N-CSRS

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, 2011

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

GuideStone Funds

Privacy Notice

NOTICE CONCERNING YOUR PRIVACY RIGHTS

This notice will provide you with information concerning our policies with respect to 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 below: individual retirement accounts ( “IRAs”) and/or personal mutual fund accounts.

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

We collect 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 as permitted by law. An affiliate of an organization means any entity that controls, is controlled by or is under common control with that organization. GuideStone Funds, GuideStone Financial Resources of the Southern Baptist Convention (“GuideStone Financial Resources”), GuideStone Capital Management (“GSCM”), GuideStone Trust Services (“GSTS”), GuideStone Financial Services (“GFS”) and GuideStone Advisors (“GA”) are affiliates of one another. GuideStone Funds, GuideStone Financial Resources, GSCM, GSTS, GFS, GA and BNY Mellon Distributors Inc. 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 relations specialist at 1-888-98-GUIDE (1-888-984-8433).

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	27
Balanced Allocation Fund I	28
Growth Allocation Fund I	29
Aggressive Allocation Fund I	30
Financial Statements	31
Select Funds:
Money Market Fund	37
Low-Duration Bond Fund	41
Medium-Duration Bond Fund	54
Extended-Duration Bond Fund	74
Inflation Protected Bond Fund	79
Global Bond Fund	81
Equity Index Fund	90
Real Estate Securities Fund	96
Value Equity Fund	98
Growth Equity Fund	102
Small Cap Equity Fund	105
International Equity Fund	117
Abbreviations and Footnotes	130
Financial Statements	132
Notes to Financial Statements	147
Fund Management	199
Board Review of Advisory Agreements	202

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 BNY Mellon Distributors Inc., 760 Moore Rd., King of Prussia, PA 19406.

1

LETTER FROM THE PRESIDENT

Dear Shareholder:

Our journey began with the launch of 13 registered mutual funds under the AB Funds Trust brand on August 27, 2001, just weeks prior to the September 11 terrorist attacks and the global market chaos that ensued. In September 2005, AB Funds Trust was re-branded as GuideStone Funds in conjunction with its expanded mission to serve both Southern Baptist and evangelical Christian organizations. Today, GuideStone Funds has emerged as the largest Christian-based, socially screened, registered mutual fund family with assets of $8.1 billion for the period ended June 30, 2011. Investors may now choose from 25 mutual funds designed to meet a variety of investment goals and objectives.

As we look ahead, we remain steadfast in our commitment to provide our investors with the highest quality investment management services and products in the industry. Several examples of our commitment and the results are shown below:

• GuideStone Funds Ranked Nationally. Fi360 Fund Family Fiduciary Rankings™ ranked GuideStone Funds number two out of 222 funds. Fi360 evaluates fund families on regulatory oversight, track record, assets under management, stability of the organization, fund composition consistent with asset class and style, expense ratio/ fees relative to peers and performance relative to peers.

• Comparison of Risk/Return Data Made Easier with XBRL. GuideStone Funds investors can more easily compare mutual fund risk and return data from the prospectus by uploading XBRL files from our website to the U.S. Securities and Exchange Commission’s online viewer. XBRL stands for eXtensible Business Reporting Language.

• Cost Basis Reporting Change Impacts Investors. For shares purchased within personal investment accounts after January 1, 2012, GuideStone Funds will track and report the adjusted cost basis of sold securities and the holding period on IRS Form 1099-B. This information will help investors to determine the amount of capital gains/losses. More information on how this change affects investors will be forthcoming.

We appreciate your continued confidence in GuideStone Funds and hope that you find the information in this report valuable. If you have any questions concerning the report, do not hesitate to call us at 1-888-98-GUIDE (1-888-984-8433) or visit our website at www.GuideStoneFunds.org. Thank you for choosing to invest in GuideStone Funds.

Sincerely,

John R. Jones, CFA

President

2

FROM THE CHIEF INVESTMENT OFFICER

A loss of economic momentum during the second quarter caused global equity markets to take a breather from the torrid pace of the past year. The S&P 500® Index returned a very volatile 0.10% for the quarter, while more conservative investments fared much better. Led by the U.S. Treasury sector, the Barclays Capital Aggregate Bond Index posted a solid gain for the quarter, up 2.29%. Despite the slow quarter for equities, the S&P 500® Index has returned 30.69% for the 12 months ending June 30. The U.S. economy has been operating at growth rates well below its long-term capacity since the recovery began two years ago. Risk assets such as stocks are highly dependent on the future growth of the economy, so it’s no wonder that all eyes have been keenly focused on the economy’s wellbeing. The second quarter slowdown fueled increased volatility and created an overall cautious tone in the capital markets. It is widely accepted that this slowdown is due to temporary pressures surfacing from two sources: (1) supply disruptions in Japan and (2) the recent spike in oil prices. Both of which are expected to subside and lead to improved economic conditions as we move into the second half of the year. This anticipated improvement is an important consensus within the

Rodric E. Cummins, CFA

market, because with signs of inflation beginning to emerge and with concerns surrounding the level of government debt, the ability of government to rush in and provide additional stimulus is becoming more and more constrained.

Beyond the natural ups and downs of cyclical economic growth, several major secular problems remain a constant barrier to a more rosy long term outlook. Unemployment, housing, deleveraging and our federal and state governments’ fiscal conditions are all problems for which there are no easy or quick answers. With or without resolution, they represent challenges that may weigh heavily on economic growth for a long time. Having just passed the second anniversary of the recovery, it appears that the U.S. economy may be settling into a long term pattern of below average economic growth.

Asset Class Performance Comparison

The following graph illustrates the performance of the major assets classes during 2011.

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

(2) The Russell 2000^® Index is a small-cap index consisting of the smallest 2,000 companies in the Russell 3000^® Index, representing approximately 10% of the Russell 3000^® Index total market capitalization.

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

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

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, 2011 to June 30, 2011.

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 01/01/11		Ending Account Value 06/30/11		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
MyDestination 2005		GS4	$	1,000.00	$	1,041.97		0.20	%	$	1.01
MyDestination 2015		GS4		1,000.00		1,052.35		0.16			0.83
MyDestination 2025		GS4		1,000.00		1,059.29		0.16			0.83
MyDestination 2035		GS4		1,000.00		1,063.80		0.20			1.02
MyDestination 2045		GS4		1,000.00		1,068.08		0.20			1.03
Conservative Allocation		GS4		1,000.00		1,029.49		0.12			0.60
Balanced Allocation		GS4		1,000.00		1,044.55		0.12			0.61
Growth Allocation		GS4		1,000.00		1,053.74		0.12			0.61
Aggressive Allocation		GS4		1,000.00		1,061.92		0.12			0.61
Conservative Allocation I		GS2		1,000.00		1,028.66		0.15			0.75
Balanced Allocation I		GS2		1,000.00		1,044.60		0.14			0.69
Growth Allocation I		GS2		1,000.00		1,054.56		0.15			0.75
Aggressive Allocation I		GS2		1,000.00		1,062.26		0.15			0.79
Money Market		GS2		1,000.00		1,000.64		0.18			0.89
		GS4		1,000.00		1,000.06		0.30			1.46
Low-Duration Bond		GS2		1,000.00		1,013.13		0.36			1.80
		GS4		1,000.00		1,012.45		0.54			2.68
Medium-Duration Bond		GS2		1,000.00		1,029.32		0.48			2.42
		GS4		1,000.00		1,028.90		0.60			3.00

4

ACTUAL

Fund	Class		Beginning Account Value 01/01/11		Ending Account Value 06/30/11		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
Extended-Duration Bond		GS2	$	1,000.00	$	1,038.70		0.54	%	$	2.75
		GS4		1,000.00		1,037.14		0.71			3.59
Inflation Protected Bond		GS4		1,000.00		1,046.47		0.64			3.22
Global Bond		GS4		1,000.00		1,052.15		0.83			4.21
Equity Index		GS2		1,000.00		1,059.64		0.21			1.07
		GS4		1,000.00		1,059.21		0.37			1.90
Real Estate Securities		GS4		1,000.00		1,116.56		1.16			6.07
Value Equity		GS2		1,000.00		1,072.03		0.66			3.40
		GS4		1,000.00		1,071.02		0.87			4.44
Growth Equity		GS2		1,000.00		1,057.93		0.87			4.45
		GS4		1,000.00		1,057.67		0.99			5.07
Small Cap Equity		GS2		1,000.00		1,112.38		0.99			5.16
		GS4		1,000.00		1,112.03		1.16			6.09
International Equity (3)		GS2		1,000.00		1,048.31		0.94			4.75
		GS4		1,000.00		1,047.65		1.14			5.77

HYPOTHETICAL (assuming a 5% return before expenses)

Fund	Class		Beginning Account Value 01/01/11		Ending Account Value 06/30/11		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
My Destination 2005		GS4	$	1,000.00	$	1,023.80		0.20	%	$	1.00
My Destination 2015		GS4		1,000.00		1,023.99		0.16			0.82
My Destination 2025		GS4		1,000.00		1,023.99		0.16			0.82
My Destination 2035		GS4		1,000.00		1,023.80		0.20			1.00
My Destination 2045		GS4		1,000.00		1,023.80		0.20			1.00
Conservative Allocation		GS4		1,000.00		1,024.20		0.12			0.60
Balanced Allocation		GS4		1,000.00		1,024.20		0.12			0.60
Growth Allocation		GS4		1,000.00		1,024.20		0.12			0.60
Aggressive Allocation		GS4		1,000.00		1,024.20		0.12			0.60
Conservative Allocation I		GS2		1,000.00		1,024.05		0.15			0.75
Balanced Allocation I		GS2		1,000.00		1,024.12		0.14			0.68
Growth Allocation I		GS2		1,000.00		1,024.07		0.15			0.74
Aggressive Allocation I		GS2		1,000.00		1,024.03		0.15			0.77
Money Market		GS2		1,000.00		1,023.91		0.18			0.90
		GS4		1,000.00		1,023.33		0.30			1.48
Low-Duration Bond		GS2		1,000.00		1,023.01		0.36			1.81
		GS4		1,000.00		1,022.13		0.54			2.69
Medium-Duration Bond		GS2		1,000.00		1,022.41		0.48			2.41
		GS4		1,000.00		1,021.83		0.60			2.99
Extended-Duration Bond		GS2		1,000.00		1,022.10		0.54			2.73
		GS4		1,000.00		1,021.27		0.71			3.56
Inflation Protected Fund		GS4		1,000.00		1,021.65		0.64			3.18
Global Bond		GS4		1,000.00		1,020.69		0.83			4.14

5

About Your Expenses (Unaudited) (Continued)

HYPOTHETICAL (assuming a 5% return before expenses)

Fund	Class		Beginning Account Value 01/01/11		Ending Account Value 06/30/11		Annualized Expense Ratio (1)			Expenses Paid During Period (2)
Equity Index		GS2	$	1,000.00	$	1,023.76		0.21	%	$	1.05
		GS4		1,000.00		1,022.94		0.37			1.87
Real Estate Securities Fund		GS4		1,000.00		1,019.06		1.16			5.79
Value Equity		GS2		1,000.00		1,021.52		0.66			3.31
		GS4		1,000.00		1,020.51		0.87			4.33
Growth Equity		GS2		1,000.00		1,020.47		0.87			4.37
		GS4		1,000.00		1,019.87		0.99			4.97
Small Cap Equity		GS2		1,000.00		1,019.91		0.99			4.94
		GS4		1,000.00		1,019.03		1.16			5.82
International Equity (3)		GS2		1,000.00		1,020.15		0.94			4.69
		GS4		1,000.00		1,019.16		1.14			5.69

(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, 2011, through June 30, 2011, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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

6

MYDESTINATION 2005 FUND
SCHEDULE OF INVESTMENTS	June 30, 2011 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.8%
GuideStone Money Market Fund (GS4 Class)¥		3,739,203	$	3,739,203
GuideStone Low-Duration Bond Fund (GS4 Class)¥		1,055,857		14,085,135
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		748,116		10,428,732
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		813,443		8,646,896
GuideStone Global Bond Fund (GS4 Class)¥		28,678		289,075
GuideStone Equity Index Fund (GS4 Class)¥		48,946		833,547
GuideStone Real Estate Securities Fund (GS4 Class)¥		173,464		1,646,177
GuideStone Value Equity Fund (GS4 Class)¥		393,373		5,884,856
GuideStone Growth Equity Fund (GS4 Class)¥		299,113		5,979,271
GuideStone Small Cap Equity Fund (GS4 Class)¥		97,458		1,567,124
GuideStone International Equity Fund (GS4 Class)¥		444,474		6,253,753
Total Mutual Funds (Cost $52,319,034)				59,353,769
TOTAL INVESTMENTS — 99.8% (Cost $52,319,034)				59,353,769
Other Assets in Excess of Liabilities — 0.2%				141,276
NET ASSETS — 100.0%			$	59,495,045

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Bond Funds		56.3
Domestic Equity Funds		26.7
International Equity Fund		10.5
Money Market Fund		6.3
Futures		4.9
		104.7

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	59,353,769	$	59,353,769	$	—	$	—
Total Assets — Investments in Securities	$	59,353,769	$	59,353,769	$	—	$	—
Other Financial Instruments***
Futures Contracts	$	74,203	$	74,203	$	—	$	—
Total Assets — Other Financial Instruments	$	74,203	$	74,203	$	—	$	—

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

See Notes to Financial Statements.

7

MYDESTINATION 2015 FUND
SCHEDULE OF INVESTMENTS	June 30, 2011 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.5%
GuideStone Money Market Fund (GS4 Class)¥		24,613,093	$	24,613,093
GuideStone Low-Duration Bond Fund (GS4 Class)¥		1,503,560		20,057,493
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		2,249,619		31,359,690
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		658,939		10,859,319
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		2,845,657		30,249,330
GuideStone Global Bond Fund (GS4 Class)¥		1,145,897		11,550,641
GuideStone Equity Index Fund (GS4 Class)¥		284,007		4,836,638
GuideStone Real Estate Securities Fund (GS4 Class)¥		1,607,506		15,255,235
GuideStone Value Equity Fund (GS4 Class)¥		2,492,162		37,282,748
GuideStone Growth Equity Fund (GS4 Class)¥		1,895,373		37,888,497
GuideStone Small Cap Equity Fund (GS4 Class)¥		644,837		10,368,971
GuideStone International Equity Fund (GS4 Class)¥		2,849,675		40,094,926
Total Mutual Funds (Cost $248,925,626)				274,416,581
TOTAL INVESTMENTS — 99.5% (Cost $248,925,626)				274,416,581
Other Assets in Excess of Liabilities — 0.5%				1,356,817
NET ASSETS — 100.0%			$	275,773,398

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Domestic Equity Funds		38.3
Bond Funds		37.8
International Equity Fund		14.5
Money Market Fund		8.9
Futures Contracts		8.8
		108.3

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	274,416,581	$	274,416,581	$	—	$	—
Total Assets — Investments in Securities	$	274,416,581	$	274,416,581	$	—	$	—
Other Financial Instruments***
Futures Contracts	$	518,949	$	518,949	$	—	$	—
Total Assets — Other Financial Instruments	$	518,949	$	518,949	$	—	$	—

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

See Notes to Financial Statements.

8

MYDESTINATION 2025 FUND
SCHEDULE OF INVESTMENTS	June 30, 2011 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.5%
GuideStone Money Market Fund (GS4 Class)¥		22,179,430	$	22,179,430
GuideStone Low-Duration Bond Fund (GS4 Class)¥		246,550		3,288,970
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		1,530,456		21,334,562
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		1,111,768		18,321,945
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		374,621		3,982,217
GuideStone Global Bond Fund (GS4 Class)¥		1,790,432		18,047,550
GuideStone Equity Index Fund (GS4 Class)¥		333,760		5,683,934
GuideStone Real Estate Securities Fund (GS4 Class)¥		1,847,418		17,531,995
GuideStone Value Equity Fund (GS4 Class)¥		3,204,547		47,940,019
GuideStone Growth Equity Fund (GS4 Class)¥		2,439,253		48,760,666
GuideStone Small Cap Equity Fund (GS4 Class)¥		1,004,401		16,150,774
GuideStone International Equity Fund (GS4 Class)¥		3,754,541		52,826,394
Total Mutual Funds (Cost $251,450,337)				276,048,456
TOTAL INVESTMENTS — 99.5% (Cost $251,450,337)				276,048,456
Other Assets in Excess of Liabilities — 0.5%				1,433,238
NET ASSETS — 100.0%			$	277,481,694

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Domestic Equity Funds		49.0
Bond Funds		23.5
International Equity Fund		19.0
Futures Contracts		8.7
Money Market Fund		8.0
		108.2

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	276,048,456	$	276,048,456	$	—	$	—
Total Assets — Investments in Securities	$	276,048,456	$	276,048,456	$	—	$	—
Other Financial Instruments***
Futures Contracts	$	485,355	$	485,355	$	—	$	—
Total Assets — Other Financial Instruments	$	485,355	$	485,355	$	—	$	—

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

See Notes to Financial Statements.

9

MYDESTINATION 2035 FUND
SCHEDULE OF INVESTMENTS	June 30, 2011 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.2%
GuideStone Money Market Fund (GS4 Class)¥		3,054,653	$	3,054,653
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		221,649		3,089,788
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		187,707		3,093,406
GuideStone Global Bond Fund (GS4 Class)¥		686,404		6,918,951
GuideStone Equity Index Fund (GS4 Class)¥		184,435		3,140,928
GuideStone Real Estate Securities Fund (GS4 Class)¥		946,096		8,978,460
GuideStone Value Equity Fund (GS4 Class)¥		1,961,026		29,336,954
GuideStone Growth Equity Fund (GS4 Class)¥		1,467,305		29,331,430
GuideStone Small Cap Equity Fund (GS4 Class)¥		683,538		10,991,283
GuideStone International Equity Fund (GS4 Class)¥		2,407,893		33,879,053
Total Mutual Funds (Cost $117,030,450)				131,814,906
TOTAL INVESTMENTS — 100.2% (Cost $117,030,450)				131,814,906
Liabilities in Excess of Other Assets — (0.2)%				(207,746	)
NET ASSETS — 100.0%			$	131,607,160

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Domestic Equity Funds		62.1
International Equity Fund		25.8
Bond Funds		10.0
Money Market Fund		2.3
Futures Contracts		2.0
		102.2

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	131,814,906	$	131,814,906	$	—	$	—
Total Assets — Investments in Securities	$	131,814,906	$	131,814,906	$	—	$	—
Other Financial Instruments***
Futures Contracts	$	60,950	$	60,950	$	—	$	—
Total Assets — Other Financial Instruments	$	60,950	$	60,950	$	—	$	—

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

See Notes to Financial Statements.

10

MYDESTINATION 2045 FUND
SCHEDULE OF INVESTMENTS	June 30, 2011 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.8%
GuideStone Money Market Fund (GS4 Class)¥		1,987,131	$	1,987,131
GuideStone Global Bond Fund (GS4 Class)¥		34,722		349,997
GuideStone Equity Index Fund (GS4 Class)¥		164,342		2,798,746
GuideStone Real Estate Securities Fund (GS4 Class)¥		883,268		8,382,213
GuideStone Value Equity Fund (GS4 Class)¥		1,432,000		21,422,727
GuideStone Growth Equity Fund (GS4 Class)¥		1,091,149		21,812,065
GuideStone Small Cap Equity Fund (GS4 Class)¥		467,951		7,524,655
GuideStone International Equity Fund (GS4 Class)¥		1,729,625		24,335,823
Total Mutual Funds (Cost $73,076,623)				88,613,357
TOTAL INVESTMENTS — 99.8% (Cost $73,076,623)				88,613,357
Other Assets in Excess of Liabilities — 0.2%				216,887
NET ASSETS — 100.0%			$	88,830,244

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Domestic Equity Funds		69.7
International Equity Fund		27.4
Futures Contracts		2.4
Money Market Fund		2.3
Bond Fund		0.4
		102.2

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	88,613,357	$	88,613,357	$	—	$	—
Total Assets — Investments in Securities	$	88,613,357	$	88,613,357	$	—	$	—
Other Financial Instruments***
Futures Contracts	$	62,724	$	62,724	$	—	$	—
Total Assets — Other Financial Instruments	$	62,724	$	62,724	$	—	$	—

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

See Notes to Financial Statements.

11

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2011 (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(1)	$	59,353,769		$	274,416,581		$	276,048,456		$	131,814,906		$	88,613,357
Cash collateral for derivatives		149,200			972,000			975,300			221,000			164,500
Receivables:
Dividends		17			104			94			21			15
Investment securities sold		—			—			—			564,314			—
Fund shares sold		801			297,433			373,375			222,249			28,872
Variation margin		16,303			104,995			98,837			21,389			21,235
Receivable from advisor		3,813			—			—			—			439
Prepaid expenses and other assets		22,194			22,032			22,760			21,742			20,900
Total Assets		59,546,097			275,813,145			277,518,822			132,865,621			88,849,318
Liabilities
Payables:
Investment securities purchased		—			—			—			1,232,500			—
Fund shares redeemed		37,016			—			—			3,500			3,061
Accrued expenses:
Investment advisory fees		—			23,283			23,049			6,309			—
Other expenses		14,036			16,464			14,079			16,152			16,013
Total Liabilities		51,052			39,747			37,128			1,258,461			19,074
Net Assets	$	59,495,045		$	275,773,398		$	277,481,694		$	131,607,160		$	88,830,244
Net Assets Consist of:
Paid-in capital	$	61,815,718		$	269,783,488		$	260,920,928		$	119,014,084		$	74,636,341
Undistributed net investment income		481,500			3,161,132			2,095,645			468,796			193,075
Accumulated net realized loss on investments and futures transactions		(9,911,111	)		(23,181,126	)		(10,618,353	)		(2,721,126	)		(1,598,630	)
Net unrealized appreciation (depreciation) on investments and futures		7,108,938			26,009,904			25,083,474			14,845,406			15,599,458
Net Assets	$	59,495,045		$	275,773,398		$	277,481,694		$	131,607,160		$	88,830,244
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the GS4 Class	$	59,495,045		$	275,773,398		$	277,481,694		$	131,607,160		$	88,830,244
GS4 shares outstanding		5,992,549			28,009,246			29,312,888			14,345,223			9,761,877
Net asset value, offering and redemption price per GS4 share	$	9.93		$	9.85		$	9.47		$	9.17		$	9.10
(1)      Investments in securities of affiliated issuers, at cost	$	52,319,034		$	248,925,626		$	251,450,337		$	117,030,450		$	73,076,623

See Notes to Financial Statements.

12

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2011 (Unaudited)

	MyDestination 2005 Fund			MyDestination 2015 Fund			MyDestination 2025 Fund			MyDestination 2035 Fund			MyDestination 2045 Fund
Investment Income
Income dividends received from affiliated funds	$	389,761		$	1,869,332		$	1,652,827		$	585,340		$	273,036
Interest		—			12,801			8,829			—			285
Total Investment Income		389,761			1,882,133			1,661,656			585,340			273,321
Expenses
Investment advisory fees		29,079			132,676			131,058			62,181			42,058
Transfer agent fees:
GS4 Shares		9,473			10,504			10,591			10,058			9,966
Custodian fees		2,685			7,562			7,654			6,807			5,674
Accounting and administration fees		5,058			10,771			10,800			7,033			5,894
Professional fees		23,382			23,382			23,381			23,382			23,382
Blue sky fees:
GS4 Shares		12,653			13,307			13,497			12,886			12,576
Shareholder reporting fees:
GS4 Shares		4,012			3,784			2,387			4,175			5,331
Trustee expenses		208			828			764			351			228
Line of credit facility fees		342			1,353			1,222			563			364
Other expenses		8,248			7,660			7,510			7,509			7,503
Total Expenses		95,140			211,827			208,864			134,945			112,976
Expenses waived/reimbursed net of amount recaptured(1)		(37,552	)		—			—			(13,453	)		(31,239	)
Net Expenses		57,588			211,827			208,864			121,492			81,737
Net investment income		332,173			1,670,306			1,452,792			463,848			191,584
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		66,029			275,241			132,038			33,573			19,236
Net realized gain (loss) on investment securities of affiliated issuers		536,242			(4,082,136	)		(3,274,482	)		(380,717	)		(328,842	)
Net realized gain (loss) on investment securities of unaffiliated issuers		—			(14,767	)		14,802			2,815			2
Net realized gain on futures transactions		(5,360	)		193,843			132,989			103,069			117,066
Net realized gain (loss)		596,911			(3,627,819	)		(2,994,653	)		(241,260	)		(192,538	)
Change in unrealized appreciation on investment securities of affiliated issuers		1,348,418			14,640,815			15,597,069			7,194,439			5,219,978
Change in unrealized appreciation on investment securities of unaffiliated issuers		—			22,455			(5,450	)		(941	)		(22	)
Change in unrealized appreciation on futures		74,203			416,227			422,209			29,003			26,388
Net change in unrealized appreciation		1,422,621			15,079,497			16,013,828			7,222,501			5,246,344
Net Realized and Unrealized Gain		2,019,532			11,451,678			13,019,175			6,981,241			5,053,806
Net Increase in Net Assets Resulting from Operations	$	2,351,705		$	13,121,984		$	14,471,967		$	7,445,089		$	5,245,390

⁽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 06/30/11			For the Year Ended 12/31/10
	(Unaudited)
Operations:
Net investment income	$	332,173		$	957,660
Net realized gain (loss) on investment securities and futures transactions		596,911			(2,591,615	)
Net change in unrealized appreciation (depreciation) on investment securities and futures		1,422,621			7,862,555
Net increase in net assets resulting from operations		2,351,705			6,228,600
Dividends and Distributions to Shareholders:
Dividends from net investment income(1)		—			(1,382,009	)
Distributions from net realized capital gains		—			—
Total dividends and distributions		—			(1,382,009	)
Capital Share Transactions:
Proceeds from GS4 shares sold		10,031,501			16,345,475
Reinvestment of dividends and distributions into GS4 shares		—			1,381,875
Value of GS4 shares redeemed		(7,571,070	)		(34,721,138	)
Net increase (decrease) from capital share transactions(2)		2,460,431			(16,993,788	)
Total increase (decrease) in net assets		4,812,136			(12,147,197	)
Net Assets:
Beginning of Period		54,682,909			66,830,106
End of Period*	$	59,495,045		$	54,682,909
*Including undistributed net investment income	$	481,500		$	149,327

⁽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.

See Notes to Financial Statements.

14

MyDestination 2015 Fund						MyDestination 2025 Fund						MyDestination 2035 Fund						MyDestination 2045 Fund
For the Six Months Ended 06/30/11			For the Year Ended 12/31/10			For the Six Months Ended 06/30/11			For the Year Ended 12/31/10			For the Six Months Ended 06/30/11			For the Year Ended 12/31/10			For the Six Months Ended 06/30/11			For the Year Ended 12/31/10
(Unaudited)						(Unaudited)						(Unaudited)
$	1,670,306		$	3,914,330		$	1,452,792		$	3,326,828		$	463,848		$	1,149,458		$	191,584		$	605,319
	(3,627,819	)		(6,101,491	)		(2,994,653	)		(705,885	)		(241,260	)		(925,478	)		(192,538	)		443,618
	15,079,497			32,497,322			16,013,828			26,572,953			7,222,501			13,928,400			5,246,344			8,943,961
	13,121,984			30,310,161			14,471,967			29,193,896			7,445,089			14,152,380			5,245,390			9,992,898
	—			(5,104,591	)		—			(3,787,639	)		—			(1,213,587	)		—			(603,947	)
	—			—			—			—			—			(98,451	)		—			(257,097	)
	—			(5,104,591	)		—			(3,787,639	)		—			(1,312,038	)		—			(861,044	)
	28,171,870			47,065,643			30,802,591			50,705,586			17,015,171			28,363,630			14,341,473			25,499,963
	—			5,104,589			—			3,787,605			—			1,312,038			—			861,044
	(11,192,047	)		(50,968,664	)		(4,294,749	)		(12,960,593	)		(3,059,315	)		(7,729,184	)		(6,559,185	)		(3,849,382	)
	16,979,823			1,201,568			26,507,842			41,532,598			13,955,856			21,946,484			7,782,288			22,511,625
	30,101,807			26,407,138			40,979,809			66,938,855			21,400,945			34,786,826			13,027,678			31,643,479
	245,671,591			219,264,453			236,501,885			169,563,030			110,206,215			75,419,389			75,802,566			44,159,087
$	275,773,398		$	245,671,591		$	277,481,694		$	236,501,885		$	131,607,160		$	110,206,215		$	88,830,244		$	75,802,566
$	3,161,132		$	1,490,826		$	2,095,645		$	642,853		$	468,796		$	4,948		$	193,075		$	1,491

See Notes to Financial Statements.

15

FINANCIAL HIGHLIGHTS (Unaudited)

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

																									Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Investment Income(1)			Capital Gain Distributions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income(2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(3)			Expenses, Gross(3)(4)			Investment Income, Net (1)(5)			Portfolio Turnover Rate
MyDestination 2005 Fund*
GS4 Class
2011(6)	$	9.53	$	0.06	#	$	0.01		$	0.33		$	—		$	—		$	9.93		4.20	%	$	59,495		0.20	%		0.33	%		1.15	%		10	%
2010		8.84		0.14	#		0.09			0.70			(0.24	)		—			9.53		10.56			54,683		0.20			0.26			1.50			19
2009		7.44		0.18	#		0.04			1.40			(0.22	)		—			8.84		21.84			66,830		0.20			0.26			2.31			57
2008		10.35		0.30	#		0.08			(2.75	)		(0.31	)		(0.23	)		7.44		(22.78	)		50,678		0.20			0.29			3.25			40
2007		10.00		0.33	#		0.62			(0.31	)		(0.28	)		(0.01	)		10.35		6.42			57,667		0.20			0.43			3.16			21
MyDestination 2015 Fund*
GS4 Class
2011(6)	$	9.36	$	0.06	#	$	0.01		$	0.42		$	—		$	—		$	9.85		5.24	%	$	275,773		0.16	%		0.16	%		1.29	%		11	%
2010		8.42		0.14	#		0.06			0.94			(0.20	)		—			9.36		13.54			245,672		0.16			0.16			1.65			28
2009		6.83		0.17	#		0.02			1.58			(0.18	)		—			8.42		26.27			219,264		0.16			0.16			2.25			25
2008		10.33		0.26	#		0.09			(3.39	)		(0.19	)		(0.27	)		6.83		(29.31	)		146,140		0.20			0.18			2.87			22
2007		10.00		0.29	#		0.83			(0.50	)		(0.28	)		(0.01	)		10.33		6.12			169,953		0.20			0.24			2.74			7
MyDestination 2025 Fund*
GS4 Class
2011(6)	$	8.94	$	0.05	#	$	—	†	$	0.48		$	—		$	—		$	9.47		5.93	%	$	277,482		0.16	%		0.16	%		1.13	%		10	%
2010		7.88		0.14	#		0.03			1.04			(0.15	)		—			8.94		15.32			236,502		0.20			0.17			1.72			15
2009		6.18		0.14	#		0.01			1.69			(0.14	)		—			7.88		30.12			169,563		0.20			0.19			2.11			13
2008		10.24		0.21	#		0.09			(3.89	)		(0.15	)		(0.32	)		6.18		(35.00	)		96,826		0.20			0.21			2.47			10
2007		10.00		0.25	#		1.13			(0.85	)		(0.28	)		(0.01	)		10.24		5.29			105,102		0.20			0.30			2.37			5
MyDestination 2035 Fund*
GS4 Class
2011(6)	$	8.62	$	0.03	#	$	—	†	$	0.52		$	—		$	—		$	9.17		6.38	%	$	131,607		0.20	%		0.22	%		0.76	%		4	%
2010		7.52		0.10	#		0.01			1.10			(0.10	)		(0.01	)		8.62		16.02			110,206		0.20			0.23			1.32			9
2009		5.85		0.10	#		—	†		1.70			(0.11	)		(0.02	)		7.52		30.99			75,419		0.20			0.28			1.57			4
2008		10.24		0.17	#		0.09			(4.25	)		(0.10	)		(0.30	)		5.85		(38.86	)		37,637		0.20			0.40			2.02			5
2007		10.00		0.19	#		1.31			(0.98	)		(0.28	)		—	†		10.24		5.20			35,117		0.20			0.64			1.83			2
MyDestination 2045 Fund*
GS4 Class
2011(6)	$	8.52	$	0.02	#	$	—	†	$	0.56		$	—		$	—		$	9.10		6.81	%	$	88,830		0.20	%		0.28	%		0.47	%		8	%
2010		7.38		0.08	#		—	†		1.16			(0.07	)		(0.03	)		8.52		16.80			75,803		0.20			0.30			1.08			1
2009		5.75		0.08	#		—	†		1.67			(0.09	)		(0.03	)		7.38		30.71			44,159		0.20			0.41			1.23			7
2008		10.12		0.16	#		0.10			(4.34	)		(0.06	)		(0.23	)		5.75		(40.29	)		17,998		0.20			0.79			1.97			5
2007		10.00		0.17	#		1.37			(1.09	)		(0.28	)		(0.05	)		10.12		4.46			11,659		0.19			1.48			1.60			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) Includes dividends paid from the short-term portion of capital gain distributions received from affiliated Funds.

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

(4) The ratio excludes expenses waived/reimbursed net of amount recaptured.

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

(6) For the six months ended June 30, 2011. 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.

16

CONSERVATIVE ALLOCATION FUND SCHEDULE OF INVESTMENTS June 30, 2011 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (GS4 Class)¥		11,541,879	$	11,541,879
GuideStone Low-Duration Bond Fund (GS4 Class)¥		11,950,716		159,422,552
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		3,793,031		40,319,918
GuideStone Equity Index Fund (GS4 Class)¥		168,686		2,872,729
GuideStone Value Equity Fund (GS4 Class)¥		1,208,403		18,077,706
GuideStone Growth Equity Fund (GS4 Class)¥		931,123		18,613,143
GuideStone Small Cap Equity Fund (GS4 Class)¥		273,441		4,396,926
GuideStone International Equity Fund (GS4 Class)¥		1,365,041		19,206,127
Total Mutual Funds (Cost $251,903,929)				274,450,980
TOTAL INVESTMENTS — 99.9% (Cost $251,903,929)				274,450,980
Other Assets in Excess of Liabilities — 0.1%				304,849
NET ASSETS — 100.0%			$	274,755,829

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Bond Funds		72.7
Domestic Equity Funds		16.0
International Equity Fund		7.0
Money Market Fund		4.2
Futures Contracts		4.0
		103.9

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	274,450,980	$	274,450,980	$	—	$	—
Total Assets — Investments in Securities	$	274,450,980	$	274,450,980	$	—	$	—
Other Financial Instruments***
Futures Contracts	$	206,202	$	206,202	$	—	$	—
Total Assets — Other Financial Instruments	$	206,202	$	206,202	$	—	$	—

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

See Notes to Financial Statements.

17

BALANCED ALLOCATION FUND SCHEDULE OF INVESTMENTS June 30, 2011 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.8%
GuideStone Money Market Fund (GS4 Class)¥		60,850,570	$	60,850,570
GuideStone Low-Duration Bond Fund (GS4 Class)¥		12,403,309		165,460,147
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		17,219,411		240,038,590
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		5,768,352		95,062,443
GuideStone Global Bond Fund (GS4 Class)¥		5,574,455		56,190,508
GuideStone Equity Index Fund (GS4 Class)¥		1,387,408		23,627,553
GuideStone Value Equity Fund (GS4 Class)¥		10,375,496		155,217,420
GuideStone Growth Equity Fund (GS4 Class)¥		7,920,043		158,321,650
GuideStone Small Cap Equity Fund (GS4 Class)¥		2,395,277		38,516,049
GuideStone International Equity Fund (GS4 Class)¥		11,963,990		168,333,344
Total Mutual Funds (Cost $1,064,776,167)				1,161,618,274
TOTAL INVESTMENTS — 99.8% (Cost $1,064,776,167)				1,161,618,274
Other Assets in Excess of Liabilities — 0.2%				2,244,837
NET ASSETS — 100.0%			$	1,163,863,111

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Bond Funds		47.8
Domestic Equity Funds		32.3
International Equity Fund		14.5
Money Market Fund		5.2
Futures Contracts		5.0
		104.8

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable  Inputs
Assets:
Investments in Securities:
Mutual Funds	$	1,161,618,274	$	1,161,618,274	$	—	$	—
Total Assets — Investments in Securities	$	1,161,618,274	$	1,161,618,274	$	—	$	—
Other Financial Instruments***
Futures Contracts	$	1,286,393	$	1,286,393	$	—	$	—
Total Assets — Other Financial Instruments	$	1,286,393	$	1,286,393	$	—	$	—

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

See Notes to Financial Statements.

18

GROWTH ALLOCATION FUND SCHEDULE OF INVESTMENTS June 30, 2011 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (GS4 Class)¥		15,068,297	$	15,068,297
GuideStone Low-Duration Bond Fund (GS4 Class)¥		4,670,142		62,299,694
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		6,405,462		89,292,134
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		2,114,764		34,851,310
GuideStone Global Bond Fund (GS4 Class)¥		2,090,594		21,073,191
GuideStone Equity Index Fund (GS4 Class)¥		1,563,772		26,631,041
GuideStone Value Equity Fund (GS4 Class)¥		12,446,371		186,197,717
GuideStone Growth Equity Fund (GS4 Class)¥		9,420,907		188,323,931
GuideStone Small Cap Equity Fund (GS4 Class)¥		2,840,843		45,680,763
GuideStone International Equity Fund (GS4 Class)¥		14,368,194		202,160,495
Total Mutual Funds (Cost $810,581,718)				871,578,573
TOTAL INVESTMENTS — 99.9% (Cost $810,581,718)				871,578,573
Other Assets in Excess of Liabilities — 0.1%				930,453
NET ASSETS — 100.0%			$	872,509,026

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Domestic Equity Funds		51.2
Bond Funds		23.8
International Equity Fund		23.2
Futures Contracts		1.8
Money Market Fund		1.7
		101.7

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	871,578,573	$	871,578,573	$	—	$	—
Total Assets — Investments in Securities	$	871,578,573	$	871,578,573	$	—	$	—
Other Financial Instruments***
Futures Contracts	$	344,951	$	344,951	$	—	$	—
Total Assets — Other Financial Instruments	$	344,951	$	344,951	$	—	$	—

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

See Notes to Financial Statements.

19

AGGRESSIVE ALLOCATION FUND SCHEDULE OF INVESTMENTS June 30, 2011 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.8%
GuideStone Money Market Fund (GS4 Class)¥		14,449,087	$	14,449,087
GuideStone Equity Index Fund (GS4 Class)¥		1,828,462		31,138,708
GuideStone Value Equity Fund (GS4 Class)¥		14,527,586		217,332,680
GuideStone Growth Equity Fund (GS4 Class)¥		11,131,730		222,523,293
GuideStone Small Cap Equity Fund (GS4 Class)¥		3,321,538		53,410,328
GuideStone International Equity Fund (GS4 Class)¥		16,886,245		237,589,471
Total Mutual Funds (Cost $732,399,119)				776,443,567
TOTAL INVESTMENTS — 99.8% (Cost $732,399,119)				776,443,567
Other Assets in Excess of Liabilities — 0.2%				1,309,555
NET ASSETS — 100.0%			$	777,753,122

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Domestic Equity Funds		67.4
International Equity Fund		30.5
Futures Contracts		2.0
Money Market Fund		1.9
		101.8

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	776,443,567	$	776,443,567	$	—	$	—
Total Assets — Investments in Securities	$	776,443,567	$	776,443,567	$	—	$	—
Other Financial Instruments***
Futures Contracts	$	437,073	$	437,073	$	—	$	—
Total Assets — Other Financial Instruments	$	437,073	$	437,073	$	—	$	—

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

See Notes to Financial Statements.

20

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2011 (Unaudited)

	Conservative Allocation Fund		Balanced Allocation Fund		Growth Allocation Fund		Aggressive Allocation Fund
Assets
Investments in securities of affiliated issuers, at value (1)	$	274,450,980	$	1,161,618,274	$	871,578,573	$	776,443,567
Cash collateral for derivatives		357,900		2,474,600		1,149,400		1,227,000
Receivables:
Dividends		59		324		130		121
Investment securities sold		—		4,745		2,893		2,128
Fund shares sold		47,688		24,960		15,392		—
Variation margin		47,598		248,130		115,294		159,830
Prepaid expenses and other assets		21,300		28,599		24,105		22,588
Total Assets		274,925,525		1,164,399,632		872,885,787		777,855,234
Liabilities
Payables:
Fund shares redeemed		135,594		400,091		276,020		16,761
Accrued expenses:
Investment advisory fees		8,594		81,454		57,787		50,059
Other expenses		25,508		54,976		42,954		35,292
Total Liabilities		169,696		536,521		376,761		102,112
Net Assets	$	274,755,829	$	1,163,863,111	$	872,509,026	$	777,753,122
Net Assets Consist of:
Paid-in-capital	$	248,217,595	$	1,054,205,751	$	796,885,782	$	719,703,707
Undistributed net investment income		1,568,184		9,329,247		4,127,991		2,097,595
Undistributed net realized gain on investments and futures transactions		2,216,797		2,199,613		10,153,447		11,470,299
Net unrealized appreciation (depreciation) on investments and futures		22,753,253		98,128,500		61,341,806		44,481,521
Net Assets	$	274,755,829	$	1,163,863,111	$	872,509,026	$	777,753,122
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the GS4 Class	$	274,755,829	$	1,163,863,111	$	872,509,026	$	777,753,122
GS4 shares outstanding		22,491,384		91,957,601		67,450,362		62,141,862
Net asset value, offering and redemption price per GS4 share	$	12.22	$	12.66	$	12.94	$	12.52
__________ (1) Investments in securities of affiliated issuers, at cost	$	251,903,929	$	1,064,776,167	$	810,581,718	$	732,399,119

See Notes to Financial Statements.

21

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2011 (Unaudited)

	Conservative Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Investment Income
Income dividends received from affiliated funds	$	1,644,886		$	7,717,127		$	4,388,660		$	2,553,165
Interest		143			102,041			36,762			1,482
Total Investment Income		1,645,029			7,819,168			4,425,422			2,554,647
Expenses
Investment advisory fees		134,824			583,064			438,530			392,505
Transfer agent fees:
GS4 shares		17,274			30,248			22,778			21,047
Custodian fees		5,613			13,815			12,143			9,546
Accounting and administration fees		11,110			33,892			26,556			24,021
Professional fees		23,827			23,827			23,827			23,827
Blue sky fees:
GS4 shares		11,615			13,797			13,144			11,942
Shareholder reporting fees:
GS4 shares		9,927			24,884			18,796			16,909
Trustee expenses		991			4,056			3,035			2,651
Line of credit facility fees		1,571			6,516			4,885			4,366
Other expenses		7,729			8,826			8,835			8,300
Total Expenses		224,481			742,925			572,529			515,114
Expenses waived/reimbursed(1)		(64,640	)		(57,097	)		(56,675	)		(55,665	)
Net Expenses		159,841			685,828			515,854			459,449
Net investment income		1,485,188			7,133,340			3,909,568			2,095,198
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		294,101			550,053			329,084			214,016
Net realized gain (loss) on investment securities of affiliated issuers		(506,024	)		3,470,224			6,109,173			5,586,820
Net realized gain on investment securities of unaffiliated issuers		16			128,932			54,256			96
Net realized gain on futures transactions		128,794			1,082,908			904,995			1,098,340
Net realized gain (loss)		(83,113	)		5,232,117			7,397,508			6,899,272
Change in unrealized appreciation on investment securities of affiliated issuers		6,059,533			36,112,872			33,649,984			37,047,376
Change in unrealized appreciation on investment securities of unaffiliated issuers		(38	)		(66,003	)		(20,061	)		(403	)
Change in unrealized appreciation on futures		147,631			830,880			(63,292	)		(48,602	)
Net change in unrealized appreciation		6,207,126			36,877,749			33,566,631			36,998,371
Net Realized and Unrealized Gain		6,124,013			42,109,866			40,964,139			43,897,643
Net Increase in Net Assets Resulting from Operations	$	7,609,201		$	49,243,206		$	44,873,707		$	45,992,841

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

See Notes to Financial Statements.

22

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23

STATEMENTS OF CHANGES IN NET ASSETS

	Conservative Allocation Fund						Balanced Allocation Fund
	For the Six Months Ended 06/30/11			For the Year Ended 12/31/10			For the Six Months Ended 06/30/11			For the Year Ended 12/31/10
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	1,485,188		$	4,501,021		$	7,133,340		$	22,182,168
Net realized gain (loss) on investment securities and futures transactions		(83,113	)		6,404,018			5,232,117			10,625,849
Net change in unrealized appreciation (depreciation) on investment securities and futures		6,207,126			9,213,337			36,877,749			94,062,971
Net increase in net assets resulting from operations		7,609,201			20,118,376			49,243,206			126,870,988
Dividends and Distributions to Shareholders:
Dividends from net investment income(1)		(22	)		(5,905,990	)		—			(30,794,116	)
Distributions from net realized capital gains		—			(1,420,226	)		—			—
Total dividends and distributions		(22	)		(7,326,216	)		—			(30,794,116	)
Capital Share Transactions:
Proceeds from GS4 shares sold		20,139,444			37,177,857			33,652,460			44,223,390
Reinvestment of dividends and distributions into GS4 shares		22			7,320,019			—			30,789,666
Value of GS4 shares redeemed		(14,985,470	)		(80,047,873	)		(40,013,418	)		(183,100,371	)
Net increase (decrease) from capital share transactions(2)		5,153,996			(35,549,997	)		(6,360,958	)		(108,087,315	)
Total increase (decrease) in net assets		12,763,175			(22,757,837	)		42,882,248			(12,010,443	)
Net Assets:
Beginning of Period		261,992,654			284,750,491			1,120,980,863			1,132,991,306
End of Period*	$	274,755,829		$	261,992,654		$	1,163,863,111		$	1,120,980,863
*Including undistributed net investment income	$	1,568,184		$	83,018		$	9,329,247		$	2,195,907

(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.

See Notes to Financial Statements.

24

Growth Allocation Fund						Aggressive Allocation Fund
For the Six Months Ended 06/30/11			For the Year Ended 12/31/10			For the Six Months Ended 06/30/11			For the Year Ended 12/31/10
(Unaudited)						(Unaudited)
$	3,909,568		$	11,875,862		$	2,095,198		$	6,606,095
	7,397,508			14,704,282			6,899,272			10,815,244
	33,566,631			78,912,409			36,998,371			85,563,361
	44,873,707			105,492,553			45,992,841			102,984,700
	—			(17,932,584	)		177			(6,611,145	)
	—			(5,229,092	)		—			(7,518,944	)
	—			(23,161,676	)		177			(14,130,089	)
	15,886,700			28,291,186			14,282,653			34,506,419
	—			23,159,991			(177	)		14,129,316
	(30,177,465	)		(132,666,304	)		(28,015,366	)		(121,731,738	)
	(14,290,765	)		(81,215,127	)		(13,732,890	)		(73,096,003	)
	30,582,942			1,115,750			32,260,128			15,758,608
	841,926,084			840,810,334			745,492,994			729,734,386
$	872,509,026		$	841,926,084		$	777,753,122		$	745,492,994
$	4,127,991		$	218,423		$	2,097,595		$	2,220

See Notes to Financial Statements.

25

FINANCIAL HIGHLIGHTS (Unaudited)

For a Share Outstanding For the Years Ending December 31, unless otherwise indicated																									Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(3)			Expenses, Gross(3)(4)			Investment Income, Net (1)(5)			Portfolio Turnover Rate
Conservative Allocation Fund
GS4 Class
2011(6)	$	11.87	$	0.07	#	$	0.01		$	0.27		$	—	†	$	—		$	12.22		2.95	%	$	274,756		0.12	%		0.17	%		1.11	%		3	%
2010		11.39		0.18	#		0.08			0.56			(0.27	)		(0.07	)		11.87		7.19			261,993		0.12			0.15			1.57			19
2009		10.33		0.26	#		—	†		1.44			(0.26	)		(0.38	)		11.39		16.58			284,750		0.12			0.16			2.37			32
2008		13.02		0.42	#		0.03			(2.17	)		(0.42	)		(0.55	)		10.33		(13.11	)		246,617		0.12			0.15			3.36			17
2007		13.15		0.43	#		0.21			0.21			(0.44	)		(0.54	)		13.02		6.48			313,829		0.13			0.16			3.13			13
2006		12.94		0.40	#		0.17			0.20			(0.41	)		(0.15	)		13.15		5.99			308,802		0.13			0.18			3.08			9
Balanced Allocation Fund
GS4 Class
2011(6)	$	12.12	$	0.08	#	$	0.01		$	0.45		$	—		$	—		$	12.66		4.46	%	$	1,163,863		0.12	%		0.13	%		1.25	%		3	%
2010		11.14		0.23	#		0.09			1.00			(0.34	)		—			12.12		11.87			1,120,981		0.12			0.12			1.95			17
2009		9.20		0.26	#		0.05			1.97			(0.27	)		(0.07	)		11.14		25.05			1,132,991		0.12			0.13			2.58			19
2008		14.13		0.39	#		0.13			(3.99	)		(0.43	)		(1.03	)		9.20		(24.41	)		905,743		0.12			0.13			3.05			19
2007		14.61		0.41	#		0.48			0.16			(0.48	)		(1.05	)		14.13		7.16			1,348,204		0.13			0.13			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			0.14			2.44			7
Growth Allocation Fund
GS4 Class
2011(6)	$	12.28	$	0.06	#	$	—	†	$	0.60		$	—		$	—		$	12.94		5.37	%	$	872,509		0.12	%		0.13	%		0.91	%		10	%
2010		11.11		0.16	#		0.05			1.31			(0.27	)		(0.08	)		12.28		13.65			841,926		0.12			0.13			1.43			8
2009		8.86		0.18	#		0.02			2.25			(0.15	)		(0.05	)		11.11		27.96			840,810		0.12			0.13			1.88			11
2008		15.34		0.28	#		0.13			(5.50	)		(0.29	)		(1.10	)		8.86		(32.98	)		667,769		0.12			0.13			2.15			13
2007		16.05		0.30	#		0.78			0.07			(0.43	)		(1.43	)		15.34		7.16			1,095,092		0.13			0.13			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			0.14			1.66			7
Aggressive Allocation Fund
GS4 Class
2011(6)	$	11.79	$	0.03	#	$	—	†	$	0.70		$	—	†	$	—		$	12.52		6.19	%	$	777,753		0.12	%		0.13	%		0.55	%		11	%
2010		10.43		0.10	#		—	†		1.48			(0.10	)		(0.12	)		11.79		15.16			745,493		0.12			0.13			0.91			1
2009		8.13		0.10	#		—	†		2.38			(0.10	)		(0.08	)		10.43		30.82			729,734		0.12			0.14			1.17			3
2008		16.31		0.16	#		0.12			(7.01	)		(0.14	)		(1.31	)		8.13		(41.05	)		547,313		0.12			0.13			1.21			7
2007		17.23		0.17	#		1.11			(0.04	)		(0.36	)		(1.80	)		16.31		7.17			1,000,850		0.13			0.13			0.94			2
2006		16.28		0.15	#		0.88			1.13			(0.28	)		(0.93	)		17.23		13.20			1,031,999		0.13			0.14			0.90			4

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

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

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

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

(4) The ratio excludes expenses waived/reimbursed net of amount recaptured.

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

(6) For the six months ended June 30, 2011. 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.

26

CONSERVATIVE ALLOCATION FUND I SCHEDULE OF INVESTMENTS June 30, 2011 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (GS2 Class)¥		3,447,726	$	3,447,726
GuideStone Low-Duration Bond Fund (GS2 Class)¥		5,052,168		44,206,469
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		1,051,794		11,180,576
GuideStone Equity Index Fund (GS2 Class)¥		90,514		799,241
GuideStone Value Equity Fund (GS2 Class)¥		667,527		5,019,806
GuideStone Growth Equity Fund (GS2 Class)¥		409,721		5,162,480
GuideStone Small Cap Equity Fund (GS2 Class)¥		114,070		1,219,410
GuideStone International Equity Fund (GS2 Class)¥		490,697		5,324,065
Total Mutual Funds (Cost $72,377,094)				76,359,773
TOTAL INVESTMENTS — 99.9% (Cost $72,377,094)				76,359,773
Other Assets in Excess of Liabilities — 0.1%				108,716
NET ASSETS — 100.0%			$	76,468,489

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Bond Funds		72.4
Domestic Equity Funds		16.0
International Equity Fund		7.0
Money Market Fund		4.5
Futures Contracts		4.2
		104.1

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	76,359,773	$	76,359,773	$	—	$	—
Total Assets — Investments in Securities	$	76,359,773	$	76,359,773	$	—	$	—
Other Financial Instruments***
Futures Contracts	$	62,816	$	62,816	$	—	$	—
Total Assets — Other Financial Instruments	$	62,816	$	62,816	$	—	$	—

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

See Notes to Financial Statements.

27

BALANCED ALLOCATION FUND I SCHEDULE OF INVESTMENTS June 30, 2011 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.8%
GuideStone Money Market Fund (GS2 Class)¥		17,410,328	$	17,410,328
GuideStone Low-Duration Bond Fund (GS2 Class)¥		5,858,439		51,261,342
GuideStone Medium-Duration Bond Fund (GS2 Class)¥		10,119,822		74,380,692
GuideStone Extended-Duration Bond Fund (GS2 Class)¥		4,356,357		29,536,104
GuideStone Global Bond Fund (GS4 Class)¥		1,727,088		17,409,048
GuideStone Equity Index Fund (GS2 Class)¥		828,445		7,315,170
GuideStone Value Equity Fund (GS2 Class)¥		6,389,477		48,048,864
GuideStone Growth Equity Fund (GS2 Class)¥		3,892,195		49,041,662
GuideStone Small Cap Equity Fund (GS2 Class)¥		1,115,930		11,929,296
GuideStone International Equity Fund (GS2 Class)¥		4,804,881		52,132,957
Total Mutual Funds (Cost $355,231,035)				358,465,463
TOTAL INVESTMENTS — 99.8% (Cost $355,231,035)				358,465,463
Other Assets in Excess of Liabilities — 0.2%				615,483
NET ASSETS — 100.0%			$	359,080,946

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Bond Funds		48.1
Domestic Equity Funds		32.4
International Equity Fund		14.5
Money Market Fund		4.8
Futures Contracts		4.6
		104.4

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	358,465,463	$	358,465,463	$	—	$	—
Total Assets — Investments in Securities	$	358,465,463	$	358,465,463	$	—	$	—
Other Financial Instruments***
Futures Contracts	$	355,754	$	355,754	$	—	$	—
Total Assets — Other Financial Instruments	$	355,754	$	355,754	$	—	$	—

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

See Notes to Financial Statements.

28

GROWTH ALLOCATION FUND I SCHEDULE OF INVESTMENTS June 30, 2011 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.9%
GuideStone Money Market Fund (GS2 Class)¥		4,804,246	$	4,804,246
GuideStone Low-Duration Bond Fund (GS2 Class)¥		1,980,452		17,328,951
GuideStone Medium-Duration Bond Fund (GS2 Class)¥		3,381,903		24,856,986
GuideStone Extended-Duration Bond Fund (GS2 Class)¥		1,430,382		9,697,987
GuideStone Global Bond Fund (GS4 Class)¥		580,945		5,855,930
GuideStone Equity Index Fund (GS2 Class)¥		838,912		7,407,596
GuideStone Value Equity Fund (GS2 Class)¥		6,887,194		51,791,701
GuideStone Growth Equity Fund (GS2 Class)¥		4,161,545		52,435,464
GuideStone Small Cap Equity Fund (GS2 Class)¥		1,188,794		12,708,207
GuideStone International Equity Fund (GS2 Class)¥		5,186,414		56,272,595
Total Mutual Funds (Cost $249,968,941)				243,159,663
TOTAL INVESTMENTS — 99.9% (Cost $249,968,941)				243,159,663
Other Assets in Excess of Liabilities — 0.1%				326,221
NET ASSETS — 100.0%			$	243,485,884

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Domestic Equity Funds		51.1
Bond Funds		23.7
International Equity Fund		23.1
Futures Contracts		2.0
Money Market Fund		2.0
		101.9

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	243,159,663	$	243,159,663	$	—	$	—
Total Assets — Investments in Securities	$	243,159,663	$	243,159,663	$	—	$	—
Other Financial Instruments***
Futures Contracts	$	109,452	$	109,452	$	—	$	—
Total Assets — Other Financial Instruments	$	109,452	$	109,452	$	—	$	—

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

See Notes to Financial Statements.

29

AGGRESSIVE ALLOCATION FUND I SCHEDULE OF INVESTMENTS June 30, 2011 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.8%
GuideStone Money Market Fund (GS2 Class)¥		2,112,171	$	2,112,171
GuideStone Equity Index Fund (GS2 Class)¥		743,144		6,561,965
GuideStone Value Equity Fund (GS2 Class)¥		6,094,779		45,832,737
GuideStone Growth Equity Fund (GS2 Class)¥		3,723,528		46,916,448
GuideStone Small Cap Equity Fund (GS2 Class)¥		1,052,820		11,254,643
GuideStone International Equity Fund (GS2 Class)¥		4,615,091		50,073,738
Total Mutual Funds (Cost $174,123,599)				162,751,702
TOTAL INVESTMENTS — 99.8% (Cost $174,123,599)				162,751,702
Other Assets in Excess of Liabilities — 0.2%				294,442
NET ASSETS — 100.0%			$	163,046,144

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Domestic Equity Funds		67.8
International Equity Fund		30.7
Futures Contracts		1.5
Money Market Fund		1.3
		101.3

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Mutual Funds	$	162,751,702	$	162,751,702	$	—	$	—
Total Assets — Investments in Securities	$	162,751,702	$	162,751,702	$	—	$	—
Other Financial Instruments***
Futures Contracts	$	71,026	$	71,026	$	—	$	—
Total Assets — Other Financial Instruments	$	71,026	$	71,026	$	—	$	—

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

See Notes to Financial Statements.

30

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2011 (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 (1)	$	76,359,773		$	358,465,463		$	243,159,663		$	162,751,702
Cash collateral for derivatives		106,400			718,550			327,950			286,000
Receivables:
Dividends		133			667			269			157
Investment securities sold		—			—			—			1,583
Fund shares sold		8,557			42,558			1,049			427
Variation margin		14,090			70,484			33,959			24,510
Receivable from advisor		1,682			—			—			—
Prepaid expenses and other assets		3,029			3,029			3,029			3,029
Total Assets		76,493,664			359,300,751			243,525,919			163,067,408
Liabilities
Payables:
Fund shares redeemed		18,350			178,814			10,463			2,327
Accrued expenses:
Investment advisory fees		—			30,237			19,938			10,467
Other expenses		6,825			10,754			9,634			8,470
Total Liabilities		25,175			219,805			40,035			21,264
Net Assets	$	76,468,489		$	359,080,946		$	243,485,884		$	163,046,144
Net Assets Consist of:
Paid-in-capital	$	78,653,614		$	381,285,073		$	260,140,244		$	184,419,045
Undistributed net investment income		1,330,258			10,046,268			3,850,667			3,415,654
Accumulated net realized loss on investments and futures transactions		(7,560,878	)		(35,840,577	)		(13,805,201	)		(13,487,684	)
Net unrealized appreciation (depreciation) on investments and futures		4,045,495			3,590,182			(6,699,826	)		(11,300,871	)
Net Assets	$	76,468,489		$	359,080,946		$	243,485,884		$	163,046,144
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the GS2 Class	$	76,468,489		$	359,080,946		$	243,485,884		$	163,046,144
GS2 shares outstanding		7,887,947			35,655,814			22,911,214			14,702,546
Net asset value, offering and redemption price per GS2 share	$	9.69		$	10.07		$	10.63		$	11.09

⁽¹⁾       Investments in securities of affiliated issuers, at cost $ 72,377,094 $ 355,231,035 $ 249,968,941 $ 174,123,599

See Notes to Financial Statements.

31

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2011 (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	$	660,377		$	4,672,089		$	2,453,491		$	1,150,380
Interest		—			25,070			8,663			—
Total Investment Income		660,377			4,697,159			2,462,154			1,150,380
Expenses
Investment advisory fees		36,957			179,561			121,333			82,239
Transfer agent fees:
GS2 Shares		1,880			1,905			1,878			1,875
Custodian fees		2,318			9,029			6,963			6,010
Accounting and administration fees		5,826			13,263			10,132			8,056
Professional fees		23,827			23,827			23,827			23,827
Blue sky fees:
GS2 Shares		1,208			1,208			1,208			1,208
Shareholder reporting fees		68			91			62			57
Trustee expenses		255			1,224			813			551
Line of credit facility fees		398			1,954			1,293			869
Other expenses		7,616			8,154			7,542			7,617
Total Expenses		80,353			240,216			175,051			132,309
Expenses waived/reimbursed net of amount recaptured(1)		(25,406	)		—			—			(8,286	)
Net expenses		54,947			240,216			175,051			124,023
Net Investment Income		605,430			4,456,943			2,287,103			1,026,357
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		86,131			378,432			192,090			85,461
Net realized loss on investment securities of affiliated issuers		(466,124	)		(5,047,342	)		(2,411,778	)		(1,797,697	)
Net realized gain on investment securities of unaffiliated issuers		—			43,854			9,332			2
Net realized gain on futures transactions		(15,367	)		169,504			164,228			166,549
Net realized loss		(395,360	)		(4,455,552	)		(2,046,128	)		(1,545,685	)
Change in unrealized appreciation on investment securities of affiliated issuers		1,817,348			15,105,800			12,263,915			10,246,580
Change in unrealized appreciation on investment securities of unaffiliated issuers		—			(11,599	)		(3,886	)		(35	)
Change in unrealized appreciation on futures		62,816			297,766			58,764			9,682
Net change in unrealized appreciation		1,880,164			15,391,967			12,318,793			10,256,227
Net Realized and Unrealized Gain		1,484,804			10,936,415			10,272,665			8,710,542
Net Increase in Net Assets Resulting from Operations	$	2,090,234		$	15,393,358		$	12,559,768		$	9,736,899

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

See Notes to Financial Statements.

32

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33

STATEMENTS OF CHANGES IN NET ASSETS

	Conservative Allocation Fund I						Balanced Allocation Fund I
	For the Six Months Ended 06/30/11			For the Year Ended 12/31/10			For the Six Months Ended 06/30/11			For the Year Ended 12/31/10
	(Unaudited)						(Unaudited)
Operations:
Net investment income	$	605,430		$	1,702,970		$	4,456,943		$	11,905,320
Net realized loss on investment securities and futures transactions		(395,360	)		(676,355	)		(4,455,552	)		(3,548,295	)
Net change in unrealized appreciation (depreciation) on investment securities and futures		1,880,164			3,826,228			15,391,967			30,022,672
Net increase in net assets resulting from operations		2,090,234			4,852,843			15,393,358			38,379,697
Dividends to Shareholders:
Dividends from net investment income(1)		—			(2,200,764	)		—			(15,332,084	)
Total dividends		—			(2,200,764	)		—			(15,332,084	)
Capital Share Transactions:
Proceeds from GS2 shares sold		7,002,293			11,578,089			11,583,394			20,143,207
Reinvestment of dividends and distributions into GS2 shares		—			2,196,344			—			15,298,336
Value of GS2 shares redeemed		(4,549,554	)		(8,731,188	)		(15,384,835	)		(37,676,116	)
Net increase (decrease) from capital share transactions(2)		2,452,739			5,043,245			(3,801,441	)		(2,234,573	)
Total increase in net assets		4,542,973			7,695,324			11,591,917			20,813,040
Net Assets:
Beginning of Period		71,925,516			64,230,192			347,489,029			326,675,989
End of Period*	$	76,468,489		$	71,925,516		$	359,080,946		$	347,489,029
*Including undistributed net investment income	$	1,330,258		$	724,828		$	10,046,268		$	5,589,325

(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.

See Notes to Financial Statements.

34

Growth Allocation Fund I						Aggressive Allocation Fund I
For the Six Months Ended 06/30/11			For the Year Ended 12/31/10			For the Six Months Ended 06/30/11			For the Year Ended 12/31/10
(Unaudited)						(Unaudited)
$	2,287,103		$	5,592,851		$	1,026,357		$	2,390,609
	(2,046,128	)		(2,107,102	)		(1,545,685	)		(3,843,054	)
	12,318,793			24,894,782			10,256,227			22,255,533
	12,559,768			28,380,531			9,736,899			20,803,088
	—			(6,706,135	)		—			(2,510,802	)
	—			(6,706,135	)		—			(2,510,802	)
	6,186,700			12,756,146			3,705,943			8,533,321
	—			6,685,451			—			2,509,149
	(8,817,701	)		(16,618,041	)		(7,706,769	)		(15,288,566	)
	(2,631,001	)		2,823,556			(4,000,826	)		(4,246,096	)
	9,928,767			24,497,952			5,736,073			14,046,190
	233,557,117			209,059,165			157,310,071			143,263,881
$	243,485,884		$	233,557,117		$	163,046,144		$	157,310,071
$	3,850,667		$	1,563,564		$	3,415,654		$	2,389,297

See Notes to Financial Statements.

35

FINANCIAL HIGHLIGHTS (Unaudited)

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

																									Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net(3)			Expenses, Gross(3)(4)			Investment Income, Net (1)(5)			Portfolio Turnover Rate
Conservative Allocation Fund I
GS2 Class
2011(6)	$	9.42	$	0.08	#	$	0.01		$	0.18		$	—		$	—		$	9.69		2.87	%	$	76,468		0.15	%		0.22	%		1.65	%		7	%
2010		9.06		0.23	#		0.10			0.33			(0.30	)		—			9.42		7.25			71,926		0.15			0.20			2.50			12
2009		8.00		0.32	#		—	†		1.05			(0.31	)		—			9.06		17.13			64,230		0.15			0.23			3.70			35
2008		9.86		0.49			0.03			(1.81	)		(0.39	)		(0.18	)		8.00		(12.98	)		54,317		0.15			0.22			5.21			25
2007		10.05		0.50			0.23			(0.07	)		(0.54	)		(0.31	)		9.86		6.55			67,231		0.16			0.22			4.77			25
2006		10.15		0.46			0.19			(0.02	)		(0.49	)		(0.24	)		10.05		6.21			57,188		0.17			0.30			4.53			16
Balanced Allocation Fund I
GS2 Class
2011(6)	$	9.64	$	0.12	#	$	0.01		$	0.30		$	—		$	—		$	10.07		4.46	%	$	359,081		0.14	%		0.14	%		2.53	%		4	%
2010		9.00		0.33	#		0.15			0.60			(0.44	)		—			9.64		12.04			347,489		0.13			0.13			3.56			19
2009		7.53		0.37	#		0.08			1.46			(0.44	)		—			9.00		25.28			326,676		0.14			0.14			4.46			20
2008		11.07		0.51	#		0.17			(3.38	)		(0.42	)		(0.42	)		7.53		(24.26	)		260,123		0.14			0.14			5.16			23
2007		11.35		0.55	#		0.66			(0.38	)		(0.62	)		(0.49	)		11.07		7.32			353,793		0.16			0.14			4.62			12
2006		11.32		0.46	#		0.45			0.09			(0.50	)		(0.47	)		11.35		8.85			262,451		0.17			0.18			3.93			13
Growth Allocation Fund I
GS2 Class
2011(6)	$	10.08	$	0.10	#	$	0.01		$	0.44		$	—		$	—		$	10.63		5.46	%	$	243,486		0.15	%		0.15	%		1.92	%		4	%
2010		9.13		0.24	#		0.07			0.94			(0.30	)		—			10.08		13.68			233,557		0.14			0.14			2.60			13
2009		7.35		0.26	#		0.04			1.78			(0.30	)		—			9.13		28.22			209,059		0.15			0.15			3.28			13
2008		12.53		0.39	#		0.16			(4.69	)		(0.34	)		(0.70	)		7.35		(32.82	)		161,815		0.15			0.14			3.65			18
2007		12.96		0.41			0.92			(0.37	)		(0.58	)		(0.81	)		12.53		7.40			251,579		0.16			0.15			3.20			9
2006		12.62		0.34			0.73			0.35			(0.44	)		(0.64	)		12.96		11.21			187,536		0.17			0.20			2.73			9
Aggressive Allocation Fund I
GS2 Class
2011(6)	$	10.44	$	0.07	#	$	0.01		$	0.57		$	—		$	—		$	11.09		6.23	%	$	163,046		0.15	%		0.16	%		1.27	%		3	%
2010		9.21		0.16	#		—	†		1.24			(0.17	)		—			10.44		15.23			157,310		0.15			0.16			1.67			5
2009		7.20		0.16	#		—	†		2.06			(0.21	)		—			9.21		30.87			143,264		0.15			0.17			2.10			5
2008		14.07		0.24	#		0.14			(6.15	)		—			(1.10	)		7.20		(40.87	)		109,556		0.15			0.16			2.08			10
2007		14.56		0.27			1.37			(0.56	)		(0.52	)		(1.05	)		14.07		7.38			198,847		0.16			0.15			1.81			7
2006		14.01		0.21			1.09			0.57			(0.36	)		(0.96	)		14.56		13.33			142,218		0.17			0.21			1.47			8

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

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

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

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

(4) The ratio excludes expenses waived/reimbursed net of amount recaptured.

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

(6) For the six months ended June 30, 2011. 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.

36

MONEY MARKET FUND SCHEDULE OF INVESTMENTS June 30, 2011 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 5.6%
Federal Home Loan Bank
0.11%, 07/15/11†	$	10,000,000	$	9,998,739
Federal Home Loan Mortgage Corporation
0.13%, 07/05/11†		10,000,000		9,991,869
0.16%, 07/05/11†		10,000,000		9,996,921
0.15%, 07/18/11†		6,000,000		5,998,476
Federal National Mortgage Association
0.10%, 07/11/11†		12,697,000		12,696,732
0.22%, 07/20/11†		7,000,000		6,997,911
0.18%, 07/26/11†		11,000,000		10,997,647
0.20%, 07/27/11		10,000,000		9,998,592
Total Agency Obligations (Cost $76,676,887)				76,676,887
CERTIFICATES OF DEPOSIT — 20.5%
Bank of Montreal CHI
0.27%, 07/25/11†		14,000,000		14,000,000
0.24%, 07/29/11†		6,000,000		6,000,000
Bank of Tokyo Mitsubishi UFJ, Ltd.
0.30%, 08/02/11		20,000,000		20,000,000
0.23%, 08/22/11		25,000,000		25,000,000
BNP Paribas SA NY
0.32%, 09/02/11		12,000,000		12,000,000
Canadian Imperial Bank of Commerce NY
0.24%, 07/18/11†		8,295,000		8,295,000
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA NY
0.28%, 07/15/11†		12,000,000		12,000,000
Deutsche Bank AG NY
0.26%, 07/05/11†		10,000,000		10,000,000
National Australia Bank NY
0.27%, 07/11/11†		10,000,000		10,000,000
0.28%, 07/11/11†		20,000,000		20,000,000
Rabobank Nederlad NV NY
0.34%, 10/05/11		16,000,000		16,000,000
Royal Bank of Canada NY
0.30%, 07/08/11†		5,000,000		5,000,000
0.25%, 08/31/11†		13,000,000		13,000,000
Societe Generale NY
0.28%, 07/12/11		15,000,000		15,000,046
0.26%, 08/23/11†		3,500,000		3,500,000
0.27%, 10/03/11†		3,000,000		3,000,000
Toronto Dominion Bank NY
0.27%, 07/12/11†		6,500,000		6,500,000
0.33%, 09/06/11		7,000,000		7,000,000
UBS AG Stamford
0.23%, 07/18/11†		7,500,000		7,500,000
0.35%, 10/13/11		20,000,000		20,000,000
Westpac Banking Corporation NY
0.27%, 07/05/11†		15,000,000		15,000,000
0.29%, 07/05/11†		10,000,000		9,999,693
0.30%, 07/18/11†		22,000,000		22,000,000
Total Certificates of Deposit (Cost $280,794,739)				280,794,739
COMMERCIAL PAPER — 47.9%
Alpine Securitization
0.25%, 07/05/11		15,713,000		15,712,563
Atlantis One Funding Corporation
0.14%, 07/07/11		15,000,000		14,999,650
Bank of Nova Scotia
0.04%, 07/05/11		30,000,000		29,999,867
Barclays Funding Corporation
0.27%, 07/18/11		8,000,000		7,998,980
BPCE SA
0.23%, 08/11/11		16,149,000		16,144,770
0.28%, 08/16/11		25,000,000		24,991,215
0.26%, 08/24/11		10,571,000		10,566,877
Commonwealth Bank of Australia
0.32%, 10/06/11		15,000,000		14,999,543
Credit Agricole North America, Inc.
0.25%, 07/25/11		30,000,000		29,995,000
0.26%, 09/02/11		14,000,000		13,993,630
Deutsche Bank Financial LLC
0.01%, 07/01/11		16,066,000		16,066,000
DnB NOR Bank ASA
0.27%, 07/05/11		15,000,000		14,999,550
Fairway Finance Corporation
0.10%, 07/05/11		10,000,000		9,999,889
0.23%, 09/02/11		15,000,000		15,000,000
0.21%, 11/04/11		23,000,000		23,000,000
Fortis Funding LLC
0.36%, 09/06/11		15,000,000		14,989,950
Gotham Funding
0.17%, 07/11/11		10,000,000		9,999,528
ING Funding LLC
0.11%, 07/06/11		25,000,000		24,999,618
0.30%, 11/10/11		9,500,000		9,489,550
Kells Funding LLC
0.36%, 02/10/12		13,000,000		13,000,000
0.35%, 03/01/12		10,000,000		10,000,000
0.28%, 03/08/12		10,000,000		10,000,000
Metlife Short Term Fund
0.24%, 07/25/11		26,100,000		26,095,824
0.24%, 10/03/11		20,000,000		19,987,467
Mont Blanc Capital Corporation
0.07%, 07/01/11		11,000,000		11,000,000
0.12%, 07/05/11		5,000,000		4,999,933
Nieuw Amsterdam Receivables Corporation
0.00%, 07/06/11		10,000,000		9,999,632
0.12%, 07/06/11		12,000,000		11,999,800
Regency Markets No. 1 LLC
0.15%, 07/15/11		23,966,000		23,964,602
0.17%, 07/18/11		10,500,000		10,499,157
Scaldis Capital LLC
0.26%, 07/26/11		15,000,000		14,997,292
0.25%, 07/27/11		15,000,000		14,997,292
0.25%, 08/05/11		20,000,000		19,995,139
Solitaire Funding LLC
0.24%, 08/10/11		20,000,000		19,994,667
0.22%, 09/07/11		7,865,000		7,861,731
0.21%, 09/16/11		16,000,000		15,992,813
Sumitomo Mitsui Banking Corporation
0.26%, 07/11/11		15,000,000		14,998,917
0.29%, 08/12/11		15,000,000		14,995,012
0.28%, 08/19/11		10,000,000		9,996,189
Surrey Funding Corporation
0.21%, 08/10/11		10,000,000		9,997,667

See Notes to Financial Statements.

37

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Sydney Capital Corporation
0.30%, 08/12/11	$	15,000,000	$	14,994,750
Thunder Bay Funding LLC
0.13%, 07/18/11		20,000,000		19,998,772
Victory Receivables Corporation
0.23%, 07/12/11		10,000,000		9,999,297
Total Commercial Paper (Cost $658,312,133)				658,312,133
CORPORATE BONDS — 3.5%
Royal Bank Scotland PLC
0.52%, 09/19/11		24,000,000		24,000,000
Sumitomo Mitsui Banking Corporation NY
0.17%, 07/05/11		9,000,000		9,000,000
0.16%, 07/08/11		15,000,000		15,000,000
Total Corporate Bonds (Cost $48,000,000)				48,000,000
MUNICIPAL BONDS — 14.5%
California Housing Finance Agency, Multi-Family III, Series E Revenue Bond (LOC-Fannie Mae, Freddie Mac)
0.07%, 07/07/11†		10,900,000		10,900,000
California Housing Finance Agency, Series D Revenue Bond
0.08%, 07/07/11†		14,600,000		14,600,000
California Pollution Control Financing Authority, Series E Pollution Control Revenue Bonds (LOC-Bank One N.A.)
0.03%, 07/01/11†		5,800,000		5,800,000
California Statewide Communities Development Authority, Hallmark House Apartments, Series ZZ Revenue Bond
0.09%, 07/07/11†		6,420,000		6,420,000
California Statewide Communities Development Authority, Kimberly Woods Apartments, Series B Revenue Bond
0.09%, 07/07/11†		17,100,000		17,100,000
City of Chicago Wastewater Transmission, Series C-1 Revenue Bond
0.04%, 07/01/11†		4,000,000		4,000,000
City of Philadelphia, Series 2009B General Obligation Bond (LOC-Wachovia Bank N.A.)
0.06%, 07/07/11†		10,000,000		10,000,000
Connecticut State Health & Educational Facilities Authority, Series K2 Yale-New Haven Hospital Revenue Bond (LOC-JPMorgan Chase Bank)
0.05%, 07/07/11†		12,805,000		12,805,000
Los Angeles Community Redevelopment Agency, Hollywood & Vine Apartments, Series A Revenue Bonds
0.08%, 07/07/11†		10,000,000		10,000,000
Maryland Department of Housing and Community Development Administration, Multifamily Barrington Apartments Project Revenue Bond Series A
0.09%, 07/07/11†		27,575,000		27,575,000
New York City Housing Development Corporation, Series A Multi-Family Housing (155 West 21st Street) Revenue Bond
0.07%, 07/07/11†		3,100,000		3,100,000
New York City Housing Development Corporation, Series A Multi-Family Housing (90 West Street) Revenue Bond
0.07%, 07/07/11†		6,000,000		6,000,000
New York City Housing Development Corporation, Series A Multi-Family Housing Revenue Bond
0.07%, 07/07/11†		3,000,000		3,000,000
New York City Industrial Development Agency, New York Law School Project, Series A Revenue Bond (LOC-JPMorgan Chase Bank)
0.06%, 07/07/11†		8,000,000		8,000,000
New York City Municipal Water Finance Authority, Series B-1 Water and Sewer System Revenue Bond
0.06%, 07/07/11†		6,800,000		6,800,000
New York Housing Finance Agency, Biltmore Tower Housing Project, Series A Revenue Bond
0.07%, 07/07/11†		4,000,000		4,000,000
New York State Housing Finance Agency, Series 2001-A The Victory Housing Revenue Bond
0.07%, 07/07/11†		2,700,000		2,700,000
New York State Housing Finance Agency, Series A 10 Barclay Street Housing Revenue Bond
0.07%, 07/07/11†		10,000,000		10,000,000
Pennsylvania Higher Educational Facilties Authority, Thomas Jefferson University, Series B Revenue Bond
0.07%, 07/07/11†		4,900,000		4,900,000
Sacramento Housing Authority, Multifamily Housing The Lofts at Natomas Apartments Revenue Bond Series F
0.09%, 07/07/11†		10,190,000		10,190,000

See Notes to Financial Statements.

38

	Par		Value
State of Texas, Veterans’ Housing Assistance Program, Series A-2 General Obligation Bond
0.15%, 07/07/11†	$	7,700,000	$	7,700,000
Wisconsin Housing & Economic Development Authority, Series B Home Ownership Revenue Bond
0.07%, 07/07/11†		8,500,000		8,500,000
Wisconsin Housing & Economic Development Authority, Series D Home Ownership Revenue Bond
0.19%, 07/07/11†		5,350,000		5,350,000
Total Municipal Bonds (Cost $199,440,000)				199,440,000
U.S. TREASURY OBLIGATIONS — 6.8%
U.S. Treasury Notes
1.00%, 09/30/11D		13,000,000		13,025,631
1.00%, 10/31/11D		20,000,000		20,059,504
4.63%, 10/31/11		20,000,000		20,289,271
0.75%, 11/30/11D		40,000,000		40,091,222
Total U.S. Treasury Obligations (Cost $93,465,628)				93,465,628
VARIABLE RATE OBLIGATIONS — 1.2%
KBC Bank NV NY
1.90%, 07/01/11†		6,690,000		6,690,000
Royal Bank of Canada NY
0.25%, 07/01/11†		10,000,000		10,000,000
Total Variable Rate Obligations (Cost $16,690,000)				16,690,000
	Shares
MONEY MARKET FUND — 3.8%
Northern Institutional Liquid Assets Portfolio§ (Cost $51,917,671)		51,917,671		51,917,671
TOTAL INVESTMENTS — 103.8% (Cost $1,425,297,058)				1,425,297,058
Liabilities in Excess of Other Assets — (3.8)%				(51,742,066	)
NET ASSETS — 100.0%			$	1,373,554,992

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Commercial Paper		47.9
Certificates of Deposit		20.5
Municipal Bonds		14.5
U.S. Treasury Obligations		6.8
Agency Obligations		5.6
Money Market Fund		3.8
Corporate Bonds		3.5
Variable Rate Obligations		1.2
		103.8

See Notes to Financial Statements.

39

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations	$	76,676,887	$	—	$	76,676,887	$	—
Certificates of Deposit		280,794,739		—		280,794,739		—
Commercial Paper		658,312,133		—		658,312,133		—
Corporate Bonds		48,000,000		—		48,000,000		—
Money Market Funds		51,917,671		51,917,671		—		—
Municipal Bonds		199,440,000		—		199,440,000		—
U.S. Treasury Obligations		93,465,628		—		93,465,628		—
Variable Rate Obligations		16,690,000		—		16,690,000		—
Total Assets — Investments in Securities	$	1,425,297,058	$	51,917,671	$	1,373,379,387	$	—

See Notes to Financial Statements.

40

LOW-DURATION BOND FUND SCHEDULE OF INVESTMENTS June 30, 2011 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 1.4%
Federal Farm Credit Bank
1.38%, 06/25/13	$	1,150,000	$	1,171,621
Federal Home Loan Bank
0.04%, 07/13/11		5,900,000		5,899,902
5.38%, 06/13/14		895,000		1,010,639
Federal National Mortgage Association
5.25%, 08/01/12		1,580,000		1,662,571
Small Business Administration
6.95%, 11/01/16		309,451		338,730
Total Agency Obligations (Cost $9,874,266)				10,083,463
ASSET-BACKED SECURITIES — 8.5%
AmeriCredit Automobile Receivables Trust
1.39%, 09/18/15		500,000		501,863
2.33%, 03/08/16		580,000		581,450
Asset-Backed Securities Corporation Home Equity
0.46%, 09/25/34†		100,868		90,958
Bank of America Auto Trust
2.67%, 07/15/13 144A		589,178		593,156
Bear Stearns Asset-Backed Securities Trust
0.24%, 11/25/36†		113,855		109,462
1.19%, 10/25/37†		1,022,467		630,261
0.38%, 01/25/47†		876,975		835,494
BNC Mortgage Loan Trust
0.31%, 11/25/36†		880,113		838,784
0.25%, 03/25/37†		772,811		720,702
Bumper 2 SA
2.59%, 05/20/26(E)†		1,100,000		1,597,988
Capital One Multi-Asset Execution Trust
0.32%, 08/15/14†		2,000,000		2,000,160
Cars Alliance Funding PLC
1.39%, 10/08/23(E)†		340,532		492,259
CenterPoint Energy Transition Bond Co., LLC
4.97%, 08/01/14		1,090,271		1,112,818
Citibank Omni Master Trust
2.29%, 05/16/16 144A†		2,875,000		2,909,604
4.90%, 11/15/18 144A		630,000		681,725
Conseco Financial Corporation
6.04%, 11/01/29		16,443		16,627
CSAB Mortgage Backed Trust
5.72%, 09/25/36 STEP		784,146		547,935
Daimler Chrysler Auto Trust
5.28%, 03/08/13		1,295,763		1,315,831
DT Auto Owner Trust
4.36%, 12/15/16 144A		405,000		405,544
FHLMC Structured Pass-Through Securities
0.45%, 08/25/31†		843,816		819,243
First Investors Auto Owner Trust
3.40%, 03/15/16 144A		700,000		707,138
Ford Credit Auto Owner Trust
2.17%, 10/15/13		1,722,619		1,737,948
2.98%, 08/15/14		1,255,000		1,295,575
Globaldrive BV
4.00%, 10/20/16(E)		1,075,978		1,571,892
2.03%, 04/20/19(E)†		790,000		1,145,625
GSR Mortgage Loan Trust
2.79%, 09/25/35		699,630		664,951
Hyundai Capital Auto Funding, Ltd.
1.19%, 09/20/16 144A†		1,460,000		1,450,449
IFC SBA Loan-Backed Adjustable Rate Certificate
1.25%, 01/15/24 144A†		170,000		126,254
Magnolia Funding, Ltd.
3.00%, 04/20/17 144A(E)		676,416		983,942
MBNA Credit Card Master Note Trust
1.39%, 02/20/14(E)†		715,000		1,035,676
Penarth Master Issuer PLC
0.85%, 05/18/15 144A†		610,000		609,655
PG&E Energy Recovery Funding LLC
4.37%, 06/25/14		179,070		182,883
Residential Asset Mortgage Products, Inc.
0.31%, 12/25/36†		476,454		468,413
Santander Consumer Acquired Receivables Trust
1.40%, 10/15/14 144A		1,980,000		1,989,966
1.66%, 08/15/16 144A		903,054		903,324
2.01%, 08/15/16 144A		820,116		820,116
Santander Drive Auto Receivables Trust
1.01%, 07/15/13 144A		940,000		941,030
1.37%, 08/15/13 144A		1,293,654		1,297,219
3.11%, 05/16/16 144A		420,000		422,568
3.10%, 05/15/17 144A		1,002,563		1,003,816
2.06%, 06/15/17 144A		405,102		404,508
2.86%, 06/15/17 144A		448,697		448,129
3.35%, 06/15/17 144A		650,000		649,417
SLC Student Loan Trust
0.40%, 01/15/19†		856,680		837,958
SLM Student Loan Trust
0.27%, 07/25/17†		1,063,647		1,055,963
1.84%, 12/15/17 144A†		923,219		929,568
1.57%, 01/25/18†		3,975,000		4,083,518
0.45%, 06/15/21†		1,329,947		1,297,180
0.65%, 03/15/22†		906,205		882,268
0.38%, 10/25/24†		750,000		730,924
6.19%, 07/15/42 144A†		5,730,223		5,455,397
3.50%, 08/17/43 144A†		3,816,393		3,823,317
3.44%, 05/16/44 144A†		1,954,519		2,056,837
Soundview Home Equity Loan Trust
1.04%, 08/25/31†		582,349		569,658
Structured Asset Securities Corporation
1.69%, 04/25/35†		953,612		763,456
0.24%, 10/25/36†		21,170		21,117
Turbo Finance
2.48%, 01/20/19(U)†		1,151,027		1,850,119
TXU Electric Delivery Transition Bond Co. LLC
4.81%, 11/17/14		1,070,709		1,108,907
Wells Fargo Home Equity Trust
0.28%, 04/25/37†		535,681		518,516
Total Asset-Backed Securities (Cost $63,980,694)				63,647,061

See Notes to Financial Statements.

41

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
CORPORATE BONDS — 24.6%
3M Co.
4.50%, 11/01/11	$	590,000	$	598,551
AEP Texas Central Transition Funding LLC
4.98%, 07/01/15		1,911,227		1,984,241
AES Corporation
7.75%, 03/01/14		375,000		406,875
Agilent Technologies, Inc.
4.45%, 09/14/12		610,000		632,006
2.50%, 07/15/13D		810,000		825,134
5.50%, 09/14/15		310,000		343,591
Airgas, Inc.
2.85%, 10/01/13		1,440,000		1,477,122
Allstate Corporation
6.20%, 05/16/14		300,000		339,744
American Airlines Pass Through Trust
5.25%, 07/31/22D		620,000		606,050
American Express Bank FSB
5.50%, 04/16/13D		1,015,000		1,086,307
American Express Credit Corporation
1.10%, 06/24/14†		920,000		921,891
American Honda Finance Corporation
2.38%, 03/18/13 144A		300,000		305,823
American International Group, Inc.
1.51%, 07/19/13(E)†		400,000		558,887
3.75%, 11/30/13 144A		400,000		409,502
3.65%, 01/15/14D		1,610,000		1,641,540
8.25%, 08/15/18 144A		1,350,000		1,551,321
AvalonBay Communities, Inc.
6.13%, 11/01/12		317,000		337,427
BAE Systems Holdings, Inc.
6.40%, 12/15/11 144A		1,420,000		1,457,487
Bank of America Corporation
5.38%, 09/11/12D		800,000		838,731
4.90%, 05/01/13		400,000		421,571
4.50%, 04/01/15		1,240,000		1,297,534
5.65%, 05/01/18		1,200,000		1,266,986
Bank of New York Mellon Corporation
4.30%, 05/15/14		790,000		854,539
BB&T Corporation
3.38%, 09/25/13D		400,000		417,199
0.97%, 04/28/14†D		310,000		310,694
Berkshire Hathaway Finance Corporation
4.00%, 04/15/12		500,000		514,066
Best Buy Co., Inc.
3.75%, 03/15/16		500,000		502,932
Boston Scientific Corporation
4.50%, 01/15/15D		700,000		738,663
6.40%, 06/15/16		156,000		175,895
Broadcom Corporation
1.50%, 11/01/13 144A		520,000		521,508
Brocade Communications Systems Inc
6.63%, 01/15/18		910,000		964,600
Burlington Northern Santa Fe LLC
6.75%, 07/15/11D		600,000		601,001
7.00%, 02/01/14D		365,000		415,757
Cadbury Schweppes US Finance LLC
5.13%, 10/01/13 144A		1,000,000		1,083,809
Capital One Financial Corporation
6.25%, 11/15/13D		1,210,000		1,332,819
CareFusion Corporation
4.13%, 08/01/12		1,720,000		1,773,305
Case New Holland, Inc.
7.75%, 09/01/13		550,000		598,125
Caterpillar Financial Services Corporation
5.75%, 02/15/12		575,000		594,033
2.00%, 04/05/13D		540,000		551,977
Cellco Partnership/Verizon Wireless Capital LLC
5.25%, 02/01/12		2,585,000		2,653,210
5.55%, 02/01/14		400,000		441,159
CenterPoint Energy, Inc.
6.85%, 06/01/15		710,000		820,080
CenturyLink, Inc.
5.50%, 04/01/13D		790,000		831,093
Charter Communications Operating LLC
8.00%, 04/30/12 144A		850,000		888,250
Chesapeake Energy Corporation
7.63%, 07/15/13D		1,100,000		1,204,500
Cisco Systems, Inc.
1.63%, 03/14/14		1,630,000		1,646,991
Citigroup, Inc.
5.30%, 10/17/12		275,000		288,702
1.11%, 02/15/13†D		730,000		727,498
2.26%, 08/13/13†		700,000		713,545
6.00%, 12/13/13		300,000		326,370
Coca-Cola Enterprises, Inc.
1.13%, 11/12/13		780,000		779,711
ConocoPhillips
4.75%, 10/15/12		1,000,000		1,052,790
4.75%, 02/01/14		400,000		436,724
Constellation Energy Group, Inc.
4.55%, 06/15/15		582,000		619,930
Consumers Energy Co.
5.38%, 04/15/13		475,000		510,412
Corn Products International, Inc.
3.20%, 11/01/15		200,000		204,185
COX Communications, Inc.
7.13%, 10/01/12		420,000		450,599
5.45%, 12/15/14		1,310,000		1,461,194
Crown Castle Towers LLC
4.52%, 01/15/35 144A		1,300,000		1,359,825
CSC Holdings LLC
8.50%, 04/15/14		550,000		611,875
CSX Corporation
5.75%, 03/15/13		1,225,000		1,318,570
CVS Caremark Corporation
5.75%, 08/15/11		975,000		980,633
Daimler Finance NA LLC
7.30%, 01/15/12		350,000		362,231
1.95%, 03/28/14 144AD		1,120,000		1,129,985
Danaher Corporation
1.30%, 06/23/14D		300,000		300,043
DIRECTV Holdings LLC
4.75%, 10/01/14		680,000		744,906

See Notes to Financial Statements.

42

	Par		Value
Domtar Corporation
7.13%, 08/15/15	$	980,000	$	1,100,050
Dow Chemical Co.
4.85%, 08/15/12		1,500,000		1,567,110
Dr Pepper Snapple Group, Inc.
1.70%, 12/21/11		620,000		623,656
DTE Energy Co.
0.96%, 06/03/13†		630,000		632,043
eBay, Inc.
0.88%, 10/15/13		330,000		329,448
Eli Lilly & Co.
3.55%, 03/06/12D		200,000		204,406
Enterprise Products Operating LLC
6.13%, 02/01/13		1,005,000		1,076,137
6.38%, 02/01/13		750,000		805,254
5.65%, 04/01/13		1,030,000		1,105,274
EOG Resources, Inc.
1.02%, 02/03/14†		2,900,000		2,929,786
Equifax, Inc.
4.45%, 12/01/14		140,000		150,151
ERAC USA Finance LLC
2.75%, 07/01/13 144A		370,000		377,655
2.25%, 01/10/14 144A		330,000		333,494
Exelon Generation Co. LLC
5.35%, 01/15/14		808,000		875,049
Express Scripts, Inc.
5.25%, 06/15/12		550,000		572,339
FDIC Structured Sale Guaranteed Notes
0.00%, 10/25/12 144AW		1,700,000		1,675,059
0.00%, 10/25/13 144AW		2,300,000		2,231,540
Florida Power Corporation
6.65%, 07/15/11		600,000		600,935
Ford Motor Credit Co., LLC
7.50%, 08/01/12D		3,000,000		3,142,458
7.00%, 10/01/13D		550,000		589,147
Freeport-McMoRan Copper & Gold, Inc.
8.38%, 04/01/17D		1,512,000		1,653,753
Frontier Communications Corporation
6.25%, 01/15/13		830,000		870,462
General Electric Capital Corporation
1.13%, 01/15/13†D		700,000		706,282
1.88%, 09/16/13D		200,000		202,392
1.14%, 01/07/14†		2,800,000		2,818,040
5.90%, 05/13/14		460,000		511,358
3.75%, 11/14/14		660,000		699,168
6.50%, 09/15/67 144A(U)†		200,000		317,781
Genzyme Corporation
3.63%, 06/15/15		395,000		418,545
Georgia Power Co.
1.30%, 09/15/13		720,000		725,138
Georgia-Pacific LLC
8.25%, 05/01/16 144A		910,000		1,031,980
Gilead Sciences, Inc.
1.63%, 05/01/16 144AD		540,000		628,425
Goldman Sachs Group, Inc.
1.27%, 02/07/14†D		910,000		903,138
6.00%, 05/01/14		139,000		152,578
3.70%, 08/01/15D		350,000		356,729
1.78%, 05/23/16(E)†D		2,900,000		3,986,270
Hartford Financial Services Group, Inc.
4.00%, 03/30/15D		320,000		330,159
Hartford Life Institutional Funding
5.38%, 01/17/12(U)		900,000		1,471,336
HCP, Inc.
2.70%, 02/01/14D		210,000		213,160
Health Care REIT, Inc.
6.00%, 11/15/13		540,000		585,980
Hewlett-Packard Co.
4.25%, 02/24/12		486,000		497,781
Host Hotels & Resorts LP
6.75%, 06/01/16		850,000		881,875
Hyundai Capital America
3.75%, 04/06/16 144A		190,000		190,789
Icahn Enterprises LP
7.75%, 01/15/16D		600,000		618,750
International Business Machines Corporation
2.10%, 05/06/13D		1,250,000		1,282,438
1.00%, 08/05/13D		700,000		702,374
Interpublic Group of Cos.
6.25%, 11/15/14		700,000		778,750
Jabil Circuit, Inc.
7.75%, 07/15/16D		500,000		556,250
JB Hunt Transport Services, Inc.
3.38%, 09/15/15		550,000		556,038
John Deere Capital Corporation
1.60%, 03/03/14		1,520,000		1,538,050
JPMorgan Chase & Co.
5.38%, 10/01/12		300,000		317,113
4.75%, 05/01/13D		325,000		346,123
3.15%, 07/05/16D		661,000		665,809
KeyCorp
3.75%, 08/13/15		360,000		372,002
Kraft Foods, Inc.
6.00%, 02/11/13D		950,000		1,024,752
2.63%, 05/08/13		230,000		236,729
5.25%, 10/01/13D		230,000		250,068
Lehman Brothers Holdings, Inc.
6.63%, 01/18/12#		600,000		159,750
6.75%, 12/28/17#		2,600,000		3,900
6.88%, 05/02/18#		2,400,000		657,000
Life Technologies Corporation
3.38%, 03/01/13D		1,140,000		1,174,039
4.40%, 03/01/15		600,000		636,481
3.50%, 01/15/16		800,000		819,080
Lincoln National Corporation
4.30%, 06/15/15		1,210,000		1,275,328
Macy’s Retail Holdings, Inc.
5.75%, 07/15/14		780,000		861,880
Merrill Lynch & Co., Inc.
6.05%, 08/15/12		400,000		421,198
5.45%, 02/05/13D		1,500,000		1,591,796
5.00%, 01/15/15		2,700,000		2,860,477
MetLife, Inc.
2.38%, 02/06/14		290,000		295,701
Metropolitan Life Global Funding I
2.88%, 09/17/12 144A		2,225,000		2,274,524
1.04%, 01/10/14 144A†		1,000,000		1,000,505
Microsoft Corporation
2.95%, 06/01/14		900,000		951,809

See Notes to Financial Statements.

43

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
MidAmerican Energy Co.
5.13%, 01/15/13	$	515,000	$	547,315
MidAmerican Energy Holdings Co.
5.88%, 10/01/12		550,000		583,416
Morgan Stanley
6.60%, 04/01/12D		885,000		924,481
1.25%, 04/29/13†		1,010,000		1,008,708
6.00%, 05/13/14		755,000		822,828
6.00%, 04/28/15		400,000		433,998
Nabors Industries, Inc.
6.15%, 02/15/18D		1,650,000		1,826,586
9.25%, 01/15/19		2,300,000		2,919,496
National Rural Utilities Cooperative Finance Corporation
1.13%, 11/01/13		330,000		330,413
NBCUniversal Media LLC
2.10%, 04/01/14 144A		1,560,000		1,581,742
3.65%, 04/30/15 144A		550,000		577,967
NCUA Guaranteed Notes
1.40%, 06/12/15		1,180,000		1,181,664
New York Life Global Funding
0.56%, 04/04/14 144A†D		1,600,000		1,601,746
NextEra Energy Capital Holdings, Inc.
5.63%, 09/01/11		475,000		478,601
2.55%, 11/15/13		750,000		767,120
Nissan Motor Acceptance Corporation
3.25%, 01/30/13 144A		580,000		593,020
Nova Chemicals Corporation
8.38%, 11/01/16		1,250,000		1,381,250
Novartis Capital Corporation
4.13%, 02/10/14		210,000		226,455
Novus USA Trust 2010-1
1.51%, 11/18/11 144A†		840,000		834,797
Omnicare, Inc.
6.88%, 12/15/15		600,000		617,250
Oracle Corporation
3.75%, 07/08/14D		970,000		1,040,649
Overseas Private Investment Corporation
0.76%, 07/12/12W		2,100,000		2,541,185
5.75%, 04/15/14W		1,600,000		2,080,288
Owens Corning, Inc.
6.50%, 12/01/16		750,000		816,995
PACCAR Financial Corporation
0.64%, 04/05/13†		550,000		553,361
Pfizer, Inc.
3.63%, 06/03/13(E)		100,000		148,293
Praxair, Inc.
1.75%, 11/15/12		330,000		334,648
Procter & Gamble Co.
3.50%, 02/15/15D		200,000		213,627
Prudential Financial, Inc.
3.63%, 09/17/12D		945,000		970,429
2.75%, 01/14/13		650,000		663,560
Regions Financial Corporation
4.88%, 04/26/13D		1,665,000		1,680,028
Reynolds Group
8.50%, 10/15/16 144A		1,250,000		1,309,375
SanDisk Corporation
1.50%, 08/15/17D		580,000		616,250
SBA Tower Trust
4.25%, 04/15/15 144A		510,000		537,047
Simon Property Group LP REIT
4.20%, 02/01/15		140,000		149,054
Southeast Supply Header LLC
4.85%, 08/15/14 144A		945,000		1,008,813
Southwest Airlines Co.
10.50%, 12/15/11 144A		800,000		830,750
Sprint Capital Corporation
8.38%, 03/15/12D		1,000,000		1,045,000
SPX Corporation
7.63%, 12/15/14		785,000		871,350
Steel Dynamics, Inc.
6.75%, 04/01/15		1,250,000		1,281,250
SteelRiver Transmission Co., LLC
4.71%, 06/30/17 144A		622,692		632,917
Stryker Corporation
3.00%, 01/15/15D		450,000		468,488
Suntrust Bank
0.95%, 06/22/12(U)		560,000		883,584
TD Ameritrade Holding Corporation
4.15%, 12/01/14		660,000		699,399
Teck Resources, Ltd.
3.15%, 01/15/17		346,000		346,660
Tesoro Corporation
6.63%, 11/01/15		860,000		883,650
Teva Pharmaceutical Finance III BV
1.70%, 03/21/14		300,000		301,863
Teva Pharmaceutical Finance III LLC
1.50%, 06/15/12		800,000		807,709
Texas Instruments, Inc.
0.88%, 05/15/13		680,000		681,712
Thermo Fisher Scientific, Inc.
2.15%, 12/28/12		370,000		376,938
Time Warner Cable, Inc.
6.20%, 07/01/13		985,000		1,080,967
7.50%, 04/01/14		540,000		622,502
Time Warner, Inc.
3.15%, 07/15/15		290,000		300,193
Toyota Motor Credit Corporation
1.38%, 08/12/13		750,000		755,539
Union Bank NA
2.13%, 12/16/13		790,000		794,787
1.20%, 06/06/14†		3,000,000		3,000,033
Union Pacific Corporation
6.13%, 01/15/12		365,000		375,293
United Air Lines, Inc.
9.75%, 01/15/17		849,024		970,009
10.40%, 05/01/18		878,210		995,627
US Bancorp
1.38%, 09/13/13		720,000		723,648
Verizon Global Funding Corporation
6.88%, 06/15/12D		445,000		470,874
Vornado Realty LP REIT
4.25%, 04/01/15D		700,000		727,168
Wachovia Bank NA
4.80%, 11/01/14		360,000		385,078

See Notes to Financial Statements.

44

	Par		Value
Wachovia Corporation
5.30%, 10/15/11	$	394,000	$	399,255
Wells Fargo & Co.
3.68%, 06/15/16		725,000		745,659
Western Corporate Federal Credit Union
1.75%, 11/02/12		1,875,000		1,905,133
Windstream Corporation
8.13%, 08/01/13		550,000		599,500
WM Wrigley Jr Co.
3.70%, 06/30/14 144A		1,420,000		1,476,374
Xerox Corporation
1.08%, 05/16/14†		2,900,000		2,916,440
XTO Energy, Inc.
6.25%, 04/15/13D		600,000		657,154
Total Corporate Bonds (Cost $184,092,967)				183,342,036
FOREIGN BONDS — 21.4%
Australia — 0.8%
Asciano Finance, Ltd.
3.13%, 09/23/15 144AD		620,000		612,331
Australia & New Zealand Banking Group, Ltd.
0.53%, 06/18/12 144A†		1,575,000		1,577,093
Commonwealth Bank of Australia
2.13%, 03/17/14 144A		850,000		859,576
National Australia Bank, Ltd.
0.77%, 01/08/13 144A†		930,000		933,632
Westfield Capital
5.13%, 11/15/14 144A		730,000		795,893
Westpac Banking Corporation
2.25%, 11/19/12		620,000		632,046
Woodside Finance, Ltd.
4.50%, 11/10/14 144A		490,000		525,399
				5,935,970
Bermuda — 0.2%
Ingersoll-Rand Global Holding Co., Ltd.
9.50%, 04/15/14		880,000		1,057,322
Qtel International Finance, Ltd.
6.50%, 06/10/14 144A		660,000		733,425
				1,790,747
Brazil — 0.4%
Banco Bradesco SA
2.36%, 05/16/14 144A†		520,000		526,952
Banco do Brasil SA
4.50%, 01/22/15 144A		680,000		712,300
Banco do Nordeste do Brasil SA
3.63%, 11/09/15 144A		710,000		701,125
Brazilian Government International Bond
10.25%, 06/17/13D		280,000		331,100
Cia de Eletricidade do Estado Da Bahia
11.75%, 04/27/16(B) 144A		1,200,000		824,656
				3,096,133
Canada — 7.6%
Barrick Gold Corporation
1.75%, 05/30/14 144A		1,665,000		1,669,391
2.90%, 05/30/16		410,000		411,362
Caisse Centrale Desjardinsdu Quebec
1.70%, 09/16/13 144A		1,320,000		1,328,233
Canadian Government Bond
1.50%, 03/01/12(C)		20,700,000		21,510,229
2.00%, 08/01/13(C)		5,200,000		5,435,886
2.50%, 09/01/13(C)		6,700,000		7,074,163
2.25%, 08/01/14(C)		5,200,000		5,448,934
Canadian Imperial Bank of Commerce
2.00%, 02/04/13 144A		6,560,000		6,685,742
CDP Financial, Inc.
3.00%, 11/25/14 144A		735,000		765,193
Devon Financing Corporation ULC
6.88%, 09/30/11D		1,570,000		1,593,696
Manulife Financial Corporation
3.40%, 09/17/15		975,000		1,006,114
Province of Manitoba
1.38%, 04/28/14		1,000,000		1,009,948
Province of Ontario
1.88%, 11/19/12D		775,000		789,291
Rogers Communications, Inc.
6.25%, 06/15/13		1,300,000		1,426,404
6.38%, 03/01/14		320,000		359,123
TransCanada PipeLines, Ltd.
3.40%, 06/01/15D		360,000		378,245
				56,891,954
Cayman Islands — 0.3%
China Resources Land, Ltd.
4.63%, 05/19/16		750,000		742,975
IPIC GMTN, Ltd.
3.13%, 11/15/15 144AD		330,000		328,350
Petrobras International Finance Co.
3.88%, 01/27/16		1,190,000		1,217,748
				2,289,073
Chile — 0.7%
Banco Santander Chile
1.88%, 01/19/16 144A†		2,500,000		2,470,815
Celulosa Arauco y Constitucion SA
5.63%, 04/20/15D		1,260,000		1,364,315
Chile Government International Bond
5.50%, 01/15/13		300,000		320,100
Corp Nacional del Cobre de Chile
4.75%, 10/15/14 144A		960,000		1,034,004
				5,189,234
Denmark — 0.2%
Danske Bank A/S
1.33%, 04/14/14 144A†D		950,000		950,785
FIH Erhvervsbank A/S
2.45%, 08/17/12 144A		450,000		459,632
				1,410,417
France — 2.0%
Banque PSA Finance
3.50%, 01/17/14(E)		550,000		792,219
2.15%, 04/04/14 144A†		2,000,000		1,997,872

See Notes to Financial Statements.

45

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
BPCE SA
2.02%, 02/07/14 144A†	$	2,300,000	$	2,315,819
Dexia Credit Local
0.75%, 04/29/14 144A†		2,300,000		2,293,006
2.75%, 04/29/14 144A		1,400,000		1,420,957
RCI Banque SA
2.16%, 04/07/15(E)†		900,000		1,294,195
Sanofi-Aventis SA
0.45%, 03/28/13†		910,000		912,331
1.63%, 03/28/14D		510,000		516,277
Total Capital SA
3.00%, 06/24/15D		2,800,000		2,915,828
Veolia Environnement SA
5.25%, 06/03/13		520,000		557,778
				15,016,282
Germany — 0.4%
Deutsche Bank AG
5.38%, 10/12/12		2,600,000		2,743,796
India — 0.1%
ICICI Bank, Ltd.
5.50%, 03/25/15 144AD		395,000		415,151
Ireland — 0.4%
DanFin Funding, Ltd.
0.98%, 07/16/13 144A†		2,800,000		2,800,608
Italy — 0.6%
Intesa Sanpaolo SpA
2.66%, 02/24/14 144A†D		2,900,000		2,895,102
Telecom Italia SpA
1.97%, 12/06/12(E)†		900,000		1,292,970
				4,188,072
Jersey — 0.1%
BAA Funding, Ltd.
3.98%, 02/15/12(E)		600,000		877,832
Luxembourg — 0.6%
Covidien International Finance SA
5.45%, 10/15/12		1,165,000		1,233,260
1.88%, 06/15/13		570,000		580,008
Gazprom Via Gaz Capital SA
9.25%, 04/23/19D		2,300,000		2,883,625
				4,696,893
Mexico — 0.6%
America Movil SAB de CV
5.50%, 03/01/14		852,000		937,041
3.63%, 03/30/15D		200,000		210,592
Mexico Government International Bond
6.38%, 01/16/13		760,000		822,700
Petroleos Mexicanos
4.88%, 03/15/15		1,250,000		1,359,375
5.50%, 01/21/21		1,400,000		1,474,900
				4,804,608
Netherlands — 1.0%
Achmea Hypotheekbank NV
3.20%, 11/03/14 144A		1,500,000		1,575,648
ING Bank NV
1.30%, 03/15/13 144A†D		880,000		882,025
LeasePlan Corporation NV
3.00%, 05/07/12 144A		300,000		306,730
Nederlandse Waterschapsbank NV
4.63%, 07/25/11(E)		1,000,000		1,453,280
Shell International Finance BV
1.88%, 03/25/13		400,000		408,779
Volkswagen International Finance NV
0.70%, 10/01/12 144A†		1,700,000		1,705,088
0.86%, 04/01/14 144A†		1,200,000		1,205,062
				7,536,612
Norway — 0.3%
Eksportfinans ASA
5.00%, 02/14/12		1,125,000		1,156,739
Sparebank 1 Boligkreditt AS
1.25%, 10/25/13 144AD		370,000		369,831
Statoil ASA
2.90%, 10/15/14D		650,000		682,483
				2,209,053
Panama — 0.1%
Banco de Credito del Peru/Panama
4.75%, 03/16/16 144AD		930,000		925,350
Portugal — 0.4%
Obrigacoes do Tesouro
2.62%, 05/16/47(E)W		2,104,699		3,048,065
Qatar — 0.0%
Qatar Government International Bond
4.00%, 01/20/15		350,000		367,500
South Africa — 0.1%
South Africa Government International Bond
7.38%, 04/25/12		600,000		632,280
South Korea — 0.5%
Hyundai Capital Services, Inc.
4.38%, 07/27/16 144AD		2,900,000		2,977,085
Korea National Oil Corporation
2.88%, 11/09/15 144A		770,000		757,122
				3,734,207
Spain — 0.1%
Telefonica Emisiones SAU
2.58%, 04/26/13		710,000		717,660
Supranational — 0.2%
Asian Development Bank
3.38%, 05/20/14(K)		6,400,000		1,184,456
Sweden — 0.8%
Nordea Bank AB
1.18%, 01/14/14 144A†D		2,900,000		2,927,573
Stadshypotek AB
1.45%, 09/30/13 144A		2,900,000		2,920,512
				5,848,085
Switzerland — 0.2%
Credit Suisse NY
1.24%, 01/14/14†D		1,200,000		1,205,693
United Kingdom — 2.7%
Anglo American Capital PLC
2.15%, 09/27/13 144A		360,000		364,940
Barclays Bank PLC
4.25%, 10/27/11(E)		1,000,000		1,462,419

See Notes to Financial Statements.

46

	Par		Value
2.50%, 01/23/13	$	495,000	$	504,298
1.32%, 01/13/14†		580,000		582,167
2.38%, 01/13/14D		2,900,000		2,936,230
5.93%, 09/24/49 144A†		3,800,000		3,553,000
BP Capital Markets PLC
5.25%, 11/07/13D		1,900,000		2,059,724
HSBC Bank PLC
1.63%, 07/07/14 144A		650,000		649,571
Lloyds TSB Bank PLC
2.62%, 01/24/14†		3,240,000		3,287,498
National Grid PLC
1.68%, 01/18/12(E)†		850,000		1,232,878
Royal Bank of Scotland PLC
3.25%, 01/11/14		780,000		791,212
Standard Chartered Bank
0.66%, 11/16/11†		690,000		690,974
Vedanta Resources PLC
6.75%, 06/07/16 144A		750,000		750,900
Vodafone Group PLC
0.54%, 02/27/12†D		950,000		951,120
				19,816,931
Total Foreign Bonds (Cost $154,676,947)				159,372,662
MORTGAGE-BACKED SECURITIES — 23.6%
Adjustable Rate Mortgage Trust
4.88%, 03/25/37†		2,795,036		1,415,518
American Home Mortgage Investment Trust
2.28%, 10/25/34†		778,848		695,426
American Home Mortgage Assets
1.20%, 11/25/46†		1,165,312		540,148
Arkle Master Issuer PLC
1.53%, 02/17/52(E)†		1,080,000		1,552,949
1.41%, 05/17/60 144A†		4,260,000		4,243,373
Arran Residential Mortgages Funding PLC
1.46%, 05/16/47 144A†		1,438,211		1,438,676
0.31%, 09/16/56 144A†		948,324		938,827
0.89%, 09/16/56(U)†		864,321		1,369,903
1.55%, 09/16/56(E)†		1,736,190		2,489,979
1.55%, 09/20/56(E)†		520,444		752,971
Banc of America Commercial Mortgage, Inc.
3.88%, 09/11/36		298,145		299,226
5.80%, 06/10/49†		998,362		1,028,199
Banc of America Funding Corporation
5.78%, 01/20/47†		922,279		611,595
Banc of America Mortgage Securities, Inc.
6.50%, 10/25/31		165,566		167,906
Bear Stearns Adjustable Rate Mortgage Trust
3.07%, 01/25/34†		398,349		381,648
3.15%, 07/25/34†		691,159		639,632
3.02%, 10/25/34†		321,896		296,080
2.71%, 03/25/35†		1,259,597		1,179,538
Bear Stearns Alt-A Trust
0.93%, 11/25/34†		382,213		338,586
2.92%, 09/25/35†		613,279		444,495
Bear Stearns Commercial Mortgage Securities
0.30%, 03/15/19 144A†		935,105		933,004
Commercial Mortgage Pass-Through Certificates
6.10%, 07/16/34 144A		44,192		44,122
Countrywide Alternative Loan Trust
6.00%, 10/25/32		72,090		74,545
Countrywide Home Loan Mortgage Pass-Through Trust
0.73%, 02/25/35†		210,650		163,708
Credit Suisse First Boston Mortgage Securities Corporation
5.44%, 09/15/34		470,569		470,187
Deutsche ALT-A Securities, Inc.
5.87%, 10/25/36 STEP		699,244		414,463
5.89%, 10/25/36 STEP		699,244		415,021
Extended Stay America Trust
2.95%, 11/05/27 144A		3,575,912		3,555,838
Fannie Mae Grantor Trust
3.31%, 02/25/32		202,668		211,267
FDIC Structured Sale Guaranteed Notes
3.00%, 09/30/19 144A		1,151,180		1,157,956
0.91%, 12/04/20 144A†		2,371,715		2,383,574
3.25%, 04/25/38 144A		786,656		805,123
0.74%, 02/25/48 144A†		679,162		679,784
FDIC Trust
2.18%, 05/25/50 144A		1,490,526		1,488,569
Federal Home Loan Mortgage Corporation
5.00%, 01/01/19		493,188		530,569
5.00%, 02/01/19		508,884		547,485
10.75%, 02/01/19		48,900		49,337
5.00%, 12/01/19		1,008,785		1,090,600
5.50%, 05/01/22		3,263,313		3,537,890
6.00%, 11/01/22		724,764		793,798
2.72%, 07/01/27†		17,224		18,134
2.29%, 06/01/33†		1,431,544		1,487,957
2.50%, 10/01/34†		380,803		398,678
2.58%, 08/01/35†		1,119,694		1,176,774
2.74%, 10/01/35†		922,413		971,672
2.35%, 04/01/36†		847,402		893,025
5.50%, 12/01/37		1,335,455		1,445,885
5.50%, 05/01/38		2,920,793		3,159,579
5.50%, 02/01/40		871,789		943,062
Federal Home Loan Mortgage Corporation REMIC
5.38%, 09/15/11		341,144		342,579
0.54%, 12/15/30†		201,203		201,276
Federal Housing Authority
7.43%, 09/01/22		1,336		1,336
Federal National Mortgage Association
5.00%, 01/01/18		1,268,089		1,370,737
5.50%, 12/01/18		498,582		541,164
5.00%, 07/01/19		227,272		245,918
5.00%, 05/01/21		2,057,710		2,224,275
5.00%, 11/01/21		866,542		936,686
2.43%, 12/01/24†		51,610		52,176
9.00%, 05/01/25		62,778		73,715
9.00%, 07/01/25		67,584		80,326
5.00%, 03/01/26		3,448,571		3,727,722
3.50%, 07/01/26 TBA		7,000,000		7,126,875
3.00%, 07/16/26 TBA		3,000,000		2,980,314

See Notes to Financial Statements.

47

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
2.52%, 09/01/31†	$	55,054	$	57,828
5.50%, 10/01/32		924,160		1,006,357
2.13%, 04/01/33†		244,134		254,504
2.38%, 06/01/33†		244,909		251,945
2.81%, 10/01/33†		524,278		552,444
2.56%, 12/01/33†		169,371		177,383
2.64%, 09/01/34†		324,623		335,533
2.65%, 09/01/34†		393,074		405,890
2.43%, 10/01/34†		403,140		420,856
2.63%, 10/01/34†		514,654		538,625
2.98%, 09/01/35†		1,024,727		1,070,591
2.49%, 12/01/35†		63,008		66,087
4.50%, 07/13/40 TBA		20,300,000		21,000,979
0.54%, 06/01/41 TBA		1,900,000		1,900,589
1.50%, 07/01/44†		176,694		176,770
Federal National Mortgage Association REMIC
4.00%, 11/25/19		449,291		471,605
5.50%, 11/25/27		178,613		178,682
0.79%, 05/25/30†		1,047,334		1,047,754
0.84%, 05/25/30†		828,125		828,567
0.00%, 10/25/40 IO		5,839,753		1,121,626
FHLMC Multifamily Structured Pass-Through Certificates
2.23%, 07/25/13		848,635		857,611
3.61%, 06/25/14		1,095,000		1,143,644
FHLMC Structured Pass-Through Securities
1.19%, 05/25/43†		1,117,211		1,148,618
1.69%, 07/25/44†		1,792,168		1,747,084
First Horizon Alternative Mortgage Securities
2.34%, 06/25/34†		626,975		560,350
Fosse Master Issuer PLC
0.36%, 10/18/54†		139,490		139,442
GE Capital Commercial Mortgage Corporation
6.07%, 06/10/38		1,611,839		1,620,816
GMAC Commercial Mortgage Securities, Inc.
6.70%, 04/15/34		343,403		342,980
Government National Mortgage Association
3.38%, 06/20/17†		9,430		9,832
3.38%, 06/20/21†		5,540		5,776
2.13%, 10/20/27†		44,504		45,888
8.50%, 10/15/29		26,804		32,586
0.79%, 02/16/30†		170,755		171,263
8.50%, 03/15/30		3,496		4,256
8.50%, 04/15/30		11,704		12,998
8.50%, 05/15/30		132,532		151,709
8.50%, 06/15/30		6,801		8,280
8.50%, 07/15/30		60,428		73,562
8.50%, 08/15/30		17,334		21,104
8.50%, 09/15/30		2,139		2,605
8.50%, 11/15/30		14,692		17,887
8.50%, 12/15/30		32,022		38,985
8.50%, 02/15/31		18,634		22,717
5.16%, 06/16/31†		1,155,000		1,257,470
0.49%, 03/20/37†		2,294,035		2,280,644
0.49%, 05/20/37†		955,451		949,863
Gracechurch Mortgage Financing PLC
0.34%, 11/20/56 144A†		3,544,184		3,518,414
1.53%, 11/20/56(E)†		695,961		1,005,996
Granite Mortgages PLC
1.72%, 01/20/44(E)†		380,413		532,075
Greenpoint Mortgage Funding Trust
0.37%, 01/25/37†		929,894		545,905
0.46%, 11/25/45†		264,550		162,175
GSR Mortgage Loan Trust
2.91%, 09/25/34†		636,366		594,690
2.79%, 09/25/35†		1,769,652		1,681,935
HarborView Mortgage Loan Trust
2.95%, 12/19/35†		1,644,123		1,214,854
0.40%, 11/19/36†		1,977,986		1,248,358
Holmes Master Issuer PLC
0.36%, 07/15/21†		686,667		685,565
0.91%, 07/15/21(U)†		416,667		667,644
1.42%, 07/15/21(E)†		486,667		704,559
Indymac Index Mortgage Loan Trust
0.46%, 06/25/37†		726,321		139,218
0.38%, 09/25/46†		1,071,582		636,254
JP Morgan Mortgage Trust
5.01%, 02/25/35†		400,127		396,620
LB-UBS Commercial Mortgage Trust
6.37%, 12/15/28		303,539		303,519
Luminent Mortgage Trust
0.36%, 12/25/36†		1,142,060		705,390
MASTR Adjustable Rate Mortgages Trust
2.81%, 12/25/33†		526,430		471,069
Merrill Lynch Floating Trust
0.73%, 07/09/21 144A†		199,959		192,100
Merrill Lynch Mortgage Trust
5.24%, 11/12/35†		1,260,000		1,343,047
MLCC Mortgage Investors, Inc.
2.19%, 12/25/34†		920,558		898,712
2.08%, 02/25/36†		990,528		915,376
Morgan Stanley Capital I
5.36%, 12/15/44		1,190,348		1,223,297
Morgan Stanley Reremic Trust
2.50%, 02/23/51		1,400,000		1,395,844
NCUA Guaranteed Notes
0.56%, 11/06/17†		1,386,812		1,387,242
1.84%, 10/07/20		347,459		351,313
2.90%, 10/29/20		730,000		728,636
0.75%, 12/08/20†		4,103,476		4,126,866
0.72%, 03/09/21†		3,603,612		3,608,116
Opteum Mortgage Acceptance Corporation
0.47%, 11/25/35†		567,718		496,094
Permanent Master Issuer PLC
1.67%, 04/15/14(U)†		2,095,000		3,354,380
0.94%, 04/15/20(U)†		1,610,000		2,534,834
0.39%, 07/15/33†		830,000		822,140
Provident Funding Mortgage Loan Trust
2.65%, 04/25/34†		1,080,336		1,033,377
Residential Accredit Loans, Inc.
0.59%, 01/25/33†		273,682		262,351
Residential Asset Securitization Trust
0.49%, 05/25/35†		634,097		544,587

See Notes to Financial Statements.

48

	Par		Value
Residential Funding Mortgage Securities I
6.50%, 03/25/32	$	31,699	$	32,857
Salomon Brothers Mortgage Securities VII, Inc.
6.50%, 11/13/36		882,609		885,606
Silverstone Master Issuer PLC
1.67%, 01/21/55†		1,180,000		1,184,958
Structured Adjustable Rate Mortgage Loan Trust
2.62%, 08/25/34†		995,093		837,364
0.49%, 09/25/34†		179,615		134,136
Structured Asset Mortgage Investments, Inc.
2.13%, 10/19/34†		563,271		374,638
0.44%, 07/19/35†		155,926		108,398
0.47%, 02/25/36†		883,298		547,571
Structured Asset Securities Corporation
0.24%, 05/25/36†		31,440		31,047
Superannuation Members Home Loans Global Fund
1.55%, 06/12/40(E)†		984,714		1,384,075
TBW Mortgage Backed Pass-Through Certificates
6.02%, 07/25/37 STEP		623,208		338,542
Thornburg Mortgage Securities Trust
0.31%, 07/25/36†		518,456		510,545
0.29%, 03/25/37†		1,626,746		1,572,628
0.32%, 06/25/37†		825,102		803,009
0.31%, 10/25/46†		1,181,482		1,174,287
0.30%, 11/25/46†		1,700,479		1,679,221
TIAA Seasoned Commercial Mortgage Trust
5.58%, 08/15/39†		756,954		760,926
Wachovia Bank Commercial Mortgage Trust
4.04%, 02/15/35		150,320		150,176
Washington Mutual Alternative Mortgage Pass-Through Certificates
1.12%, 05/25/47†		937,394		239,961
Washington Mutual Mortgage Pass-Through Certificates
5.41%, 02/25/37†		963,515		631,814
5.55%, 05/25/37†		1,133,440		866,779
5.51%, 07/25/37†		2,639,043		1,780,634
1.68%, 06/25/42†		30,625		24,305
0.50%, 01/25/45†		1,040,236		841,679
0.51%, 08/25/45†		425,468		347,128
0.48%, 10/25/45†		445,628		364,810
1.26%, 06/25/46†		1,649,266		1,238,059
1.02%, 01/25/47†		939,519		524,999
Wells Fargo Mortgage-Backed Securities Trust
2.77%, 12/25/34†		1,041,047		1,030,826
Total Mortgage-Backed Securities (Cost $182,021,938)				175,937,495
MUNICIPAL BONDS — 2.9%
California State Public Works Board, California State University Projects, Series B-2 Revenue Bond
7.80%, 03/01/35		800,000		811,624
Chicago Transit Authority, Revenue Bond
6.90%, 12/01/40		1,300,000		1,386,073
Citizens Property Insurance Corporation High Risk Account, Series A-1 Revenue Bond
5.00%, 06/01/12		1,100,000		1,140,755
Dallas County Hospital District, Series B General Obligation Bond
6.17%, 08/15/34		1,300,000		1,376,388
Irvine Ranch Water District Joint Powers Agency, Revenue Bond, Escrowed to Maturity
2.61%, 03/15/14		2,800,000		2,911,440
Kentucky Asset/Liability Commission, Revenue Bond
3.17%, 04/01/18		700,000		700,651
North Texas Higher Education Authority, Taxable Student Loan Revenue Bond, Series 1
1.41%, 04/01/40†		500,000		501,235
State of California General Obligation Bond
5.10%, 08/01/14		170,000		178,136
5.00%, 11/01/32		1,300,000		1,293,162
7.50%, 04/01/34		1,600,000		1,811,200
5.65%, 04/01/39†		1,850,000		1,970,823
State of Illinois General Obligation Bond
2.77%, 01/01/12		1,820,000		1,829,974
3.32%, 01/01/13		5,500,000		5,607,470
Total Municipal Bonds (Cost $20,799,108)				21,518,931
U.S. TREASURY OBLIGATIONS — 9.7%
U.S. Treasury Bills
0.17%, 07/07/11		32,000		32,000
0.12%, 08/18/11‡‡		14,000		13,999
0.11%, 08/25/11‡‡		431,000		430,997
0.01%, 09/15/11‡‡		136,000		135,997
				612,993
U.S. Treasury Bonds
8.13%, 05/15/21		41,000		58,553
7.25%, 08/15/22D		51,000		69,512
7.63%, 11/15/22‡‡		117,000		164,001
				292,066
U.S. Treasury Inflationary Index Bonds
1.13%, 01/15/21D‡‡		1,700,000		1,816,253
U.S. Treasury Notes
1.75%, 11/15/11‡‡		500,000		503,144
0.50%, 11/30/12D		2,950,000		2,957,720
0.63%, 12/31/12D		12,000,000		12,051,096
0.50%, 05/31/13D		20,500,000		20,524,826
1.00%, 01/15/14D		5,000,000		5,044,925

See Notes to Financial Statements.

49

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
1.25%, 02/15/14D	$	867,000		$	879,870
0.75%, 06/15/14D		6,375,000			6,368,529
2.13%, 02/29/16D‡‡		19,500,000			19,966,167
3.38%, 11/15/19D‡‡		700,000			729,859
2.63%, 08/15/20D		400,000			387,250
					69,413,386
Total U.S. Treasury Obligations (Cost $72,064,442)					72,134,698
	Shares
MONEY MARKET FUNDS — 18.0%
GuideStone Money Market Fund (GS4 Class)¥		37,261,410			37,261,410
Northern Institutional Liquid Assets Portfolio§		97,023,548			97,023,548
Total Money Market Funds (Cost $134,284,958)					134,284,958
	Par
REPURCHASE AGREEMENTS — 15.5%
Barclays Capital, Inc.
0.06% (dated 07/01/11, due 07/05/11, repurchase price $13,500,090, collateralized by Federal Home Loan Mortgage Corporation, 4.500%, due 01/01/41, total market value $13,981,067)	$	13,500,000			13,500,000
Barclays Capital, Inc.
0.05% (dated 06/30/11, due 07/01/11, repurchase price $13,200,018, collateralized by Federal Home Loan Mortgage Corporation, 4.500%, due 01/01/41, total market value $13,654,669)		13,200,000			13,200,000
Morgan Stanley & Co., Inc.
0.06% (dated 07/01/11, due 07/05/11, repurchase price $44,500,297, collateralized by Federal National Mortgage Association, 0.500%, due 10/30/12, total market value $45,427,628)		44,500,000			44,500,000
Morgan Stanley & Co., Inc.
0.06% (dated 06/30/11, due 07/01/11, repurchase price $44,500,074, collateralized by Federal Home Loan Mortgage Corporation, 0.625%, due 12/28/12, total market value $45,536,824)		44,500,000			44,500,000
Total Repurchase Agreements (Cost $115,700,000)					115,700,000
TOTAL INVESTMENTS — 125.6% (Cost $937,495,320)					936,021,304
	Number of Contracts			Value
WRITTEN OPTIONS — 0.0%
Call Options — 0.0%
5-Year U.S. Treasury Note Futures, Strike Price $120.00, Expires 07/22/11 (CITIG)		(39	)	$	(8,836	)
September 2011 90-Day Eurodollar Futures, Strike Price $99.375, Expires 09/19/11 (JPM)		(32	)		(24,800	)
					(33,636	)
	Notional Amount
Call Swaptions — 0.0%
3-Month LIBOR, Strike Price $1.80, Expires 08/24/11 (RBS)	$	(3,400,000	)		(6,656	)
	Number of Contracts
Put Options — 0.0%
5-Year U.S. Treasury Note Futures, Strike Price $118.00, Expires 07/22/11 (CITIG)		(61	)		(11,437	)
September 2011 90-Day Eurodollar Futures, Strike Price $99.375, Expires 09/19/11 (JPM)		(32	)		(2,400	)
					(13,837	)
	Notional Amount
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price $10.00, Expires 07/10/12 (BAR)	$	(200,000	)		(4	)
3-Month LIBOR, Strike Price $10.00, Expires 07/10/12 (CS)		(100,000	)		(2	)
3-Month LIBOR, Strike Price $10.00, Expires 07/10/12 (MSCS)		(3,800,000	)		(66	)
3-Month LIBOR, Strike Price $10.00, Expires 07/10/12 (RBS)		(300,000	)		(5	)
3-Month LIBOR, Strike Price $2.25, Expires 06/18/12 (RBS)		(2,700,000	)		(11,466	)
3-Month LIBOR, Strike Price $2.25, Expires 09/24/12 (CITI)		(600,000	)		(2,847	)
3-Month LIBOR, Strike Price $2.25, Expires 09/24/12 (UBS)		(300,000	)		(1,423	)
3-Month LIBOR, Strike Price $2.50, Expires 08/24/11 (RBS)		(3,400,000	)		(5,355	)
3-Month LIBOR, Strike Price $2.75, Expires 06/18/12 (DEUT)		(2,800,000	)		(11,891	)

See Notes to Financial Statements.

50

	Notional Amount			Value
3-Month LIBOR, Strike Price $3.00, Expires 06/18/12 (BAR)	$	(500,000	)	$	(1,611	)
3-Month LIBOR, Strike Price $3.00, Expires 06/18/12 (DEUT)		(500,000	)		(1,611	)
					(36,281	)
Total Written Options (Premiums received $(176,278))					(90,410	)
	Par
TBA SALE COMMITMENTS — (2.4)%
Federal National Mortgage Association
4.00%, 07/14/41 TBA	$	(4,000,000	)		(4,024,375	)
Federal Home Loan Mortgage Corporation
5.50%, 07/01/39 TBA		(6,000,000	)		(6,480,936	)
Federal National Mortgage Association
5.50%, 08/01/35 TBA		(7,000,000	)		(7,554,533	)
Total TBA Sale Commitments (Cost $(18,069,687))					(18,059,844	)
Liabilities in Excess of Other Assets — (23.2)%					(172,507,579	)
NET ASSETS — 100.0%				$	745,363,471

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Futures Contracts		30.3
Corporate Bonds		24.6
Mortgage-Backed Securities		23.6
Foreign Bonds		21.4
Money Market Funds		18.0
Repurchase Agreements		15.5
U.S. Treasury Obligations		9.7
Asset-Backed Securities		8.5
Municipal Bonds		2.9
Agency Obligations		1.4
Swap Agreements		0.2
Written Options		—	**
TBA Sale Commitments		(2.4	)
Forward Foreign Currency Contracts		(9.7	)
		144.0

** Rounds to less than 0.005%.

See Notes to Financial Statements.

51

LOW-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Swap agreements outstanding at June 30, 2011:

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Buy Protection
Nabors Industries, 6.15% due 02/15/18		(0.63	)%		03/20/18		CITI		USD	$	3,300,000	$	138,397	$	—	$	138,397
Nabors Industries, 5.375% due 08/15/12		(1.00	)%		03/20/19		BNP		USD		2,700,000		70,596		8,660		61,936
Morgan Stanley ABS Capital I, 7.02% due 12/27/33		(0.54	)%		12/27/33		MSCS		USD		395,401		162,526		—		162,526
Long Beach Mortgage Trust, 6.72%, due 02/25/34		(0.49	)%		02/25/34		BAR		USD		399,995		176,985		—		176,985
Specialty Underwriting & Residential Finance, 6.62% due 02/25/35		(0.59	)%		02/25/35		BAR		USD		437,951		269,756		—		269,756
										$	7,233,347	$	818,260	$	8,660	$	809,600

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Buy Protection
Dow Jones CDX HY-8 Index		(1.63	)%		06/20/12		CITI		USD	$	4,900,000	$	(78,127	)	$	—		$	(78,127	)
Dow Jones CDX IG14 5Y Index		(1.00	)%		06/20/15		GSC		USD		7,900,000		(185,965	)		115,963			(301,928	)
Dow Jones CDX IG15 5Y Index		(1.00	)%		12/20/15		MSCS		USD		1,800,000		(17,035	)		(12,301	)		(4,734	)
Dow Jones CDX IG9 10Y Index		(0.80	)%		12/20/17		GSC		USD		6,872,800		202,044			77,827			124,217
Dow Jones CDX IG9 10Y Index		(0.80	)%		12/20/17		MSCS		USD		5,227,200		153,667			57,282			96,385
Dow Jones CDX IG9 10Y Index		(0.80	)%		12/20/17		BAR		USD		2,420,000		71,142			22,011			49,131
Dow Jones CDX IG9 10Y Index		(0.80	)%		12/20/17		RBS		USD		2,032,800		59,759			20,002			39,757
CMBX.NA.AAA.4 Index		(0.35	)%		02/17/51		GSC		USD		5,700,000		323,903			824,674			(500,771	)
										$	36,852,800	$	529,388		$	1,105,458		$	(576,070	)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Interest Rate Swaps
Brazil Cetip Interbank Deposit		11.67	%		01/02/12		MSCS		BRL	$	1,800,000	$	33,204		$	3,704		$	29,500
Brazil Cetip Interbank Deposit		(11.91	)%		01/02/13		BAR		BRL		5,000,000		19,691			22,580			(2,889	)
Brazil Cetip Interbank Deposit		11.94	%		01/02/14		HSBC		BRL		10,400,000		(16,658	)		18,664			(35,322	)
Brazil Cetip Interbank Deposit		11.96	%		01/02/14		GSC		BRL		5,900,000		16,356			(7,039	)		23,395
6-Month BBR BBSW Index		(5.50	)%		12/15/17		BAR		AUD		1,500,000		(13,337	)		(6,737	)		(6,600	)
6-Month BBR BBSW Index		(5.50	)%		12/15/17		DEUT		AUD		1,000,000		(8,898	)		(3,983	)		(4,915	)
										$	25,600,000	$	30,358		$	27,189		$	3,169
Total Swap agreements outstanding at June 30, 2011												$	1,378,006		$	1,141,307		$	236,699

Please see abbreviation and footnote definitions beginning on page 130.

See Notes to Financial Statements.

52

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations	$	10,083,463		$	—		$	10,083,463		$	—
Asset-Backed Securities		63,647,061			—			63,647,061			—
Corporate Bonds		183,342,036			—			183,342,036			—
Foreign Bonds		159,372,662			—			159,372,662			—
Money Market Funds		134,284,958			134,284,958			—			—
Mortgage-Backed Securities		175,937,495			—			175,937,495			—
Municipal Bonds		21,518,931			—			21,518,931			—
Repurchase Agreements		115,700,000			—			115,700,000			—
U.S. Treasury Obligations		72,134,698			—			72,134,698			—
Total Assets — Investments in Securities	$	936,021,304		$	134,284,958		$	801,736,346		$	—
Other Financial Instruments***
Futures Contracts	$	105,550		$	105,550		$	—		$	—
Swap Agreements		1,378,006			—			1,378,006			—
Total Assets — Other Financial Instruments	$	1,483,556		$	105,550		$	1,378,006		$	—
Liabilities:
Investments in Securities:
TBA Sale Commitments	$	(18,059,844	)	$	—		$	(18,059,844	)	$	—
Written Options		(90,410	)		(47,473	)		(42,937	)		—
Total Liabilities — Investments in Securities	$	(18,150,254	)	$	(47,473	)	$	(18,102,781	)	$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(369,657	)	$	—		$	(369,657	)	$	—
Total Liabilities — Other Financial Instruments	$	(369,657	)	$	—		$	(369,657	)	$	—

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

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

	Total Value			Corporate Bond
Balance, 12/31/10	$	110,903		$	110,903
Accrued discounts/premiums		—			—
Realized gain (loss)		—			—
Change in unrealized appreciation (depreciation)		—			—
Purchases		—			—
Sales		(110,903	)		(110,903	)
Transfers in and/or out of Level 3		—			—
Balance, 06/30/11	$	—		$	—

See Notes to Financial Statements.

53

MEDIUM-DURATION BOND FUND SCHEDULE OF INVESTMENTS June 30, 2011 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 7.3%
Federal Farm Credit Bank
0.24%, 09/12/11W	$	5,900,000	$	5,899,758
5.05%, 11/06/17		400,000		460,933
Federal Home Loan Bank
0.04%, 07/13/11		10,400,000		10,399,827
0.02%, 08/03/11		7,400,000		7,400,936
0.20%, 08/30/11W		7,400,000		7,399,874
5.63%, 06/11/21		700,000		814,143
Federal Home Loan Mortgage Corporation
0.07%, 08/11/11W		5,100,000		5,099,719
0.10%, 08/22/11W		5,100,000		5,099,779
0.11%, 01/10/12W‡‡		204,000		203,891
2.50%, 05/27/16D		520,000		533,915
Federal National Mortgage Association
0.06%, 08/08/11		15,000,000		14,999,050
5.25%, 08/01/12		2,400,000		2,525,424
4.38%, 10/15/15		510,000		565,720
5.38%, 06/12/17		700,000		815,767
5.31%, 10/09/19		150,000		105,217
6.63%, 11/15/30D		820,000		1,038,854
5.63%, 07/15/37		300,000		339,202
Tennessee Valley Authority
5.25%, 09/15/39		350,000		371,979
4.63%, 09/15/60D		200,000		188,425
Total Agency Obligations (Cost $64,064,582)				64,262,413
ASSET-BACKED SECURITIES — 4.7%
Access Group, Inc.
1.57%, 10/27/25†		1,457,250		1,486,036
Amortizing Residential Collateral Trust
0.47%, 01/01/32†		37,476		24,573
Asset-Backed Securities Corporation Home Equity
0.46%, 09/25/34†		168,112		151,595
Avis Budget Rental Car Funding AESOP LLC
4.64%, 05/20/16 144A		200,000		215,170
Bayview Financial Acquisition Trust
0.86%, 02/28/44†		437,789		399,975
Bear Stearns Asset-Backed Securities, Inc.
6.00%, 10/25/36		2,648,277		1,964,494
6.50%, 10/25/36		3,046,250		2,366,814
Brazos Higher Education Authority
0.36%, 09/25/23†		696,213		689,070
1.16%, 05/25/29†		472,385		473,432
1.10%, 07/25/29†		1,100,000		1,088,993
1.06%, 02/25/30†		1,100,000		1,100,016
CIT Mortgage Loan Trust
1.19%, 10/25/37 144A†@		226,702		218,546
1.44%, 10/25/37 144A†@		430,000		318,060
1.64%, 10/25/37 144A†@		800,000		365,713
College Loan Corporation Trust
0.36%, 10/25/25†		1,000,000		1,001,846
Countrywide Home Equity Loan Trust
0.48%, 02/15/34†		339,383		252,175
0.43%, 12/15/35†		865,667		457,997
0.33%, 07/15/36†		969,170		623,333
Daimler Chrysler Auto Trust
1.67%, 09/10/12†		36,131		36,141
Education Funding Capital Trust I
1.45%, 06/15/43†		200,000		185,000
EMC Mortgage Loan Trust
0.74%, 11/25/41 144A†		111,669		100,456
Ford Credit Auto Owner Trust
1.61%, 06/15/12†		74,474		74,512
GMAC Mortgage Corporation Loan Trust
7.00%, 09/25/37		375,677		277,240
Goal Capital Funding Trust
0.96%, 08/25/48 144A†		414,213		409,521
Greenpoint Manufactured Housing
2.20%, 11/22/31†		325,000		295,529
GSAMP Trust
0.30%, 05/25/46 144A†		48,325		48,039
Hertz Vehicle Financing LLC
5.29%, 03/25/16 144A		400,000		438,634
HSBC Home Equity Loan Trust
1.39%, 11/20/36†		827,620		738,030
Illinois Student Assistance Commission
1.17%, 07/25/45†		1,400,000		1,329,202
Knowledgeworks Foundation
1.21%, 02/25/42†		282,535		278,682
Lehman XS Trust
0.49%, 11/25/35†		850,481		612,831
0.46%, 02/25/36†		968,391		571,762
Madison Avenue Manufactured Housing Contract
0.54%, 03/25/32		1		1
Magnolia Funding, Ltd.
3.00%, 04/20/17 144A(E)		1,844,772		2,683,478
Missouri Higher Education Loan Authority
1.21%, 11/26/32†		847,031		849,043
Nelnet Education Loan Funding, Inc.
1.09%, 02/25/39†		800,000		728,960
Nelnet Student Loan Trust
1.75%, 04/25/24†		680,000		697,888
1.05%, 07/27/48 144A†		364,218		365,964
Panhandle-Plains Higher Education Authority, Inc.
1.38%, 10/01/35†		930,260		942,456
Provident Bank Home Equity Loan Trust
0.73%, 08/25/31†		110,146		56,842
Residential Asset Mortgage Products, Inc.
0.67%, 03/25/34†		354,173		233,703
Residential Funding Securities LLC
0.64%, 06/25/33 144A†		312,115		293,678
Salomon Brothers Mortgage Securities VII, Inc.
0.67%, 03/25/28†		41,316		38,517
SLM Student Loan Trust
1.77%, 04/25/23†		5,962,789		6,154,612
0.54%, 12/15/25 144A†		400,000		380,023
6.19%, 07/15/42 144A†		6,718,193		6,395,983

See Notes to Financial Statements.

54

	Par		Value
3.50%, 08/17/43 144A†	$	1,396,241	$	1,398,774
3.44%, 05/16/44 144A†		1,396,085		1,469,169
Total Asset-Backed Securities (Cost $44,602,942)				41,282,508
CORPORATE BONDS — 21.4%
ACCO Brands Corporation
10.63%, 03/15/15		175,000		196,219
Ally Financial, Inc.
6.25%, 12/01/17 144A		606,000		604,232
American Express Bank FSB
6.00%, 09/13/17D		1,100,000		1,242,441
American Express Co.
6.80%, 09/01/66†		1,400,000		1,443,750
American Express Credit Corporation
5.13%, 08/25/14		160,000		174,739
American International Group, Inc.
3.75%, 11/30/13 144A		200,000		204,751
5.60%, 10/18/16		600,000		628,786
5.85%, 01/16/18		180,000		188,858
8.25%, 08/15/18 144A		3,200,000		3,677,206
6.25%, 03/15/37		680,000		622,200
Anadarko Petroleum Corporation
6.38%, 09/15/17		575,000		659,998
8.70%, 03/15/19D		175,000		223,333
ANZ Capital Trust II
5.36%, 11/29/49 144A		800,000		822,000
Apache Corporation
6.00%, 09/15/13		680,000		753,257
Arizona Public Service Co.
8.75%, 03/01/19		525,000		675,020
ASIF Global Financing XIX
4.90%, 01/17/13 144A		100,000		104,500
Astoria Financial Corporation
5.75%, 10/15/12		450,000		459,281
AT&T, Inc.
5.10%, 09/15/14		550,000		604,867
2.95%, 05/15/16		825,000		836,488
6.55%, 02/15/39		130,000		143,064
5.35%, 09/01/40		70,000		66,588
BAC Capital Trust XIV
5.63%, 09/20/49†		40,000		30,050
Baker Hughes, Inc.
7.50%, 11/15/18		710,000		896,459
Bank of America Corporation
1.69%, 01/30/14†		900,000		902,754
3.63%, 03/17/16D		525,000		527,076
0.54%, 10/14/16†D		1,700,000		1,572,915
5.75%, 12/01/17		2,290,000		2,438,168
5.65%, 05/01/18		2,700,000		2,850,719
5.88%, 01/05/21		400,000		420,555
5.00%, 05/13/21		370,000		366,207
Barrick North America Finance LLC
4.40%, 05/30/21 144A		540,000		538,565
BB&T Corporation
3.20%, 03/15/16		475,000		486,428
Bear Stearns Cos. LLC
5.70%, 11/15/14D		1,000,000		1,105,322
6.40%, 10/02/17		1,200,000		1,370,909
7.25%, 02/01/18D		1,825,000		2,170,073
BellSouth Capital Funding Corporation
7.88%, 02/15/30		210,000		259,623
BellSouth Corporation
4.75%, 11/15/12		40,000		42,063
6.88%, 10/15/31		10,000		11,266
Berkshire Hathaway, Inc.
3.20%, 02/11/15		280,000		292,079
Boeing Capital Corporation
4.70%, 10/27/19		230,000		246,941
Boeing Co.
4.88%, 02/15/20		300,000		325,244
6.63%, 02/15/38		210,000		250,996
Boston Scientific Corporation
4.50%, 01/15/15		500,000		527,616
Brandywine Operating Partnership LP REIT
4.95%, 04/15/18D		425,000		431,485
Capital One Capital III
7.69%, 08/15/36D		250,000		256,562
Casella Waste Systems, Inc.
11.00%, 07/15/14		375,000		419,062
Caterpillar Financial Services Corporation
6.20%, 09/30/13		450,000		501,014
Caterpillar, Inc.
3.90%, 05/27/21		240,000		240,521
Cellco Partnership/Verizon Wireless Capital LLC
8.50%, 11/15/18		710,000		923,307
CenterPoint Energy Resources Corporation
5.95%, 01/15/14D		525,000		578,336
Charter Communications Operating LLC
8.00%, 04/30/12 144A		750,000		783,750
10.88%, 09/15/14 144A		200,000		221,000
Chubb Corporation
6.38%, 03/29/67†		375,000		390,000
Cimarex Energy Co.
7.13%, 05/01/17		70,000		73,850
CitiFinancial, Inc.
6.63%, 06/01/15		300,000		328,953
Citigroup Capital XXI
8.30%, 12/21/57†		274,000		280,850
Citigroup, Inc.
6.50%, 08/19/13		110,000		119,691
6.00%, 12/13/13		980,000		1,066,142
5.00%, 09/15/14		1,720,000		1,803,817
6.01%, 01/15/15		150,000		165,198
5.50%, 02/15/17		1,160,000		1,221,454
6.13%, 11/21/17		1,205,000		1,332,637
6.13%, 05/15/18		4,800,000		5,293,368
5.38%, 08/09/20		205,000		214,315
6.88%, 03/05/38		810,000		904,312
Comcast Cable Communications Holdings, Inc.
8.38%, 03/15/13		83,000		93,001
Comcast Corporation
5.88%, 02/15/18		200,000		224,626
5.70%, 05/15/18		1,250,000		1,396,700
6.95%, 08/15/37		40,000		45,299
6.40%, 03/01/40		140,000		150,340

See Notes to Financial Statements.

55

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Comcast Holdings Corporation
10.63%, 07/15/12	$	550,000	$	604,809
Complete Production Services, Inc.
8.00%, 12/15/16		280,000		294,000
ConocoPhillips Holding Co.
6.95%, 04/15/29		580,000		706,375
COX Communications, Inc.
5.45%, 12/15/14		210,000		234,237
CSC Holdings, Inc.
6.75%, 04/15/12		60,000		61,875
CVS Caremark Corporation
6.60%, 03/15/19		590,000		685,870
5.75%, 05/15/41		600,000		592,021
CVS Pass-Through Trust
6.94%, 01/10/30 144A		824,043		929,363
Daimler Finance NA LLC
5.75%, 09/08/11		1,900,000		1,917,341
7.30%, 01/15/12		550,000		569,220
6.50%, 11/15/13		100,000		111,310
DCP Midstream LLC
9.75%, 03/15/19 144AD		200,000		261,770
Delta Air Lines 2007-1 A
6.82%, 08/10/22		392,449		408,146
DIRECTV Holdings LLC
3.50%, 03/01/16		525,000		542,494
Discover Bank
8.70%, 11/18/19		425,000		513,495
DISH DBS Corporation
7.00%, 10/01/13		10,000		10,787
6.63%, 10/01/14		30,000		31,650
7.75%, 05/31/15		200,000		217,500
DJO Finance LLC
10.88%, 11/15/14		500,000		535,000
Dominion Resources, Inc.
5.70%, 09/17/12		1,230,000		1,300,588
Dow Chemical Co.
7.60%, 05/15/14D		650,000		754,257
Duke Energy Carolinas LLC
5.63%, 11/30/12		580,000		617,868
Duke Realty LP REIT
6.75%, 03/15/20		325,000		364,593
El Paso Corporation
7.00%, 06/15/17		710,000		806,826
7.80%, 08/01/31		750,000		879,041
El Paso Natural Gas Co.
7.50%, 11/15/26		300,000		352,219
El Paso Performance-Linked Trust
7.75%, 07/15/11 144A		1,460,000		1,462,713
Energy Transfer Partners LP
5.95%, 02/01/15		650,000		720,275
6.70%, 07/01/18D		570,000		643,255
Enterprise Products Operating LLC
7.03%, 01/15/68†		350,000		368,418
EOG Resources, Inc.
1.02%, 02/03/14†		3,500,000		3,535,948
Exelon Corporation
5.63%, 06/15/35		655,000		624,455
Fifth Third Bancorp
3.63%, 01/25/16		175,000		176,704
Fifth Third Bank Ohio
0.37%, 05/17/13†		400,000		393,929
First Niagara Financial Group, Inc.
6.75%, 03/19/20		250,000		276,031
FirstEnergy Corporation
6.45%, 11/15/11		3,000		3,056
7.38%, 11/15/31		1,080,000		1,233,142
Ford Motor Credit Co., LLC
5.63%, 09/15/15D		4,100,000		4,254,525
8.00%, 12/15/16		1,300,000		1,465,082
Freeport-McMoRan Copper & Gold, Inc.
8.38%, 04/01/17		1,995,000		2,182,035
Fresenius Medical Care US Finance, Inc.
6.88%, 07/15/17		250,000		263,437
GE Capital Trust I
6.38%, 11/15/67†		321,000		329,827
General Electric Capital Corporation
5.45%, 01/15/13		150,000		159,699
1.14%, 01/07/14†		3,200,000		3,220,618
6.00%, 08/07/19		1,850,000		2,051,750
4.38%, 09/16/20		330,000		326,829
4.63%, 01/07/21		460,000		463,591
General Electric Co.
5.00%, 02/01/13		840,000		891,915
GlaxoSmithKline Capital, Inc.
5.65%, 05/15/18		380,000		434,066
Goldman Sachs Capital II
5.79%, 06/01/43†		60,000		48,300
Goldman Sachs Group, Inc.
6.60%, 01/15/12		70,000		72,171
5.30%, 02/14/12		30,000		30,779
3.63%, 08/01/12		110,000		113,242
5.45%, 11/01/12		190,000		200,871
4.75%, 07/15/13		20,000		21,123
5.25%, 10/15/13		160,000		171,763
5.75%, 10/01/16		1,900,000		2,070,343
6.25%, 09/01/17		1,700,000		1,878,204
5.95%, 01/18/18		2,300,000		2,482,475
5.38%, 03/15/20		250,000		258,608
6.00%, 06/15/20D		460,000		495,816
6.25%, 02/01/41		800,000		809,260
HCA, Inc.
6.50%, 02/15/16		686,000		701,435
9.25%, 11/15/16		375,000		399,844
9.63%, 11/15/16 PIK		95,720		102,061
7.88%, 02/15/20		125,000		136,250
7.69%, 06/15/25		250,000		235,000
HCP, Inc. REIT
6.00%, 01/30/17		300,000		330,738
5.38%, 02/01/21		200,000		206,670
Hess Corporation
8.13%, 02/15/19		330,000		418,167
7.88%, 10/01/29		260,000		327,323
7.30%, 08/15/31		110,000		131,876
HSBC Finance Corporation
7.00%, 05/15/12		390,000		410,846
6.38%, 11/27/12		70,000		74,913
6.68%, 01/15/21 144A		60,000		61,669
Humana, Inc.
7.20%, 06/15/18		480,000		557,977

See Notes to Financial Statements.

56

	Par		Value
ILFC E-Capital Trust II
6.25%, 12/21/65 144A†D	$	280,000	$	239,400
International Lease Finance Corporation
6.50%, 09/01/14 144A		240,000		255,600
6.75%, 09/01/16 144A		880,000		941,600
JPMorgan Chase & Co.
5.75%, 01/02/13		320,000		341,225
5.15%, 10/01/15		1,890,000		2,043,234
6.30%, 04/23/19		800,000		903,118
4.95%, 03/25/20D		800,000		827,834
4.40%, 07/22/20		230,000		225,739
JPMorgan Chase Capital XXV
6.80%, 10/01/37		375,000		372,045
Kerr-McGee Corporation
6.95%, 07/01/24		410,000		468,230
7.88%, 09/15/31D		690,000		831,553
Kinder Morgan Energy Partners LP
7.13%, 03/15/12		410,000		428,057
5.85%, 09/15/12		40,000		42,161
5.00%, 12/15/13		200,000		216,998
6.00%, 02/01/17		250,000		282,268
Kraft Foods, Inc.
6.13%, 08/23/18D		350,000		401,971
5.38%, 02/10/20		800,000		876,077
6.50%, 02/09/40		300,000		334,374
Kroger Co.
6.15%, 01/15/20D		360,000		415,357
L-3 Communications Corporation
6.38%, 10/15/15		350,000		360,500
Lehman Brothers Holdings Capital Trust VII
5.86%, 11/29/49#		2,330,000		1,398
Lehman Brothers Holdings, Inc.
6.63%, 01/18/12#		200,000		53,250
5.63%, 01/24/13#		2,300,000		621,000
6.50%, 07/19/17#		150,000		225
6.75%, 12/28/17#		3,340,000		5,010
Liberty Property LP
4.75%, 10/01/20		575,000		577,955
Lyondell Chemical Co.
11.00%, 05/01/18		500,000		562,500
MarkWest Energy Partners LP
8.75%, 04/15/18		200,000		219,000
Medtronic, Inc.
4.45%, 03/15/20		300,000		314,215
Merrill Lynch & Co., Inc.
5.45%, 02/05/13		3,850,000		4,085,608
6.05%, 05/16/16		375,000		393,559
5.70%, 05/02/17		400,000		417,154
6.40%, 08/28/17		2,300,000		2,513,842
MetLife Capital Trust IV
7.88%, 12/15/37 144A		300,000		314,912
MetLife Capital Trust X
9.25%, 04/08/38 144A		300,000		367,500
MetLife, Inc.
4.75%, 02/08/21D		620,000		633,249
6.40%, 12/15/66		150,000		147,000
Morgan Stanley
5.63%, 01/09/12		310,000		317,605
5.75%, 08/31/12		1,730,000		1,821,668
1.42%, 03/01/13(E)		500,000		717,112
0.73%, 10/18/16†		340,000		313,403
6.63%, 04/01/18		1,650,000		1,820,118
Nabors Industries, Inc.
9.25%, 01/15/19		3,300,000		4,188,842
Nationwide Financial Services
5.38%, 03/25/21 144A@D		575,000		578,637
NBCUniversal Media LLC
4.38%, 04/01/21 144A		150,000		148,724
NCUA Guaranteed Notes
3.00%, 06/12/19		600,000		596,250
New Cingular Wireless Services, Inc.
8.13%, 05/01/12		135,000		143,161
Newfield Exploration Co.
7.13%, 05/15/18		100,000		106,500
News America, Inc.
6.15%, 02/15/41 144A		450,000		447,293
Northwestern Mutual Life Insurance
6.06%, 03/30/40 144A		600,000		634,595
Overseas Private Investment Corporation
0.00%, 07/12/12W		3,000,000		3,630,264
Pacific Gas & Electric Co.
8.25%, 10/15/18		40,000		51,415
6.05%, 03/01/34		110,000		116,680
5.80%, 03/01/37		250,000		257,641
Patrons’ Legacy
5.65%, 04/17/18 144A		1,290,357		1,238,743
Peabody Energy Corporation
7.88%, 11/01/26		1,100,000		1,240,250
Pemex Project Funding Master Trust
6.63%, 06/15/35		159,000		168,385
PepsiCo, Inc.
7.90%, 11/01/18		140,000		180,688
Pfizer, Inc.
7.20%, 03/15/39		600,000		755,834
Plains Exploration & Production Co.
10.00%, 03/01/16		500,000		565,000
Pricoa Global Funding I
0.45%, 09/27/13 144A†		1,700,000		1,680,154
Private Export Funding Corporation
5.45%, 09/15/17		1,600,000		1,864,278
Progress Energy, Inc.
7.75%, 03/01/31		350,000		439,239
ProLogis LP
1.88%, 11/15/37		350,000		346,500
Prudential Financial, Inc.
4.50%, 11/15/20		900,000		895,674
PVNGS II Funding Corporation, Inc.
8.00%, 12/30/15		837,000		919,678
Qwest Communications International, Inc.
8.00%, 10/01/15		375,000		409,687
Qwest Corporation
8.88%, 03/15/12		200,000		211,000
Raytheon Co.
3.13%, 10/15/20		200,000		188,130
Reed Elsevier Capital, Inc.
8.63%, 01/15/19		410,000		521,966

See Notes to Financial Statements.

57

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Reinsurance Group of America, Inc.
6.75%, 12/15/65†	$	475,000	$	454,216
Rensselaer Polytechnic Institute
5.60%, 09/01/20		675,000		720,252
Roche Holdings, Inc.
6.00%, 03/01/19 144A		430,000		496,204
Rock-Tenn Co.
5.63%, 03/15/13		50,000		51,875
RSC Equipment Rental, Inc.
10.00%, 07/15/17 144AD		500,000		560,000
Safeway, Inc.
3.95%, 08/15/20		150,000		146,150
Service Corporation International
7.63%, 10/01/18		90,000		99,225
7.50%, 04/01/27		200,000		192,000
Simon Property Group LP
10.35%, 04/01/19D		750,000		1,039,652
SLM Corporation
6.25%, 01/25/16		375,000		389,446
Southern Natural Gas Co.
8.00%, 03/01/32		400,000		503,210
Springleaf Finance Corporation
4.88%, 07/15/12D		300,000		299,250
Sprint Capital Corporation
8.38%, 03/15/12		125,000		130,625
6.90%, 05/01/19D		30,000		31,050
8.75%, 03/15/32		170,000		184,875
SSIF Nevada LP
0.98%, 04/14/14 144A†		3,400,000		3,402,815
State Street Corporation
4.96%, 03/15/18		530,000		562,850
Steel Dynamics, Inc.
6.75%, 04/01/15		225,000		230,625
7.75%, 04/15/16		500,000		527,500
SunTrust Banks, Inc.
3.60%, 04/15/16		300,000		303,241
SunTrust Preferred Capital I
5.85%, 06/29/49†		357,000		298,095
Teachers Insurance & Annuity Association of America
6.85%, 12/16/39 144A		540,000		616,519
Tenet Healthcare Corporation
9.25%, 02/01/15D		1,262,000		1,386,622
Tennessee Gas Pipeline Co.
7.50%, 04/01/17		250,000		303,270
7.63%, 04/01/37D		50,000		60,534
Time Warner Cable, Inc.
8.75%, 02/14/19		650,000		829,444
4.13%, 02/15/21D		100,000		96,846
5.88%, 11/15/40		440,000		435,769
Time Warner, Inc.
4.70%, 01/15/21		10,000		10,151
6.10%, 07/15/40		140,000		142,805
6.25%, 03/29/41		40,000		41,694
Time Warner Entertainment Co. LP
8.38%, 07/15/33		590,000		756,222
Transatlantic Holdings, Inc.
8.00%, 11/30/39		300,000		329,306
UAL 1993 Pass Through Trust A
9.21%, 01/21/17+		81,116		—
UAL 1995 Pass Through Trust A
9.56%, 10/19/18@		137,888		55,845
Union Bank NA
1.20%, 06/06/14†		2,600,000		2,600,029
United Parcel Service, Inc.
4.50%, 01/15/13		770,000		813,913
UnitedHealth Group, Inc.
4.88%, 02/15/13		370,000		391,409
4.88%, 04/01/13D		410,000		434,896
Verizon Communications, Inc.
6.10%, 04/15/18		290,000		332,793
4.60%, 04/01/21		430,000		444,541
6.00%, 04/01/41		130,000		136,232
Verizon Global Funding Corporation
7.38%, 09/01/12		290,000		311,971
4.38%, 06/01/13D		140,000		148,691
Wachovia Bank NA
6.60%, 01/15/38		275,000		302,454
Wachovia Capital Trust III
5.57%, 03/29/49†		940,000		863,625
Wachovia Corporation
5.25%, 08/01/14D		1,850,000		1,984,360
5.63%, 10/15/16		250,000		271,707
WEA Finance LLC
7.13%, 04/15/18 144A		400,000		467,487
WellPoint, Inc.
5.88%, 06/15/17		720,000		824,236
Wells Fargo & Co.
4.38%, 01/31/13		600,000		629,954
3.68%, 06/15/16		290,000		298,264
7.98%, 03/29/49†D		2,600,000		2,821,000
Wells Fargo Capital X
5.95%, 12/15/36		200,000		196,655
Williams Cos., Inc.
7.50%, 01/15/31		15,000		17,201
7.75%, 06/15/31		39,000		45,644
8.75%, 03/15/32		728,000		928,153
Windstream Corporation
8.63%, 08/01/16		275,000		287,719
Xerox Corporation
1.08%, 05/16/14†D		3,400,000		3,419,275
Total Corporate Bonds (Cost $184,890,144)				188,165,099
FOREIGN BONDS — 18.6%
Argentina — 0.1%
Argentine Republic Government International Bond
10.00%, 12/15/35(E)W†		3,060,000		654,529
Australia — 2.1%
Australia Government Bond
4.75%, 06/15/16(A)		7,800,000		8,323,736
6.00%, 02/15/17(A)		2,400,000		2,708,481
Commonwealth Bank of Australia
3.75%, 10/15/14 144A		440,000		462,639
5.00%, 10/15/19 144A		190,000		198,051
National Australia Bank, Ltd.
1.01%, 04/11/14 144A†@		3,400,000		3,399,099
QBE Insurance Group, Ltd.
5.65%, 07/01/23 144A†@		525,000		509,183

See Notes to Financial Statements.

58

	Par		Value
Rio Tinto Finance USA, Ltd.
2.50%, 05/20/16	$	30,000	$	30,093
3.50%, 11/02/20		1,180,000		1,131,484
4.13%, 05/20/21		140,000		139,343
Westpac Banking Corporation
1.90%, 12/14/12 144A		1,500,000		1,529,637
				18,431,746
Austria — 0.1%
PE Paper Escrow GmbH
12.00%, 08/01/14 144A		450,000		510,750
Bermuda — 0.1%
Arch Capital Group, Ltd.
7.35%, 05/01/34		250,000		269,012
Endurance Specialty Holdings, Ltd.
6.15%, 10/15/15		200,000		213,955
Weatherford International, Ltd.
9.63%, 03/01/19		225,000		290,990
				773,957
Brazil — 0.1%
Brazilian Government International Bond
8.25%, 01/20/34		600,000		828,000
Telemar Norte Leste SA
5.50%, 10/23/20 144AD		225,000		223,313
				1,051,313
Canada — 2.1%
Canadian Government Bond
1.50%, 03/01/12(C)		12,700,000		13,197,097
2.25%, 08/01/14(C)		3,000,000		3,143,616
Canadian Imperial Bank of Commerce
2.75%, 01/27/16 144AD		300,000		307,273
Nexen, Inc.
6.40%, 05/15/37		140,000		140,091
7.50%, 07/30/39		250,000		280,511
Potash Corporation of Saskatchewan, Inc.
4.88%, 03/30/20		110,000		116,505
PTTEP Canada International Finance, Ltd.
5.69%, 04/05/21 144A@		320,000		325,562
Rogers Communications, Inc.
6.38%, 03/01/14		90,000		101,003
6.75%, 03/15/15		10,000		11,569
Teck Resources, Ltd.
10.75%, 05/15/19		400,000		506,209
TransCanada PipeLines, Ltd.
6.35%, 05/15/67†		400,000		402,593
				18,532,029
Cayman Islands — 0.5%
MUFG Capital Finance 1, Ltd.
6.35%, 07/29/49†		450,000		460,418
Petrobras International Finance Co.
6.13%, 10/06/16		271,000		303,064
5.75%, 01/20/20		235,000		251,862
5.38%, 01/27/21		800,000		825,447
Resona Preferred Global Securities Cayman, Ltd.
7.19%, 07/30/15 144A†		690,000		691,686
7.19%, 12/29/49 144A†		325,000		325,794
Transocean, Inc.
6.00%, 03/15/18		425,000		471,207
6.50%, 11/15/20D		150,000		168,035
Vale Overseas, Ltd.
8.25%, 01/17/34		80,000		98,271
6.88%, 11/21/36		511,000		556,114
				4,151,898
Chile — 0.0%
Corp Nacional del Cobre de Chile
4.75%, 10/15/14 144A		210,000		226,188
Denmark — 0.3%
BRFkredit AS
2.05%, 04/15/13 144A		1,200,000		1,225,950
Danske Bank AS
2.50%, 05/10/12 144A		600,000		608,669
FIH Erhvervsbank A/S
2.00%, 06/12/13 144A		1,000,000		1,022,721
				2,857,340
France — 1.3%
Banque PSA Finance
2.15%, 04/04/14 144A†		1,500,000		1,498,404
Cie de Financement Foncier
1.63%, 07/23/12 144A		100,000		100,829
2.13%, 04/22/13 144A		2,000,000		2,030,720
Compagnie Generale de Geophysique - Veritas
7.75%, 05/15/17		155,000		160,425
Credit Agricole SA
2.63%, 01/21/14 144AD		310,000		310,453
8.38%, 10/29/49 144A†D		980,000		1,029,000
Dexia Credit Local
2.75%, 01/10/14 144A		5,900,000		6,005,840
Legrand France SA
8.50%, 02/15/25		250,000		314,177
				11,449,848
Germany — 0.1%
Landwirtschaftliche Rentenbank
2.13%, 07/15/16D		500,000		499,354
Iceland — 0.1%
Glitnir Banki HF
6.33%, 07/28/11 144A#@		600,000		169,500
6.38%, 09/25/12 144A#@		580,000		163,850
6.69%, 06/15/16 144A#@D		1,000,000		10
7.45%, 03/29/49 144A#@		100,000		1
Kaupthing Bank HF
5.75%, 10/04/11 144A#@		250,000		63,125
7.63%, 02/28/15 144A#@		2,490,000		628,725
7.13%, 05/19/16 144A#		350,000		3
Landsbanki Islands HF
6.10%, 08/25/11 144A#@		1,500,000		112,500
				1,137,714
India — 0.5%
ICICI Bank, Ltd.
2.01%, 02/24/14 144A†		3,400,000		3,381,280
6.38%, 04/30/22 144A†		418,000		409,640
ICICI Bank, Ltd.
6.38%, 04/30/22†		110,000		107,378
				3,898,298

See Notes to Financial Statements.

59

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Ireland — 0.1%
Bank of Ireland
2.75%, 03/02/12	$	430,000	$	433,978
VIP Finance Ireland Ltd. for OJSC Vimpel Communications
8.38%, 04/30/13 144A		120,000		130,008
6.49%, 02/02/16 144A		230,000		238,050
9.13%, 04/30/18D		100,000		113,875
7.75%, 02/02/21 144A		200,000		207,000
				1,122,911
Italy — 0.4%
Intesa Sanpaolo SpA
2.66%, 02/24/14 144A†D		3,400,000		3,394,257
3.63%, 08/12/15 144A		290,000		282,790
Telecom Italia Capital SA
6.20%, 07/18/11D		150,000		150,262
				3,827,309
Japan — 0.2%
Bank of Tokyo-Mitsubishi UFJ, Ltd.
3.85%, 01/22/15 144A		330,000		347,981
Resona Bank, Ltd.
5.85%, 02/28/49 144A†@		250,000		249,699
Sumitomo Mitsui Banking Corporation
3.15%, 07/22/15 144A		640,000		655,357
				1,253,037
Jersey — 0.2%
HSBC Capital Funding LP
4.61%, 12/29/49 144A†		960,000		930,244
QBE Capital Funding III, Ltd.
7.25%, 05/24/41 144A†		200,000		199,000
United Business Media, Ltd.
5.75%, 11/03/20 144A		260,000		258,792
				1,388,036
Luxembourg — 0.7%
Fiat Finance & Trade, Ltd. SA
9.00%, 07/30/12(E)		700,000		1,064,607
Gazprom Via Gaz Capital SA
9.25%, 04/23/19D		290,000		363,588
6.51%, 03/07/22 144AD		3,200,000		3,400,250
Russian Capital SA for OJSC Russian Agricultural Bank
6.30%, 05/15/17 144A		300,000		320,250
TNK-BP Finance SA
7.50%, 07/18/16 144A		110,000		125,675
7.50%, 07/18/16		190,000		214,225
Tyco International Group SA
6.00%, 11/15/13		710,000		785,316
				6,273,911
Malaysia — 0.3%
Bank Negara Monetary Note
2.68%, 09/27/11(R)W		3,350,000		1,102,217
Malaysia Government Bond
3.43%, 08/15/14(R)		1,620,000		539,045
3.84%, 08/12/15(R)		2,280,000		767,876
4.26%, 09/15/16(R)		650,000		222,676
				2,631,814
Mexico — 0.8%
America Movil SAB de CV
5.63%, 11/15/17		270,000		304,330
5.00%, 03/30/20		240,000		251,568
BBVA Bancomer SA Texas
7.25%, 04/22/20 144AD		625,000		657,812
Cemex SAB de CV
5.25%, 09/30/15 144A†D		150,000		145,500
Mexican Bonos
8.00%, 06/11/20(M)		15,875,000		1,458,013
10.00%, 12/05/24(M)		15,616,600		1,647,061
7.50%, 06/03/27(M)		1,028,000		87,164
Mexico Government International Bond
6.75%, 09/27/34		601,000		701,668
6.05%, 01/11/40		134,000		143,246
Petroleos Mexicanos
8.00%, 05/03/19		720,000		891,360
5.50%, 01/21/21 144A		370,000		389,795
				6,677,517
Netherlands — 1.7%
Achmea Hypotheekbank NV
3.20%, 11/03/14 144A		2,000,000		2,100,864
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
4.50%, 01/11/21D		4,000,000		4,092,348
11.00%, 06/29/49 144A†		687,000		879,159
Deutsche Telekom International Finance BV
5.75%, 03/23/16		510,000		577,380
ING Bank NV
3.90%, 03/19/14 144A		500,000		535,308
2.38%, 06/09/14 144AD		550,000		547,836
2.50%, 01/14/16 144A		700,000		688,443
LeasePlan Corporation NV
3.00%, 05/07/12 144A		1,200,000		1,226,921
Shell International Finance BV
4.38%, 03/25/20		700,000		736,881
Volkswagen International Finance NV
0.70%, 10/01/12 144A†		1,900,000		1,905,687
0.86%, 04/01/14 144A†		1,500,000		1,506,327
				14,797,154
New Zealand — 0.0%
Westpac Securities NZ, Ltd.
2.50%, 05/25/12 144A		200,000		203,275
Norway — 1.2%
DnB NOR Boligkreditt
2.10%, 10/14/15 144AD		1,300,000		1,286,375
2.90%, 03/29/16 144A		4,300,000		4,381,601
Nordea Eiendomskreditt AS
1.88%, 04/07/14 144A@		1,100,000		1,112,148
Sparebank 1 Boligkreditt AS
1.25%, 10/25/13 144AD		1,900,000		1,899,132
2.63%, 05/27/16 144A		1,600,000		1,630,993
				10,310,249
Portugal — 0.4%
Obrigacoes do Tesouro
2.62%, 05/16/47(E)W		2,630,873		3,810,082

See Notes to Financial Statements.

60

	Par		Value
Qatar — 0.1%
Qatar Government International Bond
5.15%, 04/09/14	$	510,000	$	554,625
Ras Laffan Liquefied Natural Gas Co., Ltd. III
6.75%, 09/30/19 144A		250,000		291,250
				845,875
Russia — 0.0%
Russian Federation
7.50%, 03/31/30D		207,600		244,823
South Africa — 0.2%
South Africa Government Bond
6.75%, 03/31/21(S)		4,485,000		589,012
10.50%, 12/21/26(S)D		5,975,000		1,023,609
Transnet, Ltd.
4.50%, 02/10/16 144A		500,000		516,578
				2,129,199
South Korea — 0.4%
Export-Import Bank of Korea
5.25%, 02/10/14		235,000		253,564
Hyundai Capital Services, Inc.
4.38%, 07/27/16 144AD		3,400,000		3,490,375
				3,743,939
Spain — 0.2%
BBVA US Senior SAU
3.25%, 05/16/14		800,000		791,680
Santander US Debt SA Unipersonal
3.72%, 01/20/15 144A		700,000		678,129
3.78%, 10/07/15 144AD		100,000		96,519
Telefonica Emisiones SAU
5.13%, 04/27/20		170,000		168,811
				1,735,139
Sweden — 1.1%
Nordea Bank AB
1.18%, 01/14/14 144A†D		3,400,000		3,432,327
3.70%, 11/13/14 144A		390,000		408,349
4.88%, 01/27/20 144A		110,000		114,223
4.88%, 05/13/21 144A		640,000		615,820
Stadshypotek AB
1.45%, 09/30/13 144A		4,850,000		4,884,304
Swedbank Hypotek AB
0.70%, 03/28/14 144A†@		400,000		400,376
				9,855,399
Switzerland — 0.2%
Credit Suisse
6.00%, 02/15/18		100,000		108,054
UBS AG
1.36%, 02/23/12†		400,000		402,601
2.25%, 01/28/14		710,000		717,869
3.88%, 01/15/15D		280,000		292,507
4.88%, 08/04/20		180,000		182,392
				1,703,423
United Arab Emirates — 0.0%
Dolphin Energy, Ltd.
5.89%, 06/15/19 144AD		247,408		268,287
United Kingdom — 2.5%
Abbey National Treasury Services PLC
3.88%, 11/10/14 144A		2,900,000		2,955,520
Anglo American Capital PLC
9.38%, 04/08/19 144A		100,000		131,737
Bank of Scotland PLC
5.25%, 02/21/17 144A@		400,000		428,230
Barclays Bank PLC
1.32%, 01/13/14†D		3,400,000		3,412,706
6.05%, 12/04/17 144A		230,000		243,845
BP Capital Markets PLC
5.25%, 11/07/13		940,000		1,019,021
3.88%, 03/10/15		310,000		326,757
3.20%, 03/11/16D		275,000		280,005
4.50%, 10/01/20		725,000		740,743
HSBC Holdings PLC
6.80%, 06/01/38		250,000		267,642
Lloyds TSB Bank PLC
2.62%, 01/24/14†		3,400,000		3,449,844
6.50%, 09/14/20 144A		150,000		141,731
6.38%, 01/21/21		550,000		573,603
12.00%, 12/29/49 144A†		3,200,000		3,484,689
Royal Bank of Scotland PLC
1.50%, 03/30/12 144A		2,400,000		2,421,898
4.88%, 08/25/14 144A		425,000		442,646
3.95%, 09/21/15		800,000		804,530
Royal Bank of Scotland Group PLC
6.40%, 10/21/19		530,000		545,268
7.64%, 03/29/49		200,000		156,500
WPP Finance UK
8.00%, 09/15/14		226,000		265,298
				22,092,213
Virgin Islands (British) — 0.5%
Gerdau Trade, Inc.
5.75%, 01/30/21 144AD		4,000,000		4,085,000
Total Foreign Bonds (Cost $162,010,674)				163,173,556
LOAN AGREEMENT — 0.0%
Ford Motor Co. Tranche B
2.94%, 12/15/13W
(Cost $17,522)		17,522		17,501
MORTGAGE-BACKED SECURITIES — 41.8%
ABN Amro Mortgage Corporation
0.00%, 06/25/33 IOW@		25,608		1,834
American Home Mortgage Assets
1.20%, 11/25/46†		1,340,658		621,425
Arkle Master Issuer PLC
1.66%, 05/17/60 144A†		1,100,000		1,100,711
Arran Residential Mortgages Funding PLC
2.62%, 11/19/47 144A(E)†		500,000		725,471
Avis Budget Rental Car Funding AESOP LLC
3.15%, 03/20/17 144A		160,000		161,730
Banc of America Commercial Mortgage, Inc.
5.92%, 05/10/45†		420,000		464,805
Banc of America Large Loan, Inc.
5.67%, 02/17/51 144A†		100,000		109,346
Bank of America Mortgage Securities, Inc.
2.77%, 07/25/34†		310,112		284,678

See Notes to Financial Statements.

61

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Bear Stearns Adjustable Rate Mortgage Trust
5.68%, 02/25/33†	$	72,352	$	71,101
5.29%, 05/25/34†		468,926		436,189
2.71%, 03/25/35†		1,233,355		1,154,965
Bear Stearns Alt-A Trust
0.83%, 04/25/34†		93,356		77,808
2.65%, 05/25/35†		539,185		450,432
2.92%, 09/25/35†		804,928		583,400
Bear Stearns Structured Products, Inc.
3.19%, 01/26/36†		1,360,603		866,568
Chase Mortgage Finance Corporation
2.82%, 02/25/37†		244,038		232,872
Commercial Mortgage Pass-Through Certificates
5.95%, 06/10/46†		1,250,000		1,384,682
Countrywide Alternative Loan Trust
5.50%, 10/25/33		136,814		141,326
0.54%, 09/25/35†		1,107,901		706,209
1.78%, 09/25/35†		270,220		166,552
0.52%, 10/25/35†		1,274,388		763,576
0.51%, 11/20/35†		1,016,369		577,779
0.53%, 11/20/35†		1,907,791		1,196,122
0.46%, 01/25/36†		624,748		389,415
0.46%, 02/25/36†		1,473,189		808,041
6.00%, 08/25/37		1,186,463		929,297
0.38%, 09/25/46†		1,386,545		757,027
Countrywide Home Loan Mortgage Pass-Through Trust
3.02%, 02/19/34†		1,175,715		1,086,116
3.07%, 11/20/34†		246,172		208,252
0.61%, 11/25/34 144A†		23,452		20,397
0.55%, 03/25/35 144A†		92,530		78,997
0.43%, 03/25/36†		424,788		263,894
Credit Suisse Mortgage Capital Certificates
5.38%, 02/15/40		1,800,000		1,889,627
CS First Boston Mortgage Securities Corporation
0.00%, 07/25/33 IOW†@		159,851		—
52.48%, 07/25/33 IOW@		61,647		3,852
0.00%, 08/25/33 IOW†@		201,536		3
Federal Home Loan Mortgage Corporation
7.00%, 11/01/14		12,868		13,798
7.00%, 04/01/15		8,990		9,639
7.00%, 12/01/15		15,213		16,054
8.50%, 06/01/16		10,009		11,289
8.50%, 06/01/18		4,342		4,897
4.50%, 09/01/18		16,103		17,211
8.00%, 08/01/24		2,278		2,704
7.50%, 11/01/29		9,932		11,598
7.50%, 12/01/29		16,897		19,732
7.50%, 02/01/31		28,710		33,565
2.66%, 07/01/31†		27,943		29,028
2.61%, 08/01/31†		3,571		3,698
7.50%, 11/01/31		9,959		11,649
2.73%, 04/01/32†		5,576		5,853
2.59%, 03/01/34†		6,397		6,704
5.00%, 12/01/34		71,790		76,646
5.50%, 05/01/35		1,118,042		1,215,852
5.00%, 11/01/35		995,615		1,062,187
5.50%, 11/01/35		324,275		352,559
5.00%, 12/01/35		72,995		78,104
5.50%, 01/01/36		185,319		201,508
6.00%, 02/01/36		1,293,424		1,427,550
5.99%, 01/01/37†		772,438		819,747
5.65%, 04/01/37†		1,288,519		1,370,365
6.00%, 04/01/37		8,080		9,002
5.50%, 07/01/37		319,493		347,260
6.00%, 07/01/37		2,299		2,561
5.56%, 09/01/37†		571,840		610,028
6.00%, 09/01/37		101,601		113,197
5.50%, 02/01/38		170,720		184,837
5.50%, 04/01/38		118,995		128,835
6.00%, 07/01/38		38,547		42,946
5.50%, 12/01/38		555,634		601,059
6.00%, 12/01/38		106,586		118,750
6.00%, 01/01/39		53,705		59,834
5.50%, 02/01/39		124,751		134,949
4.50%, 09/01/39		877,482		913,532
5.50%, 01/01/40		790,456		855,819
4.50%, 08/01/40 TBA		26,500,000		27,290,866
4.00%, 09/01/40		31,190		31,277
4.00%, 11/01/40		35,410		35,509
4.00%, 12/01/40		626,273		628,028
3.50%, 07/01/41 TBA		1,400,000		1,336,782
4.00%, 07/01/41 TBA		100,000		99,906
Federal Home Loan Mortgage Corporation REMIC
0.00%, 04/15/22 POW†		15,225		13,884
0.69%, 06/15/37†		1,295,288		1,296,305
4.00%, 12/15/38		400,000		397,840
4.00%, 01/15/39		100,000		100,000
5.50%, 06/15/41		600,000		650,190
Federal Housing Administration
8.70%, 10/01/18@		117,572		125,344
Federal National Mortgage Association
8.00%, 06/01/15		22,143		23,721
8.00%, 07/01/15		11,258		11,429
8.00%, 09/01/15		21,185		22,824
3.07%, 12/01/17		992,096		996,912
5.00%, 12/01/17		46,873		50,433
2.80%, 03/01/18		597,188		587,809
3.74%, 05/01/18		1,398,598		1,441,537
3.84%, 05/01/18		420,000		433,511
4.51%, 06/01/19		1,000,000		1,060,319
3.42%, 10/01/20		298,900		293,297
3.38%, 11/01/20		398,492		389,612
3.63%, 12/01/20		199,290		197,969
3.76%, 12/01/20		1,293,434		1,297,736
9.50%, 05/01/22		2,427		2,759
2.73%, 07/01/22†		9,155		9,259
5.50%, 09/01/23		352,414		384,594
5.50%, 10/01/23		58,333		63,844
9.50%, 07/01/24		4,850		5,475
5.50%, 05/01/25		2,105,011		2,286,109
4.50%, 07/19/25 TBA		17,000,000		18,020,000
3.50%, 07/01/26 TBA		7,400,000		7,534,125
4.00%, 07/01/26 TBA		14,400,000		14,998,493
4.50%, 07/01/26 TBA		1,000,000		1,060,000
3.50%, 07/19/26 TBA		4,000,000		4,072,500
2.70%, 07/01/27†		23,851		24,139

See Notes to Financial Statements.

62

	Par		Value
2.42%, 08/01/27†	$	58,006	$	60,820
2.70%, 11/01/27†		46,876		47,443
5.50%, 04/01/29		426		465
3.01%, 02/01/30†		152,476		159,037
2.76%, 06/01/30†		20,283		20,407
8.00%, 10/01/30		40,032		45,592
2.76%, 12/01/30†		7,273		7,663
2.70%, 01/01/31†		7,977		8,186
2.45%, 05/01/31†		17,123		17,222
6.00%, 11/01/31		15,830		17,559
6.00%, 01/01/32		70,991		78,749
6.00%, 03/01/32		73,231		81,234
6.00%, 04/01/32		481,657		534,294
2.70%, 06/01/32†		9,411		9,533
2.73%, 08/01/32†		32,079		33,306
2.38%, 02/01/33†		3,123		3,155
2.73%, 05/01/33†		66,823		69,614
6.00%, 05/01/33		5,230		5,802
5.00%, 08/01/33		21,667		23,157
5.50%, 09/01/33		6,144		6,691
6.00%, 12/01/33		3,000		3,328
5.50%, 02/01/34		8,354		9,097
5.50%, 04/01/34		1,327		1,449
6.00%, 07/01/34 TBA		3,200,000		3,515,002
5.50%, 08/01/34		11,952		13,049
5.50%, 10/01/34		701		765
6.00%, 10/01/34		69,955		77,447
2.14%, 12/01/34†		469,968		487,415
5.50%, 12/01/34		79,374		86,421
6.00%, 12/01/34		1,071		1,183
6.00%, 01/01/35		734,761		811,461
6.00%, 05/01/35		2,316,156		2,556,247
5.50%, 07/01/35		555		606
6.00%, 07/01/35		489,861		540,640
5.50%, 08/01/35		1,291		1,410
6.00%, 08/01/35		504		556
5.50%, 09/01/35		320,850		349,203
6.00%, 10/01/35		129,699		143,453
2.24%, 11/01/35†		184,816		190,748
2.25%, 11/01/35†		370,353		382,319
2.27%, 11/01/35†		157,247		162,131
2.28%, 11/01/35†		157,733		162,946
2.70%, 11/01/35†		20,397		20,973
6.00%, 11/01/35		1,167,206		1,292,348
5.50%, 12/01/35		5,965		6,513
6.00%, 12/01/35		25,982		28,708
6.00%, 02/01/36		16,879		18,650
6.00%, 03/01/36		23,242		25,680
5.50%, 04/01/36		327,766		351,900
6.00%, 04/01/36		23,241		25,679
4.03%, 05/01/36†		276,098		292,547
6.00%, 10/01/36		3,592		3,958
6.50%, 10/01/36		225,050		255,095
5.50%, 11/01/36		875,709		949,628
6.00%, 11/01/36		82,363		90,772
6.50%, 11/01/36		98,299		111,530
6.00%, 12/01/36		293		323
6.00%, 01/01/37		84,265		92,858
5.50%, 02/01/37		1,032		1,123
5.54%, 02/01/37†		1,041,298		1,105,836
5.50%, 03/01/37		44,251		48,118
5.50%, 04/01/37		1,685		1,833
6.00%, 04/01/37		12,027		13,232
5.50%, 05/01/37		1,935		2,106
6.00%, 05/01/37		43,197		47,526
5.50%, 06/01/37		790		860
6.00%, 06/01/37		1,039		1,145
5.50%, 07/01/37 TBA		750,000		810,938
6.00%, 07/01/37 TBA		5,000,000		5,492,190
6.00%, 07/01/37		4,854,188		5,363,404
6.50%, 10/01/37		317,977		360,804
6.00%, 11/01/37		6,241		6,867
2.70%, 12/01/37†		107,928		108,206
6.00%, 12/01/37		1,403		1,544
2.70%, 01/01/38†		50,170		52,113
6.00%, 01/01/38		8,266		9,094
5.50%, 02/01/38		867		943
6.00%, 02/01/38		33,897		37,267
4.50%, 03/01/38		46,350		48,081
5.50%, 03/01/38		2,538		2,761
6.00%, 03/01/38		5,866		6,456
4.50%, 04/01/38		1,454,008		1,508,291
6.00%, 04/01/38		3,878		4,263
5.50%, 05/01/38		581		630
6.00%, 05/01/38		980,881		1,079,186
5.50%, 06/01/38		2,894		3,149
4.50%, 07/01/38 TBA		12,000,000		12,414,372
5.00%, 07/01/38 TBA		5,200,000		5,525,000
5.50%, 07/01/38		343,503		373,733
5.50%, 08/01/38		495,135		538,709
5.50%, 09/01/38		1,807		1,966
6.00%, 11/01/38		966,377		1,063,229
5.50%, 12/01/38		580,335		631,949
4.00%, 07/13/39 TBA		34,000,000		34,000,000
4.50%, 08/01/39		225,975		235,612
5.50%, 08/01/39		172,673		186,898
4.50%, 09/01/39		181,082		188,804
4.50%, 10/01/39		89,007		92,802
4.50%, 12/01/39		176,565		184,095
6.00%, 12/01/39		3,559,650		3,916,405
5.50%, 05/01/40		5,100,000		5,521,945
1.70%, 06/01/40†		85,386		86,852
4.50%, 07/13/40 TBA		4,000,000		4,138,124
4.50%, 07/14/40 TBA		15,900,000		16,449,043
3.50%, 09/01/40		939,194		899,297
1.70%, 10/01/40†		258,266		262,731
2.70%, 11/01/40†		46,048		47,986
3.50%, 01/01/41		996,115		953,800
3.50%, 02/01/41		8,977,204		8,595,853
3.50%, 03/01/41		996,747		954,406
3.50%, 07/01/41 TBA		400,000		382,500
3.50%, 07/14/41 TBA		3,000,000		2,868,750
Federal National Mortgage Association REMIC
0.00%, 08/25/21 IOW		142		3,222
0.00%, 10/25/21 IOW		208		4,269
0.79%, 05/25/30†		864,660		865,006
0.64%, 10/18/30†		37,269		37,269
0.01%, 07/25/33 IOW†@		174,703		1,839
0.00%, 04/25/34 IOW†@		305,918		5,632
0.01%, 06/25/34 IOW†@		413,242		3,137
6.31%, 10/25/40 IO†		746,321		117,226
5.50%, 07/25/41		800,000		841,991
6.48%, 07/25/41 IO†		1,000,000		155,020
Federal National Mortgage Association STRIP
5.00%, 01/25/38 IO		390,002		82,682

See Notes to Financial Statements.

63

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
FFCA Secured Lending Corporation
0.00%, 09/18/27 IO 144AW†@	$	778,454	$	28,052
FHLMC Multifamily Structured Pass Through Certificates
0.00%, 02/25/18 IOW†		5,540,000		446,449
1.23%, 01/25/20 IOW†		3,911,304		257,850
1.41%, 04/25/20 IOW†		1,118,647		83,762
1.84%, 06/25/20 IOW†		1,182,214		118,509
1.69%, 08/25/20 IO†		1,303,301		117,997
FHLMC Structured Pass-Through Securities
1.69%, 07/25/44†		1,808,169		1,762,683
First Horizon Alternative Mortgage Securities
2.34%, 06/25/34†		835,967		747,133
Fosse Master Issuer PLC
1.62%, 10/18/54 144A†		2,850,000		2,846,104
GMAC Commercial Mortgage Securities, Inc.
6.28%, 11/15/39		1,091,428		1,098,895
GMAC Mortgage Corporation Loan Trust
3.11%, 06/25/34†		323,698		319,789
Government National Mortgage Association
3.95%, 07/15/25		193,941		200,263
7.00%, 10/15/25		54,876		63,659
7.00%, 01/15/26		12,756		14,823
7.00%, 07/15/27		111,125		129,010
7.00%, 12/15/27		1,441		1,677
7.00%, 01/15/28		29,705		34,618
7.00%, 03/15/28		140,276		163,244
7.00%, 07/15/28		20,197		23,537
7.50%, 07/15/28		14,301		16,792
6.50%, 08/15/28		12,517		14,281
7.00%, 08/15/28		31,308		36,485
7.50%, 08/15/28		11,757		13,805
6.50%, 09/15/28		48,586		55,434
7.00%, 10/15/28		42,600		49,644
7.50%, 03/15/29		37,646		44,144
7.50%, 11/15/29		23,141		27,200
2.13%, 11/20/29†		64,019		66,009
8.50%, 08/15/30		2,307		2,809
8.50%, 11/20/30		17,905		21,716
6.50%, 08/15/31		107,422		122,125
7.50%, 08/15/31		31,099		36,674
6.50%, 10/15/31		185,666		211,259
6.00%, 11/15/31		540,401		602,490
6.50%, 11/15/31		220,891		251,126
6.00%, 12/15/31		127,514		142,165
6.00%, 01/15/32		194,080		217,289
6.00%, 02/15/32		278,074		310,024
6.50%, 02/15/32		387,433		441,634
6.00%, 04/15/32		148,227		165,953
7.50%, 04/15/32		83,829		99,117
6.50%, 06/15/32		186,666		212,215
6.50%, 07/15/32		3,835		4,359
6.50%, 08/15/32		349,216		397,015
6.50%, 09/15/32		353,034		401,356
6.00%, 10/15/32		310,441		346,109
6.00%, 11/15/32		266,653		297,591
6.00%, 12/15/32		110,081		122,729
6.50%, 12/15/32		24,383		27,720
0.00%, 12/20/32 IOW†		304,502		48,457
6.00%, 01/15/33		140,708		156,875
6.00%, 02/15/33		106,450		118,681
6.50%, 03/15/33		45,945		52,234
6.50%, 04/15/33		793,270		901,848
6.00%, 05/15/33		572,476		638,252
6.00%, 06/15/33		82,745		92,252
6.00%, 10/15/33		407,545		454,370
6.50%, 10/15/33		195,590		222,362
6.00%, 12/15/33		397,414		443,075
0.00%, 07/20/34 IOW†		249,696		39,103
6.50%, 08/15/34		688,558		816,981
0.00%, 02/20/35 IOW†		495,124		83,357
0.00%, 07/20/35 IOW†		518,385		78,025
0.00%, 08/20/35 IOW†		599,957		79,243
0.00%, 11/16/35 IOW†		632,330		97,096
0.00%, 02/16/36 IOW†		1,272,642		218,114
0.00%, 08/16/36 IOW†		668,785		124,038
6.51%, 12/16/36 IO†		398,133		79,167
0.49%, 03/20/37†		2,324,220		2,310,652
0.00%, 05/16/37 IOW†		615,005		88,395
0.49%, 05/20/37†		986,272		980,504
0.00%, 11/16/37 IOW†		421,448		59,194
5.00%, 07/01/38 TBA		4,000,000		4,332,500
5.50%, 07/01/38 TBA		800,000		879,250
6.00%, 07/01/38 TBA		600,000		663,000
6.36%, 10/20/38 IO†		487,357		87,355
6.36%, 11/20/38 IO†		570,095		103,038
5.50%, 01/15/39		147,340		162,305
0.00%, 03/20/39 IOW†		263,804		47,701
6.56%, 04/16/39 IO†		179,929		28,433
5.91%, 06/20/39 IO†		581,596		104,564
5.00%, 07/01/39 TBA		2,400,000		2,602,874
0.00%, 08/20/39 IOW†		873,341		146,017
0.00%, 10/20/39 IOW†		1,343,460		232,163
6.46%, 01/20/40 IO†		319,405		58,717
0.00%, 02/16/40 IOW†		307,989		50,000
4.50%, 03/15/40		726,032		767,703
4.50%, 07/01/40 TBA		24,700,000		26,027,326
0.00%, 07/16/40 IOW†		829,348		138,751
5.00%, 07/20/40		92,064		100,057
6.38%, 07/20/40 IO†		267,364		52,465
5.00%, 08/20/40		1,301,658		1,414,671
0.00%, 09/20/40 IOW†		285,950		43,318
5.00%, 09/20/40		366,257		398,056
5.86%, 09/20/40†		390,908		61,357
5.86%, 11/20/40 IO†		541,973		100,204
3.50%, 01/15/41		485,448		471,947
0.00%, 03/16/41 IOW†		195,236		34,804
5.21%, 06/20/41 IO†		600,000		95,058
4.00%, 07/01/41 TBA		300,000		305,578
4.50%, 07/01/41 TBA		3,000,000		3,157,032
0.61%, 12/20/60†		536,518		534,640
0.69%, 03/20/61†		597,042		594,307
0.71%, 03/20/61†		397,042		395,911
Granite Mortgages PLC
1.72%, 01/20/44(E)†		317,011		443,396
Greenpoint Mortgage Funding Trust
0.37%, 01/25/37†		1,177,866		691,480
GS Mortgage Securities Corporation II
4.68%, 07/10/39		954,008		991,494

See Notes to Financial Statements.

64

	Par		Value
5.56%, 11/10/39	$	1,200,000	$	1,300,374
5.99%, 08/01/45†		1,600,000		1,717,760
GSMPS Mortgage Loan Trust
0.42%, 02/25/35 144A†		178,347		150,187
0.54%, 09/25/35 144A†		1,884,853		1,585,780
GSR Mortgage Loan Trust
2.79%, 09/25/35†		740,784		704,066
Holmes Master Issuer PLC
1.68%, 10/15/54 144A†		500,000		500,859
Impac CMB Trust
0.91%, 10/25/34†		102,557		65,301
0.45%, 11/25/35†		1,013,457		562,540
Impac Secured Assets CMN Owner Trust
0.44%, 03/25/36†		721,560		331,999
Indymac ARM Trust
1.93%, 01/25/32†		14,992		12,380
Indymac INDA Mortgage Loan Trust
5.84%, 11/25/37†		500,632		402,624
Indymac Index Mortgage Loan Trust
0.49%, 07/25/35†		1,865,818		1,208,201
0.41%, 04/25/46†		782,049		434,024
0.38%, 09/25/46†		1,340,703		796,045
JP Morgan Alternative Loan Trust
0.45%, 01/25/36†		584,306		413,911
JP Morgan Chase Commercial Mortgage Securities Corporation
4.90%, 09/12/37		1,270,000		1,366,686
JP Morgan Mortgage Trust
5.01%, 02/25/35†		525,167		520,564
2.77%, 07/25/35†		385,693		325,104
2.97%, 07/25/35†		411,107		385,407
2.97%, 07/25/35†		422,093		399,588
LB-UBS Commercial Mortgage Trust
4.66%, 07/15/30		720,638		751,296
4.95%, 09/15/30		400,000		432,213
0.00%, 06/15/36 IO 144AW†@		1,528,105		457
5.37%, 09/15/39		1,650,000		1,794,644
5.42%, 02/15/40		2,200,000		2,371,088
5.87%, 09/15/45†		1,100,000		1,196,090
Luminent Mortgage Trust
0.36%, 12/25/36†		3,128,930		1,932,574
0.39%, 02/25/46†		924,527		552,812
MASTR Adjustable Rate Mortgages Trust
2.62%, 05/25/34†		288,128		231,476
2.69%, 11/25/35 144A†		1,051,293		593,453
0.39%, 05/25/47†		2,888,785		1,517,476
MASTR Reperforming Loan Trust
7.00%, 08/25/34 144A		683,401		699,137
Merrill Lynch/Countrywide Commercial Mortgage Trust
6.16%, 08/12/49†		300,000		328,434
MLCC Mortgage Investors, Inc.
0.82%, 11/25/29†		394,420		367,387
NCUA Guaranteed Notes
0.59%, 03/11/20†		849,708		851,102
2.90%, 10/29/20		1,180,000		1,177,796
Nomura Asset Acceptance Corporation
6.50%, 03/25/34 144A		112,858		114,431
6.50%, 10/25/34 144A†		118,644		119,598
Permanent Master Issuer PLC
1.67%, 07/15/42 144A†		1,000,000		998,996
2.62%, 07/15/42 144A(E)†		1,100,000		1,597,811
Prime Mortgage Trust
5.50%, 05/25/35 144A		5,287,477		4,695,070
6.00%, 05/25/35 144A		3,550,334		3,283,611
Sequoia Mortgage Trust
0.79%, 07/20/33†		229,508		220,587
Silverstone Master Issuer PLC
1.67%, 01/21/55 144A†		1,200,000		1,199,997
Structured Adjustable Rate Mortgage Loan Trust
0.53%, 08/25/35†		469,806		374,336
Structured Asset Mortgage Investments, Inc.
0.44%, 07/19/35†		204,653		142,273
Structured Asset Securities Corporation
0.54%, 06/25/35 144A†		237,948		193,724
Wachovia Bank Commercial Mortgage Trust
5.38%, 10/15/44†		1,000,000		1,090,413
Washington Mutual Mortgage Pass-Through Certificates
2.58%, 02/25/33†		17,045		14,653
3.41%, 12/25/36†		609,481		456,631
5.41%, 02/25/37†		964,632		632,547
5.64%, 02/25/37†		623,532		457,434
1.68%, 06/25/42†		36,367		28,862
0.48%, 07/25/45†		373,664		302,713
0.48%, 07/25/45†		747,328		605,426
0.51%, 07/25/45†		698,562		573,508
0.48%, 10/25/45†		1,376,205		1,126,620
1.04%, 04/25/47†		1,400,197		978,494
Wells Fargo Alternative Loan Trust
6.07%, 12/28/37†		1,783,072		1,309,712
Wells Fargo Mortgage-Backed Securities Trust
2.81%, 10/25/35†		527,690		510,157
Total Mortgage-Backed Securities (Cost $374,644,558)				366,680,978
MUNICIPAL BONDS — 2.7%
American Municipal Power, Inc. Series E Revenue Bond
6.27%, 02/15/50		250,000		250,648
Birmingham Commercial Development Authority, Civic Center Improvements Project, Series A General Obligation
5.50%, 04/01/41		30,000		30,387
Chicago O’Hare International Airport, Series A Revenue Bond
5.63%, 01/01/35		40,000		40,929
Chicago O’Hare International Airport, Series C Revenue Bond
5.50%, 01/01/31		80,000		81,899

See Notes to Financial Statements.

65

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Chicago Transit Authority, Series A Revenue Bond
6.90%, 12/01/40	$	1,800,000	$	1,919,178
Clark County Nevada, Las-Vegas-McCarran International Airport, Series A Revenue Bond
5.25%, 07/01/39		50,000		49,421
Dallas Area Rapid Transit
5.25%, 12/01/48		150,000		154,156
Illinois Finance Authority, Series B Revenue Bond
5.75%, 07/01/33		1,800,000		1,943,658
Illinois State, Taxable Pension General Obligation Bond
5.67%, 03/01/18		300,000		311,496
5.88%, 03/01/19		310,000		318,950
Los Angeles Department of Airports of the city of Los Angeles, California, Series A Revenue Bond
5.00%, 05/15/35		70,000		69,802
5.25%, 05/15/39		50,000		51,160
Los Angeles Department of Water & Power, Build America Revenue Bonds
6.57%, 07/01/45		200,000		224,396
Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Series A-3 Revenue Bond
5.00%, 07/01/39		50,000		49,627
Municipal Electric Authority of Georgia, Series B Revenue Bond
6.64%, 04/01/57		230,000		220,722
6.66%, 04/01/57		130,000		122,689
New York Liberty Development Corporation, Goldman Sachs Headquarters, Series 2005 Revenue Bond
5.25%, 10/01/35		170,000		168,604
Pennsylvania Higher Education Assistance Agency, Student Loan, Sub-Series HH-10 Revenue Bond
0.18%, 05/01/46†		2,350,000		2,079,774
San Mateo County Community College District, Election 2005, Series B General Obligation
5.00%, 09/01/38		20,000		20,089
South Carolina Transportation Infrastructure Bank, Series A Revenue Bond (AMBAC Insured)
5.00%, 10/01/23		2,700,000		2,708,802
State of California General Obligation Bond
7.50%, 04/01/34		525,000		594,300
7.95%, 03/01/36		165,000		179,939
7.55%, 04/01/39		475,000		544,046
7.30%, 10/01/39		360,000		399,506
7.63%, 03/01/40		775,000		892,963
State of Illinois General Obligation Bond
3.32%, 01/01/13		6,500,000		6,627,010
4.42%, 01/01/15		1,400,000		1,436,414
7.35%, 07/01/35		400,000		425,688
State of Illinois, Series B General Obligation Bond
3.10%, 10/01/33†		1,100,000		1,100,000
Virginia State Housing Development Authority, Commonwealth Mortgage, Series H-1 Revenue Bond (NATL-RE Insured)
5.38%, 07/01/36		1,000,000		1,000,250
Total Municipal Bonds (Cost $23,134,843)				24,016,503
U.S. TREASURY OBLIGATIONS — 9.0%
U.S. Treasury Bills
0.16%, 08/18/11‡‡		887,000		886,981
0.04%, 09/15/11‡‡		364,000		363,992
0.04%, 09/22/11W‡‡		58,000		57,998
				1,308,971
U.S. Treasury Bonds
7.50%, 11/15/24D		800,000		1,126,750
4.38%, 02/15/38D‡‡		400,000		402,688
4.38%, 11/15/39D		10,940,000		10,946,838
4.38%, 05/15/40D		1,190,000		1,189,448
				13,665,724
U.S. Treasury Inflationary Index Bonds
1.13%, 01/15/21D‡‡		8,000,000		8,547,072
2.38%, 01/15/25D‡‡		1,140,000		1,565,167
2.38%, 01/15/27D‡‡		2,180,000		2,776,341
1.75%, 01/15/28‡‡		3,000		3,375
3.88%, 04/15/29D‡‡		3,068,000		5,757,975
2.13%, 02/15/40D		950,000		1,077,658
2.13%, 02/15/40D		2,150,000		2,403,351
				22,130,939
U.S. Treasury Notes
1.00%, 09/30/11		9,600,000		9,624,000
1.38%, 02/15/13D		70,000		71,124
0.50%, 05/31/13		40,000		40,048
1.25%, 02/15/14		350,000		355,195
1.25%, 04/15/14D		120,000		121,706
1.75%, 05/31/16D		2,340,000		2,344,018
1.50%, 06/30/16		410,000		405,067
2.88%, 03/31/18D		1,000,000		1,030,313
2.63%, 04/30/18		2,170,000		2,197,464
2.63%, 08/15/20		4,900,000		4,743,813
2.63%, 11/15/20D		270,000		260,086
3.63%, 02/15/21D		8,790,000		9,167,012
3.13%, 05/15/21D‡‡		3,260,000		3,251,348
3.88%, 08/15/40		2,400,000		2,197,874
4.25%, 11/15/40D		200,000		195,531
4.75%, 02/15/41D		3,610,000		3,837,881
4.38%, 05/15/41D		1,690,000		1,687,627
				41,530,107
Total U.S. Treasury Obligations (Cost $77,151,323)				78,635,741
	Shares
COMMON STOCKS — 0.0%
Financial Services — 0.0%
Holdco, Cl A+		14,317		19,454
Holdco, Cl B+		128,860		175,095
				194,549

See Notes to Financial Statements.

66

	Shares			Value
Producer Durables — 0.0%
Nortek, Inc.*		1,076		$	38,693
Total Common Stocks (Cost $762,877)					233,242
PREFERRED STOCKS — 0.3%
Federal Home Loan Mortgage Corporation		1,550			4,557
Federal National Mortgage Association		9,000			22,105
Wells Fargo & Co.		2,400			2,544,000
Total Preferred Stocks (Cost $1,737,963)					2,570,662
	Par
REPURCHASE AGREEMENTS — 16.9%
Barclays Capital, Inc.
0.06% (dated 07/01/11, due 07/05/11, repurchase price $21,800,145, collateralized by Federal Home Loan Mortgage Corporation, 4.500%, due 01/01/41, total market value $22,577,582)	$	21,800,000			21,800,000
Morgan Stanley & Co., Inc.
0.06% (dated 07/01/11, due 07/05/11, repurchase price $36,500,243, collateralized by Federal Home Loan Mortgage Corporation, 0.625%, due 12/28/12, total market value $37,355,939)		36,500,000			36,500,000
Morgan Stanley & Co., Inc.
0.06% (dated 07/01/11, due 07/05/11, repurchase price $16,000,107, collateralized by Federal National Mortgage Association, 0.500%, due 10/30/12, total market value $16,333,135)		16,000,000			16,000,000
RBS Securities, Inc.
0.03% (dated 06/30/11, due 07/01/11, repurchase price $53,777,045, collateralized by Federal National Mortgage Association, 4.625%, due 10/15/13, total market value $54,995,071)		53,777,000			53,777,000
RBS Securities, Inc.
0.03% (dated 06/30/11, due 07/01/11, repurchase price $20,523,017, collateralized by Federal National Mortgage Association, 4.625%, due 10/15/13, total market value $20,991,619)		20,523,000			20,523,000
Total Repurchase Agreements (Cost $148,600,000)					148,600,000
	Shares
MONEY MARKET FUNDS — 19.0%
GuideStone Money Market Fund (GS4 Class)¥		67,866,340			67,866,340
Northern Institutional Liquid Assets Portfolio§		98,995,617			98,995,617
Total Money Market Funds (Cost $166,861,957)					166,861,957
TOTAL INVESTMENTS — 141.7% (Cost $1,248,479,385)					1,244,500,160
	Number of Contracts
WRITTEN OPTIONS — 0.0%
Call Options — 0.0%
5-Year U.S. Treasury Note Futures, Strike Price $120.00, Expires 07/22/11 (CITIG)		(8	)		(1,812	)
September 2011 90-Day Eurodollar Futures, Strike Price $99.375, Expires 09/19/11 (JPM)		(38	)		(29,450	)
					(31,262	)
Put Options — 0.0%
5-Year U.S. Treasury Note Futures, Strike Price $118.00, Expires 07/22/11 (CITIG)		(13	)		(2,438	)
September 2011 90-Day Eurodollar Futures, Strike Price $99.375, Expires 09/19/11 (JPM)		(38	)		(2,850	)
	Notional Amount
U.S. Dollar vs. Canadian Dollar, Strike Price $0.93, Expires 08/03/11 (CITI)	$	(500,000	)		(3,825	)
					(9,113	)
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price $10.00, Expires 07/10/12 (BAR)		(300,000	)		(5	)
3-Month LIBOR, Strike Price $10.00, Expires 07/10/12 (CS)		(100,000	)		(2	)
3-Month LIBOR, Strike Price $10.00, Expires 07/10/12 (DEUT)		(500,000	)		(9	)
3-Month LIBOR, Strike Price $10.00, Expires 07/10/12 (MSCS)		(5,600,000	)		(97	)
3-Month LIBOR, Strike Price $2.25, Expires 06/19/12 (RBS)		(3,700,000	)		(15,713	)
3-Month LIBOR, Strike Price $2.25, Expires 09/24/12 (CITI)		(900,000	)		(4,270	)
3-Month LIBOR, Strike Price $2.25, Expires 09/24/12 (UBS)		(400,000	)		(1,898	)
3-Month LIBOR, Strike Price $2.75, Expires 06/18/12 (DEUT)		(3,900,000	)		(16,562	)
3-Month LIBOR, Strike Price $3.00, Expires 06/18/12 (BAR)		(800,000	)		(2,578	)

See Notes to Financial Statements.

67

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Notional Amount			Value
3-Month LIBOR, Strike Price $3.00, Expires 06/18/12 (DEUT)	$	(700,000	)	$	(2,255	)
					(43,389	)
Total Written Options (Premiums received $(186,979))					(83,764	)
	Par
TBA SALE COMMITMENTS — (1.2)%
Federal Home Loan Mortgage Corporation
5.50%, 07/01/39 TBA	$	(1,000,000	)		(1,080,156	)
Federal National Mortgage Association
3.50%, 07/01/41 TBA		(8,000,000	)		(7,650,000	)
3.50%, 08/01/41 TBA		(2,000,000	)		(1,907,500	)
Total TBA Sale Commitments (Cost $(10,750,508))					(10,637,656	)
Liabilities in Excess of Other Assets — (40.5)%					(355,458,774	)
NET ASSETS — 100.0%				$	878,319,966

Please see abbreviation and footnote definitions beginning on page 130.

See Notes to Financial Statements.

68

Swap agreements outstanding at June 30, 2011:

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value		Upfront Premiums Paid/ Received		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Buy Protection
Target Corporation, 5.88% due 03/01/12		(0.11	)%		06/20/12		MSCS		USD	$	1,200,000	$	339	$	—	$	339
CitiFinancial, 6.63% due 06/01/15		(0.15	)%		06/20/15		BAR		USD		300,000		10,993		—		10,993
Nabors Industries, 5.375% due 05/15/12		(1.00	)%		03/20/19		BNP		USD		3,900,000		101,864		10,359		91,505
										$	5,400,000	$	113,196	$	10,359	$	102,837

Reference Obligation	Implied Credit Spread			Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Sell Protection
Federated Republic of Brazil, 12.25% due 03/06/30		1.21	%		(1.04	)%		05/20/17		DEUT		USD	$	1,000,000	$	(7,841	)	$	—	$	(7,841	)
GMAC LLC, 6.88% due 08/28/12		3.57	%		(3.53	)%		09/20/17		DEUT		USD		4,100,000		(4,087	)		—		(4,087	)
													$	5,100,000	$	(11,928	)	$	—	$	(11,928	)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Buy Protection
Dow Jones CDX HY-8 Index		1.60	%		06/20/12		MLCS		USD	$	1,200,000	$	(18,767	)	$	—		$	(18,767	)
Dow Jones CDX IG14 5Y Index		1.00	%		06/20/15		UBS		USD		3,900,000		(45,678	)		(14,736	)		(30,942	)
Dow Jones CDX HY15 Index		5.00	%		12/20/15		CITI		USD		2,200,000		(72,154	)		(71,627	)		(527	)
Dow Jones CDX IG15 5Y Index		1.00	%		12/20/15		MSCS		USD		1,200,000		(11,364	)		(7,811	)		(3,553	)
Dow Jones CDX IG9 Index		0.80	%		12/20/17		RBS		USD		7,163,200		210,581			70,484			140,097
Dow Jones CDX IG10 Index		1.50	%		06/20/18		MSCS		USD		7,356,800		(81,641	)		(208,042	)		126,401
Dow Jones CDX HY16 Index		(1.00	)%		06/20/21		DEUT		USD		2,500,000		(98,329	)		(75,514	)		(22,815	)
Dow Jones CDX HY16 Index		(1.00	)%		06/20/21		DEUT		USD		2,500,000		(98,329	)		(72,789	)		(25,540	)
Dow Jones CDX HY16 Index		(1.00	)%		06/20/21		DEUT		USD		2,500,000		(98,329	)		(68,755	)		(29,574	)
										$	30,520,000	$	(314,010	)	$	(448,790	)	$	134,780

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Interest Rate Swaps
KWCDC Index		3.62	%		07/06/11		DEUT		KRW	$	964,630,000	$	511		$	—		$	511
KWCDC Index		3.63	%		07/07/11		DEUT		KRW		1,611,662,000		865			—			865
KWCDC Index		3.66	%		07/08/11		JPM		KRW		766,531,000		946			—			946
3-Month BRL BRR CDI Index		(10.12	)%		01/02/12		MSCS		BRL		8,000,000		(194,754	)		(16,146	)		(178,608	)
Brazil CETIP Interbank Deposit		11.02	%		01/02/12		UBS		BRL		1,600,000		11,149			—			11,149

See Notes to Financial Statements.

69

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Counterparty		Currency		Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Brazil CETIP Interbank Deposit		11.67	%		02/02/12		MSCS		BRL	$	2,300,000	$	42,427		$	4,657		$	37,770
Brazil CETIP Interbank Deposit		12.59	%		01/02/13		MSCS		BRL		6,000,000		58,261			4,662			53,599
Brazil CETIP Interbank Deposit		11.91	%		01/02/13		BAR		BRL		15,400,000		60,649			44,462			16,187
Brazil CETIP Interbank Deposit		12.51	%		01/02/13		UBS		BRL		1,600,000		—			(1,301	)		1,301
Brazil CETIP Interbank Deposit		12.48	%		01/02/13		CS		BRL		20,500,000		169,934			(2,537	)		172,471
MXN-TIIE- Banxico		6.50	%		03/05/13		MSCS		MXN		15,600,000		10,849			(611	)		11,460
3-Month LIBOR		(0.75	)%		06/30/13		JPM		USD		42,700,000		6,312			(25,609	)		31,921
Brazil CETIP Interbank Deposit		11.99	%		01/02/14		BAR		BRL		1,700,000		5,440			360			5,080
Brazil CETIP Interbank Deposit		11.94	%		01/02/14		HSBC		BRL		14,400,000		(23,065	)		36,983			(60,048	)
Brazil CETIP Interbank Deposit		12.12	%		01/02/14		HSBC		BRL		15,600,000		91,858			22,921			68,937
3-Month LIBOR		(2.12	)%		11/23/14		BOA		USD		6,800,000		(28,812	)		—			(28,812	)
3-Month LIBOR		(2.50	)%		12/21/16		DEUT		USD		1,800,000		(8,382	)		(26,454	)		18,072
3-Month LIBOR		2.50	%		12/21/16		DEUT		USD		900,000		4,929			16,997			(12,068	)
3-Month LIBOR		2.50	%		12/21/16		DEUT		USD		2,300,000		12,984			46,391			(33,407	)
3-Month LIBOR		(2.08	)%		08/15/17		BOA		USD		2,600,000		31,111			—			31,111
6-Month BBR BBSW Index		5.50	%		12/15/17		BAR		AUD		2,200,000		(13,902	)		(9,808	)		(4,094	)
6-Month BBR BBSW Index		5.50	%		12/15/17		DEUT		AUD		1,300,000		(8,215	)		(5,178	)		(3,037	)
3-Month LIBOR		(3.25	)%		12/21/18		DEUT		USD		5,100,000		(88,342	)		(155,399	)		67,057
3-Month LIBOR		3.59	%		11/23/19		BOA		USD		6,100,000		15,563			—			15,563
3-Month LIBOR		2.56	%		10/20/20		DEUT		USD		2,800,000		(124,860	)		—			(124,860	)
3-Month LIBOR		3.50	%		12/21/21		JPM		USD		2,300,000		1,735			32,904			(31,169	)
3-Month LIBOR		4.48	%		07/01/24		BOA		USD		3,600,000		(19,647	)		—			(19,647	)
3-Month LIBOR		(4.00	)%		12/21/26		DEUT		USD		3,400,000		(32,364	)		(107,826	)		75,462
3-Month LIBOR		(4.21	)%		11/23/27		BOA		USD		2,200,000		7,210			—			7,210
3-Month LIBOR		(4.60	)%		07/01/44		BOA		USD		2,000,000		14,769			—			14,769
										$	3,533,623,000	$	5,159		$	(140,532	)	$	145,691
Total Swap agreements outstanding at June 30, 2011												$	(207,583	)	$	(578,963	)	$	371,380

Please see abbreviation and footnote definitions beginning on page 130.

See Notes to Financial Statements.

70

PORTFOLIO SUMMARY (based on net assets)

	%
Futures Contracts		42.5
Mortgage-Backed Securities		41.8
Corporate Bonds		21.4
Money Market Funds		19.0
Foreign Bonds		18.6
Repurchase Agreements		16.9
U.S. Treasury Obligations		9.0
Agency Obligations		7.3
Asset-Backed Securities		4.7
Municipal Bonds		2.7
Preferred Stocks		0.3
Swap Agreements		—	**
Loan Agreement		—	**
Common Stocks		—	**
Written Options		—	**
TBA Sale Commitments		(1.2	)
Forward Foreign Currency Contracts		(2.8	)
		180.2

** Rounds to less than 0.005%.

See Notes to Financial Statements.

71

MEDIUM-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations	$	64,262,413		$	—		$	64,262,413		$	—
Asset-Backed Securities		41,282,508			—			41,282,508			—
Common Stocks		233,242			38,693			—			194,549
Corporate Bonds		188,165,099			—			188,165,099			—
Foreign Bonds		163,173,556			—			163,173,556			—
Loan Agreement		17,501			—			17,501			—
Money Market Funds		166,861,957			166,861,957			—			—
Mortgage-Backed Securities		366,680,978			—			366,680,975			3
Municipal Bonds		24,016,503			—			24,016,503			—
Preferred Stocks		2,570,662			—			2,570,662			—
Repurchase Agreements		148,600,000			—			148,600,000			—
U.S. Treasury Obligations		78,635,741			—			78,635,741			—
Total Assets — Investments in Securities	$	1,244,500,160		$	166,900,650		$	1,077,404,958		$	194,552
Other Financial Instruments***
Futures Contracts	$	72,824		$	72,824		$	—		$	—
Total Assets — Other Financial Instruments	$	72,824		$	72,824		$	—		$	—
Liabilities:
Investments in Securities:
TBA Sale Commitments	$	(10,637,656	)	$	—		$	(10,637,656	)	$	—
Written Options		(83,764	)		(36,550	)		(47,214	)		—
Total Liabilities — Investments in Securities	$	(10,721,420	)	$	(36,550	)	$	(10,684,870	)	$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(346,114	)	$	—		$	(346,114	)	$	—
Swap Agreements		(207,583	)		—			(207,583	)		—
Total Liabilities — Other Financial Instruments	$	(553,697	)	$	—		$	(553,697	)	$	—

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

See Notes to Financial Statements.

72

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

	Total Value			Common Stocks			Mortgage-Backed Securities
Balance, 12/31/10	$	369,013		$	267,860		$	101,153
Accrued discounts/premiums		—			—			—
Realized gain (loss)(1)		—			—			—
Change in unrealized appreciation (depreciation)(2)		(73,308	)		(73,311	)		3
Purchases		—			—			—
Sales		(101,153	)		—			(101,153	)
Transfers in and/or out of Level 3		—			—			—
Balance, 06/30/11	$	194,552		$	194,549		$	3

⁽¹⁾  Realized gain (loss) from the sale of Level 3 securities can be found on the Statement of Operations in Net Realized Gain (loss) from Investment securities and securities sold short.

⁽²⁾  Change in unrealized appreciation (depreciation) can be found on the Statement of Operations in Net change in unrealized appreciation (depreciation) on Investment securities and securities sold short.

See Notes to Financial Statements.

73

EXTENDED-DURATION BOND FUND SCHEDULE OF INVESTMENTS June 30, 2011 (Unaudited)

	Par		Value
ASSET-BACKED SECURITIES — 1.1%
Citibank Credit Card Issuance Trust
6.15%, 06/15/39	$	2,060,000	$	2,433,222
Community Program Loan Trust
4.50%, 04/01/29		1,950,000		1,868,094
Total Asset-Backed Securities (Cost $3,814,842)				4,301,316
CORPORATE BONDS — 57.2%
Aflac, Inc.
6.90%, 12/17/39		2,669,000		2,801,484
6.45%, 08/15/40D		5,705,000		5,679,253
Alcoa, Inc.
5.87%, 02/23/22D		10,000		10,267
6.75%, 01/15/28		235,000		245,905
5.95%, 02/01/37D		5,326,000		5,087,795
Allegheny Technologies, Inc.
5.95%, 01/15/21		3,538,000		3,772,778
Ally Financial, Inc.
8.00%, 11/01/31D		199,000		216,412
Alta Wind Holdings LLC
7.00%, 06/30/35 144A		577,790		614,938
American Express Co.
8.15%, 03/19/38		3,752,000		4,995,698
American International Group, Inc.
5.45%, 05/18/17		30,000		31,411
Anadarko Petroleum Corporation
6.45%, 09/15/36		795,000		832,167
Archer-Daniels-Midland Co.
5.77%, 03/01/41		1,827,000		1,935,085
AT&T Corporation
6.50%, 03/15/29		125,000		133,239
6.50%, 09/01/37		9,530,000		10,388,739
Bank of America Corporation
7.63%, 06/01/19		7,000,000		8,121,064
Barrick North America Finance LLC
5.70%, 05/30/41 144AD		1,634,000		1,591,825
Bell South Tele-communications, Inc.
7.00%, 12/01/95		1,000,000		1,053,275
Bruce Mansfield Unit
6.85%, 06/01/34@D		1,216,973		1,307,764
Camden Property Trust
5.70%, 05/15/17D		25,000		27,572
CenturyLink, Inc.
6.88%, 01/15/28D		65,000		61,514
7.60%, 09/15/39		25,000		24,115
Chesapeake Energy Corporation
2.50%, 05/15/37D		100,000		105,750
2.25%, 12/15/38		50,000		45,563
CIT Group, Inc.
7.00%, 05/01/14D		85,848		87,028
7.00%, 05/01/15		153,940		154,517
7.00%, 05/01/16		256,570		255,929
7.00%, 05/01/17		359,197		358,748
Citigroup, Inc.
6.88%, 06/01/25		2,441,000		2,627,612
5.88%, 05/29/37D		1,141,000		1,135,060
8.13%, 07/15/39		4,174,000		5,239,672
Comcast Corporation
5.65%, 06/15/35		660,000		648,587
6.50%, 11/15/35		555,000		604,220
6.45%, 03/15/37D		2,415,000		2,591,326
6.95%, 08/15/37		625,000		707,803
Commonwealth Edison Co.
4.75%, 12/01/11@		67,000		66,978
Continental Airlines, Inc.
9.00%, 07/08/16D		1,878,741		2,151,158
8.31%, 10/02/19		187,318		187,543
7.57%, 09/15/21		159,495		158,491
Corning, Inc.
7.25%, 08/15/36D		850,000		992,101
Cummins, Inc.
6.75%, 02/15/27		1,000,000		1,081,517
7.13%, 03/01/28		425,000		477,701
5.65%, 03/01/98		2,520,000		2,082,311
Darden Restaurants, Inc.
6.00%, 08/15/35		990,000		999,518
DCP Midstream LLP
6.45%, 11/03/36 144A		490,000		515,578
Dillard’s, Inc.
7.75%, 07/15/26		890,000		867,750
7.00%, 12/01/28D		500,000		462,500
Duke Realty LP
5.95%, 02/15/17		70,000		76,874
First Industrial LP
7.60%, 07/15/28		1,000,000		974,511
Foot Locker, Inc.
8.50%, 01/15/22		1,000,000		1,018,750
Ford Motor Co.
4.25%, 11/15/16D		150,000		257,813
6.63%, 10/01/28D		680,000		670,050
6.38%, 02/01/29		1,255,000		1,204,637
General Electric Capital Corporation
4.88%, 03/04/15D		510,000		555,056
6.75%, 03/15/32		3,000,000		3,342,831
6.15%, 08/07/37		6,114,000		6,362,504
5.88%, 01/14/38		150,000		152,246
Goldman Sachs Group, Inc.
5.38%, 03/15/20		415,000		429,290
Halliburton Co.
7.45%, 09/15/39D		3,070,000		3,847,422
HCA, Inc.
7.58%, 09/15/25		1,000,000		935,000
7.05%, 12/01/27		500,000		436,250
Home Depot, Inc.
5.88%, 12/16/36		875,000		898,496
HSBC Bank USA NA
7.00%, 01/15/39		5,948,000		6,784,955
Intel Corporation
3.25%, 08/01/39D		1,155,000		1,414,875
International Lease Finance Corporation
5.65%, 06/01/14D		105,000		105,525
8.63%, 09/15/15 144AD		5,000		5,438
International Paper Co.
8.70%, 06/15/38		2,643,000		3,297,716
iStar Financial, Inc.
8.63%, 06/01/13D		635,000		654,050
5.95%, 10/15/13		305,000		288,225
5.70%, 03/01/14		1,171,000		1,086,102

See Notes to Financial Statements.

74

	Par		Value
JC Penney Corporation, Inc.
6.38%, 10/15/36	$	414,000	$	372,600
Johnson Controls, Inc.
5.70%, 03/01/41		622,000		634,143
Kinder Morgan Energy Partners LP
5.80%, 03/15/35D		280,000		271,768
Kraft Foods, Inc.
6.50%, 11/01/31		1,700,000		1,941,638
7.00%, 08/11/37		525,000		613,570
6.88%, 02/01/38		3,243,000		3,764,114
6.50%, 02/09/40		3,928,000		4,378,070
Lennar Corporation
6.50%, 04/15/16D		625,000		625,000
Liberty Mutual Group, Inc.
6.50%, 03/15/35 144A		1,400,000		1,305,065
Lowe’s Cos., Inc.
6.65%, 09/15/37		357,000		414,079
Macy’s Retail Holdings, Inc.
6.38%, 03/15/37		240,000		250,669
Manufacturers & Traders Trust Co.
6.63%, 12/04/17		645,000		741,773
Masco Corporation
7.75%, 08/01/29		50,000		49,784
Massachusetts Institute of Technology
5.60%, 07/01/99		1,927,000		1,977,967
Mead Corporation
7.55%, 03/01/47		515,000		515,493
MetLife, Inc.
7.72%, 02/15/19		2,905,000		3,521,505
5.88%, 02/06/41D		2,950,000		2,975,099
6.40%, 12/15/66D		310,000		303,800
Morgan Stanley
5.45%, 01/09/17		5,000		5,294
6.63%, 04/01/18		70,000		77,217
5.63%, 09/23/19		195,000		200,427
5.50%, 07/24/20		200,000		202,797
6.25%, 08/09/26		100,000		105,552
Motorola, Inc.
6.63%, 11/15/37		46,000		51,330
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		100,000		102,005
Nationwide Mutual Insurance Co.
6.60%, 04/15/34		150,000		140,866
Nortel Networks Capital Corporation
7.88%, 06/15/26#		445,000		338,200
Old Republic International Corporation
3.75%, 03/15/18D		1,535,000		1,527,325
Owens Corning, Inc.
6.50%, 12/01/16		240,000		261,438
7.00%, 12/01/36		3,940,000		4,003,643
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		1,750,000		1,932,978
Pioneer Natural Resources Co.
7.20%, 01/15/28		2,500,000		2,631,350
ProLogis LP
5.63%, 11/15/15D		35,000		37,043
Prudential Financial, Inc.
6.63%, 06/21/40		5,412,000		5,862,771
Pulte Group, Inc.
5.20%, 02/15/15D		38,000		38,190
7.88%, 06/15/32		1,500,000		1,380,000
6.38%, 05/15/33		1,000,000		830,000
Qwest Corporation
7.25%, 09/15/25		1,000,000		1,040,000
6.88%, 09/15/33		2,250,000		2,179,688
Sempra Energy
6.00%, 10/15/39D		8,268,000		8,741,128
SLM Corporation
5.00%, 10/01/13		250,000		260,138
5.38%, 05/15/14		200,000		208,363
Southern Natural Gas Co.
7.35%, 02/15/31		1,750,000		2,046,875
Sprint Capital Corporation
6.90%, 05/01/19D		55,000		56,925
6.88%, 11/15/28		2,350,000		2,238,375
8.75%, 03/15/32		20,000		21,750
Target Corporation
6.50%, 10/15/37		3,900,000		4,471,623
7.00%, 01/15/38		2,330,000		2,798,405
Tennessee Gas Pipeline Co.
7.00%, 10/15/28		750,000		867,221
Textron, Inc.
6.63%, 04/07/20(U)		160,000		267,645
Time Warner Cable, Inc.
6.55%, 05/01/37D		1,049,000		1,117,828
6.75%, 06/15/39		2,995,000		3,287,054
5.88%, 11/15/40		1,700,000		1,683,653
Time Warner Entertainment Co. LP
8.38%, 07/15/33		1,049,000		1,344,538
Toro Co.
6.63%, 05/01/37@		300,000		299,741
Travelers Cos., Inc.
6.25%, 06/15/37		4,825,000		5,179,276
Union Pacific Resources Group, Inc.
7.15%, 05/15/28D		250,000		280,943
UnitedHealth Group, Inc.
5.80%, 03/15/36		920,000		931,533
6.50%, 06/15/37		767,000		841,376
6.63%, 11/15/37		2,526,000		2,811,329
5.70%, 10/15/40D		1,210,000		1,201,188
Verizon Communications, Inc.
5.85%, 09/15/35		2,420,000		2,498,101
6.40%, 02/15/38		968,000		1,052,581
6.90%, 04/15/38		1,000,000		1,150,906
8.95%, 03/01/39		105,000		148,692
7.35%, 04/01/39D		979,000		1,180,104
6.00%, 04/01/41D		2,770,000		2,902,797
Verizon Maryland, Inc.
5.13%, 06/15/33D		175,000		163,646
Verizon New York, Inc.
7.38%, 04/01/32		255,000		294,121
Wachovia Bank NA
5.85%, 02/01/37		4,577,000		4,622,962
6.60%, 01/15/38		3,757,000		4,132,065
Wal-Mart Stores, Inc.
6.50%, 08/15/37		1,359,000		1,566,021
WellPoint, Inc.
5.95%, 12/15/34		846,000		881,641
6.38%, 06/15/37		2,766,000		3,023,570

See Notes to Financial Statements.

75

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Western Union Co.
6.20%, 11/17/36D	$	3,205,000	$	3,269,161
6.20%, 06/21/40		20,000		20,150
Weyerhaeuser Co.
8.50%, 01/15/25		520,000		626,817
6.88%, 12/15/33D		580,000		585,337
Wyndham Worldwide Corporation
5.75%, 02/01/18		50,000		51,700
Total Corporate Bonds (Cost $209,433,043)				225,067,407
FOREIGN BONDS — 24.8%
Australia — 2.1%
Barrick PD Australia Finance Pty, Ltd.
5.95%, 10/15/39		2,870,000		2,911,540
General Electric Capital Australia Funding, Ltd.
8.00%, 02/13/12(A)		60,000		65,243
New South Wales Treasury Corporation
6.00%, 05/01/12(A)		845,000		914,863
Qantas Airways, Ltd.
6.05%, 04/15/16 144A		345,000		374,302
Rio Tinto Finance USA, Ltd.
5.20%, 11/02/40D		4,186,000		4,066,728
				8,332,676
Brazil — 0.5%
Federative Republic of Brazil
10.25%, 01/10/28(B)		2,525,000		1,771,617
Canada — 4.7%
Canada Generic Residual STRIP
3.56%, 06/01/25(C)W†		3,685,000		2,390,961
Methanex Corporation
6.00%, 08/15/15		25,000		25,460
Ontario Generic Residual STRIP
4.20%, 07/13/22(C)W†		3,900,000		2,517,076
4.57%, 03/08/29(C)W†		7,000,000		3,242,957
Saskatchewan Residual STRIP
2.09%, 04/10/14(C)		3,535,000		3,454,993
4.02%, 02/04/22(C)		3,000,000		1,919,212
Talisman Energy, Inc.
6.25%, 02/01/38		450,000		472,594
TransCanada Pipelines, Ltd.
6.20%, 10/15/37		4,291,000		4,646,312
				18,669,565
Cayman Islands — 0.2%
Enersis SA
7.40%, 12/01/16D		625,000		736,491
Finland — 1.1%
Nokia OYJ
6.63%, 05/15/39		4,410,000		4,124,377
Ireland — 0.9%
Ireland Government Bond
4.50%, 10/18/18(E)		1,150,000		1,095,255
5.00%, 10/18/20(E)		75,000		69,759
5.40%, 03/13/25(E)		300,000		269,559
XL Capital, Ltd.
6.38%, 11/15/24		585,000		605,344
6.25%, 05/15/27D		1,530,000		1,552,347
				3,592,264
Italy — 0.2%
Telecom Italia Capital SA
6.38%, 11/15/33		410,000		366,641
6.00%, 09/30/34		415,000		353,212
				719,853
Jamaica — 0.9%
BAA Funding, Ltd.
4.88%, 07/15/21 144A		3,686,000		3,604,978
Luxembourg — 1.8%
ArcelorMittal
7.00%, 10/15/39		4,221,000		4,281,014
6.75%, 03/01/41D		1,253,000		1,245,868
Enel Finance International NV
6.00%, 10/07/39 144A		1,710,000		1,550,100
				7,076,982
Malaysia — 0.1%
Telekom Malaysia BhD
7.88%, 08/01/25 144A		225,000		290,695
Mexico — 1.1%
Mexican Bonos
7.25%, 12/15/16(M)		13,150,000		1,173,360
8.00%, 12/07/23(M)		34,000,000		3,083,411
				4,256,771
Netherlands — 1.0%
EDP Finance BV
4.90%, 10/01/19 144A		400,000		343,247
Koninklijke Philips Electronics NV
6.88%, 03/11/38		3,250,000		3,773,009
				4,116,256
Norway — 0.6%
Norway Government Bond
5.00%, 05/15/15(K)		540,000		108,668
4.25%, 05/19/17(K)		11,940,000		2,363,727
				2,472,395
Philippines — 0.1%
Quezon Power (Philippines), Ltd.
8.86%, 06/15/17		295,000		321,550
Portugal — 0.1%
Obrigacoes do Tesouro
4.80%, 06/15/20(E)		75,000		66,947
3.85%, 04/15/21(E)		250,000		210,596
				277,543
Spain — 0.4%
Telefonica Emisones SAU
7.05%, 06/20/36		1,495,000		1,586,439
Supranational — 1.9%
Inter-American Development Bank
6.00%, 12/15/17(Z)		6,365,000		5,564,637

See Notes to Financial Statements.

76

	Par		Value
International Bank For Reconstruction & Development
1.43%, 03/05/14(G)	$	2,470,000	$	2,043,472
				7,608,109
United Kingdom — 7.1%
Barclays Bank PLC
3.68%, 08/20/15(W)		740,000,000		684,575
10.18%, 06/12/21 144A		7,312,000		9,210,707
HBOS PLC
6.00%, 11/01/33 144A		590,000		450,907
HSBC Holdings PLC
6.80%, 06/01/38		2,000,000		2,141,136
Lloyds TSB Bank PLC
5.80%, 01/13/20 144A		6,830,000		6,851,275
6.38%, 01/21/21		2,199,000		2,293,370
Royal Bank of Scotland PLC
6.13%, 01/11/21D		1,988,000		2,041,585
Standard Chartered Bank
6.40%, 09/26/17 144A		1,000,000		1,115,056
Tesco PLC
6.15%, 11/15/37 144A		3,000,000		3,215,289
				28,003,900
Total Foreign Bonds (Cost $89,703,575)				97,562,461
MORTGAGE-BACKED SECURITY — 0.0%
Federal Home Loan Mortgage Corporation
5.00%, 12/01/31 (Cost $100,322)		105,605		113,007
MUNICIPAL BONDS — 10.1%
Aurora Water Improvement, First Lien Revenue Bond Series A
5.00%, 08/01/39		1,240,000		1,257,447
California Educational Facilities Authority, Stanford University Revenue Bond
5.25%, 04/01/40		4,690,000		5,378,258
California Educational Facilities Authority, University of Southern California, Series A Revenue Bond
5.00%, 10/01/39		940,000		963,434
California General Obligation Bond
5.50%, 03/01/40		1,985,000		2,041,235
Dallas Area Rapid Transit Revenue Bond
5.25%, 12/01/43		325,000		335,640
Dallas Area Rapid Transit Revenue Bond
5.25%, 12/01/48		1,950,000		2,004,034
Foothill-De Anza Community College District, California Community College General Obligation Bond Series C
5.00%, 08/01/40		1,110,000		1,134,642
Georgia State Road & Tollway Authority Revenue Bond Series B
5.00%, 10/01/21		1,150,000		1,360,278
King County Sewer Revenue Bond
5.00%, 01/01/39		405,000		412,590
5.00%, 01/01/45		2,565,000		2,596,473
Los Angeles Unified School District, Series KRY General Obligation Bond
5.76%, 07/01/29		2,280,000		2,300,520
5.75%, 07/01/34		3,415,000		3,369,341
Louisiana, Second Lien Revenue Bond Series B
5.00%, 05/01/45		1,185,000		1,206,922
Massachusetts Development Finance Agency, Harvard University, Revenue Bond Series B-1
5.00%, 10/15/40		1,230,000		1,288,487
Massachusetts Health & Educational Facilities Authority, Harvard University Revenue Bond Series A
5.50%, 11/15/36		440,000		477,893
Metropolitan Transportation Authority, Build America Series E Revenue Bond
6.81%, 11/15/40		1,020,000		1,124,244
New Jersey Transportation Trust Fund Authority Revenue Bond Series A
5.50%, 06/15/41		3,335,000		3,432,649
New York City Municipal Water Finance Authority, Second General Resolution, Series EE Revenue Bond
5.38%, 06/15/43		690,000		730,020
New York City Municipal Water Finance Authority Revenue Bond Series GG
5.00%, 06/15/43		2,575,000		2,625,470
Santa Clara County, Election of 2008 Series A General Obligation Bond
5.00%, 08/01/34		1,625,000		1,668,355
State of California General Obligation Bond
7.50%, 04/01/34		2,135,000		2,416,820
7.55%, 04/01/39		1,190,000		1,362,978
State of Illinois General Obligation Bond, Taxable Pension
5.10%, 06/01/33		635,000		540,842
Total Municipal Bonds (Cost $38,764,709)				40,028,572
U.S. TREASURY OBLIGATIONS — 2.5%
U.S. Treasury STRIPS
4.77%, 05/15/38W		19,940,000		5,734,186
4.82%, 05/15/40WD		16,000,000		4,130,176
				9,864,362
Total U.S. Treasury Obligations (Cost $10,821,253)				9,864,362

See Notes to Financial Statements.

77

EXTENDED-DURATION BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
PREFERRED STOCKS — 0.1%
Chesapeake Energy Corporation CONV		330	$	32,587
El Paso Energy Capital Trust I CONV		5,350		238,182
Preferred Blocker (GMAC), Inc. 144A		82		77,065
Total Preferred Stocks (Cost $272,391)				347,834
MONEY MARKET FUNDS — 14.3%
GuideStone Money Market Fund (GS4 Class)¥		10,951,116		10,951,116
Northern Institutional Liquid Assets Portfolio§		45,361,796		45,361,796
Total Money Market Funds (Cost $56,312,912)				56,312,912
TOTAL INVESTMENTS — 110.1% (Cost $409,223,047)				433,597,871
Liabilities in Excess of Other Assets — (10.1)%				(39,929,102	)
NET ASSETS — 100.0%			$	393,668,769

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds		57.2
Foreign Bonds		24.8
Money Market Funds		14.3
Municipal Bonds		10.1
U.S. Treasury Obligations		2.5
Asset-Backed Securities		1.1
Preferred Stocks		0.1
Mortgage-Backed Security		—	**
		110.1

** Rounds to less than 0.005%.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level  3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Asset-Backed Securities	$	4,301,316	$	—	$	4,301,316	$	—
Corporate Bonds		225,067,407		—		225,067,407		—
Foreign Bonds		97,562,461		—		97,562,461		—
Money Market Funds		56,312,912		56,312,912		—		—
Mortgage-Backed Security		113,007		—		113,007		—
Municipal Bonds		40,028,572		—		40,028,572		—
Preferred Stocks		347,834		347,834		—		—
U.S. Treasury Obligations		9,864,362		—		9,864,362		—
Total Assets — Investments in Securities	$	433,597,871	$	56,660,746	$	376,937,125	$	—

See Notes to Financial Statements.

78

INFLATION PROTECTED BOND FUND SCHEDULE OF INVESTMENTS June 30, 2011 (Unaudited)

	Par		Value
U.S. TREASURY OBLIGATIONS - 89.0%
U.S. Treasury Bonds
4.38%, 05/15/40D‡‡	$	240,000	$	239,889
3.88%, 08/15/40D‡‡		160,000		146,525
				386,414
U.S. Treasury Inflationary Index Bonds
3.38%, 01/15/12		2,970,000		3,843,626
2.00%, 04/15/12		4,777,300		5,410,765
0.63%, 04/15/13		2,590,000		2,838,194
1.88%, 07/15/13D		1,885,000		2,453,466
2.00%, 01/15/14D		2,290,000		3,004,051
1.25%, 04/15/14D‡‡		1,255,000		1,415,409
2.00%, 07/15/14D‡‡		3,908,200		5,087,144
1.63%, 01/15/15D		735,000		939,385
0.50%, 04/15/15D		5,211,900		5,643,564
1.88%, 07/15/15D		3,390,000		4,323,656
2.00%, 01/15/16D		2,335,000		2,941,705
0.13%, 04/15/16D		825,000		859,928
2.50%, 07/15/16D		2,480,000		3,162,560
2.38%, 01/15/17		4,045,000		5,149,399
2.63%, 07/15/17		740,000		934,691
1.63%, 01/15/18D		2,220,000		2,622,561
1.38%, 07/15/18D		2,165,000		2,453,326
2.13%, 01/15/19D		785,900		935,998
1.88%, 07/15/19D		1,365,000		1,608,984
1.38%, 01/15/20D		2,753,900		3,073,405
1.13%, 01/15/21D		5,690,000		6,079,105
2.38%, 01/15/25D		4,705,200		6,460,023
2.00%, 01/15/26D		1,475,000		1,828,486
2.38%, 01/15/27D		1,345,000		1,712,926
1.75%, 01/15/28D		4,305,000		4,843,777
3.63%, 04/15/28		1,200,000		2,199,925
2.50%, 01/15/29D		3,900,000		4,752,710
3.88%, 04/15/29D		3,030,000		5,686,657
3.38%, 04/15/32D		307,100		515,505
2.13%, 02/15/40D		7,087,600		8,040,014
2.13%, 02/15/40D‡‡		6,510,200		7,277,346
				108,098,291
U.S. Treasury Notes
3.63%, 02/15/21D		1,125,000		1,173,252
3.13%, 05/15/21D		3,125,000		3,116,706
4.75%, 02/15/41D‡‡		1,566,900		1,665,811
4.38%, 05/15/41D		1,580,000		1,577,782
				7,533,551
Total U.S. Treasury Obligations (Cost $111,837,234)				116,018,256
	Shares
MONEY MARKET FUNDS — 50.4%
GuideStone Money Market Fund (GS4 Class)¥		14,275,070		14,275,070
Northern Institutional Liquid Assets Portfolio§		51,391,241		51,391,241
Total Money Market Funds (Cost $65,666,311)				65,666,311
TOTAL INVESTMENTS — 139.4% (Cost $177,503,545)				181,684,567
Liabilities in Excess of Other Assets — (39.4)%				(51,364,230	)
NET ASSETS — 100.0%			$	130,320,337

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Treasury Obligations		89.0
Money Market Funds		50.4
Futures Contracts		(12.2	)
		127.2

See Notes to Financial Statements.

79

INFLATION PROTECTED BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Money Market Funds	$	65,666,311	$	65,666,311	$	—	$	—
U.S. Treasury Obligations		116,018,256		—		116,018,256		—
Total Assets — Investments in Securities	$	181,684,567	$	65,666,311	$	116,018,256	$	—
Other Financial Instruments***
Futures Contracts	$	21,253	$	21,253	$	—	$	—
Total Assets — Other Financial Instruments	$	21,253	$	21,253	$	—	$	—

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

See Notes to Financial Statements.

80

GLOBAL BOND FUND SCHEDULE OF INVESTMENTS June 30, 2011 (Unaudited)

	Par		Value
AGENCY OBLIGATION — 0.0%
Federal National Mortgage Association
0.10%, 01/10/12‡‡ (Cost $15,991)	$	16,000	$	15,991
CORPORATE BONDS — 41.4%
ACCO Brands Corporation
10.63%, 03/15/15		105,000		117,731
AES Corporation
8.00%, 06/01/20		350,000		374,500
Alcoa, Inc.
5.87%, 02/23/22D		5,000		5,134
6.75%, 01/15/28		185,000		193,585
5.95%, 02/01/37D		65,000		62,093
Ally Financial, Inc.
7.50%, 12/31/13		87,000		93,851
6.75%, 12/01/14		399,000		413,962
8.00%, 12/31/18		104,000		111,800
7.50%, 09/15/20		415,000		435,750
8.00%, 11/01/31D		389,000		423,038
Altegrity, Inc.
10.50%, 11/01/15 144A		150,000		156,000
American Express Credit Corporation
5.13%, 08/25/14		100,000		109,212
American International Group, Inc.
5.45%, 05/18/17		25,000		26,176
Anadarko Petroleum Corporation
5.95%, 09/15/16		10,000		11,269
6.38%, 09/15/17		120,000		137,739
Appleton Papers, Inc.
11.25%, 12/15/15D		102,000		103,530
Ashton Woods USA LLC
0.00%, 06/30/15 STEP 144AW@		20,800		12,688
Astoria Depositor Corporation
8.14%, 05/01/21 144A		130,000		124,800
AT&T, Inc.
6.55%, 02/15/39		220,000		242,109
Ball Corporation
5.75%, 05/15/21		380,000		381,900
Baltimore Gas & Electric Co.
5.20%, 06/15/33D		1,125,000		1,076,182
Bank of America Corporation
4.63%, 08/07/17(E)		300,000		423,762
Berry Petroleum Co.
10.25%, 06/01/14		80,000		91,800
Biomet, Inc.
10.00%, 10/15/17		10,000		10,950
10.38%, 10/15/17 PIKD		545,000		603,588
Boston Scientific Corporation
7.00%, 11/15/35		215,000		230,954
Buffets Restaurants Holdings, Inc.
12.50%, 11/01/14@		105,000		10
Calpine Corporation
7.50%, 02/15/21 144A		460,000		471,500
7.88%, 01/15/23 144A		400,000		412,500
CCO Holdings LLC
7.00%, 01/15/19 144AD		230,000		237,475
Cellco Partnership/Verizon Wireless Capital LLC
8.50%, 11/15/18		260,000		338,112
Cengage Learning Acquisitions, Inc.
10.50%, 01/15/15 144A		100,000		91,000
Ceridian Corporation
12.25%, 11/15/15 144AD		63,900		65,018
Charter Communications Operating LLC
10.88%, 09/15/14 144A		140,000		154,700
Chesapeake Energy Corporation
7.25%, 12/15/18		110,000		120,450
6.63%, 08/15/20D		530,000		560,475
2.50%, 05/15/37D		65,000		68,738
2.25%, 12/15/38		25,000		22,781
Chiquita Brands International, Inc.
7.50%, 11/01/14D		450,000		455,625
Cincinnati Bell Telephone Co. LLC
6.30%, 12/01/28		155,000		126,325
CIT Group, Inc.
7.00%, 05/01/14D		51,558		52,267
7.00%, 05/01/15		92,453		92,800
7.00%, 05/01/16		154,090		153,705
7.00%, 05/01/17		215,726		215,456
Citigroup, Inc.
6.38%, 08/12/14		150,000		165,976
7.38%, 09/04/19(E)		380,000		630,306
CMP Susquehanna Radio Holdings Corporation
9.88%, 05/15/14@		6,000		4,590
Colorado Interstate Gas Co.
5.95%, 03/15/15		20,000		22,319
6.80%, 11/15/15		125,000		146,184
Comcast Corporation
5.15%, 03/01/20D		170,000		183,359
Community Health Systems, Inc.
8.88%, 07/15/15D		100,000		103,250
Complete Production Services, Inc.
8.00%, 12/15/16		80,000		84,000
ConocoPhillips
6.50%, 02/01/39		30,000		35,166
Consol Energy, Inc.
8.25%, 04/01/20D		210,000		229,950
Continental Airlines, Inc.
9.00%, 07/08/16D		1,174,213		1,344,474
5.98%, 10/19/23		516,124		530,937
Countrywide Financial Corporation
6.25%, 05/15/16		280,000		295,379
Cricket Communications, Inc.
7.75%, 05/15/16D		150,000		159,750
Cummins, Inc.
5.65%, 03/01/98		1,500,000		1,239,471
DAE Aviation Holdings, Inc.
11.25%, 08/01/15 144A		130,000		135,850
Delta Air Lines, Inc.
9.50%, 09/15/14 144A		36,000		38,565
8.02%, 02/10/24		91,876		93,364

See Notes to Financial Statements.

81

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Deutsche Postbank Funding Trust IV
5.98%, 06/29/49(E)†	$	300,000	$	362,177
DISH DBS Corporation
7.00%, 10/01/13		600,000		647,250
Dynegy Holdings, Inc.
7.75%, 06/01/19D		893,000		654,122
Edison Mission Energy
7.63%, 05/15/27		180,000		133,200
El Paso Corporation
7.75%, 01/15/32		50,000		58,414
El Paso Natural Gas Co.
8.63%, 01/15/22		90,000		116,828
8.38%, 06/15/32		75,000		95,196
El Pollo Loco, Inc.
11.75%, 12/01/12		20,000		21,200
11.75%, 11/15/13D		165,000		165,825
12.00%, 12/28/17		170,000		170,000
Embarq Corporation
8.00%, 06/01/36		1,245,000		1,279,122
Enterprise Products Operating LLC
9.75%, 01/31/14		100,000		119,448
8.38%, 08/01/66†		60,000		65,017
ERAC USA Finance LLC
7.00%, 10/15/37 144A		1,065,000		1,175,542
Escrow GCB 144A US Oncology
9.12%, 08/15/17		155,000		—
FirstEnergy Corporation
7.38%, 11/15/31		325,000		371,084
Ford Motor Co.
4.25%, 11/15/16D		830,000		1,426,562
6.63%, 10/01/28D		850,000		837,563
Ford Motor Credit Co., LLC
3.03%, 01/13/12†D		37,500		37,595
7.50%, 08/01/12D		500,000		523,743
12.00%, 05/15/15		100,000		124,111
Freeport-McMoRan Copper & Gold, Inc.
8.38%, 04/01/17		150,000		164,063
Freescale Semiconductor, Inc.
10.13%, 12/15/16D		130,000		140,563
Fresenius Medical Care US Finance, Inc.
6.88%, 07/15/17		75,000		79,031
Fresenius US Finance II, Inc.
8.75%, 07/15/15 144A(E)		30,000		50,030
Frontier Communications Corporation
7.88%, 01/15/27D		405,000		396,900
General Electric Capital Corporation
3.49%, 03/08/12(G)		200,000		165,766
7.63%, 12/10/14(Z)		1,025,000		924,471
4.88%, 03/04/15D		370,000		402,688
6.50%, 09/28/15(Z)		255,000		221,974
6.75%, 09/26/16(Z)		150,000		130,595
6.75%, 03/15/32		30,000		33,428
Georgia-Pacific LLC
8.88%, 05/15/31		785,000		994,355
Giant Funding Corporation
8.25%, 02/01/18 144A		220,000		230,450
Goldman Sachs Group, Inc.
5.13%, 10/23/19(E)		500,000		714,095
4.75%, 10/12/21(E)		300,000		390,230
Goodyear Tire & Rubber Co.
7.00%, 03/15/28D		690,000		662,400
H&E Equipment Services, Inc.
8.38%, 07/15/16		120,000		123,300
Hanover Insurance Group, Inc.
7.50%, 03/01/20		385,000		415,863
HCA, Inc.
6.38%, 01/15/15		150,000		153,750
7.19%, 11/15/15		205,000		207,563
9.63%, 11/15/16 PIK		596		635
7.50%, 12/15/23D		555,000		525,863
8.36%, 04/15/24		90,000		90,000
7.69%, 06/15/25		775,000		728,500
7.58%, 09/15/25		570,000		532,950
Hercules Offshore, Inc.
10.50%, 10/15/17 144AD		80,000		84,000
Hertz Corporation
8.88%, 01/01/14D		55,000		56,650
Idearc, Inc.
0.00%, 11/15/16+W		185,000		—
ING Capital Funding Trust III
3.91%, 12/29/49†		200,000		189,798
Intel Corporation
2.95%, 12/15/35		580,000		602,475
3.25%, 08/01/39D		460,000		563,500
International Lease Finance Corporation
5.65%, 06/01/14D		90,000		90,450
8.63%, 09/15/15D		215,000		233,812
6.25%, 05/15/19D		440,000		430,566
iStar Financial, Inc.
5.70%, 03/01/14		62,000		57,505
6.05%, 04/15/15		20,000		18,300
5.88%, 03/15/16D		22,000		19,195
JC Penney Corporation, Inc.
6.38%, 10/15/36		650,000		585,000
7.63%, 03/01/97D		1,300,000		1,163,500
Jones Group, Inc.
6.13%, 11/15/34		135,000		103,950
JPMorgan Chase Bank NA
4.38%, 11/30/21(E)†		350,000		495,408
K Hovnanian Enterprises, Inc.
6.38%, 12/15/14D		795,000		691,650
Key Energy Services, Inc.
6.75%, 03/01/21		170,000		170,425
Kinder Morgan Energy Partners LP
6.50%, 02/01/37		75,000		78,416
6.95%, 01/15/38		90,000		98,058
L-3 Communications Corporation
6.38%, 10/15/15		450,000		463,500
Lennar Corporation
5.60%, 05/31/15		1,400,000		1,382,500
Level 3 Communications, Inc.
3.50%, 06/15/12D		80,000		80,200
Level 3 Financing, Inc.
8.75%, 02/15/17D		1,285,000		1,317,125
9.38%, 04/01/19 144AD		20,000		20,700

See Notes to Financial Statements.

82

	Par		Value
Marsh & McLennan Cos., Inc.
5.88%, 08/01/33	$	1,000,000	$	995,176
Masco Corporation
5.85%, 03/15/17		90,000		89,655
7.75%, 08/01/29		50,000		49,784
6.50%, 08/15/32D		145,000		130,332
MBIA Insurance Corporation
14.00%, 01/15/33 144A†D		435,000		263,175
Merrill Lynch & Co., Inc.
6.05%, 06/01/34		700,000		682,688
6.11%, 01/29/37D		1,300,000		1,222,679
Mirant Mid Atlantic Pass Through Trust
10.06%, 12/30/28		165,630		185,506
Morgan Stanley
4.75%, 04/01/14		40,000		41,722
5.75%, 01/25/21		700,000		709,573
Motorola, Inc.
6.63%, 11/15/37		105,000		117,167
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		1,200,000		1,224,062
Nalco Co.
6.88%, 01/15/19 144A(E)		100,000		148,883
Neiman-Marcus Group, Inc.
7.13%, 06/01/28D		30,000		27,900
NetFlix, Inc.
8.50%, 11/15/17		150,000		169,125
NewPage Corporation
11.38%, 12/31/14 144AD		285,000		267,188
Nextel Communications, Inc.
5.95%, 03/15/14D		970,000		973,638
7.38%, 08/01/15		1,615,000		1,623,075
Old Republic International Corporation
3.75%, 03/15/18D		1,060,000		1,054,700
Owens Corning, Inc.
7.00%, 12/01/36D		220,000		223,554
Owens-Brockway Glass Container, Inc.
3.00%, 06/01/15 144A		840,000		831,600
Oxford Industries, Inc.
11.38%, 07/15/15 144A		135,000		153,225
Pemex Project Funding Master Trust
6.63%, 06/15/35		516,000		546,456
Penn Mutual Life Insurance Co.
7.63%, 06/15/40 144A		685,000		756,623
Pioneer Natural Resources Co.
5.88%, 07/15/16		900,000		954,748
7.20%, 01/15/28		315,000		331,550
Plains Exploration & Production Co.
10.00%, 03/01/16		75,000		84,750
8.63%, 10/15/19		55,000		60,225
ProLogis LP
6.63%, 05/15/18		15,000		16,607
QEP Resources, Inc.
6.88%, 03/01/21		290,000		307,400
Quicksilver Resources, Inc.
11.75%, 01/01/16		95,000		109,250
Qwest Capital Funding, Inc.
6.50%, 11/15/18		225,000		229,500
Qwest Corporation
3.50%, 06/15/13†D		100,000		102,750
7.63%, 06/15/15		300,000		340,500
7.50%, 06/15/23D		110,000		110,688
7.25%, 09/15/25		105,000		109,200
6.88%, 09/15/33		2,500,000		2,421,875
7.25%, 10/15/35D		110,000		109,450
Range Resources Corporation
6.75%, 08/01/20		510,000		530,400
Regency Energy Partners LP
6.88%, 12/01/18		450,000		468,000
Reliance Holdings USA, Inc.
4.50%, 10/19/20 144AD		290,000		271,457
Republic Services, Inc.
4.75%, 05/15/23		90,000		89,566
RSC Equipment Rental, Inc.
10.00%, 07/15/17 144AD		80,000		89,600
Service Corporation International
7.50%, 04/01/27		75,000		72,000
Simon Property Group LP
5.75%, 12/01/15D		25,000		28,091
SLM Corporation
5.38%, 01/15/13D		650,000		668,258
5.38%, 05/15/14		1,000,000		1,041,817
8.45%, 06/15/18		769,000		845,183
8.00%, 03/25/20		10,000		10,755
Southern Copper Corporation
5.38%, 04/16/20D		70,000		72,051
6.75%, 04/16/40		90,000		88,003
Springleaf Finance Corporation
5.75%, 09/15/16		700,000		628,250
6.50%, 09/15/17D		400,000		360,500
6.90%, 12/15/17D		200,000		184,500
Sprint Capital Corporation
8.38%, 03/15/12		60,000		62,700
6.88%, 11/15/28		200,000		190,500
8.75%, 03/15/32		755,000		821,063
Steel Dynamics, Inc.
7.38%, 11/01/12		45,000		47,700
7.75%, 04/15/16		280,000		295,400
7.63%, 03/15/20D		100,000		106,250
Teachers Insurance & Annuity Association of America
6.85%, 12/16/39 144A		100,000		114,170
Tenet Healthcare Corporation
10.00%, 05/01/18		55,000		62,769
8.88%, 07/01/19D		462,000		512,242
6.88%, 11/15/31D		85,000		71,400
Textron Financial Corporation
5.13%, 08/15/14		30,000		31,378
Textron, Inc.
6.63%, 04/07/20(U)		130,000		217,462
Time Warner Cable, Inc.
8.75%, 02/14/19		190,000		242,453
8.25%, 04/01/19		40,000		49,962
Toys “R” Us, Inc.
7.38%, 10/15/18D		335,000		327,044
United Air Lines, Inc.
10.40%, 05/01/18		722,751		819,383
6.64%, 01/02/24		267,176		268,512
Universal Hospital Services, Inc.
8.50%, 06/01/15 PIK		20,000		20,700
Univision Communications, Inc.
7.88%, 11/01/20 144AD		150,000		154,500

See Notes to Financial Statements.

83

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
USG Corporation
6.30%, 11/15/16	$	1,250,000	$	1,106,250
Vanguard Health Holding Co. II LLC
8.00%, 02/01/18		105,000		108,938
Verizon Maryland, Inc.
5.13%, 06/15/33		100,000		93,512
Verizon New York, Inc.
7.38%, 04/01/32		75,000		86,506
Verizon Pennsylvania, Inc.
6.00%, 12/01/28		90,000		88,620
Wachovia Corporation
5.25%, 08/01/14		120,000		128,715
WellPoint, Inc.
7.00%, 02/15/19		80,000		95,698
Western Union Co.
6.20%, 11/17/36D		60,000		61,201
6.20%, 06/21/40		5,000		5,038
Westvaco Corporation
8.20%, 01/15/30		150,000		162,882
7.95%, 02/15/31		135,000		146,361
Weyerhaeuser Co.
8.50%, 01/15/25		405,000		488,194
6.95%, 10/01/27		55,000		56,655
7.38%, 03/15/32		370,000		386,069
6.88%, 12/15/33		490,000		494,508
Whiting Petroleum Corporation
7.00%, 02/01/14		130,000		140,400
Williams Cos., Inc.
7.50%, 01/15/31		97,000		111,234
Wyndham Worldwide Corporation
7.38%, 03/01/20		380,000		422,057
Total Corporate Bonds (Cost $64,693,450)				72,738,911
FOREIGN BONDS — 39.3%
Argentina — 0.3%
Argentina Bonds
7.00%, 10/03/15D		102,000		100,852
Argentina Republic Government
8.75%, 06/02/17D		93,000		94,814
Pan American Energy LLC
7.88%, 05/07/21 144AD		100,000		106,500
7.88%, 05/07/21D		176,000		187,440
				489,606
Australia — 2.1%
New South Wales Treasury Corporation
6.00%, 05/01/12(A)		2,825,000		3,058,578
Queensland Treasury Corporation
7.13%, 09/18/17(Z)		275,000		250,311
Rio Tinto Finance USA, Ltd.
9.00%, 05/01/19		260,000		345,024
				3,653,913
Belgium — 0.1%
Ontex IV SA
9.00%, 04/15/19		100,000		136,677
Bermuda — 0.8%
Qtel International Finance, Ltd.
4.75%, 02/16/21 144A		200,000		196,000
White Mountains Re Group, Ltd.
6.38%, 03/20/17 144A		1,250,000		1,297,680
				1,493,680
Brazil — 4.1%
Brazil Notas do Tesouro Nacional, Series F
10.00%, 01/01/17(B)		4,345,000		2,524,772
Federative Republic of Brazil
4.88%, 01/22/21D		120,000		128,940
10.25%, 01/10/28(B)		6,000,000		4,209,784
11.00%, 08/17/40		115,000		157,090
Hypermarcas SA
6.50%, 04/20/21 144AD		150,000		150,563
Telemar Norte Leste SA
5.50%, 10/23/20 144AD		110,000		109,175
				7,280,324
Canada — 4.7%
Canadian Government Bond
5.25%, 06/01/12(C)		4,720,000		5,070,066
Province of Manitoba
6.38%, 09/01/15(Z)		815,000		718,795
Province of Quebec
6.75%, 11/09/15(Z)		2,650,000		2,367,595
Stone Container Finance Company of Canada II
8.56%, 07/15/14+W		330,000		9,075
Teck Resources, Ltd.
9.75%, 05/15/14 144A		21,000		25,436
10.25%, 05/15/16 144A		29,000		34,689
				8,225,656
Cayman Islands — 1.2%
Braskem Finance, Ltd.
5.75%, 04/15/21 144A		200,000		202,260
Fibria Overseas Finance, Ltd.
7.50%, 05/04/20D		190,000		207,822
6.75%, 03/03/21 144A		200,000		210,500
Odebrecht Finance, Ltd.
7.00%, 04/21/20 144A		150,000		165,750
6.00%, 04/05/23 144A		220,000		219,725
Petrobras International Finance Co.
6.88%, 01/20/40		160,000		171,712
6.75%, 01/27/41D		160,000		171,538
Suzano Trading, Ltd.
5.88%, 01/23/21 144A		250,000		244,125
TGI International, Ltd.
9.50%, 10/03/17		130,000		146,738
Vale Overseas, Ltd.
6.88%, 11/21/36		332,000		361,311
				2,101,481
Chile — 0.3%
Celulosa Arauco y Constitucion SA
7.25%, 07/29/19		120,000		137,410
Colbun SA
6.00%, 01/21/20 144A		110,000		115,874
E.CL SA
5.63%, 01/15/21 144A		150,000		154,831

See Notes to Financial Statements.

84

	Par		Value
Inversiones CMPC SA
4.75%, 01/19/18 144AD	$	200,000	$	200,807
				608,922
Colombia — 0.5%
Ecopetrol SA
7.63%, 07/23/19 144A		260,000		312,650
Empresas Publicas de Medellin ESP
7.63%, 07/29/19 144A		120,000		140,100
Republic of Colombia
7.38%, 03/18/19		200,000		250,300
7.38%, 09/18/37D		160,000		202,400
				905,450
France — 1.1%
AXA SA
6.21%, 10/29/49(E)†		210,000		271,994
Compagnie Generale de Geophysique - Veritas
9.50%, 05/15/16		650,000		713,375
Credit Agricole SA
8.38%, 10/29/49 144A†D		250,000		262,500
Dexia Credit Local
4.30%, 11/29/49(E)†		500,000		360,799
Europcar Groupe SA
9.38%, 04/15/18 144A(E)		145,000		211,587
Korreden SA
11.00%, 08/01/14(E)		69,333		33,934
				1,854,189
Germany — 5.7%
Bundesobligation
2.00%, 02/26/16(E)D		920,000		1,319,933
Bundesrepublik Deutschland
4.00%, 07/04/16(E)		2,000		3,127
3.75%, 01/04/19(E)		770,000		1,192,785
3.25%, 01/04/20(E)		4,240,000		6,336,192
Commerzbank AG
7.75%, 03/16/21(E)		200,000		292,496
HT1 Funding GmbH
6.35%, 07/29/49(E)		433,000		514,893
Kabel Deutschland Vertrieb und Service GmbH & Co. KG
6.50%, 06/29/18 144A(E)		160,000		234,636
Rearden G Holdings EINS GmbH
7.88%, 03/30/20 144AD		100,000		109,500
Unitymedia Hessen NRW
8.13%, 12/01/17 144A		100,000		106,750
				10,110,312
Greece — 0.2%
Hellenic Republic Government Bond
2.30%, 07/25/30(E)		520,000		335,954
Iceland — 0.0%
Kaupthing Bank HF
7.13%, 05/19/16 144A#		150,000		1
Indonesia — 0.2%
Indonesia Government International Bond
6.63%, 02/17/37D		125,000		139,038
Pertamina Persero PT
5.25%, 05/23/21 144AD		200,000		202,400
				341,438
Ireland — 1.2%
Ardagh Glass Finance PLC
7.13%, 06/15/17 144A(E)		112,000		155,921
Ireland Government Bond
4.50%, 10/18/18(E)		900,000		857,156
5.00%, 10/18/20(E)		50,000		46,506
5.40%, 03/13/25(E)		250,000		224,632
Novatek Finance, Ltd.
6.60%, 02/03/21 144A		200,000		210,000
XL Capital, Ltd.
6.25%, 05/15/27D		640,000		649,348
				2,143,563
Italy — 0.5%
Seat Pagine Gialle SpA
10.50%, 01/31/17(E)		129,000		171,170
Telecom Italia Capital SA
6.38%, 11/15/33		765,000		684,098
				855,268
Japan — 0.1%
Resona Bank, Ltd.
5.99%, 08/29/49(U)†		100,000		160,496
Luxembourg — 1.1%
ConvaTec Healthcare E SA
10.88%, 12/15/18(E)		100,000		150,816
CSN Resources SA
6.50%, 07/21/20 144A		150,000		160,125
6.50%, 07/21/20D		100,000		106,750
Evraz Group SA
9.50%, 04/24/18		160,000		184,400
6.75%, 04/27/18 144A		240,000		241,200
Hannover Finance Luxembourg SA
5.75%, 09/14/40(E)†		50,000		67,880
RSHB Capital SA for OJSC Russian Agricultural Bank
6.97%, 09/21/16†		100,000		100,690
TNK-BP Finance SA
7.88%, 03/13/18		410,000		472,525
UBS Luxembourg SA for OJSC Vimpel Communications
8.25%, 05/23/16		255,000		280,819
Wind Acquisition Finance SA
7.25%, 02/15/18 144A		200,000		208,500
Wind Acquisition Holdings Finance SA
12.25%, 07/15/17 PIK(E)		7,350		12,284
				1,985,989
Malaysia — 0.7%
Malaysia Government Bond
3.84%, 08/12/15(R)		3,365,000		1,133,291
4.26%, 09/15/16(R)		140,000		47,961
				1,181,252
Marshall Islands — 0.1%
Teekay Corporation
8.50%, 01/15/20D		150,000		155,625
Mexico — 3.0%
America Movil Sab de CV
5.63%, 11/15/17		98,000		110,461
Axtel SAB de CV
7.63%, 02/01/17 144AD		170,000		162,350
7.63%, 02/01/17		20,000		19,100
9.00%, 09/22/19D		58,000		56,927
Grupo Televisa SA
6.63%, 03/18/25D		100,000		107,777

See Notes to Financial Statements.

85

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
6.63%, 01/15/40 144AD	$	100,000	$	105,750
Kansas City Southern de Mexico SA de CV
12.50%, 04/01/16		60,000		71,400
8.00%, 02/01/18D		500,000		545,000
Mexican Bonos
8.00%, 06/11/20(M)		18,875,000		1,733,543
8.00%, 12/07/23(M)		26,500,000		2,403,247
				5,315,555
Netherlands — 1.4%
Clondalkin Acquisition BV
3.47%, 12/15/13 144A(E)†		66,000		93,078
Clondalkin Industries BV
8.00%, 03/15/14 144A(E)		150,000		208,279
EDP Finance BV
4.90%, 10/01/19 144A		200,000		171,623
ELM BV for Swiss Reinsurance Co.
5.25%, 05/25/49(E)†		400,000		513,368
Hollandwide Parent BV
0.00%, 08/01/14(E)W		191,000		1,731
Indosat Palapa Co. BV
7.38%, 07/29/20 144AD		100,000		111,500
Lukoil International Finance BV
6.36%, 06/07/17		200,000		216,500
OI European Group BV
6.88%, 03/31/17 144A(E)		100,000		145,741
Polish Television Holding BV
11.25%, 05/15/17 STEP 144A(E)		125,000		190,678
UPC Holding BV
8.00%, 11/01/16(E)		154,000		232,257
VimpelCom Holdings BV
7.50%, 03/01/22 144A		200,000		201,200
Ziggo Bond Co. BV
8.00%, 05/15/18 144A(E)		250,000		373,416
				2,459,371
Norway — 1.0%
Norway Government Bond
5.00%, 05/15/15(K)		355,000		71,439
4.25%, 05/19/17(K)		8,060,000		1,595,615
Trico Shipping AS
0.00%, 05/13/14		33,104		33,104
				1,700,158
Panama — 0.3%
AES El Salvador Trust
6.75%, 02/01/16		100,000		102,000
Panama Government International Bond
7.25%, 03/15/15		1,000		1,183
6.70%, 01/26/36D		296,000		350,760
				453,943
Peru — 0.5%
Peru Government Bond
7.84%, 08/12/20(P)		1,864,000		748,596
Republic of Peru
7.35%, 07/21/25		40,000		49,060
8.75%, 11/21/33D		9,000		12,317
6.55%, 03/14/37		8,000		8,964
				818,937
Poland — 0.7%
Poland Government Bond
5.75%, 09/23/22(V)		3,640,000		1,309,636
Portugal — 0.1%
Obrigacoes do Tesouro
4.80%, 06/15/20(E)		50,000		44,632
3.85%, 04/15/21(E)		200,000		168,476
				213,108
Russia — 0.5%
Russian Federation
7.50%, 03/31/30 STEPD		711,895		840,926
South Africa — 0.2%
Edcon Proprietary, Ltd.
4.72%, 06/15/14(E)†		320,000		408,364
Supranational — 0.9%
Inter-American Development Bank
7.00%, 09/23/13(N)W		15,900,000,000		1,590,464
Sweden — 0.2%
Corral Petroleum Holdings AB
2.00%, 09/18/11 PIK 144A(E)		123,348		178,321
Nordea Bank AB
4.88%, 01/27/20 144A		160,000		166,142
				344,463
Thailand — 0.2%
True Move Co., Ltd.
10.75%, 12/16/13 144A		361,000		391,234
Trinidad And Tobago — 0.2%
Petroleum Co. of Trinidad & Tobago, Ltd.
9.75%, 08/14/19 144A		240,000		291,000
Turkey — 0.2%
Republic of Turkey
7.50%, 07/14/17		100,000		117,770
7.00%, 03/11/19		100,000		115,335
6.88%, 03/17/36		73,000		80,665
				313,770
United Arab Emirates — 0.8%
DP World, Ltd.
6.85%, 07/02/37 144A		1,500,000		1,440,000
United Kingdom — 3.4%
Barclays Bank PLC
6.00%, 01/23/18(E)		450,000		647,497
6.37%, 06/29/49(U)†		180,000		258,197
Boparan Holdings, Ltd.
9.88%, 04/30/18 144A(U)		100,000		154,076
Crown Newco 3 PLC
8.88%, 02/15/19(U)		100,000		158,891
DFS Furniture Holdings PLC
9.75%, 07/15/17 144A(U)		54,000		85,367
HBOS PLC
1.73%, 09/01/16(E)†		273,000		351,207
HSBC Holdings PLC
6.00%, 06/10/19(E)		270,000		409,848
Ineos Group Holdings PLC
7.88%, 02/15/16(E)		250,000		354,382
Inmarsat Finance PLC
7.38%, 12/01/17 144A		290,000		308,850
Lloyds TSB Bank PLC
6.50%, 03/24/20(E)		706,000		958,052

See Notes to Financial Statements.

86

	Par		Value
Phones4u Finance PLC
9.50%, 04/01/18 144A(U)	$	130,000	$	202,385
Royal Bank of Scotland PLC
4.88%, 01/20/17(E)D		580,000		830,500
Royal Bank of Scotland Group PLC
7.09%, 10/29/49(E)		500,000		574,553
Vedanta Resources PLC
8.75%, 01/15/14D		210,000		226,275
6.75%, 06/07/16 144A		200,000		200,240
Virgin Media Finance PLC
9.13%, 08/15/16		175,000		184,625
				5,904,945
Venezuela — 0.6%
Venezuela Government International Bond
8.50%, 10/08/14D		26,000		23,855
5.75%, 02/26/16D		1,153,000		889,367
7.75%, 10/13/19D		90,000		65,475
9.38%, 01/13/34		207,000		148,522
				1,127,219
Virgin Islands (British) — 0.1%
GTL Trade Finance, Inc.
7.25%, 10/20/17 144AD		189,000		212,625
Total Foreign Bonds (Cost $65,513,226)				69,155,514
MORTGAGE-BACKED SECURITIES — 3.3%
Bayview Commercial Asset Trust
0.42%, 07/25/36 144A†		209,916		166,920
Credit Suisse Mortgage Capital Certificates
5.70%, 09/15/40†		220,000		233,211
Federal National Mortgage Association
3.50%, 07/01/26 TBA		300,000		305,437
5.50%, 07/01/37 TBA		1,900,000		2,054,375
4.50%, 07/13/40 TBA		2,700,000		2,793,234
Government National Mortgage Association
4.50%, 07/01/41 TBA		300,000		315,703
Total Mortgage-Backed Securities (Cost $5,798,785)				5,868,880
MUNICIPAL BOND — 0.2%
State of Illinois General Obligation Bond, Taxable Pension
5.10%, 06/01/33 (Cost $328,158)		435,000		370,498
U.S. TREASURY OBLIGATIONS — 3.2%
U.S. Treasury Bonds
3.50%, 02/15/39D‡‡		3,500,000		3,006,171
4.25%, 05/15/39D		40,000		39,244
4.63%, 02/15/40D		140,000		145,994
				3,191,409
U.S. Treasury Notes
4.50%, 04/30/12		30,000		31,075
1.00%, 05/15/14D		10,000		10,068
2.63%, 07/31/14D		50,000		52,715
2.38%, 09/30/14D		110,000		115,139
1.75%, 07/31/15D		90,000		91,540
1.25%, 08/31/15D		90,000		89,613
1.25%, 09/30/15D		90,000		89,430
2.00%, 01/31/16		170,000		173,334
1.88%, 10/31/17D		10,000		9,760
3.38%, 11/15/19D		40,000		41,706
3.63%, 02/15/20D		20,000		21,161
2.63%, 08/15/20D		340,000		329,163
2.63%, 11/15/20D		1,300,000		1,252,265
3.63%, 02/15/21D		90,000		93,860
3.88%, 08/15/40D		30,000		27,473
				2,428,302
Total U.S. Treasury Obligations (Cost $5,823,264)				5,619,711
	Shares
COMMON STOCKS — 0.4%
Healthcare — 0.3%
Bristol-Myers Squibb Co.D		15,400		445,984
Materials & Processing — 0.0%
Georgia Gulf CorporationD*		3,161		76,307
Rock-Tenn Co. Class A		133		8,823
				85,130
Media — 0.1%
Charter Communications, Inc.D*		2,769		150,246
Dex One CorporationD*		1,433		3,625
				153,871
Producer Durables — 0.0%
Nortek, Inc.*		179		6,437
Total Common Stocks (Cost $960,448)				691,422
FOREIGN COMMON STOCKS — 0.1%
Norway — 0.1%
Deep Ocean Group Holding@		8,860		124,040
Spain — 0.0%
Repsol YPF SA ADRD		1,848		64,236
Total Foreign Common Stocks (Cost $139,409)				188,276
PREFERRED STOCKS — 1.8%
Bank of America Corporation CONVD		602		602,722
Citigroup Capital XII		12,325		318,232
CMP Susquehanna Radio Holdings Corporation 144A@		1,493		15
El Paso Energy Capital Trust I CONVD		500		22,260
Lucent Technologies Capital Trust I CONVD		1,891		1,860,271
Preferred Blocker (GMAC), Inc. 144A		400		375,925
Total Preferred Stocks (Cost $2,410,992)				3,179,425

See Notes to Financial Statements.

87

GLOBAL BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
RIGHTS/WARRANTS — 0.0%
Buffets Restaurants Holdings, Inc.@		89	$	1
Charter Communications, Inc.		110		1,265
CMP Susquehanna Radio Holdings Corporation@		1,706		—
Nortek, Inc.@		184		736
Total Rights/Warrants (Cost $50,348)				2,002
MONEY MARKET FUNDS — 26.9%
GuideStone Money Market Fund (GS4 Class)¥		18,586,528		18,586,528
Northern Institutional Liquid Assets Portfolio§		28,691,757		28,691,757
Total Money Market Funds (Cost $47,278,285)				47,278,285
TOTAL INVESTMENTS — 116.6% (Cost $193,012,356)				205,108,915
Liabilities in Excess of Other Assets — (16.6)%				(29,163,723	)
NET ASSETS — 100.0%			$	175,945,192

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds		41.4
Foreign Bonds		39.3
Money Market Funds		26.9
Mortgage-Backed Securities		3.3
U.S. Treasury Obligations		3.2
Preferred Stocks		1.8
Common Stocks		0.4
Municipal Bond		0.2
Foreign Common Stocks		0.1
Agency Obligation		—	**
Rights/Warrants		—	**
Forward Foreign Currency Contracts		(4.5	)
Futures Contracts		(9.2	)
		102.9

** Rounds to less than 0.005%.

See Notes to Financial Statements.

88

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligation	$	15,991		$	—		$	15,991	$	—
Common Stocks		691,422			691,422			—		—
Corporate Bonds		72,738,911			—			72,738,911		—
Foreign Bonds		69,155,514			—			69,146,439		9,075
Foreign Common Stocks		188,276			64,236			—		124,040
Money Market Funds		47,278,285			47,278,285			—		—
Mortgage-Backed Securities		5,868,880			—			5,868,880		—
Municipal Bond		370,498			—			370,498		—
Preferred Stocks		3,179,425			3,179,425			—		—
Rights/Warrants		2,002			2,002			—		—
U.S. Treasury Obligations		5,619,711			—			5,619,711		—
Total Assets — Investments in Securities	$	205,108,915		$	51,215,370		$	153,760,430	$	133,115
Other Financial Instruments***
Forward Foreign Currency Contracts	$	370,808		$	—		$	370,808	$	—
Total Assets — Other Financial Instruments	$	370,808		$	—		$	370,808	$	—
Liabilities:
Other Financial Instruments***
Futures Contracts	$	(93,674	)	$	(93,674	)	$	—	$	—
Total Liabilities — Other Financial Instruments	$	(93,674	)	$	(93,674	)	$	—	$	—

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

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

	Total Value		Common Stocks			Foreign Bonds			Foreign Common Stocks
Balance, 12/31/10	$	11,550	$	11,550		$	—		$	—
Accrued discounts/premiums		—		—			—			—
Realized gain (loss)(1)		—		—			—			—
Change in unrealized appreciation (depreciation)(2)		17,460		—			(2,475	)		19,935
Purchases		104,105		—			—			104,105
Sales		—		—			—			—
Transfers in and/or out of Level 3(3)		—		(11,550	)		11,550			—
Balance, 06/30/11	$	133,115	$	—		$	9,075		$	124,040

⁽¹⁾  Realized gain (loss) from the sale of Level 3 securities can be found on the Statement of Operations in Net Realized Gain (loss) from Investment securities and securities sold short.

⁽²⁾  Change in unrealized appreciation (depreciation) can be found on the Statement of Operations in Net change in unrealized appreciation (depreciation) on Investment securities and securities sold short.

⁽³⁾  Transfers in and/or out of Level 3 reflect the re-classification of a balance from December 31, 2010.

See Notes to Financial Statements.

89

EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS	June 30, 2011 (Unaudited)

	Shares		Value
COMMON STOCKS — 96.3%
Consumer Discretionary — 11.8%
Amazon.com, Inc.*		10,595	$	2,166,572
Apollo Group, Inc. Class A*		3,477		151,875
AutoNation, Inc.D*		1,972		72,195
AutoZone, Inc.*		744		219,368
Avon Products, Inc.		12,815		358,820
Bed Bath & Beyond, Inc.*		7,305		426,393
Best Buy Co., Inc.D		9,782		307,253
Big Lots, Inc.D*		2,331		77,273
Cablevision Systems Corporation		7,100		257,091
CarMax, Inc.D*		6,556		216,807
Carnival Corporation		12,823		482,529
CBS Corporation Class B		19,896		566,837
Chipotle Mexican Grill, Inc.D*		919		283,227
Coach, Inc.		8,766		560,410
Comcast Corporation Class A		82,497		2,090,474
Costco Wholesale Corporation		13,039		1,059,288
Darden Restaurants, Inc.		4,066		202,324
DeVry, Inc.D		1,739		102,827
DIRECTV Group, Inc. Class A*		22,862		1,161,847
Discovery Communications, Inc.D*		8,323		340,910
DR Horton, Inc.		8,320		95,846
eBay, Inc.*		33,842		1,092,081
Estee Lauder Cos., Inc. (The) Class A		3,312		348,389
Expedia, Inc.D		6,096		176,723
Family Dollar Stores, Inc.		3,646		191,634
Ford Motor Co.D*		112,314		1,548,810
GameStop Corporation Class AD*		4,309		114,921
Gannett Co., Inc.		7,305		104,608
Gap, Inc. (The)D		11,699		211,752
Genuine Parts Co.		4,688		255,027
Goodyear Tire & Rubber Co. (The)*		6,838		114,673
H&R Block, Inc.D		8,799		141,136
Harley-Davidson, Inc.		6,940		284,332
Harman International Industries, Inc.		2,114		96,335
Hasbro, Inc.		3,979		174,797
Home Depot, Inc.		47,307		1,713,460
Interpublic Group of Companies, Inc.		14,831		185,387
J.C. Penney Co., Inc.D		6,400		221,056
Johnson Controls, Inc.		20,310		846,115
Kohl’s Corporation		8,243		412,232
Leggett & Platt, Inc.		4,457		108,662
Lennar Corporation Class AD		4,793		86,993
Limited Brands, Inc.		7,752		298,064
Lowe’s Cos., Inc.		38,851		905,617
Macy’s, Inc.		12,655		370,032
Marriott International, Inc. Class A		8,496		301,523
Marriott International, Ltd. Placeholder Shares+		82,125		—
Mattel, Inc.		10,044		276,110
McDonald’s Corporation		30,843		2,600,682
McGraw-Hill Co., Inc. (The)		9,015		377,819
Netflix, Inc.D*		1,282		336,769
Newell Rubbermaid, Inc.		8,518		134,414
News Corporation		67,369		1,192,431
NIKE, Inc. Class B		11,302		1,016,954
Nordstrom, Inc.		5,008		235,075
Omnicom Group, Inc.		8,398		404,448
O’Reilly Automotive, Inc.*		4,119		269,836
Polo Ralph Lauren CorporationD		1,929		255,805
Priceline.com, Inc.*		1,489		762,264
Pulte Homes, Inc.D*		10,012		76,692
Ross Stores, Inc.		3,512		281,381
Scripps Networks Interactive, Inc. Class A		2,589		126,550
Sears Holdings CorporationD*		1,342		95,872
Snap-On, Inc.		1,680		104,966
Stanley Black & Decker, Inc.		5,079		365,942
Staples, Inc.		21,385		337,883
Starbucks Corporation		22,307		880,903
Starwood Hotels & Resorts Worldwide, Inc.		5,877		329,347
Target Corporation		20,508		962,030
Tiffany & Co.		3,726		292,566
Time Warner Cable, Inc.		9,893		772,050
Time Warner, Inc.		31,808		1,156,857
TJX Cos., Inc.		11,335		595,428
Urban Outfitters, Inc.*		3,727		104,915
VF CorporationD		2,550		276,828
Wal-Mart Stores, Inc.		56,544		3,004,748
Walt Disney Co. (The)		56,023		2,187,138
Washington Post Co. (The)D		159		66,613
Whirlpool Corporation		2,240		182,157
Wyndham Worldwide Corporation		5,135		172,793
Yum! Brands, Inc.		13,788		761,649
				42,502,440
Consumer Staples — 7.4%
Archer-Daniels-Midland Co.		20,185		608,578
Campbell Soup Co.D		5,664		195,691
Clorox Co.D		4,109		277,111
Coca-Cola Co. (The)		68,148		4,585,679
Coca-Cola Enterprises, Inc.		9,315		271,812
Colgate-Palmolive Co.		14,473		1,265,085
ConAgra Foods, Inc.		12,112		312,611
CVS Caremark Corporation		40,080		1,506,206
Dean Foods Co.*		4,909		60,233
Dr Pepper Snapple Group, Inc.D		6,709		281,308
General Mills, Inc.		18,962		705,766
Heinz (H.J.) Co.D		9,546		508,611
Hershey Co. (The)D		4,580		260,373
Hormel Foods CorporationD		3,990		118,942
J.M. Smucker Co. (The)		3,346		255,768
Kellogg Co.		7,602		420,543
Kimberly-Clark Corporation		11,522		766,904
Kraft Foods, Inc. Class A		52,462		1,848,236
Kroger Co. (The)		17,911		444,193
McCormick & Co., Inc.		4,036		200,065
Mead Johnson Nutrition Co.		5,986		404,354
PepsiCo, Inc.		46,837		3,298,730
Procter & Gamble Co. (The)		82,825		5,265,185
Safeway, Inc.D		10,976		256,509
Sara Lee Corporation		17,608		334,376
SUPERVALU, Inc.D		5,721		53,835
Sysco Corporation		17,267		538,385
Tyson Foods, Inc. Class A		8,760		170,119
Walgreen Co.		27,400		1,163,404

See Notes to Financial Statements.

90

	Shares		Value
Whole Foods Market, Inc.		4,346	$	275,754
				26,654,366
Energy — 12.6%
Alpha Natural Resources, Inc.*		6,713		305,038
Anadarko Petroleum Corporation		14,847		1,139,656
Apache Corporation		11,462		1,414,296
Baker Hughes, Inc.		12,992		942,700
Cabot Oil & Gas Corporation		3,016		199,991
Cameron International Corporation*		7,228		363,496
Chesapeake Energy Corporation		19,518		579,489
Chevron Corporation		59,644		6,133,789
ConocoPhillips		41,996		3,157,679
Consol Energy, Inc.		6,705		325,058
Denbury Resources, Inc.*		11,917		238,340
Devon Energy Corporation		12,484		983,864
Diamond Offshore Drilling, Inc.D		2,028		142,791
El Paso Corporation		22,675		458,035
EOG Resources, Inc.		7,934		829,500
EQT Corporation		4,366		229,302
Exterran Holdings, Inc.*		13		258
Exxon Mobil Corporation		146,283		11,904,510
First Solar, Inc.D*		1,580		208,987
FMC Technologies, Inc.*		7,103		318,143
Halliburton Co.		27,346		1,394,646
Helmerich & Payne, Inc.		3,091		204,377
Hess Corporation		9,130		682,559
Marathon Oil Corporation		21,358		1,125,139
Murphy Oil Corporation		5,722		375,707
Nabors Industries, Ltd.*		8,434		207,814
National Oilwell Varco, Inc.		12,670		990,921
Newfield Exploration Co.*		3,960		269,359
Noble Corporation		7,566		298,176
Noble Energy, Inc.		5,378		482,030
Occidental Petroleum Corporation		24,083		2,505,595
Peabody Energy Corporation		8,010		471,869
Pioneer Natural Resources Co.D		3,443		308,389
QEP Resources, Inc.		5,285		221,072
Range Resources CorporationD		4,760		264,180
Rowan Cos., Inc.*		3,752		145,615
Schlumberger, Ltd.		40,354		3,486,586
Southwestern Energy Co.D*		10,372		444,751
Spectra Energy Corporation		19,331		529,863
Sunoco, Inc.		3,617		150,865
Tesoro CorporationD*		4,092		93,748
Valero Energy Corporation		16,873		431,443
Williams Cos., Inc. (The)		17,716		535,909
				45,495,535
Financial Services — 15.6%
Aflac, Inc.		13,891		648,432
Allstate Corporation (The)		15,491		472,940
American Express Co.		30,920		1,598,564
American International Group, Inc.D*		12,913		378,609
Ameriprise Financial, Inc.		7,335		423,083
AON Corporation		9,809		503,202
Apartment Investment & Management Co. Class A REITD		3,359		85,755
Assurant, Inc.		3,099		112,401
AvalonBay Communities, Inc. REITD		2,537		325,751
Bank of America Corporation		300,173		3,289,896
Bank of New York Mellon Corporation (The)		36,648		938,922
BB&T CorporationD		20,628		553,655
Berkshire Hathaway, Inc.*		51,457		3,982,257
BlackRock, Inc.		2,831		543,014
Boston Properties, Inc. REITD		4,407		467,847
Capital One Financial Corporation		13,618		703,642
CB Richard Ellis Group, Inc. Class A*		8,418		211,376
Chubb Corporation		8,738		547,086
Cincinnati Financial CorporationD		4,986		145,491
Citigroup, Inc.		86,924		3,619,515
CME Group, Inc.		1,979		577,057
Comerica, Inc.D		5,205		179,937
Discover Financial Services		16,167		432,467
Dun & Bradstreet CorporationD		1,446		109,231
E*TRADE Financial Corporation*		6,897		95,179
Equifax, Inc.		3,635		126,207
Equity Residential REITD		8,698		521,880
Federated Investors, Inc. Class BD		2,744		65,417
Fidelity National Information Services, Inc.		7,989		245,981
Fifth Third Bancorp		27,132		345,933
First Horizon National Corporation		8,417		80,298
First Horizon National Corporation Placeholder Shares+		271,852		—
Fiserv, Inc.*		4,371		273,756
Franklin Resources, Inc.		4,306		565,335
Genworth Financial, Inc. Class A*		14,188		145,853
Goldman Sachs Group, Inc. (The)		15,423		2,052,647
Hartford Financial Services Group, Inc.D		13,216		348,506
HCP, Inc. REITD		11,878		435,804
Health Care REIT, Inc.D		5,356		280,815
Host Hotels & Resorts, Inc. REIT		20,363		345,153
Hudson City Bancorp, Inc.		15,400		126,126
Huntington Bancshares, Inc.		25,528		167,464
IntercontinentalExchange, Inc.*		2,146		267,628
Invesco, Ltd.		13,605		318,357
Janus Capital Group, Inc.		5,578		52,656
JPMorgan Chase & Co.		118,071		4,833,827
KeyCorp		29,511		245,827
Kimco Realty Corporation REIT		11,779		219,560
Legg Mason, Inc.		4,480		146,765
Leucadia National Corporation		5,698		194,302
Lincoln National Corporation		9,395		267,663
Loews Corporation		9,023		379,778
M&T Bank CorporationD		3,764		331,044
Marsh & McLennan Cos., Inc.D		16,225		506,058
Marshall & Ilsley Corporation		15,975		127,321
Mastercard, Inc. Class A		2,786		839,533
MetLife, Inc.		31,152		1,366,638

See Notes to Financial Statements.

91

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Moody’s CorporationD		5,926	$	227,262
Morgan Stanley		45,859		1,055,216
NASDAQ OMX Group, Inc. (The)*		4,216		106,665
Northern Trust Corporation		7,317		336,289
NYSE Euronext		7,766		266,141
People’s United Financial, Inc.		11,177		150,219
Plum Creek Timber Co., Inc. REITD		4,933		199,984
PNC Financial Services Group, Inc.		15,522		925,266
Principal Financial Group, Inc.		9,410		286,252
Progressive Corporation (The)		19,518		417,295
ProLogis, Inc. REITD		13,496		483,697
Prudential Financial, Inc.		14,380		914,424
Public Storage REIT		4,125		470,291
Regions Financial Corporation		36,863		228,551
Schwab (Charles) Corporation (The)D		29,575		486,509
Simon Property Group, Inc. REITD		8,832		1,026,543
SLM Corporation		15,579		261,883
State Street Corporation		15,299		689,832
SunTrust Banks, Inc.		16,221		418,502
T. Rowe Price Group, Inc.		7,791		470,109
Torchmark Corporation		2,370		152,012
Total System Services, Inc.		4,672		86,806
Travelers Cos., Inc. (The)		12,497		729,575
Unum Group		9,313		237,295
US Bancorp		57,451		1,465,575
Ventas, Inc. REIT		4,723		248,949
Visa, Inc. Class A		14,133		1,190,846
Vornado Realty Trust REIT		4,854		452,296
Wells Fargo & Co.		157,283		4,413,361
Western Union Co. (The)		19,271		385,998
Xl Group PLCD		8,887		195,336
Zions BancorporationD		5,202		124,900
				56,273,320
Healthcare — 11.4%
Abbott Laboratories		46,309		2,436,780
Aetna, Inc.		11,336		499,804
Allergan, Inc.		9,074		755,410
AmerisourceBergen Corporation		7,931		328,343
Amgen, Inc.*		27,615		1,611,335
Bard (C.R.), Inc.D		2,515		276,298
Baxter International, Inc.		16,911		1,009,418
Becton Dickinson & Co.		6,579		566,912
Biogen Idec, Inc.*		7,220		771,962
Boston Scientific Corporation*		45,172		312,139
Bristol-Myers Squibb Co.D		50,307		1,456,891
Cardinal Health, Inc.		10,620		482,360
CareFusion Corporation*		6,536		177,583
Celgene Corporation*		13,540		816,733
Cephalon, Inc.D*		2,425		193,758
Cerner Corporation*		4,150		253,606
CIGNA Corporation		8,085		415,812
Conventry Health Care, Inc.*		4,325		157,733
Covidien PLC		14,887		792,435
DaVita, Inc.*		2,914		252,382
DENTSPLY International, Inc.		4,139		157,613
Edwards Lifesciences
Corporation*		3,401		296,499
Eli Lilly & Co.		30,253		1,135,395
Express Scripts, Inc.D*		15,575		840,738
Forest Laboratories, Inc.*		8,785		345,602
Gilead Sciences, Inc.*		23,086		955,991
Hospira, Inc.*		4,918		278,654
Humana, Inc.		4,908		395,290
Intuitive Surgical, Inc.*		1,167		434,252
Johnson & Johnson		81,488		5,420,582
Laboratory Corporation of America Holdings*		2,877		278,465
Life Technologies Corporation*		5,247		273,211
McKesson Corporation		7,584		634,402
Medco Health Solutions, Inc.*		12,007		678,636
Medtronic, Inc.		31,444		1,211,537
Merck & Co., Inc.		91,434		3,226,706
Mylan, Inc.*		13,275		327,494
Patterson Cos., Inc.		2,965		97,519
PerkinElmer, Inc.		3,334		89,718
Pfizer, Inc.		235,203		4,845,182
Quest Diagnostics, Inc.D		4,669		275,938
St. Jude Medical, Inc.		9,741		464,451
Stryker Corporation		10,033		588,837
Tenet Healthcare CorporationD*		14,494		90,443
Thermo Fisher Scientific, Inc.*		11,435		736,300
UnitedHealth Group, Inc.		32,118		1,656,646
Varian Medical Systems, Inc.*		3,466		242,689
Watson Pharmaceuticals, Inc.*		3,625		249,146
WellPoint, Inc.		10,919		860,090
Zimmer Holdings, Inc.*		5,841		369,151
				41,024,871
Materials & Processing — 4.1%
Air Products & Chemicals, Inc.		6,328		604,830
Airgas, Inc.		2,194		153,668
AK Steel Holding Corporation		2,974		46,870
Alcoa, Inc.		31,848		505,109
Allegheny Technologies, Inc.D		3,261		206,976
Ball Corporation		4,884		187,839
Bemis Co., Inc.		3,094		104,515
CF Industries Holdings, Inc.		2,107		298,499
Cliffs Natural Resources, Inc.		4,278		395,501
Dow Chemical Co. (The)		34,753		1,251,108
Du Pont (E.I.) de Nemours & Co.		27,790		1,502,049
Eastman Chemical Co.		2,094		213,735
Ecolab, Inc.		6,931		390,770
Fastenal Co.D		8,783		316,100
FMC Corporation		2,102		180,814
Freeport-McMoRan Copper & Gold, Inc.		28,262		1,495,060
International Flavors & Fragrances, Inc.		2,430		156,103
International Paper Co.		12,943		385,960
Masco CorporationD		10,640		127,999
MeadWestvaco Corporation		4,951		164,918
Monsanto Co.		15,824		1,147,873
Newmont Mining Corporation		14,548		785,156
Nucor Corporation		9,366		386,067
Owens-Illinois, Inc.*		4,741		122,365
PPG Industries, Inc.		4,817		437,335
Praxair, Inc.		8,946		969,657
Precision Castparts Corporation		4,326		712,276
Sealed Air Corporation		4,642		110,433
Sherwin-Williams Co. (The)D		2,651		222,339
Sigma-Aldrich Corporation		3,576		262,407
Titanium Metals CorporationD		2,486		45,544

See Notes to Financial Statements.

92

	Shares		Value
United States Steel CorporationD		4,199	$	193,322
Vulcan Materials Co.D		3,693		142,291
Weyerhaeuser Co.D		16,584		362,526
				14,588,014
Producer Durables — 11.1%
3M Co.		21,014		1,993,178
Agilent Technologies, Inc.*		10,334		528,171
Automatic Data Processing, Inc.		14,726		775,766
Avery Dennison Corporation		3,167		122,341
Boeing Co. (The)		22,000		1,626,460
C.H. Robinson Worldwide, Inc.		4,929		388,602
Caterpillar, Inc.		19,193		2,043,287
Cintas CorporationD		3,865		127,661
CSX Corporation		33,183		870,058
Cummins, Inc.		5,865		606,969
Danaher Corporation		16,121		854,252
Deere & Co.		12,539		1,033,841
Dover Corporation		5,578		378,188
Eaton Corporation		10,037		516,404
Emerson Electric Co.		22,638		1,273,387
Expeditors International of Washington, Inc.		6,329		323,982
FedEx Corporation		9,511		902,118
FLIR Systems, Inc.D		4,582		154,459
Flowserve Corporation		1,656		181,978
Fluor Corporation		5,230		338,172
General Dynamics Corporation		11,007		820,242
General Electric Co.		315,595		5,952,122
Goodrich Corporation		3,664		349,912
Honeywell International, Inc.		23,353		1,391,605
Illinois Tool Works, Inc.		15,069		851,248
Iron Mountain, Inc.		5,748		195,949
ITT Corporation		5,381		317,102
Jacobs Engineering Group, Inc.*		3,786		163,744
Joy Global, Inc.		3,053		290,768
L-3 Communications Holdings, Inc.		3,128		273,544
Lexmark International, Inc. Class A*		2,375		69,492
Lockheed Martin Corporation		8,502		688,407
Monster Worldwide, Inc.D*		3,833		56,192
Norfolk Southern Corporation		10,483		785,491
Northrop Grumman CorporationD		8,679		601,889
PACCAR, Inc.		10,852		554,429
Pall Corporation		3,393		190,788
Parker Hannifin Corporation		4,729		424,380
Paychex, Inc.		9,538		293,007
Pitney Bowes, Inc.D		6,258		143,871
Quanta Services, Inc.*		6,449		130,270
Raytheon Co.		10,790		537,882
Republic Services, Inc.		9,111		281,074
Robert Half International, Inc.D		4,203		113,607
Rockwell Automation, Inc.		4,218		365,954
Rockwell Collins, Inc.		4,635		285,933
Roper Industries, Inc.		2,792		232,574
RR Donnelley & Sons Co.D		5,210		102,168
Ryder System, Inc.		1,554		88,345
Southwest Airlines Co.		24,015		274,251
Stericycle, Inc.*		2,509		223,602
Textron, Inc.D		8,079		190,745
Union Pacific Corporation		14,588		1,522,987
United Parcel Service, Inc. Class B		29,227		2,131,525
United Technologies Corporation		27,108		2,399,329
W.W. Grainger, Inc.		1,735		266,583
Waste Management, Inc.D		14,002		521,855
Waters Corporation*		2,716		260,030
Xerox Corporation		41,307		430,006
				39,812,176
Technology — 16.1%
Adobe Systems, Inc.*		14,992		471,498
Advanced Micro Devices, Inc.D*		16,645		116,349
Akamai Technologies, Inc.*		5,428		170,819
Altera Corporation		9,633		446,490
American Tower Corporation Class A*		11,873		621,314
Amphenol Corporation Class AD		5,229		282,314
Analog Devices, Inc.		8,761		342,906
Apple, Inc.*		27,480		9,224,212
Applied Materials, Inc.		39,749		517,134
Autodesk, Inc.*		6,744		260,318
BMC Software, Inc.*		5,197		284,276
Broadcom Corporation Class A		14,252		479,437
CA, Inc.		11,225		256,379
Cisco Systems, Inc.		163,889		2,558,307
Citrix Systems, Inc.*		5,605		448,400
Cognizant Technology Solutions Corporation Class A*		9,006		660,500
Computer Sciences Corporation		4,536		172,187
Compuware Corporation*		6,279		61,283
Corning, Inc.		47,281		858,150
Dell, Inc.*		48,600		810,162
Electronic Arts, Inc.*		10,443		246,455
EMC Corporation*		61,058		1,682,148
F5 Networks, Inc.*		2,391		263,608
Google, Inc. Class A*		7,471		3,783,165
Harris Corporation		3,785		170,552
Hewlett-Packard Co.		61,808		2,249,811
Intel Corporation		157,809		3,497,047
International Business Machines Corporation		35,913		6,160,875
Intuit, Inc.*		8,262		428,467
Jabil Circuit, Inc.		5,990		120,998
JDS Uniphase CorporationD*		6,389		106,441
Juniper Networks, Inc.*		15,957		502,645
KLA-Tencor CorporationD		5,039		203,979
Linear Technology CorporationD		6,636		219,121
LSI Corporation*		18,143		129,178
MEMC Electronic Materials, Inc.D*		6,325		53,952
Microchip Technology, Inc.D		5,494		208,277
Micron Technology, Inc.D*		24,941		186,559
Microsoft Corporation		220,332		5,728,632
Molex, Inc.D		3,990		102,822
Motorola Mobility Holdings, Inc.*		8,701		191,770
Motorola Solutions, Inc.*		9,944		457,822
National Semiconductor Corporation		6,911		170,080
NetApp, Inc.*		11,033		582,322
Novellus Systems, Inc.*		2,600		93,964

See Notes to Financial Statements.

93

EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
NVIDIA Corporation*		18,484	$	294,542
Oracle Corporation		115,958		3,816,178
QUALCOMM, Inc.		49,673		2,820,930
Red Hat, Inc.*		5,720		262,548
SAIC, Inc.*		8,605		144,736
Salesforce.com, Inc.*		3,652		544,075
SanDisk Corporation*		6,888		285,852
Symantec Corporation*		23,102		455,571
Tellabs, Inc.D		11,370		52,416
Teradata Corporation*		4,980		299,796
Teradyne, Inc.D*		5,126		75,865
Texas Instruments, Inc.		34,818		1,143,075
VeriSign, Inc.		5,111		171,014
Western Digital Corporation*		6,757		245,820
Xilinx, Inc.D		7,714		281,330
Yahoo!, Inc.*		38,431		578,002
				58,054,875
Utilities — 6.2%
AES Corporation (The)*		19,540		248,940
Ameren Corporation		7,028		202,688
American Electric Power Co., Inc.		14,365		541,273
AT&T, Inc.		176,184		5,533,939
Centerpoint Energy, Inc.		12,568		243,191
CenturyLink, Inc.		17,626		712,619
CMS Energy Corporation		7,151		140,803
Consolidated Edison, Inc.		8,961		477,084
Constellation Energy Group, Inc.		5,877		223,091
Dominion Resources, Inc.D		17,140		827,348
DTE Energy Co.		5,024		251,300
Duke Energy CorporationD		39,964		752,522
Edison International		9,738		377,348
Entergy Corporation		5,354		365,571
Exelon CorporationD		19,531		836,708
FirstEnergy Corporation		12,356		545,517
Frontier Communications Corporation		29,186		235,531
Integrys Energy Group, Inc.D		2,204		114,255
MetroPCS Communications, Inc.*		8,630		148,522
NextEra Energy, Inc.		12,595		723,709
Nicor, Inc.		1,246		68,206
NiSource, Inc.		8,189		165,827
Northeast UtilitiesD		5,116		179,930
NRG Energy, Inc.*		7,383		181,474
Oneok, Inc.D		3,121		230,985
Pepco Holdings, Inc.D		6,413		125,887
PG&E Corporation		11,723		492,718
Pinnacle West Capital Corporation		3,142		140,070
PPL CorporationD		17,756		494,150
Progress Energy, Inc.		8,754		420,280
Public Service Enterprise Group, Inc.		15,117		493,419
SCANA CorporationD		3,453		135,945
Sempra Energy		7,071		373,914
Southern Co.		25,225		1,018,586
Sprint Nextel Corporation*		88,681		477,991
TECO Energy, Inc.D		6,162		116,400
Verizon Communications, Inc.		83,732		3,117,342
Windstream CorporationD		15,673		203,122
Wisconsin Energy Corporation		6,809		213,462
Xcel Energy Inc.		14,494		352,204
				22,503,871
Total Common Stocks (Cost $275,045,944)				346,909,468
FOREIGN COMMON STOCKS — 0.5%
Ireland — 0.1%
Ingersoll-Rand PLC		10,000		454,100
Switzerland — 0.4%
Ace, Ltd.		9,982		657,015
Tyco International, Ltd.		14,074		695,678
				1,352,693
Total Foreign Common Stocks (Cost $1,506,892)				1,806,793
RIGHTS/WARRANTS — 0.0%
American International Group Fractional Warrants+ (Cost $0)		65,600		—
MONEY MARKET FUNDS — 9.6%
GuideStone Money Market Fund (GS4 Class)¥		9,741,461		9,741,461
Northern Institutional Liquid Assets Portfolio§		24,719,987		24,719,987
Total Money Market Funds (Cost $34,461,448)				34,461,448
	Par
U.S. TREASURY OBLIGATION — 0.2%
U.S. Treasury Bill
0.40%, 11/17/11‡‡ (Cost $704,902)	$	705,000		704,878
TOTAL INVESTMENTS — 106.6% (Cost $311,719,186)				383,882,587
Liabilities in Excess of Other Assets — (6.6)%				(23,706,414	)
NET ASSETS — 100.0%			$	360,176,173

Please see abbreviation and footnote definitions beginning on page 130.

See Notes to Financial Statements.

94

PORTFOLIO SUMMARY (based on net assets)

	%
Technology		16.1
Financial Services		15.6
Energy		12.6
Consumer Discretionary		11.8
Healthcare		11.4
Producer Durables		11.1
Money Market Funds		9.6
Consumer Staples		7.4
Utilities		6.2
Materials & Processing		4.1
Futures		3.1
Foreign Common Stocks		0.5
U.S. Treasury Obligation		0.2
Rights/Warrants		—	**
		109.7

** Rounds to less than 0.005%.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stock	$	346,909,468	$	346,909,468	$	—	$	—
Foreign Common Stocks		1,806,793		1,806,793		—		—
Money Market Funds		34,461,448		34,461,448		—		—
U.S. Treasury Obligations		704,878		—		704,878		—
Total Assets — Investments in Securities	$	383,882,587	$	383,177,709	$	704,878	$	—
Other Financial Instruments***
Futures Contracts	$	310,436	$	310,436	$	—	$	—
Total Assets — Other Financial Instruments	$	310,436	$	310,436	$	—	$	—

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

See Notes to Financial Statements.

95

REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS	June 30, 2011 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.4%
Financial Services — 94.9%
Alexandria Real Estate Equities, Inc. REIT		41,550	$	3,216,801
American Assets Trust, Inc. REITD		46,600		1,046,170
AvalonBay Communities, Inc. REITD		57,285		7,355,394
Boston Properties, Inc. REITD		117,242		12,446,411
Brandywine Realty Trust REITD		238,800		2,767,692
BRE Properties, Inc. REITD		109,050		5,439,414
Brookfield Properties Corporation		217,500		4,193,400
Camden Property Trust REIT		77,200		4,911,464
Chesapeake Lodging Trust REITD		58,850		1,003,981
Colonial Properties Trust REITD		122,250		2,493,900
Developers Diversified Realty Corporation REIT		302,900		4,270,890
Douglas Emmett, Inc. REITD		130,350		2,592,662
Duke Realty Corporation REIT		154,400		2,163,144
DuPont Fabros Technology, Inc. REITD		63,650		1,603,980
Education Realty Trust, Inc. REITD		182,100		1,560,597
Equity Lifestyle Properties, Inc. REITD		47,350		2,956,534
Equity Residential REITD		41,450		2,487,000
Extra Space Storage, Inc. REITD		156,550		3,339,212
Federal Realty Investment Trust REITD		49,250		4,195,115
General Growth Properties, Inc. REITD		214,892		3,586,547
HCP, Inc. REITD		170,450		6,253,810
Health Care REIT, Inc.D		18,200		954,226
Host Hotels & Resorts, Inc. REITD		344,140		5,833,173
Hudson Pacific Properties, Inc. REITD		34,100		529,573
LTC Properties, Inc. REITD		48,200		1,340,924
Mack-Cali Realty Corporation REIT		66,700		2,197,098
Pebblebrook Hotel Trust REITD		124,200		2,507,598
Post Properties, Inc. REITD		100,000		4,076,000
ProLogis, Inc. REITD		301,673		10,811,960
PS Business Parks, Inc. REITD		17,800		980,780
Public Storage REIT		47,080		5,367,591
Ramco-Gershenson Properties Trust REITD		93,850		1,161,863
Sabra Healthcare, Inc. REITD		14,750		246,472
Senior Housing Properties Trust REIT		129,285		3,026,562
Simon Property Group, Inc. REIT		139,000		16,155,970
SL Green Realty Corporation REITD		63,450		5,258,102
Strategic Hotels & Resorts, Inc. REIT*		357,600		2,531,808
Sunstone Hotel Investors, Inc. REITD*		80,350		744,844
Tanger Factory Outlet Centers REITD		131,000		3,506,870
Taubman Centers, Inc. REIT		93,650		5,544,080
				152,659,612
Healthcare — 2.5%
Brookdale Senior Living, Inc.D*		168,300		4,081,275
Total Common Stocks (Cost $127,189,813)				156,740,887
MONEY MARKET FUNDS — 39.1%
GuideStone Money Market Fund (GS4 Class)¥		3,260,185		3,260,185
Northern Institutional Liquid Assets Portfolio§		59,668,352		59,668,352
Total Money Market Funds (Cost $62,928,537)				62,928,537
TOTAL INVESTMENTS — 136.5% (Cost $190,118,350)				219,669,424
Liabilities in Excess of Other Assets — (36.5)%				(58,705,786	)
NET ASSETS — 100.0%			$	160,963,638

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services		94.9
Money Market Funds		39.1
Healthcare		2.5
Future Contracts		2.3
		138.8

See Notes to Financial Statements.

96

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stock	$	156,740,887	$	156,740,887	$	—	$	—
Money Market Funds		62,928,537		62,928,537		—		—
Total Assets — Investments in Securities	$	219,669,424	$	219,669,424	$	—	$	—
Other Financial Instruments***
Futures Contracts	$	125,240	$	125,240	$	—	$	—
Total Assets — Other Financial Instruments	$	125,240	$	125,240	$	—	$	—

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

See Notes to Financial Statements.

97

VALUE EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2011 (Unaudited)

	Shares		Value
COMMON STOCKS — 94.5%
Consumer Discretionary — 9.3%
Apollo Group, Inc. Class A*		62,500	$	2,730,000
AutoZone, Inc.*		5,300		1,562,705
Carnival Corporation		109,920		4,136,290
CBS Corporation Class B		245,947		7,007,030
Coach, Inc.		62,100		3,970,053
Comcast Corporation Class A		526,464		13,340,598
Dana Holding Corporation*		150,700		2,757,810
Dillard’s, Inc. Class A		27,800		1,449,492
DIRECTV Group, Inc. Class A*		75,900		3,857,238
eBay, Inc.*		22,358		721,493
Ford Motor Co.*		69,894		963,838
Gap, Inc. (The)D		190,300		3,444,430
General Motors Co.D*		32,479		986,062
Goodyear Tire & Rubber Co. (The)*		150,800		2,528,916
Home Depot, Inc.D		397,709		14,405,020
J.C. Penney Co., Inc.D		43,000		1,485,220
Johnson Controls, Inc.		21,655		902,147
Kohl’s Corporation		1,911		95,569
Lennar Corporation Class AD		267,651		4,857,866
Lowe’s Cos., Inc.		55,637		1,296,899
Macy’s, Inc.		62,000		1,812,880
McGraw-Hill Co., Inc. (The)		38,300		1,605,153
News Corporation		98,093		1,736,246
Stanley Black & Decker, Inc.		153,700		11,074,085
Target Corporation		104,986		4,924,893
Thomson Reuters Corporation		8,486		318,734
Time Warner Cable, Inc.		19,200		1,498,368
Time Warner, Inc.		289,122		10,515,367
Wal-Mart Stores, Inc.D		45,198		2,401,822
Walt Disney Co. (The)		80,765		3,153,066
Whirlpool Corporation		35,000		2,846,200
				114,385,490
Consumer Staples — 4.6%
Archer-Daniels-Midland Co.		27,256		821,768
Colgate-Palmolive Co.		2,047		178,928
CVS Caremark Corporation		176,439		6,630,578
Energizer Holdings, Inc.*		57,900		4,189,644
General Mills, Inc.		6,711		249,784
Herbalife, Ltd.		60,600		3,492,984
Kellogg Co.		683		37,784
Kimberly-Clark CorporationD		96,782		6,441,810
Kraft Foods, Inc. Class A		297,406		10,477,613
Kroger Co. (The)		149,904		3,717,619
Procter & Gamble Co. (The)		192,980		12,267,739
Safeway, Inc.D		168,300		3,933,171
Walgreen Co.		92,091		3,910,184
				56,349,606
Energy — 12.9%
Anadarko Petroleum Corporation		57,227		4,392,745
Apache Corporation		11,666		1,439,468
Baker Hughes, Inc.		96,080		6,971,565
BP PLC ADR		104,700		4,637,163
Chesapeake Energy Corporation		28,102		834,348
Chevron Corporation		320,201		32,929,471
ConocoPhillips		313,398		23,564,396
Devon Energy Corporation		103,575		8,162,746
Exxon Mobil Corporation		119,848		9,753,230
Hess Corporation		73,764		5,514,597
Kinder Morgan, Inc.D		2,313		66,452
Marathon Oil Corporation		345,527		18,202,362
Murphy Oil Corporation		52,300		3,434,018
Nabors Industries, Ltd.*		158,800		3,912,832
National Oilwell Varco, Inc.		18,078		1,413,880
Occidental Petroleum
Corporation		131,230		13,653,169
Patterson-UTI Energy, Inc.		69,300		2,190,573
Spectra Energy Corporation		265,050		7,265,021
Tesoro CorporationD*		95,100		2,178,741
Valero Energy Corporation		290,900		7,438,313
Williams Cos., Inc. (The)		25,131		760,213
				158,715,303
Financial Services — 22.2%
Aflac, Inc.		47,985		2,239,940
Allstate Corporation (The)		136,246		4,159,590
American Express Co.		311,034		16,080,458
American Financial Group, Inc.		106,700		3,808,123
American International Group, Inc.*		18,884		553,679
Ameriprise Financial, Inc.		176,100		10,157,448
Assurant, Inc.		65,100		2,361,177
Bank of America Corporation		1,381,676		15,143,169
Bank of New York Mellon Corporation (The)		53,058		1,359,346
BB&T CorporationD		29,760		798,758
Berkshire Hathaway, Inc.*		74,800		5,788,772
BlackRock, Inc.		1,983		380,359
Capital One Financial Corporation		381,919		19,733,755
Chubb Corporation		84,400		5,284,284
Citigroup, Inc.		443,685		18,475,043
CME Group, Inc.		2,865		835,405
Discover Financial Services		146,100		3,908,175
Fidelity National Information Services, Inc.		72,100		2,219,959
Fifth Third Bancorp		278,700		3,553,425
Franklin Resources, Inc.		31,800		4,175,022
Goldman Sachs Group, Inc. (The)		64,023		8,520,821
Hartford Financial Services Group, Inc.D		56,500		1,489,905
Huntington Bancshares, Inc.		528,900		3,469,584
Jones Lang LaSalle, Inc.		30,700		2,895,010
JPMorgan Chase & Co.		929,426		38,050,700
KeyCorpD		383,100		3,191,223
Lincoln National Corporation		48,800		1,390,312
Loews Corporation		13,538		569,814
MBIA, Inc.D*		317,700		2,760,813
MetLife, Inc.		35,095		1,539,618
Morgan Stanley		311,102		7,158,457
NASDAQ OMX Group, Inc. (The)*		63,400		1,604,020
PNC Financial Services Group, Inc.		22,488		1,340,510
Prudential Financial, Inc.		20,769		1,320,701
Public Storage REIT		13,848		1,578,810
Simon Property Group, Inc. REITD		2,294		266,632
SLM Corporation		482,800		8,115,868
State Street Corporation		304,637		13,736,082
Torchmark CorporationD		27,000		1,731,780
Travelers Cos., Inc. (The)		183,098		10,689,261
US Bancorp		310,625		7,924,044

See Notes to Financial Statements.

98

	Shares		Value
Visa, Inc. Class A		15,128	$	1,274,685
Wells Fargo & Co.		925,268		25,963,020
Western Union Co. (The)		166,000		3,324,980
XL Group PLCD		167,700		3,686,046
				274,608,583
Healthcare — 13.2%
Abbott LaboratoriesD		4,051		213,164
Aetna, Inc.		119,616		5,273,869
AmerisourceBergen Corporation		90,500		3,746,700
Amgen, Inc.D*		39,727		2,318,071
Baxter International, Inc.		73,037		4,359,579
Biogen Idec, Inc.*		14,400		1,539,648
Bristol-Myers Squibb Co.D		202,496		5,864,284
Cardinal Health, Inc.		189,090		8,588,468
CIGNA Corporation		30,700		1,578,901
Covidien PLC		9,871		525,433
Eli Lilly & Co.		29,221		1,096,664
Forest Laboratories, Inc.*		60,000		2,360,400
Gilead Sciences, Inc.*		40,800		1,689,528
HCA Holdings, Inc.*		2,208		72,864
Health Net, Inc.*		105,800		3,395,122
Hologic, Inc.*		243,150		4,904,335
Johnson & Johnson		265,334		17,650,018
Medtronic, Inc.		288,365		11,110,703
Merck & Co., Inc.		213,188		7,523,405
Pfizer, Inc.		1,819,211		37,475,747
Sanofi*		2,920		7,037
Tenet Healthcare CorporationD*		588,300		3,670,992
Thermo Fisher Scientific, Inc.*		16,376		1,054,451
UnitedHealth Group, Inc.		390,395		20,136,574
WellPoint, Inc.		220,089		17,336,411
				163,492,368
Materials & Processing — 3.1%
Alcoa, Inc.D		418,052		6,630,305
Cabot Corporation		51,800		2,065,266
Domtar CorporationD		16,400		1,553,408
Dow Chemical Co. (The)		50,232		1,808,352
Du Pont (E.I.) de Nemours & Co.		173,600		9,383,080
Eastman Chemical Co.		17,300		1,765,811
Freeport-McMoRan Copper & Gold, Inc.		67,200		3,554,880
Huntsman Corporation		93,000		1,753,050
MeadWestvaco CorporationD		129,700		4,320,307
Newmont Mining Corporation		20,782		1,121,605
United States Steel CorporationD		98,000		4,511,920
				38,467,984
Producer Durables — 10.1%
3M Co.		3,552		336,907
Boeing Co. (The)		3,565		263,561
CSX Corporation		121,500		3,185,730
Emerson Electric Co.		153,300		8,623,125
FedEx Corporation		12,706		1,205,164
Gardner Denver, Inc.		28,700		2,412,235
General Dynamics Corporation		40,295		3,002,783
General Electric Co.		1,576,966		29,741,579
Honeywell International, Inc.		340,400		20,284,436
Illinois Tool Works, Inc.		201,158		11,363,415
KBR, Inc.		98,000		3,693,620
Lockheed Martin CorporationD		34,053		2,757,271
Norfolk Southern Corporation		15,093		1,130,917
Northrop Grumman CorporationD		66,008		4,577,655
Oshkosh Corporation*		51,600		1,493,304
Raytheon Co.		241,919		12,059,662
Ryder System, Inc.		60,700		3,450,795
Terex Corporation*		205,800		5,855,010
Textron, Inc.D		303,700		7,170,357
Union Pacific Corporation		17,543		1,831,489
United Technologies Corporation		2,112		186,933
Waste Management, Inc.D		20,262		755,165
				125,381,113
Technology — 9.8%
Activision Blizzard, Inc.		189,400		2,212,192
Applied Materials, Inc.		556,380		7,238,504
Avnet, Inc.*		47,500		1,514,300
CA, Inc.		172,900		3,949,036
Cisco Systems, Inc.		445,020		6,946,762
Corning, Inc.		67,081		1,217,520
Dell, Inc.*		410,987		6,851,153
Hewlett-Packard Co.		245,664		8,942,170
Intel Corporation		1,162,552		25,762,152
International Business Machines Corporation		123,400		21,169,270
Microsoft Corporation		483,200		12,563,200
Motorola Mobility Holdings, Inc.D*		154,725		3,410,139
Motorola Solutions, Inc.*		121,554		5,596,346
Symantec Corporation*		368,900		7,274,708
Texas Instruments, Inc.		18,110		594,552
Yahoo!, Inc.D*		359,374		5,404,985
				120,646,989
Utilities — 9.3%
AES Corporation (The)*		88,000		1,121,120
Alliant Energy Corporation		50,700		2,061,462
American Electric Power Co., Inc.		219,187		8,258,966
AT&T, Inc.		1,077,101		33,831,742
CenturyLink, Inc.		25,661		1,037,474
Constellation Energy Group, Inc.		77,300		2,934,308
Dominion Resources, Inc.D		122,804		5,927,749
Duke Energy CorporationD		56,887		1,071,182
Edison International		111,500		4,320,625
Entergy Corporation		127,300		8,692,044
Exelon CorporationD		113,203		4,849,617
FirstEnergy Corporation		17,870		788,960
MetroPCS Communications, Inc.*		158,800		2,732,948
NextEra Energy, Inc.D		18,030		1,036,004
NV Energy, Inc.		208,000		3,192,800
PG&E Corporation		17,004		714,678
Progress Energy, Inc. Contingent Value Obligation+*		3,100		1,209
Public Service Enterprise Group, Inc.		134,117		4,377,579
Southern Co.D		36,283		1,465,108
Sprint Nextel Corporation*		945,234		5,094,811
Verizon Communications, Inc.D		559,989		20,848,390
				114,358,776
Total Common Stocks (Cost $1,093,939,450)				1,166,406,212

See Notes to Financial Statements.

99

VALUE EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
FOREIGN COMMON STOCKS — 2.8%
Canada — 0.1%
Research In Motion, Ltd.D*		33,400	$	963,590
Netherlands — 0.0%
LyondellBasell Industries NV Class A		12,470		480,344
Switzerland — 1.6%
Ace, Ltd.		64,817		4,266,255
TE Connectivity, Ltd.		228,175		8,387,713
Tyco International, Ltd.		151,313		7,479,402
				20,133,370
United Kingdom — 1.1%
Ensco PLC ADR		139,500		7,435,350
Royal Dutch Shell PLC ADRD		85,900		6,110,067
				13,545,417
Total Foreign Common Stocks (Cost $30,687,762)				35,122,721
MONEY MARKET FUNDS — 9.2%
GuideStone Money Market Fund (GS4 Class)¥		28,171,105		28,171,105
Northern Institutional Liquid Assets Portfolio§		84,857,238		84,857,238
Total Money Market Funds (Cost $113,028,343)				113,028,343
	Par
U.S. TREASURY OBLIGATION — 0.0%
U.S. Treasury Bill
0.04%, 11/17/11‡‡ (Cost $389,945)	$	390,000		389,932
TOTAL INVESTMENTS — 106.5% (Cost $1,238,045,500)				1,314,947,208
Liabilities in Excess of Other Assets — (6.5)%				(80,686,406	)
Net Assets — 100.0%			$	1,234,260,802

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services		22.2
Healthcare		13.2
Energy		12.9
Producer Durables		10.1
Technology		9.8
Consumer Discretionary		9.3
Utilities		9.3
Money Market Funds		9.2
Consumer Staples		4.6
Materials & Processing		3.1
Foreign Common Stocks		2.8
Futures Contracts		2.6
U.S. Treasury Obligation		—	**
		109.1

** Rounds to less than 0.005%.

See Notes to Financial Statements.

100

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stocks	$	1,166,406,212	$	1,166,405,003	$	—	$	1,209
Foreign Common Stocks		35,122,721		35,122,721		—		—
Money Market Funds		113,028,343		113,028,343		—		—
U.S. Treasury Obligation		389,932		—		389,932		—
Total Assets — Investments in Securities	$	1,314,947,208	$	1,314,556,067	$	389,932	$	1,209
Other Financial Instruments***
Futures Contracts	$	1,036,413	$	1,036,413	$	—	$	—
Total Assets — Other Financial Instruments	$	1,036,413	$	1,036,413	$	—	$	—

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

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

	Total Value		Common Stocks
Balance, 12/31/10	$	1,209	$	1,209
Accrued discounts/premiums		—		—
Realized gain (loss)(1)		—		—
Change in unrealized appreciation (depreciation)(2)		—		—
Purchases		—		—
Sales		—		—
Transfers in and/or out of Level 3		—		—
Balance, 06/30/11	$	1,209	$	1,209

⁽¹⁾  Realized gain (loss) from the sale of Level 3 securities can be found on the Statement of Operations in Net Realized Gain (loss) from Investment securities and securities sold short.

⁽²⁾  Change in unrealized appreciation (depreciation) can be found on the Statement of Operations in Net change in unrealized appreciation (depreciation) on Investment securities and securities sold short.

See Notes to Financial Statements.

101

GROWTH EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2011 (Unaudited)

	Shares		Value
COMMON STOCKS — 91.8%
Consumer Discretionary — 20.0%
Amazon.com, Inc.D*		232,411	$	47,525,725
Bed Bath & Beyond, Inc.*		101,500		5,924,555
CBS Corporation Class B		76,550		2,180,910
Coach, Inc.		64,567		4,128,344
Compagnie Financiere Richemont SA ADR		936,535		6,153,035
Costco Wholesale Corporation		88,420		7,183,241
Dick’s Sporting Goods, Inc.*		53,480		2,056,306
DIRECTV Group, Inc. Class A*		55,000		2,795,100
Estee Lauder Cos., Inc. (The) Class A		108,406		11,403,227
Ford Motor Co.D*		908,294		12,525,374
Home Depot, Inc.		135,300		4,900,566
Kohl’s Corporation		20,500		1,025,205
Limited Brands, Inc.		144,880		5,570,636
Marriott International, Inc. Class AD		172,490		6,121,670
McDonald’s CorporationD		95,417		8,045,561
Netflix, Inc.D*		43,600		11,453,284
NIKE, Inc. Class BD		270,353		24,326,363
O’Reilly Automotive, Inc.D*		14,330		938,758
Polo Ralph Lauren CorporationD		34,300		4,548,523
Priceline.com, Inc.*		51,038		26,127,883
Sotheby’sD		26,223		1,140,700
Starbucks CorporationD		612,675		24,194,536
Tiffany & Co.		123,978		9,734,753
Time Warner, Inc.		244,649		8,897,884
TJX Cos., Inc.		172,277		9,049,711
TRW Automotive Holdings CorporationD*		26,100		1,540,683
WABCO Holdings, Inc.*		18,740		1,294,184
Walt Disney Co. (The)		184,600		7,206,784
Yum! Brands, Inc.		103,100		5,695,244
				263,688,745
Consumer Staples — 2.9%
Church & Dwight Co., Inc.D		29,610		1,200,389
Coca-Cola Co. (The)		187,680		12,628,987
Coca-Cola Enterprises, Inc.		81,680		2,383,422
Green Mountain Coffee Roasters, Inc.D*		34,069		3,040,999
Hansen Natural Corporation*		84,590		6,847,560
Hershey Co. (The)		37,400		2,126,190
Mead Johnson Nutrition Co.		40,639		2,745,165
Walgreen Co.		54,810		2,327,233
Whole Foods Market, Inc.		71,400		4,530,330
				37,830,275
Energy — 10.0%
Anadarko Petroleum Corporation		23,955		1,838,786
Apache Corporation		41,400		5,108,346
Baker Hughes, Inc.		120,250		8,725,340
Cabot Oil & Gas Corporation		44,027		2,919,430
Chevron Corporation		82,100		8,443,164
Concho Resources, Inc.D*		43,530		3,998,230
ConocoPhillips		52,900		3,977,551
Continental Resources, Inc.D*		39,005		2,531,815
EOG Resources, Inc.		30,825		3,222,754
FMC Technologies, Inc.D*		209,400		9,379,026
Halliburton Co.		232,932		11,879,532
National Oilwell Varco, Inc.D		248,600		19,443,006
Noble Energy, Inc.		42,210		3,783,282
Occidental Petroleum Corporation		86,917		9,042,845
Pioneer Natural Resources Co.D		66,010		5,912,516
Schlumberger, Ltd.		257,470		22,245,408
SM Energy Co.D		41,550		3,053,094
Southwestern Energy Co.D*		147,400		6,320,512
				131,824,637
Financial Services — 9.4%
American Express Co.		270,820		14,001,394
Ameriprise Financial, Inc.		75,140		4,334,075
Capital One Financial Corporation		48,105		2,485,586
CB Richard Ellis Group, Inc. Class A*		110,300		2,769,633
Discover Financial Services		100,391		2,685,459
Franklin Resources, Inc.		41,040		5,388,142
Host Hotels & Resorts, Inc. REITD		123,040		2,085,528
IntercontinentalExchange, Inc.*		114,860		14,324,191
Jones Lang LaSalle, Inc.		11,510		1,085,393
JPMorgan Chase & Co.		132,620		5,429,463
Mastercard, Inc. Class A		47,810		14,407,065
MetLife, Inc.		52,840		2,318,091
Moody’s CorporationD		64,100		2,458,235
Schwab (Charles) Corporation (The)D		627,280		10,318,756
US Bancorp		209,830		5,352,763
Visa, Inc. Class A		402,409		33,906,981
				123,350,755
Healthcare — 10.9%
Alexion Pharmaceuticals, Inc.*		207,870		9,776,126
Allergan, Inc.		289,300		24,084,225
AmerisourceBergen CorporationD		65,020		2,691,828
Biogen Idec, Inc.*		78,700		8,414,604
Celgene CorporationD*		21,780		1,313,770
CIGNA Corporation		63,750		3,278,663
Express Scripts, Inc.D*		91,000		4,912,180
Gilead Sciences, Inc.*		61,300		2,538,433
HCA Holdings, Inc.*		42,500		1,402,500
Illumina, Inc.D*		253,418		19,044,363
Intuitive Surgical, Inc.D*		50,280		18,709,691
McKesson CorporationD		30,410		2,543,796
Merck & Co., Inc.		42,750		1,508,648
Perrigo Co.D		51,610		4,534,971
Pfizer, Inc.		275,000		5,665,000
St. Jude Medical, Inc.D		48,800		2,326,784
Stryker Corporation		39,800		2,335,862
SXC Health Solutions Corporation*		28,000		1,649,760
Thermo Fisher Scientific, Inc.*		89,793		5,781,771
UnitedHealth Group, Inc.		52,400		2,702,792
Varian Medical Systems, Inc.D*		102,600		7,184,052
Watson Pharmaceuticals, Inc.*		90,800		6,240,684
WellPoint, Inc.		55,320		4,357,556
				142,998,059
Materials & Processing — 6.6%
Albemarle Corporation		37,460		2,592,232
Allegheny Technologies, Inc.D		57,210		3,631,119
Dow Chemical Co. (The)D		318,461		11,464,596

See Notes to Financial Statements.

102

	Shares		Value
Du Pont (E.I.) de Nemours & Co.		159,000	$	8,593,950
FMC Corporation		26,980		2,320,820
Freeport-McMoRan Copper & Gold, Inc.		48,987		2,591,412
International Flavors & Fragrances, Inc.		24,840		1,595,721
Monsanto Co.		166,102		12,049,039
PPG Industries, Inc.		79,797		7,244,770
Praxair, Inc.		175,104		18,979,523
Precision Castparts Corporation		92,630		15,251,530
				86,314,712
Producer Durables — 10.8%
Agilent Technologies, Inc.*		384,385		19,645,917
AMETEK, Inc.		50,450		2,265,205
C.H. Robinson Worldwide, Inc.D		80,400		6,338,736
Caterpillar, Inc.		69,600		7,409,616
CSX Corporation		431,300		11,308,686
Cummins, Inc.		90,286		9,343,698
Danaher Corporation		104,023		5,512,179
Deere & Co.		153,933		12,691,776
Eaton Corporation		131,782		6,780,184
Expeditors International of Washington, Inc.		114,770		5,875,076
FedEx Corporation		43,100		4,088,035
General Dynamics Corporation		29,269		2,181,126
Goodrich Corporation		52,860		5,048,130
Joy Global, Inc.		33,630		3,202,921
Manpower, Inc.		32,480		1,742,552
PACCAR, Inc.D		94,070		4,806,036
Rockwell Automation, Inc.		190,509		16,528,561
Trimble Navigation, Ltd.*		35,760		1,417,526
Union Pacific Corporation		74,655		7,793,982
W.W. Grainger, Inc.D		55,900		8,589,035
				142,568,977
Technology — 20.8%
Acme Packet, Inc.D*		55,366		3,882,818
American Tower Corporation Class A*		123,400		6,457,522
Apple, Inc.*		188,788		63,370,468
Autodesk, Inc.*		123,600		4,770,960
Avago Technologies, Ltd.D		63,290		2,405,020
Broadcom Corporation Class A		121,060		4,072,458
Citrix Systems, Inc.*		32,310		2,584,800
Cognizant Technology Solutions Corporation Class A*		109,139		8,004,254
Corning, Inc.		189,520		3,439,788
EMC Corporation*		302,530		8,334,702
F5 Networks, Inc.D*		132,925		14,654,981
Google, Inc. Class A*		34,700		17,571,386
Intuit, Inc.*		76,390		3,961,585
JDS Uniphase CorporationD*		129,537		2,158,086
Juniper Networks, Inc.*		192,240		6,055,560
NetApp, Inc.*		134,874		7,118,650
OpenTable, Inc.D*		50,800		4,222,496
Oracle Corporation		859,444		28,284,302
Polycom, Inc.*		36,640		2,355,952
QUALCOMM, Inc.		655,920		37,249,697
Riverbed Technology, Inc.D*		38,400		1,520,256
Rovi CorporationD*		15,037		862,522
Salesforce.com, Inc.D*		237,106		35,324,052
SanDisk Corporation*		67,267		2,791,581
Youku.com, Inc.D*		59,947		2,059,180
				273,513,076
Utilities — 0.4%
AES Corporation (The)*		247,730		3,156,080
MetroPCS Communications, Inc.*		123,400		2,123,714
				5,279,794
Total Common Stocks (Cost $894,071,860)				1,207,369,030
FOREIGN COMMON STOCKS — 4.2%
Canada — 1.0%
Potash Corporation of Saskatchewan, Inc.		146,950		8,374,680
Valeant Pharmaceuticals International, Inc.D		66,480		3,454,301
Yamana Gold, Inc.D		93,170		1,083,567
				12,912,548
China — 0.7%
Baidu, Inc. ADR*		64,349		9,017,225
Hong Kong — 0.1%
Li & Fung, Ltd.		732,000		1,458,036
Ireland — 0.8%
Accenture PLC Class A		101,440		6,129,005
Shire PLC ADRD		41,490		3,908,773
				10,037,778
Israel — 0.4%
Check Point Software Technologies, Ltd.D*		88,110		5,009,054
Netherlands — 0.5%
ASML Holding N.V.D		168,800		6,238,848
Singapore — 0.2%
Hutchison Portfolio Holdings TrustD*		3,930,000		3,320,850
United Kingdom — 0.5%
Ensco PLC ADR		126,570		6,746,181
Total Foreign Common Stocks (Cost $43,767,332)				54,740,520
PREFERRED STOCK — 0.1%
Wells Fargo & Co.D (Cost $678,134)		35,400		1,012,086
RIGHT/WARRANT — 0.0%
Krispy Kreme Doughnuts, Inc. (Cost $74)		7,410		5,928
MONEY MARKET FUNDS — 14.5%
GuideStone Money Market Fund (GS4 Class)¥		61,370,368		61,370,368
Northern Institutional Liquid Assets Portfolio§		128,920,885		128,920,885
Total Money Market Funds (Cost $190,291,253)				190,291,253

See Notes to Financial Statements.

103

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Value
TOTAL INVESTMENTS — 110.6% (Cost $1,128,808,653)	$	1,453,418,817
Liabilities in Excess of Other Assets — (10.6)%		(139,057,050	)
NET ASSETS — 100.0%	$	1,314,361,767

Please see abbreviation and footnote definitions beginning on page 130.

PORTFOLIO SUMMARY (based on net assets)

	%
Technology		20.8
Consumer Discretionary		20.0
Money Market Funds		14.5
Healthcare		10.9
Producer Durables		10.8
Energy		10.0
Financial Services		9.4
Materials & Processing		6.6
Futures Contracts		4.5
Foreign Common Stocks		4.2
Consumer Staples		2.9
Utilities		0.4
Preferred Stock		0.1
Right/Warrant		—	**
		115.1

** Rounds to less than 0.005%.

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Common Stock	$	1,207,369,030		1,207,369,030	$	—	$	—
Foreign Common Stocks		54,740,520		54,740,520		—		—
Money Market Funds		190,291,253		190,291,253		—		—
Preferred Stocks		1,012,086		1,012,086		—		—
Rights/Warrants		5,928		5,928		—		—
Total Assets — Investments in Securities	$	1,453,418,817	$	1,453,418,817	$	—	$	—
Other Financial Instruments***
Futures Contracts	$	1,662,644	$	1,662,644	$	—	$	—
Total Assets — Other Financial Instruments	$	1,662,644	$	1,662,644	$	—	$	—

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

See Notes to Financial Statements.

104

SMALL CAP EQUITY FUND
SCHEDULE OF INVESTMENTS	June 30, 2011 (Unaudited)

	Shares		Value
COMMON STOCKS — 86.0%
Consumer Discretionary — 13.0%
Aaron’s, Inc.D		97,100	$	2,744,046
AMERCOD*		6,900		663,435
American Public Education, Inc.D*		40,100		1,784,851
ANN, Inc.D*		53,100		1,385,910
Apollo Group, Inc. Class A*		16,900		738,192
Arbitron, Inc.D		41,200		1,702,796
Body Central Corporation*		13,919		327,514
Cabela’s, Inc.D*		11,850		321,728
Cenveo, Inc.D*		23,900		152,960
Children’s Place Retail Stores, Inc. (The)D*		1,391		61,886
comScore, Inc.D*		13,200		341,880
CROCS, Inc.D*		43,321		1,115,516
Deckers Outdoor CorporationD*		16,000		1,410,240
DG Fastchannel, Inc.D*		100,600		3,224,230
Dillard’s, Inc. Class AD		32,000		1,668,480
DSW, Inc.D*		14,500		733,845
Education Management CorporationD*		15,600		373,464
Elizabeth Arden, Inc.D*		55,450		1,609,714
Federal-Mogul Corporation*		30,700		700,881
Foot Locker, Inc.		34,300		814,968
Fossil, Inc.*		9,900		1,165,428
GameStop Corporation Class AD*		33,600		896,112
Goodyear Tire & Rubber Co. (The)*		78,300		1,313,091
Guess ?, Inc.		25,300		1,064,118
H&R Block, Inc.D		87,400		1,401,896
Hibbett Sports, Inc.D*		8,850		360,283
Hot Topic, Inc.D		161,500		1,201,560
IAC/InterActiveCorpD*		30,700		1,171,819
Iconix Brand Group, Inc.*		39,000		943,800
Inter Parfums, Inc.D		31,400		723,142
ITT Educational Services, Inc.D*		12,100		946,704
John Wiley & Sons, Inc.		16,800		873,768
Jos. A. Bank Clothiers, Inc.D*		22,500		1,125,225
Lithia Motors, Inc.D		62,500		1,226,875
Monro Muffler Brake, Inc.D		25,200		939,708
Movado Group, Inc.D		38,800		663,868
Papa John’s International, Inc.D*		27,700		921,302
PetSmart, Inc.		16,700		757,679
Polaris Industries, Inc.D		12,460		1,385,178
Select Comfort CorporationD*		71,900		1,292,762
SodaStream International, Ltd.D*		13,000		790,530
Sonic Automotive, Inc. Class AD		70,000		1,025,500
Sotheby’s		15,537		675,860
Standard Motor Products, Inc.D		51,900		790,437
Steven Madden, Ltd.D*		35,334		1,325,378
Sturm Ruger & Co., Inc.		20,100		441,195
Tempur-Pedic International, Inc.*		18,374		1,246,125
Tenneco Automotive, Inc.D*		24,700		1,088,529
Travelzoo, Inc.D*		7,300		471,872
True Religion Apparel, Inc.D*		41,200		1,198,096
Ulta Salon Cosmetics & Fragrance, Inc.D*		27,418		1,770,654
United Online, Inc.D		159,700		962,991
Valuevision Media, Inc. Class A*		14,900		113,985
Vera Bradley, Inc.D*		13,600		519,520
Vitamin Shoppe, Inc.D*		37,300		1,706,848
WABCO Holdings, Inc.*		37,755		2,607,360
WESCO International, Inc.*		13,900		751,851
Whirlpool Corporation		12,600		1,024,632
Wolverine World Wide, Inc.D		35,200		1,469,600
World Fuel Services CorporationD		62,600		2,249,218
Zagg, Inc.D*		22,300		298,820
Zumiez, Inc.D*		23,187		578,979
				65,358,834
Consumer Staples — 1.8%
Diamond Foods, Inc.D		11,200		855,008
Fresh Del Monte Produce, Inc.D		25,500		680,085
Hansen Natural Corporation*		16,300		1,319,485
Herbalife, Ltd.		27,200		1,567,808
J & J Snack Foods CorporationD		20,252		1,009,562
Nash Finch Co.D		22,900		820,049
Smithfield Foods, Inc.*		31,400		686,718
Spartan Stores, Inc.D		35,900		701,127
United Natural Foods, Inc.D*		33,800		1,442,246
				9,082,088
Energy — 6.0%
Alpha Natural Resources, Inc.*		11,200		508,928
American Standard Energy Corporation@*		150,000		1,207,500
Brigham Exploration Co.D*		36,926		1,105,195
Carrizo Oil & Gas, Inc.D*		61,300		2,559,275
Complete Production Services, Inc.*		60,600		2,021,616
Dril-Quip, Inc.*		13,600		922,488
Frontier Oil Corporation		48,000		1,550,880
GT Solar International, Inc.D*		67,200		1,088,640
Gulfport Energy CorporationD*		32,400		961,956
Helix Energy Solutions Group, Inc.D*		91,800		1,520,208
Holly CorporationD		10,100		700,940
Key Energy Services, Inc.D*		76,800		1,382,400
Newpark Resources, Inc.D*		60,900		552,363
Oasis Petroleum, Inc.D*		61,496		1,825,201
Oceaneering International, Inc.		29,100		1,178,550
Patterson-UTI Energy, Inc.		88,100		2,784,841
Rosetta Resources, Inc.D*		40,450		2,084,793
Superior Energy Services, Inc.*		40,100		1,489,314
Swift Energy Co.D*		34,300		1,278,361
Tesoro Corporation*		62,000		1,420,420
TPC Group, Inc.D*		17,100		670,662
Unit Corporation*		11,000		670,230
Vaalco Energy, Inc.D*		114,400		688,688
				30,173,449
Financial Services — 17.3%
Advance America Cash Advance Centers, Inc.D		154,400		1,063,816
Alliance Data Systems CorporationD*		10,800		1,015,956
Allied World Assurance Co. Holdings, Ltd.		15,300		880,974
American Equity Investment Life Holding Co.D		71,500		908,765
American Financial Group, Inc.		50,500		1,802,345
Amtrust Financial Services, Inc.D		48,700		1,109,386

See Notes to Financial Statements.

105

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Ashford Hospitality Trust, Inc. REITD		110,300	$	1,373,235
Assurant, Inc.		49,100		1,780,857
Banco Latinoamericano de Exportaciones SA, Class ED		60,600		1,049,592
BOK Financial CorporationD		19,300		1,057,061
Calamos Asset Management, Inc.D		45,700		663,564
Cash America International, Inc.D		19,600		1,134,252
Cathay General BancorpD		63,000		1,032,570
CBL & Associates Properties, Inc. REITD		82,300		1,492,099
Chemical Financial CorporationD		40,500		759,780
City Holding Co.D		20,700		683,721
CNO Financial Group, Inc.D*		93,000		735,630
Columbia Banking System, Inc.D		41,600		716,352
Commerce Bancshares, Inc.		42,500		1,827,500
CommonWealth REITD		25,400		656,336
Compass Diversified Holdings		56,600		933,334
CVB Financial CorporationD		130,000		1,202,500
Delphi Financial Group, Inc. Class AD		24,200		706,882
Dime Community BancsharesD		67,000		974,180
DST Systems, Inc.		13,100		691,680
Duff & Phelps CorporationD		49,300		632,519
East West Bancorp, Inc.		33,900		685,119
Encore Capital Group, Inc.D*		41,600		1,277,952
Euronet Worldwide, Inc.D*		52,400		807,484
Evercore Partners, Inc. Class AD		25,700		856,324
ExlService Holdings, Inc.D*		34,500		796,950
EZCORP, Inc. Class AD*		42,400		1,508,380
FBL Financial Group, Inc.D		21,800		700,870
First Cash Financial Services, Inc.D*		25,000		1,049,750
First Citizens BancShares, Inc. Class A		6,600		1,235,652
First Financial Bancorp		47,500		792,775
First Midwest Bancorp, Inc.D		43,700		537,073
FleetCor Technologies, Inc.*		27,000		800,280
Global Payments, Inc.		41,200		2,101,200
HCC Insurance Holdings, Inc.		37,700		1,187,550
Higher One Holdings, Inc.D*		38,200		722,744
Home Bancshares, Inc.D		32,740		773,973
Hospitality Properties Trust REITD		62,900		1,525,325
Huntington Bancshares, Inc.		300,300		1,969,968
IBERIABANK CorporationD		24,200		1,394,888
Interactive Brokers Group, Inc. Class A		72,300		1,131,495
International Bancshares CorporationD		70,200		1,174,446
Jack Henry & Associates, Inc.D		40,400		1,212,404
Jones Lang LaSalle, Inc.		33,000		3,111,900
KBW, Inc.D		32,500		607,750
LaSalle Hotel Properties REITD		25,200		663,768
Maiden Holdings, Ltd.D		134,400		1,223,040
NASDAQ OMX Group, Inc. (The)*		43,900		1,110,670
National American University Holdings, Inc.D		54,600		513,786
National Health Investors, Inc. REITD		24,300		1,079,649
NBH Holdings Corporation PIPE+@		30,300		537,825
Nelnet, Inc. Class AD		25,200		555,912
Net 1 UEPS Technologies, Inc.*		72,100		625,828
Netspend Holdings, Inc.D*		52,900		529,000
Ocwen Financial CorporationD*		106,300		1,356,388
Old National BancorpD		63,400		684,720
Pacwest BancorpD		45,200		929,764
Pebblebrook Hotel Trust REIT		41,100		829,809
People’s United Financial, Inc.		80,900		1,087,296
Portfolio Recovery Associates, Inc.D*		13,800		1,170,102
Protective Life Corporation		26,400		610,632
Provident Financial Services, Inc.D		47,400		678,768
PS Business Parks, Inc. REITD		21,200		1,168,120
Raymond James Financial, Inc.		22,700		729,805
Reinsurance Group of America, Inc.		27,900		1,697,994
Republic Bancorp, Inc. Class AD		27,600		549,240
RLI CorporationD		13,100		811,152
Safety Insurance Group, Inc.D		16,700		702,068
SCBT Financial CorporationD		18,300		524,844
Signature Bank*		21,400		1,224,080
SL Green Realty Corporation REIT		7,700		638,099
StanCorp Financial Group, Inc.		35,000		1,476,650
Stifel Financial CorporationD*		21,100		756,646
Symetra Financial Corporation		16,900		226,967
Taubman Centers, Inc. REIT		29,100		1,722,720
Tower Group, Inc.D		33,500		797,970
UMB Financial CorporationD		16,600		695,208
Urstadt Biddle Properties, Inc. Class A REITD		37,200		673,692
Washington Banking Co.D		17,000		224,740
Webster Financial CorporationD		58,200		1,223,364
Wintrust Financial CorporationD		22,800		733,704
Wright Express CorporationD*		35,900		1,869,313
				87,480,471
Healthcare — 9.7%
ABIOMED, Inc.*		20,500		332,100
Air Methods CorporationD*		8,200		612,868
Align Technology, Inc.D*		40,500		923,400
AMERIGROUP CorporationD*		29,800		2,100,006
Avanir Pharmaceuticals, Inc.D*		103,400		347,424
BioMarin Pharmaceuticals, Inc.*		26,200		712,902
Bio-Rad Laboratories, Inc. Class A*		7,000		835,520
Brookdale Senior Living, Inc.D*		46,200		1,120,350
Catalyst Health Solutions, Inc.D*		47,500		2,651,450
Centene CorporationD*		37,800		1,343,034
Charles River Laboratories International, Inc.D*		16,600		674,790
Conventry Health Care, Inc.*		26,600		970,102
Cooper Cos., Inc.		40,900		3,240,916
Cubist Pharmaceuticals, Inc.D*		17,200		619,028
Endologix, Inc.D*		37,000		344,100
Five Star Quality Care, Inc.+		2,086		—
Gen-Probe, Inc.*		6,532		451,688
Greatbatch, Inc.D*		23,600		632,952
Haemonetics CorporationD*		17,000		1,094,290

See Notes to Financial Statements.

106

	Shares		Value
Hanger Orthopedic
Group, Inc.*		19,600	$	479,612
Health Net, Inc.*		50,900		1,633,381
Healthspring, Inc.D*		26,631		1,227,955
Healthways, Inc.D*		57,900		878,922
Hill-Rom Holdings, Inc.		47,100		2,168,484
Incyte Corporation, Ltd.D*		28,700		543,578
IPC The Hospitalist Co., Inc.D*		27,700		1,283,895
Magellan Health Services, Inc.*		29,500		1,614,830
MAKO Surgical CorporationD*		20,430		607,384
Masimo CorporationD		41,800		1,240,624
MedAssets, Inc.D*		54,400		726,784
Medicis Pharmaceutical Corporation Class AD		8,600		328,262
Mednax, Inc.*		12,800		924,032
Merit Medical Systems, Inc.D*		38,434		690,659
Myriad Genetics, Inc.*		53,100		1,205,901
NetSuite, Inc.D*		20,450		801,640
Parexel International CorporationD*		32,200		758,632
PDL BioPharma, Inc.D		204,900		1,202,763
PerkinElmer, Inc.		47,800		1,286,298
PSS World Medical, Inc.D*		37,600		1,053,176
Sirona Dental Systems, Inc.D*		20,300		1,077,930
SXC Health Solutions Corporation*		16,750		986,910
Techne Corporation		11,700		975,429
Thoratec Corporation*		34,900		1,145,418
United Therapeutics Corporation*		17,700		975,270
VCA Antech, Inc.D*		38,200		809,840
Volcano CorporationD*		47,650		1,538,618
WellCare Health Plans, Inc.D*		31,000		1,593,710
				48,766,857
Materials & Processing — 7.8%
Albany International Corporation Class AD		36,500		963,235
Allied Nevada Gold CorporationD*		16,822		594,994
Armstrong World Industries, Inc.D		14,800		674,288
Beacon Roofing Supply, Inc.D*		36,600		835,212
Belden, Inc.D		21,000		732,060
Buckeye Technologies, Inc.D		69,700		1,880,506
Cabot Corporation		37,500		1,495,125
Carpenter Technology CorporationD		21,600		1,245,888
Chemtura Corporation*		48,800		888,160
Chicago Bridge & Iron Co. N.V.		65,300		2,540,170
Domtar Corporation		16,200		1,534,464
Eastman Chemical Co.		14,900		1,520,843
Ferro CorporationD*		77,400		1,040,256
Forest City Enterprises, Inc. Class A*		65,300		1,219,151
Graham Packaging Co., Inc.*		26,200		660,764
Huntsman Corporation		41,400		780,390
Innophos Holdings, Inc.D		20,400		995,520
Interline Brands, Inc.D*		58,300		1,070,971
KapStone Paper and Packaging CorporationD*		43,100		714,167
Kraton Performance Polymers, Inc.D*		48,800		1,911,496
Kronos Worldwide, Inc.		45,100		1,418,395
Layne Christensen Co.D*		21,300		646,242
Mueller Industries, Inc.D		37,100		1,406,461
NewMarket CorporationD		7,400		1,263,254
Noranda Aluminium Holding CorporationD*		49,700		752,458
PH Glatfelter Co.D		52,800		812,064
PolyOne CorporationD		62,000		959,140
RBC Bearings, Inc.D*		17,700		668,352
Reliance Steel & Aluminum Co.		15,900		789,435
Rock-Tenn Co. Class A		9,500		630,230
RTI International Metals, Inc.D*		17,500		671,475
Schnitzer Steel Industries, Inc. Class A		9,700		558,720
Sensient Technologies CorporationD		20,000		741,400
Stillwater Mining Co.D*		16,800		369,768
Temple-Inland, Inc.		34,900		1,037,926
Timken Co.		18,000		907,200
Under Armour, Inc. Class AD*		14,850		1,148,054
Westlake Chemical CorporationD		11,950		620,205
Worthington Industries, Inc.D		37,700		870,870
				39,569,309
Producer Durables — 13.3%
A.O. Smith CorporationD		16,847		712,628
Advisory Board Co. (The)D*		21,400		1,238,632
AGCO Corporation*		14,200		700,912
Alaska Air Group, Inc.D*		11,900		814,674
Allegiant Travel Co.*		19,800		980,100
Alliant Techsystems, Inc.		14,400		1,027,152
Applied Industrial Technologies, Inc.D		33,500		1,192,935
Astec Industries, Inc.D*		23,700		876,426
Atlas Air Worldwide Holdings, Inc.D*		9,900		589,149
B/E Aerospace*		20,800		848,848
Ceradyne, Inc.D*		17,800		694,022
Chart Industries, Inc.D*		16,700		901,466
Clean Harbors, Inc.D*		13,000		1,342,250
Cognex CorporationD		23,500		832,605
Columbus McKinnon CorporationD*		47,000		844,120
CoStar Group, Inc.D*		24,400		1,446,432
Darling International, Inc.D*		51,400		909,780
Douglas Dynamics, Inc.D		36,100		570,019
EMCOR Group, Inc.D*		120,400		3,528,924
FARO Technologies, Inc.D*		19,900		871,620
Gardner Denver, Inc.		8,200		689,210
Generac Holdings, Inc.D*		42,200		818,680
General Cable CorporationD*		27,800		1,183,724
Genesee & Wyoming, Inc. Class AD*		53,750		3,151,900
Gulfmark Offshore, Inc. Class AD*		20,600		910,314
Healthcare Services Group, Inc.D		53,350		866,938
HEICO Corporation Class AD		36,050		1,765,635
Herman Miller, Inc.D		40,800		1,110,576
HUB Group, Inc.D*		22,850		860,531
IDEX Corporation		27,711		1,270,549
Innospec, Inc.*		16,300		547,843
Kaman CorporationD		16,100		571,067
KBR, Inc.		56,000		2,110,640
Kennametal, Inc.		33,000		1,392,930
Kforce, Inc.D*		99,200		1,297,536
Lincoln Electric Holdings, Inc.		21,200		760,020

See Notes to Financial Statements.

107

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
MAXIMUS, Inc.D		12,200	$	1,009,306
McGrath RentCorpD		30,200		848,016
Middleby CorporationD*		17,200		1,617,488
Moog, Inc. Class AD*		19,400		844,288
NACCO Industries, Inc. Class AD		6,800		658,376
National Instruments Corporation		32,550		966,410
Old Dominion Freight Line, Inc.D*		27,100		1,010,830
On Assignment, Inc.D*		96,800		951,544
Orbital Sciences CorporationD*		59,000		994,150
Oshkosh Corporation*		34,200		989,748
Polypore International, Inc.D*		9,600		651,264
Regal-Beloit Corporation		14,600		974,842
Resources Connection, Inc.D		55,000		662,200
Robbins & Myers, Inc.D		17,900		946,015
Robert Half International, Inc.D		53,500		1,446,105
Ryder System, Inc.		27,800		1,580,430
Standard Parking CorporationD*		38,800		619,636
Steelcase, Inc. Class AD		179,400		2,043,366
SYKES Enterprises, Inc.D*		27,100		583,463
TeleTech Holdings, Inc.*		33,600		708,288
Thomas & Betts Corporation*		19,600		1,055,460
Titan Machinery, Inc.*		20,700		595,746
Toro Co.		19,300		1,167,650
Towers Watson & Co. Class A		11,200		735,952
TransDigm Group, Inc.*		24,740		2,256,041
Triumph Group, Inc.D		12,300		1,224,834
				67,372,235
Technology — 13.2%
Acme Packet, Inc.*		4,791		335,993
Amdocs, Ltd.*		47,900		1,455,681
Ancestry.com, Inc.D*		17,300		716,047
Arrow Electronics, Inc.*		38,100		1,581,150
Avnet, Inc.*		62,500		1,992,500
Blackboard, Inc.D*		42,400		1,839,736
Bottomline Technologies, Inc.D*		69,100		1,707,461
BroadSoft, Inc.D*		19,000		724,470
Cadence Design Systems, Inc.D*		129,100		1,363,296
Cardtronics, Inc.D*		130,200		3,053,190
Cavium Networks, Inc.D*		28,700		1,251,033
Ciena CorporationD*		30,600		562,428
CommVault Systems, Inc.D*		52,100		2,315,845
Compuware Corporation*		27,123		264,720
Comtech Telecommunications Corporation		32,600		914,104
CSG Systems International, Inc.D*		34,400		635,712
Cymer, Inc.D*		10,800		534,708
DealerTrack Holdings, Inc.D*		50,900		1,168,155
DigitalGlobe, Inc.D*		23,600		599,676
Ebix, Inc.D*		102,100		1,945,005
Hittite Microwave CorporationD*		8,000		495,280
Informatica Corporation*		16,800		981,624
Ingram Micro, Inc. Class A*		37,800		685,692
Inphi CorporationD*		29,400		511,560
Insight Enterprises, Inc.D*		46,400		821,744
ION Geophysical CorporationD*		98,600		932,756
Kenexa CorporationD*		15,000		359,700
LSI Corporation*		270,600		1,926,672
Monotype Imaging Holdings, Inc.D*		46,500		657,045
Netlogic Microsystems, Inc.D*		42,700		1,725,934
NIC, Inc.D		121,100		1,630,006
Omnivision Technologies, Inc.D*		29,550		1,028,636
OSI Systems, Inc.*		7,900		339,700
PMC-Sierra, Inc.*		110,100		833,457
Power Intergrations, Inc.D		32,800		1,260,504
Progress Software CorporationD*		49,800		1,201,674
QLIK Technologies, Inc.D*		24,700		841,282
RealD, Inc.D*		28,500		666,615
Responsys, Inc.*		36,000		638,280
RightNow Technologies, Inc.D*		27,400		887,760
Riverbed Technology, Inc.*		9,350		370,167
SAIC, Inc.*		84,000		1,412,880
SBA Communications Corporation Class AD*		17,400		664,506
Scansource, Inc.D*		42,500		1,592,900
Semtech CorporationD*		69,167		1,891,026
Shutterfly, Inc.D*		15,150		869,913
Silicon Laboratories, Inc.D*		19,700		812,822
Solera Holdings, Inc.		43,600		2,579,376
SS&C Technologies Holdings, Inc.*		105,500		2,096,285
Stoneridge, Inc.D*		49,600		731,104
SuccessFactors, Inc.D*		29,375		863,625
Synchronoss Technologies, Inc.D*		30,413		965,004
Take-Two Interactive Software, Inc.*		19,300		294,904
Tech Data Corporation*		30,600		1,496,034
THQ, Inc.D*		152,700		552,774
TIBCO Software, Inc.*		37,200		1,079,544
Ultimate Software Group, Inc.D*		38,700		2,106,441
Ultratech, Inc.D*		15,498		470,829
Universal Display CorporationD*		12,825		450,029
VeriFone Holdings, Inc.D*		26,374		1,169,687
Viasat, Inc.D*		17,700		765,879
				66,622,560
Utilities — 3.9%
Alliant Energy Corporation		50,300		2,045,198
American Water Works Co., Inc.		61,200		1,802,340
Atmos Energy Corporation		20,500		681,625
El Paso Electric Co.D		44,400		1,434,120
General Communication, Inc. Class AD*		60,800		733,856
Great Plains Energy, Inc.D		71,700		1,486,341
j2 Global Communications, Inc.D*		40,800		1,151,784
MetroPCS Communications, Inc.*		57,700		993,017
NTELOS Holdings CorporationD		43,300		884,186
NV Energy, Inc.		117,000		1,795,950
OGE Energy Corporation		20,500		1,031,560
Pepco Holdings, Inc.D		61,000		1,197,430
Pinnacle West Capital Corporation		16,100		717,738
PNM Resources, Inc.D		96,300		1,612,062
Portland General Electric Co.D		51,600		1,304,448

See Notes to Financial Statements.

108

	Shares		Value
Telephone & Data Systems, Inc.D		32,000	$	994,560
				19,866,215
Total Common Stocks (Cost $346,581,328)				434,292,018
FOREIGN COMMON STOCKS — 1.4%
Bermuda — 0.3%
Montpelier Re Holdings, Ltd.D		87,500		1,575,000
British Virgin Islands — 0.2%
UTi Worldwide, Inc.		50,800		1,000,252
Canada — 0.1%
Lone Pine Resources, Inc.*		29,100		309,042
China — 0.3%
BCD Semiconductor Manufacturing, Ltd. ADR*		14,100		97,713
hiSoft Technology International, Ltd. ADRD*		28,600		418,990
Lihua International, Inc.D*		87,600		533,484
Zhongpin, Inc.D*		38,400		402,432
				1,452,619
Greece — 0.1%
Aegean Marine Petroleum Network, Inc.D		92,500		655,825
Ireland — 0.1%
Velti PLC*		29,850		504,764
Luxembourg — 0.1%
Altisource Portfolio Solutions SA*		16,600		610,880
Netherlands — 0.2%
AerCap Holdings NV*		75,045		976,335
Total Foreign Common Stocks (Cost $7,850,454)				7,084,717
PREFERRED STOCKS — 0.0%
Federal Home Loan Mortgage Corporation		250		735
Federal National Mortgage Association		850		2,118
Total Preferred Stocks (Cost $33,140)				2,853
RIGHTS/WARRANTS — 0.1%
Asen Warrants A+		25,000		82,500
Asen Warrants B+		25,000		54,750
Asen Warrants C+		25,000		145,250
Total Rights/Warrants (Cost $0)				282,500
MONEY MARKET FUNDS — 50.6%
GuideStone Money Market Fund (GS4 Class)¥		23,722,750		23,722,750
Northern Institutional Liquid Assets Portfolio§		231,916,927		231,916,927
Total Money Market Funds (Cost $255,639,677)				255,639,677
	Par
AGENCY OBLIGATIONS — 1.6%
Farmer Mac Guaranteed Trust
5.13%, 04/19/17 144A	$	250,000		283,025
Federal Farm Credit Bank
0.24%, 09/12/11W		1,000,000		999,959
Federal Home Loan Bank
0.32%, 02/10/12		330,000		329,774
3.63%, 10/18/13D		30,000		32,037
5.50%, 07/15/36		120,000		132,230
Federal Home Loan Mortgage Corporation
0.21%, 07/06/11		480,000		479,999
0.07%, 08/11/11		900,000		899,951
0.10%, 08/22/11		900,000		899,961
0.10%, 10/07/11		1,400,000		1,399,885
0.23%, 12/01/11		240,000		239,918
0.11%, 01/10/12		37,000		36,980
0.12%, 01/10/12‡‡		1,449,000		1,448,223
Federal National Mortgage Association
5.25%, 08/01/12		110,000		115,749
0.38%, 12/28/12		150,000		150,090
5.00%, 02/13/17D		230,000		262,940
5.31%, 10/09/19		90,000		63,131
6.25%, 05/15/29		110,000		133,933
Tennessee Valley Authority
3.88%, 02/15/21D		110,000		113,220
5.25%, 09/15/39		50,000		53,140
4.63%, 09/15/60D		80,000		75,370
Total Agency Obligations (Cost $8,085,520)				8,149,515
ASSET-BACKED SECURITIES — 0.4%
Ameriquest Mortgage Securities, Inc.
0.53%, 04/25/34†		43,788		36,549
Asset Backed Securities Corporation Home Equity
1.16%, 12/15/33†		28,312		24,258
Bear Stearns Asset-Backed Securities Trust
0.64%, 10/27/32†		12,691		11,098
0.64%, 12/25/33†		187,243		166,808
Education Funding Capital Trust I
2.43%, 12/15/42†		100,000		94,750
1.52%, 06/15/43†		100,000		87,049
EMC Mortgage Loan Trust
0.84%, 02/25/41 144A†		56,592		46,766
Greenpoint Manufactured Housing
3.11%, 03/18/29†		75,000		62,970
3.70%, 06/19/29†		50,000		41,325
3.70%, 02/20/30†		50,000		41,279
3.70%, 11/17/31†		75,000		74,149
2.20%, 11/22/31†		50,000		45,466
GSAA Trust
0.46%, 07/25/37†		200,000		124,281
Hertz Vehicle Financing LLC
5.29%, 03/25/16 144A		90,000		98,693
Illinois Student Assistance Commission
1.17%, 07/25/45†		200,000		189,886
KeyCorporation Student Loan Trust
0.53%, 10/25/32†		61,749		57,663
Lehman XS Trust
0.49%, 11/25/35†		207,393		153,511
0.49%, 12/25/35†		105,656		38,033
0.45%, 02/25/46†		226,077		121,064

See Notes to Financial Statements.

109

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
MASTR Specialized Loan Trust
0.54%, 05/25/37 144A†	$	210,839	$	70,214
Nelnet Student Loan Trust
1.75%, 04/25/24†		80,000		82,104
Northstar Education Finance, Inc.
0.38%, 01/29/46†		100,000		85,063
Option One Mortgage Loan Trust
0.99%, 11/25/32†		20,546		16,466
Renaissance Home Equity Loan Trust
1.05%, 06/25/33†		23,421		18,800
Securitized Asset-Backed Receivables LLC Trust
0.42%, 02/25/37†		223,340		82,799
SLM Student Loan Trust
0.68%, 09/16/24†		100,000		92,646
1.00%, 03/15/33 144A†		95,746		94,299
Total Asset-Backed Securities (Cost $2,575,959)				2,057,989
CORPORATE BONDS — 2.1%
AES Corporation
7.75%, 10/15/15D		30,000		32,175
8.00%, 06/01/20D		190,000		203,300
Ally Financial, Inc.
1.75%, 10/30/12		100,000		101,731
American Express Co.
8.13%, 05/20/19		60,000		76,183
6.80%, 09/01/66†		150,000		154,688
American International Group, Inc.
5.85%, 01/16/18		180,000		188,858
6.40%, 12/15/20		20,000		21,566
Apache Corporation
5.63%, 01/15/17		110,000		127,009
Arch Coal, Inc.
7.00%, 06/15/19 144AD		70,000		70,175
AT&T, Inc.
5.50%, 02/01/18		90,000		100,519
6.30%, 01/15/38		60,000		63,749
BAC Capital Trust XIV
5.63%, 09/20/49†		10,000		7,513
Baker Hughes, Inc.
7.50%, 11/15/18		60,000		75,757
Bank of America Corporation
5.42%, 03/15/17		60,000		61,284
5.75%, 12/01/17		190,000		202,293
5.00%, 05/13/21		60,000		59,385
8.00%, 12/29/49†		60,000		62,738
Boeing Capital Corporation
4.70%, 10/27/19		40,000		42,946
Boeing Co.
4.88%, 02/15/20		60,000		65,049
Calpine Corporation
7.88%, 01/15/23 144AD		80,000		82,500
Caterpillar Financial Services Corporation
6.20%, 09/30/13		110,000		122,470
Caterpillar, Inc.
3.90%, 05/27/21D		40,000		40,087
CCO Holdings LLC
7.00%, 01/15/19 144A		70,000		72,275
6.50%, 04/30/21		10,000		9,913
Cellco Partnership/Verizon Wireless Capital LLC
8.50%, 11/15/18		60,000		78,026
Citigroup, Inc.
6.50%, 08/19/13		60,000		65,286
6.00%, 12/13/13		110,000		119,669
6.38%, 08/12/14		30,000		33,195
5.00%, 09/15/14D		160,000		167,797
5.50%, 10/15/14		60,000		65,298
3.95%, 06/15/16		70,000		71,740
5.38%, 08/09/20D		60,000		62,726
6.88%, 03/05/38		90,000		100,479
Comcast Corporation
6.50%, 01/15/17		120,000		140,026
5.15%, 03/01/20D		100,000		107,858
5.65%, 06/15/35		10,000		9,827
Community Health Systems, Inc.
8.88%, 07/15/15D		30,000		30,975
Concho Resources Inc.
6.50%, 01/15/22		33,000		33,124
ConocoPhillips Holding Co.
6.95%, 04/15/29		100,000		121,789
Consol Energy, Inc.
6.38%, 03/01/21 144A		50,000		50,000
Countrywide Financial Corporation
6.25%, 05/15/16		50,000		52,746
COX Communications, Inc.
5.45%, 12/15/14		30,000		33,462
CVS Caremark Corporation
6.60%, 03/15/19		60,000		69,749
CVS Pass-Through Trust
9.35%, 01/10/23 144A		100,000		109,128
6.94%, 01/10/30		64,812		73,096
Dominion Resources, Inc.
5.70%, 09/17/12		120,000		126,887
Duke Energy Carolinas LLC
5.63%, 11/30/12		130,000		138,488
Energy Future Intermediate Holding Co., LLC
10.00%, 12/01/20		270,000		289,294
Energy Transfer Partners LP
9.00%, 04/15/19		70,000		87,165
Enterprise Products Operating LLC
6.30%, 09/15/17		170,000		195,241
FirstEnergy Corporation
7.38%, 11/15/31		130,000		148,434
Ford Motor Credit Co., LLC
12.00%, 05/15/15		140,000		173,755
Freeport-McMoRan Copper & Gold, Inc.
8.38%, 04/01/17		145,000		158,594
Fresenius Medical Care US Finance, Inc.
6.88%, 07/15/17		40,000		42,150
General Electric Capital Corporation
6.00%, 08/07/19		260,000		288,354
4.63%, 01/07/21D		100,000		100,781
6.38%, 11/15/67†D		130,000		133,738
Giant Funding Corporation
8.25%, 02/01/18 144A		10,000		10,475

See Notes to Financial Statements.

110

	Par		Value
Goldman Sachs Capital II
5.79%, 06/01/43†	$	10,000	$	8,050
Goldman Sachs Group, Inc.
6.60%, 01/15/12		10,000		10,310
5.30%, 02/14/12		10,000		10,260
3.63%, 08/01/12		20,000		20,590
5.45%, 11/01/12		20,000		21,144
5.25%, 10/15/13		20,000		21,470
5.95%, 01/18/18		100,000		107,934
5.38%, 03/15/20		60,000		62,066
6.00%, 06/15/20D		40,000		43,114
6.25%, 02/01/41		130,000		131,505
HCA, Inc.
9.63%, 11/15/16 PIK		52,593		56,077
Hess Corporation
8.13%, 02/15/19		90,000		114,046
7.30%, 08/15/31		40,000		47,955
HSBC Finance Corporation 6.68%, 01/15/21 144A		110,000		113,060
Humana, Inc.
7.20%, 06/15/18		60,000		69,747
International Lease Finance Corporation
6.50%, 09/01/14 144A		30,000		31,950
6.75%, 09/01/16 144A		150,000		160,500
JPMorgan Chase & Co.
6.13%, 06/27/17		200,000		223,779
4.40%, 07/22/20D		60,000		58,888
4.25%, 10/15/20D		60,000		58,811
Kerr-McGee Corporation
6.95%, 07/01/24		120,000		137,043
7.88%, 09/15/31D		20,000		24,103
Kinder Morgan Energy Partners LP
6.00%, 02/01/17		70,000		79,035
Kraft Foods, Inc.
5.38%, 02/10/20		110,000		120,461
Kroger Co.
6.15%, 01/15/20D		50,000		57,688
Lehman Brothers Holdings Capital Trust VII
5.86%, 11/29/49#		10,000		6
Lehman Brothers Holdings E-Capital Trust I
3.59%, 08/19/65#		50,000		30
Lehman Brothers Holdings, Inc.
6.50%, 07/19/17#		160,000		240
6.75%, 12/28/17#		120,000		180
Medtronic, Inc.
4.45%, 03/15/20		40,000		41,895
Merrill Lynch & Co., Inc.
5.45%, 02/05/13		220,000		233,463
MetLife, Inc.
6.75%, 06/01/16		50,000		58,260
6.40%, 12/15/66D		120,000		117,600
Morgan Stanley
5.63%, 01/09/12D		160,000		163,925
Pacific Gas & Electric Co.
5.63%, 11/30/17		30,000		34,101
6.05%, 03/01/34		50,000		53,036
Pemex Project Funding Master Trust
6.63%, 06/15/35		90,000		95,312
PepsiCo, Inc.
7.90%, 11/01/18D		13,000		16,778
Pfizer, Inc.
6.20%, 03/15/19		100,000		117,158
Qwest Communications International, Inc.
7.50%, 02/15/14		50,000		50,875
Raytheon Co.
3.13%, 10/15/20		30,000		28,220
Reed Elsevier Capital, Inc.
8.63%, 01/15/19		80,000		101,847
Regency Energy Partners LP
6.50%, 07/15/21		42,000		42,735
Roche Holdings, Inc.
6.00%, 03/01/19 144A		90,000		103,857
Safeway, Inc.
3.95%, 08/15/20		30,000		29,230
Sprint Capital Corporation
6.90%, 05/01/19D		100,000		103,500
State Street Corporation
4.96%, 03/15/18		100,000		106,198
Steel Dynamics, Inc.
7.38%, 11/01/12		25,000		26,500
Teachers Insurance & Annuity Association of America
6.85%, 12/16/39 144A		60,000		68,502
Time Warner Cable, Inc.
6.75%, 07/01/18		110,000		127,747
4.13%, 02/15/21D		20,000		19,369
7.30%, 07/01/38		90,000		104,951
5.88%, 11/15/40		80,000		79,231
Time Warner, Inc.
4.70%, 01/15/21		30,000		30,453
6.25%, 03/29/41		10,000		10,424
United Parcel Service, Inc.
4.50%, 01/15/13		50,000		52,852
UnitedHealth Group, Inc.
4.88%, 02/15/13		100,000		105,786
Verizon Communications, Inc.
4.60%, 04/01/21		90,000		93,043
6.00%, 04/01/41		100,000		104,794
Verizon Global Funding Corporation
7.38%, 09/01/12D		100,000		107,576
Wachovia Corporation
5.63%, 10/15/16		270,000		293,443
WellPoint, Inc.
5.88%, 06/15/17		110,000		125,925
Wells Fargo & Co.
3.68%, 06/15/16D		50,000		51,425
Williams Cos., Inc.
7.88%, 09/01/21		38,000		47,186
7.50%, 01/15/31		23,000		26,375
7.75%, 06/15/31		38,000		44,474
8.75%, 03/15/32		8,000		10,200
Williams Partners LP
5.25%, 03/15/20		20,000		21,093
Wyeth
5.95%, 04/01/37		10,000		10,768
Total Corporate Bonds (Cost $9,991,633)				10,383,664
FOREIGN BONDS — 0.6%
Australia — 0.1%
BHP Billiton Finance (USA) Ltd.
6.50%, 04/01/19		110,000		131,834

See Notes to Financial Statements.

111

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Commonwealth Bank of Australia
3.75%, 10/15/14 144AD	$	60,000	$	63,087
5.00%, 10/15/19 144A		20,000		20,847
Rio Tinto Finance USA, Ltd.
6.50%, 07/15/18		20,000		23,392
9.00%, 05/01/19		180,000		238,863
				478,023
Canada — 0.1%
Anadarko Finance Co.
7.50%, 05/01/31		60,000		69,494
Barrick Gold Corporation
6.95%, 04/01/19		100,000		119,065
Devon Financing Corporation ULC
6.88%, 09/30/11D		150,000		152,264
Potash Corporation of Saskatchewan, Inc.
4.88%, 03/30/20		20,000		21,183
				362,006
Cayman Islands — 0.1%
Petrobras International Finance Co.
6.13%, 10/06/16		40,000		44,733
5.75%, 01/20/20		32,000		34,296
5.38%, 01/27/21		110,000		113,499
Resona Preferred Global Securities Cayman, Ltd.
7.19%, 12/29/49 144A†D		60,000		60,147
Vale Overseas, Ltd.
6.88%, 11/21/36		60,000		65,297
				317,972
France — 0.0%
Credit Agricole SA
8.38%, 10/29/49 144A†D		120,000		126,000
Total Capital SA
4.45%, 06/24/20D		10,000		10,457
				136,457
Iceland — 0.0%
Glitnir Banki HF
6.69%, 06/15/16 144A#@		130,000		1
Kaupthing Bank HF
7.63%, 02/28/15 144A#@‡‡		310,000		78,275
				78,276
India — 0.0%
ICICI Bank, Ltd.
6.38%, 04/30/22 144A†		110,000		107,800
Japan — 0.1%
Japan Finance Cooperation
2.88%, 02/02/15D		200,000		211,103
Japan Finance Organization for Municipalities
4.00%, 01/13/21		100,000		101,490
Sumitomo Mitsui Banking Corporation
3.15%, 07/22/15 144A		100,000		102,399
				414,992
Jersey — 0.0%
United Business Media, Ltd.
5.75%, 11/03/20 144A		30,000		29,861
Mexico — 0.0%
America Movil SAB de CV
5.63%, 11/15/17		30,000		33,814
Mexico Government International Bond
6.75%, 09/27/34		40,000		46,700
6.05%, 01/11/40		10,000		10,690
				91,204
Netherlands — 0.0%
Deutsche Telekom International Finance BV
5.75%, 03/23/16D		75,000		84,909
Shell International Finance BV
4.38%, 03/25/20		90,000		94,742
				179,651
Russia — 0.0%
Russian Federation
7.50%, 03/31/30 STEP		11,245		13,283
Spain — 0.1%
BBVA US Senior SAU
3.25%, 05/16/14		100,000		98,960
Santander US Debt SA Unipersonal
3.72%, 01/20/15 144AD		100,000		96,875
				195,835
Switzerland — 0.0%
UBS AG
4.88%, 08/04/20		80,000		81,063
United Kingdom — 0.1%
BP Capital Markets PLC
5.25%, 11/07/13		90,000		97,566
3.88%, 03/10/15		30,000		31,622
Lloyds TSB Bank PLC
6.38%, 01/21/21		100,000		104,292
Royal Bank of Scotland PLC
4.88%, 03/16/15		100,000		103,870
3.95%, 09/21/15		50,000		50,283
Royal Bank of Scotland Group PLC
7.65%, 08/29/49†		10,000		9,050
WPP Finance UK
8.00%, 09/15/14		100,000		117,388
				514,071
Total Foreign Bonds (Cost $3,099,882)				3,000,494
MORTGAGE-BACKED SECURITIES — 4.1%
American Home Mortgage Investment Trust
0.89%, 04/25/44†		33,411		28,047
0.48%, 11/25/45†		194,570		123,038
Bear Stearns Adjustable Rate Mortgage Trust
2.47%, 02/25/35†		71,449		55,074
2.92%, 08/25/35†		199,374		147,593
Bear Stearns Mortgage Funding Trust
0.40%, 12/25/36†		207,818		55,392
Commercial Mortgage Lease-Backed Certificates
6.75%, 06/20/31 144A		216,913		235,989
Countrywide Alternative Loan Trust
0.43%, 07/25/35†		186,637		114,993
0.45%, 07/25/35†		245,916		162,005

See Notes to Financial Statements.

112

	Par		Value
Credit Suisse Mortgage Capital Certificates
5.61%, 02/15/39†	$	110,000	$	119,819
CS First Boston Mortgage Securities Corporation
6.00%, 10/25/35		112,861		66,261
Federal Home Loan Mortgage Corporation
5.84%, 05/01/37†		14,482		15,338
5.50%, 12/01/38		331,625		359,048
5.50%, 07/01/39 TBA		100,000		108,016
3.50%, 07/01/41 TBA		200,000		190,969
Federal Home Loan Mortgage Corporation REMIC
4.00%, 12/15/38		100,000		99,460
5.50%, 06/15/41		100,000		108,365
Federal National Mortgage Association
3.50%, 07/01/41 TBA		200,000		191,250
4.00%, 07/01/26 TBA		300,000		312,469
2.77%, 09/01/35†		77,294		81,334
5.50%, 07/01/37 TBA		200,000		216,250
6.50%, 07/01/37 TBA		300,000		339,656
5.00%, 07/01/38 TBA		700,000		743,750
5.50%, 08/01/38		98,332		106,986
5.50%, 05/01/40		1,200,000		1,299,281
4.50%, 07/13/40 TBA		2,000,000		2,069,062
5.50%, 06/01/41		1,000,000		1,082,031
Federal National Mortgage Association REMIC
6.31%, 10/25/40 IO†		82,925		13,025
5.50%, 07/25/41		100,000		105,249
6.48%, 07/25/41 IO†		100,000		15,502
FHLMC Multifamily Structured Pass Through Certificates
1.23%, 01/25/20 IOW†		217,845		14,361
1.41%, 04/25/20 IOW†		386,082		28,909
1.84%, 06/25/20 IOW†		427,187		42,823
1.69%, 08/25/20 IOW†		208,926		18,916
1.42%, 06/25/46†		280,000		24,703
First Horizon Alternative Mortgage Securities
2.34%, 02/25/36†		154,900		111,240
0.56%, 02/25/37†		78,407		44,219
General Electric Capital Commercial Mortgage Corporation
5.51%, 03/10/44†		300,000		326,402
GMAC Commercial Mortgage Securities, Inc.
5.24%, 11/10/45†		100,000		107,896
Government National Mortgage Association
6.56%, 10/20/33 IOW†		882,753		102,265
6.01%, 03/20/35 IOW†		845,855		109,064
6.51%, 12/16/36 IO†		100,000		19,884
6.00%, 07/01/37 TBA		200,000		222,812
6.50%, 10/20/37		92,503		104,548
5.50%, 07/01/38 TBA		100,000		109,906
6.00%, 07/01/38 TBA		300,000		331,500
6.36%, 10/20/38 IO†		97,471		17,471
6.36%, 11/20/38 IO†		239,185		42,987
6.56%, 04/16/39 IO†		59,976		9,478
5.91%, 06/20/39 IO†		96,933		17,427
5.00%, 07/01/39 TBA		1,200,000		1,301,437
5.00%, 01/15/40		463,729		506,205
6.46%, 01/20/40 IO†		94,779		17,423
4.50%, 07/01/40 TBA		1,700,000		1,794,030
6.38%, 07/20/40 IO†		89,121		17,489
5.00%, 08/20/40		185,951		202,096
5.86%, 09/20/40 IOW†		91,716		14,396
5.86%, 11/20/40 IO†		161,153		29,795
4.50%, 01/20/41		98,270		103,639
4.50%, 02/20/41		98,759		104,154
4.50%, 03/20/41		795,046		838,484
5.21%, 06/20/41 IO†		100,000		15,843
4.00%, 07/01/41 TBA		200,000		203,094
4.50%, 07/01/41 TBA		1,500,000		1,578,516
1.34%, 11/20/59†		295,170		302,346
1.19%, 05/20/60†		166,368		167,614
0.71%, 01/20/61†		236,276		237,526
0.66%, 02/20/61†		239,967		238,323
0.71%, 03/20/61†		99,261		98,978
Granite Mortgages PLC
0.77%, 07/20/43†		36,030		34,528
Greenpoint Mortgage Funding Trust
0.45%, 10/25/45†		53,444		33,239
GS Mortgage Securities Corporation II
1.34%, 03/10/44 144AW†		797,927		47,331
GSMPS Mortgage Loan Trust
0.54%, 03/25/35 144A†		32,514		27,614
0.54%, 09/25/35 144A†		96,337		81,051
Harborview Mortgage Loan Trust
0.43%, 06/19/35†		243,529		159,659
Homestar Mortgage Acceptance Corporation
0.64%, 07/25/34†		107,796		93,869
Impac CMB Trust
0.99%, 03/25/33†		17,308		13,440
Indymac INDA Mortgage Loan Trust
5.84%, 11/25/37†		109,662		88,194
LB-UBS Commercial Mortgage Trust
5.86%, 07/15/40†		40,000		43,398
MASTR Adjustable Rate Mortgages Trust
2.84%, 11/21/34†		200,000		190,809
1.08%, 12/25/46†		278,511		91,929
Merrill Lynch Mortgage Investors, Inc.
5.00%, 05/25/34†		26,843		26,995
Morgan Stanley Capital I
5.69%, 04/15/49†		200,000		214,607
NCUA Guaranteed Notes
2.90%, 10/29/20		10,000		9,981
RBSSP Resecuritization Trust
3.30%, 12/26/35 144A†		37,494		37,721
Residential Accredit Loans, Inc.
3.14%, 12/26/34†		244,279		168,447
0.59%, 10/25/45†		146,388		83,362
Structured Adjustable Rate Mortgage Loan Trust
2.66%, 11/25/34†		70,492		55,236

See Notes to Financial Statements.

113

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Structured Asset Mortgage Investments, Inc.
0.37%, 09/25/47†	$	291,198	$	186,496
Structured Asset Securities Corporation
0.49%, 10/25/27†		24,184		21,248
Washington Mutual Mortgage Pass-Through Certificates
2.58%, 02/25/33†		31,122		29,039
2.62%, 10/25/33†		97,314		95,696
2.58%, 01/25/35†		108,330		104,031
5.39%, 11/25/36†		193,979		146,607
0.51%, 08/25/45†		127,640		104,138
Wells Fargo Mortgage Loan Trust
3.14%, 08/27/35 144A†		94,926		90,938
Wells Fargo Mortgage-Backed Securities Trust
0.59%, 05/25/33†		17,303		16,745
2.87%, 04/25/36†		88,517		77,426
Total Mortgage-Backed Securities (Cost $21,575,567)				20,517,225
MUNICIPAL BONDS — 0.1%
Birmingham Commercial Development Authority, Civic Center Improvements Project, Series A General Obligation
5.50%, 04/01/41		10,000		10,129
Chicago O’Hare International Airport, Series A Revenue Bond
5.63%, 01/01/35		10,000		10,232
Chicago O’Hare International Airport, Series C Revenue Bond
5.50%, 01/01/31		10,000		10,238
Clark County Nevada, Las-Vegas-McCarran International Airport, Series A Revenue Bond
5.25%, 07/01/39		10,000		9,884
Illinois State, Taxable Pension General Obligation Bond
5.67%, 03/01/18		50,000		51,916
5.88%, 03/01/19		50,000		51,444
Los Angeles Department of Airports of the city of Los Angeles, California, Series A Revenue Bond
5.00%, 05/15/35		10,000		9,972
5.25%, 05/15/39		10,000		10,232
Los Angeles Department of Water & Power, Build America Revenue Bond
6.57%, 07/01/45		30,000		33,659
Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Series A-3 Revenue Bond
5.00%, 07/01/39		10,000		9,925
Municipal Electric Authority of Georgia, Series B Revenue Bond
6.64%, 04/01/57		30,000		28,790
6.66%, 04/01/57		10,000		9,438
New York Liberty Development Corporation, Goldman Sachs Headquarters, Series 2005 Revenue Bond
5.25%, 10/01/35		30,000		29,754
North Carolina State Education Assistance Authority, Student Loan Backed Notes Revenue Bond Series 2010-1, Cl A1
1.20%, 07/25/41		95,221		92,967
San Mateo County Community College District, Election 2005, Series B General Obligation
5.00%, 09/01/38		10,000		10,044
State of California General Obligation Bond
7.30%, 10/01/39		50,000		55,487
Total Municipal Bonds (Cost $416,538)				434,111
U.S. TREASURY OBLIGATIONS — 0.8%
U.S. Treasury Bond
4.50%, 08/15/39D		10,000		10,227
U.S. Treasury Inflationary Index Bonds
2.38%, 01/15/27D		55,000		70,045
1.75%, 01/15/28D		100,000		112,515
2.50%, 01/15/29D		100,000		121,864
3.88%, 04/15/29D		10,000		18,768
2.13%, 02/15/40D		20,000		22,357
				345,549
U.S. Treasury Notes
1.38%, 02/15/13D		250,000		254,014
0.50%, 05/31/13		10,000		10,012
1.25%, 02/15/14D		70,000		71,039
0.75%, 06/15/14D		60,000		59,939
1.75%, 05/31/16D		240,000		240,412
1.50%, 06/30/16		80,000		79,037
3.63%, 02/15/21D		1,493,000		1,557,036
3.13%, 05/15/21D		600,000		598,408
4.38%, 05/15/41D		830,000		828,835
				3,698,732
Total U.S. Treasury Obligations (Cost $4,008,704)				4,054,508
TOTAL INVESTMENTS — 147.8% (Cost $659,858,402)				745,899,271
Liabilities in Excess of Other Assets — (47.8)%				(241,220,051	)
NET ASSETS — 100.0%			$	504,679,220

Please see abbreviation and footnote definitions beginning on page 130.

See Notes to Financial Statements.

114

PORTFOLIO SUMMARY (based on net assets)

	%
Money Market Funds		50.6
Financial Services		17.3
Producer Durables		13.3
Technology		13.2
Consumer Discretionary		13.0
Futures Contracts		12.7
Healthcare		9.7
Materials & Processing		7.8
Energy		6.0
Mortgage-Backed Securities		4.1
Utilities		3.9
Corporate Bonds		2.1
Consumer Staples		1.8
Agency Obligations		1.6
Foreign Common Stocks		1.4
U.S. Treasury Obligations		0.8
Foreign Bonds		0.6
Asset-Backed Securities		0.4
Municipal Bonds		0.1
Rights/Warrants		0.1
Preferred Stocks		—	**
Forward Foreign Currency Contracts		(0.4	)
		160.1

** Rounds to less than 0.005%.

See Notes to Financial Statements.

115

SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Agency Obligations	$	8,149,515	$	—	$	8,149,515	$	—
Asset-Backed Securities		2,057,989		—		2,057,989		—
Common Stocks		434,292,018		433,754,193		—		537,825
Corporate Bonds		10,383,664		—		10,383,664		—
Foreign Bonds		3,000,494		—		3,000,494		—
Foreign Common Stocks		7,084,717		7,084,717		—		—
Money Market Funds		255,639,677		255,639,677		—		—
Mortgage-Backed Securities		20,517,225		—		20,517,225		—
Municipal Bonds		434,111		—		434,111		—
Preferred Stocks		2,853		2,853		—		—
Rights/Warrants		282,500		—		—		282,500
U.S. Treasury Obligations		4,054,508		—		4,054,508		—
Total Assets — Investments in Securities	$	745,899,271	$	696,481,440	$	48,597,506	$	820,325
Other Financial Instruments***
Forward Foreign Currency Contracts	$	191	$	—	$	191	$	—
Futures Contracts		2,724,172		2,724,172		—		—
Total Assets — Other Financial Instruments	$	2,724,363	$	2,724,172	$	191	$	—

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

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

	Total Value			Common Stocks
Balance, 12/31/10	$	560,550		$	560,550
Accrued discounts/premiums		—			—
Realized gain (loss)(1)		—			—
Change in unrealized appreciation (depreciation)(2)		(22,725	)		(22,725	)
Purchases		282,500			282,500
Sales		—			—
Transfers in and/or out of Level 3		—			—
Balance, 06/30/11	$	820,325		$	820,325

⁽¹⁾  Realized gain (loss) from the sale of Level 3 securities can be found on the Statement of Operations in Net Realized Gain (loss) from Investment securities and securities sold short.

⁽²⁾  Change in unrealized appreciation (depreciation) can be found on the Statement of Operations in Net change in unrealized appreciation (depreciation) on Investment securities and securities sold short.

See Notes to Financial Statements.

116

INTERNATIONAL EQUITY FUND SCHEDULE OF INVESTMENTS   June 30, 2011 (Unaudited)

	Par		Value
FOREIGN BOND — 0.0%
Jersey — 0.0%
Dana Gas Sukuk, Ltd.
7.50%, 10/31/12 (Cost $111,183)	$	120,000	$	107,700
	Shares
FOREIGN COMMON STOCKS — 94.4%
Argentina — 0.2%
Banco Macro SA ADR		14,800		558,552
Cresud SACIF y A ADR		73,720		1,197,213
Pampa Energia SA ADRD		43,700		670,358
Petrobras Argentina SA ADRD		53,289		1,032,208
				3,458,331
Australia — 3.9%
Adelaide Brighton, Ltd.		47,733		158,195
AGL Energy, Ltd.‡‡		11,311		177,728
Alumina, Ltd.		34,920		79,027
Amcor, Ltd.		548,348		4,234,529
AMP, Ltd.‡‡		584,376		3,064,909
Ansell, Ltd.‡‡		23,013		349,505
APN News & Media, Ltd.		98,600		139,065
ASX, Ltd.‡‡		2,537		82,856
Australia & New Zealand Banking Group, Ltd.‡‡		26,393		622,770
Bank of Queensland, Ltd.		6,400		56,081
Bendigo and Adelaide Bank, Ltd.		33,409		317,478
BGP Group REIT Entitlement Shares		63,198		—
BHP Billiton, Ltd.‡‡		49,258		2,314,021
BlueScope Steel, Ltd.		775,276		1,001,982
Boart Longyear, Ltd.		27,600		118,113
Boral, Ltd.		9,760		46,059
Brambles, Ltd.‡‡		350,603		2,714,996
Caltex Australia, Ltd.‡‡		60,401		761,847
CFS Retail Property Trust REIT‡‡		12,495		24,324
CGA Mining, Ltd.*		76,500		237,166
Challenger, Ltd.‡‡		49,383		259,002
Cochlear, Ltd.		26,200		2,023,253
Commonwealth Bank of Australia‡‡		11,517		646,037
Computershare, Ltd.‡‡		6,176		58,755
CSL, Ltd.		7,600		269,484
CSR, Ltd.		112,820		350,914
Dexus Property Group REIT‡‡		66,404		62,675
Downer EDI, Ltd.		141,405		561,155
DUET Group‡‡		116,008		211,521
Fairfax Media, Ltd.‡‡		513,727		539,976
Flight Centre, Ltd.‡‡		20,901		484,662
Fortescue Metals Group, Ltd.		354,113		2,411,748
Goodman Fielder, Ltd.‡‡		125,971		143,216
Goodman Group REIT‡‡		99,079		74,918
GPT Group REIT‡‡		25,640		86,900
Iluka Resources, Ltd.		26,268		472,754
Insurance Australia Group, Ltd.		59,800		218,070
Leighton Holdings, Ltd.		5,229		116,934
Lend Lease Group‡‡		7,753		74,590
Mirvac Group REIT‡‡		47,808		64,095
Mount Gibson Iron, Ltd.*		773,262		1,526,022
Myer Holdings, Ltd.		398,928		1,129,574
National Australia Bank, Ltd.‡‡		118,229		3,248,774
Newcrest Mining, Ltd.‡‡		10,826		437,866
Nufarm, Ltd.*		14,500		69,828
Orica, Ltd.‡‡		1,484		42,879
Origin Energy, Ltd.‡‡		11,550		195,605
OZ Minerals, Ltd.‡‡		4,583		64,884
Pacific Brands, Ltd.		536,362		399,815
Paladin Energy, Ltd.*‡‡		4,238		11,455
Primary Health Care, Ltd.		85		313
Qantas Airways, Ltd.‡‡		44,595		88,008
QBE Insurance Group, Ltd.		255,713		4,731,058
QR National, Ltd.*		23,918		86,708
Ramsay Health Care, Ltd.‡‡		482		9,399
Rio Tinto, Ltd.‡‡		8,556		761,575
Santos, Ltd.		28,769		417,792
Sims Metal Management, Ltd.		2,400		45,433
Sonic Healthcare, Ltd.‡‡		41,100		567,331
SP AusNet		53,704		54,432
Spark Infrastructure Group 144A		280,300		387,819
Stockland REIT‡‡		32,771		119,856
Suncorp Group, Ltd.‡‡		26,762		233,647
Telstra Corporation, Ltd.‡‡		1,981,445		6,141,807
Ten Network Holdings, Ltd.		137,697		156,548
Toll Holdings, Ltd.D		251,853		1,310,102
Transurban Group‡‡		8,164		45,795
UGL, Ltd.‡‡		3,325		49,499
Wesfarmers, Ltd.‡‡		49,472		1,689,994
Wesfarmers, Ltd. Price Protected Shares‡‡		2,174		75,198
Westfield Group REIT‡‡		31,160		289,422
Westfield Retail Trust REIT‡‡		42,364		123,135
Westpac Banking Corporation‡‡		26,633		635,860
Woodside Petroleum, Ltd.		65,038		2,860,009
				53,638,752
Austria — 0.0%
Vienna Insurance Group AG		14,275		784,568
Belgium — 0.1%
Groupe Bruxelles
Lambert SA‡‡		457		40,645
Mobistar SA		6,700		508,927
Nyrstar*		5,276		76,357
Solvay SA		1,748		270,091
UCB SA		3,800		170,746
				1,066,766
Bermuda — 0.2%
Catlin Group, Ltd.‡‡		62,270		401,861
Hiscox, Ltd.‡‡		2,808		18,879
Seadrill, Ltd.		41,428		1,458,194
Signet Jewelers, Ltd.*		21,800		1,028,648
				2,907,582
Brazil — 2.9%
Amil Participacoes SA		87,090		1,011,163
B2W Cia Global Do Varejo		48,600		594,479
Banco do Brasil SA		33,055		589,235
Banco Santander Brasil SA ADR		253,501		2,968,497
BM&FBovespa SA		255,300		1,688,204
BrasilAgro - Companhia Brasileira de Propriedades Agricolas*		45,800		299,337

See Notes to Financial Statements.

117

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Centrais Eletricas Brasileiras SA		196,600	$	2,615,203
Cia de Saneamento Basico do Estado de Sao Paulo ADRD		7,854		468,648
Cia Paranaense de Energia ADRD		83,615		2,270,984
Cia Siderurgica Nacional SA		48,423		592,625
Fertilizantes Heringer SA*		110,600		698,049
GP Investments, Ltd.*		320,000		1,250,761
Itau Unibanco Holding SA ADR		118,000		2,778,900
Lojas Renner SA		26,768		1,020,705
Magnesita Refratarios SA*		52,339		258,232
Marfrig Alimentos SA		45,867		443,784
OGX Petroleo e Gas Participacoes SA*		351,820		3,280,031
Petroleo Brasileiro SA ADR		227,903		7,104,410
Profarma Distribuidora de Produtos Farmaceuticos SA		95,000		906,994
SLC Agricola SA		30,600		363,126
Tim Participacoes SA ADRD		36,020		1,772,544
Totvs SA		34,711		630,098
Tractebel Energia SA		69,757		1,216,216
Usinas Siderurgicas de Minas Gerais SA ADRD		59,703		522,401
Vale SA ADR		129,600		3,753,216
				39,097,842
Canada — 2.5%
AuRico Gold, Inc.D*		58,595		643,959
Bankers Petroleum, Ltd.D*		285,125		2,033,968
Banro Corporation*		210,830		800,081
Canadian National Railway Co.		61,100		4,881,890
Eastern Platinum, Ltd.*		498,533		413,527
Enbridge, Inc.D		88,600		2,880,912
Falcon Oil & Gas, Ltd.D*		208,166		34,534
First Quantum Minerals, Ltd.D		33,114		4,828,131
Gran Colombia Gold Corporation*		885,249		677,802
Grande Cache Coal Corporation*		158,308		1,442,820
Ivanhoe Mines, Ltd.D*		15,771		399,006
Lundin Mining Corporation*		234,600		1,800,031
Nexen, Inc.		88,627		1,997,772
Niko Resources, Ltd.		24,301		1,517,096
Open Text CorporationD*		30,250		1,936,605
Potash Corporation of Saskatchewan, Inc.		46,010		2,622,110
Saputo, Inc.D		51,500		2,483,555
Suncor Energy, Inc.		31,800		1,246,348
Valeant Pharmaceuticals International, Inc.D		37,670		1,957,333
				34,597,480
Chile — 0.0%
Embotelladora Andina SA ADR Class AD		9,343		233,855
Embotelladora Andina SA ADR Class BD		16,746		483,122
				716,977
China — 3.4%
Anhui Conch Cement Co., Ltd. Class H		823,096		3,850,148
Baidu, Inc. ADR*		73,000		10,229,490
Bank of China, Ltd. Class H		4,235,700		2,062,956
China Life Insurance Co., Ltd. Class H		252,000		861,406
China Merchants Bank Co., Ltd. Class HD		966,190		2,334,242
China Merchants Bank Co., Ltd.		730,500		1,764,833
China Security & Surveillance Technology, Inc.D*		152,600		808,780
China Shenhua Energy Co., Ltd. Class H		429,151		2,046,018
CNinsure, Inc. ADRD*		17,400		256,302
Ctrip.com International, Ltd. ADR*		19,200		827,136
ENN Energy Holdings, Ltd.D		290,433		985,316
Focus Media Holding, Ltd. ADRD*		42,695		1,327,814
Foxconn International Holdings, Ltd.*‡‡		16,000		7,032
Huaneng Power International, Inc. ADRD		20,215		430,984
Huaneng Power International, Inc. Class H		764,000		401,552
Industrial & Commercial Bank of China Class H		2,345,750		1,781,536
Li Ning Co, Ltd.D		638,842		1,105,004
Longfor Properties Co., Ltd.D		316,458		486,377
Netease.com ADRD*		41,335		1,863,795
Parkson Retail Group, Ltd.D		921,927		1,348,231
PetroChina Co., Ltd. Class H		288,000		421,173
PICC Property & Casualty Co., Ltd.*		1,145,000		1,948,135
Tencent Holdings, Ltd.		230,800		6,264,050
Trina Solar, Ltd. GDRD*		31,266		700,984
Want Want China Holdings, Ltd.		1,156,283		1,121,855
West China Cement, Ltd.D		1,374,787		494,674
Yangzijiang Shipbuilding Holdings, Ltd.‡‡		32,800		38,987
ZTE Corporation Class H		16,720		60,591
				45,829,401
Colombia — 0.1%
BanColombia SA		64,300		1,056,279
BanColombia SA ADRD		7,394		493,402
				1,549,681
Denmark — 0.9%
A P Moller - Maersk A/S Class B‡‡		28		241,490
Coloplast A/S Class B‡‡		3,845		583,844
Danske Bank A/S‡‡		30,997		574,030
DSV A/S		8,300		198,971
H Lundbeck A/S		13,300		349,864
Novo-Nordisk A/S Class BD‡‡		61,434		7,710,006
Novozymes A/S		8,000		1,301,863
Sydbank A/S		2,037		45,466
Topdanmark A/S*		2,600		485,282
Vestas Wind Systems A/S*		31,000		720,243
				12,211,059
Egypt — 0.4%
Egyptian Financial Group-Hermes Holding		467,246		1,573,535
ElSwedy Electric Co.		62,055		379,598
Orascom Construction Industries		52,394		2,367,013
Oriental Weavers		29,805		147,265

See Notes to Financial Statements.

118

	Shares		Value
Telecom Egypt		305,812	$	764,978
				5,232,389
Estonia — 0.0%
Tallink Group PLC*		546,960		550,466
Finland — 0.5%
Cargotec OYJ Class B		9,363		479,841
Kesko OYJ‡‡		5,568		259,029
Kone OYJ‡‡		2,427		152,502
Metso OYJ		12,510		710,602
Nokia OYJ‡‡		27,337		177,204
Nokian Renkaat OYJ		19,083		957,498
Orion OYJ		19,300		497,348
Outotec OYJ		5,700		324,023
Sampo OYJ		72,640		2,345,910
Stora Enso OYJ Class R‡‡		24,787		260,063
UPM-Kymmene OYJ‡‡		35,294		645,403
Wartsila OYJ‡‡		19,652		663,730
				7,473,153
France — 7.9%
Accor SA		3,525		157,623
Aeroports de Paris		2,600		244,586
Alcatel-LucentD*		513,870		2,971,829
Alstom SAD		32,850		2,025,555
Arkema SA		22,141		2,279,343
Atos Origin SA‡‡		4,277		241,643
AXA SA		100,255		2,278,192
BNP Paribas‡‡		81,854		6,318,467
Bouygues SA‡‡		9,949		437,373
Cap Gemini SA‡‡		1,990		116,587
Carrefour SAD		129,684		5,325,924
Casino Guichard Perrachon SA		15,681		1,478,095
Christian Dior SA‡‡		47,449		7,465,728
Cie de St-Gobain‡‡		113,136		7,326,326
Cie Generale de Geophysique-Veritas*		27,111		998,607
Cie Generale d’Optique Essilor International SA		23,700		1,922,244
CNP Assurances‡‡		5,858		127,723
Credit Agricole SA		29,800		448,136
Danone		47,770		3,564,150
Eramet		1,200		397,459
Faurecia		4,300		184,171
France Telecom SA		320,735		6,820,933
Imerys SA‡‡		52		3,664
Ipsen SA		4,800		170,260
Klepierre REIT‡‡		623		25,717
Lafarge SAD		32,821		2,091,590
Lagardere SCA‡‡		3,356		141,792
Legrand SA‡‡		18,210		767,002
L’Oreal SA		18,500		2,402,709
Natixis		8,238		41,335
Nexans SA		1,900		178,819
PPR‡‡		27,216		4,846,609
Safran SA‡‡		3,651		155,924
Sanofi‡‡		130,208		10,468,302
Schneider Electric SA‡‡		56,336		9,411,391
SEB SA		842		88,220
Societe BIC SA‡‡		6,764		653,663
Societe Generale SAD		96,914		5,750,922
Societe Television Francaise 1		6,408		116,529
Thales SA‡‡		6,660		287,182
Total SA‡‡		152,698		8,830,877
Unibail-Rodamco SE REIT‡‡		1,611		372,508
Valeo SA		19,571		1,336,180
Vinci SA		56,165		3,597,564
Vivendi SA‡‡		23,350		649,288
Wendel SAD		11,394		1,400,994
Zodiac Aerospace‡‡		3,285		285,969
				107,205,704
Germany — 7.5%
Adidas AG‡‡		37,431		2,969,163
Aixtron SE NA		39,400		1,344,415
Allianz SE‡‡		27,192		3,798,552
Aurubis AG		10,833		704,574
Axel Springer AG		15,600		770,521
BASF SE‡‡		69,470		6,807,169
Bayer AG‡‡		29,546		2,375,403
Bayerische Motoren Werke AG		34,910		3,483,508
Beiersdorf AG		70,700		4,588,046
Bilfinger Berger SE		13,080		1,293,433
Daimler AG‡‡		36,136		2,719,711
Deutsche Bank AG‡‡		36,953		2,183,698
Deutsche Boerse AG‡‡		52,765		4,009,522
Deutsche Lufthansa AG‡‡		110,756		2,413,221
Deutsche Post AG‡‡		19,517		375,011
Deutsche Telekom AG		415,583		6,517,780
E.ON AG‡‡		3,537		100,456
Fresenius Medical Care AG & Co. KGaA		29,202		2,183,015
GEA Group AG		58,662		2,099,933
Hannover Rueckversicherung AG‡‡		66,980		3,493,338
HeidelbergCement AG		21,100		1,347,092
Infineon Technologies AG‡‡		71,900		808,273
K+S AG		12,121		931,600
Kloeckner & Co. SE		39,864		1,199,828
Linde AG		38,700		6,785,043
MAN SE		1,679		223,906
Merck KGaA		10,800		1,173,688
Metro AG		27,830		1,686,557
Muenchener Rueckversicherungs AG		1,012		154,754
NII Holdings, Inc. Class B*		19,595		830,436
RWE AG		107,455		5,958,035
Salzgitter AG‡‡		225		17,159
SAP AG		149,650		9,060,424
Siemens AG‡‡		49,987		6,864,713
SMA Solar Technology AGD		26,036		2,900,440
Software AG		16,566		992,523
Suedzucker AGD‡‡		75,505		2,683,155
Tognum AG		2,373		88,990
TUI AG		112,400		1,219,223
Volkswagen AGD		11,837		2,174,872
Vossloh AG		2,900		407,004
				101,738,184
Greece — 0.2%
Coca Cola Hellenic Bottling Co. SA		55,078		1,479,226
Public Power Corporation SA		89,964		1,288,965
				2,768,191
Guernsey — 0.0%
Resolution, Ltd.		7,614		35,927

See Notes to Financial Statements.

119

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Hong Kong — 2.2%
AIA Group, Ltd.*		845,200	$	2,927,142
ASM Pacific Technology, Ltd.‡‡		15,125		207,194
Belle International Holdings, Ltd.		389,000		819,821
BOC Hong Kong Holdings, Ltd.		120,500		349,962
Cathay Pacific Airways, Ltd.		149,000		345,038
Cheung Kong Holdings, Ltd.‡‡		25,000		365,601
Cheung Kong Infrastructure Holdings, Ltd.‡‡		7,000		36,342
China Mobile, Ltd.		416,618		3,854,749
China Overseas Land & Investment, Ltd.D		610,372		1,308,327
China Resources Gas Group, Ltd.		107,467		150,255
CLP Holdings, Ltd.		11,000		97,466
CNOOC, Ltd.		1,904,900		4,445,428
Esprit Holdings, Ltd.		56,477		175,636
Hang Lung Group, Ltd.‡‡		15,000		95,031
Hong Kong Exchanges and Clearing, Ltd.‡‡		107,200		2,246,851
Hopewell Holdings, Ltd.		72,000		228,074
Hutchison Whampoa, Ltd.		65,000		701,646
Jardine Matheson Holdings, Ltd.		53,200		3,050,488
Kerry Properties, Ltd.		25,100		120,957
Li & Fung, Ltd.		1,684,000		3,354,280
Lifestyle International Holdings, Ltd.‡‡		4,000		11,668
Link (The) REIT‡‡		39,500		134,768
Luks Group Vietnam Holdings Co., Ltd.		1,626,000		432,530
Mongolia Energy Corporation Ltd.*‡‡		15,000		1,754
New World Department Store China, Ltd.D		439,337		345,521
New World Development, Ltd.‡‡		42,000		63,472
NWS Holdings, Ltd.‡‡		9,000		12,051
Orient Overseas International, Ltd.		1,500		9,657
PCCW, Ltd.‡‡		68,000		29,274
Ports Design, Ltd.		134,500		318,028
Power Assets Holdings, Ltd.		218,500		1,653,835
Shangri-La Asia, Ltd.		127,000		310,739
Sun Hung Kai Properties, Ltd.‡‡		6,000		87,359
Swire Pacific, Ltd. Class A‡‡		13,000		190,948
Television Broadcasts, Ltd.‡‡		38,800		256,283
Wharf Holdings, Ltd.‡‡		71,000		493,151
Wheelock & Co., Ltd.‡‡		76,000		304,715
Yue Yuen Industrial Holdings, Ltd.		500		1,587
				29,537,628
Hungary — 0.4%
Egis Gyogyszergyar Nyrt		22,297		2,396,688
MOL Hungarian Oil and Gas PLC*		21,754		2,492,627
MOL Hungarian Oil and Gas PLC ADR*		1,015		58,200
				4,947,515
India — 1.6%
Ambuja Cements, Ltd.		520,521		1,556,236
Andhra Bank		246,868		741,115
Asian Paints, Ltd.		21,527		1,533,821
Axis Bank, Ltd.		86,552		2,496,798
Bajaj Auto, Ltd.		29,853		939,683
Container Corporation of India, Ltd.@		23,263		541,082
Dabur India, Ltd.		320,170		816,495
Housing Development Finance Corporation		107,500		1,698,501
India Cements, Ltd. GDR		638,237		1,014,159
Infosys Technologies, Ltd. ADR		79,400		5,179,262
Lupin, Ltd.*		119,046		1,196,252
NTPC, Ltd.*		76,900		321,517
Opto Circuits India, Ltd.*		92,158		615,795
Pantaloon Retail India, Ltd.		26,733		206,526
Reliance Capital, Ltd.*		67,100		868,273
Shriram Transport Finance Co., Ltd.		118,716		1,637,632
SKS Microfinance, Ltd.*		18,656		143,752
United Phosphorus, Ltd.*		87,199		297,864
Welspun Corporation Ltd.		75,572		292,297
				22,097,060
Indonesia — 1.0%
PT Bank Danamon Indonesia Tbk		1,360,346		951,790
PT Bank Rakyat Indonesia Tbk		3,625,634		2,748,134
PT Indocement Tunggal Prakarsa Tbk		1,163,280		2,312,859
PT Medco Energi Internasional Tbk		4,134,000		1,132,867
PT Panin Financial Tbk		13,077,044		271,437
PT Ramayana Lestari Sentosa Tbk		3,160,500		287,469
PT Semen Gresik Persero Tbk		793,137		887,892
PT Telekomunikasi Indonesia Tbk		3,350,199		2,871,432
Telekomunikasi Indonesia Tbk PT ADRD		46,261		1,596,004
				13,059,884
Ireland — 0.5%
Experian PLC‡‡		289,662		3,688,940
James Hardie Industries SE ADR*		107,900		678,165
Shire PLC		86,980		2,715,202
WPP PLC‡‡		34,882		436,676
				7,518,983
Israel — 0.4%
Check Point Software Technologies, Ltd.D*		29,300		1,665,705
Teva Pharmaceutical Industries, Ltd. ADR		91,400		4,407,308
				6,073,013
Italy — 1.9%
ACEA SpA		75,579		775,431
Banca Monte dei Paschi di Siena SpA		260,700		197,534
Banca Popolare di Milano		115,194		272,124
Enel SpA		191,664		1,251,856
ENI SpA‡‡		370,170		8,755,290
Fiat Industrial SpA*		69,579		516,526
Fiat SpA‡‡		77,702		852,989

See Notes to Financial Statements.

120

	Shares		Value
Intesa Sanpaolo SpA		3,639,719	$	9,690,716
Mediaset SpA‡‡		38,630		181,616
Pirelli & C SpA		3,688		39,844
Saipem SpA		34,180		1,764,564
Telecom Italia SpA		179,220		249,371
Terna Rete Elettrica Nazionale SpA‡‡		6,035		28,058
Tod’s SpA		10,315		1,379,911
				25,955,830
Japan — 12.2%
Aeon Co., Ltd.		39,800		478,559
Aisin Seiki Co., Ltd.D		61,200		2,356,624
Ajinomoto Co., Inc.		40,000		473,511
Alfresa Holdings Corporation		100		3,876
Amada Co., Ltd.		10,000		76,517
Aozora Bank, Ltd.		56,600		130,770
Asahi Glass Co., Ltd.‡‡		45,200		525,523
Asahi Kasei Corporation		33,200		222,694
Astellas Pharma, Inc.		165,200		6,392,125
Bridgestone Corporation		14,300		327,903
Brother Industries, Ltd.		40,200		591,727
Canon, Inc.D‡‡		196,150		9,283,045
Central Japan Railway Co.‡‡		39		306,167
Chubu Electric Power Co., Inc.‡‡		22,500		438,793
Chuo Mitsui Trust Holdings, Inc.‡‡		503,840		1,746,120
Coca-Cola West Co., Ltd.		14,300		273,548
Cosmo Oil Co., Ltd.		181,000		512,614
Credit Saison Co., Ltd.‡‡		8,900		148,914
Daicel Chemical Industries, Ltd.‡‡		31,000		204,087
Daido Steel Co., Ltd.		74,000		492,690
Daihatsu Motor Co., Ltd.		113,000		1,914,564
Dai-ichi Life Insurance Co., Ltd. (The)		126		175,763
Daiichi Sankyo Co., Ltd.		5,100		99,396
Daito Trust Construction Co., Ltd.‡‡		26,300		2,224,744
Daiwa House Industry Co., Ltd.‡‡		3,000		37,675
Denso Corporation		1,300		48,154
East Japan Railway Co.‡‡		6,000		342,836
Ebara Corporation		327,000		1,917,198
Elpida Memory, Inc.*		25,600		298,913
FANUC Corporation		12,900		2,143,991
Fuji Electric Co., Ltd.		93,000		288,802
Fuji Heavy Industries, Ltd.‡‡		78,900		609,599
FUJIFILM Holdings Corporation‡‡		11,300		350,770
Fujitsu, Ltd.‡‡		343,000		1,951,357
Fukuoka Financial Group, Inc.‡‡		45,000		187,255
Gree, Inc.		48,900		1,063,585
Gunma Bank, Ltd. (The)		15,000		79,001
Hakuhodo DY Holdings, Inc.		2,400		127,595
Hikari Tsushin, Inc.		6,000		141,383
Hino Motors, Ltd.		117,000		678,703
Hitachi High-Technologies Corporation		6,000		130,874
Hitachi, Ltd.		496,000		2,914,204
Hokuhoku Financial Group, Inc.‡‡		135,000		266,629
Hokuriku Electric Power Co.		12,900		245,806
Honda Motor Co., Ltd.‡‡		12,900		494,336
Hoya Corporation		94,200		2,075,782
Idemitsu Kosan Co., Ltd.		7,900		839,998
IHI Corporation		413,000		1,061,934
Inpex Corporation		816		6,000,522
Isuzu Motors, Ltd.‡‡		99,100		466,541
ITOCHU Corporation‡‡		72,800		753,275
Itochu Techno-Solutions Corporation‡‡		3,600		127,311
Japan Petroleum Exploration Co.‡‡		1,800		84,181
Japan Prime Realty Investment Corporation REIT		9		23,812
Japan Real Estate Investment Corporation REIT		7		68,778
Japan Retail Fund Investment Corporation REIT		20		30,756
Japan Steel Works, Ltd. (The)		2,000		13,639
JFE Holdings, Inc.		1,200		32,853
JGC Corporation		78,000		2,126,700
JSR Corporation		16,600		320,020
JTEKT Corporation‡‡		43,400		635,595
JX Holdings, Inc.‡‡		33,170		222,081
Kajima Corporation		27,000		77,138
Kaneka Corporation‡‡		25,000		163,654
Kansai Electric Power Co., Inc. (The)		29,700		590,274
Kao Corporation‡‡		249,100		6,528,799
KDDI Corporation‡‡		850		6,092,168
Keisei Electric Railway Co., Ltd.		4,000		23,601
Kinden Corporation‡‡		31,000		264,543
Kobe Steel, Ltd.‡‡		305,000		689,522
Komatsu, Ltd.		60,900		1,888,917
Konica Minolta Holdings, Inc.‡‡		250,500		2,081,666
Kubota Corporation		6,000		52,841
Kuraray Co., Ltd.‡‡		129,500		1,890,100
Kyocera Corporation		7,600		769,393
Lawson, Inc.		65,100		3,408,441
Leopalace21 Corporation‡‡		4,600		6,514
Makita Corporation‡‡		6,400		296,528
Marubeni Corporation		222,800		1,472,326
Maruichi Steel Tube, Ltd.‡‡		15,600		385,616
Miraca Holdings, Inc.‡‡		8,700		351,761
Mitsubishi Chemical Holdings Corporation		74,500		525,632
Mitsubishi Corporation		85,200		2,116,639
Mitsubishi Electric Corporation		67,800		783,231
Mitsubishi Estate Co., Ltd.‡‡		18,000		314,366
Mitsubishi Heavy Industries, Ltd.		192,000		899,124
Mitsubishi Motors Corporation*		25,000		30,433
Mitsubishi UFJ Financial Group, Inc.‡‡		192,300		931,582
Mitsubishi UFJ Lease & Finance Co., Ltd.‡‡		4,320		166,350
Mitsui & Co., Ltd.‡‡		76,500		1,315,148
Mitsui Engineering & Shipbuilding Co., Ltd.		12,000		26,085
Mitsui Fudosan Co., Ltd.‡‡		11,000		188,286
Mitsumi Electric Co., Ltd.		1,300		12,789
Mizuho Financial Group, Inc.‡‡		63,200		103,626
Mizuho Securities Co., Ltd.‡‡		3,000		7,192

See Notes to Financial Statements.

121

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Mizuho Trust & Banking Co., Ltd.		10,000	$	8,819
NHK Spring Co., Ltd.		47,000		478,144
Nintendo Co., Ltd.		5,600		1,048,283
Nippon Building Fund, Inc. REIT		8		78,107
Nippon Electric Glass Co., Ltd.‡‡		180,100		2,295,293
Nippon Kayaku Co., Ltd.‡‡		10,000		105,087
Nippon Meat Packers, Inc.‡‡		11,000		157,133
Nippon Shokubai Co., Ltd.‡‡		14,000		170,076
Nippon Telegraph & Telephone Corporation‡‡		44,600		2,141,221
Nippon Yusen KK		45,800		169,535
Nishi-Nippon City Bank, Ltd. (The)‡‡		110,200		324,420
Nisshin Seifun Group, Inc.‡‡		19,500		242,705
Nisshin Steel Co., Ltd.		17,000		32,309
Nitto Denko Corporation‡‡		17,100		863,443
NKSJ Holdings, Inc.		265,000		1,741,320
Nomura Research Institute, Ltd.		44,000		959,195
NTN Corporation		16,000		90,628
NTT Data Corporation‡‡		8		26,443
NTT DoCoMo, Inc.‡‡		306		543,544
OJI Paper Co., Ltd.‡‡		11,000		52,605
Olympus Corporation		55,500		1,862,065
Omron Corporation‡‡		2,000		55,351
Ono Pharmaceutical Co., Ltd.		1,400		74,778
ORIX Corporation‡‡		1,590		153,855
Osaka Gas Co., Ltd.‡‡		77,000		291,721
Otsuka Corporation		4,600		285,411
Pacific Metals Co., Ltd.		26,000		191,193
Rakuten, Inc.		3,240		3,344,438
Rengo Co., Ltd.‡‡		4,000		26,383
Rinnai Corporation		2,000		144,090
Rohm Co., Ltd.		13,900		793,373
Ryohin Keikaku Co., Ltd.D		19,300		921,787
Sanrio Co., Ltd.D		57,100		2,220,024
SBI Holdings, Inc.		176		16,243
Seino Holdings Corporation‡‡		24,000		172,014
Sekisui Chemical Co., Ltd.‡‡		61,000		519,036
Sekisui House, Ltd.‡‡		8,000		74,132
Seven & I Holdings Co., Ltd.‡‡		296,200		7,936,195
Shimadzu Corporation		36,000		328,228
Shimamura Co., Ltd.		13,700		1,303,546
Shimizu Corporation		46,000		190,845
Shin-Etsu Chemical Co., Ltd.		130,400		6,956,934
Showa Shell Sekiyu KK		21,300		196,847
SMC Corporation		13,400		2,403,528
Softbank Corporation‡‡		10,700		402,720
Sojitz Corporation‡‡		63,300		117,943
Sony Corporation‡‡		16,500		433,892
Sumitomo Corporation‡‡		19,900		269,190
Sumitomo Heavy Industries, Ltd.‡‡		49,000		339,631
Sumitomo Metal Industries, Ltd.		18,000		40,246
Sumitomo Metal Mining Co., Ltd.		10,000		163,344
Sumitomo Mitsui Financial Group, Inc.‡‡		37,700		1,155,749
Sumitomo Realty & Development Co., Ltd.‡‡		5,000		111,111
T&D Holdings, Inc.		1,500		35,495
Taisei Corporation		156,000		356,549
Taisho Pharmaceutical Co., Ltd.		3,000		67,449
Takeda Pharmaceutical Co., Ltd.‡‡		157,300		7,258,798
TDK Corporation‡‡		300		16,434
Teijin, Ltd.		48,000		210,471
Tohoku Electric Power Co., Inc.		2,300		33,169
Tokai Rika Co., Ltd.‡‡		8,300		159,804
Tokio Marine Holdings, Inc.‡‡		165,200		4,606,844
Tokuyama Corporation		63,000		316,154
Tokyo Electric Power Co., Inc. (The)		8,900		36,040
Tokyo Electron, Ltd.		42,200		2,290,715
Tokyo Gas Co., Ltd.		30,000		135,271
Tokyu Land Corporation		5,000		21,117
TonenGeneral Sekiyu KK		22,000		269,996
Toshiba Corporation		15,300		80,201
Tosoh Corporation		8,000		31,998
Toyo Seikan Kaisha, Ltd.		5,000		83,659
Toyota Auto Body Co., Ltd.		14,900		243,938
Toyota Motor Corporation‡‡		130,540		5,350,997
Trend Micro, Inc.		29,000		896,603
Ube Industries, Ltd.		177,000		529,868
UNY Co., Ltd.		33,900		313,713
USS Co., Ltd.‡‡		4,040		312,641
West Japan Railway Co.‡‡		4,000		156,015
Yamada Denki Co., Ltd.‡‡		18,630		1,511,135
Yamaguchi Financial Group, Inc.		14,000		130,253
Yamaha Corporation		7,900		89,593
Yamaha Motor Co., Ltd.		91,100		1,665,725
Yamatake Corporation		15,600		346,667
Yamato Holdings Co., Ltd.‡‡		5,200		81,451
				165,719,919
Jersey — 0.0%
Randgold Resources, Ltd.		484		40,821
Kazakhstan — 0.1%
KazakhGold Group, Ltd. GDR*		28,367		96,731
Kazkommerstsbank JSC GDR*		40,200		221,100
Kazkommertsbank ADR 144A*		100,323		551,777
				869,608
Kenya — 0.1%
Safaricom, Ltd.		24,971,300		1,104,244
Lebanon — 0.0%
Solidere GDR 144A		31,199		545,047
Solidere GDR		12,200		213,622
				758,669
Luxembourg — 0.1%
Millicom International Cellular SA ADR‡‡		858		89,528
Oriflame Cosmetics SA ADR		16,100		792,375
				881,903
Malaysia — 0.5%
AirAsia Bhd		1,063,265		1,239,507
Axiata Group Bhd		906,500		1,504,079
CIMB Group Holdings Bhd		683,596		2,021,696
Faber Group Bhd		364,300		252,157
KLCC Property Holdings Bhd		449,700		498,922
Lafarge Malayan Cement Bhd		161,680		398,912
Petronas Chemicals Group Bhd*		111,100		260,871

See Notes to Financial Statements.

122

	Shares		Value
RHB Capital Bhd		320,847	$	973,326
				7,149,470
Mexico — 0.9%
America Movil SAB de CV ADR Series LD		73,976		3,985,827
Cemex SAB de CV ADRD*		171,065		1,471,159
Corporacion Moctezuma SAB de CV		174,707		444,657
Genomma Lab Internacional SAB de CV*		403,014		1,025,735
Gruma SAB de CV*		466,400		967,974
Grupo Financiero Banorte SAB de CV		186,379		846,215
Grupo Financiero Inbursa SA		302,943		1,552,167
Industrias Bachoco SAB de CV ADR		21,095		508,390
Megacable Holdings SAB de CV*		178,995		408,485
Wal-Mart de Mexico SAB de CV		265,300		787,392
				11,998,001
Netherlands — 4.5%
ASML Holding NV		56,016		2,063,294
Corio NV REIT		363		24,057
Delta Lloyd NV		33,411		794,116
European Aeronautic Defence and Space Co., NV		40,400		1,352,174
ING Groep NV*‡‡		1,087,936		13,392,918
Koninklijke Ahold NV‡‡		645,187		8,669,484
Koninklijke BAM Groep NV		50,600		316,699
Koninklijke Boskalis Westminster NV		9		425
Koninklijke DSM NV‡‡		8,327		540,437
PostNL NV		47,396		402,218
Randstad Holding NV		91,500		4,229,477
Reed Elsevier NV		523,668		7,028,260
Royal Dutch Shell PLC Class AD‡‡		301,051		10,692,129
Royal Dutch Shell PLC Class B‡‡		184,656		6,591,152
Royal KPN NV		83,500		1,214,515
SBM Offshore NV		112,699		2,980,988
TNT Express NV*		47,396		491,569
Unilever NV‡‡		22,412		734,684
				61,518,596
New Zealand — 0.0%
Telecom Corporation of New Zealand, Ltd.		293,157		596,272
Nigeria — 0.3%
First Bank of Nigeria PLC		9,297,300		762,074
First City Monument Bank PLC		8,010,291		375,565
Guaranty Trust Bank PLC		3,924,301		400,922
Guaranty Trust Bank PLC ADR		84,085		420,425
United Bank for Africa PLC		10,716,911		396,350
Zenith Bank PLC		13,165,109		1,265,576
				3,620,912
Norway — 0.5%
Telenor ASAD		117,291		1,920,736
TGS Nopec Geophysical Co ASA		63,258		1,773,989
Yara International ASA		45,650		2,569,698
				6,264,423
Panama — 0.1%
Copa Holdings SA Class AD		19,166		1,279,139
Peru — 0.1%
Credicorp, Ltd.		14,300		1,231,230
Philippines — 0.1%
International Container Terminal Services, Inc.		790,126		915,295
Philippine Long Distance Telephone Co. ADRD		11,044		596,818
				1,512,113
Poland — 0.2%
KGHM Polska Miedz SA		32,220		2,314,183
Russia — 1.8%
Federal Hydrogenerating Co. JSC*		438,970		2,123,803
Gazprom OAO ADRD		135,649		1,974,764
Global Ports Investment, Ltd. 144A*		19,539		340,956
LSR Group OJSC GDR		66,200		522,980
Lukoil OAO ADR		4,268		272,085
Magnit OJSC@		16,379		2,205,255
Mail.ru Group, Ltd. GDR*		1,364		45,312
NOMOS-BANK GDR 144A*		21,208		369,655
NOMOS-BANK GDR *		11,400		203,490
NovaTek OAO GDR		27,819		3,686,900
Novorossiysk Commercial Sea Port ADR 144A		10,302		92,512
Novorossiysk Commercial Sea Port GDR		68,934		619,027
Polyus Gold OJSC ADRD		61,985		1,946,329
Raspadskaya		231,072		1,421,093
Sberbank of Russia		1,851,647		6,814,061
WGC-3 OJSC		10,343,800		496,502
X5 Retail Group NV GDR*		43,944		1,718,210
				24,852,934
Singapore — 1.5%
Ascendas Real Estate
Investment Trust REIT+‡‡		30,000		49,825
CapitaLand, Ltd.		78,000		184,792
CapitaMall Trust REIT‡‡		33,000		50,240
City Developments, Ltd.		6,000		50,802
Cosco Corporation Singapore, Ltd.		140,000		222,258
DBS Group Holdings, Ltd.		31,000		369,991
Golden Agri-Resources, Ltd.		428,300		237,111
Jardine Cycle & Carriage, Ltd.‡‡		2,000		70,015
Keppel Corporation, Ltd.		470,100		4,240,583
Neptune Orient Lines, Ltd.		31,000		38,614
Oversea-Chinese Banking Corporation, Ltd.‡‡		55,000		419,116
SembCorp Industries, Ltd.‡‡		514,300		2,089,357
SembCorp Marine, Ltd.		21,000		90,613
Singapore Airlines, Ltd.		18,000		207,799
Singapore Exchange, Ltd.‡‡		200,000		1,226,085
Singapore Press Holdings, Ltd.		28,000		88,903
Singapore Technologies Engineering, Ltd.‡‡		26,000		63,714
Singapore Telecommunications, Ltd.‡‡		2,403,700		6,183,906
StarHub, Ltd.‡‡		3,000		6,815

See Notes to Financial Statements.

123

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
United Overseas Bank, Ltd.‡‡		254,417	$	4,076,306
UOL Group, Ltd.‡‡		3,186		12,917
				19,979,762
Slovenia — 0.0%
Krka dd Novo mesto		7,500		652,571
South Africa — 1.7%
AngloGold Ashanti, Ltd. ADRD		58,533		2,463,654
Bidvest Group, Ltd.		93,414		2,079,151
Exxaro Resources, Ltd.		74,970		1,978,748
Gold Fields, Ltd. ADR		171,698		2,505,074
Impala Platinum Holdings, Ltd.		46,200		1,244,813
MTN Group, Ltd.		307,674		6,547,707
MTN Group, Ltd. ADR		23,800		509,320
Murray & Roberts Holdings, Ltd.		159,824		709,089
Omnia Holdings, Ltd.		44,400		520,839
Pick’n Pay Stores, Ltd.D		117,631		721,951
Royal Bafokeng Platinum, Ltd.*		14,696		145,617
Sasol, Ltd.		27,655		1,455,918
Standard Bank Group, Ltd.		116,030		1,715,448
				22,597,329
South Korea — 2.3%
Celltrion, Inc.D		55,740		2,307,599
Hyundai Department Store Co., Ltd.		6,460		1,049,792
Hyundai Heavy Industries Co., Ltd.		2,480		1,030,188
Hyundai Hysco		27,440		1,313,337
Kia Motors Corporation		28,500		1,929,986
KIWOOM Securities Co., Ltd.		6,828		358,779
Korea Electric Power Corporation		140,136		3,721,122
Korea Zinc Co, Ltd.		1,989		762,886
KT Corporation ADRD		55,462		1,078,181
KTB Investment & Securities Co., Ltd.*		35,429		96,234
LG Chem, Ltd.		5,360		2,449,941
MegaStudy Co., Ltd.		3,107		417,313
Mirae Asset Securities Co., Ltd.		12,190		512,079
Samsung Electronics Co., Ltd.		9,017		6,976,108
Samsung Electronics Co., Ltd. (Non-Voting Shares) GDR 144A		5,207		1,365,578
Samsung Fire & Marine Insurance Co., Ltd.		9,720		2,257,819
Shinhan Financial Group Co., Ltd.		48,511		2,312,752
SK Telecom Co., Ltd. ADRD		48,255		902,368
				30,842,062
Spain — 3.4%
Amadeus IT Holding SA*		169,000		3,507,048
Banco Bilbao Vizcaya Argentaria SA‡‡		308,650		3,621,014
Banco Espanol de Credito SA‡‡		8,518		65,838
Banco Santander SA‡‡		1,248,154		14,413,194
Bolsas y Mercados Espanoles SA‡‡		1,314		39,111
Endesa SA‡‡		42,532		1,416,130
Iberdrola SA		834,189		7,423,965
Inditex SA‡‡		62,515		5,696,863
Prosegur Cia de Seguridad SA		4,500		239,298
Repsol YPF SA‡‡		68,866		2,390,806
Telefonica SA‡‡		308,222		7,535,925
				46,349,192
Sri Lanka — 0.0%
Dialog Axiata PLC		2,452,710		199,353
Sweden — 1.7%
Alfa Laval AB		85,400		1,840,261
Assa Abloy AB Class B		29,058		780,981
Atlas Copco AB Class A		343,140		9,032,570
Boliden AB‡‡		80,087		1,478,872
Getinge AB		8,885		238,518
Investor AB‡‡		3,383		77,552
JM AB		17,200		405,853
Lundin Petroleum AB*		27,639		375,791
NCC AB		19,639		446,793
Sandvik AB‡‡		157,371		2,759,192
Scania AB‡‡		43,492		1,008,707
Svenska Handelsbanken AB		77,000		2,375,055
Swedbank AB‡‡		6,058		101,809
Tele2 AB‡‡		45,782		904,754
Trelleborg AB		37,400		415,674
Volvo AB Class B‡‡		26,390		461,028
				22,703,410
Switzerland — 6.6%
ABB, Ltd.‡‡		212,991		5,522,693
Actelion, Ltd.*		7,900		389,104
Cie Financiere Richemont SA‡‡		98,617		6,457,170
Clariant AG‡‡		16,908		323,178
Credit Suisse Group AG		56,213		2,186,340
Ferrexpo PLC		20,100		151,491
Galenica AG		300		191,971
Geberit AG		7,300		1,729,599
Glencore International PLC*		10,000		78,803
Julius Baer Group, Ltd.		250,375		6,936,248
Kuehne + Nagel International AG		2,400		364,246
Nestle SA‡‡		213,632		13,276,565
Novartis AG‡‡		197,957		12,125,823
Orascom Development Holding AGD		10,515		346,435
Panalpina Welttransport Holding AG		2,207		303,192
Roche Holding AG‡‡		26,573		4,447,007
Schindler Holding AG‡‡		1,099		133,592
STMicroelectronics NV‡‡		7,032		70,067
Sulzer AG‡‡		2,898		471,539
Swatch Group AG (The)		7,490		3,775,512
Swiss Life Holding AG		6,544		1,073,348
Syngenta AG		12,256		4,137,083
Synthes, Inc. 144A		16,900		2,972,953
Transocean, Ltd.		4,575		297,654
UBS AG‡‡		493,256		8,993,892
Wolseley PLC‡‡		39,251		1,280,081
Xstrata PLC‡‡		195,549		4,304,419
Zurich Financial Services AG‡‡		28,203		7,131,677
				89,471,682
Taiwan — 1.6%
Catcher Technology Co., Ltd.		266,000		1,676,188
Cathay Financial Holding Co., Ltd.		904,200		1,399,262
Chroma ATE, Inc.		89,345		284,301
HTC Corporation		66,250		2,228,054
MediaTek, Inc.		106,719		1,159,202

See Notes to Financial Statements.

124

	Shares		Value
Richtek Technology Corporation		43,100	$	295,601
Taiwan Semiconductor Manufacturing Co., Ltd.		3,624,011		9,109,391
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		437,800		5,520,658
				21,672,657
Thailand — 0.6%
Bank of Ayudhya PCL ADR		1,454,348		1,349,029
Central Pattana PCL@		519,057		494,139
Central Pattana PCL ADR		195,800		186,400
Charoen Pokphand Foods PCL		4,008,100		3,848,298
CP ALL PCL@		532,499		766,903
Siam Commercial Bank PCL@		350,326		1,265,620
				7,910,389
Turkey — 0.6%
Akfen Holding AS*		43,000		317,930
Coca-Cola Icecek AS		69,453		1,024,892
Turkcell Iletisim Hizmet AS		271,784		1,460,232
Türkiye Garanti Bankasi AS		917,158		4,159,140
Yapi ve Kredi Bankasi AS*		338,531		851,020
				7,813,214
United Kingdom — 14.2%
Admiral Group PLC		2,551		68,005
Aegis Group PLC		249,000		639,414
Amlin PLC‡‡		22,196		144,667
Anglo American PLC‡‡		234,764		11,626,949
ARM Holdings PLC		342,930		3,236,279
Associated British Foods PLC		7,361		127,946
AstraZeneca PLC‡‡		63,526		3,168,806
Autonomy Corporation PLC*		67,081		1,837,791
Aviva PLC‡‡		631,187		4,447,190
Barclays PLC‡‡		66,421		273,383
Berkeley Group Holdings PLC*		9,900		204,651
BG Group PLC		505,703		11,476,463
BHP Billiton PLC‡‡		363,999		14,324,642
BP PLC‡‡		1,116,983		8,222,258
British Land Co. PLC‡‡		187,201		1,829,737
British Sky Broadcasting Group PLC		16,280		221,179
Britvic PLC		611,878		3,874,137
BT Group PLC‡‡		430,691		1,392,849
Burberry Group PLC‡‡		29,971		697,481
Cairn Energy PLC*		19,660		130,884
Capital Shopping Centres Group PLC REIT		3,152		20,210
Centrica PLC‡‡		50,998		264,620
Compass Group PLC		1,075,779		10,376,734
Cookson Group PLC		44,500		480,303
Croda International PLC		1,382		41,855
Daily Mail & General Trust PLC		34,700		258,634
Drax Group PLC‡‡		36,168		292,272
Electrocomponents PLC		18,300		80,064
Eurasian Natural Resources Corporation PLC		49,106		615,923
GKN PLC		262,060		974,939
GlaxoSmithKline PLC‡‡		530,459		11,357,187
Hammerson PLC REIT‡‡		6,134		47,393
Hays PLC		63,300		104,641
HSBC Holdings PLC‡‡		1,118,328		11,099,459
IMI PLC‡‡		27,453		463,961
Inchcape PLC		82,436		552,907
Intermediate Capital Group PLC		107,471		556,613
International Power PLC‡‡		2,682		13,848
Investec PLC‡‡		12,523		101,399
ITV PLC*		384,994		441,797
J Sainsbury PLC		88,346		467,061
John Wood Group PLC		10,000		103,921
Kesa Electricals PLC‡‡		288,647		637,917
Kingfisher PLC‡‡		66,957		287,141
Land Securities Group PLC REIT‡‡		10,536		144,156
Legal & General Group PLC‡‡		424,338		804,994
Lloyds Banking Group PLC*‡‡		2,014,596		1,584,336
Meggitt PLC		292,900		1,793,399
Michael Page International PLC		22,272		191,239
Misys PLC		62,042		418,214
Mondi PLC‡‡		97,418		970,162
National Grid PLC		34,800		342,096
Pearson PLC		90,100		1,700,573
Persimmon PLC‡‡		93,154		721,077
Prudential PLC		510,037		5,893,826
Reckitt Benckiser Group PLC		88,300		4,875,086
Reed Elsevier PLC		17,027		154,674
Rentokil Initial PLC*		228,958		349,278
Rexam PLC		275,993		1,695,638
Rio Tinto PLC‡‡		61,267		4,415,546
Rolls-Royce Group PLC‡‡		35,976,480		57,741
Rolls-Royce Holdings PLC‡‡		503,328		5,210,434
Rotork PLC		66,100		1,788,637
Royal Bank of Scotland Group PLC*‡‡		1,469,344		906,976
RSA Insurance Group PLC		43,200		93,532
Sage Group PLC (The)‡‡		50,357		233,491
Scottish & Southern Energy PLC		52,693		1,178,059
Severn Trent PLC		2,552		60,291
Smith & Nephew PLC		165,515		1,766,535
Smiths Group PLC		5,400		104,088
Spirax-Sarco Engineering PLC		45,400		1,458,029
Stagecoach Group PLC‡‡		25,414		104,133
Standard Chartered PLC		378,300		9,945,197
Tate & Lyle PLC‡‡		152,664		1,509,317
Tesco PLC‡‡		1,469,564		9,481,514
TUI Travel PLC		378,502		1,363,183
Tullow Oil PLC		187,557		3,732,657
Unilever PLC‡‡		248,491		8,000,271
Vodafone Group PLC‡‡		3,615,883		9,592,910
WH Smith PLC		6,114		48,072
WM Morrison Supermarkets PLC		625,653		2,989,341
				193,264,212
Total Foreign Common Stocks (Cost $1,141,664,624)				1,285,220,636
FOREIGN PREFERRED STOCKS — 0.7%
Belgium — 0.0%
Fortis*		106,120		154
Brazil — 0.2%
Ultrapar Participacoes SA		115,268		2,048,848
Chile — 0.0%
Embotelladora Andina SA Class A		38,000		162,619

See Notes to Financial Statements.

125

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

	Shares			Value
Embotelladora Andina SA Class B		22,900		$	109,269
					271,888
Germany — 0.2%
Hugo Boss AG		500			50,763
Porsche Automobil Holding SE		33,082			2,624,185
ProSiebenSat.1 Media AG		6,400			181,444
Volkswagen AG‡‡		2,052			423,594
					3,279,986
South Korea — 0.3%
LG Electronics, Inc.D		82,710			2,382,178
Samsung Electronics Co., Ltd.		3,019			1,583,515
					3,965,693
Total Foreign Preferred Stocks (Cost $7,958,442)					9,566,569
MONEY MARKET FUNDS — 6.9%
GuideStone Money Market Fund (GS4 Class)¥		36,664,324			36,664,324
Northern Institutional Liquid Assets Portfolio§		56,992,898			56,992,898
Total Money Market Funds (Cost $93,657,222)					93,657,222
TOTAL INVESTMENTS — 102.0% (Cost $1,243,391,471)					1,388,552,127
SECURITIES SOLD SHORT — (1.7)%
Australia — (0.1)%
Amcor, Ltd.		(9,524	)		(73,548	)
Asciano Group		(16,445	)		(28,926	)
Billabong International, Ltd.		(24,994	)		(161,111	)
BlueScope Steel, Ltd.		(69,057	)		(89,251	)
Bradken, Ltd.		(8,877	)		(75,787	)
Cochlear, Ltd.		(1,231	)		(95,062	)
ConnectEast Group		(111,654	)		(55,087	)
David Jones, Ltd.		(5,185	)		(22,578	)
Energy Resources of Australia, Ltd.		(3,374	)		(14,837	)
Incitec Pivot, Ltd.		(2,672	)		(11,062	)
Insurance Australia Group, Ltd.		(17,586	)		(64,130	)
JB Hi-Fi, Ltd.		(1,542	)		(28,232	)
Macquarie Group, Ltd.		(1,242	)		(41,628	)
Onesteel Ltd		(79,261	)		(157,271	)
Perpetual, Ltd.		(4,493	)		(120,137	)
Primary Health Care, Ltd.		(85	)		(313	)
QBE Insurance Group, Ltd.		(2,848	)		(52,692	)
Seek, Ltd.		(36,627	)		(252,990	)
Seven West Media, Ltd.		(3,275	)		(14,226	)
Sims Metal Management, Ltd.		(1,051	)		(19,896	)
Toll Holdings, Ltd.		(20,115	)		(104,635	)
Transfield Services, Ltd.		(63,828	)		(229,336	)
WorleyParsons, Ltd.		(2,765	)		(83,748	)
					(1,796,483	)
Belgium — 0.0%
Dexia SA*		(16,388	)		(51,024	)
Denmark — (0.1)%
D/S Norden		(2,851	)		(98,167	)
FLSmidth & Co. A/S		(2,743	)		(232,948	)
Tryg A/S		(9,696	)		(559,319	)
Vestas Wind Systems A/S*		(7,036	)		(163,472	)
William Demant Holding A/S*		(3,050	)		(275,267	)
					(1,329,173	)
Finland — (0.1)%
Konecranes OYJ		(1,661	)		(67,492	)
Outokumpu OYJ		(33,533	)		(444,218	)
Rautaruukki OYJ		(14,249	)		(321,934	)
YIT OYJ		(4,951	)		(123,779	)
					(957,423	)
France — (0.2)%
Air France-KLM*		(286	)		(4,390	)
Alcatel-Lucent*		(30,943	)		(178,951	)
EDF SA		(6,386	)		(251,012	)
Eiffage SA		(7,634	)		(505,147	)
Iliad SA		(1,325	)		(177,793	)
Neopost SA		(2,999	)		(257,636	)
PagesJaunes Groupe		(8,076	)		(72,623	)
Vallourec SA		(7,209	)		(878,047	)
					(2,325,599	)
Germany — (0.1)%
Commerzbank AG		(47,077	)		(202,691	)
Hamburger Hafen und Logistik AG		(15,437	)		(670,687	)
Puma AG Rudolf Dassler Sport		(689	)		(217,966	)
SGL Carbon SE*		(4,284	)		(242,287	)
					(1,333,631	)
Ireland — 0.0%
Charter International PLC		(18,252	)		(232,006	)
James Hardie Industries SE ADR*		(30,130	)		(189,371	)
United Business Media, Ltd.		(4,043	)		(36,110	)
					(457,487	)
Italy — (0.1)%
A2A SpA		(324,083	)		(504,749	)
Banca Carige SpA		(25,954	)		(58,827	)
Buzzi Unicem SpA		(24,559	)		(342,077	)
Mediolanum SpA		(36,849	)		(170,143	)
					(1,075,796	)
Japan — (0.4)%
ABC-Mart, Inc.		(4,100	)		(166,027	)
Advantest Corporation		(6,800	)		(124,335	)
Aeon Credit Service Co., Ltd.		(4,500	)		(61,375	)
Bank of Kyoto, Ltd. (The)		(9,000	)		(82,616	)
Chiyoda Corporation		(14,000	)		(160,512	)
Disco Corporation		(2,800	)		(176,685	)
Don Quijote Co., Ltd.		(2,400	)		(83,264	)
Dowa Holdings Co., Ltd.		(6,000	)		(36,967	)
Fast Retailing Co., Ltd.		(600	)		(96,665	)
Furukawa Electric Co, Ltd.		(62,000	)		(257,226	)
GS Yuasa Corporation		(25,000	)		(166,139	)
Hirose Electric Co., Ltd.		(1,000	)		(102,105	)
Hiroshima Bank, Ltd. (The)		(5,000	)		(21,738	)
Hisamitsu Pharmaceutical Co., Inc.		(1,300	)		(55,307	)
Hitachi Construction Machinery Co., Ltd.		(3,000	)		(66,853	)
Isetan Mitsukoshi Holdings, Ltd.		(3,500	)		(34,128	)
Jafco Co., Ltd.		(4,900	)		(122,219	)
Kintetsu Corporation		(30,000	)		(96,143	)
Mabuchi Motor Co., Ltd.		(700	)		(35,215	)
Matsui Securities Co., Ltd.		(21,500	)		(103,087	)
MS&AD Insurance Group Holdings, Inc.		(4,500	)		(104,863	)
NGK Insulators, Ltd.		(19,000	)		(352,127	)

See Notes to Financial Statements.

126

	Shares			Value
Nidec Corporation		(2,200	)	$	(203,317	)
Nippon Sheet Glass Co., Ltd.		(30,000	)		(92,789	)
Nissha Printing Co., Ltd.		(1,300	)		(23,754	)
Nitori Holdings Co., Ltd.		(550	)		(52,127	)
NOK Corporation		(100	)		(1,706	)
NSK, Ltd.		(6,000	)		(59,549	)
Olympus Corporation		(2,900	)		(97,297	)
OSAKA Titanium Technologies Co.		(1,200	)		(87,349	)
Rakuten, Inc.		(369	)		(380,894	)
Seven Bank, Ltd.		(18	)		(35,931	)
Shimadzu Corporation		(10,000	)		(91,174	)
Shinko Electric Industries Co., Ltd.		(11,000	)		(103,025	)
Shiseido Co., Ltd.		(1,800	)		(33,516	)
Sumco Corporation		(5,900	)		(99,085	)
Sumitomo Chemical Co., Ltd.		(3,000	)		(14,906	)
Suruga Bank, Ltd.		(3,000	)		(26,048	)
Taiyo Nippon Sanso Corporation		(21,000	)		(166,685	)
THK Co., Ltd.		(200	)		(5,068	)
Tokyo Broadcasting System, Inc.		(10,800	)		(129,994	)
Toyota Boshoku Corporation		(4,300	)		(71,092	)
Trend Micro, Inc.		(1,100	)		(34,009	)
Tsumura & Co.		(6,900	)		(220,272	)
Ushio, Inc.		(3,600	)		(70,788	)
Yakult Honsha Co., Ltd.		(5,000	)		(144,215	)
Yaskawa Electric Corporation		(11,000	)		(122,700	)
					(4,872,886	)
Luxembourg — 0.0%
Oriflame Cosmetics SA ADR		(11,611	)		(571,445	)
Netherlands — 0.0%
Koninklijke Boskalis Westminster NV		(9	)		(426	)
Koninklijke Vopak NV		(1,679	)		(82,272	)
SBM Offshore NV		(12,538	)		(331,641	)
					(414,339	)
Papua New Guinea — 0.0%
Oil Search, Ltd.		(3,551	)		(25,327	)
Spain — 0.0%
Acerinox SA		(4,905	)		(89,482	)
Gestevision Telecinco SA		(42,894	)		(372,658	)
Grifols SA		(2,193	)		(44,014	)
Zardoya Otis SA		(2,722	)		(40,105	)
					(546,259	)
Sweden — (0.1)%
Hexagon AB		(7,605	)		(187,324	)
Meda AB		(23,081	)		(251,055	)
SSAB AB		(20,221	)		(302,266	)
Trelleborg AB		(11,853	)		(131,738	)
					(872,383	)
Switzerland — (0.1)%
Nobel Biocare Holding AG		(21,924	)		(446,955	)
Sonova Holding AG		(3,667	)		(342,384	)
Swiss Re, Ltd.*		(1,299	)		(72,942	)
Swiss Reinsurance Co., Ltd.		(587	)		(32,794	)
Temenos Group AG*		(1,960	)		(60,379	)
					(955,454	)
United Kingdom — (0.4)%
Aegis Group PLC		(44,344	)		(113,872	)
Aggreko PLC		(1,778	)		(55,046	)
Antofagasta PLC		(13,646	)		(305,303	)
ARM Holdings PLC		(21,692	)		(204,710	)
Berkeley Group Holdings PLC*		(8,503	)		(175,773	)
Britvic PLC		(5,267	)		(33,348	)
Bunzl PLC		(3,984	)		(49,874	)
Capita Group PLC (The)		(46,534	)		(534,371	)
Chemring Group PLC		(10,985	)		(112,835	)
Cobham PLC		(94,680	)		(321,542	)
Cookson Group PLC		(1,688	)		(18,219	)
Dixons Retail PLC*		(10,002	)		(2,702	)
easyJet PLC*		(22,496	)		(129,653	)
Firstgroup PLC		(13,350	)		(73,042	)
Invensys PLC		(48,743	)		(251,824	)
Lonmin PLC		(13,390	)		(312,255	)
Man Group PLC		(64,118	)		(243,889	)
Marks & Spencer Group PLC		(22,627	)		(131,244	)
Next PLC		(12,221	)		(456,029	)
Pennon Group PLC		(25,179	)		(282,070	)
Petrofac, Ltd.		(3,008	)		(73,091	)
Provident Financial PLC		(5,561	)		(85,949	)
Prudential PLC		(11,697	)		(135,167	)
Standard Life PLC		(67,618	)		(228,443	)
Thomas Cook Group PLC		(113,072	)		(241,363	)
Travis Perkins PLC		(7,095	)		(112,676	)
Weir Group PLC (The)		(2,330	)		(79,540	)
					(4,763,830	)
Total Securities Sold Short (Cost $(21,118,439))					(22,348,539	)
Liabilities in Excess of Other Assets — (0.3)%					(4,338,644	)
NET ASSETS — 100.0%				$	1,361,864,944

Please see abbreviation and footnote definitions beginning on page 130.

See Notes to Financial Statements.

127

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

PORTFOLIO SUMMARY (based on net assets)

	%
Foreign Common Stocks
United Kingdom		14.2
Japan		12.2
France		7.9
Germany		7.5
Switzerland		6.6
Netherlands		4.5
Australia		3.9
China		3.4
Spain		3.4
Brazil		2.9
Canada		2.5
South Korea		2.3
Hong Kong		2.2
Italy		1.9
Russia		1.8
South Africa		1.7
Sweden		1.7
India		1.6
Taiwan		1.6
Singapore		1.5
Indonesia		1.0
Denmark		0.9
Mexico		0.9
Thailand		0.6
Turkey		0.6
Finland		0.5
Ireland		0.5
Malaysia		0.5
Norway		0.5
Egypt		0.4
Hungary		0.4
Israel		0.4
Nigeria		0.3
Argentina		0.2
Bermuda		0.2
Greece		0.2
Poland		0.2
Belgium		0.1
Colombia		0.1
Kazakhstan		0.1
Kenya		0.1
Luxembourg		0.1
Panama		0.1
Peru		0.1
Philippines		0.1
Austria		—	**
Chile		—	**
Estonia		—	**
Guernsey		—	**
Jersey		—	**
Lebanon		—	**
New Zealand		—	**
Slovenia		—	**
Sri Lanka		—	**
Total Foreign Common Stocks		94.4
Total Money Market Funds		6.9
Total Foreign Preferred Stocks		0.7
Total Futures Contracts		4.6
Total Forward Foreign Currency Contracts		1.0
Total Foreign Bonds		—	**
Total Securities Sold Short		(1.7	)
Total Investments		105.9

** Rounds to less than 0.005%.

See Notes to Financial Statements.

128

VALUATION HIERARCHY

The following is a summary of the inputs used, as of June 30, 2011, in valuing the Fund’s investments carried at fair value:

	Total Value			Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Foreign Bond	$	107,700		$	—		$	107,700		$	—
Foreign Common Stocks		1,285,220,636			1,285,162,895			—			57,741
Foreign Preferred Stocks		9,566,569			9,566,569			—			—
Money Market Funds		93,657,222			93,657,222			—			—
Total Assets — Investments in Securities	$	1,388,552,127		$	1,388,386,686		$	107,700		$	57,741
Other Financial Instruments***
Futures Contracts	$	2,148,497		$	2,148,497		$	—		$	—
Total Assets — Other Financial Instruments	$	2,148,497		$	2,148,497		$	—		$	—
Liabilities:
Securities Sold Short	$	(22,348,539	)	$	(22,348,539	)	$	—		$	—
Total Liabilities — Investments in Securities	$	(22,348,539	)	$	(22,348,539	)	$	—		$	—
Other Financial Instruments***
Forward Foreign Currency Contracts	$	(238,647	)	$	—		$	(238,647	)	$	—
Total Liabilities — Other Financial Instruments	$	(238,647	)	$	—		$	(238,647	)	$	—

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

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

	Total Value			Foreign Common Stocks
Balance, 12/31/10	$	212,441		$	212,441
Accrued discounts/premiums		—			—
Realized gain (loss)(1)		48,732			48,732
Change in unrealizedappreciation (depreciation)(2)		(77,762	)		(77,762	)
Purchases		59,027			59,027
Sales		(184,697	)		(184,697	)
Transfers in and/or out of Level 3		—			—
Balance, 06/30/11	$	57,741		$	57,741

⁽¹⁾  Realized gain (loss) from the sale of Level 3 securities can be found on the Statement of Operations in Net Realized Gain (loss) from Investment securities and securities sold short.

⁽²⁾  Change in unrealized appreciation (depreciation) can be found on the Statement of Operations in Net change in unrealized appreciation (depreciation) on Investment securities and securities sold short.

Level 1 - 2 Transfers

The Fund had common stocks valued at $511,892,106 as of December 31, 2010 that were either sold or transferred from Level 2 to Level 1 of the fair value hierarchy. The common stocks that transferred from Level 2 to Level 1 did so as a result of foreign equities that were fair valued at December 31, 2010 that are now being valued based on quoted prices. The value of the securities that were transferred to Level 1 as of June 30, 2011 is $332,322,707.

The Fund had common stocks valued at $4,690,585 as of December 31, 2010 that were either sold or transferred from Level 1 to Level 2 of the fair value hierarchy. The common stocks that transferred from Level 1 to Level 2 did so as a result of foreign equities that were being valued based on quoted prices December 31, 2010 that are now being fair valued. The value of the securities that were transferred to Level 2 as of June 30, 2011 is $0.

See Notes to Financial Statements.

129

ABBREVIATIONS AND FOOTNOTES

INVESTMENT ABBREVIATIONS:

ADR	—	American Depository Receipt
AMBAC	—	American Municipal Bond Assurance Corporation
CONV	—	Convertible
GDR	—	Global Depository Receipt
IO	—	Interest Only (Principal amount shown is notional)
LLC	—	Limited Liability Company
LOC	—	Letter of Credit
LP	—	Limited Partnership
NATL-RE	—	National Public Finance Guarantee Corporation
PIK	—	Payment-in-Kind Bonds
PIPE	—	Private Investment in Public Equity
PLC	—	Public Limited Company
PO	—	Principal Only
REIT	—	Real Estate Investment Trust
STEP	—	Stepped Coupon Bonds: Interest rates shown reflect the rates currently in effect.
STRIP	—	Stripped Security
TBA	—	To be announced.
144A	—	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of June 30, 2011, the total market values and percentages of net assets for 144A securities by fund were as follows:

Fund	Value of 144A Securities		Percentage of Net Assets
Low-Duration Bond	$	141,249,328		18.95	%
Medium-Duration Bond		146,805,586		16.71
Extended-Duration Bond		33,151,448		8.42
Global Bond		19,661,801		11.17
Small Cap Equity		2,671,355		0.53
International Equity		6,626,297		0.49

INVESTMENT FOOTNOTES:

‡‡	—	All or a portion of the security was held as collateral for open futures, options, securities sold short and/or swap contracts.
@	—	Illiquid.
*	—	Non-income producing security.
#	—	Security in default.
§	—	Security purchased with the cash proceeds from securities loaned.
†	—	Variable rate security. Interest rates shown reflect the rates currently in effect. Maturity date for money market instruments is the date of the next interest rate reset.
W	—	Interest rates shown reflect the effective yields as of June 30, 2011.
¥	—	Affiliated fund.
D	—	Security either partially or fully on loan.
+	—	Security is valued at fair value. As of June 30, 2011, the total market values and percentages of net assets for Fair Valued securities by fund were as follows:

Fund	Value of Fair Valued Securities		Percentage of Net Assets
Medium-Duration Bond	$	194,552		0.02	%
Global Bond		9,075		0.01
Equity Index		—		—
Value Equity		1,209		0.00
Small Cap Equity		820,325		0.16
International Equity		49,825		0.00

130

ABBREVIATIONS AND FOOTNOTES

FOREIGN BOND FOOTNOTES:

(A)	—	Par is denominated in Australian Dollars (AUD).
(B)	—	Par is denominated in Brazilian Real (BRL).
(C)	—	Par is denominated in Canadian Dollars (CAD).
(E)	—	Par is denominated in Euro (EUR).
(G)	—	Par is denominated in Singapore Dollars (SGD).
(K)	—	Par is denominated in Norweigan Krone (NOK).
(M)	—	Par is denominated in Mexican Pesos (MXN).
(N)	—	Par is denominated in Indonesian Rupiahs (IDR).
(P)	—	Par is denominated in Peruvian Nuevos Soles (PEN).
(R)	—	Par is denominated in Malaysian Ringgits (MYR).
(S)	—	Par is denominated in SouthAfrican Rand (ZAR).
(U)	—	Par is denominated in British Pounds (GBP).
(V)	—	Par is denominated in Polish Zloty (PLN).
(W)	—	Par is denominated in South Korean Won (KRW).
(Z)	—	Par is denominated in New Zealand Dollars (NZD).

COUNTERPARTY ABBREVIATIONS:

BAR	—	Counterparty to contract is Barclays Capital.
BNP	—	Counterparty to contract is BNP Paribas.
BOA	—	Counterparty to contract is Bank of America.
CITI	—	Counterparty to contract is Citibank NA London.
CITIC	—	Counterparty to contract is Citicorp.
CITIG	—	Counterparty to contract is Citigroup Global Markets, Inc.
CS	—	Counterparty to contract is Credit Suisse International.
DEUT	—	Counterparty to contract is Deutsche Bank AG.
GSC	—	Counterparty to contract is Goldman Sachs Capital Markets, LP.
HKSB	—	Counterparty to contract is Hong Kong & Shanghai Bank.
HSBC	—	Counterparty to contract is HSBC Securities.
JPM	—	Counterparty to contract is JPMorgan Chase Bank.
MFG	—	Counterparty to contract is Merrill Lynch Capital Services, Inc.
MLCS	—	Counterparty to contract is MF Global.
MSCS	—	Counterparty to contract is Morgan Stanley Capital Services.
NT	—	Counterparty to contract is Northern Trust Corporation.
RBC	—	Counterparty to contract is Royal Bank of Canada.
RBS	—	Counterparty to contract is Royal Bank of Scotland.
SG	—	Counterparty to contract is Societe Generale.
SS	—	Counterparty to contract is State Street Global Markets.
UBS	—	Counterparty to contract is UBS AG.
WEST	—	Counterparty to contract is Westpac Pollock.

131

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2011 (Unaudited)

	Money Market Fund		Low-Duration Bond Fund			Medium-Duration Bond Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	1,425,297,058	$	783,059,894		$	1,028,033,820
Investments in repurchase agreements, at value		—		115,700,000			148,600,000
Investments in securities of affiliated issuers, at value		—		37,261,410			67,866,340
Total investments (1)(2)		1,425,297,058		936,021,304			1,244,500,160
Cash		1,003		798,109			734,283
Cash collateral for derivatives		—		1,030,000			—
Foreign currency (3)		—		1,556,759			1,063,481
Receivables:
Dividends and reclaims		—		370			602
Interest		475,828		4,385,089			5,866,936
Securities lending		1,387		6,973			6,104
Receivable from advisor		15,161		—			—
Investment securities sold		—		37,316,557			130,413,965
Maturities		—		81,710			96,020
Fund shares sold		5,120,754		5,298			184,621
Variation margin		—		162,083			194,880
Unrealized appreciation on foreign currency exchange contracts		—		546,232			557,165
Unrealized appreciation on swap agreements		—		1,698,026			871,279
Prepaid expenses and other assets		33,971		24,731			27,749
Total Assets		1,430,945,162		983,633,241			1,384,517,245
Liabilities
TBA sale commitments, at value (4)		—		18,059,844			10,637,656
Options written at value (5)		—		90,410			83,764
Unrealized depreciation on foreign currency exchange contracts		—		915,889			903,279
Unrealized depreciation on swap agreements		—		320,020			1,078,862
Collateral held for securities on loan at value		51,917,671		97,023,548			98,995,617
Collateral held for derivatives		—		2,620,000			1,020,000
Payables:
Investment securities purchased		—		118,523,576			392,149,756
Fund shares redeemed		5,183,308		307,644			631,265
Variation margin		—		81,064			272,147
Distributions		7,512		—			—
Securities lending		278		1,395			1,221
Accrued expenses:
Investment advisory fees		—		159,458			229,721
Shareholder servicing fees		242,711		121,216			127,588
Other expenses		38,690		45,706			66,403
Total Liabilities		57,390,170		238,269,770			506,197,279
Net Assets	$	1,373,554,992	$	745,363,471		$	878,319,966
Net Assets Consist of:
Paid-in-capital	$	1,373,542,313	$	746,588,384		$	885,444,022
Undistributed (distributions in excess of) net investment income		7,259		2,692,151			3,223,974
Accumulated net realized loss on investments, foreign currency transactions and derivative transactions		5,420		(2,523,054	)		(6,721,020	)
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		—		(1,394,010	)		(3,627,010	)
Net Assets	$	1,373,554,992	$	745,363,471		$	878,319,966
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the GS2 Class	$	129,214,316	$	131,961,883		$	235,577,682
GS2 shares outstanding		129,209,084		15,076,812			32,061,154
Net asset value, offering and redemption price per GS2 share	$	1.00	$	8.75		$	7.35
Net assets applicable to the GS4 Class	$	1,244,340,676	$	613,401,588		$	642,742,284
GS4 shares outstanding		1,244,298,582		45,968,897			46,117,533
Net asset value, offering and redemption price per GS4 share	$	1.00	$	13.34		$	13.94
(1)  Investments in securities of unaffiliated issuers, at cost	$	1,425,297,058	$	784,533,910		$	1,032,013,045
Investments in repurchase agreements, at cost		—		115,700,000			148,600,000
Investments in securities of affiliated issuers, at cost		—		37,261,410			67,866,340
Total investments at cost	$	1,425,297,058	$	937,495,320		$	1,248,479,385
(2)  Includes securities loaned of:	$	44,137,504	$	120,492,797		$	83,989,194
(3)  Foreign currency at cost	$	—	$	1,552,187		$	1,042,251
(4) TBA sale commitments at cost	$	—	$	18,069,687		$	10,750,508
(5)  Premiums received on options written	$	—	$	176,278		$	186,979

See Notes to Financial Statements.

132

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133

STATEMENTS OF ASSETS AND LIABILITIES June 30, 2011 (Unaudited)

	Extended-Duration Bond fund		Inflation Protected Bond Fund		Global Bond Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	422,646,755	$	167,409,497	$	186,522,387
Investments in securities of affiliated issuers, at value		10,951,116		14,275,070		18,586,528
Total investments (1)(2)		433,597,871		181,684,567		205,108,915
Cash		—		—		8,562
Cash collateral for derivatives		—		—		1,000,000
Foreign currency (3)		—		—		1,132,044
Receivables:
Dividends and reclaims		93		139		16,454
Interest		5,282,626		858,645		2,575,193
Securities lending		6,126		1,953		2,740
Investment securities sold		746,020		—		11,378
Deposits with brokers for securities sold short		—		—		—
Fund shares sold		88,037		5,806		175,852
Variation margin		—		32,820		44,362
Unrealized appreciation on foreign currency exchange contracts		—		—		556,316
Prepaid expenses and other assets		22,188		12,652		45,998
Total Assets		439,742,961		182,596,582		210,677,814
Liabilities
Securities sold short, at value (4)		—		—		—
Unrealized depreciation on foreign currency exchange contracts		—		—		185,508
Collateral held for securities on loan at value		45,361,796		51,391,241		28,691,757
Payables:
Investment securities purchased		51,427		765,546		5,689,642
Dividends on short sales		—		—		—
Fund shares redeemed		414,479		48,136		39,754
Variation margin		—		7,734		94
Securities lending		1,225		390		548
Accrued expenses:
Investment advisory fees		145,447		30,018		64,096
Shareholder servicing fees		65,232		25,215		34,802
Other expenses		34,586		7,965		26,421
Total Liabilities		46,074,192		52,276,245		34,732,622
Net Assets	$	393,668,769	$	130,320,337	$	175,945,192
Net Assets Consist of:
Paid-in-capital	$	359,942,362	$	124,765,287	$	173,735,915
Undistributed (distributions in excess of) net investment income		821,744		245,140		636,952
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency transactions and derivative transactions		8,523,170		1,096,312		(10,843,495	)
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		24,381,493		4,213,598		12,415,820
Net Assets	$	393,668,769	$	130,320,337	$	175,945,192
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the GS2 Class	$	73,605,420		N/A		N/A
GS2 shares outstanding		10,858,690		N/A		N/A
Net asset value, offering and redemption price per GS2 share	$	6.78		N/A		N/A
Net assets applicable to the GS4 Class	$	320,063,349	$	130,320,337	$	175,945,192
GS4 shares outstanding		19,415,706		12,261,951		17,447,755
Net asset value, offering and redemption price per GS4 share	$	16.48	$	10.63	$	10.08
(1)  Investments in securities of unaffiliated issuers, at cost	$	398,271,931	$	163,228,475	$	174,425,828
Investments in securities of affiliated issuers, at cost		10,951,116		14,275,070		18,586,528
Total investments at cost	$	409,223,047	$	177,503,545	$	193,012,356
(2) Includes securities loaned of:	$	43,715,470	$	56,688,068	$	32,045,209
(3) Foreign currency at cost	$	—	$	—	$	1,122,134
(4) Securities Sold Short at proceeds	$	—	$	—	$	—
(5) Net of ($60,151) accrued foreign capital gains taxes on appreciated securities

See Notes to Financial Statements.

134

Equity Index Fund		Real Estate Securities Fund			Value Equity Fund			Growth Equity Fund			Small Cap Equity Fund			International Equity Fund
$	374,141,126	$	216,409,239		$	1,286,776,103		$	1,392,048,449		$	722,176,521		$	1,351,887,803
	9,741,461		3,260,185			28,171,105			61,370,368			23,722,750			36,664,324
	383,882,587		219,669,424			1,314,947,208			1,453,418,817			745,899,271			1,388,552,127
	—		—			—			—			3,163			34,412,614
	546,000		367,250			1,934,000			4,977,000			2,168,465			8,981,503
	—		—			—			—			41,666			3,195,427
	419,861		346,439			1,233,532			885,393			263,245			4,896,459
	—		—			—			—			296,074			1,523
	5,728		6,419			7,813			18,300			68,852			194,247
	42,964		175,455			6,520,694			9,905,146			17,370,124			6,961,617
	—		—			—			—			—			1,709,997
	69,217		595,198			295,928			319,928			188,184			735,835
	94,640		17,260			263,615			506,800			503,149			1,246,061
	—		—			—			—			14,377			534,459
	27,982		28,652			28,970			31,025			24,331			28,882
	385,088,979		221,206,097			1,325,231,760			1,470,062,409			766,840,901			1,451,450,751
	—		—			—			—			—			22,348,539
	—		—			—			—			14,186			773,106
	24,719,987		59,668,352			84,857,238			128,920,885			231,916,927			56,992,898
	—		412,432			5,242,019			25,271,673			29,253,984			7,805,101
	—		—			—			—			—			51,684
	1,111		15,132			7,051			419,080			501,247			8,064
	—		—			—			—			2,555			258,934
	1,145		1,283			1,562			3,659			13,764			38,850
	23,116		91,073			624,232			820,331			347,680			769,910
	63,408		31,228			192,928			208,443			81,867			209,082
	104,039		22,959			45,928			56,571			29,471			329,639
	24,912,806		60,242,459			90,970,958			155,700,642			262,161,681			89,585,807
$	360,176,173	$	160,963,638		$	1,234,260,802		$	1,314,361,767		$	504,679,220		$	1,361,864,944
$	282,291,112	$	158,585,276		$	1,309,734,632		$	1,058,724,306		$	440,613,222		$	1,327,020,269
	100,219		88,581			197,498			(941,070	)		(4,831	)		16,175,657
	5,311,005		(27,386,532	)		(153,609,449	)		(69,694,277	)		(24,695,103	)		(127,353,109	)
	72,473,837		29,676,313			77,938,121			326,272,808			88,765,932			146,022,127	(5)
$	360,176,173	$	160,963,638		$	1,234,260,802		$	1,314,361,767		$	504,679,220		$	1,361,864,944
$	61,073,271		N/A		$	237,832,313		$	224,735,141		$	79,040,420		$	271,721,734
	6,912,679		N/A			31,609,318			17,834,151			7,392,096			25,037,699
$	8.83		N/A		$	7.52		$	12.60		$	10.69		$	10.85
$	299,102,902	$	160,963,638		$	996,428,489		$	1,089,626,626		$	425,638,800		$	1,090,143,210
	17,565,083		16,954,654			66,627,477			54,517,320			26,474,951			77,461,444
$	17.03	$	9.49		$	14.96		$	19.99		$	16.08		$	14.07
$	301,977,725	$	186,858,165		$	1,209,874,395		$	1,067,438,285		$	636,135,652		$	1,206,727,147
	9,741,461		3,260,185			28,171,105			61,370,368			23,722,750			36,664,324
$	311,719,186	$	190,118,350		$	1,238,045,500		$	1,128,808,653		$	659,858,402		$	1,243,391,471
$	25,634,525	$	61,463,354		$	90,241,251		$	198,454,577		$	230,038,444		$	61,634,949
$	—	$	—		$	—		$	—		$	41,024		$	3,172,431
$	—	$	—		$	—		$	—		$	—		$	21,118,439

See Notes to Financial Statements.

135

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2011 (Unaudited)

	Money Market Fund			Low-Duration Bond Fund			Medium-Duration Bond Fund
Investment Income
Dividends	$	—		$	—		$	90,000
Income distributions received from affiliated funds		—			2,165			4,206
Interest		1,977,597			7,995,453			13,546,486
Securities lending		16,943			48,836			57,961
Less foreign taxes withheld		—			—			(39	)
Total Investment Income		1,994,540			8,046,454			13,698,614
Expenses
Investment advisory fees		1,012,807			1,240,432			1,802,531
Transfer agent fees:
GS2 shares		2,414			2,648			2,675
GS4 shares		19,954			13,853			14,524
Custodian fees		12,026			52,743			105,633
Shareholder servicing fees:
GS4 shares		1,232,619			617,204			648,375
Accounting and administration fees		138,337			120,741			179,390
Professional fees		27,609			30,622			33,175
Blue sky fees:
GS2 shares		1,015			760			744
GS4 shares		18,747			11,099			9,024
Shareholder reporting fees:
GS2 shares		—			(717	)		—
GS4 shares		16,841			6,126			7,505
Trustee expenses		4,931			2,619			3,285
Line of credit facility fees		7,332			4,047			5,284
Dividend expense on securities sold short		—			—			—
Other expenses		22,081			22,783			34,428
Total expenses		2,516,713			2,124,960			2,846,573
Expenses waived/reimbursed net of amount recaptured(1)		(656,428	)		(291,899	)		(420,847	)
Fees paid indirectly		—			—			—
Net expenses		1,860,285			1,833,061			2,425,726
Net Investment Income (Loss)		134,255			6,213,393			11,272,888
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities and securities sold short		5,420			1,256,591			1,681,111
Futures transactions		—			(559,699	)		(347,923	)
Swap agreements		—			(269,320	)		634,483
Option contracts written		—			648,059			403,262
Option contracts purchased		—			—			(6,035	)
Foreign currency transactions		—			(2,236,026	)		(2,180,878	)
Net realized gain (loss)		5,420			(1,160,395	)		184,020
Net change in unrealized appreciation (depreciation) on:
Investment securities and securities sold short (net of estimated capital gains taxes of ($114,628) for International Equity)		—			4,293,143			12,707,134
Futures		—			(93,662	)		336,105
Swap agreements		—			33,146			(746,257	)
Option contracts written		—			(76,597	)		122,564
Option contracts purchased		—			—			6,035
Foreign currency translation		—			(83,957	)		497,801
Net change in unrealized appreciation (depreciation)		—			4,072,073			12,923,382
Net Realized and Unrealized Gain (Loss)		5,420			2,911,678			13,107,402
Net Increase (Decrease) in Net Assets Resulting from Operations	$	139,675		$	9,125,071		$	24,380,290

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

See Notes to Financial Statements.

136

Extended-Duration Bond Fund			Inflation Protected 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
$	4,339		$	—		$	112,312		$	3,845,980		$	1,315,217		$	13,130,473		$	5,246,955		$	1,876,248		$	28,728,540
	484			631			917			457			194			1,718			2,626			1,363			2,127
	12,175,257			2,989,596			4,920,569			522			(1,064	)		1,694			3,789			726,374			(27,324	)
	40,742			12,717			23,034			33,815			35,176			54,457			130,486			218,291			953,620
	—			—			(1,666	)		—			(2,853	)		(13,096	)		(19,206	)		(938	)		(2,364,521	)
	12,220,822			3,002,944			5,055,166			3,880,774			1,346,670			13,175,246			5,364,650			2,821,338			27,292,442
	952,814			185,985			398,596			314,410			612,155			3,910,133			5,455,812			2,282,843			6,212,807
	2,634			—			—			2,637			—			2,917			2,680			2,694			2,723
	13,953			9,561			5,877			14,072			15,112			14,951			15,210			15,862			17,645
	14,307			10,115			32,645			8,779			14,352			21,530			34,204			74,746			707,949
	342,001			121,548			176,040			356,988			157,371			1,032,925			1,113,157			435,520			1,091,219
	60,015			17,122			53,712			55,664			20,287			135,211			137,669			83,996			312,575
	29,842			24,451			29,223			35,317			31,242			35,318			27,909			27,908			29,593
	4,745			—			—			889			—			812			815			808			804
	7,636			4,433			9,171			6,348			13,855			11,875			11,371			11,309			11,614
	—			—			—			—			—			(683	)		(994	)		(1,121	)		(1,586	)
	6,206			2,188			2,087			6,790			6,072			9,392			9,082			10,156			13,246
	1,567			356			642			1,451			468			4,468			4,616			1,671			4,746
	2,463			810			1,003			2,326			625			7,057			7,415			2,648			7,596
	—			—			—			—			—			—			—			—			399,379
	11,270			8,002			12,592			11,334			8,606			19,398			20,625			13,822			152,185
	1,449,453			384,571			721,588			817,005			880,145			5,205,304			6,839,571			2,962,862			8,962,495
	(74,556	)		(13,455	)		(19,060	)		(96,570	)		(4,072	)		(64,079	)		(489,469	)		(114,340	)		(1,308,864	)
	—			—			—			—			—			(35,769	)		(44,382	)		(17,450	)		(28,121	)
	1,374,897			371,116			702,528			720,435			876,073			5,105,456			6,305,720			2,831,072			7,625,510
	10,845,925			2,631,828			4,352,638			3,160,339			470,597			8,069,790			(941,070	)		(9,734	)		19,666,932
	8,291,905			1,406,440			333,725			11,927,451			11,820,730			23,603,572			63,116,512			44,556,291			87,963,279
	—			(307,184	)		(33,373	)		601,293			61,879			1,560,726			2,972,741			2,174,354			840,390
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			15,554			—
	—			—			(55,446	)		—			—			—			—			—			—
	468,751			1,343			(996,144	)		—			—			—			203			(99,188	)		267,742
	8,760,656			1,100,599			(751,238	)		12,528,744			11,882,609			25,164,298			66,089,456			46,647,011			89,071,411
	(4,516,461	)		1,663,118			5,163,183			5,533,219			4,127,430			50,056,046			6,303,902			3,513,376			(46,780,830	)
	—			25,686			(144,264	)		80,066			91,338			347,554			678,454			1,564,545			1,458,235
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	262			9,536			78,254			—			—			—			—			8,408			(690,182	)
	(4,516,199	)		1,698,340			5,097,173			5,613,285			4,218,768			50,403,600			6,982,356			5,086,329			(46,012,777	)
	4,244,457			2,798,939			4,345,935			18,142,029			16,101,377			75,567,898			73,071,812			51,733,340			43,058,634
$	15,090,382		$	5,430,767		$	8,698,573		$	21,302,368		$	16,571,974		$	83,637,688		$	72,130,742		$	51,723,606		$	62,725,566

See Notes to Financial Statements.

137

STATEMENTS OF CHANGES IN NET ASSETS

	Money Market Fund
	For the Six Months Ended 06/30/11			For the Year Ended 12/31/10
	(Unaudited)
Operations:
Net investment income	$	134,255		$	320,874
Net realized gain (loss) on investment securities, foreign currency transactions and derivative transactions		5,420			20,216
Net change in unrealized appreciation on investment securities, foreign currency translations and derivative transactions		—			—
Net increase in net assets resulting from operations		139,675			341,090
Dividends and Distributions to Shareholders:
Dividends from net investment income
GS2 shares		(74,816	)		(212,193	)
GS4 shares		(59,439	)		(108,681	)
Distributions from net realized capital gains
GS2 shares		—			(7,509	)
GS4 shares		—			(80,492	)
Total dividends and distributions		(134,255	)		(408,875	)
Capital Share Transactions:
Proceeds from shares sold
GS2 shares		65,157,000			94,494,393
GS4 shares		1,563,263,655			4,496,591,499
Reinvestment of dividends and distributions
GS2 shares		67,316			203,577
GS4 shares		23,394			136,473
Total proceeds from shares sold and reinvested		1,628,511,365			4,591,425,942
Value of shares redeemed
GS2 shares		(55,321,466	)		(108,704,940	)
GS4 shares		(1,499,091,847	)		(4,381,459,310	)
Total value of shares redeemed		(1,554,413,313	)		(4,490,164,250	)
Net increase (decrease) from capital share transactions(1)		74,098,052			101,261,692
Total increase (decrease) in net assets		74,103,472			101,193,907
Net Assets:
Beginning of Period		1,299,451,520			1,198,257,613
End of Period*	$	1,373,554,992		$	1,299,451,520
*Including undistributed (distributions in excess of) net investment income	$	7,259		$	7,259

⁽¹⁾ See Note 7 in Notes to Financial Statements.

See Notes to Financial Statements.

138

Low-Duration Bond Fund						Medium-Duration Bond Fund						Extended-Duration Bond Fund						Inflation Protected Bond Fund						Global Bond Fund
For the Six Months Ended 06/30/11			For the Year Ended 12/31/10			For the Six Months Ended 06/30/11			For the Year Ended 12/31/10			For the Six Months Ended 06/30/11			For the Year Ended 12/31/10			For the Six Months Ended 06/30/11			For the Year Ended 12/31/10			For the Six Months Ended 06/30/11			For the Year Ended 12/31/10
(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
$	6,213,393		$	15,321,406		$	11,272,888		$	31,561,749		$	10,845,925		$	25,292,007		$	2,631,828		$	1,969,404		$	4,352,638		$	11,663,528
	(1,160,395	)		6,039,765			184,020			23,766,110			8,760,656			20,047,800			1,100,599			3,238,449			(751,238	)		3,321,144
	4,072,073			8,281,061			12,923,382			32,738,309			(4,516,199	)		7,972,257			1,698,340			462,900			5,097,173			8,641,906
	9,125,071			29,642,232			24,380,290			88,066,168			15,090,382			53,312,064			5,430,767			5,670,753			8,698,573			23,626,578
	(954,939	)		(3,973,347	)		(3,584,806	)		(7,594,121	)		(3,749,461	)		(7,921,317	)		—			—			—			—
	(2,483,391	)		(11,817,267	)		(4,745,914	)		(23,828,942	)		(6,769,339	)		(18,424,763	)		(2,386,688	)		(2,038,102	)		(4,380,782	)		(12,273,443	)
	—			(1,301,794	)		—			(8,335,060	)		(697,705	)		(1,150,059	)		—			—			—			—
	—			(3,870,062	)		—			(23,494,123	)		(1,340,580	)		(2,305,386	)		(829,842	)		(2,718,888	)		—			—
	(3,438,330	)		(20,962,470	)		(8,330,720	)		(63,252,246	)		(12,557,085	)		(29,801,525	)		(3,216,530	)		(4,756,990	)		(4,380,782	)		(12,273,443	)
	7,115,630			19,547,765			9,454,815			112,777,863			4,442,719			11,995,759			—						—			—
	40,123,945			81,552,147			30,148,548			142,085,311			21,323,721			80,583,836			27,010,272			42,423,880			17,035,560			27,722,929
	953,988			5,270,201			3,583,092			15,918,518			4,441,830			9,060,622			—			—			—			—
	2,482,507			15,682,171			4,745,114			47,316,666			8,109,237			20,727,992			3,216,350			4,756,950			4,380,721			12,273,386
	50,676,070			122,052,284			47,931,569			318,098,358			38,317,507			122,368,209			30,226,622			47,180,830			21,416,281			39,996,315
	(5,016,805	)		(12,320,194	)		(17,007,098	)		(28,532,320	)		(6,389,253	)		(15,032,006	)		—			—			—			—
	(14,576,894	)		(94,873,974	)		(19,105,110	)		(472,646,775	)		(51,293,089	)		(181,007,812	)		(9,945,474	)		(28,263,358	)		(10,858,533	)		(111,834,370	)
	(19,593,699	)		(107,194,168	)		(36,112,208	)		(501,179,095	)		(57,682,342	)		(196,039,818	)		(9,945,474	)		(28,263,358	)		(10,858,533	)		(111,834,370	)
	31,082,371			14,858,116			11,819,361			(183,080,737	)		(19,364,835	)		(73,671,609	)		20,281,148			18,917,472			10,557,748			(71,838,055	)
	36,769,112			23,537,878			27,868,931			(158,266,815	)		(16,831,538	)		(50,161,070	)		22,495,385			19,831,235			14,875,539			(60,484,920	)
	708,594,359			685,056,481			850,451,035			1,008,717,850			410,500,307			460,661,377			107,824,952			87,993,717			161,069,653			221,554,573
$	745,363,471		$	708,594,359		$	878,319,966		$	850,451,035		$	393,668,769		$	410,500,307		$	130,320,337		$	107,824,952		$	175,945,192		$	161,069,653
$	2,692,151		$	(82,912	)	$	3,223,974		$	281,806		$	821,744		$	494,619		$	245,140		$	—		$	636,952		$	665,096

See Notes to Financial Statements.

139

STATEMENTS OF CHANGES IN NET ASSETS

	Equity Index Fund						Real Estate Securities Fund
	For the Six Months Ended 06/30/11			For the Year Ended 12/31/10			For the Six Months Ended 06/30/11			For the Year Ended 12/31/10
	(Unaudited)						(Unaudited)
Operations:
Net investment income (loss)	$	3,160,339		$	6,396,499		$	470,597		$	1,905,032
Net realized gain on investment securities, foreign currency transactions and derivative transactions		12,528,744			5,274,132			11,882,609			26,904,560
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations and derivative transactions		5,613,285			41,477,736			4,218,768			4,438,375
Net increase in net assets resulting from operations		21,302,368			53,148,367			16,571,974			33,247,967
Dividends and Distributions to Shareholders:
Dividends from net investment income
GS2 shares		(1,227,820	)		(2,079,604	)		—			—
GS4 shares		(2,907,813	)		(4,864,924	)		(382,016	)		(2,634,670	)
Distributions from net realized capital gains
GS2 shares		(796,478	)		—			—			—
GS4 shares		(2,061,431	)		—			—			—
Total dividends and distributions		(6,993,542	)		(6,944,528	)		(382,016	)		(2,634,670	)
Capital Share Transactions:
Proceeds from shares sold
GS2 shares		1,417,511			4,602,259			—			—
GS4 shares		12,413,245			20,345,130			20,274,152			59,543,641
Reinvestment of dividends and distributions
GS2 shares		2,021,176			2,076,955			—			—
GS4 shares		4,968,420			4,864,576			381,965			2,634,446
Total proceeds from shares sold and reinvested		20,820,352			31,888,920			20,656,117			62,178,087
Value of shares redeemed
GS2 shares		(15,168,955	)		(8,023,576	)		—			—
GS4 shares		(66,736,205	)		(49,820,804	)		(17,782,635	)		(72,424,383	)
Total value of shares redeemed		(81,905,160	)		(57,844,380	)		(17,782,635	)		(72,424,383	)
Net increase (decrease) from capital share transactions(1)		(61,084,808	)		(25,955,460	)		2,873,482			(10,246,296	)
Total increase (decrease) in net assets		(46,775,982	)		20,248,379			19,063,440			20,367,001
Net Assets:
Beginning of Period		406,952,155			386,703,776			141,900,198			121,533,197
End of Period*	$	360,176,173		$	406,952,155		$	160,963,638		$	141,900,198
*Including undistributed (distributions in excess of) net investment income	$	100,219		$	1,075,513		$	88,581		$	—

⁽¹⁾ See Note 7 in Notes to Financial Statements.

See Notes to Financial Statements.

140

Value Equity Fund						Growth Equity Fund						Small Cap Equity Fund						International Equity Fund
For the Six Months Ended 06/30/11			For the Year Ended 12/31/10			For the Six Months Ended 06/30/11			For the Year Ended 12/31/10			For the Six Months Ended 06/30/11			For the Year Ended 12/31/10			For the Six Months Ended 06/30/11			For the Year Ended 12/31/10
(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
$	8,069,790		$	16,020,597		$	(941,070	)	$	(265,820	)	$	(9,734	)	$	1,264,643		$	19,666,932		$	21,771,274
	25,164,298			21,517,725			66,089,456			116,443,512			46,647,011			63,234,872			89,071,411			69,378,254
	50,403,600			112,791,738			6,982,356			99,460,370			5,086,329			43,094,484			(46,012,777	)		31,319,963
	83,637,688			150,330,060			72,130,742			215,638,062			51,723,606			107,593,999			62,725,566			122,469,491
	(5,269,203	)		(4,566,483	)		—			(40,561	)		—			(415,040	)		—			(7,250,286	)
	(10,322,535	)		(11,523,832	)		—			(133,534	)		—			(925,891	)		—			(20,213,303	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(15,591,738	)		(16,090,315	)		—			(174,095	)		—			(1,340,931	)		—			(27,463,589	)
	7,150,080			39,754,658			5,566,112			11,089,301			2,714,898			6,136,286			7,637,911			21,416,243
	37,795,842			102,300,386			52,348,261			97,600,498			24,028,745			50,387,278			50,855,747			72,024,528
	5,264,627			4,561,533			—			40,520			—			414,619			—			7,247,462
	10,321,250			11,522,839			—			133,532			—			925,723			—			20,212,073
	60,531,799			158,139,416			57,914,373			108,863,851			26,743,643			57,863,906			58,493,658			120,900,306
	(16,786,233	)		(15,449,564	)		(9,169,565	)		(27,914,876	)		(6,222,766	)		(12,770,867	)		(10,844,556	)		(24,804,983	)
	(66,820,653	)		(270,576,572	)		(66,436,989	)		(300,169,249	)		(42,060,497	)		(96,926,506	)		(39,929,537	)		(241,791,703	)
	(83,606,886	)		(286,026,136	)		(75,606,554	)		(328,084,125	)		(48,283,263	)		(109,697,373	)		(50,774,093	)		(266,596,686	)
	(23,075,087	)		(127,886,720	)		(17,692,181	)		(219,220,274	)		(21,539,620	)		(51,833,467	)		7,719,565			(145,696,380	)
	44,970,863			6,353,025			54,438,561			(3,756,307	)		30,183,986			54,419,601			70,445,131			(50,690,478	)
	1,189,289,939			1,182,936,914			1,259,923,206			1,263,679,513			474,495,234			420,075,633			1,291,419,813			1,342,110,291
$	1,234,260,802		$	1,189,289,939		$	1,314,361,767		$	1,259,923,206		$	504,679,220		$	474,495,234		$	1,361,864,944		$	1,291,419,813
$	197,498		$	7,719,446		$	(941,070	)	$	—		$	(4,831	)	$	4,903		$	16,175,657		$	(3,491,275	)

See Notes to Financial Statements.

141

FINANCIAL HIGHLIGHTS (Unaudited)

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

																						Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net			Expenses, Gross(1)			Investment Income, Net(2)			Portfolio Turnover Rate
Money Market Fund
GS2 Class
2011(4)	$	1.00	$	—	†#	$	—	†	$	—	†	$	—		$	1.00		0.06	%	$	129,214		0.18	%		0.19	%		0.13	%		N/A
2010		1.00		—	†		—	†		—	†		—	†		1.00		0.18			119,311		0.17			0.18			0.17			N/A
2009		1.00		—	†		—	†		—	†		—	†		1.00		0.47			133,323		0.23	(3)		0.23	(3)		0.49			N/A
2008		1.00		0.03			—	†		(0.03	)		—			1.00		2.95			171,739		0.20			0.20			2.86			N/A
2007		1.00		0.05			—	†		(0.05	)		—			1.00		5.23			112,581		0.23			0.23			5.11			N/A
2006		1.00		0.05			—	†		(0.05	)		—			1.00		4.92			100,559		0.26			0.26			4.82			N/A
GS4 Class
2011(4)	$	1.00	$	—	†#	$	—	†	$	—	†	$	—		$	1.00		0.01	%	$	1,244,341		0.30	%		0.40	%		0.01	%		N/A
2010		1.00		—	†		—	†		—	†		—	†		1.00		0.02			1,180,141		0.33			0.37			0.01			N/A
2009		1.00		—	†		—	†		—	†		—	†		1.00		0.29			1,064,934		0.41	(3)		0.43	(3)		0.28			N/A
2008		1.00		0.03			—	†		(0.03	)		—			1.00		2.75			970,146		0.40	(3)		0.40	(3)		2.72			N/A
2007		1.00		0.05			—	†		(0.05	)		—			1.00		5.03			939,596		0.43			0.43			4.92			N/A
2006		1.00		0.05			—	†		(0.05	)		—			1.00		4.72			930,582		0.46			0.46			4.64			N/A
Low-Duration Bond Fund
GS2 Class
2011(4)	$	8.70	$	0.08	#	$	0.03		$	(0.06	)	$	—		$	8.75		1.31	%	$	131,962		0.36	%		0.41	%		1.86	%		114	%
2010		8.70		0.20	#		0.17			(0.28	)		(0.09	)		8.70		4.35			128,143		0.36			0.41			2.27			257
2009		8.11		0.29	#		0.69			(0.39	)		—			8.70		12.29			115,741		0.36			0.42			3.47			322
2008		8.90		0.36	#		(0.60	)		(0.55	)		—			8.11		(2.76	)		105,223		0.36			0.41			4.19			427
2007		8.89		0.42	#		0.12			(0.53	)		—			8.90		6.22			133,374		0.42			0.45			4.71			248
2006		9.06		0.38	#		(0.03	)		(0.52	)		—			8.89		3.94			105,991		0.45			0.47			4.22			168
GS4 Class
2011(4)	$	13.23	$	0.11	#	$	0.05		$	(0.05	)	$	—		$	13.34		1.25	%	$	613,402		0.54	%		0.62	%		1.68	%		114	%
2010		13.04		0.28	#		0.26			(0.26	)		(0.09	)		13.23		4.20			580,452		0.52			0.61			2.11			257
2009		11.99		0.42	#		1.00			(0.37	)		—			13.04		11.97			569,316		0.52			0.62			3.30			322
2008		12.88		0.51	#		(0.87	)		(0.53	)		—			11.99		(2.84	)		515,996		0.52			0.61			4.03			427
2007		12.63		0.58	#		0.17			(0.50	)		—			12.88		6.11			665,292		0.58			0.64			4.54			248
2006		12.66		0.58	#		(0.11	)		(0.50	)		—			12.63		3.75			697,687		0.61			0.66			4.05			168

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

(1) The ratio excludes expenses waived/reimbursed net of amount recaptured.

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

(3) The Money Market Fund participated in the U.S. Department of the Treasury (the “Treasury”) Temporary Guarantee Program for Money Market Funds (the “Program”). The Fund bore the expense of its participation in the Program without regard to any expense limitation in effect. The Program expired on September 18, 2009.

(4) For the six months ended June 30, 2011. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been

See Notes to Financial Statements.

142

																									Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Return of Capital			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net			Expenses, Gross(1)			Investment Income, Net(2)			Portfolio Turnover Rate
Medium-Duration Bond Fund
GS2 Class
2011(3)	$	7.25	$	0.10	#	$	0.11		$	(0.11	)	$	—		$	—		$	7.35		2.93	%	$	235,578		0.48	%		0.51	%		2.73	%		322	%
2010		7.47		0.25	#		0.40			(0.41	)		(0.46	)		—			7.25		8.86			236,369		0.48			0.49			3.21			487
2009		7.13		0.31	#		0.85			(0.51	)		(0.31	)		—			7.47		17.07			139,917		0.48			0.51			4.17			427
2008		8.42		0.40	#		(0.72	)		(0.65	)		(0.32	)		—			7.13		(3.88	)		112,240		0.47			0.48			5.07			566
2007		8.52		0.42	#		0.12			(0.64	)		—	†		—			8.42		6.65			151,466		0.48			0.49			5.02			428
2006		8.71		0.39	#		(0.01	)		(0.57	)		—			—			8.52		4.50			113,051		0.50			0.50			4.60			440
GS4 Class
2011(3)	$	13.65	$	0.18	#	$	0.21		$	(0.10	)	$	—		$	—		$	13.94		2.89	%	$	642,742		0.60	%		0.72	%		2.59	%		322	%
2010		13.36		0.43	#		0.71			(0.39	)		(0.46	)		—			13.65		8.65			614,082		0.58			0.68			3.11			487
2009		12.16		0.53	#		1.48			(0.50	)		(0.31	)		—			13.36		16.97			868,800		0.58			0.70			4.08			427
2008		13.64		0.65	#		(1.18	)		(0.63	)		(0.32	)		—			12.16		(3.89	)		738,610		0.58			0.67			4.96			566
2007		13.42		0.66	#		0.18			(0.62	)		—	†		—			13.64		6.46			1,079,034		0.61			0.68			4.88			428
2006		13.40		0.60	#		(0.03	)		(0.55	)		—			—			13.42		4.37			1,108,958		0.62			0.69			4.48			440
Extended-Duration Bond Fund
GS2 Class
2011(3)	$	6.93	$	0.19	#	$	0.07		$	(0.35	)	$	(0.06	)	$	—		$	6.78		3.87	%		73,605		0.54	%		0.55	%		5.50	%		23	%
2010		7.01		0.40	#		0.43			(0.80	)		(0.11	)		—			6.93		12.25			72,741		0.53			0.53			5.60			39
2009		6.31		0.44	#		1.04			(0.76	)		(0.02	)		—			7.01		25.27			67,699		0.53			0.53			6.78			41
2008		7.95		0.47	#		(1.11	)		(0.85	)		(0.15	)		—			6.31		(8.12	)		64,834		0.52			0.52			6.66			40
2007		8.13		0.41	#		0.23			(0.69	)		(0.13	)		—			7.95		8.45			75,841		0.53			0.53			5.21			101
2006		8.44		0.40	#		(0.03	)		(0.65	)		(0.03	)		—			8.13		4.75			59,916		0.57			0.57			4.91			100
GS4 Class
2011(3)	$	16.28	$	0.43	#	$	0.16		$	(0.33	)	$	(0.06	)	$	—		$	16.48		3.71	%	$	320,063		0.71	%		0.75	%		5.33	%		23	%
2010		15.34		0.88	#		0.94			(0.77	)		(0.11	)		—			16.28		12.05			337,760		0.69			0.72			5.43			39
2009		12.97		0.91	#		2.22			(0.74	)		(0.02	)		—			15.34		24.97			392,962		0.69			0.73			6.60			41
2008		15.20		0.90	#		(2.15	)		(0.83	)		(0.15	)		—			12.97		(8.28	)		357,073		0.69			0.71			6.45			40
2007		14.81		0.74	#		0.44			(0.66	)		(0.13	)		—			15.20		8.29			500,252		0.72			0.72			5.02			101
2006		14.82		0.69	#		(0.04	)		(0.63	)		(0.03	)		—			14.81		4.56			467,877		0.73			0.76			4.75			100
Inflation Protected Bond Fund
GS4 Class
2011(3)	$	10.43	$	0.23	#	$	0.25		$	(0.21	)	$	(0.07	)	$	—		$	10.63		4.65	%	$	130,320		0.64	%		0.66	%		4.50	%		56	%
2010	$	10.32	$	0.20	#	$	0.40		$	(0.21	)	$	(0.28	)		—			10.43		5.82			107,825		0.65			0.66			1.90			113
2009(4)(5)(6)	$	10.00	$	0.19	#	$	0.32		$	(0.18	)	$	(0.01	)		—			10.32		5.12			87,994		0.67			0.70			3.53			55
Global Bond Fund
GS4 Class
2011(3)	$	9.83	$	0.25	#	$	0.26		$	(0.26	)	$	—		$	—		$	10.08		5.22	%	$	175,945		0.83	%		0.85	%		5.13	%		37	%
2010		9.36		0.52	#		0.51			(0.56	)		—			—			9.83		11.29			161,070		0.79			0.81			5.40			40
2009		7.34		0.56	#		2.07			(0.61	)		—			—			9.36		37.35			221,555		0.79			0.81			6.81			96
2008		10.14		0.64	#		(2.59	)		(0.75	)		(0.10	)		—			7.34		(20.28	)		167,465		0.78			0.80			7.20			176
2007		10.12		0.61			0.08			(0.64	)		(0.03	)		—			10.14		7.00			125,333		0.79			0.80			6.07			255
2006(6)(7)		10.12		—	†		—	†		—	†		—			—	†		10.12		0.04			104,635		1.04			1.42			4.32			—

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

(1) The ratio excludes expenses waived/reimbursed net of amount recaptured.

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

(3) For the six months ended June 30, 2011. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(4) Inception date was June 26, 2009.

(5) Due to a procedural error, the Ratios to Average Net Assets were incorrectly reported in the 2009 financial highlights as 0.35%, 0.36% and 1.83% for the Expenses, Net, Expenses, Gross and Investment Income, Net, respectively. Such amounts have been revised in the financial highlights for the year ended December 31, 2009.

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

(7) Inception date was December 29, 2006.

See Notes to Financial Statements.

143

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

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

																									Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Excess Distribution/ Return of Capital			Net Asset Value, End of Year		Total Return			Net Assets, End of  Year (000)		Expenses, Net			Expenses, Gross(1)			Investment Income/ (Loss), Net(2)			Portfolio Turnover Rate
Equity Index Fund
GS2 Class
2011(6)	$	8.63	$	0.07	#	$	0.43		$	(0.18	)	$	(0.12	)	$	—		$	8.83		5.96	%	$	61,073		0.21	%		0.21	%		1.65	%		2	%
2010		7.77		0.14	#		0.97			(0.25	)		—			—			8.63		14.57			71,093		0.22			0.22			1.77			5
2009		6.36		0.14	#		1.49			(0.22	)		—			—			7.77		26.38			65,217		0.22			0.24			2.05			4
2008		10.57		0.18	#		(4.06	)		(0.24	)		(0.09	)		—			6.36		(37.32	)		49,472		0.21			0.22			2.11			5
2007		11.08		0.20	#		0.39			(0.32	)		(0.78	)		—			10.57		5.19			81,104		0.22			0.22			1.77			5
2006		9.96		0.18	#		1.33			(0.28	)		(0.11	)		—			11.08		15.37			74,634		0.23			0.23			1.74			5
GS4 Class
2011(6)	$	16.36	$	0.13	#	$	0.83		$	(0.17	)	$	(0.12	)	$	—		$	17.03		5.92	%	$	299,103		0.37	%		0.43	%		1.49	%		2	%
2010		14.51		0.24	#		1.84			(0.23	)		—			—			16.36		14.45			335,859		0.37			0.41			1.60			5
2009		11.70		0.24	#		2.77			(0.20	)		—			—			14.51		26.14			321,486		0.37			0.43			1.90			4
2008		19.07		0.31	#		(7.37	)		(0.22	)		(0.09	)		—			11.70		(37.37	)		247,077		0.37			0.42			1.95			5
2007		19.17		0.32	#		0.64			(0.28	)		(0.78	)		—			19.07		4.95			429,423		0.39			0.42			1.59			5
2006		16.97		0.28	#		2.28			(0.25	)		(0.11	)		—			19.17		15.19			466,429		0.40			0.43			1.57			5
Real Estate Securities Fund
GS4 Class
2011(6)	$	8.52	$	0.03	#	$	0.96		$	(0.02	)	$	—		$	—		$	9.49		11.66	%	$	160,964		1.16	%		1.16	%		0.62	%		40	%
2010		6.74		0.11	#		1.82			(0.15	)		—			—			8.52		28.80			141,900		1.19			1.19			1.41			105
2009		5.25		0.12	#		1.49			(0.12	)		—			—	†		6.74		31.21			121,533		1.27			1.28			2.29			128
2008		9.04		0.18	#		(3.80	)		(0.16	)		—			(0.01	)		5.25		(40.35	)		80,579		1.26			1.25			2.21			94
2007		12.55		0.11	#		(2.12	)		(0.11	)		(1.39	)		—			9.04		(16.23	)		96,775		1.20			1.22			0.94			119
2006(4)(5)		12.50		—	†		0.05			—			—			—			12.55		0.40			107,035		1.33			1.88			(1.16	)		—
Value Equity Fund
GS2 Class
2011(6)	$	7.18	$	0.06	#	$	0.45		$	(0.17	)	$	—		$	—		$	7.52		7.20	%	$	237,832		0.67	%(3)		0.67	%		1.48	%		20	%
2010		6.46		0.10	#		0.78			(0.16	)		—			—			7.18		14.01			231,079		0.67			0.68			1.52			36
2009		5.52		0.11	#		1.02			(0.19	)		—			—			6.46		21.35			181,123		0.68			0.69			2.06			32
2008		9.10		0.17	#		(3.46	)		(0.22	)		(0.07	)		—			5.52		(36.81	)		143,506		0.66	(3)		0.67			2.29			52
2007		10.62		0.18	#		(0.27	)		(0.28	)		(1.15	)		—			9.10		(1.18	)		230,436		0.69			0.69			1.70			45
2006		10.75		0.18	#		1.78			(0.28	)		(1.81	)		—			10.62		18.76			181,940		0.72	(3)		0.72			1.70			76
GS4 Class
2011(6)	$	14.12	$	0.09	#	$	0.91		$	(0.16	)		—			—		$	14.96		7.10	%	$	996,428		0.87	%(3)		0.88	%		1.27	%		20	%
2010		12.54		0.17	#		1.56			(0.15	)		—			—			14.12		13.96			958,211		0.85			0.87			1.35			36
2009		10.53		0.20	#		1.98			(0.17	)		—			—			12.54		21.16			1,001,814		0.85	(3)		0.88			1.89			32
2008		17.03		0.30	#		(6.54	)		(0.19	)		(0.07	)		—			10.53		(36.95	)		844,459		0.85	(3)		0.86			2.09			52
2007		18.65		0.29	#		(0.52	)		(0.24	)		(1.15	)		—			17.03		(1.39	)		1,407,534		0.88			0.88			1.50			45
2006		17.50		0.28	#		2.93			(0.25	)		(1.81	)		—			18.65		18.64			1,434,773		0.90	(3)		0.91			1.52			76

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

(1) The ratio excludes expenses waived/reimbursed net of amount recaptured.

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

(3) The ratio excludes the effect of expense offsets for fees paid indirectly; if expense offsets were included, the ratio would have been lower than the ratio shown.

(4) Inception date was December 29, 2006.

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

(6) For the six months ended June 30, 2011. 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.

144

																									Ratios to Average Net Assets
	Net Asset Value, Beginning of Year		Net Investment Income/(Loss)			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Excess Distribution/ Return of Capital			Net Asset Value, End of Year		Total Return			Net Assets, End of Year (000)		Expenses, Net			Expenses, Gross(1)			Investment Income/ (Loss), Net(2)			Portfolio Turnover Rate
Growth Equity Fund
GS2 Class
2011(4)	$	11.91	$	—	†#	$	0.69		$	—		$	—		$	—		$	12.60		5.79	%	$	224,735		0.88	%(3)		0.87	%		(0.04	)%		32	%
2010		10.00		—	†		1.91			—	†		—			—			11.91		19.13			215,863		0.88	(3)		0.89			0.06			63
2009		7.26		0.02			2.74			(0.02	)		—			—			10.00		38.14			196,026		0.88	(3)		0.89			0.22			78
2008		12.76		0.03			(5.49	)		(0.04	)		—			—			7.26		(42.84	)		141,138		0.87	(3)		0.87			0.26			99
2007		11.23		0.02			1.55			(0.04	)		—			—			12.76		13.99			242,557		0.89			0.88			0.24			51
2006		11.18		—	†		0.05			—			—			—			11.23		0.45			179,852		0.89	(3)		0.90			0.00			48
GS4 Class
2011(4)	$	18.90	$	(0.02	)#	$	1.11		$	—		$	—		$	—		$	19.99		5.77	%	$	1,089,627		1.00	%(3)		1.08	%		(0.17	)%		32	%
2010		15.88		(0.01	)		3.03			—	†		—			—			18.90		19.03			1,044,060		0.97	(3)		1.08			(0.04	)		63
2009		11.52		0.01			4.36			(0.01	)		—			—			15.88		37.99			1,067,654		0.97	(3)		1.09			0.13			78
2008		20.22		0.02			(8.70	)		(0.02	)		—			—			11.52		(42.92	)		817,315		0.97	(3)		1.06			0.16			99
2007		17.77		0.02			2.45			(0.02	)		—			—			20.22		13.90			1,488,091		1.00			1.07			0.13			51
2006		17.71		(0.02	)		0.08			—			—			—			17.77		0.34			1,343,147		1.01	(3)		1.09			(0.12	)		48
Small Cap Equity Fund
GS2 Class
2011(4)	$	9.61	$	0.01	#	$	1.07		$	—		$	—		$	—		$	10.69		11.24	%	$	79,040		0.99	%(3)		1.00	%		0.15	%		91	%
2010		7.57		0.03	#		2.06			(0.05	)		—			—			9.61		27.64			74,424		1.00	(3)		1.02			0.42			177
2009		5.94		0.03	#		1.64			(0.04	)		—			—			7.57		28.12			64,033		1.04	(3)		1.05			0.44			130
2008		9.60		0.05	#		(3.61	)		(0.08	)		—			(0.02	)		5.94		(37.05	)		48,159		1.03	(3)		1.04			0.66			147
2007		11.33		0.06	#		0.09			(0.07	)		(1.81	)		—			9.60		1.05			76,792		1.05			1.05			0.48			119
2006		11.40		(0.01	)#		1.32			—			(1.38	)		—			11.33		11.40			66,695		1.06	(3)		1.06			(0.05	)		86
GS4 Class
2011(4)	$	14.46	$	—	†#	$	1.62		$	—		$	—		$	—		$	16.08		11.20	%	$	425,639		1.17	%(3)		1.22	%		(0.03	)%		91	%
2010		11.37		0.03	#		3.09			(0.03	)		—			—			14.46		27.47			400,072		1.15	(3)		1.21			0.27			177
2009		8.91		0.03	#		2.46			(0.03	)		—			—			11.37		27.93			356,043		1.15	(3)		1.25			0.33			130
2008		14.31		0.07	#		(5.39	)		(0.06	)		—			(0.02	)		8.91		(37.19	)		272,588		1.15	(3)		1.24			0.55			147
2007		16.00		0.06	#		0.11			(0.05	)		(1.81	)		—			14.31		0.87			466,522		1.18			1.25			0.34			119
2006		15.61		(0.03	)#		1.80			—			(1.38	)		—			16.00		11.27			486,358		1.21	(3)		1.25			(0.20	)		86

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

(1) The ratio excludes expenses waived/reimbursed net of amount recaptured.

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

(3) The ratio excludes the effect of expense offsets for fees paid indirectly; if expense offsets were included, the ratio would have been lower than the ratio shown.

(4) For the six months ended June 30, 2011. 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.

145

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(1)			Expenses, Gross(2)			Investment Income/ (Loss), Net(3)			Portfolio Turnover Rate
International Equity Fund
GS2 Class
2011(5)	$	10.35	$	0.16	#	$	0.34		$	—		$	—		$	—	$	10.85		4.83	%	$	271,722		0.94	%(4)		1.18	%		3.13	%		54	%
2010		9.64		0.17	#		0.83			(0.29	)		—			—		10.35		10.45			262,103		0.94	(4)		1.19			1.81			56
2009		7.32		0.17	#		2.42			(0.27	)		—	†		—		9.64		35.81			240,483		0.94	(4)		1.21			2.12			59
2008		14.61		0.34	#		(6.89	)		(0.39	)		(0.35	)		—		7.32		(44.72	)		193,281		0.94	(4)		1.08			2.92			88
2007		15.80		0.26	#		1.79			(0.27	)		(2.97	)		—		14.61		13.21			279,652		0.96			1.07			1.55			66
2006		14.71		0.25			3.23			(0.35	)		(2.04	)		—		15.80		23.78			199,989		0.97	(4)		1.10			1.60			26
GS4 Class
2011(5)	$	13.43	$	0.20	#	$	0.44		$	—		$	—		$	—	$	14.07		4.77	%	$	1,090,143		1.14	%(4)		1.40	%		2.94	%		54	%
2010		12.44		0.21	#		1.05			(0.27	)		—			—		13.43		10.14			1,029,317		1.12	(4)		1.38			1.67			56
2009		9.38		0.20	#		3.11			(0.25	)		—	†		—		12.44		35.61			1,101,628		1.12	(4)		1.40			1.98			59
2008		18.32		0.40	#		(8.63	)		(0.36	)		(0.35	)		—		9.38		(44.81	)		873,618		1.12	(4)		1.28			2.46			88
2007		19.09		0.28	#		2.16			(0.24	)		(2.97	)		—		18.32		12.96			1,400,548		1.14			1.27			1.11			66
2006		17.37		0.26			3.82			(0.32	)		(2.04	)		—		19.09		23.58			1,254,839		1.15	(4)		1.29			1.10			26

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

(1) The ratio has been revised to include the effect of dividend expense on securities sold short which increased the ratio by 0.04% for the year 2009. The effect of dividend expense on securities sold short increased the ratio by 0.04% for the year 2010 and 0.06% for the six months ended June 30, 2011.

(2) The ratio excludes expense offsets for fees paid indirectly; if expense offsets were included, the ratio would have been lower than the ratio shown.

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

(4) The ratio excludes expense offsets for fees paid indirectly; if expense offsets were included, the ratio would have been lower than the ratio shown. The ratio excludes the effect of dividend expense on securities sold short.

(5) For the six months ended June 30, 2011. 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.

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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-five 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 are each referred to as a “Date Target Fund” and together as the “Date Target Funds.” The Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund, Aggressive Allocation Fund, Conservative Allocation Fund I, Balanced Allocation Fund I, Growth Allocation Fund I and Aggressive Allocation Fund I are each referred to as an “Asset Allocation Fund” and together as the “Asset Allocation Funds.” The remaining Funds are each referred to as a “Select Fund” and are together referred to as the “Select Funds.” The Low-Duration Bond Fund, Medium-Duration Bond Fund, Extended-Duration Bond Fund, Inflation Protected 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 two classes of shares issued by the Funds — the GS2 Class and the GS4 Class (each, a “Class” and together the “Classes”), except for the Date Target Funds, the Inflation Protected Bond Fund, the Global Bond Fund, and the Real Estate Securities Fund, which issued the GS4 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. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses on investments are allocated to each Class of shares based upon its relative net assets.

Each Fund is a separate mutual fund with its own investment objective, strategies and risks. The Select Funds invest directly in particular types of fixed-income obligations, stocks and other investments. The 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 (“GAAP”) in the United States of America which require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, 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 and those differences could be significant.

a. Valuation of Securities

The Funds (except the Money Market Fund) each value securities traded on national securities exchanges or included in national market systems at the last quoted sale price, or official close price, on the principal exchange on which they were traded, or, in the absence of any sale or official close price, at the closing bid price. 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 of the Trust (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.

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Debt securities, excluding asset-backed and mortgage-backed securities, are valued at the mean of the last bid and ask prices available. Asset-backed and mortgage-backed securities are valued at the last bid price. Certain debt securities may be valued on the basis of broker quotations, 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 or by a sub-adviser using various methodologies approved by the Board of Trustees.

Short-term securities maturing in more than 60 days from the valuation date are valued at the mean of the last bid and ask prices; those maturing in 60 days or less are generally valued at amortized cost which approximates current market value in accordance with Rule 2a-7 of the 1940 Act.

Forward foreign exchange contracts are valued based upon closing exchange rates from each respective foreign market.

Futures contracts are valued at the closing settlement price on the exchange on which they are primarily traded.

Options, rights and warrants for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, at the closing bid price. Options, rights and warrants not traded on a national securities exchange are valued at the last quoted bid price.

Swap agreements are valued daily based upon the terms specific to each agreement with its counterparty.

To the extent available, valuations of portfolio securities are provided by independent pricing services approved by the Board of Trustees. Securities for which market quotations are not readily available are valued at fair value according to methods established in good faith by the Board of Trustees. Due to the potential excessive volatility at the time valuations are developed, pricing techniques may materially vary from the actual amounts realized upon sale of the securities.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its NAV. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates its NAV if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector. If a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its NAV, a Valuation Committee meeting may be called. The Trust uses Interactive Data Corporation (“IDC”) as a third party fair valuation vendor. IDC provides a fair value for foreign equity securities held by the Trust based on certain factors and methodologies applied by IDC in the event that there is movement in the U.S. market that exceeds a specific threshold established by the Valuation Committee in consultation with, and approved by, the Board of Trustees. Such methodologies generally involve tracking valuation correlations between the U.S. market and each non-U.S. security. As part of the valuation procedures, a “confidence interval” is used, when the threshold is exceeded, to determine the level of correlation between the value of a foreign equity security and movements in the U.S. market before a particular security will be fair valued. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Trust will typically value non-U.S. equity securities in its portfolio that exceed the applicable confidence interval based upon the fair values provided by IDC.

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

The Financial Accounting Standards Board’s (“FASB”) “Fair Value Measurements and Disclosures” defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes and requires disclosure of a fair value hierarchy, separately for each major category of

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assets and liabilities, that segregates fair value measurements into levels (Levels 1, 2, and 3). Categorizations of fair value measurements, and the criteria used to determine each categorization, are as follows:

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

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

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

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

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

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

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

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

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

Restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used.

Valuation levels are not necessarily an indication of the risk associated with investing in those securities and changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Certain foreign equity securities that are fair valued may periodically move between valuation Level 2 and valuation Level 1 based upon the threshold established by the Valuation Committee. Details of such transfers have been included in the Schedules of Investments.

For fair valuations using significant unobservable inputs, a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in/out of the Level 3 category during the period is required. A fair value hierarchy and Level 3 reconciliation have been included in the Schedules of Investments.

b. Fixed Income Securities

The Bond Funds and the Small Cap Equity Fund may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-backed securities, stripped mortgage-backed securities, asset-backed securities, collateralized debt obligations and other securities that

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

Collateralized Mortgage Obligations (“CMOs”) are debt obligations of a legal entity that are collateralized by mortgages and divided into classes. CMOs are structured into multiple classes, often referred to as “tranches,” with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including pre-payments. Commercial Mortgage-Backed Securities (“CMBS”) include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. CMOs and CMBS may be less liquid and may exhibit greater price volatility than other types of mortgage- or asset-backed securities. Stripped Mortgage-Backed Securities (“SMBS”) are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). Payments received for IOs are included in interest income on the Statements of Operations. Because little to no principal will be received at the maturity of an IO, adjustments are made to the book value of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity.

“TBA” (to be announced) purchase commitments are 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 in the section entitled “Valuation of Securities”.

During the six months ended June 30, 2011, the Low-Duration Bond Fund, Medium-Duration Bond Fund, Global Bond Fund and Small Cap Equity Fund entered into dollar roll transactions, pursuant to which they sell a mortgage-backed TBA or security

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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.

TBA sale commitments are commitments to sell mortgage-backed securities for a fixed price at a future date. TBA sales commitments are considered securities in themselves and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Fund’s other assets. U.S. Government securities are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the NAV of the Funds’ shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”), are supported by the full faith and credit of the United States Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the United States Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation, the common stock of which is owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the United States Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the United States Government.

On September 6, 2008, the Federal Housing Finance Agency (“FHFA”) placed FNMA and FHMLC into conservatorship. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. FHFA selected a new chief executive officer and chairman of the board of directors for each of FNMA and FHLMC. On September 7, 2008, the U.S. Treasury announced three additional steps taken by it in connection with the conservatorship. First, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with each of FNMA and FHLMC pursuant to which the U.S. Treasury would purchase up to an aggregate of $100 billion of each of FNMA and FHLMC to maintain a positive net worth in each enterprise. This agreement contained various covenants that limit each enterprise’s operations. In exchange for entering into these agreements, the U.S. Treasury received $1 billion of each enterprise’s senior preferred stock and warrants to purchase 79.9% of each enterprise’s common stock. Second, the U.S. Treasury announced the creation of a new secured lending facility which is available to each of FNMA and FHLMC as a liquidity backstop. Third, the U.S. Treasury announced the creation of a temporary program to purchase mortgage-backed securities issued by each of FNMA and FHLMC. Both the liquidity backstop and the mortgage-backed securities purchase program expired in December 2009. FNMA and FHLMC are continuing to operate

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as going concerns while in conservatorship and each remain liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities. The liquidity backstop and the Senior Preferred Stock Purchase Agreements are both intended to enhance each of FNMA’s and FHLMC’s ability to meet its obligations. On December 24, 2009, the U.S. Treasury amended the Senior Preferred Stock Purchase Agreements to allow the cap on its funding commitment to increase as necessary to accommodate any cumulative reduction in the net worth of FNMA and FHMLC over the next three years.

c. Foreign Currency Translations

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in the exchange rate.

d. Loan Participations

The Bond Funds and the Small Cap Equity Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate borrowers. A Fund’s investments in loans may be in the form of participations in loans. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a floating rate loan. In certain circumstances, a Fund may receive a prepayment penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense on the Statements of Operations.

The Medium-Duration Bond Fund invests 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.

e. PIPEs

The Small Cap Equity Fund invests in Private Investment in Public Equity (“PIPE”) securities. PIPES involve the purchase of securities directly from a publicly traded company by a Fund. PIPES are restricted securities and cannot be immediately resold into the public markets. These investments are valued at fair value as determined in accordance with the procedures approved by the Board of Trustees. Risks include the potential decline in the value of the publicly traded company, the potential dilution of shareholder equity and the inability of the Fund to liquidate the position quickly.

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f. REITs

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

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

g. Repurchase Agreements

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

h. Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. The Fund’s obligation to replace the security borrowed and sold short will be 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 andMedium-Duration Bond Funds will occasionally enter into a short sale to initiate a dollar roll transaction. The International Equity Fund may establish short positions in stocks of foreign companies with a market value of up to 5% of the Fund’s assets.

At June 30, 2011, the value of securities sold short in the International Equity Fund amounted to $22,348,539.

i. 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.

Financial Futures Contracts — The Funds (except the Money Market Fund) may purchase or sell financial futures contracts and the options on such futures contracts for the purpose of hedging risk on existing securities, demonstrating purchase of securities or gaining market exposure on cash balances. Financial futures contracts are contracts for the delivery of securities at a specified future date at an agreed upon price or yield. Upon entering into a contract, the Funds deposit and maintain as collateral such initial margin as required by the exchange on which the transaction is effected.

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Pursuant to the contract, the Funds agree to pay to or receive from the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such payments or receipts are known as variation margin and are recorded by the Funds as unrealized gains or losses until the contract is closed or settled.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

Foreign Currency Options and Futures — The 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.

Forward Foreign Exchange Contracts — Certain Funds may enter into forward foreign currency exchange contracts to hedge against adverse exchange rate fluctuation to the U.S. dollar or between different foreign currencies in connection with either specific security transactions or portfolio positions. Each contract is valued daily and the change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the opening value and the closing value of the contract. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statements of Assets and Liabilities. The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

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

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

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities.

Certain Funds may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract on a future date. If a written call swaption is exercised, the writer will enter a swap and is obligated to pay the fixed-rate and receive a floating rate in exchange. If a written put swaption is exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange.

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Swaptions are marked-to-market daily based upon quotations from market makers. When a Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current market value of the swaption. Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk in excess of the associated option and swap contract amounts reported in the Statement of Assets and Liabilities. The Funds bear the market risk arising from any change in index values or interest rates.

Swap Agreements — Each Select Fund, except the Money Market Fund, may enter into swap agreements. The Equity Funds may enter into equity swap contracts and the Bond Funds and the Small Cap Equity Fund may enter into interest rate and credit default swaps. The Bond Funds and International Equity Fund may enter into cross-currency swaps, and each Select Fund may enter into total return swaps.

Swap agreements are privately negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. A swap may be entered into in order to, among other things, change the maturity of a Fund’s portfolio, to protect a Fund’s value from changes in interest rates, to expose a Fund to a different security or market, or to help a Fund achieve a strategy relative to an index or other benchmark. By entering into a swap agreement, a Fund is exposed to the risk of unanticipated movements in interest rates or in the value of an underlying security or index (or the risk that the counterparty will not fulfill its obligation under the agreement). Credit default swaps involve the payment of amounts based on a specified rate multiplied by a notional amount as well as upon an event of default. In connection with these agreements, securities are set aside as collateral by the Fund’s custodian.

Swaps are marked-to-market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized gain or loss on the Statements of Assets and Liabilities. In the event that market quotations are not readily available or deemed reliable, certain swap agreements may be valued pursuant to guidelines established by the Board of Trustees. In the event that market quotes are not readily available and the swap cannot be valued pursuant to one of the valuation methods, the value of the swap will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by the Fund’s sub-adviser.

Payments received or made at the beginning of the measurement period are reflected as such on the Schedules of Investments and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations.

Certain of the Fund’s derivative agreements contain provisions that require the Fund to maintain a predetermined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over one-month, three-month and 12-month periods. If the Fund were to violate such provisions, the counterparties to the derivative instruments could request immediate payment or demand immediate collateralization on derivative instruments in net liability positions. For the six months ended June 30, 2011, the Fund did maintain the required level of net assets and/or the NAV of the Fund did not decline below the limits set forth in the derivative agreements.

Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be

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no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

Credit Default Swaps — Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

Any upfront payments made or received upon entering a credit default swap contract are treated as part of the cost and are reflected as part of the unrealized gain (loss) on valuation. Upon termination of the swap contract, the amount included in the cost is reversed and becomes part of the swap’s realized gain (loss).

The sub-advisers monitor a variety of factors including cash flow assumptions, market activity, market sentiment and valuation as part of its ongoing process of assessing payment and performance risk. As payment and performance risk increases, the value of a credit default swap increases, resulting in recognition of unrealized gains for long positions and unrealized losses for short positions. Conversely, as payment and performance risk decreases, unrealized gains are recognized for short positions and unrealized losses are recognized for long positions. Any current or future declines in the fair value of the swap may be partially offset by upfront payments received by the Fund as a seller of protection if applicable. The change in value is recorded within unrealized appreciation (depreciation) until the occurrence of a credit event or the termination of the swap, at which time a realized gain (loss) is recorded.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a

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measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate issues or sovereign issues of an emerging country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other write down or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit-default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end are disclosed in the footnotes to the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront

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payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Credit default swaps involve greater risks than if the Funds had invested in the referenced obligation directly. In addition to general market risks, credit default swaps are subject to liquidity risk and counterparty credit risk. The Funds enter into credit default swaps with counterparties meeting defined criteria for financial strength. A buyer also may lose its investment and recover nothing should a credit event not occur. If a credit event did occur, the value of the referenced obligation received by the seller, coupled with the periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value.

Cross-Currency Swap Agreements — Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows but only for exchanging interest cash flows.

Interest Rate Swap Agreements — Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swap, under which two parties can exchange variable interest rates based on different money markets.

Total Return Swap Agreements — Total return swap agreements on commodities involve commitments where exchanged cash flows based on the price of a commodity and in return receives either fixed or floating rate interest payments. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may be an equity, index, or bond, and in return receives a regular stream of payments. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty.

FASB “Derivatives and Hedging” includes required disclosure for (i) the nature and terms of the derivative, reasons for entering into the derivative, the events or circumstances that would require the seller to perform under the derivative, and the current status of the payment/performance risk of the derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the derivative, (iii) the fair value of the derivative, and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties. FASB “Guarantees” require additional disclosures about the current status of the payment/performance risk of a guarantee. All of this information has

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been incorporated for the current period as part of the Schedules of Investments within the Swap agreements outstanding disclosure and in the Notes to Financial Statements.

As of June 30, 2011, the Low-Duration Bond Fund and the Medium-Duration Bond Fund are the buyers (“receiving protection”) on a total notional amount of $44,086,147 and $35,920,000, respectively, and the Medium-Duration Bond Fund is the seller (“providing protection”) on a total notional amount of $5,100,000. The notional amounts of the swaps are not recorded in the financial statements; however, the notional amount does approximate the maximum potential amount of future payments that the Funds could be required to make if the Funds were the seller of protection and a credit event were to occur. Those credit default swaps for which the Funds are providing protection at balance sheet date are summarized as follows:

	Single Name Credit Default Swaps						Credit Default Swap Index
	Corporate Debt			Sovereign Debt			Asset-Backed Securities		Corporate Debt		Total
Reference Asset
Medium-Duration Bond Fund
Fair value of written credit derivatives	$	(4,087	)	$	(7,841	)	$	—	$	—	$	(11,928	)
Maximum potential amount of future payments		4,100,000			1,000,000			—		—		5,100,000
Recourse provisions with third parties to recover any amounts paid under the credit derivative
(including any purchased credit protection)		—			—			—		—		—
Collateral held by the Funds or other third parties which the Funds can obtain upon occurrence of triggering event		—			—			—		—		—

The credit spread disclosed below for each referenced obligation where the Funds are the seller of protection is a representation of the current payment/performance risk of the swap.

	Maximum Potential Amount of Future Payments by Contract  Term
Current credit spread on underlying (in basis points)	0-6 Months		6-12 Months		1-5 Years		5-10 Years		More Than 10 Years		Total
Medium-Duration Bond Fund
0 - 100	$	—	$	—	$	—	$	—	$	—	$	—
101 - 250		—		—		—		1,000,000		—		1,000,000
251 - 500		—		—		—		4,100,000		—		4,100,000
501 - 1,000		—		—		—		—		—		—
Greater than 1,000		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	5,100,000	$	—	$	5,100,000

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Derivative Holdings Categorized by Risk Exposure

FASB “Derivatives and Hedging” also requires all companies to disclose information intended to enable financial statement users to understand how and why the entity uses derivative instruments, how derivatives are accounted for, and how derivative instruments affect the entity’s financial position, results of operations, and cash flows.

	Location on the Statements of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Interest rate contracts	Investments in securities of unaffiliated issuers, at value Receivables: Variation margin*	Options written at value Payables: Variation margin*
	Unrealized appreciation on swap agreements	Unrealized depreciation on swap agreements
Foreign exchange contracts	Unrealized appreciation on foreign currency exchange contracts	Unrealized depreciation on foreign currency exchange contracts
Credit contracts	Unrealized appreciation on swap agreements	Unrealized depreciation on swap agreements
Equity contracts	Receivables: Variation margin*	Payables: Variation margin*

* The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for open futures contracts. The variation margin presented below is the cumulative change in unrealized appreciation (depreciation) from the date the contract was opened until June 30, 2011.

	Asset Derivative Value
Fund	Total Value at 06/30/11		Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2005 Fund
Futures	$	74,203	$	(5,845	)	$	—	$	—	$	80,048
MyDestination 2015 Fund
Futures	$	518,949	$	(54,348	)	$	—	$	—	$	573,297
MyDestination 2025 Fund
Futures	$	485,355	$	(105,484	)	$	—	$	—	$	590,839
MyDestination 2035 Fund
Futures	$	60,950	$	1,813		$	—	$	—	$	59,137
MyDestination 2045 Fund
Futures	$	62,724	$	—		$	—	$	—	$	62,724
Conservative Allocation Fund
Futures	$	206,202	$	(281	)	$	—	$	—	$	206,483
Balanced Allocation Fund
Futures	$	1,286,393	$	(112,033	)	$	—	$	—	$	1,398,426
Growth Allocation Fund
Futures	$	344,951	$	7,526		$	—	$	—	$	337,425
Aggressive Allocation Fund
Futures	$	437,073	$	—		$	—	$	—	$	437,073
Conservative Allocation Fund I
Futures	$	62,816	$	328		$	—	$	—	$	62,488
Balanced Allocation Fund I
Futures	$	355,754	$	(42,114	)	$	—	$	—	$	397,868
Growth Allocation Fund I
Futures	$	109,452	$	622		$	—	$	—	$	108,830

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	Asset Derivative Value
Fund	Total Value at 06/30/11			Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Aggressive Allocation Fund I
Futures	$	71,026		$	—		$	—	$	—	$	71,026
Low-Duration Bond Fund
Forwards	$	546,232		$	—		$	546,232	$	—	$	—
Futures		333,914			333,914			—		—		—
Swaps		1,698,026			69,251			—		1,628,775		—
Totals	$	2,578,172		$	403,165		$	546,232	$	1,628,775	$	—
Medium-Duration Bond Fund
Forwards	$	557,165		$	—		$	557,165	$	—	$	—
Futures		176,936			176,936			—		—		—
Swaps		871,279			547,502			—		323,777		—
Totals	$	1,605,380		$	724,438		$	557,165	$	323,777	$	—
Inflation Protected Bond Fund
Futures	$	(47,679	)	$	(47,679	)	$	—	$	—	$	—
Global Bond Fund
Forwards	$	556,316		$	—		$	556,316	$	—	$	—
Futures		(4,025	)		(4,025	)		—		—		—
Total	$	552,291		$	(4,025	)	$	556,316	$	—	$	—
Equity Index Fund
Futures	$	310,436		$	—		$	—	$	—	$	310,436
Real Estate Securities Fund
Futures	$	125,240		$	—		$	—	$	—	$	125,240
Value Equity Fund
Futures	$	1,036,413		$	—		$	—	$	—	$	1,036,413
Growth Equity Fund
Futures	$	1,662,644		$	—		$	—	$	—	$	1,662,644
Small Cap Equity Fund
Forwards	$	14,377		$	—		$	14,377	$	—	$	—
Futures		2,702,811			(90,239	)		—		—		2,793,050
Total	$	2,717,188		$	(90,239	)	$	14,377	$	—	$	2,793,050
International Equity Fund
Forwards	$	534,459		$	—		$	534,459	$	—	$	—
Futures		2,298,446			—			—		—		2,298,446
Total	$	2,832,905		$	—		$	534,459	$	—	$	2,298,446

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	Liability Derivative Value
Fund	Total Value at 06/30/11			Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
Low-Duration Bond Fund
Forwards	$	915,889		$	—		$	915,889	$	—	$	—
Futures		228,364			228,364			—		—		—
Written Options		90,410			90,410			—		—		—
Swaps		320,020			38,893			—		281,127		—
Totals	$	1,554,683		$	357,667		$	915,889	$	281,127	$	—
Medium-Duration Bond Fund
Forwards	$	903,279		$	—		$	903,279	$	—	$	—
Futures		104,112			104,112			—		—		—
Written Options		83,764			83,764			—		—		—
Swaps		1,078,862			542,343			—		536,519		—
Totals	$	2,170,017		$	730,219		$	903,279	$	536,519	$	—
Inflation Protected Bond Fund
Futures	$	(68,932	)	$	(68,932	)	$	—	$	—	$	—
Global Bond Fund
Forwards	$	185,508		$	—		$	185,508	$	—	$	—
Futures		89,649			89,649			—		—		—
Totals	$	275,157		$	89,649		$	185,508	$	—	$	—
Small Cap Equity Fund
Forwards	$	14,186		$	—		$	14,186	$	—	$	—
Futures		(21,361	)		(21,361	)		—		—		—
Totals	$	(7,175	)	$	(21,361	)	$	14,186	$	—	$	—
International Equity Fund
Forwards	$	773,106		$	—		$	773,106	$	—	$	—
Futures		149,949			—			—		—		149,949
Totals	$	923,055		$	—		$	773,106	$	—	$	149,949

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Derivative Type	Location on the Statements of Operations
Interest rate contracts	Net realized gain (loss) from: Futures transactions
	Net realized gain (loss) from: Swap agreements
	Net realized gain (loss) from: Option contracts written
	Net realized gain (loss) from: Option contracts purchased
	Net change in unrealized appreciation (depreciation) on: Futures
	Net change in unrealized appreciation (depreciation) on: Swap agreements
	Net change in unrealized appreciation (depreciation) on: Option contracts written
	Net change in unrealized appreciation (depreciation) on: Option contracts purchased
Foreign exchange contracts	Net realized gain (loss) from: Foreign currency transactions
	Net change in unrealized appreciation (depreciation) on: Foreign currency translations
Credit contracts	Net realized gain (loss) from: Swap agreements
	Net realized gain (loss) from: Option contracts written
	Net change in unrealized appreciation (depreciation) on: Swap agreements
	Net change in unrealized appreciation (depreciation) on: Option contracts written
Equity contracts	Net realized gain (loss) from: Futures transactions

	Realized Gain (Loss) on Derivatives Recognized in Income
Fund	Total Value at 06/30/11			Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2005 Fund
Futures	$	(5,360	)	$	5,197	$	—	$	—	$	(10,557	)
MyDestination 2015 Fund
Futures	$	193,843		$	23,910	$	—	$	—	$	169,933
MyDestination 2025 Fund
Futures	$	132,989		$	38,597	$	—	$	—	$	94,392
MyDestination 2035 Fund
Futures	$	103,069		$	4,358	$	—	$	—	$	98,711
MyDestination 2045 Fund
Futures	$	117,066		$	—	$	—	$	—	$	117,066
Conservative Allocation Fund
Futures	$	128,794		$	10,762	$	—	$	—	$	118,032
Balanced Allocation Fund
Futures	$	1,082,908		$	195,374	$	—	$	—	$	887,534
Growth Allocation Fund
Futures	$	904,995		$	82,146	$	—	$	—	$	822,849
Aggressive Allocation Fund
Futures	$	1,098,340		$	—	$	—	$	—	$	1,098,340
Conservative Allocation Fund I
Futures	$	(15,367	)	$	2,807	$	—	$	—	$	(18,174	)
Balanced Allocation Fund I
Futures	$	169,504		$	52,048	$	—	$	—	$	117,456
Growth Allocation Fund I
Futures	$	164,228		$	16,858	$	—	$	—	$	147,370
Aggressive Allocation Fund I
Futures	$	166,549		$	—	$	—	$	—	$	166,549

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	Realized Gain (Loss) on Derivatives Recognized in Income
Fund	Total Value at 06/30/11			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Low-Duration Bond Fund
Forwards	$	(2,390,069	)	$	—		$	(2,390,069	)	$	—		$	—
Futures		(559,699	)		(559,699	)		—			—			—
Swaps		(269,320	)		(2,362	)		—			(266,958	)		—
Written Options		648,059			578,365			—			69,694			—
Totals	$	(2,571,029	)	$	16,304		$	(2,390,069	)	$	(197,264	)	$	—
Medium-Duration Bond Fund
Forwards	$	(2,568,929	)	$	—		$	(2,568,929	)	$	—		$	—
Futures		(347,923	)		(347,923	)		—			—			—
Purchased Options		(6,035	)		(6,035	)		—			—			—
Swaps		634,483			568,142			—			66,341			—
Written Options		403,262			394,022			—			9,240			—
Totals	$	(1,885,142	)	$	608,206		$	(2,568,929	)	$	75,581		$	—
Inflation Protected Bond Fund
Futures	$	(307,184	)	$	(307,184	)	$	—		$	—		$	—
Global Bond Fund
Forwards	$	(1,146,511	)	$	—		$	(1,146,511	)	$	—		$	—
Futures		(33,373	)		(33,373	)		—			—			—
Purchased Options		(55,446	)		(55,446	)		—			—			—
Total	$	(1,235,330	)	$	(88,819	)	$	(1,146,511	)	$	—		$	—
Equity Index Fund
Futures	$	601,293		$	—		$	—		$	—		$	601,293
Real Estate Securities Fund
Futures	$	61,879		$	—		$	—		$	—		$	61,879
Value Equity Fund
Futures	$	1,560,726		$	—		$	—		$	—		$	1,560,726
Growth Equity Fund
Futures	$	2,972,741		$	—		$	—		$	—		$	2,972,741
Small Cap Equity Fund
Forwards	$	(100,301	)	$	—		$	(100,301	)	$	—		$	—
Futures		2,174,354			21,568			—			—			2,152,786
Written Options		15,554			15,554			—			—			—
Total	$	2,089,607		$	37,122		$	(100,301	)	$	—		$	2,152,786
International Equity Fund
Forwards	$	1,035,350		$	—		$	1,035,350		$	—		$	—
Futures		840,390			—			—			—			840,390
Total	$	1,875,740		$	—		$	1,035,350		$	—		$	840,390

164

	Change in Unrealized Appreciation (Depreciation) on Derivatives  Recognized in Income
Fund	Total Value at 06/30/11			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
MyDestination 2005 Fund
Futures	$	74,203		$	(5,845	)	$	—		$	—		$	80,048
MyDestination 2015 Fund
Futures	$	416,227		$	(54,348	)	$	—		$	—		$	470,575
MyDestination 2025 Fund
Futures	$	422,209		$	(105,484	)	$	—		$	—		$	527,693
MyDestination 2035 Fund
Futures	$	29,003		$	1,813		$	—		$	—		$	27,190
MyDestination 2045 Fund
Futures	$	26,388		$	—		$	—		$	—		$	26,388
Conservative Allocation Fund
Futures	$	147,631		$	(281	)	$	—		$	—		$	147,912
Balanced Allocation Fund
Futures	$	830,880		$	(112,033	)	$	—		$	—		$	942,913
Growth Allocation Fund
Futures	$	(63,292	)	$	7,526		$	—		$	—		$	(70,818	)
Aggressive Allocation Fund
Futures	$	(48,602	)	$	—		$	—		$	—		$	(48,602	)
Conservative Allocation Fund I
Futures	$	62,816		$	328		$	—		$	—		$	62,488
Balanced Allocation Fund I
Futures	$	297,766		$	(42,114	)	$	—		$	—		$	339,880
Growth Allocation Fund I
Futures	$	58,764		$	622		$	—		$	—		$	58,142
Aggressive Allocation Fund I
Futures	$	9,682		$	—		$	—		$	—		$	9,682
Low-Duration Bond Fund
Forwards	$	(96,891	)	$	—		$	(96,891	)	$	—		$	—
Futures		(93,662	)		(93,662	)		—			—			—
Swaps		(53,365	)		18,437			—			(71,802	)		—
Written Options		(76,597	)		(12,447	)		—			(64,150	)		—
Totals	$	(320,515	)	$	(87,672	)	$	(96,891	)	$	(135,952	)	$	—
Medium-Duration Bond Fund
Forwards	$	481,166		$	—		$	481,166		$	—		$	—
Futures		336,105			336,105			—			—			—
Purchased Options		6,035			6,035			—			—			—
Swaps		(2,107,910	)		(1,413,101	)		—			(694,809	)		—
Written Options		122,564			125,886			—			(3,322	)		—
Totals	$	(1,162,040	)	$	(945,075	)	$	481,166		$	(698,131	)	$	—
Inflation Protected Bond Fund
Futures	$	25,686		$	25,686		$	—		$	—		$	—

165

	Change in Unrealized Appreciation (Depreciation) on Derivatives  Recognized in Income
Fund	Total Value at 06/30/11			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
Global Bond Fund
Forwards	$	48,607		$	—		$	48,607		$	—	$	—
Futures		(144,264	)		(144,264	)		—			—		—
Total	$	(95,657	)	$	(144,264	)	$	48,607		$	—	$	—
Equity Index Fund
Futures	$	80,066		$	—		$	—		$	—	$	80,066
Real Estate Securities Fund
Futures	$	91,338		$	—		$	—		$	—	$	91,338
Value Equity Fund
Futures	$	347,554		$	—		$	—		$	—	$	347,554
Growth Equity Fund
Futures	$	678,454		$	—		$	—		$	—	$	678,454
Small Cap Equity Fund
Forwards	$	7,755		$	—		$	7,755		$	—	$	—
Futures		1,564,545			(127,447	)		—			—		1,691,992
Total	$	1,572,300		$	(127,447	)	$	7,755		$	—	$	1,691,992
International Equity Fund
Forwards	$	(758,489	)	$	—		$	(758,489	)	$	—	$	—
Futures		1,458,235			—			—			—		1,458,235
Total	$	699,746		$	—		$	(758,489	)	$	—	$	1,458,235

Volume of Derivative Transactions

The table below summarizes the average balance of derivative holdings by fund during the six months ended June 30, 2011. The average balance of derivatives held is indicative of the trading volume of each Fund.

	Asset Derivative Volume
Fund	Forward Foreign Currency Contracts (Average Cost)		Futures Contracts (Average Notional Value)		Purchased Option Contracts (Average Notional Cost)		Swap Contracts (Average Notional Amount)
MyDestination 2005 Fund	$	—	$	1,107,251	$	—	$	—
MyDestination 2015 Fund		—		4,820,338		—		—
MyDestination 2025 Fund		—		5,226,863		—		—
MyDestination 2035 Fund		—		2,515,381		—		—
MyDestination 2045 Fund		—		2,063,509		—		—
Conservative Allocation Fund		—		2,732,045		—		—
Balanced Allocation Fund		—		19,779,148		—		—
Growth Allocation Fund		—		15,382,518		—		—
Aggressive Allocation Fund		—		16,857,051		—		—
Conservative Allocation Fund I		—		1,614,412		—		—
Balanced Allocation Fund I		—		5,282,966		—		—
Growth Allocation Fund I		—		3,855,159		—		—
Aggressive Allocation Fund I		—		2,941,501		—		—
Low-Duration Bond Fund		21,055,714		239,130,484		—		59,571,337
Medium-Duration Bond Fund		41,104,696		313,243,201		6,035		174,465,714
Inflation Protected Bond Fund		—		5,050,050		—		—
Global Bond Fund		41,140,151		370,535		48,201		—
Equity Index Fund		—		2,886,547		—		—

166

	Asset Derivative Volume
Fund	Forward Foreign Currency Contracts (Average Cost)			Futures Contracts (Average Notional Value)			Purchased Option Contracts (Average Notional Cost)			Swap Contracts (Average Notional Amount)
Real Estate Securities Fund	$	—		$	4,468,996		$	—		$	—
Value Equity Fund		—			1,964,145			—			—
Growth Equity Fund		—			58,275,764			—			—
Small Cap Equity Fund		1,012,760			57,410,656			—			—
International Equity Fund		66,915,140			34,900,420			—			—
	Liability Derivative Volume
Fund	Forward Foreign Currency Contracts (Average Cost)			Futures Contracts (Average Notional Value)			Written Option Contracts (Average Notional Cost)			Swap Contracts (Average Notional Amount)
MyDestination 2005 Fund	$	—		$	(83,007	)	$	—		$	—
MyDestination 2015 Fund		—			(833,097	)		—			—
MyDestination 2025 Fund		—			(916,104	)		—			—
MyDestination 2035 Fund		—			(584,074	)		—			—
MyDestination 2045 Fund		—			(501,066	)		—			—
Conservative Allocation Fund		—			(222,360	)		—			—
Balanced Allocation Fund		—			(3,753,469	)		—			—
Growth Allocation Fund		—			(4,088,520	)		—			—
Aggressive Allocation Fund		—			(4,503,558	)		—			—
Conservative Allocation Fund I		—			(83,007	)		—			—
Balanced Allocation Fund I		—			(1,111,183	)		—			—
Growth Allocation Fund I		—			(945,788	)		—			—
Aggressive Allocation Fund I		—			(889,442	)		—			—
Low-Duration Bond Fund		(79,812,351	)		(21,055,714	)		(4,189	)		—
Medium-Duration Bond Fund		(64,539,746	)		(41,104,696	)		(432,638	)		—
Inflation Protected Bond Fund		—			(15,356,060	)		—			—
Global Bond Fund		(45,356,091	)		(11,085,736	)		—			—
Small Cap Equity Fund		(1,330,830	)		(6,991,924	)		(9,333	)		—
International Equity Fund		(62,177,670	)		(5,314,731	)		—			—

j. 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.

k. Expenses

Expenses arising in connection with a Fund are charged directly to that Fund. Expenses common to all Funds are generally allocated to each Fund in proportion to their relative net assets. Each Class of shares bears its pro-rata portion of expenses attributable to its Class, except that each Class separately bears expenses related specifically to that Class, such as shareholder reporting, registration, transfer agent, shareholder servicing and distribution fees.

167

l. Security Transactions, Income and Realized Gains and Losses

Security transactions are accounted for on the date securities are purchased or sold (the trade date). Dividend income is recognized on the ex-dividend date, except certain dividends from foreign securities where the ex-date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income is accrued daily, including the amortization of market premium and the accretion of market discount. Realized gains and losses from security transactions are on an identified cost basis.

3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

a. Investment Advisory Fees

Pursuant to a separate investment advisory agreement, GuideStone Capital Management (“GSCM” or “Adviser”) acts as the Adviser to the Funds. As Adviser, it supervises the investments of the Funds and for such services is paid a fee. GSCM and the Trust have entered into sub-advisory agreements with various sub-advisers to manage each Select Fund’s investments. Under the general supervision of GSCM, the sub-advisers make the day-to-day investment decisions for the Select Funds, and for such services, each sub-adviser receives a fee from the Funds.

The 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, 2011, based upon average daily net assets, were as follows:

Fund	Advisory Fees			Sub-Adviser Fees
MyDestination 2005		0.10	%		0.00	%
MyDestination 2015		0.10	%		0.00	%
MyDestination 2025		0.10	%		0.00	%
MyDestination 2035		0.10	%		0.00	%
MyDestination 2045		0.10	%		0.00	%
Conservative Allocation		0.10	%		0.00	%
Balanced Allocation		0.10	%		0.00	%
Growth Allocation		0.10	%		0.00	%
Aggressive Allocation		0.10	%		0.00	%
Conservative Allocation I		0.10	%		0.00	%
Balanced Allocation I		0.10	%		0.00	%
Growth Allocation I		0.10	%		0.00	%
Aggressive Allocation I		0.10	%		0.00	%
Money Market		0.09	%		0.07	%
Low-Duration Bond		0.13	%		0.21	%
Medium-Duration Bond		0.21	%		0.21	%
Extended-Duration Bond		0.25	%		0.22	%
Inflation Protected Bond		0.20	%		0.12	%
Global Bond		0.21	%		0.26	%
Equity Index		0.13	%		0.02	%
Real Estate Securities		0.28	%		0.53	%
Value Equity		0.40	%		0.23	%
Growth Equity		0.45	%		0.39	%
Small Cap Equity		0.27	%		0.65	%
International Equity		0.47	%		0.47	%

168

For the six months ended June 30, 2011, advisory fees (excluding sub-advisory fees) and waivers for each Fund were as follows:

	Gross Advisory Fee		Waiver/ Reimbursements			Net Advisory Fee (Reimbursement)
MyDestination 2005	$	28,808	$	(37,552	)	$	(8,744	)
MyDestination 2015		130,021		—			130,021
MyDestination 2025		128,278		—			128,278
MyDestination 2035		60,756		(13,453	)		47,303
MyDestination 2045		40,882		(31,239	)		9,643
Conservative Allocation		133,284		(64,640	)		68,644
Balanced Allocation		571,610		(57,097	)		514,513
Growth Allocation		429,647		(56,675	)		372,972
Aggressive Allocation		382,982		(55,665	)		327,317
Conservative Allocation I		36,631		(25,406	)		11,225
Balanced Allocation I		176,537		—			176,537
Growth Allocation I		119,144		—			119,144
Aggressive Allocation I		80,599		(8,286	)		72,313
Money Market		588,081		—			588,081
Low-Duration Bond		471,329		(291,899	)		179,430
Medium-Duration Bond		900,801		(420,847	)		479,954
Extended-Duration Bond		505,567		(74,556	)		431,011
Inflation Protected Bond		116,902		(13,455	)		103,447
Global Bond		178,305		(19,060	)		159,245
Equity Index		271,389		(96,570	)		174,819
Real Estate Securities		212,240		(4,072	)		208,168
Value Equity		2,473,249		(64,079	)		2,409,170
Growth Equity		2,917,024		(489,469	)		2,427,555
Small Cap Equity		673,063		(114,340	)		558,723
International Equity		3,099,430		(1,308,864	)		1,790,566

b. Distribution and Shareholder Servicing Fees

The Board of Trustees has adopted a Shareholder Service Plan for the GS4 Class of each Select Fund. Under this Plan, the GS4 Class of each Select Fund is authorized to pay fees to parties that provide services for and maintain shareholder accounts. The GS4 Class of each Select Fund was authorized to pay service fees of 0.19% of average daily net assets for the period January 1, 2011 to April 30, 2011. As of May 1, 2011, the GS4 Class of each Select Fund is authorized to pay service fees of 0.24% of average daily net assets.

c. Expense Limitation

GSCM has agreed, through April 30, 2012, to waive fees and reimburse expenses of the GS2 Class and GS4 Class of each Fund (excluding interest, taxes, brokerage commissions, dividend expense on securities sold short and extraordinary expenses) which exceed, in the aggregate, the annual percentage rate of each Class’s average daily net assets as follows:

	For the Period January 1, 2011 to April 30, 2011					For the Period May 1, 2011 to June 30, 2011
Fund	GS2 Class		GS4 Class			GS2 Class		GS4 Class
MyDestination 2005		NA		0.20	%		NA		0.20	%
MyDestination 2015		NA		0.20	%		NA		0.20	%
MyDestination 2025		NA		0.20	%		NA		0.20	%
MyDestination 2035		NA		0.20	%		NA		0.20	%
MyDestination 2045		NA		0.20	%		NA		0.20	%
Conservative Allocation		NA		0.12	%		NA		0.12	%
Balanced Allocation		NA		0.12	%		NA		0.12	%

169

	For the Period January 1, 2011 to April 30, 2011						For the Period May 1, 2011 to June 30, 2011
Fund	GS2 Class			GS4 Class			GS2 Class			GS4 Class
Growth Allocation		NA			0.12	%		NA			0.12	%
Aggressive Allocation		NA			0.12	%		NA			0.12	%
Conservative Allocation I		0.15	%		NA			0.15	%		NA
Balanced Allocation I		0.15	%		NA			0.15	%		NA
Growth Allocation I		0.15	%		NA			0.15	%		NA
Aggressive Allocation I		0.15	%		NA			0.15	%		NA
Money Market		0.20	%		0.39	%		0.20	%		0.39	%
Low-Duration Bond		0.36	%		0.52	%		0.36	%		0.57	%
Medium-Duration Bond		0.48	%		0.58	%		0.48	%		0.63	%
Extended-Duration Bond		0.63	%		0.69	%		0.63	%		0.75	%
Inflation Protected Bond		NA			0.67	%		NA			0.67	%
Global Bond		NA			1.02	%		NA			1.02	%
Equity Index		0.23	%		0.37	%		0.23	%		0.38	%
Real Estate Securities		NA			1.29	%		NA			1.29	%
Value Equity		0.74	%		0.85	%		0.74	%		0.94	%
Growth Equity		0.88	%		0.97	%		0.88	%		1.06	%
Small Cap Equity		1.12	%		1.15	%		1.12	%		1.21	%
International Equity		0.94	%		1.12	%		0.94	%		1.18	%

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, 2011, the amounts subject to possible future reimbursement under the expense limitation agreement are as follows:

	GS2 Class						GS4 Class
	2009		2010		2011		2009		2010		2011
MyDestination 2005		NA		NA		NA	$	34,663	$	37,982	$	37,552
MyDestination 2035		NA		NA		NA		42,923		29,344		13,453
MyDestination 2045		NA		NA		NA		60,981		53,661		31,239
Conservative Allocation		NA		NA		NA		94,137		85,986		64,640
Balanced Allocation		NA		NA		NA		97,716		44,858		57,097
Growth Allocation		NA		NA		NA		102,990		65,662		56,675
Aggressive Allocation		NA		NA		NA		116,674		59,666		55,665
Conservative Allocation I	$	41,261	$	33,009	$	25,406		NA		NA		NA
Aggressive Allocation I		14,709		7,100		8,286		NA		NA		NA
Low-Duration Bond		62,697		55,742		24,780		480,368		468,377		222,208
Medium-Duration Bond		21,118		962		11,273		829,796		799,436		322,609
Extended-Duration Bond		NA		NA		NA		112,701		108,124		64,525
Inflation Protected Bond		NA		NA		NA		NA		NA		NA
Equity Index		NA		NA		NA		152,180		128,840		87,166
Value Equity		NA		NA		NA		233,562		159,664		28,595
Growth Equity		NA		NA		NA		990,164		1,049,330		443,095
Small Cap Equity		NA		NA		NA		244,965		188,066		86,217
International Equity		451,372		483,790		239,256		2,302,219		2,260,849		1,025,235

170

During the six months ended June 30, 2011, GSCM recaptured the following amounts:

	GS2 Class		GS4 Class
Growth Equity	$	8,395		NA

d. Brokerage Service Arrangements

The Adviser 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 Funds shown below.

Fund	Expenses Paid Through Brokerage Service Arrangements
Value Equity	$	35,769
Growth Equity		44,382
Small Cap Equity		17,450
International Equity		28,121

e. Administrator, Transfer Agent and Distributor

Certain employees of BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) are officers of the Funds. BNY Mellon serves as Administrator and Transfer Agent of the Funds.

For its services as Administrator, BNY Mellon is entitled to receive fees, computed daily and paid monthly, based upon the average daily net assets of each Fund. The fees, excluding out of pocket expenses, currently range between 0.004% and 0.02% of average daily net assets. For its services as Transfer Agent, BNY Mellon receives a fee based mainly upon the number of accounts serviced. Certain minimum fees and transaction charges may apply. For the six months ended June 30, 2011, BNY Mellon received $1,589,299 in aggregate fees and expenses for services rendered under the various agreements described above. BNY Mellon Distributors Inc. (the “Distributor”), serves as the Underwriter for the Funds. The Funds do not pay any fees to the Distributor in its capacity as Underwriter. The fees are paid by GSCM.

f. Investments in Affiliates

A summary of the Fund of Fund’s total long-term and short-term purchases and sales of the shares of the underlying Select Funds during the six months ended June 30, 2011 is as follows:

	Balance at 12/31/10		Balance at 06/30/11		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
MyDestination 2005 Fund
Money Market Fund	$	1,446,944	$	3,739,203	$	11,319,618	$	9,027,360	$	—	$	—
Low-Duration Bond Fund		11,993,701		14,085,135		2,139,900		210,000		55,760		—
Medium-Duration Bond Fund		9,809,284		10,428,732		740,810		420,000		78,253		—
Extended-Duration Bond Fund		41,460		—		—		41,520		237		—
Inflation Protected Bond Fund		8,088,222		8,646,896		733,000		576,500		169,924		60,300
Global Bond Fund		539,551		289,075		6,500		285,780		12,655		—
Equity Index Fund		1,194,173		833,547		115,000		531,000		8,081		5,729
Real Estate Securities Fund		1,612,846		1,646,177		132,000		286,500		3,911		—
Value Equity Fund		6,121,558		5,884,856		627,500		1,282,000		60,940		—
Growth Equity Fund		6,105,156		5,979,271		590,500		1,029,500		—		—
Small Cap Equity Fund		1,612,667		1,567,124		197,470		414,500		—		—
International Equity Fund		6,456,267		6,253,753		676,195		1,182,780		—		—
	$	55,021,829	$	59,353,769	$	17,278,493	$	15,287,440	$	389,761	$	66,029

171

	Balance at 12/31/10		Balance at 06/30/11		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
MyDestination 2015 Fund
Money Market Fund	$	4,387,484	$	24,613,093	$	39,049,231	$	18,823,621	$	224	$	—
Low-Duration Bond Fund		17,164,782		20,057,493		3,170,000		510,000		79,123		—
Medium-Duration Bond Fund		27,311,201		31,359,690		3,667,500		480,000		227,447		—
Extended-Duration Bond Fund		10,190,119		10,859,319		712,000		455,500		221,437		42,988
Inflation Protected Bond Fund		26,156,179		30,249,330		4,259,500		1,510,500		578,274		199,011
Global Bond Fund		10,702,898		11,550,641		508,000		240,500		293,618		—
Equity Index Fund		6,630,569		4,836,638		500,860		2,582,500		46,891		33,242
Real Estate Securities Fund		13,706,233		15,255,235		778,000		874,500		36,241		—
Value Equity Fund		38,315,149		37,282,748		2,284,000		5,829,500		386,077		—
Growth Equity Fund		37,854,982		37,888,497		3,736,100		5,622,500		—		—
Small Cap Equity Fund		10,812,318		10,368,971		447,500		2,012,500		—		—
International Equity Fund		39,170,524		40,094,926		3,400,545		4,260,500		—		—
	$	242,402,438	$	274,416,581	$	62,513,236	$	43,202,121	$	1,869,332	$	275,241
MyDestination 2025 Fund
Money Market Fund	$	3,800,041	$	22,179,430	$	35,878,303	$	17,498,915	$	232	$	—
Low-Duration Bond Fund		2,286,679		3,288,970		969,000		—		11,988		—
Medium-Duration Bond Fund		17,831,697		21,334,562		3,812,000		893,500		153,555		—
Extended-Duration Bond Fund		16,886,834		18,321,945		2,289,500		1,565,500		374,252		73,593
Inflation Protected Bond Fund		2,296,373		3,982,217		1,591,500		50,000		65,611		19,379
Global Bond Fund		16,204,972		18,047,550		1,844,500		892,000		453,997		—
Equity Index Fund		7,476,167		5,683,934		842,000		2,967,000		55,105		39,066
Real Estate Securities Fund		15,487,104		17,531,995		793,500		594,000		41,650		—
Value Equity Fund		44,925,330		47,940,019		3,926,680		4,003,500		496,437		—
Growth Equity Fund		44,322,232		48,760,666		6,408,700		4,469,000		—		—
Small Cap Equity Fund		15,170,770		16,150,774		1,519,000		2,195,000		—		—
International Equity Fund		47,547,848		52,826,394		5,413,920		2,455,000		—		—
	$	234,236,047	$	276,048,456	$	65,288,603	$	37,583,415	$	1,652,827	$	132,038
MyDestination 2035 Fund
Money Market Fund	$	2,254,225	$	3,054,653	$	24,240,296	$	23,439,868	$	—	$	—
Medium-Duration Bond Fund		2,685,978		3,089,788		721,000		407,500		23,007		—
Extended-Duration Bond Fund		2,716,597		3,093,406		557,000		303,000		62,595		12,181
Global Bond Fund		4,859,225		6,918,951		1,779,500		—		146,773		—
Equity Index Fund		4,003,220		3,140,928		598,000		1,638,000		30,175		21,392
Real Estate Securities Fund		7,808,060		8,978,460		434,000		200,000		21,279		—
Value Equity Fund		24,439,112		29,336,954		3,126,850		16,500		301,511		—
Growth Equity Fund		24,472,766		29,331,430		3,730,750		401,500		—		—
Small Cap Equity Fund		9,584,676		10,991,283		769,000		453,000		—		—
International Equity Fund		26,840,516		33,879,053		6,115,040		495,000		—		—
	$	109,664,375	$	131,814,906	$	42,071,436	$	27,354,368	$	585,340	$	33,573

172

	Balance at 12/31/10		Balance at 06/30/11		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
MyDestination 2045 Fund
Money Market Fund	$	2,192,973	$	1,987,131	$	11,949,770	$	12,155,611	$	—	$	—
Global Bond Fund		—		349,997		344,500		—		4,049		—
Equity Index Fund		3,597,917		2,798,746		655,500		1,611,000		27,134		19,236
Real Estate Securities Fund		7,480,868		8,382,213		734,000		710,000		19,913		—
Value Equity Fund		17,371,474		21,422,727		3,777,340		996,000		221,940		—
Growth Equity Fund		17,253,914		21,812,065		3,942,350		480,000		—		—
Small Cap Equity Fund		7,258,225		7,524,655		1,209,500		1,705,000		—		—
International Equity Fund		19,774,485		24,335,823		4,648,846		1,104,000		—		—
	$	74,929,856	$	88,613,357	$	27,261,806	$	18,761,611	$	273,036	$	19,236
Conservative Allocation Fund
Money Market Fund	$	9,896,880	$	11,541,879	$	22,196,443	$	20,551,444	$	—	$	—
Low-Duration Bond Fund		151,420,411		159,422,552		7,804,430		1,749,728		648,742		—
Inflation Protected Bond Fund		37,948,411		40,319,918		1,188,000		637,657		781,092		274,357
Equity Index Fund		3,979,058		2,872,729		122,000		1,408,037		27,851		19,744
Value Equity Fund		17,850,550		18,077,706		545,000		1,540,241		187,201		—
Growth Equity Fund		17,783,462		18,613,143		1,285,000		1,440,203		—		—
Small Cap Equity Fund		4,371,878		4,396,926		73,000		508,042		—		—
International Equity Fund		19,379,706		19,206,127		194,000		1,244,127		—		—
	$	262,630,356	$	274,450,980	$	33,407,873	$	29,079,479	$	1,644,886	$	294,101
Balanced Allocation Fund
Money Market Fund	$	15,760,681	$	60,850,570	$	78,831,302	$	33,741,414	$	965	$	—
Low-Duration Bond Fund		159,599,982		165,460,147		3,840,000		—		675,884		—
Medium-Duration Bond Fund		230,733,468		240,038,590		2,950,000		400,000		1,780,249		—
Extended-Duration Bond Fund		91,023,291		95,062,443		4,900,000		4,500,000		1,976,530		384,837
Global Bond Fund		53,160,144		56,190,508		1,800,000		1,620,000		1,443,114		—
Equity Index Fund		34,267,563		23,627,553		500,000		12,650,000		233,050		165,216
Value Equity Fund		158,863,675		155,217,420		—		14,400,000		1,607,335		—
Growth Equity Fund		155,709,280		158,321,650		600,000		6,600,000		—		—
Small Cap Equity Fund		37,898,076		38,516,049		—		3,400,000		—		—
International Equity Fund		165,142,915		168,333,344		—		4,500,000		—		—
	$	1,102,159,075	$	1,161,618,274	$	93,421,302	$	81,811,414	$	7,717,127	$	550,053

173

	Balance at 12/31/10		Balance at 06/30/11		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Growth Allocation Fund
Money Market Fund	$	15,088,874	$	15,068,297	$	26,904,148	$	26,924,724	$	726	$	—
Low-Duration Bond Fund		58,594,392		62,299,694		2,956,000		—		252,900		—
Medium-Duration Bond Fund		85,978,945		89,292,134		1,000,000		200,000		662,981		—
Extended-Duration Bond Fund		33,698,549		34,851,310		2,700,000		2,950,000		746,613		146,049
Global Bond Fund		19,930,270		21,073,191		600,000		525,000		539,106		—
Equity Index Fund		38,863,303		26,631,041		—		13,939,000		258,186		183,035
Value Equity Fund		179,562,544		186,197,717		4,100,000		10,200,000		1,928,148		—
Growth Equity Fund		176,092,878		188,323,931		4,500,000		2,700,000		—		—
Small Cap Equity Fund		42,821,695		45,680,763		—		1,845,000		—		—
International Equity Fund		184,994,524		202,160,495		8,000,000		—		—		—
	$	835,625,974	$	871,578,573	$	50,760,148	$	59,283,724	$	4,388,660	$	329,084
Aggressive Allocation Fund
Money Market Fund	$	17,614,735	$	14,449,087	$	22,366,170	$	25,531,818	$	716	$	—
Equity Index Fund		45,524,758		31,138,708		8,445,000		16,383,000		301,887		214,016
Value Equity Fund		207,607,061		217,332,680		—		4,969,000		2,250,562		—
Growth Equity Fund		202,007,163		222,523,293		—		—		—		—
Small Cap Equity Fund		51,156,592		53,410,328		—		3,358,000		—		—
International Equity Fund		219,098,245		237,589,471		13,765,000		6,300,000		—		—
	$	743,008,554	$	776,443,567	$	44,576,170	$	56,541,818	$	2,553,165	$	214,016
Conservative Allocation Fund I
Money Market Fund	$	1,137,030	$	3,447,726	$	9,026,796	$	6,716,099	$	802	$	—
Low-Duration Bond Fund		42,348,640		44,206,469		2,892,587		1,598,000		317,490		—
Inflation Protected Bond Fund		10,610,228		11,180,576		759,657		686,000		214,649		75,722
Equity Index Fund		1,113,015		799,241		78,035		442,000		16,046		10,409
Value Equity Fund		4,992,861		5,019,806		444,263		760,000		111,390		—
Growth Equity Fund		4,971,544		5,162,480		588,193		670,000		—		—
Small Cap Equity Fund		1,225,339		1,219,410		83,048		216,000		—		—
International Equity Fund		5,423,583		5,324,065		321,143		665,000		—		—
	$	71,822,240	$	76,359,773	$	14,193,722	$	11,753,099	$	660,377	$	86,131
Balanced Allocation Fund I
Money Market Fund	$	2,747,513	$	17,410,328	$	28,005,289	$	13,342,474	$	2,708	$	—
Low-Duration Bond Fund		50,122,605		51,261,342		1,480,000		1,000,000		371,520		—
Medium-Duration Bond Fund		72,518,533		74,380,692		844,000		1,100,000		1,118,019		—
Extended-Duration Bond Fund		28,558,045		29,536,104		1,436,000		1,624,000		1,517,109		281,560
Global Bond Fund		16,685,078		17,409,048		608,000		769,000		447,155		—
Equity Index Fund		10,753,267		7,315,170		188,000		4,104,000		149,334		96,872
Value Equity Fund		49,869,304		48,048,864		232,000		5,464,000		1,066,244		—
Growth Equity Fund		48,872,324		49,041,662		440,000		2,980,000		—		—
Small Cap Equity Fund		11,898,428		11,929,296		80,000		1,304,000		—		—
International Equity Fund		51,884,281		52,132,957		280,000		2,456,000		—		—
	$	343,909,378	$	358,465,463	$	33,593,289	$	34,143,474	$	4,672,089	$	378,432

174

	Balance at 12/31/10		Balance at 06/30/11		Purchases		Sales Proceeds		Dividend Income		Distributions of Realized Gains
Growth Allocation Fund I
Money Market Fund	$	2,983,368	$	4,804,246	$	10,390,931	$	8,570,053	$	2,226	$	—
Low-Duration Bond Fund		16,346,241		17,328,951		907,000		144,000		124,470		—
Medium-Duration Bond Fund		24,007,290		24,856,986		540,000		400,000		373,278		—
Extended-Duration Bond Fund		9,393,510		9,697,987		796,000		896,000		515,973		95,934
Global Bond Fund		5,555,730		5,855,930		192,000		189,000		149,642		—
Equity Index Fund		10,837,035		7,407,596		120,000		4,028,000		148,230		96,156
Value Equity Fund		50,083,969		51,791,701		1,128,000		3,000,000		1,139,672		—
Growth Equity Fund		49,105,636		52,435,464		1,312,000		892,000		—		—
Small Cap Equity Fund		11,945,987		12,708,207		52,000		600,000		—		—
International Equity Fund		51,638,527		56,272,595		2,636,000		588,000		—		—
	$	231,897,293	$	243,159,663	$	18,073,931	$	19,307,053	$	2,453,491	$	192,090
Aggressive Allocation Fund I
Money Market Fund	$	2,697,371	$	2,112,171	$	6,616,230	$	7,201,430	$	—	$	—
Equity Index Fund		9,675,471		6,561,965		92,000		3,632,000		131,744		85,461
Value Equity Fund		44,137,128		45,832,737		304,000		1,764,000		1,018,636		—
Growth Equity Fund		42,940,300		46,916,448		1,828,000		412,000		—		—
Small Cap Equity Fund		10,879,974		11,254,643		64,000		876,000		—		—
International Equity Fund		46,619,540		50,073,738		2,792,000		1,692,000		—		—
	$	156,949,784	$	162,751,702	$	11,696,230	$	15,577,430	$	1,150,380	$	85,461

4. SECURITIES LENDING

Through an agreement with The Northern Trust Company (“Northern Trust”) (the Funds’ custodian) the Select Funds may lend portfolio securities to certain brokers, dealers and other financial institutions that pay the Select Funds a negotiated fee. The Select Funds receive cash or U.S. government securities as collateral against the loaned securities in an amount at least equal to the market value of the loaned securities. The Funds continue to own the loaned securities and the securities remain in the investment portfolio. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Cash collateral has been invested in a short-term money market fund of Northern Trust, an affiliate of the Funds, that invests in securities that satisfy the quality requirements of Rule 2a-7 and have short maturities. At June 30, 2011, the market values of loaned securities and collateral received were as follows:

Fund	Value of Securities Loaned		Value of Cash Collateral		Value of Non-cash Collateral		Total Value of Collateral
Money Market	$	44,137,504	$	51,917,671	$	—	$	51,917,671
Low-Duration Bond		120,492,797		97,023,548		5,148,210		102,171,758
Medium-Duration Bond		83,989,194		98,995,617		2,297,871		101,293,488
Extended-Duration Bond		43,715,470		45,361,796		1,156,575		46,518,371
Inflation Protected Bond		56,688,068		51,391,241		9,856,517		61,247,758
Global Bond		32,045,209		28,691,757		3,416,307		32,108,064
Equity Index		25,634,525		24,719,987		85,627		24,805,614
Real Estate Securities		61,463,354		59,668,352		—		59,668,352
Value Equity		90,241,251		84,857,238		73,278		84,930,516
Growth Equity		198,454,577		128,920,885		575,211		129,496,096
Small Cap Equity		230,038,444		231,916,927		1,110,416		233,027,343
International Equity		61,634,949		56,992,898		5,098,902		62,091,800

175

5. 10% SHAREHOLDERS

The Date Target and Asset Allocation Funds do not invest in the underlying Select Funds for the purpose of exercising management or control; however, investments made by each Date Target and Asset Allocation Fund within each of its principal investment strategies may represent a significant portion of an underlying Select Fund’s net assets. At June 30, 2011, the Date Target and Asset Allocation Funds were the owner of record of the following approximate percentages of the total outstanding shares of the underlying Select Funds as detailed below:

Fund	Low- Duration Bond			Medium- Duration Bond			Extended- Duration Bond			Inflation Protected Bond			Global Bond			Equity Index			Real Estate Securities			Value Equity			Growth Equity			Small Cap Equity			International Equity
MyDestination 2005		1.73	%		0.96	%		—			6.63	%		0.16	%		0.20	%		1.02	%		0.40	%		0.41	%		0.29	%		0.43	%
MyDestination 2015		2.46			2.88			2.18	%		23.21			6.57			1.16			9.48			2.54			2.62			1.90			2.78
MyDestination 2025		0.40			1.96			3.67			3.06			10.26			1.36			10.90			3.26			3.37			2.97			3.66
MyDestination 2035		—			0.28			0.62			—			3.93			0.75			5.58			2.00			2.03			2.02			2.35
MyDestination 2045		—			—			—			—			0.20			0.67			5.21			1.46			1.51			1.38			1.69
Conservative Allocation		19.58			—			—			30.93			—			0.69			—			1.23			1.29			0.81			1.33
Balanced Allocation		20.32			22.03			19.05			—			31.95			5.67			—			10.56			10.95			7.07			11.67
Growth Allocation		7.65			8.19			6.99			—			11.98			6.39			—			12.67			13.02			8.39			14.02
Aggressive Allocation		—			—			—			—			—			7.47			—			14.79			15.39			9.81			16.47
Conservative Allocation I		8.28			—			—			8.58			—			0.37			—			0.68			0.57			0.34			0.48
Balanced Allocation I		9.60			12.94			14.39			—			9.90			3.38			—			6.50			5.38			3.30			4.69
Growth Allocation I		3.24			4.33			4.72			—			3.33			3.43			—			7.01			5.75			3.51			5.06
Aggressive Allocation I		—			—			—			—			—			3.04			—			6.20			5.15			3.11			4.50

6. INVESTMENT TRANSACTIONS

For the six months ended June 30, 2011, the cost of purchases and proceeds from sales and maturities for each Fund were as follows:

	Cost of Purchases and Proceeds from Sales and Maturities of Long-Term Securities (other than U.S. Government Obligations)				Cost of Purchases and Proceeds from Sales and Maturities of Long-Term U.S. Government Obligations
	Purchases		Sale and Maturity Proceeds		Purchases		Sale and Maturity Proceeds
MyDestination 2005	$	6,415,102	$	6,260,081	$	—	$	—
MyDestination 2015		25,608,354		24,378,500		5,220,805		8,068,837
MyDestination 2025		31,194,934		20,084,500		4,175,902		5,408,354
MyDestination 2035		18,450,882		3,914,500		826,853		1,039,284
MyDestination 2045		15,604,208		6,606,000		—		—
Conservative Allocation		13,150,151		8,528,036		—		—
Balanced Allocation		22,856,215		48,070,000		20,937,154		38,941,511
Growth Allocation		28,573,017		32,359,000		8,946,798		14,522,086
Aggressive Allocation		24,976,465		31,010,000		—		—
Conservative Allocation I		5,503,124		5,037,000		—		—
Balanced Allocation I		25,848,342		20,801,000		11,657,892		11,701,740
Growth Allocation I		10,326,355		10,737,000		2,904,695		3,987,740
Aggressive Allocation I		10,173,697		8,376,000		—		—
Low-Duration Bond		495,045,982		418,252,034		298,810,152		287,963,245
Medium-Duration Bond		2,495,594,613		2,535,761,884		238,567,907		243,045,969
Extended-Duration Bond		61,452,727		86,898,796		28,808,396		29,011,840
Inflation Protected Bond		—		—		68,086,355		59,324,915
Global Bond		57,790,107		55,839,325		465,000		3,313,753
Equity Index		7,041,697		73,266,325		—		—
Real Estate Securities		64,268,107		60,869,361		—		—
Value Equity		236,419,521		263,348,816		—		—

176

	Cost of Purchases and Proceeds from Sales and Maturities of Long-Term Securities (other than U.S. Government Obligations)				Cost of Purchases and Proceeds from Sales and Maturities of Long-Term U.S. Government Obligations
	Purchases		Sale and Maturity Proceeds		Purchases		Sale and Maturity Proceeds
Growth Equity	$	407,477,812	$	429,872,789	$	—	$	—
Small Cap Equity		409,640,417		418,630,107		32,614,262		418,630,107
International Equity		714,561,228		725,627,779		—		—

Futures Contracts

Investments as of June 30, 2011, included cash and securities that were valued and pledged as collateral to cover initial margin deposits. The market value of the open futures contracts is as follows:

Fund/Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
MyDestination 2005 Fund
5-Year U.S. Treasury Note		10/2011		9	$	1,072,758		GSC	$	(5,845	)
MSCI EAFE Index E-Mini		09/2011		5		428,975		GSC		23,649
MSCI Emerging Markets E-Mini		09/2011		2		115,600		GSC		5,653
S&P 500® E-Mini		09/2011		20		1,315,500		GSC		50,746
					$	2,932,833			$	74,203
MyDestination 2015 Fund
5-Year U.S. Treasury Note		10/2011		93	$	11,085,164		GSC	$	(54,348	)
MSCI EAFE Index E-Mini		09/2011		30		2,573,850		GSC		135,605
MSCI Emerging Markets E-Mini		09/2011		14		809,200		GSC		39,573
S&P 500® E-Mini		09/2011		150		9,866,250		GSC		398,119
					$	24,334,464			$	518,949
MyDestination 2025 Fund
10-Year U.S. Treasury Note		09/2011		85	$	10,397,891		GSC	$	(105,484	)
MSCI EAFE Index E-Mini		09/2011		35		3,002,825		GSC		164,239
MSCI Emerging Markets E-Mini		09/2011		14		809,200		GSC		39,573
S&P 500® E-Mini		09/2011		150		9,866,250		GSC		387,027
					$	24,076,166			$	485,355
MyDestination 2035 Fund
10-Year U.S. Treasury Note		09/2011		2	$	244,656		GSC	$	1,813
MSCI EAFE Index E-Mini		09/2011		7		600,565		GSC		19,999
MSCI Emerging Markets E-Mini		09/2011		3		173,400		GSC		5,338
S&P 500® E-Mini		09/2011		24		1,578,600		GSC		33,800
					$	2,597,221			$	60,950
MyDestination 2045 Fund
MSCI EAFE Index E-Mini		09/2011		4	$	343,180		GSC	$	12,049
MSCI Emerging Markets E-Mini		09/2011		3		173,400		GSC		5,337
S&P 500® E-Mini		09/2011		25		1,644,375		GSC		45,338
					$	2,160,955			$	62,724
Conservative Allocation Fund
2-Year U.S. Treasury Note		10/2011		28	$	6,141,625		GSC	$	(281	)
MSCI EAFE Index E-Mini		09/2011		11		943,745		GSC		52,028
MSCI Emerging Markets E-Mini		09/2011		6		346,800		GSC		16,959
S&P 500® E-Mini		09/2011		53		3,486,075		GSC		137,496
					$	10,918,245			$	206,202

177

Fund/Future Type	Expiration Date		Open Long (Short) Contracts		Notional Market Value of Contracts		Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
Balanced Allocation Fund
10-Year U.S. Treasury Note		09/2011		63	$	7,706,672		GSC	$	(29,983	)
5-Year U.S. Treasury Note		10/2011		107		12,753,898		GSC		(16,456	)
Long U.S. Treasury Bond		09/2011		42		5,167,313		GSC		(65,594	)
MSCI EAFE Index E-Mini		09/2011		85		7,292,575		GSC		397,127
MSCI Emerging Markets E-Mini		09/2011		43		2,485,400		GSC		121,545
S&P 500® E-Mini		09/2011		338		22,231,950		GSC		879,754
					$	57,637,808			$	1,286,393
Growth Allocation Fund
10-Year U.S. Treasury Note		09/2011		8	$	978,625		GSC	$	1,250
5-Year U.S. Treasury Note		10/2011		14		1,668,735		GSC		8,464
Long U.S. Treasury Bond		09/2011		5		615,156		GSC		(2,188	)
MSCI EAFE Index E-Mini		09/2011		33		2,831,235		GSC		98,712
MSCI Emerging Markets E-Mini		09/2011		15		867,000		GSC		26,688
S&P 500® E-Mini		09/2011		130		8,550,750		GSC		212,025
					$	15,511,501			$	344,951
Aggressive Allocation Fund
MSCI EAFE Index E-Mini		09/2011		40	$	3,431,800		GSC	$	120,487
MSCI Emerging Markets E-Mini		09/2011		22		1,271,600		GSC		38,536
S&P 500® E-Mini		09/2011		166		10,918,650		GSC		278,050
					$	15,622,050			$	437,073
Conservative Allocation Fund I
2-Year U.S. Treasury Note		10/2011		8	$	1,754,750		GSC	$	328
MSCI EAFE Index E-Mini		09/2011		3		257,385		GSC		14,189
MSCI Emerging Markets E-Mini		09/2011		2		115,600		GSC		5,653
S&P 500® E-Mini		09/2011		16		1,052,400		GSC		42,646
					$	3,180,135			$	62,816
Balanced Allocation Fund I
10-Year U.S. Treasury Note		09/2011		19	$	2,324,234		GSC	$	(12,140	)
5-Year U.S. Treasury Note		10/2011		31		3,695,055		GSC		(10,083	)
Long U.S. Treasury Bond		09/2011		11		1,353,344		GSC		(19,891	)
MSCI EAFE Index E-Mini		09/2011		23		1,973,285		GSC		108,786
MSCI Emerging Markets E-Mini		09/2011		13		751,400		GSC		36,746
S&P 500® E-Mini		09/2011		98		6,445,950		GSC		252,336
					$	16,543,268			$	355,754
Growth Allocation Fund I
10-Year U.S. Treasury Note		09/2011		2	$	244,656		GSC	$	1,813
5-Year U.S. Treasury Note		10/2011		4		476,781		GSC		2,543
Long U.S. Treasury Bond		09/2011		2		246,063		GSC		(3,734	)
MSCI EAFE Index E-Mini		09/2011		10		857,950		GSC		24,327
MSCI Emerging Markets E-Mini		09/2011		5		289,000		GSC		8,896
S&P 500® E-Mini		09/2011		41		2,696,775		GSC		75,607
					$	4,811,225			$	109,452
Aggressive Allocation Fund I
MSCI EAFE Index E-Mini		09/2011		6	$	514,770		GSC	$	18,073
MSCI Emerging Markets E-Mini		09/2011		4		231,200		GSC		7,117
S&P 500® E-Mini		09/2011		25		1,644,375		GSC		45,836
					$	2,390,345			$	71,026

178

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
Low Duration Bond Fund
90-Day EURIBOR		09/2011		264		$	94,054,642			CITI	$	42,190
90-Day Euro		06/2012		2			496,925			CITI		3,507
90-Day Euro		09/2012		2			495,900			CITI		4,357
90-Day Euro		03/2013		2			493,400			CITI		4,945
90-Day Euro		06/2013		3			738,113			CITI		6,967
90-Day Euro		09/2013		2			490,775			CITI		4,845
90-Day Euro		12/2013		2			489,425			CITI		4,720
Euro-BOBL		09/2011		125			21,132,428			CITI		(3,156	)
90-Day Euro		03/2012		(3	)		(746,363	)		CITI		(6,146	)
90-Day Euro		09/2011		(1	)		(249,138	)		CITI		(378	)
90-Day Euro		12/2011		(1	)		(248,950	)		CITI		(428	)
5-Year U.S. Treasury Note		10/2011		(42	)		(5,006,203	)		CS		(25,921	)
90-Day Euro		03/2012		14			3,483,025			GSC		12,825
90-Day Euro		09/2011		119			29,647,363			GSC		8,722
90-Day Euro		12/2011		252			62,735,400			GSC		175,687
10-Year U.S. Treasury Note		09/2011		(125	)		(15,291,016	)		GSC		(166,125	)
2-Year U.S. Treasury Note		10/2011		(37	)		(8,115,719	)		GSC		(11,117	)
5-Year U.S. Treasury Note		10/2011		(50	)		(5,959,766	)		GSC		(15,414	)
2-Year U.S. Treasury Note		10/2011		292			64,048,375			UBS		67,883
90-Day Euro		06/2013		1			246,038			UBS		422
5-Year U.S. Treasury Note		10/2011		(142	)		(16,925,734	)		UBS		(2,835	)
						$	226,008,920				$	105,550
Medium-Duration Bond Fund
10-Year U.S. Treasury Note		09/2011		8		$	978,625			BAR	$	(7,323	)
Ultra Long U.S. Treasury Bond		09/2011		2			252,500			BAR		(2,921	)
2-Year U.S. Treasury Note		10/2011		(42	)		(9,212,438	)		BAR		(20,105	)
5-Year U.S. Treasury Note		10/2011		(41	)		(4,887,008	)		BAR		(25,641	)
10-Year U.S. Treasury Note		09/2011		30			3,669,844			CITI		(28,733	)
2-Year U.S. Treasury Note		10/2011		93			20,398,969			CITI		36,299
5-Year U.S. Treasury Note		10/2011		30			3,575,859			CITI		(26,036	)
90-Day Euro		06/2012		3			745,388			CITI		(344	)
90-Day Euro		09/2012		3			743,850			CITI		(794	)
90-Day Euro		03/2013		3			740,100			CITI		(1,507	)
90-Day Euro		06/2013		3			738,113			CITI		(1,732	)
90-Day Euro		03/2012		3			746,363			CITI		(44	)
90-Day Euro		09/2011		3			747,413			CITI		31
90-Day Euro		12/2011		3			746,850			CITI		31
90-Day Euro		12/2012		3			741,975			CITI		(1,132	)
Long U.S. Treasury Bond		09/2011		3			369,094			CITI		(5	)
Ultra Long U.S. Treasury Bond		09/2011		75			9,468,750			CITI		(127,815	)
10-Year U.S. Treasury Note		09/2011		44			5,382,438			DEUT		(70,885	)
5-Year U.S. Treasury Note		10/2011		(15	)		(1,787,930	)		DEUT		11,318
10-Year U.S. Treasury Note		09/2011		28			3,425,187			GSC		13,050
90-Day EURIBOR		09/2011		341			121,487,246			GSC		54,926
90-Day EURIBOR		03/2012		8			2,843,180			GSC		13,322
Euro-BOBL		09/2011		91			15,384,408			GSC		31,216
2-Year U.S. Treasury Note		10/2011		(4	)		(877,375	)		GSC		(826	)
5-Year U.S. Treasury Note		10/2011		(63	)		(7,509,305	)		GSC		(29,064	)
10-Year U.S. Treasury Note		09/2011		40			4,893,125			JPM		44,870
2-Year U.S. Treasury Note		10/2011		191			41,894,656			JPM		(54,034	)
90-Day Euro		03/2012		41			10,200,288			JPM		40,338

179

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
90-Day Euro		12/2011		394		$	98,086,300			JPM	$	284,313
Euro-BOBL		09/2011		261			44,124,511			JPM		(42,753	)
10-Year U.S. Treasury Note		09/2011		(125	)		(15,291,016	)		JPM		(166,126	)
5-Year U.S. Treasury Note		10/2011		(13	)		(1,549,539	)		JPM		9,871
Long U.S. Treasury Bond		09/2011		(100	)		(12,303,125	)		JPM		91,691
5-Year U.S. Treasury Note		10/2011		(20	)		(2,383,906	)		MFG		16,052
10-Year U.S. Treasury Note		09/2011		18			2,201,906			MLCS		20,052
90-Day EURIBOR		09/2011		54			19,238,449			MLCS		23,563
90-Day Euro		09/2011		107			26,657,713			MLCS		7,842
Ultra Long U.S. Treasury Bond		09/2011		11			1,388,750			MLCS		(25,973	)
5-Year U.S. Treasury Note		10/2011		(35	)		(4,171,836	)		MLCS		16,449
Ultra Long U.S. Treasury Bond		09/2011		1			126,250			MSCS		(886	)
5-Year U.S. Treasury Note		10/2011		(32	)		(3,814,250	)		MSCS		(31,995	)
5-Year U.S. Treasury Note		10/2011		(38	)		(4,529,423	)		RBS		24,486
2-Year U.S. Treasury Note		10/2011		(1	)		(219,344	)		UBS		(222	)
						$	373,461,605				$	72,824
Inflation Protected Bond Fund
10-Year U.S. Treasury Note		09/2011		15		$	1,834,922			JPM	$	(7,994	)
10-Year U.S. Treasury Note		09/2011		39			4,770,797			UBS		(39,685	)
2-Year U.S. Treasury Note		10/2011		(16	)		(3,509,500	)		UBS		(7,530	)
5-Year U.S. Treasury Note		10/2011		(85	)		(10,131,602	)		UBS		(74,745	)
Long U.S. Treasury Bond		09/2011		(36	)		(4,429,125	)		UBS		74,934
Ultra Long U.S. Treasury Bond		09/2011		(35	)		(4,418,750	)		UBS		76,273
						$	(15,883,258	)			$	21,253
Global Bond Fund
10-Year U.S. Treasury Note		09/2011		(2	)	$	(244,656	)		BAR	$	2,837
5-Year U.S. Treasury Note		10/2011		(39	)		(4,648,618	)		BAR		(17,893	)
10-Year U.S. Treasury Note		09/2011		(2	)		(244,656	)		GSC		(2,100	)
5-Year U.S. Treasury Note		10/2011		(13	)		(1,549,539	)		GSC		(11,347	)
Euro-Bund Future		09/2011		(16	)		(2,911,453	)		GSC		(9,348	)
10-Year U.S. Treasury Note		09/2011		(3	)		(366,984	)		JPM		(3,564	)
5-Year U.S. Treasury Note		10/2011		(33	)		(3,933,446	)		JPM		(30,530	)
Long U.S. Treasury Bond		09/2011		3			369,094			MLCS		(4,025	)
5-Year U.S. Treasury Note		10/2011		(6	)		(715,172	)		MLCS		(2,668	)
5-Year U.S. Treasury Note		10/2011		(15	)		(1,787,930	)		MSCS		(14,822	)
5-Year U.S. Treasury Note		10/2011		(1	)		(119,195	)		RBS		(214	)
						$	(16,152,555	)			$	(93,674	)
Equity Index Fund
S&P 500®		09/2011		10		$	3,288,750			GSC	$	77,361
S&P 500® E-Mini		09/2011		119			7,827,225			GSC		233,075
						$	11,115,975				$	310,436
Real Estate Securities Fund
S&P® MidCap 400 E-Mini		09/2011		38		$	3,710,700			GSC	$	125,240
Value Equity Fund
S&P 500® E-Mini		09/2011		494		$	32,492,850			GSC	$	1,036,413
Growth Equity Fund
S&P 500® E-Mini		09/2011		905		$	59,526,375			GSC	$	1,662,644
Small Cap Equity Fund
10-Year U.S. Treasury Note		09/2011		24		$	2,935,875			GSC	$	(30,266	)
90-Day EURIBOR		09/2011		11			3,918,943			GSC		4,578

180

Fund/Future Type	Expiration Date		Open Long (Short) Contracts			Notional Market Value of Contracts			Counter- party		Net Unrealized Appreciation (Depreciation) on Futures
90-Day EURIBOR		03/2012		3		$	1,066,192			GSC	$	4,996
Russell 2000® IMM-Mini		09/2011		768			63,390,721			GSC		2,793,050
Ultra Long U.S. Treasury Bond		09/2011		24			3,030,000			GSC		(69,547	)
2-Year U.S. Treasury Note		10/2011		(16	)		(3,509,500	)		GSC		(7,120	)
5-Year U.S. Treasury Note		10/2011		(50	)		(5,959,765	)		GSC		22,496
Long U.S. Treasury Bond		09/2011		(7	)		(861,219	)		GSC		5,985
						$	64,011,247				$	2,724,172
International Equity Fund
Hang Seng Index		07/2011		23		$	3,314,469			BAR	$	61,002
AEX Index		07/2011		(1	)		(98,538	)		BAR		(2,842	)
ASX SPI 200 Index®		09/2011		(56	)		(6,908,704	)		BAR		(89,052	)
OMX 30 Index		07/2011		(152	)		(2,679,441	)		BAR		(46,228	)
S&P/TSE 60 Index		09/2011		(15	)		(2,370,885	)		BAR		(56,502	)
CAC40 Index		07/2011		149			8,598,647			GSC		266,680
DAX Index		09/2011		22			5,895,364			GSC		149,229
FTSE 100 Index®		09/2011		140			13,262,554			GSC		289,767
IBEX 35		07/2011		6			893,848			GSC		19,084
MSC1 Singapore Index		07/2011		11			645,510			GSC		8,813
MSCI EAFE Index E-Mini		09/2011		327			28,054,964			GSC		1,053,594
S&P MIB Index		09/2011		35			5,129,608			GSC		15,898
TOPIX Index®		09/2011		46			4,853,984			GSC		58,464
MSCI Emerging Markets E-Mini		09/2011		188			10,866,400			JPM		375,915
Swiss Market Index Future		09/2011		(101	)		(7,433,696	)		JPM		44,675
						$	62,024,084				$	2,148,497

Forward Foreign Currency Contracts

As of June 30, 2011, the following Funds have forward foreign currency exchange contracts that obligate them to deliver currencies at specified future dates. The unrealized appreciation and/or depreciation on these contracts is included in the accompanying financial statements. The terms of the open contracts are as follows:

Fund/ Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party	Net Unrealized Appreciation (Depreciation)
Low-Duration Bond Fund
07/27/11	U.S. Dollars		10,014,990	Euro		6,889,500	UBS	$	31,866
07/27/11	U.S. Dollars		1,459	Euro		1,000	CITI		10
07/27/11	U.S. Dollars		1,766,989	Euro		1,204,500	CITI		21,627
07/27/11	U.S. Dollars		662,958	Euro		455,500	CITI		2,923
07/07/11	U.S. Dollars		8,434,965	United Kingdom Pounds		5,159,000	CITI		155,740
07/07/11	U.S. Dollars		446,047	United Kingdom Pounds		272,500	UBS		8,735
07/07/11	U.S. Dollars		1,235,325	United Kingdom Pounds		767,000	UBS		4,434
07/07/11	United Kingdom Pounds		6,012,000	U.S. Dollars		9,616,795	RBS		31,334
10/07/11	U.S. Dollars		9,606,376	United Kingdom Pounds		6,012,000	RBS		(30,698	)
08/02/11	U.S. Dollars		8,645	Brazilian Reals		13,976	UBS		(239	)
08/02/11	Brazilian Reals		13,976	U.S. Dollars		8,740	BAR		144
09/02/11	U.S. Dollars		8,685	Brazilian Reals		13,976	BAR		(138	)
09/19/11	U.S. Dollars		15,879,889	Canadian Dollars		15,660,000	RBC		(323,578	)
09/19/11	Canadian Dollars		191,000	U.S. Dollars		194,227	BNP		3,401

181

Fund/ Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
02/01/13	Chinese Yuan Renminbi		3,309,368	U.S. Dollars		522,229		DEUT	$	(7,524	)
02/01/13	Chinese Yuan Renminbi		2,090,196	U.S. Dollars		332,146		DEUT		(7,058	)
02/13/12	Chinese Yuan Renminbi		5,083,996	U.S. Dollars		789,747		CITI		3,247
02/13/12	Chinese Yuan Renminbi		2,482,791	U.S. Dollars		385,347		DEUT		1,915
02/13/12	Chinese Yuan Renminbi		2,619,822	U.S. Dollars		406,300		BAR		2,336
02/13/12	Chinese Yuan Renminbi		2,496,098	U.S. Dollars		387,172		CITI		2,166
02/13/12	Chinese Yuan Renminbi		8,799,062	U.S. Dollars		1,367,801		BAR		4,664
02/13/12	Chinese Yuan Renminbi		3,029,001	U.S. Dollars		471,000		JPM		1,459
02/13/12	Chinese Yuan Renminbi		7,223,298	U.S. Dollars		1,124,074		CITI		2,606
02/13/12	Chinese Yuan Renminbi		2,526,343	U.S. Dollars		392,076		JPM		1,979
02/13/12	Chinese Yuan Renminbi		2,388,307	U.S. Dollars		370,654		DEUT		1,871
02/13/12	Chinese Yuan Renminbi		1,994,287	U.S. Dollars		309,696		UBS		1,370
02/13/12	Chinese Yuan Renminbi		567,800	U.S. Dollars		87,461		DEUT		1,103
11/04/11	Chinese Yuan Renminbi		2,490,150	U.S. Dollars		390,000		DEUT		(3,456	)
02/01/13	Chinese Yuan Renminbi		1,254,600	U.S. Dollars		200,000		GSC		(4,872	)
02/01/13	Chinese Yuan Renminbi		319,176	U.S. Dollars		50,832		JPM		(1,191	)
07/18/11	U.S. Dollars		14,252,316	Euro		9,882,000		CS		(70,743	)
07/18/11	Euro		113,000	U.S. Dollars		167,325		RBS		(3,541	)
07/18/11	Euro		565,000	U.S. Dollars		823,502		RBC		(4,586	)
07/18/11	Euro		924,000	U.S. Dollars		1,305,351		CITI		33,903
09/19/11	U.S. Dollars		15,896,460	Canadian Dollars		15,660,000		DEUT		(307,008	)
07/18/11	Euro		533,000	U.S. Dollars		777,101		HSBC		(4,566	)
01/11/12	Taiwan Dollars		36,726,480	U.S. Dollars		1,281,454		BAR		3,055
09/13/11	U.S. Dollars		1,353,019	United Kingdom Pounds		824,000		UBS		31,791
08/12/11	South Korean Won		2,172,283,300	U.S. Dollars		1,978,130		JPM		50,926
08/08/11	Norwegian Krone		3,585,000	U.S. Dollars		679,775		DEUT		(16,965	)
09/09/11	Singapore Dollars		235,045	U.S. Dollars		189,099		RBS		2,276
07/11/11	U.S. Dollars		7,014,533	Canadian Dollars		6,866,000		RBS		(102,521	)
07/28/11	Canadian Dollars		927,000	U.S. Dollars		945,407		RBC		15,065
07/28/11	Canadian Dollars		894,000	U.S. Dollars		925,523		RBC		758
07/11/11	U.S. Dollars		9,384,666	Euro		6,434,000		CITIG		57,295
07/11/11	U.S. Dollars		1,118,059	Euro		790,000		CITI		(27,205	)
07/11/11	U.S. Dollars		2,449,595	United Kingdom Pounds		1,493,000		HKSB		53,734
07/28/11	Singapore Dollars		1,150,000	U.S. Dollars		923,769		MSCS		12,499
									$	(369,657	)
Medium-Duration Bond Fund
09/21/11	Australian Dollars		51,000	U.S. Dollars		48,350		WEST	$	322
09/21/11	Australian Dollars		221,803	U.S. Dollars		210,310		CITI		1,437
09/21/11	U.S. Dollars		49,923	Australian Dollars		52,000		MLCS		(1,015	)
09/21/11	U.S. Dollars		196,413	Australian Dollars		205,000		UBS		(3,569	)
09/21/11	U.S. Dollars		40,665	Australian Dollars		42,000		WEST		(1,189	)
09/21/11	Canadian Dollars		107,223	U.S. Dollars		109,000		RBS		1,938
09/21/11	Canadian Dollars		176,004	U.S. Dollars		179,991		RBS		2,112
09/21/11	Canadian Dollars		54,000	U.S. Dollars		55,410		RBS		461
09/21/11	U.S. Dollars		54,138	Canadian Dollars		53,000		RBS		(698	)
09/21/11	U.S. Dollars		137,000	Canadian Dollars		134,557		RBS		(2,219	)
09/21/11	U.S. Dollars		79,000	Switzerland Francs		66,120		DEUT		311
09/21/11	U.S. Dollars		230,772	Switzerland Francs		191,596		SS		2,756
09/21/11	Switzerland Francs		91,689	U.S. Dollars		108,991		UBS		127

182

Fund/ Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/21/11	U.S. Dollars		110,203	Switzerland Francs		92,333		UBS	$	318
09/21/11	U.S. Dollars		92,134	Switzerland Francs		76,330		DEUT		1,295
09/21/11	Euro		43,479	U.S. Dollars		63,549		UBS		(649	)
09/21/11	Euro		157,174	U.S. Dollars		230,772		SS		(3,393	)
09/21/11	U.S. Dollars		109,998	Euro		75,000		MLCS		1,498
09/21/11	U.S. Dollars		108,991	Euro		75,000		UBS		491
09/21/11	U.S. Dollars		217,563	Euro		151,000		CITI		(884	)
07/27/11	U.S. Dollars		3,167,486	Euro		2,217,905		DEUT		(46,336	)
09/21/11	Euro		77,000	U.S. Dollars		110,203		UBS		1,190
09/21/11	U.S. Dollars		108,890	Euro		76,000		DEUT		(1,057	)
09/21/11	Euro		64,000	U.S. Dollars		92,134		DEUT		453
09/21/11	U.S. Dollars		110,120	Euro		76,000		DEUT		173
09/21/11	U.S. Dollars		90,985	Euro		63,000		CITI		(155	)
09/21/11	Euro		75,000	U.S. Dollars		109,183		MLCS		(683	)
09/21/11	United Kingdom Pounds		66,359	U.S. Dollars		108,877		DEUT		(2,484	)
09/21/11	U.S. Dollars		161,325	United Kingdom Pounds		101,000		DEUT		(606	)
09/21/11	U.S. Dollars		261,567	Japanese Yen		20,959,396		BAR		1,091
09/21/11	U.S. Dollars		55,410	Japanese Yen		4,420,818		RBS		470
09/21/11	Japanese Yen		4,341,351	U.S. Dollars		54,138		RBS		(186	)
09/21/11	Japanese Yen		13,049,604	U.S. Dollars		161,325		DEUT		851
07/26/11	U.S. Dollars		916,931	Mexican Pesos		10,759,267		CS		141
07/26/11	Mexican Pesos		2,868,100	U.S. Dollars		246,623		MSCS		(2,234	)
09/21/11	Norwegian Krone		1,376,920	U.S. Dollars		255,962		JPM		(2,148	)
09/21/11	U.S. Dollars		175,000	Norwegian Krone		979,298		UBS		(5,518	)
09/21/11	Norwegian Krone		544,876	U.S. Dollars		99,000		HKSB		1,439
09/21/11	Norwegian Krone		473,430	U.S. Dollars		87,000		HSBC		270
09/21/11	U.S. Dollars		108,359	New Zealand Dollars		135,000		MLCS		(2,849	)
09/21/11	U.S. Dollars		188,909	New Zealand Dollars		232,220		WEST		(2,386	)
09/21/11	New Zealand Dollars		133,154	U.S. Dollars		109,998		MLCS		(311	)
09/21/11	New Zealand Dollars		133,000	U.S. Dollars		109,120		WEST		441
09/21/11	New Zealand Dollars		133,000	U.S. Dollars		108,082		MLCS		1,479
09/21/11	Swedish Kronor		1,234,591	U.S. Dollars		199,498		MLCS		(5,278	)
09/21/11	U.S. Dollars		62,000	Swedish Kronor		394,827		HKSB		(112	)
09/21/11	U.S. Dollars		44,000	Swedish Kronor		281,080		HSBC		(218	)
09/21/11	U.S. Dollars		193,277	Swedish Kronor		1,263,238		HKSB		(5,449	)
09/21/11	U.S. Dollars		55,000	Swedish Kronor		356,054		RBS		(1,013	)
09/21/11	Swedish Kronor		701,556	U.S. Dollars		110,120		DEUT		246
07/07/11	U.S. Dollars		1,088,343	South African Rand		7,656,492		RBC		(42,802	)
08/11/11	Brazilian Reals		65,520	U.S. Dollars		40,976		BAR		589
09/02/11	U.S. Dollars		40,716	Brazilian Reals		65,520		BAR		(647	)
09/19/11	U.S. Dollars		7,248,368	Canadian Dollars		7,148,000		RBS		(147,697	)
09/19/11	Canadian Dollars		313,000	U.S. Dollars		318,288		BNP		5,574
02/01/13	Chinese Yuan Renminbi		3,959,304	U.S. Dollars		624,792		DEUT		(9,001	)
02/01/13	Chinese Yuan Renminbi		4,127,477	U.S. Dollars		655,884		DEUT		(13,938	)
02/13/12	Chinese Yuan Renminbi		6,402,937	U.S. Dollars		994,631		CITI		4,090
02/13/12	Chinese Yuan Renminbi		3,324,821	U.S. Dollars		515,636		BAR		2,965
02/13/12	Chinese Yuan Renminbi		3,167,798	U.S. Dollars		491,360		CITI		2,749
02/13/12	Chinese Yuan Renminbi		3,150,917	U.S. Dollars		489,045		DEUT		2,430
02/13/12	Chinese Yuan Renminbi		9,097,230	U.S. Dollars		1,415,691		CITI		3,282
02/13/12	Chinese Yuan Renminbi		11,081,793	U.S. Dollars		1,722,648		BAR		5,874
02/13/12	Chinese Yuan Renminbi		3,839,307	U.S. Dollars		597,000		JPM		1,850
02/13/12	Chinese Yuan Renminbi		3,032,686	U.S. Dollars		470,658		DEUT		2,376

183

Fund/ Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
02/13/12	Chinese Yuan Renminbi		3,207,965	U.S. Dollars		497,861		JPM	$	2,513
02/13/12	Chinese Yuan Renminbi		2,532,357	U.S. Dollars		393,254		UBS		1,740
02/13/12	Chinese Yuan Renminbi		821,640	U.S. Dollars		126,562		DEUT		1,596
02/01/13	Chinese Yuan Renminbi		6,583,005	U.S. Dollars		1,048,750		CITI		(24,896	)
08/15/11	Chinese Yuan Renminbi		1,000,000	U.S. Dollars		159,642		DEUT		(4,911	)
09/14/11	Chinese Yuan Renminbi		2,088,450	U.S. Dollars		315,000		UBS		8,426
09/14/11	Chinese Yuan Renminbi		1,401,040	U.S. Dollars		211,000		CITI		5,971
09/14/11	Chinese Yuan Renminbi		875,160	U.S. Dollars		132,000		RBS		3,531
09/14/11	U.S. Dollars		155,063	Chinese Yuan Renminbi		1,000,000		DEUT		199
11/04/11	Chinese Yuan Renminbi		5,139,925	U.S. Dollars		805,000		DEUT		(7,133	)
11/15/11	Chinese Yuan Renminbi		2,900,436	U.S. Dollars		438,000		DEUT		12,481
07/18/11	Euro		2,014,000	U.S. Dollars		2,845,214		CITI		73,896
07/18/11	U.S. Dollars		989,378	Euro		688,000		BAR		(7,815	)
07/29/11	U.S. Dollars		10,340,658	Australian Dollars		10,776,000		DEUT		(284,354	)
08/02/11	U.S. Dollars		40,530	Brazilian Reals		65,520		UBS		(1,119	)
07/18/11	U.S. Dollars		16,334,925	Euro		11,326,000		CS		(81,082	)
07/18/11	Euro		387,000	U.S. Dollars		555,209		RBC		5,712
07/18/11	Euro		717,000	U.S. Dollars		1,045,368		HSBC		(6,142	)
08/12/11	Indian Rupees		56,916,480	U.S. Dollars		1,260,330		HSBC		2,541
07/14/11	U.S. Dollars		1,405,865	Japanese Yen		117,763,000		JPM		(57,041	)
07/07/11	Mexican Pesos		74,599	U.S. Dollars		6,009		HSBC		359
07/07/11	U.S. Dollars		6,331	Mexican Pesos		74,599		MSCS		(36	)
11/18/11	Mexican Pesos		74,599	U.S. Dollars		6,248		MSCS		39
08/11/11	Malaysian Ringgits		8,484	U.S. Dollars		2,742		CITI		59
08/08/11	Norwegian Krone		1,133,000	U.S. Dollars		214,836		DEUT		(5,362	)
01/11/12	Taiwan Dollars		48,062,980	U.S. Dollars		1,677,006		BAR		3,998
09/13/11	U.S. Dollars		1,958,922	United Kingdom Pounds		1,193,000		UBS		46,028
08/12/11	South Korean Won		7,715,551,500	U.S. Dollars		7,025,954		JPM		180,879
08/12/11	U.S. Dollars		1,240,000	South Korean Won		1,338,704,000		BAR		(10,438	)
08/12/11	U.S. Dollars		1,130,000	South Korean Won		1,219,948,000		RBS		(9,512	)
08/12/11	U.S. Dollars		1,240,000	South Korean Won		1,338,704,000		UBS		(10,438	)
09/09/11	Singapore Dollars		1,000,000	U.S. Dollars		804,525		RBS		9,682
09/09/11	Singapore Dollars		1,000,000	U.S. Dollars		812,222		GSC		1,985
09/09/11	Singapore Dollars		1,000,000	U.S. Dollars		811,622		DEUT		2,585
09/09/11	Singapore Dollars		300,000	U.S. Dollars		244,245		UBS		17
09/09/11	Singapore Dollars		466,498	U.S. Dollars		378,998		JPM		827
09/09/11	Singapore Dollars		400,000	U.S. Dollars		324,844		DEUT		839
08/15/11	Brazilian Reals		1,265,162	U.S. Dollars		761,000		JPM		40,876
08/15/11	Brazilian Reals		1,216,880	U.S. Dollars		742,000		JPM		29,274
08/18/11	U.S. Dollars		1,904,554	Canadian Dollars		1,842,980		CS		(3,923	)
08/18/11	Canadian Dollars		1,175,203	U.S. Dollars		1,213,489		JPM		3,480
08/18/11	U.S. Dollars		2,263,091	Euro		1,524,701		CITIC		55,204
08/18/11	U.S. Dollars		1,195,594	Euro		824,514		UBS		1,634
08/18/11	U.S. Dollars		3,031,016	Euro		2,150,000		CITIC		(82,353	)
08/18/11	U.S. Dollars		1,948,843	Japanese Yen		156,230,000		CITIC		7,705
									$	(346,114	)
Global Bond Fund
08/18/11	U.S. Dollars		142,012	Euro		100,000		CS	$	(2,796	)
08/18/11	U.S. Dollars		531,052	Australian Dollars		567,400		BAR		1,597
08/18/11	U.S. Dollars		594,803	Australian Dollars		631,336		CITIC		(2,658	)
08/18/11	Australian Dollars		745,608	U.S. Dollars		704,448		DEUT		5,369

184

Fund/ Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
08/18/11	Australian Dollars		630,000	U.S. Dollars		597,496		CS	$	7,075
08/18/11	Australian Dollars		587,221	U.S. Dollars		558,328		MSCS		8,151
08/18/11	U.S. Dollars		721,473	Australian Dollars		760,000		JPM		(9,295	)
08/18/11	Australian Dollars		20,198	U.S. Dollars		19,238		JPM		318
08/18/11	Canadian Dollars		820,000	U.S. Dollars		852,577		DEUT		(3,435	)
08/18/11	Canadian Dollars		1,005,536	U.S. Dollars		1,038,294		JPM		2,978
08/18/11	U.S. Dollars		1,750,000	Canadian Dollars		1,728,685		DEUT		(40,121	)
08/18/11	U.S. Dollars		4,515,216	Euro		3,046,552		SG		103,568
08/18/11	U.S. Dollars		2,222,681	Euro		1,500,000		BAR		50,562
08/18/11	U.S. Dollars		458,582	Euro		309,451		RBS		10,472
08/18/11	U.S. Dollars		2,886,647	Euro		1,947,319		GSC		66,776
08/18/11	U.S. Dollars		232,148	Euro		156,522		DEUT		5,491
08/18/11	U.S. Dollars		5,348,806	Euro		3,603,624		CITIC		130,474
08/18/11	Euro		1,570,000	U.S. Dollars		2,276,594		UBS		(3,111	)
08/18/11	Euro		1,566,003	U.S. Dollars		2,266,899		CS		797
08/18/11	U.S. Dollars		2,621,220	Euro		1,808,255		MSCS		2,724
08/18/11	U.S. Dollars		1,503,788	Euro		1,035,952		JPM		3,648
08/18/11	U.S. Dollars		289,080	Euro		200,000		JPM		(536	)
08/18/11	U.S. Dollars		214,350	Euro		150,000		UBS		(2,862	)
08/18/11	United Kingdom Pounds		1,277,800	U.S. Dollars		2,108,229		SG		(58,716	)
08/18/11	U.S. Dollars		1,299,193	United Kingdom Pounds		787,510		BAR		36,075
08/18/11	U.S. Dollars		329,336	United Kingdom Pounds		200,000		GSC		8,548
08/18/11	U.S. Dollars		1,063,049	United Kingdom Pounds		650,000		CS		20,489
08/18/11	United Kingdom Pounds		1,088,000	U.S. Dollars		1,780,588		JPM		(35,502	)
08/18/11	U.S. Dollars		735,029	Japanese Yen		59,645,180		SG		(6,055	)
08/18/11	Japanese Yen		736,299,570	U.S. Dollars		9,088,547		GSC		59,882
08/18/11	Japanese Yen		279,428,760	U.S. Dollars		3,482,152		DEUT		(10,284	)
08/18/11	U.S. Dollars		1,597,015	Japanese Yen		128,025,470		CITIC		6,314
08/18/11	Japanese Yen		59,000,000	U.S. Dollars		735,065		CS		(1,997	)
08/18/11	U.S. Dollars		5,775,621	Japanese Yen		464,261,748		JPM		7,227
08/18/11	U.S. Dollars		867,921	Japanese Yen		70,000,000		UBS		(1,820	)
08/25/11	South Korean Won		590,596,400	U.S. Dollars		538,374		DEUT		12,824
08/18/11	Mexican Pesos		4,650,275	U.S. Dollars		398,334		GSC		(2,948	)
09/15/11	Russian Rubles		23,142,534	U.S. Dollars		825,340		JPM		(3,371	)
08/18/11	South African Rand		988,065	U.S. Dollars		140,093		GSC		4,956
									$	370,808
Small Cap Equity Fund
08/18/11	U.S. Dollars		536,123	Euro		361,200		CITIC	$	13,078
08/18/11	U.S. Dollars		568,237	Euro		392,000		MSCS		590
08/18/11	U.S. Dollars		507,519	Euro		360,000		CITI		(13,789	)
08/18/11	U.S. Dollars		60,262	Japanese Yen		4,882,084		GSC		(397	)
08/18/11	U.S. Dollars		179,379	Japanese Yen		14,380,000		CITIC		709
									$	191
International Equity Fund
07/29/11	U.S. Dollars		11,438,062	Australian Dollars		12,155,000		NT	$	(70,593	)
07/01/11	South African Rand		287,285	U.S. Dollars		41,651		UBS		835
09/21/11	U.S. Dollars		483,590	Australian Dollars		512,000		RBS		(1,218	)

185

Fund/ Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/21/11	Australian Dollars		5,808,000	U.S. Dollars		5,499,907		RBS	$	29,681
09/21/11	U.S. Dollars		49,234	Australian Dollars		52,000		RBS		(258	)
09/21/11	U.S. Dollars		605,890	Australian Dollars		627,000		RBS		(16,481	)
09/21/11	Australian Dollars		5,519,000	U.S. Dollars		5,236,988		RBS		40,168
09/21/11	U.S. Dollars		832,346	Canadian Dollars		808,000		RBS		(3,654	)
09/21/11	Canadian Dollars		377,000	U.S. Dollars		388,588		RBS		1,476
09/21/11	U.S. Dollars		975,039	Switzerland Francs		832,000		RBS		(15,116	)
09/21/11	U.S. Dollars		4,740,372	Switzerland Francs		4,009,000		RBS		(30,700	)
09/21/11	Switzerland Francs		67,000	U.S. Dollars		80,177		RBS		(441	)
09/21/11	U.S. Dollars		612,514	Switzerland Francs		511,000		RBS		4,378
09/21/11	U.S. Dollars		14,523,328	Switzerland Francs		12,137,000		RBS		79,203
09/21/11	Danish Kroner		193,000	U.S. Dollars		37,169		RBS		277
09/21/11	U.S. Dollars		39,218	Danish Kroner		203,000		RBS		(169	)
09/21/11	Danish Kroner		793,000	U.S. Dollars		154,486		RBS		(626	)
09/21/11	U.S. Dollars		54,255	Danish Kroner		284,000		RBS		(847	)
09/21/11	U.S. Dollars		1,924,518	Danish Kroner		9,992,000		RBS		(14,154	)
09/21/11	U.S. Dollars		396,806	Euro		276,000		RBS		(2,474	)
09/21/11	Euro		1,039,000	U.S. Dollars		1,494,745		RBS		8,343
09/21/11	U.S. Dollars		344,144	Euro		237,000		RBS		1,284
09/21/11	U.S. Dollars		869,314	Euro		610,000		RBS		(13,153	)
09/21/11	Euro		2,542,000	U.S. Dollars		3,651,329		RBS		26,100
09/21/11	U.S. Dollars		921,790	Australian Dollars		968,000		RBS		(10,646	)
09/21/11	U.S. Dollars		490,593	Australian Dollars		513,000		RBS		(7,929	)
09/21/11	U.S. Dollars		178,207	Canadian Dollars		174,000		RBS		(1,823	)
09/21/11	U.S. Dollars		495,177	Canadian Dollars		485,000		RBS		(6,629	)
09/21/11	U.S. Dollars		733,855	Switzerland Francs		614,000		RBS		3,139
09/21/11	Danish Kroner		165,000	U.S. Dollars		32,325		RBS		(312	)
09/21/11	U.S. Dollars		20,123	Danish Kroner		104,000		RBS		(55	)
09/21/11	U.S. Dollars		20,941	Danish Kroner		109,000		RBS		(207	)
09/21/11	Euro		879,000	U.S. Dollars		1,284,427		RBS		(12,807	)
09/21/11	Euro		549,000	U.S. Dollars		791,864		RBS		2,357
09/21/11	U.S. Dollars		2,849	Euro		2,000		RBS		(45	)
09/21/11	U.S. Dollars		492,344	Euro		344,000		RBS		(5,309	)
09/21/11	U.S. Dollars		91,771	United Kingdom Pounds		56,000		RBS		1,987
09/21/11	United Kingdom Pounds		236,000	U.S. Dollars		382,567		RBS		(4,191	)
09/21/11	Hong Kong Dollars		16,000	U.S. Dollars		2,058		RBS		(1	)
09/21/11	U.S. Dollars		27,769	Hong Kong Dollars		216,000		RBS		(3	)
09/21/11	Hong Kong Dollars		18,000	U.S. Dollars		2,312		RBS		2
09/21/11	U.S. Dollars		11,794	Israeli Shekels		40,000		RBS		93
09/21/11	U.S. Dollars		13,185	Israeli Shekels		45,000		RBS		21
09/21/11	U.S. Dollars		7,551	Israeli Shekels		26,000		RBS		(54	)
09/21/11	U.S. Dollars		8,674,932	Japanese Yen		695,692,000		RBS		29,112
09/21/11	U.S. Dollars		368,114	Japanese Yen		29,558,000		RBS		777
09/21/11	Japanese Yen		34,910,000	U.S. Dollars		434,686		RBS		(836	)
09/21/11	U.S. Dollars		20,957	Norwegian Krone		114,000		RBS		(58	)
09/21/11	U.S. Dollars		168,587	Norwegian Krone		936,000		RBS		(3,950	)
09/21/11	New Zealand Dollars		942,000	U.S. Dollars		766,332		RBS		9,654

186

Fund/ Expiration Date	Currency Purchased	Amount of Currency Purchased		Currency Sold	Amount of Currency Sold		Counter- party		Net Unrealized Appreciation (Depreciation)
09/21/11	New Zealand Dollars		1,305,000	U.S. Dollars		1,054,905		RBS	$	20,107
09/21/11	U.S. Dollars		545,279	Swedish Kronor		3,373,000		RBS		14,654
09/21/11	U.S. Dollars		13,591	Swedish Kronor		84,000		RBS		376
09/21/11	Swedish Kronor		78,645,000	U.S. Dollars		12,655,390		RBS		(283,324	)
09/21/11	U.S. Dollars		405,674	Swedish Kronor		2,566,000		RBS		2,002
09/21/11	Singapore Dollars		231,000	U.S. Dollars		187,630		RBS		460
09/21/11	U.S. Dollars		5,691	Singapore Dollars		7,000		RBS		(9	)
09/21/11	U.S. Dollars		16,234	Singapore Dollars		20,000		RBS		(51	)
09/21/11	U.S. Dollars		3,241	Singapore Dollars		4,000		RBS		(16	)
09/21/11	United Kingdom Pounds		936,000	U.S. Dollars		1,542,725		RBS		(42,050	)
09/21/11	United Kingdom Pounds		880,000	U.S. Dollars		1,446,052		RBS		(35,161	)
09/21/11	United Kingdom Pounds		90,000	U.S. Dollars		146,872		RBS		(2,576	)
09/21/11	United Kingdom Pounds		170,000	U.S. Dollars		270,900		RBS		1,658
09/21/11	United Kingdom Pounds		5,907,000	U.S. Dollars		9,456,516		RBS		14,086
09/21/11	Hong Kong Dollars		260,000	U.S. Dollars		33,442		RBS		(13	)
09/21/11	Hong Kong Dollars		1,195,000	U.S. Dollars		153,646		RBS		2
09/21/11	U.S. Dollars		31,131	Hong Kong Dollars		242,000		RBS		15
09/21/11	Hong Kong Dollars		235,000	U.S. Dollars		30,196		RBS		20
09/21/11	Hong Kong Dollars		2,456,000	U.S. Dollars		315,712		RBS		71
09/21/11	Israeli Shekels		1,693,000	U.S. Dollars		490,796		RBS		4,437
09/21/11	Israeli Shekels		34,000	U.S. Dollars		9,878		RBS		68
09/21/11	Israeli Shekels		6,000	U.S. Dollars		1,719		RBS		36
09/21/11	Israeli Shekels		3,748,000	U.S. Dollars		1,088,586		RBS		7,771
09/21/11	U.S. Dollars		827,104	Japanese Yen		67,294,000		RBS		(9,203	)
09/21/11	Japanese Yen		881,000	U.S. Dollars		11,010		RBS		(62	)
09/21/11	U.S. Dollars		22,111,517	Japanese Yen		1,787,694,000		RBS		(105,329	)
09/21/11	U.S. Dollars		955,502	Norwegian Krone		5,163,000		RBS		3,783
09/21/11	Norwegian Krone		26,069,000	U.S. Dollars		4,815,553		RBS		(10,137	)
09/21/11	Norwegian Krone		3,442,000	U.S. Dollars		626,124		RBS		8,356
09/21/11	Norwegian Krone		67,879,000	U.S. Dollars		12,487,513		RBS		24,928
09/21/11	New Zealand Dollars		857,000	U.S. Dollars		700,449		RBS		5,517
09/21/11	U.S. Dollars		2,278,597	New Zealand Dollars		2,811,000		RBS		(37,005	)
09/21/11	New Zealand Dollars		596,000	U.S. Dollars		477,491		RBS		13,473
09/21/11	New Zealand Dollars		1,926,000	U.S. Dollars		1,569,883		RBS		16,688
09/21/11	U.S. Dollars		1,005,094	Swedish Kronor		6,538,000		RBS		(23,433	)
09/21/11	Swedish Kronor		144,184,000	U.S. Dollars		22,527,518		RBS		154,840
09/21/11	Singapore Dollars		7,000	U.S. Dollars		5,691		RBS		8
09/21/11	U.S. Dollars		35,014	Singapore Dollars		43,000		RBS		2
09/21/11	Singapore Dollars		10,000	U.S. Dollars		8,048		RBS		94
09/21/11	Singapore Dollars		594,000	U.S. Dollars		481,537		RBS		2,122
									$	(238,647	)

Please see abbreviation and footnote definitions beginning on page 130.

187

Options Written

Transactions in options written during the six months ended June 30, 2011 were as follows:

Fund	Number of Contracts			Notional Amount			Premiums Received
Low-Duration Bond Fund
Options written, 12/31/10		60		$	89,500,000		$	728,747
Options written		530			14,200,000			267,543
Options expired		(426	)		(61,200,000	)		(621,617	)
Options closed		—			(23,900,000	)		(198,395	)
Options written, 06/30/11		164		$	18,600,000		$	176,278
Medium-Duration Bond Fund
Options written, 12/31/10		36		$	80,100,000		$	652,009
Options written		383			500,000			178,201
Options expired		(322	)		(32,700,000	)		(386,341	)
Options closed		—			(30,500,000	)		(256,890	)
Options written, 06/30/11		97		$	17,400,000		$	186,979
Small Cap Equity Fund
Options written, 12/31/10		—		$	—		$	—
Options written		68			—			23,038
Options expired		—			—			—
Options closed		(68	)		—			(28,038	)
Options written, 06/30/11		—		$	—		$	—

7. CAPITAL SHARE TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2011				Year Ended December 31, 2010
	GS2	GS4			GS2	GS4
MyDestination 2005
Shares sold			1,031,468				1,782,281
Shares exchanged			—				—
Shares reinvested			—				145,545
Shares redeemed			(775,408	)			(3,748,045	)
Net increase (decrease)			256,060				(1,820,219	)
MyDestination 2015
Shares sold			2,915,574				5,359,331
Shares exchanged			—				—
Shares reinvested			—				547,026
Shares redeemed			(1,159,868	)			(5,686,881	)
Net increase			1,755,706				219,476
MyDestination 2025
Shares sold			3,321,523				6,117,622
Shares exchanged			—				—
Shares reinvested			—				425,744
Shares redeemed			(462,228	)			(1,598,263	)
Net increase			2,859,295				4,945,103

188

	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	GS2			GS4			GS2			GS4
MyDestination 2035
Shares sold					1,895,114						3,628,903
Shares exchanged					—						—
Shares reinvested					—						152,793
Shares redeemed					(341,453	)					(1,024,122	)
Net increase					1,553,661						2,757,574
MyDestination 2045
Shares sold					1,610,087						3,312,450
Shares exchanged					—						—
Shares reinvested					—						101,676
Shares redeemed					(744,678	)					(501,015	)
Net increase					865,409						2,913,111
Conservative Allocation Fund
Shares sold					1,667,839						3,187,360
Shares reinvested					2						615,888
Shares redeemed					(1,241,418	)					(6,746,128	)
Net increase (decrease)					426,423						(2,942,880	)
Balanced Allocation Fund
Shares sold					2,701,328						3,835,756
Shares exchanged					—						—
Shares reinvested					—						2,548,485
Shares redeemed					(3,213,803	)					(15,601,452	)
Net decrease					(512,475	)					(9,217,211	)
Growth Allocation Fund
Shares sold					1,250,011						2,474,913
Shares reinvested					—						1,888,651
Shares redeemed					(2,382,049	)					(11,457,649	)
Net decrease					(1,132,038	)					(7,094,085	)
Aggressive Allocation Fund
Shares sold					1,168,265						3,255,212
Shares reinvested					—						1,206,218
Shares redeemed					(2,282,653	)					(11,200,914	)
Net decrease					(1,114,388	)					(6,739,484	)
Conservative Allocation Fund I
Shares sold		729,730						1,241,966
Shares reinvested		—						232,413
Shares redeemed		(476,090	)					(930,456	)
Net increase		253,640						543,923

189

	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	GS2			GS4			GS2			GS4
Balanced Allocation Fund I
Shares sold		1,166,935						2,147,224
Shares reinvested		—						1,582,934
Shares redeemed		(1,551,381	)					(3,979,021	)
Net decrease		(384,446	)					(248,863	)
Growth Allocation Fund I
Shares sold		592,812						1,349,275
Shares reinvested		—						663,740
Shares redeemed		(846,571	)					(1,755,410	)
Net increase (decrease)		(253,759	)					257,605
Aggressive Allocation Fund I
Shares sold		340,030						906,542
Shares reinvested		—						243,843
Shares redeemed		(707,586	)					(1,640,107	)
Net decrease		(367,556	)					(489,722	)
Money Market Fund
Shares sold		65,157,000			1,563,263,655			94,494,393			4,496,591,499
Shares reinvested		67,315			23,394			203,577			136,473
Shares redeemed		(55,321,466	)		(1,499,091,847	)		(108,704,940	)		(4,381,459,309	)
Net increase (decrease)		9,902,849			64,195,202			(14,006,970	)		115,268,663
Low-Duration Bond Fund
Shares sold		814,311			3,017,745			2,213,591			6,135,841
Shares reinvested		109,151			186,394			600,976			1,182,586
Shares redeemed		(574,044	)		(1,094,875	)		(1,397,531	)		(7,123,322	)
Net increase		349,418			2,109,264			1,417,036			195,105
Medium-Duration Bond Fund
Shares sold		1,290,875			2,185,992			15,423,343			10,208,086
Shares reinvested		488,815			342,272			2,148,938			3,449,151
Shares redeemed		(2,324,932	)		(1,384,616	)		(3,689,932	)		(33,721,553	)
Net increase (decrease)		(545,242	)		1,143,648			13,882,349			(20,064,316	)
Extended-Duration Bond Fund
Shares sold		647,060			1,304,902			1,659,903			4,938,166
Shares reinvested		651,817			496,193			1,280,612			1,288,882
Shares redeemed		(933,964	)		(3,130,318	)		(2,100,789	)		(11,095,823	)
Net increase (decrease)		364,913			(1,329,223	)		839,726			(4,868,775	)
Inflation Protected Bond Fund
Shares sold					2,558,422						4,018,816
Shares reinvested					304,851						454,380
Shares redeemed					(944,186	)					(2,653,937	)
Net increase					1,919,087						1,819,259

190

	Six Months Ended June 30, 2011						Year Ended December 31, 2010
	GS2			GS4			GS2			GS4
Global Bond Fund
Shares sold					1,704,449						2,860,387
Shares reinvested					439,698						1,274,719
Shares redeemed					(1,082,976	)					(11,423,859	)
Net increase (decrease)					1,061,171						(7,288,753	)
Equity Index Fund
Shares sold		157,865			728,827			585,990			1,370,881
Shares reinvested		238,065			303,508			258,866			322,192
Shares redeemed		(1,719,180	)		(3,995,670	)		(1,003,321	)		(3,317,757	)
Net decrease		(1,323,250	)		(2,963,335	)		(158,465	)		(1,624,684	)
Real Estate Securities Fund
Shares sold					2,218,992						7,796,557
Shares reinvested					41,204						327,689
Shares redeemed					(1,959,323	)					(9,499,201	)
Net increase (decrease)					300,873						(1,374,955	)
Value Equity Fund
Shares sold		948,437			2,552,633			5,728,105			7,904,174
Shares reinvested		726,155			716,256			714,341			918,154
Shares redeemed		(2,230,339	)		(4,519,331	)		(2,327,670	)		(20,837,377	)
Net increase (decrease)		(555,747	)		(1,250,442	)		4,114,776			(12,015,049	)
Growth Equity Fund
Shares sold		460,495			2,720,392			1,101,945			5,750,705
Shares reinvested		—			—			4,036			8,372
Shares redeemed		(753,256	)		(3,447,778	)		(2,591,161	)		(17,764,875	)
Net decrease		(292,761	)		(727,386	)		(1,485,180	)		(12,005,798	)
Small Cap Equity Fund
Shares sold		262,514			1,566,093			751,626			4,013,808
Shares reinvested		—			—			42,800			63,528
Shares redeemed		(614,936	)		(2,755,488	)		(1,509,442	)		(7,727,717	)
Net decrease		(352,422	)		(1,189,395	)		(715,016	)		(3,650,381	)
International Equity Fund
Shares sold		728,528			3,725,196			2,244,270			6,022,331
Shares reinvested		—			—			706,621			1,518,407
Shares redeemed		(1,026,696	)		(2,912,990	)		(2,551,588	)		(19,455,495	)
Net increase (decrease)		(298,168	)		812,206			399,303			(11,914,757	)

8. BANK BORROWINGS

On October 28, 2010, the Board of Trustees approved a credit agreement with Bank of America, N.A. dated December 3, 2010, through December 1, 2011. The agreement permits up to $50 million, collectively. Interest is charged to each Fund based on its

191

borrowings at a rate equal to the Bank Prime plus 0.60% or the Wall Street Journal LIBOR One Month Floating Rate plus 1.00%. Each Fund also pays a facility fee equal to its pro rata share of the amount of the credit facility at a rate of 0.30% per annum.

On March 25, 2011, the Inflation Protected Bond Fund borrowed $250,000 at rate of 1.2495%. The Inflation Protected Bond Fund repaid the loan in the amount of $250,026, which represents principal and three days of accrued interest, on March 28, 2011. No other Funds borrowed for the period ended June 30, 2011, and there were no outstanding loans at June 30, 2011.

9. FEDERAL INCOME TAXES

Each Fund’s policy is to comply with all sections of the Internal Revenue Code of 1986, as amended, that apply to regulated investment companies and to distribute substantially all of its taxable income and capital gains to shareholders. No provision for income or excise taxes is thus required. Each Fund is treated as a separate entity for federal income tax purposes.

The Funds may be subject to taxes imposed by countries in which they invest in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned. Dividend and interest income is recorded net of non-U.S. taxes paid. Gains realized by the Funds on the sale of securities in certain countries are subject to non-U.S. taxes. The Funds record a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities. For the period ended June 30, 2011, the International Equity Fund accrued non-U.S. taxes on unrealized gains of $60,151.

Management has analyzed the Funds’ tax positions and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, management’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to new tax laws, regulations and administrative interpretations (including court decisions). Each of the Funds’ federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

Net investment income (loss) and net realized gains (losses) may differ for financial statements and tax purposes primarily because of deferred losses on straddles 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, straddles and investments in Passive Foreign Investment Companies (“PFIC’s”). Distributions during the year ended December 31, 2010, were characterized as follows for tax purposes:

192

Fund		Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distribution
MyDestination 2005	2010	$	1,382,009	$	—	$	—	$	1,382,009
	2009		1,564,404		—		—		1,564,404
MyDestination 2015	2010		5,104,591		—		—		5,104,591
	2009		4,412,565		—		—		4,412,565
MyDestination 2025	2010		3,787,639		—		—		3,787,639
	2009		2,884,184		—		—		2,884,184
MyDestination 2035	2010		1,312,038		—		—		1,312,038
	2009		1,043,907		124,488		—		1,168,395
MyDestination 2045	2010		774,737		86,307		—		861,044
	2009		683,723		4,334		—		688,057
Conservative Allocation	2010		6,148,217		1,177,999		—		7,326,216
	2009		6,283,221		9,111,208		—		15,394,429
Balanced Allocation	2010		30,794,116		—		—		30,794,116
	2009		26,391,713		6,797,379		—		33,189,092
Growth Allocation	2010		17,932,584		5,229,092		—		23,161,676
	2009		11,529,071		3,868,509		—		15,397,580
Aggressive Allocation	2010		7,735,097		6,394,992		—		14,130,089
	2009		7,894,855		4,792,148		—		12,687,003
Conservative Allocation I	2010		2,200,764		—		—		2,200,764
	2009		2,128,240		—		—		2,128,240
Balanced Allocation I	2010		15,332,084		—		—		15,332,084
	2009		15,067,834		—		—		15,067,834
Growth Allocation I	2010		6,706,135		—		—		6,706,135
	2009		6,560,814		—		—		6,560,814
Aggressive Allocation I	2010		2,510,802		—		—		2,510,802
	2009		3,254,796		—		—		3,254,796
Money Market	2010		408,875		—		—		408,875
	2009		3,671,028		—		—		3,671,028
Low-Duration Bond	2010		19,384,900		1,577,570		—		20,962,470
	2009		20,184,508		—		—		20,184,508
Medium-Duration Bond	2010		56,868,924		6,383,322		—		63,252,246
	2009		62,933,294		—		—		62,933,294
Extended-Duration Bond	2010		26,346,080		3,455,445		—		29,801,525
	2009		26,490,239		632,726		—		27,122,965
Inflation Protected Bond	2010		4,258,151		498,839		—		4,756,990
	2009		1,409,572		41,466		—		1,451,038
Global Bond	2010		12,273,443		—		—		12,273,443
	2009		13,789,431		—		—		13,789,431
Equity Index	2010		6,944,528		—		—		6,944,528
	2009		6,217,465		—		—		6,217,465
Real Estate Securities	2010		2,634,670		—		—		2,634,670
	2009		2,070,541		—		45,334		2,115,875
Value Equity	2010		16,090,315		—		—		16,090,315
	2009		19,742,615		—		—		19,742,615
Growth Equity	2010		174,095		—		—		174,095
	2009		1,374,244		—		—		1,374,244
Small Cap Equity	2010		1,340,931		—		—		1,340,931
	2009		1,121,177		—		—		1,121,177
International Equity	2010		27,463,589		—		—		27,463,589
	2009		29,748,575		5,380		—		29,753,955

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At December 31, 2010, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain/ (Capital Loss Carryforward)			Post-October Loss Deferral			Net Unrealized Appreciation (Depreciation) on Investments
MyDestination 2005	$	149,327	$	(4,792,433	)	$	(472,988	)	$	443,716
MyDestination 2015		1,490,826		(7,250,592	)		(2,484,824	)		1,112,516
MyDestination 2025		642,853		(1,284,239	)		—			2,730,185
MyDestination 2035		124,835		47,692			—			4,975,460
MyDestination 2045		51,091		76,265			—			8,821,157
Conservative Allocation		139,529		4,058,953			—			14,730,573
Balanced Allocation		2,195,907		3,410,197			—			54,808,050
Growth Allocation		444,300		5,077,773			—			25,227,464
Aggressive Allocation		748,061		4,650,064			—			6,658,272
Conservative Allocation I		724,828		(3,904,509	)		(103,307	)		(992,371	)
Balanced Allocation I		5,589,325		(13,653,728	)		(239,985	)		(29,293,097	)
Growth Allocation I		1,563,564		(4,174,277	)		—			(26,603,415	)
Aggressive Allocation I		2,389,297		(6,510,682	)		—			(26,988,415	)
Money Market		7,259		—			—			—
Low-Duration Bond		553,405		—			(1,167,629	)		(6,297,430	)
Medium-Duration Bond		247,194		—			(5,056,236	)		(18,364,584	)
Extended-Duration Bond		494,619		2,037,838			—			28,660,653
Inflation Protected Bond		163,978		664,227			—			2,512,608
Global Bond		1,332,533		(9,652,729	)		—			6,211,682
Equity Index		1,075,513		2,856,137			—			59,644,585
Real Estate Securities		—		(30,921,622	)		—			17,110,026
Value Equity		7,719,446		(151,602,699	)		—			363,473
Growth Equity		—		(101,927,562	)		—			285,434,281
Small Cap Equity		—		(67,481,437	)		(2,661	)		79,826,490
International Equity		505,860		(175,843,352	)		(129,398	)		147,585,999

Post-October loss deferrals have been included in undistributed ordinary income and undistributed long-term capital gains, depending upon the character of the loss deferral.

For Federal income tax purposes, realized capital losses may be carried forward and applied against future realized capital gains. Capital loss carryovers and their expiration dates, were as follows as of December 31, 2010:

Expiring December 31,	2016		2017		2018		Total
MyDestination 2005	$	42,414	$	3,181,689	$	1,568,330	$	4,792,433
MyDestination 2015		889,637		3,304,014		3,056,941		7,250,592
MyDestination 2025		—		1,284,239		—		1,284,239
Conservative Allocation I		650,405		2,885,574		368,530		3,904,509
Balanced Allocation I		4,262,186		5,929,663		3,461,879		13,653,728
Growth Allocation I		412,556		2,508,443		1,253,278		4,174,277
Aggressive Allocation I		3,489,043		902,289		2,119,350		6,510,682
Global Bond		—		9,652,729		—		9,652,729
Real Estate Securities		—		30,921,622		—		30,921,622
Value Equity		48,251,938		103,350,761		—		151,602,699
Growth Equity		—		101,927,562		—		101,927,562
Small Cap Equity		7,930,222		59,551,215		—		67,481,437
International Equity		—		175,843,352		—		175,843,352

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At June 30, 2011, the aggregate cost of investment securities for federal income tax purposes (excluding foreign currency, securities sold short and derivative related items) and the net unrealized appreciation from investments for those securities having an excess of value over cost and net unrealized depreciation from investments for those securities having an excess of cost over value (based on cost for federal income tax purposes) were as follows:

Fund	Federal Tax Cost		Net Unrealized Appreciation (Depreciation)			Appreciated Securities		Depreciated Securities
MyDestination 2005	$	57,561,635	$	1,792,134		$	1,792,141	$	(7	)
MyDestination 2015		258,640,795		15,775,786			15,775,798		(12	)
MyDestination 2025		257,726,651		18,321,805			18,321,817		(12	)
MyDestination 2035		119,645,949		12,168,957			12,168,962		(5	)
MyDestination 2045		74,572,244		14,041,113			14,041,118		(5	)
Conservative Allocation		253,660,912		20,790,068			20,790,150		(82	)
Balanced Allocation		1,070,763,355		90,854,919			90,855,234		(315	)
Growth Allocation		812,721,186		58,857,387			63,664,134		(4,806,747	)
Aggressive Allocation		732,738,322		43,705,245			52,069,271		(8,364,026	)
Conservative Allocation I		75,534,796		824,977			1,264,577		(439,600	)
Balanced Allocation I		372,664,359		(14,198,896	)		—		(14,198,896	)
Growth Allocation I		257,503,049		(14,343,386	)		3,441,901		(17,785,287	)
Aggressive Allocation I		179,493,572		(16,741,870	)		2,285,005		(19,026,875	)
Money Market		1,425,297,058		—			—		—
Low-Duration Bond		938,527,032		(2,505,728	)		11,673,260		(14,178,988	)
Medium-Duration Bond		1,251,107,111		(6,606,951	)		27,223,124		(33,830,075	)
Extended-Duration Bond		409,460,086		24,137,785			27,650,487		(3,512,702	)
Inflation Protected Bond		177,510,628		4,173,939			7,185,916		(3,011,977	)
Global Bond		193,754,261		11,354,654			14,392,272		(3,037,618	)
Equity Index		318,704,782		65,177,805			98,076,768		(32,898,963	)
Real Estate Securities		197,954,750		21,714,674			21,967,894		(253,220	)
Value Equity		1,264,527,689		50,419,519			148,258,201		(97,838,682	)
Growth Equity		1,161,680,634		291,738,183			302,172,487		(10,434,304	)
Small Cap Equity		662,554,680		83,344,591			92,778,395		(9,433,804	)
International Equity		1,286,469,363		102,082,764			135,083,445		(33,000,681	)

The differences between book basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and on investments in PFIC’s.

At December 31, 2010, capital contributions, accumulated undistributed net investment income and accumulated net realized gain (loss) from investments have been adjusted for current period permanent book/tax differences which arose principally from differing book/tax treatments of PFICs, paydown losses, net operating losses, swaps, foreign currency transactions, distributions received from regulated investment companies, defaulted bonds, reclassifications of dividends paid and non-deductible expenses.

The following amounts were reclassified within the capital accounts:

Fund	Paid in Capital		Undistributed Net Investment Income		Accumulated Net Realized Gain (Loss) on Investments, Currency Translations and Derivative Transactions
MyDestination 2005	$	—	$	471,606	$	(471,606	)
MyDestination 2015		—		1,299,973		(1,299,973	)
MyDestination 2025		—		495,722		(495,722	)
MyDestination 2035		—		63,776		(63,776	)
MyDestination 2045		—		119		(119	)
Conservative Allocation		—		1,487,987		(1,487,987	)
Balanced Allocation		—		6,697,327		(6,697,327	)

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Fund	Paid in Capital			Undistributed Net Investment Income			Accumulated Net Realized Gain (Loss) on Investments, Currency Translations and Derivative Transactions
Growth Allocation	$	—		$	2,461,601		$	(2,461,601	)
Aggressive Allocation		—			2,708			(2,708	)
Conservative Allocation I		—			517,134			(517,134	)
Balanced Allocation I		—			3,743,893			(3,743,893	)
Growth Allocation I		—			1,211,865			(1,211,865	)
Aggressive Allocation I		—			154			(154	)
Money Market		—			(67,785	)		67,785
Low-Duration Bond		—			538,938			(538,938	)
Medium-Duration Bond		—			202,235			(202,235	)
Extended-Duration Bond		—			856,597			(856,597	)
Inflation Protected Bond		(1,343	)		4,206			(2,863	)
Global Bond		—			1,926,958			(1,926,958	)
Real Estate Securities		(729,638	)		729,638			—
Growth Equity		(273,038	)		270,717			2,321
Small Cap Equity		(38,656	)		33,676			4,980
International Equity		—			5,363,485			(5,363,485	)

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

10. MARKET AND CREDIT RISK

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where the risk of potential loss exists due to changes in the market (market risk) or due to the failure of the other party to a transaction to perform (credit and counterparty risks).

Market Risks — A Fund’s investments in derivatives and other financial instruments expose the Fund to various risks such as, but not limited to, interest rate, foreign currency, equity and commodity risks.

Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by a Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income’s market price to interest rate (i.e. yield) movements.

If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund.

The market values of equities, such as common stocks and preferred stocks, or equity related investments such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or

196

perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. Market values may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

A Fund’s investments in commodity-linked derivative instruments may subject the Fund to greater market price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Credit and Counterparty Risks — A Fund will be exposed to credit risk on parties with whom it trades and will also bear the risk of settlement default. A Fund minimizes concentrations of credit risk by undertaking transactions with a large number of customers and counterparties on recognized and reputable exchanges. A Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. Financial assets, which potentially expose a Fund to counterparty risk, consist principally of cash due from counterparties and investments. The investment advisers minimize counterparty risks to the Funds by performing extensive reviews of each counterparty and obtaining approval from the Counterparty Risk Committee prior to entering into transactions with a third party. All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

The Low-Duration Bond Fund and the Medium-Duration Bond Fund are parties to ISDA (International Swap and Derivatives Association, Inc.) Master Agreements (“Master Agreements”) with certain counterparties that govern over the counter derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Funds is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or repledged, are presented in the Fund’s portfolio or Statements of Assets and Liabilities. Collateral posted to the Funds which can not be sold or repledged totaled $2,620,000 and $1,020,000 in the Low-Duration Bond Fund and Medium-Duration Bond Fund, respectively, at June 30, 2011. Collateral can be in the form of cash, debt securities, equities or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty.

11. LEHMAN BROTHERS

On September 15, 2008, Lehman Brothers Holdings Inc. filed for protection under Chapter 11 of the United States Bankruptcy Code. On September 19, 2008, a proceeding under the Securities Investor Protection Act (SIPA) was commenced with respect to Lehman Brothers Inc., a broker-dealer. A trustee appointed under SIPA is administering the bankruptcy estate of Lehman Brothers Inc. Lehman Brothers International (Europe) was placed in administration under the UK Insolvency Act on September 15,

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2008. Lehman Brothers Special Financing Inc. filed for protection under Chapter 11 of the United States Bankruptcy Code on October 3, 2008. In connection with these filings, the Lehman Brothers group of companies (collectively “Lehman Brothers”) will be reorganized and/or liquidated in an orderly fashion, subject to court approval. Each Lehman Brothers entity is a separate legal entity that is subject to its own bankruptcy proceeding.

The Low-Duration Bond, Medium-Duration Bond, Global Bond and Small Cap Equity Funds had select holdings, credit default swap agreements, and securities and derivatives transactions outstanding with Lehman Brothers entities as issuer, referenced entity, counterparty or guarantor at the time the relevant Lehman Brothers entity filed for protection or was placed in administration. The security holdings, credit default swap agreements, and securities and derivatives transactions associated with Lehman Brothers have been written down to their estimated recoverable values. Anticipated losses for securities and derivatives transactions associated with Lehman Brothers have been incorporated as components of other receivables on the Statement of Assets and Liabilities and net changes in unrealized appreciation (depreciation) on the Statement of Operations. A facilitated auction occurred on October 10, 2008, comprising multiple pre-approved brokerage agencies to determine the estimated recovery rate for holdings and credit default swap agreements with Lehman Brothers Holdings Inc. as referenced entity. These recovery rates have been utilized in determining estimated recovery values. Claims against Lehman Brothers have been filed on behalf of GuideStone Funds in accordance with the filing requirements.

The Funds’ Sub-Advisers, on behalf of GSCM, have delivered notices of default to the relevant Lehman Brothers entities in accordance with the terms of the applicable agreements. For transactions with Lehman Brothers’ counterparties, the Sub-Advisers have terminated the trades, have obtained quotations from brokers for replacement trades and, where deemed appropriate, have re-opened positions with new counterparties.

12. NEW ACCOUNTING PROUNCEMENTS

In May 2011, the FASB issued “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”), together (the “Standard”). The Standard includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. The Standard will require reporting entities to disclose quantitative information about the unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy. In addition, the Standard will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. Management is currently evaluating the impact the new Standard will have on its financial statement disclosures.

13. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date that the financial statements were available to be issued. All subsequent events determined to be relevant and material to the financial statements have been appropriately recorded or disclosed.

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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 (1-888-984-8433).

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 TRUSTEES2
Michael R. Buster (1957) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2002	Executive Pastor, Prestonwood Baptist Church, 1989 - present.	25	Ouachita Baptist University – Board of Trustees Member.
Peter L. Chamberlain, Ph.D. (1951) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2008	Senior Financial Analyst, Summit Wealth Management, Inc., 2006 – present; President, B.R. Chamberlain & Sons, Inc., 1990 – 2006, Registered Investment Adviser.	25	First Baptist Church of Orlando – Board of Trustees Member and Strategy Team; Rollins College Board of Overseers/Corporate Council – Member; The B.R. Chamberlain Foundation for Public Entertainment – President.
Carson L. Eddy (1943) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2011	Partner in Charge (Orlando office), Carr, Riggs & Ingram,LLC, 2007 - present – Certified Public Accountants; President, Quantum Consulting Group LLC, 2000 - present; Managing Partner, Cuthill & Eddy LLC, 1993 - 2007 - Certified Public Accountants	25	N/A
William Craig George (1958) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2004	Regional loan administrator, SunTrust Bank, 1995 - present.	25	N/A
Grady R. Hazel (1947) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2011	Executive Director, Society of Louisiana CPAs, 1995 - present.	25	Neighbors Federal Credit Union — Board of Directors Member and Chairman of Audit Committee; Stonetrust Commercial Insurance Company — Board of Directors Member and Member of Audit Committee
Joseph A. Mack (1939) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2002	Director, Office of Public Policy, South Carolina Baptist Convention, 1999 - present.	25	N/A
Franklin R. 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.	25	N/A
William T. Patterson (1939) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2009	Managing Partner, Patterson Capital, LLC, October 2007 – present; Director and Chairman of Audit Committee, Therizo Capital Management, February 2007 – February 2008; Senior Vice President, Wachovia Securities LLC, July 2003 – January 2007; Senior Vice President, Prudential Financial Inc., October 2000 – July 2003	25	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
INTERESTED TRUSTEES2,3
Barry D. 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.	25	N/A
James W. Hixson (1931) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2010	Retired	25	N/A
OFFICERS WHO ARE NOT TRUSTEES4
Ron W. Bass (1966) 2401 Cedar Springs Road Dallas, TX 75201-1407 Chief Compliance Officer and AML Officer	Since 2009	Manager of Broker/Dealer and RIA Compliance, GuideStone Financial Resources of the Southern Baptist Convention, 2008 – present; Marketing Compliance Manager, GuideStone Financial Resources of the Southern Baptist Convention, 2005 – present; Compliance Specialist, GuideStone Financial Resources of the Southern Baptist Convention, 2004 – 2005.	N/A	N/A
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
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
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 serves for an indefinite term, until his successor is elected. Officers serve at the pleasure of the Board of Trustees.

²  The Trust pays no compensation to the Trustees. The Trust reimburses the Trustees for any expenses incurred in attending meetings. The Trust does not compensate the officers for the services they provide to the Funds.

³  Messrs. Hartis and Hixson are “interested persons” of the Trust as the term is defined in Section 2(a)19 of the Investment Company Act of 1940, due to their positions on the Board of Trustees of GuideStone Financial Resources of the Southern Baptist Convention. In addition, Mr. Hixson may also be deemed an “Interested person” of the Trust due to his positions on the Boards of Trustees of GuideStone Advisors and GuideStone Financial Services.

⁴  The executive officers of the Trust may be deemed to be affiliates of the Adviser due to their positions with the Adviser and/or GuideStone Financial Resources.

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PROXY VOTING

A description of the policies and procedures that GuideStone Funds uses to determine how to vote proxies relating to their portfolio securities as well as information regarding how GuideStone Funds voted proxies during the most recent 12-month period ended June 30 is available without charge by calling 1-888-98-GUIDE (1-888-984-8433), by visiting our website at www.GuideStoneFunds.org or by visiting the SEC’s website at www.sec.gov.

FORM N-MFP

Beginning December 2009, the GuideStone Money Market Fund began filing Form N-MFP with the SEC. Form N-MFP is filed on a monthly basis by money market mutual funds and includes detailed information about a money market fund’s investments and the market-based price of its portfolio known as its “shadow NAV” or mark-to-market valuation. The portfolio holdings information is posted on our website, www.GuideStoneFunds.org within five business days after the end of the month. Form N-MFP is made available online with a 60-day delay at www.sec.gov.

QUARTERLY SCHEDULES OF INVESTMENTS

In addition to the semi-annual and annual reports that GuideStone Funds delivers to shareholders and makes available through its website, GuideStone Funds files a complete schedule of portfolio holdings with the SEC for each Fund’s first and third fiscal quarters on Form N-Q. GuideStone Funds does not deliver the schedule for the first and third fiscal quarters to shareholders, however the schedule is posted to our website, www.GuideStoneFunds.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 CASH OVERLAY PROGRAM (FOR ALL FUNDS EXCEPT THE MONEY MARKET FUND) AND AMENDED SUB-ADVISORY FEE SCHEDULES FOR REAL ESTATE SECURITIES FUND, VALUE EQUITY FUND, SMALL CAP EQUITY FUND AND INTERNATIONAL EQUITY FUND (UNAUDITED)

As required by the Investment Company Act of 1940, as amended (the “1940 Act”), the Board of Trustees (the “Board”) of GuideStone Funds (the “Trust”), including all of the Trustees who are not “interested persons” of the Trust, as that term is defined in the 1940 Act (the “Independent Trustees”), considered the approval of the following new sub-advisory agreements among: (i) Tradewinds Global Investors, LLC (“Tradewinds”), GuideStone Capital Management (the “Adviser”) and the Trust on behalf of the International Equity Fund; (ii) The Clifton Group Investment Management Company (“Clifton”), the Adviser and the Trust on behalf of each series of the Trust, with the exception of the Money Market Fund (each a “Fund” and collectively, the “Funds”), for the purpose of investing cash balances (the “Cash Overlay Program”); and (iii) Baillie Gifford Overseas Limited (“Baillie Gifford”), the Adviser and the Trust on behalf of the International Equity Fund. The Board approved the new sub-advisory agreements with Tradewinds and Clifton for a two-year term at an in-person meeting of the Board held on February 25, 2011. The Board approved the new sub-advisory agreement with Baillie Gifford for a two-year term at an in-person meeting of the Board held on May 24, 2011 (the sub-advisory agreements for Tradewinds, Clifton and Baillie Gifford are collectively referred to herein as the “New Sub-Advisory Agreements”).

Additionally, the Board, including all of the Independent Trustees, considered the approval of an amendment to the fee schedule for each of the following sub-advisory agreements: (i) RREEF America L.L.C (“RREEF”), the Adviser and the Trust on behalf of the Real Estate Securities Fund; (ii) Aronson Johnson Ortiz, LP (“AJO”), the Adviser and the Trust on behalf of the Value Equity Fund; (iii) Lord, Abbett & Co. LLC (“Lord Abbett”), the Adviser and the Trust on behalf of the Small Cap Equity Fund; and (iv) AQR Capital Management, LLC (“AQR”), McKinley Capital Management, LLC (“McKinley Capital”) and MFS Institutional Advisors, Inc. (“MFSI”), the Adviser and the Trust on behalf of the International Equity Fund (collectively, the “Amended Sub-Advisory Fee Schedules”). The Board approved the Amended Sub-Advisory Fee Schedules at an in-person meeting of the Board held on May 24, 2011.

The Board’s decision to approve the New Sub-Advisory Agreements and the Amended Sub-Advisory Fee Schedules reflects the exercise of its business judgment to enter into new or amended sub-advisory arrangements. In approving the New Sub-Advisory Agreements and the Amended Sub-Advisory Fee Schedules, the Board considered information provided by the Adviser and each of the aforementioned sub-advisers with the assistance and advice of counsel to the Independent Trustees and counsel to the Trust.

With respect to the International Equity Fund and the Cash Overlay Program, the Board’s consideration of various factors and its conclusions with respect to such factors formed the basis for the Board’s determination to approve the New Sub-Advisory Agreements. The factors considered by the Board included, but were not limited to: (i) the resources of Tradewinds, Clifton and Baillie Gifford; (ii) the experience and expertise of Tradewinds, Clifton and Baillie Gifford; (iii) the financial capability of Tradewinds, Clifton and Baillie Gifford; (iv) the compliance procedures and history of Tradewinds, Clifton and Baillie Gifford; (v) the performance of similarly managed funds and accounts in comparison to relevant benchmarks for the International Equity Fund and the Cash Overlay Program; (vi) the amount of the contractual sub-advisory fee in comparison to similarly managed funds and any available information for Tradewinds, Clifton and Baillie Gifford’s other similarly situated clients and the effect of any fee waiver and expense reimbursement arrangement; (vii) the total expenses of the International Equity Fund and the Cash Overlay Program in comparison to similarly managed funds and the use of any anticipated expense caps; (viii) to the extent available, the anticipated profitability of Tradewinds, Clifton and Baillie Gifford with respect to the International Equity Fund and the Cash Overlay Program and its overall business; (ix) the extent of any economies of scale and whether the fee structure reflects such economies of scale; (x) the existence of any collateral benefits to be realized by Tradewinds, Clifton and Baillie Gifford; and (xi) the existence of any collateral benefits to be realized by the International Equity Fund and the Cash Overlay Program. No one factor was determinative in the Board’s consideration of the New Sub-Advisory Agreements.

The Board undertook a review of the terms of the New Sub-Advisory Agreements, and the nature and quality of the services to be provided by Tradewinds, Clifton and Baillie Gifford. The Adviser provided the Board with detailed information in the form of

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reports about Tradewinds, Clifton and Baillie Gifford prior to the meeting which addressed most, if not all, of the factors listed previously. The Adviser also provided additional information about Tradewinds, Clifton and Baillie Gifford in a presentation made during the meeting, discussed the comprehensive screening process used to recommend Tradewinds, Clifton and Baillie Gifford and responded to questions from the Board.

The Board also undertook a review of the terms of the Amended Sub-Advisory Fee Schedules and the proposed fee changes to RREEF, AJO, Lord Abbett, AQR, McKinley Capital and MFSI. The Adviser provided the Board with details regarding the proposed new fees to be charged under the Amended Sub-Advisory Fee Schedules and responded to questions from the Board regarding these matters.

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 Amended Sub-Advisory Fee Schedules, including the Board’s responsibilities and duties in approving each matter.

BOARD APPROVAL OF NEW SUB-ADVISORY AGREEMENTS FOR INTERNATIONAL EQUITY FUND AND CASH OVERLAY PROGRAM (FOR ALL FUNDS EXCEPT THE MONEY MARKET FUND)

In considering the approval of the New Sub-Advisory Agreements for the International Equity Fund and the Cash Overlay Program for each Fund except the Money Market Fund, the Board took into account the materials provided prior to and during the meeting, the presentations made during the meeting and the extensive discussions during the meeting, including the discussions the Independent Trustees had during their executive session with independent legal counsel. The Board considered its responsibilities with respect to reviewing and approving the terms of the New Sub-Advisory Agreements, the investment management teams at Tradewinds, Clifton and Baillie Gifford, the reasonableness of the sub-advisory fees and whether the appointment of each sub-adviser would be reasonable and fair to the shareholders of the International Equity Fund and each Fund that utilizes the Cash Overlay Program. The Board reviewed the factors that it should consider in evaluating whether to approve the New Sub-Advisory Agreements and the materials provided to support each factor.

The Board considered the reputation, compliance history, compliance program and financial condition of Tradewinds, Clifton and Baillie Gifford. The Board also considered the experience of key personnel at each sub-adviser in providing investment management services to the International Equity Fund and each Fund that utilizes the Cash Overlay Program, the systems and resources used by such persons to implement and manage the strategy and the ability of each sub-adviser to attract and retain capable personnel. The Board also noted the terms of the New Sub-Advisory Agreements and the responsibilities that each sub-adviser has to the International Equity Fund and each Fund that utilizes the Cash Overlay Program, including the responsibility of day-to-day management and compliance with a Fund’s policies and objective. The Board concluded that the International Equity Fund and each Fund that utilizes the Cash Overlay Program are likely to benefit from the extent and quality of the services with respect to each sub-adviser’s experience, personnel, operations and resources.

More specifically, the Board examined the nature, extent and quality of the services to be provided by Tradewinds on behalf of the International Equity Fund. The Board noted that, although Tradewinds’ Emerging Markets strategy had a relatively brief performance history, the Emerging Markets strategy had significantly outperformed its benchmark index in each of the last two calendar years and since its inception in the third quarter of 2008 and resided in the top quartile among comparable peers for each such period. The Board also took into account the longer performance history of Tradewinds’ international value strategy as further support for Tradewinds’ capability to provide sub-advisory services to the International Equity Fund. The Board noted that the emerging markets strategy would provide diversification benefits to the overall sub-adviser composite in the International Equity Fund. The Board noted that the Adviser had been able to negotiate fees that were favorable in comparison to the previous sub-adviser’s fee schedule and below Tradewinds’ standard fee schedule. The Board considered the extent to which Tradewinds’ fee schedule reflected economies of scale. The Board noted that Tradewinds’ fee schedule includes a breakpoint at a future specified asset level.

The Board examined the nature, extent and quality of the services to be provided by Clifton on behalf of each series of the Trust, with the exception of the Money Market Fund. The Board noted the experience of Clifton in providing cash overlay services. The Board noted the various dimensions that Clifton brought to the Cash Overlay Program, namely the ability to use both U.S.

Treasury futures and physical securities and the firm’s performance reporting capabilities. The Board noted that although Clifton’s fee schedule did not provide for any future breakpoints, the Adviser had been able to negotiate fees that were favorable

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to the Funds that utilize the Cash Overlay Program up to certain specified asset levels.

The Board examined the nature, extent and quality of the services to be provided by Baillie Gifford on behalf of the International Equity Fund. The Board noted that the Baillie Gifford EAFE Plus Alpha strategy is complementary to the International Equity Fund’s other growth investment strategies utilized by MFSI and McKinley Capital and has a history of favorable investment performance. The Board noted that the EAFE Plus Alpha strategy had significantly outperformed the benchmark index for the one-, three-, five- and seven-year and since inception periods ended March 31, 2011. The Board also noted that the investment performance of the EAFE Plus Alpha strategy ranked in the second quartile among peers with comparable investment strategies for the one- and three-year and since inceptions periods ended March 31, 2011 and straddled the first and second quartiles for the five- and seven-year periods ended March 31, 2011. The Trustees noted that although Baillie Gifford was unwilling to negotiate below its standard fee schedule, there would be no material impact upon the International Equity Fund’s overall sub-advisory fee composite. The Board noted that Baillie Gifford’s fee schedule included a breakpoint at a future specified asset level.

The Board noted the terms of the New Sub-Advisory Agreements and the responsibilities of each sub-adviser, including oversight of general fund compliance and compliance with the Trust’s social restrictions. The Board considered the Adviser’s assessment of each sub-adviser’s financial condition. The Board noted that the Adviser, after reviewing certain financial information provided by each sub-adviser, felt comfortable that each sub-adviser was financially sound.

Based on all the information presented to the Board and its consideration of relevant factors, the Board, in the exercise of its reasonable business judgment, concluded that the Trust, as a while, and each Fund, individually, are likely to benefit from the extent and quality of these services, and the Board determined to approve the New Sub-Advisory Agreements.

The Board considered the costs to GSCM of serving as the Adviser to the Funds, including the costs associated with the personnel, systems and equipment necessary to manage the Funds in accordance with the existing Advisory Agreement. The Board considered the anticipated revenues that GSCM expected to receive for serving as the Adviser to the Funds, the fact that any profit realized by the Adviser is forwarded to GuideStone Financial Resources, which historically has operated at a deficit with respect to the Trust. The Board also considered the profitability estimates for the Adviser, one without taking into account sub-advisory fees and one taking into account sub-advisory fees. The Board then considered whether any direct or indirect collateral benefits inured to either the Adviser or the Trust as a result of their affiliation with one another. In light of these considerations, the Board concluded that any profits realized in connection with the Adviser’s services appeared reasonable.

BOARD APPROVAL OF AMENDED SUB-ADVISORY FEE SCHEDULES FOR REAL ESTATE SECURITIES FUND, VALUE EQUITY FUND, SMALL CAP EQUITY FUND AND INTERNATIONAL EQUITY FUND

With respect to the Amended Sub-Advisory Fee Schedules, the Board commended the Adviser’s efforts on negotiating fee reductions that were favorable to the Trust and the Trust’s shareholders. The Board noted that, with the exception of the sub-advisory fee, there would be no change to the terms of the sub-advisory agreements. The Board noted that there would be no modification in services provided to the Trust as a result of the fee reductions. The Board also noted that the McKinley Capital and RREEF fee re-negotiations would result in a significant decrease to each sub-adviser’s fee schedule. The Board noted, however, that the effect of the sub-advisory fee reductions on the overall sub-advisory fee composites for the Small Cap Equity and International Equity Funds would be minimal and perhaps result in only a one basis point reduction in the composite sub-advisory fees. The Board noted that the overall impact to the sub-adviser fee composite for the International Equity and Small Cap Equity Funds would be essentially flat or roughly a one basis point reduction. The Board noted that the fee re-negotiations with RREEF resulted in approximately a 16 basis point reduction to the net annual operating expenses for the Real Estate Securities Fund, which would benefit both the fund’s shareholders and the Adviser insofar as the lower expenses would reduce or eliminate any fee waiver or expense reimbursement under the current expense cap. The Board noted that although MFSI’s proposed fee schedule did not include two breakpoints at higher specified asset levels that were included under the current fee schedule, the proposed fee schedule would not affect the sub-advisory fee payable to MFSI at current asset levels or the composite sub-advisory fee for the International Equity Fund.

Based on all of the information presented to the Board and its consideration of relevant factors, the Board, in the exercise of its reasonable business judgment, concluded that the Trust, as a whole, and each applicable series, individually, are likely to benefit

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from the Amended Sub-Advisory Fee Schedules, and the Board determined to approve the Amended Sub-Advisory Fee Schedules.

BOARD REVIEW OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS FOR DEFENSIVE MARKET STRATEGIES FUND

As required by the 1940 Act, the Board, including all of the Independent Trustees, considered the approval of the advisory agreement between the Adviser and the Trust on behalf of the Defensive Market Strategies Fund (the “New Fund” or “DMS”) (the “Advisory Agreement”) and the approval of sub-advisory agreements with four sub-advisers: American Century Investment Management, Inc. (“American Century”), AQR, Shenkman Capital Management, Inc. (“Shenkman”) and Turner Investment Partners, Inc. (“Turner”) (collectively, the “DMS Sub-Advisory Agreements”). Each sub-adviser was selected to manage a portion of the New Fund’s assets. The Board approved the Advisory Agreement for a one-year term and the DMS Sub-Advisory Agreements for a two-year term at an in-person meeting of the Board held on May 24, 2011. The New Fund is expected to commence operations on or about September 1, 2011. The New Fund’s performance will first be discussed in the Annual Report to shareholders dated December 31, 2011.

The Board’s decision to approve the Advisory Agreement and the DMS Sub-Advisory Agreements reflects the exercise of its business judgment to enter into advisory and sub-advisory agreements. In approving the Advisory Agreement and the DMS Sub-Advisory Agreements, the Board considered information provided by the Adviser and each of the four sub-advisers to the New Fund 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 Advisory Agreement and the DMS Sub-Advisory Agreements. The factors considered by the Board included, but were not limited to: (i) the resources of the Adviser and each sub-adviser; (ii) the experience and expertise of the Adviser and each sub-adviser; (iii) the financial capability of the Adviser and each sub-adviser; (iv) the compliance procedures and history of the Adviser and each sub-adviser; (v) the performance of similarly managed funds and accounts in comparison to relevant benchmarks for the New Fund; (vi) the amount of the contractual advisory and sub-advisory fees in comparison to similarly managed funds and the Adviser’s and each sub-adviser’s other clients and the effect of any fee waiver and expense reimbursement arrangement; (vii) the total expenses of the New Fund in comparison to similarly managed funds and the use of past and anticipated expense caps; (viii) the anticipated profitability of the Adviser and each sub-adviser with respect to the New 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 Adviser and each sub-adviser; and (xi) the existence of any collateral benefits to be realized by the New Fund. No one factor was determinative in the Board’s consideration of the Advisory Agreement and the DMS Sub-Advisory Agreements.

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

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENTS FOR DEFENSIVE MARKET STRATEGIES FUND

In considering the approval of the Advisory Agreement with the Adviser on behalf of the New Fund, the Board took into account all the materials provided prior to and during the meeting, the presentations made during the meeting and the extensive discussions during the meeting, including the discussion the Independent Trustees had during their executive session with their independent legal counsel. More specifically, the Board examined the nature, extent and quality of the services to be provided by the Adviser to the New Fund. The Board evaluated the Adviser’s experience in serving as an investment adviser, including overseeing and managing the allocation of existing Fund assets among the underlying Select Funds. The Board noted the

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experience of key personnel in providing investment management and administrative services, the systems used by such persons and the Adviser’s ability to attract and retain capable personnel. The Board noted the reputation, compliance history, compliance program and financial condition of the Adviser. The Board noted the terms of the agreement and the responsibilities that the Adviser has as an investment adviser to the New Fund, including oversight of general Fund compliance, compliance with social restrictions and the implementation of Board directives as they relate to the New Fund. The Board also noted that, except for the identity of the New Fund and its management fee, the Advisory Agreement is identical in all material respects to other advisory agreements entered into by the other series of the Trust. The Board concluded that the New Fund is likely to benefit from the extent and quality of these services as a result of the Adviser’s experience, personnel, operations and resources.

The Board also reviewed a memorandum prepared by a third-party independent consulting firm engaged by the Adviser for, among other things, supplying research on expense comparisons. The Board noted that the aggregate management fee, taking into account the proposed fee cap for the New Fund, was competitive relative to other comparable funds with similar investment objectives and policies.

Based on all of the information presented to the Board and its consideration of relevant factors, the Board, in the exercise of its reasonable business judgment, determined to approve the Advisory Agreement.

In considering approval of the DMS Sub-Advisory Agreements on behalf of the New Fund, the Board took into account all the materials provided prior to and during the meeting, the presentations made during the meeting and the extensive discussions during the meeting, including the discussion the Independent Trustees had during their executive session with their independent legal counsel. The Board considered its responsibilities with respect to reviewing and approving the terms of the DMS Sub-Advisory Agreements, the investment management team at each sub-adviser, the reasonableness of the sub-advisory fees and whether the appointment of each sub-adviser would benefit the New Fund. The Board reviewed the factors that it should consider in evaluating whether to approve the DMS Sub-Advisory Agreements and the materials provided to support each factor.

The Board considered the reputation, compliance history, compliance program and financial condition of each sub-adviser. The Board also considered the experience of key personnel at each sub-adviser in providing investment management services to the New Fund, the systems and resources used by such persons to implement and manage the strategy and the ability of each sub-adviser to attract and retain capable personnel. The Board also noted the terms of the DMS Sub-Advisory Agreements and the responsibilities that each sub-adviser has to the New Fund, including the responsibility of day-to-day management of an investment portfolio of the New Fund, compliance with the New Fund’s policies and objective and the implementation of Board directives as they relate to the New Fund.

The Board noted that the investment objective of the New Fund is to provide a return similar to the equity market over a full market cycle with substantially lower volatility while providing greater protection of share net asset value in declining equity markets. In that regard, the Board noted that the investment performance of the New Fund is expected to generally lag the investment performance of the equity market in sharply rising markets, keep pace in slowly upward trending markets and outperform in declining markets.

More specifically, the Board examined the nature, extent and quality of the services to be provided by American Century to the New Fund. The Board noted that the American Century Value Yield strategy outperformed the relevant benchmark index for the three-, five- and seven-year and since inception periods ended March 31, 2011. The Board noted that the investment performance of the Value Yield strategy straddled the second and third quartiles among peers with comparable investment strategies for the three- and five-year and since inceptions periods ended March 31, 2011, and fell within the third quartile for the seven-year period. The Board also noted that the Value Yield strategy underperformed the relevant benchmark index for the one-year period ended March 31, 2011, and fell within the bottom quartile for that period. The Board noted that although American Century’s fee schedule did not provide for any future breakpoints, the Adviser was able to negotiate a fee that was a significant discount from American Century’s standard fee schedule.

The Board examined the nature, extent and quality of the services to be provided by AQR to the New Fund. The Board noted that AQR would manage its U.S. Defensive Equity strategy. The Board noted that the AQR U.S. Defensive Equity strategy is a new investment strategy and has only recently been made available for investment. As such, the U.S. Defensive Equity strategy does not have an actual history of investment performance. The Board noted that although AQR did not currently manage the strategy

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for other client accounts, AQR has extensive experience in managing quantitative strategies and that the Adviser expressed confidence in AQR managing the U.S. Defensive Equity Strategy for the New Fund. The Board also noted that AQR developed hypothetical investment performance results for the U.S. Defensive Equity Strategy for a period of roughly over 27 years which indicate returns above the Russell 1000^® Index in stressed market environments, notably 2000 to 2002 and 2008, and returns below the Russell 1000^® Index in bull markets. The Board noted that based on such hypothetical investment performance results the U.S. Defensive Equity Strategy outperformed the benchmark Russell 1000^® Index for the three-, five- and seven-year and since inception periods ended March 31, 2011, and slightly underperformed the benchmark index for the one-year period. The Board noted that although AQR’s fee schedule did not provide for any future breakpoints, the Adviser was able to negotiate a fee that was below AQR’s standard fee schedule.

The Board examined the nature, extent and quality of the services to be provided by Shenkman to the New Fund. The Board noted that the Shenkman Convertible Bond Investment Strategy had generally very favorable investment performance since its inception. The Board noted that the Convertible Bond Investment Strategy outperformed the relevant benchmark index for the three- and five-year and since inception periods ended March 31, 2011, and fell within the first quartile among peers with comparable investment strategies for those periods. The Board noted that the Convertible Bond Investment Strategy underperformed the relevant benchmark index for the one-year period ended March 31, 2011, and fell within the third quartile for that period. The Board noted Shenkman’s expertise in managing convertible securities. The Board noted that the sub-adviser’s fee schedule included a breakpoint at a future specified asset level. The Board also noted that the Adviser was able to negotiate fees that were below Shenkman’s standard fee schedule.

The Board examined the nature, extent and quality of the services to be provided by Shenkman to the New Fund. The Board noted that the Shenkman Convertible Bond Investment Strategy had generally very favorable investment performance since its inception. The Board noted that the Convertible Bond Investment Strategy outperformed the relevant benchmark index for the three- and five-year and since inception periods ended March 31, 2011, and fell within the first quartile among peers with comparable investment strategies for those periods. The Board noted that the Convertible Bond Investment Strategy underperformed the relevant benchmark index for the one-year period ended March 31, 2011, and fell within the third quartile for that period. The Board noted Shenkman’s expertise in managing convertible securities. The Board noted that the sub-adviser’s fee schedule included a breakpoint at a future specified asset level. The Board also noted that the Adviser was able to negotiate fees that were below Shenkman’s standard fee schedule.

The Board examined the nature, extent and quality of the services to be provided by Turner to the New Fund. The Board noted that the Turner Spectrum Equity Strategy is a multi-strategy portfolio that seeks long-term capital appreciation through investments in eight underlying long/short equity strategies, each of which is independently managed by a separate portfolio management team at Turner. The Board noted that the Spectrum Equity Strategy would be the lowest risk investment strategy within the New Fund and that the Spectrum Equity Strategy had generally favorable investment performance since its inception in November 2008. The Board noted that the Spectrum Equity Strategy placed within the second quartile among peers with comparable investment strategies for the one-year and since inception periods ended March 31, 2011, but underperformed the benchmark index during those periods. The Board also noted that Turner managed other long/short equity investment strategies prior to the development of the Spectrum Equity Strategy and that those other strategies also had favorable investment performance histories. The Board noted that although Turner’s fee schedule did not provide for any future breakpoints, the Adviser was able to negotiate fees that were significantly below Turner’s standard fee schedule.

The Board considered the Adviser’s assessment of each sub-adviser’s financial condition. The Board noted that the Adviser, after reviewing certain financial information provided by each sub-adviser, felt comfortable that each sub-adviser was financially sound.

Based on all of the information presented to the Board and its consideration of relevant factors, the Board, in the exercise of its reasonable business judgment, concluded that the New Fund is likely to benefit from the extent and quality of these services as a result of each sub-adviser’s experience, personnel, operations and resources and determined to approve the DMS Sub-Advisory Agreements.

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BOARD REVIEW OF INTERIM SUB-ADVISORY AGREEMENT FOR THE INTERNATIONAL EQUITY FUND

As required by the 1940 Act, the Board of the Trust, including all of the Independent Trustees, considered the approval of an interim sub-advisory agreement (“Interim Sub-Advisory Agreement”) among the Adviser, Mondrian Investment Partners Ltd. (“Mondrian”) and the Trust on behalf of the International Equity Fund. At a meeting of the Board held on June 30, 2011, the Board approved an Interim Sub-Advisory Agreement with Mondrian to take effect immediately upon the change of control of Mondrian.

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 Interim Sub-Advisory Agreement. The factors considered by the Board included, but were not limited to: (i) the changes, if any, in fees, services or other terms of the Interim Sub-Advisory Agreement; (ii) Mondrian’s corporate structure after the transaction causing the assignment of the sub-advisory agreement and any potential effects on the ability of Mondrian to provide services to the International Equity Fund; (iii) any changes to Mondrian’s personnel, systems or policies arising from the transaction; and (iv) any other possible effects of the transaction on the operations of Mondrian or the services it provides to the International Equity Fund.

Mondrian provided the Board with a memorandum summarizing the details of the transaction prior to the meeting which addressed most, if not all, of the critical aspects of the transaction.

The Independent Trustees consulted with counsel to the Independent Trustees and Trust counsel to discuss and consider the information presented in connection with the approval of the Interim Sub-Advisory Agreement, including the Board’s responsibilities and duties in approving the Interim Sub-Advisory Agreement.

BOARD APPROVAL OF INTERIM SUB-ADVISORY AGREEMENT FOR THE INTERNATIONAL EQUITY FUND

In considering the approval of the Interim Sub-Advisory Agreement for the International Equity Fund, the Board took into account the materials provided prior to the meeting, the presentations made during the meeting and the extensive discussions during the meeting. The Board examined the nature, extent and quality of the services provided by Mondrian to the International Equity Fund. The Board took into account that the Interim Sub-Advisory Agreement with Mondrian was identical in all material respects to the prior agreement, including compensation. The Board noted that the Adviser had been assured by Mondrian that there will be no impact to the quality of services, investment philosophy or the International Equity Fund’s investment team as a result of the transaction. The Board noted that the Adviser had reviewed cash flow forecasts and operating projections provided by Mondrian and felt comfortable that the firm’s financial plans were based on conservative forecasts of future business performance. The Board noted that the Adviser has been pleased with Mondrian’s overall performance to date, as Mondrian’s historical performance outperformed the relevant benchmark for the one-, three-, five- and ten-year periods ended May 31, 2011, and that the Adviser recommended retaining Mondrian as a sub-adviser to the International Equity Fund.

Based on all of the information presented to the Board and its consideration of relevant factors, the Board, in the exercise of its reasonable business judgment, the Board concluded that the International Equity Fund is likely to continue to benefit from the extent and quality of Mondrian’s services and determined to approve the Interim Sub-Advisory Agreement with Mondrian.

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INVESTMENT SUB-ADVISERS (Assets under management as of 06/30/11) (Unaudited)

GuideStone Funds employs a broad array of proven investment managers for the benefit of their investors. Each manager is distinctive in its investment management process and business approach.

Fund	Sub-Adviser	Firm Established		Total Assets Managed
Money Market	BlackRock Institutional Management Corporation		1988	$	3.7Tr
Low-Duration Bond	BlackRock Financial Management, Inc.		1988	$	3.7Tr
	Payden & Rygel		1983	$	60.0B
	PIMCO (Pacific Investment Management Company LLC)		1971	$	1.3Tr
Medium-Duration Bond	Goldman Sachs Asset Management, L.P.		1984	$	720.3B
	PIMCO (Pacific Investment Management Company LLC)		1971	$	1.3Tr
	Western Asset Management Company		1971	$	331.5B
	Western Asset Management Company Limited		1971	$	45.7B
Extended-Duration Bond	Loomis, Sayles & Company, L.P.		1926	$	162.3B
	STW Fixed Income Management Ltd.		1977	$	11.0B
Inflation Protected Bond	BlackRock Financial Management, Inc.		1988	$	3.7Tr
Global Bond	Loomis, Sayles & Company, L.P.		1926	$	162.3B
	Western Asset Management Company		1971	$	331.5B
	Western Asset Management Company Limited		1971	$	45.7B
Equity Index	Northern Trust Investments, Inc.		1889	$	662B
Real Estate Securities	RREEF America L.L.C.		1975	$	17.0B
Value Equity	Aronson Johnson Ortiz, LP		1984	$	20.6B
	Barrow, Hanley, Mewhinney & Straus, LLC		1979	$	63.1B
	Northern Trust Investments, Inc.		1889	$	662B
	TCW Investment Management Company		1971	$	119B
Growth Equity	Columbus Circle Investors		1975	$	17.0B
	Marsico Capital Management, LLC		1997	$	49.3B
	Rainier Investment Management, Inc.®		1991	$	18.1B
	Sands Capital Management, LLC		1992	$	18.0B
Small Cap Equity	Aronson Johnson Ortiz, LP		1984	$	20.6B
	Columbus Circle Investors		1975	$	17.0B
	Lord, Abbett & Co. LLC		1929	$	114.4B
	TimesSquare Capital Management, LLC		2000	$	14.8B
	Western Asset Management Company		1971	$	331.5B
	Western Asset Management Company Limited		1971	$	45.7B
International Equity	AQR Capital Management, LLC		1998	$	41.2B
	Baillie Gifford Overseas Limited		1908	$	123.5B
	Genesis Asset Managers, LLP		1989	$	31.1B
	McKinley Capital Management, LLC		1990	$	11.2B
	MFS Institutional Advisors, Inc.		1970	$	73B
	Mondrian Investment Partners Ltd.		1990	$	72.9B
	Philadelphia International Advisors, L.P.		1956	$	5.2B
	Tradewinds Global Investors, LLC		1990	$	38.9B
Custodian for GuideStone Funds Assets	The Northern Trust Company		1889	$	4.4Tr
Cash Overlay for Date Target, Asset Allocation, Bond and Equity Funds	The Clifton Group Investment Management Company		1992	$	315B

You should consider the investment objectives, risks, charges and expenses of each Fund carefully before investing. To obtain a prospectus with this and other information about GuideStone Funds call 1-888-98-GUIDE (1-888-984-8433), visit www.GuideStoneFunds.org or write to GuideStone Funds, 2401 Cedar Springs, Dallas, TX 75201-1498. Read it carefully before you invest. Shares of GuideStone Funds are distributed by BNY Mellon Distributors Inc., 760 Moore Road, King of Prussia, PA 19406.

209

2401 Cedar Springs Road, Dallas, TX 75201-1498 1-888-98-GUIDE • www.GuideStoneFunds.org Funds distributed by BNY Mellon Distributors Inc. 760 Moore Road, King of Prussia, PA 19406

^© 2011 GuideStone Funds 18634 8/11 2239

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s board of directors has determined that Carson Eddy is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

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 August 25, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ John R. Jones
	John R. Jones, President
	(principal executive officer)

Date August 25, 2011

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

Date August 25, 2011

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

EX-99.CERT

EX-99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, John R. Jones, certify that:

1. I have reviewed this report on Form N-CSR of GuideStone Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the 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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 25, 2011	/s/ John R. Jones
	John R. Jones, President
	(principal executive officer)

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, Jeffrey P. Billinger, certify that:

1. I have reviewed this report on Form N-CSR of GuideStone Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the 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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 25, 2011	/s/ Jeffrey P. Billinger
	Jeffrey P. Billinger, Vice President and Treasurer
	(principal financial officer)

EX-99.906CERT

EX-99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the

Sarbanes-Oxley Act

I, John R. Jones, President of GuideStone Funds (the “Registrant”), certify that:

1. The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 25, 2011	/s/ John R. Jones
	John R. Jones, President
	(principal executive officer)

I, Jeffrey P. Billinger, Vice President and Treasurer of GuideStone Funds (the “Registrant”), certify that:

1. The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 25, 2011	/s/ Jeffrey P. Billinger
	Jeffrey P. Billinger, Vice President and Treasurer
	(principal financial officer)