Fund Performance for GuideStone Funds

For more information, including fund objective, investment strategy and the risks associated with investing in the funds please click on the fund names below. You may also view the prospectus.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Returns exceeding 20% reflect unusual market conditions and may not be sustained at this level over the long term.

Net Expense Ratio reflects fee waivers and expense reimbursements by the investment advisor. These waiver and reimbursement arrangements, if not extended, will end on April 30, 2012.

* Returns are not annualized for funds less than one year old.

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GuideStone Funds

As Of 2/3/2012 As Of 12/31/2011 As Of 12/31/2011 Lipper Rankings As Of 12/31/2011 — Based on Total Return Morningstar Ratings (number of funds in category) As Of 12/31/2011 Based on Risk Adjusted Return
DATE TARGET FUNDS Ticker Net Asset Value Month To Date Year To Date One Year Three Year (Annualized) Five Year (Annualized) Ten Year (Annualized) Since Inception (Annualized) * Inception Date Gross Expense Ratio Net Expense Ratio One Month Year To Date One Year Three Year (Annualized) Five Year (Annualized) Ten Year (Annualized) Since Inception (Annualized) * Inception Date Gross Expense Ratio Net Expense Ratio Three Month Year To Date One Year Three Year (Annualized) Five Year (Annualized) Ten Year (Annualized) Since Inception (Annualized) * Inception Date Gross Expense Ratio Net Expense Ratio Category 1 Year Ranking 3 Year Ranking 5 Year Ranking 10 Year Ranking Category Overall Rating 3 Year Rating 5 Year Rating 10 Year Rating
MyDestination 2005-GS4 1 GMIZX 1.02% 3.65% 4.72% 13.99% 2.99% N/A 3.23% 12/29/2006 1.11% 1.05% 0.31% 2.52% 2.52% 11.41% 2.56% N/A 2.56% 12/29/2006 1.11% 1.05% 4.27% 2.52% 2.52% 11.41% 2.56% N/A 2.56% 12/29/2006 1.11% 1.05% Mixed-Asset Target 2010 34 of 145 64 of 132 27 of 95 N/A Target Date 2000-2010
of 150
of 150
of 110
N/A
MyDestination 2015-GS4 1 GMTZX 1.44% 5.02% 4.71% 17.23% 2.46% N/A 2.78% 12/29/2006 1.14% 1.14% 0.55% 1.84% 1.84% 13.45% 1.84% N/A 1.84% 12/29/2006 1.14% 1.14% 6.04% 1.84% 1.84% 13.45% 1.84% N/A 1.84% 12/29/2006 1.14% 1.14% Mixed-Asset Target 2015 27 of 129 12 of 112 21 of 60 N/A Target Date 2011-2015
of 129
of 129
of 68
N/A
MyDestination 2025-GS4 1 GMWZX 2.06% 6.70% 3.82% 19.50% 1.41% N/A 1.81% 12/29/2006 1.21% 1.24% 0.36% 0.03% 0.03% 14.56% 0.54% N/A 0.54% 12/29/2006 1.21% 1.24% 7.48% 0.03% 0.03% 14.56% 0.54% N/A 0.54% 12/29/2006 1.21% 1.24% Mixed-Asset Target 2025 15 of 113 6 of 91 14 of 41 N/A Target Date 2021-2025
of 111
of 111
of 52
N/A
MyDestination 2035-GS4 1 GMHZX 3.00% 8.76% 2.07% 19.91% 0.10% N/A 0.60% 12/29/2006 1.33% 1.30% -0.21% -2.99% -2.99% 13.81% -1.06% N/A -1.06% 12/29/2006 1.33% 1.30% 9.31% -2.99% -2.99% 13.81% -1.06% N/A -1.06% 12/29/2006 1.33% 1.30% Mixed-Asset Target 2035 38 of 108 19 of 86 23 of 41 N/A Target Date 2031-2035
of 105
of 105
of 52
N/A
MyDestination 2045-GS4 1 GMFZX 3.09% 9.05% 1.17% 20.29% -0.56% N/A 0.01% 12/29/2006 1.42% 1.32% -0.24% -3.63% -3.63% 13.73% -1.70% N/A -1.70% 12/29/2006 1.42% 1.32% 9.91% -3.63% -3.63% 13.73% -1.70% N/A -1.70% 12/29/2006 1.42% 1.32% Mixed-Asset Target 2045 40 of 107 23 of 84 21 of 40 N/A Target Date 2041-2045
of 104
of 104
of 51
N/A
MyDestination 2055-GS4 1 GMGZX 3.09% 6.90% N/A N/A N/A N/A 6.90% 12/30/2011 2.36% 1.23% N/A N/A N/A N/A N/A N/A 0.00% 12/30/2011 2.36% 1.23% N/A N/A N/A N/A N/A N/A 0.00% 12/30/2011 2.36% 1.23% N/A N/A N/A N/A N/A N/A N/A N/A
ASSET ALLOCATION FUNDS Ticker Net Asset Value Month To Date Year To Date One Year Three Year (Annualized) Five Year (Annualized) Ten Year (Annualized) Since Inception (Annualized) Inception Date Gross Expense Ratio Net Expense Ratio One Month Year To Date One Year Three Year (Annualized) Five Year (Annualized) Ten Year (Annualized) Since Inception (Annualized) Inception Date Gross Expense Ratio Net Expense Ratio Three Month Year To Date One Year Three Year (Annualized) Five Year (Annualized) Ten Year (Annualized) Since Inception (Annualized) Inception Date Gross Expense Ratio Net Expense Ratio Category 1 Year Ranking 3 Year Ranking 5 Year Ranking 10 Year Ranking Category Overall Rating 3 Year Rating 5 Year Rating 10 Year Rating
Conservative Allocation-GS4 2 GFIZX 0.59% 2.65% 3.53% 9.41% 3.66% 4.18% 4.02% 8/27/2001 0.90% 0.87% 0.11% 1.71% 1.71% 8.36% 3.29% 3.84% 3.79% 8/27/2001 0.90% 0.87% 2.58% 1.71% 1.71% 8.36% 3.29% 3.84% 3.79% 8/27/2001 0.90% 0.87% Mixed-Asset Target Allocation Consv 249 of 438 328 of 397 149 of 320 61 of 103 Conservative Allocation
of 556
of 556
of 459
of 173
Balanced Allocation-GS4 2 GGIZX 1.48% 5.01% 4.10% 15.20% 3.49% 5.65% 5.17% 8/27/2001 1.02% 1.02% 0.35% 1.01% 1.01% 12.22% 2.74% 4.95% 4.73% 8/27/2001 1.02% 1.02% 4.99% 1.01% 1.01% 12.22% 2.74% 4.95% 4.73% 8/27/2001 1.02% 1.02% Mixed-Asset Target Allocation Moderate 181 of 483 135 of 433 76 of 398 36 of 183 Conservative Allocation
of 556
of 556
of 459
of 173
Growth Allocation-GS4 2 GCOZX 2.47% 7.50% 2.02% 17.00% 1.48% 5.23% 4.50% 8/27/2001 1.11% 1.10% -0.36% -2.39% -2.39% 12.43% 0.38% 4.13% 3.82% 8/27/2001 1.11% 1.10% 7.40% -2.39% -2.39% 12.43% 0.38% 4.13% 3.82% 8/27/2001 1.11% 1.10% Mixed-Asset Target Allocation Growth 336 of 539 181 of 503 267 of 436 89 of 220 Aggressive Allocation
of 319
of 319
of 275
of 103
Aggressive Allocation-GS4 2 GGBZX 3.38% 9.46% -0.07% 18.72% -0.72% 4.62% 3.63% 8/27/2001 1.21% 1.20% -0.86% -5.14% -5.14% 12.64% -2.02% 3.18% 2.77% 8/27/2001 1.21% 1.20% 9.43% -5.14% -5.14% 12.64% -2.02% 3.18% 2.77% 8/27/2001 1.21% 1.20% Global Multi-Cap Core 52 of 130 42 of 104 26 of 61 19 of 26 World Stock
of 697
of 697
of 490
of 275
SELECT FUNDS - FIXED INCOME Ticker Net Asset Value Month To Date Year To Date One Year Three Year (Annualized) Five Year (Annualized) Ten Year (Annualized) Since Inception (Annualized) Inception Date Gross Expense Ratio Net Expense Ratio One Month Year To Date One Year Three Year (Annualized) Five Year (Annualized) Ten Year (Annualized) Since Inception (Annualized) Inception Date Gross Expense Ratio Net Expense Ratio Three Month Year To Date One Year Three Year (Annualized) Five Year (Annualized) Ten Year (Annualized) Since Inception (Annualized) Inception Date Gross Expense Ratio Net Expense Ratio Category 1 Year Ranking 3 Year Ranking 5 Year Ranking 10 Year Ranking Category Overall Rating 3 Year Rating 5 Year Rating 10 Year Rating
Money Market-GS4 GMZXX 0.00% 0.00% 0.01% 0.07% 1.50% 1.88% 1.91% 8/27/2001 0.42% 0.39% 0.00% 0.01% 0.01% 0.11% 1.60% 1.90% 1.92% 8/27/2001 0.42% 0.39% 0.00% 0.01% 0.01% 0.11% 1.60% 1.90% 1.92% 8/27/2001 0.42% 0.39% Institutional Money Market 160 of 317 168 of 294 132 of 273 90 of 166 N/A N/A N/A N/A
7-day current annualized yield (net) = 0.01%, 7-day current annualized yield (gross) = -0.16%, as of 2/3/2012 7-day current annualized yield (net) = 0.01%, 7-day current annualized yield (gross) = -0.18%, as of 12/31/2011 7-day current annualized yield (net) = 0.01%, 7-day current annualized yield (gross) = -0.18%, as of 12/31/2011
Low-Duration Bond-GS4 3 GLDZX 0.00% 0.83% 2.27% 5.54% 4.20% 3.52% 3.63% 8/27/2001 0.67% 0.58% 0.32% 1.58% 1.58% 5.83% 4.09% 3.50% 3.58% 8/27/2001 0.67% 0.58% 0.28% 1.58% 1.58% 5.83% 4.09% 3.50% 3.58% 8/27/2001 0.67% 0.58% Short Investment Grade Debt 88 of 254 60 of 211 34 of 191 34 of 102 Short-Term Bond
of 353
of 353
of 322
of 179
Medium-Duration Bond-GS4 3 GMDZX -0.21% 1.21% 7.98% 10.78% 6.99% 6.11% 6.14% 8/27/2001 0.74% 0.64% 0.97% 6.49% 6.49% 10.64% 6.74% 6.13% 6.07% 8/27/2001 0.74% 0.64% 0.94% 6.49% 6.49% 10.64% 6.74% 6.13% 6.07% 8/27/2001 0.74% 0.64% Intermediate Investment Grade Debt 304 of 597 126 of 511 99 of 424 42 of 293 Intermediate-Term Bond
of 1,018
of 1,018
of 873
of 582
Extended-Duration Bond-GS4 3 GEDZX -1.08% 2.55% 18.36% 18.57% 10.13% 8.86% 8.82% 8/27/2001 0.77% 0.75% 3.89% 13.14% 13.14% 16.58% 9.51% 8.69% 8.65% 8/27/2001 0.77% 0.75% 3.29% 13.14% 13.14% 16.58% 9.51% 8.69% 8.65% 8/27/2001 0.77% 0.75% Corporate Debt Funds A Rated 7 of 118 8 of 102 4 of 94 2 of 62 Long-Term Bond
of 47
of 47
of 42
of 20
Global Bond-GS4 3, 4 GGBFX 0.10% 3.57% 6.88% 18.06% 7.09% N/A 6.96% 12/29/2006 0.90% 0.88% 1.52% 4.35% 4.35% 16.84% 6.35% N/A 6.35% 12/29/2006 0.90% 0.88% 3.46% 4.35% 4.35% 16.84% 6.35% N/A 6.35% 12/29/2006 0.90% 0.88% Global Income 62 of 175 4 of 134 34 of 107 N/A Multisector Bond
of 190
of 190
of 151
N/A
SELECT FUNDS - EQUITY Ticker Net Asset Value Month To Date Year To Date One Year Three Year (Annualized) Five Year (Annualized) Ten Year (Annualized) Since Inception (Annualized) Inception Date Gross Expense Ratio Net Expense Ratio One Month Year To Date One Year Three Year (Annualized) Five Year (Annualized) Ten Year (Annualized) Since Inception (Annualized) Inception Date Gross Expense Ratio Net Expense Ratio Three Month Year To Date One Year Three Year (Annualized) Five Year (Annualized) Ten Year (Annualized) Since Inception (Annualized) Inception Date Gross Expense Ratio Net Expense Ratio Category 1 Year Ranking 3 Year Ranking 5 Year Ranking 10 Year Ranking Category Overall Rating 3 Year Rating 5 Year Rating 10 Year Rating
Equity Index-GS4 GEQZX 2.55% 7.30% 5.55% 19.22% 0.48% 3.83% 2.89% 8/27/2001 0.52% 0.38% 0.92% 2.75% 2.75% 14.11% -0.51% 2.56% 2.22% 8/27/2001 0.52% 0.38% 11.55% 2.75% 2.75% 14.11% -0.51% 2.56% 2.22% 8/27/2001 0.52% 0.38% S&P 500 Index Objective 2 of 156 9 of 154 52 of 150 49 of 116 Large Blend
of 1,580
of 1,580
of 1,376
of 817
Value Equity-GS4 5 GVEZX 2.94% 7.64% 2.63% 17.68% -1.99% 4.60% 3.56% 8/27/2001 0.92% 0.90% 1.42% 0.27% 0.27% 11.49% -2.95% 3.36% 2.86% 8/27/2001 0.92% 0.90% 13.41% 0.27% 0.27% 11.49% -2.95% 3.36% 2.86% 8/27/2001 0.92% 0.90% Large-Cap Value 117 of 524 175 of 471 239 of 418 84 of 251 Large Value
of 1,127
of 1,127
of 996
of 571
Growth Equity-GS4 GGEZX 3.02% 9.88% 4.44% 21.77% 2.22% 3.27% 2.47% 8/27/2001 1.14% 1.07% -1.48% -1.43% -1.43% 17.46% 1.03% 1.81% 1.56% 8/27/2001 1.14% 1.07% 9.33% -1.43% -1.43% 17.46% 1.03% 1.81% 1.56% 8/27/2001 1.14% 1.07% Large-Cap Growth 353 of 758 128 of 660 268 of 571 195 of 364 Large Growth
of 1,478
of 1,478
of 1,279
of 804
Small Cap Equity-GS4 6 GSCZX 4.25% 10.81% 8.34% 25.42% 2.37% 6.46% 5.84% 8/27/2001 1.27% 1.22% 0.39% 1.22% 1.22% 18.23% 0.92% 4.94% 4.85% 8/27/2001 1.27% 1.22% 16.16% 1.22% 1.22% 18.23% 0.92% 4.94% 4.85% 8/27/2001 1.27% 1.22% Small-Cap Core 84 of 698 200 of 635 225 of 501 215 of 304 Small Blend
of 580
of 580
of 485
of 296
International Equity-GS4 7 GIEZX 3.82% 10.42% -7.74% 16.05% -2.61% 6.77% 5.43% 8/27/2001 1.48% 1.30% -2.63% -14.01% -14.01% 8.70% -4.35% 5.14% 4.48% 8/27/2001 1.48% 1.30% 5.08% -14.01% -14.01% 8.70% -4.35% 5.14% 4.48% 8/27/2001 1.48% 1.30% International Large-Cap Core 248 of 344 73 of 306 105 of 247 32 of 146 Foreign Large Blend
of 737
of 737
of 563
of 317
SELECT FUNDS - SPECIALTY Ticker Net Asset Value Month To Date Year To Date One Year Three Year (Annualized) Five Year (Annualized) Ten Year (Annualized) Since Inception (Annualized) * Inception Date Gross Expense Ratio Net Expense Ratio One Month Year To Date One Year Three Year (Annualized) Five Year (Annualized) Ten Year (Annualized) Since Inception (Annualized) * Inception Date Gross Expense Ratio Net Expense Ratio Three Month Year To Date One Year Three Year (Annualized) Five Year (Annualized) Ten Year (Annualized) Since Inception (Annualized) * Inception Date Gross Expense Ratio Net Expense Ratio Category 1 Year Ranking 3 Year Ranking 5 Year Ranking 10 Year Ranking Category Overall Rating 3 Year Rating 5 Year Rating 10 Year Rating
Inflation Protected Bond-GS4 GIPZX -0.79% 1.26% 15.10% N/A N/A N/A 9.28% 6/25/2009 0.72% 0.68% 0.10% 12.00% 12.00% N/A N/A N/A 9.12% 6/25/2009 0.72% 0.68% 2.43% 12.00% 12.00% N/A N/A N/A 9.12% 6/25/2009 0.72% 0.68% Treasury Inflation Protected Securities 77 of 163 N/A N/A N/A N/A N/A N/A N/A
Defensive Market Strategies-GS4 GDMZX 1.63% 3.92% N/A N/A N/A N/A 6.44% 9/1/2011 1.30% 1.30% 1.31% N/A N/A N/A N/A N/A 2.43% 9/1/2011 1.30% 1.30% 6.03% N/A N/A N/A N/A N/A 2.43% 9/1/2011 1.30% 1.30% N/A N/A N/A N/A N/A N/A N/A N/A
Real Estate Securities-GS4 8 GREZX 2.78% 8.82% 14.07% 35.30% -1.88% 11.80% 13.09% 4/4/2000 1.11% 1.11% 4.69% 8.51% 8.51% 22.40% -1.73% 10.81% 12.40% 4/4/2000 1.11% 1.11% 16.60% 8.51% 8.51% 22.40% -1.73% 10.81% 12.40% 4/4/2000 1.11% 1.11% Real Estate 83 of 209 35 of 181 72 of 154 21 of 84 Real Estate
of 212
of 212
of 192
N/A

You should carefully consider the investment objectives, risks, charges and expenses of the funds before investing. For a copy of the prospectus with this and other information about the funds, call 1-888-98-GUIDE (1-888-984-8433) or visit www.GuideStoneFunds.org to view or download a prospectus. You should read the prospectus carefully before investing.

An investment in the Money Market Fund is not insured by the Federal Deposit Insurance Corporation or any other governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Yield for the Money Market Fund represents the annualization of the fund’s declared dividends over the period indicated, excluding capital gains distributions. The yield more closely reflects the current earnings of the fund than the total return. Gross Yield reflects the yield if fee waivers were not in effect.

Shares of GuideStone Funds are distributed by BNY Mellon Distributors Inc., a registered broker-dealer and underwriter of the funds, 760 Moore Road, King of Prussia, PA 19406. GuideStone Capital Management, a controlled affiliate of GuideStone Financial Resources, provides investment advisory services for the Funds.

Rankings are subject to change monthly. Past rankings are no guarantee of future rankings. Investment return and the value of an investor’s shares will fluctuate. Shares may be worth more or less than original cost when redeemed.

The Lipper rankings are calculated by Lipper Inc., a Reuters Company, which is a nationally recognized organization that compares the performance of mutual funds within a universe of funds having similar investment objectives. Rankings are based on total return performance: with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front-end or back-end sales charges. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns.

S&P 500® is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by GuideStone Funds. The Equity Index Fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of purchasing the Equity Index Fund.

You should carefully consider the investment objectives, risks, charges and expenses of the funds before investing. For a copy of the prospectus with this and other information about the funds, call 1-888-98-GUIDE (1-888-984-8433) or visit www.GuideStoneFunds.org to view or download a prospectus. You should read the prospectus carefully before investing.

Shares of GuideStone Funds are distributed by BNY Mellon Distributors Inc., a registered broker-dealer and underwriter of the funds, 760 Moore Road, King of Prussia, PA 19406. GuideStone Capital Management, a controlled affiliate of GuideStone Financial Resources, provides investment advisory services for the Funds.

Ratings are subject to change monthly. Past ratings are no guarantee of future ratings. Investment return and the value of an investor’s shares will fluctuate. Shares may be worth more or less than original cost when redeemed.

The Morningstar Rating™ for funds, often called a star rating, is a quantitative assessment of a fund’s past performance — both return and risk — as measured from one to five stars.

Morningstar, Inc. is a leading provider of independent investment research in the United States and in major international markets. Morningstar is a trusted source for insightful information on stocks, mutual funds, variable annuities, closed-end funds, exchange-traded funds, separate accounts, hedge funds and 529 college savings plans. With operations in 16 countries, Morningstar currently provides data on more than 125,000 investment offerings worldwide.

© 2011 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year and five-year Morningstar Rating metrics, which are based on a risk-adjusted return.

You should carefully consider the investment objectives, risks, charges and expenses of the funds before investing. For a copy of the prospectus with this and other information about the funds, call 1-888-98-GUIDE (1-888-984-8433) or visit www.GuideStoneFunds.org to view or download a prospectus. You should read the prospectus carefully before investing.

An investment in the Money Market Fund is not insured by the Federal Deposit Insurance Corporation or any other governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Yield for the Money Market Fund represents the annualization of the fund’s declared dividends over the period indicated, excluding capital gains distributions. The yield more closely reflects the current earnings of the fund than the total return. Gross Yield reflects the yield if fee waivers were not in effect.

The performance quoted may reflect fee waivers in effect, and would have been lower in their absence. All figures shown represent total return, except for those identified as yield. Total return is based on net change in NAV with reinvestment of all distributions. Returns for periods less than one year are aggregate and for periods greater than one year are annualized. Yield for the Money Market Fund represents the annualization of the Fund’s declared dividends over the period indicated, excluding capital gains distributions. The yield more closely reflects the current earnings of the Fund than the total return.

Shares of GuideStone Funds are distributed by BNY Mellon Distributors Inc., a registered broker-dealer and underwriter of the funds, 760 Moore Road, King of Prussia, PA 19406. GuideStone Capital Management, a controlled affiliate of GuideStone Financial Resources, provides investment advisory services for the Funds.

1 The MyDestination Funds (“Funds”) attempt to achieve their objectives by investing in the GuideStone Select Funds. The Funds are managed to a retirement date (“target date”) by adjusting the percentage of fixed income securities and equity securities to become more conservative each year until reaching the retirement year and then approximately 15 years thereafter. The target date in the name of the Funds is the approximate date when an investor plans to start withdrawing money. By investing in the Funds you will also incur the expenses and risks of the underlying Select Funds.  The principal risks of the Funds will change depending on the asset mix of the Select Funds in which they invest. You may directly invest in the Select Funds. The Funds’ value will go up and down in response to changes in the share prices of the investments that they own. The amount invested in the Fund is not guaranteed to increase, is not guaranteed against loss, nor is the amount of the original investment guaranteed at the target date. It is possible to lose money by investing in the Funds.

2 The Asset Allocation Funds (“Funds”) attempt to achieve their objectives by investing in the GuideStone Select Funds. By investing in the Funds you will also incur the expenses and risks of the underlying Select Funds.  The principal risks of the Funds will change depending on the asset mix of the Select Funds in which they invest. You may directly invest in the Select Funds. The Funds’ value will go up and down in response to changes in the share prices of the investments that they own. It is possible to lose money by investing in the Funds.

3 This fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings than on short duration holdings.

4 The Global Bond Fund invests in high yield securities, commonly known as “junk bonds”. While offering higher currency yields, these securities generally are considered speculative and are subject to greater risks than higher-rated bonds. Securities of emerging countries may involve additional risks including price volatility, reduced liquidity, currency fluctuation and financial reporting requirements as well as political and economic instability.

5 There is a risk that value-oriented investments may not perform as well as the rest of the U.S. stock market as a whole.

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

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

8 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.

Performance data prior to 12/29/2006 is that of an unregistered predecessor fund, adjusted to reflect the fees and expenses of the Real Estate Securities Fund. The investment objectives and management of the predecessor fund were materially equivalent to the investment objectives and management of the Real Estate Securities Fund. The predecessor fund was not registered under the Investment Company Act of 1940, and was not subject to certain restrictions imposed by the Act. If it had been registered, performance might have been lower.

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