# EDGAR Filing Document

**Accession Number:** 0001131013
**File Stem:** 0001193125-25-181929
**Filing Date:** 2025-8
**Character Count:** 107000
**Document Hash:** 6f248fe6685823e7e8fffd8f34e2c3a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-181929.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001193125-25-181929

**CONFORMED SUBMISSION TYPE**: DEF 14C

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250815

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250815

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GuideStone Funds
- **CENTRAL INDEX KEY:** 0001131013

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEF 14C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 811-10263
- **FILM NUMBER:** 251225375

**BUSINESS ADDRESS:**
- **STREET 1:** 5005 LYNDON B. JOHNSON FREEWAY
- **STREET 2:** SUITE 2200
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75244-6152
- **BUSINESS PHONE:** 214-720-2148

**MAIL ADDRESS:**
- **STREET 1:** 5005 LYNDON B. JOHNSON FREEWAY
- **STREET 2:** SUITE 2200
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75244-6152

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AB FUNDS TRUST/DE
- **DATE OF NAME CHANGE:** 20010405

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ANNUITY BOARD FUNDS TRUST
- **DATE OF NAME CHANGE:** 20010102

## Series and Classes Contracts Data

### Global Bond Fund (Series ID: S000014481)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000039452 | Investor      | GGBFX           |
| C000158246 | Institutional | GGBEX           |

**SCHEDULE 14C INFORMATION** 

**Information Statement pursuant to Section**

**14(c) of the Securities Exchange Act of 1934** 

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| | |
|:---|:---|
| Filed by the Registrant | ☒ |
| Filed by a Party other than the Registrant | ☐ |

---

Check the appropriate box:

☐ Preliminary information statement.

☐ Confidential, for use of the Commission only (as permitted by Rule 14c-5(d)(2)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Definitive information statement.

**GuideStone Funds** 

**(Name of Registrant as Specified in Its Charter)** 

Payment of filing fee (check the appropriate box):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ No fee required.

☐ Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Title of each class of securities to which transaction applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Aggregate number of securities to which transaction applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Proposed maximum aggregate value of transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Total fee paid:

☐ Fee paid previously with preliminary materials.

☐ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-ll(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Amount previously paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Form, schedule or registration statement no.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Filing party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Date filed:

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**GUIDESTONE FUNDS** 

**Global Bond Fund** 

5005 Lyndon B. Johnson Freeway

Suite 2200

Dallas, Texas 75244-6152

**INFORMATION STATEMENT** 

**August 15, 2025** 

Dear Shareholder:

The enclosed Information Statement discusses actions that have been taken with respect to the Global Bond Fund (the "GBF"), a series of GuideStone Funds (the "Trust").

The Board of Directors of the Trust (the "Board") approved the appointment of MFS Institutional Advisors, Inc. ("MFSI") to manage an assigned portion of the GBF. There were no changes to the GBF's investment objective, principal investment strategies or principal investment risks as a result of the appointment of MFSI. The overall management and advisory fees payable by the GBF decreased by approximately 0.02% (two basis points) as a result of the appointment of MFSI as a sub-adviser to the GBF. Shareholder approval was not necessary to approve the appointment of MFSI as a sub-adviser to the GBF pursuant to an exemptive order from the U.S. Securities and Exchange Commission received by the Trust and GuideStone Capital Management, LLC, which is discussed within this Information Statement. The appointment of MFSI as a sub-adviser to the GBF was approved subsequent to the termination of the sub-advisory agreement with Western Asset Management Company, LLC ("Western"). The MFSI portfolio account within the GBF includes the assets previously managed by Western.

**We are not asking you for a proxy, and you are requested not to send us a proxy.** If you have any questions, please call 1-888-GS-FUNDS (1-888-473-8637), and we will be glad to assist you. Thank you for your continued support of GuideStone Funds.

Very truly yours,

*Isl* Brandon Pizzurro

Brandon Pizzurro

Director and President

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**GUIDESTONE FUNDS** 

**Global Bond Fund** 

5005 Lyndon B. Johnson Freeway

Suite 2200

Dallas, Texas 75244-6152

**IMPORTANT NOTICE OF INTERNET AVAILABILITY OF** 

**INFORMATION STATEMENT** 

**August 15, 2025** 

This notice provides only an overview of the more complete Information Statement that is available to you on the Internet related to the Global Bond Fund (the "GBF"), a series of GuideStone Funds (the "Trust"), and discusses the appointment of a new sub-adviser to the GBF. We encourage you to access and review all of the important information contained in this Information Statement, available online at *GuideStoneFunds.com/Fund-Literature.*

On May 20, 2025, the Board of Directors of the Trust (the "Board") approved the appointment of MFS Institutional Advisors, Inc. ("MFSI") to manage an assigned portion of the GBF. In addition to MFSI, Loomis, Sayles & Company, L.P. and Neuberger Berman Investment Advisers, LLC will continue to provide sub-advisory services to the GBF with respect to their allocated portions of the GBF. Additional information about the appointment of MFSI and its sub-advisory agreement and the Board's approval of the appointment of MFSI and the approval of the sub-advisory agreement is contained within the Information Statement.

Please note that under an exemptive order granted by the U.S. Securities and Exchange Commission, GuideStone Capital Management, LLC is permitted, subject to approval of the Board, to select sub-advisers for the GBF and to amend sub-advisory agreements without obtaining shareholder approval, provided the changes do not result in an increase in the overall management and advisory fees payable by the GBF beyond what was previously approved by its shareholders, and subject to certain conditions.

This Notice of Internet Availability of the Information Statement is being mailed on or about August 15, 2025, to the shareholders of record of the GBF as of July 31, 2025. The full Information Statement will be available to view and print on the Trust's website at *GuideStone.com/Fund-Literature* until at least 90 days from the date of this Notice and the Information Statement. A paper or email copy of the full Information Statement may be obtained, without charge, by contacting the Trust at 1-888-GS-FUNDS (1-888-473-8637). **If you would like to receive a paper or email copy of the full Information Statement, you must request one.**

If you are a member of a household in which multiple shareholders of the GBF share the same address, and the GBF or your broker or bank (for "street name" accounts) have received consent to household material, then the GBF or your broker or bank may have sent to your household only one copy of this Notice of Internet Availability of Information Statement, unless the GBF or your broker or bank previously received contrary instructions from a shareholder in your household. If you are part of a household that has received only one copy of this Notice of Internet Availability of Information Statement, the GBF will deliver promptly a separate copy of this Notice of Internet Availability of Information Statement to you upon written or oral request.

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To receive a separate copy of this Notice of Internet Availability of Information Statement, or if you would like to receive a separate copy of future notices of internet availability of information statements, information statements, proxy statements, prospectuses or annual and semi-annual reports, please contact the Trust by writing to the Trust at 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, Texas 75244-6152 or by calling 1-888-GS-FUNDS (1-888-473-8637). If you are now receiving multiple copies of these documents and would like to receive a single copy in the future, please contact the Trust at the telephone number or address stated above.

**We are not asking you for a proxy, and you are requested not to send us a proxy.** 

ii

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**GUIDESTONE FUNDS** 

**Global Bond Fund** 

5005 Lyndon B. Johnson Freeway

Suite 2200

Dallas, Texas 75244-6152

**INFORMATION STATEMENT** 

**Important Notice Regarding the** 

**Availability of Information Statement** 

The Information Statement is available at *GuideStoneFunds.com/Fund-Literature.*

**August 15, 2025** 

This document is an Information Statement for shareholders of the Global Bond Fund (the "GBF"), a series of GuideStone Funds (the "Trust").

GuideStone Capital Management, LLC (the "Adviser'') serves as the investment adviser to the Trust and is located at 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, Texas 75244-6152. The Trust's principal underwriter is Foreside Funds Distributors LLC, whose principal office is located at Three Canal Plaza, Suite 100, Portland, Maine 04101. BNY Mellon Investment Servicing (US) Inc. serves as the Trust's transfer agent and is located at 103 Bellevue Parkway, Wilmington, Delaware 19809. The Northern Trust Company serves as the Trust's fund administration and accounting agent and is located at 333 South Wabash Avenue, Chicago, Illinois 60604. This Information Statement will be mailed on or about August 15, 2025, to the shareholders of record of the GBF as of July 31, 2025 (the "Record Date").

As described in the GBF's prospectus, the assets of the GBF are allocated among multiple sub-advisers. The Trust and the Adviser have received an exemptive order from the U.S. Securities and Exchange Commission (the "SEC") to permit the Adviser, subject to the approval of the Board of Directors of the Trust (the "Board" or the "Directors"), to select sub-advisers for the GBF and to amend sub-advisory agreements without obtaining shareholder approval, provided the change does not increase the overall management and advisory fees payable by the GBF above the fees previously approved by shareholders, and subject to certain conditions (the "SEC Exemptive Order''). These conditions require, among other things, that the GBF's shareholders be notified of the appointment of a new sub-adviser within ninety (90) days of the sub-adviser's appointment. This Information Statement provides such notice of the Board's approval of a sub-advisory agreement with MFS Institutional Advisors, Inc. ("MFSI") on behalf of the GBF.

This Information Statement is provided solely for information purposes. This is not a proxy statement. **We are not asking you for a proxy, and you are requested not to send us a proxy.**

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The GBF will bear the expenses incurred in connection with preparing this Information Statement. The information in this document should be considered to be an Information Statement for purposes of Schedule 14C under the Securities Exchange Act of 1934, as amended.

*You may obtain a copy of the Trust's annual report to shareholders and the most recent semi-annual report, free of charge, by writing to the Trust at 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, Texas 75244-6152, by calling toll free at 1-888-GS-FUNDS (1-888-473-8637) or by going to the website at GuideStoneFunds.com/Fund-Literature.* 

As of the Record Date, there were issued and outstanding 10,178,338.121 shares of the Investor Class and 66,246,365.420 shares of the Institutional Class of the GBF. Appendix A lists the shareholders who owned beneficially or of record more than 5% of the shares of each class of the GBF as of the Record Date. To the knowledge of the Adviser, executive officers and Directors of the Trust, as a group, owned less than 1% of the outstanding shares of each class of the GBF as of the Record Date.

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**I.** **Global Bond Fund: Appointment of MFS Institutional Advisors, Inc. as a Sub-Adviser** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Overview** 

On May 20, 2025, the Board voted to approve the appointment of MFSI to manage an assigned portion of the GBF portfolio. There were no changes to the GBF's investment objective, principal investment strategies or principal investment risks as a result of the appointment of MFSI. The overall management and advisory fees payable by the GBF decreased by approximately 0.02% (two basis points) as a result of the appointment of MFSI as a sub-adviser to the GBF. Shareholder approval was not necessary to approve the appointment of MFSI as a sub-adviser to the GBF pursuant to the SEC Exemptive Order, which is discussed within this Information Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Appointment** 

At a regular meeting held on May 19-20, 2025, and a special meeting held on June 17, 2025 (the "Meetings"), the Board, including the Directors who are not "interested persons" of the Trust ("Independent Directors"), as the term "interested person" is defined under Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), advised by independent legal counsel, considered and unanimously approved the Adviser's recommendation to appoint MFSI to manage an assigned portion of the GBF, pursuant to a sub-advisory agreement among the Trust, the Adviser and MFSI (the "MFSI Agreement") and approved the MFSI Agreement, respectively.

In addition to MFSI, Loomis, Sayles & Company, L.P. and Neuberger Berman Investment Advisers, LLC will continue to provide sub-advisory services to the GBF with respect to their allocated portions of the GBF. Additional information about the appointment of MFSI and its sub-advisory agreement and the Board's approval of the appointment of MFSI and the approval of the sub-advisory agreement is contained within the Information Statement.

The Adviser's recommendation to appoint MFSI was based on the Adviser's analysis of the GBF's investment objective and the structure of the GBF's sub-adviser composite. The engagement of MFSI is intended to benefit the GBF by enhancing the GBF's risk-return profile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Board Considerations** 

In making its determination to approve the appointment of MFSI to the GBF, the Board, including the Independent Directors, advised by independent counsel, considered the Adviser's recommendation to appoint MFSI to manage a portion of the GBF's portfolio pursuant to the MFSI Agreement. The Directors took into account the materials provided prior to and during the Meetings, the presentations made by the Adviser and by MFSI and the extensive discussions held. The Board also took into account the Investment Management Committee of the Board's review of information related to the MFSI Agreement. The Board considered the terms of the MFSI Agreement, the investment management team at MFSI, the reasonableness of the sub-advisory fees to be paid by the GBF to MFSI and whether the appointment of MFSI would be in the best interests of the GBF and its shareholders.

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The Board reviewed a number of factors that it should consider in evaluating whether to approve the MFSI Agreement and the materials provided to support each factor. Such factors included the nature, extent and quality of the services to be provided by MFSI; the composite performance history of the MFSI Global Aggregate Core Plus Fixed Income Strategy (the "MFSI Strategy"); the fees charged by MFSI for its services; and information regarding the ownership structure, investment management experience, personnel, clients, assets under management ("AUM"), legal and regulatory history, compliance policies and procedures, brokerage and soft dollar practices and investment philosophy and processes of MFSI. The Board also reviewed presentations by the Adviser regarding the comprehensive review process it used to recommend MFSI. The Board received and considered information about MFSI's potential to contribute economies of scale as the GBF grows in size. The Board considered that the Adviser had been able to negotiate a fee schedule for the GBF that was considered to be favorable compared to MFSI's stated fee schedule.

Because the engagement with MFSI for the GBF is new, there was no relevant historical profitability information for the Board to assess. The Board noted, however, that MFSI provided an estimate of its profitability for providing services to the GBF. The Board concluded that the estimated profits to be realized by MFSI appeared reasonable.

The Board considered the fees to be paid to MFSI under the MFSI Agreement, as well as the overall fee structure under the MFSI Agreement, in light of the nature, extent and quality of the services to be provided to the GBF. The Board also considered information about the fees charged by MFSI to other clients.

The Board noted that the GBF's overall management and advisory fees would decrease by approximately 0.02% as a result of the addition of MFSI as a sub-adviser to the GBF. The Board further noted that, since there will be a reduction in the GBF's overall management and advisory fees, no approval by the GBF's shareholders is required. The Board also noted that the GBF, and not the Adviser, would pay the sub-advisory fees to MFSI directly. In addition, the Board noted that the Adviser's profitability would not be impacted by the addition of MFSI, as the advisory fee rate paid to the Adviser by the GBF is not changing as a result of the addition of MFSI and there is no expense cap for the GBF.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by MFSI, and its affiliates, as a result of its arrangements with the GBF. The Board concluded that any potential benefits to be derived by MFSI included potential access to additional research resources, increased AUM and reputational benefits, which were consistent with those generally derived by sub-advisers offering similar services to mutual funds.

While acknowledging that past performance does not indicate future results, the Board considered the historical performance of the MFSI Strategy. The Board noted that the MFSI Strategy's performance history versus its benchmark, the Bloomberg Global Aggregate Index (USD-Hedged), had been favorable over historic time periods, with the MFSI Strategy outperforming the benchmark over all relevant time periods ended March 31, 2025, and outperforming its peer universe medians across the same time periods.

The Board considered the representations made that MFSI would be comfortable managing its strategy in accordance with the Trust's faith-based investment policy.

The Board noted that the Adviser planned to use a transition manager in order to seek a cost-effective and performance-advantaged approach to reallocate assets to MFSI within the GBF.

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Based on all of the information provided to the Board and its consideration of relevant factors, the Board determined that MFSI would provide investment management services that are appropriate in scope and that the fees to be paid by the GBF under the MFSI Agreement would be fair and reasonable in light of the nature, extent and quality of services to be provided. In their deliberations, the Board did not identify any particular information that was all-important or controlling, and each Director may have attributed different weights to the various factors deliberated upon, among others.

No officers or Directors of the Trust are officers, employees, directors, general partners or shareholders of MFSI. In addition, since January 1, 2025, the beginning of the Trust's fiscal year, no Director of the Trust has had, directly or indirectly, a material interest, material transaction or material proposed transaction to which MFSI, any parent or subsidiary of MFSI or any subsidiary of a parent of such entities was, or is to be, a party.

**Information Regarding MFSI**. MFSI is a U.S.-based investment adviser and subsidiary of Massachusetts Financial Services Company ("MFS"). MFS is America's oldest mutual fund organization. MFS and the firm's predecessor organizations have a history of money management dating from 1924 and the founding of the first mutual fund, Massachusetts Investors Trust. As of June 30, 2025, net AUM of the MFS organization were approximately $634.9 billion. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the assigned portion of the GBF are Pilar Gomez-Bravo, CFA, Co-Chief Investment Officer of Fixed Income, and Robert Spector, CFA, Investment Officer and portfolio manager for the Global Fixed Income Multisector portfolio management team. Ms. Gomez-Bravo and Mr. Spector each have more than five years of investment management experience with MFSI. More information about MFSI is provided in Appendix B.

**Description of the MFSI Agreement.** The MFSI Agreement became effective on June 17, 2025, and MFSI began providing services to the GBF on July 10, 2025, as reflected in a Prospectus Supplement filed with the SEC on May 29, 2025. This description of the MFSI Agreement is qualified in its entirety by the MFSI Agreement, which is included in Appendix C. The terms of the MFSI Agreement are substantially the same as the investment sub-advisory agreements among the Trust, the Adviser and the GBF's other sub-advisers, except as to: (1) the effective date; (2) the sub-advisory fee schedule; and/or (3) certain provisions related to the handling of corporate actions and similar matters, confidentiality and references to the sub-adviser.

The MFSI Agreement will continue in effect for an initial term of two years. Thereafter, the MFSI Agreement will continue in effect only if approved annually by the Board or by the vote of the shareholders of the majority of the outstanding shares of the GBF, and also, in either event, if approved by a majority of the Independent Directors.

Under the MFSI Agreement, MFSI manages the assets of the GBF that are allocated to it by the Adviser. MFSI has discretion pursuant to the MFSI Agreement to purchase and sell securities for its allocated segment of the GBF's assets in accordance with the GBF's objectives, policies and restrictions and the more specific strategies and guidelines provided by the Adviser to MFSI. Although MFSI is subject to the overall supervision of the Board and officers of the Trust and by the Adviser, these parties do not evaluate the investment merits of specific securities transactions.

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The MFSI Agreement recognizes that MFSI may, under certain circumstances, pay higher brokerage commissions by executing portfolio transactions with brokers that provide the firm with research, analysis, advice or similar services. The MFSI Agreement also provides that MFSI will: (1) maintain all books and records required to be maintained by it pursuant to the 1940 Act and the rules and regulations promulgated thereunder and any other applicable legal provisions, with respect to transactions MFSI effects on behalf of the GBF and will furnish the Board and the Adviser with such periodic and special reports as the Board or the Adviser may reasonably request; and (2) provide the Board or the Adviser with certain economic and investment analyses and reports, as well as monthly reports, setting forth the GBF's performance with respect to MFSI's investments on its behalf and make available to the Board and the Adviser any economic, statistical and investment services that MFSI normally makes available to its institutional investors or other customers.

The MFSI Agreement does not protect MFSI against liability to the GBF or to the GBF's shareholders to which the firm might otherwise be subject by reason of willful misfeasance, bad faith or gross negligence, or breach in the performance of its duties, or its reckless disregard of its obligations and duties under the MFSI Agreement.

The MFSI Agreement will terminate automatically with respect to the GBF upon assignment or upon the termination of the GBF's Advisory Agreement with the Adviser. The MFSI Agreement may be terminated without penalty at any time by: (1) the Board, or by vote of a majority of the outstanding voting securities of the GBF, on sixty (60) days' written notice to MFSI; (2) the Adviser, immediately upon written notice to MFSI; or (3) MFSI on ninety (90) days' written notice to the GBF and the Adviser.

**Further Information.** More information about MFSI is included in Appendix B. The above information on the MFSI Agreement is only a summary and is qualified in its entirety by reference to the text of the MFSI Agreement, which is included in its entirety in Appendix C. Copies of the MFSI Agreement will be on file with the SEC and will be available: (i) on the SEC's EDGAR database via the internet at www.sec.gov; (ii) by electronic request to publicinfo@sec.gov; or (iii) by mail by sending your request to the U.S. Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1520.

**II.** **Additional Information** 

**Portfolio Transactions.** To the extent permitted by law and in accordance with procedures established by the Board, the GBF may engage in brokerage transactions with brokers that are affiliates of the Adviser or the GBF's sub-advisers, with brokers who are affiliates of such brokers or with unaffiliated brokers who trade or clear through affiliates of the Adviser or the GBF's sub-advisers. For the fiscal year ended December 31, 2024, the GBF did not engage in affiliated brokerage transactions.

**Shareholder Communications.** The Board has provided a process by which shareholders may send communications to the Board. If a shareholder wishes to send a communication to the Board, or to a specified Director, the communication should be submitted in writing to Melanie Childers, Vice President - Fund Operations and Secretary, GuideStone Funds, 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, Texas 75244-6152, who will forward such communication to the Board or the specified Director(s).

**Multiple Shareholders in a Household.** If you are a member of a household in which multiple shareholders of the GBF share the same address, and the Trust or your broker or bank (for "street name" accounts) have received consent to household material, then the Trust or your broker or bank may have sent to your household only one copy of the Notice of Internet Availability of Information Statement, unless the Trust or your broker or bank previously received contrary instructions from a shareholder in your household. If you are part of a household that has received only one copy of the Notice of Internet Availability of Information Statement, the Trust will deliver promptly a separate copy of the Notice of Internet Availability of Information Statement to you upon written or oral request.

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To receive a separate copy of the Notice of Internet Availability of Information Statement, or if you would like to receive a separate copy of future notices of internet availability of information statements, information statements, proxy statements, prospectuses or annual and semi-annual reports, please contact the Trust by writing to the Trust at 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, Texas 75244-6152 or by calling 1-888-GS-FUNDS (1-888-473-8637). If you are now receiving multiple copies of these documents and would like to receive a single copy in the future, please contact the Trust at the telephone number or address stated above.

By Order of the Board of Directors,

/s/ Melanie Childers

Melanie Childers

Vice President – Fund Operations and Secretary

of the Trust

August 15, 2025

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**APPENDIX A** 

**SHAREHOLDERS OWNING BENEFICIALLY OR OF RECORD MORE THAN 5% OF THE** 

**GLOBAL BOND FUND** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Name of Fund** | **Shareholder Name and Address** | **Number and Percentage of Shares Owned**<br> **as of July 31, 2025**<br> **(Percentage of shares owned rounded**<br> **to nearest whole percentage)** | **Number and Percentage of Shares Owned**<br> **as of July 31, 2025**<br> **(Percentage of shares owned rounded**<br> **to nearest whole percentage)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Bond Fund<br> Investor Class | GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas, TX 75381-9109 | 5018735.597 | 49% |
| &nbsp;&nbsp;&nbsp;Global Bond Fund<br>Investor Class | GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas, TX 75381-9109 | 1107024.518 | 11% |
| &nbsp;&nbsp;&nbsp;Global Bond Fund<br>Investor Class | National Financial Services LLC <br>For the Exclusive Benefit of Our Customers <br>Attn: Mutual Funds Department 4th Floor <br>499 Washington Blvd <br>Jersey City NJ 07310-2010 | 901725.581 | 9% |
| &nbsp;&nbsp;&nbsp;Global Bond Fund<br>Institutional Class | GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas, TX 75381-9109 | 14110083.161 | 21% |
| &nbsp;&nbsp;&nbsp;Global Bond Fund<br>Institutional Class | GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas, TX 75381-9109 | 12894634.052 | 19% |
| &nbsp;&nbsp;&nbsp;Global Bond Fund<br>Institutional Class | GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas, TX 75381-9109 | 12266593.181 | 19% |
| &nbsp;&nbsp;&nbsp;Global Bond Fund<br>Institutional Class | GuideStone Financial Resources<br> MyDestination 2045 Fund<br> PO Box 819109<br> Dallas, TX 75381-9109 | 5370427.294 | 8% |
| &nbsp;&nbsp;&nbsp;Global Bond Fund<br>Institutional Class | GuideStone Financial Resources<br> MyDestination 2015 Fund<br> PO Box 819109<br> Dallas, TX 75381-9109 | 4673354.998 | 7% |
| &nbsp;&nbsp;&nbsp;Global Bond Fund<br>Institutional Class | GuideStone Financial Resources<br> Moderately Aggressive Allocation Fund<br> PO Box 819109<br> Dallas, TX 75381-9109 | 4452899.600 | 7% |

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**APPENDIX B** 

**MORE INFORMATION ABOUT MFS INSTITUTIONAL ADVISORS, INC.** 

MFS Institutional Advisors, Inc. ("MFSI), which is registered under the Investment Advisers Act of 1940, as amended ("1940 Act"), has been serving institutional investors and their consultants since 1986. MFSI is a wholly owned subsidiary of Massachusetts Financial Services Company, d/b/a MFS Investment Management ("MFS"), which is also a registered investment adviser. MFS and its predecessor organization have a history of money management dating from 1940 and the founding of the first mutual fund.

The table below lists the names and principal occupations for the principal executive officers of MFSI. The business address of each person listed in the table is the same as the address for MFSI.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name** | **Principal Occupations** |
| &nbsp;&nbsp;&nbsp; Heidi W. Hardin | Director, Chair of the Board and Assistant Secretary |
| &nbsp;&nbsp;&nbsp; Michael S. Keenan | Director |
| &nbsp;&nbsp;&nbsp; Robertson G. Mansi | Director |
| &nbsp;&nbsp;&nbsp; Michelle Thompson-Dolberry | Director |
| &nbsp;&nbsp;&nbsp; Charuda (Bee) Upatham-Costello | Director and Treasurer |
| &nbsp;&nbsp;&nbsp; Carol W. Geremia | President and Secretary |
| &nbsp;&nbsp;&nbsp; Alison O'Neill | Chief Investment Officer |
| &nbsp;&nbsp;&nbsp; Rosa Licea-Mailloux | Chief Compliance Officer |
| &nbsp;&nbsp;&nbsp; Christopher R. Bohane | Assistant Secretary |
| &nbsp;&nbsp;&nbsp; Daniel W. Finegold | Assistant Secretary |
| &nbsp;&nbsp;&nbsp; Mitchell C. Freestone | Assistant Secretary |
| &nbsp;&nbsp;&nbsp; Jessica Howell | Assistant Secretary |
| &nbsp;&nbsp;&nbsp; Amanda Mooradian | Assistant Secretary |
| &nbsp;&nbsp;&nbsp; Joseph A. Zelic | Tax Officer and Assistant Treasurer |

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The table below shows the fee schedules of other investment companies registered under the 1940 Act that are advised by MFSI in a similar approach to the MFSI Strategy within the Global Bond Fund.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Approximate**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets as of** <br> **June 30, 2025**<br> **(in millions)** | **Fee Schedule** | **Fee Waivers** |
| &nbsp;&nbsp;&nbsp;MFS Global Opportunistic Bond Fund | $972.8 | 0.55% on the first $1 billion, 0.45% on the next $1.5 billion and 0.425% over $2.5 billion | N/A |

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**APPENDIX C** 

**AMENDED AND RESTATED SUB-ADVISORY AGREEMENT** 

THIS AMENDED AND RESTATED SUB-ADVISORY AGREEMENT ("Agreement") is made among GUIDESTONE FUNDS, a Delaware statutory trust ("Trust"), GUIDESTONE CAPITAL MANAGEMENT, LLC, a limited liability company organized under the laws of the State of Texas ("Adviser"), and MFS INSTITUTIONAL ADVISORS, INC., a registered investment adviser organized under the laws of the State of Delaware ("Sub-Adviser").

WHEREAS, the Adviser has entered into an Investment Advisory Agreement ("Advisory Agreement") with the Trust, an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"); and

WHEREAS, under the Advisory Agreement, the Adviser has agreed to provide investment advisory services to the Trust; and

WHEREAS, under the Advisory Agreement, subject to the approval of the Board of Trustees of the Trust ("Board"), the Adviser is authorized to retain one or more investment sub-advisers to provide investment advisory services to one or more series of the Trust; and

WHEREAS, the parties hereto have previously entered into a Sub-Advisory Agreement dated September 18, 2020, as amended, (the "Prior Agreement"), and wish to amend and restate the Prior Agreement in its entirety on the terms set forth herein; and

WHEREAS, the Adviser desires to retain the Sub-Adviser to furnish investment advisory services on behalf of the series of the Trust listed on Schedule A, as such Schedule A may be amended from time to time (such series being collectively referred to herein as the "Fund," with any reference herein to the Fund pertaining to such series of the Trust as the context requires), in the manner and on the terms hereinafter set forth; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Adviser and the Fund.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the Trust, the Adviser and the Sub-Adviser agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment.</u> The Adviser and the Trust hereby appoint the Sub-Adviser as a discretionary investment manager, on the terms and conditions set forth herein, of those assets of the Fund which the Adviser determines to assign to the Sub-Adviser (those assets being referred to as the "Fund Account"). The Adviser may from time to time make additions to and withdrawals, including but not limited to cash and cash equivalents, from the Fund Account, subject to verbal notification and subsequent written notification to the Sub-Adviser. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Adviser in any way or otherwise be deemed an agent of the Trust or the Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Adviser and the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Acceptance of Appointment.</u> The Sub-Adviser accepts that appointment and agrees to furnish the services herein set forth, for the compensation herein provided.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Duties as Sub-Adviser.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the supervision and direction of the Board and of the Adviser, including all written guidelines, and the policies and procedures adopted by the Trust or the Adviser that are applicable to the Sub-Adviser listed on Schedule B, as such Schedule B may be amended from time to time, the Sub-Adviser will: (i) provide a continuous investment program with respect to the Fund Account; (ii) determine from time to time what investments in the Fund Account will be purchased, retained or sold by the Fund; and (iii) be responsible for placing purchase and sell orders for investments and for other related transactions with respect to the Fund Account. The Sub-Adviser will provide services under this Agreement in accordance with the Fund's investment objective, policies and restrictions and the description of its investment strategy and style, all as stated in the Trust's registration statement under the 1940 Act, and any amendments or supplements thereto ("Registration Statement") of which the Sub-Adviser has written notice. The Sub-Adviser shall: (iv) determine the manner in which all rights to consent to corporate actions, conversion rights, subscription right, tender rights, appraisal rights and any other corporate action rights pertaining to any portfolio securities held by the Fund Account shall be exercised; and/or (v) execute all such certificates, consents and other documents necessary or appropriate to effectuate the powers of the Sub-Adviser under this Agreement. The Trust will deliver to the Sub-Adviser a true and complete copy of the Fund's Registration Statement as effective from time to time, and such other documents or instruments governing the investment of the Fund Account and such other information as reasonably requested by the Sub-Adviser, as is necessary for the Sub-Adviser to carry out its obligations under this Agreement, including the policies and procedures applicable to the Sub-Adviser listed on Schedule B hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser's authority hereunder shall include the power to buy, sell, and hold such securities and other instruments, to open accounts and execute trading agreements and any other reasonable and customary documents and representation letters on behalf of the Fund Account as the Sub-Adviser deems appropriate within the parameters of Sections 3(a) and 4, and the conditions of this Agreement. The Sub-Adviser agrees that, prior to (i) opening (or amending) any accounts, including prime brokerage and futures accounts with brokerage firms or other financial institutions; and (ii) entering into (or amending) any ISDA master agreement, master repurchase agreement, or any other master swap or over-the-counter trading documentation, including any schedule or credit support annex thereto (such agreements collectively, "OTC Agreements"), or any related clearing agreements on behalf of the Fund, the Sub-Adviser shall notify the Fund's accounting agent and administrator ("Administrator"), custodian bank ("Custodian"), and the Adviser of the existence and any pertinent terms of the account opening documents, prime brokerage, futures and other related agreements, OTC Agreements, and related clearing agreements. With respect to transactions involving derivative instruments and/or OTC Agreements, the Sub-Adviser agrees to provide Counterparty reports of the type described in Section 3(i). For purposes of this section, the term "Counterparty" includes a clearing broker, prime broker, dealer, foreign currency dealer, futures commission merchant, bank, or any counterparty to an OTC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In accordance with the Fund's investment policies described in the Registration Statement, the Sub-Adviser is responsible for avoiding investment of Fund Account assets in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), for offering products or services that are incompatible with the Christian values of GuideStone Financial Resources, including, but not limited to, those involving alcohol, sexual immorality, tobacco or gambling. The Adviser shall provide in writing to the Sub-Adviser a list of such prohibited companies, which the Adviser in its sole discretion will amend or supplement from time to time. The Adviser will provide the Sub-Adviser with such amendments or supplements on a timely basis, and any such changes shall become effective as soon as reasonably practicable after such changes have been received by the Sub-Adviser. If the Sub-Adviser has a question about whether any proposed transaction with respect to the Fund Account would be in compliance with such investment policies, it may consult with the Adviser during normal business hours, and the Adviser will provide instructions upon which the Sub-Adviser may rely in purchasing and selling securities for the Fund Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser will select brokers and dealers to effect all portfolio transactions for the Fund Account subject to the conditions set forth herein. The Sub-Adviser will place all necessary orders with brokers, dealers or issuers, and will negotiate brokerage commissions, if applicable. The Sub-Adviser agrees that, in placing orders with brokers and dealers, it will seek to obtain best execution, considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement; provided that, on behalf of the Fund, and in compliance with Section 28(e) of the Securities Exchange Act of 1934 ("1934 Act"), the Sub-Adviser may, in its discretion, use brokers and dealers (including brokers and dealers that may be affiliated persons of the Sub-Adviser to the extent permitted herein) who provide the Sub-Adviser with research, analysis, advice and similar services to execute portfolio transactions, and the Sub-Adviser may pay to those brokers and dealers, directly or indirectly through a commission-sharing arrangement, in return for brokerage and research services a higher commission than may be charged by other brokers and dealers, subject to the Sub-Adviser's determining in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Sub-Adviser to the Fund and that the total commissions paid by the Fund will be reasonable in relation to the benefits to the Fund over the long term. The Sub-Adviser agrees to provide the Adviser with reports or other information regarding brokerage and benefits received therefrom, upon the Adviser's reasonable request. On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the Fund as well as other clients of the Sub-Adviser, the Sub-Adviser, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. Whenever the Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Fund Account and one or more other accounts advised by the Sub-Adviser, the orders will be allocated as to price and amount among all such accounts in a manner the Sub-Adviser reasonably believes to be equitable over time and consistent with its fiduciary obligations to each client account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as permitted by applicable law, rule or regulation (including, but not limited to, Sections 10 and 17 of the 1940 Act and Section 206 of the Investment Advisers Act of 1940, as amended ("Advisers Act"), and the respective rules and regulations promulgated thereunder), including by exemptive order granted by the U.S. Securities and Exchange Commission ("SEC"), SEC interpretive release, and/or SEC staff no-action letter or other written guidance, the Sub-Adviser shall not, on behalf of the Fund Account, enter into any transaction wherein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) during the existence of any underwriting or selling syndicate, an affiliated person of the Trust, or any affiliated person of such an affiliated person, acts as a principal underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) an affiliated person of or principal underwriter for the Trust, or any affiliated person of such an affiliated person or principal underwriter, acts as principal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) an affiliated person of the Trust, or any affiliated person of such an affiliated person, acts as agent or broker.

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If the Sub-Adviser enters into any of the permissible affiliated transactions contemplated above, the Sub-Adviser shall comply with the Trust's policies and procedures, as provided to the Sub-Adviser, in so doing. The Sub-Adviser acknowledges that, upon entering into this Agreement, it is an "investment adviser" of the Trust within the meaning of Section 2(a)(20)(B) of the 1940 Act, and therefore an "affiliated person" of the Trust within the meaning of Section 2(a)(3)(E) of the 1940 Act. The Sub-Adviser agrees that it will upon request provide the Adviser with a written list of its affiliated persons, indicating which of those affiliated persons are brokers, dealers, futures commission merchants ("FCMs"), and/or banks, and will update such list from time to time, as necessary. To enable the Sub-Adviser to comply with this paragraph, the Adviser agrees that it will, upon request, provide the Sub-Adviser with a written list of the Trust's affiliated persons (excluding the Fund's sub-advisers) and principal underwriter, and their respective affiliated persons, and will update such list from time to time as necessary. Such list shall indicate which affiliated persons are: (iv) control affiliates (*i.e.,* entities that control, are controlled by or are under common control with the Adviser); (v) publicly-traded companies, along with their ticker symbol(s), CUSIP and SEDOL, as applicable; and (vi) banks, broker-dealers or futures commission merchants, and will update such list from time to time if necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In furnishing services hereunder, to the extent prohibited by, or necessary to comply with, the 1940 Act, the Sub-Adviser will not consult with any other sub-adviser to the Fund, any other series of the Trust, or any other investment company under common control with the Trust concerning transactions of the Fund in securities or other assets. For the avoidance of doubt, the foregoing restriction will not be deemed to prohibit the Sub-Adviser from consulting with: (i) any of its affiliated persons concerning transactions in securities or other assets; (ii) any of the other covered sub-advisers concerning compliance with paragraphs (a) and (b) of Rule 12d3-1 under the 1940 Act; or (iii) any successor sub-adviser of the Fund in order to effect an orderly transition of sub-advisory duties, so long as such consultations do not concern transactions prohibited by Section 17(a) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser will maintain all books and records required to be maintained pursuant to the 1940 Act and the rules and regulations promulgated thereunder and any other applicable legal provisions, including the Advisers Act, the 1934 Act, the Commodity Exchange Act of 1936, as amended ("CEA"), and the rules and regulations adopted thereunder from time to time, with respect to actions by the Sub-Adviser on behalf of the Fund, and will furnish the Board, the Adviser or the Administrator with such periodic and special reports as mutually agreed upon by the Sub-Adviser and the Adviser. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that all records that it maintains for the Fund are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any records that it maintains for the Trust and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Trust a complete set of any records that it maintains for the Fund upon request by the Trust. Notwithstanding the foregoing, the Sub-Adviser shall be able to retain copies of such records to the extent necessary to comply with the Sub-Adviser's recordkeeping policies or regulatory obligations. The Sub-Adviser agrees to keep confidential all records of the Trust and information relating to the Trust in accordance with Section 14 hereof unless the release of such records or information is otherwise consented to in writing by the Trust or the Adviser. The Trust and Adviser agree that such consent shall not be unreasonably withheld. For the avoidance of doubt, where the Sub-Adviser is required to divulge such information or record to duly constituted authorities in connection with a regulatory proceeding, or when requested to divulge such information in the context of a regulatory examination or investigation being conducted by one of its regulators, such consent is deemed hereby given and the Sub-Adviser shall promptly inform the Trust and the Adviser of the disclosure of such information (subject to attorney-client privilege and other confidentiality restrictions) unless (i) the Sub-Adviser is prohibited from so doing by applicable law or (ii) doing so would result in contravention of the requests or expectations of a judicial, governmental or regulatory body.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All transactions for the Fund Account will be consummated by delivery of assets to or from the Custodian, or such depositories or agents as may be designated by the Custodian in writing, and neither the Sub-Adviser nor its affiliated persons shall have possession or custody of Fund assets at any time. The Sub-Adviser shall advise the Fund's Custodian and Administrator on a prompt basis of each purchase and sale of a portfolio security or other financial instrument specifying the name of the issuer or Counterparty, the description, terms and amount of shares or principal amount of the security or other financial instrument purchased or sold, the market price, commission and gross or net price, trade date, settlement date and identity of the effecting broker or dealer and such other information as may reasonably be required. The Sub-Adviser shall arrange for the transmission to the Fund's Custodian and Administrator on a daily basis such confirmation, trade tickets, and other documents and information as may be reasonably necessary to enable the Custodian and Administrator to perform their administrative, recordkeeping and other responsibilities with respect to the Fund. For purposes of the foregoing sentence, communication via electronic means will be acceptable as agreed to in writing from time to time by the Adviser. The Trust shall issue to the Custodian such instructions as may be appropriate in connection with the settlement of any transaction initiated by the Sub-Adviser. The Trust shall be responsible for all custodial arrangements and the payment of all custodial charges and fees, and, upon giving proper instructions to the Custodian in accordance with the foregoing, the Sub-Adviser shall have no responsibility or liability with respect to custodial arrangements or the acts, omissions or other conduct of the Custodian, other than acts or omissions arising in reasonable reliance on instructions of an authorized person of the Sub-Adviser; provided, that it shall be the responsibility of the Sub-Adviser to notify the Adviser if the Custodian fails to confirm in writing proper execution of the instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Without limiting the generality of the foregoing and in furtherance thereof, the Sub-Adviser shall report to the Fund's Custodian and Administrator all trades and positions in the Fund Account daily (in such form and at such times as specified by the Fund's Custodian and Administrator and/or the Adviser), including any trade it has entered into for which it has not received confirmation (and, with respect to transactions involving derivative instruments, shall also request each executing broker and Counterparty to deliver its own such transaction and position reporting), and any information related to any corporate action relevant to the investments of the Fund Account (in such form and at such times as specified by the Fund's Custodian and Administrator). Unless otherwise specified by the Adviser, all trades shall be communicated by the Sub-Adviser to the Fund's Custodian and Administrator by 10 a.m. Central Time on the business day following the trade date. The Sub-Adviser shall notify the Fund's Custodian and Administrator immediately upon becoming aware of any trades not included in any previously transmitted trade communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser shall reconcile all trades and positions with each executing broker and Counterparty daily to ensure accurate trade settlement and verify open positions (including cash). The Sub-Adviser shall also reconcile daily all trades and positions (including cash) to the Fund's official books and records, including without limitation, daily reconciliation of all open Custody positions (as defined below) (including cash) to the Custodian, and a daily reconciliation of all open Counterparty-Traded Positions (as defined below) to the Administrator. The Fund's Administrator shall also conduct a reconciliation of Counterparty-Traded Positions (as defined below) as reported from executing brokers and Counterparties and the Sub-Adviser shall cooperate with the Fund's Administrator in order to effect such reconciliation, including without limitation by arranging for access by the Fund's Custodian and Administrator to such files and websites of the executing brokers and Counterparties. The Sub-Adviser shall work with the Fund's Custodian and Administrator and/or the Adviser, as appropriate, to resolve all open reconciliation items on the same day that they are identified, including trade and position discrepancies, identified in such reconciliations. The Sub-Adviser shall also provide to the Adviser and its Custodian and Administrator a monthly (or such other frequency as may be requested by the Adviser) report detailing all the reconciliation activities outlined in this section, including details about each discrepancy and the plan for resolution. These reports shall be sent to the email address(es) provided by the Adviser to the Sub-Adviser. If a reconciliation does not identify any discrepancies, an email is still required providing evidence of reconciliation. For purposes of this Section 3(j), the term "Custody Positions" refers to all assets of the Fund, including cash, for which custody is maintained directly by the Fund's Custodian and the term "Counterparty-Traded Positions" refers to all other assets of the Fund, including instruments traded via a Counterparty as defined in Section 3(g).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser agrees to provide, at such times as shall be reasonably requested by the Board or the Adviser, the analysis and reports specified on Schedule C attached hereto, as such Schedule C may be amended from time to time, including without limitation monthly reports setting forth the investment performance of the Fund Account. The Sub-Adviser also agrees to make available to the Board and Adviser any economic, statistical and investment services that the Sub-Adviser normally makes available to its institutional or other customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) In accordance with procedures adopted by the Board, as amended from time to time, the Sub-Adviser will upon reasonable request provide reasonable assistance to the Administrator and/or the Fund in determining or confirming the fair valuation of portfolio securities held in the Fund Account. This assistance includes (but is not limited to): (i) designating and providing access to one or more employees of the Sub-Adviser who are knowledgeable about the security or other asset or liability, its issuer or Counterparty (as applicable), its financial condition, trading and/or other relevant factors for valuation, which employees shall be available for consultation when the Board or the Valuation Committee of the Adviser convenes; (ii) assisting the Board, Adviser, the Custodian or the Administrator in obtaining bids and offers or quotes from broker-dealers or market-makers with respect to investments held in the Fund Account, upon the reasonable request of the Adviser, Custodian or Administrator; (iii) upon the request of the Board, Adviser, the Custodian or the Administrator, providing recommendations for pricing and fair valuations (including the methodology and rationale used in making such recommendation and such other relevant information as may be requested) of any portfolio security held in the Fund Account for which the Administrator does not obtain prices in the ordinary course of business from an automated pricing service; and (iv) maintaining adequate records and written backup information with respect to the investments valuation assistance provided hereunder, and providing such information to the Board, Adviser or the Fund upon request. Additionally, the Sub-Adviser shall be responsible for obtaining valuations for derivative instruments from Counterparties and for providing that information (and any valuation determinations made by the Sub-Adviser) to the Fund's Administrator and the Adviser for their consideration as the Administrator or Adviser may specify. The Sub-Adviser shall promptly notify the Adviser if, for any reason, the Sub-Adviser believes that the price assigned to any security or other investment in the Fund Account that is not readily ascertainable may not accurately reflect the fair value thereof. In those circumstances, approved fair valuation methodology may be utilized by the Sub-Adviser to establish a price, at which time a fair valuation recommendation would be provided to the Adviser. Notwithstanding the foregoing, the Adviser and the Trust hereby acknowledge that the Sub-Adviser is not the pricing agent for the Fund and therefore not responsible for valuing the Fund's securities for purposes of calculating the Fund's net asset value and is not responsible for the Trust's or the Adviser's valuation determinations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Upon the Adviser's reasonable request and with respect to sub-advisory services provided by Sub-Adviser to the Fund Account, the Sub-Adviser shall provide reasonable assistance as needed in the preparation of (but not pay for) all periodic reports by the Trust or the Fund to shareholders of the Fund and all reports and filings required to maintain the registration and qualification of the Fund, or to meet other regulatory or tax requirements applicable to the Fund, under federal and state securities and tax laws. Upon the request of the Trust or the Adviser, the Sub-Adviser shall review Registration Statements or portions thereof that relate to the services provided by Sub-Adviser to the Fund or that relate to the Sub-Adviser itself and other documents provided to the Sub-Adviser, provide comments on such drafts on a timely basis, and provide certifications or sub-certifications on a timely basis as to the accuracy of the information relating to the sub-advisory services provided by the Sub-Adviser and to the Sub-Adviser itself contained in such reports and other documents and in a form mutually agreeable to the parties. The Sub-Adviser's (or its affiliate's) Form 13F filed with the SEC shall include, to the extent applicable, the 13(f) securities held in the Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) As reasonably requested by the Trust on behalf of the Trust's officers and in accordance with the scope of the Sub-Adviser's obligations and responsibilities contained in this Agreement (*i.e.*, with respect to the Fund Account and the Sub-Adviser's provision of portfolio management services hereunder) and as agreed upon by the parties hereunder, the Sub-Adviser will provide reasonable assistance to the Trust in connection with the Trust's compliance with the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated by the SEC thereunder, and Rule 38a-1 under the 1940 Act. Specifically, the Sub-Adviser agrees to, upon the reasonable request of the Trust and with reasonable prior notice: (i) provide periodic certifications relating to the Sub-Adviser's provision of portfolio management services hereunder, including that: (A) to the best of its knowledge, the Sub-Adviser is in compliance in all material respects with all applicable "Federal Securities Laws," as defined in Rule 38a-l under the 1940 Act; (B) the Sub-Adviser's policies and procedures are reasonably designed to prevent violation of the Federal Securities Laws by the Sub-Adviser and its supervised persons; and (C) the Sub-Adviser has reviewed, no less frequently than annually, the adequacy of its policies and procedures and the effectiveness of their implementation; and (ii) reasonably cooperate with third-party audits arranged by the Trust to evaluate the effectiveness of the Sub-Adviser's compliance controls subject to the Sub-Adviser's duty of confidentiality to its other clients.. Upon request and reasonable prior notice, the Trust's chief compliance officer shall have direct access to the Sub-Adviser's chief compliance officer and compliance personnel, and the Sub-Adviser shall provide the Trust's chief compliance officer with periodic reports and special reports in the event of compliance problems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Sub-Adviser is permitted to use its affiliated persons (as defined in the 1940 Act) and persons employed by those affiliated persons, each of whom shall be treated as an "associated person" of the Sub-Adviser (as defined in the Advisers Act) to provide or to assist in providing discretionary or non-discretionary investment advisory services under this Agreement to the extent not prohibited by, or inconsistent with, applicable law, including the requirements of the 1940 Act and Advisers Act, the rules thereunder, and relevant positions of the SEC and its staff. The Sub-Adviser will be responsible under this Agreement for any action taken by such person on behalf of the Sub-Adviser in assisting the Sub-Adviser under the Agreement to the same extent as if the Sub-Adviser had taken such action directly. All fees and/or other compensation payable to such an associated person shall be the sole responsibility of the Sub-Adviser and neither the Fund nor the Adviser shall have any obligation to pay any fee or compensation to such affiliated person. To the extent the Sub-Adviser utilizes the services of an affiliated person to provide, or assist in providing, discretionary investment advisory services under this Section 3(o) and such affiliate is not otherwise already described in the Sub-Adviser's most recent Form ADV Part 2A that has been provided hereunder, it will provide the Adviser and the Fund with 30 days' written notice, which will include the identity of the affiliate and such other information reasonably requested by the Adviser or the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Sub-Adviser will not be responsible for filing proofs of claim or other claims-related documents or otherwise for filing documentation that enables the Fund Account to participate in any class action litigation and other litigation settlements, regulatory settlements and bankruptcy proceedings with respect to securities held by the Fund Account. The Adviser will perform, or it has arranged for some other party to perform, such actions for the Fund Account; however, upon reasonable request, the Sub-Adviser shall cooperate with the Trust and the Adviser to the extent necessary for the Trust or the Adviser to pursue and/or participate in any such action, and the Sub-Adviser shall promptly cause any and all checks or distributions therefrom or claim deficiency notices or claim rejection notices (that may be received by the Sub-Adviser and that are addressed to the Fund Account) to be promptly forwarded to the Adviser. The Sub-Adviser will use best efforts to notify the Trust and the Adviser if the Sub-Adviser determines to opt out of a class action litigation or otherwise commence an independent litigation (domestic or foreign) for securities held or previously held in the Sub-Adviser's proprietary accounts that are also held or were previously held by the Fund Account; for the avoidance of doubt, the foregoing notification obligation shall not survive termination of the Agreement. To the extent the Adviser requires and requests documents or information in the Sub-Adviser's possession after termination of this Agreement to pursue a litigation matter, the Sub-Adviser will reasonably cooperate. The Sub-Adviser shall not have the obligation to commence or defend lawsuits or other legal actions on behalf of the Adviser or the Fund Account brought by or against third parties, including lawsuits and legal actions brought by or against the Adviser or the Trust relating to securities purchased by the Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Further Duties.</u> In all matters relating to the performance of this Agreement, the Sub-Adviser will act in conformity with the provisions of the Trust's Trust Instrument, By-Laws and Registration Statement of which it has received written notice, with all written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account that are provided to the Sub-Adviser in writing, and with the reasonable written instructions and written directions of the Board and the Adviser; and will comply with the applicable requirements of (in each case, as applicable to the services provided by the Sub-Adviser to the Fund Account pursuant to this Agreement):: (i) the 1940 Act and Advisers Act and the rules and regulations adopted under each; (ii) Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"), applicable to regulated investment companies; (iii) the CEA and the rules and regulations adopted thereunder; and (iv) all other federal and state laws and regulations applicable to the Trust and the Fund. The Adviser acknowledges that the Sub-Adviser is not the compliance agent for the Trust or the Fund or the Adviser and does not have access to all of the Fund's books and records necessary to perform certain compliance testing. To the extent that the Sub-Adviser has agreed to perform the services specified in this Agreement, the Sub-Adviser shall perform such services based upon its books and records with respect to the Fund Account, which comprises a portion of the Fund's books and records and upon written instructions and information received from the Trust and/or the Adviser, and the Sub-Adviser shall be entitled to treat the Fund Account as though the Fund Account constituted the entire Fund, and the Sub-Adviser shall not be responsible in any way for the compliance of any assets of the Fund, other than the Fund Account. The Sub-Adviser shall not be responsible for providing fund administration services, such as fund accounting and tax services with respect to the Fund. The Adviser agrees to provide to the Sub-Adviser copies of the Trust's Trust Instrument, By-Laws, Registration Statement, written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account, reasonable written instructions and directions of the Board and the Adviser, and any amendments or supplements to any of these materials prior to its effectiveness to the extent applicable to the services provided by the Sub-Adviser hereunder, and the Adviser shall provide the Sub-Adviser with modified copies of such documents clearly marked to reflect any changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Proxies.</u> The Sub-Adviser shall not vote proxies on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Expenses.</u> During the term of this Agreement, the Sub-Adviser will bear all expenses incurred by it in connection with its services under this Agreement other than the cost of securities (including brokerage commissions, transactional fees, interest expense and taxes, if any) purchased or sold for the Fund. The Fund shall be responsible for its expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Compensation.</u> The compensation of the Sub-Adviser for its services under this Agreement shall be calculated daily and paid monthly by the Trust, and not the Adviser, in accordance with the attached Schedule A. The Sub-Adviser shall not be responsible for any expenses incurred by the Fund or the Trust in accordance with Section 6 above. If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be pro-rated according to the proportion that such period bears to the full month in which such effectiveness or termination occurs. The Adviser shall be responsible for computing the fee based upon a percentage of the average daily net asset value of the assets of the Fund Account.

If, at any time after the execution of this Agreement: (i) the Sub-Adviser or its direct parent company Massachusetts Financial Services Company ("MFS") enters into an agreement to serve as investment sub-adviser to any other sub-advised client that is an open-end investment company registered under the 1940 Act in the same investment mandate and having an investment objective, policies, guidelines and restrictions substantially similar as the Fund (excluding the Sub-Adviser's affiliates) ("a New Sub-Advised Fund Client"), (ii) the value of the assets under management with respect to such New Sub-Advised Client is equal to or less than the value of the Fund Account, and (iii) the Sub-Adviser (or MFS) is compensated for providing such services under a fee structure less than the compensation set forth on Schedule A (excluding relationship pricing and performance-based fees) (hereinafter defined as "Most Favorable Fees"), then the Sub-Adviser shall notify the Adviser of the foregoing in reasonable detail and offer the opportunity to the same Most Favorable Fees with respect to this Agreement. The Sub-Adviser will review Most Favorable Fees when a New Sub-Advised Fund Client enters into an agreement for sub-advisory services with the Sub-Adviser (or MFS) and on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Limitation of Liability</u><u>.</u> The Sub-Adviser shall not be liable for any loss due solely to a mistake of investment judgment, but shall be liable for any loss which is incurred by reason of an act or omission of its employee, partner, director or affiliate, if such act or omission involves willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement. Nothing in this paragraph shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall indemnify the Sub-Adviser and any of its directors, officers, employees and affiliates for all losses, claims, damages, liabilities and costs (including reasonable legal and other expenses) ("Losses") incurred by the Sub-Adviser by reason of or arising out of any act or omission by the Adviser under this Agreement, if such act or omission involves the Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any material breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall indemnify the Sub-Adviser and any of its directors, officers, employees and affiliates for all Losses incurred by the Sub-Adviser by reason of or arising out of any act or omission by the Trust under this Agreement, if such act or omission involves the Trust's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any material breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall indemnify the Adviser and any of its directors, officers, employees and affiliates for all Losses incurred by the Adviser by reason of or arising out of any act or omission by the Sub-Adviser under this Agreement if such act or omission involves the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any material breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser shall indemnify the Trust and any of its trustees, officers, employees and affiliates for all Losses incurred by the Trust by reason of or arising out of any act or omission by the Sub-Adviser under this Agreement if such act or omission involves the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any material breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Trust's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnification in this Section 9 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event that a party to this Agreement is subject to litigation and the other party is served third-party discovery requests or other legal requests in connection with such litigation, such other party shall select its own legal counsel and bear its own legal costs and other costs in connection with responding to such requests; provided, however, that the party to litigation shall reasonably cooperate to attempt to minimize the litigation-related burden on the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In no event will any party to this Agreement be liable hereunder for any indirect, incidental, consequential, special, speculative or punitive losses, damages, costs or expenses, including loss of opportunity, loss of goodwill or reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Representations, Warranties and Agreements of the Trust.</u> The Trust represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust is a statutory trust duly formed and validly existing under the laws of the State of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust is registered as an investment company under the 1940 Act and the Fund, a series of the Trust, elected to qualify and has qualified as a regulated investment company under the Code, and the Fund's shares are registered under the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and performance by the Trust of this Agreement are within the Trust's powers and have been duly authorized by all necessary action on the part of the Trust and the Board, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Trust for the execution, delivery and performance by the Trust of this Agreement, and the execution, delivery and performance by the Trust of this Agreement do not contravene or constitute a default under: (i) any provision of applicable law, rule or regulation; (ii) the Trust's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Trust.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser and the Sub-Adviser each has been duly appointed by the Board to provide investment services to the Fund Account as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust will promptly notify the Sub-Adviser if any representation it has made under this Agreement becomes materially untrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Representations of the Adviser.</u> The Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser has been duly authorized by the Board to delegate to the Sub-Adviser the provision of investment services to the Fund Account as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory agency or industry self-regulatory organization necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; (v) will promptly notify the Sub-Adviser of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise; and (vi) will promptly notify the Sub-Adviser if any representation it has made under this Agreement becomes materially untrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser represents and warrants that it is excluded from the definition of commodity pool operator pursuant to Commodity Futures Trading Commission ("CFTC") Regulation 4.5 with respect to the Fund, and that the Adviser has timely filed a notice of eligibility as required by CFTC Regulation 4.5 with respect to the Fund and will, during the term of this Agreement, maintain and reaffirm such notice of eligibility as required by CFTC Regulation 4.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Representations of the Sub-Adviser.</u> The Sub-Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) to the best of its knowledge, has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory organization necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Trust and Adviser if Sub-Adviser becomes aware of any material breach of this Agreement, if any representation under this Agreement becomes materially untrue or the occurrence of any event that the Sub-Adviser reasonably determines could have a materially adverse impact on the Sub-Adviser's ability to provide services under this Agreement, or would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. To the extent permitted by law, the Sub-Adviser will also immediately notify the Trust and the Adviser if it is served or otherwise receives notice of any material action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, directly involving the affairs of the Fund, provided, however, that routine regulatory examinations shall not be required to be reported by this provision. The Sub-Adviser further agrees to notify the Adviser or the Trust promptly if the Sub-Adviser becomes aware of any statement regarding the Sub-Adviser contained in the Registration Statement (or any amendment or supplement thereto) with respect to the Fund and that was provided for inclusion therein by the Sub-Adviser or reviewed by Sub-Adviser for inclusion therein becomes untrue or incomplete in any material respect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser has adopted and implemented written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of Federal Securities Laws by the Sub-Adviser, its employees, officers, and agents ("Compliance Procedures") and, the Adviser and the Trust have been provided a copy of the Compliance Procedures and any amendments thereto. The Sub-Adviser will notify the Adviser promptly of any "Material Compliance Matter" (as defined in Rule 38a-1 under the 1940 Act). To the extent reasonably requested by the Trust or the Adviser, The Sub-Adviser will also provide the Adviser with a summary (which may be in oral form) of any remedial actions that it takes in response to deficiency letters or similar communications from the SEC or another regulator; provided, however, the Sub-Adviser will not be required to comply with this sentence where the reporting of such events would violate applicable law or would result in the contravention of client confidentiality, or the requests or expectations of a judicial, governmental or regulatory body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser has adopted a written code of ethics as required by Rule 204A-1 under the Advisers Act and Rule 17j-1 under the 1940 Act and will provide the Adviser and the Trust with a copy of such code of ethics, together with evidence of its adoption and a certification that the Sub-Adviser has adopted procedures reasonably necessary to prevent violations of such code of ethics. Upon request, and within thirty (30) days following the end of the last calendar quarter of each year that this Agreement is in effect, the Sub-Adviser shall furnish to the Trust and the Adviser: (i) a written report that describes any issues arising under the code of ethics or procedures during the relevant period related to the Fund Account, including, but not limited to, information about material violations of the code or procedures and sanctions imposed in response to material violations; and (ii) a written certification that the Sub-Adviser has adopted procedures reasonably necessary to prevent violations of the code of ethics. In addition, the Sub-Adviser shall: (iii) promptly report to the Board and the Adviser in writing any material amendments to its code of ethics; (iv) immediately furnish all pertinent information regarding any material violation of the Sub-Adviser's code of ethics by: (A) its directors, officers and partners; or (B) any person who has access to nonpublic information regarding: (I) the Fund's purchase or sale of securities; (II) the portfolio holdings of the Fund; or (III) securities recommendations to the Fund; and (iv) provide quarterly reports to the Adviser on any material violations of the Sub-Adviser's code of ethics during the period so indicated. Upon the reasonable written request of the Adviser, the Sub-Adviser shall respond to requests for information by the Adviser, its employees or its agents as to the reports required to be made to the Sub-Adviser by Rule 17j-1(d)(1) and related records that directly affect the Fund Account (e.g., provide summaries of such reports with personal information redacted and subject in all cases to privacy and confidentiality obligations and to the extent the Sub-Adviser is not prohibited from doing so under applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser has provided the Trust and the Adviser with a copy of its Form ADV Part 2A and relevant Form ADV Part(s) 2B, which as of the date of this Agreement is its Form ADV Part 2A as most recently filed with the SEC and promptly will furnish a copy of any material amendments to the Trust and the Adviser at least annually in accordance with the Advisers Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser will notify the Trust and the Adviser of any change of control of the Sub-Adviser, including any change of its general partners, controlling persons or 25% shareholders, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Fund Account or senior management of the Sub-Adviser, in each case prior to such change if the Sub-Adviser is aware of such change but in any event not later than promptly after such change. For purposes of the foregoing, "senior management" shall mean the Chief Executive Officer, Chief Investment Officer, Chief Compliance Officer, Chief Financial Officer and General Counsel of the Sub-Adviser. The Sub-Adviser agrees that it may bear all reasonable expenses of the Trust and Adviser, if any, associated with any proxy statement, information statement and/or other disclosure documents that are necessary to permit the Sub-Adviser to continue to provide sub-advisory services to the Fund, arising out of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage from insurance providers that are in the business of regularly providing insurance coverage to investment advisers. In no event shall such coverage be less than $5,000,000. The Sub-Adviser shall upon request endeavor to provide to the Adviser any information it may reasonably require concerning the amount or scope of such insurance in the form of certificates of insurance. The Sub-Adviser shall provide written notice to the Adviser of any cancellation of insurance coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser will not, in violation of applicable law or regulation, use any material non-public information concerning portfolio companies that may be in or come into its possession or the possession of any of its affiliated persons or employees in providing investment advice or investment management services to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser agrees that neither it, nor any of its affiliated persons, will in any way refer directly or indirectly to its relationship with the Trust, the Fund, the Adviser or any of their respective affiliated persons in offering, marketing or other promotional materials without the express written consent of the Adviser. For the avoidance of doubt, the Sub-Adviser may identify itself as a sub-adviser of the Fund during the term of this Agreement, with such right terminating upon termination of this Agreement, and the Sub-Adviser may use the performance of the Fund Account in its composite performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser agrees to notify the Trust and the Adviser, as promptly as practicable upon the Sub-Adviser's determination that there has been a breach of the Fund Account's investment guidelines or a trade error, made by the Sub-Adviser in its management of the Fund Account. For the avoidance of doubt, the Sub-Adviser shall follow its own trade error policy in this regard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser has reviewed the registration requirements of the CEA and the National Futures Association ("NFA") relating to commodity trading advisors and is either appropriately registered with the Commodity Futures Trading Commission ("CFTC") and a member of the NFA or exempt or excluded from CFTC registration requirements. If required by the CEA or the rules and regulations thereunder promulgated by the CFTC, the Sub-Adviser will provide the Fund and the Adviser with a copy of its most recent CFTC disclosure document or a written explanation of the reason why it is not required to deliver such a disclosure document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser's direct parent company Massachusetts Financial Services Company has established and will keep in effect a "disaster recovery" preparedness plan that applies to the Sub-Adviser and that sets forth procedures for recovery of critical business functions at minimum operating levels and can be implemented within a 24-hour time period. The Sub-Adviser shall notify the Trust and the Adviser, as soon as practicable by telephone, email or such other method of prompt communication as may be available under the circumstances, of the occurrence of any event the Sub-Adviser determines has had a material impact on its operations and that requires the Sub-Adviser to implement any procedures under such plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser has administrative, technical and physical safeguards in place that are reasonably designed to comply with all laws and regulations applicable to the Sub-Adviser and meet or exceed the information security standards and practices that are commonly utilized by similarly sized managers in the asset management industry and, in the event the Sub-Adviser becomes aware of any actual or suspected network, system and/or data breach with respect to its infrastructure (including, but not limited to, a system intrusion, virus or malicious code attack, loss of data, data theft, unauthorized access to confidential information and/or nonpublic personal information, hacking incident or any acts of data ransom) that results in material disruption to operating systems including trading functions, or unauthorized access to and/or use by third parties of the confidential information of the Fund or the Adviser (each, a "Cybersecurity Breach"), the Sub-Adviser will promptly take appropriate steps to contain or mitigate the Cybersecurity Breach, and will, without unreasonable delay, notify the Adviser and the Fund, unless such notification is prohibited by law enforcement or the Sub-Adviser's regulator(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Services Not Exclusive.</u> The services furnished by the Sub-Adviser hereunder are not to be deemed to be exclusive, and the Sub-Adviser shall be free to furnish similar services to others, except as prohibited by applicable law or agreed upon in writing among the Sub-Adviser, the Trust and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Confidentiality</u>. Subject to the duty of the Sub-Adviser, the Adviser and the Trust to comply with: (i) applicable law, rule or regulation, or a court order; or (ii) any demand or request of any government, regulatory or taxing authority having jurisdiction, or any self-regulatory organization, the parties hereto shall treat as confidential (iii) all material non-public information pertaining to the Fund Account and the actions of the Sub-Adviser, the Adviser and the Trust in respect thereof and (iv) other information provided by one party to another party hereunder in the course of performing the duties and obligations under this Agreement. For the avoidance of doubt, the foregoing shall not prohibit the Sub-Adviser, the Adviser or the Trust from disclosing such information to third parties to the extent necessary for the purposes of rendering services or performing the obligations pursuant to this Agreement, as authorized under this Agreement, or as otherwise expressly agreed to in writing by the parties. Each party shall take steps to ensure that the Fund's non-public portfolio holdings information is shared only with such persons that are subject to a duty of confidentiality and duty not to trade on such information, and that such persons are under obligations to treat such information in a confidential manner consistent with the terms of the confidentiality provisions of this Agreement. The provisions of this Section 14 shall survive any termination of this Agreement. The confidentiality provisions of this Section 14 will not apply to any information that either party hereto can show: (v) is or subsequently becomes publicly available without breach of any obligation owed to the other party; (vi) became known to either party from a source other than the other party, and without breach of an obligation of confidentiality owed to the other party; (vii) is independently developed by either party without reference to the information required by this Agreement to be treated confidentially; or (viii) is used by either party in order to enforce any of its rights, claims or defenses under, or as otherwise contemplated in, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Duration and Termination.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless sooner terminated as provided herein, this Agreement shall continue in effect for a period of two years subsequent to its initial approval by the Board, or by vote of a majority of the outstanding voting securities of the Funds, as applicable, and thereafter, if not terminated, shall continue automatically from year to year, provided that such continuance is specifically approved at least annually by: (i) the vote of a majority of those Trustees of the Trust who are not interested parties to this Agreement or "interested persons" (as defined within the meaning of Section 2(a)(19) of the 1940 Act) of any such party to this Agreement; and (ii) the Board, or by vote of a majority of the outstanding voting securities of the Fund, in accordance with all applicable provisions of the 1940 Act, and any applicable exemptive relief provided by the SEC.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated at any time, without the payment of any penalty, by the Board, or by vote of a majority of the outstanding voting securities of the Fund on sixty (60) days' written notice to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated at any time, without the payment of any penalty, by the Adviser immediately upon written notice to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act) by the Sub-Adviser, or upon the termination of the Advisory Agreement as it relates to the Fund. The Sub-Adviser agrees to bear all reasonable expenses of the Trust, if any, associated with any proxy statement, information statement and/or other disclosure documents that are necessary to permit the Sub-Adviser to continue to provide sub-advisory services to the Fund arising out of the termination of this Agreement related to an assignment by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be terminated at any time by the Sub-Adviser on ninety (90) days' written notice to the Fund and the Adviser, but any such termination shall not affect the status, obligations, or liabilities of the Sub-Adviser to the Fund and the Adviser arising prior to termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Amendment of this Agreement.</u> No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought. No material amendment of this Agreement shall be effective until approved: (i) by the vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such party; and (ii) by the vote of a majority of the outstanding voting securities of the Fund (unless the approval is pursuant to an SEC order, no-action letter, rule or regulation permitting the Trust to modify the Agreement without a shareholder vote).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Third-Party Beneficiaries</u>. The only parties to this Agreement are the Trust, the Adviser and the Sub-Adviser, and the Trust and the Adviser are the only beneficiaries of the Sub-Adviser's services hereunder. The parties do not intend for this Agreement to benefit any other persons including, without limitation, a record or beneficial owner of shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Limitation of Trustee and Shareholder Liability.</u> The Adviser and Sub-Adviser are hereby expressly put on notice of the limitation of shareholder liability as set forth in the Trust Instrument of the Trust and agree that obligations assumed by the Trust pursuant to this Agreement shall be limited in all cases to the Trust and its assets, and if the liability relates to one or more series of the Trust, the obligations hereunder of the Trust shall be limited to the respective assets of the Fund. The Adviser and Sub-Adviser further agree that they shall not seek satisfaction of any such obligation from the shareholders or any individual shareholder of the Trust or the Fund, nor any officer, director or trustee of the Trust, neither as a group nor individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Governing Law.</u> This Agreement shall be construed in accordance with the 1940 Act and the laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. To the extent that the applicable laws of the State of Delaware conflict with the applicable provisions of the 1940 Act, the latter shall control.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Reference to the Sub-Adviser.</u> The parties agree that the name "MFS Institutional Advisors, Inc.", the names of any affiliates of the Sub-Adviser and any derivative or logo or trademark or service mark or trade name are the valuable property of the Sub-Adviser and its affiliates. The Sub-Adviser hereby grants the Adviser and the Trust the right to use such name(s), derivatives, logos, trademarks or service marks or trade names in the Trust's prospectus and statement of additional information or other filings, forms, or reports required under applicable law, so long as this Agreement is in effect. Neither the Trust nor the Adviser shall use the Sub-Adviser's name or logo in promotional or sales related materials prepared by or on behalf of the Adviser or the Trust without prior review and approval by the Sub-Adviser, which approval may not be unreasonably withheld, provided, however, the Sub-Adviser hereby approves of all uses of its name which merely refer in accurate terms to the appointment of the Sub-Adviser hereunder. Upon termination of this Agreement, the Adviser and the Trust shall forthwith cease to use such name(s), derivatives, logos, trademarks or service marks or trade names.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>No Implied Waiver.</u> The rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by any party in exercising any right, power or privilege under this Agreement or the documents referred to in this Agreement will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege. To the maximum extent permitted by applicable law, rule or regulation: (i) no claim or right arising out of this Agreement or the documents referred to in this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in a writing signed by the other party; (ii) no waiver that may be given by a party will be applicable except in the specific instance for which it is given; and (iii) no notice to or demand on one party will be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Severability.</u> If any provision of this Agreement is held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Miscellaneous.</u> The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "net assets," "sale," "sell" and "security" shall have the same meaning as such terms have in the 1940 Act, subject to such exemption as may be granted by the SEC by any rule, regulation or order. Where the effect of a requirement of the Federal Securities Laws reflected in any provision of this Agreement is made less restrictive by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order. This Agreement and the Schedule(s) attached hereto embody the entire agreement and understanding among the parties. This Agreement may be signed in counterpart.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Notices.</u> Any notice herein required is to be in writing and is deemed to have been given to the Sub-Adviser, Adviser or the Trust upon receipt of the same at their respective addresses set forth below. All written notices required or permitted to be given under this Agreement will be delivered by personal service, by postage mail – return receipt requested or sent by electronic transmission (via email) or a similar means of same day delivery which provides evidence of receipt (or with a confirming copy by mail as set forth herein). All notices provided to Adviser will be sent to:

GuideStone Capital Management, LLC

5005 Lyndon B. Johnson Freeway, Suite 2200

Dallas, Texas 75244-6152

Attn: Melanie Childers, Vice President – Fund Operations and Secretary

Email: melanie.childers@guidestone.org

All notices provided to the Sub-Adviser will be sent to:

MFS Institutional Advisors, Inc.

111 Huntington Avenue

Boston, Massachusetts 02199

Attn: General Counsel, MFS Legal Department

Email: dlmfsiuscs@mfs.com

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized signatories as of June 17, 2025.<sup>1</sup>

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| **GUIDESTONE FUNDS**, |
| on behalf of the series of the Trust listed on Schedule A |

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By:<br>

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| Name: | Brandon Pizzurro |
| Title: | President |

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**GUIDESTONE CAPITAL MANAGEMENT, LLC**

By:<br>

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|:---|:---|
| Name: | Melanie Childers |
| Title: | Vice President – Fund Operations and Secretary |

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**MFS INSTITUTIONAL ADVISORS, INC.**

By:<br>

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| Name: |
| Title: |

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<sup>1</sup> Original Agreement dated March 4, 2008, as amended.

Amended and Restated as of September 18, 2020.

Amended and Restated as of June 17, 2025.