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, 2008

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

GuideStone Funds

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

GuideStone Capital Management (“GSCM”)

GuideStone Trust Services (“GSTS”)

GuideStone Financial Services (“GFS”)

GuideStone Advisors (“GA”)

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, GSTS, GFS and GA are affiliates of one another. GuideStone Funds, GuideStone Financial Resources, GSCM, GSTS, GFS, GA 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
Date Target Funds:
MyDestination 2005 Fund	7
MyDestination 2015 Fund	8
MyDestination 2025 Fund	9
MyDestination 2035 Fund	10
MyDestination 2045 Fund	11
Financial Statements	12
Asset Allocation Funds:
Conservative Allocation Fund	17
Balanced Allocation Fund	18
Growth Allocation Fund	19
Aggressive Allocation Fund	20
Financial Statements	21
Conservative Allocation Fund I	28
Balanced Allocation Fund I	29
Growth Allocation Fund I	30
Aggressive Allocation Fund I	31
Financial Statements	32
Select Funds:
Money Market Fund	37
Low-Duration Bond Fund	39
Medium-Duration Bond Fund	51
Extended-Duration Bond Fund	73
Global Bond Fund	78
Equity Index Fund	87
Real Estate Securities Fund	93
Value Equity Fund	94
Growth Equity Fund	97
Small Cap Equity Fund	99
International Equity Fund	109
Schedule of Investments – Abbreviations and Footnotes	120
Financial Statements	122
Notes to Financial Statements	135
Fund Management	158
Board Review of Advisory Agreements	160

This report has been prepared for shareholders of GuideStone Funds. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current prospectus, which contains more complete information about the Funds. Investors are reminded to read the prospectus carefully before investing. Past performance is no guarantee of future results. Share prices will fluctuate and there may be a gain or loss when shares are redeemed. Fund shares are distributed by PFPC Distributors, Inc., 760 Moore Rd., King of Prussia, PA 19406.

1

LETTER FROM THE PRESIDENT

We are pleased to bring you the 2008 GuideStone Funds Semi-Annual Report and would like to highlight several enhancements realized during the first six months of 2008:

• Global Bond Fund opened to direct investment by participants. Prior to June 1, 2008, shareholders could only indirectly invest in the Fund through the MyDestination Funds™.

• Blended Funds were renamed as Asset Allocation Funds to better describe the investment strategies and risk levels. The names of the Funds and their target asset allocations follow:

Name (as of June 1, 2008)	Previous Name	Target Allocation
Conservative Allocation Fund	Flexible Income Fund	75% fixed income 25% equities
Balanced Allocation Fund	Growth & Income Fund	50% fixed income 50% equities
Growth Allocation Fund	Capital Opportunities Fund	25% fixed income 75% equities
Aggressive Allocation Fund	Global Equity Fund	100% equities
Conservative Allocation Fund I	Flexible Income Fund I	75% fixed income 25% equities
Balanced Allocation Fund I	Growth & Income Fund I	50% fixed income 50% equities
Growth Allocation Fund I	Capital Opportunities Fund I	25% fixed income 75% equities
Aggressive Allocation Fund I	Global Equity Fund I	100% equities

We appreciate your ongoing confidence in GuideStone Funds and will continue to enhance the products and services delivered to you — our shareholders. Thank you for choosing to invest in GuideStone Funds.

For more information, please contact us at 1-888-98-GUIDE (1-888-984-8433) or visit our website at www.GuideStoneFunds.org.

Sincerely,

John R. Jones

2

FROM THE CHIEF INVESTMENT OFFICER

Rodric E. Cummins, CFA

Our current market climate is a harsh reminder of the truth that economic prosperity is cyclical and investments in capital markets are volatile. At the mid-way point of 2008, worldwide economies and global financial markets are under the strain of several converging factors. The financial crisis, which surfaced well over a year ago in the form of sub-prime loans, has since hung as a cloud over capital market performance and continues to deepen amid the complex interaction of global markets. Adding to the woes in the financial system are growing concerns about global economic health and inflation.

A positive tone to the market developed early in the second quarter as a result of the tax rebate stimulus and government intervention to shore up liquidity needs among financial institutions. However, that optimism was short-lived under the weight of a global economic downturn and sharply rising energy prices. The unique combination of a threatening recession with rising inflation provided a knockout punch to the capital markets during the later half of the second quarter. For the six months ending June 30, U.S. stocks, as represented by the S&P 500^® Index, returned -11.91% and are down close to 20% from the cyclical high in October 2007. Bonds, which often act as a safe harbor during turbulent times, have been only a minor refuge due to the pressure of rising inflation. The Lehman Brothers Aggregate Bond Index posted a return of -1.02% during the second quarter and 1.13% for the first six months of 2008.

The year 2008 is expected to be a period marked by heightened market volatility as global financial systems and economies work through current uncertainties. Understandably, these conditions can cause concerns among investors. Such conditions can lead to emotional decisions that result in untimely, ad hoc changes to investment portfolios that may not be consistent with long-term investment objectives. However, short-term diversions and volatile market conditions need not divert one’s attention away from long-term financial goals. Long-term financial objectives which are properly tuned to long-term investment strategies provide the reminder and the assurance that the distance target is the ultimate goal. As has historically been the case, a focused investment discipline, diversification and persistence will likely be the key to weathering this storm.

Market volatility and indiscriminate selling of assets by others often creates investment opportunities that can be captured by insightful investors. Shareholders of GuideStone Funds have the advantage of 30 of the finest institutional investment management firms in the world navigating these difficult waters and taking advantage of opportunities as they surface.

Asset Class Performance Comparison

The following graph illustrates the performance of the major assets classes during 2008.

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 approximately 2000 of the smallest companies in the Russell 3000^® index, representing approximately 10% of the Russell 3000^® Index total market capitalization.

³ The MSCI ACWI^® 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.

3

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, 2008 to June 30, 2008.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

ACTUAL

Fund	Class	Beginning Account Value 01/01/2008		Ending Account Value 06/30/2008		Annualized Expense Ratio (1)		Expenses Paid During Period (2)
MyDestination 2005	GS4	$	1,000.00	$	951.69	0.20	%	$	0.97
	GS6		1,000.00		950.63	0.50			2.42
MyDestination 2015	GS4		1,000.00		930.30	0.20			0.96
	GS6		1,000.00		928.22	0.50			2.40
MyDestination 2025	GS4		1,000.00		911.13	0.20			0.95
	GS6		1,000.00		909.09	0.50			2.37
MyDestination 2035	GS4		1,000.00		897.46	0.20			0.94
	GS6		1,000.00		896.28	0.50			2.36
MyDestination 2045	GS4		1,000.00		893.28	0.20			0.94
	GS6		1,000.00		891.41	0.50			2.35
Conservative Allocation	GS4		1,000.00		970.82	0.12			0.59
	GS6		1,000.00		969.84	0.45			2.20
Balanced Allocation	GS4		1,000.00		937.01	0.12			0.58
	GS6		1,000.00		936.17	0.45			2.17
Growth Allocation	GS4		1,000.00		909.39	0.12			0.57
	GS6		1,000.00		907.95	0.45			2.13
Aggressive Allocation	GS4		1,000.00		882.28	0.12			0.56
	GS6		1,000.00		880.37	0.45			2.10
Conservative Allocation I	GS2		1,000.00		971.60	0.15			0.74
Balanced Allocation I	GS2		1,000.00		937.67	0.14			0.67
Growth Allocation I	GS2		1,000.00		909.81	0.15			0.71
Aggressive Allocation I	GS2		1,000.00		882.73	0.15			0.70

4

ACTUAL

Fund	Class	Beginning Account Value 01/01/2008		Ending Account Value 06/30/2008		Annualized Expense Ratio (1)		Expenses Paid During Period (2)
Money Market	GS2	$	1,000.00	$	1,016.66	0.19	%	$	0.95
	GS4		1,000.00		1,015.66	0.39			1.95
	GS6		1,000.00		1,011.98	0.80			4.00
Low-Duration Bond	GS2		1,000.00		1,001.40	0.36			1.79
	GS4		1,000.00		1,000.98	0.52			2.59
	GS6		1,000.00		998.85	0.91			4.52
Medium-Duration Bond	GS2		1,000.00		989.93	0.47			2.33
	GS4		1,000.00		990.36	0.58			2.87
	GS6		1,000.00		987.92	0.93			4.60
Extended-Duration Bond	GS2		1,000.00		983.74	0.52			2.56
	GS4		1,000.00		982.09	0.69			3.40
	GS6		1,000.00		980.33	0.97			4.78
Global Bond	GS4		1,000.00		972.17	0.82			4.02
Equity Index	GS2		1,000.00		880.22	0.23			1.08
	GS4		1,000.00		879.97	0.37			1.73
	GS6		1,000.00		878.94	0.60			2.80
Real Estate Securities	GS4		1,000.00		960.53	1.29			6.29
Value Equity	GS2		1,000.00		857.89	0.66			3.05
	GS4		1,000.00		857.47	0.84			3.88
	GS6		1,000.00		855.90	1.13			5.21
Growth Equity	GS2		1,000.00		895.49	0.87			4.10
	GS4		1,000.00		894.58	0.96			4.52
	GS6		1,000.00		893.26	1.28			6.03
Small Cap Equity	GS2		1,000.00		913.54	1.04			4.95
	GS4		1,000.00		912.65	1.14			5.42
	GS6		1,000.00		912.43	1.42			6.75
International Equity	GS2		1,000.00		892.54	0.93			4.38
	GS4		1,000.00		891.92	1.11			5.22
	GS6		1,000.00		890.59	1.37			6.44

HYPOTHETICAL (assuming a 5% return before expenses)

Fund	Class	Beginning Account Value 01/01/2008		Ending Account Value 06/30/2008		Annualized Expense Ratio (1)		Expenses Paid During Period (2)
MyDestination 2005	GS4	$	1,000.00	$	1,023.87	0.20	%	$	1.01
	GS6		1,000.00		1,022.38	0.50			2.51
MyDestination 2015	GS4		1,000.00		1,023.87	0.20			1.01
	GS6		1,000.00		1,022.38	0.50			2.51
MyDestination 2025	GS4		1,000.00		1,023.87	0.20			1.01
	GS6		1,000.00		1,022.38	0.50			2.51
MyDestination 2035	GS4		1,000.00		1,023.87	0.20			1.01
	GS6		1,000.00		1,022.38	0.50			2.51
MyDestination 2045	GS4		1,000.00		1,023.87	0.20			1.01
	GS6		1,000.00		1,022.38	0.50			2.51
Conservative Allocation	GS4		1,000.00		1,024.27	0.12			0.60
	GS6		1,000.00		1,022.63	0.45			2.26

5

About Your Expenses (Unaudited) (Continued)

HYPOTHETICAL (assuming a 5% return before expenses)

Fund	Class	Beginning Account Value 01/01/2008		Ending Account Value 06/30/2008		Annualized Expense Ratio (1)		Expenses Paid During Period (2)
Balanced Allocation	GS4	$	1,000.00	$	1,024.27	0.12	%	$	0.60
	GS6		1,000.00		1,022.63	0.45			2.26
Growth Allocation	GS4		1,000.00		1,024.27	0.12			0.60
	GS6		1,000.00		1,022.63	0.45			2.26
Aggressive Allocation	GS4		1,000.00		1,024.27	0.12			0.60
	GS6		1,000.00		1,022.63	0.45			2.26
Conservative Allocation I	GS2		1,000.00		1,024.12	0.15			0.75
Balanced Allocation I	GS2		1,000.00		1,024.17	0.14			0.70
Growth Allocation I	GS2		1,000.00		1,024.12	0.15			0.75
Aggressive Allocation I	GS2		1,000.00		1,024.12	0.15			0.75
Money Market	GS2		1,000.00		1,023.92	0.19			0.96
	GS4		1,000.00		1,022.92	0.39			1.96
	GS6		1,000.00		1,020.89	0.80			4.02
Low-Duration Bond	GS2		1,000.00		1,023.07	0.36			1.81
	GS4		1,000.00		1,022.28	0.52			2.61
	GS6		1,000.00		1,020.34	0.91			4.57
Medium-Duration Bond	GS2		1,000.00		1,022.53	0.47			2.36
	GS4		1,000.00		1,021.98	0.58			2.92
	GS6		1,000.00		1,020.24	0.93			4.67
Extended-Duration Bond	GS2		1,000.00		1,022.28	0.52			2.61
	GS4		1,000.00		1,021.43	0.69			3.47
	GS6		1,000.00		1,020.04	0.97			4.87
Global Bond	GS4		1,000.00		1,020.79	0.82			4.12
Equity Index	GS2		1,000.00		1,023.72	0.23			1.16
	GS4		1,000.00		1,023.02	0.37			1.86
	GS6		1,000.00		1,021.88	0.60			3.02
Real Estate Securities	GS4		1,000.00		1,018.45	1.29			6.47
Value Equity	GS2		1,000.00		1,021.58	0.66			3.32
	GS4		1,000.00		1,020.69	0.84			4.22
	GS6		1,000.00		1,019.24	1.13			5.67
Growth Equity	GS2		1,000.00		1,020.54	0.87			4.37
	GS4		1,000.00		1,020.09	0.96			4.82
	GS6		1,000.00		1,018.50	1.28			6.42
Small Cap Equity	GS2		1,000.00		1,019.69	1.04			5.22
	GS4		1,000.00		1,019.19	1.14			5.72
	GS6		1,000.00		1,017.80	1.42			7.12
International Equity	GS2		1,000.00		1,020.24	0.93			4.67
	GS4		1,000.00		1,019.34	1.11			5.57
	GS6		1,000.00		1,018.05	1.37			6.87

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

(2) Expenses are equal to the Fund’s annualized expense ratios for the period January 1, 2008 through June 30, 2008, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

6

MyDestination 2005 Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS — 83.4%
GuideStone Money Market Fund (GS4 Class)¥		453,448	$	453,448
GuideStone Low-Duration Bond Fund (GS4 Class)¥		783,578		9,920,095
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		819,617		10,745,173
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		59,854		865,488
GuideStone Global Bond Fund (GS4 Class)¥		179,920		1,693,046
GuideStone Equity Index Fund (GS4 Class)¥		92,333		1,529,027
GuideStone Real Estate Securities Fund (GS4 Class)¥		301,469		2,592,634
GuideStone Value Equity Fund (GS4 Class)¥		552,053		7,955,088
GuideStone Growth Equity Fund (GS4 Class)¥		444,864		8,043,144
GuideStone Small Cap Equity Fund (GS4 Class)¥		173,095		2,260,620
GuideStone International Equity Fund (GS4 Class)¥		510,226		8,337,092
Total Affiliated Mutual Funds (Cost $60,237,187)				54,394,855
EXCHANGE TRADED FUND — 15.1%
iShares Lehman Treasury
Inflation Protected Securities Fund
(Cost $9,337,475)		91,654		9,884,884
	Par
U.S. TREASURY OBLIGATIONS — 0.8%
U.S. Treasury Bill
2.09%, 12/04/08‡‡	$	75,000		74,327
U.S. Treasury Note
2.75%, 02/28/13		425,000		415,039
Total U.S. Treasury Obligations (Cost $486,146)				489,366
TOTAL INVESTMENTS — 99.3% (Cost $70,060,808)				64,769,105
Other Assets in Excess of Liabilities — 0.7%				485,083
NET ASSETS — 100.0%			$	65,254,188
PORTFOLIO SUMMARY (based on net assets)
			%
Bond Funds				35.6
Domestic Equity Funds				34.3
Exchange Traded Fund				15.1
International Equity Fund				12.8
U.S. Treasury Obligations				0.8
Futures Contracts				0.7
Money Market Fund				0.7
				100.0

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	64,279,739	$	(20,072	)
Level 2 — Other Significant Observable Inputs		489,366		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	64,769,105	$	(20,072	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

See Notes to Financial Statements. 7

MyDestination 2015 Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS — 91.1%
GuideStone Money Market Fund (GS4 Class)¥		2,488,952	$	2,488,952
GuideStone Low-Duration Bond Fund (GS4 Class)¥		947,164		11,991,095
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		1,572,729		20,618,475
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		549,559		7,946,617
GuideStone Global Bond Fund (GS4 Class)¥		1,015,017		9,551,314
GuideStone Equity Index Fund (GS4 Class)¥		321,533		5,324,580
GuideStone Real Estate Securities Fund (GS4 Class)¥		1,225,076		10,535,655
GuideStone Value Equity Fund (GS4 Class)¥		2,050,004		29,540,551
GuideStone Growth Equity Fund (GS4 Class)¥		1,665,823		30,118,082
GuideStone Small Cap Equity Fund (GS4 Class)¥		660,758		8,629,502
GuideStone International Equity Fund (GS4 Class)¥		1,934,446		31,608,840
Total Affiliated Mutual Funds (Cost $190,659,172)				168,353,663
EXCHANGE TRADED FUND — 8.7%
iShares Lehman Treasury
Inflation Protected Securities Fund
(Cost $15,243,094)		149,325		16,104,701
	Par
U.S. TREASURY OBLIGATIONS — 0.6%
U.S. Treasury Bill
2.09%, 12/04/08‡‡	$	150,000		148,653
U.S. Treasury Note
4.75%, 05/15/14		815,000		873,960
Total U.S. Treasury Obligations (Cost $1,015,588)				1,022,613
TOTAL INVESTMENTS — 100.4% (Cost $206,917,854)				185,480,977
Liabilities in Excess of Other Assets — (0.4)%				(716,939	)
NET ASSETS — 100.0%			$	184,764,038
PORTFOLIO SUMMARY (based on net assets)
			%
Domestic Equity Funds				45.6
Bond Funds				27.1
International Equity Fund				17.1
Exchange Traded Fund				8.7
Money Market Fund				1.3
Futures Contracts				0.9
U.S. Treasury Obligations				0.6
				101.3

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	184,458,364	$	(70,506	)
Level 2 — Other Significant Observable Inputs		1,022,613		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	185,480,977	$	(70,506	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

8 See Notes to Financial Statements.

MyDestination 2025 Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS — 99.4%
GuideStone Money Market Fund (GS4 Class)¥		1,564,570	$	1,564,570
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		572,501		7,505,494
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		518,705		7,500,473
GuideStone Global Bond Fund (GS4 Class)¥		936,281		8,810,408
GuideStone Equity Index Fund (GS4 Class)¥		237,173		3,927,584
GuideStone Real Estate Securities Fund (GS4 Class)¥		930,118		7,999,014
GuideStone Value Equity Fund (GS4 Class)¥		1,613,055		23,244,124
GuideStone Growth Equity Fund (GS4 Class)¥		1,291,298		23,346,668
GuideStone Small Cap Equity Fund (GS4 Class)¥		614,844		8,029,860
GuideStone International Equity Fund (GS4 Class)¥		1,541,293		25,184,723
Total Affiliated Mutual Funds (Cost $135,238,689)				117,112,918
	Par
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bill
2.09%, 12/04/08‡‡	$	125,000		123,878
U.S. Treasury Note
5.13%, 05/15/16		235,000		256,297
Total U.S. Treasury Obligations (Cost $377,774)				380,175
TOTAL INVESTMENTS — 99.7% (Cost $135,616,463)				117,493,093
Other Assets in Excess of Liabilities — 0.3%				393,040
NET ASSETS — 100.0%			$	117,886,133
PORTFOLIO SUMMARY (based on net assets)
			%
Domestic Equity Funds				56.5
International Equity Fund				21.4
Bond Funds				20.2
Money Market Fund				1.3
Futures Contracts				1.0
U.S. Treasury Obligations				0.3
				100.7

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	117,112,918	$	(50,464	)
Level 2 — Other Significant Observable Inputs		380,175		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	117,493,093	$	(50,464	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

See Notes to Financial Statements. 9

MyDestination 2035 Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (GS4 Class)¥		961,238	$	961,238
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		45,768		600,024
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		41,406		598,731
GuideStone Global Bond Fund (GS4 Class)¥		186,084		1,751,051
GuideStone Equity Index Fund (GS4 Class)¥		106,041		1,756,041
GuideStone Real Estate Securities Fund (GS4 Class)¥		372,447		3,203,043
GuideStone Value Equity Fund (GS4 Class)¥		686,324		9,889,930
GuideStone Growth Equity Fund (GS4 Class)¥		547,078		9,891,163
GuideStone Small Cap Equity Fund (GS4 Class)¥		301,204		3,933,720
GuideStone International Equity Fund (GS4 Class)¥		686,785		11,222,064
Total Affiliated Mutual Funds (Cost $50,957,334)				43,807,005
	Par
U.S. TREASURY OBLIGATIONS — 0.2%
U.S. Treasury Bill
2.09%, 12/04/08‡‡	$	75,000		74,327
U.S. Treasury Note
4.13%, 05/15/15		39,000		40,313
Total U.S. Treasury Obligations (Cost $114,136)				114,640
TOTAL INVESTMENTS — 100.2% (Cost $51,071,470)				43,921,645
Liabilities in Excess of Other Assets — (0.2)%				(108,511	)
NET ASSETS — 100.0%			$	43,813,134
PORTFOLIO SUMMARY (based on net assets)
			%
Domestic Equity Funds				65.5
International Equity Fund				25.6
Bond Funds				6.7
Money Market Fund				2.2
Futures Contracts				1.7
U.S. Treasury Obligations				0.2
				101.9

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	43,807,005	$	(25,115	)
Level 2 — Other Significant Observable Inputs		114,640		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	43,921,645	$	(25,115	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

10 See Notes to Financial Statements.

MyDestination 2045 Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS — 100.5%
GuideStone Money Market Fund (GS4 Class)¥		646,464	$	646,464
GuideStone Equity Index Fund (GS4 Class)¥		50,119		829,965
GuideStone Real Estate Securities Fund (GS4 Class)¥		194,437		1,672,159
GuideStone Value Equity Fund (GS4 Class)¥		278,141		4,008,010
GuideStone Growth Equity Fund (GS4 Class)¥		221,927		4,012,445
GuideStone Small Cap Equity Fund (GS4 Class)¥		128,536		1,678,682
GuideStone International Equity Fund (GS4 Class)¥		286,846		4,687,056
Total Affiliated Mutual Funds (Cost $20,197,459)				17,534,781
	Par
U.S. TREASURY OBLIGATION — 0.3%
U.S. Treasury Bill
2.09%, 12/04/08‡‡
(Cost $44,598)	$	45,000		44,596
TOTAL INVESTMENTS — 100.8% (Cost $20,242,057)				17,579,377
Liabilities in Excess of Other Assets — (0.8)%				(137,702	)
NET ASSETS — 100.0%			$	17,441,675
PORTFOLIO SUMMARY (based on net assets)
			%
Domestic Equity Funds				69.9
International Equity Fund				26.9
Money Market Fund				3.7
Futures Contracts				3.3
U.S. Treasury Obligation				0.3
				104.1

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	17,534,781	$	(22,292	)
Level 2 — Other Significant Observable Inputs		44,596		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	17,579,377	$	(22,292	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

See Notes to Financial Statements. 11

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

	MyDestination 2005 Fund			MyDestination 2015 Fund			MyDestination 2025 Fund			MyDestination 2035 Fund			MyDestination 2045 Fund
Assets
Investments in securities of affiliated issuers, at value	$	54,394,855		$	168,353,663		$	117,112,918		$	43,807,005		$	17,534,781
Investments in securities of unaffiliated issuers, at value		10,374,250			17,127,314			380,175			114,640			44,596
Total investments (1)		64,769,105			185,480,977			117,493,093			43,921,645			17,579,377
Receivables:
Dividends		1,421			4,060			3,376			1,564			1,203
Interest		3,911			4,954			1,540			206			—
Investment securities sold		246,487			—			164,699			—			—
Fund shares sold		326,180			1,833			321,175			3,328			7,913
Variation margin		385			1,430			990			720			555
Receivable from advisor		20,341			—			9,412			25,418			23,726
Prepaid expenses and other assets		(72,544	)		(65,726	)		(63,090	)		(61,116	)		(59,187	)
Total Assets		65,295,286			185,427,528			117,931,195			43,891,765			17,553,587
Liabilities
Payables:
Fund shares redeemed		—			617,264			—			35,287			76,894
Accrued expenses:
Advisory fees		—			770			—			—			—
Distribution (12b-1) fees		143			161			209			155			119
Shareholder servicing fees		144			164			216			159			117
Other expenses		40,811			45,131			44,637			43,030			34,782
Total Liabilities		41,098			663,490			45,062			78,631			111,912
Net Assets	$	65,254,188		$	184,764,038		$	117,886,133		$	43,813,134		$	17,441,675
Net Assets Consist of:
Paid-in capital	$	68,253,468		$	199,564,461		$	130,919,366		$	49,073,498		$	19,413,519
Undistributed net investment income		795,086			1,844,921			870,357			191,919			52,260
Undistributed net realized gain on investments and futures transactions		1,517,409			4,862,039			4,270,244			1,722,657			660,868
Net unrealized depreciation on investments and futures transactions		(5,311,775	)		(21,507,383	)		(18,173,834	)		(7,174,940	)		(2,684,972	)
Net Assets	$	65,254,188		$	184,764,038		$	117,886,133		$	43,813,134		$	17,441,675
Net Asset Value:
$0.001 par value, unlimited shares authorized Net assets applicable to the GS4 Class	$	63,768,506		$	182,985,305		$	115,564,409		$	42,084,208		$	16,192,789
GS4 shares outstanding		6,471,455			19,050,976			12,391,571			4,579,046			1,791,947
Net asset value, offering and redemption price per GS4 share	$	9.85		$	9.61		$	9.33		$	9.19		$	9.04
Net assets applicable to the GS6 Class	$	1,485,682		$	1,778,733		$	2,321,724		$	1,728,926		$	1,248,886
GS6 shares outstanding		151,343			185,803			249,594			188,794			138,302
Net asset value, offering and redemption price per GS6 share	$	9.82		$	9.57		$	9.30		$	9.16		$	9.03
(1)      Investments in securities of affiliated issuers, at cost	$	60,237,187		$	190,659,172		$	135,238,689		$	50,957,334		$	20,197,459
Investments in securities of unaffiliated issuers, at cost		9,823,621			16,258,682			377,774			114,136			44,598
Total investments at cost	$	70,060,808		$	206,917,854		$	135,616,463		$	51,071,470		$	20,242,057

12 See Notes to Financial Statements.

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

	MyDestination 2005 Fund			MyDestination 2015 Fund			MyDestination 2025 Fund			MyDestination 2035 Fund			MyDestination 2045 Fund
Investment Income
Income dividends received from affiliated funds	$	597,602		$	1,613,000		$	976,183		$	231,437		$	67,929
Dividends		253,653			393,895			—			—			—
Interest		8,361			16,761			7,887			1,887			643
Total Investment Income		859,616			2,023,656			984,070			233,324			68,572
Expenses
Investment advisory fees		31,852			90,184			56,598			19,982			7,746
Transfer agent fees:
GS4		4,055			4,360			4,771			3,876			3,798
GS6		3,902			3,900			3,922			3,902			3,882
Custodian fees		17,614			22,492			22,102			21,396			13,121
Distribution (12b-1) fees:
GS6		777			846			1,095			785			608
Shareholder servicing fees:
GS6		851			926			1,199			861			666
Accounting and administration fees		4,754			7,174			5,460			7,190			3,074
Professional fees		23,323			23,323			23,323			23,323			23,323
Blue sky fees:
GS4		72,643			66,248			61,699			58,379			54,159
GS6		23,270			22,868			23,035			23,767			25,695
Shareholder reporting fees:
GS4		999			1,088			875			821			859
GS6		—			—			—			71			—
Trustee fees		206			132			137			158			133
Line of credit facility fees		198			348			291			126			40
Other expenses		6,953			7,178			7,048			6,910			6,855
Total Expenses		191,397			251,067			211,555			171,547			143,959
Expenses waived and reimbursed(1)		(126,510	)		(71,426	)		(97,201	)		(130,142	)		(127,235	)
Net Expenses		64,887			179,641			114,354			41,405			16,724
Net Investment Income		794,729			1,844,015			869,716			191,919			51,848
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		143,769			440,279			291,929			76,734			24,117
Net realized loss on investment securities of affiliated issuers		(199,952	)		(1,090,876	)		(515,212	)		(130,992	)		—
Net realized gain (loss) on investment securities of unaffiliated issuers		95,372			128,700			4,448			37			(42,165	)
Net realized loss on futures transactions		(16,586	)		(150,009	)		(148,002	)		(84,070	)		(24,108	)
Net realized gain (loss)		22,603			(671,906	)		(366,837	)		(138,291	)		(42,156	)
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		(3,852,328	)		(14,136,582	)		(10,751,065	)		(4,277,459	)		(1,620,292	)
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		78,835			157,538			(184	)		297			(34	)
Change in unrealized appreciation (depreciation) on futures		(17,907	)		(50,270	)		(38,955	)		(19,886	)		(17,436	)
Net change in unrealized appreciation (depreciation)		(3,791,400	)		(14,029,314	)		(10,790,204	)		(4,297,048	)		(1,637,762	)
Net Realized and Unrealized Loss		(3,768,797	)		(14,701,220	)		(11,157,041	)		(4,435,339	)		(1,679,918	)
Net Decrease in Net Assets Resulting from Operations	$	(2,974,068	)	$	(12,857,205	)	$	(10,287,325	)	$	(4,243,420	)	$	(1,628,070	)

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

See Notes to Financial Statements. 13

STATEMENTS OF CHANGES IN NET ASSETS

	MyDestination 2005 Fund
	For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07
Operations:
Net investment income	$	794,729		$	1,071,155
Net realized gain (loss) on investment securities and futures transactions		22,603			2,045,019
Net change in unrealized appreciation (depreciation) on investment securities and futures transactions		(3,791,400	)		(1,520,375	)
Net increase (decrease) in net assets resulting from operations		(2,974,068	)		1,595,799
Dividends and Distributions to Shareholders:
Dividends from net investment income
GS4 shares		—			(1,524,510	)
GS6 shares		—			(37,112	)
Distributions from net realized capital gains
GS4 shares		—			(57,922	)
GS6 shares		—			(1,467	)
Total dividends and distributions		—			(1,621,011	)
Capital Share Transactions:
Proceeds from shares sold
GS4 shares		14,824,853			63,731,938
GS6 shares		260,808			1,384,145
GS8 shares(1)		—			1,019,207
Proceeds from exchange of GS8 shares for GS6 shares(1)
GS6 shares		—			15,504
GS8 shares		—			(15,504	)
Reinvestment of dividends and distributions
GS2 shares
GS4 shares		—			1,582,432
GS6 shares		—			38,579
Total proceeds from shares sold and reinvested		15,085,661			67,756,301
Value of shares redeemed
GS2 shares
GS4 shares		(5,823,910	)		(7,563,551	)
GS6 shares		(158,249	)		(14,703	)
GS8 shares(1)		—			(1,058,081	)
Total value of shares redeemed		(5,982,159	)		(8,636,335	)
Net increase from capital share transactions(2)		9,103,502			59,119,966
Total increase in net assets		6,129,434			59,094,754
Net Assets:
Beginning of Period		59,124,754			30,000
End of Period*	$	65,254,188		$	59,124,754
*       Including undistributed net investment income	$	795,086		$	357
(1)      See Note 1 in Notes to Financial Statements. (2)      See Note 7 in Notes to Financial Statements.

14 See Notes to Financial Statements.

MyDestination 2015 Fund						MyDestination 2025 Fund						MyDestination 2035 Fund						MyDestination 2045 Fund
For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07			For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07			For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07			For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07
	$1,844,015		$	2,598,220		$	869,716		$	1,380,844		$	191,919		$	359,894		$	51,848		$	108,327
	(671,906	)		7,487,379			(366,837	)		6,201,951			(138,291	)		2,472,233			(42,156	)		1,000,704
	(14,029,314	)		(7,478,069	)		(10,790,204	)		(7,383,630	)		(4,297,048	)		(2,877,892	)		(1,637,762	)		(1,047,210	)
	(12,857,205	)		2,607,530			(10,287,325	)		199,165			(4,243,420	)		(45,765	)		(1,628,070	)		61,821
	—			(4,415,924	)		—			(2,831,806	)		—			(920,638	)		—			(317,266	)
	—			(37,265	)		—			(52,369	)		—			(33,623	)		—			(28,833	)
	—			(96,678	)		—			(59,730	)		—			(16,283	)		—			(53,860	)
	—			(881	)		—			(1,168	)		—			(635	)		—			(5,636	)
	—			(4,550,748	)		—			(2,945,073	)		—			(971,179	)		—			(405,595	)
	33,428,289			172,884,135			23,411,168			109,691,374			12,769,902			38,732,919			6,853,832			15,819,931
	376,450			1,378,364			538,150			1,736,960			506,792			1,252,606			182,556			1,162,386
				1,126,394						1,307,164						1,101,749						1,040,708
	—			129,470			—			295,419			—			106,056			—			37,390
	—			(129,470	)		—			(295,419	)		—			(106,056	)		—			(37,390	)
	—			4,512,602			—			2,891,536			—			936,921			—			371,048
	—			38,146			—			53,537			—			34,258			—			34,469
	33,804,739			179,939,641			23,949,318			115,680,571			13,276,694			42,058,453			7,036,388			18,428,542
	(7,657,409	)		(5,433,303	)		(2,864,218	)		(4,692,332	)		(1,723,592	)		(3,464,770	)		(833,739	)		(4,122,936	)
	(8,781	)		(42,562	)		(74,320	)		(13,674	)		(929	)		(17,005	)		(21,692	)		(10,183	)
	—			(1,067,864	)		—			(1,095,979	)		—			(1,085,353	)		—			(1,092,861	)
	(7,666,190	)		(6,543,729	)		(2,938,538	)		(5,801,985	)		(1,724,521	)		(4,567,128	)		(855,431	)		(5,225,980	)
	26,138,549			173,395,912			21,010,780			109,878,586			11,552,173			37,491,325			6,180,957			13,202,562
	13,281,344			171,452,694			10,723,455			107,132,678			7,308,753			36,474,381			4,552,887			12,858,788
	171,482,694			30,000			107,162,678			30,000			36,504,381			30,000			12,888,788			30,000
$	184,764,038		$	171,482,694		$	117,886,133		$	107,162,678		$	43,813,134		$	36,504,381		$	17,441,675		$	12,888,788
$	1,844,921		$	906		$	870,357		$	641		$	191,919		$	—		$	52,260		$	412

See Notes to Financial Statements. 15

FINANCIAL HIGHLIGHTS (Unaudited)

For a Share Outstanding For the Years Ended December 31, unless otherwise indicated

																							Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return		Net Assets, End of Period (000)		Expenses, Net (2)		Expenses, Including Expense Reduction (2)		Expenses, Before Waivers and Expense Reduction (2)		Investment Income, Net (1)		Investment Income/ (Loss), Excluding Waivers and Expense Reduction (1)		Portfolio Turnover Rate
MyDestination 2005 Fund*
GS4 Class
2008(3)	$	10.35	$	0.13	#	$	0.02	$	(0.65	)	$	—		$	—		$	9.85	(4.83	)%	$	63,769	0.20	%	0.20	%	0.53	%	2.55	%	2.22	%	16	%
2007		10.00		0.33	#		0.62		(0.31	)		(0.28	)		(0.01	)		10.35	6.42			57,667	0.20		0.20		0.43		3.16		2.93		21
GS6 Class
2008(3)	$	10.33	$	0.11	#	$	0.02	$	(0.64	)	$	—		$	—		$	9.82	(4.94	)%	$	1,486	0.50	%	0.50	%	3.99	%	2.24	%	(1.25	)%	16	%
2007		10.00		0.26	#		0.62		(0.27	)		(0.27	)		(0.01	)		10.33	6.11			1,458	0.50		0.50		2.87		2.54		0.17		21
MyDestination 2015 Fund*
GS4 Class
2008(3)	$	10.33	$	0.10	#	$	0.02	$	(0.84	)	$	—		$	—		$	9.61	(6.97	)%	$	182,985	0.20	%	0.20	%	0.25	%	2.08	%	2.03	%	10	%
2007		10.00		0.29	#		0.83		(0.50	)		(0.28	)		(0.01	)		10.33	6.12			169,953	0.20		0.20		0.24		2.74		2.70		7
GS6 Class
2008(3)	$	10.31	$	0.09	#	$	0.02	$	(0.85	)	$	—		$	—		$	9.57	(7.18	)%	$	1,779	0.50	%	0.50	%	3.56	%	1.81	%	(1.25	)%	10	%
2007		10.00		0.22	#		0.83		(0.47	)		(0.26	)		(0.01	)		10.31	5.74			1,529	0.50		0.50		2.54		2.12		0.08		7
MyDestination 2025 Fund*
GS4 Class
2008(3)	$	10.24	$	0.08	#	$	0.03	$	(1.02	)	$	—		$	—		$	9.33	(8.89	)%	$	115,564	0.20	%	0.20	%	0.33	%	1.57	%	1.44	%	6	%
2007		10.00		0.25	#		1.13		(0.85	)		(0.28	)		(0.01	)		10.24	5.29			105,102	0.20		0.20		0.30		2.37		2.27		5
GS6 Class
2008(3)	$	10.23	$	0.06	#	$	0.03	$	(1.02	)	$	—		$	—		$	9.30	(9.09	)%	$	2,322	0.50	%	0.50	%	2.89	%	1.29	%	(1.10	)%	6	%
2007		10.00		0.19	#		1.13		(0.81	)		(0.27	)		(0.01	)		10.23	5.04			2,061	0.50		0.50		2.25		1.80		0.05		5
MyDestination 2035 Fund*
GS4 Class
2008(3)	$	10.24	$	0.05	#	$	0.02	$	(1.12	)	$	—		$	—		$	9.19	(10.25	)%	$	42,084	0.20	%	0.20	%	0.74	%	0.99	%	0.45	%	3	%
2007		10.00		0.19	#		1.31		(0.98	)		(0.28	)		—	†		10.24	5.20			35,117	0.20		0.20		0.64		1.83		1.39		2
GS6 Class
2008(3)	$	10.22	$	0.03	#	$	0.02	$	(1.11	)	$	—		$	—		$	9.16	(10.37	)%	$	1,729	0.50	%	0.50	%	4.16	%	0.70	%	(2.96	)%	3	%
2007		10.00		0.11	#		1.31		(0.94	)		(0.26	)		—	†		10.22	4.82			1,387	0.50		0.50		2.97		1.09		(1.38	)	2
MyDestination 2045 Fund*
GS4 Class
2008(3)	$	10.12	$	0.03	#	$	0.02	$	(1.13	)	$	—		$	—		$	9.04	(10.67	)%	$	16,193	0.20	%	0.20	%	1.59	%	0.73	%	(0.66	)%	1	%
2007		10.00		0.17	#		1.37		(1.09	)		(0.28	)		(0.05	)		10.12	4.46			11,659	0.19		0.19		1.48		1.60		0.31		9
GS6 Class
2008(3)	$	10.13	$	0.02	#	$	0.02	$	(1.14	)	$	—		$	—		$	9.03	(10.86	)%	$	1,249	0.50	%	0.50	%	5.82	%	0.34	%	(4.98	)%	1	%
2007		10.00		0.08	#		1.37		(1.03	)		(0.24	)		(0.05	)		10.13	4.20			1,230	0.50		0.50		3.51		0.79		(2.22	)	9

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

* Inception date was December 29, 2006.

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

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

(3) For the six months ended June 30, 2008. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

16 See Notes to Financial Statements.

Conservative Allocation Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS — 98.8%
GuideStone Money Market Fund (GS4 Class)¥		2,990,117	$	2,990,117
GuideStone Low-Duration Bond Fund (GS4 Class)¥		18,962,385		240,063,789
GuideStone Equity Index Fund (GS4 Class)¥		289,748		4,798,223
GuideStone Value Equity Fund (GS4 Class)¥		1,512,609		21,796,690
GuideStone Growth Equity Fund (GS4 Class)¥		1,229,932		22,237,178
GuideStone Small Cap Equity Fund (GS4 Class)¥		424,080		5,538,482
GuideStone International Equity Fund (GS4 Class)¥		1,386,981		22,663,268
Total Affiliated Mutual Funds (Cost $293,623,381)				320,087,747
	Par
U.S. TREASURY OBLIGATIONS — 1.1%
U.S. Treasury Bill	$	115,000		113,968
2.09%, 12/04/08‡‡
U.S. Treasury Note
3.50%, 02/15/10		3,560,000		3,621,189
Total U.S. Treasury Obligations (Cost $3,739,164)				3,735,157
TOTAL INVESTMENTS — 99.9% (Cost $297,362,545)				323,822,904
Other Assets in Excess of Liabilities — 0.1%				220,134
NET ASSETS — 100.0%			$	324,043,038
PORTFOLIO SUMMARY (based on net assets)
			%
Bond Fund				74.1
Domestic Equity Funds				16.8
International Equity Fund				7.0
U.S. Treasury Obligations				1.1
Money Market Fund				0.9
Futures Contracts				0.3
				100.2

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	320,087,747	$	(41,613	)
Level 2 — Other Significant Observable Inputs		3,735,157		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	323,822,904	$	(41,613	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

See Notes to Financial Statements. 17

Balanced Allocation Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS — 99.5%
GuideStone Money Market Fund (GS4 Class)¥		8,480,426	$	8,480,426
GuideStone Low-Duration Bond Fund (GS4 Class)¥		14,990,477		189,779,443
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		20,289,336		265,993,189
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		7,238,125		104,663,285
GuideStone Global Bond Fund (GS4 Class)¥		6,625,383		62,344,850
GuideStone Equity Index Fund (GS4 Class)¥		2,249,643		37,254,095
GuideStone Value Equity Fund (GS4 Class)¥		11,664,486		168,085,248
GuideStone Growth Equity Fund (GS4 Class)¥		9,489,678		171,573,376
GuideStone Small Cap Equity Fund (GS4 Class)¥		3,243,988		42,366,487
GuideStone International Equity Fund (GS4 Class)¥		10,978,880		179,394,907
Total Affiliated Mutual Funds (Cost $1,183,567,852)				1,229,935,306
	Par
U.S. TREASURY OBLIGATIONS — 0.5%
U.S. Treasury Bill
2.09%, 12/04/08‡‡	$	815,000		807,682
U.S. Treasury Note
4.25%, 11/15/13		5,325,000		5,558,805
Total U.S. Treasury Obligations (Cost $6,297,566)				6,366,487
TOTAL INVESTMENTS — 100.0% (Cost $1,189,865,418)				1,236,301,793
Liabilities in Excess of Other Assets — 0.0%				(69,385	)
NET ASSETS — 100.0%			$	1,236,232,408
PORTFOLIO SUMMARY (based on net assets)
			%
Bond Funds				50.4
Domestic Equity Funds				33.9
International Equity Fund				14.5
Money Market Fund				0.7
U.S. Treasury Obligations				0.5
Futures Contracts				0.4
				100.4

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	1,229,935,306	$	(319,772	)
Level 2 — Other Significant Observable Inputs		6,366,487		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	1,236,301,793	$	(319,772	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

18 See Notes to Financial Statements.

Growth Allocation Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS — 99.8%
GuideStone Money Market Fund (GS4 Class)¥		9,126,898	$	9,126,898
GuideStone Low-Duration Bond Fund (GS4 Class)¥		6,000,116		75,961,475
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		7,987,464		104,715,659
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		2,839,760		41,062,924
GuideStone Global Bond Fund (GS4 Class)¥		2,641,978		24,861,014
GuideStone Equity Index Fund (GS4 Class)¥		2,661,949		44,081,872
GuideStone Value Equity Fund (GS4 Class)¥		13,824,461		199,210,489
GuideStone Growth Equity Fund (GS4 Class)¥		11,268,759		203,739,159
GuideStone Small Cap Equity Fund (GS4 Class)¥		3,814,568		49,818,264
GuideStone International Equity Fund (GS4 Class)¥		12,917,133		211,065,949
Total Affiliated Mutual Funds (Cost $914,335,552)				963,643,703
	Par
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bill
2.09%, 12/04/08‡‡	$	875,000		867,144
U.S. Treasury Note
4.25%, 11/15/13		2,180,000		2,275,717
Total U.S. Treasury Obligations (Cost $3,112,799)				3,142,861
TOTAL INVESTMENTS — 100.1% (Cost $917,448,351)				966,786,564
Liabilities in Excess of Other Assets — (0.1)%				(749,998	)
NET ASSETS — 100.0%			$	966,036,566
PORTFOLIO SUMMARY (based on net assets)
			%
Domestic Equity Funds				51.4
Bond Funds				25.5
International Equity Fund				21.9
Money Market Fund				1.0
Futures Contracts				0.8
U.S. Treasury Obligations				0.3
				100.9

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	963,643,703	$	(390,164	)
Level 2 — Other Significant Observable Inputs		3,142,861		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	966,786,564	$	(390,164	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

See Notes to Financial Statements. 19

Aggressive Allocation Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (GS4 Class)¥		11,829,799	$	11,829,799
GuideStone Equity Index Fund (GS4 Class)¥		3,166,522		52,437,598
GuideStone Value Equity Fund (GS4 Class)¥		16,441,645		236,924,098
GuideStone Growth Equity Fund (GS4 Class)¥		13,623,783		246,317,998
GuideStone Small Cap Equity Fund (GS4 Class)¥		4,661,579		60,880,225
GuideStone International Equity Fund (GS4 Class)¥		15,600,266		254,908,341
Total Affiliated Mutual Funds (Cost $806,764,940)				863,298,059
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
2.09%, 12/04/08‡‡
(Cost $872,145)	$	880,000		872,099
TOTAL INVESTMENTS — 100.1% (Cost $807,637,085)				864,170,158
Liabilities in Excess of Other Assets — (0.1)%				(737,359	)
NET ASSETS — 100.0%			$	863,432,799
PORTFOLIO SUMMARY (based on net assets)
			%
Domestic Equity Funds				69.1
International Equity Fund				29.5
Money Market Fund				1.4
Futures Contracts				1.1
U.S. Treasury Obligation				0.1
				101.2

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	863,298,059	$	(571,645	)
Level 2 — Other Significant Observable Inputs		872,099		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	864,170,158	$	(571,645	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

20 See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

	Conservative Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Assets
Investments in securities of affiliated issuers, at value	$	320,087,747		$	1,229,935,306		$	963,643,703		$	863,298,059
Investments in securities of unaffiliated issuers, at value		3,735,157			6,366,487			3,142,861			872,099
Total investments (1)		323,822,904			1,236,301,793			966,786,564			864,170,158
Receivables:
Dividends		4,410			17,470			17,409			21,287
Interest		46,756			28,974			11,862			—
Investment securities sold		—			734,835			315,008			—
Fund shares sold		268,947			10,924			134,971			156,675
Variation Margin		825			4,675			5,775			8,525
Prepaid expenses and other assets		(37,926	)		(74,075	)		(44,563	)		(41,947	)
Total Assets		324,105,916			1,237,024,596			967,227,026			864,314,698
Liabilities
Payables:
Fund shares redeemed		4,321			607,361			1,039,714			741,275
Accrued expenses:
Advisory fees		14,489			91,979			70,625			62,839
Distribution (12b-1) fees		1,246			1,842			1,279			1,704
Shareholder servicing fees		1,263			1,880			1,295			1,721
Other expenses		41,559			89,126			77,547			74,360
Total Liabilities		62,878			792,188			1,190,460			881,899
Net Assets	$	324,043,038		$	1,236,232,408		$	966,036,566		$	863,432,799
Net Assets Consist of:
Paid-in-capital	$	287,630,151		$	1,095,806,445		$	838,831,426		$	730,192,339
Undistributed net investment income		4,451,973			14,560,889			6,966,686			2,170,056
Undistributed net realized gain on investments and futures transactions		5,542,168			79,748,471			71,290,405			75,108,976
Net unrealized appreciation on investments and futures transactions		26,418,746			46,116,603			48,948,049			55,961,428
Net Assets	$	324,043,038		$	1,236,232,408		$	966,036,566		$	863,432,799
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the GS4 Class	$	310,157,778		$	1,215,824,454		$	952,079,788		$	845,114,757
GS4 shares outstanding		24,530,114			91,821,944			68,229,803			58,733,788
Net asset value, offering and redemption price per GS4 share	$	12.64		$	13.24		$	13.95		$	14.39
Net assets applicable to the GS6 Class	$	13,885,260		$	20,407,954		$	13,956,778		$	18,318,042
GS6 shares outstanding		1,660,364			2,576,714			1,607,517			1,944,600
Net asset value, offering and redemption price per GS6 share	$	8.36		$	7.92		$	8.68		$	9.42
(1)      Investments in securities of affiliated issuers, at cost	$	293,623,381		$	1,183,567,852		$	914,335,552		$	806,764,940
Investments in securities of unaffiliated issuers, at cost		3,739,164			6,297,566			3,112,799			872,145
Total investments at cost	$	297,362,545		$	1,189,865,418		$	917,448,351		$	807,637,085

See Notes to Financial Statements. 21

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

	Conservative Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Investment Income
Income dividends received from affiliated funds	$	4,626,281		$	15,245,058		$	7,541,490		$	2,729,853
Interest		43,500			121,496			54,251			12,386
Total Investment Income		4,669,781			15,366,554			7,595,741			2,742,239
Expenses
Investment advisory fees		165,768			651,609			514,223			463,616
Transfer agent fees
GS4 shares		17,829			33,743			27,271			27,076
GS6 shares		3,466			3,476			3,351			3,419
GS8 shares(1)		—			—			—			—
Custodian fees		7,036			18,890			15,173			13,785
Distribution (12b-1) fees:
GS6 shares		7,038			10,410			7,072			9,507
GS8 shares(1)		—			—			—			—
Shareholder servicing fees:
GS6 shares		7,692			11,342			7,709			10,360
GS8 shares(1)		—			—			—			—
Accounting and administration fees		11,153			35,796			28,892			26,353
Professional fees		16,466			16,453			16,453			16,453
Blue sky fees
GS4 shares		44,584			74,456			49,790			46,917
GS6 shares		11,778			18,434			16,027			13,884
GS8 shares(1)		—			—			—			—
Shareholder reporting fees
GS4 shares		5,047			18,420			17,026			16,957
GS6 shares		14			113			155			118
GS8 shares(1)		—			—			—			—
Trustee fees		2,624			11,197			9,353			8,665
Line of credit facility fees		595			2,561			2,202			2,044
Other expenses		6,217			7,122			6,822			6,722
Total Expenses		307,307			914,022			721,519			665,876
Expenses waived/reimbursed(2)		(88,822	)		(108,357	)		(88,998	)		(85,435	)
Net Expenses		218,485			805,665			632,521			580,441
Net Investment Income		4,451,296			14,560,889			6,963,220			2,161,798
Realized and Unrealized Loss
Capital gain distributions received from affiliated funds		129,688			4,257,735			2,481,481			1,448,929
Net realized gain on investment securities of affiliated issuers		1,199,577			36,657,371			24,597,700			19,186,958
Net realized gain on investment securities of unaffiliated issuers		28,656			380,751			160,502			—
Net realized loss on futures transactions		(60,333	)		(826,980	)		(1,150,059	)		(1,216,765	)
Net realized gain		1,297,588			40,468,877			26,089,624			19,419,122
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		(15,140,256	)		(139,643,798	)		(132,181,148	)		(140,641,509	)
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		725			(137,613	)		(64,030	)		(587	)
Change in unrealized appreciation (depreciation) on futures		(41,025	)		(289,719	)		(361,149	)		(537,838	)
Net change in unrealized appreciation (depreciation)		(15,180,556	)		(140,071,130	)		(132,606,327	)		(141,179,934	)
Net Realized and Unrealized Loss		(13,882,968	)		(99,602,253	)		(106,516,703	)		(121,760,812	)
Net Decrease in Net Assets Resulting from Operations	$	(9,431,672	)	$	(85,041,364	)	$	(99,553,483	)	$	(119,599,014	)

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

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

22 See Notes to Financial Statements.

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23

STATEMENTS OF CHANGES IN NET ASSETS

	Conservative Allocation Fund						Balanced Allocation Fund
	For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07			For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07
Operations:
Net investment income	$	4,451,296		$	9,888,875		$	14,560,889		$	36,460,587
Net realized gain on investment securities and futures transactions		1,297,588			13,399,627			40,468,877			102,089,576
Net change in unrealized appreciation (depreciation) on investment securities and futures		(15,180,556	)		(3,540,166	)		(140,071,130	)		(45,174,455	)
Net increase (decrease) in net assets resulting from operations		(9,431,672	)		19,748,336			(85,041,364	)		93,375,708
Dividends and Distributions to Shareholders:
Dividends from net investment income(1)
GS4 shares		—			(10,257,249	)		—			(43,958,470	)
GS6 shares		—			(645,141	)		—			(1,077,383	)
Distributions from net realized capital gains
GS4 shares		—			(12,085,382	)		—			(90,170,185	)
GS6 shares		—			(794,773	)		—			(2,229,400	)
Total dividends and distributions		—			(23,782,545	)		—			(137,435,438	)
Capital Share Transactions:
Proceeds from shares sold
GS4 shares		26,521,185			42,265,946			29,925,425			65,136,033
GS6 shares		322,778			148,296			891,293			1,397,888
GS8 shares(2)		—			71,747			—			466,712
Proceeds from exchange of GS8 shares for GS6 shares(2)
GS6 shares		—			319,625			—			3,063,229
GS8 shares		—			(319,625	)		—			(3,063,229	)
Reinvestment of dividends and distributions
GS4 shares		—			22,330,442			—			134,110,793
GS6 shares		—			1,439,913			—			3,306,782
Total proceeds from shares sold and reinvested		26,843,963			66,256,344			30,816,718			204,418,208
Value of shares redeemed
GS4 shares		(21,189,157	)		(56,005,754	)		(78,647,765	)		(208,709,539	)
GS6 shares		(113,506	)		(19,909	)		(322,751	)		(476,452	)
GS8 shares(2)		—			(5,669,148	)		—			(6,269,702	)
Total value of shares redeemed		(21,302,663	)		(61,694,811	)		(78,970,516	)		(215,455,693	)
Net increase (decrease) from capital share transactions(3)		5,541,300			4,561,533			(48,153,798	)		(11,037,485	)
Total increase (decrease) in net assets		(3,890,372	)		527,324			(133,195,162	)		(55,097,215	)
Net Assets:
Beginning of Period		327,933,410			327,406,086			1,369,427,570			1,424,524,785
End of Period*	$	324,043,038		$	327,933,410		$	1,236,232,408		$	1,369,427,570
*       Including undistributed net investment income	$	4,451,973		$	677		$	14,560,889		$	—
(1)      Includes dividends paid from the short-term portion of capital gain distributions received from affiliated funds.
(2)      See Note 1 in Notes to Financial Statements.
(3)      See Note 7 in Notes to Financial Statements.

24 See Notes to Financial Statements.

Growth Allocation Fund						Aggressive Allocation Fund
For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07			For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07
$	6,963,220		$	20,060,739		$	2,161,798		$	9,676,356
	26,089,624			101,920,099			19,419,122			111,338,317
	(132,606,327	)		(43,842,358	)		(141,179,934	)		(49,451,797	)
	(99,553,483	)		78,138,480			(119,599,014	)		71,562,876
	—			(29,803,490	)		—			(21,728,269	)
	—			(586,886	)		—			(610,351	)
	—			(91,054,947	)		—			(97,810,986	)
	—			(1,828,932	)		—			(2,859,391	)
	—			(123,274,255	)		—			(123,008,997	)
	20,714,984			52,886,509			18,536,491			63,137,976
	1,097,009			1,817,294			665,435			980,856
	—			874,231			—			743,774
	—			2,837,014			—			1,505,369
	—			(2,837,014	)		—			(1,505,369	)
	—			120,855,938			—			119,537,254
	—			2,415,818			—			3,469,742
	21,811,993			178,849,790			19,201,926			187,869,602
	(65,545,943	)		(171,694,646	)		(57,134,020	)		(164,016,299	)
	(331,744	)		(192,271	)		(230,892	)		(149,759	)
	—			(6,756,589	)		—			(7,106,675	)
	(65,877,687	)		(178,643,506	)		(57,364,912	)		(171,272,733	)
	(44,065,694	)		206,284			(38,162,986	)		16,596,869
	(143,619,177	)		(44,929,491	)		(157,762,000	)		(34,849,252	)
	1,109,655,743			1,154,585,234			1,021,194,799			1,056,044,051
$	966,036,566		$	1,109,655,743		$	863,432,799		$	1,021,194,799
$	6,966,686		$	3,466		$	2,170,056		$	8,258

See Notes to Financial Statements. 25

FINANCIAL HIGHLIGHTS (Unaudited)

For a Share Outstanding For the Years Ended December 31, unless otherwise indicated

																								Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return		Net Assets, End of Period (000)		Expenses, Net (3)		Expenses, Including Expense Reduction (3)		Expenses, Before Waivers and Expense Reduction (3)		Investment Income, Net (1)		Investment Income/ (Loss), Excluding Waivers and Expense Reduction (1)		Portfolio Turnover Rate
Conservative Allocation Fund
GS4 Class
2008(4)	$	13.02	$	0.18	#	$	—	†	$	(0.56	)	$	—		$	—		$	12.64	(2.92	)%	$	310,158	0.12	%	0.12	%	0.17	%	2.75	%	2.70	%	7	%
2007		13.15		0.43	#		0.21			0.21			(0.44	)		(0.54	)		13.02	6.48			313,829	0.13		0.13		0.16		3.13		3.10		13
2006		12.94		0.40	#		0.17			0.20			(0.41	)		(0.15	)		13.15	5.99			308,802	0.13		0.13		0.18		3.08		3.03		9
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
GS6 Class
2008(4)	$	8.62	$	0.10	#	$	—	†	$	(0.36	)	$	—		$	—		$	8.36	(3.02	)%	$	13,885	0.45	%	0.45	%	0.56	%	2.41	%	2.30	%	7	%
2007		9.03		0.26	#		0.21			0.07			(0.41	)		(0.54	)		8.62	6.04			14,105	0.44		0.44		0.47		2.83		2.80		13
2006		9.05		0.25	#		0.17			0.09			(0.38	)		(0.15	)		9.03	5.66			12,860	0.50		0.50		0.53		2.70		2.67		9
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
Balanced Allocation Fund
GS4 Class
2008(4)	$	14.13	$	0.15	#	$	0.04		$	(1.08	)	$	—		$	—		$	13.24	(6.30	)%	$	1,215,824	0.12	%	0.12	%	0.14	%	2.27	%	2.25	%	12	%
2007		14.61		0.41	#		0.48			0.16			(0.48	)		(1.05	)		14.13	7.16			1,348,204	0.13		0.13		0.13		2.68		2.68		7
2006		14.20		0.36	#		0.39			0.50			(0.40	)		(0.44	)		14.61	8.78			1,400,001	0.13		0.13		0.14		2.44		2.43		7
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
GS6 Class
2008(4)	$	8.46	$	0.08	#	$	0.04		$	(0.66	)	$	—		$	—		$	7.92	(6.38	)%	$	20,408	0.45	%	0.45	%	0.54	%	1.94	%	1.85	%	12	%
2007		9.33		0.24	#		0.48			(0.09	)		(0.45	)		(1.05	)		8.46	6.77			21,224	0.43		0.43		0.44		2.45		2.44		7
2006		9.36		0.20	#		0.39			0.19			(0.37	)		(0.44	)		9.33	8.30			16,080	0.48		0.48		0.48		2.11		2.11		7
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

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

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

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

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

(4) For the six months ended June 30, 2008. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

26 See Notes to Financial Statements.

																							Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return		Net Assets, End of Period (000)		Expenses, Net (3)		Expenses, Including Expense Reduction (3)		Expenses, Before Waivers and Expense Reduction (3)		Investment Income, Net (1)		Investment Income/ (Loss), Excluding Waivers and Expense Reduction (1)		Portfolio Turnover Rate
Growth Allocation Fund
GS4 Class
2008(4)	$	15.34	$	0.10	#	$	0.03	$	(1.52	)	$	—		$	—		$	13.95	(9.06	)%	$	952,080	0.12	%	0.12	%	0.14	%	1.38	%	1.36	%	9	%
2007		16.05		0.30	#		0.78		0.07			(0.43	)		(1.43	)		15.34	7.16			1,095,092	0.13		0.13		0.13		1.80		1.80		5
2006		15.45		0.27	#		0.63		0.81			(0.35	)		(0.76	)		16.05	11.03			1,137,039	0.13		0.13		0.14		1.66		1.65		7
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
GS6 Class
2008(4)	$	9.56	$	0.05	#	$	0.03	$	(0.96	)	$	—		$	—		$	8.68	(9.21	)%	$	13,957	0.45	%	0.45	%	0.61	%	1.06	%	0.90	%	9	%
2007		10.67		0.18	#		0.78		(0.24	)		(0.40	)		(1.43	)		9.56	6.75			14,564	0.47		0.46		0.49		1.60		1.58		5
2006		10.61		0.14	#		0.63		0.35			(0.30	)		(0.76	)		10.67	10.58			9,448	0.59		0.59		0.59		1.27		1.27		7
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
Aggressive Allocation Fund
GS4 Class
2008(4)	$	16.31	$	0.04	#	$	0.02	$	(1.98	)	$	—		$	—		$	14.39	(11.77	)%	$	845,115	0.12	%	0.12	%	0.14	%	0.48	%	0.46	%	4	%
2007		17.23		0.17	#		1.11		(0.04	)		(0.36	)		(1.80	)		16.31	7.17			1,000,850	0.13		0.13		0.13		0.94		0.94		2
2006		16.28		0.15	#		0.88		1.13			(0.28	)		(0.93	)		17.23	13.20			1,031,999	0.13		0.13		0.14		0.90		0.89		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
GS6 Class
2008(4)	$	10.70	$	0.01	#	$	0.02	$	(1.31	)	$	—		$	—		$	9.42	(11.96	)%	$	18,318	0.45	%	0.45	%	0.51	%	0.16	%	0.10	%	4	%
2007		12.00		0.09	#		1.11		(0.37	)		(0.33	)		(1.80	)		10.70	6.89			20,345	0.43		0.43		0.43		0.71		0.71		2
2006		11.67		0.07	#		0.88		0.55			(0.24	)		(0.93	)		12.00	12.79			16,887	0.47		0.47		0.47		0.58		0.58		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

# Calculated using the average shares outstanding method.

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

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

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

(4) For the six months ended June 30, 2008. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

See Notes to Financial Statements. 27

Conservative Allocation Fund I
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS — 98.5%
GuideStone Money Market Fund (GS2 Class)¥		601,809	$	601,809
GuideStone Low-Duration Bond Fund (GS2 Class)¥		5,498,702		47,673,742
GuideStone Equity Index Fund (GS2 Class)¥		105,409		956,063
GuideStone Value Equity Fund (GS2 Class)¥		569,479		4,328,043
GuideStone Growth Equity Fund (GS2 Class)¥		387,385		4,420,067
GuideStone Small Cap Equity Fund (GS2 Class)¥		126,002		1,105,037
GuideStone International Equity Fund (GS2 Class)¥		345,501		4,505,338
Total Affiliated Mutual Funds (Cost $68,749,698)				63,590,099
	Par
U.S. TREASURY OBLIGATIONS — 1.4%
U.S. Treasury Bill
2.09%, 12/04/08‡‡	$	20,000		19,820
U.S. Treasury Note
3.50%, 02/15/10		875,000		890,040
Total U.S. Treasury Obligations (Cost $910,649)				909,860
TOTAL INVESTMENTS — 99.9% (Cost $69,660,347)				64,499,959
Other Assets in Excess of Liabilities — 0.1%				85,499
NET ASSETS — 100.0%			$	64,585,458
PORTFOLIO SUMMARY (based on net assets)
			%
Bond Fund				73.9
Domestic Equity Funds				16.7
International Equity Fund				7.0
U.S. Treasury Obligations				1.4
Money Market Fund				0.9
Futures Contracts				0.4
				100.3

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	63,590,099	$	(9,831	)
Level 2 — Other Significant Observable Inputs		909,860		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	64,499,959	$	(9,831	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

28 See Notes to Financial Statements.

Balanced Allocation Fund I
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS — 99.4%
GuideStone Money Market Fund (GS2 Class)¥		3,427,546	$	3,427,546
GuideStone Low-Duration Bond Fund (GS2 Class)¥		5,859,011		50,797,628
GuideStone Medium-Duration Bond Fund (GS2 Class)¥		8,987,941		71,364,253
GuideStone Extended-Duration Bond Fund (GS2 Class)¥		3,820,332		28,041,237
GuideStone Global Bond Fund (GS4 Class)¥		1,775,066		16,703,371
GuideStone Equity Index Fund (GS2 Class)¥		1,100,621		9,982,631
GuideStone Value Equity Fund (GS2 Class)¥		5,920,788		44,997,990
GuideStone Growth Equity Fund (GS2 Class)¥		4,028,752		45,968,056
GuideStone Small Cap Equity Fund (GS2 Class)¥		1,295,603		11,362,436
GuideStone International Equity Fund (GS2 Class)¥		3,684,797		48,049,753
Total Affiliated Mutual Funds (Cost $365,829,333)				330,694,901
	Par
U.S. TREASURY OBLIGATIONS — 0.7%
U.S. Treasury Bill
2.09%, 12/04/08‡‡	$	210,000		208,114
U.S. Treasury Note
4.25%, 11/15/13		2,025,000		2,113,912
Total U.S. Treasury Obligations (Cost $2,321,368)				2,322,026
TOTAL INVESTMENTS — 100.1% (Cost $368,150,701)				333,016,927
Liabilities in Excess of Other Assets — (0.1)%				(374,414	)
NET ASSETS — 100.0%			$	332,642,513
PORTFOLIO SUMMARY (based on net assets)
			%
Bond Funds				50.2
Domestic Equity Funds				33.8
International Equity Fund				14.4
Money Market Fund				1.0
U.S. Treasury Obligations				0.7
Futures Contracts				0.6
				100.7

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	330,694,901	$	(103,189	)
Level 2 — Other Significant Observable Inputs		2,322,026		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	333,016,927	$	(103,189	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

See Notes to Financial Statements. 29

Growth Allocation Fund I
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS — 99.7%
GuideStone Money Market Fund (GS2 Class)¥		2,706,845	$	2,706,845
GuideStone Low-Duration Bond Fund (GS2 Class)¥		2,032,127		17,618,545
GuideStone Medium-Duration Bond Fund (GS2 Class)¥		3,066,467		24,347,750
GuideStone Extended-Duration Bond Fund (GS2 Class)¥		1,298,812		9,533,283
GuideStone Global Bond Fund (GS4 Class)¥		613,568		5,773,671
GuideStone Equity Index Fund (GS2 Class)¥		1,128,517		10,235,645
GuideStone Value Equity Fund (GS2 Class)¥		6,080,863		46,214,562
GuideStone Growth Equity Fund (GS2 Class)¥		4,145,416		47,299,196
GuideStone Small Cap Equity Fund (GS2 Class)¥		1,320,043		11,576,774
GuideStone International Equity Fund (GS2 Class)¥		3,757,010		48,991,411
Total Affiliated Mutual Funds (Cost $250,394,087)				224,297,682
	Par
U.S. TREASURY OBLIGATIONS — 0.4%
U.S. Treasury Bill
2.09%, 12/04/08‡‡	$	190,000		188,294
U.S. Treasury Note
4.25%, 11/15/13		595,000		621,125
Total U.S. Treasury Obligations (Cost $808,499)				809,419
TOTAL INVESTMENTS — 100.1% (Cost $251,202,586)				225,107,101
Liabilities in Excess of Other Assets — (0.1)%				(260,268	)
NET ASSETS — 100.0%			$	224,846,833
PORTFOLIO SUMMARY (based on net assets)
			%
Domestic Equity Funds				51.2
Bond Funds				25.5
International Equity Fund				21.8
Money Market Fund				1.2
Futures Contracts				0.8
U.S. Treasury Obligations				0.4
				100.9

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	224,297,682	$	(85,731	)
Level 2 — Other Significant Observable Inputs		809,419		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	225,107,101	$	(85,731	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

30 See Notes to Financial Statements.

Aggressive Allocation Fund I
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares		Value
AFFILIATED MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (GS2 Class)¥		3,085,506	$	3,085,506
GuideStone Equity Index Fund (GS2 Class)¥		1,126,911		10,221,083
GuideStone Value Equity Fund (GS2 Class)¥		6,073,406		46,157,883
GuideStone Growth Equity Fund (GS2 Class)¥		4,208,806		48,022,473
GuideStone Small Cap Equity Fund (GS2 Class)¥		1,354,655		11,880,321
GuideStone International Equity Fund (GS2 Class)¥		3,810,066		49,683,266
Total Affiliated Mutual Funds (Cost $193,760,027)				169,050,532
	Par
U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bill
2.09%, 12/04/08‡‡
(Cost $193,259)	$	195,000		193,249
TOTAL INVESTMENTS — 100.0% (Cost $193,953,286)				169,243,781
Liabilities in Excess of Other Assets — 0.0%				(9,539	)
NET ASSETS — 100.0%			$	169,234,242
PORTFOLIO SUMMARY (based on net assets)
			%
Domestic Equity Funds				68.7
International Equity Fund				29.4
Money Market Fund				1.8
Futures Contracts				1.5
U.S. Treasury Obligation				0.1
				101.5

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	169,050,532	$	(115,941	)
Level 2 — Other Significant Observable Inputs		193,249		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	169,243,781	$	(115,941	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

See Notes to Financial Statements. 31

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

	Conservative Allocation Fund I			Balanced Allocation Fund I			Growth Allocation Fund I			Aggressive Allocation Fund I
Assets
Investments in securities of affiliated issuers, at value	$	63,590,099		$	330,694,901		$	224,297,682		$	169,050,532
Investments in securities of unaffiliated issuers, at value		909,860			2,322,026			809,419			193,249
Total investments (1)		64,499,959			333,016,927			225,107,101			169,243,781
Receivables:
Dividends		1,202			7,555			6,853			6,785
Interest		11,497			11,027			3,240			—
Investment securities sold		—			—			104,957			—
Fund shares sold		134,827			—			17,500			17,924
Variation Margin		220			1,760			1,540			2,145
Receivable from advisor		3,244			—			—			—
Prepaid expenses and other assets		—			880			—			—
Total Assets		64,650,949			333,038,149			225,241,191			169,270,635
Liabilities
Payables:
Investment securities purchased		—			—			459			—
Fund shares redeemed		28,764			339,277			350,227			11
Accrued expenses:
Advisory fees		—			28,434			17,509			10,388
Other expenses		36,727			27,925			26,163			25,994
Total Liabilities		65,491			395,636			394,358			36,393
Net Assets	$	64,585,458		$	332,642,513		$	224,846,833		$	169,234,242
Net Assets Consist of:
Paid-in-capital	$	68,236,923		$	352,308,866		$	235,050,229		$	179,616,287
Undistributed net investment income		1,383,004			6,898,838			3,000,038			976,294
Undistributed net realized gain on investments and futures transactions		135,750			8,671,771			12,977,782			13,467,107
Net unrealized depreciation on investments and futures transactions		(5,170,219	)		(35,236,962	)		(26,181,216	)		(24,825,446	)
Net Assets	$	64,585,458		$	332,642,513		$	224,846,833		$	169,234,242
Net Asset Value:
$0.001 par value, unlimited shares authorized Net assets applicable to the GS2 Class	$	64,585,458		$	332,642,513		$	224,846,833		$	169,234,242
GS2 shares outstanding		6,744,311			32,044,261			19,719,665			13,626,857
Net asset value, offering and redemption price per GS2 share	$	9.58		$	10.38		$	11.40		$	12.42
(1)      Investments in securities of affiliated issuers, at cost	$	68,749,698		$	365,829,333		$	250,394,087		$	193,760,027
Investments in securities of unaffiliated issuers, at cost		910,649			2,321,368			808,499			193,259
Total investments at cost	$	69,660,347		$	368,150,701		$	251,202,586		$	193,953,286

32 See Notes to Financial Statements.

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

	Conservative Allocation Fund I			Balanced Allocation Fund I			Growth Allocation Fund I			Aggressive Allocation Fund I
Investment Income
Income dividends received from affiliated funds	$	1,423,565		$	7,094,551		$	3,158,717		$	1,106,856
Interest		8,307			44,697			16,104			2,761
Total Investment Income		1,431,872			7,139,248			3,174,821			1,109,617
Expenses
Investment advisory fees		33,196			173,386			118,598			90,138
Transfer agent fees		21,226			8,791			8,782			8,996
Custodian fees		6,441			7,244			6,900			6,656
Accounting and administration fees		4,293			11,492			8,575			7,134
Professional fees		16,453			16,453			16,453			16,334
Shareholder reporting fees		164			468			408			318
Trustee fees		592			2,883			2,053			1,689
Line of credit facility fees		147			772			544			464
Other expenses		5,700			7,835			6,550			7,044
Total Expenses		88,212			229,324			168,863			138,773
Expenses waived/reimbursed(1)		(39,106	)		12,577			6,485			(5,450	)
Net expenses		49,106			241,901			175,348			133,323
Net Investment Income		1,382,766			6,897,347			2,999,473			976,294
Realized and Unrealized Loss
Capital gain distributions received from affiliated funds		47,941			1,979,127			1,019,881			523,242
Net realized loss on investment securities of affiliated issuers		(332,546	)		(3,627,636	)		(315,310	)		(1,201,395	)
Net realized gain on investment securities of unaffiliated issuers		2,687			118,130			33,518			—
Net realized loss on futures transactions		(19,214	)		(335,541	)		(355,587	)		(332,403	)
Net realized gain (loss)		(301,132	)		(1,865,920	)		382,502			(1,010,556	)
Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers		(2,955,771	)		(26,810,602	)		(25,807,309	)		(23,040,525	)
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		(30	)		(83,120	)		(24,127	)		(122	)
Change in unrealized appreciation (depreciation) on futures		(7,135	)		(71,460	)		(46,236	)		(85,099	)
Net change in unrealized appreciation (depreciation)		(2,962,936	)		(26,965,182	)		(25,877,672	)		(23,125,746	)
Net Realized and Unrealized Loss		(3,264,068	)		(28,831,102	)		(25,495,170	)		(24,136,302	)
Net Decrease in Net Assets Resulting from Operations	$	(1,881,302	)	$	(21,933,755	)	$	(22,495,697	)	$	(23,160,008	)

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

See Notes to Financial Statements. 33

STATEMENTS OF CHANGES IN NET ASSETS

	Conservative Allocation Fund I						Balanced Allocation Fund I
	For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07			For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07
Operations:
Net investment income	$	1,382,766		$	3,162,674		$	6,897,347		$	15,686,367
Net realized gain (loss) on investment securities and futures transactions		(301,132	)		1,850,911			(1,865,920	)		19,520,707
Net change in unrealized appreciation (depreciation) on investment securities and futures transactions		(2,962,936	)		(787,872	)		(26,965,182	)		(11,354,896	)
Net increase (decrease) in net assets resulting from operations		(1,881,302	)		4,225,713			(21,933,755	)		23,852,178
Dividends and Distributions to Shareholders:
Dividends from net investment income(1)		—			(3,469,288	)		—			(18,895,697	)
Distributions from net realized capital gains		—			(1,941,086	)		—			(14,070,859	)
Total dividends and distributions		—			(5,410,374	)		—			(32,966,556	)
Capital Share Transactions:
Proceeds from GS2 shares sold		3,569,061			15,180,761			12,204,336			94,490,963
Reinvestment of dividends and distributions into GS2 shares		—			5,410,374			—			32,966,555
Value of GS2 shares redeemed		(4,333,216	)		(9,363,744	)		(11,421,551	)		(27,000,872	)
Net increase (decrease) from capital share transactions(2)		(764,155	)		11,227,391			782,785			100,456,646
Total increase (decrease) in net assets		(2,645,457	)		10,042,730			(21,150,970	)		91,342,268
Net Assets:
Beginning of Period		67,230,915			57,188,185			353,793,483			262,451,215
End of Period*	$	64,585,458		$	67,230,915		$	332,642,513		$	353,793,483
*       Including undistributed net investment income	$	1,383,004		$	238		$	6,898,838		$	1,491
(1)    Includes dividends paid from the short-term portion of capital gain distributions received from affiliated funds. (2)    See Note 7 in Notes to Financial Statements.

34 See Notes to Financial Statements.

Growth Allocation Fund I					Aggressive Allocation Fund I
For the Six Months Ended 06/30/08 (Unaudited)		For the Year Ended 12/31/07			For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07
$	2,999,473	$	7,788,791		$	976,294		$	3,525,764
	382,502		20,648,256			(1,010,556	)		21,225,219
	(25,877,672)		(11,069,434	)		(23,125,746	)		(11,081,739	)
	(22,495,697)		17,367,613			(23,160,008	)		13,669,244
	—		(11,179,109	)		—			(7,120,845	)
	—		(14,541,067	)		—			(13,366,408	)
	—		(25,720,176	)		—			(20,487,253	)
	7,254,271		66,034,239			5,361,377			60,914,409
	—		25,720,176			—			20,487,253
	(11,490,471)		(19,359,471	)		(11,813,651	)		(17,955,008	)
	(4,236,200)		72,394,944			(6,452,274	)		63,446,654
	(26,731,897)		64,042,381			(29,612,282	)		56,628,645
	251,578,730		187,536,349			198,846,524			142,217,879
$	224,846,833	$	251,578,730		$	169,234,242		$	198,846,524
$	3,000,038	$	565		$	976,294		$	—

See Notes to Financial Statements. 35

FINANCIAL HIGHLIGHTS (Unaudited)

For a Share Outstanding For the Years Ended December 31, unless otherwise indicated

																							Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return		Net Assets, End of Period (000)		Expenses, Net (3)		Expenses, Including Expense Reduction (3)		Expenses, Before Waivers/ Reimburse- ments and Expense Reduction (3)		Investment Income, Net (1)		Investment Income, Excluding Waivers/ Reimburse- ments and Expense Reduction (1)		Portfolio Turnover Rate
Conservative Allocation Fund I
GS2 Class
2008(4)	$	9.86	$	0.21		$	0.01	$	(0.50	)	$	—		$	—		$	9.58	(2.84	)%	$	64,585	0.15	%	0.15	%	0.27	%	4.24	%	4.12	%	10	%
2007		10.05		0.50			0.23		(0.07	)		(0.54	)		(0.31	)		9.86	6.55			67,231	0.16		0.16		0.22		4.77		4.71		25
2006		10.15		0.46			0.19		(0.02	)		(0.49	)		(0.24	)		10.05	6.21			57,188	0.17		0.17		0.30		4.53		4.40		16
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(5)(6)		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
Balanced Allocation Fund I
GS2 Class
2008(4)	$	11.07	$	0.21	#	$	0.06	$	(0.96	)	$	—		$	—		$	10.38	(6.23	)%	$	332,643	0.14	%	0.14	%	0.13	%	4.04	%	4.05	%	13	%
2007		11.35		0.55	#		0.66		(0.38	)		(0.62	)		(0.49	)		11.07	7.32			353,793	0.16		0.16		0.14		4.62		4.64		12
2006		11.32		0.46	#		0.45		0.09			(0.50	)		(0.47	)		11.35	8.85			262,451	0.17		0.17		0.18		3.93		3.92		13
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(5)(6)		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
Growth Allocation Fund I
GS2 Class
2008(4)	$	12.53	$	0.15		$	0.05	$	(1.33	)	$	—		$	—		$	11.40	(9.02	)%	$	224,847	0.15	%	0.15	%	0.14	%	2.57	%	2.58	%	11	%
2007		12.96		0.41			0.92		(0.37	)		(0.58	)		(0.81	)		12.53	7.40			251,579	0.16		0.16		0.15		3.20		3.21		9
2006		12.62		0.34			0.73		0.35			(0.44	)		(0.64	)		12.96	11.21			187,536	0.17		0.17		0.20		2.73		2.70		9
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(5)(6)		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
Aggressive Allocation Fund I
GS2 Class
2008(4)	$	14.07	$	0.07		$	0.04	$	(1.76	)	$	—		$	—		$	12.42	(11.73	)%	$	169,234	0.15	%	0.15	%	0.16	%	1.10	%	1.09	%	6	%
2007		14.56		0.27			1.37		(0.56	)		(0.52	)		(1.05	)		14.07	7.38			198,847	0.16		0.16		0.15		1.81		1.82		7
2006		14.01		0.21			1.09		0.57			(0.36	)		(0.96	)		14.56	13.33			142,218	0.17		0.17		0.21		1.47		1.43		8
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(5)(6)		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) Does not include expenses of the investment companies in which the Fund invests.

(4) For the six months ended June 30, 2008. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(5) Inception date was July 1, 2003.

(6) Total return is not annualized. Ratios are annualized. Portfolio turnover is not annualized.

36 See Notes to Financial Statements.

Money Market Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 4.2%
Federal Home Loan Bank
2.38%, 03/13/09†	$	30,000,000	$	30,000,000
Federal Home Loan Mortgage Corporation
2.50%, 08/18/08		2,510,000		2,501,633
Federal National Mortgage Association
2.50%, 08/06/08		2,925,000		2,917,687
2.50%, 08/20/08		2,320,000		2,311,961
2.49%, 09/10/08		7,995,000		7,955,738
Total Agency Obligations (Cost $45,687,019)				45,687,019
CERTIFICATES OF DEPOSIT — 22.7%
American Express Bank FSB
2.58%, 08/21/08		13,000,000		13,000,000
American Express Centurion Bank
2.81%, 09/24/08		25,000,000		25,000,000
Bank of Nova Scotia NY
2.40%, 07/03/08†		20,000,000		19,999,956
Bank of Scotland PLC NY
4.39%, 07/07/08		4,000,000		4,000,000
2.68%, 08/13/08		10,000,000		10,000,000
BNP Paribas NY
4.50%, 07/01/08		5,000,000		5,000,000
2.91%, 08/19/08		10,000,000		10,000,000
2.95%, 10/28/08		10,000,000		10,000,000
2.85%, 12/04/08		8,000,000		8,000,000
2.85%, 12/08/08		9,000,000		9,000,000
Deutsche Bank AG NY
3.01%, 09/25/08†		8,230,000		8,230,000
DnB NORBank ASA
2.84%, 12/05/08		1,950,000		1,950,000
Nordea Bank Finland PLC NY
2.66%, 10/17/08		7,000,000		7,000,000
4.82%, 10/22/08		16,000,000		16,004,792
Rabobank Nederland NV NY
2.67%, 09/12/08		12,000,000		12,000,000
Sanpaolo IMI SpA NY
2.86%, 12/05/08		8,020,000		8,020,000
Societe Generale NY
2.92%, 11/14/08		4,000,000		4,000,075
2.92%, 12/05/08		9,000,000		9,000,000
3.18%, 12/23/08		6,220,000		6,220,298
Toronto Dominion Bank NY
2.83%, 12/05/08		2,800,000		2,800,000
3.00%, 12/16/08		1,450,000		1,450,000
3.11%, 12/30/08		20,000,000		20,000,000
US Bank NA
2.77%, 10/27/08		39,000,000		39,000,000
Total Certificates of Deposit (Cost $249,675,121)				249,675,121
COMMERCIAL PAPER — 64.6%
ABN Amro North America Finance, Inc.
2.55%, 08/21/08		10,000,000		9,963,875
Amsterdam Funding Corporation
2.72%, 07/11/08		8,000,000		7,993,956
2.70%, 08/22/08		30,000,000		29,883,000
AT&T, Inc.
2.50%, 07/01/08		34,757,000		34,757,000
Atlantis One Funding Corporation
2.75%, 07/02/08		8,000,000		7,999,389
2.88%, 07/23/08		31,000,000		30,945,440
2.81%, 09/15/08		5,000,000		4,970,339
Bryant Park Funding LLC
2.65%, 09/02/08		23,000,000		22,893,337
Chariot Funding LLC
2.65%, 07/07/08		31,000,000		30,986,308
Citigroup Funding, Inc.
2.75%, 08/19/08		1,050,000		1,046,070
2.75%, 08/20/08		1,050,000		1,045,990
2.78%, 09/08/08		28,000,000		27,850,807
2.94%, 10/02/08		10,000,000		9,924,050
CRC Funding LLC
2.77%, 07/07/08		20,000,000		19,990,767
2.66%, 08/04/08		11,000,000		10,972,366
Dexia LLC
2.92%, 07/18/08		2,000,000		1,997,242
2.61%, 08/11/08		20,000,000		19,940,550
2.77%, 09/17/08		10,000,000		9,940,092
DnB NORBank ASA
3.02%, 10/20/08		10,000,000		9,906,883
Falcon Asset Securitization Co., LLC
2.61%, 08/14/08		14,000,000		13,955,340
General Electric Capital Corporation
3.83%, 07/10/08		2,000,000		1,998,085
General Electric Capital Services, Inc.
2.63%, 10/20/08		30,000,000		29,756,725
ING America Insurance Holdings
2.70%, 09/12/08		24,000,000		23,868,600
ING US Funding LLC
2.56%, 08/14/08		10,000,000		9,968,711
JPMorgan Chase & Co.
2.35%, 08/21/08		20,000,000		19,933,417
2.50%, 09/04/08		15,000,000		14,932,292
2.70%, 12/02/08		20,000,000		19,769,000
Jupiter Securitization Co., LLC
2.75%, 08/29/08		10,000,000		9,954,930
KBC Financial Products International, Ltd.
2.77%, 09/15/08		20,000,000		19,883,044
Liberty Street Funding LLC
2.67%, 08/20/08		20,000,000		19,925,833
2.69%, 09/02/08		11,000,000		10,948,217
Nestle Capital Corporation
2.13%, 08/07/08		17,000,000		16,962,784
2.12%, 10/06/08		17,000,000		16,902,892
Old Line Funding LLC
2.58%, 07/25/08		17,000,000		16,970,760
Park Avenue Receivables Corporation
2.60%, 09/02/08		11,681,000		11,627,851
Prudential Funding LLC
2.30%, 07/16/08		10,000,000		9,990,417
2.50%, 09/02/08		20,000,000		19,912,500
Ranger Funding Co., LLC
2.90%, 07/21/08		18,000,000		17,971,000

See Notes to Financial Statements. 37

Money Market Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Societe Generale North America, Inc.
2.48%, 07/15/08	$	7,000,000	$	6,993,249
2.74%, 09/08/08		27,000,000		26,858,205
Toyota Motor Credit Corporation
2.68%, 07/15/08		17,000,000		16,982,282
2.60%, 08/19/08		50,000,000		49,823,056
Windmill Funding I Corporation
2.73%, 07/03/08		8,000,000		7,998,787
Yorktown Capital LLC
2.60%, 08/18/08		3,000,000		2,989,600
Total Commercial Paper (Cost $709,885,038)				709,885,038
MASTER NOTES — 3.3%
Citigroup Global Markets, Inc.
2.68%, 02/28/09†		15,000,000		15,000,000
Goldman Sachs Group, Inc.
2.53%, 08/22/08 144A†@		21,150,000		21,150,000
Total Master Notes (Cost $36,150,000)				36,150,000
VARIABLE RATE OBLIGATIONS — 4.9%
American Express Bank FSB
2.70%, 07/10/08†		10,000,000		10,000,000
Bank of Montreal
2.95%, 07/07/08 144A†		9,200,000		9,200,000
HSBC Bank USA, Inc.
3.22%, 07/14/08†		1,645,000		1,645,000
ING USA Global Funding
3.14%, 08/29/08†		2,725,000		2,725,000
Skandinaviska Enskilda Banken AB
2.67%, 09/08/08 144A†		10,000,000		10,000,000
Societe Generale North America, Inc.
2.50%, 07/24/08†		5,500,000		5,500,000
Wachovia Bank NA
2.91%, 07/07/08†D		6,250,000		6,250,000
Westpac Banking Corporation
2.75%, 09/11/08†		8,250,000		8,250,000
Total Variable Rate Obligations (Cost $53,570,000)				53,570,000
	Shares
MONEY MARKET FUND — 0.5%
Northern Institutional Liquid Assets Portfolio§ (Cost $6,120,000)		6,120,000		6,120,000
TOTAL INVESTMENTS — 100.2% (Cost $1,101,087,178)				1,101,087,178
Liabilities in Excess of Other Assets — (0.2)%				(2,353,915	)
NET ASSETS — 100.0%			$	1,098,733,263

PORTFOLIO SUMMARY (based on net assets)
	%
Commercial Paper	64.6
Certificates of Deposit	22.7
Variable Rate Obligations	4.9
Agency Obligations	4.2
Master Notes	3.3
Money Market Fund	0.5
	100.2

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	6,120,000	$	—
Level 2 — Other Significant Observable Inputs		1,094,967,178		—
Level 3 — Significant Unobservable Inputs				—
Total	$	1,101,087,178	$	—

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

38 See Notes to Financial Statements.

Low-Duration Bond Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 6.5%
Federal Home Loan Bank
2.17%, 07/02/08	$	3,100,000	$	3,099,813
2.21%, 07/11/08		4,000,000		3,997,545
2.13%, 07/16/08		25,000,000		24,977,813
2.21%, 07/16/08		3,300,000		3,296,961
2.20%, 07/25/08		1,000,000		998,533
2.23%, 07/25/08		1,300,000		1,298,067
2.20%, 04/01/09		1,480,000		1,474,453
5.00%, 09/18/09		2,880,000		2,951,853
Federal Home Loan Mortgage Corporation
3.25%, 02/25/11		5,000,000		4,976,235
3.00%, 04/01/11		4,000,000		3,949,208
Small Business Administration
6.95%, 11/10/16		717,760		740,712
Total Agency Obligations (Cost $51,889,521)				51,761,193
ASSET-BACKED SECURITIES — 11.7%
Accredited Mortgage Loan Trust
2.53%, 02/25/37†		1,581,071		1,547,816
Amresco Independence Funding, Inc.
6.75%, 06/15/26 144A		375,559		289,213
Asset-Backed Securities Corporation Home Equity
2.76%, 09/25/34†		100,868		86,384
2.44%, 11/25/36†		479,686		475,882
BA Credit Card Trust
2.51%, 08/15/12†		2,625,000		2,599,850
Bear Stearns Asset-Backed Securities Trust
2.44%, 11/25/36†		861,655		802,417
2.67%, 02/25/37†		2,651,745		2,557,578
3.48%, 10/25/37†		1,499,100		1,233,712
Business Loan Express
4.25%, 01/01/25 144A†		231,574		201,896
Capital Auto Receivables Asset Trust
5.32%, 03/20/10 144A‡‡		2,300,000		2,322,461
Carmax Auto Owner Trust
5.24%, 07/15/11		4,000,000		4,055,670
Carrington Mortgage Loan Trust
2.66%, 02/25/36†		1,440,511		1,373,329
Chase Issuance Trust
2.72%, 09/15/11†		3,100,000		3,093,142
2.49%, 03/15/13†		3,100,000		3,051,105
4.26%, 05/15/13		2,880,000		2,861,262
Citibank Credit Card Issuance Trust
2.48%, 12/15/10†		3,180,000		3,175,234
Citigroup Mortgage Loan Trust, Inc.
2.54%, 07/25/45†		3,485,713		3,237,901
Countrywide Asset-Backed Certificates
2.63%, 03/25/25†		116,906		116,787
CSAB Mortgage Backed Trust
5.72%, 09/25/36		900,000		735,714
Daimler Chrysler Auto Trust
3.63%, 07/08/11†		1,500,000		1,506,265
FHLMC Structured Pass-Through Securities
2.65%, 08/25/31†		1,294,320		1,257,469
First Franklin Mortgage Loan Asset-Backed Certificates
2.44%, 12/25/36†		718,741		700,025
Ford Credit Auto Owner Trust
2.49%, 12/15/09†		910,082		909,775
5.07%, 12/15/10		2,598,000		2,635,780
3.37%, 01/15/11†		1,500,000		1,504,273
3.96%, 04/15/12		3,585,000		3,577,356
Fremont Home Loan Trust
2.44%, 10/25/36†		229,235		215,401
Green Tree Financial Corporation
6.04%, 11/01/29		28,732		28,309
GSAA Trust
2.71%, 12/25/34†		623,331		570,439
IFC SBA Loan-Backed Adjustable Rate Certificate
3.25%, 01/15/24 144A†		276,116		269,730
JP Morgan Mortgage Acquisition Corporation
2.53%, 06/25/37†		2,932,928		2,825,894
Long Beach Mortgage Loan Trust
2.42%, 06/25/36†		10,472		10,472
2.64%, 11/25/36†		637,125		618,334
Merrill Lynch Mortgage Investors, Inc.
2.51%, 06/25/37†		497,825		492,605
Morgan Stanley ABS Capital I
2.43%, 06/25/36†		7,536		7,536
2.51%, 06/25/36†		242,265		241,687
2.53%, 11/25/36†		2,460,001		2,410,787
2.52%, 01/25/37†		1,402,279		1,356,634
2.59%, 02/25/37†		2,258,654		2,215,869
2.54%, 05/25/37†		2,381,684		2,338,754
Nelnet Student Loan Trust
2.93%, 01/26/15†		363,685		363,558
3.01%, 07/25/16†		82,606		82,584
Option One Mortgage Loan Trust
2.44%, 07/25/36†		155,366		154,815
2.43%, 02/25/37†		651,146		646,957
PG&E Energy Recovery Funding LLC
4.37%, 06/25/14		350,000		348,396
Residential Asset Mortgage Products, Inc.
2.56%, 07/25/36†		563,792		559,151
Securitized Asset-Backed Receivables LLC Trust
2.53%, 05/25/36†		179,122		178,653
2.52%, 01/25/37†		1,465,015		1,418,874
SLM Student Loan Trust
4.00%, 10/25/16†		3,985,000		4,045,397
4.20%, 01/25/18†		3,975,000		4,078,104
2.91%, 10/25/18†		1,166,344		1,158,690
Soundview Home Equity Loan Trust
2.60%, 01/25/37†		1,460,979		1,438,847
2.54%, 08/25/37†		1,599,244		1,567,766

See Notes to Financial Statements. 39

Low-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Specialty Underwriting & Residential Finance
2.42%, 06/25/37†	$	154,210	$	152,890
2.44%, 11/25/37†		714,067		680,373
Structured Asset Investment Loan Trust
2.44%, 07/25/36†		288,862		280,348
Structured Asset Securities Corporation
4.33%, 01/21/09 144A		1,851,660		1,823,886
4.90%, 04/25/35†		1,431,977		1,100,291
2.53%, 10/25/36†		898,828		877,580
Structured Asset Receivables Trust
5.86%, 04/21/11 144A		2,520,380		2,416,540
TXU Electric Delivery Transition Bond Co., LLC
4.81%, 11/17/14		2,360,000		2,377,700
USAA Auto Owner Trust
4.89%, 08/15/12		2,500,000		2,530,999
Wachovia Auto Loan Owner Trust
5.08%, 04/20/12 144A		3,000,000		3,017,575
Wells Fargo Home Equity Trust
2.57%, 04/25/37†		2,021,704		1,981,745
World Omni Auto Receivables Trust
5.01%, 10/15/10		883,060		888,099
Total Asset-Backed Securities (Cost $94,814,244)				93,680,565
COMMERCIAL PAPER — 2.4%
Apreco LLC
2.66%, 07/15/08		6,200,000		6,193,598
Bryant Park Funding LLC
2.80%, 09/16/08		6,271,000		6,229,967
Dexia LLC
6.27%, 08/20/08		6,500,000		6,475,256
Total Commercial Paper (Cost $18,903,480)				18,898,821
CORPORATE BONDS — 14.5%
AEP Texas Central Transition Funding LLC
4.98%, 07/01/15		2,900,000		2,935,403
American Electric Power Co., Inc.
5.25%, 06/01/15		1,600,000		1,543,072
American Express Co.
7.00%, 03/19/18		1,400,000		1,419,666
Amgen, Inc.
4.00%, 11/18/09D		1,000,000		1,001,416
Anadarko Petroleum Corporation
3.18%, 09/15/09†		925,000		914,677
AT&T, Inc.
5.50%, 02/01/18		5,600,000		5,436,385
Bank of America Corporation
8.13%, 12/15/49†		3,100,000		2,934,181
Bank of America NA
3.37%, 05/12/10†		3,100,000		3,087,733
3.35%, 06/23/10†		3,300,000		3,291,291
Bear Stearns Co., Inc.
7.25%, 02/01/18		3,300,000		3,449,711
BellSouth Corporation
4.20%, 09/15/09D		2,217,000		2,222,163
Caterpillar Financial Services Corporation
2.98%, 10/28/08†		5,500,000		5,498,598
CenterPoint Energy Transition Bond Co., LLC
4.97%, 08/01/14		2,875,000		2,911,627
Citigroup, Inc.
6.13%, 05/15/18		6,400,000		6,135,699
8.30%, 12/21/47†		3,100,000		2,935,139
8.40%, 04/30/49†		3,900,000		3,712,254
ConocoPhillips Australia Funding Co.
2.81%, 04/09/09†		835,000		835,587
CVS Caremark Corporation
4.00%, 09/15/09D		1,085,000		1,079,424
Florida Power Corporation
6.65%, 07/15/11		600,000		633,903
General Electric Capital Corporation
9.83%, 12/15/08		350,000		359,966
2.82%, 03/16/09†		3,800,000		3,800,813
4.25%, 09/13/10D		2,400,000		2,421,552
5.00%, 12/01/10‡‡		2,225,000		2,283,811
6.50%, 09/15/37 144A(U)		1,600,000		2,959,991
Goldman Sachs Capital III
3.45%, 12/01/49†		1,560,000		1,108,645
Goldman Sachs Group, Inc.
6.15%, 04/01/18		3,100,000		3,012,912
HSBC Finance Corporation
4.13%, 12/15/08		700,000		698,991
John Deere Capital Corporation
3.44%, 06/10/11†D		4,700,000		4,698,604
Kraft Foods, Inc.
5.63%, 08/11/10		495,000		507,111
6.13%, 02/01/18		600,000		584,288
6.88%, 02/01/38		1,100,000		1,072,740
Lehman Brothers Holdings, Inc.
6.20%, 09/26/14		500,000		477,838
6.75%, 12/28/17D		3,200,000		3,011,283
6.88%, 05/02/18D		2,400,000		2,327,525
Macy’s Retail Holdings, Inc.
6.63%, 09/01/08		150,000		150,178
Morgan Stanley
2.82%, 05/07/09†		300,000		295,394
4.78%, 05/14/10†		2,200,000		2,192,670
5.63%, 01/09/12		2,451,000		2,454,752
5.95%, 12/28/17D		7,600,000		6,911,410
Nabors Industries, Inc.
6.15%, 02/15/18 144AD		3,300,000		3,341,534
Oracle Corporation and Ozark Holding, Inc.
5.00%, 01/15/11D		1,040,000		1,060,877
Overseas Private Investment Corporation
3.98%, 07/12/10		2,600,000		2,577,278
4.81%, 07/12/12		2,100,000		2,071,569
SLM Corporation
4.00%, 01/15/09D		841,000		830,757
Sprint Capital Corporation
8.38%, 03/15/12D		1,000,000		990,773
Time Warner Cable, Inc.
5.40%, 07/02/12D		1,325,000		1,312,780

40 See Notes to Financial Statements.

	Par		Value
Time Warner, Inc.
2.92%, 11/13/09†	$	6,000,000	$	5,832,612
Transocean, Inc.
2.87%, 09/05/08†		1,900,000		1,897,583
Wachovia Corporation
2.90%, 03/15/11†		540,000		510,130
Wachovia Mortgage FSB
4.50%, 06/15/09		750,000		749,362
ZFS Finance USA Trust I
5.88%, 05/09/32 144A†		845,000		773,678
6.15%, 12/15/49 144A†		845,000		771,066
Total Corporate Bonds (Cost $119,373,320)				116,028,402
FOREIGN BONDS — 5.1%
Australia — 0.2%
National Australia Bank, Ltd.
3.21%, 02/08/10 144A†		1,600,000		1,600,395
Canada — 0.1%
Province of Ontario
2.75%, 02/22/11D		775,000		758,651
Cayman Islands — 0.2%
Petroleum Export, Ltd.
4.62%, 06/15/10 144A		850,000		844,484
4.63%, 06/15/10 144A		850,000		844,557
				1,689,041
France — 0.3%
Caisse d’Amortissement de la Dette Sociale
3.75%, 07/12/09(E)		1,600,000		2,491,293
French Government Bond
5.75%, 10/25/32(E)		100,000		173,122
				2,664,415
Germany — 0.5%
Deutsche Bundesrepublik
6.25%, 01/04/30(E)		100,000		183,687
4.25%, 07/04/39(E)		1,400,000		1,994,152
Kreditanstalt fuer Wiederaufbau
4.38%, 06/30/09(E)		1,000,000		1,566,584
				3,744,423
Luxembourg — 0.6%
Unicredito Luxembourg Finance SA
2.97%, 10/24/08 144A†		3,800,000		3,797,652
VTB Capital SA
3.38%, 08/01/08 144A†		800,000		793,000
				4,590,652
Netherlands — 0.1%
Bank Nederlandse Gemeenten
4.00%, 03/02/09(E)		500,000		782,111
South Korea — 0.2%
Export-Import Bank of Korea
2.77%, 06/01/09†		1,300,000		1,288,638
Switzerland — 0.6%
UBS AG
3.73%, 06/19/10†		3,100,000		3,092,966
5.88%, 12/20/17		2,000,000		1,948,974
				5,041,940
United Kingdom — 2.3%
HSBC Holdings PLC
6.50%, 09/15/37		1,600,000		1,463,039
Network Rail MTN Finance PLC
3.13%, 03/30/09(E)		1,854,000		2,880,510
Permanent Financing PLC
2.86%, 06/10/34(U)†		3,255,000		3,234,396
Permanent Master Issuer PLC
2.76%, 01/15/16(U)†		2,195,000		2,165,196
United Kingdom Gilt
4.75%, 06/07/10(U)		4,100,000		8,096,283
Vodafone Group PLC
2.92%, 02/27/12†		950,000		917,243
				18,756,667
Total Foreign Bonds (Cost $40,964,753)				40,916,933
MORTGAGE-BACKED SECURITIES — 55.1%
Adjustable Rate Mortgage Trust
2.75%, 11/25/35†		1,069,579		828,776
2.73%, 03/25/36†		1,851,378		1,352,654
5.94%, 03/25/37†		3,670,645		2,827,453
American Home Mortgage Assets
2.75%, 11/25/35†		990,910		755,628
American Home Mortgage Investment Trust
4.29%, 10/25/34†		1,532,099		1,343,447
Bank of America Commercial Mortgage, Inc.
3.88%, 09/11/36		1,861,771		1,826,387
Bank of America Funding Corporation
4.59%, 12/20/36†		2,441,342		2,379,213
6.14%, 01/20/47†		1,363,836		1,106,944
Bank of America Mortgage Securities, Inc.
6.50%, 10/01/19		425,433		426,701
6.17%, 11/20/36†		2,238,124		2,051,534
Bear Stearns Adjustable Rate Mortgage Trust
4.76%, 12/01/33†		704,211		683,550
4.62%, 01/25/34†		675,269		621,508
4.00%, 07/25/34†		1,752,699		1,723,124
4.13%, 03/25/35†		2,765,805		2,638,358
Bear Stearns Alt-A Trust
2.85%, 06/25/34†		671,731		525,823
5.70%, 09/25/35†		863,382		711,067
Bear Stearns Commercial Mortgage Securities
2.62%, 03/15/19 144A†		1,430,660		1,366,916
4.48%, 06/11/41		600,000		592,665
4.03%, 02/13/46		398,348		395,491
Chase Manhattan Bank - First Union National Bank
7.44%, 08/15/31†		1,989,530		2,034,653
Citigroup Commercial Mortgage Trust
4.15%, 09/20/49 144A		53,194		53,077
Citigroup Mortgage Loan Trust, Inc.
5.81%, 07/25/36†		2,970,262		2,783,079

See Notes to Financial Statements. 41

Low-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Commercial Mortgage Pass-Through Certificates
7.42%, 08/15/33†	$	1,836,363	$	1,893,633
Countrywide Alternative Loan Trust
6.00%, 10/25/32		246,747		223,012
5.50%, 05/31/35		1,143,249		1,053,185
3.21%, 11/25/35†		2,343,524		1,777,682
Countrywide Home Loan Mortgage Pass-Through Trust
4.24%, 09/25/33†		1,932,523		1,871,595
2.75%, 01/25/35†		267,883		219,763
Deutsche ALT-A Securities, Inc.
2.56%, 03/30/36†		391,702		368,448
5.87%, 10/25/36		800,000		655,991
5.89%, 10/25/36		800,000		653,805
DLJ Commercial Mortgage Corporation
7.18%, 11/10/33		1,990,435		2,062,341
Federal Home Loan Mortgage Corporation
8.00%, 01/01/09		28		28
7.50%, 03/01/09		1,185		1,194
16.25%, 07/01/11		43		44
15.25%, 08/01/11		1,200		1,370
5.38%, 09/15/11		3,859,801		3,924,564
4.00%, 08/01/15		1,560,238		1,513,353
5.00%, 11/15/16		1,391,616		1,410,352
5.50%, 04/15/17		3,300,509		3,381,777
3.50%, 12/01/18		2,936,510		2,739,497
10.75%, 02/01/19		71,821		76,128
2.74%, 02/15/19†		5,226,894		5,120,047
4.25%, 06/15/24		1,045,219		1,047,700
7.22%, 07/01/27†		26,916		27,286
5.88%, 06/01/28 STRIP†		237,871		239,538
2.86%, 12/15/30†		1,014,329		1,001,588
6.00%, 04/01/33		1,323,522		1,347,485
4.58%, 06/01/33†		2,289,580		2,303,017
3.98%, 04/01/34†		2,531,777		2,530,480
4.39%, 10/01/34†		805,082		805,365
4.72%, 08/01/35†		2,440,054		2,461,392
4.80%, 08/01/35†		1,626,858		1,644,385
4.82%, 10/01/35†		1,067,788		1,074,097
5.03%, 12/01/35†		5,453,531		5,510,130
5.83%, 04/01/36†		3,411,133		3,476,029
37.59%, 04/15/38†		11,768,642		997,575
5.50%, 07/14/38 TBA		1,000,000		985,000
Federal Housing Authority
7.43%, 09/01/22		1,603		1,635
Federal National Mortgage Association
6.00%, 08/01/08		946		943
6.50%, 11/01/08		3,284		3,276
5.50%, 12/01/17		6,092,823		6,189,864
4.00%, 07/01/18		166,083		157,903
4.00%, 08/01/18		694,594		660,385
4.00%, 05/01/19		3,758,587		3,561,731
4.00%, 06/01/19		6,355,238		6,022,382
4.00%, 08/01/19		348,969		330,692
4.00%, 10/01/19		1,275,099		1,208,316
4.00%, 11/25/19		730,705		675,420
4.00%, 12/01/19		833,831		790,159
4.00%, 01/01/20		200,861		189,211
4.00%, 07/01/20		45,264		42,639
5.50%, 09/25/24		1,860,915		1,878,759
6.42%, 12/01/24†		91,327		92,137
9.00%, 05/01/25		83,712		92,213
9.00%, 07/01/25		94,923		104,436
6.00%, 02/25/27		2,292,634		2,339,233
5.50%, 11/25/27		3,136,569		3,192,472
3.08%, 05/25/30†		1,949,051		1,934,714
3.26%, 05/25/30†		1,978,141		1,953,742
2.86%, 09/25/30†		59,477		59,274
6.73%, 09/01/31†		74,207		74,616
3.31%, 03/25/32		375,538		359,327
5.50%, 09/25/32		2,900,000		2,934,477
5.46%, 04/01/33†		426,002		435,556
4.24%, 06/01/33†		141,293		141,656
5.50%, 06/01/33		22,457		22,267
5.50%, 07/01/33		19,768		19,601
4.24%, 10/01/33†		1,198,035		1,204,694
5.50%, 10/01/33		113,612		112,651
4.24%, 12/01/33†		348,871		351,930
4.50%, 06/01/34		65,375		60,914
4.50%, 09/01/34		249,681		232,252
4.90%, 09/01/34†		991,755		1,006,393
5.09%, 09/01/34†		705,310		714,120
4.72%, 10/01/34†		1,066,482		1,083,387
5.08%, 10/01/34†		1,200,990		1,224,004
4.50%, 12/01/34		79,018		73,502
4.50%, 02/01/35		2,832,052		2,628,167
4.50%, 03/01/35		1,657,242		1,537,933
4.50%, 04/01/35		2,747,575		2,549,772
4.50%, 05/01/35		791,473		734,493
4.50%, 06/01/35		61,579		57,145
4.85%, 06/01/35†		1,665,559		1,681,933
5.00%, 06/01/35		49,612,170		47,721,675
4.50%, 08/01/35		1,708,492		1,585,494
4.69%, 08/01/35†		5,062,405		5,105,915
4.44%, 09/01/35†		2,492,327		2,498,429
4.50%, 09/01/35		1,054,139		978,249
4.64%, 09/01/35†		3,236,552		3,272,285
7.50%, 09/01/35		1,598,726		1,722,702
4.50%, 10/01/35		643,829		597,478
5.33%, 10/01/35†		2,153,214		2,155,323
4.50%, 11/01/35		675,479		626,850
4.90%, 12/01/35†		226,922		226,441
6.00%, 02/01/36		712,582		720,585
4.50%, 06/01/36		54,850		50,884
4.50%, 07/01/36		805,481		747,241
6.00%, 07/01/36		1,467,082		1,482,182
8.56%, 10/01/36 IOW		2,169,765		558,711
5.50%, 01/01/37		7,529,369		7,444,516
43.26%, 03/25/37†		8,025,110		734,577
4.55%, 07/25/37		5,143,973		1,299,821
5.50%, 07/14/38 TBA		13,400,000		13,207,375
6.00%, 07/14/38 TBA		42,000,000		42,367,500
6.22%, 04/01/40†		289,510		295,753
4.99%, 07/01/44†		350,095		349,892
6.50%, 12/31/49		1,752,000		1,778,245
FHLMC Structured Pass-Through Securities
3.60%, 05/25/43†		1,565,766		1,566,101
5.19%, 07/25/44†		2,381,324		2,227,040
First Horizon Alternative Mortgage Securities
4.73%, 06/25/34†		850,610		742,853

42 See Notes to Financial Statements.

	Par		Value
General Electric Capital Commercial Mortgage Corporation
4.09%, 01/10/38	$	1,111,082	$	1,102,510
5.56%, 06/10/38		591,009		596,420
GMAC Commercial Mortgage Securities, Inc.
7.72%, 03/15/33†		2,029,821		2,096,858
7.18%, 08/15/36†		1,065,246		1,088,090
Government National Mortgage Association
6.00%, 12/15/08		12,880		12,915
6.00%, 02/15/11		44,314		44,705
6.38%, 06/20/17†		19,540		19,890
6.38%, 06/20/21†		9,574		9,766
5.13%, 10/20/27†		69,119		69,381
8.50%, 10/15/29		28,370		31,187
8.50%, 01/15/30		25,312		27,820
3.07%, 02/16/30†		270,346		272,777
8.50%, 03/15/30		4,534		4,983
8.50%, 04/15/30		14,043		15,434
8.50%, 05/15/30		139,656		153,491
8.50%, 06/15/30		15,981		17,564
8.50%, 07/15/30		116,754		128,322
8.50%, 08/15/30		23,084		25,371
8.50%, 09/15/30		2,505		2,753
8.50%, 11/15/30		67,378		74,052
8.50%, 12/15/30		66,375		72,950
8.50%, 02/15/31		42,758		46,924
4.75%, 05/20/34†		1,244,892		1,252,132
4.75%, 06/20/34†		1,705,838		1,715,759
6.00%, 06/15/36		879,489		894,388
5.50%, 04/15/37		6,425,838		6,403,486
6.50%, 09/15/37		562,333		581,591
5.00%, 07/01/38 TBA		4,000,000		3,875,000
6.00%, 07/21/38 TBA		7,500,000		7,612,500
6.50%, 07/21/38 TBA		17,000,000		17,557,804
Greenpoint Mortgage Funding Trust
2.75%, 11/25/45†		431,164		343,716
GS Mortgage Securities Corporation II
6.04%, 08/15/18 144A		290,502		295,965
6.14%, 10/18/30		161,559		161,254
3.04%, 01/10/40 IO 144AW†		23,473,681		298,562
GSR Mortgage Loan Trust
5.71%, 06/01/34†		735,995		723,781
4.77%, 09/25/34†		1,834,218		1,771,550
6.01%, 09/25/34†		968,645		872,906
4.54%, 09/25/35†		4,159,362		4,029,074
4.55%, 09/25/35†		2,143,344		2,115,489
5.25%, 10/25/35†		1,255,902		1,221,481
6.02%, 03/25/37†		2,808,373		2,589,556
HarborView Mortgage Loan Trust
2.79%, 11/19/35 STEP		1,594,238		1,211,098
5.30%, 12/19/35†		3,298,267		3,245,891
2.69%, 11/19/36†		2,682,285		1,889,776
2.74%, 11/19/36†		2,247,320		1,310,464
Impac Secured Assets CMN Owner Trust
2.47%, 01/25/37†		870,182		815,137
Indymac Index Mortgage Loan Trust
3.17%, 06/25/37†		958,638		557,425
JP Morgan Mortgage Trust
3.89%, 08/25/34†		2,820,876		2,749,923
5.02%, 02/25/35†		1,041,445		982,449
4.76%, 07/25/35†		3,541,035		3,500,113
LB-UBS Commercial Mortgage Trust
6.16%, 07/14/16		2,165,974		2,207,887
7.95%, 05/15/25†		4,378,929		4,551,193
7.07%, 04/15/37 IO 144AW†		18,115,685		193,139
Luminent Mortgage Trust
2.74%, 11/26/35†		2,211,263		1,689,351
MASTR Adjustable Rate Mortgages Trust
4.67%, 12/25/33†		1,323,280		1,297,253
Merrill Lynch Mortgage Investors, Inc.
4.23%, 08/25/34†		2,560,965		2,466,922
MLCC Mortgage Investors, Inc.
2.85%, 03/15/25 STEP		378,209		284,574
4.73%, 12/25/34†		1,832,525		1,782,891
5.40%, 02/25/36 STRIP†		1,912,115		1,848,063
Morgan Stanley Capital I
6.53%, 03/15/31†		1,800,436		1,809,795
5.36%, 12/15/44		3,657,944		3,614,296
NationsLink Funding Corporation
6.32%, 01/20/31		1,351,199		1,353,886
Opteum Mortgage Acceptance Corporation
2.57%, 12/25/35†		1,074,456		1,023,195
2.54%, 07/25/36†		1,097,295		1,031,620
PNC Mortgage Acceptance Corporation
5.91%, 03/12/34		1,001,023		1,007,971
Provident Funding Mortgage Loan Trust
4.05%, 04/25/34†		2,789,907		2,779,064
Residential Accredit Loans, Inc.
3.00%, 01/25/33†		533,147		478,848
Residential Asset Securitization Trust
2.78%, 05/25/35†		1,393,380		1,288,486
Residential Funding Mortgage Securities I
6.50%, 03/25/32		113,763		111,416
Structured Adjustable Rate Mortgage Loan Trust
4.92%, 03/25/34†		1,078,310		1,067,052
5.31%, 08/25/34†		1,344,271		1,217,316
2.78%, 09/25/34†		218,560		193,092
Structured Asset Mortgage Investments, Inc.
5.04%, 10/19/34†		587,092		519,123
2.76%, 05/25/35†		1,152,611		890,820
2.73%, 07/19/35†		190,979		145,932
2.55%, 08/25/36†		630,199		613,722
Structured Asset Securities Corporation
2.65%, 05/25/36†		612,564		596,491
TBW Mortgage Backed Pass Through Certificates
6.01%, 07/25/37 STEP		700,000		559,373

See Notes to Financial Statements. 43

Low-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Thornburg Mortgage Securities Trust
2.51%, 04/25/36†	$	1,900,000	$	1,883,555
TIAA Retail Commercial Trust
6.68%, 06/19/31 144A†		2,437,876		2,478,603
5.69%, 08/15/39†		2,694,783		2,696,399
Wachovia Bank Commercial Mortgage Trust
4.04%, 02/15/34		1,389,153		1,362,285
5.74%, 05/15/43 STRIP†		1,600,000		1,561,151
Washington Mutual Alternative Mortgage Pass-Through Certificates
2.72%, 05/04/37†		2,744,247		1,936,056
Washington Mutual Mortgage Pass-Through Certificates
3.02%, 12/25/27†		2,890,348		2,636,670
3.92%, 06/25/34†		2,445,096		2,413,352
4.68%, 05/25/35†		3,550,000		3,450,273
6.07%, 10/25/36†		2,747,725		2,665,329
5.35%, 03/25/37†		3,252,562		3,033,124
5.88%, 06/25/37†		3,744,103		3,363,817
4.93%, 06/25/42†		55,640		50,437
2.91%, 01/25/45†		1,214,232		939,266
2.80%, 08/25/45†		579,146		460,769
2.77%, 10/25/45†		612,722		477,065
5.06%, 06/25/46†		2,172,917		1,585,795
4.92%, 05/25/47†		1,152,440		709,511
Washington Mutual Mortgage Securities Corporation
7.45%, 03/25/32†		130,888		122,941
Wells Fargo Mortgage-Backed Securities Trust
4.75%, 04/25/19		2,736,811		2,637,602
3.99%, 01/25/35†		2,160,293		2,109,073
4.54%, 02/25/35†		3,636,520		3,584,837
5.24%, 04/25/36†		3,266,592		3,143,547
5.65%, 07/25/36†		2,516,097		2,434,667
6.00%, 07/25/37		3,425,269		3,416,628
Total Mortgage-Backed Securities (Cost $452,219,804)				440,481,323
MUNICIPAL BONDS — 0.6%
New York City Municipal Water Finance Authority Series A Revenue Bond
5.00%, 06/15/38		1,000,000		1,009,310
Sales Tax Asset Receivable Corporation, New York, Series B Revenue Bond (FSA Insured)
3.60%, 10/15/08		425,000		426,075
State of California General Obligation Bond
5.00%, 11/01/32		3,200,000		3,173,088
Total Municipal Bonds (Cost $4,649,062)				4,608,473
	Number of Contracts
PURCHASED OPTIONS — 0.5%
Call Options — 0.0%
10-Year U.S. Treasury Note Futures, Strike Price $135.00, Expires 08/22/08		100		1,562
15-Year U.S. Treasury Long Bond Futures, Strike Price $142.00, Expires 08/22/08		827		12,922
1-Year Eurodollar Mid-CRV Futures, Strike Price $96.75, Expires 09/12/08		121		45,375
1-Year Eurodollar Mid-CRV Futures, Strike Price $97.75, Expires 09/12/08		121		6,806
2-Year U.S. Treasury Note Futures, Strike Price $111.00, Expires 08/22/08		1,150		17,969
5-Year U.S. Treasury Note Futures, Strike Price $126.00, Expires 08/22/08		283		2,211
5-Year U.S. Treasury Note Futures, Strike Price $129.50, Expires 08/22/08		140		1,094
90-Day Eurodollar Futures, Strike Price $97.375, Expires 09/15/08		74		8,325
				96,264
Call Swaptions — 0.5%
3-Month LIBOR, Strike Price $3.15, Expires 02/02/09		4,080		126,666
3-Month LIBOR, Strike Price $3.50, Expires 02/02/09		1,890		90,435
3-Month LIBOR, Strike Price $3.70, Expires 12/15/08		14,520		897,272
3-Month LIBOR, Strike Price $4.00, Expires 04/20/09		9,700		121,991
3-Month LIBOR, Strike Price $4.18, Expires 04/20/09		29,210		526,193
3-Month LIBOR, Strike Price $5.05, Expires 12/18/09		102		286,984
3-Month LIBOR, Strike Price $7.00, Expires 03/18/09		4,850		1,631,790
Euro vs. U.S. Dollar, Strike Price $1.38, Expires 05/21/10		18,000		317,881
U.S. Dollar vs. Japanese Yen, Strike Price $118.00, Expires 09/16/08		137,000		7,371
				4,006,583
Put Options — 0.0%
10-Year U.S. Treasury Note Futures, Strike Price $92.00, Expires 08/22/08		1,095		17,110
30-Year Federal National Mortgage Association, Strike Price $88.50, Expires 09/04/08		450		17
30-Year Government National Mortgage Association, Strike Price $94.00, Expires 08/13/08		1,700		—
				17,127
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price $5.05, Expires 12/18/09		34		72,754
Euro vs. U.S. Dollar, Strike Price $1.38, Expires 05/21/10		18,000		55,397
				128,151
Total Purchased Options (Cost $9,081,529)				4,248,125

44 See Notes to Financial Statements.

	Shares			Value
MONEY MARKET FUNDS — 14.5%
GuideStone Money Market Fund (GS4 Class)¥		14,990,850		$	14,990,850
Northern Institutional Liquid Assets Portfolio§		101,052,603			101,052,603
Total Money Market Funds (Cost $116,043,453)					116,043,453
	Par
U.S. TREASURY OBLIGATIONS — 12.1%
U.S. Treasury Bonds
8.13%, 08/15/19D	$	3,900,000			5,210,158
4.38%, 02/15/38D		5,300,000			5,167,506
					10,377,664
U.S. Treasury Inflationary Index Bonds
2.38%, 01/15/17D		1,300,000			1,499,103
2.38%, 01/15/25D		1,400,000			1,673,482
2.38%, 01/15/27D		200,000			223,376
					3,395,961
U.S. Treasury Notes
3.13%, 11/30/09D‡‡		3,050,000			3,082,647
2.63%, 05/31/10D		34,515,000			34,547,375
3.88%, 09/15/10D		25,388,000			26,054,460
4.50%, 11/15/10D		16,800,000			17,494,327
3.50%, 05/31/13D		1,500,000			1,511,603
					82,690,412
Total U.S. Treasury Obligations (Cost $95,744,771)					96,464,037
TOTAL INVESTMENTS — 123.0% (Cost $1,003,683,937)					983,131,325
	Number of Contracts
WRITTEN OPTIONS — (0.6)%
Call Options — 0.0%
10-Year U.S. Treasury Note Futures, Strike Price $116.00, Expires 08/22/08		(76	)		(41,562	)
10-Year U.S. Treasury Note Futures, Strike Price $117.00, Expires 08/22/08		(33	)		(11,344	)
1-Year Eurodollar Mid-CRV Futures, Strike Price $97.25, Expires 09/12/08		(242	)		(37,812	)
90-Day Eurodollar Futures, Strike Price $97.875, Expires 09/15/08		(74	)		(1,388	)
					(92,106	)
Call Swaptions — (0.5)%
3-Month LIBOR, Strike Price $4.25, Expires 02/02/09		(1,360	)		(179,976	)
3-Month LIBOR, Strike Price $4.26, Expires 04/20/09		(3,380	)		(170,394	)
3-Month LIBOR, Strike Price $4.30, Expires 12/15/08		(4,780	)		(625,996	)
3-Month LIBOR, Strike Price $4.30, Expires 12/15/08		(60	)		(7,858	)
3-Month LIBOR, Strike Price $4.44, Expires 04/20/09		(9,420	)		(731,546	)
3-Month LIBOR, Strike Price $4.60, Expires 02/02/09		(630	)		(137,187	)
3-Month LIBOR, Strike Price $5.25, Expires 10/27/08		(10	)		(57,732	)
3-Month LIBOR, Strike Price $5.25, Expires 10/27/08		(7	)		(40,413	)
3-Month LIBOR, Strike Price $5.25, Expires 10/27/08		(34	)		(192,975	)
3-Month LIBOR, Strike Price $7.00, Expires 03/18/09		(1,490	)		(1,991,884	)
Euro vs. U.S. Dollar, Strike Price $1.50, Expires 06/20/13		(160	)		(17,360	)
					(4,153,321	)
Put Options — (0.1)%
10-Year U.S. Treasury Note Futures, Strike Price $110.00, Expires 08/22/08		(76	)		(15,438	)
10-Year U.S. Treasury Note Futures, Strike Price $113.00, Expires 08/22/08		(33	)		(29,391	)
1-Year Eurodollar Mid-CRV Futures, Strike Price $96.50, Expires 09/12/08		(159	)		(204,712	)
90-Day Eurodollar Futures, Strike Price $96.75, Expires 12/15/08		(37	)		(27,981	)
					(277,522	)
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price $5.25, Expires 10/27/08		(34	)		(71,574	)
3-Month LIBOR, Strike Price $5.25, Expires 10/27/08		(7	)		(15,307	)
3-Month LIBOR, Strike Price $5.25, Expires 10/27/08		(10	)		(21,866	)
Euro vs. U.S. Dollar, Strike Price $1.83, Expires 09/20/08		(160	)		(15,920	)
U.S. Dollar vs. Japanese Yen, Strike Price $100.00, Expires 09/16/08		(68,000	)		(48,811	)
					(173,478	)
Total Written Options (Premiums received $(8,466,251))					(4,696,427	)

See Notes to Financial Statements. 45

Low-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
SECURITIES SOLD SHORT — (18.9)%
Mortgage-Backed Securities — (10.3)%
Federal National Mortgage Association
5.00%, 07/01/38 TBA	$	(42,000,000	)	$	(40,254,396	)
5.50%, 01/14/38 TBA		(36,800,000	)		(36,271,000	)
Government National Mortgage Association
5.50%, 07/21/38 TBA		(6,000,000	)		(5,970,000	)
U.S. Treasury Obligations — (8.6)%
U.S. Treasury Bond
5.00%, 05/15/37		(12,800,000	)		(13,760,013	)
U.S. Treasury Notes
4.25%, 11/15/17		(36,300,000	)		(37,091,231	)
3.50%, 02/15/18		(8,800,000	)		(8,473,441	)
3.63%, 06/30/13		(9,500,000	)		(9,517,071	)
Total Securities Sold Short (Cost $(149,972,136))					(151,337,152	)
Liabilities in Excess of Other Assets — (3.5)%					(27,718,143	)
NET ASSETS — 100.0%				$	799,379,603

Swap agreements outstanding at June 30, 2008:

Description	Expiration Date	Notional Value	Unrealized Appreciation (Depreciation)
Australian Dollars
Receive fixed rate payments of 7.00% and pay variable rate payments on the three month BBSW floating rate(d)	04/15/09	15,300,000	$	(105,892	)
Receive fixed rate payments of 7.00% and pay variable rate payments on the three month BBSW floating rate(d)	09/15/09	20,500,000		(177,678	)
Receive fixed rate payments of 7.00% and pay variable rate payments on the three month BBSW floating rate(n)	09/15/09	38,500,000		(333,688	)
Receive fixed rate payments of 7.50% and pay variable rate payments on the six month LIBOR floating rate(f)	03/15/11	7,100,000		(43,206	)
				(660,464	)
British Pounds
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 4.25%(k)	06/15/37	1,200,000		(58,534	)
Receive fixed rate payments of 4.50% and pay variable rate payments on the six month LIBOR floating rate(m)	09/17/11	6,000,000		(545,265	)
Receive fixed rate payments of 4.50% and pay variable rate payments on the six month LIBOR floating rate(b)	09/17/11	4,800,000		(436,212	)
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 4.25%(f)	06/15/37	3,400,000		(165,845	)

46 See Notes to Financial Statements.

Description	Expiration Date	Notional Value		Unrealized Appreciation (Depreciation)
Receive fixed rate payments of 4.50% and pay variable rate payments on the six month LIBOR floating rate(g)	09/17/11		30,200,000	$	(2,744,500	)
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 4.00%(g)	06/15/37		3,200,000		(70,327	)
					(4,020,683	)
Canadian Dollars
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 4.50%(j)	06/21/38		1,400,000		(8,286	)
Euro
Receive fixed rate payments of 4.50% and pay variable rate payments on the six month LIBOR floating rate(f)	06/15/10		12,200,000		(310,116	)
Receive fixed rate payments of 2.09% and pay variable rate payments on the France CPI Ex Tobacco(c)	10/15/10		1,500,000		(35,798	)
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 5.00%(b)	09/17/38		700,000		(5,231	)
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 5.00%(m).	09/17/38		700,000		(5,231	)
Receive fixed rate payments of 5.50% and pay variable rate payments on the six month LIBOR floating rate(b)	12/17/10		1,000,000		4,397
Receive fixed rate payments of 5.50% and pay variable rate payments on the six month LIBOR floating rate(k)	12/17/10		4,400,000		19,349
Receive fixed rate payments of 5.50% and pay variable rate payments on the six month LIBOR floating rate(f)	09/15/10		14,200,000		59,266
					(273,364	)
Japanese Yen
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 2.00%(m)	12/17/17		130,000,000		(12,930	)
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 2.00%(f)	12/17/17		120,000,000		(11,935	)
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 2.00%(b)	12/17/17		30,000,000		(2,984	)
					(27,849	)
U.S. Dollars
Receive variable rate payments on maturity and pay fixed rate payments of 4.50%(j)	01/23/09	$	4,300,000		532,793
Receive fixed rate payments of 0.55% and pay floating par in the event of default on Deutsche Bank AG(m)	12/20/08		3,200,000		2,390
Receive variable rate payments in the event of default on Citigroup, Inc. and pay fixed rate payments of 1.01%(f)	06/20/18		6,400,000		201,467

See Notes to Financial Statements. 47

Low-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

Description	Expiration Date	Notional Value		Unrealized Appreciation (Depreciation)
Receive variable rate payments in the event of default on Nabors Industries and pay fixed rate payments of 0.63%(d)	03/20/18	$	3,300,000	$	63,407
Receive variable rate payments in event of default on the Dow Jones CDX IG9 Index and pay fixed rate payments of 0.80%(g)	12/20/17		7,100,000		284,617
Receive floating par in the event of default on the Dow Jones CDX HVOL7 Index and pay fixed rate payments of 0.75%(b)	12/20/11		9,000,000		761,554
Receive floating par in the event of default on the Dow Jones CDX IG9 Index and pay fixed rate payments of 0.80%(k)	12/20/17		5,400,000		216,470
Receive floating par in the event of default on Target Corporation BP MYC, 5.88% due 03/01/12 and pay fixed rate payments of 0.11%(k)	06/20/12		900,000		16,758
Receive floating par in the event of default on the Dow Jones CDX HY-8 Index and pay fixed rate payments of 1.63%(d)	06/20/12		4,900,000		390,288
Receive variable rate payments in the event of default on the Dow Jones CDX IG9 Index and pay fixed rate payments of 0.60%(g)	12/20/12		1,500,000		50,231
Receive variable rate payments in the event of default on the Dow Jones CDX IG9 Index and pay fixed rate payments of 0.80%(b)	12/20/17		2,500,000		100,217
Receive variable rate payments in the event of default on the Dow Jones CDX IG9 Index and pay fixed rate payments of 0.80%(m)	12/20/17		2,100,000		84,183
Receive fixed rate payments of 4.00% and pay variable rate payments on the three month LIBOR floating rate(m)	12/17/13		7,300,000		(150,901	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the three month LIBOR floating rate(d)	12/17/13		21,800,000		(450,637	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the three month LIBOR floating rate(k)	12/17/13		27,900,000		(576,733	)
Receive variable rate payments on the three month LIBOR floating rate and pay fixed rate payments of 4.00%(m)	12/17/10		121,700,000		(149,131	)
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR floating rate(k)	12/17/38		9,000,000		(50,178	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the three month LIBOR floating rate(f)	12/17/13		8,500,000		(175,707	)
Receive floating par in the event of default on American Electric Power and pay fixed rate payments of 6.26%(d)	06/20/15		1,600,000		7,665

48 See Notes to Financial Statements.

Description	Expiration Date	Notional Value		Unrealized Appreciation (Depreciation)
Receive floating par in the event of default on the Dow Jones CDX IG7 Index and pay fixed rate payments of 0.65%(k)	12/20/16	$	3,600,000	$	194,517
Receive floating par in the event of default on Autozone, 5.88% due 10/15/12 and pay fixed rate payments of 0.64%(m)	06/20/17		600,000		18,593
Receive floating par in the event of default on Autozone, 5.88% due 10/15/12 and pay fixed rate payments of 0.64%(m)	06/20/17		500,000		15,321
Receive floating par in the event of default on Autozone, 5.88% due 10/15/12 and pay fixed rate payments of 0.67%(m)	06/20/17		1,300,000		37,578
Receive variable rate payments on the three month LIBOR floating rate and pay fixed rate payments of 5.00%(j)	12/17/23		2,900,000		(15,599	)
Receive variable rate payments on the three month LIBOR floating rate and pay fixed rate payments of 5.00%(f)	12/17/15		37,000,000		(804,303	)
Receive floating par in the event of default on the Bear Stearns Co., Inc. and pay fixed rate payments of 2.20%(i)	03/20/18		1,600,000		(134,349	)
Receive floating par in the event of default on Bear Stearns Co., Inc. and pay fixed rate payments of 2.18%(c)	03/20/18		1,700,000		(140,264	)
Receive variable rate payments on the three month LIBOR floating rate and pay fixed rate payments of 5.00%(d)	12/17/15		8,100,000		(176,077	)
Receive variable rate payments on the three month LIBOR floating rate and pay fixed rate payments of 5.00%(m)	12/17/23		15,800,000		(84,989	)
Receive variable rate payments on the three month LIBOR floating rate and pay fixed rate payments of 5.00%(m)	12/17/15		3,400,000		(73,909	)
Receive floating par in the event of default on Morgan Stanley ABS Capital I, 7.02% due 12/27/33 and pay fixed rate payments of 0.54%(k)	12/27/33		658,458		145,621
Receive floating par in the event of default on Long Beach Mortgage Trust, 6.72% due 02/25/34 and pay fixed rate payments of 0.49%(b)	02/25/34		860,618		146,546
Receive floating par in the event of default on Specialty Underwriting & Residential Finance, 6.62% due 02/25/35 and pay fixed rate payments of 0.59%(b)	02/25/35		1,024,593		138,111
Receive floating par in the event of default on Structured Asset Investment Loan Trust, 6.14% due 02/25/35 and pay fixed rate payments of 0.61%(b)	02/25/35		1,137,620		1,035,993
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR floating rate(d)	12/17/18		2,400,000		36,552

See Notes to Financial Statements. 49

Low-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

Description	Expiration Date	Notional Value		Unrealized Appreciation (Depreciation)
Receive fixed rate payments of 4.00% and pay variable rate payments on the three month LIBOR floating rate(m)	06/17/10	$	205,300,000	$	66,745
Receive fixed rate payments of 4.00% and pay variable rate payments on the three month LIBOR floating rate(k)	06/17/10		158,000,000		51,367
					1,616,207
				$	(3,374,439	)

PORTFOLIO SUMMARY (based on net assets)
	%
Mortgage-Backed Securities	55.1
Futures Contracts	25.1
Corporate Bonds	14.5
Money Market Funds	14.5
U.S. Treasury Obligations	12.1
Asset-Backed Securities	11.7
Agency Obligations	6.5
Foreign Bonds	5.1
Commercial Paper	2.4
Municipal Bonds	0.6
Purchased Options	0.5
Swap Agreements	(0.4	)
Written Options	(0.6	)
Forward Foreign Currency Contracts	(1.1	)
Securities Sold Short	(18.9	)
	131.1

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities			Other Financial Instruments*
Assets:
Level 1 — Quoted Prices	$	119,841,405		$	(987,003	)
Level 2 — Other Significant Observable Inputs		858,641,073			(220,643	)
Level 3 — Significant Unobservable Inputs		4,648,847			—
Total Assets	$	983,131,325		$	(1,207,646	)
Liabilities:
Level 1 — Quoted Prices	$	(4,390,642	)	$	—
Level 2 — Other Significant Observable Inputs		(151,642,937	)		(3,374,439	)
Level 3 — Significant Unobservable Inputs		—			—
Total Liabilities	$	(156,033,579	)	$	(3,374,439	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

** The fair value of Level 3 securities is equal to 0.58% of the Fund’s Net Assets. The fair value of the Level 3 securities does not have a significant impact on the amounts reported.

50 See Notes to Financial Statements.

Medium-Duration Bond Fund SCHEDULE OF INVESTMENTS June 30, 2008 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 8.2%
Federal Home Loan Bank
2.11%, 07/02/08	$	6,600,000	$	6,599,613
2.17%, 07/02/08		13,200,000		13,199,204
2.12%, 07/07/08		400,000		399,859
2.21%, 07/11/08		32,700,000		32,679,926
2.21%, 07/16/08		18,300,000		18,283,149
2.20%, 07/18/08		8,000,000		7,991,689
2.34%, 09/10/08		2,200,000		2,189,955
4.63%, 10/10/12		890,000		912,438
Federal Home Loan Mortgage Corporation
5.25%, 07/18/11		3,160,000		3,310,030
5.63%, 11/23/35		1,260,000		1,258,531
Federal National Mortgage Association
1.38%, 12/15/08‡‡		367,000		362,769
2.28%, 12/15/08‡‡		22,000		21,746
Government National Mortgage Association
5.50%, 07/21/38		2,400,000		2,388,000
Tennessee Valley Authority
5.38%, 04/01/46		1,800,000		1,823,848
Total Agency Obligations (Cost $91,431,094)				91,420,757
ASSET-BACKED SECURITIES — 3.7%
Amortizing Residential Collateral Trust
3.18%, 04/25/32†		51,236		34,848
Argent Securities, Inc.
2.53%, 10/25/36†		652,962		634,584
Asset-Backed Securities Corporation Home Equity
2.76%, 09/25/34†		168,112		143,973
Bayview Financial Acquisition Trust
3.06%, 02/28/44†		728,610		653,679
Bear Stearns Asset-Backed Securities, Inc.
6.00%, 02/01/36		4,329,011		3,773,006
6.50%, 02/01/36		4,174,444		3,276,939
Chase Issuance Trust
3.12%, 11/15/11†		4,400,000		4,410,127
CIT Mortgage Loan Trust
4.35%, 09/25/24 144A†		800,000		420,000
3.90%, 10/25/37 144A†		1,417,657		1,275,891
4.15%, 10/25/37 144A†		430,000		279,500
Countrywide Home Equity Loan Trust
2.76%, 05/15/29†		526,303		330,481
2.71%, 12/15/35†		1,483,382		871,902
2.61%, 08/15/36†		2,205,565		1,392,053
Daimler Chrysler Auto Trust
3.98%, 09/10/12†		4,300,000		4,342,777
EMC Mortgage Loan Trust
3.03%, 11/25/41 144A†		291,528		287,075
FBR Securitization Trust
2.74%, 10/25/35 STEP		2,799,191		2,720,624
Ford Credit Auto Owner Trust
3.37%, 01/15/11†		2,100,000		2,105,982
Franklin Auto Trust
4.03%, 06/20/12†		700,000		698,693
GMAC Mortgage Corporation Loan Trust
7.00%, 09/25/37		663,717		499,740
HFC Home Equity Loan Asset-Backed Certificates
4.00%, 11/20/36†		1,425,695		1,202,702
Lehman XS Trust
2.78%, 11/25/35†		1,470,826		1,110,303
3.20%, 11/25/35†		1,193,781		894,954
2.75%, 02/25/36†		1,514,301		1,149,129
Madison Avenue Manufactured Housing Contract
2.83%, 09/25/08†		881,832		778,705
Morgan Stanley Dean Witter Credit Corporation HELOC Trust
2.79%, 07/25/17 STEP		132,289		89,501
Nelnet Student Loan Trust
2.93%, 01/26/15†		258,523		258,433
4.10%, 04/25/24†		780,000		782,028
Provident Bank Home Equity Loan Trust
3.02%, 08/25/31†		175,574		118,348
Residential Asset Mortgage Products, Inc.
2.96%, 03/25/34 STEP		454,648		359,527
Residential Funding Securities Corporation
2.93%, 06/25/33 144A†		591,626		461,006
Salomon Brothers Mortgage Securities VII
2.96%, 03/25/28 STEP		65,929		64,676
Securitized Asset-Backed Receivables LLC Trust
2.62%, 02/25/37†		4,130,967		2,797,434
Structured Asset Securities Corporation
2.78%, 04/25/31 144A†		3,845,605		2,881,201
Total Asset-Backed Securities (Cost $49,189,960)				41,099,821
COMMERCIAL PAPER — 1.4%
General Electric Capital Corporation
2.40%, 08/01/08
(Cost $15,268,380)		15,300,000		15,268,380
CORPORATE BONDS — 25.9%
Ace INA Holdings, Inc.
5.80%, 03/15/18D		575,000		553,571
AES Corporation
8.75%, 05/15/13 144A		325,000		338,812
7.75%, 10/15/15D		270,000		267,300
8.00%, 10/15/17D		1,490,000		1,467,650
Allied Waste North America, Inc.
7.13%, 05/15/16D		125,000		125,000
Allstate Life Global Funding Trusts
5.38%, 04/30/13		400,000		398,850
American Achievement Corporation
8.25%, 04/01/12		30,000		29,550
American Electric Power Co., Inc.
5.25%, 06/01/15		2,300,000		2,218,166

See Notes to Financial Statements. 51

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
American Express Bank UT
6.00%, 09/13/17	$	3,100,000	$	2,996,258
American Express Co.
7.00%, 03/19/18		2,500,000		2,535,118
6.80%, 09/01/49†D		1,340,000		1,240,770
American Express Credit Corporation
5.88%, 05/02/13D		4,300,000		4,279,394
American General Finance Corporation
6.90%, 12/15/17		780,000		680,945
American International Group, Inc.
5.85%, 01/16/18D		1,220,000		1,144,997
6.25%, 03/15/37D		805,000		631,935
AmerisourceBergen Corporation
5.88%, 09/15/15D		130,000		127,638
Ameritech Capital Funding Corporation
6.25%, 05/18/09		100,000		101,310
AMFM, Inc.
8.00%, 11/01/08		1,075,000		1,091,064
Anadarko Petroleum Corporation
3.18%, 09/15/09†		1,070,000		1,058,059
6.45%, 09/15/36		140,000		138,637
ANZ Capital Trust I
4.48%, 01/29/49 144A		125,000		121,090
ANZ Capital Trust II
5.36%, 12/29/49 144A		800,000		728,482
ASIF Global Financing XIX
4.90%, 01/17/13 144A		100,000		96,171
Astoria Financial Corporation
5.75%, 10/15/12		450,000		419,568
AT&T, Inc.
5.10%, 09/15/14D		550,000		539,856
5.50%, 02/01/18		7,700,000		7,475,029
6.40%, 05/15/38		275,000		264,105
BAC Capital Trust XIV
5.63%, 12/31/49†		40,000		31,238
Bank of America Corporation
2.97%, 10/14/16†D		1,700,000		1,539,748
5.75%, 12/01/17		3,130,000		2,944,648
5.65%, 05/01/18		5,925,000		5,541,676
8.13%, 12/15/49†		20,000		18,930
8.00%, 12/29/49†D		12,300,000		11,542,197
Bank of America NA
3.37%, 05/12/10†		4,100,000		4,083,776
Bear Stearns Co., Inc.
6.95%, 08/10/12		900,000		936,625
6.40%, 10/02/17		750,000		742,420
7.25%, 02/01/18		3,260,000		3,407,896
BellSouth Capital Funding
7.88%, 02/15/30		460,000		509,503
BellSouth Corporation
4.75%, 11/15/12D		40,000		39,347
6.88%, 10/15/31		10,000		10,018
Boardwalk Pipelines LP
5.88%, 11/15/16		625,000		601,009
Boeing Co.
6.63%, 02/15/38		210,000		223,952
Caterpillar Financial Services Corporation
3.56%, 06/24/11†		3,800,000		3,797,997
CenterPoint Energy Resources Corporation
5.95%, 01/15/14		525,000		515,242
Chesapeake Energy Corporation
6.25%, 01/15/18		140,000		129,500
7.25%, 12/15/18		205,000		200,388
Chubb Corporation
6.50%, 05/15/38		150,000		143,798
6.38%, 03/29/49†		375,000		343,588
CitiFinancial, Inc.
6.63%, 06/01/15		300,000		296,746
Citigroup, Inc.
5.50%, 04/11/13		1,780,000		1,739,035
5.85%, 07/02/13D		1,050,000		1,040,377
5.50%, 02/15/17		1,160,000		1,059,623
6.13%, 05/15/18D		8,700,000		8,340,716
6.88%, 03/05/38D		1,965,000		1,902,071
8.40%, 04/30/49†		425,000		404,540
Citizens Communications Co.
9.25%, 05/15/11D		415,000		431,600
7.88%, 01/15/27		150,000		132,000
Clear Channel Communications, Inc.
4.25%, 05/15/09		250,000		241,300
5.50%, 09/15/14		765,000		459,535
Comcast Cable Communications Holdings, Inc.
6.75%, 01/30/11		230,000		238,415
8.38%, 03/15/13		225,000		247,915
9.46%, 11/15/22		275,000		333,170
Comcast Corporation
6.50%, 01/15/17		60,000		60,454
5.70%, 05/15/18D		1,890,000		1,796,396
Comcast Holdings Corporation
10.63%, 07/15/12		550,000		632,680
Commonwealth Edison Co.
5.40%, 12/15/11		650,000		652,594
5.90%, 03/15/36		200,000		181,151
Community Health Systems, Inc.
8.88%, 07/15/15D		405,000		409,556
Complete Production Services, Inc.
8.00%, 12/15/16D		280,000		281,050
ConocoPhillips
8.75%, 05/25/10		230,000		250,408
ConocoPhillips Holding Co.
6.95%, 04/15/29		1,570,000		1,726,801
Countrywide Home Loans, Inc.
6.25%, 04/15/09D		375,000		369,474
5.63%, 07/15/09		2,100,000		2,048,392
4.13%, 09/15/09		475,000		453,794
Cox Communications, Inc.
4.63%, 01/15/10D		800,000		795,877
CSC Holdings, Inc.
7.63%, 04/01/11D		590,000		581,150
6.75%, 04/15/12D		60,000		56,700
CVS Pass-Through Trust
6.94%, 01/10/30 144A		995,518		959,436
Daimler Finance NA LLC
5.88%, 03/15/11D		590,000		597,958
5.75%, 09/08/11D		900,000		918,431
7.30%, 01/15/12		550,000		582,487
6.50%, 11/15/13		100,000		103,814

52 See Notes to Financial Statements.

	Par		Value
DaVita, Inc.
6.63%, 03/15/13 144AD	$	310,000	$	299,150
Dean Foods Co.
7.00%, 06/01/16D		375,000		327,187
Delta Air Lines, Inc.
6.82%, 08/10/22		486,420		396,432
DI Finance
9.50%, 02/15/13		90,000		90,000
DirecTV Holdings LLC
8.38%, 03/15/13		155,000		160,425
Dominion Resources, Inc.
5.13%, 12/15/09		230,000		232,651
3.83%, 06/17/10†		4,000,000		4,004,648
4.75%, 12/15/10		70,000		70,489
5.70%, 09/17/12D		1,230,000		1,250,026
DRS Technologies, Inc.
6.63%, 02/01/16D		90,000		91,800
Dryden Investor Trust
7.16%, 07/23/08 144A		240,754		240,952
Duke Energy Corporation
5.63%, 11/30/12D		580,000		597,365
Dynegy Holdings, Inc.
7.75%, 06/01/19		395,000		361,425
Eastman Kodak Co.
7.25%, 11/15/13D		490,000		478,975
EchoStar DBS Corporation
7.00%, 10/01/13D		10,000		9,575
6.63%, 10/01/14		30,000		27,825
7.13%, 02/01/16		200,000		185,500
Edison Mission Energy
7.00%, 05/15/17D		240,000		225,600
7.20%, 05/15/19D		320,000		300,000
7.63%, 05/15/27		120,000		108,300
El Paso Corporation
7.00%, 06/15/17D		890,000		875,482
8.05%, 10/15/30D		400,000		411,006
7.80%, 08/01/31D		950,000		961,459
7.75%, 01/15/32D		99,000		99,672
El Paso Natural Gas Co.
7.50%, 11/15/26		300,000		306,472
8.38%, 06/15/32		210,000		235,558
El Paso Performance-Linked Trust
7.75%, 07/15/11 144A		1,460,000		1,478,151
Electronic Data Systems Corporation
7.13%, 10/15/09		1,000,000		1,031,582
Energy Future Holdings Corporation
6.50%, 11/15/24		370,000		274,837
6.55%, 11/15/34D		1,620,000		1,188,396
Energy Transfer Partners LP
5.65%, 08/01/12		275,000		277,523
5.95%, 02/01/15		975,000		961,360
6.70%, 07/01/18		1,180,000		1,189,815
Entergy Gulf States, Inc.
3.43%, 12/08/08 144A†D		881,000		880,523
Enterprise Products Operating LP
4.95%, 06/01/10		650,000		650,151
7.03%, 01/15/38†		350,000		306,498
8.38%, 08/01/45†		350,000		350,406
Exelon Corporation
5.63%, 06/15/35D		675,000		583,657
Ferro Corporation
9.13%, 01/01/09		375,000		388,702
FirstEnergy Corporation
6.45%, 11/15/11		60,000		61,612
7.38%, 11/15/31D		1,490,000		1,624,914
Fiserv, Inc.
6.13%, 11/20/12		575,000		578,454
Ford Motor Co.
7.45%, 07/16/31		550,000		323,125
Ford Motor Credit Co.
7.38%, 10/28/09		650,000		592,182
5.70%, 01/15/10		125,000		106,683
7.88%, 06/15/10D		500,000		431,762
10.94%, 06/15/11†D		607,000		494,257
8.00%, 12/15/16		1,300,000		946,092
Ford Motor Credit Co., LLC
12.00%, 05/15/15		1,320,000		1,162,440
Forest City Enterprises, Inc.
7.63%, 06/01/15D		20,000		18,700
6.50%, 02/01/17		70,000		61,250
Freeport-McMoRan Copper & Gold, Inc.
8.38%, 04/01/17		1,420,000		1,500,429
Freescale Semiconductor, Inc.
8.88%, 12/15/14D		75,000		61,312
General Electric Capital Corporation
5.45%, 01/15/13D		150,000		153,279
General Electric Co.
5.00%, 02/01/13		920,000		927,561
General Motors Acceptance Corporation
5.85%, 01/14/09D		220,000		208,933
5.63%, 05/15/09D		1,490,000		1,379,865
7.75%, 01/19/10D		500,000		427,710
6.88%, 09/15/11		2,315,000		1,664,585
6.75%, 12/01/14		1,900,000		1,256,305
8.00%, 11/01/31D		200,000		130,373
General Motors Corporation
8.25%, 07/15/23D		210,000		123,375
8.38%, 07/05/33(E)		170,000		145,005
Georgia Gulf Corporation
9.50%, 10/15/14D		60,000		45,150
Georgia-Pacific Corporation
8.13%, 05/15/11		4,000		3,970
GlaxoSmithKline Capital, Inc.
5.65%, 05/15/18D		1,470,000		1,467,129
Glen Meadow Pass-Through Trust
6.51%, 02/12/47 144A†		600,000		518,839
Goldman Sachs Capital II
5.79%, 12/29/49†		60,000		41,755
Goldman Sachs Group LP
4.50%, 06/15/10D		930,000		931,678
Goldman Sachs Group, Inc.
5.75%, 10/01/16D		1,900,000		1,845,822
6.25%, 09/01/17D		4,000,000		3,961,060
5.95%, 01/18/18		3,500,000		3,365,848
GrafTech Finance, Inc.
10.25%, 02/15/12D		139,000		144,560

See Notes to Financial Statements. 53

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
HCA, Inc.
6.30%, 10/01/12	$	32,000	$	28,880
9.13%, 11/15/14D		60,000		61,500
6.50%, 02/15/16D		686,000		574,525
9.25%, 11/15/16		480,000		495,600
9.63%, 11/15/16 PIK		466,000		481,145
7.69%, 06/15/25		250,000		205,692
Hertz Corporation
8.88%, 01/01/14D		115,000		105,800
10.50%, 01/01/16D		65,000		59,475
Hess Corporation
7.88%, 10/01/29		260,000		299,015
7.30%, 08/15/31		1,060,000		1,187,339
Host Hotels & Resorts LP
6.75%, 06/01/16		30,000		26,775
HSBC Finance Corporation
8.00%, 07/15/10D		440,000		460,324
7.00%, 05/15/12		390,000		404,302
6.38%, 11/27/12		70,000		71,846
Idearc, Inc.
8.00%, 11/15/16		340,000		215,475
ILFC E-Capital Trust II
6.25%, 12/21/45 144A†D		280,000		234,037
International Lease Finance Corporation
4.95%, 02/01/11		300,000		284,228
iStar Financial, Inc.
5.13%, 04/01/11D		175,000		149,717
5.65%, 09/15/11		250,000		213,900
5.95%, 10/15/13		200,000		164,177
6.50%, 12/15/13D		125,000		107,618
JC Penny Co., Inc.
7.40%, 04/01/37		50,000		45,018
John Deere Capital Corporation
3.44%, 06/10/11†D		6,100,000		6,098,188
JPMorgan Chase & Co.
5.75%, 01/02/13		320,000		322,388
5.15%, 10/01/15D		1,890,000		1,822,501
6.00%, 01/15/18		1,025,000		1,000,279
7.90%, 04/30/49†		875,000		822,876
JPMorgan Chase Bank NA
6.00%, 10/01/17		475,000		462,241
Jupiter Securitization Co., LLC
3.00%, 07/12/10		700,000		697,177
Kansas City Southern Railway
8.00%, 06/01/15D		120,000		121,800
Kerr-McGee Corporation
6.95%, 07/01/24		1,000,000		1,039,783
7.88%, 09/15/31		1,830,000		2,135,185
Kinder Morgan Energy Partners LP
6.30%, 02/01/09D		150,000		151,543
6.75%, 03/15/11D		150,000		154,711
7.13%, 03/15/12		500,000		522,378
5.00%, 12/15/13		200,000		191,906
6.00%, 02/01/17		510,000		504,762
5.95%, 02/15/18		830,000		810,087
6.95%, 01/15/38D		60,000		59,737
Kraft Foods, Inc.
6.50%, 08/11/17		300,000		300,893
Kroger Co.
6.15%, 01/15/20		500,000		495,717
L-3 Communications Corporation
7.63%, 06/15/12		250,000		253,125
6.38%, 10/15/15		370,000		347,800
Lamar Media Corporation
7.25%, 01/01/13D		110,000		106,288
6.63%, 08/15/15		80,000		73,200
Land O’Lakes, Inc.
9.00%, 12/15/10		125,000		129,375
Lehman Brothers Holdings Capital Trust V
5.86%, 11/29/49†		2,605,000		1,701,101
Lehman Brothers Holdings, Inc.
5.25%, 02/06/12D		390,000		369,365
5.38%, 10/17/12(E)		600,000		842,082
5.63%, 01/24/13D		2,575,000		2,439,645
6.20%, 09/26/14D		925,000		884,000
6.50%, 07/19/17		150,000		138,998
6.75%, 12/28/17		4,340,000		4,084,053
Liberty Media Corporation
7.88%, 07/15/09D		10,000		10,147
5.70%, 05/15/13D		25,000		22,529
3.75%, 02/15/30 CONV		40,000		20,650
Lincoln National Corporation
7.00%, 05/17/49†		775,000		706,954
Merrill Lynch & Co., Inc.
5.45%, 02/05/13		2,645,000		2,497,245
5.70%, 05/02/17		400,000		352,763
6.40%, 08/28/17D		775,000		719,347
Metlife Capital Trust IV
7.88%, 12/15/37 144A		300,000		294,825
MetLife Capital Trust X
9.25%, 04/08/38 144A†		300,000		323,900
MetLife, Inc.
6.40%, 12/15/36		150,000		131,363
Midamerican Energy Holdings Co.
6.13%, 04/01/36D		750,000		722,542
5.95%, 05/15/37		150,000		141,188
Mizuho JGB Investment LLC
9.87%, 12/31/49 144A†@		250,000		250,000
Morgan Stanley
4.78%, 05/14/10†		3,100,000		3,089,671
5.63%, 01/09/12		410,000		410,628
5.75%, 08/31/12D		3,325,000		3,301,662
3.18%, 10/18/16†		340,000		295,454
5.75%, 10/18/16D		3,700,000		3,425,664
5.95%, 12/28/17		450,000		409,228
6.63%, 04/01/18		5,475,000		5,196,788
Nelnet, Inc.
7.40%, 09/29/36†		475,000		310,752
Nevada Power Co.
5.88%, 01/15/15		350,000		351,122
6.65%, 04/01/36		300,000		291,060
New Cingular Wireless Services, Inc.
8.13%, 05/01/12		135,000		147,987
Nextel Communications, Inc.
5.95%, 03/15/14		294,000		236,205
7.38%, 08/01/15		130,000		107,970
Niagara Mohawk Power Corporation
7.75%, 10/01/08		1,340,000		1,351,424
Nortek, Inc.
8.50%, 09/01/14D		62,000		39,990

54 See Notes to Financial Statements.

	Par		Value
NRG Energy, Inc.
7.25%, 02/01/14	$	285,000	$	272,888
7.38%, 02/01/16		80,000		75,500
7.38%, 01/15/17D		35,000		33,162
Omnicom Group, Inc.
5.90%, 04/15/16		700,000		685,015
ONEOK Partners LP
6.65%, 10/01/36D		375,000		358,527
6.85%, 10/15/37		325,000		318,600
Overseas Private Investment Corporation
3.98%, 07/12/10		3,600,000		3,568,538
4.81%, 07/12/12		3,000,000		2,959,384
Oxford Industries, Inc.
8.88%, 06/01/11		95,000		92,150
Pacific Energy Partners LP
7.13%, 06/15/14		60,000		60,557
Pacific Gas & Electric Co.
6.05%, 03/01/34		580,000		561,038
5.80%, 03/01/37D		250,000		233,863
PartnerRe Finance II
6.44%, 12/01/49†		75,000		59,668
Patrons’ Legacy
5.65%, 01/17/17 144A		1,320,891		1,084,121
Peabody Energy Corporation
6.88%, 03/15/13		145,000		146,088
7.88%, 11/01/26		2,000,000		2,020,000
Pemex Project Funding Master Trust
9.13%, 10/13/10		235,000		256,738
6.63%, 06/15/35		159,000		157,665
Phoenix Life Insurance Co.
7.15%, 12/15/34 144A		425,000		422,231
Pricoa Global Funding I
3.00%, 01/30/12 144A†		2,300,000		2,248,229
3.01%, 09/27/13 144A†		1,700,000		1,657,503
Pride International, Inc.
7.38%, 07/15/14		130,000		130,325
Private Export Funding Corporation
5.45%, 09/15/17		3,200,000		3,368,637
Progress Energy, Inc.
5.63%, 01/15/16D		150,000		148,655
7.75%, 03/01/31		350,000		401,100
PVNGS II Funding Corporation, Inc.
8.00%, 12/30/15		1,431,000		1,577,072
Qwest Capital Funding, Inc.
7.25%, 02/15/11		200,000		195,000
Qwest Corporation
5.63%, 11/15/08		600,000		601,500
8.88%, 03/15/12		200,000		205,000
7.50%, 06/15/23		500,000		447,500
Rabobank Capital Funding II
5.26%, 12/29/13 144A†		50,000		45,857
Rabobank Capital Funding Trust III
5.25%, 10/31/49 144A†		350,000		301,061
Reinsurance Group of America, Inc.
6.75%, 12/15/35†		250,000		196,855
Residential Capital LLC
6.46%, 04/17/09†		90,000		65,250
6.46%, 05/22/09†		260,000		188,500
8.38%, 06/30/10D		600,000		255,000
6.00%, 02/22/11		490,000		193,550
6.50%, 06/01/12		30,000		11,850
RH Donnelley Corporation
8.88%, 10/15/17 144A		115,000		69,000
SemGroup LP
8.75%, 11/15/15 144AD		65,000		63,375
Service Corporation International
7.63%, 10/01/18		90,000		90,225
7.50%, 04/01/27		200,000		171,000
Simon Property Group LP REIT
6.13%, 05/30/18		1,000,000		974,574
SLM Corporation
5.45%, 04/25/11D		350,000		319,838
5.00%, 10/01/13		350,000		302,969
Sonat, Inc.
7.63%, 07/15/11D		460,000		466,655
Southern Natural Gas Co.
8.00%, 03/01/32		400,000		434,069
Sovereign Bank
4.38%, 08/01/13†		525,000		406,741
Sprint Capital Corporation
7.63%, 01/30/11		250,000		245,766
8.38%, 03/15/12D		340,000		336,863
6.90%, 05/01/19		30,000		26,373
6.88%, 11/15/28		275,000		229,508
8.75%, 03/15/32D		170,000		162,316
Sprint United Telephone Co. of Kansas
6.89%, 07/01/08@		500,000		492,198
Steel Dynamics, Inc.
7.38%, 11/01/12 144A		65,000		65,325
6.75%, 04/01/15D		225,000		216,562
Suburban Propane Partners LP
6.88%, 12/15/13D		195,000		185,250
Sungard Data Systems, Inc.
9.13%, 08/15/13D		120,000		121,800
SunTrust Preferred Capital I
5.85%, 12/31/49†		2,120,000		1,543,411
Swiss Re Capital I LP
6.85%, 05/29/49 144A†		650,000		573,963
Target Corporation
7.00%, 01/15/38		4,400,000		4,525,545
Tenet Healthcare Corporation
9.88%, 07/01/14		7,000		7,070
9.25%, 02/01/15D		1,382,000		1,361,270
Tennessee Gas Pipeline Co.
7.00%, 10/15/28		175,000		171,545
7.63%, 04/01/37		50,000		52,289
TEPPCO Partners LP
6.65%, 04/15/18D		650,000		658,966
Terex Corporation
7.38%, 01/15/14		90,000		89,100
Time Warner Cable, Inc.
5.40%, 07/02/12		1,100,000		1,089,855
6.55%, 05/01/37		325,000		300,247
Time Warner, Inc.
2.92%, 11/13/09†		7,600,000		7,387,975
6.88%, 05/01/12		110,000		112,629
7.70%, 05/01/32		600,000		615,973
Time Warner Entertainment Co. LP
8.38%, 07/15/33		590,000		640,277

See Notes to Financial Statements. 55

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Toronto Dominion Bank NY
7.20%, 06/15/18D	$	240,000	$	238,211
Transocean, Inc.
2.87%, 09/05/08†		2,000,000		1,997,456
7.50%, 04/15/31		325,000		356,931
6.80%, 03/15/38		450,000		461,714
Travelers Cos., Inc.
6.25%, 03/15/37†		400,000		344,207
TXU Corporation
5.55%, 11/15/14D		120,000		94,545
Unilever Capital Corporation
7.13%, 11/01/10		285,000		304,292
Union Pacific Corporation
6.65%, 01/15/11D		260,000		271,530
United Air Lines, Inc.
9.21%, 01/21/17#@		107,258		617
9.56%, 10/19/18#@		190,819		86,345
United Parcel Service, Inc.
4.50%, 01/15/13D		1,480,000		1,484,492
UnitedHealth Group, Inc.
4.88%, 02/15/13D		370,000		358,391
4.88%, 04/01/13		410,000		394,347
Ventas Realty LP
8.75%, 05/01/09		70,000		71,750
9.00%, 05/01/12		40,000		42,100
6.50%, 06/01/16		70,000		67,200
Verizon Communications, Inc.
5.55%, 02/15/16		2,100,000		2,048,621
6.10%, 04/15/18		640,000		636,534
5.85%, 09/15/35D		600,000		530,510
6.40%, 02/15/38		675,000		630,335
Verizon Global Funding Corporation
7.38%, 09/01/12D		290,000		313,177
4.38%, 06/01/13D		140,000		134,804
Visteon Corporation
8.25%, 08/01/10		28,000		25,060
12.25%, 12/31/16		70,000		56,350
Wachovia Bank NA
2.84%, 03/23/09†		750,000		746,897
Wachovia Capital Trust III
5.80%, 08/29/49†		580,000		394,622
Wachovia Corporation
5.25%, 08/01/14D		1,850,000		1,724,701
5.75%, 02/01/18		1,120,000		1,022,607
7.98%, 02/15/49†D		7,600,000		6,999,980
Waste Management, Inc.
7.75%, 05/15/32		980,000		1,093,407
WEA Finance LLC
7.13%, 04/15/18 144A		500,000		513,448
WellPoint, Inc.
5.88%, 06/15/17D		720,000		697,131
Wells Fargo & Co.
4.38%, 01/31/13		600,000		581,578
Wells Fargo Capital X
5.95%, 12/15/36D		200,000		182,019
Wells Fargo Capital XIII
7.70%, 12/29/49†		850,000		845,764
Westlake Chemical Corporation
6.63%, 01/15/16D		85,000		71,825
Weyerhaeuser Co.
6.75%, 03/15/12		735,000		757,607
Williams Cos., Inc.
7.50%, 01/15/31D		20,000		20,325
7.75%, 06/15/31		200,000		209,000
8.75%, 03/15/32		983,000		1,120,620
Windstream Corporation
8.63%, 08/01/16D		630,000		631,575
Xerox Corporation
7.13%, 06/15/10		250,000		258,314
6.75%, 02/01/17		70,000		70,661
XTO Energy, Inc.
7.50%, 04/15/12		43,000		46,172
5.50%, 06/15/18D		1,120,000		1,071,588
ZFS Finance USA Trust I
6.15%, 12/15/49 144A†		525,000		479,065
Total Corporate Bonds (Cost $299,811,818)				288,035,810
FOREIGN BONDS — 7.9%
Argentina — 0.1%
Republic of Argentina
3.09%, 08/03/12†		1,060,000		563,178
7.00%, 09/12/13		450,000		340,388
				903,566
Australia — 0.2%
National Australia Bank, Ltd.
3.21%, 02/08/10 144A†		2,100,000		2,100,519
QBE Insurance Group, Ltd.
5.65%, 07/01/23 144A†@		525,000		515,750
				2,616,269
Bermuda — 0.5%
Arch Capital Group, Ltd.
7.35%, 05/01/34		400,000		422,607
Aspen Insurance Holdings, Ltd.
6.00%, 08/15/14		325,000		309,024
Catlin Insurance Co., Ltd.
7.25%, 12/31/49 144A†@		375,000		274,118
Endurance Specialty Holdings, Ltd.
6.15%, 10/15/15		425,000		402,808
Intelsat Bermuda, Ltd.
9.25%, 06/15/16		60,000		60,750
Merna Reinsurance, Ltd.
4.55%, 07/07/10 144A†		950,000		903,165
Tyco International Group SA
6.13%, 11/01/08		90,000		90,290
6.00%, 11/15/13		2,920,000		2,820,714
				5,283,476
Brazil — 0.1%
Petrobras International Finance Co.
6.13%, 10/06/16D		870,000		874,350
Canada — 0.6%
Anadarko Finance Co.
7.50%, 05/01/31		460,000		494,482
Bombardier, Inc.
7.25%, 11/15/16 144A(E)@		250,000		376,885
Canadian Government Inflationary Index
4.00%, 12/01/31(C)		230,000		422,569

56 See Notes to Financial Statements.

	Par		Value
Canadian Natural Resources, Ltd.
5.70%, 05/15/17D	$	225,000	$	220,800
5.85%, 02/01/35		50,000		45,165
6.50%, 02/15/37		450,000		439,793
6.25%, 03/15/38		150,000		141,183
Conoco Funding Co.
7.25%, 10/15/31		315,000		361,624
Encana Corporation
6.50%, 02/01/38D		725,000		719,489
General Motors Nova Scotia Finance Co.
6.85%, 10/15/08D		1,670,000		1,619,900
Hydro Quebec
6.30%, 05/11/11		305,000		324,624
Nexen, Inc.
5.88%, 03/10/35		800,000		716,736
OPTI Canada, Inc.
8.25%, 12/15/14D		125,000		125,000
Rogers Cable, Inc.
5.50%, 03/15/14D		250,000		240,947
6.75%, 03/15/15		10,000		10,213
Rogers Wireless, Inc.
6.38%, 03/01/14		90,000		90,210
Sun Media Corporation
7.63%, 02/15/13		90,000		87,525
				6,437,145
Cayman Islands — 0.5%
MUFG Capital Finance 1, Ltd.
6.35%, 07/25/25†		450,000		397,305
Petroleum Export, Ltd.
4.62%, 06/15/10 144A		400,000		397,404
4.63%, 06/15/10 144A		533,333		529,918
Resona Preferred Global Securities Cayman, Ltd.
7.19%, 07/30/49 144A†		690,000		637,991
Shinsei Finance Cayman, Ltd.
6.42%, 07/20/49 144A†D		1,130,000		794,686
Systems 2001 Asset Trust LLC
6.66%, 09/15/13 144A		753,304		775,605
Vale Overseas, Ltd.
8.25%, 01/17/34		40,000		43,477
6.88%, 11/21/36		1,491,000		1,392,199
Willow Re, Ltd.
10.49%, 06/16/10 144A†		300,000		300,783
				5,269,368
Chile — 0.0%
Codelco, Inc.
4.75%, 10/15/14 144A		210,000		202,218
France — 0.1%
AXA SA
6.46%, 12/14/18 144A†		150,000		120,207
Compagnie Generale de Geophysique - Veritas
7.50%, 05/15/15(E)		200,000		200,500
7.75%, 05/15/17		155,000		155,968
French Government Bond
5.75%, 10/25/32(E)		500,000		865,610
Legrand SA
8.50%, 02/15/25		250,000		281,746
				1,624,031
Germany — 0.9%
Deutsche Bank AG
6.00%, 09/01/17		3,100,000		3,117,980
Deutsche Bundesrepublik
3.75%, 01/04/15(E)		1,450,000		2,168,966
6.25%, 01/04/30(E)		500,000		918,436
4.25%, 07/04/39(E)		2,800,000		3,988,305
				10,193,687
Hungary — 0.1%
Hungary Government Bond
6.00%, 10/24/12(H)D		162,630,000		964,656
Iceland — 0.5%
Glitnir Banki HF
6.33%, 07/28/11 144A		600,000		486,978
6.38%, 09/25/12 144A		580,000		498,965
6.69%, 06/15/16 144A†		1,000,000		643,450
7.45%, 09/14/16 144A†		100,000		60,263
Kaupthing Bank HF
5.75%, 10/04/11 144A		250,000		202,538
7.63%, 02/28/15 144A@		2,490,000		2,081,770
7.13%, 05/19/16 144A		350,000		246,982
Landsbanki Islands HF
6.10%, 08/25/11 144A		1,500,000		1,323,348
				5,544,294
India — 0.1%
ICICI Bank, Ltd.
6.38%, 04/30/22 144A†D		1,048,000		944,023
Ireland — 0.1%
DEPFA ACS Bank
5.13%, 03/16/37 144A		800,000		762,643
VTB 24 Capital PLC
6.54%, 12/07/09		370,000		359,899
				1,122,542
Italy — 0.1%
Telecom Italia Capital SA
6.20%, 07/18/11		150,000		153,063
5.25%, 11/15/13		165,000		156,045
4.95%, 09/30/14D		835,000		765,236
5.25%, 10/01/15		130,000		119,145
				1,193,489
Japan — 0.1%
Aiful Corporation
5.00%, 08/10/10 144A		600,000		534,001
Resona Bank, Ltd.
4.13%, 06/27/49 144A(E)†@		500,000		651,894
5.85%, 07/15/49 144A†@		475,000		409,201
				1,595,096
Luxembourg — 1.3%
ArcelorMittal
6.13%, 06/01/18 144A		800,000		783,235
Enel Finance International SA
5.70%, 01/15/13 144A@D		700,000		708,581
Evraz Group SA
8.88%, 04/24/13 144A		680,000		684,216
FMC Finance III SA
6.88%, 07/15/17		250,000		246,875

See Notes to Financial Statements. 57

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Gaz Capital for Gazprom
6.21%, 11/22/16 144A	$	840,000	$	786,912
6.51%, 03/07/22 144A		640,000		576,000
GazInvest Luxemburg SA for Gazprombank
7.25%, 10/30/08		700,000		706,335
Hellas Telecommunications SA
8.25%, 10/15/12(E)†		375,000		547,911
RSHB Capital SA for OJSC Russian Agricultural Bank
6.30%, 05/15/17 144A		1,240,000		1,147,186
TNK-BP Finance SA
7.50%, 07/18/16 144A		780,000		739,986
6.63%, 03/20/17 144A		260,000		230,750
7.88%, 03/13/18 144A		340,000		328,950
Tyco Electronics Group SA
6.00%, 10/01/12		250,000		252,663
Unicredito Luxembourg Finance SA
2.97%, 10/24/08 144A†		4,000,000		3,997,528
Vimpel Communications
8.38%, 04/30/13 144A		850,000		838,770
VTB Capital SA
3.38%, 08/01/08†		800,000		799,421
3.38%, 08/01/08 144A†		970,000		961,512
6.61%, 10/31/12 144A		400,000		390,480
				14,727,311
Marshall Islands — 0.0%
Teekay Shipping Corporation
8.88%, 07/15/11		176,000		191,180
Mexico — 0.3%
America Movil Sab de CV
5.50%, 03/01/14		300,000		296,504
5.63%, 11/15/17		460,000		445,322
United Mexican States
6.75%, 09/27/34		2,001,000		2,128,063
				2,869,889
Netherlands — 0.5%
Deutsche Telekom International Finance BV
5.75%, 03/23/16		510,000		498,378
8.25%, 06/15/30		600,000		690,229
HSBK Europe BV
9.25%, 10/16/13 144A		710,000		717,100
Intergas Finance BV
6.38%, 05/14/17 144A		980,000		874,650
Koninklijke KPN NV
8.00%, 10/01/10		780,000		825,693
NXP BV
7.88%, 10/15/14D		30,000		27,750
9.50%, 10/15/15		105,000		91,612
TuranAlem Finance BV
8.25%, 01/22/37 144A		2,090,000		1,742,997
				5,468,409
Panama — 0.1%
Republic of Panama
6.70%, 01/26/36D		549,000		559,980
Russia — 0.1%
Russian Federation
8.25%, 03/31/10		1,273,868		1,330,249
South Korea — 0.0%
Export-Import Bank of Korea
5.25%, 02/10/14 144A		235,000		225,077
Spain — 0.1%
Santander Perpetual SA Unipersonal
6.67%, 10/24/17 144A†D		100,000		96,770
Telefonica Emisones SAU
7.05%, 06/20/36		550,000		566,181
				662,951
Switzerland — 1.0%
Credit Suisse Group
5.00%, 05/15/13D		6,500,000		6,332,306
UBS AG
3.73%, 06/19/10†		4,000,000		3,990,924
5.88%, 12/20/17		1,400,000		1,364,282
				11,687,512
United Kingdom — 0.4%
British Telecommunications PLC
8.88%, 12/15/30		600,000		723,153
HBOS Capital Funding LP
6.07%, 12/31/49 144A†		600,000		519,377
HSBC Capital Funding LP
4.61%, 12/29/49 144A†D		960,000		848,774
HSBC Holdings PLC
6.80%, 06/01/38		425,000		401,461
Inmarsat Finance PLC
8.76%, 11/15/12 STEPW		375,000		380,625
Royal Bank of Scotland Group PLC
9.12%, 03/31/10		550,000		554,431
7.64%, 03/31/45†		300,000		274,736
6.99%, 10/29/45 144A†D		770,000		694,156
				4,396,713
Venezuela — 0.1%
Petrozuata Finance, Inc.
8.22%, 04/01/17 144A		697,087		726,505
8.22%, 04/01/17 144A		326,760		340,549
				1,067,054
Total Foreign Bonds (Cost $90,689,051)				87,954,535
LOAN AGREEMENTS — 1.2%
Chrysler Finance Co. Bridge Loan
6.78%, 08/03/14		8,634,750		7,138,780
Ford Motor Co. Tranche B
5.48%, 11/29/13†		2,659,500		2,156,854
Georgia Pacific Corporation
4.40%, 12/20/12		380,952		360,456
4.45%, 12/20/12†		3,529,048		3,339,178
Total Loan Agreements (Cost $14,814,431)				12,995,268
MORTGAGE-BACKED SECURITIES — 74.0%
ABN AMRO Mortgage Corporation
9.92%, 06/25/33 IOW		513,717		50,483
Adjustable Rate Mortgage Trust
4.99%, 04/25/35†		289,994		277,857

58 See Notes to Financial Statements.

	Par		Value
American Home Mortgage Assets
4.49%, 02/25/47†	$	2,585,476	$	1,689,143
Bank of America Commercial Mortgage, Inc.
5.12%, 10/10/45†		3,000,000		2,861,525
5.35%, 09/10/47†		3,000,000		2,883,508
Bank of America Funding Corporation
2.56%, 07/20/36†		2,434,695		2,236,260
Bank of America Mortgage Securities, Inc.
4.72%, 07/25/34†		592,053		574,581
Bear Stearns Adjustable Rate Mortgage Trust
5.62%, 02/25/33†		310,641		291,634
4.45%, 04/25/34†		441,577		424,344
5.32%, 05/25/34†		1,355,044		1,283,787
3.56%, 06/25/34†		1,300,000		1,284,327
4.13%, 03/25/35†		2,667,858		2,544,926
5.08%, 06/25/35†		1,082,807		1,030,008
Bear Stearns Alt-A Trust
3.12%, 02/25/34 STEP		146,202		122,580
5.37%, 05/25/35†		763,502		653,648
5.70%, 09/25/35†		1,121,714		923,825
Bear Stearns Alt-A Trust II
6.26%, 09/25/47†		2,714,859		2,035,987
Bear Stearns Structured Products, Inc.
5.67%, 09/25/37†		1,923,217		1,600,817
2.74%, 09/26/37 144A†		4,044,427		4,018,907
3.50%, 09/27/37 144A†		4,740,270		4,506,528
Chase Mortgage Finance Corporation
4.35%, 02/01/37†		1,497,200		1,477,888
4.47%, 02/01/37†		748,925		738,853
Citigroup Commercial Mortgage Trust
2.54%, 11/15/36 144A†		42,445		39,804
Citigroup Mortgage Loan Trust, Inc.
4.90%, 12/25/35†		2,692,661		2,562,766
Commercial Mortgage Asset Trust
7.55%, 01/17/10†		359,268		367,473
Countrywide Alternative Loan Trust
5.50%, 10/25/33		201,105		184,137
2.83%, 09/25/35†		2,570,903		1,931,134
5.03%, 09/25/35†		360,270		279,290
2.81%, 10/25/35†		1,610,107		1,250,374
2.78%, 11/20/35†		833,408		635,608
2.80%, 11/20/35†		1,921,655		1,473,018
2.81%, 11/20/35†		2,939,728		2,149,852
2.75%, 12/25/35†		929,612		724,484
2.78%, 12/25/35†		1,693,684		1,323,853
2.75%, 02/25/36†		1,800,208		1,369,220
5.17%, 04/25/43†		2,936,625		2,002,967
Countrywide Home Loan Mortgage Pass-Through Trust
4.50%, 02/19/34†		2,658,709		2,534,855
4.55%, 11/20/34†		380,407		335,288
4.90%, 08/20/35†		1,583,807		1,290,463
2.72%, 03/25/36†		641,572		450,030
Credit Suisse Mortgage Capital Certificates
5.85%, 03/15/39 STRIP†		800,000		776,816
5.38%, 02/15/40		4,180,000		3,878,050
CS First Boston Mortgage Securities Corporation
0.70%, 04/25/33 IOW@		20,060		398
5.74%, 05/25/33 IOW@		7,354		38
5.50%, 06/25/33 IOW@		22,333		618
7.82%, 07/25/33 IOW†@		355,360		—
9.72%, 07/25/33 IOW@		702,021		75,243
6.18%, 08/25/33 IOW†@		379,996		—
6.53%, 06/15/34		1,500,000		1,541,646
Federal Home Loan Mortgage Corporation
7.00%, 11/01/14		40,420		42,412
7.00%, 04/01/15		51,585		54,128
7.00%, 12/01/15		38,435		40,251
8.50%, 06/01/16		14,076		15,275
4.50%, 05/01/18		174,470		170,608
4.50%, 06/01/18		41,730		40,797
8.50%, 06/01/18		8,167		8,862
4.50%, 09/01/18		160,562		156,970
4.50%, 10/01/18		122,093		119,365
4.50%, 11/01/18		126,005		123,190
4.50%, 12/01/18		389,750		381,029
5.00%, 12/01/18		723,734		722,116
4.50%, 01/01/19		46,447		45,408
4.50%, 03/01/19		92,091		90,019
4.50%, 06/01/19		1,686,717		1,648,976
5.00%, 06/01/20		602,926		600,012
5.00%, 07/01/20		622,239		617,676
4.62%, 04/15/22 POW@		35,965		31,147
8.00%, 08/01/24		5,800		6,286
7.50%, 11/01/29		18,425		19,939
6.50%, 12/01/29		401,157		417,948
7.50%, 12/01/29		30,635		33,152
7.50%, 02/01/31		33,866		36,573
7.13%, 07/01/31†		55,309		55,516
7.11%, 08/01/31†		3,885		3,906
7.50%, 11/01/31		10,495		11,328
7.35%, 04/01/32†		9,854		9,873
4.27%, 03/01/34†		14,391		14,600
5.00%, 12/01/34		138,597		133,489
5.50%, 05/01/35		2,317,400		2,289,518
0.00%, 08/15/35W†@		133,682		150,190
5.00%, 09/01/35		2,053,011		1,974,138
5.00%, 10/01/35		812,605		781,387
5.00%, 11/01/35		1,895,099		1,822,293
5.50%, 11/01/35		747,103		738,114
5.00%, 12/01/35		3,991,425		3,838,083
6.00%, 02/01/36		1,722,418		1,742,299
5.00%, 03/01/36		1,425,620		1,370,851
5.00%, 04/01/36		1,209,318		1,162,859
5.00%, 06/01/36		2,045,051		1,967,486
6.06%, 01/01/37†		2,356,622		2,407,264
5.50%, 03/01/37		954,403		941,130
5.69%, 04/01/37†		4,012,353		4,065,386
0.00%, 04/15/37W†@		71,717		78,731
0.00%, 06/15/37W†@		183,829		193,340
5.50%, 07/01/37		667,262		657,983
5.66%, 09/01/37†		4,739,325		4,803,654
7.00%, 11/01/37		819,895		860,481
5.50%, 02/01/38		7,749,283		7,641,519

See Notes to Financial Statements. 59

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
5.00%, 07/01/38 TBA	$	200,000	$	191,625
5.50%, 07/14/38 TBA		5,000,000		4,925,000
4.00%, 01/01/49		24,506		23,250
Federal Housing Administration
7.43%, 10/01/18		200,904		194,815
Federal National Mortgage Association
4.00%, 06/01/13		71,851		70,823
4.00%, 07/01/13		97,834		97,315
4.00%, 08/01/13		137,042		135,028
4.00%, 09/01/13		261,373		257,425
4.00%, 10/01/13		542,799		534,359
8.00%, 06/01/15		34,747		36,662
8.00%, 06/15/15		12,368		13,050
8.00%, 07/01/15		26,274		27,722
8.00%, 09/01/15		54,855		57,027
5.00%, 12/25/15		105,438		105,862
7.50%, 04/01/16		16,838		17,851
6.00%, 05/01/16		161,215		165,870
6.00%, 07/01/16		19,816		20,388
5.00%, 11/01/17		206,181		205,985
5.00%, 12/01/17		1,040,885		1,038,877
5.00%, 01/01/18		2,662,393		2,659,694
5.00%, 02/01/18		521,480		520,915
5.50%, 02/01/18		185,727		187,176
5.00%, 04/01/18		869,666		868,570
5.00%, 05/01/18		1,192,074		1,190,642
4.50%, 06/01/18		4,329,658		4,236,040
5.00%, 06/01/18		139,560		139,384
4.00%, 09/01/18		3,771,997		3,586,226
4.50%, 09/01/18		119,142		116,514
5.00%, 11/01/18		247,798		247,564
4.50%, 12/01/18		3,244,816		3,173,227
4.50%, 01/01/19		65,997		64,541
5.00%, 02/01/19		167,053		166,425
4.50%, 03/01/19		91,138		89,127
5.00%, 03/01/19		1,232,224		1,227,591
5.00%, 04/01/19		1,695,891		1,691,374
4.00%, 05/01/19		10,076,733		9,567,862
4.50%, 07/01/19		57,220		55,815
5.00%, 07/01/19 TBA		8,500,000		8,404,375
4.50%, 08/01/19		51,791		50,519
5.00%, 08/01/19		604,633		602,359
6.00%, 09/01/19		867,869		892,929
5.00%, 10/01/19		264,576		263,582
5.00%, 11/01/19		1,115,213		1,111,019
4.50%, 04/01/20		565,788		553,305
4.50%, 08/01/20		353,447		343,882
4.50%, 09/01/20		282,224		274,586
6.00%, 12/01/20		1,641,091		1,688,477
4.50%, 03/01/21		354,843		343,355
4.50%, 08/01/21		32,366		31,318
23.90%, 08/25/21 IOW@		215		4,236
23.39%, 10/25/21 IOW@		390		9,435
19.77%, 01/25/22†		83,846		88,976
3.75%, 03/25/22†		32,530		32,559
4.50%, 04/01/22		299,739		289,971
9.50%, 05/01/22		5,829		6,453
4.50%, 06/01/22		1,449,088		1,401,866
5.22%, 07/01/22†		27,870		27,855
6.00%, 01/01/23		154,252		157,520
5.50%, 07/01/23 TBA		10,800,000		10,870,870
6.00%, 07/01/23 TBA		550,000		563,750
9.50%, 07/01/24		10,327		11,388
5.47%, 07/01/27†		36,183		36,221
6.04%, 08/01/27†		84,782		86,134
4.53%, 11/01/27†		76,550		76,629
7.39%, 02/01/30†		175,975		178,311
3.08%, 05/25/30†		2,025,787		2,010,886
7.34%, 06/01/30†		31,825		32,221
8.00%, 10/01/30		62,621		67,755
2.93%, 10/18/30†		65,813		65,688
7.15%, 12/01/30†		10,956		11,079
4.53%, 01/01/31†		9,243		9,262
5.07%, 05/01/31†		18,889		19,039
7.50%, 05/01/31		16,461		17,737
7.00%, 06/01/31†		7,521		7,672
6.00%, 01/01/32		103,151		104,795
6.00%, 03/01/32		319,623		324,860
6.50%, 03/01/32		286,659		301,269
6.00%, 04/01/32		671,187		681,661
4.53%, 06/01/32†		10,369		10,390
5.22%, 08/01/32†		39,325		39,448
5.59%, 02/01/33†		4,330		4,407
5.22%, 05/01/33†		91,591		91,835
0.10%, 07/25/33 IOW†@		412,218		18,551
0.10%, 04/25/34 IOW†@		604,727		18,709
0.10%, 06/25/34 IOW†@		892,496		25,196
6.50%, 07/01/34 TBA		1,000,000		1,029,375
5.50%, 07/14/34 TBA		11,000,000		10,841,875
5.00%, 08/01/34		329,222		317,191
6.00%, 10/01/34		112,882		114,326
4.50%, 12/01/34		370,679		344,804
4.57%, 12/01/34†		710,714		720,332
6.00%, 01/01/35		2,458,791		2,490,247
4.50%, 02/01/35		412,441		383,650
4.50%, 03/01/35		1,288,232		1,195,489
5.00%, 03/01/35		283,423		273,066
4.50%, 04/01/35		907,467		842,136
4.50%, 05/01/35		759,238		704,579
6.00%, 05/01/35		3,142,754		3,178,049
0.25%, 05/25/35W†@		87,105		90,438
4.50%, 07/01/35		460,802		427,628
6.00%, 07/01/35 TBA		974,006		984,944
6.00%, 07/01/35 TBA		2,000,000		2,017,500
5.00%, 08/01/35		229,727		220,973
5.50%, 08/01/35 TBA		400,000		393,250
4.50%, 09/01/35		120,261		111,603
5.50%, 09/01/35		851,446		841,850
4.50%, 10/01/35		305,306		283,327
6.00%, 10/01/35		269,562		272,590
4.53%, 11/01/35†		36,607		36,692
6.00%, 11/01/35		1,383,485		1,399,022
6.29%, 11/01/35†		544,954		556,725
6.30%, 11/01/35†		479,830		490,194
6.52%, 11/01/35†		969,572		990,534
6.54%, 11/01/35†		489,947		500,561
5.50%, 04/01/36		718,286		702,451
6.50%, 04/01/36		884,054		911,387
4.86%, 05/01/36†		466,498		467,381
5.00%, 09/01/36		893,840		859,780
6.50%, 09/01/36		419,103		432,061
0.00%, 09/25/36W†@		79,508		80,960
6.50%, 10/01/36		981,006		1,011,337
5.00%, 11/01/36		919,805		883,606
5.50%, 11/01/36		2,117,299		2,090,791
6.50%, 11/01/36		916,006		944,668

60 See Notes to Financial Statements.

	Par		Value
5.00%, 02/01/37	$	25,245	$	24,222
5.51%, 02/01/37†		4,365,370		4,435,970
5.00%, 03/01/37		759,836		729,058
6.50%, 03/01/37		828,978		854,432
6.50%, 04/01/37		844,988		870,933
7.00%, 04/01/37		15,280,054		16,033,367
5.50%, 05/01/37		1,984,624		1,958,736
6.50%, 05/01/37		820,452		845,644
5.62%, 06/01/37†		3,708,848		3,756,779
5.00%, 07/01/37		25,515		24,481
6.00%, 07/01/37		15,123,031		15,275,478
6.50%, 08/01/37		1,135,803		1,170,679
7.00%, 08/01/37		8,245,201		8,655,948
6.50%, 09/01/37		865,155		891,720
7.00%, 09/01/37		5,493,477		5,764,516
6.50%, 10/01/37		1,356,605		1,398,383
7.00%, 10/01/37		894,452		938,583
7.00%, 11/01/37		3,768,781		3,954,726
7.50%, 11/01/37		2,571,965		2,716,535
4.53%, 12/01/37†		164,923		165,196
5.50%, 12/01/37		80,814		79,760
7.50%, 12/01/37		918,282		969,899
4.53%, 01/01/38†		74,360		74,484
5.50%, 02/01/38		949,742		937,258
5.50%, 03/01/38		3,676,496		3,628,170
5.00%, 04/01/38		174,475		167,391
5.50%, 04/01/38‡‡		1,033,689		1,020,102
5.00%, 06/01/38		2,999,700		2,877,896
4.50%, 07/01/38 TBA		1,800,000		1,667,812
5.00%, 07/01/38 TBA		47,450,000		45,477,883
4.50%, 07/14/38 TBA		2,000,000		1,853,124
5.00%, 07/14/38 TBA		30,000,000		28,753,140
5.50%, 07/14/38 TBA		100,000		98,563
6.00%, 07/14/38 TBA		170,500,000		171,991,875
6.50%, 07/14/38 TBA		11,200,000		11,529,000
5.00%, 08/01/38 TBA		34,350,000		32,847,188
5.19%, 06/01/40†		132,952		132,839
5.19%, 10/01/40†		345,817		345,547
5.48%, 10/01/40†		26,832		26,809
5.47%, 11/01/40†		53,501		53,593
FFCA Secured Lending Corporation
8.00%, 07/18/20 IO 144AW†@		1,305,158		29,927
FHLMC Structured Pass-Through Securities
5.19%, 07/25/44†		2,232,321		2,087,691
First Horizon Alternative Mortgage Securities
4.73%, 06/25/34†		907,318		792,377
First Horizon Asset Securities, Inc.
4.75%, 12/25/34†		169,134		161,216
First Union National Bank Commercial Mortgage Trust
7.20%, 10/01/32		1,468,690		1,521,748
General Electric Capital Commercial Mortgage Corporation
5.51%, 11/10/45†		1,230,000		1,193,393
GMAC Commercial Mortgage Securities, Inc.
6.28%, 11/15/39		2,000,000		2,045,937
GMAC Mortgage Corporation Loan Trust
4.40%, 06/25/34†		795,810		776,307
Government National Mortgage Association
7.00%, 10/15/25		65,590		70,043
7.00%, 01/15/26		23,337		24,913
7.00%, 07/15/27		182,192		194,414
7.00%, 12/15/27		2,782		2,969
7.00%, 01/15/28		32,309		34,451
7.00%, 03/15/28		218,184		232,828
7.00%, 07/15/28		24,179		25,782
7.50%, 07/15/28		15,349		16,524
6.50%, 08/15/28		22,379		23,265
7.00%, 08/15/28		39,914		42,560
7.50%, 08/15/28		18,936		20,386
6.50%, 09/15/28		147,165		152,987
6.00%, 10/15/28		16,818		17,171
7.00%, 10/15/28		78,110		83,290
6.00%, 12/15/28		2,601		2,655
6.00%, 01/15/29		564		576
7.50%, 03/15/29		58,885		63,420
7.50%, 11/15/29		25,064		26,972
5.13%, 11/20/29†		97,822		98,296
8.50%, 08/15/30		5,021		5,518
8.50%, 11/20/30		31,220		34,188
6.00%, 04/15/31		4,523		4,614
6.50%, 08/15/31		202,448		209,381
7.50%, 08/15/31		74,146		79,721
6.50%, 10/15/31		360,697		373,394
6.00%, 11/15/31		978,677		994,963
6.50%, 11/15/31		381,411		394,474
6.00%, 12/15/31		264,102		268,496
6.00%, 01/15/32		426,059		434,347
6.00%, 02/15/32		533,697		542,589
6.50%, 02/15/32		566,774		587,913
26.03%, 02/16/32†		204,515		265,355
6.00%, 04/15/32		468,427		477,539
6.50%, 04/15/32		338,455		350,046
7.50%, 04/15/32		95,884		102,981
6.50%, 06/15/32		1,157,470		1,200,228
6.50%, 07/15/32		156,565		161,927
6.50%, 08/15/32		456,606		472,244
6.50%, 09/15/32		552,296		571,211
6.00%, 10/15/32		599,502		609,479
6.00%, 11/15/32		546,300		555,773
6.00%, 12/15/32		238,970		242,960
6.50%, 12/15/32		42,296		43,745
6.00%, 01/15/33		273,748		278,304
6.00%, 02/15/33		194,132		197,363
6.50%, 03/15/33		83,863		86,735
5.00%, 04/15/33		287,403		279,716
6.50%, 04/15/33		1,391,138		1,438,782
5.00%, 05/15/33		2,123,190		2,067,413
6.00%, 05/15/33		1,394,048		1,417,246
5.00%, 06/15/33		267,700		260,539
6.00%, 06/15/33		171,088		173,935
5.00%, 07/15/33		649,575		632,200
5.00%, 08/15/33		1,299,305		1,262,118
5.00%, 09/15/33		925,083		897,882
5.00%, 10/15/33		498,886		484,629
6.00%, 10/15/33		887,499		902,268
6.50%, 10/15/33		298,526		308,750
5.00%, 11/15/33		63,207		61,549

See Notes to Financial Statements. 61

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
6.00%, 12/15/33	$	934,505	$	950,056
5.00%, 01/15/34		416,360		404,963
5.00%, 03/15/34		522,207		507,912
5.00%, 04/15/34		208,831		203,114
5.00%, 05/15/34		123,078		119,709
5.00%, 06/15/34		794,308		772,565
6.00%, 06/15/34		98,233		100,021
5.00%, 08/15/34		540,723		525,922
5.00%, 11/15/34		1,206,581		1,173,553
5.00%, 12/15/34		1,071,960		1,042,617
5.00%, 01/15/35		762,495		741,028
5.00%, 02/15/35		23,757		23,089
5.00%, 03/15/35		28,093		27,302
5.00%, 04/15/35		4,273,225		4,152,915
5.00%, 05/15/35		62,456		60,698
5.00%, 06/15/35		124,959		121,441
5.00%, 07/15/35		321,742		312,684
5.00%, 08/15/35		341,741		332,120
5.00%, 09/15/35		1,633,285		1,587,301
5.00%, 10/15/35		1,143,006		1,110,825
5.00%, 11/15/35		6,512,958		6,329,590
5.00%, 12/15/35		25,597		24,876
6.00%, 02/15/36		16,143		16,416
5.00%, 03/15/36		776,613		754,353
5.00%, 05/15/36		55,712		54,090
5.00%, 06/15/36		29,835		28,967
6.00%, 06/15/36		879,489		894,388
6.00%, 07/15/36		103,168		104,916
6.00%, 08/15/36		1,045,557		1,063,264
6.00%, 10/15/36		267,168		271,675
6.00%, 07/21/38 TBA		18,100,000		18,371,500
6.50%, 07/21/38 TBA		43,000,000		44,410,916
GreenPoint Mortgage Funding Trust
2.56%, 03/25/37†		4,009,537		2,919,587
GS Mortgage Securities Corporation II
4.68%, 07/10/39		1,300,000		1,252,329
GSMPS Mortgage Loan Trust
2.71%, 02/25/35 144A†		353,206		321,365
2.83%, 09/25/35 144A†		2,373,847		2,024,901
GSR Mortgage Loan Trust
4.54%, 09/25/35†		1,243,153		1,204,212
HarborView Mortgage Loan Trust
2.79%, 11/19/35 STEP		459,516		349,082
5.73%, 12/19/35†		719,147		541,596
2.73%, 01/19/36 STEP		1,244,273		930,617
3.04%, 01/19/36 STEP		270,712		209,512
6.02%, 08/19/36†		1,821,978		1,445,330
2.99%, 12/19/37†		1,569,639		1,120,472
Impac CMB Trust
3.20%, 10/25/34†		166,953		66,529
2.74%, 11/25/35 STEP		1,528,374		1,276,136
Impac Secured Assets CMN Owner Trust
2.73%, 05/25/35†		1,228,085		910,059
Indymac ARM Trust
6.45%, 09/28/31†		21,360		21,046
Indymac INDA Mortgage Loan Trust
6.29%, 11/01/37†		895,692		879,127
Indymac Index Mortgage Loan Trust
5.38%, 08/25/35†		505,665		419,610
5.10%, 09/25/35†		611,421		500,837
5.45%, 09/25/35†		659,807		515,335
2.70%, 04/25/46†		1,184,655		832,244
JP Morgan Chase Commercial Mortgage Securities Corporation
4.90%, 09/12/37		3,400,000		3,208,393
4.92%, 10/15/42†		200,000		188,683
JP Morgan Mortgage Trust
5.02%, 02/25/35†		1,357,019		1,280,146
4.07%, 07/25/35†		856,008		828,697
4.20%, 07/25/35†		889,898		861,560
4.77%, 07/25/35†		826,728		801,852
5.07%, 07/25/35†		637,836		623,993
LB-UBS Commercial Mortgage Trust
4.66%, 07/15/30		1,000,000		956,611
4.74%, 07/15/30		830,000		777,992
5.16%, 02/15/31		2,000,000		1,880,662
13.14%, 06/15/36 IO 144AW†@		4,290,895		98,842
4.95%, 09/15/40		900,000		853,457
Liberty Street Funding LLC
5.50%, 09/01/37		992,513		979,566
Luminent Mortgage Trust
2.67%, 07/25/36†		666,610		467,454
2.65%, 12/25/36†		4,109,268		2,953,604
2.68%, 02/25/46†		1,193,016		855,227
MASTR Adjustable Rate Mortgages Trust
5.20%, 05/25/34†		362,832		323,609
5.65%, 11/25/35†		1,449,976		1,180,890
4.64%, 12/25/46†		808,538		545,989
6.03%, 12/25/46†		2,425,614		1,875,187
2.68%, 05/25/47†		4,136,263		2,896,463
MASTR Reperforming Loan Trust
7.00%, 08/25/34 144A		975,884		963,582
Merrill Lynch-Countrywide Financial Corporation Commercial Mortgage Trust
5.49%, 03/01/45†		960,000		894,028
MLCC Mortgage Investors, Inc.
2.86%, 09/25/27 STEP		540,239		483,404
Morgan Stanley Capital I
5.16%, 10/12/42†		3,000,000		2,827,165
5.51%, 11/12/49†		2,300,000		2,156,156
Prime Mortgage Trust
5.50%, 05/25/35 144A		7,585,519		6,872,755
6.00%, 05/25/35 144A		1,007,452		986,988
6.00%, 11/25/36 144A		3,969,233		3,592,465
RBSGC Mortgage Pass-Through Certificates
2.93%, 01/25/37†		1,495,612		1,119,447
Residential Accredit Loans, Inc.
4.53%, 01/25/46†		1,142,036		879,952
Residential Funding Mortgage Securities I
5.19%, 09/25/35†		757,997		693,051
5.21%, 09/25/35†		708,763		671,897
Sequoia Mortgage Trust
4.14%, 07/20/33†		272,017		258,430
2.74%, 10/20/34 STEP		270,253		253,281

62 See Notes to Financial Statements.

	Par		Value
Structured Adjustable Rate Mortgage Loan Trust
4.38%, 05/25/34†	$	503,873	$	460,366
5.25%, 09/25/34†		231,226		195,849
5.45%, 11/25/34†		937,884		863,660
2.82%, 08/25/35†		762,231		593,626
Structured Asset Mortgage Investments, Inc.
2.73%, 07/19/35†		241,299		184,383
2.79%, 12/25/35†		1,130,838		810,178
2.71%, 02/25/36†		1,169,282		873,411
5.29%, 11/25/37†		2,946,402		2,188,813
Structured Asset Securities Corporation
4.53%, 09/25/33†		1,000,000		997,866
Thornburg Mortgage Securities Trust
2.59%, 06/25/09†		3,492,138		3,461,819
2.68%, 12/25/35†		3,809,278		3,780,197
2.65%, 01/25/36†		4,266,630		4,216,198
6.22%, 09/25/37†		3,249,899		3,095,200
Wachovia Bank Commercial Mortgage Trust
5.21%, 10/15/44†		3,000,000		2,903,985
WAMU Alternative Mortgage Pass-Through Certificates
4.37%, 11/25/46†		2,599,613		1,853,534
Washington Mutual Mortgage Pass-Through Certificates
0.00%, 07/25/08 IOW†		510,188		5
3.02%, 12/25/27†		2,592,613		2,365,066
6.55%, 02/25/33†		31,694		30,179
4.24%, 06/25/34†		645,324		630,276
4.93%, 06/25/42†		48,683		44,131
2.77%, 07/25/45†		1,587,956		1,275,194
2.80%, 07/25/45†		1,041,227		825,516
2.80%, 08/25/45†		3,401,485		2,706,224
2.77%, 10/25/45†		3,126,818		2,434,537
2.74%, 11/25/45†		1,350,233		1,033,749
2.75%, 12/25/45†		873,275		700,709
2.77%, 12/25/45†		1,834,864		1,605,720
5.18%, 01/01/49 IOW†@		1,499,601		2,414
Wells Fargo Alternative Loan Trust
6.61%, 11/01/37†		2,641,377		2,105,193
Wells Fargo Mortgage-Backed Securities Trust
3.54%, 09/25/34†		2,440,000		2,413,810
5.04%, 04/25/35†		2,180,253		2,058,296
5.47%, 10/25/35†		968,678		949,423
5.11%, 03/25/36†		3,041,949		2,946,832
Zuni Mortgage Loan Trust
3.03%, 07/25/36†		1,793,431		1,711,295
Total Mortgage-Backed Securities (Cost $849,370,189)				824,651,907
MUNICIPAL BONDS — 0.3%
South Carolina Transportation Infrastructure Bank, Series A Revenue Bond (AMBAC Insured)
5.00%, 10/01/23		2,700,000		2,745,036
Virginia State Housing Development Authority, Commonwealth Mortgage, Series H Revenue Bond (MBIA Insured)
5.38%, 07/01/36		1,000,000		1,005,070
Total Municipal Bonds (Cost $3,634,828)				3,750,106
	Number of Contracts
PURCHASED OPTIONS — 0.5%
Call Options — 0.0%
10-Year U.S. Treasury Note Futures, Strike Price $135.00, Expires 08/22/08		1,106		17,281
15-Year U.S. Treasury Long Bond Futures, Strike Price $150.00, Expires 08/22/08		1,064		16,625
1-Year Eurodollar Mid-CRV Futures, Strike Price $118.00, Expires 08/22/08		198		1,559
2-Year U.S. Treasury Note Futures, Strike Price $111.00, Expires 08/22/08		1,465		22,891
30-Year Federal National Mortgage Association, Strike Price $106.00, Expires 08/06/08		6,800		—
3-Month LIBOR, Strike Price $127.00, Expires 08/22/08		56		882
5-Year U.S. Treasury Note Futures, Strike Price $126.00, Expires 08/22/08		1,514		11,828
5-Year U.S. Treasury Note Futures, Strike Price $128.50, Expires 08/22/08		121		945
5-Year U.S. Treasury Note Futures, Strike Price $129.50, Expires 08/22/08		104		812
Euro vs. U.S. Dollar, Strike Price $1.375, Expires 05/21/10		17,000		300,189
Euro-Schatz Future, Strike Price $106.00, Expires 08/22/08		100		787
				373,799
Call Swaptions — 0.5%
3-Month LIBOR, Strike Price $3.15, Expires 02/02/09		5,100		158,333
3-Month LIBOR, Strike Price $3.50, Expires 02/02/09		2,380		113,881
3-Month LIBOR, Strike Price $3.70, Expires 12/15/08		12,290		759,468
3-Month LIBOR, Strike Price $4.18, Expires 04/20/09		39,550		712,459
3-Month LIBOR, Strike Price $4.25, Expires 07/06/09		6,640		669,391
3-Month LIBOR, Strike Price $5.05, Expires 12/18/09		1,320		371,391
3-Month LIBOR, Strike Price $7.00, Expires 03/18/09		6,600		2,220,581
Euro vs. Japanese Yen, Strike Price $148.40, Expires 06/03/10		10,000		127,526

See Notes to Financial Statements. 63

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Number of Contracts		Value
U.S. Dollar vs. Japanese Yen, Strike Price $118.00, Expires 09/16/08		186,000	$	10,007
				5,143,037
Put Options — 0.0%
10-Year U.S. Treasury Inflation Protected Bond, Strike Price $82.00, Expires 07/15/08		160		96
10-Year U.S. Treasury Inflation Protected Bond, Strike Price $87.50, Expires 07/15/08		230		345
10-Year U.S. Treasury Note Futures, Strike Price $93.00, Expires 08/22/08		1,946		30,406
30-Year Federal National Mortgage Association, Strike Price $83.00, Expires 08/06/08		4,080		1
30-Year Federal National Mortgage Association, Strike Price $86.00, Expires 08/06/08		6,650		1
30-Year Federal National Mortgage Association, Strike Price $87.00, Expires 07/07/08		1,100		—
30-Year Federal National Mortgage Association, Strike Price $88.00, Expires 07/07/08		13,300		—
30-Year Federal National Mortgage Association, Strike Price $88.50, Expires 09/04/08		3,300		12
30-Year Federal National Mortgage Association, Strike Price $90.00, Expires 08/06/08		4,650		2
30-Year Government National Mortgage Association, Strike Price $81.0325, Expires 09/15/08		90		—
30-Year Government National Mortgage Association, Strike Price $83.00, Expires 08/13/08		150		—
30-Year Government National Mortgage Association, Strike Price $85.4375, Expires 09/15/08		110		—
30-Year Government National Mortgage Association, Strike Price $88.50, Expires 09/15/08		900		5
30-Year Government National Mortgage Association, Strike Price $90.00, Expires 08/13/08		800		1
30-Year Government National Mortgage Association, Strike Price $92.00, Expires 07/14/08		2,800		—
30-Year Government National Mortgage Association, Strike Price $92.00, Expires 09/15/08		1,500		4
Euro vs. U.S. Dollar, Strike Price $1.375, Expires 05/21/10		17,000		52,308
				83,181
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price $5.05, Expires 12/18/09		440		94,153
Euro vs. Japanese Yen, Strike Price $148.40, Expires 06/03/10		10,000		127,586
				221,739
Total Purchased Options (Cost $11,453,328)				5,821,756
	Shares
PREFERRED STOCKS — 0.4%
CORTS Trust for Ford Motor Co.*		9,100		127,400
Fannie MaeD		67,050		1,584,789
Freddie MacD		55,675		1,352,903
General Motors Corporation CONV		40,650		556,905
Wachovia Corporation		1,000		881,380
Total Preferred Stocks (Cost $4,921,846)				4,503,377
MONEY MARKET FUNDS — 15.6%
GuideStone Money Market Fund (GS4 Class)¥		43,896,530		43,896,530
Northern Institutional Liquid Assets Portfolio§		129,641,599		129,641,599
Total Money Market Funds (Cost $173,538,129)				173,538,129
	Par
U.S. TREASURY OBLIGATIONS — 8.0%
U.S. Treasury Bonds
8.13%, 08/15/19D	$	1,900,000		2,538,282
4.75%, 02/15/37D		2,120,000		2,189,894
5.00%, 05/15/37D		2,600,000		2,795,003
4.38%, 02/15/38D		17,400,000		16,965,017
				24,488,196
U.S. Treasury Inflationary Index Bonds
3.38%, 01/15/12D		60,000		80,139
2.00%, 07/15/14D		1,000,000		1,210,388
1.88%, 07/15/15D		6,400,000		7,402,072
2.50%, 07/15/16D		4,980,000		5,788,724
2.38%, 01/15/25D		3,240,000		3,872,916
2.00%, 01/15/26D		3,160,000		3,391,512
2.38%, 01/15/27D		3,160,000		3,529,333
1.75%, 01/15/28D		4,200,000		4,098,030
3.88%, 04/15/29D		4,468,000		7,587,309
				36,960,423
U.S. Treasury Notes
2.63%, 05/31/10D		150,000		150,141
4.75%, 08/15/17D		6,140,000		6,506,484
3.88%, 05/15/18D		7,000,000		6,943,678
				13,600,303

64 See Notes to Financial Statements.

	Par			Value
U.S. Treasury STRIPS
4.62%, 05/15/20	$	600,000		$	349,265
4.70%, 11/15/21WD		13,480,000			7,252,092
4.83%, 08/15/24W		8,200,000			3,846,948
4.90%, 05/15/26WD		1,500,000			642,578
4.90%, 11/15/26WD		3,600,000			1,503,338
4.80%, 02/15/27D		500,000			207,083
					13,801,304
Total U.S. Treasury Obligations (Cost $85,905,965)					88,850,226
TOTAL INVESTMENTS — 147.1% (Cost $1,690,029,019)					1,637,890,072
	Number of Contracts
WRITTEN OPTIONS — (0.5)%
Call Swaptions — (0.5)%
3-Month LIBOR, Strike Price $4.25, Expires 02/02/09		(1,700	)		(224,970	)
3-Month LIBOR, Strike Price $4.30, Expires 12/15/08		(3,740	)		(489,796	)
3-Month LIBOR, Strike Price $4.30, Expires 12/15/08		(390	)		(51,075	)
3-Month LIBOR, Strike Price $4.44, Expires 04/20/09		(12,750	)		(990,150	)
3-Month LIBOR, Strike Price $4.60, Expires 02/02/09		(800	)		(174,206	)
3-Month LIBOR, Strike Price $4.90, Expires 07/06/09		(2,210	)		(693,805	)
3-Month LIBOR, Strike Price $5.25, Expires 10/27/08		(120	)		(69,279	)
3-Month LIBOR, Strike Price $5.25, Expires 10/27/08		(100	)		(57,732	)
3-Month LIBOR, Strike Price $5.25, Expires 10/27/08		(420	)		(238,381	)
3-Month LIBOR, Strike Price $7.00, Expires 03/18/09		(2,030	)		(2,713,776	)
Euro vs. U.S. Dollar, Strike Price $1.50, Expires 06/20/13		(120	)		(13,020	)
					(5,716,190	)
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price $5.25, Expires 10/27/08		(420	)		(88,415	)
3-Month LIBOR, Strike Price $5.25, Expires 10/27/08		(100	)		(21,866	)
3-Month LIBOR, Strike Price $5.25, Expires 10/27/08		(120	)		(26,240	)
Euro vs. U.S. Dollar, Strike Price $1.83, Expires 09/20/08		(120	)		(11,940	)
U.S. Dollar vs. Japanese Yen, Strike Price $100.00, Expires 09/16/08		(93,000	)		(66,756	)
					(215,217	)
Total Written Options (Premiums received $(10,047,804))					(5,931,407	)

	Par
SECURITIES SOLD SHORT — (1.5)%
Federal National Mortgage Association
7.00%, 07/14/38 TBA	$	(5,000,000	)		(5,242,190	)
Government National Mortgage Association
5.00%, 07/01/38 TBA		(11,600,000	)		(11,237,500	)
Total Securities Sold Short (Cost $(16,268,089))					(16,479,690	)
Liabilities in Excess of Other Assets — (45.1)%					(501,727,280	)
NET ASSETS — 100.0%				$	1,113,751,695

See Notes to Financial Statements. 65

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

Swap agreements outstanding at June 30, 2008:

Description	Expiration Date	Notional Value	Unrealized Appreciation (Depreciation)
Australian Dollars
Receive fixed rate payments of 7.00% and pay variable rate payments on the three month BBSW floating rate(d)	04/15/09	26,700,000	$	(184,791	)
Receive fixed rate payments of 7.00% and pay variable rate payments on the three month BBSW floating rate(n)	09/15/09	50,000,000		(433,361	)
Receive fixed rate payments of 7.00% and pay variable rate payments on the three month BBSW floating rate(d)	09/15/09	28,300,000		(245,283	)
Receive fixed rate payments of 7.50% and pay variable rate payments on the six month BBSW floating rate(f)	03/15/11	8,600,000		(52,334	)
				(915,769	)
Brazilian Real
Receive fixed rate payments of 12.40% and pay floating par of 3.10%(h)	01/04/10	3,930,000		(41,111	)
Receive fixed rate payments of 14.17% and pay floating rate of 2.68%(h)	01/03/11	3,000,000		(18,606	)
Receive fixed rate payments of 13.95% and pay floating rate of 2.68%(f)	01/02/12	2,200,000		(15,755	)
Receive fixed rate payments of 13.98% and pay floating rate of 2.68%(f)	01/02/12	2,000,000		(1,841	)
Receive variable rate payments on the three month BRL BRR CDI and pay fixed rate payments of 10.58%(n)	01/02/12	1,000,000		(61,625	)
Receive variable rate payments on the three month BRL BRR CDI and pay fixed rate payments of 10.12%(k)	01/02/12	51,100,000		(3,628,908	)
				(3,767,846	)
British Pounds
Receive fixed rate payments of 5.00% and pay variable rate payments on the six month LIBOR floating rate(f)	09/15/10	4,000,000		(196,704	)
Receive fixed rate payments of 5.00% and pay variable rate payments on the six month LIBOR floating rate(b)	09/15/10	10,200,000		(501,595	)
Receive fixed rate payments of 4.50% and pay variable rate payments on the six month LIBOR floating rate(k)	09/17/11	32,100,000		(2,917,169	)
Receive fixed rate payments of 5.00% and pay variable rate payments on the six month LIBOR floating rate(m)	09/17/11	12,000,000		(1,090,530	)
Receive fixed rate payments of 4.50% and pay variable rate payments on the six month LIBOR floating rate(b)	09/17/11	3,600,000		(327,159	)
Receive fixed rate payments of 5.00% and pay variable rate payments on the six month LIBOR floating rate(d)	09/15/15	2,500,000		(245,403	)
Receive fixed rate payments of 5.00% and pay variable rate payments on the six month LIBOR floating rate(m)	09/15/15	400,000		(39,264	)
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 4.00%(b)	06/15/37	1,900,000		(41,757	)

66 See Notes to Financial Statements.

Description	Expiration Date	Notional Value	Unrealized Appreciation (Depreciation)
Pay fixed rate payments of 4.25% and receive variable rate payments on the six month LIBOR floating rate(f)	06/15/37	4,800,000	$	(234,134	)
Pay fixed rate payments of 4.25% and receive variable rate payments on the six month LIBOR floating rate(k)	06/15/37	1,600,000		(78,045	)
				(5,671,760	)
Euro
Receive fixed rate payments of 4.50% and pay variable rate payments on the six month EURIBOR floating rate(f)	06/15/10	16,900,000		(429,587	)
Receive fixed rate payments of 5.50% and pay variable rate payments on the six month EURIBOR floating rate(f)	09/15/10	17,400,000		72,621
Receive fixed rate payments of 2.15% and pay variable rate payments on the France CPI Ex Tobacco(n)	10/15/10	300,000		(5,876	)
Receive fixed rate payments of 5.50% and pay variable rate payments on the six month EURIBOR floating rate(b)	12/17/10	1,300,000		5,717
Receive fixed rate payments of 5.50% and pay variable rate payments on the six month EURIBOR floating rate(k)	12/17/10	5,700,000		25,065
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month EURIBOR floating rate(f)	06/15/13	6,000,000		(466,788	)
Receive variable rate payments on the six month EURIBOR floating rate and pay fixed rate payments of 5.00%(m)	09/17/38	1,400,000		(10,462	)
Receive variable rate payments on the six month EURIBOR floating rate and pay fixed rate payments of 5.00%(b)	09/17/38	1,400,000		(10,462	)
				(819,772	)
Hungarian Forint
Receive fixed rate payments of 8.47% and pay variable rate payments on the six month LIBOR floating rate(o)	04/03/13	57,000,000		(22	)
Receive fixed rate payments of 8.28% and pay variable rate payments on the six month LIBOR floating rate(o)	04/04/13	57,000,000		(40	)
Receive fixed rate payments of 8.28% and pay variable rate payments on the six month LIBOR floating rate(h)	04/04/13	54,000,000		(41	)
Receive fixed rate payments of 8.14% and pay variable rate payments on the six month floating rate(o)	04/18/13	120,000,000		(106	)
Receive fixed rate payments of 8.20% and pay variable rate payments on the six month floating rate(d)	04/22/13	110,000,000		(86	)
				(295	)
Japanese Yen
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 2.00%(m)	12/17/17	130,000,000		(12,930	)

See Notes to Financial Statements. 67

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

Description	Expiration Date	Notional Value		Unrealized Appreciation (Depreciation)
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 2.00%(f)	12/17/17		130,000,000	$	(12,930	)
Receive variable rate payments on the six month LIBOR floating rate and pay fixed rate payments of 2.00%(b)	12/17/17		30,000,000		(2,984	)
					(28,844	)
Mexican Pesos
Receive fixed rate payments of 8.17% and pay variable rate payments on the six month MX BRR TIIE(j)	11/04/16		93,000,000		(829,896	)
U.S. Dollars
Receive floating par in the event of default on Emerson Electric Co., 4.63% due 10/15/12 and pay fixed rate payments of 0.22%(k)	12/20/08	$	300,000		(14	)
Receive floating par in the event of default on Devon Financing Corporation, 6.88% due 9/30/11 and pay fixed rate payments of 0.35%(j)	12/20/08		500,000		(83	)
Receive floating par in the event of default on Carnival Corporation, 6.15% due 4/15/08 and pay fixed rate payments of 0.44%(n)	12/20/08		300,000		501
Receive floating par in the event of default on Kroger Co., 6.75% due 4/15/12 and pay fixed rate payments of 0.53%(k)	12/20/08		300,000		(254	)
Pay variable in the event of default on Deutsche Bank and receive fixed rate payments of 0.55%(m)	12/20/08		800,000		598
Receive variable rate payments on CMM FRA Index and pay fixed rate payments of 4.50%(j)	01/23/09		5,800,000		718,651
Receive fixed rate payments of 4.00% and pay variable rate payments on the three month LIBOR floating rate(k)	06/17/10		9,000,000		2,926
Pay fixed rate payments of 4.00% and receive variable rate payments on the three month LIBOR floating rate(m)	12/17/10		38,600,000		(47,300	)
Receive variable rate payments on the three month LIBOR floating rate and pay fixed rate payments of 4.00%(k)	12/17/10		111,900,000		(137,122	)
Receive floating par in the event of default on DaimlerChrysler NA Holding, 5.75% due 09/08/11 and pay fixed rate payments of 0.58%(b)	09/20/11		900,000		5,975
Receive floating par in the event of default on the Dow Jones CDX X07 Index and pay fixed rate payments of 1.65%(h)	12/20/11		3,885,716		281,804
Receive floating par in the event of default on the Dow Jones CDX HVOL7 Index and pay fixed rate payments of 0.75%(b)	12/20/11		1,700,000		143,849

68 See Notes to Financial Statements.

Description	Expiration Date	Notional Value		Unrealized Appreciation (Depreciation)
Receive floating par in the event of default on International Lease Finance Corporation, 5.40% due 02/15/12 and pay fixed rate payments of 0.17%(b)	03/20/12	$	400,000	$	43,350
Receive floating par in the event of default on XL Capital (Europe) PLC, 6.50% due 01/15/12 and pay fixed rate payments of 0.21%(b)	03/20/12		500,000		47,586
Receive floating par in the event of default on the Dow Jones CDX HY-8 and pay fixed rate payments of 2.75%(j)	06/20/12		1,188,000		107,386
Receive floating par in the event of default on Target Corporation BP MYC, 5.88% due 03/01/12 and pay fixed rate payments of 0.11%(k)	06/20/12		1,200,000		22,344
Receive floating par in the event of default on the Dow Jones CDX HY-8 and pay fixed rate payments of 1.60%(j)	06/20/12		1,200,000		96,862
Receive floating par in the event of default on Morgan Stanley, 6.6% due 04/01/12 and pay fixed rate of 0.87%(c)	09/20/12		700,000		(34,508	)
Receive variable rate payments on the Dow Jones CDX IG50 Index and pay fixed rate payments of 1.55%(f)	06/20/13		30,000,000		(160,734	)
Receive floating par in the event of default on the Dow Jones CDX HY-10 Index and pay fixed rate payments of 5.00%(b)	06/20/13		1,800,000		106,503
Receive floating par in the event of default on the Dow Jones CDX HY-10 Index and pay fixed rate payments of 5.00%(n)	06/20/13		1,800,000		106,503
Receive floating par in the event of default on Sealed Air Corporation, 5.63% due 07/15/13 and pay fixed rate payments of 0.58%(k)	09/20/13		400,000		17,975
Receive fixed rate payments of 4.25% and pay variable rate payments on the three month LIBOR floating rate(h)	12/17/13		1,000,000		(11,486	)
Receive fixed rate payments of 4.25% and pay variable rate payments on the three month LIBOR floating rate(f)	12/17/13		4,800,000		(52,828	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the three month LIBOR floating rate(d)	12/17/13		28,300,000		(585,001	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the three month LIBOR floating rate(k)	12/17/13		66,700,000		(1,378,784	)
Receive fixed rate payments of 4.25% and pay variable rate payments on the three month LIBOR floating rate(f)	12/17/13		1,600,000		(17,609	)
Receive floating par in the event of default on American Electric Power and pay fixed rate payments of 6.26%(d)	06/20/15		2,300,000		11,018

See Notes to Financial Statements. 69

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

Description	Expiration Date	Notional Value		Unrealized Appreciation (Depreciation)
Receive floating par in the event of default on CitiFinancial, 6.63% due 06/01/15 and pay fixed rate payments of 0.15%(b)	06/20/15	$	300,000	$	21,125
Receive variable rate payments on the three month LIBOR floating rate and pay fixed rate payments at 4.50%(a)	12/17/15		24,000,000		205,468
Receive floating par in the event of default on Omnicom Group, Inc., 5.90% due 04/15/16 and pay fixed rate payments of 0.39%(k)	06/20/16		700,000		12,751
Receive floating par in the event of default on Bank of America, 5.62% due 10/14/16 and pay fixed rate payments of 0.17%(d)	12/20/16		1,700,000		104,534
Receive floating par in the event of default on the Dow Jones CDX IG7 Index and pay fixed rate payments of 0.65%(k)	12/20/16		3,900,000		210,727
Receive floating par in the event of default on Federal Republic of Brazil, 12.50% due 03/06/30 and pay fixed rate payments of 1.04%(f)	05/20/17		1,000,000		(28,285	)
Receive floating par in the event of default on Autozone, 5.88% due 10/15/12 and pay fixed rate payments of 0.67%(m)	06/20/17		1,700,000		49,141
Receive floating par in the event of default on Autozone, 5.88% due 10/15/12 and pay fixed rate payments of 0.64%(m)	06/20/17		900,000		27,890
Receive floating par in the event of default on Autozone, 5.88% due 10/15/12 and pay fixed rate payments of 0.64%(m)	06/20/17		600,000		18,385
Receive floating par in the event of default on GMAC LLC, 6.88% due 08/28/12 and pay fixed rate payments of 3.53%(f)	09/20/17		8,400,000		(2,715,430	)
Receive floating par in the event of default on the Dow Jones CDX IG9 Index and pay fixed rate payments of 0.80%(m)	12/20/17		7,400,000		296,644
Receive floating par in the event of default on Citigroup, Inc. and pay fixed rate payments of 1.01%(f)	06/20/18		8,700,000		273,869
Receive variable rate payments in the event of default on the Dow Jones CDX IG10 Index and pay fixed rate payments of 1.50%(f)	06/20/18		3,100,000		(38,016	)
Receive floating par in the event of default on the Dow Jones CDX IG10 Index and pay fixed rate payments of 1.50%(k)	06/20/18		12,400,000		(152,063	)
Receive fixed rate payments of 4.75% and pay variable rate payments on the three month LIBOR floating rate(h)	12/17/18		3,600,000		(23,124	)
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR floating rate(d)	12/17/18		14,300,000		217,792

70 See Notes to Financial Statements.

Description	Expiration Date	Notional Value		Unrealized Appreciation (Depreciation)
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR floating rate(k)	12/17/18	$	31,100,000	$	473,659
Receive fixed rate payments of 4.75% and pay variable rate payments on the three month LIBOR floating rate(h)	12/17/18		13,300,000		(85,429	)
Receive variable rate payments on the three month LIBOR floating rate and pay fixed rate payments of 5.00%(j)	12/17/23		4,000,000		(21,516	)
Receive variable rate payments on the three month LIBOR floating rate	12/17/23		2,700,000		53,276
Receive variable rate payments on the three month LIBOR floating rate and pay fixed rate payments of 5.00%(m)	12/17/23		22,600,000		(121,567	)
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR floating rate(f)	12/17/28		900,000		(3,288	)
Receive floating par in the event of default on the ABX HE AAA and pay fixed rate payments of 0.09%(p)	08/25/37		1,000,000		(508,200	)
Receive variable rate payments on the three month LIBOR floating rate and pay fixed rate payments of 5.00%(i)	12/17/38		3,000,000		16,726
Receive variable rate payments on the three month LIBOR floating rate and pay fixed rate payments of 5.00%(p)	12/17/38		1,000,000		5,575
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR floating rate(h)	12/17/38		1,700,000		(16,441	)
					(2,437,689	)
				$	(14,471,871	)

PORTFOLIO SUMMARY (based on net assets)

	%
Mortgage-Backed Securities	74.0
Corporate Bonds	25.9
Money Market Funds	15.6
Futures Contracts	12.5
Agency Obligations	8.2
U.S. Treasury Obligations	8.0
Foreign Bonds	7.9
Asset-Backed Securities	3.7
Commercial Paper	1.4
Loan Agreements	1.2
Purchased Options	0.5
Preferred Stocks	0.4
Municipal Bonds	0.3
Written Options	(0.5	)
Swap Agreements	(1.3	)
Securities Sold Short	(1.5	)
Forward Foreign Currency Contracts	—	**
	156.3

** Rounds to less than 0.005%.

See Notes to Financial Statements. 71

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities			Other Financial Instruments*
Assets:
Level 1 — Quoted Prices	$	183,283,837		$	(1,471,120	)
Level 2 — Other Significant Observable Inputs		1,444,912,029			1,049,694
Level 3 — Significant Unobservable Inputs**		9,694,206			—
Total Assets	$	1,637,890,072		$	(421,426	)
Liabilities:
Level 1 — Quoted Prices	$	(5,557,124	)	$	—
Level 2 — Other Significant Observable Inputs		(16,853,973	)		(14,471,871	)
Level 3 — Significant Unobservable Inputs		—			—
Total Liabilities	$	(22,411,097	)	$	(14,471,871	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

** The fair value of Level 3 securities is equal to 0.87% of the Fund’s Net Assets. The fair value of the Level 3 securities does not have a significant impact on the amounts reported.

72 See Notes to Financial Statements.

Extended-Duration Bond Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Par		Value
ASSET-BACKED SECURITIES — 7.7%
Capital One Multi-Asset Execution Trust
5.75%, 07/15/20	$	14,300,000	$	14,083,269
Citibank Credit Card Issuance Trust
6.15%, 06/15/39		12,650,000		12,353,580
Community Program Loan Trust
4.50%, 04/01/29		1,950,000		1,743,163
Discover Card Master Trust
5.65%, 03/16/20		12,100,000		11,553,612
Total Asset-Backed Securities (Cost $40,938,342)				39,733,624
CORPORATE BONDS — 60.1%
Abbott Laboratories
6.15%, 11/30/37D		9,156,000		9,211,348
Albertson’s, Inc.
7.75%, 06/15/26		800,000		788,562
6.63%, 06/01/28		105,000		90,577
7.45%, 08/01/29		985,000		936,696
8.00%, 05/01/31		110,000		113,061
American Express Co.
8.15%, 03/19/38		9,925,000		11,064,092
American International Group, Inc.
5.85%, 01/16/18		12,740,000		11,956,770
Anadarko Petroleum Corporation
5.95%, 09/15/16		1,080,000		1,082,316
6.45%, 09/15/36		760,000		752,598
Apache Corporation
6.00%, 01/15/37D		1,640,000		1,614,642
Archer-Daniels-Midland Co.
6.45%, 01/15/38		1,795,000		1,805,573
Arrow Electronics, Inc.
6.88%, 07/01/13		205,000		209,587
ASIF Global Financing XXVII
2.38%, 02/26/09 144A(G)		6,700,000		4,919,574
AT&T Corporation
6.50%, 03/15/29		125,000		119,015
6.50%, 09/01/37		11,130,000		10,806,284
Avnet, Inc.
6.00%, 09/01/15		875,000		849,450
Bank of America Corporation
8.00%, 12/29/49†		9,210,000		8,642,572
Barclays Financial LLC
4.16%, 02/22/10 144A(T)		25,000,000		744,047
4.10%, 03/22/10 144A(T)		7,000,000		203,353
4.06%, 09/16/10 144A(W)		730,000,000		703,097
Baxter International, Inc.
6.25%, 12/01/37		2,332,000		2,345,948
Borden, Inc.
7.88%, 02/15/23		1,200,000		690,000
Bruce Mansfield Unit
6.85%, 06/01/34		1,255,000		1,270,112
Camden Property Trust
5.70%, 05/15/17		25,000		21,900
Chesapeake Energy Corporation
6.88%, 01/15/16		610,000		591,700
6.50%, 08/15/17		45,000		42,300
6.88%, 11/15/20D		320,000		302,400
CIT Group Holdings, Inc.
5.40%, 01/30/16		50,000		34,484
CIT Group, Inc.
7.63%, 11/30/12D		8,440,000		7,021,346
5.00%, 02/13/14		265,000		190,508
5.13%, 09/30/14		590,000		423,110
5.50%, 12/01/14(U)		600,000		829,062
5.00%, 02/01/15D		55,000		38,079
5.65%, 02/13/17		215,000		148,547
5.80%, 10/01/36		220,000		169,638
Citigroup, Inc.
6.63%, 06/15/32		3,128,000		2,862,874
5.88%, 05/29/37D		4,141,000		3,532,451
6.88%, 03/05/38D		4,149,000		4,016,128
Comcast Corporation
5.50%, 03/15/11		500,000		500,687
5.65%, 06/15/35		660,000		562,604
6.50%, 11/15/35		555,000		529,232
6.45%, 03/15/37D		2,415,000		2,254,644
6.95%, 08/15/37		625,000		616,638
Commonwealth Edison Co.
4.75%, 12/01/11@		267,000		249,228
ConocoPhillips
5.90%, 05/15/38D		5,642,000		5,582,770
Constellation Energy Group, Inc.
4.55%, 06/15/15D		750,000		669,108
Continental Airlines, Inc.
6.95%, 02/02/11		192,631		179,146
8.31%, 04/02/18		461,837		384,521
7.57%, 03/15/20		405,072		340,260
Corning, Inc.
6.20%, 03/15/16		230,000		238,006
7.25%, 08/15/36		850,000		864,815
Cox Communications, Inc.
6.75%, 03/15/11		250,000		258,168
Cummins, Inc.
6.75%, 02/15/27		750,000		658,292
5.65%, 03/01/28D		1,520,000		1,046,839
7.13%, 03/01/28		425,000		404,297
DCP Midstream LP
6.45%, 11/03/36 144A		490,000		448,080
Devon Energy Corporation
4.95%, 08/15/08 CONV		963,000		1,793,588
Dillard’s, Inc.
7.75%, 07/15/26		890,000		627,450
7.00%, 12/01/28D		500,000		317,500
Duke Energy Carolinas LLC
6.10%, 06/01/37D		1,483,000		1,413,774
6.00%, 01/15/38		375,000		366,972
Duke Realty LP
5.95%, 02/15/17		70,000		64,757
El Paso Corporation
7.00%, 05/15/11D		400,000		403,286
Emerson Electric Co.
5.25%, 10/15/18		3,000,000		2,963,424
First Industrial LP
7.60%, 07/15/28		1,000,000		891,656
Foot Locker, Inc.
8.50%, 01/15/22		1,000,000		940,000
Ford Motor Co.
6.63%, 10/01/28D		680,000		367,200
6.38%, 02/01/29D		1,255,000		665,150
Ford Motor Credit Co.
5.70%, 01/15/10		135,000		115,217

See Notes to Financial Statements. 73

Extended-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
7.00%, 10/01/13	$	315,000	$	232,204
8.00%, 12/15/16		1,000,000		727,763
General Electric Capital Corporation
6.75%, 03/15/32		4,865,000		4,913,280
6.15%, 08/07/37		6,114,000		5,755,940
General Motors Acceptance Corporation
6.88%, 08/28/12D		250,000		171,334
Georgia-Pacific Corporation
8.00%, 01/15/24D		30,000		27,900
7.38%, 12/01/25		240,000		204,000
7.25%, 06/01/28		300,000		252,000
7.75%, 11/15/29D		3,700,000		3,274,500
8.88%, 05/15/31D		60,000		55,800
GTE Corporation
6.94%, 04/15/28		10,000		9,926
HCA, Inc.
6.30%, 10/01/12		1,500,000		1,353,750
7.58%, 09/15/25		1,000,000		816,096
7.05%, 12/01/27		500,000		381,146
HCP, Inc.
6.00%, 03/01/15		1,500,000		1,390,066
Highwoods Properties, Inc.
7.50%, 04/15/18		1,500,000		1,427,642
Historic TW, Inc.
6.63%, 05/15/29		60,000		54,746
Home Depot, Inc.
5.88%, 12/16/36		875,000		717,009
HSBC Bank USA NA
3.31%, 08/25/10 144A		700,000		821,310
5.88%, 11/01/34D		6,960,000		6,107,456
iStar Financial, Inc.
8.63%, 06/01/13		635,000		581,586
5.95%, 10/15/13		305,000		250,369
5.70%, 03/01/14D		1,171,000		984,777
JC Penney Corporation, Inc.
6.38%, 10/15/36D		810,000		678,494
Johnson & Johnson
5.95%, 08/15/37D		1,000,000		1,041,806
JPMorgan Chase Capital XXV
6.80%, 10/01/37		15,210,000		13,692,696
Kimberly-Clark Corporation
6.63%, 08/01/37		1,424,000		1,530,205
Kinder Morgan Energy Partners LP
5.80%, 03/15/35		280,000		243,694
Koninklijke Philips Electronics NV
6.88%, 03/11/38		8,052,000		8,339,787
Kraft Foods, Inc.
6.50%, 11/01/31		815,000		756,497
Lehman Brothers Holdings, Inc.
6.00%, 05/03/32†		45,000		34,491
6.88%, 07/17/37		635,000		548,166
Lennar Corporation
5.60%, 05/31/15		935,000		688,394
6.50%, 04/15/16		625,000		482,031
Lowe’s Cos., Inc.
6.65%, 09/15/37		3,051,000		2,983,384
M&T Bank Corporation
6.63%, 12/04/17		9,370,000		9,062,411
Macy’s Retail Holdings, Inc.
6.38%, 03/15/37		240,000		185,361
MBIA Insurance Corporation
14.00%, 01/15/33 144A†D		4,750,000		1,972,613
McDonald’s Corporation
6.30%, 10/15/37		6,763,000		6,748,723
MidAmerican Energy Holdings Co.
5.88%, 10/01/12		1,000,000		1,029,499
6.50%, 09/15/37		685,000		694,100
Monsanto Co.
5.88%, 04/15/38		2,054,000		1,983,842
Mosaic Global Holdings, Inc.
7.38%, 08/01/18		500,000		513,125
7.30%, 01/15/28		690,000		700,350
Motorola, Inc.
6.50%, 11/15/28D		500,000		391,556
Nextel Communications, Inc.
5.95%, 03/15/14		5,000		4,017
7.38%, 08/01/15		35,000		29,069
NGPL PipeCo LLC
7.12%, 12/15/17 144A		640,000		655,238
NiSource Finance Corporation
6.15%, 03/01/13D		1,000,000		998,366
6.40%, 03/15/18		1,640,000		1,585,627
Northern Telecom Capital
7.88%, 06/15/26		450,000		324,000
Nucor Corporation
6.40%, 12/01/37		9,294,000		9,460,967
Owens Corning, Inc.
6.50%, 12/01/16		240,000		218,857
7.00%, 12/01/36		355,000		297,384
PacifiCorp
6.25%, 10/15/37		6,943,000		6,888,692
Pioneer Natural Resources Co.
7.20%, 01/15/28D		2,500,000		2,219,668
PPL Electric Utilities Corporation
6.45%, 08/15/37		3,076,000		3,158,594
Preston Corporation
7.00%, 05/01/11 CONV		201,000		186,428
Prologis
5.63%, 11/15/15		35,000		32,931
Pulte Homes, Inc.
5.20%, 02/15/15		40,000		32,800
7.88%, 06/15/32		1,500,000		1,290,000
6.38%, 05/15/33		1,000,000		780,000
Qwest Corporation
7.25%, 09/15/25		1,000,000		890,000
6.88%, 09/15/33		2,250,000		1,867,500
Regions Financial Corporation
7.38%, 12/10/37		11,088,000		10,015,569
SLM Corporation
5.38%, 05/15/14		200,000		175,920
Southern Natural Gas Co.
7.35%, 02/15/31		1,750,000		1,781,178
Sprint Capital Corporation
6.90%, 05/01/19		75,000		65,932
6.88%, 11/15/28		3,400,000		2,837,555
Swift Energy Co.
7.63%, 07/15/11D		150,000		150,000
Target Corporation
6.50%, 10/15/37		5,400,000		5,211,243
7.00%, 01/15/38		5,150,000		5,296,945
Tennessee Gas Pipeline Co.
7.00%, 10/15/28		750,000		735,193

74 See Notes to Financial Statements.

	Par		Value
Time Warner, Inc.
7.63%, 04/15/31	$	35,000	$	35,630
6.50%, 11/15/36		120,000		107,146
Toll Brothers Finance Corporation
5.15%, 05/15/15		1,285,000		1,114,365
Toro Co.
6.63%, 05/01/37		300,000		307,795
Union Pacific Resources Group
7.15%, 05/15/28		250,000		258,185
United Technologies Corporation
6.13%, 07/15/38		6,030,000		6,078,035
Verizon Communications, Inc.
6.40%, 02/15/38D		2,068,000		1,931,158
6.90%, 04/15/38		2,570,000		2,547,808
Verizon Global Funding Corporation
5.85%, 09/15/35		2,420,000		2,139,725
Verizon Maryland, Inc.
5.13%, 06/15/33		50,000		38,730
Verizon New York, Inc.
7.38%, 04/01/32		385,000		392,197
Wachovia Bank NA
5.85%, 02/01/37		6,077,000		4,852,102
6.60%, 01/15/38		7,257,000		6,342,509
Wal-Mart Stores, Inc.
5.25%, 09/01/35		1,822,000		1,588,314
6.50%, 08/15/37		9,385,000		9,690,585
WellPoint, Inc.
6.38%, 06/15/37D		2,080,000		1,882,772
Wells Fargo Bank NA
5.95%, 08/26/36		4,625,000		4,344,207
Western Union Co.
6.20%, 11/17/36		2,155,000		2,017,470
Williams Cos., Inc.
7.50%, 01/15/31		1,250,000		1,270,312
Xerox Capital Trust I
8.00%, 02/01/27		1,500,000		1,467,568
XTO Energy, Inc.
6.10%, 04/01/36		50,000		47,778
Total Corporate Bonds (Cost $320,780,170)				308,316,999
FOREIGN BONDS — 28.5%
Australia — 1.9%
New South Wales Treasury Corporation
7.00%, 12/01/10(A)		1,125,000		1,070,734
6.00%, 05/01/12(A)		120,000		110,058
Qantas Airways, Ltd.
6.05%, 04/15/16 144A		345,000		313,215
Queensland Treasury Corporation
6.00%, 06/14/11(A)		1,385,000		1,284,364
Rio Tinto Finance USA, Ltd.
7.13%, 07/15/28		6,830,000		6,929,820
				9,708,191
Brazil — 1.4%
Federative Republic of Brazil
10.25%, 01/10/28(B)		2,525,000		1,397,878
8.25%, 01/20/34D		4,750,000		5,852,000
				7,249,878
Canada — 7.6%
British Columbia Generic Residual
4.14%, 06/09/14 STRIP(C)W		10,230,000		7,905,502
Canada Generic Residual
4.23%, 06/01/25 STRIP(C)W		4,110,000		1,974,993
Canadian Government
4.00%, 06/01/16(C)		575,000		576,635
Canadian National Railway Co.
6.38%, 11/15/37		7,938,000		7,850,999
CIT Group Funding Co.
5.20%, 06/01/15		240,000		165,529
Kinder Morgan Finance Co.
5.70%, 01/05/16		125,000		111,875
Methanex Corporation
6.00%, 08/15/15		25,000		23,293
Ontario Generic Residual
4.82%, 07/13/22 STRIP(C)W		3,900,000		1,939,100
4.91%, 03/08/29(C)		7,000,000		2,539,963
Saskatchewan Residual
4.13%, 04/10/14 STRIP(C)W		7,500,000		5,817,888
4.76%, 02/04/22 STRIP(C)W		3,000,000		1,571,050
Talisman Energy, Inc.
5.85%, 02/01/37		670,000		579,111
6.25%, 02/01/38		450,000		414,971
TransCanada Pipelines, Ltd.
6.20%, 10/15/37(C)		8,412,000		7,735,641
				39,206,550
Cayman Islands — 0.1%
Enersis SA
7.40%, 12/01/16D		625,000		670,024
Iceland — 1.1%
Glitnir Banki HF
6.38%, 09/25/12 144A		6,275,000		5,398,288
Luxembourg — 1.2%
Covidien International Finance SA
6.55%, 10/15/37		5,307,000		5,370,153
Telecom Italia Capital SA
6.38%, 11/15/33		410,000		366,086
6.00%, 09/30/34		415,000		356,241
				6,092,480
Malaysia — 0.1%
Telekom Malaysia BHD
7.88%, 08/01/25 144A		225,000		255,908
Mexico — 1.0%
Mexican Bonos
9.00%, 12/20/12(M)		23,000,000		2,243,844
8.00%, 12/07/23(M)		34,000,000		2,950,946
				5,194,790
Netherlands — 0.3%
Rabobank Nederland NV
14.00%, 01/28/09(I)		110,000,000		1,403,242
Philippines — 0.1%
Quezon Power (Philippines), Ltd.
8.86%, 06/15/17		385,000		381,150

See Notes to Financial Statements. 75

Extended-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Spain — 2.8%
Santander Perpetual SA Unipersonal
6.67%, 10/24/17 144A†D	$	11,600,000	$	11,225,367
Telefonica Emisones SAU
7.05%, 06/20/36		3,105,000		3,196,349
				14,421,716
Supranational — 2.0%
Inter-American Development Bank
12.03%, 05/11/09(B)		7,500,000		4,235,388
6.00%, 12/15/17(Z)D		8,765,000		6,153,973
				10,389,361
United Kingdom — 8.9%
AstraZeneca PLC
6.45%, 09/15/37		2,700,000		2,757,829
Barclays Bank PLC
6.05%, 12/04/17 144A		4,531,000		4,449,120
7.70%, 10/25/49†D		5,537,000		5,661,522
HBOS PLC
6.75%, 05/21/18		9,556,000		9,155,164
HSBC Holdings PLC
6.50%, 09/15/37D		6,500,000		5,943,593
Standard Chartered Bank
6.40%, 09/26/17 144AD		10,027,000		9,819,060
Tesco PLC
6.15%, 11/15/37 144A		7,550,000		7,020,783
Vodafone Group PLC
6.15%, 02/27/37D		1,000,000		917,438
				45,724,509
Total Foreign Bonds (Cost $138,243,484)				146,096,087
MORTGAGE-BACKED SECURITIES — 0.0%
Federal Home Loan Mortgage Corporation
5.00%, 12/01/31		183,018		176,699
Federal National Mortgage Association
5.00%, 07/25/23		22,150		22,110
Total Mortgage-Backed Securities (Cost $191,641)				198,809
	Shares
PREFERRED STOCKS — 0.1%
Chesapeake Energy Corporation CONV		330		57,362
El Paso Energy Capital Trust I CONV		5,350		219,350
Total Preferred Stocks (Cost $253,515)				276,712
MONEY MARKET FUNDS — 9.7%
GuideStone Money Market Fund (GS4 Class)¥		4,963,945		4,963,945
Northern Institutional Liquid Assets Portfolio§		44,639,752		44,639,752
Total Money Market Funds (Cost $49,603,697)				49,603,697
	Par
U.S. TREASURY OBLIGATIONS — 0.7%
U.S. Treasury Bond
4.75%, 02/15/37D	$	1,000,000		1,032,969
U.S. Treasury Note
4.63%, 10/31/11D		1,055,000		1,107,668
U.S. Treasury STRIPS
4.70%, 02/15/36D		1,500,000		428,242
4.66%, 05/15/37D		4,000,000		1,082,052
				1,510,294
Total U.S. Treasury Obligations (Cost $3,579,372)				3,650,931
TOTAL INVESTMENTS — 106.8% (Cost $553,590,221)				547,876,859
Liabilities in Excess of Other Assets — (6.8)%				(34,937,986	)
NET ASSETS — 100.0%			$	512,938,873

76 See Notes to Financial Statements.

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds	60.1
Foreign Bonds	28.5
Money Market Funds	9.7
Asset-Backed Securities	7.7
U.S. Treasury Obligations	0.7
Preferred Stocks	0.1
Mortgage-Backed Securities	—	**
	106.8

** Rounds to less than 0.005%.

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	49,880,409	$	—
Level 2 — Other Significant Observable Inputs		497,996,450		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	547,876,859	$	—

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

See Notes to Financial Statements. 77

Global Bond Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 0.2%
Federal National Mortgage Association
1.25%, 12/15/08‡‡	$	153,000	$	151,236
1.38%, 12/15/08‡‡		445,000		439,870
Total Agency Obligations (Cost $594,285)				591,106
ASSET-BACKED SECURITIES — 2.2%
ARG Funding Corporation
2.64%, 05/20/11†		460,000		421,333
Bear Stearns Asset-Backed Securities Trust
2.87%, 10/25/33 STEP		150,306		137,532
Carrington Mortgage Loan Trust
2.80%, 10/25/35†		124,349		122,134
Chase Issuance Trust
2.72%, 04/15/19†		760,000		606,792
Citibank Credit Card Issuance Trust
7.75%, 06/20/14		710,000		656,085
GMAC Mortgage Corporation Loan Trust
2.55%, 12/25/36†		1,830,778		1,306,272
Lehman XS Trust
2.57%, 02/25/37†		683,709		622,301
Morgan Stanley Mortgage Loan Trust
2.60%, 10/25/36†		352,595		335,837
Origen Manufactured Housing
2.62%, 11/15/18†		119,537		101,833
RAAC Series
2.73%, 07/25/37 144A†		320,009		314,649
Residential Asset Securities Corporation
6.35%, 03/25/32		81,576		56,666
SACO I, Inc.
2.56%, 09/25/35†		140,882		78,967
Security National Mortgage Loan Trust
2.67%, 01/25/37 144A†		261,838		253,942
Total Asset-Backed Securities (Cost $5,779,599)				5,014,343
CORPORATE BONDS — 35.1%
Activant Solutions, Inc.
9.50%, 05/01/16		65,000		51,675
Advanced Medical Optics, Inc.
7.50%, 05/01/17D		45,000		41,625
AES Corporation
8.38%, 03/01/11(U)		50,000		98,596
8.75%, 05/15/13 144A		312,000		325,260
8.00%, 10/15/17		315,000		310,275
Affinion Group, Inc.
10.13%, 10/15/13		100,000		100,750
11.50%, 10/15/15		105,000		105,263
Allegheny Energy Supply
7.80%, 03/15/11		90,000		92,475
Allied Security Escrow Corporation
11.38%, 07/15/11		160,000		138,400
Allied Waste North America, Inc.
7.13%, 05/15/16D		225,000		225,000
American International Group, Inc.
5.05%, 10/01/15		100,000		90,741
Amkor Technologies, Inc.
7.75%, 05/15/13		585,000		544,781
Anadarko Petroleum Corporation
5.95%, 09/15/16		20,000		20,043
Appleton Papers, Inc.
8.13%, 06/15/11		40,000		38,000
9.75%, 06/15/14		100,000		93,500
Ashtead Capital, Inc.
9.00%, 08/15/16 144AD		140,000		123,900
Ashton Woods USA LLC
9.50%, 10/01/15		40,000		23,400
Associated Materials, Inc.
9.75%, 04/15/12D		120,000		119,400
19.23%, 03/01/14 STEPWD		190,000		126,350
AT&T Corporation
6.50%, 03/15/29		580,000		552,230
Autonation, Inc.
4.71%, 04/15/13†		200,000		170,000
Avis Budget Car Rental LLC
5.18%, 05/15/14†D		225,000		175,500
Baltimore Gas & Electric Co.
5.20%, 06/15/33		1,125,000		881,272
Banca Popolare di Lodi Investors Trust III
6.74%, 06/30/36(E)†		260,000		360,686
Belden & Blake Corporation
8.75%, 07/15/12		120,000		123,300
Blockbuster, Inc.
9.00%, 09/01/12D		110,000		90,475
Boeing Capital Corporation, Ltd.
5.80%, 01/15/13		60,000		63,032
Boston Scientific Corporation
7.00%, 11/15/35D		215,000		190,275
Buffets, Inc.
12.50%, 11/01/14		105,000		2,100
CCH I Holdings LLC
11.00%, 10/01/15D		520,000		388,050
CDX North America High Yield
7.63%, 06/29/12 144A		1,950,000		1,795,170
Ceridian Corporation
12.25%, 11/15/15 PIK 144AD		60,000		54,600
Charter Communications Holdings LLC
12.13%, 01/15/12 STEPD		70,000		51,100
Charter Communications, Inc.
10.88%, 09/15/14 144AD		140,000		144,550
Chesapeake Energy Corporation
7.50%, 09/15/13D		265,000		266,325
6.50%, 08/15/17		1,190,000		1,118,600
6.25%, 01/15/18		30,000		27,750
7.25%, 12/15/18		95,000		92,862
Chiquita Brands International, Inc.
7.50%, 11/01/14D		385,000		315,700
CII Carbon LLC
11.13%, 11/15/15 144AD		190,000		188,100
Cincinnati Bell Telephone Co.
6.30%, 12/01/28		155,000		124,775

78 See Notes to Financial Statements.

	Par		Value
CIT Group Holdings, Inc.
5.40%, 01/30/16D	$	10,000	$	6,897
CIT Group, Inc.
5.13%, 09/30/14		240,000		172,113
5.00%, 02/01/15		1,575,000		1,090,458
5.85%, 09/15/16		240,000		165,837
5.65%, 02/13/17		5,000		3,455
Citizens Communications Co.
9.25%, 05/15/11D		200,000		208,000
7.13%, 03/15/19		500,000		450,000
Clear Channel Communications, Inc.
5.50%, 09/15/14		40,000		24,028
6.88%, 06/15/18D		770,000		454,984
CMP Susquehanna Corporation
9.88%, 05/15/14		80,000		56,400
Colorado Interstate Gas Co.
5.95%, 03/15/15		20,000		19,690
6.80%, 11/15/15		125,000		128,307
Comcast Corporation
6.50%, 01/15/15		60,000		61,008
6.50%, 01/15/17		60,000		60,454
Commerzbank Capital Funding Trust I
5.01%, 04/12/37(E)†		900,000		1,103,497
Community Health Systems, Inc.
8.88%, 07/15/15D		100,000		101,125
Complete Production Services, Inc.
8.00%, 12/15/16		80,000		80,300
Countrywide Financial Corporation
5.80%, 06/07/12		90,000		85,196
6.25%, 05/15/16D		280,000		249,670
CSC Holdings, Inc.
8.13%, 08/15/09D		270,000		272,700
Cummins, Inc.
5.65%, 03/01/28		1,500,000		1,033,065
DAE Aviation Holdings, Inc.
11.25%, 08/01/15 144AD		230,000		229,425
DaVita, Inc.
6.63%, 03/15/13D		140,000		135,100
Delhaize America, Inc.
9.00%, 04/15/31		301,000		355,275
Deutsche Postbank Funding Trust IV
5.98%, 06/29/49(E)		300,000		401,510
Dex Media West LLC
9.88%, 08/15/13		275,000		248,188
Dex Media, Inc.
16.11%, 11/15/13 STEPWD		10,000		7,200
DI Finance
9.50%, 02/15/13		180,000		180,000
Dole Food Co., Inc.
7.25%, 06/15/10		100,000		91,000
Dollar General Corporation
11.88%, 07/15/17 PIKD		195,000		185,250
DP World, Ltd.
6.85%, 07/02/37		300,000		258,156
Dynegy Holdings, Inc.
7.50%, 06/01/15D		307,000		284,743
7.75%, 06/01/19		746,000		682,590
EchoStar DBS Corporation
7.00%, 10/01/13D		600,000		574,500
Education Management LLC
8.75%, 06/01/14		60,000		56,100
10.25%, 06/01/16		95,000		87,875
El Paso Corporation
7.75%, 01/15/32D		150,000		151,018
El Paso Natural Gas Co.
8.63%, 01/15/22		90,000		100,319
8.38%, 06/15/32		75,000		84,128
Energy Future Holdings Corporation
11.25%, 11/01/17 PIK 144A		850,000		852,125
6.50%, 11/15/24		20,000		14,856
6.55%, 11/15/34		360,000		264,088
Enterprise Products Operating LP
8.38%, 08/01/45†		60,000		60,070
EPL Finance Corporation
11.75%, 11/15/13		45,000		45,000
Erac USA Finance Co.
7.00%, 10/15/37		775,000		646,407
EXCO Resources, Inc.
7.25%, 01/15/11D		125,000		123,438
Expedia, Inc.
8.50%, 07/01/16		50,000		49,125
FirstEnergy Corporation
7.38%, 11/15/31		45,000		49,075
Ford Motor Co.
6.63%, 10/01/28D		850,000		459,000
7.45%, 07/16/31		2,300,000		1,351,250
Ford Motor Credit Co.
5.63%, 10/01/08D		240,000		235,942
5.70%, 01/15/10		1,250,000		1,066,828
5.46%, 01/13/12†		37,500		26,674
7.16%, 04/15/12†		100,000		93,742
7.00%, 10/01/13D		650,000		479,151
Freeport-McMoRan Copper & Gold, Inc.
8.38%, 04/01/17		470,000		496,621
Freescale Semiconductor, Inc.
10.13%, 12/15/16D		661,000		507,318
General Electric Capital Corporation
6.75%, 03/15/32		30,000		30,298
General Motors Acceptance Corporation
6.75%, 12/01/14D		650,000		429,788
8.00%, 11/01/31		600,000		391,119
General Motors Corporation
8.25%, 07/15/23D		375,000		220,313
8.38%, 07/05/33(E)		250,000		213,243
8.38%, 07/15/33D		1,700,000		1,015,750
Georgia Gulf Corporation
9.50%, 10/15/14D		125,000		94,062
Georgia-Pacific Corporation
8.88%, 05/15/31		625,000		581,250
GMAC LLC
5.38%, 06/06/11(E)		470,000		488,951
6.00%, 12/15/11D		1,515,000		1,043,274
Goldman Sachs Group, Inc.
6.65%, 05/15/09		20,000		20,398
Goodyear Tire & Rubber Co.
7.00%, 03/15/28		690,000		579,600
Graham Packaging Co., Inc.
8.50%, 10/15/12		25,000		23,812
9.88%, 10/15/14D		105,000		93,450

See Notes to Financial Statements. 79

Global Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Graphic Packaging International Corporation
9.50%, 08/15/13D	$	145,000	$	139,200
H&E Equipment Services, Inc.
8.38%, 07/15/16		205,000		180,400
Hawaiian Telcom Communications, Inc.
12.50%, 05/01/15		65,000		16,575
Hawker Beechcraft Acquisition Co., LLC
8.88%, 04/01/15 PIKD		20,000		20,200
9.75%, 04/01/17D		260,000		261,300
HCA, Inc.
8.75%, 11/01/10(U)		140,000		269,097
7.88%, 02/01/11		240,000		237,600
6.38%, 01/15/15D		765,000		638,775
7.19%, 11/15/15		205,000		177,605
6.50%, 02/15/16		320,000		268,000
9.25%, 11/15/16		60,000		61,950
9.63%, 11/15/16 PIK		85,000		87,763
7.50%, 12/15/23		500,000		409,060
7.69%, 06/15/25		745,000		612,962
7.58%, 09/15/25		570,000		465,175
Hertz Corporation
8.88%, 01/01/14		500,000		460,000
Hess Corporation
6.65%, 08/15/11D		60,000		62,975
Hexion US Finance Corporation
9.75%, 11/15/14		1,170,000		1,064,700
Home Depot, Inc.
5.88%, 12/16/36		590,000		483,469
Host Hotels & Resorts LP
2.63%, 04/15/27D		750,000		610,313
Idearc, Inc.
8.00%, 11/15/16		1,034,000		655,298
International Paper Co.
5.50%, 01/15/14		575,000		528,987
iStar Financial, Inc.
5.65%, 09/15/11		92,000		78,715
8.63%, 06/01/13		75,000		68,691
5.95%, 10/15/13		954,000		783,122
5.70%, 03/01/14		62,000		52,140
6.05%, 04/15/15		20,000		16,021
5.88%, 03/15/16		22,000		17,357
Jarden Corporation
7.50%, 05/01/17		100,000		87,500
JC Penney Corporation, Inc.
7.63%, 03/01/38		1,300,000		1,065,115
Jefferson Smurfit Corporation
7.50%, 06/01/13		625,000		518,750
Jones Apparel Group, Inc.
6.13%, 11/15/34		135,000		92,475
Kerr-McGee Corporation
6.95%, 07/01/24		30,000		31,193
Keystone Automotive Operations, Inc.
9.75%, 11/01/13D		85,000		41,225
Kinder Morgan Energy Partners LP
5.95%, 02/15/18D		1,060,000		1,034,568
Knight, Inc.
5.15%, 03/01/15		150,000		133,125
Kraft Foods, Inc.
4.13%, 11/12/09		40,000		39,953
6.50%, 11/01/31D		1,200,000		1,113,860
L-3 Communications Corporation
7.63%, 06/15/12		600,000		607,500
6.13%, 01/15/14D		45,000		42,412
6.38%, 10/15/15		450,000		423,000
Lamar Media Corporation
6.63%, 08/15/15		100,000		91,500
Lehman Brothers Holdings, Inc.
5.25%, 02/06/12		130,000		123,122
6.88%, 07/17/37		500,000		431,627
Leiner Health Products, Inc.
11.00%, 06/01/12@D		285,000		6,412
Lennar Corporation
5.60%, 05/31/15		1,400,000		1,030,750
Level 3 Financing, Inc.
9.25%, 11/01/14D		260,000		237,900
8.75%, 02/15/17		985,000		852,025
Mariner Energy, Inc.
8.00%, 05/15/17D		70,000		68,075
Marsh & McLennan Cos., Inc.
5.88%, 08/01/33		1,000,000		841,565
MBIA Insurance Corporation
14.00%, 01/15/33 144A†D		410,000		170,268
Merrill Lynch & Co., Inc.
6.11%, 01/29/37		2,000,000		1,593,086
Metals USA, Inc.
11.13%, 12/01/15		140,000		146,300
MetroPCS Wireless, Inc.
9.25%, 11/01/14		40,000		38,700
Michaels Stores, Inc.
11.38%, 11/01/16D		60,000		48,000
Midwest Generation LLC
8.30%, 07/02/09		52,609		53,003
Mirant Mid-Atlantic LLC
9.13%, 06/30/17		152,070		167,277
Morgan Stanley
4.75%, 04/01/14		50,000		45,617
Mutual of Omaha Insurance Co.
6.80%, 06/15/36		1,200,000		1,148,743
Neiman-Marcus Group, Inc.
9.00%, 10/15/15 PIKD		85,000		84,363
10.38%, 10/15/15D		270,000		271,350
7.13%, 06/01/28		30,000		26,700
Nevada Power Co.
8.25%, 06/01/11D		290,000		313,257
5.88%, 01/15/15		100,000		100,321
NewPage Corporation
9.12%, 05/01/12†		265,000		267,650
Nextel Communications, Inc.
5.95%, 03/15/14		970,000		779,314
7.38%, 08/01/15		430,000		357,131
Noranda Aluminium Holding Corporation
8.58%, 11/15/14†		90,000		74,250
Norcraft Holdings LP
11.24%, 09/01/12 STEPW		195,000		182,569
Nortek, Inc.
8.50%, 09/01/14D		15,000		9,675
Nortel Networks Corporation
2.13%, 04/15/14		1,675,000		1,130,625
NRG Energy, Inc.
7.38%, 02/01/16		300,000		283,125
NTK Holdings, Inc.
25.91%, 03/01/14WD		160,000		73,600

80 See Notes to Financial Statements.

	Par		Value
Oncor Electric Delivery Co.
6.38%, 01/15/15	$	100,000	$	98,803
Orion Power Holdings, Inc.
12.00%, 05/01/10		55,000		59,675
Owens Corning, Inc.
7.00%, 12/01/36		220,000		184,294
Panhandle Eastern Pipeline Co.
7.00%, 06/15/18		1,100,000		1,099,707
Pemex Project Funding Master Trust
6.63%, 06/15/35D		1,810,000		1,794,801
Penhall International Corporation
12.00%, 08/01/14 144A		205,000		154,775
PetroHawk Energy Corporation
9.13%, 07/15/13D		70,000		72,100
Pioneer Natural Resources Co.
5.88%, 07/15/16		900,000		818,512
7.20%, 01/15/28		315,000		279,678
Qwest Communications International, Inc.
6.18%, 02/15/09†		33,000		33,000
7.25%, 02/15/11D		35,000		33,994
7.50%, 02/15/14		20,000		19,100
Qwest Corporation
7.88%, 09/01/11		100,000		100,500
6.03%, 06/15/13†		100,000		96,000
7.63%, 06/15/15		300,000		290,250
6.50%, 06/01/17		15,000		13,462
7.50%, 06/15/23		165,000		147,675
6.88%, 09/15/33		3,415,000		2,834,450
7.25%, 10/15/35		110,000		92,950
Realogy Corporation
12.38%, 04/15/15		235,000		116,325
Rental Service Corporation
9.50%, 12/01/14D		160,000		134,400
Residential Capital LLC
9.63%, 05/15/15		667,000		326,830
RH Donnelley Corporation
6.88%, 01/15/13D		320,000		192,000
Rural Cellular Corporation
5.68%, 06/01/13†		60,000		60,450
Ryerson, Inc.
12.00%, 11/01/15 144A		160,000		159,600
Saint Acquisition Corporation
10.43%, 05/15/15 144A†		70,000		22,750
12.50%, 05/15/17 144AD		185,000		63,825
Sbarro, Inc.
10.38%, 02/01/15D		70,000		60,200
SemGroup LP
8.75%, 11/15/15 144A		105,000		102,375
Sequa Corporation
11.75%, 12/01/15		50,000		44,750
13.50%, 12/01/15D		50,000		46,250
Service Corporation International
7.50%, 04/01/27		75,000		64,125
SLM Corporation
5.38%, 01/15/13		650,000		573,055
5.00%, 10/01/13		380,000		328,938
4.75%, 03/17/14(E)		170,000		215,210
5.38%, 05/15/14		1,000,000		879,599
8.45%, 06/15/18		385,000		369,950
Smurfit-Stone Container Enterprises, Inc.
8.00%, 03/15/17D		335,000		269,675
Sprint Capital Corporation
8.38%, 03/15/12		60,000		59,446
Steel Dynamics, Inc.
7.38%, 11/01/12 144A		45,000		45,225
Stone Energy Corporation
8.25%, 12/15/11		115,000		112,700
Suburban Propane Partners LP
6.88%, 12/15/13D		145,000		137,750
Sungard Data Systems, Inc.
10.25%, 08/15/15		190,000		191,900
Tenet Healthcare Corporation
6.38%, 12/01/11D		110,000		104,775
7.38%, 02/01/13D		1,100,000		1,039,500
9.88%, 07/01/14D		375,000		378,750
6.88%, 11/15/31		85,000		61,625
Terex Corporation
7.38%, 01/15/14		20,000		19,800
Time Warner Cable, Inc.
5.85%, 05/01/17		1,200,000		1,141,685
Time Warner, Inc.
6.88%, 05/01/12		90,000		92,151
TL Acquisitions, Inc.
10.50%, 01/15/15 144A		100,000		87,500
Toronto Dominion Bank NY
6.38%, 12/15/14D		795,000		520,725
Toys “R” Us, Inc.
7.38%, 10/15/18		80,000		59,600
TRW Automotive, Inc.
6.38%, 03/15/14 144A(E)		147,000		190,942
Tube City IMS Corporation
9.75%, 02/01/15		80,000		74,200
TXU Corporation
5.55%, 11/15/14D		1,370,000		1,079,386
Unicredito Italiano Capital Trust III
4.03%, 10/29/49(E)†		250,000		307,666
United Rentals, Inc.
7.00%, 02/15/14		250,000		195,000
UnitedHealth Group, Inc.
5.80%, 03/15/36		790,000		655,905
Universal Hospital Services, Inc.
6.30%, 06/01/15†		20,000		18,800
8.50%, 06/01/15 PIK		20,000		20,100
US Investigations Services, Inc.
10.50%, 11/01/15 144AD		150,000		138,750
US Oncology Holdings, Inc.
10.76%, 03/15/12 PIK		105,364		83,764
USG Corporation
6.30%, 11/15/16		675,000		546,750
Valor Telecommunications Enterprises LLC
7.75%, 02/15/15D		125,000		128,033
Vanguard Health Holding Co. II LLC
9.00%, 10/01/14D		220,000		218,900
Verizon Global Funding Corporation
6.88%, 06/15/12		30,000		31,815
Visteon Corporation
8.25%, 08/01/10		57,000		51,015
12.25%, 12/31/16		145,000		116,725

See Notes to Financial Statements. 81

Global Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
W&T Offshore, Inc.
8.25%, 06/15/14 144A	$	50,000	$	48,500
Wachovia Corporation
5.25%, 08/01/14		120,000		111,873
Waste Management, Inc.
7.38%, 08/01/10		50,000		52,254
7.38%, 05/15/29		50,000		52,686
Western Union Co.
6.20%, 11/17/36		620,000		580,432
Westvaco Corporation
7.95%, 02/15/31		135,000		126,533
Weyerhaeuser Co.
6.75%, 03/15/12		120,000		123,691
Whiting Petroleum Corporation
7.00%, 02/01/14		130,000		128,212
Williams Cos., Inc.
7.13%, 09/01/11D		525,000		546,000
7.50%, 01/15/31		130,000		132,113
Windstream Corporation
8.63%, 08/01/16D		650,000		651,625
Xerox Corporation
9.75%, 01/15/09		500,000		514,750
XTO Energy, Inc.
7.50%, 04/15/12		30,000		32,213
Total Corporate Bonds (Cost $84,247,898)				80,103,289
FOREIGN BONDS — 33.7%
Argentina — 0.3%
Republic of Argentina
2.00%, 01/03/10(P)†		1,140,000		320,490
7.00%, 09/12/13		488,000		369,131
				689,621
Australia — 1.8%
National Capital Instruments LLC
5.91%, 12/29/49(E)†		150,000		194,225
New South Wales Treasury Corporation
7.00%, 12/01/10(A)		2,825,000		2,688,731
Queensland Treasury Corporation
6.00%, 06/14/11(A)		1,220,000		1,131,353
				4,014,309
Bermuda — 0.5%
AES China Generating Co., Ltd.
8.25%, 06/26/10		78,000		74,127
White Mountains Re Group, Ltd.
6.38%, 03/20/17D		1,250,000		1,120,252
				1,194,379
Brazil — 3.2%
Brazil Notas do Tesouro Nacional, Series F
10.00%, 07/01/10(B)		2,000,000		1,203,356
10.00%, 01/01/12(B)		2,000,000		1,083,526
Federative Republic of Brazil
10.25%, 01/10/28(B)		6,000,000		3,321,689
11.00%, 08/17/40D		1,210,000		1,601,737
				7,210,308
Canada — 5.7%
Bell Canada
5.00%, 02/15/17(C)		410,000		326,496
6.10%, 03/16/35(C)		265,000		198,606
Bombardier, Inc.
7.25%, 11/15/16(E)		161,000		245,870
Canadian Government
5.25%, 06/01/12(C)		10,000,000		10,453,957
Conoco Funding Co.
6.35%, 10/15/11		70,000		74,084
Methanex Corporation
8.75%, 08/15/12		70,000		74,200
Novelis, Inc.
7.25%, 02/15/15		115,000		109,250
OPTI Canada, Inc.
7.88%, 12/15/14		100,000		99,250
8.25%, 12/15/14		70,000		70,000
Rogers Cable, Inc.
7.88%, 05/01/12D		240,000		260,776
Rogers Wireless, Inc.
9.63%, 05/01/11		450,000		498,423
Stone Container Finance
7.38%, 07/15/14D		650,000		523,250
Sun Media Corporation
7.63%, 02/15/13		100,000		97,250
				13,031,412
Cayman Islands — 1.0%
MUFG Capital Finance 2, Ltd.
4.85%, 07/25/36(E)†		500,000		616,203
Odebrecht Finance, Ltd.
7.50%, 10/18/17		100,000		103,250
Shinsei Finance Cayman, Ltd.
6.42%, 07/20/49 144A†		120,000		84,391
SMFG Preferred Capital, Ltd.
6.16%, 12/31/49(U)		350,000		546,407
Vale Overseas, Ltd.
6.88%, 11/21/36		927,000		865,572
				2,215,823
Colombia — 0.2%
Republic of Colombia
7.38%, 09/18/37		400,000		429,000
Denmark — 0.2%
Nordic Telephone Co. Holdings ApS
8.88%, 05/01/16 144A		265,000		261,025
10.36%, 05/01/16(E)†		111,000		173,017
				434,042
Ecuador — 0.1%
Republic of Ecuador
10.00%, 08/15/30 STEP		150,000		147,000
Egypt — 0.8%
Egyptian Treasury Bills
10.85%, 03/03/09W(Y)		6,975,000		1,221,205
10.90%, 04/14/09(Y)		3,375,000		583,980
				1,805,185
Finland — 0.2%
M-real OYJ
8.98%, 12/15/10(E)†		300,000		396,361

82 See Notes to Financial Statements.

	Par		Value
France — 1.3%
Akerys Holdings SA
8.11%, 08/01/14 144A(E)	$	260,000	$	102,340
AXA SA
6.21%, 10/05/49(E)		360,000		495,613
Banque Federative du Credit Mutuel
4.47%, 10/28/35(E)†		157,000		196,689
Compagnie Generale de Geophysique - Veritas
7.50%, 05/15/15(E)		90,000		90,225
Credit Agricole SA
4.13%, 11/09/49(E)†		500,000		611,597
Dexia Credit Local
4.30%, 11/18/49(E)†		500,000		577,825
Europcar Groupe SA
8.36%, 05/15/13(E)†		155,000		191,572
French Government Bond
5.07%, 10/25/32(E)		1,030,000		491,048
Zlomrex International Finance SA
8.50%, 02/01/14(E)		200,000		234,594
				2,991,503
Germany — 0.7%
Bayerische Landesbank
5.75%, 10/23/17(E)		550,000		801,091
Eurohypo Capital Funding Trust 1
6.45%, 12/23/49(E)†		27,000		38,306
HSH Nordbank AG
5.16%, 02/14/17(E)		52,000		65,893
HT1 Funding GmbH
6.35%, 07/29/49(E)†		450,000		551,111
Kabel Deutschland GmbH
10.75%, 07/01/14(E)		106,000		168,144
				1,624,545
Hungary — 1.0%
Hungary Government Bond
6.00%, 10/24/12(H)		206,970,000		1,227,663
5.50%, 02/12/14(H)		210,000,000		1,183,185
				2,410,848
Iceland — 0.3%
Kaupthing Bank HF
7.13%, 05/19/16 144A		150,000		105,849
6.13%, 10/04/16		700,000		511,618
				617,467
Ireland — 0.6%
Ardagh Glass Finance PLC
7.13%, 06/15/17(E)		112,000		144,598
Ardagh Glass Finance PLC
7.13%, 06/15/17 144A(E)		170,000		218,810
Elan Finance PLC
7.75%, 11/15/11		845,000		823,875
Smurfit Kappa Funding PLC
7.75%, 04/01/15(E)D		200,000		283,528
				1,470,811
Italy — 0.1%
Banco Popolare SC
6.16%, 06/29/49(E)		200,000		250,442
Japan — 1.3%
Japanese 10-Year Government Bond
1.70%, 09/20/17(J)		98,000,000		936,728
Japanese 20-Year Government Bond
2.10%, 03/20/27(J)		84,000,000		783,693
Japanese 30-Year Government Bond
2.30%, 12/20/36(J)		74,000,000		680,747
Resona Bank, Ltd.
5.99%, 08/10/49(U)†		300,000		542,725
				2,943,893
Jersey — 0.4%
HSBC Capital Funding LP
5.13%, 12/29/49(E)†		420,000		562,544
RZB Finance Jersey IV, Ltd.
5.17%, 05/16/16(E)†		250,000		306,881
				869,425
Kazakhstan — 0.1%
KazMunaiGaz Finance Sub BV
8.38%, 07/02/13		230,000		230,402
Luxembourg — 2.0%
Basell AF SCA
8.38%, 08/15/15 144AD		200,000		128,000
Evraz Group SA
8.88%, 04/24/13 144A		160,000		160,992
9.50%, 04/24/18		100,000		100,750
Fortis Hybrid Financing
5.13%, 06/29/49(E)†D		250,000		293,975
Gaz Capital for Gazprom
6.21%, 11/22/16 144A		200,000		187,360
Gaz Capital SA
7.29%, 08/16/37		190,000		173,005
HSH Nordbank Luxembourg
7.41%, 06/30/49(E)†		450,000		562,624
Kuznetski Capital for Bank of Moscow
6.81%, 05/10/17		271,000		246,271
Lecta SA
7.48%, 02/15/14(E)		200,000		227,981
Lecta SA
7.48%, 02/15/14 144A(E)		102,000		116,833
RSHB Capital SA for OJSC Russian Agricultural Bank
7.13%, 01/14/14		120,000		118,944
6.97%, 09/21/16†		100,000		95,860
6.30%, 05/15/17 144A		386,000		357,108
TNK-BP Finance SA
7.50%, 07/18/16 144A		250,000		237,175
7.88%, 03/13/18		870,000		822,455
Tyco International Group SA
6.38%, 10/15/11		90,000		92,167
UBS Luxembourg SA for OJSC Vimpel Communications
8.25%, 05/23/16		255,000		248,064
Vimpel Communications
8.38%, 04/30/13 144A		100,000		98,679
Wind Acquisition Finance SA
9.75%, 12/01/15(E)		53,000		83,759
9.75%, 12/01/15 144A(E)		200,000		316,072
				4,668,074

See Notes to Financial Statements. 83

Global Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Mexico — 1.4%
Axtel SAB de CV
7.63%, 02/01/17	$	20,000	$	20,575
Axtel SAB de CV
7.63%, 02/01/17 144A		490,000		504,088
Kansas City Southern de Mexico SA de CV
7.63%, 12/01/13		140,000		136,500
Mexican Bonos
8.00%, 12/07/23(M)		30,500,000		2,647,172
United Mexican States
6.05%, 01/11/40		20,000		19,330
				3,327,665
Netherlands — 2.9%
ABN Amro Bank NV
4.31%, 02/10/49(E)†		595,000		687,331
Arpeni Pratama Ocean Line Investment BV
8.75%, 05/03/13		160,000		128,304
Carlson Wagonlit BV
10.61%, 05/01/15 144A(E)†		200,000		258,211
Clondalkin Acquisition BV
6.96%, 12/15/13 144A(E)		66,000		92,302
Clondalkin Industries BV
8.00%, 03/15/14 144A(E)		150,000		188,935
Deutsche Telekom International Finance BV
5.75%, 03/23/16		80,000		78,177
ELM BV for Swiss Life Insurance & Pension Group
5.85%, 04/12/49(E)		300,000		369,580
ELM BV for Swiss Reinsurance Co.
5.25%, 05/25/49(E)†		400,000		501,147
GMAC International Finance BV
5.75%, 05/21/10(E)		632,000		781,169
Impress Holdings BV
7.87%, 09/15/13 144A(E)†		200,000		292,061
9.25%, 09/15/14 144A(E)		150,000		211,371
Lukoil International Finance BV
6.36%, 06/07/17		650,000		598,585
NXP BV
9.50%, 10/15/15		100,000		87,250
OI European Group BV
6.88%, 03/31/17 144A(E)		220,000		327,329
SNS Reaal
6.26%, 03/17/38(E)		260,000		323,577
TuranAlem Finance BV
7.13%, 12/21/09(U)		650,000		1,180,072
UPC Holding BV
8.00%, 11/01/16(E)		304,000		420,002
				6,525,403
Panama — 0.2%
Republic of Panama
9.38%, 04/01/29D		80,000		105,000
6.70%, 01/26/36D		355,000		362,100
				467,100
Peru — 0.0%
Republic of Peru
7.35%, 07/21/25		40,000		44,800
6.55%, 03/14/37		19,000		19,285
				64,085
Russia — 0.8%
OAO Gazprom
6.79%, 10/29/09(R)		10,040,000		426,776
7.00%, 10/27/11(R)		3,350,000		140,829
RSHB Capital SA for OJSC Russian Agricultural Bank
9.50%, 02/11/11(R)		16,277,500		694,027
Russian Federation
7.50%, 03/31/30 STEP		592,970		666,203
				1,927,835
South Africa — 0.2%
Edcon Holdings Proprietary, Ltd.
8.21%, 06/15/14 144A(E)		67,000		71,073
10.46%, 06/15/15(E)		320,000		256,951
New Reclamation Group (Proprietary), Ltd.
8.13%, 02/01/13 144A(E)		153,040		208,425
				536,449
Sweden — 0.1%
Corral Finans AB
6.25%, 04/15/10 PIK 144A(E)		147,161		207,370
Thailand — 0.2%
True Move Co., Ltd.
10.75%, 12/16/13 144A		461,000		403,951
Turkey — 2.1%
Republic of Turkey
14.00%, 01/19/11(L)		3,440,000		2,395,097
10.00%, 02/15/12(L)W		1,190,000		933,349
6.88%, 03/17/36		1,695,000		1,408,969
				4,737,415
United Kingdom — 3.0%
Ashtead Holdings PLC
8.63%, 08/01/15 144AD		160,000		140,000
Barclays Bank PLC
6.37%, 12/15/49(U)		350,000		597,067
FCE Bank PLC
5.96%, 09/30/09(E)†		470,000		684,680
7.13%, 01/16/12(E)		200,000		256,321
First Hydro Finance PLC
9.00%, 07/31/21(U)		100,000		211,632
Lloyds TSB Bank PLC
4.39%, 05/12/17(E)†		470,000		578,824
Royal Bank of Scotland Group PLC
7.09%, 10/29/49(E)		500,000		676,622
United Kingdom Gilt
4.25%, 03/07/11(U)		1,000,000		1,945,224
Virgin Media Finance PLC
9.75%, 04/15/14(U)D		550,000		1,018,001
9.13%, 08/15/16		860,000		810,550
				6,918,921

84 See Notes to Financial Statements.

	Par		Value
Venezuela — 0.7%
Petrozuata Finance, Inc.
8.22%, 04/01/17	$	99,018	$	103,197
8.22%, 04/01/17 144A		372,308		388,019
Republic of Venezuela
8.50%, 10/08/14D		26,000		24,570
5.75%, 02/26/16		835,000		657,354
9.38%, 01/13/34D		207,000		188,577
Venezuela Government Bond
7.00%, 03/31/38		246,000		168,510
				1,530,227
Virgin Islands (British) — 0.3%
GTL Trade Finance, Inc.
7.25%, 10/20/17		320,000		321,280
7.25%, 10/20/17 144A		309,000		310,963
				632,243
Total Foreign Bonds (Cost $79,119,857)				76,923,514
MORTGAGE-BACKED SECURITIES — 12.2%
Bayview Commercial Asset Trust
2.71%, 07/25/36 144A†		297,571		249,855
Countrywide Alternative Loan Trust
2.71%, 07/20/35†		570,191		441,250
Countrywide Home Loan Mortgage Pass-Through Trust
2.79%, 09/25/35 144A†		719,799		629,144
Federal Home Loan Bank
5.50%, 12/17/37		3,186,176		3,142,563
Federal Home Loan Mortgage Corporation
5.00%, 03/01/38		3,482,394		3,339,901
Federal National Mortgage Association
5.00%, 07/01/19 TBA		1,000,000		988,750
5.00%, 08/01/22 TBA		300,000		295,969
5.50%, 07/01/23 TBA		1,300,000		1,308,531
5.50%, 08/01/35 TBA		3,800,000		3,735,875
6.50%, 10/01/36		684,354		705,513
5.50%, 07/01/37 TBA		600,000		591,375
5.00%, 07/01/38 TBA		7,000,000		6,709,066
5.00%, 08/01/38 TBA		3,000,000		2,868,750
Government National Mortgage Association
6.00%, 08/01/37 TBA		800,000		809,500
6.00%, 07/01/38 TBA		200,000		202,688
MASTR Adjustable Rate Mortgages Trust
4.60%, 12/25/46†		806,715		571,903
MASTR Reperforming Loan Trust
2.83%, 05/25/35 144A†		753,136		664,706
Thornburg Mortgage Securities Trust
2.65%, 01/25/36†		719,374		710,871
Total Mortgage-Backed Securities (Cost $28,595,659)				27,966,210
	Number of Contracts
PURCHASED OPTIONS — 0.1%
Call Options — 0.1%
90-Day Eurodollar Futures, Strike Price $96.75, Expires 03/16/09		138		140,588
90-Day Sterling Futures, Strike Price $94.50, Expires 03/19/09		134		73,399
90-Day Sterling Futures, Strike Price $95.00, Expires 03/19/09		115		32,927
90-Day Sterling Futures. Strike Price $94.75, Expires 09/17/08		6		75
				246,989
Total Purchased Options (Cost $651,757)				246,989
	Shares
COMMON STOCK — 0.4%
Financial Services — 0.4%
Freddie Mac (Cost $1,044,059)		55,000		902,000
PREFERRED STOCKS — 0.8%
Bank of America Corporation CONVD		475		420,375
CIT Group, Inc.		2,295		29,261
El Paso Energy Capital Trust I CONV		500		20,500
General Motors Corporation CONV		140		1,857
Lehman Brothers Holdings, Inc.D		5,634		225,705
Lucent Technologies Capital Trust I CONV		1,374		1,044,240
Total Preferred Stocks (Cost $1,854,888)				1,741,938
MONEY MARKET FUNDS — 30.5%
GuideStone Money Market Fund (GS4 Class)¥		44,659,877		44,659,877
Northern Institutional Liquid Assets Portfolio§		25,070,608		25,070,608
Total Money Market Funds (Cost $69,730,485)				69,730,485
	Par
U.S. TREASURY OBLIGATIONS — 2.4%
U.S. Treasury Bonds
6.25%, 05/15/30D	$	570,000		701,768
4.75%, 02/15/37D		1,600,000		1,652,750
				2,354,518
U.S. Treasury Inflationary Index Bonds
2.00%, 01/15/16D		900,000		1,026,123
3.88%, 04/15/29D		600,000		1,035,599
				2,061,722

See Notes to Financial Statements. 85

Global Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
U.S. Treasury Notes
4.50%, 04/30/12D	$	30,000	$	31,458
4.50%, 05/15/17D		920,000		958,526
				989,984
Total U.S. Treasury Obligations (Cost $5,058,684)				5,406,224
TOTAL INVESTMENTS — 117.6% (Cost $276,677,171)				268,626,098
Liabilities in Excess of Other Assets — (17.6)%				(40,330,125	)
NET ASSETS — 100.0%			$	228,295,973
PORTFOLIO SUMMARY (based on net assets)
			%
Corporate Bonds				35.1
Foreign Bonds				33.7
Money Market Funds				30.5
Futures Contracts				12.4
Mortgage-Backed Securities				12.2
U.S. Treasury Obligations				2.4
Asset-Backed Securities				2.2
Preferred Stocks				0.8
Common Stock				0.4
Agency Obligations				0.2
Purchased Options				0.1
Forward Foreign Currency Contracts				(3.9	)
				126.1

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	72,621,412	$	(138,385	)
Level 2 — Other Significant Observable Inputs		196,004,686		(789,153	)
Level 3 — Significant Unobservable Inputs		—		—
Total	$	268,626,098	$	(927,538	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

86 See Notes to Financial Statements.

Equity Index Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares	Value
COMMON STOCKS — 97.3%
Auto & Transportation — 2.5%
Burlington Northern Santa Fe Corporation	11,200	$	1,118,768
CH Robinson Worldwide, Inc.D	6,500		356,460
CSX Corporation	15,300		960,993
Expeditors International Washington, Inc.	8,100		348,300
FedEx Corporation	11,800		929,722
Ford Motor Co.*	86,293		415,069
General Motors Corporation	21,700		249,550
Genuine Parts Co.	6,200		246,016
Goodyear Tire & Rubber Co. (The)*	9,100		162,253
Harley-Davidson, Inc.	9,000		326,340
Norfolk Southern Corporation	14,300		896,181
PACCAR, Inc.	13,868		580,099
Southwest Airlines Co.	28,100		366,424
Union Pacific Corporation	19,800		1,494,900
United Parcel Service, Inc. Class B	39,200		2,409,624
			10,860,699
Consumer Discretionary — 10.4%
Allied Waste Industries, Inc.*	12,300		155,226
Amazon.com, Inc.*	11,784		864,121
Apollo Group, Inc. Class A*	5,221		231,081
AutoNation, Inc.D*	5,125		51,352
AutoZone, Inc.*	1,600		193,616
Avon Products, Inc.	16,300		587,126
Bed Bath & Beyond, Inc.*	10,000		281,000
Best Buy Co., Inc.	13,225		523,710
Big Lots, Inc.*	3,100		96,844
Black & Decker Corporation	2,300		132,273
Carnival Corporation	16,700		550,432
CBS Corporation Class B	25,800		502,842
Cintas Corporation	5,000		132,550
Clear Channel Communications, Inc.	18,900		665,280
Coach, Inc.*	13,000		375,440
Convergys Corporation*	5,000		74,300
Costco Wholesale Corporation	16,500		1,157,310
Darden Restaurants, Inc.	5,450		174,073
Dillard’s, Inc. Class A	2,300		26,611
DIRECTV Group, Inc. (The)D*	27,000		699,570
Donnelley (R.R.) & Sons Co.	8,200		243,458
Eastman Kodak Co.	11,000		158,730
eBay, Inc.*	42,100		1,150,593
Electronic Arts, Inc.*	12,000		533,160
Estee Lauder Cos., Inc. Class A	4,400		204,380
Expedia, Inc.*	8,039		147,757
Family Dollar Stores, Inc.	5,300		105,682
Gannett Co., Inc.	8,700		188,529
Gap, Inc. (The)	17,100		285,057
Google, Inc.*	8,835		4,650,921
Harman International Industries, Inc.	2,300		95,197
Hasbro, Inc.	5,400		192,888
Home Depot, Inc. (The)	64,920		1,520,426
IAC InterActiveCorp*	6,800		131,104
Ingersoll-Rand Co., Ltd. Class A	11,895		445,230
International Flavors & Fragrances, Inc.	3,200		124,992
Interpublic Group Cos., Inc.*	18,048		155,213
Jones Apparel Group, Inc.	3,400		46,750
Kimberly-Clark Corporation	15,900		950,502
Kohl’s Corporation*	11,700		468,468
Leggett & Platt, Inc.	6,500		109,005
Limited Brands	11,400		192,090
Liz Claiborne, Inc.	3,808		53,883
Lowe’s Cos., Inc.	55,500		1,151,625
Macy’s, Inc.	16,012		310,953
Manitowoc Co., Inc.	5,000		162,650
Marriott International, Inc. Class A	11,400		299,136
Mattel, Inc.	13,700		234,544
McDonald’s Corporation	43,200		2,428,704
McGraw-Hill Co., Inc. (The)	12,300		493,476
Meredith Corporation	1,400		39,606
Monster Worldwide, Inc.*	4,900		100,989
New York Times Co. Class A	5,400		83,106
Newell Rubbermaid, Inc.	10,500		176,295
NIKE, Inc. Class B	14,500		864,345
Nordstrom, Inc.	6,700		203,010
Office Depot, Inc.*	10,500		114,870
Omnicom Group, Inc.	12,100		543,048
Penney (JC) Co., Inc.	8,500		308,465
Polo Ralph Lauren Corporation	2,200		138,116
RadioShack Corporation	5,200		63,804
Robert Half International, Inc.	6,000		143,820
Scripps Co. (E.W.) Class A	3,500		145,390
Sears Holdings Corporation*	2,689		198,072
Snap-On, Inc.	2,200		114,422
Stanley Works (The)	3,000		134,490
Staples, Inc.	26,600		631,750
Starbucks Corporation*	27,900		439,146
Target Corporation	29,700		1,380,753
Tiffany & Co.	4,800		195,600
Time Warner, Inc.	135,700		2,008,360
TJX Cos., Inc.	16,200		509,814
Total System Services, Inc.	7,387		164,139
VeriSign, Inc.*	7,400		279,720
VF Corporation	3,300		234,894
Wal-Mart Stores, Inc.	88,700		4,984,940
Walt Disney Co. (The)	72,202		2,252,702
Washington Post Co	231		135,574
Waste Management, Inc.	18,900		712,719
Wendy’s International, Inc.	3,400		92,548
Whirlpool Corporation	2,895		178,689
Wyndham Worldwide Corporation	6,780		121,430
Yahoo!, Inc.*	52,200		1,078,452
Yum! Brands, Inc.	18,000		631,620
			44,114,558
Consumer Staples — 6.1%
Campbell Soup Co.	8,300		277,718
Clorox Co.	5,300		276,660
Coca-Cola Co. (The)	76,100		3,955,678
Coca-Cola Enterprises, Inc.	10,900		188,570
Colgate-Palmolive Co.	19,300		1,333,630
ConAgra Foods, Inc.	18,600		358,608
Dean Foods Co.*	5,200		102,024
General Mills, Inc.	12,800		777,856
Heinz (H.J.) Co.	11,900		569,415
Hershey Co. (The)	6,400		209,792
Kellogg Co.	9,700		465,794
Kraft Foods, Inc. Class A	57,800		1,644,410
Kroger Co.	25,200		727,524

See Notes to Financial Statements. 87

Equity Index Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares	Value
McCormick & Co., Inc.	4,900	$	174,734
Pepsi Bottling Group, Inc.	5,300		147,976
PepsiCo, Inc.	60,440		3,843,379
Procter & Gamble Co.	116,317		7,073,237
Safeway, Inc.	16,700		476,785
Sara Lee Corporation	27,200		333,200
SUPERVALU, Inc.*	8,048		248,603
SYSCO Corporation	22,900		629,979
Tyson Foods, Inc. Class A	10,400		155,376
Walgreen Co.	37,600		1,222,376
Whole Foods Market, Inc.	5,300		125,557
Wrigley (W.M.), Jr. Co.	8,225		639,740
			25,958,621
Financial Services — 15.5%
ACE, Ltd.	12,500		688,625
AFLAC, Inc.	18,000		1,130,400
Allstate Corporation (The)	21,252		968,879
American Capital Strategies, Ltd.	7,400		175,898
American Express Co.	43,800		1,649,946
American International Group, Inc.	102,592		2,714,584
Ameriprise Financial, Inc.	8,440		343,255
AON Corporation	11,600		532,904
Apartment Investment & Management Co. Class A REITD	3,467		118,088
Assurant, Inc.	3,600		237,456
Automatic Data Processing, Inc.	19,800		829,620
AvalonBay Communities, Inc. REIT	2,900		258,564
Bank of America Corporation	170,263		4,064,178
Bank of New York Mellon Corporation	43,262		1,636,616
BB&T Corporation	20,700		471,339
Block (H&R), Inc.	12,500		267,500
Boston Properties, Inc. REIT	4,500		405,990
Capital One Financial CorporationD	14,437		548,750
CB Richard Ellis Group, Inc. Class AD*	6,700		128,640
Chubb Corporation	14,100		691,041
CIGNA Corporation	10,700		378,673
Cincinnati Financial Corporation	6,386		162,204
CIT Group, Inc.	10,700		72,867
Citigroup, Inc.	207,830		3,483,231
CME Group, Inc.*	2,060		789,371
Comerica, Inc.	5,800		148,654
Countrywide Financial Corporation	23,348		99,229
Developers Diversified Realty Corporation REIT	4,500		156,195
Discover Financial Services	18,300		241,011
Dynegy, Inc. Class AD*	18,824		160,945
E*TRADE Financial Corporation*	17,500		54,950
Equifax, Inc.	5,000		168,100
Equity Residential Properties Trust REIT	10,200		390,354
Fannie Mae*	40,800		796,008
Federated Investors, Inc. Class B	3,300		113,586
Fidelity National Information Services, Inc.	6,500		239,915
Fifth Third Bancorp	20,394		207,611
First Horizon National Corporation*	6,300		46,809
Fiserv, Inc.*	6,300		285,831
Franklin Resources, Inc.	5,900		540,735
Freddie Mac	24,700		405,080
General Growth Properties, Inc. REIT	9,900		346,797
Genworth Financial, Inc. Class A	16,600		295,646
Goldman Sachs Group, Inc.	15,054		2,632,945
Hartford Financial Services Group, Inc.	11,900		768,383
HCP, Inc. REIT	8,600		273,566
Honeywell International, Inc.	28,300		1,422,924
Host Hotels & Resorts, Inc. REIT	20,000		273,000
Hudson City Bancorp, Inc.	19,900		331,932
Huntington Bancshares, Inc.	14,000		80,780
IntercontinentalExchange, Inc.*	2,700		307,800
Janus Capital Group, Inc.	5,700		150,879
JPMorgan Chase & Co.	131,989		4,528,543
KeyCorp	18,400		202,032
Kimco Realty Corporation REIT	9,700		334,844
Legg Mason, Inc.	5,240		228,307
Lehman Brothers Holdings, Inc.	26,400		522,984
Leucadia National Corporation	6,600		309,804
Lincoln National Corporation	10,019		454,040
Loews Corporation	13,691		642,108
Lorillard, Inc.*	—		35
M&T Bank CorporationD	2,800		197,512
Marsh & McLennan Cos., Inc.	19,900		528,345
Marshall & Ilsley Corporation	9,800		150,234
MBIA, Inc.D*	7,900		34,681
Merrill Lynch & Co., Inc.	37,780		1,198,004
MetLife, Inc.	26,900		1,419,513
MGIC Investment Corporation	4,300		26,273
Moody’s Corporation	7,900		272,076
Morgan Stanley	42,100		1,518,547
National City Corporation	27,857		132,878
Northern Trust Corporation	8,100		555,417
NYSE Euronext	10,100		511,666
Paychex, Inc.	12,200		381,616
Plum Creek Timber Co., Inc. REIT	6,600		281,886
PNC Financial Services Group, Inc.	12,900		736,590
Principal Financial Group	9,800		411,306
Progressive Corporation (The)	25,696		481,029
ProLogis REIT	9,800		532,630
Prudential Financial, Inc.	16,900		1,009,606
Public Storage REIT	4,725		381,733
Regions Financial CorporationD	26,329		287,249
Ryder System, Inc.	2,200		151,536
Safeco Corporation	3,400		228,344
Schwab (Charles) Corporation (The)	35,406		727,239
Simon Property Group, Inc. REIT	8,600		773,054
SLM Corporation*	17,800		344,430
Sovereign Bancorp, Inc.*	18,165		133,695
Starwood Hotels & Resorts Worldwide, Inc.	7,200		288,504
State Street Corporation	16,100		1,030,239
SunTrust Banks, Inc.	13,300		481,726

88 See Notes to Financial Statements.

	Shares	Value
T. Rowe Price Group, Inc.D	10,000	$	564,700
Torchmark Corporation	3,500		205,275
Travelers Cos., Inc.	23,356		1,013,650
Unum Group	13,300		271,985
US Bancorp	65,900		1,837,951
Vornado Realty Trust REIT	5,100		448,800
Wachovia Corporation	81,983		1,273,195
Washington Mutual, Inc.	41,146		202,850
Wells Fargo & Co.	125,260		2,974,925
Western Union Co.	28,417		702,468
XL Capital, Ltd. Class AD	6,800		139,808
Zions Bancorporation	4,100		129,109
			65,883,255
Healthcare — 12.2%
Abbott Laboratories	58,800		3,114,636
Aetna, Inc.	18,500		749,805
Allergan, Inc.	11,630		605,341
AmerisourceBergen Corporation	6,244		249,698
Amgen, Inc.*	41,265		1,946,057
Bard (C.R.), Inc.	3,800		334,210
Baxter International, Inc.	24,100		1,540,954
Becton Dickinson & Co.	9,300		756,090
Biogen Idec, Inc.*	11,230		627,645
Boston Scientific Corporation*	50,900		625,561
Bristol-Myers Squibb Co.	75,100		1,541,803
Cardinal Health, Inc.	13,579		700,405
Celgene Corporation*	16,600		1,060,242
Conventry Health Care, Inc.*	5,730		174,307
Covidien, Ltd.	18,946		907,324
CVS Caremark Corporation	54,627		2,161,590
Eli Lilly & Co.	37,500		1,731,000
Express Scripts, Inc.*	9,538		598,223
Forest Laboratories, Inc.*	11,600		402,984
Genzyme Corporation*	10,200		734,604
Gilead Sciences, Inc.*	35,200		1,863,840
Hospira, Inc*	6,050		242,666
Humana, Inc.*	6,500		258,505
IMS Health, Inc.	7,000		163,100
Intuitive Surgical, Inc.D*	1,500		404,100
Johnson & Johnson	107,390		6,909,473
King Pharmaceuticals, Inc.*	9,400		98,418
Laboratory Corporation of America HoldingsD*	4,200		292,446
McKesson Corporation	10,700		598,237
Medco Health Solutions, Inc.*	19,252		908,694
Medtronic, Inc.	42,600		2,204,550
Merck & Co., Inc.	81,800		3,083,042
Millipore Corporation*	2,100		142,506
Mylan Laboratories, Inc.*	11,500		138,805
Patterson Cos., Inc.*	4,900		144,011
Pfizer, Inc.	258,483		4,515,698
Quest Diagnostics, Inc.	6,000		290,820
Schering-Plough Corporation	61,500		1,210,935
St. Jude Medical, Inc.*	12,900		527,352
Stryker Corporation	9,100		572,208
Tenet Healthcare CorporationD*	18,150		100,914
Thermo Fisher Scientific, Inc.*	15,910		886,664
UnitedHealth Group, Inc.	46,800		1,228,500
Varian Medical Systems, Inc.*	4,800		248,880
Watson Pharmaceuticals, Inc.*	3,900		105,963
WellPoint, Inc.*	20,112		958,538
Wyeth	50,700		2,431,572
Zimmer Holdings, Inc.*	8,820		600,201
			51,693,117
Integrated Oils — 9.0%
Chevron Corporation	78,841		7,815,528
ConocoPhillips	58,958		5,565,046
Exterran Holdings, Inc.*	13		929
Exxon Mobil Corporation	201,444		17,753,260
Hess Corporation	10,600		1,337,614
Marathon Oil Corporation	26,884		1,394,473
Murphy Oil Corporation	7,200		705,960
Occidental Petroleum
Corporation	31,400		2,821,604
Southwestern Energy Co.*	13,000		618,930
Tesoro Corporation	5,200		102,804
			38,116,148
Materials & Processing — 5.0%
Air Products & Chemicals, Inc.	8,100		800,766
AK Steel Corporation	4,300		296,700
Alcoa, Inc.	30,900		1,100,658
Allegheny Technologies, Inc.D	3,800		225,264
Archer-Daniels-Midland Co.	24,427		824,411
Ashland, Inc.	2,200		106,040
Avery Dennison Corporation	4,100		180,113
Ball Corporation	3,792		181,030
Bemis Co.	3,800		85,196
Cameron International Corporation*	8,300		459,405
Dover Corporation	7,200		348,264
Dow Chemical Co. (The)	35,600		1,242,796
du Pont (E.I.) de Nemours & Co.	34,055		1,460,619
Ecolab, Inc.	6,700		288,033
Fluor Corporation	3,400		632,672
Freeport-McMoRan Copper & Gold, Inc.	14,662		1,718,240
Hercules, Inc.	4,300		72,799
International Paper Co.	16,335		380,605
Masco Corporation	13,800		217,074
MeadWestvaco Corporation	6,745		160,801
Monsanto Co.	20,920		2,645,125
Newmont Mining Corporation	17,500		912,800
Nucor Corporation	11,889		887,752
Pactiv Corporation*	5,000		106,150
Peabody Energy Corporation	10,500		924,525
PPG Industries, Inc.	6,200		355,694
Praxair, Inc.	11,880		1,119,571
Precision Castparts Corporation	5,300		510,761
Rohm & Haas Co.	4,800		222,912
Sealed Air Corporation	6,200		117,862
Sherwin-Williams Co.	3,800		174,534
Sigma-Aldrich Corporation	4,900		263,914
Smith International, Inc.	7,600		631,864
Terex Corporation*	3,800		195,206
Titanium Metals Corporation	3,500		48,965
United States Steel Corporation	4,500		831,510
Vulcan Materials Co.	4,100		245,098
Weyerhaeuser Co.	7,960		407,074
			21,382,803
Other — 3.6%
3M Co.	26,800		1,865,012
Eaton Corporation	6,228		529,193
General Electric Co.	379,400		10,126,186

See Notes to Financial Statements. 89

Equity Index Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares	Value
ITT Industries, Inc.	6,900	$	436,977
Jacobs Engineering Group, Inc.*	4,600		371,220
Johnson Controls, Inc.	22,476		644,612
Textron, Inc.	9,500		455,335
Tyco International, Ltd.	18,346		734,574
			15,163,109
Other Energy — 7.0%
Ameren Corporation	7,900		333,617
Anadarko Petroleum Corporation	17,700		1,324,668
Apache Corporation	12,648		1,758,072
Baker Hughes, Inc.	11,700		1,021,878
BJ Services Co.	11,200		357,728
Cabot Oil & Gas Corporation	3,700		250,601
Chesapeake Energy Corporation	18,466		1,218,017
Consol Energy, Inc.	7,000		786,590
Devon Energy Corporation	16,900		2,030,704
El Paso Corporation	26,800		582,632
ENSCO International, Inc.	5,500		444,070
EOG Resources, Inc.	9,400		1,233,280
FPL Group, Inc.	15,500		1,016,490
Halliburton Co.	33,375		1,771,211
Massey Energy Co.	3,000		281,250
Nabors Industries, Ltd.D*	10,700		526,761
National Oilwell Varco, Inc.*	15,900		1,410,648
Noble Corporation	10,200		662,592
Noble Energy, Inc.	6,500		653,640
Questar Corporation	6,600		468,864
Range ResourcesCorporation	5,784		379,083
Rowan Cos., Inc.	4,200		196,350
Schlumberger, Ltd.	45,600		4,898,808
Sunoco, Inc.D	4,500		183,105
Transocean, Inc.*	12,199		1,859,006
Valero Energy Corporation	20,100		827,718
Weatherford International, Ltd.*	25,796		1,279,224
Williams Cos., Inc.	22,200		894,882
XTO Energy, Inc.	19,582		1,341,563
			29,993,052
Producer Durables — 4.4%
Agilent Technologies, Inc.*	13,800		490,452
American Tower Corporation Class A*	15,200		642,200
Applied Materials, Inc.	51,300		979,317
Boeing Co. (The)	28,600		1,879,592
Caterpillar, Inc.	23,400		1,727,388
Centex Corporation	4,800		64,176
Cooper Industries, Ltd. Class A	6,700		264,650
Cummins, Inc.	7,700		504,504
Danaher Corporation	9,700		749,810
Deere & Co.	16,500		1,190,145
DR Horton, Inc.	10,600		115,010
Eastman Chemical Co.	3,000		206,580
Emerson Electric Co.	29,700		1,468,665
Goodrich Corporation	4,800		227,808
Grainger (W.W.), Inc.	2,500		204,500
Illinois Tool Works, Inc.	15,200		722,152
KB HomeD	2,900		49,097
KLA-Tencor Corporation	6,500		264,615
Lennar Corporation Class A	5,300		65,402
Lexmark International, Inc.*	3,600		120,348
Lockheed Martin Corporation	12,900		1,272,714
Molex, Inc.	5,450		133,035
Northrop Grumman Corporation	12,856		860,066
Novellus Systems, Inc.*	3,900		82,641
Pall Corporation	4,600		182,528
Parker Hannifin Corporation	6,450		460,014
Pitney Bowes, Inc.	8,100		276,210
Pulte Homes, Inc.	8,108		78,080
Rockwell Collins, Inc.	6,200		297,352
Teradyne, Inc.*	6,900		76,383
United Technologies Corporation	37,100		2,289,070
Waters Corporation*	3,800		245,100
Xerox Corporation	34,800		471,888
			18,661,492
Technology — 16.0%
Adobe Systems, Inc.*	20,200		795,678
Advanced Micro Devices, Inc.*	23,100		134,673
Affiliated Computer Services, Inc. Class A*	3,700		197,913
Akamai Technologies, Inc.D*	6,400		222,656
Altera Corporation	11,600		240,120
Analog Devices, Inc.	11,000		349,470
Apple, Inc.*	33,600		5,625,984
Applera Corporation-Applied Biosystems Group	6,400		214,272
AT&T, Inc.	226,472		7,629,842
Autodesk, Inc.*	8,560		289,414
BMC Software, Inc.*	7,300		262,800
Broadcom Corporation Class A*	17,050		465,294
CA, Inc.	14,970		345,657
Ciena Corporation*	3,328		77,110
Cisco Systems, Inc.*	225,200		5,238,152
Citrix Systems, Inc.*	7,100		208,811
Cognizant Technology Solutions Corporation Class A*	10,900		354,359
Computer Sciences Corporation*	5,700		266,988
Compuware Corporation*	10,000		95,400
Corning, Inc.	59,700		1,376,085
Dell, Inc.*	77,000		1,684,760
Electronic Data Systems Corporation	19,300		475,552
EMC Corporation*	78,800		1,157,572
GameStop Corporation Class A*	6,100		246,440
General Dynamics Corporation	15,200		1,279,840
Hewlett-Packard Co.	93,802		4,146,986
Intel Corporation	218,300		4,689,084
International Business Machines Corporation	52,500		6,222,825
Intuit, Inc.*	12,200		336,354
Jabil Circuit, Inc.	8,100		132,921
JDS Uniphase CorporationD*	8,475		96,276
Juniper Networks, Inc.*	19,800		439,164
L-3 Communications Holdings, Inc.	4,700		427,089
Linear Technology Corporation	8,500		276,845
LSI Corporation*	24,300		149,202
MEMC Electronic Materials, Inc.*	8,700		535,398
Microchip Technology, Inc.	7,000		213,780
Micron Technology, Inc.*	29,100		174,600
Microsoft Corporation	304,830		8,385,873

90 See Notes to Financial Statements.

	Shares		Value
Motorola, Inc.		85,500	$	627,570
National Semiconductor Corporation		8,200		168,428
NetApp, Inc.D*		13,200		285,912
Novell, Inc.*		13,400		78,926
Nvidia Corporation*		21,250		397,800
Oracle Corporation*		150,700		3,164,700
PerkinElmer, Inc.		4,600		128,110
QLogic Corporation*		5,100		74,409
QUALCOMM, Inc.		61,500		2,728,755
Raytheon Co.		16,100		906,108
Rockwell Automation, Inc.		5,600		244,888
SanDisk CorporationD*		8,700		162,690
Sun Microsystems, Inc.*		30,100		327,488
Symantec Corporation*		32,370		626,360
Tellabs, Inc.*		16,000		74,400
Teradata Corporation*		6,900		159,666
Texas Instruments, Inc.		50,300		1,416,448
Tyco Electronics, Ltd.		18,446		660,736
Unisys Corporation*		13,900		54,905
Xilinx, Inc.		10,600		267,650
				68,017,188
Utilities — 5.6%
AES Corporation*		25,600		491,776
Allegheny Energy, Inc.		6,400		320,704
American Electric Power Co., Inc.		15,300		615,519
Centerpoint Energy, Inc.		12,300		197,415
CenturyTel, Inc.		4,000		142,360
Citizens Communications Co.D		12,600		142,884
CMS Energy Corporation		8,600		128,140
Comcast Corporation Class A		113,572		2,154,461
Consolidated Edison, Inc.		10,400		406,536
Constellation Energy Group, Inc.		6,800		558,280
Dominion Resources, Inc.		21,740		1,032,433
DTE Energy Co.		6,300		267,372
Duke Energy Corporation		47,868		831,946
Edison International		12,300		631,974
Embarq Corporation		5,844		276,246
Entergy Corporation		7,252		873,721
Exelon Corporation		25,224		2,269,151
FirstEnergy Corporation		11,584		953,711
Integrys Energy Group, Inc.D		2,900		147,407
Nicor, Inc.		1,700		72,403
NiSource, Inc.D		10,500		188,160
Pepco Holdings, Inc.		7,800		200,070
PG&E Corporation		13,600		539,784
Pinnacle West Capital Corporation		3,800		116,926
PPL Corporation		14,200		742,234
Progress Energy, Inc.		9,900		414,117
Public Service Enterprise Group, Inc.		19,400		891,042
Qwest Communications International, Inc.		58,900		231,477
Sempra Energy		9,900		558,855
Southern Co. (The)		29,000		1,012,680
Spectra Energy Corporation		23,984		689,300
Sprint Nextel Corporation*		108,093		1,026,883
TECO Energy, Inc.		8,100		174,069
Verizon Communications, Inc.		109,074		3,861,219
Windstream CorporationD		17,399		214,704
Xcel Energy Inc.		16,100		323,127
				23,699,086
Total Common Stocks (Cost $347,601,867)				413,543,128
MONEY MARKET FUNDS — 9.7%
GuideStone Money Market Fund (GS4 Class)¥		9,794,845		9,794,845
Northern Institutional Liquid Assets Portfolio§		31,386,372		31,386,372
Total Money Market Funds (Cost $41,181,217)				41,181,217
	Par
U.S. TREASURY OBLIGATION — 0.5%
U.S. Treasury Bill
2.09%, 12/04/08‡‡
(Cost $2,006,924)	$	2,025,000		2,006,818
TOTAL INVESTMENTS — 107.5% (Cost $390,790,008)				456,731,163
Liabilities in Excess of Other Assets — (7.5)%				(31,870,478	)
NET ASSETS — 100.0%			$	424,860,685

PORTFOLIO SUMMARY (based on net assets)

	%
Technology	16.0
Financial Services	15.5
Healthcare	12.2
Consumer Discretionary	10.4
Money Market Funds	9.7
Integrated Oils	9.0
Other Energy	7.0
Consumer Staples	6.1
Utilities	5.6
Materials & Processing	5.0
Producer Durables	4.4
Other	3.6
Auto & Transportation	2.5
Futures Contracts	2.3
U.S. Treasury Obligation	0.5
	109.8

See Notes to Financial Statements. 91

Equity Index Fund

SCHEDULE OF INVESTMENTS (Continued)

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	454,724,345	$	(545,382	)
Level 2 — Other Significant Observable Inputs		2,006,818		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	456,731,163	$	(545,382	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

92 See Notes to Financial Statements.

Real Estate Securities Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares		Value
COMMON STOCKS — 96.8%
Financial Services — 96.8%
American Campus Communities, Inc. REIT		37,800	$	1,052,352
AvalonBay Communities, Inc. REITD		85,875		7,656,615
BioMed Realty Trust, Inc. REITD		136,450		3,347,118
Boston Properties, Inc. REITD		67,800		6,116,916
BRE Properties, Inc. REITD		70,750		3,062,060
Brookfield Properties Corporation		60,763		1,080,974
Camden Property Trust REITD		33,200		1,469,432
Digital Realty Trust, Inc. REITD		83,250		3,405,758
Equity Lifestyle Properties, Inc. REITD		58,300		2,565,200
Equity Residential Properties Trust REIT		108,650		4,158,036
Extra Space Storage, Inc. REITD		49,150		754,944
Federal Realty Investors Trust REITD		58,300		4,022,700
General Growth Properties, Inc. REITD		212,550		7,445,626
Host Hotels & Resorts, Inc. REITD		270,427		3,691,329
Liberty Property Trust REIT		49,950		1,655,842
LTC Properties, Inc. REITD		28,255		722,198
Macerich Co. (The) REITD		5,900		366,567
Maguire Properties, Inc. REITD*		35,400		430,818
Medical Properties Trust, Inc. REITD		102,359		1,035,873
Nationwide Health Properties, Inc. REITD		98,200		3,092,318
Post Properties, Inc. REITD		80,875		2,406,031
ProLogis REIT		203,650		11,068,378
Public Storage REIT		63,880		5,160,865
Regency Centers Corporation REITD		78,950		4,667,524
Saul Centers, Inc. REITD		8,550		401,764
Senior Housing Properties Trust REITD		135,935		2,654,811
Simon Property Group, Inc. REIT		120,925		10,869,948
Starwood Hotels & Resorts Worldwide, Inc.D		15,615		625,693
Tanger Factory Outlet Centers REITD		64,150		2,304,910
Taubman Centers, Inc. REITD		55,250		2,687,912
Ventas, Inc. REITD		94,735		4,032,869
Vornado Realty Trust REITD		97,238		8,556,944
Total Common Stocks (Cost $130,212,882)				112,570,325
MONEY MARKET FUNDS — 49.3%
GuideStone Money Market Fund (GS4 Class)¥		2,046,144		2,046,144
Northern Institutional Liquid Assets Portfolio§		55,211,103		55,211,103
Total Money Market Funds (Cost $57,257,247)				57,257,247
	Par
U.S. TREASURY OBLIGATION — 0.6%
U.S. Treasury Bill
2.09%, 12/04/08‡‡
(Cost $723,484)	$	730,000		723,445
TOTAL INVESTMENTS — 146.7% (Cost $188,193,613)				170,551,017
Liabilities in Excess of Other Assets — (46.7)%				(54,318,321	)
NET ASSETS — 100.0%			$	116,232,696

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services	96.8
Money Market Funds	49.3
Futures Contracts	2.8
U.S. Treasury Obligation	0.6
	149.5

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	169,827,572	$	(71,741	)
Level 2 — Other Significant Observable Inputs		723,445		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	170,551,017	$	(71,741	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

See Notes to Financial Statements. 93

Value Equity Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares	Value
COMMON STOCKS — 95.9%
Auto & Transportation — 1.8%
Autoliv, Inc.D	28,300	$	1,319,346
Burlington Northern Santa Fe Corporation	126,600		12,646,074
CSX Corporation	30,500		1,915,705
DryShips, Inc.D	21,500		1,723,870
FedEx Corporation	16,700		1,315,793
General Motors CorporationD	350,580		4,031,670
Norfolk Southern Corporation	13,900		871,113
TRW Automotive Holdings CorporationD*	91,100		1,682,617
			25,506,188
Consumer Discretionary — 11.0%
Aeropostale, Inc.D*	52,600		1,647,958
Best Buy Co., Inc.	41,600		1,647,360
Big Lots, Inc.D*	69,100		2,158,684
Carnival CorporationD	285,300		9,403,488
Clear Channel Communications, Inc.	26,800		943,360
Coach, Inc.*	91,600		2,645,408
DIRECTV Group, Inc. (The)D*	179,600		4,653,436
Gannett Co., Inc.D	154,000		3,337,180
Gap, Inc. (The)	369,400		6,157,898
Hasbro, Inc.	101,300		3,618,436
Hewitt Associates, Inc. Class AD*	91,200		3,495,696
Home Depot, Inc. (The)	412,688		9,665,153
Interpublic Group Cos., Inc.D*	438,100		3,767,660
Jack in the Box, Inc.*	17,600		394,416
Kimberly-Clark Corporation	162,600		9,720,228
Louisiana-Pacific CorporationD	283,000		2,402,670
Lowe’s Cos., Inc.	74,200		1,539,650
Macy’s, Inc.	144,900		2,813,958
Mattel, Inc.	288,900		4,945,968
McDonald’s Corporation	275,700		15,499,854
Netflix, Inc.D*	96,400		2,513,148
Office Depot, Inc.*	106,100		1,160,734
Omnicom Group, Inc.	1,100		49,368
Shaw Communications, Inc. Class BD	139,500		2,840,220
Sony Corporation ADRD	134,400		5,878,656
Stanley Works (The)	228,600		10,248,138
Staples, Inc.	4,900		116,375
Target Corporation	3,200		148,768
Time Warner Cable, Inc.D*	3,800		100,624
Time Warner, Inc.	1,374,100		20,336,680
Wal-Mart Stores, Inc.	224,700		12,628,140
Walt Disney Co. (The)	90,000		2,808,000
Waste Management, Inc.	103,500		3,902,985
			153,190,297
Consumer Staples — 5.4%
Coca-Cola Co. (The)	140,000		7,277,200
ConAgra Foods, Inc.	185,400		3,574,512
Dean Foods Co.*	166,900		3,274,578
General Mills, Inc.	103,300		6,277,541
Herbalife, Ltd.D	62,200		2,410,250
Kellogg Co.D	5,200		249,704
Kraft Foods, Inc. Class A	733,000		20,853,850
Kroger Co.	172,200		4,971,414
Pepsi Bottling Group, Inc.	51,500		1,437,880
PepsiCo, Inc.	4,700		298,873
Procter & Gamble Co.	224,900		13,676,169
Safeway, Inc.	68,900		1,967,095
Sara Lee Corporation	202,500		2,480,625
SYSCO Corporation	120,500		3,314,955
Walgreen Co.	3,500		113,785
Whole Foods Market, Inc.D	153,200		3,629,308
Wrigley (W.M.), Jr. Co.	2,000		155,560
			75,963,299
Financial Services — 20.5%
ACE, Ltd.	17,200		947,548
Allstate Corporation (The)	286,900		13,079,771
American Express Co.	317,000		11,941,390
American Financial Group, Inc.	72,200		1,931,350
American International Group, Inc.	486,900		12,883,374
Ameriprise Financial, Inc.	94,500		3,843,315
Assurant, Inc.	55,000		3,627,800
AXIS Capital Holdings, Ltd.	97,000		2,891,570
Bank of America CorporationD	639,300		15,260,091
Bank of New York Mellon Corporation	60,090		2,273,205
BB&T CorporationD	29,200		664,884
Capital One Financial CorporationD	244,455		9,291,735
Chubb Corporation	132,445		6,491,129
CIGNA Corporation	42,600		1,507,614
Citigroup, Inc.	825,733		13,839,285
CME Group, Inc.*	1,000		383,190
Credicorp, Ltd.	3,500		287,420
Endurance Specialty Holdings, Ltd.D	84,700		2,607,913
Fairfax Financial Holdings, Ltd.D	12,600		3,199,140
Fannie Mae*	472,900		9,226,279
Fifth Third BancorpD	242,900		2,472,722
Franklin Resources, Inc.	41,300		3,785,145
Freddie Mac	122,600		2,010,640
Goldman Sachs Group, Inc.D	67,365		11,782,139
Hartford Financial Services Group, Inc.D	119,104		7,690,545
Honeywell International, Inc.	300,600		15,114,168
JPMorgan Chase & Co.	915,680		31,416,981
Lehman Brothers Holdings, Inc.D	29,700		588,357
Loews CorporationD	16,648		780,791
Lorillard, Inc.*	1		55
Merrill Lynch & Co., Inc.D	51,800		1,642,578
MetLife, Inc.	24,300		1,282,311
Morgan StanleyD	141,700		5,111,119
NYSE Euronext	5,800		293,828
PNC Financial Services Group, Inc.	18,300		1,044,930
Prudential Financial, Inc.	18,700		1,117,138
Regions Financial CorporationD	389,400		4,248,354
Safeco Corporation	70,700		4,748,212
Schwab (Charles) Corporation (The)	103,700		2,129,998
SEI Investments Co.	53,400		1,255,968
SLM Corporation*	417,400		8,076,690
State Street CorporationD	15,100		966,249
SunTrust Banks, Inc.D	19,300		699,046
Torchmark Corporation	71,400		4,187,610
Travelers Cos., Inc.	489,600		21,248,640
UnionBanCal Corporation	38,900		1,572,338
US BancorpD	217,300		6,060,497
W.R. Berkley Corporation	119,400		2,884,704

94 See Notes to Financial Statements.

	Shares	Value
Wachovia Corporation	114,445	$	1,777,331
Washington Mutual, Inc.D	445,200		2,194,836
Wells Fargo & Co.D	638,400		15,162,000
Willis Group Holdings, Ltd.D	87,300		2,738,601
XL Capital, Ltd. Class AD	140,500		2,888,680
			285,151,204
Healthcare — 11.9%
Aetna, Inc.	182,700		7,404,831
AmerisourceBergen Corporation	85,600		3,423,144
Amgen, Inc.D*	292,404		13,789,773
Baxter International, Inc.	145,700		9,316,058
Boston Scientific Corporation*	537,400		6,604,646
Bristol-Myers Squibb Co.	353,800		7,263,514
Cardinal Health, Inc.	72,600		3,744,708
Covidien, Ltd.	88,500		4,238,265
CVS Caremark Corporation	35,273		1,395,752
Eli Lilly & Co.	47,500		2,192,600
Express Scripts, Inc.*	21,500		1,348,480
Forest Laboratories, Inc.*	52,500		1,823,850
Johnson & Johnson	250,200		16,097,868
King Pharmaceuticals, Inc.*	151,500		1,586,205
McKesson Corporation	78,400		4,383,344
Merck & Co., Inc.	81,600		3,075,504
Pfizer, Inc.	2,131,400		37,235,558
Tenet Healthcare CorporationD*	1,363,400		7,580,504
Thermo Fisher Scientific, Inc.*	14,900		830,377
UnitedHealth Group, Inc.	448,800		11,781,000
Watson Pharmaceuticals, Inc.D*	255,300		6,936,501
WellPoint, Inc.*	199,059		9,487,152
Wyeth	70,900		3,400,364
Zimmer Holdings, Inc.*	4,200		285,810
			165,225,808
Integrated Oils — 14.3%
Chevron Corporation	563,370		55,846,868
ConocoPhillips	622,200		58,729,458
Exxon Mobil Corporation	533,600		47,026,168
Marathon Oil Corporation	37,796		1,960,479
Murphy Oil CorporationD	31,800		3,117,990
Occidental Petroleum Corporation	311,300		27,973,418
W&T Offshore, Inc.D	68,500		4,007,935
			198,662,316
Materials & Processing — 4.3%
Alcoa, Inc.	337,700		12,028,874
Archer-Daniels-Midland Co.	82,000		2,767,500
Dover Corporation	34,700		1,678,439
Dow Chemical Co. (The)	123,200		4,300,912
du Pont (E.I.) de Nemours & Co.	261,400		11,211,446
Freeport-McMoRan Copper & Gold, Inc.	20,200		2,367,238
Gardner Denver, Inc.D*	45,200		2,567,360
Greif, Inc. Class AD	28,900		1,850,467
Lennox International, Inc.	48,700		1,410,352
Lubrizol Corporation	31,100		1,440,863
MeadWestvaco CorporationD	272,800		6,503,552
Methanex CorporationD	63,900		1,790,478
Nucor CorporationD	91,400		6,824,838
Schnitzer Steel Industries, Inc. Class A	21,200		2,429,520
Timken Co.	17,000		559,980
United States Steel Corporation	400		73,912
			59,805,731
Other — 3.6%
3M Co.	62,700		4,363,293
General Electric Co.	1,436,200		38,332,178
Johnson Controls, Inc.	26,300		754,284
Tyco International, Ltd.	183,500		7,347,340
			50,797,095
Other Energy — 2.0%
Ameren CorporationD	80,400		3,395,292
Anadarko Petroleum Corporation	24,800		1,856,032
Apache Corporation	17,700		2,460,300
Chesapeake Energy Corporation	16,900		1,114,724
Cimarex Energy Co.D	26,000		1,811,420
Devon Energy Corporation	23,500		2,823,760
EOG Resources, Inc.	3,400		446,080
FPL Group, Inc.	21,200		1,390,296
Petro-Canada	72,500		4,041,875
Valero Energy Corporation	159,000		6,547,620
XTO Energy, Inc.	24,200		1,657,942
			27,545,341
Producer Durables — 3.5%
Applied Materials, Inc.D	238,600		4,554,874
Caterpillar, Inc.	29,400		2,170,308
Cummins, Inc.	59,900		3,924,648
Danaher Corporation	3,900		301,470
Emerson Electric Co.	220,900		10,923,505
Illinois Tool Works, Inc.	229,700		10,913,047
Lockheed Martin Corporation	21,900		2,160,654
Northrop Grumman Corporation	86,300		5,773,470
NVR, Inc.D*	5,500		2,750,440
Parker Hannifin Corporation	51,500		3,672,980
United Technologies Corporation	22,500		1,388,250
			48,533,646
Technology — 8.5%
AT&T, Inc.	1,373,577		46,275,809
Compuware Corporation*	294,100		2,805,714
Dell, Inc.*	297,100		6,500,548
EMC Corporation*	32,300		474,487
Flextronics International, Ltd.*	675,338		6,348,177
General Dynamics Corporation	20,900		1,759,780
Hewlett-Packard Co.	202,200		8,939,262
Hologic, Inc.D*	155,400		3,387,720
Intel Corporation	41,800		897,864
International Business Machines Corporation	54,400		6,448,032
L-3 Communications Holdings, Inc.	38,500		3,498,495
LSI Corporation*	983,200		6,036,848
Microsoft Corporation	133,000		3,658,830
Motorola, Inc.	626,700		4,599,978
QLogic CorporationD*	111,600		1,628,244
Raytheon Co.	13,900		782,292
Symantec Corporation*	293,800		5,685,030
Tyco Electronics, Ltd.	222,900		7,984,278
			117,711,388

See Notes to Financial Statements. 95

Value Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Utilities — 9.1%
Alliant Energy CorporationD		111,000	$	3,802,860
American Electric Power Co., Inc.		214,600		8,633,358
Comcast Corporation Class A		533,200		10,114,804
Dominion Resources, Inc.		199,600		9,479,004
DTE Energy Co.D		84,500		3,586,180
Duke Energy CorporationD		314,100		5,459,058
Edison International		80,500		4,136,090
Entergy Corporation		78,900		9,505,872
Exelon Corporation		17,400		1,565,304
FirstEnergy Corporation		89,652		7,381,049
Nokia Corporation ADRD		303,700		7,440,650
Progress Energy, Inc. Contingent Value Obligation+*		3,100		1,209
Public Service Enterprise Group, Inc.		102,800		4,721,604
Qwest Communications International, Inc.D		1,528,900		6,008,577
Sierra Pacific Resources		208,000		2,643,680
Southern Co. (The)		40,500		1,414,260
Spectra Energy Corporation		202,350		5,815,539
Sprint Nextel Corporation*		516,700		4,908,650
Verizon Communications, Inc.		844,524		29,896,150
				126,513,898
Total Common Stocks (Cost $1,422,027,822)				1,334,606,211
MONEY MARKET FUNDS — 14.1%
GuideStone Money Market Fund (GS4 Class)¥		58,643,549		58,643,549
Northern Institutional Liquid Assets Portfolio§		137,988,044		137,988,044
Total Money Market Funds (Cost $196,631,593)				196,631,593
	Par
U.S. TREASURY OBLIGATION — 0.4%
U.S. Treasury Bill
2.09%, 12/04/08‡‡
(Cost $4,727,420)	$	4,770,000		4,732,183
TOTAL INVESTMENTS — 110.4% (Cost $1,623,386,835)				1,535,969,987
Liabilities in Excess of Other Assets — (10.4)%				(144,655,075	)
Net Assets — 100.0%			$	1,391,314,912

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services	20.5
Integrated Oils	14.3
Money Market Funds	14.1
Healthcare	11.9
Consumer Discretionary	11.0
Utilities	9.1
Technology	8.5
Consumer Staples	5.4
Futures Contracts	4.3
Materials & Processing	4.3
Other	3.6
Producer Durables	3.5
Other Energy	2.0
Auto & Transportation	1.8
U.S. Treasury Obligation	0.4
	114.7

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	1,531,236,595	$	(2,533,422	)
Level 2 — Other Significant Observable Inputs		4,732,183		—
Level 3 — Significant Unobservable Inputs**		1,209		—
Total	$	1,535,969,987	$	(2,533,422	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

** The fair value of Level 3 securities is equal to 0.00% of the Fund’s Net Assets. The fair value of the Level 3 securities does not have a significant impact on the amounts reported.

96 See Notes to Financial Statements.

Growth Equity Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares	Value
COMMON STOCKS — 95.3%
Auto & Transportation — 3.3%
CH Robinson Worldwide, Inc.	168,960	$	9,265,766
CSX Corporation	57,018		3,581,301
Expeditors International Washington, Inc.D	332,790		14,309,970
Norfolk Southern CorporationD	88,492		5,545,794
Union Pacific Corporation	205,260		15,497,130
			48,199,961
Consumer Discretionary — 16.8%
Amazon.com, Inc.*	632,450		46,377,558
Avon Products, Inc.	188,625		6,794,272
Costco Wholesale Corporation	141,023		9,891,353
eBay, Inc.*	97,800		2,672,874
Google, Inc.*	143,514		75,548,640
Iron Mountain, Inc.D*	176,200		4,678,110
Lowe’s Cos., Inc.	284,842		5,910,472
McDonald’s Corporation	575,928		32,378,672
Starbucks CorporationD*	989,968		15,582,096
VeriSign, Inc.D*	218,956		8,276,537
Wal-Mart Stores, Inc.	180,375		10,137,075
Walt Disney Co. (The)	241,875		7,546,500
Yahoo!, Inc.*	88,325		1,824,795
Yum! Brands, Inc.	592,398		20,787,246
			248,406,200
Consumer Staples — 3.0%
Coca-Cola Co. (The)	269,703		14,019,162
Colgate-Palmolive Co.	138,550		9,573,805
PepsiCo, Inc.	92,950		5,910,690
Procter & Gamble Co.	246,105		14,965,645
			44,469,302
Financial Services — 10.4%
Abraxis Bioscience, Inc.D*	37,100		2,354,366
CME Group, Inc.D*	31,100		11,917,209
Goldman Sachs Group, Inc.	113,191		19,797,106
IntercontinentalExchange, Inc.*	248,135		28,287,390
M&T Bank CorporationD	43,950		3,100,233
Mastercard, Inc. Class A	83,436		22,153,927
Moody’s CorporationD	326,200		11,234,328
Progressive Corporation (The)	151,880		2,843,194
Schwab (Charles) Corporation (The)	288,850		5,932,979
US BancorpD	169,950		4,739,905
Visa, Inc.	392,038		31,876,610
Wachovia CorporationD	203,100		3,154,143
Wells Fargo & Co.	275,079		6,533,126
			153,924,516
Healthcare — 18.3%
Abbott Laboratories	170,975		9,056,546
Allergan, Inc.	437,800		22,787,490
Amylin Pharmaceuticals, Inc.D*	78,943		2,004,363
Baxter International, Inc.	118,125		7,552,913
Celgene Corporation*	128,635		8,215,917
Cephalon, Inc.D*	90,800		6,055,452
Cerner CorporationD*	262,990		11,881,888
CVS Caremark Corporation	497,774		19,696,917
Genentech, Inc.*	542,856		41,202,770
Genzyme CorporationD*	461,800		33,258,836
Gilead Sciences, Inc.*	322,850		17,094,908
Intuitive Surgical, Inc.D*	76,200		20,528,280
Medco Health Solutions, Inc.*	90,800		4,285,760
Merck & Co., Inc.	221,500		8,348,335
Shire PLC ADRD	123,937		6,089,025
St. Jude Medical, Inc.*	156,225		6,386,478
Stryker Corporation	151,400		9,520,032
Teva Pharmaceutical Industries, Ltd. ADRD	182,075		8,339,035
Thermo Fisher Scientific, Inc.*	161,900		9,022,687
Varian Medical Systems, Inc.*	380,900		19,749,665
			271,077,297
Integrated Oils — 1.4%
Exxon Mobil Corporation	150,175		13,234,923
Oceaneering International, Inc.D*	76,700		5,909,735
PetroHawk Energy CorporationD*	49,988		2,314,944
			21,459,602
Materials & Processing — 5.8%
Air Products & Chemicals, Inc.	118,180		11,683,275
Allegheny Technologies, Inc.D	60,200		3,568,656
Cameron International Corporation*	59,630		3,300,520
Companhia Vale do Rio Doce ADRD	120,550		4,318,101
Fluor Corporation	48,925		9,103,964
McDermott International, Inc.*	76,815		4,754,080
Monsanto Co.	177,675		22,465,227
Praxair, Inc.	123,116		11,602,452
Precision Castparts Corporation	109,878		10,588,943
St. Joe Co.D*	113,571		3,897,757
			85,282,975
Other — 1.2%
Berkshire Hathaway, Inc.*	87		10,505,250
Textron, Inc.	144,056		6,904,604
			17,409,854
Other Energy — 12.7%
Equitable Resources, Inc.D	19,214		1,326,919
FMC Technologies, Inc.*	200,746		15,443,390
National Oilwell Varco, Inc.*	382,800		33,962,016
Petroleo Brasileiro SA ADRD*	107,258		7,597,084
Schlumberger, Ltd.	680,116		73,064,862
Transocean, Inc.*	156,624		23,867,913
Weatherford International, Ltd.D*	343,913		17,054,646
XTO Energy, Inc.	222,395		15,236,281
			187,553,111
Producer Durables — 1.6%
Deere & Co.	113,125		8,159,706
Lockheed Martin CorporationD	150,736		14,871,614
			23,031,320
Technology — 18.9%
Adobe Systems, Inc.*	159,975		6,301,415
Akamai Technologies, Inc.D*	160,265		5,575,619
Apple, Inc.*	382,791		64,094,525
AT&T, Inc.	497,689		16,767,142
Broadcom Corporation Class AD*	650,200		17,743,958
Cisco Systems, Inc.*	364,325		8,474,200
Cognizant Technology Solutions Corporation Class A*	155,600		5,058,556
Corning, Inc.	264,156		6,088,796

See Notes to Financial Statements. 97

Growth Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
EMC Corporation*		1,079,000	$	15,850,510
General Dynamics Corporation		157,765		13,283,813
Hewlett-Packard Co.		182,915		8,086,672
Intel Corporation		420,425		9,030,729
Macrovision Solutions Corporation*		7		105
Marvell Technology Group, Ltd.*		323,100		5,705,946
Microsoft Corporation		349,400		9,611,994
NetApp, Inc.D*		125,325		2,714,540
Oracle Corporation*		346,550		7,277,550
QUALCOMM, Inc.		652,026		28,930,394
Research In Motion, Ltd.*		115,085		13,453,436
Salesforce.com, Inc.D*		445,710		30,410,793
Texas Instruments, Inc.		177,250		4,991,360
				279,452,053
Utilities — 1.9%
America Movil SA de CV ADR Series LD*		443,480		23,393,570
Verizon Communications, Inc.D		121,100		4,286,940
				27,680,510
Total Common Stocks (Cost $1,178,913,254)				1,407,946,701
FOREIGN COMMON STOCKS — 1.3%
Canada — 0.5%
Potash Corporation of SaskatchewanD		29,141		6,660,758
China — 0.8%
Industrial & Commercial Bank of China Class HD		17,371,000		11,874,370
Total Foreign Common Stocks (Cost $15,664,076)				18,535,128
PREFERRED STOCK — 0.2%
Lehman Brothers Holdings, Inc. CONVD
(Cost $3,844,154)		3,953		3,179,912
MONEY MARKET FUNDS — 14.1%
GuideStone Money Market Fund (GS4 Class)¥		42,888,022		42,888,022
Northern Institutional Liquid Assets Portfolio§		166,028,518		166,028,518
Total Money Market Funds (Cost $208,916,540)				208,916,540
	Par
U.S. TREASURY OBLIGATION — 0.6%
U.S. Treasury Bill
2.09%, 12/04/08‡‡
(Cost $8,300,239)	$	8,375,000		8,299,801
TOTAL INVESTMENTS — 111.5% (Cost $1,415,638,263)				1,646,878,082
Liabilities in Excess of Other Assets — (11.5)%				(169,317,548	)
NET ASSETS — 100.0%			$	1,477,560,534

PORTFOLIO SUMMARY (based on net assets)

	%
Technology	18.9
Healthcare	18.3
Consumer Discretionary	16.8
Money Market Funds	14.1
Other Energy	12.7
Financial Services	10.4
Materials & Processing	5.8
Auto & Transportation	3.3
Consumer Staples	3.0
Futures Contracts	3.0
Utilities	1.9
Producer Durables	1.6
Integrated Oils	1.4
Foreign Common Stocks	1.3
Other	1.2
U.S. Treasury Obligation	0.6
Preferred Stock	0.2
	114.5

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	1,638,578,281	$	(2,120,691	)
Level 2 — Other Significant Observable Inputs		8,299,801		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	1,646,878,082	$	(2,120,691	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

98 See Notes to Financial Statements.

Small Cap Equity Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares	Value
COMMON STOCKS — 85.4%
Auto & Transportation — 3.0%
Autoliv, Inc.D	37,000	$	1,724,940
Celadon Group, Inc.D*	41,900		418,581
CSG Systems International, Inc.D*	47,800		526,756
DryShips, Inc.D	7,200		577,296
Excel Maritime Carriers, Ltd.	4,200		164,850
HUB Group, Inc.*	46,600		1,590,458
JB Hunt Transport Services, Inc.D	33,700		1,121,536
Knight Transportation, Inc.D	69,200		1,266,360
Lear CorporationD*	19,900		282,182
Old Dominion Freight Line, Inc.D*	10,100		303,202
Overseas Shipholding Group, Inc.D	17,500		1,391,600
Pinnacle Airlines CorporationD*	38,600		121,976
Polaris Industries, Inc.D	15,300		617,814
Republic Airways Holdings, Inc.D*	40,800		353,328
Seaspan CorporationD	15,300		367,506
Skywest, Inc.D	46,200		584,430
Thames Asset Global Securitization, Inc.D	59,400		885,654
Titan International, Inc.D	11,100		395,382
TRW Automotive Holdings Corporation*	42,100		777,587
UTI Worldwide, Inc.	54,600		1,089,270
Vitran Corporation, Inc.*	19,800		296,802
			14,857,510
Consumer Discretionary — 12.1%
Aaron Rents, Inc.D	15,400		343,882
Advisory Board Co. (The)D*	60,600		2,383,398
Aeropostale, Inc.D*	29,100		911,703
American Public Education, Inc.D*	30,200		1,179,008
AMN Healthcare Services, Inc.*	157,200		2,659,824
AnnTaylor Stores CorporationD*	40,900		979,964
Arbitron, Inc.D	17,300		821,750
Big Lots, Inc.D*	29,500		921,580
BJ’s Wholesale Club, Inc.D*	17,500		677,250
Bowne & Co., Inc.D	24,900		317,475
Build-A-Bear Workshop, Inc.D*	73,900		537,253
Capella Education Co.D*	29,150		1,738,797
Casey’s General Stores, Inc.D	32,700		757,659
CEC Entertainment, Inc.D*	35,400		991,554
Citi Trends, Inc.D*	21,600		489,456
Constant Contact, Inc.D*	37,300		703,105
Corinthian Colleges, Inc.D*	71,800		833,598
Corporate Executive Board Co.	24,300		1,021,815
CoStar Group, Inc.D*	24,900		1,106,805
Ctrip.com International, Ltd. ADRD	25,900		1,185,702
Diamond Foods, Inc.	27,400		631,296
Dice Holdings, Inc.D*	45,200		373,352
Dolan Media Co.D*	39,100		711,620
EarthLink, Inc.D*	123,100		1,064,815
Emergency Medical Services LP Class AD*	21,200		479,756
Entravision Communications Corporation Class AD*	94,158		378,515
EZCORP, Inc. Class AD*	82,200		1,048,050
Gaiam, Inc.D*	15,100		204,001
Gaylord Entertainment Co.D*	31,500		754,740
Gymboree CorporationD*	20,300		813,421
Hasbro, Inc.D	48,300		1,725,276
Helen of Troy, Ltd.D*	37,583		605,838
Hewitt Associates, Inc. Class AD*	40,200		1,540,866
Hibbett Sports, Inc.D*	26,800		565,480
Home Inns & Hotels Management, Inc. ADRD*	30,600		581,706
Houston Wire & Cable Co.D	43,800		871,620
Iconix Brand Group, Inc.D*	59,994		724,728
Kforce, Inc.*	70,700		600,243
Knot, Inc.D*	35,800		350,124
Korn/Ferry InternationalD*	24,200		380,666
Life Time Fitness, Inc.D*	30,700		907,185
Liz Claiborne, Inc.	95,200		1,347,080
Lululemon Athletica, Inc.D*	11,700		340,002
MAXIMUS, Inc.D	18,200		633,724
MercadoLibre, Inc.D*	24,600		848,454
Monro Muffler Brake, Inc.	30,500		472,445
MPS Group, Inc.*	17,900		190,277
MWI Veterinary Supply, Inc.D*	9,900		327,789
Navigant Consulting, Inc.D*	38,400		751,104
Netflix, Inc.D*	36,700		956,769
On Assignment, Inc.*	118,600		951,172
Orient-Express Hotels, Ltd. Class A	15,200		660,288
Panera Bread Co.D*	26,800		1,239,768
PetMed Express, Inc.D*	37,400		458,150
Pool CorporationD	32,025		568,764
PriceSmart, Inc.*	49,600		981,088
RC2 CorporationD*	23,700		439,872
Rent-A-Center, Inc.D*	34,400		707,608
Resources Connection, Inc.*	64,200		1,306,470
Ritchie Bros. Auctioneers, Inc.D	48,400		1,313,092
Rush Enterprises, Inc. Class AD*	65,721		789,309
Skechers USA, Inc. Class A*	16,500		326,040
Sohu.com, Inc.D*	11,200		788,928
Strayer Education, Inc.D	8,600		1,798,002
Team, Inc.D*	11,100		380,952
TeleTech Holdings, Inc.D*	77,600		1,548,896
Texas Roadhouse, Inc. Class AD*	20,900		187,473
United Natural Foods, Inc.D*	30,500		594,140
United Online, Inc.D	48,900		490,467
Universal Electronics, Inc.D*	54,182		1,132,404
WESCO International, Inc.D*	34,400		1,377,376
Westwood One, Inc.D*	89,400		110,856
			59,893,635
Consumer Staples — 0.9%
Green Mountain Coffee Roasters, Inc.D*	15,500		582,335
Herbalife, Ltd.D	50,200		1,945,250

See Notes to Financial Statements. 99

Small Cap Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares	Value
J & J Snack Foods CorporationD	31,752	$	870,322
Nash Finch Co.D	26,200		897,874
Smart Balance, Inc.D*	55,900		403,039
			4,698,820
Financial Services — 16.3%
Advance America Cash Advance Centers, Inc.D	60,400		306,832
American Financial Group, Inc.	60,400		1,615,700
American Physicians Capital, Inc.D	11,700		566,748
Amerisafe, Inc.*	34,500		549,930
Argo Group International Holdings, Ltd.D*	32,952		1,105,869
Assured Guaranty, Ltd.D	48,700		876,113
AXIS Capital Holdings, Ltd.	51,800		1,544,158
Banco Latinoamericano de Exportaciones SAD	62,000		1,003,780
Bank of Florida CorporationD*	41,600		301,600
Boston Private Financial Holdings, Inc.D	80,300		455,301
Cash America International, Inc.	55,350		1,715,850
Cathay General BancorpD	116,500		1,266,355
CB Richard Ellis Group, Inc. Class AD*	37,100		712,320
Central Pacific Financial CorporationD	50,300		536,198
Chemical Financial CorporationD	44,700		911,880
City Holding Co.D	26,500		1,080,405
Cohen & Steers, Inc.D	15,100		392,147
Credicorp, Ltd.D	18,600		1,527,432
Duff & Phelps CorporationD*	30,800		510,048
DuPont Fabros Technology, Inc. REITD	45,500		848,120
eHealth, Inc.D*	11,300		199,558
Endurance Specialty Holdings, Ltd.	43,300		1,333,207
Evercore Partners, Inc. Class AD	33,700		320,150
ExlService Holdings, Inc.D*	15,700		220,271
Fair Isaac & Co., Inc.D	33,300		691,641
Fairfax Financial Holdings, Ltd.D	1,900		482,410
FCStone Group, Inc.D*	20,600		575,358
Federated Investors, Inc. Class B	30,700		1,056,694
First Niagara Financial Group, Inc.D	31,800		408,948
First Potomac Realty Trust REITD	68,400		1,042,416
FPIC Insurance Group, Inc.D*	25,900		1,173,788
GATX CorporationD	36,000		1,595,880
GFI Group, Inc.	29,600		266,696
Global Payments, Inc.	108,500		5,056,100
Greenhill & Co., Inc.D	13,400		721,724
Hanover Insurance Group, Inc.	35,500		1,508,750
HCC Insurance Holdings, Inc.	85,935		1,816,666
Hilb, Rogal & Hobbs Co.	42,082		1,828,884
Hill International, Inc.*	28,800		473,472
Huron Consulting Group, Inc.D*	17,900		811,586
Infinity Property & Casualty CorporationD	29,400		1,220,688
Interactive Brokers Group, Inc.D*	41,900		1,346,247
Investment Technology Group, Inc.*	28,000		936,880
IPC Holdings, Ltd.D	44,100		1,170,855
Jack Henry & Associates, Inc.	60,000		1,298,400
Jefferies Group, Inc.D	42,000		706,440
Jones Lang LaSalle, Inc.D	17,700		1,065,363
Knight Capital Group, Inc. Class AD*	82,300		1,479,754
LandAmerica Financial Group, Inc.D	38,400		852,096
Montpelier Re Holdings, Ltd.D	59,600		879,100
National Financial Partners CorporationD	22,100		438,022
Ocwen Financial CorporationD*	53,200		247,380
optionsXpress Holdings, Inc.D	194,790		4,351,609
PartnerRe, Ltd.D	18,700		1,292,731
Platinum Underwriters Holdings, Ltd.D	40,300		1,314,183
Portfolio Recovery Associates, Inc.D*	27,900		1,046,250
Primus Guaranty, Ltd.D*	45,400		132,114
PrivateBancorp, Inc.D	55,261		1,678,829
Provident Financial Services, Inc.D	43,600		610,836
RenaissanceRe Holdings, Ltd.D	27,300		1,219,491
RLI CorporationD	21,300		1,053,711
Ryder System, Inc.D	20,800		1,432,704
Safeco Corporation	25,400		1,705,864
Safety Insurance Group, Inc.D	40,700		1,450,955
Smithtown Bancorp, Inc.D	14,400		234,000
Stancorp Financial Group, Inc.	29,300		1,375,928
SWS Group, Inc.D	39,600		657,756
Tower Group, Inc.D	42,800		906,932
TradeStation Group, Inc.D*	65,500		664,825
Trustmark CorporationD	35,200		621,280
W.R. Berkley Corporation	52,200		1,261,152
Webster Financial Corporation	51,900		965,340
Willis Group Holdings, Ltd.	38,700		1,214,019
Wintrust Financial CorporationD	60,478		1,442,400
World Acceptance CorporationD*	40,000		1,346,800
Wright Express Corporation*	46,000		1,140,800
			80,172,719
Healthcare — 10.1%
Align Technology, Inc.D*	47,200		495,128
Amedisys, Inc.D*	46,834		2,361,371
American Dental Partners, Inc.D*	41,200		489,044

100 See Notes to Financial Statements.

	Shares	Value
Arthrocare CorporationD*	20,000	$	816,200
AtriCure, Inc.D*	56,900		613,951
BioMarin Pharmaceuticals, Inc.D*	42,000		1,217,160
Bio-Rad Laboratories, Inc. Class A*	24,100		1,949,449
Cepheid, Inc.D*	12,000		337,440
Chattem, Inc.D*	27,200		1,769,360
CONMED CorporationD*	20,800		552,240
Cooper Cos., Inc.D	54,400		2,020,960
Cubist Pharmaceuticals, Inc.D*	31,700		566,162
Endo Pharmaceuticals Holdings, Inc.D*	41,500		1,003,885
Five Star Quality Care, Inc.+	2,086		—
Haemonetics CorporationD*	35,200		1,952,192
HealthExtras, Inc.D*	100,900		3,041,126
Icon PLC ADRD*	34,410		2,598,643
Immucor, Inc.*	60,500		1,565,740
IRIS International, Inc.D*	28,300		442,895
King Pharmaceuticals, Inc.*	144,700		1,515,009
Lincare Holdings, Inc.D*	47,800		1,357,520
Luminex CorporationD*	51,700		1,062,435
Magellan Health Services, Inc.*	27,000		999,810
Martek Biosciences CorporationD*	31,400		1,058,494
Mentor CorporationD	69,200		1,925,144
Meridian Bioscience, Inc.D	35,550		957,006
NBTY, Inc.D*	23,200		743,792
Owens & Minor, Inc.D	33,300		1,521,477
Parexel International Corporation*	9,400		247,314
Pediatrix Medical Group, Inc.*	2,200		108,306
Phase Forward, Inc.D*	34,800		625,356
Psychiatric Solutions, Inc.D*	87,900		3,326,136
Qiagen NVD*	36,502		734,785
Stereotaxis, Inc.D*	57,000		305,520
Stericycle, Inc.*	8,600		444,620
STERIS Corporation	22,500		647,100
Symmetry Medical, Inc.D*	106,800		1,732,296
Techne Corporation*	22,900		1,772,231
Universal Health Services, Inc. Class B	23,500		1,485,670
VCA Antech, Inc.D*	82,900		2,302,962
Virtual Radiologic CorporationD*	11,500		152,375
Vital Images, Inc.D*	40,500		503,820
Volcano CorporationD*	54,000		658,800
			49,980,924
Integrated Oils — 2.5%
Berry Petroleum Co.D	24,400		1,436,672
Encore Acquisition Co.*	21,300		1,601,547
Exterran Holdings, Inc.D*	21,900		1,565,631
GMX Resources, Inc.*	5,000		370,500
Goodrich Petroleum CorporationD*	6,300		522,396
Mariner Energy, Inc.D*	42,600		1,574,922
NATCO Group, Inc. Class AD*	48,500		2,644,705
Petroleum Development Corporation*	4,000		265,960
Rosetta Resources, Inc.D*	24,700		703,950
W&T Offshore, Inc.D	26,600		1,556,366
			12,242,649
Materials & Processing — 10.9%
Acuity Brands, Inc.D	25,500		1,226,040
Albemarle CorporationD	34,400		1,372,904
Beacon Roofing Supply, Inc.D*	134,067		1,422,451
Cal Dive International, Inc.D*	58,200		831,678
Carpenter Technology CorporationD	23,000		1,003,950
Chemtura Corporation	145,000		846,800
CIRCOR International, Inc.D	8,200		401,718
Clarcor, Inc.D	41,200		1,446,120
Clean Harbors, Inc.*	8,700		618,222
Cleveland-Cliffs, Inc.D	8,100		965,439
Colfax CorporationD*	1,800		45,162
Commercial Metals Co.	16,272		613,454
Cytec Industries, Inc.	28,500		1,554,960
Darling International, Inc.*	40,900		675,668
Dynamic Materials CorporationD	29,450		970,377
Encore Wire CorporationD	62,400		1,322,256
Ennis, Inc.D	66,300		1,037,595
Entegris, Inc.D*	88,800		581,640
Ferro Corporation	67,700		1,270,052
FGX International Holdings, Ltd.D*	35,400		284,616
Gardner Denver, Inc.*	50,500		2,868,400
Gibraltar Industries, Inc.D	52,900		844,813
Greif, Inc. Class A	20,600		1,319,018
Haynes International, Inc.D*	22,400		1,289,120
Hercules, Inc.	66,700		1,129,231
Hexcel Corporation*	59,272		1,143,950
Insteel Industries, Inc.D	60,600		1,109,586
Interline Brands, Inc.*	46,900		747,117
Intrepid Potash, Inc.*	44,300		2,914,054
Ladish Co., Inc.*	19,900		409,741
Lennox International, Inc.	38,300		1,109,168
Lubrizol Corporation	10,000		463,300
Metalico, Inc.D*	20,300		355,656
Minerals Technologies, Inc.D	20,000		1,271,800
Mobile Mini, Inc.D*	61,900		1,238,000
Mueller Industries, Inc.	47,900		1,542,380
NCI Building Systems, Inc.D*	29,000		1,065,170
Olympic Steel, Inc.D	12,400		941,408
RBC Bearings, Inc.D*	51,200		1,705,984
Reliance Steel & Aluminum Co.	42,500		3,276,325
Schnitzer Steel Industries, Inc. Class AD	21,650		2,481,090
Schulman A, Inc.D	62,200		1,432,466
Superior Essex, Inc.D*	35,000		1,562,050
Timken Co.	21,500		708,210
Watsco, Inc.D	50,000		2,090,000
			53,509,139
Other — 0.1%
Information Services Group, Inc.D*	87,700		420,960
Other Energy — 8.1%
Approach Resources, Inc.D*	40,100		1,074,279
Arena Resources, Inc.*	93,100		4,917,542
Bill Barrett CorporationD*	21,400		1,271,374

See Notes to Financial Statements. 101

Small Cap Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares	Value
Bolt Technology CorporationD*	24,100	$	543,937
CARBO Ceramics, Inc.D	18,200		1,061,970
Carrizo Oil & Gas, Inc.*	5,800		394,922
Cimarex Energy Co.D	30,900		2,152,803
Comstock Resources, Inc.*	44,300		3,740,249
Concho Resources, Inc.*	116,800		4,356,640
Core Laboratories NVD*	4,800		683,280
Energy Partners, Ltd.D*	90,600		1,351,752
EXCO Resources, Inc.D*	124,800		4,606,368
Frontier Oil CorporationD	28,300		676,653
Hercules Offshore, Inc.D*	29,639		1,126,875
Monolithic Power Systems, Inc.D*	45,200		977,224
Oil States International, Inc.D*	12,000		761,280
Parallel Petroleum CorporationD*	87,000		1,751,310
Patriot Coal Corporation*	3,000		459,870
Patterson-UTI Energy, Inc.D	47,700		1,719,108
Quicksilver Resources, Inc.D*	14,500		560,280
Rex Energy CorporationD*	21,300		562,320
SCANA CorporationD	43,800		1,620,600
SEACOR Holdings, Inc.D*	7,900		707,129
Swift Energy Co.D*	13,800		911,628
T-3 Energy Services, Inc.*	20,200		1,605,294
W-H Energy Services, Inc.*	2,200		210,628
			39,805,315
Producer Durables — 5.7%
Actuant Corporation Class AD	58,368		1,829,837
Altra Holdings, Inc.*	59,700		1,003,557
Bucyrus International, Inc. Class A	18,700		1,365,474
Chart Industries, Inc.*	26,400		1,284,096
Cognex Corporation	49,600		1,143,280
CPI International, Inc.D*	57,700		709,710
Curtiss-Wright CorporationD	40,900		1,829,866
Cymer, Inc.D*	16,600		446,208
EnPro Industries, Inc.D*	23,400		873,756
Faro Technologies, Inc.D*	46,700		1,175,439
Flow International CorporationD*	69,100		538,980
Foster Wheeler, Ltd.*	15,700		1,148,455
Graco, Inc.	54,300		2,067,201
Headwaters, Inc.D*	45,400		534,358
Heico CorporationD*	29,500		959,930
Heico Corporation Class A*	9,300		247,194
IDEX Corporation	18,700		688,908
Innospec, Inc.D	52,000		978,640
KHD Humboldt Wedag International, Ltd.*	49,500		1,560,735
Littelfuse, Inc.D*	45,500		1,435,525
Measurement Specialties, Inc.*	71,600		1,259,444
MedAssets, Inc.D*	51,000		869,550
Middleby CorporationD*	22,600		992,366
Moog, Inc. Class A*	13,700		510,188
NVR, Inc.D*	1,000		500,080
Orbital Sciences Corporation*	47,500		1,119,100
Regal-Beloit Corporation	18,000		760,500
Tennant Co.D	12,800		384,896
			28,217,273
Technology — 11.4%
Advanced Analogic Technologies, Inc.*	99,100		409,283
Alvarion, Ltd.D*	92,800		655,168
American Reprographics Co.D*	113,400		1,888,110
Applied Micro Circuits CorporationD*	68,200		583,792
Ariba, Inc.D*	31,700		466,307
Atheros Communications, Inc.D*	9,520		285,600
AuthenTec, Inc.D*	57,300		597,066
Avnet, Inc.D*	23,500		641,080
Check Point Software Technologies, Ltd.*	29,300		693,531
CommVault Systems, Inc.*	35,600		592,384
Compuware Corporation*	170,000		1,621,800
Cybersource CorporationD*	61,362		1,026,590
DealerTrack Holdings, Inc.D*	121,000		1,707,310
Equinix, Inc.D*	24,150		2,154,663
FormFactor, Inc.D*	30,000		552,900
Foundry Networks, Inc.D*	57,600		680,832
II-VI, Inc.D*	5,700		199,044
Informatica Corporation*	60,600		911,424
Innerworkings, Inc.D*	14,700		175,812
j2 Global Communications, Inc.*	60,900		1,400,700
Lawson Software, Inc.D*	58,800		427,476
Mantech International Corporation Class AD*	5,900		283,908
Masimo CorporationD*	5,200		178,620
Methode Electronics, Inc.D	62,500		653,125
Micros Systems, Inc.D*	39,700		1,210,453
Monotype Imaging Holdings, Inc.D*	35,600		433,608
Netezza CorporationD*	65,600		753,088
Netlogic Microsystems, Inc.D*	25,700		853,240
Nuance Communications, Inc.D*	18,500		289,895
Omniture, Inc.D*	15,770		292,849
PerkinElmer, Inc.	91,400		2,545,490
Power Intergrations, Inc.*	76,500		2,418,165
QLogic CorporationD*	92,600		1,351,034
Rackable Systems, Inc.*	71,000		951,400
Scansource, Inc.D*	71,600		1,916,016
Sequenom, Inc.D*	28,300		451,668
Shanda Interactive Entertainment, Ltd. ADR*	43,400		1,178,310
SI International, Inc.D*	40,900		856,446
Silicon Image, Inc.D*	109,900		796,775
Silicon Motion Technology Corporation ADRD*	12,700		183,515
SkillSoft PLC ADRD*	145,200		1,312,608
Solera Holdings, Inc.D*	143,500		3,969,210
SonoSite, Inc.D*	18,000		504,180
SRA International, Inc. Class AD*	33,200		745,672
Stanley, Inc.D*	38,800		1,300,576
Starent Networks CorporationD*	30,600		384,948
STEC, Inc.D*	55,000		564,850
Stratasys, Inc.D*	38,092		703,178
Sybase, Inc.D*	54,500		1,603,390
SYKES Enterprises, Inc.*	73,600		1,388,096

102 See Notes to Financial Statements.

	Shares		Value
Synaptics, Inc.D*		20,800	$	784,784
TNS, Inc.*		52,100		1,248,316
Ultimate Software Group, Inc.D*		52,901		1,884,863
Varian Semiconductor Equipment Associates, Inc.D*		18,025		627,630
Viasat, Inc.*		45,800		925,618
Vishay Intertechnology, Inc.D*		54,200		480,754
Vocus, Inc.D*		13,100		421,427
Voltaire, Ltd.*		73,600		365,792
Websense, Inc.*		90,102		1,517,318
				56,001,687
Utilities — 4.3%
Alliant Energy CorporationD		49,800		1,706,148
CenturyTel, Inc.		14,800		526,732
Cogent Communications Group, Inc.D*		13,400		179,560
El Paso Electric Co.*		60,500		1,197,900
General Communication, Inc. Class AD*		79,600		546,852
MDU Resources Group, Inc.		31,650		1,103,319
Neutral Tandem, Inc.D*		24,700		432,250
NiSource, Inc.D		76,400		1,369,088
NTELOS Holdings CorporationD		50,200		1,273,574
OGE Energy Corporation		22,900		726,159
Oneok, Inc.D		43,300		2,114,339
Orbcomm, Inc.D*		63,400		361,380
PAETEC Holding Corporation*		106,000		673,100
Pepco Holdings, Inc.D		82,400		2,113,560
Portland General Electric Co.D		42,200		950,344
Premiere Global Services, Inc.D*		92,900		1,354,482
Sierra Pacific Resources		117,000		1,487,070
UGI Corporation		25,400		729,234
USA Mobility, Inc.D*		37,300		281,615
Wisconsin Energy CorporationD		41,400		1,872,108
				20,998,814
Total Common Stocks (Cost $414,249,239)				420,799,445
FOREIGN COMMON STOCKS — 1.6%
Canada — 0.3%
Celestica, Inc.D*		164,100		1,383,363
Cayman Islands — 0.1%
Consolidated Water Co., Inc.D		11,000		217,800
China — 0.1%
Cogo Group, Inc.D*		72,500		660,475
Israel — 0.1%
RRSat Global Communications Network, Ltd.		38,900		418,564
Marshall Islands — 0.5%
Aegean Marine Petroleum Network, Inc.D		38,250		1,556,393
Eagle Bulk Shipping, Inc.D		37,500		1,108,875
				2,665,268
Netherlands — 0.1%
AerCap Holdings NVD*		50,600		639,078
Panama — 0.1%
Willbros Group, Inc.D*		12,000		525,720
Puerto Rico — 0.2%
Oriental Financial GroupD		62,700		894,102
Singapore — 0.1%
Verigy, Ltd.*		30,500		692,655
Total Foreign Common Stocks (Cost $9,040,578)				8,097,025
PREFERRED STOCKS — 0.0%
Fannie MaeD		3,750		90,904
Freddie MacD		5,125		124,537
Total Preferred Stocks (Cost $227,515)				215,441
MONEY MARKET FUNDS — 47.4%
GuideStone Money Market Fund (GS4 Class)¥		18,372,509		18,372,509
Northern Institutional Liquid Assets Portfolio§		215,005,582		215,005,582
Total Money Market Funds (Cost $233,378,091)				233,378,091
	Par
AGENCY OBLIGATIONS — 0.7%
Federal Home Loan Mortgage Corporation
2.55%, 12/15/08‡‡	$	22,000		21,746
Federal National Mortgage Association
1.25%, 12/15/08‡‡		3,102,000		3,066,240
2.00%, 12/15/08‡‡		150,000		148,271
2.48%, 12/15/08‡‡		42,000		41,516
2.55%, 12/26/08‡‡		30,000		29,632
Total Agency Obligations (Cost $3,325,513)				3,307,405
ASSET-BACKED SECURITIES — 0.6%
Bear Stearns Asset-Backed Securities Trust
3.35%, 10/27/32†		34,821		31,726
3.35%, 12/25/33†		350,149		263,861
Drive Auto Receivables Trust
5.33%, 04/15/14 STEP 144A		400,000		374,080
EMC Mortgage Loan Trust
3.04%, 02/25/41 STEP 144A		98,454		79,178
GSAA Trust
3.17%, 07/25/37†		200,000		120,616
Lehman XS Trust
3.20%, 11/25/35†		334,259		250,587
3.20%, 12/25/35†		166,494		110,558
3.02%, 06/25/37†		310,657		259,738
2.65%, 02/25/46†		334,606		234,357
2.97%, 08/25/46†		276,057		249,715
MASTR Specialized Loan Trust
2.74%, 05/25/37 144A†		334,167		262,150
Nelnet Student Loan Trust
4.10%, 04/25/24†		80,000		80,208

See Notes to Financial Statements. 103

Small Cap Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Option One Mortgage Loan Trust
3.70%, 11/25/32†	$	30,799	$	27,154
Renaissance Home Equity Loan Trust
3.33%, 06/25/33†		20,444		15,739
Securitized Asset-Backed Receivables LLC Trust
2.62%, 02/25/37†		344,301		233,156
Wachovia Asset Securitization, Inc.
2.76%, 09/27/32†		91,260		77,236
3.33%, 12/25/32†		47,420		36,358
2.68%, 03/25/33†		53,920		42,583
Washington Mutual Master Note Trust
2.54%, 09/15/13 144A†		200,000		188,391
Total Asset-Backed Securities (Cost $3,634,836)				2,937,391
CORPORATE BONDS — 2.0%
AES Corporation
7.75%, 10/15/15		30,000		29,700
8.00%, 10/15/17		140,000		137,900
8.00%, 06/01/20		190,000		184,300
American Express Co.
6.80%, 09/01/49†		140,000		129,633
American International Group, Inc.
5.85%, 01/16/18		190,000		178,319
Anadarko Petroleum Corporation
5.95%, 09/15/16		20,000		20,043
6.45%, 09/15/36		320,000		316,884
Apache Corporation
5.63%, 01/15/17D		110,000		111,484
AT&T, Inc.
5.50%, 02/01/18		90,000		87,370
BAC Capital Trust XIV
5.63%, 12/31/49†		10,000		7,809
Bank of America Corporation
5.75%, 12/01/17		190,000		178,749
8.13%, 12/15/49†		20,000		18,930
8.00%, 12/29/49†		60,000		56,303
Bear Stearns Co., Inc.
7.25%, 02/01/18		110,000		114,990
Cardinal Health, Inc.
5.85%, 12/15/17D		60,000		58,785
Chesapeake Energy Corporation
6.88%, 11/15/20D		100,000		94,500
Citigroup, Inc.
5.50%, 04/11/13		300,000		293,096
6.88%, 03/05/38		130,000		125,837
Comcast Corporation
6.50%, 01/15/17		360,000		362,727
Community Health Systems, Inc.
8.88%, 07/15/15D		30,000		30,338
ConocoPhillips Holding Co.
6.95%, 04/15/29		180,000		197,977
Countrywide Financial Corporation
6.25%, 05/15/16		50,000		44,584
CVS Pass-Through Trust
6.94%, 01/10/30 144A		89,597		86,349
Devon Financing Corporation
6.88%, 09/30/11		150,000		159,319
Dominion Resources, Inc.
5.70%, 09/17/12		120,000		121,954
Duke Energy Corporation
5.63%, 11/30/12D		130,000		133,892
Dynegy Holdings, Inc.
7.75%, 06/01/19		20,000		18,300
Edison Mission Energy
7.20%, 05/15/19D		100,000		93,750
Embarq Corporation
6.74%, 06/01/13		150,000		144,881
Energy Future Holdings Corporation
11.25%, 11/01/17 PIK 144A		500,000		501,250
6.50%, 11/15/24		20,000		14,856
6.55%, 11/15/34D		10,000		7,336
Energy Transfer Partners LP
6.70%, 07/01/18		100,000		100,832
FirstEnergy Corporation
7.38%, 11/15/31		110,000		119,960
Ford Motor Credit Co.
7.38%, 10/28/09		550,000		501,078
Ford Motor Credit Co., LLC
12.00%, 05/15/15		140,000		123,289
Freeport-McMoRan Copper & Gold, Inc.
8.38%, 04/01/17		65,000		68,682
General Electric Capital Corporation
6.38%, 11/15/47†		130,000		123,167
GMAC LLC
6.63%, 05/15/12D		550,000		377,601
Goldman Sachs Capital II
5.79%, 12/29/49†		10,000		6,959
Goldman Sachs Group LP
4.50%, 06/15/10		100,000		100,180
Goldman Sachs Group, Inc.
5.95%, 01/18/18		100,000		96,167
HCA, Inc.
9.63%, 11/15/16 PIK		50,000		51,625
Hertz Corporation
8.88%, 01/01/14		10,000		9,200
10.50%, 01/01/16D		5,000		4,575
Hess Corporation
7.30%, 08/15/31		130,000		145,617
HSBC Finance Corporation
4.63%, 09/15/10D		290,000		287,736
Idearc, Inc.
8.00%, 11/15/16		65,000		41,194
JPMorgan Chase & Co.
6.13%, 06/27/17D		250,000		246,442
Kansas City Southern Railway
8.00%, 06/01/15D		20,000		20,300
Kinder Morgan Energy Partners LP
6.00%, 02/01/17		70,000		69,281
6.95%, 01/15/38		120,000		119,473
Kroger Co.
6.15%, 01/15/20		70,000		69,400
L-3 Communications Corporation
6.38%, 10/15/15		85,000		79,900

104 See Notes to Financial Statements.

	Par		Value
Lehman Brothers Holdings Capital Trust V
5.86%, 11/29/49†	$	10,000	$	6,530
Lehman Brothers Holdings E-Capital Trust I
3.50%, 08/19/47†		50,000		37,153
Lehman Brothers Holdings, Inc.
6.50%, 07/19/17		160,000		148,264
6.75%, 12/28/17		120,000		112,923
Merrill Lynch & Co., Inc.
5.45%, 02/05/13		220,000		207,710
MetLife, Inc.
6.40%, 12/15/36		120,000		105,090
Morgan Stanley
5.63%, 01/09/12		160,000		160,245
NewPage Corporation
10.00%, 05/01/12		30,000		30,525
NRG Energy, Inc.
7.25%, 02/01/14		10,000		9,575
7.38%, 02/01/16		30,000		28,313
Oncor Electric Delivery Co.
6.38%, 01/15/15		50,000		49,401
Pacific Gas & Electric Co.
5.63%, 11/30/17		30,000		29,938
6.05%, 03/01/34		80,000		77,385
Pemex Project Funding Master Trust
6.63%, 06/15/35		90,000		89,244
Qwest Communications International, Inc.
7.50%, 02/15/14		70,000		66,850
Residential Capital LLC
6.46%, 04/17/09†		10,000		7,250
6.46%, 05/22/09†		20,000		14,500
6.00%, 02/22/11D		260,000		102,700
RH Donnelley Corporation
8.88%, 10/15/17 144A		10,000		6,000
SemGroup LP
8.75%, 11/15/15 144A		60,000		58,500
Sprint Capital Corporation
6.90%, 05/01/19		100,000		87,909
Steel Dynamics, Inc.
7.38%, 11/01/12 144A		25,000		25,125
SunTrust Capital VIII
6.10%, 12/15/36†		100,000		79,653
Terex Corporation
7.38%, 01/15/14		10,000		9,900
Time Warner Cable, Inc.
6.75%, 07/01/18		110,000		110,929
7.30%, 07/01/38		90,000		89,717
Toronto Dominion Bank NY
7.20%, 06/15/18		30,000		29,776
Travelers Cos., Inc.
6.25%, 03/15/37†		100,000		86,052
United Parcel Service, Inc.
4.50%, 01/15/13		150,000		150,455
UnitedHealth Group, Inc.
4.88%, 02/15/13		100,000		96,863
Ventas Realty LP
9.00%, 05/01/12		20,000		21,050
Verizon Global Funding Corporation
7.38%, 09/01/12		100,000		107,992
Wachovia Corporation
5.63%, 10/15/16		270,000		245,899
WellPoint, Inc.
5.88%, 06/15/17D		110,000		106,506
Weyerhaeuser Co.
6.75%, 03/15/12		80,000		82,461
Williams Cos., Inc.
7.88%, 09/01/21		50,000		53,250
7.50%, 01/15/31		30,000		30,488
7.75%, 06/15/31		50,000		52,250
8.75%, 03/15/32		10,000		11,400
Windstream Corporation
8.63%, 08/01/16		20,000		20,050
Wyeth
5.95%, 04/01/37		60,000		58,109
XTO Energy, Inc.
7.50%, 04/15/12		110,000		118,113
Total Corporate Bonds (Cost $10,439,683)				9,846,846
FOREIGN BONDS — 0.5%
Brazil — 0.0%
Petrobras International Finance Co.
6.13%, 10/06/16		80,000		80,400
Canada — 0.0%
OPTI Canada, Inc.
7.88%, 12/15/14		30,000		29,775
8.25%, 12/15/14		10,000		10,000
				39,775
Cayman Islands — 0.1%
Resona Preferred Global Securities Cayman, Ltd.
7.19%, 07/30/49 144A†		60,000		55,477
Shinsei Finance Cayman, Ltd.
6.42%, 07/20/49 144A†		100,000		70,326
Vale Overseas, Ltd.
6.88%, 11/21/36		140,000		130,723
				256,526
Germany — 0.0%
Bundesrepublik Deutschland
4.25%, 01/04/14(E)		80,000		123,544
Iceland — 0.1%
Glitnir Banki HF
6.69%, 06/15/16 144A†		130,000		83,649
Kaupthing Bank HF
7.63%, 02/28/15 144A@		310,000		259,176
				342,825
India — 0.0%
ICICI Bank, Ltd.
6.38%, 04/30/22 144A†		110,000		98,739
Italy — 0.0%
Telecom Italia Capital SA
5.25%, 10/01/15		60,000		54,990
Japan — 0.0%
Aiful Corporation
6.00%, 12/12/11 144A		100,000		82,709
Kazakhstan — 0.0%
KazMunaiGaz Finance Sub BV
8.38%, 07/02/13		120,000		120,210

See Notes to Financial Statements. 105

Small Cap Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Luxembourg — 0.2%
Evraz Group SA
8.88%, 04/24/13 144A	$	120,000	$	120,744
FMC Finance III SA
6.88%, 07/15/17		40,000		39,500
Gaz Capital for Gazprom
6.21%, 11/22/16 144A		110,000		103,048
RSHB Capital SA for OJSC Russian Agricultural Bank
6.30%, 05/15/17 144A		110,000		101,766
TNK-BP Finance SA
6.63%, 03/20/17 144A		100,000		88,750
7.88%, 03/13/18 144A		100,000		96,750
Vimpel Communications
8.38%, 04/30/13 144A		100,000		98,679
				649,237
Mexico — 0.0%
America Movil Sab de CV
5.63%, 11/15/17		40,000		38,724
United Mexican States
6.75%, 09/27/34		100,000		106,350
				145,074
Netherlands — 0.1%
Deutsche Telekom International Finance BV
5.75%, 03/23/16		75,000		73,291
HSBK Europe BV
9.25%, 10/16/13 144A		100,000		101,000
Intergas Finance BV
6.38%, 05/14/17 144A		110,000		98,175
Koninklijke KPN NV
8.00%, 10/01/10		110,000		116,444
TuranAlem Finance BV
8.25%, 01/22/37 144AD		210,000		175,875
				564,785
Russia — 0.0%
Russian Federation
7.50%, 03/31/30 STEP		12,805		14,386
United Kingdom — 0.0%
Vedanta Resources PLC
8.75%, 01/15/14		100,000		100,000
Total Foreign Bonds (Cost $2,809,632)				2,673,200
MORTGAGE-BACKED SECURITIES — 6.7%
American Home Mortgage Investment Trust
3.25%, 04/25/44 STEP		40,810		40,684
3.19%, 11/25/45†		283,522		214,174
Bear Stearns Adjustable Rate Mortgage Trust
6.65%, 02/25/35†		134,103		103,842
5.08%, 08/25/35†		324,247		294,906
Bear Stearns Mortgage Funding Trust
3.11%, 12/25/36†		281,564		156,974
Bear Stearns Structured Products, Inc.
3.50%, 09/27/37 144A†		773,923		735,761
Commercial Mortgage Lease-Backed Certificates
6.75%, 06/20/31 144A		326,687		338,069
Countrywide Alternative Loan Trust
2.63%, 07/25/35†		241,353		183,061
2.65%, 07/25/35†		330,951		250,089
3.15%, 06/25/37†		147,769		99,377
2.58%, 09/25/46†		355,743		249,511
Credit Suisse Mortgage Capital Certificates
5.47%, 09/15/39		390,000		370,722
CS First Boston Mortgage Securities Corporation
6.00%, 10/25/35		138,717		125,492
Federal Home Loan Bank
5.50%, 12/17/37		1,134,234		1,118,695
Federal Home Loan Mortgage Corporation
5.50%, 11/01/35		150,929		149,113
5.50%, 12/01/36		1,358,927		1,340,879
5.90%, 05/01/37†		584,931		594,112
6.04%, 05/01/37†		80,304		81,848
6.22%, 09/01/37†		65,081		66,336
Federal National Mortgage Association
5.00%, 08/01/22 TBA		1,200,000		1,183,875
5.50%, 08/01/22 TBA		1,400,000		1,405,687
4.62%, 09/01/35†		177,429		177,856
5.00%, 02/01/36		678,656		652,795
5.50%, 11/01/36		279,933		276,429
5.50%, 01/01/37		345,105		340,784
5.50%, 07/01/37 TBA		5,300,000		5,223,813
5.83%, 09/01/37†		407,742		414,826
5.00%, 07/01/38 TBA		4,400,000		4,217,127
5.00%, 08/01/38 TBA		5,000,000		4,781,250
First Horizon Alternative Mortgage Securities
5.93%, 02/25/36†		193,753		167,307
2.76%, 02/25/37†		115,511		88,864
General Electric Capital Commercial Mortgage Corporation
5.52%, 03/10/44†		300,000		286,772
GMAC Commercial Mortgage Securities, Inc.
5.24%, 11/10/45†		100,000		94,563
Government National Mortgage Association
5.50%, 08/01/23 TBA		400,000		395,750
6.00%, 08/01/37 TBA		800,000		809,500
5.00%, 07/01/38 TBA		500,000		484,375
6.00%, 07/01/38 TBA		200,000		202,688
Greenpoint Mortgage Funding Trust
3.16%, 10/25/45†		93,746		68,302
Harborview Mortgage Loan Trust
2.74%, 06/19/35†		312,460		234,613
Homestar Mortgage Acceptance Corporation
3.05%, 07/25/34†		137,279		116,239
Impac CMB Trust
3.70%, 03/25/33†		24,879		22,719
Indymac INDA Mortgage Loan Trust
6.29%, 11/01/37†		197,792		194,134

106 See Notes to Financial Statements.

	Par			Value
MASTR Adjustable Rate Mortgages Trust
3.79%, 11/21/34†	$	200,000		$	191,676
4.60%, 12/25/46†		324,076			229,747
Merrill Lynch Mortgage Investors, Inc.
5.03%, 05/25/34†		60,419			57,428
4.49%, 02/25/35†		337,744			326,478
Morgan Stanley Capital I
5.69%, 04/15/49†		270,000			254,608
Residential Accredit Loans, Inc.
5.54%, 12/26/34†		328,901			275,761
2.79%, 10/25/45†		205,928			159,870
Structured Adjustable Rate Mortgage Loan Trust
6.76%, 11/25/34†		107,306			89,160
Structured Asset Mortgage Investments, Inc.
2.60%, 08/25/36†		309,389			222,748
2.57%, 09/25/37†		375,282			268,935
Terwin Mortgage Trust
2.47%, 10/25/37†		262,129			243,275
Thornburg Mortgage Securities Trust
3.13%, 12/25/35†		327,487			325,100
3.15%, 07/25/45†		235,315			235,287
Washington Mutual Mortgage Pass-Through Certificates
4.63%, 05/25/47†		678			498
4.92%, 05/25/47†		354,597			218,311
Washington Mutual, Inc.
5.65%, 11/25/36†		291,986			269,483
Wells Fargo Mortgage-Backed Securities Trust
3.30%, 05/25/33†		343,415			319,996
3.54%, 09/25/34†		400,000			395,707
5.24%, 04/25/36†		314,052			309,174
Total Mortgage-Backed Securities (Cost $34,057,313)					32,747,155
	Number of Contracts
PURCHASED OPTION — 0.0%
Call Option — 0.0%
90-Day Eurodollar Futures, Strike Price $97.25, Expires 09/15/08		2			375
(Cost $2,435)
	Par
U.S. TREASURY OBLIGATIONS — 1.8%
U.S. Treasury Bill
2.09%, 12/04/08‡‡	$	3,255,000			3,225,773
U.S. Treasury Bonds
4.75%, 02/15/37D		730,000			754,067
5.00%, 05/15/37D		10,000			10,750
4.38%, 02/15/38D		900,000			877,501
					1,642,318
U.S. Treasury Inflationary Index Bonds
2.50%, 07/15/16D		90,000			104,616
2.63%, 07/15/17D		450,000			515,227
2.38%, 01/15/27D		295,000			329,479
1.75%, 01/15/28D		100,000			97,572
					1,046,894
U.S. Treasury Notes
3.25%, 12/31/09D		1,550,000			1,569,012
2.63%, 05/31/10D		150,000			150,141
3.50%, 05/31/13D		100,000			100,773
3.63%, 06/30/13D		800,000			801,688
4.75%, 08/15/17D		30,000			31,791
4.25%, 11/15/17D		110,000			112,398
					2,765,803
Total U.S. Treasury Obligations (Cost $8,543,615)					8,680,788
TOTAL INVESTMENTS — 146.7% (Cost $719,709,260)					722,683,162
	Number of Contracts
WRITTEN OPTIONS — 0.0%
Call Options — 0.0%
10-Year U.S. Treasury Note Futures, Strike Price $117.00, Expires 08/22/08		(22	)		(7,563	)
Put Options — 0.0%
10-Year U.S. Treasury Note Futures, Strike Price $111.00, Expires 08/22/08		(22	)		(7,562	)
5-Year U.S. Treasury Note Futures, Strike Price $109.00, Expires 08/23/08		(8	)		(3,563	)
Total Written Options (Premiums received $(35,974))					(18,688	)
Liabilities in Excess of Other Assets — (46.7)%					(229,801,817	)
NET ASSETS — 100.0%				$	492,862,657

See Notes to Financial Statements. 107

Small Cap Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

PORTFOLIO SUMMARY (based on net assets)

	%
Money Market Funds	47.4
Futures Contracts	20.7
Financial Services	16.3
Consumer Discretionary	12.1
Technology	11.4
Materials & Processing	10.9
Healthcare	10.1
Other Energy	8.1
Mortgage-Backed Securities	6.7
Producer Durables	5.7
Utilities	4.3
Auto & Transportation	3.0
Integrated Oils	2.5
Corporate Bonds	2.0
U.S. Treasury Obligations	1.8
Foreign Common Stocks	1.6
Consumer Staples	0.9
Agency Obligations	0.7
Asset-Backed Securities	0.6
Foreign Bonds	0.5
Other	0.1
Preferred Stocks	—	**
Purchased Option	—	**
Written Options	—	**
Forward Foreign Currency Contracts	(0.1	)
	167.3

** Rounds to less than 0.005%.

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities			Other Financial Instruments*
Assets:
Level 1 — Quoted Prices	$	662,490,002		$	(3,509,993	)
Level 2 — Other Significant Observable Inputs		60,193,160			790
Level 3 — Significant Unobservable Inputs		—			—
Total Assets	$	722,683,162		$	(3,509,203	)
Liabilities:
Level 1 — Quoted Prices	$	—		$	—
Level 2 — Other Significant Observable Inputs		(18,688	)		—
Level 3 — Significant Unobservable Inputs		—			—
Total Liabilities	$	(18,688	)	$	—

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

108 See Notes to Financial Statements.

International Equity Fund
SCHEDULE OF INVESTMENTS	June 30, 2008 (Unaudited)

	Shares	Value
FOREIGN COMMON STOCKS — 95.9%
Argentina — 0.0%
Banco Macro SA ADRD	21,400	$	355,668
Australia — 4.5%
ABC Learning Centres, Ltd.	2,281		2,187
AGL Energy, Ltd.D	2,362		32,380
Amcor, Ltd.	756,823		3,663,930
AMP, Ltd.	118,826		762,077
Ansell, Ltd.D	13,730		121,883
Asciano GroupD	613		2,039
Austereo Group, Ltd.	4,353		6,406
Australand Property Group REIT	98,155		111,975
Australia and New Zealand Banking Group, Ltd.	5,292		94,970
AXA Asia Pacific Holdings, Ltd.	44,491		199,609
BHP Billiton, Ltd.D	171,436		7,181,992
Billabong International, Ltd.D	111,286		1,152,194
BlueScope Steel, Ltd.	14,187		154,229
Brambles, Ltd.	171,000		1,431,106
Caltex Australia, Ltd.D	1,847		23,124
CFS Retail Property Trust REIT	2,438		4,324
Challenger Financial Services Group, Ltd.D	22,785		41,283
Coca-Cola Amatil, Ltd.	1,288,422		8,658,399
Commonwealth Bank of Australia	3,231		124,423
Computershare, Ltd.	59,226		522,918
CSL, Ltd.	137,230		4,696,547
CSR, Ltd.	39,446		92,647
Dexus Property Group REIT	761,696		1,007,679
Fairfax Media, Ltd.	37,721		105,953
Fortescue Metals Group LtdD*	6,199		70,718
Goodman Fielder, Ltd.D	111,394		150,037
Goodman Group REITD	8,072		23,911
GPT Group REITD	13,315		28,337
Harvey Norman Holdings, Ltd.	26,066		77,214
Incitec Pivot, Ltd.	23,586		4,182,996
Leighton Holdings, Ltd.D	50,367		2,455,266
Lend Lease Corporation, Ltd.	12,722		116,472
Macquarie Group, Ltd.D	43,100		2,009,705
Macquarie Infrastructure Group	10,311		22,932
Mineral Deposits, Ltd.D*	138,300		108,717
Mirvac Group REIT	4,874		13,831
National Australia Bank, Ltd.	366,002		9,298,026
Newcrest Mining, Ltd.	132,510		3,722,011
Orica, Ltd.	1,746		49,043
Origin Energy, Ltd.	4,993		77,159
Oxiana, Ltd.	8,347		21,044
PaperlinX, Ltd.	24,779		40,739
QBE Insurance Group, Ltd.	7,438		159,722
Quantas Airways, Ltd.	55,370		161,365
Rio Tinto, Ltd.D	15,508		2,014,450
Santos, Ltd.	12,353		254,016
SP AusNet	151,468		153,918
Stockland REIT	10,657		55,066
Suncorp-Metway, Ltd.	205,038		2,563,146
Telstra Corporation, Ltd.	2,747,554		11,167,952
Toll Holdings, Ltd.D	4,299		24,810
Wesfarmers, Ltd.D*	140,096		5,009,684
Westfield Group REIT	11,486		179,260
Westpac Banking Corporation	3,377		64,747
Woodside Petroleum, Ltd.	3,116		201,633
			74,672,201
Austria — 0.4%
Erste Bank Der Oesterreichischen Sparkassen AGD	65,923		4,103,970
Raiffeisen International Bank Holding AGD	13,151		1,680,679
Verbund AG	9,429		845,009
			6,629,658
Bahrain — 0.0%
Investcorp Bank BSC GDR	13,338		340,119
Belgium — 0.5%
Colruyt SAD*	1,279		337,944
FortisD*	342,803		5,488,746
Mobistar SAD*	20,000		1,620,115
			7,446,805
Bermuda — 0.3%
Aquarius Platinum, Ltd.D*	90,616		1,453,862
Catlin Group, Ltd.	6,339		44,192
Credicorp, Ltd.	25,105		2,061,623
Hiscox, Ltd.	66,853		276,973
Seadrill, Ltd.D	57,600		1,761,407
			5,598,057
Brazil — 2.5%
Amil Participacoes SA*	80,851		728,774
Banco do Brasil SA*	294,300		4,789,649
BR Malls Participacoes SA*	24,900		236,093
Brasil Telecom Participacoes SA ADRD*	35,900		2,633,983
Centrais Eletricas Brasileiras SA	29,570		544,696
Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADRD	12,797		543,361
Companhia Vale do Rio Doce ADRD	197,882		6,289,803
Gafisa SA ADRD	14,800		508,676
Gerdau SA ADRD	44,000		1,056,440
Global Village Telecom Holding SA*	30,800		748,338
Hypermarcas SA*	16,800		204,878
Localiza Rent A Car SA*	25,100		281,829
Lojas Renner SA	36,400		719,780
Magnesita Refratarios SA	41,000		576,726
Marfrig Frigorificos e Comercio de Alimentos SA*	116,237		1,471,905
Petroleo Brasileiro SA ADRD*	189,150		12,144,270
Tegma Gestao Logistica SA	31,778		393,880
Tele Norte Leste Participacoes SA ADRD	132,600		3,303,066
Terna Participacoes SA	35,600		710,623
Totvs SA	10,865		353,040
Triunfo Participacoes e Investimentos SA*	50,300		170,689
Unibanco GDRD	12,633		1,603,507
Usinas Siderurgicas de Minas Gerais SA	22,800		1,072,372
Votorantim Celulose e Papel SA ADRD*	12,800		341,888
			41,428,266
Canada — 1.8%
Eastern Platinum, Ltd.*	486,300		1,335,334
Encana Corporation	56,200		5,110,266
Falcon Oil & Gas, Ltd.*	335,000		374,522
First Quantum Minerals, Ltd.	34,526		2,381,979

See Notes to Financial Statements. 109

International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares	Value
Goldcorp, Inc.	78,610	$	3,629,424
Potash Corporation of Saskatchewan	10,840		2,477,699
Research In Motion, Ltd.*	55,630		6,503,147
Rogers Communications, Inc. Class B	124,673		4,836,779
Talisman Energy, Inc.D	140,200		3,104,556
Teck Cominco, Ltd. Class BD	15,000		723,301
			30,477,007
Chile — 0.2%
Banco de Credito e Inversiones	23,100		638,334
Banco Santander Chile SA ADRD	6,300		270,963
Centros Comerciales Sudamericanos SA	79,659		240,620
Embotelladora Andina SA ADR Class A@D	20,000		285,200
Embotelladora Andina SA ADR Class BD	36,200		553,498
Enersis SA ADRD	39,500		615,410
Multiexport Foods SA*	115,516		35,662
S.A.C.I. Falabella SA	91,175		389,026
			3,028,713
China — 1.6%
Anhui Conch Cement Co., Ltd.D	88,405		591,275
Asia Cement China Holdings Corporation*	111,000		71,606
Bank of Communications Co., Ltd.D	1,567,000		1,834,841
BYD Electronic International Co., Ltd.*	442,500		262,756
China Communications Construction Co., Ltd. Class HD*	490,000		838,321
China Construction Bank Class HD	771,000		620,973
China COSCO Holdings Co., Ltd.	754,000		1,841,182
China Life Insurance Co., Ltd. Class HD	615,000		2,153,259
China Medical Technologies, Inc. ADRD*	14,300		706,420
China Petroleum & Chemical Corporation Class H	2,815,000		2,635,480
China Shenhua Energy Co., Ltd. Class H	425,000		1,667,896
China Shipping Development Co., Ltd.	358,000		1,074,379
China Yurun Food Group, Ltd.	1,328,000		2,183,457
Golden Eagle Retail Group, Ltd.D	583,726		567,462
Great Wall Motor Co., Ltd.	477,500		316,608
Harbin Power EquipmentD	340,000		492,738
Hidili Industry International Development, Ltd.*	638,000		1,112,803
Industrial & Commercial Bank of China Class H	5,215,305		3,565,049
New World Department Store China, Ltd.D*	533,337		469,913
Parkson Retail Group, Ltd.D	201,422		1,469,866
Shandong Weigao Group Medical Polymer Co., Ltd.	216,000		312,479
Simcere Pharmaceutical Group ADR*	39,300		495,180
Xinao Gas Holdings, Ltd.D	242,740		416,539
Yangzijiang Shipbuilding Holdings, Ltd.D	667,000		416,707
ZTE Corporation Class H	15,000		71,948
			26,189,137
Colombia — 0.1%
BanColombia SA	76,200		566,273
BanColombia SA ADRD	13,000		408,070
			974,343
Cyprus — 0.1%
Bank of Cyprus Public Co., Ltd.	67,843		826,754
Czech Republic — 0.4%
CEZ AS	79,770		7,077,650
Denmark — 1.1%
D/S Norden	2,300		247,646
East Asiatic Co., Ltd. A/SD	7,200		498,586
FLSmidth & Co. A/S	5,450		598,319
H Lundbeck A/SD	121,300		2,765,781
Novo-Nordisk A/S Class B	141,542		9,263,611
Topdanmark A/SD*	5,750		867,975
Vestas Wind Systems A/SD*	35,100		4,594,435
			18,836,353
Egypt — 0.5%
El Sewedy Cables Holding Co.*	40,185		997,141
Maridive & Oil Services SAE	11,912		69,923
Orascom Construction Industries*	53,294		3,602,308
Orascom Construction Industries GDRD*	1,828		247,491
Orascom Construction Industries GDR 144A*	1,549		209,718
Orascom Telecom Holding SAE GDRD	33,887		2,180,371
Talaat Moustafa Group*	369,846		623,833
			7,930,785
Estonia — 0.1%
Tallink Group, Ltd.*	746,660		858,176
Finland — 0.9%
Fortum OYJD	16,574		841,826
Konecranes OYJ	619		25,632
Nokia Corporation ADR	95,300		2,334,850
Nokia OYJ ADR	253,864		6,191,317
Outokumpu OYJD	33,123		1,160,353
Outotec OYJD	17,445		1,111,839
UPM-Kymmene OYJ	233,934		3,830,516
			15,496,333
France — 7.4%
Accor SA	6,271		418,929
Air Liquide SAD	16,889		2,230,160
AlstomD	6,671		1,540,504
AXA SAD	103,400		3,070,385
BNP Paribas SA	61,305		5,553,877
Bouygues SAD	255		16,927
Carrefour SAD	127,372		7,211,476
Casino Guichard Perrachon SAD	19,303		2,188,204
Christian Dior SA	18,763		1,934,969
Compagnie de Saint-GobainD	131,045		8,199,339
Compagnie Generale de Geophysique - VeritasD*	26,480		1,252,832
ErametD	1,430		1,420,679
France Telecom SAD	366,435		10,794,469

110 See Notes to Financial Statements.

	Shares	Value
Gaz de France SA	2,013	$	129,374
Groupe DanoneD	13,253		930,636
Klepierre REITD	10,242		516,019
Lafarge SAD	24,438		3,747,232
L’Oreal SAD	16,021		1,743,003
Nexans SA	643		79,340
Peugeot SAD	268		14,553
Rallye SA	8,361		491,676
Renault SAD	79,730		6,540,185
Sanofi-Aventis	43,232		2,888,078
Schneider Electric SAD	23,082		2,493,397
Societe BIC SAD	22,800		1,191,800
Societe Generale Class AD	70,900		6,171,964
Societe Television Francaise 1D	60,434		1,011,452
Suez SA	84,101		5,725,552
Technip SAD	34,692		3,211,170
Total SAD	365,795		31,215,305
Total SA ADR	18,800		1,603,076
UBISOFT Entertainment*	18,774		1,647,314
Unibail-Rodamco REITD	67		15,498
Valeo SAD	71,400		2,293,290
Vallourec	436		153,019
Veolia Environnement SA	9,680		543,027
Vivendi SA	29,315		1,112,340
			121,301,050
Germany — 7.3%
Adidas-Salomon AG	29,409		1,857,220
Allianz AGD	41,455		7,303,609
BASF AG	157,718		10,881,385
Bauer AG	13,846		1,336,771
Bayer AGD	105,953		8,918,108
Bayerische Motoren Werke AGD	69,951		3,364,617
Commerzbank AGD	121,600		3,606,991
Continental AGD	38,870		3,994,466
Daimler AG	63,683		3,938,452
Demag Cranes AG	19,142		912,887
Deutsche Boerse AGD	16,870		1,904,163
Deutsche Lufthansa AGD	124,400		2,683,314
Deutsche Telekom AG	384,630		6,298,063
E.ON AG	31,817		6,419,606
ElringKlinger AGD	4,345		411,761
Fresenius Medical Care AG & Co. KGaA	77,800		4,288,469
GEA Group AGD	53,777		1,899,984
Gildemeister AG	13,270		375,866
Hannover Rueckversicherung AGD	82,845		4,089,163
Heidelberger Druckmaschinen AGD*	49,800		1,021,655
Hypo Real Estate Holding AGD	1,409		39,665
Lanxess AG	7,693		315,889
Linde AGD	20,923		2,941,751
MAN AG	1,301		144,430
Merck KGaA	12,230		1,738,588
Muenchener Rueckversicherungs AG	11,495		2,013,625
Q-Cells AGD*	13,680		1,390,099
RWE AGD	161,005		20,337,927
Salzgitter AG	255		46,733
SAP AGD	37,304		1,953,476
SGL Carbon AGD*	43,300		3,039,876
Siemens AG	18,299		2,031,750
SolarWorld AGD	29,625		1,411,892
Stada Arzneimittel AGD	5,108		366,891
Suedzucker AGD*	10,412		188,850
Symrise AGD	90,329		1,962,623
ThyssenKrupp AG	22,976		1,442,647
Tognum AG	8,784		236,770
United Internet AGD	54,556		1,075,418
Vossloh AGD	200		26,073
Wacker Chemie AGD	7,521		1,572,075
			119,783,598
Greece — 0.8%
Alpha Bank AE	64,676		1,955,127
Coca Cola Hellenic Bottling Co. SA	111,980		3,050,121
National Bank of Greece SA	125,835		5,670,233
Public Power Corporation	93,700		3,245,584
			13,921,065
Hong Kong — 2.8%
AAC Acoustic Technology Holdings, Inc.*	588,000		491,681
Bank of East Asia, Ltd.	800		4,345
BOC Hong Kong Holdings, Ltd.	37,500		99,314
Cheung Kong Holdings, Ltd.	10,000		134,791
China Mobile, Ltd.	442,000		5,940,761
China Overseas Land & Investment, Ltd.D	470,000		742,621
CLP Holdings, Ltd.	6,500		55,686
CNOOC, Ltd.	1,303,000		2,242,619
Dairy Farm International Holdings, Ltd.	324,900		1,572,516
Esprit Holdings, Ltd.	81,100		842,489
Giordano International, Ltd.	70,000		28,728
Great Eagle Holdings, Ltd.	3,000		8,849
Hang Lung Group, Ltd.	9,000		39,995
Hang Lung Properties, Ltd.	8,000		25,650
Hang Seng Bank, Ltd.	200,400		4,227,875
Henderson Land Development Co., Ltd.	7,000		43,631
Hengan International Group Co., Ltd.D	350,000		1,032,415
Hong Kong & China Gas Co.	16,600		39,471
Hong Kong Electric Holdings, Ltd.	765,500		4,579,894
Hong Kong Exchanges and Clearing, Ltd.D	4,400		64,330
Hongkong Land Holdings, Ltd.	369,000		1,564,560
Hopewell Holdings	4,000		14,210
Hutchison Telecommunications International, Ltd.*	7,000		9,929
Hutchison Whampoa, Ltd.	397,600		4,007,998
Hysan Development Co., Ltd.	10,000		27,446
Industrial and Commercial Bank of China Asia, Ltd.	16,000		43,195
Jardine Matheson Holdings, Ltd.	124,400		3,856,400
Kerry Properties, Ltd.	500		2,626
Lenovo Group, Ltd.D*	2,562,000		1,734,889
Li & Fung, Ltd.	646,000		1,946,968
Lifestyle International Holdings, Ltd.	3,000		4,217
Link REIT	10,000		22,777
Midland Holdings, Ltd.	830,000		515,207
MTR Corporation	6,000		18,891
New World Development, Ltd.	13,000		26,476
Noble Group, Ltd.D	6,000		10,452

See Notes to Financial Statements. 111

International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares	Value
Orient Overseas International, Ltd.	2,500	$	12,504
Pacific Basin Shipping, Ltd.	471,000		672,922
PCCW, Ltd.	3,000		1,816
Shangri-La Asia, Ltd.	6,000		14,005
Shenzhen International Holdings	260,000		24,342
Shui On Land, Ltd.	1,428,723		1,189,190
Sun Hung Kai Properties, Ltd.	188,600		2,559,092
Swire Pacific, Ltd. Class A	7,000		71,596
Television Broadcasts, Ltd.	3,000		17,314
Wharf Holdings, Ltd.	1,391,250		5,825,684
Wheelock & Co., Ltd.	13,000		34,846
Wing Hang Bank, Ltd.	2,000		26,496
WM Morrison Supermarkets PLC	70,943		376,229
			46,849,938
Hungary — 0.1%
MOL Hungarian Oil and Gas PLCD*	11,268		1,517,743
MOL Hungarian Oil and Gas PLC ADR*	12,666		846,722
			2,364,465
India — 1.8%
Ambuja Cements, Ltd.	587,628		1,037,312
Andhra Bank, Ltd.	685,968		871,311
Asian Paints, Ltd.	42,751		1,141,931
Bharti Airtel, Ltd.*	32,591		546,339
Cairn India, Ltd.*	158,067		1,009,204
Container Corporation of India, Ltd.*	48,644		876,836
GAIL India, Ltd.*	147,046		1,138,603
Hindustan Unilever, Ltd.	120,091		578,195
Housing Development Finance Corporation	81,309		3,713,190
Indraprastha Gas, Ltd.*	93,800		239,923
Infosys Technologies, Ltd.	104,156		4,204,489
Infosys Technologies, Ltd. ADRD	98,510		4,281,245
Phoenix Mills, Ltd.	43,616		157,383
Ranbaxy Laboratories, Ltd.	91,585		1,113,388
Reliance Industries, Ltd.	23,487		1,143,725
Reliance Industries, Ltd. GDR	23,600		2,298,456
Rural Electrification Corporation, Ltd.*	273,024		531,136
Satyam Computer Services, Ltd.*	158,771		1,612,065
Sun Pharma Advanced Research Co., Ltd.*	28,979		54,085
Sun Pharmaceuticals Industries, Ltd.*	49,300		1,605,272
Welspun-Gujarat Stahl, Ltd.*	104,000		734,224
			28,888,312
Indonesia — 0.7%
Bank Rakyat Indonesia	6,743,209		3,729,975
PT Bumi Resources TBK*	3,702,000		3,292,451
PT Panin Life TBK*	26,999,000		614,945
PT Ramayana Lestari Sentosa TBK@	3,484,500		260,770
PT Telekomunikasi Indonesia TBK*	4,540,696		3,595,128
			11,493,269
Ireland — 0.6%
Allied Irish Banks PLC	166,000		2,569,166
Anglo Irish Bank Corporation PLCD	104,525		979,191
Bank of IrelandD	192,600		1,681,467
CRH PLC	108,337		3,138,522
Dragon Oil PLC*	108,010		984,256
			9,352,602
Israel — 0.9%
Check Point Software
Technologies, Ltd.*	57,432		1,359,416
Israel Chemicals, Ltd.	72,788		1,696,031
Makhteshim-Agan Industries, Ltd.	207,479		1,932,545
Nice Systems, Ltd. ADRD*	40,086		1,185,343
Syneron Medical, Ltd.D*	13,200		217,008
Teva Pharmaceutical Industries, Ltd. ADRD	191,100		8,752,380
			15,142,723
Italy — 2.1%
Assicurazioni Generali SpA	104,464		4,008,231
Banca Italease SpAD*	17,115		163,702
ENI SpA	116,267		4,338,457
Fiat SpA	37,171		609,236
Impregilo SpAD*	22,927		102,066
Intesa Sanpaolo SpA	1,646,779		9,405,314
Maire Tecnimont SpA*	32,223		217,394
Mediaset SpAD	538,824		3,552,485
Prysmian SpA	7,157		181,308
Saipem SpA	3,648		171,332
Terna Rete Elettrica Nazionale SpAD	356,328		1,509,151
UniCredito Italiano SpA	1,662,699		10,176,878
Unione di Banche Italiane SCPA	754		17,677
			34,453,231
Japan — 14.6%
77 Bank, Ltd. (The)*	4,000		25,126
Acom Co., Ltd.*	280		8,675
Aeon Credit Service Co., Ltd.*	129,200		1,619,487
Aiful CorporationD*	1,250		14,479
Aisin Seiki Co., Ltd.*	17,500		573,527
Alfresa Holdings Corporation*	500		35,692
Alps Electric Co., Ltd.*	3,400		35,126
Amada Co., Ltd.*	10,000		78,825
Aoyama Trading Co., Ltd.*	2,300		42,346
Asahi Glass Co., Ltd.D	4,000		48,368
Asahi Kasei Corporation*	14,000		73,306
Astellas Pharma, Inc.*	277,800		11,772,849
Autobacs Seven Co., Ltd.*	3,300		92,301
Bridgestone Corporation	8,500		129,920
Brother Industries, Ltd.D*	1,500		20,610
Calsonic Kansei Corporation*	10,000		40,025
Canon Marketing Japan, Inc.D	5,500		96,756
Canon, Inc.D	320,150		16,462,014
Central Glass Co., Ltd.*	18,000		73,400
Central Japan Railway Co.*	354		3,900,551
Chuo Mitsui Trust Holdings, Inc.*	16,000		95,230
Circle K Sunkus Co., Ltd.*	7,600		133,556
Coca-Cola West Holdings Co., Ltd.D	400		9,323

112 See Notes to Financial Statements.

	Shares	Value
COMSYS Holdings CorporationD*	21,000	$	185,111
Dai Nippon Printing Co., Ltd.*	3,000		44,215
Daiei, Inc. (The)D*	7,700		48,005
Daiichi Sankyo Co., Ltd.*	2,400		66,111
Dainippon Screen Manufacturing Co., Ltd.D*	5,000		20,106
Dainippon Sumitomo Pharma Co., Ltd.*	2,000		16,179
Daishi Bank, Ltd.*	12,000		53,341
Daito Trust Construction Co., Ltd.*	37,900		1,838,160
Daiwa Securities Group, Inc.	270,000		2,481,706
Denso Corporation*	3,300		113,434
Duskin Co., Ltd.D*	4,200		72,660
East Japan Railway Co.*	291		2,370,533
Eisai Co., Ltd.D*	400		14,126
Exedy Corporation*	3,500		92,127
FamilyMart Co., Ltd.*	6,300		257,494
Fanuc, Ltd.	6,700		654,320
Fast Retailing Co., Ltd.D*	11,000		1,042,143
Fuji Fire & Marine Insurance Co., Ltd. (The)D*	3,000		7,995
Fuji Heavy Industries, Ltd.D*	2,000		9,794
FUJIFILM Holdings Corporation*	5,300		182,182
Fujitsu, Ltd.*	253,000		1,877,516
Fukuyama Transporting Co., Ltd.*	2,000		6,931
Funai Electric Co., Ltd.*	3,600		92,216
Glory, Ltd.*	3,800		89,288
H2O Retailing CorporationD*	17,000		117,832
Hachijuni Bank, Ltd.D*	9,000		58,313
Haseko Corporation*	8,500		11,367
Higo Bank, Ltd.*	10,000		60,272
Hino Motors, Ltd.*	12,000		74,361
Hirose Electric Co., Ltd.D*	18,800		1,887,348
Hisamitsu Pharmaceutical Co., Inc.D*	47,600		2,071,027
Hitachi Cable, Ltd.*	2,000		7,515
Hitachi Capital CorporationD*	900		14,494
Hitachi Construction Machinery Co., Ltd.*	106,900		2,995,032
Hitachi High-Technologies Corporation*	1,100		25,484
Hitachi Kokusai Electric, Inc.*	13,000		115,939
Hitachi Transport System, Ltd.*	4,000		50,553
Hitachi, Ltd.	4,000		28,855
Hokkoku Bank, Ltd.*	28,000		109,959
Honda Motor Co., Ltd.D	9,200		312,775
Hosiden CorporationD*	45,900		976,918
Hoya CorporationD	90,100		2,083,114
Inpex Holdings, Inc.*	455		5,741,866
Itochu Corporation*	150,000		1,597,683
Itoham Foods, Inc.*	34,000		168,103
Japan Aviation Electronics Industry, Ltd.D*	12,000		104,987
Japan Steel Works, Ltd.*	293,000		5,698,027
JFE Holdings, Inc.	71,900		3,622,593
JFE Shoji Holdings, Inc.*	19,000		142,610
JGC Corporation*	7,000		137,778
JTEKT CorporationD*	4,000		63,436
Kagoshima Bank, Ltd.*	10,000		75,717
Kaken Pharmaceutical Co., Ltd.*	22,000		183,359
Kanto Auto Works, Ltd.	11,300		146,644
Kao Corporation*	402,000		10,543,580
Kawasaki Kisen Kaisha, Ltd.*	6,000		56,336
KDDI Corporation*	1,186		7,326,986
Keihin CorporationD*	9,100		137,890
Keiyo Bank, Ltd.*	6,000		36,163
Keyence CorporationD*	6,800		1,619,551
Kikkoman Corporation*	1,000		12,215
Kobe Steel, Ltd.D	39,000		111,654
Komatsu, Ltd.*	22,800		635,570
Konami CorporationD*	13,700		478,665
Konica Minolta Holdings, Inc.*	86,500		1,460,607
Kose Corporation*	4,600		102,670
Kuraray Co., Ltd.*	188,500		2,247,408
Kureha CorporationD*	8,000		48,293
Kurita Water Industries, Ltd.D*	28,600		1,058,511
Kyocera Corporation	800		75,340
Kyowa Exeo CorporationD*	3,000		27,829
Lawson, Inc.*	1,100		53,557
Leopalace21 CorporationD*	1,500		21,472
Lintec CorporationD*	4,300		74,714
Makita Corporation*	400		16,349
Marubeni Corporation*	363,000		3,032,264
Matsumotokiyoshi Holdings Co., Ltd.D*	900		19,282
Matsushita Electric Industrial Co., Ltd.*	224,000		4,830,814
Matsushita Electric Works, Ltd.*	3,000		30,598
Mazda Motor Corporation*	11,000		57,080
Meiji Dairies CorporationD*	13,000		66,723
Millea Holdings, Inc.*	202,600		7,899,082
Minebea Co., Ltd.*	163,000		931,779
Mitsubishi Corporation*	314,700		10,372,934
Mitsubishi Electric Corporation	230,000		2,480,105
Mitsubishi Estate Co., Ltd.D*	6,000		137,308
Mitsubishi Gas Chemical Co., Inc.*	443,000		3,195,724
Mitsubishi Materials Corporation*	9,000		38,480
Mitsubishi UFJ Financial Group, Inc.*	35,200		311,939
Mitsui & Co., Ltd.*	33,000		728,775
Mitsui Fudosan Co., Ltd.*	79,000		1,688,845
Mitsui OSK Lines, Ltd.*	85,000		1,211,141
Mizuho Financial Group, Inc.*	27		126,120
Musashino Bank, Ltd. (The)*	2,300		93,139
Nachi-Fujikoshi CorporationD*	3,000		11,668
NEC Corporation*	18,000		94,251
NEC Electronics CorporationD*	4,800		119,565
NGK Insulators, Ltd.D*	2,000		38,894
NHK Spring Co., Ltd.*	1,000		7,967
Nichirei CorporationD*	13,000		66,723
Nifco, Inc.*	2,600		61,336
Nintendo Co., Ltd.*	13,800		7,784,715
Nippon Electric Glass Co., Ltd.D*	131,000		2,266,299
Nippon Express Co., Ltd.*	41,000		196,534
Nippon Konpo Unyu Soko Co., Ltd.*	16,000		204,172
Nippon Mining Holdings, Inc.*	10,000		62,627
Nippon Oil Corporation*	25,000		167,867
Nippon Sheet Glass Co., Ltd.*	8,000		39,554
Nippon Steel Corporation	24,000		129,962
Nippon Telegraph & Telephone Corporation*	1,064		5,210,529

See Notes to Financial Statements. 113

International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares	Value
Nippon Yusen Kabushiki Kaisha*	11,000	$	105,768
Nishi-Nippon City Bank, Ltd. (The)*	17,000		50,591
Nissan Chemical Industries, Ltd.D*	6,000		73,796
Nissan Motor Co., Ltd.	3,100		25,603
Nissan Shatai Co., Ltd.*	15,000		117,248
Nissin Kogyo Co., Ltd.D*	1,700		25,792
Nitto Denko Corporation*	155,400		5,971,013
Nomura Holdings, Inc.	83,300		1,233,987
Nomura Real Estate Holdings, Inc.*	1,000		21,095
NSK, Ltd.*	79,000		691,162
NTT Data CorporationD*	154		601,874
NTT DoCoMo, Inc.*	104		152,790
OMC Card, Inc.*	8,100		25,783
Omron Corporation*	92,000		1,975,420
ORIX Corporation	14,430		2,064,244
Osaka Gas Co., Ltd.*	34,000		124,556
QP CorporationD*	21,400		187,831
Rakuten, Inc.	2,090		1,054,989
Resona Holdings, Inc.D*	37		56,797
Ricoh Co., Ltd.*	145,000		2,616,377
Rohm Co., Ltd.D*	1,500		86,312
San-in Godo Bank, Ltd. (The)*	2,000		17,479
Sankyo Co., Ltd.*	1,700		110,788
Secom Co., Ltd.	600		29,157
Seiko Epson CorporationD*	1,000		27,499
Seino Holdings CorporationD*	3,000		18,336
Sekisui House, Ltd.D*	186,000		1,735,895
Seven & Holdings Co., Ltd.*	229,300		6,543,099
Sharp Corporation*	2,000		32,566
Shima Seiki Manufacturing, Ltd.D*	1,700		46,268
Shimano, Inc.	1,100		55,215
Shimizu CorporationD*	5,000		23,685
Shin-Etsu Chemical Co., Ltd.*	127,900		7,925,620
Shinko Electric Industries Co., Ltd.*	3,800		46,916
Shinwa Kaiun Kaisha, Ltd.*	2,000		10,924
Shionogi & Co., Ltd.*	50,000		986,486
Shizuoka Bank, Ltd. (The)*	129,000		1,316,909
Showa Shell Sekiyu KKD	5,900		64,620
Sony Corporation*	3,400		148,571
Stanley Electric Co., Ltd.*	31,200		755,135
Sumco Corporation*	74,500		1,648,773
Sumitomo Bakelite Co., Ltd.D*	3,000		16,358
Sumitomo Chemical Co., Ltd.*	3,000		18,901
Sumitomo CorporationD*	190,400		2,501,370
Sumitomo Electric Industries, Ltd.D*	177,100		2,248,254
Sumitomo Heavy Industries, Ltd.*	10,000		67,712
Sumitomo Metal Industries, Ltd.*	3,000		13,194
Sumitomo Metal Mining Co., Ltd.*	5,000		76,659
Sumitomo Mitsui Financial Group, Inc.*	22		165,541
Sumitomo Realty & Development Co., Ltd.*	2,000		39,742
Suzuken Co., Ltd.D*	4,800		177,200
Taisei Corporation*	6,000		14,296
Takeda Pharmaceutical Co., Ltd.*	222,100		11,294,816
Takefuji CorporationD*	3,120		43,398
TDK Corporation*	1,500		89,843
Terumo Corporation*	23,000		1,173,989
THK Co., Ltd.D*	5,200		100,881
Toagosei Co., Ltd.	45,000		166,125
Toho Pharmaceutical Co., Ltd.D*	3,400		65,480
Tokai Rika Co., Ltd.*	3,800		78,552
Tokai Rubber Industries, Inc.*	8,400		108,298
Tokyo Ohka Kogyo Co., Ltd.*	1,400		26,092
Tokyo Steel Manufacturing Co., Ltd.*	5,600		64,710
Tokyo Style Co., Ltd.D*	4,000		35,824
Tokyo Tatemono Co., Ltd.D	1,000		6,470
Tokyu Land CorporationD*	341,000		1,936,460
Toppan Printing Co., Ltd.*	9,000		99,082
Toshiba Machine Co., Ltd.*	9,000		61,365
Toshiba TEC Corporation*	27,000		168,583
Toyo Engineering CorporationD*	3,000		19,297
Toyo Seikan Kaisha, Ltd.D*	1,700		30,002
Toyo Suisan Kaisha, Ltd.D*	11,000		248,623
Toyoda Gosei Co., Ltd.*	500		14,597
Toyota Auto Body Co., Ltd.*	4,100		76,529
Toyota Boshoku Corporation*	600		16,076
Toyota Motor Corporation	349,840		16,506,083
Ube Industries, Ltd.D*	17,000		60,197
Uni-Charm CorporationD*	32,400		2,303,715
Urban CorporationD*	4,300		12,594
Ushio, Inc.D*	69,200		1,130,687
USS Co., Ltd.*	670		44,231
West Japan Railway Co.*	880		4,317,747
Yamaha Motor Co., Ltd.	5,900		110,405
Yamato Holdings Co., Ltd.D*	8,000		111,654
Yodogawa Steel Works, Ltd.*	12,000		61,930
			240,291,832
Kazakhstan — 0.2%
Eurasian Natural Resources Corporation*	114,039		3,027,865
KazakhGold Group, Ltd. GDR*	14,827		341,021
			3,368,886
Luxembourg — 0.5%
Arcelor	4,594		454,236
ArcelorMittalD	50,100		4,953,679
Evraz Group SA GDR	15,350		1,792,112
Oriflame Cosmetics SA ADR	18,900		1,216,075
Tenaris SA ADRD	7,100		528,950
			8,945,052
Malaysia — 0.3%
AirAsia BHD*	1,471,200		391,720
Astro All Asia Networks PLC*	112,541		117,104
Bumiputra-Commerce Holdings BHD	1,168,532		2,860,981
Sime Darby BHD	328,100		928,822
			4,298,627
Mexico — 1.1%
America Movil SA de CV ADR Series L*	152,193		8,028,181
Cemex SA de CV*	1,271,059		3,146,497
Corporacion Moctezuma SA de CV	181,059		435,219
Empresas ICA SAB de CV*	54,100		338,771

114 See Notes to Financial Statements.

	Shares	Value
Empresas ICA SAB de CV ADRD*	7,500	$	186,300
Grupo Financiero Inbursa SAD	327,783		1,207,760
Grupo Televisa SA ADR	106,646		2,518,978
Kimberly-Clark de Mexico SAB de CV Class A	117,500		478,518
Megacable Holdings SAB de CV*	304,162		884,488
Urbi Desarrollos Urbanos SA*	122,300		422,763
Wal-Mart de Mexico SAB de CV Series VD	308,774		1,229,036
			18,876,511
Netherlands — 3.7%
Aegon NVD	242,300		3,209,481
Akzo Nobel NV	73,118		5,026,186
Fugro NV	17,103		1,460,840
ING Groep NVD	352,234		11,232,956
Koninklijke Ahold NV	39,968		537,404
Koninklijke Philips Electronics NV ADRD	86,600		2,938,907
Reed Elsevier NV	495,878		8,361,705
Royal Dutch Shell PLC	21,258		873,523
Royal Dutch Shell PLC Class A	250,961		10,326,646
Royal Dutch Shell PLC Class B	206,661		8,315,011
Royal KPN NV	6,002		103,004
SNS Reaal	29,639		575,383
TNT NVD	80,000		2,735,775
Unilever NVD	175,700		4,987,673
Vimetco NV GDR*	40,445		347,827
			61,032,321
New Zealand — 0.2%
Telecom Corporation of New Zealand, Ltd.D	1,060,562		2,885,653
Nigeria — 0.1%
First City Monument Bank PLC	1,789,926		227,131
Guaranty Trust Bank GDR@D*	85,745		991,209
United Bank for Africa PLC*	3,392,944		950,076
			2,168,416
Norway — 1.0%
DnB NOR ASA	60,700		772,277
Norsk Hydro ASA	94,000		1,373,125
Petroleum Geo-Services ASA*	32,250		791,497
StatoilHydro ASA	81,037		3,021,465
Telenor ASA	281,300		5,291,082
Yara International ASA	49,900		4,418,617
			15,668,063
Peru — 0.0%
Compania de Minas Buenaventura SA ADRD	6,300		411,831
Philippines — 0.0%
International Container Terminal Services, Inc.	1,246,288		818,922
Poland — 0.0%
Powszechna Kasa Oszczednosci Bank Polski SA*	27,596		593,863
Portugal — 0.1%
Portugal Telecom SGPS SA	123,391		1,400,713
Russia — 2.3%
Evraz Group SA GDR	7,658		892,157
Gazprom OAO ADR	262,916		15,222,836
Kalina ADR	7,200		237,600
LUKOIL ADR	58,490		5,770,039
Magnit OAO@*	26,719		1,275,832
Mining and Metallurgical Co. Norilsk Nickel ADR	84,289		2,124,083
Mobile Telesystems ADR	39,762		3,046,167
Novorossiysk Commercial Sea Port GDR*	81,295		1,216,986
Pharmstandard GDR*	14,085		388,042
Seventh Continent	26,700		694,200
Severstal GDR 144AD*	30,369		798,705
Vimpel-Communications ADRD	30,800		914,144
VTB Bank OJSC GDRD*	454,293		3,157,336
VTB Bank OJSC GDR 144A*	19,000		130,340
X 5 Retail Group NV GDR*	66,915		2,255,031
			38,123,498
Singapore — 0.9%
Ascendas, Ltd. REIT	2,000		3,249
CapitaCommercial Trust REITD*	2,000		2,808
CapitaLand, Ltd.D	3,000		12,568
CapitaMall Trust REITD	4,000		8,791
Cosco Corporation Singapore, Ltd.	755,000		1,775,752
DBS Group Holdings, Ltd.	6,000		83,172
Golden Agri-Resources, Ltd.	38,000		25,137
Haw Par Corporation, Ltd.	7,000		33,597
Indofood Agri Resources, Ltd.*	10,000		18,742
Jardine Cycle & Carriage, Ltd.	4,000		49,980
Keppel Corporation, Ltd.*	11,000		90,066
Keppel Land, Ltd.D	145,000		528,610
Neptune Orient Lines, Ltd.	19,000		45,107
Oversea-Chinese Banking Corporation	657,800		3,950,039
Parkway Holdings, Ltd.	4,000		6,821
SembCorp Industries, Ltd.	675,000		2,063,871
Singapore Airlines, Ltd.*	2,000		21,609
Singapore Exchange, Ltd.	207,000		1,051,317
Singapore Land, Ltd.	1,000		4,579
Singapore Petroleum Co., Ltd.	12,000		58,212
Singapore Press Holdings, Ltd.	370,000		1,155,783
Singapore Telecommunications, Ltd.*	720,000		1,915,696
StarHub, Ltd.	4,000		8,379
Straits Asia Resources, Ltd.	442,000		1,146,786
United Overseas Bank, Ltd.	4,000		54,743
United Overseas Land, Ltd.	11,000		27,489
Venture Corporation, Ltd.	139,000		1,002,234
Wing Tai Holdings, Ltd.D	11,000		13,017
			15,158,154
South Africa — 1.4%
Barloworld, Ltd.	26,179		267,474
Bidvest Group Ltd	150,718		1,893,697
Impala Platinum Holdings, Ltd.	56,972		2,248,320
Massmart Holdings, Ltd.	132,527		1,044,306
MTN Group, Ltd.D	168,169		2,673,951
Murray & Roberts Holdings, Ltd.	108,018		1,200,062
Pick’n Pay Stores, Ltd.	86,790		299,276
Sasol, Ltd.	174,748		10,288,484
Standard Bank Group, Ltd.	351,166		3,421,962
			23,337,532

See Notes to Financial Statements. 115

International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares	Value
South Korea — 1.4%
Amorepacific Corporation	1,466	$	908,148
Hyundai Motor Co.	2,138		145,115
Kookmin Bank	38,853		2,295,412
Korea Electric Power Corporation	88,710		2,607,746
KTBNetwork*	22,929		164,397
LG Electronics, Inc.	29,120		3,298,810
Lotte Shopping Co., Ltd.	2,426		722,431
POSCO	2,093		1,088,468
Samsung Electronics Co., Ltd.	10,733		6,412,815
Samsung Electronics Co., Ltd. (Non-Voting Shares) GDR 144A	6,007		1,294,946
Samsung Fire & Marine Insurance Co., Ltd.	3,568		745,288
Samsung Securities Co., Ltd.	6,965		434,792
Shinhan Financial Group Co., Ltd.	44,591		2,016,303
STX Pan Ocean Co., Ltd.D	209,000		419,367
			22,554,038
Spain — 4.3%
Banco Bilbao Vizcaya
Argentaria SA	216,445		4,147,331
Banco Santander SAD	1,132,358		20,805,835
Bankinter SAD	1,181		13,444
EnagasD*	21,851		619,262
Gamesa Corporation Tecnologica SA	30,327		1,490,709
Gas Natural SDG SA*	74,300		4,333,016
Iberdrola SAD*	860,025		11,523,149
Inditex SAD*	45,611		2,101,234
Red Electrica de Espana*	42,683		2,778,823
Tecnicas Reunidas SA*	14,362		1,204,107
Telefonica SA	823,182		21,877,558
Union Fenosa SA*	4,072		237,342
			71,131,810
Sri Lanka — 0.0%
Dialog Telekom, Ltd.@	2,196,610		290,638
Sweden — 0.7%
Alfa Laval AB	47,400		737,864
Assa Abloy AB Class BD	168,600		2,442,586
D. Carnegie & Co. AB	3,400		45,447
Hennes & Mauritz AB Class BD	15,550		843,025
Investor AB	800		16,903
NCC AB	3,200		48,219
Nordea Bank AB	235,100		3,281,992
Scania ABD	36,600		501,374
Skanska AB	23,200		333,220
SKF ABD	86,600		1,358,866
Svenska Cellulosa AB	39,000		552,059
Tele2 AB	33,500		656,377
Vostok Gas, Ltd. ADR*	450		42,217
			10,860,149
Switzerland — 6.6%
ABB, Ltd.*	278,884		7,933,404
Actelion, Ltd.*	35,370		1,893,925
Alcon, Inc.	10,300		1,676,737
Baloise Holding AG	479		50,453
Bucher Industries AG	149		39,381
Compagnie Financiere Richemont AG Class A*	41,800		2,328,246
Credit Suisse Group	14,810		679,936
Geberit AGD	3,225		475,124
Helvetia Holding AG*	1,097		427,127
Julius Baer Holding AG	76,807		5,187,884
Lonza Group AG	6,518		904,117
Nestle SA	547,300		24,730,427
Novartis AG	348,585		19,194,270
Partners GroupD	16,546		2,282,151
Roche Holding AG	87,287		15,721,999
Swatch Group AGD	30,428		1,519,830
Swiss Life Holding*	2,145		573,232
Syngenta AG	24,598		8,000,280
Synthes, Inc.	17,084		2,354,684
UBS AG*	95,951		2,013,792
Xstrata PLC	86,984		6,971,886
Zurich Financial Services AG	12,957		3,316,779
			108,275,664
Taiwan — 1.3%
AU Optronics Corporation*	368,000		578,315
Cathay Financial Holding Co., Ltd.	456,273		992,126
First Financial Holding Co., Ltd.*	933,000		1,023,586
High Tech Computer Corporation*	54,160		1,213,350
HON HAI Precision Industry Co., Ltd.*	52,000		256,120
MediaTek, Inc.*	124,050		1,430,419
Novatek Microelectronics Corp., Ltd.*	376,919		1,095,254
Silicon Motion Technology Corporation ADRD*	11,700		169,065
Taiwan Fertilizer Co., Ltd.*	221,000		830,033
Taiwan Semiconductor Manufacturing Co., Ltd.*	3,764,117		8,060,739
Taiwan Semiconductor Manufacturing Co., Ltd. ADRD*	366,035		3,993,442
Vanguard International Semiconductor Corporation	627,382		459,897
Yuanta Financial Holding Co., Ltd.*	1,239,000		867,418
			20,969,764
Thailand — 0.2%
Airports of Thailand Public Co., Ltd.D	229,542		334,685
Bangkok Bank PCL	114,900		412,382
Bank of Ayudhya PCL ADR	376,416		247,679
Banpu PCL ADR	73,100		1,154,383
Central Pattana PCL ADR	555,200		388,565
Siam Commercial Bank Public Co., Ltd.	339,300		786,474
			3,324,168
Turkey — 0.4%
Akbank TAS	223,344		773,865
Coca-Cola Icecek Uretim AS	81,653		754,008
Migros Turk TAS REIT	90,513		1,494,122
Sinpas Gayrimenkul Yatirim Ortakligi AS REIT*	22,462		81,133
Turkcell Iletisim Hizmet AS	27,871		159,432
Turkcell Iletisim Hizmet AS ADRD	6,300		91,665
Türkiye Garanti Bankasi AS	681,593		1,570,722
Türkiye Is Bankasi	1		2
Yapi ve Kredi Bankasi*	700,527		1,282,324
			6,207,273

116 See Notes to Financial Statements.

	Shares	Value
United Kingdom — 15.1%
Acergy SAD	85,334	$	1,910,013
Admiral Group PLC	78,594		1,250,021
Aegis Group PLC	279,282		599,395
AMEC PLC	230,930		4,093,769
Anglo American PLC	289,735		20,315,009
Antofagasta PLC	337		4,417
Ashmore Group PLC	88,490		381,597
Associated British Foods PLC	28,728		434,024
AstraZeneca PLC	9,459		403,569
Atkins WS PLC*	12,555		267,080
Autonomy Corporation PLC*	195,282		3,526,005
Aviva PLC	556,815		5,556,503
BAE Systems PLC	406,864		3,586,043
Balfour Beatty PLC	10,806		91,476
BBA Aviation PLC	22,093		55,777
BG Group PLC	596,924		15,539,876
BHP Billiton PLC	411,799		15,740,449
BP PLC	1,610,395		18,708,548
Brit Insurance Holdings PLC	31,196		108,895
British Energy Group PLC	8,748		124,150
British Land Co. PLC REIT	2,339		33,008
BT Group PLC*	734,446		2,924,325
Capita Group PLC (The)	166,819		2,284,395
Cattles PLC	296,400		791,108
Centrica PLC	98,943		611,434
Close Brothers Group PLC	35,049		386,059
Compass Group PLC	736,547		5,567,563
CSR PLCD*	15,015		80,077
Davis Service Group PLC	7,244		64,497
De La Rue PLC*	112,744		2,004,262
Friends Provident PLC	6,676		13,590
GKN PLC	574,106		2,550,057
GlaxoSmithKline PLC	732,086		16,229,689
Hammerson PLC REIT	536		9,529
Hays PLC	70,265		126,660
Hikma Pharmaceuticals PLC	48,800		489,895
Home Retail Group PLC	39,135		169,932
HSBC Holdings PLCD	403,229		6,234,862
ICAP PLC*	162,941		1,759,068
IG Group Holdings PLC	207,585		1,365,500
IMI PLC	46,942		408,130
International Power PLC	139,777		1,202,742
Intertek Group PLC	56,659		1,115,010
JKX Oil & Gas PLC	52,093		544,224
John Wood Group PLC	156,374		1,540,224
Kesa Electricals PLC*	13,463		42,436
Land Securities Group PLC REIT	3,550		87,115
Lloyds TSB Group PLC	1,323,435		8,191,561
Man Group PLC*	180,672		2,245,579
Marks & Spencer Group PLC	551,300		3,607,250
Michael Page International PLCD	412,800		1,921,959
National Express Group PLC	138,147		2,619,578
National Grid PLC	21,379		281,263
Next PLC	1,345		25,973
Northumbrian Water Group PLC*	422,141		2,644,424
Old Mutual PLC	85,643		158,304
Persimmon PLCD	183,800		1,156,873
Petrofac, Ltd.	115,943		1,705,485
Premier Foods PLC	533,000		1,011,219
Prudential PLC	446,275		4,737,865
Reckitt Benckiser Group PLC	179,723		9,110,545
Reed Elsevier PLC	62,150		713,044
Regus Group PLC	35,135		56,686
Rexam PLC	301,800		2,329,399
Rio Tinto PLC	51,048		6,109,897
Rolls-Royce Group PLC	289,478		1,969,061
Royal Bank of Scotland Group PLC	2,118,719		9,073,289
Signet Group PLC	1,163,800		1,153,252
Spectris PLC	2,478		35,266
Spirax-Sarco Engineering PLC	36,480		780,391
Standard Chartered PLC	157,441		4,484,425
Taylor Wimpey PLC*	382,700		472,610
Tesco PLC	566,003		4,163,427
Travis Perkins PLC	120,294		1,289,078
Trinity Mirror PLC	2,255		4,896
Tullett Prebon PLC	15,861		135,848
Tullow Oil PLC	212,462		4,041,453
Unilever PLC	403,968		11,498,260
United Business Media PLC	8,072		87,706
Vedanta Resources PLCD	31,913		1,390,175
Vodafone Group PLC	3,747,807		11,134,056
Wellstream Holdings PLC*	38,874		1,006,597
WPP Group PLC	572,510		5,522,117
			248,200,818
Total Foreign Common Stocks (Cost $1,469,791,142)			1,580,910,474
FOREIGN PREFERRED STOCKS — 0.7%
Belgium — 0.0%
Fortis*	106,120		1,671
Brazil — 0.4%
Banco Bradesco SA	102,450		2,084,660
Centrais Eletricas Brasileiras SA Class B	29,763		485,870
Eletropaulo Metropolitana de Sao Paulo SA Class B	42,667		1,000,740
Investimentos Itau SA@	545,015		3,460,950
Usinas Siderurgicas de Minas Gerais SA	1,200		59,038
			7,091,258
Chile — 0.0%
Embotelladora Andina SA	66,700		164,355
Germany — 0.1%
Fresenius AG	7,260		627,194
Porsche AG	4,368		673,211
Volkswagen AGD	120		17,388
			1,317,793
Russia — 0.1%
URSA Bank@	860,100		1,169,736
South Korea — 0.1%
Samsung Electronics Co., Ltd.	4,643		2,001,810
United Kingdom — 0.0%
HBOS PLC*	237,372		50,827
Total Foreign Preferred Stocks (Cost $10,066,445)			11,797,450

See Notes to Financial Statements. 117

International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares	Value
RIGHTS — 0.2%
Brazil — 0.0%
Magnesita Refratarios SA*	2,177	$	3,803
United Kingdom — 0.2%
HBOS PLC	668,551		3,675,332
Total Rights (Cost $8,289,112)			3,679,135
MONEY MARKET FUNDS — 19.8%
GuideStone Money Market Fund (GS4 Class)¥	39,825,543		39,825,543
Northern Institutional Liquid Assets Portfolio§	287,196,178		287,196,178
Total Money Market Funds (Cost $327,021,721)			327,021,721
TOTAL INVESTMENTS —116.6% (Cost $1,815,168,420)			1,923,408,780
Liabilities in Excess of Other Assets — (16.6)%			(274,642,393	)
NET ASSETS — 100.0%		$	1,648,766,387

PORTFOLIO SUMMARY (based on net assets)

	%
Foreign Common Stocks
United Kingdom	15.3
Japan	14.6
France	7.4
Germany	7.3
Switzerland	6.6
Australia	4.5
Spain	4.3
Netherlands	3.7
Hong Kong	2.8
Brazil	2.5
Russia	2.3
Italy	2.1
Canada	1.8
India	1.8
China	1.6
South Africa	1.4
South Korea	1.4
Taiwan	1.3
Denmark	1.1
Mexico	1.1
Norway	1.0
Finland	0.9
Israel	0.9
Singapore	0.9
Greece	0.8
Indonesia	0.7
Sweden	0.7
Ireland	0.6
Belgium	0.5
Egypt	0.5
Luxembourg	0.5
Austria	0.4
Czech Republic	0.4
Turkey	0.4
Bermuda	0.3
Malaysia	0.3
Chile	0.2
Kazakhstan	0.2
New Zealand	0.2
Thailand	0.2
Colombia	0.1
Cyprus	0.1
Estonia	0.1
Hungary	0.1
Nigeria	0.1
Portugal	0.1
Argentina	—	**
Bahrain	—	**
Peru	—	**
Philippines	—	**
Poland	—	**
Sri Lanka	—	**
Total Foreign Common Stocks	96.1
Total Money Market Funds	19.8
Total Futures Contracts	2.5
Total Foreign Preferred Stocks	0.7
Total Forward Foreign Currency Contracts	(1.5	)
Total Investments	117.6

** Rounds to less than 0.005%.

118 See Notes to Financial Statements.

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2008, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	1,923,408,780	$	(1,704,595	)
Level 2 — Other Significant Observable Inputs		—		(111,546	)
Level 3 — Significant Unobservable Inputs		—		—
Total	$	1,923,408,780	$	(1,816,141	)

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the investment.

See Notes to Financial Statements. 119

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. As of June 30, 2008, the total market values and percentages of net assets for 144A securities by fund were as follows:

Fund	Value of 144A Securities		Percentage of 144A Securities
Money Market	$	40,350,000	3.67%
Low-Duration Bond		30,753,920	3.85
Medium-Duration Bond		79,083,649	7.10
Extended-Duration Bond		48,949,053	9.54
Global Bond		12,988,668	5.69
Small Cap Equity		4,289,716	0.87
International Equity		2,433,709	0.15

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 (2).
§	—	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, 2008.
¥	—	Affiliated fund.
D	—	Security either partially or fully on loan.

(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.

(2) Fair valued securities were held in the Value Equity Fund and Small Cap Equity Fund at an aggregate market value of $1,209 and $0, respectively, which amounted to 0.00% of each of those funds.

FOREIGN BOND FOOTNOTES:

(A)	—	Par is denominated in Australian Dollars.
(B)	—	Par is denominated in Brazilian Real.
(C)	—	Par is denominated in Canadian Dollars.
(E)	—	Par is denominated in Euro.
(G)	—	Par is denominated in Singapore Dollars.
(H)	—	Par is denominated in Hungarian Fornit.
(I)	—	Par is denominated in Iceland Kronur.
(J)	—	Par is denominated in Japanese Yen.
(L)	—	Par is denominated in Turkish Lira.
(M)	—	Par is denominated in Mexican Pesos.
(P)	—	Par is denominated in Argentinian Pesos.
(R)	—	Par is denominated in Russian Rubles.
(T)	—	Par is denominated in Thailand Baht.
(U)	—	Par is denominated in British Pounds.
(W)	—	Par is denominated in South Korean Won.
(Y)	—	Par is denominated in Egyptian Pounds.
(Z)	—	Par is denominated in New Zealand Dollars.

SWAP AGREEMENT FOOTNOTES:

(a)	—	Counterparty to contract is Bank of America.
(b)	—	Counterparty to contract is Barclays Capital.
(c)	—	Counterparty to contract is BNP Paribas.
(d)	—	Counterparty to contract is Citibank NA London.
(f)	—	Counterparty to contract is Deutsche Bank AG.
(g)	—	Counterparty to contract is Goldman Sachs Capital Markets, LP.
(h)	—	Counterparty to contract is JPMorgan Chase Bank.
(i)	—	Counterparty to contract is Lehman Brothers Special Financing, Inc.
(j)	—	Counterparty to contract is Merrill Lynch Capital Services, Inc.
(k)	—	Counterparty to contract is Morgan Stanley Capital Services.
(m)	—	Counterparty to contract is Royal Bank of Scotland.
(n)	—	Counterparty to contract is UBS AG.
(o)	—	Counterparty to contract is Salomon Smith Barney, Inc.
(p)	—	Counterparty to contract is Credit Suisse International.

120

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121

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

	Money Market Fund			Low-Duration Bond Fund			Medium-Duration Bond Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	1,101,087,178		$	968,140,475		$	1,593,993,542
Investments in securities of affiliated issuers, at value		—			14,990,850			43,896,530
Total investments (1)(2)		1,101,087,178			983,131,325			1,637,890,072
Cash		688			1,169,196			4,798,759
Cash collateral for futures and swaps		—			4,680,500			6,322,000
Foreign currency (3)		—			1,462,427			3,186,857
Receivables:
Dividends and reclaims		—			24,173			162,786
Interest		1,995,729			4,482,686			10,491,010
Interest on swaps		—			—			109,858
Securities lending		2,387			14,241			19,405
Investment securities sold		—			195,729,453			183,373,268
Maturities		—			536,463			369,821
Fund shares sold		7,902,217			302,910			491,656
Variation margin		—			639,565			1,028,617
Unrealized appreciation on foreign currency exchange contracts		—			267,378			1,670,548
Unrealized appreciation on swap agreements		—			4,681,997			3,804,795
Prepaid expenses and other assets		(3,134	)		(54,104	)		(33,945	)
Total Assets		1,110,985,065			1,197,068,210			1,853,685,507
Liabilities
Securities sold short, at value (5)		—			151,337,152			16,479,690
Options written at value (4)		—			4,696,427			5,931,407
Unrealized depreciation on foreign currency exchange contracts		—			488,021			620,854
Unrealized depreciation on swap agreements		—			8,056,436			18,276,666
Collateral held for securities on loan at value		6,120,000			101,052,603			129,641,599
Payables:
Investment securities purchased		—			130,770,167			567,140,997
Fund shares redeemed		5,017,201			43,469			84,044
Interest on swaps		—			107,759			278,435
Variation margin		—			766,452			869,048
Distributions		713,260			—			—
Securities lending		457			2,849			3,881
Deferred foreign capital gains taxes		—			—			—
Accrued expenses
Advisory fees		141,423			176,828			301,441
Distribution (12b-1) fees		697			518			1,300
Shareholder servicing fees		155,218			103,963			156,159
Other expenses		103,546			85,963			148,291
Total Liabilities		12,251,802			397,688,607			739,933,812
Net Assets	$	1,098,733,263		$	799,379,603		$	1,113,751,695
Net Assets Consist of:
Paid-in-capital	$	1,098,664,217		$	824,358,644		$	1,152,032,617
Undistributed (distributions in excess of) net investment income		—			992,593			(53,897	)
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency transactions and derivative transactions		69,046			(7,856,410	)		20,869,360
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		—			(18,115,224	)		(59,096,385	)
Net Assets	$	1,098,733,263		$	799,379,603		$	1,113,751,695
Net Asset Value:
$0.001 par value, unlimited shares authorized Net assets applicable to the GS2 Class	$	123,868,067		$	131,194,640		$	146,140,646
GS2 shares outstanding		123,860,616			15,125,998			18,418,234
Net asset value, offering and redemption price per GS2 share	$	1.00		$	8.67		$	7.93
Net assets applicable to the GS4 Class	$	968,362,979		$	662,530,925		$	952,784,217
GS4 shares outstanding		968,265,116			52,331,648			72,663,787
Net asset value, offering and redemption price per GS4 share	$	1.00		$	12.66		$	13.11
Net assets applicable to the GS6 class	$	6,502,217		$	5,654,038		$	14,826,832
GS6 shares outstanding		6,503,979			648,859			1,852,420
Net asset value, offering and redemption price per GS6 share	$	1.00		$	8.71		$	8.00
(1)    Investments in securities of unaffiliated issuers, at cost	$	1,101,087,178		$	988,693,087		$	1,646,132,489
Investments in securities of affiliated issuers, at cost		—			14,990,850			43,896,530
Total investments at cost	$	1,101,087,178		$	1,003,683,937		$	1,690,029,019
(2)    Includes securities loaned of:	$	6,030,320		$	98,992,357		$	127,037,687
(3)    Foreign currency at cost	$	—		$	1,439,807		$	3,160,659
(4)    Premiums received on options written	$	—		$	(8,466,251	)	$	(10,047,804	)
(5)    Securities Sold Short at cost	$	—		$	(149,972,136	)	$	(16,268,089	)
(6)    Net of ($83,484) accrued foreign capital gains taxes on appreciated securities

122 See Notes to Financial Statements.

Extended-Duration Bond Fund			Global Bond Fund			Equity Index Fund			Real Estate Securities Fund			Value Equity Fund			Growth Equity Fund			Small Cap Equity Fund			International Equity Fund
$	542,912,914		$	223,966,221		$	446,936,318		$	168,504,873		$	1,477,326,438		$	1,603,990,060		$	704,310,653		$	1,883,583,237
	4,963,945			44,659,877			9,794,845			2,046,144			58,643,549			42,888,022			18,372,509			39,825,543
	547,876,859			268,626,098			456,731,163			170,551,017			1,535,969,987			1,646,878,082			722,683,162			1,923,408,780
	—			—			—			—			—			—			8,943,058			10,015,572
	—			—			—			—			—			—			—			10,822,670
	2,681,480			1,465,228			—			—			—			—			29,139			(6,416,565	)
	18,849			99,399			516,044			464,029			2,092,445			1,232,777			225,301			5,175,506
	7,574,163			3,704,027			—			—			—			—			373,078			—
	—			—			—			—			—			—			—			—
	7,853			4,966			13,054			9,350			54,337			45,002			112,524			251,795
	9,361,439			8,217,969			71			718,103			42,360,656			308,128			11,523,323			5,563,447
	—			—			—			—			—			—			—			—
	80,776			142,190			5,065			1,505,086			199,548			8,350			7,151			4,373
	—			394,048			6,821			—			49,804			38,225			27,081			1,884,031
	—			267,228			—			—			—			—			3,442			244,856
	—			—			—			—			—			—			—			—
	(31,757	)		(2,807	)		(39,137	)		(46,086	)		(42,818	)		(35,061	)		(46,691	)		(48,955	)
	567,569,662			282,918,346			457,233,081			173,201,499			1,580,683,959			1,648,475,503			743,880,568			1,950,905,510
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			18,688			—
	—			1,056,381			—			—			—			—			2,652			356,402
	—			—			—			—			—			—			—			—
	44,639,752			25,070,608			31,386,372			55,211,103			137,988,044			166,028,518			215,005,582			287,196,178
	9,525,266			28,232,667			296,681			952,888			49,808,334			2,879,074			34,450,261			9,621,788
	141,562			—			465,846			556,755			496,314			732,439			256,566			1,313,439
	—			—			—			—			—			—			—			—
	—			97,757			—			13,207			—			—			717,124			1,670,802
	(15	)		—			—			—			—			—			—			—
	1,571			993			2,610			1,869			10,868			9,001			22,488			50,358
	—			—			—			—			—			—			—			83,484
	184,139			64,670			10,737			74,885			703,674			936,005			372,489			1,068,612
	1,471			—			115			—			1,471			1,140			1,531			2,311
	72,880			31,321			58,179			19,291			196,578			207,590			69,587			218,390
	64,163			67,976			151,856			138,805			163,764			121,202			100,943			557,359
	54,630,789			54,622,373			32,372,396			56,968,803			189,369,047			170,914,969			251,017,911			302,139,123
$	512,938,873		$	228,295,973		$	424,860,685		$	116,232,696		$	1,391,314,912		$	1,477,560,534		$	492,862,657		$	1,648,766,387
$	514,296,837		$	237,966,064		$	357,300,583		$	145,074,426		$	1,492,434,187		$	1,332,404,029		$	525,647,850		$	1,402,132,230
	973,479			(374,373	)		95,244			69,557			368,924			(214,852	)		1,293,947			27,470,311
	3,382,169			(302,511	)		2,069,085			(11,196,950	)		(11,537,929	)		(83,748,337	)		(33,533,309	)		112,691,634
	(5,713,612	)		(8,993,207	)		65,395,773			(17,714,337	)		(89,950,270	)		229,119,694			(545,831	)		106,472,212	(6)
$	512,938,873		$	228,295,973		$	424,860,685		$	116,232,696		$	1,391,314,912		$	1,477,560,534		$	492,862,657		$	1,648,766,387
$	70,604,699			N/A		$	69,361,986			N/A		$	196,384,925		$	213,043,086		$	78,715,240		$	312,499,080
	9,620,415			N/A			7,647,957			N/A			25,823,958			18,673,726			8,979,675			23,968,181
$	7.34			N/A		$	9.07			N/A		$	7.60		$	11.41		$	8.77		$	13.04
$	425,535,574		$	228,295,973		$	354,737,643		$	116,232,696		$	1,179,334,209		$	1,252,254,946		$	397,762,029		$	1,311,293,294
	29,421,786			24,254,226			21,422,494			13,513,824			81,829,143			69,255,122			30,453,441			80,259,339
$	14.46		$	9.41		$	16.56		$	8.60		$	14.41		$	18.08		$	13.06		$	16.34
$	16,798,600			N/A		$	761,056			N/A		$	15,595,778		$	12,262,502		$	16,385,388		$	24,974,013
	2,290,784			N/A			82,563			N/A			2,068,406			1,101,448			1,941,959			1,954,451
$	7.33			N/A		$	9.22			N/A		$	7.54		$	11.13		$	8.44		$	12.78
$	548,626,276		$	232,017,294		$	380,995,163		$	186,147,469		$	1,564,743,286		$	1,372,750,241		$	701,336,751		$	1,775,342,877
	4,963,945			44,659,877			9,794,845			2,046,144			58,643,549			42,888,022			18,372,509			39,825,543
$	553,590,221		$	276,677,171		$	390,790,008		$	188,193,613		$	1,623,386,835		$	1,415,638,263		$	719,709,260		$	1,815,168,420
$	43,616,241		$	24,484,534		$	30,313,433		$	54,122,608		$	132,605,210		$	161,650,866		$	206,729,943		$	272,957,833
$	2,678,461		$	1,413,149		$	—		$	—		$	—		$	—		$	29,152		$	(6,401,589	)
$	—		$	—		$	—		$	—		$	—		$	—		$	(35,974	)	$	—
$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements. 123

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

	Money Market Fund			Low-Duration Bond Fund			Medium-Duration Bond Fund
Investment Income
Dividends	$	—		$	—		$	189,907
Income dividends received from affiliated funds		4,517			661,486			1,405,593
Interest		19,608,856			16,279,530			30,007,466
Securities Lending		3,555			301,397			303,303
Less foreign taxes withheld		—			—			—
Total Investment Income		19,616,928			17,242,413			31,906,269
Expenses
Investment advisory fees		863,289			1,348,886			2,478,011
Transfer agent fees:
GS2 shares		2,344			2,286			2,259
GS4 shares		21,949			14,650			17,612
GS6 shares		3,336			3,287			3,360
Custodian fees		12,291			52,977			104,155
Distribution (12b-1) fees:
GS6 shares		3,161			2,835			7,445
Shareholder servicing fees:
GS4 shares		941,450			625,804			990,450
GS6 shares		9,428			8,472			22,239
Accounting and administration fees		112,744			119,301			206,234
Professional fees		16,784			25,420			17,840
Blue sky fees:
GS2 shares		1,021			6,519			6,491
GS4 shares		28,407			40,678			41,796
GS6 shares		7,719			28,801			11,586
Shareholder reporting fees:
GS2 shares		(239	)		233			187
GS4 shares		16,901			2,144			2,810
GS6 shares		226			95			228
Trustee fees		8,900			6,658			10,066
Line of credit facility fees		1,643			1,425			2,382
Other expenses		13,734			20,438			46,238
Total expenses		2,065,088			2,310,909			3,971,389
Expenses waived/reimbursed net of amount recaptured(2)		(4,612	)		(337,788	)		(503,980	)
Fees paid indirectly		—			—			—
Net expenses		2,060,476			1,973,121			3,467,409
Net Investment Income		17,556,452			15,269,292			28,438,860
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities (net of capital gains taxes of $30,090 for International Equity)		71,667			2,712,462			8,487,048
Futures transactions		—			2,401,628			12,145,582
Swap agreements		—			1,751,750			2,101,738
Option contracts written		—			(7,024,478	)		10,429,593
Option contracts purchased		—			10,923,080			(7,334,579	)
Foreign currency transactions		—			737,388			(193,842	)
Net realized gain (loss)		71,667			11,501,830			25,635,540
Net change in unrealized appreciation (depreciation) on:
Investment securities (net of estimated deferred capital gains taxes of $117,515 for International Equity)		—			(17,546,445	)		(50,017,356	)
Futures		—			(3,806,039	)		(2,701,891	)
Swap agreements		—			(1,107,796	)		(8,241,423	)
Option contracts written		—			7,449,250			7,681,127
Option contracts purchased		—			(10,522,518	)		(12,683,224	)
Foreign currency translations		—			(325,381	)		709,519
Net change in unrealized appreciation (depreciation)		—			(25,858,929	)		(65,253,248	)
Net Realized and Unrealized Gain (Loss)		71,667			(14,357,099	)		(39,617,708	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	17,628,119		$	912,193		$	(11,178,848	)

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

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

124 See Notes to Financial Statements.

Extended-Duration Bond Fund			Global Bond Fund			Equity Index Fund			Real Estate Securities Fund			Value Equity Fund			Growth Equity Fund			Small Cap Equity Fund			International Equity Fund
$	825		$	10,576		$	4,592,175		$	1,751,883		$	19,486,646		$	6,382,004		$	1,857,060		$	40,867,206
	219,939			182,192			152,000			81,425			603,983			1,308,503			472,305			951,656
	18,480,404			4,617,134			17,766			9,613			69,979			124,111			1,024,723			16,146
	82,404			39,556			71,636			54,909			301,266			322,776			728,172			1,522,319
	—			(4,266	)		—			(1,276	)		(48,155	)		(17,259	)		(4,804	)		(3,652,431	)
	18,783,572			4,845,192			4,833,577			1,896,554			20,413,719			8,120,135			4,077,456			39,704,896
	1,298,045			278,698			341,366			489,279			4,692,179			6,511,533			2,429,267			7,786,638
	2,488			—			2,550			—			2,593			2,435			2,784			2,793
	17,598			1,546			19,369			36,854			24,068			18,544			25,442			26,652
	3,449			—			3,452			—			3,382			3,322			3,443			3,390
	18,824			40,938			26,631			46,932			48,326			36,655			79,679			799,752
	8,508			—			275			—			8,420			6,201			8,294			13,051
	448,352			127,287			363,591			104,492			1,219,551			1,258,325			391,623			1,281,823
	25,410			—			1,038			—			25,071			18,522			24,642			38,761
	69,220			28,021			59,818			18,383			162,916			167,974			66,550			288,051
	17,690			40,131			41,376			49,140			41,376			20,056			16,276			24,844
	6,491			—			6,519			—			6,519			6,519			6,519			6,519
	35,379			19,327			41,568			64,271			53,923			35,414			45,804			58,808
	11,657			—			11,097			—			12,487			13,479			14,399			13,851
	45			—			18			—			37			33			57			32
	3,069			2,497			8,310			14,196			16,842			4,450			6,152			26,097
	33			—			111			—			284			273			—			180
	4,861			788			4,423			835			14,280			14,090			5,271			13,865
	1,294			244			990			249			3,500			3,604			1,334			3,569
	11,759			21,647			19,360			7,270			24,293			23,697			17,883			96,497
	1,984,172			561,124			951,862			831,901			6,360,047			8,145,126			3,145,419			10,485,173
	(71,841	)		(12,762	)		(157,230	)		(122,580	)		(104,954	)		(665,623	)		(250,140	)		(1,339,927	)
	—			—			—			—			(49,572	)		(50,904	)		(16,398	)		(35,226	)
	1,912,331			548,362			794,632			709,321			6,205,521			7,428,599			2,878,881			9,110,020
	16,871,241			4,296,830			4,038,945			1,187,233			14,208,198			691,536			1,198,575			30,594,876
	2,343,776			(831,827	)		6,882,058			(8,274,352	)		13,588,152			(9,589,942	)		(23,894,060	)		99,430,216
	—			384,668			(1,591,802	)		(285,648	)		(7,300,424	)		(9,019,799	)		(5,619,496	)		(5,800,674	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			111,342			—			—			—			—			—			—
	1,224,936			398,475			—			—			—			3,467			(41,969	)		210,014
	3,568,712			62,658			5,290,256			(8,560,000	)		6,287,728			(18,606,274	)		(29,555,525	)		93,839,556
	(30,540,833	)		(7,407,215	)		(70,157,704	)		2,095,148			(254,570,601	)		(165,106,642	)		(18,030,306	)		(304,577,045	)
	—			(434,682	)		(532,188	)		(93,324	)		(2,517,650	)		(2,058,377	)		(3,662,955	)		(679,026	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			(542,577	)		—			—			—			—			8,024			—
	(6,487	)		(711,317	)		—			—			—			567			13,287			(2,099,567	)
	(30,547,320	)		(9,095,791	)		(70,689,892	)		2,001,824			(257,088,251	)		(167,164,452	)		(21,671,950	)		(307,355,638	)
	(26,978,608	)		(9,033,133	)		(65,399,636	)		(6,558,176	)		(250,800,523	)		(185,770,726	)		(51,227,475	)		(213,516,082	)
$	(10,107,367	)	$	(4,736,303	)	$	(61,360,691	)	$	(5,370,943	)	$	(236,592,325	)	$	(185,079,190	)	$	(50,028,900	)	$	(182,921,206	)

See Notes to Financial Statements. 125

STATEMENTS OF CHANGES IN NET ASSETS

	Money Market Fund
	For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07
Operations:
Net investment income	$	17,556,452		$	53,685,126
Net realized gain on investment securities, foreign currency transactions and derivative transactions		71,667			6,543
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations and derivative transactions		—			—
Net increase (decrease) in net assets resulting from operations		17,628,119			53,691,669
Dividends and Distributions to Shareholders:
Dividends from net investment income
GS2 shares		(1,972,933	)		(5,538,291	)
GS4 shares		(15,498,685	)		(47,809,133	)
GS6 shares		(84,834	)		(238,657	)
GS8 shares(1)		—			(99,045	)
Distributions from net realized capital gains
GS2 shares		—			—
GS4 shares		—			—
GS6 shares		—			—
GS8 shares(1)		—			—
Total dividends and distributions		(17,556,452	)		(53,685,126	)
Capital Share Transactions:
Proceeds from shares sold
GS2 shares		61,596,537			178,932,360
GS4 shares		2,235,984,110			3,334,006,987
GS6 shares		854,476			2,164,993
GS8 shares(1)		—			214,065
Proceeds from exchange of GS8 shares for GS6 shares(1)
GS6 shares		—			301,818
GS8 shares		—			(301,818	)
Reinvestment of dividends and distributions
GS2 shares		1,773,219			4,895,984
GS4 shares		8,908,387			24,364,936
GS6 shares		84,834			238,657
GS8 shares(1)		—			96,906
Total proceeds from shares sold and reinvested		2,309,201,563			3,544,914,888
Value of shares redeemed
GS2 shares		(52,090,428	)		(171,806,826	)
GS4 shares		(2,216,189,197	)		(3,349,363,902	)
GS6 shares		(416,209	)		(1,510,697	)
GS8 shares(1)		—			(5,466,591	)
Total value of shares redeemed		(2,268,695,834	)		(3,528,148,016	)
Net increase (decrease) from capital share transactions(2)		40,505,729			16,766,872
Total increase (decrease) in net assets		40,577,396			16,773,415
Net Assets:
Beginning of Period		1,058,155,867			1,041,382,452
End of Period*	$	1,098,733,263		$	1,058,155,867
*       Including undistributed (distributions in excess of) net investment income	$	—		$	—
(1)       See Note 1 in Notes to Financial Statements. (2)      See Note 7 in Notes to Financial Statements.

126 See Notes to Financial Statements.

Low-Duration Bond Fund						Medium-Duration Bond Fund						Extended-Duration Bond Fund						Global Bond Fund
For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07			For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07			For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07			For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07
$	15,269,292		$	36,001,977		$	28,438,860		$	59,912,304		$	16,871,241		$	28,299,838		$	4,296,830		$	7,087,278
	11,501,830			361,395			25,635,540			12,982,749			3,568,712			6,718,044			62,658			1,363,429
	(25,858,929	)		11,142,622			(65,253,248	)		5,195,793			(30,547,320	)		10,327,793			(9,095,791	)		(441,595	)
	912,193			47,505,994			(11,178,848	)		78,090,846			(10,107,367	)		45,345,675			(4,736,303	)		8,009,112
	(3,590,876	)		(7,672,524	)		(5,866,320	)		(10,666,648	)		(3,855,449	)		(6,092,828	)		—			—
	(11,984,387	)		(26,263,698	)		(22,795,381	)		(49,428,227	)		(11,644,642	)		(21,342,760	)		(4,672,845	)		(7,440,952	)
	(141,150	)		(283,996	)		(512,125	)		(987,213	)		(814,639	)		(1,340,200	)		—			—
	—			(97,187	)		—			(131,335	)		—			(148,346	)		—			—
	—			—			(2,050,288	)		(57,748	)		(990,525	)		(1,089,726	)		—			—
	—			—			(8,104,138	)		(261,757	)		(3,113,344	)		(4,016,550	)		(996,177	)		(362,235	)
	—			—			(186,251	)		(5,694	)		(215,874	)		(250,814	)		—			—
	—			—			—			—			—			(88,500	)		—			—
	(15,716,413	)		(34,317,405	)		(39,514,503	)		(61,538,622	)		(20,634,473	)		(34,369,724	)		(5,669,022	)		(7,803,187	)
	7,956,413			31,333,771			22,602,411			39,644,411			8,400,579			21,710,537			—			—
	55,629,064			66,354,406			72,305,630			101,252,003			16,642,521			59,533,256			116,419,388			20,015,199
	320,911			62,248			433,288			1,034,684			83,759			154,752			—			—
	—			3,014			—			22,979			—			4,960			—			—
	—			32,919			—			62,954			—			14,692			—			—
	—			(32,919	)		—			(62,954	)		—			(14,692	)		—			—
	3,590,005			7,645,639			7,635,563			10,671,347			4,844,302			7,157,871			—			—
	11,983,469			26,261,575			30,897,942			49,687,483			14,757,667			25,352,570			5,669,022			7,803,187
	141,150			283,996			698,376			992,907			1,030,513			1,591,014			—			—
	—			97,187			—			131,335			—			236,846			—			—
	79,621,012			132,041,836			134,573,210			203,437,149			45,759,341			115,741,806			122,088,410			27,818,386
	(10,415,753	)		(11,842,391	)		(25,991,587	)		(10,331,020	)		(12,277,491	)		(11,480,654	)					—
	(59,030,128	)		(137,993,498	)		(189,204,087	)		(199,257,167	)		(82,934,697	)		(65,500,790	)		(8,719,775	)		(7,326,950	)
	(183,036	)		(25,141	)		(86,448	)		(996,214	)		(116,971	)		(559	)					—
	—			(5,027,787	)		—			(5,325,871	)					(5,555,877	)					—
	(69,628,917	)		(154,888,817	)		(215,282,122	)		(215,910,272	)		(95,329,159	)		(82,537,880	)		(8,719,775	)		(7,326,950	)
	9,992,095			(22,846,981	)		(80,708,912	)		(12,473,123	)		(49,569,818	)		33,203,926			113,368,635			20,491,436
	(4,812,125	)		(9,658,392	)		(131,402,263	)		4,079,101			(80,311,658	)		44,179,877			102,963,310			20,697,361
	804,191,728			813,850,120			1,245,153,958			1,241,074,857			593,250,531			549,070,654			125,332,663			104,635,302
$	799,379,603		$	804,191,728		$	1,113,751,695		$	1,245,153,958		$	512,938,873		$	593,250,531		$	228,295,973		$	125,332,663
$	992,593		$	1,439,714		$	(53,897	)	$	681,069		$	973,479		$	416,968		$	(374,373	)	$	1,642

See Notes to Financial Statements. 127

STATEMENTS OF CHANGES IN NET ASSETS

	Equity Index Fund						Real Estate Securities Fund
	For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07			For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07
Operations:
Net investment income	$	4,038,945		$	8,787,369		$	1,187,233		$	1,174,244
Net realized gain (loss) on investment securities, foreign currency transactions and derivative transactions		5,290,256			25,461,196			(8,560,000	)		9,946,333
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations and derivative transactions		(70,689,892	)		(7,317,962	)		2,001,824			(33,430,076	)
Net increase (decrease) in net assets resulting from operations		(61,360,691	)		26,930,603			(5,370,943	)		(22,309,499	)
Dividends and Distributions to Shareholders:
Dividends from net investment income
GS2 shares		(1,098,947	)		(2,396,727	)		—			—
GS4 shares		(2,841,219	)		(6,279,342	)		(1,177,601	)		(1,114,099	)
GS6 shares		(10,679	)		(143,849	)		—			—
Distributions from net realized capital gains
GS2 shares		(695,874	)		(5,483,594	)		—			—
GS4 shares		(1,977,422	)		(16,735,167	)		—			(12,550,773	)
GS6 shares		(7,511	)		(42,505	)		—			—
Total dividends and distributions		(6,631,652	)		(31,081,184	)		(1,177,601	)		(13,664,872	)
Capital Share Transactions:
Proceeds from shares sold
GS2 shares		3,727,990			17,318,452			—			—
GS4 shares		12,620,011			42,486,377			47,819,344			111,957,141
GS6 shares		330,195			310,469			—			—
GS8 shares(1)		—			80,168			—			—
Proceeds from exchange of GS8 shares for GS6 shares(1)
GS6 shares		—			129,566			—			—
GS8 shares		—			(129,566	)		—			—
Reinvestment of dividends and distributions
GS2 shares		1,792,168			7,880,321			—			—
GS4 shares		4,818,177			23,014,028			1,137,338			13,663,336
GS6 shares		18,190			186,354			—			—
Total proceeds from shares sold and reinvested		23,306,731			91,276,169			48,956,682			125,620,477
Value of shares redeemed
GS2 shares		(5,629,925	)		(15,312,753	)		—			—
GS4 shares		(35,866,419	)		(100,650,924	)		(22,950,645	)		(99,906,353	)
GS6 shares		(116,923	)		(14,837,734	)		—			—
GS8 shares(1)		—			(6,709,689	)		—			—
Total value of shares redeemed		(41,613,267	)		(137,511,100	)		(22,950,645	)		(99,906,353	)
Net increase (decrease) from capital share transactions(2)		(18,306,536	)		(46,234,931	)		26,006,037			25,714,124
Total increase (decrease) in net assets		(86,298,879	)		(50,385,512	)		19,457,493			(10,260,247	)
Net Assets:
Beginning of Period		511,159,564			561,545,076			96,775,203			107,035,450
End of Period*	$	424,860,685		$	511,159,564		$	116,232,696		$	96,775,203
*       Including undistributed (distributions in excess of) net investment income	$	95,244		$	7,144		$	69,557		$	59,925
(1)      See Note 1 in Notes to Financial Statements. (2)      See Note 7 in Notes to Financial Statements.

128 See Notes to Financial Statements.

Value Equity Fund						Growth Equity Fund						Small Cap Equity Fund						International Equity Fund
For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07			For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07			For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07			For the Six Months Ended 06/30/08 (Unaudited)			For the Year Ended 12/31/07
$	14,208,198		$	25,750,914		$	691,536		$	2,291,785		$	1,198,575		$	2,031,110		$	30,594,876		$	22,903,965
	6,287,728			109,509,564			(18,606,274	)		101,225,925			(29,555,525	)		53,354,323			93,839,556			251,442,073
	(257,088,251	)		(156,542,760	)		(167,164,452	)		109,546,540			(21,671,950	)		(50,321,205	)		(307,355,638	)		(80,256,374	)
	(236,592,325	)		(21,282,282	)		(185,079,190	)		213,064,250			(50,028,900	)		5,064,228			(182,921,206	)		194,089,664
	(3,495,731	)		(6,198,596	)		(318,141	)		(764,503	)		—			(513,194	)		—			(4,950,877	)
	(10,096,889	)		(19,213,656	)		(604,203	)		(1,487,807	)		—			(1,456,206	)		—			(17,856,534	)
	(246,654	)		(432,944	)		—			—			—			(43,468	)		—			(395,926	)
	(1,791,283	)		(24,783,302	)		—			—			—			(11,936,809	)		—			(45,519,702	)
	(5,776,508	)		(88,434,175	)		—			—			—			(52,445,036	)		—			(192,888,593	)
	(145,613	)		(2,026,807	)		—			—			—			(2,922,577	)		—			(4,700,995	)
	(21,552,678	)		(141,089,480	)		(922,344	)		(2,252,310	)		—			(69,317,290	)		—			(266,312,627	)
	17,099,062			69,148,249			15,690,256			54,095,628			16,343,115			17,551,589			78,145,959			76,072,933
	74,754,239			181,185,102			67,351,716			135,306,396			15,148,887			56,487,534			160,960,618			194,576,950
	218,440			2,030,826			152,503			2,907,748			134,398			1,233,647			418,061			1,761,039
	—			176,742			—			80,594			—			66,601			—			179,320
	—			445,015			—			181,274			—			174,140			—			333,450
	—			(445,015	)		—			(181,274	)		—			(174,140	)		—			(333,450	)
	5,280,037			30,977,959			317,750			764,503			—			12,450,002			—			50,460,024
	15,872,061			107,637,522			604,193			1,487,784			—			53,895,325			—			210,719,957
	392,267			2,459,750			—			—			—			2,966,045			—			5,096,921
	113,616,106			393,616,150			84,116,418			194,642,653			31,626,400			144,650,743			239,524,638			538,867,144
	(17,819,436	)		(18,557,205	)		(18,804,452	)		(20,464,151	)		(7,384,034	)		(8,315,547	)		(13,347,968	)		(27,617,520	)
	(102,288,657	)		(188,885,419	)		(145,964,592	)		(172,307,927	)		(42,488,456	)		(79,779,484	)		(102,297,444	)		(207,849,507	)
	(71,118	)		(1,867,609	)		(100,728	)		(2,710,726	)		(22,116	)		(1,121,796	)		(189,305	)		(1,211,740	)
	—			(7,266,923	)		—			(6,136,980	)		—			(6,946,803	)		—			(8,483,456	)
	(120,179,211	)		(216,577,156	)		(164,869,772	)		(201,619,784	)		(49,894,606	)		(96,163,630	)		(115,834,717	)		(245,162,223	)
	(6,563,105	)		177,038,994			(80,753,354	)		(6,977,131	)		(18,268,206	)		48,487,113			123,689,921			293,704,921
	(264,708,108	)		14,667,232			(266,754,888	)		203,834,809			(68,297,106	)		(15,765,949	)		(59,231,285	)		221,481,958
	1,656,023,020			1,641,355,788			1,744,315,422			1,540,480,613			561,159,763			576,925,712			1,707,997,672			1,486,515,714
$	1,391,314,912		$	1,656,023,020		$	1,477,560,534		$	1,744,315,422		$	492,862,657		$	561,159,763		$	1,648,766,387		$	1,707,997,672
$	368,924		$	—		$	(214,852	)	$	15,956		$	1,293,947		$	95,372		$	27,470,311		$	(3,124,565	)

See Notes to Financial Statements. 129

FINANCIAL HIGHLIGHTS (Unaudited)

For a Share Outstanding For the Years Ended December 31, unless otherwise indicated

																					Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return		Net Assets, End of Period (000)		Expenses, Net		Expenses, Including Expense Reduction		Expenses, Before Waivers and Expense Reduction		Investment Income, Net		Investment Income/ (Loss), Excluding Waivers and Expense Reduction		Portfolio Turnover Rate
Money Market Fund
GS2 Class
2008(1)	$	1.00	$	0.02		$	—		$	(0.02	)	$	—		$	1.00	1.67	%	$	123,868	0.19	%	0.19	%	0.19	%	3.31	%	3.31	%	N/A
2007		1.00		0.05			—	†		(0.05	)		—			1.00	5.23			112,581	0.23		0.23		0.23		5.11		5.11		N/A
2006		1.00		0.05			—	†		(0.05	)		—			1.00	4.92			100,559	0.26		0.26		0.26		4.82		4.82		N/A
2005		1.00		0.03			—	†		(0.03	)		—			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
GS4 Class
2008(1)	$	1.00	$	0.02		$	—		$	(0.02	)	$	—		$	1.00	1.57	%	$	968,363	0.39	%	0.39	%	0.39	%	3.14	%	3.14	%	N/A
2007		1.00		0.05			—	†		(0.05	)		—			1.00	5.03			939,596	0.43		0.43		0.43		4.92		4.92		N/A
2006		1.00		0.05			—	†		(0.05	)		—			1.00	4.72			930,582	0.46		0.46		0.46		4.64		4.64		N/A
2005		1.00		0.03			—	†		(0.03	)		—			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
GS6 Class
2008(1)	$	1.00	$	0.01		$	—		$	(0.01	)	$	—		$	1.00	1.36	%	$	6,502	0.80	%	0.80	%	0.95	%	2.71	%	2.56	%	N/A
2007		1.00		0.04			—	†		(0.04	)		—			1.00	4.59			5,979	0.85		0.85		0.92		4.49		4.42		N/A
2006		1.00		0.04			—	†		(0.04	)		—			1.00	4.29			4,784	0.87		0.87		1.09		4.21		3.99		N/A
2005		1.00		0.02			—	†		(0.02	)		—			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
Low-Duration Bond Fund
GS2 Class
2008(1)	$	8.90	$	0.18	#	$	(0.17	)	$	(0.24	)	$	—		$	8.67	0.14	%	$	131,195	0.36	%	0.36	%	0.41	%	3.98	%	3.93	%	403	%
2007		8.89		0.42	#		0.12			(0.53	)		—			8.90	6.22			133,374	0.42		0.42		0.45		4.71		4.68		248
2006		9.06		0.38	#		(0.03	)		(0.52	)		—			8.89	3.94			105,991	0.45		0.45		0.47		4.22		4.20		168
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
GS4 Class
2008(1)	$	12.88	$	0.24	#	$	(0.23	)	$	(0.23	)	$	—		$	12.66	0.10	%	$	662,531	0.52	%	0.52	%	0.60	%	3.82	%	3.74	%	403	%
2007		12.63		0.58	#		0.17			(0.50	)		—			12.88	6.11			665,292	0.58		0.58		0.64		4.54		4.48		248
2006		12.66		0.58	#		(0.11	)		(0.50	)		—			12.63	3.75			697,687	0.61		0.61		0.66		4.05		4.00		168
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
GS6 Class
2008(1)	$	8.95	$	0.15	#	$	(0.17	)	$	(0.22	)	$	—		$	8.71	(0.12	)%	$	5,654	0.91	%	0.91	%	1.94	%	3.43	%	2.40	%	403	%
2007		8.93		0.37	#		0.13			(0.48	)		—			8.95	5.72			5,526	0.97		0.97		1.57		4.15		3.55		248
2006		9.09		0.60	#		(0.30	)		(0.46	)		—			8.93	3.43			5,159	1.00		1.00		1.05		3.63		3.58		168
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

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

(1) For the six months ended June 30, 2008. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

130 See Notes to Financial Statements.

																								Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Return of Capital			Net Asset Value, End of Period		Total Return		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
Medium-Duration Bond Fund
GS2 Class
2008(1)	$	8.42	$	0.20	#	$	(0.28	)	$	(0.31	)	$	(0.10	)	$	—		$	7.93	(1.01	)%	$	146,141	0.47	%	0.47	%	0.48	%	4.77	%	4.76	%	348	%
2007		8.52		0.42	#		0.12			(0.64	)		—	†		—			8.42	6.65			151,466	0.48		0.48		0.49		5.02		5.01		428
2006		8.71		0.39	#		(0.01	)		(0.57	)		—			—			8.52	4.50			113,051	0.50		0.50		0.50		4.60		4.60		440
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
GS4 Class
2008(1)	$	13.64	$	0.31	#	$	(0.44	)	$	(0.30	)	$	(0.10	)	$	—		$	13.11	(0.96	)%	$	952,784	0.58	%	0.58	%	0.67	%	4.66	%	4.57	%	348	%
2007		13.42		0.66	#		0.18			(0.62	)		—	†		—			13.64	6.46			1,079,034	0.61		0.61		0.68		4.88		4.81		428
2006		13.40		0.60	#		(0.03	)		(0.55	)		—			—			13.42	4.37			1,108,958	0.62		0.62		0.69		4.48		4.41		440
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
GS6 Class
2008(1)	$	8.49	$	0.18	#	$	(0.28	)	$	(0.29	)	$	(0.10	)	$	—		$	8.00	(1.21	)%	$	14,827	0.93	%	0.93	%	1.08	%	4.32	%	4.17	%	348	%
2007		8.59		0.38	#		0.12			(0.60	)		—	†		—			8.49	6.08			14,654	0.97		0.97		1.00		4.52		4.49		428
2006		8.78		0.35	#		(0.02	)		(0.52	)		—			—			8.59	3.89			13,709	1.05		1.05		1.05		4.05		4.05		440
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
Extended-Duration Bond Fund
GS2 Class
2008(1)	$	7.95	$	0.23	#	$	(0.36	)	$	(0.38	)	$	(0.10	)	$	—		$	7.34	(1.63	)%	$	70,605	0.52	%	0.52	%	0.52	%	6.12	%	6.12	%	25	%
2007		8.13		0.41	#		0.23			(0.69	)		(0.13	)		—			7.95	8.45			75,841	0.53		0.53		0.53		5.21		5.21		101
2006		8.44		0.40	#		(0.03	)		(0.65	)		(0.03	)		—			8.13	4.75			59,916	0.57		0.57		0.57		4.91		4.91		100
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
GS4 Class
2008(1)	$	15.20	$	0.44	#	$	(0.71	)	$	(0.37	)	$	(0.10	)	$	—		$	14.46	(1.79	)%	$	425,536	0.69	%	0.69	%	0.72	%	5.94	%	5.91	%	25	%
2007		14.81		0.74	#		0.44			(0.66	)		(0.13	)		—			15.20	8.29			500,252	0.72		0.72		0.72		5.02		5.02		101
2006		14.82		0.69	#		(0.04	)		(0.63	)		(0.03	)		—			14.81	4.56			467,877	0.73		0.73		0.76		4.75		4.72		100
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
GS6 Class
2008(1)	$	7.95	$	0.22	#	$	(0.37	)	$	(0.37	)	$	(0.10	)	$	—		$	7.33	(1.97	)%	$	16,799	0.97	%	0.97	%	1.08	%	5.68	%	5.57	%	25	%
2007		8.13		0.38	#		0.23			(0.66	)		(0.13	)		—			7.95	7.96			17,157	0.99		0.99		1.01		4.74		4.72		101
2006		8.44		0.36	#		(0.03	)		(0.61	)		(0.03	)		—			8.13	4.09			15,730	1.08		1.08		1.08		4.39		4.39		100
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
Global Bond Fund
GS4 Class
2008(1)	$	10.14	$	0.32	#	$	(0.59	)	$	(0.38	)	$	(0.08	)	$	—		$	9.41	(2.78	)%	$	228,296	0.82	%	0.82	%	0.84	%	6.46	%	6.44	%	114	%
2007		10.12		0.61			0.08			(0.64	)		(0.03	)		—			10.14	7.00			125,333	0.79		0.79		0.80		6.07		6.06		255
2006(2)(3)		10.12		—	†		—	†		—	†		—			—	†		10.12	0.04			104,635	1.04		1.04		1.42		4.32		3.94		—

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

(1) For the six months ended June 30, 2008. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(2) Inception date was December 29, 2006.

(3) Total return is not annualized. Ratios are annualized.

See Notes to Financial Statements. 131

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

For a Share Outstanding For the Years Ended December 31, unless otherwise indicated

																								Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Excess Distribution/ Return of Capital			Net Asset Value, End of Period		Total Return		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
Equity Index Fund
GS2 Class
2008(1)	$	10.57	$	0.09	#	$	(1.35	)	$	(0.15	)	$	(0.09	)	$	—		$	9.07	(11.98	)%	$	69,362	0.23	%	0.23	%	0.24	%	1.89	%	1.88	%	2	%
2007		11.08		0.20	#		0.39			(0.32	)		(0.78	)		—			10.57	5.19			81,104	0.22		0.22		0.22		1.77		1.77		5
2006		9.96		0.18	#		1.33			(0.28	)		(0.11	)		—			11.08	15.37			74,634	0.23		0.23		0.23		1.74		1.74		5
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
GS4 Class
2008(1)	$	19.07	$	0.15	#	$	(2.44	)	$	(0.13	)	$	(0.09	)	$	—		$	16.56	(12.00	)%	$	354,738	0.37	%	0.37	%	0.44	%	1.74	%	1.67	%	2	%
2007		19.17		0.32	#		0.64			(0.28	)		(0.78	)		—			19.07	4.95			429,423	0.39		0.39		0.42		1.59		1.56		5
2006		16.97		0.28	#		2.28			(0.25	)		(0.11	)		—			19.17	15.19			466,429	0.40		0.40		0.43		1.57		1.54		5
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
GS6 Class
2008(1)	$	10.74	$	0.07	#	$	(1.37	)	$	(0.13	)	$	(0.09	)	$	—		$	9.22	(12.11	)%	$	761	0.60	%	0.60	%	4.84	%	1.52	%	(2.72	)%	2	%
2007		11.15		0.15	#		0.35			(0.13	)		(0.78	)		—			10.74	4.38			633	0.60		0.60		0.75		1.33		1.18		5
2006		10.02		0.14	#		1.34			(0.24	)		(0.11	)		—			11.15	14.97			14,233	0.60		0.60		0.78		1.37		1.19		5
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
Real Estate Securities Fund
GS4 Class
2008(1)	$	9.04	$	0.10	#	$	(0.45	)	$	(0.09	)	$	—		$	—		$	8.60	(3.95	)%	$	116,233	1.29	%	1.29	%	1.51	%	2.16	%	1.94	%	40	%
2007		12.55		0.11	#		(2.12	)		(0.11	)		(1.39	)		—			9.04	(16.23	)		96,775	1.20		1.20		1.22		0.94		0.92		119
2006(2)(3)		12.50		—	†		0.05			—			—			—			12.55	0.40			107,035	1.33		1.33		1.88		(1.16	)	(1.71	)	—
Value Equity Fund
GS2 Class
2008(1)	$	9.10	$	0.09	#	$	(1.38	)	$	(0.14	)	$	(0.07	)	$	—		$	7.60	(14.21	)%	$	196,385	0.67	%	0.66	%	0.67	%	2.04	%	2.03	%	32	%
2007		10.62		0.18	#		(0.27	)		(0.28	)		(1.15	)		—			9.10	(1.18	)		230,436	0.69		0.69		0.69		1.70		1.70		45
2006		10.75		0.18	#		1.78			(0.28	)		(1.81	)		—			10.62	18.76			181,940	0.72		0.71		0.72		1.70		1.69		76
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
GS4 Class
2008(1)	$	17.03	$	0.15	#	$	(2.57	)	$	(0.13	)	$	(0.07	)	$	—		$	14.41	(14.25	)%	$	1,179,334	0.85	%	0.84	%	0.86	%	1.86	%	1.84	%	32	%
2007		18.65		0.29	#		(0.52	)		(0.24	)		(1.15	)		—			17.03	(1.39	)		1,407,534	0.88		0.88		0.88		1.50		1.50		45
2006		17.50		0.28	#		2.93			(0.25	)		(1.81	)		—			18.65	18.64			1,434,773	0.90		0.89		0.91		1.52		1.50		76
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
GS6 Class
2008(1)	$	9.03	$	0.06	#	$	(1.36	)	$	(0.12	)	$	(0.07	)	$	—		$	7.54	(14.41	)%	$	15,596	1.14	%	1.13	%	1.25	%	1.56	%	1.44	%	32	%
2007		10.55		0.13	#		(0.27	)		(0.23	)		(1.15	)		—			9.03	(1.61	)		18,053	1.16		1.16		1.18		1.23		1.21		45
2006		10.69		0.12	#		1.78			(0.23	)		(1.81	)		—			10.55	18.21			17,798	1.24		1.23		1.24		1.18		1.17		76
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

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

(1) For the six months ended June 30, 2008. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(2) Inception date was December 29, 2006.

(3) Total return is not annualized. Ratios are annualized.

132 See Notes to Financial Statements.

																					Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return		Net Assets, End of Period (000)		Expenses, Net		Expenses, Including Expense Reduction		Expenses, Before Waivers/ Reimbursements and Expense Reduction		Investment Income/ (Loss), Net		Investment Income/ (Loss), Excluding Waivers/ Reimbursements and Expense Reduction		Portfolio Turnover Rate
Growth Equity Fund
GS2 Class
2008(1)	$	12.76	$	0.01		$	(1.34	)	$	(0.02	)	$	—		$	11.41	(10.45	)%	$	213,043	0.88	%	0.87	%	0.88	%	0.17	%	0.16	%	32	%
2007		11.23		0.02			1.55			(0.04	)		—			12.76	13.99			242,557	0.89		0.89		0.88		0.24		0.25		51
2006		11.18		—	†		0.05			—			—			11.23	0.45			179,852	0.89		0.88		0.90		0.00		(0.02	)	48
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
GS4 Class
2008(1)	$	20.22	$	0.01		$	(2.14	)	$	(0.01	)	$	—		$	18.08	(10.54	)%	$	1,252,255	0.97	%	0.96	%	1.07	%	0.08	%	(0.03	)%	32	%
2007		17.77		0.02			2.45			(0.02	)		—			20.22	13.90			1,488,091	1.00		1.00		1.07		0.13		0.06		51
2006		17.71		(0.02	)		0.08			—			—			17.77	0.34			1,343,147	1.01		1.00		1.09		(0.12	)	(0.21	)	48
2005		16.33		(0.04	)		1.42			—			—			17.71	8.45			1,362,599	0.99		0.98		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
GS6 Class
2008(1)	$	12.46	$	(0.01	)	$	(1.32	)	$	—		$	—		$	11.13	(10.67	)%	$	12,263	1.29	%	1.28	%	1.55	%	(0.24	)%	(0.51	)%	32	%
2007		10.99		(0.02	)		1.49			—			—			12.46	13.38			13,668	1.36		1.36		1.41		(0.23	)	(0.28	)	51
2006		10.99		(0.05	)		0.05			—			—			10.99	—			11,706	1.41		1.40		1.48		(0.52	)	(0.60	)	48
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
Small Cap Equity Fund
GS2 Class
2008(1)	$	9.60	$	0.03	#	$	(0.86	)	$	—		$	—		$	8.77	(8.65	)%	$	78,715	1.05	%	1.04	%	1.06	%	0.57	%	0.55	%	73	%
2007		11.33		0.06	#		0.09			(0.07	)		(1.81	)		9.60	1.05			76,792	1.05		1.05		1.05		0.48		0.48		119
2006		11.40		(0.01	)#		1.32			—			(1.38	)		11.33	11.40			66,695	1.06		1.05		1.06		(0.05	)	(0.06	)	86
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
GS4 Class
2008(1)	$	14.31	$	0.03	#	$	(1.28	)	$	—		$	—		$	13.06	(8.74	)%	$	397,762	1.15	%	1.14	%	1.26	%	0.47	%	0.35	%	73	%
2007		16.00		0.06	#		0.11			(0.05	)		(1.81	)		14.31	0.87			466,522	1.18		1.18		1.25		0.34		0.27		119
2006		15.61		(0.03	)#		1.80			—			(1.38	)		16.00	11.27			486,358	1.21		1.20		1.25		(0.20	)	(0.25	)	86
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
GS6 Class
2008(1)	$	9.25	$	0.01	#	$	(0.82	)	$	—		$	—		$	8.44	(8.76	)%	$	16,385	1.43	%	1.42	%	1.65	%	0.19	%	(0.04	)%	73	%
2007		11.00		—	†#		0.08			(0.02	)		(1.81	)		9.25	0.50			17,846	1.50		1.50		1.54		0.03		(0.01	)	119
2006		11.16		(0.07	)#		1.29			—			(1.38	)		11.00	10.84			17,483	1.58		1.57		1.57		(0.57	)	(0.57	)	86
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

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

(1) For the six months ended June 30, 2008. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

See Notes to Financial Statements. 133

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

For a Share Outstanding For the Years Ended December 31, unless otherwise indicated

																							Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Return of Capital		Net Asset Value, End of Period		Total Return		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
International Equity Fund
GS2 Class
2008(1)	$	14.61	$	0.26	#	$	(1.83	)	$	—		$	—		$	—	$	13.04	(10.75	)%	$	312,499	0.94	%	0.93	%	1.08	%	3.85	%	3.70	%	54	%
2007		15.80		0.26	#		1.79			(0.27	)		(2.97	)		—		14.61	13.21			279,652	0.96		0.96		1.07		1.55		1.44		66
2006		14.71		0.25			3.23			(0.35	)		(2.04	)		—		15.80	23.78			199,989	0.97		0.96		1.10		1.60		1.46		26
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
GS4 Class
2008(1)	$	18.32	$	0.31	#	$	(2.29	)	$	—		$	—		$	—	$	16.34	(10.81	)%	$	1,311,293	1.12	%	1.11	%	1.28	%	3.61	%	3.44	%	54	%
2007		19.09		0.28	#		2.16			(0.24	)		(2.97	)		—		18.32	12.96			1,400,548	1.14		1.14		1.27		1.38		1.25		66
2006		17.37		0.26			3.82			(0.32	)		(2.04	)		—		19.09	23.58			1,254,839	1.15		1.14		1.29		1.43		1.28		26
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
GS6 Class
2008(1)	$	14.35	$	0.22	#	$	(1.79	)	$	—		$	—		$	—	$	12.78	(10.94	)%	$	24,974	1.37	%	1.37	%	1.61	%	3.29	%	3.05	%	54	%
2007		15.59		0.19	#		1.75			(0.21	)		(2.97	)		—		14.35	12.68			27,798	1.40		1.40		1.54		1.11		0.97		66
2006		14.56		0.18			3.17			(0.28	)		(2.04	)		—		15.59	23.14			23,877	1.47		1.46		1.60		1.10		0.96		26
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

# Calculated using the average shares outstanding method.

(1) For the six months ended June 30, 2008. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

134 See Notes to Financial Statements.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. DESCRIPTION OF THE FUNDS

GuideStone Funds (the “Trust”) was organized as a Delaware statutory trust on March 2, 2000. The Trust has established twenty-four series (each a “Fund” and together, the “Funds”). Each Fund is a diversified, open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The MyDestination 2005, MyDestination 2015, MyDestination 2025, MyDestination 2035 and MyDestination 2045 Funds, each referred to as a “Date Target Fund” and together as the “Date Target Funds,” commenced operations on December 29, 2006. Effective June 1, 2008, the Blended Funds were renamed to provide shareholders with a more accurate depiction of their investment strategies and risk tolerance. All references to the Blended Funds category have been replaced with “Asset Allocation Funds.” The Conservative Allocation Fund (formerly Flexible Income Fund), Balanced Allocation Fund (formerly Growth & Income Fund), Growth Allocation Fund (formerly Capital Opportunities Fund), Aggressive Allocation Fund (formerly Global Equity Fund), Conservative Allocation Fund I (formerly Flexible Income Fund I), Balanced Allocation Fund I (formerly Growth & Income Fund I), Growth Allocation Fund I (formerly Capital Opportunities Fund I) and Aggressive Allocation Fund I (formerly Global Equity Fund I) are each referred to as an “Asset Allocation Fund” and together are referred to as the “Asset Allocation Funds.” The remaining Funds are each referred to as a “Select Fund” and are together referred to as the “Select Funds.” The Low-Duration Bond Fund, Medium-Duration Bond Fund, Extended-Duration Bond Fund and Global Bond Fund are together referred to as the “Bond Funds.” The Equity Index Fund, Real Estate Securities Fund, Value Equity Fund, Growth Equity Fund, Small Cap Equity Fund, and International Equity Fund are together referred to as the “Equity Funds.” The Money Market Fund is referred to as the “Money Market Fund.”

There are three classes of shares issued by the Funds — the GS2 Class, the GS4 Class and the GS6 Class, except for the Global Bond Fund and the Real Estate Securities Fund, which issued the GS4 Class only, and the Date Target Funds, which issued the GS4 Class and the GS6 Class only. The Conservative Allocation Fund I, Balanced Allocation Fund I, Growth Allocation Fund I and Aggressive Allocation Fund I issued the GS2 Class only. 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.

Prior to June 1, 2007, GS8 Class shares of the Funds were also available. On June 1, 2007, shares of the GS8 Class of each Fund were exchanged at each Fund’s applicable net asset value for equivalent shares of the GS6 Class of the same Fund and the GS8 Class was terminated.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are in conformity with generally accepted accounting principles 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

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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 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 Interactive Data (“ID”) as a third party fair valuation vendor. ID provides a fair value for foreign equity securities held by the Trust based on certain factors and methodologies applied by ID 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 ID.

The Money Market Fund uses the amortized cost method, which approximates market value, to determine the value of its portfolio securities.

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

136

In September 2006, the Financial Accounting Standards Board issued FAS 157 effective for fiscal years beginning after November 15, 2007. This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. The Funds adopted FAS 157 as of the commencement of investment operations, January 1, 2008. The three levels of the fair value hierarchy under FAS 157 are described below:

Level 1 — quoted prices in active markets for identical securities.

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

A summary of the fair value hierarchy for each Fund is included at the end of each Fund’s Schedule of Investments.

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.

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

137

a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. The Funds also may write over-the-counter options where completing the obligation depends upon the credit standing of the other party and that party’s ability to perform. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

Options purchased are recorded as an asset and written options are recorded as liabilities to the extent of premiums paid or received. Each Fund will realize a gain or loss when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option or the cost of a security for a purchased put or call option is adjusted by the amount of the premium received or paid.

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.

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, Small Cap 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 and the Small Cap Equity Fund 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 period ended June 30, 2008, the Trust entered into dollar roll transactions,

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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 and the Small Cap Equity Fund 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 are 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 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, Real Estate Securities Fund, Value Equity Fund and Growth Equity Fund are declared and paid semi-annually. Dividends from net investment income, if any, for the Small Cap Equity Fund, International Equity Fund, the Asset Allocation Funds and the Date Target Funds are declared and paid annually. Net realized capital gains, if any, will be distributed at least annually by each of the Funds. Dividends and distributions to shareholders are recorded on the ex-dividend date.

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 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, registration, transfer agent, shareholder servicing and distribution fees.

139

h. REITs

The Real Estate Securities Fund invests substantial assets in real estate investment trusts (REITs) that involve risks not associated with investing in stocks. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general.

Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.

i. Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. The Fund’s obligation to replace the security borrowed and sold short will be fully collateralized at all times by cash equivalents deposited in an account with the Fund’s custodian. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss, and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs.

The Equity Funds may sell short exchange-listed equity futures contracts to reduce market exposure. The Date Target Funds, Asset Allocation Funds, Bond Funds and Small Cap Equity Fund may sell short U.S. Treasury securities and exchange-listed U.S. Treasury futures contracts to reduce market exposure. The Low-Duration Bond, Medium-Duration Bond and Small Cap Equity Funds will occasionally enter into a short sale to initiate a dollar roll transaction.

At June 30, 2008, the value of securities sold short in the Low-Duration Bond Fund and the Medium-Duration Bond Fund amounted to $151,337,152 and $16,479,690 respectively.

j. Loan Participations

Loan participations typically represent direct participation in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. The Bond Funds and the Small Cap Equity Fund may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing loan participations, a Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary.

The Bond Funds and the Small Cap Equity Fund invest in loan participations with credit quality comparable to that of issuers of its securities investments. Indebtedness of companies whose creditworthiness is poor involves substantially greater risks, and may be highly speculative.

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.

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The advisory fees paid to GSCM and aggregate sub-advisory fees paid to the sub-advisers, listed at the end of this report, are computed daily based upon the net assets of each Fund. The actual advisory fees accrued and the sub-advisory fees accrued during the six months ended June 30, 2008, based upon average daily net assets, were as follows:

Fund	Advisory Fees		Sub-Adviser Fees
MyDestination 2005	0.10	%	—
MyDestination 2015	0.10	%	—
MyDestination 2025	0.10	%	—
MyDestination 2035	0.10	%	—
MyDestination 2045	0.10	%	—
Conservative Allocation	0.10	%	—
Balanced Allocation	0.10	%	—
Growth Allocation	0.10	%	—
Aggressive Allocation	0.10	%	—
Conservative Allocation I	0.10	%	—
Balanced Allocation I	0.10	%	—
Growth Allocation I	0.10	%	—
Aggressive Allocation I	0.10	%	—
Money Market	0.09	%	0.07	%
Low-Duration Bond	0.13	%	0.21	%
Medium-Duration Bond	0.21	%	0.20	%
Extended-Duration Bond	0.25	%	0.21	%
Global Bond	0.21	%	0.21	%
Equity Index	0.13	%	0.02	%
Real Estate Securities	0.28	%	0.61	%
Value Equity	0.40	%	0.22	%
Growth Equity	0.45	%	0.38	%
Small Cap Equity	0.27	%	0.69	%
International Equity	0.47	%	0.46	%

For the six months ended June 30, 2008, advisory fees and waivers for each Fund were as follows:

	Gross Advisory Fee		Waiver/ Reimbursements			Net Advisory Fee (Reimbursement)
MyDestination 2005	$	31,282	$	(126,510	)	$	(95,228	)
MyDestination 2015		88,558		(71,426	)		17,132
MyDestination 2025		55,543		(97,201	)		(41,658	)
MyDestination 2035		19,528		(130,142	)		(110,614	)
MyDestination 2045		7,454		(127,235	)		(119,781	)
Conservative Allocation		162,840		(88,822	)		74,018
Balanced Allocation		643,033		(108,357	)		534,676
Growth Allocation		507,830		(88,998	)		418,832
Aggressive Allocation		457,802		(85,435	)		372,367
Conservative Allocation I		32,629		(39,106	)		(6,477	)
Balanced Allocation I		170,445		12,577			183,022
Growth Allocation I		116,628		6,485			123,113
Aggressive Allocation I		88,671		(5,450	)		83,221
Money Market		501,265		(4,612	)		496,653
Low-Duration Bond		516,604		(337,788	)		178,816
Medium-Duration Bond		1,277,242		(503,980	)		773,262
	Gross Advisory Fee		Waiver/ Reimbursements			Net Advisory Fee (Reimbursement)
Extended-Duration Bond	$	707,946	$	(71,841	)	$	636,105
Global Bond		140,686		(12,762	)		127,924
Equity Index		296,989		(157,230	)		139,759
Real Estate Securities		153,988		(122,580	)		31,408
Value Equity		3,025,259		(104,954	)		2,920,305
Growth Equity		3,507,004		(665,623	)		2,841,381
Small Cap Equity		683,561		(250,140	)		433,421
International Equity		3,937,665		(1,339,927	)		2,597,738

b. Distribution and Shareholder Servicing Fees

The Board of Trustees has adopted Shareholder Service Plans for the GS4 and GS6 Class of each Select Fund and the GS6 Class of each Asset Allocation and Date Target Fund (“Service Plans”) and a separate Plan of Distribution for the GS6 Class of each Select Fund, Asset Allocation Fund and Date Target Fund pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”).

Under the Service Plans, the GS4 and GS6 Class of each Select Fund and the GS6 Class of each applicable Asset Allocation and Date Target Fund are authorized to pay fees to parties that provide services for and maintain shareholder accounts. The GS4 and GS6 Class of each Select Fund are authorized to pay service fees of 0.19% and 0.30% of average daily net assets, respectively. The GS6 Class of each applicable Asset Allocation and Date Target Fund is authorized to pay shareholder servicing fees of 0.11% of average daily net assets.

Under the 12b-1 Plan, the assets of each Select Fund, Asset Allocation Fund and Date Target 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, Asset Allocation Fund and Date Target Fund.

141

c. Expense Limitation

GSCM has agreed, through April 30, 2009, to waive fees and reimburse expenses of the GS2 Class, GS4 Class and GS6 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
MyDestination 2005	NA		0.20	%	0.50	%
MyDestination 2015	NA		0.20	%	0.50	%
MyDestination 2025	NA		0.20	%	0.50	%
MyDestination 2035	NA		0.20	%	0.50	%
MyDestination 2045	NA		0.20	%	0.50	%
Conservative Allocation	NA		0.12	%	0.45	%
Balanced Allocation	NA		0.12	%	0.45	%
Growth Allocation	NA		0.12	%	0.45	%
Aggressive Allocation	NA		0.12	%	0.45	%
Conservative Allocation I	0.15	%	NA		NA
Balanced Allocation I	0.15	%	NA		NA
Growth Allocation I	0.15	%	NA		NA
Aggressive Allocation I	0.15	%	NA		NA
Money Market	0.20	%	0.39	%	0.80	%
Low-Duration Bond	0.36	%	0.52	%	0.91	%
Medium-Duration Bond	0.48	%	0.58	%	0.93	%
Extended-Duration Bond	0.63	%	0.69	%	0.97	%
Global Bond	NA		1.02	%	NA
Equity Index	0.23	%	0.37	%	0.60	%
Real Estate Securities	NA		1.29	%	NA
Value Equity	0.74	%	0.85	%	1.14	%
Growth Equity	0.88	%	0.97	%	1.29	%
Small Cap Equity	1.12	%	1.15	%	1.43	%
International Equity	0.94	%	1.12	%	1.37	%

Each Fund in turn agrees to reimburse GSCM for any operating expenses in excess of the expense limitation paid, waived or assumed by GSCM for that Fund during the limitation period, provided GSCM would not be entitled to reimbursement for any amount that would cause operating expenses to exceed the expense limitation during the year in which the reimbursement would be made, and provided further that no amount will be reimbursed by the Fund more than three years after the year in which it was incurred or waived by GSCM.

At June 30, 2008 the amounts subject to possible future reimbursement under the expense limitation agreement are as follows:

	GS2 Class		GS4 Class		GS6 Class
MyDestination 2005		NA	$	173,153	$	53,570
MyDestination 2015		NA		79,197		49,496
MyDestination 2025		NA		131,092		50,939
MyDestination 2035		NA		185,303		56,432
MyDestination 2045		NA		176,758		64,870
Conservative Allocation		NA		483,351		21,833
Balanced Allocation		NA		323,697		12,299
Growth Allocation		NA		313,065		14,521
Aggressive Allocation		NA		337,217		6,315
Conservative Allocation I	$	221,413		NA		NA
Balanced Allocation I		NA		NA		NA
Growth Allocation I		87,356		NA		NA
Aggressive Allocation I		104,999		NA		NA
Money Market		NA		NA		46,391
Low-Duration Bond		115,712		1,504,473		79,638
Medium-Duration Bond		NA		2,375,833		21,250
Extended-Duration Bond		NA		292,407		12,223
Global Bond		NA		NA		NA
Equity Index		2,661		478,202		86,143
Real Estate Securities		NA		142,862		NA
Value Equity		NA		6,388,860		13,899
Growth Equity		6,474		3,713,734		44,709
Small Cap Equity		NA		927,903		25,161
International Equity		972,798		6,135,734		125,656

During the six months ended June 30, 2008, GSCM recaptured the following amounts:

	GS2 Class		GS4 Class
Balanced Allocation I	$	12,577	NA
Growth Allocation I		6,485	NA
Growth Equity		12,582	—

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.

Fund	Expenses Paid Through Brokerage Service Arrangements
Value Equity	$	49,572
Growth Equity		50,904
Small Cap Equity		16,398
International Equity		35,226

142

e. Administrator, Transfer Agent and Distributor

Certain employees of PNC Global Investment Servicing (U.S.), Inc. (“PNC”), formerly known as PFPC, Inc., an indirect, wholly-owned subsidiary of The PNC Financial Services Group, Inc., are officers of the Funds. PNC serves as Administrator and Transfer Agent of the Funds.

For its services as Administrator, PNC is entitled to receive fees, computed daily and paid monthly, based upon the average daily net assets of each Fund. The fees, excluding out of pocket expenses, currently range between 0.004% and 0.02% of average daily net assets. For its services as Transfer Agent, PNC 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, 2008, PNC received $1,714,943 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 The PNC Financial Services Group, Inc., serves as the Distributor for the Funds. The Funds do not pay any fees to PDI in its capacity as Distributor. The fees are paid by GSCM.

4. SECURITIES LENDING

Through an agreement with The Northern Trust Company (“Northern Trust”) (the Funds’ custodian) the Select Funds may lend portfolio securities to certain brokers, dealers and other financial institutions that pay the Select Funds a negotiated fee. The Select Funds receive cash or U.S. Government securities as collateral against the loaned securities in an amount at least equal to the market value of the loaned securities. The Funds continue to own the loaned securities and the securities remain in the investment portfolio. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Cash collateral has been invested in a short-term money market fund of Northern Trust. At June 30, 2008, the market values of loaned securities and collateral received were as follows:

Fund	Value of Securities Loaned		Value of Collateral
Money Market	$	6,030,320	$	6,120,000
Low-Duration Bond		98,992,357		101,052,603
Medium-Duration Bond		127,037,687		129,641,599
Extended-Duration Bond		43,616,241		44,639,752
Global Bond		24,484,534		25,070,608
Equity Index		30,313,433		31,386,372
Real Estate Securities		54,122,608		55,211,103
Value Equity		132,605,210		137,988,044
Growth Equity		161,650,866		166,028,518
Small Cap Equity		206,729,943		215,005,582
International Equity		272,957,833		287,196,178

143

5. 10% SHAREHOLDERS

The Date Target and Asset Allocation Funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments made by each Date Target and Asset Allocation Fund within each of its principal investment strategies may represent a significant portion of an underlying fund’s net assets. At June 30, 2008, the Asset Allocation Funds were the owner of record of the following approximate percentages of the total outstanding shares of the underlying funds as detailed below:

Fund	Conservative Allocation		Balanced Allocation		Growth Allocation		Aggressive Allocation		Conservative Allocation I		Balanced Allocation I		Growth Allocation I		Aggressive Allocation I
Low-Duration Bond	27.84	%	22.01	%	8.81	%	—		8.07	%	8.60	%	2.98	%	—
Medium-Duration Bond	—		21.83		8.59		—		—		0.10		0.03		—
Extended-Duration Bond	—		17.51		6.87		—		—		9.24		3.14		—
Global Bond	—		16.03		6.39		—		—		4.29		1.48		—
Equity Index	0.99		7.72		9.13		10.86	%	0.36		3.78		3.87		3.87	%
Value Equity	1.38		10.63		12.60		14.98		0.52		5.40		5.54		5.54
Growth Equity	1.38		10.66		12.66		15.30		0.44		4.53		4.66		4.73
Small Cap Equity	1.02		7.84		9.22		11.27		0.30		3.13		3.19		3.27
International Equity	1.31		10.34		12.17		14.69		0.33		3.47		3.54		3.59

As of June 30, 2008, the Date Target Funds did not own 10% or more of the total outstanding shares of the underlying funds they invested in.

6. INVESTMENT TRANSACTIONS

For the six months ended June 30, 2008, 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
MyDestination 2005	$	13,629,857	$	3,754,583
MyDestination 2015		39,115,567		9,072,266
MyDestination 2025		25,569,116		3,683,500
MyDestination 2035		12,839,536		544,000
MyDestination 2045		6,206,763		165,000
Conservative Allocation		21,312,834		11,250,000
Balanced Allocation		145,486,620		168,550,000
Growth Allocation		86,809,616		116,600,000
Aggressive Allocation		44,510,152		78,500,000
Conservative Allocation I		4,596,543		4,158,000
Balanced Allocation I		48,399,199		36,739,000
Growth Allocation I		26,952,727		24,913,395
Aggressive Allocation I		11,338,088		17,533,396
Low-Duration Bond		1,977,805,473		2,015,051,108
Medium-Duration Bond		4,614,460,686		4,600,944,257
Extended-Duration Bond		136,926,663		164,968,974
Global Bond		154,049,989		230,971,991
Equity Index		7,415,648		28,750,209
Real Estate Securities		72,272,686		41,954,765
Value Equity		473,001,905		494,066,852
Growth Equity		471,501,246		510,640,136
Small Cap Equity		218,090,982		230,407,162
International Equity		1,027,118,190		866,061,747

For the six months ended June 30, 2008, 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
MyDestination 2005	$	5,936,556	$	5,957,014
MyDestination 2015		8,335,919		8,623,718
MyDestination 2025		3,017,779		3,067,553
MyDestination 2035		419,088		419,248
Conservative Allocation		12,484,076		12,520,934
Balanced Allocation		33,811,927		36,281,578
Growth Allocation		11,628,369		12,704,395
Conservative Allocation I		3,332,463		5,946,304
Balanced Allocation I		5,196,860		2,907,297
Growth Allocation I		2,297,407		—
Low-Duration Bond		766,767,274		750,347,899
Medium-Duration Bond		270,741,951		279,120,441
Extended-Duration Bond		1,163,895		20,246,346
Global Bond		800,669		—
Small Cap Equity		148,051,407		148,620,130

144

Futures Contracts

Investments as of June 30, 2008, included cash and 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:

	Open Long (Short) Contracts		Notional Value on Futures			Net Unrealized Gain (Loss) on Futures
MyDestination 2005
September 2008 S&P 500® E-Mini	7		$	448,385		$	(20,072	)
MyDestination 2015
September 2008 S&P 500® E-Mini	26		$	1,665,430		$	(70,506	)
MyDestination 2025
September 2008 S&P 500® E-Mini	18		$	1,152,990		$	(50,464	)
MyDestination 2035
September 2008 S&P 500® E-Mini	12		$	768,660		$	(25,115	)
MyDestination 2045
September 2008 S&P 500® E-Mini	9		$	576,495		$	(22,292	)
Conservative Allocation Fund
September 2008 S&P 500®	3		$	960,825		$	(41,613	)
Balanced Allocation Fund
September 2008 S&P 500®	17		$	5,444,675		$	(319,772	)
Growth Allocation Fund
September 2008 S&P 500®	21		$	6,725,775		$	(390,164	)
Aggressive Allocation Fund
September 2008 S&P 500®	31		$	9,928,525		$	(571,645	)
Conservative Allocation Fund I
September 2008 S&P 500® E-Mini	4		$	256,220		$	(9,831	)
Balanced Allocation Fund I
September 2008 S&P 500® E-Mini	32		$	2,049,760		$	(103,189	)
Growth Allocation Fund I
September 2008 S&P 500® E-Mini	28		$	1,793,540		$	(85,731	)
Aggressive Allocation Fund I
September 2008 S&P 500® E-Mini	39		$	2,498,145		$	(115,941	)
Low-Duration Bond Fund
December 2008 90-Day Euro	350		$	84,717,500		$	(26,121	)
December 2008 90-Day Sterling	94			21,947,136			(186,858	)
December 2009 90-Day Euro	40			9,593,500			(169,737	)
December 2009 90-Day Sterling	104			24,298,769			(118,091	)
December 2010 90-Day Euro	(9	)		(2,144,925	)		7,248
June 2009 90-Day Euro	(2	)		(1,929,400	)		6,713
June 2009 90-Day Sterling	136			31,777,007			(117,717	)
June 2010 90-Day Euro	(9	)		(2,150,438	)		7,660
March 2009 90-Day Euro	58			14,018,600			27,342
March 2010 90-Day Euro	(12	)		(2,872,350	)		8,613
March 2011 90-Day Euro	(9	)		(2,143,800	)		6,535
September 2008 2-Year U.S. Treasury Note	(153	)		(32,314,078	)		(194,413	)
September 2008 5-Year U.S . Treasury Note	(565	)		(62,463,398	)		(660,015	)
September 2008 90-Day Euro	94			22,811,450			420,442
September 2008 90-Day Sterling	135			31,561,839			(300,563	)
September 2008 Euro-BOBL	8			1,332,368			(21,184	)

145

	Open Long (Short) Contracts		Notional Value on Futures			Net Unrealized Gain (Loss) on Futures
September 2008 Euro-Bund	30		$	5,222,628		$	(64,106	)
September 2008 U.S. Long Treasury Bond	(332	)		(38,377,125	)		134,078
September 2008 10-Year U.S. Treasury Note	691			78,720,016			192,463
September 2008 Euro-Schatz	(155	)		(24,971,463	)		(28,065	)
September 2008 Long Gilt	(14	)		(2,910,984	)		47,127
September 2009 90-Day Euro	126			30,307,725			122,163
September 2009 90-Day Sterling	81			18,928,028			(88,027	)
September 2010 90-Day Euro	(9	)		(2,147,512	)		7,510
						$	(987,003	)
Medium-Duration Bond Fund
December 2008 90-Day Euro	518		$	125,381,900		$	(43,163	)
December 2008 90-Day Sterling	274			63,973,568			(516,082	)
December 2009 90-Day Euro	272			65,235,800			(399,800	)
June 2009 90-Day Euro	323			77,899,525			154,950
March 2009 90-Day Euro	119			28,762,300			38,890
March 2009 90-Day Sterling	22			5,138,481			(24,911	)
March 2010 90-Day Euro	132			31,595,850			(127,050	)
September 2008 2-Year U.S. Treasury Note	(1,435	)		(303,076,484	)		(1,006,409	)
September 2008 5-Year U.S . Treasury Note	(1,123	)		(124,152,914	)		(417,572	)
September 2008 90-Day Euro	51			12,376,425			(29,538	)
September 2008 90-Day Sterling	200			46,758,280			(460,586	)
September 2008 Euro-BOBL	(198	)		(32,976,100	)		498,142
September 2008 Euro-Bund	56			9,748,906			147,243
September 2008 Euro-Bund	(56	)		(9,748,906	)		(158,233	)
September 2008 U.S. Long Treasury Bond	(746	)		(86,232,938	)		(118,165	)
September 2008 10-Year U.S. Treasury Note	1,154			131,465,844			850,414
September 2008 Euro-Schatz	(193	)		(31,093,499	)		(34,945	)
September 2008 Long Gilt	(46	)		(9,564,663	)		154,845
September 2009 90-Day Euro	573			137,827,988			20,850
						$	(1,471,120	)
Global Bond Fund
September 2008 5-Year U.S. Treasury Note	45		$	4,974,961		$	32,408
September 2008 90-Day Euro	77			18,685,975			(61,023	)
September 2008 Euro-BOBL	27			4,496,741			(65,379	)
September 2008 Euro-Bund	9			1,566,788			(25,435	)
September 2008 10-Year U.S. Treasury Note	(13	)		(1,480,984	)		(18,956	)
						$	(138,385	)
Equity Index Fund
September 2008 S&P 500®	31		$	9,928,525		$	(545,382	)
Real Estate Securities Fund
September 2008 Russell 2000® IMM-Mini	47		$	3,250,990		$	(71,741	)
Value Equity Fund
September 2008 S&P 500®	177		$	56,688,675		$	(2,472,353	)
September 2008 S&P 500® E-Mini	52			3,330,860			(61,069	)
						$	(2,533,422	)
Growth Equity Fund
September 2008 S&P 500®	139		$	44,518,225		$	(2,120,691	)
Small Cap Equity Fund
September 2008 90-Day Euro	10		$	2,426,750		$	(1,738	)

146

	Open Long (Short) Contracts		Notional Value on Futures			Net Unrealized Gain (Loss) on Futures
December 2008 90-Day Euro	5		$	1,210,250		$	(4,863	)
March 2009 90-Day Euro	90			21,753,000			11,325
September 2008 90-Day EURIBOR	3			1,120,914			(18,917	)
December 2008 90-Day EURIBOR	14			5,221,014			(52,048	)
September 2008 5-Year U.S . Treasury Note	(19	)		(2,100,539	)		(4,228	)
September 2008 90-Day Sterling	5			1,168,957			(17,045	)
December 2008 90-Day Sterling	13			3,035,242			(51,057	)
March 2009 90-Day Sterling	13			3,036,375			2,187
September 2008 Euro-BOBL	19			3,164,373			(31,914	)
September 2008 Russell 2000® IMM-Mini	904			62,529,680			(3,359,899	)
September 2008 2-Year U.S. Treasury Note	7			1,478,422			(176	)
September 2008 10-Year U.S. Treasury Note	(51	)		(5,810,016	)		(2,411	)
September 2008 U.S. Long Treasury Bond	34			3,930,188			20,791
						$	(3,509,993	)
International Equity Fund
July 2008 CAC-40 Index	16		$	1,119,501		$	(54,953	)
July 2008 AEX Index	43			5,769,531			(426,568	)
September 2008 DAX Index Future	(13	)		(3,315,804	)		202,111
July 2008 Hang Seng Index	16			2,269,518			(59,618	)
July 2008 IBEX 35	(19	)		(3,575,999	)		243,592
July 2008 OMXS30 Index Future	(134	)		(1,919,069	)		206,136
July 2008 MSCI Singapore Index	2			105,340			(1,579	)
September 2008 S&P/MIB Index	7			1,635,325			(87,010	)
September 2008 TOPIX Index	60			7,450,205			(387,670	)
September 2008DJ Euro Stoxx	333			17,721,132			(925,920	)
September 2008 SPI 200 Futures	(16	)		(1,991,314	)		137,324
September 2008 FTSE 100 Index	138			15,524,824			(550,440	)
						$	(1,704,595	)

Forward Foreign Currency Contracts

As of June 30, 2008, 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
07/09/08	Euro	4,981,000	US Dollars	7,686,979	$	(151,597	)
07/09/08	British Pounds	4,049,000	US Dollars	7,875,953		(183,069	)
07/23/08	Euro	108,779	US Dollars	169,834		(1,222	)
07/23/08	US Dollars	169,794	Euro	108,779		1,262
07/23/08	Euro	175,221	US Dollars	275,727		190
07/23/08	US Dollars	275,504	Euro	175,221		2,033
07/24/08	Euro	4,448,000	US Dollars	6,922,734		(71,415	)
07/28/08	US Dollars	4,504,666	Japanese Yen	485,603,000		76,074
07/28/08	Japanese Yen	339,025,296	US Dollars	3,176,000		(22,058	)
08/11/08	US Dollars	143,283	Canadian Dollars	145,000		(1,174	)
08/11/08	British Pounds	2,898,000	US Dollars	5,703,620		(49,424	)
08/11/08	US Dollars	10,564,140	British Pounds	5,333,000		22,812
08/11/08	British Pounds	2,430,000	US Dollars	4,815,920		(8,062	)
10/10/08	US Dollars	4,360,000	Chinese Yuan	29,961,920		80,425
10/10/08	US Dollars	3,840,537	Chinese Yuan	26,334,560		62,305
10/10/08	US Dollars	4,238,220	Chinese Yuan	28,747,845		22,277
					$	(220,643	)

147

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)
Medium-Duration Bond Fund
07/02/08	US Dollars	3,175,344	Chinese Yuan	21,780,000	$	2,224
07/02/08	Chinese Yuan	21,780,000	US Dollars	3,175,344		(2,224	)
07/02/08	US Dollar	972,000	Brazilian Real	1,858,950		186,987
07/02/08	Brazilian Real	1,858,950	US Dollars	1,099,751		(59,237	)
07/02/08	US Dollar	973,000	Brazilian Real	1,856,971		184,753
07/02/08	Brazilian Real	1,856,971	US Dollars	1,132,299		(25,454	)
07/02/08	US Dollar	972,000	Brazilian Real	1,860,408		187,896
07/02/08	Brazilian Real	1,860,408	US Dollars	1,134,395		(25,501	)
07/02/08	US Dollars	3,000,000	Chinese Yuan	21,780,000		178,294
07/02/08	Chinese Yuan	21,780,000	US Dollars	3,172,615		(5,679	)
07/09/08	Euro	1,742,179	US Dollars	2,701,187		(40,471	)
07/10/08	US Dollars	512,000	Russian Rubles	12,980,480		41,331
07/10/08	Russian Rubles	12,980,480	US Dollars	544,255		(9,076	)
07/10/08	US Dollars	2,928,042	Russian Rubles	74,079,460		229,810
07/10/08	Russian Rubles	74,079,460	US Dollars	3,106,057		(51,795	)
07/10/08	US Dollars	512,000	Russian Rubles	12,981,760		41,385
07/10/08	Russian Rubles	12,981,760	US Dollars	544,309		(9,077	)
07/10/08	US Dollars	2,747,000	Russian Rubles	68,221,745		161,150
07/10/08	Russian Rubles	68,221,745	US Dollars	2,860,451		(47,699	)
07/24/08	Euro	5,576,000	US Dollars	8,678,320		(89,526	)
07/28/08	US Dollars	2,956,820	Japanese Yen	318,745,226		49,935
07/28/08	US Dollars	1,395,050	Japanese Yen	150,000,000		19,914
07/28/08	Japanese Yen	150,000,000	US Dollars	1,405,205		(9,760	)
07/28/08	US Dollars	1,697,039	Japanese Yen	182,940,774		28,659
07/28/08	Japanese Yen	182,940,774	US Dollars	1,713,795		(11,903	)
08/04/08	US Dollars	1,345,000	Malaysian Ringit	4,326,865		(20,612	)
08/05/08	Canadian Dollars	667,776	US Dollars	661,081		6,569
08/05/08	Euro	1,448,485	US Dollars	2,291,330		15,109
08/11/08	British Pounds	2,540,000	US Dollars	4,999,032		(43,318	)
08/11/08	British Pounds	2,130,000	US Dollars	4,221,362		(7,066	)
08/15/08	Hungarian Forint	150,021,381	US Dollars	904,016		(91,670	)
10/10/08	US Dollars	2,480,599	Chinese Yuan	17,009,464		40,243
10/10/08	US Dollars	2,816,000	Chinese Yuan	19,351,552		51,944
10/10/08	US Dollars	1,894,479	Chinese Yuan	12,850,250		9,958
10/10/08	US Dollars	3,226,667	Chinese Yuan	21,780,000		1,179
11/19/08	US Dollars	365,338	Russian Rubles	9,062,200		18,914
12/02/08	US Dollars	1,879,675	Brazilian Real	3,199,207		38,923
12/02/08	Brazilian Real	245,228	US Dollars	135,000		(12,065	)
12/02/08	US Dollars	144,082	Brazilian Real	245,228		2,983
12/02/08	Brazilian Real	228,000	US Dollars	125,000		(11,734	)
12/02/08	US Dollars	133,960	Brazilian Real	228,000		2,774
12/02/08	Brazilian Real	146,120	US Dollars	80,000		(7,630	)
12/02/08	US Dollars	85,852	Brazilian Real	146,120		1,778
12/02/08	Brazilian Real	237,055	US Dollars	130,000		(12,164	)
12/02/08	US Dollars	139,280	Brazilian Real	237,055		2,884
12/02/08	Brazilian Real	183,350	US Dollars	100,000		(9,957	)
12/02/08	US Dollars	107,726	Brazilian Real	183,350		2,231
12/02/08	Brazilian Real	36,670	US Dollars	20,000		(1,991	)
12/02/08	US Dollars	21,545	Brazilian Real	36,670		446
12/02/08	Brazilian Real	408,940	US Dollars	230,000		(15,245	)
12/02/08	US Dollars	240,270	Brazilian Real	408,940		4,975
05/06/09	US Dollars	6,895,336	Russian Rubles	168,263,445		157,300
					$	1,049,694

148

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)
Global Bond Fund
08/05/08	Turkish Lira	1,821,870	Euro	930,000	$	(4,935	)
08/05/08	US Dollars	545,059	Australian Dollars	587,221		14,991
08/05/08	US Dollars	1,120,838	Canadian Dollars	1,130,208		(13,081	)
08/05/08	US Dollars	501,411	Canadian Dollars	510,000		(1,541	)
08/05/08	US Dollars	1,589,560	Euro	1,000,000		(18,111	)
08/05/08	US Dollars	2,960,958	Euro	1,870,000		(22,348	)
08/05/08	US Dollars	398,489	Euro	250,898		(4,215	)
08/05/08	US Dollars	9,815,783	Japanese Yen	1,011,467,400		(270,402	)
08/05/08	US Dollars	5,862,105	Japanese Yen	600,226,840		(197,667	)
08/05/08	US Dollars	400,664	Mexican Pesos	4,246,240		8,827
08/05/08	US Dollars	123,732	South African Rand	988,065		1,161
08/05/08	Australian Dollars	603,028	US Dollars	562,095		(13,030	)
08/05/08	Australian Dollars	250,000	US Dollars	232,913		(5,519	)
08/05/08	Australian Dollars	631,336	US Dollars	588,424		(13,699	)
08/05/08	Euro	279,420	US Dollars	441,419		2,325
08/05/08	Euro	808,255	US Dollars	1,284,762		14,630
08/05/08	Euro	4,967,336	US Dollars	7,857,730		51,812
08/05/08	Euro	5,141,675	US Dollars	8,131,045		51,164
08/05/08	Euro	500,000	US Dollars	783,865		(1,860	)
08/05/08	Euro	200,000	US Dollars	309,900		(4,390	)
08/05/08	Euro	770,000	US Dollars	1,183,975		(26,041	)
08/05/08	British Pounds	200,000	US Dollars	394,740		(2,474	)
08/05/08	British Pounds	500,000	US Dollars	982,625		(10,411	)
08/05/08	British Pounds	1,700,000	US Dollars	3,346,620		(29,702	)
08/05/08	British Pounds	500,000	US Dollars	981,100		(11,936	)
08/05/08	Hungarian Forint	359,036,188	US Dollars	2,241,874		(144,411	)
08/05/08	Japanese Yen	128,025,470	US Dollars	1,250,261		42,064
08/05/08	Japanese Yen	122,796,100	US Dollars	1,199,181		40,334
08/05/08	Japanese Yen	62,658,000	US Dollars	600,000		8,686
08/05/08	Japanese Yen	125,860,000	US Dollars	1,182,617		(5,144	)
08/05/08	Turkish Lira	1,752,060	US Dollars	1,281,683		(128,511	)
08/12/08	US Dollars	667,198	Indonesian Rupiahs	6,231,625,000		3,538
08/12/08	US Dollars	1,146,084	Indian Rupees	47,700,000		(46,461	)
08/12/08	US Dollars	678,032	South Korean Won	700,000,000		(9,991	)
08/12/08	US Dollars	643,511	Malaysian Ringgits	2,048,938		(16,336	)
08/12/08	US Dollars	600,000	Malaysian Ringgits	1,938,900		(6,508	)
08/12/08	Brazilian Real	648,165	US Dollars	379,933		(19,961	)
					$	(789,153	)

149

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)
Small Cap Equity Fund
08/05/08	Euro	330,000	US Dollars	522,020	$	3,442
08/05/08	Euro	80,685	US Dollars	124,140		(2,652	)
					$	790
International Equity Fund
07/31/08	Euro	13,749,500	US Dollars	21,363,630	$	(248,396	)
07/31/08	British Pounds	5,875,000	US Dollars	11,620,515		(52,032	)
09/17/08	Australian Dollars	2,462,000	US Dollars	2,321,235		(14,259	)
09/17/08	Swiss Francs	2,324,000	US Dollars	2,272,838		(3,781	)
09/17/08	Danish Kroner	2,657,000	US Dollars	557,572		(928	)
09/17/08	Euro	1,355,000	US Dollars	2,092,376		(32,288	)
09/17/08	US Dollars	848,669	British Pounds	433,000		8,519
09/17/08	US Dollars	202,143	Hong Kong Dollars	1,575,000		166
09/17/08	US Dollars	1,577,242	Japanese Yen	167,104,000		3,364
09/17/08	US Dollars	12,884,859	Norwegian Krone	67,351,000		232,804
09/17/08	US Dollars	269,002	Swedish Kronor	1,605,000		(3,675	)
09/17/08	Singapore Dollars	1,023,000	US Dollars	753,689		(1,043	)
09/17/08	US Dollars	735	Singapore Dollars	1,000		3
					$	(111,546	)

Options Written

Transactions in options written during the six months ended June 30, 2008, were as follows:

Low-Duration Bond Fund	Number of Contracts		Premiums Received
Options written, 12/31/07	91,760		$	4,422,364
Options written	14,645			6,531,717
Options expired	(383	)		(52,902	)
Options closed	(15,750	)		(2,434,928	)
Options written, 06/30/08	90,272		$	8,466,251
Medium-Duration Bond Fund	Number of Contracts		Premiums Received
Options written, 12/31/07	122,568		$	5,592,094
Options written	12,299			6,795,672
Options expired	(257	)		(159,507	)
Options closed	(16,470	)		(2,180,455	)
Options written, 06/30/08	118,140		$	10,047,804
Small Cap Equity Fund	Number of Contracts		Premiums Received
Options written, 12/31/07	33		$	25,110
Options written	90			62,113
Options expired	—			—
Options closed	(71	)		(51,249	)
Options written, 06/30/08	52		$	35,974

150

7. CAPITAL SHARE TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2008				Year Ended December 31, 2007
	GS4		GS6		GS4		GS6		GS8
MyDestination 2005
Shares sold	1,477,408		25,958		6,148,997		136,448		101,780
Shares exchanged	—		—		—		1,482		(1,484	)
Shares reinvested	—		—		152,755		3,735		—
Shares redeemed	(578,003	)	(15,822	)	(730,702	)	(1,458	)	(101,296	)
Net increase (decrease)	899,405		10,136		5,571,050		140,207		(1,000	)
MyDestination 2015
Shares sold	3,370,874		38,362		16,541,145		135,535		112,014
Shares exchanged	—		—		—		12,203		(12,214	)
Shares reinvested	—		—		436,184		3,694		—
Shares redeemed	(774,230	)	(884	)	(523,997	)	(4,107	)	(100,800	)
Net increase (decrease)	2,596,644		37,478		16,453,332		147,325		(1,000	)
MyDestination 2025
Shares sold	2,420,900		55,668		10,440,156		169,074		129,123
Shares exchanged	—		—		—		27,558		(27,583	)
Shares reinvested	—		—		281,677		5,220		—
Shares redeemed	(296,175	)	(7,578	)	(455,987	)	(1,348	)	(102,540	)
Net increase (decrease)	2,124,725		48,090		10,265,846		200,504		(1,000	)
MyDestination 2035
Shares sold	1,332,274		53,135		3,675,043		123,285		109,187
Shares exchanged	—		—		—		9,784		(9,802	)
Shares reinvested	—		—		91,100		3,341		—
Shares redeemed	(182,223	)	(100	)	(338,148	)	(1,651	)	(100,385	)
Net increase (decrease)	1,150,051		53,035		3,427,995		134,759		(1,000	)
MyDestination 2045
Shares sold	728,893		19,175		1,514,661		114,644		103,251
Shares exchanged	—		—		—		3,443		(3,446	)
Shares reinvested	—		—		36,409		3,379		—
Shares redeemed	(89,304	)	(2,321	)	(399,712	)	(1,018	)	(100,805	)
Net increase (decrease)	639,589		16,854		1,151,358		120,448		(1,000	)

151

	Six Months Ended June 30, 2008				Year Ended December 31, 2007
	GS4		GS6		GS4		GS6		GS8
Conservative Allocation Fund
Shares sold	2,066,634		37,754		3,101,631		15,787		8,171
Shares exchanged	—		—		—		34,331		(34,405	)
Shares reinvested	—		—		1,689,255		163,129		—
Shares redeemed	(1,649,330	)	(13,246	)	(4,161,710	)	(2,128	)	(610,247	)
Net increase (decrease)	417,304		24,508		629,176		211,119		(636,481	)
Balanced Allocation Fund
Shares sold	2,195,537		108,956		4,276,596		142,844		49,264
Shares exchanged	—		—		—		312,574		(313,534	)
Shares reinvested	—		—		9,292,073		377,694		—
Shares redeemed	(5,805,741	)	(39,665	)	(13,938,640	)	(48,496	)	(642,064	)
Net increase (decrease)	(3,610,204	)	69,291		(369,971	)	784,616		(906,334	)
Growth Allocation Fund
Shares sold	1,427,224		121,268		3,127,389		161,689		80,894
Shares exchanged	—		—		—		247,991		(248,643	)
Shares reinvested	—		—		7,709,244		244,649		—
Shares redeemed	(4,566,924	)	(36,729	)	(10,322,926	)	(17,198	)	(592,647	)
Net increase (decrease)	(3,139,700	)	84,539		513,707		637,131		(760,396	)
Aggressive Allocation Fund
Shares sold	1,233,329		66,968		3,459,912		76,547		60,068
Shares exchanged	—		—		—		114,564		(114,914	)
Shares reinvested	—		—		7,170,968		315,184		—
Shares redeemed	(3,845,445	)	(24,099	)	(9,170,824	)	(11,888	)	(542,557	)
Net increase (decrease)	(2,612,116	)	42,869		1,460,056		494,407		(597,403	)
	GS2				GS2
Conservative Allocation Fund I
Shares sold	367,337				1,491,042
Shares reinvested	—				539,752
Shares redeemed	(444,830	)			(901,269	)
Net increase (decrease)	(77,493	)			1,129,525
Balanced Allocation Fund I
Shares sold	1,143,316				8,238,644
Shares reinvested	—				2,911,117
Shares redeemed	(1,071,632	)			(2,301,545	)
Net increase	71,684				8,848,216
Growth Allocation Fund I
Shares sold	612,282				5,024,682
Shares reinvested	—				2,000,500
Shares redeemed	(978,319	)			(1,414,424	)
Net increase (decrease)	(366,037	)			5,610,758
Aggressive Allocation Fund I
Shares sold	412,397				4,117,743
Shares reinvested	—				1,417,048
Shares redeemed	(921,580	)			(1,167,436	)
Net increase (decrease)	(509,183	)			4,367,355

152

	Six Months Ended June 30, 2008						Year Ended December 31, 2007
	GS2		GS4		GS6		GS2		GS4		GS6		GS8
Money Market Fund
Shares sold	61,596,537		2,235,984,110		854,476		178,932,360		3,334,006,987		2,164,993		214,065
Shares exchanged	—		—		—		—		—		301,818		(301,818	)
Shares reinvested	1,773,219		8,908,387		84,834		4,895,984		24,364,936		238,657		96,906
Shares redeemed	(52,090,428	)	(2,216,189,197	)	(416,209	)	(171,806,826	)	(3,349,363,902	)	(1,510,697	)	(5,466,591	)
Net increase (decrease)	11,279,328		28,703,300		523,101		12,021,518		9,008,021		1,194,771		(5,457,438	)
Low-Duration Bond Fund
Shares sold	897,955		4,306,182		35,785		3,526,093		5,216,637		6,980		299
Shares exchanged	—		—		—		—		—		3,724		(3,724	)
Shares reinvested	407,526		934,901		15,949		863,634		2,066,787		31,928		10,905
Shares redeemed	(1,159,334	)	(4,543,012	)	(20,586	)	(1,333,936	)	(10,869,252	)	(2,816	)	(568,754	)
Net increase (decrease)	146,147		698,071		31,148		3,055,791		(3,585,828	)	39,816		(561,274	)
Medium-Duration Bond Fund
Shares sold	2,656,251		5,247,474		51,742		4,677,595		7,532,324		121,884		2,619
Shares exchanged	—		—		—		—		—		7,495		(7,495	)
Shares reinvested	931,564		2,296,638		84,524		1,272,358		3,701,683		117,394		15,364
Shares redeemed	(3,165,472	)	(13,974,866	)	(10,188	)	(1,226,651	)	(14,782,322	)	(117,212	)	(634,032	)
Net increase (decrease)	422,343		(6,430,754	)	126,078		4,723,302		(3,548,315	)	129,561		(623,544	)
Extended-Duration Bond Fund
Shares sold	1,059,912		1,105,544		10,895		2,707,881		4,015,105		19,397		636
Shares exchanged	—		—		—		—		—		1,879		(1,881	)
Shares reinvested	640,159		1,001,272		136,327		907,747		1,718,398		201,887		29,671
Shares redeemed	(1,615,803	)	(5,600,651	)	(15,150	)	(1,448,373	)	(4,410,805	)	(71	)	(711,380	)
Net increase (decrease)	84,268		(3,493,835	)	132,072		2,167,255		1,322,698		223,092		(682,954	)
Global Bond Fund
Shares sold			12,180,019						1,970,318
Shares reinvested			578,242						772,252
Shares redeemed			(870,171	)					(719,165	)
Net increase			11,888,090						2,023,405
Equity Index Fund
Shares sold	375,764		712,496		33,480		1,533,810		2,103,745		26,070		7,212
Shares exchanged	—		—		—		—		—		10,673		(10,690	)
Shares reinvested	191,881		282,591		1,917		720,035		1,178,005		16,160		—
Shares redeemed	(594,327	)	(2,085,858	)	(11,742	)	(1,314,474	)	(5,101,066	)	(1,270,974	)	(557,038	)
Net increase (decrease)	(26,682	)	(1,090,771	)	23,655		939,371		(1,819,316	)	(1,218,071	)	(560,516	)

153

	Six Months Ended June 30, 2008						Year Ended December 31, 2007
	GS2		GS4		GS6		GS2		GS4		GS6		GS8
Real Estate Securities Fund
Shares sold			5,187,975						8,779,566
Shares reinvested			126,091						1,474,799
Shares redeemed			(2,504,816	)					(8,076,816	)
Net increase			2,809,250						2,177,549
Value Equity Fund
Shares sold	2,007,215		4,762,306		26,387		6,634,605		9,488,670		184,049		16,806
Shares exchanged	—		—		—		—		—		38,330		(38,463	)
Shares reinvested	674,334		1,068,826		50,485		3,241,859		6,099,780		260,082		—
Shares redeemed	(2,175,737	)	(6,647,829	)	(8,510	)	(1,686,305	)	(9,883,557	)	(169,598	)	(628,190	)
Net increase (decrease)	505,812		(816,697	)	68,362		8,190,159		5,704,893		312,863		(649,847	)
Growth Equity Fund
Shares sold	1,322,708		3,721,932		13,743		4,615,624		7,073,383		232,706		7,396
Shares exchanged	—		—		—		—		—		15,272		(15,401	)
Shares reinvested	27,020		32,431		—		58,763		72,223		—		—
Shares redeemed	(1,682,089	)	(8,107,816	)	(9,124	)	(1,680,960	)	(9,107,022	)	(216,686	)	(521,411	)
Net increase (decrease)	(332,361	)	(4,353,453	)	4,619		2,993,427		(1,961,416	)	31,292		(529,416	)
Small Cap Equity Fund
Shares sold	1,831,932		1,153,180		16,055		1,552,429		3,352,291		104,506		5,878
Shares exchanged	—		—		—		—		—		14,321		(14,475	)
Shares reinvested	—		—		—		1,268,795		3,698,109		314,823		—
Shares redeemed	(854,158	)	(3,307,992	)	(2,582	)	(704,104	)	(4,839,342	)	(94,262	)	(577,495	)
Net increase (decrease)	977,774		(2,154,812	)	13,473		2,117,120		2,211,058		339,388		(586,092	)
International Equity Fund
Shares sold	5,807,261		9,797,086		31,372		4,671,748		9,531,264		100,030		10,936
Shares exchanged	—		—		—		—		—		19,330		(19,398	)
Shares reinvested	—		—		—		3,434,905		11,491,189		354,520		—
Shares redeemed	(984,169	)	(5,979,901	)	(14,425	)	(1,616,635	)	(10,308,303	)	(67,938	)	(493,635	)
Net increase (decrease)	4,823,092		3,817,185		16,947		6,490,018		10,714,150		405,942		(502,097	)

8. 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 3, 2007, 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, 2008.

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9. FEDERAL INCOME TAXES

Each Fund’s policy is to comply with all sections of the Internal Revenue Code that apply to regulated investment companies and to distribute substantially all of its taxable income to shareholders. No provision for income or excise taxes is thus required. Each Fund is treated as a separate entity for federal income tax purposes.

Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of deferred losses on certain futures contracts and losses deferred due to “wash sale” transactions. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the funds.

Income dividends and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, losses deferred due to wash sales and investments in Passive Foreign Investment Companies (“PFIC’s”).

Distributions during the year ended December 31, 2007 were characterized as follows for tax purposes:

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital
MyDestination 2005	$	1,613,240	$	7,771	$	—
MyDestination 2015		4,521,960		28,788		—
MyDestination 2025		2,919,699		25,374		—
MyDestination 2035		963,562		7,617		—
MyDestination 2045		395,513		10,082		—
Conservative Allocation		10,983,286		12,799,259		—
Balanced Allocation		45,528,937		91,906,501		—
Growth Allocation		30,965,170		92,309,085		—
Aggressive Allocation		22,723,860		100,285,137		—
Conservative Allocation I		3,488,023		1,922,351		—
Balanced Allocation I		19,049,303		13,917,253		—
Growth Allocation I		11,337,811		14,382,365		—
Aggressive Allocation I		7,242,215		13,245,038		—
Money Market		53,685,126		—		—
Low-Duration Bond		34,317,405		—		—
Medium-Duration Bond		61,213,423		325,199		—
Extended-Duration Bond		29,148,913		5,220,811		—
Global Bond		7,590,035		213,152		—
Equity Index		9,377,214		21,703,970		—
Real Estate Securities		6,816,862		6,848,010		—
Value Equity		57,448,170		83,641,310		—
Growth Equity		2,252,310		—		—
Small Cap Equity		26,496,997		42,820,293		—
International Equity		57,208,698		209,103,929		—

At December 31, 2007, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain/ (Capital Loss Carryforward)			Net Unrealized Appreciation (Depreciation) on Investments
MyDestination 2005	$	3,870	$	1,504,355		$	(1,533,437	)
MyDestination 2015		906		5,518,766			(7,462,890	)
MyDestination 2025		641		4,629,258			(7,375,807	)
MyDestination 2035		—		1,855,760			(2,872,704	)
MyDestination 2045		412		699,916			(1,044,102	)
Conservative Allocation		29,256		4,499,098			41,316,205
Balanced Allocation		—		40,296,437			185,170,890
Growth Allocation		3,466		45,171,766			181,583,391
Aggressive Allocation		10,526		55,788,343			197,040,605
Conservative Allocation I		6,476		1,163,656			(2,940,295	)
Balanced Allocation I		1,491		13,132,319			(10,866,408	)
Growth Allocation I		565		13,478,283			(1,186,547	)
Aggressive Allocation I		—		14,453,009			(1,675,046	)
Money Market		2,139		—			—
Low-Duration Bond		1,616,716		(14,933,954	)		3,288,447
Medium-Duration Bond		11,269,977		769,936			372,516
Extended-Duration Bond		4,068,240		660,309			24,655,327
Global Bond		2,192,644		266,282			(1,723,692	)
Equity Index		7,144		2,678,739			132,866,562
Real Estate Securities		59,925		—			(21,298,044	)
Value Equity		—		7,704,593			149,321,135
Growth Equity		17,656		(61,825,937	)		392,968,020
Small Cap Equity		83,860		1,846			18,325,767
International Equity		8,750		24,334,709			405,347,904

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.

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For federal income tax purposes, capital loss carryovers and their expiration dates, were as follows as of December 31, 2007:

Expiring December 31,	Low-Duration Bond		Growth Equity
2011	$	—	$	61,825,937
2013		6,476,136		—
2014		8,457,818		—
Total	$	14,933,954	$	61,825,937

For federal income tax purposes, post-October loss deferrals, which will reverse in 2008, were as follows as of December 31, 2007:

	Capital		FX		Total
Money Market	$	4,760		—	$	4,760
Low-Duration Bond		146,030		—		146,030
Real Estate Securities		1,055,067		—		1,055,067
Growth Equity		—	$	1,700		1,700
Small Cap Equity		1,167,766		—		1,167,766
International Equity		—		136,000		136,000

At June 30, 2008, 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
MyDestination 2005	$	(5,306,930	)	$	535,405	$	(5,842,335	)
MyDestination 2015		(21,441,934	)		863,585		(22,305,519	)
MyDestination 2025		(18,127,056	)		—		(18,127,056	)
MyDestination 2035		(7,149,866	)		467		(7,150,333	)
MyDestination 2045		(2,664,428	)		—		(2,664,428	)
Conservative Allocation		26,176,674			28,735,433		(2,558,759	)
Balanced Allocation		45,389,480			61,448,867		(16,059,387	)
Growth Allocation		49,338,213			66,481,820		(17,143,607	)
Aggressive Allocation		56,398,509			72,126,991		(15,728,482	)
Conservative Allocation I		(5,896,096	)		—		(5,896,096	)
Balanced Allocation I		(37,760,131	)		642,325		(38,402,456	)
Growth Allocation I		(27,017,983	)		2,957,377		(29,975,360	)
Aggressive Allocation I		(24,715,693	)		2,832,859		(27,548,552	)
Low-Duration Bond		(20,572,483	)		4,795,198		(25,367,681	)
Medium-Duration Bond		(53,282,559	)		9,857,499		(63,140,058	)
Extended-Duration Bond		(5,891,743	)		17,200,611		(23,092,354	)
Global Bond		(9,458,781	)		621,469		(10,080,250	)
Equity Index		62,708,858			124,819,634		(62,110,776	)
Real Estate Securities		(19,202,896	)		—		(19,202,896	)
Value Equity		(105,249,466	)		139,052,499		(244,301,965	)
Growth Equity		227,861,379			274,568,680		(46,707,301	)
Small Cap Equity		397,281			52,876,222		(52,478,941	)
International Equity		100,375,009			212,561,115		(112,186,106	)

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, 2008, 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
MyDestination 2005	$	70,076,035
MyDestination 2015		206,922,911
MyDestination 2025		135,620,149
MyDestination 2035		51,071,511
MyDestination 2045		20,243,805
Conservative Allocation		297,646,230
Balanced Allocation		1,190,912,313
Growth Allocation		917,448,351
Aggressive Allocation		807,771,649
Conservative Allocation I		70,396,055
Balanced Allocation I		370,777,058
Growth Allocation I		252,125,084
Aggressive Allocation I		193,959,474
Money Market		1,101,087,178
Low-Duration Bond		1,003,703,808
Medium-Duration Bond		1,691,172,631
Extended-Duration Bond		553,768,602
Global Bond		278,084,879
Equity Index		394,022,305
Real Estate Securities		189,753,913
Value Equity		1,641,219,453
Growth Equity		1,419,016,703
Small Cap Equity		722,285,881
International Equity		1,823,033,771

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At December 31, 2007, 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
MyDestination 2005	$	—	$	490,824		$	(490,824	)
MyDestination 2015		—		1,855,875			(1,855,875	)
MyDestination 2025		—		1,503,972			(1,503,972	)
MyDestination 2035		—		594,367			(594,367	)
MyDestination 2045		—		238,184			(238,184	)
Conservative Allocation		—		1,013,959			(1,013,959	)
Balanced Allocation		—		8,575,266			(8,575,266	)
Growth Allocation		—		10,323,703			(10,323,703	)
Aggressive Allocation		—		12,670,522			(12,670,522	)
Conservative Allocation I		—		306,771			(306,771	)
Balanced Allocation I		—		3,210,821			(3,210,821	)
Growth Allocation I		—		3,390,883			(3,390,883	)
Aggressive Allocation I		—		3,594,562			(3,594,562	)
Low-Duration Bond		—		138,274			(138,274	)
Medium-Duration Bond		—		2,705,274			(2,705,274	)
Extended-Duration Bond		—		871,871			(871,871	)
Global Bond		—		370,186			(370,186	)
Equity Index		—		(122	)		122
Real Estate Securities		—		(220	)		220
Value Equity		—		12,326			(12,326	)
Growth Equity		—		(23,519	)		23,519
Small Cap Equity		—		77,130			(77,130	)
International Equity		—		8,459,494			(8,459,494	)

Net investment income, net realized gain (loss) on investments and net assets were not affected by these reclassifications.

10. NEW ACCOUNTING PRONOUNCEMENTS

In July 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48 (“FIN 48”) “Accounting for Uncertainty in Income Taxes, an interpretation of FAS Statement No. 109”. FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be booked as a tax expense in the current year and recognized as: a liability for unrecognized tax benefits; a reduction of an income tax refund receivable; a reduction of deferred tax asset; an increase in deferred tax liability; or a combination thereof. The Funds adopted the provisions of Financial Accounting Standards Board Interpretation No. 48 (“FIN 48”), Accounting for Uncertainty in Income Taxes, on June 29, 2007. Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (tax years ended December 31, 2004 – 2007) for purposes of implementing FIN 48, and has concluded that no provision for income tax is required in the Funds’ financial statements. Management is not aware of any events that are reasonably possible to occur in the next twelve months that would result in the amount of any unrecognized tax benefits significantly increasing or decreasing for any of the Funds.

In March 2008, FASB issued Statement No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”), an amendment to FASB Statement No. 133. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. Management is currently evaluating the implications of FAS 161. The impact on the Funds’ financial statement disclosures, if any, is currently being assessed.

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FUND MANAGEMENT (Unaudited)

Information pertaining to the Trustees and officers of the Trust is set forth below. The statement of additional information (SAI) includes additional information about the Trustees and is available without charge, upon request, by calling 1-888-98-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 Trusteee
DISINTERESTED TRUSTEES
Michael R. Buster (1957) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2002	Executive Pastor, Prestonwood Baptist Church, 1989 - present.	24	None
Julie P. Fry (1956) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2007	Chief Financial Officer, Salmon, Sims, Thomas & Associates, PLLC (formerly Salmon, Beach, & Associates, PLLC), 1996 - Present	24	National Charity League, DFW Metroport Chapter — President
William Craig George (1958) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2004	Regional loan administrator, SunTrust Bank, 1995 - present.	24	None
Joseph A. Mack (1939) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2002	Director, Office of Public Policy, South Carolina Baptist Convention, 1999 - Present,	24	None
Franklin Raymond Morgan (1943) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2005	Retired - Senior Vice President, Director of International Administration, Prudential Securities, Inc., January 1962 - May 2003.	24	None
James Ray Taylor (1933) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2002	Retired since 1994.	24	None
INTERESTED TRUSTEES2
Barry Hartis (1945) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2005	Certified Public Accountant, 1976 - Present; Vice President of Business and Finance, Greensboro College, January 1998 - June 30, 2005.	24	None
Gerald B. Jones (1932) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2000	President, Flying Investments, November 2006 - present. Owner Jones Motorcars, Inc. 1957 - October 2006.	24	Bank of Arkansas — Director
OFFICERS WHO ARE NOT TRUSTEES
Jeffrey P. Billinger (1946) 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

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FUND MANAGEMENT (Continued)

Name, (DOB), Address and Position(s) with Trust	Term of Office and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships/ Directorships Held by Trusteee
Rodric E. Cummins (1957) 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 (1953) 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 (1953) 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 (1947) 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 (1959) 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. Gerald 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.

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BOARD REVIEW OF NEW SUB-ADVISORY AGREEMENTS FOR INTERNATIONAL EQUITY FUND AND GLOBAL BOND FUND

As required by the Investment Company Act of 1940, as amended (the “1940 Act”), the Board of Trustees (the “Board”) of GuideStone Funds (the “Trust”), including all of the Trustees who are not “interested persons” of the Trust, as that term is defined in the 1940 Act (the “Independent Trustees”), recently considered the approval of new sub-advisory agreements among GuideStone Capital Management (the “Adviser”), the Trust on behalf of the International Equity Fund and the following sub-advisers: (1) AQR Capital Management, LLC (“AQR”); (2) Lazard Asset Management LLC (“Lazard”); (3) MFS Institutional Advisors, Inc. (“MFSI”); (4) McKinley Capital Management, Inc. (“McKinley”); and (5) UBS Global Asset Management (Americas) Inc. (“UBS Global AM”) (each, a “New Sub-Adviser”). The Board approved the new sub-advisory agreements (each, a “New Sub-Advisory Agreement”) for an initial two-year term at the meeting of the Board held on February 21-22, 2008. At a Board meeting held on May 19-20, 2008, the Board approved an amendment to the fee schedule for the sub-advisory agreement with AQR (“AQR Amended Fee Schedule”). Also, as required by the 1940 Act, the Board, including the Independent Trustees, recently considered the approval of the sub-advisory agreement among the Adviser, the Trust on behalf of the Global Bond Fund and Loomis, Sayles & Company, L.P. (“Loomis” or “New Sub-Adviser” and, together with each above New Sub-Adviser, the “New Sub-Advisers”). The sub-advisory agreement (the “Loomis Sub-Advisory Agreement”, or together with each above New Sub-Advisory Agreement, the “New Sub-Advisory Agreements”) was approved for an initial two year term at the meeting of the Board held on May 19-20, 2008. The Board’s decision to approve the New Sub-Advisory Agreements and the AQR Amended Fee Schedule reflects the exercise of its business judgment to enter into or amend each new sub-advisory arrangement. In approving the New Sub-Advisory Agreements and the AQR Amended Fee Schedule, the Board considered information provided by the Adviser and each New Sub-Adviser with the assistance and advice of counsel to the Independent Trustees and counsel to the Trust.

The Board’s consideration of various factors and its conclusions with respect to such factors formed the basis for the Board’s determination to approve the New Sub-Advisory Agreements and the AQR Amended Fee Schedule. The factors considered by the Board included, but were not limited to: (i) the resources of the New Sub-Adviser; (ii) the experience and expertise of the New Sub-Adviser; (iii) the financial capability of the New Sub-Adviser; (iv) the compliance procedures and history of the New Sub-Adviser; (v) the performance of similarly managed funds and accounts in comparison to relevant benchmarks for the Funds; (vi) the amount of the contractual sub-advisory fee in comparison to similarly managed funds and the New Sub-Adviser’s other similarly situated 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 anticipated profitability of the New Sub-Adviser with respect to the fund and its overall business; (ix) the extent of any anticipated economies of scale and whether the fee structure reflects such economies of scale; (x) the existence of any collateral benefits to be realized by the New Sub-Adviser; and (xi) the existence of any collateral benefits to be realized by the Fund. No one factor was determinative in the Board’s consideration of the New Sub-Advisory Agreements and the AQR Amended Fee Schedule.

The Board undertook a review of the terms of the New Sub-Advisory Agreements and the AQR Amended Fee Schedule and the nature and quality of the services to be provided by each New Sub-Adviser. The Adviser provided the Board with substantial detailed information in the form of reports about the New Sub-Advisers prior to the meetings which addressed most, if not all, of the factors listed previously. The Adviser also provided additional information about the New Sub-Advisers in presentations made during the meetings, discussed the comprehensive screening process used to recommend the New Sub-Advisers and responded to questions from the Board. 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 and the AQR Amended Fee Schedule as well as the Board’s responsibilities and duties in approving each agreement.

APPROVAL OF NEW SUB-ADVISORY AGREEMENTS FOR INTERNATIONAL EQUITY FUND AND GLOBAL BOND FUND

In considering the approval of the New Sub-Advisory Agreements, the Board took into account the materials provided prior to and during the meetings and the extensive

160

discussions during the meetings, including the discussions the Independent Trustees had during their executive sessions with their independent legal counsel. More specifically, the Board examined the nature, extent and quality of the services to be provided by the New Sub-Advisers to the International Equity Fund and the Global Bond Fund (together, the “Funds”). The Board evaluated each New Sub-Adviser’s experience in serving as a sub-adviser to its client accounts and portfolios and noted that each New Sub-Adviser currently provides investment advice to various clients, although none of the New Sub-Advisers, with the exception of Loomis, provide investment advice to other series of the Trust. The Board considered the experience of key personnel at each New Sub-Adviser in providing investment management services and the systems used by such persons, and the ability of each New Sub-Adviser to attract and retain capable personnel. The Board also considered the reputation, compliance history, compliance program and financial condition of the New Sub-Advisers. The Board noted the terms of the New Sub-Advisory Agreements and the AQR Amended Fee Schedule and the responsibilities that each New Sub-Adviser would have to the International Equity Fund and the Global Bond Fund, respectively, including the responsibility of the day-to-day management of the investment portfolio of the Funds, compliance with the Funds’ policies and objectives, and the implementation of Board of Trustees directives as they relate to the Funds. The Board concluded that the Funds are likely to benefit from the extent and quality of these services as a result of each New Sub-Adviser’s experience, personnel, operations and resources.

The Board considered reports for each New Sub-Adviser. The reports compiled by management included, among other things, a summary of the composite investment performance of the New Sub-Advisers’ client accounts and portfolios, including a comparison with the relevant benchmark for the Funds and the peer universe of similarly managed funds, information regarding management style, risk versus return analysis, organizational structures, investment management experience, investment philosophies and personnel. The Adviser also provided additional information regarding compliance procedures and policies, brokerage and soft dollar practices, compliance history, financial information and potential economies of scale. The Board reviewed the services to be provided to the Funds by each New Sub-Adviser, examined the investment philosophy and process of each New Sub-Adviser and noted that each New Sub-Adviser would fulfill a particular investment mandate for the Funds.

With respect to the International Equity Fund, the Board was able to review a composite performance record for the client accounts managed by each of the New Sub-Advisers and determined that, although past performance is not a guarantee of future performance, the performance was favorable and the International Equity Fund would benefit from the investment management expertise of the New Sub-Advisers. In particular, the Board considered the Adviser’s assessment that the investment strategy to be implemented by AQR would help solidify the International Equity Fund’s core international equity exposure and offer potential for increased returns and the favorable past performance history of AQR’s investment strategy. The Board also considered the Adviser’s assessment that Lazard’s strategy would help solidify developed market, core international equity market exposure and offer the potential for increased returns. The Board also noted that the international equity team at Lazard had moved to Lazard in 2007 from another former sub-adviser to the International Equity Fund, where it had been responsible for managing substantially the same strategy. With respect to MFSI, the Board considered the Adviser’s assessment that the strategy would provide developed market, relative growth-oriented international equity exposure, and to a lesser extent, emerging markets exposure to the Fund and offer the potential for increased returns. The Board also considered the Adviser’s assessment that McKinley’s strategy would provide developed market, growth-oriented international equity exposure, and to a lesser extent, emerging markets exposure to the International Equity Fund and offer potential for increased returns. The Board also considered the strategy to be implemented by UBS Global AM and the Adviser’s assessment that the strategy would provide developed market, growth-oriented international equity exposure and offer the potential for increased returns.

With respect to the International Equity Fund, at the February Board meeting, the Board examined the proposed fees, noting that each of the International Equity Fund’s New Sub-Adviser’s fee schedules incorporates fee breakpoints which will benefit shareholders as the International Equity Fund’s assets grow in market value. However, at the May meeting, the Board noted that the AQR Amended Fee Schedule does not include such breakpoints. The Board considered that, for all of the International Equity Funds’ New Sub-Advisers except McKinley, the Adviser had been able to negotiate fees

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that favorably compared to the sub-advisers’ stated fee schedules. The Board considered that McKinley’s fee schedule was reasonable given that the firm has an excellent track record and is moving towards closing the strategy in the near future. At the February meeting, the Board considered that the aggregate management fee for the International Equity Fund would be reduced by two and a quarter basis points after the hiring of the New Sub-Advisers given the Adviser’s proposed allocation of the International Equity Fund’s assets among Sub-Advisers based on both the International Equity Fund’s assets as of the date of the February Board meeting and projected asset growth in the near term after that meeting. At the May meeting, the Board noted that, under the AQR Amended Fee Schedule, the International Equity Fund would pay a higher fee to AQR as a result of the implementation of a 130/30 strategy for the International Equity Fund. The Board noted that, as a result of the higher fee that would be paid to AQR, the aggregate management fee for the International Equity Fund would increase by approximately one basis point after the implementation of the 130/30 strategy based on both current International Equity Fund assets and projected asset growth in the near term. The Board further noted that the Adviser had been able to negotiate fees that were favorable compared to the fees AQR charged its other clients for managing a 130/ 30 strategy under different investment mandates, the increased costs of managing a 130/30 strategy compared to the long-only strategy currently managed by AQR for the International Equity Fund and the relatively small amount of International Equity Fund assets that would be allocated to the 130/30 strategy.

With respect to the Global Bond Fund, the Board examined composite performance information for client accounts and portfolios managed by Loomis. The Board noted Loomis’ long successful history in managing its sector rotation strategy; in particular that the composite performance for the strategy outperformed the relevant benchmark for each of the last eight calendar years and ranked in the top quartile among peers during the five-year period ended March 31, 2008. The Board concluded that, although past performance is no guarantee of future performance, the composite performance record for Loomis’ client accounts and portfolios managed by it was favorable and that the Global Bond Fund was likely to benefit from the investment management expertise of Loomis.

The Board examined the investment philosophy and process of Loomis, noting that it would fulfill a particular investment mandate for the Global Bond Fund and the Adviser’s assessment that the appointment of Loomis would complement the investment strategy of the Global Bond Fund’s current sub-advisers.

The Board also examined the fee schedule for Loomis, noting how the fee levels to be charged to the Global Bond Fund compared with available information about fees charged by the sub-adviser to its other similarly situated clients, as well as how the sub-advisory fee to be charged the Global Bond Fund by Loomis compared to fees generally charged by other sub-advisers to similarly managed funds. The Board noted that the Adviser had been able to negotiate fees that were favorable compared with the fees Loomis charged its other clients. It was noted that the aggregate management fees for the Global Bond Fund would increase by seven basis points, but as a result of increased allocations of assets to the Global Bond Fund by other series of the Trust, the Global Bond Fund’s expenses are expected to be reduced such that total operating expenses for the Global Bond Fund will not increase after the appointment of Loomis.

The Board considered the extent to which the fees to be paid to Loomis reflected economies of scale. The Board noted that Loomis’ fee schedule included breakpoints, but that no breakpoints would be available in the future based on current asset levels or projected asset growth. The Board noted again, however, that Loomis’ fees were negotiated and below Loomis’ standard fees.

The Board also considered information related to the financial capability of each New Sub-Adviser. Specifically, the Board considered the representations of the Adviser with respect to the level of assets and shareholder’s equity for the New Sub-Advisers who made their most recent year-end financial statements available to the Adviser for review. The Board also relied upon other relevant information, particularly the independent negotiation of the fee schedules, the level of the fees, and the New Sub-Advisers’ performance history. The Board 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 New Sub-Advisers.

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The Board noted that there is no historical profitability information with regard to the New Sub-Advisers’ arrangement with the Funds. It was noted that any fee changes would affect the Adviser’s profitability with respect to the Funds only insofar as the Adviser’s expense waiver/reimbursement obligation may be affected, as sub-advisory fees are paid directly by the Funds and not by the Adviser.

Finally, the Board reviewed information regarding the compliance history and compliance program of each New Sub-Adviser, noting that none of the New Sub-Advisers had significant compliance or regulatory issues based on available information. The Board also considered that the Trust currently employs Loomis to manage the assets of another series of the Trust and the Adviser’s and the Board’s familiarity with the Loomis organization generally.

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INVESTMENT SUB-ADVISERS (Assets under management as of 06/30/08) (Unaudited)

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	$	1.4Tr
Low-Duration Bond	BlackRock Financial Management, Inc.	1988	$	1.4Tr
	Payden & Rygel	1983	$	50.1B
	PIMCO (Pacific Investment Management Company LLC)	1971	$	829B
Medium-Duration Bond	Goldman Sachs Asset Management, L.P.	1984	$	781B	(1)
	PIMCO (Pacific Investment Management Company LLC)	1971	$	829B
	Western Asset Management Company	1971	$	624B
	Western Asset Management Company, Ltd.	1971	$	90.4B
Extended-Duration Bond	Loomis, Sayles & Company, L.P.	1926	$	135B
	STW Fixed Income Management Ltd.	1977	$	10.8B
Global Bond	Loomis, Sayles & Company, L.P.	1926	$	135B
	Western Asset Management Company	1971	$	624B
	Western Asset Management Company, Ltd.	1971	$	90.4B
Equity Index	Northern Trust Investments, N.A.	1889	$	751B
Real Estate Securities	RREEF America L.L.C.	1975	$	87.0B
Value Equity	Aronson+Johnson+Ortiz, LP	1984	$	22.5B
	Barrow, Hanley, Mewhinney & Straus, Inc.	1979	$	58.6B
	Northern Trust Investments, N.A.	1889	$	751B
	TCW Investment Management Company	1971	$	127B
Growth Equity	Marsico Capital Management, LLC	1997	$	94.2B
	RCM Capital Management LLC	1970	$	116B
	Sands Capital Management, LLC	1992	$	17.6B
	TCW Investment Management Company	1971	$	127B
Small Cap Equity	Aronson+Johnson+Ortiz, L.P.	1984	$	22.5B
	Lord, Abbett & Company LLC	1929	$	96.8B
	Provident Investment Council, Inc.	1951	$	2.6B
	TimesSquare Capital Management, LLC	2000	$	10.2B
	Western Asset Management Company	1971	$	624B
	Western Asset Management Company, Ltd.	1971	$	90.4B
International Equity	AllianceBernstein L.P.	1962	$	717B
	AQR Capital Management, LLC	1998	$	29.3B
	Genesis Asset Managers, LLP	1989	$	21.4B
	Lazard Asset Management LLC	1970	$	119B
	MFS Institutional Advisors, Inc.	1970	$	180B
	Mondrian Investment Partners Ltd.	1990	$	61.7B
	McKinley Capital Management, Inc.	1990	$	16.8B
	Philadelphia International Advisors, L.P.	1956	$	9.4B
	UBS Global Asset Management (Americas), Inc.	1998	$	160B
Custodian for GuideStone Funds Assets	The Northern Trust Company	1889	$	4.0Tr
Cash Overlay for GuideStone Date Target, Asset Allocation, Bond and Equity Funds	Northern Trust Investments, N.A.	1889	$	751B

⁽¹⁾ Total assets managed are as of March 31, 2008.

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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

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)	GuideStone Funds
By (Signature and Title)*	/s/    John R. Jones
	John R. Jones, President
	(principal executive officer)
Date 8/27/08

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 8/27/08
By (Signature and Title)*	/s/    Jeffrey P. Billinger
	Jeffrey P. Billinger, Vice President and Treasurer
	(principal financial officer)
Date 8/27/08

* Print the name and title of each signing officer under his or her signature.