410,000			418,712
Tenet Healthcare Corporation
7.50%, 01/01/22 144A D		110,000			115,913
8.13%, 04/01/22		310,000			316,588
6.75%, 06/15/23D		285,000			277,519
5.13%, 05/01/25 144A D		860,000			841,725
6.88%, 11/15/31		85,000			70,125
Textron, Inc.
6.63%, 04/07/20(U)		130,000			193,519
Time Warner Cable LLC
8.75%, 02/14/19		190,000			202,638
8.25%, 04/01/19		40,000			42,764
5.50%, 09/01/41		60,000			62,745
4.50%, 09/15/42		105,000			98,871
Time Warner, Inc.
4.00%, 01/15/22		50,000			52,110
TMX Finance LLC
8.50%, 09/15/18 144A		50,000			46,000
TransDigm, Inc.
6.50%, 07/15/24		199,000			204,473
6.50%, 05/15/25		195,000			199,875
Transocean Proteus, Ltd.
6.25%, 12/01/24 144A		1,444,500			1,520,336
Transocean, Inc.
5.80%, 10/15/22D		430,000			425,700
6.80%, 03/15/38D		80,000			64,600
TRI Pointe Group, Inc.
4.38%, 06/15/19		100,000			102,500
5.88%, 06/15/24		5,000			5,363
TRU Taj LLC
11.00%, 01/22/19 144A †††		195,000			201,789
12.00%, 08/15/21 144A D #		193,000			180,455
United Airlines Class A Pass-Through Trust Series 2014-1
4.00%, 04/11/26D		215,075			225,853
United Airlines Class B Pass-Through Trust Series 2014-2
4.63%, 09/03/22		73,004			75,208

See Notes to Financial Statements. 165

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
United Airlines Pass-Through Trust Series
2007-1 6.64%, 07/02/22	$	161,263		$	174,406
United Rentals North America, Inc.
5.75%, 11/15/24		540,000			570,375
4.63%, 10/15/25		150,000			151,500
5.50%, 05/15/27		390,000			411,450
4.88%, 01/15/28		445,000			448,337
United States Steel Corporation
6.65%, 06/01/37D		760,000			748,600
Uniti Group, Inc. REIT
8.25%, 10/15/23D		170,000			164,263
US Airways Class A Pass-Through Trust 2012-2
4.63%, 06/03/25		192,874			205,208
US Airways Class A Pass-Through Trust Series
2012-1 5.90%, 10/01/24		243,497			270,818
US Airways Class B Pass-Through Trust Series
2012-1 8.00%, 10/01/19		397,419			431,199
Vantiv LLC
4.38%, 11/15/25 144A		625,000			634,487
Wells Fargo & Co.
4.48%, 01/16/24		124,000			133,379
(Variable, ICE LIBOR USD 3M + 3.99%),
5.88%, 06/15/25† D		240,000			266,112
West Corporation
4.75%, 07/15/21 144A		50,000			50,750
Westlake Chemical Corporation
4.63%, 02/15/21		60,000			61,800
4.88%, 05/15/23		20,000			20,700
WestRock MWV LLC
8.20%, 01/15/30		145,000			204,280
7.95%, 02/15/31		45,000			63,421
WEX, Inc.
4.75%, 02/01/23 144A		440,000			450,725
Weyerhaeuser Co. REIT
8.50%, 01/15/25		405,000			533,051
6.95%, 10/01/27		55,000			69,065
7.38%, 03/15/32		370,000			512,314
6.88%, 12/15/33		490,000			646,078
Whiting Petroleum Corporation
5.00%, 03/15/19D		755,000			775,196
5.75%, 03/15/21D		420,000			432,075
6.25%, 04/01/23D		1,260,000			1,294,650
6.63%, 01/15/26 144A D		305,000			311,481
William Lyon Homes, Inc.
7.00%, 08/15/22D		20,000			20,650
Williams Cos., Inc.
7.50%, 01/15/31		60,000			73,650
5.75%, 06/24/44		440,000			471,900
Windstream Services LLC
7.75%, 10/15/20D		180,000			153,000
7.50%, 04/01/23D		250,000			167,500
6.38%, 08/01/23 144A D		80,000			48,400
8.75%, 12/15/24 144A		503,000			353,986
WPX Energy, Inc.
8.25%, 08/01/23		430,000			490,200

	Par		Value
XPO Logistics, Inc.
6.50%, 06/15/22 144A D	$	20,000	$	20,950
6.13%, 09/01/23 144A D		490,000		520,012
ZF North America Capital, Inc.
4.75%, 04/29/25 144A		550,000		584,375
Total Corporate Bonds (Cost $167,991,659)				183,510,086
FOREIGN BONDS — 29.3%
Argentina — 2.2%
Argentina POM Politica Monetaria (Floating, Argentina Central Bank 7D Repo Rate + 0.00%), 28.75%, 06/21/20† (ZA)		4,070,000		232,473
Argentine Bonos del Tesoro
21.20%, 09/19/18(ZA)		37,563,000		1,967,094
18.20%, 10/03/21(ZA)		68,281,000		3,780,989
Argentine Republic Government International Bond
6.88%, 04/22/21		680,000		741,795
7.50%, 04/22/26D		540,000		612,711
7.63%, 04/22/46D		950,000		1,073,975
Pampa Energia SA
7.50%, 01/24/27 144A		910,000		1,001,127
Provincia de Buenos Aires
7.88%, 06/15/27 144A		780,000		867,610
YPF SA
8.50%, 03/23/21 144A		980,000		1,110,830
				11,388,604
Armenia — 0.1%
Armenia International Bond
6.00%, 09/30/20D		520,000		553,587
Australia — 0.0%
FMG Resources August 2006 Proprietary, Ltd.
9.75%, 03/01/22 144A		240,000		266,160
Austria — 0.1%
Suzano Austria GmbH
5.75%, 07/14/26 144A		570,000		620,217
Bermuda — 0.3%
XLIT, Ltd.
6.38%, 11/15/24D		585,000		682,441
6.25%, 05/15/27D		640,000		758,894
				1,441,335
Brazil — 1.6%
Brazil Notas do Tesouro Nacional Serie F
10.00%, 01/01/21(B)		14,497,000		4,504,166
10.00%, 01/01/27(B)		317,000		94,314
Brazilian Government International Bond
10.25%, 01/10/28(B)		5,250,000		1,706,460
Itau Unibanco Holding SA
6.13%, 12/12/22		1,060,000		1,072,508
Ultrapar International SA
5.25%, 10/06/26 144A		420,000		429,752

166 See Notes to Financial Statements.

	Par		Value
Vale Overseas, Ltd.
6.88%, 11/21/36	$	592,000		$	728,160
					8,535,360
Canada — 2.2%
1011778 BC ULC
5.00%, 10/15/25 144A		40,000			40,500
Baytex Energy Corporation
5.13%, 06/01/21 144A		110,000			105,325
5.63%, 06/01/24 144A		110,000			102,988
Bombardier, Inc.
6.00%, 10/15/22 144A D		1,200,000			1,185,000
Hudbay Minerals, Inc.
7.25%, 01/15/23 144A		190,000			202,350
7.63%, 01/15/25 144A		1,030,000			1,133,000
MEG Energy Corporation
6.38%, 01/30/23 144A		45,000			38,475
7.00%, 03/31/24 144A		605,000			513,494
Methanex Corporation
5.25%, 03/01/22		75,000			79,636
Province of Ontario Canada
2.10%, 09/08/18(C)		3,500,000			2,796,380
Province of Ontario Generic Residual STRIP
2.96%, 07/13/22W (C)		2,600,000			1,852,598
2.90%, 03/08/29W (C)		2,400,000			1,391,523
Stone Container Finance Company of Canada II
7.38%, 07/15/14y††† #		330,000			6,600
Teine Energy, Ltd.
6.88%, 09/30/22 144A		60,000			62,250
Valeant Pharmaceuticals International, Inc.
5.38%, 03/15/20 144A		8,000			8,040
7.50%, 07/15/21 144A		40,000			40,800
5.50%, 03/01/23 144A		270,000			248,400
5.88%, 05/15/23 144A		10,000			9,300
6.13%, 04/15/25 144A		1,460,000			1,341,375
9.00%, 12/15/25 144A D		200,000			208,940
					11,366,974
Chile — 0.1%
AES Gener SA
5.25%, 08/15/21 144A		203,000			212,758
Corporation Nacional del Cobre de Chile
3.63%, 08/01/27 144A		220,000			220,790
					433,548
China — 0.3%
Park Aerospace Holdings, Ltd.
5.25%, 08/15/22 144A		310,000			309,225
4.50%, 03/15/23 144A		260,000			248,950
5.50%, 02/15/24 144A		1,160,000			1,154,200
					1,712,375
Colombia — 1.3%
Colombia Government International Bond
5.63%, 02/26/44		3,567,000			4,093,132

	Par		Value
Colombian TES
10.00%, 07/24/24(X)	$	23,100,000		$	9,351
Ecopetrol SA
5.88%, 09/18/23		190,000			210,425
4.13%, 01/16/25		920,000			926,900
5.38%, 06/26/26		80,000			86,576
Grupo Energia Bogota SA ESP
6.13%, 11/10/21 144A		250,000			255,313
Millicom Internatinal Cellular
5.13%, 01/15/28 144A		840,000			844,200
Transportadora de Gas Internacional SA ESP
5.70%, 03/20/22		260,000			267,280
					6,693,177
Ecuador — 0.2%
Ecuador Government International Bond
9.65%, 12/13/26 144A		810,000			932,513
France — 0.3%
3AB Optique Developpement SAS
4.00%, 10/01/23(E)		200,000			242,731
Burger King France SAS
(Floating, Euribor 3M + 5.25%),
5.25%, 05/01/23 144A † (E)		130,000			159,891
6.00%, 05/01/24 144A (E)		120,000			155,760
Europcar Groupe SA
5.75%, 06/15/22 144A (E)		170,000			213,858
SFR Group SA
5.63%, 05/15/24 144A (E)		160,000			200,656
5.63%, 05/15/24(E)		500,000			627,051
					1,599,947
Germany — 0.9%
Bundesrepublik Deutschland Bundesanleihe
1.00%, 08/15/24(E)		2,180,000			2,782,150
CeramTec Group GmbH
8.25%, 08/15/21(E)		580,000			730,841
IHO Verwaltungs GmbH
Cash coupon 4.13% or PIK
4.88%, 09/15/21 144A		210,000			214,200
Cash coupon 4.75% or PIK
5.50%, 09/15/26 144A		210,000			213,675
Platin 1426 GmbH
5.38%, 06/15/23 144A (E)		480,000			576,677
					4,517,543
Ghana — 0.1%
Ghana Government International Bond
10.75%, 10/14/30 144A		540,000			744,682
Guatemala — 0.1%
Guatemala Government Bond
4.38%, 06/05/27 144A		760,000			760,000
Honduras — 0.2%
Honduras Government International Bond
7.50%, 03/15/24		460,000			516,350

See Notes to Financial Statements. 167

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
6.25%, 01/19/27 144A	$	620,000		$	664,702
					1,181,052
India — 0.2%
ICICI Bank, Ltd.
4.80%, 05/22/19 144A		920,000			946,514
Indonesia — 1.2%
Indonesia Government International Bond
5.88%, 01/15/24 144A		400,000			456,383
6.63%, 02/17/37		1,355,000			1,737,223
5.25%, 01/17/42 144A		1,710,000			1,918,396
Indonesia Treasury Bond
7.00%, 05/15/27(I)		30,479,000,000			2,361,041
					6,473,043
Ireland — 0.4%
AerCap Ireland Capital DAC
3.50%, 05/26/22D		300,000			304,761
Ardagh Packaging Finance PLC
4.63%, 05/15/23 144A		250,000			256,013
7.25%, 05/15/24 144A		460,000			502,550
GE Capital International Funding Co.
3.37%, 11/15/25		246,000			250,456
4.42%, 11/15/35		569,000			616,965
					1,930,745
Italy — 1.8%
Enel SpA
(Variable, GBP Swap Rate 5Y + 5.66%),
7.75%, 09/10/75† (U)		440,000			685,900
Intesa Sanpaolo SpA
(Variable, EUR Swap Rate 5Y + 6.88%),
7.00%, 01/19/21† (E)		530,000			704,941
Italy Buoni Poliennali Del Tesoro
2.20%, 06/01/27(E)		4,860,000			5,959,900
Telecom Italia Capital SA
6.38%, 11/15/33		715,000			834,762
6.00%, 09/30/34		200,000			225,500
Telecom Italia SpA
5.30%, 05/30/24 144A		800,000			857,000
					9,268,003
Ivory Coast — 0.1%
Ivory Coast Government International Bond
5.75%, 12/31/32 144A D STEP		752,700			754,196
Jersey — 0.2%
Adient Global Holdings, Ltd.
4.88%, 08/15/26 144A		740,000			764,050
Delphi Technologies PLC
5.00%, 10/01/25 144A		290,000			294,350
					1,058,400
Kazakhstan — 0.2%
KazTransGas JSC
4.38%, 09/26/27 144A		880,000			885,522

	Par		Value
Kenya — 0.1%
Kenya Government International Bond
6.88%, 06/24/24 144A	$	470,000	$	501,727
Luxembourg — 0.4%
ArcelorMittal
6.00%, 03/01/21		30,000		32,550
7.50%, 10/15/39		510,000		655,350
7.25%, 03/01/41		690,000		876,300
LSF9 Balta Issuer SA
7.75%, 09/15/22 144A (E)		291,600		377,226
				1,941,426
Mexico — 3.3%
Banco Mercantil del Norte SA
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.04%),
6.88%, 07/06/22 144A †		260,000		274,625
Mexican Bonos
6.50%, 06/09/22(M)		45,803,100		2,232,116
8.00%, 12/07/23(M)		41,500,000		2,146,835
10.00%, 12/05/24(M)		31,500,000		1,807,383
7.50%, 06/03/27(M)		121,750,000		6,125,364
8.50%, 05/31/29(M)		2,000,000		107,826
7.75%, 05/29/31(M)		3,000,000		152,811
7.75%, 11/13/42(M)		63,160,000		3,196,145
Mexichem SAB de CV
5.88%, 09/17/44 144A		570,000		592,800
Petroleos Mexicanos
5.50%, 01/21/21		750,000		796,688
				17,432,593
Morocco & Antilles — 0.2%
OCP SA
5.63%, 04/25/24 144A		550,000		590,494
4.50%, 10/22/25 144A		520,000		521,713
				1,112,207
Netherlands — 3.1%
ABN AMRO Bank NV
7.13%, 07/06/22(E)		750,000		1,151,549
Alcoa Nederland Holding BV
6.75%, 09/30/24 144A		380,000		416,100
7.00%, 09/30/26 144A		250,000		281,875
Altice Financing SA
6.63%, 02/15/23 144A		400,000		419,840
7.50%, 05/15/26 144A		260,000		277,550
Cooperatieve Rabobank UA
5.75%, 12/01/43		880,000		1,123,868
EDP Finance BV
4.90%, 10/01/19 144A		1,600,000		1,667,238
4.13%, 01/15/20 144A		540,000		557,065
Embraer Netherlands Finance BV
5.40%, 02/01/27		250,000		270,313

168 See Notes to Financial Statements.

	Par		Value
Equate Petrochemical BV
4.25%, 11/03/26 144A	$	580,000		$	591,890
Majapahit Holding BV
7.75%, 01/20/20		1,570,000			1,721,191
Marfrig Holdings Europe BV
8.00%, 06/08/23 144A		480,000			502,200
Myriad International Holdings BV
4.85%, 07/06/27 144A		750,000			779,562
Oi Brasil Holdings Cooperatief UA
5.75%, 02/10/22 144A #		933,000			422,182
Petrobras Global Finance BV
4.38%, 05/20/23		250,000			247,868
6.25%, 03/17/24		2,970,000			3,158,595
6.88%, 01/20/40D		390,000			395,363
6.75%, 01/27/41		270,000			270,637
5.63%, 05/20/43		275,000			246,782
Telefonica Europe BV
(Variable, GBP Swap Rate 5Y + 4.46%), 6.75%, 11/26/20† D (U)		300,000			449,343
UPCB Finance IV, Ltd.
5.38%, 01/15/25 144A		250,000			252,975
VEON Holdings BV
7.50%, 03/01/22		200,000			227,650
7.50%, 03/01/22 144A		630,000			717,097
Ziggo Bond Finance BV
5.88%, 01/15/25 144A		200,000			197,500
					16,346,233
New Zealand — 0.3%
New Zealand Government Bond
5.00%, 03/15/19(Z)		2,385,000			1,754,859
Nigeria — 0.1%
Nigeria Government International Bond
7.63%, 11/28/47 144A D		310,000			333,478
Norway — 0.0%
Norway Government Bond
4.50%, 05/22/19 144A (K)		172,000			22,118
3.75%, 05/25/21 144A (K)		129,000			17,209
					39,327
Panama — 0.0%
Panama Government International Bond
6.70%, 01/26/36		3,000			4,008
Peru — 0.5%
Peruvian Government International Bond
6.55%, 03/14/37		890,000			1,208,175
Transportadora de Gas del Peru SA
4.25%, 04/30/28 144A		1,400,000			1,454,600
					2,662,775
Philippines — 0.0%
Philippine Government International Bond
4.00%, 01/15/21		200,000			210,264

	Par		Value
Poland — 0.6%
Republic of Poland Government Bond
2.50%, 07/25/26(P)	$	11,450,000		$	3,116,806
Qatar — 0.0%
Ooredoo International Finance, Ltd.
4.75%, 02/16/21 144A D		200,000			210,542
Russia — 1.7%
Russian Federal Bond - OFZ
8.15%, 02/03/27(Q)		257,799,000			4,712,409
7.05%, 01/19/28(Q)		246,671,000			4,164,149
					8,876,558
Saudi Arabia — 0.2%
Saudi Government International Bond
2.38%, 10/26/21 144A		395,000			385,808
3.25%, 10/26/26 144A D		875,000			859,650
					1,245,458
Singapore — 0.2%
BOC Aviation, Ltd.
3.00%, 03/30/20 144A		1,000,000			1,003,905
Spain — 0.2%
Masaria Investments SAU
5.00%, 09/15/24 144A (E)		710,000			860,200
(Floating, Euribor 3M + 5.25%), 5.25%, 09/15/24 144A † (E)		260,000			311,655
Telefonica Emisiones SA Unipersonal
5.13%, 04/27/20		75,000			79,439
					1,251,294
Turkey — 1.4%
Turk Telekomunikasyon AS
4.88%, 06/19/24 144A D		1,680,000			1,712,622
Turkey Government Bond
10.60%, 02/11/26(T)		11,580,000			2,844,974
Turkey Government International Bond
6.00%, 03/25/27		2,190,000			2,335,872
4.88%, 04/16/43		500,000			440,048
					7,333,516
United Kingdom — 2.9%
Anglian Water Osprey Financing PLC
7.00%, 01/31/18D (U)		310,000			421,426
Anglo American Capital PLC
4.75%, 04/10/27 144A		200,000			209,639
Barclays Bank PLC
7.63%, 11/21/22		1,660,000			1,883,063
Barclays PLC
(Variable, EUR Swap Rate 5Y + 2.45%),
2.63%, 11/11/25† (E)		300,000			374,601
Boparan Finance PLC
5.50%, 07/15/21D (U)		270,000			332,155
Ensco PLC
8.00%, 01/31/24		33,000			33,248
HBOS PLC
6.75%, 05/21/18 144A		500,000			508,526

See Notes to Financial Statements. 169

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
HSBC Holdings PLC
6.00%, 06/10/19(E)	$	270,000		$	351,625
(Variable, USD ICE Swap Rate 5Y + 4.37%), 6.38%, 03/30/25† D		600,000			646,500
Intelsat Jackson Holdings SA
5.50%, 08/01/23		330,000			270,600
KCA Deutag UK Finance PLC
7.25%, 05/15/21 144A		540,000			526,500
Lloyds Bank PLC
6.50%, 03/24/20(E)		326,000			446,165
Lloyds Banking Group PLC
5.30%, 12/01/45D		1,581,000			1,881,044
Pinewood Finco PLC
3.75%, 12/01/23 144A (U)		190,000			258,420
Rio Tinto Finance USA PLC
4.13%, 08/21/42D		145,000			155,529
Royal Bank of Scotland Group PLC
6.10%, 06/10/23		1,880,000			2,072,599
6.00%, 12/19/23		275,000			303,274
(Variable, EUR Swap Rate 5Y + 2.65%), 3.63%, 03/25/24† D (E)		547,000			677,932
Santander UK Group Holdings PLC
(Variable, GBP Swap Rate 5Y + 5.54%), 7.38%, 06/24/22† D (U)		390,000			581,360
Southern Gas Networks PLC
4.88%, 12/21/20(U)		270,000			403,795
Standard Chartered PLC
5.13%, 06/06/34(U)		321,000			489,647
Synlab Bondco PLC
6.25%, 07/01/22(E)		270,000			342,435
Synlab Unsecured Bondco PLC
8.25%, 07/01/23(E)		170,000			222,224
Tesco Property Finance 3 PLC
5.74%, 04/13/40(U)		274,055			440,134
Tesco Property Finance 6 PLC
5.41%, 07/13/44(U)		585,786			919,853
Virgin Media Finance PLC
6.38%, 10/15/24 144A (U)		360,000			521,001
Virgin Media Secured Finance PLC
5.50%, 08/15/26 144A		200,000			205,500
					15,478,795
Total Foreign Bonds (Cost $158,662,531)					154,919,268
FOREIGN GOVERNMENT
INFLATION-LINKED BOND — 0.4%
Brazil — 0.4%
Brazil Notas do Tesouro Nacional Serie B
6.00%, 08/15/50(B)
(Cost $2,508,703)		2,063,000			2,049,043
LOAN AGREEMENTS — 2.8%
1011778 B.C. Unlimited Liability Co. Term B-3 Loan
(Floating, ICE LIBOR USD 1M +2.25%), 3.82%, 02/16/24†		279,242			279,548

	Par		Value
(Floating, ICE LIBOR USD 3M +2.25%), 3.94%, 02/16/24†	$	179,521		$	179,717
Air Medical Group Holdings, Inc. Initial Term Loan
(Floating, ICE LIBOR USD 3M +3.25%),
4.94%, 04/28/22†		295,454			294,637
American Airlines, Inc. 2017 Class B Term Loan
(Floating, ICE LIBOR USD 1M +2.00%), 3.48%, 12/14/23†		198,000			198,201
American Airlines, Inc. 2017 Replacement Term Loan
(Floating, ICE LIBOR USD 1M +2.00%), 3.55%, 06/27/20†		975,019			978,066
American Builders & Contractors Supply Co., Inc. Additional Term B-1 Loan
(Floating, ICE LIBOR USD 1M +2.50%), 4.07%, 10/31/23†		539,484			542,547
Avolon TLB Borrower 1 (US) LLC Initial Term B-2 Loan
(Floating, ICE LIBOR USD 1M +2.25%), 3.75%, 03/21/22†		378,100			379,537
Beacon Roofing Supply, Inc. - Term B Loan
0.00%, 01/02/25† S		440,000			441,846
Berry Global, Inc. Term M Loan
(Floating, ICE LIBOR USD 1M +2.25%), 3.68%, 10/01/22†		96,967			97,452
(Floating, ICE LIBOR USD 1M +2.25%), 3.82%, 10/01/22†		150,395			151,147
CBS Radio, Inc. Additional Term B-1 Loan
(Floating, ICE LIBOR USD 3M +2.75%), 4.17%, 11/18/24†		460,000			461,869
CenturyLink, Inc. Initial Term B Loan
(Floating, ICE LIBOR USD 1M +2.75%), 4.32%, 01/31/25†		320,000			309,314
Charter Communications
Operating LLC Term B Loan 0.00%, 04/30/25† S		161,182			161,470
CSC Holdings LLC March 2017 Refinancing Term Loan
(Floating, ICE LIBOR USD 1M +2.25%), 3.74%, 07/17/25†		261,187			260,469
Dell International LLC Refinancing Term B Loan
(Floating, ICE LIBOR USD 1M +2.00%), 3.57%, 09/07/23†		440,000			440,255
Energy Future Intermediate Holding Co. LLC Term Loan
(Floating, ICE LIBOR USD 1M +3.00%), 4.50%, 06/30/18†		39,643			39,782
Energy Future Intermediate Holding Company LLC Term Loan
(Floating, ICE LIBOR USD 1M +3.00%), 4.57%, 06/30/18†		1,070,357			1,074,103
First Data Corporation 2024A New Dollar Term Loan
(Floating, ICE LIBOR USD 1M +2.25%), 3.80%, 04/26/24†		499,476			500,368

170 See Notes to Financial Statements.

	Par		Value
Flying Fortress Holdings LLC New Loan
(Floating, ICE LIBOR USD 3M +2.00%), 3.69%, 10/30/22†	$	380,000		$	382,612
Hilton Worldwide Finance LLC Series B-2 Term Loan
(Floating, ICE LIBOR USD 1M +2.00%), 3.55%, 10/25/23†		600,149			603,786
Level 3 Financing, Inc. Tranche B 2024 Term Loan
(Floating, ICE LIBOR USD 3M +2.25%), 3.70%, 02/22/24†		350,000			350,437
ON Semiconductor Corporation 2017 New Replacement Term B-2 Loan
(Floating, ICE LIBOR USD 1M +2.00%), 3.57%, 03/31/23†		330,312			332,221
Party City Holdings, Inc. 2016 Replacement Term Loan
(Floating, ICE LIBOR USD 3M +3.00%), 4.39%, 08/19/22†		443,654			445,841
(Floating, ICE LIBOR USD 3M +3.00%), 4.58%, 08/19/22†		187,206			188,129
(Floating, ICE LIBOR USD 3M + 3.00%), 4.70%, 08/19/22†		41,928			42,134
Petco Animal Supplies, Inc. Term Loan
(Floating, ICE LIBOR USD 3M +3.00%), 4.38%, 01/26/23†		404,849			308,191
PetSmart, Inc. Tranche B-2 Loan
(Floating, ICE LIBOR USD 1M +3.00%), 4.57%, 03/11/22†		975,000			785,789
Post Holdings, Inc. Series A Incremental Term Loan 0.00%, 05/24/24† S		440,000			442,017
Quikrete Holdings, Inc. Initial Loan 0.00%,
11/15/23† S		446,274			447,731
Trans Union LLC 2017 Replacement Term B-3 Loan
(Floating, ICE LIBOR USD 1M +2.00%), 3.57%, 04/10/23†		438,900			441,177
Unitymedia Hessen GmbH & Co. KG Facility B
0.00%, 09/30/25† S		590,000			591,330
Univision Communications, Inc. 2017
Replacement Repriced First-Lien Term Loan
(Floating, ICE LIBOR USD 1M +2.75%), 4.32%, 03/15/24†		724,505			723,191
UPC Financing Partnership Facility AR
0.00%, 01/15/26† S		500,000			500,417
Valeant Pharmaceuticals International,
Inc. Series F Tranche B Term Loan
(Floating, ICE LIBOR USD 1M +3.50%),
4.94%, 04/01/22†		359,416			364,950
Virgin Media Bristol LLC K Facility 0.00%,
01/15/26† S		175,000			175,219

	Par		Value
Western Digital Corporation
U.S. Term B-3 Loan
(Floating, ICE LIBOR USD 1M +2.00%), 3.57%, 04/29/23†	$	269,325		$	270,604
Windstream Services LLC Tranche
B-6 Term Loan (2016)
(Floating, ICE LIBOR USD 1M +4.00%), 5.50%, 03/29/21†		26,740			25,186
Zebra Technologies Corporation Tranche B Term Loan
0.00%, 10/27/21† S		120,000			120,722
Ziggo Secured Finance Partnership Term Loan E Facility
0.00%, 04/15/25† S		650,000			645,764
Total Loan Agreements (Cost $15,275,438)					14,977,776
MORTGAGE-BACKED SECURITIES — 2.4%
Commercial Mortgage Trust Series 2007-CD4 AJ
5.40%, 12/11/49		24,162			14,715
Credit Suisse Commercial Mortgage Trust Series 2006-C5 AJ
5.37%, 12/15/39		143,914			121,779
Credit Suisse Commercial Mortgage Trust Series 2007-C5 AM
5.87%, 09/15/40† g		115,521			112,330
CSMC Series 2015-2R 3A2
1.54%, 04/27/36 144A † g		729,605			559,206
Fannie Mae Connecticut Avenue Securities Series 2014-C02 2M2
(Floating, ICE LIBOR USD 1M + 2.60%), 4.15%, 05/25/24†		1,579,037			1,655,473
Fannie Mae Connecticut Avenue Securities Series 2015-C03 1M2
(Floating, ICE LIBOR USD 1M + 5.00%), 6.55%, 07/25/25†		747,758			844,345
FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA3 M3
(Floating, ICE LIBOR USD 1M + 4.70%), 6.25%, 04/25/28†		830,000			981,387
FHLMC Structured Agency Credit Risk Debt Notes Series 2017-DNA1 B1
(Floating, ICE LIBOR USD 1M + 4.95%), 6.50%, 07/25/29†		1,060,000			1,174,722
FHLMC Structured Agency Credit Risk Debt Notes Series 2017-DNA2 B1
(Floating, ICE LIBOR USD 1M + 5.15%), 6.70%, 10/25/29†		560,000			624,483
FHLMC Structured Agency Credit Risk Debt Notes Series 2017-DNA3 M2
(Floating, ICE LIBOR USD 1M + 2.50%), 4.05%, 03/25/30†		1,590,000			1,648,759

See Notes to Financial Statements. 171

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LD12 AJ
5.93%, 02/15/51† g	$	14,845		$	14,519
Lone Star Portfolio Trust Series 2015-LSMZ M
(Floating, LIBOR USD 1M + 7.22%), 8.65%, 09/15/20 144A †		666,593			674,569
Lone Star Portfolio Trust Series 2015-LSP F
(Floating, LIBOR USD 1M + 6.90%), 8.38%, 09/15/28 144A †		767,900			780,883
LSTAR Securities Investment, Ltd. Series 2017-8 A
(Floating, ICE LIBOR USD 1M + 1.65%), 3.22%, 11/01/22 144A †		1,906,428			1,906,767
Morgan Stanley Resecuritization Trust Series 2015-R6 1B
(Floating, ICE LIBOR USD 1M + 0.26%), 1.59%, 07/26/45 144A †		557,087			304,710
Seasoned Credit Risk Transfer Trust Series 2017-2 M1
4.00%, 08/25/56 144A		610,000			595,894
Seasoned Credit Risk Transfer Trust Series 2017-2 M2
4.00%, 08/25/56 144A		800,000			736,000
Total Mortgage-Backed Securities (Cost $12,107,231)					12,750,541
MUNICIPAL BOND — 0.0%
State of Illinois, General Obligation
5.10%, 06/01/33 (Cost $127,476)		160,000			160,014

	Number of		Notional
	Contracts		Amount
PURCHASED OPTION — 0.0%
Put Option — 0.0%
Turkish Lira vs. U.S. Dollar,, Strike Price $3.93, Expires 01/23/18 (BAR) (Premiums received $36,349)		2,960,000	$	2,960,000	98,495
	Par
U.S. TREASURY OBLIGATIONS — 19.1%
U.S. Treasury Bills
1.04%, 02/01/18W D	$	3,500,000			3,496,323
1.18%, 02/08/18W		5,000,000			4,993,595
1.25%, 03/01/18W		2,530,000			2,524,834
1.33%, 03/22/18W		7,500,000			7,477,781
1.29%, 04/05/18W D		470,000			468,320
					18,960,853
U.S. Treasury Bonds
3.50%, 02/15/39		860,000			982,550

	Par		Value
4.25%, 05/15/39	$	40,000	$	50,572
3.88%, 08/15/40		30,000		36,155
2.75%, 08/15/42D		120,000		120,870
3.13%, 02/15/43		9,116,000		9,795,962
2.88%, 05/15/43		120,000		123,420
3.00%, 05/15/45		40,000		42,017
3.00%, 11/15/45		920,000		966,395
2.50%, 05/15/46		820,000		780,057
2.25%, 08/15/46		960,000		866,025
2.88%, 11/15/46D		2,120,000		2,175,194
3.00%, 05/15/47D		80,000		84,127
				16,023,344
U.S. Treasury Notes
0.63%, 04/30/18		530,000		528,648
0.75%, 08/31/18		4,000,000		3,975,782
1.38%, 09/30/18		250,000		249,375
1.50%, 12/31/18		5,875,000		5,856,984
1.25%, 03/31/19		15,000,000		14,891,017
1.25%, 06/30/19		3,000,000		2,973,750
1.63%, 06/30/19		10,000		9,967
1.25%, 10/31/19		110,000		108,780
3.63%, 02/15/21D		14,549,000		15,260,257
1.88%, 01/31/22		710,000		702,720
2.00%, 02/15/22		120,000		119,445
1.63%, 08/15/22		3,380,000		3,301,508
2.75%, 02/15/24		6,650,000		6,825,733
2.25%, 11/15/24		9,030,000		8,985,026
2.00%, 02/15/25		100,000		97,771
1.63%, 02/15/26		180,000		170,019
1.63%, 05/15/26D		470,000		442,764
2.00%, 11/15/26D		1,220,000		1,180,874
				65,680,420
Total U.S. Treasury Obligations (Cost $99,689,727)				100,664,617
	Shares
COMMON STOCKS — 1.0%
Consumer Discretionary — 0.2%
Ford Motor Co.		96,849		1,209,644
Energy — 0.1%
Berry Pete Corporation*		2,350		20,915
Blue Ridge Mountain Resources, Inc.*		24,163		199,345
Hercules Offshore, Inc.D Y ††† *		46,644		13,154
				233,414
Financials — 0.0%
Tricer Holdco SCA Y ††† *		4,654		13,543
Health Care — 0.2%
Bristol-Myers Squibb Co.		15,400		943,712
Industrials — 0.1%
Arconic, Inc.		14,757		402,128

172 See Notes to Financial Statements.

	Shares		Value
Information Technology — 0.4%
Corning, Inc.		70,534		$	2,256,383
Total Common Stocks
(Cost $5,684,813)					5,058,824
PREFERRED STOCKS — 0.4%
Bank of America Corporation
7.25%, 12/28/17D CONV		602			794,038
Chesapeake Energy Corporation
5.00%, 10/31/17D CONV		3,950			224,903
5.75%, 10/31/17 CONV		30			16,781
5.75%, 10/31/17D CONV		780			448,013
5.75%, 10/31/17 144A CONV		50			27,969
4.50%, 11/30/17 CONV		1,229			61,081
El Paso Energy Capital Trust I
4.75%, 03/31/28 CONV		10,249			487,237
iStar, Inc. REIT
4.50%, 11/30/17 CONV		50			2,419
Tricer Holdco SCA
0.00%, 12/31/49Y ††† *		2,068,500			20,685
Total Preferred Stocks
(Cost $1,969,549)					2,083,126
MONEY MARKET FUNDS — 10.3%
GuideStone Money Market Fund (Investor Class)¥		29,745,692			29,745,692

	Shares		Value
Northern Institutional Liquid Assets Portfolio§		23,734,761	$	23,734,761
Northern Institutional U.S. Government Portfolio		1,164,054		1,164,054
Total Money Market Funds
(Cost $54,644,507)				54,644,507
TOTAL INVESTMENTS — 103.6%
(Cost $534,786,980)				547,411,774

	Number of Contracts			Notional Amount
WRITTEN OPTION — (0.0)%
Call Option — (0.0)%
South African Rand vs. U.S. Dollar,, Strike Price $14.90, Expires 01/22/18 (BAR) (Premiums received $(39,535))		(2,890,000	)	$	(2,890,000	)		(1,327	)
Liabilities in Excess of Other
Assets — (3.6)%								(18,879,044	)
NET ASSETS — 100.0%							$	528,531,403

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date		Open Long (Short) Contracts			Notional   Market Value   of Contracts			Counter-    party		Value and Unrealized Appreciation (Depreciation)
Euro-Bund		03/2018		(64	)	$	(12,415,472	)		GSC	$	69,823
Euro-Buxl®		03/2018		(3	)		(589,822	)		GSC		10,478
10-Year U.S. Treasury Note		03/2018		(37	)		(4,589,735	)		GSC		20,992
Ultra Long U.S. Treasury Bond		03/2018		(32	)		(5,365,000	)		GSC		(56,973	)
5-Year U.S. Treasury Note		03/2018		326			37,869,485			GSC		(180,095	)
Total Futures Contracts outstanding at December 31, 2017						$	14,909,456				$	(135,775	)

Forward Foreign Currency Contracts outstanding at December 31, 2017:

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party	Net Unrealized Appreciation (Depreciation)
01/19/18	Euro		7,200,000	U.S. Dollars		8,428,421	BAR	$	220,897
01/19/18	Euro		6,300,000	U.S. Dollars		7,352,415	CITI		215,738
01/19/18	Euro		4,310,000	U.S. Dollars		5,047,872	BAR		129,706
01/19/18	Euro		9,211,959	U.S. Dollars		10,937,912	CITI		128,360
01/19/18	Indian Rupees		256,817,535	U.S. Dollars		3,895,602	BAR		121,745
01/19/18	British Pounds		2,250,000	U.S. Dollars		2,949,030	CITI		90,860
01/19/18	U.S. Dollars		2,351,860	Mexican Pesos		45,000,000	BAR		72,105
01/19/18	Japanese Yen		334,680,000	U.S. Dollars		2,945,297	CITI		27,866
01/19/18	U.S. Dollars		790,572	Brazilian Reals		2,539,000	CITI		26,935
01/19/18	Polish Zloty		10,880,000	Euro		2,580,823	BAR		25,313
01/19/18	Indonesian Rupiahs		26,810,100,000	U.S. Dollars		1,959,230	BAR		18,256

See Notes to Financial Statements. 173

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold		Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
01/19/18	Euro		1,000,000		U.S. Dollars		1,184,668		BAR	$	16,626
01/19/18	Euro		1,810,000		U.S. Dollars		2,158,217		BAR		16,125
01/19/18	British Pounds		400,000		U.S. Dollars		529,295		BAR		11,130
01/19/18	U.S. Dollars		12,344		Mexican Pesos		234,921		CITI		443
Subtotal Appreciation										$	1,122,105
01/19/18	U.S. Dollars		388,813		Australian Dollars		500,000		BAR		(1,319	)
01/19/18	U.S. Dollars		568,403		Euro		480,000		BAR		(8,219	)
01/19/18	U.S. Dollars		591,017		Euro		500,000		BAR		(9,630	)
01/19/18	Japanese Yen		85,640,000		U.S. Dollars		771,232		BAR		(10,440	)
01/19/18	U.S. Dollars		3,072,595		Polish Zloty		10,900,000		BAR		(58,791	)
01/19/18	U.S. Dollars		5,057,487		British Pounds		3,793,751		BAR		(68,106	)
01/19/18	Japanese Yen		1,469,325,000		U.S. Dollars		13,146,710		BAR		(93,813	)
01/19/18	U.S. Dollars		3,723,837		Euro		3,200,000		BAR		(120,304	)
Subtotal Depreciation										$	(370,622	)
Total Forward Foreign Currency Contracts outstanding at December 31, 2017										$	751,483

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations	$	11,937,440	$	—	$	11,937,440	$	—
Asset-Backed Securities		4,558,037		—		4,558,037		—
Common Stocks		5,058,824		5,032,127		—		26,697
Corporate Bonds		183,510,086		—		183,308,297		201,789
Foreign Bonds:
Argentina		11,388,604		—		11,388,604		—
Armenia		553,587		—		553,587		—
Australia		266,160		—		266,160		—
Austria		620,217		—		620,217		—
Bermuda		1,441,335		—		1,441,335		—
Brazil		8,535,360		—		8,535,360		—
Canada		11,366,974		—		11,360,374		6,600
Chile		433,548		—		433,548		—
China		1,712,375		—		1,712,375		—
Colombia		6,693,177		—		6,693,177		—
Ecuador		932,513		—		932,513		—
France		1,599,947		—		1,599,947		—
Germany		4,517,543		—		4,517,543		—
Ghana		744,682		—		744,682		—
Guatemala		760,000		—		760,000		—
Honduras		1,181,052		—		1,181,052		—
India		946,514		—		946,514		—
Indonesia		6,473,043		—		6,473,043		—

174 See Notes to Financial Statements.

	Total Value			Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Ireland	$	1,930,745		$	—	$	1,930,745		$	—
Italy		9,268,003			—		9,268,003			—
Ivory Coast		754,196			—		754,196			—
Jersey		1,058,400			—		1,058,400			—
Kazakhstan		885,522			—		885,522			—
Kenya		501,727			—		501,727			—
Luxembourg		1,941,426			—		1,941,426			—
Mexico		17,432,593			—		17,432,593			—
Morocco & Antilles		1,112,207			—		1,112,207			—
Netherlands		16,346,233			—		16,346,233			—
New Zealand		1,754,859			—		1,754,859			—
Nigeria		333,478			—		333,478			—
Norway		39,327			—		39,327			—
Panama		4,008			—		4,008			—
Peru		2,662,775			—		2,662,775			—
Philippines		210,264			—		210,264			—
Poland		3,116,806			—		3,116,806			—
Qatar		210,542			—		210,542			—
Russia		8,876,558			—		8,876,558			—
Saudi Arabia		1,245,458			—		1,245,458			—
Singapore		1,003,905			—		1,003,905			—
Spain		1,251,294			—		1,251,294			—
Turkey		7,333,516			—		7,333,516			—
United Kingdom		15,478,795			—		15,478,795			—
Foreign Government Inflation-Linked Bond		2,049,043			—		2,049,043			—
Loan Agreements		14,977,776			—		14,977,776			—
Money Market Funds		54,644,507			54,644,507		—			—
Mortgage-Backed Securities		12,750,541			—		12,750,541			—
Municipal Bond		160,014			—		160,014			—
Preferred Stocks		2,083,126			855,119		1,207,322			20,685
Purchased Option		98,495			—		98,495			—
U.S. Treasury Obligations		100,664,617			—		100,664,617			—
Total Assets - Investments in Securities	$	547,411,774		$	60,531,753	$	486,624,250		$	255,771
Other Financial Instruments***
Futures Contracts	$	101,293		$	101,293	$	—		$	—
Forward Foreign Currency Contracts		1,122,105			—		1,122,105			—
Total Assets - Other Financial Instruments	$	1,223,398		$	101,293	$	1,122,105		$	—
Liabilities:
Investments in Securities:
Written Option	$	(1,327	)	$	—	$	(1,327	)	$	—
Total Liabilities - Investments in Securities	$	(1,327	)	$	—	$	(1,327	)	$	—

See Notes to Financial Statements. 175

GLOBAL BOND 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	$	(237,068	)	$	(237,068	)	$	—		$	—
Forward Foreign Currency Contracts		(370,622	)		—			(370,622	)		—
Total Liabilities - Other Financial Instruments	$	(607,690	)	$	(237,068	)	$	(370,622	)	$	—

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

Management has determined that the amount of transfers between Level 1 and Level 2 compared to total net assets is not material; therefore, the amount of transfers between Level 1 and Level 2 is not shown for the year ended December 31, 2017.

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.

During the year ended December 31, 2017, there were $979,279 of transfers out of Level 3 to Level 2 and Level 1.

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, 2017.

Effective April 1, 2017, the Funds changed administrators from BNY Mellon Investment Servicing (US) Inc. to Northern Trust Company (“Northern Trust”). This transition has resulted in fewer unobservable inputs, as Northern Trust utilizes additional pricing vendors and provides increased pricing coverage. As such, management notes transfers out of Level 3 to Level 2 and Level 1 occurred in the Fund in the current year.

176 See Notes to Financial Statements.

(This page intentionally left blank)

177

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2017

	Money Market Fund			Low-Duration Bond Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	763,594,558		$	988,750,440
Investments in repurchase agreements, at value		438,500,000			—
Investments in securities of affiliated issuers, at value		—			12,894,288
Total investments, at value(1), (2)		1,202,094,558			1,001,644,728
Cash		190,000			—
Cash collateral for derivatives		—			2,131,651
Foreign currency(3)		—			10,661,282
Upfront premiums paid from swap contracts		—			839,719
Receivables:
Dividends and reclaims		—			42,604
Interest		566,453			4,620,059
Securities lending		—			9,353
From advisor		5			4,441
Investment securities sold		—			8,633,620
Fund shares sold		—			23,788
Variation margin on financial futures contracts		—			7,942
Unrealized appreciation on foreign currency exchange contracts		—			177,231
Unrealized appreciation on bilateral swap and forward rate agreements		—			6,142
Prepaid expenses and other assets		7,439			12,505
Total Assets		1,202,858,455			1,028,815,065
Liabilities
Securities sold short, at value(4)		—			5,407,911
TBA sale commitments, at value(5)		—			—
Options written, at value(6)		—			53,483
Upfront premiums received from swap contracts		—			1,822,632
Unrealized depreciation on foreign currency exchange contracts		—			2,201,241
Unrealized depreciation on bilateral swap and forward rate agreements		—			62,318
Collateral held for securities on loan, at value		—			13,329,271
Collateral held for derivatives		—			88,818
Payables:
Investment securities purchased		—			102,660,998
Fund shares redeemed		38,367,257			126,524
Variation margin on centrally cleared swaps		—			21,182
Variation margin on financial futures contracts		—			40,544
Distributions		508,915			—
Securities lending		—			1,336
Accrued expenses:
Investment advisory fees		121,734			231,120
Professional fees		23,478			54,019
Shareholder servicing fees		196,838			65,859
Other expenses		129,031			114,440
Total Liabilities		39,347,253			126,281,696
Net Assets	$	1,163,511,202		$	902,533,369
Net Assets Consist of:
Paid-in-capital	$	1,163,509,077		$	912,760,784
Accumulated (distributions in excess of) net investment income (loss)		(5	)		(771,745	)
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency and derivative transactions		2,130			(9,037,835	)
Net unrealized appreciation (depreciation) on investments, foreign currency and derivative transactions		—			(417,835	)
Net Assets	$	1,163,511,202		$	902,533,369
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	268,947,909		$	592,325,421
Institutional shares outstanding		268,949,077			44,374,202
Net asset value, offering and redemption price per Institutional share	$	1.00		$	13.35
Net assets applicable to the Investor Class	$	894,563,293		$	310,207,948
Investor shares outstanding		894,525,566			23,233,007
Net asset value, offering and redemption price per Investor share	$	1.00		$	13.35
(1) Investments in securities of unaffiliated issuers, at cost	$	763,594,558		$	987,076,767
Investments in repurchase agreements, at cost		438,500,000			—
Investments in securities of affiliated issuers, at cost		—			12,894,288
Total investments, at cost	$	1,202,094,558		$	999,971,055
(2) Includes securities loaned of:	$	—		$	86,733,576
(3) Foreign currency, at cost	$	—		$	10,504,326
(4) Proceeds from securities sold short	$	—		$	5,380,669
(5) TBA sale commitments, at cost	$	—		$	—
(6) Premiums received on options written	$	—		$	54,639

178 See Notes to Financial Statements.

Medium-Duration Bond Fund			Extended-Duration Bond Fund		Global Bond Fund
$	1,463,998,989		$	251,719,063	$	517,666,082
	176,100,000			—		—
	96,106,753			6,203,434		29,745,692
	1,736,205,742			257,922,497		547,411,774
	—			10,453		—
	5,729,564			—		529,405
	2,662,538			—		2,802,788
	3,962,307			—		—
	72,602			8,582		69,819
	7,080,062			1,936,908		5,796,057
	13,946			10,812		20,331
	20,131			1,668		6,527
	216,904,786			—		1,314,356
	76,055			12,955		140,450
	692,243			—		41,313
	710,049			—		1,122,105
	319,985			—		—
	23,148			9,279		16,482
	1,974,473,158			259,913,154		559,271,407
	—			—		—
	4,088,761			—		—
	1,795,906			—		1,327
	2,725,117			—		—
	1,498,124			—		370,622
	390,141			—		—
	10,659,942			12,095,847		23,734,761
	1,694,867			—		—
	542,500,894			—		6,205,415
	3,388			22,504		67,082
	153,452			—		—
	334,753			—		21,516
	—			—		—
	2,092			1,622		3,050
	381,240			98,815		216,491
	54,019			32,360		34,844
	56,483			26,276		25,984
	174,303			37,593		58,912
	566,513,482			12,315,017		30,740,004
$	1,407,959,676		$	247,598,137	$	528,531,403
$	1,408,113,865		$	234,210,530	$	520,147,137
	(1,244,500	)		6,865		546,998
	(8,312,003	)		1,570,671		(5,400,352	)
	9,402,314			11,810,071		13,237,620
$	1,407,959,676		$	247,598,137	$	528,531,403
$	1,138,597,254		$	122,526,105	$	405,411,203
	77,205,636			6,828,452		40,233,180
$	14.75		$	17.94	$	10.08
$	269,362,422		$	125,072,032	$	123,120,200
	18,260,740			6,968,368		12,220,620
$	14.75		$	17.95	$	10.07
$	1,454,354,899		$	239,908,040	$	505,041,288
	176,100,000			—		—
	96,106,753			6,203,434		29,745,692
$	1,726,561,652		$	246,111,474	$	534,786,980
$	90,950,486		$	62,389,377	$	50,859,606
$	2,672,202		$	—	$	2,827,635
$	—		$	—	$	—
$	4,091,562		$	—	$	—
$	1,778,749		$	—	$	39,535

See Notes to Financial Statements. 179

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		—		178,154
Interest		11,879,419		17,957,165
Securities lending		—		132,227
Less foreign taxes withheld		—		(15,652	)
Total Investment Income		11,879,419		18,251,894
Expenses
Investment advisory fees		1,537,208		2,796,316
Transfer agent fees:
Institutional shares		4,556		5,127
Investor shares		52,020		30,408
Custodian fees		8,846		142,229
Shareholder servicing fees:
Investor shares		2,469,783		740,373
Accounting and administration fees		271,891		182,734
Professional fees		82,293		125,159
Blue sky fees:
Institutional shares		29,602		26,069
Investor shares		67,468		32,256
Trustees expenses		11,940		8,334
Line of credit facility fees and interest expense		9,904		7,456
Other expenses		17,726		50,194
Total Expenses		4,563,237		4,146,655
Expenses waived/reimbursed net of amount recaptured(1)		—		(78,547	)
Net Expenses		4,563,237		4,068,108
Net Investment Income		7,316,182		14,183,786
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		2,130		(676,000	)
Investment securities sold short		—		(27,532	)
Futures transactions		—		609,525
Swap and forward rate agreements		—		(2,326,583	)
Option contracts written		—		292,510
Option contracts purchased		—		(29,395	)
Forward foreign currency contracts		—		(996,355	)
Foreign currency		—		(292,710	)
Net realized gain (loss)		2,130		(3,446,540	)
Net change in unrealized appreciation (depreciation) on:
Investment securities		—		7,930,797
Investment securities sold short		—		(34,870	)
Futures		—		(4,088	)
Swap and forward rate agreements		—		482,762
Option contracts written		—		(49,850	)
Option contracts purchased		—		(18,686	)
Forward foreign currency contracts		—		(4,226,861	)
Foreign currency		—		(9,225	)
Net change in unrealized appreciation (depreciation)		—		4,069,979
Net Realized and Unrealized Gain		2,130		623,439
Net Increase in Net Assets Resulting from Operations	$	7,318,312	$	14,807,225

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

180 See Notes to Financial Statements.

Medium-Duration Bond Fund			Extended-Duration Bond Fund			Global Bond Fund
$	5,954		$	31,558		$	354,586
	416,659			36,868			179,749
	30,706,365			9,375,777			21,816,468
	124,345			45,777			234,419
	61,791			(215	)		(5,855	)
	31,315,114			9,489,765			22,579,367
	3,778,796			1,145,079			2,358,356
	5,296			4,274			4,888
	29,834			27,827			22,860
	267,548			11,643			61,116
	592,958			301,066			270,494
	274,268			57,488			122,214
	125,159			101,641			114,680
	25,498			22,463			37,451
	26,870			25,261			21,792
	8,622			2,538			3,839
	33,181			2,607			3,564
	98,784			22,490			25,090
	5,266,814			1,724,377			3,046,344
	(177,676	)		(16,292	)		(83,849	)
	5,089,138			1,708,085			2,962,495
	26,225,976			7,781,680			19,616,872
	(1,043,194	)		2,792,674			3,274,385
	(652,991	)		—			—
	2,191,262			—			(405,973	)
	1,992,813			—			—
	2,153,696			—			16,694
	(1,497,088	)		—			29,220
	(339,982	)		—			(70,489	)
	233,089			2,153			600,416
	3,037,605			2,794,827			3,444,253
	19,996,024			12,879,414			10,884,096
	398,961			—			—
	757,237			—			(195,615	)
	(1,528,433	)		—			—
	838,658			—			23,061
	(685,246	)		—			(643,340	)
	(3,419,818	)		—			2,304,200
	75,513			1,404			24,797
	16,432,896			12,880,818			12,397,199
	19,470,501			15,675,645			15,841,452
$	45,696,477		$	23,457,325		$	35,458,324

See Notes to Financial Statements. 181

STATEMENTS OF CHANGES IN NET ASSETS

	Money Market Fund
	For the Year Ended
	12/31/17			12/31/16
Operations:
Net investment income	$	7,316,182		$	993,192
Net realized gain (loss) on investment securities, foreign currency and derivatives		2,130			53,322
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		—			—
Net increase in net assets resulting from operations		7,318,312			1,046,514
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(2,230,825	)		(628,794	)
Investor shares		(5,085,360	)		(364,398	)
Distributions from net realized capital gains
Institutional shares		—			(11,523	)
Investor shares		—			(48,479	)
Total dividends and distributions		(7,316,185	)		(1,053,194	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		807,337,066			649,810,099
Investor shares		4,112,655,800			4,364,775,848
Reinvestment of dividends and distributions
Institutional shares		892,830			305,772
Investor shares		2,182,102			209,397
Total proceeds from shares sold and reinvested		4,923,067,798			5,015,101,116
Value of shares redeemed
Institutional shares		(790,919,840	)		(644,356,936	)
Investor shares		(4,170,941,208	)		(4,455,737,775	)
Total value of shares redeemed		(4,961,861,048	)		(5,100,094,711	)
Net increase (decrease) from capital share transactions(1)		(38,793,250	)		(84,993,595	)
Total increase (decrease) in net assets		(38,791,123	)		(85,000,275	)
Net Assets:
Beginning of Year		1,202,302,325			1,287,302,600
End of Year*	$	1,163,511,202		$	1,202,302,325
*Including undistributed (distributions in excess of) net investment income	$	(5	)	$	(2	)

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

182 See Notes to Financial Statements.

Low-Duration Bond Fund						Medium-Duration Bond Fund
For the Year Ended						For the Year Ended
12/31/17			12/31/16			12/31/17			12/31/16
$	14,183,786		$	12,150,324		$	26,225,976		$	22,475,026
	(3,446,540	)		(3,744,351	)		3,037,605			(10,644,065	)
	4,069,979			6,466,908			16,432,896			13,658,934
	14,807,225			14,872,881			45,696,477			25,489,895
	(10,229,709	)		(9,332,720	)		(20,072,788	)		(19,149,627	)
	(4,000,821	)		(2,592,772	)		(4,509,866	)		(3,212,334	)
	—			—			—			(2,396,364	)
	—			—			—			(645,755	)
	(14,230,530	)		(11,925,492	)		(24,582,654	)		(25,404,080	)
	158,108,971			75,052,450			318,069,701			259,641,101
	59,956,096			74,656,288			66,368,668			48,285,449
	10,172,772			9,329,322			20,024,021			21,529,595
	3,998,619			2,590,031			4,505,754			3,852,247
	232,236,458			161,628,091			408,968,144			333,308,392
	(162,008,400	)		(118,188,777	)		(31,659,087	)		(171,216,394	)
	(34,562,859	)		(40,118,621	)		(21,675,790	)		(25,588,210	)
	(196,571,259	)		(158,307,398	)		(53,334,877	)		(196,804,604	)
	35,665,199			3,320,693			355,633,267			136,503,788
	36,241,894			6,268,082			376,747,090			136,589,603
	866,291,475			860,023,393			1,031,212,586			894,622,983
$	902,533,369		$	866,291,475		$	1,407,959,676		$	1,031,212,586
$	(771,745	)	$	352,788		$	(1,244,500	)	$	(1,417,991	)

See Notes to Financial Statements. 183

STATEMENTS OF CHANGES IN NET ASSETS

	Extended-Duration Bond Fund						Global Bond Fund
	For the Year Ended						For the Year Ended
	12/31/17			12/31/16			12/31/17			12/31/16
Operations:
Net investment income	$	7,781,680		$	10,018,068		$	19,616,872		$	18,957,185
Net realized gain (loss) on investment securities, foreign currency and derivatives		2,794,827			9,506,330			3,444,253			(9,723,149	)
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		12,880,818			1,012,592			12,397,199			33,487,785
Net increase in net assets resulting from operations		23,457,325			20,536,990			35,458,324			42,721,821
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(3,878,270	)		(7,560,818	)		(13,826,842	)		(13,837,022	)
Investor shares		(3,532,900	)		(2,465,545	)		(3,842,884	)		(3,392,928	)
Distributions from net realized capital gains
Institutional shares		(832,617	)		(5,541,003	)		—			—
Investor shares		(841,314	)		(4,868,635	)		—			—
Total dividends and distributions		(9,085,101	)		(20,436,001	)		(17,669,726	)		(17,229,950	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		10,173,790			19,454,193			74,337,429			62,834,081
Investor shares		17,946,400			49,316,598			37,897,578			22,304,414
Reinvestment of dividends and distributions
Institutional shares		4,701,092			13,095,046			13,669,919			13,705,988
Investor shares		4,368,631			7,324,265			3,833,048			3,388,544
Total proceeds from shares sold and reinvested		37,189,913			89,190,102			129,737,974			102,233,027
Value of shares redeemed
Institutional shares		(15,144,159	)		(65,143,260	)		(35,026,678	)		(69,877,520	)
Investor shares		(23,820,763	)		(44,984,790	)		(11,855,469	)		(19,969,937	)
Total value of shares redeemed		(38,964,922	)		(110,128,050	)		(46,882,147	)		(89,847,457	)
Net increase (decrease) from capital share transactions(1)		(1,775,009	)		(20,937,948	)		82,855,827			12,385,570
Total increase (decrease) in net assets		12,597,215			(20,836,959	)		100,644,425			37,877,441
Net Assets:
Beginning of Year		235,000,922			255,837,881			427,886,978			390,009,537
End of Year*	$	247,598,137		$	235,000,922		$	528,531,403		$	427,886,978
*Including undistributed (distributions in excess of) net investment income	$	6,865		$	(3,237	)	$	546,998		$	(384,515	)

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

184 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			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
2017	$	1.00	$	0.01	#	$	—	†	$	(0.01	)	$	—	†	$	1.00		0.76	%	$	268,948		0.17	%		0.17	%		0.77	%		N/A
2016		1.00		—	†#		—	†		—	†		—	†		1.00		0.28			251,639		0.17			0.18			0.27			N/A
2015		1.00		—	†#		—	†		—	†		—	†		1.00		0.08			245,882		0.17			0.18			0.08			N/A
2014		1.00		—	†#		—	†		—	†		—	†		1.00		0.02			121,624		0.18			0.19			0.01			N/A
2013(3)		1.00		—	†#		—	†		—	†		—	†		1.00		0.04			106,060		0.18			0.20			0.04			N/A
Investor Class
2017	$	1.00	$	0.01	#	$	—	†	$	(0.01	)	$	—	†	$	1.00		0.51	%	$	894,563		0.42	%		0.42	%		0.52	%		N/A
2016		1.00		—	†#		—	†		—	†		—	†		1.00		0.04			950,663		0.41			0.42			0.03			N/A
2015		1.00		—	†#		—	†		—	†		—	†		1.00		0.02			1,041,421		0.24			0.43			0.01			N/A
2014		1.00		—	†#		—	†		—	†		—	†		1.00		0.02			1,163,495		0.19			0.44			0.01			N/A
2013(3)		1.00		—	†#		—	†		—	†		—	†		1.00		0.02			1,262,938		0.21			0.44			0.01			N/A
Low-Duration Bond Fund
Institutional Class
2017	$	13.34	$	0.21	#	$	0.01		$	(0.21	)	$	—		$	13.35		1.69	%	$	592,325		0.35	%		0.36	%		1.60	%		102	%
2016		13.30		0.19	#		0.05	(4)		(0.20	)		—			13.34		1.74			585,590		0.37			0.38			1.46			398
2015		13.41		0.21	#		(0.10	)(4)		(0.22	)		—			13.30		0.79			617,698		0.37			0.38			1.52			746
2014		13.57		0.14	#		0.02	(4)		(0.30	)		(0.02	)		13.41		1.16			141,461		0.36			0.42			1.06			529
2013(5)		13.84		0.17	#		(0.17	)(4)		(0.25	)		(0.02	)		13.57		0.02			136,966		0.36			0.42			1.26			202
Investor Class
2017	$	13.34	$	0.18	#	$	0.01		$	(0.18	)	$	—		$	13.35		1.42	%	$	310,208		0.62	%		0.63	%		1.33	%		102	%
2016		13.27		0.16	#		0.03	(4)		(0.12	)		—			13.34		1.47			280,701		0.64			0.65			1.18			398
2015		13.31		0.16	#		(0.09	)(4)		(0.11	)		—			13.27		0.49			242,325		0.60			0.65			1.17			746
2014		13.35		0.11	#		0.02	(4)		(0.16	)		(0.01	)		13.31		0.97			704,878		0.57			0.66			0.85			529
2013(5)		13.52		0.14	#		(0.16	)(4)		(0.14	)		(0.01	)		13.35		(0.20	)		701,299		0.57			0.66			1.04			202
Medium-Duration Bond Fund
Institutional Class
2017	$	14.46	$	0.34	#	$	0.26		$	(0.31	)	$	—		$	14.75		4.13	%	$	1,138,597		0.39	%		0.40	%		2.32	%		387	%
2016		14.44		0.37	#		0.08	(4)		(0.39	)		(0.04	)		14.46		3.21			815,430		0.45			0.46			2.50			337
2015		15.18		0.37	#		(0.35	)(4)		(0.54	)		(0.22	)		14.44		0.03			706,760		0.45			0.47			2.46			346
2014		15.01		0.33	#		0.56	(4)		(0.63	)		(0.09	)		15.18		6.03			239,389		0.48			0.52			2.14			408
2013(6)		15.90		0.35	#		(0.63	)(4)		(0.59	)		(0.02	)		15.01		(1.90	)		227,172		0.48			0.52			2.21			409
Investor Class
2017	$	14.46	$	0.30	#	$	0.26		$	(0.27	)	$	—		$	14.75		3.93	%	$	269,362		0.66	%		0.67	%		2.05	%		387	%
2016		14.31		0.33	#		0.08	(4)		(0.22	)		(0.04	)		14.46		2.88			215,783		0.72			0.73			2.24			337
2015		14.65		0.28	#		(0.31	)(4)		(0.21	)		(0.10	)		14.31		(0.22	)		187,863		0.66			0.75			1.92			346
2014		14.14		0.29	#		0.53	(4)		(0.27	)		(0.04	)		14.65		5.82			669,537		0.63			0.77			1.98			408
2013(6)		14.68		0.30	#		(0.59	)(4)		(0.24	)		(0.01	)		14.14		(1.98	)		582,451		0.63			0.77			2.06			409

  † Amount represents less than $0.005 per share.

  # Calculated using the average shares outstanding method.

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

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

(3) An out of period adjustment to Investment Income had no impact on Net Investment Income per Share, Total Return or the Ratio of Net Investment Income to Average Net Assets for Institutional Class and Investor Class.

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

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

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

See Notes to Financial Statements. 185

FINANCIAL HIGHLIGHTS (Continued)

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
Extended-Duration Bond Fund
Institutional Class
2017	$	16.90	$	0.59	#	$	1.13		$	(0.56	)	$	(0.12	)	$	17.94		10.38	%	$	122,526		0.57	%		0.58	%		3.37	%		93	%
2016		17.37		0.70	#		0.63	(3)		(0.98	)		(0.82	)		16.90		7.65			115,558		0.56			0.57			3.81			50
2015		21.26		0.78	#		(1.74	)(3)		(1.42	)		(1.51	)		17.37		(5.01	)		148,920		0.60			0.60			4.09			42
2014		21.85		0.96	#		2.70	(3)		(2.42	)		(1.83	)		21.26		17.47			56,216		0.56			0.57			4.19			48
2013(4)		29.08		1.23	#		(2.65	)(3)		(2.88	)		(2.93	)		21.85		(5.10	)		51,959		0.55			0.55			4.61			37
Investor Class
2017	$	16.90	$	0.54	#	$	1.15		$	(0.52	)	$	(0.12	)	$	17.95		10.13	%	$	125,072		0.85	%		0.85	%		3.09	%		93	%
2016		16.76		0.64	#		0.56	(3)		(0.34	)		(0.72	)		16.90		7.23			119,443		0.84			0.85			3.51			50
2015		18.30		0.66	#		(1.60	)(3)		(0.27	)		(0.33	)		16.76		(5.30	)		106,918		0.82			0.85			3.65			42
2014		16.39		0.71	#		2.10	(3)		(0.50	)		(0.40	)		18.30		17.32			245,417		0.75			0.83			3.99			48
2013(4)		18.58		0.78	#		(1.74	)(3)		(0.59	)		(0.64	)		16.39		(5.24	)		218,822		0.75			0.80			4.40			37
Global Bond Fund
Institutional Class
2017	$	9.68	$	0.42	#	$	0.35		$	(0.37	)	$	—		$	10.08		8.09	%	$	405,411		0.56	%		0.58	%		4.18	%		31	%
2016		9.08		0.45	#		0.56	(3)		(0.41	)		—			9.68		11.24			338,475		0.59			0.60			4.73			28
2015(5)		10.09		0.27	#		(1.02	)(3)		(0.26	)		—			9.08		(7.54	)		311,374		0.59			0.62			4.15			30
Investor Class
2017	$	9.68	$	0.39	#	$	0.35		$	(0.35	)	$	—		$	10.07		7.69	%	$	123,120		0.83	%		0.85	%		3.89	%		31	%
2016		9.08		0.42	#		0.56	(3)		(0.38	)		—			9.68		10.91			89,412		0.88			0.89			4.42			28
2015		10.03		0.33	#		(0.92	)(3)		(0.36	)		—			9.08		(6.00	)		78,636		0.82			0.84			3.35			30
2014		10.09		0.37	#		(0.07	)(3)		(0.36	)		—			10.03		2.90			401,321		0.79			0.82			3.64			57
2013(6)		10.38		0.39	#		(0.36	)(3)		(0.32	)		—			10.09		0.30			357,842		0.80			0.83			3.77			101

  # Calculated using the average shares outstanding method.

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

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

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

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

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

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

186 See Notes to Financial Statements.

Defensive Market Strategies Fund (Unaudited)

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

The Fund achieved its investment objective during 2017. The Investor Class of the Fund outperformed its composite benchmark of 50% S&P 500^® Index and 50% FTSE 3-Month Treasury Bill Index (12.35% versus 10.90%). In a year of strong gains for U.S. equities, the Fund underperformed its primary broad-based market index, represented by the S&P 500^® Index, by 9.48%, net of fees. The Fund’s lower returns relative to the S&P 500^® Index was due to the Fund’s materially lower market sensitivity and volatility compared to the S&P 500^® Index.

The Fund allocated its assets among three of its four principal investment strategies – long-only equity, options equity and convertible bonds. For the calendar year 2017, all three strategies contributed positively to absolute returns.

The long-only equity strategy was the largest contributor to benchmark-relative outperformance. While contributing to benchmark relative outperformance, the long-only equity strategy underperformed the S&P 500^® Index for the year due to its multi-cap orientation, value and dividend-paying stock selection bias and lower beta orientation. The strategy was negatively impacted by its allocations to mid- and small-cap equities, which underperformed large-cap equities for the year. In addition, a style bias to value equity and dividend paying securities detracted from relative results, as these sectors underperformed growth equity securities and those paying little or no dividend for the year. Lastly, the long-only allocation had a lower market sensitivity to the S&P 500^® Index which contributed to underperformance due to a strong U.S. equity market.

The options equity strategy detracted from the Fund’s benchmark-relative performance, as the strategy had a lower risk profile than the Fund’s benchmark and will typically underperform in very strong equity markets. However, the strategy fulfilled its role in the Fund and delivered positive returns primarily derived from collecting option premiums by selling put options, as the year experienced very little downside volatility for equities.

The convertible bonds strategy detracted from benchmark-relative outperformance, and trailed modestly the broader convertible bond market, as measured by the Thomson Reuters US Focus All-Cap Convertible Bond Index, due mostly to its conservative positioning. However, the convertible bond strategy still managed to generate low double digit absolute returns, as convertible bonds benefited from their equity sensitivity to the broad-based equity market rally and, in particular, benefited from the strategy’s exposure to the technology sector, as it led all other sectors for the year.

Some of the underlying strategies may utilize derivative instruments within the Fund. During 2017, the Fund sold equity options in order to hedge (reduce) equity exposure and/or to collect the option premium from selling. The use of equity options contributed meaningfully to absolute performance during 2017. Equity futures were used to provide market exposure for a portion of the cash in the Fund and were additive to performance. In addition, currency forwards were used to hedge foreign currency exposure back to the U.S. dollar and also contributed positively to the Fund’s absolute 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 equities at a slightly lower risk level than an all equity portfolio. In addition to the interest and credit rate risks associated with fixed-income securities, a convertible security’s market value also tends to reflect the market price of the common stock of the issuing company when that stock price approaches or is greater than the convertible security’s “conversion price.” This Fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing fixed-income securities decrease and vice versa. Securities of foreign issuers may be negatively impacted by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries, and they also may be subject to inadequate regulatory or accounting standards, which may increase investment risk. 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. Derivatives involve different risks from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in value of the underlying instruments may produce disproportionate losses to the Fund. Short sales involve selling a security the Fund does not own in anticipation that the security will decline in price. Short sales expose the Fund to the risk that it will required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s potential loss on a short position is limited only by the maximum attainable price of the security less the price at which the security was sold by the Fund. Therefore, in theory, stocks sold short have unlimited risk. The Fund’s use of short sales in effect “leverages” the Fund. The use of leverage may magnify the Fund’s gains or losses, and leverage also creates interest expense that may lower the Fund’s overall returns. It is possible to lose money by investing in the Fund.

187

Defensive Market Strategies Fund (Unaudited)

At December 31, 2017, 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		24.4
U.S. Treasury Obligations		19.8
Financials		7.4
Information Technology		6.9
Money Market Funds		6.5
Consumer Staples		5.9
Industrials		5.2
Foreign Common Stocks		5.1
Health Care		4.7
Utilities		4.5
Consumer Discretionary		3.0
Foreign Bonds		2.6
Materials		1.4
Preferred Stocks		1.3
Energy		1.2
Telecommunication Services		1.1
Real Estate		0.9
Master Limited Partnership		0.8
Written Options		(—	)**
		102.7

**Rounds to less than 0.05%

188

Defensive Market Strategies Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	12.74%	12.35%	10.90%
Five Year	11.07%	10.80%	7.87%
Ten Year	N/A	N/A	N/A
Since Inception	10.55%	10.26%	7.81%
Inception Date	09/01/11	09/01/11
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(1)	0.69%	0.97%

⁽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% FTSE 3-Month Treasury Bill Index.

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

189

DEFENSIVE MARKET STRATEGIES FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Shares		Value
COMMON STOCKS — 42.2%
Consumer Discretionary — 3.0%
Advance Auto Parts, Inc.		152		$	15,153
Amazon.com, Inc.*		2,332			2,727,204
AutoZone, Inc.*		38			27,032
Best Buy Co., Inc.		458			31,359
BorgWarner, Inc.		232			11,853
Cable One, Inc.D		213			149,814
CarMax, Inc.*		253			16,225
Carnival Corporation		5,356			355,478
CBS Corporation Class B (Non-Voting Shares)		708			41,772
Charter Communications, Inc. Class A*		432			145,135
Chipotle Mexican Grill, Inc.*		37			10,694
Comcast Corporation Class A		23,208			929,480
D.R. Horton, Inc.		552			28,191
Darden Restaurants, Inc.		10,008			960,968
Discovery Communications, Inc. Class A*		454			10,161
Discovery Communications, Inc. Class C*		364			7,706
DISH Network Corporation Class A*		461			22,013
Dollar General Corporation		460			42,785
Dollar Tree, Inc.*		374			40,134
Domino’s Pizza, Inc.D		2,436			460,307
Expedia, Inc.		288			34,494
Foot Locker, Inc.		320			15,002
Ford Motor Co.		7,130			89,054
Gap, Inc. (The)		301			10,252
General Motors Co.		2,773			113,665
Genuine Parts Co.		11,849			1,125,773
Goodyear Tire & Rubber Co. (The)		280			9,047
H&R Block, Inc.		54,350			1,425,057
Hanesbrands, Inc.		491			10,267
Harley-Davidson, Inc.		250			12,720
Hasbro, Inc.		1,294			117,612
Hilton Worldwide Holdings, Inc.		310			24,757
Home Depot, Inc. (The)		14,710			2,787,986
Interpublic Group of Cos., Inc. (The)		849			17,116
Kohl’s Corporation		339			18,384
L Brands, Inc.		525			31,615
Leggett & Platt, Inc.		135			6,444
Lennar Corporation Class A		243			15,367
Live Nation Entertainment, Inc.*		3,746			159,467
LKQ Corporation*		551			22,409
Lowe’s Cos., Inc.		33,455			3,109,308
Lululemon Athletica, Inc.*		8,117			637,915
Macy’s, Inc.		543			13,678
Marriott International, Inc. Class A		694			94,197
Mattel, Inc.		628			9,659
McDonald’s Corporation		17,479			3,008,485
Michael Kors Holdings, Ltd.*		280			17,626
Mohawk Industries, Inc.*		62			17,106
Netflix, Inc.*		1,966			377,393
Newell Brands, Inc.		917			28,335
News Corporation Class A		567			9,191
News Corporation Class B		636			10,558

	Shares		Value
NIKE, Inc. Class B		15,942		$	997,172
Nordstrom, Inc.		287			13,598
Norwegian Cruise Line Holdings, Ltd.*		250			13,312
O’Reilly Automotive, Inc.*		165			39,689
Omnicom Group, Inc.		506			36,852
Pool Corporation		865			112,147
Priceline Group, Inc. (The)*		499			867,132
PulteGroup, Inc.		555			18,454
PVH Corporation		138			18,935
Ralph Lauren Corporation		137			14,206
Ross Stores, Inc.		800			64,200
Royal Caribbean Cruises, Ltd.		366			43,656
Scripps Networks Interactive, Inc. Class A		121			10,331
Signet Jewelers, Ltd.		214			12,102
Starbucks Corporation		36,535			2,098,205
Tapestry, Inc.		641			28,351
Target Corporation		964			62,901
Tiffany & Co.		162			16,840
TimeWarner, Inc.		6,573			601,232
TJX Cos., Inc. (The)		8,541			653,045
Tractor Supply Co.		159			11,885
TripAdvisor, Inc.*		203			6,995
Twenty-First Century Fox, Inc. Class A		1,877			64,813
Twenty-First Century Fox, Inc. Class B		766			26,136
Ulta Beauty, Inc.*		1,691			378,209
Under Armour, Inc. Class A*		210			3,030
Under Armour, Inc. Class C*		211			2,811
VF Corporation		493			36,482
Walt Disney Co. (The)		19,065			2,049,678
Wayfair, Inc. Class A*D		1,120			89,902
Whirlpool Corporation		160			26,982
Williams-Sonoma, Inc.D		3,610			186,637
WyndhamWorldwide Corporation		274			31,748
Yum! Brands, Inc.		14,407			1,175,755
					29,226,826
Consumer Staples — 5.9%
Archer-Daniels-Midland Co.		895			35,872
Campbell Soup Co.D		9,998			481,004
Casey’s General Stores, Inc.D		1,186			132,761
Church & Dwight Co., Inc.		11,701			587,039
Clorox Co. (The)		9,761			1,451,851
Coca-Cola Co. (The)		69,817			3,203,204
Colgate-Palmolive Co.		30,572			2,306,657
Conagra Brands, Inc.		781			29,420
Costco Wholesale Corporation		7,711			1,435,171
Coty, Inc. Class A		700			13,923
CVS Health CorporationD		4,398			318,855
Dr. Pepper Snapple Group, Inc.		11,636			1,129,390
Estee Lauder Cos., Inc. (The) Class A		15,922			2,025,915
Flowers Foods, Inc.D		19,200			370,752
General Mills, Inc.D		112,610			6,676,647
Hershey Co. (The)		14,433			1,638,290
Hormel Foods CorporationD		20,100			731,439

190 See Notes to Financial Statements.

	Shares		Value
Ingredion, Inc.		2,921		$	408,356
J.M. Smucker Co. (The)		250			31,060
Kellogg Co.D		902			61,318
Kimberly-Clark Corporation		4,979			600,766
Kraft Heinz Co. (The)		8,985			698,674
Kroger Co. (The)		2,790			76,586
McCormick & Co., Inc. (Non-Voting Shares)		9,381			956,018
Mondelez International, Inc. Class A		49,450			2,116,460
Monster Beverage Corporation*		22,172			1,403,266
Nu Skin Enterprises, Inc. Class A		8,245			562,556
PepsiCo, Inc.		27,344			3,279,092
Procter & Gamble Co. (The)		174,989			16,077,989
Sysco Corporation		28,653			1,740,097
Tyson Foods, Inc. Class A		513			41,589
Walgreens Boots Alliance, Inc.		1,524			110,673
Wal-Mart Stores, Inc.		60,362			5,960,747
					56,693,437
Energy — 1.2%
Anadarko Petroleum Corporation		970			52,031
Andeavor		320			36,589
Apache Corporation		795			33,565
Baker Hughes a GE Co.		716			22,654
Cabot Oil & Gas Corporation		793			22,680
Chesapeake Energy Corporation*		1,423			5,635
Chevron Corporation		57,862			7,243,744
Cimarex Energy Co.		158			19,278
Concho Resources, Inc.*		260			39,057
ConocoPhillips		2,206			121,087
Devon Energy Corporation		909			37,633
EOG Resources, Inc.		1,050			113,305
EQT Corporation		244			13,888
Exxon Mobil Corporation		23,758			1,987,119
Halliburton Co.		1,753			85,669
Helmerich & Payne, Inc.		350			22,624
Hess Corporation		400			18,988
Kinder Morgan, Inc.		3,182			57,499
Marathon Oil Corporation		1,361			23,042
Marathon Petroleum Corporation		921			60,768
National Oilwell Varco, Inc.		635			22,873
Newfield Exploration Co.*		284			8,954
Noble Energy, Inc.		885			25,789
Occidental Petroleum Corporation		14,608			1,076,025
ONEOK, Inc.		609			32,551
Phillips 66		806			81,527
Pioneer Natural Resources Co.		320			55,312
Range Resources Corporation		542			9,246
Valero Energy Corporation		824			75,734
Williams Cos., Inc. (The)		1,532			46,711
					11,451,577
Financials — 7.4%
Affiliated Managers Group, Inc.		64			13,136
Aflac, Inc.		1,630			143,081
Alleghany Corporation*		1,440			858,370
Allstate Corporation (The)		27,667			2,897,012
American Express Co.		6,925			687,722
American Financial Group, Inc.		7,038			763,904

	Shares		Value
American International Group, Inc.		1,986		$	118,326
Ameriprise Financial, Inc.		269			45,587
Arch Capital Group, Ltd.*		10,160			922,223
Arthur J. Gallagher & Co.		451			28,539
Assurant, Inc.		75			7,563
Bank of America Corporation		17,723			523,183
Bank of Hawaii CorporationD		6,968			597,158
Bank of New York Mellon Corporation (The)		83,565			4,500,811
Bank of the Ozarks		11,349			549,859
BB&T Corporation		9,986			496,504
Berkshire Hathaway, Inc. Class B*		3,412			676,327
BlackRock, Inc.		1,440			739,742
Brighthouse Financial, Inc.*		170			9,969
Capital One Financial Corporation		901			89,722
Capitol Federal Financial, Inc.		207,700			2,785,257
Cboe Global Markets, Inc.		13,939			1,736,660
Charles Schwab Corporation (The)		2,096			107,671
Cincinnati Financial Corporation		334			25,040
Citigroup, Inc.		5,046			375,473
Citizens Financial Group, Inc.		836			35,095
CME Group, Inc.		13,272			1,938,376
Comerica, Inc.		302			26,217
Commerce Bancshares, Inc.		26,912			1,502,766
Discover Financial Services		702			53,998
E*TRADE Financial Corporation*		326			16,160
Erie Indemnity Co. Class A		1,090			132,806
Everest Re Group, Ltd.		96			21,241
Fifth Third Bancorp		1,381			41,899
FNF Group		34,637			1,359,156
Franklin Resources, Inc.		2,537			109,928
Goldman Sachs Group, Inc. (The)		655			166,868
Hartford Financial Services Group, Inc. (The)		633			35,625
Huntington Bancshares, Inc.		1,372			19,976
Intercontinental Exchange, Inc.		5,154			363,666
Invesco, Ltd.		816			29,817
JPMorgan Chase & Co.		75,290			8,051,513
KeyCorp		1,880			37,920
Leucadia National Corporation		558			14,781
Lincoln National Corporation		388			29,826
Loews Corporation		130			6,504
M&T Bank Corporation		10,277			1,757,264
Markel Corporation*		1,365			1,554,912
MarketAxess Holdings, Inc.D		282			56,893
Marsh & McLennan Cos., Inc.		34,672			2,821,954
Mercury General Corporation		1,173			62,685
MetLife, Inc.		31,202			1,577,573
Moody’s Corporation		279			41,183
Morgan Stanley		2,825			148,228
Nasdaq, Inc.		251			19,284
Navient Corporation		904			12,041
Northern Trust Corporation		13,270			1,325,540
People’s United Financial, Inc.		674			12,604
PNC Financial Services Group, Inc. (The)		60,118			8,674,426
Principal Financial Group, Inc.		666			46,993
ProAssurance Corporation		3,571			204,083

See Notes to Financial Statements. 191

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Progressive Corporation (The)		52,623		$	2,963,727
Prudential Financial, Inc.		899			103,367
Raymond James Financial, Inc.		240			21,432
Regions Financial Corporation		4,384			75,755
S&P Global, Inc.		430			72,842
SEI Investments Co.		2,844			204,370
State Street Corporation		604			58,956
SunTrust Banks, Inc.		67,010			4,328,176
SVB Financial Group*		1,464			342,239
Synchrony Financial		1,506			58,147
T. Rowe Price Group, Inc.		5,106			535,773
TCF Financial Corporation		9,485			194,442
TFS Financial CorporationD		6,114			91,343
Torchmark Corporation		321			29,118
Travelers Cos., Inc. (The)		17,895			2,427,278
U.S. Bancorp		79,127			4,239,625
Unum Group		295			16,193
W.R. Berkley Corporation		4,601			329,662
Wells Fargo & Co.		49,478			3,001,830
White Mountains Insurance Group, Ltd.		33			28,092
XL Group, Ltd.		585			20,569
Zions Bancorporation		159			8,082
					71,159,658
Health Care — 4.7%
Abbott Laboratories		5,667			323,416
AbbVie, Inc.		3,182			307,731
ABIOMED, Inc.*		4,265			799,304
Aetna, Inc.		602			108,595
Agilent Technologies, Inc.		647			43,330
Alexion Pharmaceuticals, Inc.*		399			47,716
Align Technology, Inc.*		3,077			683,679
Amgen, Inc.		2,100			365,190
Anthem, Inc.		6,008			1,351,860
Baxter International, Inc.		9,868			637,867
Becton, Dickinson and Co.		4,309			922,329
Biogen, Inc.*		1,586			505,252
Bio-Rad Laboratories, Inc. Class A*		292			69,692
Bioverativ, Inc.*D		2,725			146,932
Boston Scientific Corporation*		2,122			52,604
Bristol-Myers Squibb Co.		48,812			2,991,199
Cardinal Health, Inc.		1,125			68,929
Celgene Corporation*		1,363			142,243
Centene Corporation*		253			25,523
Cerner Corporation*		527			35,514
Cigna Corporation		4,863			987,627
Cooper Cos., Inc. (The)		110			23,967
Danaher Corporation		6,583			611,034
DaVita, Inc.*		200			14,450
DENTSPLY SIRONA, Inc.		281			18,498
Edwards Lifesciences Corporation*		2,223			250,554
Eli Lilly & Co.		40,058			3,383,299
Express Scripts Holding Co.*		1,176			87,777
Gilead Sciences, Inc.		2,535			181,607
HCA Healthcare, Inc.*		500			43,920
Henry Schein, Inc.*		206			14,395
Hologic, Inc.*		376			16,074

	Shares		Value
Humana, Inc.		5,139		$	1,274,832
IDEXX Laboratories, Inc.*		1,453			227,220
Illumina, Inc.*		1,475			322,273
Incyte Corporation*		346			32,770
Intuitive Surgical, Inc.*		4,986			1,819,591
IQVIA Holdings, Inc.*		250			24,475
Johnson & Johnson		116,738			16,310,633
Laboratory Corporation of America Holdings*		195			31,104
McKesson Corporation		629			98,092
Mettler-Toledo International, Inc.*		1,916			1,187,000
Patterson Cos., Inc.		120			4,336
PerkinElmer, Inc.		318			23,252
Quest Diagnostics, Inc.		12,402			1,221,473
Regeneron Pharmaceuticals, Inc.*		159			59,778
ResMed, Inc.D		559			47,342
Stryker Corporation		11,820			1,830,209
Thermo Fisher Scientific, Inc.		1,937			367,797
UnitedHealth Group, Inc.		14,727			3,246,714
Universal Health Services, Inc. Class B		174			19,723
Varian Medical Systems, Inc.*		4,093			454,937
Veeva Systems, Inc. Class A*		1,182			65,341
Vertex Pharmaceuticals, Inc.*		3,452			517,317
Waters Corporation*		738			142,574
Zimmer Biomet Holdings, Inc.		334			40,304
Zoetis, Inc.		2,773			199,767
					44,830,961
Industrials — 5.2%
3M Co.		28,780			6,773,949
Acuity Brands, Inc.		76			13,376
Alaska Air Group, Inc.		219			16,099
American Airlines Group, Inc.		947			49,272
AMETEK, Inc.		278			20,147
Arconic, Inc.		719			19,593
Boeing Co. (The)		10,654			3,141,971
C.H. Robinson Worldwide, Inc.D		2,486			221,478
Carlisle Cos., Inc.		299			33,981
Caterpillar, Inc.		1,221			192,405
Cintas CorporationD		3,375			525,926
CSX Corporation		1,818			100,008
Cummins, Inc.		1,074			189,711
Deere & Co.		484			75,751
Delta Air Lines, Inc.		1,480			82,880
Dover Corporation		192			19,390
Emerson Electric Co.		32,034			2,232,449
Equifax, Inc.		179			21,108
Expeditors International of Washington, Inc.		15,263			987,364
Fastenal Co.		9,323			509,875
FedEx Corporation		2,558			638,323
Flowserve Corporation		133			5,603
Fluor Corporation		182			9,400
Fortive Corporation		3,879			280,646
Fortune Brands Home & Security, Inc.		114			7,802
General Dynamics Corporation		5,821			1,184,282
General Electric Co.		62,729			1,094,621

192 See Notes to Financial Statements.

	Shares		Value
Harris Corporation		753		$	106,662
Honeywell International, Inc.		15,552			2,385,055
Huntington Ingalls Industries, Inc.		827			194,924
IHS Markit, Ltd.*		500			22,575
Illinois ToolWorks, Inc.		1,651			275,469
J.B. Hunt Transport Services, Inc.		1,066			122,569
Jacobs Engineering Group, Inc.		1,419			93,597
Kansas City Southern		154			16,204
L3 Technologies, Inc.		139			27,501
Landstar System, Inc.		8,571			892,241
Lockheed Martin Corporation		5,365			1,722,433
Masco Corporation		401			17,620
Norfolk Southern Corporation		3,657			529,899
Northrop Grumman Corporation		5,607			1,720,844
PACCAR, Inc.		655			46,557
Parker-Hannifin Corporation		429			85,620
Quanta Services, Inc.*		139			5,436
Raytheon Co.		9,929			1,865,163
Republic Services, Inc.		146,728			9,920,280
Robert Half International, Inc.		6,004			333,462
Rockwell Automation, Inc.		228			44,768
Rockwell Collins, Inc.		238			32,278
Rollins, Inc.		27,873			1,296,931
Roper Technologies, Inc.		165			42,735
Snap-on, Inc.		82			14,293
Southwest Airlines Co.		20,545			1,344,670
Stanley Black & Decker, Inc.		216			36,653
Stericycle, Inc.*		167			11,354
Textron, Inc.		272			15,393
TransDigm Group, Inc.		70			19,223
Union Pacific Corporation		7,675			1,029,218
United Continental Holdings, Inc.*		462			31,139
United Parcel Service, Inc. Class B		29,401			3,503,129
United Rentals, Inc.*		123			21,145
United Technologies Corporation		6,019			767,844
Verisk Analytics, Inc.*		707			67,872
W.W. Grainger, Inc.		1,062			250,898
Waste Management, Inc.		34,180			2,949,734
Xylem, Inc.		389			26,530
					50,337,328
Information Technology — 6.9%
Activision Blizzard, Inc.		1,269			80,353
Adobe Systems, Inc.*		9,213			1,614,486
Advanced Micro Devices, Inc.*		1,790			18,401
Akamai Technologies, Inc.*		312			20,293
Alliance Data Systems Corporation		101			25,602
Alphabet, Inc. Class A*		3,230			3,402,482
Alphabet, Inc. Class C*		533			557,731
Amdocs, Ltd.		1,249			81,785
Amphenol Corporation Class A		4,974			436,717
Analog Devices, Inc.		576			51,281
ANSYS, Inc.*		733			108,183
Apple, Inc.		17,348			2,935,802
Applied Materials, Inc.		35,114			1,795,028
Arista Networks, Inc.*		811			191,055
Autodesk, Inc.*		417			43,714
Automatic Data Processing, Inc.		35,424			4,151,339

	Shares		Value
CA, Inc.		706		$	23,496
Cisco Systems, Inc.		114,553			4,387,380
Citrix Systems, Inc.*		271			23,848
Cognex Corporation		9,516			581,999
Cognizant Technology Solutions Corporation Class A		9,189			652,603
Corning, Inc.		1,580			50,544
CSRA, Inc.		165			4,937
Dolby Laboratories, Inc. Class A		2,230			138,260
DXC Technology Co.		550			52,165
eBay, Inc.*		1,618			61,063
Electronic Arts, Inc.*		5,594			587,706
F5 Networks, Inc.*		11,291			1,481,605
Facebook, Inc. Class A*		13,632			2,405,503
Fidelity National Information Services, Inc.		549			51,655
Fiserv, Inc.*		3,698			484,919
FLIR Systems, Inc.		18,478			861,444
Gartner, Inc.*		125			15,394
Global Payments, Inc.		200			20,048
Hewlett Packard Enterprise Co.		2,988			42,908
HP, Inc.		2,972			62,442
Intel Corporation		65,062			3,003,262
International Business Machines Corporation		17,389			2,667,820
Intuit, Inc.		13,910			2,194,720
IPG Photonics Corporation*		626			134,045
Jack Henry & Associates, Inc.		5,373			628,426
Juniper Networks, Inc.		571			16,274
KLA-Tencor Corporation		188			19,753
Lam Research Corporation		290			53,380
MasterCard, Inc. Class A		19,765			2,991,630
Maxim Integrated Products, Inc.		96,292			5,034,146
Microchip Technology, Inc.		519			45,610
Micron Technology, Inc.*		1,756			72,207
Microsoft Corporation		65,235			5,580,202
Motorola Solutions, Inc.		226			20,417
National Instruments Corporation		3,760			156,529
NetApp, Inc.		374			20,690
NVIDIA Corporation		5,524			1,068,894
Oracle Corporation		115,876			5,478,617
Paychex, Inc.		21,493			1,463,243
PayPal Holdings, Inc.*		1,878			138,258
Qorvo, Inc.*		175			11,655
QUALCOMM, Inc.		2,559			163,827
Red Hat, Inc.*		303			36,390
salesforce.com, Inc.*		1,229			125,641
Skyworks Solutions, Inc.		4,409			418,635
Square, Inc. Class A*D		4,432			153,657
Symantec Corporation		1,290			36,197
Synopsys, Inc.*		600			51,144
Teradata Corporation*D		2,305			88,650
Teradyne, Inc.		964			40,363
Texas Instruments, Inc.		26,237			2,740,192
Total System Services, Inc.		261			20,643
VeriSign, Inc.*		180			20,599
Visa, Inc. Class AD		29,696			3,385,938
Western Digital Corporation		561			44,616

See Notes to Financial Statements. 193

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Western Union Co. (The)		622		$	11,824
Xerox Corporation		314			9,153
Xilinx, Inc.		7,253			488,997
					66,140,415
Materials — 1.4%
Air Products & Chemicals, Inc.		28,451			4,668,240
Albemarle Corporation		215			27,496
Ball Corporation		452			17,108
Bemis Co., Inc.		55,300			2,642,787
CF Industries Holdings, Inc.		530			22,546
DowDuPont, Inc.		5,613			399,758
Eastman Chemical Co.		174			16,119
Ecolab, Inc.		7,554			1,013,596
FMC Corporation		211			19,973
Freeport-McMoRan, Inc.*		2,471			46,850
International Flavors & Fragrances, Inc.		693			105,759
International Paper Co.		29,140			1,688,372
Martin Marietta Materials, Inc.		107			23,651
Monsanto Co.		713			83,264
Mosaic Co. (The)		713			18,296
NewMarket CorporationD		540			214,591
Newmont Mining Corporation		1,042			39,096
Nucor Corporation		550			34,969
Packaging Corporation of America		176			21,217
PPG Industries, Inc.		6,926			809,095
Praxair, Inc.		2,185			337,976
Sealed Air Corporation		225			11,092
Sherwin-Williams Co. (The)		2,425			994,347
Vulcan Materials Co.		294			37,741
WestRock Co.		409			25,853
					13,319,792
Real Estate — 0.9%
American Tower Corporation REIT		17,034			2,430,241
Apartment Investment & Management Co. Class A REIT		481			21,024
AvalonBay Communities, Inc. REIT		351			62,622
Boston Properties, Inc. REIT		8,657			1,125,670
CBRE Group, Inc. Class A*		534			23,127
Crown Castle International Corporation REIT		1,012			112,342
Digital Realty Trust, Inc. REIT		278			31,664
Equinix, Inc. REIT		132			59,825
Equity Residential REIT		543			34,627
Essex Property Trust, Inc. REIT		109			26,309
Extra Space Storage, Inc. REIT		205			17,927
Federal Realty Investment Trust REIT		55			7,305
GGP, Inc. REIT		1,040			24,326
HCP, Inc. REIT		895			23,342
Host Hotels & Resorts, Inc. REIT		1,486			29,497
Iron Mountain, Inc. REIT		502			18,940
Kimco Realty Corporation REIT		934			16,952
Macerich Co. (The) REIT		159			10,443
Mid-America Apartment Communities, Inc. REIT		202			20,313

	Shares		Value
Prologis, Inc. REIT		1,007		$	64,962
Public Storage REIT		251			52,459
Realty Income Corporation REIT		487			27,769
Simon Property Group, Inc. REIT		789			135,503
SL Green Realty Corporation REIT		174			17,562
UDR, Inc. REIT		300			11,556
Ventas, Inc. REIT		697			41,827
Vornado Realty Trust REIT		299			23,376
Welltower, Inc. REIT		717			45,723
Weyerhaeuser Co. REIT		124,707			4,397,169
					8,914,402
Telecommunication Services — 1.1%
AT&T, Inc.		165,189			6,422,548
CenturyLink, Inc.		1,662			27,722
Verizon Communications, Inc.		73,233			3,876,223
					10,326,493
Utilities — 4.5%
AES Corporation		1,420			15,379
Alliant Energy CorporationD		4,100			174,701
Ameren Corporation		21,694			1,279,729
American Electric Power Co., Inc.		24,184			1,779,217
AmericanWater Works Co., Inc.		22,409			2,050,199
Aqua America, Inc.		23,041			903,898
Atmos Energy Corporation		61,204			5,256,812
CenterPoint Energy, Inc.		11,891			337,229
CMS Energy Corporation		355			16,791
Consolidated Edison, Inc.		16,860			1,432,257
Dominion Energy, Inc.		14,478			1,173,587
DTE Energy Co.		10,010			1,095,695
Duke Energy Corporation		13,455			1,131,700
Edison International		30,149			1,906,623
Entergy Corporation		614			49,973
Eversource Energy		29,353			1,854,523
Exelon Corporation		6,553			258,254
FirstEnergy Corporation		1,116			34,172
NextEra Energy, Inc.		11,158			1,742,768
NiSource, Inc.		15,696			402,916
NRG Energy, Inc.		569			16,205
OGE Energy Corporation		868			28,566
ONE Gas, Inc.		62,442			4,574,501
PG&E Corporation		32,727			1,467,151
PinnacleWest Capital Corporation		42,465			3,617,169
PPL Corporation		5,163			159,795
Public Service Enterprise Group, Inc.		37,675			1,940,262
SCANA Corporation		243			9,667
Sempra Energy		1,564			167,223
Southern Co. (The)		18,461			887,789
Spire, Inc.		45,962			3,454,060
UGI Corporation		34,345			1,612,498
Vectren Corporation		15,475			1,006,184
WEC Energy Group, Inc.		8,713			578,805

194 See Notes to Financial Statements.

	Shares		Value
Xcel Energy, Inc.		19,740		$	949,691
					43,365,989
Total Common Stocks (Cost $308,777,614)					405,766,878
FOREIGN COMMON STOCKS — 5.1%
Curacao — 0.8%
Schlumberger, Ltd.		111,221			7,495,183
France — 0.8%
TOTAL SA		138,423			7,647,468
Ireland — 1.1%
Accenture PLC Class A		17,050			2,610,185
Allegion PLC		94			7,479
Eaton Corporation PLC		837			66,131
Ingersoll-Rand PLC		431			38,441
Johnson Controls International PLC		1,898			72,333
Medtronic PLC		97,923			7,907,282
Pentair PLC		224			15,819
Seagate Technology PLC		738			30,878
Willis Towers Watson PLC		205			30,891
					10,779,439
Japan — 0.2%
Honda Motor Co., Ltd.		28,100			963,143
Toyota Motor Corporation		7,300			467,317
					1,430,460
Jersey — 0.0%
Aptiv PLC		5,196			440,777
Netherlands — 0.2%
LyondellBasell Industries NV Class A		618			68,178
Mylan NV*		3,568			150,962
Unilever NV CVA		30,800			1,735,240
					1,954,380
Singapore — 0.0%
Broadcom, Ltd.		707			181,628
Switzerland — 1.6%
Chubb, Ltd.		48,109			7,030,168
Garmin, Ltd.		9,747			580,629
Roche Holding AG		27,400			6,931,192
Roche Holding AG ADR		22,700			716,866
TE Connectivity, Ltd.		617			58,639
					15,317,494
United Kingdom — 0.4%
Aon PLC		9,318			1,248,612
Nielsen Holdings PLC		668			24,315
Royal Dutch Shell PLC, A Shares		87,000			2,900,392
TechnipFMC PLC		913			28,586
					4,201,905
Total Foreign Common Stocks (Cost $45,398,050)					49,448,734
PREFERRED STOCKS — 1.3%
Bank of America Corporation,
7.25%, 12/28/17D CONV		4,761			6,279,759

	Shares		Value
Stanley Black & Decker, Inc.,
5.38%, 10/31/17D CONV		28,705		$	3,523,539
Wells Fargo & Co.,
7.50%, 11/29/17 CONV		199			260,688
Welltower, Inc. REIT,
6.50%, 12/28/17 CONV		37,685			2,256,201
Total Preferred Stocks (Cost $11,697,700)					12,320,187
MASTER LIMITED PARTNERSHIP — 0.8%
Spectra Energy Partners LP (Cost $8,599,392)		202,072			7,989,927
	Par
CORPORATE BONDS — 24.4%
Advanced Micro Devices, Inc.
2.13%, 09/01/26 CONV	$	377,000			567,149
Akamai Technologies, Inc.
0.00%, 02/15/19 CONVW		2,079,000			2,095,892
Allscripts Healthcare Solutions, Inc.
1.25%, 07/01/20 CONV		3,678,000			3,946,954
Altaba, Inc.
0.00%, 12/01/18 CONVW		908,000			1,226,368
Ares Capital Corporation
3.75%, 02/01/22 CONV 144A		3,614,000			3,724,679
BioMarin Pharmaceutical, Inc.
1.50%, 10/15/20 CONV		1,743,000			2,073,081
0.60%, 08/01/24 CONV		2,819,000			2,815,476
Blackhawk Network Holdings, Inc.
1.50%, 01/15/22D CONV		3,608,000			3,682,415
CalAtlantic Group, Inc.
1.63%, 05/15/18 CONV		365,000			657,684
0.25%, 06/01/19 CONV		1,815,000			1,831,335
Chart Industries, Inc.
1.00%, 11/15/24 CONV 144A		1,205,000			1,266,003
Chesapeake Energy Corporation
5.50%, 09/15/26 CONV 144A		1,969,000			1,802,866
Ciena Corporation
3.75%, 10/15/18 CONV		526,000			612,790
Citigroup, Inc.
(Variable, ICE LIBOR USD 3M + 4.07%), 5.95%, 01/30/23†		3,245,000			3,455,925
Citrix Systems, Inc.
0.50%, 04/15/19 CONV		3,481,000			4,510,071
Cypress Semiconductor Corporation
2.00%, 02/01/23 CONV 144A		617,000			641,294
DexCom, Inc.
0.75%, 05/15/22 CONV 144A		2,686,000			2,536,591

See Notes to Financial Statements. 195

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
DISH Network Corporation
2.38%, 03/15/24 CONV 144A	$	3,733,000		$	3,595,346
3.38%, 08/15/26 CONV		1,119,000			1,220,409
Dycom Industries, Inc.
0.75%, 09/15/21 CONV		1,213,000			1,587,514
Electronics For Imaging, Inc.
0.75%, 09/01/19D CONV		1,270,000			1,227,931
Empire State Realty OP LP REIT
2.63%, 08/15/19 CONV 144A		1,250,000			1,385,156
Envestnet, Inc.
1.75%, 12/15/19 CONV		1,142,000			1,187,680
EuronetWorldwide, Inc.
1.50%, 10/01/44 CONV		947,000			1,169,545
Extra Space Storage LP REIT
3.13%, 10/01/35D CONV 144A		3,270,000			3,670,575
Finisar Corporation
0.50%, 12/15/36 CONV		1,749,000			1,630,942
FireEye, Inc.
1.63%, 06/01/35 CONV		1,948,000			1,789,725
General Electric Co.
(Variable, ICE LIBOR USD 3M + 3.33%), 5.00%, 01/21/21†		3,203,000			3,305,016
Gogo, Inc.
3.75%, 03/01/20 CONV		2,039,000			1,879,703
Goldman Sachs Group, Inc. (The)
(Variable, ICE LIBOR USD 3M + 3.83%), 5.30%, 11/10/26D†		1,940,000			2,066,100
Greenbrier Cos., Inc.
(The) 2.88%, 02/01/24 CONV 144A		1,103,000			1,319,464
Hubspot, Inc.
0.25%, 06/01/22 CONV 144A		2,087,000			2,406,572
IAC FinanceCo, Inc.
0.88%, 10/01/22 CONV 144A		2,272,000			2,405,480
Illumina, Inc.
0.50%, 06/15/21D CONV		935,000			1,109,728
Inphi Corporation
0.75%, 09/01/21 CONV		1,188,000			1,182,803
Integrated Device Technology, Inc.
0.88%, 11/15/22 CONV		2,649,000			2,961,913
Intel Corporation
3.25%, 08/01/39 CONV		554,000			1,231,611
InterDigital, Inc.
1.50%, 03/01/20 CONV		647,000			773,165
Jazz Investments I, Ltd.
1.88%, 08/15/21D CONV		3,487,000			3,506,614
Lam Research Corporation
1.25%, 05/15/18 CONV		355,000			1,087,409

	Par		Value
LendingTree, Inc.
0.63%, 06/01/22D CONV 144A	$	1,271,000		$	2,194,064
Liberty Expedia Holdings, Inc.
1.00%, 06/30/47D CONV 144A		2,404,000			2,410,010
Liberty Interactive LLC
1.75%, 09/30/46 CONV 144A		1,507,000			1,747,178
Liberty Media Corp-Liberty Formula One
1.00%, 01/30/23 CONV 144A		1,010,000			1,132,463
Liberty Media Corporation
1.38%, 10/15/23 CONV		973,000			1,124,496
2.25%, 09/30/46 CONV		2,095,000			2,191,894
Ligand Pharmaceuticals, Inc.
0.75%, 08/15/19 CONV		395,000			721,616
Live Nation Entertainment, Inc.
2.50%, 05/15/19 CONV		1,782,000			2,308,804
Lumentum Holdings, Inc.
0.25%, 03/15/24 CONV 144A		1,532,000			1,706,265
Macquarie Infrastructure Corporation
2.88%, 07/15/19D CONV		1,949,000			2,018,433
2.00%, 10/01/23D CONV		1,970,000			1,891,200
Marriott Vacations Worldwide Corporation
1.50%, 09/15/22D CONV 144A		1,128,000			1,265,475
Medidata Solutions, Inc.
1.00%, 08/01/18 CONV		2,459,000			2,852,440
Meritor, Inc.
3.25%, 10/15/37 CONV 144A		2,293,000			2,391,886
Microchip Technology, Inc.
1.63%, 02/15/27 CONV 144A		9,288,000			10,930,815
Micron Technology, Inc.
3.00%, 11/15/43 CONV		771,000			1,115,541
Molina Healthcare, Inc.
1.63%, 08/15/44 CONV		1,347,000			1,852,967
Nabors Industries, Inc.
0.75%, 01/15/24D CONV 144A		1,233,000			947,869
National Health Investors, Inc.
REIT 3.25%, 04/01/21 CONV		1,080,000			1,218,375
Navistar International Corporation
4.75%, 04/15/19 CONV		2,280,000			2,476,650

196 See Notes to Financial Statements.

	Par		Value
Neurocrine Biosciences, Inc.
2.25%, 05/15/24 CONV 144A	$	1,482,000		$	1,896,034
NextEra Energy Partners LP
1.50%, 09/15/20 CONV 144A		3,000,000			3,005,625
Nice Systems, Inc.
1.25%, 01/15/24D CONV 144A		1,569,000			1,940,657
NRG Yield, Inc.
3.50%, 02/01/19 CONV 144A		1,801,000			1,826,889
3.25%, 06/01/20D CONV 144A		2,339,000			2,319,997
Nuance Communications, Inc.
1.25%, 04/01/25 CONV 144A		1,355,000			1,390,569
1.00%, 12/15/35 CONV		1,904,000			1,826,650
NuVasive, Inc.
2.25%, 03/15/21 CONV		2,117,000			2,492,767
Oasis Petroleum, Inc.
2.63%, 09/15/23 CONV		675,000			727,313
ON Semiconductor Corporation
1.00%, 12/01/20 CONV		3,302,000			4,230,687
OSI Systems, Inc.
1.25%, 09/01/22 CONV 144A		2,119,000			1,917,695
Pacira Pharmaceuticals, Inc.
2.38%, 04/01/22 CONV 144A		1,540,000			1,617,000
PDC Energy, Inc.
1.13%, 09/15/21 CONV		632,000			618,175
Plains All American Pipeline LP
(Variable, ICE LIBOR USD 3M + 4.11%), 6.13%, 11/15/22D†		2,175,000			2,177,175
Priceline Group, Inc.
0.90%, 09/15/21D CONV		1,621,000			1,899,609
Proofpoint, Inc.
0.75%, 06/15/20 CONV		2,885,000			3,624,281
Red Hat, Inc.
0.25%, 10/01/19 CONV		1,098,000			1,811,700
Rovi Corporation
0.50%, 03/01/20 CONV		1,567,000			1,482,774
Royal Gold, Inc.
2.88%, 06/15/19D CONV		4,349,000			4,686,047
salesforce.com, Inc.
0.25%, 04/01/18 CONV		1,573,000			2,412,589
ServiceNow, Inc.
0.00%, 11/01/18 CONVW		468,000			827,483
0.00%, 06/01/22 CONVW 144A		3,427,000			3,938,908
Silicon Laboratories, Inc.
1.38%, 03/01/22 CONV 144A		2,121,000			2,451,081
SM Energy Co.
1.50%, 07/01/21 CONV		633,000			622,318
SolarCity Corporation
1.63%, 11/01/19 CONV		108,000			100,508
Spirit Realty Capital, Inc. REIT
2.88%, 05/15/19 CONV		1,247,000			1,251,676

	Par		Value
Square, Inc.
0.38%, 03/01/22 CONV 144A	$	981,000		$	1,604,548
Starwood Property Trust, Inc. REIT
4.38%, 04/01/23D CONV		4,165,000			4,253,506
Starwood Waypoint Homes REIT
3.50%, 01/15/22 CONV 144A		3,414,000			3,981,577
Teradyne, Inc.
1.25%, 12/15/23D CONV		2,641,000			3,774,979
Tesla, Inc.
1.25%, 03/01/21 CONV		3,373,000			3,655,489
Tutor Perini Corporation
2.88%, 06/15/21 CONV		1,759,000			1,948,092
Twitter, Inc.
1.00%, 09/15/21 CONV		3,979,000			3,717,878
Two Harbors Investment Corporation REIT
6.25%, 01/15/22 CONV		4,846,000			5,145,846
U.S. Bancorp
(Variable, ICE LIBOR USD 3M + 2.91%), 5.30%, 04/15/27†		2,568,000			2,786,408
VEREIT, Inc. REIT
3.00%, 08/01/18 CONV		1,332,000			1,333,665
Verint Systems, Inc.
1.50%, 06/01/21 CONV		4,333,000			4,230,091
Wayfair, Inc.
0.38%, 09/01/22 CONV 144A		1,952,000			2,042,280
Weatherford International, Ltd.
5.88%, 07/01/21D CONV		1,840,000			1,998,700
Web.com Group, Inc.
1.00%, 08/15/18 CONV		3,151,000			3,127,367
Wells Fargo & Co.
(Variable, ICE LIBOR USD 3M + 3.77%), 7.98%, 03/15/18†		2,888,000			2,938,396
Workday, Inc.
1.50%, 07/15/20D CONV		421,000			576,244
0.25%, 10/01/22 CONV 144A		3,677,000			3,644,826
Wright Medical Group, Inc.
2.00%, 02/15/20 CONV		2,864,000			2,951,710
Zillow Group, Inc.
2.00%, 12/01/21 CONV		2,228,000			2,439,660
Total Corporate Bonds (Cost $221,049,399)					234,892,884
FOREIGN BONDS — 2.6%
Canada — 0.4%
Canadian Imperial Bank of Commerce
0.00%, 03/15/18†g		10,200			1,854,207
0.00%, 03/29/18†g		5,400			644,954
Royal Bank of Canada
0.00%, 05/25/18 144A†g		15,100			875,951
					3,375,112

See Notes to Financial Statements. 197

DEFENSIVE MARKET STRATEGIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
France — 0.5%
TOTAL SA
0.50%, 12/02/22 CONV	$	2,400,000		$	2,503,008
Vinci SA
0.38%, 02/16/22 CONV		2,200,000			2,481,050
					4,984,058
Jersey — 0.2%
Ensco Jersey Finance, Ltd.		.
3.00%, 01/31/24D CONV		1,752,000			1,563,660
Netherlands — 0.9%
Morgan Stanley BV
0.00%, 05/04/18W†††		5,200			615,966
QIAGEN NV
0.38%, 03/19/19 CONV		2,400,000			2,825,796
Siemens Financieringsmaatschappij NV
1.65%, 08/16/19 CONV		2,250,000			2,686,500
STMicroelectronics NV
0.25%, 07/03/24 CONV		2,400,000			2,974,344
					9,102,606
Switzerland — 0.2%
Credit Suisse AG
0.00%, 01/09/18W†††		28,900			1,253,827
UBS AG
0.00%, 03/09/20 CONVW 144A†††		25,000			1,080,250
					2,334,077
United Kingdom — 0.4%
Goldman Sachs International
1.00%, 01/16/18 CONV		11,300			539,292
Inmarsat PLC
3.88%, 09/09/23 CONV		3,000,000			3,172,500
					3,711,792
Total Foreign Bonds (Cost $23,944,765)					25,071,305
	Shares
MONEY MARKET FUNDS — 6.5%
GuideStone Money Market Fund (Investor Class)¥		33,299,156			33,299,156
Northern Institutional Liquid Assets Portfolio§		29,225,247			29,225,247
Northern Institutional U.S. Government Portfolio		407,993			407,993
Total Money Market Funds
(Cost $62,932,396)					62,932,396
	Par
U.S. TREASURY OBLIGATIONS — 19.8%
U.S. Treasury Bills
1.50%, 06/21/18W	$	32,680,000			32,449,296

	Par		Value
1.25%, 07/19/18W	$	38,410,000		$	38,087,029
1.43%, 10/11/18W		27,500,000			27,142,417
U.S. Treasury Notes
0.75%, 02/28/18		23,700,000			23,678,078
1.00%, 05/15/18		33,820,000			33,773,768
1.25%, 10/31/18		36,000,000			35,859,384
Total U.S. Treasury Obligations (Cost $191,213,272)					190,989,972
TOTAL INVESTMENTS — 102.7% (Cost $873,612,588)					989,412,283

	Number of Contracts	Notional Amount
WRITTEN OPTIONS — (0.0)%
Call Options — (0.0)%
S&P 500®, Strike Price $2,680.00, Expires 01/03/18 (MSCS)	(9)	$	(2,406,249	)	(3,780	)
S&P 500®, Strike Price $2,690.00, Expires 01/02/18 (MSCS)	(13)		(3,475,693	)	(715	)
S&P 500®, Strike Price $2,690.00, Expires 01/05/18 (MSCS)	(13)		(3,475,693	)	(3,640	)
S&P 500®, Strike Price $2,700.00, Expires 01/08/18 (MSCS) (17)			(4,545,137	)	(2,465	)
S&P 500®, Strike Price $2,715.00, Expires 01/10/18 (MSCS)	(12)		(3,208,332	)	(780	)
S&P 500®, Strike Price $2,720.00, Expires 01/12/18 (MSCS)	(13)		(3,475,693	)	(1,105	)
S&P 500®, Strike Price $2,720.00, Expires 01/19/18 (MSCS)	(14)		(3,743,054	)	(3,850	)
S&P 500®, Strike Price $2,720.00, Expires 01/24/18 (MSCS)	(14)		(3,743,054	)	(5,880	)
S&P 500®, Strike Price $2,720.00, Expires 01/26/18 (MSCS)	(13)		(3,475,693	)	(5,330	)
S&P 500®, Strike Price $2,725.00, Expires 01/17/18 (MSCS)	(14)		(3,743,054	)	(1,540	)
S&P 500®, Strike Price $2,725.00, Expires 01/22/18 (MSCS)	(12)		(3,208,332	)	(2,580	)

198 See Notes to Financial Statements.

	Number of Contracts			Notional Amount			Value
S&P 500®, Strike Price $2,740.00, Expires 01/16/18 (MSCS)		(12	)	$	(3,208,332	)	$	(540	)
								(32,205	)
Put Options — (0.0)%
S&P 500®, Strike Price $2,575.00, Expires 01/03/18 (MSCS)		(62	)		(16,576,382	)		(4,030	)
S&P 500®, Strike Price $2,585.00, Expires 01/02/18 (MSCS)		(63	)		(16,843,743	)		(2,205	)
S&P 500®, Strike Price $2,600.00, Expires 01/05/18 (MSCS)		(63	)		(16,843,743	)		(9,135	)
S&P 500®, Strike Price $2,610.00, Expires 01/08/18 (MSCS)		(61	)		(16,309,021	)		(14,030	)
S&P 500®, Strike Price $2,620.00, Expires 01/10/18 (MSCS)		(59	)		(15,774,299	)		(24,190	)
S&P 500®, Strike Price $2,625.00, Expires 01/12/18 (MSCS)		(61	)		(16,309,021	)		(35,197	)
S&P 500®, Strike Price $2,625.00, Expires 01/24/18 (MSCS)		(59	)		(15,774,299	)		(64,310	)

	Number of Contracts			Notional Amount			Value
S&P 500®, Strike Price $2,630.00, Expires 01/17/18 (MSCS)		(60	)	$	(16,041,660	)	$	(49,200	)
S&P 500®, Strike Price $2,630.00, Expires 01/22/18 (MSCS)		(60	)		(16,041,660	)		(63,600	)
S&P 500®, Strike Price $2,630.00, Expires 01/26/18 (MSCS)		(62	)		(16,576,382	)		(77,128	)
S&P 500®, Strike Price $2,635.00, Expires 01/19/18 (MSCS)		(61	)		(16,309,021	)		(65,880	)
S&P 500®, Strike Price $2,650.00, Expires 01/16/18 (MSCS)		(58	)		(15,506,938	)		(60,378	)
								(469,283	)
Total Written Options (Premiums received $(726,758))								(501,488	)
Liabilities in Excess of Other Assets — (2.7)%								(26,367,292	)
NET ASSETS — 100.0%							$	962,543,503

Forward Foreign Currency Contracts outstanding at December 31, 2017:

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party	Net Unrealized Appreciation (Depreciation)
03/30/2018	U.S. Dollars		1,148,620	Japanese Yen		128,565,090	CS	$	2,202
Subtotal Appreciation								$	2,202
03/29/2018	U.S. Dollars		158,538	Swiss Francs		153,518	CS	$	(27	)
03/30/2018	U.S. Dollars		31,676	Japanese Yen		3,568,860	CS		(148	)
03/30/2018	U.S. Dollars		83,287	Japanese Yen		9,372,690	CS		(289	)
03/30/2018	U.S. Dollars		50,530	Japanese Yen		5,700,510	CS		(302	)
03/29/2018	U.S. Dollars		6,697,036	Swiss Francs		6,578,365	CS		(97,637	)
03/29/2018	U.S. Dollars		11,015,221	Euro		9,298,213	UBS		(201,655	)
Subtotal Depreciation								$	(300,058	)
Total Forward Foreign Currency Contracts outstanding at December 31, 2017								$	(297,856	)

See Notes to Financial Statements. 199

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	405,766,878		$	405,766,878		$	—		$	—
Corporate Bonds		234,892,884			—			234,892,884			—
Foreign Bonds:
Canada		3,375,112			—			3,375,112			—
France		4,984,058			—			4,984,058			—
Jersey		1,563,660			—			1,563,660			—
Netherlands		9,102,606			—			8,486,640			615,966
Switzerland		2,334,077			—			—			2,334,077
United Kingdom		3,711,792			—			3,711,792			—
Foreign Common Stocks:
Curacao		7,495,183			7,495,183			—			—
France		7,647,468			7,647,468			—			—
Ireland		10,779,439			10,779,439			—			—
Japan		1,430,460			1,430,460			—			—
Jersey		440,777			440,777			—			—
Netherlands		1,954,380			1,954,380			—			—
Singapore		181,628			181,628			—			—
Switzerland		15,317,494			15,317,494			—			—
United Kingdom		4,201,905			4,201,905			—			—
Master Limited Partnership		7,989,927			7,989,927			—			—
Money Market Funds		62,932,396			62,932,396			—			—
Preferred Stocks		12,320,187			12,320,187			—			—
U.S. Treasury Obligations		190,989,972			—			190,989,972			—
Total Assets - Investments in Securities	$	989,412,283		$	538,458,122		$	448,004,118		$	2,950,043
Other Financial Instruments***
Forward Foreign Currency Contracts	$	2,202		$	—		$	2,202		$	—
Total Assets - Other Financial Instruments	$	2,202		$	—		$	2,202		$	—
Liabilities:
Investments in Securities:
Written Options:
Call Options	$	(32,205	)	$	(32,205	)	$	—		$	—
Put Options		(469,283	)		(469,283	)		—		$	—
Total Liabilities - Investments in Securities	$	(501,488	)	$	(501,488	)	$	—		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(300,058	)	$	—		$	(300,058	)	$	—
Total Liabilities - Other Financial Instruments	$	(300,058	)	$	—		$	(300,058	)	$	—

***Other financial instruments are derivative instruments, such as forwards contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the “Forward Foreign Currency Contracts outstanding” disclosures on the preceding page(s).

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, 2017.

200 See Notes to Financial Statements.

There were no transfers between Level 2 and Level 3 during the year ended December 31, 2017.

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the year ended December 31, 2017.

See Notes to Financial Statements. 201

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 21.65% for the one-year period ended December 31, 2017, as compared to a return of 21.83% for the S&P 500^® Index. The return differential was primarily a result of social restrictions and expenses of the Fund.

In 2017, 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, 2017, 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.

	%
Information Technology		22.1
Financials		13.9
Health Care		12.5
Consumer Discretionary		11.6
Industrials		9.2
Consumer Staples		7.3
Energy		5.5
Foreign Common Stocks		3.6
Money Market Funds		3.4
Utilities		3.1
Materials		2.9
Real Estate		2.7
Telecommunication Services		2.0
U.S. Treasury Obligations		0.1
		99.9

202 See Notes to Financial Statements.

Equity Index Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	21.97%	21.65%	21.83%
Five Year	15.66%	15.42%	15.78%
Ten Year	8.41%	8.22%	8.49%
Since Inception	7.03%	6.90%	7.23%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(1)	0.17%	0.43%

⁽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, 2007 to December 31, 2017, 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.

See Notes to Financial Statements. 203

EQUITY INDEX FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Shares		Value
COMMON STOCKS — 92.8%
Consumer Discretionary — 11.6%
Advance Auto Parts, Inc.		2,745		$	273,649
Amazon.com, Inc.*		16,448			19,235,443
AutoZone, Inc.*		1,114			792,466
Best Buy Co., Inc.		10,393			711,609
BorgWarner, Inc.		6,279			320,794
CarMax, Inc.*		7,247			464,750
Carnival Corporation		19,642			1,303,640
CBS Corporation Class B (Non-Voting Shares)		15,355			905,945
Charter Communications, Inc. Class A*		8,922			2,997,435
Chipotle Mexican Grill, Inc.*D		1,449			418,804
Comcast Corporation Class A		196,067			7,852,483
D.R. Horton, Inc.		12,145			620,245
Darden Restaurants, Inc.		6,841			656,873
Discovery Communications, Inc. Class A*D		5,482			122,687
Discovery Communications, Inc. Class C*		12,145			257,110
DISH Network Corporation Class A*		6,703			320,068
Dollar General Corporation		10,512			977,721
Dollar Tree, Inc.*		10,063			1,079,861
Expedia, Inc.		5,070			607,234
Foot Locker, Inc.		5,069			237,635
Ford Motor Co.		148,420			1,853,766
Gap, Inc. (The)		8,085			275,375
General Motors Co.		51,917			2,128,078
Genuine Parts Co.		5,571			529,301
Goodyear Tire & Rubber Co. (The)		7,868			254,215
H&R Block, Inc.		8,300			217,626
Hanesbrands, Inc.D		14,216			297,257
Harley-Davidson, Inc.D		8,982			457,004
Hasbro, Inc.		4,114			373,921
Hilton Worldwide Holdings, Inc.		7,469			596,474
Home Depot, Inc. (The)		49,131			9,311,798
Interpublic Group of Cos., Inc. (The)		17,812			359,090
Kohl’s CorporationD		6,969			377,929
L Brands, Inc.D		9,448			568,959
Leggett & Platt, Inc.		4,991			238,220
Lennar Corporation Class A		6,785			429,083
LKQ Corporation*		11,558			470,064
Lowe’s Cos., Inc.		34,920			3,245,465
Macy’s, Inc.D		13,402			337,596
Marriott International, Inc. Class A		13,339			1,810,502
Mattel, Inc.D		19,187			295,096
McDonald’s Corporation		37,216			6,405,618
Michael Kors Holdings, Ltd.*		4,400			276,980
Mohawk Industries, Inc.*		2,387			658,573
Netflix, Inc.*		17,660			3,390,014
Newell Brands, Inc.		19,676			607,988
News Corporation Class A		13,865			224,752
News Corporation Class B		13,984			232,134
NIKE, Inc. Class B		53,054			3,318,528
Nordstrom, Inc.D		4,745			224,818
Norwegian Cruise Line Holdings, Ltd.*		2,630			140,048
O’Reilly Automotive, Inc.*		3,583			861,855

	Shares		Value
Omnicom Group, Inc.D		11,030		$	803,315
Priceline Group, Inc. (The)*		2,004			3,482,431
PulteGroup, Inc.D		11,415			379,549
PVH Corporation		2,959			406,004
Ralph Lauren CorporationD		2,058			213,394
Ross Stores, Inc.		14,955			1,200,139
Royal Caribbean Cruises, Ltd.		7,305			871,340
Scripps Networks Interactive, Inc.
Class A		3,568			304,636
Signet Jewelers, Ltd.D		2,131			120,508
Starbucks Corporation		64,109			3,681,780
Tapestry, Inc.		10,404			460,169
Target CorporationD		23,092			1,506,753
Tiffany & Co.		4,009			416,736
TimeWarner, Inc.		33,191			3,035,981
TJX Cos., Inc. (The)		25,659			1,961,887
Tractor Supply Co.		4,911			367,097
TripAdvisor, Inc.*D		4,311			148,557
Twenty-First Century Fox, Inc. Class A		40,561			1,400,571
Twenty-First Century Fox, Inc. Class B		27,297			931,374
Ulta Beauty, Inc.*		2,317			518,220
Under Armour, Inc. Class A*D		4,310			62,193
Under Armour, Inc. Class C*D		9,410			125,341
VF CorporationD		12,323			911,902
Walt Disney Co. (The)		64,463			6,930,417
Whirlpool Corporation		2,806			473,204
WyndhamWorldwide Corporation		4,156			481,556
Yum! Brands, Inc.		15,763			1,286,418
					113,406,051
Consumer Staples — 7.3%
Archer-Daniels-Midland Co.		22,917			918,513
Campbell Soup Co.D		11,361			546,578
Church & Dwight Co., Inc.		15,616			783,455
Clorox Co. (The)		7,450			1,108,113
Coca-Cola Co. (The)		174,570			8,009,272
Colgate-Palmolive Co.		44,276			3,340,624
Conagra Brands, Inc.		21,488			809,453
Costco Wholesale Corporation		19,512			3,631,573
Coty, Inc. Class AD		30,795			612,513
CVS Health Corporation		42,193			3,058,992
Dr. Pepper Snapple Group, Inc.		10,724			1,040,871
Estee Lauder Cos., Inc. (The) Class A		11,572			1,472,421
General Mills, Inc.D		27,499			1,630,416
Hershey Co. (The)		8,923			1,012,850
Hormel Foods CorporationD		15,131			550,617
J.M. Smucker Co. (The)		6,605			820,605
Kellogg Co.D		14,617			993,664
Kimberly-Clark Corporation		17,404			2,099,967
Kraft Heinz Co. (The)		31,323			2,435,676
Kroger Co. (The)		40,430			1,109,804
McCormick & Co., Inc. (Non-Voting Shares)		7,331			747,102
Mondelez International, Inc. Class A		64,259			2,750,285
Monster Beverage Corporation*		16,689			1,056,247
PepsiCo, Inc.		66,764			8,006,339
Procter & Gamble Co. (The)		111,697			10,262,720

204 See Notes to Financial Statements.

	Shares		Value
Sysco Corporation		25,231		$	1,532,279
Tyson Foods, Inc. Class A		17,363			1,407,618
Walgreens Boots Alliance, Inc.		36,675			2,663,339
Wal-Mart Stores, Inc.		65,719			6,489,751
					70,901,657
Energy — 5.5%
Anadarko Petroleum Corporation		23,055			1,236,670
Andeavor		5,815			664,887
Apache CorporationD		13,964			589,560
Archrock, Inc.		13			136
Baker Hughes a GE Co.		19,911			629,984
Cabot Oil & Gas Corporation		17,428			498,441
Chesapeake Energy Corporation*D		31,317			124,015
Chevron Corporation		80,403			10,065,652
Cimarex Energy Co.		3,553			433,501
Concho Resources, Inc.*		5,435			816,446
ConocoPhillips		49,195			2,700,314
Devon Energy Corporation		20,640			854,496
EOG Resources, Inc.		23,835			2,572,035
EQT Corporation		6,378			363,036
Exterran Corporation*		6			189
Exxon Mobil Corporation		182,408			15,256,605
Halliburton Co.		37,920			1,853,150
Helmerich & Payne, Inc.D		4,961			320,679
Hess Corporation		11,305			536,648
Kinder Morgan, Inc.D		89,126			1,610,507
Marathon Oil Corporation		37,078			627,731
Marathon Petroleum Corporation		21,070			1,390,199
National Oilwell Varco, Inc.		16,866			607,513
Newfield Exploration Co.*		7,387			232,912
Noble Energy, Inc.		17,666			514,787
Occidental Petroleum Corporation		34,882			2,569,408
ONEOK, Inc.		16,720			893,684
Phillips 66		18,718			1,893,326
Pioneer Natural Resources Co.		7,424			1,283,238
Range Resources Corporation		6,377			108,792
Valero Energy Corporation		18,837			1,731,309
Williams Cos., Inc. (The)		38,539			1,175,054
					54,154,904
Financials — 13.9%
Affiliated Managers Group, Inc.		2,010			412,553
Aflac, Inc.		16,032			1,407,289
Allstate Corporation (The)		18,095			1,894,727
American Express Co.		32,417			3,219,332
American International Group, Inc.		41,489			2,471,915
Ameriprise Financial, Inc.		6,100			1,033,767
Arthur J. Gallagher & Co.		8,294			524,844
Assurant, Inc.		2,341			236,066
Bank of America Corporation		411,658			12,152,144
Bank of New York Mellon Corporation (The)		41,687			2,245,262
BB&T Corporation		31,819			1,582,041
Berkshire Hathaway, Inc. Class B*		78,815			15,622,709
BlackRock, Inc.		4,821			2,476,596
Brighthouse Financial, Inc.*		4,017			235,557
Capital One Financial Corporation		20,675			2,058,817
Cboe Global Markets, Inc.		2,027			252,544

	Shares		Value
Charles Schwab Corporation (The)		47,906		$	2,460,931
Cincinnati Financial Corporation		5,441			407,912
Citigroup, Inc.		113,739			8,463,319
Citizens Financial Group, Inc.		19,869			834,101
CME Group, Inc.		14,110			2,060,765
Comerica, Inc.		6,388			554,542
Discover Financial Services		17,665			1,358,792
E*TRADE Financial Corporation*		10,478			519,394
Everest Re Group, Ltd.		1,237			273,699
Fifth Third Bancorp		28,756			872,457
Franklin Resources, Inc.		13,630			590,588
Goldman Sachs Group, Inc. (The)		14,836			3,779,619
Hartford Financial Services Group, Inc. (The)		14,682			826,303
Huntington Bancshares, Inc.		38,337			558,187
Intercontinental Exchange, Inc.		25,255			1,781,993
Invesco, Ltd.		15,292			558,770
JPMorgan Chase & Co.		147,012			15,721,463
KeyCorp		31,726			639,913
Leucadia National Corporation		12,259			324,741
Lincoln National Corporation		8,875			682,221
Loews Corporation		12,502			625,475
M&T Bank Corporation		5,892			1,007,473
Marsh & McLennan Cos., Inc.		23,474			1,910,549
MetLife, Inc.		45,712			2,311,199
Moody’s Corporation		7,521			1,110,175
Morgan Stanley		56,134			2,945,351
Nasdaq, Inc.		4,269			327,987
Navient Corporation		12,116			161,385
Northern Trust Corporation		7,800			779,142
People’s United Financial, Inc.D		11,480			214,676
PNC Financial Services Group, Inc. (The)		19,578			2,824,910
Principal Financial Group, Inc.		10,001			705,671
Progressive Corporation (The)		28,774			1,620,552
Prudential Financial, Inc.		17,136			1,970,297
Raymond James Financial, Inc.		2,928			261,470
Regions Financial Corporation		46,314			800,306
S&P Global, Inc.		10,813			1,831,722
State Street Corporation		14,760			1,440,724
SunTrust Banks, Inc.		18,647			1,204,410
Synchrony Financial		34,288			1,323,860
T. Rowe Price Group, Inc.		9,221			967,560
Torchmark Corporation		4,186			379,712
Travelers Cos., Inc. (The)		14,413			1,954,979
U.S. Bancorp		66,172			3,545,496
Unum Group		8,642			474,359
Wells Fargo & Co.		193,144			11,718,046
XL Group, Ltd.		12,627			443,965
Zions Bancorporation		7,446			378,480
					136,335,804
Health Care — 12.5%
Abbott Laboratories		83,683			4,775,789
AbbVie, Inc.		71,634			6,927,724
Aetna, Inc.		13,737			2,478,017
Agilent Technologies, Inc.		12,235			819,378
Alexion Pharmaceuticals, Inc.*		10,659			1,274,710

See Notes to Financial Statements. 205

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Align Technology, Inc.*		2,249		$	499,705
Amgen, Inc.		33,367			5,802,521
Anthem, Inc.		11,135			2,505,486
Baxter International, Inc.		21,452			1,386,657
Becton, Dickinson and Co.D		12,993			2,781,252
Biogen, Inc.*		9,740			3,102,872
Boston Scientific Corporation*		55,711			1,381,076
Bristol-Myers Squibb Co.		91,207			5,589,165
Cardinal Health, Inc.		27,527			1,686,579
Celgene Corporation*		39,390			4,110,740
Centene Corporation*		8,263			833,571
Cerner Corporation*		13,126			884,561
Cigna Corporation		11,444			2,324,162
Cooper Cos., Inc. (The)		1,862			405,693
Danaher Corporation		26,332			2,444,136
DaVita, Inc.*		8,768			633,488
DENTSPLY SIRONA, Inc.		10,241			674,165
Edwards Lifesciences Corporation*		10,109			1,139,385
Eli Lilly & Co.		66,359			5,604,681
Envision Healthcare Corporation*		5,777			199,653
Express Scripts Holding Co.*		26,837			2,003,114
Gilead Sciences, Inc.		57,503			4,119,515
HCA Healthcare, Inc.*		12,602			1,106,960
Henry Schein, Inc.*		6,600			461,208
Hologic, Inc.*		11,305			483,289
Humana, Inc.		6,634			1,645,696
IDEXX Laboratories, Inc.*		4,626			723,414
Illumina, Inc.*		5,753			1,256,973
Incyte Corporation*		6,861			649,805
Intuitive Surgical, Inc.*		5,733			2,092,201
IQVIA Holdings, Inc.*		6,151			602,183
Johnson & Johnson		120,500			16,836,260
Laboratory Corporation of America Holdings*		7,436			1,186,116
McKesson Corporation		13,930			2,172,384
Mettler-Toledo International, Inc.*		1,034			640,584
Patterson Cos., Inc.D		3,194			115,399
PerkinElmer, Inc.		4,105			300,158
Quest Diagnostics, Inc.		9,445			930,238
Regeneron Pharmaceuticals, Inc.*		5,159			1,939,578
ResMed, Inc.D		5,693			482,140
Stryker Corporation		14,905			2,307,890
Thermo Fisher Scientific, Inc.		16,321			3,099,032
UnitedHealth Group, Inc.		42,543			9,379,030
Universal Health Services, Inc. Class B		4,474			507,128
Varian Medical Systems, Inc.*		3,565			396,250
Vertex Pharmaceuticals, Inc.*		11,963			1,792,775
Waters Corporation*		3,363			649,698
Zimmer Biomet Holdings, Inc.		8,770			1,058,276
Zoetis, Inc.		44,839			3,230,202
					122,432,662
Industrials — 9.2%
3M Co.		25,449			5,989,931
Acuity Brands, Inc.D		1,643			289,168
Alaska Air Group, Inc.D		5,031			369,829
American Airlines Group, Inc.		21,202			1,103,140

	Shares		Value
AMETEK, Inc.		8,745		$	633,750
Arconic, Inc.		16,474			448,916
Boeing Co. (The)		23,761			7,007,357
C.H. Robinson Worldwide, Inc.		5,208			463,981
Caterpillar, Inc.		22,730			3,581,793
Cintas CorporationD		3,159			492,267
CSX Corporation		35,484			1,951,975
Cummins, Inc.		5,861			1,035,287
Deere & Co.		11,036			1,727,244
Delta Air Lines, Inc.		31,735			1,777,160
Dover Corporation		5,776			583,318
Emerson Electric Co.		23,868			1,663,361
Equifax, Inc.		5,167			609,293
Expeditors International of Washington, Inc.		6,818			441,056
Fastenal Co.		10,759			588,410
FedEx Corporation		9,248			2,307,746
Flowserve Corporation		4,858			204,668
Fluor Corporation		5,110			263,932
Fortive Corporation		11,111			803,881
Fortune Brands Home & Security, Inc.		5,687			389,218
General Dynamics Corporation		10,988			2,235,509
General Electric Co.		365,050			6,370,122
Harris Corporation		4,630			655,839
Honeywell International, Inc.		32,545			4,991,101
IHS Markit, Ltd.*		13,436			606,635
Illinois ToolWorks, Inc.		12,023			2,006,038
J.B. Hunt Transport Services, Inc.		3,269			375,870
Jacobs Engineering Group, Inc.		4,647			306,516
Kansas City Southern		4,046			425,720
L3 Technologies, Inc.		2,814			556,750
Lockheed Martin Corporation		10,809			3,470,229
Masco Corporation		12,522			550,217
Norfolk Southern Corporation		12,103			1,753,725
Northrop Grumman Corporation		6,945			2,131,490
PACCAR, Inc.		12,988			923,187
Parker-Hannifin Corporation		5,009			999,696
Quanta Services, Inc.*		5,431			212,406
Raytheon Co.		11,609			2,180,751
Republic Services, Inc.		10,528			711,798
Robert Half International, Inc.		4,920			273,257
Rockwell Automation, Inc.		4,778			938,160
Rockwell Collins, Inc.		5,668			768,694
Roper Technologies, Inc.		4,043			1,047,137
Snap-on, Inc.D		2,136			372,305
Southwest Airlines Co.		25,802			1,688,741
Stanley Black & Decker, Inc.		5,530			938,386
Stericycle, Inc.*		3,095			210,429
Textron, Inc.		9,853			557,581
TransDigm Group, Inc.D		1,980			543,748
Union Pacific Corporation		34,517			4,628,730
United Continental Holdings, Inc.*		12,532			844,657
United Parcel Service, Inc. Class B		26,728			3,184,641
United Rentals, Inc.*		3,295			566,443
United Technologies Corporation		29,379			3,747,879
Verisk Analytics, Inc.*		6,962			668,352
W.W. Grainger, Inc.		2,114			499,432

206 See Notes to Financial Statements.

	Shares		Value
Waste Management, Inc.		18,003		$	1,553,659
Xylem, Inc.		6,524			444,937
					89,667,448
Information Technology — 22.1%
Activision Blizzard, Inc.		30,256			1,915,810
Adobe Systems, Inc.*		21,069			3,692,132
Advanced Micro Devices, Inc.*D		29,779			306,128
Akamai Technologies, Inc.*		6,606			429,654
Alliance Data Systems Corporation		2,399			608,099
Alphabet, Inc. Class A*		11,495			12,108,833
Alphabet, Inc. Class C*		13,205			13,817,712
Amphenol Corporation Class A		11,410			1,001,798
Analog Devices, Inc.		14,340			1,276,690
ANSYS, Inc.*		3,168			467,565
Apple, Inc.		214,671			36,328,773
Applied Materials, Inc.		42,064			2,150,312
Autodesk, Inc.*		8,418			882,459
Automatic Data Processing, Inc.		19,488			2,283,799
CA, Inc.		15,066			501,396
Cadence Design Systems, Inc.*		11,000			460,020
Cisco Systems, Inc.		207,134			7,933,232
Citrix Systems, Inc.*		6,597			580,536
Cognizant Technology Solutions Corporation Class A		24,536			1,742,547
Corning, Inc.		39,819			1,273,810
CSRA, Inc.		4,813			144,005
DXC Technology Co.		11,080			1,051,492
eBay, Inc.*		39,141			1,477,181
Electronic Arts, Inc.*		12,894			1,354,644
F5 Networks, Inc.*		2,480			325,426
Facebook, Inc. Class A*		97,496			17,204,144
Fidelity National Information Services, Inc.		13,923			1,310,015
Fiserv, Inc.*		9,072			1,189,611
FLIR Systems, Inc.		5,180			241,492
Gartner, Inc.*		3,738			460,335
Global Payments, Inc.		6,298			631,312
Hewlett Packard Enterprise Co.		71,981			1,033,647
HP, Inc.		76,485			1,606,950
Intel Corporation		198,349			9,155,790
International Business Machines Corporation		37,622			5,771,967
Intuit, Inc.		10,186			1,607,147
Juniper Networks, Inc.		15,019			428,042
KLA-Tencor Corporation		5,691			597,953
Lam Research Corporation		6,401			1,178,232
MasterCard, Inc. Class A		40,518			6,132,805
Microchip Technology, Inc.D		8,808			774,047
Micron Technology, Inc.*		44,279			1,820,752
Microsoft Corporation		322,078			27,550,552
Motorola Solutions, Inc.		7,482			675,924
NetApp, Inc.		13,528			748,369
NVIDIA Corporation		24,107			4,664,705
Oracle Corporation		127,291			6,018,318
Paychex, Inc.		13,864			943,861
PayPal Holdings, Inc.*		47,900			3,526,398
Qorvo, Inc.*D		4,807			320,146
QUALCOMM, Inc.		62,704			4,014,310

	Shares		Value
Red Hat, Inc.*		7,540		$	905,554
salesforce.com, Inc.*		29,161			2,981,129
Skyworks Solutions, Inc.		6,957			660,567
Symantec Corporation		25,974			728,830
Synopsys, Inc.*		5,492			468,138
Texas Instruments, Inc.		40,373			4,216,556
Total System Services, Inc.		6,366			503,487
VeriSign, Inc.*D		3,542			405,346
Visa, Inc. Class AD		79,198			9,030,156
Western Digital Corporation		12,943			1,029,357
Western Union Co. (The)		21,787			414,171
Xerox Corporation		11,464			334,176
Xilinx, Inc.		9,444			636,714
					216,035,058
Materials — 2.9%
Air Products & Chemicals, Inc.		10,593			1,738,100
Albemarle Corporation		5,038			644,310
Avery Dennison Corporation		3,272			375,822
Ball Corporation		10,346			391,596
CF Industries Holdings, Inc.		10,281			437,354
DowDuPont, Inc.		99,454			7,083,114
Eastman Chemical Co.		7,141			661,542
Ecolab, Inc.		14,446			1,938,364
FMC Corporation		5,397			510,880
Freeport-McMoRan, Inc.*		54,122			1,026,153
International Flavors & Fragrances, Inc.		3,799			579,765
International Paper Co.D		16,786			972,581
Martin Marietta Materials, Inc.		2,361			521,875
Monsanto Co.		20,554			2,400,296
Mosaic Co. (The)		16,259			417,206
Newmont Mining Corporation		23,284			873,616
Nucor Corporation		11,797			750,053
Packaging Corporation of America		3,120			376,116
PPG Industries, Inc.		12,109			1,414,573
Praxair, Inc.		13,550			2,095,914
Sealed Air CorporationD		10,710			528,003
Sherwin-Williams Co. (The)		3,388			1,389,216
Vulcan Materials Co.		4,979			639,154
WestRock Co.		9,470			598,599
					28,364,202
Real Estate — 2.7%
Alexandria Real Estate Equities, Inc. REIT		3,214			419,716
American Tower Corporation REIT		16,945			2,417,543
Apartment Investment & Management
Co. Class A REIT		5,951			260,118
AvalonBay Communities, Inc. REIT		5,872			1,047,623
Boston Properties, Inc. REIT		5,686			739,351
CBRE Group, Inc. Class A*		10,731			464,760
Crown Castle International Corporation REIT		17,114			1,899,825
Digital Realty Trust, Inc. REIT		7,642			870,424
Duke Realty Corporation REIT		8,002			217,734
Equinix, Inc. REIT		3,607			1,634,764
Equity Residential REIT		13,641			869,887
Essex Property Trust, Inc. REIT		2,756			665,216

See Notes to Financial Statements. 207

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Extra Space Storage, Inc. REIT		4,684		$	409,616
Federal Realty Investment Trust REIT		2,600			345,306
GGP, Inc. REIT		26,486			619,508
HCP, Inc. REIT		20,825			543,116
Host Hotels & Resorts, Inc. REIT		27,531			546,490
Iron Mountain, Inc. REIT		8,763			330,628
Kimco Realty Corporation REIT		15,470			280,780
Macerich Co. (The) REIT		4,614			303,047
Mid-America Apartment Communities, Inc. REIT		4,060			408,274
Prologis, Inc. REIT		20,574			1,327,229
Public Storage REIT		6,469			1,352,021
Realty Income Corporation REITD		10,378			591,754
Regency Centers Corporation REIT		4,321			298,927
SBA Communications Corporation REIT*		4,700			767,792
Simon Property Group, Inc. REITD		13,751			2,361,597
SL Green Realty Corporation REIT		3,720			375,460
UDR, Inc. REIT		11,107			427,842
Ventas, Inc. REIT		15,238			914,432
Vornado Realty Trust REIT		6,562			513,017
Welltower, Inc. REITD		16,760			1,068,785
Weyerhaeuser Co. REIT		29,262			1,031,778
					26,324,360
Telecommunication Services — 2.0%
AT&T, Inc.		255,134			9,919,610
CenturyLink, Inc.		51,057			851,631
Verizon Communications, Inc.		167,679			8,875,249
					19,646,490
Utilities — 3.1%
AES Corporation		24,428			264,555
Alliant Energy CorporationD		6,500			276,965
Ameren Corporation		9,053			534,036
American Electric Power Co., Inc.		22,632			1,665,036
AmericanWater Works Co., Inc.		8,825			807,399
CenterPoint Energy, Inc.		17,352			492,103
CMS Energy Corporation		10,396			491,731
Consolidated Edison, Inc.		13,128			1,115,224
Dominion Energy, Inc.		29,917			2,425,072
DTE Energy Co.		9,262			1,013,819
Duke Energy Corporation		33,572			2,823,741
Edison International		14,723			931,083
Entergy Corporation		9,511			774,100
Eversource Energy		11,754			742,618
Exelon Corporation		42,619			1,679,615
FirstEnergy Corporation		24,029			735,768
NextEra Energy, Inc.		23,020			3,595,494
NiSource, Inc.		23,079			592,438
NRG Energy, Inc.		11,763			335,010
PG&E Corporation		22,213			995,809
PinnacleWest Capital Corporation		4,108			349,919
PPL Corporation		26,453			818,720

	Shares		Value
Public Service Enterprise Group, Inc.		20,147		$	1,037,570
SCANA Corporation		5,221			207,691
Sempra Energy		11,379			1,216,643
Southern Co. (The)		49,020			2,357,372
WEC Energy Group, Inc.		18,016			1,196,803
Xcel Energy, Inc.D		21,338			1,026,571
					30,502,905
Total Common Stocks (Cost $563,084,281)					907,771,541
FOREIGN COMMON STOCKS — 3.6%
Curacao — 0.4%
Schlumberger, Ltd.		63,085			4,251,298
Ireland — 1.5%
Accenture PLC Class A		26,318			4,029,023
Allegion PLC		3,479			276,789
Eaton Corporation PLC		17,773			1,404,245
Ingersoll-Rand PLC		9,510			848,197
Johnson Controls International PLC		37,810			1,440,939
Medtronic PLC		59,491			4,803,898
Pentair PLC		6,692			472,589
Seagate Technology PLCD		16,681			697,933
Willis Towers Watson PLC		6,037			909,716
					14,883,329
Jersey — 0.1%
Aptiv PLC		10,057			853,135
Netherlands — 0.3%
LyondellBasell Industries NV Class A		13,989			1,543,266
Mylan NV*		42,790			1,810,445
					3,353,711
Singapore — 0.5%
Broadcom, Ltd.		16,977			4,361,391
Switzerland — 0.5%
Chubb, Ltd.		23,356			3,413,013
Garmin, Ltd.D		4,430			263,895
TE Connectivity, Ltd.		13,229			1,257,284
					4,934,192
United Kingdom — 0.3%
Aon PLC		11,629			1,558,286
Nielsen Holdings PLCD		15,059			548,148
TechnipFMC PLC		23,072			722,384
					2,828,818
Total Foreign Common Stocks (Cost $27,157,325)					35,465,874
MONEY MARKET FUNDS — 3.4%
GuideStone Money Market Fund (Investor Class)¥		32,456,840			32,456,840

208 See Notes to Financial Statements.

	Shares		Value
Northern Institutional Liquid Assets Portfolio§		786,737	$	786,737
Total Money Market Funds (Cost $33,243,577)				33,243,577
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill 1.42%, 06/07/18W‡‡ (Cost $894,466)	$	900,000		894,296
TOTAL INVESTMENTS — 99.9% (Cost $624,379,649)				977,375,288
Other Assets in Excess of Liabilities — 0.1%				671,588
NET ASSETS — 100.0%			$	978,046,876

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Value and Unrealized Appreciation (Depreciation)
S&P 500® E-Mini		03/2018		238	$	31,844,400		GSC	$	232,690

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	907,771,541	$	907,771,541	$	—	$	—
Foreign Common Stocks		35,465,874		35,465,874		—		—
Money Market Funds		33,243,577		33,243,577		—		—
U.S. Treasury Obligation		894,296		—		894,296		—
Total Assets - Investments in Securities	$	977,375,288	$	976,480,992	$	894,296	$	—
Other Financial Instruments***
Future Contracts	$	232,690	$	232,690	$	—	$	—
Total Assets - Other Financial Instruments	$	232,690	$	232,690	$	—	$	—

***Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the period ended December 31, 2017.

See Notes to Financial Statements. 209

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 outperformed its benchmark, the Russell 1000^® Value Index, for the one-year period ended December 31, 2017 (15.25% versus 13.66%). Large cap value stocks posted double digit positive returns during a period where the market rewarded lower dividend yielding and higher quality names within the index. Overweight exposure and security selection within the technology sector added value during the year, while security selection within the financial services and consumer discretionary sectors also contributed to benchmark relative performance for the period. Security selection within producer durables and consumer staples detracted some value during the year.

In 2017, 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 equities. 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, 2017, 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.

	%
Financials		24.1
Health Care		11.7
Information Technology		11.5
Energy		8.8
Consumer Discretionary		8.6
Industrials		7.9
Foreign Common Stocks		7.7
Consumer Staples		5.7
Materials		3.4
Telecommunication Services		3.3
Utilities		3.1
Money Market Funds		2.8
Real Estate		1.7
U.S. Treasury Obligation		0.1
		100.4

210 See Notes to Financial Statements.

Value Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	15.54%	15.25%	13.66%
Five Year	13.86%	13.57%	14.03%
Ten Year	7.05%	6.81%	7.10%
Since Inception	7.15%	6.88%	7.40%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(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, 2007 to December 31, 2017, 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.

See Notes to Financial Statements. 211

VALUE EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Shares		Value
COMMON STOCKS — 89.8%
Consumer Discretionary — 8.6%
Aaron’s, Inc.		27,460	$	1,094,281
AMC Networks, Inc. Class A*D		19,526		1,055,966
American Eagle Outfitters, Inc.		75,851		1,425,999
Best Buy Co., Inc.		10,385		711,061
Brunswick Corporation		9,997		552,034
Carnival Corporation		32,898		2,183,440
Charter Communications, Inc. Class A*		2,551		857,034
Comcast Corporation Class A		526,183		21,073,629
Dana, Inc.		359,243		11,499,368
DISH Network Corporation Class A*		773		36,911
Dollar General Corporation		138,600		12,891,186
Ford Motor Co.		104,691		1,307,591
General Motors Co.		172,028		7,051,428
John Wiley & Sons, Inc. Class A		22,303		1,466,422
Lear Corporation		25,338		4,476,211
Lennar Corporation Class AD		160,251		10,134,273
Lennar Corporation Class B		3,259		168,425
Lowe’s Cos., Inc.		159,900		14,861,106
Michael Kors Holdings, Ltd.*		33,715		2,122,359
News Corporation Class A		163,052		2,643,073
Office Depot, Inc.		221,209		783,080
PulteGroup, Inc.D		136,016		4,522,532
Tapestry, Inc.		124,393		5,501,902
Target CorporationD		16,119		1,051,765
Tenneco, Inc.		45,842		2,683,591
TimeWarner, Inc.		22,458		2,054,233
Twenty-First Century Fox, Inc. Class A		401,403		13,860,446
Twenty-First Century Fox, Inc. Class B		23,442		799,841
Visteon Corporation*		4,668		584,154
Walt Disney Co. (The)		14,810		1,592,223
				131,045,564
Consumer Staples — 5.7%
Archer-Daniels-Midland Co.		13,922		557,994
Bunge, Ltd.		25,648		1,720,468
Coca-Cola Co. (The)		39,583		1,816,068
Colgate-Palmolive Co.		26,729		2,016,703
CVS Health Corporation		182,699		13,245,677
General Mills, Inc.D		8,354		495,309
Hershey Co. (The)		38,870		4,412,134
Ingredion, Inc.		44,294		6,192,301
Kimberly-Clark Corporation		4,174		503,635
Kraft Heinz Co. (The)		24,139		1,877,049
Kroger Co. (The)		17,815		489,022
Mondelez International, Inc. Class A		45,733		1,957,372
Nu Skin Enterprises, Inc. Class A		39,707		2,709,209
PepsiCo, Inc.		125,529		15,053,438
Pilgrim’s Pride Corporation*D		36,450		1,132,137
Procter & Gamble Co. (The)		155,662		14,302,224
Sanderson Farms, Inc.D		15,661		2,173,433
US Foods Holding Corporation*		72,941		2,329,006
Walgreens Boots Alliance, Inc.		22,290		1,618,700

	Shares		Value
Wal-Mart Stores, Inc.		125,262	$	12,369,622
				86,971,501
Energy — 8.8%
Anadarko Petroleum Corporation		15,980		857,167
Andeavor		30,544		3,492,401
Baker Hughes a GE Co.		234,000		7,403,760
Chevron Corporation		215,666		26,999,227
ConocoPhillips		331,163		18,177,537
EOG Resources, Inc.		15,036		1,622,535
Exxon Mobil Corporation		293,476		24,546,333
Halliburton Co.		9,436		461,137
Kinder Morgan, Inc.		62,289		1,125,562
Marathon Petroleum Corporation		91,894		6,063,166
Newfield Exploration Co.*		114,000		3,594,420
Occidental Petroleum Corporation		222,553		16,393,254
PBF Energy, Inc. Class AD		43,107		1,528,143
Phillips 66		94,951		9,604,294
Pioneer Natural Resources Co.		4,778		825,877
QEP Resources, Inc.*		29,648		283,731
Southwestern Energy Co.*		283,275		1,580,674
Valero Energy Corporation		94,201		8,658,014
World Fuel Services Corporation		36,318		1,021,989
				134,239,221
Financials — 24.1%
Aflac, Inc.		35,602		3,125,144
Allstate Corporation (The)		75,814		7,938,484
Ally Financial, Inc.		135,199		3,942,403
American Express Co.		165,532		16,438,983
American International Group, Inc.		285,510		17,010,686
Ameriprise Financial, Inc.		20,322		3,443,969
Assured Guaranty, Ltd.		70,590		2,390,883
Bank of America Corporation		1,227,313		36,230,280
Bank of New York Mellon Corporation (The)		28,220		1,519,929
BB&T Corporation		21,205		1,054,313
Berkshire Hathaway, Inc. Class B*		56,249		11,149,677
BlackRock, Inc.		3,611		1,855,007
Brighthouse Financial, Inc.*		2,230		130,767
Capital One Financial Corporation		13,686		1,362,852
Charles Schwab Corporation (The)		7,924		407,056
Citigroup, Inc.		389,730		28,999,809
Citizens Financial Group, Inc.		149,644		6,282,055
CME Group, Inc.		10,271		1,500,080
CNO Financial Group, Inc.D		131,413		3,244,587
Comerica, Inc.		23,535		2,043,073
Discover Financial Services		38,539		2,964,420
E*TRADE Financial Corporation*		19,680		975,538
Essent Group, Ltd.*		13,345		579,440
Franklin Resources, Inc.		7,451		322,852
Goldman Sachs Group, Inc. (The)		10,757		2,740,453
Hartford Financial Services Group, Inc. (The)		179,275		10,089,597
Intercontinental Exchange, Inc.		150,554		10,623,090
Invesco, Ltd.		123,400		4,509,036
JPMorgan Chase & Co.		469,638		50,223,088

212 See Notes to Financial Statements.

	Shares		Value
Lazard, Ltd. Class A		72,092	$	3,784,830
Leucadia National Corporation		146,743		3,887,222
Lincoln National Corporation		68,620		5,274,819
LPL Financial Holdings, Inc.		32,864		1,877,849
MetLife, Inc.		83,009		4,196,935
MGIC Investment Corporation*		149,805		2,113,749
Morgan Stanley		86,431		4,535,035
Navient Corporation		106,241		1,415,130
New York Community Bancorp, Inc.		293,200		3,817,464
PNC Financial Services Group, Inc. (The)		13,405		1,934,207
Prudential Financial, Inc.		75,470		8,677,541
Radian Group, Inc.		68,197		1,405,540
Reinsurance Group of America, Inc.		34,601		5,395,334
S&P Global, Inc.		33,198		5,623,741
SEI Investments Co.		30,976		2,225,935
State Street Corporation		96,577		9,426,881
Synchrony Financial		164,289		6,343,198
Synovus Financial Corporation		89,560		4,293,506
TCF Financial Corporation		15,323		314,121
Travelers Cos., Inc. (The)		9,612		1,303,772
U.S. Bancorp		47,105		2,523,886
Unum Group		72,303		3,968,712
Voya Financial, Inc.		90,403		4,472,236
Wells Fargo & Co.		429,581		26,062,679
XL Group, Ltd.		301,100		10,586,676
Zions Bancorporation		171,700		8,727,511
				367,286,060
Health Care — 11.7%
Abbott Laboratories		70,686		4,034,050
Aetna, Inc.		7,453		1,344,447
Agilent Technologies, Inc.		59,270		3,969,312
Alexion Pharmaceuticals, Inc.*		3,145		376,111
Amgen, Inc.		19,929		3,465,653
Anthem, Inc.		50,074		11,267,151
Baxter International, Inc.		118,523		7,661,327
Biogen, Inc.*		2,216		705,951
Bristol-Myers Squibb Co.		142,520		8,733,626
Bruker Corporation		42,695		1,465,292
Cardinal Health, Inc.		282,200		17,290,394
Catalent, Inc.*		31,807		1,306,632
Centene Corporation*		52,400		5,286,112
Cigna Corporation		20,849		4,234,223
Danaher Corporation		22,347		2,074,248
Eli Lilly & Co.		60,064		5,073,005
Exelixis, Inc.*		45,934		1,396,394
Express Scripts Holding Co.*		182,775		13,642,326
Gilead Sciences, Inc.		173,253		12,411,845
Haemonetics Corporation*		22,704		1,318,648
HCA Healthcare, Inc.*		11,675		1,025,532
Humana, Inc.		15,773		3,912,808
Impax Laboratories, Inc.*		142,200		2,367,630
Johnson & Johnson		284,756		39,786,108
Ligand Pharmaceuticals, Inc.D*		7,911		1,083,253
McKesson Corporation		11,360		1,771,592
Molina Healthcare, Inc.*		31,000		2,377,080
Thermo Fisher Scientific, Inc.		7,062		1,340,933

	Shares		Value
UnitedHealth Group, Inc.		47,800	$	10,537,988
Vertex Pharmaceuticals, Inc.*		10,017		1,501,148
Zoetis, Inc.		77,530		5,585,261
				178,346,080
Industrials — 7.9%
Caterpillar, Inc.		693		109,203
CSX Corporation		2,379		130,869
Cummins, Inc.		26,122		4,614,190
Delta Air Lines, Inc.		131,783		7,379,848
Emerson Electric Co.		15,206		1,059,706
General Dynamics Corporation		38,627		7,858,663
General Electric Co.		1,223,386		21,348,086
Honeywell International, Inc.		11,465		1,758,272
Huntington Ingalls Industries, Inc.		5,548		1,307,664
Lockheed Martin Corporation		2,178		699,247
ManpowerGroup, Inc.		21,121		2,663,569
Masco Corporation		51,777		2,275,081
Norfolk Southern Corporation		46,654		6,760,165
Old Dominion Freight Line, Inc.		16,888		2,221,616
Oshkosh Corporation		21,518		1,955,771
Owens Corning		43,408		3,990,932
Quanta Services, Inc.*		61,990		2,424,429
Raytheon Co.		6,390		1,200,362
Ryder System, Inc.		57,407		4,831,947
Southwest Airlines Co.		65,965		4,317,409
Spirit AeroSystems Holdings, Inc. Class A		36,018		3,142,570
Terex CorporationD		165,060		7,959,193
Textron, Inc.		237,803		13,457,272
Union Pacific Corporation		2,250		301,725
United Technologies Corporation		130,761		16,681,181
Waste Management, Inc.		3,656		315,513
				120,764,483
Information Technology — 11.5%
Advanced Energy Industries, Inc.*		13,317		898,631
Amkor Technology, Inc.*		93,364		938,308
Applied Materials, Inc.		63,710		3,256,855
Aspen Technology, Inc.*		57,685		3,818,747
Cadence Design Systems, Inc.*		87,680		3,666,778
Cisco Systems, Inc.		473,200		18,123,560
Citrix Systems, Inc.*		13,499		1,187,912
Corning, Inc.		330,217		10,563,642
Cypress Semiconductor CorporationD		661,800		10,085,832
eBay, Inc.*		29,016		1,095,064
First Data Corporation Class A*		316,900		5,295,399
Hewlett Packard Enterprise Co.		50,474		724,807
HP, Inc.		53,325		1,120,358
Intel Corporation		236,997		10,939,781
International Business Machines Corporation		9,466		1,452,274
Intuit, Inc.		16,596		2,618,517
Jabil, Inc.		76,596		2,010,645
Lam Research Corporation		5,420		997,659
Micron Technology, Inc.*		49,783		2,047,077
Microsoft Corporation		296,137		25,331,559
ON Semiconductor Corporation*		286,123		5,991,416

See Notes to Financial Statements. 213

VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Oracle Corporation		365,895	$	17,299,516
QUALCOMM, Inc.		197,365		12,635,307
Synopsys, Inc.*		43,580		3,714,759
Texas Instruments, Inc.		104,200		10,882,648
VeriSign, Inc.D*		46,749		5,349,955
Vishay Intertechnology, Inc.D		169,304		3,513,058
Western Digital Corporation		126,754		10,080,746
				175,640,810
Materials — 3.4%
Air Products & Chemicals, Inc.		89,455		14,677,776
Alcoa Corporation*		33,062		1,781,050
Cabot Corporation		40,393		2,487,805
Celanese Corporation Series A		17,074		1,828,284
Chemours Co. (The)		30,064		1,505,004
Domtar Corporation		3,706		183,521
DowDuPont, Inc.		254,198		18,103,982
Freeport-McMoRan, Inc.*		374,731		7,104,900
Louisiana-Pacific Corporation*		63,736		1,673,707
PPG Industries, Inc.		443		51,751
Praxair, Inc.		1,107		171,231
Trinseo SA		30,530		2,216,478
				51,785,489
Real Estate — 1.7%
CBRE Group, Inc. Class A*		139,778		6,053,785
Equity Residential REIT		8,784		560,156
Hospitality Properties Trust REIT		102,504		3,059,744
Jones Lang LaSalle, Inc.		74,090		11,034,224
Liberty Property Trust REIT		10,316		443,691
Park Hotels & Resorts, Inc. REIT		79,289		2,279,559
Realogy Holdings CorporationD		21,230		562,595
Ryman Hospitality Properties, Inc. REIT		30,981		2,138,309
Simon Property Group, Inc. REITD		1,000		171,740
				26,303,803
Telecommunication Services — 3.3%
AT&T, Inc.		615,139		23,916,604
Sprint CorporationD*		23,091		136,006
Telephone & Data Systems, Inc.		90,307		2,510,535
T-Mobile US, Inc.*		4,652		295,448
Verizon Communications, Inc.		447,328		23,677,071
				50,535,664
Utilities — 3.1%
AES Corporation		924,214		10,009,238
American Electric Power Co., Inc.		66,901		4,921,907
Dominion Energy, Inc.		22,336		1,810,556
Duke Energy Corporation		23,368		1,965,483
Edison International		13,868		877,012
Entergy Corporation		67,631		5,504,487
Exelon Corporation		29,947		1,180,211
NextEra Energy, Inc.		15,442		2,411,886
PG&E Corporation		17,398		779,952
Portland General Electric Co.		77,742		3,543,480
Public Service Enterprise Group, Inc.		166,561		8,577,892

	Shares		Value
Southern Co. (The)		33,514	$	1,611,688
Southwest Gas Holdings, Inc.D		37,727		3,036,269
				46,230,061
Total Common Stocks (Cost $1,035,179,321)				1,369,148,736
FOREIGN COMMON STOCKS — 7.7%
Canada — 0.2%
Norbord, Inc.		37,396		1,264,359
Valeant Pharmaceuticals International, Inc.D*		80,091		1,664,291
				2,928,650
Curacao — 0.2%
Schlumberger, Ltd.		40,618		2,737,247
France — 0.7%
Sanofi ADR		238,600		10,259,800
Ireland — 3.4%
Adient PLCD		56,865		4,475,275
Eaton Corporation PLC		11,646		920,150
Jazz Pharmaceuticals PLC*		9,725		1,309,471
Johnson Controls International PLC		504,295		19,218,682
Mallinckrodt PLCD*		45,385		1,023,886
Medtronic PLC		259,541		20,957,936
Pentair PLC		66,864		4,721,936
				52,627,336
Israel — 0.1%
Taro Pharmaceutical Industries, Ltd.*		12,207		1,278,195
Netherlands — 0.6%
Fiat Chrysler Automobiles NVD*		71,933		1,283,285
LyondellBasell Industries NV Class A		47,300		5,218,136
Mylan NV*		55,630		2,353,705
NXP Semiconductor NV*		4,622		541,190
				9,396,316
Singapore — 0.3%
Broadcom, Ltd.		16,500		4,238,850
Switzerland — 0.1%
Chubb, Ltd.		16,308		2,383,088
United Kingdom — 2.1%
BP PLC ADR		338,300		14,218,749
GlaxoSmithKline PLC ADRD		235,200		8,342,544
Nielsen Holdings PLCD		216,100		7,866,040
TechnipFMC PLC		50,000		1,565,500
				31,992,833
Total Foreign Common Stocks (Cost $118,417,925)				117,842,315
MONEY MARKET FUNDS — 2.8%
GuideStone Money Market Fund (Investor Class)¥		35,766,270		35,766,270

214 See Notes to Financial Statements.

	Shares		Value
Northern Institutional Liquid Assets Portfolio§		7,162,311			$        7,162,311
Total Money Market Funds (Cost $42,928,581)					42,928,581
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill 1.42%, 06/07/18W‡‡ (Cost $1,788,932)		$1,800,000			1,788,593
TOTAL INVESTMENTS — 100.4% (Cost $1,198,314,759)					1,531,708,225
Liabilities in Excess of Other Assets — (0.4)%					(6,031,771)
NET ASSETS — 100.0%				$	1,525,676,454

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional   Market Value   of Contracts		Counter-   party		Value and Unrealized Appreciation (Depreciation)
S&P 500® E-Mini		03/2018		297	$	39,738,600		GSC	$	421,192

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	1,369,148,736	$	1,369,148,736	$	—	$	—
Foreign Common Stocks		117,842,315		117,842,315		—		—
Money Market Funds		42,928,581		42,928,581		—		—
U.S. Treasury Obligation		1,788,593		—		1,788,593		—
Total Assets - Investments in Securities	$	1,531,708,225	$	1,529,919,632	$	1,788,593	$	—
Other Financial Instruments***
Futures Contracts	$	421,192	$	421,192	$	—	$	—
Total Assets - Other Financial Instruments	$	421,192	$	421,192	$	—	$	—

***Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

See Notes to Financial Statements. 215

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 outperformed its benchmark, the Russell 1000^® Growth Index, for the one-year period ended December 31, 2017 (32.06% versus 30.21%). Large cap growth stocks continued to dominate market performance as the market rewarded stocks with higher price-to-earnings (PE) ratios, higher growth and lower dividend yielding names within the index. Overweight exposure to these areas benefitted benchmark-relative performance for the year. Security selection within the technology, financial services and consumer staples sectors also contributed to benchmark-relative returns during the year.

In 2017, 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 equities and would like to diversify their portfolio by adding a potentially higher return, higher risk option of equities. 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, 2017, 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.

	%
Information Technology		38.4
Health Care		14.9
Consumer Discretionary		13.5
Consumer Staples		7.3
Industrials		7.1
Foreign Common Stocks		6.5
Financials		4.6
Money Market Funds		4.0
Energy		2.1
Materials		1.9
Real Estate		0.7
U.S. Treasury Obligation		0.1
		101.1

216 See Notes to Financial Statements.

Growth Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	32.43%	32.06%	30.21%
Five Year	15.52%	15.24%	17.32%
Ten Year	8.42%	8.21%	9.99%
Since Inception	6.67%	6.52%	7.48%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(1)	0.73%	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 for the 10-year period from December 31, 2007 to December 31, 2017, 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.

See Notes to Financial Statements. 217

GROWTH EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Shares		Value
COMMON STOCKS — 90.5%
Consumer Discretionary — 13.5%
Amazon.com, Inc.*		86,500	$	101,159,155
Charter Communications, Inc. Class A*		21,232		7,133,103
Chipotle Mexican Grill, Inc.*D		20,742		5,995,060
Comcast Corporation Class A		308,310		12,347,816
Home Depot, Inc. (The)		79,280		15,025,938
Netflix, Inc.*		81,129		15,573,523
Priceline Group, Inc. (The)*		11,213		19,485,279
Starbucks Corporation		230,722		13,250,364
TJX Cos., Inc. (The)		106,748		8,161,952
Walt Disney Co. (The)		97,980		10,533,830
Yum China Holdings, Inc.		397,265		15,898,545
Yum! Brands, Inc.		124,442		10,155,712
				234,720,277
Consumer Staples — 7.3%
Coca-Cola Co. (The)		553,743		25,405,729
Colgate-Palmolive Co.		102,490		7,732,870
Costco Wholesale Corporation		98,351		18,305,088
CVS Health Corporation		112,380		8,147,550
Estee Lauder Cos., Inc. (The) Class A		92,172		11,727,965
McCormick & Co., Inc. (Non-Voting Shares)		50,194		5,115,271
Monster Beverage Corporation*		534,579		33,833,505
Procter & Gamble Co. (The)		171,741		15,779,563
				126,047,541
Energy — 2.1%
Pioneer Natural Resources Co.		48,920		8,455,822
Schlumberger, Ltd.		423,101		28,512,776
				36,968,598
Financials — 4.6%
American Express Co.		173,432		17,223,532
BlackRock, Inc.		25,530		13,115,016
Charles Schwab Corporation (The)		406,361		20,874,765
FactSet Research Systems, Inc.D		49,154		9,474,925
SEI Investments Co.		253,365		18,206,809
				78,895,047
Health Care — 14.9%
Alexion Pharmaceuticals, Inc.*		143,234		17,129,354
Amgen, Inc.		59,902		10,416,958
Biogen, Inc.*		55,530		17,690,192
BioMarin Pharmaceutical, Inc.*		76,516		6,822,932
Celgene Corporation*		137,600		14,359,936
Cerner Corporation*		169,120		11,396,997
Danaher Corporation		126,385		11,731,056
DENTSPLY SIRONA, Inc.		131,510		8,657,303
DexCom, Inc.*D		103,199		5,922,591
Edwards Lifesciences Corporation*		110,348		12,437,323
Illumina, Inc.*		46,057		10,062,994
Incyte Corporation*		86,200		8,164,002
Intuitive Surgical, Inc.*		34,133		12,456,497
Johnson & Johnson		59,470		8,309,148
Loxo Oncology, Inc.*D		37,852		3,186,381

	Shares		Value
Regeneron Pharmaceuticals, Inc.*		74,117	$	27,865,027
Thermo Fisher Scientific, Inc.		101,708		19,312,315
UnitedHealth Group, Inc.		67,350		14,847,981
Varian Medical Systems, Inc.*		117,731		13,085,801
Zoetis, Inc.		354,309		25,524,420
				259,379,208
Industrials — 7.1%
A.O. Smith Corporation		121,495		7,445,214
BWX Technologies, Inc.		86,353		5,223,493
Deere & Co.		103,433		16,188,299
Expeditors International of
Washington, Inc.		264,058		17,081,912
Fortive Corporation		154,325		11,165,414
Honeywell International, Inc.		70,210		10,767,405
Rockwell Collins, Inc.		38,180		5,177,972
Roper Technologies, Inc.		46,782		12,116,538
United Parcel Service, Inc. Class B		192,808		22,973,073
W.W. Grainger, Inc.		38,140		9,010,575
Wabtec CorporationD		68,923		5,612,400
				122,762,295
Information Technology — 38.4%
Activision Blizzard, Inc.		102,200		6,471,304
Adobe Systems, Inc.*		231,389		40,548,608
Akamai Technologies, Inc.*		194,740		12,665,890
Alphabet, Inc. Class A*		42,609		44,884,321
Alphabet, Inc. Class C*		43,448		45,463,987
Amphenol Corporation Class A		143,412		12,591,574
Analog Devices, Inc.		29,422		2,619,441
ANSYS, Inc.*		41,904		6,184,611
Apple, Inc.		60,090		10,169,031
Autodesk, Inc.*		187,811		19,688,227
Automatic Data Processing, Inc.		44,116		5,169,954
Cisco Systems, Inc.		614,349		23,529,567
CoStar Group, Inc.*		23,580		7,002,081
eBay, Inc.*		126,340		4,768,072
Electronic Arts, Inc.*		57,805		6,072,993
Facebook, Inc. Class A*		451,824		79,728,863
FleetCor Technologies, Inc.*		52,826		10,165,307
Genpact, Ltd.		269,559		8,555,803
Intuit, Inc.		64,315		10,147,621
Microsoft Corporation		431,214		36,886,045
Oracle Corporation		709,931		33,565,538
Palo Alto Networks, Inc.*D		121,077		17,548,900
PayPal Holdings, Inc.*		315,026		23,192,214
QUALCOMM, Inc.		284,026		18,183,344
Red Hat, Inc.*		100,060		12,017,206
salesforce.com, Inc.*		321,107		32,826,769
ServiceNow, Inc.*		131,500		17,146,285
Splunk, Inc.*		198,033		16,405,054
Texas Instruments, Inc.		92,180		9,627,279
TiVo Corporation		7		109
Visa, Inc. Class AD		735,924		83,910,054
VMware, Inc. Class A*D		72,860		9,130,815
				666,866,867

218 See Notes to Financial Statements.

	Shares		Value
Materials — 1.9%
Ecolab, Inc.		156,514	$	21,001,049
Monsanto Co.		49,310		5,758,422
Praxair, Inc.		41,890		6,479,545
				33,239,016
Real Estate — 0.7%
SBA Communications Corporation REIT*		72,304		11,811,581
Total Common Stocks (Cost $1,161,339,100)				1,570,690,430
FOREIGN COMMON STOCKS — 6.5%
China — 4.5%
Alibaba Group Holding, Ltd. ADR*D		357,418		61,629,586
Baidu, Inc. ADR*		67,200		15,738,912
				77,368,498
France — 1.1%
Danone SA ADRD		1,127,722		18,911,898
Netherlands — 0.3%
NXP Semiconductor NV*		49,534		5,799,936
Switzerland — 0.6%
Novartis AG ADR		128,645		10,801,034
Total Foreign Common Stocks (Cost $76,753,295)				112,881,366

	Shares		Value
MONEY MARKET FUNDS — 4.0%
GuideStone Money Market Fund (Investor Class)¥		51,855,713	$	51,855,713
Northern Institutional Liquid Assets Portfolio§		16,381,945		16,381,945
Total Money Market Funds (Cost $68,237,658)				68,237,658
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill 1.42%, 06/07/18W‡‡
(Cost $1,987,702)	$	2,000,000		1,987,325
TOTAL INVESTMENTS — 101.1% (Cost $1,308,317,755)				1,753,796,779
Liabilities in Excess of Other Assets — (1.1)%				(18,259,743	)
NET ASSETS — 100.0%			$	1,735,537,036

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date	Open Long (Short) Contracts	Notional   Market Value   of Contracts		Counterparty		Value  and Unrealized Appreciation (Depreciation)
S&P 500® E-Mini	03/2018	366		$48,970,800		GSC		$539,066

See Notes to Financial Statements. 219

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	1,570,690,430	$	1,570,690,430	$	—	$	—
Foreign Common Stocks		112,881,366		112,881,366		—		—
Money Market Funds		68,237,658		68,237,658		—		—
U.S. Treasury Obligation		1,987,325		—		1,987,325		—
Total Assets - Investments in Securities	$	1,753,796,779	$	1,751,809,454	$	1,987,325	$	—
Other Financial Instruments***
Futures Contracts	$	539,066	$	539,066	$	—	$	—
Total Assets - Other Financial Instruments	$	539,066	$	539,066	$	—	$	—

*** Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

220 See Notes to Financial Statements.

Small Cap Equity Fund (Unaudited)

The Fund was comprised of domestic, small-cap stocks with both value- and growth-style orientations. The Investor Class of the Fund underperformed its benchmark, the Russell 2000^® Index, for the one-year period ended December 31, 2017 (12.67% versus 14.65%). Small cap growth stocks significantly outperformed small cap value stocks during a year when the market rewarded stocks with higher beta, higher price-to-earnings (PE) ratios, lower dividend yields and higher quality names within the index. 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. Underweight exposure and security selection within the healthcare sector detracted value during the period. Overweight exposure to the energy sector and security selection within the producer durables sector also detracted from the one-year period performance.

In 2017, 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 equities. 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, 2017, 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.

	%
Industrials		20.4
Information Technology		17.4
Consumer Discretionary		14.1
Financials		13.7
Money Market Funds		9.0
Health Care		8.3
Real Estate		5.7
Energy		4.1
Materials		3.9
Utilities		2.4
Foreign Common Stocks		2.3
Telecommunication Services		1.1
Consumer Staples		1.0
Master Limited Partnerships		0.8
U.S. Treasury Obligations		0.2
Corporate Bonds		—
		104.4

See Notes to Financial Statements. 221

Small Cap Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	12.98%	12.67%	14.65%
Five Year	12.51%	12.24%	14.11%
Ten Year	8.05%	7.84%	8.70%
Since Inception	7.86%	7.67%	8.80%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(1)	0.95%	1.22%

⁽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, 2007 to December 31, 2017, with all dividends and capital gains reinvested, with the Russell 2000^® 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.

222 See Notes to Financial Statements.

SMALL CAP EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Shares		Value
COMMON STOCKS — 92.1%
Consumer Discretionary — 14.1%
Aaron’s, Inc.		26,703	$	1,064,115
American Outdoor Brands CorporationD*		33,736		433,170
Bright Horizons Family Solutions, Inc.*		54,000		5,076,000
Cable One, Inc.D		5,110		3,594,119
Carriage Services, Inc.D		24,860		639,151
Cato Corporation (The) Class A		8,126		129,366
Cavco Industries, Inc.*		5,030		767,578
Chegg, Inc.D*		163,000		2,660,160
Chico’s FAS, Inc.D		77,422		682,862
Citi Trends, Inc.		24,390		645,359
Dana, Inc.		64,042		2,049,984
Dave & Buster’s Entertainment, Inc.D*		22,000		1,213,740
Destination XL Group, Inc.D*		288,351		634,372
Floor & Decor Holdings, Inc. Class AD*		50,000		2,434,000
Fox Factory Holding CorporationD*		35,709		1,387,295
Gannett Co., Inc.		61,690		714,987
G-III Apparel Group, Ltd.D*		8,860		326,845
Grand Canyon Education, Inc.*		39,570		3,542,702
Gray Television, Inc.*		149,517		2,504,410
Haverty Furniture Cos., Inc.		22,266		504,325
International Speedway Corporation Class A		27,569		1,098,625
John Wiley & Sons, Inc. Class A		18,107		1,190,535
Johnson Outdoors, Inc. Class AD		7,105		441,149
La Quinta Holdings, Inc.*		52,436		967,969
LCI Industries		26,930		3,500,900
Lear Corporation		12,017		2,122,923
Libbey, Inc.		43,361		326,075
Lithia Motors, Inc. Class AD		12,600		1,431,234
M/I Homes, Inc.*		52,610		1,809,784
Malibu Boats, Inc. Class A*		60,703		1,804,700
MCBC Holdings, Inc.*		53,634		1,191,748
Michael Kors Holdings, Ltd.*		19,768		1,244,396
Monro, Inc.D		50,350		2,867,433
Motorcar Parts of America, Inc.D*		33,970		848,910
National Vision Holdings, Inc.D*		76,000		3,086,360
News Corporation Class A		94,061		1,524,729
Nexstar Media Group, Inc. Class AD		26,680		2,086,376
Office Depot, Inc.		48,813		172,798
Ollie’s Bargain Outlet Holdings, Inc.D*		22,000		1,171,500
Papa John’s International, Inc.D		24,500		1,374,695
Shiloh Industries, Inc.*		51,264		420,365
Shoe Carnival, Inc.		23,433		626,833
Steven Madden, Ltd.*		27,260		1,273,042
Stoneridge, Inc.*		18,040		412,394
Strayer Education, Inc.D		29,300		2,624,694
Tenneco, Inc.		25,565		1,496,575
Tower International, Inc.D		35,992		1,099,556
tronc, Inc.*		49,092		863,528
Unifi, Inc.*		31,128		1,116,561

	Shares		Value
Universal Electronics, Inc.D*		56,865	$	2,686,871
William Lyon Homes Class A*		35,000		1,017,800
ZAGG, Inc.*		181,781		3,353,859
				78,259,457
Consumer Staples — 1.0%
Dean Foods Co.		82,836		957,584
Ingles Markets, Inc. Class A		6,798		235,211
Ingredion, Inc.		20,034		2,800,753
Landec CorporationD*		34,039		428,891
Medifast, Inc.		1,845		128,800
Sanderson Farms, Inc.D		9,091		1,261,649
				5,812,888
Energy — 4.1%
Archrock, Inc.		72,962		766,101
Callon Petroleum Co.D*		89,120		1,082,808
Cloud Peak Energy, Inc.*		129,809		577,650
CVR Energy, Inc.D		19,178		714,189
Evolution Petroleum Corporation		24,279		166,311
Exterran Corporation*		29,431		925,311
Gulfport Energy Corporation*		44,450		567,182
HollyFrontier Corporation		8,456		433,116
Keane Group, Inc.D*		69,100		1,313,591
Matador Resources Co.D*		67,100		2,088,823
McDermott International, Inc.*		158,813		1,044,990
Pacific Ethanol, Inc.*		61,330		279,051
Par Pacific Holdings, Inc.D*		63,387		1,222,101
PBF Energy, Inc. Class AD		26,262		930,988
QEP Resources, Inc.*		75,208		719,741
Renewable Energy Group, Inc.D*		80,551		950,502
REX American Resources CorporationD*		11,562		957,218
Ring Energy, Inc.D*		173,135		2,406,576
RSP Permian, Inc.*		30,950		1,259,046
SilverBow Resources, Inc.*		12,552		373,045
Solaris Oilfield Infrastructure, Inc. Class A*		60,100		1,286,741
Southwestern Energy Co.*		147,719		824,272
SRC Energy, Inc.D*		75,586		644,749
W&T Offshore, Inc.*		184,859		611,883
World Fuel Services Corporation		34,478		970,211
				23,116,196
Financials — 13.7%
American Equity Investment Life
Holding Co.		58,884		1,809,505
AMERISAFE, Inc.		67,935		4,184,796
Assured Guaranty, Ltd.		50,138		1,698,174
BancFirst Corporation		9,340		477,741
Bancorp, Inc. (The)*		108,730		1,074,252
Cadence BanCorp*		82,500		2,237,400
Central Pacific Financial Corporation		55,111		1,643,961
Century Bancorp, Inc. Class AD		6,965		545,011
Chemical Financial Corporation		41,301		2,208,364
CNO Financial Group, Inc.		89,564		2,211,335
Community Bank System, Inc.D		11,050		593,938

See Notes to Financial Statements. 223

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Enova International, Inc.*		39,102	$	594,350
FCB Financial Holdings, Inc. Class AD*		22,000		1,117,600
Federal Agricultural Mortgage
Corporation Class CD		2,820		220,637
Financial Institutions, Inc.		31,242		971,626
First Connecticut Bancorp, Inc.		13,025		340,604
First Internet BancorpD		2,756		105,141
FS Bancorp, Inc.		8,499		463,790
Garrison Capital, Inc.		11,345		92,008
Hamilton Lane, Inc. Class AD		51,000		1,804,890
Hanmi Financial Corporation		24,032		729,371
Heartland Financial USA, Inc.		24,342		1,305,948
Heritage Commerce Corporation		59,407		910,115
Heritage Financial Corporation		42,123		1,297,388
Independent Bank Corporation		40,708		909,824
Infinity Property & Casualty Corporation		9,098		964,388
INTL. FCStone, Inc.*		9,873		419,899
James River Group Holdings, Ltd.D		18,000		720,180
Lazard, Ltd. Class A		36,532		1,917,930
Leucadia National Corporation		52,555		1,392,182
LPL Financial Holdings, Inc.		25,006		1,428,843
Luther Burbank Corporation*		100,000		1,204,000
Meta Financial Group, Inc.D		15,800		1,463,870
MGIC Investment Corporation*		42,603		601,128
National General Holdings Corporation		15,240		299,314
Navient Corporation		66,764		889,297
Old Second Bancorp, Inc.		64,010		873,737
Oppenheimer Holdings, Inc. Class A		23,509		630,041
Pacific Premier Bancorp, Inc.D*		56,915		2,276,600
Peapack Gladstone Financial CorporationD		29,363		1,028,292
Pinnacle Financial Partners, Inc.		17,166		1,138,106
ProAssurance Corporation		55,950		3,197,543
QCR Holdings, Inc.		21,024		900,878
Reinsurance Group of America, Inc.		17,778		2,772,124
Republic Bancorp, Inc. Class A		1,341		50,985
Riverview Bancorp, Inc.D		77,068		668,180
Safeguard Scientifics, Inc.*		31,933		357,650
Sierra Bancorp		24,156		641,583
Solar Senior Capital, Ltd.D		19,422		344,935
Southern Missouri Bancorp, Inc.D		9,016		338,911
State Bank Financial CorporationD		40,314		1,202,970
Synovus Financial Corporation		31,461		1,508,240
Texas Capital Bancshares, Inc.D*		24,080		2,140,712
Third Point Reinsurance, Ltd.*		86,465		1,266,712
Torchmark Corporation		2,881		261,336
TriCo Bancshares		27,735		1,050,047
TrustCo Bank Corporation		123,766		1,138,647
United Community Banks, Inc.		62,970		1,771,976
United Community Financial Corporation		61,911		565,247
United Financial Bancorp, Inc.		9,325		164,493
Voya Financial, Inc.		52,700		2,607,069
Waddell & Reed Financial, Inc. Class AD		57,831		1,291,945
Wintrust Financial Corporation		23,180		1,909,337

	Shares		Value
WisdomTree Investments, Inc.D		254,800	$	3,197,740
				76,144,836
Health Care — 8.3%
Achaogen, Inc.D*		41,000		440,340
Allscripts Healthcare Solutions, Inc.*		87,900		1,278,945
Amedisys, Inc.*		24,400		1,286,124
American Renal Associates Holdings, Inc.D*		55,100		958,740
Applied Genetic Technologies CorporationD*		60,063		216,227
Avexis, Inc.D*		11,150		1,233,970
Blueprint Medicines CorporationD*		31,000		2,337,710
Catalent, Inc.*		29,440		1,209,395
Catalyst Pharmaceuticals, Inc.*		199,899		781,605
Civitas Solutions, Inc.*		90,000		1,539,000
Cotiviti Holdings, Inc.D*		21,800		702,178
CytomX Therapeutics, Inc.D*		23,274		491,314
Eagle Pharmaceuticals, Inc.D*		4,763		254,439
Emergent BioSolutions, Inc.*		59,010		2,742,195
Enanta Pharmaceuticals, Inc.*		12,694		744,884
Evolent Health, Inc. Class AD*		91,200		1,121,760
Five Star Quality Care, Inc.*Y†††		2,086		—
Globus Medical, Inc. Class AD*		34,720		1,426,992
HealthEquity, Inc.D*		35,200		1,642,432
Heska Corporation*		15,300		1,227,213
Innoviva, Inc.D*		94,024		1,334,201
Inogen, Inc.*		18,400		2,191,072
Invacare CorporationD		23,800		401,030
iRhythm Technologies, Inc.*		36,800		2,062,640
K2M Group Holdings, Inc.*		81,700		1,470,600
Masimo Corporation*		13,400		1,136,320
Ophthotech Corporation*		105,033		327,703
Phibro Animal Health Corporation Class A		28,467		953,645
Pieris Pharmaceuticals, Inc.*		80,179		605,351
PRA Health Sciences, Inc.*		20,500		1,866,935
Providence Service Corporation (The)*		19,508		1,157,605
Psychemedics CorporationD		14,308		294,172
Radius Health, Inc.D*		58,200		1,849,014
Repligen Corporation*		70,300		2,550,484
RTI Surgical, Inc.*		117,110		480,151
Sarepta Therapeutics, Inc.D*		25,200		1,402,128
Sienna Biopharmaceuticals, Inc.D*		18,700		339,405
Vanda Pharmaceuticals, Inc.D*		58,258		885,522
VIVUS, Inc.D*		303,935		152,758
West Pharmaceutical Services, Inc.		31,590		3,116,985
				46,213,184
Industrials — 20.4%
ACCO Brands Corporation*		266,277		3,248,579
Alamo Group, Inc.		12,544		1,415,841
Albany International Corporation Class AD		57,200		3,514,940
Allegiant Travel Co.D		19,450		3,009,887
ArcBest Corporation		18,570		663,878
Argan, Inc.D		18,420		828,900
Astronics CorporationD*		66,254		2,747,553

224 See Notes to Financial Statements.

	Shares		Value
Atento SAD		104,900	$	1,064,735
AZZ, Inc.		37,977		1,940,625
Beacon Roofing Supply, Inc.*		47,600		3,034,976
BMC Stock Holdings, Inc.*		35,460		897,138
CAI International, Inc.*		26,279		744,221
Clean Harbors, Inc.*		56,100		3,040,620
Columbus McKinnon Corporation		118,107		4,721,918
Commercial Vehicle Group, Inc.*		75,735		809,607
Continental Building Products, Inc.D*		22,784		641,370
Covenant Transportation Group, Inc. Class A*		21,061		605,083
CRA International, Inc.		18,436		828,698
Daseke, Inc.*		80,000		1,143,200
Ducommun, Inc.*		58,002		1,650,157
Dycom Industries, Inc.D*		9,250		1,030,728
EMCOR Group, Inc.		35,700		2,918,475
EnerSys, Inc.		27,150		1,890,454
Ennis, Inc.		23,021		477,686
Exponent, Inc.		36,400		2,588,040
Forward Air Corporation		25,708		1,476,668
FreightCar America, Inc.		14,160		241,853
Global Brass & Copper Holdings, Inc.		30,282		1,002,334
Goldfield Corporation (The)*		11,985		58,727
Greenbrier Cos., Inc. (The)		50,857		2,710,678
Healthcare Services Group, Inc.		40,050		2,111,436
Heidrick & Struggles International, Inc.		24,226		594,748
Herc Holdings, Inc.*		9,343		584,965
Huron Consulting Group, Inc.*		35,300		1,427,885
ICF International, Inc.*		35,800		1,879,500
Insteel Industries, Inc.D		59,476		1,684,360
Interface, Inc.		49,937		1,255,916
Kforce, Inc.		4,760		120,190
Korn/Ferry International		33,235		1,375,264
Lydall, Inc.*		32,092		1,628,669
Marten Transport, Ltd.		61,511		1,248,673
Meritor, Inc.*		7,967		186,906
Milacron Holdings Corporation*		149,600		2,863,344
Miller Industries, Inc.		27,520		710,016
Moog, Inc. Class A*		21,067		1,829,669
NCI Building Systems, Inc.*		52,770		1,018,461
NN, Inc.D		115,970		3,200,772
Old Dominion Freight Line, Inc.		4,880		641,964
On Assignment, Inc.*		76,300		4,903,801
Owens Corning		31,643		2,909,257
Patrick Industries, Inc.*		92,566		6,428,709
Radiant Logistics, Inc.D*		113,067		520,108
RBC Bearings, Inc.*		14,500		1,832,800
Rexnord Corporation*		72,100		1,876,042
RPX Corporation		94,886		1,275,268
Rush Enterprises, Inc. Class A*		6,428		326,607
Ryder System, Inc.		27,687		2,330,415
Spirit Airlines, Inc.*		8,450		378,983
TriNet Group, Inc.D*		60,400		2,678,136
UniFirst CorporationD		13,700		2,259,130
USA Truck, Inc.*		35,010		634,731
Vectrus, Inc.*		18,527		571,558
Viad Corporation		32,200		1,783,880

	Shares		Value
Wabash National CorporationD		47,439	$	1,029,426
WageWorks, Inc.*		82,250		5,099,500
Watts Water Technologies, Inc. Class A		20,000		1,519,000
				113,667,658
Information Technology — 17.4%
2U, Inc.D*		62,600		4,038,326
ACI Worldwide, Inc.*		65,900		1,493,953
Acxiom Corporation*		63,600		1,752,816
Alpha & Omega Semiconductor, Ltd.*		42,867		701,304
Ambarella, Inc.D*		9,420		553,425
American Software, Inc. Class A		26,489		308,067
Amkor Technology, Inc.*		97,442		979,292
Aspen Technology, Inc.*		28,772		1,904,706
Blackhawk Network Holdings, Inc.D*		55,200		1,967,880
Blackline, Inc.D*		53,100		1,741,680
Carbonite, Inc.D*		38,400		963,840
Cision, Ltd.D*		117,200		1,391,164
Cloudera, Inc.D*		74,000		1,222,480
Coherent, Inc.*		12,140		3,426,151
DHI Group, Inc.*		282,284		536,340
Diodes, Inc.*		21,070		604,077
Electro Scientific Industries, Inc.*		11,418		244,688
Envestnet, Inc.*		43,900		2,188,415
Exela Technologies, Inc.D*		213,000		1,096,950
ExlService Holdings, Inc.*		52,150		3,147,253
Fair Isaac Corporation		15,750		2,412,900
Ichor Holdings, Ltd.D*		20,781		511,213
Instructure, Inc.*		39,700		1,314,070
InterDigital, Inc.D*		40,080		3,052,092
inTEST CorporationD*		48,056		415,684
j2 Global, Inc.D		56,400		4,231,692
Jabil, Inc.		62,189		1,632,461
Kimball Electronics, Inc.*		45,187		824,663
Kulicke & Soffa Industries, Inc.*		43,256		1,052,635
Littelfuse, Inc.		13,400		2,650,788
MACOM Technology Solutions Holdings, Inc.D*		40,500		1,317,870
MAXIMUS, Inc.		23,600		1,689,288
MicroStrategy, Inc. Class A*		2,631		345,450
MKS Instruments, Inc.		95,897		9,062,266
New Relic, Inc.*		32,400		1,871,748
NIC, Inc.		63,900		1,060,740
Paycom Software, Inc.D*		40,300		3,237,299
Pegasystems, Inc.		45,700		2,154,755
Photronics, Inc.*		99,363		847,070
Progress Software Corporation		47,872		2,037,911
Q2 Holdings, Inc.*		93,200		3,434,420
QAD, Inc. Class A		13,766		534,809
RealPage, Inc.D*		37,900		1,678,970
Reis, Inc.D		63,538		1,312,060
Science Applications International Corporation		23,800		1,822,366
Synaptics, Inc.D*		14,900		595,106
Synchronoss Technologies, Inc.D*		63,044		563,613
Take-Two Interactive Software, Inc.*		16,960		1,861,869
TESSCO Technologies, Inc.		42,689		860,183

See Notes to Financial Statements. 225

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Tyler Technologies, Inc.*		11,434	$	2,024,390
Vishay Intertechnology, Inc.		102,643		2,129,842
Web.com Group, Inc.*		36,283		790,969
WEX, Inc.*		45,000		6,355,350
Zix Corporation*		126,118		552,397
				96,501,746
Materials — 3.9%
AdvanSix, Inc.*		21,763		915,569
Alcoa Corporation*		7,397		398,476
Boise Cascade Co.		39,609		1,580,399
Cabot Corporation		15,168		934,197
Ferro Corporation*		42,320		998,329
FutureFuel Corporation		73,299		1,032,783
Koppers Holdings, Inc.*		50,298		2,560,168
Louisiana-Pacific Corporation*		48,278		1,267,780
Mercer International, Inc.		74,592		1,066,666
Myers Industries, Inc.		19,329		376,916
OMNOVA Solutions, Inc.*		176,308		1,763,080
Orion Engineered Carbons SA		44,344		1,135,206
PolyOne Corporation		41,775		1,817,212
Resolute Forest Products, Inc.*		64,482		712,526
Summit Materials, Inc. Class AD*		42,409		1,333,339
Trinseo SA		17,380		1,261,788
UFP Technologies, Inc.*		15,127		420,531
Universal Stainless & Alloy Products, Inc.*		55,449		1,187,718
Verso Corporation Class A*		41,642		731,650
				21,494,333
Real Estate — 5.7%
Altisource Portfolio Solutions SAD*		11,964		334,992
Ashford Hospitality Prime, Inc. REIT		43,123		419,587
Ashford Hospitality Trust, Inc. REIT		180,708		1,216,165
CoreSite Realty Corporation REITD		7,698		876,802
CubeSmart REIT		23,190		670,655
DiamondRock Hospitality Co. REIT		158,387		1,788,189
Franklin Street Properties Corporation REIT		26,740		287,188
Hersha Hospitality Trust REITD		76,980		1,339,452
HFF, Inc. Class A		27,300		1,327,872
Jones Lang LaSalle, Inc.		14,282		2,127,018
Kennedy-Wilson Holdings, Inc.D		184,925		3,208,449
Liberty Property Trust REIT		39,987		1,719,841
Mack-Cali Realty Corporation REIT		18,942		408,389
Marcus & Millichap, Inc.*		6,583		214,672
MedEquities Realty Trust, Inc. REIT		41,357		464,025
Monmouth Real Estate Investment Corporation REIT		51,974		925,137
National Storage Affiliates Trust REIT		53,000		1,444,780
NexPoint Residential Trust, Inc. REITD		37,303		1,042,246
Park Hotels & Resorts, Inc. REIT		75,677		2,175,714
Pebblebrook Hotel Trust REITD		8,664		322,041
Physicians Realty Trust REIT		49,440		889,426

	Shares		Value
Rexford Industrial Realty, Inc. REIT		62,876	$	1,833,464
RMR Group, Inc. (The) Class AD		18,112		1,074,041
Ryman Hospitality Properties, Inc. REIT		26,160		1,805,563
Williams Scotsman CorporationD*		119,900		1,522,730
Xenia Hotels & Resorts, Inc. REIT		93,452		2,017,629
				31,456,067
Telecommunication Services — 1.1%
Cogent Communications Holdings, Inc.		35,700		1,617,210
Shenandoah Telecommunications Co.D		71,000		2,399,800
Telephone & Data Systems, Inc.		18,754		521,361
Vonage Holdings Corporation*		154,550		1,571,774
				6,110,145
Utilities — 2.4%
AES Corporation		138,435		1,499,251
AquaVenture Holdings, Ltd.D*		50,000		776,000
El Paso Electric Co.		21,453		1,187,424
OGE Energy Corporation		3,907		128,579
Portland General Electric Co.		46,645		2,126,079
Southwest Gas Holdings, Inc.		24,123		1,941,419
Spire, Inc.D		14,210		1,067,882
UGI Corporation		49,231		2,311,395
Vectren Corporation		34,841		2,265,362
				13,303,391
Total Common Stocks (Cost $419,583,643)				512,079,901
FOREIGN COMMON STOCKS — 2.3%
Canada — 1.1%
Colliers International Group, Inc.D		15,231		919,191
FirstService Corporation		20,483		1,432,171
Hudbay Minerals, Inc.D		42,698		375,743
IMAX CorporationD*		70,900		1,641,335
North American Energy Partners, Inc.		14,404		71,300
SunOpta, Inc.D*		131,300		1,017,575
Taseko Mines, Ltd.*		247,134		575,822
				6,033,137
Curacao — 0.2%
Orthofix International NV*		25,529		1,396,436
France — 0.5%
DBV Technologies SA ADR*		21,000		516,600
Talend SA ADR*		54,200		2,031,416
				2,548,016
Israel — 0.2%
Pointer Telocation, Ltd.D*		19,093		355,130
Taro Pharmaceutical Industries, Ltd.*		7,964		833,910
				1,189,040

226 See Notes to Financial Statements.

	Shares		Value
United Kingdom — 0.3%
OM Asset Management PLC		95,271	$	1,595,789
Total Foreign Common Stocks (Cost $12,535,804)				12,762,418
MASTER LIMITED PARTNERSHIP — 0.8%
Compass Diversified Holdings (Cost $3,796,996)		252,115		4,273,349

	Par
CORPORATE BONDS — 0.0%
Lehman Escrow Bonds
0.00%, 07/19/17Y†††W#	$	160,000	—
0.00%, 12/28/17Y†††W#		120,000	—
0.00%, 08/19/45Y†††W#		50,000	—
0.00%, 11/29/49Y†††W#		10,000	—
Total Corporate Bonds (Cost $0)			—

	Shares
MONEY MARKET FUNDS — 9.0%
GuideStone Money Market Fund (Investor Class)¥		24,757,614	24,757,614
Northern Institutional Liquid Assets Portfolio§		24,953,905	24,953,905
Northern Institutional U.S. Government Portfolio		65,702	65,702
Total Money Market Funds (Cost $49,777,221)			49,777,221

	Par
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill 1.42%, 06/07/18W‡‡ (Cost $1,192,621)	$	1,200,000		1,192,395
TOTAL INVESTMENTS — 104.4% (Cost $486,886,285)				580,085,284
Liabilities in Excess of Other Assets — (4.4)%				(24,189,213	)
NET ASSETS — 100.0%			$	555,896,071

See Notes to Financial Statements. 227

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Futures Contracts outstanding at December 31, 2017:
Future Type	Expiration Date		Open Long (Short) Contracts		Notional   Market Value   of Contracts		Counterparty		Value and Unrealized Appreciation (Depreciation)
Russell 2000 Mini Index		03/2018		322	$	24,737,650		GSC	$	177,616

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks:
Consumer Discretionary	$	78,259,457	$	78,259,457	$	—	$	—
Consumer Staples		5,812,888		5,812,888		—		—
Energy		23,116,196		23,116,196		—		—
Financials		76,144,836		76,144,836		—		—
Health Care		46,213,184		46,213,184		—		—	**
Industrials		113,667,658		113,667,658		—		—
Information Technology		96,501,746		96,501,746		—		—
Materials		21,494,333		21,494,333		—		—
Real Estate		31,456,067		31,456,067		—		—
Telecommunication Services		6,110,145		6,110,145		—		—
Utilities		13,303,391		13,303,391		—		—
Corporate Bonds		—		—		—		—	**
Foreign Common Stocks		12,762,418		12,762,418		—		—
Master Limited Partnership		4,273,349		4,273,349		—		—
Money Market Funds		49,777,221		49,777,221		—		—
U.S. Treasury Obligation		1,192,395		—		1,192,395		—
Total Assets - Investments in Securities	$	580,085,284	$	578,892,889	$	1,192,395	$	—
Other Financial Instruments***
Futures Contracts	$	177,616	$	177,616	$	—	$	—
Total Assets - Other Financial Instruments	$	177,616	$	177,616	$	—	$	—

** Level 3 security has zero value.

***Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

228 See Notes to Financial Statements.

International Equity Index Fund (Unaudited)

Developed non-U.S. markets outperformed their U.S. counterparts in what was a strong year for both market regions. The MSCI Europe, Australasia and Far East Index (Net) (“MSCI EAFE Index”), a measure of international developed market returns, posted a 25.03% return for the one-year period ended December 31, 2017. As was generally the case globally, growth-oriented equities were dominant relative to those that are value-oriented. At the country level, Japan, the United Kingdom and France contributed the most to the index’s return, with all countries positively contributing to the index’s performance. Technology and materials were the strongest performing sectors. The weakest sector, telecommunications, still realized a double digit absolute return. Weakness in the U.S. dollar also contributed positively to the performance of the index during the year with the local return index underperforming the U.S. dollar index by 9.80%.

The Fund was passively managed and attempted to duplicate the investment composition and performance of its benchmark, the MSCI EAFE Index. The objective of the Fund is to provide investment results approximating the aggregate price and dividend performance of the securities included in the MSCI EAFE Index. (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 United States and Canada.) 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 may be excluded from the Fund’s portfolio because of social investment policies and restrictions (100% would indicate a perfect correlation). For the one-year period ended December 31, 2017, the Fund returned 24.69%; whereas, the MSCI EAFE Index returned 25.03%. The return differential was primarily a result of social restrictions and expenses of the Fund.

In 2017, 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 equities. Securities of foreign issuers may be negatively impacted by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries, and they also may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Investing in emerging markets may involve greater risks than investing in more developed foreign markets because, among other things, emerging markets often have more political and economic instability. Derivatives involve different risks from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in value of the underlying instruments may produce disproportionate losses to the Fund. It is possible to lose money by investing in the Fund.

At December 31, 2017, 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.

	%
Financials		20.2
Industrials		14.2
Consumer Discretionary		10.9
Health Care		9.6
Consumer Staples		9.4
Materials		8.1
Information Technology		6.3
Energy		5.1
Telecommunication Services		4.0
Money Market Funds		4.0
Real Estate		3.7
Utilities		3.6
Foreign Preferred Stocks		0.6
U.S. Treasury Obligation		0.2
Rights		—	**
		99.9

**Rounds to less than 0.005%

See Notes to Financial Statements. 229

International Equity Index Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class*	Benchmark**
One Year	24.69%	25.03%
Five Year	N/A	N/A
Ten Year	N/A	N/A
Since Inception	5.27%	5.67%
Inception Date	06/01/15
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(1)	0.58%

⁽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 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.

230 See Notes to Financial Statements.

INTERNATIONAL EQUITY INDEX FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Shares		Value
FOREIGN COMMON STOCKS — 95.1%
Australia — 6.5%
AGL Energy, Ltd.		9,921	$	188,567
Alumina, Ltd.D		20,465		38,802
Amcor, Ltd.		13,418		161,438
AMP, Ltd.		39,540		160,117
APA Group		18,011		117,062
ASX, Ltd.		2,561		109,622
Aurizon Holdings, Ltd.		25,222		97,610
AusNet Services		49,248		69,359
Australia & New Zealand Banking Group, Ltd.		35,321		792,052
Bank of Queensland, Ltd.		4,076		40,453
Bendigo and Adelaide Bank, Ltd.D		5,305		48,305
BHP Billiton, Ltd.		37,865		873,621
BlueScope Steel, Ltd.		5,856		70,228
Boral, Ltd.		16,052		97,566
Brambles, Ltd.		18,049		141,813
Caltex Australia, Ltd.		3,172		84,272
Challenger, Ltd.		7,895		86,426
CIMIC Group, Ltd.		1,937		77,759
Coca-Cola Amatil, Ltd.		36,305		241,063
Cochlear, Ltd.		717		95,793
Commonwealth Bank of Australia		20,661		1,295,141
Computershare, Ltd.		7,203		91,608
CSL, Ltd.		5,701		628,531
Dexus REIT		13,896		105,713
Domino’s Pizza Enterprises, Ltd.D		1,020		37,166
Flight Centre Travel Group, Ltd.		1,053		36,348
Fortescue Metals Group, Ltd.		18,782		71,515
Goodman Group REIT		27,480		180,536
GPT Group (The) REIT		20,139		80,296
Harvey Norman Holdings, Ltd.D		9,185		29,885
Healthscope, Ltd.		21,042		34,478
Incitec Pivot, Ltd.		17,247		52,482
Insurance Australia Group, Ltd.		29,869		168,730
Lend Lease Group		7,738		98,714
Macquarie Group, Ltd.		3,969		308,535
Medibank Pvt., Ltd.		33,732		86,591
Mirvac Group REIT		50,361		92,341
National Australia Bank, Ltd.		31,669		730,667
Newcrest Mining, Ltd.		8,925		158,912
Orica, Ltd.		4,853		68,537
Origin Energy, Ltd.*		21,981		161,559
QBE Insurance Group, Ltd.		15,735		131,121
Ramsay Health Care, Ltd.		1,607		87,921
REA Group, Ltd.		1,108		66,265
Rio Tinto, Ltd.		4,423		261,624
Santos, Ltd.*		23,166		98,510
Scentre Group REIT		65,680		214,724
SEEK, Ltd.		3,958		58,707
Sonic Healthcare, Ltd.		5,071		90,449
South32, Ltd.		58,584		159,529
Stockland REIT		27,645		96,634
Suncorp Group, Ltd.		15,116		163,468
Sydney Airport		13,845		76,158
Telstra Corporation, Ltd.		51,978		147,218
TPG Telecom, Ltd.D		4,589		23,524

	Shares		Value
Transurban Group		27,666	$	268,319
Vicinity Centres REIT		48,069		102,016
Wesfarmers, Ltd.		19,647		680,940
Westfield Corporation REIT		22,412		165,951
Westpac Banking Corporation		39,976		977,847
Woodside Petroleum, Ltd.		10,117		261,127
				12,242,265
Austria — 0.2%
ANDRITZ AG		720		40,676
Erste Group Bank AG*		3,328		144,171
OMV AG		1,954		123,860
Raiffeisen Bank International AG*		1,472		53,339
voestalpine AG		671		40,130
				402,176
Belgium — 0.8%
Ageas		2,844		138,935
Colruyt SA		1,898		98,744
Groupe Bruxelles Lambert SA		2,113		228,150
KBC Groep NV		3,232		275,758
Proximus SADP		2,723		89,358
Solvay SA		1,545		214,852
Telenet Group Holding NV*		1,213		84,545
UCB SA		3,028		240,442
Umicore SA		2,666		126,209
				1,496,993
Denmark — 1.7%
AP Moeller - Maersk A/S Class A		78		130,237
AP Moeller - Maersk A/S Class B		60		104,824
Chr. Hansen Holding A/SD		3,316		311,040
Coloplast A/S Class B		2,241		178,241
Danske Bank A/S		11,314		440,547
DSV A/S		2,874		226,318
Genmab A/S*		912		151,248
H Lundbeck A/S		1,506		76,457
ISS A/S		3,171		122,809
Novozymes A/S, B Shares		6,119		349,604
Orsted A/S 144A		3,274		178,720
Pandora A/S		1,677		182,573
TDC A/S		15,366		94,429
Tryg A/S		3,476		86,946
VestasWind Systems A/S		5,407		373,672
William Demant Holding A/S*		4,113		115,011
				3,122,676
Finland — 1.0%
Elisa OYJ		2,673		104,940
Fortum OYJ		6,738		133,396
Kone OYJ Class B		3,899		209,490
Metso OYJ		1,554		53,084
Neste OYJ		1,549		99,155
Nokia OYJ		76,564		357,723
Nokian Renkaat OYJ		1,038		47,078
Orion OYJ Class B		2,199		82,004
Sampo OYJ, A Shares		6,925		380,550
Stora Enso OYJ, R Shares		8,351		132,464
UPM-Kymmene OYJ		7,209		224,114

See Notes to Financial Statements. 231

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Wartsila OYJ Abp		1,884	$	118,903
				1,942,901
France — 9.7%
Accor SA		3,183		164,222
Aeroports de Paris		428		81,395
Air Liquide SA		5,635		710,259
Alstom SA		1,430		59,375
Arkema SA		687		83,707
Atos SE		867		126,237
AXA SA		25,613		760,150
BioMerieux		494		44,271
BNP Paribas SA		13,562		1,012,955
Bollore SA		12,330		66,988
Bollore SA NV*		70		382
Bouygues SA		2,324		120,768
Bureau Veritas SA		4,705		128,656
Capgemini SE		1,772		210,253
Carrefour SA		7,729		167,296
Casino Guichard Perrachon SAD		458		27,784
Cie de St-Gobain		6,308		347,969
Cie Generale des Etablissements
Michelin		1,940		278,278
CNP Assurances		2,393		55,286
Credit Agricole SA		13,884		229,890
Danone SA		10,924		916,846
Dassault Aviation SA		24		37,375
Dassault Systemes SA		1,801		191,437
Edenred		3,343		96,988
Eiffage SA		840		92,059
Electricite de France SAD		7,377		92,230
Engie SA		21,964		377,778
Essilor International Cie Generale d’Optique SA		2,757		380,253
Eurazeo SA		346		31,966
Eurofins Scientific SE Millicom International Cellular SA SDR		243		147,998
Eutelsat Communications SA		2,168		50,192
Faurecia		908		70,957
Fonciere Des Regions REIT		802		90,916
Gecina SA REIT		693		127,967
Getlink SE		6,054		77,869
Hermes International		529		283,244
ICADE REIT		531		52,199
Iliad SA		371		88,918
Imerys SA		385		36,281
Ingenico Group		673		71,875
Ipsen SA		876		104,655
JCDecaux SA		1,071		43,184
Kering		1,292		609,231
Klepierre REIT		3,685		162,112
L’Oreal SA		3,708		822,851
Lagardere SCA		1,521		48,782
Legrand SA		2,556		196,859
Natixis SA		17,495		138,459
Orange SA		22,877		397,324
Peugeot SA		5,412		110,099
Publicis Groupe SA		2,439		165,783
Renault SA		2,104		211,829

	Shares		Value
Rexel SA		2,931	$	53,173
Safran SA		3,803		392,010
Sanofi		15,418		1,329,174
Schneider Electric SE*		7,149		607,818
SCOR SE		1,503		60,494
SEB SA		564		104,519
SES SAD		3,858		60,224
Societe BIC SA		295		32,444
Societe Generale SA		9,129		471,545
Sodexo SA		1,234		165,903
Suez		7,046		123,980
Teleperformance		689		98,749
Thales SA		918		98,999
TOTAL SAD		30,253		1,671,390
Ubisoft Entertainment SA*		754		58,027
Unibail-Rodamco SE REIT		1,439		362,583
Valeo SA		2,680		200,235
Veolia Environnement SA		5,489		140,117
Vinci SA		6,807		695,452
Vivendi SA		13,522		363,750
Wendel SA		398		68,957
Zodiac Aerospace		2,025		60,572
				18,222,752
Germany — 8.8%
adidas AG		2,491		499,582
Allianz SE		6,233		1,432,164
Axel Springer SE		487		38,057
BASF SE		11,630		1,280,163
Bayerische Motoren Werke AG		4,221		439,756
Beiersdorf AG		1,876		220,365
Brenntag AG		1,403		88,832
Commerzbank AG*		12,089		181,385
Continental AG		1,352		365,076
Covestro AG 144A		1,188		122,629
Daimler AG		11,841		1,005,886
Deutsche Bank AGD		26,568		506,057
Deutsche Boerse AG		2,426		281,769
Deutsche Lufthansa AG		3,059		112,753
Deutsche Post AG		11,584		552,488
Deutsche Telekom AG		42,112		747,563
Deutsche Wohnen SE		4,815		210,640
Drillisch AG		634		52,359
E.ON SE		26,940		292,887
Evonik Industries AG		1,751		65,906
Fraport AG Frankfurt Airport ServicesWorldwide		412		45,410
Fresenius Medical Care AG & Co. KGaA		3,248		342,089
Fresenius SE & Co. KGaA		5,986		467,352
GEA Group AG*		2,114		101,485
Hannover Rueck SE		793		99,810
HeidelbergCement AG		1,752		189,718
Henkel AG & Co KGaA		1,747		209,614
HOCHTIEF AG		215		38,076
HUGO BOSS AGD		951		80,947
Infineon Technologies AG		14,196		388,950
Innogy SE 144A		2,135		83,703

232 See Notes to Financial Statements.

	Shares		Value
K+S AG		1,931	$	48,088
KION Group AG		713		61,578
LANXESS AG		1,208		96,082
Linde AG*		2,281		532,729
Merck KGaA		2,991		322,090
METRO AGD*		2,082		41,593
MTU Aero Engines AG		620		111,140
Muenchener Rueckversicherungs-Gesellschaft AG		1,808		392,106
OSRAM Licht AG		1,047		94,130
ProSiebenSat.1 Media SED		2,829		97,436
RTL Group SA		567		45,629
RWE AG*		6,519		132,971
SAP SE		12,496		1,401,126
Siemens AG		9,509		1,325,199
Symrise AG		1,436		123,400
Telefonica Deutschland Holding AG		8,893		44,666
thyssenkrupp AG		4,887		141,989
TUI AG		5,007		104,107
Uniper SE		2,406		75,058
United Internet AG		1,502		103,337
Volkswagen AGD		584		118,210
Vonovia SE		6,623		328,910
Wirecard AG		1,403		156,673
Zalando SED* 144A		1,333		70,558
				16,512,276
Hong Kong — 3.1%
AIA Group, Ltd.		145,600		1,242,087
ASM Pacific Technology, Ltd.		3,200		44,603
Bank of East Asia, Ltd. (The)		12,927		56,008
BOC Hong Kong Holdings, Ltd.		43,500		220,483
CK Asset Holdings, Ltd.		34,000		297,228
CK Hutchison Holdings, Ltd.		32,500		408,078
CK Infrastructure Holdings, Ltd.		9,500		81,651
CLP Holdings, Ltd.		26,000		266,062
First Pacific Co., Ltd.		38,000		25,778
Hang Lung Group, Ltd.		12,000		44,158
Hang Lung Properties, Ltd.		26,000		63,562
Hang Seng Bank, Ltd.		8,800		218,512
Henderson Land Development Co., Ltd.		14,278		94,116
HK Electric Investments & HK
Electric Investments, Ltd. 144A		86,500		79,161
HKT Trust & HKT, Ltd.		69,000		87,963
Hong Kong & China Gas Co., Ltd.		152,421		298,878
Hong Kong Exchanges and Clearing, Ltd.		14,517		445,571
Hysan Development Co., Ltd.		9,000		47,748
Kerry Properties, Ltd.		9,500		42,740
Li & Fung, Ltd.		86,000		47,222
Link REIT		27,500		255,013
MTR Corporation, Ltd.		21,477		125,901
New World Development Co., Ltd.D		76,854		115,485
NWS Holdings, Ltd.		21,399		38,619
PCCW, Ltd.		102,000		59,272
Power Assets Holdings, Ltd.		17,500		147,721
Shangri-La Asia, Ltd.		32,000		72,660

	Shares		Value
Sino Land Co., Ltd.		41,835	$	74,108
Sun Hung Kai Properties, Ltd.		19,000		317,119
Swire Pacific, Ltd. Class A		6,500		60,192
Swire Properties, Ltd.		13,000		41,931
Techtronic Industries Co., Ltd.		17,500		114,123
WH Group, Ltd. 144A		113,500		128,131
Wharf Holdings, Ltd. (The)		15,000		51,838
Wharf Real Estate Investment Co., Ltd.*		15,000		99,836
Wheelock & Co., Ltd.		10,000		71,421
Yue Yuen Industrial Holdings, Ltd.		8,000		31,435
				5,916,414
Ireland — 0.5%
Bank of Ireland Group PLC*		9,604		81,758
CRH PLC		9,682		347,986
DCC PLC		962		96,959
James Hardie Industries PLC CDI		5,216		92,058
Kerry Group PLC Class A		2,819		316,252
				935,013
Israel — 0.5%
Azrieli Group		1,239		69,241
Bank Hapoalim BM		15,980		117,354
Bank Leumi Le-Israel BM		19,282		116,062
Bezeq The Israeli Telecommunication Corporation, Ltd.		62,148		93,946
Check Point Software Technologies, Ltd.*		1,600		165,792
Elbit Systems, Ltd.		512		68,394
Frutarom Industries, Ltd.		340		31,861
Israel Chemicals, Ltd.		20,530		83,130
Mizrahi Tefahot Bank, Ltd.		1,129		20,796
Nice, Ltd.		1,027		93,844
				860,420
Italy — 1.8%
Assicurazioni Generali SpA		14,076		256,714
Atlantia SpA		4,528		142,995
Enel SpA		105,552		649,697
Eni SpA		32,310		534,987
Intesa Sanpaolo SpA*		162,649		539,574
Leonardo SpA		3,992		47,515
Luxottica Group SpA		2,326		142,752
Mediobanca SpA		3,955		44,892
Poste Italiane SpA D 144A		1,382		10,405
Prysmian SpA		1,492		48,675
Recordati SpA		2,880		128,063
Snam SpA		19,199		93,987
Telecom Italia SpA*		170,573		142,934
Tenaris SAD		5,417		85,535
Terna Rete Elettrica Nazionale SpA		10,305		59,893
UniCredit SpA*		24,744		462,556
				3,391,174
Japan — 23.0%
ABC-Mart, Inc.		100		5,742
Acom Co., Ltd.D*		3,200		13,490
AEON Co., Ltd.		8,000		135,079

See Notes to Financial Statements. 233

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
AEON Financial Service Co., Ltd.		800	$	18,631
AEON Mall Co., Ltd.		900		17,605
AirWater, Inc.		2,000		42,210
Aisin Seiki Co., Ltd.		1,900		106,741
Ajinomoto Co., Inc.		9,400		176,946
Alfresa Holdings Corporation		1,900		44,635
Alps Electric Co., Ltd.D		2,100		60,013
Amada Holdings Co., Ltd.		4,700		63,988
ANA Holdings, Inc.		1,300		54,296
Aozora Bank, Ltd.		500		19,459
Asahi Glass Co., Ltd.		3,000		129,931
Asahi Kasei Corporation		15,000		193,499
ASICS Corporation		1,700		27,097
Astellas Pharma, Inc.		25,400		323,939
Bandai Namco Holdings, Inc.		2,400		78,491
Bank of Kyoto, Ltd. (The)D		600		31,258
Benesse Holdings, Inc.		900		31,751
Bridgestone Corporation		7,700		357,955
Brother Industries, Ltd.		2,500		61,682
Calbee, Inc.D		2,100		68,307
Canon, Inc.		13,400		499,490
Casio Computer Co., Ltd.		2,100		30,212
Central Japan Railway Co.		1,800		322,378
Chiba Bank, Ltd. (The)		12,000		99,898
Chubu Electric Power Co., Inc.		8,200		101,922
Chugai Pharmaceutical Co., Ltd.		3,200		163,870
Chugoku Electric Power Co., Inc. (The)		3,100		33,318
Coca-Cola Bottlers Japan Holdings, Inc.		3,900		142,432
Concordia Financial Group, Ltd.		13,500		81,473
Credit Saison Co., Ltd.		2,000		36,388
CYBERDYNE, Inc.D*		1,200		20,672
Dai Nippon Printing Co., Ltd.		3,500		78,061
Daicel Corporation		3,100		35,271
Daifuku Co., Ltd.		1,200		65,392
Dai-ichi Life Holdings, Inc.		12,400		255,759
Daiichi Sankyo Co., Ltd.		7,000		182,463
Daikin Industries, Ltd.		3,000		355,048
Daito Trust Construction Co., Ltd.		800		163,124
Daiwa House Industry Co., Ltd.		7,100		272,658
Daiwa House REIT Investment Corporation		13		30,886
Daiwa Securities Group, Inc.		19,000		119,202
DeNA Co., Ltd.		1,200		24,740
Denso Corporation		6,000		360,133
Dentsu, Inc.		2,500		105,946
Disco Corporation		300		66,749
Don Quijote Holdings Co., Ltd.		1,000		52,274
East Japan Railway Co.		4,300		419,601
Eisai Co., Ltd.		3,800		216,382
Electric Power Development Co., Ltd.		1,800		48,485
FamilyMart UNY Holdings Co., Ltd.		1,100		77,124
FANUC Corporation		2,300		552,367
Fast Retailing Co., Ltd.		700		279,006
Fuji Electric Co., Ltd.		5,000		37,675
FUJIFILM Holdings Corporation		4,700		192,088
Fujitsu, Ltd.		26,000		185,225

	Shares		Value
Fukuoka Financial Group, Inc.		8,000	$	44,943
Hachijuni Bank, Ltd. (The)D		5,000		28,711
Hakuhodo DY Holdings, Inc.		1,900		24,670
Hamamatsu Photonics KK		1,200		40,364
Hankyu Hanshin Holdings, Inc.		2,600		104,531
Hikari Tsushin, Inc.		200		28,755
Hino Motors, Ltd.		2,100		27,211
Hirose Electric Co., Ltd.		300		43,852
Hisamitsu Pharmaceutical Co., Inc.		900		54,555
Hitachi Chemical Co., Ltd.		1,200		30,821
Hitachi Construction Machinery Co., Ltd.		900		32,709
Hitachi High-Technologies Corporation		600		25,294
Hitachi Metals, Ltd.		2,000		28,720
Hitachi, Ltd.		59,000		459,695
Honda Motor Co., Ltd.		21,200		726,642
Hoshizaki Corporation		600		53,197
Hoya Corporation		4,400		219,775
Hulic Co., Ltd.		5,100		57,303
Idemitsu Kosan Co., Ltd.		1,800		72,288
IHI Corporation		1,500		49,922
Iida Group Holdings Co., Ltd.		2,500		47,149
Inpex Corporation		10,400		130,052
Isetan Mitsukoshi Holdings, Ltd.D		3,600		44,635
Isuzu Motors, Ltd.		6,100		102,158
ITOCHU Corporation		17,500		326,625
J. Front Retailing Co., Ltd.		3,400		64,062
Japan Airlines Co., Ltd.		1,200		46,946
Japan Airport Terminal Co., Ltd.		400		14,839
Japan Exchange Group, Inc.		6,600		114,867
Japan Post Bank Co., Ltd.		3,800		49,475
Japan Post Holdings Co., Ltd.D		20,400		233,919
Japan Prime Realty Investment Corporation REIT		9		28,596
Japan Real Estate Investment Corporation REIT		13		61,726
Japan Retail Fund Investment
Corporation REIT		40		73,344
JFE Holdings, Inc.		6,600		158,505
JGC CorporationD		2,000		38,678
JSR Corporation		2,200		43,307
JTEKT Corporation		2,600		44,674
JXTG Holdings, Inc.		37,250		240,344
Kajima Corporation		10,000		96,206
Kakaku.com, Inc.D		1,200		20,288
Kamigumi Co., Ltd.		1,000		22,126
Kaneka Corporation		3,000		27,397
Kansai Electric Power Co., Inc. (The)		8,700		106,554
Kansai Paint Co., Ltd.		2,000		51,972
Kao Corporation		6,000		405,716
Kawasaki Heavy Industries, Ltd.		1,500		52,651
KDDI Corporation		22,100		550,073
Keihan Holdings Co., Ltd.		400		11,786
Keikyu CorporationD		3,000		57,644
Keio Corporation		1,400		61,566
Keisei Electric Railway Co., Ltd.		1,500		48,192
Keyence Corporation		1,200		672,234

234 See Notes to Financial Statements.

	Shares		Value
Kikkoman Corporation		4,000	$	161,881
Kintetsu Group Holdings Co., Ltd.		1,900		72,847
Kobe Steel, Ltd.*		3,500		32,461
Koito Manufacturing Co., Ltd.		1,200		84,349
Komatsu, Ltd.		10,800		390,880
Konami Holdings Corporation		1,100		60,528
Konica Minolta, Inc.		4,700		45,217
Kose Corporation		400		62,445
Kubota Corporation		13,200		258,845
Kuraray Co., Ltd.		5,000		94,342
KuritaWater Industries, Ltd.		900		29,235
Kyocera Corporation		3,900		255,200
Kyowa Hakko Kirin Co., Ltd.		3,000		58,016
Kyushu Electric Power Co., Inc.		6,800		71,274
Kyushu Financial Group, Inc.		3,700		22,395
Kyushu Railway Co.		1,100		34,120
Lawson, Inc.		600		39,885
LINE CorporationD*		500		20,390
Lion Corporation		3,300		62,529
LIXIL Group Corporation		2,600		70,379
M3, Inc.		3,000		105,569
Mabuchi Motor Co., Ltd.		400		21,691
Makita Corporation		2,900		121,868
Marubeni Corporation		19,900		144,135
Marui Group Co., Ltd.D		3,000		54,928
Maruichi Steel Tube, Ltd.D		400		11,715
Mazda Motor Corporation		6,600		88,537
McDonald’s Holdings Co. Japan, Ltd.D		800		35,181
Mebuki Financial Group, Inc.		9,150		38,736
Medipal Holdings Corporation		2,200		43,092
MEIJI Holdings Co., Ltd.		2,300		195,758
Minebea Mitsumi, Inc.		4,000		83,887
MISUMI Group, Inc.		2,800		81,509
Mitsubishi Chemical Holdings Corporation		17,100		187,656
Mitsubishi Corporation		19,300		533,223
Mitsubishi Electric Corporation		24,000		398,633
Mitsubishi Estate Co., Ltd.		16,000		278,323
Mitsubishi Gas Chemical Co., Inc.		2,500		71,777
Mitsubishi Heavy Industries, Ltd.		3,800		141,984
Mitsubishi Materials Corporation		1,200		42,707
Mitsubishi Motors Corporation		8,400		60,684
Mitsubishi Tanabe Pharma Corporation		3,000		62,090
Mitsubishi UFJ Financial Group, Inc.		145,600		1,067,884
Mitsubishi UFJ Lease & Finance Co., Ltd.		4,000		23,821
Mitsui & Co., Ltd.		20,400		331,687
Mitsui Chemicals, Inc.		2,200		70,779
Mitsui Fudosan Co., Ltd.		11,000		246,505
Mitsui OSK Lines, Ltd.		1,300		43,381
Mixi, Inc.		600		26,945
Mizuho Financial Group, Inc.		295,300		536,218
MS&AD Insurance Group Holdings, Inc.		5,400		182,788
Murata Manufacturing Co., Ltd.D		2,200		295,221
Nabtesco Corporation		1,000		38,340
Nagoya Railroad Co., Ltd.		1,600		40,286

	Shares		Value
NEC Corporation		2,900	$	78,243
Nexon Co., Ltd.*		2,200		64,043
NGK Insulators, Ltd.		3,000		56,659
NGK Spark Plug Co., Ltd.D		1,900		46,187
NH Foods, Ltd.		4,000		97,555
Nidec Corporation		2,900		406,914
Nikon Corporation		3,500		70,513
Nintendo Co., Ltd.		1,400		511,791
Nippon Building Fund, Inc. REIT		14		68,462
Nippon Electric Glass Co., Ltd.		600		22,898
Nippon Express Co., Ltd.		1,000		66,474
Nippon Paint Holdings Co., Ltd.		1,900		60,115
Nippon Prologis REIT, Inc.		17		35,954
Nippon Steel & Sumitomo Metal Corporation		9,300		238,618
Nippon Telegraph & Telephone Corporation		8,800		414,012
Nippon Yusen KKD*		1,700		41,476
Nissan Chemical Industries, Ltd.		1,600		63,830
Nissan Motor Co., Ltd.		28,000		279,192
Nisshin Seifun Group, Inc.		5,500		111,098
Nissin Foods Holdings Co., Ltd.		1,600		116,867
Nitori Holdings Co., Ltd.		900		128,320
Nitto Denko Corporation		1,900		168,795
NOK Corporation		800		18,680
Nomura Holdings, Inc.		41,700		246,147
Nomura Real Estate Holdings, Inc.		2,000		44,837
Nomura Real Estate Master Fund, Inc. REIT		37		45,940
Nomura Research Institute, Ltd.		1,719		79,943
NSK, Ltd.		4,700		73,999
NTT Data Corporation		7,500		89,128
NTT DOCOMO, Inc.		17,400		410,929
Obayashi Corporation		7,300		88,371
Obic Co., Ltd.		700		51,440
Odakyu Electric Railway Co., Ltd.		3,000		64,167
Oji Holdings Corporation		8,000		53,250
Olympus Corporation		3,200		122,689
Omron Corporation		2,100		125,245
Ono Pharmaceutical Co., Ltd.		4,900		114,199
Oracle Corporation		700		58,025
Oriental Land Co., Ltd.		2,900		264,327
ORIX Corporation		15,600		263,680
Osaka Gas Co., Ltd.		4,600		88,591
Otsuka Corporation		700		53,676
Otsuka Holdings Co., Ltd.		5,500		241,526
Panasonic Corporation		25,700		376,234
Park24 Co., Ltd.		800		19,149
Persol Holdings Co., Ltd.		2,100		52,633
Pola Orbis Holdings, Inc.		1,400		49,141
Rakuten, Inc.		11,300		103,548
Recruit Holdings Co., Ltd.		12,800		318,083
Renesas Electronics Corporation*		6,000		69,918
Resona Holdings, Inc.		23,900		142,774
Ricoh Co., Ltd.D		7,700		71,550
Rinnai Corporation		300		27,158
Rohm Co., Ltd.		1,100		121,837
Ryohin Keikaku Co., Ltd.		300		93,455

See Notes to Financial Statements. 235

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Santen Pharmaceutical Co., Ltd.		4,300	$	67,586
SBI Holdings, Inc.		2,400		50,183
Secom Co., Ltd.		2,700		203,851
Seibu Holdings, Inc.		2,300		43,499
Seiko Epson Corporation		3,000		70,797
Sekisui Chemical Co., Ltd.		5,400		108,407
Sekisui House, Ltd.		6,900		124,650
Seven & i Holdings Co., Ltd.		9,300		386,527
Seven Bank, Ltd.D		4,800		16,444
Sharp Corporation*		1,400		48,085
Shimadzu Corporation		3,000		68,214
Shimamura Co., Ltd.		200		22,010
Shimano, Inc.		900		126,603
Shimizu Corporation		6,000		61,984
Shin-Etsu Chemical Co., Ltd.		4,800		487,775
Shinsei Bank, Ltd.		400		6,919
Shionogi & Co., Ltd.		3,700		200,212
Shiseido Co., Ltd.		4,600		222,335
Shizuoka Bank, Ltd. (The)D		5,000		51,653
Showa Shell Sekiyu KK		2,900		39,379
SMC Corporation		700		288,138
SoftBank Group Corporation		10,100		799,574
Sohgo Security Services Co., Ltd.		600		32,643
Sompo Holdings, Inc.		4,400		170,416
Sony Corporation		15,500		699,237
Sony Financial Holdings, Inc.		2,000		35,429
Stanley Electric Co., Ltd.		1,300		52,785
Start Today Co., Ltd.		2,600		79,033
Subaru Corporation		7,800		248,035
SUMCO Corporation		2,800		71,767
Sumitomo Chemical Co., Ltd.		19,000		136,588
Sumitomo Corporation		15,400		261,735
Sumitomo Dainippon Pharma Co., Ltd.		3,000		44,571
Sumitomo Electric Industries, Ltd.		8,800		148,782
Sumitomo Heavy Industries, Ltd.		1,200		50,801
Sumitomo Metal Mining Co., Ltd.		2,500		114,888
Sumitomo Mitsui Financial Group, Inc.		16,400		708,544
Sumitomo Mitsui Trust Holdings, Inc.		4,300		170,702
Sumitomo Realty & Development Co., Ltd.		5,000		164,322
Sumitomo Rubber Industries, Inc.		2,100		39,065
Sundrug Co., Ltd.		800		37,204
Suntory Beverage & Food, Ltd.		5,200		231,214
Suruga Bank, Ltd.		1,500		32,177
Suzuken Co., Ltd.		900		37,022
Suzuki Motor Corporation		3,900		226,160
Sysmex Corporation		1,700		133,827
T&D Holdings, Inc.		6,200		106,034
Taiheiyo Cement Corporation		1,200		51,813
Taisei Corporation		3,000		149,368
Taisho Pharmaceutical Holdings Co., Ltd.		300		23,963
Taiyo Nippon Sanso Corporation		1,200		16,795
Takashimaya Co., Ltd.		3,000		31,578
Takeda Pharmaceutical Co., Ltd.		9,700		551,051
TDK Corporation		1,600		127,659

	Shares		Value
Teijin, Ltd.		2,600	$	57,919
Terumo Corporation		3,600		170,615
THK Co., Ltd.		1,000		37,542
Tobu Railway Co., Ltd.		2,000		64,611
Toho Co., Ltd.		1,600		55,451
Toho Gas Co., Ltd.		800		21,939
Tohoku Electric Power Co., Inc.		5,500		70,339
Tokio Marine Holdings, Inc.		8,400		383,265
Tokyo Electric Power Co. Holdings, Inc.*		16,800		66,499
Tokyo Electron, Ltd.		2,000		362,103
Tokyo Gas Co., Ltd.		5,400		123,576
Tokyo Tatemono Co., Ltd.		2,300		31,068
Tokyu Corporation		7,000		111,702
Tokyu Fudosan Holdings Corporation		5,600		40,506
Toppan Printing Co., Ltd.		7,000		63,306
Toray Industries, Inc.		17,000		160,306
Toshiba Corporation*		78,000		219,445
Tosoh Corporation		3,500		79,334
TOTO, Ltd.		2,000		118,039
Toyo Seikan Group Holdings, Ltd.		2,300		36,947
Toyo Suisan Kaisha, Ltd.		2,700		115,380
Toyoda Gosei Co., Ltd.		500		12,722
Toyota Industries Corporation		2,100		134,937
Toyota Motor Corporation		31,316		2,004,724
Toyota Tsusho Corporation		2,500		100,621
Trend Micro, Inc.		1,500		85,068
Tsuruha Holdings, Inc.		400		54,386
Unicharm Corporation		6,800		176,797
United Urban Investment Corporation REIT		28		40,282
USS Co., Ltd.		2,200		46,587
West Japan Railway Co.		1,900		138,729
Yahoo Japan Corporation		17,200		78,921
Yakult Honsha Co., Ltd.		1,500		113,157
Yamada Denki Co., Ltd.		7,600		41,887
Yamaguchi Financial Group, Inc.		2,000		23,767
Yamaha Corporation		1,800		66,457
Yamaha Motor Co., Ltd.		3,100		101,660
Yamato Holdings Co., Ltd.		4,400		88,547
Yamazaki Baking Co., Ltd.D		5,000		97,493
Yaskawa Electric Corporation		3,100		136,601
Yokogawa Electric Corporation		2,500		47,881
Yokohama Rubber Co., Ltd. (The)		1,000		24,522
				43,285,433
Jersey — 1.3%
Experian PLC		16,169		357,148
Ferguson PLC		3,852		277,202
Glencore PLC*		147,035		774,225
Randgold Resources, Ltd.		1,270		127,059
Shire PLC		11,828		622,813
WPP PLC		19,560		354,144
				2,512,591
Netherlands — 4.3%
ABN AMRO Group NV CVA 144A		4,659		150,374
Aegon NV		21,999		140,292

236 See Notes to Financial Statements.

	Shares		Value
AerCap Holdings NV*		1,900	$	99,959
Airbus SE		7,178		714,839
Akzo Nobel NV		2,978		260,912
Altice NV Class AD*		7,305		76,658
ArcelorMittal*		7,722		251,227
ASML Holding NV		4,573		796,426
BoskalisWestminster		993		37,447
CNH Industrial NV		11,766		157,692
EXOR NV		1,420		87,063
Ferrari NV		1,448		151,934
Fiat Chrysler Automobiles NV		12,552		224,552
ING Groep NV		47,372		871,062
Koninklijke Ahold Delhaize NV		14,599		321,167
Koninklijke DSM NV		2,211		211,354
Koninklijke KPN NV		40,973		142,961
Koninklijke Philips NV		13,358		505,510
Koninklijke Vopak NVD		953		41,816
NN Group NV		2,899		125,639
NXP Semiconductor NV*		4,162		487,329
QIAGEN NV*		4,650		146,122
Randstad Holding NV		1,696		104,271
RELX NV		15,283		351,434
STMicroelectronics NV		7,951		173,676
Unilever NV CVA		22,025		1,240,866
Wolters Kluwer NV		4,696		244,988
				8,117,570
New Zealand — 0.2%
Auckland International Airport, Ltd.		10,774		49,478
Fisher & Paykel Healthcare Corporation, Ltd.		6,808		69,236
Fletcher Building, Ltd.D		7,398		39,847
Mercury NZ, Ltd.		4,302		10,275
Meridian Energy, Ltd.		12,874		26,687
Ryman Healthcare, Ltd.		6,330		47,508
Spark New Zealand, Ltd.		18,489		47,564
				290,595
Norway — 0.8%
DNB ASA		10,659		197,456
Gjensidige Forsikring ASA		1,151		21,715
Marine Harvest ASAD*		10,772		182,363
Norsk Hydro ASA		13,545		102,859
Orkla ASA		25,401		269,305
Schibsted ASA, B Shares		1,488		39,508
Statoil ASAD		16,225		346,213
Telenor ASA		10,261		219,827
Yara International ASA		2,045		93,824
				1,473,070
Papua New Guinea — 0.1%
Oil Search, Ltd.		15,218		92,497
Portugal — 0.1%
EDP - Energias de Portugal SA		30,694		106,249
Galp Energia SGPS SA		5,042		92,711
Jeronimo Martins SGPS SA		2,628		51,066
				250,026

	Shares		Value
Singapore — 1.5%
Ascendas Real Estate Investment Trust		32,500	$	66,096
CapitaLand Commercial Trust REIT		41,879		60,433
CapitaLand Mall Trust REIT		36,600		58,289
CapitaLand, Ltd.		42,200		111,381
City Developments, Ltd.		5,900		55,098
ComfortDelGro Corporation, Ltd.		29,600		43,821
DBS Group Holdings, Ltd.		21,612		401,554
Global Logistic Properties, Ltd.		36,100		90,962
Golden Agri-Resources, Ltd.		115,400		31,925
Hongkong Land Holdings, Ltd.		16,600		116,864
Hutchison Port Holdings Trust Class U		53,700		22,285
Jardine Cycle & Carriage, Ltd.		1,111		33,784
Jardine Matheson Holdings, Ltd.		2,600		157,950
Jardine Strategic Holdings, Ltd.		2,500		98,950
Keppel Corporation, Ltd.		17,700		97,271
Oversea-Chinese Banking Corporation, Ltd.		37,462		347,044
SATS, Ltd.		9,200		35,770
Sembcorp Industries, Ltd.		15,900		36,022
Singapore Airlines, Ltd.		5,600		44,676
Singapore Exchange, Ltd.		7,800		43,390
Singapore Press Holdings, Ltd.		18,400		36,457
Singapore Technologies Engineering, Ltd.		16,100		39,243
Singapore Telecommunications, Ltd.		112,100		299,224
StarHub, Ltd.		10,300		21,948
Suntec Real Estate Investment Trust		26,900		43,243
United Overseas Bank, Ltd.		15,359		303,746
UOL Group, Ltd.		7,561		50,145
Wilmar International, Ltd.		17,100		39,507
Yangzijiang Shipbuilding Holdings, Ltd.		35,300		38,798
				2,825,876
Spain — 3.2%
Abertis Infraestructuras SA		9,296		206,903
ACS Actividades de Construccion y Servicios SA		3,270		127,985
Aena SME SA 144A		901		182,700
Amadeus IT Group SA		5,624		405,620
Banco Bilbao Vizcaya Argentaria SA		79,169		675,575
Banco de Sabadell SA		55,869		111,009
Banco Santander SA		196,436		1,291,366
Bankia SAD		11,453		54,789
Bankinter SA		2,364		22,419
CaixaBank SA		40,595		189,425
Enagas SA		2,285		65,443
Endesa SA		3,605		77,231
Ferrovial SA		6,054		137,469
Gas Natural SDG SA		5,818		134,379
Grifols SA		6,400		187,561
Iberdrola SA		73,749		571,631
Industria de Diseno Textil SA		14,320		499,047
International Consolidated Airlines Group SA		9,036		78,452

See Notes to Financial Statements. 237

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Mapfre SA		10,729	$	34,474
Red Electrica Corporation SA		6,258		140,487
Repsol SA		14,465		255,912
Siemens Gamesa Renewable Energy SAD		2,932		40,210
Telefonica SAD		58,682		572,078
				6,062,165
Sweden — 2.6%
Alfa Laval AB		2,935		69,340
Arjo AB, B Shares*		3,597		10,265
Assa Abloy AB Class B		13,371		277,751
Atlas Copco AB, A Shares		8,156		352,166
Atlas Copco AB, B Shares		5,681		217,874
Boliden AB		2,787		95,334
Electrolux AB, Series B		4,581		147,598
Essity AB*		8,411		238,905
Getinge AB, B Shares		3,597		52,181
Hennes & Mauritz AB, B SharesD		11,084		228,758
Hexagon AB, B Shares		2,571		128,783
Husqvarna AB, B Shares		9,740		92,732
ICA Gruppen ABD		628		22,806
Industrivarden AB, C Shares		527		13,009
Investor AB, B Shares		6,178		281,746
Kinnevik AB Class B		2,697		91,170
L E Lundbergforetagen AB, B Shares		330		24,660
Lundin Petroleum AB		2,436		55,769
Millicom International Cellular SA SDR		1,082		73,073
Nordea Bank AB		36,242		438,716
Sandvik AB		14,112		247,211
Securitas AB, B Shares		4,765		83,182
Skandinaviska Enskilda Banken AB Class A		18,567		217,967
Skanska AB, B Shares		3,302		68,430
SKF AB, B Shares		3,875		86,068
Svenska Handelsbanken AB, A Shares		17,553		240,086
Swedbank AB, A Shares		10,095		243,542
Tele2 AB, B Shares		3,418		42,001
Telefonaktiebolaget LM Ericsson, B SharesD		35,949		235,990
Telia Co. AB		33,087		147,424
Volvo AB, B Shares		20,375		379,279
				4,903,816
Switzerland — 8.2%
ABB, Ltd.		22,627		606,514
Adecco Group AG		1,636		125,162
Barry Callebaut AG*		154		321,291
Chocoladefabriken Lindt & Spruengli AG		34		340,058
Cie Financiere Richemont SA		7,170		649,711
Clariant AG*		2,778		77,685
Coca-Cola HBC AG*		12,058		393,979
Credit Suisse Group AG*		31,717		566,346
Dufry AG*		216		32,119
EMS-Chemie Holding AG		12		8,011
Geberit AG		291		128,142
Givaudan SA		83		191,817

	Shares		Value
Julius Baer Group, Ltd.*		2,414	$	147,647
LafargeHolcim, Ltd.*		5,253		296,293
Lonza Group AG*		1,061		286,686
Nestle SA		42,420		3,648,002
Novartis AG		29,088		2,459,696
Pargesa Holding SA		251		21,766
Partners Group Holding AG		30		20,565
Roche Holding AG		9,629		2,435,783
Schindler Holding AG		280		63,359
SGS SA		61		159,065
Sika AG		18		142,973
Sonova Holding AG		524		81,844
Straumann Holding AG		116		81,960
Swatch Group AG (The)		1,701		248,014
Swiss Prime Site AG*		335		30,940
Swiss Re AG		2,808		262,948
Swisscom AG		317		168,674
UBS Group AG*		44,792		824,638
Vifor Pharma AGD		732		93,824
Zurich Insurance Group AG		1,706		519,267
				15,434,779
United Kingdom — 15.2%
3i Group PLC		11,550		142,453
Admiral Group PLC		2,653		71,711
Anglo American PLC		17,314		362,219
Antofagasta PLC		4,327		58,713
Ashtead Group PLC		5,481		147,411
Associated British Foods PLC		6,840		260,428
AstraZeneca PLC		16,260		1,124,236
Auto Trader Group PLC 144A		6,651		31,681
Aviva PLC		53,312		364,575
Babcock International Group PLC		4,474		42,616
BAE Systems PLC		33,502		259,184
Barclays PLC		185,482		508,620
Barratt Developments PLC		5,701		49,839
Berkeley Group Holdings PLC		1,312		74,346
BHP Billiton PLC		25,662		527,509
BP PLC		233,897		1,650,666
British Land Co. PLC (The) REIT		16,514		154,179
BT Group PLC		115,818		424,862
Bunzl PLC		5,323		148,911
Burberry Group PLC		5,023		121,530
Capita PLC		9,793		53,007
Carnival PLC		2,263		149,470
Centrica PLC		94,626		175,414
Cobham PLC*		19,812		33,784
Coca-Cola European Partners PLC		6,877		274,193
Compass Group PLC		23,000		496,855
ConvaTec Group PLC 144A		23,024		63,881
Croda International PLC		1,285		76,754
Direct Line Insurance Group PLC		17,390		89,620
easyJet PLC		1,707		33,741
Fresnillo PLC		3,206		61,855
G4S PLC		14,238		51,327
GKN PLC		28,014		120,807
GlaxoSmithKline PLC		65,500		1,169,551

238 See Notes to Financial Statements.

	Shares		Value
Hammerson PLC REIT		9,324	$	68,861
Hargreaves Lansdown PLC		3,813		92,769
HSBC Holdings PLC		233,262		2,415,265
IMI PLC		4,102		73,826
InterContinental Hotels Group PLC		2,501		159,348
Intertek Group PLC		2,227		156,052
Investec PLC		10,376		74,949
ITV PLC		47,151		105,359
J Sainsbury PLCD		40,758		132,841
John Wood Group PLC		11,264		98,853
Johnson Matthey PLC		2,874		119,320
Kingfisher PLC		39,382		179,561
Land Securities Group PLC REIT		8,412		114,483
Legal & General Group PLC		74,727		275,740
Lloyds Banking Group PLC		816,232		750,045
London Stock Exchange Group PLC		5,129		262,662
Marks & Spencer Group PLCD		28,015		119,071
Mediclinic International PLCD		7,116		62,402
Meggitt PLC		2,379		15,488
Merlin Entertainments PLC 144A		10,663		52,245
Micro Focus International PLC		6,029		205,374
Mondi PLC		5,463		142,428
National Grid PLC		47,322		559,117
Next PLC		1,784		108,992
Old Mutual PLC		59,692		186,734
Pearson PLC		12,528		124,492
Persimmon PLC		2,646		97,815
Prudential PLC		34,802		895,355
Reckitt Benckiser Group PLC		10,763		1,005,446
RELX PLC		15,143		355,544
Rio Tinto PLC		15,875		844,914
Rolls-Royce Holdings PLC*		16,262		185,967
Royal Bank of Scotland Group PLC*		26,652		100,036
Royal Dutch Shell PLC, A Shares		50,940		1,705,661
Royal Dutch Shell PLC, B Shares		45,550		1,542,711
Royal Mail PLC		9,538		58,272
RSA Insurance Group PLC		18,313		156,388
Sage Group PLC (The)		16,801		181,017
Schroders PLC		1,895		89,958
Segro PLC REIT		8,051		63,807
Severn Trent PLC		8,421		245,811
Sky PLC*		13,562		185,305
Smith & Nephew PLC		16,574		288,221
Smiths Group PLC		6,916		139,131
SSE PLC		17,559		312,936
St. James’s Place PLC		4,906		81,208
Standard Chartered PLC*		38,480		405,291
Standard Life Aberdeen PLC		37,077		218,560
Taylor Wimpey PLC		35,050		97,674
Tesco PLC		147,403		416,441
Travis Perkins PLC		1,670		35,332
Unilever PLC		20,882		1,163,137
United Utilities Group PLC		8,812		98,690

	Shares		Value
Vodafone Group PLC		332,910	$	1,056,274
Weir Group PLC (The)		5,205		149,194
Whitbread PLC		1,870		100,991
WM Morrison Supermarkets PLC		58,477		173,617
Worldpay Group PLC 144A		23,534		135,359
				28,618,288
Total Foreign Common Stocks (Cost $160,837,507)				178,911,766
FOREIGN PREFERRED STOCKS — 0.6%
Germany — 0.6%
Bayerische MotorenWerke AG
4.76%, 05/12/17		887		79,437
FUCHS PETROLUB SE
2.00%, 05/08/17		942		50,014
Henkel AG & Co KGaA
1.48%, 04/07/17*		2,741		362,918
Porsche Automobil Holding SE
1.45%, 05/31/17		1,662		139,152
Schaeffler AG
3.54%, 04/27/17*		1,753		31,098
Volkswagen AG
1.24%, 05/11/17		2,174		434,180
				1,096,799
Total Foreign Preferred Stocks (Cost $1,037,672)				1,096,799
RIGHTS — 0.0%
Repsol SA*
(Cost $6,612)		14,465		6,578
MONEY MARKET FUNDS — 4.0%
GuideStone Money Market Fund
(Institutional Class)¥		7,055,829		7,055,829
Northern Institutional Liquid Assets
Portfolio§		504,978		504,978
Total Money Market Funds (Cost $7,560,807)				7,560,807
	Par
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill 1.42%, 06/07/18W‡‡
(Cost $298,155)	$	300,000		298,098
TOTAL INVESTMENTS — 99.9% (Cost $169,740,753)				187,874,048
Other Assets in Excess of Liabilities — 0.1%				247,599
NET ASSETS — 100.0%			$	188,121,647

See Notes to Financial Statements. 239

INTERNATIONAL EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

Futures Contracts outstanding at December 31, 2017:

Future Type

Expiration Date

Open Long (Short) Contracts

Notional   Market Value   of Contracts

Counterparty

Value and Unrealized Appreciation (Depreciation)

MSCI EAFE Index E-Mini

03/2018

76

$

7,772,900

GSC

$

86,632

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Foreign Common Stocks
Australia	$	12,242,265	$	12,242,265	$	—	$	—
Austria		402,176		402,176		—		—
Belgium		1,496,993		1,496,993		—		—
Denmark		3,122,676		3,122,676		—		—
Finland		1,942,901		1,942,901		—		—
France		18,222,752		18,222,752		—		—
Germany		16,512,276		16,512,276		—		—
Hong Kong		5,916,414		5,916,414		—		—
Ireland		935,013		935,013		—		—
Israel		860,420		259,738		600,682		—
Italy		3,391,174		3,391,174		—		—
Japan		43,285,433		43,285,433		—		—
Jersey		2,512,591		2,512,591		—		—
Netherlands		8,117,570		8,117,570		—		—
New Zealand		290,595		290,595		—		—
Norway		1,473,070		1,473,070		—		—
Papua New Guinea		92,497		92,497		—		—
Portugal		250,026		250,026		—		—
Singapore		2,825,876		2,825,876		—		—
Spain		6,062,165		6,062,165		—		—
Sweden		4,903,816		4,903,816		—		—
Switzerland		15,434,779		15,434,779		—		—
United Kingdom		28,618,288		28,618,288		—		—
Foreign Preferred Stocks
Germany		1,096,799		1,096,799		—		—
Money Market Funds		7,560,807		7,560,807		—		—
Rights		6,578		6,578		—		—
U.S. Treasury Obligation		298,098		—		298,098		—
Total Assets - Investments in Securities		$187,874,048	$	186,975,268	$	898,780	$	—

240 See Notes to Financial Statements.

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Other Financial Instruments***
Futures Contracts	$	86,632	$	86,632	$	—	$	—
Total Assets - Other Financial Instruments
	$	86,632	$	86,632	$	—	$	—

***Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding” disclosure.

Management has determined that the amount of transfers between Level 1 and Level 2 compared to total net assets is not material; therefore, the amount of transfers between Level 1 and Level 2 is not shown for the year ended December 31, 2017.

There were no transfers between Level 2 and Level 3 during the year ended December 31, 2017.

See Notes to Financial Statements. 241

International Equity Fund (Unaudited)

Developed non-U.S. markets outperformed their U.S. counterparts in what was a strong year for both market regions. The MSCI Europe, Australasia and Far East Index (Net) (“MSCI EAFE Index”), a measure of international developed market returns, posted a 25.03% return for the one-year period ended December 31, 2017. As was generally the case globally, growth-oriented equities were dominant relative to those that are value-orientated. At the country level, Japan, the United Kingdom and France contributed the most to the index’s return, with all countries positively contributing to index performance. Technology and materials were the strongest performing sectors. The weakest sector, telecommunications, still realized a double digit absolute return. Weakness in the U.S. dollar also had a positive effect on the index during the year.

The Fund primarily invests in equity securities of foreign companies in countries having economies and markets generally considered to be developed, but may also invest in equity securities of foreign companies located in emerging markets. The Fund’s portfolio is diversified among a large number of companies across different industries, economic sectors and countries. The Investor Class of the Fund outperformed its benchmark, the MSCI EAFE Index, for the one-year period ended December 31, 2017 (29.50% versus 25.03%). On a country basis, a tactical overweight exposure to China and security selection within Germany and Italy positively impacted benchmark-relative performance. On the negative side, security selection within the United Kingdom and France detracted from benchmark-relative performance. On a sector basis, security selection and an overweight to the technology and consumer discretionary sectors contributed, while underweight exposure and security selection to the telecommunications 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 equities. Securities of foreign issuers may be negatively impacted by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries, and they also may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Investing in emerging markets may involve greater risks than investing in more developed foreign markets because, among other things, emerging markets often have more 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. Derivatives involve different risks from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in value of the underlying instruments may produce disproportionate losses to the Fund. Short sales involve selling a security the Fund does not own in anticipation that the security will decline in price. Short sales expose the Fund to the risk that it will required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s potential loss on a short position is limited only by the maximum attainable price of the security less the price at which the security was sold by the Fund. Therefore, in theory, stocks sold short have unlimited risk. The Fund’s use of short sales in effect “leverages” the Fund. The use of leverage may magnify the Fund’s gains or losses, and leverage also creates interest expense that may lower the Fund’s overall returns. It is possible to lose money by investing in the Fund.

242 See Notes to Financial Statements.

International Equity Fund (Unaudited)

At December 31, 2017, 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.

	%
Financials		17.2
Industrials		15.3
Consumer Discretionary		14.6
Information Technology		11.7
Health Care		11.4
Energy		6.7
Consumer Staples		6.5
Materials		6.0
Money Market Funds		5.4
Telecommunication Services		4.6
Utilities		3.8
Real Estate		1.4
Foreign Preferred Stocks		0.2
U.S. Treasury Obligation		0.1
Foreign Preferred Stocks Sold Short		(0.1	)
Foreign Common Stocks Sold Short		(4.5	)
		100.3

See Notes to Financial Statements. 243

International Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	29.85%	29.50%	25.03%
Five Year	7.91%	7.64%	6.80%
Ten Year	2.07%	1.83%	1.84%
Since Inception	6.38%	6.17%	6.56%
Inception Date	08/27/01	08/27/01
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(1)	1.01%	1.28%

⁽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, 2007 to December 31, 2017, 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.

244 See Notes to Financial Statements.

INTERNATIONAL EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Shares		Value
COMMON STOCKS — 2.2%
Consumer Discretionary — 1.2%
Amazon.com, Inc.*		4,055	$	4,742,201
MakeMyTrip, Ltd.*D		18,071		539,419
Tesla, Inc.*D		14,562		4,533,879
Yum China Holdings, Inc.		230,174		9,211,563
				19,027,062
Financials — 0.3%
XL Group, Ltd.		124,000		4,359,840
Health Care — 0.3%
Illumina, Inc.*		25,936		5,666,757
Information Technology — 0.4%
MercadoLibre, Inc.D		14,034		4,415,938
NVIDIA Corporation		7,838		1,516,653
				5,932,591
Total Common Stocks (Cost $23,627,196)				34,986,250
FOREIGN COMMON STOCKS — 97.0%
Australia — 2.3%
AGL Energy, Ltd.		6,610		125,635
Ansell, Ltd.		14,813		280,856
ASX, Ltd.		2,303		98,579
Aurizon Holdings, Ltd.		205,490		795,255
Australia & New Zealand Banking
Group, Ltd.		141,455		3,172,042
Bendigo and Adelaide Bank, Ltd.		71,804		653,813
BHP Billiton, Ltd.		58,894		1,358,802
BlueScope Steel, Ltd.		135,140		1,620,659
CIMIC Group, Ltd.		76,428		3,068,115
Computershare, Ltd.		5,607		71,310
Dexus REIT		12,849		97,748
Fortescue Metals Group, Ltd.		83,752		318,896
Goodman Group REIT		30,218		198,523
GPT Group (The)*y†††		63,198		—
GPT Group (The) REIT		23,870		95,171
Lend Lease Group		214,660		2,738,437
Macquarie Group, Ltd.		3,242		252,021
Mirvac Group REIT		50,120		91,899
Newcrest Mining, Ltd.		87,136		1,551,483
Orica, Ltd.		27,825		392,959
Origin Energy, Ltd.*		214,979		1,580,086
Qantas Airways, Ltd.		154,446		607,353
QBE Insurance Group, Ltd.		1,748,174		14,567,657
Rio Tinto, Ltd.		8,019		474,330
Scentre Group REIT		93,514		305,720
South32, Ltd.		571,068		1,555,060
Stockland REIT		41,895		146,445
Suncorp Group, Ltd.		31,433		339,925
Vicinity Centres REIT		52,810		112,078
Westfield Corporation REIT		35,358		261,811
				36,932,668
Austria — 0.5%
ams AG*D		14,008		1,271,494
Erste Group Bank AG*		148,140		6,417,512
				7,689,006

	Shares		Value
Belgium — 0.4%
Ageas		7,838	$	382,901
Bekaert SA NV		1,852		80,985
bpost SA		27,423		835,255
Galapagos NV*		13,953		1,322,244
Groupe Bruxelles Lambert SA		415		44,810
Solvay SA		2,623		364,761
UCB SA		16,878		1,340,216
Umicore SA		48,640		2,302,622
				6,673,794
Brazil — 0.3%
Cielo SA		708,200		5,020,630
Canada — 0.8%
Canadian National Railway Co.D		113,938		9,399,885
Suncor Energy, Inc.		94,514		3,470,025
				12,869,910
China — 3.1%
Alibaba Group Holding, Ltd. ADR*D		70,278		12,118,036
Baidu, Inc. ADR*		44,101		10,328,895
Ctrip.com International, Ltd. ADR*		84,827		3,740,871
New Oriental Education &
Technology Group, Inc. ADR		56,655		5,325,570
TAL Education Group ADR		118,013		3,506,166
Tencent Holdings, Ltd.		286,500		14,888,165
				49,907,703
Colombia — 0.4%
Ecopetrol SA ADRD		451,200		6,601,056
Denmark — 1.3%
Chr. Hansen Holding A/SD		16,406		1,538,881
Danske Bank A/S		12,496		486,572
Dfds A/S		2,804		149,720
FLSmidth & Co. A of S		1,435		83,560
Genmab A/S*		25,292		4,194,476
GN Store Nord A/S		44,674		1,443,605
H Lundbeck A/S		32,771		1,663,717
ISS A/S		170,519		6,603,980
Nets A/S* 144A		25,731		676,793
Novozymes A/S, B Shares		28,321		1,618,095
TDC A/S		149,986		921,715
VestasWind Systems A/S		28,209		1,949,493
William Demant Holding A/S*		6,275		175,466
				21,506,073
Finland — 0.2%
Neste OYJ		25,586		1,637,811
Nokia OYJ		84,689		395,686
UPM-Kymmene OYJ		65,849		2,047,121
				4,080,618
France — 8.7%
Air France-KLM*		8,516		138,759
Air Liquide SA		120,842		15,231,439
Amundi SA 144A		2,287		193,868
Arkema SA		4,859		592,044
Atos SE		18,334		2,669,463
BioMerieux		4,476		401,125

See Notes to Financial Statements. 245

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
BNP Paribas SA		38,607	$	2,883,582
Capgemini SE		16,844		1,998,594
Christian Dior SE		24,150		8,824,756
Cie de St-Gobain		327,638		18,073,529
Cie Generale des Etablissements
Michelin		22,063		3,164,762
CNP Assurances		12,903		298,099
Eiffage SA		2,391		262,040
Elior Group SA 144A		14,262		294,759
Engie SA		265,304		4,563,189
Essilor International Cie Generale d’Optique SA		6,149		848,087
Eutelsat Communications SA		7,356		170,300
Faurecia		8,572		669,869
Gecina SA REIT		674		124,459
Imerys SA		2,766		260,657
Kering		12,423		5,857,955
Klepierre REIT		4,327		190,356
L’Oreal SA		55,572		12,332,108
Lagardere SCA		43,875		1,407,159
Orange SA		42,720		741,954
Peugeot SA		208,297		4,237,481
Renault SA		16,638		1,675,104
Rexel SA		4,917		89,203
Sanofi		337,736		29,115,958
Schneider Electric SE*		133,776		11,373,819
Societe BIC SA		989		108,768
Societe Generale SA		140,893		7,277,623
Sodexo SA		5,762		774,662
Sopra Steria Group		580		108,458
Teleperformance		9,230		1,322,863
Thales SA		14,548		1,568,893
TOTAL SA		18,943		1,046,546
Unibail-Rodamco SE REIT		1,666		419,779
Valeo SA		8,378		625,959
Vinci SA		1,202		122,805
				142,060,833
Germany — 9.4%
AIXTRON SE*		60,791		844,646
Allianz SE		62,832		14,436,989
Aurubis AG		9,866		918,370
BASF SE		31,272		3,442,242
Bayerische Motoren Werke AG		46,188		4,812,003
Beiersdorf AG		83,231		9,776,756
CECONOMY AG		5,587		84,498
Covestro AG 144A		32,045		3,307,784
Daimler AG		158,815		13,491,236
Delivery Hero AG* 144A		42,025		1,663,982
Deutsche Boerse AG		38,708		4,495,759
Deutsche Lufthansa AG		65,209		2,403,564
Deutsche Telekom AG		932,722		16,557,477
Deutsche Wohnen SE		6,238		272,891
E.ON SE		36,172		393,256
Evonik Industries AGD		179,602		6,760,093
Fresenius SE & Co. KGaA		5,433		424,177
HOCHTIEF AG		4,825		854,497

	Shares		Value
HUGO BOSS AGD		78,200	$	6,656,178
Infineon Technologies AG		64,357		1,763,290
Linde AG*		36,798		8,594,203
MorphoSys AG*D		11,352		1,043,073
Muenchener
Rueckversicherungs-Gesellschaft
AG		35,515		7,702,241
OSRAM Licht AG		5,655		508,411
Rheinmetall AG		20,226		2,568,785
Rocket Internet SE*D 144A		51,551		1,306,655
RWE AG*		155,780		3,177,515
Salzgitter AG		7,987		456,113
SAP SE		189,516		21,249,668
Scout24 AG 144A		1,915		78,237
Siemens AG		13,929		1,941,181
Software AG		20,613		1,158,965
Suedzucker AG		138,625		3,007,232
Talanx AG		10,019		409,566
TUI AG		12,892		268,055
Uniper SE		35,455		1,106,058
Vonovia SE		8,154		404,942
Wacker Chemie AG		1,980		385,339
Zalando SE*D 144A		92,175		4,878,950
				153,604,877
Hong Kong — 3.7%
AIA Group, Ltd.		2,389,800		20,386,948
ASM Pacific Technology, Ltd.		3,100		43,210
China Mobile, Ltd.		937,500		9,509,574
CK Asset Holdings, Ltd.		103,500		904,798
CK Hutchison Holdings, Ltd.		1,060,500		13,315,890
CK Infrastructure Holdings, Ltd.		11,000		94,543
Hang Lung Properties, Ltd.		61,000		149,126
Henderson Land Development Co.,
Ltd.		172,000		1,133,773
Hong Kong Exchanges and Clearing,
Ltd.		72,707		2,231,598
Kerry Properties, Ltd.		380,500		1,711,869
Li & Fung, Ltd.		420,000		230,620
Link REIT		41,000		380,200
New World Development Co., Ltd.		979,000		1,471,097
NWS Holdings, Ltd.		19,000		34,290
PCCW, Ltd.		62,000		36,028
Shangri-La Asia, Ltd.		42,000		95,366
Sino Land Co., Ltd.		508,000		899,892
Sun Hung Kai Properties, Ltd.		57,000		951,356
WH Group, Ltd. 144A		4,644,500		5,243,220
Wharf Holdings, Ltd. (The)		35,000		120,954
Wheelock & Co., Ltd.		94,000		671,355
Yue Yuen Industrial Holdings, Ltd.		21,000		82,518
				59,698,225
India — 0.6%
Housing Development Finance
Corporation, Ltd.		41,635		1,115,703
Tata Consultancy Services, Ltd.		197,462		8,356,654
				9,472,357

246 See Notes to Financial Statements.

	Shares		Value
Ireland — 0.5%
Bank of Ireland Group PLC*		187,100	$	1,605,117
CRH PLC		175,951		6,311,976
DCC PLC		3,935		396,604
				8,313,697
Italy — 3.7%
A2A SpA		1,889,263		3,495,455
Autogrill SpA		81,387		1,123,000
DiaSorin SpA		2,459		218,332
Enel SpA		3,646,864		22,447,289
Eni SpA		1,384,543		22,925,166
Intesa Sanpaolo SpA*		535,958		1,781,302
Leonardo SpA		65,808		783,281
Luxottica Group SpA		2,977		182,705
Mediobanca SpA		447,300		5,077,115
Moncler SpA		26,926		842,571
Prysmian SpA		38,263		1,248,289
				60,124,505
Japan — 17.0%
ABC-Mart, Inc.		81,200		4,662,649
Alfresa Holdings Corporation		3,400		79,874
Amada Holdings Co., Ltd.		33,800		460,166
Aozora Bank, Ltd.		9,900		385,281
Astellas Pharma, Inc.		108,500		1,383,754
Bandai Namco Holdings, Inc.		62,900		2,057,124
Brother Industries, Ltd.		56,800		1,401,411
Canon, Inc.		135,650		5,056,401
Citizen Holdings Co., Ltd.		91,200		669,380
Daicel Corporation		59,900		681,534
Daikin Industries, Ltd.		84,000		9,941,336
Daito Trust Construction Co., Ltd.		1,000		203,905
Daiwa House Industry Co., Ltd.		9,100		349,463
Denso Corporation		137,400		8,247,049
Don Quijote Holdings Co., Ltd.		27,600		1,442,769
Ezaki Glico Co., Ltd.		3,600		179,561
Fuji Electric Co., Ltd.		950,000		7,158,198
FUJIFILM Holdings Corporation		156,800		6,408,378
Fujitsu, Ltd.		391,000		2,785,495
Haseko Corporation		160,900		2,500,430
Hitachi Chemical Co., Ltd.		19,200		493,142
Hitachi High-Technologies
Corporation		24,800		1,045,485
Hitachi, Ltd.		1,469,000		11,445,619
Honda Motor Co., Ltd.		499,100		17,106,938
Hoya Corporation		174,400		8,711,100
Idemitsu Kosan Co., Ltd.		8,900		357,422
IHI CorporationD		25,399		845,318
Isuzu Motors, Ltd.		265,500		4,446,403
ITOCHU Corporation		45,900		856,691
Itochu Techno-Solutions Corporation		6,400		277,755
Japan Airlines Co., Ltd.		30,300		1,185,377
Japan Real Estate Investment
Corporation REIT		17		80,719
Japan Retail Fund Investment
Corporation REIT		45		82,512
JFE Holdings, Inc.		67,400		1,618,677
JTEKT Corporation		4,700		80,756

	Shares		Value
JXTG Holdings, Inc.		124,400	$	802,652
Kajima Corporation		125,000		1,202,574
Kamigumi Co., Ltd.		13,500		298,695
Kao Corporation		7,900		534,192
Kyowa Hakko Kirin Co., Ltd.		26,300		508,611
Kyushu Railway Co.		134,200		4,162,671
M3, Inc.		136,100		4,789,319
Mabuchi Motor Co., Ltd.		2,800		151,835
Marubeni Corporation		12,400		89,813
Matsumotokiyoshi Holdings Co., Ltd.		30,000		1,235,412
Mebuki Financial Group, Inc.		173,500		734,497
Medipal Holdings Corporation		8,500		166,492
Minebea Mitsumi, Inc.		51,700		1,084,243
Mitsubishi Corporation		59,900		1,654,925
Mitsubishi Electric Corporation		507,800		8,434,415
Mitsubishi Estate Co., Ltd.		22,000		382,694
Mitsubishi Gas Chemical Co., Inc.		42,900		1,231,697
Mitsubishi UFJ Financial Group, Inc.		259,100		1,900,335
Mitsui Chemicals, Inc.		28,600		920,124
Mitsui Fudosan Co., Ltd.		16,000		358,553
Mixi, Inc.		10,600		476,024
MS&AD Insurance Group Holdings, Inc.		63,000		2,132,523
Nexon Co., Ltd.*		21,600		628,782
NGK Insulators, Ltd.		9,900		186,973
NH Foods, Ltd.		36,000		877,994
Nhk Spring Co., Ltd.		29,300		322,449
Nidec Corporation		23,100		3,241,278
Nippon Building Fund, Inc. REIT		16		78,243
Nippon Electric Glass Co., Ltd.		29,100		1,110,539
Nippon Express Co., Ltd.		28,600		1,901,167
Nippon Telegraph & Telephone
Corporation		51,000		2,399,388
NOK Corporation		4,800		112,082
NTT DOCOMO, Inc.		27,200		642,371
Obayashi Corporation		97,400		1,179,087
Olympus Corporation		206,500		7,917,284
ORIX Corporation		65,100		1,100,359
Otsuka Holdings Co., Ltd.		30,200		1,326,200
Pigeon Corporation		29,500		1,123,186
Pola Orbis Holdings, Inc.		11,600		407,171
Rakuten, Inc.		253,400		2,322,037
Resona Holdings, Inc.		399,400		2,385,943
Rohm Co., Ltd.		5,400		598,110
SBI Holdings, Inc.		54,700		1,143,760
Secom Co., Ltd.		133,300		10,064,194
Seibu Holdings, Inc.		357,200		6,755,653
Sekisui Chemical Co., Ltd.		255,500		5,129,274
Sekisui House, Ltd.		7,300		131,876
Seven & i Holdings Co., Ltd.		11,200		465,495
Shimamura Co., Ltd.		5,600		616,286
Shimizu Corporation		28,100		290,290
Shinsei Bank, Ltd.		48,100		832,012
Shionogi & Co., Ltd.		16,000		865,782
Shiseido Co., Ltd.		3,000		145,001
SMC Corporation		9,700		3,992,776
SoftBank Group Corporation		96,900		7,671,160
Sojitz Corporation		219,000		672,501

See Notes to Financial Statements. 247

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Sompo Holdings, Inc.		36,800	$	1,425,296
Square Enix Holdings Co., Ltd.		14,900		708,800
Start Today Co., Ltd.		47,700		1,449,944
Subaru Corporation		2,400		76,319
SUMCO Corporation		23,700		607,460
Sumitomo Chemical Co., Ltd.		19,000		136,587
Sumitomo Corporation		528,400		8,980,572
Sumitomo Dainippon Pharma Co., Ltd.		58,800		873,585
Sumitomo Electric Industries, Ltd.		343,100		5,800,803
Sumitomo Heavy Industries, Ltd.		6,400		270,939
Sumitomo Mitsui Financial Group, Inc.		19,700		851,117
Sumitomo Osaka Cement Co., Ltd.		849,000		4,091,475
Sumitomo Realty & Development Co., Ltd.		6,000		197,187
Sysmex Corporation		16,500		1,298,913
Taisei Corporation		32,900		1,638,065
Takeda Pharmaceutical Co., Ltd.		262,300		14,901,108
Terumo Corporation		95,400		4,521,287
THK Co., Ltd.		9,100		341,629
Tokio Marine Holdings, Inc.		209,800		9,572,503
Tokyo Electric Power Co. Holdings, Inc.*		255,800		1,012,530
Tokyo Electron, Ltd.		15,900		2,878,722
Toshiba Corporation*		112,000		315,101
Tosoh Corporation		83,900		1,901,758
Toyota Boshoku Corporation		17,600		368,479
Trend Micro, Inc.		95,500		5,415,975
				276,213,225
Jersey — 1.4%
Experian PLC		318,325		7,031,308
Glencore PLC*		24,924		131,239
IWG PLC		99,221		344,821
Randgold Resources, Ltd.		1,392		139,264
Shire PLC		77,499		4,080,776
WPP PLC		630,464		11,414,874
				23,142,282
Malaysia — 0.4%
CIMB Group Holdings Bhd		3,735,700		6,036,936
Netherlands — 6.8%
ABN AMRO Group NV CVA 144A		76,453		2,467,594
Airbus SE		114,900		11,442,610
Akzo Nobel NV		2,091		183,199
ASM International NV		11,275		762,591
ASML Holding NV		52,392		9,124,498
ASR Nederland NV		11,371		468,040
CNH Industrial NV		567,251		7,602,482
EXOR NV		2,756		168,977
Ferrari NV		52,659		5,525,345
Fiat Chrysler Automobiles NV		782,074		13,991,119
Gemalto NV		3,241		192,491
ING Groep NV		1,120,434		20,602,206
Koninklijke Ahold Delhaize NV		672,564		14,795,904
Koninklijke DSM NV		6,472		618,672
Koninklijke Philips NV		311,338		11,782,048

	Shares		Value
Koninklijke Vopak NVD		109,600	$	4,809,085
NN Group NV		11,320		490,593
Philips Lighting NV 144A		15,484		568,501
Randstad Holding NV		30,197		1,856,521
STMicroelectronics NV		62,040		1,354,853
Unilever NV CVA		5,393		303,836
Wolters Kluwer NV		17,568		916,513
				110,027,678
Nigeria — 0.0%
Afriland Properties PLC* Y†††		364,373		—
Norway — 0.3%
DNB ASA		33,883		627,677
Leroy Seafood Group ASA		106,554		570,756
Marine Harvest ASA*		39,870		674,973
Norsk Hydro ASA		94,061		714,284
Salmar ASA		22,476		675,599
Schibsted ASA, B Shares		43,398		1,152,262
				4,415,551
Portugal — 0.1%
EDP - Energias de Portugal SA		96,013		332,355
Galp Energia SGPS SA		33,648		618,709
Jeronimo Martins SGPS SA		48,978		951,720
				1,902,784
Singapore — 3.3%
Ascendas Real Estate Investment Trust		2,935,400		5,969,784
CapitaLand Commercial Trust REIT		68,000		98,127
CapitaLand Mall Trust REIT		56,200		89,503
DBS Group Holdings, Ltd.		442,000		8,212,419
Jardine Matheson Holdings, Ltd.		68,800		4,179,600
Oversea-Chinese Banking Corporation, Ltd.		14,900		138,032
Sembcorp Industries, Ltd.		14,800		33,530
Singapore Exchange, Ltd.		13,600		75,654
Singapore Telecommunications, Ltd.		2,835,500		7,568,683
Suntec Real Estate Investment Trust		61,800		99,346
United Overseas Bank, Ltd.		1,303,358		25,775,782
UOL Group, Ltd.		14,686		97,398
Yangzijiang Shipbuilding Holdings, Ltd.		1,347,100		1,480,606
				53,818,464
South Korea — 0.2%
Celltrion, Inc.*		5,598		1,154,678
Samsung Securities Co., Ltd.		88,100		3,007,065
				4,161,743
Spain — 4.8%
Abertis Infraestructuras SA		12,295		273,653
ACS Actividades de Construccion y Servicios SA		7,650		299,414
Aena SME SA 144A		594		120,448
Amadeus IT Group SA		181,895		13,118,810
Banco Bilbao Vizcaya Argentaria SA		476,653		4,067,439
Banco de Sabadell SA		3,144,452		6,247,874
Banco Santander SA		1,010,967		6,646,075

248 See Notes to Financial Statements.

	Shares		Value
Distribuidora Internacional de Alimentacion SA		124,603	$	643,320
Ebro Foods SA		326,408		7,644,825
Endesa SA		55,765		1,194,672
Grifols SA		17,550		514,326
Iberdrola SA		1,667,150		12,922,132
Industria de Diseno Textil SA		201,242		7,013,212
International Consolidated Airlines Group SA		114,259		1,004,277
Mapfre SA		226,603		728,120
Mediaset Espana Comunicacion SA		21,751		244,251
Melia Hotels International SA		26,199		361,501
Repsol SA		241,632		4,274,902
Telefonica SA		1,049,862		10,234,875
				77,554,126
Sweden — 2.7%
Alfa Laval AB		68,330		1,614,311
Atlas Copco AB, A Shares		135,154		5,835,787
Atlas Copco AB, B Shares		6,930		265,775
BillerudKorsnas AB		4,846		83,001
Boliden AB		84,197		2,880,092
Electrolux AB, Series B		46,515		1,498,691
Elekta AB, B SharesD		92,647		765,178
Essity AB*		36,037		1,023,591
Holmen AB		1,616		85,892
Investor AB, B Shares		8,150		371,678
Kinnevik AB Class B		92,007		3,110,232
NCC AB, B Shares		6,774		129,896
Sandvik AB		33,533		587,423
Skandinaviska Enskilda Banken AB Class A		30,307		355,788
Svenska Cellulosa AB SCA Class B		147,297		1,518,202
Svenska Handelsbanken AB, A Shares		214,377		2,932,196
Tele2 AB, B Shares		10,793		132,625
Telefonaktiebolaget LM Ericsson, B SharesD		939,816		6,169,508
Telia Co. AB		3,108,120		13,848,641
Volvo AB, B Shares		13,033		242,608
				43,451,115
Switzerland — 7.7%
ABB, Ltd.		569,045		15,253,174
Adecco Group AG		37,315		2,854,773
Aryzta AG*D		112,900		4,477,998
Bucher Industries AG		259		105,253
Cie Financiere Richemont SA		30,474		2,761,408
Credit Suisse Group AG*D		436,460		7,793,528
GAM Holding AG*		7,596		122,774
Georg Fischer AG		294		388,601
Lonza Group AG*		2,453		662,810
Nestle SA		161,043		13,849,252
Novartis AG		314,570		26,600,203
Roche Holding AG		74,972		18,965,158
Sika AG		170		1,350,300
Sonova Holding AG		782		122,141
Straumann Holding AG		1,012		715,031
Sunrise Communications Group AG* 144A		1,801		164,492

	Shares		Value
Swiss Life Holding AG*		4,240	$	1,501,154
Swiss Re AG		17,537		1,642,210
Temenos Group AG*		19,412		2,490,122
UBS Group AG*D		588,778		10,839,630
Zurich Insurance Group AG		40,177		12,228,948
				124,888,960
Taiwan — 1.4%
MediaTek, Inc.		510,100		5,039,549
Taiwan Semiconductor Manufacturing Co., Ltd. ADRD		439,865		17,440,647
				22,480,196
Turkey — 0.0%
Yapi ve Kredi Bankasi AS*		1		1
United Kingdom — 15.0%
3i Group PLC		34,312		423,191
Ashtead Group PLC		60,863		1,636,910
ASOS PLC*		2,494		226,112
Associated British Foods PLC		12,265		466,980
AstraZeneca PLC		3,650		252,365
Babcock International Group PLC		457,300		4,355,924
Barclays PLC		1,011,739		2,774,345
Barratt Developments PLC		242,292		2,118,170
BBA Aviation PLC		118,677		560,331
Bellway PLC		2,534		121,900
Berkeley Group Holdings PLC		4,234		239,923
BHP Billiton PLC		85,804		1,763,790
BP PLC		3,069,293		21,660,720
BP PLC ADR		92,800		3,900,384
British Land Co. PLC (The) REIT		18,907		176,521
BT Group PLC		1,159,091		4,251,961
Burberry Group PLC		39,244		949,496
Close Brothers Group PLC		26,052		509,321
Coca-Cola European Partners PLC		149,700		5,965,545
Compass Group PLC		521,620		11,268,245
Dialog Semiconductor PLC*		52,600		1,637,759
Dixons Carphone PLC		548,821		1,474,572
DS Smith PLC		775,133		5,415,875
G4S PLC		2,808,717		10,125,146
GKN PLC		138,420		596,920
GlaxoSmithKline PLC		1,141,151		20,376,090
Hammerson PLC REIT		15,352		113,379
Hays PLC		68,383		168,867
Howden Joinery Group PLC		12,983		81,825
HSBC Holdings PLC		25,849		267,648
Inchcape PLC		91,313		964,715
Indivior PLC*		377,560		2,080,851
Intermediate Capital Group PLC		66,979		1,036,347
Investec PLC		126,012		910,223
JD Sports Fashion PLC		33,087		150,189
John Wood Group PLC		767,916		6,739,212
Kingfisher PLC		2,661,798		12,136,353
Land Securities Group PLC REIT		14,472		196,957
Lloyds Banking Group PLC		17,887,805		16,437,321
London Stock Exchange Group PLC		5,849		299,534
Man Group PLC		752,120		2,100,002

See Notes to Financial Statements. 249

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Mondi PLC		58,909	$	1,535,840
Moneysupermarket.com Group PLC		18,106		87,076
National Grid PLC		907,776		10,725,522
Next PLC		111,037		6,783,727
Ocado Group PLC*		145,917		782,326
Old Mutual PLC		638,541		1,997,546
Pearson PLC		14,965		148,709
Persimmon PLC		106,894		3,951,562
Reckitt Benckiser Group PLC		9,734		909,320
RELX PLC		20,897		490,643
Rio Tinto PLC		33,895		1,803,991
Rolls-Royce Holdings PLC*		720,345		8,237,701
Royal Bank of Scotland Group PLC*		53,071		199,198
Royal Dutch Shell PLC, A Shares		24,015		804,112
Royal Dutch Shell PLC, B Shares		619,454		20,979,987
Royal Mail PLC		151,983		928,529
RPC Group PLC		508,100		6,047,189
Segro PLC REIT		14,592		115,647
Sky PLC*		19,585		267,600
Smith & Nephew PLC		78,937		1,372,709
Spectris PLC		2,486		83,476
SSE PLC		8,478		151,095
Standard Chartered PLC*		180,000		1,895,854
Standard Life Aberdeen PLC		96,915		571,290
Tate & Lyle PLC		77,697		737,465
Taylor Wimpey PLC		593,445		1,653,759
TechnipFMC PLC		191,400		5,936,486
Tesco PLC		5,750,860		16,247,267
Unilever PLC		21,864		1,217,834
				243,595,379
Total Foreign Common Stocks (Cost $1,353,643,818)				1,576,244,392
FOREIGN PREFERRED STOCKS — 0.2%
Germany — 0.2%
Bayerische
MotorenWerke AG
4.76%, 05/12/17		9,226		826,251
Henkel AG & Co
KGaA
1.48%, 04/07/17*		640		84,738
Porsche Automobil
Holding SE
1.45%, 05/31/17		2,638		220,868
Sartorius AG
0.57%, 04/07/17D		8,704		830,676
Schaeffler AG
3.54%, 04/27/17*		70,453		1,249,821
				3,212,354
Total Foreign Preferred Stocks (Cost $3,087,450)				3,212,354
MONEY MARKET FUNDS — 5.4%
GuideStone Money Market Fund
(Investor Class)¥		69,014,841		69,014,841
Northern Institutional Liquid Assets
Portfolio§		18,506,949		18,506,949
Total Money Market Funds (Cost $87,521,790)				87,521,790

	Par			Value
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
1.42%, 06/07/18W‡‡
(Cost $2,186,472)	$	2,200,000		$	2,186,058
TOTAL INVESTMENTS — 104.9%
(Cost $1,470,066,726)					1,704,150,844
	Shares
FOREIGN COMMON STOCKS SOLD SHORT — (4.5)%
Australia — (0.4)%
AMP, Ltd.		(461,073	)		(1,867,114	)
Boral, Ltd.		(13,868	)		(84,292	)
Iluka Resources, Ltd.		(41,348	)		(328,102	)
Magellan Financial Group, Ltd.		(66,209	)		(1,392,742	)
Platinum Asset Management, Ltd.		(206,554	)		(1,242,573	)
REA Group, Ltd.		(3,611	)		(215,960	)
SEEK, Ltd.		(48,446	)		(718,578	)
TPG Telecom, Ltd.		(40,123	)		(205,680	)
Vocus Group, Ltd.		(36,265	)		(85,736	)
					(6,140,777	)
Austria — (0.0)%
ams AG*		(6,291	)		(571,029	)
Denmark — (0.1)%
Novozymes A/S, B Shares		(10,305	)		(588,767	)
Pandora A/S		(10,425	)		(1,134,960	)
					(1,723,727	)
Finland — (0.1)%
Amer Sports OYJ*		(45,430	)		(1,258,617	)
Huhtamaki OYJ		(2,215	)		(93,019	)
					(1,351,636	)
France — (0.6)%
Bollore SA		(400,001	)		(2,173,174	)
Bollore SA NV*		(454	)		(2,478	)
Edenred		(86,652	)		(2,513,980	)
Electricite de France SA		(175,797	)		(2,197,891	)
Getlink SE		(145,510	)		(1,871,607	)
JCDecaux SA		(2,159	)		(87,053	)
Zodiac Aerospace		(4,591	)		(137,327	)
					(8,983,510	)
Germany — (0.2)%
GEA Group AG*		(23,190	)		(1,113,259	)
Zalando SE*D 144A		(35,439	)		(1,875,835	)
					(2,989,094	)
Italy — (0.5)%
BPER Banca		(322,242	)		(1,627,763	)
Brembo SpA		(23,801	)		(361,825	)
Buzzi Unicem SpA		(8,453	)		(228,202	)
Recordati SpA		(1,749	)		(77,772	)
Saipem SpA*		(200,109	)		(913,824	)
Salvatore Ferragamo SpA		(35,835	)		(952,375	)
Tenaris SA		(231,093	)		(3,648,965	)
UniCredit SpA*		(6,578	)		(122,967	)
Unione Di Banche Italiane		(154,169	)		(674,436	)
					(8,608,129	)

250 See Notes to Financial Statements.

	Shares			Value
Japan — (0.8)%
Acom Co., Ltd.*		(128,600	)	$	(542,134	)
ASICS Corporation		(5,700	)		(90,856	)
Bank of Kyoto, Ltd. (The)		(12,400	)		(646,000	)
Calbee, Inc.		(20,500	)		(666,807	)
Chugoku Electric Power Co., Inc.
(The)		(43,300	)		(465,376	)
Hokuriku Electric Power Co.		(90,400	)		(727,693	)
Kansai Paint Co., Ltd.		(22,000	)		(571,697	)
Keikyu Corporation		(9,400	)		(180,617	)
Kyushu Electric Power Co., Inc.		(11,800	)		(123,681	)
Marui Group Co., Ltd.		(12,300	)		(225,204	)
MonotaRO Co., Ltd.		(27,900	)		(891,413	)
Nagoya Railroad Co., Ltd.		(3,100	)		(78,054	)
Nankai Electric Railway Co., Ltd.		(3,200	)		(79,293	)
NGK Spark Plug Co., Ltd.		(30,700	)		(746,282	)
Nippon Paint Holdings Co., Ltd.		(56,500	)		(1,787,641	)
Nippon Yusen KK*		(5,000	)		(121,988	)
Ricoh Co., Ltd.		(56,500	)		(525,010	)
Seven Bank, Ltd.		(136,400	)		(467,277	)
Shimano, Inc.		(8,900	)		(1,251,964	)
Sony Financial Holdings, Inc.		(71,700	)		(1,270,142	)
Suruga Bank, Ltd.		(23,800	)		(510,536	)
Taiyo Nippon Sanso Corporation		(6,100	)		(85,376	)
Toho Gas Co., Ltd.		(4,900	)		(134,378	)
Yaskawa Electric Corporation		(8,500	)		(374,551	)
					(12,563,970	)
Jersey — (0.0)%
Petrofac, Ltd.		(120,388	)		(828,964	)
Netherlands — (0.3)%
Altice NV Class A*		(211,947	)		(2,224,148	)
Ferrari NV		(3,593	)		(377,002	)
Koninklijke Vopak NVD		(23,234	)		(1,019,474	)
OCI NV*		(40,857	)		(1,030,938	)
					(4,651,562	)
Norway — (0.1)%
Schibsted ASA Class A		(79,519	)		(2,272,082	)
Schibsted ASA, B Shares		(4,428	)		(117,568	)
					(2,389,650	)
Papua New Guinea — (0.0)%
Oil Search, Ltd.		(79,440	)		(482,848	)
Portugal — (0.0)%
Banco Comercial Portugues SA*		(505,158	)		(164,863	)
Spain — (0.3)%
Bankia SA		(388,403	)		(1,858,043	)
Cellnex Telecom SA 144A		(94,361	)		(2,417,227	)
Tecnicas Reunidas SA		(10,804	)		(343,006	)
Zardoya Otis SA		(4,146	)		(45,368	)
					(4,663,644	)
Sweden — (0.1)%
Millicom International Cellular SA
SDR		(19,362	)		(1,307,621	)
Switzerland — (0.2)%
Credit Suisse Group AG*D		(50,132	)		(895,168	)

	Shares			Value
Panalpina Welttransport Holding AG		(1,034	)	$	(160,334	)
Vifor Pharma AG		(12,164	)		(1,559,119	)
					(2,614,621	)
United Kingdom — (0.8)%
AA PLC		(38,408	)		(88,156	)
Admiral Group PLC		(6,239	)		(168,640	)
Ashmore Group PLC		(14,825	)		(81,085	)
Beazley PLC		(79,144	)		(571,147	)
BTG PLC*		(41,834	)		(430,677	)
Capita PLC		(86,056	)		(465,800	)
Cobham PLC*		(370,565	)		(631,902	)
ConvaTec Group PLC 144A		(281,723	)		(781,657	)
CYBG PLC*		(19,527	)		(89,560	)
Hargreaves Lansdown PLC		(55,946	)		(1,361,150	)
Hikma Pharmaceuticals PLC		(79,041	)		(1,210,173	)
Hiscox, Ltd.		(6,342	)		(125,357	)
Inmarsat PLC		(151,737	)		(1,005,491	)
John Wood Group PLC		(247,140	)		(2,168,894	)
Jupiter Fund Management PLC		(10,579	)		(89,770	)
Just Eat PLC*		(101,477	)		(1,070,042	)
Mediclinic International PLC		(20,541	)		(180,129	)
Pennon Group PLC		(23,230	)		(245,580	)
Rightmove PLC		(7,366	)		(447,534	)
Tesco PLC		(743,950	)		(2,101,799	)
					(13,314,543	)
Total Foreign Common Stocks Sold Short (Proceeds $(67,648,376))					(73,350,188	)
FOREIGN PREFERRED STOCKS SOLD SHORT — (0.1)%
Germany — (0.1)%
Sartorius AG 0.57%, 04/07/17D (Proceeds $(1,869,842))		(19,570	)		(1,867,684	)
Liabilities in Excess of Other
Assets — (0.3)%					(4,298,372	)
NET ASSETS — 100.0%
				$	1,624,634,600

See Notes to Financial Statements. 251

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date	Open Long (Short) Contracts	Notional   Market Value    of Contracts			Counterparty		Value and Unrealized Appreciation (Depreciation)
AEX Index	01/2018	11	$	1,437,300			BAR	$	(14,243	)
CAC40 Index	01/2018	36		2,293,849			BAR		(32,492	)
IBEX 35 Index	01/2018	(143)		(17,193,544	)		BAR		347,397
OMX 30 Index	01/2018	(237)		(4,548,247	)		BAR		130,255
Hang Seng Index	01/2018	101		19,357,520			BAR		242,442
Hang Seng Index	01/2018	79		15,141,031			JPM		206,829
SGX MSCI Singapore Index	01/2018	55		1,595,985			BAR		9,506
TOPIX Index®	03/2018	175		28,220,546			BAR		514,954
ASX SPI 200 Index	03/2018	(264)		(31,000,895	)		BAR		49,551
DAX Index	03/2018	31		12,004,799			BAR		(202,697	)
FTSE 100 Index®	03/2018	(28)		(2,887,485	)		BAR		(72,419	)
FTSE/MIB Index	03/2018	35		4,568,399			BAR		(186,077	)
MSCI EAFE Index E-Mini	03/2018	563		57,580,825			GSC		705,573
S&P/TSE 60 Index	03/2018	2		304,471			BAR		(572	)
Total Futures Contracts outstanding at December 31, 2017			$	86,874,554				$	1,698,007

Forward Foreign Currency Contracts outstanding at December 31, 2017:

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counterparty	Net Unrealized Appreciation (Depreciation)
03/21/18	New Zealand Dollars		8,873,000	U.S. Dollars		6,033,042	CITI	$	248,954
03/21/18	Australian Dollars		3,421,600	U.S. Dollars		2,567,416	CITI		101,854
03/21/18	Australian Dollars		3,421,600	U.S. Dollars		2,571,460	CITI		97,810
03/21/18	Australian Dollars		3,421,600	U.S. Dollars		2,572,204	CITI		97,066
03/21/18	Australian Dollars		3,421,600	U.S. Dollars		2,576,488	CITI		92,782
03/21/18	Australian Dollars		3,421,600	U.S. Dollars		2,582,163	CITI		87,107
03/21/18	Australian Dollars		3,421,600	U.S. Dollars		2,586,216	CITI		83,054
03/21/18	Australian Dollars		3,421,600	U.S. Dollars		2,590,219	CITI		79,051
03/21/18	Australian Dollars		3,421,600	U.S. Dollars		2,593,232	CITI		76,038
03/21/18	Australian Dollars		3,421,600	U.S. Dollars		2,593,411	CITI		75,859
03/21/18	Australian Dollars		3,421,600	U.S. Dollars		2,595,918	CITI		73,352
03/21/18	New Zealand Dollars		3,726,000	U.S. Dollars		2,565,398	CITI		72,573
03/21/18	New Zealand Dollars		8,315,000	U.S. Dollars		5,815,325	CITI		71,612
03/21/18	Australian Dollars		3,421,600	U.S. Dollars		2,599,930	CITI		69,340
03/21/18	Australian Dollars		3,421,600	U.S. Dollars		2,600,340	CITI		68,930
03/21/18	Australian Dollars		3,421,600	U.S. Dollars		2,600,900	CITI		68,370
03/21/18	Australian Dollars		3,421,600	U.S. Dollars		2,603,232	CITI		66,038
03/21/18	Euro		3,034,125	U.S. Dollars		3,599,244	CITI		58,991
03/21/18	Australian Dollars		3,421,600	U.S. Dollars		2,611,734	CITI		57,536
03/21/18	Euro		3,034,125	U.S. Dollars		3,609,683	CITI		48,552
03/21/18	Euro		3,034,125	U.S. Dollars		3,615,634	CITI		42,601
03/21/18	Euro		3,034,125	U.S. Dollars		3,616,218	CITI		42,016
03/21/18	Euro		3,034,125	U.S. Dollars		3,619,148	CITI		39,087
03/21/18	Canadian Dollars		2,052,666	U.S. Dollars		1,596,250	CITI		38,455
03/21/18	Euro		3,034,125	U.S. Dollars		3,620,605	CITI		37,630
03/21/18	Canadian Dollars		2,052,667	U.S. Dollars		1,598,550	CITI		36,155
03/21/18	Canadian Dollars		2,052,666	U.S. Dollars		1,599,322	CITI		35,383
03/21/18	Canadian Dollars		2,052,666	U.S. Dollars		1,599,428	CITI		35,277
03/21/18	Canadian Dollars		2,052,667	U.S. Dollars		1,599,860	CITI		34,846

252 See Notes to Financial Statements.

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counterparty	Net Unrealized Appreciation (Depreciation)
03/21/18	Canadian Dollars		2,052,667	U.S. Dollars		1,600,046	CITI	$	34,660
03/21/18	Australian Dollars		2,268,000	U.S. Dollars		1,738,712	CITI		30,608
03/21/18	Canadian Dollars		2,052,667	U.S. Dollars		1,606,558	CITI		28,148
03/21/18	Canadian Dollars		2,052,666	U.S. Dollars		1,609,227	CITI		25,478
03/21/18	Canadian Dollars		2,052,667	U.S. Dollars		1,609,253	CITI		25,453
03/21/18	Euro		1,912,000	U.S. Dollars		2,281,197	CITI		24,096
03/21/18	Euro		3,034,125	U.S. Dollars		3,634,447	CITI		23,787
03/21/18	Canadian Dollars		2,052,666	U.S. Dollars		1,611,798	CITI		22,906
03/21/18	Canadian Dollars		2,052,667	U.S. Dollars		1,613,052	CITI		21,654
03/21/18	Canadian Dollars		2,052,667	U.S. Dollars		1,617,101	CITI		17,605
03/21/18	Euro		850,000	U.S. Dollars		1,007,818	CITI		17,024
03/21/18	Canadian Dollars		2,052,667	U.S. Dollars		1,619,201	CITI		15,505
03/21/18	Canadian Dollars		2,052,667	U.S. Dollars		1,619,889	CITI		14,817
03/21/18	Swiss Francs		947,000	U.S. Dollars		963,516	CITI		13,996
03/21/18	Canadian Dollars		2,052,667	U.S. Dollars		1,623,014	CITI		11,691
03/21/18	British Pounds		2,136,000	U.S. Dollars		2,880,076	CITI		11,584
03/21/18	New Zealand Dollars		618,000	U.S. Dollars		428,507	CITI		9,031
03/21/18	Singapore Dollars		548,500	U.S. Dollars		404,842	CITI		5,778
03/21/18	Singapore Dollars		1,097,000	U.S. Dollars		816,110	CITI		5,129
03/21/18	British Pounds		177,000	U.S. Dollars		234,739	CITI		4,879
03/21/18	Euro		3,034,125	U.S. Dollars		3,653,452	CITI		4,783
03/21/18	Singapore Dollars		548,500	U.S. Dollars		405,907	CITI		4,712
03/21/18	Norwegian Kroner		2,395,375	U.S. Dollars		288,952	CITI		3,444
03/21/18	Norwegian Kroner		2,395,375	U.S. Dollars		289,270	CITI		3,127
03/21/18	Swedish Kronor		923,000	U.S. Dollars		110,117	CITI		2,955
03/21/18	Norwegian Kroner		2,395,375	U.S. Dollars		289,751	CITI		2,645
03/22/18	U.S. Dollars		819,540	Japanese Yen		91,691,000	CITI		2,344
03/21/18	Norwegian Kroner		2,395,375	U.S. Dollars		290,272	CITI		2,124
03/21/18	Danish Kroner		1,871,000	U.S. Dollars		301,011	CITI		2,087
03/21/18	Israeli Shekels		542,500	U.S. Dollars		154,519	CITI		1,906
03/21/18	Danish Kroner		1,214,000	U.S. Dollars		194,956	CITI		1,709
03/21/18	Israeli Shekels		542,500	U.S. Dollars		154,852	CITI		1,573
03/21/18	Israeli Shekels		542,500	U.S. Dollars		154,914	CITI		1,511
03/21/18	Norwegian Kroner		2,395,375	U.S. Dollars		291,057	CITI		1,339
03/21/18	Euro		92,000	U.S. Dollars		109,859	CITI		1,065
03/21/18	Israeli Shekels		542,500	U.S. Dollars		155,454	CITI		972
03/21/18	U.S. Dollars		1,084,758	British Pounds		800,666	CITI		838
03/21/18	Israeli Shekels		542,500	U.S. Dollars		155,592	CITI		833
03/21/18	Israeli Shekels		542,500	U.S. Dollars		155,668	CITI		757
03/21/18	Singapore Dollars		156,000	U.S. Dollars		116,089	CITI		696
03/21/18	U.S. Dollars		958,154	Hong Kong Dollars		7,469,000	CITI		647
03/21/18	Singapore Dollars		120,000	U.S. Dollars		89,284	CITI		551
03/21/18	U.S. Dollars		1,084,454	British Pounds		800,667	CITI		532
03/21/18	Israeli Shekels		542,500	U.S. Dollars		155,956	CITI		469
03/21/18	Israeli Shekels		97,000	U.S. Dollars		27,562	CITI		408
03/21/18	Norwegian Kroner		2,395,375	U.S. Dollars		291,999	CITI		397
03/21/18	Singapore Dollars		42,000	U.S. Dollars		31,102	CITI		341
03/21/18	Israeli Shekels		86,000	U.S. Dollars		24,523	CITI		274
03/21/18	Israeli Shekels		542,500	U.S. Dollars		156,237	CITI		188
03/21/18	U.S. Dollars		252,735	Hong Kong Dollars		1,970,000	CITI		186
03/21/18	Hong Kong Dollars		1,861,250	U.S. Dollars		238,424	CITI		184
03/21/18	Israeli Shekels		116,000	U.S. Dollars		33,284	CITI		164
03/21/18	Norwegian Kroner		64,000	U.S. Dollars		7,675	CITI		137
03/21/18	Hong Kong Dollars		1,861,250	U.S. Dollars		238,473	CITI		135

See Notes to Financial Statements. 253

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counterparty	Net Unrealized Appreciation (Depreciation)
03/21/18	Danish Kroner		40,000	U.S. Dollars		6,370	CITI	$	110
03/21/18	Swiss Francs		7,000	U.S. Dollars		7,126	CITI		99
03/21/18	British Pounds		4,000	U.S. Dollars		5,324	CITI		91
03/21/18	Hong Kong Dollars		1,861,250	U.S. Dollars		238,534	CITI		74
01/09/18	U.S. Dollars		41,759	Japanese Yen		4,696,678	BBH		56
03/21/18	Norwegian Kroner		51,000	U.S. Dollars		6,181	CITI		45
03/21/18	Israeli Shekels		33,000	U.S. Dollars		9,475	CITI		41
03/21/18	Danish Kroner		12,000	U.S. Dollars		1,912	CITI		32
03/21/18	Swiss Francs		2,000	U.S. Dollars		2,035	CITI		29
03/21/18	Swedish Kronor		5,000	U.S. Dollars		592	CITI		21
03/21/18	British Pounds		1,000	U.S. Dollars		1,348	CITI		5
Subtotal Appreciation								$	2,446,784
03/21/18	U.S. Dollars		22,931	Hong Kong Dollars		179,000	CITI	$	(17	)
03/21/18	Hong Kong Dollars		205,000	U.S. Dollars		26,300	CITI		(19	)
03/21/18	U.S. Dollars		10,648	Israeli Shekels		37,000	CITI		(21	)
03/21/18	Hong Kong Dollars		1,861,250	U.S. Dollars		238,639	CITI		(31	)
03/21/18	U.S. Dollars		1,190	Swedish Kronor		10,000	CITI		(35	)
01/05/18	U.S. Dollars		19,728	Japanese Yen		2,227,863	BBH		(50	)
03/21/18	U.S. Dollars		3,025	Danish Kroner		19,000	CITI		(53	)
03/21/18	U.S. Dollars		91,987	Hong Kong Dollars		718,000	CITI		(59	)
03/21/18	Hong Kong Dollars		624,000	U.S. Dollars		80,062	CITI		(67	)
03/21/18	U.S. Dollars		14,810	British Pounds		11,000	CITI		(82	)
03/21/18	Hong Kong Dollars		1,145,000	U.S. Dollars		146,893	CITI		(107	)
03/21/18	U.S. Dollars		10,708	British Pounds		8,000	CITI		(122	)
03/21/18	Hong Kong Dollars		1,861,250	U.S. Dollars		238,760	CITI		(153	)
03/21/18	U.S. Dollars		11,501	Australian Dollars		15,000	CITI		(200	)
03/21/18	Hong Kong Dollars		1,861,250	U.S. Dollars		238,809	CITI		(202	)
03/21/18	Hong Kong Dollars		1,861,250	U.S. Dollars		238,816	CITI		(208	)
03/21/18	U.S. Dollars		31,199	Singapore Dollars		42,000	CITI		(243	)
03/21/18	Hong Kong Dollars		1,861,250	U.S. Dollars		238,865	CITI		(257	)
03/21/18	U.S. Dollars		149,359	Danish Kroner		924,000	CITI		(327	)
03/21/18	U.S. Dollars		37,506	Danish Kroner		235,000	CITI		(564	)
03/21/18	U.S. Dollars		36,776	Euro		31,000	CITI		(601	)
03/21/18	U.S. Dollars		46,508	Singapore Dollars		63,000	CITI		(655	)
03/21/18	Norwegian Kroner		2,395,375	U.S. Dollars		293,053	CITI		(657	)
03/21/18	Norwegian Kroner		2,395,375	U.S. Dollars		293,092	CITI		(696	)
01/04/18	U.S. Dollars		224,973	Japanese Yen		25,426,827	BBH		(738	)
03/21/18	U.S. Dollars		115,256	Singapore Dollars		155,000	CITI		(780	)
03/21/18	U.S. Dollars		48,649	Euro		41,000	CITI		(784	)
03/21/18	U.S. Dollars		148,648	Danish Kroner		924,000	CITI		(1,038	)
03/21/18	U.S. Dollars		1,082,797	British Pounds		800,666	CITI		(1,124	)
03/21/18	U.S. Dollars		348,039	Norwegian Kroner		2,864,000	CITI		(1,561	)
03/21/18	U.S. Dollars		120,768	Euro		102,000	CITI		(2,213	)
03/21/18	U.S. Dollars		1,081,632	British Pounds		800,666	CITI		(2,289	)
03/21/18	U.S. Dollars		122,934	Danish Kroner		773,000	CITI		(2,291	)
03/21/18	U.S. Dollars		429,468	Norwegian Kroner		3,549,000	CITI		(3,747	)
03/21/18	U.S. Dollars		270,101	Danish Kroner		1,692,000	CITI		(4,000	)
03/21/18	U.S. Dollars		324,120	Swiss Francs		318,000	CITI		(4,126	)
03/21/18	U.S. Dollars		1,079,279	British Pounds		800,667	CITI		(4,643	)
03/21/18	U.S. Dollars		785,733	British Pounds		584,000	CITI		(4,871	)
03/22/18	Japanese Yen		79,764,000	U.S. Dollars		715,811	CITI		(4,915	)
03/21/18	U.S. Dollars		252,526	Swedish Kronor		2,115,000	CITI		(6,572	)
03/21/18	U.S. Dollars		1,076,989	British Pounds		800,667	CITI		(6,933	)

254 See Notes to Financial Statements.

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counterparty	Net Unrealized Appreciation (Depreciation)
03/21/18	U.S. Dollars		1,318,172	Norwegian Kroner		10,860,000	CITI	$	(7,475	)
03/22/18	Japanese Yen		812,214,875	U.S. Dollars		7,246,760	CITI		(7,896	)
03/22/18	Japanese Yen		60,861,000	U.S. Dollars		550,786	CITI		(8,362	)
03/21/18	U.S. Dollars		1,075,330	British Pounds		800,666	CITI		(8,590	)
03/21/18	U.S. Dollars		1,074,445	British Pounds		800,667	CITI		(9,477	)
03/21/18	U.S. Dollars		894,237	Norwegian Kroner		7,405,000	CITI		(9,669	)
03/21/18	U.S. Dollars		616,750	Danish Kroner		3,871,000	CITI		(10,344	)
03/21/18	U.S. Dollars		1,072,626	British Pounds		800,667	CITI		(11,296	)
03/21/18	U.S. Dollars		1,071,828	British Pounds		800,667	CITI		(12,094	)
03/21/18	U.S. Dollars		3,251,500	Swiss Francs		3,162,000	CITI		(12,380	)
03/21/18	U.S. Dollars		1,071,067	British Pounds		800,666	CITI		(12,853	)
03/21/18	U.S. Dollars		1,070,409	British Pounds		800,667	CITI		(13,513	)
03/22/18	Japanese Yen		521,528,000	U.S. Dollars		4,662,325	CITI		(14,207	)
03/21/18	U.S. Dollars		3,249,055	Swiss Francs		3,162,000	CITI		(14,826	)
03/21/18	U.S. Dollars		1,067,874	British Pounds		800,667	CITI		(16,048	)
03/21/18	U.S. Dollars		1,066,372	British Pounds		800,667	CITI		(17,550	)
03/21/18	U.S. Dollars		3,246,128	Swiss Francs		3,162,000	CITI		(17,753	)
03/22/18	Japanese Yen		812,214,875	U.S. Dollars		7,257,194	CITI		(18,330	)
03/21/18	U.S. Dollars		1,064,895	British Pounds		800,667	CITI		(19,027	)
03/21/18	U.S. Dollars		2,572,809	Euro		2,150,000	CITI		(19,439	)
03/21/18	U.S. Dollars		3,241,759	Swiss Francs		3,162,000	CITI		(22,122	)
03/21/18	U.S. Dollars		3,241,070	Swiss Francs		3,162,000	CITI		(22,810	)
03/22/18	Japanese Yen		812,214,875	U.S. Dollars		7,262,369	CITI		(23,505	)
03/21/18	U.S. Dollars		3,239,941	Swiss Francs		3,162,000	CITI		(23,939	)
03/21/18	U.S. Dollars		1,352,030	Norwegian Kroner		11,278,000	CITI		(24,641	)
03/22/18	Japanese Yen		812,214,875	U.S. Dollars		7,264,389	CITI		(25,524	)
03/21/18	U.S. Dollars		3,237,421	Swiss Francs		3,162,000	CITI		(26,460	)
03/22/18	Japanese Yen		812,214,875	U.S. Dollars		7,270,027	CITI		(31,162	)
03/21/18	U.S. Dollars		3,231,733	Swiss Francs		3,162,000	CITI		(32,147	)
03/21/18	U.S. Dollars		3,230,211	Swiss Francs		3,162,000	CITI		(33,670	)
03/21/18	U.S. Dollars		3,226,951	Swiss Francs		3,162,000	CITI		(36,930	)
03/21/18	U.S. Dollars		3,914,373	Swedish Kronor		32,254,750	CITI		(36,996	)
03/21/18	U.S. Dollars		3,914,256	Swedish Kronor		32,254,750	CITI		(37,114	)
03/21/18	U.S. Dollars		1,073,986	Australian Dollars		1,425,000	CITI		(37,690	)
03/21/18	U.S. Dollars		1,673,889	New Zealand Dollars		2,421,846	CITI		(40,754	)
03/22/18	Japanese Yen		812,214,875	U.S. Dollars		7,284,450	CITI		(45,585	)
03/21/18	U.S. Dollars		3,217,354	Swiss Francs		3,162,000	CITI		(46,527	)
03/21/18	U.S. Dollars		3,217,241	Swiss Francs		3,162,000	CITI		(46,640	)
03/21/18	U.S. Dollars		1,667,257	New Zealand Dollars		2,421,846	CITI		(47,386	)
03/21/18	U.S. Dollars		1,667,254	New Zealand Dollars		2,421,847	CITI		(47,390	)
03/21/18	U.S. Dollars		1,666,726	New Zealand Dollars		2,421,846	CITI		(47,916	)
03/21/18	U.S. Dollars		3,213,662	Swiss Francs		3,162,000	CITI		(50,218	)
03/21/18	U.S. Dollars		3,901,030	Swedish Kronor		32,254,750	CITI		(50,339	)
03/21/18	U.S. Dollars		1,661,674	New Zealand Dollars		2,421,847	CITI		(52,970	)
03/21/18	U.S. Dollars		1,661,448	New Zealand Dollars		2,421,846	CITI		(53,195	)
03/21/18	U.S. Dollars		3,209,906	Swiss Francs		3,162,000	CITI		(53,975	)
03/21/18	U.S. Dollars		1,660,579	New Zealand Dollars		2,421,846	CITI		(54,064	)
03/21/18	U.S. Dollars		1,658,577	New Zealand Dollars		2,421,846	CITI		(56,066	)
03/21/18	U.S. Dollars		1,655,326	New Zealand Dollars		2,421,846	CITI		(59,317	)
03/21/18	U.S. Dollars		7,212,796	British Pounds		5,373,000	CITI		(61,029	)
03/21/18	U.S. Dollars		1,652,226	New Zealand Dollars		2,421,846	CITI		(62,417	)
03/21/18	U.S. Dollars		1,651,874	New Zealand Dollars		2,421,846	CITI		(62,768	)
03/21/18	U.S. Dollars		1,651,384	New Zealand Dollars		2,421,846	CITI		(63,259	)
03/21/18	U.S. Dollars		3,197,806	Swiss Francs		3,162,000	CITI		(66,075	)

See Notes to Financial Statements. 255

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of  Currency Sold		Counterparty	Net Unrealized Appreciation (Depreciation)
03/21/18	U.S. Dollars		1,648,031	New Zealand Dollars		2,421,846	CITI	$	(66,612	)
03/21/18	U.S. Dollars		3,450,261	British Pounds		2,598,000	CITI		(66,842	)
03/21/18	U.S. Dollars		3,965,936	Norwegian Kroner		33,080,000	CITI		(72,038	)
03/21/18	U.S. Dollars		5,924,299	Swedish Kronor		48,950,000	CITI		(72,322	)
03/21/18	U.S. Dollars		3,878,913	Swedish Kronor		32,254,750	CITI		(72,456	)
03/21/18	U.S. Dollars		5,339,670	Euro		4,490,000	CITI		(73,909	)
03/21/18	U.S. Dollars		3,952,414	Euro		3,346,000	CITI		(81,847	)
03/21/18	U.S. Dollars		3,866,810	Swedish Kronor		32,254,750	CITI		(84,559	)
03/21/18	U.S. Dollars		3,862,577	Swedish Kronor		32,254,750	CITI		(88,793	)
03/21/18	U.S. Dollars		3,859,687	Swedish Kronor		32,254,750	CITI		(91,683	)
03/22/18	Japanese Yen		1,624,429,750	U.S. Dollars		14,585,319	CITI		(107,590	)
03/21/18	U.S. Dollars		3,828,226	Swedish Kronor		32,254,750	CITI		(123,143	)
03/21/18	U.S. Dollars		13,115,213	Swedish Kronor		109,980,000	CITI		(357,891	)
Subtotal Depreciation								$	(3,161,465	)
Total Forward Foreign Currency Contracts outstanding at December 31, 2017								$	(714,681	)

Swap agreements outstanding at December 31, 2017:

Reference Obligation	Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Total Return Swaps
MSCI Japan Index, Floating financing rate: 1-Month ICE LIBOR JPY + 0.0014 (Monthly)		03/21/18		GSC		JPY		814,904,320	$	175,277		$	—	$	175,277
MSCI Hong Kong Index, Floating financing rate: 1-Month HIBOR + 0.004 (Monthly)		03/21/18		GSC		HKD		6,933,469		157,604			—		157,604
MSCI Sweden Index, Floating financing rate: 1-Month STIBOR Interbank Offered Rate - 0.0037 (Monthly)		03/21/18		GSC		SEK		12,834,293		109,686			—		109,686
MSCI Sweden Index, Floating financing rate: 1-Month STIBOR Interbank Offered Rate - 0.0037 (Monthly)		03/21/18		GSC		SEK		9,799,828		37,235			—		37,235
MSCI Switzerland Index, Floating financing rate: 1-Month ICE LIBOR CHF - 0.004 (Monthly)		03/21/18		GSC		CHF		7,497,216		8,970			—		8,970
MSCI Sweden Index, Floating financing rate: 1-Month STIBOR Interbank Offered Rate - 0.0037 (Monthly)		03/21/18		GSC		SEK		1,044,652		5,605			—		5,605
MSCI Australia Index, Floating financing rate: 1-Month ASX Australian Bank Bill Short Term Rates Mid + 0.002 (Monthly)		03/21/18		GSC		AUD		109,773		(4,407	)		—		(4,407	)
MSCI Italy Index, Floating financing rate: 1-Month EURIBOR + 0.0002 (Monthly)		03/21/18		GSC		EUR		1,069,946		(31,133	)		—		(31,133	)
Total Swap agreements outstanding at December 31, 2017									$	458,837		$	—	$	458,837

256 See Notes to Financial Statements.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted  Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	34,986,250	$	34,986,250	$	—	$	—
Foreign Common Stocks
Australia		36,932,668		36,932,668		—		—	**
Austria		7,689,006		7,689,006		—		—
Belgium		6,673,794		6,673,794		—		—
Brazil		5,020,630		—		5,020,630		—
Canada		12,869,910		12,869,910		—		—
China		49,907,703		49,907,703		—		—
Colombia		6,601,056		6,601,056		—		—
Denmark		21,506,073		21,506,073		—		—
Finland		4,080,618		4,080,618		—		—
France		142,060,833		142,060,833		—		—
Germany		153,604,877		153,604,877		—		—
Hong Kong		59,698,225		59,698,225		—		—
India		9,472,357		9,472,357		—		—
Ireland		8,313,697		8,313,697		—		—
Italy		60,124,505		60,124,505		—		—
Japan		276,213,225		276,213,225		—		—
Jersey		23,142,282		23,142,282		—		—
Malaysia		6,036,936		6,036,936		—		—
Netherlands		110,027,678		110,027,678		—		—
Nigeria		—		—		—		—	**
Norway		4,415,551		4,415,551		—		—
Portugal		1,902,784		1,902,784		—		—
Singapore		53,818,464		53,818,464		—		—
South Korea		4,161,743		—		4,161,743		—
Spain		77,554,126		77,554,126		—		—
Sweden		43,451,115		43,451,115		—		—
Switzerland		124,888,960		124,888,960		—		—
Taiwan		22,480,196		22,480,196		—		—
Turkey		1		1		—		—
United Kingdom		243,595,379		243,595,379		—		—
Foreign Preferred Stocks
Germany		3,212,354		3,212,354		—		—
Money Market Funds		87,521,790		87,521,790		—		—
U.S. Treasury Obligation		2,186,058		—		2,186,058		—
Total Assets - Investments in Securities	$	1,704,150,844	$	1,692,782,413	$	11,368,431	$	—

See Notes to Financial Statements. 257

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***
Forward Foreign Currency Contracts	$	2,446,784		$	—		$	2,446,784		$	—
Futures Contracts		2,206,507			2,206,507			—			—
Swap Agreements		494,377			—			494,377			—
Total Assets - Other Financial Instruments	$	5,147,668		$	2,206,507		$	2,941,161		$	—
Liabilities:
Investments in Securities:
Foreign Common Stocks Sold Short
Australia	$	(6,140,777	)	$	(6,140,777	)	$	—		$	—
Austria		(571,029	)		(571,029	)		—			—
Denmark		(1,723,727	)		(1,723,727	)		—			—
Finland		(1,351,636	)		(1,351,636	)		—			—
France		(8,983,510	)		(8,983,510	)		—			—
Germany		(2,989,094	)		(2,989,094	)		—			—
Italy		(8,608,129	)		(8,608,129	)		—			—
Japan		(12,563,970	)		(12,563,970	)		—			—
Jersey		(828,964	)		(828,964	)		—			—
Netherlands		(4,651,562	)		(4,651,562	)		—			—
Norway		(2,389,650	)		(2,389,650	)		—			—
Papua New Guinea		(482,848	)		(482,848	)		—			—
Portugal		(164,863	)		(164,863	)		—			—
Spain		(4,663,644	)		(4,663,644	)		—			—
Sweden		(1,307,621	)		(1,307,621	)		—			—
Switzerland		(2,614,621	)		(2,614,621	)		—			—
United Kingdom		(13,314,543	)		(13,314,543	)		—			—
Foreign Preferred Stocks Sold Short
Germany		(1,867,684	)		(1,867,684	)		—			—
Total Liabilities - Investments in Securities	$	(75,217,872	)	$	(75,217,872	)	$	—		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(3,161,465	)	$	—		$	(3,161,465	)	$	—
Futures Contracts		(508,500	)		(508,500	)		—			—
Swap Agreements		(35,540	)		—			(35,540	)		—
Total Liabilities - Other Financial Instruments	$	(3,705,505	)	$	(508,500	)	$	(3,197,005	)	$	—

** Level 3 security has zero value.

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the year ended December 31, 2017.

258 See Notes to Financial Statements.

Emerging Markets Equity Fund (Unaudited)

Emerging markets equities outperformed their developed markets counterparts during 2017 and benefitted from prospects of higher economic growth as their recovery continues. The MSCI Emerging Markets Index (Net) posted a gain of 7.44% for the fourth quarter and advanced 37.28% for the year. Countries with the strongest gains for the year included Poland, China and Korea. Pakistan and Qatar were the only countries with negative returns, in U.S. dollars. All 11 sectors experienced positive returns for 2017, with more than half of the index’s gains attributable to technology and financial services sectors stocks. The health care and utilities sectors contributed the least to the index’s overall performance.

The Fund is actively managed and invests mainly in equity securities that are economically tied to emerging markets. In addition, the Fund’s portfolio is diversified among a large number of companies across different industries and economic sectors. The Investor Class of the Fund underperformed its benchmark, the MSCI Emerging Markets Index (Net), for the one-year period ended December 31, 2017 (35.37% versus 37.28%). On a country basis, security selection in South Africa and Brazil contributed to benchmark-relative performance. Underweight exposure to China as well as security selection among that country’s stocks had the largest negative impact on the Fund. On a sector basis, security selection within the consumer discretionary sector as well as an overweight and positive security selection within the industrials sector contributed to benchmark-relative returns. Meanwhile, security selection within the technology and health care 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 markets equities. Securities of foreign issuers may be negatively impacted by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries, and they also may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Investing in emerging markets may involve greater risks than investing in more developed foreign markets because, among other things, emerging markets often have more political and economic instability. Medium- and small-sized companies stocks have historically been subject to more investment risk and more volatile and less liquid than large company stocks, respectively. 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. Derivatives involve different risks from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in value of the underlying instruments may produce disproportionate losses to the Fund. It is possible to lose money by investing in the Fund.

At December 31, 2017, 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.

	%
Information Technology		23.0
Financials		22.7
Consumer Discretionary		10.5
Consumer Staples		9.0
Money Market Funds		7.7
Energy		4.9
Materials		4.8
Industrials		3.8
Telecommunication Services		3.7
Foreign Preferred Stocks		3.7
Health Care		3.2
Real Estate		2.5
Utilities		0.7
U.S. Treasury Obligation		0.2
		100.4

See Notes to Financial Statements. 259

Emerging Markets Equity Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	35.80%	35.37%	37.28%
Five Year	N/A	N/A	N/A
Ten Year	N/A	N/A	N/A
Since Inception	3.78%	3.52%	5.16%
Inception Date	10/31/13	10/31/13
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(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.

260 See Notes to Financial Statements.

EMERGING MARKETS EQUITY FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Shares		Value
COMMON STOCKS — 2.0%
Consumer Discretionary — 0.7%
Yum China Holdings, Inc.		84,037	$	3,363,161
Consumer Staples — 0.2%
PriceSmart, Inc.		11,700		1,007,370
Energy — 0.1%
Kosmos Energy, Ltd.*		108,900		745,965
Financials — 0.2%
FirstCash, Inc.		17,000		1,146,650
Information Technology — 0.6%
Cognizant Technology Solutions Corporation Class A		37,600		2,670,352
Weibo Corporation ADR*D		1,984		205,265
				2,875,617
Materials — 0.2%
Southern Copper CorporationD		4,037		191,555
Ternium SA ADR		21,610		682,660
				874,215
Total Common Stocks (Cost $9,241,244)				10,012,978
FOREIGN COMMON STOCKS — 86.8%
Argentina — 0.2%
Banco Macro SA ADR		3,460		400,945
Loma Negra Cia Industrial Argentina SA ADR*		16,989		391,426
				792,371
Brazil — 3.1%
Banco BTG Pactual SA*		193,362		1,106,974
Banco do Brasil SA*		96,500		925,186
Banco Santander Brasil SA ADRD		29,443		284,714
BB Seguridade Participacoes SA		202,100		1,734,121
BR Malls Participacoes SA		25,400		97,485
Cia de Saneamento Basico do Estado de Sao Paulo ADR*D		29,740		310,783
Cielo SA		5,200		36,864
Embraer SA ADRD		14,035		335,858
Engie Brasil Energia SA		47,600		509,754
Hypermarcas SA		40,200		436,285
Kroton Educacional SA		6,300		34,958
Linx SA		138,128		891,954
Localiza Rent a Car SA*		34,900		232,176
Lojas Americanas SA*		248,600		983,163
M Dias Branco SA*		5,100		80,103
Odontoprev SA		244,700		1,173,669
Porto Seguro SA*		31,400		343,896
PPLA Participations, Ltd.*		20,118		8,127
Qualicorp SA		25,500		238,276
Rumo SA*		352,410		1,378,571
Sul America SA		110,950		624,135
TIM Participacoes SA ADR		8,833		170,565
TOTVS SA		117,300		1,056,977
Ultrapar Participacoes SA		50,600		1,144,319
Ultrapar Participacoes SA ADRD		33,578		763,228
Vale SA ADR*		51,371		628,267
				15,530,408

	Shares		Value
Canada — 0.2%
First Quantum Minerals, Ltd.		65,056	$	911,405
Platinum Group Metals, Ltd.*		43,200		13,060
				924,465
Chile — 0.6%
Banco de Chile ADRD		9,384		905,838
Banco de Credito e Inversiones		1,003		69,724
Banco Santander Chile ADR		33,650		1,052,235
Empresas COPEC SA		4,715		74,438
Enel Americas SA ADR		11,736		131,091
Enel Chile SA ADR		24,651		140,018
Enel Generacion Chile SA ADRD		2,770		74,541
Itau CorpBanca		6,645,420		60,429
Latam Airlines Group SA ADRD		21,890		304,271
SACI Falabella		8,052		80,262
				2,892,847
China — 14.2%
58.com, Inc. ADR*		44,798		3,206,193
Agricultural Bank of China, Ltd. Class H		467,000		217,575
Air China, Ltd. Class H		256,000		310,627
Alibaba Group Holding, Ltd. ADR*D		89,389		15,413,345
Aluminum Corporation of China, Ltd.*		512,000		366,330
Baidu, Inc. ADR*		11,922		2,792,252
Bank of China, Ltd. Class H		2,487,000		1,222,355
Beijing Capital International Airport Co., Ltd. Class H		496,000		747,855
China Cinda Asset Management Co., Ltd. Class H		1,008,000		368,992
China Communications Services
Corporation, Ltd. Class H		780,000		523,138
China Construction Bank Corporation Class H		3,062,000		2,821,813
China Evergrande Group*D		359,000		1,238,351
China Medical System Holdings, Ltd.		37,000		86,286
China Mengniu Dairy Co., Ltd.*		1,047,000		3,115,732
China Merchants Bank Co., Ltd. Class H		32,000		127,380
China National Building Material Co., Ltd.		224,000		200,408
China Shenhua Energy Co., Ltd.
Class H		176,379		457,154
China Vanke Co., Ltd. Class H		97,700		390,157
Chongqing Rural Commercial Bank
Co., Ltd. Class H		807,000		570,168
Country Garden Holdings Co., Ltd.		209,000		398,587
Ctrip.com International, Ltd. ADR*		15,343		676,626
Dongfeng Motor Group Co., Ltd. Class H		63,545		76,942
Fuyao Glass Industry Group Co., Class HD 144A		206,800		872,161
Geely Automobile Holdings, Ltd.		1,121,000		3,888,351
Great Wall Motor Co., Ltd. Class H		514,500		589,385
Guangzhou Automobile Group Co., Ltd.D		242,000		573,650
Haitian International Holdings, Ltd.		293,000		881,304
Industrial & Commercial Bank of China, Ltd. Class H		2,898,000		2,333,133

See Notes to Financial Statements. 261

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
JD.com, Inc. ADR*D		51,202		$	2,120,787
Jiangxi Copper Co., Ltd. Class H		237,000			376,150
Kingsoft Corporation, Ltd.D		91,000			302,834
NetEase, Inc. ADR		3,144			1,084,900
New Oriental Education & Technology Group, Inc. ADR		5,106			479,964
PICC Property & Casualty Co., Ltd. Class H		688,000			1,322,662
SINA Corporation		2,218			222,488
Sinopec Engineering Group Co., Ltd. Class H		223,500			211,690
Sinopec Shanghai Petrochemical Co., Ltd. Class H		558,000			317,823
Sunac China Holdings, Ltd.D		49,000			202,890
Sunny Optical Technology Group Co., Ltd.D		100,000			1,278,663
TAL Education Group ADR		8,970			266,499
Tencent Holdings, Ltd.		262,600			13,646,185
Tingyi Cayman Islands Holding Corporation		1,718,000			3,342,391
TravelSky Technology, Ltd. Class H		60,000			180,088
Vipshop Holdings, Ltd. ADR*		15,320			179,550
Weichai Power Co., Ltd. Class HD		748,000			819,532
					70,821,346
Colombia — 0.1%
Bancolombia SA		68,632			689,438
Czech Republic — 0.0%
Komercni Banka AS		5,361			230,363
Egypt — 0.2%
Arabian Food Industries Co. DOMTY*		85,130			47,933
Commercial International Bank Egypt SAE		87,865			382,392
Commercial International Bank Egypt SAE GDR		63,067			274,026
Edita Food Industries SAE		384,792			346,270
Edita Food Industries SAE GDR		15,770			85,000
					1,135,621
Hong Kong — 6.8%
3SBio, Inc.* 144A		27,500			53,994
AAC Technologies Holdings, Inc.		70,000			1,248,968
AIA Group, Ltd.		890,158			7,593,776
ANTA Sports Products, Ltd.		200,000			907,479
China Everbright International, Ltd.		64,000			91,419
China Mobile, Ltd.		686,500			6,963,544
China Overseas Land & Investment, Ltd.		1,112,000			3,579,590
China Resources Land, Ltd.		204,000			600,549
CNOOC, Ltd.		760,000			1,091,433
CSPC Pharmaceutical Group, Ltd.		646,000			1,304,758
Far East Horizon, Ltd.		74,000			63,175
GCL-Poly Energy Holdings, Ltd.*		385,000			68,989
Haier Electronics Group Co., Ltd.*		743,000			2,035,135
Hengan International Group Co., Ltd.D		123,389			1,370,050
Nine Dragons Paper Holdings, Ltd.		963,000			1,543,196
Sihuan Pharmaceutical Holdings Group, Ltd.D		257,000			92,434

	Shares		Value
Sino Biopharmaceutical, Ltd.		393,000		$	697,182
Sun Art Retail Group, Ltd.		996,500			1,053,532
WH Group, Ltd. 144A		3,061,000			3,455,592
					33,814,795
Hungary — 0.5%
OTP Bank PLC		62,550			2,589,368
India — 6.2%
Axis Bank, Ltd.		503,317			4,447,074
Axis Bank, Ltd. GDRD		1,472			64,326
Bajaj Auto, Ltd.		10,261			535,914
Bharat Heavy Electricals, Ltd.		520,157			753,822
Bharat Petroleum Corporation, Ltd.		66,201			536,951
Bharti Infratel, Ltd.		10,119			60,046
Dabur India, Ltd.		155,855			853,903
Eicher Motors, Ltd.		239			113,610
GAIL India, Ltd.		63,886			500,108
Godrej Consumer Products, Ltd.		12,039			188,514
Grasim Industries, Ltd.		43,558			795,547
HCL Technologies, Ltd.		16,556			230,984
HDFC Bank, Ltd.Y†††		126,645			3,710,409
Hero MotoCorp, Ltd.		24,562			1,456,596
Hindalco Industries, Ltd.		107,002			458,586
Hindustan Petroleum Corporation, Ltd.		91,535			600,314
Hindustan Unilever, Ltd.		13,121			281,189
Housing Development Finance Corporation, Ltd.		16,011			429,050
Indiabulls Housing Finance, Ltd.		3,815			71,521
Indian Oil Corporation, Ltd.		104,743			637,623
Infosys, Ltd.		150,611			2,458,881
Infosys, Ltd. ADRD		139,416			2,261,328
JSW Steel, Ltd.		68,819			290,899
Kotak Mahindra Bank, Ltd.		286,603			4,536,075
NTPC, Ltd.		87,918			243,805
Power Finance Corporation, Ltd.		170,131			324,522
Quess Corporation, Ltd.* 144A		31,614			571,655
Tata Consultancy Services, Ltd.		56,609			2,395,711
Tata Motors, Ltd. ADR*		1,209			39,982
Tata Steel, Ltd.		97,339			1,116,934
Tech Mahindra, Ltd.		12,581			99,353
Wipro, Ltd.		27,305			134,434
					31,199,666
Indonesia — 2.1%
PT Adaro Energy Tbk		5,355,000			734,129
PT Astra International Tbk		381,400			233,324
PT Bank Central Asia Tbk		2,810,500			4,536,573
PT Bank Mandiri Persero Tbk		602,900			355,497
PT Bank Negara Indonesia Persero Tbk		2,069,900			1,510,375
PT Bank Rakyat Indonesia Persero Tbk		3,212,000			861,742
PT Indofood Sukses Makmur Tbk		635,235			357,005
PT Semen Indonesia Persero Tbk		225,500			164,544
PT Surya Citra Media Tbk		124,500			22,757
PT Telekomunikasi Indonesia Persero Tbk		1,370,200			448,401
PT United Tractors Tbk		402,969			1,051,417
					10,275,764

262 See Notes to Financial Statements.

	Shares		Value
Isle of Man — 0.1%
NEPI Rockcastle PLC		15,777		$	272,337
Japan — 0.0%
Unicharm Corporation		3,500			90,998
Kenya — 0.2%
Equity Group Holdings, Ltd.		2,882,347			1,110,745
Malaysia — 1.6%
AirAsia Bhd		1,417,300			1,173,204
CIMB Group Holdings Bhd		639,000			1,032,632
Hong Leong Bank Bhd.		85,300			358,315
Malayan Banking Bhd		775,100			1,876,941
Malaysia Airports Holdings		418,800			909,625
Petronas Chemicals Group Bhd		62,200			118,344
Public Bank Bhd		295,200			1,515,754
Sime Darby Bhd		176,100			96,165
Sime Darby Plantation Bhd*		74,400			110,304
Tenaga Nasional Bhd		65,200			245,849
Westports Holdings Bhd		405,600			370,823
					7,807,956
Mexico — 3.4%
America Movil SAB de CV Series L		1,252,245			1,078,857
America Movil SAB de CV Series L ADR		215,285			3,692,138
Arca Continental SAB de CV		38,388			265,812
Fibra Uno Administracion SA de CV REIT		181,600			268,671
Gruma SAB de CV Series B		7,485			94,921
Grupo Aeroportuario del Pacifico SAB de CV		16,200			166,428
Grupo Financiero Banorte SAB de CV Series O		773,487			4,245,770
Grupo Financiero Inbursa SAB de CV Series O		784,800			1,284,817
Grupo Financiero Santander Mexico SAB de CV ADR Series B		67,405			492,731
Grupo Mexico SAB de CV Series B		14,600			48,212
Kimberly-Clark de Mexico SAB de CV Series A		103,440			182,128
Megacable Holdings SAB de CV		306,500			1,247,044
Mexichem SAB de CV		283,000			700,501
Telesites SAB de CV*		436,916			331,534
Wal-Mart de Mexico SAB de CV		1,178,582			2,890,336
					16,989,900
Morocco & Antilles — 0.3%
Attijariwafa Bank		24,657			1,275,571
Netherlands — 0.1%
Yandex NV*		11,623			380,653
Nigeria — 1.1%
Dangote Cement PLC		4,132,380			2,640,132
FCMB Group PLC		12,000,000			49,333
Guaranty Trust Bank PLC		17,983,238			2,035,603
Nestle Nigeria PLC		147,659			638,211
					5,363,279

	Shares		Value
Peru — 0.8%
Credicorp, Ltd.		19,187		$	3,979,959
Philippines — 0.8%
Ayala Land, Inc.		131,200			117,218
BDO Unibank, Inc.		66,960			219,981
Globe Telecom, Inc.		565			21,504
International Container Terminal Services, Inc.		78,330			165,541
JG Summit Holdings, Inc.		130,840			188,974
Jollibee Foods Corporation		12,850			65,125
Metro Pacific Investments Corporation		308,400			42,318
Puregold Price Club, Inc.		149,000			149,239
Security Bank Corporation		19,470			98,052
SM Investments Corporation		14,500			287,560
SM Prime Holdings, Inc.		177,300			133,188
Universal Robina Corporation		833,130			2,520,085
					4,008,785
Poland — 1.7%
Alior Bank SA*		9,484			216,601
Bank Zachodni WBK SA		1,422			161,872
CCC SA		1,822			149,175
Cyfrowy Polsat SA		22,989			164,181
Jastrzebska Spolka Weglowa SA*		38,362			1,060,949
KGHM Polska Miedz SA		2,571			82,131
LPP SA		90			230,368
PGE Polska Grupa Energetyczna SA*		198,638			687,625
Polski Koncern Naftowy ORLEN SA		92,488			2,816,394
Polskie Gornictwo Naftowe i Gazownictwo SA		139,457			251,996
Powszechna Kasa Oszczednosci Bank Polski SA*		117,131			1,490,994
Powszechny Zaklad Ubezpieczen SA		47,166			571,258
Tauron Polska Energia SA*		556,305			487,433
					8,370,977
Portugal — 0.6%
Jeronimo Martins SGPS SA		159,834			3,105,826
Qatar — 0.0%
Qatar National Bank QPSC		3,676			128,211
Russia — 4.1%
Gazprom PJSC ADR		193,596			853,758
Lenta, Ltd. GDR*		165,992			966,073
LUKOIL PJSC ADR		16,867			965,130
Magnit PJSC GDR		168,599			4,611,183
MMC Norilsk Nickel PJSC ADR		17,765			332,916
Mobile TeleSystems PJSC ADR		42,872			436,866
Novatek PJSC GDR		23,715			2,850,543
Novolipetsk Steel PJSC GDR		30,647			782,111
Rosneft Oil Co. PJSC GDR		27,856			139,001
Sberbank of Russia PJSC ADR		357,933			6,059,806
Severstal PJSC GDR		104,971			1,614,454
Surgutneftegas OJSC ADR		42,924			202,387
Tatneft PJSC ADR		12,952			640,606
					20,454,834

See Notes to Financial Statements. 263

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
South Africa — 7.2%
Aspen Pharmacare Holdings, Ltd.		117,226		$	2,629,235
Barclays Africa Group, Ltd.		42,600			626,613
Bid Corporation, Ltd.		85,768			2,086,507
Bidvest Group, Ltd. (The)		36,926			650,895
Exxaro Resources, Ltd.		169,553			2,226,904
Fortress REIT, Ltd. Class B		20,249			69,065
Foschini Group, Ltd. (The)		17,224			274,707
Growthpoint Properties, Ltd. REIT		170,095			380,265
Imperial Holdings, Ltd.		39,567			838,318
Investec, Ltd.		16,741			121,399
Massmart Holdings, Ltd.		16,834			189,858
MMI Holdings, Ltd.		65,981			111,990
Mondi, Ltd.		23,859			615,677
Mr Price Group, Ltd.		2,665			52,744
MTN Group, Ltd.		142,435			1,572,570
Naspers, Ltd. N Shares		66,545			18,561,067
Pick n Pay Stores, Ltd.D		350,023			1,967,880
Redefine Properties, Ltd. REIT		190,199			164,488
Remgro, Ltd.		16,085			306,814
Resilient, Ltd. REIT		12,543			153,243
RMB Holdings, Ltd.		40,174			257,068
Sanlam, Ltd.		25,180			177,059
Standard Bank Group, Ltd.		133,694			2,114,251
Woolworths Holdings, Ltd.		6,703			35,383
					36,184,000
South Korea — 13.3%
AMOREPACIFIC Group		669			88,113
BNK Financial Group, Inc.		35,760			314,289
Celltrion, Inc.*		2,911			600,479
Daewoo Engineering & Construction Co., Ltd.*		9,186			50,797
DB Insurance Co., Ltd.		1,927			128,161
DGB Financial Group, Inc.		3,048			29,993
E-MART, Inc.		6,601			1,669,348
GS Retail Co., Ltd.		32,150			1,209,464
Hana Financial Group, Inc.		26,770			1,244,308
Hanssem Co., Ltd.		1,802			302,984
Hanwha Chemical Corporation		29,952			883,631
Hanwha Corporation		21,691			838,780
Hanwha Life Insurance Co., Ltd.		78,519			506,107
Hyundai Marine & Fire Insurance Co., Ltd.		24,155			1,059,377
Hyundai Mobis Co., Ltd.		1,666			409,283
KB Financial Group, Inc.		15,685			928,287
KIWOOM Securities Co., Ltd.		9,055			740,213
Korea Investment Holdings Co., Ltd.		12,444			801,239
Korean Air Lines Co., Ltd.*		6,547			206,632
KT Corporation ADRD		37,055			578,429
LG Corporation		10,160			863,424
LG Electronic, Ltd.		34,558			3,416,893
Lotte Chemical Corporation		6,471			2,221,954
Medy-Tox, Inc.		182			82,436
NAVER Corporation		4,380			3,558,223
NCSoft Corporation		1,880			785,858
NH Investment & Securities Co., Ltd.		8,912			115,355

	Shares		Value
POSCO		1,600		$	497,682
Samsung Electronics Co., Ltd.		9,166			21,777,603
Samsung Fire & Marine Insurance Co., Ltd.		23,180			5,779,764
Samsung SDS Co., Ltd.		372			69,363
Shinhan Financial Group Co., Ltd.		108,111			4,990,104
SK Hynix, Inc.		81,848			5,813,364
SK Innovation Co., Ltd.		4,497			857,896
SK Telecom Co., Ltd.		10,257			2,558,142
Woori Bank		43,395			637,923
					66,615,898
Switzerland — 0.4%
Cie Financiere Richemont SA		22,251			2,016,279
Taiwan — 7.5%
AU Optronics Corporation		644,000			268,347
Catcher Technology Co., Ltd.		6,000			66,132
Cathay Financial Holding Co., Ltd.		298,185			536,079
China Airlines, Ltd.*		1,099,000			430,242
China Life Insurance Co., Ltd.		343,643			345,854
Compal Electronics, Inc.		276,430			197,858
CTBC Financial Holding Co., Ltd.		1,151,173			793,019
E.Sun Financial Holding Co., Ltd.		63,000			40,012
Eva Airways Corporation		159,000			84,687
Evergreen Marine Corporation Taiwan, Ltd.*		1,186,000			651,616
First Financial Holding Co., Ltd.		1,294,269			850,277
Formosa Chemicals & Fibre Corporation		97,000			335,736
Foxconn Technology Co., Ltd.		88,152			252,383
Fubon Financial Holding Co., Ltd.		376,000			640,597
General Interface Solution Holding, Ltd.		122,000			815,834
Globalwafers Co., Ltd.		15,000			200,363
Hiwin Technologies Corporation		67,000			724,969
Hon Hai Precision Industry Co., Ltd.		1,178,778			3,771,012
Innolux Corporation		285,000			118,756
Largan Precision Co., Ltd.		6,000			810,525
Lite-On Technology Corporation		520,883			710,649
MediaTek, Inc.		134,000			1,323,857
Mega Financial Holding Co., Ltd.		152,000			122,842
Nanya Technology Corporation		36,000			92,182
Nien Made Enterprise Co., Ltd.		19,000			203,035
Novatek Microelectronics Corporation		66,000			251,726
Pegatron Corporation		373,089			902,680
Phison Electronics Corporation		130,000			1,275,602
Pou Chen Corporation		173,000			224,109
Powertech Technology, Inc.		323,000			955,156
Realtek Semiconductor Corporation		192,000			703,261
Shin Kong Financial Holding Co., Ltd.		525,000			185,241
Siliconware Precision Industries Co., Ltd.		64,920			109,733
Synnex Technology International Corporation		34,000			46,330
Taiwan Cooperative Financial Holding Co., Ltd.		267,000			148,939

264 See Notes to Financial Statements.

	Shares		Value
Taiwan Semiconductor Manufacturing Co., Ltd.		1,276,000		$	9,840,617
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		185,556			7,357,295
Teco Electric and Machinery Co., Ltd.		100,000			95,771
Uni-President Enterprises Corporation		170,000			377,035
Wistron Corporation		483,804			389,371
					37,249,729
Thailand — 3.4%
Airports of Thailand PCL NVDR		136,900			285,646
Bangkok Bank PCL NVDR		11,870			73,573
Bangkok Dusit Medical Services PCL		4,536,400			2,909,198
Bumrungrad Hospital PCL NVDR		24,600			142,663
Central Pattana PCL		1,706,400			4,463,658
Central Pattana PCL NVDR		31,000			81,091
CP ALL PCL		1,278,500			3,020,697
Home Product Center PCL NVDR		150,000			58,914
Indorama Ventures PCL NVDR		320,800			524,167
Kasikornbank PCL NVDR		11,400			81,154
Krung Thai Bank PCL NVDR		1,049,835			618,497
PTT Exploration & Production PCL
NVDR		17,000			52,163
PTT Global Chemical PCL NVDR		1,024,754			2,672,724
PTT PCL NVDR		14,300			193,065
Thai Oil PCL NVDR		480,462			1,525,861
TOA Paint Thailand PCL*		40,825			40,712
					16,743,783
Turkey — 3.6%
Akbank TAS		313,100			813,622
BIM Birlesik Magazalar AS		59,457			1,225,061
Coca-Cola Icecek AS		127,303			1,149,270
Eregli Demir ve Celik Fabrikalari TAS		125,749			332,411
Ford Otomotiv Sanayi AS		48,623			772,863
Haci Omer Sabanci Holding AS		80,748			236,886
KOC Holding AS		197,148			961,165
TAV Havalimanlari Holding AS		105,056			622,493
Tofas Turk Otomobil Fabrikasi AS		87,231			759,891
Turk Hava Yollari AO*		493,141			2,041,256
Turkcell Iletisim Hizmetleri AS		76,484			312,353
Türkiye Garanti Bankasi AS		1,899,615			5,372,345
Türkiye Halk Bankasi AS		90,723			258,012
Türkiye Is Bankasi Class C		242,379			445,688
Turkiye Vakiflar Bankasi TAO Class D		330,781			590,789
Ulker Biskuvi Sanayi AS		118,765			616,306
Yapi ve Kredi Bankasi AS*		1,427,189			1,634,085
					18,144,496
United Arab Emirates — 0.1%
ADES International Holding, Ltd.* 144A		27,527			370,238
United Kingdom — 2.3%
Anglo American PLC		8,868			183,216
Global Ports Investments PLC GDR*		49,037			186,341
Hikma Pharmaceuticals PLCD		93,570			1,432,622
Liberty Global PLC LiLAC Class A*D		70,743			1,425,472

	Shares		Value
Liberty Global PLC LiLAC Class C*		94,333		$	1,876,283
Mediclinic International PLCD		460,049			4,034,273
Tullow Oil PLC*		935,851			2,610,472
					11,748,679
Total Foreign Common Stocks (Cost $367,074,979)					433,309,585
FOREIGN PREFERRED STOCKS — 3.7%
Brazil — 2.2%
Banco Bradesco SA ADR
0.00%, 01/03/18*		101,407			1,038,408
Cia Brasileira de Distribuicao
0.00%, 12/07/17		49,400			1,175,705
Cia Brasileira de Distribuicao ADR
0.00%, 12/08/17*		20,418			481,252
Cia Energetica de Minas Gerais
1.70%, 05/15/17		18,000			37,228
Itau Unibanco Holding SA ADR
0.40%, 01/02/18		157,064			2,041,832
Itausa - Investimentos Itau SA
0.54%, 12/26/17		1,360,981			4,439,095
Lojas Americanas SA
0.00%, 01/05/18*		96,999			498,350
Petroleo Brasileiro SA
0.00%, 04/03/14*		233,600			1,133,583
					10,845,453
Chile — 0.2%
Embotelladora Andina SA ADR Class B
1.95%, 10/19/17D		29,544			854,708
Sociedad Quimica y Minera de Chile SA ADR
0.72%, 12/06/17		6,733			399,738
					1,254,446
Colombia — 0.1%
Bancolombia SA ADR
3.10%, 12/22/17		9,370			371,614
South Korea — 1.2%
Samsung Electronics Co., Ltd.
1.33%, 09/28/17		2,796			5,444,965
Samsung Fire & Marine Insurance Co., Ltd.
3.49%, 12/28/16		2,090			345,551
					5,790,516
Total Foreign Preferred Stocks (Cost $15,808,561)					18,262,029

See Notes to Financial Statements. 265

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
MONEY MARKET FUNDS — 7.7%
GuideStone Money Market Fund (Investor Class)¥		19,608,867		$	19,608,867
Northern Institutional Liquid Assets Portfolio§		7,288,423			7,288,423
Northern Institutional U.S. Government Portfolio		11,503,448			11,503,448
Total Money Market Funds (Cost $38,400,738)					38,400,738
	Par
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill 1.42%, 06/07/18W‡‡ (Cost $1,192,621)		$1,200,000			1,192,395
TOTAL INVESTMENTS — 100.4% (Cost $431,718,143)					501,177,725
Liabilities in Excess of Other Assets — (0.4)%					(2,190,541	)
NET ASSETS — 100.0%				$	498,987,184

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional   Market Value   of Contracts			Counterparty		Value and Unrealized Appreciation (Depreciation)
Taiwan Taiex Index		01/2018		5	$	357,310			GSC	$	4,501
SGX Nifty 50 Index		01/2018		(330)		(6,968,610	)		GSC		(5,890	)
TA-35 Index		01/2018		54		2,347,188			GSC		42,308
FTSE Bursa Malaysia KLCI Index		01/2018		(3)		(66,160	)		BAR		(618	)
HSCEI Index		01/2018		98		7,356,726			BAR		46,030
HSCEI Index		01/2018		64		4,804,393			GSC		33,912
MSCI Taiwan Index		01/2018		96		3,772,800			BAR		64,270
SGX MSCI Singapore Index		01/2018		39		1,131,698			BAR		6,782
Bovespa Index		02/2018		(110)		(2,548,229	)		GSC		(100,183	)
BIST 30 Index		02/2018		(57)		(218,346	)		JPM		(6,155	)
KOSPI 200 Index		03/2018		112		8,530,382			BAR		104,249
KOSPI 200 Index		03/2018		18		1,370,954			JPM		16,754
FTSE/JSE Top 40 Index		03/2018		(131)		(5,630,062	)		BAR		(99,277	)
Mexican Bolsa Index		03/2018		8		203,860			BAR		7,882
MSCI Emerging Markets Index		03/2018		633		36,831,105			GSC		1,445,850
WIG20 Index		03/2018		(30)		(422,988	)		GSC		(8,531	)
SET50 Index		03/2018		(155)		(1,075,821	)		BAR		3,664
Total Futures Contracts outstanding at December 31, 2017					$	49,776,200				$	1,555,548

Forward Foreign Currency Contracts outstanding at December 31, 2017:

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counterparty		Net Unrealized Appreciation (Depreciation)
03/22/18	South African Rand		15,355,000	U.S. Dollars		1,066,813		CITI		$159,394
03/21/18	Turkish Lira		9,799,500	U.S. Dollars		2,417,419		CITI		107,407
03/21/18	Russian Rubles		150,942,000	U.S. Dollars		2,493,929		CITI		95,232

266 See Notes to Financial Statements.

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counterparty	Net Unrealized Appreciation (Depreciation)
03/21/18	Turkish Lira		4,899,750	U.S. Dollars		1,190,854	CITI	$	71,559
03/21/18	Turkish Lira		4,899,750	U.S. Dollars		1,200,423	CITI		61,990
03/21/18	Turkish Lira		4,899,750	U.S. Dollars		1,203,165	CITI		59,248
03/21/18	Turkish Lira		4,899,750	U.S. Dollars		1,204,377	CITI		58,036
03/22/18	South African Rand		7,100,000	U.S. Dollars		509,864	CITI		57,122
03/22/18	South African Rand		8,000,000	U.S. Dollars		583,937	CITI		54,920
03/21/18	U.S. Dollars		1,957,707	Brazilian Reals		6,378,625	CITI		51,587
03/21/18	Turkish Lira		4,899,750	U.S. Dollars		1,211,794	CITI		50,619
03/21/18	U.S. Dollars		1,956,076	Brazilian Reals		6,378,625	CITI		49,956
03/21/18	U.S. Dollars		1,951,359	Brazilian Reals		6,378,625	CITI		45,239
03/22/18	South African Rand		6,000,000	U.S. Dollars		434,139	CITI		45,004
03/21/18	U.S. Dollars		1,948,676	Brazilian Reals		6,378,625	CITI		42,556
03/21/18	Turkish Lira		4,899,750	U.S. Dollars		1,224,789	CITI		37,624
03/22/18	South African Rand		4,500,000	U.S. Dollars		323,419	CITI		35,938
03/22/18	South African Rand		4,500,000	U.S. Dollars		323,876	CITI		35,481
03/21/18	U.S. Dollars		1,940,495	Brazilian Reals		6,378,625	CITI		34,375
03/21/18	Chilean Pesos		342,989,167	U.S. Dollars		522,883	CITI		34,144
03/21/18	Chilean Pesos		342,989,166	U.S. Dollars		524,338	CITI		32,689
03/21/18	Chilean Pesos		342,989,167	U.S. Dollars		525,455	CITI		31,572
03/21/18	Chilean Pesos		342,989,166	U.S. Dollars		526,261	CITI		30,766
03/22/18	South African Rand		4,100,000	U.S. Dollars		297,430	CITI		29,984
03/22/18	South African Rand		3,500,000	U.S. Dollars		250,030	CITI		29,471
03/21/18	U.S. Dollars		1,935,431	Brazilian Reals		6,378,625	CITI		29,312
03/21/18	Chilean Pesos		342,989,166	U.S. Dollars		528,898	CITI		28,129
03/22/18	South African Rand		4,300,000	U.S. Dollars		315,341	CITI		28,045
03/21/18	U.S. Dollars		1,934,140	Brazilian Reals		6,378,625	CITI		28,020
03/21/18	Chilean Pesos		342,989,167	U.S. Dollars		531,208	CITI		25,819
03/21/18	Chilean Pesos		342,989,167	U.S. Dollars		532,346	CITI		24,681
03/21/18	U.S. Dollars		1,292,625	Mexican Pesos		25,300,000	CITI		24,299
03/21/18	U.S. Dollars		1,930,102	Brazilian Reals		6,378,625	CITI		23,982
03/21/18	Chilean Pesos		342,989,166	U.S. Dollars		533,945	CITI		23,081
03/21/18	Polish Zloty		2,204,000	U.S. Dollars		612,123	CITI		21,235
03/22/18	South African Rand		2,600,000	U.S. Dollars		186,845	CITI		20,784
03/21/18	Hungarian Forint		193,707,000	U.S. Dollars		732,410	CITI		18,566
03/21/18	Polish Zloty		2,204,000	U.S. Dollars		614,820	CITI		18,537
03/21/18	Czech Republic Koruna		22,712,500	U.S. Dollars		1,052,361	CITI		18,527
03/21/18	Hungarian Forint		193,707,000	U.S. Dollars		732,631	CITI		18,344
03/21/18	Chilean Pesos		342,989,167	U.S. Dollars		539,310	CITI		17,717
03/21/18	Chilean Pesos		342,989,167	U.S. Dollars		539,420	CITI		17,606
03/21/18	Chilean Pesos		342,989,167	U.S. Dollars		539,864	CITI		17,163
03/21/18	Polish Zloty		2,204,000	U.S. Dollars		616,425	CITI		16,933
03/21/18	Chilean Pesos		342,989,167	U.S. Dollars		540,805	CITI		16,222
03/21/18	Polish Zloty		2,204,000	U.S. Dollars		617,802	CITI		15,556
03/21/18	Hungarian Forint		193,707,000	U.S. Dollars		735,497	CITI		15,479
03/21/18	Czech Republic Koruna		22,712,500	U.S. Dollars		1,056,498	CITI		14,390
03/21/18	Polish Zloty		2,204,000	U.S. Dollars		618,973	CITI		14,385
03/21/18	Hungarian Forint		193,707,000	U.S. Dollars		736,924	CITI		14,052
03/22/18	South African Rand		1,900,000	U.S. Dollars		138,331	CITI		13,397
03/21/18	Hungarian Forint		193,707,000	U.S. Dollars		737,774	CITI		13,201
03/21/18	South Korean Won		720,000,000	U.S. Dollars		662,060	CITI		13,183
03/21/18	South Korean Won		390,000,000	U.S. Dollars		352,823	CITI		12,934
03/21/18	Chinese Offshore Yuan		4,516,000	U.S. Dollars		677,434	CITI		12,801
03/21/18	Polish Zloty		2,204,000	U.S. Dollars		620,847	CITI		12,510
03/21/18	Polish Zloty		2,204,000	U.S. Dollars		621,316	CITI		12,041

See Notes to Financial Statements. 267

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counterparty	Net Unrealized Appreciation (Depreciation)
03/22/18	South African Rand		1,222,000	U.S. Dollars		85,760	CITI	$	11,825
03/21/18	Polish Zloty		2,204,000	U.S. Dollars		621,776	CITI		11,582
03/21/18	Polish Zloty		2,204,000	U.S. Dollars		622,338	CITI		11,020
03/21/18	Polish Zloty		2,204,000	U.S. Dollars		622,439	CITI		10,919
03/22/18	South African Rand		1,300,000	U.S. Dollars		93,079	CITI		10,736
03/21/18	South Korean Won		790,000,000	U.S. Dollars		730,198	CITI		10,693
03/21/18	Taiwan Dollars		26,731,750	U.S. Dollars		898,822	CITI		10,527
03/21/18	Polish Zloty		2,204,000	U.S. Dollars		623,059	CITI		10,299
03/21/18	Polish Zloty		2,204,000	U.S. Dollars		623,076	CITI		10,281
03/21/18	Hungarian Forint		193,707,000	U.S. Dollars		741,046	CITI		9,929
03/21/18	Singapore Dollars		950,000	U.S. Dollars		701,475	CITI		9,717
03/21/18	Russian Rubles		27,000,000	U.S. Dollars		454,534	CITI		8,607
03/22/18	South African Rand		2,800,000	U.S. Dollars		215,162	CITI		8,438
03/21/18	Czech Republic Koruna		22,712,500	U.S. Dollars		1,062,826	CITI		8,062
03/21/18	Polish Zloty		2,204,000	U.S. Dollars		625,744	CITI		7,614
03/21/18	Singapore Dollars		1,320,000	U.S. Dollars		980,637	CITI		7,545
03/21/18	South Korean Won		313,018,000	U.S. Dollars		286,084	CITI		7,476
03/21/18	U.S. Dollars		368,274	Mexican Pesos		7,200,000	CITI		7,327
03/21/18	Czech Republic Koruna		22,712,500	U.S. Dollars		1,063,572	CITI		7,316
03/22/18	South African Rand		3,400,000	U.S. Dollars		264,364	CITI		7,151
03/21/18	Taiwan Dollars		13,365,875	U.S. Dollars		447,995	CITI		6,679
03/22/18	South African Rand		800,000	U.S. Dollars		57,553	CITI		6,333
03/21/18	Philippine Pesos		15,000,000	U.S. Dollars		293,371	CITI		6,250
03/21/18	Taiwan Dollars		13,365,875	U.S. Dollars		448,551	CITI		6,123
03/21/18	Singapore Dollars		1,400,000	U.S. Dollars		1,042,213	CITI		5,858
03/21/18	Hungarian Forint		193,707,000	U.S. Dollars		745,173	CITI		5,802
03/21/18	Taiwan Dollars		13,365,875	U.S. Dollars		448,898	CITI		5,777
03/21/18	Philippine Pesos		10,000,000	U.S. Dollars		194,062	CITI		5,685
03/21/18	U.S. Dollars		420,892	Brazilian Reals		1,390,000	CITI		5,519
03/21/18	Taiwan Dollars		13,365,875	U.S. Dollars		449,184	CITI		5,490
03/21/18	Singapore Dollars		510,000	U.S. Dollars		376,455	CITI		5,342
03/21/18	Czech Republic Koruna		22,712,500	U.S. Dollars		1,065,568	CITI		5,320
03/21/18	Taiwan Dollars		13,365,875	U.S. Dollars		449,426	CITI		5,248
03/21/18	Russian Rubles		9,016,000	U.S. Dollars		149,669	CITI		4,986
03/21/18	Chilean Pesos		98,818,000	U.S. Dollars		155,600	CITI		4,884
03/21/18	Philippine Pesos		12,106,000	U.S. Dollars		237,187	CITI		4,626
03/21/18	Philippine Pesos		14,000,000	U.S. Dollars		275,104	CITI		4,542
03/21/18	Singapore Dollars		440,000	U.S. Dollars		325,106	CITI		4,288
03/21/18	Philippine Pesos		11,000,000	U.S. Dollars		215,476	CITI		4,246
03/21/18	Czech Republic Koruna		22,712,500	U.S. Dollars		1,066,819	CITI		4,069
03/21/18	Czech Republic Koruna		22,712,500	U.S. Dollars		1,066,870	CITI		4,019
03/21/18	Turkish Lira		400,000	U.S. Dollars		99,057	CITI		4,003
03/21/18	Turkish Lira		400,000	U.S. Dollars		99,655	CITI		3,405
03/21/18	Taiwan Dollars		13,365,875	U.S. Dollars		451,369	CITI		3,306
03/22/18	U.S. Dollars		594,240	South African Rand		7,400,000	CITI		3,297
03/21/18	U.S. Dollars		123,596	Mexican Pesos		2,400,000	CITI		3,281
03/21/18	South Korean Won		230,000,000	U.S. Dollars		212,510	CITI		3,192
03/21/18	Chinese Offshore Yuan		1,590,000	U.S. Dollars		239,828	CITI		3,191
03/21/18	Philippine Pesos		8,000,000	U.S. Dollars		156,618	CITI		3,180
03/21/18	Philippine Pesos		12,000,000	U.S. Dollars		236,524	CITI		3,173
03/21/18	Indian Rupees		35,000,000	U.S. Dollars		541,109	CITI		3,060
03/21/18	Philippine Pesos		10,000,000	U.S. Dollars		196,735	CITI		3,012
03/21/18	Philippine Pesos		12,000,000	U.S. Dollars		236,734	CITI		2,963
03/21/18	Hungarian Forint		193,707,000	U.S. Dollars		748,152	CITI		2,824

268 See Notes to Financial Statements.

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counterparty	Net Unrealized Appreciation (Depreciation)
03/21/18	Turkish Lira		200,000	U.S. Dollars		48,781	CITI	$	2,748
03/21/18	Philippine Pesos		5,000,000	U.S. Dollars		97,182	CITI		2,692
03/21/18	Philippine Pesos		7,000,000	U.S. Dollars		137,215	CITI		2,608
03/21/18	Turkish Lira		600,000	U.S. Dollars		152,119	CITI		2,470
03/21/18	Turkish Lira		400,000	U.S. Dollars		100,705	CITI		2,354
03/21/18	Chinese Offshore Yuan		804,000	U.S. Dollars		120,599	CITI		2,286
03/21/18	Indian Rupees		34,000,000	U.S. Dollars		526,562	CITI		2,060
03/21/18	Indian Rupees		40,000,000	U.S. Dollars		619,937	CITI		1,971
03/21/18	South Korean Won		90,000,000	U.S. Dollars		82,456	CITI		1,950
03/21/18	Brazilian Reals		3,890,000	U.S. Dollars		1,160,506	CITI		1,940
03/21/18	Singapore Dollars		210,000	U.S. Dollars		155,315	CITI		1,896
03/21/18	Singapore Dollars		410,000	U.S. Dollars		305,076	CITI		1,859
03/21/18	South Korean Won		90,000,000	U.S. Dollars		82,629	CITI		1,777
03/21/18	Turkish Lira		500,000	U.S. Dollars		127,330	CITI		1,494
03/21/18	Hong Kong Dollars		14,092,500	U.S. Dollars		1,805,233	CITI		1,391
03/21/18	U.S. Dollars		330,081	Brazilian Reals		1,100,000	CITI		1,369
03/21/18	Turkish Lira		205,000	U.S. Dollars		51,609	CITI		1,208
03/21/18	Hong Kong Dollars		14,092,500	U.S. Dollars		1,805,603	CITI		1,021
03/21/18	Indian Rupees		13,000,000	U.S. Dollars		201,389	CITI		731
03/22/18	South African Rand		92,000	U.S. Dollars		6,625	CITI		722
03/21/18	Turkish Lira		200,000	U.S. Dollars		50,862	CITI		668
03/21/18	Hong Kong Dollars		14,092,500	U.S. Dollars		1,806,066	CITI		558
03/21/18	U.S. Dollars		711,450	Hong Kong Dollars		5,546,000	CITI		466
03/21/18	Turkish Lira		200,000	U.S. Dollars		51,071	CITI		459
03/21/18	Indonesian Rupiahs		931,881,000	U.S. Dollars		68,166	CITI		333
03/21/18	Turkish Lira		200,000	U.S. Dollars		51,210	CITI		320
03/21/18	Singapore Dollars		80,000	U.S. Dollars		59,571	CITI		318
03/21/18	Indonesian Rupiahs		943,593,000	U.S. Dollars		69,072	CITI		288
03/21/18	Singapore Dollars		180,000	U.S. Dollars		134,502	CITI		250
03/21/18	Hong Kong Dollars		1,000,000	U.S. Dollars		127,955	CITI		242
03/21/18	Thai Baht		900,000	U.S. Dollars		27,477	CITI		190
03/21/18	U.S. Dollars		359,113	Hong Kong Dollars		2,800,000	CITI		160
03/21/18	Chilean Pesos		2,628,000	U.S. Dollars		4,144	CITI		124
03/21/18	Peruvian Nuevo Soles		389,874	U.S. Dollars		119,759	CITI		122
03/21/18	Turkish Lira		17,000	U.S. Dollars		4,259	CITI		121
03/21/18	U.S. Dollars		166,777	Hong Kong Dollars		1,300,000	CITI		120
03/21/18	Thai Baht		600,000	U.S. Dollars		18,330	CITI		115
03/21/18	Hong Kong Dollars		700,000	U.S. Dollars		89,639	CITI		99
03/21/18	Hong Kong Dollars		2,400,000	U.S. Dollars		307,581	CITI		93
03/21/18	U.S. Dollars		27,754	Thai Baht		900,000	CITI		87
03/21/18	U.S. Dollars		2,540	Mexican Pesos		49,000	CITI		83
03/21/18	U.S. Dollars		40,039	Thai Baht		1,300,000	CITI		76
03/21/18	Hong Kong Dollars		800,000	U.S. Dollars		102,487	CITI		71
03/21/18	Thai Baht		1,500,000	U.S. Dollars		46,054	CITI		58
03/21/18	Thai Baht		900,000	U.S. Dollars		27,612	CITI		54
03/21/18	Hong Kong Dollars		600,000	U.S. Dollars		76,873	CITI		46
03/21/18	Russian Rubles		90,000	U.S. Dollars		1,506	CITI		38
03/21/18	U.S. Dollars		1,826	Brazilian Reals		6,000	CITI		33
03/21/18	U.S. Dollars		38,490	Hong Kong Dollars		300,000	CITI		30
03/21/18	Peruvian Nuevo Soles		10,000	U.S. Dollars		3,045	CITI		30
03/21/18	U.S. Dollars		38,488	Hong Kong Dollars		300,000	CITI		28
03/21/18	Peruvian Nuevo Soles		10,000	U.S. Dollars		3,048	CITI		27
03/21/18	Hong Kong Dollars		900,000	U.S. Dollars		115,352	CITI		25
03/21/18	U.S. Dollars		51,302	Hong Kong Dollars		400,000	CITI		23

See Notes to Financial Statements. 269

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counterparty	Net Unrealized Appreciation (Depreciation)
03/21/18	Peruvian Nuevo Soles		10,000	U.S. Dollars		3,057	CITI	$	18
03/21/18	Chilean Pesos		161,000	U.S. Dollars		246	CITI		15
03/21/18	Polish Zloty		2,000	U.S. Dollars		560	CITI		14
03/21/18	Thai Baht		400,000	U.S. Dollars		12,283	CITI		13
03/21/18	Indian Rupees		51,000	U.S. Dollars		781	CITI		12
03/21/18	U.S. Dollars		3,082	Thai Baht		100,000	CITI		8
03/21/18	U.S. Dollars		6,157	Peruvian Nuevo Soles		20,000	CITI		7
03/21/18	Thai Baht		100,000	U.S. Dollars		3,067	CITI		7
03/21/18	Turkish Lira		200,000	U.S. Dollars		51,523	CITI		6
03/21/18	U.S. Dollars		64,104	Hong Kong Dollars		500,000	CITI		5
03/21/18	U.S. Dollars		25,642	Hong Kong Dollars		200,000	CITI		3
03/21/18	U.S. Dollars		3,078	Peruvian Nuevo Soles		10,000	CITI		3
03/21/18	Russian Rubles		2,000	U.S. Dollars		33	CITI		1
03/21/18	U.S. Dollars		3,076	Peruvian Nuevo Soles		10,000	CITI		1
Subtotal Appreciation								$	2,325,296
03/21/18	Peruvian Nuevo Soles		10,000	U.S. Dollars		3,076	CITI	$	(1	)
03/21/18	U.S. Dollars		3,072	Thai Baht		100,000	CITI		(2	)
03/21/18	Hong Kong Dollars		25,000	U.S. Dollars		3,208	CITI		(3	)
03/21/18	U.S. Dollars		3,072	Peruvian Nuevo Soles		10,000	CITI		(3	)
03/21/18	Thai Baht		3,189,000	U.S. Dollars		98,036	CITI		(3	)
03/21/18	U.S. Dollars		283	Polish Zloty		1,000	CITI		(4	)
03/21/18	U.S. Dollars		229	Indian Rupees		15,000	CITI		(5	)
03/21/18	Hong Kong Dollars		100,000	U.S. Dollars		12,825	CITI		(5	)
03/21/18	U.S. Dollars		3,069	Peruvian Nuevo Soles		10,000	CITI		(6	)
03/21/18	Thai Baht		200,000	U.S. Dollars		6,155	CITI		(6	)
03/21/18	U.S. Dollars		265	South Korean Won		290,000	CITI		(7	)
03/21/18	Peruvian Nuevo Soles		10,000	U.S. Dollars		3,084	CITI		(9	)
03/21/18	Peruvian Nuevo Soles		10,000	U.S. Dollars		3,084	CITI		(9	)
03/21/18	Thai Baht		500,000	U.S. Dollars		15,381	CITI		(10	)
03/21/18	Hong Kong Dollars		100,000	U.S. Dollars		12,830	CITI		(11	)
03/21/18	Hong Kong Dollars		100,000	U.S. Dollars		12,831	CITI		(11	)
03/21/18	U.S. Dollars		3,063	Peruvian Nuevo Soles		10,000	CITI		(11	)
03/21/18	U.S. Dollars		3,062	Thai Baht		100,000	CITI		(12	)
03/21/18	U.S. Dollars		3,062	Peruvian Nuevo Soles		10,000	CITI		(13	)
03/21/18	U.S. Dollars		38,445	Hong Kong Dollars		300,000	CITI		(15	)
03/21/18	Brazilian Reals		22,000	U.S. Dollars		6,592	CITI		(18	)
03/21/18	Hong Kong Dollars		202,000	U.S. Dollars		25,915	CITI		(19	)
03/21/18	U.S. Dollars		36,865	Thai Baht		1,200,000	CITI		(24	)
03/21/18	U.S. Dollars		18,415	Thai Baht		600,000	CITI		(30	)
03/21/18	U.S. Dollars		30,709	Thai Baht		1,000,000	CITI		(32	)
03/21/18	Mexican Pesos		16,000	U.S. Dollars		837	CITI		(35	)
03/21/18	U.S. Dollars		27,631	Thai Baht		900,000	CITI		(36	)
03/21/18	Hong Kong Dollars		400,000	U.S. Dollars		51,317	CITI		(38	)
03/21/18	U.S. Dollars		7,311	Indonesian Rupiahs		100,000,000	CITI		(40	)
03/21/18	U.S. Dollars		12,245	Thai Baht		400,000	CITI		(51	)
03/21/18	U.S. Dollars		76,862	Hong Kong Dollars		600,000	CITI		(56	)
03/21/18	Thai Baht		500,000	U.S. Dollars		15,435	CITI		(65	)
03/21/18	Hong Kong Dollars		400,000	U.S. Dollars		51,350	CITI		(71	)
03/21/18	U.S. Dollars		122,864	Hong Kong Dollars		959,000	CITI		(77	)
03/21/18	U.S. Dollars		70,643	Czech Republic Koruna		1,500,000	CITI		(81	)
03/21/18	Hong Kong Dollars		900,000	U.S. Dollars		115,462	CITI		(84	)
03/21/18	U.S. Dollars		21,432	Thai Baht		700,000	CITI		(87	)
03/21/18	U.S. Dollars		184,387	Hong Kong Dollars		1,439,000	CITI		(89	)

270 See Notes to Financial Statements.

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of  Currency Sold		Counterparty	Net Unrealized Appreciation (Depreciation)
03/21/18	Hong Kong Dollars		600,000	U.S. Dollars		77,020	CITI	$	(102	)
03/21/18	U.S. Dollars		192,685	Hong Kong Dollars		1,504,000	CITI		(124	)
03/21/18	U.S. Dollars		269,064	Hong Kong Dollars		2,100,000	CITI		(150	)
03/21/18	U.S. Dollars		34,414	Israeli Shekels		120,000	CITI		(187	)
03/21/18	Hong Kong Dollars		2,064,000	U.S. Dollars		264,815	CITI		(216	)
03/21/18	Hong Kong Dollars		14,092,500	U.S. Dollars		1,806,859	CITI		(235	)
03/21/18	U.S. Dollars		18,209	Thai Baht		600,000	CITI		(235	)
03/21/18	Hong Kong Dollars		2,500,000	U.S. Dollars		320,730	CITI		(236	)
03/21/18	Hong Kong Dollars		2,772,000	U.S. Dollars		355,615	CITI		(251	)
03/21/18	U.S. Dollars		85,114	Thai Baht		2,779,000	CITI		(315	)
03/21/18	U.S. Dollars		113,174	Thai Baht		3,694,000	CITI		(383	)
03/21/18	U.S. Dollars		65,746	Indonesian Rupiahs		900,000,000	CITI		(409	)
03/21/18	U.S. Dollars		360,351	Israeli Shekels		1,251,250	CITI		(437	)
03/21/18	U.S. Dollars		23,691	Philippine Pesos		1,212,000	CITI		(519	)
03/21/18	U.S. Dollars		285,971	Indonesian Rupiahs		3,900,000,000	CITI		(702	)
03/21/18	U.S. Dollars		153,553	Indonesian Rupiahs		2,100,000,000	CITI		(810	)
03/21/18	Mexican Pesos		453,000	U.S. Dollars		23,579	CITI		(870	)
03/21/18	U.S. Dollars		87,217	Taiwan Dollars		2,590,000	CITI		(889	)
03/21/18	U.S. Dollars		146,091	Indonesian Rupiahs		2,000,000,000	CITI		(921	)
03/21/18	U.S. Dollars		60,284	Czech Republic Koruna		1,300,000	CITI		(1,010	)
03/21/18	U.S. Dollars		359,703	Israeli Shekels		1,251,250	CITI		(1,084	)
03/21/18	Hong Kong Dollars		14,092,500	U.S. Dollars		1,807,780	CITI		(1,156	)
03/21/18	U.S. Dollars		105,403	Israeli Shekels		370,000	CITI		(1,283	)
03/21/18	U.S. Dollars		51,287	Polish Zloty		183,000	CITI		(1,301	)
03/21/18	U.S. Dollars		88,038	Israeli Shekels		310,000	CITI		(1,348	)
03/21/18	U.S. Dollars		128,270	Israeli Shekels		450,000	CITI		(1,484	)
03/21/18	Hong Kong Dollars		14,092,500	U.S. Dollars		1,808,152	CITI		(1,527	)
03/21/18	U.S. Dollars		49,930	Russian Rubles		3,000,000	CITI		(1,530	)
03/21/18	U.S. Dollars		32,768	Russian Rubles		2,000,000	CITI		(1,539	)
03/21/18	Hong Kong Dollars		14,092,500	U.S. Dollars		1,808,198	CITI		(1,574	)
03/21/18	U.S. Dollars		81,253	Philippine Pesos		4,147,000	CITI		(1,582	)
03/21/18	U.S. Dollars		359,037	Israeli Shekels		1,251,250	CITI		(1,750	)
03/21/18	U.S. Dollars		358,862	Israeli Shekels		1,251,250	CITI		(1,925	)
03/21/18	Hong Kong Dollars		14,092,500	U.S. Dollars		1,808,569	CITI		(1,945	)
03/21/18	U.S. Dollars		32,966	Chilean Pesos		21,569,000	CITI		(2,063	)
03/21/18	U.S. Dollars		358,544	Israeli Shekels		1,251,250	CITI		(2,244	)
03/22/18	U.S. Dollars		18,123	South African Rand		256,000	CITI		(2,321	)
03/21/18	U.S. Dollars		118,981	Indian Rupees		7,806,000	CITI		(2,384	)
03/22/18	U.S. Dollars		25,216	South African Rand		347,000	CITI		(2,494	)
03/21/18	U.S. Dollars		89,227	Russian Rubles		5,353,000	CITI		(2,595	)
03/21/18	U.S. Dollars		172,893	Indian Rupees		11,292,000	CITI		(2,672	)
03/21/18	U.S. Dollars		658,856	Indonesian Rupiahs		9,000,000,000	CITI		(2,698	)
03/21/18	Brazilian Reals		582,000	U.S. Dollars		176,712	CITI		(2,794	)
03/21/18	U.S. Dollars		65,766	Russian Rubles		4,000,000	CITI		(2,847	)
03/21/18	U.S. Dollars		680,494	Indonesian Rupiahs		9,300,000,000	CITI		(3,112	)
03/21/18	Brazilian Reals		446,000	U.S. Dollars		136,400	CITI		(3,122	)
03/21/18	U.S. Dollars		125,399	Turkish Lira		500,000	CITI		(3,425	)
03/21/18	U.S. Dollars		107,731	Polish Zloty		387,000	CITI		(3,480	)
03/21/18	U.S. Dollars		357,300	Israeli Shekels		1,251,250	CITI		(3,488	)
03/21/18	U.S. Dollars		208,112	Chinese Offshore Yuan		1,385,000	CITI		(3,575	)
03/21/18	U.S. Dollars		321,756	Czech Republic Koruna		6,900,000	CITI		(3,577	)
03/21/18	U.S. Dollars		948,975	Indonesian Rupiahs		12,959,246,303	CITI		(3,608	)
03/21/18	U.S. Dollars		357,157	Israeli Shekels		1,251,250	CITI		(3,630	)
03/21/18	U.S. Dollars		635,712	Indonesian Rupiahs		8,700,000,000	CITI		(3,791	)

See Notes to Financial Statements. 271

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of  Currency Sold		Counterparty	Net Unrealized Appreciation (Depreciation)
03/21/18	Czech Republic Koruna		22,712,500	U.S. Dollars		1,074,821	CITI	$	(3,933	)
03/21/18	U.S. Dollars		434,475	Chilean Pesos		270,000,000	CITI		(4,015	)
03/21/18	U.S. Dollars		396,452	Czech Republic Koruna		8,500,000	CITI		(4,320	)
03/21/18	U.S. Dollars		150,204	Turkish Lira		600,000	CITI		(4,385	)
03/21/18	U.S. Dollars		356,389	Israeli Shekels		1,251,250	CITI		(4,398	)
03/21/18	U.S. Dollars		150,014	Turkish Lira		600,000	CITI		(4,575	)
03/21/18	U.S. Dollars		300,812	Taiwan Dollars		8,978,000	CITI		(4,598	)
03/21/18	U.S. Dollars		73,972	Turkish Lira		305,000	CITI		(4,611	)
03/21/18	U.S. Dollars		611,520	Chilean Pesos		380,000,000	CITI		(5,613	)
03/21/18	Brazilian Reals		2,440,000	U.S. Dollars		735,220	CITI		(6,076	)
03/21/18	U.S. Dollars		946,203	Indonesian Rupiahs		12,959,246,303	CITI		(6,379	)
03/21/18	U.S. Dollars		417,869	Czech Republic Koruna		9,000,000	CITI		(6,478	)
03/21/18	U.S. Dollars		560,739	Chilean Pesos		350,000,000	CITI		(7,673	)
03/21/18	U.S. Dollars		251,677	Chilean Pesos		160,000,000	CITI		(8,168	)
03/21/18	U.S. Dollars		1,896,352	Indonesian Rupiahs		25,918,492,606	CITI		(8,812	)
03/21/18	Mexican Pesos		4,474,000	U.S. Dollars		233,374	CITI		(9,086	)
03/21/18	U.S. Dollars		430,902	South Korean Won		469,672,000	CITI		(9,574	)
03/21/18	U.S. Dollars		752,137	Indian Rupees		49,000,000	CITI		(9,701	)
03/21/18	U.S. Dollars		330,500	Chilean Pesos		210,000,000	CITI		(10,547	)
03/21/18	U.S. Dollars		417,077	Russian Rubles		25,000,000	CITI		(11,757	)
03/21/18	U.S. Dollars		780,085	Czech Republic Koruna		16,800,000	CITI		(12,030	)
03/21/18	U.S. Dollars		311,288	Chilean Pesos		200,000,000	CITI		(13,519	)
03/21/18	U.S. Dollars		862,158	Turkish Lira		3,400,000	CITI		(13,847	)
03/21/18	U.S. Dollars		326,111	Chilean Pesos		210,000,000	CITI		(14,936	)
03/21/18	U.S. Dollars		1,304,295	Singapore Dollars		1,762,500	CITI		(15,152	)
03/21/18	U.S. Dollars		2,622,393	Singapore Dollars		3,525,000	CITI		(16,501	)
03/21/18	U.S. Dollars		356,627	Chilean Pesos		230,000,000	CITI		(16,901	)
03/21/18	U.S. Dollars		1,300,872	Singapore Dollars		1,762,500	CITI		(18,575	)
03/21/18	U.S. Dollars		533,140	Chilean Pesos		340,000,000	CITI		(19,032	)
03/21/18	U.S. Dollars		1,217,477	Turkish Lira		4,800,000	CITI		(19,235	)
03/21/18	U.S. Dollars		418,646	Turkish Lira		1,700,000	CITI		(19,357	)
03/21/18	U.S. Dollars		369,799	Chilean Pesos		240,000,000	CITI		(19,970	)
03/21/18	Mexican Pesos		11,467,077	U.S. Dollars		595,291	CITI		(20,430	)
03/21/18	Mexican Pesos		11,467,076	U.S. Dollars		595,410	CITI		(20,549	)
03/21/18	U.S. Dollars		352,958	Chilean Pesos		230,000,000	CITI		(20,570	)
03/21/18	Mexican Pesos		11,467,077	U.S. Dollars		595,672	CITI		(20,811	)
03/21/18	U.S. Dollars		1,508,163	South Korean Won		1,630,858,000	CITI		(21,316	)
03/21/18	U.S. Dollars		351,923	Chilean Pesos		230,000,000	CITI		(21,605	)
03/21/18	U.S. Dollars		1,506,352	South Korean Won		1,630,858,000	CITI		(23,127	)
03/21/18	Mexican Pesos		11,467,077	U.S. Dollars		598,499	CITI		(23,637	)
03/21/18	Mexican Pesos		11,467,077	U.S. Dollars		598,500	CITI		(23,639	)
03/21/18	U.S. Dollars		382,057	Chilean Pesos		250,000,000	CITI		(23,952	)
03/22/18	U.S. Dollars		726,359	South African Rand		9,400,000	CITI		(24,299	)
03/21/18	U.S. Dollars		2,238,527	Colombian Pesos		6,800,000,000	CITI		(24,445	)
03/21/18	U.S. Dollars		1,374,113	Chinese Offshore Yuan		9,154,375	CITI		(25,062	)
03/21/18	U.S. Dollars		477,556	Chilean Pesos		310,000,000	CITI		(25,896	)
03/21/18	U.S. Dollars		1,373,021	Chinese Offshore Yuan		9,154,375	CITI		(26,154	)
03/21/18	U.S. Dollars		1,372,568	Chinese Offshore Yuan		9,154,375	CITI		(26,607	)
03/21/18	U.S. Dollars		427,162	Chilean Pesos		280,000,000	CITI		(27,568	)
03/21/18	U.S. Dollars		1,371,478	Chinese Offshore Yuan		9,154,375	CITI		(27,697	)
03/21/18	Mexican Pesos		11,467,077	U.S. Dollars		602,745	CITI		(27,884	)
03/21/18	U.S. Dollars		426,600	Chilean Pesos		280,000,000	CITI		(28,130	)
03/21/18	Mexican Pesos		11,467,077	U.S. Dollars		603,246	CITI		(28,384	)
03/21/18	Mexican Pesos		11,467,077	U.S. Dollars		603,804	CITI		(28,942	)

272 See Notes to Financial Statements.

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of  Currency Sold		Counterparty	Net Unrealized Appreciation (Depreciation)
03/21/18	U.S. Dollars		1,370,051	Chinese Offshore Yuan		9,154,375	CITI	$	(29,123	)
03/21/18	Mexican Pesos		11,467,077	U.S. Dollars		604,982	CITI		(30,120	)
03/21/18	U.S. Dollars		1,499,220	South Korean Won		1,630,858,000	CITI		(30,259	)
03/21/18	Mexican Pesos		11,467,077	U.S. Dollars		605,232	CITI		(30,370	)
03/21/18	Mexican Pesos		11,467,077	U.S. Dollars		606,775	CITI		(31,914	)
03/21/18	U.S. Dollars		1,366,952	Chinese Offshore Yuan		9,154,375	CITI		(32,223	)
03/21/18	Mexican Pesos		12,400,000	U.S. Dollars		653,959	CITI		(32,329	)
03/21/18	U.S. Dollars		1,497,060	South Korean Won		1,630,858,000	CITI		(32,419	)
03/21/18	Mexican Pesos		11,467,077	U.S. Dollars		607,530	CITI		(32,668	)
03/21/18	Mexican Pesos		11,467,077	U.S. Dollars		607,618	CITI		(32,757	)
03/21/18	U.S. Dollars		739,792	Turkish Lira		3,000,000	CITI		(33,153	)
03/21/18	U.S. Dollars		1,494,639	South Korean Won		1,630,858,000	CITI		(34,840	)
03/21/18	U.S. Dollars		888,101	Turkish Lira		3,600,000	CITI		(39,433	)
03/21/18	U.S. Dollars		2,754,262	Chinese Offshore Yuan		18,308,750	CITI		(44,088	)
03/21/18	U.S. Dollars		1,484,793	South Korean Won		1,630,858,000	CITI		(44,686	)
03/21/18	Mexican Pesos		19,000,000	U.S. Dollars		999,793	CITI		(47,295	)
03/22/18	U.S. Dollars		308,685	South African Rand		4,500,000	CITI		(50,673	)
03/21/18	Mexican Pesos		20,200,000	U.S. Dollars		1,067,725	CITI		(55,069	)
03/22/18	U.S. Dollars		387,584	South African Rand		5,600,000	CITI		(59,616	)
03/21/18	U.S. Dollars		2,998,882	South Korean Won		3,261,716,000	CITI		(60,076	)
03/21/18	Mexican Pesos		21,900,000	U.S. Dollars		1,162,138	CITI		(64,259	)
03/21/18	U.S. Dollars		3,161,651	Indian Rupees		208,254,000	CITI		(76,220	)
Subtotal Depreciation								$	(1,889,076	)
Total Forward Foreign Currency Contracts outstanding at December 31, 2017								$	436,220

See Notes to Financial Statements. 273

EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Swap agreements outstanding at December 31, 2017:

Reference Obligation	Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Total Return Swaps
MSCI Hong Kong Index, Floating financing rate: 1-Month HIBOR + 0.005 (Monthly)		03/21/18		GSC		HKD		2,464,102,018	$	67,328		$	—	$	67,328
MSCI Singapore Index, Floating financing rate: 1-Month SGD SIBOR + 0.002 (Monthly)		03/21/18		GSC		SGD		291,016		709			—		709
MSCI Brazil Index, Floating financing rate: Brazil Cetip DI Interbank Deposit Rate - 0.006 (Monthly)		03/21/18		GSC		PLN		7,968,545		(9,534	)		—		(9,534	)
MSCI Brazil Index, Floating financing rate: Brazil Cetip DI Interbank Deposit Rate - 0.006 (Monthly)		03/21/18		GSC		BRL		6,065,545		(88,034	)		—		(88,034	)
MSCI South Africa Index, Floating financing rate: 1-Month SAFE South Africa Johannesburg Interbank Agreed Rate - 0.0045 (Monthly)		03/21/18		GSC		ZAR		23,926,330		(99,225	)		—		(99,225	)
Total Swap agreements outstanding at December 31, 2017									$	(128,756	)	$	—	$	(128,756	)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	10,012,978	$	10,012,978	$	—	$	—
Foreign Common Stocks:
Argentina		792,371		792,371		—		—
Brazil		15,530,408		7,871,639		7,658,769		—
Canada		924,465		924,465		—		—
Chile		2,892,847		2,892,847		—		—
China		70,821,346		70,821,346		—		—
Colombia		689,438		689,438		—		—
Czech Republic		230,363		230,363		—		—
Egypt		1,135,621		359,026		776,595		—
Hong Kong		33,814,795		33,814,795		—		—
Hungary		2,589,368		2,589,368		—		—
India		31,199,666		27,489,257		—		3,710,409
Indonesia		10,275,764		10,275,764		—		—
Isle of Man		272,337		272,337		—		—
Japan		90,998		90,998		—		—
Kenya		1,110,745		1,110,745		—		—
Malaysia		7,807,956		7,807,956		—		—
Mexico		16,989,900		16,989,900		—		—
Morocco & Antilles		1,275,571		1,275,571		—		—
Netherlands		380,653		380,653		—		—
Nigeria		5,363,279		5,363,279		—		—
Peru		3,979,959		3,979,959		—		—
Philippines		4,008,785		4,008,785		—		—
Poland		8,370,977		8,370,977		—		—

274 See Notes to Financial Statements.

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Portugal	$	3,105,826		$	3,105,826		$	—		$	—
Qatar		128,211			128,211			—			—
Russia		20,454,834			20,454,834			—			—
South Africa		36,184,000			36,184,000			—			—
South Korea		66,615,898			4,984,202			61,631,696			—
Switzerland		2,016,279			2,016,279			—			—
Taiwan		37,249,729			37,249,729			—			—
Thailand		16,743,783			6,309,519			10,434,264			—
Turkey		18,144,496			18,144,496			—			—
United Arab Emirates		370,238			370,238			—			—
United Kingdom		11,748,679			11,748,679			—			—
Foreign Preferred Stocks:
Brazil		10,845,453			3,561,492			7,283,961			—
Chile		1,254,446			399,738			854,708			—
Colombia		371,614			371,614			—			—
South Korea		5,790,516			345,551			5,444,965			—
Money Market Funds		38,400,738			38,400,738			—			—
U.S. Treasury Obligation		1,192,395			—			1,192,395			—
Total Assets - Investments in Securities	$	501,177,725		$	402,189,963		$	95,277,353		$	3,710,409
Other Financial Instruments***
Futures Contracts	$	1,776,202		$	1,776,202		$	—		$	—
Forward Foreign Currency Contracts		2,325,296			—			2,325,296			—
Swap Agreements		68,037			—			68,037			—
Total Assets - Other Financial Instruments	$	4,169,535		$	1,776,202		$	2,393,333		$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(220,654	)	$	(220,654	)	$	—		$	—
Forward Foreign Currency Contracts		(1,889,076	)		—			(1,889,076	)		—
Swap Agreements		(196,793	)		—			(196,793	)		—
Total Liabilities - Other Financial Instruments	$	(2,306,523	)	$	(220,654	)	$	(2,085,869	)	$	—

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

Management has determined that the amount of transfers between Level 1 and Level 2 compared to total net assets is not material; therefore, the amount of transfers between Level 1 and Level 2 is not shown for the year ended December 31, 2017.

There were no transfers between Level 2 and Level 3 during the year ended December 31, 2017.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the year ended December 31, 2017.

See Notes to Financial Statements. 275

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2017

	Defensive Market		Equity Index
	Strategies Fund		Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	956,113,127	$	944,918,448
Investments in securities of affiliated issuers, at value		33,299,156		32,456,840
Total investments, at value(1), (2)		989,412,283		977,375,288
Cash collateral for derivatives		—		—
Deposits with broker		—		324,000
Foreign currency(3)		—		—
Receivables:
Dividends and reclaims		903,033		820,491
Interest		1,579,068		—
Securities lending		25,892		5,980
From advisor		6,389		5,343
Investment securities sold		2,249,915		1,268,894
Fund shares sold		1,151,471		270,269
Variation margin on financial futures contracts		—		—
Unrealized appreciation on foreign currency exchange contracts		2,202		—
Unrealized appreciation on bilateral swap agreements		—		—
Prepaid expenses and other assets		10,612		11,350
Total Assets		995,340,865		980,081,615
Liabilities
Cash Overdraft		—		10,594
Securities sold short, at value(4)		—		—
Options written, at value(5)		501,488		—
Unrealized depreciation on foreign currency exchange contracts		300,058		—
Unrealized depreciation on bilateral swap agreements		—		—
Collateral held for securities on loan, at value		29,225,247		786,737
Collateral held for derivatives		—		—
Payables:
Investment securities purchased		1,735,385		418,863
Dividends on short sales		—		—
Fund shares redeemed		312,653		153,481
Variation margin on financial futures contracts		—		116,025
Securities lending		3,884		897
Foreign capital gains taxes		—		—
Accrued expenses:
Investment advisory fees		505,444		74,628
Professional fees		29,973		28,007
Shareholder servicing fees		75,571		103,850
S&P license fees		—		246,352
Other expenses		107,659		95,305
Total Liabilities		32,797,362		2,034,739
Net Assets	$	962,543,503	$	978,046,876
Net Assets Consist of:
Paid-in-capital	$	837,233,965	$	629,269,987
Accumulated (distributions in excess of) net investment income (loss)		1,465,492		100,203
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency and derivative transactions		8,077,004		(4,551,643	)
Net unrealized appreciation (depreciation) on investments, foreign currency and derivative transactions		115,767,042		353,228,329
Net Assets	$	962,543,503	$	978,046,876
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	602,010,722	$	483,275,437
Institutional shares outstanding		47,483,943		16,423,482
Net asset value, offering and redemption price per Institutional share	$	12.68	$	29.43
Net assets applicable to the Investor Class	$	360,532,781	$	494,771,439
Investor shares outstanding		28,426,265		16,803,551
Net asset value, offering and redemption price per Investor share	$	12.68	$	29.44

(1) Investments in securities of unaffiliated issuers, at cost	$	840,313,432		$	591,922,809
Investments in securities of affiliated issuers, at cost		33,299,156			32,456,840
Total investments, at cost	$	873,612,588		$	624,379,649
(2) Includes securities loaned of:	$	47,198,754		$	35,630,881
(3) Foreign currency, at cost	$	—		$	—
(4) Proceeds from securities sold short	$	—		$	—
(5) Premiums received on options written	$	726,758		$	—
(6) Net of $(45,805) and $(213,344) accrued foreign capital gains taxed on appreciated securities for International Equity Fund and Emerging Markets Equity Fund, respectively.

276 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
$	1,495,941,955		$	1,701,941,066		$	555,327,670	$	180,818,219		$	1,635,136,003		$	481,568,858
	35,766,270			51,855,713			24,757,614		7,055,829			69,014,841			19,608,867
	1,531,708,225			1,753,796,779			580,085,284		187,874,048			1,704,150,844			501,177,725
	63,000			—			—		—			2,680,000			2,858,649
	—			—			—		43,200			6,914,502			—
	—			—			—		298,834			8,334,982			1,905,917
	1,847,116			683,203			729,311		473,764			6,602,771			1,092,601
	—			—			—		—			—			7,941
	8,865			24,968			22,903		3,491			19,703			11,921
	7,097			10,058			4,920		—			12,730			—
	3,063,434			160,143			3,356,850		—			2,090,820			169,067
	82,466			514,810			71,765		5,024			353,643			417,942
	—			—			—		760			503,930			186,315
	—			—			—		—			2,446,784			2,325,296
	—			—			—		—			494,377			68,037
	10,315			9,949			10,228		6,163			10,653			19,809
	1,536,790,518			1,755,199,910			584,281,261		188,705,284			1,734,615,739			510,241,220
	14,913			14,727			—		1,225			8,626,738			—
	—			—			—		—			75,217,872			—
	—			—			—		—			—			—
	—			—			—		—			3,161,465			1,889,076
	—			—			—		—			35,540			196,793
	7,162,311			16,381,945			24,953,905		504,978			18,506,949			7,288,423
	—			—			—		—			389,234			388,161
	2,642,061			1,050,424			2,612,472		—			2,074,201			494,214
	—			—			—		—			1,713			—
	216,783			763,020			4,350		1,108			42,670			27,274
	149,321			178,425			210,910		—			437,500			78,824
	1,330			3,745			3,436		524			2,955			1,788
	—			—			—		—			45,805			213,344
	680,421			989,275			439,114		18,213			970,495			423,176
	28,008			27,931			31,573		24,948			30,748			31,438
	83,368			122,594			54,910		—			71,814			19,266
	—			—			—		—			—			—
	135,548			130,788			74,520		32,641			365,440			202,259
	11,114,064			19,662,874			28,385,190		583,637			109,981,139			11,254,036
$	1,525,676,454		$	1,735,537,036		$	555,896,071	$	188,121,647		$	1,624,634,600		$	498,987,184
$	1,204,779,781		$	1,302,969,862		$	452,644,040	$	171,350,951		$	1,397,609,142		$	432,445,179
	679,891			—			172,793		(578,729	)		(4,204,888	)		139,451
	(13,597,876	)		(13,450,916	)		9,702,625		(885,996	)		1,211,506			(4,927,662	)
	333,814,658			446,018,090			93,376,613		18,235,421			230,018,840	(6)		71,330,216	(6)
$	1,525,676,454		$	1,735,537,036		$	555,896,071	$	188,121,647		$	1,624,634,600		$	498,987,184
$	1,128,445,138		$	1,150,773,481		$	293,953,138	$	188,121,647		$	1,279,089,319		$	404,640,759
	49,578,272			45,702,900			16,012,015		17,488,571			81,387,377			36,791,038
$	22.76		$	25.18		$	18.36	$	10.76		$	15.72		$	11.00
$	397,231,316		$	584,763,555		$	261,942,933		N/A		$	345,545,281		$	94,346,425
	17,439,563			23,285,473			14,258,676		N/A			21,947,683			8,577,562
$	22.78		$	25.11		$	18.37		N/A		$	15.74		$	11.00
$	1,162,548,489		$	1,256,462,042		$	462,128,671	$	162,684,924		$	1,401,051,885		$	412,109,276
	35,766,270			51,855,713			24,757,614		7,055,829			69,014,841			19,608,867
$	1,198,314,759		$	1,308,317,755		$	486,886,285	$	169,740,753		$	1,470,066,726		$	431,718,143
$	35,790,169		$	183,587,728		$	94,338,314	$	3,772,600		$	60,417,566		$	30,566,285
$	—		$	—		$	—	$	294,733		$	8,178,129		$	1,898,990
$	—		$	—		$	—	$	—		$	69,518,218		$	—
$	—		$	—		$	—	$	—		$	—		$	—

See Notes to Financial Statements. 277

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2017

	Defensive Market			Equity Index
	Strategies Fund			Fund
Investment Income
Dividends	$	10,877,739		$	16,209,586
Non Cash Dividends		—			—
Income distributions received from affiliated funds		174,794			140,483
Interest		1,222,880			8,383
Securities lending		201,174			59,629
Less foreign taxes withheld		(29,546	)		(13,975	)
Total Investment Income		12,447,041			16,404,106
Expenses
Investment advisory fees		5,640,691			788,352
Transfer agent fees:
Institutional shares		5,040			4,528
Investor shares		31,586			37,655
Custodian fees		73,909			18,988
Shareholder servicing fees:
Investor shares		803,901			1,106,199
Accounting and administration fees		221,229			183,586
Professional fees		105,564			105,242
Blue sky fees:
Institutional shares		24,982			27,064
Investor shares		84,175			32,909
Trustees expenses		7,573			6,995
Line of credit facility fees and interest expense		5,810			5,439
S&P license fees		—			165,973
Interest expense		—			—
Other expenses		65,702			365,569
Total Expenses		7,070,162			2,848,499
Dividends on securities sold short		—			—
Expenses waived/reimbursed net of amount recaptured(1)		(80,131	)		(62,723	)
Fees paid indirectly		(188	)		—
Net Expenses		6,989,843			2,785,776
Net Investment Income (Loss)		5,457,198			13,618,330
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		44,101,809			1,107,533
Investment securities sold short		—			—
Futures transactions		711,157			4,712,019
Swap agreements		—			—
Option contracts written		7,639,949			—
Forward foreign currency contracts		(792,347	)		—
Foreign currency		75,264			—
Net realized gain		51,735,832			5,819,552
Net change in unrealized appreciation (depreciation) on:
Investment securities (net of estimated capital gains taxes of $(34,124) and $(142,330) for International Equity Fund and Emerging Markets Fund, respectively)		49,795,180			149,833,008
Investment securities sold short		—			—
Futures		38,690			361,405
Swap agreements		—			—
Option contracts written		186,375			—
Forward foreign currency contracts		(216,517	)		—
Foreign currency		52,949			—
Net change in unrealized appreciation (depreciation)		49,856,677			150,194,413
Net Realized and Unrealized Gain		101,592,509			156,013,965
Net Increase in Net Assets Resulting from Operations	$	107,049,707		$	169,632,295

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

278 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
$	32,212,558		$	11,962,556		$	5,334,669		$	4,371,817		$	40,889,624		$	10,082,055
	—			—			—			388,843			—			—
	235,081			302,197			123,338			49,915			334,076			83,110
	19,129			22,270			3,575			2,339			—			48,984
	142,653			776,910			412,229			55,774			486,587			72,591
	(125,102	)		(51,406	)		(8,170	)		(366,096	)		(4,025,583	)		(1,365,649	)
	32,484,319			13,012,527			5,865,641			4,502,592			37,684,704			8,921,091
	7,474,407			10,744,108			5,007,908			184,167			10,669,676			4,301,765
	4,880			4,705			5,009			4,180			6,179			4,813
	34,342			33,342			32,964			—			32,292			20,894
	52,962			36,697			69,691			52,906			516,945			837,257
	946,231			1,292,674			642,940			—			776,340			185,866
	292,000			347,318			117,749			86,833			352,621			148,964
	96,767			104,656			123,515			111,213			109,634			108,313
	23,981			24,192			24,181			29,579			24,122			28,137
	26,066			27,682			26,536			—			24,736			51,973
	11,528			15,645			5,485			1,157			11,886			3,122
	9,652			10,805			3,866			1,099			9,995			2,640
	—			—			—			—			—			—
	—			—			—			—			240,469			—
	67,380			101,895			54,208			72,917			649,181			42,961
	9,040,196			12,743,719			6,114,052			544,051			13,424,076			5,736,705
	—			—			—			—			1,239,111			—
	(104,828	)		(140,458	)		(56,645	)		97,614			(145,961	)		(92,549	)
	(14,046	)		(45,465	)		(60,088	)		—			(8,689	)		(2,800	)
	8,921,322			12,557,796			5,997,319			641,665			14,508,537			5,641,356
	23,562,997			454,731			(131,678	)		3,860,927			23,176,167			3,279,735
	69,430,243			142,577,068			45,799,217			(129,509	)		102,528,229			22,941,045
	—			—			—			—			(1,284,087	)		—
	8,419,228			9,484,466			2,370,870			1,444,971			22,888,934			10,595,266
	—			—			—			—			(3,320,941	)		(23,747	)
	—			—			—			—			—			—
	—			—			—			—			187,077			758,702
	—			—			—			23,476			1,700,397			(83,290	)
	77,849,471			152,061,534			48,170,087			1,338,938			122,699,609			34,187,976
	100,927,206			272,258,891			17,893,493			28,439,989			232,964,585			85,171,805
	—			—			—			—			(6,819,959	)		—
	593,375			746,956			722,234			123,923			1,100,853			1,376,310
	—			—			—			—			209,909			(77,025	)
	—			—			—			—			—			—
	—			—			—			—			1,395,208			(496,951	)
	—			—			—			22,991			709,782			77,051
	101,520,581			273,005,847			18,615,727			28,586,903			229,560,378			86,051,190
	179,370,052			425,067,381			66,785,814			29,925,841			352,259,987			120,239,166
$	202,933,049		$	425,522,112		$	66,654,136		$	33,786,768		$	375,436,154		$	123,518,901

See Notes to Financial Statements. 279

STATEMENTS OF CHANGES IN NET ASSETS

	Defensive Market Strategies Fund
	For the Year Ended
	12/31/17			12/31/16
Operations:
Net investment income (loss)	$	5,457,198		$	9,154,111
Net realized gain on investment securities, foreign currency and derivatives		51,735,832			37,485,385
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		49,856,677			29,305,318
Net increase (decrease) in net assets resulting from operations		107,049,707			75,944,814
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(3,675,515	)		(6,782,198	)
Investor shares		(1,266,103	)		(2,584,867	)
Distributions from net realized capital gains
Institutional shares		(29,895,180	)		(20,422,901	)
Investor shares		(16,821,249	)		(10,089,480	)
Total dividends and distributions		(51,658,047	)		(39,879,446	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		140,679,912			86,759,491
Investor shares		119,380,649			120,050,570
Reinvestment of dividends and distributions
Institutional shares		33,471,335			27,129,944
Investor shares		18,031,024			12,666,913
Total proceeds from shares sold and reinvested		311,562,920			246,606,918
Value of shares redeemed
Institutional shares		(155,485,244	)		(36,641,159	)
Investor shares		(72,161,976	)		(33,410,504	)
Total value of shares redeemed		(227,647,220	)		(70,051,663	)
Net increase (decrease) from capital share transactions(1)		83,915,700			176,555,255
Total increase (decrease) in net assets		139,307,360			212,620,623
Net Assets:
Beginning of Year		823,236,143			610,615,520
End of Year*	$	962,543,503		$	823,236,143
*Including undistributed net investment income	$	1,465,492		$	605,946

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

280 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
12/31/17			12/31/16			12/31/17			12/31/16			12/31/17			12/31/16
$	13,618,330		$	11,943,530		$	23,562,997		$	24,447,562		$	454,731		$	(1,084,811	)
	5,819,552			8,892,190			77,849,471			58,311,164			152,061,534			43,301,833
	150,194,413			57,282,624			101,520,581			86,310,003			273,005,847			(55,421,512	)
	169,632,295			78,118,344			202,933,049			169,068,729			425,522,112			(13,204,490	)
	(7,183,738	)		(7,539,949	)		(17,608,553	)		(20,652,060	)		(740,405	)		—
	(6,406,244	)		(4,493,334	)		(5,433,418	)		(4,414,829	)		—			—
	(2,906,537	)		(4,164,984	)		(59,973,423	)		(35,799,929	)		(112,679,757	)		(39,566,114	)
	(3,026,151	)		(3,860,904	)		(21,470,715	)		(11,488,346	)		(57,082,011	)		(13,379,455	)
	(19,522,670	)		(20,059,171	)		(104,486,109	)		(72,355,164	)		(170,502,173	)		(52,945,569	)
	71,678,208			62,887,840			97,004,036			72,695,633			65,442,695			78,821,400
	69,412,371			61,970,285			24,680,892			46,876,464			72,305,170			28,018,112
	10,072,333			11,688,033			77,497,179			56,444,119			113,344,523			39,563,140
	9,390,872			8,347,177			26,876,617			15,889,798			57,040,743			13,376,181
	160,553,784			144,893,335			226,058,724			191,906,014			308,133,131			159,778,833
	(27,051,533	)		(22,108,055	)		(37,902,976	)		(193,720,488	)		(90,956,174	)		(114,360,239	)
	(47,764,607	)		(47,248,664	)		(51,948,137	)		(45,525,237	)		(51,399,978	)		(80,144,960	)
	(74,816,140	)		(69,356,719	)		(89,851,113	)		(239,245,725	)		(142,356,152	)		(194,505,199	)
	85,737,644			75,536,616			136,207,611			(47,339,711	)		165,776,979			(34,726,366	)
	235,847,269			133,595,789			234,654,551			49,373,854			420,796,918			(100,876,425	)
	742,199,607			608,603,818			1,291,021,903			1,241,648,049			1,314,740,118			1,415,616,543
$	978,046,876		$	742,199,607		$	1,525,676,454		$	1,291,021,903		$	1,735,537,036		$	1,314,740,118
$	100,203		$	71,855		$	679,891		$	158,865		$	—		$	—

See Notes to Financial Statements. 281

STATEMENTS OF CHANGES IN NET ASSETS

	Small Cap Equity Fund
	For the Year Ended
	12/31/17			12/31/16
Operations:
Net investment income (loss)	$	(131,678	)	$	1,202,278
Net realized gain (loss) on investment securities, foreign currency and derivatives		48,170,087			12,585,764
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		18,615,727			68,188,651
Net increase in net assets resulting from operations		66,654,136			81,976,693
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(500,162	)		(985,933	)
Investor shares		—			(386,414	)
Distributions from net realized capital gains
Institutional shares		(20,799,180	)		(2,849,693	)
Investor shares		(18,504,594	)		(2,825,962	)
Total dividends and distributions		(39,803,936	)		(7,048,002	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		43,248,973			24,829,412
Investor shares		18,929,912			29,247,158
Reinvestment of dividends and distributions
Institutional shares		21,205,319			3,835,372
Investor shares		18,494,233			3,211,578
Total proceeds from shares sold and reinvested		101,878,437			61,123,520
Value of shares redeemed
Institutional shares		(51,500,812	)		(69,413,390	)
Investor shares		(53,953,097	)		(35,829,083	)
Total value of shares redeemed		(105,453,909	)		(105,242,473	)
Net increase (decrease) from capital share transactions(1)		(3,575,472	)		(44,118,953	)
Total increase in net assets		23,274,728			30,809,738
Net Assets:
Beginning of Year		532,621,343			501,811,605
End of Year*	$	555,896,071		$	532,621,343
*Including undistributed (distributions in excess of) net investment income	$	172,793		$	27,294

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

282 See Notes to Financial Statements.

International Equity Index Fund						International Equity Fund						Emerging Markets Equity Fund
For the Year Ended						For the Year Ended						For the Year Ended
12/31/17			12/31/16			12/31/17			12/31/16			12/31/17			12/31/16
$	3,860,927		$	3,121,243		$	23,176,167		$	25,616,001		$	3,279,735		$	3,114,130
	1,338,938			(842,464	)		122,699,609			16,102,029			34,187,976			(14,432,213	)
	28,586,903			477,800			229,560,378			(2,077,658	)		86,051,190			55,295,877
	33,786,768			2,756,579			375,436,154			39,640,372			123,518,901			43,977,794
	(4,274,787	)		(3,270,902	)		(20,323,118	)		(20,646,972	)		(3,877,025	)		(5,024,983	)
	—			—			(4,650,292	)		(4,679,834	)		(719,662	)		(685,333	)
	(573,818	)		—			(81,493,158	)		(7,893,727	)		—			—
	—			—			(22,039,724	)		(2,052,816	)		—			—
	(4,848,605	)		(3,270,902	)		(128,506,292	)		(35,273,349	)		(4,596,687	)		(5,710,316	)
	35,042,423			28,861,034			74,829,236			81,012,704			52,727,535			37,111,251
	—			—			44,880,631			37,895,139			58,762,844			32,263,177
	4,814,928			3,270,443			101,752,318			28,538,676			3,869,903			5,024,983
	—			—			26,539,536			6,730,219			718,614			683,941
	39,857,351			32,131,477			248,001,721			154,176,738			116,078,896			75,083,352
	(13,695,024	)		(9,620,613	)		(111,081,403	)		(126,371,248	)		(40,941,162	)		(59,145,682	)
	—			—			(41,440,030	)		(26,653,486	)		(30,260,344	)		(16,799,903	)
	(13,695,024	)		(9,620,613	)		(152,521,433	)		(153,024,734	)		(71,201,506	)		(75,945,585	)
	26,162,327			22,510,864			95,480,288			1,152,004			44,877,390			(862,233	)
	55,100,490			21,996,541			342,410,150			5,519,027			163,799,604			37,405,245
	133,021,157			111,024,616			1,282,224,450			1,276,705,423			335,187,580			297,782,335
$	188,121,647		$	133,021,157		$	1,624,634,600		$	1,282,224,450		$	498,987,184		$	335,187,580
$	(578,729	)	$	(188,056	)	$	(4,204,888	)	$	(1,844,748	)	$	139,451		$	196,901

See Notes to Financial Statements. 283

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			Expenses, Gross			Investment Income, Net			Portfolio Turnover Rate
Defensive Market Strategies Fund
Institutional Class
2017	$	11.90	$	0.09	#	$	1.42		$	(0.08	)	$	(0.65	)	$	12.68		12.74	%	$	602,011		0.67	%(1)		0.68	%		0.70	%		60	%
2016		11.21		0.17	#		1.15	(2)		(0.16	)		(0.47	)		11.90		11.80			547,132		0.69			0.70			1.42			78
2015		11.61		0.17	#		0.11	(2)		(0.17	)		(0.51	)		11.21		2.43			443,499		0.72	(1)		0.73			1.46			55
2014		11.43		0.15	#		1.05	(2)		(0.15	)		(0.87	)		11.61		10.55			98,903		0.88	(1)(3)		0.83	(3)		1.24			102
2013(4)		10.61		0.14	#		1.80	(2)		(0.15	)		(0.97	)		11.43		18.47			89,430		1.10	(1)(3)		1.13	(3)		1.25			208
Investor Class
2017	$	11.91	$	0.05	#	$	1.41		$	(0.04	)	$	(0.65	)	$	12.68		12.35	%	$	360,533		0.95	%(1)		0.96	%		0.43	%		60	%
2016		11.22		0.14	#		1.15	(2)		(0.13	)		(0.47	)		11.91		11.53			276,104		0.97			0.98			1.15			78
2015		11.60		0.13	#		0.12	(2)		(0.12	)		(0.51	)		11.22		2.16			167,117		0.99	(1)		1.00			1.12			55
2014		11.42		0.12	#		1.06	(2)		(0.13	)		(0.87	)		11.60		10.35			476,129		1.09	(1)(3)		1.07	(3)		1.03			102
2013(4)		10.60		0.12	#		1.79	(2)		(0.12	)		(0.97	)		11.42		18.22			395,277		1.36	(1)(3)		1.38	(3)		0.99			208
Equity Index Fund
Institutional Class
2017	$	24.68	$	0.47	#	$	4.92		$	(0.46	)	$	(0.18	)	$	29.43		21.97	%	$	483,275		0.19	%		0.20	%		1.72	%		2	%
2016		22.81		0.46	#		2.27	(2)		(0.56	)		(0.30	)		24.68		12.16			355,404		0.15			0.16			1.97			3
2015		23.99		0.48	#		(0.26	)(2)		(0.61	)		(0.79	)		22.81		0.92			276,599		0.17			0.18			1.94			6
2014		22.48		0.40	#		2.62	(2)		(0.74	)		(0.77	)		23.99		13.54			95,134		0.22			0.22			1.72			5
2013(5)		18.12		0.37	#		5.34	(2)		(0.69	)		(0.66	)		22.48		32.04			66,378		0.23			0.24			1.81			4
Investor Class
2017	$	24.70	$	0.40	#	$	4.91		$	(0.39	)	$	(0.18	)	$	29.44		21.65	%	$	494,771		0.45	%		0.46	%		1.46	%		2	%
2016		22.58		0.39	#		2.27	(2)		(0.29	)		(0.25	)		24.70		11.84			386,796		0.42			0.42			1.70			3
2015		22.90		0.37	#		(0.21	)(2)		(0.18	)		(0.30	)		22.58		0.70			332,005		0.41			0.44			1.62			6
2014		20.69		0.34	#		2.40	(2)		(0.24	)		(0.29	)		22.90		13.31			334,833		0.38			0.48			1.56			5
2013(5)		16.07		0.31	#		4.79	(2)		(0.23	)		(0.25	)		20.69		31.95			289,937		0.38			0.48			1.66			4

  # Calculated using the average shares outstanding method.

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

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

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

(5) An out of period adjustment to Investment Income increased Net Investment Income per Share by $0.00 and $0.01, the Total Return did not change, and the Ratio of Net Investment Income to Average Net Assets increased by 0.03% and 0.03% for Institutional Class and Investor Class, respectively.

284 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
2017	$	21.18	$	0.39	#	$	2.85		$	(0.37	)	$	(1.29	)	$	22.76		15.54	%	$	1,128,445		0.57	%(3)		0.58	%		1.78	%		38	%
2016		19.75		0.41	#		2.30	(4)		(0.46	)		(0.82	)		21.18		14.11			920,433		0.59	(3)		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	(3)		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	(3)		0.67			1.40			41
2013(5)		20.89		0.39	#		6.90	(4)		(0.89	)		(1.41	)		25.88		35.52			253,988		0.66	(3)		0.67			1.61			45
Investor Class
2017	$	21.20	$	0.34	#	$	2.85		$	(0.32	)	$	(1.29	)	$	22.78		15.25	%	$	397,231		0.83	%(3)		0.84	%		1.52	%		38	%
2016		19.46		0.35	#		2.33	(4)		(0.26	)		(0.68	)		21.20		13.84			370,589		0.86	(3)		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	(3)		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	(3)		0.91			1.16			41
2013(5)		16.18		0.26	#		5.39	(4)		(0.29	)		(0.54	)		21.00		35.22			1,089,026		0.90	(3)		0.91			1.36			45
Growth Equity Fund
Institutional Class
2017	$	21.08	$	0.03	#	$	6.80		$	(0.02	)	$	(2.71	)	$	25.18		32.43	%	$	1,150,773		0.72	%(6)		0.73	%		0.12	%		41	%
2016		22.25		—	†#		(0.22	)(4)		—			(0.95	)		21.08		(0.98	)		890,530		0.75	(6)		0.76			0.01			24
2015		25.80		0.02	#		1.38	(4)		—			(4.95	)		22.25		5.67			932,232		0.77	(6)		0.78			0.09			79
2014		28.49		(0.05	)#		2.92	(4)		—			(5.56	)		25.80		10.12			244,281		0.85	(6)		0.87			(0.12	)		54
2013(7)		28.47		—	†#		9.62	(4)		—			(9.60	)		28.49		34.83			227,934		0.84	(6)		0.88			—			83
Investor Class
2017	$	21.07	$	(0.04	)#	$	6.79		$	—		$	(2.71	)	$	25.11		32.06	%	$	584,764		0.98	%(6)		0.99	%		(0.14	)%		41	%
2016		22.02		(0.05	)#		(0.24	)(4)		—			(0.66	)		21.07		(1.30	)		424,210		1.01	(6)		1.02			(0.26	)		24
2015		22.92		(0.05	)#		1.27	(4)		—			(2.12	)		22.02		5.44			483,385		1.04	(6)		1.06			(0.21	)		79
2014		23.02		(0.08	)#		2.36	(4)		—			(2.38	)		22.92		9.93			1,240,254		1.06	(6)		1.11			(0.33	)		54
2013(7)		20.26		(0.05	)#		6.92	(4)		—			(4.11	)		23.02		34.52			1,190,710		1.05	(6)		1.12			(0.22	)		83

  † Amount represents less than $0.005 per share.

  # Calculated using the average shares outstanding method.

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

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

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

(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, the Total Return did not change, and the Ratio of Net Investment Income to Average Net Assets increased by 0.02% and 0.02% for Institutional Class and Investor Class, respectively.

(6) The ratio for the Growth Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01% for the year 2013, and 0.00% for the years 2014, 2015, 2016 and 2017.

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

See Notes to Financial Statements. 285

FINANCIAL HIGHLIGHTS (Continued)

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
Small Cap Equity Fund
Institutional Class
2017	$	17.53	$	0.02	#	$	2.24		$	(0.03	)	$	(1.40	)	$	18.36		12.98	%	$	293,953		0.98	%(3)		1.00	%		0.09	%		80	%
2016		15.14		0.06	#		2.59	(4)		(0.07	)		(0.19	)		17.53		17.48			265,627		1.01	(3)		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	(3)		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	(3)		0.99			0.27			103
2013(5)		20.78		0.12	#		7.73	(4)		(0.16	)		(7.53	)		20.94		38.39			84,139		0.92	(3)		0.94			0.45			161
Investor Class
2017	$	17.56	$	(0.03	)#	$	2.24		$	—		$	(1.40	)	$	18.37		12.67	%	$	261,943		1.25	%(3)		1.27	%		(0.17	)%		80	%
2016		15.17		0.02	#		2.59	(4)		(0.03	)		(0.19	)		17.56		17.17			266,994		1.27	(3)		1.30			0.11			77
2015		17.08		0.02	#		(1.04	)(4)		—			(0.89	)		15.17		(5.91	)		236,850		1.24	(3)		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	(3)		1.24			0.03			103
2013(5)		15.94		0.04	#		5.97	(4)		(0.04	)		(3.72	)		18.19		38.09			490,706		1.16	(3)		1.19			0.22			161
International Equity Index Fund
Institutional Class
2017	$	8.86	$	0.25	#	$	1.93		$	(0.25	)	$	(0.03	)	$	10.76		24.69	%	$	188,122		0.41	%		0.35	%		2.45	%		4	%
2016		8.94		0.23	#		(0.09	)(4)		(0.22	)		—			8.86		1.63			133,021		0.57			0.65			2.61			6
2015(6)		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) The ratio for the Small Cap Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01%, 0.01%, 0.02%, 0.01%, and 0.01% for the years 2013, 2014, 2015, 2016, and 2017.

(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 $0.01 and $0.01, Total Return by 0.14% and 0.08%, and the Ratio of Net Investment Income to Average Net Assets by 0.07% and 0.08% for Institutional Class and Investor Class, respectively.

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

286 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
International Equity Fund
Institutional Class
2017	$	13.16	$	0.25	#	$	3.65		$	(0.25	)	$	(1.09	)	$	15.72		29.85	%	$	1,279,089		0.92	%(3)(4)		0.93	%(4)		1.63	%		42	%
2016		13.14		0.27	#		0.13	(5)		(0.27	)		(0.11	)		13.16		2.96			1,017,929		1.00	(3)(4)		1.01	(4)		2.09			33
2015		14.25		0.22	#		(0.50	)(5)		(0.26	)		(0.57	)		13.14		(1.93	)		1,030,729		1.03	(3)(4)		1.05	(4)		1.49			43
2014		15.61		0.36	#		(1.26	)(5)		(0.46	)		—			14.25		(5.80	)		235,545		1.13	(3)(4)		1.20	(4)		2.36			36
2013(6)		13.47		0.24	#		2.24	(5)		(0.34	)		—			15.61		18.49			269,499		1.11	(3)(4)		1.25	(4)		1.69			51
Investor Class
2017	$	13.18	$	0.21	#	$	3.66		$	(0.22	)	$	(1.09	)	$	15.74		29.50	%	$	345,545		1.18	%(3)(4)		1.19	%(4)		1.37	%		42	%
2016		13.18		0.24	#		0.11	(5)		(0.24	)		(0.11	)		13.18		2.62			264,295		1.27	(3)(4)		1.28	(4)		1.81			33
2015		14.03		0.24	#		(0.55	)(5)		(0.12	)		(0.42	)		13.18		(2.16	)		245,976		1.35	(3)(4)		1.39	(4)		1.68			43
2014		15.24		0.32	#		(1.23	)(5)		(0.30	)		—			14.03		(6.00	)		1,143,722		1.37	(3)(4)		1.44	(4)		2.09			36
2013(6)		13.07		0.20	#		2.18	(5)		(0.21	)		—			15.24		18.23			1,147,181		1.35	(3)(4)		1.49	(4)		1.44			51
Emerging Markets Equity Fund
Institutional Class
2017	$	8.18	$	0.08	#	$	2.85		$	(0.11	)	$	—		$	11.00		35.80	%	$	404,641		1.30	%(7)		1.31	%		0.83	%		56	%
2016		7.34		0.08	#		0.90	(5)		(0.14	)		—			8.18		13.46			290,082		1.30	(7)		1.48			0.98			54
2015		9.09		0.11	#		(1.83	)(5)		(0.03	)		—			7.34		(18.93	)		272,123		1.28	(7)		1.50			1.36			39
2014		9.75		0.11	#		(0.51	)(5)		(0.07	)		(0.19	)		9.09		(4.14	)		45,058		1.25			1.63			1.07			39
2013(8)(9)		10.00		(0.01	)#		(0.24	)(5)		—			—			9.75		(2.50	)		46,420		1.25			1.55			(0.34	)		6
Investor Class
2017	$	8.19	$	0.06	#	$	2.84		$	(0.09	)	$	—		$	11.00		35.37	%	$	94,346		1.57	%(7)		1.66	%		0.57	%		56	%
2016		7.35		0.06	#		0.91	(5)		(0.13	)		—			8.19		13.20			45,106		1.56	(7)		1.87			0.73			54
2015		9.09		0.05	#		(1.79	)(5)		—			—			7.35		(19.14	)		25,659		1.51	(7)		1.83			0.58			39
2014		9.75		0.08	#		(0.51	)(5)		(0.04	)		(0.19	)		9.09		(4.38	)		255,202		1.50			1.84			0.81			39
2013(8)(9)		10.00		(0.01	)#		(0.24	)(5)		—			—			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) The ratio for the International Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00% for the years 2013, 2014, 2015, 2016 and 2017.

(4) The ratio for the International Equity Fund includes the effect of dividend expense on securities sold short which increased the ratio by 0.15%, 0.17%, 0.17%, 0.14% and 0.08% for the years 2013, 2014, 2015, 2016 and 2017.

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

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

(7) The ratio for the Emerging Markets Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00% for the years 2015, 2016 and 2017.

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

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

See Notes to Financial Statements. 287

Inflation Protected Bond Fund (Unaudited)

The Fund was actively managed and was primarily comprised of U.S. Treasury Inflation Protected Securities (“TIPS”) with an average dollar-weighted duration (a calculation that measures the sensitivity of a bond or bond fund 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, 2017 (2.21% versus 3.01%).

TIPS were positive for three quarters in 2017, with the benchmark index rising 3.01%. Inflation was relatively muted throughout much of the year despite continued strength in economic conditions. An overweight to investment grade corporate bonds along with allocations to asset-backed securities, commercial mortgage-backed securities, mortgages and sovereign securities were the primary contributors to the Fund’s performance. This lack of inflation provided support for U.S. government bonds to produce better than expected returns. However, a slight rebound in inflation expectations during the second half of the year helped TIPS to post a positive return for 2017. The 10-year breakeven inflation levels ended 2017 at 1.96%

The Fund was consistently managed to provide inflation protection and income consistent with investment in inflation-indexed debt securities.

Certain strategies involving derivatives were utilized during 2017. Interest rate futures and interest rate options were utilized to manage duration and yield curve exposure and to express active views on the valuations of securities. These securities had a negative 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 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. Derivatives involve different risks from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in value of the underlying instruments may produce disproportionate losses to the Fund. It is possible to lose money by investing in the Fund.

At December 31, 2017, 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		84.5
Money Market Funds		8.0
Foreign Government Inflation-Linked Bonds		7.0
		99.5

288

Inflation Protected Bond Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	2.59%	2.21%	3.01%
Five Year	N/A	(0.56)%	0.13%
Ten Year	N/A	N/A	N/A
Since Inception(1)	0.84%	2.99%	3.81%
Inception Date	04/30/15	06/25/09
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(2)	0.39%	0.69%

⁽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.

289

INFLATION PROTECTED BOND FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Par		Value
U.S. TREASURY OBLIGATIONS — 84.5%
U.S. Treasury Inflationary Index Bonds
1.38%, 01/15/20	$	175,000	$	204,897
0.13%, 04/15/20		6,884,000		7,237,641
1.25%, 07/15/20		3,240,000		3,784,517
1.13%, 01/15/21		5,325,000		6,184,667
0.13%, 04/15/21		5,770,000		5,982,258
0.63%, 07/15/21		6,115,000		6,822,310
0.13%, 01/15/22		4,149,200		4,504,549
0.13%, 04/15/22		5,465,000		5,505,115
0.13%, 07/15/22		4,945,000		5,298,370
0.13%, 01/15/23		6,964,000		7,386,227
0.38%, 07/15/23		6,814,000		7,278,636
0.63%, 01/15/24		8,061,000		8,673,365
0.13%, 07/15/24		5,788,000		5,943,920
0.25%, 01/15/25		4,965,000		5,126,481
2.38%, 01/15/25‡‡		2,740,200		4,087,406
0.38%, 07/15/25		5,555,000		5,789,178
0.63%, 01/15/26		4,198,000		4,429,442
2.00%, 01/15/26		2,020,000		2,824,649
0.13%, 07/15/26		4,165,000		4,189,439
0.38%, 01/15/27		830,000		841,766
2.38%, 01/15/27		1,675,000		2,397,790
0.38%, 07/15/27		4,100,000		4,113,636
1.75%, 01/15/28		2,655,000		3,515,654
3.63%, 04/15/28		1,675,000		3,354,654
2.50%, 01/15/29		2,705,000		3,772,056
3.88%, 04/15/29		1,840,000		3,766,968
3.38%, 04/15/32		482,100		927,633
2.13%, 02/15/40		1,607,600		2,389,571
2.13%, 02/15/41		1,483,900		2,192,347
0.75%, 02/15/42		4,809,400		5,307,569
0.63%, 02/15/43		1,242,000		1,305,473
1.38%, 02/15/44		3,398,700		4,157,285
0.75%, 02/15/45		4,125,000		4,347,015
1.00%, 02/15/46		1,205,000		1,341,403
Total U.S. Treasury Obligations (Cost $143,533,705)				144,983,887
FOREIGN GOVERNMENT INFLATION-LINKED BONDS — 7.0%
Canada — 0.4%
Canadian Government Real Return Bond 4.25%, 12/01/26(C)		405,000		643,970

	Par		Value
Italy — 2.3%
Italy Buoni Poliennali Del Tesoro
1.65%, 04/23/20(E)	$	2,267,000	$	2,871,486
1.25%, 10/27/20(E)		533,000		674,506
2.70%, 03/01/47(E)		360,000		393,816
				3,939,808
Japan — 2.4%
Japanese Government Inflation-Linked Bond
0.10%, 09/10/24(J)		336,100,000		3,160,881
0.10%, 03/10/26(J)		94,400,000		894,428
				4,055,309
New Zealand — 1.9%
New Zealand Government Bond
3.00%, 09/20/30(Z)		2,403,000		2,083,747
2.50%, 09/20/35(Z)		1,135,000		921,351
2.50%, 09/20/40(Z)		434,000		340,450
				3,345,548
Total Foreign Government Inflation-Linked Bonds (Cost $11,436,692)				11,984,635
	Shares
MONEY MARKET FUNDS — 8.0%
GuideStone Money Market Fund (Investor Class)¥ (Cost $13,737,989)		13,737,989		13,737,989
TOTAL INVESTMENTS — 99.5% (Cost $168,708,386)				170,706,511
Other Assets in Excess of Liabilities — 0.5%				898,784
NET ASSETS — 100.0%			$	171,605,295

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counterparty		Value and Unrealized Appreciation (Depreciation)
Euro-BOBL		03/2018		(32	)	$	(5,053,192	)		UBS	$	38,998
Euro-BTP		03/2018		(6	)		(980,085	)		UBS		24,872
Euro-Bund		03/2018		(24	)		(4,655,802	)		UBS		50,432
Euro-Buxl®		03/2018		9			1,769,467			UBS		(39,496	)

290 See Notes to Financial Statements.

Future Type	Expiration Date	Open Long (Short) Contracts	Notional Market Value of Contracts			Counterparty		Value and Unrealized Appreciation (Depreciation)
Euro-Schatz	03/2018	(27)	$	(3,627,537	)		UBS	$	6,216
10-Year Japanese Bond	03/2018	(3)		(4,014,555	)		UBS		4,077
10-Year Australian Treasury Bond	03/2018	(26)		(2,620,163	)		UBS		23,297
10-Year Canadian Bond	03/2018	(5)		(536,118	)		UBS		7,786
10-Year U.S. Treasury Note	03/2018	25		3,101,172			UBS		(14,930	)
10-Year U.S. Ultra Note	03/2018	15		2,003,437			UBS		(9,578	)
Long U.S. Treasury Bond	03/2018	(2)		(306,000	)		UBS		667
Ultra Long U.S. Treasury Bond	03/2018	(24)		(4,023,750	)		UBS		(18,564	)
2-Year U.S. Treasury Note	03/2018	5		1,070,547			UBS		(937	)
5-Year U.S. Treasury Note	03/2018	26		3,020,266			UBS		(15,311	)
90-Day Euro	12/2018	96		23,485,200			UBS		(13,896	)
90-Day Euro	12/2019	(96)		(23,440,800	)		UBS		16,764
Total Futures Contracts outstanding at December 31, 2017			$	(14,807,913	)			$	60,397

Forward Foreign Currency Contracts outstanding at December 31, 2017:

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counterparty		Net Unrealized Appreciation (Depreciation)
02/05/18	U.S. Dollars		4,362,047	Japanese Yen		486,161,000		DEUT	$	39,614
02/14/18	U.S. Dollars		690,000	Mexican Pesos		12,943,365		DEUT		37,337
02/14/18	U.S. Dollars		568,312	Mexican Pesos		10,682,772		DEUT		29,639
02/14/18	Swedish Kronor		22,202,528	Euro		2,245,000		MSCS		13,173
01/04/18	Euro		425,000	U.S. Dollars		503,719		HSBC		6,346
01/04/18	New Zealand Dollars		208,000	U.S. Dollars		143,401		WEST		4,001
02/05/18	U.S. Dollars		3,212	Japanese Yen		360,000		BOA		11
Subtotal Appreciation									$	130,121
02/14/18	Euro		506,898	Swedish Kronor		5,006,389		BOA	$	(2,154	)
02/14/18	U.S. Dollars		998,101	Euro		835,000		DEUT		(6,488	)
01/04/18	U.S. Dollars		275,500	New Zealand Dollars		400,000		NOMURA		(7,965	)
02/14/18	Euro		1,122,500	Swedish Kronor		11,130,542		DEUT		(10,165	)
01/04/18	U.S. Dollars		488,468	Canadian Dollars		629,000		WEST		(11,961	)
02/14/18	Mexican Pesos		24,489,605	U.S. Dollars		1,259,347		DEUT		(24,471	)
01/04/18	U.S. Dollars		4,396,673	Euro		3,685,000		HSBC		(25,895	)
01/04/18	U.S. Dollars		2,994,254	New Zealand Dollars		4,378,000		BOA		(108,265	)
Subtotal Depreciation									$	(197,364	)
Total Forward Foreign Currency Contracts outstanding at December 31, 2017									$	(67,243	)

See Notes to Financial Statements. 291

INFLATION PROTECTED BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Swap agreements outstanding at December 31, 2017:

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
1-Day US Federal Fund Effective Rate		(1.90	)%		5/31/2022		CME		USD		2,540,000	$	7,859		$	—	$	7,859
1-Day US Federal Fund Effective Rate		1.97	%		5/31/2022		LCH		USD		250,000		(103	)		—		(103	)
1-Day US Federal Fund Effective Rate		1.93	%		5/31/2022		CME		USD		130,000		(277	)		—		(277	)
3-Month LIBOR		(2.60	)%		11/15/2043		CME		USD		450,000		(1,648	)		—		(1,648	)
												$	5,831		$	—	$	5,831

Swap agreements with CME, LCH and ICE counterparties are centrally cleared swaps.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Foreign Government Inflation-Linked Bonds	$	11,984,635		$	—		$	11,984,635		$	—
Money Market Fund		13,737,989			13,737,989			—			—
U.S. Treasury Obligations		144,983,887			—			144,983,887			—
Total Assets - Investments in Securities	$	170,706,511		$	13,737,989		$	156,968,522		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	130,121		$	—		$	130,121		$	—
Futures Contracts		173,109			173,109			—			—
Swap Agreements		7,859			—			7,859			—
Total Assets - Other Financial Instruments	$	311,089		$	173,109		$	137,980		$	—
Liabilities:
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(197,364	)	$	—		$	(197,364	)	$	—
Futures Contracts		(112,712	)		(112,712	)		—			—
Swap Agreements		(2,028	)		—			(2,028	)		—
Total Liabilities - Other Financial Instruments	$	(312,104	)	$	(112,712	)	$	(199,392	)	$	—

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

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

292 See Notes to Financial Statements.

Global Real Estate Securities Fund (Unaudited)

Global real estate securities performed well as strong economic data around the globe bolstered broad performance across the asset class. Property fundamentals remained vibrant throughout 2017 as demand for an array of property types persisted. For 2017, the FTSE EPRA/NAREIT Developed Index (Net) rose 10.36%. The Fund provides exposure to real estate by investing in equity securities of real estate investment trusts (“REITs”) and other real estate related companies. The Fund was diversified among property sectors and geographical locations. The Fund outperformed its benchmark, the FTSE EPRA/NAREIT Developed Index (Net), for the 2017 calendar year (10.72% vs. 10.36%). Stock selection in the office and residential sectors were particularly strong while an underweight and poor stock selection in the diversified sector, along with stock selection in the healthcare sector, weighed on performance.

In 2017, 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, global real estate securities. This Fund invests substantial assets in REITs that involve equity market risks as well as risks linked directly to the real estate market. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Securities of foreign issuers may be negatively impacted by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries, and they also may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Investing in emerging markets may involve greater risks than investing in more developed foreign markets because, among other things, emerging markets often have more political and economic instability. It is possible to lose money by investing in the Fund.

At December 31, 2017, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Real Estate		48.6
Foreign Common Stocks		47.5
Money Market Funds		3.2
Consumer Discretionary		0.9
U.S. Treasury Obligation		0.2
Information Technology		0.1
		100.5

See Notes to Financial Statements. 293

Global Real Estate Securities Fund (Unaudited)

Average Annual Total Returns as of 12/31/17
	Institutional Class	Investor Class*	Benchmark**
One Year	11.05%	10.72%	10.36%
Five Year	N/A	6.33%	5.92%
Ten Year	N/A	5.70%	5.41%
Since Inception(1)	4.81%	3.52%	3.07%
Inception Date	4/30/15	12/29/06
Total Fund Operating Expenses (May 1, 2017 Prospectus as amended July 1, 2017)(2)	0.88%	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, 2007 to December 31, 2017, 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.

294 See Notes to Financial Statements.

GLOBAL REAL ESTATE SECURITIES FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Shares		Value
COMMON STOCKS — 49.6%
Consumer Discretionary — 0.9%
Extended Stay America, Inc.		102,924	$	1,955,556
Information Technology — 0.1%
Switch, Inc. Class A		15,707		285,710
Real Estate — 48.6%
Agree Realty Corporation REIT		35,113		1,806,213
Alexandria Real Estate Equities, Inc. REIT		27,389		3,576,729
American Homes 4 Rent Class A REIT		51,220		1,118,645
American Tower Corporation REIT		11,216		1,600,187
Apartment Investment & Management Co. Class A REIT		23,010		1,005,767
AvalonBay Communities, Inc. REIT		13,860		2,472,763
Boston Properties, Inc. REIT		25,030		3,254,651
Brandywine Realty Trust REIT		54,504		991,428
Camden Property Trust REIT		53,816		4,954,301
CareTrust REIT Inc.D		93,527		1,567,512
CoreSite Realty Corporation REITD		13,686		1,558,835
CubeSmart REIT		72,522		2,097,336
CyrusOne, Inc. REIT		9,910		589,942
DDR Corporation REIT		58,582		524,895
Douglas Emmett, Inc. REITD		54,129		2,222,537
Duke Realty Corporation REIT		33,004		898,039
EastGroup Properties, Inc. REIT		22,003		1,944,625
Empire State Realty Trust, Inc. Class A REIT		58,716		1,205,439
EPR Properties REIT		19,270		1,261,414
Equinix, Inc. REIT		2,570		1,164,775
Equity LifeStyle Properties, Inc. REIT		32,595		2,901,607
Equity Residential REIT		31,481		2,007,543
Essex Property Trust, Inc. REIT		7,554		1,823,309
Extra Space Storage, Inc. REIT		30,792		2,692,760
Federal Realty Investment Trust REIT		12,700		1,686,687
Forest City Realty Trust, Inc. Class A REIT		22,848		550,637
Four Corners Property Trust, Inc. REIT		40,988		1,053,392
GGP, Inc. REIT		127,362		2,978,997
Healthcare Realty Trust, Inc. REITD		58,149		1,867,746
Hudson Pacific Properties, Inc. REIT		47,925		1,641,431
Invitation Homes, Inc. REIT		93,985		2,215,226
Iron Mountain, Inc. REIT		12,623		476,266
JBG SMITH Properties REITD		42,697		1,482,867
Kilroy Realty Corporation REIT		20,811		1,553,541
Liberty Property Trust REIT		25,240		1,085,572
Life Storage, Inc. REIT		6,390		569,157
Macerich Co. (The) REIT		28,620		1,879,762
Mid-America Apartment Communities, Inc. REIT		4,487		451,213
National Retail Properties, Inc. REIT		26,926		1,161,318
New York, Inc. REIT D*		85,873		337,481
Omega Healthcare Investors, Inc. REITD		21,887		602,768
Pebblebrook Hotel Trust REITD		68,425		2,543,357
Pennsylvania Real Estate Investment TrustD		32,785		389,814
Physicians Realty Trust REIT		72,030		1,295,820

	Shares		Value
Prologis, Inc. REIT		85,804	$	5,535,216
Public Storage REIT		11,898		2,486,682
QTS Realty Trust, Inc. Class A REIT		5,886		318,786
Regency Centers Corporation REIT		22,349		1,546,104
Retail Properties of America, Inc. Class A REIT		210,842		2,833,716
Rexford Industrial Realty, Inc. REIT		88,511		2,580,981
Sabra Health Care, Inc. REIT		47,866		898,445
Simon Property Group, Inc. REITD		40,559		6,965,603
STORE Capital Corporation REITD		71,191		1,853,814
Summit Hotel Properties, Inc. REIT		67,186		1,023,243
Sunstone Hotel Investors, Inc. REITD		200,945		3,321,621
Taubman Centers, Inc. REITD		11,171		730,918
UDR, Inc. REIT		27,296		1,051,442
Urban Edge Properties REIT		43,446		1,107,439
Ventas, Inc. REIT		40,758		2,445,888
Vornado Realty Trust REIT		20,952		1,638,027
Welltower, Inc. REIT		55,977		3,569,653
Weyerhaeuser Co. REIT		44,931		1,584,267
				112,556,149
Total Common Stocks (Cost $113,529,394)				114,797,415
FOREIGN COMMON STOCKS — 47.5%
Australia — 5.5%
Arena REIT		57,060		100,618
Goodman Group REIT		416,692		2,737,544
GPT Group (The) REIT		646,635		2,578,184
Ingenia Communities Group REIT		124,649		268,430
Investa Office Fund REIT		145,072		515,026
Mirvac Group REIT		833,456		1,528,215
Scentre Group REIT		1,006,416		3,290,223
Viva Energy REIT		153,612		270,874
Westfield Corporation REIT		190,822		1,412,955
				12,702,069
Austria — 0.6%
BUWOG AG*		37,724		1,301,315
Belgium — 0.3%
Aedifica SA REIT		5,463		515,992
VGP NV*		1,896		141,159
				657,151
Canada — 2.8%
Allied Properties Real Estate Investment Trust		26,975		903,029
Canadian Apartment Properties REIT		59,806		1,775,625
Dream Office Real Estate Investment Trust		60,299		1,063,028
First Capital Realty, Inc.		56,710		934,790
Granite Real Estate Investment Trust		23,846		934,300
Pure Industrial Real Estate Trust REIT		89,117		479,970
SmartCentres Real Estate Investment Trust		17,930		440,904
				6,531,646
France — 3.8%
Gecina SA REIT		19,008		3,509,959
ICADE REIT		5,657		556,104

See Notes to Financial Statements. 295

GLOBAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Klepierre REIT		33,706	$	1,482,811
Unibail-Rodamco SE REIT		13,190		3,323,465
				8,872,339
Germany — 4.1 %
alstria office REIT-AG		44,384		686,978
Deutsche EuroShop AG		8,881		361,820
Deutsche Wohnen SE		60,747		2,657,470
TAG Immobilien AG		25,833		490,972
TLG Immobilien AGD		30,840		819,440
VIB Vermoegen AG		5,528		140,615
Vonovia SE		88,030		4,371,728
				9,529,023
Hong Kong — 7.8%
CK Asset Holdings, Ltd.		415,084		3,628,668
Hang Lung Properties, Ltd.		763,245		1,865,898
Henderson Land Development Co., Ltd.		259,000		1,707,252
Link REIT		289,228		2,682,065
New World Development Co., Ltd.D		1,090,767		1,639,044
Sino Land Co., Ltd.		820,000		1,452,581
Sun Hung Kai Properties, Ltd.		105,995		1,769,104
Swire Properties, Ltd.		480,127		1,548,628
Wharf Real Estate Investment Co., Ltd.*		215,748		1,435,954
Wheelock & Co., Ltd.		36,000		257,115
				17,986,309
Ireland — 0.6%
Cairn Homes PLC*		95,225		223,370
Green PLC REIT		251,707		483,217
Hibernia REIT PLC REIT		258,551		468,436
Irish Residential Properties REIT PLC		143,092		257,533
				1,432,556
Japan — 9.6%
Activia Properties, Inc. REIT		167		699,570
Daibiru Corporation		19,400		244,491
Daiwa Office Investment Corporation REIT		98		516,636
Frontier Real Estate Investment Corporation REIT		129		501,460
Global One Real Estate Investment Corporation REIT		442		1,567,153
Hulic Co., Ltd.		37,549		421,895
Ichigo Hotel REIT Investment Corporation		21		22,775
Invesco Office J-REIT, Inc.		73		70,943
Japan Hotel Investment Corporation REIT		686		460,276
Japan Logistics Fund, Inc. REIT		466		859,417
Japan Real Estate Investment Corporation REIT		214		1,016,108
Japan Rental Housing Investments, Inc. REIT		572		417,292
Japan Retail Fund Investment Corporation REIT		432		792,112

	Shares		Value
Japan Senior Living Investment Corporation REIT		147	$	211,351
Kenedix Office Investment Corporation REIT		123		698,647
Mitsubishi Estate Co., Ltd.		272,881		4,746,810
Mitsui Fudosan Co., Ltd.		144,749		3,243,765
Mori Hills Investment Corporation REIT		778		940,436
Mori Trust Sogo, Inc. REIT		113		157,252
Nippon Building Fund, Inc. REIT		128		625,942
Nippon Prologis REIT, Inc.		241		509,699
NTT Urban Development Corporation		93,900		1,086,715
Premier Investment Corporation REIT		1,172		1,108,810
Sekisui House REIT, Inc.D		321		374,916
Sumitomo Realty & Development Co., Ltd.		29,223		960,397
				22,254,868
Netherlands — 1.0%
Eurocommercial Properties NV CVA REIT		3,167		137,975
InterXion Holding NV*		31,671		1,866,372
NSI NV REIT		5,353		223,289
				2,227,636
Norway — 0.1%
Selvaag Bolig ASA		34,533		142,580
Singapore — 3.0%
APAC Realty, Ltd.*		167,785		109,770
CapitaLand Commercial Trust REIT		311,340		449,277
CapitaLand, Ltd.		133,155		351,443
CDL Hospitality Trusts REIT		514,244		649,798
City Developments, Ltd.		173,300		1,618,391
Fortune Real Estate Investment Trust		338,986		419,131
Frasers Centrepoint, Ltd.		95,507		148,532
Frasers Logistics & Industrial Trust REIT		373,700		324,118
Keppel REIT		395,800		372,880
Mapletree Greater China Commercial Trust REIT		275,149		253,044
Mapletree Logistics Trust REIT		864,053		852,779
Suntec Real Estate Investment Trust		598,000		961,307
UOL Group, Ltd.		56,350		373,715
				6,884,185
Spain — 0.7%
Merlin Properties Socimi SA REIT		108,911		1,476,648
Neinor Homes SA* 144A		6,884		151,154
				1,627,802
Sweden — 1.6%
Castellum AB		70,599		1,191,123
Catena AB		11,838		224,404
D Carnegie & Co. AB*		18,005		268,327
Fabege AB		44,219		941,185
Hemfosa Fastigheter AB		21,084		282,470
Hufvudstaden AB, A Shares		40,331		646,036

296 See Notes to Financial Statements.

	Shares		Value
Pandox AB*		8,848	$	159,635
				3,713,180
Switzerland — 0.4%
PSP Swiss Property AG		10,238		970,270
United Kingdom — 5.6%
Assura PLC REIT		525,382		453,271
British Land Co. PLC (The) REIT		218,165		2,036,851
Derwent London PLC REIT		14,340		603,681
Grainger PLC		79,021		308,868
Great Portland Estates PLC REIT		93,785		871,805
Hammerson PLC REIT		155,273		1,146,741
Intu Properties PLC REIT		155,892		532,508
Land Securities Group PLC REIT		104,453		1,421,555
LondonMetric Property PLC REIT		207,942		522,200
Primary Health Properties PLC REIT		328,015		518,157
PRS PLC (The) REIT*		297,400		424,623
Segro PLC REIT		231,720		1,836,469
Shaftesbury PLC REIT		23,681		333,797
Sirius Real Estate, Ltd.		237,859		211,153
St Modwen Properties PLC		52,744		288,980
Tritax Big Box REIT PLC		252,190		506,996
UNITE Group PLC (The) REIT		80,474		874,649
Warehouse REIT PLC*		112,337		158,497
				13,050,801
Total Foreign Common Stocks (Cost $102,269,927)				109,883,730

	Shares		Value
MONEY MARKET FUNDS — 3.2%
GuideStone Money Market Fund (Investor Class)¥		4,591,337	$	4,591,337
Northern Institutional Liquid Assets Portfolio§		2,792,780		2,792,780
Northern Institutional U.S. Government Portfolio		9,755		9,755
Total Money Market Funds (Cost $7,393,872)				7,393,872
	Par
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill 1.42%, 06/07/18W‡‡ (Cost $397,540)	$	400,000		397,465
TOTAL INVESTMENTS — 100.5% (Cost $223,590,733)				232,472,482
Liabilities in Excess of Other Assets — (0.5)%				(1,075,410	)
NET ASSETS — 100.0%			$	231,397,072

Futures Contracts outstanding at December 31, 2017:

Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counterparty		Value and Unrealized Appreciation (Depreciation)
S&P MidCap 400 Index E-Mini		03/2018		34	$	6,468,160		GSC	$	12,265

See Notes to Financial Statements. 297

GLOBAL REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	114,797,415	$	114,797,415	$	—	$	—
Foreign Common Stocks:
Australia		12,702,069		12,702,069		—		—
Austria		1,301,315		1,301,315		—		—
Belgium		657,151		657,151		—		—
Canada		6,531,646		6,531,646		—		—
France		8,872,339		8,872,339		—		—
Germany		9,529,023		9,529,023		—		—
Hong Kong		17,986,309		17,986,309		—		—
Ireland		1,432,556		1,432,556		—		—
Japan		22,254,868		22,254,868		—		—
Netherlands		2,227,636		2,227,636		—		—
Norway		142,580		142,580		—		—
Singapore		6,884,185		6,884,185		—		—
Spain		1,627,802		1,627,802		—		—
Sweden		3,713,180		3,553,545		159,635		—
Switzerland		970,270		970,270		—		—
United Kingdom		13,050,801		13,050,801		—		—
Money Market Funds		7,393,872		7,393,872		—		—
U.S. Treasury Obligation		397,465		—		397,465		—
Total Assets - Investments in Securities	$	232,472,482	$	231,915,382	$	557,100	$	—
Other Financial Instruments***
Futures Contracts	$	12,265	$	12,265	$	—	$	—
Total Assets - Other Financial Instruments	$	12,265	$	12,265	$	—	$	—

***Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding “Futures Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

298 See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2017

	Inflation Protected Bond Fund			Global Real Estate Securities Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	156,968,522		$	227,881,145
Investments in securities of affiliated issuers, at value		13,737,989			4,591,337
Total investments, at value(1), (2)		170,706,511			232,472,482
Cash collateral for derivatives		391,962			—
Foreign currency(3)		798,469			424,550
Receivables:
Dividends and reclaims		9,758			1,057,929
Interest		463,540			—
Securities lending		—			2,924
From advisor		2,872			839
Investment securities sold		827,096			1,352,083
Fund shares sold		910			118,314
Unrealized appreciation on foreign currency exchange contracts		130,121			—
Prepaid expenses and other assets		8,525			17,483
Total Assets		173,339,764			235,446,604
Liabilities
Cash Overdraft		45,796			—
Unrealized depreciation on foreign currency exchange contracts		197,364			—
Collateral held for securities on loan, at value		—			2,792,780
Collateral held for derivatives		17,061			—
Payables:
Investment securities purchased		1,123,520			902,298
Fund shares redeemed		220,258			78,127
Variation margin on centrally cleared swaps		2,280			—
Variation margin on financial futures contracts		4,930			39,253
Securities lending		—			439
Accrued expenses:
Investment advisory fees		45,899			132,228
Professional fees		25,530			28,149
Shareholder servicing fees		12,099			20,398
Other expenses		39,732			55,860
Total Liabilities		1,734,469			4,049,532
Net Assets	$	171,605,295		$	231,397,072
Net Assets Consist of:
Paid-in-capital	$	176,599,730		$	232,031,080
Accumulated distributions in excess of net investment loss		(611,002	)		(1,752,950	)
Accumulated net realized loss on investments, foreign currency translations and derivative transactions		(6,375,436	)		(7,776,412	)
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		1,992,003			8,895,354
Net Assets	$	171,605,295		$	231,397,072
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	122,809,089		$	133,655,594
Institutional shares outstanding		11,962,395			13,799,605
Net asset value, offering and redemption price per Institutional share	$	10.27		$	9.69
Net assets applicable to the Investor Class	$	48,796,206		$	97,741,478
Investor shares outstanding		4,753,615			10,057,494
Net asset value, offering and redemption price per Investor share	$	10.27		$	9.72
(1) Investments in securities of unaffiliated issuers, at cost	$	154,970,397		$	218,999,396
Investments in securities of affiliated issuers, at cost		13,737,989			4,591,337
Total investments, at cost	$	168,708,386		$	223,590,733
(2) Includes securities loaned of:	$	—		$	14,784,601
(3) Foreign currency, at cost	$	796,721		$	422,025

See Notes to Financial Statements. 299

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2017

	Inflation Protected Bond Fund			Global Real Estate Securities Fund
Investment Income
Dividends	$	—		$	8,755,788
Income distributions received from affiliated funds		35,589			20,655
Interest		5,121,645			18,844
Securities lending		—			48,309
Less foreign taxes withheld		—			(234,284	)
Total Investment Income		5,157,234			8,609,312
Expenses
Investment advisory fees		782,331			1,621,666
Transfer agent fees:
Institutional shares		4,505			4,567
Investor shares		23,043			28,101
Custodian fees		62,368			130,994
Shareholder servicing fees:
Investor shares		196,092			245,774
Accounting and administration fees		58,332			76,498
Professional fees		100,700			102,158
Blue sky fees:
Institutional shares		35,323			36,805
Investor shares		23,646			21,565
Trustees expenses		2,801			2,285
Line of credit facility fees and interest expense		5,028			1,769
Other expenses		16,320			19,831
Total Expenses		1,310,489			2,292,013
Expenses waived/reimbursed net of amount recaptured(1)		(16,071	)		(10,005	)
Fees paid indirectly		—			(24,000	)
Net Expenses		1,294,418			2,258,008
Net Investment Income		3,862,816			6,351,304
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		2,281,838			1,834,051
Futures transactions		(521,197	)		716,223
Swap agreements		(29,284	)		—
Option contracts written		616,747			—
Option contracts purchased		(1,420,727	)		—
Forward foreign currency contracts		(268,520	)		(6,926	)
Foreign currency		122,183			21,630
Net realized gain		781,040			2,564,978
Net change in unrealized appreciation (depreciation) on:
Investment securities		1,684,497			15,008,794
Futures		34,378			104,819
Swap agreements		5,831			—
Option contracts written		(56,196	)		—
Option contracts purchased		159,922			—
Forward foreign currency contracts		(336,374	)		—
Foreign currency		(9,412	)		20,926
Net change in unrealized appreciation (depreciation)		1,482,646			15,134,539
Net Realized and Unrealized Gain		2,263,686			17,699,517
Net Increase in Net Assets Resulting from Operations	$	6,126,502		$	24,050,821

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

300 See Notes to Financial Statements.

(This page intentionally left blank)

301

STATEMENTS OF CHANGES IN NET ASSETS

	Inflation Protected Bond Fund
	For the Year Ended
	12/31/17			12/31/16
Operations:
Net investment income	$	3,862,816		$	4,792,808
Net realized gain (loss) on investment securities, foreign currency and derivatives		781,040			(275,662	)
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		1,482,646			7,863,184
Net increase in net assets resulting from operations		6,126,502			12,380,330
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(3,872,923	)		(2,777,588	)
Investor shares		(1,488,575	)		(500,592	)
Distributions from net realized capital gains
Institutional shares		—			—
Investor shares		—			—
Total dividends and distributions		(5,361,498	)		(3,278,180	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		19,627,711			16,595,943
Investor shares		8,706,470			21,330,260
Reinvestment of dividends and distributions
Institutional shares		3,872,923			2,777,587
Investor shares		1,487,121			500,089
Total proceeds from shares sold and reinvested		33,694,225			41,203,879
Value of shares redeemed
Institutional shares		(98,241,162	)		(64,223,909	)
Investor shares		(42,858,609	)		(9,663,957	)
Total value of shares redeemed		(141,099,771	)		(73,887,866	)
Net decrease from capital share transactions(1)		(107,405,546	)		(32,683,987	)
Total increase (decrease) in net assets		(106,640,542	)		(23,581,837	)
Net Assets:
Beginning of Year		278,245,837			301,827,674
End of Year*	$	171,605,295		$	278,245,837
*Including undistributed (distributions in excess of) net investment income	$	(611,002	)	$	1,479,806

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

302 See Notes to Financial Statements.

Global Real Estate Securities Fund
For the Year Ended
12/31/17			12/31/16
$	6,351,304		$	4,776,811
	2,564,978			9,342,050
	15,134,539			(4,718,266	)
	24,050,821			9,400,595
	(5,479,616	)		(6,784,103	)
	(3,733,615	)		(5,147,664	)
	—			(3,087,591	)
	—			(2,500,943	)
	(9,213,231	)		(17,520,301	)
	17,453,826			13,242,076
	12,089,951			21,840,266
	5,416,923			9,833,784
	3,718,882			7,641,677
	38,679,582			52,557,803
	(21,355,788	)		(54,985,357	)
	(25,148,188	)		(23,622,194	)
	(46,503,976	)		(78,607,551	)
	(7,824,394	)		(26,049,748	)
	7,013,196			(34,169,454	)
	224,383,876			258,553,330
$	231,397,072		$	224,383,876
$	(1,752,950	)	$	(2,470,618	)

See Notes to Financial Statements. 303

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 Year (000)		Expenses, Net(1)			Expenses, Gross(2)			Investment Income/ (Loss), Net(1)			Portfolio Turnover Rate
Inflation Protected Bond Fund
Institutional Class
2017	$	10.25	$	0.16	#	$	0.10		$	(0.24	)	$	—		$	10.27		2.59	%	$	122,809		0.40	%		0.41	%		1.54	%		68	%
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
2017	$	10.26	$	0.13	#	$	0.11		$	(0.23	)	$	—		$	10.27		2.31	%	$	48,796		0.68	%		0.69	%		1.22	%		68	%
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
Global Real Estate Securities Fund
Institutional Class
2017	$	9.10	$	0.27	#	$	0.73		$	(0.41	)	$	—		$	9.69		11.05	%	$	133,656		0.87	%(6)		0.88	%		2.86	%		138	%
2016		9.46		0.20	#		0.18	(3)		(0.50	)		(0.24	)		9.10		4.07			123,574		0.88	(6)		0.90			2.07			130
2015(7)		10.50		0.12	#		(0.33	)		(0.27	)		(0.56	)		9.46		(1.89	)		159,196		0.93	(6)		0.94			1.83			137
Investor Class
2017	$	9.13	$	0.24	#	$	0.73		$	(0.38	)	$	—		$	9.72		10.72	%	$	97,741		1.12	%(6)		1.13	%		2.56	%		138	%
2016		9.49		0.16	#		0.19	(3)		(0.47	)		(0.24	)		9.13		3.78			100,810		1.14	(6)		1.19			1.68			130
2015		10.26		0.16	#		(0.13	)		(0.24	)		(0.56	)		9.49		0.34			99,357		1.12	(6)		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(8)		10.60		0.17	#		(0.02	)		(0.21	)		(1.18	)		9.36		1.49			234,903		1.05			1.05			1.56			168

# Calculated using the average shares outstanding method.

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

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

(3) 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) The ratio for the Global Real Estate Securities Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01% for the years 2015, 2016 and 2017.

(7) 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.

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

304 See Notes to Financial Statements.

Strategic Alternatives Fund (Unaudited)

The Fund combines multiple strategies that in aggregate seek to provide absolute returns with both lower volatility than and low correlation with traditional equity and fixed-income markets. Please note that the Fund launched on July 1, 2017, and therefore, the commentary only discusses the factors that contributed to performance from the inception date of the Fund through the end of 2017. The Investor Class of the Fund achieved its investment objective during 2017, outperforming its benchmark the ICE BofAML U.S. 3-Month Treasury Bill Index (1.31% versus 0.55%).

The Fund allocated its assets between four principal investment strategies – short-duration high yield, long-short equity, options selling and currency trading. For the calendar year 2017, all four strategies contributed positively to absolute returns and benchmark relative outperformance.

The currency trading strategy was the largest contributor to benchmark relative outperformance. Short exposure to the Australian dollar and the Swiss franc relative to the U.S. dollar were the best performing positions, as both currencies depreciated in value as fundamentals did not justify their valuations. The largest detractor to performance was short exposure to the euro relative to other European currencies.

The options selling strategy delivered positive returns derived from collecting option premium from the selling of fully-covered, exchange listed put options, as the year experienced very little downside volatility. That is, the strategy continued to benefit from selling options priced on implied volatility, while realized volatility came in on average, consistently lower than the implied volatility over the year.

The short-duration high yield bond strategy’s performance contribution was as a result of industry positioning and active credit selection. In particular, increased sector allocation to and positive security selection within the energy sector was additive to performance as better supply and demand prospects led to higher energy prices and tighter spreads for high yield issuers in that sector.

Within the long-short equity strategy, the event-driven sub-strategy contributed muted returns as there were limited announced mergers, and as a result, it had a relatively low allocation. However, the long-short equity sub-strategy generated the majority of returns, through advantageous sector positions and a positive security selection, and propelled the overall strategy to be positive for 2017.

Some of the underlying strategies may utilize derivative instruments within the Fund. During 2017, the Fund sold equity options to collect the option premium. Equity options were also used to hedge equity exposure and to provide synthetic beta exposure to the Fund. Overall, the use of equity options was additive to the Funds’ performance. In addition, long and short currency forwards relative to the U.S. dollar were used to take advantage of dislocations in the currency markets and contributed positively to performance.

This Fund may be suitable for investors who have a short- to medium-term investment horizon, can accept short-term fluctuations in account value and would like to diversify their portfolio with an alternatives investment option. The alternative investment strategies that the Fund pursues are complex and may involve greater risk than traditional investments (stocks, bonds and cash). The performance of alternative investments is not expected to correlate closely with more traditional investments; however, it is possible that alternative investments will decline in value along with equity or fixed-income markets, or both, or that they may not otherwise perform in accordance with expectations. Alternative investments can be highly volatile, are often less liquid, particularly in periods of stress, are generally more complex and less transparent, and may have more complicated tax profiles than traditional investments. In addition, the performance of alternative investments may be more dependent on a sub-adviser’s experience and skill than traditional investments. The use of alternative investments may not achieve the desired effect. Securities of foreign issuers may be negatively impacted by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries, and they also may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Derivatives involve different risks from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in value of the underlying instruments may produce disproportionate losses to the Fund. Short sales involve selling a security the Fund does not own in anticipation that the security will decline in price. Short sales expose the Fund to the risk that it will required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s potential loss on a short position is limited only by the maximum attainable price of the security less the price at which the security was sold by the Fund. Therefore, in theory, stocks sold short have unlimited risk. The Fund’s use of short sales in effect “leverages” the Fund. The use of leverage may magnify the Fund’s gains or losses, and leverage also creates interest expense that may lower the Fund’s overall returns. The Fund’s currency investment strategy may be impacted by currency exchange rates, which can fluctuate significantly over short or extended periods of time. These changes may be caused by governmental or political factors that affect the value of what the Fund owns and its share price. The Fund may experience high portfolio turnover, which may result in higher costs and capital gains. The Fund is a recently formed mutual fund and has a limited history of operations. There can be no assurances that its objective will be met and you can lose money by investing in the Fund.

305

Strategic Alternatives Fund (Unaudited)

At December 31, 2017, 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		29.4
Corporate Bonds		26.6
Common Stocks		20.6
Money Market Funds		12.6
Agency Obligations		5.4
Foreign Common Stocks		2.0
Loan Agreements		1.6
Mutual Funds		1.4
Foreign Bonds		0.7
Purchased Options		0.1
Written Options		(0.2	)
Foreign Common Stocks Sold Short		(1.2	)
Mutual Funds Sold Short		(2.1	)
Common Stocks Sold Short		(7.7	)
		89.2

306

STRATEGIC ALTERNATIVES FUND SCHEDULE OF INVESTMENTS December 31, 2017

	Par		Value
AGENCY OBLIGATIONS — 5.4%
Federal Home Loan Bank 0.88%, 03/19/18	$	2,250,000	$	2,247,681
(Floating, ICE LIBOR USD 3M -0.04%), 1.31%, 01/08/18†		2,000,000		2,000,055
Federal Home Loan Bank Discount Notes 1.28%, 03/09/18W		5,750,000		5,735,875
Federal Home Loan Mortgage Corporation 0.75%, 01/12/18		5,077,000		5,076,183
0.75%, 04/09/18		1,100,000		1,098,004
Federal National Mortgage Association 0.88%, 02/08/18		1,497,000		1,496,294
1.07%, 02/27/18		2,000,000		1,999,112
Total Agency Obligations (Cost $19,653,880)				19,653,204
CORPORATE BONDS — 26.6%
AES Corporation 4.88%, 05/15/23		1,000,000		1,023,750
Aircastle, Ltd. 4.63%, 12/15/18		500,000		509,375
Ally Financial, Inc. 3.75%, 11/18/19		2,250,000		2,283,975
American Axle & Manufacturing, Inc. 6.25%, 03/15/21		1,000,000		1,026,875
Amgen, Inc. 4.10%, 06/15/21		1,000,000		1,045,319
APX Group, Inc. 6.38%, 12/01/19		1,250,000		1,270,313
7.88%, 12/01/22		2,250,000		2,415,937
Berry Global, Inc. 5.50%, 05/15/22		542,000		558,938
6.00%, 10/15/22		1,500,000		1,576,875
CalAtlantic Group, Inc. 6.63%, 05/01/20		1,250,000		1,347,125
Calpine Corporation 6.00%, 01/15/22 144A		2,900,000		2,997,875
CCO Holdings LLC 5.25%, 03/15/21		750,000		763,125
5.25%, 09/30/22		1,000,000		1,026,875
CIT Group, Inc. 5.50%, 02/15/19 144A		1,000,000		1,030,000
Clean Harbors, Inc. 5.13%, 06/01/21		1,350,000		1,366,875
CNH Industrial Capital LLC 4.38%, 04/05/22		1,750,000		1,817,322

	Par		Value
CSC Holdings LLC 7.88%, 02/15/18	$	500,000	$	503,750
7.63%, 07/15/18		1,913,000		1,960,825
DaVita, Inc. 5.75%, 08/15/22		2,750,000		2,830,781
DISH DBS Corporation 7.88%, 09/01/19		500,000		536,250
5.13%, 05/01/20		2,500,000		2,562,500
Dollar Tree, Inc. 5.75%, 03/01/23		2,500,000		2,623,437
Equinix, Inc. REIT 5.38%, 01/01/22		1,000,000		1,042,500
5.38%, 04/01/23		2,250,000		2,337,750
FelCor Lodging LP REIT 5.63%, 03/01/23		1,500,000		1,548,750
First Data Corporation 7.00%, 12/01/23 144A		3,000,000		3,180,000
Ford Motor Credit Co. LLC 2.68%, 01/09/20		1,735,000		1,740,034
Fresenius Medical Care US Finance II, Inc. 5.63%, 07/31/19 144A		1,072,000		1,121,840
Fresenius US Finance II, Inc. 4.50%, 01/15/23 144A		1,000,000		1,052,500
GameStop Corporation 6.75%, 03/15/21 144A		1,000,000		1,050,000
General Motors Financial Co., Inc. 6.75%, 06/01/18		240,000		244,501
Group 1 Automotive, Inc. 5.00%, 06/01/22		1,000,000		1,035,000
Hologic, Inc. 5.25%, 07/15/22 144A		1,000,000		1,038,750
International Lease Finance Corporation 6.25%, 05/15/19		1,000,000		1,048,250
Iron Mountain, Inc. REIT 6.00%, 08/15/23		1,500,000		1,575,000
John Deere Capital Corporation
(Floating, ICE LIBOR USD 3M + 0.48%), 2.00%, 09/08/22†		250,000		251,132
2.15%, 09/08/22		1,250,000		1,224,183
Kinder Morgan, Inc. 3.15%, 01/15/23		2,000,000		1,990,116
Lennar Corporation 4.75%, 04/01/21		1,000,000		1,043,750
Michaels Stores, Inc. 5.88%, 12/15/20 144A		1,000,000		1,015,000
MPLX LP 5.50%, 02/15/23		2,000,000		2,060,660
Nielsen Co. 5.50%, 10/01/21 144A		1,755,000		1,807,650
Nuance Communications, Inc. 5.38%, 08/15/20 144A		1,500,000		1,524,375
Owens-Brockway Glass Container, Inc. 5.00%, 01/15/22 144A		1,000,000		1,038,750
Party City Holdings, Inc. 6.13%, 08/15/23 144A		2,250,000		2,334,375
Penske Automotive Group, Inc. 3.75%, 08/15/20		187,000		190,974
5.75%, 10/01/22		2,250,000		2,321,719
Penske Truck Leasing Co. LP 2.70%, 03/14/23 144A		750,000		737,849
PulteGroup, Inc. 4.25%, 03/01/21		1,000,000		1,032,500

See Notes to Financial Statements. 307

STRATEGIC ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Realogy Group LLC
5.25%, 12/01/21 144A	$	2,925,000	$	3,038,344
Reynolds Group Issuer, Inc.
5.75%, 10/15/20		969,108		984,856
6.88%, 02/15/21		2,592,542		2,631,430
Sabine Pass Liquefaction LLC
5.63%, 02/01/21		1,500,000		1,609,141
SBA Communications Corporation REIT
4.88%, 07/15/22		1,500,000		1,545,000
4.00%, 10/01/22 144A		900,000		905,625
Sinclair Television Group, Inc.
5.38%, 04/01/21		2,000,000		2,040,000
Sprint Capital Corporation
6.90%, 05/01/19		1,000,000		1,048,750
Sprint Communications, Inc.
9.00%, 11/15/18 144A		1,500,000		1,580,775
Sunoco LP
6.25%, 04/15/21		2,500,000		2,605,000
Taylor Morrison Communities, Inc.
5.25%, 04/15/21 144A		1,500,000		1,531,875
T-Mobile USA, Inc.
6.13%, 01/15/22		1,000,000		1,034,000
6.63%, 04/01/23		3,206,000		3,350,270
TRI Pointe Group, Inc.
4.38%, 06/15/19		1,000,000		1,025,000
Univision Communications, Inc.
6.75%, 09/15/22 144A		400,000		416,500
5.13%, 05/15/23 144A		1,000,000		1,000,000
Total Corporate Bonds (Cost $96,278,213)				96,012,571
FOREIGN BONDS — 0.7%
Canada — 0.6%
1011778 BC ULC 4.63%, 01/15/22 144A		1,000,000		1,026,250
Brookfield Residential Properties, Inc.
6.50%, 12/15/20 144A		969,000		990,802
				2,017,052
Ireland — 0.1%
Fly Leasing, Ltd.
6.38%, 10/15/21		500,000		522,500
Total Foreign Bonds (Cost $2,540,637)				2,539,552
LOAN AGREEMENTS — 1.6%
Asurion, LLC Second Lien Replacement B-2 Term Loan
(Floating, ICE LIBOR USD 1M + 6.00%), 7.57%, 08/04/25†		1,000,000		1,029,583
BCP Renaissance Parent L.L.C. Initial Term Loan B
(Floating, ICE LIBOR USD 3M + 4.00%), 5.38%, 10/31/24†		1,000,000		1,013,542
Michaels Stores, Inc. 2016 New Replacement Term B-1 Loan
(Floating, ICE LIBOR USD 1M + 2.75%), 0.00%, 01/30/23† S		1,000,000		1,001,667
(Floating, ICE LIBOR USD 1M + 2.75%), 4.21%, 01/30/23†		257,660		258,090

			Par		Value
(Floating, ICE LIBOR USD 1M + 2.75%), 4.25%, 01/30/23†			$	44,424	$	44,498
(Floating, ICE LIBOR USD 1M + 2.75%), 4.32%, 01/30/23†				692,385		693,539
PetSmart, Inc. Tranche B-2 Loan
(Floating, ICE LIBOR USD 1M + 3.00%), 4.57%, 03/11/22†				994,898		801,826
Traverse Midstream Partners LLC Advance
(Floating, ICE LIBOR USD 3M + 4.00%), 5.85%, 09/27/24†				1,000,000		1,014,625
Total Loan Agreements (Cost $5,919,734)						5,857,370
	Number of Contracts		Notional Amount
PURCHASED OPTIONS — 0.1%
Put Options — 0.1%
NIKE, Inc., Strike Price $64.50, Expires 01/19/18 (CITI)		195	$	1,219,725		42,705
S&P 500®, Strike Price $2,650.00, Expires 03/16/18 (CITI)		35		9,357,635		130,200
Total Purchased Options (Cost $225,380)						172,905
			Par
U.S. TREASURY OBLIGATIONS — 29.4%
U.S. Treasury Bills
1.09%, 01/04/18W			$	20,470,000		20,468,721
1.05%, 01/11/18W				8,300,000		8,297,568
1.07%, 01/18/18W				8,955,000		8,950,088
1.29%, 03/15/18W				1,750,000		1,745,485
1.36%, 03/22/18W				3,000,000		2,991,113
1.38%, 03/29/18W				11,750,000		11,711,718
1.25%, 07/19/18W				12,000,000		11,899,098
						66,063,791
U.S. Treasury Notes
0.75%, 02/28/18				12,870,000		12,858,095
1.00%, 05/15/18				12,100,000		12,083,459
1.25%, 10/31/18				15,200,000		15,140,629
						40,082,183
Total U.S. Treasury Obligations (Cost $106,191,504)						106,145,974
			Shares
COMMON STOCKS — 20.6%
Consumer Discretionary — 3.7%
General Motors Co.‡				31,313		1,283,520
Lennar Corporation Class A				18,742		1,185,244
Lennar Corporation Class B				375		19,380
Marriott International, Inc. Class A‡‡				7,418		1,006,845
Mohawk Industries, Inc.‡‡ *				4,036		1,113,533
Regal Entertainment Group Class A				64,121		1,475,424
Royal Caribbean Cruises, Ltd.‡ ‡‡				11,032		1,315,897

308 See Notes to Financial Statements.

	Shares		Value
Scripps Networks Interactive, Inc. Class A		20,242		$	1,728,262
TimeWarner, Inc.		32,451			2,968,293
Twenty-First Century Fox, Inc. Class A		38,217			1,319,633
					13,416,031
Consumer Staples — 1.1%
Mondelez International, Inc. Class A		33,793			1,446,340
PepsiCo, Inc.‡‡		7,507			900,239
Wal-Mart Stores, Inc.		15,478			1,528,453
					3,875,032
Energy — 1.2%
Chevron Corporation		5,964			746,633
Halliburton Co.‡		35,065			1,713,627
Hess Corporation		11,593			550,320
Parsley Energy, Inc. Class A*		9,608			282,859
Pioneer Natural Resources Co.		5,235			904,870
					4,198,309
Financials — 1.5%
Bank of America Corporation		75,122			2,217,601
Berkshire Hathaway, Inc. Class B‡‡*		6,421			1,272,771
Citigroup, Inc.		20,094			1,495,194
FGL Holdings*		12,740			128,292
MetLife, Inc.		8,680			438,861
					5,552,719
Health Care — 2.4%
Aetna, Inc.‡‡		16,033			2,892,193
Becton, Dickinson and Co.		5,731			1,226,761
Bristol-Myers Squibb Co.		11,236			688,542
Humana, Inc.‡‡		2,195			544,513
Johnson & Johnson		9,614			1,343,268
Kindred Healthcare, Inc.		41,900			406,430
NxStage Medical, Inc.*		15,860			384,288
Zoetis, Inc.		17,624			1,269,633
					8,755,628
Industrials — 2.7%
Caterpillar, Inc.		5,257			828,398
Cummins, Inc.		1,456			257,188
Delta Air Lines, Inc.		9,976			558,656
General Electric Co.		38,244			667,358
Orbital ATK, Inc.		13,649			1,794,843
Quanta Services, Inc.*		35,262			1,379,097
Raytheon Co.		4,242			796,860
Rockwell Collins, Inc.‡‡		26,355			3,574,265
					9,856,665
Information Technology — 4.0%
Alphabet, Inc. Class A‡‡ *		1,083			1,140,832
Apple, Inc.		11,507			1,947,330
BroadSoft, Inc.*		5,596			307,220
Cavium, Inc.*		35,709			2,993,485
Dell Technologies, Inc. Class V*		33,720			2,740,762
Facebook, Inc. Class A‡‡ *		8,448			1,490,734

	Shares		Value
Marvell Technology Group, Ltd.		35,603		$	764,396
Microsoft Corporation		8,403			718,793
PayPal Holdings, Inc.‡ *		23,198			1,707,837
QUALCOMM, Inc.		12,071			772,785
					14,584,174
Materials — 2.2%
Berry Global Group, Inc.*		25,707			1,508,230
Deltic Timber Corporation		556			50,902
DowDuPont, Inc.		20,934			1,490,919
Huntsman Corporation‡		47,619			1,585,237
Monsanto Co.‡‡		11,479			1,340,518
Sherwin-Williams Co. (The)‡‡		2,911			1,193,626
WestRock Co.		9,920			627,043
					7,796,475
Real Estate — 0.6%
American Tower Corporation REIT		8,319			1,186,872
Forestar Group, Inc.*		3,203			70,466
GGP, Inc. REIT		30,700			718,073
					1,975,411
Utilities — 1.2%
Calpine Corporation*		187,238			2,832,911
Dynegy, Inc.*		118,937			1,409,403
					4,242,314
Total Common Stocks (Cost $72,569,438)					74,252,758
FOREIGN COMMON STOCKS — 2.0%
Canada — 0.3%
Pure Technologies, Ltd.		126,620			904,573
France — 0.2%
Advanced Accelerator Applications SA ADR*		7,648			624,230
Jersey — 0.0%
Aptiv PLC		141			11,961
Netherlands — 0.9%
NXP Semiconductor NV*		28,189			3,300,650
Switzerland — 0.0%
Idorsia, Ltd.*		6,147			160,543
United Kingdom — 0.6%
Micro Focus International PLC ADR*		28,310			950,933
Royal Dutch Shell PLC ADR Class A		16,833			1,122,929
					2,073,862
Total Foreign Common Stocks (Cost $6,726,504)					7,075,819
MUTUAL FUNDS — 1.4%
Altaba, Inc.		49,982			3,491,243
SPDR S&P Regional Banking ETF		28,910			1,701,353
Total Mutual Funds (Cost $5,095,359)					5,192,596

See Notes to Financial Statements. 309

STRATEGIC ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares			Value
MONEY MARKET FUNDS — 12.6%
GuideStone Money Market Fund
(Investor Class)¥		26,434,836			$	26,434,836
Northern Institutional
U.S. Government Portfolio		18,961,307				18,961,307
Total Money Market Funds (Cost $45,396,143)						45,396,143
TOTAL INVESTMENTS — 100.4% (Cost $360,596,792)						362,298,892
COMMON STOCKS SOLD SHORT — (7.7)%
Consumer Discretionary — (1.3)%
Discovery Communications, Inc.
Class C *		(26,149	)			(553,574	)
Goodyear Tire & Rubber Co. (The)		(6,853	)			(221,421	)
McDonald’s Corporation		(3,238	)			(557,325	)
Netflix, Inc. *		(4,494	)			(862,668	)
Tesla, Inc. *		(2,504	)			(779,620	)
Walt Disney Co. (The)		(10,579	)			(1,137,348	)
Yum! Brands, Inc.		(6,373	)			(520,101	)
						(4,632,057	)
Consumer Staples — (0.8)%
CVS Health Corporation		(28,422	)			(2,060,595	)
Hormel Foods Corporation		(8,834	)			(321,469	)
Procter & Gamble Co. (The)		(6,085	)			(559,090	)
						(2,941,154	)
Energy — (0.3)%
Exxon Mobil Corporation		(12,672	)			(1,059,886	)
Financials — (0.5)%
American International Group, Inc.		(18,846	)			(1,122,845	)
BlackRock, Inc.		(1,629	)			(836,833	)
						(1,959,678	)
Health Care — (0.6)%
Becton, Dickinson and Co.		(5,806	)			(1,242,832	)
HCA Healthcare, Inc. *		(8,994	)			(790,033	)
						(2,032,865	)
Industrials — (0.8)%
3M Co.		(4,113	)			(968,077	)
United Technologies Corporation		(6,484	)			(827,164	)
W.W. Grainger, Inc.		(4,838	)			(1,142,977	)
						(2,938,218	)
Information Technology — (2.1)%
Analog Devices, Inc.		(5,733	)			(510,409	)
Applied Materials, Inc.		(9,582	)			(489,832	)
Electronic Arts, Inc. *		(5,873	)			(617,017	)
Intel Corporation		(16,681	)			(769,995	)
Marvell Technology Group, Ltd.		(77,694	)			(1,668,090	)
Oracle Corporation		(18,759	)			(886,926	)
Texas Instruments, Inc.		(4,950	)			(516,978	)
VMware, Inc. Class A *		(17,843	)			(2,236,085	)
						(7,695,332	)

				Shares			Value
Real Estate — (0.5)%
Duke Realty Corporation REIT					(22,924	)	$	(623,762	)
Potlatch Corporation REIT					(1,000	)		(49,900	)
Simon Property Group, Inc. REIT					(2,380	)		(408,741	)
SL Green Realty Corporation REIT					(7,094	)		(715,998	)
								(1,798,401	)
Telecommunication Services — (0.5)%
AT&T, Inc.					(44,335	)		(1,723,745	)
Utilities — (0.3)%
Vistra Energy Corporation *					(55,478	)		(1,016,357	)
Total Common Stocks Sold Short (Proceeds $(26,838,141))								(27,797,693	)
FOREIGN COMMON STOCKS SOLD SHORT — (1.2)%
China — (0.7)%
Alibaba Group Holding, Ltd. ADR *					(13,878	)		(2,392,984	)
Ireland — (0.1)%
Johnson Controls International PLC					(10,900	)		(415,399	)
Jersey — (0.2)%
Aptiv PLC					(6,423	)		(544,863	)
Singapore — (0.2)%
Broadcom, Ltd.					(3,171	)		(814,630	)
Total Foreign Common Stocks Sold Short (Proceeds $(4,298,075))								(4,167,876	)
MUTUAL FUNDS SOLD SHORT — (2.1)%
Consumer Discretionary Select SPDR Fund					(21,720	)		(2,143,547	)
Consumer Staples Select SPDR Fund					(43,240	)		(2,459,923	)
Industrial Select Sector SPDR Fund					(18,155	)		(1,373,789	)
Utilities Select Sector SPDR Fund					(32,947	)		(1,735,648	)
Total Mutual Funds Sold Short (Proceeds $(7,570,154))								(7,712,907	)
	Number of Contracts			Notional Amount
WRITTEN OPTIONS — (0.2)%
Call Options — (0.1)%
General Motors Co.,
Strike Price $42.00, Expires 01/19/18 (CITI)		(188	)	$	(770,612	)		(9,212	)
Halliburton Co., Strike Price $45.00, Expires 01/19/18 (CITI)		(245	)		(1,197,315	)		(99,960	)
Halliburton Co., Strike Price $48.50, Expires 01/19/18 (CITI)		(103	)		(503,361	)		(13,081	)
Huntsman Corporation, Strike Price $32.00, Expires 01/19/18 (CITI)		(188	)		(625,852	)		(33,276	)

310 See Notes to Financial Statements.

	Number of Contracts			Notional Amount			Value
PayPal Holdings, Inc., Strike Price $72.50, Expires 01/19/18 (CITI)		(147	)	$	(1,082,214	)	$	(33,369	)
Royal Caribbean Cruises, Strike Price $125.00, Expires 01/19/18 (CITI)		(107	)		(1,276,296	)		(6,420	)
S&P 500®, Strike Price $2,650.00, Expires 03/16/18 (CITI)		(35	)		(9,357,635	)		(220,850	)
								(416,168	)
Put Options — (0.1)%
NIKE, Inc., Strike Price $61.50, Expires 01/19/18 (CITI)		(195	)		(1,219,725	)		(12,090	)
S&P 500®, Strike Price $2,575.00, Expires 01/03/18 (MSCS)		(21	)		(16,576,382	)		(1,365	)
S&P 500®, Strike Price $2,585.00, Expires 01/02/18 (MSCS)		(20	)		(16,843,743	)		(700	)
S&P 500®, Strike Price $2,600.00, Expires 01/05/18 (MSCS)		(20	)		(16,843,743	)		(2,900	)
S&P 500®, Strike Price $2,610.00, Expires 01/08/18 (MSCS)		(20	)		(16,309,021	)		(4,600	)
S&P 500®, Strike Price $2,620.00, Expires 01/10/18 (MSCS)		(21	)		(15,774,299	)		(8,610	)

	Number of Contracts			Notional Amount			Value
S&P 500®, Strike Price $2,625.00, Expires 01/12/18 (MSCS)		(21	)	$	(16,309,021	)	$	(12,117	)
S&P 500®, Strike Price $2,625.00, Expires 01/24/18 (MSCS)		(21	)		(15,774,299	)		(22,890	)
S&P 500®, Strike Price $2,630.00, Expires 01/17/18 (MSCS)		(22	)		(16,041,660	)		(18,040	)
S&P 500®, Strike Price $2,630.00, Expires 01/22/18 (MSCS)		(22	)		(16,041,660	)		(23,320	)
S&P 500®, Strike Price $2,630.00, Expires 01/26/18 (MSCS)		(22	)		(5,881,942	)		(27,368	)
S&P 500®, Strike Price $2,635.00, Expires 01/19/18 (MSCS)		(20	)		(16,309,021	)		(21,600	)
S&P 500®, Strike Price $2,650.00, Expires 01/16/18 (MSCS)		(22	)		(15,506,938	)		(22,902	)
								(178,502	)
Total Written Options (Premiums received $(584,941))								(594,670	)
Other Assets in Excess of Liabilities — 10.8%								39,164,958
NET ASSETS — 100.0%							$	361,190,704

Forward Foreign Currency Contracts outstanding at December 31, 2017:

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party	Net Unrealized Appreciation (Depreciation)
01/24/18	Australian Dollars		9,523,697	U.S. Dollars		7,216,915	GSC	$	214,103
01/24/18	Australian Dollars		6,802,452	U.S. Dollars		5,172,945	GSC		134,777
01/24/18	Euro		4,001,565	U.S. Dollars		4,679,542	GSC		129,035
01/24/18	Australian Dollars		5,128,982	U.S. Dollars		3,875,767	SS		126,204
01/24/18	U.S. Dollars		2,858,675	Norwegian Kroner		22,487,193	GSC		117,823
01/24/18	Australian Dollars		7,253,355	U.S. Dollars		5,555,308	GSC		104,238
01/24/18	Swiss Francs		4,800,402	U.S. Dollars		4,831,444	SS		103,620
01/24/18	Canadian Dollars		5,450,228	U.S. Dollars		4,247,207	GSC		90,324
01/24/18	Euro		2,447,557	U.S. Dollars		2,851,135	SS		90,031
01/24/18	Australian Dollars		3,305,859	U.S. Dollars		2,496,419	SS		83,030
01/24/18	British Pounds		4,060,581	U.S. Dollars		5,405,770	GSC		81,301
01/24/18	Canadian Dollars		5,213,200	U.S. Dollars		4,068,296	GSC		80,597
01/24/18	Swedish Kronor		34,860,905	U.S. Dollars		4,177,840	GSC		78,494
01/24/18	New Zealand Dollars		3,656,323	U.S. Dollars		2,518,219	SS		72,169
01/24/18	New Zealand Dollars		3,676,412	U.S. Dollars		2,532,805	GSC		71,815

See Notes to Financial Statements. 311

STRATEGIC ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
01/24/18	U.S. Dollars		2,587,714	Norwegian Kroner		20,652,295		GSC		$70,509
01/24/18	Australian Dollars		3,228,031	U.S. Dollars		2,449,352		GSC		69,370
01/24/18	Canadian Dollars		4,656,697	U.S. Dollars		3,637,615		GSC		68,388
01/24/18	Swedish Kronor		25,395,547	U.S. Dollars		3,032,464		GSC		68,200
01/24/18	Swiss Francs		3,982,499	U.S. Dollars		4,027,649		SS		66,568
01/24/18	Euro		1,629,294	U.S. Dollars		1,893,240		GSC		64,641
01/24/18	Swiss Francs		4,828,488	U.S. Dollars		4,899,730		SS		64,208
01/24/18	Australian Dollars		3,943,203	U.S. Dollars		3,012,568		SS		64,180
01/24/18	New Zealand Dollars		3,842,781	U.S. Dollars		2,659,673		GSC		62,814
01/24/18	Australian Dollars		2,630,932	U.S. Dollars		1,990,326		SS		62,500
01/24/18	U.S. Dollars		7,922,726	Australian Dollars		10,075,189		GSC		61,398
01/24/18	New Zealand Dollars		3,508,007	U.S. Dollars		2,424,328		GSC		60,983
01/24/18	Australian Dollars		4,280,334	U.S. Dollars		3,283,042		GSC		56,757
01/24/18	Euro		1,478,308	U.S. Dollars		1,720,847		GSC		55,598
01/24/18	Australian Dollars		2,556,736	U.S. Dollars		1,939,826		GSC		55,108
01/24/18	Australian Dollars		2,593,398	U.S. Dollars		1,968,648		SS		54,892
01/24/18	British Pounds		1,981,668	U.S. Dollars		2,623,867		GSC		53,965
01/24/18	Swedish Kronor		25,464,359	U.S. Dollars		3,055,424		SS		53,641
01/24/18	U.S. Dollars		3,461,909	Swedish Kronor		27,919,605		GSC		53,071
01/24/18	U.S. Dollars		6,517,994	Australian Dollars		8,285,709		SS		52,937
01/24/18	South Korean Won		1,079,994,118	U.S. Dollars		958,725		SS		52,934
01/24/18	Euro		1,455,031	U.S. Dollars		1,695,778		GSC		52,696
01/24/18	U.S. Dollars		4,232,320	New Zealand Dollars		5,902,076		SS		50,888
01/24/18	Norwegian Kroner		30,711,640	U.S. Dollars		3,692,966		GSC		50,322
01/24/18	New Zealand Dollars		2,499,866	U.S. Dollars		1,721,183		SS		49,892
01/24/18	Euro		3,250,554	U.S. Dollars		3,856,558		GSC		49,549
01/24/18	Swedish Kronor		24,865,553	U.S. Dollars		2,988,343		GSC		47,611
01/24/18	Swedish Kronor		15,905,757	U.S. Dollars		1,895,059		SS		46,951
01/24/18	Swedish Kronor		18,321,636	U.S. Dollars		2,191,261		GSC		45,715
01/24/18	Euro		2,882,011	U.S. Dollars		3,417,719		SS		45,519
01/24/18	New Zealand Dollars		1,871,114	U.S. Dollars		1,280,721		SS		44,903
01/24/18	Australian Dollars		2,618,443	U.S. Dollars		1,999,307		GSC		43,775
01/24/18	British Pounds		1,711,076	U.S. Dollars		2,268,699		SS		43,482
01/24/18	British Pounds		2,502,906	U.S. Dollars		3,339,302		SS		42,880
01/24/18	Euro		2,210,749	U.S. Dollars		2,614,301		GSC		42,298
01/24/18	Euro		2,790,893	U.S. Dollars		3,313,962		GSC		39,782
01/24/18	New Zealand Dollars		2,969,721	U.S. Dollars		2,064,829		GSC		39,123
01/24/18	U.S. Dollars		11,573,626	Swiss Francs		11,220,052		SS		38,827
01/24/18	U.S. Dollars		10,777,097	New Zealand Dollars		15,161,500		SS		35,660
01/24/18	New Zealand Dollars		1,850,892	U.S. Dollars		1,276,745		SS		34,552
01/24/18	Swedish Kronor		16,539,354	U.S. Dollars		1,985,517		SS		33,852
01/24/18	U.S. Dollars		1,518,232	Mexican Pesos		29,334,073		SS		33,653
01/24/18	Swiss Francs		1,843,341	U.S. Dollars		1,863,806		GSC		31,245
01/24/18	British Pounds		842,475	U.S. Dollars		1,108,971		JPM		29,467
01/24/18	British Pounds		719,163	U.S. Dollars		942,575		JPM		29,232
01/24/18	Swedish Kronor		11,879,387	U.S. Dollars		1,421,645		GSC		28,766
01/24/18	Australian Dollars		1,691,820	U.S. Dollars		1,291,813		SS		28,257
01/24/18	U.S. Dollars		3,311,834	Japanese Yen		369,633,824		SS		27,326
01/24/18	British Pounds		1,080,087	U.S. Dollars		1,432,390		SS		27,134
01/24/18	Swedish Kronor		14,638,228	U.S. Dollars		1,760,447		GSC		26,804
01/24/18	Japanese Yen		1,070,605,567	U.S. Dollars		9,487,231		GSC		26,002
01/24/18	Swedish Kronor		8,155,446	U.S. Dollars		971,847		JPM		23,890
01/24/18	Australian Dollars		999,732	U.S. Dollars		757,284		GSC		22,773
01/24/18	U.S. Dollars		2,992,418	Australian Dollars		3,808,359		SS		20,885

312 See Notes to Financial Statements.

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
01/24/18	Norwegian Kroner		17,922,000	U.S. Dollars		2,164,493		SS		$19,930
01/24/18	Canadian Dollars		1,606,925	U.S. Dollars		1,259,284		JPM		19,577
01/24/18	Japanese Yen		233,741,111	U.S. Dollars		2,057,435		SS		19,551
01/24/18	Canadian Dollars		1,147,414	U.S. Dollars		893,833		SS		19,329
01/24/18	Canadian Dollars		994,324	U.S. Dollars		772,339		SS		18,988
01/24/18	Canadian Dollars		3,163,305	U.S. Dollars		2,498,973		GSC		18,524
01/24/18	Australian Dollars		773,271	U.S. Dollars		585,454		GSC		17,904
01/24/18	Canadian Dollars		1,923,344	U.S. Dollars		1,513,043		SS		17,638
01/24/18	British Pounds		1,863,918	U.S. Dollars		2,501,320		GSC		17,396
01/24/18	Swedish Kronor		6,925,650	U.S. Dollars		828,365		GSC		17,220
01/24/18	U.S. Dollars		2,487,970	Canadian Dollars		3,104,673		GSC		17,135
01/24/18	New Zealand Dollars		937,123	U.S. Dollars		647,969		GSC		15,953
01/24/18	Euro		1,143,095	U.S. Dollars		1,358,246		GSC		15,382
01/24/18	British Pounds		1,007,373	U.S. Dollars		1,346,157		GSC		15,109
01/24/18	New Zealand Dollars		1,536,415	U.S. Dollars		1,073,939		SS		14,562
01/24/18	Japanese Yen		141,554,536	U.S. Dollars		1,243,703		JPM		14,128
01/24/18	Australian Dollars		652,879	U.S. Dollars		495,672		GSC		13,747
01/24/18	British Pounds		383,147	U.S. Dollars		504,034		SS		13,714
01/24/18	British Pounds		584,568	U.S. Dollars		777,113		GSC		12,815
01/24/18	Euro		2,901,433	U.S. Dollars		3,474,420		GSC		12,157
01/24/18	Japanese Yen		288,679,575	U.S. Dollars		2,553,128		GSC		12,034
01/24/18	U.S. Dollars		2,466,758	Norwegian Kroner		20,141,062		GSC		11,864
01/24/18	New Zealand Dollars		630,933	U.S. Dollars		435,269		JPM		11,727
01/24/18	Swiss Francs		625,013	U.S. Dollars		631,473		SS		11,073
01/24/18	Australian Dollars		817,065	U.S. Dollars		626,644		GSC		10,884
01/24/18	Canadian Dollars		597,569	U.S. Dollars		464,781		GSC		10,791
01/24/18	Canadian Dollars		1,401,388	U.S. Dollars		1,104,566		GSC		10,720
01/24/18	U.S. Dollars		7,073,312	Australian Dollars		9,051,788		SS		10,509
01/24/18	British Pounds		472,726	U.S. Dollars		628,508		SS		10,287
01/24/18	Euro		742,464	U.S. Dollars		882,000		GSC		10,200
01/24/18	Japanese Yen		335,770,366	U.S. Dollars		2,973,735		SS		9,868
01/24/18	Norwegian Kroner		23,464,447	U.S. Dollars		2,850,356		GSC		9,608
01/24/18	British Pounds		322,719	U.S. Dollars		426,621		SS		9,470
01/24/18	British Pounds		385,387	U.S. Dollars		511,579		GSC		9,195
01/24/18	Euro		482,715	U.S. Dollars		570,883		JPM		9,183
01/24/18	Swiss Francs		847,208	U.S. Dollars		862,284		GSC		8,690
01/24/18	British Pounds		498,738	U.S. Dollars		665,569		GSC		8,376
01/24/18	Japanese Yen		100,519,055	U.S. Dollars		884,999		SS		8,198
01/24/18	U.S. Dollars		1,982,087	Japanese Yen		222,170,182		SS		7,918
01/24/18	Euro		407,081	U.S. Dollars		481,300		SS		7,879
01/24/18	U.S. Dollars		3,628,788	Japanese Yen		407,500,158		GSC		7,805
01/24/18	Euro		319,238	U.S. Dollars		375,999		JPM		7,622
01/24/18	U.S. Dollars		2,325,021	Canadian Dollars		2,912,042		GSC		7,490
01/24/18	U.S. Dollars		828,199	Norwegian Kroner		6,737,275		GSC		7,026
01/24/18	U.S. Dollars		2,333,966	Norwegian Kroner		19,093,826		SS		6,715
01/24/18	Swiss Francs		559,014	U.S. Dollars		568,131		SS		6,565
01/24/18	British Pounds		463,235	U.S. Dollars		619,689		GSC		6,281
01/24/18	U.S. Dollars		645,211	Australian Dollars		818,868		SS		6,277
01/24/18	Australian Dollars		595,135	U.S. Dollars		458,161		SS		6,203
01/24/18	Swiss Francs		478,660	U.S. Dollars		485,915		GSC		6,173
01/24/18	Norwegian Kroner		23,717,060	U.S. Dollars		2,884,677		GSC		6,077
01/24/18	U.S. Dollars		1,950,286	Japanese Yen		218,800,642		GSC		6,058
01/24/18	U.S. Dollars		541,862	Norwegian Kroner		4,397,155		SS		5,915
01/24/18	Euro		498,434	U.S. Dollars		593,093		GSC		5,862

See Notes to Financial Statements. 313

STRATEGIC ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
01/24/18	Euro		327,351	U.S. Dollars		387,675		GSC	$	5,694
01/24/18	U.S. Dollars		341,813	Swedish Kronor		2,756,990		GSC		5,199
01/24/18	U.S. Dollars		853,719	Japanese Yen		95,508,938		GSC		5,041
01/24/18	U.S. Dollars		632,096	Norwegian Kroner		5,145,515		SS		4,935
01/24/18	British Pounds		287,301	U.S. Dollars		383,505		SS		4,725
01/24/18	U.S. Dollars		682,507	Swedish Kronor		5,552,563		SS		4,568
01/24/18	Canadian Dollars		3,208,382	U.S. Dollars		2,549,005		GSC		4,366
01/24/18	U.S. Dollars		377,132	Norwegian Kroner		3,058,904		GSC		4,297
01/24/18	U.S. Dollars		4,360,802	Japanese Yen		490,276,267		SS		4,284
01/24/18	U.S. Dollars		755,183	Japanese Yen		84,560,488		SS		3,792
01/24/18	U.S. Dollars		359,523	Swedish Kronor		2,914,782		GSC		3,644
01/24/18	U.S. Dollars		2,125,199	British Pounds		1,570,023		SS		3,623
01/24/18	U.S. Dollars		750,645	Swiss Francs		726,643		SS		3,618
01/24/18	U.S. Dollars		955,845	Australian Dollars		1,220,454		SS		3,566
01/24/18	Japanese Yen		222,741,456	U.S. Dollars		1,975,920		SS		3,326
01/24/18	Euro		5,577,082	U.S. Dollars		6,698,522		SS		3,313
01/24/18	U.S. Dollars		529,844	Japanese Yen		59,330,471		GSC		2,643
01/24/18	U.S. Dollars		473,287	Norwegian Kroner		3,862,744		GSC		2,476
01/24/18	Japanese Yen		37,210,241	U.S. Dollars		328,314		JPM		2,331
01/24/18	Swiss Francs		552,577	U.S. Dollars		565,817		SS		2,261
01/24/18	Japanese Yen		70,544,865	U.S. Dollars		624,611		SS		2,239
01/24/18	U.S. Dollars		609,295	Swedish Kronor		4,974,464		JPM		1,939
01/24/18	U.S. Dollars		332,539	Australian Dollars		423,803		SS		1,860
01/24/18	Japanese Yen		108,146,663	U.S. Dollars		959,662		GSC		1,313
01/24/18	U.S. Dollars		6,266,140	British Pounds		4,636,159		SS		1,289
01/24/18	U.S. Dollars		2,509,514	Norwegian Kroner		20,580,476		SS		1,063
01/24/18	U.S. Dollars		437,032	Australian Dollars		559,279		SS		645
01/24/18	Norwegian Kroner		12,688,539	U.S. Dollars		1,546,054		GSC		489
Subtotal Appreciation									$	4,793,775
01/24/18	Norwegian Kroner		4,096,254	U.S. Dollars		499,281		SS	$	(9	)
01/24/18	Australian Dollars		2,415,313	U.S. Dollars		1,884,640		GSC		(53	)
01/24/18	Australian Dollars		162,021	U.S. Dollars		126,663		GSC		(244	)
01/24/18	U.S. Dollars		800,043	Japanese Yen		90,084,792		SS		(437	)
01/24/18	U.S. Dollars		678,296	Swiss Francs		660,324		SS		(551	)
01/24/18	Norwegian Kroner		3,437,014	U.S. Dollars		419,648		SS		(727	)
01/24/18	Canadian Dollars		750,577	U.S. Dollars		598,324		SS		(982	)
01/24/18	U.S. Dollars		681,007	Japanese Yen		76,764,476		GSC		(1,110	)
01/24/18	U.S. Dollars		468,243	Swiss Francs		456,551		SS		(1,115	)
01/24/18	U.S. Dollars		435,243	Japanese Yen		49,108,470		JPM		(1,127	)
01/24/18	U.S. Dollars		1,081,999	Swiss Francs		1,054,311		SS		(1,887	)
01/24/18	Swiss Francs		518,123	U.S. Dollars		534,632		GSC		(1,975	)
01/24/18	Canadian Dollars		721,016	U.S. Dollars		576,149		SS		(2,333	)
01/24/18	U.S. Dollars		597,790	British Pounds		444,135		GSC		(2,370	)
01/24/18	Canadian Dollars		434,435	U.S. Dollars		348,311		SS		(2,569	)
01/24/18	Canadian Dollars		6,040,736	U.S. Dollars		4,810,158		SS		(2,676	)
01/24/18	Norwegian Kroner		3,236,974	U.S. Dollars		397,302		GSC		(2,764	)
01/24/18	Swedish Kronor		6,444,264	U.S. Dollars		789,806		SS		(2,995	)
01/24/18	Swedish Kronor		25,435,131	U.S. Dollars		3,108,760		SS		(3,264	)
01/24/18	New Zealand Dollars		384,076	U.S. Dollars		275,678		SS		(3,573	)
01/24/18	U.S. Dollars		2,046,532	Japanese Yen		230,739,971		GSC		(3,787	)
01/24/18	U.S. Dollars		568,253	Swiss Francs		556,903		GSC		(4,273	)
01/24/18	U.S. Dollars		1,109,826	Japanese Yen		125,381,475		SS		(4,294	)
01/24/18	U.S. Dollars		610,779	Japanese Yen		69,237,873		SS		(4,458	)

314 See Notes to Financial Statements.

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
01/24/18	Japanese Yen		237,251,319	U.S. Dollars		2,112,675		SS	$	(4,497	)
01/24/18	Japanese Yen		125,722,519	U.S. Dollars		1,121,701		SS		(4,551	)
01/24/18	Swedish Kronor		45,722,475	U.S. Dollars		5,587,120		SS		(4,645	)
01/24/18	U.S. Dollars		792,483	Swiss Francs		775,903		SS		(5,185	)
01/24/18	Japanese Yen		79,968,188	U.S. Dollars		715,905		SS		(5,320	)
01/24/18	Norwegian Kroner		3,931,848	U.S. Dollars		484,970		JPM		(5,737	)
01/24/18	Japanese Yen		95,352,620	U.S. Dollars		853,065		SS		(5,777	)
01/24/18	U.S. Dollars		663,564	Euro		557,454		SS		(6,314	)
01/24/18	U.S. Dollars		496,886	Canadian Dollars		632,679		SS		(6,628	)
01/24/18	U.S. Dollars		480,647	Canadian Dollars		613,218		GSC		(7,378	)
01/24/18	Japanese Yen		77,843,509	U.S. Dollars		699,118		SS		(7,413	)
01/24/18	U.S. Dollars		427,457	Euro		362,106		SS		(7,676	)
01/24/18	U.S. Dollars		629,491	Swedish Kronor		5,221,356		GSC		(8,009	)
01/24/18	U.S. Dollars		1,689,231	Japanese Yen		191,077,320		GSC		(8,652	)
01/24/18	Norwegian Kroner		7,459,839	U.S. Dollars		918,071		GSC		(8,828	)
01/24/18	Swedish Kronor		7,598,055	U.S. Dollars		936,540		SS		(8,857	)
01/24/18	U.S. Dollars		987,852	Euro		829,466		SS		(8,896	)
01/24/18	U.S. Dollars		4,020,551	Swiss Francs		3,919,515		SS		(8,915	)
01/24/18	Japanese Yen		81,169,032	U.S. Dollars		730,182		GSC		(8,927	)
01/24/18	Norwegian Kroner		15,297,103	U.S. Dollars		1,873,930		JPM		(9,442	)
01/24/18	U.S. Dollars		636,774	Euro		537,873		SS		(9,574	)
01/24/18	U.S. Dollars		2,519,829	Swiss Francs		2,460,663		GSC		(9,862	)
01/24/18	U.S. Dollars		344,222	British Pounds		262,106		GSC		(9,962	)
01/24/18	U.S. Dollars		810,582	Canadian Dollars		1,031,409		SS		(10,258	)
01/24/18	U.S. Dollars		697,873	Swiss Francs		689,167		SS		(10,627	)
01/24/18	U.S. Dollars		679,962	Australian Dollars		885,194		JPM		(10,725	)
01/24/18	U.S. Dollars		622,042	Australian Dollars		811,153		GSC		(10,873	)
01/24/18	U.S. Dollars		2,199,254	Euro		1,839,541		GSC		(11,275	)
01/24/18	U.S. Dollars		678,260	Euro		573,883		SS		(11,361	)
01/24/18	Norwegian Kroner		37,044,261	U.S. Dollars		4,526,508		SS		(11,368	)
01/24/18	U.S. Dollars		398,329	Australian Dollars		525,504		SS		(11,704	)
01/24/18	U.S. Dollars		874,626	Australian Dollars		1,136,291		SS		(11,983	)
01/24/18	U.S. Dollars		551,122	Swedish Kronor		4,615,680		SS		(12,428	)
01/24/18	U.S. Dollars		581,909	British Pounds		439,910		GSC		(12,543	)
01/24/18	U.S. Dollars		1,754,873	Japanese Yen		198,909,020		GSC		(12,602	)
01/24/18	U.S. Dollars		395,575	New Zealand Dollars		576,313		GSC		(12,724	)
01/24/18	Norwegian Kroner		3,035,935	U.S. Dollars		382,780		SS		(12,745	)
01/24/18	U.S. Dollars		681,519	Norwegian Kroner		5,696,752		SS		(12,829	)
01/24/18	Japanese Yen		125,550,891	U.S. Dollars		1,128,486		SS		(12,861	)
01/24/18	Norwegian Kroner		18,977,973	U.S. Dollars		2,326,947		GSC		(13,816	)
01/24/18	U.S. Dollars		1,397,667	Japanese Yen		158,849,026		SS		(13,841	)
01/24/18	U.S. Dollars		2,806,277	Japanese Yen		317,416,830		GSC		(14,239	)
01/24/18	Canadian Dollars		4,155,675	U.S. Dollars		3,321,776		SS		(14,508	)
01/24/18	Japanese Yen		1,290,323,446	U.S. Dollars		11,480,665		SS		(15,054	)
01/24/18	U.S. Dollars		1,990,243	Japanese Yen		225,761,799		GSC		(15,841	)
01/24/18	U.S. Dollars		913,354	Swiss Francs		903,901		JPM		(15,903	)
01/24/18	U.S. Dollars		4,581,366	Swiss Francs		4,471,968		GSC		(16,050	)
01/24/18	U.S. Dollars		1,150,841	Swiss Francs		1,135,199		GSC		(16,203	)
01/24/18	Norwegian Kroner		14,518,359	U.S. Dollars		1,785,853		SS		(16,283	)
01/24/18	U.S. Dollars		1,352,286	Norwegian Kroner		11,229,558		SS		(16,429	)
01/24/18	New Zealand Dollars		5,689,444	U.S. Dollars		4,047,635		GSC		(16,846	)
01/24/18	U.S. Dollars		2,075,061	Canadian Dollars		2,628,625		SS		(16,914	)
01/24/18	U.S. Dollars		4,079,273	British Pounds		3,031,305		GSC		(16,936	)
01/24/18	U.S. Dollars		652,337	Euro		557,234		GSC		(17,277	)

See Notes to Financial Statements. 315

STRATEGIC ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS (Continued)

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party	Net Unrealized Appreciation (Depreciation)
01/24/18	U.S. Dollars		1,868,918	Canadian Dollars		2,370,125	GSC	$	(17,331	)
01/24/18	U.S. Dollars		501,419	New Zealand Dollars		733,337	GSC		(18,127	)
01/24/18	U.S. Dollars		1,114,953	Canadian Dollars		1,424,037	GSC		(18,358	)
01/24/18	U.S. Dollars		503,079	Australian Dollars		668,495	SS		(18,525	)
01/24/18	U.S. Dollars		1,458,812	Swiss Francs		1,437,370	GSC		(18,880	)
01/24/18	U.S. Dollars		1,360,415	Canadian Dollars		1,733,189	SS		(18,933	)
01/24/18	Norwegian Kroner		31,514,960	U.S. Dollars		3,860,665	GSC		(19,464	)
01/24/18	U.S. Dollars		1,101,061	Euro		932,573	SS		(19,588	)
01/24/18	U.S. Dollars		993,676	Canadian Dollars		1,273,602	GSC		(19,912	)
01/24/18	Norwegian Kroner		19,438,438	U.S. Dollars		2,389,651	GSC		(20,397	)
01/24/18	U.S. Dollars		1,674,713	Canadian Dollars		2,130,245	SS		(20,629	)
01/24/18	U.S. Dollars		4,933,500	Norwegian Kroner		40,647,991	SS		(20,881	)
01/24/18	Norwegian Kroner		18,075,347	U.S. Dollars		2,224,092	GSC		(20,978	)
01/24/18	Japanese Yen		259,109,221	U.S. Dollars		2,323,652	GSC		(21,248	)
01/24/18	U.S. Dollars		2,839,157	Swiss Francs		2,782,476	GSC		(21,374	)
01/24/18	U.S. Dollars		1,133,959	Swiss Francs		1,125,624	JPM		(23,242	)
01/24/18	U.S. Dollars		1,148,253	Canadian Dollars		1,472,565	SS		(23,679	)
01/24/18	U.S. Dollars		2,291,605	British Pounds		1,714,381	GSC		(25,042	)
01/24/18	U.S. Dollars		2,415,869	Euro		2,031,836	GSC		(25,735	)
01/24/18	U.S. Dollars		1,966,548	Canadian Dollars		2,504,073	GSC		(26,303	)
01/24/18	Japanese Yen		220,148,362	U.S. Dollars		1,982,804	GSC		(26,600	)
01/24/18	U.S. Dollars		1,101,693	Australian Dollars		1,448,772	GSC		(28,735	)
01/24/18	U.S. Dollars		3,309,506	Japanese Yen		375,767,963	SS		(29,509	)
01/24/18	U.S. Dollars		1,607,361	Euro		1,362,274	SS		(29,649	)
01/24/18	U.S. Dollars		1,990,292	Canadian Dollars		2,539,294	SS		(30,590	)
01/24/18	U.S. Dollars		1,903,814	Swedish Kronor		15,846,893	GSC		(31,009	)
01/24/18	U.S. Dollars		3,359,420	Euro		2,821,425	GSC		(31,013	)
01/24/18	Swedish Kronor		19,523,560	U.S. Dollars		2,415,311	SS		(31,586	)
01/24/18	U.S. Dollars		1,515,151	Australian Dollars		1,982,767	SS		(31,935	)
01/24/18	Japanese Yen		311,909,113	U.S. Dollars		2,804,257	GSC		(32,682	)
01/24/18	U.S. Dollars		1,653,693	Swedish Kronor		13,814,426	SS		(32,976	)
01/24/18	U.S. Dollars		1,545,034	British Pounds		1,167,973	GSC		(33,250	)
01/24/18	Mexican Pesos		29,346,247	U.S. Dollars		1,518,800	GSC		(33,604	)
01/24/18	U.S. Dollars		2,017,162	Swedish Kronor		16,826,515	GSC		(37,268	)
01/24/18	U.S. Dollars		2,170,031	Australian Dollars		2,829,680	GSC		(37,873	)
01/24/18	U.S. Dollars		2,007,316	Australian Dollars		2,623,939	GSC		(40,055	)
01/24/18	Japanese Yen		314,104,429	U.S. Dollars		2,831,798	SS		(40,715	)
01/24/18	U.S. Dollars		2,137,585	Australian Dollars		2,793,436	GSC		(42,039	)
01/24/18	U.S. Dollars		2,666,660	Euro		2,254,303	SS		(42,277	)
01/24/18	Canadian Dollars		8,748,279	U.S. Dollars		7,004,984	SS		(42,720	)
01/24/18	U.S. Dollars		1,912,337	Swiss Francs		1,902,305	JPM		(43,332	)
01/24/18	U.S. Dollars		3,202,105	Australian Dollars		4,160,858	GSC		(44,471	)
01/24/18	U.S. Dollars		3,415,898	Norwegian Kroner		28,393,011	SS		(44,784	)
01/24/18	U.S. Dollars		1,869,832	Swiss Francs		1,862,558	SS		(44,975	)
01/24/18	U.S. Dollars		5,897,429	Swedish Kronor		48,681,505	SS		(46,328	)
01/24/18	U.S. Dollars		2,432,368	Australian Dollars		3,177,697	GSC		(47,081	)
01/24/18	U.S. Dollars		4,165,190	Canadian Dollars		5,293,290	SS		(47,442	)
01/24/18	U.S. Dollars		1,787,982	Euro		1,527,393	SS		(47,447	)
01/24/18	U.S. Dollars		1,596,887	New Zealand Dollars		2,322,813	SS		(48,751	)
01/24/18	Norwegian Kroner		12,846,975	U.S. Dollars		1,615,468	GSC		(49,615	)
01/24/18	U.S. Dollars		2,139,349	New Zealand Dollars		3,091,187	GSC		(50,658	)
01/24/18	U.S. Dollars		2,557,510	New Zealand Dollars		3,682,090	GSC		(51,133	)
01/24/18	U.S. Dollars		2,919,686	New Zealand Dollars		4,195,132	GSC		(52,431	)
01/24/18	U.S. Dollars		2,512,805	Australian Dollars		3,288,749	JPM		(53,294	)

316 See Notes to Financial Statements.

Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party	Net Unrealized Appreciation (Depreciation)
01/24/18	U.S. Dollars		1,909,748	Euro		1,634,830	GSC	$	(54,785	)
01/24/18	U.S. Dollars		2,002,120	New Zealand Dollars		2,903,475	SS		(54,899	)
01/24/18	U.S. Dollars		2,063,685	Euro		1,764,382	GSC		(56,527	)
01/24/18	U.S. Dollars		2,053,451	Euro		1,756,753	GSC		(57,594	)
01/24/18	U.S. Dollars		954,362	South Korean Won		1,080,338,226	GSC		(57,619	)
01/24/18	U.S. Dollars		4,055,070	Swiss Francs		4,001,928	GSC		(59,121	)
01/24/18	U.S. Dollars		2,267,614	British Pounds		1,723,205	GSC		(60,957	)
01/24/18	U.S. Dollars		5,258,184	New Zealand Dollars		7,510,543	GSC		(62,796	)
01/24/18	U.S. Dollars		1,949,202	British Pounds		1,489,980	GSC		(64,211	)
01/24/18	U.S. Dollars		2,542,878	Euro		2,170,895	GSC		(65,830	)
01/24/18	U.S. Dollars		2,582,889	Swedish Kronor		21,726,490	SS		(69,801	)
01/24/18	U.S. Dollars		1,215,944	South Korean Won		1,372,800,664	SS		(69,994	)
01/24/18	U.S. Dollars		5,290,246	Euro		4,461,876	GSC		(71,475	)
01/24/18	U.S. Dollars		2,229,737	Australian Dollars		2,951,144	SS		(72,941	)
01/24/18	New Zealand Dollars		7,715,195	U.S. Dollars		5,539,201	GSC		(73,232	)
01/24/18	U.S. Dollars		2,741,375	Euro		2,345,341	SS		(76,960	)
01/24/18	U.S. Dollars		4,623,747	Euro		3,911,909	GSC		(77,092	)
01/24/18	U.S. Dollars		2,575,929	Euro		2,208,667	JPM		(78,169	)
01/24/18	U.S. Dollars		3,195,111	Swedish Kronor		26,823,986	GSC		(79,957	)
01/24/18	U.S. Dollars		3,849,774	British Pounds		2,915,625	GSC		(90,116	)
01/24/18	Norwegian Kroner		18,528,351	U.S. Dollars		2,349,475	SS		(91,147	)
01/24/18	U.S. Dollars		3,350,149	British Pounds		2,550,396	SS		(96,206	)
01/24/18	U.S. Dollars		4,585,014	Australian Dollars		6,011,754	GSC		(105,753	)
01/24/18	U.S. Dollars		4,841,207	New Zealand Dollars		7,015,642	GSC		(129,151	)
01/24/18	Norwegian Kroner		34,752,596	U.S. Dollars		4,365,465	GSC		(129,645	)
01/24/18	U.S. Dollars		4,119,284	Euro		3,544,626	SS		(140,201	)
01/24/18	U.S. Dollars		10,953,498	Euro		9,236,872	SS		(146,211	)
01/24/18	U.S. Dollars		3,853,230	New Zealand Dollars		5,646,122	SS		(146,867	)
01/24/18	Norwegian Kroner		29,526,283	U.S. Dollars		3,749,512	SS		(150,701	)
01/24/18	U.S. Dollars		5,355,985	New Zealand Dollars		7,776,837	SS		(153,655	)
Subtotal Depreciation								$	(5,065,730	)
Total Forward Foreign Currency Contracts outstanding at December 31, 2017								$	(271,955	)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2017, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations	$	19,653,204	$	—	$	19,653,204	$	—
Common Stocks		74,252,758		74,252,758		—		—
Corporate Bonds		96,012,571		—		96,012,571		—
Foreign Bonds:
Canada		2,017,052		—		2,017,052		—
Ireland		522,500		—		522,500		—
Foreign Common Stocks:
Canada		904,573		904,573		—		—
France		624,230		624,230		—		—

See Notes to Financial Statements. 317

STRATEGIC ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS (Continued)

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Jersey	$	11,961		$	11,961		$	—		$	—
Netherlands		3,300,650			3,300,650			—			—
Switzerland		160,543			160,543			—			—
United Kingdom		2,073,862			2,073,862			—			—
Loan Agreements		5,857,370			—			5,857,370			—
Money Market Funds		45,396,143			45,396,143			—			—
Mutual Funds		5,192,596			5,192,596			—			—
Purchased Options:
Put Options		172,905			172,905			—			—
U.S. Treasury Obligations		106,145,974			—			106,145,974			—
Total Assets - Investments in Securities	$	362,298,892		$	132,090,221		$	230,208,671		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	4,793,775		$	—		$	4,793,775		$	—
Total Assets - Other Financial Instruments	$	4,793,775		$	—		$	4,793,775		$	—
Liabilities:
Investments in Securities:
Common Stocks Sold Short	$	(27,797,693	)	$	(27,797,693	)	$	—		$	—
Foreign Common Stocks Sold Short:
China		(2,392,984	)		(2,392,984	)		—			—
Ireland		(415,399	)		(415,399	)		—			—
Jersey		(544,863	)		(544,863	)		—			—
Singapore		(814,630	)		(814,630	)		—			—
Mutual Funds Sold Short		(7,712,907	)		(7,712,907	)		—			—
Written Options:
Call Options		(416,168	)		(416,168	)		—			—
Put Options		(178,502	)		(178,502	)		—			—
Total Liabilities - Investments in Securities	$	(40,273,146	)	$	(40,273,146	)	$	—		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(5,065,730	)	$	—		$	(5,065,730	)	$	—
Total Liabilities - Other Financial Instruments	$	(5,065,730	)	$	—		$	(5,065,730	)	$	—

***Other financial instruments are derivative instruments, such as forwards contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding “Forward Foreign Currency Contracts outstanding” disclosure.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2017.

318 See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES December 31, 2017

	Strategic Alternatives Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	335,864,056
Investments in securities of affiliated issuers, at value		26,434,836
Total investments, at value(1)		362,298,892
Cash		38,649,855
Cash collateral for derivatives		1,249,651
Foreign currency(2)		2,233
Receivables:
Dividends and reclaims		65,989
Interest		1,558,184
Investment securities sold		3,785,919
Fund shares sold		95,059
Unrealized appreciation on foreign currency exchange contracts		4,793,775
Prepaid expenses and other assets		4,596
Total Assets		412,504,153
Liabilities
Securities sold short, at value(3)		39,678,476
Options written, at value(4)		594,670
Unrealized depreciation on foreign currency exchange contracts		5,065,730
Collateral held for derivatives		270,000
Payables:
Investment securities purchased		5,231,711
Dividends on short sales		16,009
Fund shares redeemed		3,380
Accrued expenses:
Investment advisory fees		255,741
Professional fees		33,104
Shareholder servicing fees		11,832
Other expenses		152,796
Total Liabilities		51,313,449
Net Assets	$	361,190,704
Net Assets Consist of:
Paid-in-capital	$	360,583,615
Accumulated net investment income		185,730
Undistributed net realized gain on investments and derivative transactions		(26,950	)
Net unrealized appreciation (depreciation) on investments, foreign currency and derivative transactions		448,309
Net Assets	$	361,190,704
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the Institutional Class	$	302,591,560
Institutional shares outstanding		30,034,176
Net asset value, offering and redemption price per Institutional share	$	10.07
Net assets applicable to the Investor Class	$	58,599,144
Investor shares outstanding		5,816,538
Net asset value, offering and redemption price per Investor share	$	10.07
(1) Investments in securities of unaffiliated issuers, at cost	$	334,161,956
Investments in securities of affiliated issuers, at cost		26,434,836
Total investments, at cost	$	360,596,792
(2) Foreign currency, at cost	$	2,234
(3) Proceeds from securities sold short	$	38,706,370
(4) Premiums received on options written	$	584,941

See Notes to Financial Statements. 319

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2017

	Strategic Alternatives Fund(1)
Investment Income
Dividends	$	297,112
Income distributions received from affiliated funds		54,723
Interest		1,994,909
Less foreign taxes withheld		(447	)
Total Investment Income		2,346,297
Expenses
Investment advisory fees		1,039,113
Transfer agent fees:
Institutional shares		8,237
Investor shares		7,811
Custodian fees		45,626
Shareholder servicing fees:
Investor shares		50,526
Accounting and administration fees		23,895
Professional fees		150,878
Blue sky fees:
Institutional shares		22,772
Investor shares		18,243
Trustees expenses		1,438
Line of credit facility fees and interest expense		1,245
Other expenses		105,480
Total Expenses		1,475,264
Dividends on securities sold short		143,210
Expenses waived/reimbursed net of amount recaptured(2)		(19,136	)
Net Expenses		1,599,338
Net Investment Income		746,959
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		129,097
Swap agreements		43,284
Option contracts written		1,127,352
Option contracts purchased		(615,654	)
Forward foreign currency contracts		961,980
Foreign currency		51,169
Net realized gain		1,697,228
Net change in unrealized appreciation (depreciation) on:
Investment securities		782,469
Option contracts written		(9,729	)
Option contracts purchased		(52,475	)
Forward foreign currency contracts		(271,955	)
Foreign currency		(1	)
Net change in unrealized appreciation (depreciation)		448,309
Net Realized and Unrealized Gain		2,145,537
Net Increase in Net Assets Resulting from Operations	$	2,892,496

(1) Inception date was June 30, 2017.

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

320 See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS

	Strategic Alternatives Fund(1)
	Since Inception
	12/31/17
Operations:
Net investment income	$	746,959
Net realized gain on investment securities, foreign currency and derivatives		1,697,228
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency and derivatives		448,309
Net increase in net assets resulting from operations		2,892,496
Dividends and Distributions to Shareholders:
Dividends from net investment income
Institutional shares		(1,536,102	)
Investor shares		(261,510	)
Distributions from net realized capital gains
Institutional shares		(448,116	)
Investor shares		(91,616	)
Total dividends and distributions		(2,337,344	)
Capital Share Transactions:
Proceeds from shares sold
Institutional shares		307,033,823
Investor shares		62,729,965
Reinvestment of dividends and distributions
Institutional shares		1,984,218
Investor shares		353,065
Total proceeds from shares sold and reinvested		372,101,071
Value of shares redeemed
Institutional shares		(6,895,207	)
Investor shares		(4,570,312	)
Total value of shares redeemed		(11,465,519	)
Net increase from capital share transactions(2)		360,635,552
Total increase in net assets		361,190,704
Net Assets:
Beginning of Period		—
End of Period*	$	361,190,704
*Including undistributed net investment income	$	185,730

(1) Inception date was June 30, 2017.

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

See Notes to Financial Statements. 321

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 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
Strategic Alternatives Fund
Institutional Class
2017(3)	$	10.00	$	0.04	#	$	0.10	$	(0.05	)	$	(0.02	)	$	10.07		1.40	%	$	302,592		1.26	%(4)		1.28	%(4)		0.69	%		88	%
Investor Class
2017(3)	$	10.00	$	0.01	#	$	0.12	$	(0.04	)	$	(0.02	)	$	10.07		1.31	%	$	58,599		1.63	%(4)		1.65	%(4)		0.25	%		88	%

  # Calculated using the average shares outstanding method.

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

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

(3) Inception date was June 30, 2017. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(4) The ratio for the Strategic Alternatives Fund includes the effect of dividend expense on securities sold short which increased the ratio by 0.11% for the period ended December 31, 2017.

322 See Notes to Financial Statements.

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

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

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

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

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

The Inflation Protected Bond Fund and the Global Real Estate Securities Fund (formerly known as “Real Estate Securities Fund”) are together referred to as the “Real Assets Funds.”

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

There are two classes of shares issued by the Funds — the Institutional Class and the Investor Class (each, a “Class” and together the “Classes”). The International Equity Index Fund issued the Institutional Class only. The Institutional Class was issued for each of the Target Date Funds on May 1, 2017. All Classes of shares have identical voting, dividend and liquidation rights. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses on investments are allocated to each Class of shares based upon its relative net assets.

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

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

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

Acquired Fund	Shares Redeemed		Net Assets on 02/10/17		Unrealized Appreciation (Depreciation)			Accumulated Net Realized Gains		Share Conversion Ratio		Acquiring Fund	Shares Issued		Net Assets on 02/10/17
MyDestination 2005		10,442,917	$	105,467,529	$	(133,812	)	$	7,984		0.914801	Conservative Allocation Fund		9,553,188	$	414,132,552

The table below summarizes the operations of the MyDestination 2005 Fund for the period from January 1, 2017 to February 10, 2017 and the combined MyDestination 2005 and Conservative Allocation Funds’ pro-forma results of operations for the period January 1, 2017 through February 10, 2017 assuming the acquisition had been completed by January 1, 2017.

323

MyDestination 2005 Fund For the Period 01/01/17 - 02/10/17

Conservative Allocation Fund For the Period 01/01/17 - 02/10/17

Net Realized

Net Realized

and

and

Net

Unrealized

Net Increase

Net

Unrealized

Net Increase

Investment

Gain on

from

Investment

Gain on

from

Acquired Fund

Income

Investments

Operations

Acquiring Fund

Income

Investments

Operations

MyDestination 2005

$

(28,858

)

$

1,495,619

$

1,466,761

Conservative Allocation Fund

$

2,111,598

$

13,791,554

$

15,903,152

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in the accounting and the preparation of its financial statements. The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946 (“ASC 946”). The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including but not limited to ASC 946. The preparation of financial statements requires the Funds’ management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. The Funds utilize various methods to measure the value of its investments on a recurring basis. Amounts received upon the sale of such investments could differ from estimated values and those differences could be significant.

a. Valuation of Securities

Each Fund, except the Money Market Fund, values securities traded on national securities exchanges or included in national market systems at the last quoted sale price, or official close price, on the principal exchange on which they were traded, or, in the absence of any sale or official close price, at the closing bid price. The Valuation Committee is comprised of individuals from GuideStone Capital Management, LLC (“GSCM”) who previously have been identified to the Board of Trustees. Non-exchange traded securities for which an over-the-counter quotation is readily available are valued at the last quoted bid price.

Debt securities, excluding asset-backed and mortgage-backed securities, are valued at the mean of the last bid and ask prices available, which approximates fair value. Asset-backed and mortgage-backed securities are generally valued at the last bid price, if available.

Short-term securities maturing in more than 60 days from the valuation date are valued at the mean of the last bid and ask prices; those maturing in 60 days or less are generally valued at amortized cost which approximates current market value in accordance with Rule 2a-7 of the 1940 Act.

Forward foreign exchange contracts are valued based upon closing exchange rates from each respective foreign market.

Futures contracts are valued at the closing settlement price on the exchange on which they are primarily traded.

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

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

324

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

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its Net Asset Value (“NAV”). The closing prices of such securities may no longer reflect their market value at the time the Fund calculates its NAV if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector. If a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its NAV, a Valuation Committee meeting may be called. The Trust uses Interactive Data Corporation (“IDC”) as a third party fair valuation vendor. IDC provides a fair value for foreign equity securities held by the Trust based on certain factors and methodologies applied by IDC in the event that there is movement in the U.S. market that exceeds a specific threshold established by the Valuation Committee in consultation with, and approved by, the Board of Trustees. Such methodologies generally involve tracking valuation correlations between the U.S. market and each non-U.S. security. As part of the valuation procedures, a “confidence interval” is used, when the threshold is exceeded, to determine the level of correlation between the value of a foreign equity security and movements in the U.S. market before a particular security will be fair valued. In the event that the threshold established by the valuation procedures is exceeded on a specific day, the Trust will typically value non-U.S. equity securities in its portfolio that exceed the applicable confidence interval based upon the fair values provided by 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.

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

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

325

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

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

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

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

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

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

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

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

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

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

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

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

In accordance with FASB “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”),” management has not presented quantitative disclosures for the securities which are advisor priced or broker quoted as there have been no adjustments to prices received from third parties as of December 31, 2017.

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

326

b. Fixed Income Securities

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

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

327

other assets. Unsettled TBAs are valued at the current market value of the underlying securities, according to the procedures described in the section entitled “Valuation of Securities”.

The Fixed Income Funds may enter into dollar roll transactions, pursuant to which they sell a mortgage-backed TBA or security and simultaneously purchase a similar, but not identical, TBA with the same issuer, rate and terms. The Funds may execute a “roll” to obtain better underlying mortgage securities or to increase yield. The Funds account for dollar roll transactions as purchases and sales, which has the effect of increasing their portfolio turnover rates. Risks associated with dollar rolls are that actual mortgages received by the Funds may be less favorable than those anticipated or that counterparties may fail to perform under the terms of the contracts. At December 31, 2017, there were no mortgage-backed TBA dollar roll transactions.

U.S. government securities are obligations of and, in certain cases, guaranteed by, the U.S. government, its agencies or instrumentalities. The U.S. government does not guarantee the NAV of the Funds’ shares. Some U.S. government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”), are supported by the full faith and credit of the U.S. government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. government to purchase the agency’s obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. U.S. government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation, the common stock of which is owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. government.

c. Foreign Currency Translations

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

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

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

328

d. Loan Participations

The Fixed Income Funds and the Defensive Market Strategies Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate borrowers. Investments in loans may be in the form of participations in loans. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The holder may invest in multiple series of a loan, which may have varying terms and carry different associated risks. The holder generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, these instruments may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When investing in a loan participation, the holder has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower.

The Fixed Income Funds, Defensive Market Strategies Fund, and the Strategic Alternatives Fund may invest in floating rate loans, some of which may be unfunded corporate loan commitments (“commitments”). Commitments may obligate the holder to furnish temporary financing to a borrower until permanent financing can be arranged. The holder may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a floating rate loan. In certain circumstances, the holder may receive a prepayment penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense on the Statements of Operations.

e. REITs

The Global Real Estate Securities Fund invests substantial assets in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general.

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

f. Repurchase Agreements

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

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

329

At December 31, 2017, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-cash Collateral Received(1)			Cash Collateral Received		Net Amount(2)
Money Market
Bank of Montreal	$	40,000,000	$	(40,000,000	)	$	—	$	—
Bank of Nova Scotia		40,000,000		(40,000,000	)		—		—
BNP Paribas SA		51,000,000		(51,000,000	)		—		—
Citigroup Global Markets, Inc.		10,000,000		(10,000,000	)		—		—
Goldman Sachs & Co.		81,500,000		(81,500,000	)		—		—
HSBC Securities USA, Inc.		69,000,000		(69,000,000	)		—		—
Mitsubishi UFJ Securities USA, Inc.		27,000,000		(27,000,000	)		—		—
Mizuho Securities USA, Inc.		10,000,000		(10,000,000	)		—		—
Natixis S.A.		25,000,000		(25,000,000	)		—		—
RBC Capital Markets LLC		25,000,000		(25,000,000	)		—		—
TD Securities USA LLC		60,000,000		(60,000,000	)		—		—
Total Repurchase Agreements	$	438,500,000	$	(438,500,000	)	$	—	$	—
Medium-Duration Bond
Merrill Lynch Pierce Fenner & Smith	$	176,100,000	$	(176,100,000	)	$	—	$	—

⁽¹⁾  The value of the related collateral received exceeded the value of the repurchase agreements as of December 31, 2017.

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

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

g. Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. The Fund’s obligation to replace the security borrowed and sold short will be collateralized by cash equivalents maintained in a segregated account with the broker. Cash deposited with the broker is recorded as an asset on the Statement of Assets and Liabilities. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss; and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs.

The Fixed Income Funds may sell short U.S. Treasury securities and derivatives such as, but not limited to, swaps, futures contracts and currency forwards to manage risk (e.g., duration, currency, credit, etc.). The Fixed Income Funds may occasionally enter into a short sale to initiate a dollar roll transaction. The Low-Duration Bond Fund was involved in dollar roll transactions with U.S. Treasury securities throughout the year. The Fixed Income Funds did not have any dollar roll transactions at December 31, 2017. The Strategic Alternatives Fund may establish short positions in stocks of companies with a market value of up to 40% of the Fund’s assets. The Defensive Market Strategies Fund may establish short positions in stocks of companies with a market value of up to 30% of the Fund’s assets. The International Equity Fund may establish short positions in stocks of foreign companies with a market value of up to 10% of the Fund’s assets.

At December 31, 2017, the value of securities sold short in the Low-Duration Bond Fund, Strategic Alternatives Fund and International Equity Fund amounted to $5,407,911, $39,678,476 and $75,217,872, respectively.

330

h. Synthetic Convertible Instruments

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

i. Derivative Financial Instruments

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

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

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

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

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

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

331

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

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

332

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, 2017, all of the Funds maintained the required level of net assets and/or the NAVs of the Funds did not decline below the limits set forth in the derivative agreements.

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

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

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

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

333

may be partially offset by upfront payments received by the Fund as a seller of protection if applicable. The change in value is recorded within unrealized appreciation (depreciation) until the occurrence of a credit event or the termination of the swap, at which time a realized gain (loss) is recorded.

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

CDS agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use CDS on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

CDS agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike CDS on corporate issues or sovereign issues of an emerging country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other write down or loss events on the underlying loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use CDS on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default. At December 31, 2017, there were no investments in CDS agreements on asset-backed securities.

CDS agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures 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

334

in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use CDS on credit indices to hedge a portfolio of CDS or bonds with a CDS on indices which is less expensive than it would be to buy many CDS to achieve a similar effect. CDS on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of CDS agreements on corporate issues or sovereign issues of an emerging country as of period end are disclosed in the footnotes to the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For CDS agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a CDS agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection CDS agreements entered into by a Fund for the same referenced entity or entities.

CDS involve greater risks than if the Funds had invested in the referenced obligation directly. In addition to general market risks, CDS are subject to liquidity risk and counterparty credit risk. The Funds enter into CDS with counterparties meeting defined criteria for financial strength. A buyer also may lose its investment and recover nothing should a credit event not occur. If a credit event did occur, the value of the referenced obligation received by the seller, coupled with the periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value.

Centrally Cleared Swap Agreements — Centrally cleared swaps are either interest rate or CDS agreements brokered by the Chicago Mercantile Exchange, London Clearing House or the Intercontinental Exchange (the “Exchanges”) where the Exchanges are the counterparty to both the buyer and seller of protection. Centrally cleared swaps involve a lesser degree of risk because the Exchanges, as counterparties, monitor risk factors for the involved parties. Centrally cleared swaps are subject to general market risks and to liquidity risk. Pursuant to the agreement, the Funds agree to pay to or receive from the broker an amount of cash equal to the daily fluctuation in the value of the contract (the “Margin”) and daily interest on the margin. In the case of centrally cleared interest rate swaps, the daily settlement also includes the daily portion of interest. Such payments are recorded by the Funds as unrealized gains or losses until the contract is closed or settled.

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

Cross-Currency Swap Agreements — Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment

335

banks. Some cross-currency swaps may not provide for exchanging principal cash flows but only for exchanging interest cash flows. At December 31, 2017, there were no cross-currency swap agreements.

Interest Rate Swap Agreements — Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swap, under which two parties can exchange variable interest rates based on different money markets.

Total Return Swap Agreements — Total return swap agreements on commodities involve commitments where exchanged cash flows are based on the price of a commodity and in return a Fund receives either fixed or determined by floating price rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may be an equity, index, or bond, and in return receives a regular stream of payments. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty.

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

Variance Swap Agreements — Variance swap agreements involve two parties exchanging cash payments based on the difference between the stated level of variance (“Variance Strike Price”) and the actual variance realized on an underlying asset or index. As a receiver of the realized price variance, a Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike price. As a payer of the realized price variance, a Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike. A Fund may enter into variance swaps in an attempt to hedge market risk or adjust exposure to the markets. At December 31, 2017, there were no variance swap agreements.

FASB “Derivatives and Hedging” includes required disclosure for (i) the nature and terms of the derivative, reasons for entering into the derivative, the events or circumstances that would require the seller to perform under the derivative, and the current status of the payment/performance risk of the derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the derivative, (iii) the fair value of the derivative, and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties. FASB “Guarantees” require additional disclosures about the current status of the payment/performance risk of a guarantee. All of this information has 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.

336

As of December 31, 2017, the Low-Duration Bond Fund and the Medium-Duration Bond Fund are the buyers (“receiving protection”) on a total notional amount of $30,064,000 and $9,190,000, respectively, and the sellers (“providing protection”) on a total notional amount of $0 and $15,850,000, respectively. The notional amounts of the swaps are not recorded in the financial statements; however, the notional amount does approximate the maximum potential amount of future payments that the Funds could be required to make if the Funds were the seller of protection and a credit event was to occur. Those credit default swaps for which the Funds are providing protection at balance sheet date are summarized as follows:

	Single Name Credit Default Swaps				Credit Default Swap Index
	Corporate		Sovereign		Asset- Backed		Corporate
Reference Asset	Debt		Debt		Securities		Debt		Total
Medium-Duration Bond Fund
Fair value of written credit derivatives	$	11,724	$	—	$	639,781	$	—	$	651,505
Maximum potential amount of future payments		500,000		—		15,350,000		—		15,850,000
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, 2017, there were no recourse provisions with third parties to recover any amounts paid under the credit derivative agreement (including any purchased credit protection) nor was any collateral held by the Funds or other third parties which the Funds can obtain upon occurrence of a triggering event.

The credit spread disclosed below for each referenced obligation where the Funds are the seller of protection is a representation of the current payment/performance risk of the swap.

	Maximum Potential Amount of Future Payments by Contract Term
Current credit spread on underlying (in basis points)	0-6     Months		6-12     Months		1-5 Years		5-10 Years		More Than     10 Years		Total
Medium-Duration Bond Fund
0 – 100	$	—	$	—	$	4,550,000	$	—	$	5,100,000	$	9,650,000
101 – 250		—		—		—		—		—		—
251 – 500		—		—		6,200,000		—		—		6,200,000
501 – 1,000		—		—		—				—		—
Greater than 1,000		—		—		—				—		—
Total	$	—	$	—	$	10,750,000	$	—	$	5,100,000	$	15,850,000

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.

337

At December 31, 2017, derivative assets and liabilities (by type) held by the Funds are as follows:

Fund	Assets		Liabilities
MyDestination 2015
Derivative Financial Instruments:
Financial futures contracts	$	10,088	$	11,212
Total derivative assets and liabilities in the Statements of Assets and Liabilities		10,088		11,212
Derivatives not subject to an MA or similar agreement		10,088		11,212
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2025
Derivative Financial Instruments:
Financial futures contracts	$	16,428	$	27,300
Total derivative assets and liabilities in the Statements of Assets and Liabilities		16,428		27,300
Derivatives not subject to an MA or similar agreement		16,428		27,300
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2035
Derivative Financial Instruments:
Financial futures contracts	$	8,888	$	26,325
Total derivative assets and liabilities in the Statements of Assets and Liabilities		8,888		26,325
Derivatives not subject to an MA or similar agreement		8,888		26,325
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2045
Derivative Financial Instruments:
Financial futures contracts	$	4,585	$	22,913
Total derivative assets and liabilities in the Statements of Assets and Liabilities		4,585		22,913
Derivatives not subject to an MA or similar agreement		4,585		22,913
Total assets and liabilities subject to an MA	$	—	$	—
MyDestination 2055
Derivative Financial Instruments:
Financial futures contracts	$	—	$	8,775
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		8,775
Derivatives not subject to an MA or similar agreement		—		8,775
Total assets and liabilities subject to an MA	$	—	$	—
Conservative Allocation
Derivative Financial Instruments:
Financial futures contracts	$	1,217	$	2,438
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,217		2,438
Derivatives not subject to an MA or similar agreement		1,217		2,438
Total assets and liabilities subject to an MA	$	—	$	—
Balanced Allocation
Derivative Financial Instruments:
Financial futures contracts	$	25,265	$	37,050
Total derivative assets and liabilities in the Statements of Assets and Liabilities		25,265		37,050
Derivatives not subject to an MA or similar agreement		25,265		37,050
Total assets and liabilities subject to an MA	$	—	$	—

338

Fund	Assets		Liabilities
Growth Allocation
Derivative Financial Instruments:
Financial futures contracts	$	16,182	$	40,950
Total derivative assets and liabilities in the Statements of Assets and Liabilities		16,182		40,950
Derivatives not subject to an MA or similar agreement		16,182		40,950
Total assets and liabilities subject to an MA	$	—	$	—
Aggressive Allocation
Derivative Financial Instruments:
Financial futures contracts	$	9,040	$	47,775
Total derivative assets and liabilities in the Statements of Assets and Liabilities		9,040		47,775
Derivatives not subject to an MA or similar agreement		9,040		47,775
Total assets and liabilities subject to an MA	$	—	$	—
Low-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	7,942	$	40,544
Forward foreign exchange contracts		177,231		2,201,241
Options		—		53,483
Swaps and forward rate agreements		6,142		83,500
Total derivative assets and liabilities in the Statements of Assets and Liabilities		191,315		2,378,768
Derivatives not subject to an MA or similar agreement		14,101		117,341
Total assets and liabilities subject to an MA	$	177,214	$	2,261,427
Medium-Duration Bond
Derivative Financial Instruments:
Financial futures contracts	$	692,243	$	334,753
Forward foreign exchange contracts		710,049		1,498,124
Options		1,880,512		1,795,906
Swaps		592,227		543,593
Total derivative assets and liabilities in the Statements of Assets and Liabilities		3,875,031		4,172,376
Derivatives not subject to an MA or similar agreement		1,315,426		796,184
Total assets and liabilities subject to an MA	$	2,559,605	$	3,376,192
Global Bond
Derivative Financial Instruments:
Financial futures contracts	$	41,313	$	21,516
Forward foreign exchange contracts		1,122,105		370,622
Options		98,495		1,327
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,261,913		393,465
Derivatives not subject to an MA or similar agreement		1,023,417		392,138
Total assets and liabilities subject to an MA	$	238,496	$	1,327

339

Fund	Assets		Liabilities
Defensive Market Strategies
Derivative Financial Instruments:
Forward foreign exchange contracts	$	2,202	$	300,058
Options		—		501,488
Total derivative assets and liabilities in the Statements of Assets and Liabilities		2,202		801,546
Derivatives not subject to an MA or similar agreement		2,202		801,546
Total assets and liabilities subject to an MA	$	—	$	—
Equity Index
Derivative Financial Instruments:
Financial futures contracts	$	—	$	116,025
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		116,025
Derivatives not subject to an MA or similar agreement		—		116,025
Total assets and liabilities subject to an MA	$	—	$	—
Value Equity
Derivative Financial Instruments:
Financial futures contracts	$	—	$	149,321
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		149,321
Derivatives not subject to an MA or similar agreement		—		149,321
Total assets and liabilities subject to an MA	$	—	$	—
Growth Equity
Derivative Financial Instruments:
Financial futures contracts	$	—	$	178,425
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		178,425
Derivatives not subject to an MA or similar agreement		—		178,425
Total assets and liabilities subject to an MA	$	—	$	—
Small Cap Equity
Derivative Financial Instruments:
Financial futures contracts	$	—	$	210,910
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		210,910
Derivatives not subject to an MA or similar agreement		—		210,910
Total assets and liabilities subject to an MA	$	—	$	—
International Equity Index
Derivative Financial Instruments:
Financial futures contracts	$	760	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		760		—
Derivatives not subject to an MA or similar agreement		760		—
Total assets and liabilities subject to an MA	$	—	$	—

340

Fund	Assets		Liabilities
International Equity
Derivative Financial Instruments:
Financial futures contracts	$	503,930	$	437,500
Forward foreign exchange contracts		2,446,784		3,161,465
Swaps		494,377		35,540
Total derivative assets and liabilities in the Statements of Assets and Liabilities		3,445,091		3,634,505
Derivatives not subject to an MA or similar agreement		503,989		438,286
Total assets and liabilities subject to an MA	$	2,941,102	$	3,196,219
Emerging Markets Equity
Derivative Financial Instruments:
Financial futures contracts	$	186,315	$	78,824
Forward foreign exchange contracts		2,325,296		1,889,076
Swaps		68,037		196,793
Total derivative assets and liabilities in the Statements of Assets and Liabilities		2,579,648		2,164,693
Derivatives not subject to an MA or similar agreement		186,315		78,824
Total assets and liabilities subject to an MA	$	2,393,333	$	2,085,869
Inflation Protected Bond
Derivative Financial Instruments:
Financial futures contracts	$	—	$	4,930
Forward foreign exchange contracts		130,121		197,364
Swaps		—		2,280
Total derivative assets and liabilities in the Statements of Assets and Liabilities		130,121		204,574
Derivatives not subject to an MA or similar agreement		130,121		204,574
Total assets and liabilities subject to an MA	$	—	$	—
Global Real Estate Securities
Derivative Financial Instruments:
Financial futures contracts	$	—	$	39,253
Total derivative assets and liabilities in the Statements of Assets and Liabilities		—		39,253
Derivatives not subject to an MA or similar agreement		—		39,253
Total assets and liabilities subject to an MA	$	—	$	—
Strategic Alternatives
Derivative Financial Instruments:
Forward foreign exchange contracts	$	4,793,775	$	5,065,730
Options		172,905		594,670
Total derivative assets and liabilities in the Statements of Assets and Liabilities		4,966,680		5,660,400
Derivatives not subject to an MA or similar agreement		172,905		594,670
Total assets and liabilities subject to an MA	$	4,793,775	$	5,065,730

341

At December 31, 2017, derivative assets and liabilities by counterparty net of amounts available for offset under an MA and net of the related collateral (received)/pledged by the Trust are as follows:

Fund/Sub-adviser/Counterparty	Derivative Assets Subject to an MA			Derivative Liabilities Subject to an MA				Value of Derivatives Subject to an MA				Collateral (Received)/ Pledged			Net Exposure
Low-Duration Bond
Sub-adviser B
JPM		$	224		$	(1,771,150	)		$	(1,770,926	)		$	—		$	(1,770,926	)
Other Counterparties*			140,163			(462,913	)			(322,750	)			—			(322,750	)
			140,387			(2,234,063	)			(2,093,676	)			—			(2,093,676	)
Sub-adviser C
Other Counterparties*			36,827			(27,364	)			9,463				—			9,463
Total Derivatives		$	177,214		$	(2,261,427	)		$	(2,084,213	)		$	—		$	(2,084,213	)
Medium-Duration Bond
Sub-adviser A
Other Counterparties*		$	608,020		$	(474,743	)		$	133,277			$	6,474		$	139,751
Sub-adviser B
Other Counterparties*			1,838,374			(2,228,903	)			(390,529	)			—			(390,529	)
Sub-adviser C
Other Counterparties*			113,211			(672,546	)			(559,335	)			—			(559,335	)
Total Derivatives		$	2,559,605		$	(3,376,192	)		$	(816,587	)		$	6,474		$	(810,113	)
Global Bond
Sub-adviser A
Other Counterparties*		$	238,496		$	(1,327	)		$	237,169			$	—		$	237,169
Total Derivatives		$	238,496		$	(1,327	)		$	237,169			$	—		$	237,169

342

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
Other Counterparties*		$	2,941,102		$	(3,196,219	)		$	(255,117	)		$	(100,000	)		$	(355,117	)
Total Derivatives		$	2,941,102		$	(3,196,219	)		$	(255,117	)		$	(100,000	)		$	(355,117	)
Emerging Markets Equity
Sub-adviser A
Other Counterparties*		$	2,393,333		$	(2,085,869	)		$	307,464			$	(191,244	)		$	116,220
Total Derivatives		$	2,393,333		$	(2,085,869	)		$	307,464			$	(191,244	)		$	116,220
Strategic Alternatives
Sub-adviser A
SS		$	1,831,269		$	(2,320,812	)		$	(489,543	)		$	280,000			$	(209,543	)
Other Counterparties*			2,962,506			(2,744,918	)			217,588				(178,125	)			39,463
Total Derivatives		$	4,793,775		$	(5,065,730	)		$	(271,955	)		$	101,875			$	(170,080	)

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

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

343

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

*The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for open futures and exchange traded swap contracts. The variation margin presented below is the cumulative change in unrealized appreciation (depreciation) from the date the contract was opened until December 31, 2017.

	Asset Derivative Value
Fund	Total Value at 12/31/17		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2015
Futures	$	53,996	$	—	$	—	$	—	$	53,996
MyDestination 2025
Futures	$	177,397	$	—	$	—	$	—	$	177,397
MyDestination 2035
Futures	$	167,771	$	—	$	—	$	—	$	167,771
MyDestination 2045
Futures	$	142,084	$	—	$	—	$	—	$	142,084
MyDestination 2055
Futures	$	23,628	$	—	$	—	$	—	$	23,628
Conservative Allocation
Futures	$	12,456	$	—	$	—	$	—	$	12,456
Balanced Allocation
Futures	$	270,712	$	—	$	—	$	—	$	270,712
Growth Allocation
Futures	$	316,034	$	—	$	—	$	—	$	316,034
Aggressive Allocation
Futures	$	308,744	$	—	$	—	$	—	$	308,744

344

	Asset Derivative Value
Fund	Total Value at 12/31/17		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Low-Duration Bond
Forwards	$	177,231	$	—	$	177,231	$	—	$	—
Futures		983,304		983,304		—		—		—
Swaps and Forward Rate
Agreements		162,938		135,698		—		27,240		—
Totals	$	1,323,473	$	1,119,002	$	177,231	$	27,240	$	—
Medium-Duration Bond
Forwards	$	710,049	$	—	$	710,049	$	—	$	—
Futures		2,076,401		2,076,401		—		—		—
Purchased Options		1,880,512		1,880,512		—		—		—
Swaps		2,116,689		1,511,671		—		332,776		272,242
Totals	$	6,783,651	$	5,468,584	$	710,049	$	332,776	$	272,242
Global Bond Fund
Forwards	$	1,122,105	$	—	$	1,122,105	$	—	$	—
Futures		101,293		101,293		—		—		—
Purchased Options		98,495		—		98,495		—		—
Totals	$	1,321,893	$	101,293	$	1,220,600	$	—	$	—
Defensive Market Strategies
Forwards	$	2,202	$	—	$	2,202	$	—	$	—
Equity Index
Futures	$	232,690	$	—	$	—	$	—	$	232,690
Value Equity
Futures	$	421,192	$	—	$	—	$	—	$	421,192
Growth Equity
Futures	$	539,066	$	—	$	—	$	—	$	539,066
Small Cap Equity
Futures	$	177,616	$	—	$	—	$	—	$	177,616
International Equity Index
Futures	$	86,632	$	—	$	—	$	—	$	86,632
International Equity
Forwards	$	2,446,784	$	—	$	2,446,784	$	—	$	—
Futures		2,206,507		—		—		—		2,206,507
Swaps		494,377		—		—		—		494,377
Totals	$	5,147,668	$	—	$	2,446,784	$	—	$	2,700,884
Emerging Markets Equity
Forwards	$	2,325,296	$	—	$	2,325,296	$	—	$	—
Futures		1,776,202		—		—		—		1,776,202
Swaps		68,037		—		—		—		68,037
Totals	$	4,169,535	$	—	$	2,325,296	$	—	$	1,844,239

345

	Asset Derivative Value
Fund	Total Value at 12/31/17		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Inflation Protected Bond
Forwards	$	130,121	$	—	$	130,121	$	—	$	—
Futures		173,109		173,109		—		—		—
Swaps		7,859		7,859		—		—		—
Totals	$	311,089	$	180,968	$	130,121	$	—	$	—
Global Real Estate Securities
Futures	$	12,265	$	—	$	—	$	—	$	12,265
Strategic Alternatives
Forwards	$	4,793,775	$	—	$	4,793,775	$	—	$	—
Purchased Options		172,905		—		—		—		172,905
Totals	$	4,966,680	$	—	$	4,793,775	$	—	$	172,905

	Liability Derivative Value
Fund	Total Value at 12/31/17		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2015
Futures	$	14,173	$	14,173	$	—	$	—	$	—
MyDestination 2025
Futures	$	38,297	$	38,297	$	—	$	—	$	—
MyDestination 2035
Futures	$	16,797	$	16,797	$	—	$	—	$	—
MyDestination 2045
Futures	$	5,375	$	5,375	$	—	$	—	$	—
Conservative Allocation
Futures	$	8,060	$	8,060	$	—	$	—	$	—
Balanced Allocation
Futures	$	55,261	$	55,261	$	—	$	—	$	—
Growth Allocation
Futures	$	20,204	$	20,204	$	—	$	—	$	—
Low-Duration Bond
Forwards	$	2,201,241	$	—	$	2,201,241	$	—	$	—
Futures		971,204		971,204		—		—		—
Swaps and Forward Rate Agreements		174,204		149,826		—		24,378		—
Written Options		53,483		53,483		—		—		—
Totals	$	3,400,132	$	1,174,513	$	2,201,241	$	24,378	$	—

346

	Liability Derivative Value
Fund	Total Value at 12/31/17		Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Medium-Duration Bond
Forwards	$	1,498,124	$	—	$	1,498,124	$	—	$	—
Futures		1,897,051		1,897,051		—		—		—
Swaps		1,489,432		1,308,937		—		180,495		—
Written Options		1,795,906		1,685,416		110,490		—		—
Totals	$	6,680,513	$	4,891,404	$	1,608,614	$	180,495	$	—
Global Bond Fund
Forwards	$	370,622	$	—	$	370,622	$	—	$	—
Futures		237,068		237,068		—		—		—
Written Options		1,327		—		1,327		—		—
Totals	$	609,017	$	237,068	$	371,949	$	—	$	—
Defensive Market Strategies
Forwards	$	300,058	$	—	$	300,058	$	—	$	—
Written Options		501,488		—		—		—		501,488
Totals	$	801,546	$	—	$	300,058	$	—	$	501,488
International Equity
Forwards	$	3,161,465	$	—	$	3,161,465	$	—	$	—
Futures		508,500		—		—		—		508,500
Swaps		35,540		—		—		—		35,540
Totals	$	3,705,505	$	—	$	3,161,465	$	—	$	544,040
Emerging Markets Equity
Forwards	$	1,889,076	$	—	$	1,889,076	$	—	$	—
Futures		220,654		—		—		—		220,654
Swaps		196,793		—		—		—		196,793
Totals	$	2,306,523	$	—	$	1,889,076	$	—	$	417,447
Inflation Protected Bond
Forwards	$	197,364	$	—	$	197,364	$	—	$	—
Futures		112,712		112,712		—		—		—
Swaps		2,028		2,028		—		—		—
Totals	$	312,104	$	114,740	$	197,364	$	—	$	—
Strategic Alternatives
Forwards	$	5,065,730	$	—	$	5,065,730	$	—	$	—
Written Options		594,670		—		—		—		594,670
Totals	$	5,660,400	$	—	$	5,065,730	$	—	$	594,670

347

Derivative Type	Location on the Statements of Operations
Interest rate contracts	Net realized gain (loss) from: Futures transactions
	Net realized gain (loss) from: Swap and forward rate agreements
	Net realized gain (loss) from: Option contracts written
	Net realized gain (loss) from: Option contracts purchased
	Net change in unrealized appreciation (depreciation) on: Futures
	Net change in unrealized appreciation (depreciation) on: Swap and forward rate agreements
	Net change in unrealized appreciation (depreciation) on: Option contracts written
	Net change in unrealized appreciation (depreciation) on: Option contracts purchased
Foreign exchange contracts	Net realized gain (loss) from: Foreign currency
	Net realized gain (loss) from: Option contracts written
	Net realized gain (loss) from: Option contracts purchased
	Net change in unrealized appreciation (depreciation) on: Foreign currency
	Net change in unrealized appreciation (depreciation) on: Option contracts written
	Net change in unrealized appreciation (depreciation) on: Option contracts purchased
Credit contracts	Net realized gain (loss) from: Swap agreements
	Net change in unrealized appreciation (depreciation) on: Swap agreements
Equity contracts	Net realized gain (loss) from: Futures transactions
	Net realized gain (loss) from: Option contracts written
	Net change in unrealized appreciation (depreciation) on: 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 12/31/17		Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2015
Futures	$	1,345,077	$	34,378		$	—	$	—	$	1,310,699
MyDestination 2025
Futures	$	2,561,176	$	15,626		$	—	$	—	$	2,545,550
MyDestination 2035
Futures	$	1,782,040	$	15,491		$	—	$	—	$	1,766,549
MyDestination 2045
Futures	$	1,515,158	$	1,374		$	—	$	—	$	1,513,784
MyDestination 2055
Futures	$	281,082	$	—		$	—	$	—	$	281,082
Conservative Allocation
Futures	$	613,309	$	(65,500	)	$	—	$	—	$	678,809
Balanced Allocation
Futures	$	4,420,840	$	303,250		$	—	$	—	$	4,117,590
Growth Allocation
Futures	$	3,630,088	$	34,323		$	—	$	—	$	3,595,765
Aggressive Allocation
Futures	$	3,436,540	$	—		$	—	$	—	$	3,436,540

348

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 12/31/17			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Low-Duration Bond
Forwards	$	(996,355	)	$	—		$	(996,355	)	$	—		$	—
Futures		609,525			609,525			—			—			—
Purchased Options		(29,395	)		(29,395	)		—			—			—
Swaps and Forward Rate Agreements		(2,326,583	)		(1,433,733	)		—			(892,850	)		—
Written Options		292,510			292,510			—			—			—
Totals	$	(2,450,298	)	$	(561,093	)	$	(996,355	)	$	(892,850	)	$	—
Medium-Duration Bond
Forwards	$	(339,982	)	$	—		$	(339,982	)	$	—		$	—
Futures		2,191,262			2,217,575			(26,313	)		—			—
Purchased Options		(1,497,088	)		(1,360,972	)		(136,116	)		—			—
Swaps		1,992,813			1,509,985			—			505,143			(22,315	)
Written Options		2,153,696			1,888,390			249,913			15,393			—
Totals	$	4,500,701		$	4,254,978		$	(252,498	)	$	520,536		$	(22,315	)
Global Bond
Forwards	$	(70,489	)	$	—		$	(70,489	)	$	—		$	—
Futures		(405,973	)		(405,973	)		—			—			—
Purchased Options		29,220			29,220			—			—			—
Written Options		16,694			16,694			—			—			—
Totals	$	(430,548	)	$	(360,059	)	$	(70,489	)	$	—		$	—
Defensive Market Strategies
Forwards	$	(792,347	)	$	—		$	(792,347	)	$	—		$	—
Futures		711,157			—			—			—			711,157
Written Options		7,639,949			—			—			—			7,639,949
Totals	$	7,558,759		$	—		$	(792,347	)	$	—		$	8,351,106
Equity Index
Futures	$	4,712,019		$	—		$	—		$	—		$	4,712,019
Value Equity
Futures	$	8,419,228		$	—		$	—		$	—		$	8,419,228
Growth Equity
Futures	$	9,484,466		$	—		$	—		$	—		$	9,484,466
Small Cap Equity
Futures	$	2,370,870		$	—		$	—		$	—		$	2,370,870
International Equity Index
Futures	$	1,444,971		$	—		$	—		$	—		$	1,444,971
International Equity
Forwards	$	187,077		$	—		$	187,077		$	—		$	—
Futures		22,888,934			—			—			—			22,888,934
Swaps		(3,320,941	)		—			—			—			(3,320,941	)
Totals	$	19,755,070		$	—		$	187,077		$	—		$	19,567,993

349

	Realized Gain (Loss) on Derivatives Recognized in Income
	Total Value at 12/31/17			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
Emerging Markets Equity
Forwards	$	758,702		$	—		$	758,702		$	—	$	—
Futures		10,595,266			—			—			—		10,595,266
Swaps		(23,747	)		—			—			—		(23,747	)
Totals	$	11,330,221		$	—		$	758,702		$	—	$	10,571,519
Inflation Protected Bond
Forwards	$	(268,520	)	$	—		$	(268,520	)	$	—	$	—
Futures		(521,197	)		(521,197	)		—			—		—
Purchased Options		(1,420,727	)		(929,696	)		(491,031	)		—		—
Swaps		(29,284	)		(29,284	)		—			—		—
Written Options		616,747			358,671			258,076			—		—
Totals	$	(1,622,981	)	$	(1,121,506	)	$	(501,475	)	$	—	$	—
Global Real Estate Securities
Forwards	$	(6,926	)	$	—		$	(6,926	)	$	—	$	—
Futures		716,223			—			—			—		716,223
Totals	$	709,297		$	—		$	(6,926	)	$	—	$	716,223
Strategic Alternatives
Forwards	$	961,980		$	—		$	961,980		$	—	$	—
Purchased Options		(615,654	)		—			—			—		(615,654	)
Swaps		43,284			—			—			—		43,284
Written Options		1,127,352			—			—			—		1,127,352
Totals	$	1,516,962		$	—		$	961,980		$	—	$	554,982

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Total Value at 12/31/17		Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2015
Futures	$	79,357	$	1,460		$	—	$	—	$	77,897
MyDestination 2025
Futures	$	215,977	$	(15,220	)	$	—	$	—	$	231,197
MyDestination 2035
Futures	$	230,178	$	(6,375	)	$	—	$	—	$	236,553
MyDestination 2045
Futures	$	186,677	$	(3,142	)	$	—	$	—	$	189,819
MyDestination 2055
Futures	$	27,401	$	—		$	—	$	—	$	27,401
Conservative Allocation
Futures	$	12,345	$	(7,367	)	$	—	$	—	$	19,712
Balanced Allocation
Futures	$	337,524	$	(23,791	)	$	—	$	—	$	361,315

350

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Total Value at 12/31/17			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Growth Allocation
Futures	$	436,757		$	3,133		$	—		$	—		$	433,624
Aggressive Allocation
Futures	$	407,808		$	—		$	—		$	—		$	407,808
Low-Duration Bond
Forwards	$	(4,226,861	)	$	—		$	(4,226,861	)	$	—		$	—
Futures		(4,088	)		(4,088	)		—			—			—
Purchased Options		(18,686	)		(18,686	)		—			—			—
Swaps and Forward Rate Agreements		482,762			368,461			—			114,301			—
Written Options		(49,850	)		(49,850	)		—			—			—
Totals	$	(3,816,723	)	$	295,837		$	(4,226,861	)	$	114,301		$	—
Medium-Duration Bond
Forwards	$	(3,419,818	)	$	—		$	(3,419,818	)	$	—		$	—
Futures		757,237			769,036			(11,799	)		—			—
Purchased Options		(685,246	)		(685,246	)		—			—			—
Swaps		(1,528,433	)		(1,406,095	)		—			(122,338	)		—
Written Options		838,658			893,270			(54,612	)		—			—
Totals	$	(4,037,602	)	$	(429,035	)	$	(3,486,229	)	$	(122,338	)	$	—
Global Bond
Forwards	$	2,304,200		$	—		$	2,304,200		$	—		$	—
Futures		(195,615	)		(195,615	)		—			—			—
Purchased Options		(643,340	)		—			(643,340	)		—			—
Written Options		23,061			—			23,061			—			—
Totals	$	1,488,306		$	(195,615	)	$	1,683,921		$	—		$	—
Defensive Market Strategies
Forwards	$	(216,517	)	$	—		$	(216,517	)	$	—		$	—
Futures		38,690			—			—			—			38,690
Written Options		186,375			—			—			—		$	186,375
Totals	$	8,548		$	—		$	(216,517	)	$	—		$	225,065
Equity Index
Futures	$	361,405		$	—		$	—		$	—		$	361,405
Value Equity
Futures	$	593,375		$	—		$	—		$	—		$	593,375
Growth Equity
Futures	$	746,956		$	—		$	—		$	—		$	746,956
Small Cap Equity
Futures	$	722,234		$	—		$	—		$	—		$	722,234
International Equity Index
Futures	$	123,923		$	—		$	—		$	—		$	123,923

351

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Total Value at 12/31/17			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
International Equity
Forwards	$	1,395,208		$	—		$	1,395,208		$	—	$	—
Futures		1,100,853			—			—			—		1,100,853
Swaps		209,909			—			—			—		209,909
Totals	$	2,705,970		$	—		$	1,395,208		$	—	$	1,310,762
Emerging Markets Equity
Forwards	$	(496,951	)	$	—		$	(496,951	)	$	—	$	—
Futures		1,376,310			—			—			—		1,376,310
Swaps		(77,025	)		—			—			—		(77,025	)
Totals	$	802,334		$	—		$	(496,951	)	$	—	$	1,299,285
Inflation Protected Bond
Forwards	$	(336,374	)	$	—		$	(336,374	)	$	—	$	—
Futures		34,378			34,378			—			—		—
Purchased Options		159,922			74,743			85,179			—		—
Swaps		5,831			5,831			—			—		—
Written Options		(56,196	)		(95,153	)		38,957			—		—
Totals	$	(192,439	)	$	19,799		$	(212,238	)	$	—	$	—
Global Real Estate Securities
Futures	$	104,819		$	—		$	—		$	—	$	104,819
Strategic Alternatives
Forwards	$	(271,955	)	$	—		$	(271,955	)	$	—	$	—
Purchased Options		(52,475	)		—			—			—		(52,475	)
Written Options		(9,729	)		—			—			—		(9,729	)
Totals	$	(334,159	)	$	—		$	(271,955	)	$	—	$	(62,204	)

352

Volume of Derivative Transactions

The table below summarizes the average balance of derivative holdings by fund during the year ended December 31, 2017. The average balance of derivatives held is indicative of the trading volume of each Fund.

	Long Derivative Volume
	Forward Foreign Currency Contracts		Financial Futures Contracts		Purchased Option Contracts		Swap Contracts and Forward Rate Agreements
MyDestination 2015		—		12,122,672		—		—
MyDestination 2025		—		20,194,168		—		—
MyDestination 2035		—		11,898,608		—		—
MyDestination 2045		—		9,157,137		—		—
MyDestination 2055		—		1,777,374		—		—
Conservative Allocation		—		14,078,346		—		—
Balanced Allocation		—		40,193,786		—		—
Growth Allocation		—		26,076,471		—		—
Aggressive Allocation		—		19,187,289		—		—
Low-Duration Bond		65,153,854		405,200,936		27,468		50,090,882
Medium-Duration Bond		116,365,221		568,158,271		1,844,905		182,677,061
Global Bond		15,091,870		42,688,035		108,018		—
Defensive Market Strategies		10,571,151		2,750,526		—		—
Equity Index		—		28,674,726		—		—
Value Equity		—		43,326,036		—		—
Growth Equity		—		57,687,428		—		—
Small Cap Equity		—		24,400,195		—		—
International Equity Index		—		7,351,168		—		—
International Equity		146,702,525		165,209,335		—		14,604,039
Emerging Markets Equity		64,753,105		52,002,351		—		65,164,409
Inflation Protected Bond		22,384,961		32,426,507		223,927		7,938,862
Global Real Estate Securities		—		5,716,884		—		—
Strategic Alternatives		256,721,261		—		238,390		10,571

	Short Derivative Volume
	Forward Foreign Currency Contracts		Financial Futures Contracts		Written Option Contracts		Swap Contracts and Forward Rate Agreements
Low-Duration Bond		13,092,381		209,806,309		77,297		241,487,620
Medium-Duration Bond		55,973,541		564,652,865		1,862,062		280,425,257
Global Bond		42,948,116		28,858,547		39,241		—
Defensive Market Strategies		2,804,907		—		781,118		—
International Equity		205,820,929		71,213,856		—		16,654,550
Emerging Markets Equity		75,837,141		11,221,848		—		60,910,009
Inflation Protected Bond		5,193,274		98,793,026		112,382		9,185,435
Strategic Alternatives		250,511,474		—		497,425		41,817

j. Dividends and Distributions to Shareholders

The Low-Duration Bond Fund, Medium-Duration Bond Fund, Extended-Duration Bond Fund, Inflation Protected Bond Fund and Global Bond Fund declare and pay dividends from net investment income monthly. The Money Market Fund declares income dividends daily and pays them monthly. Each of the Defensive Market Strategies Fund, Equity Index Fund, Global Real Estate Securities Fund, Value Equity Fund and Growth Equity Fund declares and pays dividends from net investment income semi-annually. Each of the other Funds (including all the Target Date Funds and Asset Allocation Funds) declares and pays

353

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.

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”.

354

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

Fund	Advisory Fees			Sub-Adviser Fees
MyDestination 2015		0.10	%		0.00	%
MyDestination 2025		0.10	%		0.00	%
MyDestination 2035		0.10	%		0.00	%
MyDestination 2045		0.10	%		0.00	%
MyDestination 2055		0.10	%		0.00	%
Conservative Allocation		0.10	%		0.00	%
Balanced Allocation		0.10	%		0.00	%
Growth Allocation		0.10	%		0.00	%
Aggressive Allocation		0.10	%		0.00	%
Money Market		0.07	%		0.05	%
Low-Duration Bond		0.11	%		0.19	%
Medium-Duration Bond		0.13	%		0.20	%
Extended-Duration Bond		0.25	%		0.23	%
Global Bond		0.25	%		0.25	%
Defensive Market Strategies		0.33	%		0.29	%
Equity Index		0.08	%		0.01	%
Value Equity		0.33	%		0.21	%
Growth Equity		0.33	%		0.36	%
Small Cap Equity		0.33	%		0.59	%
International Equity Index		0.10	%		0.02	%
International Equity		0.33	%		0.40	%
Emerging Markets Equity		0.33	%		0.70	%
Inflation Protected Bond Fund		0.20	%		0.09	%
Global Real Estate Securities Fund		0.30	%		0.40	%
Strategic Alternatives Fund		0.40	%		0.46	%

For the year ended December 31, 2017, advisory fees and waivers for each Fund were as follows:

	Gross Advisory Fee		Waiver/ Reimbursements(1)			Net Advisory Fee (Reimbursement)
MyDestination 2015	$	586,015	$	(53,852	)	$	532,163
MyDestination 2025		986,548		(36,942	)		949,606
MyDestination 2035		565,277		(45,219	)		520,058
MyDestination 2045		422,133		(74,894	)		347,239
MyDestination 2055		89,218		(141,738	)		(52,520	)
Conservative Allocation		488,459		(28,966	)		459,493
Balanced Allocation		1,556,485		(97,975	)		1,458,510
Growth Allocation		1,178,613		(56,113	)		1,122,500
Aggressive Allocation		971,521		(1,981	)		969,540
Money Market(2)		891,444		-			891,444
Low-Duration Bond		1,028,798		(78,547	)		950,251
Medium-Duration Bond		1,502,868		(177,676	)		1,325,192
Extended-Duration Bond		602,647		(16,292	)		586,355
Global Bond		1,191,039		(83,849	)		1,107,190
Defensive Market Strategies		2,991,173		(80,131	)		2,911,042
Equity Index		686,017		(62,723	)		623,294
Value Equity		4,556,608		(104,828	)		4,451,780
Growth Equity		5,130,742		(140,458	)		4,990,284
Small Cap Equity		1,786,534		(56,645	)		1,729,889

355

	Gross Advisory Fee		Waiver/ Reimbursements(1)			Net Advisory Fee (Reimbursement)
International Equity Index	$	157,147	$	97,614		$	254,761
International Equity		4,849,704		(145,961	)		4,703,743
Emerging Markets Equity		1,380,181		(92,549	)		1,287,632
Inflation Protected Bond		535,794		(16,071	)		519,723
Global Real Estate Securities		696,440		(10,005	)		686,435
Strategic Alternatives		483,827		(19,136	)		464,691

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

⁽²⁾  The Statement of Operations “Expenses waived/reimbursed net of amount recaptured” for the Money Market Fund includes shareholder servicing fee waiver and other waivers.

b. Shareholder Servicing Fees (Affiliate)

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

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

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

c. Expense Limitation (Affiliate)

On February 24, 2017, GSCM agreed, through April 30, 2018, to waive fees and reimburse expenses of the Institutional Class and Investor Class of each Fund (excluding interest, taxes, brokerage commissions, expense incurred in connection with acquired fund fees, expenses on securities sold short, and extraordinary expenses) which exceed, in the aggregate, the annual percentage rate of each Class’s average daily net assets as follows:

	For the Period January 1, 2017 to April 30, 2017						For the Period May 1, 2017 to December 31, 2017
Fund	Institutional Class			Investor Class			Institutional Class			Investor Class
MyDestination 2015		N/A			0.35	%		0.20	%		0.40	%
MyDestination 2025		N/A			0.35	%		0.20	%		0.40	%
MyDestination 2035		N/A			0.35	%		0.20	%		0.40	%
MyDestination 2045		N/A			0.35	%		0.20	%		0.40	%
MyDestination 2055		N/A			0.35	%		0.20	%		0.40	%
International Equity Index		0.57	%		N/A			0.57	%		N/A
Emerging Markets Equity		1.32	%		1.57	%		1.32	%		1.57	%
Strategic Alternatives(1)		N/A			N/A			1.28	%		1.53	%

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

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

356

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

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

d. Brokerage Service Arrangements

Subject to best execution, the Adviser directs the sub-advisers to place a certain percentage of security trades with designated brokers who have agreed to pay certain custody, transfer agency or other operating expenses through the use of Brokerage Service Arrangements on behalf of the Funds. These payments can be found on the Statement of Operations under the heading “Fees Paid Indirectly.”

Fund	Expenses Paid Through Brokerage Service Arrangements
Defensive Market Strategies	$	188
Value Equity		14,046
Growth Equity		45,465
Small Cap Equity		60,088
International Equity		8,689
Emerging Markets Equity		2,800
Global Real Estate Securities		24,000

e. Administrator, Transfer Agent and Distributor

Effective April 1, 2017, The Northern Trust Company (“Northern Trust”) provides administrative and accounting services to the Funds, and prior to this date, BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) provided administrative and accounting services to the Funds. For its services as Administrator, both Northern Trust and BNY Mellon are entitled to receive fees, computed daily and paid monthly, based upon the average daily net assets of each Fund. Prior to April 1, 2017, the fees excluding out of pocket expenses, ranged between 0.004% and 0.02% of average daily net assets. Effective April 1, 2017, the fees excluding out of pocket expenses, range between 0.004% and 0.0225% of average daily net assets. For its services as Transfer Agent, BNY Mellon receives a fee based mainly upon the number of accounts serviced. Certain minimum fees and transaction charges may apply. For the year ended December 31, 2017, BNY Mellon and Northern Trust received $4,095,574 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.

357

f. Investments in Affiliates

The Target Date and Asset Allocation Funds do not invest in the underlying Select Funds for the purpose of exercising management or control; however, investments made by each Target Date and Asset Allocation Fund within each of its principal investment strategies may represent a significant portion of an underlying Select Fund’s net assets. At December 31, 2017, the Target Date and Asset Allocation Funds were the owner of record of the following approximate percentages of the total outstanding shares of the underlying Select Funds as detailed below:

Fund	MyDestination 2015			MyDestination 2025			MyDestination 2035			MyDestination 2045			MyDestination 2055
Low-Duration Bond		9.27	%		3.31	%		—			—			—
Money Market		1.04			1.91			1.44	%		1.08	%		0.27	%
Medium-Duration Bond		10.16			18.86			7.10			2.54			0.32
Global Bond		10.60			13.98			4.71			1.69			0.21
Defensive Market Strategies		7.33			12.28			2.44			—			—
Equity Index		3.71			9.66			8.77			7.79			1.94
Value Equity		2.55			6.42			5.72			5.10			1.26
Growth Equity		2.23			5.68			4.98			4.42			1.11
Small Cap Equity		2.03			5.26			4.66			4.12			1.02
International Equity Index		11.41			29.20			26.13			23.23			5.79
International Equity		2.68			6.87			6.12			5.47			1.36
Emerging Markets Equity		3.75			9.53			8.60			7.63			1.88
Inflation Protected Bond		14.11			10.42			—			—			—
Global Real Estate Securities		2.44			5.75			4.45			3.78			0.94
Strategic Alternatives Fund		7.45			7.25			—			—			—

Fund	Conservative Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Low-Duration Bond		26.02	%		11.41	%		3.90	%		—
Money Market		0.36			3.00			2.22			1.84	%
Medium-Duration Bond		4.40			22.95			9.16			—
Extended-Duration Bond		—			27.58			9.50			—
Global Bond		2.96			25.79			8.91			—
Defensive Market Strategies		3.95			16.88			5.91			—
Value Equity		1.97			11.33			15.75			18.79
Growth Equity		1.71			10.04			13.44			16.17
Small Cap Equity		1.09			6.22			8.38			10.18
International Equity		2.03			12.09			16.50			19.79
Emerging Markets Equity		1.94			11.35			15.45			18.63
Inflation Protected Bond		10.99			32.45			—			—
Global Real Estate Securities		2.50			14.52			16.52			—
Strategic Alternatives		6.94			17.00			8.39			—

358

A summary of the Funds’ total long-term and short-term purchases and sales of the shares of the underlying Select Funds during the year ended December 31, 2017 is as follows (amounts in thousands):

	Total Value at 12/31/16		Purchases		Sales Proceeds		Net Realized Gains/(Losses)			Change in Unrealized Appreciation/ (Depreciation)			Total  Value at 12/31/17		Dividend Income		Distributions of Realized Gains
MyDestination 2015
Money Market	$	8,127	$	89,607	$	85,628	$	—		$	—		$	12,106	$	113	$	—
Low-Duration Bond		57,960		25,771		—		—			(55	)		83,676		1,102		—
Medium-Duration Bond		97,375		44,370		656		(11	)		1,952			143,030		2,449		—
Global Bond		38,581		15,857		—		—			1,623			56,061		1,685		—
Defensive Market Strategies		91,129		6,645		34,050		3,078			3,746			70,548		472		3,873
Equity Index		29,151		2,416		991		60			5,626			36,262		554		222
Value Equity		32,320		5,348		1,161		(113	)		2,530			38,924		599		2,059
Growth Equity		28,733		5,942		1,399		(173	)		5,584			38,687		24		3,768
Small Cap Equity		10,963		1,429		1,700		34			568			11,294		19		800
International Equity Index		20,058		856		3,605		107			4,058			21,474		489		66
International Equity		40,835		3,639		9,195		335			7,845			43,459		691		2,773
Emerging Markets Equity		16,421		2,215		5,284		95			5,286			18,733		179		—
Inflation Protected Bond		33,005		5,714		14,620		(133	)		257			24,223		715		—
Flexible Income		18,256		129		18,383		(635	)		633			—		129		—
Global Real Estate Securities		4,142		1,295		65		(8	)		273			5,637		224		—
Global Natural Resources Equity		7,967		980		8,280		(342	)		(325	)		—		—		—
Strategic Alternatives		—		27,004		195		1			81			26,891		141		40
	$	535,023	$	239,217	$	185,212	$	2,295		$	39,682		$	631,005	$	9,585	$	13,601
MyDestination 2025
Money Market	$	16,076	$	121,477	$	115,361	$	—		$	—		$	22,192	$	176	$	—
Low-Duration Bond		11,917		18,031		—		—			(53	)		29,895		334		—
Medium-Duration Bond		162,036		101,055		765		(17	)		3,306			265,615		4,246		—
Global Bond		43,023		29,017		—		—			1,872			73,912		2,028		—
Defensive Market Strategies		150,205		25,973		70,430		6,797			5,633			118,178		803		6,434
Equity Index		69,700		12,286		1,955		181			14,210			94,422		1,419		573
Value Equity		75,450		16,593		—		—			5,897			97,940		1,508		5,180
Growth Equity		68,673		17,349		670		(32	)		13,375			98,695		60		9,604
Small Cap Equity		26,094		6,550		4,900		34			1,449			29,227		50		2,071
International Equity Index		43,057		6,480		4,060		148			9,329			54,954		1,251		168
International Equity		88,183		13,182		7,275		384			17,068			111,542		1,773		7,114
Emerging Markets Equity		34,760		7,128		6,530		174			12,049			47,581		459		—
Inflation Protected Bond		18,560		10,201		10,924		(81	)		129			17,885		505		—
Flexible Income		16,479		896		17,373		(373	)		371			—		121		—
Global Real Estate Securities		9,840		3,670		920		(82	)		784			13,292		530		—
Global Natural Resources Equity		20,391		1,975		20,742		(725	)		(899	)		—		—		—
Strategic Alternatives		—		26,114		—		—			74			26,188		140		40
	$	854,444	$	417,977	$	261,905	$	6,408		$	84,594		$	1,101,518	$	15,403	$	31,184

359

	Total Value at 12/31/16		Purchases		Sales Proceeds		Net Realized Gains/(Losses)			Change in Unrealized Appreciation/ (Depreciation)			Total  Value at 12/31/17		Dividend Income		Distributions of Realized Gains
MyDestination 2035
Money Market	$	11,320	$	62,021	$	56,588	$	—		$	—		$	16,753	$	103	$	—
Low-Duration Bond		219		—		220		(1	)		2			—		—		—
Medium-Duration Bond		73,391		29,102		4,120		(94	)		1,674			99,953		1,895		—
Global Bond		18,279		6,605		790		1			802			24,897		830		—
Defensive Market Strategies		13,244		10,183		940		87			933			23,507		139		1,125
Equity Index		63,959		82,545		74,134		405			12,960			85,735		1,306		525
Value Equity		67,461		16,866		2,726		(91	)		5,663			87,173		1,369		4,648
Growth Equity		63,518		93,023		82,758		(133	)		12,853			86,503		56		8,455
Small Cap Equity		22,537		6,959		5,100		173			1,308			25,877		44		1,834
International Equity Index		31,141		11,430		300		(17	)		6,911			49,165		1,120		150
International Equity		63,858		24,492		865		3			11,901			99,389		1,580		6,322
Emerging Markets Equity		26,399		10,182		2,860		(246	)		9,462			42,937		411		—
Global Real Estate Securities		7,676		2,207		160		(14	)		573			10,282		413		—
Global Natural Resources Equity		15,774		2,970		17,357		(1,363	)		(24	)		—		—		—
	$	478,776	$	358,585	$	248,918	$	(1,290	)	$	65,018		$	652,171	$	9,266	$	23,059
MyDestination 2045
Money Market	$	7,921	$	47,242	$	42,575	$	—		$	—		$	12,588	$	76	$	—
Medium-Duration Bond		30,041		12,562		7,559		(100	)		769			35,713		752		—
Global Bond		7,494		2,960		1,858		3			332			8,931		328		—
Equity Index		55,825		11,550		2,985		394			11,425			76,209		1,157		466
Value Equity		57,926		18,112		3,150		(99	)		5,026			77,815		1,218		4,144
Growth Equity		55,408		14,142		3,940		(50	)		11,263			76,823		50		7,490
Small Cap Equity		19,748		6,718		4,886		151			1,164			22,895		39		1,622
International Equity Index		26,484		12,374		1,040		(49	)		5,936			43,705		984		133
International Equity		53,796		25,775		631		(48	)		9,942			88,834		1,404		5,585
Emerging Markets Equity		21,461		10,621		1,880		(134	)		8,017			38,085		364		—
Global Real Estate Securities		5,810		2,632		130		(15	)		438			8,735		346		—
Global Natural Resources Equity		11,918		2,815		13,721		(1,230	)		218			—		—		—
	$	353,832	$	167,503	$	84,355	$	(1,177	)	$	54,530		$	490,333	$	6,718	$	19,440
MyDestination 2055
Money Market	$	1,376	$	25,418	$	23,656	$	—		$	—		$	3,138	$	17	$	—
Medium-Duration Bond		3,452		2,530		1,534		(21	)		105			4,532		96		—
Global Bond		862		595		365		22			18			1,132		42		—
Equity Index		10,381		6,581		621		84			2,508			18,933		270		110
Value Equity		10,539		8,305		689		(28	)		1,093			19,220		286		994
Growth Equity		10,509		7,133		683		(5	)		2,241			19,195		11		1,811
Small Cap Equity		3,504		2,875		990		63			211			5,663		10		397
International Equity Index		4,977		4,698		35		(3	)		1,256			10,893		247		32
International Equity		10,106		10,154		112		(5	)		1,947			22,090		350		1,378
Emerging Markets Equity		4,023		3,916		250		(10	)		1,709			9,388		90		—
Global Real Estate Securities		1,046		1,044		—		—			83			2,173		84		—
Global Natural Resources Equity		2,050		996		2,842		260			(464	)		—		—		—
	$	62,825	$	74,245	$	31,777	$	357		$	10,707		$	116,357	$	1,503	$	4,722

360

	Total Value at 12/31/16		Purchases		Sales Proceeds		Net Realized Gains/(Losses)			Change in Unrealized Appreciation/ (Depreciation)			Merger Activity		Total Value at 12/31/17		Dividend Income		Distributions of Realized Gains
Conservative Allocation
Money Market	$	6,913	$	68,238	$	70,992	$	—		$	—		$	—	$	4,159	$	95	$	—
Low-Duration Bond		154,777		40,386		3,410		(100	)		(191	)		43,352		234,814		3,458		—
Medium-Duration Bond		40,217		10,323		1,125		(51	)		689			11,925		61,978		1,222		—
Global Bond		10,214		2,301		250		(1	)		486			2,909		15,659		532		—
Defensive Market Strategies		34,206		2,731		11,050		780			2,255			9,119		38,041		241		1,990
Value Equity		19,823		5,284		1,916		(210	)		1,965			5,072		30,018		454		1,576
Growth Equity		17,887		7,079		4,321		(440	)		4,107			5,318		29,630		17		2,901
Small Cap Equity		3,982		1,351		661		8			352			1,041		6,073		10		430
International Equity		21,226		2,923		2,004		(77	)		4,751			6,094		32,913		523		2,100
Emerging Markets Equity		5,589		1,428		1,155		(65	)		2,362			1,543		9,702		94		—
Inflation Protected Bond		36,735		1,408		29,783		(381	)		379			10,508		18,866		708		—
Flexible Income		18,713		164		24,094		(909	)		751			5,375		—		164		—
Global Real Estate Securities		3,788		1,001		379		(42	)		259			1,149		5,776		231		—
Global Natural Resources Equity		7,485		1,130		10,091		(1,949	)		1,889			1,536		—		—		—
Strategic Alternatives		—		25,143		225		1			148			—		25,067		134		40
	$	381,555	$	170,890	$	161,456	$	(3,436	)	$	20,202		$	104,941	$	512,696	$	7,883	$	9,037

	Total Value at 12/31/16		Purchases		Sales Proceeds		Net Realized Gains/(Losses)			Change in Unrealized Appreciation/ (Depreciation)		Total  Value at 12/31/17		Dividend Income		Distributions of Realized Gains
Balanced Allocation
Money Market	$	32,201	$	145,342	$	142,623	$	—		$	—	$	34,920	$	344	$	—
Low-Duration Bond		178,127		10,921		86,470		(1,182	)		1,594		102,990		2,726		—
Medium-Duration Bond		236,897		86,010		4,450		(303	)		5,061		323,215		5,537		—
Extended-Duration Bond		60,756		5,668		1,930		(253	)		4,036		68,277		2,064		453
Global Bond		118,171		15,693		2,430		3			4,918		136,355		4,688		—
Defensive Market Strategies		118,375		41,345		3,835		297			6,341		162,523		939		7,646
Value Equity		146,532		21,498		6,280		(591	)		11,712		172,871		2,679		9,168
Growth Equity		137,470		27,893		16,870		(2,025	)		27,862		174,330		108		17,073
Small Cap Equity		31,218		7,484		6,000		149			1,717		34,568		59		2,435
International Equity		164,899		15,850		15,430		1,778			29,265		196,362		3,121		12,529
Emerging Markets Equity		43,771		4,382		5,770		(478	)		14,760		56,665		542		—
Inflation Protected Bond		85,508		3,514		33,643		(290	)		621		55,710		1,715		—
Flexible Income		44,522		314		44,831		(1,859	)		1,854		—		315		—
Global Real Estate Securities		38,547		5,472		13,280		(897	)		3,717		33,559		1,432		—
Global Natural Resources Equity		45,514		3,415		46,871		(11,940	)		9,882		—		—		—
Strategic Alternatives		—		63,056		1,830		8			151		61,385		329		95
	$	1,482,508	$	457,857	$	432,543	$	(17,583	)	$	123,491	$	1,613,730	$	26,598	$	49,399

361

	Total Value at 12/31/16		Purchases		Sales Proceeds		Net Realized Gains/(Losses)			Change in Unrealized Appreciation/ (Depreciation)			Total  Value at 12/31/17		Dividend Income		Distributions of Realized Gains
Growth Allocation
Money Market	$	25,623	$	60,085	$	59,835	$	—		$	—		$	25,873	$	203	$	—
Low-Duration Bond		79,456		9,499		53,964		(309	)		539			35,221		1,214		—
Medium-Duration Bond		106,485		24,049		3,645		(116	)		2,271			129,044		2,487		—
Extended-Duration Bond		27,234		2,840		8,284		(1,002	)		2,732			23,520		892		178
Global Bond		53,023		5,883		14,046		9			2,243			47,112		2,078		—
Defensive Market Strategies		—		59,245		500		4			(1,815	)		56,934		268		2,265
Value Equity		199,334		29,797		4,205		(246	)		15,598			240,278		3,767		12,805
Growth Equity		190,266		29,616		23,541		(1,641	)		38,827			233,527		155		22,861
Small Cap Equity		44,738		8,788		9,660		260			2,432			46,558		79		3,299
International Equity		230,133		24,379		31,049		4,946			39,628			268,037		4,260		17,102
Emerging Markets Equity		59,283		4,568		6,717		115			19,869			77,118		738		—
Global Real Estate Securities		36,481		2,114		2,839		(219	)		2,647			38,184		1,564		—
Global Natural Resources Equity		34,787		2,110		34,882		(8,658	)		6,643			—		—		—
Strategic Alternatives		—		30,695		160		—			(239	)		30,296		162		48
	$	1,086,843	$	293,668	$	253,327	$	(6,857	)	$	131,375		$	1,251,702	$	17,867	$	58,558
Aggressive Allocation
Money Market	$	18,822	$	63,955	$	61,420	$	—		$	—		$	21,357	$	143	$	—
Value Equity		235,214		36,009		2,765		(166	)		18,328			286,620		4,508		15,317
Growth Equity		226,001		30,940		19,446		(1,492	)		44,842			280,845		186		27,689
Small Cap Equity		51,438		11,738		9,700		233			2,859			56,568		96		3,987
International Equity		271,334		27,627		29,425		(164	)		52,160			321,532		5,110		20,516
Emerging Markets Equity		70,721		5,645		7,040		(161	)		23,803			92,968		890		—
	$	873,530	$	175,914	$	129,796	$	(1,750	)	$	141,992		$	1,059,890	$	10,933	$	67,509
Low-Duration Bond
Money Market	$	15,457	$	587,315	$	589,878	$	—		$	—		$	12,894	$	178	$	—
Medium-Duration Bond
Money Market	$	52,756	$	651,692	$	608,341	$	—		$	—		$	96,107	$	417	$	—
Extended-Duration Bond
Money Market	$	6,093	$	67,979	$	67,869	$	—		$	—		$	6,203	$	37	$	—
Global Bond
Money Market	$	31,918	$	395,169	$	397,341	$	—		$	—		$	29,746	$	180	$	—
Defensive Market Strategies
Money Market	$	29,869	$	248,681	$	245,251	$	—		$	—		$	33,299	$	175	$	—
Equity Index
Money Market	$	23,274	$	183,029	$	173,846	$	—		$	—		$	32,457	$	140	$	—
Value Equity
Money Market	$	30,846	$	257,310	$	252,390	$	—		$	—		$	35,766	$	235	$	—
Growth Equity
Money Market	$	54,388	$	674,385	$	676,917	$	—		$	—		$	51,856	$	302	$	—

362

	Total Value at 12/31/16		Purchases		Sales Proceeds		Net Realized Gains/(Losses)		Change in Unrealized Appreciation/ (Depreciation)		Total  Value at 12/31/17		Dividend Income		Distributions of Realized Gains
Small Cap Equity
Money Market	$	23,248	$	198,482	$	196,972	$	—	$	—	$	24,758	$	123	$	—
International Equity Index
Money Market	$	6,944	$	42,488	$	42,376	$	—	$	—	$	7,056	$	50	$	—
International Equity
Money Market	$	59,347	$	619,144	$	609,476	$	—	$	—	$	69,015	$	334	$	—
Emerging Markets Equity
Money Market	$	13,793	$	163,809	$	157,993	$	—	$	—	$	19,609	$	83	$	—
Inflation Protected Bond
Money Market	$	3,843	$	201,558	$	191,663	$	—	$	—	$	13,738	$	36	$	—
Global Real Estate Securities
Money Market	$	5,228	$	69,799	$	70,436	$	—	$	—	$	4,591	$	21	$	—
Strategic Alternatives
Money Market	$	—	$	266,863	$	240,428	$	—	$	—	$	26,435	$	55	$	—

4. SECURITIES LENDING

Through an agreement with The Northern Trust Company (“Northern Trust”) (the Funds’ custodian) the Select Funds may lend portfolio securities to certain brokers, dealers and other financial institutions that pay the Select Funds a negotiated fee. The Select Funds receive cash or U.S. government securities, such as U.S. Treasury Bills and U.S. Treasury Notes, as collateral against the loaned securities in an amount at least equal to the market value of the loaned securities. The Funds continue to own the loaned securities and the securities remain in the investment portfolio. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Cash collateral has been invested in a short-term money market fund of Northern Trust, which invests in securities that satisfy the quality requirements of Rule 2a-7 and have short maturities. This investment is presented on the Funds’ Schedules of Investments. The Funds do not have control of non-cash securities lending collateral: as such, this amount is not presented on the Funds’ Schedules of Investments. At December 31, 2017, the market values of loaned securities and collateral received were as follows:

Fund	Value of Securities Loaned		Value of Non-cash Collateral		Value of Cash Collateral		Total Value of Collateral
Low-Duration Bond	$	86,733,576	$	75,122,664	$	13,329,271	$	88,451,935
Medium-Duration Bond		90,950,486		81,968,488		10,659,942		92,628,430
Extended-Duration Bond		62,389,377		51,468,640		12,095,847		63,564,487
Global Bond		50,859,606		28,268,809		23,734,761		52,003,570
Defensive Market Strategies		47,198,754		19,213,628		29,225,247		48,438,875
Equity Index		35,630,881		35,812,326		786,737		36,599,063
Value Equity		35,790,169		29,766,943		7,162,311		36,929,254
Growth Equity		183,587,728		171,769,973		16,381,945		188,151,918
Small Cap Equity		94,338,314		72,521,310		24,953,905		97,475,215

363

Fund	Value of Securities Loaned		Value of Non-cash Collateral		Value of Cash Collateral		Total Value of Collateral
International Equity Index	$	3,772,600	$	3,579,100	$	504,978	$	4,084,078
International Equity		60,417,566		45,003,246		18,506,949		63,510,195
Emerging Markets Equity		30,566,285		24,389,836		7,288,423		31,678,259
Global Real Estate Securities		14,784,601		12,421,234		2,792,780		15,214,014

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, 2017, the securities loaned which are subjected to an MA on a net payment basis are as follows:

Fund	Value of Securities Loaned		Fair Value of Non-cash Collateral			Cash Collateral (Pledged)			Net  Amount(1)
Low-Duration Bond	$	86,733,576	$	(75,122,664	)	$	(11,610,912	)	$	—
Medium-Duration Bond		90,950,486		(81,968,488	)		(8,981,998	)		—
Extended-Duration Bond		62,389,377		(51,468,640	)		(10,920,737	)		—
Global Bond		50,859,606		(28,268,809	)		(22,590,797	)		—
Defensive Market Strategies		47,198,754		(19,213,628	)		(27,985,126	)		—
Equity Index		35,630,881		(35,630,881	)		—			—
Value Equity		35,790,169		(29,766,943	)		(6,023,226	)		—
Growth Equity		183,587,728		(171,769,973	)		(11,817,755	)		—
Small Cap Equity		94,338,314		(72,521,310	)		(21,817,004	)		—
International Equity Index		3,772,600		(3,579,100	)		(193,500	)		—
International Equity		60,417,566		(45,003,246	)		(15,414,320	)		—
Emerging Markets Equity		30,566,285		(24,389,836	)		(6,176,449	)		—
Global Real Estate Securities		14,784,601		(12,421,234	)		(2,363,367	)		—

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

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

364

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, 2017.

Fund	Overnight and Continuous		30 — 90 Days		Greater than 90 Days		Total
Low-Duration Bond
Agency Obligations, Corporate Bonds, Foreign Bonds, U.S. Treasury Obligations	$	13,329,271	$	—	$	—	$	13,329,271
Medium-Duration Bond
Corporate Bonds, Foreign Bonds, U.S. Treasury Obligations		10,659,942		—		—		10,659,942
Extended-Duration Bond
Corporate Bonds, Foreign Bonds, Preferred Stocks, U.S. Treasury Obligations		12,095,847		—		—		12,095,847
Global Bond
Common Stocks, Corporate Bonds, Foreign Bonds, Foreign Common Stocks, Preferred Stocks, U.S. Treasury Obligations		23,734,761		—		—		23,734,761
Defensive Market Strategies
Common Stocks, Corporate Bonds, Foreign Bonds, Foreign Common Stocks		29,225,247		—		—		29,225,247
Equity Index
Common Stocks, Foreign Common Stocks		786,737		—		—		786,737
Value Equity
Common Stocks, Foreign Common Stocks		7,162,311		—		—		7,162,311
Growth Equity
Common Stocks, Foreign Common Stocks		16,381,945		—		—		16,381,945
Small Cap Equity
Common Stocks, Foreign Common Stocks		24,953,905		—		—		24,953,905
International Equity Index
Foreign Common Stocks		504,978		—		—		504,978
International Equity
Foreign Common Stocks		18,506,949		—		—		18,506,949
Emerging Markets Equity
Foreign Common Stocks, Foreign Preferred Stocks		7,288,423		—		—		7,288,423
Global Real Estate Securities
Common Stocks, Foreign Common Stocks		2,792,780		—		—		2,792,780

365

5. INVESTMENT TRANSACTIONS

For the year ended December 31, 2017 the cost of purchases and proceeds from sales and maturities for each Fund were as follows:

	Cost of Purchases and Proceeds from Sales and Maturities of Long-Term Securities (other than U.S. Government Obligations)				Cost of Purchases and Proceeds from Sales and Maturities of Long-Term U.S. Government Obligations
	Purchases		Sale and Maturity Proceeds		Purchases		Sale and Maturity Proceeds
MyDestination 2015	$	148,636,752	$	99,583,898	$	—	$	—
MyDestination 2025		295,384,530		146,544,214		—		—
MyDestination 2035		296,564,287		192,389,436		—		—
MyDestination 2045		120,260,794		41,779,436		—		—
MyDestination 2055		48,806,332		8,121,663		—		—
Conservative Allocation		207,592,494		90,463,678		—		—
Balanced Allocation		312,514,780		289,920,204		—		—
Growth Allocation		233,582,801		193,492,599		—		—
Aggressive Allocation		111,958,196		68,375,002		—		—
Low-Duration Bond		1,126,072,002		491,244,931		4,916,635,948		394,646,960
Medium-Duration Bond		3,975,143,475		3,823,344,297		867,296,410		720,268,625
Extended-Duration Bond		215,328,455		219,917,985		—		—
Global Bond		153,308,574		113,712,360		38,563,295		10,810,000
Defensive Market Strategies		430,782,392		412,780,620		—		—
Equity Index		88,480,749		12,695,938		—		—
Value Equity		565,742,742		503,473,973		—		—
Growth Equity		668,875,027		659,612,754		—		—
Small Cap Equity		414,009,138		454,878,041		—		—
International Equity Index		33,003,252		6,248,700		—		—
International Equity		670,283,867		665,349,446		—		—
Emerging Markets Equity		276,397,194		233,173,129		—		—
Inflation Protected Bond		13,263,410		9,244,781		160,359,456		286,446,293
Global Real Estate Securities		312,372,187		320,827,024		—		—
Strategic Alternatives		394,028,939		147,204,335		—		—

366

6. CAPITAL SHARE TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Year Ended 12/31/17						Year Ended 12/31/16
	Institutional     Class			Investor Class			Institutional     Class			Investor Class
MyDestination 2015(1)
Shares sold		11,311,755			8,161,355						8,974,684
Shares reinvested		294,297			1,282,525						1,663,394
Shares redeemed		(1,102,017	)		(15,353,846	)					(6,682,695	)
Net increase (decrease)		10,504,035			(5,909,966	)					3,955,383
MyDestination 2025(1)
Shares sold		21,786,823			13,964,826						14,133,695
Shares reinvested		866,930			3,230,196						2,981,057
Shares redeemed		(997,626	)		(23,795,418	)					(4,654,799	)
Net increase (decrease)		21,656,127			(6,600,396	)					12,459,953
MyDestination 2035(1)
Shares sold		15,294,295			8,309,475						8,104,455
Shares reinvested		599,898			1,865,235						2,053,661
Shares redeemed		(577,563	)		(15,040,131	)					(1,981,672	)
Net increase (decrease)		15,316,630			(4,865,421	)					8,176,444
MyDestination 2045(1)
Shares sold		14,986,419			5,916,597						6,808,741
Shares reinvested		662,778			1,502,334						1,635,150
Shares redeemed		(513,484	)		(14,314,901	)					(1,150,891	)
Net increase (decrease)		15,135,713			(6,895,970	)					7,293,000
MyDestination 2055(1)
Shares sold		2,804,021			2,448,608						2,008,972
Shares reinvested		125,955			250,170						206,380
Shares redeemed		(93,452	)		(2,345,351	)					(248,290	)
Net increase		2,836,524			353,427						1,967,062
Conservative Allocation
Shares sold		2,604,032			10,852,413			994,037			3,605,797
Shares issued for merger		—			9,553,188			—			—
Shares reinvested		135,077			587,792			171,047			633,748
Shares redeemed		(2,206,596	)		(11,853,182	)		(921,640	)		(3,883,152	)
Net increase		532,513			9,140,211			243,444			356,393
Balanced Allocation
Shares sold		3,604,680			5,838,745			1,228,719			4,030,356
Shares reinvested		707,736			2,490,824			991,355			3,275,512
Shares redeemed		(6,264,351	)		(7,412,128	)		(3,851,034	)		(14,315,038	)
Net increase (decrease)		(1,951,935	)		917,441			(1,630,960	)		(7,009,170	)

367

	Year Ended 12/31/17						Year Ended 12/31/16
	Institutional     Class			Investor Class			Institutional     Class			Investor Class
Growth Allocation
Shares sold		979,587			3,755,737			893,112			2,434,417
Shares reinvested		1,059,613			3,547,036			1,254,237			4,150,859
Shares redeemed		(1,908,452	)		(5,823,747	)		(2,697,544	)		(9,813,358	)
Net increase (decrease)		130,748			1,479,026			(550,195	)		(3,228,082	)
Aggressive Allocation
Shares sold		498,052			2,635,197			546,022			1,469,425
Shares reinvested		1,104,497			4,768,864			1,380,716			5,888,125
Shares redeemed		(1,500,639	)		(4,481,481	)		(1,781,536	)		(13,620,552	)
Net increase (decrease)		101,910			2,922,580			145,202			(6,263,002	)
Money Market
Shares sold		807,335,296			4,112,657,567			649,810,099			4,364,775,848
Shares reinvested		892,830			2,182,091			305,772			209,397
Shares redeemed		(790,919,842	)		(4,170,940,970	)		(644,356,936	)		(4,455,737,775	)
Net increase (decrease)		17,308,284			(56,101,312	)		5,758,935			(90,752,530	)
Low-Duration Bond
Shares sold		11,797,654			4,475,371			8,429,766			5,581,554
Shares reinvested		759,850			298,655			919,845			193,716
Shares redeemed		(12,093,538	)		(2,584,765	)		(10,527,899	)		(2,998,911	)
Shares reduced by reverse share split		—			—			(28,750,566	)		—
Net increase (decrease)		463,966			2,189,261			(29,928,854	)		2,776,359
Medium-Duration Bond
Shares sold		21,590,615			4,508,267			21,557,645			3,275,354
Shares reinvested		1,359,854			305,851			2,389,962			264,351
Shares redeemed		(2,144,985	)		(1,474,724	)		(24,399,164	)		(1,742,097	)
Shares reduced by reverse share split		—			—			(49,371,447	)		—
Net increase (decrease)		20,805,484			3,339,394			(49,823,004	)		1,797,608
Extended-Duration Bond
Shares sold		574,697			1,018,406			3,154,014			2,748,742
Shares reinvested		267,374			248,393			2,105,800			431,964
Shares redeemed		(853,288	)		(1,366,343	)		(9,293,585	)		(2,493,027	)
Shares reduced by reverse share split		—			—			(28,283,084	)		—
Net increase (decrease)		(11,217	)		(99,544	)		(32,316,855	)		687,679
Global Bond
Shares sold		7,397,690			3,788,108			6,428,532			2,320,383
Shares reinvested		1,364,492			382,595			1,419,909			350,881
Shares redeemed		(3,478,226	)		(1,183,453	)		(7,178,496	)		(2,096,563	)
Net increase		5,283,956			2,987,250			669,945			574,701

368

	Year Ended 12/31/17						Year Ended 12/31/16
	Institutional     Class			Investor Class			Institutional     Class			Investor Class
Defensive Market Strategies
Shares sold		10,935,031			9,469,733			7,249,464			10,068,347
Shares reinvested		2,633,634			1,418,838			2,270,927			1,059,742
Shares redeemed		(12,057,475	)		(5,648,763	)		(3,118,383	)		(2,837,905	)
Net increase		1,511,190			5,239,808			6,402,008			8,290,184
Equity Index
Shares sold		2,670,293			2,577,662			5,516,466			2,652,286
Shares reinvested		354,894			331,218			864,727			340,273
Shares redeemed		(999,744	)		(1,763,054	)		(1,872,587	)		(2,039,395	)
Shares reduced by reverse share split		—			—			(22,192,494	)		—
Net increase (decrease)		2,025,443			1,145,826			(17,683,888	)		953,164
Value Equity
Shares sold		4,399,848			1,112,974			7,765,196			2,348,625
Shares reinvested		3,432,082			1,190,539			4,583,518			752,540
Shares redeemed		(1,704,687	)		(2,344,749	)		(20,652,537	)		(2,289,677	)
Shares reduced by reverse share split		—			—			(69,721,567	)		—
Net increase (decrease)		6,127,243			(41,236	)		(78,025,390	)		811,488
Growth Equity
Shares sold		2,633,409			2,940,628			6,739,524			1,321,265
Shares reinvested		4,487,829			2,263,183			3,186,328			631,139
Shares redeemed		(3,664,559	)		(2,053,753	)		(11,376,419	)		(3,773,776	)
Shares reduced by reverse share split		—			—			(54,078,879	)		—
Net increase (decrease)		3,456,679			3,150,058			(55,529,446	)		(1,821,372	)
Small Cap Equity
Shares sold		2,426,384			1,038,450			3,294,839			1,765,169
Shares reinvested		1,162,291			1,014,494			217,024			181,795
Shares redeemed		(2,726,187	)		(2,996,412	)		(6,295,704	)		(2,360,708	)
Shares reduced by reverse share split		—			—			(17,499,626	)		—
Net increase (decrease)		862,488			(943,468	)		(20,283,467	)		(413,744	)
International Equity Index
Shares sold		3,393,145						3,289,530
Shares reinvested		450,292						370,799
Shares redeemed		(1,367,261	)					(1,071,898	)
Net increase		2,476,176						2,588,431

369

	Year Ended 12/31/17						Year Ended 12/31/16
	Institutional     Class			Investor Class			Institutional     Class			Investor Class
International Equity
Shares sold		4,762,687			2,917,522			7,623,237			2,904,960
Shares reinvested		6,500,917			1,695,817			2,172,069			511,485
Shares redeemed		(7,241,803	)		(2,711,267	)		(11,904,472	)		(2,040,198	)
Shares reduced by reverse share split		—			—			(26,488,092	)		—
Net increase (decrease)		4,021,801			1,902,072			(28,597,258	)		1,376,247
Emerging Markets Equity
Shares sold		5,242,544			6,002,825			4,886,512			3,992,224
Shares reinvested		357,994			66,477			627,339			85,386
Shares redeemed		(4,253,483	)		(3,000,554	)		(7,138,353	)		(2,061,182	)
Net increase (decrease)		1,347,055			3,068,748			(1,624,502	)		2,016,428
Inflation Protected Bond
Shares sold		1,906,112			844,635			1,604,095			2,063,847
Shares reinvested		377,007			144,716			267,202			48,305
Shares redeemed		(9,533,640	)		(4,162,810	)		(6,173,420	)		(939,174	)
Net increase (decrease)		(7,250,521	)		(3,173,459	)		(4,302,123	)		1,172,978
Global Real Estate Securities
Shares sold		1,838,741			1,264,737			1,359,799			2,198,067
Shares reinvested		566,717			387,636			1,061,875			823,889
Shares redeemed		(2,190,546	)		(2,641,183	)		(5,659,612	)		(2,445,088	)
Net increase (decrease)		214,912			(988,810	)		(3,237,938	)		576,868
Strategic Alternatives(2)
Shares sold		30,519,947			6,233,378
Shares reinvested		196,715			35,008
Shares redeemed		(682,486	)		(451,848	)
Net increase		30,034,176			5,816,538

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

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

7. BANK BORROWINGS

On November 22, 2017, the Funds entered into a Line of Credit Agreement with The Northern Trust Company (Northern Trust) which will expire November 21, 2018. The terms of the credit agreement permit the Funds to borrow cash from Northern Trust up to a limit of $50 million, collectively. Each Fund was individually, and not jointly, liable for its particular advances, if any, under the line of credit. Interest is charged to each Fund based on its borrowings at a rate equal to the greater of the Federal Funds Rate plus 1.00% or 1.50%. Each Fund also pays a facility fee equal to its pro rata share of the amount of the credit facility, based on average net assets, at a rate of 0.20% per annum.

No Funds borrowed for the year ended December 31, 2017, and there were no outstanding loans at December 31, 2017.

370

8. FEDERAL INCOME TAXES

Each Fund’s policy is to comply with all sections of the Internal Revenue Code of 1986, as amended, that apply to regulated investment companies and to distribute substantially all of its taxable income and capital gains to shareholders. No provision for income or excise taxes is thus required. Each Fund is treated as a separate entity for federal income tax purposes.

The Funds may be subject to taxes imposed by countries in which they invest in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned. Gains realized by the Funds on the sale of securities in certain countries are subject to non-U.S. taxes. The Funds record a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities. For the year ended December 31, 2017, the International Equity Fund and Emerging Markets Equity Fund accrued non-U.S. taxes on unrealized gains of $45,805 and $213,344, respectively.

Management has analyzed the Funds’ tax positions and has concluded that no provision for income tax is required in the Funds’ financial statements except as noted above. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, management’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to new tax laws, regulations and administrative interpretations (including court decisions). Each of the Funds’ federal tax returns for the prior three fiscal years and the current year (years ended December 31, 2014 through December 31, 2017) remains subject to examination by the Internal Revenue Service. In regard to foreign taxes only, certain Funds have open tax years in certain foreign countries they invest in that may date back to the inception of the Funds.

The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Funds. Income dividends and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, losses deferred due to wash sales, straddles and investments in Passive Foreign Investment Companies (“PFIC’s”). Distributions during the years ended December 31, 2017 and December 31, 2016, were characterized as follows for tax purposes:

Fund	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distribution
MyDestination 2015		2017	$	3,028,666	$	13,344,184	$	—	$	16,372,850
		2016		7,649,735		8,318,224		—		15,967,959
MyDestination 2025		2017		11,998,150		30,205,364		—		42,203,514
		2016		10,993,508		16,869,102		—		27,862,610
MyDestination 2035		2017		5,085,384		19,417,604		—		24,502,988
		2016		4,122,302		13,912,093		—		18,034,395
MyDestination 2045		2017		3,506,285		17,240,457		—		20,746,742
		2016		1,987,737		11,653,279		—		13,641,016
MyDestination 2055		2017		160,109		4,857,239		—		5,017,348
		2016		739,515		1,670,318		—		2,409,833
Conservative Allocation		2017		3,900,622		4,398,229		—		8,298,851
		2016		4,576,586		4,231,114		—		8,807,700
Balanced Allocation		2017		20,890,962		18,221,162		—		39,112,124
		2016		11,827,868		35,666,753		—		47,494,621
Growth Allocation		2017		11,871,095		45,385,045		—		57,256,140

371

Fund	Year		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distribution
		2016	$	9,341,558	$	50,366,158		—	$	59,707,716
Aggressive Allocation		2017		11,165,259		60,731,715		—		71,896,974
		2016		—		76,298,646		—		76,298,646
Money Market		2017		7,316,185		—		—		7,316,185
		2016		1,053,194		—		—		1,053,194
Low-Duration Bond		2017		14,230,530		—		—		14,230,530
		2016		11,925,492		—		—		11,925,492
Medium-Duration Bond		2017		24,582,654		—		—		24,582,654
		2016		25,404,080		—		—		25,404,080
Extended-Duration Bond		2017		7,411,170		1,673,931		—		9,085,101
		2016		11,423,388		9,012,613		—		20,436,001
Global Bond		2017		17,669,726		—		—		17,669,726
		2016		17,229,950		—		—		17,229,950
Defensive Market Strategies		2017		23,370,589		28,287,458		—		51,658,047
		2016		18,729,301		21,150,145		—		39,879,446
Equity Index		2017		15,992,257		3,530,413		—		19,522,670
		2016		12,542,180		7,516,991		—		20,059,171
Value Equity		2017		30,911,640		73,574,469		—		104,486,109
		2016		25,066,889		47,288,275		—		72,355,164
Growth Equity		2017		8,392,047		162,110,126		—		170,502,173
		2016		—		52,945,569		—		52,945,569
Small Cap Equity		2017		9,173,522		30,630,414		—		39,803,936
		2016		1,372,347		5,675,655		—		7,048,002
International Equity Index		2017		4,462,915		385,690		—		4,848,605
		2016		3,270,902		—		—		3,270,902
International Equity		2017		44,466,793		84,039,499		—		128,506,292
		2016		27,198,921		8,074,428		—		35,273,349
Emerging Markets Equity		2017		4,596,687		—		—		4,596,687
		2016		5,710,316		—		—		5,710,316
Inflation Protected Bond		2017		5,361,498		—		—		5,361,498
		2016		3,278,180		—		—		3,278,180
Global Real Estate Securities		2017		9,213,231		—		—		9,213,231
		2016		16,886,427		633,874		—		17,520,301
Strategic Alternatives		2017		2,138,677		198,667		—		2,337,344

At December 31, 2017, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain/(Capital Loss Carryforward)		Qualified Late-Year Loss Deferrals		Net Unrealized Appreciation (Depreciation) on Investments
MyDestination 2015	$	10,088,461	$	2,250,299	$	—	$	18,341,357
MyDestination 2025		11,661,528		6,683,836		—		44,365,127
MyDestination 2035		10,696,902		340,377		—		32,765,690

372

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain/(Capital Loss Carryforward)			Qualified Late-Year Loss Deferrals			Net Unrealized Appreciation (Depreciation) on Investments
MyDestination 2045	$	7,803,077	$	325,534		$	—		$	30,127,128
MyDestination 2055		1,813,374		49,630			—			8,500,194
Conservative Allocation		5,152,978		—			—			2,395,591
Balanced Allocation		27,255,194		—			—			957,119
Growth Allocation		19,660,783		—			—			3,397,212
Aggressive Allocation		15,416,633		495,570			—			13,247,759
Money Market		2,130		—			—			—
Low-Duration Bond		—		(8,008,596	)		(682,378	)		(1,536,442	)
Medium-Duration Bond		—		(4,800,683	)		(1,079,171	)		5,725,663
Extended-Duration Bond		7,430		1,746,723			—			11,633,454
Global Bond		1,955,939		(4,801,020	)		—			10,874,290
Defensive Market Strategies		2,389,351		10,504,378			—			112,425,914
Equity Index		494,314		1,414,025			—			346,868,550
Value Equity		3,408,099		8,298,712			—			309,189,861
Growth Equity		353,807		—			(2,758,821	)		434,972,188
Small Cap Equity		2,984,500		8,453,827			—			91,813,704
International Equity Index		139,299		—			(123,740	)		16,755,137
International Equity		978,569		14,204,421			—			211,842,468
Emerging Markets Equity		826,870		(700,771	)		—			66,415,905
Inflation Protected Bond		615,208		(6,350,199	)		—			1,569,518
Global Real Estate Securities		4,005,323		(1,640,920	)		—			(2,998,411	)
Strategic Alternatives		712,636		57,368			—			(76,689	)

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, 2017:

Fund	Unlimited		Total
Low-Duration Bond	$	8,008,596	$	8,008,596
Medium-Duration Bond		4,800,683		4,800,683
Global Bond		4,801,020		4,801,020
Emerging Markets Equity		700,771		700,771
Inflation Protected Bond		6,350,199		6,350,199
Global Real Estate Securities		1,640,920		1,640,920

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.

373

Global Bond Fund had capital loss carryforwards of $6,001,516 that expired during the year ended December 31, 2017. During the year ended December 31, 2017, the following Funds utilized capital loss carryforwards to offset capital gains:

	Carryforward Utilized
Balanced Allocation	$	6,936,433
Global Bond		3,928,782
International Equity Index		953,378
Emerging Market Equity		35,479,596
Inflation Protected Bond		1,470,723

For federal income tax purposes, qualified late-year losses, which will reverse in 2018, were as follows as of December 31, 2017:

	Capital		Ordinary Income		Total
Low-Duration Bond	$	—	$	682,378	$	682,378
Medium-Duration Bond		—		1,079,171		1,079,171
Growth Equity		2,758,821		—		2,758,821
International Equity Index		123,740		—		123,740

At December 31, 2017, the aggregate cost of investments for federal income tax purposes (including securities sold short and derivative related items) and the net unrealized appreciation from investments for those securities having an excess of value over cost and net unrealized depreciation from investments for those securities having an excess of cost over value (based on cost for federal income tax purposes) were as follows:

Fund	Federal Tax Cost		Net Unrealized Appreciation (Depreciation)			Appreciated Securities		Depreciated Securities
MyDestination 2015	$	613,160,324	$	18,341,357		$	21,252,030	$	(2,910,673	)
MyDestination 2025		1,057,749,013		44,365,128			47,661,486		(3,296,358	)
MyDestination 2035		620,001,323		32,765,690			33,995,445		(1,229,755	)
MyDestination 2045		460,702,919		30,127,128			30,683,192		(556,064	)
MyDestination 2055		107,956,697		8,500,194			8,533,918		(33,724	)
Conservative
Allocation		510,598,862		2,395,592			7,213,582		(4,817,990	)
Balanced Allocation		1,613,766,130		957,119			25,661,873		(24,704,754	)
Growth Allocation		1,249,305,880		3,397,212			20,383,288		(16,986,076	)
Aggressive Allocation		1,047,648,481		13,247,759			22,726,806		(9,479,047	)
Money Market		1,202,094,558		—			—		—
Low-Duration Bond		995,010,623		(1,494,711	)		5,889,473		(7,384,184	)
Medium-Duration
Bond		1,725,951,414		5,700,375			20,883,003		(15,182,628	)
Extended-Duration
Bond		246,288,091		11,634,406			15,570,316		(3,935,910	)
Global Bond		536,513,323		10,915,380			28,183,282		(17,267,902	)
Defensive Market
Strategies		877,026,302		112,385,981			119,149,340		(6,763,359	)
Equity Index		630,506,738		346,868,550			360,536,743		(13,668,193	)
Value Equity		1,222,518,364		309,189,861			347,310,277		(38,120,416	)
Growth Equity		1,318,824,590		434,972,189			456,444,680		(21,472,491	)
Small Cap Equity		488,271,578		91,813,706			109,841,944		(18,028,238	)

374

Fund	Federal Tax Cost		Net Unrealized Appreciation (Depreciation)			Appreciated Securities		Depreciated Securities
International Equity
Index	$	171,134,405	$	16,739,643		$	23,606,883	$	(6,867,240	)
International Equity		1,419,010,088		211,650,255			275,024,527		(63,374,272	)
Emerging Markets Equity		434,780,883		66,408,284			88,146,025		(21,737,741	)
Inflation Protected Bond		169,040,004		1,709,110			2,014,737		(305,627	)
Global Real Estate Securities		235,456,561		(2,984,079	)		7,776,934		(10,761,013	)
Strategic Alternatives		322,359,497		(76,689	)		1,656,632		(1,733,321	)

The differences between book basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, the deferral of losses on straddles, gains on constructive sales and investments in PFIC’s, partnerships and other securities with book and tax cost differences.

At December 31, 2017, capital contributions, accumulated undistributed net investment income and accumulated net realized gain (loss) from investments have been adjusted for current period permanent book/tax differences which arose principally from differing book/tax treatments of PFICs, paydown losses, net operating losses, swaps, foreign currency transactions, distributions received from regulated investment companies, defaulted bonds, reclassifications of dividends paid and non-deductible expenses. The following amounts were reclassified within the capital accounts:

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

375

Fund	Paid in     Capital		Undistributed Net Investment Income		Accumulated Net Realized Gain  (Loss) on Investments, Currency Translations and Derivative Transactions
Emerging Markets Equity	$	—	$	1,259,502	$	(1,259,502)
Inflation Protected Bond		—		(592,126)		592,126
Global Real Estate Securities		—		3,579,595		(3,579,595)
Strategic Alternatives		(51,937)		1,236,383		(1,184,446)

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

9. MARKET AND CREDIT RISK

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

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

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

If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund.

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

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

376

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

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

11. REGULATORY EXAMINATIONS

Federal and state regulatory authorities from time to time make inquiries and conduct examinations regarding compliance by the Trust and its affiliates with securities and other laws and regulations affecting the Funds. There are currently no such matters which the Trust and its affiliates believe will be material to these financial statements.

12. LIQUIDATION

On September 22, 2017, the Global Natural Resources Fund was liquidated in accordance with the Plan of Liquidation and Termination approved by the Board of Trustees on July 17, 2017.

377

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.

On November 9, 2017, the Board approved a plan to liquidate the Inflation Protected Bond Fund which took place on February 9, 2018.

378

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of GuideStone Funds and Shareholders of each of the twenty-five funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (constituting GuideStone Funds, hereafter collectively referred to as the “Funds”) as of December 31, 2017, the related statements of operations and the statements of changes in net assets for the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2017, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

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, Defensive Market Strategies Fund, Equity Index Fund, Global Real Estate Securities Fund, Value Equity Fund, Growth Equity Fund, Small Cap Equity Fund, International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund

Statements of operations for the year ended December 31, 2017 and statements of changes in net assets for each of the two years in the period ended December 31, 2017

Strategic Alternatives Fund

Statements of operations and changes in net assets for the period June 30, 2017 (commencement of operations) through December 31, 2017

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

Philadelphia, Pennsylvania

February 28, 2018

We have served as the auditor of one or more investment companies in GuideStone Funds since 2001.

379

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, 2017, 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 2015	$	3,028,666	$	13,344,184	$	—
MyDestination 2025		11,998,150		30,205,364		—
MyDestination 2035		5,085,384		19,417,604		—
MyDestination 2045		3,506,285		17,240,457		—
MyDestination 2055		160,109		4,857,239		—
Conservative Allocation		3,900,622		4,398,229		—
Balanced Allocation		20,890,962		18,221,162		—
Growth Allocation		11,871,095		45,385,045		—
Aggressive Allocation		11,165,259		60,731,715		—
Money Market		7,316,185		—		—
Low-Duration Bond		14,230,530		—		—
Medium-Duration Bond		24,582,654		—		—
Extended-Duration Bond		7,411,170		1,673,931		—
Global Bond		17,669,726		—		—
Defensive Market Strategies		23,370,589		28,287,458		—
Equity Index		15,992,257		3,530,413		—
Value Equity		30,911,640		73,574,469		—
Growth Equity		8,392,047		162,110,126		—
Small Cap Equity		9,173,522		30,630,414		—
International Equity Index		4,462,915		385,690		—
International Equity		44,466,793		84,039,499		—
Emerging Markets Equity		4,596,687		—		—
Inflation Protected Bond		5,361,498		—		—
Global Real Estate Securities		9,213,231		—		—
Strategic Alternatives		2,138,677		198,667		—

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.

380

NOTICE TO SHAREHOLDERS (Continued)

The following percentages of ordinary income dividends paid for the year ended December 31, 2017, have been designated as qualified for the reduced tax rate under The Job and Growth Tax Relief Reconciliation Act of 2003.

Fund	Qualified Dividend Income			Qualified Short Term
MyDestination 2015		100.00	%		100.00	%
MyDestination 2025		83.31	%		0.00	%
MyDestination 2035		100.00	%		100.00	%
MyDestination 2045		100.00	%		100.00	%
MyDestination 2055		100.00	%		100.00	%
Conservative Allocation		51.01	%		0.00	%
Balanced Allocation		53.87	%		0.00	%
Growth Allocation		100.00	%		100.00	%
Aggressive Allocation		100.00	%		100.00	%
Defensive Market Strategies		100.00	%		25.91	%
Equity Index		100.00	%		80.56	%
Value Equity		100.00	%		100.00	%
Growth Equity		100.00	%		100.00	%
Small Cap Equity		100.00	%		38.43	%
International Equity Index		81.46	%		0.00	%
International Equity		100.00	%		53.19	%
Emerging Markets Equity		100.00	%		0.00	%
Global Real Estate Securities		13.89	%		0.00	%
Strategic Alternatives		8.37	%		0.00	%

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.

381

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, First National Bank of PA, 2014 – present; Chief Credit Officer, CapStone Bank, 2011 – 2014 (bank acquired by NewBridge Bank)	25	None
Barry D. Hartis (1945) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2014	Certified Public Accountant, 1987 – present.	25	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.	25	Neighbors Federal Credit Union – Vice Chairman of the Board; Stonetrust Commercial Insurance Company – Board of Directors Member and Chairman of Audit Committee; State Board of Certified Public Accountants of Louisiana – Board Member.
Christopher W. Kersey, MD, MBA (1969) 2401 Cedar Springs Road Dallas, TX 75 201-1498 Trustee	Since 2017	Founding Managing Partner, Havencrest Healthcare Capital Partners, 2016 – present; Managing Member and Partner, Camden Partners Holdings, LLC – Registered Investment Adviser, 2008 – 2016.	25	Essence Group Holdings Corporation – Board of Directors Member, 2011 – 2017; IPG – Board of Directors Member, 2013 – 2016; Metabolon – Board of Directors Member, 2013 – 2016; Paragon Bioservices –Board of Directors Member, 2013 – 2016; PatientSafe Solutions – Board of Directors Member, 2010 – 2017; Johns Hopkins Medicine International – Chairman of the Board, 2011 – present; John Hopkins Medicine– Board of Trustees Member, 2010 – present; The John Hopkins Hospital – Board of Trustees Member, 2010 – present; The John Hopkins Hospital Endowment Fund – Board of Directors Member, 2010 – present; The John Hopkins Carey Business School – Member of the Health Care Advisory Board of Directors, 2012 – present.
Joseph A. Mack (1939) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2002	Independent Consultant, 2010 - present; Director of Public Policy, North Greenville University, 2011 - 2016; Contractor, Interim Director of Public Policy, South Carolina Baptist Convention, 2017 - May 2017; Contractor, South Carolina Citizens for Life, 2014 - present.	25	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.	25	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.	25	Fellowship of Christian Athletes (NC) Triangle Board, 2012 – 2015; NC Values Coalition Board, 2015 - present; Institute for Faith and Family, 2015 - present; College Golf Fellowship, 2012 - present.

382

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.	25	GuideStone Financial Resources – Board of Trustees Member, June 2010 – present; Baptist Foundation of Oklahoma, Board of Directors Member and Chairman, 2004 – 2017; 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 – 2017; Leadership Oklahoma – Board of Trustees Member, 2015 - present.
John R. Morris (1938) 2401 Cedar Springs Road Dallas, TX 75201-1498 Trustee	Since 2017	Vice-President and Broker-in-Charge, Hound Ears Club, Inc., 2010 – 2018.	25	GuideStone Financial Resources – Board of Trustees Member, June 2012 – present; GuideStone Capital Management, LLC, Board of Directors Member, May 2014 – present; GuideStone Investment Services, Board of Directors Member, July 2012 – present; GuideStone Resource Management, Inc., Board of Directors Member, May 2014 – present.
OFFICERS WHO ARE NOT TRUSTEES3
Ron W. Bass (1966) 2401 Cedar Springs Road Dallas, TX 75201-1498 Chief Compliance Officer and AML Officer	Since 2009	Director of Asset Management Compliance, GuideStone Financial Resources, June 2009 – present.	N/A	N/A
Melanie Childers (1971) 2401 Cedar Springs Road Dallas, TX 75201-1498 Vice President – Fund Operations	Since 2014	Managing Director, Fund Operations, GuideStone Financial Resources, 2014 – present; Director, Funds Administration and Operations, GuideStone Financial Resources, 2009 – 2014.	N/A	N/A
John R. Jones (1953) 2401 Cedar Springs Road Dallas, TX 75201-1498 President	Since 2000	Executive Vice President and Chief Operating Officer, GuideStone Financial Resources, 1997 – present.	N/A	N/A
Patrick Pattison (1974) 2401 Cedar Springs Road Dallas, TX 75201-1498 Vice President and Treasurer	Since 2008	Chief Accounting Officer, GuideStone Financial Resources, 2015 – present; Director of Financial Reporting & Process Review, GuideStone Financial Resources, 2008 – 2015.	N/A	N/A
Matt L. Peden (1967) 2401 Cedar Springs Road Dallas, TX 75201-1498 Vice President and Investment Officer	Since 2001	Vice President and Chief Investment Officer GuideStone Financial Resources, 2015 – present; Director of Portfolio Management, GuideStone Financial Resources, 2010 – 2015.	N/A	N/A

383

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
OFFICERS WHO ARE NOT TRUSTEES3
Matthew A. Wolfe (1982) 2401 Cedar Springs Road Dallas, TX 75201-1498 Chief Legal Officer and Secretary	Since 2017	Associate Counsel – Investment and Corporate Services, GuideStone Financial Resources, 2015 – present; Vice President and Assistant General Counsel, Goldman Sachs & Co., 2012 – 2015; Associate, Dechert LLP, 2007 – 2012.	N/A	N/A
Erin Wynne (1981) 2401 Cedar Springs Road Dallas, TX 75201-1498 Financial Officer	Since 2016	Director, Financial Reporting & Analysis, GuideStone Financial Resources, 2015 – present; Manager, Financial Reporting & Analysis, GuideStone Financial Resources, 2010 – 2015.	N/A	N/A

    ¹  Each Independent Trustee serves until his or her resignation, removal or mandatory retirement. Each Interested Trustee serves until his or her resignation, removal or mandatory retirement or until he or she ceases to be a member of the Board of Trustees of GuideStone Financial Resources. All Trustees must retire at the end of the calendar year in which they attain the age of 80 or after achieving 10 years of service, whichever occurs last. Officers serve at the pleasure of the Board of Trustees.

    ²  Messrs. Evans and Morris 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.

384

PROXY VOTING

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

GuideStoneFunds.com or by visiting the SEC’s website at http://www.sec.gov.

FORM N-MFP

Beginning December 2009, the GuideStone Money Market Fund began filing Form N-MFP with the SEC. Form N-MFP is filed on a monthly basis by money market mutual funds and includes detailed information about a money market fund’s investments and the market-based price of its portfolio known as its “shadow NAV“ or mark-to-market valuation. The portfolio holdings information is posted on our website, GuideStoneFunds.com within five business days after the end of the month. Form N-MFP is made available online with a 60-day delay at http://www.sec.gov.

QUARTERLY SCHEDULES OF INVESTMENTS

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

385

BOARD REVIEW OF EXISTING ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENTS (Unaudited)

As required by the Investment Company Act of 1940, as amended (the “1940 Act”), the Board of Trustees (the “Board”) of GuideStone Funds (the “Trust”), including the Trustees who are not “interested persons” of the Trust, as that term is defined in Section 2(a)(19) of the 1940 Act (the “Independent Trustees”), recently considered the renewal of (i) the investment advisory agreement between GuideStone Capital Management, LLC (the “Adviser” or “GSCM”) and the Trust on behalf of the Target Date, Asset Allocation and Select Funds (each a “Fund” and together, the “Funds”) (the “Advisory Agreement”); (ii) the existing sub-advisory agreements among the Adviser, each sub-adviser and the Trust on behalf of each Select Fund (except as noted below), including the sub-advisory agreement among the Adviser, Snow Capital Management LP (“Snow”) and the Trust on behalf of the Small Cap Equity Fund for only a limited term (the “Snow Sub-Advisory Agreement”); 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 (each, an “Agreement,” and collectively, the “Agreements”) were approved for an additional one-year term, except with respect to the Snow Sub-Advisory Agreement, at a meeting of the Board held on September 14-15, 2017 (the “Meeting”). The Board’s decision to approve the Agreements reflects the exercise of its reasonable 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 approved them for an initial two-year term within the last two years, the following agreements were not subject to annual renewal at the Meeting: (i) the sub-advisory agreement with ClearBridge Investments, LLC on behalf of the Growth Equity Fund; (ii) the sub-advisory agreement with Allianz Global Investors U.S. LLC on behalf of the Strategic Alternatives Fund; (iii) the sub-advisory agreement with Neuberger Berman Investment Advisers LLC on behalf of the Strategic Alternatives Fund; (iv) the sub-advisory agreement with Parametric on behalf of the Strategic Alternatives Fund; and (v) the sub-advisory agreement with Perella Weinberg Partners Capital Management LP on behalf of the Strategic Alternatives Fund.

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 sub-advisers’ other clients; (vi) the amount of the contractual advisory fees in comparison to similarly managed funds and the 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 structure of the Fund’s portfolio, including how each sub-adviser’s strategy complements the strategies of the other sub-advisers. Also, with respect to the Snow Sub-Advisory Agreement, as discussed further below, the Board considered, among all other factors deemed relevant by the Board, the merits of both: (i) renewing the agreement in light of the proposed limited term; and (ii) terminating Snow as a sub-adviser of the Small Cap Equity Fund at the end of that limited term.

386

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 itself and each Target Date Fund, Asset Allocation Fund, Select Fund and applicable sub-advisory firm 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, as did the Investment Management Committee of the Board (“IMC”), to discuss and consider information presented in connection with the continuation of the Agreements as well as the Trustees’ responsibilities and duties in approving the Agreements.

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 also took into account the IMC’s review of information related to the Advisory Agreement, questions submitted by the IMC to GSCM and Trust management regarding GSCM, GSCM and Trust management’s responses to those questions and recommendations made by the IMC.

The Board examined the nature, extent and quality of the services to be provided by GSCM to the Funds. The Board evaluated GSCM’s experience serving as the Trust’s investment adviser, including GSCM’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 and the allocation of the Funds’ assets among their 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 GSCM 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 GSCM’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 GSCM providing investment management and administrative services to each of the Funds, the systems used by such persons and the ability of GSCM to attract and retain capable personnel. The Board considered the reputation, compliance history, compliance program and financial condition of GSCM. The Board also considered the terms of the Advisory Agreement and the responsibilities that GSCM has as investment adviser to each of 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 GSCM’s services based on its experience, personnel, operations and resources. During their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors deliberated upon, among others.

387

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, 2017. 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, Medium-Duration Bond, Inflation Protected Bond and Strategic Alternatives Funds ranked in the first quartile; the Extended-Duration Bond, Global Bond, Defensive Market Strategies, Equity Index, Global Real Estate Securities, Value Equity, Growth Equity and International Equity Funds ranked in the second quartile; the Small Cap Equity and Emerging Markets 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 took into account that each Fund’s total expense ratio, with the exception of the Extended-Duration Bond and International Equity Funds, was lower than the median total expense ratio for such other funds. The Board took into account that the total expense ratio for the Extended-Duration Bond and International Equity Funds ranked in the third quartile, and that no 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, 2017. The Board took into account that the management fees, net of any fee waiver or expense reimbursement, for the Global Real Estate Securities Fund ranked in the first quartile; the Money Market, Low-Duration Bond, Medium-Duration Bond, Global Bond, Inflation Protected Bond, Strategic Alternatives, Value Equity and International Equity Funds ranked in the second quartile; the Extended-Duration Bond, Defensive Market Strategies, Equity Index, Growth Equity and Emerging Markets Equity Funds ranked in the third quartile; and the Small Cap Equity Fund 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 took into account that each Fund’s total expense ratio was lower than the median total expense ratio for such other funds, except for the International Equity Index, International Equity and Emerging Markets Equity Funds. The Board took into account that the total expense ratios for the 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 Institutional and Investor Classes provided by the report of an outside consulting firm as of June 30, 2017. The Board took into account that the management fees, net of any fee waiver or expense reimbursement, for each Target Date Fund were lower than the median management fees for the Investor Class and higher than the median management fees for the Institutional Class for other mutual funds in each Fund’s respective asset-stratified peer group, and that the total expense ratios for each Target Date Fund for the Institutional and Investor Classes were higher than the median total expense ratio for such other funds. For the Asset Allocation Funds, the Board took into account that the management fees, net of any fee waiver or expense reimbursement, for each Asset Allocation Fund for the Institutional and Investor Classes were lower than the median management fees for other mutual funds in each Fund’s respective 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, 2017.

For the three-year average annual total return for the period ended June 30, 2017, the Board noted that the Extended-Duration Bond, Global Bond, Defensive Market Strategies and Global Real Estate Securities Funds ranked in the first quartile; the Money Market, Medium-Duration Bond, Growth Equity and International Equity Funds ranked in the second quartile; the Low-Duration Bond, Inflation Protected Bond, Value Equity and Small Cap Equity Funds ranked in the third quartile; and the Emerging Markets Equity Fund ranked in the fourth quartile.

388

For the five-year average annual total return for the period ended June 30, 2017, the Board noted that the Extended-Duration Bond, Global Bond and Defensive Market Strategies Funds ranked in the first quartile; the Money Market, Medium-Duration Bond, Value Equity and International Equity Funds ranked in the second quartile; the Low-Duration Bond, Growth Equity and Small Cap Equity Funds ranked in the third quartile; and the Inflation Protected Bond and Global Real Estate Securities Funds ranked in the fourth quartile.

For the 10-year average annual total return for the period ended June 30, 2017, the Board noted that the Money Market, Medium-Duration Bond, Extended-Duration Bond, Global Bond and Global Real Estate Securities Funds ranked in the first quartile; the Low-Duration Bond, Growth Equity, Small Cap Equity and International Equity Funds ranked in the second quartile; the Value Equity Fund ranked in the third quartile; and no Fund ranked in the fourth quartile.

The Board then examined the performance information included in the Meeting materials for the Investor Class of each Asset Allocation Fund compared to the relevant benchmark and to Lipper peer rankings for the one-, three-, and five- and 10-year periods ended June 30, 2017, and the Target Date Funds for the one-, three- and five-year periods ended June 30, 2017. Among Morningstar peers, the Board noted that the Conservative Allocation Fund ranked in the second quartile for the one-year period and in the fourth quartile for the three-, five- and 10-year periods ended June 30, 2017; the Balanced Allocation Fund ranked in the first quartile for the one-year period, in the fourth quartile for the three-year period, in the second quartile for the five-year period and in the third quartile for the 10-year period ended June 30, 2017; the Growth Allocation Fund ranked in the second quartile for the one-year period, in the fourth quartile for the three- and five-year periods and the third quartile for the 10-year period ended June 30, 2017; and the Aggressive Allocation Fund ranked in the second quartile for the one-, three-, five- and 10-year periods ended June 30, 2017.

The Board also noted that among Morningstar peers, the MyDestination 2015 Fund ranked in the second quartile for the one-year period, in the third quartile for the three- and 10-year periods and in the fourth quartile for the five-year period ended June 30, 2017; the MyDestination 2025 Fund ranked in the second quartile for the one-year period, in the third quartile for the three- and five-year periods and in the fourth quartile for the 10-year period ended June 30, 2017; the MyDestination 2035 Fund ranked in the second quartile for the one-year period, in the fourth quartile for the three- and 10-year periods and in the third quartile for the five-year period ended June 30, 2017; the MyDestination 2045 Fund ranked in the second quartile for the one-year period, in the fourth quartile for the three- and 10-year periods and in the third quartile for the five-year period ended June 30, 2017; and the MyDestination 2055 Fund ranked in the second quartile for the one-year period and in the fourth quartile for the three- and five-year periods ended June 30, 2017. The Board recognized that the inception date of the MyDestination 2055 Fund was in 2012.

The Board considered the costs to GSCM of serving as the investment adviser to the Funds in accordance with the existing Advisory Agreement. The Board considered the revenues that GSCM received for serving as the investment adviser to the Funds and the fact that any profit realized by GSCM 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 GSCM, 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 GSCM 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 GSCM’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, 2017, only certain Funds are subject to an expense cap. The Board considered the amount of any fees waived by GSCM 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 Extended-Duration Bond and International Equity Funds.

389

Based on all of the information presented to the Board and its consideration of relevant factors, the Board concluded that the fee paid to GSCM by each Fund was fair and reasonable in light of the services to be performed, and in the exercise of its reasonable business judgment, determined to approve the continuation of the Advisory Agreement for each Fund. The Board also determined that approval of the continuation of the Advisory Agreement for each Fund is in the best interests of each Fund and its shareholders.

BOARD APPROVAL OF CONTINUATION OF SUB-ADVISORY AGREEMENTS (EXCLUDING THE SNOW SUB-ADVISORY AGREEMENT) 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 (excluding the Snow Sub-Advisory Agreements, which is discussed separately below), 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 IMC’s review of information related to the Trust’s sub-advisers, questions submitted by the IMC to GSCM and Trust management regarding various sub-advisers, GSCM and Trust management’s responses to those questions and recommendations made by the IMC. More specifically, the Board examined the nature, extent and quality of the services to be provided by each sub-adviser.

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 Trustees did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors deliberated upon, among others.

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 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 in light of all relevant considerations and the applicable Funds were likely to benefit from each sub-adviser continuing to serve as sub-adviser to the Trust.

390

The Board examined the fee schedule for each sub-adviser, noting how the fee levels charged to each applicable Fund 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 determined that the fees to be charged by each sub-adviser were reasonable in relation to the nature, extent and quality of the services to be provided.

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 the 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 because 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.

BOARD APPROVAL OF CONTINUATION AND TERMINATION OF SNOW SUB-ADVISORY AGREEMENT

The Board separately considered renewal of the Snow Sub-Advisory Agreement on behalf of the Small Cap Equity Fund for a limited two-month term ending November 30, 2017 (the “Renewal Period”) pursuant to which Snow would manage the orderly liquidation and transition (the “Transition”) of the assets managed by Snow within the Small Cap Equity Fund (the “Snow Portfolio Account”). In considering the existing Snow Sub-Advisory Agreement, 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 Independent Counsel. The Board also took into account the IMC’s review of information related to Snow, questions submitted by the IMC to GSCM and Trust management regarding Snow, GSCM and Trust management’s responses to those questions and recommendations made by the IMC.

In evaluating the advisability of renewing the Snow Sub-Advisory Agreement for the limited Renewal Period, the Board considered GSCM’s recommended termination of Snow following the Renewal Period. In this regard, the Board considered the poor relative performance of the Snow Portfolio Account over an extended period and Snow’s inability to take advantage of market environments deemed positive by GSCM for Snow’s investment strategy. The Board also considered GSCM’s assessment

391

of how Snow’s investment strategy would likely perform in future market environments. As a result of these considerations, and in light of the Trustees’ reasonable business judgment and fiduciary duties, the Board determined that it was in the best interests of the Fund and its shareholders to terminate Snow following the Renewal Period.

The Board considered GSCM’s view that retaining Snow to liquidate the Snow Portfolio Account was preferable to the engagement of a transition manager to implement an immediate liquidation because the securities in the Snow Portfolio Account were: (i) relatively volatile; (ii) less liquid compared to many domestic equity accounts; and (iii) known and traded by Snow. The Board also considered that Snow would remain a fiduciary with respect to the Snow Portfolio Account during the Renewal Period and would work collaboratively with GSCM to formalize a liquidation strategy. The Board considered that the liquidation strategy would be structured to: (i) fully liquidate the Snow Portfolio Account in an orderly and efficient manner; (ii) seek to minimize market impact to the Snow Portfolio Account; and (iii) include agreed upon milestones whereby the cash generated through the liquidation of securities in the Snow Portfolio Account would be used by GSCM to fund rebalancing efforts of the Asset Allocation Funds and Target Date Funds and/or reallocate assets of the Small Cap Equity Fund to the Fund’s other sub-advisers. The Board noted that Snow would not earn an additional incremental management fee for liquidating the Snow Portfolio Account above the contractual sub-advisory management fee. The Board also noted that Snow’s sub-advisory fees in dollars would decline as the liquidation progressed due to the reduction in the assets of the Snow Portfolio Account. In addition, the Board noted GSCM’s assurance that the Snow Portfolio Account is fully liquidated (including settlement) prior to the end of the Renewal Period.

The Board considered that, with Snow, in its capacity as sub-adviser to the Small Cap Equity Fund, directing the liquidation of the Snow Portfolio Account, no liquidation or transition manager would be utilized. The Board noted the estimated costs to liquidate the Snow portfolio account utilizing a liquidation manager provided by GSCM. The Board also noted that, because the Small Cap Equity Fund pays its sub-advisers directly, the proposed termination of Snow would have no impact on GSCM’s profitability with respect to the Fund. The Board also noted GSCM’s view that the method of liquidation to be deployed by Snow was preferable to an immediate liquidation, and GSCM’s expectation that the proposed approach would benefit the Small Cap Equity Fund and its shareholders.

When considering the renewal of the Snow Sub-Advisory Agreement for the Renewal Period, the Board considered all factors deemed relevant by the Board to evaluating the nature, extent and quality of services to be provided by Snow during the Renewal Period and the reasonableness of the sub-advisory fee to be charged in exchange for such services. In addition to the foregoing, the Board took into account Snow’s experience serving as a sub-adviser to the Small Cap Equity Fund. The Board noted the experience of key personnel at Snow providing investment management services and the systems used by such persons. The Board noted Snow’s compliance history, compliance program and financial condition. The Board also noted the terms of the Snow Sub-Advisory Agreement and the responsibilities that Snow has with respect to the Small Cap Equity Fund, including the responsibility of the day-to-day management of the Snow Portfolio Account, implementation of the liquidation plan and compliance with applicable Small Cap Equity Fund’s policies and objectives and the implementation of Board directives as they relate to the Small Cap Equity Fund.

The Board concluded that the Small Cap Equity Fund is likely to benefit from the nature, extent and quality of these services as a result of Snow’s experience, personnel, operations and resources.

The Board also took into account the profitability and the financial capability of Snow in light of information presented at the meeting. The Board noted that, based on GSCM’s representations, the financial statements of Snow did not appear to raise any significant concerns regarding the financial capability of Snow. The Board considered whether any direct or indirect collateral benefits inured to the Trust as a result of its affiliation with Snow.

392

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 the Snow Sub-Advisory Agreement for the Renewal Period and the termination of the Snow Sub-Advisory Agreement at the end of the Renewal Period. The Board also determined that approval of the continuation of the Snow Sub-Advisory Agreement for the Renewal Period and subsequent termination thereof is in the best interest of the Small Cap Equity Fund and its shareholders. During their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors deliberated upon, among others.

393

INVESTMENT SUB-ADVISERS (Assets under management as of December 31, 2017) (Unaudited)

GuideStone Funds employs a broad array of proven investment managers for the benefit of their investors. Each manager is distinctive in its investment management process and business approach.

Fund	Sub-Adviser	Firm Established	Total Assets Managed
Money Market	BlackRock Advisors, LLC	1994	$	6.3Tr
Low-Duration Bond	BlackRock Financial Management, Inc.	1988	$	6.3Tr
	Pacific Investment Management Company LLC	1971	$	1.7Tr
	Payden & Rygel	1983	$	117.1B
Medium-Duration Bond	Goldman Sachs Asset Management, L.P.	1984	$	1.2Tr
	Pacific Investment Management Company LLC	1971	$	1.7Tr
	Western Asset Management Company and
	Western Asset Management Company Limited	1971	$	442.2B
Extended-Duration Bond	Loomis, Sayles & Company, L.P.	1926	$	268.1B
	Schroder Investment Management North America Inc.	1804	$	109.8B	(1)
Global Bond	Loomis, Sayles & Company, L.P.	1926	$	268.1B
	Western Asset Management Company and
	Western Asset Management Company Limited	1971	$	442.2B
Defensive Market Strategies	American Century Investment Management, Inc.	1958	$	173.3B
	AQR Capital Management, LLC	1998	$	224.0B
	Parametric Portfolio Associates LLC	1992	$	230.1B
	Shenkman Capital Management, Inc.	1985	$	26.5B
Equity Index	Legal & General Investment Management America, Inc.	2006	$	174.8B
Value Equity	AJO, LP	1984	$	27.1B
	Barrow, Hanley, Mewhinney & Strauss, LLC	1979	$	91.7B
	Legal & General Investment Management America, Inc.	2006	$	174.8B
	TCW Investment Management Company LLC	1971	$	204.6B
Growth Equity	Brown Advisory, LLC	1993	$	33.2B
	ClearBridge Investments, LLC	2005	$	137.0B
	Loomis, Sayles & Company, L.P.	1926	$	268.1B
	Sands Capital Management, LLC	1992	$	41.3B
Small Cap Equity	AJO, LP	1984	$	27.1B
	RBC Global Asset Management (U.S.) Inc.	1983	$	37.5B
	TimesSquare Capital Management, LLC	2000	$	17.9B
International Equity Index	Legal & General Investment Management America, Inc.	2006	$	174.8B
International Equity	AQR Capital Management, LLC	1998	$	224.0B
	Baillie Gifford Overseas Limited	1983	$	243.0B
	Barrow, Hanley, Mewhinney & Strauss, LLC	1979	$	91.7B
	MFS Institutional Advisors, Inc.	1970	$	491.0B
	Mondrian Investment Partners Ltd.	1990	$	62.8B
Emerging Markets Equity	AQR Capital Management, LLC	1998	$	224.0B
	Genesis Asset Managers, LLP and
	Genesis Investment Management, LLP	1989	$	28.0B

394

Fund	Sub-Adviser	Firm Established	Total Assets Managed
Inflation Protected Bond	BlackRock Financial Management, Inc.	1988	$	6.3Tr
Global Real Estate Securities	Heitman Real Estate Securities LLC,
	Heitman International Real Estate Securities GmbH and
	Heitman International Real Estate Securities HK Limited	1989	$	38.9B
	RREEF America L.L.C.,
	Deutsche Investments Australia Limited and
	Deutsche Alternative Asset Management (Global) Limited	1975	$	59.3B
Strategic Alternatives Fund	Allianz Global Investors U.S. LLC	1895	$	108.8B
	Neuberger Berman Investment Advisers LLC	2002	$	295.2B
	Parametric Portfolio Associates LLC	1992	$	230.1B
	Perella Weinberg Partners Capital Management LP	2006	$	11.6B	(2)
Custodian for GuideStone Funds Assets	The Northern Trust Company	1889	$	8.1Tr
Cash Overlay for Target Date, Asset Allocation,
Fixed Income, Equity and Real Return Funds	Parametric Portfolio Associates LLC	1992	$	230.1B

⁽¹⁾  Assets as of September 30, 2017.

⁽²⁾  Assets as of September 1, 2017.

395

(This page intentionally left blank)

(This page intentionally left blank)

2401 Cedar Springs Road, Dallas, TX 75201-1498 1-888-GS-FUNDS • GuideStoneFunds.com	Funds distributed by Foreside Funds Distributors LLC 400 Berwyn Park, 899 Cassatt Road, Suite 110, Berwyn, PA 19312
	© 2018 GuideStone Funds®176362   01/18   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 $655,800 and $687,300 for 2016 and 2017, 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 $52,167 and $0 for 2016 and 2017, 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 $129,760 and $131,320 for 2016 and 2017, 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 $0 and $96,750 for 2016 and 2017, respectively. Other fees for 2017 are for conversion procedures performed related to the Funds’ service provider changes.

(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 sub-adviser 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) Not applicable

(c) 100%

(d) 100%

(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 first fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable.

(b) Not applicable.

Item 13. Exhibits.

(a)(1) Code of Ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is incorporated herein by reference to Exhibit 13(a)(1) to the report filed on Form N-CSR on March 8, 2017 (Accession Number 0001193125-17-074159).

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) GuideStone Funds
By (Signature and Title)*	/s/ John R. Jones
	John R. Jones, President
	(Principal Executive Officer)

Date March 8, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ John R. Jones
	John R. Jones, President
	(Principal Executive Officer)

Date March 8, 2018

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

Date March 8, 2018

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