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, 2009

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

GuideStone Funds

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

GuideStone Capital Management (“GSCM”)

GuideStone Trust Services (“GSTS”)

GuideStone Financial Services (“GFS”)

GuideStone Advisors (“GA”)

PFPC Distributors, Inc. (“PFPC”)

NOTICE CONCERNING YOUR PRIVACY RIGHTS

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

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

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

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

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

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

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

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

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

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

If you have any questions concerning our customer information policy, please contact a customer service representative at 1-888-98-GUIDE.

TABLE OF CONTENTS

Letter from the President	2
From the Chief Investment Officer	3
About Your Expenses (Unaudited)	6
Date Target Funds:
MyDestination 2005 Fund	9
MyDestination 2015 Fund	10
MyDestination 2025 Fund	11
MyDestination 2035 Fund	12
MyDestination 2045 Fund	13
Financial Statements	14
Asset Allocation Funds:
Conservative Allocation Fund	19
Balanced Allocation Fund	20
Growth Allocation Fund	21
Aggressive Allocation Fund	22
Financial Statements	23
Conservative Allocation Fund I	29
Balanced Allocation Fund I	30
Growth Allocation Fund I	31
Aggressive Allocation Fund I	32
Financial Statements	33
Select Funds:
Money Market Fund	39
Low-Duration Bond Fund	41
Medium-Duration Bond Fund	51
Extended-Duration Bond Fund	68
Inflation Protected Bond Fund	73
Global Bond Fund	74
Equity Index Fund	84
Real Estate Securities Fund	90
Value Equity Fund	91
Growth Equity Fund	95
Small Cap Equity Fund	98
International Equity Fund	108
Schedule of Investments – Abbreviations and Footnotes	122
Financial Statements	123
Notes to Financial Statements	137
Fund Management	174
Board Review of Advisory Agreements	177

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

1

LETTER FROM THE PRESIDENT

Dear Valued Shareholders:

We are pleased to present you with the GuideStone Funds semi-annual report for the period ended June 30, 2009. Although the capital markets still contend with economic hardships, GuideStone Funds experienced strong investment performance over the course of the past six months. With the exception of two funds, all of the GuideStone Funds closed out the first half of the year with positive year-to-date returns. We have continued to work diligently to enhance the products and services delivered to our shareholders. Milestones reached during the first two quarters included:

• The Inflation Protected Bond Fund was launched on June 25th. The fund seeks to provide inflation protection and income consistent with investment in inflation-indexed debt securities. This fund may be suitable for investors with long time horizons who want a hedge against inflation and hold diversified portfolios.

• The GS6 Share Class was eliminated effective May 1st. Shares of the GS6 Class of each Fund were exchanged for shares of the GS4 Class of the same Fund on a share-for-share basis. Former GS6 shareholders now benefit from the lower fee structure of the GS4 Class.

Additionally, retirement plan participants investing in GuideStone Funds will soon receive fund-specific investment advice through GuideStone Advisors, a registered investment adviser. The advice will be available online through a web-based tool or by contacting a GuideStone financial advisor.

Thank you for choosing to invest in GuideStone Funds. We appreciate your ongoing confidence and invite you to contact us at 1-888-98-GUIDE (1-888-984-8433) or visit our Web site at www.GuideStoneFunds.org.

Sincerely,

/s/ John R. Jones

John R. Jones

2

FROM THE CHIEF INVESTMENT OFFICER

Rodric E. Cummins, CFA	Financial Market Review
	After a tumultuous 2008 and first quarter of 2009, risky assets such as equities surged forward in the second quarter with anticipation that the severity of the worst economic downturn in decades is abating. The S&P 500® Index posted a return of 15.93% for the period, the best quarterly performance since 1998.
	The renewed optimism was fueled by a few “green shoots” appearing on the barren economic landscape. Better than expected quarterly earnings from many financial institutions and a smattering of improving economic data provided signs that the coordinated global effort by central banks to restore economic growth is gaining positive traction. These small indications of progress were received as a welcome relief for investors who for the past 18 months have watched hard-earned investment balances erode under the pressures of a global financial crisis and an economic recession.

Most economists continue to point to a modest economic recovery beginning in the second half of 2009. The future path of economic growth will hold the key to the direction and magnitude of capital market returns in the periods ahead. It is clear that central banks are committed to providing the stimulus needed to restart the global economic engine, yet there are many financial and economic challenges that pose significant headwinds for the future. As global economies begin the long process toward recovery, periods of excitement and doubt about the strength and sustainability of future economic growth will certainly fuel further market volatility.

Equity Market Review

For equity markets, the second quarter of 2009 began in a similar fashion to how the first quarter ended: with a continuation of a significant rally that began in early March. The stock market’s resurgence came on the back of a variety of “less bad” readings on the U.S. and global economy, some apparent healing in the banking system and credit markets, and optimism about the impact of massive fiscal stimulus and monetary policy initiatives. Measures of financial stress, including bond spreads and options volatility, steadily decreased as investors regained some of their appetite for risk. Fears of a “depression” scenario began to fade.

U.S. large-capitalization equities rallied back to life and began the process of recapturing the ground that has been lost. Benchmark indexes such as the S&P 500^® Index and Russell 1000^® Index rose 15.93% and 16.50%, respectively, during the quarter. The S&P 500^® Index finished the quarter 36% above its March 9 “low” and posted its best quarterly return since 1998. The broader U.S equity market as measured by the Russell 3000^® Index gained 16.82%. Emerging country stocks soared and a falling U.S. dollar helped to push international stocks ahead of domestic stocks during the quarter. The MSCI All Country World ex-U.S. Index (Net), representing both developed and emerging international markets, rose 27.59%. However, over the last 12 months, most foreign stock indexes remain deeper in the red than those measuring U.S. stocks.

As summer approached, some of the vigor behind the market rally dissipated. Rekindled concerns regarding the actual strength of the economy — including factors such as rising unemployment, tepid retail sales and enormous state government budget deficits all served to temper enthusiasm. Equity returns for the month of June were muted and for some, slightly negative.

The prices of many commodities staged a revival during the quarter, as global economic growth prospects appeared to brighten to some extent in emerging market countries. Crude oil had its largest quarterly percentage price increase (about 35%) since 1990.

In terms of equity market capitalization and style, the second quarter yielded a blend of similar and disparate results. Higher “beta” and lower-quality equities tended to lead the overall market higher. Companies with negative earnings and those which do not pay a dividend also outperformed. Small-cap companies outpaced their large-cap counterparts by about 4.2% based on Russell 2000^® Index and Russell 1000^® Index performance. Across the broad market, large- and medium-capitalization arenas, growth and value essentially were in a dead heat as financial stock strength in the value indexes was matched by strong performance in technology and industrial companies in growth indexes. The exception to that pattern occurred in the small-cap space, where growth topped value by well over 5% led by the technology and consumer discretionary sectors. The Russell 1000^® Value Index and Russell 1000^® Growth Index had total quarterly returns of 16.70% and 16.32%, respectively. Over the last 12 months, growth led value by about 4.5%.

The developed international stock market index, represented by the MSCI EAFE Index (Net), recorded its highest quarterly return in over 20 years during the second quarter (+25.43%). From a country perspective, notable strong performance came from the Nordic countries, Canada, Singapore and Spain. Emerging market performance exceeded the developed market returns, as signs of stronger Chinese growth and rising commodity prices reinvigorated investment inflows. As measured by the MSCI Emerging Markets Index (Net), these stocks leaped 34.73% for the quarter. Exceptional rallies occurred in the “BRIC” countries of Brazil, Russia, India and China.

Although facing a continued difficult operating environment, public real estate companies, including REITs, were able to raise much needed capital in the second quarter. This sign of stabilization helped to boost the stock prices of many REITS, albeit with ongoing elevated day-to-day volatility. The Dow Jones U.S. Select Real Estate Securities Index gained 31.69% for the quarter. However, this index is down over 45% from a year ago.

3

Fixed Income Market Review

A broad overtone of renewed optimism seemed to spread throughout the fixed-income markets as investors willingly abandoned safe haven assets to reintroduce risk into their portfolios. Underpinning investors’ more positive outlook were “green shoots” (improving economic data), increased stability in the credit markets partially due to government intervention, improved liquidity and traction in the equity markets. These factors led many to believe the worst of the economic crisis may be over allowing them to focus on the future and underlying fundamentals (in lieu of depression scenarios). Investors’ cash flows were directed toward spread (non-U.S. Treasury) assets to opportunistically take advantage of historically attractive valuations. The quarter was characterized by a strong performance recovery in non-U.S. Treasury sectors while Treasury performance lagged in response to rising yields. The broad U.S. bond market, as measured by the Barclays Capital Aggregate Bond Index (“Aggregate Index”), posted a quarterly return of 1.78%. Within the index, dispersion in returns was wide across different sectors, industries and maturities.

The U.S. Treasury yield curve became steeper during the quarter as short-term yields remained relatively stable while yields of mid- to long-term maturities increased. The steeper yield curve reflected the increased risk appetite of investors, the significant level of Treasury debt issuance to pay for the budget deficit and the possibility of future inflation once the economy hits high gear. Given the inverse relationship between bond prices and yields, the U.S. Treasury sector was one of the worst performing segments of the bond market, posting a quarterly return of (3.02%). Long-maturity Treasuries, generating a quarterly return of (6.67%), dragged down the sector’s performance as these bonds were more price sensitive to rising rates. The quarter ended with the 10-year note yield at 3.53% (up 87 basis points) and the 30-year bond at 4.33% (up 80 basis points).

Spread sectors rallied as all non-Treasury sectors of the Aggregate Index outperformed U.S. Treasuries during the quarter. The investment grade corporate bond sector posted a quarterly return of 10.45%, led by long-maturity financials which were up 22.76%. Corporate bonds outside the financial sector were also robust, producing returns in excess of 10.00%. Asset-backed securities (“ABS”) were one of the better performing sectors at 7.64%, with top performing segments being credit cards and autos. The ABS sector continued to benefit from the government’s Term Asset-Backed Securities Loan Facility (“TALF”) program. Mortgages, one of the largest bond sectors, outpaced Treasuries but lagged other spread sectors amidst the improving credit markets. Mortgages posted a quarterly return of 0.70%.

The higher risk extended bond sectors benefited from investors’ strong appetite for risk as rallies in these sectors posted meaningful absolute returns. Portfolios containing allocations to these sectors were advantaged. High yield bonds (defined as below investment grade corporate bonds) posted a quarterly return of 22.80%, outpacing its investment grade counterparts and the broad equity market. Generally, the lower the quality of the bond, the higher the return as triple C-rated bonds led the high yield market during the quarter. Emerging market debt was another top performing extended sector, posting a quarterly return of 10.71%.

Asset Class Performance Comparison

The following graph illustrates the performance of the major assets classes during 2009.

4

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

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

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

⁴ The 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.

5

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, 2009 to June 30, 2009.

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 01/01/2009		Ending Account Value 06/30/2009		Annualized Expense Ratio (1)		Expenses Paid During Period (2)
MyDestination 2005	GS4	$	1,000.00	$	1,062.24	0.20	%	$	1.02
MyDestination 2015	GS4		1,000.00		1,061.83	0.18			0.92
MyDestination 2025	GS4		1,000.00		1,061.10	0.20			1.02
MyDestination 2035	GS4		1,000.00		1,052.73	0.20			1.02
MyDestination 2045	GS4		1,000.00		1,040.57	0.20			1.01
Conservative Allocation	GS4		1,000.00		1,068.49	0.12			0.62
Balanced Allocation	GS4		1,000.00		1,075.77	0.12			0.62
Growth Allocation	GS4		1,000.00		1,065.86	0.12			0.61
Aggressive Allocation	GS4		1,000.00		1,055.87	0.12			0.61
Conservative Allocation I	GS2		1,000.00		1,072.50	0.16			0.82
Balanced Allocation I	GS2		1,000.00		1,077.02	0.14			0.72
Growth Allocation I	GS2		1,000.00		1,066.66	0.15			0.77
Aggressive Allocation I	GS2		1,000.00		1,055.56	0.15			0.76
Money Market	GS2		1,000.00		1,003.66	0.24			1.19
	GS4		1,000.00		1,002.68	0.44			2.18
Low-Duration Bond	GS2		1,000.00		1,071.24	0.36			1.85
	GS4		1,000.00		1,069.92	0.52			2.67
Medium-Duration Bond	GS2		1,000.00		1,084.72	0.48			2.48
	GS4		1,000.00		1,083.68	0.58			3.00

6

ACTUAL
Fund	Class	Beginning Account Value 01/01/2009		Ending Account Value 06/30/2009		Annualized Expense Ratio (1)		Expenses Paid During Period (2)
Extended-Duration Bond	GS2	$	1,000.00	$	1,095.12	0.54	%	$	2.81
	GS4		1,000.00		1,094.04	0.69			3.58
Inflation Protected Bond	GS4		1,000.00		1,008.00	0.02			—
Global Bond	GS4		1,000.00		1,175.08	0.81			4.36
Equity Index	GS2		1,000.00		1,031.93	0.22			1.16
	GS4		1,000.00		1,030.39	0.37			1.86
Real Estate Securities	GS4		1,000.00		910.88	1.29			3.20
Value Equity	GS2		1,000.00		988.27	0.69			3.40
	GS4		1,000.00		988.41	0.85			4.19
Growth Equity	GS2		1,000.00		1,105.76	0.88			4.59
	GS4		1,000.00		1,106.15	0.97			5.07
Small Cap Equity	GS2		1,000.00		1,027.58	1.04			5.24
	GS4		1,000.00		1,025.87	1.15			5.78
International Equity	GS2		1,000.00		1,090.18	0.94			4.87
	GS4		1,000.00		1,088.99	1.12			5.80

HYPOTHETICAL (assuming a 5% return before expenses)
Fund	Class	Beginning Account Value 01/01/2009		Ending Account Value 06/30/2009		Annualized Expense Ratio (1)		Expenses Paid During Period (2)
MyDestination 2005	GS4	$	1,000.00	$	1,023.80	0.20	%	$	1.00
MyDestination 2015	GS4		1,000.00		1,023.90	0.18			0.90
MyDestination 2025	GS4		1,000.00		1,023.80	0.20			1.00
MyDestination 2035	GS4		1,000.00		1,023.80	0.20			1.00
MyDestination 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		1,024.00	0.16			0.80
Balanced Allocation I	GS2		1,000.00		1,024.10	0.14			0.70
Growth Allocation I	GS2		1,000.00		1,024.05	0.15			0.75
Aggressive Allocation I	GS2		1,000.00		1,024.05	0.15			0.75
Money Market	GS2		1,000.00		1,023.60	0.24			1.20
	GS4		1,000.00		1,022.61	0.44			2.21
Low-Duration Bond	GS2		1,000.00		1,023.01	0.36			1.81
	GS4		1,000.00		1,022.22	0.52			2.61
Medium-Duration Bond	GS2		1,000.00		1,022.41	0.48			2.41
	GS4		1,000.00		1,021.92	0.58			2.91
Extended-Duration Bond	GS2		1,000.00		1,022.12	0.54			2.71
	GS4		1,000.00		1,021.37	0.69			3.46
Inflation Protected Bond	GS4		1,000.00		1,024.68	0.02			—
Global Bond	GS4		1,000.00		1,020.79	0.81			4.05
Equity Index	GS2		1,000.00		1,023.65	0.22			1.15
	GS4		1,000.00		1,022.96	0.37			1.86

7

About Your Expenses (Unaudited) (Continued)

HYPOTHETICAL (assuming a 5% return before expenses)
Fund	Class	Beginning Account Value 01/01/2009		Ending Account Value 06/30/2009		Annualized Expense Ratio (1)		Expenses Paid During Period (2)
Real Estate Securities	GS4	$	1,000.00	$	1,018.40	1.29	%	$	6.46
Value Equity	GS2		1,000.00		1,021.37	0.69			3.46
	GS4		1,000.00		1,020.58	0.85			4.26
Growth Equity	GS2		1,000.00		1,020.43	0.88			4.41
	GS4		1,000.00		1,019.98	0.97			4.86
Small Cap Equity	GS2		1,000.00		1,019.63	1.04			5.22
	GS4		1,000.00		1,019.09	1.15			5.76
International Equity	GS2		1,000.00		1,020.13	0.94			4.71
	GS4		1,000.00		1,019.24	1.12			5.61

(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, 2009 through June 30, 2009, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

8

MyDestination 2005 Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 98.9%
GuideStone Money Market Fund (GS4 Class)¥		536,123	$	536,123
GuideStone Low-Duration Bond Fund (GS4 Class)¥		750,681		9,496,115
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		725,684		9,325,038
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		41,118		567,422
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		800,000		8,064,000
GuideStone Global Bond Fund (GS4 Class)¥		122,780		1,015,392
GuideStone Equity Index Fund (GS4 Class)¥		112,885		1,342,203
GuideStone Real Estate Securities Fund (GS4 Class)¥		438,867		2,067,062
GuideStone Value Equity Fund (GS4 Class)¥		636,258		6,515,283
GuideStone Growth Equity Fund (GS4 Class)¥		515,857		6,566,858
GuideStone Small Cap Equity Fund (GS4 Class)¥		202,023		1,844,470
GuideStone International Equity Fund (GS4 Class)¥		677,382		6,868,652
Total Mutual Funds (Cost $65,674,697)				54,208,618
	Par
U.S. TREASURY OBLIGATIONS — 1.3%
U.S. Treasury Bill
0.27%, 11/19/09‡‡	$	160,000		159,846
U.S. Treasury Note
1.88%, 02/28/14		545,000		531,077
Total U.S. Treasury Obligations (Cost $692,790)				690,923
TOTAL INVESTMENTS — 100.2% (Cost $66,367,487)				54,899,541
Liabilities in Excess of Other Assets — (0.2)%				(98,990	)
NET ASSETS — 100.0%			$	54,800,551
PORTFOLIO SUMMARY (based on net assets)
			%
Bond Funds				51.9
Domestic Equity Funds				33.5
International Equity Fund				12.5
U.S. Treasury Obligations				1.3
Money Market Fund				1.0
Futures Contracts				0.9
				101.1

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Futures Contracts	$	—	$	(8,578	)
Mutual Funds		54,208,618		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligations		690,923		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	54,899,541	$	(8,578	)

*** 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 2015 Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.3%
GuideStone Money Market Fund (GS4 Class)¥		1,657,534	$	1,657,534
GuideStone Low-Duration Bond Fund (GS4 Class)¥		837,718		10,597,133
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		1,448,641		18,615,036
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		523,589		7,225,533
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		1,500,000		15,120,000
GuideStone Global Bond Fund (GS4 Class)¥		986,285		8,156,579
GuideStone Equity Index Fund (GS4 Class)¥		409,102		4,864,226
GuideStone Real Estate Securities Fund (GS4 Class)¥		2,049,755		9,654,347
GuideStone Value Equity Fund (GS4 Class)¥		2,601,883		26,643,287
GuideStone Growth Equity Fund (GS4 Class)¥		2,070,214		26,353,829
GuideStone Small Cap Equity Fund (GS4 Class)¥		830,899		7,586,106
GuideStone International Equity Fund (GS4 Class)¥		2,758,297		27,969,127
Total Mutual Funds (Cost $217,512,327)				164,442,737
	Par
U.S. TREASURY OBLIGATIONS — 0.7%
U.S. Treasury Bill
0.27%, 11/19/09‡‡	$	325,000		324,688
U.S. Treasury Note
4.25%, 08/15/15		730,000		782,754
Total U.S. Treasury Obligations (Cost $1,104,099)				1,107,442
TOTAL INVESTMENTS — 100.0% (Cost $218,616,426)				165,550,179
Other Assets in Excess of Liabilities — 0.0%				18,683
NET ASSETS — 100.0%			$	165,568,862
PORTFOLIO SUMMARY (based on net assets)
			%
Domestic Equity Funds				45.4
Bond Funds				36.1
International Equity Fund				16.8
Money Market Fund				1.0
Futures Contracts				0.9
U.S. Treasury Obligations				0.7
				100.9

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Futures Contracts	$	—	$	(27,266	)
Mutual Funds		164,442,737		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligations		1,107,442		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	165,550,179	$	(27,266	)

*** 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 2025 Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.3%
GuideStone Money Market Fund (GS4 Class)¥		1,730,974	$	1,730,974
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		647,065		8,314,791
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		608,506		8,397,379
GuideStone Global Bond Fund (GS4 Class)¥		1,070,512		8,853,134
GuideStone Equity Index Fund (GS4 Class)¥		339,216		4,033,276
GuideStone Real Estate Securities Fund (GS4 Class)¥		1,745,568		8,221,624
GuideStone Value Equity Fund (GS4 Class)¥		2,240,722		22,944,991
GuideStone Growth Equity Fund (GS4 Class)¥		1,801,659		22,935,114
GuideStone Small Cap Equity Fund (GS4 Class)¥		878,258		8,018,492
GuideStone International Equity Fund (GS4 Class)¥		2,442,731		24,769,297
Total Mutual Funds (Cost $163,317,977)				118,219,072
	Par
U.S. TREASURY OBLIGATIONS — 0.6%
U.S. Treasury Bill
0.27%, 11/19/09‡‡	$	265,000		264,746
U.S. Treasury Note
4.63%, 02/15/17		375,000		408,135
Total U.S. Treasury Obligations (Cost $668,729)				672,881
TOTAL INVESTMENTS — 99.9% (Cost $163,986,706)				118,891,953
Other Assets in Excess of Liabilities — 0.1%				159,143
NET ASSETS — 100.0%			$	119,051,096
PORTFOLIO SUMMARY (based on net assets)
			%
Domestic Equity Funds				55.6
Bond Funds				21.5
International Equity Fund				20.7
Money Market Fund				1.5
Futures Contracts				1.3
U.S. Treasury Obligations				0.6
				101.2

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Futures Contracts	$	—	$	(1,563	)
Mutual Funds		118,219,072		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligations		672,881		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	118,891,953	$	(1,563	)

*** 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

MyDestination 2035 Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 100.0%
GuideStone Money Market Fund (GS4 Class)¥		1,115,778	$	1,115,778
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		68,583		881,286
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		65,244		900,365
GuideStone Global Bond Fund (GS4 Class)¥		253,586		2,097,160
GuideStone Equity Index Fund (GS4 Class)¥		168,137		1,999,149
GuideStone Real Estate Securities Fund (GS4 Class)¥		794,609		3,742,607
GuideStone Value Equity Fund (GS4 Class)¥		1,130,775		11,579,132
GuideStone Growth Equity Fund (GS4 Class)¥		908,127		11,560,452
GuideStone Small Cap Equity Fund (GS4 Class)¥		502,734		4,589,960
GuideStone International Equity Fund (GS4 Class)¥		1,265,073		12,827,845
Total Mutual Funds (Cost $70,532,959)				51,293,734
	Par
U.S. TREASURY OBLIGATIONS — 0.4%
U.S. Treasury Bill
0.27%, 11/19/09‡‡	$	130,000		129,875
U.S. Treasury Note
5.13%, 05/15/16		53,000		59,460
Total U.S. Treasury Obligations (Cost $188,890)				189,335
TOTAL INVESTMENTS — 100.4% (Cost $70,721,849)				51,483,069
Liabilities in Excess of Other Assets — (0.4)%				(179,563	)
NET ASSETS — 100.0%			$	51,303,506
PORTFOLIO SUMMARY (based on net assets)
			%
Domestic Equity Funds				65.2
International Equity Fund				25.0
Bond Funds				7.6
Money Market Fund				2.2
Futures Contracts				1.5
U.S. Treasury Obligations				0.4
				101.9

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Futures Contracts	$	—	$	2,751
Mutual Funds		51,293,734		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligations		189,335		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	51,483,069	$	2,751

*** 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.

12

MyDestination 2045 Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.4%
GuideStone Money Market Fund (GS4 Class)¥		990,646	$	990,646
GuideStone Equity Index Fund (GS4 Class)¥		116,483		1,384,982
GuideStone Real Estate Securities Fund (GS4 Class)¥		602,101		2,835,895
GuideStone Value Equity Fund (GS4 Class)¥		650,182		6,657,867
GuideStone Growth Equity Fund (GS4 Class)¥		522,648		6,653,304
GuideStone Small Cap Equity Fund (GS4 Class)¥		307,933		2,811,426
GuideStone International Equity Fund (GS4 Class)¥		738,115		7,484,490
Total Mutual Funds (Cost $35,060,621)				28,818,610
	Par
U.S. TREASURY OBLIGATION — 0.3%
U.S. Treasury Bill
0.27%, 11/19/09‡‡ (Cost $104,883)	$	105,000		104,899
TOTAL INVESTMENTS — 99.7% (Cost $35,165,504)				28,923,509
Other Assets in Excess of Liabilities — 0.3%				80,123
NET ASSETS — 100.0%			$	29,003,632
PORTFOLIO SUMMARY (based on net assets)
			%
Domestic Equity Funds				70.2
International Equity Fund				25.8
Money Market Fund				3.4
Futures Contracts				2.5
U.S. Treasury Obligation				0.3
				102.2

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Futures Contracts	$	—	$	(7,480	)
Mutual Funds		28,818,610		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligation		104,899		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	28,923,509	$	(7,480	)

*** 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.

13

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

	MyDestination 2005 Fund			MyDestination 2015 Fund			MyDestination 2025 Fund			MyDestination 2035 Fund			MyDestination 2045 Fund
Assets
Investments in securities of affiliated issuers, at value	$	54,208,618		$	164,442,737		$	118,219,072		$	51,293,734		$	28,818,610
Investments in securities of unaffiliated issuers, at value		690,923			1,107,442			672,881			189,335			104,899
Total investments (1)		54,899,541			165,550,179			118,891,953			51,483,069			28,923,509
Receivables:
Dividends		98			313			324			181			180
Interest		3,416			11,656			6,516			347			—
Investment securities sold		—			—			—			18,068			—
Fund shares sold		6,612			42,566			191,221			85,560			88,511
Receivable from advisor		—			—			—			282			3,971
Prepaid expenses and other assets		14,437			15,001			15,053			14,372			14,064
Total Assets		54,924,104			165,619,715			119,105,067			51,601,879			29,030,235
Liabilities
Cash overdraft		598			598			598			598			598
Payables:
Investment securities purchased		—			—			—			270,262			—
Fund shares redeemed		96,134			—			8,000			—			—
Variation margin		3,135			9,405			9,690			3,954			4,560
Accrued expenses:
Investment advisory fees		60			13,735			9,169			—			—
Distribution (12b-1) fees		123			232			248			168			108
Other expenses		23,503			26,883			26,266			23,391			21,337
Total Liabilities		123,553			50,853			53,971			298,373			26,603
Net Assets	$	54,800,551		$	165,568,862		$	119,051,096		$	51,303,506		$	29,003,632
Net Assets Consist of:
Paid-in capital	$	71,330,076		$	228,133,705		$	168,935,783		$	71,474,169		$	36,768,105
Undistributed net investment income		368,744			1,245,726			919,863			367,190			183,510
Accumulated net realized loss on investments and futures transactions		(5,421,745	)		(10,717,056	)		(5,708,234	)		(1,301,824	)		(1,698,508	)
Net unrealized appreciation (depreciation) on investments and futures		(11,476,524	)		(53,093,513	)		(45,096,316	)		(19,236,029	)		(6,249,475	)
Net Assets	$	54,800,551		$	165,568,862		$	119,051,096		$	51,303,506		$	29,003,632
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the GS4 Class	$	54,800,551		$	165,568,862		$	119,051,096		$	51,303,506		$	29,003,632
GS4 shares outstanding		6,982,260			23,137,056			18,312,024			8,399,208			4,873,593
Net asset value, offering and redemption price per GS4 share	$	7.85		$	7.16		$	6.50		$	6.11		$	5.95
(1)      Investments in securities of affiliated issuers, at cost	$	65,674,697		$	217,512,327		$	163,317,977		$	70,532,959		$	35,060,621
Investments in securities of unaffiliated issuers, at cost		692,790			1,104,099			668,729			188,890			104,883
Total investments at cost	$	66,367,487		$	218,616,426		$	163,986,706		$	70,721,849		$	35,165,504

See Notes to Financial Statements.

14

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

	MyDestination 2005 Fund			MyDestination 2015 Fund			MyDestination 2025 Fund			MyDestination 2035 Fund			MyDestination 2045 Fund
Investment Income
Income distributions received from affiliated funds	$	554,340		$	1,759,295		$	1,360,759		$	448,655		$	207,037
Dividends		108,306			196,556			—			—			—
Interest		2,972			5,551			3,154			559			78
Total Investment Income		665,618			1,961,402			1,363,913			449,214			207,115
Expenses
Investment advisory fees		25,826			74,861			51,864			21,244			11,418
Transfer agent fees:
GS4		9,039			9,614			9,794			9,343			9,235
GS6		2,385			2,402			2,397			2,397			2,397
Custodian fees		5,841			6,175			7,024			5,932			5,010
Distribution (12b-1) fees:
GS6		405			679			818			514			333
Shareholder servicing fees:
GS6		445			746			900			565			367
Accounting and administration fees		4,134			7,608			5,925			3,240			2,935
Professional fees		21,535			21,535			21,535			21,535			21,535
Blue sky fees:
GS4		1,705			2,196			1,821			1,700			1,729
GS6		269			272			268			268			280
Shareholder reporting fees:
GS4		1,812			2,760			2,961			2,214			2,013
GS6		36			60			60			60			60
Trustee fees		282			795			507			183			72
Line of credit facility fees		252			707			468			181			86
Other expenses		5,574			5,827			5,838			5,669			5,598
Total Expenses		79,540			136,237			112,180			75,045			63,068
Expenses waived/reimbursed net of amount recaptured(1)		(27,342	)		(1,864	)		(7,682	)		(31,851	)		(39,941	)
Net Expenses		52,198			134,373			104,498			43,194			23,127
Net Investment Income		613,420			1,827,029			1,259,415			406,020			183,988
Realized and Unrealized Gain (Loss)
Capital gain distributions received from affiliated funds		57,768			112,471			53,925			5,126			69
Net realized loss on investment securities of affiliated issuers		(4,233,530	)		(6,872,947	)		(5,093,635	)		(634,470	)		(969,629	)
Net realized loss on investment securities of unaffiliated issuers		(3,721	)		(47,552	)		(27,487	)		(4,099	)		—
Net realized gain (loss) on futures transactions		(44,606	)		67,152			96,871			68,807			69,015
Net realized loss		(4,224,089	)		(6,740,876	)		(4,970,326	)		(564,636	)		(900,545	)
Change in unrealized appreciation on investment securities of affiliated issuers		6,394,552			13,953,754			11,131,455			3,181,735			2,466,704
Change in unrealized appreciation on investment securities of unaffiliated issuers		246,419			383,362			4,111			410			—
Change in unrealized depreciation on futures		(25,126	)		(61,115	)		(28,201	)		(13,136	)		(19,114	)
Net change in unrealized appreciation (depreciation)		6,615,845			14,276,001			11,107,365			3,169,009			2,447,590
Net Realized and Unrealized Gain (Loss)		2,391,756			7,535,125			6,137,039			2,604,373			1,547,045
Net Increase in Net Assets Resulting from Operations	$	3,005,176		$	9,362,154		$	7,396,454		$	3,010,393		$	1,731,033

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

See Notes to Financial Statements.

15

STATEMENTS OF CHANGES IN NET ASSETS

	MyDestination 2005 Fund
	For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08
Operations:
Net investment income	$	613,420		$	1,954,641
Net realized loss on investment securities and futures transactions		(4,224,089	)		(957,809	)
Net change in unrealized appreciation (depreciation) on investment securities and futures		6,615,845			(16,571,994	)
Net increase (decrease) in net assets resulting from operations		3,005,176			(15,575,162	)
Dividends and Distributions to Shareholders:
Dividends from net investment income(1)
GS4 shares		(340,576	)		(2,047,981	)
GS6 shares		(5,830	)		(31,478	)
Distributions from net realized capital gains
GS4 shares		—			(1,475,258	)
GS6 shares		—			(33,204	)
Total dividends and distributions		(346,406	)		(3,587,921	)
Capital Share Transactions:
Proceeds from shares sold
GS4 shares		7,247,110			24,467,910
GS6 shares		355,125			504,471
Proceeds from exchange of GS6 shares for GS4 shares(2)
GS4 shares		1,382,278			—
GS6 shares		(1,382,278	)		—
Reinvestment of dividends and distributions
GS4 shares		340,576			3,523,239
GS6 shares		5,830			64,682
Total proceeds from shares sold and reinvested		7,948,641			28,560,302
Value of shares redeemed
GS4 shares		(7,485,227	)		(16,249,160	)
GS6 shares		(133,418	)		(461,028	)
Total value of shares redeemed		(7,618,645	)		(16,710,188	)
Net increase from capital share transactions(3)		329,996			11,850,114
Total increase (decrease) in net assets		2,988,766			(7,312,969	)
Net Assets:
Beginning of Period		51,811,785			59,124,754
End of Period*	$	54,800,551		$	51,811,785
*Including undistributed net investment income	$	368,744		$	101,730

⁽¹⁾ Includes dividends paid from the short-term portion of capital gain distributions received from affiliated funds.

⁽²⁾ See Note 1 in Notes to Financial Statements.

⁽³⁾ See Note 7 in Notes to Financial Statements.

See Notes to Financial Statements.

16

MyDestination 2015 Fund					MyDestination 2025 Fund						MyDestination 2035 Fund						MyDestination 2045 Fund
For the Six Months Ended 06/30/09 (Unaudited)		For the Year Ended 12/31/08			For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08			For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08			For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08
$	1,827,029	$	4,877,655		$	1,259,415		$	2,684,323		$	406,020		$	789,624		$	183,988		$	307,365
	(6,740,876)		(3,479,814	)		(4,970,326	)		(486,393	)		(564,636	)		(590,341	)		(900,545	)		(796,458	)
	14,276,001		(59,891,445	)		11,107,365			(48,820,051	)		3,169,009			(19,527,146	)		2,447,590			(7,649,855	)
	9,362,154		(58,493,604	)		7,396,454			(46,622,121	)		3,010,393			(19,327,863	)		1,731,033			(8,138,948	)
	(1,929,930)		(3,988,233	)		(925,137	)		(2,302,358	)		(217,884	)		(625,387	)		(125,001	)		(180,010	)
	(32,689)		(18,577	)		(23,117	)		(33,073	)		(6,754	)		(5,228	)		(3,261	)		(30	)
	—		(5,474,206	)		—			(4,533,694	)		(118,981	)		(1,798,281	)		(4,125	)		(665,336	)
	—		(46,540	)		—			(95,733	)		(5,779	)		(57,955	)		(222	)		(34,799	)
	(1,962,619)		(9,527,556	)		(948,254	)		(6,964,858	)		(349,398	)		(2,486,851	)		(132,609	)		(880,175	)
	18,761,385		55,390,960			19,676,125			44,588,486			10,830,166			24,099,520			9,580,158			15,130,813
	1,621,277		705,881			1,038,155			1,409,701			842,870			792,304			357,764			352,767
	2,917,331		—			3,159,998			—			2,109,355			—			1,269,575			—
	(2,917,331)		—			(3,159,998	)		—			(2,109,355	)		—			(1,269,575	)		—
	1,929,930		9,462,439			925,137			6,836,052			336,865			2,423,668			129,126			845,346
	32,689		65,117			23,117			128,806			12,533			63,183			3,483			34,829
	22,345,281		65,624,397			21,662,534			52,963,045			12,022,434			27,378,675			10,070,531			16,363,755
	(11,523,332)		(21,287,889	)		(7,961,412	)		(7,208,810	)		(2,233,989	)		(3,015,460	)		(1,571,614	)		(1,237,722	)
	(44,365)		(406,299	)		(9,820	)		(418,340	)		(7,283	)		(191,533	)		(21,937	)		(67,470	)
	(11,567,697)		(21,694,188	)		(7,971,232	)		(7,627,150	)		(2,241,272	)		(3,206,993	)		(1,593,551	)		(1,305,192	)
	10,777,584		43,930,209			13,691,302			45,335,895			9,781,162			24,171,682			8,476,980			15,058,563
	18,177,119		(24,090,951	)		20,139,502			(8,251,084	)		12,442,157			2,356,968			10,075,404			6,039,440
	147,391,743		171,482,694			98,911,594			107,162,678			38,861,349			36,504,381			18,928,228			12,888,788
$	165,568,862	$	147,391,743		$	119,051,096		$	98,911,594		$	51,303,506		$	38,861,349		$	29,003,632		$	18,928,228
$	1,245,726	$	1,381,316		$	919,863		$	608,702		$	367,190		$	185,808		$	183,510		$	127,784

See Notes to Financial Statements.

17

FINANCIAL HIGHLIGHTS (Unaudited)

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

																							Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return		Net Assets, End of Period (000)		Expenses, Net (2)(3)		Expenses, Including Expense Reduction (2)(3)		Expenses, Before Waivers and Expense Reduction (2)(4)		Investment Income, Net (1)		Investment Income/ (Loss), Excluding Waivers and Expense Reduction (1)		Portfolio Turnover Rate
MyDestination 2005 Fund*
GS4 Class
2009(5)	$	7.44	$	0.09	#	$	0.01	$	0.36		$	(0.05	)	$	—		$	7.85	6.22	%	$	54,801	0.20	%	0.20	%	0.30	%	2.41	%	2.31	%	37	%
2008		10.35		0.30	#		0.08		(2.75	)		(0.31	)		(0.23	)		7.44	(22.78	)		50,678	0.20		0.20		0.29		3.25		3.16		40
2007		10.00		0.33	#		0.62		(0.31	)		(0.28	)		(0.01	)		10.35	6.42			57,667	0.20		0.20		0.43		3.16		2.93		21
MyDestination 2015 Fund*
GS4 Class
2009(5)	$	6.83	$	0.08	#	$	—	$	0.34		$	(0.09	)	$	—		$	7.16	6.18	%	$	165,569	0.18	%	0.18	%	0.18	%	2.47	%	2.47	%	20	%
2008		10.33		0.26	#		0.09		(3.39	)		(0.19	)		(0.27	)		6.83	(29.31	)		146,140	0.20		0.20		0.18		2.87		2.89		22
2007		10.00		0.29	#		0.83		(0.50	)		(0.28	)		(0.01	)		10.33	6.12			169,953	0.20		0.20		0.24		2.74		2.70		7
MyDestination 2025 Fund*
GS4 Class
2009(5)	$	6.18	$	0.07	#	$	—	$	0.30		$	(0.05	)	$	—		$	6.50	6.11	%	$	119,051	0.20	%	0.20	%	0.21	%	2.46	%	2.45	%	9	%
2008		10.24		0.21	#		0.09		(3.89	)		(0.15	)		(0.32	)		6.18	(35.00	)		96,826	0.20		0.20		0.21		2.47		2.46		10
2007		10.00		0.25	#		1.13		(0.85	)		(0.28	)		(0.01	)		10.24	5.29			105,102	0.20		0.20		0.30		2.37		2.27		5
MyDestination 2035 Fund*
GS4 Class
2009(5)	$	5.85	$	0.05	#	$	—	$	0.26		$	(0.03	)	$	(0.02	)	$	6.11	5.27	%	$	51,304	0.20	%	0.20	%	0.34	%	1.94	%	1.80	%	2	%
2008		10.24		0.17	#		0.09		(4.25	)		(0.10	)		(0.30	)		5.85	(38.86	)		37,637	0.20		0.20		0.40		2.02		1.82		5
2007		10.00		0.19	#		1.31		(0.98	)		(0.28	)		—	†		10.24	5.20			35,117	0.20		0.20		0.64		1.83		1.39		2
MyDestination 2045 Fund*
GS4 Class
2009(5)	$	5.75	$	0.05	#	$	—	$	0.18		$	(0.03	)	$	—	†	$	5.95	4.06	%	$	29,004	0.20	%	0.20	%	0.54	%	1.65	%	1.31	%	5	%
2008		10.12		0.16	#		0.10		(4.34	)		(0.06	)		(0.23	)		5.75	(40.29	)		17,998	0.20		0.20		0.79		1.97		1.38		5
2007		10.00		0.17	#		1.37		(1.09	)		(0.28	)		(0.05	)		10.12	4.46			11,659	0.19		0.19		1.48		1.60		0.31		9

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

* Inception date was December 29, 2006.

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

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

(3) Interest expense paid by the MyDestination 2005, MyDestination 2015 and MyDestination 2025 Funds on borrowings did not have a material impact on the expense ratios of the Funds.

(4) The ratio also excludes previously recaptured fees.

(5) For the six months ended June 30, 2009. 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.

18

Conservative Allocation Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 97.6%
GuideStone Money Market Fund (GS4 Class)¥		1,695,282	$	1,695,282
GuideStone Low-Duration Bond Fund (GS4 Class)¥		11,704,031		148,055,993
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		3,680,000		37,094,400
GuideStone Equity Index Fund (GS4 Class)¥		328,085		3,900,926
GuideStone Value Equity Fund (GS4 Class)¥		1,735,953		17,776,163
GuideStone Growth Equity Fund (GS4 Class)¥		1,393,283		17,736,491
GuideStone Small Cap Equity Fund (GS4 Class)¥		489,122		4,465,688
GuideStone International Equity Fund (GS4 Class)¥		1,841,825		18,676,110
Total Mutual Funds (Cost $262,918,206)				249,401,053
	Par
U.S. TREASURY OBLIGATIONS — 2.4%
U.S. Treasury Bill
0.27%, 11/19/09‡‡	$	795,000		794,237
U.S. Treasury Note
4.88%, 04/30/11		4,930,000		5,272,024
Total U.S. Treasury Obligations (Cost $6,074,326)				6,066,261
TOTAL INVESTMENTS — 100.0% (Cost $268,992,532)				255,467,314
Other Assets in Excess of Liabilities — 0.0%				105,619
NET ASSETS — 100.0%			$	255,572,933
PORTFOLIO SUMMARY (based on net assets)
			%
Bond Funds				72.4
Domestic Equity Funds				17.2
International Equity Fund				7.3
U.S. Treasury Obligations				2.4
Money Market Fund				0.7
Futures Contracts				0.6
				100.6

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Futures Contracts	$	—	$	(27,130	)
Mutual Funds		249,401,053		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligations		6,066,261		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	255,467,314	$	(27,130	)

*** 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

Balanced Allocation Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 98.2%
GuideStone Money Market Fund (GS4 Class)¥		10,308,818	$	10,308,818
GuideStone Low-Duration Bond Fund (GS4 Class)¥		11,004,301		139,204,403
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		14,604,856		187,672,404
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		6,055,833		83,570,493
GuideStone Global Bond Fund (GS4 Class)¥		6,001,766		49,634,604
GuideStone Equity Index Fund (GS4 Class)¥		2,264,788		26,928,330
GuideStone Value Equity Fund (GS4 Class)¥		13,055,558		133,688,911
GuideStone Growth Equity Fund (GS4 Class)¥		10,568,793		134,540,737
GuideStone Small Cap Equity Fund (GS4 Class)¥		3,395,361		30,999,646
GuideStone International Equity Fund (GS4 Class)¥		14,932,131		151,411,805
Total Mutual Funds (Cost $1,117,876,438)				947,960,151
	Par
U.S. TREASURY OBLIGATIONS — 1.8%
U.S. Treasury Bill
0.27%, 11/19/09‡‡	$	3,985,000		3,981,175
U.S. Treasury Note
1.88%, 02/28/14		13,700,000		13,350,006
Total U.S. Treasury Obligations (Cost $17,401,739)				17,331,181
TOTAL INVESTMENTS — 100.0% (Cost $1,135,278,177)				965,291,332
Other Assets in Excess of Liabilities — 0.0%				231,136
NET ASSETS — 100.0%			$	965,522,468
PORTFOLIO SUMMARY (based on net assets)
			%
Bond Funds				47.6
Domestic Equity Funds				33.8
International Equity Fund				15.7
U.S. Treasury Obligations				1.8
Futures Contracts				1.3
Money Market Fund				1.1
				101.3

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Futures Contracts	$	—	$	(253,292	)
Mutual Funds		947,960,151		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligations		17,331,181		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	965,291,332	$	(253,292	)

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

See Notes to Financial Statements.

20

Growth Allocation Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 98.7%
GuideStone Money Market Fund (GS4 Class)¥		11,411,782	$	11,411,782
GuideStone Low-Duration Bond Fund (GS4 Class)¥		3,989,890		50,472,112
GuideStone Medium-Duration Bond Fund (GS4 Class)¥		5,254,268		67,517,348
GuideStone Extended-Duration Bond Fund (GS4 Class)¥		2,219,282		30,626,085
GuideStone Global Bond Fund (GS4 Class)¥		2,200,921		18,201,613
GuideStone Equity Index Fund (GS4 Class)¥		2,652,889		31,542,854
GuideStone Value Equity Fund (GS4 Class)¥		14,087,692		144,257,968
GuideStone Growth Equity Fund (GS4 Class)¥		11,241,014		143,098,106
GuideStone Small Cap Equity Fund (GS4 Class)¥		3,686,051		33,653,645
GuideStone International Equity Fund (GS4 Class)¥		16,099,449		163,248,409
Total Mutual Funds (Cost $873,534,324)				694,029,922
	Par
U.S. TREASURY OBLIGATIONS — 1.3%
U.S. Treasury Bill
0.27%, 11/19/09‡‡	$	4,285,000		4,280,886
U.S. Treasury Note
1.88%, 02/28/14		5,075,000		4,945,349
Total U.S. Treasury Obligations (Cost $9,242,468)				9,226,235
TOTAL INVESTMENTS — 100.0% (Cost $882,776,792)				703,256,157
Other Assets in Excess of Liabilities — 0.0%				78,392
NET ASSETS — 100.0%			$	703,334,549
PORTFOLIO SUMMARY (based on net assets)
			%
Domestic Equity Funds				50.1
Bond Funds				23.7
International Equity Fund				23.3
Futures Contracts				2.0
Money Market Fund				1.6
U.S. Treasury Obligations				1.3
				102.0

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Futures Contracts	$	—	$	(80,297	)
Mutual Funds		694,029,922		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligations		9,226,235		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	703,256,157	$	(80,297	)

*** 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.

21

Aggressive Allocation Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.7%
GuideStone Money Market Fund (GS4 Class)¥		15,655,030	$	15,655,030
GuideStone Equity Index Fund (GS4 Class)¥		3,039,997		36,145,569
GuideStone Value Equity Fund (GS4 Class)¥		15,562,573		159,360,752
GuideStone Growth Equity Fund (GS4 Class)¥		12,654,749		161,094,956
GuideStone Small Cap Equity Fund (GS4 Class)¥		4,263,977		38,930,113
GuideStone International Equity Fund (GS4 Class)¥		17,757,050		180,056,483
Total Mutual Funds (Cost $803,107,070)				591,242,903
	Par
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills
0.23%, 11/19/09‡‡	$	50,000		49,952
0.25%, 11/19/09‡‡		75,000		74,928
0.26%, 11/19/09‡‡		45,000		44,957
0.27%, 11/19/09‡‡		95,000		94,909
0.27%, 11/19/09‡‡		1,710,000		1,708,358
0.28%, 11/19/09‡‡		75,000		74,928
0.29%, 11/19/09‡‡		15,000		14,985
Total U.S. Treasury Obligations (Cost $2,062,831)				2,063,017
TOTAL INVESTMENTS — 100.0% (Cost $805,169,901)				593,305,920
Liabilities in Excess of Other Assets — 0.0%				(28,024	)
NET ASSETS — 100.0%			$	593,277,896
PORTFOLIO SUMMARY (based on net assets)
			%
Domestic Equity Funds				66.7
International Equity Fund				30.4
Futures Contracts				2.8
Money Market Fund				2.6
U.S. Treasury Obligations				0.3
				102.8

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Futures Contracts	$	—	$	(357,443	)
Mutual Funds		591,242,903		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligations		2,063,017		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	593,305,920	$	(357,443	)

*** 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.

22

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

	Conservative Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Assets
Investments in securities of affiliated issuers, at value	$	249,401,053		$	947,960,151		$	694,029,922		$	591,242,903
Investments in securities of unaffiliated issuers, at value		6,066,261			17,331,181			9,226,235			2,063,017
Total investments (1)		255,467,314			965,291,332			703,256,157			593,305,920
Receivables:
Dividends		237			2,556			2,003			3,310
Interest		40,492			85,853			31,802			—
Fund shares sold		91,698			358,846			231,763			159,045
Prepaid expenses and other assets		33,823			17,397			16,272			15,296
Total Assets		255,633,564			965,755,984			703,537,997			593,483,571
Liabilities
Cash overdraft		—			—			364			114
Payables:
Fund shares redeemed		3,988			5,998			539			4,034
Variation margin		9,975			81,225			91,200			102,600
Accrued expenses:
Investment Advisory fees		10,970			68,441			47,475			38,728
Distribution (12b-1) fees		1,042			1,445			950			1,075
Other expenses		34,656			76,407			62,920			59,124
Total Liabilities		60,631			233,516			203,448			205,675
Net Assets	$	255,572,933		$	965,522,468		$	703,334,549		$	593,277,896
Net Assets Consist of:
Paid-in-capital	$	260,541,701		$	1,138,240,146		$	885,948,518		$	803,534,319
Undistributed net investment income		1,012,339			6,249,604			4,777,166			3,952,787
Accumulated net realized gain (loss) on investments and futures transactions		7,571,241			(8,727,145	)		(7,790,203	)		(1,987,786	)
Net unrealized appreciation (depreciation) on investments and futures		(13,552,348	)		(170,240,137	)		(179,600,932	)		(212,221,424	)
Net Assets	$	255,572,933		$	965,522,468		$	703,334,549		$	593,277,896
Net Asset Value:
$0.001 par value, unlimited shares authorized Net assets applicable to the GS4 Class	$	255,572,933		$	965,522,468		$	703,334,549		$	593,277,896
GS4 shares outstanding		23,435,677			98,894,966			75,117,395			69,704,238
Net asset value, offering and redemption price per GS4 share	$	10.91		$	9.76		$	9.36		$	8.51
(1)      Investments in securities of affiliated issuers, at cost	$	262,918,206		$	1,117,876,438		$	873,534,324		$	803,107,070
Investments in securities of unaffiliated issuers, at cost		6,074,326			17,401,739			9,242,468			2,062,831
Total investments at cost	$	268,992,532		$	1,135,278,177		$	882,776,792		$	805,169,901

See Notes to Financial Statements.

23

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

	Conservative Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Investment Income
Income distributions received from affiliated funds	$	3,072,911		$	12,525,828		$	7,114,835		$	4,279,716
Interest		13,516			78,382			34,672			1,424
Total Investment Income		3,086,427			12,604,210			7,149,507			4,281,140
Expenses
Investment advisory fees		126,766			452,061			328,486			272,446
Transfer agent fees:
GS4 shares		12,825			26,762			20,717			19,860
GS6 shares		2,418			2,428			2,416			2,426
Custodian fees		4,914			12,553			10,470			8,796
Distribution (12b-1) fees:
GS6 shares		3,587			5,188			3,296			3,629
Shareholder servicing fees:
GS6 shares		3,942			5,708			3,626			3,995
Accounting and administration fees		11,901			34,535			25,993			21,908
Professional fees		21,869			21,869			21,869			21,869
Blue sky fees:
GS4 shares		6,416			4,444			7,072			6,402
GS6 shares		250			185			202			212
Shareholder reporting fees:
GS4 shares		9,171			27,691			21,664			20,788
GS6 shares		73			73			73			85
Trustee fees		1,432			5,506			4,302			3,832
Line of credit facility fees		1,262			4,512			3,317			2,786
Other expenses		6,206			6,681			6,396			6,281
Total Expenses		213,032			610,196			459,899			395,315
Expenses waived/reimbursed net of amount recaptured(1)		(51,637	)		(65,588	)		(66,540	)		(66,979	)
Net Expenses		161,395			544,608			393,359			328,336
Net Investment Income		2,925,032			12,059,602			6,756,148			3,952,804
Realized and Unrealized Loss
Capital gain distributions received from affiliated funds		215			1,288,866			464,505			1,763
Net realized gain (loss) on investment securities of affiliated issuers		8,955,362			(7,034,847	)		(6,907,182	)		(2,396,312	)
Net realized loss on investment securities of unaffiliated issuers		(5,188	)		(312,257	)		(166,823	)		—
Net realized gain (loss) on futures transactions		(694,060	)		(244,764	)		(408,552	)		769,240
Net realized gain		8,256,329			(6,303,002	)		(7,018,052	)		(1,625,309	)
Change in unrealized appreciation on investment securities of affiliated issuers		5,524,844			59,605,024			41,477,175			28,073,250
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		(8,128	)		(70,773	)		(16,423	)		26
Change in unrealized depreciation on futures		(53,636	)		(269,089	)		(227,849	)		(494,872	)
Net change in unrealized appreciation (depreciation)		5,463,080			59,265,162			41,232,903			27,578,404
Net Realized and Unrealized Gain (Loss)		13,719,409			52,962,160			34,214,851			25,953,095
Net Increase in Net Assets Resulting from Operations	$	16,644,441		$	65,021,762		$	40,970,999		$	29,905,899

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

See Notes to Financial Statements.

24

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25

STATEMENTS OF CHANGES IN NET ASSETS

	Conservative Allocation Fund						Balanced Allocation Fund
	For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08			For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08
Operations:
Net investment income	$	2,925,032		$	10,269,108		$	12,059,602		$	35,620,140
Net realized gain (loss) on investment securities and futures transactions		8,256,329			8,824,621			(6,303,002	)		61,327,554
Net change in unrealized appreciation (depreciation) on investment securities and futures		5,463,080			(60,614,730	)		59,265,162			(415,693,032	)
Net increase (decrease) in net assets resulting from operations		16,644,441			(41,521,001	)		65,021,762			(318,745,338	)
Dividends and Distributions to Shareholders:
Dividends from net investment income(1)
GS4 shares		(1,789,789	)		(9,693,871	)		(5,621,650	)		(40,400,725	)
GS6 shares		(129,158	)		(568,343	)		(188,348	)		(1,249,223	)
Distributions from net realized capital gains
GS4 shares		(1,004,425	)		(11,948,499	)		(6,561,723	)		(87,603,110	)
GS6 shares		(78,277	)		(724,405	)		(235,776	)		(2,600,874	)
Total dividends and distributions		(3,001,649	)		(22,935,118	)		(12,607,497	)		(131,853,932	)
Capital Share Transactions:
Proceeds from shares sold
GS4 shares		15,879,549			47,483,596			25,912,828			49,002,929
GS6 shares		1,736,060			10,824,099			712,549			2,037,778
Proceeds from exchange of GS6 shares for GS4 shares(2)
GS4 shares		11,903,681			—			16,986,754			—
GS6 shares		(11,903,681	)		—			(16,986,754	)		—
Reinvestment of dividends and distributions
GS4 shares		2,791,838			21,623,391			12,182,027			127,987,706
GS6 shares		207,435			1,292,748			424,124			3,850,097
Total proceeds from shares sold and reinvested		20,614,882			81,223,834			39,231,528			182,878,510
Value of shares redeemed
GS4 shares		(35,144,409	)		(74,845,193	)		(47,936,116	)		(178,146,050	)
GS6 shares		(196,592	)		(13,199,672	)		(95,773	)		(1,652,196	)
Total value of shares redeemed		(35,341,001	)		(88,044,865	)		(48,031,889	)		(179,798,246	)
Net increase (decrease) from capital share transactions(3)		(14,726,119	)		(6,821,031	)		(8,800,361	)		3,080,264
Total increase (decrease) in net assets		(1,083,327	)		(71,277,150	)		43,613,904			(447,519,006	)
Net Assets:
Beginning of Period		256,656,260			327,933,410			921,908,564			1,369,427,570
End of Period*	$	255,572,933		$	256,656,260		$	965,522,468		$	921,908,564
*Including undistributed net investment income	$	1,012,339		$	6,254		$	6,249,604		$	—

⁽¹⁾ Includes dividends paid from the short-term portion of capital gain distributions received from affiliated funds.

⁽²⁾ See Note 1 in Notes to Financial Statements.

⁽³⁾ See Note 7 in Notes to Financial Statements.

See Notes to Financial Statements.

26

Growth Allocation Fund						Aggressive Allocation Fund
For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08			For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08
$	6,756,148		$	19,512,882		$	3,952,804		$	9,729,470
	(7,018,052	)		33,387,179			(1,625,309	)		25,916,936
	41,232,903			(402,388,211	)		27,578,404			(436,941,190	)
	40,970,999			(349,488,150	)		29,905,899			(401,294,784	)
	(1,930,146	)		(21,309,114	)		(17	)		(9,439,716	)
	(48,836	)		(523,396	)		—			(296,932	)
	(3,758,322	)		(71,442,300	)		(4,616,754	)		(74,709,707	)
	(114,025	)		(1,729,302	)		(175,394	)		(2,468,492	)
	(5,851,329	)		(95,004,112	)		(4,792,165	)		(86,914,847	)
	18,697,326			39,141,307			24,051,188			39,353,913
	1,111,513			2,441,653			495,847			1,160,837
	11,004,801			—			12,055,110			—
	(11,004,801	)		—			(12,055,110	)		—
	5,688,215			92,746,748			4,616,710			84,148,111
	162,861			2,252,698			175,394			2,765,424
	25,659,915			136,582,406			29,339,139			127,428,285
	(35,076,486	)		(122,227,222	)		(20,194,651	)		(100,170,087	)
	(245,720	)		(1,641,495	)		(156,279	)		(1,067,413	)
	(35,322,206	)		(123,868,717	)		(20,350,930	)		(101,237,500	)
	(9,662,291	)		12,713,689			8,988,209			26,190,785
	25,457,379			(431,778,573	)		34,101,943			(462,018,846	)
	677,877,170			1,109,655,743			559,175,953			1,021,194,799
$	703,334,549		$	677,877,170		$	593,277,896		$	559,175,953
$	4,777,166		$	—		$	3,952,787		$	—

See Notes to Financial Statements.

27

FINANCIAL HIGHLIGHTS (Unaudited)

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

																								Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return		Net Assets, End of Period (000)		Expenses, Net (3)		Expenses, Including Expense Reduction (3)		Expenses, Before Waivers and Expense Reduction (3)(4)		Investment Income, Net (1)		Investment Income/ (Loss), Excluding Waivers and Expense Reduction (1)		Portfolio Turnover Rate
Conservative Allocation Fund
GS4 Class
2009(5)	$	10.33	$	0.12	#	$	—		$	0.58		$	(0.08	)	$	(0.04	)	$	10.91	6.85	%	$	255,573	0.12	%	0.12	%	0.16	%	2.33	%	2.29	%	23	%
2008		13.02		0.42	#		0.03			(2.17	)		(0.42	)		(0.55	)		10.33	(13.11	)		246,617	0.12		0.12		0.15		3.36		3.33		17
2007		13.15		0.43	#		0.21			0.21			(0.44	)		(0.54	)		13.02	6.48			313,829	0.13		0.13		0.16		3.13		3.10		13
2006		12.94		0.40	#		0.17			0.20			(0.41	)		(0.15	)		13.15	5.99			308,802	0.13		0.13		0.18		3.08		3.03		9
2005		13.18		0.33	#		0.09			0.02			(0.32	)		(0.36	)		12.94	3.31			280,256	0.13		0.13		0.19		2.51		2.45		20
2004		13.00		0.21	#		0.04			0.37			(0.31	)		(0.13	)		13.18	4.76			270,913	0.13		0.13		0.17		1.60		1.56		11
Balanced Allocation Fund
GS4 Class
2009(5)	$	9.20	$	0.12	#	$	0.01		$	0.56		$	(0.06	)	$	(0.07	)	$	9.76	7.58	%	$	965,522	0.12	%	0.12	%	0.13	%	2.72	%	2.71	%	9	%
2008		14.13		0.39	#		0.13			(3.99	)		(0.43	)		(1.03	)		9.20	(24.41	)		905,743	0.12		0.12		0.13		3.05		3.04		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		0.13		2.68		2.68		7
2006		14.20		0.36	#		0.39			0.50			(0.40	)		(0.44	)		14.61	8.78			1,400,001	0.13		0.13		0.14		2.44		2.43		7
2005		14.27		0.32	#		0.21			0.36			(0.36	)		(0.60	)		14.20	6.24			1,273,855	0.13		0.13		0.14		2.18		2.17		10
2004		13.41		0.26	#		0.11			0.99			(0.30	)		(0.20	)		14.27	10.13			1,283,982	0.13		0.13		0.13		1.90		1.90		6
Growth Allocation Fund
GS4 Class
2009(5)	$	8.86	$	0.09	#	$	0.01		$	0.48		$	(0.03	)	$	(0.05	)	$	9.36	6.59	%	$	703,335	0.12	%	0.12	%	0.14	%	2.11	%	2.09	%	7	%
2008		15.34		0.28	#		0.13			(5.50	)		(0.29	)		(1.10	)		8.86	(32.98	)		667,769	0.12		0.12		0.13		2.15		2.14		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		0.13		1.80		1.80		5
2006		15.45		0.27	#		0.63			0.81			(0.35	)		(0.76	)		16.05	11.03			1,137,039	0.13		0.13		0.14		1.66		1.65		7
2005		15.03		0.23	#		0.31			0.68			(0.31	)		(0.49	)		15.45	8.09			1,046,061	0.13		0.13		0.14		1.50		1.49		5
2004		13.62		0.19	#		0.08			1.47			(0.21	)		(0.12	)		15.03	12.80			1,043,625	0.13		0.13		0.13		1.33		1.33		3
Aggressive Allocation Fund
GS4 Class
2009(5)	$	8.13	$	0.06	#	$	—	†	$	0.39		$	—	†	$	(0.07	)	$	8.51	5.59	%	$	593,278	0.12	%	0.12	%	0.15	%	1.49	%	1.46	%	1	%
2008		16.31		0.16	#		0.12			(7.01	)		(0.14	)		(1.31	)		8.13	(41.05	)		547,313	0.12		0.12		0.13		1.21		1.20		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		0.13		0.94		0.94		2
2006		16.28		0.15	#		0.88			1.13			(0.28	)		(0.93	)		17.23	13.20			1,031,999	0.13		0.13		0.14		0.90		0.89		4
2005		15.55		0.13	#		0.41			0.98			(0.23	)		(0.56	)		16.28	9.75			940,769	0.13		0.13		0.14		0.85		0.84		4
2004		13.64		0.11	#		0.04			1.96			(0.12	)		(0.08	)		15.55	15.47			936,734	0.13		0.13		0.13		0.77		0.77		2

† 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 also excludes previously recaptured fees.

(5) For the six months ended June 30, 2009. 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.

28

Conservative Allocation Fund I SCHEDULE OF INVESTMENTS June 30, 2009 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 98.3%
GuideStone Money Market Fund (GS2 Class)¥		271,001	$	271,001
GuideStone Low-Duration Bond Fund (GS2 Class)¥		3,897,660		33,130,107
GuideStone Inflation Protected Bond Fund (GS4 Class)¥		820,000		8,265,600
GuideStone Equity Index Fund (GS2 Class)¥		136,447		871,895
GuideStone Value Equity Fund (GS2 Class)¥		752,362		3,972,474
GuideStone Growth Equity Fund (GS2 Class)¥		494,798		3,963,333
GuideStone Small Cap Equity Fund (GS2 Class)¥		164,364		1,000,978
GuideStone International Equity Fund (GS2 Class)¥		528,656		4,176,383
Total Mutual Funds (Cost $62,288,326)				55,651,771
	Par
U.S. TREASURY OBLIGATIONS — 1.7%
U.S. Treasury Bill
0.27%, 11/19/09‡‡	$	180,000		179,827
U.S. Treasury Note
4.88%, 04/30/11		725,000		775,298
Total U.S. Treasury Obligations (Cost $956,299)				955,125
TOTAL INVESTMENTS — 100.0% (Cost $63,244,625)				56,606,896
Other Assets in Excess of Liabilities — 0.0%				4,024
NET ASSETS — 100.0%			$	56,610,920
PORTFOLIO SUMMARY (based on net assets)
			%
Bond Funds				73.1
Domestic Equity Funds				17.3
International Equity Fund				7.4
U.S. Treasury Obligations				1.7
Money Market Fund				0.5
Futures Contracts				0.4
				100.4

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Futures Contracts	$	—	$	(5,401	)
Mutual Funds		55,651,771		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligations		955,125		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	56,606,896	$	(5,401	)

*** 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

Balanced Allocation Fund I SCHEDULE OF INVESTMENTS June 30, 2009 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 98.7%
GuideStone Money Market Fund (GS2 Class)¥		2,507,617	$	2,507,617
GuideStone Low-Duration Bond Fund (GS2 Class)¥		4,690,822		39,871,990
GuideStone Medium-Duration Bond Fund (GS2 Class)¥		7,268,837		53,789,395
GuideStone Extended-Duration Bond Fund (GS2 Class)¥		3,676,898		23,936,604
GuideStone Global Bond Fund (GS4 Class)¥		1,719,643		14,221,452
GuideStone Equity Index Fund (GS2 Class)¥		1,207,850		7,718,158
GuideStone Value Equity Fund (GS2 Class)¥		7,248,219		38,270,598
GuideStone Growth Equity Fund (GS2 Class)¥		4,807,420		38,507,438
GuideStone Small Cap Equity Fund (GS2 Class)¥		1,458,500		8,882,266
GuideStone International Equity Fund (GS2 Class)¥		5,492,288		43,389,076
Total Mutual Funds (Cost $353,526,705)				271,094,594
	Par
U.S. TREASURY OBLIGATIONS — 1.3%
U.S. Treasury Bill
0.27%, 11/19/09‡‡	$	800,000		799,232
U.S. Treasury Note
1.88%, 02/28/14		2,850,000		2,777,191
Total U.S. Treasury Obligations (Cost $3,583,735)				3,576,423
TOTAL INVESTMENTS — 100.0% (Cost $357,110,440)				274,671,017
Other Assets in Excess of Liabilities — 0.0%				44,424
NET ASSETS — 100.0%			$	274,715,441
PORTFOLIO SUMMARY (based on net assets)
			%
Bond Funds				48.0
Domestic Equity Funds				34.0
International Equity Fund				15.8
U.S. Treasury Obligations				1.3
Futures Contracts				1.0
Money Market Fund				0.9
				101.0

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Futures Contracts	$	—	$	(55,349	)
Mutual Funds		271,094,594
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligations		3,576,423		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	274,671,017	$	(55,349	)

*** 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

Growth Allocation Fund I
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.3%
GuideStone Money Market Fund (GS2 Class)¥		2,455,716	$	2,455,716
GuideStone Low-Duration Bond Fund (GS2 Class)¥		1,459,965		12,409,706
GuideStone Medium-Duration Bond Fund (GS2 Class)¥		2,245,191		16,614,417
GuideStone Extended-Duration Bond Fund (GS2 Class)¥		1,156,875		7,531,258
GuideStone Global Bond Fund (GS4 Class)¥		541,465		4,477,919
GuideStone Equity Index Fund (GS2 Class)¥		1,214,877		7,763,064
GuideStone Value Equity Fund (GS2 Class)¥		6,716,210		35,461,590
GuideStone Growth Equity Fund (GS2 Class)¥		4,389,818		35,162,444
GuideStone Small Cap Equity Fund (GS2 Class)¥		1,359,805		8,281,215
GuideStone International Equity Fund (GS2 Class)¥		5,084,132		40,164,645
Total Mutual Funds (Cost $246,676,056)				170,321,974
	Par
U.S. TREASURY OBLIGATIONS — 0.8%
U.S. Treasury Bill
0.27%, 11/19/09‡‡	$	495,000		494,525
U.S. Treasury Note
1.88%, 02/28/14		875,000		852,646
Total U.S. Treasury Obligations (Cost $1,346,250)				1,347,171
TOTAL INVESTMENTS — 100.1% (Cost $248,022,306)				171,669,145
Liabilities in Excess of Other Assets — (0.1)%				(129,082	)
NET ASSETS — 100.0%			$	171,540,063
PORTFOLIO SUMMARY (based on net assets)
			%
Domestic Equity Funds				50.5
Bond Funds				24.0
International Equity Fund				23.4
Futures Contracts				1.5
Money Market Fund				1.4
U.S. Treasury Obligations				0.8
				101.6

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Futures Contracts	$	—	$	(10,856	)
Mutual Funds		170,321,974		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligation		1,347,171		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	171,669,145	$	(10,856	)

*** 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.

31

Aggressive Allocation Fund I
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares		Value
MUTUAL FUNDS — 99.8%
GuideStone Money Market Fund (GS2 Class)¥		2,946,979	$	2,946,979
GuideStone Equity Index Fund (GS2 Class)¥		1,088,096		6,952,932
GuideStone Value Equity Fund (GS2 Class)¥		5,966,834		31,504,883
GuideStone Growth Equity Fund (GS2 Class)¥		3,969,409		31,794,965
GuideStone Small Cap Equity Fund (GS2 Class)¥		1,265,448		7,706,581
GuideStone International Equity Fund (GS2 Class)¥		4,503,577		35,578,259
Total Mutual Funds (Cost $187,920,205)				116,484,599
	Par
U.S. TREASURY OBLIGATION — 0.3%
U.S. Treasury Bill
0.27%, 11/19/09‡‡ (Cost $319,644)	$	320,000		319,693
TOTAL INVESTMENTS — 100.1% (Cost $188,239,849)				116,804,292
Liabilities in Excess of Other Assets — (0.1)%				(151,300	)
NET ASSETS — 100.0%			$	116,652,992
PORTFOLIO SUMMARY (based on net assets)
			%
Domestic Equity Funds				66.8
International Equity Fund				30.5
Futures Contracts				2.6
Money Market Fund				2.5
U.S. Treasury Obligation				0.3
				102.7

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Futures Contracts	$	—	$	(55,652	)
Mutual Funds		116,484,599		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligations		319,693		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	116,804,292	$	(55,652	)

*** 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.

32

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2009 (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	$	55,651,771		$	271,094,594		$	170,321,974		$	116,484,599
Investments in securities of unaffiliated issuers, at value		955,125			3,576,423			1,347,171			319,693
Total investments (1)		56,606,896			274,671,017			171,669,145			116,804,292
Cash		85			—			—			175
Receivables:
Dividends		313			1,157			839			959
Interest		5,955			17,855			5,483			—
Fund shares sold		15,963			85,922			17,500			—
Prepaid expenses and other assets		156			157			156			157
Total Assets		56,629,368			274,776,108			171,693,123			116,805,583
Liabilities
Fund shares redeemed		—			—			103,551			107,495
Variation margin		1,425			17,100			15,960			18,525
Accrued expenses:
Investment Advisory fees		219			22,896			13,621			7,512
Other expenses		16,804			20,671			19,928			19,059
Total Liabilities		18,448			60,667			153,060			152,591
Net Assets	$	56,610,920		$	274,715,441		$	171,540,063		$	116,652,992
Net Assets Consist of:
Paid-in-capital	$	66,670,681		$	365,576,712		$	250,470,277		$	190,640,700
Undistributed net investment income		1,734,968			11,203,814			4,417,803			4,728,621
Accumulated net realized loss on investments and futures transactions		(5,151,599	)		(19,570,313	)		(6,984,000	)		(7,225,120	)
Net unrealized appreciation (depreciation) on investments and futures		(6,643,130	)		(82,494,772	)		(76,364,017	)		(71,491,209	)
Net Assets	$	56,610,920		$	274,715,441		$	171,540,063		$	116,652,992
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the GS2 Class	$	56,610,920		$	274,715,441		$	171,540,063		$	116,652,992
GS2 shares outstanding		6,600,757			33,869,900			21,873,098			15,346,181
Net asset value, offering and redemption price per GS2 share	$	8.58		$	8.11		$	7.84		$	7.60
(1)      Investments in securities of affiliated issuers, at cost	$	62,288,326		$	353,526,705		$	246,676,056		$	187,920,205
Investments in securities of unaffiliated issuers, at cost		956,299			3,583,735			1,346,250			319,644
Total investments at cost	$	63,244,625		$	357,110,440		$	248,022,306		$	188,239,849

See Notes to Financial Statements.

33

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

	Conservative Allocation Fund I			Balanced Allocation Fund I			Growth Allocation Fund I			Aggressive Allocation Fund I
Investment Income
Income distributions received from affiliated funds	$	1,069,645		$	6,090,211		$	3,065,687		$	1,555,532
Interest		2,066			16,749			6,229			232
Total Investment Income		1,071,711			6,106,960			3,071,916			1,555,764
Expenses
Investment advisory fees		27,129			127,963			79,773			53,542
Transfer agent fees		1,882			1,939			1,902			1,905
Custodian fees		4,701			6,340			5,648			4,396
Accounting and administration fees		4,694			12,168			8,135			6,190
Professional fees		21,869			21,869			21,869			21,869
Shareholder reporting fees		183			291			219			255
Trustee fees		288			1,475			997			746
Line of credit facility fees		265			1,257			794			547
Other expenses		4,988			5,389			5,084			5,015
Total Expenses		65,999			178,691			124,421			94,465
Expenses waived/reimbursed net of amount recaptured(1)		(23,669	)		—			(5,114	)		(13,977	)
Net expenses		42,330			178,691			119,307			80,488
Net Investment Income		1,029,381			5,928,269			2,952,609			1,475,276
Realized and Unrealized Loss
Capital gain distributions received from affiliated funds		60			643,012			199,612			450
Net realized loss on investment securities of affiliated issuers		(2,649,870	)		(7,715,855	)		(3,362,892	)		(2,442,923	)
Net realized loss on investment securities of unaffiliated issuers		(731	)		(70,775	)		(40,058	)		—
Net realized gain (loss) on futures transactions		(12,377	)		(409,247	)		(29,040	)		89,548
Net realized loss		(2,662,918	)		(7,552,865	)		(3,232,378	)		(2,352,925	)
Change in unrealized appreciation on investment securities of affiliated issuers		5,463,882			20,472,210			10,935,584			7,008,625
Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers		(1,199	)		(7,395	)		867			16
Change in unrealized depreciation on futures		(18,075	)		(99,221	)		(57,828	)		(67,892	)
Net change in unrealized appreciation (depreciation)		5,444,608			20,365,594			10,878,623			6,940,749
Net Realized and Unrealized Gain		2,781,690			12,812,729			7,646,245			4,587,824
Net Increase in Net Assets Resulting from Operations	$	3,811,071		$	18,740,998		$	10,598,854		$	6,063,100

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

See Notes to Financial Statements.

34

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35

STATEMENTS OF CHANGES IN NET ASSETS

	Conservative Allocation Fund I						Balanced Allocation Fund I
	For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08			For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08
Operations:
Net investment income	$	1,029,381		$	3,230,044		$	5,928,269		$	16,247,663
Net realized loss on investment securities and futures transactions		(2,662,918	)		(1,755,621	)		(7,552,865	)		(6,648,178	)
Net change in unrealized appreciation (depreciation) on investment securities and futures		5,444,608			(9,880,455	)		20,365,594			(94,588,586	)
Net increase (decrease) in net assets resulting from operations		3,811,071			(8,406,032	)		18,740,998			(84,989,101	)
Dividends and Distributions to Shareholders:
Dividends from net investment income(1)		—			(2,524,105	)		—			(13,746,934	)
Distributions from net realized capital gains		—			(1,170,532	)		—			(13,133,636	)
Total dividends and distributions		—			(3,694,637	)		—			(26,880,570	)
Capital Share Transactions:
Proceeds from GS2 shares sold		3,373,766			8,306,973			8,035,617			21,418,152
Reinvestment of dividends and distributions into GS2 shares		—			3,682,376			—			26,811,396
Value of GS2 shares redeemed		(4,890,532	)		(12,802,980	)		(12,183,733	)		(30,030,801	)
Net increase (decrease) from capital share transactions(2)		(1,516,766	)		(813,631	)		(4,148,116	)		18,198,747
Total increase (decrease) in net assets		2,294,305			(12,914,300	)		14,592,882			(93,670,924	)
Net Assets:
Beginning of Period		54,316,615			67,230,915			260,122,559			353,793,483
End of Period*	$	56,610,920		$	54,316,615		$	274,715,441		$	260,122,559
*Including undistributed net investment income	$	1,734,968		$	705,587		$	11,203,814		$	5,275,545

⁽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.

36

Growth Allocation Fund I						Aggressive Allocation Fund I
For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08			For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08
$	2,952,609		$	7,717,434		$	1,475,276		$	3,252,965
	(3,232,378	)		(1,955,658	)		(2,352,925	)		(4,896,449	)
	10,878,623			(86,939,096	)		6,940,749			(76,732,258	)
	10,598,854			(81,177,320	)		6,063,100			(78,375,742	)
	—			(7,164,765	)		—			—
	—			(13,479,284	)		—			(14,453,029	)
	—			(20,644,049	)		—			(14,453,029	)
	7,433,549			14,603,125			5,024,130			9,952,658
	—			20,568,986			—			14,434,397
	(8,307,316	)		(23,114,496	)		(3,989,885	)		(20,849,161	)
	(873,767	)		12,057,615			1,034,245			3,537,894
	9,725,087			(89,763,754	)		7,097,345			(89,290,877	)
	161,814,976			251,578,730			109,555,647			198,846,524
$	171,540,063		$	161,814,976		$	116,652,992		$	109,555,647
$	4,417,803		$	1,465,194		$	4,728,621		$	3,253,345

See Notes to Financial Statements.

37

FINANCIAL HIGHLIGHTS (Unaudited)

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

																							Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income (1)			Capital Gain Distributions Received from Affiliated Funds		Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income (2)			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return		Net Assets, End of Period (000)		Expenses, Net (3)		Expenses, Including Expense Reduction (3)		Expenses, Before Waivers/ Reimbursements and Expense Reduction (3)(4)		Investment Income, Net (1)		Investment Income, Excluding Waivers/ Reimbursements and Expense Reduction (1)		Portfolio Turnover Rate
Conservative Allocation Fund I
GS2 Class
2009(5)	$	8.00	$	0.15		$	—	$	0.43		$	—		$	—		$	8.58	7.25	%	$	56,611	0.16	%	0.16	%	0.25	%	3.83	%	3.74	%	24	%
2008		9.86		0.49			0.03		(1.81	)		(0.39	)		(0.18	)		8.00	(12.98	)		54,317	0.15		0.15		0.22		5.21		5.14		25
2007		10.05		0.50			0.23		(0.07	)		(0.54	)		(0.31	)		9.86	6.55			67,231	0.16		0.16		0.22		4.77		4.71		25
2006		10.15		0.46			0.19		(0.02	)		(0.49	)		(0.24	)		10.05	6.21			57,188	0.17		0.17		0.30		4.53		4.40		16
2005		10.31		0.36			0.10		(0.10	)		(0.38	)		(0.14	)		10.15	3.46			54,231	0.17		0.17		0.30		3.52		3.39		16
2004		10.31		0.25			0.05		0.19			(0.36	)		(0.13	)		10.31	4.77			31,447	0.17		0.17		0.39		2.42		2.20		23
Balanced Allocation Fund I
GS2 Class
2009(5)	$	7.53	$	0.17	#	$	0.02	$	0.39		$	—		$	—		$	8.11	7.70	%	$	274,715	0.14	%	0.14	%	0.14	%	4.72	%	4.72	%	10	%
2008		11.07		0.51	#		0.17		(3.38	)		(0.42	)		(0.42	)		7.53	(24.26	)		260,123	0.14		0.14		0.14		5.16		5.16		23
2007		11.35		0.55	#		0.66		(0.38	)		(0.62	)		(0.49	)		11.07	7.32			353,793	0.16		0.16		0.14		4.62		4.64		12
2006		11.32		0.46	#		0.45		0.09			(0.50	)		(0.47	)		11.35	8.85			262,451	0.17		0.17		0.18		3.93		3.92		13
2005		11.23		0.40	#		0.25		0.07			(0.46	)		(0.17	)		11.32	6.42			239,244	0.17		0.17		0.18		3.49		3.48		11
2004		10.62		0.34	#		0.14		0.60			(0.36	)		(0.11	)		11.23	10.26			122,166	0.17		0.17		0.22		3.07		3.02		10
Growth Allocation Fund I
GS2 Class
2009(5)	$	7.35	$	0.13	#	$	0.01	$	0.35		$	—		$	—		$	7.84	6.67	%	$	171,540	0.15	%	0.15	%	0.16	%	3.78	%	3.77	%	9	%
2008		12.53		0.39	#		0.16		(4.69	)		(0.34	)		(0.70	)		7.35	(32.82	)		161,815	0.15		0.15		0.14		3.65		3.66		18
2007		12.96		0.41			0.92		(0.37	)		(0.58	)		(0.81	)		12.53	7.40			251,579	0.16		0.16		0.15		3.20		3.21		9
2006		12.62		0.34			0.73		0.35			(0.44	)		(0.64	)		12.96	11.21			187,536	0.17		0.17		0.20		2.73		2.70		9
2005		12.17		0.29			0.38		0.33			(0.39	)		(0.16	)		12.62	8.20			159,849	0.17		0.17		0.20		2.42		2.39		8
2004		11.11		0.24			0.09		1.09			(0.26	)		(0.10	)		12.17	12.88			70,608	0.17		0.17		0.27		2.13		2.03		7
Aggressive Allocation Fund I
GS2 Class
2009(5)	$	7.20	$	0.10	#	$	—	$	0.30		$	—		$	—		$	7.60	5.56	%	$	116,653	0.15	%	0.15	%	0.18	%	2.82	%	2.79	%	3	%
2008		14.07		0.24	#		0.14		(6.15	)		—			(1.10	)		7.20	(40.87	)		109,556	0.15		0.15		0.16		2.08		2.07		10
2007		14.56		0.27			1.37		(0.56	)		(0.52	)		(1.05	)		14.07	7.38			198,847	0.16		0.16		0.15		1.81		1.82		7
2006		14.01		0.21			1.09		0.57			(0.36	)		(0.96	)		14.56	13.33			142,218	0.17		0.17		0.21		1.47		1.43		8
2005		13.16		0.18			0.52		0.62			(0.31	)		(0.16	)		14.01	9.98			125,826	0.17		0.17		0.21		1.38		1.34		5
2004		11.62		0.15			0.05		1.60			(0.15	)		(0.11	)		13.16	15.48			33,543	0.17		0.17		0.41		1.29		1.05		7

# 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 also excludes previously recaptured fees.

(5) For the six months ended June 30, 2009. 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.

38

Money Market Fund SCHEDULE OF INVESTMENTS June 30, 2009 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 8.5%
Federal Home Loan Bank
0.73%, 02/05/10†	$	6,620,000	$	6,620,000
0.82%, 02/26/10†		6,800,000		6,800,000
Federal Home Loan Mortgage Corporation
0.56%, 08/17/09		40,000,000		39,970,756
0.72%, 11/05/09		5,000,000		4,987,300
0.90%, 05/05/11†		17,000,000		16,989,448
Federal National Mortgage Association
0.60%, 08/26/09		8,000,000		7,992,533
0.80%, 05/13/11†		15,000,000		15,005,319
Total Agency Obligations (Cost $98,365,356)				98,365,356
CERTIFICATES OF DEPOSIT — 22.6%
Banco Bilbao Vizcaya Argentaria S.A. NY
0.97%, 07/01/09		2,000,000		2,000,000
1.07%, 10/29/09		6,000,000		6,000,199
0.90%, 11/16/09		5,000,000		5,000,191
BNP Paribas NY
0.43%, 11/16/09		25,000,000		25,000,000
0.56%, 11/30/09		10,000,000		10,000,000
0.55%, 12/04/09		20,000,000		20,000,000
Chase Bank USA NA
0.52%, 07/15/09		1,200,000		1,200,000
DnB NORBank ASA NY
0.67%, 12/10/09		7,000,000		7,000,000
Intesa Sanpaolo SpA NY
0.60%, 12/11/09		5,000,000		5,000,000
Rabobank Nederland NV NY
0.40%, 10/13/09		17,000,000		17,000,000
1.02%, 05/04/10†		17,000,000		17,000,000
Royal Bank of Scotland PLC NY
1.25%, 07/09/09		15,000,000		15,000,000
0.63%, 09/18/09		7,000,000		7,000,153
0.63%, 09/30/09		2,000,000		2,000,000
Sanpaolo IMI SpA NY
0.86%, 07/02/09		15,000,000		15,000,000
State Street Bank and Trust Co.
0.61%, 07/27/09		35,000,000		35,000,000
Sumitomo Mitsui Bank NY
0.90%, 07/21/09		12,000,000		12,000,133
Svenska Handelsbanken NY
0.62%, 11/30/09		5,000,000		5,000,105
0.57%, 12/14/09		10,000,000		10,000,460
0.52%, 12/17/09		15,000,000		15,000,351
UBS AG Stamford
0.71%, 08/04/09		17,000,000		17,000,000
0.74%, 09/02/09		12,000,000		12,000,000
Total Certificates of Deposit (Cost $260,201,592)				260,201,592
COMMERCIAL PAPER — 61.2%
Antalis US Funding Corporation
0.63%, 07/08/09		10,000,000		9,998,775
0.45%, 08/14/09		16,000,000		15,991,200
Atlantis One Funding Corporation
0.45%, 08/05/09		25,000,000		24,989,062
0.39%, 09/02/09		15,000,000		14,989,763
BASF SE
0.40%, 07/20/09		25,000,000		24,994,722
CAFCO LLC
0.50%, 07/01/09		25,000,000		25,000,000
Cancara Asset Securitisation LLC
0.50%, 08/14/09		17,000,000		16,989,611
CBA Delaware Finance, Inc.
0.34%, 09/16/09		25,000,000		24,981,819
Citigroup Funding, Inc.
0.45%, 07/07/09		12,000,000		11,999,100
0.40%, 07/10/09		20,000,000		19,998,000
Danske Corporation
0.49%, 08/10/09		6,000,000		5,996,733
0.76%, 11/02/09		8,000,000		7,979,196
DnB NORBank ASA
0.80%, 07/07/09		8,000,000		7,998,933
Erasmus Capital Corporation
0.55%, 07/14/09		10,000,000		9,998,014
0.50%, 09/01/09		21,000,000		20,981,917
Fairway Finance LLC
0.41%, 08/18/09		45,000,000		44,975,400
ING US Funding LLC
0.68%, 07/27/09		20,000,000		19,990,178
Intesa Funding LLC
0.69%, 07/06/09		39,000,000		38,996,262
JPMorgan Chase Funding, Inc.
0.37%, 08/06/09		7,376,000		7,373,271
0.35%, 08/13/09		5,000,000		4,997,910
National Australia Funding Delaware, Inc.
0.33%, 09/14/09		25,000,000		24,982,813
Nestle Capital Corporation
0.04%, 07/01/09		30,000,000		30,000,000
Nieuw Amsterdam Receivables Corporation
0.70%, 08/11/09		10,000,000		9,992,028
Old Line Funding LLC
0.40%, 07/15/09		15,000,000		14,997,667
0.45%, 08/04/09		10,000,000		9,995,750
Royal Bank of Scotland PLC
1.21%, 07/21/09		12,000,000		11,991,933
1.08%, 07/31/09		12,000,000		11,989,200
0.75%, 09/02/09		10,000,000		9,986,875
Santander Central Hispano Finance Delaware, Inc.
1.65%, 08/03/09		5,000,000		4,992,438
Scaldis Capital LLC
0.70%, 08/04/09		1,000,000		999,339
0.60%, 08/07/09		27,000,000		26,983,350
Societe Generale North America, Inc.
1.39%, 07/07/09		4,000,000		3,999,073
0.71%, 07/24/09		7,000,000		6,996,825
0.35%, 08/26/09		230,000		229,875
0.38%, 09/09/09		12,000,000		11,991,133
0.38%, 09/16/09		10,000,000		9,991,872
0.58%, 12/11/09		18,000,000		17,953,138
Straight-A Funding LLC
0.50%, 08/03/09		7,500,000		7,496,562

See Notes to Financial Statements.

39

Money Market Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Tempo Finance Corporation
0.55%, 07/06/09	$	15,000,000	$	14,998,854
Thunder Bay Funding LLC
0.48%, 07/13/09		40,455,000		40,448,527
UBS Finance Delaware LLC
1.20%, 07/06/09		14,000,000		13,997,667
0.68%, 09/04/09		15,000,000		14,981,583
Wells Fargo & Co.
0.05%, 07/01/09		45,103,000		45,103,000
Total Commercial Paper (Cost $704,319,368)				704,319,368
VARIABLE RATE OBLIGATIONS — 9.5%
Bank of Montreal
0.82%, 07/06/09 144A†		9,200,000		9,200,000
Dexia Credit Local
1.01%, 07/17/09†		14,000,000		14,000,000
HSBC USA, Inc.
1.56%, 07/14/09†		1,645,000		1,645,000
ING Bank NV
0.98%, 08/24/09 144A†		4,750,000		4,750,000
ING USA Global Funding Trust
1.08%, 09/18/09†		2,725,000		2,725,000
KBC Bank NV NY
0.49%, 07/01/09†		6,690,000		6,690,000
Lloyds Banking Group PLC
1.29%, 08/07/09 144A†		7,450,000		7,450,000
Nordea Bank AB
1.45%, 07/24/09 144A†		6,900,000		6,900,000
Procter & Gamble International Funding SCA
1.00%, 08/07/09†D		27,000,000		27,000,000
Rabobank Nederland NV
0.56%, 07/07/09 144A†		11,800,000		11,800,000
Wachovia Bank NA
1.59%, 07/06/09†D		6,250,000		6,250,000
Wisconsin Housing & Economic Development Series D Authority Home Ownership Revenue Bond
0.90%, 07/01/09†		5,000,000		5,000,000
0.90%, 07/01/09†		5,350,000		5,350,000
Total Variable Rate Obligations (Cost $108,760,000)				108,760,000
	Shares
MONEY MARKET FUND — 1.1%
Northern Institutional Liquid Assets Portfolio§ (Cost $12,249,000)		12,249,000		12,249,000
	Par
U.S. TREASURY OBLIGATIONS — 5.2%
U.S. Treasury Bills
0.45%, 08/13/09	$	6,000,000		5,996,811
0.41%, 08/20/09		15,000,000		14,991,458
0.47%, 08/20/09		12,000,000		11,992,175
0.49%, 08/27/09D		5,000,000		4,996,117
0.32%, 09/03/09		10,757,000		10,750,880
0.55%, 07/01/10		11,000,000		10,939,384
Total U.S. Treasury Obligations (Cost $59,666,825)				59,666,825
TOTAL INVESTMENTS — 108.1% (Cost $1,243,562,141)				1,243,562,141
Liabilities in Excess of Other Assets — (8.1)%				(92,701,685	)
NET ASSETS — 100.0%			$	1,150,860,456

PORTFOLIO SUMMARY (based on net assets)

	%
Commercial Paper	61.2
Certificates of Deposit	22.6
Variable Rate Obligations	9.5
Agency Obligations	8.5
U.S. Treasury Obligations	5.2
Money Market Fund	1.1
	108.1

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Money Market Fund	$	12,249,000	$	—
Level 2 — Other Significant
Observable Inputs
Agency Obligations		98,365,356		—
Certificates Of Deposit		260,201,592		—
Commercial Paper		704,319,368		—
Variable Rate Obligations		108,760,000		—
U.S. Treasury Obligations		59,666,825		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	1,243,562,141	$	—

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

See Notes to Financial Statements.

40

Low-Duration Bond Fund SCHEDULE OF INVESTMENTS June 30, 2009 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 2.5%
Federal Home Loan Bank
5.38%, 06/13/14	$	895,000	$	993,998
5.25%, 09/12/14		895,000		992,591
Federal Home Loan Mortgage Corporation
3.25%, 02/25/11		3,000,000		3,103,800
5.88%, 03/21/11		2,310,000		2,422,002
1.75%, 06/15/12		2,300,000		2,293,282
Federal National Mortgage Association
6.25%, 02/01/11		1,275,000		1,341,540
2.00%, 02/11/11		1,780,000		1,792,672
5.25%, 08/01/12		1,580,000		1,642,942
Small Business Administration
6.95%, 11/10/16		515,985		548,375
Total Agency Obligations (Cost $14,818,731)				15,131,202
ASSET-BACKED SECURITIES — 10.7%
Accredited Mortgage Loan Trust
0.36%, 02/25/37†		856,079		786,952
American Express Issuance Trust
4.02%, 01/18/11		2,580,000		2,619,087
Amresco Independence Funding, Inc.
1.69%, 06/15/26 144A		295,275		185,517
Asset-Backed Securities Corporation Home Equity
0.59%, 09/25/34†		100,868		64,868
Bear Stearns Asset-Backed Securities Trust
0.36%, 11/25/36†		435,476		372,453
1.31%, 10/25/37†		1,280,357		687,418
0.50%, 01/25/47†		1,751,858		1,268,464
BMW Vehicle Lease Trust
0.79%, 06/15/10		490,000		490,166
2.04%, 04/15/11		1,800,000		1,806,193
Business Loan Express
2.25%, 01/01/25 144A†		189,016		102,499
Capital Auto Receivables Asset Trust
5.32%, 03/20/10 144A		267,978		267,978
Carmax Auto Owner Trust
5.24%, 07/15/11		2,105,748		2,137,823
CenterPoint Energy Transition Bond Co., LLC
4.97%, 08/01/14		2,813,020		2,937,862
Chase Issuance Trust
0.34%, 03/15/13†		1,100,000		1,080,789
Citigroup Mortgage Loan Trust, Inc.
0.37%, 07/25/45†		2,674,272		1,876,639
Conseco Financial Corporation
6.04%, 11/01/29		23,851		20,938
CSAB Mortgage Backed Trust
5.72%, 09/25/36 STEP		900,000		571,459
Daimler Chrysler Auto Trust
1.25%, 07/08/11†		970,922		971,467
FHLMC Structured Pass-Through Securities
0.57%, 08/25/31†		1,089,157		873,361
First Franklin Mortgage Loan Asset-Backed Certificates
0.36%, 12/25/36†		5,428		5,368
Ford Credit Auto Lease Trust
1.24%, 06/15/10 144A		600,000		594,656
2.60%, 05/15/11 144A		830,000		832,075
Ford Credit Auto Owner Trust
5.07%, 12/15/10		1,638,532		1,661,655
1.22%, 01/15/11†		901,945		902,613
0.36%, 02/15/12†		2,520,000		2,494,262
3.96%, 04/15/12		3,585,000		3,622,403
2.79%, 08/15/13		2,150,000		2,151,243
Fremont Home Loan Trust
0.36%, 10/25/36†		89,582		55,956
GSAA Trust
0.63%, 12/25/34†		498,936		231,819
Honda Auto Receivables Owner Trust
5.12%, 10/15/10		386,923		389,506
2.22%, 08/15/11		1,000,000		1,005,803
2.79%, 01/15/13		1,520,000		1,528,277
IFC SBA Loan-Backed Adjustable Rate Certificate
1.25%, 01/15/24 144A†		244,888		196,351
JP Morgan Mortgage Acquisition Corporation
0.36%, 05/25/37†		1,933,630		1,675,689
Long Beach Mortgage Loan Trust
0.35%, 11/25/36†		145,015		134,559
Morgan Stanley ABS Capital I
0.36%, 11/25/36†		903,194		852,546
0.35%, 01/25/37†		719,958		623,061
0.42%, 02/25/37†		1,338,741		980,105
0.37%, 05/25/37†		1,554,369		986,376
Nissan Auto Lease Trust
2.01%, 04/15/11		940,000		937,062
Option One Mortgage Loan Trust
0.35%, 02/25/37†		35,663		35,176
PG&E Energy Recovery Funding LLC
4.37%, 06/25/14		350,000		361,558
Securitized Asset-Backed Receivables LLC Trust
0.35%, 01/25/37†		710,668		599,442
SLM Student Loan Trust
2.19%, 10/25/16†		3,985,000		4,007,416
2.39%, 01/25/18†		3,975,000		3,987,788
1.08%, 10/25/18†		866,546		858,829
Soundview Home Equity Loan Trust
0.43%, 01/25/37†		882,222		733,964
0.37%, 08/25/37†		1,085,439		948,027
Specialty Underwriting & Residential Finance
0.36%, 11/25/37†		152,084		146,964
Structured Asset Investment Loan Trust
0.36%, 07/25/36†		118,399		107,313
Structured Asset Securities Corporation
4.90%, 04/25/35†		1,238,819		731,482
0.36%, 10/25/36†		387,475		353,721

See Notes to Financial Statements.

41

Low-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Structured Asset Receivables Trust
1.60%, 04/21/11 144A†	$	1,835,115	$	1,559,847
TXU Electric Delivery Transition Bond Co., LLC
4.81%, 11/17/14		2,360,000		2,466,322
USAA Auto Owner Trust
4.89%, 08/15/12		1,474,759		1,496,911
Volkswagen Auto Lease Trust
2.87%, 07/15/11		700,000		702,587
Wachovia Auto Loan Owner Trust
5.08%, 04/20/12 144A		3,000,000		3,052,485
Wells Fargo Home Equity Trust
0.40%, 04/25/37†		1,235,221		1,026,970
Total Asset-Backed Securities (Cost $69,009,341)				64,160,120
CORPORATE BONDS — 17.7%
3M Co.
4.50%, 11/01/11		590,000		627,591
Abbott Laboratories
5.60%, 05/15/11D		750,000		801,651
AEP Texas Central Transition Funding LLC
4.98%, 07/01/13		2,900,000		3,033,339
Allstate Corporation
6.20%, 05/16/14		500,000		524,984
American Electric Power Co., Inc.
5.25%, 06/01/15D		1,600,000		1,572,403
American Honda Finance Corporation
2.95%, 06/29/11 144A†		600,000		598,621
American International Group, Inc.
1.59%, 07/19/13(E)†		400,000		289,105
8.25%, 08/15/18 144A		2,700,000		1,591,056
Amgen, Inc.
4.00%, 11/18/09		1,000,000		1,013,662
Bank of America Corporation
4.38%, 12/01/10D		1,290,000		1,293,744
Bank of America NA
1.16%, 06/23/10†		2,500,000		2,488,765
Bank of New York Mellon Corporation
0.71%, 03/23/12†		980,000		931,369
4.30%, 05/15/14		790,000		803,611
BellSouth Corporation
4.75%, 11/15/12		1,300,000		1,346,964
Berkshire Hathaway Finance Corporation
4.00%, 04/15/12 144A		3,495,000		3,614,424
Board of Trustees of The Leland Stanford Junior University
3.63%, 05/01/14		425,000		428,922
Bottling Group LLC
6.95%, 03/15/14		1,320,000		1,507,093
Caterpillar Financial Services Corporation
5.75%, 02/15/12D		575,000		602,522
Chevron Corporation
3.45%, 03/03/12D		3,375,000		3,483,513
Chicago Transit Authority
6.90%, 12/01/40		1,300,000		1,391,091
Cisco Systems, Inc.
5.25%, 02/22/11D		750,000	$	791,140
Citigroup Capital XXI
8.30%, 12/21/57†		3,100,000		2,422,948
Citigroup Funding, Inc.
1.38%, 05/05/11		2,110,000		2,113,939
Comcast Corporation
1.44%, 07/14/09†		1,735,000		1,735,493
ConocoPhillips
4.75%, 10/15/12D		1,225,000		1,291,639
4.75%, 02/01/14D		400,000		416,900
COX Communications, Inc.
7.75%, 11/01/10D		1,225,000		1,275,619
7.13%, 10/01/12		420,000		451,808
CSX Corporation
5.75%, 03/15/13D		1,225,000		1,257,091
CVS Caremark Corporation
4.00%, 09/15/09D		1,085,000		1,091,370
0.97%, 06/01/10†		1,380,000		1,370,586
5.75%, 08/15/11		975,000		1,031,557
Duke Energy Ohio, Inc.
5.70%, 09/15/12		1,375,000		1,399,591
Eaton Corporation
5.95%, 03/20/14D		600,000		629,087
Eli Lilly & Co.
3.55%, 03/06/12D		1,300,000		1,347,632
Enterprise Products Operating LLC
4.95%, 06/01/10		1,080,000		1,096,186
Express Scripts, Inc.
5.25%, 06/15/12		550,000		568,621
Florida Power Corporation
6.65%, 07/15/11		600,000		648,295
FPL Group Capital, Inc.
5.63%, 09/01/11D		475,000		508,013
General Dynamics Corporation
1.80%, 07/15/11		1,520,000		1,517,975
General Electric Capital Corporation
5.00%, 12/01/10D‡‡		1,740,000		1,791,694
1.80%, 03/11/11		2,615,000		2,639,667
5.90%, 05/13/14		460,000		472,861
6.50%, 09/15/37 144A(U)†		1,600,000		1,645,197
Goldman Sachs Group, Inc.
1.63%, 07/15/11D		400,000		402,374
6.00%, 05/01/14		600,000		626,849
6.25%, 09/01/17		300,000		297,296
Hewlett-Packard Co.
4.25%, 02/24/12D		1,961,000		2,048,049
John Deere Capital Corporation
1.81%, 01/18/11†		760,000		755,334
JPMorgan Chase & Co.
5.60%, 06/01/11D		520,000		544,655
2.20%, 06/15/12D		1,350,000		1,357,795
Kraft Foods, Inc.
5.63%, 08/11/10D		495,000		512,274
Lehman Brothers Holdings, Inc.
6.63%, 01/18/12#		600,000		91,500
6.75%, 12/28/17#		2,600,000		260
6.88%, 05/02/18#		2,400,000		396,000
Metropolitan Life Global Funding I
2.55%, 06/10/11 144A†		1,625,000		1,623,004

See Notes to Financial Statements.

42

	Par		Value
Microsoft Corporation
2.95%, 06/01/14D	$	900,000	$	894,483
MidAmerican Energy Co.
5.13%, 01/15/13		515,000		535,017
MidAmerican Energy Holdings Co.
5.88%, 10/01/12D		550,000		586,185
Midamerican Funding LLC
6.75%, 03/01/11		600,000		641,022
Morgan Stanley
3.01%, 05/14/10†		1,500,000		1,496,006
2.25%, 03/13/12		2,030,000		2,049,210
6.00%, 05/13/14		400,000		405,410
Nabors Industries, Inc.
6.15%, 02/15/18		3,300,000		3,173,062
Novartis Capital Corporation
4.13%, 02/10/14D		210,000		216,393
Oracle Corporation
5.00%, 01/15/11		1,040,000		1,090,634
Overseas Private Investment Corporation
25.44%, 07/12/10W		1,760,216		1,802,352
8.30%, 07/12/12W		2,100,000		2,265,852
5.75%, 04/15/14		1,600,000		1,698,344
Pacific Gas & Electric Co.
1.60%, 06/10/10†		1,000,000		1,005,218
Pfizer, Inc.
4.45%, 03/15/12		700,000		734,934
3.63%, 06/03/13(E)		100,000		142,453
Procter & Gamble Co.
4.60%, 01/15/14		535,000		563,224
3.50%, 02/15/15D		200,000		202,100
Progress Energy, Inc.
7.10%, 03/01/11D		1,120,000		1,191,650
Roche Holdings, Inc.
4.50%, 03/01/12 144A		2,296,000		2,415,284
Sprint Capital Corporation
8.38%, 03/15/12D		1,000,000		990,000
Time Warner Cable, Inc.
5.40%, 07/02/12		1,325,000		1,370,461
Time Warner, Inc.
1.15%, 11/13/09†		2,100,000		2,095,178
Union Pacific Corporation
6.13%, 01/15/12		365,000		381,711
US Bancorp
4.20%, 05/15/14D		900,000		911,164
Verizon Global Funding Corporation
7.25%, 12/01/10D		675,000		718,942
6.88%, 06/15/12D		445,000		489,278
Verizon Wireless Capital LLC
3.75%, 05/20/11 144A		4,325,000		4,415,535
5.25%, 02/01/12 144AD		2,585,000		2,727,940
5.55%, 02/01/14 144A		400,000		425,080
Wachovia Corporation
0.75%, 03/15/11†D		540,000		521,314
5.30%, 10/15/11		394,000		410,806
Wells Fargo & Co.
7.98%, 03/15/49†		400,000		332,487
XTO Energy, Inc.
5.00%, 08/01/10		1,020,000		1,045,633
Total Corporate Bonds (Cost $112,467,890)				106,059,091
FOREIGN BONDS — 11.5%
Australia — 2.1%
Australia & New Zealand Banking Group, Ltd.
0.89%, 06/18/12 144A†		1,575,000		1,571,252
BHP Billiton Finance USA, Ltd.
5.50%, 04/01/14		200,000		214,773
Commonwealth Bank of Australia
2.40%, 01/12/12 144AD		1,004,000		1,008,471
Macquarie Bank, Ltd.
2.60%, 01/20/12 144A		880,000		883,767
4.10%, 12/17/13 144A		3,410,000		3,498,206
National Australia Bank, Ltd.
1.42%, 02/08/10 144A†		1,600,000		1,599,987
2.55%, 01/13/12 144AD		1,191,000		1,200,080
Suncorp-Metway, Ltd.
0.99%, 12/17/10 144A†		2,405,000		2,409,473
				12,386,009
Bermuda — 0.1%
Ingersoll-Rand Global Holding Co., Ltd.
2.42%, 08/13/10†		545,000		532,242
Canada — 1.3%
Export Development Canada
2.38%, 03/19/12		1,410,000		1,424,307
Province of Ontario
3.13%, 09/08/10		760,000		776,110
2.75%, 02/22/11D		775,000		795,493
1.17%, 05/22/12†		1,475,000		1,470,804
4.10%, 06/16/14		2,195,000		2,240,972
Royal Bank of Canada
5.65%, 07/20/11		550,000		586,647
Toronto-Dominion Bank
2.08%, 09/10/10(E)†		550,000		770,927
				8,065,260
Cayman Islands — 0.1%
Petroleum Export, Ltd.
4.62%, 06/15/10 144A		377,778		370,674
4.63%, 06/15/10 144A		377,778		370,687
				741,361
France — 1.5%
BNP Paribas
1.65%, 06/11/12†		600,000		597,971
Caisse d’Amortissement de la Dette Sociale
3.75%, 07/12/09(E)		1,600,000		2,246,707
Dexia Credit Local
1.26%, 09/23/11 144A†		1,100,000		1,097,149
Societe Financement de l’Economie Francaise
2.13%, 01/30/12 144AD		1,640,000		1,644,042
2.38%, 03/26/12		2,395,000		2,412,481
2.38%, 03/26/12 144A		1,155,000		1,146,257
				9,144,607
Germany — 1.6%
Bundesobligation
2.25%, 04/11/14(E)D		4,295,000		5,962,026
Deutsche Bank AG
5.00%, 10/12/10		515,000		528,546

See Notes to Financial Statements.

43

Low-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Kreditanstalt fuer Wiederaufbau
3.50%, 03/10/14	$	1,605,000	$	1,636,709
Landwirtschaftliche Rentenbank
4.13%, 07/15/13		1,315,000		1,374,092
				9,501,373
Japan — 0.1%
Japan Finance Corporation
2.00%, 06/24/11		500,000		501,145
Netherlands — 1.8%
Deutsche Telekom International Finance BV
8.50%, 06/15/10		900,000		946,714
EDP Finance BV
5.38%, 11/02/12 144A		550,000		576,819
Fortis Bank Nederland Holding NV
1.74%, 06/10/11(E)†		600,000		846,547
ING Bank NV
2.63%, 02/09/12 144A		1,200,000		1,215,090
Koninklijke KPN NV
8.00%, 10/01/10		1,430,000		1,500,909
LeasePlan Corporation NV
3.00%, 05/07/12 144A		1,525,000		1,544,454
Nederlandse Waterschapsbank NV
4.63%, 07/25/11(E)		1,000,000		1,478,705
Shell International Finance BV
4.00%, 03/21/14		2,650,000		2,723,999
				10,833,237
Norway — 0.4%
Eksportfinans A/S
5.00%, 02/14/12		1,125,000		1,194,408
StatoilHydro ASA
3.88%, 04/15/14D		1,385,000		1,406,197
				2,600,605
Supranational — 0.7%
Asian Development Bank
2.75%, 05/21/14		1,295,000		1,273,742
European Investment Bank
4.75%, 04/15/11(E)		1,500,000		2,222,364
3.13%, 06/04/14		600,000		601,946
				4,098,052
Sweden — 0.1%
Swedbank AB
2.80%, 02/10/12 144A		600,000		607,552
Switzerland — 0.3%
UBS AG
1.53%, 06/19/10†		1,550,000		1,527,531
United Kingdom — 1.4%
Bank of England PLC
2.38%, 03/19/12 144A		600,000		598,512
Barclays Bank PLC
4.25%, 10/27/11(E)D		1,000,000		1,472,400
2.70%, 03/05/12 144A		740,000		750,063
BP Capital Markets PLC
5.25%, 11/07/13D		525,000		564,036
3.63%, 05/08/14		600,000		599,054
Lloyds TSB Bank PLC
1.42%, 06/09/11(E)†		400,000		560,044
Royal Bank of Scotland PLC
2.63%, 05/11/12 144A		2,025,000		2,032,977
Vodafone Group PLC
0.94%, 02/27/12†		950,000		908,510
4.15%, 06/10/14		1,040,000		1,024,810
				8,510,406
Total Foreign Bonds (Cost $68,613,499)				69,049,380
MORTGAGE-BACKED SECURITIES — 46.1%
Adjustable Rate Mortgage Trust
0.58%, 11/25/35†		831,401		437,415
5.94%, 03/25/37†		3,348,887		1,625,101
American Home Mortgage Investment Trust
4.29%, 10/25/34†		1,176,153		834,030
American Home Mortgage Assets
0.58%, 11/25/35†		754,878		391,060
2.26%, 11/25/46†		1,447,285		483,737
Bank of America Commercial Mortgage, Inc.
3.88%, 09/11/36		1,097,207		1,092,435
Bank of America Funding Corporation
6.10%, 01/20/47†		1,214,201		644,697
Bank of America Mortgage Securities, Inc.
6.50%, 10/25/31		285,537		280,325
6.14%, 10/20/46†		1,878,090		1,024,930
Bear Stearns Adjustable Rate Mortgage Trust
5.10%, 01/25/34†		470,205		360,773
4.64%, 07/25/34†		1,165,382		1,007,140
4.82%, 10/25/34†		488,244		340,908
2.94%, 03/25/35†		1,951,778		1,686,803
Bear Stearns Alt-A Trust
0.68%, 11/25/34†		546,913		272,381
5.49%, 09/25/35†		751,044		406,789
Bear Stearns Commercial Mortgage Securities
0.43%, 03/15/19 144A†		1,364,095		1,173,296
4.48%, 06/11/41		600,000		591,940
4.03%, 02/13/46		195,691		195,366
Chase Manhattan Bank - First Union National Bank
7.44%, 08/15/31†		438,940		438,129
Commercial Mortgage Pass-Through Certificates
7.42%, 08/15/33†		1,492,771		1,505,836
Countrywide Alternative Loan Trust
6.00%, 10/25/32		201,406		174,185
5.50%, 05/31/35		849,168		619,925
Countrywide Home Loan Mortgage Pass-Through Trust
5.10%, 09/25/33†		24,482		18,525
0.58%, 02/25/35†		245,121		149,354
Deutsche ALT-A Securities, Inc.
5.87%, 10/25/36 STEP		800,000		431,120
5.89%, 10/25/36 STEP		800,000		431,503
DLJ Commercial Mortgage Corporation
7.18%, 11/10/33		1,865,716		1,902,575

See Notes to Financial Statements.

44

	Par		Value
Federal Home Loan Mortgage Corporation
15.25%, 08/01/11	$	699	$	799
5.38%, 09/15/11		2,593,615		2,693,039
4.00%, 08/01/15		1,082,825		1,093,465
5.00%, 11/15/16		827,138		849,136
3.50%, 12/01/18		2,573,768		2,521,931
10.75%, 02/01/19		64,260		67,536
0.55%, 02/15/19†		4,093,894		4,016,041
6.00%, 11/01/22		1,535,008		1,625,334
4.25%, 06/15/24		309,911		311,689
5.17%, 07/01/27†		22,549		22,700
0.67%, 12/15/30†		739,423		729,400
3.73%, 06/01/33†		1,945,812		1,942,967
6.00%, 07/01/33		1,044,579		1,099,929
3.51%, 04/01/34†		1,813,296		1,850,429
4.41%, 10/01/34†		582,141		591,604
4.33%, 08/01/35†		1,407,953		1,454,233
4.89%, 10/01/35†		924,246		947,293
5.83%, 04/01/36†		2,708,758		2,798,796
Federal Housing Authority
7.43%, 09/01/22		1,510		1,495
Federal National Mortgage Association
5.50%, 12/01/18		974,138		1,027,959
4.00%, 11/25/19		710,499		717,877
5.50%, 09/25/24		563,247		567,805
4.43%, 12/01/24†		72,787		73,462
9.00%, 05/01/25		77,399		84,895
9.00%, 07/01/25		86,148		94,499
6.00%, 02/25/27		1,450,486		1,494,139
5.50%, 11/25/27		2,162,188		2,234,889
0.91%, 05/25/30†		1,569,836		1,545,596
0.96%, 05/25/30†		1,593,267		1,564,139
0.56%, 09/25/30†		32,102		31,872
4.53%, 09/01/31†		71,667		72,513
3.31%, 03/25/32		306,191		288,066
3.46%, 04/01/33†		371,847		387,623
4.45%, 06/01/33†		201,140		202,305
5.50%, 06/01/33		18,715		19,420
5.50%, 07/01/33		17,886		18,560
5.17%, 10/01/33†		821,988		846,438
5.50%, 10/01/33		95,861		99,470
4.88%, 12/01/33†		248,623		256,552
4.50%, 06/01/34		57,674		57,854
4.50%, 09/01/34		226,294		226,822
4.88%, 09/01/34†		866,192		884,004
5.09%, 09/01/34†		607,247		619,458
4.73%, 10/01/34†		922,241		952,820
5.09%, 10/01/34†		1,030,309		1,056,373
4.50%, 12/01/34		67,678		67,836
4.50%, 02/01/35		2,499,583		2,503,073
4.50%, 03/01/35		1,464,745		1,466,790
4.50%, 04/01/35		2,457,843		2,461,275
4.50%, 05/01/35		771,589		772,666
4.50%, 06/01/35		60,104		60,188
5.00%, 06/01/35		31,275,482		31,953,525
4.50%, 08/01/35		1,543,115		1,545,270
4.68%, 08/01/35†		4,680,072		4,837,374
4.43%, 09/01/35†		2,110,633		2,189,496
4.50%, 09/01/35		965,908		967,256
4.50%, 10/01/35		594,878		595,709
5.34%, 10/01/35†		1,850,190		1,933,996
4.50%, 11/01/35		630,125		631,005
4.65%, 11/01/35†		2,883,889		2,943,552
5.49%, 12/01/35†		155,027		161,074
5.50%, 07/01/37 TBA		1,700,000		1,754,720
6.00%, 07/01/37 TBA		100,000		104,500
5.50%, 08/01/37		4,674,436		4,846,259
2.64%, 07/01/44†		313,345		306,580
6.50%, 12/31/49		487,731		490,917
FHLMC Multifamily Structured Pass-Through Certificates
2.23%, 07/25/13		1,215,000		1,215,292
3.61%, 06/25/14		1,095,000		1,112,159
FHLMC Structured Pass-Through Securities
1.31%, 05/25/43†		1,362,469		1,334,300
2.84%, 07/25/44†		2,315,041		2,290,529
First Horizon Alternative Mortgage Securities
3.57%, 06/25/34†		751,567		485,837
GE Capital Commercial Mortgage Corporation
4.09%, 01/10/38		800,404		796,150
5.56%, 06/10/38		391,449		401,949
GMAC Commercial Mortgage Securities, Inc.
7.72%, 03/15/33†		1,612,166		1,626,874
6.70%, 04/15/34		2,378,813		2,422,292
Government National Mortgage Association
6.00%, 02/15/11		9,166		9,209
5.38%, 06/20/17†		17,089		17,612
5.38%, 06/20/21†		7,927		8,189
4.13%, 10/20/27†		58,411		59,232
8.50%, 10/15/29		27,894		31,160
0.94%, 02/16/30†		233,792		233,759
8.50%, 03/15/30		4,221		4,717
8.50%, 04/15/30		13,331		14,897
8.50%, 05/15/30		137,494		153,644
8.50%, 06/15/30		13,311		14,874
8.50%, 07/15/30		77,987		87,145
8.50%, 08/15/30		22,236		24,847
8.50%, 09/15/30		2,397		2,678
8.50%, 11/15/30		52,488		58,653
8.50%, 12/15/30		65,149		72,801
8.50%, 02/15/31		42,135		47,024
3.75%, 05/20/34†		1,075,614		1,097,272
6.00%, 06/15/36		721,427		752,623
6.00%, 07/01/37 TBA		49,500,000		51,557,319
6.50%, 10/20/37		3,183,153		3,371,978
6.00%, 07/20/38		3,471,805		3,619,780
6.50%, 07/20/38		3,124,103		3,309,604
6.50%, 07/21/38 TBA		500,000		530,469
6.50%, 08/20/38		736,298		780,017
6.50%, 09/20/38		2,165,065		2,293,621
6.00%, 02/15/39		2,651,573		2,765,405
Greenpoint Mortgage Funding Trust
0.49%, 01/25/37†		1,198,580		483,639
0.58%, 11/25/45†		351,960		167,498
GS Mortgage Securities Corporation II
6.04%, 08/15/18 144A		205,466		205,427
(40.29)%, 01/10/40 IO 144AW†		20,252,244		116,523

See Notes to Financial Statements.

45

Low-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
GSR Mortgage Loan Trust
3.97%, 06/01/34†	$	617,584	$	506,947
4.60%, 09/25/34†		784,874		537,513
3.84%, 09/25/35†		1,678,064		1,279,883
4.48%, 09/25/35†		3,505,171		2,946,808
HarborView Mortgage Loan Trust
5.31%, 12/19/35†		2,791,050		1,753,796
0.52%, 11/19/36†		2,425,476		940,453
Impac Secured Assets CMN Owner Trust
0.39%, 01/25/37†		396,193		371,614
Indymac Index Mortgage Loan Trust
0.58%, 06/25/37†		917,363		202,455
0.50%, 09/25/46†		1,402,660		546,682
JP Morgan Mortgage Trust
4.08%, 08/25/34†		82,437		71,527
5.02%, 02/25/35†		850,950		743,871
4.74%, 07/25/35†		2,909,384		2,356,568
LB-UBS Commercial Mortgage Trust
6.16%, 07/14/16 144A		1,581,230		1,616,113
7.95%, 05/15/25†		3,849,054		3,911,646
6.37%, 12/15/28		1,520,000		1,554,011
7.72%, 04/15/37 IO 144AW†		16,405,019		80,552
Luminent Mortgage Trust
0.57%, 11/26/35†		1,910,073		845,042
0.48%, 12/25/36†		1,448,899		567,351
MASTR Adjustable Rate Mortgages Trust
5.51%, 12/25/33†		832,050		700,988
Merrill Lynch Mortgage Investors, Inc.
3.35%, 08/25/34†		2,050,996		1,808,551
MLCC Mortgage Investors, Inc.
4.56%, 12/25/34†		1,492,103		1,320,376
5.33%, 02/25/36†		1,594,962		1,113,837
Morgan Stanley Capital I
5.36%, 12/15/44		3,567,062		3,590,697
Opteum Mortgage Acceptance Corporation
0.40%, 04/25/36†		128,504		126,899
0.37%, 07/25/36†		297,464		282,014
Permanent Master Issuer PLC
1.18%, 01/15/16†		2,195,000		2,137,715
PNC Mortgage Acceptance Corporation
7.30%, 10/12/33		1,867,706		1,914,494
5.91%, 03/12/34		270,927		271,331
Provident Funding Mortgage Loan Trust
3.84%, 04/25/34†		1,654,205		1,463,218
Residential Accredit Loans, Inc.
0.71%, 01/25/33†		389,452		347,524
Residential Asset Securitization Trust
0.61%, 05/25/35†		1,128,806		702,534
Residential Funding Mortgage Securities I
6.50%, 03/25/32		66,507		66,889
Structured Adjustable Rate Mortgage Loan Trust
4.33%, 03/25/34†		904,052		735,025
5.07%, 08/25/34†		1,180,153		866,383
0.61%, 09/25/34†		207,432		124,598
Structured Asset Mortgage Investments, Inc.
2.21%, 10/19/34†		582,837		380,142
0.56%, 07/19/35†		169,255		110,095
0.59%, 02/25/36†		1,059,258		485,957
0.38%, 08/25/36†		333,293		319,052
Structured Asset Securities Corporation
0.36%, 05/25/36†		258,357		240,496
TBW Mortgage Backed Pass Through Certificates
6.01%, 07/25/37 STEP		700,000		357,579
Thornburg Mortgage Securities Trust
0.43%, 07/25/36†		805,108		700,410
0.41%, 03/25/37†		2,454,185		2,150,502
0.44%, 06/25/37†		1,427,887		1,244,534
0.42%, 11/25/46†		2,560,723		2,299,919
TIAA Retail Commercial Trust
6.68%, 06/19/31 144A†		491,890		493,742
5.69%, 08/15/39†		2,167,955		2,205,803
Wachovia Bank Commercial Mortgage Trust
4.04%, 02/15/34		1,198,803		1,173,893
Washington Mutual Alternative Mortgage Pass-Through Certificates
2.18%, 05/25/47†		1,095,514		215,971
Washington Mutual Mortgage Pass-Through Certificates
0.85%, 12/25/27†		2,437,352		1,819,558
4.53%, 11/25/30†		104,374		85,707
3.15%, 06/25/34†		1,922,951		1,672,292
4.68%, 05/25/35†		3,550,000		1,972,683
5.69%, 02/25/37†		1,300,338		725,733
5.63%, 05/25/37†		1,399,227		903,218
5.81%, 07/25/37†		3,338,694		1,837,154
2.74%, 06/25/42†		44,595		32,370
0.62%, 01/25/45†		1,078,362		501,252
0.63%, 08/25/45†		533,266		289,220
0.60%, 10/25/45†		553,417		289,526
2.32%, 06/25/46†		2,009,552		903,870
2.08%, 01/25/47†		1,142,489		402,535
Wells Fargo Mortgage-Backed Securities Trust
3.54%, 12/25/34†		1,599,110		1,472,951
4.55%, 02/25/35†		2,989,164		2,576,825
5.24%, 04/25/36†		2,888,009		1,811,349
5.61%, 07/25/36†		2,309,333		1,530,075
6.00%, 07/25/37		2,658,683		2,332,891
Total Mortgage-Backed Securities (Cost $299,693,461)				276,676,772
MUNICIPAL BONDS — 1.8%
Citizens Property Insurance Corporation High Risk Account Series A-1 Revenue Bond
5.00%, 06/01/12		1,100,000		1,121,659
State of California General Obligation Bond
5.00%, 11/01/32		1,600,000		1,377,200
7.50%, 04/01/34		1,600,000		1,464,544
5.65%, 04/01/39†		1,800,000		1,771,938

See Notes to Financial Statements.

46

	Par			Value
7.55%, 04/01/39	$	3,400,000		$	3,098,760
State of Georgia General Obligation Bond
5.50%, 07/01/11		1,750,000			1,905,925
Total Municipal Bonds (Cost $11,410,535)					10,740,026
	Number of Contracts
PURCHASED OPTIONS — 0.0%
Put Options — 0.0%
6-Month Euro-BOBL Futures, Strike Price $98.25 expires 09/11/09		60			34,500
	Notional Amount
30-Year Federal National Mortgage Association, Strike Price $88.50, Expires 07/07/09	$	34,700,000			—
					34,500
Total Purchased Options (Cost $37,250)					34,500
	Shares
PREFERRED STOCK — 0.2%
Wells Fargo & Co. (Cost $970,070)		1,400			1,098,958
MONEY MARKET FUNDS — 6.0%
GuideStone Money Market Fund (GS4 Class)¥		4,323,398			4,323,398
Northern Institutional Liquid Assets Portfolio§		32,032,492			32,032,492
Total Money Market Funds (Cost $36,355,890)					36,355,890
	Par
REPURCHASE AGREEMENTS — 13.4%
Bank of America, NA
0.09% (dated 06/30/09, due 07/01/09, repurchase price $35,800,090, collateralized by Federal Home Loan Mortgage Corporation Bond, 5.000%, due 07/01/35, total market value $36,868,058)	$	35,800,000			35,800,000
JPMorgan Securities, Inc.
0.06% (dated 06/30/09, due 07/01/09, repurchase price $44,500,074, collateralized by Federal National Mortgage Association Bond and Federal National Mortgage Association Discount Note, 0.000% to 5.000%, due 12/31/09 to 07/01/34, total market value $45,867,970)		44,500,000			44,500,000
Total Repurchase Agreements (Cost $80,300,000)					80,300,000
U.S. TREASURY OBLIGATIONS — 2.2%
U.S. Treasury Bill
0.13%, 07/16/09		10,000			10,000
U.S. Treasury Inflationary Index Bonds
4.25%, 01/15/10D		2,550,000			3,296,325
2.38%, 01/15/17D		1,000,000			1,104,559
2.13%, 01/15/19D		3,800,000			3,902,401
					8,303,285
U.S. Treasury Notes
2.38%, 08/31/10		1,720,000			1,756,215
0.88%, 04/30/11D‡‡		1,260,000			1,256,702
0.88%, 05/31/11		1,185,000			1,181,117
1.75%, 11/15/11‡‡		500,000			505,471
2.25%, 05/31/14		395,000			389,815
					5,089,320
Total U.S. Treasury Obligations (Cost $13,412,188)					13,402,605
TOTAL INVESTMENTS — 112.1% (Cost $707,088,855)					673,008,544
	Number of Contracts
WRITTEN OPTIONS — 0.0%
Put Options — 0.0%
6-Month Euro-BOBL Futures, Strike Price $98.50 expires 09/11/09		(60	)		(19,125	)
90-Day Eurodollar Futures, Strike Price $98.63, Expires 12/14/09		(24	)		(6,450	)
					(25,575	)
	Notional Amount
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price $3.75, Expires 11/24/09	$	(7,000,000	)		(85,610	)
Total Written Options (Premiums received $(107,107))					(111,185	)
	Par
SECURITIES SOLD SHORT — (6.7)%
Federal National Mortgage Association
5.00%, 07/01/38 TBA	$	(31,000,000	)		(31,561,875	)
4.50%, 08/13/39 TBA		(9,000,000	)		(8,946,558	)
Total Securities Sold Short (Cost $(40,047,031))					(40,508,433	)
Liabilities in Excess of Other Assets — (5.4)%					(32,263,923	)
NET ASSETS — 100.0%				$	600,125,003

See Notes to Financial Statements.

47

Low-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

Swap agreements outstanding at June 30, 2009:

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date	Counter- party	Currency	Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Buy Protection
American Electric Power, 6.25% due 06/01/15	(6.26	)%	06/20/15	CITI	USD	$	1,600,000	$	(1,155	)	$	—	$	(1,155	)
Nabors Industries, 06.15% due 02/15/18	(0.63	)%	03/20/18	CITI	USD		3,300,000		202,187			—		202,187
Morgan Stanley ABS Capital I, 7.02% due 12/27/33	(0.54	)%	02/25/34	MSCS	USD		507,432		313,427			—		313,427
Long Beach Mortgage Trust, 6.72% due 02/25/34	(0.49	)%	02/25/35	BAR	USD		514,123		319,708			—		319,708
Specialty Underwriting & Residential Finance, 6.62% due 02/25/35	(0.59	)%	02/25/35	BAR	USD		458,106		258,817			—		258,817
Structured Asset Investment Loan Trust, 6.14% due 02/25/35	(0.61	)%	12/27/33	BAR	USD		1,137,620		1,129,177			—		1,129,177
								$	2,222,161		$	—	$	2,222,161
Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date	Counter- party	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	$	1,193,783		$	—	$	1,193,783
Dow Jones CDX IG9 10Y Index	(0.80	)%	12/20/17	GSC	USD		6,929,600		366,526			102,702		263,824
Dow Jones CDX IG9 10Y Index	(0.80	)%	12/20/17	GSC	USD		5,270,400		278,766			75,845		202,921
Dow Jones CDX IG9 10Y Index	(0.80	)%	12/20/17	BAR	USD		2,440,000		129,059			29,046		100,013
Dow Jones CDX IG9 10Y Index	(0.80	)%	12/20/17	RBS	USD		2,049,600		108,409			26,395		82,014
								$	2,076,543		$	233,988	$	1,842,555

Reference Obligation	Pay/Receive Floating Rate	Fixed Rate		Maturity Date	Counter- party	Currency	Notional Amount	Market Value		Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Interest Rate Swaps — Buy Protection
France CPI Ex Tobacco Index	Receive	2.09	%	10/15/10	RBS	EUR	1,500,000	$	72,464	$	(183	)	$	72,647
								$	72,464	$	(183	)	$	72,647
Total Swap agreements outstanding at June 30, 2009								$	4,371,168	$	233,805		$	4,137,363

See Notes to Financial Statements.

48

PORTFOLIO SUMMARY (based on net assets)
	%
Mortgage-Backed Securities	46.1
Futures Contracts	42.3
Corporate Bonds	17.7
Repurchase Agreements	13.4
Foreign Bonds	11.5
Asset-Backed Securities	10.7
Money Market Funds	6.0
Agency Obligations	2.5
Forward Foreign Currency Contracts	2.4
U.S. Treasury Obligations	2.2
Municipal Bonds	1.8
Swap Agreements	0.7
Preferred Stock	0.2
Purchased Options	—	**
Written Options	—	**
Securities Sold Short	(6.7	)
	150.8

** Rounds to less than 0.005%.

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities			Other Financial Instruments***
Assets:
Level 1 — Quoted Prices
Futures Contracts	$	—		$	2,486,429
Money Market Funds		36,355,890			—
Preferred Stock		1,098,958			—
Purchased Options		34,500			—
Level 2 — Other Significant Observable Inputs
Agency Obligations		15,131,202			—
Asset-Backed Securities		64,160,120			—
Corporate Bonds		102,094,895			—
Foreign Bonds		69,049,380			—
Forward Foreign Currency Contracts		—			(127,701	)
Mortgage-Backed Securities		276,676,772			—
Municipal Bonds		10,740,026			—
Repurchase Agreements		80,300,000			—
Swap Agreements		—			4,371,168
U.S. Treasury Obligations		13,402,605			—
Level 3 — Significant Unobservable Inputs
Corporate Bonds		3,964,196			—
Total Assets	$	673,008,544		$	6,729,896
Liabilities:
Level 1 — Quoted Prices
Written Options	$	(25,575	)	$	—
Level 2 — Other Significant Observable Inputs
Securities Sold Short		(40,508,433	)		—
Written Options		(85,610	)		—
Level 3 — Significant Unobservable Inputs		—			—
Total Liabilities	$	(40,619,618	)	$	—

*** 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.

49

Low-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

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

	Investments in Securities		Other Financial Instruments***
Balance, 12/31/08	$	3,740,617	$	—
Accrued discounts/premiums		90,509		—
Realized gain (loss)		—		—
Change in unrealized appreciation (depreciation)		133,070		—
Net purchases (sales)		—		—
Transfers in and/or out of Level 3				—
Balance, 06/30/09	$	3,964,196	$	—

See Notes to Financial Statements.

50

Medium-Duration Bond Fund SCHEDULE OF INVESTMENTS June 30, 2009 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 1.0%
Federal Farm Credit Bank
5.05%, 11/06/17	$	400,000	$	418,033
Federal Home Loan Bank
1.63%, 07/27/11		2,440,000		2,454,672
5.50%, 08/13/14		620,000		692,951
Federal Home Loan Mortgage Corporation
0.89%, 02/01/11†‡‡		1,409,000		1,407,009
0.93%, 05/04/11†		286,000		286,737
0.94%, 08/05/11†		6,000		6,002
5.30%, 12/01/15		1,300,000		1,442,366
Federal National Mortgage Association
5.25%, 08/01/12		500,000		519,918
Tennessee Valley Authority
5.38%, 04/01/46		1,800,000		1,766,320
Total Agency Obligations (Cost $8,876,949)				8,994,008
ASSET-BACKED SECURITIES — 4.2%
Access Group, Inc.
2.39%, 10/27/25†		1,838,642		1,853,868
Argent Securities, Inc.
0.36%, 10/25/36†		21,972		21,597
Asset-Backed Securities Corporation Home Equity
0.59%, 09/25/34†		168,112		108,113
Bayview Financial Acquisition Trust
0.99%, 02/28/44†		615,786		473,433
Bear Stearns Asset-Backed Securities, Inc.
6.00%, 10/25/36		3,580,384		1,987,927
6.50%, 10/25/36		3,367,640		1,816,745
CIT Mortgage Loan Trust
1.31%, 10/25/37 144A†		926,240		694,680
1.56%, 10/25/37 144A†		430,000		121,475
1.76%, 10/25/37 144A†		800,000		216,000
Countrywide Home Equity Loan Trust
0.61%, 02/15/34†		461,023		158,533
0.56%, 12/15/35†		1,183,037		413,943
0.46%, 07/15/36†		1,622,545		488,007
Daimler Chrysler Auto Trust
1.80%, 09/10/12†		4,300,000		4,281,807
EMC Mortgage Loan Trust
0.86%, 11/25/41 144A†		217,729		163,934
FBR Securitization Trust
0.57%, 10/25/35†		704,308		671,356
Ford Credit Auto Owner Trust
1.52%, 12/15/10†		901,047		902,568
1.22%, 01/15/11†		2,284,928		2,286,620
1.74%, 06/15/12†		2,600,000		2,608,332
Franklin Auto Trust
1.90%, 06/20/12†		700,000		701,236
GMAC Mortgage Corporation Loan Trust
7.00%, 09/25/37		515,640		197,182
GSAMP Trust
0.42%, 05/25/46 144A†		667,380		642,754
HFC Home Equity Loan Asset-Backed Certificates
1.52%, 11/20/36†		1,185,162		776,699
Lehman XS Trust
0.61%, 11/25/35 STEP†		2,288,890		966,035
0.58%, 12/25/35†		268,652		125,812
0.58%, 02/25/36†		1,308,549		582,499
Madison Avenue Manufactured Housing Contract
0.66%, 03/25/32†		580,985		542,022
Morgan Stanley Dean Witter Credit Corporation HELOC Trust
0.50%, 07/25/17 STEP		132,289		55,416
Nelnet Student Loan Trust
2.57%, 04/25/24†		780,000		768,518
Provident Bank Home Equity Loan Trust
0.85%, 08/25/31†		141,001		47,169
Residential Asset Mortgage Products, Inc.
0.79%, 03/25/34†		411,443		148,776
Residential Funding Securities LLC
0.76%, 06/25/33 144A†		389,907		258,009
Salomon Brothers Mortgage Securities VII
0.79%, 03/25/28 STEP		65,928		63,023
Securitized Asset-Backed Receivables LLC Trust
0.54%, 02/25/37†		3,322,928		1,315,085
SLM Student Loan Trust
2.59%, 04/25/23†		7,366,643		7,513,544
Structured Asset Securities Corporation
0.61%, 04/25/31 144A†		3,479,402		1,942,925
Total Asset-Backed Securities (Cost $49,414,460)				35,915,642
CORPORATE BONDS — 25.6%
Ace INA Holdings, Inc.
5.80%, 03/15/18		575,000		573,882
AES Corporation
8.75%, 05/15/13 144A		325,000		331,500
7.75%, 10/15/15		270,000		252,450
8.00%, 10/15/17		1,490,000		1,393,150
Allied Waste North America, Inc.
7.13%, 05/15/16D		125,000		125,794
Allstate Life Global Funding Trusts
5.38%, 04/30/13		400,000		413,950
American Achievement Corporation
8.25%, 04/01/12 144A		30,000		28,200
American Electric Power Co., Inc.
5.25%, 06/01/15		2,300,000		2,260,330
American Express Bank FSB
6.00%, 09/13/17		1,100,000		1,004,962
American Express Co.
7.00%, 03/19/18		500,000		486,296
6.80%, 09/01/66†		1,340,000		966,050
American Express Credit Corporation
5.88%, 05/02/13D		4,300,000		4,273,374
American General Finance Corporation
6.90%, 12/15/17D		780,000		422,912

See Notes to Financial Statements.

51

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
American International Group, Inc.
5.60%, 10/18/16	$	600,000	$	324,820
5.85%, 01/16/18		1,220,000		646,345
8.25%, 08/15/18 144A		3,200,000		1,885,696
6.25%, 03/15/37		680,000		178,500
AmerisourceBergen Corporation
5.88%, 09/15/15D		130,000		124,066
Anadarko Petroleum Corporation
6.45%, 09/15/36		110,000		99,178
ANZ Capital Trust II
5.36%, 12/29/49 144A‡‡		800,000		645,800
Apache Corporation
6.00%, 09/15/13D		680,000		740,583
ASIF Global Financing XIX
4.90%, 01/17/13 144A		100,000		85,139
Astoria Financial Corporation
5.75%, 10/15/12		450,000		406,531
AT&T, Inc.
5.10%, 09/15/14		550,000		571,982
5.50%, 02/01/18		4,350,000		4,350,983
6.40%, 05/15/38		1,400,000		1,374,919
6.55%, 02/15/39D		910,000		911,340
BAC Capital Trust XIV
5.63%, 12/31/49†		40,000		20,010
Baker Hughes, Inc.
7.50%, 11/15/18		870,000		1,020,588
Bank of America Corporation
1.40%, 10/14/16†D		1,700,000		1,288,467
5.75%, 12/01/17		3,130,000		2,791,522
5.65%, 05/01/18D		2,925,000		2,588,944
8.13%, 12/15/49†		20,000		16,729
Bear Stearns LLC
6.95%, 08/10/12		1,600,000		1,740,182
5.70%, 11/15/14		1,000,000		1,020,036
6.40%, 10/02/17		1,250,000		1,254,203
7.25%, 02/01/18D		4,360,000		4,602,734
BellSouth Capital Funding
7.88%, 02/15/30		460,000		509,536
BellSouth Corporation
4.75%, 11/15/12D		40,000		41,445
6.88%, 10/15/31		10,000		10,331
Boardwalk Pipelines LP
5.88%, 11/15/16		625,000		594,158
Boeing Co.
6.63%, 02/15/38		210,000		229,201
Capital One Bank USA NA
8.80%, 07/15/19D		600,000		613,990
Caterpillar Financial Services Corporation
6.20%, 09/30/13		980,000		1,038,546
CenterPoint Energy Resources Corporation
5.95%, 01/15/14		525,000		523,286
Chesapeake Energy Corporation
6.25%, 01/15/18D		140,000		116,900
7.25%, 12/15/18		205,000		179,375
Chicago Transit Authority
6.90%, 12/01/40		1,800,000		1,926,126
Chubb Corporation
6.50%, 05/15/38D		150,000		163,163
6.38%, 03/29/67†		375,000		300,432
CitiFinancial, Inc.
6.63%, 06/01/15		300,000		269,832
Citigroup, Inc.
2.13%, 04/30/12		500,000		502,537
6.50%, 08/19/13		850,000		826,403
5.00%, 09/15/14		920,000		772,098
5.50%, 02/15/17D		1,160,000		946,584
6.13%, 11/21/17		1,000,000		878,139
6.13%, 05/15/18		4,800,000		4,205,251
5.88%, 05/29/37		350,000		274,296
6.88%, 03/05/38		1,340,000		1,186,863
Comcast Cable Communications LLC
6.75%, 01/30/11		230,000		243,112
Comcast Cable Communications Holdings, Inc.
8.38%, 03/15/13		225,000		256,708
9.46%, 11/15/22		275,000		322,158
Comcast Corporation
6.50%, 01/15/17		60,000		63,747
5.70%, 05/15/18		1,890,000		1,903,432
Comcast Holdings Corporation
10.63%, 07/15/12		550,000		643,928
Commonwealth Edison Co.
5.40%, 12/15/11		650,000		680,261
5.90%, 03/15/36D		200,000		192,500
Community Health Systems, Inc.
8.88%, 07/15/15		280,000		275,800
Complete Production Services, Inc.
8.00%, 12/15/16		280,000		240,800
ConocoPhillips
8.75%, 05/25/10		230,000		245,554
ConocoPhillips Holding Co.
6.95%, 04/15/29		1,570,000		1,696,368
Countrywide Home Loans, Inc.
5.63%, 07/15/09		1,900,000		1,901,020
COX Communications, Inc.
4.63%, 01/15/10		800,000		803,896
8.38%, 03/01/39 144A		500,000		559,129
CSC Holdings, Inc.
7.63%, 04/01/11		590,000		587,050
6.75%, 04/15/12		60,000		58,200
CVS Pass-Through Trust
6.94%, 01/10/30 144A		971,630		881,456
Daimler Finance NA LLC
5.88%, 03/15/11		590,000		600,048
5.75%, 09/08/11		900,000		918,820
7.30%, 01/15/12		550,000		569,876
6.50%, 11/15/13		100,000		101,749
DaVita, Inc.
6.63%, 03/15/13		310,000		293,725
Dean Foods Co.
7.00%, 06/01/16D		375,000		344,063
Delta Air Lines, Inc.
6.82%, 08/10/22		453,780		372,100
DI Finance
9.50%, 02/15/13		90,000		86,850
DIRECTV Holdings LLC
8.38%, 03/15/13		155,000		156,163

See Notes to Financial Statements.

52

	Par		Value
DISH DBS Corporation
7.00%, 10/01/13D	$	10,000	$	9,550
6.63%, 10/01/14		30,000		27,750
7.75%, 05/31/15D		200,000		191,500
Dominion Resources, Inc.
5.13%, 12/15/09		230,000		232,940
1.66%, 06/17/10†		4,000,000		3,981,644
4.75%, 12/15/10		70,000		71,968
5.70%, 09/17/12		1,230,000		1,309,308
6.00%, 11/30/17		3,800,000		3,953,148
Dow Chemical Co.
7.60%, 05/15/14		550,000		567,071
Duke Energy Carolinas LLC
5.63%, 11/30/12		580,000		622,107
Dynegy Holdings, Inc.
7.75%, 06/01/19		395,000		309,581
Eastman Kodak Co.
7.25%, 11/15/13D		490,000		301,350
Edison Mission Energy
7.00%, 05/15/17D		240,000		185,400
7.20%, 05/15/19		320,000		240,000
7.63%, 05/15/27D		120,000		77,400
El Paso Corporation
7.00%, 06/15/17		710,000		650,185
7.80%, 08/01/31		750,000		615,532
7.75%, 01/15/32D		99,000		81,083
El Paso Natural Gas Co.
7.50%, 11/15/26		300,000		298,222
8.38%, 06/15/32		210,000		229,474
El Paso Performance-Linked Trust
7.75%, 07/15/11 144AD		1,460,000		1,440,125
Energy Future Holdings Corporation
5.55%, 11/15/14		120,000		76,370
6.50%, 11/15/24		370,000		187,250
6.55%, 11/15/34		1,620,000		786,930
Energy Transfer Partners LP
5.95%, 02/01/15D		975,000		983,485
6.70%, 07/01/18		1,180,000		1,208,341
Enterprise Products Operating LLC
4.95%, 06/01/10		650,000		659,742
8.38%, 08/01/66†		350,000		282,099
7.03%, 01/15/68†		350,000		258,502
EQT Corporation
8.13%, 06/01/19		85,000		91,137
Exelon Corporation
5.63%, 06/15/35		675,000		544,991
Express Scripts, Inc.
5.25%, 06/15/12		225,000		232,618
6.25%, 06/15/14		225,000		238,327
FirstEnergy Corporation
6.45%, 11/15/11		60,000		62,660
7.38%, 11/15/31		1,490,000		1,410,066
Florida Gas Transmission Co., LLC
7.90%, 05/15/19 144A		500,000		550,498
Ford Motor Credit Co., LLC
7.38%, 10/28/09		650,000		644,478
5.70%, 01/15/10D		125,000		120,659
7.88%, 06/15/10D		500,000		475,036
5.88%, 06/15/11†D		607,000		527,331
12.00%, 05/15/15		1,320,000		1,235,656
8.00%, 12/15/16		1,300,000		995,164
Forest City Enterprises, Inc.
7.63%, 06/01/15		20,000		12,700
6.50%, 02/01/17		70,000		38,850
Freeport-McMoRan Copper & Gold, Inc.
8.38%, 04/01/17		1,420,000		1,432,664
Freescale Semiconductor, Inc.
8.88%, 12/15/14D		75,000		38,250
Frontier Communications Corporation
9.25%, 05/15/11		415,000		434,713
7.88%, 01/15/27		50,000		40,250
General Electric Capital Corporation
5.45%, 01/15/13		150,000		154,070
General Electric Co.
5.00%, 02/01/13		920,000		958,056
General Motors Corporation
8.25%, 07/15/23#		210,000		26,775
8.38%, 07/05/33(E)#		170,000		28,499
Georgia-Pacific Corporation LLC
8.13%, 05/15/11D		4,000		4,020
GlaxoSmithKline Capital, Inc.
5.65%, 05/15/18		1,470,000		1,559,751
GMAC, Inc.
7.75%, 01/19/10 144A		326,000		321,110
6.88%, 09/15/11 144A		1,101,000		974,385
7.50%, 12/31/13 144AD		177,000		138,945
6.75%, 12/01/14D		1,900,000		1,462,213
8.00%, 12/31/18 144A		65,000		41,925
8.00%, 11/01/31D		200,000		137,268
Goldman Sachs Capital II
5.79%, 12/29/49†		60,000		36,589
Goldman Sachs Group, Inc.
4.50%, 06/15/10D		930,000		953,202
5.75%, 10/01/16		1,900,000		1,863,100
6.25%, 09/01/17		1,700,000		1,684,678
5.95%, 01/18/18		2,300,000		2,234,574
GrafTech Finance, Inc.
10.25%, 02/15/12		37,000		35,150
HCA, Inc.
6.30%, 10/01/12		32,000		29,520
9.13%, 11/15/14		60,000		59,550
6.50%, 02/15/16D		686,000		557,375
9.25%, 11/15/16		480,000		474,000
9.63%, 11/15/16 PIK		489,000		485,333
7.69%, 06/15/25		250,000		154,777
Hertz Corporation
8.88%, 01/01/14D		115,000		106,375
Hess Corporation
8.13%, 02/15/19		410,000		467,565
7.88%, 10/01/29D		260,000		282,746
7.30%, 08/15/31		1,060,000		1,097,211
Host Hotels & Resorts LP
6.75%, 06/01/16D		30,000		26,175
HSBC Finance Corporation
8.00%, 07/15/10		440,000		456,911
7.00%, 05/15/12		390,000		402,336
6.38%, 11/27/12		70,000		71,254
Humana, Inc.
7.20%, 06/15/18		240,000		216,616

See Notes to Financial Statements.

53

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
ILFC E-Capital Trust II
6.25%, 12/21/65 144A†	$	280,000	$	107,800
International Business Machines Corporation
1.65%, 07/28/11†		3,700,000		3,724,668
International Lease Finance Corporation
4.95%, 02/01/11		300,000		255,277
JC Penney Co., Inc.
7.40%, 04/01/37		50,000		39,559
JPMorgan Chase & Co.
5.75%, 01/02/13		320,000		330,268
5.15%, 10/01/15		1,890,000		1,865,464
JPMorgan Chase Bank NA
6.00%, 10/01/17		800,000		779,915
Kerr-McGee Corporation
6.95%, 07/01/24		450,000		418,482
7.88%, 09/15/31		1,830,000		1,790,316
Kinder Morgan Energy Partners LP
6.75%, 03/15/11		110,000		115,335
7.13%, 03/15/12		500,000		534,978
5.85%, 09/15/12		40,000		41,731
5.00%, 12/15/13		200,000		196,987
6.00%, 02/01/17		510,000		506,713
5.95%, 02/15/18		830,000		813,820
6.95%, 01/15/38		60,000		58,298
Kraft Foods, Inc.
6.50%, 08/11/17		300,000		316,466
Kroger Co.
6.15%, 01/15/20		500,000		511,852
L-3 Communications Corporation
7.63%, 06/15/12		250,000		251,250
6.38%, 10/15/15		120,000		109,500
Lamar Media Corporation
6.63%, 08/15/15		20,000		17,000
Land O’ Lakes, Inc.
9.00%, 12/15/10		125,000		126,875
Lehman Brothers Holdings Capital Trust VII
5.86%, 11/29/49#		2,330,000		233
Lehman Brothers Holdings, Inc.
6.63%, 01/18/12#		200,000		30,500
5.25%, 02/06/12#		390,000		59,475
5.63%, 01/24/13#		2,300,000		359,375
6.20%, 09/26/14#		300,000		45,750
6.50%, 07/19/17#		150,000		15
6.75%, 12/28/17#		3,340,000		334
Liberty Media Corporation
5.70%, 05/15/13		25,000		21,750
3.75%, 02/15/30 CONV		40,000		14,600
Merrill Lynch & Co., Inc.
1.24%, 02/05/10†		600,000		593,042
5.45%, 02/05/13		2,645,000		2,576,428
5.70%, 05/02/17		400,000		343,617
6.40%, 08/28/17D		775,000		687,123
6.88%, 04/25/18		525,000		486,695
MetLife Capital Trust IV
7.88%, 12/15/37 144A		300,000		243,594
MetLife Capital Trust X
9.25%, 04/08/38 144A†		300,000		267,614
MetLife, Inc.
6.40%, 12/15/36		150,000		107,531
MidAmerican Energy Holdings Co.
6.13%, 04/01/36		750,000		743,774
5.95%, 05/15/37		150,000		145,273
Morgan Stanley
6.75%, 04/15/11		700,000		733,605
5.63%, 01/09/12		410,000		419,840
5.75%, 08/31/12D		3,325,000		3,437,914
1.60%, 03/01/13(E)†		500,000		623,785
1.56%, 10/18/16†		340,000		275,473
5.95%, 12/28/17		450,000		432,507
6.63%, 04/01/18		1,775,000		1,772,409
Nevada Power Co.
5.88%, 01/15/15		350,000		358,969
6.65%, 04/01/36D		300,000		306,092
New Cingular Wireless Services, Inc.
8.13%, 05/01/12		135,000		151,240
Nextel Communications, Inc.
5.95%, 03/15/14		44,000		34,870
7.38%, 08/01/15		130,000		104,325
Nisource Finance Corporation
10.75%, 03/15/16		200,000		222,108
Nortek, Inc.
8.50%, 09/01/14		62,000		17,980
NRG Energy, Inc.
7.25%, 02/01/14D		285,000		277,163
7.38%, 02/01/16		80,000		75,900
7.38%, 01/15/17		35,000		33,075
Occidental Petroleum Corporation
7.00%, 11/01/13		1,120,000		1,283,473
Omnicom Group, Inc.
5.90%, 04/15/16		700,000		702,141
ONEOK Partners LP
6.65%, 10/01/36		375,000		346,789
6.85%, 10/15/37		325,000		309,863
Overseas Private Investment Corporation
25.44%, 07/12/10W		2,437,222		2,495,565
8.30%, 07/12/12W		3,000,000		3,236,931
Oxford Industries, Inc.
8.88%, 06/01/11		95,000		95,475
Pacific Energy Partners LP
7.13%, 06/15/14		60,000		61,477
Pacific Gas & Electric Co.
8.25%, 10/15/18		40,000		48,896
6.05%, 03/01/34		580,000		603,666
5.80%, 03/01/37		250,000		252,114
6.25%, 03/01/39D		325,000		348,551
Patrons’ Legacy
5.65%, 04/17/18 144A		1,290,357		920,967
Peabody Energy Corporation
6.88%, 03/15/13		145,000		144,275
7.88%, 11/01/26		1,500,000		1,301,250
Pemex Project Funding Master Trust
9.13%, 10/13/10		235,000		254,106
6.63%, 06/15/35		159,000		144,003
PepsiCo, Inc.
7.90%, 11/01/18		650,000		792,151
Phoenix Life Insurance Co.
7.15%, 12/15/34 144A		425,000		117,822

See Notes to Financial Statements.

54

	Par		Value
Pricoa Global Funding I
1.14%, 01/30/12 144A†	$	2,300,000	$	2,159,415
0.80%, 09/27/13 144A†		1,700,000		1,312,657
Pride International, Inc.
7.38%, 07/15/14		130,000		129,675
Private Export Funding Corporation
5.45%, 09/15/17		3,200,000		3,438,614
Progress Energy, Inc.
5.63%, 01/15/16		150,000		153,105
7.75%, 03/01/31		350,000		412,355
PVNGS II Funding Corporation, Inc.
8.00%, 12/30/15D		1,229,000		1,200,154
Qwest Capital Funding, Inc.
7.25%, 02/15/11D		200,000		195,000
Qwest Corporation
8.88%, 03/15/12		200,000		202,500
Reed Elsevier Capital, Inc.
8.63%, 01/15/19		860,000		978,739
Reinsurance Group of America, Inc.
6.75%, 12/15/65†		250,000		141,490
Roche Holdings, Inc.
6.00%, 03/01/19 144A		905,000		966,762
Service Corporation International
7.63%, 10/01/18		90,000		83,925
7.50%, 04/01/27		200,000		158,000
Simon Property Group LP REIT
6.13%, 05/30/18D		1,000,000		931,717
SLM Corporation
5.45%, 04/25/11		350,000		322,133
5.00%, 10/01/13		350,000		283,357
Sonat, Inc.
7.63%, 07/15/11		460,000		453,023
Southern Natural Gas Co.
8.00%, 03/01/32		400,000		425,246
Sovereign Bank
2.74%, 08/01/13†		250,000		188,814
Sprint Capital Corporation
8.38%, 03/15/12D		340,000		336,600
6.90%, 05/01/19		30,000		24,975
8.75%, 03/15/32		170,000		137,700
Steel Dynamics, Inc.
7.38%, 11/01/12		65,000		61,913
6.75%, 04/01/15		225,000		201,375
Suburban Propane Partners LP
6.88%, 12/15/13		195,000		180,375
SunTrust Preferred Capital I
5.85%, 12/31/49†		357,000		242,884
Tenet Healthcare Corporation
9.25%, 02/01/15D		1,382,000		1,271,440
Tennessee Gas Pipeline Co.
7.00%, 10/15/28D		175,000		167,635
7.63%, 04/01/37		50,000		50,890
TEPPCO Partners LP
6.65%, 04/15/18		650,000		660,916
Terex Corporation
7.38%, 01/15/14D		90,000		82,800
Time Warner Cable, Inc.
5.40%, 07/02/12		500,000		517,155
8.75%, 02/14/19		650,000		758,484
8.25%, 04/01/19		310,000		352,335
6.55%, 05/01/37		325,000		312,599
6.75%, 06/15/39		290,000		283,144
Time Warner, Inc.
1.15%, 11/13/09†		7,600,000		7,582,550
6.88%, 05/01/12		60,000		64,226
7.70%, 05/01/32		220,000		216,759
Time Warner Entertainment Co. LP
8.38%, 07/15/33		590,000		662,216
Travelers Cos., Inc.
6.25%, 03/15/37†D		400,000		322,849
Unilever Capital Corporation
7.13%, 11/01/10		285,000		304,395
Union Pacific Corporation
6.65%, 01/15/11		260,000		272,956
United Air Lines, Inc.
9.21%, 01/21/17#@		81,116		625
9.56%, 10/19/18#@		174,416		52,325
United Parcel Service, Inc.
4.50%, 01/15/13D		1,290,000		1,353,954
UnitedHealth Group, Inc.
4.88%, 02/15/13D		370,000		374,299
4.88%, 04/01/13D		410,000		412,185
Valero Energy Corporation
6.63%, 06/15/37		575,000		491,959
Ventas Realty LP
9.00%, 05/01/12		40,000		41,400
6.50%, 06/01/16		70,000		63,000
Verizon Communications, Inc.
5.55%, 02/15/16D		2,100,000		2,176,627
6.10%, 04/15/18		290,000		297,973
5.85%, 09/15/35		600,000		559,856
6.40%, 02/15/38		1,145,000		1,124,569
8.95%, 03/01/39		860,000		1,089,311
Verizon Global Funding Corporation
7.38%, 09/01/12		290,000		324,658
4.38%, 06/01/13		140,000		142,977
Verizon Wireless Capital
8.50%, 11/15/18 144A@		325,000		389,057
Wachovia Bank NA
7.80%, 08/18/10		250,000		260,250
6.60%, 01/15/38		900,000		880,105
Wachovia Capital Trust III
5.80%, 08/29/49†		580,000		348,118
Wachovia Corporation
5.25%, 08/01/14D		1,850,000		1,812,345
5.63%, 10/15/16		520,000		497,488
5.75%, 02/01/18D		600,000		590,246
Waste Management, Inc.
7.75%, 05/15/32		980,000		1,041,578
WEA Finance LLC
7.13%, 04/15/18 144AD		500,000		464,800
WellPoint, Inc.
5.88%, 06/15/17		720,000		705,769
Wells Fargo & Co.
4.38%, 01/31/13		600,000		605,662
7.98%, 03/15/49†D		6,100,000		5,070,430
Wells Fargo Capital X
5.95%, 12/15/36		200,000		148,420
Wells Fargo Capital XIII
7.70%, 12/29/49†		575,000		477,615
Wells Fargo Capital XV
9.75%, 09/26/44†		990,000		958,634

See Notes to Financial Statements.

55

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Westlake Chemical Corporation
6.63%, 01/15/16	$	85,000	$	74,800
Weyerhaeuser Co.
6.75%, 03/15/12		735,000		735,711
Whirlpool Corporation
8.00%, 05/01/12		125,000		129,453
8.60%, 05/01/14		150,000		156,904
Williams Cos., Inc.
7.50%, 01/15/31		20,000		17,644
7.75%, 06/15/31		200,000		180,446
8.75%, 03/15/32		983,000		990,347
Windstream Corporation
8.63%, 08/01/16		630,000		606,375
Xerox Corporation
6.75%, 02/01/17		70,000		63,792
XTO Energy, Inc.
7.50%, 04/15/12		43,000		47,663
5.50%, 06/15/18		1,120,000		1,124,273
6.50%, 12/15/18D		875,000		940,403
6.75%, 08/01/37		30,000		31,419
ZFS Finance USA Trust I
6.15%, 12/15/65 144A†D		525,000		409,500
Total Corporate Bonds (Cost $237,186,374)				218,642,175
FOREIGN BONDS — 10.5%
Australia — 0.0%
QBE Insurance Group, Ltd.
5.65%, 07/01/23 144A†@		525,000		372,818
Bermuda — 0.3%
Arch Capital Group, Ltd.
7.35%, 05/01/34D		400,000		317,248
Aspen Insurance Holdings, Ltd.
6.00%, 08/15/14D		325,000		302,024
Catlin Insurance Co., Ltd.
7.25%, 12/31/49 144A†@		375,000		210,256
Endurance Specialty Holdings, Ltd.
6.15%, 10/15/15D		425,000		354,875
Merna Reinsurance, Ltd.
2.35%, 07/07/10 144A†		950,000		884,830
Qtel International Finance, Ltd.
6.50%, 06/10/14 144A		260,000		264,818
				2,334,051
Canada — 0.8%
Anadarko Finance Co.
7.50%, 05/01/31		460,000		450,037
Canadian Government Inflationary Index
4.00%, 12/01/31(C)		230,000		341,061
Canadian Natural Resources, Ltd.
5.85%, 02/01/35		50,000		47,230
6.50%, 02/15/37		325,000		325,469
6.25%, 03/15/38		150,000		150,222
Conoco Funding Co.
7.25%, 10/15/31		315,000		346,310
Export Development Canada
3.13%, 04/24/14		800,000		805,380
Hydro Quebec
6.30%, 05/11/11		305,000		330,714
OPTI Canada, Inc.
8.25%, 12/15/14		125,000		83,125
Province of Ontario
4.10%, 06/16/14		1,300,000		1,327,227
6.50%, 03/08/29(C)		1,500,000		1,537,373
Rogers Cable, Inc.
6.75%, 03/15/15		10,000		10,605
Rogers Communications, Inc.
6.80%, 08/15/18D		300,000		322,157
Rogers Wireless, Inc.
6.38%, 03/01/14D		340,000		364,804
Sun Media Corporation
7.63%, 02/15/13		90,000		59,625
TransCanada Pipelines, Ltd.
7.63%, 01/15/39		275,000		321,985
				6,823,324
Cayman Islands — 0.5%
MUFG Capital Finance 1, Ltd.
6.35%, 07/25/25†D		450,000		393,705
Petrobras International Finance Co.
6.13%, 10/06/16		501,000		516,030
Petroleum Export, Ltd.
4.62%, 06/15/10 144A		200,000		196,239
4.63%, 06/15/10 144A		266,667		261,662
Resona Preferred Global Securities Cayman, Ltd.
7.19%, 07/30/49 144A†D		690,000		504,250
Shinsei Finance Cayman, Ltd.
6.42%, 07/20/49 144A†		1,130,000		452,462
Systems 2001 Asset Trust LLC
6.66%, 09/15/13 144A		601,037		602,363
Transocean, Inc.
7.50%, 04/15/31D		500,000		555,556
Vale Overseas, Ltd.
6.88%, 11/21/36		601,000		572,155
Willow Re, Ltd.
0.00%, 06/16/10 144A#		300,000		119,967
				4,174,389
Chile — 0.0%
Codelco, Inc.
4.75%, 10/15/14 144A		210,000		216,826
France — 0.9%
AXA SA
6.46%, 12/14/18 144A†		150,000		94,645
Compagnie Generale de Geophysique - Veritas
7.50%, 05/15/15		200,000		184,500
7.75%, 05/15/17		155,000		141,825
EDF SA
6.95%, 01/26/39 144A		4,500,000		5,069,070
French Government Bond
5.75%, 10/25/32(E)		500,000		839,675
Legrand SA
8.50%, 02/15/25		250,000		215,755
Societe Financement de l’Economie Francaise
3.38%, 05/05/14 144A		1,300,000		1,304,685
				7,850,155
Germany — 0.7%
Deutsche Bank AG
6.00%, 09/01/17		3,100,000		3,167,416

See Notes to Financial Statements.

56

	Par		Value
Deutsche Bundesrepublik
3.75%, 01/04/15(E)	$	1,450,000	$	2,141,652
6.25%, 01/04/30(E)		300,000		527,162
				5,836,230
Iceland — 0.1%
Glitnir Banki HF
6.33%, 07/28/11 144A#@		600,000		100,500
6.38%, 09/25/12 144A#@		580,000		97,150
6.69%, 06/15/16 144A#@D		1,000,000		600
7.45%, 09/14/16 144A#@		100,000		60
Kaupthing Bank HF
5.75%, 10/04/11 144A#@		250,000		33,750
7.63%, 02/28/15 144A#@		2,490,000		192,975
7.13%, 05/19/16 144A#@		350,000		875
Landsbanki Islands HF
6.10%, 08/25/11 144A#@		1,500,000		52,500
				478,410
India — 0.1%
ICICI Bank, Ltd.
6.38%, 04/30/22†D		430,000		336,345
6.38%, 04/30/22 144A†		618,000		483,335
				819,680
Ireland — 0.2%
DEPFA ACS Bank
5.13%, 03/16/37 144A@		800,000		507,565
Vimpel Communications
8.38%, 04/30/13 144A		850,000		775,625
VIP Finance Ireland Ltd. for OJSC Vimpel Communications
9.13%, 04/30/18		320,000		278,800
				1,561,990
Italy — 0.1%
Telecom Italia Capital SA
6.20%, 07/18/11		150,000		155,354
5.25%, 11/15/13		165,000		161,952
4.95%, 09/30/14		260,000		249,185
5.25%, 10/01/15		130,000		125,658
				692,149
Japan — 0.1%
Aiful Corporation
5.00%, 08/10/10 144A		600,000		366,081
Resona Bank, Ltd.
4.13%, 06/27/38 144A(E)†@		325,000		328,269
5.85%, 07/15/49 144A†@		475,000		359,094
				1,053,444
Jersey — 0.1%
HSBC Capital Funding LP
4.61%, 12/29/49 144A†		960,000		677,462
Swiss Re Capital I LP
6.85%, 05/29/49 144A†		650,000		358,174
				1,035,636
Luxembourg — 1.0%
ArcelorMittal
6.13%, 06/01/18		800,000		701,151
Enel Finance International SA
5.70%, 01/15/13 144A		700,000		732,125
Evraz Group SA
8.88%, 04/24/13 144A		680,000		561,000
FMC Finance III SA
6.88%, 07/15/17		250,000		233,750
Gaz Capital for Gazprom
6.21%, 11/22/16 144A		540,000		453,600
6.51%, 03/07/22 144A		440,000		331,100
Hellas Telecommunications SA
4.94%, 10/15/12(E)†		375,000		364,305
RSHB Capital SA for OJSC Russian Agricultural Bank
6.30%, 05/15/17 144A		1,240,000		1,072,600
TNK-BP Finance SA
7.50%, 07/18/16 144A		780,000		668,850
6.63%, 03/20/17 144A		260,000		206,700
7.88%, 03/13/18 144A		340,000		282,200
Tyco International Group SA
6.00%, 11/15/13		2,920,000		2,971,932
				8,579,313
Marshall Islands — 0.0%
Teekay Shipping Corporation
8.88%, 07/15/11		176,000		175,560
Mexico — 0.3%
America Movil Sab de CV
5.63%, 11/15/17		270,000		265,250
Kansas City Southern de Mexico SA de CV
9.38%, 05/01/12D		120,000		114,600
Petroleos Mexicanos
8.00%, 05/03/19 144A		720,000		784,800
United Mexican States
6.75%, 09/27/34		1,031,000		1,044,918
				2,209,568
Netherlands — 0.7%
Deutsche Telekom International Finance BV
5.75%, 03/23/16		510,000		522,893
Fortis Bank Nederland Holding NV
1.74%, 06/10/11(E)†		700,000		987,638
ING Bank NV
3.90%, 03/19/14 144A		500,000		509,562
Intergas Finance BV
6.38%, 05/14/17 144A		612,000		468,180
Koninklijke KPN NV
8.00%, 10/01/10		780,000		818,678
LeasePlan Corporation NV
3.00%, 05/07/12 144A@		2,200,000		2,228,065
Rabobank Nederland NV
11.00%, 06/30/19 144A†		612,000		684,013
				6,219,029
Norway — 0.0%
StatoilHydro ASA
5.25%, 04/15/19		350,000		360,879
Peru — 0.1%
Republic of Peru
7.13%, 03/30/19		380,000		407,550
South Korea — 0.0%
Export-Import Bank of Korea
5.25%, 02/10/14 144A		235,000		228,843

See Notes to Financial Statements.

57

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Spain — 0.1%
Telefonica Emisiones SAU
6.42%, 06/20/16	$	900,000	$	963,643
Supranational — 1.2%
Asian Development Bank
2.75%, 05/21/14		2,000,000		1,967,169
European Investment Bank
3.00%, 04/08/14		2,000,000		1,992,652
3.13%, 06/04/14		2,300,000		2,307,459
Inter-American Development Bank
3.00%, 04/22/14		1,900,000		1,877,347
International Finance Corporation
3.00%, 04/22/14		1,900,000		1,860,554
				10,005,181
Sweden — 0.2%
Swedbank AB
2.80%, 02/10/12 144AD		2,000,000		2,025,172
Switzerland — 0.8%
Credit Suisse Group
5.00%, 05/15/13		2,900,000		2,967,323
UBS AG
1.53%, 06/19/10†		3,700,000		3,646,365
				6,613,688
United Kingdom — 2.2%
BP Capital Markets PLC
5.25%, 11/07/13D		1,240,000		1,332,199
HSBC Holdings PLC
6.80%, 06/01/38		425,000		428,460
Inmarsat Finance PLC
10.38%, 11/15/12 STEPW		375,000		390,000
Lloyds TSB Bank PLC
1.42%, 06/09/11(E)†		500,000		700,055
2.80%, 04/02/12 144A		5,600,000		5,661,320
Royal Bank of Scotland PLC
9.12%, 03/31/10		550,000		448,319
2.63%, 05/11/12 144A		6,100,000		6,124,031
7.64%, 03/31/45†		300,000		121,633
United Kingdom Gilt
4.00%, 03/07/22(U)D		1,900,000		3,135,846
				18,341,863
Total Foreign Bonds (Cost $98,044,764)				89,379,391
LOAN AGREEMENTS — 1.1%
Chrysler Finance Co. Bridge Loan
4.46%, 08/03/14@		6,652,572		6,175,802
Ford Motor Co. Tranche B
3.35%, 11/29/13†@		52,892		38,136
Georgia Pacific Corporation
2.43%, 12/20/12@		224,785		212,141
3.29%, 12/20/12†@		3,238,095		3,055,952
Total Loan Agreements (Cost $9,914,869)				9,482,031
MORTGAGE-BACKED SECURITIES — 53.1%
ABN AMRO Mortgage Corporation
0.01%, 06/25/33 IOW		275,952		34,355
American Home Mortgage Assets
2.26%, 11/25/46†		1,665,061		556,526
2.04%, 02/25/47†		2,461,473		809,839
Bank of America Commercial Mortgage, Inc.
5.12%, 10/10/45†		3,000,000		2,561,510
Bank of America Funding Corporation
0.40%, 07/20/36†		1,679,199		1,435,344
Bank of America Mortgage Securities, Inc.
4.19%, 07/25/34†		519,640		416,372
Bear Stearns Adjustable Rate Mortgage Trust
5.61%, 02/25/33†		214,747		199,503
4.25%, 04/25/34†		292,709		250,873
5.29%, 05/25/34†		1,154,413		910,616
2.94%, 03/25/35†		1,911,116		1,651,661
5.08%, 06/25/35†		941,970		596,931
Bear Stearns Alt-A Trust
0.95%, 02/25/34†		122,859		72,120
5.36%, 05/25/35†		674,243		451,401
5.49%, 09/25/35†		985,745		533,911
Bear Stearns Structured Products, Inc.
5.65%, 01/26/36†		1,696,506		936,565
Chase Mortgage Finance Corporation
4.55%, 02/25/37†		408,839		344,257
4.68%, 02/25/37†		977,722		838,429
Citigroup Commercial Mortgage Trust
0.39%, 08/15/21 144A†		4,962		4,194
Citigroup Mortgage Loan Trust, Inc.
4.90%, 12/25/35†		2,326,366		1,705,904
Commerical Mortgage Asset Trust
7.55%, 11/17/32†		164,288		166,208
Countrywide Alternative Loan Trust
5.50%, 10/25/33		178,871		148,854
0.66%, 09/25/35†		2,314,911		1,053,104
2.84%, 09/25/35†		326,044		153,024
0.64%, 10/25/35†		1,483,382		637,763
0.62%, 11/20/35†		745,257		331,754
0.64%, 11/20/35†		1,764,897		777,189
0.65%, 11/20/35†		2,712,045		1,224,883
0.61%, 12/25/35†		1,575,363		696,007
0.58%, 01/25/36†		792,623		346,227
0.58%, 02/25/36†		1,687,921		754,040
6.00%, 08/25/37		1,493,443		933,168
0.52%, 06/25/46†		1,271,079		485,536
0.50%, 09/25/46†		1,667,081		635,622
2.72%, 11/25/47†		2,850,963		914,575
Countrywide Home Loan Mortgage Pass-Through Trust
5.08%, 02/19/34		1,713,311		1,412,799
4.52%, 11/20/34		329,658		215,389
0.73%, 11/25/34 144A†		36,530		25,229
0.67%, 03/25/35 144A†		127,939		90,269
4.89%, 08/20/35		1,402,469		768,595
0.55%, 03/25/36†		564,834		231,333

See Notes to Financial Statements.

58

	Par		Value
Credit Suisse Mortgage Capital Certificates
5.66%, 03/15/39 STRIP†	$	550,000	$	393,023
5.38%, 02/15/40		2,200,000		1,480,140
CS First Boston Mortgage Securities Corporation
0.01%, 07/25/33 IOW†@		209,707		—
16.70%, 07/25/33 IOW†@		490,500		43,924
0.01%, 08/25/33 IOW†@		295,959		—
6.53%, 06/15/34		1,500,000		1,538,168
Federal Home Loan Mortgage Corporation
7.00%, 11/01/14		33,059		35,185
7.00%, 04/01/15		40,799		43,423
7.00%, 12/01/15		25,954		27,478
8.50%, 06/01/16		12,862		13,872
4.50%, 05/01/18		148,529		154,064
4.50%, 06/01/18		32,047		33,237
8.50%, 06/01/18		6,238		6,728
4.50%, 09/01/18		129,850		134,673
4.50%, 10/01/18		102,922		106,371
4.50%, 11/01/18		105,074		107,906
4.50%, 12/01/18		324,206		336,249
5.00%, 12/01/18		595,949		619,084
4.50%, 01/01/19		39,556		41,025
4.50%, 03/01/19		75,909		78,285
4.50%, 06/01/19		1,408,192		1,460,500
5.00%, 06/01/20		494,406		515,851
5.00%, 07/01/20		494,815		514,886
3.82%, 04/15/22 POW†@		25,407		22,932
8.00%, 08/01/24		4,601		5,085
7.50%, 11/01/29		15,487		16,778
7.50%, 12/01/29		25,612		27,748
7.50%, 02/01/31		33,262		36,012
5.13%, 07/01/31†		53,926		54,622
5.11%, 08/01/31†		3,804		3,861
7.50%, 11/01/31		10,330		11,173
3.98%, 04/01/32†		7,580		7,763
2.98%, 03/01/34†		9,432		9,578
5.00%, 12/01/34		120,573		123,244
5.50%, 05/01/35		2,040,665		2,113,663
0.01%, 08/15/35W†		72,571		74,548
5.00%, 11/01/35		1,659,354		1,694,291
5.50%, 11/01/35		644,802		667,867
5.00%, 12/01/35		388,390		396,568
5.50%, 01/01/36		358,909		371,748
6.00%, 02/01/36		1,681,255		1,757,995
5.00%, 03/01/36		101,202		103,332
6.00%, 11/01/36		23,237		24,298
6.06%, 01/01/37†		2,232,186		2,350,346
5.68%, 04/01/37†		3,382,837		3,504,027
6.00%, 04/01/37		11,825		12,365
0.01%, 04/15/37W†		48,885		46,801
0.20%, 06/15/37W†		134,647		118,776
0.82%, 06/15/37†		2,346,113		2,313,776
5.50%, 07/01/37		567,247		586,386
6.00%, 07/01/37		3,399		3,552
5.64%, 09/01/37†		4,213,504		4,408,901
6.00%, 09/01/37		155,610		162,592
6.00%, 11/01/37		111,333		116,328
5.50%, 12/01/37		133,415		137,916
5.50%, 04/01/38		248,478		256,861
6.00%, 04/01/38		24,887		26,004
6.00%, 05/01/38		893,301		933,327
5.00%, 07/01/38 TBA		200,000		203,375
5.50%, 07/01/38		120,036		124,080
6.00%, 07/01/38		54,776		57,230
5.00%, 08/01/38		361,982		369,604
6.00%, 12/01/38		161,412		168,645
5.50%, 01/01/39		294,609		304,503
6.00%, 01/01/39		76,788		80,227
6.00%, 02/01/39		26,073		27,241
5.00%, 06/01/39		1,000,000		1,018,398
5.50%, 07/01/39 TBA		44,000,000		45,416,272
Federal Housing Administration
7.43%, 10/01/18		181,254		190,969
Federal National Mortgage Association
4.00%, 06/01/13		49,936		50,813
4.00%, 07/01/13		67,491		68,926
4.00%, 08/01/13		95,688		97,368
4.00%, 09/01/13		185,161		188,407
4.00%, 10/01/13		386,876		393,642
8.00%, 06/01/15		26,829		28,594
8.00%, 06/15/15		10,797		11,507
8.00%, 07/01/15		21,710		23,138
8.00%, 09/01/15		41,203		43,289
6.00%, 05/01/16		122,573		130,686
6.00%, 07/01/16		8,004		8,534
5.00%, 11/01/17		162,592		170,305
5.00%, 12/01/17		850,558		889,907
5.00%, 01/01/18		2,071,710		2,169,852
5.00%, 02/01/18		417,873		437,641
5.50%, 02/01/18		145,772		152,732
5.00%, 04/01/18		707,493		740,833
5.00%, 05/01/18		985,296		1,030,775
4.50%, 06/01/18		1,044,923		1,084,064
5.00%, 06/01/18		122,391		128,159
4.00%, 09/01/18		3,103,745		3,173,902
4.50%, 09/01/18		99,963		103,707
4.50%, 10/01/18		206,145		213,867
4.50%, 11/01/18		47,225		48,994
5.00%, 11/01/18		198,673		208,097
4.50%, 12/01/18		77,279		80,174
4.50%, 01/01/19		54,850		56,905
5.00%, 02/01/19		135,033		140,974
4.50%, 03/01/19		75,988		78,834
5.00%, 03/01/19		1,024,036		1,069,093
5.00%, 04/01/19		1,387,584		1,450,544
4.50%, 05/01/19		299,263		310,005
4.50%, 06/01/19		147,570		152,868
4.50%, 07/01/19		47,742		49,455
5.00%, 07/01/19 TBA		4,500,000		4,656,096
4.50%, 08/01/19		147,173		152,456
5.00%, 08/01/19		511,019		533,504
6.00%, 09/01/19		683,408		728,641
5.00%, 10/01/19		223,227		233,049
5.00%, 11/01/19		925,339		966,054
4.50%, 04/01/20		469,568		487,157
4.50%, 08/01/20		281,198		289,974
4.50%, 09/01/20		201,173		207,452
6.00%, 12/01/20		1,282,713		1,367,613
4.50%, 03/01/21		333,904		341,299
4.50%, 08/01/21		30,575		31,252
16.67%, 08/25/21 IOW†@		193		3,779
13.00%, 10/25/21 IOW†@		363		8,539
21.11%, 01/25/22†		28,748		29,700

See Notes to Financial Statements.

59

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
4.50%, 04/01/22	$	251,689	$	257,210
9.50%, 05/01/22		4,476		4,915
4.50%, 06/01/22		1,223,482		1,250,317
3.71%, 07/01/22†		23,525		23,700
6.00%, 01/01/23		124,646		131,761
4.50%, 04/01/23		1,567,450		1,601,830
4.50%, 06/01/23		1,785,407		1,824,567
5.50%, 07/01/23 TBA		3,600,000		3,766,500
4.50%, 12/01/23		207,831		212,390
5.00%, 12/01/23		861,326		892,581
5.50%, 01/01/24		803,116		841,591
4.00%, 07/01/24 TBA		1,000,000		1,000,000
9.50%, 07/01/24		7,938		8,700
5.50%, 08/01/24 TBA		1,000,000		1,043,125
2.88%, 07/01/27†		26,860		26,726
4.03%, 08/01/27†		75,301		76,047
2.88%, 11/01/27†		64,802		64,480
5.50%, 04/01/29		545		568
7.39%, 02/01/30†		167,923		169,490
0.91%, 05/25/30†		1,663,558		1,637,870
5.34%, 06/01/30†		30,469		30,524
8.00%, 10/01/30		55,072		60,091
0.77%, 10/18/30†		57,566		56,963
5.11%, 12/01/30†		7,872		8,044
2.88%, 01/01/31†		8,868		8,821
3.07%, 05/01/31†		18,448		18,671
3.00%, 06/01/31†		7,351		7,470
6.00%, 01/01/32		97,713		103,043
6.00%, 03/01/32		244,711		258,107
6.00%, 04/01/32		571,810		602,913
2.88%, 06/01/32†		10,071		10,018
3.71%, 08/01/32†		37,920		37,789
3.59%, 02/01/33†		4,223		4,272
5.50%, 03/01/33		99,548		103,295
3.71%, 05/01/33†		85,166		84,893
5.00%, 05/01/33		597,420		611,212
5.50%, 05/01/33		159,510		165,516
6.00%, 05/01/33		20,046		21,136
5.00%, 06/01/33		19,496		19,946
5.50%, 06/01/33		26,999		28,016
5.00%, 07/01/33		32,398		33,146
5.50%, 07/01/33		319,687		331,723
0.01%, 07/25/33 IOW†		335,511		4,740
5.00%, 08/01/33		49,595		50,740
5.00%, 09/01/33		26,614		27,228
5.50%, 09/01/33		8,673		8,999
5.00%, 10/01/33		83,130		85,050
5.00%, 11/01/33		54,136		55,386
6.00%, 12/01/33		7,097		7,474
5.00%, 02/01/34		40,010		40,934
5.50%, 02/01/34		10,993		11,400
5.00%, 03/01/34		42,326		43,303
5.00%, 04/01/34		29,563		30,245
5.50%, 04/01/34		1,756		1,821
0.01%, 04/25/34 IOW†		519,514		23,417
5.50%, 06/01/34		153,132		158,897
0.01%, 06/25/34 IOW†		726,807		7,319
5.50%, 07/14/34 TBA		3,000,000		3,096,564
5.00%, 08/01/34		289,776		296,239
5.50%, 08/01/34		17,907		18,581
5.50%, 10/01/34		1,198		1,242
6.00%, 10/01/34		72,710		76,461
4.50%, 12/01/34		325,936		326,697
4.57%, 12/01/34†		653,294		674,497
5.50%, 12/01/34		121,783		126,291
6.00%, 12/01/34		2,503		2,632
6.00%, 01/01/35		2,244,596		2,360,376
4.50%, 02/01/35		362,655		363,501
4.50%, 03/01/35		1,211,756		1,213,448
5.00%, 03/01/35		247,442		252,961
4.50%, 04/01/35		816,901		818,042
6.00%, 04/01/35		1,849,507		1,947,751
4.50%, 05/01/35		643,717		644,616
6.00%, 05/01/35		3,004,130		3,151,579
1.14%, 05/25/35W†		65,062		63,339
5.00%, 06/01/35		2,688,798		2,748,771
4.50%, 07/01/35		396,362		396,915
5.50%, 07/01/35		776		804
6.00%, 07/01/35		933,482		979,299
5.00%, 08/01/35		201,403		205,770
5.50%, 08/01/35		1,953		2,023
6.00%, 08/01/35		781		819
4.50%, 09/01/35		110,177		110,331
5.00%, 09/01/35		7,623,978		7,813,565
5.50%, 09/01/35		690,160		715,064
4.50%, 10/01/35		269,319		269,695
6.00%, 10/01/35		255,417		268,697
2.88%, 11/01/35†		32,220		32,057
3.41%, 11/01/35†		493,898		501,565
3.42%, 11/01/35†		441,310		448,172
3.43%, 11/01/35†		450,714		457,744
3.43%, 11/01/35†		455,011		462,108
3.44%, 11/01/35†		433,902		440,669
6.00%, 11/01/35		2,223,540		2,336,309
5.00%, 12/01/35		5,799,524		5,928,880
5.50%, 12/01/35		8,754		9,078
6.00%, 01/01/36		187,900		197,123
6.00%, 02/01/36		16,938		17,743
5.50%, 04/01/36		645,208		664,457
6.50%, 04/01/36		816,254		870,729
4.12%, 05/01/36†		397,445		398,973
0.76%, 08/25/36†		2,908,497		2,865,714
5.00%, 09/01/36		789,272		806,383
6.00%, 09/01/36		430,987		451,467
3.46%, 09/25/36W†		50,606		49,912
6.00%, 10/01/36		12,449		13,041
6.50%, 10/01/36		524,104		559,082
5.50%, 11/01/36		1,723,418		1,782,644
6.50%, 11/01/36		326,688		348,848
5.50%, 12/01/36		5,289		5,471
6.00%, 12/01/36		452,436		473,936
6.00%, 01/01/37		248,558		260,359
5.50%, 02/01/37†		3,699,390		3,876,464
5.50%, 02/01/37		1,808		1,871
5.50%, 03/01/37		92,322		95,625
6.50%, 03/01/37		762,956		813,636
5.50%, 04/01/37		23,416		24,219
6.00%, 04/01/37		111,787		116,994
6.50%, 04/01/37		607,468		647,819
5.50%, 05/01/37		128,491		132,826
6.00%, 05/01/37		121,538		127,199
6.50%, 05/01/37		745,268		794,773
5.50%, 06/01/37		23,322		24,109
6.00%, 06/01/37		11,375		11,905
5.50%, 07/01/37		13,257		13,704
6.00%, 07/01/37 TBA		16,410,217		17,161,993
5.50%, 08/01/37		2,151		2,224
6.00%, 08/01/37		58,908		61,652

See Notes to Financial Statements.

60

	Par		Value
6.50%, 08/01/37	$	896,859	$	956,433
6.50%, 09/01/37		713,778		761,191
5.50%, 10/01/37		64,734		66,919
6.50%, 10/01/37		730,101		778,599
6.00%, 11/01/37		14,214		14,876
2.88%, 12/01/37†		141,452		140,758
6.00%, 12/01/37		3,496		3,659
2.88%, 01/01/38†		63,316		63,004
5.50%, 01/01/38		103,821		107,318
6.00%, 01/01/38		39,623		41,464
5.00%, 02/01/38		4,559,256		4,649,294
5.50%, 02/01/38		232,229		240,140
6.00%, 02/01/38		196,357		205,462
4.50%, 03/01/38		60,572		60,530
5.00%, 03/01/38		1,456,104		1,484,859
5.50%, 03/01/38		521,333		538,917
6.00%, 03/01/38		237,766		248,792
4.50%, 04/01/38		1,701,223		1,700,047
5.00%, 04/01/38		2,027,450		2,067,490
5.50%, 04/01/38		1,037,049		1,072,021
6.00%, 04/01/38		13,386		14,006
5.00%, 05/01/38		320,585		326,934
5.50%, 05/01/38		251,475		259,945
6.00%, 05/01/38		234,698		245,581
5.00%, 06/01/38		1,133,603		1,155,990
5.50%, 06/01/38		1,454,275		1,503,261
6.00%, 06/01/38		58,455		61,165
5.00%, 07/01/38 TBA		16,900,000		17,206,313
5.50%, 07/01/38		1,663,353		1,719,381
6.00%, 07/01/38		78,424		82,060
5.50%, 07/14/38 TBA		32,100,000		33,133,235
5.50%, 08/01/38		459,677		475,161
5.50%, 09/01/38		1,021,672		1,056,111
6.00%, 09/01/38		783,078		819,389
5.50%, 10/01/38		519,117		536,916
5.50%, 11/01/38		750,369		775,644
5.50%, 12/01/38		88,847		91,839
6.00%, 12/01/38		86,885		90,914
5.50%, 01/01/39		248,048		256,402
6.00%, 01/01/39		37,234		38,956
5.50%, 02/01/39		146,386		151,313
5.50%, 03/01/39		18,507		19,130
5.00%, 07/01/39 TBA		6,000,000		6,108,750
4.50%, 07/13/39 TBA		3,000,000		2,993,436
4.00%, 08/13/39 TBA		2,000,000		1,933,125
2.84%, 06/01/40†		115,405		115,063
2.84%, 10/01/40†		353,547		352,525
2.88%, 11/01/40†		51,303		51,048
FFCA Secured Lending Corporation
68.16%, 09/18/27 IO 144AW†@		1,024,316		18,315
FHLMC Structured Pass-Through Securities
2.84%, 07/25/44†		2,335,711		2,310,980
First Horizon Alternative Mortgage Securities
3.57%, 06/25/34†		801,671		518,226
First Horizon Asset Securities, Inc.
4.75%, 12/25/34†		129,929		114,650
First Union National Bank Commercial Mortgage Trust
7.20%, 10/01/32		1,354,070		1,375,258
GE Capital Commercial Mortgage Corporation
5.33%, 11/10/45 STRIP†	$	1,230,000	$	1,035,121
GMAC Commercial Mortgage Securities, Inc.
6.28%, 11/15/39		2,000,000		2,034,237
GMAC Mortgage Corporation Loan Trust
4.71%, 06/25/34†		483,810		431,487
Government National Mortgage Association
7.00%, 10/15/25		58,969		64,237
7.00%, 01/15/26		20,478		22,317
7.00%, 07/15/27		157,216		171,399
7.00%, 12/15/27		1,523		1,660
7.00%, 01/15/28		31,499		34,352
7.00%, 03/15/28		189,060		206,110
7.00%, 07/15/28		23,521		25,652
7.50%, 07/15/28		15,027		16,492
6.50%, 08/15/28		19,080		20,607
7.00%, 08/15/28		37,029		40,383
7.50%, 08/15/28		15,476		16,984
6.50%, 09/15/28		111,167		120,065
6.00%, 10/15/28		16,263		17,093
7.00%, 10/15/28		72,831		79,429
6.00%, 12/15/28		2,516		2,644
6.00%, 01/15/29		523		551
7.50%, 03/15/29		49,537		54,321
7.50%, 11/15/29		24,412		26,796
4.13%, 11/20/29†		82,158		83,397
8.50%, 08/15/30		4,309		4,815
8.50%, 11/20/30		24,946		27,776
6.00%, 04/15/31		4,397		4,626
6.50%, 08/15/31		164,073		174,232
7.50%, 08/15/31		53,645		58,733
6.50%, 10/15/31		312,115		332,611
6.00%, 11/15/31		895,749		934,203
6.50%, 11/15/31		295,509		313,806
6.00%, 12/15/31		225,289		234,961
6.00%, 01/15/32		297,273		312,451
6.00%, 02/15/32		501,319		522,869
6.50%, 02/15/32		487,729		522,845
36.08%, 02/16/32†		174,256		235,850
6.00%, 04/15/32		381,324		400,792
6.50%, 04/15/32		308,143		327,221
7.50%, 04/15/32		92,261		100,553
6.50%, 06/15/32		998,539		1,069,051
6.50%, 07/15/32		133,614		141,887
6.50%, 08/15/32		434,293		461,182
6.50%, 09/15/32		493,475		524,028
6.00%, 10/15/32		519,335		541,630
6.00%, 11/15/32		403,943		422,230
6.00%, 12/15/32		223,601		233,226
6.50%, 12/15/32		37,048		39,342
6.00%, 01/15/33		231,455		241,391
6.00%, 02/15/33		163,789		170,820
6.50%, 03/15/33		81,045		86,063
5.00%, 04/15/33		211,790		217,316
6.50%, 04/15/33		1,171,977		1,244,539
5.00%, 05/15/33		1,852,519		1,894,541
6.00%, 05/15/33		1,050,230		1,095,316
5.00%, 06/15/33		241,961		248,275
6.00%, 06/15/33		168,111		175,328
5.00%, 07/15/33		584,092		599,333

See Notes to Financial Statements.

61

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
5.00%, 08/15/33	$	1,173,101	$	1,200,091
5.00%, 09/15/33		821,503		839,345
5.00%, 10/15/33		458,193		468,748
6.00%, 10/15/33		649,199		677,069
6.50%, 10/15/33		248,317		263,691
5.00%, 11/15/33		56,276		57,464
6.00%, 12/15/33		914,185		953,431
5.00%, 01/15/34		375,415		384,859
5.00%, 03/15/34		459,635		471,198
5.00%, 04/15/34		178,513		183,003
5.00%, 05/15/34		103,291		105,890
5.00%, 06/15/34		721,393		739,541
6.00%, 06/15/34		81,020		84,904
5.00%, 08/15/34		462,231		473,859
5.00%, 11/15/34		1,054,456		1,080,982
5.00%, 12/15/34		962,019		986,220
5.00%, 01/15/35		684,469		701,046
6.00%, 02/15/36		12,448		12,986
6.00%, 06/15/36		721,427		752,623
6.00%, 07/15/36		79,087		82,507
6.00%, 08/15/36		785,765		818,567
6.00%, 07/01/37 TBA		23,300,000		24,268,395
5.50%, 05/15/38		276,116		285,629
5.00%, 07/01/38 TBA		900,000		917,438
6.50%, 07/21/38 TBA		22,000,000		23,340,636
6.00%, 12/15/38		375,828		391,293
5.50%, 01/15/39		956,651		989,611
5.50%, 02/15/39		121,990		126,193
5.50%, 03/15/39		1,356,504		1,403,239
Greenpoint Mortgage Funding Trust
0.49%, 01/25/37†		1,518,201		612,609
0.39%, 02/25/47†		3,371,459		1,673,809
GS Mortgage Securities Corporation II
4.68%, 07/10/39		1,300,000		1,251,482
GSMPS Mortgage Loan Trust
0.54%, 02/25/35 144A†		281,935		197,273
0.66%, 09/25/35 144A†		2,286,408		1,574,291
GSR Mortgage Loan Trust
4.48%, 09/25/35†		1,051,551		884,043
HarborView Mortgage Loan Trust
0.62%, 11/19/35 STEP		412,181		197,841
5.73%, 12/19/35†		673,535		374,377
0.55%, 01/19/36 STEP		241,029		106,136
0.56%, 01/19/36 STEP		1,138,860		474,283
5.94%, 08/19/36†		1,617,142		712,057
0.50%, 01/19/38†		1,430,196		609,109
Impac CMB Trust
1.03%, 10/25/34†		137,810		46,592
0.57%, 11/25/35 STEP		1,259,989		600,443
Impac Secured Assets CMN Owner Trust
0.56%, 03/25/36†		961,484		389,432
Indymac ARM Trust
4.13%, 01/25/32†		20,918		13,560
Indymac INDA Mortgage Loan Trust
6.15%, 11/25/37†		759,809		496,168
Indymac Index Mortgage Loan Trust
0.61%, 07/25/35†		2,398,121		1,085,295
5.22%, 08/25/35†		436,490		279,617
5.10%, 09/25/35†		562,033		347,476
5.30%, 09/25/35†		604,337		373,520
0.53%, 04/25/46†		1,038,403		467,405
0.50%, 09/25/46†		1,754,929		683,978
JP Morgan Alternative Loan Trust
0.57%, 01/25/36†		821,485		371,042
JP Morgan Chase Commercial Mortgage Securities Corporation
4.90%, 09/12/37		3,340,000		2,846,342
JP Morgan Mortgage Trust
5.02%, 02/25/35†		1,116,872		976,330
4.04%, 07/25/35†		718,365		607,212
4.07%, 07/25/35†		639,760		546,502
4.77%, 07/25/35†		650,046		552,523
5.06%, 07/25/35†		561,635		434,378
LB-UBS Commercial Mortgage Trust
4.66%, 07/15/30		1,000,000		961,267
4.95%, 09/15/30		810,000		694,020
17.89%, 06/15/36 IO 144Aن@		4,197,414		63,451
Luminent Mortgage Trust
0.50%, 07/25/36†		611,296		259,202
0.48%, 12/25/36†		3,969,585		1,554,387
0.51%, 02/25/46†		1,089,300		475,309
MASTR Adjustable Rate Mortgages Trust
3.91%, 05/25/34†		339,436		265,594
5.65%, 11/25/35 144A†		1,294,553		567,392
0.51%, 05/25/47†		3,796,105		1,532,863
MASTR Reperforming Loan Trust
7.00%, 08/25/34 144A		827,614		910,376
MLCC Mortgage Investors, Inc.
2.12%, 11/25/29 STEP		465,770		330,797
Nomura Asset Acceptance Corporation
6.50%, 03/25/34 144A		132,984		112,594
6.50%, 10/25/34 144A		153,300		127,707
Prime Mortgage Trust
5.50%, 05/25/35 144A		6,697,295		5,259,638
6.00%, 05/25/35 144A		4,396,727		3,223,741
RBSGC Mortgage Pass Through Certificates
0.76%, 01/25/37†		1,348,913		526,014
Residential Accredit Loans, Inc.
2.34%, 01/25/46†		1,030,909		463,744
Residential Funding Mortgage Securities I
5.18%, 09/25/35†		664,797		509,150
5.21%, 09/25/35†		585,112		432,552
Sequoia Mortgage Trust
1.92%, 07/20/33†		258,906		210,162
2.22%, 10/20/34 STEP		243,074		159,705
Structured Adjustable Rate Mortgage Loan Trust
3.78%, 05/25/34†		422,792		338,861
4.95%, 09/25/34†		198,772		148,949
5.28%, 11/25/34†		816,514		590,593
0.65%, 08/25/35†		671,238		355,426
Structured Asset Mortgage Investments, Inc.
0.56%, 07/19/35†		222,147		144,500

See Notes to Financial Statements.

62

	Par		Value
0.62%, 12/25/35†	$	991,376	$	447,838
0.54%, 02/25/36†		1,036,177		410,525
2.84%, 08/25/47†		2,489,353		939,132
Structured Asset Securities Corporation
4.45%, 09/25/33†		928,505		693,854
5.00%, 10/25/36 144A†		290,122		203,024
Thornburg Mortgage Securities Trust
6.19%, 09/25/37†		1,381,290		887,768
6.21%, 09/25/37†		1,456,449		1,052,624
Wachovia Bank Commercial Mortgage Trust
5.38%, 10/15/44 STRIP†		3,000,000		2,713,827
WAMU Alternative Mortgage Pass-Through Certificates
2.18%, 11/25/46†		2,373,623		817,022
Washington Mutual Mortgage Pass-Through Certificates
0.85%, 12/25/27†		2,223,079		1,659,597
4.54%, 02/25/33†		24,317		17,445
3.14%, 06/25/34†		501,640		439,634
5.59%, 12/25/36†		763,619		470,096
5.69%, 02/25/37†		1,301,847		726,575
5.83%, 02/25/37†		842,658		527,155
2.74%, 06/25/42†		39,019		28,323
0.60%, 07/25/45†		1,452,326		664,853
0.63%, 07/25/45†		939,230		441,904
0.63%, 08/25/45†		3,146,272		1,706,401
0.60%, 10/25/45†		2,848,470		1,490,208
0.57%, 11/25/45†		1,228,851		594,542
0.58%, 12/25/45†		786,752		368,547
0.60%, 12/25/45†		1,667,914		779,468
2.10%, 04/25/47†		1,714,613		700,838
Wells Fargo Alternative Loan Trust
6.58%, 12/28/37†		2,363,259		1,309,628
Wells Fargo Mortgage-Backed Securities Trust
3.94%, 10/25/35†		757,872		606,843
Total Mortgage-Backed Securities (Cost $499,642,808)				454,006,911
MUNICIPAL BONDS — 0.9%
California Educational Facilities Authority, Series A Revenue Bond
5.00%, 10/01/39		1,000,000		990,680
Illinois Finance Authority
5.75%, 07/01/33		1,800,000		1,934,496
Los Angeles Department of Water & Power, Series A-1 Revenue Bond (AMBAC Insured)
5.00%, 07/01/37		1,500,000		1,426,335
South Carolina Transportation Infrastructure Bank, Series A Revenue Bond (AMBAC Insured)
5.00%, 10/01/23		2,700,000		2,714,526
Virginia State Housing Development Authority, Commonwealth Mortgage, Series H Revenue Bond (MBIA Insured)
5.38%, 07/01/36		1,000,000		996,460
Total Municipal Bonds (Cost $7,746,524)				8,062,497
	Notional Amount
PURCHASED OPTIONS — 0.0%
Put Options — 0.0%
30-Year Federal National Mortgage Association, Strike Price $81.28, Expires 07/07/09	$	19,000,000		—
30-Year Federal National Mortgage Association, Strike Price $88.75, Expires 07/07/09		48,000,000		—
30-Year Government National Mortgage Association, Strike Price $83.13, Expires 07/14/09		52,300,000		—
Total Purchased Options     (Cost $13,980)				—
	Shares
PREFERRED STOCKS — 0.3%
CORTS Trust for Ford Motor Co.D		9,100		124,215
Federal Home Loan Mortgage Corporation		55,675		67,924
Federal National Mortgage Association		42,050		56,746
General Motors Corporation CONV		40,650		106,706
Preferred Blocker (GMAC), Inc.		290		124,718
Wells Fargo & Co.		2,400		1,883,928
Total Preferred Stocks (Cost $4,877,346)				2,364,237
	Par
REPURCHASE AGREEMENTS — 12.5%
Bank of America NA
0.09% (dated 06/30/09, due 07/01/09, repurchase price $46,300,116, collateralized by Federal Home Loan Mortgage Corporation Bond, 5.000%, due 07/01/35, total market value $47,680,733)	$	46,300,000		46,300,000

See Notes to Financial Statements.

63

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par			Value
JPMorgan Securities, Inc.
0.06% (dated 06/30/09, due 07/01/09, repurchase price $60,300,101, collateralized by Federal National Mortgage Association Bond and Federal National Mortgage Association Discount Note , 0.000% to 5.000%, due 11/02/09 to 07/01/34, total market value $62,104,807)	$	60,300,000		$	60,300,000
Total Repurchase Agreements (Cost $106,600,000)					106,600,000
	Shares
MONEY MARKET FUNDS — 10.1%
GuideStone Money Market Fund (GS4 Class)¥		47,350,030			47,350,030
Northern Institutional Liquid Assets Portfolio§		39,184,485			39,184,485
Total Money Market Funds (Cost $86,534,515)					86,534,515
	Par
U.S. TREASURY OBLIGATIONS — 3.7%
U.S. Treasury Bills
0.11%, 07/23/09	$	740,000			739,954
0.39%, 09/17/09		206,000			205,923
					945,877
U.S. Treasury Bonds
4.50%, 05/15/38D		360,000			371,757
3.50%, 02/15/39D		504,000			435,961
					807,718
U.S. Treasury Inflationary Index Bonds
2.00%, 07/15/14D		1,400,000			1,622,735
1.63%, 01/15/15		1,000,000			1,112,831
2.00%, 01/15/16D		500,000			545,874
2.50%, 07/15/16D		600,000			665,754
2.38%, 01/15/17D		200,000			220,912
2.38%, 01/15/25D		1,140,000			1,328,220
2.00%, 01/15/26D		160,000			168,663
2.38%, 01/15/27D‡‡		2,060,000			2,259,736
1.75%, 01/15/28‡‡		3,000			2,888
3.88%, 04/15/29D‡‡		4,468,000			7,367,059
					15,294,672
U.S. Treasury Notes
0.88%, 04/30/11†		1,428,000			1,424,263
1.75%, 03/31/14		20,000			19,350
2.25%, 05/31/14D		10,000			9,869
2.75%, 06/30/14D		10,870,000			10,907,425
3.25%, 05/31/16D		940,000			944,407
3.13%, 05/15/19D		272,000			263,161
					13,568,475
U.S. Treasury STRIPS
4.26%, 05/15/20ΩD		800,000			506,537
4.55%, 11/15/26ΩD		600,000			275,170
					781,707
Total U.S. Treasury Obligations (Cost $30,783,099)					31,398,449
TOTAL INVESTMENTS — 123.0% (Cost $1,139,635,688)					1,051,379,856
	Number of Contracts
WRITTEN OPTIONS — 0.0%
Put Options — 0.0%
90-Day Eurodollar Futures, Strike Price $98.50, Expires 09/14/09		(27	)		(1,181	)
90-Day Eurodollar Futures, Strike Price $98.63, Expires 12/14/09		(29	)		(7,794	)
					(8,975	)
	Notional Amount
Put Swaptions — 0.0%
3-Month LIBOR, Strike Price $4.25, Expires 08/24/09	$	(1,000,000	)		(5,173	)
3-Month LIBOR, Strike Price $4.25, Expires 08/24/09		(1,000,000	)		(5,173	)
3-Month LIBOR, Strike Price $4.90, Expires 07/07/09		(22,500,000	)		—
					(10,346	)
Total Written Options
(Premiums received $(39,303))					(19,321	)
	Par
SECURITY SOLD SHORT — (0.1)%
Federal National Mortgage Association
4.50%, 08/13/39 TBA (Cost $(997,813))	$	(1,000,000	)		(994,062	)
Liabilities in Excess of Other Assets — (22.9)%					(195,811,454	)
NET ASSETS — 100.0%				$	854,555,019

See Notes to Financial Statements.

64

Swap agreements outstanding at June 30, 2009:

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date	Counter- party	Currency	Notional Amount		Market Value			Upfront Premiums Paid/ Received		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Buy Protection
DaimlerChrysler NA Holdings,
5.75 due 09/08/11	0.58	%	05/20/17	BAR	USD	$	900,000	$	18,658		$	—	$	18,658
Target Corporation,
5.88% due 03/01/12	(0.11	)%	06/20/12	MSCS	USD		1,200,000		13,975			—		13,975
CitiFinancial,
6.63% due 06/01/15	(0.15	)%	09/20/11	BAR	USD		300,000		52,103			—		52,103
American Electric Power,
5.25% 06/01/15	(6.26	)%	08/25/37	CITI	USD		2,300,000		(1,660	)		—		(1,660	)
OMNICOM Group, Inc.,
5.90% due 04/15/16	(0.39	)%	06/20/15	MSCS	USD		700,000		17,489			—		17,489
Dominion Resources,
6.00% due 11/30/17	(0.69	)%	06/20/12	CITI	USD		3,800,000		(39,679	)		—		(39,679	)
								$	60,886		$	—	$	60,886

Reference Obligation	Implied Credit Spread		Fixed Deal (Pay) Rate		Maturity Date	Counter- party	Currency	Notional Amount		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Credit Default Swaps on Corporate Issues — Sell Protection
GMAC LLC,
6.88% due 08/28/12	8.43	%	(3.53	)%	09/20/17	DEUT	USD	$	8,400,000	$	(2,137,324	)	$	—	$	(2,137,324	)
Federated Republic of Brazil,
12.25% due 03/06/30	1.93	%	(1.04	)%	05/20/17	DEUT	USD		1,000,000		(59,170	)		—		(59,170	)
										$	(2,196,494	)	$	—	$	(2,196,494	)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date	Counter- party	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	$	293,325	$	—		$	293,325
Dow Jones CDX NA IG 1.1 Index	(1.50	)%	12/20/13	DEUT	USD		20,000,000		157,158		584,055			(426,897	)
Dow Jones CDX IG9 Index	(8.00	)%	06/20/18	RBS	USD		7,222,400		382,012		93,012			289,000
Dow Jones CDX IG10 10Y Index	(1.50	)%	06/20/18	DEUT	USD		3,025,600		19,862		(80,776	)		100,638
Dow Jones CDX IG10 Index	(1.50	)%	12/20/17	MSCS	USD		12,102,400		79,449		(440,372	)		519,821
								$	931,806	$	155,919		$	775,887

Reference Obligation	Implied Credit Spread		Fixed Deal (Pay) Rate		Maturity Date	Counter- party	Currency	Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Credit Default Swaps on Credit Indices — Sell Protection
ABX.HE.AAA Index	3.95	%	(0.09	)%	08/25/37	CS	USD	$	1,000,000	$	(749,119	)	$	(261,635	)	$	(487,484	)
Reference Obligation	Pay/ Receive Floating Rate		Fixed Rate		Maturity Date	Counter- party	Currency	Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Interest Rate Swaps — Buy Protection
3-Month LIBOR	Receive		4.00	%	12/17/29	JPM	USD	$	1,200,000	$	32,222		$	(21,138	)	$	53,360
3-Month LIBOR	Receive		3.25	%	12/16/16	JPM	USD		6,400,000		154,317			(6,073	)		160,390
3-Month LIBOR	Receive		3.00	%	12/16/14	DEUT	USD		2,100,000		26,753			3,994			22,759
3-Month LIBOR	Receive		4.00	%	12/17/29	DEUT	USD		700,000		19,746			16,129			3,617
3-Month LIBOR	Receive		4.00	%	12/17/29	BOA	USD		300,000		8,295			7,933			362

See Notes to Financial Statements.

65

Medium-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

Reference Obligation	Pay/ Receive Floating Rate	Fixed Rate		Maturity Date	Counter- party	Currency	Notional Amount		Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
3-Month LIBOR	Receive	4.00	%	12/17/29	BOA	USD	$	2,800,000	$	77,425		$	187,957		$	(110,532	)
3-Month LIBOR	Pay	(4.00	)%	12/17/29	JPM	USD		800,000		(21,481	)		(54,183	)		32,702
3-Month LIBOR	Pay	(3.50	)%	12/17/29	DEUT	USD		700,000		(19,807	)		(48,507	)		28,700
3-Month LIBOR	Pay	(4.00	)%	12/17/29	JPM	USD		1,500,000		(40,278	)		(106,776	)		66,498
3-Month LIBOR	Pay	(3.25	)%	12/16/16	JPM	USD		1,300,000		(31,372	)		(64,031	)		32,659
3-Month LIBOR	Receive	3.50	%	12/16/19	JPM	USD		1,700,000		59,466			59,145			321
KWCDC Indes	Pay	(2.82	)%	01/28/11	DEUT	KRW		927,000,000		486			—			486
KWCDC Index	Pay	(2.83	)%	01/28/11	JPM	KRW		901,000,000		(6,234	)		—			(6,234	)
KWCDC Index	Pay	(3.87	)%	06/12/11	DEUT	KRW		400,000,000		301			(38	)		339
KWCDC Index	Pay	(3.90	)%	06/15/11	JPM	KRW		720,000,000		3,328			(23	)		3,351
KWCDC Index	Pay	(3.72	)%	06/22/11	JPM	KRW		2,300,000,000		3,099			(64	)		3,163
KWCDC Index	Pay	(3.69	)%	06/26/11	DEUT	KRW		2,280,000,000		667			(186	)		853
France CPI Ex Tobacco	Pay	(2.15	)%	10/15/10	UBS	EUR		300,000		17,238			36			17,202
6-Month MXBRRTIIE Index	Pay	(8.17	)%	11/04/16	MLCS	MXN		52,700,000		73,878			7,930			65,948
3-Month BRR CDI Index	Receive	10.12	%	01/02/12	MSCS	BRL		16,300,000		(359,524	)		(183,620	)		(175,904	)
3-Month CBK	Pay	(5.75	)%	12/19/28	RBS	CAD		500,000		(3,488	)		(4,234	)		746
									$	(4,963	)	$	(205,749	)	$	200,786
Total Swap agreements outstanding at June 30, 2009									$	(1,957,884	)	$	(311,465	)	$	(1,646,419	)

PORTFOLIO SUMMARY (based on net assets)

	%
Futures Contracts	61.3
Mortgage-Backed Securities	53.1
Corporate Bonds	25.6
Repurchase Agreements	12.5
Foreign Bonds	10.5
Money Market Funds	10.1
Asset-Backed Securities	4.2
U.S. Treasury Obligations	3.7
Loan Agreements	1.1
Agency Obligations	1.0
Municipal Bonds	0.9
Forward Foreign Currency Contracts	0.6
Preferred Stocks	0.3
Purchased Options	—	**
Written Options	—	**
Security Sold Short	(0.1	)
Swap Agreements	(0.2	)
	184.6

** Rounds to less than 0.005%.

See Notes to Financial Statements.

66

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s investments carried at fair value:

Valuation Inputs	Investments in Securities			Other Financial Instruments***
Assets:
Level 1 — Quoted Prices
Futures Contracts	$	—		$	4,283,530
Money Market Funds		86,534,515			—
Preferred Stocks		2,364,237			—
Level 2 — Other Significant Observable Inputs
Agency Obligations		8,994,008			—
Asset-Backed Securities		35,915,642			—
Corporate Bonds		215,405,244			—
Foreign Bonds		89,379,391			—
Forward Foreign Currency Contracts		—			(481,953	)
Loan Agreements		9,482,031			—
Mortgage-Backed Securities		453,815,942			—
Municipal Bonds		8,062,497			—
Repurchase Agreements		106,600,000			—
U.S. Treasury Obligations		31,398,449			—
Level 3 — Significant Unobservable Inputs
Corporate Bonds		3,236,931			—
Mortgage-Backed Securities		190,969			—
Total Assets	$	1,051,379,856		$	3,801,577
Liabilities:
Level 1 — Quoted Prices	$	—		$	—
Written Options		(8,975	)		—
Level 2 — Other Significant Observable Inputs
Security Sold Short		(994,062	)		—
Swap Agreements		—			(1,957,884	)
Written Options		(10,346	)		—
Level 3 — Significant Unobservable Inputs		—			—
Total Liabilities	$	(1,013,383	)	$	(1,957,884	)

*** 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:

	Investments in Securities			Other Financial Instruments***
Balance, 12/31/08	$	3,554,980		$	—
Accrued discounts/premiums
Corporate Bonds		43,593			—
Mortgage-Backed Securities		899			—
Realized gain (loss)		—			—
Change in unrealized appreciation (depreciation)
Corporate Bonds		(210,187	)		—
Mortgage-Backed Securities		8,708			—
Net purchases (sales)
Corporate Bonds		(3,728	)		—
Mortgage-Backed Securities		(2,895	)		—
Transfers in and/or out of Level 3
Corporate Bonds		36,530			—
Mortgage-Backed Securities		—			—
Balance, 06/30/09	$	3,427,900		$	—

See Notes to Financial Statements.

67

Extended-Duration Bond Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Par		Value
ASSET-BACKED SECURITIES — 8.6%
Capital One Multi-Asset Execution Trust
5.75%, 07/15/20	$	11,500,000	$	11,836,543
Citibank Credit Card Issuance Trust
6.15%, 06/15/39		12,650,000		12,587,905
Community Program Loan Trust
4.50%, 04/01/29		1,950,000		1,732,144
Discover Card Master Trust
5.65%, 03/16/20		9,100,000		9,116,913
Total Asset-Backed Securities (Cost $35,153,893)				35,273,505
CORPORATE BONDS — 56.2%
Aflac, Inc.
8.50%, 05/15/19		2,700,000		2,889,896
Allegheny Technologies, Inc.
9.38%, 06/01/19		1,778,000		1,887,219
American Express Co.
8.15%, 03/19/38		8,000,000		8,480,824
American International Group, Inc.
5.85%, 01/16/18		6,027,000		3,193,050
8.25%, 08/15/18 144A		5,474,000		3,225,719
6.25%, 05/01/36		3,020,000		1,298,999
Anadarko Petroleum Corporation
6.45%, 09/15/36		1,840,000		1,658,984
Archer-Daniels-Midland Co.
6.45%, 01/15/38		1,885,000		2,050,675
Arrow Electronics, Inc.
6.88%, 07/01/13		205,000		210,436
AT&T Corporation
6.50%, 03/15/29		125,000		119,798
6.50%, 09/01/37		10,015,000		9,965,195
Avnet, Inc.
6.00%, 09/01/15		875,000		805,632
BAC Capital Trust VI
5.63%, 03/08/35		7,685,000		5,016,169
BAC Capital Trust XI
6.63%, 05/23/36		3,321,000		2,510,978
Barclays Financial LLC
4.16%, 02/22/10 144A(T)		25,000,000		736,968
4.10%, 03/22/10 144A(T)		7,000,000		209,117
4.06%, 09/16/10 144A(W)		730,000,000		587,003
Bell South Telecommunications, Inc.
7.00%, 12/01/45		1,000,000		876,350
Bruce Mansfield Unit
6.85%, 06/01/34@		1,245,000		1,096,277
Camden Property Trust
5.70%, 05/15/17D		25,000		22,620
Caterpillar Financial Services Corporation
6.13%, 02/17/14D		1,225,000		1,308,011
5.85%, 09/01/17		100,000		101,984
5.45%, 04/15/18		35,000		33,379
Caterpillar, Inc.
8.25%, 12/15/38D		1,000,000		1,242,975
Chesapeake Energy Corporation
6.88%, 01/15/16D		610,000		541,375
6.50%, 08/15/17		45,000		38,025
6.88%, 11/15/20D		320,000		259,200
Chevron Phillips Chemical Co. LLC
8.25%, 06/15/19 144A		1,185,000		1,238,308
CIT Group Holdings, Inc.
5.40%, 01/30/16		16,000		9,046
CIT Group, Inc.
5.00%, 02/13/14D		81,000		48,147
5.13%, 09/30/14		179,000		105,616
5.50%, 12/01/14(U)		600,000		513,301
5.00%, 02/01/15		17,000		10,024
5.65%, 02/13/17D		65,000		36,723
12.00%, 12/18/18 144A		645,000		303,306
5.80%, 10/01/36D		67,000		36,070
Citigroup Capital XXI
8.30%, 12/21/57†		1,871,000		1,462,366
Citigroup, Inc.
6.88%, 06/01/25		2,441,000		2,346,751
6.63%, 06/15/32		3,128,000		2,571,510
5.88%, 05/29/37		4,141,000		3,245,318
Comcast Corporation
5.65%, 06/15/35		660,000		606,443
6.50%, 11/15/35		555,000		562,818
6.45%, 03/15/37		2,415,000		2,387,672
6.95%, 08/15/37		625,000		653,729
Commonwealth Edison Co.
4.75%, 12/01/11@		201,000		181,421
ConocoPhillips
5.90%, 05/15/38D		1,000,000		1,001,984
6.50%, 02/01/39		1,968,000		2,101,911
Constellation Energy Group, Inc.
4.55%, 06/15/15		750,000		650,879
Continental Airlines, Inc.
6.95%, 02/02/11		100,575		99,066
9.00%, 07/08/16		2,000,000		2,010,000
8.31%, 04/02/18D		442,456		327,418
7.57%, 03/15/20		389,823		319,655
Corning, Inc.
6.20%, 03/15/16		230,000		223,042
7.25%, 08/15/36		850,000		826,858
Cox Communications, Inc.
6.75%, 03/15/11		250,000		263,810
CSX Corporation
6.15%, 05/01/37		84,000		78,347
Cummins, Inc.
6.75%, 02/15/27		750,000		589,256
5.65%, 03/01/28		1,520,000		809,645
7.13%, 03/01/28		425,000		341,079
DCP Midstream LP
6.45%, 11/03/36 144A		490,000		393,075
Dillard’s, Inc.
7.75%, 07/15/26		890,000		431,650
7.00%, 12/01/28		500,000		245,000
Dow Chemical Co.
9.40%, 05/15/39		3,386,000		3,494,359
Duke Realty LP
5.95%, 02/15/17		70,000		54,339
First Industrial LP
7.60%, 07/15/28		1,000,000		562,983
Foot Locker, Inc.
8.50%, 01/15/22		1,000,000		875,000
Ford Motor Co.
6.63%, 10/01/28		680,000		370,600
6.38%, 02/01/29		1,255,000		683,975

See Notes to Financial Statements.

68

	Par		Value
Ford Motor Credit Co., LLC
5.70%, 01/15/10D	$	135,000	$	130,311
7.00%, 10/01/13D		315,000		253,488
8.00%, 12/15/16		1,000,000		765,511
General Electric Capital Corporation
4.88%, 03/04/15D		510,000		496,769
5.63%, 05/01/18		30,000		28,422
6.75%, 03/15/32		4,865,000		4,379,293
6.15%, 08/07/37		6,114,000		5,051,185
5.88%, 01/14/38		150,000		119,066
Georgia-Pacific Corporation
7.38%, 12/01/25		240,000		187,200
7.25%, 06/01/28		300,000		225,750
7.75%, 11/15/29		3,700,000		2,913,750
Georgia-Pacific LLC
8.00%, 01/15/24		30,000		25,650
8.88%, 05/15/31		60,000		52,200
GMAC, Inc.
6.88%, 08/28/12 144AD		158,000		133,510
8.00%, 11/01/31 144A		199,000		141,290
Goldman Sachs Group, Inc.
5.00%, 10/01/14		815,000		820,085
6.15%, 04/01/18		415,000		404,706
GTE Corporation
6.94%, 04/15/28		10,000		10,053
Halliburton Co.
7.45%, 09/15/39D		5,070,000		5,933,593
HCA, Inc.
6.30%, 10/01/12		1,500,000		1,383,750
7.58%, 09/15/25		1,000,000		620,729
7.05%, 12/01/27		500,000		307,030
HCP, Inc.
6.00%, 03/01/15		1,500,000		1,325,278
Highwoods Realty LP
5.85%, 03/15/17		260,000		207,363
7.50%, 04/15/18		1,500,000		1,299,940
Historic TW, Inc.
6.63%, 05/15/29D		60,000		54,397
Home Depot, Inc.
5.88%, 12/16/36		875,000		774,434
HSBC Bank USA NA
5.88%, 11/01/34		2,000,000		1,859,952
iStar Financial, Inc.
8.63%, 06/01/13		635,000		330,427
5.95%, 10/15/13D		305,000		134,304
5.70%, 03/01/14		1,171,000		492,230
JC Penney Corporation, Inc.
6.38%, 10/15/36		810,000		601,109
JPMorgan Chase Capital XXV
6.80%, 10/01/37		11,884,000		10,249,427
Kinder Morgan Energy Partners LP
5.80%, 03/15/35		280,000		237,093
Kraft Foods, Inc.
6.50%, 11/01/31		815,000		811,576
Lennar Corporation
5.60%, 05/31/15		935,000		740,988
6.50%, 04/15/16D		625,000		503,125
Lowe’s Cos., Inc.
6.65%, 09/15/37		3,051,000		3,338,636
M&T Bank Corporation
6.63%, 12/04/17		8,970,000		8,546,132
Macy’s Retail Holdings, Inc.
6.38%, 03/15/37		240,000		163,577
MBIA Insurance Corporation
14.00%, 01/15/33 144A†D		4,750,000		1,806,116
McDonald’s Corporation
6.30%, 10/15/37		2,713,000		2,937,981
MetLife, Inc.
7.72%, 02/15/19		7,300,000		7,821,695
MidAmerican Energy Holdings Co.
5.88%, 10/01/12		1,000,000		1,065,791
Monsanto Co.
5.88%, 04/15/38		2,054,000		2,102,867
Morgan Stanley
6.75%, 04/15/11		195,000		204,361
4.75%, 04/01/14		100,000		94,557
5.45%, 01/09/17		5,000		4,676
5.95%, 12/28/17		185,000		177,808
6.63%, 04/01/18		70,000		69,898
6.25%, 08/09/26		100,000		93,438
Mosaic Global Holdings, Inc.
7.38%, 08/01/18		500,000		460,736
7.30%, 01/15/28		690,000		589,215
Motorola, Inc.
6.50%, 11/15/28		500,000		340,773
Nextel Communications, Inc.
6.88%, 10/31/13		215,000		178,988
5.95%, 03/15/14		325,000		257,562
7.38%, 08/01/15D		550,000		441,375
NGPL PipeCo LLC
7.12%, 12/15/17 144A		640,000		671,915
NiSource Finance Corporation
6.15%, 03/01/13		1,000,000		994,831
6.40%, 03/15/18		1,640,000		1,507,119
Nortel Networks Capital Corporation
7.88%, 06/15/26#		450,000		144,000
Nucor Corporation
6.40%, 12/01/37		6,000,000		6,187,488
Owens Corning, Inc.
6.50%, 12/01/16D		240,000		210,672
7.00%, 12/01/36		355,000		252,210
PacifiCorp
6.25%, 10/15/37D		1,833,000		2,004,250
Pioneer Natural Resources Co.
7.20%, 01/15/28D		2,500,000		1,968,350
Prologis
5.63%, 11/15/15		35,000		27,787
Pulte Homes, Inc.
5.20%, 02/15/15		40,000		33,600
7.88%, 06/15/32D		1,500,000		1,117,500
6.38%, 05/15/33		1,000,000		665,000
Qwest Corporation
7.25%, 09/15/25		1,000,000		770,000
6.88%, 09/15/33D		2,250,000		1,653,750
Regions Financial Corporation
7.38%, 12/10/37		11,088,000		7,892,649
SLM Corporation
5.00%, 10/01/13		250,000		202,398
5.38%, 05/15/14		200,000		160,904
Southern Natural Gas Co.
7.35%, 02/15/31		1,750,000		1,710,119
Sprint Capital Corporation
6.90%, 05/01/19		55,000		45,788

See Notes to Financial Statements.

69

Extended-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
6.88%, 11/15/28	$	2,350,000	$	1,680,250
8.75%, 03/15/32		20,000		16,200
Swift Energy Co.
7.63%, 07/15/11D		150,000		141,000
Target Corporation
6.50%, 10/15/37		5,400,000		5,480,131
7.00%, 01/15/38		5,150,000		5,506,643
Tennessee Gas Pipeline Co.
7.00%, 10/15/28D		750,000		718,436
Time Warner, Inc.
7.63%, 04/15/31		35,000		34,114
6.50%, 11/15/36		120,000		105,394
Toll Brothers Finance Corporation
5.15%, 05/15/15		1,285,000		1,139,102
Toro Co.
6.63%, 05/01/37@		300,000		218,600
Union Pacific Resources Group
7.15%, 05/15/28		250,000		228,211
United Technologies Corporation
6.13%, 07/15/38		5,948,000		6,478,901
Verizon Communications, Inc.
6.40%, 02/15/38D		968,000		950,727
6.90%, 04/15/38D		2,570,000		2,689,598
8.95%, 03/01/39		105,000		132,997
7.35%, 04/01/39		979,000		1,070,157
Verizon Global Funding Corporation
5.85%, 09/15/35		2,420,000		2,258,087
Verizon Maryland, Inc.
5.13%, 06/15/33		50,000		37,155
Verizon New York, Inc.
7.38%, 04/01/32		385,000		376,115
Wachovia Bank NA
5.85%, 02/01/37		6,077,000		5,377,859
6.60%, 01/15/38		3,757,000		3,673,948
WellPoint, Inc.
6.38%, 06/15/37		2,080,000		1,913,013
Western Union Co.
6.20%, 11/17/36		2,155,000		2,037,180
Williams Cos., Inc.
7.50%, 01/15/31		1,250,000		1,102,731
7.75%, 06/15/31		80,000		72,178
8.75%, 03/15/32		70,000		70,523
Xerox Capital Trust I
8.00%, 02/01/27D		1,500,000		1,142,325
XTO Energy, Inc.
6.10%, 04/01/36		50,000		48,615
Total Corporate Bonds (Cost $248,968,173)				231,061,044
FOREIGN BONDS — 29.5%
Australia — 2.1%
General Electric Capital Australia Funding, Ltd.
8.00%, 02/13/12(A)		60,000		49,816
New South Wales Treasury Corporation
7.00%, 12/01/10(A)		1,125,000		945,991
6.00%, 05/01/12(A)		60,000		49,566
Qantas Airways, Ltd.
6.05%, 04/15/16 144AD		345,000		312,076
Queensland Treasury Corporation
6.00%, 06/14/11(A)		785,000		653,090
Rio Tinto Finance USA, Ltd.
7.13%, 07/15/28		6,830,000		6,533,892
				8,544,431
Brazil — 0.6%
Federative Republic of Brazil
10.25%, 01/10/28(B)		2,525,000		1,275,708
8.25%, 01/20/34		1,000,000		1,192,500
7.13%, 01/20/37		80,000		87,200
				2,555,408
Canada — 6.9%
British Columbia Generic Residual
3.24%, 06/09/14 STRIP(C)Ω		7,230,000		5,323,901
Canada Generic Residual
4.37%, 06/01/25 STRIP(C)Ω		3,685,000		1,606,237
Canadian National Railway Co.
6.38%, 11/15/37D		2,770,000		3,044,454
Canadian Pacific Railway Co. NY
7.13%, 10/15/31		500,000		470,123
CIT Group Funding Co.
5.20%, 06/01/15		240,000		139,186
Methanex Corporation
6.00%, 08/15/15		25,000		19,266
Ontario Generic Residual
5.29%, 07/13/22 STRIP(C)Ω		3,900,000		1,656,364
5.41%, 03/08/29 STRIP(C)Ω		7,000,000		2,139,449
Saskatchewan Residual
3.19%, 04/10/14 STRIP(C)Ω		6,500,000		4,756,850
5.11%, 02/04/22 STRIP(C)		3,000,000		1,311,860
Talisman Energy, Inc.
5.85%, 02/01/37		670,000		573,663
6.25%, 02/01/38D		450,000		406,571
TransCanada Pipelines, Ltd.
6.20%, 10/15/37D		6,291,000		6,462,310
7.63%, 01/15/39		360,000		421,508
				28,331,742
Cayman Islands — 0.2%
Enersis SA
7.40%, 12/01/16D		625,000		671,963
Finland — 0.1%
Nokia OYJ
6.63%, 05/15/39		510,000		540,327

See Notes to Financial Statements.

70

	Par		Value
France — 0.6%
EDF SA
6.95%, 01/26/39 144A	$	2,300,000	$	2,590,858
Ireland — 0.0%
Elan Finance PLC
7.75%, 11/15/11		30,000		27,900
8.88%, 12/01/13		85,000		78,200
				106,100
Luxembourg — 2.3%
Covidien International Finance SA
6.55%, 10/15/37		5,307,000		5,897,711
Telecom Italia Capital SA
7.18%, 06/18/19D		1,750,000		1,777,097
6.38%, 11/15/33		410,000		365,446
6.00%, 09/30/34		415,000		351,553
7.72%, 06/04/38D		1,273,000		1,300,134
				9,691,941
Malaysia — 0.0%
Telekom Malaysia BHD
7.88%, 08/01/25 144A		225,000		248,103
Mexico — 1.1%
Mexican Bonos
9.00%, 12/20/12(M)		11,350,000		927,962
7.25%, 12/15/16(M)		13,150,000		961,416
8.00%, 12/07/23(M)		34,000,000		2,486,306
				4,375,684
Netherlands — 1.3%
Koninklijke Philips Electronics NV
6.88%, 03/11/38		5,000,000		5,373,115
Norway — 0.5%
Norway Government Bond
5.00%, 05/15/15(K)		540,000		90,103
4.25%, 05/19/17(K)		11,940,000		1,903,212
				1,993,315
Philippines — 0.1%
Quezon Power (Philippines), Ltd.
8.86%, 06/15/17		355,000		317,725
Spain — 2.1%
Santander Perpetual SA Unipersonal
6.67%, 10/24/17 144A†		11,600,000		8,596,528
Supranational — 2.0%
Inter-American Development Bank
6.00%, 12/15/17(Z)		7,865,000		4,943,168
International Bank for Reconstruction & Development
1.43%, 03/05/14(G)		4,700,000		3,134,842
				8,078,010
United Kingdom — 9.6%
Barclays Bank PLC
7.70%, 10/25/49 144A†D		8,640,000		7,198,399
HBOS PLC
6.75%, 05/21/18 144A		10,684,000		8,077,585
HSBC Holdings PLC
6.50%, 09/15/37		6,500,000		6,307,418
Standard Chartered Bank
6.40%, 09/26/17 144A		10,027,000		9,074,485
Tesco PLC
6.15%, 11/15/37 144AD		7,550,000		7,663,423
Vodafone Group PLC
6.15%, 02/27/37		1,000,000		987,082
				39,308,392
Total Foreign Bonds (Cost $124,779,603)				121,323,642
MORTGAGE-BACKED SECURITY — 0.0%
Federal Home Loan Mortgage Corporation
5.00%, 12/01/31 (Cost $138,916)		147,607		151,136
MUNICIPAL BONDS — 1.5%
New Jersey State Turnpike Authority Series F Revenue Bond
7.41%, 01/01/40		1,470,000		1,713,402
State of California General Obligation Bond
7.50%, 04/01/34		2,455,000		2,247,160
7.55%, 04/01/39		2,535,000		2,310,399
Total Municipal Bonds (Cost $6,513,001)				6,270,961
U.S. TREASURY OBLIGATION — 0.6%
U.S. Treasury STRIP
4.39%, 05/15/38WD (Cost $3,047,945)		8,940,000		2,560,354
	Shares
PREFERRED STOCKS — 0.1%
Chesapeake Energy Corporation CONVD		330		24,255
El Paso Energy Capital Trust I CONVD		5,350		167,990
Preferred Blocker (GMAC), Inc.		82		35,265
Total Preferred Stocks (Cost $278,115)				227,510
MONEY MARKET FUNDS — 6.3%
GuideStone Money Market Fund (GS4 Class)¥		10,532,979		10,532,979
Northern Institutional Liquid Assets Portfolio§		15,327,187		15,327,187
Total Money Market Funds (Cost $25,860,166)				25,860,166
TOTAL INVESTMENTS — 102.8% (Cost $444,739,812)				422,728,318
Liabilities in Excess of Other Assets — (2.8)%				(11,591,790	)
NET ASSETS — 100.0%			$	411,136,528

See Notes to Financial Statements.

71

Extended-Duration Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds	56.2
Foreign Bonds	29.5
Asset-Backed Securities	8.6
Money Market Funds	6.3
Municipal Bonds	1.5
U.S. Treasury Obligation	0.6
Preferred Stocks	0.1
Mortgage-Backed Security	0.0	**
	102.8

** Rounds to less than 0.005%.

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Money Market Funds	$	25,860,166	$	—
Preferred Stocks		227,510		—
Level 2 — Other Significant Observable Inputs
Asset-Backed Securities		35,273,505		—
Corporate Bonds		230,851,927		—
Foreign Bonds		121,323,642		—
Mortgage-Backed Security		151,136		—
Municipal Bonds		6,270,961		—
U.S. Treasury Obligation		2,560,354		—
Level 3 — Significant Unobservable Inputs
Corporate Bonds		209,117		—
Total	$	422,728,318	$	—

*** 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:

	Investments in Securities			Other Financial Instruments***
Balance, 12/31/08	$	716,628		$	—
Accrued discounts/premiums		2,988			—
Realized gain (loss)		—			—
Changed in unrealized appreciation (depreciation)		(171,928	)		—
Net purchases (sales)		—			—
Transfers in and/or out of Level 3		(338,571	)		—
Balance, 06/30/09	$	209,117		$	—

See Notes to Financial Statements.

72

Inflation Protected Bond Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Par		Value
U.S. TREASURY OBLIGATIONS — 86.2%
U.S. Treasury Inflationary Index Bonds
3.50%, 01/15/11	$	145,000	$	185,578
2.38%, 04/15/11		250,000		276,869
3.38%, 01/15/12		1,800,000		2,299,944
2.00%, 04/15/12		1,660,000		1,796,045
3.00%, 07/15/12		2,370,000		2,980,949
0.63%, 04/15/13		3,160,000		3,153,875
1.88%, 07/15/13		2,250,000		2,682,292
2.00%, 01/15/14		1,330,000		1,571,696
1.25%, 04/15/14‡‡		4,020,000		4,071,705
2.00%, 07/15/14		840,000		973,641
1.63%, 01/15/15		2,030,000		2,259,047
1.88%, 07/15/15		1,510,000		1,675,436
2.00%, 01/15/16		1,960,000		2,139,825
2.50%, 07/15/16		1,290,000		1,431,372
2.38%, 01/15/17		1,290,000		1,424,881
2.63%, 07/15/17		1,500,000		1,646,386
1.63%, 01/15/18		2,385,000		2,406,923
1.38%, 07/15/18		2,480,000		2,382,464
2.38%, 01/15/25		4,030,000		4,695,374
2.00%, 01/15/26		2,730,000		2,877,822
2.38%, 01/15/27		2,010,000		2,204,888
1.75%, 01/15/28		4,200,000		4,043,578
3.63%, 04/15/28		1,020,000		1,639,652
2.50%, 01/15/29		2,815,000		2,977,349
3.88%, 04/15/29		2,780,000		4,583,801
				58,381,392
U.S. Treasury Note
4.00%, 08/15/18		530,000		549,917
U.S. Treasury STRIPS
4.52%, 11/15/27Ω		860,000		377,035
Total U.S. Treasury Obligations (Cost $58,762,986)				59,308,344
	Shares
MONEY MARKET FUND — 9.6%
GuideStone Money Market Fund (GS4 Class)¥ (Cost $6,654,220)		6,654,220		6,654,220
TOTAL INVESTMENTS — 95.8% (Cost $65,417,206)				65,962,564
Other Assets in Excess of Liabilities — 4.2%				2,856,897
NET ASSETS — 100.0%			$	68,819,461

PORTFOLIO SUMMARY (based on net assets)

	%
U.S. Treasury Obligations	86.2
Money Market Fund	9.6
Futures Contracts	(3.9	)
	91.9

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Assets:
Level 1 — Quoted Prices
Futures Contracts	$	—	$	(1,076	)
Money Market Fund		6,654,220		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligations		59,308,344		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	65,962,564	$	(1,076	)

See Notes to Financial Statements.

73

Global Bond Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Par		Value
AGENCY OBLIGATIONS — 0.2%
Federal Home Loan Mortgage Corporation
5.00%, 12/14/18	$	206,000	$	195,938
Federal National Mortgage Association
0.34%, 01/25/10Ω‡‡		133,000		132,766
Total Agency Obligations (Cost $310,126)				328,704
ASSET-BACKED SECURITIES — 3.0%
ARG Funding Corporation
2.64%, 05/20/11 144A†		665,000		621,823
Bear Stearns Asset-Backed Securities Trust
0.79%, 10/25/33 STEP		126,216		116,965
Capital One Multi-Asset Execution Trust
0.35%, 03/16/15†		720,000		692,334
Carrington Mortgage Loan Trust
0.63%, 10/25/35†		90,824		70,354
Chase Issuance Trust
0.69%, 11/15/12†		1,135,000		1,095,687
0.57%, 04/15/19†		760,000		528,926
Citibank Credit Card Issuance Trust
6.30%, 06/20/14		710,000		670,927
Discover Card Master Trust I
0.41%, 06/16/15†		655,000		613,358
GMAC Mortgage Corporation Loan Trust
0.49%, 12/25/36†		1,474,558		443,324
Lehman XS Trust
0.40%, 02/25/37†		521,916		240,034
Morgan Stanley Mortgage Loan Trust
0.43%, 10/25/36†		146,397		132,714
Origen Manufactured Housing
0.47%, 11/15/18†		82,772		68,765
RAAC Series
0.65%, 07/25/37 144A†		144,151		140,863
Residential Asset Securities Corporation
6.35%, 03/25/32		65,996		36,398
Security National Mortgage Loan Trust
0.59%, 01/25/37 144A†		198,454		134,392
Total Asset-Backed Securities (Cost $7,091,043)				5,606,864
CORPORATE BONDS — 44.3%
Activant Solutions, Inc.
9.50%, 05/01/16		15,000		11,662
AES Corporation
8.38%, 03/01/11(U)		50,000		74,342
8.75%, 05/15/13 144A		312,000		318,240
8.00%, 10/15/17		315,000		294,525
Affinion Group, Inc.
10.13%, 10/15/13		100,000		93,000
10.13%, 10/15/13 144A		110,000		102,300
11.50%, 10/15/15		105,000		90,300
Allegheny Energy Supply
7.80%, 03/15/11D		90,000		93,148
Allied Waste North America, Inc.
7.13%, 05/15/16D		225,000		226,429
AMC Entertainment, Inc.
8.75%, 06/01/19 144A		20,000		18,900
American General Finance Corporation
5.75%, 09/15/16		700,000		376,216
American International Group, Inc.
5.05%, 10/01/15		100,000		54,007
AMH Holdings, Inc.
11.25%, 03/01/14 STEP		15,000		6,675
Amkor Technology, Inc.
7.75%, 05/15/13		660,000		608,025
Anadarko Petroleum Corporation
5.95%, 09/15/16		20,000		19,761
Appleton Papers, Inc.
8.13%, 06/15/11		40,000		26,200
9.75%, 06/15/14		100,000		34,500
Ashtead Capital, Inc.
9.00%, 08/15/16 144A		140,000		119,350
Ashton Woods USA LLC
38.21%, 06/30/15 STEP 144AΩ@		20,800		7,800
Associated Materials, Inc.
9.75%, 04/15/12D		120,000		105,600
AT&T Corporation
6.50%, 03/15/29		580,000		555,863
AT&T, Inc.
6.55%, 02/15/39D		454,000		454,669
Autonation, Inc.
3.13%, 04/15/13†		200,000		177,250
Baltimore Gas & Electric Co.
5.20%, 06/15/33		1,125,000		938,143
Banca Popolare di Lodi Investors Trust III
6.74%, 06/30/36(E)†		260,000		206,354
Belden & Blake Corporation
8.75%, 07/15/12D		165,000		134,475
Berry Petroleum Co.
10.25%, 06/01/14		70,000		71,050
Biomet, Inc.
10.38%, 10/15/17 PIK		555,000		539,738
Blockbuster, Inc.
9.00%, 09/01/12D		110,000		53,350
Boeing Capital Corporation, Ltd.
5.80%, 01/15/13		60,000		64,369
Boston Scientific Corporation
7.00%, 11/15/35		215,000		175,225
Buffets Restaurants Holdings, Inc.
12.50%, 11/01/14#		105,000		—
Caterpillar Financial Services Corporation
6.13%, 02/17/14		440,000		469,816
5.45%, 04/15/18		25,000		23,842
CCH I Holdings LLC
11.00%, 10/01/15#@		520,000		65,000
CDX North America High Yield
7.63%, 06/29/12 144A		948,460		827,531

See Notes to Financial Statements.

74

	Par		Value
Cengage Learning Acquisitions, Inc.
10.50%, 01/15/15 144A	$	100,000	$	81,500
Ceridian Corporation
12.25%, 11/15/15 144AD		60,000		43,425
Charter Communications Holdings LLC
12.13%, 01/15/12#		50,000		500
Charter Communications Operating LLC
10.88%, 09/15/14 144A#@		140,000		145,600
Chesapeake Energy Corporation
6.50%, 08/15/17		1,190,000		1,005,550
6.25%, 01/15/18		30,000		25,050
7.25%, 12/15/18		110,000		96,250
Chiquita Brands International, Inc.
7.50%, 11/01/14D		450,000		380,250
CII Carbon LLC
11.13%, 11/15/15 144A		190,000		137,988
Cincinnati Bell Telephone Co.
6.30%, 12/01/28		155,000		96,875
CIT Group Holdings, Inc.
5.40%, 01/30/16		4,000		2,261
CIT Group, Inc.
5.40%, 02/13/12		2,000		1,361
5.00%, 02/13/14D		242,000		143,846
5.13%, 09/30/14		73,000		43,072
5.00%, 02/01/15D		477,000		281,261
5.85%, 09/15/16D		73,000		41,265
12.00%, 12/18/18 144AD		1,332,000		626,362
CMP Susquehanna Radio Holdings Corporation
9.88%, 05/15/14 144A†		6,000		2,576
Colorado Interstate Gas Co.
5.95%, 03/15/15		20,000		19,748
6.80%, 11/15/15		125,000		129,036
Comcast Corporation
6.50%, 01/15/15		60,000		63,715
6.50%, 01/15/17		60,000		63,747
5.65%, 06/15/35		500,000		459,426
Commerzbank Capital Funding Trust I
5.01%, 04/12/37(E)†		900,000		416,207
Community Health Systems, Inc.
8.88%, 07/15/15D		100,000		98,500
Complete Production Services, Inc.
8.00%, 12/15/16		80,000		68,800
ConocoPhillips
6.50%, 02/01/39		150,000		160,207
Continental Airlines, Inc.
9.00%, 07/08/16		1,250,000		1,256,250
5.98%, 04/19/22D		545,000		449,625
Countrywide Financial Corporation
5.80%, 06/07/12		90,000		90,621
6.25%, 05/15/16		280,000		248,743
Cricket Communications, Inc.
7.75%, 05/15/16 144A		150,000		145,125
CSX Corporation
6.15%, 05/01/37		138,000		128,713
Cummins, Inc.
5.65%, 03/01/28		1,500,000		798,992
DAE Aviation Holdings, Inc.
11.25%, 08/01/15 144A		230,000		134,550
DaVita, Inc.
6.63%, 03/15/13		140,000		132,650
Delhaize America, Inc.
9.00%, 04/15/31		301,000		366,361
Deutsche Postbank Funding Trust IV
5.98%, 06/29/49(E)†		300,000		218,846
Developers Diversified Realty Corporation
5.38%, 10/15/12		315,000		213,088
DI Finance
9.50%, 02/15/13		180,000		173,700
DISH DBS Corporation
7.00%, 10/01/13D		600,000		573,000
Dole Food Co., Inc.
7.25%, 06/15/10		360,000		356,400
Dollar General Corporation
10.63%, 07/15/15		80,000		86,800
11.88%, 07/15/17 PIKD		5,000		5,425
Dominion Resources, Inc.
8.88%, 01/15/19		250,000		298,634
DR Horton, Inc.
6.50%, 04/15/16D		345,000		296,700
Dynegy Holdings, Inc.
7.50%, 06/01/15		307,000		257,496
7.75%, 06/01/19		746,000		584,678
Edison Mission Energy
7.63%, 05/15/27		180,000		116,100
Education Management LLC
10.25%, 06/01/16D		185,000		181,762
El Paso Corporation
8.25%, 02/15/16		335,000		327,462
El Paso Natural Gas Co.
8.63%, 01/15/22		90,000		97,657
8.38%, 06/15/32		75,000		81,955
El Pollo Loco, Inc.
11.75%, 12/01/12 144A		20,000		20,600
11.75%, 11/15/13D		65,000		52,325
Embarq Corporation
8.00%, 06/01/36		1,245,000		1,097,592
Energy Future Holdings Corporation
5.55%, 11/15/14D		10,000		6,364
11.25%, 11/01/17 PIK		943,400		580,191
6.50%, 11/15/24		370,000		187,250
6.55%, 11/15/34		300,000		145,728
Energy Transfer Partners LP
9.00%, 04/15/19		100,000		114,386
Enterprise Products Operating LLC
9.75%, 01/31/14		250,000		287,646
Enterprise Products Operating LLC
8.38%, 08/01/66†		60,000		48,360
Erac USA Finance Co.
6.38%, 10/15/17 144A		245,000		221,556
7.00%, 10/15/37 144A		1,065,000		849,226
Eurohypo Capital Funding Trust 1
6.45%, 12/23/49(E)†		27,000		8,522
EXCO Resources, Inc.
7.25%, 01/15/11		125,000		121,875

See Notes to Financial Statements.

75

Global Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
FirstEnergy Corporation
7.38%, 11/15/31	$	45,000	$	42,586
Ford Motor Co.
6.63%, 10/01/28		850,000		463,250
Ford Motor Credit Co., LLC
5.70%, 01/15/10D		1,250,000		1,206,587
3.26%, 01/13/12†		37,500		29,062
7.00%, 10/01/13D		650,000		523,071
Freeport-McMoRan Copper & Gold, Inc.
8.38%, 04/01/17		470,000		474,191
Freescale Semiconductor, Inc.
10.13%, 12/15/16		130,000		44,850
Fresenius US Finance II, Inc.
8.75%, 07/15/15 144A(E)		30,000		45,032
Frontier Communications Corporation
9.25%, 05/15/11		200,000		209,500
7.13%, 03/15/19		120,000		102,900
7.88%, 01/15/27		405,000		326,025
General Electric Capital Corporation
3.49%, 03/08/12(G)		200,000		129,112
7.63%, 12/10/14(Z)		905,000		547,304
4.88%, 03/04/15D		370,000		360,401
6.50%, 09/28/15(Z)		255,000		143,348
6.75%, 09/26/16(Z)		150,000		85,467
5.63%, 05/01/18		25,000		23,685
6.75%, 03/15/32		30,000		27,005
5.88%, 01/14/38		100,000		79,378
General Motors Corporation
8.38%, 07/05/33(E)#		250,000		41,910
Georgia Gulf Corporation
9.50%, 10/15/14@		125,000		38,125
Georgia-Pacific LLC
8.00%, 01/15/24		355,000		303,525
8.88%, 05/15/31		785,000		682,950
GMAC, Inc.
5.75%, 05/21/10 144A		117,000		109,980
5.38%, 06/06/11 144AD		415,000		356,900
6.00%, 12/15/11 144AD		1,016,000		878,840
7.50%, 12/31/13 144A		87,000		68,295
6.75%, 12/01/14 144A		399,000		317,205
8.00%, 12/31/18 144A		104,000		67,080
8.00%, 11/01/31 144A		757,000		537,470
Goldman Sachs Group, Inc.
5.00%, 10/01/14D		600,000		603,743
6.15%, 04/01/18D		300,000		292,559
Goodyear Tire & Rubber Co.
7.00%, 03/15/28		690,000		534,750
Graham Packaging Co., Inc.
8.50%, 10/15/12D		25,000		24,250
H&E Equipment Services, Inc.
8.38%, 07/15/16		205,000		165,538
Hawaiian Telcom Communications, Inc.
12.50%, 05/01/15#@		65,000		6
Hawker Beechcraft Acquisition Co., LLC
8.88%, 04/01/15 PIKD		330,000		140,250
HCA, Inc.
8.75%, 11/01/10(U)		140,000		231,479
7.88%, 02/01/11D		240,000		237,300
6.25%, 02/15/13		480,000		422,400
5.75%, 03/15/14		40,000		32,200
6.38%, 01/15/15		870,000		711,225
7.19%, 11/15/15		205,000		158,487
6.50%, 02/15/16D		220,000		178,750
9.25%, 11/15/16		60,000		59,250
9.63%, 11/15/16 PIK		194,000		192,545
7.50%, 12/15/23		555,000		364,286
8.36%, 04/15/24		90,000		59,868
7.69%, 06/15/25		775,000		479,808
7.58%, 09/15/25		570,000		353,816
Hertz Corporation
8.88%, 01/01/14		250,000		231,250
Hess Corporation
6.65%, 08/15/11D		60,000		63,891
8.13%, 02/15/19		310,000		353,525
Hexion US Finance Corporation
9.75%, 11/15/14		1,170,000		532,350
Highwoods Realty LP
5.85%, 03/15/17		180,000		143,559
Hollandwide Parent BV
29.76%, 08/01/14(E)Ω		190,000		2,665
Home Depot, Inc.
5.40%, 03/01/16D		120,000		119,952
5.88%, 12/16/36		1,690,000		1,495,765
Host Hotels & Resorts LP
2.63%, 04/15/27 144A		750,000		640,312
Idearc, Inc.
8.00%, 11/15/16#		185,000		5,781
Intel Corporation
2.95%, 12/15/35		15,000		12,675
International Lease Finance Corporation
4.75%, 07/01/09D		345,000		345,000
6.63%, 12/07/09(U)		395,000		620,415
5.00%, 04/15/10		145,000		132,825
5.63%, 09/15/10D		115,000		103,343
5.55%, 09/05/12		50,000		38,872
6.38%, 03/25/13		245,000		186,543
International Paper Co.
5.50%, 01/15/14		575,000		528,750
7.95%, 06/15/18		635,000		613,569
iStar Financial, Inc.
5.65%, 09/15/11D		92,000		53,384
5.50%, 06/15/12		75,000		38,084
8.63%, 06/01/13		75,000		39,027
5.95%, 10/15/13		954,000		420,086
5.70%, 03/01/14		62,000		26,062
6.05%, 04/15/15D		20,000		8,008
5.88%, 03/15/16D		22,000		8,810
JC Penney Corporation, Inc.
6.38%, 10/15/36		1,270,000		942,480
7.63%, 03/01/38		1,300,000		872,699
Jefferson Smurfit Corporation
7.50%, 06/01/13#		625,000		235,937
Jones Apparel Group, Inc.
6.13%, 11/15/34		135,000		85,725
K Hovnanian Enterprises, Inc.
6.38%, 12/15/14		795,000		417,375
Kerr-McGee Corporation
6.95%, 07/01/24		30,000		27,899
Keystone Automotive Operations, Inc.
9.75%, 11/01/13		45,000		15,075

See Notes to Financial Statements.

76

	Par		Value
Kinder Morgan Energy Partners LP
5.95%, 02/15/18	$	1,060,000	$	1,039,336
7.40%, 03/15/31		255,000		249,446
6.50%, 02/01/37		75,000		68,699
6.95%, 01/15/38		90,000		87,447
Knight, Inc.
5.15%, 03/01/15		150,000		130,875
Kraft Foods, Inc.
4.13%, 11/12/09		40,000		40,423
L-3 Communications Corporation
7.63%, 06/15/12		600,000		603,000
6.13%, 01/15/14		45,000		42,075
6.38%, 10/15/15		450,000		410,625
Lamar Media Corporation
6.63%, 08/15/15		20,000		17,000
Lehman Brothers Holdings, Inc.
5.25%, 02/06/12#		130,000		19,825
Leiner Health Products, Inc.
11.00%, 06/01/12#@		285,000		1,425
Lennar Corporation
5.60%, 05/31/15		1,400,000		1,109,500
Level 3 Communications, Inc.
3.50%, 06/15/12D		195,000		137,475
Level 3 Financing, Inc.
9.25%, 11/01/14		260,000		214,500
8.75%, 02/15/17		1,185,000		906,525
Mariner Energy, Inc.
8.00%, 05/15/17D		70,000		58,450
Marsh & McLennan Cos., Inc.
5.88%, 08/01/33		1,000,000		793,622
Maxtor Corporation
5.75%, 03/01/12@		104,000		86,840
MBIA Insurance Corporation
14.00%, 01/15/33 144A†		435,000		165,402
Merrill Lynch & Co., Inc.
6.11%, 01/29/37		2,000,000		1,549,132
Metals USA, Inc.
11.13%, 12/01/15		140,000		115,675
MetroPCS Wireless, Inc.
9.25%, 11/01/14		10,000		9,988
Michaels Stores, Inc.
10.00%, 11/01/14D		50,000		42,250
Midwest Generation LLC
8.30%, 07/02/09		18,255		18,164
Mirant Mid Atlantic Pass Through Trust
10.06%, 12/30/28		165,630		159,212
Morgan Stanley
4.75%, 04/01/14D		50,000		47,279
Motorola, Inc.
6.50%, 09/01/25		720,000		505,081
6.50%, 11/15/28D		155,000		105,640
6.63%, 11/15/37		625,000		426,052
Mutual of Omaha Insurance Co.
6.80%, 06/15/36 144A		1,200,000		824,519
Neiman-Marcus Group, Inc.
9.00%, 10/15/15 PIKD		363,653		216,374
7.13%, 06/01/28		30,000		18,300
Nevada Power Co.
8.25%, 06/01/11		290,000		309,076
5.88%, 01/15/15		100,000		102,563
NewPage Corporation
7.28%, 05/01/12†		265,000		131,175
Nextel Communications, Inc.
5.95%, 03/15/14		970,000		768,725
7.38%, 08/01/15D		1,615,000		1,296,038
Noranda Aluminium Acquisition Corporation
5.41%, 05/15/15 PIK		72,570		40,367
Norcraft Holdings LP
9.75%, 09/01/12 STEP		195,000		183,300
Nortek, Inc.
8.50%, 09/01/14		5,000		1,450
NRG Energy, Inc.
7.38%, 02/01/16		300,000		284,625
NTK Holdings, Inc.
99.00%, 03/01/14Ω		160,000		13,600
Oncor Electric Delivery Co.
6.38%, 01/15/15		100,000		104,685
Orion Power Holdings, Inc.
12.00%, 05/01/10		55,000		57,200
Owens Corning, Inc.
7.00%, 12/01/36D		220,000		156,299
Oxford Industries, Inc.
11.38%, 07/15/15		135,000		132,806
Panhandle Eastern Pipeline Co.
7.00%, 06/15/18		1,100,000		1,118,468
Peabody Energy Corporation
6.88%, 03/15/13D		190,000		189,050
Pemex Project Funding Master Trust
6.63%, 06/15/35		1,540,000		1,394,750
Penhall International Corporation
12.00%, 08/01/14 144A@		205,000		74,825
PetroHawk Energy Corporation
9.13%, 07/15/13		70,000		70,000
Pioneer Natural Resources Co.
5.88%, 07/15/16		900,000		780,510
7.20%, 01/15/28		315,000		248,012
Plains Exploration & Production Co.
10.00%, 03/01/16D		75,000		77,438
Quicksilver Resources, Inc.
11.75%, 01/01/16D		95,000		98,800
Qwest Capital Funding, Inc.
6.50%, 11/15/18		225,000		174,375
Qwest Communications International, Inc.
7.25%, 02/15/11D		35,000		34,125
7.50%, 02/15/14		20,000		18,350
Qwest Corporation
7.88%, 09/01/11		100,000		100,500
3.88%, 06/15/13†		100,000		89,875
7.63%, 06/15/15		300,000		283,500
6.50%, 06/01/17		65,000		57,525
7.50%, 06/15/23D		125,000		100,000
7.25%, 09/15/25		90,000		69,300
6.88%, 09/15/33		2,500,000		1,837,500
7.25%, 10/15/35		110,000		80,300
RailAmerica, Inc.
9.25%, 07/01/17 144A		110,000		106,700
Realogy Corporation
12.38%, 04/15/15		235,000		66,975
RH Donnelley Corporation
6.88%, 01/15/13#		320,000		18,000

See Notes to Financial Statements.

77

Global Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
RH Donnelley, Inc.
11.75%, 05/15/15 144A#	$	310,000	$	144,150
RSC Equipment Rental, Inc.
9.50%, 12/01/14D		160,000		129,200
10.00%, 07/15/17		80,000		80,000
Ryerson, Inc.
12.00%, 11/01/15 144A		160,000		131,200
Sandridge Energy, Inc.
9.88%, 05/15/16 144A		185,000		179,450
Service Corporation International
7.50%, 04/01/27		75,000		59,250
Simon Property Group LP
5.75%, 12/01/15		25,000		23,055
5.88%, 03/01/17		15,000		13,793
10.35%, 04/01/19		130,000		147,944
SLM Corporation
6.50%, 06/15/10(Z)		275,000		130,016
5.38%, 01/15/13		650,000		543,426
5.00%, 10/01/13		380,000		307,645
4.75%, 03/17/14(E)		170,000		172,902
5.38%, 05/15/14		1,000,000		804,520
8.45%, 06/15/18		769,000		658,839
Smurfit-Stone Container Enterprises, Inc.
8.00%, 03/15/17#		335,000		125,625
Sprint Capital Corporation
8.38%, 03/15/12		60,000		59,400
6.88%, 11/15/28		755,000		539,825
Steel Dynamics, Inc.
7.38%, 11/01/12		45,000		42,862
Stone Energy Corporation
8.25%, 12/15/11		115,000		94,875
Suburban Propane Partners LP
6.88%, 12/15/13D		145,000		134,125
Sungard Data Systems, Inc.
10.25%, 08/15/15D		190,000		176,462
Swift Transportation Co., Inc.
8.63%, 05/15/15 144A†		40,000		13,400
12.50%, 05/15/17 144AD		190,000		67,450
Tenet Healthcare Corporation
7.38%, 02/01/13		1,100,000		995,500
9.00%, 05/01/15 144A		85,000		86,062
10.00%, 05/01/18 144A		55,000		58,025
8.88%, 07/01/19 144AD		377,000		380,770
6.88%, 11/15/31		85,000		51,425
Terex Corporation
10.88%, 06/01/16		80,000		80,400
Time Warner Cable, Inc.
5.85%, 05/01/17		1,200,000		1,200,181
8.75%, 02/14/19		190,000		221,711
8.25%, 04/01/19		130,000		147,753
6.75%, 06/15/39D		80,000		78,109
Time Warner, Inc.
6.88%, 05/01/12		90,000		96,339
Toledo Edison Co.
6.15%, 05/15/37		125,000		118,043
“Toys ”R“ Us, Inc.”
7.38%, 10/15/18D		335,000		241,200
Unicredito Italiano Capital Trust III
4.03%, 10/29/49(E)†		250,000		201,661
United Rentals, Inc.
7.00%, 02/15/14D		655,000		538,738
UnitedHealth Group, Inc.
5.80%, 03/15/36		790,000		640,929
Universal Hospital Services, Inc.
4.64%, 06/01/15†		20,000		16,200
8.50%, 06/01/15 PIK		20,000		18,950
Univision Communications, Inc.
12.00%, 07/01/14		215,000		212,312
US Investigations Services, Inc.
10.50%, 11/01/15 144A		150,000		123,000
US Oncology Holdings, Inc.
6.90%, 03/15/12 PIK		141,000		119,498
US Oncology, Inc.
9.13%, 08/15/17 144A		155,000		154,612
USG Corporation
6.30%, 11/15/16		1,250,000		931,250
Valor Telecommunications Enterprises Finance Corporation
7.75%, 02/15/15		125,000		122,595
Vanguard Health Holding Co. II LLC
9.00%, 10/01/14		220,000		211,750
Ventas Realty LP
9.00%, 05/01/12		305,000		315,675
Verizon Communications, Inc.
5.85%, 09/15/35		22,000		20,528
6.40%, 02/15/38D		18,000		17,679
Verizon Global Funding Corporation
6.88%, 06/15/12D		30,000		32,985
Verizon New York, Inc.
7.38%, 04/01/32		205,000		200,269
Visteon Corporation
8.25%, 08/01/10#		57,000		1,995
12.25%, 12/31/16 144A#		142,000		5,680
W&T Offshore, Inc.
8.25%, 06/15/14 144A		50,000		38,750
Wachovia Corporation
5.25%, 08/01/14D		120,000		117,558
Waste Management, Inc.
7.38%, 08/01/10		50,000		52,116
7.38%, 05/15/29		50,000		49,429
WellPoint, Inc.
7.00%, 02/15/19		80,000		82,846
Wendy’s/Arby’s Restaurants LLC
10.00%, 07/15/16 144AD		50,000		48,062
Western Union Co.
6.20%, 11/17/36		620,000		586,103
Westvaco Corporation
8.20%, 01/15/30		150,000		132,816
7.95%, 02/15/31		135,000		119,477
Weyerhaeuser Co.
6.75%, 03/15/12		120,000		120,116
Whiting Petroleum Corporation
7.00%, 02/01/14		130,000		121,225
Williams Cos., Inc.
7.13%, 09/01/11		525,000		535,687
7.50%, 01/15/31D		130,000		114,684
Windstream Corporation
8.63%, 08/01/16		650,000		625,625
WMG Acquisition Corporation
9.50%, 06/15/16 144A		30,000		30,000

See Notes to Financial Statements.

78

	Par		Value
XTO Energy, Inc.
7.50%, 04/15/12	$	30,000	$	33,253
Total Corporate Bonds (Cost $93,168,388)				82,424,152
FOREIGN BONDS — 33.6%
Argentina — 0.1%
Republic of Argentina
7.00%, 09/12/13		488,000		274,931
Australia — 1.6%
FMG Finance Party, Ltd.
9.75%, 09/01/13(E)		80,000		102,689
National Capital Instruments LLC
2.10%, 12/29/49(E)†		150,000		106,266
New South Wales Treasury Corporation
7.00%, 12/01/10(A)		2,825,000		2,375,489
Rio Tinto Finance USA, Ltd.
9.00%, 05/01/19D		380,000		423,075
				3,007,519
Bermuda — 0.5%
White Mountains Re Group, Ltd.
6.38%, 03/20/17 144A		1,250,000		951,995
Brazil — 2.8%
Brazil Notas do Tesouro Nacional, Series F
10.00%, 01/01/12(B)		2,000,000		1,046,564
Federative Republic of Brazil
10.25%, 01/10/28(B)		6,000,000		3,031,386
11.00%, 08/17/40D		700,000		914,200
Globo Comunicacao e Participacoes SA
7.25%, 04/26/22		170,000		166,600
				5,158,750
Canada — 7.9%
Bell Canada
6.55%, 05/01/29 144A(C)		380,000		308,394
7.30%, 02/23/32 144A(C)		640,000		563,788
6.10%, 03/16/35 144A(C)		380,000		292,572
Bombardier, Inc.
7.25%, 11/15/16(E)		161,000		193,043
Canadian Government
5.25%, 06/01/12(C)		10,000,000		9,422,001
Conoco Funding Co.
6.35%, 10/15/11		70,000		76,437
Methanex Corporation
8.75%, 08/15/12		45,000		42,919
Nortel Networks, Ltd.
6.88%, 09/01/23#		380,000		53,200
Novelis, Inc.
7.25%, 02/15/15		125,000		95,625
OPTI Canada, Inc.
7.88%, 12/15/14D		100,000		65,250
8.25%, 12/15/14		70,000		46,550
Province of Manitoba
6.38%, 09/01/15(Z)		815,000		506,567
Province of Quebec
6.75%, 11/09/15(Z)		2,650,000		1,664,331
Rogers Cable, Inc.
7.88%, 05/01/12		240,000		258,846
Rogers Wireless, Inc.
9.63%, 05/01/11		450,000		491,076
Stone Container Finance Company Of Canada II
7.38%, 07/15/14#		650,000		300,625
Sun Media Corporation
7.63%, 02/15/13		100,000		66,250
Talisman Energy, Inc.
6.25%, 02/01/38		80,000		72,279
Teck Resources, Ltd.
9.75%, 05/15/14 144A		55,000		56,980
10.25%, 05/15/16 144A		50,000		52,439
10.75%, 05/15/19 144A		95,000		102,282
				14,731,454
Cayman Islands — 1.2%
MUFG Capital Finance 2, Ltd.
4.85%, 07/25/36(E)†		500,000		513,061
Odebrecht Finance, Ltd.
7.50%, 10/18/17		130,000		130,006
7.50%, 10/18/17 144A		100,000		99,500
Shinsei Finance Cayman, Ltd.
6.42%, 07/20/49 144A†		120,000		48,049
SMFG Preferred Capital, Ltd.
6.16%, 12/31/49(U)†		350,000		391,240
TGI International, Ltd.
9.50%, 10/03/17		130,000		131,300
Vale Overseas, Ltd.
6.88%, 11/21/36		927,000		882,509
				2,195,665
Colombia — 0.3%
Republic of Colombia
7.38%, 03/18/19		100,000		107,250
7.38%, 09/18/37D		400,000		410,000
				517,250
Denmark — 0.4%
Nordic Telephone Co. Holdings ApS
6.87%, 05/01/16(E)†		111,000		145,596
8.25%, 05/01/16(E)		200,000		276,363
8.88%, 05/01/16 144A		265,000		257,050
				679,009
Finland — 0.1%
M-real OYJ
6.15%, 12/15/10(E)†		300,000		248,306
France — 1.3%
AXA SA
6.21%, 10/05/49(E)†		360,000		320,264
Banque Federative du Credit Mutuel
4.47%, 10/28/35(E)†		157,000		123,086
Compagnie Generale de Geophysique - Veritas
7.50%, 05/15/15		90,000		83,025
Credit Agricole SA
4.13%, 11/09/49(E)†		500,000		445,408
Dexia Credit Local
4.30%, 11/18/49(E)†		500,000		268,507
Europcar Groupe SA
4.78%, 05/15/13(E)†		155,000		128,400

See Notes to Financial Statements.

79

Global Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
France Government Bond OAT
4.00%, 04/25/45(E)	$	320,000	$	419,253
French Government Bond
4.70%, 10/25/32(E)Ω		1,030,000		498,216
Korreden SA
11.00%, 08/01/14(E)†		69,333		31,611
Rhodia SA
4.19%, 10/15/13(E)†		50,000		51,029
				2,368,799
Germany — 3.2%
ABN AMRO SA
9.63%, 03/01/13		100,000		102,890
Bayerische Landesbank
5.75%, 10/23/17(E)		550,000		691,599
Bundesrepublik Deutschland
4.00%, 07/04/16(E)		2,000		2,973
3.75%, 01/04/19(E)		3,140,000		4,554,658
HSH Nordbank AG
1.59%, 02/14/17(E)†		52,000		29,200
HT1 Funding GmbH
6.35%, 07/29/49(E)†		433,000		235,607
Kabel Deutschland GmbH
10.75%, 07/01/14(E)		106,000		153,164
Kreditanstalt fuer Wiederaufbau
10.75%, 02/01/10(I)		26,800,000		217,652
				5,987,743
Iceland — 0.1%
Kaupthing Bank HF
5.75%, 10/04/11 144A#		100,000		13,500
7.13%, 05/19/16 144A#@		150,000		375
6.13%, 10/04/16 144A#		700,000		94,500
				108,375
Ireland — 0.7%
Ardagh Glass Finance PLC
7.13%, 06/15/17(E)D		85,000		90,547
7.13%, 06/15/17 144A(E)		112,000		117,840
Ardagh Glass Group PLC
10.75%, 03/01/15 PIK(E)		89,568		60,941
Elan Finance PLC
7.75%, 11/15/11		875,000		813,750
8.88%, 12/01/13		235,000		216,200
Vimpel Communications
8.38%, 04/30/13 144A		100,000		91,250
				1,390,528
Italy — 0.1%
Banco Popolare SC
6.16%, 06/29/49(E)†		200,000		131,869
Japan — 0.8%
Japanese 20-Year Government Bond
2.10%, 03/20/27(J)		30,000,000		317,732
Japanese 30-Year Government Bond
2.30%, 12/20/36(J)		29,000,000		307,565
Japanese Government CPI Linked Bond
1.30%, 09/10/17(J)		60,000,000		549,481
Resona Bank, Ltd.
5.99%, 08/10/49(U)†		300,000		366,492
				1,541,270
Jersey — 0.3%
HSBC Capital Funding LP
5.37%, 03/24/14(E)†		420,000		382,980
RZB Finance Jersey IV, Ltd.
5.17%, 05/16/16(E)†		250,000		149,054
				532,034
Luxembourg — 2.3%
Evraz Group SA
8.88%, 04/24/13		100,000		85,250
8.88%, 04/24/13 144A		160,000		132,000
9.50%, 04/24/18 144A		100,000		77,750
Fortis Hybrid Financing
5.13%, 06/29/49(E)†		250,000		161,329
Gaz Capital for Gazprom
6.21%, 11/22/16 144A		200,000		168,000
Gaz Capital SA
7.29%, 08/16/37D		190,000		144,068
HSH Nordbank Luxembourg
7.41%, 06/30/49(E)		450,000		85,224
Kuznetski Capital for Bank of Moscow
6.81%, 05/10/17†		271,000		200,540
Lecta SA
3.91%, 02/15/14(E)†		200,000		166,940
3.91%, 02/15/14 144A(E)†		102,000		85,140
RSHB Capital SA for OJSC Russian Agricultural Bank
7.18%, 05/16/13		200,000		192,430
7.13%, 01/14/14 144A		120,000		113,400
9.00%, 06/11/14 144A		560,000		568,400
6.97%, 09/21/16†		100,000		87,130
6.30%, 05/15/17 144A		386,000		333,890
TNK-BP Finance SA
7.50%, 07/18/16 144A		250,000		214,375
7.88%, 03/13/18		870,000		735,150
Tyco International Group SA
6.38%, 10/15/11		90,000		94,886
UBS Luxembourg SA for OJSC Vimpel Communications
8.25%, 05/23/16		255,000		214,200
Wind Acquisition Finance SA
9.75%, 12/01/15(E)		53,000		72,864
9.75%, 12/01/15 144A(E)		200,000		274,960
10.75%, 12/01/15 144A		105,000		105,525
				4,313,451
Mexico — 1.6%
Axtel SAB de CV
7.63%, 02/01/17		20,000		16,100
7.63%, 02/01/17 144AD		490,000		394,450
Kansas City Southern de Mexico SA de CV
7.63%, 12/01/13		140,000		121,100
12.50%, 04/01/16 144A		160,000		163,200
Mexican Bonos
8.00%, 12/07/23(M)		30,500,000		2,230,363
United Mexican States
6.05%, 01/11/40D		156,000		142,506
				3,067,719
Netherlands — 1.8%
ABN Amro Bank NV
4.31%, 02/10/49(E)†		595,000		347,236

See Notes to Financial Statements.

80

	Par		Value
Carlson Wagonlit BV
7.12%, 05/01/15(E)†	$	151,000	$	99,561
7.12%, 05/01/15 144A(E)†		200,000		136,077
Clondalkin Acquisition BV
3.28%, 12/15/13 144A(E)†		66,000		67,127
Clondalkin Industries BV
8.00%, 03/15/14 144A(E)		150,000		122,049
Deutsche Telekom International Finance BV
5.75%, 03/23/16		80,000		82,022
ELM BV for Swiss Life Insurance & Pension Group
5.85%, 04/12/49(E)†		300,000		185,177
ELM BV for Swiss Reinsurance Co.
5.25%, 05/25/49(E)†		400,000		314,398
Impress Holdings BV
4.56%, 09/15/13 144A(E)†		200,000		246,903
9.25%, 09/15/14 144A(E)		150,000		188,334
KazMunaiGaz Finance Sub BV
8.38%, 07/02/13 144A		230,000		213,325
Lukoil International Finance BV
6.36%, 06/07/17		650,000		581,750
OI European Group BV
6.88%, 03/31/17 144A(E)		100,000		123,452
Shell International Finance BV
6.38%, 12/15/38		130,000		141,836
SNS Reaal
6.26%, 03/17/38(E)†		260,000		174,468
UPC Holding BV
8.00%, 11/01/16(E)		304,000		360,366
				3,384,081
Norway — 0.7%
Norway Government Bond
5.00%, 05/15/15(K)		355,000		59,234
4.25%, 05/19/17(K)		8,060,000		1,284,748
				1,343,982
Panama — 0.2%
Panama Government International Bond
7.25%, 03/15/15		51,000		55,845
Republic of Panama
9.38%, 04/01/29D		80,000		100,800
6.70%, 01/26/36		249,000		242,775
				399,420
Peru — 0.1%
Republic of Peru
8.38%, 05/03/16		50,000		57,875
7.35%, 07/21/25D		40,000		43,000
6.55%, 03/14/37D		19,000		18,525
				119,400
Russia — 0.5%
Russian Federation
7.50%, 03/31/30 STEP		871,680		866,886
South Africa — 0.2%
Edcon Holdings Proprietary, Ltd.
6.78%, 06/15/15(E)†		96,000		56,563
6.78%, 06/15/15 144A(E)†		224,000		131,981
Edcon Proprietary, Ltd.
4.53%, 06/15/14(E)†D		67,000		56,964
New Reclamation Group (Proprietary), Ltd.
8.13%, 02/01/13 144A(E)		76,520		57,430
				302,938
Supranational — 0.5%
Inter-American Development Bank
11.02%, 09/23/13(N)Ω		15,900,000,000		989,437
Sweden — 0.1%
Corral Finans AB
2.94%, 04/15/10 PIK 144A(E)		152,450		139,013
Thailand — 0.2%
True Move Co., Ltd.
10.75%, 12/16/13 144A		461,000		354,970
Turkey — 1.0%
Republic of Turkey
10.00%, 02/15/12(L)		310,000		207,331
6.88%, 03/17/36		1,695,000		1,559,400
				1,766,731
United Arab Emirates — 0.5%
DP World, Ltd.
6.85%, 07/02/37 144A		1,300,000		868,590
United Kingdom — 1.7%
Ashtead Holdings PLC
8.63%, 08/01/15 144AD		160,000		137,200
Barclays Bank PLC
6.37%, 12/15/49(U)†		350,000		348,370
FCE Bank PLC
7.13%, 01/16/12(E)D		200,000		238,977
Lloyds TSB Bank PLC
4.39%, 05/12/17(E)†		470,000		332,969
Royal Bank of Scotland Group PLC
7.09%, 10/29/49(E)†		500,000		244,343
Vedanta Resources PLC
8.75%, 01/15/14		320,000		292,800
Virgin Media Finance PLC
9.75%, 04/15/14(U)		450,000		699,620
9.13%, 08/15/16		860,000		832,050
				3,126,329
Venezuela — 0.5%
Republic of Venezuela
8.50%, 10/08/14		26,000		18,590
5.75%, 02/26/16D		1,065,000		619,936
9.38%, 01/13/34D		207,000		130,410
Venezuela Government Bond
7.00%, 03/31/38		246,000		121,155
				890,091

See Notes to Financial Statements.

81

Global Bond Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Virgin Islands (British) — 0.3%
GTL Trade Finance, Inc.
7.25%, 10/20/17	$	320,000	$	310,816
7.25%, 10/20/17 144AD		309,000		293,550
				604,366
Total Foreign Bonds (Cost $73,939,083)				62,362,901
MORTGAGE-BACKED SECURITIES — 6.4%
Bayview Commercial Asset Trust
0.54%, 07/25/36 144A†		263,083		143,167
Countrywide Alternative Loan Trust
0.55%, 07/20/35†		504,216		223,525
Countrywide Home Loan Mortgage Pass-Through Trust
0.71%, 09/25/35 144A†		635,170		428,994
Credit Suisse Mortgage Capital Certificates
5.70%, 09/15/40†		220,000		151,065
Federal Home Loan Mortgage Corporation
5.50%, 12/17/37		1,915,715		1,980,776
5.00%, 03/01/38		638,107		649,911
Federal National Mortgage Association
5.00%, 07/01/19 TBA		400,000		413,875
6.50%, 10/01/36		587,184		626,372
5.50%, 07/01/37 TBA		400,000		412,875
6.00%, 07/01/37 TBA		200,000		209,000
5.00%, 07/01/38 TBA		5,500,000		5,599,687
Government National Mortgage Association
6.00%, 07/01/38 TBA		200,000		208,250
JPMorgan Chase Commercial Mortgage Securities Corporation
5.42%, 01/15/49		80,000		58,887
6.01%, 06/15/49†		165,000		126,000
MASTR Adjustable Rate Mortgages Trust
2.14%, 12/25/46†		762,424		185,141
MASTR Reperforming Loan Trust
0.66%, 05/25/35 144A†		674,558		464,953
Total Mortgage-Backed Securities (Cost $13,033,003)				11,882,478
	Shares
PREFERRED STOCKS — 1.1%
Bank of America Corporation CONV		602		503,290
CIT Group, Inc.		4,849		34,670
CMP Susquehanna Radio Holdings Corporation		1,492		634
El Paso Energy Capital Trust I CONV		500		15,700
Fannie Mae		3,700		5,604
Federal Home Loan Mortgage Corporation		10,625		12,963
Federal National Mortgage Association		15,650		20,971
Freddie Mac		24,500		24,573
Lucent Technologies Capital Trust I CONV		1,891		1,153,510
Preferred Blocker (GMAC), Inc.		615		264,488
Total Preferred Stocks (Cost $3,134,513)				2,036,403
COMMON STOCKS — 0.0%
Consumer Discretionary — 0.0%
Buffets Restaurants Holdings, Inc.*		201		181
Financial Services — 0.0%
Freddie Mac*		104,601		64,852
Total Common Stocks (Cost $1,464,946)				65,033
RIGHTS/WARRANTS — 0.0%
Buffets Restaurants Holdings, Inc.		89		—
CMP Susquehanna Radio Holdings Corporation		1,705		48
Total Rights/Warrants (Cost $0)				48
MONEY MARKET FUNDS — 15.8%
GuideStone Money Market Fund (GS4 Class)¥		16,337,770		16,337,770
Northern Institutional Liquid Assets Portfolio§		13,075,144		13,075,144
Total Money Market Funds (Cost $29,412,914)				29,412,914
	Par
U.S. TREASURY OBLIGATIONS — 3.7%
U.S. Treasury Inflationary Index Bonds
2.00%, 01/15/16D	$	1,290,000		1,408,354
1.38%, 07/15/18D‡‡		660,000		634,043
3.88%, 04/15/29D‡‡		1,260,000		2,077,550
				4,119,947
U.S. Treasury Notes
4.50%, 04/30/12		30,000		32,475
1.88%, 04/30/14D		1,250,000		1,213,379
4.50%, 05/15/17		920,000		993,097
2.75%, 02/15/19D		450,000		421,593
				2,660,544
Total U.S. Treasury Obligations (Cost $6,638,077)				6,780,491
TOTAL INVESTMENTS — 108.1% (Cost $228,192,093)				200,899,988
Liabilities in Excess of Other Assets — (8.1)%				(15,036,893	)
NET ASSETS — 100.0%			$	185,863,095

See Notes to Financial Statements.

82

PORTFOLIO SUMMARY (based on net assets)

	%
Corporate Bonds	44.3
Foreign Bonds	33.6
Money Market Funds	15.8
Futures Contracts	7.3
Mortgage-Backed Securities	6.4
U.S. Treasury Obligations	3.7
Asset-Backed Securities	3.0
Forward Foreign Currency Contracts	1.6
Preferred Stocks	1.1
Agency Obligations	0.2
Common Stocks	—	**
Rights/Warrants	—	**
	117.0

** Rounds to less than 0.005%.

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Assets:
Level 1 — Quoted Prices
Common Stocks	$	65,033	$	—
Futures Contracts		—		(55,190	)
Money Market Funds		29,412,914		—
Preferred Stocks		882,259		—
Level 2 — Other Significant Observable Inputs
Agency Obligations		328,704		—
Asset-Backed Securities		5,606,864		—
Corporate Bonds		82,424,152		—
Foreign Bonds		62,362,901		—
Forward Foreign Currency Contracts		—		(170,821	)
Mortgage-Backed Securities		11,882,478		—
Preferred Stocks		1,154,144		—
Rights/Warrants		48		—
U.S. Treasury Obligations		6,780,491		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	200,899,988	$	(226,011	)

*** 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:

	Investments in Securities			Other Financial Instruments***
Balance, 12/31/08	$	1,205,795		$	—
Accrued discounts/premiums		(8,882	)		—
Realized gain (loss)		—			—
Change in unrealized appreciation (depreciation)		(325,196	)		—
Net purchases (sales)		—			—
Transfers in and/or out of Level 3		(871,717	)		—
Balance, 06/30/09	$	—		$	—

See Notes to Financial Statements.

83

Equity Index Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares	Value
COMMON STOCKS — 96.6%
Auto & Transportation — 2.6%
Burlington Northern Santa Fe Corporation	10,500	$	772,170
CH Robinson Worldwide, Inc.	6,600		344,190
CSX Corporation	15,100		522,913
Expeditors International Washington, Inc.	8,200		273,388
FedEx Corporation	11,900		661,878
Ford Motor Co.*	122,593		744,139
Goodyear Tire & Rubber Co. (The)*	9,100		102,466
Harley-Davidson, Inc.D	9,000		145,890
Johnson Controls, Inc.D	22,676		492,523
Norfolk Southern Corporation	14,100		531,147
PACCAR, Inc.D	14,068		457,351
Southwest Airlines Co.	27,100		182,383
Union Pacific Corporation	19,200		999,552
United Parcel Service, Inc. Class B	38,200		1,909,618
			8,139,608
Consumer Discretionary — 10.8%
Amazon.com, Inc.*	12,284		1,027,679
Apollo Group, Inc. Class A*	4,221		300,197
Automatic Data Processing, Inc.	19,500		691,080
AutoNation, Inc.D*	4,125		71,569
AutoZone, Inc.*	1,400		211,554
Avon Products, Inc.	16,600		427,948
Bed Bath & Beyond, Inc.D*	10,200		313,650
Best Buy Co., Inc.	12,925		432,858
Big Lots, Inc.D*	3,100		65,193
Black & Decker Corporation	2,500		71,650
Block (H&R), Inc.	12,500		215,375
Carnival Corporation	16,900		435,513
CBS Corporation Class B	25,300		175,076
Cintas Corporation	5,000		114,200
Coach, Inc.	12,200		327,936
Comcast Corporation Class A	110,972		1,607,984
Convergys CorporationD*	4,700		43,616
Costco Wholesale Corporation	16,800		767,760
Darden Restaurants, Inc.	5,250		173,145
DeVry, Inc.	2,300		115,092
DIRECTV Group, Inc. (The)D*	20,400		504,084
Eastman Kodak Co.D	9,900		29,304
eBay, Inc.*	41,700		714,321
Estee Lauder Cos., Inc. Class AD	4,300		140,481
Expedia, Inc.*	8,039		121,469
Family Dollar Stores, Inc.	5,200		147,160
Fastenal Co.D	4,800		159,216
GameStop Corporation Class A*	6,100		134,261
Gannett Co., Inc.D	8,700		31,059
Gap, Inc. (The)	17,800		291,920
Genuine Parts Co.	6,000		201,360
Harman International Industries, Inc.D	2,300		43,240
Hasbro, Inc.	5,100		123,624
Home Depot, Inc. (The)	65,320		1,543,512
Interpublic Group Cos., Inc.D*	18,048		91,142
Iron Mountain, Inc.D*	6,700		192,625
Kimberly-Clark Corporation	16,100		844,123
Kohl’s CorporationD*	11,600		495,900
Leggett & Platt, Inc.	5,800		88,334
Limited Brands	10,100		120,897
Lowe’s Cos., Inc.	56,200		1,090,842
Macy’s, Inc.D	16,312		191,829
Marriott International, Inc. Class AD	11,041		243,666
Mattel, Inc.	13,400		215,070
McDonald’s Corporation	42,100		2,420,329
McGraw-Hill Co., Inc. (The)	11,900		358,309
Meredith CorporationD	1,400		35,770
Monster Worldwide, Inc.D*	4,600		54,326
New York Times Co. Class AD	4,400		24,244
Newell Rubbermaid, Inc.D	10,200		106,182
News Corporation	88,800		808,968
NIKE, Inc. Class BD	15,000		776,700
Nordstrom, Inc.D	6,200		123,318
Office Depot, Inc.*	10,500		47,880
Omnicom Group, Inc.	11,800		372,644
O’Reilly Automotive, Inc.D*	5,200		198,016
Paychex, Inc.D	12,700		320,040
Penney (JC) Co., Inc.	8,600		246,906
Polo Ralph Lauren CorporationD	2,100		112,434
RadioShack CorporationD	5,100		71,196
Robert Half International, Inc.D	5,800		136,996
Scripps Networks Interactive, Inc.	3,400		94,622
Sears Holdings CorporationD*	2,189		145,612
Snap-On, Inc.	2,200		63,228
Stanley Works (The)	2,900		98,136
Staples, Inc.	27,800		560,726
Starbucks CorporationD*	28,500		395,865
Starwood Hotels & Resorts Worldwide, Inc.D	7,000		155,400
Target Corporation	29,000		1,144,630
Tiffany & Co.D	4,600		116,656
Time Warner Cable, Inc.*	13,395		424,220
Time Warner, Inc.	45,866		1,155,364
TJX Cos., Inc.	15,900		500,214
VF Corporation	3,300		182,655
Wal-Mart Stores, Inc.	85,200		4,127,088
Walt Disney Co. (The)	70,702		1,649,478
Washington Post Co.	231		81,354
Western Union Co.	27,017		443,079
Whirlpool CorporationD	2,894		123,169
Wyndham Worldwide Corporation	7,080		85,810
Yum! Brands, Inc.	17,800		593,452
			33,703,530
Consumer Staples — 7.8%
Campbell Soup Co.	7,900		232,418
Clorox Co.	5,500		307,065
Coca-Cola Co. (The)	76,000		3,647,240
Coca-Cola Enterprises, Inc.	11,800		196,470
Colgate-Palmolive Co.	19,300		1,365,282
ConAgra Foods, Inc.	17,600		335,456
CVS Caremark Corporation	55,427		1,766,459
Dean Foods Co.*	6,600		126,654
Dr Pepper Snapple Group, Inc.*	9,400		199,186
General Mills, Inc.	12,800		717,056
Heinz (H.J.) Co.	12,400		442,680
Hershey Co. (The)	6,200		223,200
Hormel Foods Corporation	2,600		89,804

See Notes to Financial Statements.

84

	Shares	Value
J.M. Smucker Co. (The)D	4,403	$	214,250
Kellogg Co.	9,900		461,043
Kraft Foods, Inc. Class A	56,800		1,439,312
Kroger Co.	25,000		551,250
McCormick & Co., Inc.D	4,800		156,144
Pepsi Bottling Group, Inc.	5,100		172,584
PepsiCo, Inc.	59,740		3,283,310
Procter & Gamble Co.	111,710		5,708,381
Safeway, Inc.	16,100		327,957
Sara Lee Corporation	26,300		256,688
SUPERVALU, Inc.	8,048		104,222
Sysco Corporation	22,600		508,048
Tyson Foods, Inc. Class A	10,900		137,449
Walgreen Co.	37,700		1,108,380
Whole Foods Market, Inc.D	5,600		106,288
			24,184,276
Financial Services — 13.8%
Aflac, Inc.	17,900		556,511
Allstate Corporation (The)	20,652		503,909
American Express Co.	45,200		1,050,448
American International Group, Inc.D*	103,092		119,587
Ameriprise Financial, Inc.	9,940		241,244
AON Corporation	10,500		397,635
Apartment Investment & Management Co. Class A REITD	5,086		45,011
Assurant, Inc.	4,300		103,587
AvalonBay Communities, Inc. REIT	3,091		172,910
Bank of America Corporation	309,369		4,083,671
Bank of New York Mellon Corporation	46,062		1,350,077
BB&T Corporation	25,000		549,500
Boston Properties, Inc. REITD	5,447		259,822
Capital One Financial Corporation	17,137		374,958
Chubb Corporation	13,800		550,344
Cincinnati Financial CorporationD	5,986		133,787
CIT Group, Inc.D	13,400		28,810
Citigroup, Inc.D	209,930		623,492
CME Group, Inc.	2,555		794,886
Comerica, Inc.	6,000		126,900
Discover Financial Services	18,500		189,995
Dun & Bradstreet Corporation	2,000		162,420
E*TRADE Financial CorporationD*	40,900		52,352
Equifax, Inc.	4,800		125,280
Equity Residential Properties Trust REIT	10,500		233,415
Federated Investors, Inc. Class BD	3,300		79,497
Fidelity National Information Services, Inc.D	6,900		137,724
Fifth Third Bancorp	28,294		200,887
First Horizon National Corporation*	7,638		91,652
First Horizon National Corporation Placeholder Shares+	138,751		—
Fiserv, Inc.*	6,100		278,770
Franklin Resources, Inc.	5,800		417,658
Genworth Financial, Inc. Class A	16,600		116,034
Goldman Sachs Group, Inc.	19,254		2,838,810
Hartford Financial Services Group, Inc.	12,800		151,936
HCP, Inc. REITD	9,996		211,815
Health Care REIT, Inc.D	4,000		136,400
Host Hotels & Resorts, Inc. REITD	22,800		191,292
Hudson City Bancorp, Inc.	20,400		271,116
Huntington Bancshares, Inc.D	21,400		89,452
IntercontinentalExchange, Inc.*	2,800		319,872
Invesco, Ltd.	16,129		287,419
Janus Capital Group, Inc.D	5,700		64,980
JPMorgan Chase & Co.	149,189		5,088,837
KeyCorp	27,500		144,100
Kimco Realty Corporation REITD	11,700		117,585
Legg Mason, Inc.D	5,740		139,941
Leucadia National Corporation*	6,600		139,194
Lincoln National Corporation	11,519		198,242
Loews Corporation	13,491		369,653
M&T Bank CorporationD	3,200		162,976
Marsh & McLennan Cos., Inc.	19,700		396,561
Marshall & Ilsley Corporation	13,300		63,840
Mastercard, Inc. Class A	2,800		468,468
MBIA, Inc.D*	7,400		32,042
MetLife, Inc.	31,200		936,312
Moody’s Corporation	7,300		192,355
Morgan Stanley	51,900		1,479,669
NASDAQ OMX Group, Inc.*	5,500		117,205
Northern Trust Corporation	8,934		479,577
NYSE Euronext	9,900		269,775
People’s United Financial, Inc.	13,000		195,520
Plum Creek Timber Co., Inc. REITD	6,400		190,592
PNC Financial Services Group, Inc.D	17,759		689,227
Principal Financial GroupD	11,600		218,544
Progressive Corporation (The)*	25,396		383,734
ProLogis REIT	16,800		135,408
Prudential Financial, Inc.	17,600		655,072
Public Storage REITD	4,625		302,845
Regions Financial Corporation	45,129		182,321
Ryder System, Inc.D	2,100		58,632
Schwab (Charles) Corporation (The)	36,306		636,807
Simon Property Group, Inc. REITD	10,772		554,014
SLM Corporation*	18,100		185,887
State Street Corporation	18,800		887,360
SunTrust Banks, Inc.	17,900		294,455
T. Rowe Price Group, Inc.D	9,900		412,533
Torchmark CorporationD	3,200		118,528
Total System Services, Inc.	7,387		98,912
Travelers Cos., Inc.	22,656		929,802
Unum Group	12,300		195,078
US Bancorp	72,200		1,293,824
Ventas, Inc. REIT	6,200		185,132
Vornado Realty Trust REITD	6,199		279,139
Wells Fargo & Co.	178,064		4,319,833
XL Capital, Ltd. Class A	13,000		148,980
Zions BancorporationD	4,700		54,332
			43,118,708
Healthcare — 13.8%
Abbott Laboratories	59,100		2,780,064

See Notes to Financial Statements.

85

Equity Index Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares	Value
Aetna, Inc.	17,200	$	430,860
Allergan, Inc.	11,630		553,355
AmerisourceBergen CorporationD	11,888		210,893
Amgen, Inc.*	38,965		2,062,807
Bard (C.R.), Inc.	3,700		275,465
Baxter International, Inc.	23,400		1,239,264
Becton Dickinson & Co.	9,300		663,183
Biogen Idec, Inc.*	10,930		493,490
Boston Scientific Corporation*	58,200		590,148
Bristol-Myers Squibb Co.	76,300		1,549,653
Cardinal Health, Inc.	13,579		414,838
Celgene Corporation*	17,500		837,200
Cephalon, Inc.D*	3,000		169,950
CIGNA Corporation	10,700		257,763
Conventry Health Care, Inc.*	5,530		103,466
DaVita, Inc.D*	3,900		192,894
DENTSPLY International, Inc.D	5,600		170,912
Eli Lilly & Co.	38,900		1,347,496
Express Scripts, Inc.*	10,524		723,525
Forest Laboratories, Inc.*	11,400		286,254
Genzyme Corporation*	10,400		578,968
Gilead Sciences, Inc.*	34,500		1,615,980
Hospira, Inc*	5,950		229,194
Humana, Inc.*	6,300		203,238
IMS Health, Inc.	6,800		86,360
Intuitive Surgical, Inc.D*	1,500		245,490
Johnson & Johnson	105,390		5,986,152
King Pharmaceuticals, Inc.D*	9,100		87,633
Laboratory Corporation of America Holdings*	4,300		291,497
Life Technologies Corporation*	6,533		272,557
McKesson Corporation	10,600		466,400
Medco Health Solutions, Inc.*	18,452		841,596
Medtronic, Inc.	43,100		1,503,759
Merck & Co., Inc.D	80,600		2,253,576
Millipore Corporation*	2,100		147,441
Mylan Laboratories, Inc.D*	12,000		156,600
Patterson Cos., Inc.D*	3,400		73,780
PerkinElmer, Inc.	4,400		76,560
Pfizer, Inc.	257,883		3,868,245
Quest Diagnostics, Inc.	5,800		327,294
Schering-Plough Corporation	62,100		1,559,952
St. Jude Medical, Inc.*	13,500		554,850
Stryker Corporation	9,100		361,634
Tenet Healthcare Corporation*	15,750		44,415
Thermo Fisher
Scientific, Inc.*	16,110		656,805
UnitedHealth Group, Inc.	45,800		1,144,084
Varian Medical Systems, Inc.*	4,600		161,644
Watson Pharmaceuticals, Inc.*	3,900		131,391
WellPoint, Inc.*	18,712		952,254
Wyeth	51,100		2,319,429
Zimmer Holdings, Inc.*	8,320		354,432
			42,906,690
Integrated Oils — 7.3%
Chevron Corporation	76,641		5,077,466
ConocoPhillips	56,458		2,374,624
Exxon Mobil Corporation	186,744		13,055,273
Hess Corporation	10,900		585,875
Marathon Oil Corporation	26,984		813,028
Murphy Oil Corporation	7,400		401,968
Sunoco, Inc.	4,700		109,040
Tesoro CorporationD	5,500		70,015
Valero Energy Corporation	21,244		358,811
			22,846,100
Materials & Processing — 3.9%
Air Products & Chemicals, Inc.	8,200		529,638
AK Steel Corporation	4,300		82,517
Alcoa, Inc.	37,600		388,408
Allegheny Technologies, Inc.D	3,900		136,227
Archer-Daniels-Midland Co.	24,527		656,588
Avery Dennison Corporation	4,000		102,720
Ball Corporation	3,492		157,699
Bemis Co., Inc.D	3,800		95,760
CB Richard Ellis Group, Inc. Class A*	9,400		87,984
CF Industries Holdings, Inc.	1,900		140,866
Donnelley (R.R.) & Sons Co.	7,600		88,312
Dow Chemical Co. (The)	41,500		669,810
Du Pont (E.I.) de Nemours & Co.	34,955		895,547
Eastman Chemical Co.	2,700		102,330
Ecolab, Inc.	6,300		245,637
Fluor Corporation	6,800		348,772
Freeport-McMoRan Copper & Gold, Inc.	15,662		784,823
International Flavors & Fragrances, Inc.	2,900		94,888
International Paper Co.	16,935		256,226
Jacobs Engineering Group, Inc.*	4,700		197,823
Masco CorporationD	13,500		129,330
MeadWestvaco CorporationD	6,445		105,762
Monsanto Co.	20,820		1,547,759
Newmont Mining Corporation	18,500		756,095
Nucor Corporation	11,889		528,228
Owens-Illinois, Inc.*	6,200		173,662
Pactiv Corporation*	4,800		104,160
PPG Industries, Inc.	6,100		267,790
Praxair, Inc.	11,880		844,312
Precision Castparts Corporation	5,200		379,756
Quanta Services, Inc.	7,400		171,162
Sealed Air Corporation	6,000		110,700
Sherwin-Williams Co.D	3,700		198,875
Sigma-Aldrich Corporation	4,600		227,976
Titanium Metals Corporation	3,500		32,165
United States Steel CorporationD	5,600		200,144
Vulcan Materials Co.D	4,644		200,156
Weyerhaeuser Co.D	7,960		242,223
			12,282,830
Other — 2.1%
3M Co.	26,700		1,604,670
General Electric Co.	404,800		4,744,256
Textron, Inc.D	9,600		92,736
			6,441,662
Other Energy — 5.0%
Anadarko Petroleum Corporation	19,051		864,725
Apache Corporation	12,848		926,983
Baker Hughes, Inc.	12,000		437,280
BJ Services Co.	11,700		159,471
Cabot Oil & Gas Corporation	3,800		116,432

See Notes to Financial Statements.

86

	Shares	Value
Cameron International Corporation*	8,000	$	226,400
Chesapeake Energy Corporation	21,966		435,586
Consol Energy, Inc.	6,800		230,928
Denbury Resources, Inc.*	9,300		136,989
Devon Energy Corporation	17,200		937,400
Diamond Offshore Drilling, Inc.D	2,800		232,540
El Paso Corporation	26,400		243,672
ENSCO International, Inc.	5,600		195,272
EOG Resources, Inc.	9,600		652,032
EQT Corporation	4,800		167,568
Exterran Holdings, Inc.*	13		209
FMC Technologies, Inc.D*	4,700		176,626
Halliburton Co.	34,075		705,353
Massey Energy Co.D	3,400		66,436
Nabors Industries, Ltd.*	11,300		176,054
National Oilwell Varco, Inc.*	15,900		519,294
Noble Energy, Inc.	6,700		395,099
Occidental Petroleum Corporation	31,200		2,053,272
Peabody Energy Corporation	10,100		304,616
Pioneer Natural Resources Co.	4,500		114,750
Range Resources CorporationD	5,784		239,515
Rowan Cos., Inc.D	4,600		88,872
Schlumberger, Ltd.	45,700		2,472,827
Smith International, Inc.	8,123		209,167
Southwestern Energy Co.*	13,200		512,820
Spectra Energy Corporation	24,284		410,885
Williams Cos., Inc.	22,300		348,103
XTO Energy, Inc.	22,457		856,510
			15,613,686
Producer Durables — 5.7%
Agilent Technologies, Inc.*	13,200		268,092
American Tower Corporation Class A*	15,500		488,715
Applied Materials, Inc.	50,300		551,791
Boeing Co. (The)	28,000		1,190,000
Caterpillar, Inc.	23,200		766,528
Centex Corporation	5,200		43,992
Cooper Industries, Ltd. Class A	6,200		192,510
Cummins, Inc.	7,600		267,596
Danaher Corporation	9,800		605,052
Deere & Co.	16,100		643,195
Dover Corporation	7,000		231,630
DR Horton, Inc.D	10,200		95,472
Eaton Corporation	6,528		291,214
Emerson Electric Co.	29,000		939,600
Flowserve Corporation	2,200		153,582
General Dynamics Corporation	14,800		819,772
Goodrich Corporation	4,900		244,853
Grainger (W.W.), Inc.	2,500		204,700
Honeywell International, Inc.	28,800		904,320
Illinois Tool Works, Inc.	15,000		560,100
ITT Industries, Inc.D	6,800		302,600
KB HomeD	2,900		39,672
KLA-Tencor Corporation	6,500		164,125
L-3 Communications Holdings, Inc.	4,400		305,272
Lennar Corporation Class A	5,600		54,264
Lexmark International, Inc.*	2,900		45,965
Lockheed Martin Corporation	12,600		1,016,190
Manitowoc Co., Inc.D	5,000		26,300
Motorola, Inc.	86,900		576,147
Northrop Grumman Corporation	12,656		578,126
Novellus Systems, Inc.D*	4,100		68,470
Pall Corporation	4,400		116,864
Parker Hannifin Corporation	6,150		264,204
Pitney Bowes, Inc.	7,800		171,054
Pulte Homes, Inc.D	8,408		74,243
Raytheon Co.	15,300		679,779
Republic Services, Inc.	12,100		295,361
Rockwell Automation, Inc.	5,300		170,236
Rockwell Collins, Inc.	6,000		250,380
Stericycle, Inc.*	3,200		164,896
Teradyne, Inc.D*	6,900		47,334
United Technologies Corporation	36,300		1,886,148
Waste Management, Inc.	18,900		532,224
Waters Corporation*	3,700		190,439
Xerox Corporation	32,300		209,304
			17,692,311
Technology — 16.5%
Adobe Systems, Inc.*	20,300		574,490
Advanced Micro Devices, Inc.D*	23,100		89,397
Affiliated Computer Services, Inc. Class A*	3,600		159,912
Akamai Technologies, Inc.*	6,400		122,752
Altera Corporation	11,600		188,848
Amphenol Corporation	6,600		208,824
Analog Devices, Inc.	10,800		267,624
Apple, Inc.*	34,100		4,856,863
Autodesk, Inc.*	8,360		158,673
BMC Software, Inc.*	7,100		239,909
Broadcom Corporation Class A*	16,150		400,358
CA, Inc.	15,570		271,385
Ciena CorporationD*	3,928		40,655
Cisco Systems, Inc.*	220,400		4,108,256
Citrix Systems, Inc.*	7,200		229,608
Cognizant Technology Solutions Corporation Class A*	11,400		304,380
Computer Sciences Corporation*	5,700		252,510
Compuware Corporation*	9,600		65,856
Corning, Inc.	59,200		950,752
Dell, Inc.*	67,100		921,283
Electronic Arts, Inc.*	12,500		271,500
EMC Corporation*	77,300		1,012,630
FLIR Systems, Inc.*	5,400		121,824
Google, Inc.*	9,135		3,851,225
Harris Corporation	5,000		141,800
Hewlett-Packard Co.	91,502		3,536,552
Intel Corporation	213,200		3,528,460
International Business Machines Corporation	50,500		5,273,210
Intuit, Inc.*	12,600		354,816
Jabil Circuit, Inc.	8,100		60,102
JDS Uniphase Corporation*	8,475		48,477
Juniper Networks, Inc.*	20,300		479,080
Linear Technology Corporation	8,800		205,480
LSI Corporation*	24,300		110,808
McAfee, Inc.*	5,800		244,702
MEMC Electronic Materials, Inc.*	8,500		151,385
Microchip Technology, Inc.D	7,300		164,615

See Notes to Financial Statements.

87

Equity Index Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Micron Technology, Inc.*		31,200	$	157,872
Microsoft Corporation		292,630		6,955,815
Molex, Inc.D		5,250		81,638
National Semiconductor CorporationD		7,400		92,870
NetApp, Inc.*		13,000		256,360
Novell, Inc.D*		13,400		60,702
NVIDIA Corporation*		20,250		228,622
Oracle Corporation		144,600		3,097,332
QLogic CorporationD*		4,700		59,596
QUALCOMM, Inc.		63,500		2,870,200
Salesforce.com, Inc.D*		3,900		148,863
SanDisk Corporation*		9,000		132,210
Sun Microsystems, Inc.*		28,600		263,692
Symantec Corporation*		31,670		492,785
Tellabs, Inc.*		15,000		85,950
Teradata Corporation*		6,700		156,981
Texas Instruments, Inc.		48,200		1,026,660
VeriSign, Inc.D*		7,600		140,448
Western Digital Corporation*		8,500		225,250
Xilinx, Inc.D		10,800		220,968
Yahoo!, Inc.*		53,700		840,942
				51,564,757
Utilities — 7.3%
AES Corporation*		25,100		291,411
Allegheny Energy, Inc.		6,700		171,855
Ameren CorporationD		7,800		194,142
American Electric Power Co., Inc.		18,600		537,354
AT&T, Inc.		225,472		5,600,724
Centerpoint Energy, Inc.		12,300		136,284
CenturyTel, Inc.D		4,200		128,940
CMS Energy CorporationD		8,600		103,888
Consolidated Edison, Inc.D		10,800		404,136
Constellation Energy Group, Inc.		7,200		191,376
Dominion Resources, Inc.		22,940		766,655
DTE Energy Co.		6,100		195,200
Duke Energy Corporation		49,968		729,033
Dynegy, Inc. Class A*		18,824		42,730
Edison International		12,800		402,688
Embarq Corporation		5,444		228,975
Entergy Corporation		7,552		585,431
Exelon Corporation		25,424		1,301,963
FirstEnergy Corporation		11,984		464,380
FPL Group, Inc.		15,700		892,702
Frontier Communications CorporationD		12,000		85,680
Integrys Energy Group, Inc.D		2,800		83,972
MetroPCS Communications, Inc.*		9,700		129,107
Nicor, Inc.D		1,700		58,854
NiSource, Inc.		10,300		120,098
Northeast Utilities		6,100		136,091
Pepco Holdings, Inc.		7,600		102,144
PG&E Corporation		13,900		534,316
Pinnacle West Capital Corporation		3,800		114,570
PPL Corporation		14,300		471,328
Progress Energy, Inc.		10,426		394,416
Public Service Enterprise Group, Inc.		19,100		623,233
Questar Corporation		6,400		198,784
Qwest Communications International, Inc.D		55,800		231,570
SCANA CorporationD		4,400		142,868
Sempra Energy		9,400		466,522
Southern Co. (The)		30,300		944,148
Sprint Nextel Corporation*		108,993		524,256
TECO Energy, Inc.		8,000		95,440
Verizon Communications, Inc.		108,674		3,339,552
Windstream Corporation		16,699		139,604
Wisconsin Energy CorporationD		4,300		175,053
Xcel Energy Inc.		16,900		311,129
				22,792,602
Total Common Stocks (Cost $343,582,414)				301,286,760
MONEY MARKET FUNDS — 10.3%
GuideStone Money Market Fund (GS4 Class)¥		11,924,199		11,924,199
Northern Institutional Liquid Assets Portfolio§		20,248,889		20,248,889
Total Money Market Funds (Cost $32,173,088)				32,173,088
	Par
U.S. TREASURY OBLIGATIONS — 0.8%
U.S. Treasury Bills
0.27%, 11/19/09‡‡	$	1,770,000		1,768,301
0.28%, 11/19/09‡‡		705,000		704,323
Total U.S. Treasury Obligations (Cost $2,472,343)				2,472,624
TOTAL INVESTMENTS — 107.7% (Cost $378,227,845)				335,932,472
Liabilities in Excess of Other Assets — (7.7)%				(23,985,120	)
NET ASSETS — 100.0%			$	311,947,352

PORTFOLIO SUMMARY (based on net assets)

	%
Technology	16.5
Financial Services	13.8
Healthcare	13.8
Consumer Discretionary	10.8
Money Market Funds	10.3
Consumer Staples	7.8
Integrated Oils	7.3
Utilities	7.3
Producer Durables	5.7
Other Energy	5.0
Materials & Processing	3.9
Futures Contracts	3.2
Auto & Transportation	2.6
Other	2.1
U.S. Treasury Obligations	0.8
	110.9

See Notes to Financial Statements.

88

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Common Stocks	$	301,286,760	$	—
Futures Contracts		—		(180,787	)
Money Market Funds		32,173,088		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligations		2,472,624		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	335,932,472	$	(180,787	)

*** 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.

89

Real Estate Securities Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares	Value
COMMON STOCKS — 92.9%
Financial Services — 92.9%
AMB Property Corporation REITD	143,900	$	2,706,759
American Campus Communities, Inc. REIT	120,400		2,670,472
Apartment Investment & Management Co. Class A REITD	72,350		640,298
AvalonBay Communities, Inc. REIT	63,335		3,542,960
BioMed Realty Trust, Inc. REITD	139,450		1,426,573
Boston Properties, Inc. REITD	82,050		3,913,785
Cogdell Spencer, Inc. REITD	102,950		441,656
DCT Industrial Trust, Inc. REITD	74,800		305,184
DiamondRock Hospitality Co. REITD	105,050		657,613
Digital Realty Trust, Inc. REITD	100,400		3,599,340
Duke Realty Corporation REITD	202,400		1,775,048
Equity Lifestyle Properties, Inc. REIT	22,500		836,550
Equity Residential Properties Trust REIT	135,950		3,022,168
Essex Property Trust, Inc. REITD	28,450		1,770,444
Government Properties Income Trust REIT*	19,950		409,574
HCP, Inc. REITD	110,850		2,348,912
Host Hotels & Resorts, Inc. REITD	102,827		862,719
Kilroy Realty Corporation REITD	81,300		1,669,902
Kimco Realty Corporation REITD	349,000		3,507,450
LaSalle Hotel Properties REITD	85,950		1,060,623
LTC Properties, Inc. REITD	16,235		332,006
Macerich Co. (The) REITD	22,300		392,703
Medical Properties Trust, Inc. REITD	139,059		844,088
Nationwide Health Properties, Inc. REITD	117,910		3,035,003
Post Properties, Inc. REITD	78,950		1,061,088
ProLogis REITD	386,400		3,114,384
Public Storage REITD	98,980		6,481,210
Regency Centers Corporation REITD	107,550		3,754,570
Senior Housing Properties Trust REITD	176,335		2,877,787
Simon Property Group, Inc. REITD	184,828		9,505,696
SL Green Realty Corporation REITD	146,650		3,364,151
Sunstone Hotel Investors, Inc. REITD	135,700		725,995
Ventas, Inc. REITD	116,586		3,481,258
Vornado Realty Trust REITD	86,343		3,888,038
Total Common Stocks (Cost $85,445,234)			80,026,007
MONEY MARKET FUNDS — 35.0%
GuideStone Money Market Fund (GS4 Class)¥	4,500,242		4,500,242
Northern Institutional Liquid Assets Portfolio§	25,654,407		25,654,407
Total Money Market Funds (Cost $30,154,649)			30,154,649

	Par
U.S. TREASURY OBLIGATION — 1.1%
U.S. Treasury Bill
0.27%, 11/19/09‡‡ (Cost $918,975)	$	920,000		919,117
TOTAL INVESTMENTS — 129.0% (Cost $116,518,858)				111,099,773
Liabilities in Excess of Other Assets — (29.0)%				(24,947,039	)
NET ASSETS — 100.0%			$	86,152,734

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services	92.9
Money Market Funds	35.0
Futures Contracts	6.3
U.S. Treasury Obligation	1.1
	135.3

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Common Stocks	$	80,026,007	$	—
Futures Contracts		—		(115,310	)
Money Market Funds		30,154,649		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligation		919,117		—
Level 3 — Significant Unobservable Inputs		—		—
Total Assets	$	111,099,773	$	(115,310	)

*** 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.

90

Value Equity Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares	Value
COMMON STOCKS — 95.4%
Auto & Transportation — 1.6%
Burlington Northern Santa Fe Corporation	116,600	$	8,574,764
Copa Holdings SA Class AD	43,500		1,775,670
CSX Corporation	19,300		668,359
FedEx Corporation	15,300		850,986
Ford Motor Co.*	152,500		925,675
Johnson Controls, Inc.D	13,200		286,704
Norfolk Southern CorporationD	38,900		1,465,363
PACCAR, Inc.	1,200		39,012
Union Pacific Corporation	33,800		1,759,628
			16,346,161
Consumer Discretionary — 11.5%
Aeropostale, Inc.D*	66,400		2,275,528
Big Lots, Inc.D*	69,900		1,469,997
BJ’s Wholesale Club, Inc.D*	32,700		1,053,921
Block (H&R), Inc.	130,700		2,251,961
Carnival CorporationD	303,600		7,823,772
Coach, Inc.	96,500		2,593,920
Comcast Corporation Class A	552,800		8,010,072
DIRECTV Group, Inc. (The)D*	69,300		1,712,403
eBay, Inc.*	41,500		710,895
Estee Lauder Cos., Inc. Class AD	89,400		2,920,698
Gannett Co., Inc.D	154,000		549,780
Gap, Inc. (The)	324,800		5,326,720
Garmin, Ltd.D	114,600		2,729,772
Home Depot, Inc. (The)D	540,488		12,771,731
Interpublic Group Cos., Inc.D*	298,000		1,504,900
Kimberly-Clark Corporation	142,400		7,466,032
Kohl’s Corporation*	1,000		42,750
Liberty Media Corporation*	25,100		671,425
Lowe’s Cos., Inc.	49,200		954,972
Mattel, Inc.	306,300		4,916,115
McDonald’s Corporation	136,000		7,818,640
Netflix, Inc.D*	45,600		1,885,104
News Corporation	110,200		1,003,922
Panera Bread Co.D*	29,200		1,455,912
Paychex, Inc.D	108,500		2,734,200
Polo Ralph Lauren CorporationD	42,700		2,286,158
Shaw Communications, Inc. Class B	128,100		2,159,766
Stanley Works (The)	246,600		8,344,944
Time Warner Cable, Inc.*	39,980		1,266,167
Time Warner, Inc.	494,532		12,457,261
TJX Cos., Inc.	84,100		2,645,786
Walt Disney Co. (The)	90,100		2,102,033
			113,917,257
Consumer Staples — 4.7%
Coca-Cola Co. (The)	24,100		1,156,559
ConAgra Foods, Inc.	181,700		3,463,202
CVS Caremark Corporation	154,273		4,916,680
Dean Foods Co.*	210,700		4,043,333
General Mills, Inc.	9,600		537,792
Herbalife, Ltd.D	62,200		1,961,788
Kraft Foods, Inc. Class AD	484,200		12,269,628
Kroger Co.D	95,600		2,107,980
Pepsi Bottling Group, Inc.	80,400		2,720,736
Procter & Gamble Co.	96,896		4,951,386
Safeway, Inc.D	68,900		1,403,493
Sara Lee Corporation	265,000		2,586,400
Sysco Corporation	208,100		4,678,088
			46,797,065
Financial Services — 16.5%
Allstate Corporation (The)	295,000		7,198,000
American Express Co.D	348,200		8,092,168
American Financial Group, Inc.	106,700		2,302,586
American International Group, Inc.D*	73,100		84,796
Ameriprise Financial, Inc.	102,900		2,497,383
Assurant, Inc.D	45,200		1,088,868
AXIS Capital Holdings, Ltd.D	67,500		1,767,150
Bank of America Corporation	703,426		9,285,223
Bank of New York Mellon Corporation	88,690		2,599,504
BB&T CorporationD	31,800		698,964
Capital One Financial Corporation	278,955		6,103,535
Chubb Corporation	105,845		4,221,099
Cincinnati Financial Corporation	73,100		1,633,785
Citigroup, Inc.D	619,333		1,839,419
CME Group, Inc.	3,000		933,330
Credicorp, Ltd.	45,800		2,665,560
Endurance Specialty Holdings, Ltd.	84,700		2,481,710
Federated Investors, Inc. Class BD	61,700		1,486,353
Franklin Resources, Inc.D	51,300		3,694,113
Goldman Sachs Group, Inc.	46,465		6,850,800
Hartford Financial Services Group, Inc.	15,804		187,593
Hudson City Bancorp, Inc.	224,500		2,983,605
Invesco, Ltd.	89,200		1,589,544
JPMorgan Chase & Co.	739,980		25,240,718
Knight Capital Group, Inc. Class A*	74,300		1,266,815
Lincoln National Corporation	44,500		765,845
Loews Corporation	16,248		445,195
MetLife, Inc.	28,100		843,281
Moody’s Corporation	101,600		2,677,160
Morgan Stanley	117,700		3,355,627
NewAlliance Bancshares, Inc.D	104,800		1,205,200
NYSE Euronext	109,800		2,992,050
Odyssey Re Holdings CorporationD	7,300		291,854
Platinum Underwriters Holdings, Ltd.D	56,100		1,603,899
PNC Financial Services Group, Inc.D	22,300		865,463
Progressive Corporation (The)*	86,400		1,305,504
Prudential Financial, Inc.	9,900		368,478
SEI Investments Co.	53,400		963,336
Simon Property Group, Inc. REIT	6,700		344,581
SLM CorporationD*	487,100		5,002,517
State Street Corporation	11,300		533,360
SunTrust Banks, Inc.D	99,700		1,640,065
T. Rowe Price Group, Inc.	43,700		1,820,979
Torchmark CorporationD	57,200		2,118,688
Travelers Cos., Inc.	342,700		14,064,408
US BancorpD	92,400		1,655,808
W.R. Berkley CorporationD	97,100		2,084,737
Wells Fargo & Co.D	662,649		16,075,865

See Notes to Financial Statements.

91

Value Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares	Value
XL Capital, Ltd. Class AD	148,400	$	1,700,664
			163,517,185
Healthcare — 13.3%
Aetna, Inc.	69,700		1,745,985
AmerisourceBergen CorporationD	171,200		3,037,088
Amgen, Inc.*	58,900		3,118,166
Boston Scientific Corporation*	604,900		6,133,686
Bristol-Myers Squibb Co.	856,900		17,403,639
Cardinal Health, Inc.D	147,300		4,500,015
Eli Lilly & Co.	23,700		820,968
Endo Pharmaceuticals Holdings, Inc.D*	55,300		990,976
Forest Laboratories, Inc.D*	52,500		1,318,275
Hologic, Inc.D*	288,600		4,106,778
Johnson & Johnson	213,100		12,104,080
Lincare Holdings, Inc.D*	45,600		1,072,512
McKesson Corporation	67,700		2,978,800
Medtronic, Inc.	93,100		3,248,259
Merck & Co., Inc.	83,700		2,340,252
Pfizer, Inc.	1,934,200		29,013,000
Schering-Plough Corporation	12,300		308,976
Tenet Healthcare Corporation*	1,001,200		2,823,384
Thermo Fisher Scientific, Inc.*	18,800		766,476
UnitedHealth Group, Inc.	407,000		10,166,860
Watson Pharmaceuticals, Inc.*	185,100		6,236,019
WellPoint, Inc.D*	298,059		15,168,223
Wyeth	50,500		2,292,195
Zimmer Holdings, Inc.*	10,300		438,780
			132,133,392
Integrated Oils — 10.6%
Chevron CorporationD	413,900		27,420,875
ConocoPhillips	430,500		18,106,830
Exxon Mobil Corporation	464,900		32,501,159
Hess Corporation	14,000		752,500
Marathon Oil CorporationD	464,896		14,007,316
Murphy Oil Corporation	31,000		1,683,920
Sunoco, Inc.D	109,600		2,542,720
Valero Energy CorporationD	466,800		7,884,252
			104,899,572
Materials & Processing — 3.2%
Air Products & Chemicals, Inc.	6,600		426,294
Alcoa, Inc.D	295,100		3,048,383
Allegheny Technologies, Inc.	34,200		1,194,606
Archer-Daniels-Midland Co.	56,800		1,520,536
Ball Corporation	35,200		1,589,632
Bemis Co., Inc.	48,800		1,229,760
Dow Chemical Co. (The)	54,500		879,630
Du Pont (E.I.) de Nemours & Co.D	247,300		6,335,826
Freeport-McMoRan Copper & Gold, Inc.	8,000		400,880
Lennox International, Inc.D	30,100		966,511
Lubrizol Corporation	54,800		2,592,588
MeadWestvaco CorporationD	272,800		4,476,648
Nucor Corporation	15,200		675,336
Owens Corning*	44,700		571,266
Owens-Illinois, Inc.D*	43,600		1,221,236
Reliance Steel & Aluminum Co.	30,400		1,167,056
Southern Copper Corporation	2,100		42,924
United States Steel CorporationD	104,400		3,731,256
			32,070,368
Other — 2.6%
3M Co.	73,800		4,435,380
General Electric Co.D	1,266,900		14,848,068
Tyco International, Ltd.	268,975		6,987,971
			26,271,419
Other Energy — 4.8%
Anadarko Petroleum Corporation	86,000		3,903,540
Apache Corporation	33,100		2,388,165
Baker Hughes, Inc.	89,800		3,272,312
Chesapeake Energy CorporationD	207,400		4,112,742
Devon Energy Corporation	68,400		3,727,800
EOG Resources, Inc.	12,100		821,832
Halliburton Co.	43,400		898,380
National Oilwell Varco, Inc.*	20,500		669,530
Occidental Petroleum Corporation	250,900		16,511,729
Patterson-UTI Energy, Inc.D	197,200		2,535,992
Schlumberger, Ltd.	31,800		1,720,698
SEACOR Holdings, Inc.*	15,900		1,196,316
Spectra Energy CorporationD	267,450		4,525,254
Williams Cos., Inc.	27,800		433,958
XTO Energy, Inc.	28,100		1,071,734
			47,789,982
Producer Durables — 7.3%
Applied Materials, Inc.	520,900		5,714,273
Boeing Co. (The)	60,900		2,588,250
Caterpillar, Inc.	14,500		479,080
Cummins, Inc.D	53,800		1,894,298
Danaher Corporation	4,600		284,004
Deere & Co.	15,400		615,230
Dover Corporation	54,200		1,793,478
Emerson Electric Co.	225,600		7,309,440
Gardner Denver, Inc.*	45,200		1,137,684
General Dynamics Corporation	15,400		853,006
Goodrich Corporation	43,100		2,153,707
Honeywell International, Inc.	415,300		13,040,420
Illinois Tool Works, Inc.D	244,700		9,137,098
Joy Global, Inc.D	36,000		1,285,920
KLA-Tencor Corporation	141,300		3,567,825
L-3 Communications Holdings, Inc.	38,500		2,671,130
Lennar Corporation Class A	371,256		3,597,471
Motorola, Inc.	695,600		4,611,828
Northrop Grumman Corporation	85,965		3,926,881
Raytheon Co.D	71,477		3,175,723
United Technologies Corporation	3,300		171,468
Waste Management, Inc.	104,100		2,931,456
			72,939,670
Technology — 7.8%
Activision Blizzard, Inc.*	11,700		147,771
Avnet, Inc.*	58,500		1,230,255
CA, Inc.	144,900		2,525,607
Computer Sciences Corporation*	35,800		1,585,940
Corning, Inc.	10,800		173,448

See Notes to Financial Statements.

92

	Shares		Value
Dell, Inc.*		390,200	$	5,357,446
EMC Corporation*		87,300		1,143,630
Flextronics International, Ltd.*		828,338		3,404,469
Hewlett-Packard Co.		228,100		8,816,065
Ingram Micro, Inc. Class A*		93,900		1,643,250
Intel Corporation		599,800		9,926,690
International Business Machines Corporation		166,300		17,365,046
LSI CorporationD*		96,448		439,803
Microsoft Corporation		338,600		8,048,522
NeuStar, Inc. Class AD*		121,300		2,688,008
Sybase, Inc.*		19,800		620,532
Symantec Corporation*		207,700		3,231,812
Texas Instruments, Inc.		136,800		2,913,840
Tyco Electronics, Ltd.D		282,075		5,243,774
Western Digital Corporation*		51,100		1,354,150
Yahoo!, Inc.*		4,000		62,640
				77,922,698
Utilities — 11.5%
AES Corporation*		199,100		2,311,551
Alliant Energy CorporationD		91,000		2,377,830
American Electric Power Co., Inc.		219,700		6,347,133
AT&T, Inc.		1,428,777		35,490,821
Dominion Resources, Inc.		29,000		969,180
DTE Energy Co.D		84,500		2,704,000
Duke Energy CorporationD		330,800		4,826,372
Edison International		80,500		2,532,530
Entergy Corporation		86,700		6,720,984
Exelon Corporation		29,100		1,490,211
FirstEnergy Corporation		59,052		2,288,265
FPL Group, Inc.		17,600		1,000,736
Nokia Corporation ADRD		327,600		4,776,408
NRG Energy, Inc.D*		60,500		1,570,580
NV Energy, Inc.D		208,000		2,244,320
PG&E Corporation		17,700		680,388
Progress Energy, Inc. Contingent Value Obligation+*		3,100		1,209
Public Service Enterprise Group, Inc.		108,300		3,533,829
Qwest Communications International, Inc.D		1,528,900		6,344,935
Sempra EnergyD		76,800		3,811,584
Southern Co. (The)D		38,400		1,196,544
Sprint Nextel Corporation*		136,100		654,641
Verizon Communications, Inc.		660,424		20,294,829
				114,168,880
Total Common Stocks (Cost $1,235,096,284)				948,773,649
FOREIGN COMMON STOCKS — 0.4%
Bermuda — 0.3%
Lazard, Ltd. Class A		90,800		2,444,336
Russia — 0.1%
CTC Media, Inc.D*		119,000		1,406,580
Total Foreign Common Stocks (Cost $3,730,096)				3,850,916
MONEY MARKET FUNDS — 10.8%
GuideStone Money Market Fund (GS4 Class)¥		36,312,700		36,312,700
Northern Institutional Liquid Assets Portfolio§		71,083,280		71,083,280
Total Money Market Funds (Cost $107,395,980)				107,395,980
	Par
U.S. TREASURY OBLIGATIONS — 0.7%
U.S. Treasury Bills
0.27%, 11/19/09‡‡	$	6,705,000		6,698,563
0.28%, 11/19/09‡‡		35,000		34,966
0.28%, 11/19/09‡‡		390,000		389,626
0.30%, 11/19/09‡‡		95,000		94,909
Total U.S. Treasury Obligations (Cost $7,217,325)				7,218,064
TOTAL INVESTMENTS — 107.3% (Cost $1,353,439,685)				1,067,238,609
Liabilities in Excess of Other Assets — (7.3)%				(73,016,459	)
Net Assets — 100.0%			$	994,222,150

PORTFOLIO SUMMARY (based on net assets)

	%
Financial Services	16.5
Healthcare	13.3
Consumer Discretionary	11.5
Utilities	11.5
Money Market Funds	10.8
Intergrated Oils	10.6
Technology	7.8
Producer Durables	7.3
Other Energy	4.8
Consumer Staples	4.7
Futures Contracts	4.1
Materials & Processing	3.2
Other	2.6
Auto & Transportation	1.6
U.S. Treasury Obligation	0.7
Foreign Common Stocks	0.4
	111.4

See Notes to Financial Statements.

93

Value Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Common Stocks	$	948,772,440	$	—
Foreign Common Stocks		3,850,916		—
Futures Contracts		—		(785,520	)
Money Market Funds		107,395,980		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligations		7,218,064		—
Level 3 — Significant Unobservable Inputs
Common Stocks		1,209		—
Total Assets	$	1,067,238,609	$	(785,520	)

*** 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:

	Investments in Securities		Other Financial Instruments***
Balance, 12/31/08	$	1,209	$	—
Accrued discounts/premiums		—		—
Realized gain (loss)		—		—
Changed in unrealized appreciation (depreciation)		—		—
Net purchases (sales)		—		—
Transfers in and/or out of Level 3		—		—
Balance, 06/30/09	$	1,209	$	—

See Notes to Financial Statements.

94

Growth Equity Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares	Value
COMMON STOCKS — 92.3%
Auto & Transportation — 2.2%
Delta Air Lines, Inc.*	189,680	$	1,098,247
Expeditors International Washington, Inc.	114,480		3,816,763
FedEx Corporation	53,130		2,955,091
Norfolk Southern CorporationD	97,038		3,655,422
Union Pacific Corporation	204,740		10,658,764
			22,184,287
Consumer Discretionary — 16.1%
Amazon.com, Inc.D*	328,230		27,459,722
Apollo Group, Inc. Class A*	34,500		2,453,640
AutoZone, Inc.*	12,200		1,843,542
Avon Products, Inc.	109,680		2,827,550
Bed Bath & Beyond, Inc.*	83,700		2,573,775
Best Buy Co., Inc.	230,120		7,706,719
Carnival Corporation	123,900		3,192,903
Coach, Inc.	34,530		928,166
Costco Wholesale Corporation	87,003		3,976,037
Darden Restaurants, Inc.	78,410		2,585,962
DIRECTV Group, Inc. (The)D*	130,107		3,214,944
Dollar Tree, Inc.*	44,700		1,881,870
eBay, Inc.*	113,500		1,944,255
Estee Lauder Cos., Inc. Class AD*	55,700		1,819,719
FTI Consulting, Inc.*	6,580		333,738
GameStop Corporation Class AD*	69,000		1,518,690
Gap, Inc. (The)	49,750		815,900
Home Depot, Inc. (The)	123,800		2,925,394
Iron Mountain, Inc.D*	209,240		6,015,650
Kohl’s CorporationD*	202,240		8,645,760
Krispy Kreme Doughnuts, Inc.	7,410		296
Lowe’s Cos., Inc.	480,044		9,317,654
McDonald’s Corporation	417,135		23,981,091
NIKE, Inc. Class BD	366,895		18,997,823
Paychex, Inc.D	13,420		338,184
Priceline.com, Inc.D*	25,700		2,866,835
Starbucks CorporationD*	754,810		10,484,311
Wal-Mart Stores, Inc.	169,244		8,198,179
Yum! Brands, Inc.	239,122		7,972,328
			166,820,637
Consumer Staples — 3.7%
Church & Dwight Co., Inc.D	25,400		1,379,474
Colgate-Palmolive Co.	81,140		5,739,844
CVS Caremark CorporationD	390,244		12,437,076
Hansen Natural CorporationD*	66,000		2,034,120
J.M. Smucker Co. (The)	27,470		1,336,690
Kroger Co.D	41,520		915,516
PepsiCo, Inc.	201,890		11,095,874
Procter & Gamble Co.	31,530		1,611,183
Whole Foods Market, Inc.D	84,900		1,611,402
			38,161,179
Financial Services — 15.6%
American Express Co.D	58,172		1,351,917
Annaly Mortgage Management, Inc. REIT	119,900		1,815,286
Bank of America CorporationD	425,797		5,620,520
Boston Properties, Inc. REITD	29,000		1,383,300
Capital One Financial Corporation	86,800		1,899,184
CME Group, Inc.	28,900		8,991,079
Goldman Sachs Group, Inc.D	96,192		14,182,548
IntercontinentalExchange, Inc.D*	142,230		16,248,355
Invesco, Ltd.	96,300		1,716,066
JPMorgan Chase & Co.D	749,444		25,563,535
Mastercard, Inc. Class A	70,771		11,840,696
Moody’s CorporationD	176,400		4,648,140
Morgan Stanley	294,072		8,383,993
MSCI, Inc.*	41,830		1,022,325
Schwab (Charles) Corporation
(The)	260,420		4,567,767
State Street CorporationD	51,170		2,415,224
US BancorpD	220,105		3,944,282
Visa, Inc.D	550,014		34,243,872
Wells Fargo & Co.D	476,342		11,486,673
			161,324,762
Healthcare — 12.7%
Abbott Laboratories	235,788		11,091,468
Abraxis Bioscience, Inc.D*	32,700		1,205,322
Aetna, Inc.	35,920		899,796
Allergan, Inc.	353,250		16,807,635
Amgen, Inc.*	75,100		3,975,794
Baxter International, Inc.	57,990		3,071,150
Becton Dickinson & Co.D	21,300		1,518,903
Boston Scientific Corporation*	359,900		3,649,386
Celgene CorporationD*	53,520		2,560,397
Cephalon, Inc.D*	29,390		1,664,943
Express Scripts, Inc.*	72,740		5,000,875
Genzyme CorporationD*	287,988		16,032,292
Gilead Sciences, Inc.D*	189,288		8,866,250
Hologic, Inc.D*	50,450		717,903
Illumina, Inc.D*	21,800		848,892
Intuitive Surgical, Inc.D*	106,000		17,347,960
Mylan Laboratories, Inc.D*	229,700		2,997,585
Myriad Genetics, Inc.D*	86,875		3,097,094
Myriad Pharmaceuticals, Inc.*	21,718		100,989
Qiagen NV*	47,700		886,743
St. Jude Medical, Inc.*	183,010		7,521,711
Stryker CorporationD	131,500		5,225,810
Teva Pharmaceutical Industries, Ltd. ADR	107,630		5,310,464
Thermo Fisher Scientific, Inc.*	96,400		3,930,228
Varian Medical Systems, Inc.D*	200,200		7,035,028
			131,364,618
Integrated Oils — 0.4%
Chevron Corporation	64,470		4,271,138
Materials & Processing — 5.7%
ABB, Ltd. ADRD	177,480		2,800,634
Air Products & Chemicals, Inc.	30,356		1,960,694
Crown Holdings, Inc.*	55,990		1,351,599
Dow Chemical Co. (The)D	216,840		3,499,798
Freeport-McMoRan Copper & Gold, Inc.	158,130		7,923,894
Monsanto Co.	262,902		19,544,135
Newmont Mining Corporation	94,700		3,870,389
Praxair, Inc.	188,306		13,382,907
Precision Castparts Corporation	67,120		4,901,774
			59,235,824
Other — 0.4%
3M Co.	34,440		2,069,844
Foster Wheeler AG*	27,040		642,200

See Notes to Financial Statements.

95

Growth Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
SPX CorporationD		31,000	$	1,518,070
				4,230,114
Other Energy — 8.4%
Chesapeake Energy CorporationD		131,800		2,613,594
Consol Energy, Inc.		25,140		853,754
Devon Energy Corporation		124,260		6,772,170
EOG Resources, Inc.		10,008		679,743
First Solar, Inc.D*		21,064		3,414,896
FMC Technologies, Inc.D*		268,700		10,097,746
National Oilwell Varco, Inc.*		494,800		16,160,168
Petroleo Brasileiro SA ADRD		163,593		6,704,041
Schlumberger, Ltd.D		230,500		12,472,355
Southwestern Energy Co.*		90,960		3,533,796
Transocean, Ltd.*		305,136		22,668,554
XTO Energy, Inc.D		25,578		975,545
				86,946,362
Producer Durables — 3.8%
America Movil SA de CV ADR Series LD		216,900		8,398,368
American Tower Corporation Class AD*		108,760		3,429,203
AMETEK, Inc.		41,770		1,444,407
Boeing Co. (The)		13,960		593,300
Danaher Corporation		21,360		1,318,766
General Dynamics Corporation		122,738		6,798,458
ITT Industries, Inc.		27,280		1,213,960
Lockheed Martin CorporationD		75,593		6,096,575
Raytheon Co.		80,140		3,560,620
Republic Services, Inc.		74,530		1,819,277
United Technologies CorporationD		94,810		4,926,328
				39,599,262
Technology — 22.5%
Activision Blizzard, Inc.D*		294,600		3,720,798
Amphenol Corporation		152,025		4,810,071
Apple, Inc.D*		363,467		51,768,605
Broadcom Corporation Class AD*		770,960		19,112,098
Check Point Software Technologies, Ltd.*		135,660		3,183,940
Cisco Systems, Inc.*		713,497		13,299,584
Citrix Systems, Inc.D*		36,400		1,160,796
Cognizant Technology Solutions Corporation Class A*		81,720		2,181,924
EMC Corporation*		379,590		4,972,629
F5 Networks, Inc.D*		24,680		853,681
Google, Inc.*		91,602		38,618,487
Hewlett-Packard Co.		232,126		8,971,670
Intel Corporation		387,950		6,420,573
International Business Machines Corporation		52,736		5,506,693
Intersil Corporation Class AD		117,280		1,474,210
Juniper Networks, Inc.D*		207,880		4,905,968
Macrovision Solutions Corporation*		7		153
Marvell Technology Group, Ltd.*		293,100		3,411,684
McAfee, Inc.*		17,970		758,154
Microsoft Corporation		181,050		4,303,558
Oracle Corporation		311,500		6,672,330
QUALCOMM, Inc.		742,940		33,580,888
Salesforce.com, Inc.D*		241,000		9,198,970
Trimble Navigation, Ltd.D*		39,350		772,441
VMware, Inc.D*		123,600		3,370,572
				233,030,477
Utilities — 0.8%
AES Corporation*		210,850		2,447,969
Allegheny Energy, Inc.		24,560		629,964
Entergy CorporationD		6,650		515,508
FPL Group, Inc.		12,040		684,594
Sprint Nextel CorporationD*		516,860		2,486,097
Xcel Energy Inc.		47,000		865,270
				7,629,402
Total Common Stocks (Cost $972,361,114)				954,798,062
FOREIGN COMMON STOCKS — 3.9%
Canada — 0.9%
Potash Corporation of SaskatchewanD		41,320		3,844,826
Research In Motion, Ltd.*		83,223		5,912,994
				9,757,820
China — 0.5%
Mindray Medical International, Ltd. ADRD		206,400		5,762,688
Finland — 0.2%
Nokia Corporation ADRD		127,700		1,861,866
France — 0.4%
Total SA ADRD		79,520		4,312,370
Switzerland — 1.0%
Ace, Ltd.		65,280		2,887,334
Alcon, Inc.		21,220		2,464,067
Weatherford International, Ltd.*		257,070		5,028,289
				10,379,690
Taiwan — 0.5%
Taiwan Semiconductor Manufacturing Co., Ltd. ADRD		522,289		4,914,739
United Kingdom — 0.4%
BHP Billiton PLC ADRD		89,100		4,050,486
Total Foreign Common Stocks (Cost $39,297,005)				41,039,659
MONEY MARKET FUNDS — 12.1%
GuideStone Money Market Fund (GS4 Class)¥		31,151,191		31,151,191
Northern Institutional Liquid Assets Portfolio§		93,789,900		93,789,900
Total Money Market Funds (Cost $124,941,091)				124,941,091
	Par
U.S. TREASURY OBLIGATION — 0.8%
U.S. Treasury Bill 0.27%, 11/19/09‡‡ (Cost $8,306,207)	$	8,315,000		8,307,017
TOTAL INVESTMENTS — 109.1% (Cost $1,144,905,417)				1,129,085,829
Liabilities in Excess of Other Assets — (9.1)%				(94,548,233	)
NET ASSETS — 100.0%			$	1,034,537,596

See Notes to Financial Statements.

96

PORTFOLIO SUMMARY (based on net assets)

	%
Technology	22.5
Consumer Discretionary	16.1
Financial Services	15.6
Healthcare	12.7
Money Market Funds	12.1
Other Energy	8.4
Materials & Processing	5.7
Foreign Common Stocks	3.9
Producer Durables	3.8
Consumer Staples	3.7
Futures Contracts	3.6
Auto & Transportation	2.2
U.S. Treasury Obligation	0.8
Utilities	0.8
Integrated Oils	0.4
Other	0.4
	112.7

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments***
Level 1 — Quoted Prices
Common Stocks	$	954,798,062	$	—
Foreign Common Stocks		41,039,659		—
Futures Contracts		—		265,904
Money Market Funds		124,941,091		—
Level 2 — Other Significant Observable Inputs
U.S. Treasury Obligation		8,307,017		—
Level 3 — Significant Unobservable Inputs		—		—
Total Assets	$	1,129,085,829	$	265,904

*** 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

Small Cap Equity Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares	Value
COMMON STOCKS — 84.9%
Auto & Transportation — 3.3%
American Commercial Lines, Inc.D*	25,050	$	387,774
Arkansas Best Corporation	18,119		477,436
ATC Technology CorporationD*	48,200		698,900
Con-Way, Inc.	12,000		423,720
Diana Shipping, Inc.D	48,400		644,688
Genco Shipping & Trading, Ltd.D	18,500		401,820
Genesee & Wyoming, Inc. Class A*	29,300		776,743
Heartland Express, Inc.D	80,300		1,182,016
HUB Group, Inc.*	20,900		431,376
JB Hunt Transport Services, Inc.D	40,000		1,221,200
Knight Transportation, Inc.D	87,200		1,443,160
Old Dominion Freight Line, Inc.D*	13,800		463,266
Overseas Shipholding Group, Inc.D	12,900		439,116
Republic Airways Holdings, Inc.*	85,800		560,274
Skywest, Inc.	46,200		471,240
UTI Worldwide, Inc.*	58,800		670,320
WABCO Holdings, Inc.D	38,600		683,220
			11,376,269
Consumer Discretionary — 12.8%
Aaron Rents, Inc.D	16,601		495,042
Advisory Board Co. (The)D*	47,800		1,228,460
Aeropostale, Inc.*	35,055		1,201,335
American Public Education, Inc.D*	19,400		768,434
AMN Healthcare Services, Inc.D*	67,500		430,650
AnnTaylor Stores CorporationD*	52,600		419,748
Arbitron, Inc.D	22,100		351,169
BJ’s Wholesale Club, Inc.D*	11,600		373,868
California Pizza Kitchen, Inc.D*	47,100		625,959
Capella Education Co.D*	18,500		1,109,075
Carter’s, Inc.*	38,932		958,116
Cato Corporation Class A	25,300		441,232
CEC Entertainment, Inc.*	20,100		592,548
Charlotte Russe Holding, Inc.D*	63,000		811,440
Cheesecake Factory, Inc.D*	25,500		441,150
Chico’s FAS, Inc.D*	29,400		286,062
Chipotle Mexican Grill, Inc.D*	9,300		680,698
Coinstar, Inc.*	18,737		500,278
Constant Contact, Inc.D*	17,400		345,216
Corinthian Colleges, Inc.D*	81,230		1,375,224
Corporate Executive Board Co.	43,800		909,288
CoStar Group, Inc.D*	22,400		893,088
CROCS, Inc.D*	50,000		170,000
Deckers Outdoor Corporation*	7,400		519,998
DG Fastchannel, Inc.D*	18,633		340,984
Dillard’s, Inc. Class A	49,100		451,720
DynCorp International, Inc.D*	45,800		768,982
EZCORP, Inc. Class A*	49,100		529,298
FGX International Holdings, Ltd.D*	30,000		341,400
FTI Consulting, Inc.*	31,500		1,597,680
Guess ?, Inc.D	11,000		283,580
Healthcare Services Group, Inc.D	22,600		404,088
Hewitt Associates, Inc. Class A*	17,000		506,260
hhgregg, Inc.D*	18,400		278,944
Hibbett Sports, Inc.D*	14,500		261,000
Houston Wire & Cable Co.D	43,800		521,658
Huron Consulting Group, Inc.D*	13,700		633,351
ICF International, Inc.*	13,684		377,541
Iconix Brand Group, Inc.D*	36,900		567,522
Insight Enterprises, Inc.*	25,500		246,330
J Crew Group, Inc.D*	13,500		364,770
Kforce, Inc.D*	68,000		562,360
MAXIMUS, Inc.	12,000		495,000
Mohawk Industries, Inc.D*	7,100		253,328
Monro Muffler Brake, Inc.D	27,700		712,167
MPS Group, Inc.D*	97,800		747,192
Netease.com ADRD*	11,600		408,088
Netflix, Inc.D*	22,596		934,119
On Assignment, Inc.D*	111,800		437,138
PetMed Express, Inc.D*	36,700		551,601
PF Chang’s China Bistro, Inc.D*	27,500		881,650
PHH CorporationD*	44,900		816,282
Pool CorporationD	34,625		573,390
Rent-A-Center, Inc.D*	35,700		636,531
Resources Connection, Inc.D*	92,100		1,581,357
Robert Half International, Inc.D	45,300		1,069,986
Rush Enterprises, Inc. Class AD*	59,621		694,585
Steven Madden, Ltd.D*	49,000		1,247,050
SYKES Enterprises, Inc.*	90,400		1,635,336
Tech Data Corporation*	24,100		788,311
Tempur-Pedic International, Inc.D	36,600		478,362
Tetra Tech, Inc.D*	6,300		180,495
Texas Roadhouse, Inc. Class AD*	18,900		206,199
Timberland Co.*	40,500		537,435
TiVo, Inc.*	16,100		168,728
Ulta Salon Cosmetics & Fragrance, Inc.D*	19,100		212,392
Universal Electronics, Inc.D*	36,882		743,910
ValueClick, Inc.*	79,400		835,288
WESCO International, Inc.D*	34,400		861,376
			43,652,842
Consumer Staples — 2.5%
Chattem, Inc.D*	8,300		565,230
Chiquita Brands International, Inc.D*	45,500		466,830
Green Mountain Coffee Roasters, Inc.D*	16,171		956,029
Hansen Natural Corporation*	38,200		1,177,324
Helen of Troy, Ltd.*	37,583		631,018
Herbalife, Ltd.	53,700		1,693,698
J & J Snack Foods Corporation	27,052		971,167
Pantry, Inc.*	37,500		622,500
SUPERVALU, Inc.	50,900		659,155
TreeHouse Foods, Inc.D*	8,888		255,708
United Natural Foods, Inc.D*	23,600		619,500
			8,618,159

See Notes to Financial Statements.

98

	Shares	Value
Financial Services — 16.1%
American Financial Group, Inc.D	50,500	$	1,089,790
American Physicians Capital, Inc.	11,700		458,172
AMERISAFE, Inc.*	28,018		435,960
Amtrust Financial Services, Inc.	48,700		555,180
Argo Group International Holdings, Ltd.*	29,952		845,246
Assured Guaranty, Ltd.D	27,700		342,926
AXIS Capital Holdings, Ltd.D	49,000		1,282,820
Banco Latinoamericano de Exportaciones SAD	62,000		770,660
Bank of the Ozarks, Inc.D	33,200		718,116
BOK Financial CorporationD	11,300		425,671
Brown & Brown, Inc.	63,800		1,271,534
Cash America International, Inc.	21,500		502,885
City Holding Co.	24,900		755,964
Cohen & Steers, Inc.D	26,500		396,175
Cybersource CorporationD*	56,181		859,569
Delphi Financial Group, Inc.D	50,700		985,101
Duff & Phelps Corporation	34,100		606,298
Endurance Specialty Holdings, Ltd.	35,100		1,028,430
Evercore Partners, Inc. Class AD	27,400		538,136
Federated Investors, Inc. Class BD	35,700		860,013
First Cash Financial Services, Inc.D*	40,800		714,816
First Niagara Financial Group, Inc.	15,300		174,726
FPIC Insurance Group, Inc.*	11,500		352,130
Global Payments, Inc.	91,400		3,423,844
Greenhill & Co., Inc.D	2,544		183,702
H&E Equipment Services, Inc.*	48,300		451,605
Hanover Insurance Group, Inc.	29,400		1,120,434
HCC Insurance Holdings, Inc.D	104,535		2,509,885
Horace Mann Educators Corporation	75,900		756,723
IBERIABANK Corporation	5,400		212,814
Infinity Property & Casualty Corporation	24,600		896,916
Investment Technology Group, Inc.*	28,000		570,920
Jack Henry & Associates, Inc.D	53,900		1,118,425
Janus Capital Group, Inc.D	41,300		470,820
Jefferies Group, Inc.D*	18,500		394,605
Knight Capital Group, Inc. Class AD*	53,500		912,175
Life Partners Holdings, Inc.D	8,475		120,176
Mobile Mini, Inc.D*	51,000		748,170
MSCI, Inc.*	22,500		549,900
NewAlliance Bancshares, Inc.	69,600		800,400
Ocwen Financial CorporationD*	53,200		690,004
Odyssey Re Holdings CorporationD	21,400		855,572
optionsXpress Holdings, Inc.D	208,490		3,237,850
Park National CorporationD	14,400		813,312
Platinum Underwriters Holdings, Ltd.D	32,500		929,175
Portfolio Recovery Associates, Inc.D*	26,500		1,026,345
Prosperity Bancshares, Inc.D	8,627		257,343
Provident Financial Services, Inc.	65,700		597,870
PS Business Parks, Inc. REIT	19,600		949,424
RLI CorporationD	23,500		1,052,800
Safety Insurance Group, Inc.	43,500		1,329,360
StanCorp Financial Group, Inc.	44,100		1,264,788
Sterling Bancshares, Inc.	71,800		454,494
Stifel Financial CorporationD*	13,600		654,024
Sunstone Hotel Investors, Inc. REIT	90,300		483,105
SWS Group, Inc.D	61,700		861,949
Taubman Centers, Inc. REIT	19,700		529,142
Torchmark CorporationD	21,800		807,472
Tower Group, Inc.	48,894		1,211,593
TradeStation Group, Inc.*	65,500		554,130
Trustmark CorporationD	48,400		935,088
United Bankshares, Inc.D	32,700		638,958
W.R. Berkley Corporation	19,700		422,959
World Acceptance CorporationD*	42,400		844,184
Wright Express CorporationD*	75,600		1,925,532
			54,538,305
Healthcare — 11.0%
Abaxis, Inc.D*	12,300		252,642
Acorda Therapeutics, Inc.*	6,500		183,235
Alexion Pharmaceuticals, Inc.D*	10,420		428,470
Align Technology, Inc.D*	57,000		604,200
Allos Therapeutics, Inc.*	4,967		41,176
Allscripts-Misys Healthcare Solutions, Inc.*	11,100		176,046
Amedisys, Inc.D*	55,134		1,820,525
American Dental Partners, Inc.D*	37,900		343,753
AMERIGROUP CorporationD*	28,300		759,855
athenahealth, Inc.D*	18,757		694,197
BioMarin Pharmaceuticals, Inc.D*	49,700		775,817
Bio-Rad Laboratories, Inc. Class AD*	15,800		1,192,584
Biovail CorporationD	38,900		523,205
Brookdale Senior Living, Inc.D	35,400		344,796
CardioNet, Inc.D*	22,200		362,304
Catalyst Health Solutions, Inc.*	81,700		2,037,598
Cooper Cos., Inc.D	39,500		976,835
Cubist Pharmaceuticals, Inc.*	40,200		736,866
Dionex CorporationD*	17,600		1,074,128
Endo Pharmaceuticals Holdings, Inc.D*	41,500		743,680
Five Star Quality Care, Inc.+	2,086		—
Genoptix, Inc.D*	17,400		556,626
Haemonetics Corporation*	18,200		1,037,400
Hanger Orthopedic Group, Inc.D*	24,909		338,513
Health Net, Inc.*	62,900		978,095
ICON PLC ADRD*	90,400		1,950,832
Illumina, Inc.D*	4,775		185,939
Immucor, Inc.*	49,700		683,872
Inverness Medical Innovations, Inc.D*	20,900		743,622
Lincare Holdings, Inc.D*	37,000		870,240
Magellan Health Services, Inc.*	40,700		1,335,774
Martek Biosciences CorporationD*	22,100		467,415

See Notes to Financial Statements.

99

Small Cap Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares	Value
MedAssets, Inc.D*	55,400	$	1,077,530
Mednax, Inc.*	6,200		261,206
NuVasive, Inc.D*	21,450		956,670
Omnicare, Inc.	26,200		674,912
Orthofix International NVD*	24,100		602,741
Orthovita, Inc.D*	35,800		184,370
PerkinElmer, Inc.	78,300		1,362,420
Phase Forward, Inc.D*	42,700		645,197
Psychiatric Solutions, Inc.D*	44,800		1,018,752
Savient Pharmaceuticals, Inc.D*	14,300		198,198
Sepracor, Inc.*	37,100		642,572
STERIS CorporationD	22,500		586,800
Symmetry Medical, Inc.*	98,300		916,156
Techne Corporation	22,300		1,422,963
Thoratec CorporationD*	19,627		525,611
United Therapeutics CorporationD*	8,500		708,305
VCA Antech, Inc.D*	48,900		1,305,630
Volcano CorporationD*	46,000		643,080
WellCare Health Plans, Inc.D*	28,600		528,814
			37,482,167
Integrated Oils — 0.7%
Frontier Oil CorporationD	26,300		344,793
Holly CorporationD	33,800		607,724
Sunoco, Inc.	24,000		556,800
Tesoro CorporationD	27,800		353,894
Western Refining, Inc.D*	55,000		388,300
			2,251,511
Materials & Processing — 7.7%
AAON, Inc.D	22,300		444,216
AK Steel Corporation	20,200		387,638
Albemarle Corporation	31,500		805,455
Apogee Enterprises, Inc.D	61,700		758,910
Ball Corporation	21,100		952,876
Beacon Roofing Supply, Inc.*	104,067		1,504,809
Belden CDT, Inc.	43,700		729,790
Bemis Co., Inc.	30,700		773,640
Carpenter Technology Corporation	47,800		994,718
CLARCOR, Inc.	44,300		1,293,117
Dycom Industries, Inc.*	72,300		800,361
EMCOR Group, Inc.*	16,700		336,004
Granite Construction, Inc.D	16,900		562,432
H.B. Fuller Co.	25,000		469,250
Hexcel CorporationD*	53,772		512,447
IAMGOLD CorporationD	67,434		682,432
Interline Brands, Inc.*	55,000		752,400
Jones Lang LaSalle, Inc.D	34,200		1,119,366
Kaiser Aluminum Corporation	12,600		452,466
Lennox International, Inc.D	24,600		789,906
Lubrizol Corporation	21,500		1,017,165
Michael Baker Corporation*	10,500		444,780
Minerals Technologies, Inc.	16,700		601,534
MYR Group, Inc.D*	20,831		421,203
NewMarket Corporation	12,600		848,358
OM Group, Inc.D*	25,800		748,716
Orion Marine Group, Inc.D*	9,100		172,900
Owens Corning*	6,300		80,514
RBC Bearings, Inc.D*	21,900		447,855
Reliance Steel & Aluminum Co.D	38,500		1,478,015
Solutia, Inc.*	40,000		230,400
Sonoco Products Co.	21,500		514,925
URS Corporation*	10,200		505,104
Watsco, Inc.D	54,100		2,647,113
Worthington Industries, Inc.D	56,700		725,193
			26,006,008
Metals Mining — 0.1%
Pan American Silver Corporation*	12,000		219,960
Other — 0.5%
Lancaster Colony CorporationD	15,800		696,306
SPX Corporation	20,600		1,008,782
			1,705,088
Other Energy — 5.1%
Approach Resources, Inc.D*	42,400		292,560
Arena Resources, Inc.D*	64,100		2,041,585
Atlas America, Inc.D	20,900		373,483
Atwood Oceanics, Inc.*	13,900		346,249
Cabot Oil & Gas Corporation	5,800		177,712
Cal Dive International, Inc.*	130,500		1,126,215
CARBO Ceramics, Inc.D	16,500		564,300
Comstock Resources, Inc.*	40,200		1,328,610
Concho Resources, Inc.*	38,700		1,110,303
Dril-Quip, Inc.*	9,700		369,570
EnerNOC, Inc.D*	13,196		285,957
EXCO Resources, Inc.*	178,739		2,309,308
Exterran Holdings, Inc.D*	79,200		1,270,368
Hercules Offshore, Inc.D*	240,900		956,373
NATCO Group, Inc. Class A*	25,600		842,752
Oil States International, Inc.D*	35,000		847,350
Patterson-UTI Energy, Inc.D	37,900		487,394
Penn Virginia CorporationD	22,100		361,777
Quicksilver Resources, Inc.D*	50,600		470,074
SEACOR Holdings, Inc.D*	12,800		963,072
T-3 Energy Services, Inc.*	25,849		307,862
Whiting Petroleum
CorporationD*	14,200		499,272
			17,332,146
Producer Durables — 7.2%
A.O. Smith CorporationD	25,298		823,956
Actuant Corporation Class A	57,668		703,550
Arris Group, Inc.D*	85,900		1,044,544
Clean Harbors, Inc.*	22,000		1,187,780
Columbus McKinnon Corporation*	38,900		492,085
Cubic CorporationD	11,700		418,743
Curtiss-Wright Corporation	37,100		1,102,983
Cymer, Inc.*	34,400		1,022,712
Darling International, Inc.*	40,900		269,940
Duoyuan Global Water, Inc. ADRD*	10,200		247,656
Faro Technologies, Inc.D*	42,400		658,472
Gardner Denver, Inc.*	41,500		1,044,555
Graco, Inc.D	35,600		783,912
HEICO CorporationD	12,000		435,120
HEICO Corporation Class A	9,100		266,266
IDEX Corporation	51,811		1,272,996
Kennametal, Inc.	21,000		402,780
Lexmark International, Inc.D*	64,800		1,027,080
Middleby CorporationD*	25,900		1,137,528
Moog, Inc. Class A*	18,500		477,485
Orbital Sciences Corporation*	83,600		1,268,212
Regal-Beloit CorporationD	42,300		1,680,156
SBA Communications Corporation Class AD*	75,882		1,862,144

See Notes to Financial Statements.

100

	Shares	Value
Stericycle, Inc.D*	12,000	$	618,360
Tessera Technologies, Inc.*	17,900		452,691
Thomas & Betts Corporation*	6,700		193,362
Toro Co.D	18,100		541,190
TransDigm Group, Inc.D*	33,000		1,194,600
Triumph Group, Inc.	20,900		836,000
Varian Semiconductor Equipment Associates, Inc.D*	28,525		684,315
Zebra Technologies Corporation*	15,976		377,992
			24,529,165
Technology — 12.8%
3Com CorporationD*	108,000		508,680
Advanced Analogic Technologies, Inc.D*	142,900		655,911
American Reprographics Co.*	39,200		326,144
Amkor Technology, Inc.D*	113,700		537,801
Ariba, Inc.*	49,876		490,780
Atheros Communications, Inc.D*	45,400		873,496
Avnet, Inc.*	23,500		494,205
Blackboard, Inc.D*	17,200		496,392
Brocade Communications Systems, Inc.*	67,300		526,286
Cadence Design Systems, Inc.*	92,500		545,750
CommVault Systems, Inc.*	35,500		588,590
Compellent Technologies, Inc.*	12,032		183,488
Compuware Corporation*	94,600		648,956
CPI International, Inc.D*	56,400		490,116
Cree, Inc.D*	14,100		414,399
DealerTrack Holdings, Inc.D*	117,900		2,004,300
DigitalGlobe, Inc.*	20,600		395,520
DTS, Inc.D*	13,000		351,910
EarthLink, Inc.*	95,600		708,396
EPIQ Systems, Inc.D*	29,100		446,685
F5 Networks, Inc.*	24,431		845,068
Flextronics International, Ltd.D*	112,900		464,019
FormFactor, Inc.D*	43,600		751,664
Hittite Microwave CorporationD*	20,800		722,800
Informatica Corporation*	45,500		782,145
Ingram Micro, Inc. Class A*	75,600		1,323,000
Kenexa Corporation*	28,900		334,373
LogMeIn	3,800		60,800
Longtop Financial Technologies, Ltd. ADRD*	6,300		154,728
Macrovision Solutions Corporation*	22,804		497,355
Mantech International Corporation Class AD*	11,600		499,264
Monolithic Power Systems, Inc.*	83,226		1,865,095
Monotype Imaging Holdings, Inc.*	22,400		152,544
Netezza CorporationD*	88,700		737,984
Netlogic Microsystems, Inc.D*	24,934		909,094
NeuStar, Inc. Class A*	42,700		946,232
Nuance Communications, Inc.D*	54,833		662,931
OpenTable, Inc.D*	6,300		190,071
Palm, Inc.D*	16,000		265,120
Power Intergrations, Inc.D	94,600		2,250,534
Riverbed Technology, Inc.*	19,800		459,162
Scansource, Inc.D*	65,000		1,593,800
Semtech Corporation*	57,067		907,936
Silicon Laboratories, Inc.D*	19,500		739,830
SkillSoft PLC ADRD*	130,000		1,014,000
Solera Holdings, Inc.*	168,079		4,269,207
SRA International, Inc. Class A*	37,300		654,988
Stanley, Inc.*	31,400		1,032,432
STEC, Inc.D*	57,400		1,331,106
Stratasys, Inc.D*	30,292		332,909
Sybase, Inc.D*	48,533		1,521,024
Synaptics, Inc.D*	16,350		631,927
Taleo Corporation Class AD*	20,400		372,708
Ultimate Software Group, Inc.D*	45,500		1,102,920
Viasat, Inc.*	41,400		1,061,496
Vishay Intertechnology, Inc.*	54,200		368,018
			43,496,089
Utilities — 5.1%
Alliant Energy CorporationD	41,000		1,071,330
Centerpoint Energy, Inc.D	65,900		730,172
CenturyTel, Inc.D	17,800		546,460
El Paso Electric Co.*	36,300		506,748
Energen Corporation	28,900		1,153,110
General Communication, Inc. Class A*	79,600		551,628
IDACORP, Inc.D	24,500		640,430
ITC Holdings Corporation	7,981		362,018
j2 Global Communications, Inc.D*	76,200		1,719,072
National Fuel Gas Co.D	12,600		454,608
NiSource, Inc.D	76,400		890,824
NTELOS Holdings Corporation	84,700		1,560,174
NV Energy, Inc.	117,000		1,262,430
OGE Energy Corporation	45,200		1,280,064
Oneok, Inc.	43,300		1,276,917
Pepco Holdings, Inc.	82,400		1,107,456
Portland General Electric Co.	42,200		822,056
TECO Energy, Inc.D	34,600		412,778
UGI Corporation	15,800		402,742
USA Mobility, Inc.D*	37,300		475,948
			17,226,965
Total Common Stocks (Cost $307,739,072)			288,434,674
FOREIGN COMMON STOCKS — 0.7%
Israel — 0.1%
RRSat Global Communications Network, Ltd.	35,500		434,520
Netherlands — 0.1%
AerCap Holdings NV*	50,600		365,332
Puerto Rico — 0.2%
Oriental Financial GroupD	62,700		608,190
Singapore — 0.3%
Verigy, Ltd.*	88,200		1,073,394
Total Foreign Common Stocks (Cost $4,326,593)			2,481,436
PREFERRED STOCKS — 0.0%
Federal Home Loan Mortgage Corporation	5,125		6,252
Federal National Mortgage Association	3,750		5,067

See Notes to Financial Statements.

101

Small Cap Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Preferred Blocker (GMAC), Inc.		73	$	31,395
Total Preferred Stocks (Cost $249,415)				42,714
MONEY MARKET FUNDS — 24.6%
GuideStone Money Market Fund (GS4 Class)¥		22,939,664		22,939,664
Northern Institutional Liquid Assets Portfolio§		60,576,786		60,576,786
Total Money Market Funds (Cost $83,516,450)				83,516,450
	Par
AGENCY OBLIGATIONS — 0.8%
Federal Home Loan Mortgage Corporation
4.38%, 01/25/10	$	260,000		265,736
Federal National Mortgage Association
0.34%, 01/25/10W‡‡		2,146,000		2,142,219
5.25%, 08/01/12		110,000		114,382
5.00%, 02/13/17		230,000		251,356
Total Agency Obligations (Cost $2,765,978)				2,773,693
ASSET-BACKED SECURITIES — 0.5%
Bear Stearns Asset-Backed Securities Trust
0.76%, 10/27/32†		27,898		19,105
0.76%, 12/25/33†		301,960		202,149
Drive Auto Receivables Trust
5.33%,
04/15/14 STEP 144A		317,715		299,423
EMC Mortgage Loan Trust
0.96%,
02/25/41 STEP 144A		81,511		42,636
GSAA Trust
0.58%, 07/25/37†		200,000		61,183
Lehman XS Trust
0.61%, 11/25/35†		287,200		122,541
0.61%, 12/25/35†		143,281		35,124
0.43%, 06/25/37†		228,751		159,324
0.57%, 02/25/46†		295,243		123,653
0.38%, 08/25/46†		153,351		124,263
MASTR Specialized Loan Trust
0.66%, 05/25/37 144A†		265,954		79,643
Nelnet Student Loan Trust
2.57%, 04/25/24†		80,000		78,822
Option One Mortgage Loan Trust
1.11%, 11/25/32†		26,316		17,755
Renaissance Home Equity Loan Trust
0.74%, 06/25/33†		20,444		12,495
Securitized Asset-Backed Receivables LLC Trust
0.54%, 02/25/37†		271,259		107,354
Wachovia Asset Securitization, Inc.
0.68%, 09/27/32†		68,794		32,941
0.74%, 12/25/32†		36,519		14,976
0.60%, 03/25/33†		40,298		23,287
Washington Mutual Master Note Trust
0.35%, 09/15/13 144A†		200,000		199,693
Total Asset-Backed Securities (Cost $2,977,044)				1,756,367
CORPORATE BONDS — 2.9%
AES Corporation
7.75%, 10/15/15		30,000		28,050
8.00%, 10/15/17		140,000		130,900
8.00%, 06/01/20		190,000		171,475
Alcoa, Inc.
6.00%, 07/15/13		80,000		78,229
American Express Co.
8.13%, 05/20/19		180,000		187,108
6.80%, 09/01/66†		140,000		100,931
American International Group, Inc.
5.85%, 01/16/18		190,000		100,660
Anadarko Petroleum Corporation
6.45%, 09/15/36		320,000		288,519
Apache Corporation
5.63%, 01/15/17		110,000		115,580
AT&T, Inc.
5.50%, 02/01/18		90,000		90,020
5.80%, 02/15/19		130,000		132,232
BAC Capital Trust XIV
5.63%, 12/31/49†		10,000		5,003
Baker Hughes, Inc.
7.50%, 11/15/18		70,000		82,116
Bank of America Corporation
5.75%, 12/01/17		190,000		169,453
8.13%, 12/15/49†		20,000		16,729
8.00%, 12/29/49†		60,000		50,182
Bear Stearns LLC
7.25%, 02/01/18		170,000		179,464
Cardinal Health, Inc.
5.85%, 12/15/17		60,000		56,217
Caterpillar Financial Services Corporation
6.20%, 09/30/13		110,000		116,572
Chesapeake Energy Corporation
6.88%, 11/15/20		100,000		81,000
Citigroup, Inc.
6.50%, 08/19/13		140,000		136,113
5.00%, 09/15/14		160,000		134,278
6.88%, 03/05/38		130,000		115,143
Comcast Corporation
6.50%, 01/15/17		360,000		382,480
Community Health Systems, Inc.
8.88%, 07/15/15		30,000		29,550
ConocoPhillips Holding Co.
6.95%, 04/15/29		180,000		194,488
Countrywide Financial Corporation
6.25%, 05/15/16		50,000		44,418
CVS Pass-Through Trust
6.94%, 01/10/30 144A		87,447		79,331
DaVita, Inc.
6.63%, 03/15/13		35,000		33,163
Dominion Resources, Inc.
5.70%, 09/17/12		120,000		127,737

See Notes to Financial Statements.

102

	Par		Value
Duke Energy Carolinas LLC
5.63%, 11/30/12	$	130,000	$	139,438
Dynegy Holdings, Inc.
7.75%, 06/01/19		45,000		35,269
Edison Mission Energy
7.20%, 05/15/19		100,000		75,000
Embarq Corporation
6.74%, 06/01/13		150,000		151,545
Energy Future Holdings Corporation
11.25%, 11/01/17 PIK		530,000		325,950
6.50%, 11/15/24		20,000		10,122
6.55%, 11/15/34		10,000		4,858
Energy Transfer Partners LP
6.70%, 07/01/18		100,000		102,402
FirstEnergy Corporation
7.38%, 11/15/31		110,000		104,099
Ford Motor Credit Co., LLC
7.38%, 10/28/09		550,000		545,327
12.00%, 05/15/15D		140,000		131,054
Freeport-McMoRan Copper & Gold, Inc.
8.38%, 04/01/17		65,000		65,580
General Electric Capital Corporation
6.38%, 11/15/67†		130,000		86,864
GMAC LLC
6.63%, 05/15/12 144AD		348,000		294,060
GMAC, Inc.
7.50%, 12/31/13 144AD		37,000		29,045
8.00%, 12/31/18 144A		32,000		20,640
Goldman Sachs Capital II
5.79%, 12/29/49†		10,000		6,098
Goldman Sachs Group, Inc.
4.50%, 06/15/10		100,000		102,495
5.95%, 01/18/18		100,000		97,155
HCA, Inc.
9.63%, 11/15/16 PIK		52,000		51,610
Hertz Corporation
8.88%, 01/01/14		10,000		9,250
Hess Corporation
7.30%, 08/15/31		130,000		134,564
HSBC Finance Corporation
4.63%, 09/15/10		290,000		292,445
Humana, Inc.
7.20%, 06/15/18		30,000		27,077
JPMorgan Chase & Co.
6.13%, 06/27/17D		200,000		197,915
Kinder Morgan Energy Partners LP
6.00%, 02/01/17		70,000		69,549
6.95%, 01/15/38		120,000		116,596
Kroger Co.
6.15%, 01/15/20		70,000		71,659
L-3 Communications Corporation
6.38%, 10/15/15		85,000		77,563
Lehman Brothers Holdings Capital Trust VII
5.86%, 11/29/49#		10,000		1
Lehman Brothers Holdings E-Capital Trust I
0.00%, 08/19/65#		50,000		5
Lehman Brothers Holdings, Inc.
6.50%, 07/19/17#		160,000		16
6.75%, 12/28/17#		120,000		12
Merrill Lynch & Co., Inc.
5.45%, 02/05/13		220,000		214,296
MetLife, Inc.
6.75%, 06/01/16		50,000		50,972
6.40%, 12/15/36		120,000		86,025
Morgan Stanley
5.63%, 01/09/12		160,000		163,840
NewPage Corporation
10.00%, 05/01/12		30,000		14,550
NRG Energy, Inc.
7.25%, 02/01/14		10,000		9,725
7.38%, 02/01/16		30,000		28,463
Occidental Petroleum Corporation
7.00%, 11/01/13		100,000		114,596
Oncor Electric Delivery Co.
6.38%, 01/15/15		50,000		52,343
Pacific Gas & Electric Co.
5.63%, 11/30/17		30,000		31,808
6.05%, 03/01/34		80,000		83,264
Pemex Project Funding Master Trust
6.63%, 06/15/35		90,000		81,511
PepsiCo, Inc.
7.90%, 11/01/18		60,000		73,122
Qwest Communications International, Inc.
7.50%, 02/15/14		70,000		64,225
Roche Holdings, Inc.
6.00%, 03/01/19 144A		50,000		53,412
Sonat, Inc.
7.63%, 07/15/11		100,000		98,483
Sprint Capital Corporation
6.90%, 05/01/19		100,000		83,250
Steel Dynamics, Inc.
7.38%, 11/01/12D		25,000		23,813
SunTrust Capital VIII
6.10%, 12/15/36†		100,000		65,123
Terex Corporation
7.38%, 01/15/14		10,000		9,200
Time Warner Cable, Inc.
6.75%, 07/01/18		110,000		114,765
7.30%, 07/01/38		90,000		94,044
Travelers Cos., Inc.
6.25%, 03/15/37†		100,000		80,712
United Parcel Service, Inc.
4.50%, 01/15/13D		100,000		104,958
UnitedHealth Group, Inc.
4.88%, 02/15/13		100,000		101,162
Ventas Realty LP
9.00%, 05/01/12		20,000		20,700
Verizon Communications, Inc.
8.95%, 03/01/39		60,000		75,998
Verizon Global Funding Corporation
7.38%, 09/01/12		100,000		111,951
Wachovia Corporation
5.63%, 10/15/16		270,000		258,311
WellPoint, Inc.
5.88%, 06/15/17		110,000		107,826

See Notes to Financial Statements.

103

Small Cap Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Par		Value
Weyerhaeuser Co.
6.75%, 03/15/12	$	80,000	$	80,077
Williams Cos., Inc.
7.88%, 09/01/21		50,000		49,345
7.50%, 01/15/31		30,000		26,466
7.75%, 06/15/31		50,000		45,111
8.75%, 03/15/32		10,000		10,075
Windstream Corporation
8.63%, 08/01/16		20,000		19,250
Wyeth
5.95%, 04/01/37		60,000		62,285
XTO Energy, Inc.
7.50%, 04/15/12		110,000		121,929
Total Corporate Bonds (Cost $10,636,281)				9,719,390
FOREIGN BONDS — 0.6%
Australia — 0.1%
Rio Tinto Finance USA, Ltd.
9.00%, 05/01/19		180,000		200,404
Canada — 0.1%
Devon Financing Corporation
6.88%, 09/30/11		150,000		162,999
OPTI Canada, Inc.
7.88%, 12/15/14		30,000		19,575
8.25%, 12/15/14		10,000		6,650
				189,224
Cayman Islands — 0.1%
Petrobras International Finance Co.
6.13%, 10/06/16		50,000		51,500
Resona Preferred Global Securities Cayman, Ltd.
7.19%, 07/30/49 144A†		60,000		43,848
Shinsei Finance Cayman, Ltd.
6.42%, 07/20/49 144A†		100,000		40,041
Vale Overseas, Ltd.
6.88%, 11/21/36		60,000		57,120
				192,509
France — 0.0%
Compagnie Generale de Geophysique - Veritas
7.50%, 05/15/15		50,000		46,125
Iceland — 0.0%
Glitnir Banki HF
6.69%, 06/15/16 144A#@		130,000		78
Kaupthing Bank HF
7.63%, 02/28/15 144A#@		310,000		24,025
				24,103
India — 0.0%
ICICI Bank, Ltd.
6.38%, 04/30/22 144A†D		110,000		86,030
Ireland — 0.0%
Vimpel Communications
8.38%, 04/30/13 144A		100,000		91,250
Italy — 0.0%
Telecom Italia Capital SA
5.25%, 10/01/15		60,000		57,996
Japan — 0.0%
Aiful Corporation
6.00%, 12/12/11 144A		100,000		49,023
Luxembourg — 0.1%
Evraz Group SA
8.88%, 04/24/13 144A		120,000		99,000
FMC Finance III SA
6.88%, 07/15/17		40,000		37,400
Gaz Capital for Gazprom
6.21%, 11/22/16 144A		110,000		92,400
RSHB Capital SA for OJSC Russian Agricultural Bank
6.30%, 05/15/17 144A		110,000		95,150
TNK-BP Finance SA
6.63%, 03/20/17 144A		100,000		79,500
				403,450
Mexico — 0.0%
America Movil Sab de CV
5.63%, 11/15/17		30,000		29,472
Kansas City Southern de Mexico SA de CV
9.38%, 05/01/12D		20,000		19,100
United Mexican States
6.75%, 09/27/34		50,000		50,675
				99,247
Netherlands — 0.1%
Deutsche Telekom International Finance BV
5.75%, 03/23/16		75,000		76,896
Koninklijke KPN NV
8.00%, 10/01/10		110,000		115,455
				192,351
Russia — 0.0%
Russian Federation
7.50%, 03/31/30 STEP		12,480		12,411
United Kingdom — 0.1%
BP Capital Markets PLC
5.25%, 11/07/13		120,000		128,923
Vedanta Resources PLC
8.75%, 01/15/14 144A		100,000		91,500
WPP Finance UK
8.00%, 09/15/14		100,000		101,659
				322,082
Total Foreign Bonds (Cost $2,499,034)				1,966,205
MORTGAGE-BACKED SECURITIES — 5.1%
American Home Mortgage Investment Trust
0.66%, 04/25/44 STEP		36,949		27,442
0.60%, 11/25/45†		261,397		115,207
Bear Stearns Adjustable Rate Mortgage Trust
5.32%, 02/25/35†		106,535		70,942
4.04%, 08/25/35†		265,436		169,826
Bear Stearns Mortgage Funding Trust
0.52%, 12/25/46†		245,848		39,879
Commercial Mortgage Lease-Backed Certificates
6.75%, 06/20/31 144A		291,010		300,520

See Notes to Financial Statements.

104

	Par			Value
Countrywide Alternative Loan Trust
0.55%, 06/25/35†	$	223,218		$	93,260
0.57%, 06/25/35†		297,575			138,542
0.50%, 09/25/46†		323,444			122,459
CS First Boston Mortgage Securities Corporation
6.00%, 10/25/35		127,873			82,458
Federal Home Loan Mortgage Corporation
6.00%, 05/01/37†		64,086			67,393
6.19%, 09/01/37†		57,919			60,717
5.50%, 07/01/39 TBA		100,000			103,219
Federal National Mortgage Association
4.90%, 09/01/35†		123,226			126,673
5.50%, 07/01/37 TBA		2,200,000			2,270,814
6.00%, 07/01/37 TBA		300,000			313,500
6.50%, 07/01/37 TBA		1,800,000			1,917,000
5.00%, 07/01/38 TBA		6,900,000			7,025,063
First Horizon Alternative Mortgage Securities
3.70%, 02/25/36†		167,024			77,654
0.68%, 02/25/37†		100,972			44,697
General Electric Capital Commercial Mortgage Corporation
5.52%, 03/10/44†		300,000			245,955
GMAC Commercial Mortgage Securities, Inc.
5.24%, 11/10/45†		100,000			82,822
Government National Mortgage Association
6.00%, 07/01/37 TBA		400,000			416,625
5.00%, 07/01/38 TBA		500,000			509,688
5.50%, 07/01/38 TBA		400,000			411,880
6.00%, 07/01/38 TBA		200,000			208,250
5.00%, 07/01/39 TBA		100,000			101,657
Greenpoint Mortgage Funding Trust
0.57%, 10/25/45†		69,515			34,524
Harborview Mortgage Loan Trust
0.55%, 06/19/35†		281,264			131,705
Homestar Mortgage Acceptance Corporation
0.76%, 07/25/34†		114,879			61,071
Impac CMB Trust
1.11%, 03/25/33†		20,838			15,277
Indymac INDA Mortgage Loan Trust
6.15%, 11/25/37†		166,434			108,685
MASTR Adjustable Rate Mortgages Trust
3.29%, 11/21/34†		200,000			126,028
2.14%, 12/25/46†		304,970			74,056
Merrill Lynch Mortgage Investors, Inc.
5.03%, 05/25/34†		51,342			45,571
4.48%, 02/25/35†		279,876			224,531
Morgan Stanley Capital I
5.69%, 04/15/49†		250,000			182,231
Residential Accredit Loans, Inc.
5.53%, 12/26/34†		296,013			178,338
0.71%, 10/25/45†		186,403			84,612
Structured Adjustable Rate Mortgage Loan Trust
3.96%, 11/25/34†		87,876			62,741
Structured Asset Mortgage Investments, Inc.
0.52%, 08/25/36†		284,837			117,326
0.49%, 09/25/47†		348,427			118,824
Terwin Mortgage Trust
0.39%, 10/25/37 144A†		107,587			96,372
WAMU Mortgage Pass-Through Certificates
5.60%, 11/25/36†		252,302			147,351
Washington Mutual Alternative Mortgage Pass-Through Certificates
2.18%, 05/25/47†		337,081			66,452
Wells Fargo Mortgage-Backed Securities Trust
0.71%, 05/25/33†		210,697			208,355
5.24%, 04/25/36†		239,151			175,372
Total Mortgage-Backed Securities (Cost $20,339,411)					17,403,564
U.S. TREASURY OBLIGATIONS — 1.3%
U.S. Treasury Bill
0.27%, 11/19/09‡‡		2,275,000			2,272,816
U.S. Treasury Bonds
3.50%, 02/15/39D		809,000			699,787
4.25%, 05/15/39D		10,000			9,902
					709,689
U.S. Treasury Inflationary Index Bonds
2.38%, 01/15/27‡‡		295,000			323,603
1.75%, 01/15/28‡‡		350,000			336,965
2.50%, 01/15/29‡‡		200,000			211,534
					872,102
U.S. Treasury Notes
2.63%, 04/30/16		310,000			299,829
3.25%, 05/31/16D		320,000			321,500
3.13%, 05/15/19D		48,000			46,440
					667,769
Total U.S. Treasury Obligations (Cost $4,466,708)					4,522,376
TOTAL INVESTMENTS — 121.4% (Cost $439,515,986)					412,616,869
	Number of Contracts
WRITTEN OPTIONS — 0.0%
Put Options — 0.0%
90-Day Eurodollar Futures, Strike Price $98.38, Expires 03/15/10		(18	)		(9,450	)
(Premiums received $(15,945))
Liabilities in Excess of Other Assets — (21.4)%					(72,830,140	)
NET ASSETS — 100.0%				$	339,777,279

See Notes to Financial Statements.

105

Small Cap Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

PORTFOLIO SUMMARY (based on net assets)

	%
Money Market Funds	24.6
Futures Contracts	19.7
Financial Services	16.1
Consumer Discretionary	12.8
Technology	12.8
Healthcare	11.0
Materials & Processing	7.7
Producer Durables	7.2
Mortgage-Backed Securities	5.1
Other Energy	5.1
Utilities	5.1
Auto & Transportation	3.3
Corporate Bonds	2.9
Consumer Staples	2.5
U.S. Treasury Obligations	1.3
Agency Obligations	0.8
Foreign Common Stocks	0.7
Integrated Oils	0.7
Foreign Bonds	0.6
Asset-Backed Securities	0.5
Other	0.5
Metals Mining	0.1
Forward Foreign Currency Contracts	—	**
Preferred Stocks	—	**
Written Options	—	**
	141.1

** Rounds to less than 0.005%.

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities			Other Financial Instruments***
Assets:
Level 1 — Quoted Prices
Common Stocks	$	288,373,874		$	—
Foreign Common Stocks		2,481,436			—
Futures Contracts		—			(1,633,863	)
Money Market Funds		83,516,450			—
Preferred Stocks		42,714			—
Level 2 — Other Significant Observable Inputs
Agency Obligations		2,773,693			—
Asset-Backed Securities		1,756,367			—
Common Stocks		60,800			—
Corporate Bonds		9,719,390			—
Foreign Bonds		1,966,205			—
Forward Foreign Currency Contracts		—			(13,080	)
Mortgage-Backed Securities		17,403,564			—
U.S. Treasury Obligations		4,522,376			—
Level 3 — Significant Unobservable Inputs		—			—
Total Assets	$	412,616,869		$	(1,646,943	)
Liabilities:
Level 1 — Quoted Prices
Written Options	$	(9,450	)	$	—
Level 2 — Other Significant Observable Inputs		—			—
Level 3 — Significant Unobservable Inputs		—			—
Total Liabilities	$	(9,450	)	$	—

*** 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.

106

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

	Investments in Securities			Other Financial Instruments***
Balance, 12/31/08	$	65,945		$	—
Accrued discounts/premiums		957			—
Realized gain (loss)		—			—
Changed in unrealized appreciation (depreciation)		(48,611	)		—
Net purchases (sales)		—			—
Transfers in and/or out of Level 3		(18,291	)		—
Balance, 06/30/09	$	—		$	—

See Notes to Financial Statements.

107

International Equity Fund
SCHEDULE OF INVESTMENTS	June 30, 2009 (Unaudited)

	Shares	Value
FOREIGN COMMON STOCKS — 97.1%
Argentina — 0.0%
Banco Macro SA ADRD*	24,300	$	393,417
Australia — 4.5%
ABB Grain, Ltd. ‡‡	1,426		10,686
ABC Learning Centres, Ltd.+@*	2,281		993
AGL Energy, Ltd.‡‡	12,361		133,969
Allco Finance Group, Ltd.+*‡‡	147,022		8,589
Amcor, Ltd.‡‡	790,743		3,179,540
AMP, Ltd.‡‡	242,979		955,470
Ansell, Ltd.‡‡	13,349		94,336
Asciano Group*‡‡	41,271		44,397
ASX, Ltd.‡‡	851		25,365
Austereo Group, Ltd.	457		517
Australia and New Zealand Banking Group, Ltd.‡‡	12,199		162,096
Australian Worldwide Exploration, Ltd.*‡‡	225,561		467,117
AWB, Ltd.‡‡	93,465		88,871
AXA Asia Pacific Holdings, Ltd.‡‡	11,046		34,624
Beach Petroleum, Ltd.	94,351		60,062
BHP Billiton, Ltd.‡‡	197,612		5,528,679
Billabong International, Ltd.‡‡	4,052		28,570
BlueScope Steel, Ltd.‡‡	38,414		78,314
Boral, Ltd.‡‡	8,281		27,158
Brambles, Ltd.‡‡	20,052		96,301
Caltex Australia, Ltd.‡‡	3,195		35,657
CFS Retail Property Trust REIT	16,818		22,361
Challenger Financial Services Group, Ltd.‡‡	25,856		46,670
Coca-Cola Amatil, Ltd.‡‡	889,443		6,170,916
Cochlear, Ltd.	20,570		956,398
Commonwealth Bank of Australia‡‡	11,128		349,712
Computershare, Ltd.	2,076		15,089
Consolidated Media Holdings, Ltd.‡‡	33,353		61,008
CSL, Ltd.‡‡	101,067		2,618,296
CSR, Ltd.‡‡	19,434		26,622
David Jones, Ltd.‡‡	8,382		30,732
Dexus Property Group REIT‡‡	16,883		10,203
Downer EDI, Ltd.‡‡	146,212		658,602
Flight Centre, Ltd.‡‡	3,162		22,040
Goodman Group REIT	7,891		2,353
GPT Group REIT‡‡	39,326		15,528
Iluka Resources, Ltd.*‡‡	5,421		12,493
Incitec Pivot, Ltd.	349,904		671,049
Insurance Australia Group, Ltd.‡‡	8,764		24,788
JB Hi-Fi, Ltd.D‡‡	97,488		1,209,763
Leighton Holdings, Ltd.‡‡	1,256		23,784
Lend Lease Corporation, Ltd.	1,317		7,439
Macquarie Airports‡‡	25,147		46,809
Macquarie Group, Ltd.D‡‡	62,306		1,963,066
Macquarie Infrastructure Group‡‡	24,356		28,065
Macquarie Office Trust REIT	7,996		1,353
Metcash Ltd.	19,144		66,487
Mineral Deposits, Ltd.*	138,300		69,094
Mirvac Group REIT‡‡	9,451		8,225
National Australia Bank, Ltd.‡‡	521,152		9,423,573
Newcrest Mining, Ltd.‡‡	3,186		78,328
OneSteel, Ltd.‡‡	9,460		19,667
Orica, Ltd.‡‡	3,038		53,171
Origin Energy, Ltd.‡‡	7,270		85,764
OZ Minerals, Ltd.	629,946		467,003
QBE Insurance Group, Ltd.‡‡	100,330		1,608,838
Quantas Airways, Ltd.‡‡	34,152		55,315
Ramsay Health Care, Ltd.‡‡	10,283		95,621
Rio Tinto, Ltd.‡‡	1,858		78,153
Santos, Ltd.‡‡	7,196		84,891
Sigma Pharmaceuticals, Ltd.‡‡	71,978		70,760
Sonic Healthcare, Ltd.	4,705		46,709
Stockland REIT‡‡	11,804		30,532
Telstra Corporation, Ltd.‡‡	3,052,142		8,337,441
Transpacific Industries Group, Ltd.+@‡‡	10,659		15,460
Transurban Group‡‡	12,362		41,638
Wesfarmers, Ltd.‡‡	262,838		4,798,287
Westfield Group REIT‡‡	15,603		143,080
Westpac Banking Corporation‡‡	59,533		971,429
Woodside Petroleum, Ltd.‡‡	2,011		70,020
WorleyParsons, Ltd.‡‡	2,098		40,253
			52,816,189
Austria — 0.2%
OMV AGD	64,159		2,402,261
Wienerberger AGD*	30,558		378,529
			2,780,790
Belgium — 0.4%
Bekaert SAD	2,922		300,099
Colruyt SA	3,054		696,632
Delhaize Group‡‡	19,661		1,382,804
Fortis*	345,986		1,179,448
KBC Groep NV*‡‡	4,014		73,204
Nyrstar*	40,146		340,168
Tessenderlo Chemie NV‡‡	2,178		69,206
Umicore‡‡	4,984		113,058
			4,154,619
Bermuda — 0.1%
Catlin Group, Ltd.‡‡	9,309		49,200
Hiscox, Ltd.	157,423		749,781
Seadrill, Ltd.D	60,000		856,590
			1,655,571
Brazil — 2.2%
Amil Participacoes SA*	140,037		674,636
Banco do Brasil SA	158,126		1,706,744
BM&FBOVESPA SA*	183,800		1,097,453
BR Malls Participacoes SA*	35,500		269,217
Brasil Telecom Participacoes SA ADRD	33,759		1,296,346
CIA Paranaense de Energia ADRD	100,871		1,425,307
Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADRD	9,380		360,755
Companhia Brasileira de Meios de Pagamento*	48,600		417,918
Gerdau SA ADRD	12,400		129,828
Global Village Telecom Holding SA*	24,700		410,049
Hypermarcas SA*	16,000		197,601
Itau Unibanco Banco Multiplo SA ADRD	56,062		887,461
Localiza Rent A Car SA	54,700		337,775
Lojas Renner SA	52,105		577,024

See Notes to Financial Statements.

108

	Shares	Value
Marfrig Frigorificos e Comercio de Alimentos SA*	123,537	$	914,155
Natura Cosmeticos SA	61,920		808,957
PDG Realty SA Empreendimentos e Participacoes	9,500		100,454
Petroleo Brasileiro SA ADRD	188,540		6,987,991
Redecard SA*	96,700		1,480,480
Tegma Gestao Logistica SA	31,778		121,631
Tele Norte Leste Participacoes SA ADRD	17,380		258,441
Terna Participacoes SA	35,600		693,105
Totvs SA	13,573		467,280
Tractebel Energia SA	62,235		593,924
Triunfo Participacoes e Investimentos SA*	50,300		78,293
Usinas Siderurgicas de Minas Gerais SA	45,100		948,262
Vale SA ADRD	125,700		1,990,827
			25,231,914
Canada — 1.6%
Canadian National Railway Co.	48,780		2,095,634
Encana Corporation	65,800		3,255,126
Falcon Oil & Gas, Ltd.D*	335,000		126,725
First Quantum Minerals, Ltd.D	47,595		2,301,697
Goldcorp, Inc.D	101,890		3,540,677
Kinross Gold Corporation	114,100		2,072,572
Potash Corporation of SaskatchewanD	6,400		595,520
Research In Motion, Ltd.*	22,170		1,575,178
Talisman Energy, Inc.	199,300		2,863,176
Teck Cominco, Ltd. Class B*	13,100		208,920
			18,635,225
Chile — 0.3%
Banco Santander Chile SA ADRD	9,200		429,548
Centros Comerciales Sudamericanos SA	56,982		149,067
Embotelladora Andina SA ADR Class A	20,000		295,000
Embotelladora Andina SA ADR Class B	43,500		740,370
Enersis SA ADRD	44,100		814,527
Multiexport Foods SA*	75,038		12,102
S.A.C.I. Falabella SA	87,572		346,182
Sociedad Quimica y Minera de Chile SA ADRD	4,100		148,379
			2,935,175
China — 3.0%
AAC Acoustic Technology Holdings, Inc.	48,000		38,214
Anhui Conch Cement Co., Ltd.D	127,821		799,907
Bank of China, Ltd.	4,796,000		2,283,500
China Construction Bank Class H	2,988,000		2,317,131
China Life Insurance Co., Ltd. Class H	1,019,000		3,747,266
China Medical Technologies, Inc. ADRD	10,900		217,019
China Petroleum & Chemical Corporation Class H	1,484,700		1,132,196
China Railway Group, Ltd.D*	1,665,000		1,338,437
China Shenhua Energy Co., Ltd. Class H	1,458,453		5,372,718
China South Locomotive and Rolling Stock Corporation	1,089,000		637,939
China Zhongwang Holdings, Ltd.*	971,600		1,333,904
Ctrip.com International, Ltd. ADR*	8,600		398,180
Great Wall Motor Co., Ltd.	273,000		216,637
Guangzhou R&F Properties Co., Ltd.D	250,400		562,185
Huaneng Power International, Inc.D	3,700,000		2,597,144
Industrial & Commercial Bank of China Class H	7,421,000		5,170,728
New World Department Store China, Ltd.	587,337		443,342
Parkson Retail Group, Ltd.D	1,211,194		1,731,606
Shanda Interactive Entertainment, Ltd. ADRD*	12,800		669,312
Shandong Weigao Group Medical Polymer Co., Ltd.	216,000		554,629
Sina CorporationD*	27,100		798,908
Suntech Power Holdings Co., Ltd. ADRD*	24,500		437,570
Tencent Holdings, Ltd.	64,200		749,271
Want Want China Holdings Ltd.	357,873		202,255
Xinao Gas Holdings, Ltd.	475,553		812,423
			34,562,421
Colombia — 0.2%
BanColombia SA	76,200		582,873
BanColombia SA ADRD	42,074		1,283,257
			1,866,130
Cyprus — 0.1%
Bank of Cyprus Public Co., Ltd.	220,790		1,248,241
Czech Republic — 0.2%
CEZ AS	42,817		1,928,871
Denmark — 0.9%
A P Moller - Maersk A/S‡‡	115		688,902
D/S Norden‡‡	4,822		164,868
Danisco A/S‡‡	1,924		75,388
H Lundbeck A/SD‡‡	96,049		1,827,454
Novo-Nordisk A/S Class B‡‡	93,974		5,080,680
TDC A/S	86		2,989
Vestas Wind Systems A/SD*	37,783		2,708,216
			10,548,497
Egypt — 0.3%
Commercial International Bank, Ltd.	24,734		216,655
El Sewedy Cables Holding Co.	59,535		712,845
Orascom Construction Industries	70,794		2,417,044
Orascom Construction Industries GDR	6,530		215,490
			3,562,034
Estonia — 0.0%
Tallink Group, Ltd.*	746,660		345,661
Finland — 0.7%
Fortum OYJ‡‡	14,705		334,603
Konecranes OYJ‡‡	6,980		164,015
Metso Corporation	8,290		154,675
Nokia OYJ ADR‡‡	350,897		5,139,184
Sampo OYJ	5,553		104,776
Tietoenator OYJ‡‡	10,982		145,897

See Notes to Financial Statements.

109

International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares	Value
UPM-Kymmene OYJD	233,934	$	2,037,976
			8,081,126
France — 8.1%
Air Liquide SA	19,051		1,740,121
Alcatel-Lucent*‡‡	38,653		96,954
AlstomD‡‡	8,377		494,220
Atos Origin SA*‡‡	2,752		93,254
AXA SA‡‡	242,393		4,553,179
BNP Paribas SA‡‡	59,521		3,861,855
Bouygues SA‡‡	25,743		967,850
Cap Gemini SA‡‡	12,744		469,120
Carrefour SAD‡‡	195,237		8,331,733
Casino Guichard Perrachon SAD	18,273		1,231,735
Christian Dior SA‡‡	40,785		3,042,154
Ciments Francais SA‡‡	1,054		89,190
CNP Assurances‡‡	2,194		209,465
Compagnie de Saint-GobainD‡‡	189,801		6,343,741
Compagnie Generale de Geophysique - VeritasD*	36,555		656,916
Compagnie Generale des Etablissements Michelin Class B	5,406		307,942
Compagnie Generale d’Optique Essilor International SAD	23,230		1,107,354
Credit Agricole SA‡‡	133,289		1,659,685
France Telecom SA‡‡	256,255		5,809,353
Gaz de France SA‡‡	61,088		2,274,421
Groupe DanoneD	43,173		2,130,717
IPSOS‡‡	896		22,500
Lafarge SAD*	45,661		3,067,346
Lagardere SCA‡‡	2,554		84,807
Nexans SAD‡‡	10,812		574,325
Peugeot SA*‡‡	2,257		59,272
Publicis Groupe‡‡	4,552		138,764
Rallye SA	1,865		49,344
Sanofi-Aventis‡‡	63,541		3,732,253
Schneider Electric SAD	28,545		2,174,422
SCOR SE	11,289		231,377
SEB SA	1,479		61,207
Societe BIC SA	3,280		188,242
Societe Generale Class A‡‡	105,987		5,781,609
Suez Environnement SAD	77,432		1,351,853
Teleperformance	4,204		127,801
Thales SA‡‡	4,802		214,727
Total SA‡‡	439,772		23,739,779
Total SA ADRD	42,900		2,326,467
UBISOFT Entertainment*‡‡	5,324		129,547
Unibail-Rodamco REIT‡‡	5,042		750,893
Valeo SA*‡‡	10,498		193,074
Veolia Environnement SAD	11,651		343,075
Vivendi SAD‡‡	125,775		3,005,734
Wendel Investissement	11,244		362,796
			94,182,173
Germany — 5.9%
Adidas-Salomon AG‡‡	3,126		118,843
Allianz AG‡‡	39,178		3,607,104
Arcandor AG ‡‡	28,768		24,618
BASF AG‡‡	105,643		4,198,569
Bayer AG‡‡	91,744		4,919,063
Beiersdorf AG	23,910		1,124,005
Daimler AG‡‡	43,890		1,587,313
Deutsche Bank AG‡‡	46,779		2,834,644
Deutsche Boerse AG	24,210		1,877,487
Deutsche Lufthansa AG‡‡	163,763		2,051,546
Deutsche Telekom AG‡‡	500,384		5,896,533
E.ON AG‡‡	32,608		1,153,674
Fresenius Medical Care AG & Co. KGaAD	56,805		2,541,295
GEA Group AG‡‡	36,578		553,676
Hannover Rueckversicherung AG*	69,430		2,567,477
Hochtief AG‡‡	2,493		125,554
K+S AG	17,293		971,113
Lanxess AG‡‡	1,821		45,114
Linde AG	26,313		2,156,852
MAN AG‡‡	2,667		163,500
Merck KGaA	16,930		1,721,904
Metro AGD‡‡	39,211		1,871,355
MTU Aero Engines Holding AG‡‡	18,787		685,243
Muenchener Rueckversicherungs AG‡‡	19,378		2,614,887
Norddeutsche Affinerie AG‡‡	2,052		59,416
RWE AG‡‡	182,343		14,347,907
Salzgitter AG‡‡	757		66,288
SAP AG‡‡	92,913		3,736,958
Siemens AG‡‡	16,962		1,169,777
Software AG‡‡	730		51,624
SolarWorld AGD	11,341		266,808
Suedzucker AG‡‡	4,711		95,630
Symrise AG	101,877		1,503,509
ThyssenKrupp AG‡‡	26,652		661,411
Tognum AG‡‡	28,611		375,684
United Internet AGD*	29,849		349,229
Volkswagen AG‡‡	833		281,792
Wincor Nixdorf AG‡‡	14,180		793,315
			69,170,717
Greece — 0.5%
Coca Cola Hellenic Bottling Co. SA	114,329		2,357,696
National Bank of Greece SA*	44,920		1,247,725
Public Power Corporation*	121,217		2,499,740
			6,105,161
Hong Kong — 4.4%
ASM Pacific Technology, Ltd.	300		1,542
Beijing Enterprises Holdings, Ltd.	116,000		579,248
Belle International Holdings, Ltd.	954,000		839,515
BOC Hong Kong Holdings, Ltd.‡‡	59,500		104,259
Cheung Kong Holdings, Ltd.‡‡	8,000		91,974
Cheung Kong Infrastructure Holdings, Ltd.	2,000		7,019
China Mobile, Ltd.	734,652		7,355,952
China Overseas Land & Investment, Ltd.	2,259,892		5,248,747
China Power International Development, Ltd.*	50,000		16,064
China Resources Land, Ltd.	342,000		758,132
China Unicom Hong Kong, Ltd.	1,834,000		2,427,964
Chinese Estates Holdings, Ltd.	8,000		14,658
CLP Holdings, Ltd.‡‡	12,500		82,903
CNOOC, Ltd.	1,026,000		1,272,232
Dairy Farm International Holdings, Ltd.	305,100		1,970,946
Esprit Holdings, Ltd.‡‡	9,400		52,458
Giordano International, Ltd.	8,000		1,682

See Notes to Financial Statements.

110

	Shares	Value
Great Eagle Holdings, Ltd.	3,000	$	6,294
Hang Lung Group, Ltd.	5,000		23,548
Hang Lung Properties, Ltd.‡‡	1,000		3,310
Hang Seng Bank, Ltd.	600		8,439
Henderson Land Development Co., Ltd.‡‡	11,000		63,090
Hengan International Group Co., Ltd.	284,000		1,330,211
Hong Kong Electric Holdings, Ltd.‡‡	650,000		3,614,815
Hong Kong Exchanges and Clearing, Ltd.‡‡	64,100		998,299
Hopewell Highway Infrastructure, Ltd.	1,350		756
Hopewell Holdings	22,000		68,980
Hutchison Telecommunications International, Ltd.*‡‡	94,000		13,739
Hutchison Whampoa, Ltd.‡‡	502,600		3,284,713
Hysan Development Co., Ltd.	370,000		950,058
Jardine Matheson Holdings, Ltd.	124,000		3,400,080
Li & Fung, Ltd.D	1,308,000		3,510,481
Link REIT‡‡	11,000		23,476
Midland Holdings, Ltd.	10,000		6,090
Mongolia Energy Co., Ltd.*	1,000		369
New World Development, Ltd.	17,000		30,753
Noble Group, Ltd.	900,000		1,130,903
Orient Overseas International, Ltd.	1,000		4,271
Pacific Basin Shipping, Ltd.D	432,000		275,921
PCCW, Ltd.	14,000		3,649
Shangri-La Asia, Ltd.	288,000		427,352
Shenzhen International Holdings	7,500		503
Sun Hung Kai Properties, Ltd.‡‡	416,000		5,195,941
Swire Pacific, Ltd. Class A‡‡	5,000		50,451
Television Broadcasts, Ltd.	8,000		32,155
Texwinca Holdings, Ltd.	20,410		16,301
VTech Holdings, Ltd.	110,946		757,291
Wharf Holdings, Ltd.‡‡	1,095,250		4,642,417
Wheelock & Co., Ltd.‡‡	20,000		51,561
WM Morrison Supermarkets PLC‡‡	112,790		438,854
Yue Yuen Industrial Holdings, Ltd.	18,500		43,588
			51,233,954
Hungary — 0.2%
MOL Hungarian Oil and Gas PLC*	28,930		1,782,538
MOL Hungarian Oil and Gas PLC ADR*	7,460		232,603
			2,015,141
India — 1.9%
Ambuja Cements, Ltd.	527,815		964,071
Andhra Bank, Ltd.	518,268		887,671
Asian Paints, Ltd.	37,948		940,917
Bharat Heavy Electricals, Ltd.	14,675		675,179
Bharti Airtel, Ltd.*	36,375		609,085
Cairn India, Ltd.*	61,564		299,113
Container Corporation of India, Ltd.	32,963		671,577
Dabur India, Ltd.	175,495		460,489
HDFC Bank, Ltd.	93,949		2,928,295
Housing Development Finance Corporation	88,459		4,329,699
ICICI Bank, Ltd.	27,395		412,998
ICICI Bank, Ltd. ADRD	49,500		1,460,250
Indraprastha Gas, Ltd.	93,800		264,238
Infosys Technologies, Ltd.	64,150		2,378,927
Infosys Technologies, Ltd. ADRD	71,150		2,616,897
Larsen & Toubro, Ltd.	22,340		731,127
Shriram Transport Finance Co., Ltd.	73,200		461,234
Sun Pharmaceuticals Industries, Ltd.	50,744		1,155,179
Welspun-Gujarat Stahl, Ltd.	108,472		436,220
			22,683,166
Indonesia — 0.9%
Astra International TBK, PT	230,500		537,438
Bank Danamon Indonesia TBK	881,219		416,545
Bank Rakyat Indonesia	7,655,300		4,724,799
Indocement Tunggal Prakarsa TBK PT	1,206,796		916,255
PT Bank Central Asia TBK	1,017,000		351,205
PT Panin Life TBK@*	26,999,000		290,952
PT Ramayana Lestari Sentosa TBK	3,782,500		188,986
PT Telekomunikasi Indonesia TBK	4,415,807		3,244,531
			10,670,711
Ireland — 0.2%
CRH PLCD	104,842		2,391,687
Experian PLC‡‡	12,700		94,911
			2,486,598
Israel — 0.9%
Check Point Software Technologies, Ltd.D*	41,910		983,628
Israel Chemicals, Ltd.	26,383		261,883
Nice Systems, Ltd. ADRD*	36,290		837,210
Teva Pharmaceutical Industries, Ltd. ADR	179,655		8,864,178
			10,946,899
Italy — 2.0%
Alleanza Assicurazioni SpA	12,816		87,873
Banca Italease SpA*‡‡	28,655		59,092
Banco Popolare SC*	79,969		596,825
Buzzi Unicem SpA‡‡	12,359		174,593
DiaSorin SpA	12,501		310,583
Enel SpAD‡‡	261,741		1,274,134
ENI SpA‡‡	180,721		4,271,914
Fiat SpA*‡‡	150,561		1,202,779
Finmeccanica SpA‡‡	3,549		49,937
Impregilo SpA	23,888		83,025
Intesa Sanpaolo SpA*‡‡	1,746,861		5,624,126
Mediaset SpA‡‡	390,917		2,189,493
Pirelli & C SpA*‡‡	289,339		101,232
Prysmian SpA	6,051		90,914
Saipem SpAD	120,301		2,926,391
Telecom Italia SpA	105,592		145,909
UniCredito Italiano SpA*‡‡	1,566,715		3,945,195
Unione di Banche Italiane SCPA‡‡	1,424		110

See Notes to Financial Statements.

111

International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares	Value
Unipol Gruppo Finanziario SpA*	77,439	$	90,657
			23,224,782
Japan — 15.9%
77 Bank, Ltd. (The)D	139,000		810,899
Acom Co., Ltd.	150		3,760
Advantest Corporation	3,800		69,030
Aeon Credit Service Co., Ltd.	123,600		1,620,458
Aioi Insurance Co., Ltd.	7,000		32,044
Aisin Seiki Co., Ltd.	6,600		143,530
Alps Electric Co., Ltd.	40,700		221,804
Amada Co., Ltd.	9,000		55,961
Asahi Glass Co., Ltd.D‡‡	116,000		933,202
Astellas Pharma, Inc.‡‡	216,700		7,693,092
Bridgestone Corporation‡‡	300		4,718
Brother Industries, Ltd.	3,300		29,323
Canon Marketing Japan, Inc.‡‡	7,600		106,503
Canon, Inc.D‡‡	457,450		15,005,367
Central Glass Co., Ltd.	42,000		167,416
Central Japan Railway Co.‡‡	217		1,335,766
Chubu Electric Power Co., Inc.‡‡	6,600		152,779
Chuo Mitsui Trust Holdings, Inc.‡‡	5,000		19,152
Circle K Sunkus Co., Ltd.‡‡	5,300		82,855
Coca-Cola West Holdings Co., Ltd.	1,600		30,643
COMSYS Holdings Corporation	11,000		121,835
Credit Saison Co., Ltd.	7,400		94,329
Dai Nippon Printing Co., Ltd.‡‡	14,000		192,412
Daiei, Inc. (The)*	37,850		169,733
Daifuku Co., Ltd.	10,500		74,879
Daiichi Sankyo Co., Ltd.‡‡	5,600		100,449
Daito Trust Construction Co., Ltd.‡‡	37,100		1,756,122
Daiwa Securities Group, Inc.‡‡	3,000		17,906
Denso Corporation‡‡	23,400		602,398
DIC Corporation	11,000		17,242
Doutor Nichires Holdings Co., Ltd.	5,600		75,686
East Japan Railway Co.‡‡	7,400		446,297
Ebara Corporation*	35,000		120,984
Elpida Memory, Inc.*	2,500		27,119
FamilyMart Co., Ltd.‡‡	3,000		94,358
Fanuc, Ltd.‡‡	41,000		3,302,642
Fast Retailing Co., Ltd.	8,300		1,085,587
Fuji Heavy Industries, Ltd.	9,000		36,529
Fuji Oil Co., Ltd.	8,100		94,508
FUJIFILM Holdings Corporation‡‡	73,000		2,318,783
Fujikura, Ltd.	4,000		20,138
Fujitsu, Ltd.D‡‡	70,000		382,208
Furukawa Electric Co., Ltd.	4,000		18,104
Glory, Ltd.‡‡	5,100		101,381
Godo Steel, Ltd.	100,000		298,957
Gunma Bank, Ltd.	107,000		596,450
H2O Retailing Corporation	7,000		39,892
Hakuhodo DY Holdings, Inc.‡‡	960		51,819
Hanwa Co., Ltd.	17,000		63,881
Haseko Corporation*	13,000		13,495
Hino Motors, Ltd.	24,000		74,988
Hirose Electric Co., Ltd.	10,000		1,069,186
Hisamitsu Pharmaceutical Co., Inc.	28,900		899,984
Hitachi Capital Corporation‡‡	12,600		170,947
Hitachi Chemical Co., Ltd.	40,300		651,343
Hitachi High-Technologies Corporation	500		8,548
Hitachi Information Systems, Ltd.	15,900		335,875
Hitachi Software Engineering Co., Ltd.	1,300		22,280
Hitachi Transport System, Ltd.	1,700		19,835
Hitachi, Ltd.‡‡	21,000		65,615
Hokuhoku Financial Group, Inc.	132,000		331,593
Honda Motor Co., Ltd.D‡‡	130,600		3,606,124
Hosiden Corporation	18,600		237,291
Hoya Corporation	62,600		1,258,043
Ibiden Co., Ltd.	9,500		267,738
Inpex Holdings, Inc.‡‡	849		6,803,633
Isuzu Motors, Ltd.‡‡	77,000		123,891
Itochu Corporation	7,000		48,830
Iwatani Corporation	123,000		346,011
Japan Steel Works, Ltd.D	223,000		2,759,288
JFE Holdings, Inc.‡‡	1,900		64,099
JFE Shoji Holdings, Inc.	83,000		307,583
JGC CorporationD‡‡	60,000		971,610
JS Group Corporation	21,700		335,631
JSR Corporation‡‡	8,200		140,703
JTEKT Corporation	3,000		30,550
Jupiter Telecommunications Co., Ltd.	453		344,211
Kagoshima Bank, Ltd.	17,000		125,292
Kaken Pharmaceutical Co., Ltd.‡‡	15,000		133,908
Kandenko Co., Ltd.‡‡	12,000		89,064
Kaneka Corporation‡‡	25,000		178,284
Kansai Electric Power Co., Inc. (The)	100		2,211
Kansai Paint Co., Ltd.‡‡	33,000		237,390
Kao Corporation‡‡	352,000		7,691,493
Kawasaki Kisen Kaisha, Ltd.‡‡	38,000		156,994
KDDI Corporation‡‡	1,705		9,061,712
Keio Corporation	7,000		40,764
Keyence Corporation	5,000		1,022,474
Kinden Corporation‡‡	9,000		79,130
Kissei Pharmaceutical Co., Ltd.	4,000		97,369
Kobayashi Pharmaceutical Co., Ltd.	800		30,311
Koito Manufacturing Co., Ltd.	44,000		533,472
Komatsu, Ltd.	67,800		1,050,061
Konami Corporation	200		3,843
Kose Corporation‡‡	4,400		92,947
Kubota Corporation‡‡	2,000		16,546
Kuraray Co., Ltd.	52,500		584,211
Kureha Corporation	81,000		429,657
Kyocera Corporation‡‡	2,300		173,571
Kyoei Steel, Ltd.D	12,500		355,530
Lawson, Inc.D‡‡	25,100		1,104,728
Leopalace21 Corporation‡‡	4,600		41,161
Lintec Corporation‡‡	3,500		60,892
Makita Corporation	900		21,815
Marubeni Corporation	140,000		621,996
Matsumotokiyoshi Holdings Co., Ltd.‡‡	1,600		33,002
Matsushita Electric Industrial Co., Ltd.‡‡	5,000		67,577
Mazda Motor Corporation	20,000		51,279

See Notes to Financial Statements.

112

	Shares	Value
Mediceo Paltac Holdings Co., Ltd.	1,700	$	19,500
Millea Holdings, Inc.	237,300		6,576,955
Minebea Co., Ltd.	70,000		298,645
Miraca Holdings, Inc.	12,500		306,223
Mitsubishi Corporation‡‡	218,400		4,053,555
Mitsubishi Electric Corporation‡‡	3,000		19,027
Mitsubishi Estate Co., Ltd.‡‡	7,000		117,060
Mitsubishi Gas Chemical Co., Inc.	310,000		1,699,071
Mitsubishi Logistics Corporation	1,000		11,097
Mitsubishi Materials Corporation	14,000		43,743
Mitsubishi UFJ Financial Group, Inc.‡‡	319,200		1,981,436
Mitsubishi UFJ Lease & Finance Co., Ltd.‡‡	4,150		135,698
Mitsui & Co., Ltd.‡‡	16,000		190,336
Mitsui Chemicals, Inc.	2,000		6,415
Mitsui Fudosan Co., Ltd.‡‡	92,000		1,607,266
Mitsui Mining & Smelting Co., Ltd.*	13,000		33,736
Mitsui OSK Lines, Ltd.‡‡	48,000		312,410
Mitsui Sumitomo Insurance Group Holdings, Inc.‡‡	2,500		65,786
Mitsumi Electric Co., Ltd.	3,200		68,594
Mizuho Financial Group, Inc.D‡‡	152,500		357,762
Mochida Pharmaceutical Co., Ltd.	9,000		86,697
Musashino Bank, Ltd. (The)	4,700		158,073
Nabtesco Corporation	5,000		49,515
Namco Bandai Holdings, Inc.	4,300		47,314
NEC Corporation*‡‡	32,000		125,894
NEC Electronics Corporation*‡‡	14,200		129,272
Nichirei Corporation	15,000		59,013
Nihon Kohden Corporation	11,700		154,000
Nintendo Co., Ltd.‡‡	12,378		3,421,665
Nippon Building Fund, Inc. REIT	1		8,574
Nippon Electric Glass Co., Ltd.	122,000		1,370,260
Nippon Express Co., Ltd.‡‡	238,000		1,084,569
Nippon Kayaku Co., Ltd.	50,000		345,669
Nippon Meat Packers, Inc.	72,000		911,071
Nippon Mining Holdings, Inc.	19,500		101,614
Nippon Oil Corporation‡‡	220,000		1,301,708
Nippon Paper Group, Inc.	300		7,770
Nippon Sheet Glass Co., Ltd.	35,000		102,455
Nippon Steel Corporation‡‡	98,000		376,395
Nippon Telegraph & Telephone Corporation‡‡	89,900		3,658,151
Nipponkoa Insurance Co., Ltd.	6,000		35,003
Nishi-Nippon City Bank, Ltd. (The)	35,000		88,649
Nissan Motor Co., Ltd.D‡‡	76,100		462,912
Nissan Shatai Co., Ltd.	14,000		115,534
Nissay Dowa General Insurance Co., Ltd.	8,000		38,698
Nisshin Seifun Group, Inc.‡‡	9,500		113,406
Nitto Denko Corporation‡‡	99,000		3,021,332
Nomura Holdings, Inc.D‡‡	180,500		1,525,167
Nomura Real Estate Holdings, Inc.	1,000		17,335
NTT DoCoMo, Inc.‡‡	618		905,814
OJI Paper Co., Ltd.	30,000		129,237
Okinawa Electric Power Co., Inc.D‡‡	8,000		431,826
OKUMA Corporation	20,000		94,462
Omron Corporation	34,400		498,137
Onward Holdings Co., Ltd.	3,000		19,370
ORIX CorporationD‡‡	14,410		869,073
Osaka Gas Co., Ltd.‡‡	273,000		872,829
Pacific Metals Co., Ltd.	10,000		77,646
Point, Inc.	1,620		87,109
Promise Co., Ltd.‡‡	3,150		40,317
QP Corporation	1,200		12,506
Rakuten, Inc.D	3,193		1,925,710
Ricoh Co., Ltd.‡‡	5,000		64,618
Rohm Co., Ltd.‡‡	3,000		218,924
Rohto Pharmaceutical Co., Ltd.	1,000		11,304
Santen Pharmaceutical Co., Ltd.D	37,300		1,136,404
Sanyo Electric Co., Ltd.*	25,000		64,878
SBI Holdings, Inc.	176		35,973
Secom Co., Ltd.‡‡	600		24,415
Seiko Epson Corporation‡‡	5,300		86,651
Seino Holdings Corporation	11,000		91,690
Sekisui House, Ltd.‡‡	351,000		3,570,665
Seven & Holdings Co., Ltd.‡‡	326,900		7,702,943
Sharp Corporation‡‡	3,000		31,235
Shimamura Co., Ltd.D	21,100		1,682,130
Shin-Etsu Chemical Co., Ltd.‡‡	95,800		4,455,120
Shinko Electric Industries Co., Ltd.	4,700		58,351
Shinsei Bank, Ltd.*	35,000		56,314
Showa Shell Sekiyu KK	6,300		66,836
SKY Perfect JSAT Holdings, Inc.	151		57,682
Snow Brand Milk Products Co., Ltd.	6,500		20,039
Softbank Corporation‡‡	2,400		46,886
Sompo Japan Insurance, Inc.‡‡	3,000		20,117
Sony Corporation‡‡	39,500		1,035,319
Stanley Electric Co., Ltd.D	32,600		662,592
Sumco Corporation‡‡	5,500		78,502
Sumitomo Bakelite Co., Ltd.‡‡	26,000		130,897
Sumitomo CorporationD‡‡	155,200		1,582,046
Sumitomo Electric Industries, Ltd.	65,600		739,519
Sumitomo Forestry Co., Ltd.‡‡	21,500		181,891
Sumitomo Metal Mining Co., Ltd.‡‡	5,000		70,743
Sumitomo Mitsui Financial Group, Inc.D‡‡	17,900		730,233
Sumitomo Realty & Development Co., Ltd.‡‡	3,000		55,151
Sumitomo Trust & Banking Co., Ltd.‡‡	15,000		80,967
Suzuken Co., Ltd.‡‡	2,900		84,139
Taiyo Yuden Co., Ltd.	4,000		44,179
Takeda Pharmaceutical Co., Ltd.‡‡	269,700		10,526,517
TDK Corporation‡‡	2,000		94,254
Toho Co., Ltd.	100		1,635
Toho Gas Co., Ltd.‡‡	139,000		565,610
Tohoku Electric Power Co., Inc.‡‡	600		12,550
Tokai Rika Co., Ltd.	8,400		134,194
Tokuyama Corporation‡‡	30,000		220,792

See Notes to Financial Statements.

113

International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares	Value
Tokyo Electric Power Co., Inc.‡‡	4,300	$	110,697
Tokyo Electron, Ltd.‡‡	3,500		169,668
Tokyo Gas Co., Ltd.‡‡	224,000		802,201
Tokyo Steel Manufacturing Co., Ltd.‡‡	12,100		147,458
Tokyu Land CorporationD	176,000		803,862
Toppan Forms Co., Ltd.	7,500		96,305
Toppan Printing Co., Ltd.‡‡	9,000		91,088
Toyo Seikan Kaisha, Ltd.‡‡	8,900		188,929
Toyo Suisan Kaisha, Ltd.‡‡	4,000		82,504
Toyota Auto Body Co., Ltd.‡‡	7,500		137,255
Toyota Motor Corporation‡‡	233,640		8,900,802
Toyota Tsusho Corporation	800		11,908
Trend Micro, Inc.	66,000		2,116,988
Ube Industries, Ltd.	6,000		16,816
Uni-Charm CorporationD	18,900		1,445,923
UNY Co., Ltd.	109,000		933,461
Urban Corporation+*	4,300		—
USS Co., Ltd.	1,900		98,023
West Japan Railway Co.‡‡	839		2,778,232
Xebio Co., Ltd.	800		17,398
Yamaha Corporation	3,000		37,556
Yamato Holdings Co., Ltd.‡‡	33,000		440,525
Yamato Kogyo Co., Ltd.	2,300		68,163
Yamazaki Baking Co., Ltd.D	40,000		451,757
Yokogawa Electric Corporation	7,900		53,304
Yokohama Rubber Co., Ltd.	12,000		59,542
			185,719,875
Jersey — 0.0%
Kazmunaigas Exploration Production GDR	7,206		136,914
Randgold Resources, Ltd.D	1,551		100,129
			237,043
Kazakhstan — 0.0%
KazakhGold Group, Ltd. GDR*	26,174		157,044
Luxembourg — 0.2%
ArcelorMittalD‡‡	40,129		1,316,748
Evraz Group SA GDR	1,012		19,177
Oriflame Cosmetics SA ADR	10,669		463,981
Tenaris SA ADRD	8,600		232,544
			2,032,450
Malaysia — 0.2%
AirAsia BHD*	1,663,200		525,221
Bumiputra-Commerce Holdings BHD	738,337		1,900,981
KNM Group BHD	691,300		165,204
			2,591,406
Mexico — 1.1%
America Movil SA de CV ADR Series LD	203,040		7,861,709
Corporacion Moctezuma SA de CV	211,737		397,160
Grupo Financiero Inbursa SAD	317,675		844,110
Grupo Televisa SA ADR	97,686		1,660,662
Megacable Holdings SAB de CV*	375,962		526,759
Urbi Desarrollos Urbanos SA*	368,300		559,376
Wal-Mart de Mexico SAB de CV Series VD	226,325		671,159
			12,520,935
Netherlands — 3.4%
Akzo Nobel NV‡‡	47,759		2,101,093
ASML Holding NVD	21,605		467,058
CSM‡‡	14,340		211,631
European Aeronautic Defence and Space Co., NVD‡‡	31,684		511,599
Imtech NV‡‡	7,794		151,325
ING Groep NV‡‡	398,328		4,007,700
Koninklijke Ahold NV‡‡	223,070		2,561,066
Koninklijke BAM Groep NV	18,999		154,134
Koninklijke Boskalis Westminster NV	11,534		261,478
Koninklijke DSM NV	13,075		409,585
Koninklijke Philips Electronics NV ADRD‡‡	50,899		937,532
Reed Elsevier NVD	646,933		7,117,960
Royal Dutch Shell PLC+	1,474		—
Royal Dutch Shell PLC‡‡	22,673		566,238
Royal Dutch Shell PLC Class A	306,365		7,656,565
Royal Dutch Shell PLC Class B‡‡	131,802		3,308,982
SBM Offshore NVD	139,600		2,383,365
TNT NV	122,589		2,380,995
TomTom NV*‡‡	92,834		1,116,097
Unilever NV	165,147		3,976,752
			40,281,155
New Zealand — 0.2%
Telecom Corporation of New Zealand, Ltd.	1,060,562		1,868, 067
Nigeria — 0.2%
First City Monument Bank PLC	9,843,791		565,636
Guaranty Trust Bank GDR@	122,156		613,223
United Bank for Africa PLC@	6,798,400		622,001
			1,800,860
Norway — 0.9%
DnB NOR ASA*	229,000		1,745,060
Fred Olsen Energy ASAD	9,700		329,611
StatoilHydro ASA	203,637		4,009,307
Tandberg ASAD	26,200		441,071
Telenor ASA*	480,000		3,691,360
Yara International ASA	16,950		474,484
			10,690,893
Panama — 0.1%
Copa Holdings SAD	22,400		914,368
Papua New Guinea — 0.1%
Lihir Gold, Ltd.*	267,100		634,928
Peru — 0.2%
Compania de Minas Buenaventura SA ADRD	8,901		213,891
Credicorp, Ltd.	30,601		1,780,978
			1,994,869
Philippines — 0.2%
International Container Terminal Services, Inc.	1,408,850		453,760
Philippine Long Distance Telephone Co.	31,350		1,560,171
			2,013,931
Poland — 0.0%
Powszechna Kasa Oszczednosci Bank Polski SA	30,003		241,106

See Notes to Financial Statements.

114

	Shares	Value
Russia — 1.7%
Gazprom OAO ADRD	234,095	$	4,747,447
Kalina ADR+@*	7,200		38,880
LSR Group GDR*	77,900		289,009
LUKOIL ADRD	78,656		3,515,923
Magnit OAO@	42,326		1,576,643
Mobile Telesystems ADRD	46,496		1,717,097
NovaTek OAO GDR	39,334		1,876,232
Novorossiysk Commercial Sea Port GDR*	110,536		1,061,146
Pharmstandard GDR*	17,199		259,705
Raspadskaya@	283,572		640,873
Rosneft Oil Co. GDR*	68,163		381,713
Sberbank	1,181,737		1,494,897
Seventh Continent@*	26,476		158,856
VTB Bank OJSC GDR	169,851		373,672
X 5 Retail Group NV GDR*	116,056		1,769,854
			19,901,947
Singapore — 1.5%
Ascendas, Ltd. REIT	4,000		4,391
CapitaMall Trust REIT	10,000		9,666
ComfortDelgro Corporation, Ltd.	42,000		37,117
DBS Group Holdings, Ltd.‡‡	9,000		73,322
Golden Agri-Resources, Ltd.	2,352,720		617,256
Haw Par Corporation, Ltd.	4,000		12,648
Indofood Agri Resources, Ltd.*	34,000		28,639
Jardine Cycle & Carriage, Ltd.	6,000		79,536
Keppel Corporation, Ltd.	8,000		38,111
Oversea-Chinese Banking Corporation‡‡	785,345		3,622,000
SembCorp Industries, Ltd.	633,000		1,319,843
SembCorp Marine, Ltd.	28,000		52,002
Singapore Airlines, Ltd.	2,000		18,365
Singapore Exchange, Ltd.	5,000		24,510
Singapore Technologies Engineering, Ltd.	6,000		10,149
Singapore Telecommunications, Ltd.‡‡	2,850,000		5,903,065
United Overseas Bank, Ltd.‡‡	312,000		3,162,220
United Overseas Land, Ltd.	3,186		7,259
Wilmar International Ltd.	666,000		2,308,285
Yangzijiang Shipbuilding Holdings, Ltd.	24,000		12,925
			17,341,309
South Africa — 1.2%
African Bank Investments, Ltd.	50,760		182,799
AngloGold Ashanti, Ltd.	8,402		308,372
Aveng, Ltd.	69,744		316,556
Bidvest Group, Ltd.	167,387		2,099,921
FirstRand, Ltd.	154,865		282,367
Impala Platinum Holdings, Ltd.	68,765		1,519,986
Imperial Holdings, Ltd.	33,370		252,290
Mr. Price Group, Ltd.	80,403		292,782
MTN Group, Ltd.	68,954		1,057,928
Naspers, Ltd.	21,680		570,730
Pick’n Pay Stores, Ltd.	82,990		355,153
Sasol, Ltd.	101,197		3,543,027
Shoprite Holdings, Ltd.	27,517		196,263
Standard Bank Group, Ltd.	306,380		3,524,189
			14,502,363
South Korea — 1.4%
Amorepacific CorporationD	1,994		1,069,039
Daewoo Securities Co., Ltd.	11,690		174,348
GS Engineering & Construction Corporation	9,126		530,102
Hyundai Engineering & Construction Co., Ltd.	10,130		424,618
Hyundai Mobis	5,888		515,336
Korea Electric Power Corporation*	76,520		1,780,932
KTBNetwork*	39,229		131,949
LG Electronics, Inc.	6,460		593,289
POSCO	2,569		854,014
Samsung Electronics Co., Ltd.	10,981		5,102,831
Samsung Electronics Co., Ltd. (Non-Voting Shares) GDR 144A*	6,007		919,475
Samsung Fire & Marine Insurance Co., Ltd.	10,217		1,507,748
Shinhan Financial Group Co., Ltd.*	105,311		2,665,944
			16,269,625
Spain — 4.4%
Banco Bilbao Vizcaya Argentaria SA‡‡	29,537		370,440
Banco Espanol de Credito SA	7,327		75,498
Banco Santander SA‡‡	1,250,885		15,021,219
Bolsas y Mercados Espanoles	2,901		85,789
Construcciones y Auxiliar de Ferrocarriles SA‡‡	186		83,263
Corporacion Financiera Alba	7,249		349,011
EnagasD	48,875		960,935
Endesa SA‡‡	3,226		77,207
Gamesa Corporation Tecnologica SA	13,805		261,641
Gas Natural SDG SA‡‡	2,722		49,527
Iberdrola SAD‡‡	974,791		7,904,117
Inditex SA	52,185		2,501,524
Laboratorios Almirall SA	11,553		128,037
Mapfre SA	732,390		2,383,661
Promotora de Informaciones SA*	18,183		95,911
Red Electrica de Espana	18,972		857,271
Repsol YPF SA‡‡	11,122		248,705
Tecnicas Reunidas SA	8,135		383,794
Telefonica SA‡‡	885,846		20,032,599
Union Fenosa SA‡‡	6,542		71,034
			51,941,183
Sri Lanka — 0.0%
Dialog Telekom, Ltd.*	2,779,310		126,970
Sweden — 0.6%
Assa Abloy AB Class BD	203,922		2,841,557
Boliden AB	9,407		71,028
Electrolux AB*	4,576		63,913
Hennes & Mauritz AB Class B‡‡	9,012		449,744
Industrivarden AB‡‡	3,524		31,633
Investor AB‡‡	776		11,970
Nordea Bank AB‡‡	25,534		202,229
Ratos AB	4,334		87,639
Securitas AB‡‡	7,103		60,307
Skandinaviska Enskilda Banken AB*	15,435		67,825
Skanska AB‡‡	27,430		306,668
Ssab Svenskt Stal AB	21,527		250,439
Svenska Cellulosa AB‡‡	18,035		189,358

See Notes to Financial Statements.

115

International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares	Value
Svenska Handelsbanken ABD‡‡	44,220	$	835,432
Swedbank AB*	21,600		125,714
Tele2 AB‡‡	29,958		302,506
Telefonaktiebolaget LM Ericsson Class B‡‡	81,313		797,884
			6,695,846
Switzerland — 6.2%
ABB, Ltd.D*‡‡	150,134		2,360,028
Actelion, Ltd.*	14,482		757,721
Alcon, Inc.	4,800		557,376
Baloise Holding AG	12,501		927,896
Clariant AG*‡‡	17,405		109,888
Compagnie Financiere Richemont SAD‡‡	103,908		2,159,351
Credit Suisse Group‡‡	23,317		1,064,399
Helvetia Holding AG	267		70,648
Julius Baer Holding AG	55,064		2,137,591
Nestle SA‡‡	472,149		17,781,360
Novartis AG‡‡	398,134		16,137,151
OC Oerlikon Corporation AG	712		39,710
Roche Holding AG‡‡	68,007		9,244,521
SGS SA	380		470,738
Sonova Holding AGD	16,679		1,355,442
STMicroelectronics NV‡‡	78,252		585,438
Straumann Holding AG	630		114,746
Sulzer AG	1,888		119,548
Swatch Group AG	30,534		2,024,942
Swiss Life Holding*	722		62,329
Swisscom AG	335		102,823
Syngenta AG	19,274		4,474,591
Synthes, Inc.D	16,834		1,625,223
UBS AG*	138,411		1,692,957
Xstrata PLC	116,482		1,259,622
Zurich Financial Services AG‡‡	31,639		5,573,333
			72,809,372
Taiwan — 1.6%
Acer, Inc.	483,000		840,576
AU Optronics Corporation	215,949		210,618
Cathay Financial Holding Co., Ltd.*	186,000		275,230
Chunghwa Telecom Co., Ltd.	1,093,421		2,182,843
High Tech Computer Corporation	12,300		173,947
HON HAI Precision Industry Co., Ltd.	309,950		958,852
MediaTek, Inc.	238,290		2,846,988
Quanta Computer, Inc.	95,890		154,897
Siliconware Precision Industries Co.	303,000		351,391
Taiwan Semiconductor Manufacturing Co., Ltd.	4,493,094		7,490,772
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	237,825		2,237,933
Yuanta Financial Holding Co., Ltd.	1,278,000		860,829
			18,584,876
Thailand — 0.2%
Central Pattana PCL ADR@D	1,119,192		643,856
CP ALL PCL@	924,068		463,797
Siam Commercial Bank Public Co., Ltd.@	599,923		1,320,640
			2,428,293
Turkey — 0.4%
Coca-Cola Icecek Uretim AS	89,253		509,752
Tupras Turkiye Petrol Rafine	21,442		261,624
Türkiye Garanti Bankasi AS*	936,244		2,527,762
Türkiye Is Bankasi	1		2
Yapi ve Kredi Bankasi*	962,755		1,424,637
			4,723,777
United Kingdom — 15.5%
3i Group PLC	5,952		23,697
Aegis Group PLC‡‡	107,834		163,216
Aggreko PLC	18,437		157,274
AMEC PLC‡‡	224,857		2,415,669
Anglo American PLC‡‡	278,111		8,048,414
Antofagasta PLC‡‡	150,624		1,455,861
ARM Holdings PLC D	510,410		1,005,571
Arriva PLC	404		2,699
AstraZeneca PLC‡‡	151,478		6,655,184
Atkins WS PLC	53,941		528,912
Autonomy Corporation PLC*	96,491		2,281,190
Aveva Group PLC‡‡	6,413		75,595
Aviva PLC‡‡	991,925		5,572,980
BAE Systems PLC‡‡	858,330		4,780,033
Barclays PLC‡‡	411,845		1,917,512
BBA Aviation PLC	11,203		21,012
Berkeley Group Holdings PLC*	4,733		62,605
BG Group PLC‡‡	638,079		10,686,614
BHP Billiton PLC‡‡	490,026		11,002,809
BP PLC‡‡	1,662,120		13,065,512
Bradford & Bingley PLC+D*	28,672		—
Brit Insurance Holdings PLC	14,959		46,452
British Land Co. PLC‡‡ REIT	4,751		29,858
BT Group PLC‡‡	610,226		1,019,001
Bunzl PLC‡‡	6,171		51,016
Cable & Wireless PLC‡‡	71,824		157,277
Capita Group PLC (The)	67,749		796,385
Carnival PLC	114,890		3,037,498
Centrica PLC‡‡	499,048		1,830,902
Compass Group PLC‡‡	1,148,102		6,455,158
CSR PLCD*	84,084		483,826
Drax Group PLC‡‡	23,600		170,449
Electrocomponents PLC‡‡	32,962		76,327
Eurasian Natural Resources Corporation‡‡	12,342		132,896
Friends Provident Group PLC‡‡	66,564		71,872
G4S PLC	4,455		15,282
Game Group PLC‡‡	276,481		748,254
GKN PLCD	630,407		1,286,058
GlaxoSmithKline PLC‡‡	876,892		15,414,823
Hays PLC‡‡	146,445		206,598
HMV Group PLC‡‡	80,196		148,760
Home Retail Group PLC‡‡	36,808		157,447
HSBC Holdings PLC‡‡	778,227		6,433,692
Hunting PLC	3,408		25,203
ICAP PLC	141,980		1,053,469
IG Group Holdings PLC	247,495		1,141,116
IMI PLC‡‡	30,761		157,770
Intermediate Capital Group PLC‡‡	21,575		171,708
International Personal Finance PLC	25,091		30,237
International Power PLC	97,632		382,285
Intertek Group PLC	106,219		1,822,655
Invensys PLC‡‡	18,331		67,403
Investec PLC	15,172		81,560

See Notes to Financial Statements.

116

	Shares		Value
J Sainsbury PLC‡‡	66,246		$	341,132
John Wood Group PLC	56,463			248,024
Kesa Electricals PLC‡‡	89,222			162,934
Kingfisher PLC	60,538			177,083
Land Securities Group PLC REIT‡‡	4,507			34,943
Legal & General Group PLC‡‡	213,713			199,674
Lloyds TSB Group PLC‡‡	94,051			108,204
Logica PLC	7,619			9,902
Man Group PLC‡‡	34,468			157,361
Marks & Spencer Group PLC	221,900			1,117,112
Micro Focus International PLC	100,919			621,789
Mondi PLC‡‡	69,308			236,032
National Express Group PLC	353,792			1,801,468
National Grid PLC	150,044			1,351,514
Next PLCD	52,486			1,268,479
Old Mutual PLC‡‡	80,397			107,045
Pearson PLC	97,136			974,029
Persimmon PLC	9,059			52,163
Petrofac, Ltd.‡‡	328,981			3,626,298
Prudential PLC	419,888			2,856,452
Reckitt Benckiser Group PLC‡‡	138,362			6,296,322
Reed Elsevier PLC‡‡	104,963			781,399
Rexam PLC	382,209			1,788,962
Rio Tinto PLC‡‡	55,316			1,915,670
Rolls-Royce Group PLC+	4,1882,326			68,905
Rolls-Royce Group PLC*‡‡	462,139			2,748,519
Scottish & Southern Energy PLC	16,060			300,945
Segro PLC REIT	36,116			14,409
Signet Jewelers, Ltd.*	78,744			1,597,344
Spirax-Sarco Engineering PLC	36,480			506,242
Stagecoach Group PLC‡‡	23,597			49,207
Standard Chartered PLC	295,719			5,546,283
Subsea 7, Inc.D*	46,200			471,330
Tate & Lyle PLC‡‡	15,030			78,756
Tesco PLC‡‡	978,945			5,694,931
Thomas Cook Group PLC‡‡	16,792			56,772
Tomkins PLC‡‡	96,146			234,105
Travis Perkins PLC	165,500			1,433,553
Trinity Mirror PLC	1,958			1,844
Tullett Prebon PLC	10,107			49,219
Tullow Oil PLC	254,318			3,922,530
Unilever PLC‡‡	381,008			8,926,105
United Business Media, Ltd.	2,595			17,045
United Utilities Group PLC‡‡	14,311			117,016
Vodafone Group PLC‡‡	2,691,924			5,190,489
WH Smith PLC	51,869			356,912
Wolseley PLC*	546			10,402
WPP PLC‡‡	557,341			3,697,543
Yell Group PLC*	231,321			99,899
				181,049,892
Total Foreign Common Stocks (Cost $1,224,105,791)				1,133,539,566
FOREIGN PREFERRED STOCKS — 1.0%
Belgium — 0.0%
Fortis+*	106,120			149
Brazil — 0.8%
Banco Bradesco SA	150,350			2,209,788
Eletropaulo Metropolitana de Sao Paulo SA Class B	57,767			1,013,833
Investimentos Itau SA	522,260			2,300,132
Petroleo Brasileiro SA	169,000			2,808,186
Ultrapar Participacoes SA	23,494			740,370
				9,072,309
Chile — 0.0%
Embotelladora Andina SA	66,700			173,014
Germany — 0.0%
Fresenius AG‡‡	3,325			179,537
Volkswagen AG‡‡	848			59,196
				238,733
Hong Kong — 0.0%
China Resources Power Holdings Co., Ltd.*	11,400			4,854
Russia — 0.0%
URSA Bank@	860,100			258,030
South Korea — 0.2%
Samsung Electronics Co., Ltd.	5,543			1,696,903
Total Foreign Preferred Stocks (Cost $12,520,646)				11,443,992
RIGHTS — 0.1%
Asciano Group+	41,271			8,314
Casino Guichard Perrachon SA*	19,303			74,468
China Resources Power Holdings Co.+	114,000			253,593
Golden Agri-Resources, Ltd.	399,962			55,228
Rio Tinto PLC*	25,658			865,327
Rio Tinto, Ltd.+*	1			25
Total Rights (Cost $1,104,581)				1,256,955
MONEY MARKET FUNDS — 10.3%
GuideStone Money Market Fund (GS4 Class)¥	23,461,799			23,461,799
Northern Institutional Liquid Assets Portfolio§	96,658,606			96,658,606
Total Money Market Funds (Cost $120,120,405)				120,120,405
TOTAL INVESTMENTS — 108.5% (Cost $1,357,851,423)				1,266,360,918
SECURITIES SOLD SHORT — (1.7)%
Australia — (0.1)%
Adelaide Brighton, Ltd.	(29,913	)		(54,234	)
Alumina, Ltd.	(33,729	)		(39,273	)
Bank of Queensland, Ltd.	(1,000	)		(7,317	)
Bendigo and Adelaide Bank, Ltd.	(1,000	)		(5,600	)
Centennial Coal Co., Ltd.	(11,184	)		(22,170	)
Cochlear, Ltd.	(1,697	)		(78,902	)
Duet Group	(36,797	)		(45,663	)
Energy Resources of Australia, Ltd.	(3,998	)		(75,385	)
Fairfax Media, Ltd.	(40,000	)		(39,323	)
Goodman Fielder, Ltd.	(299	)		(314	)
GWA International, Ltd.	(14,061	)		(26,060	)
Harvey Norman Holdings, Ltd.	(15,117	)		(40,198	)
Incitec Pivot, Ltd.	(15,888	)		(30,470	)
Nufarm, Ltd.	(3,999	)		(29,582	)
OZ Minerals, Ltd.	(31,000	)		(22,981	)
Perpetual, Ltd.	(1,000	)		(23,006	)
Primary Health Care, Ltd.	(15,712	)		(66,469	)
Seek, Ltd.	(12,999	)		(43,679	)
Seven Network, Ltd.	(2,299	)		(9,929	)

See Notes to Financial Statements.

117

International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Sims Metal Management, Ltd.	(2,000	)	$	(42,724	)
SP Ausnet	(35,837	)		(22,236	)
Spark Infrastructure Group 144A	(85,731	)		(78,063	)
Suncorp-Metway, Ltd.	(1,000	)		(5,399	)
Toll Holdings, Ltd.	(8,995	)		(45,301	)
United Group, Ltd.	(4,502	)		(37,547	)
West Australian Newspapers Holdings, Ltd.	(10,997	)		(38,636	)
				(930,461	)
Belgium — 0.0%
Telenet Group Holding NV*	(7,278	)		(154,375	)
Bermuda — 0.0%
Signet Jewelers, Ltd.*	(1,986	)		(40,287	)
Denmark — (0.1)%
D/S Torm A/S	(3,252	)		(33,081	)
DSV A/S*	(6,362	)		(78,799	)
FLSmidth & Co. A/S*	(1,099	)		(39,025	)
Topdanmark A/S*	(1,077	)		(125,788	)
Trygvesta AS	(4,533	)		(267,278	)
William Demant Holding*	(1,844	)		(95,353	)
				(639,324	)
Finland — (0.1)%
Elisa OYJ	(3,010	)		(49,531	)
Kesko OYJ	(2,122	)		(56,144	)
Nokian Renkaat OYJ	(9,264	)		(174,148	)
Sanoma OYJ	(12,581	)		(195,025	)
YIT OYJ	(5,542	)		(57,532	)
				(532,380	)
France — (0.1)%
Areva SA	(102	)		(59,460	)
Bureau Veritas SA	(4,250	)		(208,645	)
Electricite de France	(1,960	)		(95,343	)
Eramet	(286	)		(74,687	)
Eutelsat Communications*	(2,406	)		(62,054	)
Ipsen SA	(2,596	)		(113,370	)
JC Decaux SA*	(15,050	)		(238,894	)
Orpea*	(6,737	)		(296,763	)
Pagesjaunes Groupe	(13,632	)		(132,509	)
Renault SA*	(3,135	)		(115,095	)
Societe Television Francaise 1	(12,219	)		(137,012	)
				(1,533,832	)
Germany — (0.1)%
Beiersdorf AG	(1,630	)		(76,626	)
Celesio AG	(3,594	)		(82,435	)
Fraport AG Frankfurt Airport Services Worldwide	(4,111	)		(175,840	)
Hamburger Hafen und Logistik AG	(1,952	)		(75,169	)
Krones AG	(2,841	)		(108,127	)
Nordex AG*	(4,743	)		(74,389	)
Porsche Automobil Holding SE	(1,519	)		(101,859	)
SGL Carbon AG*	(3,094	)		(95,533	)
Solarworld AG	(5,974	)		(140,544	)
Stada Arzneimittel AG	(2,761	)		(68,983	)
Symrise AG	(17,485	)		(258,045	)
United Internet AG*	(7,906	)		(92,499	)
Vossloh AG	(606	)		(72,729	)
				(1,422,778	)
Italy — 0.0%
A2A SpA	(93,599	)		(170,567	)
Geox SpA	(11,524	)		(82,207	)
				(252,774	)
Japan — (0.4)%
ABC-Mart, Inc.	(3,100	)		(79,805	)
Air Water, Inc.	(5,000	)		(54,705	)
Aozora Bank, Ltd.*	(17,000	)		(26,294	)
Asahi Kasei Corporation	(2,000	)		(10,194	)
Bank of Kyoto, Ltd. (The)	(5,000	)		(46,452	)
Bank of Yokohama, Ltd. (The)	(8,000	)		(42,933	)
Capcom Co., Ltd.	(4,100	)		(73,884	)
Casio Computer Co., Ltd.	(500	)		(4,479	)
Chiba Bank, Ltd. (The)	(10,000	)		(65,501	)
Citizen Holdings Co., Ltd.	(6,800	)		(34,941	)
Daido Steel Co., Ltd.	(14,000	)		(57,549	)
Daikin Industries, Ltd.	(3,500	)		(112,991	)
Denki Kagaku Kogyo KK	(20,000	)		(55,847	)
Disco Corporation	(1,100	)		(46,816	)
Don Quijote Co., Ltd.	(4,400	)		(84,634	)
Eisai Co., Ltd.	(3,100	)		(110,697	)
Electric Power Development Co., Ltd.	(1,300	)		(36,975	)
Fuji Electric Holdings Co., Ltd.	(26,000	)		(43,183	)
Hikari Tsushin, Inc.	(3,200	)		(72,248	)
Hiroshima Bank, Ltd. (The)	(14,000	)		(58,421	)
Hitachi Construction Machinery Co., Ltd.	(2,400	)		(39,238	)
Hitachi Koki Co., Ltd.	(2,200	)		(19,366	)
Hitachi Metals, Ltd.	(10,000	)		(85,223	)
Hokuto Corporation	(200	)		(4,123	)
Hosiden Corporation	(1,800	)		(22,964	)
Idemitsu Kosan Co., Ltd.	(600	)		(51,570	)
IHI Corporation*	(1,000	)		(1,734	)
Isetan Mitsukoshi Holdings, Ltd.	(3,400	)		(34,729	)
IT Holdings Corporation	(2,100	)		(37,363	)
Jafco Co., Ltd.	(700	)		(23,615	)
Japan Petroleum Exploration Co., Ltd.	(800	)		(44,428	)
Japan Steel Works, Ltd.	(5,000	)		(61,867	)
Joyo Bank, Ltd. (The)	(24,000	)		(122,572	)
Kajima Corporation	(15,000	)		(46,868	)
Kawasaki Heavy Industries, Ltd.	(13,000	)		(35,896	)
Komatsu, Ltd.	(3,000	)		(46,463	)
Komeri Co., Ltd.	(1,500	)		(33,243	)
Kurita Water Industries, Ltd.	(3,400	)		(110,116	)
Kyowa Exeo Corporation	(1,000	)		(9,965	)
McDonald’s Holdings Co. Japan, Ltd.	(4,700	)		(87,282	)
Mitsubishi Chemical Holdings Corporation	(10,000	)		(42,456	)
Mitsubishi Heavy Industries, Ltd.	(5,000	)		(20,761	)
Mitsubishi Tanabe Pharma Corporation	(3,000	)		(34,567	)
Mitsui Engineering & Shipbuilding Co., Ltd.	(12,000	)		(28,276	)
Mizuho Trust & Banking Co., Ltd.*	(84,000	)		(108,995	)
Mori Seiki Co., Ltd.	(800	)		(8,346	)
NET One Systems Co., Ltd.	(6	)		(10,576	)
NGK Spark Plug Co., Ltd.	(16,000	)		(152,966	)
Nihon Unisys, Ltd.	(4,200	)		(36,491	)
Nippon Shokubai Co., Ltd.	(5,000	)		(38,356	)

See Notes to Financial Statements.

118

	Shares		Value
Nissan Chemical Industries, Ltd.	(8,000	)	$	(90,268	)
Nisshin Steel Co., Ltd.	(24,000	)		(53,812	)
Nissin Foods Holdings Co., Ltd.	(200	)		(6,062	)
Nitori Co., Ltd.	(550	)		(39,051	)
NOK Corporation	(2,700	)		(31,475	)
Nomura Research Institute, Ltd.	(5,900	)		(131,370	)
NSK Ltd.	(27,000	)		(137,333	)
NTT Data Corporation	(7	)		(22,671	)
Olympus Corporation	(6,000	)		(142,316	)
Oracle Corporation	(1,200	)		(44,096	)
Oriental Land Co., Ltd.	(200	)		(13,411	)
Osaka Securities Exchange Co., Ltd.	(8	)		(38,449	)
Otsuka Corporation	(1,100	)		(58,805	)
Rakuten, Inc.	(94	)		(56,692	)
Sankyu, Inc.	(15,000	)		(59,168	)
Santen Pharmaceutical Co., Ltd.	(500	)		(15,233	)
Shimadzu Corporation	(1,000	)		(8,014	)
Shimamura Co., Ltd.	(1,000	)		(79,722	)
Shimizu Corporation	(10,000	)		(43,598	)
Showa Denko KK	(44,000	)		(79,016	)
Sojitz Corporation	(2,800	)		(6,162	)
Sugi Holdings Co., Ltd.	(2,700	)		(55,634	)
Sumitomo Chemical Co., Ltd.	(20,000	)		(90,310	)
Sumitomo Heavy Industries, Ltd.	(10,000	)		(44,740	)
Sumitomo Metal Industries, Ltd.	(7,000	)		(18,674	)
Sumitomo Rubber Industries, Inc.	(11,600	)		(93,441	)
Sundrug Co., Ltd.	(700	)		(15,514	)
Suruga Bank, Ltd.	(23,000	)		(220,366	)
Sysmex Corporation	(1,400	)		(50,864	)
T&D Holdings, Inc.	(300	)		(8,626	)
Taiheiyo Cement Corporation	(5,000	)		(8,616	)
Taisei Corporation	(6,000	)		(14,512	)
Taiyo Nippon Sanso Corporation	(5,000	)		(47,958	)
Teijin, Ltd.	(1,000	)		(3,228	)
Tokai Carbon Co., Ltd.	(2,000	)		(10,484	)
Tokyo Broadcasting System, Inc.	(700	)		(11,016	)
Toray Industries, Inc.	(10,000	)		(51,072	)
Toshiba Corporation	(29,000	)		(105,361	)
Tosoh Corporation	(9,000	)		(25,598	)
Toyota Boshoku Corporation	(7,500	)		(112,187	)
Trend Micro, Inc.	(2,500	)		(80,189	)
Tsumura & Co.	(1,600	)		(49,992	)
Ushio, Inc.	(3,600	)		(57,624	)
Yahoo! Japan Corporation	(428	)		(136,617	)
Yakult Honsha Co., Ltd.	(3,100	)		(59,274	)
Yamada Denki Co., Ltd.	(1,500	)		(87,663	)
Yamaguchi Financial Group, Inc.	(1,000	)		(13,214	)
Yamatake Corporation	(300	)		(5,995	)
				(5,154,457	)
Netherlands — (0.1)%
Aalberts Industries NV	(8,568	)		(67,190	)
ASML Holding NV	(9,530	)		(206,020	)
Fugro NV	(1,570	)		(65,018	)
James Hardie Industries NV*	(9,554	)		(32,334	)
Nutreco Holding NV	(2,193	)		(85,480	)
OPG Groep NV	(5,310	)		(67,415	)
Randstad Holding NV*	(11,158	)		(308,601	)
SBM Offshore NV	(12,973	)		(221,477	)
Smit Internationale NV	(1,148	)		(67,978	)
				(1,121,513	)
Papua New Guinea — 0.0%
Oil Search, Ltd.	(17,370	)		(76,423	)
Spain — (0.1)%
Abengoa SA	(4,976	)		(110,119	)
Acciona SA	(1,984	)		(243,815	)
Cintra Concesiones de Infraestructuras de Transporte SA	(38,647	)		(239,636	)
Grifols SA	(6,739	)		(119,024	)
Obrascon Huarte Lain SA	(5,271	)		(104,188	)
				(816,782	)
Sweden — (0.1)%
Alliance Oil Co., Ltd.*	(9,586	)		(108,723	)
Atlas Copco AB, Class A	(6,376	)		(63,846	)
Hexagon AB	(19,801	)		(178,384	)
Lundin Petroleum AB*	(19,155	)		(148,231	)
Modern Times Group AB	(3,086	)		(85,804	)
Sandvik AB	(12,712	)		(94,335	)
Teliasonera AB	(97,798	)		(513,415	)
				(1,192,738	)
Switzerland — (0.1)%
EFG International AG	(10,310	)		(111,493	)
Galenica AG	(1,111	)		(327,456	)
Givaudan SA	(409	)		(250,508	)
Kudelski SA	(6,255	)		(103,449	)
Logitech International SA*	(6,231	)		(86,307	)
Lonza Group AG	(1,168	)		(115,989	)
Nobel Biocare Holding AG	(3,122	)		(68,155	)
Temenos Group AG*	(4,486	)		(76,380	)
Valiant Holding	(403	)		(74,402	)
Xstrata PLC	(7,069	)		(76,443	)
				(1,290,582	)
United Kingdom — (0.4)%
Admiral Group PLC	(5,526	)		(79,095	)
Aggreko PLC	(368	)		(3,139	)
Amlin PLC	(12,608	)		(62,695	)
ARM Holdings PLC	(6,113	)		(12,043	)
Associated British Foods PLC	(8,118	)		(101,837	)
Bellway PLC	(19,378	)		(194,312	)
British Sky Broadcasting Group PLC	(27,627	)		(206,806	)
Burberry Group PLC	(26,378	)		(183,569	)
Cairn Energy PLC*	(5,126	)		(197,507	)
Charter International PLC	(3,246	)		(23,124	)
Cookson Group PLC	(15,611	)		(67,097	)
Dana Petroleum PLC*	(846	)		(19,514	)
De La Rue PLC	(1,195	)		(17,910	)
easyJet PLC*	(9,080	)		(40,371	)
Firstgroup PLC	(30,977	)		(182,321	)
ICAP PLC	(1,356	)		(10,061	)
Inmarsat PLC	(27,132	)		(243,498	)
International Power PLC	(31,570	)		(123,615	)
Intertek Group PLC	(17,454	)		(299,500	)
ITV PLC	(242,670	)		(139,734	)
Kazakhmys PLC	(1,832	)		(18,988	)
London Stock Exchange Group PLC	(1,732	)		(20,018	)
Lonmin PLC	(4,972	)		(95,950	)
Marks & Spencer Group PLC	(5,338	)		(26,873	)

See Notes to Financial Statements.

119

International Equity Fund

SCHEDULE OF INVESTMENTS (Continued)

	Shares		Value
Meggitt PLC	(32,353	)	$	(84,365	)
Misys PLC	(36,529	)		(103,668	)
Northumbrian Water Group PLC	(28,724	)		(116,960	)
Pennon Group PLC	(18,754	)		(148,948	)
Premier Farnell PLC	(18,118	)		(37,558	)
Premier Oil PLC*	(1,151	)		(20,678	)
Provident Financial PLC	(4,533	)		(59,177	)
Prudential PLC	(26,218	)		(178,358	)
Rentokil Initial PLC	(81,340	)		(119,769	)
Rexam PLC	(4,083	)		(19,111	)
Royal Bank of Scotland Group PLC*	(41,885	)		(26,626	)
RSA Insurance Group PLC	(12,232	)		(24,189	)
Sage Group PLC	(37,176	)		(108,929	)
Serco Group PLC	(10,240	)		(71,094	)
SIG PLC	(36,801	)		(59,485	)
Smith & Nephew PLC	(3,319	)		(24,545	)
Smiths Group PLC	(9,577	)		(110,529	)
Standard Life PLC	(10,000	)		(30,617	)
Vedanta Resources PLC	(2,425	)		(51,386	)
VT Group PLC	(12,328	)		(91,675	)
Weir Group PLC (The)	(18,954	)		(144,066	)
Wellstream Holdings PLC	(28,481	)		(240,141	)
Whitbread PLC	(3,043	)		(40,877	)
				(4,282,328	)
Total Securities Sold Short (Cost $(16,434,018))				(19,441,034	)
Liabilities in Excess of Other Assets — (6.8)%				(79,443,545	)
NET ASSETS — 100.0%			$	1,167,476,339

PORTFOLIO SUMMARY (based on net assets)

	%
Foreign Common Stocks
Japan	15.9
United Kingdom	15.5
France	8.1
Switzerland	6.2
Germany	5.9
Australia	4.5
Hong Kong	4.4
Spain	4.4
Netherlands	3.4
China	3.0
Brazil	2.2
Italy	2.0
India	1.9
Russia	1.7
Canada	1.6
Taiwan	1.6
Singapore	1.5
South Korea	1.4
South Africa	1.2
Mexico	1.1
Denmark	0.9
Indonesia	0.9
Israel	0.9
Norway	0.9
Finland	0.7
Sweden	0.6
Greece	0.5
Belgium	0.4
Turkey	0.4
Chile	0.3
Egypt	0.3
Austria	0.2
Colombia	0.2
Czech Republic	0.2
Hungary	0.2
Ireland	0.2
Luxembourg	0.2
Malaysia	0.2
New Zealand	0.2
Nigeria	0.2
Peru	0.2
Philippines	0.2
Thailand	0.2
Bermuda	0.1
Cyprus	0.1
Panama	0.1
Papua New Guinea	0.1
Argentina	—	**
Estonia	—	**
Jersey	—	**
Kazakhstan	—	**
Poland	—	**
Sri Lanka	—	**
Total Foreign Common Stocks	97.1
Total Money Market Funds	10.3
Total Futures Contracts	3.0
Total Foreign Preferred Stocks	1.0
Total Rights	0.1
Total Forward Foreign Currency Contracts	0.6
Total Securities Sold Short	(1.7	)
Total Investments	110.4

** Rounds to less than 0.005%.

See Notes to Financial Statements.

120

FAS 157 DISCLOSURE

The following is a summary of the inputs used, as of June 30, 2009, in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities			Other Financial Instruments***
Assets:
Level 1 — Quoted Prices
Foreign Common Stocks	$	1,131,519,540		$	—
Foreign Preferred Stocks		11,443,992			—
Futures Contracts		—			(112,707	)
Money Market Funds		120,120,405			—
Rights		1,256,955			—
Level 2 — Other Significant Observable Inputs
Foreign Common Stocks		2,020,026			—
Forward Foreign Currency Contracts		—			147,921
Level 3 — Significant Unobservable Inputs		—			—
Total Assets	$	1,266,360,918		$	35,214
Liabilities:
Level 1 — Quoted Prices
Securities Sold Short	$	(19,441,034	)	$	—
Level 2 — Other Significant Observable Inputs		—			—
Level 3 — Significant Unobservable Inputs		—			—
Total Liabilities	$	(19,441,034	)	$	—

*** 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:

	Investments in Securities			Other Financial Instruments***
Balance, 12/31/08	$	31,580		$	—
Accrued discounts/premiums		—			—
Realized gain (loss)		—			—
Changed in unrealized appreciation (depreciation)		—			—
Net purchases (sales)		(31,580	)		—
Transfers in and/or out of Level 3		—			—
Balance, 06/30/09	$	—		$	—

See Notes to Financial Statements.

121

SCHEDULE OF INVESTMENTS – ABBREVIATIONS AND FOOTNOTES

INVESTMENT ABBREVIATIONS:
ADR	—	American Depository Receipt
CONV	—	Convertible
GDR	—	Global Depository Receipt
IO	—	Interest Only (Principal amount shown is notional)
PIK	—	Payment-in-Kind Bonds
PO	—	Principal Only
REIT	—	Real Estate Investment Trust
STEP	—	Stepped Coupon Bonds (1)
STRIP	—	Stripped Security
TBA	—	To be announced.
144A	—	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of June 30, 2009, the total market values and percentages of net assets for 144A securities by fund were as follows:

Fund	Value of 144A Securities		Percentage of 144A Securities
Money Market	$	40,100,000	3.48	%
Low-Duration Bond		53,658,714	8.94
Medium-Duration Bond		69,572,234	8.14
Extended-Duration Bond		53,207,784	12.94
Global Bond		20,151,597	10.84
Small Cap Equity		2,286,620	0.67
International Equity		841,412	0.07

INVESTMENT FOOTNOTES:

‡‡	—	All or a portion of the security was held as collateral for open futures, options and/or swap contracts.
@	—	Illiquid.
*	—	Non-income producing security.
#	—	Security in default.
+	—	Security is valued at fair value (2).
§	—	Security purchased with the cash proceeds from securities loaned.
†	—	Variable rate security (1).
W	—	Interest rates shown reflect the effective yields as of June 30, 2009.
¥	—	Affiliated fund.
D	—	Security either partially or fully on loan.

(1)	Interest rates shown reflect the rates currently in effect. Maturity date for money market instruments is the date of the next interest rate reset.
(2)	Fair valued securities were held in the Equity Index Fund, Value Equity Fund, Small Cap Equity Fund and International Equity Fund at an aggregate market value of $0, $1,209, $0 and $394,908, respectively, which amounted to 0.00% of the Equity Index Fund, Value Equity Fund and Small Cap Equity Fund and 0.03% of the International Equity Fund.

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).
(I)	—	Par is denominated in Iceland Kronur (ISK).
(J)	—	Par is denominated in Japanese Yen (JPY).
(K)	—	Par is denominated in Norweigan Krone (NOK).
(L)	—	Par is denominated in Turkish Lira (TRY).
(M)	—	Par is denominated in Mexican Pesos (MXN).
(N)	—	Par is denominated in Indonesian Rupiahs (IDR).
(T)	—	Par is denominated in Thailand Baht (THB).
(U)	—	Par is denominated in British Pounds (GBP).
(W)	—	Par is denominated in South Korean Won (KRW).
(Z)	—	Par is denominated in New Zealand Dollars (NZD).

SWAP AGREEMENT FOOTNOTES:

BAR	—	Counterparty to contract is Barclays Capital.
BOA	—	Counterparty to contract is Bank of America.
BTAB	—	Counterparty to contract is BT Alex Brown.
CITI	—	Counterparty to contract is Citibank NA London.
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.
MLCS	—	Counterparty to contract is Merrill Lynch Capital Services, Inc.
MSCS	—	Counterparty to contract is Morgan Stanley Capital Services.
RBS	—	Counterparty to contract is Royal Bank of Scotland.
UBS	—	Counterparty to contract is UBS AG

122

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

	Money Market Fund		Low-Duration Bond Fund			Medium-Duration Bond Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	1,243,562,141	$	668,685,146		$	1,004,029,826
Investments in securities of affiliated issuers, at value		—		4,323,398			47,350,030
Total investments (1)(2)		1,243,562,141		673,008,544			1,051,379,856
Cash		601		118,492			5,454,996
Cash collateral for futures, swaps and short holdings		—		—			695,000
Foreign currency (3)		—		1,885,714			2,468,999
Receivables:
Dividends and reclaims		—		2,766			6,953
Interest		636,241		3,310,337			6,200,978
Securities lending		4,231		13,545			12,218
Investment securities sold		—		55,112,961			56,945,591
Maturities		—		4,276,896			122,305
Fund shares sold		5,045,750		97,884			36,408
Variation margin		—		7,519			66
Unrealized appreciation on foreign currency exchange contracts		—		323,185			272,559
Unrealized appreciation on swap agreements		—		4,372,323			1,511,252
Prepaid expenses and other assets		56,861		22,083			25,796
Total Assets		1,249,305,825		742,552,249			1,125,132,977
Liabilities
Securities sold short, at value (4)		—		40,508,433			994,062
Options written at value (5)		—		111,185			19,321
Unrealized depreciation on foreign currency exchange contracts		—		450,886			754,512
Unrealized depreciation on swap agreements		—		1,155			3,469,136
Collateral held for securities on loan at value		12,249,000		32,032,492			39,184,485
Collateral held for swap agreements		—		2,550,000			1,550,000
Payables:
Investment securities purchased		17,629,384		66,397,440			223,874,552
Fund shares redeemed		68,127,115		23,389			73,880
Variation margin		—		50,791			191,871
Distributions		73,235		—			—
Securities lending		846		2,709			2,443
Accrued expenses
Advisory fees		152,627		125,591			214,887
Distribution (12b-1) fees		951		533			1,261
Shareholder servicing fees		160,792		80,584			114,594
Other expenses		51,419		92,058			132,954
Total Liabilities		98,445,369		142,427,246			270,577,958
Net Assets	$	1,150,860,456	$	600,125,003		$	854,555,019
Net Assets Consist of:
Paid-in-capital	$	1,150,724,070	$	633,359,071		$	932,299,077
Undistributed net investment income		84,502		4,233,878			5,702,990
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency transactions and derivative transactions		51,884		(9,445,383	)		2,598,060
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		—		(28,022,563	)		(86,045,108	)
Net Assets	$	1,150,860,456	$	600,125,003		$	854,555,019
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the GS2 Class	$	167,612,750	$	100,275,475		$	114,303,317
GS2 shares outstanding		167,595,804		11,792,405			15,449,466
Net asset value, offering and redemption price per GS2 share	$	1.00	$	8.50		$	7.40
Net assets applicable to the GS4 Class	$	983,247,706	$	499,849,528		$	740,251,702
GS4 shares outstanding		983,093,618		39,512,556			57,611,231
Net asset value, offering and redemption price per GS4 share	$	1.00	$	12.65		$	12.85
(1)      Investments in securities of unaffiliated issuers, at cost	$	1,243,562,141	$	702,765,457		$	1,092,285,658
Investments in securities of affiliated issuers, at cost		—		4,323,398			47,350,030
Total investments at cost	$	1,243,562,141	$	707,088,855		$	1,139,635,688
(2)      Includes securities loaned of:	$	11,966,507	$	30,458,566		$	46,488,755
(3)      Foreign currency at cost	$	—	$	1,869,930		$	2,448,579
(4)      Securities Sold Short at cost	$	—	$	(40,047,031	)	$	(997,813	)
(5)      Premiums received on options written	$	—	$	(107,107	)	$	(39,303	)

See Notes to Financial Statements.

123

	Extended-Duration Bond fund			Inflation Protected Bond Fund		Global Bond Fund
Assets
Investments in securities of unaffiliated issuers, at value	$	412,195,339		$	59,308,344	$	184,562,218
Investments in securities of affiliated issuers, at value		10,532,979			6,654,220		16,337,770
Total investments (1)(2)		422,728,318			65,962,564		200,899,988
Cash		—			—		153,292
Cash collateral for futures and swaps		—			—		—
Foreign currency (3)		—			—		2,906,742
Receivables:
Dividends and reclaims		1,989			829		13,510
Interest		6,460,390			494,004		3,076,014
Securities lending		4,250			—		6,765
Investment securities sold		—			2,126,251		747,243
Fund shares sold		8,076			242,364		123,974
Variation margin		—			232		—
Unrealized appreciation on foreign currency exchange contracts		—			—		1,013,743
Prepaid expenses and other assets		20,668			—		15,808
Total Assets		429,223,691			68,826,244		208,957,079
Liabilities
Cash overdraft		598			—		—
Securities sold short, at value (4)		—			—		—
Options written at value(5)		—			—		—
Unrealized depreciation on foreign currency exchange contracts		—			—		1,184,564
Collateral held for securities on loan at value		15,327,188			—		13,075,144
Payables:
Investment securities purchased		2,437,901			—		8,658,398
Fund shares redeemed		65,841			—		—
Variation margin		—			1,781		16,979
Distributions		—			—		—
Securities lending		850			—		1,352
Deferred foreign capital gains taxes		—			—		—
Accrued expenses
Advisory fees		144,135			638		68,848
Distribution (12b-1) fees		1,294			—		—
Shareholder servicing fees		53,948			1,428		28,822
Other expenses		55,408			2,936		59,877
Total Liabilities		18,087,163			6,783		23,093,984
Net Assets	$	411,136,528		$	68,819,461	$	185,863,095
Net Assets Consist of:
Paid-in-capital	$	446,974,854		$	68,259,048	$	224,370,954
Undistributed (distributions in excess of) net investment income		2,004,075			9,624		(596,981	)
Undistributed (accumulated) net realized gain (loss) on investments, foreign currency transactions and derivative transactions		(15,841,576	)		6,468		(10,572,540	)
Net unrealized appreciation (depreciation) on investments, foreign currency translations and derivative transactions		(22,000,825	)		544,321		(27,338,338	)
Net Assets	$	411,136,528		$	68,819,461	$	185,863,095
Net Asset Value:
$0.001 par value, unlimited shares authorized
Net assets applicable to the GS2 Class	$	61,267,508			N/A		N/A
GS2 shares outstanding		9,408,032			N/A		N/A
Net asset value, offering and redemption price per GS2 share	$	6.51			N/A		N/A
Net assets applicable to the GS4 Class	$	349,869,020		$	68,819,461	$	185,863,095
GS4 shares outstanding		25,348,733			6,825,712		22,483,965
Net asset value, offering and redemption price per GS4 share	$	13.80		$	10.08	$	8.27
(1)      Investments in securities of unaffiliated issuers, at cost	$	434,206,833		$	58,762,986	$	211,854,323
Investments in securities of affiliated issuers, at cost		10,532,979			6,654,220		16,337,770
Total investments at cost	$	444,739,812		$	65,417,206	$	228,192,093
(2)      Includes securities loaned of:	$	14,386,908		$	—	$	13,960,546
(3)      Foreign currency at cost	$	—		$	—	$	2,773,513
(4)      Securities Sold Short at cost	$	—		$	—	$	—
(5)      Premiums received on options written	$	—		$	—	$	—
(6)      Net of ($320,217) accrued foreign capital gains taxes on appreciated securities

See Notes to Financial Statements.

124

Equity Index Fund			Real Estate Securities Fund			Value Equity Fund			Growth Equity Fund			Small Cap Equity Fund			International Equity Fund
$	324,008,273		$	106,599,531		$	1,030,925,909		$	1,097,934,638		$	389,677,205		$	1,242,899,119
	11,924,199			4,500,242			36,312,700			31,151,191			22,939,664			23,461,799
	335,932,472			111,099,773			1,067,238,609			1,129,085,829			412,616,869			1,266,360,918
	—			—			—			—			153,555			354,866
	—			—			—			—			686,462			12,166,257
	—			—			—			2,323			2,850			2,083,078
	349,054			334,040			1,152,511			637,566			148,847			4,917,035
	—			—			—			—			267,456			—
	52,483			8,025			153,342			39,940			39,593			149,035
	261,388			3,051,512			35,915,608			7,444,568			5,369,327			4,429,872
	38,883			27,203			146,016			197,948			30,456			124,976
	—			—			—			—			—			61,114
	—			—			—			—			—			522,825
	18,140			16,191			26,230			30,667			18,316			27,381
	336,652,420			114,536,744			1,104,632,316			1,137,438,841			419,333,731			1,291,197,357
	—			—			598			598			—			—
	—			—			—			—			—			19,441,034
	—			—			—			—			9,450			—
	—			—			—			—			13,080			374,904
	20,248,889			25,654,407			71,083,280			93,789,900			60,576,786			96,658,606
	4,030,876			2,483,206			38,219,923			7,960,262			18,213,095			5,060,137
	163,513			127,221			74,073			19,231			219,624			19,148
	62,700			8,560			252,315			233,700			108,088			404,265
	—			—			—			—			—			42,505
	10,497			1,605			30,669			7,988			7,919			29,808
	—			—			—			—			—			320,217
	23,461			64,904			510,199			664,987			243,568			709,820
	109			—			987			768			1,001			1,383
	40,692			13,621			135,266			144,107			46,402			156,890
	124,331			30,486			102,856			79,704			117,439			502,301
	24,705,068			28,384,010			110,410,166			102,901,245			79,556,452			123,721,018
$	311,947,352		$	86,152,734		$	994,222,150		$	1,034,537,596		$	339,777,279		$	1,167,476,339
$	363,411,596		$	167,971,341		$	1,492,452,552		$	1,321,054,788		$	516,502,521		$	1,550,170,506
	94,492			23,493			290,047			(25,025	)		233,038			9,886,983
	(9,082,576	)		(76,307,705	)		(211,533,853	)		(270,938,483	)		(148,418,677	)		(297,916,276	)
	(42,476,160	)		(5,534,395	)		(286,986,596	)		(15,553,684	)		(28,539,603	)		(94,664,874	)(6)
$	311,947,352		$	86,152,734		$	994,222,150		$	1,034,537,596		$	339,777,279		$	1,167,476,339
$	52,412,716			N/A		$	148,315,385		$	157,925,449		$	50,489,232		$	200,479,174
	8,204,854			N/A			28,071,130			19,705,880			8,295,018			25,376,873
$	6.39			N/A		$	5.28		$	8.01		$	6.09		$	7.90
$	259,534,636		$	86,152,734		$	845,906,765		$	876,612,147		$	289,288,047		$	966,997,165
	21,822,259			18,277,472			82,592,090			68,885,806			31,679,400			95,361,666
$	11.89		$	4.71		$	10.24		$	12.73		$	9.13		$	10.14
$	366,303,646		$	112,018,616		$	1,317,126,985		$	1,113,754,226		$	416,576,322		$	1,334,389,624
	11,924,199			4,500,242			36,312,700			31,151,191			22,939,664			23,461,799
$	378,227,845		$	116,518,858		$	1,353,439,685		$	1,144,905,417		$	439,515,986		$	1,357,851,423
$	19,589,472		$	25,100,439		$	65,380,895		$	92,782,069		$	57,383,086		$	96,965,539
$	—		$	—		$	—		$	2,323		$	2,830		$	2,071,293
$	—		$	—		$	—		$	—		$	—		$	16,434,018
$	—		$	—		$	—		$	—		$	(15,945	)	$	—

See Notes to Financial Statements.

125

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

	Money Market Fund		Low-Duration Bond Fund			Medium-Duration Bond Fund
Investment Income
Dividends	$	—	$	52,500		$	133,647
Income distributions received from affiliated funds		—		58,616			73,542
Interest		5,641,826		12,787,217			20,983,958
Securities lending		69,749		140,364			129,801
Less foreign taxes withheld		—		—			—
Total Investment Income		5,711,575		13,038,697			21,320,948
Expenses
Investment advisory fees		906,288		1,057,385			1,707,300
Transfer agent fees:
GS2 shares		2,021		1,933			1,969
GS4 shares		22,644		10,313			10,290
GS6 shares		2,421		2,409			2,416
Custodian fees		10,937		66,596			93,656
Distribution (12b-1) fees:
GS6 shares		3,076		1,914			4,804
Shareholder servicing fees:
GS4 shares		943,650		476,836			667,065
GS6 shares		9,218		5,741			14,409
Accounting and administration fees		120,553		109,424			175,080
Professional fees		25,474		28,870			28,870
Blue sky fees:
GS2 shares		968		793			793
GS4 shares		17,525		7,816			9,026
GS6 shares		272		172			181
Shareholder reporting fees:
GS2 shares		419		273			348
GS4 shares		21,222		4,094			6,268
GS6 shares		110		73			73
Trustee fees		5,045		3,524			5,155
Line of credit facility fees		5,515		3,116			4,310
Dividend expense on securities sold short		—		—			—
Other expenses		315,882		20,728			28,139
Total expenses		2,413,240		1,802,010			2,760,152
Expenses waived/reimbursed net of amount recaptured(1)		3,349		(296,673	)		(421,586	)
Fees paid indirectly		—		—			—
Net expenses		2,416,589		1,505,337			2,338,566
Net Investment Income		3,294,986		11,533,360			18,982,382
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment securities		51,884		(3,627,612	)		517,390
Futures transactions		—		5,875,667			3,513,113
Swap agreements		—		3,756,661			8,850,095
Option contracts written		—		3,687,541			2,982,869
Option contracts purchased		—		(3,782,465	)		(3,252,783	)
Foreign currency transactions		—		(2,273,269	)		(3,199,846	)
Net realized gain (loss)		51,884		3,636,523			9,410,838
Net change in unrealized appreciation (depreciation) on:
Investment securities (net of estimated capital gains taxes of ($309,815) for International Equity)		—		26,358,047			30,944,576
Futures		—		(5,359,768	)		(2,124,069	)
Swap agreements		—		10,118,654			6,741,777
Option contracts written		—		(940,421	)		7,500,693
Option contracts purchased		—		(4,468,062	)		(7,874,450	)
Foreign currency translations		—		682,973			2,094,769
Net change in unrealized appreciation (depreciation)		—		26,391,423			37,283,296
Net Realized and Unrealized Gain (Loss)		51,884		30,027,946			46,694,134
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,346,870	$	41,561,306		$	65,676,516

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

See Notes to Financial Statements.

126

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
$	9,404		$	—		$	111,610		$	3,476,336		$	1,711,802		$	13,913,914		$	5,412,024		$	1,507,898		$	25,177,680
	19,937			829			35,460			26,797			10,840			93,060			142,101			55,322			(40,964	)
	15,490,621			13,796			6,903,796			1,881			686			5,017			11,268			623,192			1,247
	41,664			—			44,112			184,587			70,154			515,703			342,658			271,021			924,085
	—			—			—			—			2,003			(44,473	)		(79,346	)		(3,594	)		(2,360,532	)
	15,561,626			14,625			7,094,978			3,689,601			1,795,485			14,483,221			5,828,705			2,453,839			23,701,516
	919,697			2,384			392,661			219,339			342,735			3,024,492			4,173,524			1,456,217			5,057,148
	1,922			—			—			1,942			—			1,971			1,928			1,952			2,039
	11,450			244			2,029			12,160			11,238			14,348			13,118			13,135			17,580
	2,406			—			—			2,399			—			2,425			2,418			2,411			2,413
	15,703			166			38,075			14,045			12,478			31,717			41,976			58,796			637,754
	4,978			—			—			219			—			3,388			2,521			3,362			4,588
	304,391			1,428			158,652			222,295			70,277			745,746			787,448			246,083			812,866
	14,934			—			—			656			—			10,174			7,567			10,093			13,778
	55,467			195			47,861			41,080			11,181			104,112			106,224			59,349			252,867
	26,372			838			25,910			31,306			28,255			31,307			25,758			25,758			26,082
	793			—			—			793			—			793			793			793			793
	7,645			515			4,646			6,404			3,001			6,377			6,677			6,319			6,482
	212			—			—			181			—			199			193			243			209
	255			—			—			273			—			329			291			384			530
	6,451			904			1,746			7,710			5,609			11,582			9,226			10,979			18,632
	73			—			—			60			—			109			97			85			97
	2,370			17			749			1,931			501			6,398			6,563			2,170			7,030
	2,039			21			777			1,462			364			4,831			5,007			1,620			5,291
	—			—			—			—			—			—			—			—			349,474
	10,698			36			13,473			17,277			6,009			21,629			22,208			16,078			87,942
	1,387,856			6,748			686,579			581,532			491,648			4,021,927			5,213,537			1,915,827			7,303,595
	(77,579	)		(1,747	)		(11,448	)		(92,757	)		(14,501	)		(184,919	)		(524,794	)		(142,101	)		(1,262,053	)
	—			—			—			—			—			(18,141	)		(31,644	)		(9,727	)		(22,753	)
	1,310,277			5,001			675,131			488,775			477,147			3,818,867			4,657,099			1,763,999			6,018,789
	14,251,349			9,624			6,419,847			3,200,826			1,318,338			10,664,354			1,171,606			689,840			17,682,727
	(14,274,815	)		6,468			(7,303,032	)		(2,646,894	)		(30,073,724	)		(80,151,651	)		(130,144,406	)		(61,075,923	)		(187,944,039	)
	—			—			233,133			619,396			897,029			4,734,204			2,231,185			5,378,777			2,698,327
	—			—			—			—			—			—			—			—			(19,868	)
	—			—			—			—			—			—			—			62,196			—
	—			—			—			—			—			—			—			(6,757	)		—
	(817,821	)		—			(559,712	)		—			—			—			(125	)		(40,509	)		365,636
	(15,092,636	)		6,468			(7,629,611	)		(2,027,498	)		(29,176,695	)		(75,417,447	)		(127,913,346	)		(55,682,216	)		(184,899,944	)
	35,069,524			545,357			30,266,777			8,377,075			23,097,500			56,807,660			229,992,963			68,014,401			268,944,796
	—			(1,076	)		(129,025	)		(472,450	)		(353,615	)		(1,273,398	)		(753,514	)		(4,395,879	)		(772,093	)
	—			—			—			—			—			—			—			—			116,543
	—			—			—			—			—			—			—			134,552			—
	—			—			(272,678	)		—			—			—			—			—			—
	71,785			40			(1,116,153	)		—			—			—			(2	)		22,552			(10,460	)
	35,141,309			544,321			28,748,921			7,904,625			22,743,885			55,534,262			229,239,447			63,775,626			268,278,786
	20,048,673			550,789			21,119,310			5,877,127			(6,432,810	)		(19,883,185	)		101,326,101			8,093,410			83,378,842
$	34,300,022		$	560,413		$	27,539,157		$	9,077,953		$	(5,114,472	)	$	(9,218,831	)	$	102,497,707		$	8,783,250		$	101,061,569

See Notes to Financial Statements.

127

STATEMENTS OF CHANGES IN NET ASSETS

	Money Market Fund
	For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08
Operations:
Net investment income	$	3,294,986		$	30,499,308
Net realized gain (loss) on investment securities, foreign currency transactions and
derivative transactions		51,884			87,123
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations and derivative transactions		—			—
Net increase in net assets resulting from operations		3,346,870			30,586,431
Dividends and Distributions to Shareholders:
Dividends from net investment income
GS2 shares		(626,331	)		(3,742,477	)
GS4 shares		(2,660,757	)		(26,602,255	)
GS6 shares		(7,898	)		(154,576	)
Distributions from net realized capital gains
GS2 shares		—			—
GS4 shares		—			—
GS6 shares		—			—
Return of Capital
Total dividends and distributions		(3,294,986	)		(30,499,308	)
Capital Share Transactions:
Proceeds from shares sold
GS2 shares		63,311,251			174,901,124
GS4 shares		1,403,200,493			4,070,538,346
GS6 shares		1,367,352			3,546,544
Proceeds from exchange of GS6 shares for GS4 shares(1)
GS4 shares		9,761,236			—
GS6 shares		(9,761,236	)		—
Reinvestment of dividends and distributions
GS2 shares		507,209			3,367,839
GS4 shares		1,881,273			16,558,471
GS6 shares		7,898			154,558
Total proceeds from shares sold and reinvested		1,470,275,476			4,269,066,882
Value of shares redeemed
GS2 shares		(67,952,180	)		(119,120,727	)
GS4 shares		(1,401,785,861	)		(4,056,623,451	)
GS6 shares		(421,134	)		(873,423	)
Total value of shares redeemed		(1,470,159,175	)		(4,176,617,601	)
Net increase (decrease) from capital share transactions(2)		116,301			92,449,281
Total increase (decrease) in net assets		168,185			92,536,404
Net Assets:
Beginning of Period		1,150,692,271			1,058,155,867
End of Period*	$	1,150,860,456		$	1,150,692,271
*Including undistributed (distributions in excess of) net investment income	$	84,502		$	84,502

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

⁽²⁾ See Note 7 in Notes to Financial Statements.

See Notes to Financial Statements.

128

Low-Duration Bond Fund					Medium-Duration Bond Fund						Extended-Duration Bond Fund						Inflation Protected Bond Fund		Global Bond Fund
For the Six Months Ended 06/30/09 (Unaudited)		For the Year Ended 12/31/08			For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08			For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08			For the Period 06/25/09 to 06/30/09 (Unaudited)		For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08
$	11,533,360	$	30,702,495		$	18,982,382		$	54,680,407		$	14,251,349		$	32,896,917		$	9,624	$	6,419,847		$	11,820,489
	3,636,523		10,248,330			9,410,838			25,910,258			(15,092,636	)		3,536,736			6,468		(7,629,611	)		(771,149	)
	26,391,423		(62,157,691	)		37,283,296			(129,485,267	)		35,141,309			(81,975,842	)		544,321		28,748,921			(56,189,843	)
	41,561,306		(21,206,866	)		65,676,516			(48,894,602	)		34,300,022			(45,542,189	)		560,413		27,539,157			(45,140,503	)
	(2,211,280)		(7,859,812	)		(3,457,014	)		(11,645,709	)		(3,274,048	)		(8,411,202	)		—		—			—
	(6,990,691)		(25,918,642	)		(12,774,800	)		(44,817,988	)		(8,345,832	)		(24,338,771	)		—		(7,000,792	)		(13,354,129	)
	(101,664)		(331,598	)		(303,734	)		(1,129,043	)		(571,919	)		(1,871,633	)		—		—			—
	—		—			(1,210,513	)		(5,325,358	)		(162,567	)		(1,551,879	)		—		—			—
	—		—			(4,560,211	)		(20,940,453	)		(426,578	)		(4,629,238	)		—		—			(1,286,826	)
	—		—			(168,322	)		(605,256	)		(44,540	)		(351,828	)		—		—			—
	(9,303,635)		(34,110,052	)		(22,474,594	)		(84,463,807	)		(12,825,484	)		(41,154,551	)		—		(7,000,792	)		(14,640,955	)
	8,497,140		13,419,447			5,548,838			26,755,295			3,079,066			12,386,781			—		—			—
	42,567,455		74,611,719			30,167,091			94,933,988			13,775,200			27,666,880			68,259,048		11,830,795			122,278,692
	254,107		598,495			144,295			708,473			49,106			170,965			—		—			—
	6,028,341		—			14,963,529			—			15,327,294			—			—		—			—
	(6,028,341)		—			(14,963,529	)		—			(15,327,294	)		—			—		—			—
	2,209,235		7,855,439			4,663,558			16,454,325			3,432,330			9,955,235			—		—			—
	6,989,653		25,915,895			17,333,748			65,754,384			8,772,041			28,967,078					7,000,792			14,640,955
	101,664		331,598			472,056			1,734,299			616,459			2,223,461			—		—			—
	60,619,254		122,732,593			58,329,586			206,340,764			29,724,202			81,370,400			68,259,048		18,831,587			136,919,647
	(20,452,878)		(38,248,100	)		(12,166,167	)		(58,514,727	)		(12,007,768	)		(17,257,194	)		—					—
	(99,065,816)		(206,206,149	)		(100,000,388	)		(394,054,838	)		(65,614,370	)		(132,897,070	)		—		(20,971,633	)		(35,006,076	)
	(74,922)		(311,460	)		(176,672	)		(200,010	)		(44,729	)		(165,272	)		—					—
	(119,593,616)		(244,765,709	)		(112,343,227	)		(452,769,575	)		(77,666,867	)		(150,319,536	)		—		(20,971,633	)		(35,006,076	)
	(58,974,362)		(122,033,116	)		(54,013,641	)		(246,428,811	)		(47,942,665	)		(68,949,136	)		68,259,048		(2,140,046	)		101,913,571
	(26,716,691)		(177,350,034	)		(10,811,719	)		(379,787,220	)		(26,468,127	)		(155,645,876	)		68,819,461		18,398,319			42,132,113
	626,841,694		804,191,728			865,366,738			1,245,153,958			437,604,655			593,250,531			—		167,464,776			125,332,663
$	600,125,003	$	626,841,694		$	854,555,019		$	865,366,738		$	411,136,528		$	437,604,655		$	68,819,461	$	185,863,095		$	167,464,776
$	4,233,878	$	2,004,153		$	5,702,990		$	3,256,156		$	2,004,075		$	(55,475	)	$	9,624	$	(596,981	)	$	(16,036	)

See Notes to Financial Statements.

129

STATEMENTS OF CHANGES IN NET ASSETS

	Equity Index Fund						Real Estate Securities Fund
	For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08			For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08
Operations:
Net investment income	$	3,200,826		$	8,054,465		$	1,318,338		$	2,328,218
Net realized (loss) on investment securities, foreign currency transactions and derivative transactions		(2,027,498	)		(3,835,975	)		(29,176,695	)		(44,494,060	)
Net change in unrealized appreciation (depreciation) on investment securities, foreign currency translations and derivative transactions		7,904,625			(186,466,450	)		22,743,885			(8,562,119	)
Net increase (decrease) in net assets resulting from operations		9,077,953			(182,247,960	)		(5,114,472	)		(50,727,961	)
Dividends and Distributions to Shareholders:
Dividends from net investment income
GS2 shares		(1,330,372	)		(1,831,863	)		—			—
GS4 shares		(3,384,220	)		(4,586,589	)		(1,294,845	)		(2,388,143	)
GS6 shares		(14,301	)		(18,532	)		—			—
Distributions from net realized capital gains
GS2 shares		—			(695,874	)		—			—
GS4 shares		—			(1,977,420	)		—			—
GS6 shares		—			(7,511	)		—			—
Return of Capital
GS2 shares		—			—			—			—
GS4 shares		—			—			—			(99,004	)
GS6 shares		—			—			—			—
Total dividends and distributions		(4,728,893	)		(9,117,789	)		(1,294,845	)		(2,487,147	)
Capital Share Transactions:
Proceeds from shares sold
GS2 shares		2,731,452			7,040,123			—			—
GS4 shares		13,842,061			22,884,918			24,311,468			84,159,228
GS6 shares		169,604			524,851			—			—
GS8 shares(1)		—			—			—			—
Proceeds from exchange of GS6 shares for GS4 shares(1)
GS4 shares		752,012			—			—			—
GS6 shares		(752,012	)		—			—			—
Reinvestment of dividends and distributions
GS2 shares		1,328,589			2,524,043			—			—
GS4 shares		3,383,934			6,563,344			1,294,845			2,446,782
GS6 shares		14,301			26,043			—			—
Total proceeds from shares sold and reinvested		21,469,941			39,563,322			25,606,313			86,606,010
Value of shares redeemed
GS2 shares		(1,525,395	)		(8,877,183	)		—			—
GS4 shares		(9,486,373	)		(53,088,621	)		(13,623,511	)		(49,586,856	)
GS6 shares		(53,435	)		(197,779	)		—			—
Total value of shares redeemed		(11,065,203	)		(62,163,583	)		(13,623,511	)		(49,586,856	)
Net increase (decrease) from capital share transactions(2)		10,404,738			(22,600,261	)		11,982,802			37,019,154
Total increase (decrease) in net assets		14,753,798			(213,966,010	)		5,573,485			(16,195,954	)
Net Assets:
Beginning of Period		297,193,554			511,159,564			80,579,249			96,775,203
End of Period*	$	311,947,352		$	297,193,554		$	86,152,734		$	80,579,249
*Including undistributed (distributions in excess of) net investment income	$	94,492		$	1,622,559		$	23,493		$	—

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

⁽²⁾ See Note 7 in Notes to Financial Statements.

See Notes to Financial Statements.

130

Value Equity Fund					Growth Equity Fund						Small Cap Equity Fund						International Equity Fund
For the Six Months Ended 06/30/09 (Unaudited)		For the Year Ended 12/31/08			For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08			For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08			For the Six Months Ended 06/30/09 (Unaudited)			For the Year Ended 12/31/08
$	10,664,354	$	28,680,309		$	1,171,606		$	2,438,359		$	689,840		$	2,549,818		$	17,682,727		$	40,980,349
	(75,417,447)		(118,299,560	)		(127,913,346	)		(77,879,679	)		(55,682,216	)		(88,724,230	)		(184,899,944	)		(87,271,419	)
	55,534,262		(509,658,839	)		229,239,447			(641,077,277	)		63,775,626			(113,441,348	)		268,278,786			(776,771,510	)
	(9,218,831)		(599,278,090	)		102,497,707			(716,518,597	)		8,783,250			(199,615,760	)		101,061,569			(823,062,580	)
	(4,550,025)		(5,427,637	)		(344,030	)		(760,505	)		(109,846	)		(614,201	)		(1,785,189	)		(9,679,437	)
	(13,300,606)		(15,120,026	)		(889,232	)		(1,656,101	)		(312,503	)		(1,982,895	)		(6,382,581	)		(32,423,305	)
	(275,945)		(371,566	)		(1,914	)		(2,559	)		(13,179	)		(103,815	)		(134,700	)		(701,696	)
	—		(1,791,283	)		—			—			—			—			(2,529	)		(8,347,976	)
	—		(5,776,508	)		—			—			—			—			(9,714	)		(30,093,735	)
	—		(145,613	)		—			—			—			—			(219	)		(687,438	)
	—		—			—			—			—			(168,554	)		—			—
	—		—			—			—			—			(544,164	)		—			—
	—		—			—			—			—			(28,490	)		—			—
	(18,126,576)		(28,632,633	)		(1,235,176	)		(2,419,165	)		(435,528	)		(3,442,119	)		(8,314,932	)		(81,933,587	)
	8,551,064		26,364,928			8,585,332			28,172,361			2,402,323			20,033,750			11,862,389			104,596,517
	46,106,414		119,844,786			41,970,882			122,481,304			12,694,784			38,592,188			61,482,458			275,354,383
	202,991		384,635			130,569			295,093			121,495			274,544			203,417			699,797
	—		—			—			1,150,180			—			—			—			—
	10,999,393		—			8,465,100			—			11,250,269			—			15,254,145			—
	(10,999,393)		—			(8,465,100	)		—			(11,250,269	)		—			(15,254,145	)		—
	4,544,451		7,209,480			343,662			759,609			109,693			781,539			1,783,075			17,999,891
	13,299,539		20,894,776			889,208			1,656,068			312,456			2,526,659			6,391,937			62,512,863
	275,945		517,179			1,914			2,559			13,179			132,305			134,919			1,389,134
	72,980,404		175,215,784			51,921,567			154,517,174			15,653,930			62,340,985			81,858,195			462,552,585
	(2,825,094)		(28,656,106	)		(7,235,069	)		(26,886,067	)		(1,464,787	)		(16,975,850	)		(19,330,643	)		(38,548,254	)
	(48,088,250)		(175,032,062	)		(77,713,275	)		(186,516,510	)		(14,818,577	)		(71,310,720	)		(70,211,923	)		(144,223,290	)
	(12,385)		(127,031	)		(41,307	)		(149,108	)		(22,607	)		(74,701	)		(67,761	)		(300,712	)
	(50,925,729)		(203,815,199	)		(84,989,651	)		(213,551,685	)		(16,305,971	)		(88,361,271	)		(89,610,327	)		(183,072,256	)
	22,054,675		(28,599,415	)		(33,068,084	)		(59,034,511	)		(652,041	)		(26,020,286	)		(7,752,132	)		279,480,329
	(5,290,732)		(656,510,138	)		68,194,447			(777,972,273	)		7,695,681			(229,078,165	)		84,994,505			(625,515,838	)
	999,512,882		1,656,023,020			966,343,149			1,744,315,422			332,081,598			561,159,763			1,082,481,834			1,707,997,672
	$994,222,150	$	999,512,882		$	1,034,537,596		$	966,343,149		$	339,777,279		$	332,081,598		$	1,167,476,339		$	1,082,481,834
$	290,047	$	7,752,269		$	(25,025	)	$	38,545		$	233,038		$	(21,274	)	$	9,886,983		$	506,726

See Notes to Financial Statements.

131

FINANCIAL HIGHLIGHTS (Unaudited)

For a Share Outstanding For the Years Ended December 31, unless otherwise indicated																					Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period		Total Return		Net Assets, End of Period (000)		Expenses, Net		Expenses, Including Expense Reduction		Expenses, Before Waivers and Expense Reduction(1)		Investment Income, Net		Investment Income/ (Loss), Excluding Waivers and Expense Reduction		Portfolio Turnover Rate
Money Market Fund
GS2 Class
2009(2)	$	1.00	$	—	†	$	—	†	$	—	†	$	—		$	1.00	0.37	%	$	167,613	0.24	%(3)	0.24	%(3)	0.24	%(3)	0.74	%	0.74	%	N/A
2008		1.00		0.03			—	†		(0.03	)		—			1.00	2.95			171,739	0.20		0.20		0.20		2.86		2.86		N/A
2007		1.00		0.05			—	†		(0.05	)		—			1.00	5.23			112,581	0.23		0.23		0.23		5.11		5.11		N/A
2006		1.00		0.05			—	†		(0.05	)		—			1.00	4.92			100,559	0.26		0.26		0.26		4.82		4.82		N/A
2005		1.00		0.03			—	†		(0.03	)		—			1.00	3.07			93,103	0.27		0.27		0.26		3.03		3.04		N/A
2004		1.00		0.01			—	†		(0.01	)		—			1.00	1.19			61,374	0.27		0.27		0.27		1.17		1.17		N/A
GS4 Class
2009(2)	$	1.00	$	—	†	$	—	†	$	—	†	$	—		$	1.00	0.27	%	$	983,248	0.44	%(3)	0.44	%(3)	0.44	%(3)	0.54	%	0.54	%	N/A
2008		1.00		0.03			—	†		(0.03	)		—			1.00	2.75			970,146	0.40	(3)	0.40	(3)	0.40	(3)	2.72		2.72		N/A
2007		1.00		0.05			—	†		(0.05	)		—			1.00	5.03			939,596	0.43		0.43		0.43		4.92		4.92		N/A
2006		1.00		0.05			—	†		(0.05	)		—			1.00	4.72			930,582	0.46		0.46		0.46		4.64		4.64		N/A
2005		1.00		0.03			—	†		(0.03	)		—			1.00	2.88			766,322	0.46		0.46		0.46		2.84		2.84		N/A
2004		1.00		0.01			—	†		(0.01	)		—			1.00	0.99			838,087	0.46		0.46		0.45		0.98		0.99		N/A
Low-Duration Bond Fund
GS2 Class
2009(2)	$	8.11	$	0.16	#	$	0.41		$	(0.18	)	$	—		$	8.50	7.12	%	$	100,275	0.36	%	0.36	%	0.43	%	3.93	%	3.86	%	201	%
2008		8.90		0.36	#		(0.60	)		(0.55	)		—			8.11	(2.76	)		105,223	0.36		0.36		0.41		4.19		4.14		427
2007		8.89		0.42	#		0.12			(0.53	)		—			8.90	6.22			133,374	0.42		0.42		0.45		4.71		4.68		248
2006		9.06		0.38	#		(0.03	)		(0.52	)		—			8.89	3.94			105,991	0.45		0.45		0.47		4.22		4.20		168
2005		9.32		0.30	#		(0.15	)		(0.41	)		—	†		9.06	1.60			104,681	0.45		0.45		0.48		3.30		3.27		196
2004		9.51		0.21	#		(0.07	)		(0.28	)		(0.05	)		9.32	1.47			59,777	0.45		0.45		0.49		2.22		2.18		289
GS4 Class
2009(2)	$	11.99	$	0.23	#	$	0.60		$	(0.17	)	$	—		$	12.65	6.99	%	$	499,850	0.52	%	0.52	%	0.62	%	3.77	%	3.67	%	201	%
2008		12.88		0.51	#		(0.87	)		(0.53	)		—			11.99	(2.84	)		515,996	0.52		0.52		0.61		4.03		3.94		427
2007		12.63		0.58	#		0.17			(0.50	)		—			12.88	6.11			665,292	0.58		0.58		0.64		4.54		4.48		248
2006		12.66		0.58	#		(0.11	)		(0.50	)		—			12.63	3.75			697,687	0.61		0.61		0.66		4.05		4.00		168
2005		12.87		0.40	#		(0.22	)		(0.39	)		—	†		12.66	1.39			789,077	0.61		0.61		0.67		3.13		3.07		196
2004		13.00		0.27	#		(0.09	)		(0.26	)		(0.05	)		12.87	1.38			789,866	0.61		0.61		0.67		2.06		2.00		289

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

(1) The ratio also excludes previously recaptured fees.

(2) For the six months ended June 30, 2009. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(3) See Note 11 in Notes to Financial Statements.

See Notes to Financial Statements.

132

																								Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Return of Capital			Net Asset Value, End of Period		Total Return		Net Assets, End of Period (000)		Expenses, Net		Expenses, Including Expense Reduction		Expenses, Before Waivers and Expense Reduction(1)		Investment Income, Net		Investment Income/ (Loss), Excluding Waivers and Expense Reduction		Portfolio Turnover Rate
Medium-Duration Bond Fund
GS2 Class
2009(2)	$	7.13	$	0.17	#	$	0.41		$	(0.23	)	$	(0.08	)	$	—		$	7.40	8.47	%	$	114,303	0.48	%	0.48	%	0.50	%	4.73	%	4.71	%	254	%
2008		8.42		0.40	#		(0.72	)		(0.65	)		(0.32	)		—			7.13	(3.88	)		112,240	0.47		0.47		0.48		5.07		5.06		566
2007		8.52		0.42	#		0.12			(0.64	)		—	†		—			8.42	6.65			151,466	0.48		0.48		0.49		5.02		5.01		428
2006		8.71		0.39	#		(0.01	)		(0.57	)		—			—			8.52	4.50			113,051	0.50		0.50		0.50		4.60		4.60		440
2005		9.06		0.34	#		(0.10	)		(0.53	)		(0.06	)		—			8.71	2.62			100,800	0.50		0.50		0.53		3.84		3.81		465
2004		9.24		0.28	#		0.21			(0.45	)		(0.22	)		—			9.06	5.34			52,865	0.50		0.50		0.53		2.97		2.94		372
GS4 Class
2009(2)	$	12.16	$	0.28	#	$	0.72		$	(0.23	)	$	(0.08	)	$	—		$	12.85	8.37	%	$	740,252	0.58	%	0.58	%	0.70	%	4.63	%	4.51	%	254	%
2008		13.64		0.65	#		(1.18	)		(0.63	)		(0.32	)		—			12.16	(3.89	)		738,610	0.58		0.58		0.67		4.96		4.87		566
2007		13.42		0.66	#		0.18			(0.62	)		—	†		—			13.64	6.46			1,079,034	0.61		0.61		0.68		4.88		4.81		428
2006		13.40		0.60	#		(0.03	)		(0.55	)		—			—			13.42	4.37			1,108,958	0.62		0.62		0.69		4.48		4.41		440
2005		13.63		0.50	#		(0.16	)		(0.51	)		(0.06	)		—			13.40	2.50			981,935	0.62		0.62		0.71		3.71		3.62		465
2004		13.58		0.39	#		0.31			(0.43	)		(0.22	)		—			13.63	5.20			853,377	0.62		0.62		0.72		2.85		2.75		372
Extended-Duration Bond Fund
GS2 Class
2009(2)	$	6.31	$	0.23	#	$	0.33		$	(0.34	)	$	(0.02	)	$	—		$	6.51	9.51	%	$	61,268	0.54	%	0.54	%	0.54	%	7.47	%	7.47	%	17	%
2008		7.95		0.47	#		(1.11	)		(0.85	)		(0.15	)		—			6.31	(8.12	)		64,834	0.52		0.52		0.52		6.66		6.66		40
2007		8.13		0.41	#		0.23			(0.69	)		(0.13	)		—			7.95	8.45			75,841	0.53		0.53		0.53		5.21		5.21		101
2006		8.44		0.40	#		(0.03	)		(0.65	)		(0.03	)		—			8.13	4.75			59,916	0.57		0.57		0.57		4.91		4.91		100
2005		8.90		0.44	#		0.04			(0.68	)		(0.26	)		—			8.44	5.65			57,372	0.56		0.56		0.57		4.90		4.89		38
2004		9.23		0.47	#		0.27			(0.76	)		(0.31	)		—			8.90	8.49			32,309	0.57		0.57		0.57		5.17		5.17		66
GS4 Class
2009(2)	$	12.97	$	0.46	#	$	0.72		$	(0.33	)	$	(0.02	)	$	—		$	13.80	9.40	%	$	349,869	0.69	%	0.69	%	0.74	%	7.32	%	7.27	%	17	%
2008		15.20		0.90	#		(2.15	)		(0.83	)		(0.15	)		—			12.97	(8.28	)		357,073	0.69		0.69		0.71		6.45		6.43		40
2007		14.81		0.74	#		0.44			(0.66	)		(0.13	)		—			15.20	8.29			500,252	0.72		0.72		0.72		5.02		5.02		101
2006		14.82		0.69	#		(0.04	)		(0.63	)		(0.03	)		—			14.81	4.56			467,877	0.73		0.73		0.76		4.75		4.72		100
2005		14.93		0.71	#		0.10			(0.66	)		(0.26	)		—			14.82	5.54			393,851	0.73		0.73		0.76		4.72		4.69		38
2004		14.78		0.75	#		0.45			(0.74	)		(0.31	)		—			14.93	8.37			399,459	0.73		0.73		0.75		5.01		4.99		66
Inflation Protected Bond Fund
GS4 Class
2009(3)(4)	$	10.00	$	—		$	0.08		$	—		$	—		$	—		$	10.08	0.80	%	$	68,819	0.02	%	0.02	%	0.03	%	0.04	%	0.03	%	4	%
Global Bond Fund
GS4 Class
2009(2)	$	7.34	$	0.29	#	$	0.95		$	(0.31	)	$	—		$	—		$	8.27	17.51	%	$	185,863	0.81	%	0.81	%	0.82	%	7.69	%	7.68	%	59	%
2008		10.14		0.64	#		(2.59	)		(0.75	)		(0.10	)		—			7.34	(20.28	)		167,465	0.78		0.78		0.80		7.20		7.18		176
2007		10.12		0.61			0.08			(0.64	)		(0.03	)		—			10.14	7.00			125,333	0.79		0.79		0.80		6.07		6.06		255
2006(4)(5)		10.12		—	†		—	†		—	†		—			—	†		10.12	0.04			104,635	1.04		1.04		1.42		4.32		3.94		—

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

(1) The ratio also excludes previously recaptured fees.

(2) For the six months ended June 30, 2009. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(3) Inception date was June 26, 2009.

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

(5) Inception date was December 29, 2006.

See Notes to Financial Statements.

133

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

For a Share Outstanding For the Years Ended December 31, unless otherwise indicated																								Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Excess Distribution/ Return of Capital			Net Asset Value, End of Period		Total Return		Net Assets, End of Period (000)		Expenses, Net		Expenses, Including Expense Reduction		Expenses, Before Waivers and Expense Reduction(1)		Investment Income/ (Loss), Net		Investment Income/ (Loss), Excluding Waivers and Expense Reduction		Portfolio Turnover Rate
Equity Index Fund
GS2 Class
2009(2)	$	6.36	$	0.07	#	$	0.13		$	(0.17	)	$	—		$	—		$	6.39	3.19	%	$	52,413	0.22	%	0.22	%	0.24	%	2.39	%	2.37	%	1	%
2008		10.57		0.18	#		(4.06	)		(0.24	)		(0.09	)		—			6.36	(37.32	)		49,472	0.21		0.21		0.22		2.11		2.10		5
2007		11.08		0.20	#		0.39			(0.32	)		(0.78	)		—			10.57	5.19			81,104	0.22		0.22		0.22		1.77		1.77		5
2006		9.96		0.18	#		1.33			(0.28	)		(0.11	)		—			11.08	15.37			74,634	0.23		0.23		0.23		1.74		1.74		5
2005		9.78		0.16	#		0.30			(0.24	)		(0.04	)		—			9.96	4.80			62,214	0.23		0.23		0.24		1.63		1.62		6
2004		9.08		0.16	#		0.81			(0.27	)		—			—	†		9.78	10.77			36,148	0.25		0.25		0.23		1.75		1.77		2
GS4 Class
2009(2)	$	11.70	$	0.12	#	$	0.23		$	(0.16	)	$	—		$	—		$	11.89	3.04	%	$	259,535	0.37	%	0.37	%	0.44	%	2.24	%	2.17	%	1	%
2008		19.07		0.31	#		(7.37	)		(0.22	)		(0.09	)		—			11.70	(37.37	)		247,077	0.37		0.37		0.42		1.95		1.90		5
2007		19.17		0.32	#		0.64			(0.28	)		(0.78	)		—			19.07	4.95			429,423	0.39		0.39		0.42		1.59		1.56		5
2006		16.97		0.28	#		2.28			(0.25	)		(0.11	)		—			19.17	15.19			466,429	0.40		0.40		0.43		1.57		1.54		5
2005		16.47		0.24	#		0.51			(0.21	)		(0.04	)		—			16.97	4.61			402,865	0.40		0.40		0.43		1.46		1.43		6
2004		15.12		0.25	#		1.35			(0.25	)		—			—			16.47	10.60			417,962	0.40		0.40		0.41		1.60		1.59		2
Real Estate Securities Fund
GS4 Class
2009(2)	$	5.25	$	0.08	#	$	(0.55	)	$	(0.07	)	$	—		$	—		$	4.71	(8.91	)%	$	86,153	1.29	%	1.29	%	1.33	%	3.56	%	3.52	%	68	%
2008		9.04		0.18	#		(3.80	)		(0.16	)		—			(0.01	)		5.25	(40.35	)		80,579	1.26		1.26		1.25		2.21		2.22		94
2007		12.55		0.11	#		(2.12	)		(0.11	)		(1.39	)		—			9.04	(16.23	)		96,775	1.20		1.20		1.22		0.94		0.92		119
2006(3)(4)		12.50		—	†		0.05			—			—			—			12.55	0.40			107,035	1.33		1.33		1.88		(1.16	)	(1.71	)	—
Value Equity Fund
GS2 Class
2009(2)	$	5.52	$	0.06	#	$	(0.13	)	$	(0.17	)	$	—		$	—		$	5.28	(1.17	)%	$	148,315	0.69	%	0.69	%	0.70	%	2.44	%	2.43	%	20	%
2008		9.10		0.17	#		(3.46	)		(0.22	)		(0.07	)		—			5.52	(36.81	)		143,506	0.66		0.65		0.67		2.29		2.27		52
2007		10.62		0.18	#		(0.27	)		(0.28	)		(1.15	)		—			9.10	(1.18	)		230,436	0.69		0.69		0.69		1.70		1.70		45
2006		10.75		0.18	#		1.78			(0.28	)		(1.81	)		—			10.62	18.76			181,940	0.72		0.71		0.72		1.70		1.69		76
2005		11.44		0.20	#		0.65			(0.28	)		(1.26	)		—			10.75	7.40			156,279	0.73		0.72		0.73		1.72		1.71		54
2004		9.94		0.17	#		1.59			(0.26	)		—	†		—			11.44	17.83			75,123	0.75		0.74		0.74		1.64		1.64		56
GS4 Class
2009(2)	$	10.53	$	0.11	#	$	(0.24	)	$	(0.16	)	$	—		$	—		$	10.24	(1.16	)%	$	845,907	0.85	%	0.85	%	0.89	%	2.28	%	2.24	%	20	%
2008		17.03		0.30	#		(6.54	)		(0.19	)		(0.07	)		—			10.53	(36.95	)		844,459	0.85		0.84		0.86		2.09		2.07		52
2007		18.65		0.29	#		(0.52	)		(0.24	)		(1.15	)		—			17.03	(1.39	)		1,407,534	0.88		0.88		0.88		1.50		1.50		45
2006		17.50		0.28	#		2.93			(0.25	)		(1.81	)		—			18.65	18.64			1,434,773	0.90		0.89		0.91		1.52		1.50		76
2005		17.74		0.28	#		0.99			(0.25	)		(1.26	)		—			17.50	7.13			1,279,940	0.90		0.89		0.93		1.53		1.49		54
2004		15.28		0.24	#		2.45			(0.23	)		—			—			17.74	17.71			1,305,669	0.90		0.89		0.92		1.49		1.46		56

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

(1) The ratio also excludes previously recaptured fees.

(2) For the six months ended June 30, 2009. All ratios for the period have been annualized. Total return and portfolio turnover for the period have not been annualized.

(3) Inception date was December 29, 2006.

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

See Notes to Financial Statements.

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																								Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distri- butions from Net Realized Capital Gains			Excess Distri- bution/ Return of Capital			Net Asset Value, End of Period		Total Return		Net Assets, End of Period (000)		Expenses, Net		Expenses, Including Expense Reduction		Expenses, Before Waivers/ Reimburse- ments and Expense Reduction(1)		Invest- ment Income/ (Loss), Net		Investment Income/ (Loss), Excluding Waivers/ Reimburse- ments and Expense Reduction		Portfolio Turnover Rate
Growth Equity Fund
GS2 Class
2009(2)	$	7.26	$	0.01		$	0.76		$	(0.02	)	$	—		$	—		$	8.01	10.58	%	$	157,925	0.88	%	0.87	%	0.90	%	0.32	%	0.29	%	45	%
2008		12.76		0.03			(5.49	)		(0.04	)		—			—			7.26	(42.84	)		141,138	0.87		0.86		0.87		0.26		0.25		99
2007		11.23		0.02			1.55			(0.04	)		—			—			12.76	13.99			242,557	0.89		0.89		0.88		0.24		0.25		51
2006		11.18		—	†		0.05			—			—			—			11.23	0.45			179,852	0.89		0.88		0.90		0.00		(0.02	)	48
2005		10.29		(0.03	)		0.92			—			—			—			11.18	8.65			172,118	0.87		0.86		0.89		(0.10	)	(0.13	)	49
2004		9.16		—	†		1.13			—			—			—			10.29	12.34			84,177	0.87		0.86		0.89		0.01		(0.02	)	56
GS4 Class
2009(2)	$	11.52	$	—	†	$	1.22		$	(0.01	)	$	—		$	—		$	12.73	10.62	%	$	876,612	0.97	%	0.96	%	1.09	%	0.23	%	0.10	%	45	%
2008		20.22		0.02			(8.70	)		(0.02	)		—			—			11.52	(42.92	)		817,315	0.97		0.96		1.06		0.16		0.06		99
2007		17.77		0.02			2.45			(0.02	)		—			—			20.22	13.90			1,488,091	1.00		1.00		1.07		0.13		0.06		51
2006		17.71		(0.02	)		0.08			—			—			—			17.77	0.34			1,343,147	1.01		1.00		1.09		(0.12	)	(0.21	)	48
2005		16.33		(0.04	)		1.42			—			—			—			17.71	8.45			1,362,599	0.99		0.98		1.08		(0.22	)	(0.32	)	49
2004		14.55		(0.02	)		1.80			—			—			—			16.33	12.23			1,405,754	0.99		0.98		1.08		(0.11	)	(0.21	)	56
Small Cap Equity Fund
GS2 Class
2009(2)	$	5.94	$	0.01	#	$	0.15		$	(0.01	)	$	—		$	—		$	6.09	2.76	%	$	50,489	1.04	%	1.04	%	1.06	%	0.54	%	0.52	%	72	%
2008		9.60		0.05	#		(3.61	)		(0.08	)		—			(0.02	)		5.94	(37.05	)		48,159	1.03		1.02		1.04		0.66		0.64		147
2007		11.33		0.06	#		0.09			(0.07	)		(1.81	)		—			9.60	1.05			76,792	1.05		1.05		1.05		0.48		0.48		119
2006		11.40		(0.01	)#		1.32			—			(1.38	)		—			11.33	11.40			66,695	1.06		1.05		1.06		(0.05	)	(0.06	)	86
2005		12.51		(0.01	)#		0.84			—			(1.94	)		—			11.40	6.48			62,009	1.10		1.09		1.07		(0.06	)	(0.04	)	97
2004		11.52		(0.01	)		1.74			—			(0.74	)		—			12.51	15.04			28,639	1.18		1.15		1.20		(0.10	)	(0.15	)	148
GS4 Class
2009(2)	$	8.91	$	0.02	#	$	0.21		$	(0.01	)	$	—		$	—		$	9.13	2.59	%	$	289,288	1.15	%	1.14	%	1.26	%	0.43	%	0.31	%	72	%
2008		14.31		0.07	#		(5.39	)		(0.06	)		—			(0.02	)		8.91	(37.19	)		272,588	1.15		1.13		1.24		0.55		0.44		147
2007		16.00		0.06	#		0.11			(0.05	)		(1.81	)		—			14.31	0.87			466,522	1.18		1.18		1.25		0.34		0.27		119
2006		15.61		(0.03	)#		1.80			—			(1.38	)		—			16.00	11.27			486,358	1.21		1.20		1.25		(0.20	)	(0.25	)	86
2005		16.48		(0.03	)#		1.10			—			(1.94	)		—			15.61	6.37			463,367	1.22		1.21		1.27		(0.19	)	(0.26	)	97
2004		14.99		(0.02	)		2.25			—			(0.74	)		—			16.48	14.89			432,763	1.25		1.22		1.37		(0.16	)	(0.31	)	148

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

(1) The ratio also excludes previously recaptured fees.

(2) For the six months ended June 30, 2009. 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.

135

FINANCIAL HIGHLIGHTS (Unaudited) (Continued)

For a Share Outstanding For the Years Ended December 31, unless otherwise indicated																							Ratios to Average Net Assets
	Net Asset Value, Beginning of Period		Net Investment Income			Realized and Unrealized Gain (Loss) on Investments			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Return of Capital		Net Asset Value, End of Period		Total Return		Net Assets, End of Period (000)		Expenses, Net		Expenses, Including Expense Reduction		Expenses, Before Waivers and Expense Reduction(1)		Investment Income, Net		Investment Income/ (Loss), Excluding Waivers and Expense Reduction		Portfolio Turnover Rate
International Equity Fund
GS2 Class
2009(2)	$	7.32	$	0.12	#	$	0.53		$	(0.07	)	$	—	†	$	—	$	7.90	9.02	%	$	200,479	0.94	%	0.94	%	1.17	%	3.47	%	3.24	%	34	%
2008		14.61		0.34	#		(6.89	)		(0.39	)		(0.35	)		—		7.32	(44.72	)		193,281	0.94		0.93		1.08		2.92		2.77		88
2007		15.80		0.26	#		1.79			(0.27	)		(2.97	)		—		14.61	13.21			279,652	0.96		0.96		1.07		1.55		1.44		66
2006		14.71		0.25			3.23			(0.35	)		(2.04	)		—		15.80	23.78			199,989	0.97		0.96		1.10		1.60		1.46		26
2005		12.93		0.29			1.99			(0.30	)		(0.20	)		—		14.71	17.66			176,819	0.97		0.95		1.12		1.59		1.43		30
2004		11.06		0.16			1.93			(0.22	)		—			—		12.93	18.93			87,300	0.97		0.95		1.13		1.32		1.14		33
GS4 Class
2009(2)	$	9.38	$	0.15	#	$	0.68		$	(0.07	)	$	—	†	$	—	$	10.14	8.90	%	$	966,997	1.12	%	1.12	%	1.36	%	3.37	%	3.13	%	34	%
2008		18.32		0.40	#		(8.63	)		(0.36	)		(0.35	)		—		9.38	(44.81	)		873,618	1.12		1.11		1.28		2.73		2.56		88
2007		19.09		0.28	#		2.16			(0.24	)		(2.97	)		—		18.32	12.96			1,400,548	1.14		1.14		1.27		1.38		1.25		66
2006		17.37		0.26			3.82			(0.32	)		(2.04	)		—		19.09	23.58			1,254,839	1.15		1.14		1.29		1.43		1.28		26
2005		15.20		0.23			2.41			(0.27	)		(0.20	)		—		17.37	17.39			1,120,234	1.15		1.13		1.31		1.42		1.24		30
2004		12.96		0.17			2.26			(0.19	)		—			—		15.20	18.80			1,072,556	1.15		1.13		1.31		1.22		1.04		33

† Amount represents less than $0.005 per share.

# Calculated using the average shares outstanding method.

(1) The ratio also excludes previously recaptured fees.

(2) For the six months ended June 30, 2009. 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,” commenced operations on December 29, 2006. 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.” The Inflation Protected Bond Fund commenced operations as a registered investment company on June 25, 2009.

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. The distribution fee (expense specific to the GS6 Class) ceased with the elimination of the GS6 Class.

Prior to April 30, 2009, GS6 Class shares of the Funds were also available. On April 30, 2009, shares of the GS6 Class of each Fund were exchanged at each Fund’s applicable net asset value for equivalent shares of the GS4 Class of the same Fund, and the GS6 Class was terminated effective May 1, 2009.

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.

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

137

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. Debt securities, excluding asset-backed and mortgage-backed securities, are valued at the mean of the last bid and asked prices available. Asset-backed and mortgage-backed securities are valued at the last bid price. Options and warrants for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, at the closing bid price. Options and warrants not traded on a national securities exchange are valued at the last quoted bid price. Short-term securities maturing in more than 60 days from the valuation date are valued at the mean of the last bid and asked prices; those maturing in 60 days or less are valued at amortized cost. Futures contracts are valued at the closing settlement price on the exchange on which they are primarily traded. Forward foreign exchange contracts are valued based upon closing exchange rates from each respective foreign market. Swap agreements are valued daily based upon the terms specific to each agreement with its counterparty. To the extent available, valuations of portfolio securities are provided by independent pricing services approved by the Board of Trustees. Debt securities are valued on the basis of broker quotations or valuations provided by a pricing service which may use a matrix, formula or other objective method that takes into consideration market indices, matrices, yield curves and other specific adjustments. Certain fixed-income securities are valued by the sub-adviser using various methodologies. Due to excessive volatility in the current market, valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities. Securities for which market quotations are not readily available are valued at fair value according to methods established in good faith by the Board of Trustees.

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

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

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

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The Funds have adopted the provisions of the Statement of Financial Accounting Standards No. 157 (“FAS 157”). FAS 157 defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes and requires disclosure of a fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Levels 1, 2, and 3). Categorization of fair value measurements is determined by the nature of the inputs as follows:

Level 1	–	quoted prices in active markets for identical securities.
Level 2	–	prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3	–	prices determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Valuation levels are not necessarily an indication of the risk associated with investing in those securities. For fair valuations using significant unobservable inputs, FAS 157 requires 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. In accordance with the requirements of FAS 157, a fair value hierarchy and Level 3 reconciliation have been included in the Schedules of Investments for each respective fund.

b. Repurchase Agreements

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

c. Derivative Financial Instruments

The Funds may engage in various portfolio strategies to seek to increase its return by hedging its portfolio against adverse movements in the equity, debt and currency markets. Losses may arise due to changes in the value of the contract if the counterparty does not perform under the contract. The Funds, in their normal course of business, may enter into contracts that contain a variety of representations and warranties, and which provide general indemnifications. The Funds’ exposure may include future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

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

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

139

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

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

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

Certain Funds may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed upon swap contract on a future date. If a written call swaption is exercised, the writer will enter a swap and is obligated to pay the fixed-rate and receive a floating rate in exchange. If a written put swaption is exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange. Swaptions are marked-to-market daily based upon quotations from market makers. When a Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current market value of the swaption.

Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk in excess of the amounts reported in the Statement of Assets and Liabilities, associated with both option contracts and swap contracts. The Funds bear the market risk arising from any change in index values or interest rates.

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

Foreign Currency Options and Futures — The International Equity Fund, Small Cap Equity Fund and the Bond Funds may also enter into futures contracts on foreign currencies and related options on transactions as a short or long hedge against possible variations in foreign exchange rates.

140

TBAs — The Bond Funds and the Small Cap Equity Fund may enter into “TBA” (to be announced) purchase commitments to purchase securities for a fixed price at a future date, typically not exceeding 45 days. TBAs may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines prior to settlement date. This risk is in addition to the risk of decline in each Fund’s other assets. Unsettled TBAs are valued at the current market value of the underlying securities, according to the procedures described in the section entitled “Valuation of Securities”.

Mortgage-Backed Securities — Investments in securities collateralized by residential real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be difficult. Such market conditions may significantly impair the value of these investments resulting in a lack of correlation between their credit ratings and values.

Dollar Rolls — During the period ended June 30, 2009, the Trust entered into dollar roll transactions, pursuant to which they sell a mortgage-backed TBA or security and simultaneously purchase a similar, but not identical, TBA with the same issuer, rate and terms. The Funds may execute a “roll” to obtain better underlying mortgage securities or to increase yield. The Funds account for dollar roll transactions as purchases and sales, which has the effect of increasing their portfolio turnover rates. Risks associated with dollar rolls are that actual mortgages received by the Funds may be less favorable than those anticipated or that counterparties may fail to perform under the terms of the contracts.

Swap Agreements — Each Select Fund may enter into swap agreements. The Equity Funds may enter into equity swap contracts 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.

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

Certain of the 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 period ended June 30, 2009, 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 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 is treated as part of the cost and is 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).

Credit default swaps are carried at their estimated fair value, as determined in good faith by the Board of Trustees. In determining fair value, the Board of Trustees considers the value provided by the counterparty as well as the use of a proprietary model. In addition to credit quality, the sub-advisors 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.

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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 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

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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 swap to achieve a similar effect. Credit-default swap 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 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 reference 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 reference 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

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

Financial Accounting Standards Board (“FASB”) Staff Position No. FAS 133-1 and FIN 45-4, “Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45” (the “Position”). The Position amends FASB Statement No. 133 (“FAS 133”), Accounting for Derivative Instruments and Hedging Activities, and also amends FASB Interpretation No. 45 (“FIN 45”), Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others. The amendments to FAS 133 include required disclosure for (i) the nature and terms of the credit derivative, reasons for entering into the credit derivative, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative, (iii) the fair value of the credit derivative, and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties. The amendments to FIN 45 require additional disclosures about the current status of the payment/performance risk of a guarantee. All changes to accounting policies have been made in accordance with the Position and incorporated for the current period as part of the Notes to the Schedules of Investments and disclosures within Footnote 2(c), Swap Agreements.

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As of June 30, 2009, the Low-Duration Bond Fund and the Medium-Duration Bond Fund are the buyer (“receiving protection”) on a total notional amount of $30,606,881 and $7,670,050,400, respectively, and Medium Duration Bond Fund is the seller (“providing protection”) on a total notional amount of $10,400,000. 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					Total
Reference Asset	Corporate Debt			Sovereign Debt			Asset-Backed Securities			Corporate Debt
Medium-Duration Bond
Fair value of written credit derivatives	$	(2,137,324	)	$	(59,170	)	$	(749,119	)	$	—	$	(2,945,613	)
Maximum potential amount of future payments		(8,400,000	)		(1,000,000	)		(1,000,000	)		—		(10,400,000	)
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 Futures 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		—		—		—		—		1,000,000		1,000,000
501 - 1,000		—		—		—		8,400,000		—		8,400,000
Greater than 1,000		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	9,400,000	$	1,000,000	$	10,400,000

Derivative Holdings Categorized by Risk Exposure

The FASB recently adopted Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”). The new standard 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 under FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, and how derivative instruments affect the entity’s financial position, results of operations, and cash flows. The new standard is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The Funds have adopted the provisions of FAS 161 as of the beginning of the current fiscal year.

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

	Asset Derivative Value
Fund	Total Value at June 30, 2009			Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts
MyDestination 2005 Fund	$	(8,578	)	$	—		$	—	$	—	$	(8,578	)
MyDestination 2015 Fund		(27,266	)		—			—		—		(27,266	)
MyDestination 2025 Fund		(1,563	)		—			—		—		(1,563	)
MyDestination 2035 Fund		2,751			—			—		—		2,751
MyDestination 2045 Fund		(7,480	)		—			—		—		(7,480	)
Conservative Allocation Fund		(27,130	)		—			—		—		(27,130	)
Balanced Allocation Fund		(253,292	)		—			—		—		(253,292	)
Growth Allocation Fund		(80,297	)		—			—		—		(80,297	)
Aggressive Allocation Fund		(357,443	)		—			—		—		(357,443	)
Conservative Allocation Fund I		(5,401	)		—			—		—		(5,401	)
Balanced Allocation Fund I		(55,349	)		—			—		—		(55,349	)
Growth Allocation Fund I		(10,856	)		—			—		—		(10,856	)
Aggressive Allocation Fund I		(55,652	)		—			—		—		(55,652	)
Low-Duration Bond Fund		7,280,770			2,657,726			323,185		4,299,859		—
Medium-Duration Bond Fund		5,921,699			4,615,109			272,559		1,034,031		—
Inflation Protected Bond Fund		(1,628	)		(1,628	)		—		—		—
Global Bond Fund		958,553			(55,190	)		1,013,743		—		—
Equity Index Fund		(180,787	)		—			—		—		(180,787	)
Real Estate Securities Fund		(115,310	)		—			—		—		(115,310	)
Value Equity Fund		(785,520	)		—			—		—		(785,520	)
Growth Equity Fund		265,904			—			—		—		265,904
Small Cap Equity Fund		(1,612,978	)		46,175			—		—		(1,659,153	)
International Equity Fund		377,318			—			522,825		—		(145,507	)
	Liability Derivative Value
Low-Duration Bond Fund	$	627,559		$	175,518		$	450,886	$	1,155	$	—
Medium-Duration Bond Fund		4,097,327			355,863			754,512		2,986,952		—
Inflation Protected Bond Fund		(552	)		(552	)		—		—		—
Global Bond Fund		1,184,564			—			1,184,564		—		—
Small Cap Equity Fund		43,415			30,335			13,080		—		—
International Equity Fund		342,104			—			374,904		—		(32,800	)

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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 realized gain (loss) from: Option contracts purchased
	Net change in unrealized appreciation (depreciation) on: Foreign currency transactions
	Net change in unrealized appreciation (depreciation) on: Option contracts written
Credit contracts	Net realized gain (loss) from: Swap agreements
	Net change in unrealized appreciation (depreciation) on: Swap agreements
Equity contracts	Net realized gain (loss) from: Futures transactions
	Net change in unrealized appreciation (depreciation) on: Futures

	Realized Gain (Loss) on Derivatives Recognized in Income
Fund	Total Value at June 30, 2009			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
MyDestination 2005 Fund	$	(44,606	)	$	—		$	—		$	—	$	(44,606	)
MyDestination 2015 Fund		67,152			—			—			—		67,152
MyDestination 2025 Fund		96,871			—			—			—		96,871
MyDestination 2035 Fund		68,807			—			—			—		68,807
MyDestination 2045 Fund		69,015			—			—			—		69,015
Conservative Allocation Fund		(694,060	)		—			—			—		(694,060	)
Balanced Allocation Fund		(244,764	)		—			—			—		(244,764	)
Growth Allocation Fund		(408,552	)		—			—			—		(408,552	)
Aggressive Allocation Fund		769,240			—			—			—		769,240
Conservative Allocation Fund I		(12,377	)		—			—			—		(12,377	)
Balanced Allocation Fund I		(409,247	)		—			—			—		(409,247	)
Growth Allocation Fund I		(29,040	)		—			—			—		(29,040	)
Aggressive Allocation Fund I		89,548			—			—			—		89,548
Low-Duration Bond Fund		7,944,362			7,709,880			(1,484,718	)		1,719,200		—
Medium-Duration Bond Fund		11,533,917			7,130,076			(268,183	)		4,672,024		—
Inflation Protected Bond Fund		—			—			—			—		—
Global Bond Fund		1,438,942			233,133			1,205,809			—		—
Equity Index Fund		619,396			—			—			—		619,396
Real Estate Securities Fund		897,029			—			—			—		897,029
Value Equity Fund		4,734,204			—			—			—		4,734,204
Growth Equity Fund		2,231,185			—			—			—		2,231,185
Small Cap Equity Fund		5,437,045			(79,642	)		2,829			—		5,513,858
International Equity Fund		3,135,047			—			456,588			—		2,678,459
	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Fund	Total Value at June 30, 2009			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts
MyDestination 2005 Fund	$	(25,126	)	$	—		$	—		$	—	$	(25,126	)
MyDestination 2015 Fund		(61,115	)		—			—			—		(61,115	)
MyDestination 2025 Fund		(28,201	)		—			—			—		(28,201	)
MyDestination 2035 Fund		(13,136	)		—			—			—		(13,136	)
MyDestination 2045 Fund		(19,114	)		—			—			—		(19,114	)

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	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Fund	Total Value at June 30, 2009			Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts
Conservative Allocation Fund	$	(53,636	)	$	—		$	—		$	—		$	(53,636	)
Balanced Allocation Fund		(269,089	)		—			—			—			(269,089	)
Growth Allocation Fund		(227,849	)		—			—			—			(227,849	)
Aggressive Allocation Fund		(494,872	)		—			—			—			(494,872	)
Conservative Allocation Fund I		(18,075	)		—			—			—			(18,075	)
Balanced Allocation Fund I		(99,221	)		—			—			—			(99,221	)
Growth Allocation Fund I		(57,828	)		—			—			—			(57,828	)
Aggressive Allocation Fund I		(67,892	)		—			—			—			(67,892	)
Low-Duration Bond Fund		(159,430	)		1,366,486			490,167			(2,016,083	)		—
Medium-Duration Bond Fund		6,083,611			9,118,608			1,839,660			(4,874,657	)		—
Inflation Protected Bond Fund		(1,076	)		(1,076	)		—			—			—
Global Bond Fund		(1,499,548	)		(129,025	)		(1,370,523	)		—			—
Equity Index Fund		(472,450	)		—			—			—			(472,450	)
Real Estate Securities Fund		(353,615	)		—			—			—			(353,615	)
Value Equity Fund		(1,273,398	)		—			—			—			(1,273,398	)
Growth Equity Fund		(753,514	)		—			—			—			(753,514	)
Small Cap Equity Fund		(4,266,579	)		(115,819	)		(5,252	)		—			(4,145,508	)
International Equity Fund		(835,928	)		—			(180,378	)		—			(655,550	)

d. Foreign Currency Translations

Securities and other assets and liabilities denominated in foreign currencies are translated daily into U.S. dollars. Foreign currency amounts related to the purchase or sale of securities and income and expenses are translated at the exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized security gains or losses is reflected as a component of such gains or losses. In the statement of operations, net realized gains or losses from foreign currency transactions, if any, may arise from sales of foreign currency, closed forward contracts, exchange gains or losses realized between the trade date and settlement date on securities transactions, and other translation gains or losses on dividends, interest income and foreign withholding taxes.

e. Dividends and Distributions to Shareholders

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

f. Security Transactions, Income and Realized Gains and Losses

Security transactions are accounted for on the date securities are purchased or sold (the trade date). Dividend income is recognized on the ex-dividend date and interest income is accrued daily, including the amortization of market premium and the accretion of market discount. Realized gains and losses from security transactions are on an identified cost basis.

g. Expenses

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

149

h. REITs

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

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

i. Short Sales

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

The Equity Funds may sell short exchange-listed equity futures contracts to reduce market exposure. The Date Target Funds, Asset Allocation Funds, Bond Funds and Small Cap Equity Fund may sell short U.S. Treasury securities and exchange-listed U.S. Treasury futures contracts to reduce market exposure. The Low-Duration Bond, Medium-Duration Bond and Small Cap Equity Funds will occasionally enter into a short sale to initiate a dollar roll transaction. 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, 2009, the value of securities sold short in the Low-Duration Bond Fund, the Medium-Duration Bond Fund and the International Equity Fund amounted to $40,508,433, $994,062 and $19,441,034, respectively.

j. Loan Participations

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

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

150

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, 2009, based upon average daily net assets, were as follows:

Fund	Advisory Fees		Sub-Adviser Fees
MyDestination 2005	0.10	%	—
MyDestination 2015	0.10	%	—
MyDestination 2025	0.10	%	—
MyDestination 2035	0.10	%	—
MyDestination 2045	0.10	%	—
Conservative Allocation	0.10	%	—
Balanced Allocation	0.10	%	—
Growth Allocation	0.10	%	—
Aggressive Allocation	0.10	%	—
Conservative Allocation I	0.10	%	—
Balanced Allocation I	0.10	%	—
Growth Allocation I	0.10	%	—
Aggressive Allocation I	0.10	%	—
Money Market	0.09	%	0.07	%
Low-Duration Bond	0.13	%	0.22	%
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	%	0.03	%
Real Estate Securities	0.28	%	0.65	%
Value Equity	0.40	%	0.25	%
Growth Equity	0.45	%	0.40	%
Small Cap Equity	0.27	%	0.67	%
International Equity	0.47	%	0.50	%

For the six months ended June 30, 2009, 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	$	25,496	$	(27,342	)	$	(1,846	)
MyDestination 2015		73,934		(1,864	)		72,070
MyDestination 2025		51,031		(7,682	)		43,349
MyDestination 2035		20,833		(31,851	)		(11,018	)
MyDestination 2045		11,067		(39,941	)		(28,874	)
Conservative Allocation		124,674		(51,637	)		73,037
Balanced Allocation		442,510		(65,588	)		376,922
Growth Allocation		319,671		(66,540	)		253,131
Aggressive Allocation		264,806		(66,979	)		197,827

151

	Gross Advisory Fee		Waiver/ Reimbursements			Net Advisory Fee (Reimbursement)
Conservative Allocation I	$	26,851	$	(23,669	)	$	3,182
Balanced Allocation I		125,696		—			125,696
Growth Allocation I		78,131		(5,114	)		73,017
Aggressive Allocation I		52,227		(13,977	)		38,250
Money Market		526,232		3,349			529,581
Low-Duration Bond		394,812		(296,673	)		98,139
Medium-Duration Bond		860,152		(421,586	)		438,567
Extended-Duration Bond		485,857		(77,579	)		408,279
Inflation Protected Bond		1,503		(1,747	)		(244	)
Global Bond		175,352		(11,448	)		163,904
Equity Index		183,229		(92,757	)		90,472
Real Estate Securities		103,567		(14,501	)		89,066
Value Equity		1,851,829		(184,919	)		1,666,909
Growth Equity		2,201,729		(524,794	)		1,676,935
Small Cap Equity		420,084		(142,101	)		277,982
International Equity		2,451,315		(1,262,053	)		1,189,261

b. Distribution and Shareholder Servicing Fees

The Board of Trustees has adopted a Shareholder Service Plan for the GS4 Class of each Select Fund pursuant to Rule 12b-1 under the 1940 Act (“12b-1 Plan”).

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 is authorized to pay service fees of 0.19% of average daily net assets.

Under the 12b-1 Plan, the assets of each Select Fund may be used to compensate GuideStone Financial Resources, the Underwriter or others for certain expenses relating to the distribution of shares of the Funds to investors. With the merger of the GS6 Class into the GS4 Class to terminate the GS6 Class, the Plan was no longer in effect as of May 1, 2009.

c. Expense Limitation

GSCM has agreed, through April 30, 2010, to waive fees and reimburse expenses of the GS2 Class and GS4 Class of each Fund (excluding interest, taxes, brokerage commissions and extraordinary expenses) which exceed, in the aggregate, the annual percentage rate of each Class’s average daily net assets as follows:

Fund	GS2 Class		GS4 Class
MyDestination 2005	NA		0.20	%
MyDestination 2015	NA		0.20	%
MyDestination 2025	NA		0.20	%
MyDestination 2035	NA		0.20	%
MyDestination 2045	NA		0.20	%
Conservative Allocation	NA		0.12	%
Balanced Allocation	NA		0.12	%
Growth Allocation	NA		0.12	%
Aggressive Allocation	NA		0.12	%
Conservative Allocation I	0.15	%	NA
Balanced Allocation I	0.15	%	NA
Growth Allocation I	0.15	%	NA
Aggressive Allocation I	0.15	%	NA
Money Market	0.20	%	0.39	%
Low-Duration Bond	0.36	%	0.52	%
Medium-Duration Bond	0.48	%	0.58	%

152

Fund	GS2 Class		GS4 Class
Extended-Duration Bond	0.63	%	0.69	%
Inflation Protected Bond	NA		0.67	%
Global Bond	NA		1.02	%
Equity Index	0.23	%	0.37	%
Real Estate Securities	NA		1.29	%
Value Equity	0.74	%	0.85	%
Growth Equity	0.88	%	0.97	%
Small Cap Equity	1.12	%	1.15	%
International Equity	0.94	%	1.12	%

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, 2009, the amounts subject to possible future reimbursement under the expense limitation agreement are as follows:

	GS2 Class		GS4 Class
MyDestination 2005		NA	$	150,311
MyDestination 2015		NA		NA
MyDestination 2025		NA		79,235
MyDestination 2035		NA		187,198
MyDestination 2045		NA		205,962
Conservative Allocation		NA		414,405
Balanced Allocation		NA		304,256
Growth Allocation		NA		313,156
Aggressive Allocation		NA		331,593
Conservative Allocation I	$	182,395		NA
Balanced Allocation I		NA		NA
Growth Allocation I		36,780		NA
Aggressive Allocation I		70,439		NA
Money Market		NA		NA
Low-Duration Bond		154,275		1,582,232
Medium-Duration Bond		10,015		2,497,771
Extended-Duration Bond		NA		298,809
Inflation Protected Bond		NA		1,747
Global Bond		NA		NA
Equity Index		1,732		475,123
Real Estate Securities		NA		10,293
Value Equity		NA		410,908
Growth Equity		7,348		3,546,334
Small Cap Equity		NA		987,943
International Equity		1,115,748		6,366,809

153

d. Brokerage Service and Other 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 Equity Funds.

Fund	Expenses Paid Through Brokerage Service Arrangements
Value Equity	$	18,141
Growth Equity		31,644
Small Cap Equity		9,727
International Equity		22,753

e. Administrator, Transfer Agent and Distributor

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

For its services as Administrator, PNC is entitled to receive fees, computed daily and paid monthly, based upon the average daily net assets of each Fund. The fees, excluding out of pocket expenses, currently range between 0.004% and 0.02% of average daily net assets. For its services as Transfer Agent, PNC receives a fee based mainly upon the number of accounts serviced. Certain minimum fees and transaction charges may apply. For the six months ended June 30, 2009, PNC received $1,270,602 in aggregate fees and expenses for services rendered under the various agreements described above.

PFPC Distributors, Inc. (“PDI”), also an indirect, wholly-owned subsidiary of The PNC Financial Services Group, Inc., serves as the Underwriter for the Funds. The Funds do not pay any fees to PDI in its capacity as Underwriter. The fees are paid by GSCM.

4. SECURITIES LENDING

Through an agreement with The Northern Trust Company (“Northern Trust”) (the Funds’ custodian) the Select Funds may lend portfolio securities to certain brokers, dealers and other financial institutions that pay the Select Funds a negotiated fee. The Select Funds receive cash or U.S. government securities as collateral against the loaned securities in an amount at least equal to the market value of the loaned securities. The Funds continue to own the loaned securities and the securities remain in the investment portfolio. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Cash collateral has been invested in a short-term money market fund of Northern Trust, 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, 2009, 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	$	11,966,507	$	12,249,000	$	—	$	12,249,000
Low-Duration Bond		30,458,566		32,032,492		—		32,032,492
Medium-Duration Bond		46,488,755		39,184,485		238,958		39,423,443
Extended-Duration Bond		14,386,908		15,327,188		—		15,327,188
Global Bond		13,960,546		13,075,144		56		13,075,200
Equity Index		19,589,472		20,248,889		—		20,248,889
Real Estate Securities		25,100,439		25,654,407		—		25,654,407
Value Equity		65,380,895		71,083,280		451,347		71,534,627
Growth Equity		92,782,069		93,789,900		—		93,789,900
Small Cap Equity		57,383,086		60,576,786		4,773		60,581,559
International Equity		96,965,539		96,658,606		1,344,964		98,003,570

154

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, 2009, the 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	1.46	%	0.99	%	0.12	%	11.72	%	0.75	%	0.38	%	2.40	%	0.57	%	0.58	%	0.51	%	0.56	%
MyDestination 2015	1.63		1.98		1.51		21.98		6.04		1.36		11.21		2.35		2.34		2.08		2.28
MyDestination 2025	—		0.89		1.75		—		6.55		1.13		9.55		2.02		20.34		2.20		2.02
MyDestination 2035	—		0.13		0.19		—		1.55		0.56		4.35		1.02		1.03		1.25		1.05
MyDestination 2045	—		—		—		—		—		0.39		3.29		0.59		0.59		0.77		0.61
Conservative Allocation	22.81		—		—		53.92		—		1.09		—		1.57		1.57		1.22		1.53
Balanced Allocation	21.45		—		17.42		—		36.74		1.09		—		11.80		11.93		8.49		12.37
Growth Allocation	7.78		19.99		6.39		—		13.47		8.83		—		12.73		12.69		9.22		13.33
Aggressive Allocation	—		7.19		—		—		—		10.12		—		14.06		14.28		10.67		14.71
Conservative Allocation I	7.60		—		—		12.01		—		0.45		—		0.68		0.56		0.41		0.44
Balanced Allocation I	9.14		9.95		10.58		—		10.53		4.02		—		6.55		5.43		3.65		4.55
Growth Allocation I	2.85		3.07		3.33		—		3.31		4.05		—		6.07		4.96		3.40		4.21
Aggressive Allocation I	—		—		—		—		—		3.62		—		5.39		4.48		3.17		3.73

6. INVESTMENT TRANSACTIONS

For the period ended June 30, 2009, 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	$	15,778,617	$	15,839,616	$	3,459,787	$	2,922,949
MyDestination 2015		34,798,613		26,582,496		4,225,213		3,394,877
MyDestination 2025		18,517,300		7,129,115		2,468,377		2,035,556
MyDestination 2035		9,536,600		394,000		478,319		414,895
MyDestination 2045		9,058,250		1,123,500		—		—
Conservative Allocation		47,700,000		66,400,000		8,676,011		3,341,624
Balanced Allocation		44,600,000		75,500,000		37,243,092		23,461,264
Growth Allocation		23,300,000		42,500,000		18,618,016		13,474,286
Aggressive Allocation		6,600,000		9,050,000		—		—
Conservative Allocation I		11,492,000		13,160,000		1,619,413		834,509
Balanced Allocation I		17,720,000		21,836,000		8,313,535		5,448,101
Growth Allocation I		9,596,000		10,348,000		3,993,995		3,099,512
Aggressive Allocation I		3,662,000		3,362,000		—		—
Low-Duration Bond		218,228,854		206,699,246		1,198,485,779		1,343,364,611
Medium-Duration Bond		105,379,912		174,297,304		2,518,676,240		2,754,676,404
Extended-Duration Bond		61,934,910		102,278,426		2,246,663		2,246,892
Inflation Protected Bond		—		—		61,063,382		2,312,556
Global Bond		18,900,792		19,746,076		76,470,015		83,956,868
Equity Index		14,527,497		3,657,576		—		—
Real Estate Securities		60,084,238		47,967,413		—		—
Value Equity		183,195,206		173,181,779		—		—
Growth Equity		420,743,722		412,022,615		—		—

155

	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
Small Cap Equity	$	131,269,383	$	128,601,073	$	87,207,065	$	84,478,910
International Equity		3,579,669,295		357,532,926		—		—

Futures Contracts

Investments as of June 30, 2009, 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:

	Open Long (Short) Contracts		Market Value of Contracts			Net Unrealized Appreciation (Depreciation) on Futures
MyDestination 2005 Fund
September 2009 S&P 500® E-Mini	11		$	503,525		$	(8,578	)
MyDestination 2015 Fund
September 2009 S&P 500® E-Mini	33		$	1,510,575		$	(27,266	)
MyDestination 2025 Fund
September 2009 S&P 500® E-Mini	34		$	1,556,350		$	(1,563	)
MyDestination 2035 Fund
September 2009 S&P 500® E-Mini	17		$	778,175		$	2,751
MyDestination 2045 Fund
September 2009 S&P 500® E-Mini	16		$	732,400		$	(7,480	)
Conservative Allocation Fund
September 2009 S&P 500®	7		$	1,602,125		$	(27,130	)
Balanced Allocation Fund
September 2009 S&P 500®	57		$	13,045,875		$	(253,292	)
Growth Allocation Fund
September 2009 S&P 500®	64		$	14,648,000		$	(80,297	)
Aggressive Allocation Fund
September 2009 S&P 500®	72		$	16,479,000		$	(357,443	)
Conservative Allocation Fund I
September 2009 S&P 500® E-Mini	5		$	228,875		$	(5,401	)
Balanced Allocation Fund I
September 2009 S&P 500® E-Mini	60		$	2,746,500		$	(55,349	)
Growth Allocation Fund I
September 2009 S&P 500® E-Mini	56		$	2,563,400		$	(10,856	)
Aggressive Allocation Fund I
September 2009 S&P 500® E-Mini	65		$	2,975,375		$	(55,652	)
Low-Duration Bond Fund
December 2009 90-Day Sterling	185		$	37,535,375		$	1,003,718
June 2010 90-Day Sterling	18			3,622,847			4,933
March 2010 90-Day Euro	253			62,506,812			1,151,425
March 2010 90-Day Sterling	55			11,125,233			25,875
March 2011 90-Day Sterling	193			38,285,338			(268,591	)
September 2009 2-Year U.S. Treasury Note	298			64,433,188			(96,178	)
September 2009 2-Year U.S. Treasury Note	(36	)		(7,783,875	)		(47,379	)
September 2009 5-Year U.S. Treasury Note	(41	)		(4,703,469	)		(16,954	)
September 2009 90-Day Euro	109			27,067,425			702,805
September 2009 Euro-BOBL	22			3,563,122			27,736

156

	Open Long (Short) Contracts		Market Value of Contracts			Net Unrealized Appreciation (Depreciation) on Futures
September 2009 Euro-Schatz	36		$	5,449,266		$	1,942
September 2010 90-Day Sterling	17			3,404,098			(2,903	)
						$	2,486,429
Medium-Duration Bond Fund
September 2009 90-Day Euro	15		$	3,724,875		$	51,509
September 2009 90-Day Euro	(11	)		(2,731,575	)		(12,842	)
September 2009 5-Year U.S. Treasury Note	360			41,298,750			(495,611	)
September 2009 2-Year U.S. Treasury Note	92			19,892,125			(18,922	)
September 2009 10-Year U.S. Treasury Note	110			12,789,219			45,755
September 2009 10-Year U.S. Treasury Note	(75	)		(8,719,922	)		158,484
September 2009 U.S. Long Treasury Bond	165			19,529,297			95,800
June 2010 90-Day EURIBOR	41			14,150,674			55,045
September 2010 90-Day EURIBOR	210			72,247,065			140,321
September 2009 Euro-Bund	36			6,114,894			126,135
June 2010 90-Day Sterling	94			18,919,313			(11,191	)
September 2010 90-Day Sterling	68			13,616,391			(16,365	)
December 2009 90-Day Sterling	290			58,839,237			2,225,300
March 2010 90-Day Euro	692			170,967,250			1,721,290
June 2010 90-Day Euro	44			10,830,050			(15,950	)
December 2009 90-Day Euro	280			69,366,500			240,550
September 2010 90-Day Euro	13			3,187,600			(5,778	)
						$	4,283,530
Inflation Protected Bond Fund
September 2009 2-Year U.S. Treasury Note	(19	)	$	(4,108,156	)	$	552
September 2009 5-Year U.S. Treasury Note	5			573,594			(597	)
September 2009 10-Year U.S. Treasury Note	5			581,328			(714	)
September 2009 U.S. Long Treasury Bond	2			236,719			(317	)
						$	(1,076	)
Global Bond Fund
September 2009 5-Year U.S. Treasury Note	95		$	10,898,281		$	(67,762	)
September 2009 10-Year U.S. Treasury Note	6			697,594			(16,327	)
September 2009 Euro-BOBL	3			485,880			4,216
September 2009 Euro-Bund	9			1,528,724			24,683
						$	(55,190	)
Equity Index Fund
September 2009 S&P 500®	44		$	10,070,500		$	(180,787	)
Real Estate Securities Fund
September 2009 Russell 2000® IMM-Mini	107		$	5,427,040		$	(115,310	)
Value Equity Fund
September 2009 S&P 500®	168		$	38,451,000		$	(749,689	)
September 2009 S&P 500® E-Mini	45			2,059,875			(35,831	)
						$	(785,520	)
Growth Equity Fund
September 2009 S&P 500®	164		$	37,535,500		$	265,904
Small Cap Equity Fund
December 2009 90-Day Euro	19		$	4,707,013		$	16,893
June 2010 90-Day Euro	7			1,722,962			8,052
March 2010 90-Day Euro	30			7,411,875			27,375
September 2009 2-Year U.S. Treasury Note	1			216,219			(614	)
September 2009 Euro-Bund	(6	)		(1,019,149	)		(19,317	)

157

	Open Long (Short) Contracts		Market Value of Contracts			Net Unrealized Appreciation (Depreciation) on Futures
September 2009 10-Year U.S. Treasury Note	53		$	6,162,078		$	(5,531	)
September 2009 5-Year U.S. Treasury Note	(1	)		(114,719	)		(1,568	)
September 2009 Russell 2000® EMM-Mini	945			47,930,400			(1,659,153	)
						$	(1,633,863	)
International Equity Fund
July 2009 AEX Index	28		$	1,998,962		$	6,794
July 2009 CAC40 Index	80			3,519,493			(70,350	)
July 2009 Hang Seng Index	(15	)		(1,782,569	)		(52,292	)
July 2009 IBEX 35 Future	36			272,632			185,335
July 2009 MSCI Singapore Index	1			38,525			1,792
July 2009 OMX Index	40			412,203			235
September 2009 DAX Index	(13	)		(2,197,351	)		35,510
September 2009 DJ Euro Stoxx 50®	421			14,162,676			(127,301	)
September 2009 FTSE 100 Index®	128			8,882,484			(144,419	)
September 2009 S&P MIB Index	28			3,748,888			(41,105	)
September 2009 S&P/TSE 60 Index	(10	)		(1,078,279	)		15,532
September 2009 SPI 200 Index®	(57	)		(4,479,393	)		41,219
September 2009 SPI 200 Index®	47			3,693,534			24,425
September 2009 TOPIX Index®	(12	)		(1,151,606	)		2,802
September 2009 TOPIX Index®	65			6,237,868			22,650
September 2009 Swiss Synthetic Future	49			2,416,286			(3,563	)
September 2009 Swiss Synthetic Future	(49	)		(2,429,819	)		(9,971	)
						$	(112,707	)

Forward Foreign Currency Contracts

As of June 30, 2009, the following Funds have forward foreign currency exchange contracts that obligate it to deliver currencies at specified future dates. The unrealized appreciation and/or depreciation on these contracts is included in the accompanying financial statements. The terms of the open contracts are as follows:

Fund/ Expiration Date	Currency to be Delivered	Counter- party	Amount of Currency to be Delivered	Currency to be Received	Amount of Currency to be Received	Net Unrealized Appreciation (Depreciation)
Low-Duration Bond Fund
07/02/09	U.S. Dollars	DEUT	60,000	Japanese Yen	5,780,000	$	(193	)
07/02/09	U.S. Dollars	RBS	388,266	United Kingdom Pounds	236,000		18,198
07/02/09	U.S. Dollars	RBS	449,138	United Kingdom Pounds	273,000		21,051
07/02/09	U.S. Dollars	GSC	115,164	United Kingdom Pounds	70,000		2,823
07/02/09	U.S. Dollars	JPM	1,836,037	United Kingdom Pounds	1,116,000		(8,823	)
07/02/09	Japanese Yen	RBS	5,780,000	U.S. Dollars	60,000		(11	)
07/02/09	United Kingdom Pounds	MLCS	1,231,000	U.S. Dollars	2,025,234		(120,600	)
07/02/09	United Kingdom Pounds	BAR	161,000	U.S. Dollars	264,876		(9,732	)
07/02/09	United Kingdom Pounds	CS	70,000	U.S. Dollars	115,164		(3,311	)
07/02/09	United Kingdom Pounds	GSC	79,000	U.S. Dollars	129,970		(3,186	)
07/02/09	United Kingdom Pounds	BAR	124,000	U.S. Dollars	204,004		(2,147	)
07/02/09	United Kingdom Pounds	GSC	30,000	U.S. Dollars	49,356		441
07/13/09	U.S. Dollars	MLCS	2,687,893	Euro	1,916,000		15,034
07/13/09	Euro	CITI	4,532,000	U.S. Dollars	6,357,792		79,053
07/13/09	Euro	MLCS	8,769,000	U.S. Dollars	12,301,738		146,821

158

Fund/ Expiration Date	Currency to be Delivered	Counter- party	Amount of Currency to be Delivered	Currency to be Received	Amount of Currency to be Received	Net Unrealized Appreciation (Depreciation)
07/15/09	U.S. Dollars	BAR	1,020,423	Chinese Yuan Renminbi	6,970,000	$	(4,577	)
07/15/09	U.S. Dollars	DEUT	1,044,410	Chinese Yuan Renminbi	7,133,841		(2,990	)
07/15/09	U.S. Dollars	DEUT	742,696	Chinese Yuan Renminbi	5,072,989		(1,689	)
07/15/09	U.S. Dollars	JPM	741,635	Chinese Yuan Renminbi	5,065,741		(1,578	)
07/15/09	U.S. Dollars	JPM	3,042,237	Chinese Yuan Renminbi	20,780,000		(5,578	)
07/15/09	U.S. Dollars	MLCS	946,318	Chinese Yuan Renminbi	6,463,827		(1,457	)
07/15/09	Euro	MLCS	174,500	U.S. Dollars	244,800		(7,131	)
07/15/09	Chinese Yuan Renminbi	JPM	2,376,990	U.S. Dollars	347,996		(4,996	)
07/15/09	Chinese Yuan Renminbi	JPM	2,716,560	U.S. Dollars	397,710		(5,710	)
07/15/09	Chinese Yuan Renminbi	JPM	2,467,970	U.S. Dollars	361,316		(5,316	)
07/15/09	Chinese Yuan Renminbi	JPM	5,462,810	U.S. Dollars	799,767		(11,767	)
07/15/09	Chinese Yuan Renminbi	JPM	7,008,758	U.S. Dollars	1,026,097		(15,097	)
07/15/09	Chinese Yuan Renminbi	JPM	7,018,220	U.S. Dollars	1,027,483		(15,483	)
07/15/09	Chinese Yuan Renminbi	JPM	11,131,090	U.S. Dollars	1,629,616		(32,616	)
07/15/09	Chinese Yuan Renminbi	JPM	3,490,000	U.S. Dollars	510,944		(10,944	)
07/15/09	Chinese Yuan Renminbi	JPM	9,814,000	U.S. Dollars	1,436,791		(36,791	)
07/22/09	Japanese Yen	DEUT	5,780,000	U.S. Dollars	60,015		194
07/27/09	Euro	RBS	999,000	U.S. Dollars	1,401,472		(384	)
07/27/09	Euro	BAR	704,000	U.S. Dollars	987,624		(5,290	)
08/04/09	U.S. Dollars	JPM	1,556,407	Canadian Dollars	1,810,000		(96,395	)
08/06/09	United Kingdom Pounds	JPM	1,116,000	U.S. Dollars	1,835,980		8,812
08/26/09	United Kingdom Pounds	DEUT	310,000	U.S. Dollars	509,983		(8,230	)
09/08/09	U.S. Dollars	CITG	1,626,403	Chinese Yuan Renminbi	11,100,145		16,403
09/08/09	Chinese Yuan Renminbi	DEUT	5,072,989	U.S. Dollars	743,299		3,168
09/08/09	Chinese Yuan Renminbi	JPM	5,065,741	U.S. Dollars	742,237		2,561
09/08/09	Chinese Yuan Renminbi	CITI	6,463,827	U.S. Dollars	947,085		2,779
03/29/10	U.S. Dollars	DEUT	798,711	Chinese Yuan Renminbi	5,416,747		(3,889	)
03/29/10	U.S. Dollars	MLCS	1,194,682	Chinese Yuan Renminbi	8,102,165		(4,750	)
03/29/10	U.S. Dollars	JPM	168,096	Chinese Yuan Renminbi	1,140,000		(618	)
03/29/10	U.S. Dollars	JPM	10,735	Chinese Yuan Renminbi	72,800		(36	)
03/29/10	U.S. Dollars	HKSB	1,149,595	Chinese Yuan Renminbi	7,796,386		(3,205	)
03/29/10	U.S. Dollars	BTAB	1,359	Chinese Yuan Renminbi	9,214		(3	)
03/29/10	Chinese Yuan Renminbi	HSBC	7,063,666	U.S. Dollars	1,041,553		5,847
06/07/10	U.S. Dollars	MLCS	232,675	Chinese Yuan Renminbi	1,574,352		(1,325	)
06/07/10	U.S. Dollars	KKSB	661,579	Chinese Yuan Renminbi	4,476,448		(3,421	)
06/07/10	U.S. Dollars	JPM	608,897	Chinese Yuan Renminbi	4,119,984		(3,103	)
06/07/10	U.S. Dollars	DEUT	352,310	Chinese Yuan Renminbi	2,383,836		(1,690	)
06/07/10	U.S. Dollars	MLCS	190,088	Chinese Yuan Renminbi	1,286,194		(912	)
06/07/10	U.S. Dollars	BAR	583,202	Chinese Yuan Renminbi	3,946,124		(2,798	)
06/07/10	U.S. Dollars	BAR	586,449	Chinese Yuan Renminbi	3,968,093		(2,551	)
06/07/10	U.S. Dollars	JPM	129,437	Chinese Yuan Renminbi	875,810		(563	)
						$	(127,701	)
Medium-Duration Bond Fund
07/02/09	Japanese Yen	DEUT	3,447,000	U.S. Dollars	35,782	$	(7	)
07/02/09	U.S. Dollars	DEUT	35,782	Japanese Yen	3,447,000		(115	)
07/02/09	U.S. Dollars	DEUT	424,460	United Kingdom Pounds	258,000		19,894
07/02/09	U.S. Dollars	JPM	3,673,719	United Kingdom Pounds	2,233,000		(17,654	)
07/02/09	United Kingdom Pounds	BAR	2,008,000	U.S. Dollars	3,303,550		(227,896	)
07/02/09	United Kingdom Pounds	CITI	323,000	U.S. Dollars	531,398		(31,644	)
07/02/09	United Kingdom Pounds	GSC	103,000	U.S. Dollars	169,455		(4,153	)
07/02/09	United Kingdom Pounds	BAR	57,000	U.S. Dollars	93,776		(987	)

159

Fund/ Expiration Date	Currency to be Delivered	Counter- party	Amount of Currency to be Delivered	Currency to be Received	Amount of Currency to be Received	Net Unrealized Appreciation (Depreciation)
07/15/09	Chinese Yuan Renminbi	JPM	3,180,870	U.S. Dollars	465,686	$	(6,686	)
07/15/09	Chinese Yuan Renminbi	JPM	2,785,860	U.S. Dollars	407,856		(5,856	)
07/15/09	Chinese Yuan Renminbi	JPM	2,185,690	U.S. Dollars	319,990		(4,708	)
07/15/09	Chinese Yuan Renminbi	JPM	8,208,080	U.S. Dollars	1,201,681		(17,681	)
07/15/09	Chinese Yuan Renminbi	JPM	2,883,920	U.S. Dollars	422,212		(6,212	)
07/15/09	Chinese Yuan Renminbi	JPM	8,217,975	U.S. Dollars	1,203,129		(18,129	)
07/15/09	U.S. Dollars	JPM	1,208,540	Chinese Yuan Renminbi	8,254,932		(3,460	)
07/15/09	U.S. Dollars	JPM	859,224	Chinese Yuan Renminbi	5,868,930		(1,954	)
07/15/09	U.S. Dollars	JPM	857,996	Chinese Yuan Renminbi	5,860,545		(1,825	)
07/15/09	U.S. Dollars	DEUT	1,094,794	Chinese Yuan Renminbi	7,477,988		(1,686	)
07/22/09	Japanese Yen	DEUT	3,447,000	U.S. Dollars	35,791		115
07/27/09	Euro	GSC	235,000	U.S. Dollars	329,676		(228	)
07/27/09	Euro	DEUT	1,198,000	U.S. Dollars	1,680,644		(461	)
07/27/09	Euro	BAR	2,114,000	U.S. Dollars	2,965,678		(15,886	)
07/31/09	Euro	DEUT	245,654	U.S. Dollars	344,621		890
08/04/09	Brazilian Reals	HKSB	2,602,870	U.S. Dollars	1,319,155		(16,418	)
08/04/09	Canadian Dollars	JPM	232,000	U.S. Dollars	199,495		12,356
08/04/09	U.S. Dollars	HSBC	1,319,155	Brazilian Reals	2,602,870		131,986
08/06/09	United Kingdom Pounds	JPM	2,233,000	U.S. Dollars	3,673,606		17,633
08/12/09	Malaysian Ringgits	JPM	2,425,499	U.S. Dollars	688,974		(27,354	)
08/12/09	U.S. Dollars	BAR	401,994	Malaysian Ringgits	1,415,200		1,994
08/12/09	U.S. Dollars	BAR	202,218	Malaysian Ringgits	711,900		2,218
08/12/09	U.S. Dollars	BAR	87,169	Malaysian Ringgits	306,875		1,174
08/19/09	Canadian Dollars	CS	1,842,980	U.S. Dollars	1,584,950		(63,209	)
08/19/09	Euro	JPM	1,448,485	U.S. Dollars	2,031,952		(146,879	)
08/19/09	U.S. Dollars	JPM	1,010,667	Canadian Dollars	1,175,203		48,726
09/08/09	Chinese Yuan Renminbi	DEUT	5,868,930	U.S. Dollars	859,921		3,665
09/08/09	Chinese Yuan Renminbi	JPM	5,860,545	U.S. Dollars	858,692		2,963
09/08/09	Chinese Yuan Renminbi	CITI	7,477,988	U.S. Dollars	1,095,681		3,215
09/08/09	U.S. Dollars	CITG	1,878,950	Chinese Yuan Renminbi	12,823,770		18,950
11/27/09	U.S. Dollars	JPM	3,709	Mexican Pesos	49,909		14
03/29/10	Chinese Yuan Renminbi	JPM	8,173,728	U.S. Dollars	1,205,234		6,766
03/29/10	U.S. Dollars	BTAB	924,499	Chinese Yuan Renminbi	6,269,821		(4,501	)
03/29/10	U.S. Dollars	CITI	1,382,820	Chinese Yuan Renminbi	9,378,089		(5,498	)
03/29/10	U.S. Dollars	DEUT	194,593	Chinese Yuan Renminbi	1,319,700		(716	)
03/29/10	U.S. Dollars	JPM	12,430	Chinese Yuan Renminbi	84,300		(42	)
03/29/10	U.S. Dollars	HSBC	1,330,590	Chinese Yuan Renminbi	9,023,871		(3,710	)
03/29/10	U.S. Dollars	BTAB	1,577	Chinese Yuan Renminbi	10,697		(4	)
06/07/10	U.S. Dollars	CITI	284,381	Chinese Yuan Renminbi	1,924,208		(1,619	)
06/07/10	U.S. Dollars	HSBC	806,828	Chinese Yuan Renminbi	5,459,246		(4,172	)
06/07/10	U.S. Dollars	JPM	744,208	Chinese Yuan Renminbi	5,035,536		(3,792	)
06/07/10	U.S. Dollars	DEUT	429,938	Chinese Yuan Renminbi	2,909,088		(2,062	)
06/07/10	U.S. Dollars	CITI	230,892	Chinese Yuan Renminbi	1,562,288		(1,108	)
06/07/10	U.S. Dollars	BAR	712,582	Chinese Yuan Renminbi	4,821,544		(3,418	)
06/07/10	U.S. Dollars	BAR	715,886	Chinese Yuan Renminbi	4,843,903		(3,114	)
06/07/10	U.S. Dollars	JPM	248,917	Chinese Yuan Renminbi	1,684,250		(1,083	)
07/15/09	U.S. Dollars	BAR	1,008,824	Chinese Yuan Renminbi	6,860,000		(4,504	)
07/15/09	Chinese Yuan Renminbi	BAR	6,860,000	U.S. Dollars	982,585		(21,734	)
07/15/09	U.S. Dollars	JPM	2,996,480	Chinese Yuan Renminbi	20,430,000		(5,484	)
07/15/09	Chinese Yuan Renminbi	JPM	20,430,000	U.S. Dollars	2,990,996		(66,863	)
						$	(481,953	)

160

Fund/ Expiration Date	Currency to be Delivered	Counter- party	Amount of Currency to be Delivered	Currency to be Received	Amount of Currency to be Received	Net Unrealized Appreciation (Depreciation)
Global Bond Fund
08/19/09	Australian Dollars	MSCS	587,221	U.S. Dollars	471,376	$	55,917
08/19/09	Australian Dollars	CITIG	745,608	U.S. Dollars	598,517		78,641
08/19/09	Canadian Dollars	JPM	1,157,388	U.S. Dollars	995,346		47,987
08/19/09	Euro	DEUT	1,000,000	U.S. Dollars	1,402,812		102,762
08/19/09	Euro	CITIG	1,916,003	U.S. Dollars	2,687,792		163,075
08/19/09	Euro	UBS	2,470,000	U.S. Dollars	3,464,945		252,908
08/19/09	Japanese Yen	JPM	43,029,372	U.S. Dollars	446,925		2,925
08/19/09	Japanese Yen	DEUT	600,226,840	U.S. Dollars	6,234,257		(3,487	)
08/19/09	Japanese Yen	GSC	1,011,467,400	U.S. Dollars	10,505,607		(48,542	)
08/19/09	Mexican Pesos	GSC	4,650,275	U.S. Dollars	350,503		24,911
08/19/09	South African Rand	GSC	988,065	U.S. Dollars	126,800		17,167
08/19/09	Turkish Lira	CS	1,122,047	U.S. Dollars	719,268		(1,379	)
08/19/09	U.S. Dollars	CITIG	200,681	Australian Dollars	250,000		(23,443	)
08/19/09	U.S. Dollars	CS	275,644	Turkish Lira	430,000		262
08/19/09	U.S. Dollars	GSC	329,024	United Kingdom Pounds	200,000		(38,115	)
08/19/09	U.S. Dollars	CITIG	506,788	Australian Dollars	631,336		(66,147	)
08/19/09	U.S. Dollars	CITIG	705,157	Turkish Lira	1,100,034		(39,881	)
08/19/09	U.S. Dollars	GSC	791,861	Euro	564,482		(57,194	)
08/19/09	U.S. Dollars	DEUT	822,560	United Kingdom Pounds	500,000		(92,895	)
08/19/09	U.S. Dollars	JPM	906,412	Euro	646,139		(11,412	)
08/19/09	U.S. Dollars	CITIG	1,069,328	United Kingdom Pounds	650,000		(113,568	)
08/19/09	U.S. Dollars	JPM	1,076,708	Euro	767,536		(78,566	)
08/19/09	U.S. Dollars	MSCS	1,133,830	Euro	808,255		(68,121	)
08/19/09	U.S. Dollars	CS	1,304,615	Euro	930,000		18,198
08/19/09	U.S. Dollars	JPM	1,314,100	Euro	936,761		(14,100	)
08/19/09	U.S. Dollars	CITIG	1,329,737	Japanese Yen	128,025,470		4,724
08/19/09	U.S. Dollars	CITIG	7,108,519	Euro	5,067,336		(513,837	)
08/19/09	U.S. Dollars	JPM	8,266,698	Japanese Yen	795,907,900		27,465
08/19/09	United Kingdom Pounds	JPM	1,135,170	U.S. Dollars	1,867,491		216,647
08/26/09	South Korean Won	DEUT	700,000,000	U.S. Dollars	551,094		(13,877	)
08/26/09	U.S. Dollars	JPM	169,846	Brazilian Reals	336,685		154
						$	(170,821	)
Small Cap Equity Fund
08/19/09	Euro	JPM	128,994	U.S. Dollars	180,955	$	(13,080	)
International Equity Fund
09/16/09	Australian Dollars	BAR	21,000	U.S. Dollars	16,823	$	201
09/16/09	Australian Dollars	BAR	9,132,000	U.S. Dollars	7,315,586		56,650
09/16/09	Canadian Dollars	BAR	360,000	U.S. Dollars	309,643		(23,137	)
09/16/09	Canadian Dollars	BAR	418,000	U.S. Dollars	359,530		(10,100	)
09/16/09	Canadian Dollars	BAR	633,000	U.S. Dollars	544,456		(33,857	)
09/16/09	Canadian Dollars	BAR	901,000	U.S. Dollars	774,968		(36,053	)
09/16/09	Danish Kroner	BAR	33,000	U.S. Dollars	6,209		61
09/16/09	Danish Kroner	BAR	100,000	U.S. Dollars	18,815		(124	)
09/16/09	Danish Kroner	BAR	248,000	U.S. Dollars	46,662		501
09/16/09	Danish Kroner	BAR	1,239,000	U.S. Dollars	233,120		(2,889	)
09/16/09	Euro	BAR	5,000	U.S. Dollars	7,013		70
09/16/09	Euro	BAR	150,000	U.S. Dollars	210,397		1,137
09/16/09	Euro	BAR	1,250,000	U.S. Dollars	1,753,312		(10,952	)

161

Fund/ Expiration Date	Currency to be Delivered	Counter- party	Amount of Currency to be Delivered	Currency to be Received	Amount of Currency to be Received	Net Unrealized Appreciation (Depreciation)
09/16/09	Hong Kong Dollars	BAR	111,000	U.S. Dollars	14,332	$	1
09/16/09	Hong Kong Dollars	BAR	2,501,000	U.S. Dollars	322,929		23
09/16/09	Japanese Yen	BAR	529,000	U.S. Dollars	5,496		(18	)
09/16/09	Japanese Yen	BAR	8,461,000	U.S. Dollars	87,908		1,606
09/16/09	Japanese Yen	BAR	12,206,000	U.S. Dollars	126,818		(1,252	)
09/16/09	Japanese Yen	BAR	571,018,000	U.S. Dollars	5,932,784		(20,687	)
09/16/09	Norwegian Krone	BAR	32,000	U.S. Dollars	4,967		(135	)
09/16/09	Norwegian Krone	BAR	7,392,000	U.S. Dollars	1,147,282		(9,621	)
09/16/09	Singapore Dollars	BAR	9,000	U.S. Dollars	6,211		52
09/16/09	Singapore Dollars	BAR	14,000	U.S. Dollars	9,661		(69	)
09/16/09	Singapore Dollars	BAR	139,000	U.S. Dollars	95,921		141
09/16/09	Swedish Kronor	BAR	379,000	U.S. Dollars	49,120		(119	)
09/16/09	Swedish Kronor	BAR	626,000	U.S. Dollars	81,133		960
09/16/09	Swedish Kronor	BAR	1,185,000	U.S. Dollars	153,582		(1,763	)
09/16/09	Swedish Kronor	BAR	6,378,000	U.S. Dollars	826,621		(24,188	)
09/16/09	Switzerland Francs	BAR	48,000	U.S. Dollars	44,220		2
09/16/09	Switzerland Francs	BAR	406,000	U.S. Dollars	374,029		(908	)
09/16/09	Switzerland Francs	BAR	549,000	U.S. Dollars	505,768		(11,887	)
09/16/09	Switzerland Francs	BAR	1,682,000	U.S. Dollars	1,549,547		(2,831	)
09/16/09	Switzerland Francs	BAR	1,825,000	U.S. Dollars	1,681,286		(29,438	)
09/16/09	U.S. Dollars	BAR	646	Hong Kong Dollars	5,000		—
09/16/09	U.S. Dollars	BAR	3,951	Danish Kroner	21,000		60
09/16/09	U.S. Dollars	BAR	4,140	Singapore Dollars	6,000		(1	)
09/16/09	U.S. Dollars	BAR	9,661	Singapore Dollars	14000.00		(72	)
09/16/09	U.S. Dollars	BAR	11,055	Switzerland Francs	12,000		68
09/16/09	U.S. Dollars	BAR	11,221	Euro	8,000		(126	)
09/16/09	U.S. Dollars	BAR	12,230	Danish Kroner	65,000		(122	)
09/16/09	U.S. Dollars	BAR	11,221	Hong Kong Dollars	97,000		(1	)
09/16/09	U.S. Dollars	BAR	12,817	Australian Dollars	16,000		113
09/16/09	U.S. Dollars	BAR	15,882	Hong Kong Dollars	123,000		—
09/16/09	U.S. Dollars	BAR	17,942	Singapore Dollars	26,000		26
09/16/09	U.S. Dollars	BAR	30,104	Danish Kroner	160,000		(109	)
09/16/09	U.S. Dollars	BAR	33,814	Singapore Dollars	49,000		102
09/16/09	U.S. Dollars	BAR	35,121	Hong Kong Dollars	272,000		(5	)
09/16/09	U.S. Dollars	BAR	95,330	Australian Dollars	119,000		(2,230	)
09/16/09	U.S. Dollars	BAR	129,507	Hong Kong Dollars	1,003,000		(57	)
09/16/09	U.S. Dollars	BAR	275,445	New Zealand Dollars	429,000		(10,658	)
09/16/09	U.S. Dollars	BAR	290,348	Euro	207,000		5,512
09/16/09	U.S. Dollars	BAR	337,260	Australian Dollars	421,000		(2,966	)
09/16/09	U.S. Dollars	BAR	355,758	Japanese Yen	34,241,000		3,786
09/16/09	U.S. Dollars	BAR	358,608	United Kingdom Pounds	218,000		(135	)
09/16/09	U.S. Dollars	BAR	359,078	Euro	256,000		(1,943	)
09/16/09	U.S. Dollars	BAR	414,866	Swedish Kronor	3,201,000		(15,381	)
09/16/09	U.S. Dollars	BAR	475,646	Canadian Dollars	553,000		3,154
09/16/09	U.S. Dollars	BAR	511,591	United Kingdom Pounds	311,000		(14,598	)
09/16/09	U.S. Dollars	BAR	667,318	Japanese Yen	64,228,000		7,622

162

Fund/Expiration Date	Currency to be Delivered	Counterparty	Amount of Currency to be Delivered	Currency to be Received	Amount of Currency to be Received	Net Unrealized Appreciation (Depreciation)
09/16/09	U.S. Dollars	BAR	797,137	Norweigan Krone	5,136,000	$	30,836
09/16/09	U.S. Dollars	BAR	837,250	New Zealand Dollars	1,304,000		(28,079	)
09/16/09	U.S. Dollars	BAR	904,025	New Zealand Dollars	1,408,000		10,386
09/16/09	U.S. Dollars	BAR	1,370,824	Switzerland Francs	1,488,000		14,360
09/16/09	U.S. Dollars	BAR	1,582,188	Euro	1,128,000		(14,260	)
09/16/09	U.S. Dollars	BAR	1,926,282	United Kingdom Pounds	1,171,000		(36,446	)
09/16/09	U.S. Dollars	BAR	2,131,111	Japanese Yen	205,115,000		(24,711	)
09/16/09	U.S. Dollars	BAR	5,352,524	Canadian Dollars	6,223,000		299,769
09/16/09	U.S. Dollars	BAR	7,117,042	Euro	5,074,000		6,119
09/16/09	United Kingdom Pounds	BAR	23,000	U.S. Dollars	37,835		89
09/16/09	United Kingdom Pounds	BAR	153,000	U.S. Dollars	251,683		(2,976	)
09/16/09	United Kingdom Pounds	BAR	383,000	U.S. Dollars	630,031		5,708
09/16/09	United Kingdom Pounds	BAR	1,156,000	U.S. Dollars	1,901,607		8,641
09/16/09	United Kingdom Pounds	BAR	1,732,000	U.S. Dollars	2,849,120		65,069
						$	147,921

Options Written

Transactions in options written during the period ended June 30, 2009 were as follows:

Low-Duration Bond Fund	Number of Contracts		Notional Amount			Premiums Received
Options written, 12/31/08	—		$	37,000,000		$	3,687,541
Options written	84			7,000,000			107,107
Options expired	—			(37,000,000	)		(3,687,541	)
Options closed	—			—			—
Options written, 06/30/09	84		$	7,000,000		$	107,107
Medium-Duration Bond Fund	Number of Contracts		Notional Amount			Premiums Received
Options written, 12/31/08	2		$	73,200,000		$	5,614,864
Options written	162			30,000,000			86,936
Options expired	(108	)		(56,600,000	)		(5,039,277	)
Options closed	—			(22,100,000	)		(623,220	)
Options written, 06/30/09	56		$	24,500,000		$	39,303
Small Cap Equity Fund	Number of Contracts		Notional Amount			Premiums Received
Options written, 12/31/08	89		$	—		$	81,114
Options written	126			—			96,702
Options expired	(71	)		—			(69,410	)
Options closed	(126	)		—			(92,461	)
Options written, 06/30/09	18		$	—		$	15,945

163

7. CAPITAL SHARE TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2009				Year Ended December 31, 2008
	GS4		GS6		GS4		GS6
MyDestination 2005
Shares sold	994,548		50,038		2,578,136		56,867
Shares exchanged	184,772		(183,044	)	—		—
Shares reinvested	45,654		773		470,720		8,600
Shares redeemed	(1,058,382	)	(19,104	)	(1,805,238	)	(55,337	)
Net increase (decrease)	166,592		(151,337	)	1,243,618		10,130
MyDestination 2015
Shares sold	2,811,796		247,957		6,021,065		80,777
Shares exchanged	431,494		(427,887	)	—		—
Shares reinvested	286,340		4,807		1,381,039		9,488
Shares redeemed	(1,780,562	)	(6,551	)	(2,468,448	)	(56,916	)
Net increase (decrease)	1,749,068		(181,674	)	4,933,656		33,349
MyDestination 2025
Shares sold	3,301,313		178,840		5,197,306		175,155
Shares exchanged	519,224		(517,312	)	—		—
Shares reinvested	152,663		3,796		1,107,495		20,895
Shares redeemed	(1,340,423	)	(1,813	)	(892,400	)	(61,065	)
Net increase (decrease)	2,632,777		(336,489	)	5,412,401		134,985
MyDestination 2035
Shares sold	1,944,729		156,527		2,939,696		92,123
Shares exchanged	367,932		(364,947	)	—		—
Shares reinvested	58,996		2,176		416,311		10,875
Shares redeemed	(400,784	)	(1,335	)	(356,667	)	(31,178	)
Net increase (decrease)	1,970,873		(207,579	)	2,999,340		71,820
MyDestination 2045
Shares sold	1,787,560		67,736		1,972,366		43,400
Shares exchanged	226,386		(224,243	)	—		—
Shares reinvested	23,100		616		148,529		6,121
Shares redeemed	(293,124	)	(4,681	)	(143,582	)	(10,397	)
Net increase (decrease)	1,743,922		(160,572	)	1,977,313		39,124

164

	Six Months Ended June 30, 2009				Year Ended December 31, 2008
	GS4		GS6		GS4		GS6
Conservative Allocation Fund
Shares sold	1,534,057		269,055		3,830,825		1,335,856
Shares exchanged	1,134,656		(1,811,024	)	—		—
Shares reinvested	266,651		31,621		2,072,716		194,313
Shares redeemed	(3,383,406	)	(30,545	)	(6,132,632	)	(1,625,132	)
Net (decrease)	(448,042	)	(1,540,893	)	(229,091	)	(94,963	)
Balanced Allocation Fund
Shares sold	2,734,371		152,629		3,881,710		277,834
Shares exchanged	1,936,474		(3,506,545	)	—		—
Shares reinvested	1,332,826		87,810		13,664,245		751,815
Shares redeemed	(5,538,932	)	(20,612	)	(14,547,876	)	(250,354	)
Net increase (decrease)	464,739		(3,286,718	)	2,998,079		779,295
Growth Allocation Fund
Shares sold	2,165,033		237,995		3,068,016		311,761
Shares exchanged	1,254,537		(2,246,107	)	—		—
Shares reinvested	650,082		33,305		10,412,402		442,625
Shares redeemed	(4,319,360	)	(53,186	)	(9,482,818	)	(249,371	)
Net increase (decrease)	(249,708	)	(2,027,993	)	3,997,600		505,015
Aggressive Allocation Fund
Shares sold	3,048,378		111,653		3,141,389		134,125
Shares exchanged	1,515,794		(2,573,184	)	—		—
Shares reinvested	582,183		37,558		10,394,753		571,773
Shares redeemed	(2,746,814	)	(35,096	)	(7,577,349	)	(148,560	)
Net increase (decrease)	2,399,541		(2,459,069	)	5,958,793		557,338
	GS2				GS2
Conservative Allocation Fund I
Shares sold	420,968				898,141
Shares reinvested	—				458,199
Shares redeemed	(607,778	)			(1,390,576	)
Net (decrease)	(186,810	)			(34,236	)
Balanced Allocation Fund I
Shares sold	1,058,692				2,176,193
Shares reinvested	—				3,505,813
Shares redeemed	(1,711,225	)			(3,132,150	)
Net increase (decrease)	(652,533	)			2,549,856
Growth Allocation Fund I
Shares sold	1,036,830				1,391,073
Shares reinvested	—				2,776,308
Shares redeemed	(1,180,490	)			(2,236,325	)
Net increase (decrease)	(143,660	)			1,931,056
Aggressive Allocation Fund I
Shares sold	729,412				881,962
Shares reinvested	—				2,044,532
Shares redeemed	(605,151	)			(1,840,613	)
Net increase	124,261				1,085,881

165

	Six Months Ended June 30, 2009						Year Ended December 31, 2008
	GS2		GS4		GS6		GS2		GS4		GS6
Money Market Fund
Shares sold	63,311,251		1,403,201,931		1,365,914		174,901,124		4,070,538,152		3,546,545
Shares exchanged	—		9,761,236		(9,761,137	)	—		—		—
Shares reinvested	507,209		1,881,273		7,898		3,367,839		16,558,522		154,558
Shares redeemed	(67,952,180	)	(1,401,785,861	)	(421,233	)	(119,120,727	)	(4,056,623,451	)	(873,423	)
Net increase (decrease)	(4,133,720	)	13,058,579		(8,808,558	)	59,148,236		30,473,223		2,827,680
Low-Duration Bond Fund
Shares sold	1,013,832		3,428,100		30,894		1,544,065		5,832,714		68,587
Shares exchanged	—		489,313		(723,673	)	—		—		—
Shares reinvested	268,114		572,220		12,328		924,880		2,084,429		38,993
Shares redeemed	(2,456,213	)	(8,022,465	)	(9,054	)	(4,482,124	)	(16,505,332	)	(35,787	)
Net increase (decrease)	(1,174,267	)	(3,532,832	)	(689,505	)	(2,013,179	)	(8,588,189	)	71,793
Medium-Duration Bond Fund
Shares sold	765,332		2,448,901		20,156		3,207,707		7,021,197		87,296
Shares exchanged	—		1,213,587		(2,078,297	)	—		—		—
Shares reinvested	659,016		1,419,329		66,716		2,156,956		5,171,411		227,556
Shares redeemed	(1,714,048	)	(8,221,488	)	(24,765	)	(7,621,389	)	(30,536,247	)	(25,004	)
Net increase (decrease)	(289,700	)	(3,139,671	)	(2,016,190	)	(2,256,726	)	(18,343,639	)	289,848
Extended-Duration Bond Fund
Shares sold	507,568		1,094,477		8,130		1,689,108		1,932,832		24,149
Shares exchanged	—		1,233,982		(2,593,714	)	—		—		—
Shares reinvested	569,713		695,864		104,274		1,461,454		2,130,785		328,365
Shares redeemed	(1,940,709	)	(5,208,779	)	(7,292	)	(2,415,249	)	(9,446,049	)	(22,623	)
Net increase (decrease)	(863,428	)	(2,184,456	)	(2,488,602	)	735,313		(5,382,432	)	329,891
Inflation Protected Bond Fund(1)
Shares sold			6,825,712
Shares reinvested			—
Shares redeemed			—
Net increase			6,825,712
Global Bond Fund
Shares sold			1,539,762						12,869,898
Shares reinvested			939,422						1,740,619
Shares redeemed			(2,821,101	)					(4,150,771	)
Net increase (decrease)			(341,917	)					10,459,746
Equity Index Fund
Shares sold	470,571		1,245,123		28,455		820,528		1,486,319		59,695
Shares exchanged	—		66,567		(121,488	)	—		—		—
Shares reinvested	215,632		295,849		2,310		311,273		437,304		3,175
Shares redeemed	(260,628	)	(908,808	)	(8,919	)	(1,027,162	)	(3,313,360	)	(22,137	)
Net increase (decrease)	425,575		698,731		(99,642	)	104,639		(1,389,737	)	40,733

⁽¹⁾ Inception date was June 25, 2009.

166

	Six Months Ended June 30, 2009						Year Ended December 31, 2008
	GS2		GS4		GS6		GS2		GS4		GS6
Real Estate Securities Fund
Shares sold			5,867,944						10,637,842
Shares reinvested			274,332						386,418
Shares redeemed			(3,209,003	)					(6,384,635	)
Net increase			2,933,273						4,639,625
Value Equity Fund
Shares sold	1,753,581		4,864,575		40,675		3,486,962		8,453,832		52,086
Shares exchanged	—		1,130,694		(2,203,139	)	—		—		—
Shares reinvested	891,841		1,348,985		55,079		1,038,380		1,565,141		74,232
Shares redeemed	(591,170	)	(4,967,680	)	(2,487	)	(3,826,610	)	(12,449,297	)	(16,490	)
Net increase (decrease)	2,054,252		2,376,574		(2,109,872	)	698,732		(2,430,324	)	109,828
Growth Equity Fund
Shares sold	1,221,111		3,648,747		18,948		2,871,383		8,033,364		30,730
Shares exchanged	—		692,725		(1,126,367	)	—		—		—
Shares reinvested	43,921		71,463		255		89,784		126,685		372
Shares redeemed	(1,001,484	)	(6,486,822	)	(5,975	)	(2,524,921	)	(10,808,932	)	(14,792	)
Net increase (decrease)	263,548		(2,073,887	)	(1,113,139	)	436,246		(2,648,883	)	16,310
Small Cap Equity Fund
Shares sold	441,861		1,543,489		23,304		2,366,155		3,557,451		35,880
Shares exchanged	—		1,285,304		(1,999,515	)	—		—		—
Shares reinvested	18,751		35,587		2,337		138,470		298,452		24,255
Shares redeemed	(277,913	)	(1,795,562	)	(4,198	)	(2,394,207	)	(5,853,574	)	(10,548	)
Net increase (decrease)	182,699		1,068,818		(1,978,072	)	110,418		(1,997,671	)	49,587
International Equity Fund
Shares sold	1,841,209		7,392,858		31,617		8,764,143		19,289,876		62,220
Shares exchanged	—		1,687,592		(2,207,195	)	—		—		—
Shares reinvested	256,189		715,782		19,754		2,467,529		6,721,576		193,967
Shares redeemed	(3,117,785	)	(7,548,059	)	(10,746	)	(3,979,501	)	(9,340,113	)	(27,121	)
Net increase (decrease)	(1,020,387	)	2,248,173		(2,166,570	)	7,252,171		16,671,339		229,066

8. BANK BORROWINGS

On October 30, 2008, the Board of Trustees approved a credit agreement with Bank of America, N.A. dated December 3, 2008 through December 2, 2009. The agreement permits up to $50 million, collectively. Interest is charged to each Fund based on its 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 4, 2009, the MyDestination 2005 Fund borrowed $250,000 at a rate of 1.49625%. The Fund repaid the loan in the amount of $250,007, which represents principal and one day of accrued interest, on March 5, 2009. On May 28, 2009, the MyDestination 2015 and MyDestination 2025 Funds borrowed a total of $3,250,000 at a rate of 1.31625%. The Funds repaid the loan in the amount of $3,250,119, which represents principal and one day of accrued interest, on May 29, 2009. No other Funds borrowed for the six months ended June 30, 2009, and there were no outstanding loans at June 30, 2009.

167

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 to shareholders. No provision for income or excise taxes is thus required. Each Fund is treated as a separate entity for federal income tax purposes.

Net investment income (loss) and net realized gains (losses) may differ for financial statements and tax purposes primarily because of deferred losses on certain futures contracts and losses deferred due to “wash sale” transactions. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Funds. Income dividends and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for futures and options transactions, foreign currency transactions, paydowns, losses deferred due to wash sales and investments in Passive Foreign Investment Companies (“PFIC’s”). Distributions during the year ended December 31, 2008 were characterized as follows for tax purposes:

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital
MyDestination 2005	$	2,083,566	$	1,504,355	$	—
MyDestination 2015		4,008,790		5,518,766		—
MyDestination 2025		2,335,600		4,629,258		—
MyDestination 2035		630,615		1,856,236		—
MyDestination 2045		180,040		700,135		—
Conservative Allocation		10,292,290		12,642,828		—
Balanced Allocation		41,644,877		90,209,055		—
Growth Allocation		21,830,650		73,173,462		—
Aggressive Allocation		9,741,630		77,173,217		—
Conservative Allocation I		2,530,981		1,163,656		—
Balanced Allocation I		13,748,251		13,132,319		—
Growth Allocation I		7,165,766		13,478,283		—
Aggressive Allocation I		20		14,453,009		—
Money Market		30,499,308		—		—
Low-Duration Bond		34,110,052		—		—
Medium-Duration Bond		81,631,018		2,832,789		—
Extended-Duration Bond		38,263,627		2,890,924		—
Global Bond		14,374,673		266,282		—
Equity Index		6,439,050		2,678,739		—
Real Estate Securities		2,388,143		—		99,004
Value Equity		20,928,040		7,704,593		—
Growth Equity		2,419,165		—		—
Small Cap Equity		2,699,065		1,846		741,208
International Equity		42,815,653		39,117,934		—

168

At December 31, 2008, 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	$	101,730	$	(42,414	)	$	—		$	(19,247,610	)
MyDestination 2015		1,381,316		(889,637	)		—			(70,456,057	)
MyDestination 2025		608,702		(31,687	)		—			(56,909,902	)
MyDestination 2035		185,808		124,488			—			(23,141,954	)
MyDestination 2045		127,784		4,334			—			(9,495,015	)
Conservative Allocation		6,254		1,080,889			—			(19,698,703	)
Balanced Allocation		—		6,797,379			—			(231,929,322	)
Growth Allocation		—		3,868,509			—			(221,602,148	)
Aggressive Allocation		—		4,784,388			—			(240,154,545	)
Conservative Allocation I		705,587		(650,405	)		—			(13,926,014	)
Balanced Allocation I		5,275,545		(4,262,186	)		—			(110,615,628	)
Growth Allocation I		1,465,194		(412,556	)		—			(90,581,706	)
Aggressive Allocation I		3,253,345		(3,489,043	)		—			(79,815,110	)
Money Market		84,502		—			—			—
Low-Duration Bond		1,544,710		(7,356,071	)		(1,971,733	)		(57,708,645	)
Medium-Duration Bond		7,822,937		—			(3,952,447	)		(124,816,470	)
Extended-Duration Bond		—		651,104			(324,537	)		(57,639,431	)
Global Bond		1,495,654		(705,051	)		(1,784,324	)		(58,052,503	)
Equity Index		1,622,559		(1,612,695	)		(1,178,253	)		(54,644,915	)
Real Estate Securities		—		(12,320,254	)		(23,080,864	)		(40,008,172	)
Value Equity		7,752,269		(73,270,784	)		(45,682,715	)		(359,683,765	)
Growth Equity		49,558		(45,483,748	)		(57,189,899	)		(285,155,634	)
Small Cap Equity		—		(69,003,843	)		(18,488,881	)		(97,580,240	)
International Equity		1,194,012		5,380			(61,018,376	)		(415,621,820	)

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

For federal income tax purposes, capital loss carryovers and their expiration dates, were as follows as of December 31, 2008:

Expiring December 31,	2011		2014		2016		Total
MyDestination 2005	$	—	$	—	$	42,414	$	42,414
MyDestination 2015		—		—		889,637		889,637
MyDestination 2025		—		—		31,687		31,687
Conservative Allocation I		—		—		650,405		650,405
Balanced Allocation I		—		—		4,262,186		4,262,186
Growth Allocation I		—		—		412,556		412,556
Aggressive Allocation I		—		—		3,489,043		3,489,043
Low-Duration Bond		—		7,356,071		—		7,356,071
Global Bond		—		—		705,051		705,051
Equity Index		—		—		1,612,695		1,612,695
Real Estate Securities		—		—		12,320,254		12,320,254
Value Equity		—		—		73,270,784		73,270,784
Growth Equity		45,483,748		—		—		45,483,748
Small Cap Equity		—		—		69,003,843		69,003,843

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For federal income tax purposes, post-October loss deferrals, which will reverse in 2009, were as follows as of December 31, 2008:

	Capital		FX		Total
Low-Duration Bond	$	1,971,733	$	—	$	1,971,733
Medium-Duration Bond		3,641,503		310,944		3,952,447
Extended-Duration Bond		269,062		55,475		324,537
Global Bond		1,784,324		—		1,784,324
Equity Index		1,178,253		—		1,178,253
Real Estate Securities		23,080,864		—		23,080,864
Value Equity		45,682,715		—		45,682,715
Growth Equity		57,178,886		11,013		57,189,899
Small Cap Equity		18,459,779		29,102		18,488,881
International Equity		61,018,376		—		61,018,376

At June 30, 2009, 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	$	67,506,182	$	(12,606,641	)	$	—	$	(12,606,641	)
MyDestination 2015		221,669,120		(56,118,941	)		—		(56,118,941	)
MyDestination 2025		164,666,289		(45,774,336	)		—		(45,774,336	)
MyDestination 2035		71,442,878		(19,959,809	)		—		(19,959,809	)
MyDestination 2045		35,951,820		(7,028,311	)		—		(7,028,311	)
Conservative Allocation		269,649,301		(14,181,987	)		2,382,667		(16,564,654	)
Balanced Allocation		1,137,686,403		(172,395,071	)		—		(172,395,071	)
Growth Allocation		883,397,553		(180,141,396	)		—		(180,141,396	)
Aggressive Allocation		805,387,188		(212,081,268	)		—		(212,081,268	)
Conservative Allocation I		65,070,228		(8,463,332	)		—		(8,463,332	)
Balanced Allocation I		364,821,830		(90,150,813	)		—		(90,150,813	)
Growth Allocation I		251,314,399		(79,645,254	)		—		(79,645,254	)
Aggressive Allocation I		189,610,761		(72,806,469	)		—		(72,806,469	)
Money Market		1,243,562,141		—			—		—
Low-Duration Bond		707,438,695		(34,430,151	)		9,168,883		(43,599,034	)
Medium-Duration Bond		1,139,632,777		(88,252,921	)		18,211,341		(106,464,262	)
Extended-Duration Bond		445,237,109		(22,508,791	)		15,065,485		(37,574,276	)
Inflation Protected Bond		65,417,206		545,358			547,268		(1,910	)
Global Bond		228,795,343		(27,895,355	)		3,202,240		(31,097,595	)
Equity Index		382,200,312		(46,267,840	)		50,650,441		(96,918,281	)
Real Estate Securities		128,010,445		(16,910,672	)		—		(16,910,672	)
Value Equity		1,370,114,714		(302,876,105	)		22,840,074		(325,716,179	)
Growth Equity		1,184,248,503		(55,162,674	)		30,409,349		(85,572,023	)
Small Cap Equity		442,152,678		(29,535,809	)		20,640,518		(50,176,327	)
International Equity		1,410,219,254		(143,858,336	)		26,957,065		(170,815,401	)

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

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At December 31, 2008, capital contributions, accumulated undistributed net investment income and accumulated net realized gain (loss) from investments have been adjusted for current period permanent book/tax differences which arose principally from differing book/tax treatments of paydown gains, net operating losses and foreign currency transactions. The following amounts were reclassified within the capital accounts:

Fund	Paid in Capital		Accumulated Undistributed Income			Accumulated Net Realized Gain (Loss) on Investments, Currency Translations and Derivative Transactions
MyDestination 2005	$	—	$	226,191		$	(226,191	)
MyDestination 2015		—		509,565			(509,565	)
MyDestination 2025		—		259,169			(259,169	)
MyDestination 2035		—		26,799			(26,799	)
MyDestination 2045		—		47			(47	)
Conservative Allocation		—		(1,317	)		1,317
Balanced Allocation		—		6,029,808			(6,029,808	)
Growth Allocation		—		2,316,162			(2,316,162	)
Aggressive Allocation		—		(1,080	)		1,080
Conservative Allocation I		—		(590	)		590
Balanced Allocation I		—		2,773,325			(2,773,325	)
Growth Allocation I		—		911,960			(911,960	)
Aggressive Allocation I		—		380			(380	)
Money Market		—		84,502			(84,502	)
Low-Duration Bond		—		3,971,996			(3,971,996	)
Medium-Duration Bond		—		5,487,420			(5,487,420	)
Extended-Duration Bond		—		1,252,246			(1,252,246	)
Global Bond		—		1,515,962			(1,515,962	)
Equity Index		—		(2,066	)		2,066
Real Estate Securities		—		—			—
Value Equity		—		(8,811	)		8,811
Growth Equity		—		3,395			(3,395	)
Small Cap Equity		—		34,447			(34,447	)
International Equity		—		5,455,380			(5,455,380	)

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

The Financial Accounting Standards Board (“FASB”) Interpretation No. 48, (“FIN 48”) Accounting for Uncertainty in Income Taxes, sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. 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 regarding the adoption of FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance from the FASB, 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.

10. 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, 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.

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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, Inc. and Lehman Brothers International (Europe) have been filed on behalf of GuideStone Funds.

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.

11. U.S. TREASURY DEPARTMENT TEMPORARY GUARANTEE PROGRAM

The Money Market Fund participates in the U.S. Department of the Treasury (the “Treasury”) Temporary Guarantee Program for Money Market Funds (the “Program”). Under the Program, the Treasury will guarantee the share price of the shares of the Fund held by shareholders as of the close of business on September 19, 2008, at $1.00 for each share of the Fund, if the Fund’s net asset value per share falls below $0.995 (a “Guarantee Event”) and the Fund liquidates. Shareholders who held shares of the Fund on September 19, 2008, are provided a guarantee for the lesser of: (a) the number of shares owned by the shareholder at the close of September 19, 2008; or (b) the number of shares owned by the shareholder on the date of a Guarantee Event. The Program does not apply to shareholders who were not shareholders of the Fund as of the close of business on September 19, 2008. The Fund will bear the expense of its participation in the program without regard to any expense limitation currently in effect. The Program is scheduled to expire on September 18, 2009.

12. NEW ACCOUNTING PRONOUNCEMENTS

In April 2009, FASB issued Statement No. 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly” (“FAS 157-4”), an amendment to FASB Statement No. 157. FAS 157-4 is intended to provide additional guidance for estimating fair value in accordance with FASB Statement No. 157, Fair Value Measurements, when the volume and level of trade activity for the asset or liability have significantly decreased. FAS 157-4 is effective for financial statements issued for fiscal years and interim periods ending after June 15, 2009. The adoption of Statement 157-4 did not have an impact on the amounts reported in the financial statements.

In May 2009, FASB issued Statement No. 165, “Subsequent Events” (“FAS 165”). FAS 165 establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. It requires the disclosure of the date through which an entity has valuated subsequent events and the basis for that date — that is, whether that date represents the date the financial statements were issued or were available to be issued.

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This disclosure is intended to alert all users of financial statements that an entity has not evaluated subsequent events after that date in the set of financial statements being presented. FAS 165 is effective for interim and annual periods ending after June 15, 2009. The adoption of FAS 165 did not have a material impact on the amounts reported in the financial statements.

In June, 2009 FASB issued Statement No. 166 “Accounting for Transfers of Financial Assets” (“FAS 166”), an amendment to FASB Statement No. 140. FAS 166 is intended to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor’s continuing involvement, if any, in transferred financial assets. FAS 166 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2009. Management is currently evaluating the implications of Statement 166. The impact on the Funds’ financial statement disclosures, if any, is currently being assessed.

13. SUBSEQUENT EVENTS

Subsequent events have been evaluated through August 27, 2009, 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.

173

FUND MANAGEMENT (Unaudited)

Information pertaining to the Trustees and officers of the Trust is set forth below. The statement of additional information (SAI) includes additional information about the Trustees and is available without charge, upon request, by calling 1-888-98-GUIDE.

Name, (DOB), Address and Position(s) with Trust	Term of Office and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships/Directorships Held by Trustee
DISINTERESTED TRUSTEES
Michael R. Buster (1957) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2002	Executive Pastor, Prestonwood Baptist Church, 1989 - present.	25	N/A
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 Trustee Member and Strategy Team; Rollins College Board of Overseers/Corporate Council – Member; the B.R. Chamberlain Foundation for Public Entertainment – President.
Julie P. Fry (1956) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2007	Chief Operating Officer, Salmon, Sims, Thomas & Associates, PLLC, 1996 - present	25	National Charity League, DFW Metroport Chapter — Past President
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
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 Raymond Morgan (1943) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2005	Retired - Senior Vice President, Director of International Administration, Prudential Securities, Inc., January 1962 - May 2003.	25	N/A
INTERESTED TRUSTEES2
Barry Hartis (1945) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2005	Certified Public Accountant, 1976 - present; Vice President of Business and Finance, Greensboro College, January 1998 - June 30, 2005.	25	N/A
Gerald B. Jones (1932) 2401 Cedar Springs Road Dallas, TX 75201-1407 Trustee	Since 2000	President, Flying Investments, November 2006 - present. Owner Jones Motorcars, Inc. 1957 - October 2006.	25	Bank of Arkansas — Director

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FUND MANAGEMENT (Continued)

Name, (DOB), Address and Position(s) with Trust	Term of Office and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Trusteeships/Directorships Held by Trustee
OFFICERS WHO ARE NOT TRUSTEES3
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, 2000 – 2006.	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/her successor is elected. Officers serve at the pleasure of the Board of Trustees.

² Messrs. Gerald Jones and Hartis serve as trustees and are to be “interested persons” of the Trust as the term is defined in the Investment Company Act of 1940, due to their positions on the Board of Trustees of GuideStone Financial Resources of the Southern Baptist Convention.

³ 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.

175

PROXY VOTING

A description of the policies and procedures that GuideStone Funds uses to determine how to vote proxies relating to their portfolio securities as well as information regarding how GuideStone Funds voted proxies during the most recent 12-month period ended June 30 is available without charge by calling 1-888-98-GUIDE, by visiting our Web site at www.GuideStoneFunds.org or by visiting the SEC’s Web site 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 Web site, GuideStone Funds files a complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for each Fund’s first and third fiscal quarters on Form N-Q. GuideStone Funds does not deliver the schedule for the first and third fiscal quarters to shareholders, however the schedule is posted to our Web site, www.GuideStoneFunds.org. You may also obtain the Form N-Q filings by accessing the SEC’s Web site 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.

176

BOARD REVIEW OF NEW SUB-ADVISORY AGREEMENTS FOR SMALL CAP EQUITY FUND AND INTERNATIONAL EQUITY FUND

As required by the Investment Company Act of 1940, as amended (the “1940 Act”), the Board of Trustees (the “Board”) of GuideStone Funds (the “Trust”), including all of the Trustees who are not “interested persons” of the Trust, as that term is defined in the 1940 Act (the “Independent Trustees”), considered the approval of a new Sub-Advisory Agreement among: GuideStone Capital Management (“GSCM” or “Adviser”), Columbus Circle Investors (“CCI”) and the Trust on behalf of the Small Cap Equity Fund. The Board approved the new sub-advisory agreement (the “New Sub-Advisory Agreement”) for an initial two-year term at the meeting of the Board held on February 26, 2009. Also, at the Board meeting held on February 26, 2009, the Board approved an amendment to the fee schedule for the sub-advisory agreement with Mondrian Investment Partners Ltd. (“Mondrian”) (“Mondrian Amended Fee Schedule”) and the Trust on behalf of the International Equity Fund. The Board’s decision to approve the New Sub-Advisory Agreement and the Mondrian Amended Fee Schedule reflects the exercise of its business judgment to enter into new or amended sub-advisory arrangements. In approving the New Sub-Advisory Agreement and the Mondrian Amended Fee Schedule, the Board considered information provided by the Adviser, CCI and Mondrian with the assistance and advice of counsel to the Independent Trustees and counsel to the Trust.

With respect to the Small Cap Equity Fund, the Board’s consideration of various factors and its conclusions with respect to such factors formed the basis for the Board’s determination to approve the New Sub-Advisory Agreement. The factors considered by the Board included, but were not limited to: (i) the resources of CCI; (ii) the experience and expertise of CCI; (iii) the financial capability of CCI; (iv) the compliance procedures and history of CCI; (v) the performance of similarly managed funds and accounts in comparison to relevant benchmarks for the Small Cap Equity Fund; (vi) the amount of the contractual sub-advisory fee in comparison to similarly managed funds and CCI’s other similarly situated clients and the effect of any fee waiver and expense reimbursement arrangement; (vii) the total expenses of the Small Cap Equity Fund in comparison to similarly managed funds and the use of past and anticipated expense caps; (viii) the anticipated profitability of CCI with respect to the Small Cap Equity 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 CCI; and (xi) the existence of any collateral benefits to be realized by the Small Cap Equity Fund. No one factor was determinative in the Board’s consideration of the New Sub-Advisory Agreement.

The Board undertook a review of the terms of the New Sub-Advisory Agreement and the Mondrian Amended Fee Schedule, the nature and quality of the services to be provided by CCI and the proposed fee changes to Mondrian. The Adviser provided the Board with substantial detailed information in the form of reports about CCI prior to the meeting which addressed most, if not all, of the factors listed previously. The Adviser also provided additional information about CCI in a presentation made during the meeting, discussed the comprehensive screening process used to recommend CCI and responded to questions from the Board. The Adviser also provided the Board with details regarding the proposed new fees to be charged under the Mondrian Amended Fee Schedule. In addition, the Independent Trustees met separately in executive session with counsel to the Independent Trustees to discuss and consider information presented in connection with the approval of the New Sub-Advisory Agreement and the Mondrian Amended Fee Schedule as well as the Board’s responsibilities and duties in approving each agreement.

APPROVAL OF NEW SUB-ADVISORY AGREEMENTS FOR SMALL CAP EQUITY FUND AND INTERNATIONAL EQUITY FUND

In considering the approval of the New Sub-Advisory Agreement for the Small Cap Equity 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 their independent legal counsel. The Board considered their responsibilities with respect to reviewing and approving the terms of the New Sub-Advisory Agreement, the investment management team at CCI, the reasonableness of the sub-advisory fees and whether the appointment would be reasonable and fair to the Small Cap Equity Fund and its shareholders. The Board reviewed the factors that they should consider in evaluating whether to approve the New Sub-Advisory Agreement and the materials provided to support each factor.

177

More specifically, the Board examined the nature, extent and quality of the services to be provided by CCI. The Board evaluated CCI’s experience and noted that CCI currently provides investment advice to various clients, including the Growth Equity Fund, another series of the Trust. The Board noted the experience of key personnel at CCI in providing investment management services and systems used by such persons and the ability of the sub-adviser to attract and retain capable personnel. The Board noted the reputation, compliance history and compliance program of CCI. The Board also noted the terms of the New Sub-Advisory Agreement and the responsibilities that CCI would have as a sub-adviser to the Small Cap Equity Fund, including the responsibility of the day-to-day management of an investment portfolio of the Small Cap Equity Fund, compliance with the Small Cap Equity Fund’s policies and objective and the implementation of Board directives as they relate to the Small Cap Equity Fund. The Board concluded that the Small Cap Equity Fund is likely to benefit from the extent and quality of these services as a result of the sub-adviser’s experience, personnel, operations and resources.

The Board considered information about the potential of CCI to contribute economies of scale as the Small Cap Equity Fund grows in size. The Board noted that the Adviser had been able to negotiate fees that were favorable compared to CCI’s stated fee schedules. The Board noted that CCI’s fee schedule incorporates fee breakpoints, and given the proposed allocation of assets to CCI, one future breakpoint would be available to the Small Cap Equity Fund as assets increase in market value. The Board also noted that CCI provided an estimate of its anticipated profitability with respect to the Small Cap Equity Fund based upon overall profitability as an investment advisory firm.

The Board noted that the Small Cap Fund’s aggregate sub-advisory fee would not increase as a result of the appointment of CCI. However, the Board recognized that the Small Cap Equity Fund’s aggregate sub-advisory fee was effectively reduced on a temporary basis during the period when the Small Cap Equity Fund held a position in exchange-traded funds. The Board noted that the Small Cap Equity Fund, and not the Adviser, would pay fees to CCI directly; therefore, the appointment of CCI would not affect the profitability of the Adviser. The Board noted that the management fee for the Small Cap Equity Fund would continue to be competitive with fees paid by other mutual funds to other advisers.

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by CCI and its affiliates as a result of its arrangements with the Small Cap Equity Fund. The Board concluded that any potential benefits to be derived by CCI included potential access to additional research resources, larger assets under management and reputational benefits, which were consistent with those generally derived by sub-advisers to mutual funds.

The Board considered the investment strategy proposed to be implemented by CCI with respect to approximately 12% of the Small Cap Equity Fund’s assets, and the Adviser’s assessment that the strategy would enhance the Small Cap Equity Fund’s core to high-growth oriented exposure and offers the potential for increased returns. The Board also considered the favorable past performance history of the investment strategy relative to the benchmark index and to the peer universe. The Board noted that the proposed investment strategy outperformed its benchmark, the Russell 2000^® Growth Index, over each of the past four calendar year periods. The Board further noted that the proposed investment strategy was ranked in the top quartile among its peer universe during each of the one- through five-year periods ended December 31, 2008.

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

In considering the approval of the Mondrian Amended Fee Schedule for the International Equity Fund, the Board took into account the information provided by the Adviser at the February 26, 2009, Board meeting. The Board noted the addition of a breakpoint that could potentially lower fees payable to Mondrian, and thus benefit shareholders, if Mondrian’s assigned portion of the International Equity Fund rose above $500,000,000, and that all of the factors that the Board previously considered when renewing the contract at its September 11, 2008, meeting were still applicable.

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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 New Sub-Advisory Agreement and the Mondrian Amended Fee Schedule.

BOARD REVIEW OF NEW INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS FOR INFLATION PROTECTED BOND FUND

As required by the 1940 Act, the Board, including all of the Independent Trustees, considered the approval of the advisory agreement between: GSCM and the Trust on behalf of the Inflation Protected Bond Fund (the “New Fund”) (the “New Advisory Agreement”) and the approval of the new sub-advisory agreement between: GSCM, BlackRock Financial Management, Inc. (“BFM”) and the Trust on behalf of the New Fund (the “Sub-Advisory Agreement”). At the Board meeting held on May 18 – 19, 2009, the New Advisory Agreement was approved for a one-year term and the Sub-Advisory Agreement was approved for a two-year term. The Board’s decision to approve the New Advisory Agreement and the Sub-Advisory Agreement reflects the exercise of its business judgment to enter into new advisory and sub-advisory arrangements. In approving the New Advisory Agreement and the Sub-Advisory Agreement, the Board considered information provided by the Adviser and BFM with the assistance and advice of counsel to the Independent Trustees and counsel to the Trust.

The Board’s consideration of various factors and its conclusions with respect to such factors formed the basis for the Board’s determination to approve the New Advisory Agreement and the Sub-Advisory Agreement. The factors considered by the Board included, but were not limited to: (i) the resources of the Adviser and BFM; (ii) the experience and expertise of the Adviser and BFM; (iii) the financial capability of the Adviser and BFM; (iv) the compliance procedures and history of the Adviser and BFM; (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 BFM’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 profitability of the Adviser and anticipated profitability of BFM 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 BFM; 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 New Advisory Agreement and the Sub-Advisory Agreement.

The Board undertook a review of the terms of the New Advisory Agreement and the Sub-Advisory Agreement and the nature and quality of the services to be provided by the Adviser and BFM. The Adviser provided the Board with substantial detailed information in the form of reports about the New Fund, the Adviser and BFM 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 BFM in a presentation made during the meeting, discussed the comprehensive screening process used to recommend BFM and responded to questions from the Board. In addition, the Independent Trustees met separately in executive session with counsel to the Independent Trustees to discuss and consider information presented in connection with the approval of the New Advisory Agreement and the Sub-Advisory Agreement as well as the Board’s responsibilities and duties in approving the New Advisory Agreement and the Sub-Advisory Agreement.

APPROVAL OF NEW INVESTMENT ADVISORY AGREEMENT FOR INFLATION PROTECTED BOND FUND

In considering the approval of the New 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 experience of key personnel in providing investment management and administrative services and 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

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that the Adviser has as an investment adviser to the New Fund, including oversight of general fund compliance and 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 New Advisory Agreement is identical in all material respects to other advisory agreements entered into by the Trust for the Funds. 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 New Advisory Agreement.

APPROVAL OF NEW SUB-ADVISORY AGREEMENT FOR INFLATION PROTECTED BOND FUND

In considering approval of the Sub-Advisory Agreement 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 BFM to the New Fund. The Board considered its responsibilities with respect to reviewing and approving the terms of the Sub-Advisory Agreement, the investment management team at BFM, the reasonableness of the sub-advisory fees and whether the appointment of BFM would be reasonable and fair to the New Fund and its shareholders. The Board reviewed the factors that it should consider in evaluating whether to approve the Sub-Advisory Agreement and the materials provided to support each factor. The Board evaluated BFM’s experience in serving as a sub-adviser, including its oversight and management of the allocation of existing Fund assets among the Low-Duration Bond Fund, another series BFM services under the Trust.

The Board considered the reputation, compliance history, compliance program and financial condition of BFM. The Board also considered the experience of key personnel at BFM 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 the sub-adviser to attract and retain capable personnel. The Board also noted the terms of the Sub-Advisory Agreement and the responsibilities that BFM 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. In addition, the Board noted BFM’s longstanding relationship with the Trust and its understanding of the investment philosophy and culture of the Adviser, two factors which would facilitate a seamless integration of BFM into the New Fund. The Board concluded that the New Fund is likely to benefit from the extent and quality of these services as a result of BFM’s experience, personnel, operations and resources.

The Board considered information about the potential of BFM to contribute economies of scale as the New Fund grows in size. The Board noted that the Adviser had been able to negotiate fees that were favorable compared to BFM’s stated fee schedule for accounts below $100,000,000 in assets. The Board noted that BFM’s fee schedule incorporates the availability of a future breakpoint to the New Fund as assets increase in market value.

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by BFM and its affiliates as a result of its arrangements with the New Fund. The Board concluded that any potential benefits to be derived by BFM included potential access to additional research resources, larger assets under management and reputational benefits, which were consistent with those generally derived by sub-advisers to mutual funds.

The Board noted BFM’s successful history in managing comparable inflation-protected bond fund strategies for other clients, including the BlackRock Inflation Protected Bond Fund Portfolio. The Board noted that the BFM Treasury Inflation-Protected Securities (“TIPS”) Strategy outperformed the benchmark for the one-year, three-year, five-year and since inception periods

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ended March 31, 2009, but underperformed the benchmark in the first calendar quarter for 2009. The Board also noted that the BFM TIPS Strategy exceeded the median for the peer universe of comparable funds for each of the one- through five-year periods ended March 31, 2009, and resided in the top quartile of the peer universe for each of those periods. In light of BFM’s successful track record, the Board concluded that the New Fund is likely to benefit from BFM’s management of the New Fund.

The Board considered the Adviser’s assessment of BFM’s financial condition. The Board noted that the Adviser, after reviewing certain financial information provided by BFM, felt comfortable that BFM 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, determined to approve the Sub-Advisory Agreement.

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INVESTMENT SUB-ADVISERS (Assets under management as of 06/30/09) (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	$	1.3	Tr
Low-Duration Bond	BlackRock Financial Management, Inc.	1988	$	1.3	Tr
	Payden & Rygel	1983	$	44.6	B
	PIMCO (Pacific Investment Management Company LLC)	1971	$	842	B
Medium-Duration Bond	Goldman Sachs Asset Management, L.P.	1984	$	708.7	B
	PIMCO (Pacific Investment Management Company LLC)	1971	$	842	B
	Western Asset Management Company	1971	$	485	B
	Western Asset Management Company Limited	1971	$	61.1	B
Extended-Duration Bond	Loomis, Sayles & Company, L.P.	1926	$	124	B
	STW Fixed Income Management Ltd.	1977	$	9.6	B
Inflation Protected Bond	BlackRock Financial Management, Inc.	1988	$	1.3	Tr
Global Bond	Loomis, Sayles & Company, L.P.	1926	$	124	B
	Western Asset Management Company	1971	$	485	B
	Western Asset Management Company Limited	1971	$	61.1	B
Equity Index	Northern Trust Investments, N.A.	1889	$	559	B
Real Estate Securities	RREEF America L.L.C.	1975	$	60.2	B
Value Equity	Aronson+Johnson+Ortiz, LP	1984	$	17.4	B
	Barrow, Hanley, Mewhinney & Straus, Inc.	1979	$	46.0	B
	Northern Trust Investments, N.A.	1889	$	559	B
	TCW Investment Management Company	1971	$	103.3	B
Growth Equity	Columbus Circle Investors	1975	$	12.1	B
	Marsico Capital Management, LLC	1997	$	51.1	B
	Rainier Investment Management, Inc.®	1991	$	14.1	B
	Sands Capital Management, LLC	1992	$	10.9	B
Small Cap Equity	Aronson+Johnson+Ortiz, L.P.	1984	$	17.4	B
	Columbus Circle Investors	1975	$	12.1	B
	Lord, Abbett & Company LLC	1929	$	73.9	B
	TimesSquare Capital Management, LLC	2000	$	8.8	B
	Western Asset Management Company	1971	$	485	B
	Western Asset Management Company Limited	1971	$	61.1	B
International Equity	AllianceBernstein L.P.	1962	$	447	B
	AQR Capital Management, LLC	1998	$	20.0	B
	Genesis Asset Managers, LLP	1989	$	15.9	B
	Lazard Asset Management LLC	1970	$	86.3	B
	McKinley Capital Management, LLC	1990	$	10.4	B
	MFS Institutional Advisors, Inc.	1970	$	141	B
	Mondrian Investment Partners Ltd.	1990	$	52.0	B
	Philadelphia International Advisors, L.P.	1956	$	5.7	B
	UBS Global Asset Management (Americas), Inc.	1998	$	142	B
Custodian for GuideStone Funds Assets	The Northern Trust Company	1889	$	3.2	Tr
Cash Overlay for GuideStone Date Target, Asset Allocation, Bond and Equity Funds	Northern Trust Investments, N.A.	1889	$	559	B

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 (48433), visit www.GuideStoneFunds.org or write to GuideStone Funds, 2401 Cedar Springs, Dallas, TX 75201-1498. Read it carefully before you invest. Shares of GuideStone Funds are distributed by PFPC Distributors, Inc., 760 Moore Road, King of Prussia, PA 19406.

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	2401 Cedar Springs Road, Dallas, TX 75201-1498 1-888-98-GUIDE — www.GuideStonesFunds.org	Funds distributed by PFPC Distributors, Inc. 760 Moore Road, King of Prussia, PA 19406
15177		6/09             2239

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(registrant) GuideStone Funds

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

Date August 27, 2009

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 27, 2009

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

Date August 27, 2009

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