GuideStone Funds

N-CSRS 1 dncsrs.htm GUIDESTONE FUNDS GuideStone Funds

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)

Rodney R. Miller, 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: 214-720-2142

Date of fiscal year end: December 31

Date of reporting period: June 30, 2006

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.




SEMI-ANNUAL REPORT

		JUNE 30, 2006 (UNAUDITED) *Blended Funds:* • Flexible Income Fund • Growth & Income Fund • Capital Opportunities Fund • Global Equity Fund • Flexible Income Fund I • Growth & Income Fund I • Capital Opportunities Fund I • Global Equity Fund I *Select Funds:* • Money Market Fund • Low-Duration Bond Fund • Medium-Duration Bond Fund • Extended-Duration Bond Fund • Equity Index Fund • Value Equity Fund • Growth Equity Fund • Small Cap Equity Fund • International Equity Fund

GuideStone Funds

GuideStone Financial Resources of the Southern Baptist Convention (“GuideStone Financial Resources”)

GuideStone Capital Management (“GSCM”)

GuideStone Financial Services (“GSFS”)

PFPC Distributors, Inc. (“PFPC”)

NOTICE CONCERNING YOUR PRIVACY RIGHTS

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

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

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

•

Information we receive from you on applications or other forms;

•

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

•

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

•

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

We may disclose such nonpublic personal financial information about you to one or more of our affiliates. An affiliate of an organization means any entity that controls, is controlled by, or is under common control with that organization. For example, GuideStone Financial Resources, GSCM and GSFS are affiliates of one another. GuideStone Funds, GuideStone Financial Resources, GSCM, GSFS and PFPC do not sell your personal information to nonaffiliated third parties.

We may also disclose any of the personal information that we collect about you to nonaffiliated third parties as permitted by law. For example, we may provide your information to nonaffiliated companies that provide account services or that perform marketing services on our behalf and to other financial institutions with whom we have joint marketing agreements. We restrict access to nonpublic personal information about you to those of our employees who need to know that information in order for us to provide and/or service products or 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 service representative at 1-888-98-GUIDE.

TABLE OF CONTENTS


Letter from the President		2
From the Chief Investment Officer		3
About Your Expenses		4

Blended Funds:
Flexible Income Fund		8
Growth & Income Fund		10
Capital Opportunities Fund		12
Global Equity Fund		14

Financial Statements		16

Flexible Income Fund I		22
Growth & Income Fund I		24
Capital Opportunities Fund I		26
Global Equity Fund I		28

Financial Statements		30

Select Funds:
Money Market Fund		35
Low-Duration Bond Fund		38
Medium-Duration Bond Fund		47
Extended-Duration Bond Fund		63
Equity Index Fund		68
Value Equity Fund		74
Growth Equity Fund		78
Small Cap Equity Fund		81
International Equity Fund		89

Schedule of Investments – Abbreviations and Footnotes		97

Financial Statements		98
Notes to Financial Statements		111
Fund Management		127

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

LETTER FROM THE PRESIDENT

LOGO

We are pleased to present you with the GuideStone Funds semi-annual report for the six months ended June 30, 2006. GuideStone Funds will soon celebrate their five year anniversary on August 27, 2006. We are thrilled that you have chosen to partner with us during this exciting five years journey.

Prior to the effective date of launching GuideStone Funds we had approximately $6.8 billion in assets. Our shareholders have benefited from the positive investment performance of our funds which now exceed $8.5 billion and include 3,800 IRA and personal investment accounts.

As we look ahead to the next five years and beyond, we will continue to provide an unwavering commitment to our investors to provide the highest quality investment management services and products in the industry. In a continually changing mutual fund environment, we stand ready to adapt and expand our product base so that you, our shareholders, benefit from one of the best the industry has to offer.

We appreciate your continued confidence in GuideStone Funds and will continue to work to improve all aspects of the products and services delivered to you – our shareholders.

We hope you find the information in this report valuable. If you have any questions concerning the report, do not hesitate to call us at 1-888-98-GUIDE or visit our new website designed to better serve your needs at www.GuideStoneFunds.org. It has been a pleasure serving you these last five years. Thank you for choosing to invest in GuideStone Funds.

Sincerely,

LOGO

John R. Jones

FROM THE CHIEF INVESTMENT OFFICER

LOGO

Rodric E. Cummins, CFA

At the halfway mark in the year, investors have encountered anything but the benign, quiet period that might otherwise be indicated by capital market returns. Despite the S&P 500^® Index returning a modest 2.71% through June 30 and bonds posting mixed results, a return in market volatility took investors through the roller coaster experience of multi-year equity market highs as well as significant market corrections in the first six months of the year.

After posting strong returns early in 2006, mounting signs of a slowing U.S. economy and rising inflationary fears resulted in a sharp reversal in global capital market returns in the second quarter. The Federal Reserve’s ongoing tightening monetary policy is striking an increasingly higher degree of uncertainty and volatility in the financial markets as investors digest the impending risks associated with higher interest rates. High-beta, growth sensitive asset classes such as small cap and emerging markets stocks, which have excelled in a non-inflationary, pro-growth economic environment for years, proved especially vulnerable to indications of economic deceleration and rising inflation.

Global equity markets continued to be led by the performance of stocks in developed international markets which posted a return of 0.70% during the second quarter, as represented by the MSCI EAFE^® (Morgan Stanley Capital International Europe, Australasia, Far East) Index (Net), bringing the year-to-date return to 10.16%. Despite a strong late period rally, second quarter returns were generally negative in U.S. equity markets as the S&P 500^® Index returned -1.44%. Large capitalization stocks outperformed the more economically sensitive small cap stocks in the second quarter as the Russell 1000^® Index posted a return of -1.66%, compared to the Russell 2000^® Index of -5.02%. Even with the poor performance in the quarter, year-to-date returns for small stocks remain solid at 8.21% for the six months ended June 30.

With interest rates rising across the entire maturity spectrum, shorter duration securities continued to post the highest returns in the bond market. The strongest performance year-to-date in fixed income securities is found in money market securities where short maturities enable a rapid adjustment to rising interest rates. The Citigroup 3-Month Treasury Bill Index posted returns of 1.16% for the second quarter and 2.19% year-to-date through June 30. By comparison, the Lehman Brothers Aggregate Bond Index returned -0.08% and -0.72% for the two periods, respectively.

While 2006 thus far has represented a period of transition for economic growth and the financial markets, the fundamental underpinnings for continued growth appear strong and we believe our funds remain well-positioned to take advantage of attractive investment opportunities on the domestic and international fronts across both stock and bond markets.

Asset Class Performance Comparison

The following graph illustrates the performance of the major assets classes during 2006.

LOGO

Index

¹	The S&P 500^® Index includes 500 of the largest stocks (in terms of market value) in the United States.

²	The Russell 2000^® Index is a small-cap index consisting of the smallest 2000 companies in the Russell 3000^® index, representing approximately 8% of the Russell 3000^® Index total market capitalization.

³	The MSCI ACWI^® (All Country World Index) Ex-U.S. is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets excluding the U.S.

⁴	The Lehman Brothers Aggregate Bond Index includes fixed rate debt issues rated investment grade or higher by Moody’s Investor’s Service, Standard and Poor’s Corporation, or Fitch Investor’s Service, in that order.

About Your Expenses (Unaudited)

As a shareholder of the Funds, you incur ongoing costs, including advisory fees and to the extent applicable, distribution (12b-1) fees and/or shareholder services fees, as well as other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2006 to June 30, 2006.

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 during 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 1/1/2006		Ending Account Value 6/30/2006		Annualized Expense Ratio (1)		Expenses Paid During Period (2)
Flexible Income	GS4	$	1,000.00	$	1,013.14	0.13	%	$	0.65
	GS6		1,000.00		1,012.15	0.50			2.49
	GS8		1,000.00		1,009.94	0.80			3.99

Growth & Income	GS4		1,000.00		1,009.87	0.13			0.65
	GS6		1,000.00		1,006.41	0.60			2.98
	GS8		1,000.00		1,006.42	0.90			4.48

Capital Opportunities	GS4		1,000.00		1,017.48	0.13			0.65
	GS6		1,000.00		1,014.12	0.70			3.50
	GS8		1,000.00		1,014.16	0.90			4.49

Global Equity	GS4		1,000.00		1,024.57	0.13			0.65
	GS6		1,000.00		1,022.28	0.57			2.86
	GS8		1,000.00		1,020.58	0.87			4.36

Flexible Income I	GS2		1,000.00		1,014.78	0.17			0.85
Growth & Income I	GS2		1,000.00		1,009.71	0.17			0.85
Capital Opportunities I	GS2		1,000.00		1,018.22	0.17			0.85
Global Equity I	GS2		1,000.00		1,024.99	0.17			0.85
Money Market	GS2		1,000.00		1,021.66	0.27			1.35
	GS4		1,000.00		1,022.63	0.46			2.31
	GS6		1,000.00		1,019.59	0.87			4.36
	GS8		1,000.00		1,018.06	1.17			5.85


ACTUAL
Fund	Class	Beginning Account Value 1/1/2006		Ending Account Value 6/30/2006		Annualized Expense Ratio (1)		Expenses Paid During Period (2)
Low-Duration Bond	GS2	$	1,000.00	$	1,010.10	0.45	%	$	2.24
	GS4		1,000.00		1,010.79	0.61			3.04
	GS6		1,000.00		1,009.22	1.00			4.98
	GS8		1,000.00		1,006.69	1.30			6.47

Medium-Duration Bond	GS2		1,000.00		993.49	0.50			2.47
	GS4		1,000.00		994.34	0.62			3.07
	GS6		1,000.00		990.62	1.05			5.18
	GS8		1,000.00		990.38	1.35			6.66

Extended-Duration Bond	GS2		1,000.00		966.26	0.58			2.83
	GS4		1,000.00		968.17	0.73			3.56
	GS6		1,000.00		964.25	1.17			5.70
	GS8		1,000.00		962.77	1.50			7.30

Equity Index	GS2		1,000.00		1,025.22	0.23			1.15
	GS4		1,000.00		1,026.39	0.40			2.01
	GS6		1,000.00		1,024.38	0.60			3.01
	GS8		1,000.00		1,022.89	0.90			4.51

Value Equity	GS2		1,000.00		1,049.00	0.72			3.66
	GS4		1,000.00		1,049.70	0.90			4.57
	GS6		1,000.00		1,047.10	1.29			6.55
	GS8		1,000.00		1,044.61	1.60			8.11

Growth Equity	GS2		1,000.00		950.87	0.87			4.21
	GS4		1,000.00		951.69	0.99			4.79
	GS6		1,000.00		949.05	1.39			6.72
	GS8		1,000.00		947.03	1.69			8.16

Small Cap Equity	GS2		1,000.00		1,049.32	1.09			5.54
	GS4		1,000.00		1,050.00	1.21			6.15
	GS6		1,000.00		1,046.60	1.61			8.17
	GS8		1,000.00		1,045.00	1.91			9.68

International Equity	GS2		1,000.00		1,077.15	0.97			5.00
	GS4		1,000.00		1,078.18	1.15			5.93
	GS6		1,000.00		1,074.86	1.50			7.72
	GS8		1,000.00		1,072.91	1.80			9.25

HYPOTHETICAL (assuming a 5% return before expenses)
Fund	Class	Beginning Account Value 1/1/2006		Ending Account Value 6/30/2006		Annualized Expense Ratio (1)		Expenses Paid During Period (2)
Flexible Income	GS4	$	1,000.00	$	1,024.15	0.13	%	$	0.65
	GS6		1,000.00		1,022.32	0.50			2.51
	GS8		1,000.00		1,020.83	0.80			4.01

Growth & Income	GS4		1,000.00		1,024.15	0.13			0.65
	GS6		1,000.00		1,021.82	0.60			3.01
	GS8		1,000.00		1,020.33	0.90			4.51

Capital Opportunities	GS4		1,000.00		1,024.15	0.13			0.65
	GS6		1,000.00		1,021.32	0.70			3.51
	GS8		1,000.00		1,020.33	0.90			4.51

About Your Expenses (Unaudited) (Continued)


HYPOTHETICAL (assuming a 5% return before expenses)
Fund	Class	Beginning Account Value 1/1/2006		Ending Account Value 6/30/2006		Annualized Expense Ratio (1)		Expenses Paid During Period (2)
Global Equity	GS4	$	1,000.00	$	1,024.15	0.13	%	$	0.65
	GS6		1,000.00		1,021.97	0.57			2.86
	GS8		1,000.00		1,020.48	0.87			4.36

Flexible Income I	GS2		1,000.00		1,023.95	0.17			0.85

Growth & Income I	GS2		1,000.00		1,023.95	0.17			0.85

Capital Opportunities I	GS2		1,000.00		1,023.95	0.17			0.85

Global Equity I	GS2		1,000.00		1,023.95	0.17			0.85

Money Market	GS2		1,000.00		1,023.46	0.27			1.35
	GS4		1,000.00		1,022.51	0.46			2.31
	GS6		1,000.00		1,020.48	0.87			4.36
	GS8		1,000.00		1,018.99	1.17			5.86

Low-Duration Bond	GS2		1,000.00		1,022.56	0.45			2.26
	GS4		1,000.00		1,021.77	0.61			3.06
	GS6		1,000.00		1,019.84	1.00			5.01
	GS8		1,000.00		1,018.35	1.30			6.51

Medium-Duration Bond	GS2		1,000.00		1,022.32	0.50			2.51
	GS4		1,000.00		1,021.72	0.62			3.11
	GS6		1,000.00		1,019.59	1.05			5.26
	GS8		1,000.00		1,018.10	1.35			6.76

Extended-Duration Bond	GS2		1,000.00		1,021.92	0.58			2.91
	GS4		1,000.00		1,021.17	0.73			3.66
	GS6		1,000.00		1,018.99	1.17			5.86
	GS8		1,000.00		1,017.36	1.50			7.50

Equity Index	GS2		1,000.00		1,023.65	0.23			1.15
	GS4		1,000.00		1,022.81	0.40			2.01
	GS6		1,000.00		1,021.82	0.60			3.01
	GS8		1,000.00		1,020.33	0.90			4.51

Value Equity	GS2		1,000.00		1,021.22	0.72			3.61
	GS4		1,000.00		1,020.33	0.90			4.51
	GS6		1,000.00		1,018.40	1.29			6.46
	GS8		1,000.00		1,016.86	1.60			8.00

Growth Equity	GS2		1,000.00		1,020.48	0.87			4.36
	GS4		1,000.00		1,019.89	0.99			4.96
	GS6		1,000.00		1,017.90	1.39			6.95
	GS8		1,000.00		1,016.41	1.69			8.45

Small Cap Equity	GS2		1,000.00		1,019.39	1.09			5.46
	GS4		1,000.00		1,018.79	1.21			6.06
	GS6		1,000.00		1,016.81	1.61			8.05
	GS8		1,000.00		1,015.32	1.91			9.54

International Equity	GS2		1,000.00		1,019.98	0.97			4.86
	GS4		1,000.00		1,019.09	1.15			5.76
	GS6		1,000.00		1,017.36	1.50			7.50
	GS8		1,000.00		1,015.87	1.80			9.00

Because the expense caps for each Class of the Growth Equity Fund were changed during the six-month period ended June 30, 2006 (see Note 3c in the Notes to Financial Statements), the following table reflects the expenses that would have been incurred assuming the new expense cap was in effect for the entire period.


ACTUAL
Fund	Class	Beginning Account Value 1/1/2006		Ending Account Value 6/30/2006		Annualized Expense Ratio (1)		Expenses Paid During Period (2)
Growth Equity	GS2 Class	$	1,000.00	$	951.47	0.90	%	$	4.35
	GS4 Class		1,000.00		950.67	1.02	%		4.93
	GS6 Class		1,000.00		948.77	1.42	%		6.86
	GS8 Class		1,000.00		946.77	1.72	%		8.30

HYPOTHETICAL (assuming a 5% return before expenses)
Fund	Class	Beginning Account Value 1/1/2006		Ending Account Value 6/30/2006		Annualized Expense Ratio (1)		Expenses Paid During Period (2)
Growth Equity	GS2 Class	$	1,000.00	$	1,020.33	0.90	%	$	4.51
	GS4 Class		1,000.00		1,019.74	1.02	%		5.11
	GS6 Class		1,000.00		1,017.75	1.42	%		7.10
	GS8 Class		1,000.00		1,016.27	1.72	%		8.60

(1)

Expenses include the effect of contractual waivers by GuideStone Capital Management. The Blended Funds’ proportionate share of the operating expenses of the Select Funds is not reflected in the tables above.

(2)

Expenses are equal to the Fund’s annualized expense ratios for the period January 1, 2006 through June 30, 2006, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Flexible Income Fund


Average Annual Total Returns as of 6/30/2006
	GS4 Class*	GS6 Class*	Benchmark**	GS8 Class*	GS8 Class Benchmark**
One Year	4.19%	3.82%	4.76%	3.42%	4.76%
Since Inception	3.74%	3.49%	3.93%	3.17%	4.23%
Inception Date	08/27/01	08/27/01	08/27/01	11/08/04	11/08/04

LOGO

The graph compares the results of a hypothetical $10,000 investment in the GS4 Class of the Fund since August 27, 2001 (commencement of operations), with all dividends and capital gains reinvested, with the Fund’s weighted composite benchmark index.

*	These returns reflect expense waivers by the Fund’s investment advisor. 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 the Russell 3000^® Index, the MSCI ACWI^® Ex-U.S. and the Merrill Lynch 1-3 Year Treasury Index.

The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The MSCI ACWI^® Ex-U.S. is a market-capitalization weighted index composed of companies representative of the market structure of developed and emerging market countries in the Americas (excluding the U.S.), Europe/Middle East, and Asia/ Pacific Regions. It excludes closed markets and those shares in otherwise free markets that are not purchasable by foreigners.

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

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


Flexible Income Fund
SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Shares		Value
AFFILIATED MUTUAL FUNDS — 98.9%
GuideStone Funds Money Market Fund (GS4 Class)¥		2,759,146	$	2,759,146
GuideStone Funds Low-Duration Bond Fund (GS4 Class)¥		17,977,850		226,700,691
GuideStone Funds Equity Index Fund (GS4 Class)¥		295,429		5,105,017
GuideStone Funds Value Equity Fund (GS4 Class)¥		1,327,525		23,922,008
GuideStone Funds Growth Equity Fund (GS4 Class)¥		1,409,752		23,740,229
GuideStone Funds Small Cap Equity Fund (GS4 Class)¥		366,122		5,997,070
GuideStone Funds International Equity Fund (GS4 Class)¥		1,022,364		19,128,427

Total Affiliated Mutual Funds (Cost $263,714,648)				307,352,588


	Par
U.S. TREASURY OBLIGATIONS — 1.0%
U.S. Treasury Bill
4.66%, 09/21/06‡‡	$	135,000		133,568

U.S. Treasury Note
4.63%, 03/31/08		2,925,000		2,898,265

Total U.S. Treasury Obligations (Cost $3,036,530)				3,031,833

TOTAL INVESTMENTS — 99.9% (Cost $266,751,178)				310,384,421

Other Assets in Excess of Liabilities — 0.1%				297,439

NET ASSETS — 100.0%			$	310,681,860


PORTFOLIO SUMMARY+
		%
Bond Fund		73.0
Domestic Equity Funds		18.9
International Equity Fund		6.1
U.S. Treasury Obligations		1.0
Money Market Fund		0.9
Futures Contracts		0.3

		100.2

+	Based on net assets.

See Notes to Financial Statements.

Growth & Income Fund


Average Annual Total Returns as of 6/30/06
	GS4 Class*	GS6 Class*	Benchmark**	GS8 Class*	GS8 Class Benchmark**
One Year	5.88%	5.44%	6.53%	5.09%	6.53%
Since Inception	5.70%	5.36%	5.81%	5.85%	6.79%
Inception Date	08/27/01	08/27/01	08/27/01	11/08/04	11/08/04

LOGO

*	These returns reflect expense waivers by the Fund’s investment advisor. 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 the Russell 3000^® Index, the MSCI ACWI^® Ex-U.S. and the Lehman Brothers Aggregate Bond Index.

The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The MSCI ACWI^® Ex-U.S. is a market-capitalization weighted index composed of companies representative of the market structure of developed and emerging market countries in the Americas (excluding the U.S.), Europe/Middle East, and Asia/Pacific Regions. It excludes closed markets and those shares in otherwise free markets that are not purchased by foreigners.

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

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


Growth & Income Fund
SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Shares		Value
AFFILIATED MUTUAL FUNDS — 99.2%
GuideStone Funds Money Market Fund (GS4 Class)¥		14,861,239	$	14,861,239
GuideStone Funds Low-Duration Bond Fund (GS4 Class)¥		15,162,611		191,200,520
GuideStone Funds Medium-Duration Bond Fund (GS4 Class)¥		24,696,122		323,025,275
GuideStone Funds Extended-Duration Bond Fund (GS4 Class) ¥		9,417,732		132,036,610
GuideStone Funds Equity Index Fund (GS4 Class)¥		2,476,817		42,799,392
GuideStone Funds Value Equity Fund (GS4 Class)¥		10,816,690		194,916,753
GuideStone Funds Growth Equity Fund (GS4 Class)¥		11,063,792		186,314,265
GuideStone Funds Small Cap Equity Fund (GS4 Class)¥		2,757,941		45,175,076
GuideStone Funds International Equity Fund (GS4 Class)¥		9,442,323		176,665,862

Total Affiliated Mutual Funds (Cost $1,104,709,969)				1,306,994,992


	Par
U.S. TREASURY OBLIGATIONS — 0.8%
U.S. Treasury Bill
4.66%, 09/21/06‡‡	$	805,000		796,460
U.S. Treasury Note
4.88%, 02/15/12		9,850,000		9,745,354

Total U.S. Treasury Obligations (Cost $10,585,353)				10,541,814

TOTAL INVESTMENTS — 100.0% (Cost $1,115,295,322)				1,317,536,806

Other Assets in Excess of Liabilities — 0.0%				152,897

NET ASSETS — 100.0%			$	1,317,689,703


PORTFOLIO SUMMARY+
		%
Bond Funds		49.1
Domestic Equity Funds		35.6
International Equity Fund		13.4
Money Market Fund		1.1
U.S. Treasury Obligations		0.8
Futures Contracts		0.7

		100.7

+	Based on net assets.

See Notes to Financial Statements.

Capital Opportunities Fund


Average Annual Total Returns as of 6/30/06
	GS4 Class*	GS6 Class*	Benchmark**	GS8 Class*	GS8 Class Benchmark**
One Year	9.18%	8.64%	10.22%	8.42%	10.22%
Since Inception	5.98%	5.57%	6.18%	8.18%	9.44%
Inception Date	08/27/01	08/27/01	08/27/01	11/08/04	11/08/04

LOGO

*	These returns reflect expense waivers by the Fund’s investment advisor. 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 the Russell 3000^® Index, the MSCI ACWI^® Ex-U.S. and the Lehman Brothers Aggregate Bond Index.

The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

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


Capital Opportunities Fund
SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Shares		Value
AFFILIATED MUTUAL FUNDS — 99.6%
GuideStone Funds Money Market Fund (GS4 Class)¥		15,287,989	$	15,287,989
GuideStone Funds Low-Duration Bond Fund (GS4 Class)¥		6,152,940		77,588,572
GuideStone Funds Medium-Duration Bond Fund (GS4 Class)¥		9,939,954		130,014,603
GuideStone Funds Extended-Duration Bond Fund (GS4 Class) ¥		3,919,914		54,957,198
GuideStone Funds Equity Index Fund (GS4 Class)¥		2,866,585		49,534,588
GuideStone Funds Value Equity Fund (GS4 Class)¥		13,272,959		239,178,713
GuideStone Funds Growth Equity Fund (GS4 Class)¥		13,804,058		232,460,339
GuideStone Funds Small Cap Equity Fund (GS4 Class)¥		3,457,558		56,634,794
GuideStone Funds International Equity Fund (GS4 Class)¥		11,075,831		207,228,790

Total Affiliated Mutual Funds (Cost $861,776,713)				1,062,885,586


	Par
U.S. TREASURY OBLIGATIONS — 0.4%
U.S. Treasury Bill
4.66%, 09/21/06‡‡	$	910,000		900,346
U.S. Treasury Note
4.88%, 02/15/12		3,840,000		3,799,204

Total U.S. Treasury Obligations (Cost $4,710,913)				4,699,550

TOTAL INVESTMENTS — 100.0% (Cost $866,487,626)				1,067,585,136

Other Assets in Excess of Liabilities — 0.0%				57,720

NET ASSETS — 100.0%			$	1,067,642,856


PORTFOLIO SUMMARY+
		%
Domestic Equity Funds		54.1
Bond Funds		24.6
International Equity Fund		19.4
Money Market Fund		1.4
Futures Contracts		1.1
U.S. Treasury Obligations		0.5

		101.1

+	Based on net assets.

See Notes to Financial Statements.

Global Equity Fund


Average Annual Total Returns as of 6/30/06
	GS4 Class*	GS6 Class*	Benchmark**	GS8 Class*	GS8 Class Benchmark**
One Year	12.38%	12.03%	13.97%	11.50%	13.97%
Since Inception	6.06%	5.80%	6.39%	10.50%	12.30%
Inception Date	08/27/01	08/27/01	08/27/01	11/08/04	11/08/04

LOGO

*	These returns reflect expense waivers by the Fund’s investment advisor. 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 the Russell 3000^® Index and the MSCI ACWI^® Ex-U.S.

The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The MSCI ACWI^® Ex-U.S. is a market-capitalization weighted index composed of companies representative of the market structure of developed and emerging market countries in the Americas (excluding the U.S.), Europe/Middle East, and Asia/Pacific Regions. It excludes closed markets and those shares in otherwise free markets that are not purchasable by foreigners.

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


Global Equity Fund
SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Shares		Value
AFFILIATED MUTUAL FUNDS — 99.9%
GuideStone Funds Money Market Fund (GS4 Class)¥		11,457,573	$	11,457,573
GuideStone Funds Equity Index Fund (GS4 Class)¥		3,625,305		62,645,270
GuideStone Funds Value Equity Fund (GS4 Class)¥		16,242,261		292,685,552
GuideStone Funds Growth Equity Fund (GS4 Class)¥		17,246,797		290,436,063
GuideStone Funds Small Cap Equity Fund (GS4 Class)¥		4,463,296		73,108,780
GuideStone Funds International Equity Fund (GS4 Class)¥		13,209,973		247,158,602

Total Affiliated Mutual Funds (Cost $751,980,325)				977,491,840


	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
4.66%, 09/21/06‡‡
(Cost $1,281,260)	$	1,295,000		1,281,263

TOTAL INVESTMENTS — 100.0% (Cost $753,261,585)				978,773,103

Liabilities in Excess of Other Assets — 0.0%				(476,510	)

NET ASSETS — 100.0%			$	978,296,593


PORTFOLIO SUMMARY+
		%
Domestic Equity Funds		73.5
International Equity Fund		25.2
Money Market Fund		1.2
Futures Contracts		0.8
U.S. Treasury Obligation		0.1

		100.8

+	Based on net assets.

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2006 (Unaudited)


	Flexible Income Fund		Growth & Income Fund		Capital Opportunities Fund		Global Equity Fund
Assets
Investments in securities of affiliated issuers, at value	$	307,352,588	$	1,306,994,992	$	1,062,885,586	$	977,491,840
Investments in securities of unaffiliated issuers, at value		3,031,833		10,541,814		4,699,550		1,281,263

Total investments (1)		310,384,421		1,317,536,806		1,067,585,136		978,773,103
Receivables:
Dividends		11,742		57,878		54,708		51,711
Interest		34,005		180,341		70,322		—
Fund shares sold		342,157		133,814		143,750		16,914
Prepaid expenses and other assets		10,508		13,479		12,343		11,178

Total Assets		310,782,833		1,317,922,318		1,067,866,259		978,852,906

Liabilities
Payables:
Fund shares redeemed		29,380		—		21,872		379,164
Variation margin		2,400		23,200		28,800		20,000
Accrued expenses:
Advisory fees		13,758		108,219		85,511		76,422
Distribution (12b-1) fees		2,321		2,651		2,286		2,675
Shareholder servicing fees		2,031		2,320		1,857		2,354
Other expenses		51,083		96,225		83,077		75,698

Total Liabilities		100,973		232,615		223,403		556,313

Net Assets	$	310,681,860	$	1,317,689,703	$	1,067,642,856	$	978,296,593

Net Assets Consist of:
Paid-in capital	$	261,232,056	$	1,070,898,841	$	816,210,184	$	705,090,147
Undistributed net investment income		3,262,492		12,298,072		6,276,138		2,297,803
Undistributed net realized gain on investments		2,538,445		32,195,881		43,998,357		45,257,532
Net unrealized appreciation (depreciation) on investments and futures		43,648,867		202,296,909		201,158,177		225,651,111

Net Assets	$	310,681,860	$	1,317,689,703	$	1,067,642,856	$	978,296,593


Net Asset Value: ($0.001 par value, unlimited shares authorized)
Net assets applicable to the GS4 Class	$	292,992,547	$	1,297,469,745	$	1,053,026,954	$	957,324,909

GS4 shares outstanding		22,341,071		90,475,719		67,000,105		57,392,864

Net asset value, offering and redemption price per GS4 share	$	13.11	$	14.34	$	15.72	$	16.68

Net assets applicable to the GS6 Class	$	12,301,610	$	13,990,113	$	7,681,500	$	14,760,100

GS6 shares outstanding		1,343,552		1,484,456		713,235		1,237,621

Net asset value, offering and redemption price per GS6 share	$	9.16	$	9.42	$	10.77	$	11.93

Net assets applicable to the GS8 Class	$	5,387,703	$	6,229,845	$	6,934,402	$	6,211,584

GS8 shares outstanding		589,167		662,314		645,340		521,922

Net asset value, offering and redemption price per GS8 share	$	9.14	$	9.41	$	10.75	$	11.90

______________
(1) Investments in securities of affiliated issuers, at cost	$	263,714,648	$	1,104,709,969	$	861,776,713	$	751,980,325
Investments in securities of unaffiliated issuers, at cost		3,036,530		10,585,353		4,710,913		1,281,260

Total investments at cost	$	266,751,178	$	1,115,295,322	$	866,487,626	$	753,261,585

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2006 (Unaudited)


	Flexible Income Fund			Growth & Income Fund			Capital Opportunities Fund			Global Equity Fund
Investment Income
Income dividends received from affiliated funds	$	3,416,537		$	12,943,707		$	6,906,196		$	2,965,330
Interest		82,111			258,554			112,749			27,866

Total Investment Income		3,498,648			13,202,261			7,018,945			2,993,196

Expenses
Investment advisory fees		153,899			663,315			544,121			500,304
Transfer agent fees
GS4 shares		17,117			30,829			26,987			23,686
GS6 shares		3,156			2,808			3,023			3,113
GS8 shares		3,193			3,134			3,166			3,172
Custodian fees		6,145			14,092			10,418			10,628
Distribution (12b-1) fees:
GS6 shares		6,100			6,995			3,848			7,405
GS8 shares		7,993			9,162			9,992			9,251
Shareholder servicing fees:
GS6 shares		6,710			7,695			4,232			8,145
GS8 shares		5,594			6,409			6,986			6,473
Accounting and administration fees		44,733			105,417			93,565			89,051
Professional fees		23,777			23,776			23,777			23,777
Blue sky fees
GS4 shares		2,804			2,843			2,559			2,684
GS6 shares		11,159			11,461			10,867			11,586
GS8 shares		5,443			5,635			5,149			4,853
Shareholder reporting fees
GS4 shares		9,607			27,335			18,902			16,912
GS6 shares		(131	)		(319	)		(197	)		(158	)
GS8 shares		15			50			43			23
Trustee fees		2,496			11,032			9,098			8,241
Line of credit facility fees		647			2,757			2,304			2,056
Other expenses		8,277			9,077			8,777			8,777

Total Expenses		318,734			943,503			787,617			739,979
Expenses waived (See Footnote 3a and 3c)		(80,439	)		(35,097	)		(40,624	)		(41,113	)
Fees paid indirectly		(282	)		(330	)		(518	)		(324	)

Net Expenses		238,013			908,076			746,475			698,542

Net Investment Income		3,260,635			12,294,185			6,272,470			2,294,654

Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		254,239			2,168,486			2,614,590			3,165,119
Net realized gain on investment securities of affiliated issuers		843,675			10,730,021			16,696,367			15,634,158
Net realized loss on investment securities of unaffiliated issuers		(38,012	)		(246,607	)		(93,723	)		—
Net realized loss on futures transactions		(24,002	)		(26,119	)		(157,374	)		(423,794	)

Net realized gain		1,035,900			12,625,781			19,059,860			18,375,483

Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		(332,838	)		(12,699,626	)		(7,067,121	)		2,059,685
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		(7,706	)		(99,049	)		(33,019	)		(122	)
Change in unrealized appreciation (depreciation) on futures		25,953			220,750			251,290			306,080

Net change in unrealized appreciation (depreciation)		(314,591	)		(12,577,925	)		(6,848,850	)		2,365,643

Net Realized and Unrealized Gain		721,309			47,856			12,211,010			20,741,126

Net Increase in Net Assets Resulting from Operations	$	3,981,944		$	12,342,041		$	18,483,480		$	23,035,780

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS


	Flexible Income Fund						Growth & Income Fund
	For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05			For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05
Operations:
Net investment income	$	3,260,635		$	6,710,228		$	12,294,185		$	26,617,634
Net realized gain on investment securities and futures transactions		1,035,900			8,806,341			12,625,781			67,104,253
Net change in unrealized appreciation (depreciation) on investment securities and futures		(314,591	)		(6,564,844	)		(12,577,925	)		(18,769,800	)

Net increase in net assets resulting from operations		3,981,944			8,951,725			12,342,041			74,952,087

Dividends and Distributions to Shareholders:
Dividends from net investment income
GS4 shares		—			(6,681,233	)		(686	)		(31,655,255	)
GS6 shares		—			(368,835	)		—			(472,113	)
GS8 shares		—			(145,933	)		—			(178,317	)
Distributions from net realized capital gains
GS4 shares		—			(7,416,359	)		—			(50,654,356	)
GS6 shares		—			(453,084	)		—			(813,928	)
GS8 shares		—			(197,762	)		—			(339,052	)

Total dividends and distributions		—			(15,263,206	)		(686	)		(84,113,021	)

Capital Share Transactions:
Proceeds from shares sold
GS4 shares		28,006,679			51,005,980			50,628,308			111,946,233
GS8 shares		43,996			80,457			422,169			375,343
Reinvestment of dividends and distributions
GS4 shares		101			14,088,998			686			82,297,754
GS6 shares		—			821,918			—			1,286,043
GS8 shares		—			343,695			—			517,368

Total proceeds from shares sold and reinvested		28,050,776			66,341,048			51,051,163			196,422,741

Value of shares redeemed
GS4 shares		(19,118,845	)		(50,125,060	)		(39,223,044	)		(195,957,184	)
GS8 shares		(4,121	)		—			(58,291	)		(93	)

Total value of shares redeemed		(19,122,966	)		(50,125,060	)		(39,281,335	)		(195,957,277	)

Net increase (decrease) from capital share transactions (See Footnote 6)		8,927,810			16,215,988			11,769,828			465,464

Total increase (decrease) in net assets		12,909,754			9,904,507			24,111,183			(8,695,470	)

Net Assets:
Beginning of Period		297,712,106			287,807,599			1,293,578,520			1,302,273,990

End of Period*	$	310,621,860		$	297,712,106		$	1,317,689,703		$	1,293,578,520

_______________
* Including undistributed net investment income	$	3,262,492		$	1,857		$	12,298,072		$	4,573

See Notes to Financial Statements.


	Capital Opportunities Fund						Global Equity Fund
	For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05			For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05
Operations:
Net investment income	$	6,272,470		$	14,963,030		$	2,294,654		$	7,527,757
Net realized gain on investment securities and futures transactions		19,059,860			56,530,883			18,375,483			61,273,033
Net change in unrealized appreciation (depreciation) on investment securities and futures		(6,848,850	)		6,915,250			2,365,643			16,984,803

Net increase in net assets resulting from operations		18,483,480			78,409,163			23,035,780			85,785,593

Dividends and Distributions to Shareholders:
Dividends from net investment income
GS4 shares		—			(20,445,230	)		(109	)		(13,392,673	)
GS6 shares		—			(179,258	)		—			(236,192	)
GS8 shares		—			(131,752	)		—			(77,886	)
Distributions from net realized capital gains
GS4 shares		—			(31,761,906	)		—			(30,910,635	)
GS6 shares		—			(328,938	)		—			(651,282	)
GS8 shares		—			(264,881	)		—			(268,175	)

Total dividends and distributions		—			(53,111,965	)		(109	)		(45,536,843	)

Capital Share Transactions:
Proceeds from shares sold
GS4 shares		24,077,886			50,580,207			39,989,468			62,443,657
GS8 shares		789,240			513,587			193,036			151,657
Reinvestment of dividends and distributions
GS4 shares		16			52,206,192			1,314			44,301,986
GS6 shares		—			508,197			—			887,475
GS8 shares		—			396,633			—			346,061

Total proceeds from shares sold and reinvested		24,867,142			104,204,816			40,183,818			108,130,836

Value of shares redeemed
GS4 shares		(35,411,124	)		(125,641,164	)		(46,029,734	)		(142,475,893	)
GS8 shares		(58,943	)		(30	)		(28,635	)		—

Total value of shares redeemed		(35,470,067	)		(125,641,194	)		(46,058,369	)		(142,475,893	)

Net increase (decrease) from capital share transactions (See Footnote 6)		(10,602,925	)		(21,436,378	)		(5,874,551	)		(34,345,057	)

Total increase (decrease) in net assets		7,880,555			3,860,820			17,161,120			5,903,693

Net Assets:
Beginning of Period		1,059,762,301			1,055,901,481			961,135,473			955,231,780

End of Period*	$	1,067,642,856		$	1,059,762,301		$	978,296,593		$	961,135,473

_______________
* Including undistributed net investment income	$	6,276,138		$	3,668		$	2,297,803		$	3,258

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (Unaudited)


	For a Share Outstanding For the Six Months Ended June 30, 2006 and For the Years Ended December 31, unless otherwise indicated																						Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return (3)		Net Assets, End of Period (000)		Expenses, Net (4)(5)		Expenses, Including Expense Reduction (4)(5)		Expenses, Before Waivers and Expense Reduction (4)(5)		Investment Income, Net (1)(4)		Investment Income/ (Loss), Excluding Waivers and Expense Reduction (1)(4)		Portfolio Turnover Rate (3)
Flexible Income Fund

GS4 Class
2006 (6)	$	12.94	$	0.14	#	$	0.01	$	0.02		$	—		$	—		$	13.11	1.31	%	$	292,993	0.13	%	0.13	%	0.18	%	2.17	%	2.12	%	4	%
2005		13.18		0.33	#		0.09		0.02			(0.32	)		(0.36	)		12.94	3.31			280,256	0.13		0.13		0.19		2.51		2.45		20
2004		13.00		0.21	#		0.04		0.37			(0.31	)		(0.13	)		13.18	4.76			270,913	0.13		0.13		0.17		1.60		1.56		11
2003		12.40		0.31			0.02		0.82			(0.22	)		(0.33	)		13.00	9.33			253,828	0.13		0.13		0.20		2.01		1.94		13
2002		13.15		0.38			0.10		(0.62	)		(0.44	)		(0.17	)		12.40	(1.10	)		263,646	0.13		0.13		0.17		2.86		2.82		14
2001 (7)		13.29		0.17			0.06		(0.12	)		(0.22	)		(0.03	)		13.15	0.79			286,628	0.13		0.13		0.18		3.67		3.62		4

GS6 Class
2006 (6)	$	9.05	$	0.08	#	$	0.01	$	0.02		$	—		$	—		$	9.16	1.22	%	$	12,302	0.50	%	0.50	%	0.60	%	1.79	%	1.69	%	4	%
2005		9.42		0.20	#		0.09		(0.02	)		(0.28	)		(0.36	)		9.05	2.90			12,161	0.50		0.50		0.56		2.10		2.04		20
2004		9.41		0.11	#		0.04		0.27			(0.28	)		(0.13	)		9.42	4.52			11,815	0.36		0.36		0.45		1.14		1.05		11
2003		9.12		0.21			0.02		0.59			(0.20	)		(0.33	)		9.41	9.06			19,674	0.35		0.35		0.46		1.90		1.79		13
2002		9.83		0.23			0.10		(0.45	)		(0.42	)		(0.17	)		9.12	(1.27	)		16,234	0.32		0.32		0.43		2.82		2.71		14
2001 (7)		10.00		0.10			0.06		(0.08	)		(0.22	)		(0.03	)		9.83	0.72			325	0.48		0.48		66.47		6.69		(59.30	)	4

GS8 Class
2006 (6)	$	9.05	$	0.07	#	$	0.01	$	0.01		$	—		$	—		$	9.14	0.99	%	$	5,388	0.80	%	0.80	%	0.99	%	1.49	%	1.30	%	4	%
2005		9.42		0.17	#		0.09		(0.01	)		(0.26	)		(0.36	)		9.05	2.61			5,295	0.80		0.80		0.97		1.81		1.64		20
2004 (8)		9.53		0.06	#		0.04		0.05			(0.13	)		(0.13	)		9.42	1.56			5,080	0.45		0.45		1.03		4.43		3.85		11

Growth & Income Fund

GS4 Class
2006 (6)	$	14.20	$	0.13	#	$	0.02	$	(0.01	)	$	—		$	—		$	14.34	0.99	%	$	1,297,470	0.13	%	0.13	%	0.14	%	1.88	%	1.87	%	4	%
2005		14.27		0.32	#		0.21		0.36			(0.36	)		(0.60	)		14.20	6.24			1,273,855	0.13		0.13		0.14		2.18		2.17		10
2004		13.41		0.26	#		0.11		0.99			(0.30	)		(0.20	)		14.27	10.13			1,283,982	0.13		0.13		0.13		1.90		1.90		6
2003		11.82		0.29			0.15		1.78			(0.36	)		(0.27	)		13.41	18.79			1,120,080	0.13		0.13		0.13		2.22		2.22		10
2002		13.44		0.36			0.12		(1.33	)		(0.42	)		(0.35	)		11.82	(6.37	)		1,019,700	0.13		0.13		0.13		2.68		2.68		12
2001 (7)		13.74		0.14			0.06		(0.27	)		(0.19	)		(0.04	)		13.44	(0.47	)		1,156,044	0.13		0.13		0.17		2.87		2.83		4

GS6 Class
2006 (6)	$	9.36	$	0.07	#	$	—	$	(0.01	)	$	—		$	—		$	9.42	0.64	%	$	13,990	0.60	%	0.60	%	0.54	%	1.41	%	1.47	%	4	%
2005		9.71		0.18	#		0.21		0.19			(0.33	)		(0.60	)		9.36	5.96			13,888	0.48		0.48		0.48		1.82		1.82		10
2004		9.28		0.12	#		0.11		0.66			(0.26	)		(0.20	)		9.71	9.66			13,118	0.46		0.46		0.52		1.28		1.22		6
2003		8.34		0.16			0.15		1.23			(0.33	)		(0.27	)		9.28	18.52			22,650	0.45		0.45		0.54		2.00		1.91		10
2002		9.72		0.21			0.12		(0.96	)		(0.40	)		(0.35	)		8.34	(6.59	)		17,009	0.37		0.37		0.45		2.64		2.56		12
2001 (7)		10.00		0.07			0.06		(0.18	)		(0.19	)		(0.04	)		9.72	(0.52	)		1,334	0.48		0.48		6.53		4.44		(1.61	)	4

GS8 Class
2006 (6)	$	9.35	$	0.05	#	$	—	$	0.01		$	—		$	—		$	9.41	0.64	%	$	6,230	0.90	%	0.90	%	0.93	%	1.13	%	1.10	%	4	%
2005		9.72		0.14	#		0.21		0.17			(0.29	)		(0.60	)		9.35	5.39			5,836	0.90		0.90		0.92		1.44		1.42		10
2004 (8)		9.74		0.07	#		0.11		0.16			(0.16	)		(0.20	)		9.72	3.50			5,174	0.61		0.61		1.13		4.84		4.32		6

†	Amount represents less than $0.005 per share.

#	Calculated using the average shares outstanding method.

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

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

(3)	Not annualized.

(4)	Annualized.

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

(6)	For the six months ended June 30, 2006.

(7)	Inception date was August 27, 2001.

(8)	Inception date was November 8, 2004.

See Notes to Financial Statements.


																								Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss) (1)			Capital Gain Distributions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return (3)		Net Assets, End of Period (000)		Expenses, Net (4)(5)		Expenses, Including Expense Reduction (4)(5)		Expenses, Before Waivers and Expense Reduction (4)(5)		Investment Income/ (Loss), Net (1)(4)		Investment Income/ (Loss), Excluding Waivers and Expense Reduction (1)(4)		Portfolio Turnover Rate (3)
Capital Opportunities Fund

GS4 Class
2006 (6)	$	15.45	$	0.09	#	$	0.03		$	0.15		$	—		$	—		$	15.72	1.75	%	$	1,053,027	0.13	%	0.13	%	0.14	%	1.17	%	1.16	%	4	%
2005		15.03		0.23	#		0.31			0.68			(0.31	)		(0.49	)		15.45	8.09			1,046,061	0.13		0.13		0.14		1.50		1.49		5
2004		13.62		0.19	#		0.08			1.47			(0.21	)		(0.12	)		15.03	12.80			1,043,625	0.13		0.13		0.13		1.33		1.33		3
2003		11.17		0.19			0.07			2.56			(0.23	)		(0.14	)		13.62	25.23			900,021	0.13		0.13		0.14		1.54		1.53		8
2002		13.37		0.22			0.06			(2.05	)		(0.24	)		(0.19	)		11.17	(13.25	)		745,968	0.13		0.13		0.14		1.72		1.71		10
2001 (7)		13.71		0.08			0.03			(0.34	)		(0.11	)		—	†		13.37	(1.68	)		883,648	0.13		0.13		0.17		1.76		1.72		3

GS6 Class
2006 (6)	$	10.61	$	0.03	#	$	0.03		$	0.10		$	—		$	—		$	10.77	1.41	%	$	7,682	0.70	%	0.70	%	0.69	%	0.61	%	0.62	%	4	%
2005		10.57		0.11	#		0.31			0.37			(0.26	)		(0.49	)		10.61	7.43			7,571	0.62		0.62		0.62		1.01		1.01		5
2004		9.67		0.07	#		0.08			1.03			(0.16	)		(0.12	)		10.57	12.28			7,042	0.56		0.56		0.61		0.66		0.61		3
2003		8.01		0.11			0.07			1.82			(0.20	)		(0.14	)		9.67	24.93			13,585	0.52		0.52		0.62		1.20		1.10		8
2002		9.73		0.12			0.06			(1.50	)		(0.21	)		(0.19	)		8.01	(13.56	)		9,859	0.42		0.42		0.55		1.54		1.41		10
2001 (7)		10.00		0.03			0.03			(0.22	)		(0.11	)		—	†		9.73	(1.64	)		331	0.48		0.48		43.03		3.87		(38.68	)	3

GS8 Class
2006 (6)	$	10.60	$	0.02	#	$	0.03		$	0.10		$	—		$	—		$	10.75	1.42	%	$	6,934	0.90	%	0.90	%	0.89	%	0.43	%	0.44	%	4	%
2005		10.56		0.08	#		0.31			0.37			(0.23	)		(0.49	)		10.60	7.21			6,131	0.92		0.92		0.92		0.76		0.76		5
2004 (8)		10.31		0.04	#		0.08			0.35			(0.10	)		(0.12	)		10.56	4.63			5,234	1.00		1.00		1.06		2.93		2.87		3

Global Equity Fund

GS4 Class
2006 (6)	$	16.28	$	0.04	#	$	0.04		$	0.32		$	—		$	—		$	16.68	2.46	%	$	957,325	0.13	%	0.13	%	0.14	%	0.47	%	0.46	%	4	%
2005		15.55		0.13	#		0.41			0.98			(0.23	)		(0.56	)		16.28	9.75			940,769	0.13		0.13		0.14		0.85		0.84		4
2004		13.64		0.11	#		0.04			1.96			(0.12	)		(0.08	)		15.55	15.47			936,734	0.13		0.13		0.13		0.77		0.77		2
2003		10.40		0.10			—			3.23			(0.09	)		—			13.64	31.99			801,407	0.13		0.13		0.14		0.82		0.81		4
2002		13.14		0.08			—	†		(2.71	)		(0.08	)		(0.03	)		10.40	(20.04	)		616,043	0.13		0.13		0.14		0.68		0.67		6
2001 (7)		13.57		0.03			—			(0.43	)		(0.03	)		—	†		13.14	(2.96	)		810,507	0.13		0.13		0.17		0.61		0.57		3

GS6 Class
2006 (6)	$	11.67	$	—	#	$	0.04		$	0.22		$	—		$	—		$	11.93	2.23	%	$	14,760	0.57	%	0.57	%	0.54	%	0.03	%	0.06	%	4	%
2005		11.35		0.06	#		0.41			0.60			(0.19	)		(0.56	)		11.67	9.40			14,441	0.50		0.50		0.50		0.48		0.48		4
2004		10.00		0.04	#		0.04			1.43			(0.08	)		(0.08	)		11.35	15.17			13,202	0.44		0.44		0.50		0.37		0.31		2
2003		7.65		0.05			—			2.36			(0.06	)		—			10.00	31.53			17,973	0.43		0.43		0.48		0.53		0.48		4
2002		9.70		0.04			—	†		(2.00	)		(0.06	)		(0.03	)		7.65	(20.25	)		12,805	0.35		0.35		0.44		0.53		0.44		6
2001 (7)		10.00		0.02			—			(0.29	)		(0.03	)		—	†		9.70	(2.75	)		207	0.48		0.48		66.34		1.57		(64.29	)	3

GS8 Class
2006 (6)	$	11.66	$	(0.02	)#	$	0.04		$	0.22		$	—		$	—		$	11.90	2.06	%	$	6,212	0.87	%	0.87	%	0.90	%	(0.26	)%	(0.29	)%	4	%
2005		11.35		0.01	#		0.41			0.61			(0.16	)		(0.56	)		11.66	8.97			5,926	0.87		0.87		0.92		0.13		0.08		4
2004 (8)		10.83		0.03	#		0.04			0.57			(0.04	)		(0.08	)		11.35	5.94			5,296	0.87		0.87		1.04		1.64		1.47		2

See Notes to Financial Statements.

Flexible Income Fund I


Average Annual Total Returns as of 6/30/06
	GS2 Class*	Benchmark**
One Year	4.39%	4.76%
Since Inception	4.72%	4.85%
Inception Date	07/01/03	07/01/03

LOGO

The graph compares the results of a hypothetical $10,000 investment in the GS2 Class of the Fund since July 1, 2003 (commencement of operations), with all dividends and capital gains reinvested, with the Fund’s weighted composite benchmark index.

*	These returns reflect expense waivers by the Fund’s investment advisor. 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 the Russell 3000^® Index, the MSCI ACWI^® Ex-U.S. and the Merrill Lynch 1-3 Year Treasury Index.

The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The MSCI ACWI^® Ex-U.S. is a market-capitalization weighted index composed of companies representative of the market structure of developed and emerging market countries in the Americas (excluding the U.S.), Europe/Middle East, and Asia/Pacific Regions. It excludes closed markets and those shares in otherwise free markets that are not purchasable by foreigners.

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

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


Flexible Income Fund I
SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Shares		Value
AFFILIATED MUTUAL FUNDS — 98.7%
GuideStone Funds Money Market Fund (GS2 Class)¥		539,725	$	539,724
GuideStone Funds Low-Duration Bond Fund (GS2 Class)¥		4,530,104		40,635,035
GuideStone Funds Equity Index Fund (GS2 Class)¥		90,703		915,190
GuideStone Funds Value Equity Fund (GS2 Class)¥		392,138		4,286,069
GuideStone Funds Growth Equity Fund (GS2 Class)¥		399,890		4,254,830
GuideStone Funds Small Cap Equity Fund (GS2 Class)¥		89,714		1,073,878
GuideStone Funds International Equity Fund (GS2 Class)¥		216,080		3,427,023

Total Affiliated Mutual Funds (Cost $56,051,445)				55,131,749


	Par
U.S. TREASURY OBLIGATIONS — 1.2%
U.S. Treasury Bill
4.66%, 09/21/06‡‡	$	20,000		19,788
U.S. Treasury Note
4.63%, 03/31/08		670,000		663,876

Total U.S. Treasury Obligations (Cost $684,776)				683,664

TOTAL INVESTMENTS — 99.9% (Cost $56,736,221)				55,815,413

Other Assets in Excess of Liabilities — 0.1%				30,358

NET ASSETS — 100.0%			$	55,845,771


PORTFOLIO SUMMARY+
		%
Bond Fund		72.8
Domestic Equity Funds		18.8
International Equity Fund		6.1
U.S. Treasury Obligations		1.2
Money Market Fund		1.0
Futures Contracts		0.3

		100.2

+	Based on net assets.

See Notes to Financial Statements.

Growth & Income Fund I


Average Annual Total Returns as of 6/30/06
	GS2 Class*	Benchmark**
One Year	5.95%	6.53%
Since Inception	8.88%	8.85%
Inception Date	07/01/03	07/01/03

LOGO

*	These returns reflect expense waivers by the Fund’s investment advisor. 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 the Russell 3000^® Index, the MSCI ACWI^® Ex-U.S. and the Lehman Brothers Aggregate Bond Index.

The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

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


Growth & Income Fund I
SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Shares		Value
AFFILIATED MUTUAL FUNDS — 99.2%
GuideStone Funds Money Market Fund (GS2 Class)¥		3,107,597	$	3,107,597
GuideStone Funds Low-Duration Bond Fund (GS2 Class)¥		3,923,124		35,190,426
GuideStone Funds Medium-Duration Bond Fund (GS2 Class)¥		7,055,361		59,406,142
GuideStone Funds Extended-Duration Bond Fund (GS2 Class) ¥		3,094,416		24,322,112
GuideStone Funds Equity Index Fund (GS2 Class)¥		780,649		7,876,748
GuideStone Funds Value Equity Fund (GS2 Class)¥		3,281,292		35,864,520
GuideStone Funds Growth Equity Fund (GS2 Class)¥		3,222,655		34,289,052
GuideStone Funds Small Cap Equity Fund (GS2 Class)¥		694,298		8,310,745
GuideStone Funds International Equity Fund (GS2 Class)¥		2,049,402		32,503,509

Total Affiliated Mutual Funds (Cost $239,035,992)				240,870,851


	Par
U.S. TREASURY OBLIGATIONS — 0.9%
U.S. Treasury Bill
4.66%, 09/21/06‡‡	$	130,000		128,621
U.S. Treasury Note
4.88%, 02/15/12		2,030,000		2,008,433

Total U.S. Treasury Obligations (Cost $2,144,115)				2,137,054

TOTAL INVESTMENTS — 100.1% (Cost $241,180,107)				243,007,905

Liabilities in Excess of Other Assets — (0.1)%				(186,290	)

NET ASSETS — 100.0%			$	242,821,615


PORTFOLIO SUMMARY+
		%
Bond Funds		49.0
Domestic Equity Funds		35.5
International Equity Fund		13.4
Money Market Fund		1.3
U.S. Treasury Obligations		0.9
Futures Contracts		0.8

		100.9

+	Based on net assets.

See Notes to Financial Statements.

Capital Opportunities Fund I


Average Annual Total Returns as of 6/30/06
	GS2 Class*	Benchmark**
One Year	9.27%	10.22%
Since Inception	12.02%	12.24%
Inception Date	07/01/03	07/01/03

LOGO

*	These returns reflect expense waivers by the Fund’s investment advisor. 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 the Russell 3000^® Index, the MSCI ACWI^® Ex-U.S. and the Lehman Brothers Aggregate Bond Index.

The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The MSCI ACWI^® Ex-U.S. is a market-capitalization weighted index composed of companies representative of the market structure of developed and emerging market countries in the Americas (excluding the U.S.), Europe/Middle East, and Asia/Pacific Regions. It excludes closed markets and those shares in otherwise free markets that are not purchasable by foreigners.

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


Capital Opportunities Fund I
SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Shares		Value
AFFILIATED MUTUAL FUNDS — 99.4%
GuideStone Funds Money Market Fund (GS2 Class)¥		2,673,967	$	2,673,967
GuideStone Funds Low-Duration Bond Fund (GS2 Class)¥		1,353,982		12,145,218
GuideStone Funds Medium-Duration Bond Fund (GS2 Class)¥		2,416,754		20,349,067
GuideStone Funds Extended-Duration Bond Fund (GS2 Class) ¥		1,098,340		8,632,956
GuideStone Funds Equity Index Fund (GS2 Class)¥		769,129		7,760,507
GuideStone Funds Value Equity Fund (GS2 Class)¥		3,429,174		37,480,871
GuideStone Funds Growth Equity Fund (GS2 Class)¥		3,427,250		36,465,936
GuideStone Funds Small Cap Equity Fund (GS2 Class)¥		740,961		8,869,298
GuideStone Funds International Equity Fund (GS2 Class)¥		2,048,683		32,492,118

Total Affiliated Mutual Funds (Cost $156,428,178)				166,869,938


	Par
U.S. TREASURY OBLIGATIONS — 0.5%
U.S. Treasury Bill
4.66%, 09/21/06‡‡	$	130,000		128,621

U.S. Treasury Note
4.88%, 02/15/12		645,000		638,148

Total U.S. Treasury Obligations (Cost $769,616)				766,769

TOTAL INVESTMENTS — 99.9% (Cost $157,197,794)				167,636,707

Other Assets in Excess of Liabilities — 0.1%				158,488

NET ASSETS — 100.0%			$	167,795,195


PORTFOLIO SUMMARY+
		%
Domestic Equity Funds		54.0
Bond Funds		24.5
International Equity Fund		19.4
Money Market Fund		1.6
Futures Contracts		1.2
U.S. Treasury Obligations		0.4

		101.1

+	Based on net assets.

See Notes to Financial Statements.

Global Equity Fund I


Average Annual Total Returns as of 6/30/06
	GS2 Class*	Benchmark**
One year	12.47%	13.97%
Since Inception	15.11%	15.67%
Inception Date	07/01/03	07/01/03

LOGO

*	These returns reflect expense waivers by the Fund’s investment advisor. 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 the Russell 3000^® Index and the MSCI ACWI^® Ex-U.S.

The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

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


Global Equity Fund I
SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Shares		Value
AFFILIATED MUTUAL FUNDS — 100.1%
GuideStone Funds Money Market Fund (GS2 Class)¥		2,395,602	$	2,395,602
GuideStone Funds Equity Index Fund (GS2 Class)¥		821,172		8,285,625
GuideStone Funds Value Equity Fund (GS2 Class)¥		3,537,435		38,664,161
GuideStone Funds Growth Equity Fund (GS2 Class)¥		3,606,034		38,368,197
GuideStone Funds Small Cap Equity Fund (GS2 Class)¥		806,754		9,656,843
GuideStone Funds International Equity Fund (GS2 Class)¥		2,059,159		32,658,258

Total Affiliated Mutual Funds (Cost $120,179,379)				130,028,686


	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
4.66%, 09/21/06‡‡ (Cost $138,515)	$	140,000		138,515

TOTAL INVESTMENTS — 100.2% (Cost $120,317,894)				130,167,201

Liabilities in Excess of Other Assets — (0.2)%				(212,748	)

NET ASSETS — 100.0%			$	129,954,453


PORTFOLIO SUMMARY+
		%
Domestic Equity Funds		73.1
International Equity Fund		25.1
Money Market Fund		1.9
Futures Contracts		1.5
U.S. Treasury Obligation		0.1

		101.7

+	Based on net assets.

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2006 (Unaudited)


	Flexible Income Fund I			Growth & Income Fund I			Capital Opportunities Fund I			Global Equity Fund I
Assets
Investments in securities of affiliated issuers, at value	$	55,131,749		$	240,870,851		$	166,869,938		$	130,028,686
Investments in securities of unaffiliated issuers, at value		683,664			2,137,054			766,769			138,515

Total investments (1)		55,815,413			243,007,905			167,636,707			130,167,201
Receivables:
Dividends		2,461			12,084			10,641			8,705
Interest		7,775			37,179			11,813			—
Fund shares sold		48,786			2,544			187,245			—
Prepaid expenses and other assets		(1,122	)		(1,122	)		(1,122	)		(1,122	)

Total Assets		55,873,313			243,058,590			167,845,284			130,174,784

Liabilities
Payables:
Fund shares redeemed		—			176,013			—			176,896
Variation margin		480			5,120			4,960			4,800
Accrued expenses:
Advisory fees		209			19,919			11,715			8,331
Other expenses		26,853			35,923			33,414			30,304

Total Liabilities		27,542			236,975			50,089			220,331

Net Assets	$	55,845,771		$	242,821,615		$	167,795,195		$	129,954,453

Net Assets Consist of:
Paid-in capital	$	55,049,581		$	229,134,533		$	147,969,478		$	111,877,830
Undistributed net investment income		880,462			3,741,096			1,658,246			575,649
Undistributed net realized gain on investments		833,588			8,097,925			7,716,213			7,627,455
Net unrealized appreciation (depreciation) on investments and futures		(917,860	)		1,848,061			10,451,258			9,873,519

Net Assets	$	55,845,771		$	242,821,615		$	167,795,195		$	129,954,453

Net Asset Value: ($0.001 par value, unlimited shares authorized)
Net assets applicable to the GS2 Class	$	55,845,771		$	242,821,615		$	167,795,195		$	129,954,453

GS2 shares outstanding		5,423,446			21,237,930			13,055,260			9,048,412

Net asset value, offering and redemption price per GS2 share	$	10.30		$	11.43		$	12.85		$	14.36

_______________
(1) Investments in securities of affiliated issuers, at cost	$	56,051,445		$	239,035,992		$	156,428,178		$	120,179,379
Investments in securities of unaffiliated issuers, at cost		684,776			2,144,115			769,616			138,515

Total investments at cost	$	56,736,221		$	241,180,107		$	157,197,794		$	120,317,894

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2006 (Unaudited)


	Flexible Income Fund I			Growth & Income Fund I			Capital Opportunities Fund I			Global Equity Fund I
Investment Income
Income dividends received from affiliated funds	$	912,513		$	3,898,635		$	1,779,661		$	683,148
Interest		14,111			47,293			18,336			3,013

Total Investment Income		926,624			3,945,928			1,797,997			686,161

Expenses
Investment advisory fees		27,493			122,023			83,622			65,952
Transfer agent fees		3,265			6,562			6,671			3,247
Custodian fees		2,940			5,425			4,930			4,084
Accounting and administration fees		9,842			38,042			26,499			21,249
Professional fees		23,776			23,776			23,776			23,776
Shareholder reporting fees		182			202			186			198
Trustee fees		469			2,049			1,369			1,072
Line of credit facility fees		118			537			350			292
Other expenses		7,318			7,319			7,320			7,320

Total Expenses		75,403			205,935			154,723			127,190
Expenses waived and reimbursed (See Footnote 3a and 3c)		(28,963	)		(746	)		(14,095	)		(16,156	)
Fees paid indirectly		(278	)		(357	)		(338	)		(352	)

Net expenses		46,162			204,832			140,290			110,682

Net Investment Income		880,462			3,741,096			1,657,707			575,479

Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		74,104			651,433			665,280			678,813
Net realized gain on investment securities of affiliated issuers		210,024			2,094,400			2,012,916			2,198,263
Net realized loss on investment securities of unaffiliated issuers		(5,732	)		(49,859	)		(15,392	)		—
Net realized loss on futures transactions		(2,712	)		(20,040	)		(20,631	)		(28,387	)

Net realized gain		275,684			2,675,934			2,642,173			2,848,689

Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		(389,929	)		(3,967,041	)		(1,522,094	)		(381,177	)
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		(1,493	)		(12,381	)		(6,723	)		(14	)
Change in unrealized appreciation (depreciation) on futures		4,637			45,362			44,840			59,097

Net change in unrealized appreciation (depreciation)		(386,785	)		(3,934,060	)		(1,483,977	)		(322,094	)

Net Realized and Unrealized Gain (Loss)		(111,101	)		(1,258,126	)		1,158,196			2,526,595

Net Increase in Net Assets Resulting from Operations	$	769,361		$	2,482,970		$	2,815,903		$	3,102,074

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS


	Flexible Income Fund I						Growth & Income Fund I
	For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05			For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05
Operations:
Net investment income	$	880,462		$	1,830,186		$	3,741,096		$	7,773,603
Net realized gain on investment securities and futures transactions		275,684			1,213,257			2,675,934			9,148,867
Net change in unrealized appreciation (depreciation) on investment securities and futures		(386,785	)		(1,198,806	)		(3,934,060	)		(2,317,487	)

Net increase in net assets resulting from operations		769,361			1,844,637			2,482,970			14,604,983

Dividends and Distributions to Shareholders:
Dividends from net investment income		—			(1,960,531	)		—			(9,389,155	)
Distributions from net realized capital gains		—			(695,374	)		—			(3,407,754	)

Total dividends and distributions		—			(2,655,905	)		—			(12,796,909	)

Capital Share Transactions:
Proceeds from GS2 shares sold		3,752,601			26,280,249			8,865,699			115,223,447
Reinvestment of dividends and distributions into GS2 shares		—			2,655,905			—			12,765,942
Value of GS2 shares redeemed		(2,907,621	)		(5,340,931	)		(7,770,666	)		(12,719,755	)

Net increase from capital share transactions (See Footnote 6)		844,980			23,595,223			1,095,033			115,269,634

Total increase in net assets		1,614,341			22,783,955			3,578,003			117,077,708

Net Assets:
Beginning of Period		54,231,430			31,447,475			239,243,612			122,165,904

End of Period*	$	55,845,771		$	54,231,430		$	242,821,615		$	239,243,612

_______________
* Including undistributed net investment income	$	880,462		$	—		$	3,741,096		$	—

See Notes to Financial Statements.


	Capital Opportunities Fund I						Global Equity Fund I
	For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05			For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05
Operations:
Net investment income	$	1,657,707		$	3,555,535		$	575,479		$	1,566,580
Net realized gain on investment securities and futures Transactions		2,642,173			7,661,333			2,848,689			7,058,840
Net change in unrealized appreciation (depreciation) on investment securities and futures		(1,483,977	)		1,249,654			(322,094	)		3,271,382

Net increase in net assets resulting from operations		2,815,903			12,466,522			3,102,074			11,896,802

Dividends and Distributions to Shareholders:
Dividends from net investment income		—			(4,846,404	)		—			(2,745,940	)
Distributions from net realized capital gains		—			(1,893,666	)		—			(1,346,880	)

Total dividends and distributions		—			(6,740,070	)		—			(4,092,820	)

Capital Share Transactions:
Proceeds from GS2 shares sold		9,304,841			85,516,600			6,663,246			87,397,534
Reinvestment of dividends and distributions into GS2 shares		—			6,740,071			—			4,092,820
Value of GS2 shares redeemed		(4,174,373	)		(8,741,940	)		(5,636,566	)		(7,011,778	)

Net increase from capital share transactions (See Footnote 6)		5,130,468			83,514,731			1,026,680			84,478,576

Total increase in net assets		7,946,371			89,241,183			4,128,754			92,282,558

Net Assets:
Beginning of Period		159,848,824			70,607,641			125,825,699			33,543,141

End of Period*	$	167,795,195		$	159,848,824		$	129,954,453		$	125,825,699

_______________
* Including undistributed net investment income	$	1,658,246		$	539		$	575,649		$	170

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (Unaudited)


	For a Share Outstanding For the Six Months Ended June 30, 2006 and For the Years Ended December 31, unless otherwise indicated																						Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return (3)		Net Assets, End of Period (000)		Expenses, Net (4)(5)		Expenses, Including Expense Reduction (4)(5)		Expenses, Before Waivers and Expense Reduction (4)(5)		Investment Income, Net (1)(4)		Investment Income, Excluding Waivers and Expense Reduction (1)(4)		Portfolio Turnover Rate (3)
Flexible Income Fund I

GS2 Class
2006 (6)	$	10.15	$	0.16		$	0.01	$	(0.02	)	$	—		$	—		$	10.30	1.48	%	$	55,846	0.17	%	0.17	%	0.28	%	3.24	%	3.13	%	9	%
2005		10.31		0.36			0.10		(0.10	)		(0.38	)		(0.14	)		10.15	3.46			54,231	0.17		0.17		0.30		3.52		3.39		16
2004		10.31		0.25			0.05		0.19			(0.36	)		(0.13	)		10.31	4.77			31,447	0.17		0.17		0.39		2.42		2.20		23
2003 (7)		10.00		0.18			0.10		0.16			(0.12	)		(0.01	)		10.31	4.40			28,636	0.17		0.17		0.51		4.16		3.82		8

Growth & Income Fund I

GS2 Class
2006 (6)	$	11.32	$	0.18	#	$	0.02	$	(0.09	)	$	—		$	—		$	11.43	0.97	%	$	242,822	0.17	%	0.17	%	0.17	%	3.10	%	3.10	%	9	%
2005		11.23		0.40	#		0.25		0.07			(0.46	)		(0.17	)		11.32	6.42			239,244	0.17		0.17		0.18		3.49		3.48		11
2004		10.62		0.34	#		0.14		0.60			(0.36	)		(0.11	)		11.23	10.26			122,166	0.17		0.17		0.22		3.07		3.02		10
2003 (7)		10.00		0.21			0.17		0.51			(0.26	)		(0.01	)		10.62	8.94			71,982	0.17		0.17		0.28		4.76		4.65		5

Capital Opportunities Fund I

GS2 Class
2006 (6)	$	12.62	$	0.13		$	0.04	$	0.06		$	—		$	—		$	12.85	1.82	%	$	167,795	0.17	%	0.17	%	0.19	%	2.01	%	1.99	%	6	%
2005		12.17		0.29			0.38		0.33			(0.39	)		(0.16	)		12.62	8.20			159,849	0.17		0.17		0.20		2.42		2.39		8
2004		11.11		0.24			0.09		1.09			(0.26	)		(0.10	)		12.17	12.88			70,608	0.17		0.17		0.27		2.13		2.03		7
2003 (7)		10.00		0.15			0.09		1.07			(0.18	)		(0.02	)		11.11	13.02			57,489	0.17		0.17		0.31		3.24		3.10		3

Global Equity Fund I

GS2 Class
2006 (6)	$	14.01	$	0.06		$	0.06	$	0.23		$	—		$	—		$	14.36	2.50	%	$	129,954	0.17	%	0.17	%	0.20	%	0.88	%	0.85	%	5	%
2005		13.16		0.18			0.52		0.62			(0.31	)		(0.16	)		14.01	9.98			125,826	0.17		0.17		0.21		1.38		1.34		5
2004		11.62		0.15			0.05		1.60			(0.15	)		(0.11	)		13.16	15.48			33,543	0.17		0.17		0.41		1.29		1.05		7
2003 (7)		10.00		0.09			—		1.63			(0.09	)		(0.01	)		11.62	17.16			25,678	0.17		0.17		0.50		1.69		1.36		1

#	Calculated using the average shares outstanding method.

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

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

(3)	Not annualized.

(4)	Annualized.

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

(6)	For the six months ended June 30, 2006.

(7)	Inception date was July 1, 2003.

See Notes to Financial Statements.

Money Market Fund


Average Annual Total Returns as of 6/30/06
	GS2 Class*	GS4 Class*	GS6 Class*	Benchmark**	GS8 Class*	GS8 Class Benchmark**
One Year	4.10%	3.90%	3.48%	3.95%	3.17%	3.95%
Since Inception	2.07%	1.94%	1.64%	2.11%	2.50%	3.34%
Inception Date	08/27/01	08/27/01	08/27/01	08/27/01	11/08/04	11/08/04


7-Day Annualized Yield as of 6/30/06
	GS2 Class*	GS4 Class*	GS6 Class*	GS8 Class*
	4.98%	4.79%	4.37%	4.07%

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

LOGO

*	These performance figures reflect expense waivers by the Fund’s investment advisor. 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.

**	The Citigroup 3-Month Index is composed of the monthly return equivalents of yield averages that are not marked to market. The 3-Month Treasury Bill Index consists of the last three 3-month Treasury bill issues.

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

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


Money Market Fund
SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Par		Value
CERTIFICATES OF DEPOSIT — 13.9%
Banque Nationale de Paris
4.51%, 10/19/06	$	10,000,000	$	10,000,000
Citizens Bank of Massachusetts
5.20%, 08/08/06		6,700,000		6,700,000
Credit Suisse NY
5.30%, 07/26/06		9,000,000		9,000,000
First Tennessee Bank NA
5.30%, 07/28/06		25,000,000		25,000,000
Royal Bank of Scotland NY
4.81%, 01/16/07		8,540,000		8,540,000
4.87%, 02/02/07		17,000,000		17,000,000
Societe Generale NY
4.78%, 12/06/06		9,000,000		9,000,000
Sumitomo Mitsui Banking Corporation NY
5.13%, 07/06/06		3,500,000		3,500,000
5.33%, 07/27/06		3,200,000		3,200,000
Washington Mutual Bank FA
5.31%, 08/03/06		26,900,000		26,900,000

Total Certificates of Deposit (Cost $118,840,000)				118,840,000

COMMERCIAL PAPER — 58.8%
Alliance & Leicester PLC
4.55%, 07/17/06		30,000,000		29,939,333
Amstel Funding Corporation
5.32%, 09/15/06		12,358,000		12,219,206
BASF AG
5.25%, 07/21/06		12,000,000		11,965,000
5.26%, 07/21/06		15,000,000		14,956,167
5.16%, 08/07/06		13,000,000		12,931,057
Bear Stearns Co., Inc.
5.24%, 07/24/06		8,000,000		7,973,218
5.28%, 07/24/06		11,000,000		10,962,893
5.30%, 08/04/06		9,000,000		8,954,950
Beethoven Funding Corporation
5.19%, 08/07/06		10,000,000		9,946,658
Brahms Funding Corporation
5.13%, 07/11/06		3,800,000		3,794,585
Cancara Asset Securitization, Ltd.
5.16%, 08/11/06		3,858,000		3,835,328
CIT Group, Inc.
5.31%, 09/07/06		20,000,000		19,799,400
Citibank Credit Card Issuance Trust
5.30%, 07/26/06		3,600,000		3,586,750
5.28%, 08/01/06		20,000,000		19,909,067
Citigroup Funding, Inc.
5.28%, 07/31/06		26,000,000		25,885,600
Corporate Asset Funding Co., Inc.
5.15%, 08/08/06		22,850,000		22,725,785
Countrywide Financial Corporation
5.31%, 07/17/06		15,000,000		14,964,600
Giro Funding U.S. Corporation
5.31%, 07/27/06		1,000,000		996,165
Grampian Funding LLC
5.30%, 08/07/06		5,000,000		4,972,764
Greenwich Capital Holdings, Inc.
5.31%, 09/29/06		10,000,000		10,000,000
Lehman Brothers Holdings, Inc.
5.36%, 10/12/06		1,700,000		1,700,000
Lexington Parker Capital
5.28%, 07/17/06		41,000,000		40,903,787
Lockhart Funding LLC
5.20%, 08/08/06		20,000,000		19,890,222
Merrill Lynch & Co., Inc.
5.32%, 07/05/06		24,000,000		23,985,813
MetLife, Inc.
5.29%, 07/12/06		7,000,000		6,988,685
5.29%, 07/27/06		21,000,000		20,919,768
Morgan Stanley
5.28%, 07/13/06		35,000,000		34,938,400
5.36%, 10/11/06		1,000,000		1,000,000
National Rural Utilities Cooperative Finance Corporation
5.26%, 07/27/06		20,072,000		19,995,749
Nestle Capital Corporation
5.25%, 07/03/06		21,908,000		21,901,610
Nordeutsche Landesbank Luxembourg SA
5.31%, 09/15/06		20,000,000		19,775,800
Spintab AB
5.15%, 08/01/06		8,373,000		8,335,868
Sydney Capital Corporation
5.08%, 07/05/06		10,000,000		9,994,356
Thunder Bay Funding LLC
5.31%, 09/14/06		20,683,000		20,454,194

Total Commercial Paper (Cost $501,102,778)				501,102,778

CORPORATE BOND — 1.5%
Toyota Motor Credit Corporation
3.85%, 11/02/06 (Cost $12,972,039)		13,000,000		12,972,039

MASTER NOTES — 3.0%
Citigroup Global Markets, Inc.
5.38%, 08/25/06†		15,000,000		15,000,000
Merrill Lynch Mortgage Capital, Inc.
5.41%, 07/03/06		7,250,000		7,250,000
Morgan Stanley Mortgage Capital
5.48%, 06/30/07†		3,650,000		3,650,000

Total Master Notes (Cost $25,900,000)				25,900,000

MUNICIPAL BOND — 1.2%
Bergen County, New Jersey Improvement Authority, Series D Revenue Bond (Wachovia Bank NA Insured)
5.40%, 04/01/25† (Cost $10,000,000)		10,000,000		10,000,000

VARIABLE RATE OBLIGATIONS — 21.5%
Allstate Life Global Funding II
5.35%, 07/27/07 144A†		20,000,000		20,000,000
Bear Stearns Co., Inc.
5.12%, 07/28/07†		10,000,000		10,000,000
Cullinan Finance Corporation
5.29%, 09/15/06 144A†		25,000,000		24,999,227

See Notes to Financial Statements.


	Par		Value
General Electric Capital Corporation
5.35%, 07/17/07†	$	2,240,000	$	2,241,444
Lehman Brothers Holdings, Inc.
5.32%, 02/23/07†		15,000,000		15,015,437
Merrill Lynch & Co., Inc.
5.18%, 05/29/07†		10,000,000		10,000,000
Metropolitan Life Global Funding I
5.44%, 07/28/07 144A†		10,000,000		10,000,000
National City Bank
5.08%, 07/07/06†		25,000,000		24,999,961
Racers Trust
5.21%, 08/21/06 144A†		23,000,000		23,000,000
5.31%, 12/22/06 144A†		8,600,000		8,600,000
SDB Capital LLC
5.35%, 02/01/46†		9,415,000		9,415,000
Shipley Group LP
5.47%, 10/01/14†		1,400,000		1,400,000
U.S. Bank NA
5.28%, 09/29/06†		15,000,000		14,999,170
Westpac Banking Corporation
5.34%, 10/11/07†		8,250,000		8,250,000

Total Variable Rate Obligations (Cost $182,920,239)				182,920,239

TOTAL INVESTMENTS — 99.9% (Cost $851,735,056)				851,735,056

Other Assets in Excess of Liabilities — 0.1%				637,526

NET ASSETS — 100.0%			$	852,372,582


PORTFOLIO SUMMARY+
		%
Commercial Paper		58.8
Variable Rate Obligations		21.5
Certificates of Deposit		13.9
Master Notes		3.0
Corporate Bond		1.5
Municipal Bond		1.2

		99.9

+	Based on net assets.

See Notes to Financial Statements.

Low-Duration Bond Fund


Average Annual Total Returns as of 6/30/06
	GS2 Class*	GS4 Class*	GS6 Class*	Benchmark**	GS8 Class*	GS8 Class Benchmark**
One Year	1.88%	1.74%	1.31%	1.83%	0.99%	1.83%
Since Inception	2.92%	2.86%	2.57%	2.87%	0.89%	1.67%
Inception Date	08/27/01	08/27/01	08/27/01	08/27/01	11/08/04	11/08/04

LOGO

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

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

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


Low-Duration Bond Fund
SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Par		Value
AGENCY OBLIGATIONS — 7.3%
Federal Home Loan Bank
4.96%, 07/10/06	$	5,000,000	$	4,995,015
5.18%, 07/26/06		7,000,000		6,974,819
4.38%, 10/03/08		3,500,000		3,421,670
Federal Home Loan Mortgage Corporation
4.83%, 08/01/06		8,900,000		8,861,641
3.37%, 04/28/08D		3,980,000		3,837,488
3.75%, 03/03/09		2,060,000		1,975,721
Federal National Mortgage Association
4.75%, 07/17/06		28,800,000		28,736,963
2.77%, 12/29/06D		1,505,000		1,485,130
2.71%, 01/30/07		7,500,000		7,381,118
Small Business Administration
6.95%, 11/10/16		1,219,149		1,250,460

Total Agency Obligations (Cost $69,161,351)				68,920,025

ASSET-BACKED SECURITIES — 27.4%
Accredited Mortgage Loan Trust
5.42%, 09/25/35 STEP†		1,431,295		1,431,440
ACE Securities Corporation
5.17%, 06/27/36†		3,400,000		3,400,000
Amresco Independence Funding, Inc.
5.75%, 06/15/26 144A†		811,432		808,765
Argent Securities, Inc.
5.42%, 11/25/35†		922,822		922,972
Bank One Issuance Trust
5.01%, 12/15/10†		3,050,000		3,057,498
Bayview Financial Acquisition Trust
7.01%, 05/25/29 144A		211,348		209,887
Bear Stearns Asset-Backed Securities, Inc.
5.40%, 02/25/29†		1,749,207		1,749,533
5.41%, 11/25/35†		2,232,321		2,232,787
5.40%, 01/25/36†		4,669,926		4,670,247
BMW Vehicle Owner Trust
4.04%, 02/25/09		2,775,000		2,744,113
Business Loan Express
6.75%, 01/01/25 144A†		443,488		431,641
Capital Auto Receivables Asset Trust
2.00%, 11/15/07‡‡		1,011,967		1,002,682
3.35%, 02/15/08		3,225,000		3,195,775
1.96%, 01/15/09		2,233,256		2,219,516
4.05%, 07/15/09		2,575,000		2,536,401
Carrington Mortgage Loan Trust
5.40%, 06/25/35†		309,195		309,195
5.15%, 04/25/36†		2,619,983		2,620,785
Chase Credit Card Master Trust
5.50%, 11/17/08		3,040,000		3,040,830
5.20%, 02/15/10†		4,100,000		4,105,934
Chase Issuance Trust
3.22%, 06/15/10		6,525,000		6,336,442
5.10%, 02/15/12†		3,725,000		3,726,795
Chase Manhattan Auto Owner Trust
2.08%, 05/15/08		1,227,571		1,218,712
Citibank Credit Card Issuance Trust
2.55%, 01/20/09		7,725,000		7,601,800
Citigroup Mortgage Loan Trust, Inc.
5.38%, 04/25/36 STEP†		2,904,767		2,905,373
CNH Equipment Trust
3.48%, 09/15/11		1,350,000		1,303,049
Conseco Finance Securitizations Corporation
5.57%, 12/15/29†		154,705		154,693
Countrywide Asset-Backed Certificates
5.47%, 03/25/25†		2,024,641		2,025,032
5.41%, 02/01/27†		2,964,933		2,965,454
5.44%, 11/25/28†		1,943,861		1,944,269
5.42%, 01/25/35†		2,329,301		2,329,881
5.40%, 07/25/35†		412,280		412,246
DaimlerChrysler Auto Trust
3.09%, 01/08/08		1,504,421		1,503,762
3.49%, 12/08/08		1,630,000		1,612,389
3.28%, 12/08/09		4,300,000		4,161,473
5.33%, 08/08/10		2,825,000		2,814,845
Discover Card Master Trust I
5.09%, 09/16/10†		2,425,000		2,425,676
Encore Credit Receivables Trust
5.42%, 01/01/36†		1,326,958		1,327,201
Fannie Mae Grantor Trust
5.12%, 07/25/35 STEP†		208,545		208,553
FHLMC Structured Pass-Through Securities
5.58%, 08/25/31†		2,377,193		2,388,068
Fieldstone Mortgage Investment Corporation
5.44%, 02/25/36 STEP†		2,028,963		2,029,302
First Franklin Mortgage Loan Asset-Backed Certificates
5.43%, 03/25/25†		510,581		510,604
Ford Credit Auto Owner Trust
4.24%, 03/15/08		1,783,924		1,775,643
Green Tree Financial Corporation
6.04%, 11/01/29		41,702		40,397
GSAA Trust
5.64%, 12/25/34†		1,383,704		1,385,835
GSAMP Trust
5.43%, 09/25/35†		748,482		748,579
5.39%, 01/25/36†		776,990		776,943
Hertz Vehicle Financing LLC
2.85%, 05/25/09 144A		5,500,000		5,263,783
Home Equity Asset Trust
5.20%, 01/25/36†		2,211,209		2,211,665
5.43%, 02/25/36†		1,205,720		1,206,064
Home Equity Mortgage Trust
5.44%, 07/25/35 STEP†		22,248		22,245
Honda Auto Receivables Owner Trust
2.30%, 10/18/07		652,708		649,542
3.30%, 06/15/08		2,232,935		2,211,412
5.10%, 09/18/08		3,700,000		3,686,702
2.91%, 10/20/08		2,451,669		2,412,443
3.53%, 10/21/08		2,830,907		2,797,534
2.79%, 03/16/09		4,320,330		4,243,252
4.46%, 05/20/09		2,425,000		2,392,410

See Notes to Financial Statements.

Low-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Hyundai Auto Receivables Trust
5.13%, 02/16/09	$	800,000	$	798,875
Indymac Residential Asset-Backed Trust
5.14%, 06/25/36†		2,146,838		2,147,360
JP Morgan Mortgage Acquisition Corporation
5.16%, 05/25/25 STEP†		1,853,144		1,853,560
Long Beach Mortgage Loan Trust
5.15%, 03/25/36 STEP†		3,234,816		3,235,428
Master Asset-Backed Securities Trust
5.15%, 12/25/35†		2,595,436		2,596,110
MBNA Credit Card Master Note Trust
5.70%, 03/15/10†		1,800,000		1,809,195
MBNA Master Credit Card Trust USA
5.38%, 12/15/08†		5,610,000		5,610,152
Merrill Auto Trust Securitization
4.10%, 08/25/09		2,000,000		1,967,522
Morgan Stanley ABS Capital I
5.42%, 05/25/32 STEP†		1,780,378		1,780,862
5.33%, 06/25/36†		3,650,000		3,649,431
Nelnet Student Loan Trust
5.05%, 10/27/14†		7,400,000		7,395,375
5.19%, 07/25/16†		900,000		901,430
5.19%, 10/25/16†		2,400,000		2,400,203
New Century Home Equity Loan Trust
5.43%, 03/25/35 STEP†		691,928		691,915
5.40%, 01/25/36 STEP†		2,129,588		2,130,026
Nissan Auto Receivables Owner Trust
2.01%, 11/15/07		981,652		975,626
2.70%, 12/17/07		1,806,385		1,793,716
5.18%, 08/15/08		3,700,000		3,687,860
Nomura Home Equity Loan, Inc.
5.33%, 03/25/36†		3,575,000		3,575,000
Novastar Home Equity Loan
5.19%, 06/25/36†		2,975,000		2,974,536
Option One Mortgage Loan Trust
5.42%, 11/25/35 STEP†		2,140,725		2,141,098
Ownit Mortgage Loan Asset-Backed Certificates
5.44%, 08/25/36†		2,356,638		2,357,015
Park Place Securities, Inc.
5.43%, 08/25/35†		1,363,800		1,364,012
PBG Equipment Trust
6.27%, 01/20/12 144A		330,339		330,541
People’s Choice Home Loan Securities Trust
5.20%, 08/25/35 STEP†		1,742,309		1,742,617
Popular ABS Mortgage Pass-Through Trust
5.57%, 09/25/34†		2,290,133		2,291,578
Quest Trust
5.88%, 06/25/34 144A†		244,863		245,636
Renaissance Home Equity Loan Trust
5.40%, 05/25/36†		2,462,277		2,462,902
Residential Asset Mortgage Products, Inc.
5.43%, 05/25/25 STEP†		1,440,083		1,440,315
5.23%, 07/25/36†		3,475,000		3,475,000
Residential Asset Securities Corporation
5.39%, 04/25/36 STEP†		1,178,646		1,178,995
SACO I, Inc.
5.43%, 11/25/35†		1,538,687		1,538,659
Saxon Asset Securities Trust
5.14%, 03/25/36 STEP†		3,539,441		3,539,373
SG Mortgage Securities Trust
5.18%, 09/25/35†		951,952		952,072
SLC Student Loan Trust
5.43%, 07/15/36†		3,700,000		3,702,316
SLM Student Loan Trust
5.07%, 01/25/13†		2,735,330		2,734,482
5.28%, 01/25/13†		3,706,155		3,712,632
5.41%, 07/25/13†		10,300,000		10,307,790
5.13%, 04/25/14†		495,978		496,213
4.96%, 06/15/18†		3,502,323		3,504,875
Soundview Home Equity Loan Trust
5.39%, 04/25/36†		1,927,046		1,927,308
Specialty Underwriting & Residential Finance
5.44%, 06/25/36†		1,782,424		1,782,671
Structured Asset Investment Loan Trust
5.15%, 03/25/36 STEP†		2,169,883		2,169,989
Structured Asset Securities Corporation
4.90%, 04/25/35†		2,205,865		2,116,343
SVO Timeshare Mortgage Corporation
5.47%, 10/20/13 144A		914,521		909,341
TMS SBA Loan Trust
5.75%, 01/15/25†		320,246		311,368
6.23%, 01/25/25†		192,147		187,513
USAA Auto Owner Trust
3.55%, 09/17/07		158,475		158,382
2.06%, 04/15/08		876,549		869,809
3.03%, 06/16/08		1,659,833		1,646,781
3.16%, 02/17/09		2,610,478		2,578,700
5.31%, 03/16/09		3,700,000		3,691,862
3.90%, 07/15/09		3,200,000		3,160,056
4.00%, 12/15/09		4,175,000		4,108,823
4.89%, 08/15/12		2,500,000		2,457,791
Wachovia Student Loan Trust
5.43%, 10/25/13 144A†		1,500,000		1,499,064
Whole Auto Loan Trust
3.26%, 03/15/11		4,000,000		3,883,238

Total Asset-Backed Securities (Cost $260,691,135)				259,371,411

CORPORATE BONDS — 10.9%
Abbott Laboratories
5.38%, 05/15/09		690,000		688,185
American International Group, Inc.
2.88%, 05/15/08		1,410,000		1,344,266
ASIF Global Financing XXIII
3.90%, 10/22/08 144A		420,000		404,545
Bank One Corporation
2.63%, 06/30/08		360,000		339,996

See Notes to Financial Statements.


	Par		Value
6.00%, 08/01/08	$	550,000	$	553,549
BellSouth Corporation
4.20%, 09/15/09		2,217,000		2,115,140
Caterpillar Financial Services Corporation
5.20%, 10/28/08†		5,500,000		5,506,606
Citigroup, Inc.
3.50%, 02/01/08		1,600,000		1,549,998
3.63%, 02/09/09		2,750,000		2,620,629
Clorox Co.
5.44%, 12/14/07†		1,500,000		1,502,286
ConocoPhillips Australia Funding Co.
5.13%, 04/09/09†		1,100,000		1,101,837
Countrywide Home Loans, Inc.
3.25%, 05/21/08D		1,800,000		1,722,985
Credit Suisse First Boston USA, Inc.
4.63%, 01/15/08D		2,160,000		2,130,406
CSX Corporation
6.25%, 10/15/08		1,710,000		1,729,352
DaimlerChrysler NA Holding Corporation
6.16%, 08/08/06†		400,000		400,168
5.49%, 03/07/07†		3,100,000		3,101,150
4.75%, 01/15/08		850,000		836,404
4.05%, 06/04/08		1,130,000		1,093,042
Dominion Resources, Inc.
5.79%, 09/28/07†		3,500,000		3,503,346
Federated Department Stores, Inc.
6.63%, 09/01/08		150,000		152,472
Fred Meyer, Inc.
7.45%, 03/01/08		1,440,000		1,475,909
Gannett Co., Inc.
4.13%, 06/15/08D		2,390,000		2,319,146
General Electric Capital Corporation
1.40%, 11/02/06(J)		405,000,000		3,551,412
8.75%, 05/21/07		610,000		625,847
3.45%, 07/16/07		1,300,000		1,272,210
3.45%, 01/15/08†		5,275,000		5,271,513
4.25%, 01/15/08		1,940,000		1,903,390
5.31%, 03/04/08†		2,900,000		2,902,604
9.83%, 12/15/08		350,000		383,785
Golden West Financial Corporation
4.13%, 08/15/07		310,000		304,383
HSBC Bank USA NA
5.49%, 09/21/07†		400,000		400,482
HSBC Finance Corporation
6.40%, 06/17/08		2,390,000		2,422,889
4.13%, 12/15/08D		700,000		676,880
4.13%, 11/16/09		700,000		666,750
John Deere Capital Corporation
3.90%, 01/15/08D		1,970,000		1,921,150
Kellogg Co.
2.88%, 06/01/08		1,950,000		1,853,506
Lenfest Communications, Inc.
7.63%, 02/15/08		725,000		743,320
May Department Stores Co. (The)
3.95%, 07/15/07		945,000		926,753
Merck & Co., Inc.
5.25%, 07/01/06		300,000		300,000
Merrill Lynch & Co., Inc.
4.83%, 10/27/08		1,720,000		1,689,439
MidAmerican Energy Holdings Co.
3.50%, 05/15/08		1,236,000		1,186,363
Morgan Stanley Warehouse Facility
5.58%, 09/29/06†@		9,900,000		9,900,000
Motorola, Inc.
4.61%, 11/16/07		1,489,000		1,468,050
Northrop Grumman Corporation
4.08%, 11/16/06		450,000		447,471
Oracle Corporation and Ozark Holding, Inc.
5.00%, 01/15/11 144A		450,000		434,717
Prudential Financial, Inc.
4.10%, 11/15/06 STEP		1,600,000		1,592,200
Prudential Insurance Co. of America
6.38%, 07/23/06 144A		650,000		650,265
PSEG Funding Trust I
5.38%, 11/16/07		275,000		273,109
SLM Corporation
4.00%, 01/15/09		2,151,000		2,068,064
Southern California Edison Co.
5.39%, 12/13/07†		3,500,000		3,501,138
Sprint Capital Corporation
6.38%, 05/01/09		1,080,000		1,097,620
Time Warner, Inc.
6.15%, 05/01/07		2,290,000		2,298,310
U.S. Bancorp
5.37%, 04/28/09†		3,700,000		3,702,594
U.S. Bank National Association
6.50%, 02/01/08		580,000		588,391
U.S. Central Credit Union
2.75%, 05/30/08		610,000		579,194
Union Pacific Corporation
5.75%, 10/15/07		375,000		375,117
6.79%, 11/09/07		650,000		658,608
Verizon Global Funding Corporation
6.13%, 06/15/07D		875,000		878,420
5.30%, 08/15/07†		5,400,000		5,402,565
Verizon Wireless Capital LLC
5.38%, 12/15/06		1,070,000		1,068,936
Wachovia Corporation
3.50%, 08/15/08		540,000		517,129

Total Corporate Bonds (Cost $ 104,013,682)				102,695,991

FOREIGN BONDS — 8.7%
Belgium — 1.8%
Belgium Treasury Bill
1.90%, 07/13/06(E)W		13,000,000		16,616,282

Bermuda — 0.0%
Tyco International Group SA
5.80%, 08/01/06		425,000		425,054

Canada — 0.9%
Canadian National Railway Co.
6.45%, 07/15/06		750,000		750,587
Canadian Treasury Bill
4.89%, 09/20/06		7,600,000		7,510,541

				8,261,128

See Notes to Financial Statements.

Low-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Cayman Islands — 0.3%
Petroleum Export, Ltd.
4.62%, 06/15/10 144A	$	1,511,111	$	1,478,529
4.63%, 06/15/10 144A		1,511,111		1,478,528

				2,957,057

France — 2.8%
French Treasury Bill
2.22%, 07/13/06(E)W		400,000		511,211
2.34%, 07/20/06(E)W		600,000		766,433
2.72%, 09/14/06(E)W		940,000		1,195,454
2.71%, 09/21/06(E)W		1,000,000		1,271,120
2.74%, 09/28/06(E)W		4,580,000		5,818,216
2.87%, 11/23/06(E)W		13,300,000		16,815,740

				26,378,174

Germany — 1.8%
German Treasury Bill
1.95%, 07/12/06(E)W		800,000		1,022,575
2.50%, 08/16/06(E)W		700,000		892,426
2.68%, 09/13/06(E)W		11,890,000		15,123,506
2.96%, 12/13/06(E)W		200,000		252,369

				17,290,876

Italy — 0.4%
Republic of Italy
2.75%, 12/15/06		2,375,000		2,346,737
Telecom Italia Capital SA
4.00%, 11/15/08		2,000,000		1,919,638

				4,266,375

Netherlands — 0.2%
Deutsche Telekom International Finance BV
3.88%, 07/22/08		1,770,000		1,711,548

New Zealand — 0.1%
General Electric Capital Corporation
6.50%, 09/28/15(Z)		1,595,000		946,589

Norway — 0.2%
Eksportfinans
3.38%, 01/15/08		1,630,000		1,580,202

Spain — 0.1%
Spain Letras del Tesoro
2.78%, 12/22/06(E)W		800,000		1,009,580

United Kingdom — 0.1%
Nationwide Building Society
3.50%, 07/31/07 144A		325,000		317,907
Vodafone Group PLC
3.95%, 01/30/08		230,000		224,081

				541,988

Total Foreign Bonds (Cost $79,941,410)				81,984,853

MORTGAGE-BACKED SECURITIES — 32.6%
Adjustable Rate Mortgage Trust
5.59%, 11/25/35 STEP†		2,119,080		2,123,089
American Home Mortgage Assets
5.59%, 11/25/35†		3,002,530		3,004,120
American Home Mortgage Investment Trust
4.29%, 10/25/34†		2,229,695		2,167,647
Banc of America Commercial Mortgage, Inc.
3.88%, 09/11/36		2,384,393		2,260,429
Bank of America Mortgage Securities
6.50%, 10/01/19		798,694		803,781
Bear Stearns Adjustable Rate Mortgage Trust
3.31%, 12/01/33†		2,047,304		2,002,862
4.66%, 01/25/34†		986,196		970,455
4.01%, 07/25/34†		2,460,655		2,372,459
Bear Stearns Alt-A Trust
5.69%, 06/25/34†		1,925,276		1,930,461
6.25%, 05/25/36†		3,312,371		3,314,830
Bear Stearns Commercial Mortgage Securities
5.40%, 03/15/19 144A†		1,900,000		1,897,037
3.87%, 02/11/41		2,040,000		1,939,538
Chase Commercial Mortgage Securities Corporation
7.76%, 04/15/32		2,026,095		2,126,366
Citigroup Commercial Mortgage Trust
4.15%, 09/20/49 144A		1,336,970		1,299,146
Commercial Mortgage Acceptance Corporation
6.03%, 09/15/30		1,369,988		1,374,643
Commercial Mortgage Pass-Through Certificates
5.38%, 03/15/20 144A†		3,400,000		3,400,494
7.42%, 08/15/33		2,180,000		2,275,436
Countrywide Alternative Loan Trust
6.00%, 10/25/32		431,620		418,887
5.50%, 05/31/35		1,731,412		1,707,947
Countrywide Home Loan Mortgage Pass-Through Trust
5.59%, 01/25/35 STEP†		941,403		942,025
CS First Boston Mortgage Securities Corporation
4.30%, 07/15/36		1,000,000		962,214
Deutsche ALT-A Securities, Inc.
5.40%, 03/30/36†		2,354,422		2,355,120
DLJ Commercial Mortgage Corporation
7.18%, 11/10/33		2,265,655		2,368,585
Federal Home Loan Mortgage Corporation
8.50%, 12/01/07		3,689		3,722
8.50%, 01/01/08		2,951		2,977
8.00%, 05/01/08		7,744		7,815
8.75%, 07/01/08		4,106		4,191
8.00%, 01/01/09		1,904		1,920
7.50%, 03/01/09		22,188		22,303
3.50%, 10/15/10		5,256,191		5,208,736
16.25%, 07/01/11		270		296
15.25%, 08/01/11		1,611		1,818
5.13%, 10/15/15		2,978,948		2,950,117
5.00%, 11/15/16		2,534,458		2,497,878
3.50%, 12/01/18		3,645,425		3,286,945
10.75%, 02/01/19		89,280		95,026
4.25%, 06/15/24		2,518,679		2,461,277
6.41%, 07/01/27†		60,000		60,815
4.66%, 06/01/28†		410,328		406,934
5.55%, 12/15/30†		1,494,332		1,497,283

See Notes to Financial Statements.


	Par		Value
6.00%, 04/01/33	$	1,820,297	$	1,800,055
4.56%, 06/01/33†		5,208,714		5,107,001
4.40%, 10/01/34†		1,210,235		1,171,279
5.50%, 05/15/35		2,368,801		2,340,960
4.72%, 08/01/35†		3,179,677		3,103,661
4.81%, 08/01/35†		2,935,209		2,894,481
8.92%, 08/01/35 IOW		4,580,556		1,214,142
9.80%, 08/01/35 IOW		2,738,402		742,152
4.82%, 10/01/35†		1,659,547		1,634,085
5.25%, 02/01/36†		5,122,539		5,027,674
5.92%, 04/01/36†		5,371,772		5,401,496
6.32%, 05/25/43†		2,535,572		2,585,463
5.02%, 07/25/44†		6,076,212		6,054,717
Federal Housing Authority
7.43%, 09/01/22		1,753		1,735
Federal National Mortgage Association
6.00%, 08/01/08		146,831		146,577
6.50%, 11/01/08		188,469		188,909
4.00%, 07/01/18		230,514		213,080
4.00%, 08/01/18		920,963		851,310
4.00%, 05/01/19		4,968,746		4,590,172
4.00%, 06/01/19		8,221,462		7,595,060
4.00%, 08/01/19		449,940		415,658
4.00%, 10/01/19		1,535,446		1,418,459
4.00%, 11/25/19		746,040		663,507
4.00%, 12/01/19		1,086,380		1,003,608
4.00%, 01/01/20		232,515		214,543
4.00%, 07/01/20		59,046		54,482
5.75%, 08/25/23		1,919,562		1,914,284
5.82%, 12/01/24†		206,215		204,676
9.00%, 05/01/25		94,004		101,572
9.00%, 07/01/25		115,366		124,454
5.68%, 05/25/30†		2,877,094		2,886,178
5.97%, 05/25/30†		2,920,035		2,908,526
5.57%, 09/25/30†		210,212		210,308
6.14%, 09/01/31†		159,847		163,181
3.31%, 03/25/32		537,113		494,187
4.27%, 04/01/33†		1,024,530		1,015,156
4.16%, 06/01/33†		322,510		316,845
5.50%, 06/01/33		28,885		27,865
5.50%, 07/01/33		28,359		27,358
5.50%, 07/14/33 TBA		200,000		192,062
4.24%, 10/01/33†		1,988,703		1,941,810
5.50%, 10/01/33		152,302		146,926
4.28%, 12/01/33†		662,549		646,564
5.75%, 08/25/34		1,907,616		1,899,933
4.94%, 09/01/34†		1,632,647		1,611,602
5.10%, 09/01/34†		1,086,071		1,073,058
4.78%, 10/01/34†		1,664,410		1,645,250
5.11%, 10/01/34†		1,924,637		1,901,256
10.18%, 11/01/34 IOW		2,338,476		622,930
4.87%, 06/01/35†		2,556,066		2,490,227
4.70%, 08/01/35†		6,637,919		6,452,255
4.43%, 09/01/35†		3,214,078		3,105,700
4.64%, 09/01/35†		4,005,080		3,851,531
5.02%, 10/01/35†		51,264		50,115
5.33%, 10/01/35†		2,468,155		2,390,840
6.00%, 11/01/35		366,775		361,282
4.88%, 12/01/35†		355,895		350,433
6.00%, 01/01/36		399,999		393,762
6.00%, 05/01/36		1,796,980		1,768,958
6.00%, 06/01/36		1,836,344		1,807,708
6.17%, 04/01/40†		503,523		503,403
6.50%, 12/31/49		3,380,000		3,414,856
First Horizon Alternative Mortgage Securities
4.75%, 06/25/34†		1,271,319		1,245,722
First Horizon Asset Securities, Inc.
5.34%, 10/25/35†		3,738,741		3,677,240
General Electric Capital Commercial Mortgage Corporation
5.56%, 06/10/38		1,341,716		1,338,503
GMAC Commercial Mortgage Securities, Inc.
7.72%, 03/15/33		2,120,000		2,239,381
7.18%, 08/15/36		1,324,228		1,370,495
Government National Mortgage Association
6.00%, 12/15/08		177,504		177,512
6.00%, 02/15/11		293,274		293,430
4.38%, 06/20/17†		29,616		29,525
4.38%, 06/20/21†		15,673		15,679
5.13%, 10/20/27†		106,553		107,124
8.50%, 10/15/29		89,223		95,780
8.50%, 01/15/30		42,612		45,760
5.81%, 02/16/30†		400,561		405,334
8.50%, 03/15/30		5,765		6,191
8.50%, 04/15/30		15,288		16,417
8.50%, 05/15/30		162,646		174,660
8.50%, 06/15/30		54,216		58,223
8.50%, 07/15/30		174,712		187,614
8.50%, 08/15/30		31,256		33,565
8.50%, 09/15/30		5,149		5,529
8.50%, 10/15/30		46,752		50,205
8.50%, 11/15/30		104,684		112,417
8.50%, 12/15/30		80,693		86,654
8.50%, 02/15/31		76,312		81,792
3.75%, 05/20/34†D		2,035,285		1,977,206
3.75%, 06/20/34†		2,790,412		2,710,792
6.00%, 07/20/36 TBA		1,000,000		991,562
Granite Master Issuer PLC
5.01%, 12/20/24 STEP†		3,000,000		3,003,270
Greenpoint Mortgage Funding Trust
5.59%, 11/25/45 STEP†		1,069,689		1,071,294
GS Mortgage Securities Corporation II
6.04%, 08/15/18 144A		426,614		430,204
6.14%, 10/18/30		2,288,698		2,302,201
6.34%, 01/10/40 IO 144AW†		37,862,776		822,853
GSR Mortgage Loan Trust
3.69%, 06/01/34†		2,600,305		2,548,488
4.21%, 09/25/34†		3,555,887		3,533,802
4.79%, 09/25/34†		2,599,373		2,543,718
4.55%, 09/25/35†		3,582,781		3,525,954
4.55%, 09/25/35†		2,950,526		2,903,727
4.54%, 10/25/35†		5,289,908		5,146,508
4.62%, 10/25/35†		2,903,824		2,861,221
HarborView Mortgage Loan Trust
5.56%, 11/19/35 STEP†		3,255,799		3,266,257
5.32%, 12/19/35†		4,730,525		4,655,908
IFC SBA Loan-Backed Adjustable Rate Certificate
6.00%, 01/15/24 144A†		474,318		474,555

See Notes to Financial Statements.

Low-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Impac Secured Assets CMN Owner Trust
5.44%, 05/25/36†	$	2,993,980	$	2,992,802
JP Morgan Mortgage Trust
3.89%, 08/25/34†		3,657,038		3,521,450
LB-UBS Commercial Mortgage Trust
3.33%, 09/15/27		2,687,048		2,590,547
4.46%, 08/15/33 IO 144AW†		36,085,312		674,900
Luminent Mortgage Trust
5.34%, 11/26/35 STEP†		3,565,971		3,570,273
MLCC Mortgage Investors, Inc.
5.58%, 03/15/25 STEP†		928,329		932,505
4.74%, 12/25/34†		2,540,114		2,484,657
5.41%, 03/28/36†		5,311,000		5,240,816
Morgan Stanley Capital I
6.53%, 03/15/31		2,940,324		2,983,107
NationsLink Funding Corporation
6.32%, 01/20/31		2,005,116		2,025,074
Nomura Asset Acceptance Corporation
5.05%, 06/25/10†		2,968,750		2,905,569
Nomura Asset Securities Corporation
6.59%, 03/15/30		3,300,000		3,345,222
Opteum Mortgage Acceptance Corporation
5.41%, 12/25/35 STEP†		2,597,850		2,595,925
5.22%, 12/31/49†		2,700,000		2,700,000
PNC Mortgage Acceptance Corporation
5.91%, 03/12/34		2,479,621		2,483,146
Residential Accredit Loans, Inc.
6.00%, 12/25/16		113,655		113,332
5.72%, 01/25/33†		896,311		899,107
Residential Asset Securitization Trust
5.48%, 05/25/33†		5,714		5,734
Residential Funding Mortgage Securities I
6.50%, 03/25/32		181,832		180,959
Structured Adjustable Rate Mortgage Loan Trust
4.92%, 03/25/34†		1,631,453		1,604,429
5.35%, 08/25/34†		2,044,165		2,032,704
5.62%, 09/25/34†		689,543		691,062
5.41%, 05/25/35†		3,523,259		3,483,870
Structured Asset Mortgage Investments, Inc.
6.55%, 10/19/34†		853,590		866,478
5.60%, 05/25/35 STEP†		1,654,161		1,653,925
Wachovia Bank Commercial Mortgage Trust
4.04%, 02/15/34		2,579,286		2,470,855
Washington Mutual Asset Securities Corporation
4.24%, 05/25/36 144A		2,201,150		2,146,034
Washington Mutual Mortgage Securities Corporation
6.39%, 03/25/32†		364,205		362,747
Washington Mutual, Inc.
5.35%, 12/25/27 STEP†		4,313,890		4,311,749
4.68%, 05/25/35†		3,550,000		3,427,623
5.54%, 06/25/42†		217,663		218,226
5.63%, 01/25/45 STEP†		3,065,705		3,080,304
5.51%, 04/25/45†		764,129		764,071
5.64%, 08/25/45†		1,511,286		1,515,443
5.61%, 10/25/45 STEP†		1,441,933		1,450,346
4.99%, 06/25/46†		3,667,134		3,667,160
Wells Fargo Mortgage-Backed Securities Trust
3.99%, 01/25/35†		2,921,000		2,831,809
4.55%, 02/25/35†		4,734,954		4,591,653

Total Mortgage-Backed Securities (Cost $313,411,346)				308,018,826

MUNICIPAL BOND — 0.0%
Sales Tax Asset Receivable Corporation, New York, Series B Revenue Bond (FSA Insured)
3.60%, 10/15/08 (Cost $425,000)		425,000		407,575


	Number of Contracts
PURCHASED OPTIONS — 0.0%
Call Swaptions — 0.0%
3-Month LIBOR, Strike Price
$4.50, Expires 01/22/07		440		1,804
3-Month LIBOR, Strike Price
$4.50, Expires 10/06/06		345		—
3-Month LIBOR, Strike Price
$4.75, Expires 08/10/06		570		—
3-Month LIBOR, Strike Price
$5.00, Expires 03/08/07		2,640		22,572
3-Month LIBOR, Strike Price
$5.13, Expires 10/25/06		890		2,670
3-Month LIBOR, Strike Price
$5.25, Expires 06/07/07		1,600		43,920

				70,966

Put Options — 0.0%
90-Day Eurodollar Futures, Strike Price $90.50, Expires 09/17/07		618		3,862
90-Day Eurodollar Futures, Strike Price $91.25, Expires 06/18/07		702		4,387
90-Day Eurodollar Futures, Strike Price $92.00, Expires 03/19/07		87		544
90-Day Eurodollar Futures, Strike Price $93.00, Expires 09/18/06		118		738

				9,531

Total Purchased Options (Cost $608,403)				80,497


	Shares
MONEY MARKET FUNDS — 11.3%
GuideStone Funds Money Market Fund (GS4 Class)¥		32,645,664		32,645,664
Northern Institutional Liquid Assets Portfolio§		73,820,194		73,820,194

Total Money Market Funds (Cost $106,465,858)				106,465,858

See Notes to Financial Statements.


	Par			Value
U.S. TREASURY OBLIGATIONS — 7.0%
U.S. Treasury Bills
4.72%, 09/14/06‡‡	$	230,000		$	227,795
4.79%, 09/14/06‡‡		20,000			19,808
4.80%, 09/14/06‡‡		100,000			99,041
4.81%, 09/14/06‡‡		925,000			916,129

					1,262,773

U.S. Treasury Bond
10.38%, 11/15/12D		2,535,000			2,706,313

U.S. Treasury Inflationary Index Bonds
3.38%, 01/15/07D		10,900,000			13,899,411
0.88%, 04/15/10D		2,800,000			2,809,501

					16,708,912

U.S. Treasury Notes
2.75%, 07/31/06D		2,670,000			2,666,558
2.38%, 08/31/06D‡‡		1,030,000			1,025,937
3.50%, 05/31/07D		17,210,000			16,942,453
4.25%, 10/31/07D		1,500,000			1,481,778
4.38%, 12/31/07D		5,800,000			5,732,714
4.38%, 01/31/08D		3,800,000			3,753,838
4.50%, 02/15/09D		886,000			872,261
4.25%, 10/15/10D		180,000			174,263
4.38%, 12/15/10D		12,500,000			12,145,512
4.50%, 11/15/15D		400,000			381,125

					45,176,439

Total U.S. Treasury Obligations (Cost $66,718,728)					65,854,437

TOTAL INVESTMENTS — 105.2% (Cost $1,001,436,913)					993,799,473


	Number of Contracts
WRITTEN OPTIONS — 0.0%
Call Swaptions — 0.0%
3-Month LIBOR, Strike Price
$4.54, Expires 10/06/06		(149	)		(15	)
3-Month LIBOR, Strike Price
$4.56, Expires 01/22/07		(189	)		(2,476	)
3-Month LIBOR, Strike Price
$4.78, Expires 08/10/06		(250	)		—
3-Month LIBOR, Strike Price
$5.04, Expires 03/08/07		(113	)		(22,916	)
3-Month LIBOR, Strike Price
$5.21, Expires 10/25/06		(380	)		(4,161	)
3-Month LIBOR, Strike Price
$5.34, Expires 06/07/07		(700	)		(47,971	)

					(77,539	)

Total Written Options (Premiums received $(591,598))					(77,539	)

Liabilities in Excess of Other Assets — (5.2)%					(49,095,841	)

NET ASSETS — 100.0%				$	944,626,093

Swap agreements outstanding at June 30, 2006:


Description	Expiration Date	Notional Value			Unrealized Appreciation (Depreciation)
British Pounds
Receive fixed rate payments of 5.00% and pay variable rate payments on the six month LIBOR floating rate (d)	09/15/10		8,600,000		$	(102,104	)
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 4.00% (k)	12/15/35		(100,000	)		3,399
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 4.00% (d)	12/15/35		(5,000,000	)		169,934

						71,229

Euros
Receive fixed rate payments of 2.09% and pay variable rate payments on the France CPI Ex Tobacco (j)	10/15/10		1,500,000			(3,123	)

						(3,123	)

Japanese Yen
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 2.00% (h)	12/15/15		(200,000,000	)		27,121
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 2.00% (d)	12/15/15		(80,000,000	)		10,848

						37,969

U.S. Dollars
Receive fixed rate payments of 0.39% and pay floating par in the event of default on Russian Federation, 5.00% due 03/31/2030 (i)	09/20/06	$	2,400,000			1,334
Receive fixed rate payments of 0.61% and pay floating par in the event of default on Russian Federation, 5.00% due 3/31/2030 (h)	03/20/07		1,300,000			1,824
Receive fixed rate payments of 0.70% and pay floating par in the event of default on Russian Federation, 5.00% due 3/31/2030 (a)	03/20/07		3,700,000			7,560

See Notes to Financial Statements.

Low-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)


Description	Expiration Date	Notional Value			Unrealized Appreciation (Depreciation)
Receive fixed rate payments of 0.77% and pay floating par in the event of default on Russian Federation, 5.00% due 3/31/2030 (g)	05/20/07	$	200,000		$	610
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR floating rate (d)	12/20/08		24,300,000			(275,364	)
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR floating rate (c)	12/20/11		2,000,000			(55,203	)
Receive variable rate payments on the three month LIBOR floating rate and pay fixed rate payments of 5.00% (a)	12/20/13		(100,000	)		3,873
Receive variable rate payments on the three month LIBOR floating rate and pay fixed rate payments of 5.00% (a)	12/20/16		(9,000,000	)		491,427
Receive floating par in the event of default on Asset Backed Funding Certificates, 8.8225% due 11/25/2032 and pay fixed rate payments of 2.35% (b)	11/25/32		(1,000,000	)		2,350
Receive floating par in the event of default on Morgan Stanley ABS Capital I, 7.0225% due 12/27/2033 and pay fixed rate payments of 0.54% (h)	12/27/33		(2,400,000	)		2,867
Receive floating par in the event of default on Long Beach Mortgage Trust, 6.7225% due 02/25/2034 and pay fixed rate payments of 0.49% (d)	02/25/34		(2,400,000	)		—
Receive floating par in the event of default on Specialty Underwriting & Residential Finance, 6.6225% due 02/25/2035 and pay fixed rate payments of 0.59% (d)	02/25/35		(2,400,000	)		—
Receive floating par in the event of default on Structured Asset Investment Loan Trust, 6.1425% due 02/25/2035 and pay fixed rate payments of 0.61% (d)	02/25/35		(2,400,000	)		—
Receive variable rate payments on the ABX.HE.A.06-1 Index and pay fixed rate payments of 0.54% (a)	07/25/45		(1,000,000	)		(2,904	)
Receive variable rate payments on the ABX.HE.A.06-1 Index and pay fixed rate payments of 0.54% (h)	07/25/45		(8,000,000	)		(23,234	)

						155,140

					$	261,215

PORTFOLIO SUMMARY+


	%
Futures Contracts	91.2
Mortgage-Backed Securities	32.6
Asset-Backed Securities	27.4
Money Market Funds	11.3
Corporate Bonds	10.9
Foreign Bonds	8.7
Agency Obligations	7.3
U.S. Treasury Obligations	7.0
Municipal Bond	—	**
Purchased Options	—	**
Written Options	—	**
Swap Agreements	—	**
Forward Foreign Currency Contracts	(4.6	)

	191.8

+	Based on net assets.

**	Rounds to less than 0.005%.

See Notes to Financial Statements.

Medium-Duration Bond Fund


Average Annual Total Returns as of 6/30/06
	GS2 Class*	GS4 Class*	GS6 Class*	Benchmark**	GS8 Class*	GS8 Class Benchmark**
One Year	(0.54)%	(0.70)%	(1.10)%	(0.81)%	(1.39)%	(0.81)%
Since Inception	4.98%	4.98%	4.63%	4.53%	0.99%	1.40%
Inception Date	08/27/01	08/27/01	08/27/01	08/27/01	11/08/04	11/08/04

LOGO

*	These returns reflect expense waivers by the Fund’s investment advisor. 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.


Medium-Duration Bond Fund
SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Par		Value
AGENCY OBLIGATIONS — 4.6%
Federal Farm Credit Bank
4.85%, 12/16/09	$	2,700,000	$	2,646,656
4.50%, 08/08/11		3,000,000		2,839,866
4.80%, 10/19/15		1,500,000		1,423,111
Federal Home Loan Bank
4.25%, 09/12/08		3,000,000		2,927,403
3.50%, 02/13/09		1,000,000		953,968
4.38%, 09/11/09		3,000,000		2,910,726
4.08%, 04/26/10		1,500,000		1,431,123
7.38%, 02/13/15		2,500,000		2,819,048
Federal Home Loan Mortgage Corporation
4.50%, 08/04/08		6,000,000		5,889,930
4.48%, 09/19/08		10,000,000		9,762,490
6.88%, 09/15/10		554,000		582,858
5.63%, 11/23/35		1,260,000		1,151,791
Federal National Mortgage Association
4.96%, 09/25/06‡‡		260,000		256,842
3.86%, 02/22/08D		9,000,000		8,776,206
3.13%, 03/16/09		7,250,000		6,826,941

Total Agency Obligations (Cost $52,540,003)				51,198,959

ASSET-BACKED SECURITIES — 3.5%
Amortizing Residential Collateral Trust
5.60%, 04/25/32†		94,457		94,396
AQ Finance NIM Trust
5.54%, 01/25/09 144A†		15,371		15,369
Argent Securities, Inc.
5.42%, 11/25/35†		977,105		977,265
Bayview Financial Acquisition Trust
5.54%, 02/28/44†		1,489,923		1,493,166
Citibank Credit Card Issuance Trust
6.15%, 02/09/09†		670,000		672,961
Conseco Finance Securitizations Corporation
6.77%, 09/01/32		28,225		28,226
7.00%, 02/01/33 IOW@		10,548,000		214,256
Countrywide Home Equity Loan Trust
5.46%, 04/15/28†		140,499		140,475
5.55%, 03/15/29†		1,635,780		1,640,277
5.49%, 05/15/29†		1,246,133		1,249,967
5.44%, 12/15/35†		4,818,957		4,820,854
5.42%, 02/15/36†		2,340,532		2,335,046
5.35%, 08/15/36†		4,400,000		4,400,000
Credit-Based Asset Servicing and Securitization
5.61%, 08/25/33†		163,813		163,869
CS First Boston Mortgage Securities Corporation
5.46%, 05/25/35 STEP†		1,252,289		1,252,553
EMC Mortgage Loan Trust
5.87%, 11/25/41 144A†		589,926		592,684
EQCC Trust
5.62%, 10/25/31†		125,224		125,309
Fannie Mae Grantor Trust
5.12%, 07/25/35 STEP†		12,267		12,268
First Horizon Asset Back Trust
5.61%, 10/25/34†		710,134		712,465
Fleet Home Equity Loan Trust
5.29%, 05/30/31†		753,335		753,444
GSAMP Trust
5.43%, 09/25/35†		616,397		616,477
Honda Auto Receivables Owner Trust
5.10%, 09/18/08		3,900,000		3,885,983
Madison Avenue Manufactured Housing Contract
5.67%, 09/25/08†		1,402,347		1,407,223
Master Asset-Backed Securities Trust
5.51%, 03/25/35 STEP†		2,000,000		2,000,971
MBNA Credit Card Master Note Trust
5.70%, 03/15/10†		1,900,000		1,909,706
Morgan Stanley Dean Witter Credit Corporation HELOC Trust
5.51%, 07/25/17 STEP†		306,657		306,848
NextCard Credit Card Master Note Trust
11.97%, 12/15/06 144A†		910,000		80,154
Nissan Auto Receivables Owner Trust
5.18%, 08/15/08		3,800,000		3,787,532
Provident Bank Home Equity Loan Trust
5.59%, 08/25/31†		260,264		260,544
Quest Trust
5.88%, 06/25/34 144A†		214,255		214,931
Residential Asset Mortgage Products, Inc.
5.56%, 03/25/34 STEP†		897,282		897,263
Salomon Brothers Mortgage Securities VII
5.80%, 03/30/28 STEP†		122,956		122,970
SG Mortgage Securities Trust
5.18%, 09/25/35†		1,007,950		1,008,076
SLM Student Loan Trust
5.07%, 01/25/13†		1,063,740		1,063,410
SVO Timeshare Mortgage Corporation
5.47%, 10/20/13 144A		159,304		158,402

Total Asset-Backed Securities (Cost $40,509,530)				39,415,340

CORPORATE BONDS — 11.7%
ACE Capital Trust II
9.70%, 04/01/30		60,000		74,099
ACE INA Holdings, Inc.
8.30%, 08/15/06		550,000		551,543
AES Corporation (The)
9.50%, 06/01/09D		42,000		44,730
9.38%, 09/15/10		30,000		32,250
8.75%, 05/15/13 144A		520,000		559,000
9.00%, 05/15/15 144A		760,000		820,800
Allied Waste North America, Inc.
7.13%, 05/15/16 144A@		375,000		355,313
Alltel Corporation
4.66%, 05/17/07		350,000		347,494
American Achievement Corporation
8.25%, 04/01/12		30,000		29,700

See Notes to Financial Statements.


	Par		Value
Amerigas Partners LP
7.25%, 05/20/15D	$	80,000	$	76,000
AmerisourceBergen Corporation
5.88%, 09/15/15 144A		130,000		123,175
Ameritech Capital Funding Corporation
6.25%, 05/18/09D		100,000		100,590
AMFM, Inc.
8.00%, 11/01/08		1,075,000		1,118,269
ANZ Capital Trust I
4.48%, 01/29/49 144A		125,000		118,131
5.36%, 12/29/49 144A		800,000		748,885
Apache Corporation
6.25%, 04/15/12		300,000		307,590
ASIF Global Financing XIX
4.90%, 01/17/13 144A		380,000		360,605
Astoria Financial Corporation
5.75%, 10/15/12		450,000		443,917
AT&T, Inc.
4.13%, 09/15/09D		250,000		237,688
5.30%, 11/15/10D		175,000		170,904
5.10%, 09/15/14		550,000		511,076
Bank of America Corporation
3.88%, 01/15/08		690,000		673,096
Bank One Corporation
4.13%, 09/01/07D		1,100,000		1,079,466
Bank United Corporation
8.88%, 05/01/07		125,000		128,100
Beazer Homes USA, Inc.
8.63%, 05/15/11D		10,000		10,125
BellSouth Capital Funding
7.88%, 02/15/30D		460,000		504,757
BellSouth Corporation
4.75%, 11/15/12D		40,000		37,138
6.88%, 10/15/31		10,000		9,893
Boeing Co.
6.63%, 02/15/38		210,000		224,271
CA, Inc.
4.75%, 12/01/09 144A@		700,000		667,550
Cendant Corporation
6.25%, 01/15/08		150,000		151,402
CenterPoint Energy Resources Corporation
5.95%, 01/15/14		525,000		513,680
Charter Communications Operating LLC
8.00%, 04/30/12 144A@		250,000		250,000
Chesapeake Energy Corporation
6.25%, 01/15/18D		140,000		128,450
ChevronTexaco Capital Co.
3.50%, 09/17/07		690,000		673,338
Cincinnati Bell, Inc.
7.00%, 02/15/15D		130,000		123,175
Citigroup, Inc.
5.00%, 03/06/07		2,200,000		2,190,879
Citizens Communications Co.
9.25%, 05/15/11D		40,000		43,200
Clear Channel Communications, Inc.
4.63%, 01/15/08		20,000		19,594
4.25%, 05/15/09		250,000		237,229
5.50%, 09/15/14D		765,000		693,665
Cleveland Electric Illuminating Co. (The)
5.65%, 12/15/13		60,000		58,248
7.88%, 11/01/17		2,050,000		2,306,590
Clorox Co.
5.44%, 12/14/07†		1,500,000		1,502,286
CNA Financial Corporation
6.75%, 11/15/06		180,000		180,573
Comcast Cable Communications Holdings, Inc.
6.75%, 01/30/11		740,000		764,373
8.38%, 03/15/13		225,000		250,218
9.46%, 11/15/22D		275,000		342,465
ConocoPhillips
5.03%, 04/11/07†		4,000,000		4,000,496
8.75%, 05/25/10		230,000		254,400
ConocoPhillips Holding Co.
6.95%, 04/15/29		1,670,000		1,822,590
Cox Communications, Inc.
4.63%, 01/15/10		800,000		763,693
Cox Enterprises, Inc.
4.38%, 05/01/08 144A		600,000		580,972
CSC Holdings, Inc.
7.63%, 04/01/11D		590,000		592,950
6.75%, 04/15/12 144A		60,000		58,200
7.63%, 07/15/18		45,000		44,775
D.R. Horton, Inc.
8.50%, 04/15/12		10,000		10,528
DaimlerChrysler NA Holding Corporation
6.16%, 08/08/06†		2,200,000		2,200,926
5.88%, 03/15/11		590,000		580,941
7.30%, 01/15/12		550,000		572,990
6.50%, 11/15/13D		210,000		210,189
DaVita, Inc.
7.25%, 03/15/15D		80,000		77,200
Dean Foods Co.
7.00%, 06/01/16D		375,000		364,688
Devon Energy Corporation
7.95%, 04/15/32		1,305,000		1,508,174
DirecTV Holdings LLC
6.38%, 06/15/15		155,000		143,762
Dominion Resources, Inc.
4.13%, 02/15/08		70,000		68,264
5.13%, 12/15/09		230,000		224,470
4.75%, 12/15/10		70,000		66,879
5.70%, 09/17/12D		770,000		754,455
DRS Technologies, Inc.
6.63%, 02/01/16		65,000		63,212
Dryden Investor Trust
7.16%, 07/23/08		1,081,738		1,092,983
Duke Energy Corporation
5.63%, 11/30/12D		1,300,000		1,286,258
Dynegy Holdings, Inc.
8.75%, 02/15/12D		910,000		928,200
E*Trade Financial Corporation
7.38%, 09/15/13		40,000		40,200
Eastman Kodak Co.
7.25%, 11/15/13D		490,000		474,361
Echostar DBS Corporation
5.75%, 10/01/08		500,000		490,000
6.63%, 10/01/14		30,000		28,275
7.13%, 02/01/16 144A		230,000		222,525

See Notes to Financial Statements.

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
El Paso Corporation
8.05%, 10/15/30D	$	600,000	$	604,500
7.80%, 08/01/31D		950,000		927,438
7.75%, 01/15/32D		530,000		518,738
El Paso Natural Gas Co.
8.38%, 06/15/32		210,000		224,411
Electronic Data Systems Corporation
7.13%, 10/15/09		1,000,000		1,033,499
Embarq Corporation
8.00%, 06/01/36		425,000		428,384
Entergy Gulf States, Inc.
6.02%, 12/08/08 144A†		1,900,000		1,902,907
EOP Operating LP
7.75%, 11/15/07		100,000		102,508
Exelon Corporation
5.63%, 06/15/35D		1,190,000		1,047,358
Firstar Bank NA
7.13%, 12/01/09		170,000		177,363
FirstEnergy Corporation
5.50%, 11/15/06		600,000		599,341
6.45%, 11/15/11		70,000		71,306
7.38%, 11/15/31		1,700,000		1,829,263
Ford Motor Co.
7.45%, 07/16/31D		550,000		400,125
Ford Motor Credit Co.
6.63%, 06/16/08		350,000		333,276
7.38%, 10/28/09		3,050,000		2,821,845
5.70%, 01/15/10		125,000		109,576
7.88%, 06/15/10		500,000		461,624
7.38%, 02/01/11D		680,000		609,453
10.49%, 06/15/11 144A†		607,000		609,777
7.25%, 10/25/11		50,000		44,401
Forest City Enterprises, Inc.
7.63%, 06/01/15		20,000		20,250
6.50%, 02/01/17		70,000		65,800
Fresenius Medical Care Capital Trust II
7.88%, 02/01/08		169,000		171,958
General Electric Capital Corporation
4.13%, 09/01/09		740,000		709,321
5.45%, 01/15/13		460,000		452,759
General Electric Co.
5.00%, 02/01/13		1,070,000		1,026,298
General Motors Acceptance Corporation
6.13%, 08/28/07D		1,740,000		1,722,269
5.13%, 05/09/08D		220,000		210,852
5.85%, 01/14/09D		220,000		211,014
5.63%, 05/15/09		1,490,000		1,418,142
7.75%, 01/19/10		500,000		497,800
6.88%, 09/15/11		575,000		549,227
General Motors Corporation
8.25%, 07/15/23D		210,000		166,425
8.38%, 07/05/33(E)		170,000		169,810
Georgia-Pacific Corporation
8.13%, 05/15/11		4,000		4,000
Goldman Sachs Group LP
4.50%, 06/15/10		930,000		889,933
Greenpoint Financial Corporation
3.20%, 06/06/08		300,000		285,919
HCA, Inc.
6.50%, 02/15/16D		750,000		697,220
7.69%, 06/15/25		250,000		237,497
Hertz Corporation
8.88%, 01/01/14 144A		95,000		97,850
Hess Corporation
7.30%, 08/15/31		1,320,000		1,402,950
Hexion US Finance Corporation
9.00%, 07/15/14D		30,000		30,525
Host Marriott LP
9.50%, 01/15/07D		550,000		566,500
9.25%, 10/01/07		32,000		33,160
6.75%, 06/01/16 144A		30,000		28,762
HSBC Bank USA NA
5.49%, 09/21/07†		300,000		300,361
HSBC Finance Corporation
4.63%, 01/15/08		1,130,000		1,114,261
8.00%, 07/15/10D		440,000		474,727
7.00%, 05/15/12		390,000		410,900
6.38%, 11/27/12		70,000		71,785
IMC Global, Inc.
10.88%, 06/01/08		49,000		52,430
10.88%, 08/01/13		50,000		55,875
iStar Financial, Inc.
8.75%, 08/15/08		200,000		210,651
5.13%, 04/01/11D		175,000		167,726
5.65%, 09/15/11		250,000		244,733
6.50%, 12/15/13D		125,000		124,387
JC Penny Co., Inc.
7.40%, 04/01/37		50,000		52,537
JPM Capital Trust II
7.95%, 02/01/27D		700,000		734,012
JPMorgan Chase & Co.
5.75%, 01/02/13		320,000		317,182
5.15%, 10/01/15		1,890,000		1,767,297
Kansas City Southern Railway
9.50%, 10/01/08		119,000		125,248
Kerr-McGee Corporation
7.88%, 09/15/31		1,880,000		2,131,420
Kinder Morgan Energy Partners LP
6.30%, 02/01/09		150,000		150,759
6.75%, 03/15/11		150,000		153,388
5.00%, 12/15/13		90,000		82,607
Koch Forest Products, Inc.
6.56%, 12/20/12@		3,809,524		3,806,994
6.98%, 12/20/12@		180,476		180,356
L-3 Communications Corporation
7.63%, 06/15/12		250,000		255,000
6.38%, 10/15/15 144A		250,000		240,000
6.38%, 10/15/15		120,000		115,200
Lamar Media Corporation
7.25%, 01/01/13		110,000		108,075
Land O’ Lakes, Inc.
9.00%, 12/15/10		125,000		130,625
Lehman Brothers Holdings, Inc.
4.00%, 01/22/08		1,120,000		1,091,142
Liberty Media Corporation
7.88%, 07/15/09		10,000		10,403
5.70%, 05/15/13D		25,000		22,828
3.75%, 02/15/30 CONVD		40,000		22,700
Liberty Mutual Group
5.75%, 03/15/14 144AD		250,000		235,174
7.00%, 03/15/34 144AD		75,000		69,453

See Notes to Financial Statements.


	Par		Value
Lincoln National Corporation
7.00%, 05/17/49†D	$	525,000	$	521,844
Lockheed Martin Corporation
8.50%, 12/01/29D		190,000		239,827
Lyondell Chemical Co.
9.63%, 05/01/07		48,000		48,960
MacDermid, Inc.
9.13%, 07/15/11		111,000		116,550
Merrill Lynch & Co., Inc.
3.38%, 09/14/07		420,000		409,961
MidAmerican Energy Holdings Co.
6.13%, 04/01/36 144AD		350,000		328,248
Midwest Generation LLC
8.75%, 05/01/34		250,000		266,250
Mizuho JGB Investment LLC
9.87%, 12/31/49 144A†@		250,000		267,806
Morgan Stanley
3.63%, 04/01/08		690,000		668,041
NationsRent Cos., Inc.
9.50%, 10/15/10		22,000		23,540
New Cingular Wireless Services, Inc.
7.88%, 03/01/11		100,000		107,817
8.13%, 05/01/12		135,000		148,732
Nextel Communications, Inc.
5.95%, 03/15/14D		294,000		282,857
7.38%, 08/01/15		130,000		132,414
Niagara Mohawk Power Corporation
7.75%, 10/01/08		1,340,000		1,395,137
Nortek, Inc.
8.50%, 09/01/14D		62,000		60,295
Northrop Grumman Corporation
4.08%, 11/16/06		280,000		278,426
NRG Energy, Inc.
7.25%, 02/01/14		210,000		205,275
Omnicare, Inc.
6.88%, 12/15/15		239,000		228,245
Oncor Electric Delivery Co.
6.38%, 01/15/15D		80,000		80,316
Oxford Industries, Inc.
8.88%, 06/01/11		60,000		60,300
Pacific Energy Partners LP
7.13%, 06/15/14		60,000		60,900
Pacific Gas & Electric Co.
6.05%, 03/01/34		710,000		672,284
Patrons’ Legacy
5.65%, 01/17/17 144A		640,000		625,633
Peabody Energy Corporation
6.88%, 03/15/13		145,000		143,188
Pemex Project Funding Master Trust
9.13%, 10/13/10		1,075,000		1,179,812
6.63%, 06/15/35 144A		60,000		54,375
PHH Corporation
6.00%, 03/01/08D		1,075,000		1,073,931
Phoenix Life Insurance Co.
7.15%, 12/15/34 144A		275,000		270,228
Plains Exploration & Production Co.
7.13%, 06/15/14		100,000		99,000
Pogo Producing Co.
6.88%, 10/01/17D		130,000		121,062
Popular North America, Inc.
6.13%, 10/15/06		200,000		200,239
5.20%, 12/12/07D		400,000		395,567
4.25%, 04/01/08		300,000		291,902
5.65%, 04/15/09		250,000		248,140
Pride International, Inc.
7.38%, 07/15/14		130,000		131,300
Progress Energy, Inc.
7.75%, 03/01/31		425,000		475,428
Prudential Funding LLC
6.60%, 05/15/08 144A		600,000		609,338
PVNGS II Funding Corporation, Inc.
8.00%, 12/30/15		1,677,000		1,829,443
Qwest Capital Funding, Inc.
7.25%, 02/15/11D		200,000		195,500
Qwest Corporation
5.63%, 11/15/08		600,000		588,000
8.88%, 03/15/12		200,000		212,000
7.50%, 06/15/23D		500,000		471,250
Rabobank Capital Funding II
5.26%, 12/29/13 144A†D		50,000		46,984
Rabobank Capital Funding Trust III
5.25%, 10/31/49 144A†		350,000		321,250
Raytheon Co.
6.00%, 12/15/10		5,000		5,040
5.50%, 11/15/12		10,000		9,809
5.38%, 04/01/13D		115,000		111,808
Reader’s Digest Association, Inc.
6.50%, 03/01/11		50,000		48,500
Russell Corporation
9.25%, 05/01/10		71,000		74,639
Safeco Corporation
4.20%, 02/01/08		450,000		438,398
SemGroup LP
8.75%, 11/15/15 144AD		10,000		10,000
Sinclair Broadcast Group, Inc.
8.00%, 03/15/12		20,000		20,400
SLM Corporation
4.49%, 04/01/09†		1,130,000		1,086,687
Sonat, Inc.
7.63%, 07/15/11		460,000		466,900
Southern Natural Gas Co.
8.88%, 03/15/10		130,000		137,963
8.00%, 03/01/32		400,000		415,322
Sovereign Bancorp, Inc.
5.54%, 08/25/06†		300,000		300,082
Sovereign Bank
4.38%, 08/01/13†		525,000		509,770
Sprint Capital Corporation
4.78%, 08/17/06 STEP		710,000		709,249
6.00%, 01/15/07D		290,000		290,426
6.13%, 11/15/08		310,000		312,598
7.63%, 01/30/11		250,000		266,362
8.38%, 03/15/12		340,000		376,094
6.88%, 11/15/28		550,000		555,654
Suburban Propane Partners LP
6.88%, 12/15/13		195,000		183,300
Sungard Data Systems, Inc.
9.13%, 08/15/13 144AD		120,000		125,100

See Notes to Financial Statements.

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
TCI Communications Financing III
9.65%, 03/31/27	$	2,610,000	$	2,783,416
Tenet Healthcare Corporation
9.88%, 07/01/14D		170,000		170,850
9.25%, 02/01/15 144A		1,655,000		1,630,175
Tennessee Valley Authority
5.38%, 04/01/46		1,800,000		1,708,002
Terex Corporation
7.38%, 01/15/14		20,000		20,000
Time Warner Entertainment Co. LP
8.38%, 07/15/33		590,000		669,402
Time Warner, Inc.
6.88%, 05/01/12		110,000		113,817
7.70%, 05/01/32		1,310,000		1,427,946
Transcontinental Gas Pipe Line Corporation
6.35%, 04/15/08 144A†		1,500,000		1,488,750
TXU Corporation
4.80%, 11/15/09		500,000		478,178
5.55%, 11/15/14		60,000		54,721
6.55%, 11/15/34		1,080,000		954,163
TXU Energy Co. LLC
7.00%, 03/15/13		150,000		153,314
Tyco International Group SA Participation Certificate Trust
4.44%, 06/15/07 144A@		400,000		392,934
Tyson Foods, Inc.
7.25%, 10/01/06		100,000		100,306
8.25%, 10/01/11		500,000		529,892
Unilever Capital Corporation
7.13%, 11/01/10		285,000		299,514
Union Pacific Corporation
6.65%, 01/15/11		260,000		269,111
United Air Lines, Inc.
9.21%, 01/21/17@		130,306		16,298
9.56%, 10/19/18@#		262,152		153,195
United Telephone Co. of Kansas
6.89%, 07/01/08@		500,000		498,785
Ventas Realty LP
8.75%, 05/01/09		70,000		73,850
9.00%, 05/01/12		30,000		33,000
6.50%, 06/01/16		70,000		67,462
Verizon Communications, Inc.
5.55%, 02/15/16D		2,100,000		1,972,622
Verizon Global Funding Corporation
7.38%, 09/01/12		290,000		308,639
4.38%, 06/01/13D		140,000		126,596
5.85%, 09/15/35		600,000		523,653
Vintage Petroleum, Inc.
8.25%, 05/01/12		250,000		264,547
Visteon Corporation
8.25%, 08/01/10D		145,000		136,300
Wachovia Bank NA
5.49%, 03/23/09†		750,000		750,032
Wachovia Capital Trust III
5.80%, 08/29/49†		580,000		563,402
Wachovia Corporation
5.25%, 08/01/14D		1,850,000		1,767,303
Washington Mutual, Inc.
8.25%, 04/01/10		250,000		268,283
Waste Management, Inc.
7.75%, 05/15/32		980,000		1,108,807
Westlake Chemical Corporation
6.63%, 01/15/16		80,000		74,300
Weyerhaeuser Co.
6.75%, 03/15/12		1,885,000		1,928,089
Williams Cos., Inc.
7.50%, 01/15/31D		270,000		261,900
7.75%, 06/15/31D		200,000		198,000
8.75%, 03/15/32		1,130,000		1,234,525
Windstream Corporation
8.63%, 08/01/16 144A@		300,000		308,250
Xerox Corporation
7.13%, 06/15/10		250,000		253,125
XTO Energy, Inc.
7.50%, 04/15/12		43,000		45,765
6.25%, 04/15/13D		695,000		696,404
ZFS Finance USA Trust I
6.15%, 12/15/49 144A†D		500,000		479,491

Total Corporate Bonds (Cost $132,958,452)				131,975,456

FOREIGN BONDS — 10.2%
Argentina — 0.1%
Argentina Bonos
2.00%, 02/04/18(R)†		670,000		274,540
Republic of Argentina
2.00%, 01/03/16(R)†		660,000		362,237

				636,777

Australia — 0.2%
QBE Insurance Group, Ltd.
5.65%, 07/01/23 144A†		525,000		498,360
Queensland Treasury Corporation
6.00%, 06/14/11(A)		2,430,000		1,812,502

				2,310,862

Belgium — 0.7%
Belgium Treasury Bill
1.90%, 07/13/06(E)W		1,090,000		1,393,211
2.76%, 09/14/06(E)		5,010,000		6,372,126
2.75%, 10/12/06(E)		140,000		177,651

				7,942,988

Bermuda — 0.5%
ACE, Ltd.
6.00%, 04/01/07		350,000		350,394
Arch Capital Group, Ltd.
7.35%, 05/01/34		475,000		474,703
Aspen Insurance Holdings, Ltd.
6.00%, 08/15/14		325,000		302,505
Endurance Specialty Holdings, Ltd.
6.15%, 10/15/15D		525,000		492,293
Intelsat Bermuda, Ltd.
9.25%, 06/15/16 144A		60,000		62,250
Intelsat, Ltd.
6.50%, 11/01/13D		110,000		84,150
Tyco International Group SA
5.80%, 08/01/06		800,000		800,102
6.13%, 11/01/08		90,000		90,589
6.00%, 11/15/13D		2,920,000		2,897,081

				5,554,067

See Notes to Financial Statements.


	Par		Value
Brazil — 0.6%
Federal Republic of Brazil
7.88%, 03/07/15D	$	25,000	$	26,238
8.00%, 01/15/18D		1,680,000		1,776,600
8.88%, 10/14/19		50,000		55,825
8.88%, 04/15/24		149,000		165,614
10.13%, 05/15/27		821,000		1,022,145
12.25%, 03/06/30		122,000		179,340
7.13%, 01/20/37D		100,000		95,000
11.00%, 08/17/40D		2,250,000		2,792,812

				6,113,574

Bulgaria — 0.0%
Republic of Bulgaria
8.25%, 01/15/15		178,000		201,834

Canada — 0.5%
Anadarko Finance Co.
7.50%, 05/01/31		400,000		431,016
Bombardier Capital Funding LP
6.13%, 05/14/07(E)		250,000		323,760
Canadian Government Inflationary Index
4.00%, 12/01/31(C)		770,000		1,176,084
Canadian Treasury Bill
4.89%, 09/20/06		530,000		523,761
Conoco Funding Co.
7.25%, 10/15/31		315,000		356,246
General Motors Nova Scotia Finance Co.
6.85%, 10/15/08D		1,670,000		1,590,675
Hydro Quebec
6.30%, 05/11/11		305,000		314,122
Quebecor Media, Inc.
7.75%, 03/15/16 144A		40,000		39,400
Rogers Cable, Inc.
5.50%, 03/15/14D		350,000		312,375
6.75%, 03/15/15		10,000		9,575
Rogers Wireless, Inc.
8.45%, 12/15/10†		250,000		258,438
6.38%, 03/01/14 144A		100,000		95,750
6.38%, 03/01/14		30,000		28,725
Sun Media Corporation
7.63%, 02/15/13		50,000		50,563
Western Oil Sands, Inc.
8.38%, 05/01/12		95,000		101,412

				5,611,902

Cayman Islands — 0.4%
MUFG Capital Finance 1, Ltd.
6.35%, 07/25/25†		450,000		429,613
Petroleum Export, Ltd.
4.62%, 06/15/10 144A		800,000		782,750
4.63%, 06/15/10 144A		1,066,667		1,043,667
Resona Preferred Global Securities Cayman, Ltd.
7.19%, 07/30/15 144A†D		690,000		693,257
Shinsei Finance Cayman, Ltd.
6.42%, 07/20/48 144A†D		830,000		780,909
Systems 2001 Asset Trust LLC
6.66%, 09/15/13 144A		876,761		903,366

				4,633,562

Chile — 0.0%
Codelco, Inc.
4.75%, 10/15/14 144A		210,000		192,298

Colombia — 0.0%
Republic of Colombia
11.75%, 02/25/20		382,000		504,240
8.13%, 05/21/24D		32,000		32,560

				536,800

Denmark — 0.0%
Nordic Telephone Co. Holdings ApS
8.35%, 05/01/16 144A(E)†@		125,000		166,676

Egypt — 0.2%
Egypt Government AID Bonds
4.45%, 09/15/15		2,600,000		2,411,102

France — 1.0%
Compagnie Generale de Geophysique SA
7.50%, 05/15/15 144A		70,000		68,775
French Treasury Bill
2.22%, 07/13/06(E)W		400,000		511,211
2.34%, 07/20/06(E)W		6,850,000		8,750,105
2.74%, 09/28/06(E)W		910,000		1,156,021
2.87%, 11/23/06(E)W		500,000		632,171
Legrand SA
8.50%, 02/15/25		250,000		286,875

				11,405,158

Germany — 2.1%
Deutsche Bundesrepublik
6.50%, 07/04/27(E)		2,000,000		3,324,058
German Treasury Bill
1.95%, 07/12/06(E)W		3,000,000		3,834,657
2.50%, 08/16/06		5,570,000		7,101,157
2.68%, 09/13/06(E)W		6,770,000		8,611,113
Kabel Deutschland GmbH
10.63%, 07/01/14 144A		145,000		153,700

				23,024,685

Iceland — 0.3%
Glitnir Banki HF
6.69%, 06/15/16 144A†		1,000,000		995,308
Kaupthing Bank HF
6.67%, 04/12/11		1,630,000		1,632,575
7.13%, 05/19/16 144A		350,000		350,719

				2,978,602

Ireland — 0.0%
Eircom Funding
8.25%, 08/15/13		130,000		138,450

Italy — 0.2%
Republic of Italy
3.80%, 03/27/08(J)D		156,000,000		1,435,067
Telecom Italia Capital SA
4.00%, 01/15/10		225,000		210,719
5.25%, 11/15/13		165,000		152,764
4.95%, 09/30/14		835,000		748,765
5.25%, 10/01/15		130,000		117,875

				2,665,190

Japan — 0.2%
Aiful Corporation
5.00%, 08/10/10 144A		600,000		571,055
Resona Bank, Ltd.
4.13%, 06/27/49 144A(E)†		500,000		609,036

See Notes to Financial Statements.

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
5.85%, 07/15/49 144A†@	$	475,000	$	442,728

				1,622,819

Luxembourg — 0.1%
GazInvest Luxemburg SA for Gazprombank
7.25%, 10/30/08		700,000		709,800

Malaysia — 0.0%
Petronas Capital, Ltd.
7.88%, 05/22/22 144AD		430,000		493,586

Marshall Islands — 0.0%
Teekay Shipping Corporation
8.88%, 07/15/11		176,000		185,240

Mexico — 0.9%
America Movil SA de CV
5.50%, 03/01/14D		300,000		277,933
6.38%, 03/01/35		150,000		131,133
United Mexican States
7.50%, 01/14/12		435,000		462,188
8.00%, 12/19/13(M)		43,750,000		3,656,611
11.50%, 05/15/26D		1,070,000		1,580,925
8.30%, 08/15/31		660,000		763,950
7.50%, 04/08/33D		2,853,000		3,038,445

				9,911,185

Netherlands — 0.2%
Deutsche Telekom International Finance BV
5.75%, 03/23/16		510,000		482,218
8.25%, 06/15/30D		600,000		694,681
Royal KPN NV
8.00%, 10/01/10		780,000		828,069
TPSA Finance BV
7.75%, 12/10/08 144A		375,000		390,444

				2,395,412

Panama — 0.1%
Republic of Panama
9.63%, 08/08/11		1,000		1,115
7.13%, 01/29/26D		538,000		521,860
8.88%, 09/30/27		30,000		34,125
6.70%, 01/26/36D		549,000		505,080

				1,062,180

Puerto Rico — 0.0%
Telecomunicaciones de Puerto Rico, Inc.
6.80%, 05/15/09		350,000		355,333

Russia — 0.8%
Ministry Finance of Russia
3.00%, 05/14/08		750,000		709,575
Russian Federation
8.25%, 03/31/10D		2,577,796		2,683,743
5.00%, 03/31/30 STEP		4,700,000		5,012,837

				8,406,155

South Korea — 0.0%
Export-Import Bank of Korea
5.25%, 02/10/14 144A		235,000		223,962

Supranational — 0.8%
Inter-American Development Bank
1.00%, 03/24/15		13,000,000		8,831,160

United Kingdom — 0.3%
BP Capital Markets PLC
2.75%, 12/29/06		740,000		730,928
HBOS Capital Funding LP
6.07%, 12/31/49 144A†D		600,000		585,463
HSBC Capital Funding LP
4.61%, 12/29/49 144A†D		960,000		864,908
Royal & Sun Alliance Insurance Group
8.50%, 12/08/14(U)†		150,000		314,884
Royal Bank of Scotland Group PLC
5.42%, 12/21/07 144A†		1,100,000		1,100,853

				3,597,036

Venezuela — 0.0%
Petrozuata Finance, Inc.
8.22%, 04/01/17 144A		140,000		131,600

Total Foreign Bonds (Cost $113,724,298)				114,449,995

MORTGAGE-BACKED SECURITIES — 56.8%
ABN AMRO Mortgage Corporation
11.85%, 06/25/33 IOW@		773,442		88,305
Banc of America Commercial Mortgage, Inc.
5.12%, 10/10/45†		3,000,000		2,836,308
5.35%, 09/10/47†		3,000,000		2,866,593
Bear Stearns Adjustable Rate Mortgage Trust
5.62%, 02/25/33†		413,053		407,046
3.51%, 06/25/34†		1,300,000		1,231,774
Bear Stearns Alt-A Trust
5.64%, 02/25/34 STEP†		271,341		271,507
5.41%, 05/25/35†		1,202,071		1,187,237
Bear Stearns Commercial Mortgage Securities
5.71%, 09/11/38†		1,500,000		1,482,609
CC Mortgage Funding Corporation
5.67%, 07/25/34 144A†		774,276		775,194
Commercial Mortgage Pass-Through Certificates
5.38%, 03/15/20 144A†		1,800,000		1,800,262
Commercial Mortgage Asset Trust
7.55%, 01/17/10†		440,000		460,003
Countrywide Alternative Loan Trust
5.67%, 09/25/35†		5,708,623		5,741,505
5.65%, 10/25/35 STEP†		4,020,877		4,030,433
5.57%, 11/20/35†		1,970,238		1,978,884
5.59%, 11/20/35†		3,207,313		3,222,956
5.60%, 11/20/35†		5,012,950		5,031,362
5.65%, 11/20/35†		1,446,043		1,450,856
5.59%, 12/25/35†		1,883,988		1,885,876
5.62%, 12/25/35 STEP†		2,392,912		2,392,836
5.59%, 02/25/36 STEP†		2,577,960		2,581,625
5.58%, 03/20/46†		958,472		960,388
Countrywide Home Loan Mortgage Pass-Through Trust
5.56%, 03/25/36†		1,321,700		1,323,780
CS First Boston Mortgage Securities Corporation
10.30%, 04/25/33 IOW@		83,278		4,329

See Notes to Financial Statements.


	Par		Value
9.42%, 05/25/33 IOW@	$	80,683	$	4,605
10.36%, 06/25/33 IOW@		62,242		4,212
8.80%, 07/25/33 IOW†@		616,047		5,139
12.01%, 07/25/33 IOW@		863,412		135,691
8.84%, 08/25/33 IOW†@		698,947		5,370
6.53%, 06/15/34		1,500,000		1,543,596
Federal Home Loan Mortgage Corporation
8.00%, 10/01/07		397		398
7.00%, 11/01/14		134,471		137,916
7.00%, 04/01/15		93,733		96,135
8.00%, 06/01/15		3,972		4,011
7.00%, 12/01/15		78,897		80,911
6.00%, 04/15/16		190,769		190,662
8.50%, 06/01/16		16,231		17,209
8.50%, 06/01/18		13,002		13,786
4.50%, 12/01/18		534,875		505,908
4.00%, 02/01/19		643,427		594,191
4.00%, 04/01/19		831,537		767,510
4.00%, 05/01/19		1,328,519		1,226,226
4.00%, 06/01/19		2,192,937		2,024,159
4.50%, 06/01/19		2,310,787		2,185,645
5.00%, 07/18/21 TBA		4,000,000		3,848,752
0.29%, 04/15/22 POW@		52,289		51,910
8.00%, 08/01/24		8,641		9,137
7.50%, 11/01/29		28,662		29,727
6.50%, 12/01/29		577,631		583,809
7.50%, 12/01/29		44,586		46,243
7.50%, 02/01/31		53,808		55,695
5.61%, 07/01/31†		85,154		86,193
5.67%, 08/01/31†		70,045		71,750
7.50%, 11/01/31		49,326		51,051
5.37%, 04/01/32†		28,114		28,081
4.27%, 03/01/34†		23,375		22,722
5.00%, 07/01/34 TBA		2,200,000		2,054,250
5.50%, 05/01/35		2,898,298		2,785,601
5.00%, 09/01/35		2,300,654		2,150,254
5.00%, 10/01/35		889,347		831,208
5.00%, 12/01/35		4,144,453		3,873,520
4.89%, 02/01/36 POW@		1,369,451		928,541
6.00%, 02/01/36		2,687,649		2,646,579
5.02%, 07/25/44†		5,708,215		5,688,021
Federal Housing Administration
7.43%, 10/01/18		391,971		387,998
Federal National Mortgage Association
6.50%, 05/25/08		175,910		176,274
47.77%, 10/25/08 IOW†@		277,483		10,312
4.00%, 06/01/13		125,226		118,889
4.00%, 07/01/13		167,621		159,053
4.00%, 08/01/13		232,157		220,307
4.00%, 09/01/13		434,553		411,958
4.00%, 10/01/13		902,115		855,190
8.00%, 06/01/15		63,152		66,470
8.00%, 06/15/15		15,099		15,892
8.00%, 07/01/15		63,375		66,705
8.00%, 09/01/15		98,224		101,602
6.00%, 10/25/15		28,419		28,334
5.00%, 12/25/15		381,144		377,066
6.00%, 05/01/16		234,597		235,448
6.00%, 07/01/16		31,472		31,587
5.50%, 07/19/16 TBA		10,800,000		10,597,500
5.00%, 11/01/17		309,565		298,824
5.00%, 12/01/17		2,376,525		2,293,701
5.00%, 01/01/18		3,743,086		3,613,174
5.00%, 02/01/18		654,910		632,181
5.50%, 02/01/18		274,609		269,555
5.00%, 04/01/18		188,599		182,046
5.00%, 05/01/18		1,233,715		1,190,851
5.00%, 06/01/18		157,515		151,712
6.00%, 08/01/18 TBA		550,000		551,375
4.00%, 09/01/18		5,000,000		4,621,848
5.00%, 11/01/18		643,307		620,956
5.00%, 04/01/19		1,058,700		1,021,917
4.00%, 05/01/19		13,209,799		12,207,767
5.00%, 07/01/19		953,460		919,699
5.00%, 07/01/19 TBA		7,500,000		7,221,090
4.50%, 08/01/20 TBA		33,000,000		31,174,704
5.99%, 08/25/21 IOW@		375		9,796
7.31%, 10/25/21 IOW@		707		15,973
17.26%, 01/25/22†		241,869		281,523
4.60%, 03/25/22†		265,323		261,630
9.50%, 05/01/22		9,075		9,857
4.60%, 07/01/22†		45,008		44,940
6.00%, 01/01/23		216,591		215,757
9.50%, 07/01/24		17,505		18,948
5.01%, 07/01/27†		67,136		67,149
5.91%, 08/01/27†		192,270		195,210
5.01%, 11/01/27†		112,947		112,970
6.50%, 12/25/28		60,216		60,357
7.39%, 02/01/30†		196,971		197,024
5.68%, 05/25/30†		3,048,861		3,058,487
5.89%, 06/01/30†		134,100		136,530
8.00%, 10/01/30		97,116		102,493
5.53%, 10/18/30†		95,898		96,713
5.88%, 12/01/30†		29,870		30,276
4.87%, 01/01/31†		18,236		18,262
5.66%, 04/01/31†		42,750		43,227
6.95%, 05/01/31†		19,989		19,810
5.33%, 06/01/31†		14,245		14,382
5.36%, 06/01/31†		41,459		41,833
5.38%, 06/01/31†		74,467		75,125
6.00%, 01/01/32		140,288		138,618
6.00%, 03/01/32		464,825		459,387
6.50%, 03/01/32		480,808		486,884
6.00%, 04/01/32		1,036,963		1,024,467
5.01%, 06/01/32†		31,796		31,833
6.50%, 07/01/32 TBA		3,700,000		3,718,500
4.85%, 08/01/32†		46,293		46,336
5.64%, 02/01/33†		36,176		36,660
4.60%, 05/01/33†		119,527		119,613
5.50%, 05/01/33		22,336,249		21,547,789
4.50%, 07/01/33 TBA		1,800,000		1,630,688
0.01%, 07/25/33 IOW†@		536,197		27,800
3.85%, 10/01/33†		1,861,079		1,814,951
5.50%, 04/01/34		18,221,642		17,583,555
0.00%, 04/25/34 IOW†@		752,475		51,519
0.01%, 06/25/34 IOW†@		1,200,169		57,401
6.00%, 07/01/34 TBA		10,100,000		9,939,026
5.50%, 07/14/34 TBA		5,000,000		4,801,560
5.50%, 09/01/34		17,494,826		16,848,434
4.50%, 10/01/34		336,462		306,669
6.00%, 10/01/34		287,738		283,774
4.50%, 11/01/34		1,453,730		1,322,569
5.50%, 11/01/34		22,342,956		21,517,437
4.50%, 12/01/34		472,904		429,795
4.63%, 12/01/34†		1,063,841		1,042,014
6.50%, 12/01/34		431,683		435,620

See Notes to Financial Statements.

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
6.00%, 01/01/35	$	2,979,821	$	2,938,778
4.50%, 02/01/35		502,964		457,115
5.50%, 02/01/35		28,998,689		27,927,257
4.50%, 03/01/35		2,009,045		1,822,487
4.50%, 04/01/35		1,027,468		931,486
4.50%, 05/01/35		861,343		780,879
6.00%, 05/01/35		4,060,638		3,999,830
5.00%, 07/01/35 TBA		60,200,000		56,268,218
5.50%, 07/01/35 TBA		28,400,000		27,272,861
6.00%, 07/01/35		1,212,288		1,194,134
5.50%, 07/13/35 TBA		53,100,000		50,992,567
5.00%, 08/01/35 TBA		11,000,000		10,274,688
5.50%, 08/01/35 TBA		1,000,000		959,688
5.50%, 09/01/35		1,932,498		1,857,464
6.00%, 10/01/35		371,538		365,973
4.93%, 11/01/35 POW@		1,524,556		1,037,313
5.01%, 11/01/35†		55,437		55,489
6.00%, 11/01/35		1,960,163		1,930,810
6.03%, 11/01/35†		3,184,359		3,266,935
6.16%, 11/01/35†		771,114		791,101
4.69%, 05/01/36†		690,121		690,803
6.00%, 07/20/36 TBA		1,000,000		991,562
5.01%, 12/01/37†		241,641		241,874
5.01%, 01/01/38†		102,886		102,987
5.15%, 06/01/40†		246,850		242,861
5.15%, 10/01/40†		616,643		621,321
5.01%, 11/01/40†		83,741		83,826
FFCA Secured Lending Corporation
9.50%, 07/18/20 IO 144AW†@		1,696,019		72,590
First Horizon Alternative Mortgage Securities
4.75%, 06/25/34†		1,356,074		1,328,770
First Union Commercial Mortgage Securities, Inc.
7.38%, 04/18/07		1,574,663		1,582,358
First Union National Bank Commercial Mortgage Trust
7.20%, 10/01/32		1,500,000		1,577,505
GE Capital Commercial Mortgage Corporation
5.51%, 11/10/45†		1,230,000		1,187,104
GMAC Commercial Mortgage Securities, Inc.
6.87%, 08/15/07		269,067		271,212
6.28%, 11/15/39		2,000,000		2,043,060
Government National Mortgage Association
7.00%, 10/15/25		69,129		71,360
7.00%, 01/15/26		33,924		35,032
7.00%, 07/15/27		269,375		278,257
7.00%, 12/15/27		4,159		4,297
7.00%, 01/15/28		33,745		34,815
7.00%, 03/15/28		326,565		337,325
7.00%, 07/15/28		34,733		35,835
7.50%, 07/15/28		15,920		16,659
6.50%, 08/15/28		42,887		43,550
7.00%, 08/15/28		55,244		56,997
7.50%, 08/15/28		38,650		40,443
6.50%, 09/15/28		195,178		198,195
7.00%, 10/15/28		81,525		84,111
7.50%, 03/15/29		84,165		88,177
7.50%, 11/15/29		43,757		45,764
5.13%, 11/20/29†		208,560		209,811
8.50%, 08/15/30		6,780		7,281
8.50%, 11/20/30		54,613		58,428
6.50%, 08/15/31		295,929		299,650
7.50%, 08/15/31		103,395		108,064
6.50%, 10/15/31		525,806		532,623
6.00%, 11/15/31		1,181,472		1,172,191
6.50%, 11/15/31		464,746		470,590
6.00%, 12/15/31		384,623		381,602
6.00%, 01/15/32		711,582		706,925
6.00%, 02/15/32		853,784		847,077
6.50%, 02/15/32		796,302		806,679
7.50%, 02/15/32		46,856		48,970
13.26%, 02/16/32†		297,785		347,946
6.00%, 04/15/32		660,278		655,958
6.50%, 04/15/32		591,841		599,283
7.50%, 04/15/32		123,498		129,069
6.50%, 06/15/32		1,809,779		1,833,469
6.50%, 07/15/32		264,668		267,996
6.50%, 08/15/32		883,577		894,688
6.50%, 09/15/32		860,345		871,163
6.00%, 10/15/32		776,631		770,529
6.00%, 11/15/32		741,364		735,790
6.00%, 12/15/32		376,823		373,863
6.50%, 12/15/32		50,212		50,844
6.00%, 01/15/33		361,421		358,582
6.00%, 02/15/33D		289,575		287,300
6.50%, 03/15/33		167,740		169,850
5.00%, 04/15/33		370,536		351,033
6.50%, 04/15/33		2,135,693		2,162,549
5.00%, 05/15/33		2,811,899		2,664,420
6.00%, 05/15/33		2,602,893		2,582,445
5.00%, 06/15/33		414,045		392,252
6.00%, 06/15/33		238,470		236,597
5.00%, 07/15/33		887,594		840,876
5.00%, 08/15/33		1,574,630		1,490,632
5.00%, 09/15/33		1,292,235		1,223,029
5.00%, 10/15/33		686,357		649,818
6.00%, 10/15/33		1,162,506		1,153,373
6.50%, 10/15/33		412,758		417,948
5.00%, 11/15/33		84,411		79,984
6.00%, 12/15/33		1,192,381		1,183,014
5.00%, 01/15/34		562,314		532,818
5.00%, 03/15/34		715,187		677,672
5.00%, 04/15/34		261,739		248,010
5.00%, 05/15/34		164,535		155,905
5.00%, 06/15/34		1,070,692		1,014,531
5.00%, 07/01/34 TBA		500,000		473,125
5.00%, 08/15/34		676,962		641,453
5.00%, 11/15/34		1,630,990		1,545,437
5.00%, 12/15/34		1,556,964		1,475,294
5.00%, 01/15/35		637,508		603,543
GS Mortgage Securities Corporation II
4.68%, 07/10/39		1,300,000		1,225,346
GSMPS Mortgage Loan Trust
5.55%, 02/25/35 144A†		1,114,393		1,114,103
5.67%, 09/25/35†		3,391,597		3,397,248
GSR Mortgage Loan Trust
4.54%, 10/25/35†		1,586,972		1,543,952
HarborView Mortgage Loan Trust
5.56%, 11/19/35 STEP†		930,228		933,216
5.49%, 01/19/36 STEP†		742,503		744,253
5.50%, 01/19/36 STEP†		2,947,793		2,956,623

See Notes to Financial Statements.


	Par		Value
Impac CMB Trust
5.68%, 10/25/34†	$	689,757	$	690,831
5.58%, 11/25/35 STEP†		2,651,720		2,654,921
Impac Secured Assets CMN Owner Trust
5.57%, 05/25/35†		2,301,722		2,307,246
Indymac ARM Trust
5.17%, 09/28/31†		65,861		65,467
Indymac Index Mortgage Loan Trust
5.10%, 09/25/35†		813,755		770,274
5.54%, 04/25/46†		1,945,758		1,947,321
JP Morgan Chase Commercial Mortgage Securities Corporation
4.90%, 09/12/37		2,900,000		2,700,429
4.92%, 10/15/42†		200,000		186,296
LB-UBS Commercial Mortgage Trust
4.66%, 07/15/30		1,000,000		939,826
4.74%, 07/15/30		830,000		765,579
5.16%, 02/15/31		2,000,000		1,891,994
7.28%, 06/15/36 IO 144AW†@		5,024,336		200,286
4.95%, 09/15/40		900,000		842,812
Lehman XS Trust
5.38%, 11/25/35†		3,288,256		3,298,289
5.62%, 11/25/35†		2,195,827		2,197,656
5.59%, 01/30/40†		2,407,119		2,410,128
Luminent Mortgage Trust
5.52%, 02/25/46†		1,963,011		1,964,737
Master Adjustable Rate Mortgages Trust
5.19%, 05/25/34†		816,291		806,389
Master Reperforming Loan Trust
7.00%, 08/25/34 144A		1,392,595		1,414,516
MLCC Mortgage Investors, Inc.
5.44%, 09/25/27 STEP†		1,430,285		1,429,303
Morgan Stanley Capital I
5.16%, 10/12/42†		3,000,000		2,846,535
Nomura Asset Acceptance Corporation
5.05%, 06/25/10†		3,138,393		3,071,602
Opteum Mortgage Acceptance Corporation
5.49%, 08/25/35 STEP†		2,607,715		2,608,559
Residential Asset Mortgage Products, Inc.
4.56%, 07/25/41 144A†		1,341,575		1,344,904
Sequoia Mortgage Trust
5.05%, 07/20/33†		631,872		631,843
5.42%, 11/20/34 STEP†		784,290		784,612
Structured Adjustable Rate Mortgage Loan Trust
5.42%, 08/25/35†		2,552,325		2,560,604
Structured Asset Mortgage Investments, Inc.
5.63%, 12/25/35 STEP†		2,752,648		2,758,929
5.55%, 02/25/36†		1,875,612		1,877,993
Thornburg Mortgage Securities Trust
5.29%, 06/25/09†		4,400,000		4,399,477
5.49%, 01/25/36†		6,376,526		6,363,896
Wachovia Bank Commercial Mortgage Trust
5.37%, 10/15/44†		3,000,000		2,869,993
Washington Mutual, Inc.
8.78%, 01/25/08 IOW†@		847,051		11,610
8.76%, 05/25/08 IOW@		1,829,743		9,676
8.81%, 06/25/08 IOW†@		2,890,960		37,281
5.35%, 12/25/27 STEP†		3,934,647		3,932,694
4.68%, 02/25/33†		162,641		160,308
5.54%, 06/25/42†		190,448		190,940
5.61%, 07/25/45 STEP†		4,190,473		4,196,733
5.64%, 07/25/45†		2,872,919		2,875,901
5.64%, 08/25/45†		8,916,590		8,941,115
5.61%, 10/25/45 STEP†		7,421,712		7,465,017
5.58%, 11/25/45†		2,816,683		2,824,111
5.59%, 12/25/45†		2,264,027		2,270,230
5.61%, 12/25/45†		4,799,737		4,818,488
9.15%, 01/01/49 IOW†@		2,169,074		17,928
Wells Fargo Mortgage-Backed Securities Trust
3.54%, 09/25/34†		2,440,000		2,320,770
4.98%, 10/25/35†		2,376,315		2,346,141
5.09%, 03/25/36†		3,846,290		3,767,406
Zuni Mortgage Loan Trust
5.41%, 07/25/36†		4,400,000		4,400,000

Total Mortgage-Backed Securities (Cost $649,603,113)				639,491,187

MUNICIPAL BONDS — 0.4%
Minnesota State General Obligation Bond
5.00%, 10/01/20		200,000		207,820
South Carolina Transportation Infrastructure Bank, Series A Revenue Bond (AMBAC Insured)
5.00%, 10/01/23		2,700,000		2,763,423
Virginia State Housing Development Authority, Commonwealth Mortgage, Series H Revenue Bond (MBIA Insured)
5.38%, 07/01/36		1,000,000		1,041,360

Total Municipal Bonds (Cost $3,826,550)				4,012,603


	Number of Contracts
PURCHASED OPTIONS — 0.0%
Call Options — 0.0%
10-Year U.S. Treasury Note Futures, Strike Price $111.00, Expires 08/25/06		316		4,938
90-Day Eurodollar Futures, Strike Price $94.75, Expires 09/18/06		21		52

				4,990

Call Swaptions — 0.0%
3-Month LIBOR, Strike Price
$4.50, Expires 01/22/07		5,500		2,255
3-Month LIBOR, Strike Price
$4.50, Expires 10/18/06		2,250		22
3-Month LIBOR, Strike Price
$4.75, Expires 08/10/06		450		—

See Notes to Financial Statements.

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)


	Number of Contracts		Value
3-Month LIBOR, Strike Price
$5.00, Expires 03/08/07		2,780	$	23,769
3-Month LIBOR, Strike Price
$5.08, Expires 04/19/07		1,010		14,605
3-Month LIBOR, Strike Price
$5.13, Expires 10/25/06		940		2,820
3-Month LIBOR, Strike Price
$5.25, Expires 06/07/07		1,700		46,665
3-Month LIBOR, Strike Price
$5.63, Expires 09/22/06		400		34,156
3-Month LIBOR, Strike Price
$5.75, Expires 04/27/09		280		163,024

				287,316

Put Options — 0.0%
5-Year U.S. Treasury Note Futures, Strike Price $100.50, Expires 08/25/06		314		4,906
90-Day Eurodollar Futures, Strike Price $91.25, Expires 06/18/07		180		1,125
90-Day Eurodollar Futures, Strike Price $91.75, Expires 12/18/06		199		1,244

				7,275

Put Swaption — 0.0%
3-Month LIBOR, Strike Price $6.25, Expires 04/27/09		280		118,877

Total Purchased Options (Cost $1,073,333)				418,458


	Shares
PREFERRED STOCKS — 0.1%
CORTS Trust for Ford Motor Co.		9,100		162,435
General Motors Corporation CONV		51,150		946,275

Total Preferred Stocks (Cost $1,069,841)				1,108,710

RIGHTS — 0.0%
United Mexican States Recovery Rights Series E, 06/30/07† (Cost $0)		1,100,000		29,150

MONEY MARKET FUNDS — 32.1%
GuideStone Funds Money Market Fund (GS4 Class)¥		46,741,100		46,741,100
Northern Institutional Liquid Assets Portfolio§		313,903,270		313,903,270

Total Money Market Funds (Cost $ 360,644,370)				360,644,370


	Par
U.S. TREASURY OBLIGATIONS — 26.5%
U.S. Treasury Bills
4.72%, 09/14/06	$	200,000		198,082
4.80%, 09/14/06		250,000		247,603
4.80%, 09/14/06		40,000		39,616
4.81%, 09/14/06		325,000		321,883

				807,184


	Par		Value
U.S. Treasury Bonds
6.25%, 08/15/23D	$	870,000	$	959,787
6.75%, 08/15/26		1,100,000		1,294,391
5.50%, 08/15/28D		8,300,000		8,530,201
5.25%, 02/15/29D		520,000		517,888
6.13%, 08/15/29D		1,400,000		1,557,063
4.50%, 02/15/36D		1,012,000		907,717

				13,767,047

U.S. Treasury Inflationary Index Bonds
3.38%, 01/15/07D		11,400,000		14,536,999
3.38%, 01/15/12		60,000		71,323
2.00%, 07/15/14D		1,800,000		1,853,068
1.88%, 07/15/15D		12,700,000		12,484,332
2.38%, 01/15/25D		1,140,000		1,186,125
2.00%, 01/15/26D		2,660,000		2,472,584
3.88%, 04/15/29D		4,468,000		6,776,114

				39,380,545

U.S. Treasury Notes
2.50%, 09/30/06D		27,680,000		27,510,266
2.25%, 02/15/07D		22,000,000		21,598,676
3.38%, 02/15/08D		850,000		826,426
3.13%, 09/15/08D		6,600,000		6,326,206
2.63%, 03/15/09D		480,000		450,169
4.88%, 05/15/09D		3,600,000		3,576,658
4.00%, 06/15/09D		3,240,000		3,141,410
3.63%, 07/15/09D		200,000		191,711
3.38%, 10/15/09D		1,400,000		1,327,595
3.50%, 12/15/09D		8,000,000		7,598,440
3.63%, 01/15/10D		1,300,000		1,238,149
3.50%, 02/15/10D		700,000		663,195
3.88%, 05/15/10D		2,300,000		2,201,801
3.88%, 09/15/10D		12,540,000		11,969,831
4.25%, 10/15/10D		5,160,000		4,995,530
4.50%, 11/15/10D		25,915,000		25,321,806
4.38%, 12/15/10D		15,380,000		14,943,839
4.25%, 01/15/11		15,800,000		15,261,204
4.50%, 02/28/11D		26,770,000		26,111,217
4.75%, 03/31/11D		2,500,000		2,463,185
2.38%, 04/15/11D		1,400,000		1,415,699
4.88%, 04/30/11D		10,400,000		10,297,227
4.25%, 08/15/13D		10,200,000		9,680,443
2.00%, 01/15/14D		900,000		947,384
4.25%, 11/15/14D		7,660,000		7,206,390
4.25%, 08/15/15D		2,890,000		2,704,973
4.50%, 11/15/15D		6,890,000		6,564,882
2.00%, 01/15/16D		1,750,000		1,696,705
4.50%, 02/15/16D		2,820,000		2,683,848

				220,914,865

U.S. Treasury STRIPS
5.39%, 11/15/21WD		13,480,000		5,961,988
5.86%, 08/15/24WD		19,700,000		7,529,439
5.36%, 11/15/24W		3,800,000		1,440,941
5.36%, 02/15/25W		5,700,000		2,129,207
5.35%, 08/15/25WD		3,100,000		1,131,974
5.34%, 05/15/26WD		1,500,000		526,503
5.33%, 08/15/26WD		5,800,000		2,013,105
5.33%, 11/15/26WD		3,700,000		1,269,962
5.33%, 11/15/26WD		3,600,000		1,233,187

See Notes to Financial Statements.


	Par			Value
5.31%, 08/15/27WD	$	1,050,000		$	347,192

					23,583,498

Total U.S. Treasury Obligations (Cost $303,038,517)					298,453,139

TOTAL INVESTMENTS — 145.9% (Cost $1,658,988,007)					1,641,197,367


	Number of Contracts
WRITTEN OPTIONS — 0.0%
Call Swaptions — 0.0%
3-Month LIBOR, Strike Price
$4.00, Expires 07/03/06		(1,380	)		(138	)
3-Month LIBOR, Strike Price
$4.56, Expires 01/22/07		(2,370	)		(3,105	)
3-Month LIBOR, Strike Price
$4.56, Expires 10/18/06		(970	)		(48	)
3-Month LIBOR, Strike Price
$4.78, Expires 08/10/06		(190	)		—
3-Month LIBOR, Strike Price
$5.04, Expires 03/08/07		(1,200	)		(24,336	)
3-Month LIBOR, Strike Price
$5.21, Expires 10/25/06		(400	)		(4,380	)
3-Month LIBOR, Strike Price
$5.22, Expires 04/19/07		(440	)		(19,202	)
3-Month LIBOR, Strike Price
$5.34, Expires 06/07/07		(700	)		(47,971	)
3-Month LIBOR, Strike Price
$5.48, Expires 09/22/06		(1,340	)		(36,006	)

					(135,186	)

Put Swaption — 0.0%
3-Month LIBOR, Strike Price
$6.00, Expires 07/03/06		(1,380	)		(138	)

Total Written Options
(Premiums received $(1,436,668))					(135,324	)


	Par
SECURITY SOLD SHORT — (0.1)%
Federal National Mortgage Association TBA 4.50%, 07/13/36
(Cost $(918,438))	$	(1,000,000	)		(905,938	)

Liabilities in Excess of Other Assets — (45.8)%					(515,116,480	)

NET ASSETS — 100.0%				$	1,125,039,625

See Notes to Financial Statements.

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

Swap agreements outstanding at June 30, 2006:


Description	Expiration Date	Notional Value			Unrealized Appreciation (Depreciation)
British Pounds
Receive fixed rate payments of 5.00% and pay variable rate payments on the six month LIBOR floating rate (d)	09/15/10		6,600,000		$	(78,359	)
Receive fixed rate payments of 5.00% and pay variable rate payments on the six month LIBOR floating rate (f)	09/15/15		2,500,000			(22,857	)
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 4.00% (d)	12/15/35		(3,700,000	)		125,751
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 4.00% (k)	12/15/35		(100,000	)		3,399

						27,934

Euros
Receive fixed rate payments of 2.1455% and pay variable rate payments on the France CPI Ex Tobacco (b)	10/15/10		300,000			(392	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR floating rate (c)	12/15/14		5,500,000			(84,777	)

						(85,169	)

Japanese Yen
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 2.00% (h)	12/15/15		(210,000,000	)		28,477
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 2.00% (d)	12/15/15		(80,000,000	)		10,848

						39,325

U.S. Dollars
Receive fixed rate payments of 0.39% and pay floating par in the event of default on Russian Federation, 5.00% due 3/31/2030 (i)	09/20/06	$	2,700,000			1,501
Receive fixed rate payments of 2.00% and pay floating par in the event of default on General Motors Acceptance Corporation, 6.875% due 8/28/2012 (b)	12/20/06	$	1,600,000		$	—
Receive fixed rate payments of 0.61% and pay floating par in the event of default on Russian Federation, 5.00% due 3/31/2030 (h)	03/20/07		1,300,000			1,824
Receive fixed rate payments of 0.77% and pay floating par in the event of default on Russian Federation, 5.00% due 3/31/2030 (g)	05/20/07		100,000			305
Receive floating par in the event of default on Republic of Philippines, 8.25% due 1/15/2014 and pay fixed rate of 2.47% (e)	09/20/08		(1,000,000	)		(25,766	)
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR floating rate (b)	12/20/08		10,000,000			(113,319	)
Receive floating par in the event of default on Radioshack Corporation, 7.375% due 5/15/2011 and pay fixed rate payments of .37% (b)	12/20/08		(300,000	)		1,090
Receive floating par in event of default on Emerson Electric Co., 4.625% due 10/15/2012 and pay fixed rate payments of .22% (c)	12/20/08		(300,000	)		(937	)
Receive floating par in event of default on Devon Financing Corporation, 6.875% due 9/30/2011 and pay fixed rate payments of .35% (h)	12/20/08		(500,000	)		(1,750	)
Receive floating par in event of default on Anadarko Petroleum Corporation, 5.000% due 10/01/2012 and pay fixed rate payments of .27% (h)	12/20/08		(300,000	)		(246	)

See Notes to Financial Statements.


Description	Expiration Date	Notional Value			Unrealized Appreciation (Depreciation)
Receive floating par in event of default on Carnival Corporation, 6.150% due 4/15/2008 and pay fixed rate payments of .44% (b)	12/20/08	$	(300,000	)	$	(2,242	)
Receive floating par in event of default on Countrywide Home Loan, 6.250% due 4/15/2009 and pay fixed rate payments of .42% (c)	12/20/08		(300,000	)		(754	)
Receive floating par in event of default on Occidental Petroleum, 6.750% due 1/15/2012 and pay fixed rate payments of .28% (h)	09/20/08		(300,000	)		(1,007	)
Receive floating par in event of default on Kroger Co. 6.750% due 4/15/2012 and pay fixed rate payments of .53% (c)	12/20/08		(300,000	)		(2,450	)
Receive floating par in the event of default on Republic of Turkey, 11.875 due 1/15/2030 and pay fixed rate of 2.70% (c)	09/20/10		(800,000	)		2,940
Receive floating par in the event of default on Republic of Turkey, 11.875 due 1/15/2030 and pay fixed rate of 2.25% (c)	09/20/10		(1,000,000	)		19,661
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR floating rate (e)	12/20/11		9,000,000			(248,411	)
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR floating rate (d)	12/20/11		14,500,000			(400,219	)
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR floating rate (c)	12/20/11		7,900,000			(218,051	)
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR floating rate (h)	12/20/11		9,800,000			(270,492	)
Receive variable rate payments on the three month LIBOR floating rate and pay fixed rate payments of 5.00% (d)	12/20/16	$	(2,200,000	)	$	120,126
Receive floating par in the event of default on Republic of Hungary, 4.75% due 2/3/2015 and pay fixed rate of 0.535% (c)	05/20/16		(1,600,000	)		28,536
Receive floating par in the event of default on Republic of Hungary, 4.75% due 2/3/2015 and pay fixed rate of 0.54% (g)	05/20/16		(1,400,000	)		24,462
Receive floating par in the event of default on Republic of Hungary, 4.75% due 2/3/2015 and pay fixed rate of .545% (k)	05/20/16		(2,800,000	)		47,910
Receive floating par in the event of default on Asset Backed Funding Certificates, 8.8225% due 11/25/2032 and pay fixed rate of 2.35% (b)	11/25/32		(1,000,000	)		2,350
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR floating rate (f)	12/20/36		1,600,000			(178,000	)
Receive variable rate payments on the ABX.HE.A.06-1 Index and pay fixed rate payments of 0.54% (e)	07/25/45		(7,700,000	)		(22,363	)

						(1,235,302	)

					$	(1,253,212	)

See Notes to Financial Statements.

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

PORTFOLIO SUMMARY+


	%
Mortgage-Backed Securities	56.8
Futures Contracts	39.0
Money Market Funds	32.1
U.S. Treasury Obligations	26.5
Corporate Bonds	11.7
Foreign Bonds	10.2
Agency Obligations	4.6
Asset-Backed Securities	3.5
Municipal Bonds	0.4
Preferred Stocks	0.1
Purchased Options	—	**
Rights/Warrants	—	**
Written Options	—	**
Security Sold Short	(0.1	)
Swap Agreements	(0.1	)
Forward Foreign Currency Contracts	(4.5	)

	180.2

+	Based on net assets.

**	Rounds to less than 0.005%.

See Notes to Financial Statements.

Extended-Duration Bond Fund


Average Annual Total Returns as of 6/30/06
	GS2 Class*	GS4 Class*	GS6 Class*	Benchmark**	GS8 Class*	GS8 Class Benchmark**
One Year	(3.80)%	(4.00)%	(4.36)%	(6.48)%	(4.71)%	(6.48)%
Since Inception	7.05%	6.96%	6.59%	6.13%	1.71%	1.28%
Inception Date	08/27/01	08/27/01	08/27/01	08/27/01	11/08/04	11/08/04

LOGO

*	These returns reflect expense waivers by the Fund’s investment advisor. 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 the Lehman Brothers Long-Term Government Bond Index and the Lehman Brothers Long-Term Credit Bond Index.

The Lehman Brothers Long-Term Government Bond Index is composed of all bonds covered by the Lehman Brothers Government Bond Index with maturities of 10 years or greater.

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

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

Extended-Duration Bond Fund


SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Par		Value
AGENCY OBLIGATIONS — 0.4%
Federal National Mortgage Association
5.25%, 01/15/09D	$	250,000	$	248,972
2.29%, 02/19/09(G)		2,500,000		1,520,668

Total Agency Obligations (Cost $1,740,222)				1,769,640

ASSET-BACKED SECURITY — 0.4%
Community Program Loan Trust
4.50%, 04/01/29 (Cost $1,669,604)		1,950,000		1,749,355

CORPORATE BONDS — 16.9%
Agilysys, Inc.
9.50%, 08/01/06		500,000		503,076
Alberton’s, Inc.
6.63%, 06/01/28		105,000		83,930
7.45%, 08/01/29D		985,000		850,964
8.00%, 05/01/31D		110,000		99,690
Arrow Electronics, Inc.
6.88%, 07/01/13		250,000		255,966
ASIF Global Financing XXVII
2.38%, 02/26/09 144A(G)		6,700,000		4,071,688
Atlas Air, Inc.
7.20%, 01/02/19		125,001		123,829
Avnet, Inc.
6.00%, 09/01/15D		775,000		734,948
Barclays Financial LLC
4.16%, 02/22/10 144A(T)		25,000,000		615,438
4.10%, 03/22/10 144A(T)		30,000,000		735,858
4.06%, 09/16/10 144A(W)		730,000,000		751,960
Borden, Inc.
7.88%, 02/15/23D		1,200,000		981,000
Bristol-Myers Squibb Co.
4.83%, 09/15/23 CONV†D		1,950,000		1,956,103
Chesapeake Energy Corporation
6.88%, 01/15/16		610,000		579,500
6.50%, 08/15/17		45,000		41,287
6.88%, 11/15/20 144AD		320,000		296,000
CIT Group, Inc.
5.50%, 12/01/14(U)		600,000		1,097,082
Comcast Corporation
5.50%, 03/15/11D		500,000		491,558
5.65%, 06/15/35D		570,000		485,342
6.50%, 11/15/35		555,000		525,559
6.45%, 03/15/37		2,480,000		2,336,906
Commonwealth Edison Co.
4.75%, 12/01/11@		401,782		381,641
Constellation Energy Group, Inc.
4.55%, 06/15/15		750,000		665,336
Continental Airlines, Inc.
6.95%, 02/02/11		324,802		310,672
8.31%, 04/02/18D		485,891		466,251
7.57%, 03/15/20		423,208		412,216
Corning, Inc.
6.20%, 03/15/16		230,000		228,900
Cox Communications, Inc.
6.75%, 03/15/11D		250,000		254,833
Cummins, Inc.
7.13%, 03/01/28		425,000		420,325
Devon Energy Corporation
4.95%, 08/15/08 CONV		963,000		1,173,656
Dillard’s, Inc.
7.75%, 07/15/26		890,000		847,725
7.00%, 12/01/28		500,000		445,000
El Paso Corporation
7.00%, 05/15/11D		400,000		396,500
EOP Operating LP
7.25%, 06/15/28		500,000		512,462
First Industrial LP
7.60%, 07/15/28		1,000,000		1,037,528
Foot Locker, Inc.
8.50%, 01/15/22		1,000,000		1,013,750
Ford Motor Co.
6.63%, 10/01/28		680,000		472,600
6.38%, 02/01/29		1,255,000		872,225
Ford Motor Credit Co.
5.70%, 01/15/10		135,000		118,342
7.00%, 10/01/13D		315,000		271,468
General Motors Acceptance Corporation
6.88%, 08/28/12		250,000		235,830
Georgia-Pacific Corporation
8.00%, 01/15/24		30,000		28,500
7.38%, 12/01/25D		240,000		218,400
7.25%, 06/01/28		300,000		267,000
7.75%, 11/15/29D		3,700,000		3,404,000
8.88%, 05/15/31		60,000		60,000
GTE Corporation
6.94%, 04/15/28D		10,000		9,796
HCA, Inc.
6.30%, 10/01/12		1,500,000		1,418,282
7.58%, 09/15/25		1,000,000		936,376
7.05%, 12/01/27		500,000		440,398
Health Care Property Investors, Inc.
6.00%, 03/01/15D		1,500,000		1,461,256
Highwoods Properties, Inc.
7.50%, 04/15/18		1,500,000		1,582,826
Historic TW, Inc.
6.63%, 05/15/29		60,000		57,816
HSBC Bank USA NA
3.31%, 08/25/10 144A		700,000		689,990
IMC Global, Inc.
7.38%, 08/01/18		500,000		472,500
7.30%, 01/15/28		690,000		624,450
International Paper Co.
6.88%, 11/01/23		300,000		292,273
iStar Financial, Inc.
5.70%, 03/01/14		1,171,000		1,130,686
Kinder Morgan Energy Partners LP
5.80%, 03/15/35		280,000		239,701
Kinder Morgan, Inc.
7.25%, 03/01/28		500,000		453,376
Lennar Corporation
5.60%, 05/31/15D		935,000		850,798
6.50%, 04/15/16 144A		625,000		606,748
MidAmerican Energy Holdings Co.
5.88%, 10/01/12		1,000,000		993,263
Motorola, Inc.
7.63%, 11/15/10D		80,000		85,750
6.50%, 11/15/28D		500,000		501,472
NiSource Finance Corporation
6.15%, 03/01/13		1,000,000		1,004,638

See Notes to Financial Statements.


	Par		Value
Northern Telecom Capital
7.88%, 06/15/26D	$	450,000	$	371,250
Pemex Project Funding Master Trust
8.63%, 02/01/22		1,000,000		1,120,500
8.63%, 12/01/23 144A		1,000,000		1,096,500
Pioneer Natural Resources Co.
7.20%, 01/15/28D		2,500,000		2,357,400
Preston Corporation
7.00%, 05/01/11 CONV		250,000		228,125
Pulte Homes, Inc.
7.88%, 06/15/32		1,500,000		1,545,735
6.38%, 05/15/33		1,000,000		866,538
Qwest Corporation
7.25%, 09/15/25		1,000,000		940,000
6.88%, 09/15/33D		2,250,000		1,957,500
Raytheon Co.
6.40%, 12/15/18		2,600,000		2,660,817
7.20%, 08/15/27D		250,000		276,125
7.00%, 11/01/28		750,000		810,006
Southern Natural Gas Co.
7.35%, 02/15/31D		1,750,000		1,687,859
Sprint Capital Corporation
6.88%, 11/15/28		3,450,000		3,485,466
Swift Energy Co.
7.63%, 07/15/11		150,000		150,000
Tennessee Gas Pipeline Co.
7.00%, 10/15/28D		750,000		698,190
Time Warner, Inc.
7.63%, 04/15/31		35,000		37,794
Toll Brothers Finance Corporation
5.15%, 05/15/15 144A		1,270,000		1,110,226
5.15%, 05/15/15D		15,000		13,113
Union Pacific Resources Group
7.15%, 05/15/28		250,000		257,975
Verizon Global Funding Corporation
5.85%, 09/15/35D		2,420,000		2,112,067
Verizon Maryland, Inc.
5.13%, 06/15/33D		50,000		38,339
Verizon New York, Inc.
7.38%, 04/01/32D		385,000		380,607
Viacom, Inc.
6.88%, 04/30/36 144AD		1,915,000		1,853,808
Weyerhaeuser Co.
7.13%, 07/15/23D		500,000		492,730
7.38%, 03/15/32D		250,000		253,836
Williams Cos, Inc.
7.50%, 01/15/31		1,250,000		1,212,500
Xerox Capital Trust I
8.00%, 02/01/27		1,500,000		1,513,125
XTO Energy, Inc.
6.10%, 04/01/36		50,000		45,404

Total Corporate Bonds (Cost $73,744,155)				75,558,774

FOREIGN BONDS — 12.6%
Argentina — 0.1%
Republic of Argentina
4.01%, 08/03/12†		385,000		320,320

Brazil — 1.1%
Federal Republic of Brazil
8.25%, 01/20/34D		4,750,000		4,999,375

Canada — 4.5%
British Columbia Generic Residual
4.80%, 06/09/14 STRIP(C)W	$	10,230,000	$	6,261,900
Canada Generic Residual
4.74%, 06/01/25 STRIP(C)W		4,110,000		1,511,381
Canadian Government
4.50%, 09/01/07(C)		2,205,000		1,975,809
Kinder Morgan Finance Co.
5.70%, 01/05/16		125,000		108,725
6.40%, 01/05/36		665,000		545,532
Macmillan Bloedel, Ltd.
7.70%, 02/15/26		500,000		524,694
Ontario Generic Residual
5.24%, 07/13/22 STRIP(C)W		3,900,000		1,519,753
5.21%, 03/08/29 STRIP(C)W		7,000,000		1,937,651
Saskatchewan Residual
4.81%, 04/10/14 STRIP(C)W		7,500,000		4,622,413
5.17%, 02/04/22 STRIP(C)W		3,000,000		1,199,140

				20,206,998

Cayman Islands — 0.2%
Enersis SA
7.40%, 12/01/16		625,000		636,772
Vale Overseas, Ltd.
8.25%, 01/17/34		100,000		108,375

				745,147

Egypt — 2.3%
Egypt Government AID Bonds
4.45%, 09/15/15		10,915,000		10,121,992

Malaysia — 0.0%
Telekom Malaysia BHD
7.88%, 08/01/25 144A		225,000		258,013

Mexico — 0.7%
Mexican Bonos
9.00%, 12/20/12(M)		23,000,000		2,051,722
8.00%, 12/07/23(M)		17,000,000		1,309,466

				3,361,188

Philippines — 0.2%
Philippine Long Distance Telephone Co.
8.35%, 03/06/17		500,000		525,000
Quezon Power (Philippines), Ltd.
8.86%, 06/15/17		435,000		432,825

				957,825

Spain — 0.7%
Telefonica Emisones SAU
7.05%, 06/20/36D		3,105,000		3,112,958

Supranational — 2.1%
Inter-American Development Bank
15.10%, 05/11/09(B)W		7,500,000		2,278,499
6.00%, 12/15/17(Z)		12,250,000		7,218,044

				9,496,543

Sweden — 0.5%
Swedish Government
6.50%, 05/05/08(K)		14,640,000		2,149,797

See Notes to Financial Statements.

Extended-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)


	Par		Value
Venezuela — 0.2%
Cerro Negro Finance, Ltd.
7.90%, 12/01/20 144A	$	500,000	$	450,000
Petrozuata Finance, Inc.
8.37%, 10/01/22 144AD		450,000		407,250

				857,250

Total Foreign Bonds (Cost $50,162,006)				56,587,406

MORTGAGE-BACKED SECURITIES — 0.2%
Federal Home Loan Mortgage Corporation
5.00%, 12/01/31		204,761		191,664
Federal National Mortgage Association
5.00%, 07/25/23		822,355		814,507

Total Mortgage-Backed Securities (Cost $927,168)				1,006,171

MUNICIPAL BONDS — 4.1%
Chicago, Illinois Wastewater Transmission, Series A Revenue Bond (MBIA Insured)
4.96%, 01/01/22W		5,000,000		2,348,350
Cook County, Illinois Community Consolidated School District, General Obligation Bond (FGIC Insured)
4.89%, 12/01/19W		3,890,000		2,068,041
Coppell, Texas Independent School District, General Obligation Bond (PSF-GTD Insured)
5.00%, 08/15/23W		2,195,000		946,133
De Soto, Texas Independent School District, General Obligation Bond (PSF-GTD Insured)
4.84%, 08/15/18W		2,275,000		1,281,007
4.88%, 08/15/19W		2,590,000		1,381,946
Galveston County, Texas, General Obligation Bond (FGIC Insured)
5.07%, 02/01/26W		2,500,000		940,250
Granbury, Texas Independent School District, General Obligation Bond (PSF-GTD Insured)
4.91%, 08/01/20W		1,000,000		505,370
Houston, Texas Water & Sewer System, Series JR-A Revenue Bond (FSA Insured)
4.88%, 12/01/24W		7,190,000		2,923,670
5.03%, 12/01/24W		2,810,000		1,132,430
Indianapolis, Indiana Local Public Improvement Bond Bank, Series E Revenue Bond (AMBAC Insured)
5.01%, 02/01/24W		1,400,000		600,124
Rocklin, California Unified School District, General Obligation Bond (FGIC Insured)
5.02%, 08/01/24W		2,375,000		986,836
San Jose, California Unified School District, Santa Clara County, Series A General Obligation Bond (FGIC Insured)
4.83%, 08/01/18W		2,055,000		1,188,324
Union Elementary School District, California, Series A General Obligation Bond (FGIC Insured)
4.88%, 09/01/19W		1,750,000		936,565
Washington State Capital Appreciation, Series F General Obligation Bond (MBIA Insured)
5.12%, 12/01/27W		1,340,000		457,945
West Virginia University, Series A Revenue Bond (AMBAC Insured)
4.99%, 04/01/23W		1,665,000		738,144

Total Municipal Bonds (Cost $17,579,390)				18,435,135


	Shares
PREFERRED STOCK — 0.2%
Travelers Property Casualty Corporation 4.50%, 04/15/32 CONV
(Cost $989,021)		44,125		1,081,945

MONEY MARKET FUNDS — 29.8%
GuideStone Funds Money Market Fund (GS4 Class)¥		6,400,857		6,400,857
Northern Institutional Liquid Assets Portfolio§		127,007,615		127,007,615

Total Money Market Funds (Cost $133,408,472)				133,408,472


	Par
U.S. TREASURY OBLIGATIONS — 62.6%
U.S. Treasury Bonds
8.13%, 08/15/19D	$	18,720,000		23,705,679
8.00%, 11/15/21D		134,482,000		172,031,929
6.38%, 08/15/27D		21,000,000		23,843,211
5.38%, 02/15/31D		36,915,000		37,563,929
4.50%, 02/15/36D		25,745,000		23,092,081

				280,236,829

Total U.S. Treasury Obligations (Cost $294,090,430)				280,236,829

TOTAL INVESTMENTS — 127.2% (Cost $574,310,468)				569,833,727
Liabilities in Excess of Other Assets — (27.2)%				(121,762,858	)

NET ASSETS — 100.0%			$	448,070,869

See Notes to Financial Statements.

PORTFOLIO SUMMARY+


		%
U.S. Treasury Obligations		62.6
Money Market Funds		29.8
Corporate Bonds		16.9
Foreign Bonds		12.6
Municipal Bonds		4.1
Agency Obligations		0.4
Asset-Backed Security		0.4
Mortgage-Backed Securities		0.2
Preferred Stock		0.2

		127.2

+	Based on net assets.

See Notes to Financial Statements.

Equity Index Fund

Average Annual Total Returns as of 6/30/06


	GS2 Class*	GS4 Class*	GS6 Class*	Benchmark**	GS8 Class*	GS8 Class Benchmark**
One Year	8.41%	8.17%	7.96%	8.63%	7.64%	8.63%
Since Inception	2.84%	2.85%	2.73%	3.23%	6.47%	7.31%
Inception Date	08/27/01	08/27/01	08/27/01	08/27/01	11/08/04	11/08/04

LOGO

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

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

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


Equity Index Fund
SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Shares	Value
COMMON STOCKS — 97.2%
Auto & Transportation — 2.6%
Burlington Northern Santa Fe Corporation	16,400	$	1,299,700
Cooper Tire & Rubber Co.D	3,100		34,534
CSX Corporation	9,200		648,048
FedEx Corporation	13,200		1,542,552
Ford Motor Co.D	83,027		575,377
General Motors CorporationD	25,100		747,729
Genuine Parts Co.D	7,300		304,118
Goodyear Tire & Rubber Co. (The)D*	8,100		89,910
Harley-Davidson, Inc.	11,700		642,213
Navistar International CorporationD*	2,600		63,986
Norfolk Southern Corporation	17,600		936,672
PACCAR, Inc.	7,575		624,029
Southwest Airlines Co.	31,200		510,744
Union Pacific Corporation	11,700		1,087,632
United Parcel Service, Inc. Class B	47,900		3,943,607

			13,050,851

Consumer Discretionary — 11.6%
Alberto-Culver Co.D*	3,550		172,956
Allied Waste Industries, Inc.D*	9,400		106,784
Amazon.com, Inc.D*	13,284		513,825
Apollo Group, Inc. Class A*	6,321		326,606
AutoNation, Inc.D*	7,725		165,624
AutoZone, Inc.*	2,400		211,680
Avon Products, Inc.	19,400		601,400
Bed Bath & Beyond, Inc.*	12,700		421,259
Best Buy Co., Inc.	17,425		955,587
Big Lots, Inc.D*	4,800		81,984
Black & Decker CorporationD	3,300		278,718
Carnival Corporation	19,400		809,756
CBS Corporation Class B	34,300		927,815
Cendant Corporation	44,400		723,276
Cintas Corporation	6,400		254,464
Circuit City Stores, Inc.	7,300		198,706
Clear Channel Communi- cations, Inc.*	22,300		690,185
Coach, Inc.*	16,200		484,380
Convergys Corporation*	6,000		117,000
Costco Wholesale Corporation	20,400		1,165,452
Darden Restaurants, Inc.	5,950		234,430
Dillard’s, Inc. Class AD	3,300		105,105
Dollar General Corporation	13,600		190,128
Donnelley (R.R.) & Sons Co.	9,100		290,745
Eastman Kodak Co.D	13,000		309,140
eBay, Inc.*	49,600		1,452,784
Electronic Arts, Inc.*	13,600		585,344
Estee Lauder Cos., Inc. Class A	5,200		201,084
Family Dollar Stores, Inc.	6,700		163,681
Federated Department Stores, Inc.	24,312		889,819
Gannett Co., Inc.	10,500		587,265
Gap, Inc. (The)	24,700		429,780
Google, Inc.*	8,959		3,756,777
Harman International Industries, Inc.	2,800		239,036
Hasbro, Inc.	7,400		134,014
Hilton Hotels Corporation	14,200		401,576
Home Depot, Inc. (The)D	89,850		3,215,732
International Flavors & Fragrances, Inc.D	3,900		137,436
Interpublic Group Cos., Inc.D*	17,500		146,125
Jones Apparel Group, Inc.	5,100		162,129
Kimberly-Clark Corporation	19,800		1,221,660
Kohl’s Corporation*	14,600		863,152
Leggett & Platt, Inc.	8,000		199,840
Limited Brands	15,000		383,850
Liz Claiborne, Inc.D	4,608		170,773
Lowe’s Cos., Inc.	33,700		2,044,579
Marriott International, Inc. Class AD	14,000		533,680
Mattel, Inc.	17,400		287,274
McClatchy Co. Class A	—		8
McDonald’s Corporation	54,400		1,827,840
McGraw-Hill Co., Inc. (The)	16,300		818,749
Meredith CorporationD	1,900		94,126
Monster Worldwide, Inc.*	5,300		226,098
New York Times Co. Class AD	6,000		147,240
Newell Rubbermaid, Inc.	11,500		297,045
Nike, Inc. Class B	8,200		664,200
Nordstrom, Inc.	9,400		343,100
Office Depot, Inc.*	13,100		497,800
OfficeMax, Inc.	3,000		122,250
Omnicom Group, Inc.	7,900		703,811
Penney (JC) Co., Inc.D	10,100		681,851
RadioShack CorporationD	5,800		81,200
Robert Half International, Inc.D	7,000		294,000
Sabre Holdings Corporation	6,400		140,800
Scripps Co. (E.W.) Class A	3,700		159,618
Sears Holdings Corporation*	4,489		695,077
Snap-On, Inc.D	2,400		97,008
Stanley Works (The)	3,200		151,104
Staples, Inc.	31,200		758,784
Starbucks Corporation*	33,800		1,276,288
Starwood Hotels & Resorts Worldwide, Inc.	9,600		579,264
Target Corporation	38,300		1,871,721
Tiffany & Co.D	6,100		201,422
Time Warner, Inc.	186,200		3,221,260
TJX Cos., Inc.	20,000		457,200
Tribune Co.D	11,300		366,459
Univision Communications, Inc. Class A*	9,600		321,600
VeriSign, Inc.D*	10,500		243,285
VF Corporation	4,000		271,680
Wal-Mart Stores, Inc.	107,900		5,197,543
Walt Disney Co. (The)	95,802		2,874,060
Waste Management, Inc.	24,800		889,824
Wendy’s International, Inc.	4,800		279,792
Whirlpool CorporationD	3,295		272,305
Yahoo!, Inc.*	54,300		1,791,900
Yum! Brands, Inc.	11,900		598,213

			58,059,920

Consumer Staples — 5.7%
Campbell Soup Co.	7,900		293,169
Clorox Co.	6,400		390,208
Coca-Cola Co. (The)	89,900		3,867,498
Coca-Cola Enterprises, Inc.	14,400		293,328
Colgate-Palmolive Co.	22,600		1,353,740
ConAgra Foods, Inc.D	22,000		486,420
CVS Corporation	34,800		1,068,360
Dean Foods Co.D*	5,900		219,421
General Mills, Inc.	15,200		785,232
Heinz (H.J.) Co.	14,500		597,690
Hershey Co. (The)	7,800		429,546

See Notes to Financial Statements.

Equity Index Fund

SCHEDULE OF INVESTMENTS (Continued)


	Shares	Value
Kellogg Co.	10,900	$	527,887
Kroger Co.	31,000		677,660
McCormick & Co., Inc.	5,700		191,235
Pepsi Bottling Group, Inc.	6,700		215,405
PepsiCo, Inc.	71,840		4,313,273
Procter & Gamble Co.	143,617		7,985,105
Safeway, Inc.	20,000		520,000
Sara Lee Corporation	32,700		523,854
SUPERVALU, Inc.	8,548		262,424
SYSCO Corporation	26,700		815,952
Tyson Foods, Inc. Class A	12,100		179,806
Walgreen Co.	43,700		1,959,508
Whole Foods Market, Inc.	6,000		387,840
Wrigley (W.M.), Jr. Co.	9,625		436,590

			28,781,151

Financial Services — 22.4%
ACE, Ltd.D	13,600		688,024
AFLAC, Inc.	21,100		977,985
Allstate Corporation (The)	27,752		1,518,867
AMBAC Financial Group, Inc.	4,700		381,170
American Express Co.	53,900		2,868,558
American International Group, Inc.	112,292		6,630,843
Ameriprise Financial, Inc.	10,640		475,289
AmSouth Bancorporation	14,700		388,815
AON Corporation	14,100		490,962
Apartment Investment & Management Co. Class A REIT	4,300		186,835
Archstone-Smith Trust REIT	8,400		427,308
Automatic Data Processing, Inc.	24,500		1,111,075
Bank of America Corporation	198,363		9,541,260
Bank of New York Co., Inc. (The)	34,600		1,114,120
BB&T Corporation	23,700		985,683
Bear Stearns Cos., Inc. (The)	5,010		701,801
Block (H&R), Inc.D	13,800		329,268
Boston Properties, Inc. REITD	3,900		352,560
Capital One Financial Corporation	12,900		1,102,305
Chubb Corporation	16,700		833,330
CIGNA Corporation	5,200		512,252
Cincinnati Financial Corporation	7,386		347,216
CIT Group, Inc.	9,000		470,610
Citigroup, Inc.	216,330		10,435,759
Comerica, Inc.	7,200		374,328
Commerce Bancorp, Inc.D	8,000		285,360
Compass Bancshares, Inc.	4,700		261,320
Countrywide Financial Corporation	26,008		990,385
Dow Jones & Co., Inc.D	2,954		103,419
ETRADE Financial Corporation	18,600		424,452
Equifax, Inc.	5,900		202,606
Equity Office Properties Trust REITD	17,800		649,878
Equity Residential Properties Trust REITD	11,900		532,287
Fannie Mae	42,500		2,044,250
Federated Investors, Inc. Class BD	4,500		141,750
Fifth Third BancorpD	23,294		860,713
First Data Corporation	33,017		1,487,086
First Horizon National Corporation	5,200		209,040
Fiserv, Inc.*	8,500		385,560
Franklin Resources, Inc.	6,600		572,946
Freddie Mac	30,200		1,721,702
Genworth Financial, Inc. Class AD	16,200		564,408
Golden West Financial Corporation	11,000		816,200
Goldman Sachs Group, Inc.	19,112		2,875,018
Hartford Financial Services Group, Inc.	13,200		1,116,720
Huntington Bancshares, Inc.D	12,100		285,318
Janus Capital Group, Inc.	10,000		179,000
JPMorgan Chase & Co.	152,430		6,402,060
KeyCorp	17,200		613,696
Kimco Realty Corporation REITD	8,700		317,463
Legg Mason, Inc.	5,740		571,245
Lehman Brothers Holdings, Inc.	23,200		1,511,480
Lincoln National Corporation	13,019		734,766
Loews Corporation	17,400		616,830
M & T Bank Corporation	3,800		448,096
Marsh & McLennan Cos., Inc.	23,200		623,848
Marshall & Ilsley Corporation	9,300		425,382
MBIA, Inc.D	6,300		368,865
Mellon Financial Corporation	17,800		612,854
Merrill Lynch & Co., Inc.	39,980		2,781,009
MetLife, Inc.	32,300		1,654,083
MGIC Investment Corporation	4,100		266,500
Moody’s Corporation	10,500		571,830
Morgan Stanley	46,400		2,932,944
National City Corporation	24,800		897,512
North Fork Bancorporation, Inc.	21,750		656,197
Northern Trust CorporationD	8,100		447,930
Paychex, Inc.	14,900		580,802
Plum Creek Timber Co., Inc. REIT	7,700		273,350
PNC Financial Services Group, Inc.D	12,200		856,074
Principal Financial GroupD	12,600		701,190
Progressive Corporation (The)	34,796		894,605
Prologis Trust REIT	10,500		547,260
Prudential Financial, Inc.	21,600		1,678,320
Public Storage, Inc. REIT	4,100		311,190
Regions Financial Corporation	20,308		672,601
Ryder System, Inc.D	2,700		157,761
Safeco Corporation	5,400		304,290
Schwab (Charles) Corporation (The)	45,850		732,683
Simon Property Group, Inc. REIT	8,100		671,814
SLM Corporation	18,100		957,852
Sovereign Bancorp, Inc.D	16,065		326,280
St. Paul Travelers Cos., Inc.	30,656		1,366,644
State Street Corporation	14,000		813,260
SunTrust Banks, Inc.	15,600		1,189,656
Synovus Financial CorporationD	12,700		340,106
T Rowe Price Group, Inc.	10,800		408,348
Torchmark Corporation	4,600		279,312
UnumProvident CorporationD	12,400		224,812
US Bancorp	78,900		2,436,432
Vornado Realty Trust REIT	5,000		487,750
Wachovia Corporation	70,582		3,817,075
Washington Mutual, Inc.	41,746		1,902,783

See Notes to Financial Statements.


	Shares	Value
Wells Fargo & Co.	73,430	$	4,925,684
XL Capital, Ltd. Class A	7,700		472,010
Zions Bancorporation	4,100		319,554

			112,059,729

Healthcare — 12.0%
Abbott Laboratories	67,400		2,939,314
Aetna, Inc.	24,400		974,292
Allergan, Inc.	6,615		709,525
AmerisourceBergen Corporation	8,944		374,933
Amgen, Inc.*	51,265		3,344,016
Bard (C.R.), Inc.	4,400		322,344
Bausch & Lomb, Inc.D	2,200		107,888
Baxter International, Inc.	27,600		1,014,576
Becton Dickinson & Co.	10,600		647,978
Biogen Idec, Inc.*	15,330		710,239
Biomet, Inc.D	10,900		341,061
Boston Scientific Corporation*	52,800		889,152
Bristol-Myers Squibb Co.	86,100		2,226,546
Cardinal Health, Inc.	18,200		1,170,806
Caremark Rx, Inc.	20,000		997,400
Conventry Health Care, Inc.*	6,630		364,252
Eli Lilly & Co.	49,600		2,741,392
Express Scripts, Inc.*	6,400		459,136
Fisher Scientific International, Inc.*	5,100		372,555
Forest Laboratories, Inc.*	14,000		541,660
Genzyme Corporation*	11,600		708,180
Gilead Sciences, Inc.*	19,900		1,177,284
HCA, Inc.	17,900		772,385
Health Management Associates, Inc. Class AD	10,200		201,042
Hospira, Inc*	6,550		281,257
Humana, Inc.*	7,000		375,900
IMS Health, Inc.	8,600		230,910
Johnson & Johnson	129,990		7,789,001
King Pharmaceuticals, Inc.*	10,100		171,700
Laboratory Corporation of America Holdings*	5,600		348,488
Manor Care, Inc.D	3,700		173,604
McKesson Corporation	12,900		609,912
Medco Health Solutions, Inc.*	13,176		754,721
Medimmune, Inc.D*	10,600		287,260
Medtronic, Inc.	53,000		2,486,760
Merck & Co., Inc.	94,900		3,457,207
Millipore CorporationD*	2,100		132,279
Mylan Laboratories, Inc.D	9,300		186,000
Patterson Cos., Inc.D*	6,000		209,580
Pfizer, Inc.	320,783		7,528,777
Quest Diagnostics, Inc.D	7,200		431,424
Schering-Plough Corporation	63,100		1,200,793
St. Jude Medical, Inc.*	16,400		531,688
Stryker Corporation	12,700		534,797
Tenet Healthcare CorporationD*	19,450		135,761
UnitedHealth Group, Inc.	59,400		2,659,932
Watson Pharmaceuticals, Inc.*	4,600		107,088
WellPoint, Inc.*	27,712		2,016,602
Wyeth	58,300		2,589,103
Zimmer Holdings, Inc.*	11,120		630,726

			59,969,226

Integrated Oils — 6.2%
Chevron Corporation	96,541		5,991,347
ConocoPhillips	71,958		4,715,408
ExxonMobil Corporation	263,044		16,137,749
Hess CorporationD	10,800		570,780
Marathon Oil Corporation	16,092		1,340,464
Murphy Oil CorporationD	7,100		396,606
Occidental Petroleum Corporation	18,800		1,927,940

			31,080,294

Materials & Processing — 3.6%
Air Products & Chemicals, Inc.	9,500		607,240
Alcoa, Inc.	37,200		1,203,792
Allegheny Technologies, Inc.	3,700		256,188
American Standard Cos., Inc.	7,700		333,179
Archer-Daniels-Midland Co.	28,627		1,181,722
Ashland, Inc.	2,900		193,430
Avery Dennison Corporation	4,600		267,076
Ball CorporationD	4,592		170,088
Bemis Co.	4,500		137,790
Dow Chemical Co. (The)	42,600		1,662,678
duPont (E.I.) de Nemours & Co.	39,555		1,645,488
Eastman Chemical Co.	3,500		189,000
Ecolab, Inc.D	8,100		328,698
Fluor Corporation	3,600		334,548
Freeport-McMoRan Copper & Gold, Inc. Class BD	8,100		448,821
Hercules, Inc.D*	4,600		70,196
International Paper Co.	21,300		687,990
Louisiana-Pacific Corporation	4,500		98,550
Masco Corporation	18,600		551,304
MeadWestvaco Corporation	8,045		224,697
Monsanto Co.	11,960		1,006,912
Newmont Mining Corporation	19,300		1,021,549
Nucor CorporationD	13,400		726,950
Pactiv Corporation*	7,000		173,250
Phelps Dodge Corporation	9,000		739,440
PPG Industries, Inc.	7,100		468,600
Praxair, Inc.	13,580		733,320
Rohm & Haas Co.D	6,700		335,804
Sealed Air CorporationD	3,500		182,280
Sherwin-Williams Co.	4,800		227,904
Sigma-Aldrich CorporationD	2,900		210,656
Temple-Inland, Inc.	4,800		205,776
United States Steel Corporation	4,700		329,564
Vulcan Materials Co.	4,300		335,400
Weyerhaeuser Co.	10,600		659,850

			17,949,730

Other — 4.3%
3M Co.	33,300		2,689,641
Brunswick Corporation	4,000		133,000
Eaton Corporation	6,300		475,020
General Electric Co.	453,600		14,950,656
Honeywell International, Inc.	35,800		1,442,740
ITT Industries, Inc.	7,800		386,100
Johnson Controls, Inc.	8,192		673,546
Textron, Inc.	5,800		534,644

			21,285,347

Other Energy — 3.9%
Anadarko Petroleum Corporation	19,800		944,262
Apache Corporation	14,748		1,006,551
Baker Hughes, Inc.	15,200		1,244,120
BJ Services Co.	13,900		517,914
Chesapeake Energy CorporationD	16,100		487,025
Consol Energy, Inc.D	4,257		198,887

See Notes to Financial Statements.

Equity Index Fund

SCHEDULE OF INVESTMENTS (Continued)


	Shares	Value
Devon Energy Corporation	19,000	$	1,147,790
Dynegy, Inc. Class AD*	14,500		79,315
El Paso Corporation	27,400		411,000
EOG Resources, Inc.	10,300		714,202
Halliburton Co.	22,600		1,677,146
Kerr-McGee Corporation	9,930		688,645
Nabors Industries, Ltd.D*	13,200		446,028
National Oilwell Varco, Inc.D*	7,300		462,236
Noble Corporation	5,700		424,194
Rowan Cos., Inc.D	5,200		185,068
Schlumberger, Ltd.	51,000		3,320,610
Sunoco, Inc.	6,000		415,740
TransOcean, Inc.*	14,000		1,124,480
Valero Energy Corporation	27,100		1,802,692
Weatherford International, Ltd.*	15,498		769,011
Williams Cos., Inc.	25,100		586,336
XTO Energy, Inc.	15,966		706,815

			19,360,067

Producer Durables — 5.0%
Agilent Technologies, Inc.*	19,000		599,640
American Power Conversion
CorporationD	7,400		144,226
Andrew Corporation*	8,000		70,880
Applied Materials, Inc.	68,300		1,111,924
Boeing Co. (The)	34,500		2,825,895
Caterpillar, Inc.	28,900		2,152,472
Centex Corporation	5,300		266,590
Cooper Industries, Ltd. Class A	3,900		362,388
Cummins, Inc.D	1,900		232,275
Danaher CorporationD	10,200		656,064
Deere & Co.D	10,400		868,296
Dover Corporation	9,000		444,870
DR Horton, Inc.D	11,700		278,694
Emerson Electric Co.	17,800		1,491,818
Goodrich Corporation	5,500		221,595
Grainger (W.W.), Inc.	3,700		278,351
Illinois Tool Works, Inc.	18,000		855,000
Ingersoll-Rand Co., Ltd. Class A	14,600		624,588
KB HOME	3,300		151,305
KLA-Tencor Corporation	8,700		361,659
Lennar Corporation Class A	6,200		275,094
Lexmark International, Inc.*	4,700		262,401
Lockheed Martin Corporation	15,900		1,140,666
Molex, Inc.D	6,950		233,312
Northrop Grumman Corporation	15,556		996,517
Novellus Systems, Inc.*	6,400		158,080
Pall CorporationD	5,200		145,600
Parker Hannifin Corporation	5,000		388,000
Pitney Bowes, Inc.	9,700		400,610
Pulte Homes, Inc.	9,308		267,977
Rockwell Collins, Inc.	7,900		441,373
Tektronix, Inc.	3,500		102,970
Teradyne, Inc.*	8,100		112,833
Thermo Electron Corporation*	6,710		243,171
Tyco International, Ltd.	86,884		2,389,310
United Technologies Corporation	44,700		2,834,874
Waters Corporation*	4,500		199,800
Xerox Corporation*	41,800		581,438

			25,172,556

Technology — 12.5%
ADC Telecommunications, Inc.*	4,828		81,400
Adobe Systems, Inc.*	26,200		795,432
Advanced Micro Devices, Inc.D*	21,200		517,704
Affiliated Computer Services, Inc. Class AD*	5,000		258,050
Altera Corporation*	15,500		272,025
Analog Devices, Inc.	15,700		504,598
Apple Computer, Inc.*	36,800		2,102,016
Applera Corporation-Applied Biosystems Group	8,400		271,740
Autodesk, Inc.*	10,360		357,006
Avaya, Inc.*	17,948		204,966
BMC Software, Inc.*	9,300		222,270
Broadcom Corporation Class A*	19,450		584,472
CA, Inc.	20,170		414,494
CIENA CorporationD*	23,700		113,997
Cisco Systems, Inc.*	266,500		5,204,745
Citrix Systems, Inc.*	7,300		293,022
Computer Sciences Corporation*	8,400		406,896
Compuware Corporation*	16,100		107,870
Comverse Technology, Inc.*	8,400		166,068
Corning, Inc.*	67,000		1,620,730
Dell, Inc.*	98,800		2,411,708
Electronic Data Systems CorporationD	21,900		526,914
EMC Corporation*	102,300		1,122,231
Freescale Semiconductor, Inc. Series B*	18,411		541,283
Gateway, Inc.D*	12,700		24,130
General Dynamics Corporation	17,100		1,119,366
Hewlett-Packard Co.	121,302		3,842,847
Intel Corporation	254,700		4,826,565
International Business Machines Corporation	67,900		5,216,078
Intuit, Inc.*	8,000		483,120
Jabil Circuit, Inc.D	8,000		204,800
JDS Uniphase CorporationD*	71,000		179,630
Juniper Networks, Inc.D*	24,600		393,354
L-3 Communications Holdings, Inc.	5,000		377,100
Linear Technology CorporationD	13,000		435,370
LSI Logic CorporationD*	16,000		143,200
Lucent Technologies, Inc.D*	198,476		480,312
Maxim Integrated Products, Inc.	14,500		465,595
Micron Technology, Inc.*	28,300		426,198
Microsoft Corporation	381,400		8,886,620
Motorola, Inc.	109,200		2,200,380
National Semiconductor Corporation	15,000		357,750
NCR Corporation*	7,800		285,792
Network Appliance, Inc.*	16,600		585,980
Novell, Inc.D*	15,900		105,417
Nvidia Corporation*	15,300		325,737
Oracle Corporation*	169,300		2,453,157
Parametric Technology CorporationD*	4,480		56,941
PerkinElmer, Inc.	5,300		110,770
PMC-Sierra, Inc.D*	7,500		70,500
QLogic Corporation*	7,000		120,680
Qualcomm, Inc.	72,500		2,905,075

See Notes to Financial Statements.


	Shares		Value
Raytheon Co.		19,100	$	851,287
Rockwell Automation, Inc.		7,600		547,276
Sandisk CorporationD*		8,200		418,036
Sanmina-SCI Corporation*		24,900		114,540
Solectron Corporation*		40,200		137,484
Sun Microsystems, Inc.*		152,900		634,535
Symantec Corporation*		44,870		697,280
Symbol Technologies, Inc.D		10,457		112,831
Tellabs, Inc.*		20,400		271,524
Texas Instruments, Inc.		69,000		2,090,010
Unisys CorporationD*		13,900		87,292
Xilinx, Inc.		15,700		355,605

				62,501,801

Utilities — 7.4%
AES Corporation (The)*		27,500		507,375
Allegheny Energy, Inc.*		6,600		244,662
Alltel Corporation		16,400		1,046,812
Ameren CorporationD		9,200		464,600
American Electric Power Co., Inc.		17,800		609,650
AT&T, Inc.D		168,700		4,705,043
BellSouth CorporationD		77,400		2,801,880
Centerpoint Energy, Inc.D		12,800		160,000
CenturyTel, Inc.		6,000		222,900
Citizens Communications Co.		14,500		189,225
CMS Energy CorporationD*		8,600		111,284
Comcast Corporation Class A*		92,615		3,032,215
Consolidated Edison, Inc.D		10,100		448,844
Constellation Energy Group, Inc.		7,300		397,996
Dominion Resources, Inc.		15,600		1,166,724
DTE Energy Co.D		7,300		297,402
Duke Energy Corporation		52,668		1,546,859
Edison International		14,500		565,500
Embarq Corporation*		6,444		264,140
Entergy Corporation		9,352		661,654
Exelon CorporationD		29,424		1,672,166
FirstEnergy Corporation		13,784		747,231
FPL Group, Inc.D		18,500		765,530
KeySpan Corporation		7,500		303,000
Kinder Morgan, Inc.D		4,500		449,505
Nicor, Inc.D		1,800		74,700
NiSource, Inc.D		11,000		240,240
Peoples Energy CorporationD		1,235		44,349
PG&E Corporation		15,800		620,624
Pinnacle West Capital CorporationD		3,800		151,658
PPL Corporation		15,600		503,880
Progress Energy, Inc.		11,200		480,144
Public Service Enterprise Group, Inc.		10,900		720,708
Qwest Communications International, Inc.D*		68,400		553,356
Sempra Energy		10,900		495,732
Southern Co. (The)		32,300		1,035,215
Sprint Nextel Corporation		128,893		2,576,571
TECO Energy, Inc.D		10,000		149,400
TXU Corporation		20,700		1,237,653
Verizon Communications, Inc.D		127,674		4,275,802
Xcel Energy Inc.D		16,700		320,306

				36,862,535

Total Common Stocks (Cost $398,683,327)				486,133,207

MONEY MARKET FUNDS — 8.2%
GuideStone Funds Money Market Fund (GS4 Class)¥		12,743,613		12,743,613
Northern Institutional Liquid Assets Portfolio§		28,095,055		28,095,055

Total Money Market Funds (Cost $40,838,668)				40,838,668


	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
4.66%, 09/21/06‡‡
(Cost $613,422)	$	620,000		613,423

TOTAL INVESTMENTS — 105.5%
(Cost $440,135,417)				527,585,298

Liabilities in Excess of Other Assets — (5.5)%				(27,606,589	)

NET ASSETS — 100.0%			$	499,978,709


PORTFOLIO SUMMARY+
		%
Financial Services		22.4
Technology		12.5
Healthcare		12.0
Consumer Discretionary		11.6
Money Market Funds		8.2
Utilities		7.4
Integrated Oils		6.2
Consumer Staples		5.7
Producer Durables		5.0
Other		4.3
Other Energy		3.9
Materials & Processing		3.6
Auto & Transportation		2.6
Futures Contracts		1.7
U.S. Treasury Obligation		0.1

		107.2

+	Based on net assets.

See Notes to Financial Statements.

Value Equity Fund


Average Annual Total Returns as of 6/30/06
	GS2 Class*	GS4 Class*	GS6 Class*	Benchmark**	GS8 Class*	GS8 Class Benchmark**
One Year	10.58%	10.39%	9.95%	12.10%	9.54%	12.10%
Since Inception	7.19%	6.81%	6.66%	7.41%	10.04%	11.81%
Inception Date	08/27/01	08/27/01	08/27/01	08/27/01	11/08/04	11/08/04

LOGO

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

The 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-earnings-ratios, higher dividend yields and lower forecasted growth values than the growth universe.

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


Value Equity Fund
SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Shares	Value
COMMON STOCKS — 95.7%
Auto & Transportation — 2.8%
Autoliv, Inc.D	57,800	$	3,269,746
Burlington Northern Santa Fe Corporation	144,200		11,427,850
Con-Way, Inc.	48,000		2,780,640
CSX Corporation	181,000		12,749,640
General Motors CorporationD	187,200		5,576,688
Norfolk Southern Corporation	7,400		393,828
Union Pacific Corporation	57,400		5,335,904

			41,534,296

Consumer Discretionary — 10.8%
AnnTaylor Stores Corporation*	64,800		2,811,024
Avon Products, Inc.	88,000		2,728,000
Brinker International, Inc.	78,200		2,838,660
Carnival Corporation	99,900		4,169,826
CBS Corporation Class B	28,200		762,810
Cendant Corporation	489,900		7,980,471
Clear Channel Communications, Inc.*	202,700		6,273,565
Costco Wholesale Corporation	6,400		365,632
Dillard’s, Inc. Class A	53,500		1,703,975
DIRECTV Group, Inc. (The)*	159,000		2,623,500
Eastman Kodak Co.D	220,300		5,238,734
Federated Department Stores, Inc.	218,100		7,982,460
Gannett Co., Inc.D	128,500		7,187,005
Gap, Inc. (The)	10,700		186,180
Home Depot, Inc. (The)	6,700		239,793
Kimberly-Clark Corporation	135,900		8,385,030
Mattel, Inc.	626,100		10,336,911
McDonald’s Corporation	418,500		14,061,600
Newell Rubbermaid, Inc.	167,200		4,318,776
Office Depot, Inc.D*	190,400		7,235,200
Penney (JC) Co., Inc.D	54,100		3,652,291
RadioShack CorporationD	128,050		1,792,700
Reader’s Digest AssociationD	100,000		1,396,000
Sears Holdings Corporation*	39,500		6,116,180
Sony Corporation ADRD	152,000		6,694,080
Stanley Works (The)D	187,500		8,853,750
Time Warner, Inc.	950,900		16,450,570
Wal-Mart Stores, Inc.	126,200		6,079,054
Walt Disney Co. (The)	146,100		4,383,000
Waste Management, Inc.D	184,357		6,614,729

			159,461,506

Consumer Staples — 3.7%
Campbell Soup Co.D	92,300		3,425,253
Coca-Cola Co. (The)	28,800		1,238,976
Colgate-Palmolive Co.	2,500		149,750
ConAgra Foods, Inc.	425,200		9,401,172
CVS Corporation	3,600		110,520
General Mills, Inc.	92,000		4,752,720
Heinz (H.J.) Co.	178,800		7,370,136
Kellogg Co.	2,800		135,604
Kraft Foods, Inc. Class AD	224,800		6,946,320
Kroger Co.D	204,300		4,465,998
Pepsi Bottling Group, Inc.D	102,300		3,288,945
Procter & Gamble Co.	108,500		6,032,600
Safeway, Inc.	250,100		6,502,600
Sara Lee Corporation	74,600		1,195,092

			55,015,686

Financial Services — 29.9%
A.G. Edwards, Inc.D	29,600		1,637,472
ACE, Ltd.	60,000		3,035,400
Allstate Corporation (The)	314,100		17,190,693
AMBAC Financial Group, Inc.D	43,800		3,552,180
American Express Co.	76,000		4,044,720
American International Group, Inc.	254,800		15,045,940
Bank of America Corporation	587,490		28,258,269
Bank of New York Co., Inc. (The)	30,600		985,320
BB&T Corporation	22,900		952,411
Bear Stearns Cos., Inc. (The)	5,100		714,408
Brascan CorporationD	79,600		3,233,352
Capital One Financial Corporation	144,500		12,347,525
CB Richard Ellis Group, Inc. Class AD*	125,300		3,119,970
Chubb CorporationD	242,900		12,120,710
CIGNA Corporation	35,600		3,506,956
Citigroup, Inc.	948,233		45,742,760
Comerica, Inc.	116,100		6,036,039
Countrywide Financial CorporationD	145,500		5,540,640
Crescent Real Estate Equities Co. REITD	238,400		4,424,704
Fannie Mae	114,600		5,512,260
Fifth Third Bancorp	19,500		720,525
First American CorporationD	45,800		1,935,966
Fiserv, Inc.D*	69,500		3,152,520
Freddie Mac	86,900		4,954,169
Fulton Financial Corporation	—		8
Genworth Financial, Inc. Class A	19,000		661,960
Golden West Financial Corporation	4,900		363,580
Goldman Sachs Group, Inc.	33,900		5,099,577
Hanover Insurance Group, Inc.D	53,600		2,543,856
Hartford Financial Services Group, Inc.	162,700		13,764,420
IndyMac Bancorp, Inc.	65,800		3,016,930
Jones Lang LaSalle, Inc.	14,400		1,260,720
JPMorgan Chase & Co.	993,812		41,740,104
KeyCorp	181,650		6,481,272
Lehman Brothers Holdings, Inc.	105,300		6,860,295
Lincoln National Corporation	12,000		677,280
Loews Corporation	140,300		4,973,635
Marsh & McLennan Cos., Inc.	23,100		621,159
Mellon Financial Corporation	1,300		44,759
Merrill Lynch & Co., Inc.	280,267		19,495,372
MetLife, Inc.	19,000		972,990
MGIC Investment Corporation	81,800		5,317,000
Morgan Stanley	249,300		15,758,253
National City Corporation	121,100		4,382,609
PMI Group, Inc. (The)D	69,000		3,076,020

See Notes to Financial Statements.

Value Equity Fund

SCHEDULE OF INVESTMENTS (Continued)


	Shares	Value
PNC Financial Services Group, Inc.	12,100	$	849,057
Principal Financial GroupD	86,200		4,797,030
Progressive Corporation (The)	23,700		609,327
Prudential Financial, Inc.	17,600		1,367,520
Radian Group, Inc.D	53,800		3,323,764
Regions Financial Corporation	19,100		632,592
Ryder System, Inc.	54,200		3,166,906
Safeco CorporationD	61,100		3,442,985
Simon Property Group, Inc. REIT	4,100		340,054
SLM Corporation	166,300		8,800,596
St. Paul Travelers Cos., Inc.D	290,300		12,941,574
State Street Corporation	1,100		63,899
SunTrust Banks, Inc.	79,200		6,039,792
UnionBanCal Corporation	28,300		1,827,897
UnumProvident CorporationD	264,100		4,788,133
US Bancorp	287,700		8,884,176
Wachovia Corporation	202,000		10,924,160
Washington Mutual, Inc.	582,600		26,554,908
Wells Fargo & Co.	152,000		10,196,160
XL Capital, Ltd. Class AD	115,200		7,061,760

			441,488,998

Healthcare — 9.7%
Abbott Laboratories	12,400		540,764
Aetna, Inc.	160,500		6,408,765
AmerisourceBergen CorporationD	85,600		3,588,352
Baxter International, Inc.	201,500		7,407,140
Biogen Idec, Inc.*	7,400		342,842
Boston Scientific Corporation*	153,900		2,591,676
Bristol-Myers Squibb Co.	327,200		8,461,392
Cardinal Health, Inc.D	45,100		2,901,283
Caremark Rx, Inc.D	30,500		1,521,035
Community Health Systems, Inc.D*	112,100		4,119,675
Eli Lilly & Co.	9,800		541,646
HCA, Inc.	113,000		4,875,950
Johnson & Johnson	98,200		5,884,144
Kindred Healthcare, Inc.D*	135,489		3,522,714
McKesson Corporation	84,000		3,971,520
Medco Health Solutions, Inc.*	107,700		6,169,056
Merck & Co., Inc.	201,200		7,329,716
Millennium Pharmeceuticals, Inc.*	422,000		4,207,340
Mylan Laboratories, Inc.D	126,000		2,520,000
Pfizer, Inc.	1,116,900		26,213,643
Schering-Plough Corporation	398,700		7,587,261
Tenet Healthcare Corporation*	485,600		3,389,488
Teva Pharmaceutical Industries, Ltd. ADR	54,652		1,726,457
Triad Hospitals, Inc.*	61,614		2,438,682
Watson Pharmaceuticals, Inc.*	137,000		3,189,360
WellPoint, Inc.*	112,200		8,164,794
Wyeth	303,700		13,487,317

			143,102,012

Integrated Oils — 9.5%
BP PLC ADRD	157,868		10,989,192
Chevron Corporation	522,870		32,449,312
ConocoPhillips	549,000		35,975,970
ExxonMobil Corporation	631,900		38,767,065
Hess Corporation	40,100		2,119,285
Marathon Oil Corporation	81,900		6,822,270
Occidental Petroleum Corporation	135,900		13,936,545

			141,059,639

Materials & Processing — 4.3%
Alcoa, Inc.	269,500		8,721,020
Archer-Daniels-Midland Co.	27,200		1,122,816
Dow Chemical Co. (The)	157,900		6,162,837
duPont (E.I.) de Nemours & Co.D	137,300		5,711,680
Eagle Materials, Inc.	63,700		3,025,750
International Paper Co.	20,600		665,380
IPSCO, Inc.D	24,700		2,363,543
Lyondell Chemical Co.D	282,600		6,403,716
Martin Marietta Materials, Inc.	36,100		3,290,515
MeadWestvaco CorporationD	383,000		10,697,190
Newmont Mining Corporation	900		47,637
Nucor Corporation	13,000		705,250
Owens-Illinois, Inc.D*	81,200		1,360,912
Pactiv Corporation*	264,300		6,541,425
Phelps Dodge Corporation	8,400		690,144
United States Steel CorporationD	74,000		5,188,880
Weyerhaeuser Co.	10,300		641,175

			63,339,870

Other — 1.7%
3M Co.	51,400		4,151,578
General Electric Co.	376,300		12,402,848
Honeywell International, Inc.	197,800		7,971,340
Johnson Controls, Inc.	3,500		287,770

			24,813,536

Other Energy — 1.9%
Anadarko Petroleum Corporation	163,400		7,792,546
Apache Corporation	13,800		941,850
Devon Energy Corporation	18,400		1,111,544
EOG Resources, Inc.	5,500		381,370
Holly CorporationD	70,800		3,412,560
PanCanadian Energy CorporationD	74,500		3,921,680
Unit CorporationD*	51,100		2,907,079
Valero Energy Corporation	25,800		1,716,216
Williams Cos., Inc.D	140,700		3,286,752
XTO Energy, Inc.	78,700		3,484,049

			28,955,646

Producer Durables — 4.2%
AGCO Corporation*	30,900		813,288
American Power Conversion CorporationD	250,200		4,876,398
Boeing Co. (The)	32,600		2,670,266
Centex Corporation	37,600		1,891,280
Cummins, Inc.D	29,900		3,655,275
Deere & Co.	9,700		809,853
Emerson Electric Co.	91,900		7,702,139

See Notes to Financial Statements.


	Shares		Value
Illinois Tool Works, Inc.D		93,700	$	4,450,750
Lennar Corporation Class A		51,800		2,298,366
Lexmark International, Inc.*		115,600		6,453,948
Northrop Grumman CorporationD		178,500		11,434,710
Pitney Bowes, Inc.		86,100		3,555,930
Tyco International, Ltd.		207,000		5,692,500
United Technologies Corporation		81,900		5,194,098

				61,498,801

Technology — 6.3%
Avnet, Inc.*		140,300		2,808,806
Computer Sciences Corporation*		30,600		1,482,264
Electronic Data Systems CorporationD		409,900		9,862,194
EMC Corporation*		11,600		127,252
General Dynamics Corporation		16,900		1,106,274
Hewlett-Packard Co.		519,600		16,460,928
Intel CorporationD		279,000		5,287,050
International Business Machines Corporation		159,500		12,252,790
Intersil Corporation Class A		177,000		4,115,250
Lucent Technologies, Inc.D*		2,020,000		4,888,400
Microsoft Corporation		74,000		1,724,200
Motorola, Inc.		244,100		4,918,615
Nokia Corporation ADRD		580,400		11,758,904
Nortel Networks CorporationD*		467,500		1,047,200
Raytheon Co.D		105,400		4,697,678
Seagate Technology, Inc.+		4,600		—
Solectron CorporationD*		1,043,000		3,567,060
Sun Microsystems, Inc.*		1,489,200		6,180,180
Symantec Corporation*		24,300		377,622

				92,662,667

Utilities — 10.9%
Alltel Corporation		16,000		1,021,280
American Electric Power Co., Inc.D		444,100		15,210,425
AT&T, Inc.		687,509		19,174,626
BCE, Inc.D*		132,300		3,128,895
BellSouth Corporation		305,000		11,041,000
CenturyTel, Inc.		86,300		3,206,045
Citizens Communications Co.		114,500		1,494,225
Comcast Corporation Class AD*		400,600		13,115,644
Dominion Resources, Inc.D		67,400		5,040,846
Duke Energy Corporation		255,600		7,506,972
Edison InternationalD		80,500		3,139,500
Entergy Corporation		217,900		15,416,425
Exelon Corporation		4,400		250,052
FirstEnergy CorporationD		91,900		4,981,899
FPL Group, Inc.		16,700		691,046
PG&E CorporationD		98,200		3,857,296
PPL CorporationD		242,700		7,839,210
Progress Energy, Inc. Contingent Value Obligation+*		3,100		1,209
Public Service Enterprise Group, Inc.		10,800		714,096
Qwest Communications International, Inc.*		1,241,000		10,039,690
Southern Co. (The)		31,000		993,550
Sprint Nextel Corporation		92,900		1,857,071
Verizon Communications, Inc.		931,424		31,193,390

				160,914,392

Total Common Stocks (Cost $1,234,764,719)				1,413,847,049

EXCHANGE TRADED FUND — 1.0%
iShares Russell 1000 (Cost $14,748,818)		205,700		15,038,084

MONEY MARKET FUNDS — 10.2%
GuideStone Funds Money Market Fund (GS4 Class)¥		42,418,637		42,418,637
Northern Institutional Liquid Assets Portfolio§		107,988,959		107,988,959

Total Money Market Funds (Cost $150,407,596)				150,407,596


	Par
U.S. TREASURY OBLIGATION — 0.3%
U.S. Treasury Bill
4.66%, 09/21/06‡‡
(Cost $4,798,542)	$	4,850,000		4,798,551

TOTAL INVESTMENTS — 107.2% (Cost $1,404,719,675)				1,584,091,280
Liabilities in Excess of Other Assets — (7.2)%				(106,629,739	)

NET ASSETS — 100.0%			$	1,477,461,541


PORTFOLIO SUMMARY+
		%
Financial Services		29.9
Utilities		10.9
Consumer Discretionary		10.8
Money Market Funds		10.2
Healthcare		9.7
Integrated Oils		9.5
Technology		6.3
Materials & Processing		4.3
Producer Durables		4.2
Consumer Staples		3.7
Auto & Transportation		2.8
Futures Contracts		2.2
Other Energy		1.9
Other		1.7
Exchange Traded Fund		1.0
U.S. Treasury Obligation		0.3

		109.4

+	Based on net assets.

See Notes to Financial Statements.

Growth Equity Fund


Average Annual Total Returns as of 6/30/06
	GS2 Class*	GS4 Class*	GS6 Class*	Benchmark**	GS8 Class*	GS8 Class Benchmark**
One Year	4.52%	4.40%	3.99%	6.12%	3.60%	6.12%
Since Inception	1.29%	1.15%	0.87%	0.40%	4.88%	5.34%
Inception Date	08/27/01	08/27/01	08/27/01	08/27/01	11/08/04	11/08/04

LOGO

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

The 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-earnings-ratios, lower dividend yields and higher forecasted growth values than the value universe.

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


Growth Equity Fund
SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Shares	Value
COMMON STOCKS — 94.6%
Auto & Transportation — 4.4%
Burlington Northern Santa Fe Corporation	228,307	$	18,093,330
Expeditors International Washington,, Inc..	160,790		9,005,848
FedEx Corporation	211,252		24,686,909
Toyota Motor Corporation ADRD	35,596		3,722,985
Union Pacific Corporation	99,004		9,203,412

			64,712,484

Consumer Discretionary — 21.8%
Amazon.com, Inc.D*	371,200		14,358,016
Apollo Group, Inc. Class AD*	293,400		15,159,978
Bed Bath & Beyond, Inc.D*	206,500		6,849,605
Coach, Inc.*	168,025		5,023,948
eBay, Inc.*	1,210,600		35,458,474
Electronic Arts, Inc.*	92,200		3,968,288
Federated Department Stores, Inc.	155,000		5,673,000
Getty Images, Inc.D*	67,700		4,299,627
Google, Inc.D*	146,800		61,557,644
Home Depot, Inc. (The)D	110,682		3,961,309
Iron Mountain, Inc.D*	110,600		4,134,228
Lowe’s Cos., Inc.D	426,418		25,870,780
Marriott International, Inc. Class AD	218,650		8,334,938
Penney (JC) Co., Inc.	113,000		7,628,630
Starbucks CorporationD*	1,187,476		44,839,094
Target Corporation	245,801		12,012,295
Univision Communications, Inc. Class AD*	206,875		6,930,312
Wal-Mart Stores, Inc.	47,383		2,282,439
Walt Disney Co. (The)	463,520		13,905,600
Yahoo!, Inc.D*	884,200		29,178,600
Yum! Brands, Inc.	166,235		8,356,633

			319,783,438

Consumer Staples — 5.4%
Colgate-Palmolive Co.	129,825		7,776,517
PepsiCo, Inc.	238,775		14,336,051
Procter & Gamble Co.	480,500		26,715,800
Walgreen Co.D	693,552		31,098,872

			79,927,240

Financial Services — 15.5%
AFLAC, Inc.	236,625		10,967,569
American International Group, Inc.	190,175		11,229,834
CB Richard Ellis Group, Inc. Class AD*	52,894		1,317,061
Chicago Mercantile Exchange Holdings, Inc.D	52,377		25,724,963
Citigroup, Inc.	211,450		10,200,348
Commerce Bancorp, Inc.D	272,545		9,721,680
Countrywide Financial Corporation	363,300		13,834,464
Franklin Resources, Inc.	84,750		7,357,147
Genworth Financial, Inc. Class A	202,996		7,072,381
Goldman Sachs Group, Inc.	79,985		12,032,144
IntercontinentalExchange, Inc.D*	82,600		4,785,844
Legg Mason, Inc.D	43,500		4,329,120
Lehman Brothers Holdings, Inc.	177,110		11,538,716
Merrill Lynch & Co., Inc.	130,000		9,042,800
Moody’s Corporation	213,800		11,643,548
Progressive Corporation (The)	1,050,984		27,020,799
SLM Corporation	374,680		19,828,066
UBS AGD	126,495		13,876,501
US Bancorp	111,425		3,440,804
Wells Fargo & Co.	46,023		3,087,223
Zions Bancorporation	118,500		9,235,890

			227,286,902

Healthcare — 18.9%
Abraxis BioScience, Inc.D*	149,900		3,573,616
Aetna, Inc.	143,000		5,709,990
Allergan, Inc.D	188,850		20,256,051
Amgen, Inc.D*	163,575		10,669,997
Amylin Pharmaceuticals, Inc.D*	252,685		12,475,058
Genentech, Inc.D*	779,342		63,750,176
Genzyme CorporationD*	462,156		28,214,624
Gilead Sciences, Inc.D*	148,000		8,755,680
Intuitive Surgical, Inc.D*	48,300		5,697,951
Medtronic, Inc.	148,500		6,967,620
Novartis AG ADRD	130,225		7,021,732
Patterson Cos., Inc.D*	133,600		4,666,648
Pfizer, Inc.	192,000		4,506,240
Quest Diagnostics, Inc.D	35,127		2,104,810
Shire PLC ADRD	126,550		5,597,307
Stryker CorporationD	192,500		8,106,175
Teva Pharmaceutical Industries, Ltd. ADRD	614,438		19,410,096
UnitedHealth Group, Inc.	614,127		27,500,607
Varian Medical Systems, Inc.D*	345,600		16,364,160
Wyeth	155,275		6,895,763
Zimmer Holdings, Inc.D*	164,875		9,351,710

			277,596,011

Materials & Processing — 1.2%
Air Products & Chemicals, Inc.	9,719		621,239
Archer-Daniels-Midland Co.D	154,844		6,391,960
Fluor Corporation	75,000		6,969,750
Monsanto Co.	15,327		1,290,380
St. Joe Co.D	49,943		2,324,347

			17,597,676

Other — 1.2%
General Electric Co.	547,975		18,061,256

Other Energy — 6.0%
Baker Hughes, Inc.	52,275		4,278,709
Canadian Natural Resources, Ltd.D	123,875		6,860,197
Halliburton Co.	121,934		9,048,722
Peabody Energy Corporation	97,937		5,459,988
Schlumberger, Ltd.	667,944		43,489,834
TransOcean, Inc.*	82,800		6,650,496
Valero Energy Corporation	96,775		6,437,473
Weatherford International, Ltd.*	119,825		5,945,716

			88,171,135

See Notes to Financial Statements.


Growth Equity Fund
SCHEDULE OF INVESTMENTS (Continued)


	Shares		Value
Producer Durables — 4.2%
Boeing Co. (The)		125,000	$	10,238,750
Caterpillar, Inc.		148,070		11,028,254
Deere & Co.		55,761		4,655,486
KB HOME		90,490		4,148,966
Lennar Corporation Class A		107,713		4,779,226
Lockheed Martin Corporation		88,708		6,363,912
Toll Brothers, Inc.*		54,390		1,390,752
United Technologies Corporation		289,557		18,363,705

				60,969,051

Technology — 13.8%
Adobe Systems, Inc.*		204,190		6,199,208
Apple Computer, Inc.*		298,250		17,036,040
Autodesk, Inc.*		165,050		5,687,623
Cisco Systems, Inc.*		806,022		15,741,610
Cognizant Technology Solutions Corporation Class AD*		78,400		5,281,808
Corning, Inc.*		272,000		6,579,680
Dell, Inc.*		300,200		7,327,882
General Dynamics Corporation		141,022		9,231,300
Hewlett-Packard Co.		374,725		11,871,288
Marvell Technology Group, Ltd.D*		83,200		3,688,256
Maxim Integrated Products, Inc.		83,680		2,686,965
Microsoft Corporation		258,000		6,011,400
Motorola, Inc.		738,735		14,885,510
Network Appliance, Inc.D*		472,225		16,669,543
Qualcomm, Inc.		1,003,131		40,195,459
Red Hat, Inc.D*		357,700		8,370,180
Salesforce.com, Inc.D*		265,400		7,075,564
Sandisk CorporationD*		85,900		4,379,182
Seagate TechnologyD		144,500		3,271,480
Seagate Technology, Inc.+		5,600		—
Texas Instruments, Inc.		336,454		10,191,192

				202,381,170

Utilities — 2.2%
America Movil SA de CV ADR Series LD		386,971		12,870,655
AT&T, Inc.		331,000		9,231,590
Comcast Corporation Class A*		301,541		9,872,452

				31,974,697

Total Common Stocks (Cost $1,167,118,021)				1,388,461,060

MONEY MARKET FUNDS — 14.9%
GuideStone Funds Money Market Fund (GS4 Class)¥		62,416,731		62,416,731
Northern Institutional Liquid Assets Portfolio§		157,001,689		157,001,689

Total Money Market Funds (Cost $219,418,420)				219,418,420


	Par
U.S. TREASURY OBLIGATION — 0.3%
U.S. Treasury Bill
4.66%, 09/21/06‡‡
(Cost $4,155,438)	$	4,200,000		4,155,446

TOTAL INVESTMENTS — 109.8% (Cost $1,390,691,879)				1,612,034,926

Liabilities in Excess of Other Assets — (9.8)%				(143,734,234	)

NET ASSETS — 100.0%			$	1,468,300,692


PORTFOLIO SUMMARY+
		%
Consumer Discretionary		21.8
Healthcare		18.9
Financial Services		15.5
Money Market Funds		14.9
Technology		13.8
Other Energy		6.0
Consumer Staples		5.4
Auto & Transportation		4.4
Producer Durables		4.2
Futures Contracts		3.7
Utilities		2.2
Materials & Processing		1.2
Other		1.2
U.S. Treasury Obligation		0.3

		113.5

+	Based on net assets.

See Notes to Financial Statements.

Small Cap Equity Fund


Average Annual Total Returns as of 6/30/06
	GS2 Class*	GS4 Class*	GS6 Class*	Benchmark**	GS8 Class*	GS8 Class Benchmark**
One Year	11.63%	11.49%	10.94%	14.58%	10.63%	14.58%
Since Inception	8.46%	8.29%	7.99%	10.21%	11.14%	13.26%
Inception Date	08/27/01	08/27/01	08/27/01	08/27/01	11/08/04	11/08/04

LOGO

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

**	The Russell 2000^® Index is a small-cap equity index comprised of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index.

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

Small company stocks are generally riskier than large company stocks due to greater volatility and less liquidity.


Small Cap Equity Fund
SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Shares	Value
COMMON STOCKS — 95.5%
Auto & Transportation — 4.1%
Accuride CorporationD*	63,000	$	785,610
AirTran Holdings, Inc.D*	88,600		1,316,596
American Commercial Lines, Inc.D*	10,400		626,600
American Railcar Industries, Inc.D	19,500		645,645
Arkansas Best Corporation	25,800		1,295,418
Autoliv, Inc.	31,600		1,787,612
Commercial Vehicle Group, Inc.D*	59,600		1,232,528
ExpressJet Holdings, Inc.D*	77,600		536,216
Freightcar America, Inc.	8,100		449,631
Genesee & Wyoming, Inc. Class AD*	23,400		829,998
Horizon Lines, Inc. Class AD	17,200		275,544
JB Hunt Transport Services, Inc.D	62,100		1,546,911
Laidlaw International, Inc.	32,200		811,440
Marten Transport, Ltd.D*	41,400		900,036
Noble International, Ltd.D	28,550		408,836
Old Dominion Freight Line, Inc.*	17,212		646,999
OMI CorporationD	150,600		3,260,490
Pacer International, Inc.D	24,800		807,984
Republic Airways Holdings, Inc.D*	22,748		387,171
Sea Containers, Ltd. Class AD	50,000		237,500
Thor Industries, Inc.D	20,300		983,535
TRW Automotive Holdings Corporation*	30,900		842,952
Tsakos Energy Navigation, Ltd.D	16,500		687,720
UTI Worldwide, Inc.	35,600		898,188
Wabash National CorporationD	60,392		927,621
Wabtec Corporation	9,500		355,300

			23,484,081

Consumer Discretionary — 18.1%
Aaron Rents, Inc.D	46,650		1,253,952
Advance Auto Parts, Inc.	16,350		472,515
Advisory Board Co. (The)D*	18,300		880,047
Advo, Inc.D	21,300		524,193
AMERCO, Inc.D*	7,300		734,818
American Woodmark CorporationD	31,500		1,103,760
America’s Car-Mart, Inc.D*	41,000		832,710
Barrett Business Services, Inc.D*	20,800		381,680
BJ’s Wholesale Club, Inc.*	43,400		1,230,390
Brown Shoe Co., Inc.	18,800		640,704
Cato Corporation Class A	28,300		731,555
Central Garden & Pet Co.D*	33,900		1,459,395
Cenveo, Inc.*	52,800		947,760
Charlotte Russe Holding, Inc.D*	62,200		1,489,068
Chemed CorporationD	22,400		1,221,472
Computer Learning Centers*	24,439		2
Convergys Corporation*	64,100		1,249,950
Corporate Executive Board Co.	19,100		1,913,820
CoStar Group, Inc.D*	31,050		1,857,721
CRA International, Inc.D*	8,100		365,634
CROCS, Inc.D*	26,800		674,020
Ctrip.com International, Ltd. ADRD	17,600		898,480
Deckers Outdoor CorporationD*	43,700		1,685,072
Dillard’s, Inc. Class AD	49,800		1,586,130
DTS, Inc.*	13,450		262,006
EarthLink, Inc.*	103,100		892,846
Educate, Inc.D*	9,600		73,536
Entravision Communications Corporation Class A*	223,058		1,911,607
EZCORP, Inc. Class AD*	39,500		1,488,755
FirstService CorporationD*	24,300		647,352
Furniture Brands International, Inc.D	57,100		1,189,964
GameStop Corporation Class AD*	11,900		499,800
Group 1 Automotive, Inc.D	24,100		1,357,794
Guitar Center, Inc.D*	8,300		369,101
Gymboree CorporationD*	19,900		691,724
Harris Interactive, Inc.*	209,644		1,194,971
Helen of Troy, Ltd.D*	47,500		874,000
Herbalife, Ltd.*	41,900		1,671,810
Hibbett Sporting Goods, Inc.D*	35,800		855,620
Iconix Brand Group, Inc.D*	30,300		495,102
Insight Enterprises, Inc.D*	76,300		1,453,515
Inter Parfums, Inc.D	30,900		532,098
inVentiv Health, Inc.D*	19,000		546,820
Jack in the Box, Inc.*	16,500		646,800
Jackson Hewitt Tax Service, Inc.	67,200		2,106,720
Jakks Pacific, Inc.D*	41,400		831,726
JOS. A. Bank Clothiers, Inc.D*	3,800		91,048
Kellwood Co.	25,900		758,093
Kenexa CorporationD*	18,100		576,485
Life Time Fitness, Inc.D*	23,200		1,073,464
LoJack CorporationD*	28,900		545,054
Manpower, Inc.	12,800		826,880
Marchex, Inc. Class BD*	24,400		400,892
Marvel Entertainment, Inc.D*	35,400		708,000
Monro Muffler Brake, Inc.D	21,500		700,040
MPS Group, Inc.D*	65,700		989,442
MSC Industrial Direct Co., Inc. Class A	5,900		280,663
MWI Veterinary Supply, Inc.D*	22,200		808,746
Navigant Consulting, Inc.D*	26,600		602,490
OfficeMax, Inc.	17,300		704,975
On Assignment, Inc.*	67,000		615,730
Orient-Express Hotels, Ltd. Class AD	24,700		959,348
Outdoor Channel Holdings, Inc.D*	37,900		391,128
Parlux Fragrance, Inc.D*	99,000		959,310
Perry Ellis International, Inc.D*	41,300		1,045,303
Pool CorporationD	86,525		3,775,086
Rare Hospitality International, Inc.*	11,150		320,674
Red Robin Gourmet Burgers, Inc.D*	13,000		553,280
Rent-A-Center, Inc.*	51,100		1,270,346
Resources Connection, Inc.D*	87,000		2,176,740
Rocky Brands, Inc.D*	44,000		935,000

See Notes to Financial Statements.


	Shares	Value
Ruby Tuesday, Inc.D	42,400	$	1,034,984
Rush Enterprises, Inc. Class AD*	51,681		939,044
Ruth’s Chris Steak HouseD*	21,300		434,946
Schawk, Inc.D	59,000		1,032,500
Select Comfort CorporationD*	236,035		5,421,724
Shaw Communications, Inc. Class B	56,900		1,609,701
Source Interlink Cos., Inc.D*	54,900		653,310
Sportsman’s Guide, Inc.D*	6,500		198,250
Stamps.com, Inc.D*	18,800		523,016
Stanley Furniture Co., Inc.D	31,700		759,849
Steiner Leisure, Ltd.D*	45,700		1,806,521
Strayer Education, Inc.D	25,700		2,495,984
Tech Data Corporation*	36,000		1,379,160
TeleTech Holdings, Inc.D*	34,200		432,972
THQ, Inc.D*	36,800		794,880
Too, Inc.D*	36,000		1,382,040
Toro Co.	31,200		1,457,040
Tractor Supply Co.*	16,500		911,955
True Religion Apparel, Inc.D*	24,800		438,960
United Natural Foods, Inc.D*	36,400		1,201,928
United Online, Inc.D	71,700		860,400
Universal Electronics, Inc.*	73,785		1,306,732
USANA Health Sciences, Inc.D*	45,100		1,709,290
ValueClick, Inc.D*	45,900		704,565
VistaPrint, Ltd.D*	25,900		692,566
Warnaco Group, Inc. (The)D*	42,620		796,142
WESCO International, Inc.*	24,500		1,690,500
West Corporation*	42,500		2,036,175
Wolverine World Wide, Inc.	37,600		877,208
World Fuel Services Corporation	6,400		292,416

			102,671,490

Consumer Staples — 0.8%
Hormel Foods Corporation	20,800		772,512
J & J Snack Foods Corporation	64,652		2,138,042
John B. Sanfillippo & SonD*	33,200		439,900
NBTY, Inc.D*	28,400		679,044
Pilgrim’s Pride Corporation	28,500		735,300

			4,764,798

Financial Services — 21.8%
A.G. Edwards, Inc.	35,800		1,980,456
Accredited Home Lenders Holding Co.D*	44,500		2,127,545
Affiliated Managers Group, Inc.D*	16,300		1,416,307
Alliance Data Systems Corporation*	84,800		4,987,936
American Equity Investment Life Holding Co.D	70,600		752,596
American Financial Group, Inc.	25,000		1,072,500
American Home Mortgage Investment Corporation REITD	35,700		1,315,902
AmeriCredit CorporationD*	22,800		636,576
Arch Capital Group, Ltd.*	18,300		1,088,118
Argonaut Group, Inc.D*	30,100		904,204
Assurant, Inc.	23,900		1,156,760
Assured Guaranty, Ltd.	30,100		763,637
Asta Funding, Inc.D	69,500		2,602,775
Banco Latinoamericano de Exportaciones SAD	53,400		834,642
Bancshares of Florida, Inc.D*	19,700		433,400
BankUnited Financial Corporation Class AD	39,500		1,205,540
Brookline Bancorp, Inc.D	83,723		1,152,866
CB Richard Ellis Group, Inc. Class A*	61,500		1,531,350
Central Pacific Financial CorporationD	24,600		952,020
Cohen & Steers, Inc.D	21,200		500,320
Colonial BancGroup, Inc.	36,000		924,480
Commerce Bancshares, Inc.	22,811		1,141,691
Commerce Group, Inc.	50,800		1,500,632
CompuCredit CorporationD*	27,200		1,045,568
Corus Bankshares, Inc.D	49,700		1,301,146
Covanta Holding CorporationD*	35,700		630,105
CVB Financial CorporationD	48,682		762,360
Cybersource CorporationD*	40,000		468,000
Digital Insight Corporation*	12,600		432,054
Direct General CorporationD	30,900		522,828
Doral Financial CorporationD	129,100		827,531
Downey Financial CorporationD	27,200		1,845,520
Euronet Worldwide, Inc.D*	25,400		974,598
Fieldstone Investment Corporation REITD	22,800		208,848
First Acceptance CorporationD*	31,611		372,378
First American Corporation	33,900		1,432,953
First Bancorp Puerto RicoD	140,500		1,306,650
First Cash Financial Services, Inc.D*	50,100		989,475
First Community Bancorp, Inc.D	8,700		513,996
First Regional BancorpD*	9,300		818,400
FirstFed Financial CorporationD*	37,500		2,162,625
Fremont General CorporationD	113,400		2,104,704
Global Payments, Inc.	32,600		1,582,730
Greenhill & Co., Inc.D	20,400		1,239,504
Hanmi Financial CorporationD	32,059		623,227
Hanover Insurance Group, Inc.	33,600		1,594,656
HCC Insurance Holdings, Inc.	120,835		3,557,382
HealthExtras, Inc.D*	34,700		1,048,634
Heartland Payment Systems, Inc.D*	10,500		292,740
Hilb, Rogal & Hobbs Co.D	110,882		4,132,572
Huron Consulting Group, Inc.*	35,200		1,235,168
IndyMac Bancorp, Inc.	36,900		1,691,865
Infinity Property & Casualty CorporationD	30,300		1,242,300
Investment Technology Group, Inc.D*	15,400		783,244
Investors Financial Services CorporationD	67,400		3,026,260

See Notes to Financial Statements.

Small Cap Equity Fund

SCHEDULE OF INVESTMENTS (Continued)


	Shares	Value
Jack Henry & Associates, Inc.D	112,900	$	2,219,614
Jefferies Group, Inc.D	38,400		1,137,792
John H. Harland Co.	24,700		1,074,450
Jones Lang LaSalle, Inc.D	29,300		2,565,215
Kingsway Financial Services, Inc.D	37,100		671,139
Knight Capital Group, Inc. Class AD*	112,700		1,716,421
LandAmerica Financial Group, Inc.D	22,100		1,427,660
Markel Corporation*	4,700		1,630,900
Max Re Capital, Ltd.	50,200		1,096,368
Mercury General Corporation	20,600		1,161,222
Midwest Banc Holdings, Inc.D	23,100		513,975
Municipal Mortgage & Equity LLCD	13,200		358,512
National Financial Partners CorporationD	10,800		478,548
National Interstate CorporationD	15,500		420,360
New Century Financial Corporation REITD	7,400		338,550
Ohio Casualty CorporationD	106,871		3,177,275
optionsXpress Holdings, Inc.D	75,200		1,752,912
Piper Jaffray Cos., Inc.D*	20,300		1,242,563
PMI Group, Inc. (The)D	44,500		1,983,810
Portfolio Recovery Associates, Inc.D*	33,400		1,526,380
Primus Guaranty, Ltd.D*	66,200		734,820
PrivateBancorp, Inc.D	38,361		1,588,529
Quanta Capital Holdings, Ltd.*	49,400		127,946
Radian Group, Inc.	35,800		2,211,724
Reinsurance Group of America, Inc.	13,700		673,355
Ryder System, Inc.	28,500		1,665,255
Safety Insurance Group, Inc.D	28,900		1,374,195
Saxon Capital, Inc. REITD	59,900		685,256
Sotheby’s Holdings Class AD*	25,400		666,750
Texas Capital Bancshares, Inc.D*	43,300		1,008,890
TierOne Corporation	39,900		1,347,423
Triad Guaranty, Inc.D*	23,900		1,168,232
UCBH Holdings, Inc.D	27,000		446,580
USI Holdings CorporationD*	170,887		2,291,595
W.R. Berkley Corporation	42,150		1,438,579
Waddell & Reed Financial, Inc. Class A	19,300		396,808
Webster Financial Corporation	26,900		1,276,136
Whitney Holding Corporation	20,400		721,548
Williams Scotsman International, Inc.D*	79,245		1,730,711
Wilmington Trust Corporation	16,900		712,842
World Acceptance Corporation*	18,900		671,328
Wright Express CorporationD*	48,000		1,379,520
Zenith National Insurance Corporation	28,350		1,124,644

			123,688,606

Healthcare — 12.0%
Adeza Biomedical Corporation*	39,400		552,388
Allion Healthcare, Inc.D*	36,600		318,054
Alphatec Holdings, Inc.D*	35,000		219,800
Amedisys, Inc.D*	106,000		4,017,400
American Dental Partners, Inc.D*	42,600		650,076
Analogic CorporationD	20,700		964,827
Arqule, Inc.D*	116,000		654,240
Arthrocare CorporationD*	9,350		392,793
Aspreva Pharmaceuticals CorporationD*	29,200		792,488
AtriCure, Inc.D*	42,500		319,600
BioMarin Pharmaceuticals, Inc.D*	69,700		1,001,589
Bio-Rad Laboratories, Inc. Class A*	12,400		805,256
Cardiome Pharma CorporationD*	12,900		114,036
Centene CorporationD*	35,700		840,021
Charles River Laboratories International, Inc.D*	11,600		426,880
Chattem, Inc.D*	36,100		1,096,357
Connetics CorporationD*	50,200		590,352
Conor Medsystems, Inc.D*	31,500		869,085
Curis, Inc.D*	129,600		174,960
CV Therapeutics, Inc.D*	34,400		480,568
Dade Behring Holdings, Inc.	39,000		1,623,960
Digene CorporationD*	40,400		1,565,096
DJO, Inc.D*	16,000		589,280
Eclipsys CorporationD*	31,300		568,408
Five Star Quality Care, Inc.+	2,086		—
Genesis HealthCare Corporation*	15,200		720,024
Haemonetics Corporation*	17,800		827,878
Healthways, Inc.D*	13,700		721,168
Icon PLC ADRD*	48,675		2,691,728
ICU Medical, Inc.D*	22,000		929,280
Integra LifeSciences Holdings CorporationD*	20,100		780,081
Intuitive Surgical, Inc.*	3,500		412,895
Kensey Nash CorporationD*	26,300		775,850
King Pharmaceuticals, Inc.*	107,600		1,829,200
KV Pharmaceutical Co. Class AD*	30,200		563,532
Kyphon, Inc.*	55,900		2,144,324
LCA-Vision, Inc.D	57,310		3,032,272
Magellan Health Services, Inc.*	40,600		1,839,586
Matria Healthcare, Inc.D*	22,800		488,376
Medarex, Inc.D*	148,000		1,422,280
Medicines Co.D*	39,300		768,315
Mentor CorporationD	21,800		948,300
MGI Pharma, Inc.D*	30,880		663,920
Mylan Laboratories, Inc.	32,300		646,000
Nektar TherapeuticsD*	61,200		1,122,408
Onyx Pharmaceuticals, Inc.D*	28,700		483,021
Option Care, Inc.D	122,791		1,471,036
Orthofix International NV*	24,300		926,559
Owens & Minor, Inc.	22,600		646,360

See Notes to Financial Statements.


	Shares	Value
Panacos Pharmaceuticals, Inc.D*	67,000	$	369,840
Par Pharmaceutical Cos., Inc.D*	60,822		1,122,774
PDL BioPharma, Inc.D*	21,900		403,179
Pediatrix Medical Group, Inc.*	45,300		2,052,090
Pharmion CorporationD*	31,900		543,257
PolyMedica CorporationD	25,805		927,948
Psychiatric Solutions, Inc.D*	10,400		298,064
Quality Systems, Inc.D	9,600		353,472
Radiation Therapy Services, Inc.D*	15,900		427,869
Respironics, Inc.*	41,900		1,433,818
Salix Pharmaceuticals, Ltd.D*	42,200		519,060
Sierra Health Services, Inc.*	13,100		589,893
Sirna Therapeutics, Inc.D*	76,900		438,330
Stereotaxis, Inc.D*	67,200		725,088
Stericycle, Inc.D*	15,200		989,520
Symmetry Medical, Inc.D*	86,300		1,329,020
Syneron Medical, Ltd.D*	66,900		1,396,872
Taro Pharmaceuticals IndustriesD*	57,500		610,075
TriPath Imaging, Inc.D*	119,889		793,665
United Surgical Partners International, Inc.*	52,500		1,578,675
VCA Antech, Inc.D*	73,300		2,340,469
Ventana Medical Systems*	26,400		1,245,552
WellCare Health Plans, Inc.D*	24,700		1,211,535

			68,181,972

Integrated Oils — 0.3%
Giant Industries, Inc.D*	14,500		964,975
Petrocorp, Inc. Escrow Shares+	500		—
Vaalco Energy, Inc.D*	101,200		987,712

			1,952,687

Materials & Processing — 10.3%
Aleris International, Inc.D*	19,800		907,830
AptarGroup, Inc.	15,700		778,877
Beacon Roofing Supply, Inc.D*	197,567		4,348,450
Bemis Co.D	22,700		695,074
BlueLinx Holdings, Inc.D	83,000		1,081,490
Building Materials Holding CorporationD	17,800		496,086
Carpenter Technology CorporationD	12,800		1,478,400
Century Aluminum Co.D*	24,600		877,974
Clarcor, Inc.	9,400		280,026
Cleveland-Cliffs, Inc.D	4,100		325,089
Commercial Metals Co.D	96,572		2,481,900
DHB Industries, Inc.+D*	50,300		78,971
Eagle Materials, Inc.	44,300		2,104,250
EMCOR Group, Inc.D*	32,300		1,572,041
Encore Wire CorporationD*	45,300		1,628,082
Energizer Holdings, Inc.D*	29,300		1,716,101
Florida Rock Industries, Inc.	11,200		556,304
Forest City Enterprises, Inc. Class AD	26,600		1,327,606
Gibraltar Industries, Inc.D	38,172		1,106,988
Granite Construction, Inc.D	17,300		783,171
H.B. Fuller Co.	20,700		901,899
Hexcel CorporationD*	137,272		2,156,543
Houston Wire & Cable Co.D*	36,800		632,960
Infrasource Services, Inc.*	27,400		498,954
Interline Brands, Inc.*	13,900		324,982
IPSCO, Inc.	15,300		1,464,057
Lamson & Sessions Co.D*	69,300		1,965,348
Lone Star Technologies, Inc.D*	18,200		983,164
Louisiana-Pacific Corporation	48,600		1,064,340
Martin Marietta Materials, Inc.	12,900		1,175,835
Methanex CorporationD	104,900		2,221,782
Mobile Mini, Inc.D*	52,700		1,542,002
Mueller Industries, Inc.D	40,500		1,337,715
Mueller Water Products, Inc. Class AD*	29,100		506,631
NCI Building Systems, Inc.D*	25,200		1,339,884
Nuco2, Inc.D*	18,900		454,356
OM Group, Inc.*	38,100		1,175,385
Pactiv Corporation*	64,700		1,601,325
PolyOne CorporationD*	80,200		704,156
RBC Bearings, Inc.*	45,100		1,023,770
Resource Capital CorporationD	39,000		501,930
Rogers CorporationD*	13,900		783,126
RTI International Metals, Inc.D*	10,200		569,568
Ryerson, Inc.D	7,300		197,100
Senomyx, Inc.D*	19,000		274,170
Silgan Holdings, Inc.	13,800		510,738
Steel Dynamics, Inc.D	37,100		2,438,954
Symyx Technologies*	14,100		340,515
Texas Industries, Inc.D	11,300		600,030
Trammell Crow Co.D*	97,900		3,443,143
Valmont Industries, Inc.D	13,400		622,966
Westlake Chemical Corporation	20,100		598,980

			58,581,018

Other — 0.2%
Lancaster Colony Corporation	17,200		678,884
Ritchie Bros. Auctioneers, Inc.D	13,200		701,976

			1,380,860

Other Energy — 4.9%
Alon USA Energy, Inc.	13,300		418,551
ATP Oil & Gas CorporationD*	21,800		914,074
Basic Energy Services, Inc.D*	19,400		593,058
Brigham Exploration Co.D*	84,600		669,186
Bronco Drilling Co., Inc.D*	24,100		503,449
Denbury Resources, Inc.*	69,700		2,207,399
Encore Acquisition Co.D*	31,850		854,536
EXCO Resources, Inc.*	134,500		1,533,300
Foundation Coal Holdings, Inc.	12,300		577,239
Hercules Offshore, Inc.D*	13,600		476,000
Holly CorporationD	49,000		2,361,800
Hydril Co.D*	13,000		1,020,760
KFX, Inc.D*	36,200		553,136
Massey Energy Co.D	43,426		1,563,336

See Notes to Financial Statements.

Small Cap Equity Fund

SCHEDULE OF INVESTMENTS (Continued)


	Shares	Value
Oil States International, Inc.D*	24,200	$	829,576
Petroquest Energy, Inc.D*	74,682		917,095
Pioneer Drilling Co.D*	34,100		526,504
Quicksilver Resources, Inc.D*	20,900		769,329
St. Mary Land & Exploration Co.D	17,800		716,450
TODCO Class A	30,200		1,233,670
Toreador Resources CorporationD*	15,800		444,454
Trico Marine Services, Inc.*	7,800		265,200
Unit Corporation*	34,250		1,948,482
Universal Compression Holdings, Inc.D*	31,300		1,970,961
Veritas DGC, Inc.D*	26,700		1,377,186
Warrior Energy Service CorporationD*	6,400		155,712
Western Refining, Inc.D	17,200		371,176
W-H Energy Services, Inc.*	15,200		772,616
Whiting Petroleum CorporationD*	24,500		1,025,815

			27,570,050

Producer Durables — 7.9%
Actuant Corporation Class AD	55,434		2,768,928
AGCO CorporationD*	21,700		571,144
Allied Defense Group, Inc. (The)D*	25,100		551,949
Argon ST, Inc.D*	19,000		505,970
Astec Industries, Inc.D*	11,750		400,910
ATMI, Inc.*	26,200		645,044
Beazer Homes USA, Inc.D	22,500		1,032,075
Belden CDT, Inc.D	46,600		1,540,130
Bucyrus International, Inc. Class AD	11,800		595,900
Cascade CorporationD	14,800		585,340
Centex Corporation	26,848		1,350,454
Cognex Corporation	32,700		851,181
Cummins, Inc.D	12,600		1,540,350
Curtiss-Wright CorporationD	41,800		1,290,784
Cymer, Inc.D*	30,200		1,403,092
Dionex Corporation*	17,200		940,152
ESCO Technologies, Inc.D*	12,300		657,435
Flow International CorporationD*	26,000		365,820
Gardner Denver, Inc.D*	16,000		616,000
Gehl Co.D*	20,600		525,918
Genlyte Group, Inc.D*	24,076		1,743,825
Graco, Inc.D	23,300		1,071,334
Headwaters, Inc.D*	36,400		930,384
Hovnanian Enterprises, Inc. Class AD*	28,700		863,296
Itron, Inc.*	13,650		808,899
Ladish Co., Inc.*	14,500		543,315
Lexmark International, Inc.*	23,000		1,284,090
Littelfuse, Inc.*	25,000		859,500
Measurement Specialties, Inc.D*	95,300		2,122,331
Meritage Homes CorporationD*	39,000		1,842,750
Middleby CorporationD*	3,700		320,272
MKS Instruments, Inc.*	37,600		756,512
MTC Technologies, Inc.D*	19,900		470,237
Orbital Sciences CorporationD*	54,700		882,858
Polycom, Inc.*	56,700		1,242,864
Regal-Beloit Corporation	8,400		370,860
Rofin-Sinar Technologies, Inc.*	11,900		683,893
Rudolph Technologies, Inc.D*	36,100		523,450
Ryland Group, Inc.D	52,332		2,280,105
SBA Communications Corporation Class AD*	28,600		747,604
Spectralink CorporationD	84,800		747,936
Technical Olympic USA, Inc.D	77,100		1,107,156
United Industrial CorporationD	19,200		868,800
Varian Semiconductor Equipment Associates, Inc.*	58,950		1,922,360
X-Rite, Inc.D	89,955		988,606

			44,721,813

Technology — 11.5%
Aeroflex, Inc.*	54,300		633,681
Alvarion, Ltd.D*	69,500		426,730
American Reprographics Co.*	34,200		1,239,750
Anaren, Inc.*	13,900		284,811
Ansys, Inc.*	14,400		688,608
Arrow Electronics, Inc.*	11,800		379,960
Atheros Communications, Inc.D*	24,400		462,624
Avid Technology, Inc.D*	22,800		759,924
Avnet, Inc.*	28,200		564,564
Avocent Corporation*	17,000		446,250
BMC Software, Inc.*	48,200		1,151,980
Bottomline Technologies, Inc.D*	30,900		251,526
CACI International, Inc. Class AD*	43,457		2,534,847
Click Commerce, Inc.D*	19,900		392,627
Comtech TelecommunicationsD*	81,000		2,370,870
CPI International, Inc.*	30,800		446,600
Cryptologic, Inc.D	60,900		1,474,998
CSG Systems International, Inc.*	21,100		522,014
DealerTrack Holdings, Inc.D*	21,800		481,998
Digitas, Inc.D*	43,500		505,470
Emageon, Inc.D*	44,900		655,091
Epicor Software CorporationD*	179,900		1,894,347
Equinix, Inc.D*	24,950		1,368,757
Exar CorporationD*	30,500		404,735
F5 Networks, Inc.D*	9,600		513,408
Filenet CorporationD*	7,800		210,054
FLIR Systems, Inc.D*	15,800		348,548
FormFactor, Inc.D*	16,500		736,395
Foundry Networks, Inc.*	114,600		1,221,636
Herley Industries, Inc.D*	62,000		695,020
i2 Technologies, Inc.D*	43,800		554,946
Informatica CorporationD*	37,600		494,816
Ingram Micro, Inc. Class A*	74,400		1,348,872
j2 Global Communications, Inc.D*	66,500		2,076,130
Kanbay International, Inc.D*	55,000		799,700
Keane, Inc.D*	85,700		1,071,250
Komag, Inc.D*	17,900		826,622

See Notes to Financial Statements.


	Shares		Value
Lionbridge Technologies, Inc.D*		115,000	$	635,950
Merge Technologies, Inc.D*		87,400		1,075,894
Micros Systems, Inc.D*		24,400		1,065,792
Microsemi CorporationD*		75,500		1,840,690
MicroStrategy, Inc. Class AD*		12,000		1,170,240
M-Systems Flash Disk PioneersD*		40,500		1,200,015
Multi-Fineline Electronix, Inc.D*		19,700		653,843
NAM TAI Electronics, Inc.D		26,100		583,857
Neoware, Inc.D*		37,600		462,104
Netgear, Inc.D*		38,000		822,700
NovAtel, Inc.*		21,700		741,272
Omnivision Technologies, Inc.D*		26,700		563,904
Openwave Systems, Inc.D*		48,000		553,920
Park Electrochemical CorporationD		13,800		355,350
PDF Solutions, Inc.D*		50,000		620,500
Power Intergrations, Inc.D*		36,000		629,280
Rackable Systems, Inc.D*		6,600		260,634
Radisys CorporationD*		64,977		1,426,895
RADVision, Ltd.D*		35,400		564,276
RF Micro Devices, Inc.*		62,600		373,722
SafeNet, Inc.D*		48,800		864,736
Semtech Corporation*		40,600		586,670
SI International, Inc.D*		24,200		741,972
Silicon Motion Technology Corporation ADR*		28,100		402,954
Stratasys, Inc.D*		62,096		1,829,348
Supertex, Inc.D*		17,300		690,962
Synaptics, Inc.D*		15,600		333,840
Talx CorporationD		20,300		443,961
Tessera Technologies, Inc.D*		20,000		550,000
Transaction Systems Architects, Inc.D*		25,000		1,042,250
Trident Microsystems, Inc.*		22,500		427,050
Trimble Navigation, Ltd.*		6,400		285,696
TRX, Inc.*		61,600		555,016
VeriFone Holdings, Inc.D*		30,300		923,544
Verint Systems, Inc.*		16,000		467,040
Viasat, Inc.*		21,700		557,256
Volterra Semiconductor CorporationD*		56,900		868,294
WebEx Communications, Inc.D*		40,300		1,432,262
Websense, Inc.D*		102,802		2,111,553
Wind River Systems, Inc.D*		61,000		542,900
Witness Systems, Inc.D*		46,100		929,837
Xyratex, Ltd.D*		29,400		777,630
Zoran CorporationD*		35,200		856,768

				65,062,536

Utilities — 3.6%
AGL Resources, Inc.		18,700		712,844
Allegheny Energy, Inc.*		20,700		767,349
Alliant Energy Corporation		49,800		1,708,140
Avista Corporation		18,200		415,506
CenturyTel, Inc.		54,400		2,020,960
Dobson Communications Corporation Class AD*		80,500		622,265
El Paso Electric Co.D*		28,500		574,560
Energen Corporation		40,200		1,544,082
Energy East Corporation		76,900		1,840,217
Golden Telecom, Inc.		8,400		212,940
Laclede Group, Inc.D		37,900		1,302,244
MDU Resources Group, Inc.		21,100		772,471
NeuStar, Inc. Class AD*		23,000		776,250
NiSource, Inc.D		51,200		1,118,208
Pinnacle West Capital Corporation		42,100		1,680,211
Southern Co. (The)		10		320
UGI CorporationD		47,000		1,157,140
Unisource Energy CorporationD		33,400		1,040,410
Wisconsin Energy CorporationD		48,800		1,966,640

				20,232,757

Total Common Stocks (Cost $481,327,346)				542,292,668

EXCHANGE TRADED FUND — 0.1%
iShares Russell 2000D (Cost $338,352)		4,750		341,525

MONEY MARKET FUNDS — 50.7%
GuideStone Funds Money Market Fund (GS4 Class)¥		25,571,309		25,571,309
Northern Institutional Liquid Assets Portfolio§		262,610,326		262,610,326

TotalMoney Market Funds (Cost $288,181,635)				288,181,635


	Par
CORPORATE BOND — 0.0%
TIMCO Aviation Services, Inc.
PIK
8.00%, 01/01/07+*
(Cost $0)	$	1,214		—

U.S. TREASURY OBLIGATION — 0.3%
U.S. Treasury Bill
4.66%, 09/21/06‡‡
(Cost $1,543,449)		1,560,000		1,543,452

TOTAL INVESTMENTS — 146.6% (Cost $771,390,782)				832,359,280

Liabilities in Excess of Other Assets — (46.6)%				(264,546,382	)

NET ASSETS — 100.0%			$	567,812,898

See Notes to Financial Statements.

Small Cap Equity Fund

SCHEDULE OF INVESTMENTS (Continued)


PORTFOLIO SUMMARY+
	%
Money Market Funds	50.7
Financial Services	21.8
Consumer Discretionary	18.1
Healthcare	12.0
Technology	11.5
Materials & Processing	10.3
Producer Durables	7.9
Other Energy	4.9
Auto & Transportation	4.1
Futures Contracts	3.7
Utilities	3.6
Consumer Staples	0.8
U.S. Treasury Obligation	0.3
Integrated Oils	0.3
Other	0.2
Exchange Traded Fund	0.1
Coporate Bond	—	**

	150.3

+	Based on net assets.

**	Rounds to less than 0.005%.

See Notes to Financial Statements.

International Equity Fund


Average Annual Total Returns as of 6/30/06
	GS2 Class*	GS4 Class*	GS6 Class*	Benchmark**	GS8 Class*	GS8 Class Benchmark**
One Year	26.95%	26.70%	26.31%	27.90%	25.87%	27.90%
Since Inception	11.94%	11.76%	11.30%	12.24%	19.45%	21.48%
Inception Date	08/27/01	08/27/01	08/27/01	08/27/01	11/08/04	11/08/04

LOGO

*	These returns reflect expense waivers by the Fund’s investment advisor. 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.

Foreign securities may involve additional risks, social and political instability, reduced market liquidity and currency volatility.


International Equity Fund
SCHEDULE OF INVESTMENTS		June 30, 2006 (Unaudited)


	Shares	Value
FOREIGN COMMON STOCKS — 96.4%
Argentina — 0.0%
Banco Macro Bansud SA ADRD	16,400	$	333,904

Australia — 3.2%
Amcor, Ltd.D	785,696		3,900,133
Brambles Industries, Ltd.D	42,740		349,362
Coca-Cola Amatil, Ltd.D	659,905		3,476,771
Goodman Fielder, Ltd.D*	293,000		465,940
Insurance Australia Group, Ltd.D	200,899		798,693
John Fairfax Holdings, Ltd.D	495,000		1,379,383
Lend Lease Corporation, Ltd.	414,209		4,306,115
Macquarie Bank, Ltd.D	18,341		940,417
National Australia Bank, Ltd.D	279,655		7,306,677
Promina Group, Ltd.D	78,500		327,834
QBE Insurance Group, Ltd.D	38,781		590,774
Quantas Airways, Ltd.	841,443		1,850,823
Rinker Group, Ltd.	131,218		1,598,162
Telstra Corporation, Ltd.	1,475,239		4,034,211
Wesfarmers, Ltd.D	88,726		2,329,394
Woodside Petroleum, Ltd.D	278,257		9,098,027
Woolworths, Ltd.D	75,498		1,130,470

			43,883,186

Austria — 0.1%
Erste Bank Der Oesterre-ichischen Sparkassen AG	11,600		652,827
Raiffeisen International Bank Holding AGD	3,400		295,282
Telekom Austria AG	8,054		179,349

			1,127,458

Belgium — 0.9%
Colruyt SAD*	40,100		6,262,500
Fortis	163,291		5,570,227
UCB SAD	16,500		892,713

			12,725,440

Brazil — 1.0%
All America Latina Logistica SA	4,400		298,426
Aracruz Celulose SA ADR	4,700		246,374
Arcelor Brasil SA	33,374		516,504
Banco do Brasil SA	55,300		1,275,840
Brasil Telecom Participacoes SA ADRD	28,900		941,273
Centrais Eletricas Brasileiras SA	13,535,400		290,406
Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADRD	32,600		1,015,164
Companhia Vale do Rio Doce ADRD	205,000		4,218,900
CPFL Energia SA ADRD	7,500		274,125
Localiza Rent A Car SA	7,400		140,080
Lojas Renner SA	7,100		376,979
Petroleo Brasileiro SA ADR ADR	25,500		2,035,920
Tele Norte Leste Participacoes SA ADRD	103,300		1,317,075
Tim Participacoes SA ADRD	17,500		482,125
Unibanco ADR	11,300		750,207

			14,179,398

Canada — 2.3%
Abitibi-Consolidated, Inc.D	76,300		205,736
Alcan, Inc.	94,500		4,426,592
Barrick Gold Corporation	69,300		2,051,280
Cameco Corporation	69,200		2,756,718
Canadian Natural Resources, Ltd.	47,200		2,609,678
CGI Group, Inc.*	86,400		538,694
Finning International, Inc.	17,000		566,514
First Quantum Minerals, Ltd.	28,600		1,282,043
Inco, Ltd.*	22,400		1,476,160
Manulife Financial Corporation	20,400		646,375
Methanex Corporation	28,600		602,847
Potash Corporation of SaskatchewanD	35,264		3,024,189
Rogers Communications, Inc. Class B	8,400		337,941
Suncor Energy, Inc.	95,400		7,720,538
Talisman Energy, Inc.	137,100		2,392,464
TELUS Corporation	10,400		428,838
TELUS Corporation (Non-Voting)	4,300		173,533
Toronto-Dominion Bank	11,600		588,989

			31,829,129

Chile — 0.2%
AFP Provida SA ADRD	15,300		369,495
Banco de Credito e Inversiones	23,100		608,289
Banco Santander Chile SA ADRD	10,700		431,638
Centros Comerciales Sudamericanos SA	108,838		266,419
Embotelladora Andina SA ADR Class A	30,100		404,243
Embotelladora Andina SA ADR Class B	36,500		537,280
Empresas CMPC SA	6,700		183,264
Enersis SA ADRD	35,800		402,750
Masisa SA ADR	10,700		85,279

			3,288,657

China — 0.7%
China Construction Bank Class H 144AD	3,892,000		1,779,045
China Shenhua Energy Co., Ltd. Class HD	1,925,500		3,557,798
China Telecom Corporation, Ltd. Class H	3,024,000		973,436
Jiangsu Expressway Co., Ltd. Class HD	1,691,700		952,988
PetroChina Co., Ltd. Class HD	1,400,000		1,496,208
Sina CorporationD*	18,200		454,636

			9,214,111

Colombia — 0.1%
BanColombia SA	76,200		396,729
BanColombia SA ADR	13,900		334,990

			731,719

Denmark — 1.2%
Danske Bank A/SD	60,186		2,291,090
H Lundbeck A/S	78,000		1,778,852
Novo-Nordisk AS Class BD	200,082		12,745,606

			16,815,548

Ecuador — 0.1%
Holcim Ecuador SA GDR*	26,250		1,106,438

See Notes to Financial Statements.


	Shares	Value
Egypt — 0.3%
Commercial International Bank, Ltd.	1,000	$	10,250
Commercial International Bank, Ltd. GDRD	6,500		66,626
El Sewedy Cables Holding Co.*	19,130		118,869
MobiNil - Egyptian Mobile Services	41,471		937,151
Orascom Construction Industries	79,186		2,413,143
Orascom Construction Industries GDR 144A	2,658		162,002
Orascom Telecom Holding SAE	8,358		346,621
Orascom Telecom Holding SAE GDRD	3,042		126,157
Vodafone Egypt Telecommunications SAE	4,660		63,564

			4,244,383

Estonia — 0.0%
Tallink Group, Ltd.*	33,200		148,626

Finland — 0.9%
Neste Oil OYJD	15,700		553,033
Nokia Corporation ADRD	38,000		769,880
Nokia OYJD	293,000		5,981,198
UPM-Kymmene OYJ	234,600		5,056,099

			12,360,210

France — 8.7%
Accor SAD	21,200		1,290,444
Air France-KLMD	22,000		517,197
Air LiquideD	14,945		2,911,199
Arkema*	3,064		119,569
Assurances Generales de France	23,100		2,725,625
AXA SAD	82,700		2,714,250
BNP Paribas SA	64,240		6,150,140
Bouygues SA	65,363		3,360,823
Carrefour SA	111,206		6,520,194
Casino Guichard Perrachon SAD	24,300		1,847,761
Compagnie de Saint-GobainD	111,057		7,940,455
Compagnie Generale des Etablissements Michelin Class BD	9,100		547,050
Dassault Systemes SAD	9,500		509,126
Essilor International SA Compagnie Generale D’Optique	6,400		644,232
France Telecom SA	196,815		4,231,687
Groupe Danone	8,700		1,105,541
Lafarge SAD	29,200		3,665,733
L’Oreal SA	78,100		7,377,160
PagesJaunes Groupe SAD	17,972		564,333
PPR SAD	6,482		826,593
Renault SAD	34,855		3,744,829
Safran SA	25,800		561,652
Sanofi-Aventis	134,796		13,154,950
Schneider Electric SA	27,100		2,824,975
Societe BIC SAD	14,600		944,911
Societe Generale Class A	53,526		7,873,182
Societe Television Francaise 1	166,400		5,427,267
Thales SAD	14,700		574,214
Total SA	338,172		22,254,134
Veolia EnvironnementD	116,978		6,046,175
Vivendi SA	27,000		946,242

			119,921,643

Germany — 5.2%
Adidas-Salomon AG	111,404		5,326,326
Allianz AG	31,000		4,897,638
Altana AG	6,900		384,437
BASF AG	29,393		2,360,222
Bayer AG	205,407		9,442,369
Bayerische Motoren Werke AG	58,600		2,927,639
Commerzbank AG	21,000		763,900
Continental AGD	27,000		2,759,986
DaimlerChrysler AG	20,900		1,032,663
Deutsche Bank AGD	42,344		4,766,090
Deutsche Post AG	32,000		857,885
E.ON AG	35,200		4,052,932
Hannover Rueckversicherung AGD	47,600		1,665,145
Infineon Technologies AG*	57,300		638,352
Metro AG	27,700		1,570,244
RWE AG	87,163		7,252,156
SAP AGD	9,200		1,941,599
SAP AG ADRD	4,500		236,340
Siemens AGD	132,524		11,531,417
Volkswagen AGD	99,386		6,969,973

			71,377,313

Greece — 0.3%
National Bank of Greece SA	36,428		1,438,800
Public Power Corporation	102,000		2,416,177

			3,854,977

Hong Kong — 4.4%
Bank of East Asia, Ltd.D	191,800		789,051
China Mengniu Dairy Co., Ltd.	678,000		851,178
China Mobile, Ltd.D	1,172,500		6,703,192
China Resources Power Holdings Co.D	1,236,900		1,035,223
China Yurun Food Group, Ltd.	358,000		271,970
Citic Pacific, Ltd.D	153,000		451,141
CLP Holdings, Ltd.D	1,150,000		6,730,039
CNOOC, Ltd.D	9,265,000		7,396,444
Denway Motors, Ltd.D	4,776,000		1,598,908
Global Bio-Chem Technology Group Co., Ltd.D	749,000		318,260
GOME Electrical Appliances Holdings, Ltd.D	166,000		140,002
Hang Lung Group, Ltd.	200,000		432,638
Hang Lung Properties, Ltd.D	296,000		529,776
Hong Kong & China Gas Co., Ltd.D	3,684,000		8,087,790
Hong Kong Electric Holdings, Ltd.	754,000		3,412,577
HSBC Holdings PLCD	186,156		3,262,278
Hutchison Whampoa, Ltd.D	556,000		5,075,828
Jardine Matheson Holdings, Ltd.	124,000		2,182,400
Johnson Electric Holdings, Ltd.D	446,500		324,830
Li & Fung, Ltd.	573,000		1,158,351
Solomon Systech International, Ltd.	1,697,600		428,427
Sun Hung Kai Properties, Ltd.D	62,000		632,270
Swire Pacific, Ltd. Class AD	494,500		5,103,354
Techtronic Industries Co.D	1,214,000		1,641,322
Wharf Holdings, Ltd.	682,000		2,423,702

			60,980,951

See Notes to Financial Statements.

International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)


	Shares	Value
Hungary — 0.2%
MOL Hungarian Oil and Gas PLC	8,524	$	876,324
MOL Hungarian Oil and Gas PLC ADR	14,081		1,443,302

			2,319,626

India — 1.0%
Andhra Bank, Ltd.	830,784		1,127,802
Asian Paints, Ltd.	61,700		800,130
Bharat Heavy Electricals, Ltd.	16,446		696,365
Bharti Airtel, Ltd.*	119,262		958,448
Container Corporation of India, Ltd.	37,600		1,175,939
GAIL India, Ltd. GDRD	30,900		1,035,150
Gujarat Ambuja Cements, Ltd.	802,900		1,734,327
Hero Honda Motors, Ltd.	14,960		257,885
Hindustan Petroleum Corporation, Ltd.	21,728		111,118
ICICI Bank, Ltd.	33,889		359,132
ICICI Bank, Ltd. ADR	7,000		165,550
Infosys Technologies, Ltd. ADRD	18,623		1,422,983
Oil & Natural Gas Corporation, Ltd.	12,808		308,252
Ranbaxy Laboratories, Ltd.	116,254		899,807
Ranbaxy Laboratories, Ltd. GDRD	157,100		1,242,551
Sesa GOA, Ltd.	22,920		556,024
Sun Pharmaceuticals Industries, Ltd.*	52,600		899,935
Tata Motors, Ltd.	24,954		430,814

			14,182,212

Indonesia — 0.8%
Bank Rakyat Indonesia	6,980,500		3,089,717
PT Bank Mandiri Persero TBK	6,674,723		1,239,396
PT Panin Life TBK	26,999,000		466,354
PT Ramayana Lestari Sentosa TBK	6,439,500		521,389
PT Telekomunikasi Indonesia TBK	7,609,500		6,037,982

			11,354,838

Ireland — 0.8%
Allied Irish Banks PLC	98,500		2,374,845
CRH PLC	161,003		5,241,566
DEPFA Bank PLC	41,600		689,582
Irish Life & Permanent PLC	35,300		839,799
Kingspan Group PLC	77,395		1,351,242

			10,497,034

Israel — 0.4%
Bank Hapoalim, Ltd.	119,700		510,864
Bank Leumi Le-Israel BM	49,800		177,192
Check Point Software Technologies, Ltd.D*	108,400		1,905,672
Syneron Medical, Ltd.D*	9,900		206,712
Teva Pharmaceutical Industries, Ltd. ADRD	77,900		2,460,861

			5,261,301

Italy — 2.6%
Banca Intesa SpA	1,357,558		7,952,644
Banca Popolare di MilanoD	246,585		3,142,908
ENI SpAD	160,223		4,719,614
FastWebD	45,171		1,963,228
Mediaset SpA	397,359		4,685,993
Mediolanum SpAD	425,471		2,987,652
UniCredito Italiano SpA	1,300,116		10,177,033

			35,629,072

Japan — 25.0%
Advantest CorporationD	49,800		5,073,995
Aeon Co., Ltd.	91,700		2,011,246
Aiful Corporation	6,900		368,394
Ajinomoto Co., Inc.	154,000		1,704,981
Astellas Pharma, Inc.	149,100		5,472,038
Bridgestone Corporation	150,400		2,897,868
Canon, Inc.	301,050		14,757,869
Credit Saison Co., Ltd.	40,100		1,899,179
Daiichi Sankyo Co., Ltd.	27,600		759,699
Daikin Industries, Ltd.	176,000		6,105,557
Daito Trust Construction Co., Ltd.	37,000		2,049,808
Daiwa House Industry Co., Ltd.	47,000		751,573
Denso Corporation	201,400		6,581,929
Eisai Co., Ltd.	140,100		6,304,745
FamilyMart Co., Ltd.	68,000		1,960,853
Fanuc, Ltd.	135,700		12,189,759
Fast Retailing Co., Ltd.D	28,700		2,344,853
Funai Electric Co., Ltd.D	10,100		979,640
Hirose Electric Co., Ltd.	41,000		4,979,902
Hitachi, Ltd.	425,000		2,807,585
Honda Motor Co., Ltd.	195,200		6,191,681
Hoya Corporation	22,000		782,419
JS Group Corporation	127,000		2,668,953
JSR CorporationD	84,300		2,128,862
Kansai Electric Power Co., Inc. (The)	59,800		1,337,714
Kao Corporation	301,000		7,877,447
KDDI Corporation	947		5,817,380
Keyence CorporationD	32,120		8,201,209
Kuraray Co., Ltd.	151,000		1,688,920
Marubeni CorporationD	402,000		2,142,782
Matsushita Electric Industrial Co., Ltd.	119,686		2,525,705
Millea Holdings, Inc.	770		14,331,527
Mitsubishi Corporation	78,300		1,563,400
Mitsubishi Estate Co., Ltd.	783,100		16,628,216
Mitsubishi Heavy Industries, Ltd.	859,000		3,708,022
Mitsubishi UFJ Financial Group, Inc.	1,008		14,092,974
Mitsui & Co., Ltd.D	35,000		494,233
Mitsui Sumitomo Insurance Co., Ltd.	42,000		527,386
Mizuho Financial Group, Inc.	503		4,259,062
Murata Manufacturing Co., Ltd.	7,200		467,459
NGK Spark Plug Co., Ltd.D	38,000		763,719
Nidec Corporation	8,600		616,218
Nikko Cordial Corporation	235,000		3,006,292
Nintendo Co., Ltd.	16,000		2,684,376
Nippon Electric Glass Co., Ltd.	69,000		1,383,738
Nippon Telegraph & Telephone Corporation	766		3,755,033
Nissan Motor Co., Ltd.	208,200		2,274,117
Nitto Denko CorporationD	95,000		6,765,554
NTT Data Corporation	759		3,282,987
NTT DoCoMo, Inc.	3,740		5,490,388
Odakyu Electric Railway Co., Ltd.D	93,000		599,738
ORIX Corporation	46,290		11,305,536

See Notes to Financial Statements.


	Shares	Value
Pioneer Corporation	109,400	$	1,764,701
Ricoh Co., Ltd.D	190,000		3,727,281
Rohm Co., Ltd.	54,700		4,889,733
Secom Co., Ltd.	105,000		4,963,736
Sekisui Chemical Co., Ltd.	286,000		2,469,137
Sharp Corporation	118,000		1,864,243
Shimamura Co., Ltd.	38,500		4,218,717
Shin-Etsu Chemical Co., Ltd.	139,000		7,554,876
SMC Corporation	16,400		2,320,133
Softbank CorporationD	193,600		4,339,252
Sompo Japan Insurance, Inc.	82,900		1,159,035
Sony Corporation	120,000		5,295,351
Square Enix Co., Ltd.D	64,000		1,331,003
Sumitomo Chemical Co., Ltd.	312,000		2,600,909
Sumitomo Corporation	161,000		2,122,938
Sumitomo Metal Industries, Ltd.	219,000		903,251
Sumitomo Mitsui Financial Group, Inc.	743		7,855,907
Sumitomo Realty & Development Co., Ltd.	32,000		788,535
Sumitomo Trust & Banking Co., Ltd.	310,000		3,386,054
Suzuki Motor Corporation	121,300		2,623,362
T&D Holdings, Inc.	58,750		4,748,667
Takeda Pharmaceutical Co., Ltd.	285,100		17,737,784
Takefuji CorporationD	28,800		1,716,323
TIS, Inc.	34,200		956,309
Tokyo Electric Power Company, Inc.	22,100		610,241
Tokyo Electron, Ltd.	44,300		3,096,819
Tokyo Gas Co., Ltd.D	604,000		2,844,775
Tokyu CorporationD	553,000		3,227,927
Toshiba CorporationD	185,000		1,207,576
Toyota Motor Corporation	218,900		11,457,628
Trend Micro, Inc.	34,000		1,146,802
Ushio, Inc.D	26,000		548,672
West Japan Railway Co.	483		2,004,762
Yahoo! Japan Corporation	2,402		1,271,943
Yamada Denki Co., Ltd.	15,700		1,601,005
Yamato Transport Co., Ltd.	98,500		1,747,247

			343,467,154

Luxembourg — 0.1%
ArcelorD	15,800		762,687
SES Global	47,700		677,219

			1,439,906

Malaysia — 0.2%
AirAsia BHD*	1,209,200		493,618
Bumiputra-Commerce Holdings BHD	922,900		1,494,422
IOI Corporation BHD	258,300		1,005,223
MK Land Holdings BHD	841,300		153,401
Titan Chemicals Corporation BHD	299,500		103,515

			3,250,179

Mexico — 0.6%
America Movil SA de CV ADR Series L	48,100		1,599,806
Cemex SA de CV*	348,349		1,985,739
Corporacion Moctezuma SA de CV	177,000		358,955
Grupo Mexico SA de CV Series B	51,300		146,555
Grupo Televisa SA ADR	99,811		1,927,351
Kimberly-Clark de Mexico SA de CV Class A	22,900		72,529
Urbi Desarrollos Urbanos SA*	110,300		255,782
Wal-Mart de Mexico SA de CV Series V	608,377		1,700,478

			8,047,195

Netherlands — 4.6%
ABN AMRO Holding NV	71,456		1,954,948
Aegon NV	93,328		1,595,993
Akzo Nobel NV	41,000		2,210,915
ING Groep NV	357,914		14,067,888
Koninklijke Numico NV	149,913		6,728,377
Koninklijke Philips Electronics NV	60,200		1,881,082
Reed Elsevier NV	544,638		8,192,245
Royal Dutch Shell PLC Class A	544,861		18,328,594
Royal Dutch Shell PLC Class B	12,441		435,045
Royal KPN NV	195,900		2,202,475
TNT NV	81,600		2,920,287
Trader Media East, Ltd. GDRD*	30,400		285,760
Unilever NV	99,000		2,245,079

			63,048,688

New Zealand — 0.2%
Telecom Corporation of New Zealand, Ltd.	1,335,696		3,287,907

Norway — 0.5%
DNB NOR ASAD	48,400		600,636
Norsk Hydro ASA	99,000		2,624,139
Norske Skogindustrier ASAD	27,284		399,953
Telenor ASA	226,413		2,737,004
Yara International ASA	28,000		373,339

			6,735,071

Peru — 0.1%
Compania de Minas Buenaventura SA ADRD	5,700		155,496
Credicorp, Ltd.D	30,900		925,764

			1,081,260

Philippines — 0.2%
Globe Telecom, Inc.	38,800		679,196
SM Prime Holdings, Inc.	8,867,200		1,301,853

			1,981,049

Poland — 0.1%
Powszechna Kasa Oszczednosci Bank Polski SA	119,432		1,390,645

Portugal — 0.1%
Portugal Telecom SGPS SA	148,110		1,788,315

Romania — 0.0%
SNP Petrom SA	1,991,000		363,341

Russia — 0.9%
Comstar United Telesystems GDR 144A	43,397		259,948
CTC Media, Inc.D*	11,000		200,860
LUKOIL ADRD	52,861		4,419,180
Mechel OAO ADRD	8,500		190,315
Mining and Metallurgical Co. Norilsk Nickel ADRD	4,003		520,390
Mobile Telesystems ADR	110,300		3,247,232
OAO Gazprom ADRD	21,856		919,045

See Notes to Financial Statements.

International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)


	Shares	Value
Polyus Gold Mining Co. ADR+	4,003	$	200,150
Pyaterochka Holding NV GDR*	43,122		717,981
Vimpel-Communications ADRD*	10,800		494,856
Wimm-Bill-Dann Foods OJSC ADRD	18,100		708,615

			11,878,572

Singapore — 0.6%
DBS Group Holdings, Ltd.	54,000		617,494
Neptune Orient Lines, Ltd.	273,000		312,177
Oversea-Chinese Banking Corporation	628,800		2,621,903
Singapore Telecommunications, Ltd.	2,819,571		4,524,567
United Overseas Bank, Ltd.	47,000		463,215

			8,539,356

South Africa — 1.6%
ABSA Group, Ltd.	42,913		600,303
African Bank Investments, Ltd.	86,020		335,802
Alexander Forbes, Ltd.	375,700		765,024
Anglo American PLC	97,640		3,993,027
AngloGold Ashanti, Ltd. ADRD	24,289		1,168,787
Aspen Pharmacare Holdings, Ltd.	57,041		290,376
Barloworld, Ltd.	15,664		264,344
BHP Billiton PLC	7,007		135,596
FirstRand, Ltd.	250,467		590,362
Gold Fields, Ltd.	35,494		801,956
Impala Platinum Holdings, Ltd.	3,179		585,175
Imperial Holdings, Ltd.	14,819		279,019
JD Group, Ltd.	16,985		157,247
MTN Group, Ltd.	362,285		2,672,926
Murray & Roberts Holdings, Ltd.	52,966		187,634
Naspers, Ltd.	39,718		675,095
Pick’n Pay Stores, Ltd.	49,700		201,711
Sasol, Ltd.	94,459		3,622,904
Standard Bank Group, Ltd.	300,712		3,229,404
Telkom SA, Ltd.D	16,242		298,993
Tiger Brands, Ltd.	19,511		390,492

			21,246,177

South Korea — 3.0%
Amorepacific Corporation*	980		323,743
Daelim Industrial Co., Ltd.	8,570		538,363
Hankook Tire Co., Ltd.	80,295		943,651
Honam Petrochemical Corporation	17,000		829,618
Hynix Semiconductor, Inc.*	23,140		749,992
Hyundai Mobis	15,450		1,307,652
Hyundai Motor Co.	32,660		2,774,594
Kookmin Bank	48,091		3,953,727
Kookmin Bank ADRD	30,225		2,510,488
Korea Electric Power Corporation	84,410		3,127,285
LG.Philips LCD Co., Ltd.*	29,360		1,092,393
LG.Philips LCD Co., Ltd. ADRD*	9,400		170,328
Lotte Shopping Co., Ltd.	1,430		556,174
Lotte Shopping Co., Ltd. GDR 144A*	5		97
NCSoft Corporation*	12,040		691,626
POSCO	1,707		457,899
Samsung Electronics Co., Ltd.	7,680		4,881,202
Samsung Electronics Co., Ltd. (Non-Voting Shares) GDR 144AD	9,909		2,417,975
Samsung Electronics Co., Ltd. GDR 144AD	10,355		3,288,366
Samsung Fire & Marine Insurance Co., Ltd.	5,800		779,447
Samsung Securities Co., Ltd.	39,140		2,108,094
Shinhan Financial Group Co., Ltd.	25,120		1,178,224
Shinsegae Co., Ltd.	6,350		3,179,183
SK Telecom Co., Ltd.	6,000		1,290,119
SK Telecom Co., Ltd. ADR	22,700		531,634
S-Oil Corporation	10,340		731,293
STX Pan Ocean Co., Ltd.	300,000		123,195
Tae Young Corporation	9,700		607,304

			41,143,666

Spain — 3.5%
Banco Bilbao Vizcaya Argentaria SA	130,600		2,686,067
Banco Santander Central Hispano SA	690,784		10,090,113
Iberdrola SA	232,085		7,994,128
Inditex SAD	185,623		7,830,150
Repsol YPF SA	189,563		5,428,694
Telefonica SA	803,612		13,382,741

			47,411,893

Sri Lanka — 0.0%
Dialog Telekom, Ltd.	240,400		45,668

Sweden — 1.2%
Assa Abloy AB Class B	174,067		2,926,614
Atlas Copco AB Class A	34,000		944,871
Hennes & Mauritz AB Class B	115,000		4,458,262
Nordea Bank ABD	218,000		2,597,975
Scania AB Class B	18,600		845,131
Telefonaktiebolaget LM Ericsson Class B	1,428,500		4,724,119

			16,496,972

Switzerland — 4.0%
Adecco SAD	8,276		489,432
Compagnie Financiere Richemont AG Class A*	74,974		3,434,251
Credit Suisse Group	30,785		1,722,379
Givaudan SA	750		590,467
Holcim, Ltd.	33,567		2,572,678
Nestle SA	40,334		12,668,812
Nobel Biocare Holding AG	9,191		2,182,068
Novartis AG	291,435		15,780,947
Roche Holding AG	49,221		8,136,734
Swiss Reinsurance	40,152		2,806,420
Swisscom AG	3,101		1,020,942
UBS AG	4,871		533,895
Xstrata PLC	12,800		485,234
Zurich Financial Services AG	11,900		2,608,646

			55,032,905

Taiwan — 1.6%
Advanced Semiconductor Engineering, Inc.	744,000		735,325
Advantech Co., Ltd.	146,544		420,023
AU Optronics Corporation	1,181,284		1,667,352
Basso Industry Corporation*	209,060		293,146
Cathay Financial Holding Co., Ltd.	397,510		869,237

See Notes to Financial Statements.


	Shares	Value
Chang Hwa Commercial Bank	538,000	$	381,348
Chinatrust Financial Holding Co.	417,000		345,810
Chunghwa Telecom Co., Ltd.*	60,000		108,409
Faraday Technology Corporation	291,934		503,125
Foxconn Technology Co., Ltd.*	123,700		993,344
High Tech Computer Corporation	96,000		2,638,869
Largan Precision Co., Ltd.*	35,000		749,131
Lite-On Technology Corporation*	367,000		543,515
MediaTek, Inc.	100,000		926,569
Phoenixtec Power Co., Ltd.	405,605		413,403
Shin Kong Financial Holding Co., Ltd.	335,000		368,342
Taiwan Semiconductor Manufacturing Co., Ltd.	4,069,925		7,341,011
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	10,918		100,226
United Microelectronics Corporation	3,134,000		1,877,835
Vanguard International Semiconductor Corporation	1,024,395		691,314
Wistron Corporation	137,000		160,791
Yuanta Core Pacific Securities Co.*	428,000		282,888

			22,411,013

Thailand — 0.3%
Airports of Thailand Public Co., Ltd.	627,800		922,267
PTT Public Co., Ltd.	348,700		2,067,319
Siam City Cement Public Co., Ltd.	23,600		137,440
Thai Oil Public Co., Ltd.	563,600		938,840

			4,065,866

Turkey — 0.2%
Arcelik AS	35,990		205,819
Coca-Cola Icecek Uretim AS*	33,750		154,621
Ford Otomotiv Sanayi AS	16,960		113,602
Migros Turk TAS*	126,874		1,018,197
Türkiye Garanti Bankasi AS	182,074		453,316
Türkiye Is Bankasi	111,653		550,327
Yapi ve Kredi Bankasi*	423,258		639,234

			3,135,116

United Kingdom — 12.4%
ARM Holdings PLC	110,000		230,366
AstraZeneca PLCD	134,389		8,112,870
Aviva PLC	349,563		4,948,323
BAE Systems PLC	261,000		1,784,580
BG Group PLC	1,300,489		17,375,285
BHP Billiton PLC	41,863		812,070
BOC Group PLC	39,762		1,162,485
Boots Group PLC	266,735		3,795,562
BP PLC	1,092,183		12,734,090
Brambles Industries PLC	294,259		2,339,837
British Land Co. PLC	30,400		710,010
Cadbury Schweppes PLC	50,083		482,983
Capita Group PLC	184,324		1,573,044
Carnival PLC	77,382		3,152,404
Cattles PLC	237,000		1,442,984
Centrica PLC	409,500		2,160,066
Compass Group PLC	149,101		723,075
GKN PLC	479,201		2,419,178
GlaxoSmithKline PLC	404,637		11,306,221
HBOS PLC	622,835		10,826,505
HSBC Holdings PLC	65,300		1,148,972
Johnston Press PLC	42,300		324,229
Kingfisher PLC	1,648,313		7,269,683
Lloyds TSB Group PLC	652,360		6,411,771
Misys PLC	341,100		1,356,150
Northern Rock PLC	31,400		580,654
Pearson PLC	45,600		621,048
Prudential PLC	287,000		3,242,728
Reckitt Benckiser PLC	150,720		5,630,016
Reed Elsevier PLC	218,400		2,205,122
Rexam PLC	188,400		1,839,510
Rio Tinto PLC	112,700		5,958,343
Royal Bank of Scotland Group PLC	473,279		15,560,960
Scottish & Southern Energy PLC	51,000		1,085,508
Smith & Nephew PLC	67,400		519,113
Smiths Group PLC	100,644		1,658,261
Standard Chartered PLC	84,200		2,055,292
Tesco PLC	130,100		803,547
Travis Perkins PLC	56,100		1,569,601
Unilever PLC	298,919		6,721,628
Vodafone Group PLC	4,964,350		10,580,123
Wm Morrison Supermarkets PLC	1,225,000		4,405,986
Wolseley PLC	30,000		661,834
Yell Group PLC	65,700		621,439

			170,923,456

Total Foreign Common Stocks (Cost $956,765,590)			1,325,578,544

FOREIGN PREFERRED STOCKS — 0.4%
Brazil — 0.3%
Centrais Eletricas Brasileiras SA Class B	47,867,800		979,722
Cia Vale do Rio Doce Class A	12,266		249,749
Companhia de Tecidos do Norte de Minas – Coteminas	2,595,260		242,044
Investimentos Itau SA	435,607		1,747,737

			3,219,252

South Korea — 0.1%
Samsung Electronics Co., Ltd.	3,713		1,811,983

Total Foreign Preferred Stocks (Cost $3,005,606)			5,031,235

MONEY MARKET FUNDS — 16.7%
GuideStone Funds Money Market Fund (GS4 Class)¥	38,861,161		38,861,161
Northern Institutional Liquid Assets Portfolio§	190,364,029		190,364,029

Total Money Market Funds (Cost $229,225,190)			229,225,190


	Number of Contracts
PURCHASED OPTION — 0.0%
Put Option — 0.0%
1-Year Euro, Strike Price $1.19, Expires 07/05/06 (Cost $933,648)	29,360,000		2,936

See Notes to Financial Statements.

International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)


	Value
TOTAL INVESTMENTS — 113.5% (Cost $1,189,930,034)	$	1,559,837,905

Liabilities in Excess of Other Assets — (13.5)%		(185,612,495	)

NET ASSETS — 100.0%	$	1,374,225,410


PORTFOLIO SUMMARY+
	%
Japan	25.0
Money Market Funds	16.7
United Kingdom	12.4
France	8.7
Germany	5.2
Netherlands	4.6
Hong Kong	4.4
Switzerland	4.0
Spain	3.5
Australia	3.2
South Korea	3.1
Italy	2.6
Canada	2.3
South Africa	1.6
Taiwan	1.6
Brazil	1.3
Denmark	1.2
Sweden	1.2
India	1.0
Belgium	0.9
Finland	0.9
Russia	0.9
Indonesia	0.8
Ireland	0.8
China	0.7
Mexico	0.6
Singapore	0.6
Norway	0.5
Israel	0.4
Egypt	0.3
Greece	0.3
Thailand	0.3
Chile	0.2
Hungary	0.2
Malaysia	0.2
New Zealand	0.2
Philippines	0.2
Turkey	0.2
Austria	0.1
Colombia	0.1
Ecuador	0.1
Luxembourg	0.1
Peru	0.1
Poland	0.1
Portugal	0.1
Argentina	—	**
Estonia	—	**
Purchased Option	—	**
Romania	—	**
Sri Lanka	—	**
Forward Foreign Currency Contracts	(1.1	)

	112.4

+	Based on net assets.

**	Rounds to less than 0.005%.

See Notes to Financial Statements.

SCHEDULE OF INVESTMENTS – ABBREVIATIONS AND FOOTNOTES


INVESTMENT ABBREVIATIONS:
ADR		— American Depository Receipt
CONV		— Convertible
GDR		— Global Depository Receipt
IO		— Interest Only (Principal amount shown is notional)
PIK		— Payment-in-Kind Bonds
PO		— Principal Only
REIT		— Real Estate Investment Trust
STEP		— Stepped Coupon Bonds (1)
STRIP		— Stripped Security
TBA		— To be announced.
144A		— Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

INVESTMENT FOOTNOTES:
‡‡		— All or a portion of the security was held as collateral for open futures, options and/or swap contracts.
@		— Illiquid.
*		— Non-income producing security.
#		— Security in default.
+		— Security is valued at fair value.
§		— Security purchased with the cash proceeds from securities loaned.
†		— Variable rate security (1).
W		— Interest rates shown reflect the effective yields as of June 30, 2006.
¥		— Affiliated fund.
D		— Security either partially or fully on loan.

FOREIGN BOND FOOTNOTES:
(A)		— Par is denominated in Australian Dollars.
(B)		— Par is denominated in Brazilian Reals.
(C)		— Par is denominated in Canadian Dollars.
(E)		— Par is denominated in Euros.
(G)		— Par is denominated in Singapore Dollars.
(J)		— Par is denominated in Japanese Yen.
(K)		— Par is denominated in Swedish Kronas.
(M)		— Par is denominated in Mexican Pesos.
(R)		— Par is denominated in Argentinian Pesos.
(T)		— Par is denominated in Thailand Bahts.
(U)		— Par is denominated in British Pounds.
(W)		— Par is denominated in South Korean Won.
(Z)		— Par is denominated in New Zealand Dollars.

SWAP AGREEMENT FOOTNOTES:
(a)		— Counterparty to contract is Goldman Sachs Capital Markets, LP.
(b)		— Counterparty to contract is UBS AG.
(c)		— Counterparty to contract is Morgan Stanley Capital Services.
(d)		— Counterparty to contract is Barclays Capital.
(e)		— Counterparty to contract is Lehman Brothers Special Financing, Inc.
(f)		— Counterparty to contract is Citibank NA London.
(g)		— Counterparty to contract is JPMorgan Chase Bank.
(h)		— Counterparty to contract is Merrill Lynch Capital Services, Inc.
(i)		— Counterparty to contract is HSBC Bank USA, N.A.
(j)		— Counterparty to contract is BNP Paribas.
(k)		— Counterparty to contract is Deutsche Bank AG.

(1)	Interest rates shown reflect the rates currently in effect. Maturity date for money market instruments is the date of the next interest rate reset.

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2006 (Unaudited)


	Money Market Fund			Low-Duration Bond Fund			Medium-Duration Bond Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	851,735,056		$	961,153,809		$	1,594,456,267
Investments in securities of affiliated issuers, at value		—			32,645,664			46,741,100

Total investments (1)(2)		851,735,056			993,799,473			1,641,197,367
Cash		831			23,685,204			22,310,108
Cash collateral for futures		—			—			75,250
Foreign currency (3)		—			775,617			18,439,843
Receivables:
Dividends and reclaims		—			87,224			206,916
Interest		1,969,653			4,030,983			8,295,621
Interest on swaps		—			10,993			8,498
Investment securities sold		—			2,498,233			66,709,302
Maturities		—			454,382			65,212
Fund shares sold		8,906,396			5,012			52,375
Variation margin		—			332,092			58,744
Securities lending		—			2,388			18,850
Unrealized appreciation on foreign currency exchange contracts		—			125,372			93,411
Unrealized appreciation on swap agreements		—			723,147			419,180
Prepaid expenses and other assets		7,511			19,151			20,168

Total Assets		862,619,447			1,026,549,271			1,757,970,845

Liabilities
Securities sold short, at value (proceeds $ 948,906)		—			—			905,938
Options written at value (4)		—			77,539			135,323
Unrealized depreciation on foreign currency exchange contracts		—			1,142,796			1,794,923
Unrealized depreciation on swap agreements		—			461,932			1,672,392
Collateral held for securities on loan at value		—			73,820,194			313,903,270
Payables:
Investment securities purchased		—			5,741,169			313,562,975
Fund shares redeemed		8,800,432			104,525			125,161
Interest on swaps		—			9,145			21,269
Variation margin		—			35,868			97,525
Distributions		1,098,103			—			—
Securities lending		—			716			5,654
Deferred foreign capital gains taxes		—			—			—
Accrued expenses
Advisory fees		92,703			112,877			150,318
Distribution (12b-1) fees		1,678			2,190			2,321
Shareholder servicing fees		118,308			132,312			161,484
Other expenses		135,641			281,915			392,667

Total Liabilities		10,246,865			81,923,178			632,931,220

Net Assets	$	852,372,582		$	944,626,093		$	1,125,039,625

Net Assets Consist of:
Paid-in capital	$	852,381,550		$	969,609,306		$	1,155,720,669
Undistributed (distributions in excess of) net investment income		(72	)		4,288,241			3,534,950
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency transactions and derivative transactions		(8,896	)		(18,790,818	)		(14,801,317	)
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		—			(10,480,636	)		(19,414,677	)

Net Assets	$	852,372,582		$	944,626,093		$	1,125,039,625

Net Asset Value:
($0.001 par value, unlimited shares authorized)
Net assets applicable to the GS2 Class	$	94,681,814		$	107,648,196		$	104,792,949

GS2 shares outstanding		94,681,722			11,998,515			12,445,064

Net asset value, offering and redemption price per GS2 share	$	1.00		$	8.97		$	8.42

Net assets applicable to the GS4 Class	$	747,726,233		$	820,417,570		$	1,002,083,373

GS4 shares outstanding		747,698,672			65,041,320			76,583,501

Net asset value, offering and redemption price per GS4 share	$	1.00		$	12.61		$	13.08

Net assets applicable to the GS6 class	$	4,678,166		$	11,476,219		$	13,081,051

GS6 shares outstanding		4,680,313			1,273,919			1,541,884

Net asset value, offering and redemption price per GS6 share	$	1.00		$	9.01		$	8.48

Net assets applicable to the GS8 class	$	5,286,369		$	5,084,108		$	5,082,252

GS8 shares outstanding		5,286,337			564,171			598,776

Net asset value, offering and redemption price per GS8 share	$	1.00		$	9.01		$	8.49

__________

(1) Investments in securities of unaffiliated issuers, at cost	$	851,735,056		$	968,791,249		$	1,612,246,907
Investments in securities of affiliated issuers, at cost		—			32,645,664			46,741,100

Total investments at cost	$	851,735,056		$	1,001,436,913		$	1,658,988,007

(2) Includes securities loaned of:	$	—		$	77,634,003		$	316,188,177

(3) Foreign currency at cost	$	—		$	761,931		$	18,177,094

(4) Premiums received on options written	$	—		$	(591,598	)	$	(1,436,668	)

(5) Net of ($9,618) accrued foreign capital gains taxes on appreciated securities

See Notes to Financial Statements.


	Extended-Duration Bond Fund			Equity Index Fund			Value Equity Fund		Growth Equity Fund			Small Cap Equity Fund			International Equity Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	563,432,870		$	514,841,685		$	1,541,672,643	$	1,549,618,195		$	806,787,971		$	1,520,976,744
Investments in securities of affiliated issuers, at value		6,400,857			12,743,613			42,418,637		62,416,731			25,571,309			38,861,161

Total investments (1)(2)		569,833,727			527,585,298			1,584,091,280		1,612,034,926			832,359,280			1,559,837,905
Cash		769			—			—		—			—			61,052
Cash collateral for futures		—			—			—		—			—			—
Foreign currency (3)		92,274			—			—		—			—			2,838,891
Receivables:
Dividends and reclaims		42,380			532,001			1,751,408		765,012			349,843			2,899,456
Interest		5,654,700			—			—		—			49			—
Interest on swaps		—			—			—		—			—			—
Investment securities sold		—			215,104			37,301,437		18,231,892			2,532,605			2,873,150
Maturities		—			—			—		—			—			—
Fund shares sold		183			32,623			306,215		26,145			12,094			116,075
Variation margin		—			—			—		—			292,900			—
Securities lending		19,748			4,550			4,461		15,250			46,642			32,573
Unrealized appreciation on foreign currency exchange contracts		—			—			—		—			—			17,050
Unrealized appreciation on swap agreements		—			—			—		—			—			—
Prepaid expenses and other assets		17,145			13,539			23,119		23,857			20,282			30,627

Total Assets		575,660,926			528,383,115			1,623,477,920		1,631,097,082			835,613,695			1,568,706,779

Liabilities
Securities sold short, at value (proceeds $ 948,906)		—			—			—		—			—			—
Options written at value (4)		—			—			—		—			—			—
Unrealized depreciation on foreign currency exchange contracts		—			—			—		—			—			564,203
Unrealized depreciation on swap agreements		—			—			—		—			—			—
Collateral held for securities on loan at value		127,007,615			28,095,055			107,988,959		157,001,689			262,610,326			190,364,029
Payables:
Investment securities purchased		—			3,158			36,683,703		4,308,760			4,231,775			1,613,091
Fund shares redeemed		266,049			79,769			129,400		79,236			345,171			314,485
Interest on swaps		—			—			—		—			—			—
Variation margin		—			21,600			78,493		137,238			—			—
Distributions		—			—			—		—			—			—
Securities lending		5,921			1,364			1,338		4,574			13,963			9,772
Deferred foreign capital gains taxes		—			—			—		—			—			9,618
Accrued expenses
Advisory fees		90,405			43,007			541,721		475,862			94,741			349,951
Distribution (12b-1) fees		2,458			2,347			2,677		2,199			2,735			3,222
Shareholder servicing fees		64,098			68,869			206,088		202,348			79,159			183,188
Other expenses		153,511			89,237			384,000		584,484			422,927			1,069,810

Total Liabilities		127,590,057			28,404,406			146,016,379		162,796,390			267,800,797			194,481,369

Net Assets	$	448,070,869		$	499,978,709		$	1,477,461,541	$	1,468,300,692		$	567,812,898		$	1,374,225,410

Net Assets Consist of:
Paid-in capital	$	451,047,607		$	413,720,671		$	1,197,056,717	$	1,430,522,043		$	470,396,285		$	897,011,577
Undistributed (distributions in excess of) net investment income		433,388			93,337			143,922		(1,366,989	)		(833,165	)		7,457,251
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency transactions and derivative transactions		1,065,112			(1,358,852	)		100,602,676		(182,450,809	)		36,537,074			100,350,182
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		(4,475,238	)		87,523,553			179,658,226		221,596,447			61,712,704			369,406,400	(5)

Net Assets	$	448,070,869		$	499,978,709		$	1,477,461,541	$	1,468,300,692		$	567,812,898		$	1,374,225,410

Net Asset Value:
($0.001 par value, unlimited shares authorized)
Net assets applicable to the GS2 Class	$	56,392,782		$	65,905,542		$	162,402,604	$	168,320,161		$	64,059,074		$	181,266,904

GS2 shares outstanding		7,179,008			6,534,139			14,861,668		15,826,469			5,353,836			11,432,254

Net asset value, offering and redemption price per GS2 share	$	7.86		$	10.09		$	10.93	$	10.64		$	11.97		$	15.86

Net assets applicable to the GS4 Class	$	371,976,002		$	416,209,202		$	1,293,465,974	$	1,283,737,280		$	481,474,856		$	1,165,667,950

GS4 shares outstanding		26,526,205			24,087,720			71,783,775		76,233,225			29,402,118			62,314,906

Net asset value, offering and redemption price per GS4 share	$	14.02		$	17.28		$	18.02	$	16.84		$	16.38		$	18.71

Net assets applicable to the GS6 class	$	14,560,501		$	12,307,123		$	15,704,136	$	10,825,012		$	16,310,179		$	20,555,484

GS6 shares outstanding		1,854,724			1,213,108			1,445,147		1,037,875			1,395,974			1,313,741

Net asset value, offering and redemption price per GS6 share	$	7.85		$	10.15		$	10.87	$	10.43		$	11.68		$	15.65

Net assets applicable to the GS8 class	$	5,141,584		$	5,556,842		$	5,888,827	$	5,418,239		$	5,968,789		$	6,735,072

GS8 shares outstanding		655,298			547,567			542,513		522,344			514,065			431,642

Net asset value, offering and redemption price per GS8 share	$	7.85		$	10.15		$	10.85	$	10.37		$	11.61		$	15.60

__________

(1) Investments in securities of unaffiliated issuers, at cost	$	567,909,611		$	427,391,804		$	1,362,301,038	$	1,328,275,148		$	745,819,473		$	1,151,068,873
Investments in securities of affiliated issuers, at cost		6,400,857			12,743,613			42,418,637		62,416,731			25,571,309			38,861,161

Total investments at cost	$	574,310,468		$	440,135,417		$	1,404,719,675	$	1,390,691,879		$	771,390,782		$	1,189,930,034

(2) Includes securities loaned of:	$	224,552,272		$	39,117,706		$	106,681,354	$	170,011,172		$	261,161,006		$	187,436,976

(3) Foreign currency at cost	$	92,568		$	—		$	—	$	—		$	—		$	2,808,009

(4) Premiums received on options written	$	—		$	—		$	—	$	—		$	—		$	—

(5) Net of ($9,618) accrued foreign capital gains taxes on appreciated securities

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2006 (Unaudited)


	Money Market Fund			Low-Duration Bond Fund			Medium-Duration Bond Fund
Investment Income
Dividends	$	—		$	—		$	59,167
Income dividends received from affiliated funds		—			579,103			1,028,751
Interest		20,007,286			19,991,536			26,769,891
Securities Lending		—			34,881			129,194
Less foreign taxes withheld		—			—			—

Total Investment Income		20,007,286			20,605,520			27,987,003

Expenses
Investment advisory fees		857,094			1,860,899			2,366,705
Transfer agent fees:
GS2 shares		2,335			1,619			1,500
GS4 shares		22,274			13,442			15,952
GS6 shares		3,135			3,148			3,095
GS8 shares		3,212			3,242			3,228
Custodian fees		9,963			49,815			107,282
Distribution fees:
GS6 shares		2,294			5,666			6,521
GS8 shares		7,730			7,527			7,605
Shareholder servicing fees:
GS4 shares		698,703			759,146			933,893
GS6 shares		6,877			16,996			19,558
GS8 shares		10,304			10,033			10,138
Accounting and administration fees		159,336			198,068			255,377
Professional fees		28,261			30,071			32,673
Blue sky fees:
GS2 shares		882			886			772
GS4 shares		3,214			1,252			800
GS6 shares		20,212			11,667			12,094
GS8 shares		4,990			4,460			3,609
Shareholder reporting fees:
GS2 shares		248			236			226
GS4 shares		10,410			3,928			6,525
GS6 shares		(65	)		(29	)		(64	)
GS8 shares		28			28			27
Trustee fees		7,964			7,831			9,365
Line of credit facility fees		1,899			2,114			2,448
Other expenses		15,553			21,108			28,757

Total expenses		1,876,853			3,013,153			3,828,086
Expenses waived net of amount recaptured (See Footnote 3a and 3c)		(21,212	)		(250,341	)		(422,627	)
Fees paid indirectly		(5,060	)		(152,838	)		(109,628	)

Net expenses		1,850,581			2,609,974			3,295,831

Net Investment Income (Loss)		18,156,705			17,995,546			24,691,172

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities (net of capital gains taxes of $52,593 for International Equity)		(522	)		(3,168,611	)		(6,327,703	)
Futures transactions		—			(2,803,778	)		(1,740,927	)
Swap agreements		—			(29,428	)		(1,092,616	)
Foreign currency transactions		—			(794,332	)		(95,737	)

Net realized gain (loss)		(522	)		(6,796,149	)		(9,256,983	)

Net change in unrealized appreciation (depreciation) on:
Investment securities (net of estimated deferred capital gains taxes of $119,710 for International Equity)		—			1,497,885			(20,932,142	)
Futures		—			(2,160,703	)		(773,056	)
Swap agreements		—			34,375			(117,183	)
Option contracts written		—			380,536			506,460
Option contracts purchased		—			(379,659	)		(618,540	)
Foreign currency translations		—			(888,139	)		(701,658	)

Net change in unrealized appreciation (depreciation)		—			(1,515,705	)		(22,636,119	)

Net Realized and Unrealized Gain (Loss)		(522	)		(8,311,854	)		(31,893,102	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	18,156,183		$	9,683,692		$	(7,201,930	)

See Notes to Financial Statements.

100


	Extended-Duration Bond Fund			Equity Index Fund			Value Equity Fund			Growth Equity Fund			Small Cap Equity Fund			International Equity Fund
Investment Income
Dividends	$	24,820		$	4,503,128		$	17,175,725		$	4,836,011		$	1,903,836		$	23,185,008
Income dividends received from affiliated funds		153,815			245,248			1,268,441			1,184,124			538,976			925,169
Interest		12,191,206			18,987			104,346			90,370			33,605			15,732
Securities Lending		204,020			18,886			53,342			66,435			196,050			162,680
Less foreign taxes withheld		—			—			(55,159	)		(74,973	)		(4,931	)		(1,798,309	)

Total Investment Income		12,573,861			4,786,249			18,546,695			6,101,967			2,667,536			22,490,280

Expenses
Investment advisory fees		1,117,698			387,842			4,938,824			6,356,902			2,952,841			6,617,108
Transfer agent fees:
GS2 shares		6,390			1,503			1,623			1,638			1,465			1,530
GS4 shares		15,506			16,415			19,045			17,348			18,716			19,226
GS6 shares		3,079			3,098			2,812			2,797			2,605			2,943
GS8 shares		3,246			3,245			3,251			3,156			3,131			3,190
Custodian fees		11,873			14,762			52,831			39,673			48,285			531,112
Distribution fees:
GS6 shares		7,354			6,145			7,739			5,603			8,264			10,150
GS8 shares		7,793			8,315			8,677			8,412			9,067			9,949
Shareholder servicing fees:
GS4 shares		363,123			392,867			1,241,978			1,263,659			466,980			1,115,959
GS6 shares		22,053			18,432			23,213			16,814			24,785			30,437
GS8 shares		10,389			11,085			11,567			11,219			12,086			13,260
Accounting and administration fees		94,318			100,895			291,135			292,377			103,127			336,258
Professional fees		29,378			27,730			27,750			27,729			29,047			30,366
Blue sky fees:
GS2 shares		885			886			886			886			886			886
GS4 shares		671			2,252			1,131			1,171			990			1,631
GS6 shares		12,704			11,298			10,556			11,340			10,710			11,206
GS8 shares		3,832			4,816			3,919			4,025			4,663			4,755
Shareholder reporting fees:
GS2 shares		188			227			227			215			207			261
GS4 shares		7,205			8,095			11,852			9,561			12,525			10,027
GS6 shares		(62	)		(65	)		(100	)		(88	)		(137	)		(44	)
GS8 shares		25			24			51			28			45			49
Trustee fees		4,075			4,195			12,692			13,425			4,771			11,180
Line of credit facility fees		974			1,054			3,193			3,398			1,230			2,901
Other expenses		12,350			19,686			21,300			21,843			14,850			56,944

Total expenses		1,735,047			1,044,802			6,696,152			8,113,131			3,731,139			8,821,284
Expenses waived net of amount recaptured (See Footnote 3a and 3c)		(53,525	)		(81,815	)		(90,918	)		(603,311	)		(210,564	)		(969,349	)
Fees paid indirectly		(3,608	)		(644	)		(48,551	)		(40,864	)		(19,874	)		(46,639	)

Net expenses		1,677,914			962,343			6,556,683			7,468,956			3,500,701			7,805,296

Net Investment Income (Loss)		10,895,947			3,823,906			11,990,012			(1,366,989	)		(833,165	)		14,684,984

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities (net of capital gains taxes of $52,593 for International Equity)		1,932,042			1,496,908			113,317,085			59,185,940			31,749,346			90,311,078
Futures transactions		—			(82,400	)		(1,061,882	)		(906,056	)		(448,482	)		—
Swap agreements		—			—			—			—			—			—
Foreign currency transactions		612,427			—			—			—			—			(371,532	)

Net realized gain (loss)		2,544,469			1,414,508			112,255,203			58,279,884			31,300,864			89,939,546

Net change in unrealized appreciation (depreciation) on:
Investment securities (net of estimated deferred capital gains taxes of $119,710 for International Equity)		(29,255,182	)		6,636,763			(54,160,229	)		(132,663,259	)		(4,028,418	)		(1,773,558	)
Futures		—			152,539			975,063			630,547			949,241			—
Swap agreements		—			—			—			—			—			—
Option contracts written		—			—			—			—			—			—
Option contracts purchased		—			—			—			—			—			(739,871	)
Foreign currency translations		6,422			—			—			—			—			(933,544	)

Net change in unrealized appreciation (depreciation)		(29,248,760	)		6,789,302			(53,185,166	)		(132,032,712	)		(3,079,177	)		(3,446,973	)

Net Realized and Unrealized Gain (Loss)		(26,704,291	)		8,203,810			59,070,037			(73,752,828	)		28,221,687			86,492,573

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(15,808,344	)	$	12,027,716		$	71,060,049		$	(75,119,817	)	$	27,388,522		$	101,177,557

See Notes to Financial Statements.

101

STATEMENTS OF CHANGES IN NET ASSETS


	Money Market Fund
	For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05
Operations:
Net investment income	$	18,156,705		$	25,691,987
Net realized gain (loss) on investment securities, foreign currency transactions and futures transactions		(522	)		(5,430	)
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations, and futures contracts		—			—

Net increase (decrease) in net assets resulting from operations		18,156,183			25,686,557

Dividends and Distributions to Shareholders:
Dividends from net investment income
GS2 shares		(2,057,405	)		(2,748,269	)
GS4 shares		(15,916,260	)		(22,725,193	)
GS6 shares		(89,881	)		(111,774	)
GS8 shares		(93,231	)		(107,373	)
Distributions from net realized capital gains
GS2 shares		—			—
GS4 shares		—			—
GS6 shares		—			—
GS8 shares		—			—

Total dividends and distributions		(18,156,777	)		(25,692,609	)

Capital Share Transactions:
Proceeds from shares sold
GS2 shares		38,680,424			97,579,053
GS4 shares		1,257,710,860			2,495,446,536
GS6 shares		3			43,984
GS8 shares		62,883			54,568
Reinvestment of dividends and distributions
GS2 shares		1,879,942			2,495,133
GS4 shares		8,847,650			11,467,878
GS6 shares		91,011			111,760
GS8 shares		94,422			107,373

Total proceeds from shares sold and reinvested		1,307,367,195			2,607,306,285

Value of shares redeemed
GS2 shares		(38,982,257	)		(68,344,589	)
GS4 shares		(1,285,152,906	)		(2,578,673,372	)
GS6 shares		—			(44,371	)
GS8 shares		(16,277	)		(23,730	)

Total value of shares redeemed		(1,324,151,440	)		(2,647,086,062	)

Net increase (decrease) from capital share transactions (See Footnote 6)		(16,784,245	)		(39,779,777	)

Total increase (decrease) in net assets		(16,784,839	)		(39,785,829	)

Net Assets:
Beginning of Period		869,157,421			908,943,250

End of Period*	$	852,372,582		$	869,157,421

	$	(72	)	$	—

*	Including undistributed (distributions in excess of) net investment income

See Notes to Financial Statements.

102


	Low-Duration Bond Fund						Medium-Duration Bond Fund						Extended-Duration Bond Fund
	For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05			For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05			For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05
Operations:
Net investment income	$	17,995,546		$	27,489,857		$	24,691,172		$	37,575,293		$	10,895,947		$	22,113,407
Net realized gain (loss) on investment securities, foreign currency transactions and futures transactions		(6,796,149	)		(10,659,334	)		(9,256,983	)		(1,097,926	)		2,544,469			5,519,087
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations, and futures contracts		(1,515,705	)		(4,406,789	)		(22,636,119	)		(11,782,137	)		(29,248,760	)		(1,883,245	)

Net increase (decrease) in net assets resulting from operations		9,683,692			12,423,734			(7,201,930	)		24,695,230			(15,808,344	)		25,749,249

Dividends and Distributions to Shareholders:
Dividends from net investment income
GS2 shares		(2,196,712	)		(4,479,831	)		(2,908,131	)		(5,612,463	)		(2,105,817	)		(4,268,161	)
GS4 shares		(11,313,898	)		(22,992,157	)		(17,482,305	)		(34,648,385	)		(7,818,832	)		(17,074,698	)
GS6 shares		(205,758	)		(466,469	)		(331,954	)		(721,610	)		(512,690	)		(1,179,267	)
GS8 shares		(83,917	)		(177,594	)		(121,795	)		(253,597	)		(173,050	)		(357,326	)
Distributions from net realized capital gains
GS2 shares		—			(1,147	)		—			(645,746	)		(74,866	)		(1,712,320	)
GS4 shares		—			(6,206	)		—			(4,143,819	)		(292,707	)		(6,850,285	)
GS6 shares		—			(124	)		—			(84,242	)		(19,853	)		(452,529	)
GS8 shares		—			(55	)		—			(32,762	)		(7,020	)		(160,140	)

Total dividends and distributions		(13,800,285	)		(28,123,583	)		(20,844,185	)		(46,142,624	)		(11,004,835	)		(32,054,726	)

Capital Share Transactions:
Proceeds from shares sold
GS2 shares		6,531,045			48,785,555			8,956,564			49,692,680			5,169,929			29,365,042
GS4 shares		48,441,230			106,691,749			76,965,818			194,463,337			28,563,140			83,231,124
GS6 shares		74			474,994			—			565,914			—			915,722
GS8 shares		8,908			1,242			2,916			642			2,089			597
Reinvestment of dividends and distributions
GS2 shares		2,156,290			4,405,558			2,816,631			6,068,879			2,131,888			5,855,155
GS4 shares		11,313,086			22,996,558			17,481,388			38,787,840			8,111,277			24,555,600
GS6 shares		205,758			466,593			331,954			805,854			532,543			1,631,795
GS8 shares		83,917			177,649			121,795			286,358			180,070			517,466

Total proceeds from shares sold and reinvested		68,740,308			183,999,898			106,677,066			290,671,504			44,690,936			146,072,501

Value of shares redeemed
GS2 shares		(4,709,088	)		(5,405,010	)		(4,260,236	)		(4,002,381	)		(4,224,477	)		(7,220,381	)
GS4 shares		(25,465,535	)		(118,147,765	)		(50,391,542	)		(87,788,179	)		(37,243,230	)		(111,075,009	)
GS6 shares		—			(5,304,186	)		—			(4,180,127	)		—			(10,716,919	)
GS8 shares		(3	)		(57	)		(1,333	)		—			(3	)		—

Total value of shares redeemed		(30,174,626	)		(128,857,018	)		(54,653,111	)		(95,970,687	)		(41,467,710	)		(129,012,309	)

Net increase (decrease) from capital share transactions (See Footnote 6)		38,565,682			55,142,880			52,023,955			194,700,817			3,223,226			17,060,192

Total increase (decrease) in net assets		34,449,089			39,443,031			23,977,840			173,253,423			(23,589,953	)		10,754,715

Net Assets:
Beginning of Period		910,177,004			870,733,973			1,101,061,785			927,808,362			471,660,822			460,906,107

End of Period*	$	944,626,093		$	910,177,004		$	1,125,039,625		$	1,101,061,785		$	448,070,869		$	471,660,822

	$	4,288,241		$	92,980		$	3,534,950		$	(312,037	)	$	433,388		$	147,830

*	Including undistributed (distributions in excess of) net investment income

See Notes to Financial Statements.

103

STATEMENTS OF CHANGES IN NET ASSETS


	Equity Index Fund						Value Equity Fund
	For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05			For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05
Operations:
Net investment income (loss)	$	3,823,906		$	6,839,477		$	11,990,012		$	21,726,574
Net realized gain on investment securities, foreign currency transactions and futures transactions		1,414,508			5,134,962			112,255,203			103,688,872
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations, and futures contracts		6,789,302			9,385,998			(53,185,166	)		(27,125,867	)

Net increase (decrease) in net assets resulting from operations		12,027,716			21,360,437			71,060,049			98,289,579

Dividends and Distributions to Shareholders:
Dividends from net investment income
GS2 shares		(835,350	)		(1,447,323	)		(2,178,227	)		(3,776,410	)
GS4 shares		(2,757,292	)		(5,001,471	)		(9,551,501	)		(17,465,290	)
GS6 shares		(134,235	)		(247,026	)		(168,966	)		(286,556	)
GS8 shares		(52,694	)		(93,751	)		(54,686	)		(91,028	)
Distributions from net realized capital gains
GS2 shares		—			(264,015	)		(2,831,260	)		(16,300,818	)
GS4 shares		—			(1,007,668	)		(13,917,086	)		(85,737,706	)
GS6 shares		—			(50,704	)		(273,799	)		(1,574,230	)
GS8 shares		—			(22,896	)		(102,687	)		(589,222	)

Total dividends and distributions		(3,779,571	)		(8,134,854	)		(29,078,212	)		(125,821,260	)

Capital Share Transactions:
Proceeds from shares sold
GS2 shares		5,217,681			28,530,125			6,142,744			82,260,741
GS4 shares		26,759,356			42,657,409			18,547,918			69,243,699
GS6 shares		477			—			—			659,974
GS8 shares		14,574			1,205			34,073			3,181
Reinvestment of dividends and distributions
GS2 shares		826,992			1,693,048			4,961,636			19,689,834
GS4 shares		2,757,292			6,008,602			23,467,614			103,197,880
GS6 shares		134,236			297,730			442,765			1,860,786
GS8 shares		52,694			116,700			157,373			680,250

Total proceeds from shares sold and reinvested		35,763,302			79,304,819			53,754,123			277,596,345

Value of shares redeemed
GS2 shares		(3,115,508	)		(5,429,955	)		(7,713,202	)		(12,032,159	)
GS4 shares		(23,436,016	)		(75,399,007	)		(67,385,886	)		(180,802,337	)
GS6 shares		—			—			—			(4,427,418	)
GS8 shares		(34	)		—			(1,334	)		(4	)

Total value of shares redeemed		(26,551,558	)		(80,828,962	)		(75,100,422	)		(197,261,918	)

Net increase (decrease) from capital share transactions (See Footnote 6)		9,211,744			(1,524,143	)		(21,346,299	)		80,334,427

Total increase (decrease) in net assets		17,459,889			11,701,440			20,635,538			52,802,746

Net Assets:
Beginning of Period		482,518,820			470,817,380			1,456,826,003			1,404,023,257

End of Period*	$	499,978,709		$	482,518,820		$	1,477,461,541		$	1,456,826,003

_______________
* Including undistributed (distributions in excess of) net investment income	$	93,337		$	49,002		$	143,922		$	107,290

See Notes to Financial Statements.

104


	Growth Equity Fund						Small Cap Equity Fund						International Equity Fund
	For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05			For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05			For the Six Months Ended 06/30/06 (Unaudited)			For the Year Ended 12/31/05
Operations:
Net investment income (loss)	$	(1,366,989	)	$	(3,158,666	)	$	(833,165	)	$	(997,229	)	$	14,684,984		$	17,340,082
Net realized gain on investment securities, foreign currency transactions and futures transactions		58,279,884			65,893,593			31,300,864			58,732,966			89,939,546			93,816,550
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations, and futures contracts		(132,032,712	)		60,393,513			(3,079,177	)		(23,098,045	)		(3,446,973	)		88,506,831

Net increase (decrease) in net assets resulting from operations		(75,119,817	)		123,128,440			27,388,522			34,637,692			101,177,557			199,663,463

Dividends and Distributions to Shareholders:
Dividends from net investment income
GS2 shares		—			—			—			—			—			(3,522,540	)
GS4 shares		—			—			—			—			—			(17,131,295	)
GS6 shares		—			—			—			—			—			(298,613	)
GS8 shares		—			—			—			—			—			(80,453	)
Distributions from net realized capital gains
GS2 shares		—			—			—			(9,061,949	)		—			(2,372,854	)
GS4 shares		—			—			—			(51,308,587	)		—			(12,803,717	)
GS6 shares		—			—			—			(2,313,815	)		—			(260,237	)
GS8 shares		—			—			—			(848,678	)		—			(85,266	)

Total dividends and distributions		—			—			—			(63,533,029	)		—			(36,554,975	)

Capital Share Transactions:
Proceeds from shares sold
GS2 shares		11,455,595			87,716,607			4,737,604			36,479,492			9,756,654			77,135,236
GS4 shares		49,251,503			56,539,195			39,192,067			92,602,096			56,372,479			92,232,819
GS6 shares		—			325,805			—			414,999			11			1,580,532
GS8 shares		9,896			1,057			19,728			5,651			36,861			5,310
Reinvestment of dividends and distributions
GS2 shares		—			—			—			8,955,618			—			5,807,372
GS4 shares		—			—			—			51,300,141			—			29,934,318
GS6 shares		—			—			—			2,313,815			—			558,850
GS8 shares		—			—			—			848,679			—			165,719

Total proceeds from shares sold and reinvested		60,716,994			144,582,664			43,949,399			192,920,491			66,166,005			207,420,156

Value of shares redeemed
GS2 shares		(6,728,352	)		(14,078,107	)		(5,845,681	)		(7,311,452	)		(19,016,156	)		(14,569,008	)
GS4 shares		(62,398,722	)		(207,536,437	)		(44,322,094	)		(91,442,536	)		(96,518,972	)		(213,587,734	)
GS6 shares		—			(3,275,639	)		—			(3,287,987	)		—			(4,705,492	)
GS8 shares		(471	)		—			(3,197	)		(3	)		(1,907	)		(1	)

Total value of shares redeemed		(69,127,545	)		(224,890,183	)		(50,170,972	)		(102,041,978	)		(115,537,035	)		(232,862,235	)

Net increase (decrease) from capital share transactions (See Footnote 6)		(8,410,551	)		(80,307,519	)		(6,221,573	)		90,878,513			(49,371,030	)		(25,442,079	)

Total increase (decrease) in net assets		(83,530,368	)		42,820,921			21,166,949			61,983,176			51,806,527			137,666,409

Net Assets:
Beginning of Period		1,551,831,060			1,509,010,139			546,645,949			484,662,773			1,322,418,883			1,184,752,474

End of Period*	$	1,468,300,692		$	1,551,831,060		$	567,812,898		$	546,645,949		$	1,374,225,410		$	1,322,418,883

_______________
* Including undistributed (distributions in excess of) net investment income	$	(1,366,989	)	$	—		$	(833,165	)	$	—		$	7,457,251		$	(7,227,733	)

See Notes to Financial Statements.

105

FINANCIAL HIGHLIGHTS (Unaudited)


	For a Share Outstanding For the Six Months Ended June 30, 2006 and For the Years Ended December 31, unless otherwise indicated																				Ratios to Average Net Assets (1)
	Net Asset Value, Beginning of Period		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return (2)		Net Assets, End of Period (000)		Expenses, Net		Expenses, Including Expense Reduction		Expenses, Before Waivers and Expense Reduction		Investment Income, Net		Investment Income/ (Loss), Excluding Waivers and Expense Reduction		Portfolio Turnover Rate (2)
Money Market Fund

GS2 Class
2006(3)	$	1.00	$	—	†	$	—	†	$	—	†	$	—		$	1.00	2.26	%	$	94,682	0.27	%	0.27	%	0.27	%	4.53	%	4.53	%	N/A
2005		1.00		—	†		—	†		—	†		—			1.00	3.07			93,103	0.27		0.27		0.26		3.03		3.04		N/A
2004		1.00		0.01			—	†		(0.01	)		—			1.00	1.19			61,374	0.27		0.27		0.27		1.17		1.17		N/A
2003		1.00		0.01			—	†		(0.01	)		—	†		1.00	1.04			63,373	0.27		0.27		0.28		0.91		0.90		N/A
2002		1.00		0.02			—			(0.02	)		—	†		1.00	1.80			5,493	0.25		0.25		0.55		1.75		1.45		N/A
2001 (4)		1.00		0.01			—			(0.01	)		—			1.00	0.66			25	0.25		0.25		90.37		2.60		(87.52	)	N/A

GS4 Class
2006(3)	$	1.00	$	—	†	$	—	†	$	—	†	$	—		$	1.00	2.17	%	$	747,726	0.46	%	0.46	%	0.46	%	4.33	%	4.33	%	N/A
2005		1.00		—	†		—	†		—	†		—			1.00	2.88			766,322	0.46		0.46		0.46		2.84		2.84		N/A
2004		1.00		0.01			—	†		(0.01	)		—			1.00	0.99			838,087	0.46		0.46		0.45		0.98		0.99		N/A
2003		1.00		0.01			—	†		(0.01	)		—	†		1.00	0.85			853,062	0.45		0.45		0.45		0.84		0.84		N/A
2002		1.00		0.02			—			(0.02	)		—	†		1.00	1.60			906,302	0.45		0.44		0.50		1.58		1.52		N/A
2001 (4)		1.00		0.01			—			(0.01	)		—			1.00	0.94			996,380	0.44		0.44		0.49		2.72		2.67		N/A

GS6 Class
2006(3)	$	1.00	$	—	†	$	—	†	$	—	†	$	—		$	1.00	1.96	%	$	4,678	0.87	%	0.87	%	1.67	%	3.92	%	3.12	%	N/A
2005		1.00		—	†		—	†		—	†		—			1.00	2.50			4,587	0.83		0.83		1.43		2.47		1.87		N/A
2004		1.00		0.01			—	†		(0.01	)		—			1.00	0.73			4,476	0.72		0.72		1.09		0.68		0.31		N/A
2003		1.00		0.01			—	†		(0.01	)		—	†		1.00	0.57			8,035	0.73		0.73		0.91		0.61		0.43		N/A
2002		1.00		0.01			—			(0.01	)		—	†		1.00	1.38			16,538	0.65		0.65		0.77		1.35		1.23		N/A
2001 (4)		1.00		0.01			—			(0.01	)		—			1.00	0.81			788	0.75		0.75		16.37		1.98		(13.64	)	N/A

GS8 Class
2006(3)	$	1.00	$	—	†	$	—	†	$	—	†	$	—		$	1.00	1.81	%	$	5,286	1.17	%	1.17	%	1.28	%	3.62	%	3.51	%	N/A
2005		1.00		—	†		—	†		—	†		—			1.00	2.15			5,145	1.17		1.17		1.25		2.13		2.05		N/A
2004 (5)		1.00		—	†		—	†		—	†		—			1.00	0.14			5,007	1.17		1.17		1.31		0.94		0.80		N/A

Low-Duration Bond Fund

GS2 Class
2006(3)	$	9.06	$	0.18	#	$	(0.08	)	$	(0.19	)	$	—		$	8.97	1.08	%	$	107,648	0.45	%	0.45	%	0.47	%	4.06	%	4.04	%	71	%
2005		9.32		0.30	#		(0.15	)		(0.41	)		—	†		9.06	1.60			104,681	0.45		0.45		0.48		3.30		3.27		196
2004		9.51		0.21	#		(0.07	)		(0.28	)		(0.05	)		9.32	1.47			59,777	0.45		0.45		0.49		2.22		2.18		289
2003		9.76		0.22	#		0.03			(0.37	)		(0.13	)		9.51	2.61			53,726	0.45		0.45		0.50		2.30		2.25		179
2002		9.85		0.37	#		0.19			(0.50	)		(0.15	)		9.76	5.89			6,320	0.46		0.45		0.78		3.71		3.38		182
2001 (4)		10.00		0.15			—			(0.22	)		(0.08	)		9.85	1.54			25	0.45		0.45		57.60		4.73		(52.42	)	80

GS4 Class
2006(3)	$	12.66	$	0.24	#	$	(0.11	)	$	(0.18	)	$	—		$	12.61	1.01	%	$	820,418	0.61	%	0.61	%	0.66	%	3.90	%	3.85	%	71	%
2005		12.87		0.40	#		(0.22	)		(0.39	)		—	†		12.66	1.39			789,077	0.61		0.61		0.67		3.13		3.07		196
2004		13.00		0.27	#		(0.09	)		(0.26	)		(0.05	)		12.87	1.38			789,866	0.61		0.61		0.67		2.06		2.00		289
2003		13.16		0.32	#		—			(0.35	)		(0.13	)		13.00	2.45			727,265	0.61		0.61		0.67		2.43		2.37		179
2002		13.06		0.46	#		0.27			(0.48	)		(0.15	)		13.16	5.71			763,987	0.62		0.61		0.72		3.50		3.39		182
2001 (4)		13.10		0.21			0.05			(0.22	)		(0.08	)		13.06	1.96			812,387	0.61		0.61		0.72		4.47		4.36		80

GS6 Class
2006(3)	$	9.09	$	0.16	#	$	(0.08	)	$	(0.16	)	$	—		$	9.01	0.92	%	$	11,476	1.00	%	1.00	%	1.13	%	3.51	%	3.38	%	71	%
2005		9.36		0.25	#		(0.16	)		(0.36	)		—	†		9.09	0.96			11,380	0.94		0.94		1.05		2.74		2.63		196
2004		9.54		0.17	#		(0.06	)		(0.24	)		(0.05	)		9.36	1.17			16,087	0.85		0.85		0.90		1.82		1.77		289
2003		9.79		0.21	#		—			(0.33	)		(0.13	)		9.54	2.20			22,452	0.85		0.84		0.87		2.18		2.15		179
2002		9.86		0.33	#		0.22			(0.47	)		(0.15	)		9.79	5.70			20,985	0.79		0.79		0.93		3.35		3.21		182
2001 (4)		10.00		0.22			(0.06	)		(0.22	)		(0.08	)		9.86	1.54			3,458	0.85		0.85		74.57		4.18		(69.54	)	80

GS8 Class
2006(3)	$	9.10	$	0.14	#	$	(0.08	)	$	(0.15	)	$	—		$	9.01	0.67	%	$	5,084	1.30	%	1.30	%	1.47	%	3.21	%	3.04	%	71	%
2005		9.36		0.23	#		(0.16	)		(0.33	)		—	†		9.10	0.73			5,040	1.30		1.30		1.50		2.44		2.24		196
2004 (5)		9.50		0.02	#		(0.01	)		(0.10	)		(0.05	)		9.36	0.05			5,004	1.30		1.30		1.53		1.35		1.12		289

†	Amount represents less than $0.005 per share.

#	Calculated using the average shares outstanding method.

(1)	Annualized.

(2)	Not annualized.

(3)	For the six months ended June 30, 2006.

(4)	Inception date was August 27, 2001.

(5)	Inception date was November 8, 2004.

See Notes to Financial Statements.

106


																								Ratios to Average Net Assets (1)
	Net Asset Value, Beginning of Period		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Return of Capital			Net Asset Value, End of Period		Total Return (2)		Net Assets, End of Period (000)		Expenses, Net		Expenses, Including Expense Reduction		Expenses, Before Waivers and Expense Reduction		Investment Income, Net		Investment Income/ (Loss), Excluding Waivers and Expense Reduction		Portfolio Turnover Rate (2)
Medium-Duration Bond Fund

GS2 Class
2006(3)	$	8.71	$	0.20	#	$	(0.25	)	$	(0.24	)	$	—		$	—		$	8.42	(0.57	)%	$	104,793	0.50	%	0.50	%	0.50	%	4.60	%	4.60	%	230	%
2005		9.06		0.34	#		(0.10	)		(0.53	)		(0.06	)		—			8.71	2.62			100,800	0.50		0.50		0.53		3.84		3.81		465
2004		9.24		0.28	#		0.21			(0.45	)		(0.22	)		—			9.06	5.34			52,865	0.50		0.50		0.53		2.97		2.94		372
2003		9.47		0.28	#		0.36			(0.58	)		(0.29	)		—			9.24	6.80			46,521	0.50		0.50		0.55		2.96		2.91		458
2002		9.65		0.46	#		0.40			(0.67	)		(0.37	)		—			9.47	9.25			7,218	0.51		0.50		0.82		4.77		4.45		543
2001 (4)		10.00		0.16			(0.08	)		(0.23	)		(0.20	)		—	†		9.65	0.89			25	0.52		0.50		92.28		4.99		(86.79	)	247
GS4 Class
2006(3)	$	13.40	$	0.29	#	$	(0.38	)	$	(0.23	)	$	—		$	—		$	13.08	(0.65	)%	$	1,002,083	1.00	%	0.62	%	0.69	%	4.47	%	4.40	%	230	%
2005		13.63		0.50	#		(0.16	)		(0.51	)		(0.06	)		—			13.40	2.50			981,935	0.62		0.62		0.71		3.71		3.62		465
2004		13.58		0.39	#		0.31			(0.43	)		(0.22	)		—			13.63	5.20			853,377	0.62		0.62		0.72		2.85		2.75		372
2003		13.54		0.46	#		0.43			(0.56	)		(0.29	)		—			13.58	6.62			741,743	0.62		0.62		0.71		3.37		3.28		458
2002		13.37		0.62	#		0.57			(0.65	)		(0.37	)		—			13.54	9.15			767,926	0.63		0.62		0.77		4.62		4.47		543
2001 (4)		13.60		0.22			(0.02	)		(0.23	)		(0.20	)		—	†		13.37	1.49			827,774	0.64		0.62		0.77		4.62		4.47		247
GS6 Class
2006(3)	$	8.78	$	0.17	#	$	(0.25	)	$	(0.22	)	$	—		$	—		$	8.48	(0.94	)%	$	13,081	1.05	%	1.05	%	1.13	%	4.04	%	3.96	%	230	%
2005		9.12		0.29	#		(0.09	)		(0.48	)		(0.06	)		—			8.78	2.18			13,195	1.00		1.00		1.06		3.29		3.21		465
2004		9.30		0.24	#		0.21			(0.41	)		(0.22	)		—			9.12	4.88			16,524	0.90		0.90		0.95		2.61		2.56		372
2003		9.53		0.29	#		0.31			(0.54	)		(0.29	)		—			9.30	6.33			22,640	0.90		0.90		0.96		3.03		2.97		458
2002		9.70		0.42	#		0.41			(0.63	)		(0.37	)		—			9.53	8.90			19,289	0.90		0.90		1.03		4.37		4.24		543
2001 (4)		10.00		0.17			(0.04	)		(0.23	)		(0.20	)		—	†		9.70	1.30			123	0.92		0.90		58.64		4.49		(53.25	)	247
GS8 Class
2006(3)	$	8.78	$	0.16	#	$	(0.24	)	$	(0.21	)	$	—		$	—		$	8.49	(0.96	)%	$	5,082	1.35	%	1.35	%	1.47	%	3.74	%	3.62	%	230	%
2005		9.13		0.27	#		(0.11	)		(0.45	)		(0.06	)		—			8.78	1.73			5,132	1.35		1.35		1.52		2.96		2.81		465
2004 (5)		9.46		0.02	#		0.07			(0.20	)		(0.22	)		—			9.13	0.87			5,043	1.35		1.35		1.59		1.41		1.17		372

Extended-Duration Bond Fund

GS2 Class
2006(3)	$	8.44	$	0.20	#	$	(0.46	)	$	(0.31	)	$	(0.01	)	$	—		$	7.86	(3.18	)%	$	56,393	0.58	%	0.58	%	0.58	%	4.92	%	4.92	%	39	%
2005		8.90		0.44	#		0.04			(0.68	)		(0.26	)		—			8.44	5.65			57,372	0.56		0.56		0.57		4.90		4.89		38
2004		9.23		0.47	#		0.27			(0.76	)		(0.31	)		—			8.90	8.49			32,309	0.57		0.57		0.57		5.17		5.17		66
2003		9.64		0.54	#		0.51			(0.79	)		(0.67	)		—			9.23	11.32			29,004	0.59		0.59		0.60		5.49		5.48		121
2002		9.84		0.65			0.29			(0.90	)		(0.24	)		—			9.64	10.27			6,506	0.64		0.64		0.88		6.47		6.23		45
2001 (4)		10.00		0.24			(0.03	)		(0.33	)		(0.04	)		—			9.84	2.13			26	0.66		0.65		90.75		6.62		(83.48	)	22
GS4 Class
2006(3)	$	14.82	$	0.34	#	$	(0.84	)	$	(0.29	)	$	(0.01	)	$	—		$	14.02	(3.37	)%	$	371,976	0.73	%	0.73	%	0.75	%	4.76	%	4.74	%	39	%
2005		14.93		0.71	#		0.10			(0.66	)		(0.26	)		—			14.82	5.54			393,851	0.73		0.73		0.76		4.72		4.69		38
2004		14.78		0.75	#		0.45			(0.74	)		(0.31	)		—			14.93	8.37			399,459	0.73		0.73		0.75		5.01		4.99		66
2003		14.62		0.83	#		0.77			(0.77	)		(0.67	)		—			14.78	11.19			385,110	0.73		0.73		0.75		5.46		5.44		121
2002		14.37		0.90			0.47			(0.88	)		(0.24	)		—			14.62	10.03			401,198	0.73		0.73		0.82		6.29		6.20		45
2001 (4)		14.38		0.32			0.03			(0.32	)		(0.04	)		—			14.37	2.48			404,278	0.74		0.73		0.84		6.32		6.21		22
GS6 Class
2006(3)	$	8.44	$	0.18	#	$	(0.48	)	$	(0.28	)	$	(0.01	)	$	—		$	7.85	(3.58	)%	$	14,561	1.17	%	1.17	%	1.17	%	4.33	%	4.33	%	39	%
2005		8.89		0.39	#		0.05			(0.63	)		(0.26	)		—			8.44	5.19			15,100	1.09		1.09		1.09		4.37		4.37		38
2004		9.22		0.44	#		0.27			(0.73	)		(0.31	)		—			8.89	8.05			24,043	0.98		0.98		0.96		4.76		4.78		66
2003		9.63		0.52	#		0.50			(0.76	)		(0.67	)		—			9.22	10.95			27,978	0.93		0.93		0.94		5.25		5.24		121
2002		9.83		0.62			0.29			(0.87	)		(0.24	)		—			9.63	9.93			24,812	0.91		0.91		1.03		6.18		6.06		45
2001 (4)		10.00		0.32			(0.13	)		(0.32	)		(0.04	)		—			9.83	1.91			8,553	1.06		1.05		28.96		6.14		(21.77	)	22
GS8 Class
2006(3)	$	8.44	$	0.16	#	$	(0.47	)	$	(0.27	)	$	(0.01	)	$	—		$	7.85	(3.72	)%	$	5,142	1.50	%	1.50	%	1.53	%	4.00	%	3.97	%	39	%
2005		8.89		0.35	#		0.06			(0.60	)		(0.26	)		—			8.44	4.81			5,339	1.50		1.50		1.56		3.95		3.89		38
2004 (5)		9.23		0.06	#		0.11			(0.20	)		(0.31	)		—			8.89	1.91			5,096	1.50		1.50		1.61		4.31		4.20		66

See Notes to Financial Statements.

107

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)


	For a Share Outstanding For the Six Months Ended June 30, 2006 and For the Years Ended December 31, unless otherwise indicated																							Ratios to Average Net Assets (1)
	Net Asset Value, Beginning of Period		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Excess Distribution/ Return of Capital			Net Asset Value, End of Period		Total Return (2)		Net Assets, End of Period (000)		Expenses, Net		Expenses, Including Expense Reduction		Expenses, Before Waivers and Expense Reduction		Investment Income, Net		Investment Income/ (Loss), Excluding Waivers and Expense Reduction		Portfolio Turnover Rate (2)
Equity Index Fund

GS2 Class
2006 (3)	$	9.96	$	0.09	#	$	0.17		$	(0.13	)	$	—		$	—		$	10.09	2.64	%	$	65,906	0.23	%	0.23	%	0.23	%	1.70	%	1.70	%	3	%
2005		9.78		0.16	#		0.30			(0.24	)		(0.04	)		—			9.96	4.80			62,214	0.23		0.23		0.24		1.63		1.62		6
2004		9.08		0.16	#		0.81			(0.27	)		—			—	†		9.78	10.77			36,148	0.25		0.25		0.23		1.75		1.77		2
2003		7.22		0.12	#		1.91			(0.17	)		—			—			9.08	28.19			33,009	0.25		0.25		0.28		1.46		1.43		2
2002		9.58		0.14			(2.29	)		(0.18	)		(0.03	)		—			7.22	(22.57	)		4,737	0.25		0.25		0.60		1.40		1.05		3
2001 (4)		10.00		0.03			(0.34	)		(0.06	)		(0.05	)		—			9.58	(3.14	)		28	0.25		0.25		86.25		1.19		(84.81	)	3

GS4 Class
2006 (3)	$	16.97	$	0.13	#	$	0.30		$	(0.12	)	$	—		$	—		$	17.28	2.52	%	$	416,209	0.40	%	0.40	%	0.42	%	1.53	%	1.51	%	3	%
2005		16.47		0.24	#		0.51			(0.21	)		(0.04	)		—			16.97	4.61			402,865	0.40		0.40		0.43		1.46		1.43		6
2004		15.12		0.25	#		1.35			(0.25	)		—			—			16.47	10.60			417,962	0.40		0.40		0.41		1.60		1.59		2
2003		11.93		0.18	#		3.16			(0.15	)		—			—			15.12	28.03			382,067	0.40		0.40		0.44		1.33		1.29		2
2002		15.64		0.17			(3.69	)		(0.16	)		(0.03	)		—			11.93	(22.59	)		295,261	0.40		0.40		0.51		1.21		1.10		3
2001 (4)		16.15		0.05			(0.46	)		(0.05	)		(0.05	)		—			15.64	(2.55	)		401,471	0.40		0.40		0.53		0.98		0.85		3

GS6 Class
2006 (3)	$	10.02	$	0.07	#	$	0.17		$	(0.11	)	$	—		$	—		$	10.15	2.44	%	$	12,307	0.60	%	0.60	%	0.85	%	1.33	%	1.08	%	3	%
2005		9.83		0.13	#		0.31			(0.21	)		(0.04	)		—			10.02	4.54			12,019	0.56		0.56		0.82		1.30		1.04		6
2004		9.14		0.13	#		0.81			(0.25	)		—			—			9.83	10.37			11,502	0.45		0.45		0.72		1.41		1.14		2
2003		7.26		0.10	#		1.93			(0.15	)		—			—			9.14	28.09			17,395	0.45		0.45		0.73		1.28		1.00		2
2002		9.63		0.13			(2.31	)		(0.16	)		(0.03	)		—			7.26	(22.71	)		12,890	0.45		0.45		0.81		1.21		0.85		3
2001 (4)		10.00		0.02			(0.28	)		(0.06	)		(0.05	)		—			9.63	(2.65	)		367	0.45		0.45		28.52		0.95		(27.12	)	3

GS8 Class
2006 (3)	$	10.02	$	0.05	#	$	0.18		$	(0.10	)	$	—		$	—		$	10.15	2.29	%	$	5,557	0.90	%	0.90	%	1.21	%	1.03	%	0.72	%	3	%
2005		9.84		0.09	#		0.31			(0.18	)		(0.04	)		—			10.02	4.09			5,421	0.90		0.90		1.19		0.96		0.67		6
2004 (5)		9.55		0.04	#		0.35			(0.10	)		—			—			9.84	4.11			5,205	0.90		0.90		1.27		3.18		2.81		2

Value Equity Fund

GS2 Class
2006 (3)	$	10.75	$	0.10	#	$	0.43		$	(0.15	)	$	(0.20	)	$	—		$	10.93	4.97	%	$	162,403	0.72	%	0.71	%	0.72	%	1.78	%	1.77	%	58	%
2005		11.44		0.20	#		0.65			(0.28	)		(1.26	)		—			10.75	7.40			156,279	0.73		0.72		0.73		1.72		1.71		54
2004		9.94		0.17	#		1.59			(0.26	)		—	†		—			11.44	17.83			75,123	0.75		0.74		0.74		1.64		1.64		56
2003		7.77		0.14	#		2.26			(0.23	)		—			—			9.94	31.09			69,991	0.76		0.75		0.78		1.62		1.59		54
2002		9.64		0.16			(1.80	)		(0.23	)		—			—	†		7.77	(17.22	)		5,265	0.76		0.72		1.06		1.77		1.43		70
2001 (4)		10.00		0.06			(0.35	)		(0.07	)		—			—			9.64	(2.88	)		77	0.76		0.76		81.37		1.60		(79.01	)	21

GS4 Class
2006 (3)	$	17.50	$	0.14	#	$	0.71		$	(0.13	)	$	(0.20	)	$	—		$	18.02	4.90	%	$	1,293,466	0.90	%	0.89	%	0.91	%	1.60	%	1.58	%	58	%
2005		17.74		0.28	#		0.99			(0.25	)		(1.26	)		—			17.50	7.13			1,279,940	0.90		0.89		0.93		1.53		1.49		54
2004		15.28		0.24	#		2.45			(0.23	)		—			—			17.74	17.71			1,305,669	0.90		0.89		0.92		1.49		1.46		56
2003		11.85		0.21	#		3.43			(0.21	)		—			—			15.28	30.84			1,152,116	0.90		0.88		0.94		1.59		1.53		54
2002		14.57		0.21			(2.73	)		(0.20	)		—			—	†		11.85	(17.37	)		938,583	0.90		0.87		0.98		1.57		1.46		70
2001 (4)		15.21		0.06			(0.64	)		(0.06	)		—			—			14.57	(3.79	)		1,159,209	0.90		0.90		1.00		1.29		1.19		21

GS6 Class
2006 (3)	$	10.69	$	0.07	#	$	0.43		$	(0.12	)	$	(0.20	)	$	—		$	10.87	4.71	%	$	15,704	1.29	%	1.28	%	1.29	%	1.21	%	1.20	%	58	%
2005		11.39		0.14	#		0.64			(0.22	)		(1.26	)		—			10.69	6.78			15,003	1.25		1.24		1.27		1.17		1.14		54
2004		9.90		0.12	#		1.59			(0.22	)		—			—			11.39	17.35			17,968	1.15		1.14		1.22		1.20		1.12		56
2003		7.75		0.11	#		2.23			(0.19	)		—			—			9.90	30.46			19,680	1.15		1.13		1.20		1.33		1.26		54
2002		9.61		0.15			(1.82	)		(0.19	)		—			—	†		7.75	(17.48	)		13,987	1.15		1.11		1.29		1.38		1.20		70
2001 (4)		10.00		0.03			(0.35	)		(0.07	)		—			—			9.61	(3.23	)		168	1.15		1.15		65.50		1.12		(63.23	)	21

GS8 Class
2006 (3)	$	10.68	$	0.05	#	$	0.42		$	(0.10	)	$	(0.20	)	$	—		$	10.85	4.46	%	$	5,889	1.60	%	1.59	%	1.66	%	0.90	%	0.83	%	58	%
2005		11.39		0.10	#		0.63			(0.18	)		(1.26	)		—			10.68	6.39			5,603	1.60		1.59		1.71		0.83		0.71		54
2004 (5)		10.89		0.03	#		0.54			(0.07	)		—			—			11.39	5.28			5,262	1.60		1.59		1.79		1.71		1.51		56

†	Amount represents less than $0.005 per share.

#	Calculated using the average shares outstanding method.

(1)	Annualized.

(2)	Not annualized.

(3)	For the six months ended June 30, 2006.

(4)	Inception date was August 27, 2001.

(5)	Inception date was November 8, 2004.

See Notes to Financial Statements.

108


																		Ratios to Average Net Assets (1)
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)			Realized and Unrealized Gain (Loss) on Investments			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return (2)		Net Assets, End of Period (000)		Expenses, Net		Expenses, Including Expense Reduction		Expenses, Before Waivers and Expense Reduction		Investment Income/ (Loss), Net		Investment Income/ (Loss), Excluding Waivers and Expense Reduction		Portfolio Turnover Rate (2)
Growth Equity Fund

GS2 Class
2006 (3)	$	11.18	$	(0.01	)	$	(0.53	)	$	—		$	10.64	(4.83	)%	$	168,320	0.87	%	0.87	%	0.88	%	(0.07	)%	(0.08	)%	26	%
2005		10.29		(0.03	)		0.92			—			11.18	8.65			172,118	0.87		0.86		0.89		(0.10	)	(0.13	)	49
2004		9.16		—			1.13			—			10.29	12.34			84,177	0.87		0.86		0.89		0.01		(0.02	)	56
2003		7.07		(0.01	)		2.10			—			9.16	29.56			79,547	0.81		0.79		0.85		(0.03	)	(0.09	)	77
2002		9.83		0.01			(2.77	)		—			7.07	(28.08	)		4,553	0.78		0.75		1.14		0.09		(0.30	)	41
2001 (4)		10.00		—	†		(0.17	)		—			9.83	(1.70	)		29	0.78		0.78		83.19		0.02		(82.39	)	9

GS4 Class
2006 (3)	$	17.71	$	(0.02	)	$	(0.85	)	$	—		$	16.84	(4.91	)%	$	1,283,737	0.99	%	0.99	%	1.07	%	(0.19	)%	(0.27	)%	26	%
2005		16.33		(0.04	)		1.42			—			17.71	8.45			1,362,599	0.99		0.99		1.08		(0.22	)	(0.32	)	49
2004		14.55		(0.02	)		1.80			—			16.33	12.23			1,405,754	0.99		0.98		1.08		(0.11	)	(0.21	)	56
2003		11.23		(0.01	)		3.33			—			14.55	29.56			1,285,223	0.92		0.90		1.01		(0.07	)	(0.18	)	77
2002		15.63		(0.01	)		(4.39	)		—			11.23	(28.15	)		1,049,709	0.90		0.88		1.02		(0.05	)	(0.19	)	41
2001 (4)		15.93		(0.01	)		(0.29	)		—			15.63	(1.88	)		1,354,301	0.90		0.90		1.05		(0.11	)	(0.26	)	9

GS6 Class
2006 (3)	$	10.99	$	(0.03	)	$	(0.53	)	$	—		$	10.43	(5.10	)%	$	10,825	1.39	%	1.39	%	1.53	%	(0.59	)%	(0.73	)%	26	%
2005		10.17		(0.09	)		0.91			—			10.99	8.06			11,406	1.34		1.33		1.47		(0.57	)	(0.71	)	49
2004		9.08		(0.07	)		1.16			—			10.17	12.00			13,780	1.24		1.23		1.44		(0.42	)	(0.63	)	56
2003		7.03		(0.02	)		2.07			—			9.08	29.16			18,099	1.17		1.15		1.33		(0.33	)	(0.51	)	77
2002		9.81		(0.02	)		(2.76	)		—			7.03	(28.34	)		12,503	1.15		1.12		1.36		(0.28	)	(0.52	)	41
2001 (4)		10.00		—	†		(0.19	)		—			9.81	(1.90	)		309	1.15		1.15		47.77		(0.32	)	(46.94	)	9

GS8 Class
2006 (3)	$	10.95	$	(0.05	)	$	(0.53	)	$	—		$	10.37	(5.30	)%	$	5,418	1.69	%	1.69	%	1.84	%	(0.89	)%	(1.04	)%	26	%
2005		10.16		(0.09	)		0.88			—			10.95	7.78			5,708	1.69		1.68		1.88		(0.92	)	(1.12	)	49
2004 (5)		9.59		—	†		0.57			—			10.16	5.94			5,299	1.69		1.67		1.97		0.30		—		56

Small Cap Equity Fund

GS2 Class
2006 (3)	$	11.40	$	(0.01	)#	$	0.58		$	—		$	11.97	5.00	%	$	64,059	1.09	%	1.08	%	1.09	%	(0.16	)%	(0.17	)%	47	%
2005		12.51		(0.01	)#		0.84			(1.94	)		11.40	6.48			62,009	1.10		1.09		1.07		(0.06	)	(0.04	)	97
2004		11.52		(0.01	)		1.74			(0.74	)		12.51	15.04			28,639	1.18		1.15		1.20		(0.10	)	(0.15	)	148
2003		7.88		(0.03	)		3.67			—			11.52	46.19			25,415	1.18		1.12		1.27		(0.26	)	(0.41	)	131
2002		10.12		(0.01	)		(2.23	)		—			7.88	(22.13	)		4,869	1.18		1.11		1.60		(0.12	)	(0.61	)	160
2001 (4)		10.00		—	†		0.12			—			10.12	1.20			81	1.18		1.18		76.30		0.12		(75.00	)	92

GS4 Class
2006 (3)	$	15.61	$	(0.02	)#	$	0.79		$	—		$	16.38	4.93	%	$	481,475	1.21	%	1.20	%	1.29	%	(0.28	)%	(0.37	)%	47	%
2005		16.48		(0.03	)#		1.10			(1.94	)		15.61	6.37			463,367	1.22		1.21		1.27		(0.19	)	(0.26	)	97
2004		14.99		(0.02	)		2.25			(0.74	)		16.48	14.89			432,763	1.25		1.22		1.37		(0.16	)	(0.31	)	148
2003		10.25		(0.04	)		4.78			—			14.99	46.24			357,703	1.25		1.19		1.43		(0.34	)	(0.58	)	131
2002		13.18		(0.02	)		(2.91	)		—			10.25	(22.23	)		232,992	1.25		1.19		1.51		(0.19	)	(0.51	)	160
2001 (4)		13.07		(0.01	)		0.12			—			13.18	0.84			321,743	1.25		1.25		1.52		(0.13	)	(0.40	)	92

GS6 Class
2006 (3)	$	11.16	$	(0.04	)#	$	0.56		$	—		$	11.68	4.66	%	$	16,310	1.61	%	1.60	%	1.64	%	(0.68	)%	(0.72	)%	47	%
2005		12.34		(0.06	)#		0.82			(1.94	)		11.16	6.00			15,577	1.57		1.56		1.59		(0.53	)	(0.56	)	97
2004		11.41		(0.08	)		1.75			(0.74	)		12.34	14.66			17,875	1.50		1.47		1.69		(0.43	)	(0.65	)	148
2003		7.83		(0.04	)		3.62			—			11.41	45.72			22,520	1.50		1.44		1.70		(0.59	)	(0.85	)	131
2002		10.09		(0.04	)		(2.22	)		—			7.83	(22.40	)		12,878	1.50		1.43		1.82		(0.44	)	(0.83	)	160
2001 (4)		10.00		—	†		0.09			—			10.09	0.90			115	1.50		1.50		123.38		(0.28	)	(122.16	)	92

GS8 Class
2006 (3)	$	11.11	$	(0.06	)#	$	0.56		$	—		$	11.61	4.50	%	$	5,969	1.91	%	1.90	%	2.04	%	(0.98	)%	(1.12	)%	47	%
2005		12.34		(0.11	)#		0.82			(1.94	)		11.11	5.61			5,694	1.92		1.91		2.07		(0.88	)	(1.04	)	97
2004 (5)		12.14		(0.01	)		0.95			(0.74	)		12.34	7.77			5,386	1.95		1.91		2.19		(0.68	)	(0.96	)	148

See Notes to Financial Statements.

109

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)


	For a Share Outstanding For the Six Months Ended June 30, 2006 and For the Years Ended December 31, unless otherwise indicated																							Ratios to Average Net Assets (1)
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Return of Capital			Net Asset Value, End of Period		Total Return (2)		Net Assets, End of Period (000)		Expenses, Net		Expenses, Including Expense Reduction		Expenses, Before Waivers and Expense Reduction		Investment Income/ (Loss), Net		Investment Income/ (Loss), Excluding Waivers and Expense Reduction		Portfolio Turnover Rate (2)
International Equity Fund

GS2 Class
2006(3)	$	14.71	$	0.18		$	0.97		$	—		$	—		$	—		$	15.86	7.82	%	$	181,267	0.97	%	0.96	%	1.10	%	2.27	%	2.13	%	16	%
2005		12.93		0.29			1.99			(0.30	)		(0.20	)		—			14.71	17.66			176,819	0.97		0.95		1.12		1.59		1.43		30
2004		11.06		0.16			1.93			(0.22	)		—			—			12.93	18.93			87,300	0.97		0.95		1.13		1.32		1.14		33
2003		8.26		0.08	#		2.90			(0.18	)		—			—			11.06	36.06			50,390	0.97		0.95		1.14		0.86		0.67		33
2002		9.50		0.11			(1.22	)		(0.13	)		—			—	†		8.26	(11.72	)		5,416	0.96		0.93		1.43		1.29		0.79		30
2001 (4)		10.00		—	†		(0.47	)		(0.03	)		—			—			9.50	(4.69	)		27	0.96		0.96		88.97		0.11		(87.90	)	20

GS4 Class
2006(3)	$	17.37	$	0.19		$	1.15		$	—		$	—		$	—		$	18.71	7.72	%	$	1,165,668	1.15	%	1.14	%	1.29	%	2.10	%	1.95	%	16	%
2005		15.20		0.23			2.41			(0.27	)		(0.20	)		—			17.37	17.39			1,120,234	1.15		1.13		1.31		1.42		1.24		30
2004		12.96		0.17			2.26			(0.19	)		—			—			15.20	18.80			1,072,556	1.15		1.13		1.31		1.22		1.04		33
2003		9.66		0.15	#		3.31			(0.16	)		—			—			12.96	35.81			920,664	1.15		1.13		1.31		1.39		1.21		33
2002		11.09		0.11			(1.43	)		(0.11	)		—			—	†		9.66	(11.94	)		698,704	1.15		1.12		1.35		1.00		0.77		30
2001 (4)		11.66		0.01			(0.55	)		(0.03	)		—			—			11.09	(4.61	)		795,363	1.15		1.15		1.37		0.28		0.06		20

GS6 Class
2006(3)	$	14.56	$	0.14		$	0.95		$	—		$	—		$	—		$	15.65	7.49	%	$	20,555	1.50	%	1.49	%	1.63	%	1.75	%	1.61	%	16	%
2005		12.80		0.13			2.06			(0.23	)		(0.20	)		—			14.56	17.15			19,123	1.45		1.43		1.64		1.11		0.91		30
2004		10.95		0.12			1.90			(0.17	)		—			—			12.80	18.52			19,551	1.35		1.33		1.58		1.06		0.81		33
2003		8.19		0.10	#		2.80			(0.14	)		—			—			10.95	35.47			20,434	1.36		1.34		1.50		1.14		0.98		33
2002		9.43		0.06			(1.21	)		(0.09	)		—			—	†		8.19	(12.18	)		14,078	1.37		1.34		1.64		0.88		0.58		30
2001 (4)		10.00		(0.01	)#		(0.53	)		(0.03	)		—			—			9.43	(5.40	)		51	1.45		1.45		256.83		(0.32	)	(255.70	)	20

GS8 Class
2006(3)	$	14.54	$	0.11		$	0.95		$	—		$	—		$	—		$	15.60	7.29	%	$	6,735	1.80	%	1.79	%	2.03	%	1.45	%	1.21	%	16	%
2005		12.80		0.11			2.02			(0.19	)		(0.20	)		—			14.54	16.67			6,243	1.80		1.78		2.11		0.76		0.43		30
2004 (5)		12.05		—	†		0.84			(0.09	)		—			—			12.80	6.93			5,346	1.80		1.78		2.16		(0.37	)	(0.75	)	33

†	Amount represents less than $0.005 per share.

#	Calculated using the average shares outstanding method.

(1)	Annualized.

(2)	Not annualized.

(3)	For the six months ended June 30, 2006.

(4)	Inception date was August 27, 2001.

(5)	Inception date was November 8, 2004.

See Notes to Financial Statements.

110

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. DESCRIPTION OF THE FUNDS

GuideStone Funds (the “Trust”) was organized as a Delaware statutory trust on March 2, 2000. The Trust has established seventeen 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 Flexible Income Fund, Growth & Income Fund, Capital Opportunities Fund, Global Equity Fund, Flexible Income Fund I, Growth & Income Fund I, Capital Opportunities Fund I and Global Equity Fund I are each referred to as a “Blended Fund” and together are referred to as the “Blended Funds.” The remaining Funds are each referred to as a “Select Fund” and are together referred to as the “Select Funds.” The Low-Duration Bond Fund, Medium-Duration Bond Fund and Extended-Duration Bond Fund are together referred to as the “Bond Funds.” The Equity Index Fund, Value Equity Fund, Growth Equity Fund, Small Cap Equity Fund, and International Equity Fund are together referred to as the “Equity Funds.” The Money Market Fund is referred to as the “Money Market Fund.”

There are four classes of shares issued by the Funds — the GS2 Class, the GS4 Class, the GS6 Class and the GS8 Class. All classes of shares have identical voting, dividend and liquidation rights. The distribution fee (class specific expense) differs among classes. 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 Blended Funds primarily invest in a different mix of the Select Funds to meet a specified investment strategy. The Blended Funds are commonly referred to as “Fund of Funds”.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are in conformity with generally accepted accounting principles in the United States of America which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

a. Valuation of Securities

The Funds (except the Money Market Fund) each value securities traded on national securities exchanges or included in national market systems at the last quoted sale price, or official close price, on the principal exchange on which they were traded, or, in the absence of any sale, or official close price, at the closing bid price. Securities which are primarily traded on foreign exchanges are generally valued at the closing values of such securities on their respective exchanges, except that when an occurrence subsequent to the time when the foreign security is valued is likely to have changed such value, then the fair value of those securities will be determined through procedures established by or under the direction of the Board of Trustees. 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 asked prices available. Asset-backed and mortgage-backed securities are valued at the last bid price. Options 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 and warrants not traded on a national securities exchange are valued at the last quoted bid price. Short-term securities maturing in more than 60 days from the valuation date are valued at the mean of the last bid and asked prices; those maturing in 60 days or less are valued at amortized cost. Futures contracts are valued at the closing settlement price on the exchange on which they are primarily

111

traded. Forward foreign exchange contracts are valued based upon closing exchange rates from each respective foreign market. Swap agreements are valued daily based upon the terms specific to each agreement with its counterparty. To the extent available, valuations of portfolio securities are provided by independent pricing services approved by the Board of Trustees. Debt securities are valued on the basis of broker quotations or valuations provided by a pricing service which may use a matrix, formula or other objective method that takes into consideration market indices, matrices, yield curves and other specific adjustments. Certain fixed income securities are valued by the sub-adviser using various methodologies. 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.

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. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates its net asset value 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 net asset value. 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 net asset value, a Valuation Committee meeting may be called. The Trust uses FT-Interactive Data (“FT”) as a third party fair valuation vendor. FT provides a fair value for foreign equity securities held by the Trust based on certain factors and methodologies applied by FT 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 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 Committee is exceeded on a specific day, the Trust will typically value non-U.S. equity securities in its portfolio that exceed the applicable confidence interval based upon the fair values provided by FT.

The Money Market Fund uses the amortized cost method, which approximates market value, to determine the value of its portfolio securities.

The Blended Funds value their investments in the underlying Select Funds daily at the closing net asset value of each respective Select Fund.

b. 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.

c. Derivative Financial Instruments

The Funds may engage in various portfolio strategies to seek to increase its return by hedging its portfolio 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. However, based on experience, the Funds expect the risk of loss to be remote.

112

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, the intended purchase of securities or to gain 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.

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 this 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.

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 amounts reported in the Statement of Assets and Liabilities, associated with both option contracts and swap contracts. The Funds bear the market risk arising from any change in index values or interest rates.

113

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. 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.

Foreign Currency Options and Futures — The International Equity Fund and the Bond Funds 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.

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

Dollar Rolls — During the year ended December 31, 2005, GuideStone Funds entered into dollar roll transactions, pursuant to which they sell a mortgage-backed TBA or security and simultaneously purchase a similar, but not identical, TBA with the same issuer, rate and terms. The Funds may execute a “roll” to obtain better underlying mortgage securities or to increase yield. The Funds account for dollar roll transactions as purchases and sales, which has the effect of increasing their portfolio turnover rates. Risks associated with dollar rolls are that actual mortgages received by the Funds may be less favorable than those anticipated or that counterparties may fail to perform under the terms of the contracts.

Swap Agreements — Each Select Fund may enter into swap agreements. The Equity Funds may enter into equity swap contracts, the Bond Funds may enter into interest rate and credit default swaps, the International Equity and Bond Funds may enter into currency swaps and each Select Fund may enter into total return swaps.

Swap agreements are the exchange of one security or asset for another. 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 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 may be set aside as collateral by the Fund’s custodian.

d. Foreign Currency Translations

Securities and other assets and liabilities denominated in foreign currencies are translated daily into U.S. dollars. Foreign currency amounts related to the purchase or sale of securities and income and expenses are translated at the exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized security gains or losses is reflected as a component of such gains or losses. In the statement of operations, net realized gains or losses from foreign currency transactions, if any, may arise from sales of foreign currency, closed forward contracts, exchange gains or losses realized between the trade date and

114

settlement date on securities transactions, and other translation gains or losses on dividends, interest income and foreign withholding taxes.

e. Dividends and Distributions to Shareholders

Dividends from net investment income for the Money Market Fund are declared daily and paid monthly. Dividends from net investment income for the Bond Funds are declared and paid monthly. Dividends from net investment income, if any, for the Equity Index Fund, Growth Equity Fund and Value Equity Fund are declared and paid semi-annually. Dividends from net investment income, if any, for the Small Cap Equity Fund, International Equity Fund and the Blended Funds are declared and paid annually. Net realized capital gains, if any, will be distributed at least annually by each of the Funds. Dividends and distributions to shareholders are recorded on the ex-dividend date.

f. 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 and interest income is accrued daily, including the amortization of market premium and the accretion of market discount. Realized gains and losses from security transactions are identified on an identified cost basis.

g. Expenses

Expenses arising in connection with a Fund are charged directly to that Fund. Expenses common to all Funds of the Trust 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 printing, transfer agent, service and distribution fees.

3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

a. Investment Advisory Fees

Pursuant to a separate investment advisory agreement, GuideStone Capital Management (“GSCM” or “Investment Advisor”) acts as the Investment Advisor to the Funds. As Investment Advisor it supervises the investments of the Funds and for such services is paid a fee.

GSCM and the Trust have entered into sub-advisory agreements with various sub-advisers to manage each Select Fund’s investments. Under the general supervision of GSCM, the sub-advisers make the day-to-day investment decisions for the Select Funds and for such services each sub-adviser receives a fee from the Funds.

The advisory fees paid to GSCM and aggregate sub-advisory fees paid to the sub-advisers, listed at the end of this report, are computed daily based upon the net assets of each Fund. The actual advisory and sub-advisory fees accrued during the six months ended June 30, 2006, based upon average daily net assets, were as follows:


Fund	Advisory Fees		Sub-Adviser Fees
Flexible Income	0.10	%	—
Growth & Income	0.10	%	—
Capital Opportunities	0.10	%	—
Global Equity	0.10	%	—
Flexible Income I	0.10	%	—
Growth & Income I	0.10	%	—
Capital Opportunities I	0.10	%	—
Global Equity I	0.10	%	—
Money Market	0.14	%	0.07	%
Low-Duration Bond	0.20	%	0.20	%
Medium-Duration Bond	0.23	%	0.20	%
Extended-Duration Bond	0.27	%	0.22	%
Equity Index	0.14	%	0.02	%
Value Equity	0.43	%	0.23	%
Growth Equity	0.48	%	0.36	%
Small Cap Equity	0.30	%	0.72	%
International Equity	0.47	%	0.49	%

115

For the six months ended June 30, 2006, advisory fees and waivers for each Fund were as follows:


	Gross Advisory Fee		Waivers			Net Advisory Fee (Reimbursement)
Flexible Income	$	152,211	$	(80,439	)	$	71,772
Growth & Income		655,408		(35,097	)		620,311
Capital Opportunities		537,980		(40,624	)		497,356
Global Equity		494,981		(41,113	)		453,868
Flexible Income I		27,209		(28,963	)		(1,754	)
Growth & Income I		120,578		(746	)		119,832
Capital Opportunities I		82,611		(14,095	)		68,516
Global Equity I		65,195		(16,156	)		49,039
Money Market		585,332		(21,212	)		564,120
Low-Duration Bond		920,468		(250,341	)		670,127
Medium-Duration Bond		1,268,787		(422,627	)		846,160
Extended-Duration Bond		618,277		(53,525	)		564,752
Equity Index		347,488		(81,815	)		265,673
Value Equity		3,203,849		(90,918	)		3,112,931
Growth Equity		3,644,598		(603,311	)		3,041,287
Small Cap Equity		869,342		(210,564	)		658,778
International Equity		3,252,897		(969,349	)		2,283,548

b. Distribution and Shareholder Servicing Fees

The Board of Trustees has adopted Shareholder Service Plans for the GS4, GS6 and GS8 Class of each Select Fund and the GS6 and GS8 Class of each Blended Fund (“Service Plans”) and a separate Plan of Distribution for the GS6 and GS8 Class of each Select Fund and Blended Fund pursuant to Rule 12b-1 under the 1940 Act (“ 12b-1 Plan”).

Under the Service Plans, the GS4, GS6 and GS8 Class of each Select Fund and the GS6 and GS8 Class of each applicable Blended Fund are authorized to pay fees to parties that provide services for and maintain shareholder accounts. The GS4, GS6 and GS8 Class of each Select Fund are authorized to pay service fees of 0.19%, 0.30% and 0.40% of average daily net assets, respectively. The GS6 and GS8 Class of each applicable Blended Fund are authorized to pay service fees of 0.11% and 0.21% of average daily net assets, respectively.

Under the 12b-1 Plan, the assets of each Select Fund and Blended Fund may be used to compensate GuideStone Financial Resources, the Distributor or others for certain expenses relating to the distribution of shares of the Funds to investors. Under the 12b-1 Plan, the maximum amount payable as a percentage of average daily net assets on an annual basis is 0.10% by the GS6 Class of each Select Fund and applicable Blended Fund and 0.30% by the GS8 Class of each Select Fund and applicable Blended Fund.

c. Expense Limitation

GSCM has agreed, through April 30, 2007, to waive fees and reimburse expenses of the GS2 Class, GS4 Class, GS6 Class and the GS8 Class of each Fund (excluding interest, taxes, brokerage commissions and extraordinary expenses) which exceed, in the aggregate, the annual percentage rate of each class’s average daily net assets as follows:


Fund	GS2 Class		GS4 Class		GS6 Class		GS8 Class
Flexible Income	—		0.13	%	0.50	%	0.80	%
Growth & Income	—		0.13	%	0.60	%	0.90	%
Capital Opportunities	—		0.13	%	0.70	%	1.00	%
Global Equity	—		0.13	%	0.57	%	0.87	%
Flexible Income I	0.17	%	—		—		—
Growth & Income I	0.17	%	—		—		—
Capital Opportunities I	0.17	%	—		—		—
Global Equity I	0.17	%	—		—		—
Money Market	0.27	%	0.46	%	0.87	%	1.17	%
Low-Duration Bond	0.45	%	0.61	%	1.00	%	1.30	%
Medium-Duration Bond	0.50	%	0.62	%	1.05	%	1.35	%
Extended-Duration Bond	0.65	%	0.73	%	1.20	%	1.50	%
Equity Index	0.25	%	0.40	%	0.60	%	0.90	%
Value Equity	0.76	%	0.90	%	1.30	%	1.60	%
Growth Equity	0.90	%	1.02	%	1.42	%	1.72	%
Small Cap Equity	1.14	%	1.21	%	1.61	%	1.91	%
International Equity	0.97	%	1.15	%	1.50	%	1.80	%

During the period January 1, 2006 through May 16, 2006, the expense caps for the Growth Equity Fund GS2 Class, GS4 Class, GS6 Class and GS8 Class were 0.87%, 0.99%, 1.39% and 1.69%, respectively.

Each Fund in turn agrees to reimburse GSCM for any operating expenses in excess of the expense limitation paid, waived or assumed by GSCM for that Fund during the limitation period, provided GSCM would not be entitled to reimbursement for any amount that would cause operating expenses to exceed the expense limitation during the year in which the reimbursement would be made, and provided further that no amount will be reimbursed by the Fund more than three years after the year in which it was incurred or waived by GSCM.

116

At June 30, 2006, the amounts subject to possible future reimbursement under the expense limitation agreement are as follows:


	GS2 Class		GS4 Class		GS6 Class		GS8 Class
Flexible Income		NA	$	406,058	$	44,624	$	18,107
Growth & Income		NA		113,331		26,772		5,737
Capital Opportunities		NA		189,870		18,194		2
Global Equity		NA		228,211		17,363		4,843
Flexible Income I	$	196,297		NA		NA		NA
Growth & Income I		114,296		NA		NA		NA
Capital Opportunities I		164,875		NA		NA		NA
Global Equity I		171,665		NA		NA		NA
Money Market		—		—		96,111		7,799
Low-Duration Bond		69,785		1,420,555		34,602		15,751
Medium-Duration Bond		19,579		2,129,959		28,631		12,226
Extended-Duration Bond		—		285,546		—		4,435
Equity Index		—		284,015		130,146		26,291
Value Equity		—		817,576		21,891		8,368
Growth Equity		47,431		3,608,270		79,027		15,575
Small Cap Equity		—		1,216,968		74,491		12,898
International Equity		470,536		4,975,345		116,451		27,130

During the six months ended June 30, 2006, GSCM recaptured the following amounts:


	GS2 Class		GS6 Class		GS8 Class
Growth & Income		—	$	4,478		—
Capital Opportunities		—		207	$	398
Global Equity		—		2,496		—
Flexible Income I	$	1,754		—		—
Value Equity		—		46		—

d. Brokerage Service and Other Arrangements

The Investment Advisor directs the sub-advisers to place 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 Equity Funds. The amount of expenses paid through Brokerage Service Arrangements for the six months ended June 30, 2006, were as follows:


Fund	Expenses Paid Through Brokerage Service Arrangements
Value Equity	$	44,500
Growth Equity		37,515
Small Cap Equity		18,896
International Equity		44,264

In addition, the Funds have entered into arrangements with its custodian whereby net interest earned on uninvested cash balances was used to reduce a portion of each Fund’s custody expenses. Custody expense in the accompanying financial statements is presented before reduction for credits. During the six months ended June 30, 2006, expenses reduced were as follows:


Fund	Reduction to Expenses
Flexible Income	$	282
Growth & Income		330
Capital Opportunities		518
Global Equity		324
Flexible Income I		278
Growth & Income I		357
Capital Opportunities I		338
Global Equity I		352
Money Market		5,060
Low-Duration Bond		152,838
Medium-Duration Bond		109,628
Extended-Duration Bond		3,608
Equity Index		644
Value Equity		4,051
Growth Equity		3,349
Small Cap Equity		978
International Equity		2,375

e. Administrator, Transfer Agent and Distributor

Certain employees of PFPC Inc. (“PFPC”), an indirect, wholly-owned subsidiary of The PNC Financial Services Group, Inc. (“PNC”), are officers of the Funds. PFPC serves as Administrator and Transfer agent of the Funds.

For its services as Administrator, PFPC is entitled to receive fees, computed daily and paid monthly, based upon the average daily net assets of each Fund. The fees, excluding out of pocket expenses, currently range between .008% and .0375% of average daily net assets. For its services as Transfer Agent, PFPC receives a fee based mainly upon the number of accounts serviced. Certain minimum fees and transaction charges may apply. For the six months ended June 30, 2006, PFPC received $2,676,841 in aggregate fees and expenses for services rendered under the various agreements described above.

PFPC Distributors, Inc. (“PDI”), also an indirect, wholly owned subsidiary of PNC, serves as the Distributor for the Funds. The Funds do not pay any fees to PDI in its capacity as Distributor.

117

4. SECURITIES LENDING

Through an agreement with 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, letters of credit or U.S. Government securities as collateral against the loaned securities in an amount at least equal to the market value of the loaned Securities. The Funds continue to own the loaned securities and the securities remain in the investment portfolio. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Cash collateral has been invested in a short-term money market fund of Northern Trust. At June 30, 2006, the market values of loaned securities and collateral received were as follows:


Fund	Market Value of Securities Loaned		Market Value of Collateral
Low-Duration Bond	$	77,634,003	$	79,269,594
Medium-Duration Bond		316,188,177		321,136,139
Extended-Duration Bond		224,552,272		226,916,524
Equity Index		39,117,706		39,852,896
Value Equity		106,681,354		108,352,585
Growth Equity		170,011,172		173,539,707
Small Cap Equity		261,161,006		266,037,229
International Equity		187,436,976		192,117,479

5. INVESTMENT TRANSACTIONS

For the six months ended June 30, 2006, the cost of purchases and proceeds from sales and maturities (other than short-term and U.S. Government obligations) for each Fund were as follows:


	Purchases		Sale and Maturity Proceeds
Flexible Income	$	11,850,000	$	2,500,000
Growth & Income		43,050,000		25,050,000
Capital Opportunities		36,150,000		42,550,000
Global Equity		36,200,000		37,000,000
Flexible Income I		2,564,000		1,898,000
Growth & Income I		14,888,000		13,377,000
Capital Opportunities I		12,963,000		7,433,000
Global Equity I		8,108,000		6,349,000
Low-Duration Bond		357,949,702		225,735,902
Medium-Duration Bond		229,875,553		1,200,197,320
Extended-Duration Bond		22,505,740		56,061,729
Equity Index		19,915,499		14,158,503
Value Equity		836,504,272		861,547,428
Growth Equity		387,014,489		434,609,399
Small Cap Equity		261,655,876		270,573,445
International Equity		211,646,068		248,085,873

For the six months ended June 30, 2006, the cost of purchases and proceeds from sales and maturities of long-term U.S. Government obligations for each Fund were as follows:


	Purchases		Sale and Maturity Proceeds
Flexible Income	$	10,659,568	$	11,010,823
Growth & Income		29,747,251		32,578,567
Capital Opportunities		10,237,756		11,092,554
Flexible Income I		3,016,022		2,894,326
Growth & Income I		7,683,068		7,742,996
Capital Opportunities I		2,528,776		2,666,263
Low-Duration Bond		255,882,085		347,107,827
Medium-Duration Bond		2,680,780,034		1,636,804,864
Extended-Duration Bond		156,468,576		119,724,789

118

Futures Contracts

Investments in securities as of June 30, 2006 included securities that were valued and pledged as collateral to cover initial margin deposits. The market value of this collateral and open futures contracts is as follows:


	Market Value of Collateral		Open Purchase (Sale) Contracts		Notional Market Value on Futures		Net Unrealized Gain (Loss) on Futures
Flexible Income Fund
June 2006 S&P 500^®	$	133,568	3		$	959,550	$	15,624

Growth & Income Fund
June 2006 S&P 500^®		796,460	29			9,275,650	$	55,425

Capital Opportunities Fund
June 2006 S&P 500^®		900,346	36			11,514,600	$	60,667

Global Equity Fund
June 2006 S&P 500^®		1,281,263	25			7,996,250	$	139,593

Flexible Income Fund I
June 2006 S&P 500^® E-Mini		19,788	3			191,910	$	2,948

Growth & Income Fund I
June 2006 S&P 500^® E-Mini		128,621	32			2,047,040	$	20,263

Capital Opportunities Fund I
June 2006 S&P 500^® E-Mini		128,621	31			1,983,070	$	12,345

Global Equity Fund I
June 2006 S&P 500^® E-Mini		138,515	30			1,919,100	$	24,212

Low-Duration Bond Fund
July 2006 90-Day Euro		6,005	14			3,307,763	$	1,663
December 2006 90-Day Euro		332,350	617			145,619,712		(400,235	)
March 2007 90-Day Euro		357,871	835			197,143,500		(251,763	)
June 2007 90-Day Euro		159,948	373			88,111,925		(205,150	)
September 2007 90-Day Euro		21,450	50			11,816,250		(58,125	)
December 2007 90-Day Euro		8,581	20			4,727,250		(5,250	)
March 2008 90-Day Euro		109,417	255			60,275,625		(87,650	)
December 2008 90-Day Euro		187,791	438			103,450,125		(697,875	)
September 2006 2-Year U.S. Treasury Note		907,242	982			199,131,188		(697,517	)
September 2006 5-Year U.S. Treasury Note		110,731	(374	)		38,673,937		132,566
September 2006 10-Year U.S. Treasury Note		40,351	(45	)		4,718,672		26,663
September 2006 U.S. Long Treasury Bond		8,325	(43	)		4,586,219		9,070
September 2006 Euro Bund		536	2			295,000		(1,241	)

							$	(2,234,844	)

Medium-Duration Bond Fund
July 2006 90-Day Euro		4,282	14			3,307,762	$	1,662
September 2006 90-Day Euro		24,261	10			2,360,500		(18,925	)
December 2006 90-Day Euro		275,478	624			147,271,800		(442,800	)
March 2007 90-Day Euro		245,450	574			135,521,400		(199,027	)
September 2007 90-Day Euro		32,301	57			13,470,525		(66,135	)
December 2007 90-Day Euro		3,672	12			2,836,350		(10,950	)
March 2008 90-Day Euro		81,712	267			63,112,125		(91,775	)
September 2006 5-Year U.S. Treasury Note		114,432	61			16,441,594		(53,721	)
September 2006 10-Year U.S. Treasury Note		85,508	(310	)		45,718,687		28,472
September 2006 U.S. Long Treasury Bond		14,674	(79	)		8,852,469		13,437

							$	(839,762	)

119


	Market Value of Collateral		Open Purchase (Sale) Contracts	Notional Market Value on Futures		Net Unrealized Gain (Loss) on Futures
Equity Index Fund
June 2006 S&P 500^®	$	613,423	27	$	8,635,950	$	73,672

Value Equity Fund
June 2006 S&P 500^®		4,536,362	97		31,025,450	$	287,514
June 2006 S&P 500^® E-Mini		262,189	20		1,279,400		(893	)

						$	286,621

Growth Equity Fund
June 2006 S&P 500^®		4,155,446	171		54,694,350	$	253,400

Small Cap Equity Fund
June 2006 Russell 2000^® IMM-Mini		1,543,452	290		21,213,500	$	744,206

Forward Foreign Currency Contracts

As of June 30, 2006, the following Funds have forward foreign currency exchange contracts that obligate it to deliver currencies at specified future dates. The unrealized appreciation and/or depreciation on these contracts is included in the accompanying financial statements. The terms of the open contracts are as follows:


Fund/Expiration Date	Currency to be Delivered	Amount of Currency to be Delivered	Currency to be Received	Amount of Currency to be Received	Net Unrealized Appreciation (Depreciation)
Low-Duration Bond Fund
7/5/2006	US Dollars	602,876	British Pounds	332,880	$	12,761
7/20/2006	New Zealand Dollars	1,319,951	US Dollars	821,010		17,740
7/20/2006	Euros	3,617,573	US Dollars	4,590,523		(43,430	)
7/20/2006	US Dollars	5,960,843	European Euros	4,718,573		83,443
7/21/2006	US Dollars	3,669,178	Singapore Dollars	5,845,000		27,344
7/27/2006	British Pounds	333,000	US Dollars	603,369		(12,799	)
7/27/2006	US Dollars	346,558	British Pounds	188,000		1,308
7/31/2006	Euros	480,000	US Dollars	617,244		1,887
7/31/2006	US Dollars	1,378,958	European Euros	1,100,000		31,235
8/15/2006	US Dollars	8,534,774	Japanese Yen	943,524,000		(233,289	)
8/31/2006	Euros	10,774,000	US Dollars	13,589,032		(250,758	)
9/29/2006	Euros	35,000,000	US Dollars	44,404,083		(639,095	)
3/16/2007	US Dollars	1,700,000	Chinese Yuan	13,128,000		(13,771	)

					$	(1,017,424	)

Medium-Duration Bond Fund
7/5/2006	US Dollars	450,725	British Pounds	248,869	$	9,488
7/12/2006	Mexican Pesos	38,801,757	US Dollars	3,470,019		51,046
7/20/2006	US Dollars	1,200,054	European Euros	954,000		21,979
7/27/2006	Canadian Dollars	70,000	US Dollars	63,479		718
7/27/2006	British Pounds	42,000	US Dollars	76,101		(1,614	)
7/28/2006	Euros	852,805	US Dollars	1,073,980		(19,078	)
7/31/2006	Euros	46,334,000	US Dollars	58,003,430		(1,396,484	)
8/8/2006	Australian Dollars	2,406,065	US Dollars	1,787,706		740
8/8/2006	Canadian Dollars	1,186,818	US Dollars	1,051,571		(12,893	)
8/15/2006	US Dollars	13,554,707	Japanese Yen	1,501,856,000		(340,805	)
3/16/2007	US Dollars	1,800,000	Chinese Yuan	13,900,000		(14,611	)

					$	(1,701,514	)

120


Fund/Expiration Date	Currency to be Delivered	Amount of Currency to be Delivered	Currency to be Received	Amount of Currency to be Received	Net Unrealized Appreciation (Depreciation)
International Equity
7/21/2006	Euros	869,307	Australian Dollars	1,449,743	$	(36,661	)
7/31/2006	British Pounds	7,943,500	US Dollars	14,195,114		(504,523	)
9/26/2006	Swiss Francs	1,524,156	British Pounds	676,200		(5,969	)

					$	(547,153	)

Options Written

Transactions in options written during the six months ended June 30, 2006 were as follows:


Low-Duration Bond Fund	Number of Contracts		Premiums Received
Options written, 12/31/05	1,074		$	379,043

Options written	5,182			423,571
Options expired	(4,268	)		(100,077	)
Options closed	(207	)		(110,939	)

Options written, 6/30/06	1,781		$	591,598


Medium-Duration Bond Fund	Number of Contracts		Premiums Received
Options written, 12/31/05	5,636		$	1,021,660

Options written	11,050			612,228
Options expired	(5,086	)		(108,815	)
Options closed	(1,230	)		(88,405	)

Options written, 6/30/06	10,370		$	1,436,668

121

6. CAPITAL SHARE TRANSACTIONS

Transactions in shares of capital stock were as follows:


	Six Months Ended June 30, 2006					Year Ended December 31, 2005
	GS4		GS6	GS8		GS4		GS6	GS8
Flexible Income Fund
Shares sold	2,144,136		—	4,810		3,824,308		—	8,453
Shares reinvested	8		—	—		1,073,334		89,168	37,286
Shares redeemed	(1,459,355	)	—	(450	)	(3,795,558	)	—	—

Net increase	684,789		—	4,360		1,102,084		89,168	45,739

Growth & Income Fund
Shares sold	3,507,219		—	44,446		7,705,632		—	37,621
Shares reinvested	47		—	—		5,682,960		133,984	54,000
Shares redeemed	(2,719,832	)	—	(6,171	)	(13,663,368	)	—	(9	)

Net increase (decrease)	787,434		—	38,275		(274,776	)	133,984	91,612

Capital Opportunities Fund
Shares sold	1,515,241		—	72,484		3,308,317		—	46,234
Shares reinvested	1		—	—		3,318,258		46,828	36,627
Shares redeemed	(2,236,729	)	—	(5,430	)	(8,321,585	)	—	(3	)

Net increase (decrease)	(721,487	)	—	67,054		(1,695,010	)	46,828	82,858

Global Equity Fund
Shares sold	2,368,603		—	16,117		3,985,734		—	12,413
Shares reinvested	79		—	—		2,666,766		74,409	29,063
Shares redeemed	(2,748,984	)	—	(2,354	)	(9,133,897	)	—	—

Net increase (decrease)	(380,302	)	—	13,763		(2,481,397	)	74,409	41,476


	GS2					GS2
Flexible Income Fund I
Shares sold	365,135					2,547,905
Shares reinvested	—					258,626
Shares redeemed	(282,297	)				(515,007	)

Net increase	82,838					2,291,524

Growth & Income Fund I
Shares sold	769,767					10,263,212
Shares reinvested	—					1,112,570
Shares redeemed	(674,582	)				(1,110,745	)

Net increase	95,185					10,265,037

Capital Opportunities Fund I
Shares sold	714,472					7,039,835
Shares reinvested	—					526,433
Shares redeemed	(322,222	)				(704,572	)

Net increase	392,250					6,861,696

Global Equity Fund I
Shares sold	457,707					6,666,685
Shares reinvested	—					287,774
Shares redeemed	(388,462	)				(523,621	)

Net increase	69,245					6,430,838

122


	Six Months Ended June 30, 2006							Year Ended December 31, 2005
	GS2		GS4		GS6	GS8		GS2		GS4		GS6		GS8
Money Market Fund
Shares sold	38,680,423		1,257,710,860		3	62,883		97,579,053		2,495,446,536		43,983		54,568
Shares reinvested	1,879,942		8,847,650		91,012	94,422		2,495,133		11,467,878		111,760		107,373
Shares redeemed	(38,982,257	)	(1,285,152,906	)	—	(16,277	)	(68,344,589	)	(2,578,673,372	)	(44,371	)	(23,730	)

Net increase (decrease)	1,578,108		(18,594,396	)	91,015	141,028		31,729,597		(71,758,958	)	111,372		138,211

Low-Duration Bond Fund
Shares sold	722,937		3,826,624		8	988		5,248,419		8,353,061		51,030		135
Shares reinvested	239,594		895,858		22,768	9,278		480,713		1,805,474		50,668		19,301
Shares redeemed	(521,006	)	(2,011,501	)	—	—		(585,221	)	(9,214,663	)	(569,745	)	(6	)

Net increase (decrease)	441,525		2,710,981		22,776	10,266		5,143,911		943,872		(468,047	)	19,430

Medium-Duration Bond Fund
Shares sold	1,041,772		5,806,541		—	337		5,497,788		14,239,642		62,271		73
Shares reinvested	329,859		1,322,700		38,577	14,152		682,179		2,861,364		89,901		31,950
Shares redeemed	(496,204	)	(3,798,588	)	—	(152	)	(444,179	)	(6,447,573	)	(459,868	)	—

Net increase (decrease)	875,427		3,330,653		38,577	14,337		5,735,788		10,653,433		(307,696	)	32,023

Exended-Duration Bond Fund
Shares sold	636,776		1,980,125		—	259		3,301,097		5,503,394		102,426		68
Shares reinvested	263,128		564,376		65,731	22,240		672,556		1,637,275		187,340		59,570
Shares redeemed	(515,235	)	(2,591,699	)	—	—		(810,810	)	(7,325,967	)	(1,204,900	)	—

Net increase (decrease)	384,669		(47,198	)	65,731	22,499		3,162,843		(185,298	)	(915,134	)	59,638

Equity Index Fund
Shares sold	507,093		1,526,602		—	1,405		2,936,130		2,592,192		—		120
Shares reinvested	83,704		162,864		13,505	5,301		171,170		357,906		29,955		11,720
Shares redeemed	(302,062	)	(1,338,487	)	—	(3	)	(558,730	)	(4,595,480	)	—		—

Net increase (decrease)	288,735		350,979		13,505	6,703		2,548,570		(1,645,382	)	29,955		11,840

Value Equity Fund
Shares sold	547,190		1,018,801		—	3,091		7,236,109		3,861,126		58,317		273
Shares reinvested	465,881		1,335,664		41,770	14,861		1,782,966		5,787,541		169,839		62,261
Shares redeemed	(691,473	)	(3,694,552	)	—	(120	)	(1,044,581	)	(10,142,136	)	(402,264	)	—

Net increase (decrease)	321,598		(1,340,087	)	41,770	17,832		7,974,494		(493,469	)	(174,108	)	62,534

123


	Six Months Ended June 30, 2006							Year Ended December 31, 2005
	GS2		GS4		GS6	GS8		GS2		GS4		GS6		GS8
Growth Equity Fund
Shares sold	1,034,315		2,828,576		—	912		8,581,238		3,451,460		33,645		99
Shares reinvested			—		—	—		—		—		—		—
Shares redeemed	(607,147	)	(3,543,571	)	—	(43	)	(1,360,673	)	(12,607,943	)	(350,859	)	—

Net increase (decrease)	427,168		(714,995	)	—	869		7,220,565		(9,156,483	)	(317,214	)	99

Small Cap Equity Fund
Shares sold	388,025		2,341,815		—	1,644		2,961,871		5,734,325		34,416		453
Shares reinvested	—		—		—	—		776,723		3,248,901		204,944		75,572
Shares redeemed	(474,686	)	(2,626,920	)	—	(261	)	(587,859	)	(5,552,728	)	(291,639	)	—

Net increase (decrease)	(86,661	)	(285,105	)	—	1,383		3,150,735		3,430,498		(52,279	)	76,025

International Equity Fund
Shares sold	613,518		3,002,023		—	2,358		5,946,070		5,799,684		123,176		371
Shares reinvested	—		—		—	—		391,556		1,711,897		38,117		11,325
Shares redeemed	(1,199,495	)	(5,170,510	)	—	(128	)	(1,070,163	)	(13,605,130	)	(374,414	)	—

Net increase (decrease)	(585,977	)	(2,168,487	)	—	2,230		5,267,463		(6,093,549	)	(213,121	)	11,696

7. BANK BORROWINGS

The Trust, on behalf of and for the benefit of the Funds, has a credit agreement with Bank of America, N.A., dated December 1, 2005, whereby each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The agreement permits borrowings up to $50 million, collectively. Interest is charged to each Fund based on its borrowings at a rate equal to the Bank prime rate minus two percent or the Wall Street Journal LIBOR One Month Floating Rate plus 0.50%. Each Fund also pays a facility fee equal to its pro rata share of the amount of the credit facility at a rate of 0.12% per annum. None of the Funds had any outstanding borrowings during the six months ended June 30, 2006.

124

8. FEDERAL INCOME TAXES

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, investments in Passive Foreign Investment Companies (“PFIC’s”) and excise tax regulations. Distributions during the years ended December 31, 2005 were characterized as follows for tax purposes:


Fund	Ordinary Income		Long-Term Capital Gain		Total Distribution
Flexible Income	$	7,202,701	$	8,060,505	$	15,263,206
Growth & Income		32,658,116		51,454,905		84,113,021
Capital Opportunities		21,044,662		32,067,303		53,111,965
Global Equity		14,036,479		31,500,364		45,536,843
Flexible Income I		1,960,483		695,422		2,655,905
Growth & Income I		9,387,903		3,409,006		12,796,909
Capital Opportunities I		4,868,226		1,871,844		6,740,070
Global Equity I		2,761,080		1,331,740		4,092,820
Money Market		25,692,609		—		25,692,609
Low-Duration Bond		28,121,329		2,254		28,123,583
Medium-Duration Bond		44,837,310		1,305,314		46,142,624
Extended-Duration Bond		25,266,825		6,787,901		32,054,726
Equity Index		6,790,475		1,344,379		8,134,854
Value Equity		43,128,602		82,692,658		125,821,260
Small Cap Equity		18,650,756		44,882,273		63,533,029
International Equity		21,032,901		15,522,074		36,554,975

At December 31, 2005, the components of distributable earnings on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain/ (Capital Loss Carryforward)			Unrealized Appreciation (Depreciation) on Investments
Flexible Income	$	1,857	$	1,809,484		$	43,656,519
Growth & Income		4,573		20,451,669			213,993,265
Capital Opportunities		35,519		24,716,023			208,197,650
Global Equity		138,197		26,715,186			223,317,391
Flexible Income I		—		693,802			(666,974	)
Growth & Income I		—		5,741,188			5,462,925
Capital Opportunities I		1,428		5,130,709			11,877,677
Global Equity I		22,930		4,721,121			10,230,498
Money Market		—		(7,398	)		—
Low-Duration Bond		—		(9,988,046	)		(8,911,875	)
Medium-Duration Bond		166,538		(1,264,463	)		2,321,719
Extended-Duration Bond		260,756		390,996			23,184,690
Equity Index		49,002		—			78,122,888


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain/ (Capital Loss Carryforward)			Unrealized Appreciation (Depreciation) on Investments
Value Equity	$	4,520,903	$	12,707,825		$	221,194,258
Growth Equity		—		(235,809,401	)		348,707,867
Small Cap Equity		1,736,793		4,374,939			63,916,359
International Equity		6,264,885		15,465,877			355,008,365

Post-October loss deferrals have been included in undistributed ordinary income and undistributed long-term capital gains, depending upon the character of the loss deferral.

For federal income tax purposes, capital loss carryovers and their expiration dates, were as follows as of December 31, 2005:


	Expiring 12/31/2010		Expiring 12/31/2011		Expiring 12/31/2013		Total
Money Market		—	$	2,028	$	5,370	$	7,398
Low- Duration Bond		—		—		9,988,046		9,988,046
Medium- Duration Bond		—		—		1,264,463		1,264,463
Growth Equity	$	112,512,894		123,296,507		—		235,809,401

For federal income tax purposes, post-October loss deferrals, which will reverse in 2006, were as follows as of December 31, 2005:


	Capital		FX and PFIC		Total
Money Market	$	976		—	$	976
Low-Duration Bond		1,966,698		—		1,966,698
Medium-Duration Bond		3,338,183	$	520,541		3,858,724
Equity Index		161,998		—		161,998
International Equity		—		702,852		702,852

125

At June 30, 2006, 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) was as follows:


Fund	Net Unrealized Appreciation (Depreciation)			Appreciated Securities		Depreciated Securities
Flexible Income	$	43,315,975		$	46,176,859	$	(2,860,884	)
Growth & Income		201,194,589			218,010,631		(16,816,042	)
Capital Opportunities		201,097,510			211,961,059		(10,863,549	)
Global Equity		225,376,953			231,147,519		(5,770,566	)
Flexible Income I		(1,058,397	)		1,565,858		(2,624,255	)
Growth & Income I		1,483,503			13,386,572		(11,903,069	)
Capital Opportunities I		10,348,860			15,253,014		(4,904,154	)
Global Equity I		9,849,307			11,280,151		(1,430,844	)
Low-Duration Bond		(7,787,816	)		3,046,376		(10,834,192	)
Medium-Duration Bond		(18,336,722	)		6,871,707		(25,208,429	)
Extended-Duration Bond		(5,953,342	)		13,291,873		(19,245,215	)
Equity Index		84,759,649			135,237,008		(50,477,359	)
Value Equity		167,034,029			212,826,870		(45,792,841	)
Growth Equity		216,044,609			276,894,636		(60,850,027	)
Small Cap Equity		59,887,941			92,250,547		(32,362,606	)
International Equity		352,330,325			383,910,363		(31,580,038	)

The differences between book basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales and on investments in PFIC’s.

At June 30, 2006, the aggregate cost of investment securities for federal income tax purposes was as follows (excluding foreign currency and derivative related items):


Fund	Federal Tax Cost
Flexible Income	$	267,068,446
Growth & Income		1,116,342,217
Capital Opportunities		866,487,626
Global Equity		753,396,150
Flexible Income I		56,873,810
Growth & Income I		241,524,402
Capital Opportunities I		157,287,847
Global Equity I		120,317,894
Money Market		851,735,056
Low-Duration Bond		1,001,587,294
Medium-Duration Bond		1,659,534,090
Extended-Duration Bond		575,787,067
Equity Index		442,825,648
Value Equity		1,417,057,251
Growth Equity		1,395,990,318
Small Cap Equity		772,471,339
International Equity		1,207,507,580

At December 31, 2005, 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 paydown gains, net operating losses and foreign currency transactions. The following amounts were reclassified within the capital accounts:


Fund	Paid in Capital			Accumulated Undistributed Income			Accumulated Net Realized Gain (Loss) on Investments, Currency Translations and Derivative Transactions
Flexible Income		—		$	485,761		$	(485,761	)
Growth & Income		—			5,692,454			(5,692,454	)
Capital Opportunities		—			5,897,468			(5,897,468	)
Global Equity		—			6,177,724			(6,177,724	)
Flexible Income I		—			130,492			(130,492	)
Growth & Income I		—			1,615,641			(1,615,641	)
Capital Opportunities I		—			1,291,156			(1,291,156	)
Global Equity I		—			1,179,503			(1,179,503	)
Low-Duration Bond	$	(112,051	)		295,973			(183,922	)
Medium-Duration Bond		—			4,017,442			(4,017,442	)
Extended-Duration Bond		—			903,987			(903,987	)
Equity Index		—			(904	)		904
Growth Equity		(3,160,622	)		3,159,499			1,123
Small Cap Equity		—			997,229			(997,229	)
International Equity		—			(634	)		634

Net investment income, net realized gain (loss) on investments and net assets were not affected by these reclassifications.

9. NEW ACCOUNTING PRONOUNCEMENTS

In July 2006, the Financial Accounting Standards Board (FASB) issued FASB Intepretation No. 48 (FIN 48), “Accounting for Uncertainty in Income Taxes.” This pronouncement provides guidance on the recognition, measurement, classification, and disclosures related to uncertain tax positions, along with any related interest and penalties.

FIN 48 is effective for fiscal years beginning after December 15, 2006.

The Portfolios are in the process of evaluating the effect of the adoption of FIN 48 on the financial statements.

126

FUND MANAGEMENT

Information pertaining to the Trustees and officers of the Trust is set forth below. The statement of additional information (SAI) includes additional information about the Trustees and is available without charge, upon request, by calling 1-888-98-GUIDE.


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

DISINTERESTED TRUSTEES

Michael R. Buster (11/18/57) 3656 Bridle Road Prosper, TX 75078 Trustee	Since 2002	Executive Pastor, Prestonwood Baptist Church, 1989 - present.	17	None

William Craig George (7/8/58) 617 Glen Eden Drive Raleigh, NC 27612 Trustee	Since 2004	Regional loan administrator, SunTrust Bank, 1995 - present.	17	None

Joseph A. Mack (11/22/39) 186 Preserve Lane Columbia, SC 29209 Trustee	Since 2002	Director, Office of Public Policy, South Carolina Baptist Convention, 1999 - Present; Deputy Director, SC Retirement Systems.	17	None

Kevin P. Mahoney (7/26/57) First Baptist Church 1101 South Flagler Drive West Palm Beach, FL 33401 Trustee	Since 2004	Executive Pastor, FBC West Palm Beach, FL, July 2000 - present; Administrative Pastor, FBC Merritt Island, FL, June 1995 - June 2000.	17	None

Franklin Raymond Morgan (6/1/43) 23914 Seven Winds San Antonio, TX 78258 Trustee	Since 2005	Retired - Senior Vice President, Director of International Adminis- tration, Prudential Securities, Inc., January 1962 - May 2003.	17	None

James Ray Taylor (10/19/33) 3009 Tanglewood Park West Fort Worth, Texas 76109 Trustee	Since 2002	Retired since 1994.	17	None

INTERESTED TRUSTEES²

Barry Hartis (10/6/45) 12 Waxwing Cove Greensboro, NC 27455-1373 Trustee	Since 2005	Certified Public Accountant 1976 - Present, Vice President for Business and Finance, Greensboro College, January 1998 - June 30, 2005.	17	None

Gerald B. Jones (5/24/32) Jones Motorcars, Inc. 3535 N. College Avenue Fayetteville, AR 72703-5108 Trustee	Since 2000	Owner, Jones Motorcars, Inc. 1957 - present.	17	Bank of Arkansas — Director

OFFICERS WHO ARE NOT TRUSTEES

Jeffrey P. Billinger (12/5/46) 2401 Cedar Springs Road Dallas, TX 75201-1407 Vice President and Treasurer	Since 2000	Executive Officer and Treasurer, GuideStone Financial Resources of the Southern Baptist Convention, 1995 - present.	N/A	N/A

127

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

Rodric E. Cummins (6/28/57) 2401 Cedar Springs Road Dallas, TX 75201-1407 Vice President and Investment Officer	Since 2000	Executive Officer and Chief Investment Officer, GuideStone Financial Resources of the Southern Baptist Convention, 1998 - present.	N/A	N/A

John R. Jones (12/6/53) 2401 Cedar Springs Road Dallas, TX 75201-1407 President	Since 2000	Executive Vice President and Chief Operating Officer, GuideStone Financial Resources of the Southern Baptist Convention, 1995 - present.	N/A	N/A

Rodney R. Miller (5/23/53) 2401 Cedar Springs Road Dallas, TX 75201-1407 Vice President, Secretary and Chief Legal Officer	Since 2000	General Counsel, Legal and Compliance, GuideStone Financial Resources of the Southern Baptist Convention, 1995 - present.	N/A	N/A

Curtis D. Sharp (10/30/47) 2401 Cedar Springs Road Dallas, TX 75201-1407 Chief Compliance Officer and AML Officer	Since 2006	Executive Officer, Denominational and Public Relations Services, GuideStone Financial Resources of the Southern Baptist Convention, 1985 - present.	N/A	N/A

Patricia A. Weiland (8/25/59) 2401 Cedar Springs Road Dallas, TX 75201-1407 Vice President — Fund Operations and Sales	Since 2000	Executive Officer, Financial Solutions and Services, GuideStone Financial Resources of the Southern Baptist Convention, 2006 - present; Director, Mutual Funds, GuideStone Financial Resources of the Southern Baptist Convention, 2000 - 2006.	N/A	N/A

¹	Each Trustee and officer serves for an indefinite term, until his/her successor is elected. Officers serve at the pleasure of the Board of Trustees.

²	Messrs. Jones and Hartis serve as trustees and are to be “interested persons” of the Trust as the term is defined in the Investment Company Act of 1940, as amended, due to their positions on the Board of Trustees of GuideStone Financial Resources of the Southern Baptist Convention.

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 1-888-98-GUIDE, by visiting our website at www.GuideStoneFunds.org or by visiting the SEC’s website at www.sec.gov.

QUARTERLY SCHEDULES OF INVESTMENTS

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

128

BOARD REVIEW OF ADVISORY AGREEMENTS

As required by the Investment Company Act of 1940, as amended (the “1940 Act”), the Board of Trustees (the “Board”) of GuideStone Funds (the “Trust”), including all of the Trustees who are not “interested persons” of the Trust, as that term is defined in the 1940 Act (the “Independent Trustees”), recently considered the renewal of (i) the investment advisory agreement between GuideStone Capital Management (the “Adviser” or “GCM”) and the Trust on behalf of the Blended and Select Funds that comprise the Trust (the “Advisory Agreement”); and (ii) the sub-advisory agreements among the Adviser, each sub-adviser and the Trust on behalf of each Select Fund (the “Sub-Advisory Agreements”). The Advisory Agreement and each Sub-Advisory Agreement (the “Agreements”) were approved for an additional one-year term at a meeting of the Board held on May 22-23, 2006. The Board’s decision to approve the Agreements reflects the exercise of its business judgment to continue each existing arrangement. In approving the Agreements, the Board considered information provided by the Adviser, each sub-adviser and a consulting firm engaged by the Adviser with the assistance and advice of counsel to the Independent Trustees and counsel to the Trust.

The Board’s consideration of various factors and its conclusions with respect to such factors formed the basis for the Board’s determination to continue the Advisory and Sub-Advisory Agreements. The factors considered by the Board included, but were not limited to: (i) the resources of the adviser; (ii) the experience and expertise of the adviser; (iii) the financial capability of the adviser; (iv) the compliance procedures and history of the adviser; (v) the performance of the fund in comparison to relevant benchmarks, similarly managed funds and the adviser’s other clients; (vi) the amount of the contractual advisory fee in comparison to similarly managed funds and the adviser’s other clients and the effect of any fee waiver and expense reimbursement arrangement; (vii) the total expenses of the fund in comparison to similarly managed funds and the use of past and anticipated expense caps; (viii) the profitability of the adviser with respect to the fund and its overall business; (ix) the extent of any economies of scale and whether the fee structure reflects such economies of scale; (x) the existence of any collateral benefits realized by the adviser; and (xi) the existence of any collateral benefits realized by the fund. In its decision to renew each Agreement, 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. No one factor was determinative in the Board’s consideration of the Advisory and Sub-Advisory Agreements.

The Board undertook a review of the terms of each Advisory and Sub-Advisory Agreement and the nature and quality of the services provided by the Adviser and each sub-adviser. The Board conducted its analysis on a fund-by-fund basis with respect to the Adviser and each Sub-adviser. Management provided the Board with substantial detailed information in the form of reports about each of the nine Select Funds, eight Blended Funds, twenty-nine sub-advisory firms and the Adviser prior to and during the meeting, which information addressed most, if not all, of the factors listed above. Management also provided additional information about the Adviser and each Sub-adviser in presentations made during the meeting and responded to questions from the Trustees. In addition, the Independent Trustees met separately in executive session with counsel to the Independent Trustees to discuss and consider information presented in connection with the continuation of the Advisory and Sub-Advisory Agreements as well as the Trustees’ responsibilities and duties in approving the Agreements.

APPROVAL OF CONTINUATION OF INVESTMENT ADVISORY AGREEMENT

In considering the renewal of the existing advisory agreement with the Adviser, the Trustees took into account all 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 session with their independent legal counsel. More specifically, the Trustees examined the nature, extent and quality of the services to be provided by the Adviser to the Funds. The Trustees evaluated the Adviser’s experience in serving as an investment adviser, including overseeing and managing the allocation of Fund assets among the sub-advisers. The Trustees noted the experience of key personnel at the Adviser in providing investment management and administrative services and the systems used by such persons and the ability of the Adviser to attract and retain capable personnel. The Trustees noted the reputation, compliance history, compliance program, and financial condition of the Adviser. The Trustees also noted the terms of the advisory and sub-advisory agreements and the responsibilities that the Adviser

129

has as investment adviser to the Funds, including oversight of sub-adviser compliance with each Fund’s policies and objectives, oversight of general Fund compliance, including compliance with social restrictions, and the implementation of Board of Trustees directives as they relate to the Funds. The Trustees concluded that each Fund is likely to benefit from the extent and quality of these services as a result of the Adviser’s experience, personnel, operations and resources.

The Trustees also reviewed a memorandum prepared by a consulting firm engaged by the Adviser for, among other things, supplying research on expense comparisons and investment performance of other similar funds. The memorandum compared each Select Fund with other funds having the same investment style or objective, and compared the share class of each Fund (other than the GS8 class) with other funds in the same broad distribution channel, the GS2 class against other institutional share classes and the GS4 and GS6 classes against a broad set of retail share classes. The Board analyzed the comparative expense and performance information in the memorandum, including comparative expense information for each Fund based on a sampling of funds similar in asset size. The Trustees considered the comparative performance, fee and expense information that had been provided in their evaluation of the management fees charged to each Select Fund. The Board evaluated the annualized performance results comparing the Funds against their peers, noting that most of the Funds provided above average returns with below average net expenses. The Board also considered data provided by management that analyzed the performance of the Blended Funds.

The Trustees examined fee and expense information for the Select Funds, as compared to other funds in the Funds’ asset-stratified peer groups for the GS4 class, provided by the consulting firm, as of February 28, 2006. The Trustees determined that the management fees (combined advisory and sub-advisory fees) for each Select Fund was lower than the median management fees for other mutual funds in the Fund’s asset-stratified peer group, except for the Growth Equity Fund, the Small Cap Equity Fund and the International Equity Fund. The Trustees noted that the Adviser was currently reimbursing the expenses of most Funds, including the Growth Equity Fund, the Small Cap Equity Fund and the International Equity Fund, and the management fees of each Fund net of any fee waiver or expense reimbursement was below the median fees for other similar funds at the same asset levels, except for the Growth Equity Fund and the Small Cap Equity Fund. The Trustees also noted that the management fees net of any fee waiver or expense reimbursement for the Growth Equity Fund and the Small Cap Equity Fund ranked in the third quartile among other similar funds at the same asset levels, with the management fees net of any fee waiver or expense reimbursement for the Growth Equity Fund only slightly above the median. The Trustees also evaluated the expense ratios for other funds in the Funds’ asset-stratified peer groups and determined that each Fund’s expense ratio was significantly lower than the median expense ratio for such other funds. The Trustees further noted that the compensation to be received by the Adviser for each Fund under the advisory agreement remained the same. The Trustees concluded that the level of each Fund’s management fees was reasonable and compared fairly to that of comparable mutual funds.

The Trustees examined the performance information for the Select Funds (GS4 class) compared to Morningstar peers for the one and three-year periods ended December 31, 2005. The Trustees noted that the average annual total returns for the Select Funds generally ranked in the first and second quartile among the Morningstar peers, except for the Low-Duration Bond Fund and Small Cap Equity Fund. The average annual total returns for the Low-Duration Bond Fund and Small Cap Equity Fund ranked in the third quartile among the Morningstar peers for the one and three year periods, with the average annual total return for each Fund for the one year period only slightly underperforming the median for the peer group. The Trustees also noted that the average annual total returns for the Blended Funds for the three-year period ended December 31, 2005 were above those of unaffiliated funds in the Funds’ Lipper peer groups for the same time period. The Trustees acknowledged that changes had been made to the sub-adviser line-up for the Small Cap Equity Fund within the last year for the purpose of improving Fund performance. In addition, inconsistencies in the classification of low-duration bond funds in the market made difficult the construction of an appropriate peer group for the Low-Duration Bond Fund. The Trustees noted that 23 out of 29 sub-advisers to the Funds with a three-year performance history outperformed their respective benchmarks for the three-year period ended December 31, 2005 and that the Adviser added economic value to the Funds through the selection of sub-advisers.

130

The Trustees considered the costs to the Adviser of serving as the investment adviser to the Funds, including the costs associated with the personnel, systems and equipment necessary to manage the Funds in accordance with the existing advisory agreement. The Trustees considered the anticipated revenues that the Adviser expected to receive for serving as the investment manager to the Funds, the fact that the Adviser was currently reimbursing the expenses of most Funds and the fact that any profit realized by the Adviser is forwarded to GuideStone Financial Resources which currently operates and historically has operated at a deficit with respect to the Trust. The Trustees considered the profitability estimates for the Adviser, first without taking into account sub-advisory fee expenses borne by the Fund, second taking into account sub-advisory fee expenses, and the third taking into account expenses associated with distribution and shareholder servicing fees. The Trustees also considered whether any direct or indirect collateral benefits inured to either the Adviser or the Trust as a result of their affiliation with one another. In light of these considerations, the Trustees concluded that any profits realized in connection with the Adviser’s services appeared reasonable.

The Trustees considered the extent to which the advisory fee to be paid to the Adviser reflected economies of scale. In this connection, the Trustees again noted that the Adviser was currently reimbursing the expenses of most Funds and the management fees for each Fund net of any fee waiver or expense reimbursement was below the median fee for other similar funds at the same asset levels, except for the Growth Equity Fund and the Small Cap Equity Fund. Based on their review, the Trustees concluded that each Fund’s advisory fee was reasonable.

Based on all of the information presented to the Board and its consideration of relevant factors, the Board concluded that the fee paid to the Adviser by each Fund was reasonable, and in the exercise of its business judgment, determined to approve the continuation of the Advisory Agreement for each Fund.

APPROVAL OF CONTINUATION OF SUB-ADVISORY AGREEMENTS

In considering the existing sub-advisory agreements with each sub-adviser, the Trustees 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 session with their independent legal counsel. More specifically, the Trustees examined the nature, extent and quality of the services to be provided by each of the sub-advisers to the Select Funds. The Trustees evaluated each sub-adviser’s experience in serving as a sub-adviser to a Select Fund and noted that each sub-adviser currently provides investment advice to various clients, including other pooled investment vehicles. The Trustees noted the experience of key personnel at each sub-adviser in providing investment management services and the systems used by such persons, and the ability of each sub-adviser to attract and retain capable personnel. The Trustees noted the reputation, compliance history, compliance program and financial condition of each sub-adviser. The Trustees also noted the terms of the existing sub-advisory agreements and the responsibilities that each has as a sub-adviser to a Select Fund, including the responsibility of the day-to-day management of the investment portfolio of the Fund, compliance with each Fund’s policies and objectives, and the implementation of Board of Trustees directives as they relate to the Funds. The Trustees concluded that each Fund is likely to benefit from the extent and quality of these services as a result of each sub-adviser’s experience, personnel, operations and resources.

The Board considered standardized reports for each sub-adviser to each Select Fund. The standardized reports compiled by management included, among other things, a summary of investment performance of the Fund and sub-adviser, including comparisons with relevant benchmarks, composite performance for the sub-adviser and the peer universe of similarly managed funds, information regarding management style, services provided, risk versus return analysis, organizational structures, investment management experience, investment philosophies, personnel, changes in personnel, compliance procedures and policies, brokerage and soft dollar practices, compliance history, financial information, including profitability analysis, and economies of scale realized.

The Trustees examined performance information for each segment of a Select Fund managed by a sub-adviser. The Trustees noted that, for the majority of sub-advisers, the performance record of the segment of the Select Fund managed by the sub-adviser compared favorably to the relevant Fund benchmark, the composite performance for the sub-adviser’s clients (on a gross fee basis) and the peer

131

universe of similarly managed funds for the period of time the sub-adviser performed advisory services on behalf of the Select Fund. Four sub-advisers did underperform the relevant Fund benchmark over the three-year period ended December 31, 2005 and two recently hired sub-advisers underperformed the relevant Fund benchmark for the period May 1, 2005 through December 31, 2005. The Trustees noted, however, that one sub-adviser that had underperformed the relevant Fund benchmark over the three-year period ended December 31, 2005, had either outperformed the benchmark or performed in line with the benchmark for other time periods. The Trustees also noted that, in certain cases, market trends, changes in personnel, and in the case of the two recently hired sub-advisers, the relatively short history of managing Fund assets, may have contributed to the underperformance and each of the sub-advisers had or was in the process of taking action to address such underperformance and that each sub-adviser fulfilled a particular investment mandate for the Select Fund it advised. The Trustees concluded that, although past performance is no guarantee of future performance, the performance of each Select Fund was satisfactory and the Funds were likely to benefit from each sub-adviser continuing to serve as sub-adviser to the Fund.

The Trustees examined the fee schedule for each sub-adviser, noting how the fee levels charged to the Trust compared with available information about fees charged by the sub-advisers to their other similarly situated clients, 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 Trustees also examined the profitability and the financial capability of each sub-adviser. In considering the information, the Trustees took into account the limited relevance of profitability information with respect to the sub-advisers given that each Sub-Advisory Agreement had been the subject of arms-length negotiation and that the cost of providing advisory services on a fund-specific basis would be difficult for most, if not all, sub-advisers to estimate accurately. The Trustees reviewed the profitability questionnaires completed by all but three of the sub-advisers, supplemental profitability information provided by certain sub-advisers and representations of the Adviser with respect to the level of assets and shareholder’s equity for all the sub-advisers who made their most recent year end financial statements available to the Adviser for review. All sub-advisers that completed the questionnaire represented they were profitable either with respect to their relationship with the Fund or more generally with respect to their overall business where the sub-adviser was unable to accurately allocate expenses among its clients, with one exception. One sub-adviser indicated that its relationship with a Fixed-Income Select Fund was slightly unprofitable, but when viewed together with the relationship of its affiliate, a sub-adviser to another Fixed-Income Select Fund, the overall relationship with the Trust was profitable. Except for a sub-adviser to the Small Cap Equity Fund, the profitability estimates for the sub-advisers that completed the questionnaire generally fell within industry norms. With regard to the sub-adviser to the Small Cap Equity Fund, it was noted that the sub-adviser consistently outperformed the relevant benchmark for the Fund and the median for the peer universe of similarly managed funds as well as other sub-advisers to the Small Cap Equity Fund. In light of these considerations, the Trustees concluded that profits realized by each sub-adviser who completed a profitability questionnaire appeared reasonable. For those three sub-advisers that did not provide profitability information, the Trustees relied upon the other relevant information, particularly the independent negotiation of the fee schedules, the level of the fees, and the sub-adviser’s performance history. The Trustees noted that, based on the Adviser’s representations, the financial statements of the sub-advisers did not appear to raise any concerns regarding the financial capability of those sub-advisers.

The Trustees considered the extent to which sub-adviser fees to be paid to each sub-adviser reflected economies of scale. The Trustees noted that each sub-adviser 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. The Trustees noted, however, based on the amount of assets a sub-adviser currently manages for the International Equity Fund, that the applicable fee rate in the sub-adviser’s standard fee schedule is lower than the negotiated fee rate currently in place and that the Adviser will begin negotiations with the sub-adviser to review the current negotiated fee rate based on the current asset levels in relation to the standard stated fee schedule.

In evaluating the benefits that are expected to accrue to each sub-adviser through its relationship as sub-adviser to a Select Fund, the Trustees noted that certain sub-advisers allocate

132

portfolio brokerage to affiliated broker-dealers that receive commissions from the execution of Fund trades. The Trustees 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 Trustees considered whether any direct or indirect collateral benefits inured to the Trust as a result of its affiliation with each sub-adviser.

Based on all of the information presented to the Board and its consideration of relevant factors, the Board, in the exercise of its reasonable business judgment, determined to approve the continuation of each Sub-Advisory Agreement.

BOARD REVIEW OF NEW SUB-ADVISORY AGREEMENTS FOR VALUE EQUITY FUND

As required by the 1940 Act, the Board, including all of the Trustees who are not “interested persons” of the Trust, considered the approval of (i) the sub-advisory agreement among GuideStone Capital Management, Aronson+Johnson+Ortiz LLP (“AJO”) and the Trust on behalf of the Value Equity Fund (the “AJO Sub-Advisory Agreement”); and (ii) the sub-advisory agreement among GuideStone Capital Management, TCW Investment Management Company (“TCW”) and the Trust on behalf of the Value Equity Fund (the “TCW Sub-Advisory Agreement”). The AJO Sub-Advisory Agreement and the TCW Sub-Advisory Agreement (together, the “New Sub-Advisory Agreements”) were each approved for a term expiring on June 30, 2007 at the meeting of the Board held on May 22-23, 2006. The Board’s decision to approve the New Sub-Advisory Agreements reflects the exercise of its business judgment to enter into each new sub-advisory arrangement. In approving the New Sub-Advisory Agreements, the Board considered information provided by the Adviser, each sub-adviser and an independent consulting firm engaged by the Adviser with the assistance and advice of counsel to the Independent Trustees and counsel to the Trust.

The Board’s consideration of various factors and its conclusions with respect to such factors formed the basis for the Board’s determination to approve the New Sub-Advisory Agreements. The factors considered by the Board included, but were not limited to: (i) the resources of the sub-adviser; (ii) the experience and expertise of the sub-adviser; (iii) the financial capability of the sub-adviser; (iv) the compliance procedures and history of the sub-adviser; (v) the performance of the sub-adviser’s other value equity client accounts and portfolios in comparison to relevant benchmarks and other similarly managed funds; (vi) the amount of the contractual sub-advisory fee in comparison to similarly managed funds and the sub-adviser’s other clients; (vii) the extent of any economies of scale and whether the fee structure reflects such economies of scale; (viii) the existence of any collateral benefits realized by the sub-adviser; and (ix) the existence of any collateral benefits realized by the fund. No one factor was determinative in the Board’s consideration of the New Sub-Advisory Agreements.

The Board undertook a review of the terms of each New Sub-Advisory Agreement and the nature and quality of the services to be provided by each sub-adviser. Management provided the Board with substantial detailed information in the form of reports about each sub-adviser prior to the meeting which information addressed most, if not all, of the factors listed above. Management also provided additional information about each sub-adviser in presentations made during the meeting, discussed the comprehensive screening process used to recommend each new sub-adviser and responded to questions from the Trustees. In addition, the Independent Trustees met separately in executive session with counsel to the Independent Trustees to discuss and consider information presented in connection with the approval of the New Sub-Advisory Agreements as well as the Trustees’ responsibilities and duties in approving the Agreements.

APPROVAL OF NEW SUB-ADVISORY AGREEMENTS

In considering the approval of the New Sub-Advisory Agreements, the Trustees took into account the materials provided prior to and during the meeting, and the extensive discussions during the meeting, including the discussions the Independent Trustees had during their executive session with their independent legal counsel. More specifically, the Trustees examined the nature, extent and quality of the services to be provided by AJO and TCW to the Value Equity Fund. The Trustees evaluated each sub-adviser’s experience in serving as a sub-adviser to value equity client accounts and portfolios and noted that each sub-adviser currently provides investment advice to various clients, including to other series of the Trust. The Trustees considered the experience of key personnel at each sub-adviser in providing investment management services and the systems used by such persons, and the ability of each sub-adviser to attract and retain capable personnel. The Trustees also considered

133

the reputation, compliance history, compliance program and financial condition of each sub-adviser. The Trustees noted the terms of the New Sub-Advisory Agreements and the responsibilities that each would have as a sub-adviser to the Value Equity Fund, including the responsibility of the day-to-day management of the investment portfolio of the Fund, compliance with the Fund’s policies and objectives, and the implementation of Board of Trustees directives as they relate to the Fund. The Trustees concluded that the Value Equity Fund is likely to benefit from the extent and quality of these services as a result of each sub-adviser’s experience, personnel, operations and resources.

The Board considered reports for each sub-adviser. The reports compiled by management included, among other things, a summary of the composite investment performance of the sub-adviser’s value equity client accounts and portfolios, including a comparison with the relevant benchmark for the Value Equity Fund and the peer universe of similarly managed value equity funds, information regarding management style, risk versus return analysis, organizational structures, investment management experience, investment philosophies and personnel. Management also provided additional information regarding compliance procedures and policies, brokerage and soft dollar practices, compliance history, financial information and potential economies of scale.

The Trustees examined composite performance information for the value equity client accounts and portfolios managed by each sub-adviser. For each sub-adviser, the composite performance record compared favorably to the relevant benchmark for the Value Equity Fund and the peer universe of similarly managed value equity funds for the period of time each sub-adviser performed advisory services on behalf of value equity client accounts and portfolios. In that regard, the composite performance of the value equity client accounts and portfolios managed by AJO outperformed the benchmark for the Value Equity Fund for nine out of the ten previous calendar years and ranked in the top quartile among its peers for three, five, seven and ten year periods. The composite performance of the value equity client accounts and portfolios managed by TCW also outperformed the relevant benchmark for the Value Equity Fund for seven out of the ten previous calendar years and ranked in the top quartile among its peers for three, five, seven and ten year periods.

The Trustees examined the investment philosophy and process of each sub-adviser and noted that each sub-adviser would fulfill a particular investment mandate for the Value Equity Fund. The Trustees concluded that, although past performance is no guarantee of future performance, the composite performance record for the value equity client accounts and portfolios managed by each sub-adviser was favorable and that the Value Equity Fund was likely to benefit from the investment management expertise of each sub-adviser.

The Trustees also examined the fee schedule for each sub-adviser, noting how the fee levels to be charged to the Value Equity Fund compared with available information about fees charged by the sub-advisers to their other similarly situated clients, as well as how the sub-advisory fee to be charged the Value Equity Fund by each sub-adviser compared to fees generally charged by other sub-advisers to similarly managed funds. The Trustees noted that the sub-advisory fee for AJO compared favorably to the median sub-advisory fee for similarly managed funds with the sub-advisory fee for TCW being slightly above the median. It was noted that the aggregate management fees for the Value Equity Fund would remain the same after the hiring of AJO and TCW given the Adviser’s proposed allocation of Fund assets among the sub-advisers to the Value Equity Fund based on both current Fund assets and projected asset growth in the near term.

The Trustees considered the extent to which the fees to be paid to each sub-adviser reflected economies of scale. The Trustees noted that the proposed sub-advisory fees include breakpoints at various asset levels.

The Trustees also considered information related to the financial capability of each sub-adviser. Specifically, the Trustees considered the representations of the Adviser with respect to the level of assets and shareholder’s equity for the sub-advisers who made their most recent year-end financial statements available to the Adviser for review. The Trustees also relied upon other relevant information, particularly the independent negotiation of the fee schedules, the level of the fees, and the sub-adviser’s performance history. The Trustees noted that, based on the Adviser’s representations and the other information provided, no concerns appeared to be raised regarding the financial capability of the sub-advisers.

The Trustees noted that there is no historical profitability information with regard to the sub-advisers’ arrangements with the Value Equity Fund. The Trustees also noted the

134

limited relevance of profitability information with respect to the sub-advisers given that each New Sub-Advisory Agreement had been the subject of arms-length negotiation and that the cost of providing advisory services on a fund-specific basis would be difficult for the sub-advisers to estimate accurately.

The Trustees reviewed information regarding the compliance history and compliance program of each firm, noting that AJO and TCW had no significant compliance or regulatory issues based on available information. The Trustees also considered that the Trust currently employs each sub-adviser to manage the assets of another Fund of the Trust and the Adviser’s and their familiarity with each sub-adviser’s organization generally.

135

INVESTMENT SUB-ADVISERS (Assets under management as of 6/30/2006)

GuideStone Funds employs a broad array of proven investment managers for the benefit of their investors. Each manager is distinctive in their investment management process and business approach.


Fund	Sub-Adviser	Firm Established	Total Assets Managed
Money Market	BlackRock Institutional Management Corporation	1988	$	464.1B
Low-Duration Bond	BlackRock Advisors, Inc.	1988		464.1B
	Payden & Rygel	1983		51.7B
	PIMCO (Pacific Investment Management Company LLC)	1971		617.4B
Medium-Duration Bond	Goldman Sachs Asset Management, L.P.	1984		549.4B
	PIMCO (Pacific Investment Management Company LLC)	1971		617.4B
	Western Asset Management Company	1971		513.3B
Extended-Duration Bond	Loomis, Sayles & Company, L.P.	1926		82.2B
	STW Fixed Income Management Ltd.	1977		10.0B
Equity Index	Northern Trust Investments, N.A.	1889		640.1B
Value Equity	Aronson+Johnson+Ortiz, LP	1984		25.8B
	Barrow, Hanley Mewhinney & Strauss, Inc.	1979		57.8B
	Equinox Capital Management, LLC	1989		6.1B
	Northern Trust Investments, N.A.	1889		640.1B
	TCW Investment Management Company	1971		130.0B
Growth Equity	Marsico Capital Management, LLC	1997		70.7B
	RCM Capital Management LLC	1970		128.2B
	Sands Capital Management, LLC	1992		18.0B
	TCW Investment Management Company	1971		130.0B
Small Cap Equity	Aronson+Johnson+Ortiz, LP	1984		25.8B
	Lord, Abbett & Co. LLC	1929		104.1B
	Lotsoff Capital Management	1981		5.6B
	Provident Investment Council, Inc.	1951		3.5B
	TimesSquare Capital Management, LLC	2000		7.4B
International Equity	AllianceBernstein, L.P.	1962		625.0B
	Capital Guardian Trust Company	1968		158.0B
	Genesis Asset Managers, LLP	1990		16.1B
	Mondrian Investment Partners Ltd.	1990		46.0B
	Oechsle International Advisors, LLC	1998		15.0B
	Philadelphia International Advisors, L.P.	1956		7.2B
	Walter Scott & Partners Limited	1983		27.5B
Custodian for GuideStone Funds Assets	The Northern Trust Company	1889		3.2Tr

You should consider the investment objectives, risks, charges and expenses of each investment fund carefully before investing. To obtain a prospectus with this and other information about GuideStone Funds call 1-888-98-GUIDE, visit www.GuideStoneFunds.org or write to GuideStone Funds, 2401 Cedar Springs, Dallas, TX 75201-1498. Read it carefully before you invest. Shares of GuideStone Funds are distributed by PFPC Distributors, Inc., 760 Moore Road, King of Prussia, PA 19406.

136

LOGO


		2401 Cedar Springs Road, Dallas, TX 75201-1498 1.888.98.GUIDE • www.GuideStoneFunds.org		Funds distributed by PFPC Distributors, Inc. 760 Moore Road, King of Prussia, PA 19406

		Serving Those Who Serve the Lord “…with the integrity of our hearts and the skillfulness of our hands.” Psalm 78:72

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Schedule of Investments.

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.

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.

Not applicable.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.


(a)(1)		Not applicable.

(a)(2)		Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)		Not applicable.

(b)		Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) GuideStone Funds


By (Signature and Title)*		/s/ John R. Jones
		John R. Jones, President
		(principal executive officer)

Date August 24, 2006

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 August 24, 2006


By (Signature and Title)*		/s/ Jeffrey P. Billinger
		Jeffrey P. Billinger, Vice President and Treasurer
		(principal financial officer)

Date August 24, 2006

^*	Print the name and title of each signing officer under his or her signature.