Guidestone Funds Annual Report

GuideStone Funds

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This notice provides you with information concerning our policies with respect to non-public personal information that we collect about you in connection with the following financial products and services provided and/or serviced by the entities listed below: Individual Retirement Accounts (“IRAs”), personal mutual fund accounts and/or GuideStone Personal Advisory Services.

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We collect non-public personal information about you with regard to the products and services listed above from the following sources:

•	Information we receive from you on applications or other forms
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We may disclose such non-public personal financial information about you to one or more of our affiliates as permitted by law. An affiliate of an organization means any entity that controls, is controlled by or is under common control with that organization. GuideStone Funds, GuideStone Financial Resources of the Southern Baptist Convention, GuideStone Capital Management, LLC, GuideStone Resource Management, Inc., GuideStone Investment Services, GuideStone Trust Services, GuideStone Financial Services, GuideStone Advisors and GuideStone Advisors, LLC (collectively “GuideStone”) are affiliates of one another. GuideStone does not sell your personal information to non-affiliated third parties.

We may also disclose any of the personal information that we collect about you to non-affiliated third parties as permitted by law. For example, we may provide your information to non-affiliated companies that provide account services or that perform marketing services on our behalf. We restrict access to non-public personal information about you to those of our employees who need to know that information in order for us to provide products and services to you. We also maintain physical, electronic and procedural safeguards to guard your personal information.

We may continue to maintain and disclose non-public personal information about you 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 solutions specialist at 1-888-GS-FUNDS (1-888-473-8637).

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LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present you with the 2021 GuideStone Funds Annual Report. This report reflects our unwavering commitment to integrity in financial reporting so you may stay fully informed of your investments. We trust that you will find this information valuable when making investment decisions.

2021 offered many opportunities for the GuideStone Funds team to demonstrate its commitment to work on behalf of the investors who entrust us with their hard-earned resources. Despite the challenges brought on by the COVID-19 pandemic’s second year, all of the people who make up GuideStone Funds worked diligently, as we have since 2001, to continue to earn your trust each day.

We invite you to learn more about GuideStone Funds and all of the various investment options available by visiting our website, GuideStoneFunds.com/Disclosures/Fund-Literature, or contacting us at 1-888-GS-FUNDS (1-888-473-8637).

Thank you for choosing to invest in GuideStone Funds.

Sincerely,

John R. Jones, CFA

President

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FROM THE CHIEF INVESTMENT OFFICER

David S. Spika, CFA

Market Recap

Despite the presence of multiple potential headwinds — most prominently skyrocketing inflation, pronounced supply chain shortages and renewed coronavirus pandemic (“COVID-19”) concerns with the appearance of the Delta and Omicron variants — the S&P 500^®Index had a strong year overall, producing four consecutive quarters of gains and delivering a return of 28.71% for the 12-month period ending December 31, 2021. Amazingly, the S&P 500^® hit 70 all-time highs in 2021 — the second-most ever in a calendar year. U.S. equities were driven higher during the year by the sustainment of a stimulus-rich environment by both the federal government and Federal Reserve (“the Fed”) and by robust corporate earnings growth.

International equity markets were mixed for the year. Despite an overall strengthening of the U.S. dollar, the MSCI EAFE Index ended 2021 up 11.26% amidst strength in financials and outperformance of value stocks. Conversely, the MSCI Emerging Markets Index finished the year down -2.54%, driven in large part by China’s struggles in the face of property market uncertainty and increasing regulatory pressures on its largest technology companies.

The U.S. 10-year Treasury yield increased over the course of the year, moving higher as concerns grew about inflation and the end of the Fed’s easy money monetary policy. The Bloomberg US Aggregate Index finished 2021 down -1.54% as rising short- and long-term interest rates impacted bond prices while fixed income investors generally became more risk averse amidst an increasingly likely environment of tighter monetary policy. The Bloomberg Global Aggregate Bond Index also ended the year in negative territory, closing the most recent 12-month period down -4.71% as the U.S. dollar strengthened and interest rates were broadly up across the globe. Emerging markets economies were particularly challenged, as they faced very different market conditions — such as tightening monetary policies — well ahead of developed markets.

The following table summarizes the calendar year 2021 returns for each major broad-based market index, or market indicator.

Index	3 ^rd Quarter 2021 Return	4 ^th Quarter 2021 Return	YTD Returns as of December 31, 2021
U.S. Equities
S&P 500^®	0.58%	11.03%	28.71%
Russell 2000^®	-4.36%	2.14%	14.82%
International Equities
MSCI EAFE	-0.45%	2.69%	11.26%
MSCI Emerging Markets	-8.09%	-1.31%	-2.54%
U.S. Fixed Income
Bloomberg US Aggregate Bond	0.05%	0.01%	-1.54%
Bloomberg US High Yield Corporate	0.89%	0.71%	5.28%
Global Fixed Income
Bloomberg Global Aggregate Bond	-0.88%	-0.67%	-4.71%

Monetary Policy

Fed officials became increasingly hawkish during the second half of the year. While the central bank maintained its accommodative approach to monetary policy throughout the third quarter, continued inflationary pressures prompted the Fed in November to begin the process of pulling back on its pandemic-era easy money policies. Its first action was to start winding down purchases of Treasury and mortgage-backed securities (i.e., quantitative easing (QE) tapering). Shortly after beginning this process, the Fed announced it was doubling the pace of tapering — with an expected end date of March 2022 — in a more concerted effort to tame inflation. This move also served to suggest that Fed officials will move up the timeline in which increases

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to the federal funds rate are likely to commence. To that effect, the central bank released revised projections after its December meeting that showed an expected three rate hikes in 2022.

As we have previously stated, tighter monetary policy presents a significant risk to lofty equity valuations. In fact, Fed tightening — in concert with stubborn inflation — is the primary risk we see in 2022, especially as financial markets have become highly dependent on monetary stimulus and ample liquidity over the past several years.

Economic Growth

The U.S. economy added jobs each month in 2021, sending the unemployment rate down from 6.7% at the beginning of the year to 3.9% at the end of the year. The pace of hiring, however, was inconsistent, as only five months — February, March, June, July and October — saw job growth come in above consensus expectations. Despite net employment gains of nearly six million over the past 12 months, the U.S. economy remains four million jobs shy of pre-pandemic employment. This is a key reason the Fed remained accommodative under increasing inflationary pressures. However, this narrative has shifted, with Fed Chairman Powell now stating that the United States “is making rapid progress toward maximum employment.” This sentiment appears to be supported by recent unemployment data. According to a report released in late December by the Bureau of Labor Statistics, unemployment rates were lower on a year-over-year basis in all 389 metropolitan areas across the United States, with 139 of them having a jobless rate of less than 3%.

Of key importance to financial markets are the challenges employers continue to face in finding and retaining employees. At present, there are ample job openings across the country to fully employ everyone that wants a job. Moreover, workers are quitting their jobs for new opportunities — many for higher-paying roles — at the highest rate ever. This has added stress to a job market already hampered by COVID-19 and could serve to slow the employment recovery. This is something we will be watching closely, as the nation’s state of employment will have a measurable impact on future Fed actions, fiscal policy decisions and other important drivers of market directionality.

Conclusion

Looking forward, we expect higher market volatility and lower market returns in 2022 as economic and market tailwinds turn into headwinds. These anticipated headwinds include tighter monetary policy, lower fiscal stimulus and less robust earnings and economic growth, with each of these challenges potentially having a negative impact on investor sentiment. Together, a combination of these and other catalysts, including sticky inflationary pressures and potentially higher taxes, could create a difficult environment for returns next year.

Thank you for your continued confidence in GuideStone Funds, and for allowing us the privilege of managing your hard-earned assets. Please feel free to reach out to us if you have any comments, questions or concerns. For additional information on GuideStone Funds, we invite you to visit our website at GuideStoneFunds.com.

Sincerely,

David S. Spika, CFA
President and Chief Investment Officer
GuideStone Capital Management, LLC

Past performance does not guarantee future results and the Funds may experience negative performance. There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including potential loss of principal. You cannot invest directly into an index.

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^{Asset
Class Performance Comparison}

The following graph illustrates the performance of the major assets classes during 2021.

¹The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).

²The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the United States & Canada. The index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

³The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index consists of the following 25 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates.

⁴The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure that larger stocks do not distort the performance and characteristics of the actual small-cap opportunity set.

⁵The S&P 500^® Index is a market capitalization-weighted equity index composed of approximately 500 U.S. companies, representing all major industries and captures approximately 80% coverage of available market capitalization. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of its constituents.

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S&P 500^® Index Returns

The U.S. large-cap equity market, as measured by the S&P 500^® Index, finished the year up 28.71%. With nearly nine trillion dollars on the Fed’s balance sheet, an effective Covid-19 vaccine, and a rebound in corporate earnings, the markets continued to propel forward in 2021. The index posted positive performance for nine of the twelve months, hitting 70 all-time highs — the second-most ever in a calendar year, despite several headwinds including: Covid-19 restrictions, labor shortages, supply chain backlogs, higher inflation, and fears of waning monetary and fiscal support. All sectors in the index posted double-digit returns. The energy (54.64%) and real estate (46.19%) sectors led the way in the market, benefitting from elevated inflation, after being beat down in 2020. The industrials (21.12%), consumer staples (18.63%) and utilities (17.67%) sectors were the laggards in an incredibly hot market.

The S&P 500^® Index is a market capitalization-weighted equity index composed of approximately 500 U.S. companies, representing all major industries and captures approximately 80% coverage of available market capitalization. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of its constituents.

Data Source: Dow Jones Indices LLC

Russell 2000^® Index Returns

The U.S. small cap equity market, as measured by the Russell 2000^® Index, rose by 14.82% in 2021. The index rose by 12.70% during the first quarter as small caps fared better than their large cap counterparts that only rose 6.17%. However, the roles reversed in the fourth quarter as large caps outperformed small caps by approximately 8.89%. The Russell 2000^® Index finished roughly -13.89% below the S&P 500^®Index for the year. Small capitalization stocks underperformed large capitalization stocks materially, but still posted meaningful double-digit gains during a period where the market rewarded stocks with higher sensitivity to the index, lower valuations and higher dividend yields within the index. For the year, all sectors were positive except for healthcare (-17.56%), a sector that performed exceedingly well in 2020 on the back of high demand due to the Coronavirus Pandemic. The energy (38.23%), financials (29.95%) and consumer discretionary (28.41%) sectors rebounded strongly during the year and were the largest positive performers for the index in 2021.

The Russell 2000^® Index measures the performance of the small capitalization segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^® Index is constructed to provide a comprehensive and unbiased small capitalization barometer and is completely reconstituted annually to ensure that larger stocks do not distort the performance and characteristics of the actual small capitalization opportunity set.

Data Source: Russell Investments, Bloomberg

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MSCI EAFE Index Returns

With an annual return of 11.26%, developed non-U.S. markets (represented by the MSCI EAFE Index) saw strong performance in 2021, yet underperformed their U.S. counterparts. Unlike the prior year, where growth and value investment styles saw historically high spreads in performance, equity style factors in 2021 had relatively lower impact on performance. Far more material to 2021 returns was the strength of the U.S. dollar, which detracted more than 7% from U.S. dollar-denominated returns, partially offsetting market strength. Among major foreign developed markets, U.K. stocks strongly outperformed and were followed closely by continental European shares. Sector performance was generally positive, with energy posting the highest returns and financials contributing the most to index performance.

The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the U.S. & Canada. The index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom

Data Source: FactSet

MSCI Emerging Markets Index Returns

Emerging markets stocks declined in 2021, with the MSCI Emerging Markets Index posting a return of -2.54% compared to 28.71% for the S&P 500^® Index. China, the largest regional component of the index, was the primary drag on index returns for the year, as regulators checked the power of the country’s leading tech firms and concerns arose about a potential collapse in the country’s debt-laden real estate industry. Despite marking all-time highs early in the year, China’s stock market (defined as the MSCI China Index) declined by 21.72% in 2021. Although there was a small spread between the returns of growth and value stocks globally, within emerging markets, value stocks outperformed growth stocks by more than 12% for the year. This outsized return gap in emerging markets was due mostly to the decline of Chinese tech shares. Helping to partially offset China’s weakness were strong returns from Taiwan and India, as well as the financial and energy sectors.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index consists of the following 25 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates.

Data Source: FactSet

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Bloomberg US Aggregate Bond Index Returns

The broad U.S. bond market, as measured by the Bloomberg US Aggregate Bond Index, was down -1.54% for 2021 following a strong 2020, where the index was up by 7.51%. Rates were higher this year as the Fed and markets grappled with higher inflation expectations as pent-up demand combined with unprecedented fiscal and monetary stimulus drove prices higher in a range of sectors. This was the first time since 2013 that the index posted a negative absolute return. Rates rose this year as inflation picked up, but spreads remained relatively tight. However, the interest rate sensitivity of investment grade credit reached all-time highs and the duration component weighed heavily on absolute returns. Within the corporate bond segment, lower quality BBB-rated issues outperformed other higher quality tiers and the Industrials sector outperformed both Utilities and Financials. Mortgages outperformed other sectors as the Fed remained a price insensitive buyer under the terms of quantitative easing.

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

Data Source: FactSet

Federal Reserve

The Fed maintained its extremely accommodative policies throughout 2021 leaving the target Fed Funds rate at 0.00% - 0.25% and continued to purchase $120 billion in assets ($80 billion in treasury bonds and $40 billion in mortgage-backed securities) throughout most of the calendar year. Near the end of the year, the Fed started to signal the next steps in unwinding the historic level of monetary stimulus as inflation remained elevated.

In his post-meeting press conference on November 3, 2021, Fed Chairman Powell indicated that the Federal Open Markets Committee (“FOMC”) would start to reduce the pace of asset purchases by $15 billion per month. Persistent levels of inflation throughout November prompted the FOMC to accelerate tapering further in December and they increased the reduction of new purchases to $30 billion per month.

The Fed is the central bank of the United States. It was created by Congress to provide the nation with a safer, more flexible and more stable monetary and financial system. The federal funds rate is the interest rate at which depository institutions lend balances at the Fed to other depository institutions overnight. The rate is one tool the Fed can use in their efforts of controlling the supply of money. Changes in the federal funds rate trigger a chain of events that affect other short-term interest rates, foreign exchange rates, long-term interest rates, the amount of money and credit and, ultimately, a range of economic variables, including employment, output and prices of goods and services.

Data Source: Bloomberg, Federal Reserve

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U.S. Treasury Yield Curve

The Fed started the process of policy normalization by signaling the beginning of the end of monetary stimulus and ultimately tapering new asset purchases in the fourth quarter. In the first part of the year, the U.S. Treasury yield curve steepened with long end rates rising faster than shorter before reversing course and flattening significantly in the fourth quarter. The benchmark 10-year U.S. Treasury began the year at 0.92% and ended 0.59% higher at 1.51% peaking at 1.74 % in March.

Inflation concerns were prevalent for most of the year and the Fed’s characterization of it as transitory only fueled fears that they were too slow in policy normalization. Acknowledging that inflation was more persistent than initially expected after the November meeting sent the curve flatter as the market priced in slower growth coming after a more hawkish than expected Fed.

The Treasury yield curve illustrates the relationship between yields on short-term, intermediate-term and long-term Treasury securities. Normally, the shape of the yield curve is upward sloping with rates increasing from the short end of the curve moving higher to the long end. The short end of the curve is impacted more by monetary policy (demand for money) while inflationary expectations and market forces impact the long end of the curve.

Data Source: Bloomberg

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About Your Expenses (Unaudited)

As a shareholder of the Funds, you incur ongoing costs, including advisory fees and to the extent applicable, 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 July 1, 2021, to December 31, 2021. The Annualized Expense Ratio may be different from the expense ratio in the Financial Highlights which is for the fiscal year ended December 31, 2021.

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 07/01/21	Ending Account Value 12/31/21	Annualized Expense Ratio (1)	Expenses Paid During Period (2)
MyDestination 2015	Institutional	$1,000.00	$1,026.70	0.13%	$0.64
	Investor	1,000.00	1,026.00	0.38	1.92
MyDestination 2025	Institutional	1,000.00	1,031.30	0.12	0.62
	Investor	1,000.00	1,030.70	0.37	1.90
MyDestination 2035	Institutional	1,000.00	1,042.50	0.12	0.63
	Investor	1,000.00	1,041.90	0.38	1.93
MyDestination 2045	Institutional	1,000.00	1,051.10	0.13	0.65
	Investor	1,000.00	1,050.50	0.38	1.96
MyDestination 2055	Institutional	1,000.00	1,053.90	0.17	0.89
	Investor	1,000.00	1,052.40	0.42	2.16
Conservative Allocation	Institutional	1,000.00	1,009.50	0.15	0.76
	Investor	1,000.00	1,008.60	0.40	2.02
Balanced Allocation	Institutional	1,000.00	1,018.80	0.12	0.63
	Investor	1,000.00	1,017.70	0.37	1.91
Growth Allocation	Institutional	1,000.00	1,024.60	0.13	0.64
	Investor	1,000.00	1,023.60	0.38	1.92
Aggressive Allocation	Institutional	1,000.00	1,025.30	0.13	0.65

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Actual
Fund	Class	Beginning Account Value 07/01/21	Ending Account Value 12/31/21	Annualized Expense Ratio (1)	Expenses Paid During Period (2)
	Investor	$1,000.00	$1,024.40	0.38%	$1.92
Money Market	Institutional	1,000.00	1,000.00	0.07	0.36
	Investor	1,000.00	1,000.00	0.07	0.36
Low-Duration Bond	Institutional	1,000.00	994.60	0.34	1.71
	Investor	1,000.00	992.80	0.61	3.08
Medium-Duration Bond	Institutional	1,000.00	999.20	0.35	1.78
	Investor	1,000.00	998.40	0.62	3.13
Global Bond	Institutional	1,000.00	986.30	0.55	2.76
	Investor	1,000.00	984.90	0.84	4.23
Defensive Market Strategies^®	Institutional	1,000.00	1,047.50	0.64	3.33
	Investor	1,000.00	1,045.30	0.91	4.69
Global Impact	Institutional	1,000.00	1,041.70	0.80	4.11
	Investor	1,000.00	1,038.30	1.26	6.47
Equity Index	Institutional	1,000.00	1,113.20	0.12	0.65
	Investor	1,000.00	1,111.60	0.38	2.05
Value Equity	Institutional	1,000.00	1,069.40	0.63	3.29
	Investor	1,000.00	1,068.10	0.89	4.65
Growth Equity	Institutional	1,000.00	1,051.30	0.67	3.46
	Investor	1,000.00	1,050.10	0.93	4.79
Small Cap Equity	Institutional	1,000.00	1,029.10	0.90	4.58
	Investor	1,000.00	1,027.80	1.16	5.93
International Equity Index	Institutional	1,000.00	1,017.80	0.22	1.12
International Equity (3)	Institutional	1,000.00	1,010.20	0.86	4.35
	Investor	1,000.00	1,009.00	1.12	5.69
Emerging Markets Equity	Institutional	1,000.00	901.10	1.08	5.17
	Investor	1,000.00	899.70	1.38	6.59
Global Real Estate Securities	Institutional	1,000.00	1,108.10	0.78	4.13
	Investor	1,000.00	1,106.00	1.06	5.63
Strategic Alternatives (3)	Institutional	1,000.00	1,042.30	1.14	5.87
	Investor	1,000.00	1,040.50	1.45	7.48

Hypothetical (assuming a 5% return before expenses)
Fund	Class	Beginning Account Value 07/01/21	Ending Account Value 12/31/21	Annualized Expense Ratio (1)	Expenses Paid During Period (2)
MyDestination 2015	Institutional	$1,000.00	$ 1,024.57	0.13%	$0.64
	Investor	1,000.00	1,023.31	0.38	1.92
MyDestination 2025	Institutional	1,000.00	1,024.59	0.12	0.62
	Investor	1,000.00	1,023.33	0.37	1.90
MyDestination 2035	Institutional	1,000.00	1,024.58	0.12	0.63
	Investor	1,000.00	1,023.31	0.38	1.91
MyDestination 2045	Institutional	1,000.00	1,024.57	0.13	0.64
	Investor	1,000.00	1,023.30	0.38	1.93
MyDestination 2055	Institutional	1,000.00	1,024.34	0.17	0.88

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About Your Expenses (Unaudited) (Continued)

Hypothetical (assuming a 5% return before expenses)
Fund	Class	Beginning Account Value 07/01/21	Ending Account Value 12/31/21	Annualized Expense Ratio (1)	Expenses Paid During Period (2)
	Investor	$1,000.00	$1,023.10	0.42%	$2.13
Conservative Allocation	Institutional	1,000.00	1,024.45	0.15	0.76
	Investor	1,000.00	1,023.20	0.40	2.03
Balanced Allocation	Institutional	1,000.00	1,024.58	0.12	0.63
	Investor	1,000.00	1,023.32	0.37	1.91
Growth Allocation	Institutional	1,000.00	1,024.57	0.13	0.64
	Investor	1,000.00	1,023.31	0.38	1.92
Aggressive Allocation	Institutional	1,000.00	1,024.56	0.13	0.65
	Investor	1,000.00	1,023.31	0.38	1.92
Money Market	Institutional	1,000.00	1,024.85	0.07	0.36
	Investor	1,000.00	1,024.85	0.07	0.36
Low-Duration Bond	Institutional	1,000.00	1,023.49	0.34	1.73
	Investor	1,000.00	1,022.12	0.61	3.12
Medium-Duration Bond	Institutional	1,000.00	1,023.43	0.35	1.80
	Investor	1,000.00	1,022.07	0.62	3.17
Global Bond	Institutional	1,000.00	1,022.43	0.55	2.81
	Investor	1,000.00	1,020.95	0.84	4.30
Defensive Market Strategies^®	Institutional	1,000.00	1,021.95	0.64	3.29
	Investor	1,000.00	1,020.61	0.91	4.64
Global Impact	Institutional	1,000.00	1,021.18	0.80	4.07
	Investor	1,000.00	1,018.86	1.26	6.41
Equity Index	Institutional	1,000.00	1,024.59	0.12	0.62
	Investor	1,000.00	1,023.27	0.38	1.96
Value Equity	Institutional	1,000.00	1,022.03	0.63	3.21
	Investor	1,000.00	1,020.71	0.89	4.54
Growth Equity	Institutional	1,000.00	1,021.83	0.67	3.41
	Investor	1,000.00	1,020.53	0.93	4.72
Small Cap Equity	Institutional	1,000.00	1,020.69	0.90	4.56
	Investor	1,000.00	1,019.36	1.16	5.90
International Equity Index	Institutional	1,000.00	1,024.10	0.22	1.12
International Equity (3)	Institutional	1,000.00	1,020.87	0.86	4.38
	Investor	1,000.00	1,019.54	1.12	5.72
Emerging Markets Equity	Institutional	1,000.00	1,019.77	1.08	5.49
	Investor	1,000.00	1,018.27	1.38	7.00
Global Real Estate Securities	Institutional	1,000.00	1,021.29	0.78	3.96
	Investor	1,000.00	1,019.86	1.06	5.40
Strategic Alternatives (3)	Institutional	1,000.00	1,019.45	1.14	5.81
	Investor	1,000.00	1,017.88	1.45	7.39

(1) Expenses include the effect of contractual waivers by GuideStone Capital Management, LLC. The Target Date Funds’ and the Target Risk 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 July 1, 2021, through December 31, 2021, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

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ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INVESTMENT ABBREVIATIONS:
10Y	—	10 Year
12Y	—	12 Year
1M	—	1 Month
1Y	—	1 Year
2M	—	2 Month
3M	—	3 Month
5Y	—	5 Year
6M	—	6 Month
ABS	—	Asset-Backed Security
ACES	—	Alternative Credit Enhancement Securities
ADR	—	American Depositary Receipt
AEX	—	Amsterdam Exchange
AGM	—	Assured Guarantee Municipal Corporation
ARM	—	Adjustable Rate Mortgage
ASX	—	Australian Securities Exchange
BAM	—	Build America Mutual
BBR	—	Bank Bill Rate
BBSW	—	Bank Bill Swap Rate
Bobl	—	Bundesobligation ("federal government bond")
BUBOR	—	Budapest Interbank Offered Rate
Bund	—	Bundesanleihe ("federal bond")
CDI	—	Crest Depository Interest
CDO	—	Collateralized Debt Obligation
CDOR	—	Canadian Dollar Offered Rate
CDX	—	A series of indexes that track North American and emerging market credit derivative indexes.
Cetip	—	Central of Custody and Financial Settlement of Securities
CFETS	—	China Foreign Exchange Trade System
CLP-TNA	—	Chilean Pesos Floating Rate Index
CLO	—	Collateralized Loan Obligation
CME	—	Chicago Mercantile Exchange
CMT	—	Constant Maturity
COF	—	Cost of Funds
CONV	—	Convertible
COP-IBR-OIS	—	Certificate of Participation - Income-based Repayment - Overnight Indexed Swap
COPS	—	Certificates of Participation
CVA	—	Dutch Certificate
DAC	—	Designated Activity Company
DAX	—	Deutscher Aktien Index
ESTR	—	Euro Short-Term Rate
ETF	—	Exchange Traded Fund
EURIBOR	—	Euro Interbank Offered Rate
Fannie Mae	—	Federal National Mortgage Association
FHA	—	Federal Housing Administration
FHLMC	—	Federal Home Loan Mortgage Corporation
FRA	—	Forward Rate Agreements
FTSE	—	Financial Times Stock Exchange
GDR	—	Global Depositary Receipt
Gtd.	—	Guaranteed
HIBOR	—	Hong Kong Interbank Offered Rate
HTS	—	Harmonized Tariff Schedule
HUD	—	Housing and Urban Development
HY	—	High Yield
IBEX	—	Iberia Index
ICE	—	Intercontinental Exchange
IG	—	Investment Grade
IO	—	Interest Only (Principal amount shown is notional)
JIBAR	—	Johannesburg Interbank Average Rate
JSC	—	Joint Stock Company
KLCI	—	Kuala Lumpur Composite Index
KOSPI	—	Korea Composite Stock Price Index
KWCDC	—	Korean Won Certificate of Deposit
LIBOR	—	London Interbank Offered Rate
LLC	—	Limited Liability Company

LP	—	Limited Partnership
MIBOR	—	Mumbai Inter-Bank Overnight Rate
MSCI	—	Morgan Stanley Capital International
NA	—	North American
NIBOR	—	Norwegian Interbank Offered Rate
NVDR	—	Non-Voting Depository Receipt
OAT	—	Obligations Assimilables du Trésor
OMX	—	Stockholm Stock Exchange
PCL	—	Public Company Limited
PIK	—	Payment-in-Kind Bonds
PJSC	—	Public Joint Stock Company
PLC	—	Public Limited Company
PRIBOR	—	Prague Inter-bank Offered Rate
PSF	—	Permanent School Fund
Q-SBLF	—	Qualified School Bond Loan Fund
QPSC	—	Qualified Personal Service Corporation
QSC	—	Qatar Shareholder Company
REIT	—	Real Estate Investment Trust
REMIC	—	Real Estate Mortgage Investment Conduit
SA	—	Societe Anonyme
SAE	—	Societe Anonyme Egyptienne
SBA	—	Small Business Administration
SGX	—	Singapore Stock Exchange
SOFR	—	Secured Overnight Financing Rate
SONIA	—	Sterling Overnight Index Average Rate
SonyMA	—	State of New York Mortgage Agency
STACR	—	Structured Agency Credit Risk
STEP	—	Stepped Coupon Bonds: Interest rates shown reflect the rates currently in effect.
STIBOR	—	Stockholm Interbank Offered Rate
STRIP	—	Stripped Security
TBA	—	To be announced
Tbk	—	Terbuka
TELBOR	—	Tel Aviv Inter-Bank Offered Rate
THBFIX	—	Thai Baht Interest Rate Fixing
TIIE	—	The Equilibrium Interbank Interest Rate
TSX	—	Toronto Stock Exchange
WIBOR	—	Warsaw Interbank Offered Rate
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 December 31, 2021, the total market values and percentages of net assets for 144A securities by fund were as follows:

Fund	Value of 144A Securities	Percentage of Net Assets
Low-Duration Bond	$393,711,448	36.70%
Medium-Duration Bond	460,233,034	19.10
Global Bond	104,588,815	16.79
Defensive Market Strategies^®	113,315,330	7.53
Global Impact Fund	4,717,056	2.68
International Equity Index	14,119,791	1.69
International Equity	29,360,538	2.18
Emerging Markets Equity	26,903,526	3.26
Global Real Estate Securities	1,300,901	0.39
Strategic Alternatives	21,087,503	6.00

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ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INVESTMENT FOOTNOTES:
π	—	Century bond maturing in 2115.
‡‡	—	All or a portion of the security was held as collateral for open futures, options, securities sold short and/or swap agreements.
*	—	Non-income producing security.
#	—	Security in default.
§	—	Security purchased with the cash proceeds from securities loaned.
^	—	Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of year end.
†	—	Variable rate security. Rate shown reflects the rate in effect as of December 31, 2021.
γ	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
Ω	—	Rate shown reflects the effective yield as of December 31, 2021.
∞	—	Affiliated fund.
Δ	—	Security either partially or fully on loan.
Σ	—	All or a portion of this position has not settled. Full contract rates do not take effect until settlement date.
†††	—	Security is a Level 3 investment (see Note 2 in Notes to Financial Statements).
Ø	—	7-day current yield as of December 31, 2021 is disclosed.
ρ	—	Perpetual bond. Maturity date represents the next call date.
~	—	Century bond maturing in 2121.
«	—	Century bond maturing in 2110.
◊	—	Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
€	—	Rounds to less than 1 share.
Ψ	—	Security is valued at fair value by the Valuation Committee (see Note 2 in Notes to Financial Statements). As of December 31, 2021, the total market values and percentages of net assets for Fair Valued securities by fund were as follows:

Fund	Value of Fair Valued Securities	Percentage of Net Assets
Medium-Duration Bond	$ —	0.00%
Global Bond	—	0.00
International Equity	—	0.00
Emerging Markets Equity	966,150	0.12

FOREIGN BOND FOOTNOTES:
(A)	—	Par is denominated in Australian Dollars (AUD).
(B)	—	Par is denominated in Brazilian Reals (BRL).
(C)	—	Par is denominated in Canadian Dollars (CAD).
(D)	—	Par is denominated in Danish Krone (DKK).
(E)	—	Par is denominated in Euro (EUR).
(I)	—	Par is denominated in Indonesian Rupiahs (IDR).
(J)	—	Par is denominated in Japanese Yen (JPY).
(M)	—	Par is denominated in Mexican Pesos (MXN).
(P)	—	Par is denominated in Polish Zloty (PLN).
(Q)	—	Par is denominated in Russian Rubles (RUB).
(S)	—	Par is denominated in South African Rand (ZAR).
(U)	—	Par is denominated in British Pounds (GBP).
(Y)	—	Par is denominated in Chinese Yuan (CNY).
(Z)	—	Par is denominated in New Zealand Dollars (NZD).
(ZB)	—	Par is denominated in Peruvian Sol (PEN).
(ZC)	—	Par is denominated in Israeli Shekels (ILS).
(ZE)	—	Par is denominated in Czech Koruna (CZK).

COUNTERPARTY ABBREVIATIONS:
BAR	—	Counterparty to contract is Barclays Capital.
BNP	—	Counterparty to contract is BNP Paribas.
BOA	—	Counterparty to contract is Bank of America.
CITI	—	Counterparty to contract is Citibank NA London.
CS	—	Counterparty to contract is Credit Suisse International.
DEUT	—	Counterparty to contract is Deutsche Bank AG.
Evercore	—	Counterparty to contract is Evercore Inc.
GSC	—	Counterparty to contract is Goldman Sachs Capital Markets, LP.
HSBC	—	Counterparty to contract is HSBC Securities.
JPM	—	Counterparty to contract is JPMorgan Chase Bank.
MSCS	—	Counterparty to contract is Morgan Stanley Capital Services.
NT	—	Counterparty to contract is Northern Trust.
RBC	—	Counterparty to contract is Royal Bank of Canada.
RBS	—	Counterparty to contract is Royal Bank of Scotland.
SC	—	Counterparty to contract is Standard Chartered PLC.
SS	—	Counterparty to contract is State Street Global Markets.
UBS	—	Counterparty to contract is UBS AG.

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ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS

INDEX DEFINITIONS:

The Bloomberg Global Aggregate Bond Index is a flagship measure of global investment grade debt from 24 local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

The Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index is an issuer-constrained version of the flagship US Corporate High Yield Index, which measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. The index follows the same rules as the uncapped version but limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro rata basis.

The FTSE EPRA/NAREIT Developed Index is designed to track the performance of listed real estate companies and REITs worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products.

The Bloomberg US Treasury 1-3 Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with one to 2.999 years to maturity. Treasury bills are excluded by the maturity constraint but are part of a separate short Treasury index. Separate Trading of Registered Interest and Principal of Securities (STRIPS) are excluded from the index because their inclusion would result in double-counting.

The Bloomberg 1-3 Month US Treasury Bill Index tracks the market for Treasury bills with one to 2.9999 months to maturity issued by the U.S. government. U.S. Treasury bills are issued in fixed maturity terms of 4-, 13-, 26- and 52-weeks.

The J.P. Morgan Emerging Markets Bond Index (EMBI) Plus is a traditional, market-capitalization weighted index comprised of U.S. dollar denominated Brady bonds, Eurobonds and traded loans issued by sovereign entities.

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

The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of developed markets, excluding the United States and Canada. The index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

The Russell 1000^® Growth Index is a large-cap index consisting of those Russell 1000^®Index securities with greater-than-average growth orientation. Companies in this index tend to exhibit higher price-to-book and price-to-earnings-ratios, lower dividend yields and higher forecasted growth values than the value universe.

The Russell 1000^®Value Index is a large-cap index consisting of those Russell 1000^® Index securities with a less-than-average growth orientation. Companies in this index tend to exhibit lower price-to-book and price-to-earnings ratios, higher dividend yields and lower forecasted growth values than the growth universe.

The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^®Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure that larger stocks do not distort the performance and characteristics of the actual small-cap opportunity set.

The Russell 3000^® Index is composed of approximately 3,000 large U.S. companies. This portfolio of securities represents approximately 98% of the investable U.S. equity market.

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INDEX DISCLAIMERS

“Bloomberg^®”, Bloomberg Global Aggregate Bond Index, Bloomberg US Aggregate Bond Index, Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index, Bloomberg Global Aggregate Bond Index (USD-Hedged), Bloomberg US Treasury 1-3 Year Index, and Bloomberg 1-3 Month US Treasury Bill Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by GuideStone Funds. Bloomberg is not affiliated with GuideStone Funds, and Bloomberg does not approve, endorse, review, or recommend GuideStone Funds. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to GuideStone Funds.

GuideStone Funds are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings, including FTSE International Limited (collectively, the “LSE Group”), European Public Real Estate Association (“EPRA”), or the National Association of Real Estate Investments Trusts (Nareit) (and together the “Licensor Parties”). FTSE Russell is a trading name of certain of the LSE Group Companies. All rights in the FTSE Russell Indexes vest in the Licensor Parties. “FTSE^®” and “FTSE Russell^®” are a trademark(s) of the relevant LSE Group company and are used by any other LSE Group company under license. “Nareit^®” is a trademark of Nareit, “EPRA^®” is a trademark of EPRA and all are used by the LSE Group under license. The FTSE Russell Indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The Licensor Parties do not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the FTSE Russell Indexes or (b) investment in or operation of the GuideStone Funds. The Licensor Parties make no claim, prediction, warranty or representation either as to the results to be obtained from the GuideStone Funds or the suitability of the FTSE Russell Indexes for the purpose to which it is being put by GuideStone Funds.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with GuideStone Funds. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

“Standard & Poor’s^®”, “S&P^®”, and “S&P 500^®” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by GuideStone Funds. The Funds are not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the Funds.

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MyDestination 2015 Fund (Unaudited)

The Fund, through investments primarily in the Select Funds, combined a greater percentage of exposure to fixed income securities with smaller percentages allocated to equity securities and alternative investments. The Fund followed an allocation glide path designed to become more conservative over time, and the targeted allocations were approximately 51.00% fixed income securities, 46.00% equity securities and 3.00% alternative investments as of December 31, 2021.

As a fund of funds, the Fund’s performance was based on the performance of its underlying investments. The Investor Class of the Fund generated a return of 6.72% for the one-year period ended December 31, 2021. Contribution to absolute performance from each major asset class was positive, except for a slight drag from the Fund’s fixed income exposure. Exposure to U.S. equity securities produced relatively stronger performance than funds with primarily non-U.S. equity securities exposure. During the year, concerns over the spread of COVID-19 continued, and as a result, associated lockdowns, fluctuating global economic growth patterns and idiosyncratic circumstances (e.g., Chinese government interventions, general emerging market weakness and supply chain slowdowns) contributed to additional performance headwinds faced by companies outside of the United States. The Equity Index Fund was the largest equity contributor to Fund performance due to its broad exposure to the strength of stocks in the S&P 500^® Index. Broadly, fixed income markets experienced one of their weakest years, as the Bloomberg US Aggregate Bond Index returned its first negative annual return since 2013. As such, the contribution to performance emanating from the fixed income Funds was the weakest. The contribution to absolute performance by the Fund’s exposure to real assets was positive, via exposure to the Global Real Estate Securities Fund as well as Treasury Inflation Protected Securities (TIPS). Exposure to the Strategic Alternatives Fund was a positive contributor to Fund performance as well, particularly when viewed through the lens of the Fund’s role in augmenting traditional fixed income. For more information on a Select Fund’s performance, please refer to that Select Fund’s section in this Annual Report.

Certain derivatives were utilized to provide market exposure for the cash positions held in the Fund. These derivative positions primarily included stock index futures and fixed income futures. Overall, derivative exposure had a positive impact on Fund performance for the year.

The Fund attempted to achieve its objective by investing in a diversified portfolio of primarily the Select Funds that represent various asset classes. The Fund is managed to the specific year included in its name (“Target Date”) and assumes a retirement age of 65. The Target Date refers to the approximate year an investor in the Fund would plan to retire and likely stop making any new investments in the Fund. The Fund is designed for an investor who anticipates retiring at or near the Target Date and who plans to withdraw the value of the account in the Fund gradually after retirement. Over time, the allocation to asset classes will change according to a predetermined “glide path,” which adjusts the percentage of fixed income securities and equity securities to become more conservative each year until 15 years after Target Date. The Fund’s value will fluctuate due to changes in interest rates. There is a risk that the issuer of a fixed income investment may fail to pay interest or even principal due in a timely manner or at all. The Fund’s value will fluctuate due to business developments concerning a particular issuer, industry or country, as well as general market and economic conditions. Securities of foreign issuers may be negatively impacted by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries, and they also may be subject to inadequate regulatory or accounting standards, which may increase investment risk. By investing in this Fund, you will incur the expenses of the Fund in addition to those of the underlying Select Funds. You may directly invest in the Select Funds. The Fund’s value will go up and down in response to changes in the share prices of the investments that it owns. 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 Fund.

At December 31, 2021, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
Fixed Income Select Funds	44.5
U.S. Equity Select Funds	32.2
Non-U.S. Equity Select Funds	11.3
U.S. Treasury Obligations	6.8
Alternative Select Funds	3.0
Money Market Funds	1.3
Real Assets Select Funds	0.9
	100.0

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MyDestination 2015 Fund (Unaudited)

Average Annual Total Returns as of 12/31/21
	Institutional Class*	Investor Class*
One Year	6.98%	6.72%
Five Year	N/A	7.60%
Ten Year	N/A	6.81%
Since Inception	7.40%	5.12%
Inception Date	05/01/17	12/29/02
Total Fund Operating Expenses (May 1, 2021 Prospectus)⁽¹⁾	0.59%	0.84%

⁽¹⁾The Fund’s shareholders indirectly bear the expenses of the Institutional Class shares of the Select Funds in which the Fund invests. Current information regarding the Fund’s Operating Expenses can be found in the Financial Highlights.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at GuideStoneFunds.com. 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.

The Adviser has agreed to waive fees and/or reimburse expenses to the extent needed to limit total annual operating expenses to 0.50% for the Institutional Class and 0.75% for the Investor Class. This contractual waiver and reimbursement applies to Fund operating expenses only and will remain in place until April 30, 2022. Institutional Class Net Expense Ratio - 0.50% and Investor Class Net Expense Ratio - 0.75%.

The graph illustrates the results of a hypothetical $10,000 investment in the Investor Class of the Fund for the 10-year period from December 31, 2011 to December 31, 2021, with all dividends and capital gains reinvested.

*These returns reflect investment advisory and shareholder servicing fee waivers, if applicable, during the reported time periods.

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

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MYDESTINATION 2015 FUND

SCHEDULE OF INVESTMENTS

December 31, 2021

	Shares	Value
MUTUAL FUNDS — 91.9%
GuideStone Low-Duration Bond Fund (Institutional Class)∞	8,542,721	$114,643,312
GuideStone Medium-Duration Bond Fund (Institutional Class)∞	11,960,847	179,891,135
GuideStone Global Bond Fund (Institutional Class)∞	3,922,280	38,320,680
GuideStone Defensive Market Strategies^® Fund (Institutional Class)∞	5,918,833	84,639,309
GuideStone Equity Index Fund (Institutional Class)∞	2,738,909	138,561,428
GuideStone Small Cap Equity Fund (Institutional Class)∞	896,090	17,509,605
GuideStone International Equity Index Fund (Institutional Class)∞	4,929,009	59,443,848
GuideStone Emerging Markets Equity Fund (Institutional Class)∞	2,281,938	24,348,279
GuideStone Global Real Estate Securities Fund (Institutional Class)∞	589,197	6,793,438
GuideStone Strategic Alternatives Fund (Institutional Class)∞	2,149,046	22,113,678
Total Mutual Funds (Cost $621,655,963)		686,264,712
MONEY MARKET FUNDS — 1.3%
GuideStone Money Market Fund, 0.00% (Institutional Class)Ø∞	9,410,133	9,410,133

	Shares	Value
Northern Institutional U.S. Government Portfolio (Shares), 0.00%Ø	40,525	$ 40,525
Total Money Market Funds (Cost $9,450,658)		9,450,658

	Par
U.S. TREASURY OBLIGATIONS — 6.8%
U.S. Treasury Inflationary Index Bonds
0.63%, 04/15/23	$ 2,210,910	2,317,128
0.13%, 07/15/24	12,685,216	13,527,678
0.13%, 07/15/26	6,773,334	7,357,511
0.38%, 07/15/27	2,645,838	2,937,014
3.88%, 04/15/29	8,849,845	12,333,070
3.38%, 04/15/32	2,758,103	4,105,099
0.63%, 02/15/43	3,194,045	3,973,598
1.00%, 02/15/48	2,546,100	3,573,363
0.13%, 02/15/51	626,798	743,036
Total U.S. Treasury Obligations (Cost $49,797,569)		50,867,497
TOTAL INVESTMENTS — 100.0% (Cost $680,904,190)		746,582,867
Other Assets in Excess of Liabilities — 0.0%		117,683
NET ASSETS — 100.0%		$746,700,550

Futures Contracts outstanding at December 31, 2021:

Future Type	Expiration Date	Open Long (Short) Contracts	Notional Market Value of Contracts	Value and Unrealized Appreciation (Depreciation)
MSCI EAFE Index	03/2022	8	$ 928,720	$14,239
MSCI Emerging Markets	03/2022	4	245,260	(942)
S&P 500^® E-Mini	03/2022	9	2,141,325	31,989
10-Year U.S. Treasury Note	03/2022	32	4,175,000	29,748
Total Futures Contracts outstanding at December 31, 2021			$7,490,305	$75,034

See Notes to Financial Statements.

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VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s investments carried at fair value:

	Total Value	Level 1 Quoted Prices	Level 2 Other Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Money Market Funds	$ 9,450,658	$ 9,450,658	$ —	$ —
Mutual Funds	686,264,712	686,264,712	—	—
U.S. Treasury Obligations	50,867,497	—	50,867,497	—
Total Assets - Investments in Securities	$746,582,867	$695,715,370	$50,867,497	$ —
Other Financial Instruments***
Futures Contracts	$ 75,976	$ 75,976	$ —	$ —
Total Assets - Other Financial Instruments	$ 75,976	$ 75,976	$ —	$ —
Liabilities:
Other Financial Instruments***
Futures Contracts	$ (942)	$ (942)	$ —	$ —
Total Liabilities - Other Financial Instruments	$ (942)	$ (942)	$ —	$ —

***	Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding "Futures Contracts outstanding" disclosure.

See Notes to Financial Statements.

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MyDestination 2025 Fund (Unaudited)

The Fund, through investments primarily in the Select Funds, combined a greater percentage of exposure to equity securities with smaller percentages allocated to fixed income securities, real assets and alternative investments. The Fund followed an allocation glide path designed to become more conservative over time, and the targeted allocations were approximately 41.00% fixed income securities, 56.00% equity securities, 1.00% real assets and 2.00% alternative investments as of December 31, 2021.

As a fund of funds, the Fund’s performance was based on the performance of its underlying investments. The Investor Class of the Fund generated a return of 8.91% for the one-year period ended December 31, 2021. Contribution to absolute performance from all major asset classes was positive, except for a slight drag on performance from the Fund’s fixed income exposure. Exposure to U.S. equity securities produced relatively stronger performance than funds with primarily non-U.S. equity securities exposure. During the year, concerns over the spread of COVID-19 continued, and as a result, associated lockdowns, fluctuating global economic growth patterns and idiosyncratic circumstances (e.g., Chinese government interventions, general emerging market weakness and supply chain slowdowns) contributed to additional performance headwinds faced by companies outside of the United States. The Equity Index Fund was the largest equity contributor to Fund performance due to its broad exposure to the strength of stocks in the S&P 500^® Index. Broadly, fixed income markets experienced one of their weakest years, as the Bloomberg US Aggregate Bond Index returned its first negative annual return since 2013. As such, the contribution to performance emanating from the fixed income Funds was the weakest. The contribution to absolute performance by the Fund’s exposure to real assets was positive, via exposure to the Global Real Estate Securities Fund as well as Treasury Inflation Protected Securities (TIPS). Exposure to the Strategic Alternatives Fund exposure was a positive contributor to Fund performance, particularly when viewed through the lens of the Fund’s role in augmenting traditional fixed income. For more information on a Select Fund’s performance, please refer to that Select Fund’s section in this Annual Report.

At December 31, 2021, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds	39.9
Fixed Income Select Funds	37.6
Non-U.S. Equity Select Funds	15.0
U.S. Treasury Obligations	3.0
Alternative Select Funds	1.9
Money Market Funds	1.4
Real Assets Select Funds	1.2
	100.0

See Notes to Financial Statements.

Table of Contents

MyDestination 2025 Fund (Unaudited)

Average Annual Total Returns as of 12/31/21
	Institutional Class*	Investor Class*
One Year	9.17%	8.91%
Five Year	N/A	9.27%
Ten Year	N/A	8.33%
Since Inception	8.94%	5.66%
Inception Date	05/01/17	12/29/06
Total Fund Operating Expenses (May 1, 2021 Prospectus)⁽¹⁾	0.53%	0.79%

*These returns reflect investment advisory and shareholder servicing fee waivers, if applicable, during the reported time periods.

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

See Notes to Financial Statements.

Table of Contents

MYDESTINATION 2025 FUND

SCHEDULE OF INVESTMENTS

December 31, 2021

	Shares	Value
MUTUAL FUNDS — 95.6%
GuideStone Low-Duration Bond Fund (Institutional Class)∞	11,106,359	$ 149,047,337
GuideStone Medium-Duration Bond Fund (Institutional Class)∞	28,287,069	425,437,514
GuideStone Global Bond Fund (Institutional Class)∞	9,844,124	96,177,095
GuideStone Defensive Market Strategies^® Fund (Institutional Class)∞	15,211,020	217,517,587
GuideStone Equity Index Fund (Institutional Class)∞	8,733,223	441,813,728
GuideStone Small Cap Equity Fund (Institutional Class)∞	2,777,940	54,280,956
GuideStone International Equity Index Fund (Institutional Class)∞	15,631,860	188,520,232
GuideStone Emerging Markets Equity Fund (Institutional Class)∞	7,420,543	79,177,199
GuideStone Global Real Estate Securities Fund (Institutional Class)∞	1,803,138	20,790,179
GuideStone Strategic Alternatives Fund (Institutional Class)∞	3,368,573	34,662,616
Total Mutual Funds (Cost $1,498,800,889)		1,707,424,443
MONEY MARKET FUNDS — 1.4%
GuideStone Money Market Fund, 0.00% (Institutional Class)Ø∞	25,164,442	25,164,442

	Shares	Value
Northern Institutional U.S. Government Portfolio (Shares), 0.00%Ø	11,878	$ 11,878
Total Money Market Funds (Cost $25,176,320)		25,176,320

	Par
U.S. TREASURY OBLIGATIONS — 3.0%
U.S. Treasury Inflationary Index Bonds
0.63%, 04/15/23	$ 2,333,121	2,445,210
0.13%, 07/15/24	13,430,720	14,322,693
0.13%, 07/15/26	7,084,885	7,695,932
0.38%, 07/15/27	2,781,522	3,087,630
3.88%, 04/15/29	9,371,414	13,059,924
3.38%, 04/15/32	2,882,762	4,290,640
0.63%, 02/15/43	3,398,560	4,228,028
1.00%, 02/15/48	2,697,520	3,785,875
0.13%, 02/15/51	690,541	818,599
Total U.S. Treasury Obligations (Cost $52,592,231)		53,734,531
TOTAL INVESTMENTS — 100.0% (Cost $1,576,569,440)		1,786,335,294
Other Assets in Excess of Liabilities — 0.0%		356,616
NET ASSETS — 100.0%		$1,786,691,910

Futures Contracts outstanding at December 31, 2021:

Future Type	Expiration Date	Open Long (Short) Contracts	Notional Market Value of Contracts	Value and Unrealized Appreciation (Depreciation)
MSCI EAFE Index	03/2022	34	$ 3,947,060	$ 49,827
MSCI Emerging Markets	03/2022	16	981,040	(2,615)
S&P 500^® E-Mini	03/2022	31	7,375,675	124,526
10-Year U.S. Treasury Note	03/2022	78	10,176,563	95,746
Total Futures Contracts outstanding at December 31, 2021			$22,480,338	$267,484

See Notes to Financial Statements.

Table of Contents

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s investments carried at fair value:

	Total Value	Level 1 Quoted Prices	Level 2 Other Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Money Market Funds	$ 25,176,320	$ 25,176,320	$ —	$ —
Mutual Funds	1,707,424,443	1,707,424,443	—	—
U.S. Treasury Obligations	53,734,531	—	53,734,531	—
Total Assets - Investments in Securities	$1,786,335,294	$1,732,600,763	$53,734,531	$ —
Other Financial Instruments***
Futures Contracts	$ 270,099	$ 270,099	$ —	$ —
Total Assets - Other Financial Instruments	$ 270,099	$ 270,099	$ —	$ —
Liabilities:
Other Financial Instruments***
Futures Contracts	$ (2,615)	$ (2,615)	$ —	$ —
Total Liabilities - Other Financial Instruments	$ (2,615)	$ (2,615)	$ —	$ —

***	Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding "Futures Contracts outstanding" disclosure.

See Notes to Financial Statements.

Table of Contents

MyDestination 2035 Fund (Unaudited)

The Fund, through investments primarily in the Select Funds, combined a greater percentage of exposure to equity securities with smaller percentages allocated to fixed income securities and real assets. The Fund followed an allocation glide path designed to become more conservative over time, and the targeted allocations were approximately 24.00% fixed income securities, 74.00% equity securities and 2.00% real assets as of December 31, 2021.

As a fund of funds, the Fund’s performance was based on the performance of its underlying investments. The Investor Class of the Fund generated a return of 13.04% for the one-year period ended December 31, 2021. Contribution to absolute performance from all major asset classes was positive, except for a slight drag on performance from the Fund’s fixed income exposure. Exposure to U.S. equity securities produced relatively stronger performance than funds with primarily non-U.S. equity securities exposure. During the year, concerns over the spread of COVID-19 continued, and as a result, associated lockdowns, fluctuating global economic growth patterns and idiosyncratic circumstances (e.g., Chinese government interventions, general emerging market weakness and supply chain slowdowns) contributed to additional performance headwinds faced by companies outside of the United States. The Equity Index Fund was the largest equity contributor to Fund performance due to its broad exposure to the strength of stocks in the S&P 500^® Index. Broadly, fixed income markets experienced one of their weakest years, as the Bloomberg US Aggregate Bond Index returned its first negative annual return since 2013. As such, the contribution to performance emanating from the fixed income Funds was the weakest. The contribution to absolute performance by the Fund’s exposure to real assets was positive, via exposure to the Global Real Estate Securities Fund. For more information on a Select Fund’s performance, please refer to that Select Fund’s section in this Annual Report.

At December 31, 2021, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds	50.2
Fixed Income Select Funds	23.0
Non-U.S. Equity Select Funds	22.7
Money Market Funds	2.2
Real Assets Select Funds	1.5
Alternative Select Funds	0.4
	100.0

See Notes to Financial Statements.

Table of Contents

MyDestination 2035 Fund (Unaudited)

Average Annual Total Returns as of 12/31/21
	Institutional Class*	Investor Class*
One Year	13.29%	13.04%
Five Year	N/A	11.49%
Ten Year	N/A	9.99%
Since Inception	11.09%	6.17%
Inception Date	05/01/17	12/29/06
Total Fund Operating Expenses (May 1, 2021 Prospectus)⁽¹⁾	0.50%	0.75%

*These returns reflect investment advisory and shareholder servicing fee waivers, if applicable, during the reported time periods.

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

See Notes to Financial Statements.

Table of Contents

MYDESTINATION 2035 FUND

SCHEDULE OF INVESTMENTS

December 31, 2021

	Shares	Value
MUTUAL FUNDS — 97.8%
GuideStone Medium-Duration Bond Fund (Institutional Class)∞	17,422,956	$262,041,259
GuideStone Global Bond Fund (Institutional Class)∞	6,786,777	66,306,811
GuideStone Defensive Market Strategies^® Fund (Institutional Class)∞	7,787,891	111,366,843
GuideStone Equity Index Fund (Institutional Class)∞	10,698,742	541,249,356
GuideStone Small Cap Equity Fund (Institutional Class)∞	3,304,902	64,577,777
GuideStone International Equity Index Fund (Institutional Class)∞	18,954,201	228,587,658
GuideStone Emerging Markets Equity Fund (Institutional Class)∞	9,022,535	96,270,451
GuideStone Global Real Estate Securities Fund (Institutional Class)∞	1,896,102	21,862,058

	Shares	Value
GuideStone Strategic Alternatives Fund (Institutional Class)∞	501,381	$ 5,159,214
Total Mutual Funds (Cost $1,177,147,062)		1,397,421,427
MONEY MARKET FUNDS — 2.2%
GuideStone Money Market Fund, 0.00% (Institutional Class)Ø∞ (Cost $31,482,822)	31,482,822	31,482,822
TOTAL INVESTMENTS — 100.0% (Cost $1,208,629,884)		1,428,904,249
Other Assets in Excess of Liabilities — 0.0%		703,814
NET ASSETS — 100.0%		$1,429,608,063

Futures Contracts outstanding at December 31, 2021:

Future Type	Expiration Date	Open Long (Short) Contracts	Notional Market Value of Contracts	Value and Unrealized Appreciation (Depreciation)
MSCI EAFE Index	03/2022	60	$ 6,965,400	$108,166
MSCI Emerging Markets	03/2022	29	1,778,135	(10,065)
S&P 500^® E-Mini	03/2022	55	13,085,875	271,508
10-Year U.S. Treasury Note	03/2022	63	8,219,531	83,295
Total Futures Contracts outstanding at December 31, 2021			$30,048,941	$452,904

See Notes to Financial Statements.

Table of Contents

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s investments carried at fair value:

	Total Value	Level 1 Quoted Prices	Level 2 Other Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Money Market Funds	$ 31,482,822	$ 31,482,822	$ —	$ —
Mutual Funds	1,397,421,427	1,397,421,427	—	—
Total Assets - Investments in Securities	$1,428,904,249	$1,428,904,249	$ —	$ —
Other Financial Instruments***
Futures Contracts	$ 462,969	$ 462,969	$ —	$ —
Total Assets - Other Financial Instruments	$ 462,969	$ 462,969	$ —	$ —
Liabilities:
Other Financial Instruments***
Futures Contracts	$ (10,065)	$ (10,065)	$ —	$ —
Total Liabilities - Other Financial Instruments	$ (10,065)	$ (10,065)	$ —	$ —

***	Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding "Futures Contracts outstanding" disclosure.

See Notes to Financial Statements.

Table of Contents

MyDestination 2045 Fund (Unaudited)

The Fund, through investments primarily in the Select Funds, combined a high percentage of exposure to equity securities with only modest percentages allocated to fixed income securities and real assets. The Fund followed an allocation glide path designed to become more conservative over time, and the targeted allocations were approximately 9.00% fixed income securities, 89.00% equity securities and 2.00% real assets as of December 31, 2021.

As a fund of funds, the Fund’s performance was based on the performance of its underlying investments. The Investor Class of the Fund generated a return of 16.26% for the one-year period ended December 31, 2021. Contribution to absolute performance from all major asset classes was positive, except for a slight drag on performance from the Fund’s fixed income exposure. Exposure to U.S. equity securities produced relatively stronger performance than funds with primarily non-U.S. equity securities exposure. During the year, concerns over the spread of COVID-19 continued, and as a result, associated lockdowns, fluctuating global economic growth patterns and idiosyncratic circumstances (e.g., Chinese government interventions, general emerging market weakness and supply chain slowdowns) contributed to additional performance headwinds faced by companies outside of the United States. The Equity Index Fund was the largest equity contributor to Fund performance due to its broad exposure to the strength of stocks in the S&P 500^® Index. Broadly, fixed income markets experienced one of their weakest years, as the Bloomberg US Aggregate Bond Index returned its first negative annual return since 2013. As such, the contribution to performance emanating from the fixed income Funds was the weakest. The contribution to absolute performance by the Fund’s exposure to real assets was positive, via exposure to the Global Real Estate Securities Fund. For more information on a Select Fund’s performance, please refer to that Select Fund’s section in this Annual Report.

At December 31, 2021, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds	57.8
Non-U.S. Equity Select Funds	28.1
Fixed Income Select Funds	9.9
Money Market Funds	2.3
Real Assets Select Funds	1.8
	99.9

See Notes to Financial Statements.

Table of Contents

MyDestination 2045 Fund (Unaudited)

Average Annual Total Returns as of 12/31/21
	Institutional Class*	Investor Class*
One Year	16.61%	16.26%
Five Year	N/A	12.89%
Ten Year	N/A	10.83%
Since Inception	12.43%	6.48%
Inception Date	05/01/17	12/29/06
Total Fund Operating Expenses (May 1, 2021 Prospectus)⁽¹⁾	0.48%	0.75%

*These returns reflect investment advisory and shareholder servicing fee waivers, if applicable, during the reported time periods.

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

See Notes to Financial Statements.

Table of Contents

MYDESTINATION 2045 FUND

SCHEDULE OF INVESTMENTS

December 31, 2021

	Shares	Value
MUTUAL FUNDS — 97.6%
GuideStone Medium-Duration Bond Fund (Institutional Class)∞	5,843,914	$ 87,892,463
GuideStone Global Bond Fund (Institutional Class)∞	2,228,364	21,771,112
GuideStone Defensive Market Strategies^® Fund (Institutional Class)∞	3,909,600	55,907,284
GuideStone Equity Index Fund (Institutional Class)∞	10,359,571	524,090,684
GuideStone Small Cap Equity Fund (Institutional Class)∞	3,294,854	64,381,441
GuideStone International Equity Index Fund (Institutional Class)∞	18,301,418	220,715,102
GuideStone Emerging Markets Equity Fund (Institutional Class)∞	8,689,570	92,717,720

	Shares	Value
GuideStone Global Real Estate Securities Fund (Institutional Class)∞	1,739,968	$ 20,061,829
Total Mutual Funds (Cost $875,227,353)		1,087,537,635
MONEY MARKET FUNDS — 2.3%
GuideStone Money Market Fund, 0.00% (Institutional Class)Ø∞ (Cost $26,132,248)	26,132,248	26,132,248
TOTAL INVESTMENTS — 99.9% (Cost $901,359,601)		1,113,669,883
Other Assets in Excess of Liabilities — 0.1%		1,042,489
NET ASSETS — 100.0%		$1,114,712,372

Futures Contracts outstanding at December 31, 2021:

Future Type	Expiration Date	Open Long (Short) Contracts	Notional Market Value of Contracts	Value and Unrealized Appreciation (Depreciation)
MSCI EAFE Index	03/2022	59	$ 6,849,310	$106,680
MSCI Emerging Markets	03/2022	28	1,716,820	(10,196)
S&P 500^® E-Mini	03/2022	53	12,610,025	261,635
10-Year U.S. Treasury Note	03/2022	26	3,392,188	37,243
Total Futures Contracts outstanding at December 31, 2021			$24,568,343	$395,362

See Notes to Financial Statements.

Table of Contents

VALUATION HIERARCHY

The following is a summary of the inputs used, as of December 31, 2021, in valuing the Fund’s investments carried at fair value:

	Total Value	Level 1 Quoted Prices	Level 2 Other Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Assets:
Investments in Securities:
Money Market Funds	$ 26,132,248	$ 26,132,248	$ —	$ —
Mutual Funds	1,087,537,635	1,087,537,635	—	—
Total Assets - Investments in Securities	$1,113,669,883	$1,113,669,883	$ —	$ —
Other Financial Instruments***
Futures Contracts	$ 405,558	$ 405,558	$ —	$ —
Total Assets - Other Financial Instruments	$ 405,558	$ 405,558	$ —	$ —
Liabilities:
Other Financial Instruments***
Futures Contracts	$ (10,196)	$ (10,196)	$ —	$ —
Total Liabilities - Other Financial Instruments	$ (10,196)	$ (10,196)	$ —	$ —

***	Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding "Futures Contracts outstanding" disclosure.

See Notes to Financial Statements.

Table of Contents

MyDestination 2055 Fund (Unaudited)

The Fund, through investments primarily in the Select Funds, combined a high percentage of exposure to equity securities with only modest percentages allocated to fixed income securities and real assets. The Fund followed an allocation glide path designed to become more conservative over time, and the targeted allocations were approximately 5.00% fixed income securities, 93.00% equity securities and 2.00% real assets as of December 31, 2021.

As a fund of funds, the Fund’s performance was based on the performance of its underlying investments. The Investor Class of the Fund generated a return of 17.11%* for the one-year period ended December 31, 2021. Contribution to absolute performance from all major asset classes was positive, except for a slight drag on performance from the Fund’s fixed income exposure. Exposure to U.S. equity securities produced relatively stronger performance than funds with primarily non-U.S. equity securities exposure. During the year, concerns over the spread of COVID-19 continued, and as a result, associated lockdowns, fluctuating global economic growth patterns and idiosyncratic circumstances (e.g., Chinese government interventions, general emerging market weakness and supply chain slowdowns) contributed to additional performance headwinds faced by companies outside of the United States. The Equity Index Fund was the largest equity contributor to Fund performance due to its broad exposure to the strength of stocks in the S&P 500^® Index. Broadly, fixed income markets experienced one of their weakest years, as the Bloomberg U. Aggregate Bond Index returned its first negative annual return since 2013. As such, the contribution to performance emanating from the fixed income Funds was the weakest. The contribution to absolute performance by the Fund’s exposure to real assets was positive, via exposure to the Global Real Estate Securities Fund. For more information on a Select Fund’s performance, please refer to that Select Fund’s section in this Annual Report.

*Total returns may differ from the financial highlights due to adjustments required by U.S. GAAP.

At December 31, 2021, the portfolio holdings of the Fund, as a percentage of net assets, is shown in the following table. Portfolio holdings are subject to risk and may change at any time.

	%
U.S. Equity Select Funds	60.7
Non-U.S. Equity Select Funds	30.0
Fixed Income Select Funds	5.2
Money Market Funds	2.1
Real Assets Select Funds	1.9
	99.9

See Notes to Financial Statements.

Table of Contents

MyDestination 2055 Fund (Unaudited)

Average Annual Total Returns as of 12/31/21
	Institutional Class*	Investor Class*
One Year	17.46%	17.11%**
Five Year	N/A	13.29%
Ten Year	N/A	N/A
Since Inception	12.78%	10.83%
Inception Date	05/01/17	01/01/12
Total Fund Operating Expenses (May 1, 2021 Prospectus)⁽¹⁾	0.51%	0.77%

The graph illustrates the results of a hypothetical $10,000 investment in the Investor Class of the Fund since January 1, 2012 (commencement of operations), with all dividends and capital gains reinvested.

*These returns reflect investment advisory and shareholder servicing fee waivers, if applicable, during the reported time periods.

**Total returns may differ from the financial highlights due to adjustments required by U.S. GAAP.

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

See Notes to Financial Statements.

Letter from the President	2
From the Chief Investment Officer	3
Asset Class Performance Comparison	5
About Your Expenses	10
Abbreviations, Footnotes and Index Definitions	13
Index Disclaimers	17
Target Date Funds	18
MyDestination 2015 Fund	18
MyDestination 2025 Fund	22
MyDestination 2035 Fund	26
MyDestination 2045 Fund	30
MyDestination 2055 Fund	34
Financial Statements	38
Target Risk Funds	46
Conservative Allocation Fund	46
Balanced Allocation Fund	50
Growth Allocation Fund	54
Aggressive Allocation Fund	58
Financial Statements	62
Fixed Income Select Funds	68
Money Market Fund	68
Low-Duration Bond Fund	73
Medium-Duration Bond Fund	106
Global Bond Fund	165
Financial Statements	196
Equity Select Funds	204
Defensive Market Strategies^® Fund	204
Global Impact Fund	215
Equity Index Fund	222
Value Equity Fund	230
Growth Equity Fund	235
Small Cap Equity Fund	240
International Equity Index Fund	252
International Equity Fund	263
Emerging Markets Equity Fund	280
Financial Statements	292
Real Assets Select Fund	304
Global Real Estate Securities Fund	304
Financial Statements	309
Alternatives Select Fund	313
Strategic Alternatives Fund	313
Financial Statements	335
Notes to Financial Statements	339
Report of Independent Registered Public Accounting Firm	390
Notice to Shareholders	391
Fund Management	394
Board Review of Advisory Agreements	397